U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 24F-2
                        Annual Notice of Securities Sold
                             Pursuant to Rule 24f-2


1.       Name and address of issuer:      Keystone High Income Bond Fund (B-4)
                                          200 Berkeley Street
                                          Boston, MA  02116


2.       Name of each series or class of funds for which this notice is filed:

                  Shares of beneficial interest, without par value

3.       Investment Company Act File Number:  811-95

         Securities Act File Number: 2-10526

4.       Last day of fiscal year for which this notice is filed:

                  July 31, 1997

5.       Check box if this  notice is being  filed for more than 180 days  after
         the  close of the  issuer's  fiscal  year  for  purposes  of  reporting
         securities  sold  after  the  close  of the  fiscal  year,  but  before
         termination of the issuer's 24f-2 declaration:

                  Not Applicable

6.       Date of termination of issuer's declaration under Rule 24f-2(a)(1), if
         applicable:

                  Not Applicable

7.       Number and amount of  securities  of the same class or series which had
         been registered under the Securities Act of 1933 other than pursuant to
         Rule 24f-2 in a prior fiscal  year,  but which  remained  unsold at the
         beginning of the fiscal year:

                     49,032,893

8.       Number and amount of securities registered during the fiscal year other
         than pursuant to Rule 24f-2:

                     75,051,610

9.       Number and aggregate sale price of securities sold during the fiscal
         year:

                     32,280,201
                   $136,045,881

10.      Number and aggregate sale price of securities sold during the fiscal
         year in reliance upon registration pursuant to Rule 24f-2:

                           -0-

11:      Number and aggregate sale price of securities issued during the fiscal
         year in connection with dividend reinvestment plans, if applicable:

                      5,995,434
                   $ 25,311,702

12.      Calculation of registration fee:

          (i)   Aggregate sale price of            
                   securities sold during
                   the fiscal year in reliance
                   on Rule 24f-2 (from Item 10):           $    -0-
                                                            -------------
         (ii)   Aggregate price of shares
                   issued in connection with
                   dividend reinvestment plans
                   (from Item 11, if applicable):         + $ 25,311,702
                                                            -------------

        (iii)   Aggregate price of shares
                   redeemed or repurchased
                   during the fiscal year (if
                   applicable):                           - $243,407,877
                                                            -------------

         (iv)   Aggregate   price  of  shares
                   redeemed  or  repurchased  and
                   previously  applied as a reduction 
                   to filing fees pursuant to
                   Rule 24e-2 (if applicable):            + $    -0-
                                                            -------------

          (v)   Net aggregate  price of securities
                   sold and issued during the
                   fiscal year in  reliance  on
                   Rule 24f-2 [line (i),  plus line
                   (ii), less line (iii), plus line
                   (iv)] (if applicable):                   $    -0-
                                                            -------------

         (vi)   Multiplier prescribed by
                   Section 6(b) of the Secu-
                   rities Act of 1933 or other
                   applicable law or regulation            x   1/3300
                                                            -------------

         (vii)  Fee due [line (i) or line
                   (v) multiplied by line (vi)]            x $   -0-    
                                                            -------------


13.      Check  box if fees  are  being  remitted  to the  Commission's  lockbox
         depository  as  described  in Section 3a of the  Commission's  Rules of
         Informal and Other Procedures (17 CFR 202.3a).

                  Not applicable

         Date of mailing or wire  transfer  of filing  fees to the  Commission's
         lockbox depository:

                  Not applicable



                                   SIGNATURES


         This report has been signed below by the following persons on behalf of
         the issuer and in the capacities and on the dates indicated.


         BY (Signature and Title):           /s/ John J. Pileggi
                                             President and Treasurer
                                             


         DATE: September 29, 1997