485B24E

                                                  File Nos. 2-51914
                                                       and 811-2521


                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

                             FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

  Pre-Effective Amendment No.

  Post-Effective Amendment No. 51                                X

                                and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

   Amendment No.       29                                        X

                              KEYSTONE LIQUID TRUST
               (Exact name of Registrant as specified in Charter)

              200 Berkeley Street, Boston, Massachusetts 02116-5034
               (Address of Principal Executive Offices) (Zip Code)

       Registrant's Telephone Number, including Area Code: (617) 338-3200

               Rosemary D, Van Antwerp, Esq., 200 Berkeley Street,
                        Boston, Massachusetts 02116-5034
                     (Name and Address of Agent for Service)

It is proposed that this filing will become effective:

   X   immediately  upon filing  pursuant to paragraph (b) on (date) pursuant to
       paragraph (b) 60 days after filing pursuant to paragraph (a)(i) on (date)
       pursuant to paragraph (a)(II) of Rule 485

Pursuant to Rule 24f-2 under the Investment Company Act of 1940,  Registrant has
registered an indefinite  amount of its  securities  under the Securities Act of
1933. The Rule 24f-2 Notice for the issuer's fiscal year ended June 30, 1995 was
filed on August 18, 1995.








  CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
                             Proposed     Proposed
Title of      Share          Maximum      Maximum
Securities    Amount         Offering     Aggregate    Amount of
Being         Being          Price Per    Offering     Registration
Registered    Registered     Unit*        Price**      Fee
- --------------------------------------------------------------------
Shares of
Beneficial
Interest,    691,128,844    $1.00        $290,000     $100
Without
Par Value
- --------------------------------------------------------------------

* Computed under Rule 457(d) on the basis of the offering price per share at the
close of business on June 24, 1996.

** The calculation of the maximum  aggregate  offering price is made pursuant to
Rule 24e-2 under the Investment  Company Act of 1940.  942,116,232 shares of the
Fund were  redeemed  during its fiscal year ended June 30, 1995. Of such shares,
251,277,388  were used as a reduction  pursuant to Rule 24f-2 during the current
year.  The remaining  690,838,844  shares are being used for a reduction in this
filing.

         The Registrant has filed a declaration pursuant to Rule 24f-2 under the
Investment Company Act of 1940. A Rule 24f-2 Notice for Registrant's most recent
fiscal year ended June 30, 1995 was filed on August 18, 1995.





                              KEYSTONE LIQUID TRUST
                                   CONTENTS OF

                       POST-EFFECTIVE AMENDMENT NO. 51 to

                             REGISTRATION STATEMENT


         This Post-Effective Amendment No. 51 to Registration Statement
No. 2-51914 incorporates by reference, without change, all other
information contained in Post-Effective Amendment No. 50 to
Registration Statement No. 2-51914/811-2521.











                                   SIGNATURES

Pursuant to the  requirements  of the  Securities Act of 1933 and the Investment
Company  Act  of  1940,  the  Registrant  certifies  that  it  meets  all of the
requirements for  effectiveness of this Amendment to its Registration  Statement
pursuant to Rule  485(b)  under the  Securities  Act of 1933 and has duly caused
this Amendment to its  Registration  Statement to be signed on its behalf by the
undersigned,   thereunto  duly  authorized,  in  the  City  of  Boston,  in  The
Commonwealth of Massachusetts, on the 27th day of June, 1996.

                               KEYSTONE LIQUID TRUST


                          By/s/ Rosemary D. Van Antwerp
                                Rosemary D. Van Antwerp
                                 Senior Vice President
                                 and Secretary

Pursuant to the  requirements  of the Securities Act of 1933,  this Amendment to
the Registration Statement has been signed below by the following persons in the
capacities indicated on the 26th day of June, 1996.

