N-Q 1 catsnq63005.txt CASH ASSETS TRUST 1ST QUARTER N-Q FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-4066 Pacific Capital Cash Assets Trust (Exact Name of Registrant as Specified in Charter) 380 Madison Avenue, Suite 2300 New York, New York 10017 (Address of Principal Executive Offices)(Zip Code) Registrant's Telephone Number, including Area Code: (212) 697-6666 Joseph P. DiMaggio, Chief Financial Officer and Treasurer 380 Madison Avenue, Suite 2300 New York, New York 10017 (Name and address of Agent for Service) Date of fiscal year end: March 31, 2005 Date of reporting period: June 30, 2005 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. Item 1. Schedule of Investments. Schedule of investments as of the close of the reporting period as set forth in subsection 210.12-12 - 12-14 of Regulation S-X (17 CFR 210.12-12 - 12-14). Cash Assets Trust Schedule of Investments June 30, 2005 (unaudited)
Principal Security Amount Description Value (a) Commercial Paper (58.8%): Automotive (4.4%): $22,000,000 Toyota Motor Credit Corp., 2.93%, 07/26/05 $21,951,722 ---------- Banks (12.0%): 20,000,000 Barclays US Funding Corp., 2.99%, 08/11/05 19,928,478 20,000,000 Lloyds TSB Bank PLC, 2.03%, 07/05/05 19,993,222 20,000,000 Societe Generale N.A., Inc., 3.12%, 09/02/05 19,887,475 ---------- 59,809,175 Borrowing Conduit (4.0%): 20,000,000 Abbey National North America Corp., 2.58%, 07/18/05 19,972,800 ---------- Brokerage (8.0%): 20,000,000 Goldman Sachs Group, Inc., 2.99%, 08/15/05 19,922,000 20,000,000 Morgan Stanley Dean Witter, 3.26%, 09/15/05 19,858,556 ---------- 39,780,556 Finance (22.4%): 25,000,000 AIG Funding, 2.79%, 07/18/05 24,963,167 25,000,000 American Express Credit Corp., 3.14% 09/14/05 24,832,292 20,000,000 Citigroup Global Markets Holdings, Inc., 2.51%, 07/11/05 19,983,278 20,000,000 PACCAR Financial Corp., 3.10%, 09/01/05 19,889,778 22,000,000 UBS Finance, 3.31%, 10/14/05 21,783,758 ---------- 111,452,273 Insurance (8.0%): 20,000,000 MetLife Funding, Inc., 3.28%, 09/20/05 19,848,800 20,000,000 Prudential Funding, 2.96%, 08/09/05 19,932,617 ---------- 39,781,417 Total Commercial Paper 272,775,143 ----------- Certificates of Deposit (8.1%): Bank (8.1%): 20,000,000 Bank of America, 3.01%, 07/13/05 20,000,000 20,000,000 Wells Fargo, 3.13%, 08/03/05 20,000,000 ---------- 40,000,000 Corporate Note (3.0%): Insurance (3.0%): Peoples Benefit Life Insurance, 15,000,000 Variable Rate Note, 3.27%, 07/01/05* 15,000,000 ---------- U.S. Government Agencies (24.6%): Federal Home Loan Bank (11.6%): 28,000,000 2.96%, 08/24/05 27,871,270 30,000,000 3.06%, 09/16/05 29,798,517 ---------- 57,669,787 Federal Home Loan Mortgage Corp. (13.0%): 25,000,000 1.97%, 07/05/05 24,991,805 40,000,000 2.88%, 08/01/05 39,894,255 ---------- 64,886,060 Total U.S. Government Agencies 122,555,847 ----------- Repurchase Agreement (5.6%): Bank of America 28,000,000 3.30%, 07/01/05 28,000,000 ---------- (Proceeds of $28,002,567 to be received at maturity, Collateral: $22,425,000 Federal Home Loan Mortgage Corp. 6.25% due 07/15/32; Collateral Fair Value $28,881,158) Investment Company (0.1%): 302,294 JP Morgan U.S. Government Money Market Fund, Capital Shares 302,294 ------- Total Investments (Amortized Cost $498,606,084**) - 100.2% 498,606,084 Other assets less liabilities - (0.2)% (1,043,262) ----------- NET ASSETS - 100.0% 497,562,822 ============= ------------
