<PAGE> PAGE 1
000 B000000 09/30/95
000 C000000 0000825557
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 GLOBAL OPPORTUNITIES
001 B000000 811-5404
001 C000000 6173383200
002 A000000 200 BERKELEY STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
020 A000001 KOKUSAI SECURITIES
020 B000001 13-3431243
020 C000001 90
020 A000002 MORGAN GRENFELL ASIA
020 C000002 57
020 A000003 NEWBRIDGE SECURITIES
020 B000003 13-3214963
020 C000003 42
020 A000004 WARBURG SECURITIES
020 B000004 13-3340045
020 C000004 25
020 A000005 BGE DELANAYE
020 C000005 19
020 A000006 FLEMING SECURITIES
020 C000006 16
020 A000007 KLEINWART BENSON
020 C000007 15
020 A000008 FG VALORES BOLSA
020 C000008 13
020 A000009 BARING SECURITIES
020 B000009 04-2455153
020 C000009 12
020 A000010 PAINE WEBBER, INC.
020 C000010 12
021 000000 454
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 410397
022 D000001 68
<PAGE> PAGE 2
022 A000002 HSBC
022 C000002 333683
022 D000002 0
022 A000003 PRUDENTIAL BACHE
022 B000003 22-2347336
022 C000003 294562
022 D000003 0
022 A000004 SMITH BARNEY
022 B000004 13-9129006
022 C000004 182224
022 D000004 0
022 A000005 PAINE WEBBER
022 B000005 13-2630166
022 C000005 108202
022 D000005 0
022 A000006 SANWA BANK
022 B000006 13-3046258
022 C000006 81039
022 D000006 0
022 A000007 MORGAN STANLEY
022 B000007 13-2655998
022 C000007 7438
022 D000007 3535
022 A000008 MERRILL LYNCH
022 B000008 13-5670485
022 C000008 5196
022 D000008 3201
022 A000009 ADAMS, HARKNESS & HILL
022 C000009 4495
022 D000009 3208
022 A000010 BEAR STEARNS
022 C000010 3097
022 D000010 2578
023 C000000 2936303
023 D000000 50739
028 A010000 8696
028 A020000 0
028 A030000 0
028 A040000 8578
028 B010000 9756
028 B020000 0
028 B030000 0
028 B040000 6989
028 C010000 12635
028 C020000 0
028 C030000 0
028 C040000 4934
028 D010000 19505
028 D020000 0
028 D030000 0
028 D040000 7653
<PAGE> PAGE 3
028 E010000 22945
028 E020000 0
028 E030000 0
028 E040000 5036
028 F010000 24971
028 F020000 0
028 F030000 0
028 F040000 4754
028 G010000 98508
028 G020000 0
028 G030000 0
028 G040000 37944
028 H000000 21320
029 000000 Y
030 A000000 1141
030 B000000 5.75
030 C000000 0.00
031 A000000 81
031 B000000 0
032 000000 1060
033 000000 0
034 000000 N
035 000000 0
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 2492
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 200000
048 A020000 1.000
048 B010000 200000
048 B020000 0.950
048 C010000 200000
048 C020000 0.850
048 D010000 0
048 D020000 0.000
<PAGE> PAGE 4
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
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 600000
048 K020000 0.750
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
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 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
<PAGE> PAGE 5
070 B010000 Y
070 B020000 Y
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 N
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 204464
071 B000000 103189
071 C000000 294285
071 D000000 35
072 A000000 12
072 B000000 681
072 C000000 2295
072 D000000 0
072 E000000 0
072 F000000 3010
072 G000000 0
072 H000000 0
072 I000000 1214
072 J000000 315
072 K000000 0
072 L000000 36
072 M000000 24
<PAGE> PAGE 6
072 N000000 159
072 O000000 0
072 P000000 0
072 Q000000 23
072 R000000 15
072 S000000 11
072 T000000 2492
072 U000000 0
072 V000000 0
072 W000000 33
072 X000000 7333
072 Y000000 71
072 Z000000 -4286
072AA000000 0
072BB000000 7000
072CC010000 98991
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1
074 B000000 12980
074 C000000 0
074 D000000 0
074 E000000 0
074 F000000 405826
074 G000000 0
074 H000000 0
074 I000000 2214
074 J000000 491
074 K000000 0
074 L000000 4391
074 M000000 4
074 N000000 425907
074 O000000 6084
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 485
074 S000000 0
074 T000000 419338
074 U010000 4041
074 U020000 14111
074 V010000 23.43
074 V020000 23.00
<PAGE> PAGE 7
074 W000000 0.0000
074 X000000 26514
074 Y000000 0
075 A000000 0
075 B000000 305885
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 FREDERICK JAMES
080 C000000 35000
081 A000000 Y
081 B000000 36
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
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 GLOBAL OPPORTUNITIES FUND CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 322,026,365
<INVESTMENTS-AT-VALUE> 421,020,596
<RECEIVABLES> 4,881,846
<ASSETS-OTHER> 4,340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 425,906,782
<PAYABLE-FOR-SECURITIES> 6,083,985
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 484,667
