<PAGE> PAGE 1
000 A000000 09/30/98
000 C000000 0000749748
000 D000000 N
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000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
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001 C000000 2126976666
002 A000000 380 MADISON AVENUE, SUITE 2300
002 B000000 NEW YORK
002 C000000 NY
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003 000000 N
004 000000 N
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007 C030100 N
007 C010200 2
007 C020200 PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST
007 C030200 N
007 C010300 3
007 C020300 PAC CAP US GOV'T SECURITIES CASH ASSETS TRUST
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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008 D02AA01 HI
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010 A00AA01 AQUILA MANAGEMENT CORPORATION
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010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10017
011 A00AA01 AQUILA DISTRIBUTORS, INC.
011 B00AA01 8-13173
<PAGE> PAGE 2
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10017
012 A00AA01 PFPC INC.
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013 B01AA01 NEW YORK
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
055 A000100 N
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<PAGE> PAGE 8
070 K010100 N
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
048 F020200 0.000
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048 K010200 95000
048 K020200 0.330
049 000200 N
050 000200 N
051 000200 N
052 000200 N
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056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 N
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062 A000200 Y
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064 A000200 Y
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070 A010200 Y
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<PAGE> PAGE 12
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
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<PAGE> PAGE 13
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<PAGE> PAGE 14
074 Y000200 0
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024 000300 N
025 A000301 DELETE
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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070 F020300 N
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070 G020300 N
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE ROBERT ANDERSON
TITLE COMPLIANCE OFFICER
[ARTICLE] 6
[LEGEND]
This schedule contains financial information extracted from the
Registrant's Annual Report dated March 31, 1999 and is qualified in
its entirety by reference to such financial statements.
[CIK] 0000749748
[NAME] CASH ASSETS TRUST
[SERIES]
[NUMBER] 011
[NAME] PACIFIC CAPITAL CASH ASSETS TRUST-ORIGINAL SHARES
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 582,745,961
[INVESTMENTS-AT-VALUE] 582,745,961
[RECEIVABLES] 90,880
[ASSETS-OTHER] 9,073
[OTHER-ITEMS-ASSETS] 419
[TOTAL-ASSETS] 582,846,333
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2,454,040
[TOTAL-LIABILITIES] 2,454,040
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 580,798,323
[SHARES-COMMON-STOCK] 418,234,316
[SHARES-COMMON-PRIOR] 419,420,910
[ACCUMULATED-NII-CURRENT] 5,492
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (411,522)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 417,749,541
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 29,807,709
[OTHER-INCOME] 0
[EXPENSES-NET] 3,484,259
[NET-INVESTMENT-INCOME] 26,323,450
[REALIZED-GAINS-CURRENT] 219,878
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 26,543,328
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 20,213,192
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,391,409,673
[NUMBER-OF-SHARES-REDEEMED] 1,392,720,503
[SHARES-REINVESTED] 124,236
[NET-CHANGE-IN-ASSETS] 48,194,499
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (631,400)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,072,443
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,489,044
[AVERAGE-NET-ASSETS] 422,038,943
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .05
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .05
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .57
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[LEGEND]
This schedule contains summary financial information extracted from
the Registrant's Annual Report dated March 31, 1999 and is qualified
in its entirety by reference to such financial statements.
