<PAGE> PAGE 1
000 A000000 01/31/96
000 C000000 0000808332
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 KEYSTONE AMERICA GOVERNMENT SECURITIES
001 B000000 811-4949
001 C000000 6173383200
002 A000000 200 BERKELEY STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
002 D020000 5034
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 PAINE WEBBER INC.
022 C000001 32810
022 D000001 7591
022 A000002 BANK OF NEW YORK
022 C000002 1205
022 D000002 15269
022 A000003 PRUDENTIAL SECURITIES INC.
022 C000003 0
022 D000003 7655
022 A000004 LEHMAN BROS. INC.
022 C000004 3773
022 D000004 3775
022 A000005 SHEARSON LEHMAN GOV'T SECURITIES
022 C000005 0
022 D000005 4677
022 A000006 FUJI BANK AND TRUST
022 C000006 2708
<PAGE> PAGE 2
022 D000006 0
022 A000007 RSF PARTNERS
022 C000007 2019
022 D000007 0
022 A000008 SMITH BARNEY SHEARSON INC.
022 C000008 0
022 D000008 1669
022 A000009 BEAR STEARNS SECURITIES CORP
022 C000009 817
022 D000009 655
022 A000010 PERSHING
022 C000010 0
022 D000010 1198
023 C000000 300115
023 D000000 301469
024 000000 N
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
028 A010000 1987
028 A020000 185
028 A030000 0
028 A040000 984
028 B010000 698
028 B020000 184
028 B030000 0
028 B040000 1277
028 C010000 1070
028 C020000 185
028 C030000 0
028 C040000 801
028 D010000 773
028 D020000 186
028 D030000 0
028 D040000 1152
028 E010000 1057
028 E020000 183
028 E030000 0
028 E040000 1694
028 F010000 1118
028 F020000 182
028 F030000 0
028 F040000 1607
028 G010000 6703
028 G020000 1105
<PAGE> PAGE 3
028 G030000 0
028 G040000 7515
028 H000000 1036
029 000000 Y
030 A000000 8
030 B000000 4.75
030 C000000 0.00
031 A000000 1
031 B000000 0
032 000000 7
033 000000 0
034 000000 Y
035 000000 21
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 183
044 000000 254
045 000000 Y
046 000000 N
047 000000 N
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
<PAGE> PAGE 4
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 Y
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 1.1
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 61.4
062 N000000 37.5
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 10.5
064 A000000 N
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
<PAGE> PAGE 5
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 46646
071 B000000 44922
071 C000000 55816
071 D000000 80
072 A000000 6
072 B000000 2168
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 192
072 G000000 0
072 H000000 0
072 I000000 61
072 J000000 20
072 K000000 0
072 L000000 4
072 M000000 0
072 N000000 22
072 O000000 0
072 P000000 0
072 Q000000 11
072 R000000 10
072 S000000 7
<PAGE> PAGE 6
072 T000000 183
072 U000000 0
072 V000000 0
072 W000000 3
072 X000000 513
072 Y000000 77
072 Z000000 1732
072AA000000 916
072BB000000 0
072CC010000 1273
072CC020000 0
072DD010000 987
072DD020000 882
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1
074 B000000 670
074 C000000 57702
074 D000000 0
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 28
074 L000000 1031
074 M000000 7
074 N000000 59439
074 O000000 0
074 P000000 5
074 Q000000 0
074 R010000 149
074 R020000 0
074 R030000 0
074 R040000 0
074 S000000 0
074 T000000 59285
074 U010000 2907
074 U020000 3049
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 2656
074 Y000000 0
075 A000000 0
075 B000000 58825
076 000000 0.00
<PAGE> PAGE 7
077 A000000 Y
077 B000000 N
077 Q010000 Y
078 000000 N
SIGNATURE J. KEVIN KENELY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> KEYSTONE GOVERNMENT SECURITIES FUND CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 56,979,835
<INVESTMENTS-AT-VALUE> 58,372,189
<RECEIVABLES> 1,059,395
<ASSETS-OTHER> 7,864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,439,448
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154,015
<TOTAL-LIABILITIES> 154,015
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,422,561
<SHARES-COMMON-STOCK> 2,906,837
<SHARES-COMMON-PRIOR> 3,097,266
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (106,272)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,821,936)
<ACCUM-APPREC-OR-DEPREC> 1,441,716
