Registration No. 2-92164
File No. 811-4066
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ X ]
Pre-Effective Amendment No. __ [ ]
Post-Effective Amendment No. 21 [ X ]
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT
OF 1940 [ ]
Amendment No. [ ]
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)
(212) 697-6666
(Registrant's Telephone Number)
EDWARD M.W. HINES
Hollyer, Brady, Smith, Troxell,
Barrett, Rockett, Hines & Mone
551 Fifth Avenue, 27th Floor
New York, New York 10176
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check
appropriate box):
___
[_X_] immediately upon filing pursuant to paragraph (b)
[___] on (date) pursuant to paragraph (b)
[___] 60 days after filing pursuant to paragraph (a)(i)
[___] on (date) pursuant to paragraph (a)(i)
[___] 75 days after filing pursuant to paragraph (a)(ii)
[___] on (date) pursuant to paragraph (a)(ii) of Rule 485.
[___] This post-effective amendment designates a new effec-
tive date for a previous post-effective amendment.
<PAGE>
CASH ASSETS TRUST
INCORPORATION BY REFERENCE
All information contained in Registrant's Registration Statement
on Form N-1A, as previously amended through Post-Effective
Amendment No. 20 under the Securities Act of 1933 and Post-Effective
Amendment No. 19 under the Investment Company Act of 1940 dated July
31, 1996, is incorporated by reference without change.
<PAGE>
Cash Assets Trust
Calculation of Registration Fee
<TABLE>
<CAPTION>
Proposed Proposed
Title of Maximum Maximum
Securities Amount Offering Aggregate Amount of
Being Being Price Offering Registration
Registered Registered Per Share * Price ** Fee
<S> <C> <C> <C> <C>
Capital Indefinite*** N/A N/A N/A
Stock par
value $.01
Capital 124,717,233 $1.00 $124,717,233 $100
Stock par
value $.01
<FN>
* Computed under Rule 457(d) on the basis of the offering price
per share at the close of business on March 14, 1997.
</FN>
<FN>
** Registrant elects to calculate the maximum aggregate offering
price pursuant to Rule 24e-2. $ 1,456,730,734 of shares of
Pacific Capital Cash Assets Trust, a series of Cash Assets Trust, were
redeemed during the fiscal year ended March 31, 1997. Of this
amount, $ 1,331,437,578 of shares were used for reduction
covering all three series of Cash Assets Trust pursuant to
paragraph (c) of Rule 24f-2 during the current year and
$124,387,233 of shares (representing the balance after giving effect
to reduction of $ 905,923 in value of shares issued in
connection with dividend reinvestment plans) are being utilized for
purpose of reduction pursuant to paragraph (a). An additional
$330,000 of shares are being registered for $100.
</FN>
<FN>
*** Registrant has registered an indefinite number or amount of
securities under the 1933 Act pursuant to Rule 24f-2 under the
Investment Company Act of 1940. The Rule 24f-2 Notice for
Registrant's most recent fiscal year ended March 31, 1996 was
filed on May 24, 1996.
</FN>
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets
all the requirements for effectiveness of this Amendment to its
Registration Statement pursuant to Rule 485(b) under the Securities Act
of 1933, and has caused this Amendment to its Registration Statement
to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of New York and State of New York, on the 17th
day of March, 1997.
CASH ASSETS TRUST
(Registrant)
By: /s/Lacy B. Herrmann
___________________________
Lacy B. Herrmann
President and Chairman of the Board
Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement or Amendment has been signed below by
the following persons in the capacities and on the date indicated.
