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 811-4229
Churchill Cash Reserves 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: 9/30
Date of reporting period: 3/31/04
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMI-ANNUAL
REPORT
MARCH 31, 2004
CHURCHILL CASH RESERVES TRUST
CHURCHILL CASH RESERVES TRUST
STATEMENT OF NET ASSETS
MARCH 31, 2004 (unaudited)
Cash and Net Assets -100.0% $1,002
Applicable to 1,002 shares outstanding (unlimited
number of $0.01 par value shares authorized)
Net Asset Value Per Share $1.00
See accompanying notes to financial statements.
CHURCHILL CASH RESERVES TRUST
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2004 (unaudited)
The Trust had no operations during the period.
See accompanying notes to financial statements.
CHURCHILL CASH RESERVES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Six Months
Ended Year Ended
March 31, 2004 September 30,
(unaudited) 2003
The Trust had no operations during the periods shown.
NET ASSETS:
Beginning of Period $ 1,002 $ 1,002
End of period $ 1,002 $ 1,002
See accompanying notes to financial statements.
CHURCHILL CASH RESERVES TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
Note A - Churchill Cash Reserves Trust (the "Trust"), a diversified,
open-end investment company, was organized on January 4, 1985, as a
Massachusetts business trust and is authorized to issue an unlimited
number of shares. The Trust commenced operations on July 9, 1985.
The Trust ceased operations on January 25, 2001 inasmuch as all
shares outstanding, except for 1,002 shares owned by Aquila
Management Corporation (now Aquila Investment Management LLC),
had been 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. Effective January 1, 2004, Aquila Management
Corporation, founder of the Trust, assigned its Advisory and
Administration Agreement to its wholly-owned subsidiary, Aquila
Investment Management LLC, which will continue the management of
the Trust. The transfer was made for reasons of corporate and tax
planning and will have no effect on the management of the Trust or
the fees paid once, and if, the Trust again commences operations.
Administrative expenses incurred in connection herewith, have been
assumed by Aquila Investment Management LLC.
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 security profits sufficient to
relieve it from all, or substantially all, Federal income and
excise taxes.
CHURCHILL CASH RESERVES TRUST
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Six Months
Ended
March 31, Year Ended September 30,
2004 2003 2002 2001 2000 1999
(unaudited)
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 - - - 0.0191 0.0561 0.0469
Less Distributions:
Dividends from net - - - (0.0191)
Investment income (0.0561) (0.0469)
Net Asset Value,
End of Period $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
Total Return - - - 1.92% 5.75% 4.79%
Ratios/Supplemental Data
Net Assets, End of Period
($ thousands) $1.00 $1.00 $1.00 $1.00 $69,143 $76,356
Ratio of Expenses to Average - - - 0.61% 0.60% 0.60%
Net Assets
Ratio of Net Investment Income to
Average Net Assets - - - 5.88% 5.58% 4.70%
The expense and net investment income ratios without the effect of the Manager's
voluntary waiver of a portion of fees were:
Ratio of Expenses to Average - - - 0.74% 0.69% 0.66%
Net Assets
Ratio of Net Investment Income to
Average Net Assets - - - 5.75% 5.49% 4.65%
Note: Banc One Investment Advisors Corporation served as the Trust's Investment
Adviser until June 5, 1998, when, pursuant to new management arrangements,
it was appointed as the Trust's Investment Sub-Adviser. On January 28,
2001, Banc One Investment Advisors Corporation resigned as the Trust's
Sub-Adviser.
See accompanying notes to financial statements.
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.
CHURCHILL CASH RESERVES TRUST
By: /s/ Lacy B. Herrmann
- ---------------------------------
Chairman of the Board and President
June 7, 2004
By: /s/ Diana P. Herrmann
- ---------------------------------
Senior Vice President
June 7, 2004
By: /s/ Joseph P. DiMaggio
- -----------------------------------
Chief Financial Officer and Treasurer
June 7, 2004
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 and President
June 7, 2004
By: /s/ Diana P. Herrmann
- ---------------------------------
Diana P. Herrmann
Senior Vice President
June 7, 2004
By: /s/ Joseph P. DiMaggio
- -----------------------------------
Joseph P. DiMaggio
Chief Financial Officer and Treasurer
June 7, 2004
CHURCHILL CASH RESERVES 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.