-----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, Ou+p59jt1hU8l3hhkifFEOzP2fOmauxZjJEZ52Qnmnfagrj0AMewDY66vGlx9w0U 6ZOPzBBg4GdJP7YDhXfg5A== 0000749748-08-000022.txt : 20080827 0000749748-08-000022.hdr.sgml : 20080827 20080827140244 ACCESSION NUMBER: 0000749748-08-000022 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080630 FILED AS OF DATE: 20080827 DATE AS OF CHANGE: 20080827 EFFECTIVENESS DATE: 20080827 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: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04066 FILM NUMBER: 081041536 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 N-Q 1 catsnq.txt CASH ASSETS TRUST 6/30/2008 FORM 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, 2008 Date of reporting period: June 30, 2008 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, 2008 (unaudited)
Principal Security Amount Description Value (a) Commercial Paper (46.5%) Automotive (4.0%): $ 20,000,000 Toyota Motor Credit Corp., 2.63%, 09/18/08 $ 19,884,572 --------------------- Banks (12.1%): 20,000,000 Bank of America, 2.76%, 07/24/08 19,964,733 20,000,000 Citigroup, Inc., 2.64%, 09/22/08 19,878,267 20,000,000 Wells Fargo, 2.40%, 09/04/08 19,913,333 --------------------- 59,756,333 --------------------- Brokerage (6.1%): 20,000,000 Merrill Lynch & Co., 4.49%, 05/20/09* 19,956,284 10,000,000 Morgan Stanley Dean Witter, 2.30%, 12/12/08 9,895,222 --------------------- 29,851,506 --------------------- Finance (12.1%): 20,000,000 AIG Funding, 2.70%, 11/24/08 19,781,000 20,000,000 American Express Credit Corp., 2.50%, 12/12/08 19,772,222 20,000,000 General Electric Capital Corp., 2.31%, 08/04/08 19,956,367 --------------------- 59,509,589 --------------------- Foreign Banks (8.1%): 20,000,000 Barclays US Funding Corp., 3.60%, 07/17/08 19,968,000 20,000,000 Calyon NA, Inc., 2.66%, 09/12/08 19,892,122 --------------------- 39,860,122 --------------------- Insurance (4.1%): 20,000,000 Prudential Funding Corp., 2.42%, 07/08/08 19,990,589 --------------------- Total Commercial Paper 228,852,711 -------------------- U. S. Government Agency Obligations (10.3%): 20,000,000 Federal Home Loan Bank, 2.14%, 08/04/08 19,959,578 30,000,000 Federal Home Loan Mortgage Corp., 4.75%, 03/05/09 30,576,591 -------------------- Total U. S. Government Agency Obligations 50,536,169 -------------------- Corporate Bond (2.0%): 10,000,000 Morgan Stanley, 3.875%, 01/15/09 10,029,470 --------------------- Municipal Securities (14.8%): 15,000,000 California Housing Finance Agency, 2.58%, 08/01/31 VRDO** 15,000,000 5,095,000 Connecticut State Housing Finance Agency, 6.00%, 11/15/27 VRDO** 5,095,000 Michigan Municipal Bond Authority School Loan Revolving Fund, 3.00%, 09/01/48 3,000,000 VRDO** 3,000,000 Michigan Municipal Bond Authority School Loan Revolving Fund, 3.00%, 09/01/48 19,175,000 VRDO** 19,175,000 20,000,000 New York, NY, General Obligation, 2.60%, 08/01/19 VRDO** 20,000,000 10,695,000 Wisconsin Housing and Economic Development Authority, 2.61%, 03/01/28 VRDO** 10,695,000 --------------------- 72,965,000 --------------------- Repurchase Agreements (25.2%): 54,000,000 Banc of America, 2.35%, 07/01/08 54,000,000 (Proceeds of $54,003,525 to be received at maturity, Collateral: $55,365,000 Federal Home Loan Bank. 2.20% due 04/09/09; the collateral fair value plus interest