KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND
NSAR-A, 1995-05-25
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<PAGE>      PAGE  1
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001 A000000 KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND
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SIGNATURE   KEVIN 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>	102
<NAME>	KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND CLASS Z
<PERIOD-TYPE>	6-MOS
<FISCAL-YEAR-END>	SEP-30-1995
<PERIOD-START>	OCT-01-1995
<PERIOD-END>	MAR-31-1995
<INVESTMENTS-AT-COST>	28,457,831
<INVESTMENTS-AT-VALUE>	28,321,663
<RECEIVABLES>	494,036
<ASSETS-OTHER>	913
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	28,816,612
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	(168,676)
<TOTAL-LIABILITIES>	(168,676)
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	26,810,524
<SHARES-COMMON-STOCK>	2,639,507
<SHARES-COMMON-PRIOR>	2,623,282
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(54,220)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(1,170,406)
<ACCUM-APPREC-OR-DEPREC>	(163,657)
<NET-ASSETS>	25,422,241
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	834,343
<OTHER-INCOME>	0
<EXPENSES-NET>	(37,642)
<NET-INVESTMENT-INCOME>	796,701
<REALIZED-GAINS-CURRENT>	(135,749)
<APPREC-INCREASE-CURRENT>	168,343
<NET-CHANGE-FROM-OPS>	829,295
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(763,734)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	19,997
<NUMBER-OF-SHARES-REDEEMED>	(61,949)
<SHARES-REINVESTED>	58,177
<NET-CHANGE-IN-ASSETS>	222,186
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	(87,188)
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	(1,034,657)
<GROSS-ADVISORY-FEES>	(37,642)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(37,642)
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<PER-SHARE-NAV-BEGIN>	9.61
<PER-SHARE-NII>	0.30
<PER-SHARE-GAIN-APPREC>	0.01
<PER-SHARE-DIVIDEND>	(0.29)
<PER-SHARE-DISTRIBUTIONS>	0.00
<RETURNS-OF-CAPITAL>	0.00
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<EXPENSE-RATIO>	0.30
<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>	101
<NAME>	KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND CLASS Y
<PERIOD-TYPE>	6-MOS
<FISCAL-YEAR-END>	SEP-30-1995
<PERIOD-START>	OCT-01-1995
<PERIOD-END>	MAR-31-1995
<INVESTMENTS-AT-COST>	28,457,831
<INVESTMENTS-AT-VALUE>	28,321,663
<RECEIVABLES>	494,036
<ASSETS-OTHER>	913
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<TOTAL-ASSETS>	28,816,612
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	(168,676)
<TOTAL-LIABILITIES>	(168,676)
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	3,200,623
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<SHARES-COMMON-PRIOR>	103
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<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
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<DIVIDEND-INCOME>	0
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<NET-CHANGE-FROM-OPS>	56,212
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(31,142)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	362,939
<NUMBER-OF-SHARES-REDEEMED>	(29,717)
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<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	(28)
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	31
<GROSS-ADVISORY-FEES>	(1,473)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(2,649)
<AVERAGE-NET-ASSETS>	966,179
<PER-SHARE-NAV-BEGIN>	9.61
<PER-SHARE-NII>	0.27
<PER-SHARE-GAIN-APPREC>	0.03
<PER-SHARE-DIVIDEND>	(0.28)
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<RETURNS-OF-CAPITAL>	0.00
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<EXPENSE-RATIO>	0.55
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0

</TABLE>


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