<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MAY 13, 1996
File Nos. 33-42864
and 811-6412
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. --- ---
Post-Effective Amendment No. 8 X
--- ---
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 8 X
--- ---
KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND
(Exact name of Registrant as specified in Charter)
200 Berkeley Street, Boston, Massachusetts 02116-5034
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code:
(617) 338-3200
Rosemary D. Van Antwerp, Esq., 200 Berkeley Street,
Boston, MA 02116-5034
(Name and Address of Agent for Service)
It is proposed that this filing will become effective
X immediately upon filing pursuant to paragraph (b)
- --- on (date) pursuant to paragraph (b)
- --- 60 days after filing pursuant to paragraph (a)(1)
- --- on (date) pursuant to paragraph (a)(1)
- --- 75 days after filing pursuant to paragraph (a)(2)
- --- on (date) pursuant to paragraph (a)(2) of Rule 485
Pursuant to Rule 24f-2 under the Investment Company Act of 1940, the Registrant
has elected to register an indefinite number of its securities under the
Securities Act of 1933. A Rule 24f-2 Notice for Registrant's last fiscal year
was filed on November 28, 1995.
<PAGE>
KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND
CONTENTS OF
POST-EFFECTIVE AMENDMENT NO. 8 to REGISTRATION STATEMENT
This Post-Effective Amendment No. 8 to Registration Statement No.
33-42864/811-6412 consists of the following pages, items of information, and
documents.
The Facing Sheet
The Contents Page
The Cross-Reference Sheet
PART A
Prospectus
(Filed with Post-Effective Amendment No. 7 to Registration Statement
No. 33-42864/811-6412 and is incorporated by reference herein.)
PART B
Statement of Additional Information
(Filed with Post-Effective Amendment No. 7 to Registration Statement
No. 33-42864/811-6412 and is incorporated by reference herein.)
PART C
PART C - OTHER INFORMATION - ITEM 24(a) and (b)
(Filed with Post-Effective Amendment No. 7 to Registration Statement
No. 33-42864/811-6412 and is incorporated by reference herein.)
Financial Statements
Independent Auditors' Report
Listing of Exhibits
PART C - OTHER INFORMATION - ITEMS 25-32-SIGNATURE PAGES
Number of Security Holders
Indemnification
Business and Other Connections
Principal Underwriters
Location of Accounts and Records
Signatures
Exhibits (including Powers of Attorney)
<PAGE>
KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND
Cross-Reference Sheet pursuant to Rule 495 under the Securities Act of 1933.
Items in
Part A of
Form N-1A Prospectus Caption
- --------- ------------------
(Filed with Post-Effective Amendment No. 7 to Registration Statement
No. 33-42864/811-6412 and is incorporated by reference herein.)
1 Cover Page
2 Fee Table
3 Financial Highlights
Performance Data
4 Cover Page
The Fund
Investment Objective and Policies
Risk Factors
Additional Investment Information
Investment Restrictions
5 Fund Management and Expenses
Alternative Sales Options
Distribution Plan
Additional Information
5A Not applicable
6 Cover Page
The Fund
Dividends and Taxes
How to Buy Shares
Alternative Sales Options
Fund Shares
Shareholder Services
7 Pricing Shares
Fund Management and Expenses
How to Buy Shares
Alternative Sales Options
Distribution Plan
Shareholder Services
Exhibit A
8 How to Redeem Shares
9 Not applicable
<PAGE>
KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND
Cross-Reference Sheet continued.
Items in
Part B of
Form N-1A Statement of Additional Information Caption
- ---------- -------------------------------------------
(Filed with Post-Effective Amendment No. 7 to Registration Statement
No. 33-42864/811-6412 and is incorporated by reference herein.)
