-----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, NN3qyHLfLferfX5hbsYgBLlj6LS3TH/9D1zRjkpq//3xDHtbN/YMl7GT9qBXV84g JUGzzBKnvANe6NECQzNILA== 0000749748-03-000017.txt : 20031208 0000749748-03-000017.hdr.sgml : 20031208 20031208114341 ACCESSION NUMBER: 0000749748-03-000017 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030930 FILED AS OF DATE: 20031208 EFFECTIVENESS DATE: 20031208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASCADES TRUST CENTRAL INDEX KEY: 0000791049 IRS NUMBER: 136868231 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-04626 FILM NUMBER: 031041857 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 380 MADISON AVENUE STREET 2: # 2300 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: TAX FREE TRUST OF OREGON DATE OF NAME CHANGE: 19890810 N-CSR 1 catformncsr.txt CASH ASSETS TRUST 9/30/03 SEMI REPORT ON FORM NCSR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-4626 Cash Assets Trust (Exact name of Registrant as specified in charter) 380 Madison Avenue New York, New York 10017 (Address of principal executive offices) (Zip code) Joseph P. DiMaggio 380 Madison Avenue New York, New York 10017 (Name and address of agent for service) Registrant's telephone number, including area code: (212) 697-6666 Date of fiscal year end: 3/31 Date of reporting period: 9/30/03 FORM N-CSR ITEM 1. REPORTS TO STOCKHOLDERS. SERVING INVESTORS SINCE 1984 THE PACIFIC CAPITAL FUNDS OF CASH ASSETS TRUST 380 MADISON AVENUE, SUITE 2300 * NEW YORK, NY 10017 800-437-1020 * 212-697-6666 [Logo of The Pacific Capital Funds of Cash Assets Trust: a lion standing on a twisted rope] SEMI-ANNUAL REPORT PACIFIC CAPITAL CASH ASSETS TRUST STATEMENT OF INVESTMENTS SEPTEMBER 30, 2003 (UNAUDITED)
FACE AMOUNT COMMERCIAL PAPER (27.7%) VALUE - ----------- --------------------------------------------------------------------- ------------ BANKS (18.2%): --------------------------------------------------------------------- $20,000,000 AES Shady Point LLC, 1.09%, 11/25/03, LOC: Bank of America Corp. .................................................... $ 19,966,542 20,000,000 Citigroup Global Markets, 1.02%, 10/03/03 ........................... 19,998,866 20,000,000 Louis Dreyfus, 1.08%, 10/27/03, LOC: Barclays Bank Plc .............. 19,984,400 20,000,000 Met-Life Funding, 1.01%, 10/30/03 ................................... 19,983,728 ------------ 79,933,536 ------------ BROKERAGE (4.5%): --------------------------------------------------------------------- 20,000,000 Bear Stearns Cos., Inc., 1.08%, 01/06/04 ............................ 19,941,800 ------------ EDUCATION (5.0%): --------------------------------------------------------------------- 22,174,000 Stanford University, 1.04%, 01/06/04 ................................ 22,111,864 ------------ Total Commercial Paper ........................................... 121,987,200 ------------ CORPORATE NOTE (3.4%) --------------------------------------------------------------------- INSURANCE (3.4%): --------------------------------------------------------------------- 15,000,000 Peoples Benefit Life Insurance, Variable Rate Note, 1.29%, 06/28/04 (a) ..................................................... 15,000,000 ------------ Total Corporate Note ............................................. 15,000,000 ------------ U.S. GOVERNMENT AGENCIES (67.6%) --------------------------------------------------------------------- FEDERAL FARM CREDIT BANK (14.1%): --------------------------------------------------------------------- 27,000,000 1.00%, 10/01/03 ..................................................... 27,000,000 25,000,000 1.20%, 12/15/03 ..................................................... 24,937,500 10,000,000 1.21%, 01/06/04 ..................................................... 9,967,397 ------------ 61,904,897 ------------ FEDERAL HOME LOAN BANK (53.5%): --------------------------------------------------------------------- 40,000,000 1.03%, 10/01/03 ..................................................... 40,000,000 10,000,000 0.98%, 10/03/03 ..................................................... 9,999,458 50,000,000 0.98%, 10/10/03 ..................................................... 49,987,751 25,000,000 1.03%, 10/15/03 ..................................................... 24,989,986 20,000,000 1.03%, 10/31/03 ..................................................... 19,982,833 20,000,000 1.02%, 11/07/03 ..................................................... 19,979,033 37,900,000 1.01%, 11/19/03 ..................................................... 37,847,640 $10,000,000 1.03%, 12/03/03 ..................................................... $ 9,981,975 10,000,000 0.98%, 12/19/03 ..................................................... 9,978,494 12,615,000 3.625%, 10/15/04 .................................................... 12,927,349 ------------ 235,674,519 ------------ Total U.S. Government Agencies ................................... 297,579,416 ------------ INVESTMENT COMPANY (1.3%) --------------------------------------------------------------------- 5,570,296 One Group Government Money Market Fund (I Shares) ................... 5,570,296 ------------ Total Investment Company ......................................... 5,570,296 ------------ Total Investments (Amortized Cost $440,136,912) (b) ......... 100.0% 440,136,912 Other assets less liabilities ............................... 0.0 (190,202) ------ ------------ NET ASSETS .................................................. 100.0% $439,946,710 ====== ============
(a) Illiquid security. Considered illiquid because it may not be sold, and may be redeemed only upon at least ninety days' notice to the issuer. As this security is a variable rate note, the rate shown represents the rate in effect at September 30, 2003, and the maturity date reflects the next rate change date. (b) Cost for Federal tax purposes is identical. LOC - Letter of Credit See accompanying notes to financial statements PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST STATEMENT OF INVESTMENTS SEPTEMBER 30, 2003 (UNAUDITED)
RATING FACE MOODY'S/ AMOUNT MUNICIPAL BONDS (99.9%) S&P VALUE - ----------- --------------------------------------------------------------- ---------- ------------ COLORADO (6.0%) --------------------------------------------------------------- $ 2,800,000 Colorado Educational & Cultural Facilities Authority Revenue Bonds (National Jewish Federation Board Program), Class A1, 1.22%, 9/01/33, Daily Reset VRDN*, LOC: Bank of America N.A. ............................................... VMIG1/NR $ 2,800,000 6,400,000 Colorado Housing & Financial Authority Revenue Bonds, Class I, Series A-1, 1.07%, 10/01/30, Weekly Reset VRDN*, SPA: FHLB .................................................. VMIG1/A-1+ 6,400,000 ------------ 9,200,000 ------------ HAWAII (24.4%) --------------------------------------------------------------- 6,800,000 Department of Budget and Finance of the State of Hawaii Special Purpose Revenue Bonds (The Queen's Health System), Series A, 1.05%, 7/01/26, Weekly Reset VRDN*, SPA: Bank of Nova Scotia ................................... VMIG1/A-1 6,800,000 5,150,000 Honolulu City & County, HI General Obligation Bonds, Series A, 1.05%, 1/01/04, Weekly Reset VRDN*, LOC: Landesbank Hessen Thuringen ............................................ VMIG1/A-1+ 5,150,000 800,000 Honolulu City & County, HI General Obligation Bonds, Series A, 1.05%, 1/01/05, Weekly Reset VRDN*, LOC: Landesbank Hessen Thuringen ........................................... VMIG1/A-1+ 800,000 3,830,000 Honolulu City & County, HI General Obligation Bonds, Series A, 1.05%, 1/01/07, Weekly Reset VRDN*, LOC: Landesbank Hessen Thuringen ........................................... VMIG1/A-1+ 3,830,000 2,150,000 Honolulu City & County, HI General Obligation Bonds, Series A, 1.05%, 1/01/10, Weekly Reset VRDN*, LOC: Landesbank Hessen Thuringen ........................................... VMIG1/A-1+ 2,150,000 1,520,000 Honolulu City & County, HI General Obligation Bonds, Series A, 1.05%, 1/01/15, Weekly Reset VRDN*, LOC: Landesbank Hessen Thuringen ........................................... VMIG1/A-1+ 1,520,000 5,645,000 Honolulu City & County, HI General Obligation Bonds, Series A, 1.05%, 1/01/17, Weekly Reset VRDN*, LOC: Landesbank Hessen Thuringen ........................................... VMIG1/A-1+ 5,645,000 1,645,000 Honolulu City & County, HI General Obligation Bonds, Series A, 1.05%, 1/01/19, Weekly Reset VRDN*, LOC: Landesbank Hessen Thuringen ........................................... VMIG1/A-1+ 1,645,000 $ 1,400,000 Honolulu City & County, HI General Obligation Bonds, Series B, 5.00%, 10/01/03 ......................................... Aa3/AA- $ 1,400,000 3,600,000 Honolulu City & County, HI General Obligation Bonds, Series B, 1.05%, 1/01/05, Weekly Reset VRDN*, LOC: Landesbank Hessen Thuringen ........................................... VMIG1/A-1+ 3,600,000 2,000,000 Honolulu City & County, HI General Obligation Bonds, Series C, 1.30%, 12/01/06, Putable 12/04/03 @ 100, FGIC Insured .................................................... VMIG1/A-1+ 2,000,000 3,000,000 Honolulu City & County, HI General Obligation Bonds, Series C, 1.30%, 12/01/13, Putable 12/04/03 @ 100, FGIC Insured .................................................... VMIG1/A-1+ 3,000,000 ------------ 37,540,000 ------------ IDAHO (3.9%) --------------------------------------------------------------- 6,000,000 Idaho Health Facilities Authority Revenue Bonds (St. Lukes Regional Medical Center Project), 1.20%, 5/01/22, Daily Reset VRDN*, LOC: Bayerische Landesbank .................... VMIG1/NR 6,000,000 ------------ ILLINOIS (9.8%) --------------------------------------------------------------- 3,000,000 Chicago, IL General Obligation Bonds, Series B, 1.11%, 1/01/37, Weekly Reset VRDN*, FGIC Insured .................. VMIG1/A-1+ 3,000,000 5,000,000 Chicago, IL Metropolitan Water Reclamation District- Greater Chicago General Obligation Bonds, Series A, 1.10% , 12/01/31, Weekly Reset VRDN*, SPA: Bank of America .................................................... VMIG1/A-1+ 5,000,000 7,000,000 Illinois Development Finance Authority Revenue Bonds (YMCA of Metro Chicago Project), 1.22%, 6/01/29, Daily Reset VRDN*, LOC: Harris Trust & Savings Bank .................... NR/A-1+ 7,000,000 ------------ 15,000,000 ------------ INDIANA (2.5%) --------------------------------------------------------------- 3,780,000 Indianapolis, IN Economic Development Revenue Bonds (Jewish Federation Campus), 1.05%, 4/01/05, Weekly Reset VRDN*, LOC: Fifth Third Bank ...................................... VMIG1/NR 3,780,000 ------------ LOUISIANA (0.6%) --------------------------------------------------------------- $ 1,000,000 St. Charles Parish, LA Pollution Control Revenue Bonds (Shell Oil Co. Project), Series A-AMT, 1.25%, 10/01/22, Daily Reset VRDN* .......................................... VMIG1/A-1+ $ 1,000,000 ------------ MICHIGAN (5.4%) --------------------------------------------------------------- 6,900,000 Eastern Michigan University, MI University Revenue Bonds, 1.20%, 6/01/27, Daily Reset VRDN*, FGIC Insured ............ NR/A-1+ 6,900,000 1,400,000 Northern Michigan University Revenue Bonds, 1.20%, 6/01/31, Daily Reset VRDN*, FGIC Insured ............................ VMIG1/A-1+ 1,400,000 ------------ 8,300,000 ------------ MINNESOTA (6.9%) --------------------------------------------------------------- 4,995,000 Cohasset, MN Revenue Bonds (Minnesota Power & Light Co. Project), Series A, 1.20%, 6/01/20, Daily Reset VRDN*, LOC: ABN Amro Bank N.V. .................................... NR/A-1+ 4,995,000 200,000 Cohasset, MN Revenue Bonds (Minnesota Power & Light Co. Project), Series B, 1.20%, 6/01/13, Daily Reset VRDN*, LOC: ABN Amro Bank N.V. .................................... NR/A-1+ 200,000 150,000 Cohasset, MN Revenue Bonds (Minnesota Power & Light Co. Project), Series C, 1.20%, 6/01/13, Daily Reset VRDN*, LOC: ABN Amro Bank N.V. .................................... NR/A-1+ 150,000 1,790,000 Cohasset, MN Revenue Bonds (Minnesota Power & Light Co. Project), Series D, 1.20%, 12/01/07, Daily Reset VRDN*, LOC: ABN Amro Bank N.V. .................................... NR/A-1+ 1,790,000 980,000 Hennepin County, MN General Obligation Bonds, Series B, 0.95%, 12/01/20, Weekly Reset VRDN*, SPA: Landesbank Hessen Thuringen ........................................... VMIG1/A-1+ 980,000 2,545,000 Hennepin County, MN General Obligation Bonds, Series C, 0.95%, 12/01/10, Weekly Reset VRDN*, SPA: Westdeutsche Landesbank .................................................. VMIG1/A-1+ 2,545,000 ------------ 10,660,000 ------------ MISSOURI (16.2%) --------------------------------------------------------------- 6,935,000 Kansas City, MO Industrial Development Authority Revenue Bonds, (Ewing Marion Kaufman Foundation), 1.20%, 4/01/27, Daily Reset VRDN* .......................................... NR/A-1+ 6,935,000 $ 700,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (St. Louis University), Series A, 1.25%, 10/01/09, Daily Reset VRDN*, SPA: Bank of America N.A. .................................. VMIG1/A-1+ $ 700,000 5,455,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (St. Louis University), Series B, 1.25%, 10/01/24, Daily Reset VRDN*, SPA: Bank of America N.A. .................................. VMIG1/A-1+ 5,455,000 3,000,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (Washington University), Series C, 1.15%, 3/01/40, Daily Reset VRDN*, SPA: JP Morgan Chase Bank .................................. VMIG1/A-1+ 3,000,000 3,800,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (Washington University), Series D, 1.15%, 9/01/30, Daily Reset VRDN*, SPA: JP Morgan Chase Bank .................................. VMIG1/A-1+ 3,800,000 5,000,000 University of Missouri, Curators of the University of Missouri System Facilities Revenue Bonds, Series A, 1.22%, 11/01/32, Daily Reset VRDN* ...................... VMIG1/A-1+ 5,000,000 ------------ 24,890,000 ------------ MONTANA (3.7%) --------------------------------------------------------------- 5,620,000 Montana State, Health Facilities Authority Revenue Bonds, Series A, 1.10%, 12/01/15, Weekly Reset VRDN*, FGIC Insured, SPA: Wells Fargo ...................... VMIG1/A-1+ 5,620,000 ------------ NEW YORK (4.2%) --------------------------------------------------------------- 6,430,000 New York, NY City Transitional Finance Authority Revenue Bonds, Series 3, 1.20%, 11/01/22, Daily Reset VRDN*, SPA: Bank of New York ......................... VMIG1/A-1+ 6,430,000 ------------ NORTH CAROLINA (1.7%) --------------------------------------------------------------- 1,475,000 Durham County, NC General Obligation Bonds (Public Improvement Project), 1.15%, 2/01/13, Weekly Reset VRDN*, SPA: Wachovia Bank of North Carolina ................ VMIG1/A-1 1,475,000 1,150,000 Durham, NC General Obligation Bonds (Public Improvement Project), 1.15%, 2/01/09, Weekly Reset VRDN*, SPA: Wachovia Bank of North Carolina ................ VMIG1/A-1 1,150,000 ------------ 2,625,000 ------------ OHIO (2.6%) --------------------------------------------------------------- $ 3,960,000 Ohio Housing Finance Agency Mortgage Revenue Bonds (Residential Mortgage), Series E-AMT, 1.13%, 9/01/34, Weekly Reset VRDN*, SPA: FHLB ..................... VMIG1/NR $ 3,960,000 ------------ PENNSYLVANIA (4.5%) --------------------------------------------------------------- 7,000,000 Philadelphia, PA Hospitals & Higher Education Facilities Authority Revenue Bonds (Children's Hospital Project), Series A, 1.22%, 2/15/14, Daily Reset VRDN*, SPA: JP Morgan Chase Bank ..................... VMIG1/A-1+ 7,000,000 ------------ TEXAS (1.4%) --------------------------------------------------------------- 2,200,000 West Side Calhoun County, TX Sewer & Solid Waste Disposal Revenue Bonds (BP Chemicals, Inc. Project), AMT, 1.25%, 4/01/31, Daily Reset VRDN* ..................... P-1/A-1+ 2,200,000 ------------ UTAH (2.2%) --------------------------------------------------------------- 3,450,000 University of Utah, Auxiliary & Campus Facilities Revenue Bonds, Series A, 1.07%, 4/01/27, Weekly Reset VRDN*, SPA: Bank of Nova Scotia ...................... VMIG1/A-1 3,450,000 ------------ VIRGINIA (3.9%) --------------------------------------------------------------- 6,000,000 University of Virginia Revenue Bonds, Series A, 1.02%, 6/01/34, Weekly Reset VRDN* ......................... VMIG1/A-1+ 6,000,000 ------------ Total Municipal Bonds ................................... 153,655,000 ------------ Total Investments (Amortized Cost $153,655,000) (a) .................................... 99.9% 153,655,000 Other assets less liabilities ........................... 0.1 135,165 ------ ------------ Net Assets .............................................. 100.0% $153,790,165 ====== ============
* Variable rate demand notes (VRDNs) are payable upon demand within the same day for securities with daily liquidity or seven days for securities with weekly liquidity. (a) Cost for Federal tax purposes is identical. AMT - Alternative Minimum Tax FGIC - Financial Guaranty Insurance Corp. FHLB - Federal Home Loan Bank LOC - Letter of Credit NR - No rating SPA - Standby Bond Purchase Agreement See accompanying notes to financial statements. PACIFIC CAPITAL U.S. GOVERNMENT SECURITIES CASH ASSETS TRUST STATEMENT OF INVESTMENTS SEPTEMBER 30, 2003 (UNAUDITED)
FACE AMOUNT U.S. GOVERNMENT AGENCIES (98.8%) VALUE - ----------- ------------------------------------------------------------------------- ------------ FEDERAL FARM CREDIT BANK (12.7%): ------------------------------------------------------------------------- $70,000,000 1.00%, 10/01/03 ......................................................... $ 70,000,000 25,000,000 1.20%, 12/15/03 ......................................................... 24,937,500 10,000,000 1.21%, 01/06/04 ......................................................... 9,967,397 ------------ 104,904,897 ------------ FEDERAL HOME LOAN BANK (86.1%): ------------------------------------------------------------------------- 60,000,000 1.03%, 10/01/03 ......................................................... 60,000,000 25,000,000 0.98%, 10/03/03 ......................................................... 24,998,646 40,000,000 1.01%, 10/08/03 ......................................................... 39,992,144 50,000,000 0.98%, 10/10/03 ......................................................... 49,987,750 30,000,000 1.30%, 10/15/03 ......................................................... 29,987,983 79,300,000 1.02%, 10/17/03 ......................................................... 79,263,874 25,000,000 1.03%, 10/24/03 ......................................................... 24,983,549 32,650,000 1.03%, 10/31/03 ......................................................... 32,621,975 75,000,000 1.02%, 11/07/03 ......................................................... 74,921,375 30,000,000 1.04%, 11/12/03 ......................................................... 29,963,600 90,000,000 1.01%, 11/19/03 ......................................................... 89,875,664 25,828,000 1.03%, 11/26/03 ......................................................... 25,786,618 70,000,000 1.01%, 11/28/03 ......................................................... 69,886,094 47,000,000 1.03%, 12/03/03 ......................................................... 46,915,930 30,000,000 1.01%, 12/05/03 ......................................................... 29,945,021 ------------ 709,130,223 ------------ Total U.S. Government Agencies ....................................... 814,035,120 ------------ INVESTMENT COMPANY (1.3%) ------------------------------------------------------------------------- 10,466,856 One Group Government Money Market Fund (I Shares) ....................... 10,466,856 ------------ Total Investment Company ............................................. 10,466,856 ------------ Total Investments (Amortized Cost $824,501,976) (a) ...................................... 100.1% 824,501,976 Other assets less liabilities ............................. (0.1) (621,324) ------ ------------ NET ASSETS ................................................ 100.0% $823,880,652 ====== ============
(a) Cost for Federal tax purposes is identical. See accompanying notes to financial statements THE PACIFIC CAPITAL FUNDS OF CASH ASSETS TRUST STATEMENTS OF ASSETS AND LIABILITIES SEPTEMBER 30, 2003 (UNAUDITED)
CASH TAX-FREE GOVERNMENT FUND FUND FUND ------------ ------------ ------------ ASSETS: Investments at value and amortized cost (note 2) ........ $440,136,912 $153,655,000 $824,501,976 Cash .................................................... -- 11,511 -- Interest receivable ..................................... 228,355 244,615 8,872 Other assets ............................................ 23,779 9,161 42,166 ------------ ------------ ------------ Total Assets ......................................... 440,389,046 153,920,287 824,553,014 ------------ ------------ ------------ LIABILITIES: Dividends payable ....................................... 293,386 92,363 479,283 Adviser and Administrator fees payable .................. 45,259 3,944 22,800 Distribution fees payable ............................... 24,669 11,187 97,965 Accrued expenses ........................................ 79,022 22,628 72,314 ------------ ------------ ------------ Total Liabilities .................................... 442,336 130,122 672,362 ------------ ------------ ------------ NET ASSETS .............................................. $439,946,710 $153,790,165 $823,880,652 ============ ============ ============ NET ASSETS CONSIST OF: Capital Stock - Authorized an unlimited number of shares, par value $.01 per share ............................. $ 4,399,342 $ 1,537,880 $ 8,238,127 Additional paid-in capital .............................. 