<PAGE> PAGE 1
000 B000000 09/30/96
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 A
001 A000000 KEYSTONE 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
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 KEYSTONE INVESTMENT MANAGEMENT COMPANY
008 B000001 A
008 C000001 801-8327
008 D010001 BOSTON
008 D020001 MA
008 D030001 02110
011 A000001 KEYSTONE INVESTMENT DISTRIBUTORS, COMPANY
011 B000001 8-395
011 C010001 BOSTON
011 C020001 MA
011 C030001 02110
012 A000001 KEYSTONE INVESTOR RESOURCE CENTER
012 B000001 84-1571
012 C010001 BOSTON
012 C020001 MA
012 C030001 02116
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 BOSTON
013 B020001 MA
<PAGE> PAGE 2
013 B030001 02108
015 A000001 STATE STREET BANK & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 20
019 C000000 KEYGROUPPA
020 A000001 KOKUSAI SECURITIES
020 B000001 13-3431243
020 C000001 205
020 A000002 JARDINE FLEMING
020 C000002 140
020 A000003 NOMURA SECURITIES
020 C000003 125
020 A000004 SBC WARBURG SECURITIES
020 B000004 1333400455
020 C000004 115
020 A000005 UBS LIMITED
020 C000005 54
020 A000006 DONALDSON, LOFKIN & JENRE
020 C000006 52
020 A000007 INSTINET
020 C000007 51
020 A000008 MERRILL LYNCH PIERCE FENNER
020 B000008 13-5670485
020 C000008 50
020 A000009 MORGAN BRENFELL
020 C000009 38
020 A000010 CREDIT LYONANAIS LAING
020 C000010 38
021 000000 1809
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 1447331
022 D000001 2209
022 A000002 PRUDENTIAL BACHE
022 B000002 22-2349336
022 C000002 179737
022 D000002 0
022 A000003 HSBC SECURITIES
022 C000003 59759
022 D000003 0
022 A000004 BEAR & STEARNS
022 C000004 13748
022 D000004 12706
022 A000005 PAINE WEBBER, INC
022 B000005 13-2630166
<PAGE> PAGE 3
022 C000005 33604
022 D000005 6282
022 A000006 BROWN & SONS, INC.
022 C000006 13188
022 D000006 16355
022 A000007 NOMURA SECURITIES
022 C000007 23711
022 D000007 2267
022 A000008 SMITH BARNEY, INC
022 B000008 13-9129000
022 C000008 11915
022 D000008 10623
022 A000009 MORGAN STANLEY
022 B000009 13-2655998
022 C000009 7027
022 D000009 13181
022 A000010 ROBERTSON, STEPHEN & CO.
022 C000010 11089
022 D000010 7169
023 C000000 8402849
023 D000000 177153
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
025 D000009 0
025 D000010 0
025 D000011 0
025 D000012 0
025 D000013 0
025 D000014 0
025 D000015 0
025 D000016 0
025 D000017 0
025 D000018 0
025 D000019 0
025 D000020 0
025 D000021 0
025 D000022 0
025 D000023 0
025 D000024 0
025 D000025 0
025 D000026 0
025 D000027 0
025 D000028 0
025 D000029 0
<PAGE> PAGE 4
025 D000030 0
025 D000031 0
025 D000032 0
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
027 000000 Y
028 A010000 69030
028 A020000 0
028 A030000 0
028 A040000 5253
028 B010000 77581
028 B020000 0
028 B030000 0
028 B040000 48742
028 C010000 45050
028 C020000 0
028 C030000 0
028 C040000 36197
028 D010000 22435
028 D020000 0
028 D030000 0
028 D040000 36521
028 E010000 18349
028 E020000 0
028 E030000 0
028 E040000 18593
028 F010000 18938
028 F020000 0
028 F030000 0
028 F040000 24912
028 G010000 251383
028 G020000 0
028 G030000 0
028 G040000 170218
028 H000000 133289
029 000000 Y
030 A000000 2438
030 B000000 5.75
030 C000000 0.00
031 A000000 0
031 B000000 153
032 000000 2591
033 000000 0
034 000000 N
<PAGE> PAGE 5
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 4953
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
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
049 000000 Y
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
<PAGE> PAGE 6
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
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
<PAGE> PAGE 7
068 A000000 N
068 B000000 Y
069 000000 N
070 A010000 Y
070 A020000 Y
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 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 679551
071 B000000 393847
071 C000000 590527
071 D000000 67
072 A000000 12
072 B000000 1772
072 C000000 4572
072 D000000 0
072 E000000 0
072 F000000 5668
072 G000000 0
072 H000000 0
<PAGE> PAGE 8
072 I000000 2014
072 J000000 473
072 K000000 0
072 L000000 62
072 M000000 31
072 N000000 134
072 O000000 0
072 P000000 0
072 Q000000 27
072 R000000 29
072 S000000 54
072 T000000 4753
072 U000000 0
072 V000000 0
072 W000000 21
072 X000000 13267
072 Y000000 0
072 Z000000 -6923
072AA000000 40623
072BB000000 0
072CC010000 0
072CC020000 8333
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 40705
074 C000000 0
074 D000000 0
074 E000000 15486
074 F000000 709117
074 G000000 0
074 H000000 0
074 I000000 182
074 J000000 4063
074 K000000 0
074 L000000 3441
074 M000000 7
074 N000000 773001
074 O000000 10072
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 2114
074 S000000 0
<PAGE> PAGE 9
074 T000000 760815
074 U010000 10196
074 U020000 21325
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 39635
074 Y000000 0
075 A000000 0
075 B000000 620018
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 SEDGWICK
080 C000000 35000
081 A000000 Y
081 B000000 35
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
<PAGE> PAGE 10