receivable equals $55,365,615) 70,000,000 Barclays Capital, Inc., 2.40%, 07/01/08 70,000,000 (Proceeds of $70,004,667 to be received at maturity, Collateral: $68,600,000 Federal National Mortgage Association 6.11% due 8/24/27; the collateral fair value equals $71,869,114) -------------------- Total Repurchase Agreements 124,000,000 -------------------- Shares Investment Company (0.2%): 835,717 JP Morgan U.S. Government Money Market Fund, Capital Shares 835,717 ------------------ Total Investments (Amortized Cost $487,219,067***) - 99.0% 487,219,067 Other assets less liabilities - 1.0% 5,140,903 ---------------- NET ASSETS - 100.0% $ 492,359,970 ================ ------------
* Variable interest rate- subject to periodic change. ** 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 Portfolio Commercial Paper 47.0 % U. S. Government Agency Obligations 10.4 Corporate Bond 2.0 Municipal Securities 15.0 Repurchase Agreements 25.4 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. (b) Fair Value Measurements The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements", effective April 1, 2008. FAS 157 established a three-tier hierarchy of inputs to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The Trust's investments in their entirety are assigned levels based upon the observability. The three-tier hierarchy of inputs is summarized below: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, amortized cost, credit risk, etc.) Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Trust's investments, used to value the Trust's net assets as of June 30, 2008: Investments in Valuation Inputs Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs $ 487,219,067 Level 3 - Significant Unobservable Inputs $ - --------------- Total $ 487,219,067 =============== Tax-Free Cash Assets Trust Schedule of Investments June 30, 2008 (unaudited)
Principal Security Moody's/S&P Amount Description Ratings Value (a) MUNICIPAL SECURITIES (99.3%) ALABAMA (1.8%) Jefferson County, AL Sewer Revenue Bond, Prerefunded to 2/01/09 @101 VRDO* $ 2,000,000 5.750%, 02/01/38 Aaa/AAA $ 2,060,588 Jefferson County, AL Sewer Revenue Bond, Prerefunded to 2/01/09 @101 VRDO* 2,905,000 5.375%, 02/01/36 Aaa/AAA 2,986,841 -------------------- 5,047,429 -------------------- ARIZONA (0.5%) Maricopa County, AZ School District No. 006 VRDO* 1,000,000 4.125%, 07/01/08 Aaa/AAA 1,000,000 Tucson, AZ Industrial Development Authority VRDO* 425,000 2.250%, 07/15/31 Aaa/NR 425,000 -------------------- 1,425,000 -------------------- CALIFORNIA (1.6%) ABAG (Association of Bay Area Governments) Financial Authority for Nonprofit Corps. California Multi-Family Revenue Bond, Prerefunded to 07/01/08 @102, AMT VRDO* 1,010,000 5.500%, 07/01/19 NR/AAA 1,030,200 Los Angeles, CA, Prerefunded to 7/01/08 @101 VRDO* 605,000 5.000%, 07/01/23 Aa3/AA- 611,050 Upland, CA Housing Authority Multi-Family VRDO* 2,860,000 1.950%, 09/01/28 Aaa/NR 2,860,000 -------------------- 4,501,250 -------------------- COLORADO (2.7%) Colorado Educational & Cultural Facilities Authority Revenue Bond - National Jewish Federation Series A4 VRDO* 1,600,000 1.300%, 02/01/35 Aaa/NR 1,600,000 Colorado Housing & Finance Authority Revenue Bond, Class I, Series A-1VRDO*, SPA: FHLB 4,360,000 2.200%, 10/01/30 VMIG1/A-1+ 4,360,000 Denver, CO Health, Prerefunded to 