* Illiquid security. Considered illiquid because it may not be sold, and may be redeemed only upon at least ninety days' notice to the issuer. As this security is a variable rate note, the rate shown represents the rate in effect at June 30, 2005, and the maturity date reflects the next rate change date. Represents 3.0% of net assets. ** Cost for Federal income tax and financial reporting purposes is identical. Portfolio Distribution (unaudited) Commercial Paper 58.7 % Certificate of Deposit 8.0 Corporate Note 3.0 U.S. Government Agencies 24.6 Repurchase Agreement 5.6 Investment Company 0.1 100.0 See accompanying notes to financial statements. Cash Assets Trust NOTES TO FINANCIAL STATEMENTS (a) Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. Tax-Free Cash Assets Trust Schedule of Investments June 30, 2005 (unaudited)
Moody's/S&P Principal Security Ratings Amount Description (unaudited) Value (a) ------ ----------- ----------- ----- --- MUNICIPAL BONDS (93.6%): COLORADO (3.6%): Colorado Housing & Finance Authority Revenue Bonds, Class I, Series A-1, Weekly Reset VRDO*, $7,600,000 2.400%, 10/01/30 VMIG1/A-1+ $ 7,600,000 --------- HAWAII (16.4%): City and County of Honolulu, Hawaii Board Water Supply Commercial Paper; SPA: Westdeutsche Landesbank 5,000,000 2.550%, 08/03/05 P1/A-1+ 5,000,000 City and County of Honolulu, Hawaii (Mandatory Put 12/01/05) SPA: FGIC Insured 5,000,000 2.28%, 12/01/20 VMIG1/A-1+ 5,000,000 City and County of Honolulu, Hawaii Prerefunded 11/01/05 @ 101 1,010,000 5.00%, 11/01/12 Aaa/AAA 1,023,500 City and County of Honolulu, Hawaii- Putable Series C; SPA: FGIC Insured 1,000,000 2.280%, 12/01/16 VMIG1/Aaa 997,023 Department of Budget and Finance of the State of Hawaii Special Purpose Revenue Bonds (The Queen's Health System), Series A, Weekly Reset VRDO*, SPA: Bank of Nova Scotia 19,575,000 2.32%, 07/01/26 VMIG1/A-1 19,575,000 Department of Budget and Finance of the State Special Purpose Revenue Bonds (The Queen's Health System) Series A, Weekly Reset VRDO*, SPA: Bank of Nova Scotia, AMBAC Insured 1,900,000 2.150%, 07/01/29 VMIG1/A-1+ 1,900,000 Hawaii State Refunding Series DC, General Obligation 1,500,000 3.000%, 09/01/05 Aa3/AA- 1,502,530 --------- 34,998,053 ILLINOIS (5.8%): Chicago, IL General Obligation Bonds, Series B, Weekly Reset VRDO*, SPA:Landesbank Baden-Wurttemberg FGIC Insured 3,000,000 2.300%, 01/01/37 VMIG1/A-1+ 3,000,000 Chicago, IL Metropolitan Water Reclamation District-Greater Chicago General Obligation Bonds, Series A, Weekly Reset VRDO*, SPA: Bank of America 9,500,000 2.300%, 12/01/31 VMIG1/A-1+ 9,500,000 12,500,000 MASSACHUSETTS (3.9%) Massachusetts State Health & Educational Facilities Authority Revenue Wellesley College Series 1999G Daily Reset VRDO* 8,425,000 2.230%, 07/01/39 VMIG1/Aa1 8,425,000 --------- MICHIGAN (4.7%): Eastern Michigan University, MI University Revenue Bonds, Daily Reset VRDO*, FGIC Insured 7,035,000 2.300%, 06/01/27 NR/A-1+ 7,035,000 Northern Michigan University Revenue Bonds, Daily Reset VRDO*, FGIC Insured 3,010,000 2.30%, 06/01/31 VMIG1/A-1+ 3,010,000 --------- 10,045,000 MINNESOTA (2.3%): Cohasset, MN Revenue Bonds (Minnesota Power & Light Co. Project), Series A, Daily Reset VRDO*, LOC: ABN Amro Bank N.V. 3,875,000 2.300%, 06/01/20 NR/A-1+ 3,875,000 Cohasset, MN Revenue Bonds (Minnesota Power & Light Co. Project), Series B, Daily Reset VRDO*, LOC: ABN Amro Bank N.V. 200,000 2.300%, 06/01/13 NR/A-1+ 200,000 Cohasset, MN Revenue Bonds (Minnesota Power & Light Co. Project), Series C, Daily Reset VRDO*, LOC: ABN Amro Bank N.V. 800,000 2.300%, 06/01/13 NR/A-1+ 800,000 ------- 4,875,000 MISSOURI (14.9%): Kansas City, MO Industrial Development Authority Revenue Bonds, (Ewing Marion Kaufman Foundation), Daily Reset VRDO* 7,110,000 2.300%, 04/01/27 NR/A-1+ 7,110,000 Kansas City, MO Industrial Development Authority Revenue Bonds, (Ewing Marion Kaufman Foundation), Daily Reset VRDO* 3,200,000.00 2.300%, 04/01/27 NR/A-1+ 3,200,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (St. Louis University), Series A, Daily Reset VRDO*, SPA: Bank of America N.A. 1,485,000 2.350%, 10/01/09 VMIG1/A-1+ 1,485,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (St. Louis University), Series B, Daily