-----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, DGYFwtfB+IgvK9n8i8D+JcdqL0qsE/jnrhqy+Xfc9MSPFteil3qVlqaPK4QHU8zj VTkt8uaCbPo4ylkxsjjzhw== 0000749748-09-000016.txt : 20090824 0000749748-09-000016.hdr.sgml : 20090824 20090824105916 ACCESSION NUMBER: 0000749748-09-000016 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090824 DATE AS OF CHANGE: 20090824 EFFECTIVENESS DATE: 20090824 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASH ASSETS TRUST CENTRAL INDEX KEY: 0000749748 IRS NUMBER: 136844974 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04066 FILM NUMBER: 091030586 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STREET 2: SUITE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 380 MADISON AVENUE STREET 2: SUITE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 0000749748 S000006652 Pacific Capital Cash Assets Trust C000018146 Pacific Capital Cash Assets Trust Original Shares CATXX C000018147 Pacific Capital Cash Assets Trust Service Shares CASXX 0000749748 S000006653 Pacific Capital Tax-Free Cash Assets Trust C000018148 Pacific Capital Tax-Free Cash Assets Trust Original Shares TFCXX C000018149 Pacific Capital Tax-Free Cash Assets Trust Service Shares TFAXX 0000749748 S000006654 Pacific Capital U.S. Government Securities Cash Assets Trust C000018150 Pacific Capital U.S.Government Securities Cash Assets Trust Original Shares USCXX C000018151 Pacific Capital U.S. Government Securities Cash Assets Trust Service Shares UCSXX N-Q 1 catsnq.txt CASH ASSETS TRUST 6/30/2009 FORM N-Q FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-4066 Pacific Capital Cash Assets Trust (Exact Name of Registrant as Specified in Charter) 380 Madison Avenue, Suite 2300 New York, New York 10017 (Address of Principal Executive Offices)(Zip Code) Registrant's Telephone Number, including Area Code: (212) 697-6666 Joseph P. DiMaggio, Chief Financial Officer and Treasurer 380 Madison Avenue, Suite 2300 New York, New York 10017 (Name and address of Agent for Service) Date of fiscal year end: March 31, 2009 Date of reporting period: June 30, 2009 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, 2009 (unaudited)
Principal Security Amount Description Value (a) U. S. Government Agency Obligations (29.1%): $ 25,000,000 Federal Home Loan Mortgage Corp., 0.41%, 07/27/09 $ 24,992,597 20,000,000 Federal Home Loan Mortgage Corp., 0.22%, 09/08/09 19,991,567 25,000,000 Federal National Mortgage Association, 1.80%, 07/02/09 24,998,750 17,983,000 Federal National Mortgage Association, 0.50%, 07/30/09 17,975,757 15,000,000 Federal National Mortgage Association, 0.22%, 10/01/09 14,991,567 ------------ 102,950,238 ------------ Corporate Notes (7.1%): 25,000,000 Toyota Series B, 2.30%, 01/29/10 (A) 24,999,994 ------------ Commercial Paper (5.6%) Finance (5.6%): 20,000,000 Paccar Financial Corp., 0.28%, 08/13/09 19,993,192 ----------- FDIC Guaranteed Securities (3.9%) 8,500,000 Bank of America TLGP, 0.79%, 12/23/10 (A) 8,500,000 3,000,000 General Electric Capital Corp. TLGP, 1.21%, 07/08/10 (A) 3,000,000 2,500,000 SunTrust Bank Note, 1.27%, 12/16/10 (A) 2,503,625 ------------ 14,003,625 ------------ Municipal Security (5.1%): 18,000,000 Municipal Electric Authority of Georgia Taxable Commercial Paper, 2.00%, 07/02/09 18,000,000 ----------- Shares Investment Companies (49.2%): 44,850,000 Dreyfus Government Money Market Fund, Institutional Share Class 44,850,000 50,000,000 Goldman Sachs Trust Financial Square Government Money Market Fund, Institutional Share Class 50,000,000 50,000,000 JPMorgan Tax Free Money Market Fund, Agency Share Class 50,000,000 29,415,412 JPMorgan U.S. Government Money Market Fund, Premier Share Class 29,415,412 ------------ 174,265,412 ------------ Total Investments (Amortized Cost $354,212,461*) - 100.0% 354,212,461 Other assets less liabilities - 0.0% 92,979 ------------ NET ASSETS - 100.0% $354,305,440 ------------ ------------ - ------------
