-----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, G8k72kO/lLxN274SirTF9iQlqOdjptv5wZMse6pVqvMW5MELf4gMlxpc8dKSPaAa TmvhbEWHdvZrnAHQcXe8IQ== 0000749748-10-000003.txt : 20100225 0000749748-10-000003.hdr.sgml : 20100225 20100225144237 ACCESSION NUMBER: 0000749748-10-000003 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100225 DATE AS OF CHANGE: 20100225 EFFECTIVENESS DATE: 20100225 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: 10633072 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 12/31/09 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: December 31, 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 December 31, 2009 (unaudited)
Principal Security Amount Description Value (a) U. S. Government Agency Obligations (79.8%): Federal Home Loan Mortgage Corporation (51.8%): $30,000,000 Federal Home Loan Mortgage Corp., 0.22%, 01/04/10 $ 29,999,450 15,000,000 Federal Home Loan Mortgage Corp., 0.10%, 02/16/10 14,998,083 20,000,000 Federal Home Loan Mortgage Corp., 0.10%, 02/23/10 19,997,056 60,000,000 Federal Home Loan Mortgage Corp., 0.10%, 03/15/10 59,987,833 25,000,000 Federal Home Loan Mortgage Corp., 0.12%, 04/27/10 24,990,333 15,000,000 Federal Home Loan Mortgage Corp., 0.15%, 05/11/10 14,991,875 ------------------ 164,964,630 ------------------ Federal National Mortgage Association (28.0%): 10,000,000 Federal National Mortgage Association, 0.06%, 02/01/10 9,999,483 25,000,000 Federal National Mortgage Association, 0.03%, 02/08/10 24,999,208 10,000,000 Federal National Mortgage Association, 0.08%, 02/24/10 9,998,875 24,000,000 Federal National Mortgage Association, 0.07%, 03/05/10 23,997,060 20,000,000 Federal National Mortgage Association, 0.07%, 03/10/10 19,997,261 ------------------ 88,991,887 ------------------ Total U.S. Government Agency Obligations 253,956,517 ------------------ Corporate Notes (7.9%): 25,000,000 Toyota Series B, 1.53%, 01/29/10 (A) 24,999,999 ------------------ 24,999,999 ------------------ FDIC Guaranteed Securities (4.4%) 8,500,000 Bank of America TLGP, 0.43%, 12/23/10 (A) 8,500,000 3,000,000 General Electric Capital Corp. TLGP, 0.33%, 07/08/10 (A) 3,000,000 2,500,000 SunTrust Bank Note, 0.90%, 12/16/10 (A) 2,502,374 ----------------- 14,002,374 ----------------- Municipal Securities (7.8%): Chicago, IL, Midway Airport RevenueTaxable Commercial Paper 0.75%, 10,750,000 01/06/10 10,750,000 Municipal Electric Authority of Georgia Taxable Commercial Paper, 14,000,000 0.60%, 01/04/10 14,000,000 ----------------- 24,750,000 ----------------- Total Investments (Amortized Cost $317,708,890*) - 99.9% 317,708,890 Other assets less liabilities - 0.1% 428,741 ----------------- NET ASSETS - 100.0% $ 318,137,631 ----------------- ____________ ----------------- (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 Investments U. S. Government Agency Obligations 79.9 % Corporate Notes 7.9 FDIC Guaranteed Securities 4.4 Taxable Municipal Securities 7.8 ------- 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 December 31, 2009: Ivestments in Valuation Inputs Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs-Short-Term Instruments $ 317,708,890 Level 3 - Significant Unobservable Inputs $ - ------------------ Total $ 317,708,890 ================== Tax-Free Cash Assets Trust Schedule of Investments December 31, 2009 (unaudited)
