0000093832-20-000004.txt : 20200303 0000093832-20-000004.hdr.sgml : 20200303 20200303151107 ACCESSION NUMBER: 0000093832-20-000004 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200303 DATE AS OF CHANGE: 20200303 EFFECTIVENESS DATE: 20200303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAPITAL CASH MANAGEMENT TRUST CENTRAL INDEX KEY: 0000093832 IRS NUMBER: 132780114 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-02481 FILM NUMBER: 20681702 BUSINESS ADDRESS: STREET 1: 120 WEST 45TH STREET STREET 2: STE 3600 CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 120 WEST 45TH STREET STREET 2: SUITE 3600 CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: CENTENNIAL CAPITAL CASH MANAGEMENT TRUST DATE OF NAME CHANGE: 19820921 FORMER COMPANY: FORMER CONFORMED NAME: STCM CORP DATE OF NAME CHANGE: 19770201 0000093832 S000009154 Capital Cash Management Trust C000024893 Capital Cash Management Trust Original Shares C000024894 Capital Cash Management Trust Service Shares N-CSR 1 a51439_ccmt.htm CAPITAL CASH MANAGEMENT TRUST 12/31/2019 FORM N-CSR CCMT




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)


120 West 45th Street, Suite 3600

New York, New York 10036

(Address of principal executive offices) (Zip code)


Joseph P. DiMaggio

120 West 45th Street, Suite 3600

New York, New York 10036

(Name and address of agent for service)


Registrant's telephone number, including area code: (212) 697-6666


Date of fiscal year end: 12/31/19


Date of reporting period: 12/31/19


FORM N-CSR





ITEM 1.   REPORTS TO STOCKHOLDERS.

















CAPITAL CASH MANAGEMENT TRUST





ANNUAL REPORT





DECEMBER 31, 2019





















REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Shareholders and Board of Trustees

of Capital Cash Management Trust



Opinion on the Financial Statements


We have audited the accompanying statement of assets and liabilities of Capital Cash Management Trust (the “Trust”), including the schedule of investments, as of December 31, 2019, 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 five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of December 31, 2019, 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 five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.


Basis for Opinion


These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Trust’s auditor since 2005.


We conducted our audits in accordance with the standards of the PCAOB.   Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, 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.


Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.



TAIT, WELLER & BAKER LLP


Philadelphia, Pennsylvania

February 26, 2020




CAPITAL CASH MANAGEMENT TRUST

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2019



Cash and Net Assets - 100.0%

 

$

1,001

 

 

 

SHARES OF BENEFICIAL INTEREST:

 

 

 

 

 

Shares outstanding (unlimited number of $0.01 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 investments

 

(15)

 

 

 

 

 

$

1,001





See accompanying notes to financial statements.




CAPITAL CASH MANAGEMENT TRUST

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2019





The Trust had no operations during the period.





See accompanying notes to financial statements.





CAPITAL CASH MANAGEMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS


 

 

Year Ended
December 31,
2019

 

Year Ended
December 31,
2018

The Trust had no operations during the periods shown.

 

 

 

 

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

DECEMBER 31, 2019



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.


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.



Proxy Voting Record (unaudited) As the Trust has ceased operations, 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, 2019 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 Ended December 31,

 

 

2019*

 

2018*

 

2017*

 

2016*

 

2015*

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$1.0000

 

$1.0000

 

$1.0000

 

$1.0000

 

$1.0000

 

 

 

 

 

 

 

 

 

 

 

Income from investment operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

–

 

–

 

–

 

–

 

–

Less distributions:

 

 

 

 

 

 

 

 

 

 

Dividends from net investment income

 

–

 

–

 

–

 

–

 

–

 

 

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

$1.0000

 

$1.0000

 

$1.0000

 

$1.0000

 

$1.0000

 

 

 

 

 

 

 

 

 

 

 

Total return

 

–

 

–

 

–

 

–

 

–

Ratios/supplemental data

 

 

 

 

 

 

 

 

 

 

Net assets, end of period (in thousands)

 

$1

 

$1

 

$1

 

$1

 

$1

 

 

 

 

 

 

 

 

 

 

 

Ratio of expenses to average net assets

 

–

 

–

 

–

 

–

 

–

 

 

 

 

 

 

 

 

 

 

 

Ratio of net investment income to average net assets

 

–

 

–

 

–

 

–

 

–


*   The Trust had no operations during the period.





See accompanying notes to financial statements




Your Trust’s Expenses (unaudited)

As a Fund shareholder, you may incur ongoing costs, including management fees and other Trust expenses.  The table below is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.  The table below assumes a $1,000 investment held for the six months indicated.