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
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 GLOBAL OPPORTUNITIES FUND CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 674,818,304
<INVESTMENTS-AT-VALUE> 765,490,288
<RECEIVABLES> 7,503,842
<ASSETS-OTHER> 7,116
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 773,001,246
<PAYABLE-FOR-SECURITIES> 10,071,551
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,114,998
<TOTAL-LIABILITIES> 12,186,549
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 211,883,333
<SHARES-COMMON-STOCK> 10,196,063
<SHARES-COMMON-PRIOR> 3,661,273
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 1,502,365
<ACCUMULATED-NET-GAINS> 7,155,760
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,885,549
<NET-ASSETS> 250,427,007
<DIVIDEND-INCOME> 1,496,513
<INTEREST-INCOME> 532,659
<OTHER-INCOME> 0
<EXPENSES-NET> (3,026,137)
<NET-INVESTMENT-INCOME> (996,965)
<REALIZED-GAINS-CURRENT> 10,430,916
<APPREC-INCREASE-CURRENT> (144,531)
<NET-CHANGE-FROM-OPS> 9,289,420
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,443,628
<NUMBER-OF-SHARES-REDEEMED> (5,288,523)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 155,747,792
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (262,412)
<OVERDIST-NET-GAINS-PRIOR> (1,827,771)
<GROSS-ADVISORY-FEES> (1,720,570)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,026,137)
<AVERAGE-NET-ASSETS> 189,266,307
<PER-SHARE-NAV-BEGIN> 23.43
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 1.19
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.56
<EXPENSE-RATIO> 1.62
<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-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 674,818,304
<INVESTMENTS-AT-VALUE> 765,490,288
<RECEIVABLES> 7,503,842
<ASSETS-OTHER> 7,116
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 773,001,246
<PAYABLE-FOR-SECURITIES> 10,071,551
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,114,998
<TOTAL-LIABILITIES> 12,186,549
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 327,264,783
<SHARES-COMMON-STOCK> 16,127,819
<SHARES-COMMON-PRIOR> 6,857,155
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,693,401)
<ACCUMULATED-NET-GAINS> 16,004,443
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,263,026
<NET-ASSETS> 385,838,851
<DIVIDEND-INCOME> 2,302,476
<INTEREST-INCOME> 925,830
<OTHER-INCOME> 0
<EXPENSES-NET> (7,648,898)
<NET-INVESTMENT-INCOME> (4,420,592)
<REALIZED-GAINS-CURRENT> 22,430,478
<APPREC-INCREASE-CURRENT> (5,980,980)
<NET-CHANGE-FROM-OPS> 12,028,906
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,250,300
<NUMBER-OF-SHARES-REDEEMED> (2,485,770)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 147,518,039
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (1,966,862)
<OVERDIST-NET-GAINS-PRIOR> (3,964,127)
<GROSS-ADVISORY-FEES> (2,948,453)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (7,648,898)
<AVERAGE-NET-ASSETS> 321,750,025
<PER-SHARE-NAV-BEGIN> 23.00
<PER-SHARE-NII> (0.21)
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.92
<EXPENSE-RATIO> 2.40
<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-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 674,818,304
<INVESTMENTS-AT-VALUE> 765,490,288
<RECEIVABLES> 7,503,842
<ASSETS-OTHER> 7,116
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 773,001,246
<PAYABLE-FOR-SECURITIES> 10,071,551
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,114,998
<TOTAL-LIABILITIES> 12,186,549
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,278,178
<SHARES-COMMON-STOCK> 5,196,956
<SHARES-COMMON-PRIOR> 2,623,256
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (645,707)
<ACCUMULATED-NET-GAINS> 5,399,568
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,516,799
<NET-ASSETS> 124,548,838
<DIVIDEND-INCOME> 773,193
<INTEREST-INCOME> 313,318
<OTHER-INCOME> 0
<EXPENSES-NET> (2,591,790)
<NET-INVESTMENT-INCOME> (1,505,279)
<REALIZED-GAINS-CURRENT> 7,761,729
<APPREC-INCREASE-CURRENT> (2,206,990)
<NET-CHANGE-FROM-OPS> 4,049,460
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,429,734
<NUMBER-OF-SHARES-REDEEMED> (980,684)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 38,210,736
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (731,665)
<OVERDIST-NET-GAINS-PRIOR> (1,529,719)
<GROSS-ADVISORY-FEES> (999,385)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,591,790)
<AVERAGE-NET-ASSETS> 109,001,348
<PER-SHARE-NAV-BEGIN> 23.04
<PER-SHARE-NII> (0.24)
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.97
<EXPENSE-RATIO> 2.40
<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, 1996, we considered
their internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing an 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 Keystone Global Opportunities Fund of is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments made 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 and
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
August 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Boston, Massachusetts
November 22, 1996
<PAGE>
