-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MgJXadSPt3qI4hqcZ0pK3XYBFGStNWyIyuSSwk/iS3V+VEfObQX2T7bbLWrXjbi4 f6tabo4pJ7nQnCdkck3ZdA== 0000749748-06-000006.txt : 20060530 0000749748-06-000006.hdr.sgml : 20060529 20060530155107 ACCESSION NUMBER: 0000749748-06-000006 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060331 FILED AS OF DATE: 20060530 DATE AS OF CHANGE: 20060530 EFFECTIVENESS DATE: 20060530 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASH ASSETS TRUST CENTRAL INDEX KEY: 0000749748 IRS NUMBER: 136844974 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-04066 FILM NUMBER: 06873951 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STREET 2: SUITE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 380 MADISON AVENUE STREET 2: SUITE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 0000749748 S000006652 Pacific Capital Cash Assets Trust C000018146 Pacific Capital Cash Assets Trust Original Shares CATXX C000018147 Pacific Capital Cash Assets Trust Service Shares CASXX 0000749748 S000006653 Padific Capital Tax-Free Cash Assets Trust C000018148 Pacific Capital Tax-Free Cash Assets Trust Original Shares TFCXX C000018149 Pacific Capital Tax-Free Cash Assets Trust Service Shares TFAXX 0000749748 S000006654 Pacific Capital U.S. Government Securities Cash Assets Trust C000018150 Pacific Capital U.S.Government Securities Cash Assets Trust Original Shares USCXX C000018151 Pacific Capital U.S. Government Securities Cash Assets Trust Service Shares UCSXX NSAR-B 1 answer.fil PAGE 1 000 B000000 03/31/2006 000 C000000 0000749748 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 Y 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 CASH ASSETS TRUST 001 B000000 811-4066 001 C000000 2126976666 002 A000000 380 MADISON AVENUE, SUITE 2300 002 B000000 NEW YORK 002 C000000 NY 002 D010000 10017 002 D020000 2511 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 3 007 C010100 1 007 C020100 PACIFIC CAPITAL CASH ASSETS TRUST 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 8 007 C010900 9 007 C011000 10 008 A00AA01 ASSET MANAGEMENT GROUP OF BANK OF HAWAII 008 B00AA01 A 008 C00AA01 801-00000 008 D01AA01 HONOLULU 008 D02AA01 HI 008 D03AA01 96802 010 A00AA01 AQUILA INVESTMENT MANAGEMENT LLC 010 B00AA01 801-22119 010 C01AA01 NEW YORK 010 C02AA01 NY 010 C03AA01 10017 010 C04AA01 2511 PAGE 2 011 A00AA01 AQUILA DISTRIBUTORS, INC. 011 B00AA01 8-13173 011 C01AA01 NEW YORK 011 C02AA01 NY 011 C03AA01 10017 011 C04AA01 2511 012 A00AA01 PFPC, INC. 012 B00AA01 85-11196 012 C01AA01 KING OF PRUSSIA 012 C02AA01 PA 012 C03AA01 19406 012 C04AA01 1212 013 A00AA01 TAIT, WELLER & BAKER 013 B01AA01 PHILADELPHIA 013 B02AA01 PA 013 B03AA01 19103 015 A00AA01 BANK ONE TRUST COMPANY, N.A. 015 B00AA01 C 015 C01AA01 COLUMBUS 015 C02AA01 OH 015 C03AA01 43240 015 E01AA01 X 018 00AA00 Y 019 A00AA00 Y 019 B00AA00 14 019 C00AA00 AQUILAMGMT 020 C000001 0 020 C000002 0 020 C000003 0 020 C000004 0 020 C000005 0 020 C000006 0 020 C000007 0 020 C000008 0 020 C000009 0 020 C000010 0 021 000000 0 022 A000001 BANK OF AMERICA 022 B000001 56-2058405 022 C000001 54542 022 D000001 54542 022 A000002 SG COWEN SECURITIES CORP. 022 B000002 13-5616116 022 C000002 889000 022 D000002 0 022 A000003 MORGAN STANLEY 022 B000003 13-2655998 022 C000003 487623 022 D000003 0 022 A000004 BARCLAYS INVESTMENTS 022 B000004 05-0346412 PAGE 3 022 C000004 2808685 022 D000004 50983 022 A000005 SOCIETE GENERAL 022 B000005 N/A 022 