NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2008 (UNAUDITED)
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 $0.01 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.
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. Amortizatio