10 Cover Page
11 Table of Contents
12 Not applicable
13 Investment Restrictions
Appendix
14 Trustees and Officers
Investment Adviser
15 Additional Information
16 Investment Adviser
Distributor
Distribution Plan
Additional Information
17 Brokerage
18 Declaration of Trust
19 Valuation of Securities
Distribution Plan
20 Dividends and Taxes
21 Distributor
22 Standardized Total Return and Yield Quotations
23 Financial Statements
<PAGE>
KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND
PART A
PROSPECTUS
(Filed with Post-Effective Amendment No. 7 to Registration Statement
No. 33-42864/811-6412 and is incorporated by reference herein.)
<PAGE>
KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND
PART B
STATEMENT OF ADDITIONAL INFORMATION
(Filed with Post-Effective Amendment No. 7 to Registration Statement
No. 33-42864/811-6412 and is incorporated by reference herein.)
<PAGE>
KEYSTONE INSTUTIONAL ADJUSTABLE RATE FUND
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
Item 24(a). Financial Statements
(Filed with Post-Effective Amendment No. 7 to Registration Statement
No. 33-42864/811-6412 and is incorporated by reference herein.)
All financial statements listed below are included in the Registrant's Statement
of Additional Information.
Schedule of Investments Year ended
September 30, 1995
Financial Highlights Year ended
September 30, 1995
Statement of Assets and Liabilities September 30, 1995
Statement of Operations Year ended
September 30, 1995
Statement of Changes in Net Assets Two years ended
September 30, 1995
Notes to Financial Statements
Independent Auditors' Report
dated October 27, 1995
All other statements and schedules are omitted as the required information is
inapplicable.
<PAGE>
Item 24(b). Exhibits.
(1) A copy of Registrant's Declaration of Trust, as supplemented,
was filed with Post-Effective Amendment No. 7 to Registration
Statement No. 33-42864/811-6412 as Exhibit 24(b)(1) and is
incorporated by reference herein.
(2) A copy of Registrant's By-Laws was filed with Post-Effective
Amendment No. 7 to Registration Statement No. 33-42864/
811- 6412 as Exhibit 24(b)(2) and is incorporated by
reference herein.
(3) Not applicable.
(4) Not applicable.
(5) A copy of the Investment Advisory and Management Agreement
between the Registrant and Keystone Investment Management
Company was filed with Post-Effective Amendment No. 7 to the
Registration Statement No. 33-42864/811-6412 as Exhibit
24(b)(5) and is incorporated by reference herein.
(6) A copy of the Distribution Agreement between the Registrant
and Fiduciary Investment Company, Inc. was filed with
Post-Effective Amendment No. 3 to Registration Statement No.
33-42864/811-6412 as Exhibit 24(b)(6) and is incorporated by
reference herein.
(7) Not applicable.
(8) A copy of the Custodian, Fund Accounting and Recordkeeping
Agreement between Registrant and State Street Bank & Trust
Company was filed with Registration Statement No.
33-42864/811-6412 as Exhibit 24(b)(8) and is incorporated by
reference herein.
(9) Not applicable.
(10) An opinion and consent of counsel as to the legality of
the securities registered was filed with Post-Effective
Amendment No. 7 to the Registration Statement No.
33-42864/811-6412 as Exhibit 24(b)(10) and is incorporated by
reference herein.
(11) Consent as to the use of report of Registrant's Independent
Auditors was filed with Post-Effective Amendment No. 7 to
Registration Statement No. 33-42864/811-6412 as Exhibit
24(b)(11) and is incorporated herein by reference.
(12) Not applicable.
(13) A copy of Registrant's Subscription Agreement was filed with
Registration Statement No. 33-42864/811-6412 as Exhibit
24(b)(13) and is incorporated by reference herein.
(14) Not applicable.
(15) A copy of the form of Registrant's Class Y Distribution Plan
was filed with Registration Statement No. 33-42864/811-6412 as
Exhibit 24(b)(15) and is incorporated by reference herein.
(16) Schedules for the computation of total return and current
yield quotations were filed with Post-Effective Amendment No.
