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: 12/31/08
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
CAPITAL CASH MANAGEMENT TRUST
ANNUAL
REPORT
DECEMBER 31, 2008
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and
Board of Trustees of
Capital Cash Management Trust
We have audited the accompanying statement of assets and liabilities, of Capital
Cash Management Trust ("the Trust") as of December 31, 2008 and the related
statement of operations for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended and financial
highlights for each of the four years in the period then ended. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits. The financial
highlights for the year ended June 30, 2004 and the six months ended December
31, 2004 have been audited by other auditors, whose report dated February 18,
2005 expressed an unqualified opinion on such financial highlights.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Trust
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Trust's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Capital Cash Management Trust as of December 31, 2008, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended and the financial highlights for each of
the four years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
February 27, 2009
CAPITAL CASH MANAGEMENT TRUST
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2008
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.............................................$1.000
=====
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
STATEMENT OF OPERATIONS
December 31, 2008
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
Year Ended Year Ended
December 31, 2008 December 31, 2007
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment $ - $ -
income - -
Net realized loss from securities transactions........
------- --------
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
------- --------
End of period $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 Trust 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 Trust's
fiscal year end from June 30th to December 31st.
Note B - Since inception, the Trust has qualified as a regulated investment
company by complying with the provisions of the Internal Revenue Code applicable
to certain investment companies. The Trust 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 Trust.
Note D - Accounting pronouncements: Effective June 29, 2007, the Trust adopted
FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" ("FIN
48"). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial statements. FIN
48 requires the evaluation of tax positions taken or expected to be taken in the
course of preparing the Trust's tax returns to determine whether the tax
positions are "more-likely-than-not" of being sustained by the applicable tax
authority. Tax positions not deemed to meet the more-likely-than-not threshold
would have been recorded as a tax benefit or expense in the current year. The
adoption of FIN 48 had no impact on the Trust's net assets or results of
operations. Management has analyzed the Trust's tax positions taken on Federal
income tax returns for all open years 2005 to 2008 and has concluded no
provision for income tax is required in the Trust's financial statements.
In September 2006, FASB issued FASB Statement No. 157, "Fair Value Measurement"
("SFAS 157"), which defines fair value, establishes a framework for measuring
fair value, and expands disclosures about fair value measurements. SFAS 157 is
effective for fiscal years beginning after November 15, 2007 and interim periods
within those fiscal years. The adoption of SFAS 157 did not have any material
impact on the Trust's financial statements.
Proxy Voting Record (unaudited) As the Trust is closed, the Trust 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, 2008 with respect to which the Trust 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
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec.31, Dec.31, June 30,
2008* 2007* 2006* 2005* 2004* 2004
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 - - - - - 0.0032
- - - - - ------
Less distributions:
Dividends from net Investment
income - - - - - (0.0032)
- - - - - --------
Net asset value,
end of period $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= =======
Total return - - - - - 1.32%
Ratios/supplemental data
Net assets, end of
period (in thousands) $1 $1 $1 $1 $1 $1
Ratio of expenses
to average net assets - - - - - 0.26%
Ratio of net investment
income to average
net assets - - - - - 0.75%
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%
Ratio of net investment
income (loss) to
average net assets - - - - - (4.74)%
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%
* 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 July 1, 2008
and held for the six months ended December 31, 2008.
Actual Expenses(1)
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 December 31, 2008
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 December 31, 2008
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.
PRIVACY NOTICE (UNAUDITED)
CAPITAL CASH MANAGEMENT TRUST
OUR PRIVACY POLICY. In providing services to you as an individual who owns or is
considering investing in shares of the Trust, we collect certain non-public
personal information about you. Our policy is to keep this information strictly
safeguarded and confidential, and to use or disclose it only as necessary to
provide services to you or as otherwise permitted by law. Our privacy policy
applies equally to former shareholders and persons who inquire about the Trust.
INFORMATION WE COLLECT. "Non-public personal information" is personally
identifiable financial information about you as an individual or your family.
The kinds of non-public personal information we have about you may include the
information you provide us on your share purchase application or in telephone
calls or correspondence with us, and information about your fund transactions
and holdings, how you voted your shares and the account where your shares are
held.
INFORMATION WE DISCLOSE. We disclose non-public personal information about you
to companies that provide necessary services to us, such as the Trust's transfer
agent, distributor, investment adviser or sub-adviser, as permitted or required
by law, or as authorized by you. Any other use is strictly prohibited. We do not
sell information about you or any of our fund shareholders to anyone.
NON-CALIFORNIA RESIDENTS: We also may disclose some of this information to
another fund in the Aquila Group of Fundssm (or its service providers) under
joint marketing agreements that permit the funds to use the information only to
provide you with information about other funds in the Aquila Group of Funds or
new services we are offering that may be of interest to you.
