N-Q 1 catsnq.txt CASH ASSETS TRUST 6/30/07 N-Q REPORT 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, 2007 Date of reporting period: June 30, 2007 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, 2007 (unaudited)
Principal Security Amount Description Value (a) Commercial Paper (52.9%) Automotive (4.4%): $ 20,000,000 Toyota Motor Credit Corp., 5.17%, 12/14/07 $ 19,523,211 --------------- Banks (13.2%): 20,000,000 Bank of America, 5.21%, 07/02/07 19,997,106 20,000,000 Calyon NA, Inc., 5.17%, 01/08/08 19,450,875 20,000,000 Louis Dreyfus Corp. LOC Barclays Bank PLC, 5.28%, 07/17/07 19,953,067 --------------- 59,401,048 --------------- Borrowing Conduit (4.4%): 20,000,000 Abbey National North America Corp., 5.21%, 08/10/07 19,884,222 --------------- Brokerage (4.4%): 20,000,000 Morgan Stanley Dean Witter, 5.21%, 08/21/07 19,852,383 --------------- Finance (17.6%): 20,000,000 American Express Credit Corp., 5.19%, 08/23/07 19,847,183 20,000,000 American General Finance Corp., 5.14%, 08/24/07 19,845,950 20,000,000 General Electric Capital Corp., 5.21%, 11/08/07 19,623,722 20,000,000 Swedish Export Credit Corp., 5.15%, 10/18/07 19,688,442 --------------- 79,005,297 --------------- Insurance (8.9%): 20,000,000 MetLife Funding, Inc., 5.22%, 07/18/07 19,950,700 20,000,000 Prudential Funding, 5.20%, 07/30/07 19,916,222 --------------- 39,866,922 --------------- Total Commercial Paper 237,533,083 --------------- U. S. Government Agency Obligations (25.0%) 75,000,000 Federal Home Loan Bank, 5.17%, 07/25/07 74,741,750 38,000,000 Federal National Mortgage Association, 5.11%, 09/19/07 37,568,489 --------------- Total U. S. Government Agency Obligations 112,310,239 --------------- Certificate of Deposit (4.5%): 20,000,000 Societe Generale N.A., Inc., 5.38%, 06/09/08 20,000,000 --------------- Repurchase Agreement (17.8%): Bank of America 80,000,000 5.22%, 07/02/07 80,000,000 --------------- (Proceeds of $80,034,800 to be received at maturity, Collateral: $84,590,000 Federal National Mortgage Association 5.375% due 04/11/22; the collateral fair value plus interest receivable equals $81,848,755) Shares Investment Company (0.2%): 655,831 JP Morgan U.S. Government Money Market Fund, Capital Shares 655,831 --------------- Total Investments (Amortized Cost $450,499,153*) - 100.4% 450,499,153 Other assets less liabilities - (0.4)% (1,840,936) --------------- NET ASSETS - 100.0% $ 448,658,217 =============== ------------ * Cost for Federal income tax and financial reporting purposes is identical. Percent of Portfolio Distribution (unaudited) Portfolio Commercial Paper 52.7 % U. S. Government Obligations 24.9 Certificate of Deposit 4.4 Repurchase Agreement 17.8 Investment Company 0.2 ------------------- 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 and 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, 2007 (unaudited)
Moody's/S&P Principal Security Ratings Amount Description (unaudited) Value (a) ------ ----------- ----------- ----- MUNICIPAL BONDS (102.2%): ARIZONA (0.2%): Arizona State Municipal Financing Program COP, Series 15, ETM, Collateral: U.S. Government Securities $ 450,000 8.750%, 08/01/07 Aaa/AAA $ 451,900 --------------- COLORADO (1.8%): Colorado Housing & Finance Authority Revenue Bonds, Class I, Series A-1, Weekly Reset VRDO*, SPA: FHLB 4,100,000 3.730%, 10/01/30 VMIG1/A-1+ 4,100,000 --------------- FLORIDA (0.4%): West Palm Beach, FL Utilities