Unassociated Document

0001144204-08-032335.txt : 20080528 0001144204-08-032335.hdr.sgml : 20080528 20080528115029 ACCESSION NUMBER: 0001144204-08-032335 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080528 DATE AS OF CHANGE: 20080528 EFFECTIVENESS DATE: 20080528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH CASH RESERVE FUND INC CENTRAL INDEX KEY: 0000807878 IRS NUMBER: 541415119 STATE OF INCORPORATION: VA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04933 FILM NUMBER: 08862784 BUSINESS ADDRESS: STREET 1: 4350 NORTH FAIRFAX DRIVE STREET 2: SUITE 580 CITY: ARLINGTON STATE: VA ZIP: 22203 BUSINESS PHONE: 6097515220 MAIL ADDRESS: STREET 1: 4350 NORTH FAIRFAX DRIVE STREET 2: SUITE 580 CITY: ARLINGTON STATE: VA ZIP: 22203 FORMER COMPANY: FORMER CONFORMED NAME: VIRGINIA LOCAL GOVERNMENT INVESTMENT FUND INC DATE OF NAME CHANGE: 19890525

0000807878 S000007236 CCRF Prime Portfolio

C000019834 Institutional Class Shares

C000019835 IllinoisPrime Shares

0000807878 S000007237 CCRF Federal Portfolio

C000019836 Institutional Class Shares

C000019837 IllinoisPrime Shares

0000807878 S000007238 SNAP(R) Fund

C000019838 SNAP(R) Fund

N-Q 1 v115541_n-q.htm Unassociated Document

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04933

Commonwealth Cash Reserve Fund, Inc.

(Exact name of registrant as specified in charter)

4350 North Fairfax Drive, Suite 580, Arlington, Virginia, 22203

(Address of principal executive offices) (Zip code)

PFM Asset Management LLC

One Keystone Plaza, Suite 300, North Front & Market Streets

Harrisburg, Pennsylvania 17101

(Name and address of agent for service)

Registrant's telephone number, including area code: (800) 338-3383

Date of fiscal year end: June 30

Date of reporting period: Quarter ended 3/31/08.

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 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. § 3507.

Item 1. Schedule of Investments.

Commonwealth Cash Reserve Fund, Inc.

CCRF Prime Portfolio

Schedule of Investments

March 31, 2008

(Unaudited)				Face Amount		Value
BANKER’S ACCEPTANCES (3.69%)
Bank of America
	3.02%	5/5/08	$	1,249,000	$	1,245,461
	2.77%	5/21/08		1,853,953		1,846,872
	2.77%	5/28/08		1,701,900		1,694,490
	2.90%	6/3/08		909,000		904,419
	2.88%	6/4/08		1,231,000		1,224,741
	2.89%	6/30/08		2,055,000		2,040,307
	2.86%	7/2/08		912,000		905,404
	2.73%	7/24/08		1,369,208		1,357,501
	2.81%	8/5/08		1,301,000		1,288,341
	2.83%	8/20/08		1,798,000		1,778,352
	2.80%	8/27/08		1,380,000		1,364,342
Total Banker’s Acceptances						15,650,230

CERTIFICATES OF DEPOSIT (31.34%)
BNP Paribas (NY)
	4.41%	5/8/08		11,000,000		11,000,111
Barclays Bank PLC (NY)
	3.90%	5/16/08		10,000,000		10,000,000
	3.05%	5/21/08		3,000,000		3,000,000
Credit Suisse (NY)
	*3.26%	11/24/08		12,000,000		12,000,000
Deutsche Bank (NY)
	3.80%	4/22/08		14,000,000		14,000,000
Rabobank Nederland NV (NY)
	3.08%	4/7/08		5,000,000		5,000,000
Royal Bank of Canada (NY)
	2.71%	6/30/08		18,000,000		18,000,000
Royal Bank of Scotland (NY)
	4.35%	5/7/08		5,000,000		5,000,000
	4.88%	6/10/08		5,000,000		5,000,184
	2.80%	6/13/08		10,000,000		10,000,000
Svenska Handelsbanken (NY)
	3.07%	5/5/08		10,000,000		10,000,000
Toronto Dominion Bank (NY)
	2.57%	6/30/08		20,000,000		20,000,000
Wachovia Bank
	4.80%	5/19/08		10,000,000		10,000,000
Total Certificates of Deposit						133,000,295