CALIFORNIA RESIDENTS ONLY: In addition, unless you "opt-out" of the following
disclosures using the form that was mailed to you under separate cover, we may
disclose some of this information to another fund in the Aquila Group of Fundssm
(or its service providers) under joint marketing agreements that permit the
funds to use the information only to provide you with information about other
funds in the "Aquila Group of Fundssm" or new services we are offering that may
be of interest of you.
HOW WE SAFEGUARD YOUR INFORMATION. We restrict access to non-public personal
information about you to only those persons who need it to provide services to
you or who are permitted by law to receive it. We maintain physical, electronic
and procedural safeguards to protect the confidentiality of all non-public
personal information we have about you.
AQUILA DISTIBUTORS, INC. AND AQUILA INVESTMENT MANAGEMENT LLC. This Privacy
Policy also has been adopted by Aquila Distributors, Inc. and Aquila Investment
Management LLC and applies to all non-public information about you that each of
these companies may obtain in connection with services provided to the Trust or
to you as a shareholder of the Trust.
If you have any questions regarding our Privacy Policy, please contact us at
1-800-437-1020.
Additional Information (unaudited)
Trustees(1)
and Officers
Number of
Positions Held Portfolios Other Directorships
with in Fund Held by Trustee
Trust and Complex (The position held is
Name, Address(2) Length of Principal Occupation(s) Overseen a directorship unless
and Date of Birth Service(3) During Past 5 Years by Trustee(4) indicated otherwise.)
- ------------------ ---------- ------------------- ------------- ---------------------
Interested
Trustees(5)
Lacy B. Herrmann Chairman of Founder and Chairman of the 2 Director or trustee, Premier
New York, NY the Board of Board, Aquila Management VIT, Oppenheimer Quest Value
(05/12/29) Trustees since Corporation, the sponsoring Funds Group, Oppenheimer Small
1976 organization and parent of the Cap Value Fund, Oppenheimer
Manager or Administrator and/or Midcap Fund, and Oppenheimer
Adviser or Sub-Adviser to each Rochester Group of Funds.
fund of the Aquila Group of
Funds; Chairman of the Manager
or Administrator and/or Adviser
or Sub-Adviser to each since
2004; Founder and Chairman
Emeritus of each fund in the
Aquila Group of Funds;
previously Chairman and a
Trustee of each fund in the
Aquila Group of Funds since its
establishment until 2004 or
2005; Director of the
Distributor since 1981 and
formerly Vice President or
Secretary, 1981-1998; Trustee
Emeritus, Brown University and
the Hopkins School; active in
university, school and
charitable organizations.
Non-interested
Trustees
Theodore T. Mason Trustee since Executive Director, East Wind 8 Trustee, Premier VIT
New York, NY 1976 Power Partners LTD since 1994
(11/24/35) and Louisiana Power Partners,
1999-2003; Treasurer, Fort
Schuyler Maritime Alumni
Association, Inc., successor to
Alumni Association of SUNY
Maritime College, since 2004
(President, 2002-2003, First
Vice President, 2000-2001,
Second Vice President,
1998-2000) and director of the
same organization since 1997;
Director, STCM Management
Company, Inc., 1973-2004; twice
national officer of Naval
Reserve Association, Commanding
Officer of four naval reserve
units and Captain, USNR (Ret);
director, The Navy League of the
United States New York Council
since 2002; trustee, The
Maritime Industry Museum at Fort
Schuyler, 2000-2004; and Fort
Schuyler Maritime Foundation,
Inc., successor to the Maritime
College at Fort Schuyler
Foundation, Inc., since 2000.
John J. Partridge Trustee since Founding Partner, Partridge Snow 4 None
Providence, RI 2004 & Hahn LLP, a law firm,
(05/05/40) Providence, Rhode Island, since
1988, Senior Counsel, since
January 1, 2007; Assistant
Secretary - Advisor to the
Board, Narragansett Insured
Tax-Free Income Fund, 2005-2008,
Trustee 2002-2005; director or
trustee of various educational,
civic and charitable
organizations, including Ocean
State Charities Trust, Memorial
Hospital of Rhode Island, and
The Pawtucket Foundation.