Actual Trust Expenses

The 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 that 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 “Expenses Paid During the Period”.

Hypothetical Example for Comparison with Other Funds

Under the heading, “Hypothetical” in the table, information is provided about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.  This information may not be used to estimate the actual ending account balance or expenses you paid for the period, but it can help you compare ongoing costs of investing in the Fund with those of other funds.  To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that expenses shown on the table are meant to highlight ongoing costs and do not reflect any transactional costs.  Therefore, information under the heading “Hypothetical” is useful comparing ongoing costs only, and will not help you compare total costs of owning different funds.  In addition, if transactional costs were included, your total costs would have been higher.


 

Actual

 

Hypothetical

 

(actual return after expenses)

 

(5% annual return before expenses)

Share

Beginning
Account
Value
7/01/19

Ending
Account
Value
12/31/19

Expenses Paid
During Period
7/01/19 –
12/31/19

 

Ending
Account
Value 7/01/19

Expenses Paid
During Period
7/01/19 –
12/31/19

Net
Annualized
Expense
Ratio

Single Class

$1,000

$1,000

$0.00

 

$1,025

$0.00

0%


1)   The Trust did not have any operations during the period.

2)   The Trust did not incur any expenses during the period (note C).





Additional Information (unaudited)


Trustees(1)
and Officers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Name and
Year of Birth(2)

 

Positions
Held with
Trust and
Length of
Service(3)

 

Principal Occupation(s)
During Past 5 Years

 

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee(4)

 

Other Directorships
Held by Trustee
During Past 5 Years

 

 

 

 

 

 

 

 

 

Interested
Trustee(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diana P. Herrmann
New York, NY
(1958)

 

Chair of the Board since 2012 and President since 2004

 

Chair (since 2016 and previously Vice Chair since 2004) and Chief Executive Officer (since 2004) of Aquila Management Corporation, Founder and Sponsor of the Aquila Group of Funds(6) and parent of Aquila Investment Management LLC, Administrator, President since 1997, Chief Operating Officer, 1997-2008, a Director since 1984, Secretary, 1986-2016, and previously its Executive Vice President, Senior Vice President or Vice President, 1986-1997; Chief Executive Officer (since 2004) and Chair (since 2016 and previously Vice Chair since 2004), President and Manager  since 2003, and Chief Operating Officer (2003-2008), of the Administrator; Chair, Vice Chair, President, Executive Vice President and/or Senior Vice President of funds in the Aquila Group of Funds since 1986; Manager of the Distributor since 1997; Governor, Investment Company Institute (the U.S. mutual fund industry trade organization dedicated to protecting shareholder interests and educating the public about investing) for various periods since 2004, and Chair of its Small Funds Committee, 2004-2009; active in charitable and volunteer organizations.

 

11

 

Director of ICI Mutual Insurance Company, a Risk Retention Group, for various periods since 2006; formerly Vice Chair and Trustee of Pacific Capital Funds of Cash Assets Trust (three money-market funds in the Aquila Group of Funds) 2004-2012

 

 

 

 

 

 

 

 

 

Non-Interested
Trustees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

John M. Burlingame
Miami, FL
(1955)

 

Trustee since 2014

 

Retired effective October 1, 2017; President, Hyatt Vacation Ownership 2014-2017; Global Head – Residential Development, Hyatt Hotels Corporation 2009-2014, responsible for whole ownership and vacation ownership components of Hyatt branded mixed-use projects and stand-alone projects; Executive Vice President, Hyatt Vacation Ownership (including resort management, homeowner’s association management, sales and marketing, development and consumer financing), 1994 – 2009; prior to 1994 involved in all phases of hotel development for Hyatt.

 

4

 

American Resort Development Association





(1)   The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge, by visiting the EDGAR Database at the SEC’s internet site at www.sec.gov.

(2)   The mailing address of each Trustee is c/o Capital Cash Management Trust, 120 West 45th Street, Suite 3600, New York, NY  10036.

(3)   Each Trustee holds office until his or her successor is elected or his or her earlier retirement or removal.  

(4)   Includes certain Aquila-sponsored funds that are dormant and have no public shareholders.

(5)   Ms. Herrmann is an “interested person” of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”), as an officer of the Trust, as a director, officer and shareholder of the Administrator’s corporate parent, as an officer and Manager of the Administrator, and as a Manager of the Distributor.