Moody's/S&P Principal State or Ratings or Amount Territory Municipal Securities (97.6%) Prerefunded++ Value (a) --------- --------- ------------------------------------------- ------------- ----------- Phoenix, Prerefunded to 07/01/10 @100, 5.250%, $ 1,000,000 AZ 07/01/20 Prerefunded $1,025,086 Tucson, Industrial Development Authority FNMA 425,000 AZ Insured VRDO*, 0.230%, 07/15/31 VIMG1** 425,000 Bay Area, Toll Authority Toll Bridge Revenue 5,000,000 CA A-2, VRDO*, 0.170%, 04/01/47 VMIG1/A-1 5,000,000 California State, Prerefunded to 03/01/10 @101 5,300,000 CA NPFG Insured, 5.750%, 03/01/27 Prerefunded 5,400,233 California Statewide Communities Development Authority Revenue Bond (John Muir Health) Series 3,200,000 CA A VRDO*, 0.200%, 08/15/36 VMIG1/A-1+ 3,200,000 California State Economic Recovery, Series B, 3,000,000 CA Prerefunded to 07/01/10 @100, 5.000%, 07/01/23 Prerefunded 3,071,258 Golden State TOB Securization Corp., Tender Option Bond Sett Enhanced-Asset Backed, Series 2,000,000 CA B, Prerefunded to 06/01/10 @100, 5.600%, 06/01/28 Prerefunded 2,043,759 Colorado Department of Transportation Revenue, Anticipation Notes, Prerefunded to 06/15/10 @100 5,000,000 CO 1/2 AMBAC Insured, 6.000%, 06/15/14 Prerefunded 5,153,672 Colorado Educational & Cultural Facilities Authority Revenue Bond - Boulder Country Day 1,135,000 CO School, VRDO*, 0.320%, 09/01/24 NR/AAA 1,135,000 Colorado Educational & Cultural Facilities Authority Revenue Bond - National Jewish 1,000,000 CO Federation Series C4 VRDO*, 0.230%, 06/01/37 VIMG1** 1,000,000 Colorado Educational & Cultural Facilities Authority Revenue Bond - National Jewish 1,050,000 CO Federation Series D4 VRDO*, 0.230%, 05/01/38 VIMG1** 1,050,000 Connecticut State Special Tax, AGMC Insured 5,500,000 CT VRDO*, 0.270%, 12/01/10 VMIG1/A-1 5,500,000 District of Columbia Revenue American 2,080,000 DC Geophysical Union, VRDO*, 0.250%, 09/01/23 Aaa/NR 2,080,000 3,000,000 FL Broward County, Series B, 5.000%, 01/01/10 Aa1/AA+ 3,000,000 Orange County, Housing Financial Authority Post Apartment Homes, FNMA Insured VRDO*, 0.250%, 1,800,000 FL 06/01/25 NR/A-1+ 1,800,000 Georgia State, Series A, Prerefunded 03/01/10 4,070,000 GA @100, 5.000%, 03/01/19 Prerefunded 4,099,509 Hawaii Pacific Health Wilcox Memorial Hospital Special Purpose Radian Insured VRDO*, 0.220%, 13,000,000 HI 07/01/33 Aaa/AAA 13,000,000 300,000 HI Hawaii State, NPFG Insured, 5.750%, 01/01/10 Escrowed to Maturity 300,000 500,000 HI Hawaii State, Series BZ, 6.000%, 10/01/10 Escrowed to Maturity 521,030 Hawaii State, Series CU, Prerefunded to 10/01/10 1,600,000 HI @100 NPFG Insured, 5.250%, 10/01/20 Prerefunded 1,659,708 Hawaii State, Series CZ, AGMC Insured, 5.250%, 500,000 HI 07/01/10 Escrowed to Maturity 512,480 Hawaii State, Series CW, NPFG FGIC Insured, 750,000 HI 5.500%, 08/01/10 Aa2/AA 772,524 Hawaii State Department of Budget and Finance Special Purpose Revenue Bond (Palama Meat Company) Series A, Wells Fargo Insured, AMT 6,500,000 HI VRDO*, 0.420%, 10/31/29 NR/A-1+ 6,500,000 Hawaii State Department of Budget and Finance Special Purpose Revenue Refunding Queens Health System, Series B, Bank of America Insured VRDO* 14,210,000 HI weekly reset, 0.210%, 07/01/29 VMIG1/A+ 14,210,000 1,000,000 HI Hawaii State Highway Revenue, 4.000%, 01/01/10 Aa3/AA+ 1,000,000 Hawaii State Highway Revenue, Prerefunded to 1,100,000 HI 07/01/10 @100 AGMC Insured, 5.500%, 07/01/20 Prerefunded 1,128,666 Hawaii State Housing & Community Development Corp., Multi Family, Sunset Villas, Prerefunded to 07/20/10 @102, GNMA Collateralized , 5.750%, 780,000 HI 01/20/36 Prerefunded 817,277 Hawaii State Housing Finance & Development Corp., Multi Family, Lokahi Kau, FHLMC Insured 2,300,000 HI VRDO*, 0.240%, 12/01/41 Aaa/NR 2,300,000 