<NET-ASSETS> 28,936,069
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,088,448
<OTHER-INCOME> 0
<EXPENSES-NET> (162,775)
<NET-INVESTMENT-INCOME> 925,673
<REALIZED-GAINS-CURRENT> 462,651
<APPREC-INCREASE-CURRENT> 631,699
<NET-CHANGE-FROM-OPS> 2,020,023
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (987,389)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 105,230
<NUMBER-OF-SHARES-REDEEMED> (359,436)
<SHARES-REINVESTED> 63,777
<NET-CHANGE-IN-ASSETS> (839,926)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (44,557)
<OVERDIST-NET-GAINS-PRIOR> (2,284,587)
<GROSS-ADVISORY-FEES> (96,109)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (201,410)
<AVERAGE-NET-ASSETS> 29,529,057
<PER-SHARE-NAV-BEGIN> 9.61
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 0.36
<PER-SHARE-DIVIDEND> (0.33)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.95
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 102
<NAME> KEYSTONE GOVERNMENT SECURITIES FUND CLASS B
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 56,979,835
<INVESTMENTS-AT-VALUE> 58,372,189
<RECEIVABLES> 1,059,395
<ASSETS-OTHER> 7,864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,439,448
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154,015
<TOTAL-LIABILITIES> 154,015
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,423,858
<SHARES-COMMON-STOCK> 2,111,526
<SHARES-COMMON-PRIOR> 1,879,324
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (42,034)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (659,556)
<ACCUM-APPREC-OR-DEPREC> 291,863
<NET-ASSETS> 21,014,131
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 748,070
<OTHER-INCOME> 0
<EXPENSES-NET> (189,448)
<NET-INVESTMENT-INCOME> 558,622
<REALIZED-GAINS-CURRENT> 314,114
<APPREC-INCREASE-CURRENT> 449,353
<NET-CHANGE-FROM-OPS> 1,322,089
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (613,026)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 471,839
<NUMBER-OF-SHARES-REDEEMED> (274,097)
<SHARES-REINVESTED> 34,460
<NET-CHANGE-IN-ASSETS> 2,949,817
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 12,370
<OVERDIST-NET-GAINS-PRIOR> (973,670)
<GROSS-ADVISORY-FEES> (66,157)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (216,131)
<AVERAGE-NET-ASSETS> 20,301,107
<PER-SHARE-NAV-BEGIN> 9.61
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 0.36
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.95
<EXPENSE-RATIO> 1.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER> 103
<NAME> KEYSTONE GOVERNMENT SECURITIES FUND CLASS C
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUL-31-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JAN-31-1996
<INVESTMENTS-AT-COST> 56,979,835
<INVESTMENTS-AT-VALUE> 58,372,189
<RECEIVABLES> 1,059,395
<ASSETS-OTHER> 7,864
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59,439,448
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 154,015
<TOTAL-LIABILITIES> 154,015
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,847,934
<SHARES-COMMON-STOCK> 937,118
<SHARES-COMMON-PRIOR> 945,843
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (14,426)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,157,050)
<ACCUM-APPREC-OR-DEPREC> (341,225)
<NET-ASSETS> 9,335,233
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 331,809
<OTHER-INCOME> 0
<EXPENSES-NET> (83,834)
<NET-INVESTMENT-INCOME> 247,975
<REALIZED-GAINS-CURRENT> 139,065
<APPREC-INCREASE-CURRENT> 192,121
<NET-CHANGE-FROM-OPS> 579,161
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (268,818)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 108,591
<NUMBER-OF-SHARES-REDEEMED> (132,033)
<SHARES-REINVESTED> 14,717
<NET-CHANGE-IN-ASSETS> 234,718
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 6,418
<OVERDIST-NET-GAINS-PRIOR> (1,296,115)
<GROSS-ADVISORY-FEES> (29,300)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (95,837)
<AVERAGE-NET-ASSETS> 8,994,764
<PER-SHARE-NAV-BEGIN> 9.62
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 0.36
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 1.87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
