KEYSTONE INVESTMENTS INC
8-K, 1996-07-12
INVESTMENT ADVICE
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                                    FORM 8-K


                                 CURRENT REPORT


           pursuant to Section 13 or 15(d) of the Securities Exchange
               Act of 1934 Date of Report (Date of earliest event
                             reported) July 11, 1996


                                    033-64506
                            (Commission File Number)

              Delaware                          04-3071173 / 04-1504645
(State or other jurisdiction of            (I.R.S. employer identification no.)
incorporation or organization)

 200 Berkeley Street, Boston, Massachusetts                        02116-5034
    (Address of principal executive offices)                        (Zip code)

                                 (617) 338-3200
              (Registrants' telephone number, including area code)







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Item 5 - Other Events

         On  July  11,  1996,  three   individuals  with  portfolio   management
responsibility  for Keystone  Investment  Management  Company ("KIMCO") accounts
investing in small company growth stocks  resigned.  At June 30, 1996,  accounts
for which such  individuals were responsible  represented  approximately  25% of
KIMCO's assets under management.

         These  individuals  will be replaced by Donald C. Dates, a KIMCO Senior
Vice  President,  who will be head of the Small  Company  Growth  Stock Team and
portfolio manager of Keystone Small Company Growth Fund (S-4) and Keystone Small
Company  Growth  Fund-II.  In addition,  he will serve as  portfolio  manager of
separate accounts investing in small company growth stocks. Margery C. Parker, a
KIMCO Vice  President,  will be a member of the Small Company  Growth Stock Team
and portfolio manager of Keystone Global  Opportunities  Fund. David Benhaim,  a
KIMCO Vice President and senior  technology  analyst,  has been appointed to the
Small Company Growth Stock Team.





                                   SIGNATURES

         Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto



Date:  July 12, 1996                      KEYSTONE INVESTMENTS, INC.

                                           /s/ Rosemary D. Van Antwerp
                                          Rosemary D. Van Antwerp
                                          Senior Vice President


                                          KEYSTONE INVESTMENT
                                          MANAGEMENT COMPANY

                                           /s/ Rosemary D. Van Antwerp
                                          Rosemary D. Van Antwerp
                                          Senior Vice President





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