Officers
Diana P. Herrmann President Vice Chair and Chief Executive N/A N/A
New York, NY since 2004 Officer of Aquila Management
(02/25/58) Corporation, Founder of the
Aquila Group of Funds and parent of
Aquila Investment Management LLC,
Administrator, since 2004, President
since 1997, Chief Operating Officer,
1997-2008, a Director since 1984,
Secretary since 1986 and previously
its Executive Vice President, Senior
Vice President or Vice President,
1986-1997; Chief Executive Officer and
Vice Chair since 2004, President and
Manager of the Administrator since
2003, and Chief Operating Officer of
the Administrator, 2003-2008; Chair,
Vice Chair, President, Executive Vice
President or Senior Vice President of
funds in the Aquila Group of Funds
since 1986; Director of the
Distributor since 1997; Governor,
Investment Company Institute (a trade
organization for the U.S. mutual fund
industry dedicated to protecting
shareholder interests and educating
the public about investing) and head
of its Small Funds Committee since
2004; active in charitable and
volunteer organizations.
Charles E. Executive Vice Executive Vice President of all N/A N/A
Childs, III President funds in the Aquila Group of
New York, NY since 2008 Funds and the Administrator and
(04/01/57) the Administrator's parent since
2003; Executive Vice President and
Chief Operating Officer of the
Administrator's parent since 2008;
formerly Senior Vice President,
corporate development, Vice President,
Assistant Vice President and Associate
of the Administrator's parent since
1987; Senior Vice President, Vice
President or Assistant Vice President
of the Aquila Money-Market Funds,
1988-2003.
Robert W. Anderson Chief Chief Compliance Officer of the N/A N/A
New York, NY Compliance Trust and each of the other
(08/23/40) Officer since funds in the Aquila Group of
2004 and Funds, the Administrator and the
Assistant Distributor since 2004,
Secretary Compliance Officer of the
since 2000 Administrator or its predecessor
and current parent 1998-2004;
Assistant Secretary of the
Aquila Group of Funds since 2000.
Joseph P. DiMaggio Chief Chief Financial Officer of the N/A N/A
New York, NY Financial Aquila Group of Funds since 2003
(11/06/56) Officer since and Treasurer since 2000.
2003 and
Treasurer
since 2000
Edward M. W. Hines Secretary Shareholder of Butzel Long, a N/A N/A
New York, NY since 1982 professional corporation,
(12/16/39) counsel to the Trust, since
2007; Partner of Hollyer Brady Barrett
& Hines LLP, its predecessor as
counsel, 1989-2007; Secretary of the
Aquila Group of Funds.
John M. Herndon Assistant Assistant Secretary of the N/A N/A
New York, NY (12/17/39) Secretary Aquila Group of Funds since 1995
since 1995 and Vice President of the three
Aquila Money-Market Funds since
1990; Vice President of the
Administrator or its predecessor
and current parent since 1990.
(1) The Trust's Statement of Additional Information includes additional
information about the Trustees and is available, without charge, upon request by
calling 800-437-1020 (toll-free) or by visiting the EDGAR Database at the SEC's
internet site at www.sec.gov.
(2) The mailing address of each Trustee and officer is c/o Capital Cash
Management Trust, 380 Madison Avenue, New York, NY 10017.
(3) Because the Trust does not hold annual meetings, each Trustee holds office
for an indeterminate term. The term of office of each officer is one year.
(4) Includes certain Aquila-sponsored funds that are dormant and have no public
shareholders.
(5) Mr. Herrmann is an interested person of the Trust as that term is defined in
the 1940 Act as an officer of the Trust and a director, officer and shareholder
of the Administrator's corporate parent.
(6) In this material Pacific Capital Cash Assets Trust, Pacific Capital U.S.
Government Securities Cash Assets Trust and Pacific Capital Tax-Free Cash Assets
Trust, each of which is a money-market fund, are called the "Aquila Money-Market
Funds"; Hawaiian Tax-Free Trust, Tax-Free Trust of Arizona, Tax-Free Trust of
Oregon, Tax-Free Fund of Colorado, Churchill Tax-Free Fund of Kentucky,
Narragansett Insured Tax-Free Income Fund and Tax-Free Fund For Utah, each of
which is a tax-free municipal bond fund, are called the "Aquila Municipal Bond
Funds"; Aquila Rocky Mountain Equity Fund is an equity fund; Aquila Three Peaks
High Income Fund is a high income corporate bond fund; considered together,
these 12 funds, which do not include the dormant funds described in footnote 4,
are called the "Aquila Group of Funds."
ITEM 2. CODE OF ETHICS.