Reset VRDO*, SPA: Bank of America N.A. 5,155,000 2.350%, 10/01/24 VMIG1/A-1+ 5,155,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (Washington University), Series C, Daily Reset VRDO*, SPA: JP Morgan Chase Bank 2,800,000 2.300%, 09/01/30 VMIG1/A-1+ 2,800,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (Washington University), Series C, Daily Reset VRDO*, SPA: JP Morgan Chase Bank 1,000,000 2.300%, 03/01/40 VMIG1/A-1+ 1,000,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (Washington University), Series D, Daily Reset VRDO*, SPA: JP Morgan Chase Bank 2,100,000 2.30%, 09/01/30 VMIG1/A-1+ 2,100,000 University of Missouri, Curators of the University of Missouri System Facilities Revenue Bonds, Series A, Daily Reset VRDO* 9,100,000 2.29%, 11/01/32 VMIG1/A-1+ 9,100,000 --------- 31,950,000 MONTANA (3.6%): Montana State, Health Facilities Authority Revenue Bonds, Series A, Weekly Reset VRDO*, FGIC Insured SPA: Wells Fargo 7,655,000 2.30%, 12/01/15 VMIG1/A-1+ 7,655,000 --------- NEVADA (4.0%): Clark County, NV Airport Revenue Bonds, Series C, Weekly Reset VRDO*, FGIC Insured, SPA: Landesbank Baden-Wurttemberg 8,500,000 2.260%, 07/01/29 VMIG1/A-1+ 8,500,000 --------- NEW YORK (8.4%): Long Island, NY Power Authority Revenue Bonds, Series 1A, Weekly Reset VRDO*, LOC: Bayerische Landesbank 7,500,000 2.31%, 05/01/33 VMIG1/A-1+ 7,500,000 New York, NY City Transitional Finance Authority Revenue Bonds, Series 3, Daily Reset VRDO*, SPA: Bank of New York 10,400,000 2.26%, 11/01/22 VMIG1/A-1+ 10,400,000 ---------- 17,900,000 NORTH CAROLINA (10.2%): Charlotte, NC Airport Revnue Bonds, Series A, Weekly Reset VRDO*, MBIA Insured, SPA: JP Morgan Chase 8,965,000 2.26%, 07/01/16 VMIG1/A-1+ 8,965,000 Concord, NC Utility Systems Revenue Bonds, Series B, Weekly Reset VRDO*, FSA Insured, SPA: Wachovia Bank 6,065,000 2.260%, 12/01/22 VMIG1/NR 6,065,000 Durham, NC Public Improvement General Obligation Bonds Weekly Reset VRDO*, SPA: Wachovia Bank of NC 2,975,000 2.290%, 02/01/11 VMIG1/A-1 2,975,000 Durham, NC General Obligation Bonds (Public Improvement Project), Weekly Reset VRDO*, SPA: Wachovia Bank of North Carolina 1,150,000 2.290%, 02/01/09 VMIG1/A-1 1,150,000 1,270,000 2.290%, 02/01/12 VMIG1/A-1 1,270,000 1,475,000 2.290%, 02/01/13 VMIG1/A-1 1,475,000 --------- 21,900,000 OHIO (1.5%): Ohio Housing Finance Agency Mortgage Revenue Bonds (Residential Mortgage), Series E-AMT, Weekly Reset VRDO*, SPA: FHLB 3,245,000 2.330%, 09/01/34 VMIG1/NR 3,245,000 --------- PENNSYLVANIA (2.1%): Philadelphia, PA Hospital & Education Facility Authority Children's Hospital Series 2003A D Daily Reset VRDO*; SPA: JP Morgan 4,400,000 2.300%, 02/15/14 VMIG1/Aa2 4,400,000 --------- TEXAS (4.0%): Texas State, TX Turnpike Authority Central System Revenue Bonds, Series B, Weekly Reset VRDO*, AMBAC Insured, SPA: Bank of Nova Scotia 8,500,000 2.260%, 08/15/42 Aaa/A-1 8,500,000 --------- UTAH (1.4%): University of Utah, Auxiliary & Campus Facilities Revenue Bonds, Series A, Weekly Reset VRDO*, SPA: Bank of Nova Scotia 2,950,000 2.40%, 04/01/27 VMIG1/A-1 2,950,000 --------- VIRGINIA (2.8%): University of Virginia Revenue Bonds, Series A, Weekly Reset VRDO* 6,000,000 2.350%, 06/01/34 VMIG1/A-1+ 6,000,000 --------- WASHINGTON (4.0%): Seattle, WA Water System Revenue Bonds, Series A, Weekly Reset VRDO*, LOC: Bayerische Landesbank 8,500,000 2.250%, 03/01/32 VMIG1/A-1+ 8,500,000 --------- INVESTMENT COMPANIES (6.3%): 6,065,000 Dreyfus Tax-Exempt Money Market Institutional Shares 6,065,000 7,290,000 Goldman Sachs Financial Square Tax-Exempt Money Market Institutional Shares 7,290,000 --------------- 13,355,000 --------------- Total Investments (Amortized Cost $213,298,053**) - 99.9% 213,298,053 ther assets less liabilities- 0.1% ---------- 318,198 -------- NET ASSETS-100.0% $ 213,616,251 ================== ------------
