N-Q 1 e608756_nq-pacific.htm CASH ASSETS TRUST 6/30/2011 FORM N-Q Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
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, 2011
 
Date of reporting period: June 30, 2011
 
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, 2011
(unaudited)
 
   
Principal
  
Security
            
   
Amount
  
Description
  
Value
    
(a)
  
                       
U.S. Government Agency Obligations (71.7%):
          
Federal Home Loan Mortgage Corporation (65.9%):
          
    $ 17,918,000  
0.09%, 07/05/11
   $ 17,917,831          
      40,000,000  
0.07%, 07/27/11
     39,997,862          
      10,000,000  
0.14%, 08/09/11
     9,998,483          
      12,000,000  
0.14%, 08/10/11
     11,998,133          
      18,000,000  
0.07%, 08/29/11
     17,997,935          
      29,960,000  
0.06%, 10/24/11
     29,954,258          
      41,078,000  
0.10%, 11/02/11
     41,063,851          
                168,928,353          
                           
Federal National Mortgage Association (5.8%):
                
      10,000,000  
0.14%, 10/12/11
     9,995,994          
      5,000,000  
0.12%, 11/23/11
     4,997,583          
                14,993,577          
                           
Total U.S. Government Agency Obligations
     183,921,930          
                           
Commercial Paper (9.7%)
                
                           
Finance  (9.7%):
                          
      10,000,000  
Prudential, 0.12%, 07/01/11
     10,000,000          
      10,000,000  
Toyota Motor Credit, 0.15%, 07/08/11
     9,999,708          
      5,000,000  
Salvation, VRDO*, 0.22%, 08/01/11
     5,000,000          
Total Commercial Paper
     24,999,708          
                           
Municipal Securities (18.6%):
                
      10,000,000  
District of Columbia, University Revenue Bonds (George Washington University), VRDO*, 0.09%, 09/15/29
     10,000,000          
                           
      11,600,000  
Hartford, Connecticut Redevelopment Agency, Multi Family Mortgage Revenue Refunding, Underwood Tower Project, VRDO*, 0.18%, 06/01/20
     11,600,000          
                           
      5,100,000  
Missouri State Health & Educational Facilities Authority, Refunding, St. Louis University, Series A-1, VRDO*, 0.03%, 10/01/35
     5,100,000          
                           
      8,265,000  
Nevada Housing Division Multi-Unit Housing, Sierra Pointe Apartments, Series 2005, VRDO*, 0.08%, 04/15/38
     8,265,000          
                           
      11,170,000  
New York State Dormitory Authority Revenues, State Supported Debt, Rochester, VRDO*, 0.03%, 07/01/31
     11,170,000          
                           
      1,500,000  
New York State Housing Finance Agency Revenue, Victory Housing, Series 2000-A, VRDO*, 0.07%, 11/01/33
     1,500,000          
Total Municipal Securities
     47,635,000          
                           
Total Investments (Amortized Cost $256,556,638†) - 100.0%
     256,556,638          
Other assets less liabilities - 0.0%
      (25,304 )        
NET ASSETS - 100.0%
   $ 256,531,334          
____________
                          
                           
* Variable interest rate- subject to periodic change.
          
                           
† Cost for Federal income tax and financial reporting purposes is identical.
          
                           
Abbreviation:
                
VRDO- 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.
          
             
Percent of
          
         
Portfolio Distribution
  
Investments
          
         
U.S. Government Agency Obligations
     71.7 %        
         
Commercial Paper
     9.7          
         
Municipal Securities
     18.6          
                100.0 %        
 
See accompanying notes to financial statements.
 
 
 
 
 
Cash Assets Trust
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
(unaudited)
 
(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 follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Trust’s investments and are summarized in the following fair value hierarchy:

Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access.
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not 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, 2011:
 
Valuation Inputs
 
  
 Investments in Securities
  
 Level 1 – Quoted Prices
   $ -  
 Level 2 – Other Significant Observable Inputs-Short-Term Instruments+
     256,556,638  
 Level 3 – Significant Unobservable Inputs
     -  
 Total
   $ 256,556,638  
 +See schedule of investments for a detailed listing of securities.
        