(a) As of December 31, 2008 (the end of the reporting period) the
Trust has adopted a code of ethics that applies to the Trust's
principal executive officer(s)and principal financial officer(s)
and persons performing similar functions ("Covered Officers") as
defined in the Aquila Group of Funds Code of Ethics for Principal
Executive and Senior Financial Officers under Section 406 of the
Sarbanes-Oxley Act of 2002, as amended;
(f)(1) Pursuant to Item 10(a)(1), a copy of the Trust's Code of
Ethics that applies to the Trust's principal executive officer(s)
and principal financial officer(s) and persons performing similar
functions is included as an exhibit to its annual report on this
Form N-CSR;
(f)(2) The text of the Trust's Code of Ethics that applies to the
Trust's principal executive officer(s) and principal financial
officer(s) and persons performing similar functions has been
posted on its Internet website which can be found at the Trust's
Internet address at aquilafunds.com.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a)(1)(ii) The Board of Trustees of the Fund has determined that
it does not have at least one audit committee financial expert
serving on its audit committee. The Fund does not have such a
person serving on the audit committee because none of the persons
currently serving as Trustees happens to have the technical
accounting and auditing expertise included in the definition of
"audit committee financial expert" recently adopted by the Securities
and Exchange Commission in connection with this Form N-CSR, and the
Board has not heretofore deemed it necessary to seek such a person
for election to the Board.
The primary mission of the Board, which is that of oversight over
the operations and affairs of the Fund, confronts the Trustees with
a wide and expanding range of issues and responsibilities. The
Trustees believe that, accordingly, it is essential that the Board's
membership consist of persons with as extensive experience as possible
in fulfilling the duties and responsibilities of mutual fund directors
and audit committee members and, ideally, with extensive experience
and background relating to the economic and financial sectors and
securities in which the Fund invests, including exposure to the
financial and accounting matters commonly encountered with respect
to those sectors and securities. The Board believes that its current
membership satisfies those criteria. It recognizes that it would
also be helpful to have a member with the relatively focused accounting
and auditing expertise reflected in the applicable definition of
"audit committee financial expert," just as additional members with
similarly focused technical expertise in other areas relevant to
the Fund's operations and affairs would also contribute added value.
However, the Board believes that the Fund is better served, and its
assets better employed, by a policy of hiring experts in various
the specialized area of technical accounting and
auditing matters, if and as the Board identifies the need, rather
than by seeking to expand its numbers by adding technical experts
in the areas constituting its domain of responsibility. The Fund's
Audit Committee Charter explicitly authorizes the Committee to
retain such experts as it deems necessary in fulfilling its duties
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
a) Audit Fees - The aggregate fees billed for professional services
rendered by the principal accountant for the audit of the Registrant's
annual financial statements were $1,000 in 2007 and $1,000 in 2008.
b) Audit Related Fees - There were no amounts billed for audit-related
fees over the past two years.
c) Tax Fees - The Registrant was billed by the principal accountant
$250 and $300 in 2007 and 2008, respectively, for return preparation
and tax compliance.
d) All Other Fees - There were no additional fees paid for audit and
non-audit services other than those disclosed in a) thorough c) above.
e)(1) Currently, the audit committee of the Registrant pre-approves audit
services and fees on an engagement-by-engagement basis
e)(2) None of the services described in b) through d) above were approved
by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X, all were pre-approved on an engagement-by-engagement basis.
f) No applicable.
g) There were no non-audit services fees billed by the Registrant's accountant
to the Registrant's investment adviser or distributor over the past two years
h) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Included in Item 1 above
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Board of Directors of the Registrant has adopted a Nominating
Committee Charter which provides that the Nominating Committee (the 'Committee')
may consider and evaluate nominee candidates properly submitted by shareholders
if a vacancy among the Independent Trustees of the Registrant occurs and if,
based on the Board's then current size, composition and structure, the Committee
determines that the vacancy should be filled. The Committee will consider
candidates submitted by shareholders on the same basis as it considers and
evaluates candidates recommended by other sources. A copy of the qualifications
and procedures that must be met or followed by shareholders to properly submit
a nominee candidate to the Committee may be obtained by submitting a request
in writing to the Secretary of the Registrant.
ITEM 11. 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 filing 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 12. EXHIBITS.
(a)(1) Aquila Group of Funds Code of Ethics for Principal Executive and
Senior Financial Officers under Section 406 of the Sarbanes-Oxley Act
of 2002.
(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
March 11, 2009
By: /s/ Diana P. Herrmann
- ------------------------------------
President
March 11, 2009
By: /s/ Joseph P. DiMaggio
- --------------------------------------
Chief Financial Officer and Treasurer
March 11, 2009
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
March 11, 2009
By: /s/ Diana P. Herrmann
- ------------------------------------
Diana P. Herrmann
President
March 11, 2009
By: /s/ Joseph P. DiMaggio
- -----------------------------------
Joseph P. DiMaggio
Chief Financial Officer and Treasurer
March 11, 2009
CAPITAL CASH MANAGEMENT TRUST
EXHIBIT INDEX
(a)(1) Aquila Group of Funds Code of Ethics for Principal Executive and
Senior Financial Officers under Section 406 of the Sarbanes-Oxley Act
of 2002.
(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.