SIGNATURES                       TITLE

/s/ George S. Bissell       Trustee, Chairman of the Board and
George S. Bissell*          Chief Executive Officer


/s/ Albert H. Elfner, III   President and Trustee
Albert H. Elfner, III*

/s/ J. Kevin Kenely         Treasurer (Principal Financial
J. Kevin Kenely*                   and Accounting Officer)


/s/ Frederick Amling        Trustee
Frederick Amling*


                             *By /s/ James M. Wall
                                James M. Wall**
                                Attorney-in-Fact







SIGNATURES                  TITLE



/s/ Charles A. Austin, III     Trustee
Charles A. Austin, III*

/s/ Edwin D. Campbell          Trustee
Edwin D. Campbell*

/s/ Charles F. Chapin          Trustee
Charles F. Chapin*

/s/ Leroy Keith, Jr.           Trustee
Leroy Keith, Jr.*

/s/ K. Dun Gifford             Trustee
K. Dun Gifford*

/s/ F. Ray Keyser              Trustee
F. Ray Keyser, Jr.*

/s/ David M. Richardson        Trustee
David M. Richardson*

/s/ Richard J. Shima           Trustee
Richard J. Shima*

/s/ Andrew J. Simons           Trustee
Andrew J. Simons*





                             *By /s/ James M. Wall
                                James M. Wall**
                                Attorney-in-Fact

**James M. Wall,  by signing his name hereto,  does hereby sign this document on
behalf  of each of the  above-named  Trustees  and  officers  of the  Registrant
pursuant to powers of attorney duly executed by such persons and attached hereto
as Exhibit 24(b)(17).









                                INDEX TO EXHIBITS

                                              
                                              Page Number
Exhibit                                       in Sequential
Number           Exhibit                      Numbering
System

  1          Amended and Restated Declaration of Trust1

  2          By-Laws1

  5          (A)     Investment Management Agreement1
             (B)     Investment Advisory Agreement1

  6          (A)     Principal Underwriting Agreement1
             (B)     Form of Dealer Agreement2

  8                  Custodian, Fund Accounting
                        and Recordkeeping Agreement, as amended1

  10                 Opinion and Consent of Counsel

  11                 Independent Auditors' Consent1

  16                 Total Return and Current Yield Schedules1

  17                 Financial Data Schedules

  18                 Multiple Class Plan3

  19                 Powers of Attorney



    1Incorporated by reference herein to Post-Effective Amendment
No. 50 to Registration Statement No. 2-51914/811-2521.

    2Incorporated by reference herein to Post-Effective Amendment
No. 43 to Registration Statement No. 2-51914/811-2521.

    3Incorporated by reference herein to Post-Effective Amendment
No. 49 to Registration Statement No. 2-51914/811-2521.

EX-99.10

                                   June 26, 1996



Keystone Liquid Trust
200 Berkeley Street
Boston, Massachusetts  02116-5034

Gentlemen:

     I am Senior Vice  President of and General  Counsel to Keystone  Investment
Management  Company,  investment  adviser to Keystone Liquid Trust (the "Fund").
You  have  asked  for my  opinion  with  respect  to the  proposed  issuance  of
691,128,844 additional shares of the Fund.

         To my  knowledge,  a  Prospectus  is on file  with the  Securities  and
Exchange  Commission (the "Commission") as part of Post- Effective Amendment No.
50 to the Fund's  Registration  Statement,  which covers the public offering and
sale of the Fund shares currently registered with the Commission.

         In my opinion, such additional shares, if issued and sold in accordance
with the Fund's Declaration of Trust Agreement ("Trust  Agreement") and offering
Prospectus,  will be legally issued,  fully paid, and nonassessable by the Fund,
entitling the holders thereof to the rights set forth in the Trust Agreement and
subject to the limitations set forth therein.

     My opinion is based upon my examination  of the Fund's Trust  Agreement and
By-Laws; a review of the minutes of the Fund's Board of Trustees authorizing the
issuance of such additional shares; and the Fund's Prospectus. In my examination
of such  documents,  I have assumed the  genuineness  of all  signatures and the
conformity of copies to originals.






  I hereby consent to the use of this opinion in connection with  Post-Effective
Amendment  No.  51 to  the  Fund's  Registration  Statement,  which  covers  the
registration of such additional shares.

                             Sincerely yours,

                             /s/ Rosemary D. Van Antwerp

                             Rosemary D. Van Antwerp
                             Senior Vice President and
                                   General Counse

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