C000005 6932837 022 D000005 1692 022 A000006 GOLDMAN SACHS 022 B000006 13-5108880 022 C000006 506557 022 D000006 166403 022 A000007 LEHMAN BROTHERS 022 B000007 13-2518466 022 C000007 625156 022 D000007 0 022 A000008 MIZUHO 022 B000008 36-2880742 022 C000008 1305914 022 D000008 14841 022 A000009 CITIGROUP 022 B000009 11-2418191 022 C000009 971688 022 D000009 17465 022 A000010 JP MORGAN SECURITIES 022 B000010 N/A 022 C000010 1946120 022 D000010 1440160 023 C000000 18903110 023 D000000 1832697 026 A000000 N 026 B000000 N 026 C000000 N 026 D000000 Y 026 E000000 N 026 F000000 N 026 G010000 N 026 G020000 N 026 H000000 N 027 000000 Y 029 00AA00 N 030 A00AA00 0 030 B00AA00 0.00 030 C00AA00 0.00 031 A00AA00 0 031 B00AA00 0 032 00AA00 0 033 00AA00 0 034 00AA00 N 035 00AA00 0 036 B00AA00 0 037 00AA00 N 038 00AA00 0 PAGE 4 039 00AA00 N 040 00AA00 Y 041 00AA00 Y 054 A00AA00 Y 054 B00AA00 Y 054 C00AA00 N 054 D00AA00 N 054 E00AA00 N 054 F00AA00 N 054 G00AA00 N 054 H00AA00 Y 054 I00AA00 N 054 J00AA00 Y 054 K00AA00 N 054 L00AA00 N 054 M00AA00 Y 054 N00AA00 N 054 O00AA00 Y 066 A00AA00 N 067 00AA00 N 068 A00AA00 N 068 B00AA00 N 069 00AA00 N 077 A000000 Y 077 B000000 Y 077 C000000 N 077 D000000 N 077 E000000 N 077 F000000 N 077 G000000 N 077 H000000 N 077 I000000 N 077 J000000 N 077 K000000 Y 077 L000000 N 077 M000000 N 077 N000000 N 077 O000000 N 077 P000000 N 077 Q010000 Y 077 Q020000 N 077 Q030000 N 078 000000 N 080 A00AA00 ICI MUTUAL INSURANCE COMPANY 080 C00AA00 10000 081 A00AA00 Y 081 B00AA00 16 082 A00AA00 Y 082 B00AA00 50 083 A00AA00 N 083 B00AA00 0 PAGE 5 084 A00AA00 N 084 B00AA00 0 085 A00AA00 Y 085 B00AA00 N 086 A010000 0 086 A020000 0 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 024 000100 Y 025 A000101 BEAR STEARN & CO. 025 C000101 D 025 D000101 20000 025 D000102 0 025 D000103 0 025 D000104 0 025 D000105 0 025 D000106 0 025 D000107 0 025 D000108 0 028 A010100 92625 028 A020100 398 028 A030100 0 028 A040100 56747 028 B010100 53957 028 B020100 409 028 B030100 0 028 B040100 81144 028 C010100 146839 028 C020100 381 028 C030100 0 028 C040100 124679 028 D010100 122166 028 D020100 469 028 D030100 0 028 D040100 106270 028 E010100 87972 028 E020100 574 028 E030100 0 028 E040100 76077 028 F010100 62986 028 F020100 891 028 F030100 0 028 F040100 84793 PAGE 6 028 G010100 566545 028 G020100 3122 028 G030100 0 028 G040100 529710 028 H000100 0 042 A000100 0 042 B000100 0 042 C000100 0 042 D000100 100 042 E000100 0 042 F000100 0 042 G000100 0 042 H000100 0 043 000100 417 044 000100 0 045 000100 Y 046 000100 N 047 000100 Y 048 000100 0.000 048 A010100 325000 048 A020100 0.330 048 B010100 0 048 B020100 0.000 048 C010100 0 048 C020100 0.000 048 D010100 0 048 D020100 0.000 048 E010100 0 048 E020100 0.000 048 F010100 0 048 F020100 0.000 048 G010100 0 048 G020100 0.000 048 H010100 0 048 H020100 0.000 048 I010100 0 048 I020100 0.000 048 J010100 0 048 J020100 0.000 048 K010100 325000 048 K020100 0.430 049 000100 N 050 000100 N 051 000100 N 052 000100 N 053 A000100 N 055 A000100 N 055 B000100 N 056 000100 Y 057 000100 N 058 A000100 N PAGE 7 059 000100 Y 060 A000100 Y 060 B000100 Y 061 000100 1000 062 A000100 Y 062 B000100 0.0 062 C000100 26.5 062 D000100 17.6 062 E000100 0.0 062 F000100 4.4 062 G000100 0.0 062 H000100 0.0 062 I000100 48.1 062 J000100 0.0 062 K000100 0.0 062 L000100 3.6 062 M000100 0.0 062 N000100 0.0 062 O000100 0.0 062 P000100 0.0 062 Q000100 0.0 062 R000100 0.0 063 A000100 47 063 B000100 0.0 