System Revenue, Prerefunded to 10/01/07 @101, Collateral: State & Local Government Series, FGIC Insured 1,000,000 5.500%, 10/01/29 Aaa/NR 1,014,737 --------------- HAWAII (35.6%): City and County Honolulu, HI, GO Bonds, Series A, ETM, Collateral: U.S. Government Securities, FGIC Insured 1,165,000 6.000%, 09/01/07 #Aaa/AAA 1,169,921 City & County Honolulu, HI, GO Bond, Series B, MBIA Insured 200,000 5.000%, 07/01/08 Aaa/AAA 202,307 City & County Honolulu, HI, GO Bond, Series C, FGIC Insured 500,000 5.500%, 11/01/07 Aaa/AAA 502,838 City and County Honolulu, HI, GO Commercial Paper, Interest at Maturity Series W, LOC: Westdeutsche Landesbank 7,100,000 3.700%, 09/05/07 P1/A1+ 7,100,000 4,500,000 3.670%, 10/02/07 P1/A1+ 4,500,000 2,300,000 3.720%, 11/01/07 P1/A1+ 2,300,000 City and County Honolulu, HI, GO Commercial Paper, Interest at Maturity Series H, LOC: Landesbank Hessen-Thuringen Girozentrale (Heleba) 15,000,000 3.504%, 07/03/07 P-1/A1+ 15,000,000 Hawaii State, GO Bonds, Series C, Refunding, FSA Insured 250,000 5.125%, 02/01/08 Aaa/AAA 252,164 Hawaii State, GO Bond, Series CL, MBIA Insured 1,000,000 6.000%, 03/01/08 Aaa/AAA 1,015,279 Hawaii State, GO Bond, Series CN, FGIC Insured 500,000 6.250%, 03/01/08 Aaa/AAA 508,540 Hawaii State, GO Bond, Series CP, FGIC Insured, Prerefunded to 10/01/07 @ 101, Collateral: US Government Securities 200,000 5.000%, 10/01/14 Aaa/AAA 202,556 Hawaii State, GO Bond, Series CR, MBIA Insured, Prerefunded to 04/01/08 @ 101, Collateral: US Government Securities 700,000 5.250%, 04/01/12 Aaa/AAA 715,250 1,050,000 4.750%, 04/01/18 Aaa/AAA 1,068,485 Hawaii State, GO Bond, Series CS, MBIA Insured 4,000,000 5.000%, 04/01/08 Aaa/AAA 4,036,720 Hawaii State, GO Bonds, Series CV, FGIC Insured 305,000 5.500%, 08/01/07 Aaa/AAA 305,464 Hawaii State, GO Bond, Series CZ, FSA Insured 500,000 5.000%, 07/01/08 Aaa/AAA 506,410 Hawaii State Department of Budget and Finance Special Purpose Revenue Bonds (Queen's Health Systems) Series A, Weekly Reset VRDO*, SPA: Bank of Nova Scotia, AMBAC Insured 4,600,000 3.580%, 07/01/29 VMIG1/A-1+ 4,600,000 Hawaii State Department of Budget and Finance Special Purpose Revenue Bonds (Queens Health Systems) Series C, Weekly Reset VRDO*, SPA: Bank of America N.A., AMBAC Insured 37,335,000 3.520%, 07/01/28 MIG1/AAA 37,335,000 Hawaii State Highway Revenue Refunding, Revenue Bond, FSA Insured 750,000 4.500%, 07/01/07 Aaa/AAA 750,000 Maui County, HI, GO Bonds, Series A, Prerefunded to 09/01/07 @101, Collateral: U.S. Government Securities, FGIC Insured 500,000 5.100%, 09/01/11 Aaa/AAA 506,298 --------------- 82,577,232 --------------- ILLINOIS (6.0%): Chicago, IL GO Bonds, Series B, Weekly Reset VRDO*, SPA: Landesbank Baden-Wurttemberg, FGIC Insured 6,000,000 3.740%, 01/01/37 VMIG1/A-1+ 6,000,000 Chicago, IL Housing Authority Capital Program Revenue Bonds, ETM, Collateral: State & Local Government Series, Prerefunded 2,185,000 5.000%, 07/01/07 #Aaa/NR 2,185,000 Chicago, IL Water Revenue Bonds, Prerefunded to 11/01/07 @102, Collateral: State & Local Government Series, FGIC Insured 600,000 5.250%, 11/01/23 Aaa/AAA 615,001 Chicago, IL Water Revenue Refunding Bonds, Second Lien, Weekly Reset, VRDO*, SPA - Dexia Credit Local, MBIA Insured 5,000,000 3.730%, 11/01/31 Aaa/AAA 5,000,000 --------------- 13,800,001 --------------- INDIANA (1.1%): Duneland, IN Independent School Building Corp. First Mortgage Revenue Bonds, Prerefunded