<PAGE> PAGE 1
000 B000000 03/31/95
000 C000000 0000868651
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 KEYSTONE AMERICA STATE TAX FREE FUND
001 B000000 811-6181
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 Y
007 B000000 5
007 C010100 1
007 C020100 FLORIDA TAX FREE FUND
007 C030100 N
007 C010200 2
007 C020200 PENNSYLVANIA TAX FREE FUND
007 C030200 N
007 C010300 3
007 C020300 TEXAS TAX FREE FUND
007 C030300 N
007 C010400 4
007 C020400 MASSACHUSETTS TAX FREE FUND
007 C030400 N
007 C010500 5
007 C020500 NEW YORK INSURED TAX FREE FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 KEYSTONE INVESTMENT MANAGEMENT CO. (KEYSTONE)
008 B00AA01 A
008 C00AA01 801-8327
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02110
010 A00AA01 KEYSTONE INVESTMENT, INC. (KII)
010 C01AA01 BOSTON
<PAGE> PAGE 2
010 C02AA01 MA
010 C03AA01 02116
010 C04AA01 5034
011 A00AA01 KEYSTONE INVESTMENT DISTRIBUTORS CO. (KIDC)
011 B00AA01 8-395
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02110
012 A00AA01 KEYSTONE INVESTOR RESOURCE CENTER
012 B00AA01 84-1571
012 C01AA01 CAMBRIDGE
012 C02AA01 MA
012 C03AA01 02192
077 A000000 Y
080 A00AA00 ICI MUTUAL INSURANCE CO.
080 B00AA00 FREDERICK JAMES
080 C00AA00 35000
081 A00AA00 Y
081 B00AA00 35
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
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062 C000100 0.0
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<PAGE> PAGE 3
074 T000100 106152
075 A000100 0
075 B000100 98341
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071 A000200 71879
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<PAGE> PAGE 4
071 D000300 58
072 A000300 12
074 N000300 4062
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062 H000400 0.0
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071 A000400 11544
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074 N000400 10361
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075 B000400 7843
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<PAGE> PAGE 5
071 A000500 23006
071 B000500 8409
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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 FLORIDA TAX FREE FUND CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 110,808,963
<INVESTMENTS-AT-VALUE> 113,793,367
<RECEIVABLES> 4,181,619
<ASSETS-OTHER> 28,267
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,003,253
<PAYABLE-FOR-SECURITIES> 7,209,862
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,641,185
<TOTAL-LIABILITIES> 11,851,047
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42,982,971
<SHARES-COMMON-STOCK> 4,090,563
<SHARES-COMMON-PRIOR> 4,387,283
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (168,607)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,387,907)
<ACCUM-APPREC-OR-DEPREC> 1,812,206
<NET-ASSETS> 42,238,663
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,799,178
<OTHER-INCOME> 0
<EXPENSES-NET> (330,329)
<NET-INVESTMENT-INCOME> 2,468,849
<REALIZED-GAINS-CURRENT> (2,186,953)
<APPREC-INCREASE-CURRENT> 2,335,709
<NET-CHANGE-FROM-OPS> 2,617,605
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,588,458)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 594,097
<NUMBER-OF-SHARES-REDEEMED> (961,330)
<SHARES-REINVESTED> 70,513
<NET-CHANGE-IN-ASSETS> (2,911,295)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (254,843)
<OVERDIST-NET-GAINS-PRIOR> (189,639)
<GROSS-ADVISORY-FEES> (230,985)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (419,507)
<AVERAGE-NET-ASSETS> 44,231,338
<PER-SHARE-NAV-BEGIN> 10.29
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> (0.59)
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<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 FLORIDA TAX FREE FUND CLASS B
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 110,808,963
<INVESTMENTS-AT-VALUE> 113,793,367
<RECEIVABLES> 4,181,619
<ASSETS-OTHER> 28,267
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,003,253