12/01/08 @ 101 VRDO* 1,650,000 5.375%, 12/01/28 Baa3/BBB 1,690,328 -------------------- 7,650,328 -------------------- FLORIDA (0.9%) Miami-Dade, FL Public Facilities Revenue Bond, MBIA Insured VRDO* 750,000 5.000%, 06/01/09 Aaa/AA 765,667 Orange County, FL Housing Financial Authority , FNMA Insured VRDO* 1,800,000 1.550%, 06/01/25 NR/AA 1,800,000 -------------------- 2,565,667 -------------------- GEORGIA (0.9%) Atlanta, GA Water & Wastewater Revenue Bond VRDO* 1,200,000 1.350%, 11/01/41 Aaa/AAA 1,200,000 De Kalb Hospital, GA VRDO* 1,400,000 1.500%, 10/01/25 Aa2/NR 1,400,000 -------------------- 2,600,000 -------------------- HAWAII (32.9%) City & County Honolulu, HI VRDO* 3,600,000 7.350%, 07/01/08 Aa2/A 3,600,000 City & County Honolulu, HI VRDO* 2,700,000 1.700%, 08/05/08 P1/A1+ 2,700,000 City & County Honolulu, HI VRDO* 5,000,000 5.000%, 07/01/09 Aa2/AA 5,154,286 City & County Honolulu, HI, ETM VRDO* 1,995,000 6.000%, 01/01/09 Aaa/AA 2,036,924 City & County Honolulu, HI, Prerefunded to 7/01/09 @101 VRDO* 1,000,000 5.125%, 07/01/10 Aa2/AA 1,041,985 City & County Honolulu, HI, Prerefunded to 7/01/09 @101 VRDO* 2,595,000 5.125%, 07/01/18 Aa2/AA 2,703,951 City & County Honolulu, HI , Prerefunded to 09/01/08 @101, Collateral: U.S. Government Securities VRDO* 1,670,000 5.625%, 09/01/13 Aa2/A 1,680,912 City & County Honolulu, HI Series B, MBIA Insured VRDO* 200,000 5.000%, 07/01/08 Aaa/AAA 200,000 Hawaii County, HI, FSA Insured Prerefunded to 5/15/09@101 VRDO* 500,000 5.400%, 05/15/15 Aaa/AAA 520,392 Hawaii County, HI, Prerefunded to 5/15/09 @101 VRDO* 545,000 5.625%, 05/15/19 Aaa/AAA 568,769 Hawaii Pacific Health Special Purpose VRDO* Radian Insured 12,400,000 1.600%, 07/01/33 A3/AAA 12,400,000 Hawaii State, Series CH, FGIC Insured TCRS VRDO* 3,390,000 6.000%, 11/01/08 Aa2/A 3,441,768 Hawaii State Department of Budget and Finance, Special Purpose Revenue Bond (Queens Health Systems) Series B, Prerefunded to 07/01/08 @101, Collateral: Treasury Strips VRDO* 750,000 5.250%, 07/01/11 Aaa/AAA 757,500 10,500,000 5.250%, 07/01/23 Aaa/AAA 10,710,000 Hawaii State Department of Budget and Finance Special Purpose Revenue Bond (Palama Meat Company) Series A VRDO*, Wells Fargo Insured, AMT 6,500,000 2.200%, 10/31/29 NR/AAA 6,500,000 Hawaii State Department of Budget and Finance Special Purpose Revenue Bond (Queens Health Systems) Series C VRDO*, SPA: Bank of America N.A., AMBAC Insured 25,050,000 4.250%, 07/01/28 MIG1/AAA 25,050,000 Hawaii State, Series CZ, FSA Insured VRDO* 1,000,000 5.000%, 07/01/08 Aaa/AAA 1,000,000 Hawaii State, Series DB VRDO* 1,000,000 4.000%, 09/01/08 Aaa/AAA 1,000,523 Hawaii State, FGIC Insured VRDO* 500,000 6.000%, 09/01/08 Aa2/AA 503,314 Hawaii State, FGIC Insured VRDO* 1,000,000 5.500%, 10/01/08 Aa2/AA 1,008,063 Hawaii State, FGIC Insured VRDO* 1,250,000 5.500%, 08/01/08 Aa2/AA 1,253,650 Hawaii State, FGIC Insured VRDO* 2,920,000 6.000%, 03/01/09 Aa2/AA 3,002,680 Hawaii State Highway Revenue Bond, Prerefunded to 7/01/08 @101 Collateral: State & Local Government Series 100% VRDO* 1,000,000 5.250%, 07/01/14 Aa3/AA+ 1,010,000 Hawaii State Highway Revenue Bond, FGIC Insured Prerefunded to 07/01/08 @101 VRDO* 1,100,000 5.000%, 07/01/16 Aaa/AAA 1,111,000 Hawaiian Home Lands Department Hawaii Revenue Bond ETM Collateral U.S. Government Securities VRDO* 1,310,000 