NSAR-B

      PAGE  1
000 B000000 06/30/95
000 C000000 0000005384
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 KEYSTONE LIQUID TRUST
001 B000000 811-2521
001 C000000 6173383200
002 A000000 200 BERKELEY STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003  000000 N
004  000000 N
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006  000000 N
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007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 KEYSTONE CUSTODIAN FUNDS, INC.
008 B000001 A
008 C000001 801-8327
008 D010001 BOSTON
008 D020001 MA
008 D030001 02110
022 A000001 SANWA BK
022 B000001 13-3154428
022 C000001   4175542
022 D000001         0
022 A000002 PAINE WEBBER INC.
022 B000002 13-2638166
022 C000002   3789211
022 D000002         0
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003   3711221
022 D000003         0
022 A000004 PRUDENTIAL BACHE SECURITIES
      PAGE  2
022 B000004 13-2308901
022 C000004   3647326
022 D000004         0
022 A000005 SMITH BARNEY SHEARSON INC.
022 B000005 13-1912900
022 C000005   2405713
022 D000005         0
022 A000006 HSBC SECURITIES INC.
022 C000006   1692776
022 D000006         0
022 A000007 SHEARSON LEHMAN BROS INC.
022 B000007 13-2518466
022 C000007   1464457
022 D000007         0
022 A000008 BANKER TRUST CO.
022 B000008 13-4941247
022 C000008    530505
022 D000008         0
022 A000009 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000009 13-5674085
022 C000009    341035
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022 C000010    221827
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      PAGE  3
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      PAGE  4
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      PAGE  5
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080 B000000 FREDERICK JAMES
080 C000000    35000
      PAGE  6
081 A000000 Y
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SIGNATURE   KEVIN J. MORRISSEY                           
TITLE       TREASURER           
 

EX-27

 

<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.


<NUMBER>	101
<NAME>	KEYSTONE LIQUID TRUST CLASS A
<PERIOD-TYPE>	12-MOS
<FISCAL-YEAR-END>	JUN-30-1995
<PERIOD-START>	JUL-01-1994
<PERIOD-END>	JUN-30-1995
<INVESTMENTS-AT-COST>	251,069,777
<INVESTMENTS-AT-VALUE>	251,067,814
<RECEIVABLES>	7,006,072
<ASSETS-OTHER>	61,558
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	258,135,444
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	1,434,129
<TOTAL-LIABILITIES>	1,434,129
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	245,308,083
<SHARES-COMMON-STOCK>	245,308,083
<SHARES-COMMON-PRIOR>	398,617,047
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	0
<NET-ASSETS>	245,308,083
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	19,543,073
<OTHER-INCOME>	0
<EXPENSES-NET>	(3,373,063)
<NET-INVESTMENT-INCOME>	16,170,010
<REALIZED-GAINS-CURRENT>	(67)
<APPREC-INCREASE-CURRENT>	(1,094)
<NET-CHANGE-FROM-OPS>	16,168,849
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(16,168,849)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	725,781,933
<NUMBER-OF-SHARES-REDEEMED>	(892,973,139)
<SHARES-REINVESTED>	13,882,242
<NET-CHANGE-IN-ASSETS>	(153,308,964)
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	(1,829,020)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(3,373,063)
<AVERAGE-NET-ASSETS>	363,830,537
<PER-SHARE-NAV-BEGIN>	1.00
<PER-SHARE-NII>	0.05
<PER-SHARE-GAIN-APPREC>	0.00
<PER-SHARE-DIVIDEND>	(0.05)
<PER-SHARE-DISTRIBUTIONS>	0.00
<RETURNS-OF-CAPITAL>	0.00
<PER-SHARE-NAV-END>	1.00
<EXPENSE-RATIO>	0.92
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0

 

EX-27

 

<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.