(6)   The “Aquila Group of Funds” includes: Aquila Tax-Free Trust of Arizona, Aquila Tax-Free Fund of Colorado, Hawaiian Tax-Free Trust, Aquila Churchill Tax-Free Fund of Kentucky, Aquila Tax-Free Trust of Oregon, Aquila Narragansett Tax-Free Income Fund (Rhode Island) and Aquila Tax-Free Fund For Utah, each of which is a tax-free municipal bond fund and are called the “Aquila Municipal Bond Funds”; Aquila Three Peaks Opportunity Growth Fund, which is an equity fund; and Aquila Three Peaks High Income Fund, which is a high-income corporate bond fund.





Name and
Year of Birth(1)

 

Positions
Held with
Trust and
Length of
Service(2)

 

Principal Occupation(s) During Past 5 Years

 

 

 

 

 

Officers(3)

 

 

 

 

 

 

 

 

 

Anita Albano, CPA
New York, NY
(1973)

 

Secretary since January 2020

 

Secretary of all funds in the Aquila Group of Funds since January 2020, Assistant Secretary 2018 – 2019; Senior Vice President and Chief Financial Officer of Aquila Investment Management LLC and Aquila Management Corporation since 2018; Treasurer of Aquila Investment Management LLC and Aquila Management Corporation since 2005.

 

 

 

 

 

Randall S. Fillmore
New York, NY
(1960)

 

Chief Compliance Officer since 2012

 

Chief Compliance Officer of all funds in the Aquila Group of Funds, the Administrator and the Distributor since 2012; Managing Director, Fillmore & Associates, 2009-2012; Fund and Adviser Chief Compliance Officer (2002-2009), Senior Vice President - Broker Dealer Compliance (2004-2009), Schwab Funds Anti Money Laundering Officer and Identity Theft Prevention Officer (2004-2009), Vice President - Internal Audit (2000-2002), Charles Schwab Corporation; National Director, Information Systems Risk Management - Consulting Services (1999-2000), National Director, Investment Management Audit and Business Advisory Services (1992-1999), Senior Manager, Manager, Senior and Staff Roles (1983-1992), PricewaterhouseCoopers LLP.

 

 

 

 

 

Joseph P. DiMaggio
New York, NY
(1956)

 

Chief Financial Officer since 2003 and Treasurer since 2000

 

Chief Financial Officer of all funds in the Aquila Group of Funds since 2003 and Treasurer since 2000.



(1)   The mailing address of each officer is c/o Capital Cash Management Trust, 120 West 45th Street, Suite 3600, New York, NY  10036.

(2)   The term of office of each officer is one year.

(3)   The Trust’s Statement of Additional Information includes additional information about the officers and is available, without charge, by visiting the EDGAR Database at the SEC’s internet site at www.sec.gov.





ITEM 2.   CODE OF ETHICS.


(a) As of December 31, 2019 (the end of the reporting period) the Registrant has adopted a code of ethics that applies to the Registrant'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 Registrant's Code of Ethics that applies to the Registrant'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 Registrant's Code of Ethics that applies to the Registrant'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 Registrant's Internet address at aquilafunds.com.


ITEM 3.   AUDIT COMMITTEE FINANCIAL EXPERT.


(a)(1)(ii) The Board of Trustees of the Registrant has determined that it does not have at least one audit committee financial expert serving on its audit committee.  The Registrant 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 Registrant, 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 Registrant 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 Registrant's operations and affairs would also contribute added value.  However, the Board believes that the Registrant 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 Registrant'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 2018 and $1,000 in 2019.


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 $300 and $300 in 2018 and 2019, 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, as amended.


(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/ Diana P. Herrmann            

Diana P. Herrmann

Chair, President and Trustee

March    3, 2020




By:   /s/ Joseph P. DiMaggio         

Joseph P. DiMaggio

Chief Financial Officer and Treasurer

March    3, 2020



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/ Diana P. Herrmann            

Diana P. Herrmann

Chair, President and Trustee

March    3, 2020




By:    /s/ Joseph P. DiMaggio         

Joseph P. DiMaggio

Chief Financial Officer and Treasurer

March    3, 2020





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, as amended.

 

 

(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.