7 to Registration Statement No. 33-42864/811-6412 as Exhibit
24(b)(16) and are incorporated herein by reference.
(17) Financial data schedules are filed herewith as Exhibit 27.
(18) A copy of Registrant's Multiple Class Plan adopted pursuant
to Rule 18f-3 is filed herewith as Exhibit 24(b)(18).
(19) Powers of Attorney are filed herewith as Exhibit
24(b)(19).
<PAGE>
Item 25. Persons Controlled by or under Common Control with
Registrant
Not applicable.
Item 26. Number of Holders of Securities
Number of Record
Title of Class Holders as of April 30, 1996
-------------- ----------------------------
Shares of Beneficial Class Y - 5
Interest, without par value Class Z - 5
Item 27. Indemnification
Provisions for the indemnification of the Registrant's
Trustees and officers are contained in Article VIII of the
Registrant's Declaration of Trust, a copy of which was filed
with Post Effective Amendment No. 7 to Registration Statement
No. 33-42864/811-6412 as Exhibit 24(b)(1) and is incorporated
by reference herein.
Provisions for the indemnification of Keystone Investment
Management Company, Registrant's investment adviser, are
contained in Section 5 of the Investment Advisory and
Management Agreement between the Registrant and Keystone
Investment Management Company, a copy of which was filed with
Post-Effective No. 7 to Registration Statement No.
33-42864/811-6412 as Exhibit 24(b)(5) and is incorporated by
reference herein.
Item 28. Businesses and Other Connections of Investment Advisers
Filed with Post-Effective Amendment No. 7 to Registration
Statement No. 33-42864/811-6412 and is incorporated by
reference herein.
Item 29. Principal Underwriter
(a) Fiduciary Management Company, Inc., which acts as Registrant's
principal underwriter, also acts as principal underwriter for
the following entities:
Master Reserves Trust
Keystone Institutional Trust
(b) Information with respect to each officer and director of
Registrant's acting principal underwriter was filed with
Post-Effective Amendment No. 7 to Registration Statement
No. 33-42864/811-6412 and is incorporated by reference herein.
Item 30. Location of Accounts and Records
200 Berkeley Street
Boston, Massachusetts 02116-5034
Keystone Investor Resource Center, Inc.
101 Main Street
Cambridge, MA 02142-1519
State Street Bank and Trust Company
1776 Heritage Drive
Quincy, MA 02171
Iron Mountain
3431 Sharp Slot Road
Swansea, Massachusetts 02777
Item 31. Management Services
Not Applicable.
Item 32. Undertakings
Upon request and without charge, Registrant hereby undertakes
to furnish a copy of its latest annual report to shareholders
to each person to whom a copy of Registrant's prospectus is
delivered.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all of the
requirements for the effectiveness of this Amendment to its Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly
caused this Amendment to its Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Boston, in The
Commonwealth of Massachusetts, on the 10th day of May, 1996.
KEYSTONE INSTITUTIONAL ADJUSTABLE
RATE FUND
By: /s/ Rosemary D. Van Antwerp
--------------------------
Rosemary D. Van Antwerp
Senior Vice President and
Secretary
Pursuant to the requirements of the Securities Act of 1933, this Amendment to
Registrant's Registration Statement has been signed below by the following
persons in the capacities indicated on the 10th day of May, 1996.
