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: 9/30/05
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
CHURCHILL CASH RESERVES TRUST
ANNUAL
REPORT
SEPTEMBER 30, 2005
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and
Board of Trustees of
Churchill Cash Reserves Trust
We have audited the accompanying statement of assets and liabilities, of
Churchill Cash Reserves Trust ("the Trust") as of September 30, 2005 and the
related statement of operations, changes in net assets, and the financial
highlights for the year 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 audit. The statements of changes in net assets for the year ended
September 30, 2004 and the financial highlights for each of the years in the
four year period ended September 30, 2004 have been audited by other auditors,
whose report dated November 17, 2004 expressed an unqualified opinion on such
financial statements and financial highlights
We conducted our audit 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. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audit 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 audit provides 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
Churchill Cash Reserves Trust as of September 30, 2005, the results of its
operations, the changes in its net assets and the financial highlights for the
year then ended, in conformity with accounting principles generally accepted in
the United States of America.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
November 11, 2005
CHURCHILL CASH RESERVES TRUST
STATEMENT OF NET ASSETS
SEPTEMBER 30, 2005
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 YEAR ENDED SEPTEMBER 30, 2005
The Trust had no operations during
the period.
See accompanying notes to financial
statements.
CHURCHILL CASH RESERVES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended Year Ended
September 30, 2005 September 30, 2004
-------------------------- -----------------------
-------------------------- -----------------------
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 (which have been subsequently transferred
to its wholly-owned subsidiary, 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. 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.
Note C- Aquila Investment Management LLC has agreed to pay all operating
expenses of the Trust.
Note D- Change in Principal Accountants
KPMG LLP was previously the principal accountants for Churchill Cash Reserves
Trust. On July 27, 2005 KPMG LLP resigned as the principal accountants of the
Trust and Tait, Weller and Baker LLP was engaged as the principal accountants to
audit the Trust's financial statements for the fiscal year of 2005. The decision
was made by the Audit Committee of the Board of Trustees.
The audit reports of KPMG LLP on the Trust's financial statements as of and for
the years ended September 30, 2004 and 2003 did not contain an adverse opinion
or disclaimer of opinion, nor were they qualified or modified as to uncertainty,
audit scope, or accounting principles.
In connection with the audits of the two fiscal years ended September 30, 2004
and 2003 and the subsequent interim period through the opinion date of November
17, 2005, there were no reportable events or disagreements with KPMG LLP on any
matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedures, which disagreements if not resolved to the
satisfaction of KPMG LLP would have caused them to make reference in connection
with their opinion to the subject matter of the disagreements.
Proxy Voting Record. The Fund does not invest in equity securities. Accordingly,
there were no matters relating to a portfolio security considered at any
shareholder meeting held during the 6 months ended June 30, 2005 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
CHURCHILL CASH RESERVES TRUST
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
Year Ended September 30,
------------------------------
2005* 2004* 2003* 2002* 2001
----- ----- ----- ----- ----
Net Asset Value,
Beginning of Period $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
Income from Investment
Operations:
Net investment income - - - - 0.0191
-------- -------- ------- ------- ------
Less Distributions:
Dividends from net - - - -
- - - -
Investment income (0.0191)
--------
Net Asset Value,
End of Period $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= =======
Total Return - - - - 1.92%
Ratios/Supplemental Data
Net Assets, End of Period
($ thousands) $1 $1 $1 $1 $1
Ratio of Expenses to Average Net - - - - 0.61%
Assets
Ratio of Net Investment Income to
Average Net Assets - - - - 5.88%
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 Net - - - - 0.74%
Assets
Ratio of Net Investment Income to
Average Net Assets - - - - 5.75%
* The Trust had no operations.
Note: On January 28, 2001, Banc One Investment Advisors
Corporation resigned as the Trust's Sub-Adviser.
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 April 1, 2005
and held for the six months ended September 30, 2005.
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 September 30, 2005
Actual Beginning Ending Expenses
Total Return(1) Account Account Paid During
Value Value the Period(2)
CHURCHILL CASH RESERVES 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 September 30, 2005
Hypothetical Beginning Ending Expenses
Annualized Account Account Paid During
Total Return Value Value the Period(1)
CHURCHILL CASH RESERVES TRUST 5.00% $1,000.00 $1,025.00 -
(1) The Trust did not incur any expenses during the period.
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 Founder and Founder and Chairman of the 5 Director or trustee, Pimco
New York, NY Chairman of Board, Aquila Management Advisors VIT, Oppenheimer Quest
(05/12/29) the Board of Corporation, the sponsoring Value Funds Group, Oppenheimer
Trustees since organization and parent of the Small Cap Value Fund,
1985 Manager or Administrator and/or Oppenheimer Midcap Fund, and
Adviser or Sub-Adviser to each Oppenheimer Rochester Group of
fund of the Aquilasm Group of Funds.
Funds(6); Chairman of the
Manager or Administrator and/or
Adviser or Sub-Adviser to each
since 2004; Founder, Chairman
Emeritus and Trustee of Aquila
Rocky Mountain Equity Fund;
Founder and Chairman Emeritus of
Hawaiian Tax-Free Trust, Pacific
Capital Cash Assets Trust,
Pacific Capital Tax-Free Cash
Assets Trust, Pacific Capital
U.S. Government Securities Cash
Assets Trust, Tax-Free Fund of
Colorado, Churchill Tax-Free
Fund of Kentucky, Narragansett
Insured Tax-Free Income Fund,
Tax-Free Trust of Arizona,
Tax-Free Trust of Oregon and
Tax-Free Fund For Utah;
previously Chairman and a
Trustee of each fund in the
Aquilasm 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 10 Trustee, Pimco Advisors VIT.