435,534,666 152,376,781 815,574,670 Undistributed (overdistributed) net investment income ... 12,119 (124,534) 67,845 Undistributed gain (loss) ............................... 583 38 10 ------------ ------------ ------------ $439,946,710 $153,790,165 $823,880,652 ============ ============ ============ SHARES OF BENEFICIAL INTEREST: Original Shares Class: Net Assets ........................................... $318,749,194 $103,459,928 $268,357,596 ============ ============ ============ Shares outstanding ................................... 318,968,517 103,458,469 268,328,422 ============ ============ ============ Net asset value per share ............................ $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ Service Shares Class: Net Assets ........................................... $121,197,516 $ 50,330,237 $555,523,056 ============ ============ ============ Shares outstanding ................................... 120,965,719 50,329,514 555,484,237 ============ ============ ============ Net asset value per share ............................ $ 1.00 $ 1.00 $ 1.00 ============ ============ ============
See accompanying notes to financial statements. THE PACIFIC CAPITAL FUNDS OF CASH ASSETS TRUST STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2003 (UNAUDITED)
CASH TAX-FREE GOVERNMENT FUND FUND FUND ---------- --------- ----------- INVESTMENT INCOME: Interest income ...................................... $2,654,556 $ 861,226 $ 4,219,132 ---------- --------- ----------- EXPENSES: Investment Adviser fees (note 3) ..................... 834,967 244,329 1,242,658 Administrator fees (note 3) .......................... 324,876 86,371 285,403 Distribution fees (note 3) ........................... 153,044 68,299 595,001 Trustees' fees and expenses .......................... 57,541 25,802 64,729 Legal fees ........................................... 23,590 9,371 35,796 Insurance ............................................ 20,931 7,504 34,704 Shareholders' reports ................................ 20,114 3,880 16,411 Fund accounting fees ................................. 15,033 15,045 14,998 Auditing fees ........................................ 9,451 9,764 10,378 Registration fees and dues ........................... 8,081 2,850 9,169 Transfer and shareholder servicing agent fees ........ 4,849 9,358 7,811 Custodian fees ....................................... 2,920 5,530 2,825 Miscellaneous ........................................ 4,896 3,128 18,325 ---------- --------- ----------- Total expenses ....................................... 1,480,293 491,231 2,338,208 Advisory fees contractual reduction (note 3) ......... (588,451) (204,524) (1,041,158) Administrative fees contractual reduction (note 3) ... (228,960) (72,300) (239,124) Expenses paid indirectly (note 5) .................... -- -- (2,179) ---------- --------- ----------- Net expenses ......................................... 662,882 214,407 1,055,747 ---------- --------- ----------- Net investment income ................................... 1,991,674 646,819 3,163,385 Net realized gain (loss) from securities transactions ... 583 38 10 ---------- --------- ----------- Net change in net assets resulting from operations ...... $1,992,257 $ 646,857 $ 3,163,395 ========== ========= ===========
See accompanying notes to financial statements. THE PACIFIC CAPITAL FUNDS OF CASH ASSETS TRUST STATEMENTS OF CHANGES IN NET ASSETS
CASH FUND TAX-FREE FUND ------------------------------------ ----------------------------------- SIX MONTHS ENDED SIX MONTHS ENDED SEPTEMBER 30, 2003 YEAR ENDED SEPTEMBER 30, 2003 YEAR ENDED (UNAUDITED) MARCH 31,2003 (UNAUDITED) MARCH 31, 2003 ------------------ --------------- ------------------ -------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income................ $ 1,991,674 $ 6,102,262 $ 646,819 $ 1,783,725 Net realized gain (loss) from securities transactions...... 583 5,968 38 12 ------------- --------------- ------------- ------------- Change in net assets resulting from operations......... 1,992,257 6,108,230 646,857 1,783,737 ------------- --------------- ------------- ------------- DIVIDENDS TO SHAREHOLDERS FROM NET INVESTMENT INCOME: Original Shares................... (1,577,413) (4,649,971) (479,211) (1,316,278) Service Shares.................... (414,261) (1,452,291) (167,608) (466,859) ------------- --------------- ------------- ------------- Total dividends to shareholders from net investment income........ (1,991,674) (6,102,262) (646,819) (1,783,137) ------------- --------------- ------------- ------------- CAPITAL SHARE TRANSACTIONS (at $1.00 per share): Proceeds from shares sold: Original Shares................... 314,167,783 880,694,410 66,531,280 163,052,761 Service Shares.................... 116,893,947 252,007,742 33,646,622 56,481,358 ------------- --------------- ------------- ------------- 431,061,730 1,132,702,152 100,177,902 219,534,119 ------------- --------------- ------------- ------------- Reinvested dividends and distributions: Original Shares................... 31,199 86,494 40,552 170,364 Service Shares.................... 433,929 1,514,672 178,029 468,256 ------------- --------------- ------------- ------------- 465,128 1,601,166 218,581 638,620 ------------- --------------- ------------- ------------- Cost of shares redeemed: Original Shares................... (356,333,007) (873,207,779) (93,238,691) (133,496,270) Service Shares.................... (119,305,294) (275,974,181) (39,836,923) (52,944,249) ------------- --------------- ------------- ------------- (475,638,301) (1,149,181,960) (133,075,614) (186,440,519) ------------- --------------- ------------- ------------- Change in net assets from capital share transactions..... (44,111,443) (14,878,642) (32,679,131) 33,732,220 ------------- --------------- ------------- ------------- Total change in net assets........... (44,110,860) (14,872,674) (32,679,093) 33,732,820 NET ASSETS: Beginning of period............... 484,057,570 498,930,244 186,469,258 152,736,438 ------------- --------------- ------------- ------------- End of period..................... $ 439,946,710 $ 484,057,570 $ 153,790,165 $ 186,469,258 ============= =============== ============= =============
GOVERNMENT FUND ------------------------------------ SIX MONTHS ENDED SEPTEMBER 30, 2003 YEAR ENDED (UNAUDITED) MARCH 31, 2003 ------------------ --------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income................ $ 3,163,385 $ 8,345,327 Net realized gain (loss) from securities transactions...... 10 218 --------------- --------------- Change in net assets resulting from operations......... 3,163,395 8,345,545 --------------- --------------- DIVIDENDS TO SHAREHOLDERS FROM NET INVESTMENT INCOME: Original Shares................... (1,422,223) (3,725,589) Service Shares.................... (1,741,162) (4,619,738) Total dividends to shareholders --------------- --------------- from net investment income........ (3,163,385) (8,345,327) --------------- --------------- CAPITAL SHARE TRANSACTIONS (at $1.00 per share): Proceeds from shares sold: Original Shares................... 516,497,422 759,927,968 Service Shares.................... 896,214,491 1,404,544,075 --------------- --------------- 1,412,711,913 2,164,472,043 --------------- --------------- Reinvested dividends and distributions: Original Shares................... 26,230 52,314 Service Shares.................... 1,745,582 4,740,217 --------------- --------------- 1,771,812 4,792,531 --------------- --------------- Cost of shares redeemed: Original Shares................... (518,231,858) (795,938,638) Service Shares.................... (790,164,451) (1,418,737,480) --------------- --------------- (1,308,396,309) (2,214,676,118) --------------- --------------- Change in net assets from capital share transactions..... 106,087,416 (45,411,544) --------------- --------------- Total change in net assets........... 106,087,426 (45,411,326) NET ASSETS: Beginning of period............... 717,793,226 763,204,552 --------------- --------------- End of period..................... $ 823,880,652 $ 717,793,226 =============== ===============
