<PAGE> PAGE 1
000 A000000 03/31/95
000 C000000 0000872324
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 NEYSTONE AMERICA CAPITAL PRESERVATION & INCOM
001 B000000 811-6278
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
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 3.0
062 E000000 0.0
062 F000000 0.1
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 96.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 1.0
062 R000000 0.0
071 A000000 55174
071 B000000 64992
071 C000000 94107
071 D000000 59
072 A000000 6
074 N000000 97153
074 T000000 96340
075 A000000 0
075 B000000 36031
077 A000000 Y
077 B000000 N
<PAGE> PAGE 2
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 Y
077 N000000 N
077 O000000 N
077 P000000 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 CAPITAL PRESERVATION & INCOME FUND CLASS A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 95,821,837
<INVESTMENTS-AT-VALUE> 95,393,371
<RECEIVABLES> 1,738,172
<ASSETS-OTHER> 21,487
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97,153,030
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 813,149
<TOTAL-LIABILITIES> 813,149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,266,613
<SHARES-COMMON-STOCK> 2,245,358
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (62,354)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,653,986)
<ACCUM-APPREC-OR-DEPREC> 142,578
<NET-ASSETS> 21,692,851
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 811,701
<OTHER-INCOME> 0
<EXPENSES-NET> (108,609)
<NET-INVESTMENT-INCOME> 703,092
<REALIZED-GAINS-CURRENT> (249,483)
<APPREC-INCREASE-CURRENT> 142,578
<NET-CHANGE-FROM-OPS> 596,187
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (660,301)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,534,266
<NUMBER-OF-SHARES-REDEEMED> (313,463)
<SHARES-REINVESTED> 24,555
<NET-CHANGE-IN-ASSETS> 2,245,358
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (76,486)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (149,010)
<AVERAGE-NET-ASSETS> 24,202,096
<PER-SHARE-NAV-BEGIN> 9.51
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 0.14
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.66
<EXPENSE-RATIO> 0.90
<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 CAPITAL PRESERVATION & INCOME FUND CLASS B
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 95,821,837
<INVESTMENTS-AT-VALUE> 95,393,371
<RECEIVABLES> 1,738,172
<ASSETS-OTHER> 21,487
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97,153,030
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 813,149
<TOTAL-LIABILITIES> 813,149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,489,432
<SHARES-COMMON-STOCK> 7,438,141
<SHARES-COMMON-PRIOR> 9,957,006
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (136,392)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (4,948,738)
<ACCUM-APPREC-OR-DEPREC> (541,488)
<NET-ASSETS> 71,862,814
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,825,209
<OTHER-INCOME> 0
<EXPENSES-NET> (632,086)
<NET-INVESTMENT-INCOME> 2,193,123
<REALIZED-GAINS-CURRENT> (920,595)
<APPREC-INCREASE-CURRENT> 892,150
<NET-CHANGE-FROM-OPS> 2,164,678
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,038,249)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 712,179
<NUMBER-OF-SHARES-REDEEMED> (3,366,490)
<SHARES-REINVESTED> 135,446
<NET-CHANGE-IN-ASSETS> (2,518,865)
<ACCUMULATED-NII-PRIOR> (291,267)
<ACCUMULATED-GAINS-PRIOR> (4,028,143)
<OVERDISTRIB-NII-PRIOR> (102,697)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (267,404)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (878,028)
<AVERAGE-NET-ASSETS> 84,509,242
<PER-SHARE-NAV-BEGIN> 9.62
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.03
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.66
<EXPENSE-RATIO> 1.50
<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 CAPITAL PRESERVATION & INCOME FUND CLASS C
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 95,821,837
<INVESTMENTS-AT-VALUE> 95,393,371
<RECEIVABLES> 1,738,172
<ASSETS-OTHER> 21,487
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 97,153,030
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 813,149
<TOTAL-LIABILITIES> 813,149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,859,672
<SHARES-COMMON-STOCK> 288,548
<SHARES-COMMON-PRIOR> 299,200
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (31,029)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,871)
<ACCUM-APPREC-OR-DEPREC> (29,556)
<NET-ASSETS> 2,784,216
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 105,438
<OTHER-INCOME> 0
<EXPENSES-NET> (23,348)
<NET-INVESTMENT-INCOME> 82,090
<REALIZED-GAINS-CURRENT> (33,479)
<APPREC-INCREASE-CURRENT> 46,678
<NET-CHANGE-FROM-OPS> 95,289
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (76,463)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 118,910
<NUMBER-OF-SHARES-REDEEMED> (135,045)
<SHARES-REINVESTED> 5,483
<NET-CHANGE-IN-ASSETS> (10,652)
<ACCUMULATED-NII-PRIOR> (36,654)
<ACCUMULATED-GAINS-PRIOR> 18,607
<OVERDISTRIB-NII-PRIOR> (3,081)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (9,911)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (32,334)
<AVERAGE-NET-ASSETS> 3,121,829
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0.04
<PER-SHARE-DIVIDEND> (0.23)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.66
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>