<TOTAL-LIABILITIES> 6,568,652
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,739,435
<SHARES-COMMON-STOCK> 4,040,958
<SHARES-COMMON-PRIOR> 3,661,273
<ACCUMULATED-NII-CURRENT> (262,412)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,827,771)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,030,080
<NET-ASSETS> 94,679,332
<DIVIDEND-INCOME> 564,355
<INTEREST-INCOME> 169,593
<OTHER-INCOME> 0
<EXPENSES-NET> (1,366,689)
<NET-INVESTMENT-INCOME> (632,741)
<REALIZED-GAINS-CURRENT> (1,837,628)
<APPREC-INCREASE-CURRENT> 17,549,573
<NET-CHANGE-FROM-OPS> 15,079,205
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,705,057
<NUMBER-OF-SHARES-REDEEMED> (1,325,373)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23,557,694
<ACCUMULATED-NII-PRIOR> (3,043)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (746,194)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,384,336)
<AVERAGE-NET-ASSETS> 75,869,114
<PER-SHARE-NAV-BEGIN> 19.42
<PER-SHARE-NII> (0.16)
<PER-SHARE-GAIN-APPREC> 4.17
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.43
<EXPENSE-RATIO> 1.83
<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 GLOBAL OPPORTUNITIES FUND CLASS B
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 322,026,365
<INVESTMENTS-AT-VALUE> 421,020,596
<RECEIVABLES> 4,881,846
<ASSETS-OTHER> 4,340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 425,906,782
<PAYABLE-FOR-SECURITIES> 6,083,985
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 484,667
<TOTAL-LIABILITIES> 6,568,652
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 194,007,220
<SHARES-COMMON-STOCK> 10,363,289
<SHARES-COMMON-PRIOR> 6,857,155
<ACCUMULATED-NII-CURRENT> (1,966,862)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,964,127)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 50,244,007
<NET-ASSETS> 238,320,238
<DIVIDEND-INCOME> 1,253,671
<INTEREST-INCOME> 370,507
<OTHER-INCOME> 0
<EXPENSES-NET> (4,269,178)
<NET-INVESTMENT-INCOME> (2,645,000)
<REALIZED-GAINS-CURRENT> (3,709,310)
<APPREC-INCREASE-CURRENT> 40,957,168
<NET-CHANGE-FROM-OPS> 34,602,858
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,208,875
<NUMBER-OF-SHARES-REDEEMED> (1,702,740)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 106,625,005
<ACCUMULATED-NII-PRIOR> (142,375)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,639,238)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,307,917)
<AVERAGE-NET-ASSETS> 166,547,790
<PER-SHARE-NAV-BEGIN> 19.20
<PER-SHARE-NII> (0.25)
<PER-SHARE-GAIN-APPREC> 4.05
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.00
<EXPENSE-RATIO> 2.58
<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 GLOBAL OPPORTUNITIES FUND CLASS C
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 322,026,365
<INVESTMENTS-AT-VALUE> 421,020,596
<RECEIVABLES> 4,881,846
<ASSETS-OTHER> 4,340
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 425,906,782
<PAYABLE-FOR-SECURITIES> 6,083,985
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 484,667
<TOTAL-LIABILITIES> 6,568,652
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69,876,156
<SHARES-COMMON-STOCK> 3,747,906
<SHARES-COMMON-PRIOR> 2,623,256
<ACCUMULATED-NII-CURRENT> (731,666)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,529,717)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,723,787
<NET-ASSETS> 86,338,560
<DIVIDEND-INCOME> 476,562
<INTEREST-INCOME> 141,363
<OTHER-INCOME> 0
<EXPENSES-NET> (1,626,472)
<NET-INVESTMENT-INCOME> (1,008,547)
<REALIZED-GAINS-CURRENT> (1,453,073)
<APPREC-INCREASE-CURRENT> 15,387,425
<NET-CHANGE-FROM-OPS> 12,925,806
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,900,476
<NUMBER-OF-SHARES-REDEEMED> (775,826)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 35,803,668
<ACCUMULATED-NII-PRIOR> (34,764)
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (624,542)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,641,235)
<AVERAGE-NET-ASSETS> 63,467,802
<PER-SHARE-NAV-BEGIN> 19.26
<PER-SHARE-NII> (0.27)
<PER-SHARE-GAIN-APPREC> 4.05
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.04
<EXPENSE-RATIO> 2.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
The Trustees and Shareholders
Keystone Global Opportunities Fund
In planning and performing our audit of the financial statements of Keystone
Global Opportunities Fund for the year ended September 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 Global Opportunities Fund 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 September 29, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
KPMG Peat Marwick LLP
October 27, 1995