<PAYABLE-FOR-SECURITIES> 7,209,862
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 11,851,047
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,106,303
<SHARES-COMMON-STOCK> 4,988,012
<SHARES-COMMON-PRIOR> 1,945,072
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (190,865)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,069,963)
<ACCUM-APPREC-OR-DEPREC> 1,237,323
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> (586,805)
<NET-INVESTMENT-INCOME> 1,881,744
<REALIZED-GAINS-CURRENT> (1,813,692)
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<NET-CHANGE-FROM-OPS> 2,527,224
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<NUMBER-OF-SHARES-SOLD> 3,504,376
<NUMBER-OF-SHARES-REDEEMED> (544,344)
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<PER-SHARE-NAV-BEGIN> 10.27
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</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 FLORIDA TAX FREE FUND CLASS C
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 110,808,963
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<RECEIVABLES> 4,181,619
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<TOTAL-LIABILITIES> 11,851,047
<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 1,273,565
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (935,800)
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<NET-ASSETS> 12,830,745
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<NUMBER-OF-SHARES-REDEEMED> (704,324)
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<OVERDISTRIB-NII-PRIOR> (31,398)
<OVERDIST-NET-GAINS-PRIOR> (180,695)
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<INTEREST-EXPENSE> 0
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<AVERAGE-NET-ASSETS> 15,643,398
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<PER-SHARE-NII> 0.47
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<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> 201
<NAME> KEYSTONE MASSACHUSETTS TAX FREE FUND CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 9,572,448
<INVESTMENTS-AT-VALUE> 9,753,526
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<TOTAL-LIABILITIES> (247,162)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,075,496
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (95,183)
<ACCUM-APPREC-OR-DEPREC> (18,175)
<NET-ASSETS> 1,973,993
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 113,173
<OTHER-INCOME> 0
<EXPENSES-NET> (8,243)
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 141,360
<NUMBER-OF-SHARES-REDEEMED> (93,803)
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<NET-CHANGE-IN-ASSETS> 502,262
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<AVERAGE-NET-ASSETS> 1,783,555
<PER-SHARE-NAV-BEGIN> 9.17
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<PER-SHARE-GAIN-APPREC> 0.01
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<EXPENSE-RATIO> 0.46
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<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> 202
<NAME> KEYSTONE MASSACHUSETTS TAX FREE FUND CLASS B
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 9,572,448
<INVESTMENTS-AT-VALUE> 9,753,526
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</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> 203
<NAME> KEYSTONE MASSACHUSETTS TAX FREE FUND CLASS C
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 9,572,448
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (67,994)
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<EXPENSES-NET> (20,479)
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<NUMBER-OF-SHARES-REDEEMED> (20,305)
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (303)
<OVERDIST-NET-GAINS-PRIOR> (2,208)
<GROSS-ADVISORY-FEES> (9,144)
<INTEREST-EXPENSE> 0
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<AVERAGE-NET-ASSETS> 1,672,820
<PER-SHARE-NAV-BEGIN> 9.19
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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.