(A) Variable interest rate- subject to periodic change. * Cost for Federal income tax and financial reporting purposes is identical. Abbreviations: FDIC-Federal Deposit Insurance Corp. TLGP-Temporary Liquidity Guarantee Program Percent of Portfolio Distribution Portfolio U. S. Government Agency Obligations 29.1% Corporate Notes 7.1 Commercial Paper 5.6 FDIC Guaranteed Securities 3.9 Municipal Security 5.1 Investment Companies 49.2 ----- 100.0% ----- ----- See accompanying notes to financial statements. Cash Assets Trust NOTES TO FINANCIAL STATEMENTS (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 adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements", effective April 1, 2008. FAS 157 established a three-tier hierarchy of inputs to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The Trust's investments in their entirety are assigned levels based upon the observability. The three-tier hierarchy of inputs is summarized below: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, amortized cost, credit risk, etc.) Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Trust's investments, details of which can be found in the Schedule of Investments, used to value the Trust's net assets as of June 30, 2009: Valuation Inputs Investments in Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs Short-Term Obligations $179,947,049 Long-Term Obligations $174,265,412 Level 3 - Significant Unobservable Inputs $ - ------------ Total $354,212,461 ------------ ------------ Tax-Free Cash Assets Trust Schedule of Investments June 30, 2009 (unaudited)
Moody's/S&P Principal Security Ratings or Amount Description Prerefunded Value (a) MUNICIPAL SECURITIES (88.1%) ALABAMA (1.1%) Montgomery, AL Downtown Redevelopment, National-re Insured $ 3,500,000 5.000%, 10/01/09 Aa3/AA- $ 3,533,146 ------------ ARIZONA (1.9%) Maricopa County, AZ Unified School District No. 48 (Scottsdale), National-re FGIC Insured 5,405,000 5.000%, 07/01/09 Aa2/AA 5,405,000 Tucson, AZ Industrial Development Authority VRDO* 425,000 0.330%, 07/15/31 Aaa/AAA 425,000 ------------ 5,830,000 ------------ ARKANSAS (0.2%) Baxter County, AR Hospital Revenue Refunding & Improvement-Series B , Prerefunded to 09/01/09 @100 700,000 5.625%, 09/01/28 Prerefunded 705,738 ----------- CALIFORNIA (2.6%) Bay Area, CA Toll Authority Toll Bridge Revenue A-2, VRDO* 5,000,000 0.170%, 04/01/47 VMIG1/A-1 5,000,000 California Statewide Communities Development Authority Revenue Bond (John Muir Health) Series A VRDO* 3,200,000 0.150%, 08/15/36 VMIG1/A-1+ 3,200,000 ------------ 8,200,000 ------------ COLORADO (2.3%) Colorado Educational & Cultural Facilities Authority Revenue Bond - Boulder Country Day School, VRDO* 1,150,000 0.270%, 09/01/24 NR/AAA 1,150,000 Colorado Educational & Cultural Facilities Authority Revenue Bond - National Jewish Federation Series C4 VRDO* 1,000,000 0.230%, 06/01/37 VMIG1/NR 1,000,000 Colorado Educational & Cultural Facilities Authority Revenue Bond - National Jewish Federation Series D4 VRDO* 1,050,000 0.230%, 05/01/38 