UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-2481
Capital Cash Management Trust
(Exact name of Registrant as specified in charter)
380 Madison Avenue
New York, New York 10017
(Address of principal executive offices) (Zip code)
Joseph P. DiMaggio
380 Madison Avenue
New York, New York 10017
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 697-6666
Date of fiscal year end: 12/31
Date of reporting period: 06/30/06
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
CAPITAL CASH MANAGEMENT TRUST
SEMI-ANNUAL
REPORT
JUNE 30, 2006
CAPITAL CASH MANAGEMENT TRUST
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2006
(unaudited)
Cash and Net Assets - 100.0%......................................... $1,001
======
SHARES OF BENEFICIAL INTEREST:
Original Shares Class:
Shares outstanding (unlimited number of $.01
par value shares authorized)...........................................1,001
=====
Net Asset Value Per Share............................................. $1.00
=====
NET ASSETS CONSIST OF:
Capital Stock - Authorized an unlimited number of shares,
par value $0.01 per share $ 10
Additional paid-in capital 1,006
Accumulated net realized loss on (15)
investments
-------
$ 1,001
======
See accompanying notes to financial
statements.
CAPITAL CASH MANAGEMENT TRUST
STATEMENTS OF OPERATIONS
Six Months Year Period
Ended Ended Ended
June 30, Dec. 31, Dec. 31,
2006 2005 2004
---- ---- ----
(unaudited)
INVESTMENT INCOME:
Interest income - - -
-------- -------- --------
EXPENSES:
Investment Adviser - - -
fees - - -
Administrator - - -
fees - - -
Legal - - -
fees - - -
Trustees' fees and - - -
expenses - - -
Auditing and - - -
tax - - -
Custodian - - -
fees - - -
Registration fees and dues - - -
Shareholders' reports - - -
Taxes - - -
Transfer and shareholder servicing agent
fees - - -
Insurance - - -
Miscellaneous - - -
- - -------- -------- ----------
Total expenses - - -
Investment Advisory fees waived - - -
- - -
Administration fees - - -
waived - - -
Reimbursement of expenses by Administrator
Expenses paid
indirectly
-------- -------- ----------
Net - - -
expenses
-------- -------- ----------
Net investment - - -
income
-------- -------- ----------
Net increase in net assets resulting from - - -
operations
====== ====== ======
See accompanying notes to financial
statements.
CAPITAL CASH MANAGEMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Six Months Year Period
Ended Ended Ended
June 30, Dec. 31, Dec. 31,
2006 2005 2004
(unaudited)
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income $- $- $-
Net realized loss from securities transactions........ - - -
---------- ---------- -----------
Change in net assets resulting from operations - - -
---------- ---------- -----------
Change in net assets resulting from operations - - -
---------- ---------- -----------
DIVIDENDS TO SHAREHOLDERS
FROM NET INVESTMENT INCOME:
Original Shares .................................. - - -
---------- ---------- -----------
CAPITAL SHARE TRANSACTIONS (at $1.00 per share):
Proceeds from shares sold:
Original Shares - - -
Reinvested dividends and distributions:
Original Shares - - -
Cost of shares redeemed:
Original Shares - - -
---------- ---------- -----------
Change in net assets from capital share
transactions - - -
---------- ---------- -----------
Total change in net assets - - -
NET ASSETS:
Beginning of period 1,001 1,001 1,001
---------- ---------- -----------
End of period $1,001 $1,001 $1,001
====== ====== =========
See accompanying notes to financial
statements.
CAPITAL CASH MANAGEMENT TRUST
NOTES TO FINANCIAL STATEMENTS
Note A- Capital Cash Management Trust (the "Trust") is a Massachusetts business
trust established on August 20, 1976 as a successor to the money-market fund,
the STCM Corporation, which commenced operations on July 8, 1974. It is
registered under the Investment Company Act of 1940 (the "1940 Act") as an
open-end investment company. The Fund ceased operations on December 2, 2003
inasmuch as all shares outstanding, except for 1,001 shares owned by Aquila
Management Corporation (which have been subsequently transferred to its
wholly-owned subsidiary, Aquila Investment Management LLC) were redeemed by
shareholders. Although the Fund is not conducting a public offering of its
shares, it will continue to exist as a Massachusetts Business Trust and maintain
its registration as an investment company. Administrative expenses incurred in
connection herewith, have now been assumed by Aquila Investment Management LLC.
On December 4, 2003, the Board of Trustees approved a change in the Fund's
fiscal year end from June 30th to December 31st.
Note B - Since inception, the Fund has qualified as a regulated investment
company by complying with the provisions of the Internal Revenue Code applicable
to certain investment companies. The Fund made distributions of income and
securities gains sufficient to relieve it from all, or substantially all,
Federal income and excise taxes.
Note C- Aquila Investment Management LLC has agreed to pay all operating
expenses of the Fund.
Proxy Voting Record. As the Fund is closed, the Fund had no portfolio
securities. Therefore, there were no matters relating to a portfolio security
considered at any shareholder meeting held during the 12 months ended June 30,
2006 with respect to which the Fund was entitled to vote. Applicable regulations
require us to inform you that the foregoing proxy voting information is
available on the SEC website at http://www.sec.gov.