CORPORATE NOTES (16.88%)
American International Group
	5.28%	8/1/08		6,325,000		6,342,264
Bank of America
	3.04%	8/15/08		4,000,000		4,003,056
Credit Suisse USA, Inc.
	*3.24%	12/9/08		8,000,000		7,964,904
General Electric Capital Corp.
	*3.05%	4/11/08		4,000,000		4,000,133
	3.05%	5/1/08		2,000,000		2,000,692
	*3.12%	5/19/08		3,727,000		3,728,145
	2.89%	7/24/08		4,350,000		4,424,898

				Face Amount		Value
Goldman Sachs Group, Inc.
	*3.41%	7/29/08	$	3,300,000	$	3,290,144
	*3.19%	11/10/08		5,000,000		4,982,536
	*2.69%	12/22/08		11,200,000		11,168,932
HSBC Finance Corp.
	4.00%	5/9/08		6,000,000		5,998,878
	3.50%	5/21/08		4,300,000		4,297,407
	3.80%	12/15/08		1,895,000		1,899,181
JP Morgan Chase & Co.
	3.36%	5/1/08		3,000,000		3,000,580
	3.28%	6/30/08		1,000,000		998,362
Toyota Motor Credit Corp.
	2.70%	8/1/08		2,500,000		2,501,382
Wachovia Corporation
	3.25%	8/15/08		1,000,000		1,000,891
Total Corporate Notes						71,602,385

COMMERCIAL PAPER (28.30%)
Barclays US Funding LLC
	3.05%	5/27/08		3,500,000		3,483,531
	3.05%	6/6/08		3,000,000		2,983,390
BNP Paribas Finance, Inc.
	3.02%	6/23/08		3,000,000		2,979,326
Calyon North America, Inc.
	2.80%	6/9/08		5,000,000		4,973,358
	2.84%	7/7/08		10,000,000		9,924,286
CBA (DE) Finance, Inc.
	3.01%	5/15/08		10,000,000		9,963,455
	3.03%	5/30/08		10,000,000		9,950,669
Citigroup Funding, Inc.
	4.93%	4/14/08		2,000,000		1,996,497
	5.09%	4/25/08		2,500,000		2,491,750
	4.57%	5/2/08		5,000,000		4,980,625
	3.10%	5/6/08		3,000,000		2,991,017
	3.10%	6/19/08		3,000,000		2,979,789
	3.07%	6/20/08		5,000,000		4,966,222
Dexia Delaware LLC
	2.59%	6/24/08		10,000,000		9,939,917
Morgan Stanley
	5.01%	6/13/08		6,000,000		5,940,505
Societe Generale
	4.52%	6/4/08		1,187,000		1,177,652
Svenska Handelsbanken, Inc.
	4.60%	4/2/08		5,000,000		4,999,368
	3.17%	4/16/08		4,000,000		3,994,733
Toyota Motor Credit Corp.
	3.77%	5/15/08		8,000,000		7,963,578
UBS Finance Delaware LLC
	3.02%	5/12/08		4,000,000		3,986,356
	3.04%	5/21/08		3,500,000		3,485,344
	3.04%	5/27/08		2,000,000		1,990,620
	4.59%	5/28/08		5,000,000		4,964,375
	4.30%	6/9/08		7,000,000		6,943,315
Total Commercial Paper						120,049,678

U.S. GOVERNMENT & AGENCY OBLIGATIONS (16.50%)
Federal Farm Credit Bank Notes
	*2.45%	1/23/09		5,000,000		5,000,000