* Variable rate demand obligations (VRDOs) are payable upon demand within the same day for securities with daily liquidity or seven days for securities with weekly liquidity. ** Cost for Federal income tax and financial reporting purporses is identical. Portfolio Distribution (unaudited) Colorado 3.6 % Hawaii 16.4 Illinois 5.8 Massachusetts 3.9 Michigan 4.7 Minnesota 2.3 Missouri 14.9 Montana 3.6 Nevada 4.0 New York 8.4 North Carolina 10.3 Ohio 1.5 Pennsylvania 2.1 Texas 4.0 Utah 1.4 Virginia 2.8 Washington 4.0 Investment Companies 6.3 -------- 100.0 % ======== PORTFOLIO ABBREVIATIONS: AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax FGIC - Financial Guaranty Insurance Corporation FHLB - Federal Home Loan Bank FSA - Financial Security Assurance LOC - Letter of Credit SPA - Standby Bond Purchase Agreement VRDO - Variable Rate Demand Obligation See accompanying notes to financial statements. Tax-Free Cash Assets Trust NOTES TO FINANCIAL STATEMENTS (a) Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. U.S. Government Securities Cash Assets Trust Schedule of Investments June 30, 2005 (unaudited)
Principal Security Amount Description Value (a) ------ ----------- ----- U.S. Government Agencies (99.6%): Federal Home Loan Bank (99.6%): $ 285,000,000 2.65%, 07/01/05 $ 285,000,000 90,000,000 2.16%, 07/06/05 89,962,257 80,000,000 2.30%, 07/08/05 79,953,956 14,000,000 2.56%, 07/13/05 13,986,047 25,000,000 2.61%, 07/15/05 24,971,028 95,000,000 2.83%, 07/19/05 94,850,850 63,959,000 2.76%, 07/20/05 63,855,875 80,000,000 2.77%, 07/21/05 79,864,444 60,000,000 2.96%, 08/24/05 59,724,150 95,000,000 3.14%, 08/26/05 94,519,722 77,662,000 3.15%, 09/07/05 77,186,708 75,023,000 3.14%, 09/09/05 74,552,008 49,900,000 3.06%, 09/16/05 49,564,866 ---------- Total U.S. Government Agencies 1,087,991,911 ------------- Investment Company (0.6%): 7,088,930 JP Morgan U.S. Government Money Market Fund, Capital Shares 7,088,930 --------- Total Investments (Amortized Cost $1,095,080,841*) - 100.2% 1,095,080,841 Other assets less liabilities - (0.2)% (2,352,342) ----------- $ ========== NET ASSETS - 100.0% 1,092,728,499 ==============
------------ * Cost for Federal income tax and financial reporting purposes is identical. Portfolio Distribution (unaudited) U.S. Government Agencies 99.4 % Investment Company 0.6 100.0 % See accompanying notes to financial statements. U.S. Government Securities Cash Assets Trust NOTES TO FINANCIAL STATEMENTS (a) Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. Item 2. Controls and Procedures. (a) The Fund's chief financial and executive officers have evaluated the Fund's disclosure controls and procedures within 90 days of this filing and have concluded that the Fund's disclosure controls and procedures were effective, as of this date, in ensuring that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported timely. (b) The Fund's chief financial and executive officers are aware of no changes in the Fund's internal control over financial reporting that occurred during the Fund's latest fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting. Item 3. Exhibits. Filed as exhibits as part of this Form are separate certifications for each chief financial and executive officer of the registrant as required by Rule 30a-2(a) under the Act(17 CFR 270.30a-2(a)). 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. PACIFIC CAPITAL CASH ASSETS TRUST By: /s/ Diana P. Herrmann ------------------------------- Diana P. Herrmann Vice Chair, President and Trustee August 25, 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/ Diana P. Herrmann --------------------------------- Diana P. Herrmann Vice Chair, President and Trustee August 25, 2005 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer August 25, 2005