to 08/01/07 @101, Collateral: U.S. Government Securities, MBIA Insured 1,050,000 5.500%, 08/01/17 Aaa/AAA 1,062,256 South Bend, IN Community School Corp. Riley School Building Corp. First Mortgage Revenue Bonds, Prerefunded to 08/01/07 @101, Collateral: 100% U.S. Treasury Obligations, FSA Insured 1,500,000 5.700%, 08/01/19 Aaa/AAA 1,517,669 --------------- 2,579,925 --------------- MASSACHUSETTS (0.8%): Massachusetts State Health & Educational Facilities Authority Revenue Bonds (Wellesley College), Series G, Daily Reset, VRDO* 770,000 3.760%, 07/01/39 VMIG1/A-1+ 770,000 Massachusetts State Industrial Finance Agency, Assisted Living Facilities Revenue (TNG Marina Bay LLC Project), Revenue Bond, AMT, Prerefunded to 12/01/07 @ 103, Collateral: US Government Securities 915,000 7.500%, 12/01/27 NR/AAA 955,247 --------------- 1,725,247 --------------- MICHIGAN (11.9%): Detroit, MI Sewer Disposal Revenue Bonds, Series A, ETM, Prerefunded to 07/01/07 @101, Collateral: State & Local Government Series, MBIA Insured 250,000 5.000%, 07/01/11 Aaa/AAA 252,500 Detroit, MI Sewer Disposal Revenue Bonds, Series A, Prerefunded to 07/01/07 @101, Collateral: U.S. Government Securities, MBIA Insured 4,000,000 5.400%, 07/01/15 Aaa/AAA 4,040,000 Eastern Michigan University, University Revenue Bonds, Daily Reset VRDO*, FGIC Insured, SPA: FGIC-SPI 8,600,000 3.910%, 06/01/27 Aaa/A-1+ 8,600,000 Macomb Township, MI Building Authority, Revenue Bonds, FGIC Insured, Prerefunded to 04/01/08 @ 101, Collateral: State & Local Government Series 100% 1,000,000 6.000%, 04/01/27 Aaa/AAA 1,026,901 Michigan Municipal Bond Authority Revenue Bonds, State Revolving Fund, Prerefunded to 10/01/07 @101, Collateral: State & Local Government Series 1,000,000 5.250%, 10/01/15 Aaa/AAA 1,014,045 Michigan State Building Authority Facilities Program Revenue Bonds, Series II, Prerefunded to 10/15/07 @101, Collateral: State & Local Government Series 2,535,000 5.000%, 10/15/11 Aa3/AA- 2,569,796 Northern Michigan University Revenue Bonds, Daily Reset VRDO*, SPA: DEPFA Bank PLC, AMBAC Insured 6,125,000 3.910%, 12/01/35 Aaa/AAA 6,125,000 Northern Michigan University, Revenue Bonds, Daily Reset VRDO*, SPA: FGIC-SPI, FGIC Insured 4,030,000 3.910%, 06/01/31 VMIG1/A-1+ 4,030,000 --------------- 27,658,242 --------------- MISSOURI (13.8%): Kansas City, MO Industrial Development Authority Revenue Bonds, (Ewing Marion Kaufman Foundation), Daily Reset VRDO* 8,360,000 3.910%, 04/01/27 NR/A-1+ 8,360,000 650,000 3.910%, 04/01/27 NR/A-1+ 650,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (St. Louis University), Series B, Daily Reset VRDO*, SPA: Bank of America N.A. 6,400,000 3.940%, 10/01/24 VMIG1/A-1+ 6,400,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (Washington University), Series B, SPA: JPMorgan Chase Bank NA, Daily Reset VRDO* 5,000,000 3.860%, 03/01/40 VMIG1/A-1+ 5,000,000 Missouri State Health & Educational Facilities Authority Educational Facilities Revenue, St. Louis University, SPA: US Bank NA, Daily Reset, VRDO* 665,000 3.940%, 07/01/32 A1/NR 665,000 Missouri State Health & Educational Facilities Authority Revenue, Washington University, Series A, SPA: Dexia Credit Local, Daily Reset, VRDO* 1,650,000 3.860%, 02/15/34 Aaa/AAA 1,650,000 University of Missouri University System Facilities Revenue Bonds, Series A, Daily Reset, VRDO* 2,500,000 3.860%, 11/01/31 VMIG1/A-1+ 2,500,000 University of Missouri