4.150%, 07/01/08 A3/NR 1,310,000 Kauai County, HI, Series C VRDO* 1,355,000 5.900%, 08/01/08 Aaa/AAA 1,360,098 Maui County, HI VRDO* 2,000,000 6.000%, 12/15/08 Aa2/A 2,035,515 -------------------- 93,661,330 -------------------- ILLINOIS (4.7%) Illinois Educational Facilities Authority Revenue Bond VRDO* 2,245,000 1.580%, 12/01/25 Aaa/NR 2,245,000 Peoria County, IL Community Unit School District No. 323 VRDO*, FSA Insured 9,000,000 2.200%, 04/01/26 Aaa/NR 9,000,000 Romeoville, IL Revenue Bond VRDO* 2,100,000 1.300%, 10/01/36 Aaa/NR 2,100,000 -------------------- 13,345,000 -------------------- KENTUCKY (1.2%) Breckenridge County, KY Lease Program Revenue VRDO* 3,500,000 1.450%, 02/01/31 Aa1/NR 3,500,000 -------------------- MICHIGAN (0.7%) Michigan Higher Education Facility Authority, Hope College VRDO* 665,000 1.300%, 11/01/36 Aa2/NR 665,000 Michigan State Hospital Financial Authority Revenue Bond VRDO* 1,315,000 1.250%, 11/01/18 Aa2/AA 1,315,000 -------------------- 1,980,000 -------------------- MINNESOTA (6.1%) Bloomington, MN Multi-Family Revenue Bond VRDO* 3,000,000 2.250%, 11/15/32 Aaa/NR 3,000,000 Inver Grove Heights, MN Senior VRDO* 1,595,000 2.250%, 05/15/35 Aaa/NR 1,595,000 Minneapolis, MN St. Paul, FSA Insured VRDO* 1,000,000 2.450%, 08/15/34 Aaa/AAA 1,000,000 Oak Park Heights, MN Multi-Family Revenue Bond VRDO*, FHLMC Insured 6,415,000 2.250%, 11/01/35 Aaa/NR 6,415,000 Plymouth, MN Multi-Family Housing VRDO* 1,395,000 2.250%, 04/15/33 Aaa/NR 1,395,000 St. Louis Park, MN Multi-Family Revenue Bond VRDO*, FHLMC Insured 4,000,000 2.250%, 08/01/34 Aaa/NR 4,000,000 -------------------- 17,405,000 -------------------- MISSOURI (14.6%) Kansas City, MO Industrial Development Authority Multi-Family - Gatehouse Apartments Project VRDO* 1,260,000 2.250%, 11/15/26 Aaa/NR 1,260,000 Kansas City, MO Industrial Development Authority Revenue Bond, (Ewing Marion Kaufman Foundation) VRDO* 12,260,000 1.300%, 04/01/27 NR/AAA 12,260,000 Missouri State Development Financial Board Lease Revenue Bond VRDO* 5,420,000 1.300%, 06/01/33 Aa1/NR 5,420,000 Missouri State Health & Educational Facilities Authority Revenue Bond VRDO* 7,250,000 1.300%, 11/01/32 NR/AA+ 7,250,000 Missouri State, Health & Educational Facilities Authority Revenue Bond (St. Louis University), Series B VRDO*, SPA: Bank of America N.A. 6,550,000 1.330%, 10/01/24 VMIG1/A-1+ 6,550,000 Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bond, St. Louis University, SPA: US Bank NA VRDO* 2,210,000 1.330%, 07/01/32 A1/NR 2,210,000 Missouri State Health & Educational Facilities VRDO* 1,730,000 2.430%, 10/01/33 NR/AA+ 1,730,000 Missouri State Health & Educational Facilities Authority Revenue Bond, Washington University, Series A, SPA: Dexia Credit Local VRDO* 1,250,000 1.200%, 02/15/34 Aaa/AAA 1,250,000 University of Missouri University Revenue Bond-System Facilities Series A VRDO* 1,300,000 1.250%, 11/01/31 Aa2/AA 1,300,000 University of Missouri University System Facilities Revenue Bond, Series B VRDO* 2,300,000 1.250%, 11/01/30 VMIG1/A-1+ 2,300,000 -------------------- 41,530,000 -------------------- NEVADA (0.6%) Henderson, NV Health Care Facilities Revenue Bond, Prerefunded to 07/01/08 @101 VRDO* 1,670,000 5.250%, 07/01/18 A2/A 1,686,700 -------------------- NEW YORK (4.6%) Long Island, NY Power Authority Revenue