New York, NY 1985 Power Partners LTD since 1994
(11/24/35) and Louisiana Power Partners,
1999-2003; Treasurer, 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 the
Maritime College at Fort
Schuyler Foundation, Inc. since
2000.
John J. Partridge Trustee since Founding Partner, Partridge, 4 None
Providence, RI 2004 Snow & Hahn, LLP, a law firm,
(05/05/40) Providence, Rhode Island, since
1988; Assistant Secretary -
Advisor to the Board,
Narragansett Insured Tax-Free
Income Fund, Trustee 2002-2005;
director of various educational,
civic and charitable
organizations, including Greater
Providence Chamber of Commerce,
Ocean State Charities Trust and
Memorial Hospital of Rhode
Island.
Officers
Diana P. Herrmann President Vice Chair and Chief Executive 11 None
New York, NY since 2004, Officer of Aquila Management
(02/25/58) Senior Vice Corporation, Founder of the
President Aquilasm Group of Funds and
since 1999 and parent of Aquila Investment
Vice President Management LLC, Manager , since
1988-1999 2004, President and Chief
Operating Officer since 1997, 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 and President, Chief Operating
Officer and Manager of the Manager
since 2003; Vice Chair, President,
Executive Vice President or Senior
Vice President of funds in the
Aquilasm Group of Funds since 1986;
Director of the Distributor since
1997; trustee, Reserve Money-Market
Funds, 1999-2000 and Reserve Private
Equity Series, 1998-2000; Governor,
Investment Company Institute and head
of its Small Funds Committee since
2004; active in charitable and
volunteer organizations.
Robert W. Anderson Chief Chief Compliance Officer of the N/A N/A
New York, NY (08/23/40) Compliance Trust, the Manager and the
Officer since Distributor since 2004,
2004 Compliance Officer of the
Manager or its predecessor and current
parent since 1998 and Assistant
Secretary of the Aquilasm Group of
Funds since 2000; Consultant, The
Wadsworth Group, 1995-1998.
Joseph P. DiMaggio Chief Chief Financial Officer of the N/A N/A
New York, NY Financial Aquilasm Group of Funds since
(11/06/56) Officer since 2003 and Treasurer since 2000;
2003 and Controller, Van Eck Global
Treasurer Funds, 1993-2000.
since 2000
Edward M. W. Hines Secretary Partner, Hollyer Brady Barrett & N/A N/A
New York, NY since 1985 Hines LLP, legal counsel to the
(12/16/39) Trust, since 1989; Secretary of the
Aquilasm Group of Funds.
John M. Herndon Assistant Assistant Secretary of the N/A N/A
New York, NY Secretary Aquilasm Group of Funds since
(12/17/39) since 1995 1995 and Vice President of the
three Aquila Money-Market Funds since
1990; Vice President of the Manager 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).
(2) The mailing address of each Trustee and officer is c/o Churchill Cash
Reserves 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, including the Trust, 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 Manager'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 Bond Funds";
Aquila Rocky Mountain Equity Fund is an equity fund; considered together, these
11 funds, which do not include the dormant funds described in footnote 4, are
called the "Aquilasm Group of Funds."
PRIVACY NOTICE (unaudited)
Churchill Cash Reserves 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 nonpublic
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 a fund.
Information We Collect. "Nonpublic personal information" is personally
identifiable financial information about you as an individual or your family.
The kinds of nonpublic 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 Trust transactions
and holdings, how you voted your shares and the account where your shares are
held.
Information We Disclose. We disclose nonpublic 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.
How We Safeguard Your Information. We restrict access to nonpublic 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 nonpublic
personal information we have about you.
If you have any questions regarding our Privacy Policy, please contact us at
1-800-437-1020.
Aquila Distributors, Inc.
Aquila Investment Management LLC
STCM Management Company, Inc.
This Privacy Policy also has been adopted by Aquila Distributors, Inc., Aquila
Investment Management LLC and STCM Management Company, Inc. and applies to all
nonpublic 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.
ITEM 2. CODE OF ETHICS.
(a) As of September 30, 2005 (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.;
(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
areas, including 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
under the Charter
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 2005 and $2,575
in 2004.
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 in 2005 and $1,550 in 2004, respectively, for return preparation.
d) All Other Fees - There were no additional fees plaid 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. [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)(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.
CHURCHILL CASH RESERVES TRUST
By: /s/ Lacy B. Herrmann
- - ---------------------------------
Chairman of the Board and President
December 7, 2005
By: /s/ Diana P. Herrmann
- - ---------------------------------
Senior Vice President
December 7, 2005
By: /s/ Joseph P. DiMaggio
- - -----------------------------------
Chief Financial Officer and Treasurer
December 7, 2005
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
December 7, 2005
By: /s/ Diana P. Herrmann
- - ---------------------------------
Diana P. Herrmann
Senior Vice President
December 7, 2005
By: /s/ Joseph P. DiMaggio
- - -----------------------------------
Joseph P. DiMaggio
Chief Financial Officer and Treasurer
December 7, 2005
CHURCHILL CASH RESERVES 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.