064 A000100 Y 064 B000100 N 070 A010100 Y 070 A020100 Y 070 B010100 N 070 B020100 N 070 C010100 N 070 C020100 N 070 D010100 N 070 D020100 N 070 E010100 N 070 E020100 N 070 F010100 N 070 F020100 N 070 G010100 N 070 G020100 N 070 H010100 N 070 H020100 N 070 I010100 N 070 I020100 N 070 J010100 Y 070 J020100 N 070 K010100 Y 070 K020100 Y 070 L010100 Y 070 L020100 Y 070 M010100 N PAGE 8 070 M020100 N 070 N010100 Y 070 N020100 N 070 O010100 Y 070 O020100 N 070 P010100 Y 070 P020100 Y 070 Q010100 N 070 Q020100 N 070 R010100 N 070 R020100 N 071 A000100 0 071 B000100 0 071 C000100 0 071 D000100 0 072 A000100 12 072 B000100 17782 072 C000100 0 072 D000100 0 072 E000100 0 072 F000100 1745 072 G000100 662 072 H000100 0 072 I000100 15 072 J000100 8 072 K000100 0 072 L000100 38 072 M000100 102 072 N000100 50 072 O000100 0 072 P000100 0 072 Q000100 31 072 R000100 17 072 S000100 50 072 T000100 417 072 U000100 0 072 V000100 0 072 W000100 68 072 X000100 3203 072 Y000100 2 072 Z000100 14581 072AA000100 1 072BB000100 0 072CC010100 0 072CC020100 0 072DD010100 9722 072DD020100 4859 072EE000100 0 073 A010100 0.0312 073 A020100 0.0312 073 B000100 0.0000 PAGE 9 073 C000100 0.0000 074 A000100 0 074 B000100 80000 074 C000100 375994 074 D000100 0 074 E000100 0 074 F000100 0 074 G000100 0 074 H000100 0 074 I000100 0 074 J000100 0 074 K000100 0 074 L000100 89 074 M000100 18 074 N000100 456101 074 O000100 0 074 P000100 192 074 Q000100 0 074 R010100 0 074 R020100 0 074 R030100 0 074 R040100 1020 074 S000100 0 074 T000100 454889 074 U010100 285941 074 U020100 169934 074 V010100 1.00 074 V020100 1.00 074 W000100 1.0019 074 X000100 9315 074 Y000100 0 075 A000100 481547 075 B000100 0 076 000100 0.00 024 000200 N 025 D000201 0 025 D000202 0 025 D000203 0 025 D000204 0 025 D000205 0 025 D000206 0 025 D000207 0 025 D000208 0 028 A010200 37892 028 A020200 119 028 A030200 0 028 A040200 28528 028 B010200 17056 028 B020200 127 028 B030200 0 028 B040200 28793 PAGE 10 028 C010200 39671 028 C020200 138 028 C030200 0 028 C040200 20978 028 D010200 32066 028 D020200 164 028 D030200 0 028 D040200 39558 028 E010200 39113 028 E020200 159 028 E030200 0 028 E040200 22384 028 F010200 38198 028 F020200 274 028 F030200 0 028 F040200 40138 028 G010200 203996 028 G020200 981 028 G030200 0 028 G040200 180379 028 H000200 0 042 A000200 0 042 B000200 0 042 C000200 0 042 D000200 100 042 E000200 0 042 F000200 0 042 G000200 0 042 H000200 0 043 000200 220 044 000200 0 045 000200 Y 046 000200 N 047 000200 Y 048 000200 0.000 048 A010200 95000 048 A020200 0.270 048 B010200 0 048 B020200 0.000 048 C010200 0 048 C020200 0.000 048 D010200 0 048 D020200 0.000 048 E010200 0 048 E020200 0.000 048 F010200 0 048 F020200 0.000 048 G010200 0 048 G020200 0.000 048 H010200 0 048 H020200 0.000 PAGE 11 048 I010200 0 048 I020200 0.000 048 J010200 0 048 J020200 0.000 048 K010200 95000 048 K020200 0.330 049 000200 N 050 000200 N 051 000200 N 052 000200 N 053 A000200 N 055 A000200 N 055 B000200 N 056 000200 Y 057 000200 N 058 A000200 N 059 000200 Y 060 A000200 N 060 B000200 N 061 000200 1000 062 A000200 Y 062 B000200 0.0 062 C000200 0.0 062 D000200 0.0 062 E000200 99.5 062 F000200 0.0 062 G000200 0.0 062 H000200 0.0 062 I000200 0.0 062 J000200 0.0 062 K000200 0.0 062 L000200 0.0 062 M000200 0.0 062 N000200 0.0 062 O000200 0.0 062 P000200 0.0 062 Q000200 0.0 062 R000200 0.0 063 A000200 19 063 B000200 0.0 064 A000200 Y 064 B000200 N 070 A010200 Y 070 A020200 N 070 B010200 N 