				Face Amount		Value
Federal Home Loan Bank Notes
	*2.72%	2/17/09	$	5,000,000	$	5,000,000
	*2.27%	2/19/09		20,000,000		20,000,000
	*2.30%	3/18/09		20,000,000		20,000,000
	*2.57%	4/24/09		5,000,000		5,000,000
Federal Home Loan Bank Notes (Callable)
	2.90%	2/27/09		5,000,000		5,000,000
US Treasury Bill
	1.75%	4/16/08		10,000,000		9,992,700
Total U.S. Government & Agency Obligations						69,992,700
REPURCHASE AGREEMENTS (5.36%)
Deutsche Bank
	2.55%	4/1/08		7,740,000		7,740,000
	(Dated 3/31/08, repurchase price $7,740,548, collateralized by Freddie Mac Securities, 5.5%, maturing 10/1/32, market value $7,895,359)
Goldman Sachs Group, Inc.
	2.75%	4/1/08		15,000,000		15,000,000
	(Dated 3/31/08, repurchase price $15,001,146, collateralized by Fannie Mae securities, 5%, maturing 3/1/34, market value $15,300,000)
Total Repurchase Agreements						22,740,000
TOTAL INVESTMENTS (102.07%)						433,035,288
OTHER LIABILITIES IN EXCESS OF OTHER ASSETS (-2.07%)						(8,797,756	)
NET ASSETS (100.00%)					$	424,237,532
NET ASSETS CONSISTS OF:
Institutional Class Shares (applicable to 419,384,767 outstanding shares of beneficial interest; 1,000,000,000 shares authorized; no par value; equivalent to $1.00 per share)					$	419,384,767
IllinoisPrime Class Shares (applicable to 4,852,765 outstanding shares of beneficial interest; 1,000,000,000 shares authorized; no par value; equivalent to $1.00 per share)					$	4,852,765

* Floating Rate Note, rate subject to change. Rate shown is that which was in effect at March 31, 2008.

Commonwealth Cash Reserve Fund, Inc.

CCRF Federal Portfolio

Schedule of Investments

March 31, 2008

(Unaudited)

					Face Amount		Value
U.S. GOVERNMENT & AGENCY OBLIGATIONS (98.69%)
Fannie Mae Notes
		2.24%	4/10/08	$	1,920,000	$	1,921,169
Federal Home Loan Bank Discount Notes
	2.43%		4/2/08		935,000		934,937
	2.23%		4/11/08		2,025,000		2,023,747
	2.12%		4/18/08		1,825,000		1,823,171

Freddie Mac Discount Notes
		1.85%	4/4/08		1,060,000		1,059,837
Freddie Mac Notes
		2.25%	4/15/08		2,000,000		2,002,376
		2.19%	4/18/08		1,120,000		1,121,434
Total U.S. Government & Agency Obligations							10,886,671

TOTAL INVESTMENTS (98.69%)							10,886,671
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES (1.31%)							144,586
NET ASSETS (100.00%)
Applicable to 11,031,257 outstanding shares of beneficial interest (2,000,000,000 shares authorized; no par value; equivalent to $1.00 per share)						$	11,031,257

Commonwealth Cash Reserve Fund, Inc.