[CIK] 0000749748
[NAME] CASH ASSETS TRUST
[SERIES]
[NUMBER] 012
[NAME] PACIFIC CAPITAL CASH ASSTS TRUST-SERVICE SHARES
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 582,745,961
[INVESTMENTS-AT-VALUE] 582,745,961
[RECEIVABLES] 90,880
[ASSETS-OTHER] 9,073
[OTHER-ITEMS-ASSETS] 419
[TOTAL-ASSETS] 582,846,333
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 2,454,040
[TOTAL-LIABILITIES] 2,454,040
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 580,798,323
[SHARES-COMMON-STOCK] 162,564,234
[SHARES-COMMON-PRIOR] 113,403,019
[ACCUMULATED-NII-CURRENT] 5,492
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (411,522)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 162,642,752
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 29,807,709
[OTHER-INCOME] 0
[EXPENSES-NET] 3,484,259
[NET-INVESTMENT-INCOME] 26,323,450
[REALIZED-GAINS-CURRENT] 219,878
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 26,543,328
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 6,110,258
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 393,617,033
[NUMBER-OF-SHARES-REDEEMED] 350,487,018
[SHARES-REINVESTED] 6,031,200
[NET-CHANGE-IN-ASSETS] 48,194,499
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (631,400)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 2,072,443
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 3,489,044
[AVERAGE-NET-ASSETS] 135,505,803
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .05
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .05
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .81
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[LEGEND]
This schedule contains summary financial information extracted from the
Registrant's Annual Report dated March 31, 1999 and is qualified in its
entirety by reference to such Financial Statements.
[CIK] 0000749748
[NAME] CASH ASSETS TRUST
[SERIES]
[NUMBER] 022
[NAME] PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST-SERVICE SHARES
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 130,341,254
[INVESTMENTS-AT-VALUE] 130,341,254
[RECEIVABLES] 990,512
[ASSETS-OTHER] 470
[OTHER-ITEMS-ASSETS] 21,845
[TOTAL-ASSETS] 131,354,081
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 369,942
[TOTAL-LIABILITIES] 369,942
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 130,984,180
[SHARES-COMMON-STOCK] 47,557,904
[SHARES-COMMON-PRIOR] 37,111,289
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (41)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 47,558,588
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 4,486,608
[OTHER-INCOME] 0
[EXPENSES-NET] 821,199
[NET-INVESTMENT-INCOME] 3,665,409
[REALIZED-GAINS-CURRENT] 164
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 3,665,573
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 1,235,669
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 115,791,206
[NUMBER-OF-SHARES-REDEEMED] 106,556,540
[SHARES-REINVESTED] 1,211,951
[NET-CHANGE-IN-ASSETS] 17,309,766
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (205)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 377,975
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 827,039
[AVERAGE-NET-ASSETS] 46,765,697
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .03
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .03
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .79
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[LEGEND]
This schedule contains summary financial information extracted from the
Registrant's Annual Report dated March 31, 1999 and is qualified by
reference to such Financial Statements.
[CIK] 0000749748
[NAME] CASH ASSETS TRUST
[SERIES]
[NUMBER] 021
[NAME] PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST-ORIGINAL SHARES
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 130,341,254
[INVESTMENTS-AT-VALUE] 130,341,254
[RECEIVABLES] 990,512
[ASSETS-OTHER] 470
[OTHER-ITEMS-ASSETS] 21,845
[TOTAL-ASSETS] 131,354,081
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 369,942
[TOTAL-LIABILITIES] 369,942
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 130,984,180
[SHARES-COMMON-STOCK] 83,424,145
[SHARES-COMMON-PRIOR] 76,561,158
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (41)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 83,425,551
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 4,486,608
[OTHER-INCOME] 0
[EXPENSES-NET] 821,199
[NET-INVESTMENT-INCOME] 3,665,409
[REALIZED-GAINS-CURRENT] 164
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 3,665,573
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 2,429,740
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 179,018,803
[NUMBER-OF-SHARES-REDEEMED] 172,261,157
[SHARES-REINVESTED] 105,339
[NET-CHANGE-IN-ASSETS] 17,309,766
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] (205)
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 377,975
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 827,039
[AVERAGE-NET-ASSETS] 85,044,937
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .03
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .03
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .54
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[LEGEND]
This schedule contains summary financial information extracted from the
Registrant's Annual Report dated March 31, 1999 and is qualified in its
entirety by reference to such financial statements.