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<NUMBER> 301
<NAME> KEYSTONE NEW YORK TAX FREE FUND CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 17,261,118
<INVESTMENTS-AT-VALUE> 17,818,520
<RECEIVABLES> 448,982
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<TOTAL-LIABILITIES> (154,812)
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<PAID-IN-CAPITAL-COMMON> 3,269,703
<SHARES-COMMON-STOCK> 352,186
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (70,407)
<ACCUM-APPREC-OR-DEPREC> 109,692
<NET-ASSETS> 3,323,045
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 122,439
<OTHER-INCOME> 0
<EXPENSES-NET> (10,144)
<NET-INVESTMENT-INCOME> 112,295
<REALIZED-GAINS-CURRENT> (68,270)
<APPREC-INCREASE-CURRENT> 139,585
<NET-CHANGE-FROM-OPS> 183,610
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (110,893)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 315,837
<NUMBER-OF-SHARES-REDEEMED> (41,667)
<SHARES-REINVESTED> 5,049
<NET-CHANGE-IN-ASSETS> 2,642,810
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (49)
<OVERDIST-NET-GAINS-PRIOR> (2,078)
<GROSS-ADVISORY-FEES> (11,210)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (32,510)
<AVERAGE-NET-ASSETS> 2,053,172
<PER-SHARE-NAV-BEGIN> 9.32
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> 0.11
<PER-SHARE-DIVIDEND> (0.51)
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.44
<EXPENSE-RATIO> 0.50
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 302
<NAME> KEYSTONE NEW YORK TAX FREE FUND CLASS B
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 17,261,118
<INVESTMENTS-AT-VALUE> 17,818,520
<RECEIVABLES> 448,982
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<TOTAL-ASSETS> 18,275,014
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (154,812)
<TOTAL-LIABILITIES> (154,812)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,816,572
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<SHARES-COMMON-PRIOR> 244,217
<ACCUMULATED-NII-CURRENT> 7,913
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (270,971)
<ACCUM-APPREC-OR-DEPREC> 353,161
<NET-ASSETS> 11,906,675
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 469,376
<OTHER-INCOME> 0
<EXPENSES-NET> (97,168)
<NET-INVESTMENT-INCOME> 372,208
<REALIZED-GAINS-CURRENT> (263,604)
<APPREC-INCREASE-CURRENT> 450,252
<NET-CHANGE-FROM-OPS> 558,856
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (411,226)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,155,373
<NUMBER-OF-SHARES-REDEEMED> (153,738)
<SHARES-REINVESTED> 24,119
<NET-CHANGE-IN-ASSETS> 9,630,665
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (1,382)
<OVERDIST-NET-GAINS-PRIOR> (7,145)
<GROSS-ADVISORY-FEES> (42,788)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (182,770)
<AVERAGE-NET-ASSETS> 7,809,213
<PER-SHARE-NAV-BEGIN> 9.32
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> 0.09
<PER-SHARE-DIVIDEND> (0.50)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.38
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 303
<NAME> KEYSTONE NEW YORK TAX FREE FUND CLASS C
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 17,261,118
<INVESTMENTS-AT-VALUE> 17,818,520
<RECEIVABLES> 448,982
<ASSETS-OTHER> 7,512
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<TOTAL-ASSETS> 18,275,014
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (154,812)
<TOTAL-LIABILITIES> (154,812)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,854,959
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (62,906)
<ACCUM-APPREC-OR-DEPREC> 94,549
<NET-ASSETS> 2,890,482
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 108,379
<OTHER-INCOME> 0
<EXPENSES-NET> (22,254)
<NET-INVESTMENT-INCOME> 86,125
<REALIZED-GAINS-CURRENT> (61,358)
<APPREC-INCREASE-CURRENT> 109,162
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (92,874)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 288,523
<NUMBER-OF-SHARES-REDEEMED> (14,006)
<SHARES-REINVESTED> 6,435
<NET-CHANGE-IN-ASSETS> 2,635,313
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (328)
<OVERDIST-NET-GAINS-PRIOR> (1,498)
<GROSS-ADVISORY-FEES> (9,810)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (41,040)
<AVERAGE-NET-ASSETS> 1,771,003
<PER-SHARE-NAV-BEGIN> 9.31
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.37
<EXPENSE-RATIO> 1.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 401
<NAME> KEYSTONE PENNSYLVANIA TAX FREE FUND CLASS A