 
 
 
 
 
Tax-Free Cash Assets Trust
Schedule of Investments
June 30, 2011
(unaudited)
 
 
Principal
                      
 
Amount
  
Municipal Securities (98.0%)
        
Value
    
(a)
  
                           
  $ 1,115,000  
Colorado Educational & Cultural Facilities Authority Revenue Bond - Boulder Country Day School, VRDO*, 0.180%, 09/01/26
         $ 1,115,000          
    2,400,000  
Colorado Educational & Cultural Facilities Authority Revenue Bond - National Jewish Federation Board, VRDO*, 0.050%, 07/01/29
           2,400,000          
    915,000  
Colorado Educational & Cultural Facilities Authority Revenue Bond - National Jewish Federation Board, VRDO*, 0.050%, 02/01/35
           915,000          
    2,010,000  
District of Columbia Revenue American Geophysical Union, VRDO*, 0.160%, 09/01/23
           2,010,000          
    2,200,000  
Jacksonville, FL, Industrial Development Revenue University of Florida Health Science Center, VRDO*, 0.120%, 07/01/19
           2,200,000          
    1,100,000  
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue Refunding, Miami Children's Hospital, Series A, Prerefunded to 08/15/11 @101 AMBAC Insured, 5.625%, 08/15/14
           1,118,239          
    1,000,000  
Orange County, FL, Housing Financial Authority Post Apartment Homes, FNMA Insured VRDO*, 0.100%, 06/01/25
           1,000,000          
    1,000,000  
Orlando, FL, Utilities Commission Water & Electric Revenue Refunding, Prerefunded to 10/01/11 @101, 5.250%, 10/01/20
           1,022,412          
    1,350,000  
Hawaii State, Series CH, NPFG-IBC Insured, 4.750%, 11/01/11
           1,369,202          
    1,630,000  
Hawaii State, Series CM, ETM, FGIC-NPFG Insured, 6.000%, 12/01/11
           1,668,194          
    1,140,000  
Hawaii State, Series CV, FGIC-NPFG Insured, 5.500%, 08/01/11
           1,145,028          
    1,500,000  
Hawaii State, Series CX, Prerefunded to 02/01/12 @100, AGM Insured, 5.500%, 02/01/15
           1,545,594          
    1,685,000  
Hawaii State, Series CX, Prerefunded to 02/01/12 @100, AGM Insured, 5.500%, 02/01/21
           1,734,576          
    725,000  
Hawaii State, Series CY, AGM Insured, 5.500%, 02/01/12
           746,437          
    705,000  
Hawaii State, Series CZ, ETM, AGM Insured, 5.250%, 07/01/11
           705,000          
    675,000  
Hawaii State, Series DF, AMBAC Insured, 5.000%, 07/01/12
           706,183          
    2,000,000  
Hawaii State, Series DG, Refunding, AMBAC Insured, 5.000%, 07/01/12
           2,089,860          
    13,255,000  
Hawaii State Department of Budget and Finance Special Purpose Revenue Refunding Queens Health System, Series B, Bank of America Insured VRDO*, 0.070%, 07/01/29
           13,255,000          
    400,000  
Hawaii State Highway Revenue, Prerefunded to 07/01/11 @100 AGM Insured, 5.250%, 07/01/12
           400,000          
    1,000,000  
Hawaii State Highway Revenue, Prerefunded to 07/01/11 @100 AGM Insured, 5.375%, 07/01/17
           1,000,000          
    2,300,000  
Hawaii State Housing Finance & Development Corp., Multi Family, Lokahi Kau, FHLMC Insured VRDO*, 0.070%, 12/01/41
           2,300,000          
    700,000  
Honolulu City & County, HI, Refunding, Series B, NPFG Insured, 5.000%, 07/01/11
           700,000          
    4,245,000  
Honolulu City & County, HI, Series A, Prerefunded to 09/01/11 @100 AGM Insured, 5.250%, 09/01/22
           4,279,371          
    3,500,000  
Honolulu City & County, HI, Series A, Prerefunded to 09/01/11 @100, AGM Insured, 5.375%, 09/01/18
           3,529,350          
    1,975,000  
University of Hawaii Revenue, Series B-2, 2.500%, 10/01/11
           1,984,409          
    600,000  
Chicago, IL, Refunding Series A-2, ETM, AMBAC Insured, 6.125%, 01/01/12
           616,510          
    1,500,000  
Illinois State First Series, Prerefunded to 11/01/11 @100 FGIC Insured, 5.375%, 11/01/13
           1,525,391          
    1,500,000  
Illinois State For Future Issues, First Series, Prerefunded to 11/01/11 @100, FGIC-NPFG Insured, 5.375%, 11/01/19
           1,525,839          
    2,000,000  
Indiana Financial Authority Health System Revenue, Sisters St. Francis Health, VRDO*, 0.050%, 09/01/48
           2,000,000          
    2,000,000  
Indiana State Financial Authority Environmental Revenue Refunding, Duke Energy, VRDO*, 0.030%, 10/01/40
           2,000,000          
    2,600,000  
Breckenridge County, KY, Lease Program Revenue VRDO*, 0.070%, 02/01/31
           2,600,000          
    2,800,000  
Louisville & Jefferson County, KY, Visitors & Convention, Refunding, AGM Insured, VRDO*, 0.050%, 12/01/22
           2,800,000          
    5,395,000  
Louisiana Public Facilities Authority Revenue, Christus Health, AGM Insured, 3.000%, 07/01/11
           5,395,000          
    3,000,000  
Bloomington, MN, Bristol Apartments Multi-Family Revenue Bond FNMA Insured VRDO*, 0.130%, 11/15/32
           3,000,000          
    1,495,000  
Inver Grove Heights, MN, Senior Housing Revenue FNMA Insured VRDO*, 0.080%, 05/15/35
           1,495,000          
    6,245,000  
Oak Park Heights, MN, VSSA Boutwells Landing Multi-Family Revenue Bond, FHLMC Insured VRDO*, 0.080%, 11/01/35
           6,245,000          
    1,395,000  
Plymouth, MN, Parkside II Multi-Family Housing FNMA Insured VRDO*, 0.080%, 04/15/33
           1,395,000          
    2,000,000  
St. Paul, MN, Housing & Redevelopment Authority, Multi Family Housing, Highland Ridge Project, FHLMC Insured VRDO*, 0.080%, 10/01/33
           2,000,000          
    825,000  
Cape Girardeau County, MO, Industrial Development Authority Healthcare Refunding, Southeast Missouri Hospital Association, Prerefunded to 06/01/12 @100, 5.750%, 06/01/32
           864,534          
    6,000,000  
Kansas City, MO, Industrial Development Authority Revenue Bond, (Ewing Marion Kaufman Foundation) VRDO*, 0.080%, 04/01/27
           6,000,000          
    1,840,000  
Missouri State Health & Educational Facilities Authority Revenue, Washington University, Series A, VRDO*, 0.030%, 02/15/34
           1,840,000          
 