See accompanying notes to financial statements. THE PACIFIC CAPITAL FUNDS OF CASH ASSETS TRUST NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. ORGANIZATION Cash Assets Trust (the "Trust") was organized on May 7, 1984 as a Massachusetts business trust and is registered under the Investment Company Act of 1940 (the "1940 Act") as an open-end investment company. The Trust consists of the following three investment portfolios (referred to individually as a "Fund" and collectively as the "Funds"): Pacific Capital Cash Assets Trust ("Cash Fund") (a diversified portfolio which commenced operations on December 5, 1984), Pacific Capital Tax-Free Cash Assets Trust ("Tax-Free Fund") (a non-diversified portfolio which commenced operations on April 4, 1989), and Pacific Capital U.S. Government Securities Cash Assets Trust ("Goverment Fund") (a diversified portfolio which commenced operations on April 4, 1989). The Trust is authorized to issue for each Fund an unlimited number of shares of $.01 par value in two classes of shares; the Original Shares Class and the Service Shares Class. The Original Shares Class includes all currently outstanding shares of each Fund that were issued prior to January 20, 1995, the date on which the Capital structure was changed to include two classes rather than one. The two classes of shares are substantially identical, except that Service Shares bear the fees that are payable under the Trust's Distribution Plan. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America for investment companies. a) PORTFOLIO VALUATION: Each Fund's portfolio securities are valued by the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act, which, after considering accrued interest thereon, approximates market. Under this method, a portfolio security is valued at cost adjusted for amortization of premiums and accretion of discounts. Amortization of premiums and accretion of discounts are included in interest income. b) SECURITIES TRANSACTIONS AND RELATED INVESTMENT INCOME: Securities transactions are recorded on the trade date. Realized gains and losses from securities transactions are reported on the identified cost basis. Interest income is recorded daily on the accrual basis and is adjusted for amortization of premiums and accretion of discounts as discussed in the preceding paragraph. c) DETERMINATION OF NET ASSET VALUE AND CALCULATION OF EXPENSES: The net asset value per share for each class of the Funds' shares is determined as of 4:00 p.m. New York time on each day that the New York Stock Exchange and the custodian are open by dividing the value of the assets of the Fund allocable to that class less Fund liabilities allocable to the class and any liabilities charged directly to the class, exclusive of surplus, by the total number of shares of the class outstanding. Investment income, realized and unrealized gains and losses, if any, and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class. Class specific expenses are borne by the affected class. Service fee payments under Rule 12b-1 are borne solely by and charged to the Service Shares based on net assets of that class. d) FEDERAL INCOME TAXES: It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code applicable to certain investment companies. Each Fund intends to make distributions of income and securities profits sufficient to relieve it from all, or substantially all, Federal income and excise taxes. e) REPURCHASE AGREEMENTS: It is each Fund's policy to monitor closely the creditworthiness of all firms with which it enters into repurchase agreements, and to take possession of, or otherwise perfect its security interest in, securities purchased under agreements to resell. The securities purchased under agreements to resell are marked to market every business day in order to compare the value of the collateral to the amount of the "loan" (repurchase agreements being defined as "loans" in the 1940 Act), including the accrued interest earned thereon. If the value of the collateral is less than 102% of the loan plus the accrued interest thereon, additional collateral is required from the borrower. f) USE OF ESTIMATES: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 3. FEES AND RELATED PARTY TRANSACTIONS a) MANAGEMENT ARRANGEMENTS: Asset Management Group of Bank of Hawaii (the "Adviser"), serves as Investment Adviser to the Trust. In this role, under Investment Advisory Agreements, the Adviser supervises the Funds' investments and provides various services. The Funds also have Administration Agreements with Aquila Management Corporation (the "Administrator") to provide all administrative services to the Funds other than those relating to the investment portfolios. Specific details as to the nature and extent of the services provided by the Adviser and the Administrator are more fully defined in the Prospectus and Statement of Additional Information of the Funds. For their services, the Adviser and the Administrator each receive a fee which is payable monthly and computed as of the close of business each day on the net assets of each Fund at the following annual rates: Pacific Capital Cash Assets Trust - On net assets up to $325 million, the fee is paid to the Adviser and the Administrator at the annual rate of 0.33% and 0.17%, respectively, and on net assets above that amount at the annual rate of 0.43% and 0.07%, respectively. Pacific Capital Tax-Free Cash Assets Trust - On net assets up to $95 million, the fee is paid to the Adviser and the Administrator at the annual rate of 0.27% and 0.13%, respectively, and on net assets above that amount at the annual rate of 0.33% and 0.07%, respectively. Pacific Capital U.S. Government Securities Cash Assets Trust - On net assets up to $60 million, the fee is paid to the Adviser and the Administrator at the annual rate of 0.27% and 0.13%, respectively, and on net assets above that amount at the annual rate of 0.33% and 0.07%, respectively. The Adviser and the Administrator each agrees that the above fees shall be reduced, but not below zero, by an amount equal to its proportionate share (determined on the basis of the respective fees computed as described above) of the amount, if any, by which the total expenses of a Fund in any fiscal year, exclusive of taxes, interest and brokerage fees, shall exceed the lesser of (i) 2.5% of the first $30 million of average annual net assets of the Fund plus 2% of the next $70 million of such assets and 1.5% of its average annual net assets in excess of $100 million, or (ii) 25% of the Fund's total annual investment income. The payment of the above fees at the end of any month will be reduced or postponed so that at no time will there be any accrued but unpaid liability under this expense limitation. For the period April 1, 2002 through September 30, 2003, advisory and administrative fees have been reduced by a contractual reduction of fees (see ii above) due to a low interest rate environment. Advisory and administrative fees may be recouped if interest rates increase. Contractual reduction of fees, if any, are calculated on a fiscal year basis. For the six months ended September 30, 2003: Pacific Capital Cash Assets Trust incurred advisory and administration fees of $834,967 and $324,876; due to the expense limitation, such fees were reduced by $588,451 and $228,960, respectively. Pacific Capital Tax-Free Cash Assets Trust incurred advisory and administration fees of $244,329 and $86,371; due to the expense limitation, such fees were reduced by $204,524 and $72,300, respectively. Pacific Capital U.S. Government Securities Cash Assets Trust incurred advisory and administration fees of $1,242,658 and $285,403; due to the expense limitation, such fees were reduced by $1,041,158 and $239,124, respectively. b) DISTRIBUTION AND SERVICE FEES: Each Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. A part of the Plan authorizes payment of certain distribution or service fees by the Service Shares Class of the Fund. Such payments are made to "Designated Payees" - broker-dealers, other financial institutions and service providers who have entered into appropriate agreements with the Distributor and which have rendered assistance in the distribution and/or retention of the Funds' Service Shares or in the servicing of Service Share accounts. The total payments under this part of a Fund's Plan may not exceed 0.25% of its average annual assets represented by Service Shares. No such payments will be made by the Original Share Class. Specific details about each Plan are more fully defined in the Prospectus and Statement of Additional Information of the Funds. Under a Distribution Agreement, Aquila Distributors, Inc. (the "Distributor") serves as the exclusive distributor of the Funds' shares. No compensation or fees are paid to the Distributor for such share distribution. c) OTHER RELATED PARTY TRANSACTIONS: For the six months ended September 30, 2003, the following amounts were accrued for legal fees: Cash Fund $23,590; Tax-Free Fund $9,371; Government Fund $35,796. Of these amounts, $22,647, $8,969 and $34,331, respectively, were allocable to Hollyer Brady Smith &Hines LLP, counsel to the Fund, for legal services in conjunction with the Fund's ongoing operations. The Secretary of the Fund is a Partner of Hollyer Brady Smith & Hines LLP. 4. GUARANTEES OF CERTAIN COMMERCIAL PAPER Various banks and other institutions have issued irrevocable letters of credit or guarantees for the benefit of the holders of certain commercial paper. Payment at maturity of principal and interest of certain commercial paper held by the Funds is supported by such letters of credit or guarantees. 5. EXPENSES The Funds have negotiated an expense offset arrangement with their custodian, wherein they receive credit toward the reduction of custodian fees and other expenses whenever there are uninvested cash balances. The Statements of Operations reflect the total expenses before any offset, the amount of offset and the net expenses. It is the general intention of the Funds to invest, to the extent practicable, some or all of cash balances in income-producing assets rather than leave cash on deposit. 6. PORTFOLIO ORIENTATION Since the Pacific Capital Tax-Free Cash Assets Trust has a significant portion of its investments in obligations of issuers within Hawaii, it is subject to possible risks associated with economic, political, or legal developments or industrial or regional matters specifically affecting Hawaii and whatever effects these may have upon Hawaii issuers' ability to meet their obligations. 7. DISTRIBUTIONS The Funds declare dividends daily from net investment income and make payments monthly in additional shares at the net asset value per share, in cash, or a combination of both, at the shareholder's option. PACIFIC CAPITAL CASH ASSETS TRUST FINANCIAL HIGHLIGHTS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
ORIGINAL SHARES --------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED MARCH 31, 9/30/03 ------------------------------------------ (UNAUDITED) 2003 2002 2001 2000 1999 ----------- ------ ------ ------ ------ ------ Net asset value, beginning of period ........... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ------- ------ ------ ------ ------ ------ Income from investment operations: Net investment income ....................... 0.005 0.01 0.03 0.06 0.05 0.05 ------- ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income ........ (0.005) (0.01) (0.03) (0.06) (0.05) (0.05) ------- ------ ------ ------ ------ ------ Net asset value, end of period ................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ======= ====== ====== ====== ====== ====== Total return ................................... 0.46%* 1.35% 2.52% 5.90% 4.89% 4.90% Ratios/supplemental data Net assets, end of period (in millions) ..... $319 $361 $353 $364 $513 $418 Ratio of expenses to average net assets ..... 0.22%** 0.36% 0.58% 0.57% 0.56% 0.57% Ratio of net investment income to average net assets ....................... 0.92%** 1.34% 2.51% 5.77% 4.80% 4.79% The expense and net investment income ratios without the effect of the Adviser's and Administrator's contractual cap on fees were (note 3): Ratio of expenses to average net assets ..... 0.57%** 0.58% - - - - Ratio of net investment income to average net assets ....................... 0.57%** 1.12% - - - - The expense ratios after giving effect to the expense offset for uninvested cash balances were: Ratio of expenses to average net assets ..... 0.22%** 0.36% 0.57% 0.57% 0.56% 0.56%
SERVICE SHARES --------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED MARCH 31, 9/30/03 ------------------------------------------ (UNAUDITED) 2003 2002 2001 2000 1999 ----------- ------ ------ ------ ------ ------ Net asset value, beginning of period ........... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ------- ------ ------ ------ ------ ------ Income from investment operations: Net investment income ....................... 0.003 0.01 0.02 0.05 0.05 0.05 ------- ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income ........ (0.003) (0.01) (0.02) (0.05) (0.05) (0.05) ------- ------ ------ ------ ------ ------ Net asset value, end of period ................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ======= ====== ====== ====== ====== ====== Total return ................................... 0.34%* 1.09% 2.27% 5.63% 4.63% 4.64% Ratios/supplemental data Net assets, end of period (in millions) ..... $121 $123 $146 $221 $174 $163 Ratio of expenses to average net assets ..... 0.47%** 0.61% 0.83% 0.82% 0.81% 0.81% Ratio of net investment income to average net assets ....................... 0.67%** 1.10% 2.36% 5.49% 4.53% 4.51% The expense and net investment income ratios without the effect of the Adviser's and Administrator's contractual cap on fees were (note 3): Ratio of expenses to average net assets ..... 0.82%** 0.83% - - - - Ratio of net investment income to average net assets ....................... 0.32%** 0.88% - - - - The expense ratios after giving effect to the expense offset for uninvested cash balances were: Ratio of expenses to average net assets ..... 0.47%** 0.61% 0.82% 0.82% 0.81% 0.81%