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 67,261,556
<INVESTMENTS-AT-VALUE> 69,271,610
<RECEIVABLES> 1,767,559
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<TOTAL-ASSETS> 71,052,302
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 386,075
<TOTAL-LIABILITIES> 386,075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,762,475
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<ACCUM-APPREC-OR-DEPREC> 2,205,164
<NET-ASSETS> 30,450,398
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,941,496
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<EXPENSES-NET> (227,360)
<NET-INVESTMENT-INCOME> 1,714,136
<REALIZED-GAINS-CURRENT> (1,618,034)
<APPREC-INCREASE-CURRENT> 1,297,673
<NET-CHANGE-FROM-OPS> 1,393,775
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,737,253)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 422,375
<NUMBER-OF-SHARES-REDEEMED> (494,154)
<SHARES-REINVESTED> 87,463
<NET-CHANGE-IN-ASSETS> (109,611)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 113,028
<OVERDISTRIB-NII-PRIOR> (81,788)
<OVERDIST-NET-GAINS-PRIOR> (370,340)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (318,849)
<AVERAGE-NET-ASSETS> 30,398,071
<PER-SHARE-NAV-BEGIN> 11.01
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<PER-SHARE-GAIN-APPREC> (0.09)
<PER-SHARE-DIVIDEND> (0.62)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.91
<EXPENSE-RATIO> 0.75
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 402
<NAME> KEYSTONE PENNSYLVANIA TAX FREE FUND CLASS B
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 67,261,556
<INVESTMENTS-AT-VALUE> 69,271,610
<RECEIVABLES> 1,767,559
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<TOTAL-ASSETS> 71,052,302
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 386,075
<TOTAL-LIABILITIES> 386,075
<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> (1,501,329)
<ACCUM-APPREC-OR-DEPREC> (15,836)
<NET-ASSETS> 30,657,215
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,737,194
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 1,329,520
<REALIZED-GAINS-CURRENT> (1,444,350)
<APPREC-INCREASE-CURRENT> 1,244,522
<NET-CHANGE-FROM-OPS> 1,129,692
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,525,663)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,037,572
<NUMBER-OF-SHARES-REDEEMED> (282,691)
<SHARES-REINVESTED> 82,087
<NET-CHANGE-IN-ASSETS> 8,699,021
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (21,160)
<OVERDIST-NET-GAINS-PRIOR> (25,695)
<GROSS-ADVISORY-FEES> (145,680)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (489,089)
<AVERAGE-NET-ASSETS> 27,254,497
<PER-SHARE-NAV-BEGIN> 10.98
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> (0.10)
<PER-SHARE-DIVIDEND> (0.60)
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.81
<EXPENSE-RATIO> 1.50
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 403
<NAME> KEYSTONE PENNSYLVANIA TAX FREE FUND CLASS C
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 67,261,556
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<RECEIVABLES> 1,767,559
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<TOTAL-ASSETS> 71,052,302
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 386,075
<TOTAL-LIABILITIES> 386,075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,270,824
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<OVERDISTRIBUTION-NII> (26,241)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (506,695)
<ACCUM-APPREC-OR-DEPREC> (179,274)
<NET-ASSETS> 9,558,614
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 581,714
<OTHER-INCOME> 0
<EXPENSES-NET> (136,346)
<NET-INVESTMENT-INCOME> 445,368
<REALIZED-GAINS-CURRENT> (480,118)
<APPREC-INCREASE-CURRENT> 376,551
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (504,268)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 306,060
<NUMBER-OF-SHARES-REDEEMED> (312,198)
<SHARES-REINVESTED> 34,993
<NET-CHANGE-IN-ASSETS> 174,038
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (16,119)
<OVERDISTRIB-NII-PRIOR> (5,576)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (48,892)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (164,799)
<AVERAGE-NET-ASSETS> 9,111,652
<PER-SHARE-NAV-BEGIN> 11.00
<PER-SHARE-NII> 0.52
<PER-SHARE-GAIN-APPREC> (0.10)
<PER-SHARE-DIVIDEND> (0.59)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.83
<EXPENSE-RATIO> 1.50
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 501
