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.
<PAGE>
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.
<PAGE>
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.
<PAGE>
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
<PAGE>
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).
<PAGE>
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.
<PAGE>
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.
<PAGE>
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
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<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.
</LEGEND>
<SERIES>
<NUMBER> 101
<NAME> KEYSTONE LIQUID TRUST CLASS A
<S> <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> 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
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<PER-SHARE-DIVIDEND> (0.02)
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</TABLE>
<TABLE> <S> <C>
<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.
</LEGEND>
<SERIES>
<NUMBER> 102
<NAME> KEYSTONE LIQUID TRUST CLASS B
<S> <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> 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
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</TABLE>
<TABLE> <S> <C>
<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.
</LEGEND>
<SERIES>
<NUMBER> 103
<NAME> KEYSTONE LIQUID TRUST CLASS C
<S> <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
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<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 59,386
<REALIZED-GAINS-CURRENT> (9)
<APPREC-INCREASE-CURRENT> 138
<NET-CHANGE-FROM-OPS> 59,515
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,870,028
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<NET-CHANGE-IN-ASSETS> (1,612,251)
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</TABLE>