VMIG1/NR 1,050,000 Colorado Health Facilities, Prerefunded to 12/01/09 @101 4,000,000 5.750%, 12/01/23 Prerefunded 4,127,047 ------------ 7,327,047 ------------ CONNECTICUT (3.4%) Connecticut State Special Tax, FSA Insured VRDO* 10,500,000 0.850%, 12/01/10 Aa2/AAA 10,500,000 ------------ DISTRICT OF COLUMBIA (0.7%) District of Columbia Revenue American Geophysical Union, VRDO* 2,135,000 0.320%, 09/01/23 Aaa/NR 2,135,000 ----------- FLORIDA (3.9%) Broward County, FL Series B 3,000,000 5.000%, 01/01/10 Aa1/AA+ 3,068,059 Orange County, FL Housing Financial Authority, FNMA Insured VRDO* 1,800,000 0.340%, 06/01/25 NR/A-1+ 1,800,000 Polk County, FL School District Sales, FSA Insured 2,285,000 4.000%, 10/01/09 Aa3/AAA 2,302,427 Tampa, FL Water & Sewer Revenue, Prerefunded, National-re IBC-BNY 4,850,000 5.500%, 10/01/29 prerefunded 10/01/09 @101 Prerefunded 4,960,109 ------------ 12,130,595 ------------ GEORGIA (1.3%) Georgia State, Series A, Prerefunded 03/01/10 @100 4,070,000 5.000%, 03/01/19 Prerefunded 4,191,535 ----------- HAWAII (19.2%) City & County Honolulu, HI 6,000,000 5.000%, 07/01/09 Aa2/AA 6,000,000 City & County Honolulu, HI, Prerefunded to 07/01/09 @101 1,000,000 5.125%, 07/01/10 Prerefunded 1,010,000 City & County Honolulu, HI, Prerefunded to 07/01/09 @101 2,930,000 5.125%, 07/01/18 Prerefunded 2,959,300 Hawaii County, HI 1,015,000 4.000%, 07/15/09 A1/AA- 1,015,949 Hawaii Pacific Health Special Purpose VRDO* Radian Insured VRDO* 13,500,000 0.430%, 07/01/33 Aaa/AAA 13,500,000 Hawaii State, National-re FGIC Insured 4,990,000 5.500%, 08/01/09 Aa2/AA 5,011,206 500,000 5.500%, 10/01/09 Aa2/AA 505,195 Hawaii State, National-re FGIC Insured Series CO 4,590,000 6.000%, 09/01/09 Aa2/AA 4,623,642 Hawaii State, National-re IBC Insured 1,000,000 6.000%, 11/01/09 Aa2/AA 1,017,642 Hawaii State Department of Budget and Finance Special Purpose Revenue Bond (Palama Meat Company) Series A, Wells Fargo Insured, AMT VRDO* 6,500,000 0.570%, 10/31/29 NR/AAA 6,500,000 Hawaii State Department of Budget and Finance Special Purpose Revenue Refunding Queens Health System, Series B, Bank of America Insured VRDO* 14,335,000 0.330%, 07/01/29 weekly reset Wednesday Aaa/AAA 14,335,000 Hawaii State Highways 1,000,000 4.000%, 01/01/10 Aa3/AA+ 1,007,394 Hawaii State Housing Finance & Development Corp., Multi Family, Lokahi Kau, VRDO* 2,300,000 0.320%, 12/01/41 Aaa/NR 2,300,000 ------------ 59,785,328 ------------ ILLINOIS (4.3%) Cook County, IL Capital Improvement-Series A, Prerefunded to 11/15/09 @101 1,000,000 5.250%, 11/15/16 Prerefunded 1,027,365 Illinois Educational Facilities Authority Revenue Bond VRDO* 2,245,000 0.370%, 12/01/25 Aaa/NR 2,245,000 Illinois Health Facilities Authority Revenue Refunding Childrens Memorial Hospital Series A Prerefunded to 08/15/09 @101 2,000,000 5.750%, 08/15/25 Prerefunded 2,031,799 Peoria County, IL Community Unit School District No. 323, FSA Insured VRDO* 6,000,000 1.250%, 04/01/26 Aaa/AAA 6,000,000 Romeoville, IL Revenue Bond VRDO* 2,100,000 0.230%, 10/01/36 Aaa/NR 2,100,000 ------------ 13,404,164 ------------ INDIANA (1.3%) Indiana Financial Authority Health System Revenue, Sisters St. Francis Health, VRDO* 2,000,000 0.320%, 09/01/48 Aaa/NR 2,000,000 Indiana Health Facilities Financial Authority, Clark Memorial Hospital, VRDO* 1,975,000 0.350%, 12/01/21 NR/NR* 1,975,000 ------------ 3,975,000 ------------ IOWA (0.8%) Iowa Financial Authority Revenue Private College Revenue (Drake University Project) VRDO* 