070 B020200 N 070 C010200 N 070 C020200 N 070 D010200 N 070 D020200 N 070 E010200 N PAGE 12 070 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 070 M010200 N 070 M020200 N 070 N010200 Y 070 N020200 N 070 O010200 Y 070 O020200 Y 070 P010200 Y 070 P020200 N 070 Q010200 N 070 Q020200 N 070 R010200 N 070 R020200 N 071 A000200 0 071 B000200 0 071 C000200 0 071 D000200 0 072 A000200 12 072 B000200 5777 072 C000200 0 072 D000200 0 072 E000200 0 072 F000200 649 072 G000200 207 072 H000200 0 072 I000200 14 072 J000200 12 072 K000200 0 072 L000200 7 072 M000200 66 072 N000200 13 072 O000200 0 072 P000200 0 072 Q000200 28 072 R000200 16 072 S000200 25 072 T000200 220 PAGE 13 072 U000200 0 072 V000200 0 072 W000200 41 072 X000200 1298 072 Y000200 4 072 Z000200 4483 072AA000200 10 072BB000200 0 072CC010200 0 072CC020200 0 072DD010200 1704 072DD020200 2779 072EE000200 0 073 A010200 0.0219 073 A020200 0.0194 073 B000200 0.0000 073 C000200 0.0000 074 A000200 6 074 B000200 0 074 C000200 224554 074 D000200 0 074 E000200 0 074 F000200 0 074 G000200 0 074 H000200 0 074 I000200 0 074 J000200 3600 074 K000200 0 074 L000200 1372 074 M000200 7 074 N000200 229539 074 O000200 0 074 P000200 79 074 Q000200 0 074 R010200 0 074 R020200 0 074 R030200 0 074 R040200 3871 074 S000200 0 074 T000200 225589 074 U010200 132554 074 U020200 93022 074 V010200 1.00 074 V020200 1.00 074 W000200 1.0000 074 X000200 506 074 Y000200 0 075 A000200 214012 075 B000200 0 076 000200 0.00 024 000300 N PAGE 14 025 D000301 0 025 D000302 0 025 D000303 0 025 D000304 0 025 D000305 0 025 D000306 0 025 D000307 0 025 D000308 0 028 A010300 251980 028 A020300 1559 028 A030300 0 028 A040300 210192 028 B010300 316994 028 B020300 1779 028 B030300 0 028 B040300 347648 028 C010300 439624 028 C020300 1884 028 C030300 0 028 C040300 232299 028 D010300 543210 028 D020300 2379 028 D030300 0 028 D040300 640972 028 E010300 304902 028 E020300 2400 028 E030300 0 028 E040300 276909 028 F010300 450968 028 F020300 4117 028 F030300 0 028 F040300 396138 028 G010300 2307678 028 G020300 14118 028 G030300 0 028 G040300 2104158 028 H000300 0 042 A000300 0 042 B000300 0 042 C000300 0 042 D000300 100 042 E000300 0 042 F000300 0 042 G000300 0 042 H000300 0 043 000300 1740 044 000300 0 045 000300 Y 046 000300 N 047 000300 Y 048 000300 0.000 PAGE 15 048 A010300 60000 048 A020300 0.270 048 B010300 0 048 B020300 0.000 048 C010300 0 048 C020300 0.000 048 D010300 0 048 D020300 0.000 048 E010300 0 048 E020300 0.000 048 F010300 0 048 F020300 0.000 048 G010300 0 048 G020300 0.000 048 H010300 0 048 H020300 0.000 048 I010300 0 048 I020300 0.000 048 J010300 0 048 J020300 0.000 048 K010300 60000 048 K020300 0.330 049 000300 N 050 000300 N 051 000300 N 052 000300 N 053 A000300 N 055 A000300 N 055 B000300 N 056 000300 Y 057 000300 N 058 A000300 N 059 000300 Y 060 A000300 Y 060 B000300 Y 061 000300 1000 062 A000300 Y 062 B000300 0.0 062 C000300 100.2 062 D000300 0.0 062 E000300 0.0 062 F000300 0.0 062 G000300 0.0 062 H000300 0.0 062 I000300 0.0 062 J000300 0.0 062 K000300 0.0 062 L000300 0.2 062 M000300 0.0 062 N000300 0.0 062 O000300 0.0 PAGE 16 062 P000300 0.0 062 Q000300 0.0 062 R000300 0.0 063 A000300 25 063 B000300 0.0 064 A000300 Y 064 B000300 N 070 A010300 Y 070 A020300 Y 070 B010300 N 070 B020300 N 070 C010300 N 070 C020300 N 070 D010300 N 070 D020300 N 070 E010300 N 070 E020300 N 070 F010300 N 070 F020300 N 070 G010300 N 070 G020300 N 070 H010300 N 070 H020300 N 070 I010300 N 