Honolulu City & County, Series A, 5.750%, 900,000 HI 04/01/10 Escrowed to Maturity 912,358 Chicago, Series A Prerefunded to 07/01/10 @101 1,500,000 IL FGIC Insured, 6.750%, 01/01/35 Prerefunded 1,562,985 Chicago Project & Refunding, Series C, Prerefunded to 07/01/10 @101 FGIC Insured, 1,090,000 IL 5.500%, 01/01/19 Prerefunded 1,129,444 Illinois Financial Authority Revenue University 2,000,000 IL Chicago Med, VRDO*, 0.200%, 08/01/43 Aaa/AAA 2,000,000 Kane, Cook & DuPage Counties, (Elgin) School District No. 46 Refunding, AGMC Insured, 1,000,000 IL 2.500%, 01/01/10 Aa3/AAA 1,000,000 Peoria County, Community Unit School District No. 323, Prerefunded to 04/01/10 @100 AGMC 1,000,000 IL Insured, 6.000%, 04/01/20 Prerefunded 1,014,408 Romeoville, Lewis University Revenue Bond VRDO*, 2,100,000 IL 0.230%, 10/01/36 VIMG1** 2,100,000 Indiana Financial Authority Health System Revenue, Sisters St. Francis Health, VRDO*, 2,000,000 IN 0.220%, 09/01/48 Aaa/NR 2,000,000 Breckenridge County, Lease Program Revenue 2,900,000 KY VRDO*, 0.210%, 02/01/31 VMIG1/NR 2,900,000 Kentucky Economic Development Finance Authority Revenue, Catholic Health Initiatives, 2,000,000 KY Prerefunded to 06/01/10 @101, 5.750%, 12/01/15 Prerefunded 2,063,382 University of Kentucky Revenue Cons Educational, Series Q, Prerefunded to 05/01/10 @100 FGIC 4,545,000 KY Insured, 5.250%, 05/01/20 Prerefunded 4,618,928 Michigan Higher Education Facility Authority, 665,000 MI Hope College VRDO*, 0.230%, 11/01/36 VIMG1** 665,000 Michigan Municipal Bond Authority Revenue Clean Water Revolving Fund, Prerefunded 10/01/10 @101, 1,990,000 MI 5.500%, 10/01/20 Prerefunded 2,087,074 Bloomington, Bristol Apartments Multi-Family 3,000,000 MN Revenue Bond FNMA Insured VRDO*, 0.310%, 11/15/32 VIMG1** 3,000,000 Inver Grove Heights, Senior Housing Revenue FNMA 1,595,000 MN Insured VRDO*, 0.230%, 05/15/35 VIMG1** 1,595,000 Minneapolis, Revenue Guthrie Theater Project 500,000 MN Series A, VRDO*, 0.220%, 10/01/23 Aa2/NR 500,000 Minnesota Agricultural & Economic Development Board Revenue Refunding, Essential Health, 3,500,000 MN Series C, AGMC Insured, VRDO*, 0.250%, 02/15/20 NR/AAA 3,500,000 Oak Park Heights, VSSA Boutwells Landing Multi-Family Revenue Bond, FHLMC Insured VRDO*, 6,330,000 MN 0.230%, 11/01/35 VIMG1** 6,330,000 Plymouth, MN Parkside II Multi-Family Housing 1,395,000 MN FNMA Insured VRDO*, 0.230%, 04/15/33 VIMG1** 1,395,000 St. Louis Park, Parkshore Campus Multi-Family Revenue Bond, FHLMC Insured VRDO*, 0.230%, 4,000,000 MN 08/01/34 VIMG1** 4,000,000 St. Paul, Housing & Redevelopment Authority, Multi Family Housing, Highland Ridge Project, 2,000,000 MN FHLMC Insured VRDO*, 0.230%, 10/01/33 Aaa/NR 2,000,000 Kansas City, Industrial Development Authority Multi-Family - Gatehouse Apartments Project FNMA 1,260,000 MO Insured VRDO*, 0.230%, 11/15/26 VIMG1** 1,260,000 Kansas City, Industrial Development Authority Revenue Bond, (Ewing Marion Kaufman Foundation) 12,260,000 MO VRDO*, 0.250%, 04/01/27 NR/AAA 12,260,000 Missouri State Development Financial Board Infrastructure Facility St. Louis Convention 1,440,000 MO Center - C, FGIC Insured VRDO* , 0.250%, 12/01/20 NR/AA- 1,440,000 Missouri State Development Financial Board Lease 180,000 MO Revenue Bond VRDO*, 0.250%, 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 MO 0.180%, 07/01/32 VMIG1/NR 2,120,000 Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bond, St. Louis University, Series A, VRDO*, 0.180%, 2,000,000 MO 10/01/35 VMIG1/A-1+ 2,000,000 Missouri State Health & Educational Facilities 900,000 