SIGNATURES TITLE
- ---------- -----
/s/ George S. Bissell Chairman of the Board and Trustee
- ---------------------------
George S. Bissell*
President, Chief Executive Officer
/s/ Albert H. Elfner, III and Trustee
- ---------------------------
Albert H. Elfner, III*
Treasurer (Principal Accounting
/s/ J. Kevin Kenely and Financial Officer)
- ---------------------------
J. Kevin Kenely*
*By: /s/ James M. Wall
--------------------------
James M. Wall**
Attorney-in-Fact
<PAGE>
SIGNATURES TITLE
- ---------- -----
/s/ Frederick Amling Trustee
- ---------------------------
Frederick Amling*
/s/ Charles A. Austin, III Trustee
- ---------------------------
Charles A. Austin, III*
/s/ Edwin D. Campbell Trustee
- ---------------------------
Edwin D. Campbell*
/s/ Charles F. Chapin Trustee
- ---------------------------
Charles F. Chapin*
/s/ K. Dun Gifford Trustee
- ---------------------------
K. Dun Gifford*
/s/ Leroy Keith, Jr. Trustee
- ---------------------------
Leroy Keith, Jr.*
/s/ F. Ray Keyser, Jr. Trustee
- ---------------------------
F. Ray Keyser, Jr.*
/s/ David M. Richardson Trustee
- ---------------------------
David M. Richardson*
/s/ Richard J. Shima Trustee
- ---------------------------
Richard J. Shima*
/s/ Andrew J. Simons Trustee
- ---------------------------
Andrew J. Simons*
*By /s/ James M. Wall
--------------------------
James M. Wall**
Attorney-in-Fact
**James M. Wall, by signing his name hereto, does hereby sign this document on
behalf of each of the above-named individuals pursuant to powers of attorney
duly executed by such persons and attached hereto as
Exhibit 24(b)(19).
<PAGE>
INDEX TO EXHIBITS
Page Number
Exhibit in Sequential
Number Exhibit Number System
------- ------- -------------
1 Declaration of Trust(1)
1(a) Supplement to Trust(1)
2 By-Laws(1)
5 Investment Advisory and Management Agreement(1)
6 Distribution Agreement(2)
8 Custody Agreement(3)
10 Opinion and Consent of Counsel(1)
11 Independent Auditors' Consent(1)
13 Subscription Agreement(3)
15 Form of Class Y Distribution Plan(4)
16 Performance Data Schedules(1)
17 Financial Data Schedules (filed as Exhibit 27)
18 Multiple Class Plan
19 Powers of Attorney
- ------------
(1) Incorporated herein by reference to Post-Effective Amendment No. 7 to
Registration Statement No. 33-42864/811-6412.
(2) Incorporated herein by reference to Post-Effective Amendment No. 3 to
Registration Statement No. 33-42864/811-6412.
(3) Incorporated herein by reference to Registration Statement No. 33-
42864/811-6412.
(4) Incorporated herein by reference to Post-Effective Amendment No. 4 to
Registration Statement No. 33-42864/811-6412.
<PAGE>
EXHIBIT 18
MULTIPLE CLASS PLAN
FOR
KEYSTONE INSTITUTIONAL ADJUSTABLE RATE FUND
Keystone Institutional Adjustable Rate Fund (the "Fund") currently offers two
classes of shares having the following class provisions and current offering and
exchange characteristics. Additional classes of shares, when created, may have
characteristics that differ from those described. References to percentages not
otherwise defined are to percentages of average daily net assets of a class.
I. CLASSES
A. Class Y Shares
Class Y shares are offered without a front-end sales charge or a deferred
sales charge.
Class Y shares have adopted a Distribution Plan pursuant to Rule 12b-1
under the Investment Company Act of 1940 ("Rule 12b-1"). The Distribution
Plan provides for the payment of expenses related to the distribution of
Class Y shares based on a percentage of average daily Class Y net asset
value. Expenditures under the Distribution Plan are generally used to pay
service fees. The Fund may also make payments under the Distribution Plan
for activities primarily intended to result in the sale of Class Y shares,
including mail promotions and advertising.
Class Y shares do not have any exchange or conversion privileges.
B. Class Z Shares
Class Z shares are offered without a front-end sales charge or a deferred
sales charge. Class Z shares are currently offered to only a limited group
of investors.
Class Z shares have not adopted a Distribution Plan pursuant to Rule 12b-1.
Class Z shares do not have any exchange or conversion privileges.