SNAP Fund

Schedule of Investments

*March 31, 2008* (Unaudited)				Face Amount		Value
BANKERS ACCEPTANCES (0.30%)
Bank of America
	2.46%	6/9/08	$	1,241,000	$	1,235,172
	2.46%	6/10/08		1,632,000		1,624,225
	2.46%	6/12/08		1,763,000		1,754,361
	2.52%	6/19/08		4,625,000		4,599,627
Total Bankers Acceptances						9,213,385
CERTIFICATE OF DEPOSITS (47.93%)
Bank of America
	2.85%	7/7/08		125,000,000		125,000,000
Barclays Bank PLC (NY)
	3.06%	5/27/08		60,000,000		60,000,000
	3.90%	5/16/08		77,000,000		77,000,000
	2.95%	6/5/08		14,000,000		14,000,000
BNP Paribas (NY)
	4.42%	5/8/08		114,000,000		114,001,154
Calyon (NY)
	4.48%	4/8/08		125,000,000		125,004,291
Citibank NA
	3.04%	6/4/08		20,000,000		20,000,000
Credit Suisse (NY)
	4.88%	6/10/08		10,000,000		10,000,000
	*5.22%	11/24/08		150,000,000		150,000,000
Deutsche Bank (NY)
	3.80%	4/22/08		100,000,000		100,000,000
	3.02%	5/5/08		50,000,000		50,000,000
Rabobank (NY)
	3.08%	4/7/08		100,000,000		100,000,000
Royal Bank of Canada (NY)
	2.71%	6/30/08		142,000,000		142,000,000
Royal Bank of Scotland (NY)
	4.88%	4/18/08		12,000,000		12,005,558
	2.80%	6/13/08		57,000,000		57,000,000
	4.90%	6/10/08		30,000,000		30,001,100
	4.95%	5/12/08		50,000,000		50,000,000
Svenska Handelsbanken (NY)
	3.07%	5/5/08		140,000,000		140,000,000
Wachovia Bank
	4.80%	5/19/08		100,000,000		100,000,000
Total Certificates of Deposit						1,476,012,103
CORPORATE NOTES (6.61%)
American International Group
	5.03%	8/1/08		50,000,000		50,131,125
Citigroup, Inc.
	*5.38%	5/2/08		15,110,000		15,109,740
General Electric Capital Corp.
	*4.30%	4/11/08		33,500,000		33,501,117
Goldman Sachs Group Inc.
	*4.13%	12/23/08		15,000,000		14,905,080
HSBC Finance Corp.
	*4.00%	5/9/08		69,000,000		68,987,093
	3.80%	12/15/08		6,000,000		6,013,236

				Face Amount		Value
JP Morgan Chase & Co.
	3.36%	5/1/08	$	14,915,000	$	14,917,884
Total Corporate Notes						203,565,275

COMMERCIAL PAPER (29.10%)
Calyon North America, Inc.
	2.81%	6/11/08		25,000,000		24,862,438
CBA (DE) Finance
	3.01%	5/15/08		46,000,000		45,831,896
	2.77%	6/12/08		25,000,000		24,862,500
Citigroup Funding, Inc.
	5.09%	4/25/08		50,000,000		49,835,000
	4.57%	5/2/08		65,000,000		64,748,125
General Electric Capital Corp.
	3.01%	5/21/08		50,000,000		49,793,056
Goldman Sachs Group Inc.
	*2.66%	6/20/08		150,000,000		150,000,000
HSBC Finance Corp.
	3.13%	5/7/08		60,000,000		59,814,000
JP Morgan Chase & Co.
	3.07%	4/23/08		35,000,000		34,934,764
Morgan Stanley
	*2.17%	4/14/08		50,000,000		50,000,000
	*3.27%	6/3/08		100,000,000		100,000,000
Svenska Handelsbaken, Inc.
	4.60%	4/2/08		15,000,000		14,998,104
Toyota Motor Credit Corp.
	3.77%	5/15/08		80,000,000		79,635,778
UBS Finance Delaware LLC
	3.92%	6/9/08		103,000,000		102,237,790
	2.85%	6/10/08		45,000,000		44,752,375
Total Commercial Paper						896,305,826

U.S. GOVERNMENT & AGENCY OBLIGATIONS (14.34%)
Fannie Mae Mortgage Backed Securities Discount Notes
	4.34%	4/1/08		32,230,252		32,230,252
	4.37%	4/1/08		30,090,000		30,090,000
	2.80%	6/2/08		50,000,000		49,760,611
	2.30%	7/1/08		50,000,000		49,710,569
Federal Farm Credit Bank Notes
	*2.45%	1/23/09		15,000,000		15,000,000
Federal Home Loan Bank Notes
	*2.27%	2/19/09		100,000,000		100,000,000
	*2.72%	2/17/09		30,000,000		30,000,000
	*2.57%	4/24/09		50,000,000		50,000,000
Federal Home Loan Bank Notes (Callable)
	2.90%	2/27/09		15,000,000		15,000,000
	2.91%	3/17/09		20,000,000		20,000,000
US Treasury Bill
	1.75%	4/16/08		50,000,000		49,963,500
Total U.S. Government & Agency Obligations						441,754,932