070 I020300 N 070 J010300 Y 070 J020300 N 070 K010300 Y 070 K020300 Y 070 L010300 N 070 L020300 N 070 M010300 N 070 M020300 N 070 N010300 Y 070 N020300 N 070 O010300 Y 070 O020300 N 070 P010300 Y 070 P020300 Y 070 Q010300 N 070 Q020300 N 070 R010300 N 070 R020300 N 071 A000300 0 071 B000300 0 071 C000300 0 071 D000300 0 072 A000300 12 072 B000300 39882 072 C000300 0 072 D000300 0 PAGE 17 072 E000300 0 072 F000300 3504 072 G000300 787 072 H000300 0 072 I000300 16 072 J000300 10 072 K000300 0 072 L000300 34 072 M000300 157 072 N000300 40 072 O000300 0 072 P000300 0 072 Q000300 29 072 R000300 21 072 S000300 109 072 T000300 1740 072 U000300 0 072 V000300 0 072 W000300 165 072 X000300 6612 072 Y000300 9 072 Z000300 33279 072AA000300 2 072BB000300 0 072CC010300 0 072CC020300 0 072DD010300 12231 072DD020300 21048 072EE000300 0 073 A010300 0.0321 073 A020300 0.0226 073 B000300 0.0000 073 C000300 0.0000 074 A000300 0 074 B000300 0 074 C000300 1318710 074 D000300 0 074 E000300 0 074 F000300 0 074 G000300 0 074 H000300 0 074 I000300 0 074 J000300 0 074 K000300 0 074 L000300 12 074 M000300 42 074 N000300 1318764 074 O000300 0 074 P000300 425 074 Q000300 0 074 R010300 0 PAGE 18 074 R020300 0 074 R030300 0 074 R040300 1672 074 S000300 0 074 T000300 1316667 074 U010300 429390 074 U020300 887206 074 V010300 1.00 074 V020300 1.00 074 W000300 1.0004 074 X000300 1443 074 Y000300 0 075 A000300 1072475 075 B000300 0 076 000300 0.00 SIGNATURE ROBERT W. ANDERSON TITLE CHIEF COMPLIANCE OFR EX-99.77B ACCT LTTR 2 cattwb306.txt REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Shareholders and Board of Trustees The Pacific Capital Funds of Cash Assets Trust 380 Madison Avenue, Suite 2300 New York, New York 10017 In planning and performing our audits of the financial statements of The Pacific Capital Funds of Cash Assets Trust (the ''Trust') (comprised of Pacific Capital Cash Assets Trust, Pacific Capital Tax-Free Cash Assets Trust, and Pacific Capital U.S. Government Securities Cash Assets Trust) (the 'Funds') for the year ended March 31, 2006, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, 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. The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by Management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance wit accounting principles generally accepted in the United States of America. Such internal control includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements. Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the company's ability to initiate, authorize, record d, process or report financial data reliably in accordance with accounting principles generally accepted in the United States of America such that there is more than a remote likelihood that a misstatement of the company's annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. Our consideration of the Trust's internal control over financial Reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trust's internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of March 31, 2006. This report is intended solely for the information and use of management, Shareholders and Board of Trustees of The Pacific Capital Funds of Cash Assets Trust and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties. /s/ TAIT, WELLER & BAKER LLP - ---------------------------- TAIT, WELLER & BAKER LLP Philadelphia, Pennsylvania May 15, 2006 ?? ?? ?? ?? -----END PRIVACY-ENHANCED MESSAGE-----