CAPITAL CASH MANAGEMENT TRUST
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Six Months Ended
June 30, Year Period Ended
Ended
2006* Dec. 31, Dec.31, Year Ended June 30,
-------------------
(unaudited) 2005* 2004 2004 2003 2002
----------- ----- ---- ---- ---- ----
Net asset value, beginning of period
$1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- ------- -------
Income from investment
operations:
Net investment income - - - .0032 0.0107 0.0194
- - - ----- ------ ------
Less distributions:
Dividends from net Investment income - - - (.0032) (0.0107) (0.0194)
- - - ------- -------- --------
Net asset value,
end of period $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= =======
Total return - - 0.32% 0.32% 1.08% 1.96%
Ratios/supplemental data
Net assets, end of
period (in thousands) $1 $1 $1 $1 $1,764 $1,555
Ratio of expenses
to average net assets - - 0.26% 0.26% 0.39% 0.41%
Ratio of net investment
income to average
net assets - - 0.75% 0.75% 1.03% 1.97%
The expense and net investment income ratios without the effect of the Adviser's
and Administrator's voluntary waiver of fees and the Administrator's expense
reimbursement were:
Ratio of expenses
to average net assets - - 5.75% 5.75% 4.86% 3.47%
Ratio of net investment
income (loss) to
average net assets - - (4.74)% (4.74)% (3.43)% (1.09)%
The expense ratios after giving effect to the waivers, reimbursements and
expense offset for uninvested cash balances were:
Ratio of expenses
to average net assets - - 0.25% 0.25% 0.36% 0.40%
* The Trust had no operations during the period.
See accompanying notes to financial statements
Analysis of Expenses (unaudited)
As a shareholder of the Trust, you may incur ongoing costs, including management
fees; and other Trust expenses. The tables below are intended to help you
understand your ongoing costs (in dollars) of investing in the Trust and to
compare these costs with the ongoing costs of investing in other mutual funds.
The tables below are based on an investment of $1,000 invested on December 1,
2006 and held for the six months ended June 30, 2006.
Actual Expenses
This table provides information about actual account values and actual expenses.
You may use the information provided in this table, together with the amount you
invested, to estimate the expenses that you paid over the period. To estimate
the expenses you paid on your account, divide your ending account value by
$1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6),
then multiply the result by the number under the heading entitled "Expenses Paid
During the Period".
For The Six Months Ended June 30, 2006
Actual Beginning Ending Expenses
Total Return(1) Account Account Paid During
Value Value the Period(2)
CAPITAL CASH
MANAGEMENT TRUST - $1,000.00 $1,000.00 -
(1) The Trust did not have any operations during the period.
(2) The Trust did not incur any expenses during the period.
Analysis of Expenses (unaudited) (continued)
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the actual expense ratio and an assumed rate of
return of 5.00% per year before expenses, which is not the Trust's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period. You may
use the information provided in this table to compare the ongoing costs of
investing in the Trust and other mutual funds. To do so, compare this 5.00%
hypothetical example relating to the Trust with the 5.00% hypothetical examples
that appear in the shareholder reports of other mutual funds.
For The Six Months Ended June 30, 2006
Hypothetical Beginning Ending Expenses
Annualized Account Account Paid During
Total Return Value Value the Period(1)
CAPITAL CASH
MANAGEMENT TRUST 5.00% $1,000.00 $1,025.00 -
(1) The Trust did not incur any expenses during the period.
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) Based on their evaluation of the registrant's disclosure controls and
procedures (as defined in Rule 30a-2(c) under the Investment Company Act of
1940) as of a date within 90 days of the fling of this report, the registrant's
chief financial and executive officers have concluded that the disclosure
controls and procedures of the registrant are appropriately designed to ensure
that information required to be disclosed in the registrant's reports that are
filed under the Securities Exchange Act of 1934 are accumulated and communicated
to registrant's management, including its principal executive officer(s) and
principal financial officer(s), to allow timely decisions regarding required
disclosure and is recorded, processed, summarized and reported, within the time
periods specified in the rules and forms adopted by the Securities and Exchange
Commission.
(b) There have been no significant changes in registrant's internal controls or
in other factors that could significantly affect registrant's internal controls
subsequent to the date of the most recent evaluation, including no significant
deficiencies or material weaknesses that required corrective action.
ITEM 10. EXHIBITS.
(a)(2) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the Investment Company Act of
1940.
(b) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(b) under the Investment Company Act
of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this
report to be signed on its behalf by the undersigned thereunto duly authorized.
CAPITAL CASH MANAGEMENT TRUST
By: /s/ Lacy B. Herrmann
- - - - ---------------------------------
Chairman of the Board of Trustees
September 7, 2007
By: /s/ Diana P. Herrmann
- - - - ---------------------------------
President
September 7, 2006
By: /s/ Joseph P. DiMaggio
- - - - -----------------------------------
Chief Financial Officer and Treasurer
September 7, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below
by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.
By: /s/ Lacy B. Herrmann
- - - - ---------------------------------
Lacy B. Herrmann
Chairman of the Board of Trustees
September 7, 2006
By: /s/ Diana P. Herrmann
- - - - ---------------------------------
Diana P. Herrmann
President
September 7, 2006
By: /s/ Joseph P. DiMaggio
- - - - -----------------------------------
Joseph P. DiMaggio
Chief Financial Officer and Treasurer
September 7, 2006
CAPITAL CASH MANAGEMENT TRUST
EXHIBIT INDEX
(a) (2) Certifications of principal executive officer
and principal financial officer as required by Rule 30a-2(a)
under the Investment Company Act of 1940.
(b) Certification of chief executive officer and chief financial
officer as required by Rule 30a-2(b) of the Investment Company Act
of 1940.