SIGNATURE TITLE DATE
/s/Lacy B. Herrmann 3/17/97
______________________ President, Chairman of ___________
Lacy B. Herrmann the Board and Trustee
(Principal Executive
Officer)
/s/Vernon R. Alden 3/17/97
______________________ Trustee ___________
Vernon R. Alden
/s/Arthur K. Carlson 3/17/97
______________________ Trustee ___________
Arthur K. Carlson
/s/William M. Cole 3/17/97
______________________ Trustee ___________
William M. Cole
/s/Thomas W. Courtney 3/17/97
______________________ Trustee ___________
Thomas W. Courtney
/s/Richard W. Gushman, II 3/17/97
______________________ Trustee ___________
Richard W. Gushman, II
/s/Stanley W. Hong 3/17/97
______________________ Trustee ___________
Stanley W. Hong
/s/Theodore T. Mason 3/17/97
______________________ Trustee ___________
Theodore T. Mason
/s/Russell K. Okata 3/17/97
______________________ Trustee ___________
Russell K. Okata
/s/Douglas Philpotts 3/17/97
______________________ Trustee ___________
Douglas Philpotts
/s/Oswald K. Stender 3/17/97
______________________ Trustee ___________
Oswald K. Stender
/s/Rose F. Marotta 3/17/97
______________________ Chief Financial Officer ___________
Rose F. Marotta (Principal Financial and
Accounting Officer)
<PAGE>
CASH ASSETS TRUST
EXHIBIT INDEX
Exhibit Exhibit
Number Name
23 Opinion and consent of counsel to the Fund
regarding Rule 24e-2 matters
27(i) Financial Data Schedule for Original Share Class
of Pacific Capital Cash Assets Trust
27(ii) Financial Data Schedule for Service Share Class
of Pacific Capital Cash Assets Trust
27(iii) Financial Data Schedule for Original Share Class
of Pacific Capital Tax-Free Cash Assets Trust
27(iv) Financial Data Schedule for Service Share Class
of Pacific Capital Tax-Free Cash Assets Trust
27(v) Financial Data Schedule for Original Share Class
of Pacific Capital U.S. Treasuries Cash Assets Trust
27(vi) Financial Data Schedule for Service Share Class
of Pacific Capital U.S. Treasuries Cash Assets Trust
HOLLYER BRADY SMITH TROXELL
BARRETT ROCKETT HINES & MONE LLP
551 Fifth Avenue
New York, NY 10176
Tel: (212) 818-1110
FAX: (212) 818-0494
e-mail: [email protected]
March 18, 1997
Cash Assets Trust
380 Madison Avenue, Suite 2300
New York, New York 10017
Gentlemen:
You have requested that we render an opinion to
Cash Assets Trust the (the "Trust") with
respect to post-effective amendment No. 21 to the
Registration Statement of the Trust under the
Securities Act of 1933 to increase the number of its
registered shares pursuant to Section 24(e) of the
Investment Company Act of 1940 (the "1940 Act") and the
Rules of the Securities and Exchange Commission
thereunder.
We have examined originals or copies, identified
to our satisfaction as being true copies, of those
corporate records of the Trust, certificates of public
officials, and other documents and matters as we have
deemed necessary for the purpose of this opinion. We
have assumed without independent verification the
authenticity of the documents submitted to us as
originals and the conformity to the original documents
of all documents submitted to us as copies.
Upon the basis of the foregoing and in reliance
upon such other matters as we deem relevant under the
circumstances, it is our opinion that the shares of
each of the three portfolios of the Trust as described
in the Amendment, when issued and paid for in
accordance with the terms set forth in the prospectus
and statement of additional information each portfolio
of the Trust forming a part of its then effective
Registration Statement as heretofore, hereby and
hereafter amended, will be duly issued, fully-paid and
non-assessable to the extent set forth therein.
This letter is furnished to you pursuant to your
request and to the requirements imposed upon you by
Section 24(e) under the Act and is intended solely for
your use for the purpose of completing the filing of
the amendment with the Commission. This letter may not
be used for any other purpose or furnished to or relied
upon by any other persons, or included in any filing
made with any other regulatory authority, without our
prior written consent.
We hereby consent to the filing of this opinion
with said amendment.
