KEYSTONE LIQUID TRUST
NSAR-A, 1996-02-14
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<PAGE>      PAGE  1
000 A000000 12/31/95
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022 A000001 SMITH BARNEY SHEARSON INC.
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<PAGE>      PAGE  2
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SIGNATURE   KEVIN J. MORRISSEY                           
TITLE       TREASURER           
 


<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>	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
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<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
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<DIVIDEND-INCOME>	0
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<NET-CHANGE-FROM-OPS>	5,884,985
<EQUALIZATION>	0
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<DISTRIBUTIONS-OF-GAINS>	0
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<NUMBER-OF-SHARES-SOLD>	383,835,467
<NUMBER-OF-SHARES-REDEEMED>	(390,567,950)
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<NET-CHANGE-IN-ASSETS>	(2,000,246)
<ACCUMULATED-NII-PRIOR>	0
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<GROSS-ADVISORY-FEES>	(609,150)
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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
<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
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<PAID-IN-CAPITAL-COMMON>	14,001,468
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<SHARES-COMMON-PRIOR>	7,281,559
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<DIVIDEND-INCOME>	0
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<EXPENSES-NET>	(105,531)
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<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
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<NUMBER-OF-SHARES-SOLD>	20,292,817
<NUMBER-OF-SHARES-REDEEMED>	(13,732,796)
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<ACCUMULATED-NII-PRIOR>	0
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<GROSS-ADVISORY-FEES>	(27,572)
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<GROSS-EXPENSE>	(107,328)
<AVERAGE-NET-ASSETS>	11,032,494
<PER-SHARE-NAV-BEGIN>	1.00
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<PER-SHARE-NAV-END>	1.00
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<AVG-DEBT-PER-SHARE>	0

</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
<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
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<SENIOR-EQUITY>	0
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<SHARES-COMMON-STOCK>	2,499,422
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<ACCUMULATED-NII-CURRENT>	0
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<EXPENSES-NET>	(30,260)
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<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)
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<PER-SHARE-NAV-BEGIN>	1.00
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<PER-SHARE-NAV-END>	1.00
<EXPENSE-RATIO>	1.98
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0

</TABLE>


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