University System Facilities Revenue Bonds, Series B, Daily Reset VRDO* 6,850,000 3.860%, 11/01/30 VMIG1/A-1+ 6,850,000 --------------- 32,075,000 --------------- NEBRASKA (0.4%): Nebraska Public Power District Revenue Bonds, Prerefunded 2005, Series A, Prerefunded to 01/01/08 @101, Collateral: U.S. Treasury Obligations, MBIA Insured 910,000 5.250%, 01/01/11 Aaa/AAA 926,245 --------------- NEVADA (3.8%): Clark County, NV Airport Revenue Bonds, Series C, Weekly Reset VRDO*, SPA: Landesbank Baden-Wurttemberg, FGIC Insured 8,800,000 3.740%, 07/01/29 VMIG1/A-1+ 8,800,000 --------------- NEW YORK (3.9%): Long Island, NY Power Authority Revenue Bonds, Series 1A, Weekly Reset VRDO*, LOC: 80% Bayerische Landesbank; 20% Landesbank Baden-Wurttemberg 9,000,000 3.770%, 05/01/33 VMIG1/A-1+ 9,000,000 --------------- NORTH CAROLINA (9.0%): Charlotte, NC Airport Revenue Bonds, Series A, Weekly Reset VRDO*, SPA: JPMorgan Chase Bank NA, MBIA Insured 5,000,000 3.730%, 07/01/16 VMIG1/A-1+ 5,000,000 Concord, NC Utility Systems Revenue Bonds, Series B, Weekly Reset VRDO*, SPA: Wachovia Bank, FSA Insured 8,820,000 3.730%, 12/01/22 VMIG1/NR 8,820,000 Durham, NC, Public Improvement Project GO Bonds, Weekly Reset VRDO*, SPA: Wachovia Bank of North Carolina 1,425,000 3.750%, 02/01/09 VMIG1/A-1+ 1,425,000 2,975,000 3.750%, 02/01/11 VMIG1/A-1+ 2,975,000 1,270,000 3.750%, 02/01/12 VMIG1/A-1+ 1,270,000 1,475,000 3.750%, 02/01/13 VMIG1/A-1+ 1,475,000 --------------- 20,965,000 --------------- OHIO (1.0%): Ohio Housing Finance Agency Mortgage Revenue Bonds (Residential Mortgage), Series E, AMT, Weekly Reset VRDO*, SPA: FHLB 2,335,000 3.820%, 09/01/34 VMIG1/NR 2,335,000 --------------- PENNSYLVANIA (1.8%): Philadelphia, PA Hospitals and Higher Education Facilities Authority Revenue - Hospital, Children's Hospital of Philadelphia, Project B, SPA: JP Morgan Chase & Westdeutsche Landesbank Gironzentrale, Daily Reset, VRDO* 2,700,000 3.860%, 07/01/25 Aa2/AA 2,700,000 Pittsburgh, PA, GO Bonds, Series B, ETM, Collateral: State & Local Government Series 100%, MBIA Insured 1,380,000 5.000%, 09/01/07 Aaa/AAA 1,383,228 --------------- 4,083,228 --------------- TENNESSEE (0.3%) : Knox County, TN Public Improvement, GO Bond, Prerefunded to 05/01/08 @ 101, Collateral: State & Local Government Series 100% 750,000 5.375%, 05/01/18 Aa2/AA 767,694 --------------- UTAH (0.4%): Utah State GO Bonds, Prerefunded to 07/01/07 @100, Collateral: State & Local Government Series 1,000,000 5.000%, 07/01/12 Aaa/AAA 1,000,000 --------------- VIRGINIA (2.9%): University of Virginia Revenue Bonds, Series A, Weekly Reset VRDO* 6,700,000 3.700%, 06/01/34 VMIG1/A-1+ 6,700,000 --------------- WASHINGTON (1.1%): Island County, WA School District # 201 Oak Harbor, GO Bond, FGIC Insured, Prerefunded to 12/01/07 @ 100, Collateral: US Government Securities 1,010,000 5.550%, 12/01/11 Aaa/NR 1,017,524 Seattle, WA, GO Bonds, Prerefunded to 08/01/07 @100, Collateral: 100% State & Local Government Series 1,545,000 5.300%, 08/01/17 Aa1/AAA 1,547,324 --------------- 2,564,848 --------------- PUERTO RICO (6.0%): Puerto Rico Commonwealth Highway & Transportation Authority Transportation Revenue Prerefunded Series A, Revenue Bonds, AMBAC Insured, Prerefunded to 07/01/08@ 101, Collateral: State & Local Government Series 100% 2,425,000 5.000%, 07/01/28 Aaa/AAA 2,478,999 Puerto Rico Commonwealth Infrastructure Financing Authority Revenue