Very truly yours,
HOLLYER BRADY SMITH TROXELL
BARRETT ROCKETT HINES & MONE LLP
/s/ W.L.D. Barrettt
W.L.D. Barrett, Partner
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1996 AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000749748
<NAME> PACIFIC CAPITAL CASH ASSETS TRUST - ORIGINAL SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 387,123,832
<INVESTMENTS-AT-VALUE> 387,123,832
<RECEIVABLES> 80,290
<ASSETS-OTHER> 80,256
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 387,284,378
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,820,762
<TOTAL-LIABILITIES> 1,820,762
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 386,207,863
<SHARES-COMMON-STOCK> 339,791,661
<SHARES-COMMON-PRIOR> 309,435,696
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (744,247)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 339,044,166
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,233,735
<OTHER-INCOME> 0
<EXPENSES-NET> 1,199,450
<NET-INVESTMENT-INCOME> 9,034,285
<REALIZED-GAINS-CURRENT> 23,732
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,058,017
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,112,865
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 718,209,203
<NUMBER-OF-SHARES-REDEEMED> 687,912,870
<SHARES-REINVESTED> 59,632
<NET-CHANGE-IN-ASSETS> 43,940,723
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 654,715
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,201,416
<AVERAGE-NET-ASSETS> 339,265,145
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000749748
<NAME> PACIFIC CAPITAL CASH ASSETS TRUST - SERVICE SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 387,123,832
<INVESTMENTS-AT-VALUE> 387,123,832
<RECEIVABLES> 80,290
<ASSETS-OTHER> 80,256
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 387,284,378
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,820,762
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<PAID-IN-CAPITAL-COMMON> 386,207,863
<SHARES-COMMON-STOCK> 46,410,937
<SHARES-COMMON-PRIOR> 32,849,912
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (744,247)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 46,419,450
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,233,735
<OTHER-INCOME> 0
<EXPENSES-NET> 1,199,450
<NET-INVESTMENT-INCOME> 9,034,285
<REALIZED-GAINS-CURRENT> 23,732
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,058,017
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 921,420
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 133,782,766
<NUMBER-OF-SHARES-REDEEMED> (121,078,638)
<SHARES-REINVESTED> 856,898
<NET-CHANGE-IN-ASSETS> 43,940,723
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<GROSS-EXPENSE> 1,201,416
<AVERAGE-NET-ASSETS> 40,753,300
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
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<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .85
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000749748
<NAME> PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST - ORIGINAL SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
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<INVESTMENTS-AT-VALUE> 161,445,398
<RECEIVABLES> 1,102,748
<ASSETS-OTHER> 40,817
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 162,588,963
<PAYABLE-FOR-SECURITIES> 1,500,000
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<TOTAL-LIABILITIES> 2,016,138
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<SHARES-COMMON-PRIOR> 125,179,215
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<ACCUMULATED-NET-GAINS> (726)
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> (422,263)
<NET-INVESTMENT-INCOME> 2,190,114
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,190,114
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,936,434)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 155,019,434
<NUMBER-OF-SHARES-REDEEMED> (138,182,426)
<SHARES-REINVESTED> 69,869
<NET-CHANGE-IN-ASSETS> 17,785,572
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000749748
<NAME> PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST - SERVICE SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000749748
<NAME> PACIFIC CAPITAL US TREASURIES CASH ASSETS TRUST - ORIGINAL
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
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<PER-SHARE-NAV-END> 1.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMI-ANNUAL REPORT DATED SEPTEMBER 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000749748
<NAME> PACIFIC CAPITAL U.S. TREAUSRIES CASH ASSETS TRUST - SERVICE
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> SEP-30-1996
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<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 648,379
<TOTAL-LIABILITIES> 648,379
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 143,783,865
<SHARES-COMMON-STOCK> 70,663,510
<SHARES-COMMON-PRIOR> 11,805,950
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,079
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</TABLE>