2,400,000 0.300%, 04/01/31 Aaa/AAA 2,400,000 ------------ KENTUCKY (1.0%) Breckenridge County, KY Lease Program Revenue VRDO* 3,000,000 0.230%, 02/01/31 VMIG1/NR 3,000,000 ------------ MICHIGAN (0.2%) Michigan Higher Education Facility Authority, Hope College VRDO* 665,000 0.230%, 11/01/36 Aaa/NR 665,000 ------------ MINNESOTA (6.2%) Bloomington, MN Multi-Family Revenue Bond VRDO* 3,000,000 0.460%, 11/15/32 Aaa/AAA 3,000,000 Inver Grove Heights, MN Senior VRDO* 1,595,000 0.330%, 05/15/35 Aaa/AAA 1,595,000 Minneapolis, MN Revenue Guthrie Theater Project Series A, VRDO* 800,000 0.220%, 10/01/23 Aa2/NR 800,000 Oak Park Heights, MN Multi-Family Revenue Bond, FHLMC Insured VRDO* 6,415,000 0.330%, 11/01/35 Aaa/AAA 6,415,000 Plymouth, MN Multi-Family Housing VRDO* 1,395,000 0.330%, 04/15/33 Aaa/AAA 1,395,000 St. Louis Park, MN Multi-Family Revenue Bond, FHLMC Insured VRDO* 4,000,000 0.330%, 08/01/34 Aaa/AAA 4,000,000 St. Paul, MN Housing & Redevelopment Authority, Multi Family Housing, Highland Ridge Project, FHLMC Insured VRDO* 2,000,000 0.330%, 10/01/33 Aaa/NR 2,000,000 ------------ 19,205,000 ------------ MISSOURI (7.5%) Kansas City, MO Industrial Development Authority Multi-Family - Gatehouse Apartments Project VRDO* 1,260,000 0.330%, 11/15/26 Aaa/AAA 1,260,000 Kansas City, MO Industrial Development Authority Revenue Bond, (Ewing Marion Kaufman Foundation) VRDO* 12,260,000 0.270%, 04/01/27 NR/AAA 12,260,000 Missouri State Development Financial Board Infrastructure Facility St. Louis Convention Center - C, FGIC Insured VRDO* Daily 1,440,000 0.253%, 12/01/20 NR/AA- 1,440,000 Missouri State Development Financial Board Lease Revenue Bond VRDO* 180,000 0.300%, 06/01/33 VMIG1/NR 180,000 Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bond, St. Louis University, SPA: US Bank NA VRDO* 2,120,000 0.330%, 07/01/32 VMIG1/NR 2,120,000 Missouri State Health & Educational Facilities Southwest Baptist University VRDO* 2,630,000 0.300%, 10/01/33 NR/A-1+ 2,630,000 University of Missouri University Revenue Bond-System Facilities Series A VRDO* 1,275,000 0.180%, 11/01/31 Aa2/A-1+ 1,275,000 University of Missouri University System Facilities Revenue Bond, Series B VRDO* 2,300,000 0.180%, 11/01/30 Aa2/A-1+ 2,300,000 ------------ 23,465,000 ------------ NEVADA (1.6%) Washoe County, NV, Reno-Sparks Convention, Series A, Prerefunded 2,000,000 6.300%, 07/01/21 Prerefunded 2,056,556 Washoe, NV, Prerefunded to 12/01/09 @100 1,710,000 5.875%, 06/01/17 Prerefunded 1,749,160 1,300,000 5.875%, 06/01/19 Prerefunded 1,329,330 ------------ 5,135,046 ------------ NEW YORK (0.3%) New York State Housing - Liberty Street, FHLMC Insured VRDO* 1,070,000 0.180%, 05/01/35 Aaa/AAA 1,070,000 ------------ NORTH CAROLINA (3.5%) North Carolina Capital Facilities Finance Agency Educational Facilities (Queens College) VRDO* 2,400,000 0.320%, 03/01/21 NR/NR** 2,400,000 North Carolina Capital Facilities Finance Agency (Thompson's Children Home) VRDO* 1,080,000 0.320%, 12/01/20 NR/NR*** 1,080,000 North Carolina Medical VRDO* 2,000,000 0.200%, 11/15/28 Aaa/AA 2,000,000 Union County, NC, Enterprise System, FSA Insured VRDO* 5,385,000 0.600%, 06/01/21 Aa3/AAA 5,385,000 ------------ 10,865,000 ------------ OHIO (1.6%) Ohio State Highway Escrowed to 5,000,000 5.200%, 02/01/10 Maturity 5,137,549 ------------ OREGON (2.4%) Multnomah County, OR Hospital Facilities VRDO* 2,500,000 0.340%, 11/01/34 Aa1/NR 2,500,000 Oregon State Facilities Authority Revenue Peacehealth VRDO* 5,000,000 