REPURCHASE AGREEMENTS (4.57%)
Deutsche Bank
	2.55%	4/1/08		65,630,000		65,630,000
	(Dated 3/31/08, repurchase price $65,634,649, collateralized by Freddie Mac securities, 5% to 7%, maturing 1/1/37 to 2/1/38, market value $27,068,395; and by Fannie Mae securities, 4.77% to 6.06%, maturing 4/1/35 to 9/1/37, market value $39,878,947)

				Face Amount		Value
Goldman Sachs Group Inc.
	2.75%	4/1/08	$	75,000,000	$	75,000,000
	(Dated 3/31/08, repurchase price $75,005,729, collateralized by Freddie Mac securities, 6%, maturing 7/1/34, market value $41,620,833; and by Fannie Mae securities, 6% to 6.5%, maturing 10/1/36 to 10/1/37, market value $34,879,168)
Total Repurchase Agreements						140,630,000
TOTAL INVESTMENTS (102.85%)						3,167,481,521
OTHER LIABILITIES IN EXCESS OF OTHER ASSETS (-2.85%)						(87,808,793	)
NET ASSETS (100.00%)
Applicable to 3,079,672,728 outstanding shares of beneficial interest (5,000,000,000 shares authorized; no par value; equivalent to $1.00 per share)					$	3,079,672,728

* Floating Rate Note, rate subject to change. Rate shown is that which was in effect at March 31, 2008.

Item 2. Controls and Procedures.

(a) THE REGISTRANT'S PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER HAS CONCLUDED THAT THE REGISTRANT'S DISCLOSURE CONTROLS AND PROCEDURES (AS DEFINED IN RULE 30a-3(c) UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "1940 ACT")) ARE EFFECTIVE BASED ON HIS EVALUATION OF THESE CONTROLS AND PROCEDURES AS OF A DATE WITHIN 90 DAYS OF THE FILING DATE OF THIS DOCUMENT.

(b) DURING THE LAST FISCAL QUARTER, THERE WAS NO CHANGE IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING (AS DEFINED IN RULE 30a-3(d) UNDER THE 1940 ACT) THAT HAS MATERIALLY AFFECTED, OR IS REASONABLY LIKELY TO MATERIALLY AFFECT, THE REGISTRANT’S INTERNAL CONTROL OVER FINANCIAL REPORTING.

Item 3. Exhibits.

(a) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER OF THE REGISTRANT PURSUANT TO RULE 30a-2(a) OF THE 1940 ACT IS ATTACHED HERETO AS EXHIBIT 99.CERT.

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.

(Registrant) Commonwealth Cash Reserve Fund, Inc.

By (Signature and Title)* /s/ Jeffrey A. Laine

Jeffrey A. Laine, President

Date 5/28/2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Jeffrey A. Laine .

Jeffrey A. Laine, President .

Date 5/28/2008

By (Signature and Title)* /s/ Jeffrey A. Laine

Jeffrey A. Laine, Treasurer .

Date 5/28/2008

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT 2 v115541_ex99-cert.htm Unassociated Document

Exhibit 99.CERT. Certifications Pursuant to Rule 30a-2(a) of the Investment Company Act of 1940

I, Jeffrey A. Laine, certify that:

1.	I have reviewed this report on Form N-Q of the Commonwealth Cash Reserve Fund, Inc. (the “Registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.	The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.


5/28/2008			/s/ Jeffrey A. Laine
Date			Jeffrey A. Laine President

I, Jeffrey A. Laine, certify that:

1.	I have reviewed this report on Form N-Q of the Commonwealth Cash Reserve Fund, Inc. (the “Registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

5.	The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.


5/28/2008			/s/ Jeffrey A. Laine
Date			Jeffrey A. Laine Treasurer