- ---------- * Not annualized. ** Annualized. See accompanying notes to financial statements. PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST FINANCIAL HIGHLIGHTS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
ORIGINAL SHARES --------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED MARCH 31, 9/30/03 ------------------------------------------ (UNAUDITED) 2003 2002 2001 2000 1999 ----------- ----- ------ ------ ------ ------ Net asset value, beginning of period ........... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ------- ------ ------ ------ ------ ------ Income from investment operations: ............. Net investment income ....................... 0.004 0.01 0.02 0.04 0.03 0.03 ------- ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income ........ (0.004) (0.01) (0.02) (0.04) (0.03) (0.03) ------- ------ ------ ------ ------ ------ Net asset value, end of period ................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ======= ====== ====== ====== ====== ====== Total return ................................... 0.43%* 1.15% 2.00% 3.58% 2.95% 2.91% Ratios/supplemental data Net assets, end of period (in millions)...... $103 $130 $100 $101 $100 $83 Ratio of expenses to average net assets...... 0.18%** 0.28% 0.51% 0.53% 0.52% 0.54% Ratio of net investment income to average net assets ............................... 0.87%** 1.13% 1.94% 3.50% 2.93% 2.85% The expense and net investment income ratios without the effect of the Adviser's and Administrator's contractual cap on fees were (note 3): Ratio of expenses to average net assets ..... 0.51%** 0.50% - - - - Ratio of net investment income to average net assets ............................... 0.53%** 0.90% - - - - The expense ratios after giving effect to the expense offset for uninvested cash balances were: Ratio of expenses to average net assets...... 0.18%** 0.27% 0.51% 0.53% 0.52% 0.53%
SERVICE SHARES --------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED MARCH 31, 9/30/03 ------------------------------------------ (UNAUDITED) 2003 2002 2001 2000 1999 ----------- ------ ------ ------ ------ ------ Net asset value, beginning of period ........... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ------- ------ ------ ------ ------ ------ Income from investment operations: ............. Net investment income ....................... 0.003 0.01 0.02 0.03 0.03 0.03 ------- ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income ........ (0.003) (0.01) (0.02) (0.03) (0.03) (0.03) ------- ------ ------ ------ ------ ------ Net asset value, end of period ................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ======= ====== ====== ====== ====== ====== Total return ................................... 0.31%* 0.90% 1.75% 3.32% 2.70% 2.65% Ratios/supplemental data Net assets, end of period (in millions)...... $50 $56 $52 $54 $51 $48 Ratio of expenses to average net assets...... 0.43%** 0.53% 0.77% 0.78% 0.77% 0.79% Ratio of net investment income to average net assets ............................... 0.61%** 0.89% 1.77% 3.26% 2.66% 2.64% The expense and net investment income ratios without the effect of the Adviser's and Administrator's contractual cap on fees were (note 3): Ratio of expenses to average net assets ..... 0.76%** 0.76% - - - - Ratio of net investment income to average net assets ............................... 0.28%** 0.66% - - - - The expense ratios after giving effect to the expense offset for uninvested cash balances were: Ratio of expenses to average net assets...... 0.43%** 0.52% 0.77% 0.78% 0.77% 0.78%
- ---------- * Not annualized. ** Annualized. See accompanying notes to financial statements. PACIFIC CAPITAL U.S. GOVERNMENT SECURITIES CASH ASSETS TRUST FINANCIAL HIGHLIGHTS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
ORIGINAL SHARES --------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED MARCH 31, 9/30/03 ------------------------------------------ (UNAUDITED) 2003 2002 2001 2000 1999 ----------- ------ ------ ------ ------ ------ Net asset value, beginning of period ........... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ------- ------ ------ ------ ------ ------ Income from investment operations: Net investment income ....................... 0.005 0.01 0.03 0.06 0.05 0.04 ------- ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income ........ (0.005) (0.01) (0.03) (0.06) (0.05) (0.04) ------- ------ ------ ------ ------ ------ Net asset value, end of period ................. $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ======= ====== ====== ====== ====== ====== Total return ................................... 0.49%* 1.34% 2.73% 5.88% 4.83% 4.80% Ratios/supplemental data Net assets, end of period (in millions)...... $268 $270 $306 $151 $166 $140 Ratio of expenses to average net assets...... 0.12%** 0.25% 0.45% 0.47% 0.49% 0.49% Ratio of net investment income to average net assets ............................... 0.99%** 1.34% 2.47% 5.73% 4.73% 4.70% The expense and net investment income ratios without the effect of the Adviser's and Administrator's contractual cap on fees were (note 3): Ratio of expenses to average net assets...... 0.46%** 0.46% - - - - Ratio of net investment income to average net assets ............................... 0.65%** 1.12% - - - - The expense ratios after giving effect to the expense offset for uninvested cash balances were: Ratio of expenses to average net assets...... 0.12%** 0.24% 0.45% 0.47% 0.49% 0.49%
SERVICE SHARES --------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED MARCH 31, 9/30/03 ------------------------------------------ (UNAUDITED) 2003 2002 2001 2000 1999 ----------- ------ ------ ------ ------ ------ Net asset value, beginning of period ........... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ------- ------ ------ ------ ------ ------ Income from investment operations: Net investment income ....................... 0.004 0.01 0.02 0.05 0.04 0.04 ------- ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income ........ (0.004) (0.01) (0.02) (0.05) (0.04) (0.04) ------- ------ ------ ------ ------ ------ Net asset value, end of period ................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ======= ====== ====== ====== ====== ====== Total return ................................... 0.37%* 1.09% 2.48% 5.62% 4.56% 4.54% Ratios/supplemental data Net assets, end of period (in millions)...... $556 $448 $457 $332 $293 $214 Ratio of expenses to average net assets...... 0.37%** 0.49% 0.70% 0.72% 0.74% 0.74% Ratio of net investment income to average net assets ............................... 0.73%** 1.08% 2.39% 5.47% 4.50% 4.42% The expense and net investment income ratios without the effect of the Adviser's and Administrator's contractual cap on fees were (note 3): Ratio of expenses to average net assets...... 0.71%** 0.71% - - - - Ratio of net investment income to average net assets ............................... 0.40%** 0.86% - - - - The expense ratios after giving effect to the expense offset for uninvested cash balances were: Ratio of expenses to average net assets...... 0.37%** 0.49% 0.70% 0.72% 0.74% 0.74%