    2,655,000  
St. Louis, MO, Airport Revenue, Airport Development Program, Series 2001A, Prerefunded to 07/01/11 @100 NPFG Insured, 5.625%, 07/01/15
           2,655,000          
    1,600,000  
New Jersey Health Care Facilities Financing Authority Revenue, Meridian, AGM Insured, VRDO*, 0.050%, 07/01/38
           1,600,000          
    2,500,000  
New Jersey Health Care Facilities Financing Authority Revenue, Southern Ocean County Hospital, VRDO*, 0.050%, 07/01/36
           2,500,000          
    1,500,000  
New Jersey State Transportation TR Fund Authority For Future Issue, Transportation System B, Prerefunded to 12/15/11 @100, NPFG Insured, 6.000%, 12/15/14
           1,539,221          
    1,575,000  
New Jersey State Transportation TR Fund Authority For Future Issue, Refunding, Transportation System Series B, Prerefunded to 12/15/11 @100, NPFG Insured, 5.000%, 12/15/21
           1,609,011          
    1,800,000  
North Carolina Medical Catholic Health East VRDO*, 0.070%, 11/15/28
           1,800,000          
    4,555,000  
Union County, NC, Enterprise System, AGM Insured VRDO*, 0.140%, 06/01/21
           4,555,000          
    900,000  
Columbus, OH, City School District, Linden Elementary Construction, Prerefunded to 12/01/11 @100, AGM Insured, 5.000%, 12/01/28
           917,644          
    2,050,000  
Hamilton County, OH, Hospital Facilities Revenue, Children's Hospital Medical Center, VRDO*, 0.070%, 05/15/37
           2,050,000          
    1,000,000  
Ohio State Higher Education, Series B, Prerefunded to 11/01/11 @100, 5.000%, 11/01/15
           1,016,041          
    1,530,000  
Oklahoma Development Finance Authority Revenue Refunding AGM Insured VRDO*, 0.050%, 08/15/33
           1,530,000          
    5,000,000  
Oregon State Facilities Authority Revenue Peacehealth VRDO*, 0.060%, 05/01/47
           5,000,000          
    1,100,000  
Emmaus, PA, General Authority VRDO*, 0.110%, 03/01/24
           1,100,000          
    3,880,000  
Luzerne County, PA, Series A, AGM Insured, VRDO*, 0.110%, 11/15/26
           3,880,000          
    2,455,000  
Philadelphia, PA Authority for Industrial Development Lease Revenue, Series B, Prerefunded to 10/01/11 @101, AGM Insured, 5.500%, 10/01/16
           2,511,170          
    1,000,000  
Puerto Rico Public Finance Corp., Commonwealth, Series E, Prerefunded to 02/01/12 @100, 5.500%, 08/01/29
           1,030,391          
    4,410,000  
Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue First Sub-Series A, VRDO*, Prerefunded to 08/01/11 @100, 5.000%, 08/01/39
           4,427,139          
    1,800,000  
Bexar County, TX, Housing Financial Corp., Multi Family Housing Revenue, Northwest Trails Apartments, FNMA Insured VRDO*, 0.080%, 12/15/34
           1,800,000          
    2,000,000  
Harris County, TX, Cultural Educational Facilities Financial Corp., Texas Medical Center,  VRDO*, 0.040%, 09/01/31
           2,000,000          
    4,000,000  
Utah County, UT, Hospital Revenue IHC Health Services Inc., Series B, VRDO*, 0.070%, 05/15/35
           4,000,000          
    1,800,000  
Washington State Housing Finance Commission, Northwest School Project, VRDO*, 0.110%, 06/01/32
           1,800,000          
                               
