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001 A000000 KEYSTONE AMERICA FUND FOR TOTAL RETURN
001 B000000 811-4950
001 C000000 6173383200
002 A000000 200 BERKELEY STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
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018 000000 Y
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019 B000000 33
019 C000000 KEYGROUPPA
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 13
020 A000002 BANK OF TOKYO TRUST CO
020 C000002 10
020 A000003 JOHN HANCOCK CLEARING CO.
020 C000003 7
020 A000004 PRUDENTIAL SECURITIES INC.
020 B000004 22-2347336
020 C000004 5
020 A000005 SALOMON BROTHERS INC.
020 B000005 13-3082694
020 C000005 4
020 A000006 SMITH BARNEY INC.
020 B000006 13-1912900
020 C000006 3
020 A000007 NATWESS SECS
020 C000007 3
020 A000008 BROWN (ALEX) & SUNS INC
020 C000008 3
020 A000009 FIRST ALBANY
020 C000009 3
020 A000010 JEFFRIES & CO.
020 C000010 3
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<PAGE> PAGE 2
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022 C000001 666703
022 D000001 0
022 A000002 HSBC SECURITIES INC.
022 C000002 86914
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022 B000003 13-3046258
022 C000003 38724
022 D000003 5000
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004 29027
022 D000004 2036
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022 B000005 13-1912900
022 C000005 23906
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022 C000008 6115
022 D000008 0
022 A000009 DONALDSON, LUFKINC CORP
022 B000009 13-2741729
022 C000009 2121
022 D000009 2069
022 A000010 BEAR, STEARNS SEC CORP
022 B000010 13-3299429
022 C000010 1002
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<PAGE> PAGE 6
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SIGNATURE KEVIN J. MORRISSEY
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 FUND FOR TOTAL RETURN CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1994
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 45,465,997
<INVESTMENTS-AT-VALUE> 56,870,150
<RECEIVABLES> 512,847
<ASSETS-OTHER> 2,537
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,385,534
<PAYABLE-FOR-SECURITIES> 132,623
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,291
<TOTAL-LIABILITIES> 240,914
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,123,072
<SHARES-COMMON-STOCK> 1,954,342
<SHARES-COMMON-PRIOR> 1,970,607
<ACCUMULATED-NII-CURRENT> 4,218
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 535,884
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,373,431
<NET-ASSETS> 27,036,605
<DIVIDEND-INCOME> 670,614
<INTEREST-INCOME> 212,435
<OTHER-INCOME> 0
<EXPENSES-NET> (409,348)
<NET-INVESTMENT-INCOME> 473,702
<REALIZED-GAINS-CURRENT> 1,397,871
<APPREC-INCREASE-CURRENT> 3,931,009
<NET-CHANGE-FROM-OPS> 5,802,582
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (604,723)
<DISTRIBUTIONS-OF-GAINS> (1,220,537)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 280,063
<NUMBER-OF-SHARES-REDEEMED> (422,494)
<SHARES-REINVESTED> 126,167
<NET-CHANGE-IN-ASSETS> 3,874,112
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 500,536
<OVERDISTRIB-NII-PRIOR> (18,229)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (159,936)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (412,915)
<AVERAGE-NET-ASSETS> 24,454,429
<PER-SHARE-NAV-BEGIN> 11.75
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 2.80
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.07)
<RETURNS-OF-CAPITAL> (0.65)
<PER-SHARE-NAV-END> 13.83
<EXPENSE-RATIO> 1.69
<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 FUND FOR TOTAL RETURN CLASS B
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1994
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 45,465,997
<INVESTMENTS-AT-VALUE> 56,870,150
<RECEIVABLES> 512,847
<ASSETS-OTHER> 2,537
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 132,623
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 240,914
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,045,547
<SHARES-COMMON-STOCK> 1,488,364
<SHARES-COMMON-PRIOR> 621,259
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (32,523)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (338,267)
<ACCUM-APPREC-OR-DEPREC> 1,930,628
<NET-ASSETS> 20,605,385
<DIVIDEND-INCOME> 374,222
<INTEREST-INCOME> 98,570
<OTHER-INCOME> 0
<EXPENSES-NET> (330,350)
<NET-INVESTMENT-INCOME> 142,442
<REALIZED-GAINS-CURRENT> 855,889
<APPREC-INCREASE-CURRENT> 2,233,891
<NET-CHANGE-FROM-OPS> 3,232,222
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (260,152)
<DISTRIBUTIONS-OF-GAINS> (868,298)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,057,719
<NUMBER-OF-SHARES-REDEEMED> (266,010)
<SHARES-REINVESTED> 75,397
<NET-CHANGE-IN-ASSETS> 13,291,837
<ACCUMULATED-NII-PRIOR> 843
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (247,824)
<GROSS-ADVISORY-FEES> (87,987)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (331,362)
<AVERAGE-NET-ASSETS> 13,439,792
<PER-SHARE-NAV-BEGIN> 11.77
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 2.82
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> (0.65)
<PER-SHARE-NAV-END> 13.84
<EXPENSE-RATIO> 2.47
<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 FUND FOR TOTAL RETURN CLASS C
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1995
<PERIOD-START> DEC-01-1994
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 45,465,997
<INVESTMENTS-AT-VALUE> 56,870,150
<RECEIVABLES> 512,847
<ASSETS-OTHER> 2,537
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 57,385,534
<PAYABLE-FOR-SECURITIES> 132,623
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 108,291
<TOTAL-LIABILITIES> 240,914
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,691,232
<SHARES-COMMON-STOCK> 686,261
<SHARES-COMMON-PRIOR> 506,766
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7,377)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (281,319)
<ACCUM-APPREC-OR-DEPREC> 1,100,094
<NET-ASSETS> 9,502,630
<DIVIDEND-INCOME> 221,391
<INTEREST-INCOME> 66,301
<OTHER-INCOME> 0
<EXPENSES-NET> (194,937)
<NET-INVESTMENT-INCOME> 92,755
<REALIZED-GAINS-CURRENT> 483,414
<APPREC-INCREASE-CURRENT> 1,312,818
<NET-CHANGE-FROM-OPS> 1,888,987
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (147,560)
<DISTRIBUTIONS-OF-GAINS> (423,790)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 303,795
<NUMBER-OF-SHARES-REDEEMED> (164,102)
<SHARES-REINVESTED> 39,802
<NET-CHANGE-IN-ASSETS> 3,534,945
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (2,783)
<OVERDIST-NET-GAINS-PRIOR> (294,489)
<GROSS-ADVISORY-FEES> (52,367)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (197,225)
<AVERAGE-NET-ASSETS> 8,000,693
<PER-SHARE-NAV-BEGIN> 11.78
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 2.81
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> (0.65)
<PER-SHARE-NAV-END> 13.85
<EXPENSE-RATIO> 2.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Trustees and Shareholders
Keystone Fund for Total Return
In planning and performing our audit of the financial statements of Keystone
Fund for Total Return for the year ended November 30, 1995 we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Keystone Fund for Total Return is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
November 30, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
January 5, 1996