[RESTATED]
[CIK] 0000749748
[NAME] CASH ASSETS TRUST
[SERIES]
[NUMBER] 031
[NAME] PACFIC CAPITAL US GOV'T SECURITIES-ORIGINAL SHARES
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 355,338,519
[INVESTMENTS-AT-VALUE] 355,338,519
[RECEIVABLES] 264,300
[ASSETS-OTHER] 11,304
[OTHER-ITEMS-ASSETS] 139
[TOTAL-ASSETS] 355,614,262
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,453,383
[TOTAL-LIABILITIES] 1,453,383
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 354,142,463
[SHARES-COMMON-STOCK] 139,867,478
[SHARES-COMMON-PRIOR] 100,804,315
[ACCUMULATED-NII-CURRENT] 26,907
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (8,491)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 139,877,871
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 17,036,936
[OTHER-INCOME] 0
[EXPENSES-NET] 2,094,068
[NET-INVESTMENT-INCOME] 14,942,868
[REALIZED-GAINS-CURRENT] (8,032)
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 14,934,836
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 3,695,429
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 507,780,125
[NUMBER-OF-SHARES-REDEEMED] 468,776,126
[SHARES-REINVESTED] 59,163
[NET-CHANGE-IN-ASSETS] 103,455,781
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 17,031
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,049,559
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,094,134
[AVERAGE-NET-ASSETS] 141,607,144
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .04
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .04
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .49
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
[ARTICLE] 6
[LEGEND]
This schedule contains summary financial information extracted from the
Registrant's Annual Report dated March 31, 1999 and is qualified in its
entirety by reference to such Financial Statements.
[CIK] 0000749748
[NAME] CASH ASSETS TRUST
[SERIES]
[NUMBER] 032
[NAME] PACIFIC CAPITAL US GOV'T SECURITIES-SERVICE SHARES
<TABLE>
<S> <C>
[PERIOD-TYPE] 12-MOS
[FISCAL-YEAR-END] MAR-31-1999
[PERIOD-END] MAR-31-1999
[INVESTMENTS-AT-COST] 355,338,519
[INVESTMENTS-AT-VALUE] 355,338,519
[RECEIVABLES] 264,300
[ASSETS-OTHER] 11,304
[OTHER-ITEMS-ASSETS] 139
[TOTAL-ASSETS] 355,614,262
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 1,453,383
[TOTAL-LIABILITIES] 1,453,383
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 354,142,463
[SHARES-COMMON-STOCK] 214,274,847
[SHARES-COMMON-PRIOR] 149,874,197
[ACCUMULATED-NII-CURRENT] 26,707
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (8,491)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 214,283,008
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 17,036,936
[OTHER-INCOME] 0
[EXPENSES-NET] 2,094,068
[NET-INVESTMENT-INCOME] 14,942,868
[REALIZED-GAINS-CURRENT] (8,032)
[APPREC-INCREASE-CURRENT] 0
[NET-CHANGE-FROM-OPS] 14,934,836
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 8,282,074
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 1,014,867,768
[NUMBER-OF-SHARES-REDEEMED] 958,541,263
[SHARES-REINVESTED] 8,074,146
[NET-CHANGE-IN-ASSETS] 103,455,781
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 17,031
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1,049,559
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 2,094,134
[AVERAGE-NET-ASSETS] 187,350,096
[PER-SHARE-NAV-BEGIN] 1.00
[PER-SHARE-NII] .04
[PER-SHARE-GAIN-APPREC] 0
[PER-SHARE-DIVIDEND] .04
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 1.00
[EXPENSE-RATIO] .74
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
The Board of Trustees of
Cash Assets Trust:
In planning and performing our audit of the financial statements of The
Pacific Capital Funds of Cash Assets Trust (the "Trust") (comprised of Cash
Fund, Tax-Free Fund and U.S. Treasuries Fund) for the year ended March 31,
1999, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on the
internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relative low level the risk that misstatements caused by error or fraud
in amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their asigned functions.
However, we noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we consider t be
material weaknesses as defined above as of March 31, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ KPMG LLP
- --------------
New York, New York
April 27, 1999
