<PAGE>
SUPPLEMENT TO CURRENT PROSPECTUS
OF
KEYSTONE AMERICA CAPITAL PRESERVATION AND INCOME FUND
(THE "FUND")
The section entitled "Alternative Sales Options/Class A Shares" located on page
16 of the prospectus is hereby supplemented to add the following language after
the fifth paragraph of said section:
"In addition, since January 1, 1995 and through June
30, 1995 (offering period) and upon prior notification to
KDI, Class A shares may be purchased at net asset value by
clients of registered representatives within six months after
the redemption of shares of any registered open-end
investment company not distributed or managed by Keystone or
its affiliates, where the amount invested represents
redemption proceeds from such unrelated registered open-end
investment company, and the shareholder either (1) paid a
front end sales charge, or (2) was at some time subject to,
but did not actually pay, a contingent deferred sales charge
with respect to the redemption proceeds."
March 1, 1995 CPI-2
#101F02B4