MO Rockhurst University VRDO*, 0.250%, 11/01/32 NR/A+ 900,000 Missouri State Health & Educational Facilities Southwest Baptist University VRDO*, 0.250%, 2,630,000 MO 10/01/33 NR/A-1 2,630,000 University of Missouri University Revenue Bond-System Facilities Series A VRDO*, 0.200%, 1,245,000 MO 11/01/31 Aa2/A-1+ 1,245,000 University of Missouri University System Facilities Revenue Bond, Series B VRDO* , 2,300,000 MO 0.200%, 11/01/30 Aa2/A-1+ 2,300,000 Mississippi State Capital Improvement, 1,000,000 MS Prerefunded to 11/01/10 @100, 5.250%, 11/01/17 Prerefunded 1,039,960 Washoe County, Reno-Sparks Convention, Series A, Prerefunded to 01/01/10 @100 AGMC Insured, 2,000,000 NV 6.300%, 07/01/21 Prerefunded 2,000,000 New Jersey Economic Development Authority, Retirement Community RE Seabrook Village, Series 2,600,000 NJ A, Prerefunded to 11/15/10 @101, 8.250%, 11/15/30 Prerefunded 2,803,181 New Jersey Environmental Infrastructure, 1,000,000 NJ Prerefunded to 09/01/10 @101, 5.000%, 09/01/13 Prerefunded 1,041,209 New Jersey State Educational Facilities Authority Revenue Higher Ed Capital Improvement, MBIA IBC, Prerefunded to 09/01/10 @100, 5.000%, 1,480,000 NJ 09/01/15 Prerefunded 1,525,701 Trenton, Parking Authority Revenue, Prerefunded to 04/01/10 @100 FGIC Insured, VRDO*, 6.100%, 3,000,000 NJ 04/01/26 Prerefunded 3,043,343 New York State Dorm. Authority Revenue for Future I Mental Health Services Facilities Improvement, Prerefunded to 08/15/10 @100 AGMC 3,500,000 NY Insured, 5.250%, 08/15/30 Prerefunded 3,604,135 New York State Housing - Liberty Street, FHLMC 1,070,000 NY Insured VRDO*, 0.200%, 05/01/35 VIMG1** 1,070,000 North Carolina Capital Facilities Finance Agency (Thompson's Children Home) VRDO*, 0.250%, 1,000,000 NC 12/01/20 F1+** 1,000,000 North Carolina Medical Catholic Health East 1,900,000 NC VRDO*, 0.200%, 11/15/28 Aaa/AA 1,900,000 Union County, Enterprise System, AGMC Insured 5,385,000 NC VRDO*, 0.280%, 06/01/21 Aa3/AAA 5,385,000 Grand Forks, Health Care System Revenue Altru Health System Obligation Group, Prerefunded to 1,000,000 ND 08/15/10 @101, 7.125%, 08/15/24 Prerefunded 1,050,192 Ohio State Highway Higher Education Capital 5,000,000 OH Facilities Series A, 5.200%, 02/01/10 Escrowed to Maturity 5,019,833 Salem Hospital Revenue Refunding & Improvement, 2,355,000 OH VRDO*, 0.220%, 09/01/35 Aa1/NR 2,355,000 Oklahoma City Airport Trust, JR Lien, 27th Series, Series A, Prerefunded to 07/01/10 @100 2,575,000 OK AGMC Insured, 5.125%, 07/01/20 Prerefunded 2,638,017 Oklahoma Development Finance Authority Revenue Refunding, Integris, AGMC Insured, VRDO*, 1,000,000 OK 0.220%, 08/15/33 VIMG1** 1,000,000 Oregon State Facilities Authority Revenue 5,000,000 OR Peacehealth VRDO*, 0.170%, 05/01/47 A-1+/F1+ 5,000,000 1,200,000 PA Emmaus, General Authority VRDO*, 0.250%, 03/01/24 NR/A-1+ 1,200,000 Luzerne County, Series A, AGMC Insured, VRDO*, 3,880,000 PA 0.260%, 11/15/26 Aa3/AAA 3,880,000 2,500,000 PA Pennsylvania State, 5.000%, 01/15/10 Aa2/AA 2,504,347 Pittsburgh Public Parking Authority, Prerefunded 1,015,000 PA to 06/01/10 @100 AMBAC Insured, 5.550%, 12/01/12 Prerefunded 1,036,366 Puerto Rico Commonwealth Infrastructure Financing Authority Special Series A, Special Obligations, Prerefunded to 10/01/10 @101, 750,000 PR 4.750%, 10/01/12 Prerefunded 782,368 Puerto Rico Commonwealth Infrastructure Financing Authority Special Series A, Special Obligations, Prerefunded to 10/01/10 @101, 2,750,000 PR 5.500%, 10/01/19 Prerefunded 2,884,808 Puerto Rico Commonwealth Infrastructure Financing Authority