 EX-99.CERT 3 e618264_exhibit-ccmt306.htm SECTION 306 CERTIFICATIONS

 

CERTIFICATION

 

I, Diana P. Herrmann, certify that:

 

1.I have reviewed this report on Form N-CSR of Capital Cash Management Trust;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, for is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: March 3, 2020

 

/s/ Diana P. Herrmann

Diana P. Herrmann

Chair, Trustee and President

 

 

CERTIFICATION

 

I, Joseph P. DiMaggio, certify that:

 

1.I have reviewed this report on Form N-CSR of Capital Cash Management Trust;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: March 3, 2020

 

/s/ Joseph P. DiMaggio

Joseph P. DiMaggio

Chief Financial Officer and Treasurer

 

 EX-99.906 CERT 4 e618264_exhibit-ccmt906.htm SECTION 906 CERTIFICATION

 

CERTIFICATION

 

Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title18, United States Code), each of the undersigned officers of Capital Cash Management Trust, do hereby certify to such officer's knowledge, that:

 

The report on Form N-CSR of Capital Cash Management Trust for the period ended December 31, 2019, (the "Form N-CSR”) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Capital Cash Management Trust.

 

Dated: March 3, 2020   /s/ Diana P. Herrmann
    Diana P. Herrmann
    Vice Chair, Trustee and President
    Capital Cash Management Trust
     
     
Dated: March 3, 2020   /s/ Joseph P. DiMaggio
    Joseph P. DiMaggio
    Chief Financial Officer and Treasurer
    Capital Cash Management Trust

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Capital Cash Management Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

 

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.

 

 EX-99.CODE ETH 5 sarbanes12-31-19.htm SARBANES-OXLEY CODE OF ETHICS Unassociated Document
 
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

 
I. Covered Officers/Purpose of the Code

This is the code of ethics (the "Code") for the investment companies within the Aquila Group of Funds (collectively, "Funds" and each, a "Fund," each of which is detailed in Exhibit A).  It applies to the Fund's Principal Executive Officer(s) and Principal Financial Officer(s) (the "Covered Officers," each of whom is listed in Exhibit B), for the purpose of promoting:

*honest and ethical conduct, including the ethical handling of actual;

*or apparent conflicts of interest between personal and professional relationships;

*full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

*compliance with applicable laws and governmental rules and regulations;

*the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

*accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview.  A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his/her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his/her family, receives improper personal benefits as a result of his/her position with the Fund.
 
 
 
 
 
Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act").  For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund.  The Fund's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions.  This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser of which the Covered Officers are also officers or employees.  As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Fund.  The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund.  Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.  In addition, it is recognized by the Funds' Boards of Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act.  The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.  The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

*not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

*not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund;

There are some conflict of interest situations that should always be discussed with the general counsel of the Fund ("General Counsel"), if material. Examples of these include:

*service as a director on the board of any public or private company;

*the receipt of any non-nominal gifts;

*the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

*any ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

*a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.
 
 
 
 
 
III. Disclosure and Compliance

Each Covered Officer should familiarize himself/herself with the disclosure requirements generally applicable to the Fund;

*each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Trustees and auditors, and to governmental regulators and self-regulatory organizations;

each Covered Officer should, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

*upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands the Code;

*annually thereafter affirm to the Board that he/she has complied with the requirements of the Code;

*not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; and

*notify the Chair of the Audit Committee of the Fund promptly if he/she knows of any violation of this Code.  Failure to do so is itself a violation of this Code.

*file at least annually a complete and accurate Funds' Trustees and Officers Questionnaire.

The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.  However, any approvals or waivers1 sought by the Chairman of the Board or the President will be considered by the Audit Committee (the "Committee").

The Funds will follow these procedures in investigating and enforcing this Code:

*the General Counsel will take all appropriate action to investigate any potential violations reported to him;

*if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action; any matter that the General Counsel believes is a violation will be reported to the Committee;
 
 
 
 
 
* if the Committee concurs that a violation has occurred, it will inform the  Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

* the Committee will be responsible for granting waivers, as appropriate; and

* any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V.  Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.  Insofar as the policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.  The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures set forth in their respective codes are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI.  Amendments

Any amendments to this Code, other than amendments to Exhibit B, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

VII.  Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.  Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and the General Counsel, and if deemed appropriate by the Board, with other Funds in the complex where the Funds share a common Covered Officer.

VIII.  Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.
 
 
 
 
 
Exhibit A
 
Funds Covered by this Code of Ethics

Aquila Funds Trust

Aquila Municipal Trust

Capital Cash Management Trust

Churchill Cash Reserves Trust

Cascades Trust

Hawaiian Tax-Free Trust

 
 
 
 
Exhibit B
 
Persons Covered by this Code of Ethics


The following officers of each Fund, and the identities of such officers as of December 31, 2019:


   
Chair and/or Trustee and/or President
Diana P. Herrmann
   
Chief Financial Officer and Treasurer
Joseph P. DiMaggio