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PRIME CASH FUND ANNUAL REPORT
380 Madison Avenue December 31, 1999
Suite 2300
New York, New York 10017
STATEMENT OF NET ASSETS
December 31, 1999
Cash and Net Assets - 100.0% $1,001
Applicable to 1,001 shares outstanding (unlimited
number of $.01 par value shares authorized)
Net Asset Value Per Share $1.00
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STATEMENT OF OPERATIONS
For the Year Ended December 31, 1999
The Fund had no operations during the year.
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<S> <C> <C> <C> <C>
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended December 31,
1999 1998
From Investment Activities:
Net investment income $ -- $ --
Dividends to shareholders
($ 0 and $ 0 per share, respectively) -- --
Change in net assets derived from investment activities -- --
From Fund Share Transactions:
SHARES
Year Ended December 31,
1999 1998
Shares sold -- -- -- --
Shares redeemed -- -- -- --
Change in shares and -- -- -- --
net assets derived from Fund share transactions
Net change in net assets -- -- -- --
NET ASSETS:
Beginning of year 1,001 1,001
End of year $ 1,001 $ 1,001
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See accompanying notes to financial statements.
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FINANCIAL HIGHLIGHTS
For a share outstanding throughout each year
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<S> <C> <C> <C> <C> <C>
Year Ended December 31,
1999 * 1998 * 1997 * 1996 1995
Net Asset Value,
Beginning of Year $1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $ 1.0000
Income from Investment Operations:
Net investment income --- --- --- 0.0045 0.0552
Less Distributions:
Dividends from net investment
income --- --- --- (0.0045) (0.0552)
Net Asset Value,
End of Year $1.0000 $ 1.0000 $ 1.0000 $ 1.0000 $1.0000
Total Return --- --- ** ** 5.66%
Ratios/Supplemental Data
Net Assets, End of Year
(in thousands) $ 1 $ 1 $ 1 $ 1 $30,009
Ratio of Expenses to
Average Net Assets --- --- --- ** 0.45%
Ratio of Net Investment Income to
Average Net Assets --- --- --- ** 5.55%
The expense and net investment income ratios without the effect of the
Adviser's and Administator's voluntary waiver of fees and the Administrator's voluntary expense reimbursement were:
Ratio of Expenses to
Average Net Assets --- --- --- ** 0.72%
Ratio of Net Investment Income to
Average Net Assets --- --- --- ** 5.28%
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* The Fund had no operations during the year.
** Results are not presented for 1996 inasmuch as the Fund was in
operation for only one month.
NOTES TO FINANCIAL STATEMENTS
Note A - Prime Cash Fund (the "Fund") was organized on September 10, 1982 as a
Massachusetts business trust and is authorized to issue an unlimited number
of shares. The Fund commenced operations on April 12, 1983 as a diversified,
open-end investment company. The Fund ceased operations on February 1, 1996
inasmuch as all shares outstanding, except for 1,001 shares owned by Aquila
Management Corporation, had been redeemed by shareholders. Although the Fund is
not conducting a public offering of it shares,
Note B - Since inception, the Fund has qualified as a regulated investment
company by complying with the provisions of the Internal Revenue Code
applicable to certain investment companies. The Fund made distributions of
income and securities profits sufficient to relieve it from all, or
substantially all, Federal income and excise taxes.
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INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders of
Prime Cash Fund:
We have audited the accompanying statement of net assets of Prime Cash Fund, as
of December 31, 1999, 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 the financial highlights for each of the
five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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. An audit 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
Prime Cash Fund as of December 31, 1999, 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 generally accepted
accounting principles.
/s/ KPMG LLP
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New York, New York
February 22, 2000
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