       
Total Investments (Amortized Cost $141,561,746††) - 98.0%
           141,561,746          
       
Other assets less liabilities- 2.0%
           2,928,235          
       
NET ASSETS-100.0%
         $ 144,489,981          
____________
                        
* 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.
                  
                               
† Prerefunded bonds are bonds for which U.S. Government Obligations have been placed in escrow to retire the bonds at their earliest call date.
                  
                               
†† Cost for Federal income tax and financial reporting purposes is identical.
  
                               
           
Percent of
                  
 
Portfolio Distribution
  
Investments
                  
 
Colorado
         3.1 %  
 
          
 
District of Columbia
     1.4                  
 
Florida
         3.8                  
 
Hawaii
         27.7                  
 
Illinois
         2.6                  
 
Indiana
         2.8                  
 
Kentucky
         3.8                  
 
Louisiana
         3.8                  
 
Minnesota
         10.0                  
 
Missouri
         8.0                  
 
New Jersey
         5.1                  
 
North Carolina
     4.5                  
 
Ohio
         2.8                  
 
Oklahoma
         1.1                  
 
Oregon
         3.5                  
 
Pennsylvania
     5.3                  
 
Puerto Rico
         3.9                  
 
Texas
         2.7                  
 
Utah
         2.8                  
 
Washington
     1.3                  
              100.0 %  
 
          
                                 
       
PORTFOLIO ABBREVIATIONS:
                        
                                 
       
AGM - Assured Guaranty Municipal Corp.
                        
       
AMBAC - American Municipal Bond Assurance Corp.
                        
