NSAR-A

      PAGE  1
000 A000000 12/31/95
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
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
022 A000001 SMITH BARNEY SHEARSON INC.
022 B000001 13-1912900
022 C000001    888184
022 D000001         0
022 A000002 PAINE WEBBER INC.
022 B000002 13-2638166
022 C000002    840234
022 D000002         0
022 A000003 GOLDMAN SACHS
022 B000003 13-5108880
022 C000003    740802
022 D000003         0
022 A000004 SANWA BK
022 B000004 13-3154428
022 C000004    379635
022 D000004         0
022 A000005 HSBC SECURITIES INC.
022 C000005     89025
022 D000005         0
022 A000006 PRUDENTIAL BACHE SECURITIES
022 B000006 13-2308901
022 C000006     82582
022 D000006         0
022 A000007 BT SECURITIES CORP.
022 C000007     60604
022 D000007         0
022 A000008 MERRILL LYNCH PIERCE FENNER
022 B000008 13-5674085
022 C000008     59296
      PAGE  2
022 D000008         0
022 A000009 FIRST BOSTON COMM. PAPER
022 C000009     27253
022 D000009         0
022 A000010 SHEARSON LEHMAN BROS. INC.
022 B000010 13-2518466
022 C000010     20914
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      PAGE  3
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      PAGE  4
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      PAGE  5
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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>	6-MOS
<FISCAL-YEAR-END>	DEC-31-1995
<PERIOD-START>	JUL-01-1995
<PERIOD-END>	DEC-31-1995
<INVESTMENTS-AT-COST>	258,775,907
<INVESTMENTS-AT-VALUE>	258,789,324
<RECEIVABLES>	2,251,403
<ASSETS-OTHER>	50,106
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	261,090,833
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	1,282,106
<TOTAL-LIABILITIES>	1,282,106
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	243,307,837
<SHARES-COMMON-STOCK>	243,307,837
<SHARES-COMMON-PRIOR>	245,308,083
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	0
<NET-ASSETS>	243,307,837
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	7,076,301
<OTHER-INCOME>	0
<EXPENSES-NET>	(1,204,771)
<NET-INVESTMENT-INCOME>	5,871,530
<REALIZED-GAINS-CURRENT>	(704)
<APPREC-INCREASE-CURRENT>	14,159
<NET-CHANGE-FROM-OPS>	5,884,985
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(5,884,985)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	383,835,467
<NUMBER-OF-SHARES-REDEEMED>	(390,567,950)
<SHARES-REINVESTED>	4,732,237
<NET-CHANGE-IN-ASSETS>	(2,000,246)
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	(609,150)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(1,238,554)
<AVERAGE-NET-ASSETS>	242,946,847
<PER-SHARE-NAV-BEGIN>	1.00
<PER-SHARE-NII>	0.02
<PER-SHARE-GAIN-APPREC>	0.00
<PER-SHARE-DIVIDEND>	(0.02)
<PER-SHARE-DISTRIBUTIONS>	0.00
<RETURNS-OF-CAPITAL>	0.00
<PER-SHARE-NAV-END>	1.00
<EXPENSE-RATIO>	1.02
<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>	6-MOS
<FISCAL-YEAR-END>	DEC-31-1995
<PERIOD-START>	JUL-01-1995
<PERIOD-END>	DEC-31-1995
<INVESTMENTS-AT-COST>	258,775,907
<INVESTMENTS-AT-VALUE>	258,789,324
<RECEIVABLES>	2,251,403
<ASSETS-OTHER>	50,106
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	261,090,833
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	1,282,106
<TOTAL-LIABILITIES>	1,282,106
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	14,001,468
<SHARES-COMMON-STOCK>	14,001,468
<SHARES-COMMON-PRIOR>	7,281,559
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	0
<NET-ASSETS>	14,001,468
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	319,603
<OTHER-INCOME>	0
<EXPENSES-NET>	(105,531)
<NET-INVESTMENT-INCOME>	214,072
<REALIZED-GAINS-CURRENT>	(36)
<APPREC-INCREASE-CURRENT>	1,083
<NET-CHANGE-FROM-OPS>	215,119
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(215,119)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	20,292,817
<NUMBER-OF-SHARES-REDEEMED>	(13,732,796)
<SHARES-REINVESTED>	159,888
<NET-CHANGE-IN-ASSETS>	6,719,909
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	(27,572)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(107,328)
<AVERAGE-NET-ASSETS>	11,032,494
<PER-SHARE-NAV-BEGIN>	1.00
<PER-SHARE-NII>	0.02
<PER-SHARE-GAIN-APPREC>	0.00
<PER-SHARE-DIVIDEND>	(0.02)
<PER-SHARE-DISTRIBUTIONS>	0.00
<RETURNS-OF-CAPITAL>	0.00
<PER-SHARE-NAV-END>	1.00
<EXPENSE-RATIO>	1.94
<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>	6-MOS
<FISCAL-YEAR-END>	DEC-31-1995
<PERIOD-START>	JUL-01-1995
<PERIOD-END>	DEC-31-1995
<INVESTMENTS-AT-COST>	258,775,907
<INVESTMENTS-AT-VALUE>	258,789,324
<RECEIVABLES>	2,251,403
<ASSETS-OTHER>	50,106
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	261,090,833
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	1,282,106
<TOTAL-LIABILITIES>	1,282,106
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	2,499,422
<SHARES-COMMON-STOCK>	2,499,422
<SHARES-COMMON-PRIOR>	4,111,673
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	0
<ACCUM-APPREC-OR-DEPREC>	0
<NET-ASSETS>	2,499,422
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	89,646
<OTHER-INCOME>	0
<EXPENSES-NET>	(30,260)
<NET-INVESTMENT-INCOME>	59,386
<REALIZED-GAINS-CURRENT>	(9)
<APPREC-INCREASE-CURRENT>	138
<NET-CHANGE-FROM-OPS>	59,515
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(59,515)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	2,870,028
<NUMBER-OF-SHARES-REDEEMED>	(4,539,186)
<SHARES-REINVESTED>	56,907
<NET-CHANGE-IN-ASSETS>	(1,612,251)
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	0
<OVERDIST-NET-GAINS-PRIOR>	0
<GROSS-ADVISORY-FEES>	(7,710)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(30,619)
<AVERAGE-NET-ASSETS>	3,088,872
<PER-SHARE-NAV-BEGIN>	1.00
<PER-SHARE-NII>	0.02
<PER-SHARE-GAIN-APPREC>	0.00
<PER-SHARE-DIVIDEND>	(0.02)
<PER-SHARE-DISTRIBUTIONS>	0.00
<RETURNS-OF-CAPITAL>	0.00
<PER-SHARE-NAV-END>	1.00
<EXPENSE-RATIO>	1.98
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0