0.170%, 05/01/47 NR/AAA 5,000,000 ------------ 7,500,000 ------------ PENNSYLVANIA (2.4%) Emmaus, PA General Authority VRDO* 1,300,000 0.300%, 03/01/24 NR/A-1+ 1,300,000 Erie, PA Water Authority Revenue, FSA Insured VRDO* 3,685,000 0.800%, 12/01/36 Aa3/AAA 3,685,000 Pennsylvania State 2,500,000 5.000%, 01/15/10 Aa2/AA 2,561,476 ------------ 7,546,476 ------------ RHODE ISLAND (1.7%) Providence, RI, Redevelopment Agency Revenue Public Safety & Municipal Buildings, Series A, Prerefunded 04/01/10 @101 5,000,000 5.750%, 04/01/29 Prerefunded 5,248,773 ------------ SOUTH CAROLINA (1.0%) Columbia, SC Waterworks & Sewer System Revenue Prerefunded 02/01/10 @100 3,000,000 5.700%, 02/01/19 Prerefunded 3,092,433 ------------ SOUTH DAKOTA (1.0%) South Dakota State & Educational Facilities Authority Revenue (Regional Health) VRDO* 3,000,000 0.300%, 09/01/27 Aaa/NR 3,000,000 ------------ TEXAS (6.4%) Bexar County, TX Housing Financial Corp., Multi Family Housing Revenue, Northwest Trails Apartments, FNMA Insured VRDO* 1,800,000 0.330%, 12/15/34 Aaa/NR 1,800,000 Garland, TX Independent School District 2,000,000 5.000%, 02/15/10 Aaa/AAA 2,056,134 Houston, TX, Prerefunded to 10/15/09 750,000 6.250%, 10/15/19 Prerefunded 776,689 Humble, TX School District Prerefunded to 02/15/10 @100 3,245,000 5.500%, 02/15/19 Prerefunded 3,347,235 McKinney, TX, Prerefunded to 02/15/10 @100 5,505,000 5.375%, 02/15/20 Prerefunded 5,674,131 Port Houston Authority, TX, Harris County, Series A, Prerefunded 10/1/09 @100 1,500,000 5.750%, 10/01/24 Prerefunded 1,519,731 Travis, TX, Prerefunded to 11/15/09 @101 4,600,000 6.250%, 11/15/14 Prerefunded 4,746,663 ------------ 19,920,583 ------------ VIRGINIA (1.3%) Portsmouth, VA, FSA Insured 1,880,000 5.000%, 07/01/09 Aa3/AAA 1,880,000 Portsmouth, VA Escrowed to 120,000 5.000%, 07/01/09 Maturity 120,000 Virginia State, Prerefunded Public School Authority Financing Series A 2,100,000 5.000%, 08/01/16 Prerefunded 2,126,910 ------------ 4,126,910 ------------ WASHINGTON (2.3%) Seattle, WA Drain & Wastewater Utility Revenue Prerefunded 11/01/09 @101 1,925,000 5.750%, 11/01/18 Prerefunded 1,977,844 1,785,000 5.750%, 11/01/19 Prerefunded 1,834,001 Snohomish County, WA Prerefunded to 12/01/09 @100 1,000,000 5.700%, 12/01/14 Prerefunded 1,019,450 Washington State Housing Finance Commission, Northwest School Project, VRDO* 2,210,000 0.320%, 06/01/32 Aaa/NR 2,210,000 ------------ 7,041,295 ------------ WISCONSIN (4.7%) Monona Grove, WI School District, Prerefunded 05/01/10 @100 5,350,000 5.850%, 05/01/18 Prerefunded 5,581,371 Wisconsin State, WI Series A Prerefunded 05/01/10 @100 8,635,000 5.600%, 05/01/16 Prerefunded 8,992,819 ------------ 14,574,190 ------------ Shares INVESTMENT COMPANIES (11.1%) 28,508,000 Dreyfus Tax-Exempt Cash Management Money Market, Institutional Share Class 28,508,000 6,000,000 Goldman Sachs Trust Financial Square Tax-Free Money Market Fund Institutional Share Class 6,000,000 ------------ 34,508,000 ------------ Total Investments (Amortized Cost $309,218,808+) - 99.2% 309,218,808 Other assets less liabilities - 0.8% 2,478,821 ------------ NET ASSETS - 100.0% $311,697,629 ------------ ------------ - ------------
