<PAGE> PAGE 1
000 A000000 03/31/99
000 C000000 0000042895
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 GRADISON MCDONALD CASH RESERVES TRUST
001 B000000 811-2618
001 C000000 5135795076
002 A000000 580 WALNUT ST.
002 B000000 CINCINNATI
002 C000000 OH
002 D010000 45202
002 D020000 3198
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004 000000 N
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007 C011000 10
008 A000001 MCDONALD & COMPANY SECURITIES, INC.
008 B000001 A
008 C000001 801-11037
008 D010001 CINCINNATI
008 D020001 OH
008 D030001 45202
008 D040001 3198
011 A000001 MCDONALD & COMPANY SECURITIES, INC.
011 B000001 8-30177
011 C010001 CINCINNATI
011 C020001 OH
011 C030001 45202
011 C040001 3198
012 A000001 MCDONALD & COMPANY SECURITIES, INC.
012 B000001 84-01399
012 C010001 CINCINNATI
012 C020001 OH
012 C030001 45202
<PAGE> PAGE 2
012 C040001 3198
013 A000001 ARTHUR ANDERSEN LLP
013 B010001 CINCINNATI
013 B020001 OH
013 B030001 45202
014 A000001 MCDONALD & COMPANY SECURITIES, INC.
014 B000001 8-30177
014 A000002 KEY CLEARING CORP.
014 B000002 8-00000
014 A000003 MCDONALD INVESTMENTS, INC.
014 B000003 8-00000
015 A000001 STAR BANK N.A.
015 B000001 C
015 C010001 CINCINNATI
015 C020001 OH
015 C030001 45202
015 E010001 X
018 000000 Y
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019 B000000 7
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022 D000002 274152
022 A000003 GOLDMAN SACHS
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022 C000003 918607
022 D000003 0
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022 B000004 36-3595942
022 C000004 767000
022 D000004 45800
022 A000005 FUJI SECURITIES
022 B000005 36-2880742
022 C000005 659763
022 D000005 0
<PAGE> PAGE 3
022 A000006 SALOMON SMITH BARNEY
022 C000006 366371
022 D000006 0
022 A000007 PAINE WEBBER
022 B000007 13-2638166
022 C000007 340863
022 D000007 0
022 A000008 FIRST BOSTON
022 B000008 13-5659485
022 C000008 301806
022 D000008 0
022 A000009 MERRILL LYNCH
022 B000009 13-3180817
022 C000009 288531
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE BRIAN JENKINS
TITLE SUPERVISOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000042895
<NAME> GRADISON CASH RESERVES TRUST
<SERIES>
<NUMBER> 1
<NAME> GRADISON GOVERNMENT RESERVES FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6 MONTHS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 2180898
<INVESTMENTS-AT-VALUE> 2180898
<RECEIVABLES> 11007
<ASSETS-OTHER> 50
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2191955
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10748
<TOTAL-LIABILITIES> 10748
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2181212
<SHARES-COMMON-STOCK> 2181207
<SHARES-COMMON-PRIOR> 1933824
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 5
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2181207
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 53455
<OTHER-INCOME> 0
<EXPENSES-NET> 7407
<NET-INVESTMENT-INCOME> 46048
<REALIZED-GAINS-CURRENT> (5)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 46043
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 46048
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4485237
<NUMBER-OF-SHARES-REDEEMED> 4275194
<SHARES-REINVESTED> 37345
<NET-CHANGE-IN-ASSETS> 247383
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53455
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7407
<AVERAGE-NET-ASSETS> 2063308
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.022
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.022
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.72
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
</FN>
</TABLE>
Sub-item 77c
A Special Meeting of Shareholders of the Gradison U.S. Government
Reserves Fund was held on March 5, 1999. At the meeting, shareholders
voted on the following matters with the following results as
indicated below:
Proposal 1
To approve an Agreement and Plan of Reorganization and Termination
pursuant to which the Gradison U.S. Government Reserves Fund will
transfer all of its assets and liabilities solely in exchange
(the "Exchange")for Class G Shares of the Victory Gradison
Government Reserves Fund. The Gradison U.S. Government Reserves
Fund will distribute Class G shares of the Victory Gradison
Government Reserves Fund received in the Exchange to its
shareholders in an amount equal in net asset value to the
shares of the Gradison U.S. Government Reserves Fund held by
such shareholders as of the date of the Exchange, after which
the Gradison U.S. Government Reserves Fund will be terminated.
Gradison U.S. Government Reserves Fund
For - 1,103,846,562
Against - 32,553,832
Abstain - 63,522,119
Proposal 2
To approve a new Investment Advisory Agreement between each
Gradison Trust, on behalf of the Fund, and McDonald
Investments, Inc. because the merger of McDonald's corporate
parent with KeyCorp caused the previous agreement to terminate.
Gradison U.S. Government Reserves Fund
For - 1,107,712,491
Against - 29,425,603
Abstain - 62,784,420