<NAME> KEYSTONE TEXAS TAX FREE FUND CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 3,946,643
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<TOTAL-LIABILITIES> 40,309
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,655,819
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<ACCUMULATED-NII-CURRENT> 21,475
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (124,292)
<ACCUM-APPREC-OR-DEPREC> 81,821
<NET-ASSETS> 1,634,823
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 123,205
<OTHER-INCOME> 0
<EXPENSES-NET> (14,633)
<NET-INVESTMENT-INCOME> 108,572
<REALIZED-GAINS-CURRENT> (130,610)
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (103,988)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,763
<NUMBER-OF-SHARES-REDEEMED> (60,316)
<SHARES-REINVESTED> 6,476
<NET-CHANGE-IN-ASSETS> (280,741)
<ACCUMULATED-NII-PRIOR> 1,834
<ACCUMULATED-GAINS-PRIOR> 6,318
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (10,749)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (50,149)
<AVERAGE-NET-ASSETS> 1,956,380
<PER-SHARE-NAV-BEGIN> 10.13
<PER-SHARE-NII> 0.56
<PER-SHARE-GAIN-APPREC> (0.01)
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.15
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 502
<NAME> KEYSTONE TEXAS TAX FREE FUND CLASS B
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 3,946,643
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,309
<TOTAL-LIABILITIES> 40,309
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,294,483
<SHARES-COMMON-STOCK> 215,314
<SHARES-COMMON-PRIOR> 187,404
<ACCUMULATED-NII-CURRENT> 2,129
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (172,486)
<ACCUM-APPREC-OR-DEPREC> 38,726
<NET-ASSETS> 2,162,852
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> (31,050)
<NET-INVESTMENT-INCOME> 99,392
<REALIZED-GAINS-CURRENT> (153,826)
<APPREC-INCREASE-CURRENT> 140,286
<NET-CHANGE-FROM-OPS> 85,852
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (107,525)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 96,577
<NUMBER-OF-SHARES-REDEEMED> (75,526)
<SHARES-REINVESTED> 6,859
<NET-CHANGE-IN-ASSETS> 273,256
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (5,714)
<OVERDIST-NET-GAINS-PRIOR> (18,660)
<GROSS-ADVISORY-FEES> (11,317)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (69,541)
<AVERAGE-NET-ASSETS> 2,075,715
<PER-SHARE-NAV-BEGIN> 10.08
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.05
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 503
<NAME> KEYSTONE TEXAS TAX FREE FUND CLASS C
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> MAR-31-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 3,946,643
<INVESTMENTS-AT-VALUE> 3,993,044
<RECEIVABLES> 62,893
<ASSETS-OTHER> 5,974
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,061,911
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40,309
<TOTAL-LIABILITIES> 40,309
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 335,680
<SHARES-COMMON-STOCK> 22,316
<SHARES-COMMON-PRIOR> 80,975
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,786)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (35,821)
<ACCUM-APPREC-OR-DEPREC> (74,146)
<NET-ASSETS> 223,927
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 38,100
<OTHER-INCOME> 0
<EXPENSES-NET> (8,961)
<NET-INVESTMENT-INCOME> 29,139
<REALIZED-GAINS-CURRENT> (24,607)
<APPREC-INCREASE-CURRENT> (28,426)
<NET-CHANGE-FROM-OPS> (23,894)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (31,235)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,015
<NUMBER-OF-SHARES-REDEEMED> (74,258)
<SHARES-REINVESTED> 1,584
<NET-CHANGE-IN-ASSETS> (589,365)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (4,301)
<OVERDIST-NET-GAINS-PRIOR> (11,214)
<GROSS-ADVISORY-FEES> (3,336)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (19,604)
<AVERAGE-NET-ASSETS> 599,053
<PER-SHARE-NAV-BEGIN> 10.04
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.03
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[TEXT]
The Trustees and Shareholders
Keystone State Tax Free Fund (formerly Keystone America State Tax Free Fund)
In planning and performing our audit of the financial statements of Keystone Tax
Free Fund for the year ended December 31, 1994 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 Tax Free 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
December 31, 1994.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
May 5, 1995