* Variable rate demand obligations (VRDOs) are payable upon demand within the same day for securities with daily liquidity or seven days for securities with weekly liquidity. Fitch Rating ** AA-/F1+ ***A+/F1+ + Cost for Federal income tax and financial reporting purposes is identical. Percent of Portfolio Distribution Portfolio Alabama 1.1% Arizona 1.9 Arkansas 0.2 California 2.7 Colorado 2.4 Connecticut 3.4 District of Columbia 0.7 Florida 3.9 Georgia 1.4 Hawaii 19.3 Illinois 4.3 Indiana 1.3 Investment Companies 11.2 Iowa 0.8 Kentucky 1.0 Michigan 0.2 Minnesota 6.2 Missouri 7.6 Nevada 1.7 New York 0.3 North Carolina 3.5 Ohio 1.7 Oregon 2.4 Pennsylvania 2.4 Rhode Island 1.7 South Carolina 1.0 South Dakota 1.0 Texas 6.4 Virginia 1.3 Washington 2.3 Wisconsin 4.7 ----- 100.0% ----- ----- PORTFOLIO ABBREVIATIONS: AMT - Alternative Minimum Tax FGIC - Financial Guaranty Insurance Corporation FHLMC - Federal Home Loan Mortgage Corp. FNMA - Federal National Mortgage Association FSA - Financial Security Assurance National-re-National Public Finance Guarantee Corporation National-re-FGIC-Reinsured FGIC bonds NR - Not Rated SPA - Standby Bond Purchase Agreement VRDO - Variable Rate Demand Obligation See accompanying notes to financial statements. Tax-Free Cash Assets Trust NOTES TO FINANCIAL STATEMENTS (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 adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements", effective April 1, 2008. FAS 157 established a three-tier hierarchy of inputs to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The Trust's investments in their entirety are assigned levels based upon the observability. The three-tier hierarchy of inputs is summarized below: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, amortized cost, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Trust's investments, details of which can be found in the Schedule of Investments, used to value the Trust's net assets as of June 30, 2009: Valuation Inputs Investments in Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs Municipal Securities $274,710,808 Investment Companies $ 34,508,000 Level 3 - Significant Unobservable Inputs $ - ------------ Total $309,218,808 ------------ ------------ U.S. Government Securities Cash Assets Trust Schedule of Investments June 30, 2009 (Unaudited)
Principal Security Amount Description Value (a) U.S. Government Agency Obligations (53.3%): Federal Home Loan Mortgage Corporation (25.6%): $ 120,000,000 0.25%, 07/27/09 $ 119,978,117 40,000,000 0.18%, 08/17/09 39,990,600 60,000,000 0.22%, 09/08/09 59,974,700 --------------- 219,943,417 --------------- Federal National Mortgage Association (27.7%): 20,000,000 5.13%, 07/13/09 20,030,618 80,000,000 0.18%, 07/15/09 79,994,400 35,000,000 0.50%, 07/30/09 34,985,903 73,000,000 0.18%, 08/24/09 72,980,042 30,000,000 0.22%, 10/01/09 29,983,133 --------------- 237,974,096 --------------- Total U.S. Government Agency Obligations 457,917,513 --------------- FDIC Guaranteed Securities (4.8%): Bank of America TLGP 21,500,000 0.79%, 12/23/10 (A) 21,500,000 General Electric TLGP 7,000,000 1.21%, 07/08/10 (A) 7,000,000 Keycorp 5,000,000 1.28%, 12/15/10 (A) 5,003,320 Suntrust Bank FDIC 7,500,000 1.27%, 12/16/10 (A) 7,510,875 --------------- 41,014,195 --------------- Shares Investment Companies (41.8%): 145,000,000 Dreyfus Government Money Market Fund, Institutional Share Class 145,000,000 145,010,772 Goldman Sachs Trust Financial Square Government Money Market Fund, Institutional Share Class 145,010,772 69,561,611 JPMorgan U.S. Government Money Market Fund, Premier Share Class 69,561,611 --------------- 359,572,383 --------------- Total Investments (Amortized Cost $858,504,091*) - 99.9% 858,504,091 Other assets less liabilities - 0.1% 455,557 ------------- NET ASSETS - 100.0% $ 858,959,648 ------------- -------------
