<PAGE> PAGE 1
000 B000000 09/30/1999
000 C000000 0000763534
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 CHURCHILL CASH RESERVES TRUST
001 B000000 811-4229
001 C000000 2126976666
002 A000000 380 MADISON AVENUE, SUITE 2300
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A000001 BANC ONE INVESTMENT ADVISORS CORP
008 B000001 S
008 C000001 801-000000
008 D010001 COLUMBUS
008 D020001 OH
008 D030001 43240
008 D040001 0211
008 A000002 AQUILA MANAGEMENT CORP
008 B000002 A
<PAGE> PAGE 2
008 C000002 801-22119
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10017
010 A000001 AQUILA MANAGEMENT CORPORATION
010 B000001 801-22119
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10017
011 A000001 AQUILA DISTRIBUTORS, INC.
011 B000001 8-13173
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10017
012 A000001 PFPC, INC.
012 B000001 85-11196
012 C010001 WILMINGTON
012 C020001 DE
012 C030001 19809
013 A000001 KPMG LP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10154
015 A000001 BANK ONE TRUST COMPANY, N.A.
015 B000001 C
015 C010001 COLUMBUS
015 C020001 OH
015 C030001 43271
015 E030001 X
018 000000 Y
019 A000000 Y
019 B000000 15
019 C000000 AQUILAMGMT
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 WESTDEUTSCHE LANDISBANK GZ
022 B000001 NA
022 C000001 885431
022 D000001 0
022 A000002 GOLDMAN SACHS
022 B000002 13-5108880
022 C000002 101041
<PAGE> PAGE 3
022 D000002 11989
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
022 C000003 71437
022 D000003 34991
022 A000004 CREDIT SUISSE FIRST BOSTON CORP.
022 B000004 13-5659485
022 C000004 81586
022 D000004 13995
022 A000005 LEHMAN BROTHERS
022 B000005 13-2518466
022 C000005 73588
022 D000005 18554
022 A000006 CHASE SECURITIES
022 B000006 13-3112953
022 C000006 55764
022 D000006 9982
022 A000007 SMITH BARNEY
022 B000007 11-2418191
022 C000007 24764
022 D000007 4996
022 A000008 PRUDENTIAL SECURITIES
022 B000008 22-2347336
022 C000008 17253
022 D000008 0
022 A000009 NATIONSBANK CAPITAL MARKETS
022 B000009 NA
022 C000009 3965
022 D000009 9892
022 A000010 MORGAN STANLEY & CO.
022 B000010 13-2655998
022 C000010 7442
022 D000010 4998
023 C000000 1363117
023 D000000 125963
024 000000 Y
025 A000001 BEAR STEARNS
025 B000001 13-3286161
025 C000001 D
025 D000001 1000
025 A000002 CREDIT SUISSE FIRST BOSTON
025 B000002 13-2853402
025 C000002 D
025 D000002 4000
025 A000003 LEHMAN BROTHERS
025 B000003 13-3216325
025 C000003 D
025 D000003 4500
025 A000004 DELETE
025 D000004 0
025 D000005 0
<PAGE> PAGE 4
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 7883
028 A020000 0
028 A030000 0
028 A040000 20049
028 B010000 17392
028 B020000 0
028 B030000 0
028 B040000 9087
028 C010000 14921
028 C020000 0
028 C030000 0
028 C040000 29208
028 D010000 20816
028 D020000 0
028 D030000 0
028 D040000 6807
028 E010000 6434
028 E020000 0
028 E030000 0
028 E040000 19239
028 F010000 10367
028 F020000 0
028 F030000 0
028 F040000 10655
028 G010000 77813
028 G020000 0
028 G030000 0
028 G040000 95045
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
<PAGE> PAGE 5
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.500
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
<PAGE> PAGE 6
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 1000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 3.0
062 E000000 0.0
062 F000000 10.5
062 G000000 0.0
062 H000000 0.0
062 I000000 58.4
062 J000000 0.0
062 K000000 0.0
062 L000000 28.1
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 62
063 B000000 0.0
064 A000000 Y
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
<PAGE> PAGE 7
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 0
071 B000000 0
071 C000000 0
071 D000000 0
072 A000000 12
072 B000000 5088
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 480
072 G000000 0
072 H000000 0
072 I000000 12
072 J000000 11
072 K000000 0
072 L000000 10
072 M000000 46
072 N000000 0
<PAGE> PAGE 8
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 19
072 S000000 33
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 12
072 X000000 631
072 Y000000 55
072 Z000000 4512
072AA000000 1
072BB000000 0
072CC010000 0
072CC020000 0
072DD010000 4512
072DD020000 0
072EE000000 0
073 A010000 0.0469
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 1
074 B000000 2272
074 C000000 74065
074 D000000 0
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 376
074 M000000 5
074 N000000 76719
074 O000000 0
074 P000000 26
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 337
074 S000000 0
074 T000000 76356
074 U010000 76347
074 U020000 0
074 V010000 1.00
074 V020000 0.00
074 W000000 1.0001
<PAGE> PAGE 9
074 X000000 3
074 Y000000 0
075 A000000 95956
075 B000000 0
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 10000
081 A000000 Y
081 B000000 17
082 A000000 Y
082 B000000 50
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE ROBERT ANDERSON
TITLE COMPLIANCE OFFICER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000763534
<NAME> CHURCHILL CASH RESERVES TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 76,336,924
<INVESTMENTS-AT-VALUE> 76,336,924
<RECEIVABLES> 376,047
<ASSETS-OTHER> 5,623
<OTHER-ITEMS-ASSETS> 604
<TOTAL-ASSETS> 76,719,198
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 363,275
<TOTAL-LIABILITIES> 363,275
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,352,175
<SHARES-COMMON-STOCK> 76,346,862
<SHARES-COMMON-PRIOR> 103,858,435
<ACCUMULATED-NII-CURRENT> 3,748
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 76,355,923
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,087,880
<OTHER-INCOME> 0
<EXPENSES-NET> 575,719
<NET-INVESTMENT-INCOME> 4,512,161
<REALIZED-GAINS-CURRENT> 1,002
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,513,163
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,512,161
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 227,485,121
<NUMBER-OF-SHARES-REDEEMED> 254,997,252
<SHARES-REINVESTED> 558
<NET-CHANGE-IN-ASSETS> (27,510,571)
<ACCUMULATED-NII-PRIOR> 2,746
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 479,780
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 630,841
<AVERAGE-NET-ASSETS> 95,955,935
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .047
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .047
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 060
</TABLE>
Independent Auditors' Report
The the Board of Trustees and Shareholders of
Churchill Cash Reserves Trust:
In planning and performing our audit of the financial
statements of Churchill Cash Reserves Trust (the "Trust")
for the year ended September 30, 1999, we considered
its internal control, including control activities
for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide
assurance on the internal control.
The management of the Trust is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of
assets against unauthorized acquisitions, use, or
disposition.
Because of inherent limitations in internal control, error
or fraud may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that is may become inadequate because
of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration on the internal control would not
necessarily disclose all matters in internal control that
might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements cased by error or fraud in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely
period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving internal control and its operation, including
controls for safeguarding securities, that we consider to
be material weaknesses as defined above as of September 30,
1999.
This report is intended solely for the information and use
of management, the Board of Trustees of Churchill Cash Reserves Trust,
and the Securities and Exchange Commission.
/s/ KPMG LLP
- --------------------
New York, New York
November 23, 1999