- ---------- * Not annualized. ** Annualized. See accompanying notes to financial statements. INVESTMENT ADVISER Asset Management Group of Bank of Hawaii P.O. Box 3170 * Honolulu, Hawaii 96802 ADMINISTRATOR Aquila Management Corporation 380 Madison Avenue, Suite 2300 * New York, New York 10017 BOARD OF TRUSTEES Lacy B. Herrmann, Chairman William M. Cole Thomas W. Courtney Richard W. Gushman, II Stanley W. Hong Theodore T. Mason Russell K. Okata Douglas Philpotts Oswald K. Stender OFFICERS Diana P. Herrmann, President Charles E. Childs, III, Senior Vice President Sherri Foster, Vice President Joseph P. DiMaggio, Chief Financial Officer and Treasurer Edward M.W. Hines, Secretary DISTRIBUTOR Aquila Distributors, Inc. 380 Madison Avenue, Suite 2300 * New York, New York 10017 TRANSFER AND SHAREHOLDER SERVICING AGENT PFPC Inc. 760 Moore Road o King of Prussia, Pennsylvania 19406 CUSTODIAN Bank One Trust Company, N.A. 1111 Polaris Parkway * Columbus, Ohio 43240 INDEPENDENT AUDITORS KPMG LLP 757 Third Avenue * New York, New York 10017 Further information is contained in the Prospectus which must precede or accompany this report. SEMI-ANNUAL REPORT SEPTEMBER 30, 2003 THE PACIFIC CAPITAL FUNDS OF CASH ASSETS TRUST PACIFIC CAPITAL CASH ASSETS TRUST PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST PACIFIC CAPITAL U.S. GOVERNMENT SECURITIES CASH ASSETS TRUST [Logo of The Pacific Capital Funds of Cash Assets Trust: a lion standing on a twisted rope] A CASH MANAGEMENT INVESTMENT ITEM 2. CODE OF ETHICS. Not applicable ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. 905: Not applicable. ITEM 8. [RESERVED] ITEM 9. CONTROLS AND PROCEDURES. (a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) as of a date within 90 days of the fling of this report, the registrant's chief financial and executive officers have concluded that the disclosure controls and procedures of the registrant are appropriately designed to ensure that information required to be disclosed in the registrant's reports that are filed under the Securities Exchange Act of 1934 are accumulated and communicated to registrant's management, including its principal executive officer(s) and principal financial officer(s), to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the Securities and Exchange Commission. (b) There have been no significant changes in registrant's internal controls or in other factors that could significantly affect registrant's internal controls subsequent to the date of the most recent evaluation, including no significant deficiencies or material weaknesses that required corrective action. ITEM 10. EXHIBITS. (a)(2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. (b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. 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. CASH ASSETS TRUST By: /s/ Lacy B. Herrmann - --------------------------------- Chairman of the Board December 8, 2003 By: /s/ Diana P. Herrmann - --------------------------------- President December 8, 2003 By: /s/ Joseph P. DiMaggio - ----------------------------------- Chief Financial Officer December 8, 2003 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/ Lacy B. Herrmann - --------------------------------- Lacy B. Herrmann Chairman of the Board December 8, 2003 By: /s/ Diana P. Herrmann - --------------------------------- Diana P. Herrmann President December 8, 2003 By: /s/ Joseph P. DiMaggio - ----------------------------------- Joseph P. DiMaggio Chief Financial Officer December 8, 2003 CASH ASSETS TRUST EXHIBIT INDEX (a) (2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. (b) Certification of chief executive officer and chief financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940. EX-99.CERT 3 cat302cert.txt SECTION 302 CERTIFICATION EX-99.CERT CERTIFICATIONS I, Lacy B. Herrmann, certify that: 1. I have reviewed this report on Form N-CSR of 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 financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures 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) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report ("Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, 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 in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weakness in internal controls; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: December 8, 2003 /s/ Lacy B. Herrmann - ---------------------- Title: Chairman of the Board I, Diana P. Herrmann, certify that: 1. I have reviewed this report on Form N-CSR of 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; 2. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures 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) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report ("Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, 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 in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weakness in internal controls; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: December 8, 2003 /s/ Diana P. Herrmann - ---------------------- Title: President I, Joseph P. DiMaggio, certify that: 1. I have reviewed this report on Form N-CSR of 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; 2. Based on my knowledge, the financial statements, other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures 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) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report ("Evaluation Date"); and c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, 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 in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weakness in internal controls; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: December 8, 2003 /s/ Joseph P. DiMaggio - ------------------------ Title: Chief Financial Officer EX-99.906 4 cat906cert.txt SECTION 906 CERTIFICATION CERTIFICATION Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002 (subsections and (b) of section 1350, chapter 63 of title 18,United States Code), each of the undersigned officers of Cash Assets Trust, do hereby certify to such officer's knowledge, that: The report on Form N-CSR of Cash Assets Trust for the period ended September 30, 2003 (the "Form N-CSR")fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Cash Assets Trust. Dated: December 8, 2003 /s/ Lacy B. Herrmann --------------------- Lacy B. Herrmann Chairman of the Board Cash Assets Trust Dated: December 8, 2003 /s/ Diana P. Herrmann ---------------------- President Cash Assets Trust Dated: December 8, 2003 /s/ Joseph P. DiMaggio ----------------------- Chief Financial Officer Cash Assets Trust A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Cash Assets Trust and will be retained by Cash Assets Trust and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document. -----END PRIVACY-ENHANCED MESSAGE-----