- ------------- * Cost for Federal income tax and financial reporting purposes is identical. (A) Variable interest rate- subject to periodic change. Abbreviations: FDIC-Federal Deposit Insurance Corp. TLGP-Temporary Liquidity Guarantee Program Percent of Portfolio Distribution Portfolio U.S. Government Agency Obligations 53.3% FDIC Guaranteed Securities 4.8 Investment Companies 41.9 ----- 100.0% ----- ----- See accompanying notes to financial statements. U.S. Government Securities Cash Assets Trust NOTES TO FINANCIAL STATEMENTS (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 adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements", effective April 1, 2008. FAS 157 established a three-tier hierarchy of inputs to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The Trust's investments in their entirety are assigned levels based upon the observability. The three-tier hierarchy of inputs is summarized below: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, amortized cost, credit risk, etc.) Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Trust's investments, details of which can be found in the Schedule of Investments, used to value the Trust's net assets as of June 30, 2009: Valuation Inputs Investments in Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs Short-Term Obligations $498,931,708 Investment Companies $359,572,383 Level 3 - Significant Unobservable Inputs $ - ------------ Total $858,504,091 ------------ ------------ Item 2. Controls and Procedures. (a) The Fund's chief financial and executive officers have evaluated the Fund's disclosure controls and procedures within 90 days of this filing and have concluded that the Fund's disclosure controls and procedures were effective, as of this date, in ensuring that information required to be disclosed by the Fund in this Form N-Q was recorded, processed, summarized and reported timely. (b) The Fund's chief financial and executive officers are aware of no changes in the Fund's internal control over financial reporting that occurred during the Fund's latest fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting. Item 3. Exhibits. Filed as exhibits as part of this Form are separate certifications for each chief financial and executive officer of the registrant as required by Rule 30a-2(a) under the Act(17 CFR 270.30a-2(a)). Signatures Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PACIFIC CAPITAL CASH ASSETS TRUST By: /s/ Diana P. Herrmann ------------------------------- Diana P. Herrmann Vice Chair, President and Trustee August 24, 2009 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Diana P. Herrmann --------------------------------- Diana P. Herrmann Vice Chair, President and Trustee August 24, 2009 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer August 24, 2009 EX-99.CERT 2 catcert.txt N-Q CERTIFICATIONS CERTIFICATIONS I, Diana P. Herrmann, certify that: 1. I have reviewed this report on Form N-Q of Pacific Capital Cash Assets Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 24, 2009 /s/ Diana P. Herrmann - -------------------------------- Diana P. Herrmann Vice Chair, President and Trustee I, Joseph P. DiMaggio, certify that: 1. I have reviewed this report on Form N-Q of Pacific Capital Cash Assets Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 24, 2009 /s/ Joseph P. DiMaggio - -------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----