Bond, Series 1A VRDO*, LOC: 80% Bayerische Landesbank; 20% Landesbank Baden-Wurttemberg 9,000,000 2.200%, 05/01/33 VMIG1/A-1+ 9,000,000 New York, NY, Prerefunded to 5/01/09 @101 VRDO* 2,940,000 5.000%, 05/01/29 Aa1/AAA 3,045,355 New York State Housing - Liberty Street, FHLMC Insured VRDO* 1,070,000 1.700%, 05/01/35 Aaa/NR 1,070,000 -------------------- 13,115,355 -------------------- NORTH CAROLINA (9.0%) Concord, NC Utility Systems Revenue Bond, Series B VRDO*, SPA: Wachovia Bank, FSA Insured 9,720,000 2.050%, 12/01/22 VMIG1/NR 9,720,000 Durham, NC Public Improvement Project, VRDO*, SPA: Wachovia Bank of North Carolina 1,425,000 2.100%, 02/01/09 VMIG1/A-1+ 1,425,000 2,975,000 2.100%, 02/01/11 VMIG1/A-1+ 2,975,000 1,270,000 2.100%, 02/01/12 VMIG1/A-1+ 1,270,000 1,475,000 2.100%, 02/01/13 VMIG1/A-1+ 1,475,000 North Carolina Capital Facilities Finance Agency (Thompson's Children Home) VRDO* 1,080,000 1.550%, 12/01/20 NR/NR** 1,080,000 North Carolina Educational Facilities Finance Agency (Wingate University) Series 19999 VRDO* 4,240,000 1.500%, 05/01/22 Aaa/NR 4,240,000 North Carolina Medical VRDO* 2,000,000 1.400%, 11/15/28 Aaa/AA 2,000,000 North Carolina Medical Care Community VRDO* 1,400,000 1.520%, 02/01/22 Aa1/NR 1,400,000 -------------------- 25,585,000 -------------------- OREGON (2.2%) Oregon State Facilities Authority Revenue Peacehealth VRDO* 5,000,000 1.550%, 05/01/47 NR/AAA 5,000,000 Oregon State Health Housing Educational & Cultural VRDO* 1,300,000 2.050%, 12/01/15 NR/AAA 1,300,000 -------------------- 6,300,000 -------------------- PENNSYLVANIA (1.2%) Emmaus, PA General Authority VRDO* 1,300,000 1.500%, 03/01/24 NR/AA+ 1,300,000 Philadelphia, PA Hospitals and Higher Education Revenue Bond VRDO* 2,150,000 1.250%, 07/01/25 Aa2/AA 2,150,000 -------------------- 3,450,000 -------------------- TENNESSEE (1.7%) Hamilton, TN, Prerefunded to 11/01/08 @101 VRDO* 2,500,000 5.300%, 11/01/15 Aa1/NR 2,552,102 Met Gov Nashville & Davidson County, TN Prerefunded to 5/15/09 @101 VRDO* 2,150,000 5.125%, 11/15/12 Aa2/AA 2,231,565 -------------------- 4,783,667 -------------------- TEXAS (3.9%) Harris County, TX Health Facilities Development VRDO* 800,000 1.300%, 05/15/29 Aaa/AAA 800,000 Harris County, TX Revenue Bond, Prerefunded to 08/01/08 @100 VRDO* 3,000,000 5.000%, 08/01/33 Aa1/AA+ 3,005,177 Houston, TX, Prerefunded to 2/15/09 @100 VRDO* 3,000,000 5.250%, 02/15/18 Aaa/AAA 3,061,175 Travis County, TX Housing Financial Corp. VRDO* 4,100,000 2.250%, 12/15/29 Aaa/NR 4,100,000 -------------------- 10,966,352 -------------------- VIRGINIA (3.3%) University of Virginia Revenue Bond, Series A VRDO* 7,315,000 2.050%, 06/01/34 VMIG1/A-1+ 7,315,000 Virginia Commonwealth, Prerefunded to 5/15/09 @101 VRDO* 1,000,000 5.700%, 05/15/19 Aa1/AA+ 1,042,710 York County, VA, Prerefunded to 6/01/09 @101 VRDO* 1,000,000 5.875%, 06/01/24 Aa3/NR 1,045,285 ------------------- 9,402,995 ------------------- WASHINGTON (0.3%) Seattle, WA, Prerefunded to 12/15/08 @100 VRDO* 935,000 5.125%, 12/15/28 Aaa/AAA 948,993 ------------------- WISCONSIN (0.4%) Green Bay, WI, Prerefunded to 6/01/09 @100 VRDO* 950,000 5.250%, 06/01/24 Aa2/NR 979,208 ------------------- PUERTO RICO (3.5%) Puerto Rico Commonwealth VRDO*, FSA Insured 3,000,000 1.100%, 07/01/29 Aaa/AAA 3,000,000 Puerto Rico Commonwealth Highway & Transportation Authority Transportation Revenue Series A, Revenue Bond, AMBAC Insured, Prerefunded to 07/01/08 @101, Collateral: State & Local Government Series 100% VRDO* 4,860,000 5.000%, 07/01/28 Aaa/AAA 4,908,600 Puerto Rico Commonwealth Refunding Series A-6 VRDO* 1,000,000 1.800%, 07/01/33 Aaa/AA+ 1,000,000 Puerto Rico Electric Power Authority Power Revenue Bond, Series DD, FSA Insured, Prerefunded to 07/01/08 @101.50 VRDO* 1,000,000 5.000%, 07/01/28 Aaa/AAA 1,015,000 ------------------- 9,923,600 ------------------- Shares INVESTMENT COMPANIES (0.2%) 558,000 Dreyfus Tax-Exempt Cash Management Money Market, Institutional Shares 558,000 63,000 Goldman Sachs Financial Square Tax-Free Money Market Fund Institutional Shares 63,000 ----------------- 621,000 ----------------- Total Investments (Amortized Cost $282,973,874***) - 99.5% 282,973,874 Other assets less liabilities- 0.5% 1,536,337 -------------------- NET ASSETS-100.0% $ 284,510,211 ==================== ____________
* 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. ** Fitch rating- AA-/F1+ *** Cost for Federal income tax and financial reporting purposes is identical. Percent of Portfolio Distribution (unaudited) Portfolio Alabama 1.8 % Arizona 0.5 California 1.6 Colorado 2.7 Florida 0.9 Georgia 0.9 Hawaii 33.1 Illinois 4.7 Investment Companies 0.2 Kentucky 1.2 Michigan 0.7 Minnesota 6.2 Missouri 14.7 Nevada 0.6 New York 4.6 North Carolina 9.1 Oregon 2.2 Pennsylvania 1.2 Puerto Rico 3.5 Tennessee 1.7 Texas 3.9 Virginia 3.3 Washington 0.3 Wisconsin 0.4 ------ 100.0 % ========= PORTFOLIO ABBREVIATIONS: AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax ETM- Escrowed to Maturity FGIC - Financial Guaranty Insurance Corporation FHLB - Federal Home Loan Bank FHLMC - Federal Home Loan Mortgage Corp. FNMA - Federal National Mortgage Association FSA - Financial Security Assurance GO- General Obligation LOC - Letter of Credit MBIA- Municipal Bond Investors Assurance NR - Not Rated SPA - Standby Bond Purchase Agreement TCRS- Transferable Custodial Receipts 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. (b) Fair Value Measurements The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements", effective April 1, 2008. FAS 157 established a three-tier hierarchy of inputs to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The Trust's investments in their entirety are assigned levels based upon the observability. The three-tier hierarchy of inputs is summarized below: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, amortized cost, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Trust's investments, used to value the Trust's net assets as of June 30, 2008: Investments in Valuation Inputs Securities $ Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs $ 282,973,874 $ - Level 3 - Significant Unobservable Inputs -------------- Total $ 282,973,874 ============== (c) Recent Development Over the past few months, municipal bond insurance companies have been under review by the three major rating agencies: Standard & Poor's, Moody's and Fitch. The ratings of some of the insurance companies have now either been downgraded and/or have a negative outlook. The financial markets continue to assess the severity of the losses caused by the subprime credit crisis and its impact on municipal bond insurance companies and the prices of insured municipal bonds. U.S. Government Securities Cash Assets Trust Schedule of Investments June 30, 2008 (Unaudited)