II. CLASS EXPENSES
Class Y shares bear the expenses of the Class Y Rule 12b-1 Distribution
Plan. There are currently no other class specific expenses.
III. EXPENSE ALLOCATION METHOD
All income, realized, and unrealized capital gains and losses and expenses
not assigned to a class will be allocated to each class based on the
relative net asset value of each class.
IV. VOTING RIGHTS
Each class shall have exclusive voting rights on any matter submitted to
its shareholders that relates solely to its class arrangement.
Each class shall have separate voting rights on any matter submitted to
shareholders when the interests of one class differ from the interests of
any other class.
Each class has in all other respects the same rights and obligations as
each other class.
V. EXPENSE WAIVERS OR REIMBURSEMENTS
Any expense waivers or reimbursements shall be in compliance with Rule
18f-3 issued under the Investment Company Act of 1940.
<PAGE>
Exhibit 99.19
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and/or Chairman of the Board and Chief
Executive Officer and for which Keystone Custodian Funds, Inc. serves as Adviser
or Manager and registering from time to time the shares of such companies, and
generally to do all such things in my name and in my behalf to enable such
investment companies to comply with the provisions of the Securities Act of
1933, as amended, the Investment Company Act of 1940, as amended, and all
requirements and regulations of the Securities and Exchange Commission
thereunder, hereby ratifying and confirming my signature as it may be signed by
my said attorneys to any and all registration statements and amendments thereto.
/s/ George S. Bissell
George S. Bissell
Director/Trustee,
Chairman of the Board
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and/or Chief Executive Officer and for
which Keystone Custodian Funds, Inc. serves as Adviser or Manager and
registering from time to time the shares of such companies, and generally to do
all such things in my name and in my behalf to enable such investment companies
to comply with the provisions of the Securities Act of 1933, as amended, the
Investment Company Act of 1940, as amended, and all requirements and regulations
of the Securities and Exchange Commission thereunder, hereby ratifying and
confirming my signature as it may be signed by my said attorneys to any and all
registration statements and amendments thereto.
/s/ Albert H. Elfner, III
Albert H. Elfner, III
Director/Trustee,
President and Chief
Executive Officer
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Rosemary D. Van Antwerp, Jean S.
Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T. Murphy, each of
them singly, my true and lawful attorneys, with full power to them and each of
them to sign for me and in my name in the capacity indicated below any and all
registration statements, including, but not limited to, Forms N-8A, N-8B-1, S-5,
N-1 and N-1A, as amended from time to time, and any and all amendments thereto
to be filed with the Securities and Exchange Commission for the purpose of
registering from time to time all investment companies of which I am now or
hereafter a Director, Trustee or officer and for which Keystone Investment
Management Company serves as Adviser or Manager and registering from time to
time the shares of such companies, and generally to do all such things in my
name and in my behalf to enable such investment companies to comply with the
provisions of the Securities Act of 1933, as amended, the Investment Company Act
of 1940, as amended, and all requirements and regulations of the Securities and
Exchange Commission thereunder, hereby ratifying and confirming my signature as
it may be signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ J. Kevin Kenely
J. Kevin Kenely
Treasurer
Dated: December 15, 1995
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Frederick Amling
Frederick Amling
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Charles A. Austin III
Charles A. Austin III
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Edwin D. Campbell
Edwin D. Campbell
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Charles F. Chapin
Charles F. Chapin
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ K. Dun Gifford
K. Dun Gifford
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Leroy Keith, Jr.
Leroy Keith, Jr.
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ F. Ray Keyser,Jr.
F. Ray Keyser, Jr.
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ David M. Richardson
David M. Richardson
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Richard J. Shima
Richard J. Shima
Director/Trustee
Dated: December 14, 1994
<PAGE>
POWER OF ATTORNEY
I, the undersigned, hereby constitute Roger T. Wickers, Rosemary D. Van
Antwerp, Jean S. Loewenberg, Dorothy E. Bourassa, James M. Wall and Melina M. T.