       
ETM - Escrowed to Maturity
                        
       
FGIC - Financial Guaranty Insurance Corporation
                        
       
FHLMC - Federal Home Loan Mortgage Corp.
                        
       
FNMA - Federal National Mortgage Association
                        
       
NPFG - National Public Finance Guarantee
                        
       
NR - Not Rated
                        
       
VRDO - Variable Rate Demand Obligation
                        
                                 
       
See accompanying notes to financial statements.
                        
 
 
 
 
 
Tax-Free Cash Assets Trust
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
(unaudited)

 
(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 follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Trust’s investments and are summarized in the following fair value hierarchy:

Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access.
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not 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, 2011:
 
Valuation Inputs
 
  
Investments in Securities
  
 Level 1 – Quoted Prices
   $ -  
 Level 2 – Other Significant Observable Inputs- Short-Term Instruments+
     141,561,746  
 Level 3 – Significant Unobservable Inputs
     -  
 Total
   $ 141,561,746  
 +See schedule of investments for a detailed listing of securities.
        
 
 
 
 
 
U.S. Government Securities Cash Assets Trust
Schedule of Investments
June 30, 2011
(unaudited)
 
                     
   
Principal
  
Security
            
   
Amount
  
Description
  
Value
    
(a)
  
                       
U.S. Government Agency Obligations (97.5%):
          
Federal Home Loan Mortgage Corporation (68.2%):
          
    $ 36,000,000  
0.08%, 07/05/11
   $ 35,999,666          
      38,000,000  
0.20%, 07/11/11
     37,997,889          
      100,000,000  
0.07%, 07/27/11
     99,994,656          
      25,000,000  
0.14%, 08/09/11
     24,996,208          
      18,000,000  
0.14%, 08/10/11
     17,997,200          
      50,000,000  
0.03%, 08/12/11
     49,998,250          
      60,000,000  
0.07%, 08/29/11
     59,993,117          
      50,000,000  
0.05%, 09/12/11
     49,994,931          
      60,000,000  
0.08%, 09/19/11
     59,990,000          
      40,000,000  
0.10%, 11/07/11
     39,985,667          
      40,000,000  
0.10%, 11/14/11
     39,984,284          
                516,931,868          
                           
Federal National Mortgage Association (29.3%):
          
      90,340,000  
0.08%, 08/24/11
     90,329,837          
      80,000,000  
0.09%, 09/13/11
     79,985,200          
      30,000,000  
0.14%, 10/12/11
     29,987,983          
      22,000,000  
0.12%, 11/23/11
     21,989,367          
                222,292,387          
                           
Total Investments (Amortized Cost $739,224,255†) - 97.5%
     739,224,255          
Other assets less liabilities - 2.5%
     18,592,009          
NET ASSETS - 100.0%
   $ 757,816,264          
____________
                          
† Cost for Federal income tax and financial reporting purposes is identical.
          
                           
             
Percent of
          
Portfolio Distribution
      
Investments
          
U. S. Government Agency Obligations
     100.0 %        
 
See accompanying notes to financial statements.
 
 
 
 
 
U.S. Government Securities Cash Assets Trust
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
(unaudited)
 
(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 follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Trust’s investments and are summarized in the following fair value hierarchy:

Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access.
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs or methodology used for valuing securities are not 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, 2011:
 
Valuation Inputs
 
  
Investments in Securities
  
 Level 1 – Quoted Prices
   $ -  
 Level 2 – Other Significant Observable Inputs-Short-Term Instruments+
     739,224,255  
 Level 3 – Significant Unobservable Inputs
     -  
 Total
   $ 739,224,255  
 +See schedule of investments for a detailed listing of securities.
        
 
 
 
 
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:
 
    
 
Diana P. Herrmann
    
 
Vice Chair, President and Trustee
    
 
August 24, 2011
    
 
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:
 
    
 
Diana P. Herrmann
    
 
Vice Chair, President and Trustee
    
 
August 24, 2011
    
       
       
By:
 
    
 
Joseph P. DiMaggio
    
 
Chief Financial Officer and Treasurer
    
 
August 24, 2011