<NUMBER>	102
<NAME>	KEYSTONE LIQUID TRUST CLASS B
<PERIOD-TYPE>	12-MOS
<FISCAL-YEAR-END>	JUN-30-1995
<PERIOD-START>	JUL-01-1994
<PERIOD-END>	JUN-30-1995
<INVESTMENTS-AT-COST>	251,069,777
<INVESTMENTS-AT-VALUE>	251,067,814
<RECEIVABLES>	7,006,072
<ASSETS-OTHER>	61,558
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	258,135,444
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	1,434,129
<TOTAL-LIABILITIES>	1,434,129
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	7,281,559
<SHARES-COMMON-STOCK>	7,281,559
<SHARES-COMMON-PRIOR>	11,197,588
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	0
<NET-ASSETS>	7,281,559
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	654,485
<OTHER-INCOME>	0
<EXPENSES-NET>	(219,395)
<NET-INVESTMENT-INCOME>	435,090
<REALIZED-GAINS-CURRENT>	(3)
<APPREC-INCREASE-CURRENT>	421
<NET-CHANGE-FROM-OPS>	435,508
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(435,508)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	30,267,166
<NUMBER-OF-SHARES-REDEEMED>	(34,518,836)
<SHARES-REINVESTED>	335,641
<NET-CHANGE-IN-ASSETS>	(3,916,029)
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	(59,458)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(219,395)
<AVERAGE-NET-ASSETS>	11,827,355
<PER-SHARE-NAV-BEGIN>	1.00
<PER-SHARE-NII>	0.04
<PER-SHARE-GAIN-APPREC>	0.00
<PER-SHARE-DIVIDEND>	(0.04)
<PER-SHARE-DISTRIBUTIONS>	0.00
<RETURNS-OF-CAPITAL>	0.00
<PER-SHARE-NAV-END>	1.00
<EXPENSE-RATIO>	1.84
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0

 

EX-27

 

<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.


<NUMBER>	103
<NAME>	KEYSTONE LIQUID TRUST CLASS C
<PERIOD-TYPE>	12-MOS
<FISCAL-YEAR-END>	JUN-30-1995
<PERIOD-START>	JUL-01-1994
<PERIOD-END>	JUN-30-1995
<INVESTMENTS-AT-COST>	251,069,777
<INVESTMENTS-AT-VALUE>	251,067,814
<RECEIVABLES>	7,006,072
<ASSETS-OTHER>	61,558
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	258,135,444
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	1,434,129
<TOTAL-LIABILITIES>	1,434,129
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	4,111,673
<SHARES-COMMON-STOCK>	4,111,673
<SHARES-COMMON-PRIOR>	6,599,324
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	0
<NET-ASSETS>	4,111,673
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	378,162
<OTHER-INCOME>	0
<EXPENSES-NET>	(128,913)
<NET-INVESTMENT-INCOME>	249,249
<REALIZED-GAINS-CURRENT>	(1)
<APPREC-INCREASE-CURRENT>	(12)
<NET-CHANGE-FROM-OPS>	249,236
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(249,236)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	11,924,336
<NUMBER-OF-SHARES-REDEEMED>	(14,624,256)
<SHARES-REINVESTED>	212,269
<NET-CHANGE-IN-ASSETS>	(2,487,651)
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	(35,392)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(128,913)
<AVERAGE-NET-ASSETS>	7,044,792
<PER-SHARE-NAV-BEGIN>	1.00
<PER-SHARE-NII>	0.04
<PER-SHARE-GAIN-APPREC>	0.00
<PER-SHARE-DIVIDEND>	(0.04)
<PER-SHARE-DISTRIBUTIONS>	0.00
<RETURNS-OF-CAPITAL>	0.00
<PER-SHARE-NAV-END>	1.00
<EXPENSE-RATIO>	1.82
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0

 

EX-99

The Trustees and Shareholders
Keystone Liquid Trust

In planning and performing our audit of the financial statements of Keystone
Liquid Trust for the year ended June 30, 1995 we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.

The management of Keystone Liquid Trust is responsible for establishing and
maintaining an internal control structure.  In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures.  Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.

Because of inherent limitations in any internal control structure,  errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness  of the
design and operation may deteriorate.

Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public  Accountants.  A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions.  However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
June 30, 1995.

This report is intended solely for the information and use of management and the
Securities and Exchange Commission.

                                                          KPMG Peat Marwick LLP

July 28, 1995