Murphy, each of them singly, my true and lawful attorneys, with full power to
them and each of them to sign for me and in my name in the capacity indicated
below any and all registration statements, including, but not limited to, Forms
N-8A, N-8B-1, S-5, N-1 and N-1A, as amended from time to time, and any and all
amendments thereto to be filed with the Securities and Exchange Commission for
the purpose of registering from time to time all investment companies of which I
am now or hereafter a Director or Trustee and for which Keystone Custodian
Funds, Inc. serves as Adviser or Manager and registering from time to time the
shares of such companies, and generally to do all such things in my name and in
my behalf to enable such investment companies to comply with the provisions of
the Securities Act of 1933, as amended, the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission thereunder, hereby ratifying and confirming my signature as it may be
signed by my said attorneys to any and all registration statements and
amendments thereto.
/s/ Andrew J. Simons
Andrew J. Simons
Director/Trustee
Dated: December 14, 1994
<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> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 26,230,822
<INVESTMENTS-AT-VALUE> 26,177,097
<RECEIVABLES> 462,541
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<SHARES-COMMON-STOCK> 297,431
<SHARES-COMMON-PRIOR> 103
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<OVERDISTRIBUTION-NII> (2,348)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,997)
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<NET-ASSETS> 2,870,585
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 157,960
<OTHER-INCOME> 0
<EXPENSES-NET> (11,955)
<NET-INVESTMENT-INCOME> 146,005
<REALIZED-GAINS-CURRENT> (14,816)
<APPREC-INCREASE-CURRENT> 33,650
<NET-CHANGE-FROM-OPS> 164,839
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (136,345)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 529,838
<NUMBER-OF-SHARES-REDEEMED> (244,779)
<SHARES-REINVESTED> 12,269
<NET-CHANGE-IN-ASSETS> 2,869,599
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (6,561)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (11,955)
<AVERAGE-NET-ASSETS> 2,179,785
<PER-SHARE-NAV-BEGIN> 9.61
<PER-SHARE-NII> 0.64
<PER-SHARE-GAIN-APPREC> (0.02)
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> (0.05)
<PER-SHARE-NAV-END> 9.65
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
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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> 102
<NAME> KEYSTONE
INSTITUTIONAL ADJUSTABLE RATE FUND CLASS Z
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1995
<PERIOD-START> OCT-01-1994
<PERIOD-END> SEP-30-1995
<INVESTMENTS-AT-COST> 26,230,822
<INVESTMENTS-AT-VALUE> 26,177,097
<RECEIVABLES> 462,541
<ASSETS-OTHER> 58
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,639,696
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 152,981
<TOTAL-LIABILITIES> 152,981
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,952,934
<SHARES-COMMON-STOCK> 2,447,003
<SHARES-COMMON-PRIOR> 2,623,282
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (128,557)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,120,880)
<ACCUM-APPREC-OR-DEPREC> (87,367)
<NET-ASSETS> 23,616,130
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,694,347
<OTHER-INCOME> 0
<EXPENSES-NET> (73,258)
<NET-INVESTMENT-INCOME> 1,621,089
<REALIZED-GAINS-CURRENT> (218,830)
<APPREC-INCREASE-CURRENT> 244,625
<NET-CHANGE-FROM-OPS> 1,646,884
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,527,700)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,876
<NUMBER-OF-SHARES-REDEEMED> (317,154)
<SHARES-REINVESTED> 117,999
<NET-CHANGE-IN-ASSETS> (1,583,934)
<ACCUMULATED-NII-PRIOR> 15,357
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (73,258)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (73,258)
<AVERAGE-NET-ASSETS> 24,519,950
<PER-SHARE-NAV-BEGIN> 9.61
<PER-SHARE-NII> 0.63
<PER-SHARE-GAIN-APPREC> 0.01
<PER-SHARE-DIVIDEND> (0.55)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> (0.05)
<PER-SHARE-NAV-END> 9.65
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