Principal Security Amount Description Value (a) ------ ----------- ----- U.S. Government Agencies (100.0%): Federal Farm Credit Bank (11.4%): $ 100,000,000 3.60%, 01/14/09 $ 100,855,212 25,000,000 2.11%, 03/12/10 (A) 24,950,233 80,000,000 2.22%, 06/17/10 (A) 80,000,000 --------------------- 205,805,445 --------------------- Federal Home Loan Bank (88.6%): 150,000,000 2.00%, 07/01/08 150,000,000 215,622,000 2.10%, 07/07/08 215,546,353 135,000,000 2.07%, 07/09/08 134,937,978 225,000,000 2.15%, 07/11/08 224,865,833 168,000,000 2.06%, 07/16/08 167,856,150 156,750,000 2.01%, 07/23/08 156,557,424 240,000,000 2.10%, 07/25/08 239,664,000 80,000,000 2.14%, 08/04/08 79,838,311 50,000,000 2.33%, 08/27/08 49,815,542 80,000,000 1.96%, 08/29/08 79,743,022 100,000,000 2.08%, 09/03/08 99,630,222 ---------------------- 1,598,454,835 ---------------------- Total U.S. Government Agencies 1,804,260,280 ------------------------ Shares Investment Company (0.1%): JP Morgan U.S. Government Money 595,288 Market Fund, Capital Shares 595,288 -------------------------- Total Investments (Amortized Cost $1,804,855,568*) - 100.1% 1,804,855,568 Other assets less liabilities - (0.1)% (1,258,148) ----------- NET ASSETS - 100.0% $ 1,803,597,420 =================== - ------------
* Cost for Federal income tax and financial reporting purposes is identical. (A) Variable interest rate- subject to periodic change. Percent of Portfolio Distribution Portfolio U.S. Government Agencies 100.0 % Investment Company 0.0 ------------ 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. (b) Fair Value Measurements The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements", effective April 1, 2008. FAS 157 established a three-tier hierarchy of inputs to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The Trust's investments in their entirety are assigned levels based upon the observability. The three-tier hierarchy of inputs is summarized below: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, amortized cost, credit risk, etc.) Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Trust's investments, used to value the Trust's net assets as of June 30, 2008: Investments in Valuation Inputs Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs $ 1,804,855,568 Level 3 - Significant Unobservable Inputs $ - --------------------- Total $ 1,804,855,568 ===================== 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 27, 2008 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 27, 2008 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer August 27, 2008 EX-99.CERT 2 catcert.txt CERTIFICATIONS CERTIFICATIONS I, Diana P. Herrmann, certify that: 1. I have reviewed this report on Form N-Q of Pacific Capital Cash Assets Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 27, 2008 /s/ Diana P. Herrmann - -------------------------------- Diana P. Herrmann Vice Chair, President and Trustee I, Joseph P. DiMaggio, certify that: 1. I have reviewed this report on Form N-Q of Pacific Capital Cash Assets Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 27, 2008 /s/ Joseph P. DiMaggio - -------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----