Bonds, Series A, Prerefunded to 01/01/08 @101, Collateral: U.S. Government Agencies 98%; U.S. Treasury Obligations 2%, AMBAC Insured 8,300,000 5.000%, 07/01/28 Aaa/AAA 8,442,080 Puerto Rico Government Development Bank Refunding Adjustable Rate, Revenue Bond, MBIA Insured, SPA: Credit Suisse, Weekly Reset, VRDO* 3,100,000 3.510%, 12/01/15 Aaa/AAA 3,100,000 --------------- 14,021,079 --------------- Shares INVESTMENT COMPANY (0.2%): 440,000 Goldman Sachs Financial Square Tax-Free Money Market Fund Institutional Shares 440,000 --------------- Total Investments (Amortized Cost $237,585,378**) - 102.4% 237,585,378 Other assets less liabilities- (2.4)% (5,584,688) --------------- NET ASSETS-100.0% $ 232,000,690 ===============
------------ * 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 purposes is identical. Percent of Portfolio Distribution (unaudited) Portfolio ---------------------------------- --------- Arizona 0.2 % Colorado 1.7 Florida 0.4 Hawaii 34.8 Illinois 5.8 Indiana 1.1 Investment Company 0.2 Massachusetts 0.7 Michigan 11.7 Missouri 13.5 Nebraska 0.4 Nevada 3.7 New York 3.8 North Carolina 8.8 Ohio 1.0 Pennsylvania 1.7 Puerto Rico 5.9 Tennessee 0.3 Utah 0.4 Virginia 2.8 Washington 1.1 --------------- 100.0 % =============== PORTFOLIO ABBREVIATIONS: AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax COP-Certificates of Participation ETM- Escrowed to Maturity FGIC - Financial Guaranty Insurance Corporation FHLB - Federal Home Loan Bank FSA - Financial Security Assurance GO- General Obligation LOC - Letter of Credit MBIA- Municipal Bond Investors Assurance NR - Not Rated SPA - Standby Bond Purchase Agreement SPI- Securities Purchase, Inc. 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, 2007 (unaudited) Principal Security Amount Description Value (a) ------ ----------- ----- U.S. Government Agencies (100.3%): Federal Home Loan Bank (100.3%): $ 125,000,000 4.80%, 07/02/07 $ 124,983,333 93,000,000 5.13%, 07/05/07 92,947,042 50,000,000 5.15%, 07/06/07 49,964,201 185,000,000 5.14%, 07/11/07 184,736,014 90,000,000 5.16%, 07/13/07 89,845,200 140,000,000 5.11%, 07/20/07 139,622,058 158,000,000 5.15%, 07/25/07 157,457,947 155,000,000 5.12%, 07/27/07 154,427,404 100,000,000 5.15%, 07/30/07 99,585,461 62,000,000 5.13%, 08/08/07 61,663,996 123,000,000 5.13%, 08/10/07 122,299,367 100,000,000 5.11%, 08/15/07 99,361,250 75,000,000 5.13%, 08/22/07 74,443,708 99,000,000 5.13%, 08/24/07 98,237,460 62,000,000 5.12%, 09/14/07 61,338,150 40,000,000 5.14%, 09/21/07 39,532,053 127,000,000 5.14%, 09/26/07 125,422,448 90,000,000 5.12%, 09/28/07 88,860,800 100,000,000 5.09%, 10/09/07 98,586,111 --------------- 1,963,314,003 ---------------- Shares Investment Company (0.1%): 2,314,717 JP Morgan U.S. Government Money Market Fund, Capital Shares 2,314,717 ---------------- Total Investments (Amortized Cost $1,965,628,720*) - 100.4% 1,965,628,720 Other assets less liabilities - (0.4)% (7,849,587) ---------------- NET ASSETS - 100.0% $1,957,779,133 ================ ------------ * Cost for Federal income tax and financial reporting purposes is identical. Percent of Portfolio Distribution (unaudited) Portfolio U.S. Government Agencies 99.9 % Investment Company 0.1 ------------ 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 22, 2007 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 22, 2007 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer August 22, 2007