Special Series A, Special Obligations, Prerefunded to 10/01/10 @ 101, 4,000,000 PR 5.500%, 10/01/32 Prerefunded 4,195,333 Puerto Rico Electric Power Authority Revenue, Prerefunded to 07/01/10 @101 AGMC Insured, 2,000,000 PR 5.625%, 07/01/19 Prerefunded 2,073,421 Providence, Redevelopment Agency Revenue Public Safety & Municipal Buildings, Series A, Prerefunded 04/01/10 @101 AMBAC Insured, 5.750%, 5,000,000 RI 04/01/29 Prerefunded 5,115,290 Columbia, Waterworks & Sewer System Revenue 3,000,000 SC Prerefunded 02/01/10 @100, 5.700%, 02/01/19 Prerefunded 3,013,328 South Dakota State & Educational Facilities Authority Revenue (Regional Health) VRDO* , 3,000,000 SD 0.250%, 09/01/27 Aaa/NR 3,000,000 Putnam County, Prerefunded to 04/01/10 @100 FGIC 1,000,000 TN Insured, 5.875%, 04/01/14 Prerefunded 1,014,092 Shelby County Health Educational & Housing Facilities Board Revenue, Methodist Le Bonheur, Series B, Refunding, AGMC Insured, VRDO*, 4,000,000 TN 0.150%, 06/01/42 Aa3/AAA 4,000,000 Bell County, Health Facilities Development Corp., Scott & White Memorial Hospital, Prerefunded to 02/15/10 @101 NPFG Insured, 890,000 TX 6.500%, 08/15/16 Prerefunded 905,602 Bexar County, Housing Financial Corp., Multi Family Housing Revenue, Northwest Trails 1,800,000 TX Apartments, FNMA Insured VRDO*, 0.230%, 12/15/34 Aaa/NR 1,800,000 Garland, Independent School District, Texas Permanent School Fund Guarantee Program, 5.000%, 2,000,000 TX 02/15/10 Aaa/AAA 2,011,031 Humble, School District, Texas Permanent School Fund Guarantee Program Prerefunded to 02/15/10 3,245,000 TX @100, 5.500%, 02/15/19 Prerefunded 3,265,090 McKinney, Texas Permanent School Fund Guarantee Program Prerefunded to 02/15/10 @100, 5.375%, 5,505,000 TX 02/15/20 Prerefunded 5,538,235 New Braunfels, Independent School District, Texas Permanent School Fund Guarantee Program 2,000,000 TX Prerefunded to 02/01/10 @100, 6.000%, 02/01/17 Prerefunded 2,009,410 Washington State Housing Finance Commission, 2,210,000 WA Northwest School Project, VRDO*, 0.279%, 06/01/32 VIMG1** 2,210,000 Monona Grove, School District, Prerefunded 5,350,000 WI 05/01/10 @100 FGIC Insured, 5.850%, 05/01/18 Prerefunded 5,441,331 Wausau, School District, Refunding, Prerefunded 4,720,000 WI to 03/01/10 @100, 5.900%, 03/01/19 Prerefunded 4,761,837 Wisconsin State, Series A Prerefunded 05/01/10 8,635,000 WI @100, 5.600%, 05/01/16 Prerefunded 8,776,244 Brooke Pleasants Tyler Wetzel Counties, Series 1,000,000 WV A, 7.400%, 08/15/10 Escrowed to Maturity 1,044,079 ------------- Total Investments (Amortized Cost $274,351,564+) - 97.6% 274,351,564 Other assets less liabilities- 2.4% 6,687,216 ------------- NET ASSETS-100.0% $281,038,780 ============= ____________
* 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. ** Moody's rating *** Fitch rating + Cost for Federal income tax and financial reporting purposes is identical. ++ Prerefunded bonds are bonds for which U.S. Government Obligations have been placed in escrow to retire the bonds at their earliest call date. Percent of Portfolio Distribution Investments Arizona 0.5 % California 6.8 Colorado 3.0 Connecticut 2.0 District of Columbia 0.8 Florida 1.8 Georgia 1.5 Hawaii 15.9 Illinois 3.2 Indiana 0.7 Kentucky 3.5 Michigan 1.0 Minnesota 8.1 Mississippi 0.4 Missouri 9.6 Nevada 0.7 New Jersey 3.1 New York 1.7 North Carolina 3.0 North Dakota 0.4 Ohio 2.7 Oklahoma 1.3 Oregon 1.8 Pennsylvania 3.2 Puerto Rico 3.6 Rhode Island 1.9 South Carolina 1.1 South Dakota 1.1 Tennessee 1.8 Texas 5.7 Washington 0.8 Wisconsin 6.9 West Virginia 0.4 ------- 100.0% ======= PORTFOLIO ABBREVIATIONS: AGMC- Assured Guaranty Municipal Corp. AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax FGIC - Financial Guaranty Insurance Corporation FHLMC - Federal Home Loan Mortgage Corp. FNMA - Federal National Mortgage Association GNMA - Government National Mortgage Association NPFG-National Public Finance Guarantee NR - Not Rated SPA - Standby Bond Purchase Agreement VRDO - Variable Rate Demand Obligation Notes: National Public Finance Guarantee formerly known as National-re and Assured Guaranty Municipal Corp. formerly known as Financial Security Assurance Inc. (FSA). 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 December 31, 2009: Investments in Valuation Inputs Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs- Short-Term Instruments $ 274,351,564 Level 3 - Significant Unobservable Inputs $ - -------------- Total $ 274,351,564 ============== U.S. Government Securities Cash Assets Trust Schedule of Investments December 31, 2009 (Unaudited)
Principal Security Amount Description Value (a) U.S. Government and Agency Obligations (94.5%): U.S. Treasury Bills (10.9%): $ 67,000,000 0.05%, 03/11/10 $ 66,993,900 16,000,000 0.14%, 05/20/10 15,991,351 --------------- 82,985,251 --------------- Federal Home Loan Mortgage Corporation (37.2%): 74,000,000 0.10%, 01/28/10 73,994,450 30,000,000 0.10%, 02/16/10 29,996,167 30,000,000 0.10%, 02/23/10 29,995,583 30,000,000 0.09%, 03/01/10 29,995,821 20,000,000 0.10%, 03/15/10 19,995,944 50,000,000 0.12%, 04/27/10 49,980,667 50,000,000 0.15%, 05/11/10 49,972,917 -------------- 283,931,549 -------------- Federal National Mortgage Association (46.4%): 40,000,000 0.09%, 01/05/10 39,999,600 19,000,000 0.08%, 01/27/10 18,998,902 40,000,000 0.06%, 02/01/10 39,997,933 75,000,000 0.03%, 02/08/10 74,997,625 40,000,000 0.08%, 02/24/10 39,995,500 40,000,000 0.08%, 03/01/10 39,994,756 50,000,000 0.07%, 03/05/10 49,993,875 50,000,000 0.07%, 03/10/10 49,993,153 --------------- 353,971,344 --------------- Total U.S. Government and Agency Obligations 720,888,144 ---------------- FDIC Guaranteed Securities (5.4%): Bank of America TLGP 21,500,000 0.43%, 12/23/10 (A) 21,500,000 General Electric TLGP 7,000,000 0.33%, 07/08/10 (A) 7,000,000 Keycorp 5,000,000 0.90%, 12/15/10 (A) 5,002,172 Suntrust Bank FDIC 7,500,000 0.90%, 12/16/10 (A) 7,507,121 ----------------- 41,009,293 ----------------- Total Investments (Amortized Cost $761,897,437*) - 99.9% 761,897,437 Other assets less liabilities - 0.1% 894,051 ----------------- NET ASSETS - 100.0% $ 762,791,488 ----------------- ----------------- ____________
* 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 Investments U.S. Government Agency Obligations 94.6 % FDIC Guaranteed Securities 5.4 -------- 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 December 31, 2009: Investments in Valuation Inputs Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs-Short-Term Instruments $ 761,897,437 Level 3 - Significant Unobservable Inputs $ - --------------------- Total $ 761,897,437 ===================== 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 February 25, 2010 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 February 25, 2010 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer February 25, 2010 EX-99.CERT 2 catcert.txt FORM 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: February 25, 2010 /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: February 25, 2010 /s/ Joseph P. DiMaggio - -------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----