PERFORMANCE

Returns (AS OF 6/30/10)*

	3 Month	YTD	1 Year	3 Year	Since Inception
Keystone Large Cap Growth Fund - Class A	-16.63%	-13.74%	4.25%	-8.90%	-2.02%¹
(KLGAX)
Keystone Large Cap Growth Fund - Class C NAV	-16.75%	-14.04%	3.52%	-9.48%	-2.64%¹
(KLGCX)w/CDSC	-17.59%	-14.90%	2.52%	-9.48%	-2.64%¹
Keystone Large Cap Growth Fund - Class I	-16.57	-13.64	N/A	N/A	-6.63%²
(KLGIX)
Russell 1000® Growth Index	-11.75%	-7.65%	13.62%	-6.91%	-0.48%³

Gross Expense Ratio - Class A 1.49%
Class C 2.24%
Class I 1.24%
Net Expense Ratio - Class A 1.45%
Class C 2.20%
Class I 1.20%

Performance data quoted represent past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than quoted. Most recent month-end performance may be obtained by calling 877-224-7071.

Effective March 1, 2010, the Class A shares 4.25% front end sales charge was eliminated. The effect of the sales load is not reflected in the total return figures. If it was, the performance quoted would be reduced.

Performance data shown for Class C shares w/CDSC reflects the maximum deferred sales charge of 1.00% that is assessed if shares are sold within 12 months of purchase. Performance data shown at NAV does not reflect the deduction of the sales loads or fees. If reflected, the load or fee would reduce the performance quoted.

The Investment Advisor has contractually agreed to reduce its fees of the Fund until October 31, 2010.

*Returns one year and longer are annualized.

¹ Inception Date: 08/07/06.
² Inception Date: 11/02/09
³ Since inception return is as of the Fund's Class A inception date for the index.

QUARTERLY FUND COMMENTARY

The second quarter of 2010 has given equity investors quite a bumpy ride. Investors have become skittish, running away from controversy. Market leadership has narrowed due to a lack of investor conviction. We believe that investor skittishness is overdone, the market is attractively valued, and individual stock selection based on earnings and cash flow should be rewarded.

Macroeconomic and government regulation/investigation/taxation fears have driven equity valuations down to very attractive levels. Bond yields have also been driven down in the de-risking process to levels that we believe are bordering on irrational. Despite recent economic data pointing to the potential for a "Soft Patch", economic data are still in a longer term uptrend.

We have identified a group of stocks that should benefit from product cycles, emerging market economic growth, and/or commodity price inflation and trade at attractive valuations. Since operating leverage has begun to plateau, earnings estimate revisions will increasingly be dependent on sales growth. Our process is deeply focused on top line revenue growth, with a particular bias for organic revenue growth. Within the context of the macro and geopolitical environment we find ourselves in, we look for upside to the consensus revenue estimates driven by productive R&D (Research & Development) efforts in adjacent markets, product line expansions, or geographic expansions of proven products.

The effect of a weaker Euro and slowing economic activity throughout the Euro zone on the profitability of US companies is containable. Many of the companies actively hedge their currency exposure. Most have natural hedges.

In the last week of June, the Russell 1000 Growth Index ("RLG") has experienced some significant changes to the sector weightings. We took no actions as a result of these sector weight changes. In fact, these sector weight changes by the index moved the index closer to our weightings in almost every case.

As a result of these moves, we have 46 names in the portfolio and the Beta of the portfolio, relative to the Russell 1000 Growth, has increased to 1.27. The top ten names represent 38.2% of the portfolio.

We are staying the course, remaining true to our investment style and process. We are positioned for a significant valuation rebound as sentiment regarding economic activity, government legislation/regulation, and the earnings prospects for our stocks improves.

Thank you for your continuing support.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For the funds most recent list of top ten holdings, please click here.

The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

Beta is a measure of the portfolios sensitivity to the market.

Mutual fund investing involves risk. Principal loss is possible. The Fund may concentrate its assets in fewer holdings which will expose it to increased individual stock volatility. The Fund may also purchase foreign securities or use derivatives, which involve additional risks. Please refer to the prospectus for details.

The Quarterly Fund Commentary represents the opinion of Keystone Management and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice.