N-Q 1 catsnq.txt CASH ASSETS TRUST 12/31/06 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, 2006 Date of reporting period: December 31, 2006 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) Tax-Free Cash Assets Trust Schedule of Investments December 31, 2006 (unaudited) Moody's/S&P
Principal Security Ratings Amount Description (unaudited) Value (a) ------ ----------- ----------- ----- --- MUNICIPAL BONDS (98.5%): ALABAMA (0.1%): Jefferson County, AL Sewer Revenue Warrants, Series D, FGIC Insured, Prerefunded to 02/01/07 @101, Collateral: State & Local Government Series $150,000 5.750%, 02/01/27 #Aaa/AAA $ 151,756 ----------------------- COLORADO (1.8%): Colorado Housing & Finance Authority Revenue Bonds, Class I, Series A-1, Weekly Reset VRDO*, SPA: FHLB 4,100,000 3.750%, 10/01/30 VMIG1/A-1+ 4,100,000 ----------------------- HAWAII (32.9%): City and County Honolulu, HI General Obligation Bonds, Series A, Escrowed to Maturity, Collateral: U.S. Government Securities 2,870,000 5.600%, 04/01/07 #Aaa/AA- 2,883,761 State of Hawaii, General Obligation Bonds, Series CN, FGIC Insured, Prerefunded to 03/01/07 @ 102, Collateral: US Government Securities 2,450,000 5.250%, 03/01/12 Aaa/AAA 2,505,541 4,000,000 5.500%, 03/01/14 Aaa/AAA 4,091,834 City and County Honolulu, HI General Obligation Bonds, FGIC Insured, Series A, Escrowed to Maturity, Collateral: US Government Securities 1,165,000 6.000%, 09/01/07 #Aaa/AAA 1,184,286 City and County Honolulu, HI General Obligation Commercial Paper, Series H, LOC: Landes Hessen-Thuringen Girozentrale 15,000,000 3.550%, 03/05/07 P-1/A-1+ 15,000,000 City and County Honolulu, HI General Obligation Commercial Paper, Series W, LOC: Westdeutsche Landesbank 5,000,000 3.500%, 03/07/07 P-1/A-1+ 5,000,000 Hawaii State Department of Budget and Finance Special Purpose Revenue Bonds(Queens Health System) Series C, Weekly Reset VRDO*, AMBAC Insured, SPA: Bank of America N.A. 36,000,000 3.600%, 07/01/28 MIG1/AAA 36,000,000 Hawaii State Department of Budget and Finance Special Purpose Revenue Bonds (The Queen's Health System) Series A, Weekly Reset VRDO*, SPA: Bank of Nova Scotia, AMBAC Insured 4,600,000 3.590%, 07/01/29 VMIG1/A-1+ 4,600,000 Hawaii State General Obligation Bonds, Series CN, FGIC Insured, Escrowed to Maturity, Prerefunded to 03/01/07 @102, Collateral: U.S. Government Securities 1,750,000 5.250%, 03/01/10 Aaa/AAA 1,789,241 ----------------------- 73,054,663 ----------------------- ILLINOIS (4.2%): Chicago, IL General Obligation Bonds, Park District, MBIA Insured, Prerefunded to 01/01/07 @101, Collateral: State & Local Government Series 1,145,000 5.400%, 01/01/09 Aaa/AAA 1,156,450 Chicago, IL General Obligation Bonds, Series B, Weekly Reset VRDO*, SPA: Landesbank Baden-Wurttemberg FGIC Insured 6,000,000 3.740%, 01/01/37 VMIG1/A-1+ 6,000,000 Chicago IL Housing Authority Capital Program Revenue Bonds, Escrowed to Maturity, Collateral: State & Local Government Series, Prerefunded 2,185,000 5.000%, 07/01/07 Aa3/NR 2,200,327 ----------------------- 9,356,777 ----------------------- INDIANA (1.2%): Duneland, IN Independent School Building Corp. First Mortgage Revenue Bonds, MBIA Insured, Prerefunded to 08/01/07 @ 101, Collateral: US Government Securities 1,050,000 5.500%, 08/01/17 Aaa/AAA 1,072,509 South Bend, IN Community School Corp. Riley School Building Corp. First Mortgage Revenue Bonds, FSA Insured, Prerefunded to 08/01/07 @ 101, Collateral: 100% US Treasury Obligations 1,500,000 5.700%, 08/01/19 Aaa/AAA 1,533,250 ----------------------- 2,605,759 ----------------------- MARYLAND (0.5%): Montgomery County, MD Public Improvement Series General Obligation Bonds, Escrowed to Maturity, Prerefunded 05/01/07 @102, Collateral: State & Local Government Series 1,085,000 5.375%, 05/01/13 Aaa/AAA 1,112,179 ----------------------- MASSACHUSETTS (0.3%): Massachusetts Health & Educational Facilities Authority Revenue Bonds, Wellesley College Issue E, Weekly Reset VRDO* 690,000 3.800%, 07/01/22 Aa1/AA+ 690,000 ----------------------- MICHIGAN (10.8%): Detroit, MI Sewer Disposal Revenue Bonds, Series A, MBIA Insured, Escrowed to Maturity, Prerefunded to 07/01/07 @101, Collateral: State & Local Government Series 250,000 5.000%, 07/01/11 Aaa/AAA 253,962 Eastern Michigan University, University Revenue Bonds, Daily Reset VRDO*, FGIC Insured, SPA: FGIC-SPI 8,000,000 3.850%, 06/01/27 Aaa/A-1+ 8,000,000 Northern Michigan University Revenue Bonds, Daily Reset VRDO* SPA - DEPFA Bank PLC, AMBAC Insured 4,285,000 3.850%, 12/01/35 Aaa/AAA 4,285,000 Northern Michigan University, Revenue Bonds, Daily Reset VRDO*, FGIC Insured, SPA: FGIC-SPI 4,210,000 3.850%, 06/01/31 VMIG1/A-1+ 4,210,000 Rochester, MI Community School District General Obligation Bonds, MBIA Insured, Escrowed to Maturity, Prerefunded 05/01/07 @100, Collateral: State & Local Government Securities 7,315,000 5.250%, 05/01/15 #Aaa/AAA 7,353,952 ----------------------- 24,102,914 ----------------------- MISSOURI (13.3%): Kansas City, MO Industrial Development Authority Revenue Bonds, (Ewing Marion Kaufman Foundation), Daily Reset VRDO* 8,360,000 3.850%, 04/01/27 NR/A-1+ 8,360,000 650,000 3.850%, 04/01/27 NR/A-1+ 650,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (St. Louis University), Series B, Daily Reset VRDO*, SPA: Bank of America N.A. 6,000,000 3.880%, 10/01/24 VMIG1/A-1+ 6,000,000 Missouri State Health & Educational Facilities Authority Revenue Bonds (Washington University), Series B, SPA: JPMorgan Chase Bank, Daily Reset VRDO* 4,100,000 3.890%, 03/01/40 VMIG1/A-1+ 4,100,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (Washington University), Series C, Daily Reset VRDO*, SPA: JPMorgan Chase Bank Chase Bank 2,800,000 3.850%, 09/01/30 VMIG1/A-1+ 2,800,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (Washington University), Series D, Daily Reset VRDO*, SPA: JPMorgan Chase Bank 2,100,000 3.850%, 09/01/30 VMIG1/A-1+ 2,100,000 University of Missouri University Revenue Bonds Variable - System Facilities, Series A, VRDO* 1,870,000 3.980%, 11/01/31 VMIG1/A-1+ 1,870,000 University of Missouri University Revenue Bonds, Daily Reset VRDO* System Facilities, Series B 3,650,000 3.890%, 11/01/30 VMIG1/A-1+ 3,650,000 ----------------------- 29,530,000 ----------------------- MONTANA (2.2%): Montana State, Health Facilities Authority Revenue Bonds, Series A, Weekly Reset VRDO*, FGIC Insured SPA: Wells Fargo 5,000,000 3.750%, 12/01/15 VMIG1/A-1+ 5,000,000 ---------------------- NEVADA (4.4%): Clark County, NV School District Building and Renovation General Obligation Bonds, FGIC Insured, Series B, Prerefunded to 06/15/07 @ 101, Collateral: US Government Securities 1,000,000 5.250%, 06/15/17 Aaa/AAA 1,017,663 Clark County, NV Airport Revenue Bonds, Series C, Weekly Reset VRDO*, FGIC Insured, SPA: Landesbank Baden-Wurttemberg 8,800,000 3.740%, 07/01/29 VMIG1/A-1+ 8,800,000 ----------------------- 9,817,663 ----------------------- NEW JERSEY (0.7%): New Jersey Economic Development Authority Revenue Bonds, 1st Mortgage-Cranes Mill, Series A, Escrowed to Maturity, Prerefunded 02/01/07 @102, Collateral: U.S. Government Securities 1,400,000 7.500%, 02/01/27 #Aaa/NR 1,455,682 ----------------------- NEW YORK (6.6%): Long Island, NY Power Authority Revenue Bonds, Series 1A, Weekly Reset VRDO*, LOC: 80% Bayerische Landesbank 20% Landesbank Baden-Wurttemberg 9,000,0003 .750%, 05/01/33 VMIG1/A-1+ 9,000,000 New York, NY Municipal Water Financing Authority Water & Sewer System Revenue Bonds, FSA Insured, SER B Prerefunded to 06/15/07 @ 101, Collateral: US Government Securities 3,500,000 5.750%, 06/15/29 Aaa/AAA 3,569,268 New York, NY City Transitional Finance Authority Revenue Bonds, Series 3, Daily Reset VRDO*, SPA: Royal Bank of Canada 2,000,000 3.870%, 11/01/22 VMIG1/A-1+ 2,000,000 ----------------------- 14,569,268 ----------------------- NORTH CAROLINA (13.1%): Charlotte, NC Airport Revenue Bonds, Series A, Weekly Reset VRDO*, MBIA Insured, SPA: JPMorgan Chase Bank 9,120,000 3.730%, 07/01/16 VMIG1/A-1+ 9,120,000 Concord, NC Utility Systems Revenue Bonds, Series B, Weekly Reset VRDO*, FSA Insured, SPA: Wachovia Bank 8,820,000 3.730%, 12/01/22 VMIG1/NR 8,820,000 Durham, NC General Obligation Bonds (Public Improvement Project), Weekly Reset VRDO*, SPA: Wachovia Bank of North Carolina 1,425,000 3.750%, 02/01/09 VMIG1/A-1+ 1,425,000 2,975,000 3.750%, 02/01/11 VMIG1/A-1+ 2,975,000 1,270,000 3.750%, 02/01/12 VMIG1/A-1+ 1,270,000 1,475,000 3.750%, 02/01/13 VMIG1/A-1+ 1,475,000 North Carolina East Municipal Power Agency Power System Revenue Refunding Bonds, Series B, Prerefunded to 01/01/07 @102, Collateral: U.S. Treasury, MBIA Insured 4,000,000 5.875%, 01/01/21 Aaa/AAA 4,080,000 ----------------------- 29,165,000 ----------------------- OHIO (1.2%): Ohio Housing Finance Agency Mortgage Revenue Bonds (Residential Mortgage), Series E-AMT, Weekly Reset VRDO*, SPA: FHLB 2,590,000 3.800%, 09/01/34 VMIG1/NR 2,590,000 ----------------------- OREGON (0.5%): Josephine County, OR School District #007 General Obligation Bonds, FGIC Insured, Escrowed to Maturity, Prerefunded 06/01/07 @100, Collateral: U.S. Government Securities 1,000,000 5.700%, 06/01/13 Aaa/AAA 1,008,895 ----------------------- TEXAS (0.6%): Allen, TX Independent School District General Obligation Bonds, Escrowed to Maturity, Prerefunded 02/15/07 @100, Collateral: U.S. Government Securities, Permanent School Fund-Guaranteed 1,255,000 5.100%, 02/15/12 Aaa/AAA 1,257,093 ----------------------- UTAH (0.4%): Utah State, General Obligation Bonds, Prerefunded to 07/01/07 @ 100, Collateral: State & Local Government Series 1,000,000 5.000%, 07/01/12 Aaa/AAA 1,007,300 ----------------------- VIRGINIA (3.0%): University of Virginia Revenue Bonds, Series A, Weekly Reset VRDO* 6,700,000 3.720%, 06/01/34 VMIG1/A-1+ 6,700,000 ----------------------- WASHINGTON (0.7%): Seattle, WA General Obligation Bonds, Prerefunded to 08/01/07 @ 100, Collateral: 100% State & Local Government Series 1,545,000 5.300%, 08/01/17 Aa1/AAA 1,560,896 ----------------------- Shares INVESTMENT COMPANY (1.1%): 2,505,000 Goldman Sachs Financial Square Tax-Free Money Market Fund Institutional Shares 2,505,000 -------------------- ------------------- Total Investments (Amortized Cost $221,340,845**) - 99.6% 221,340,845 Other assets less liabilities- 0.4% 872,265 ------------------- NET ASSETS-100.0% $ 222,213,110 ===================
------------ * 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. ** Cost for Federal income tax and financial reporting purposes is identical. Percent of Portfolio Distribution (unaudited) Portfolio Alabama 0.1 % Colorado 1.8 Hawaii 33.0 Illinois 4.2 Indiana 1.2 Investment Company 1.1 Maryland 0.5 Massachusetts 0.3 Michigan 10.9 Missouri 13.3 Montana 2.3 Nevada 4.4 New Jersey 0.7 New York 6.6 North Carolina 13.2 Ohio 1.2 Oregon 0.5 Texas 0.6 Utah 0.4 Virginia 3.0 Washington 0.7 ------------ 100.0 % ============ PORTFOLIO ABBREVIATIONS: AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax FGIC - Financial Guaranty Insurance Corporation FHLB - Federal Home Loan Bank FSA - Financial Security Assurance LOC - Letter of Credit MBIA- Municipal Bond Investors Assurance NR - Not Rated SPA - Standby Bond Purchase Agreement SPI- Securities Purchase, Inc. VRDO - Variable Rate Demand Obligation See accompanying notes to financial statements. Tax-Free Cash Assets Trust NOTES TO FINANCIAL STATEMENTS (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. Tax-Free Cash Assets Trust Schedule of Investments December 31, 2006 (unaudited) Moody's/S&P
Principal Security Ratings Amount Description (unaudited) Value (a) ------ ----------- ----------- ----- --- MUNICIPAL BONDS (98.5%): ALABAMA (0.1%): Jefferson County, AL Sewer Revenue Warrants, Series D, FGIC Insured, Prerefunded to 02/01/07 @101, Collateral: State & Local Government Series $150,000 5.750%, 02/01/27 #Aaa/AAA $ 151,756 ----------------------- COLORADO (1.8%): Colorado Housing & Finance Authority Revenue Bonds, Class I, Series A-1, Weekly Reset VRDO*, SPA: FHLB 4,100,000 3.750%, 10/01/30 VMIG1/A-1+ 4,100,000 ----------------------- HAWAII (32.9%): City and County Honolulu, HI General Obligation Bonds, Series A, Escrowed to Maturity, Collateral: U.S. Government Securities 2,870,000 5.600%, 04/01/07 #Aaa/AA- 2,883,761 State of Hawaii, General Obligation Bonds, Series CN, FGIC Insured, Prerefunded to 03/01/07 @ 102, Collateral: US Government Securities 2,450,000 5.250%, 03/01/12 Aaa/AAA 2,505,541 4,000,000 5.500%, 03/01/14 Aaa/AAA 4,091,834 City and County Honolulu, HI General Obligation Bonds, FGIC Insured, Series A, Escrowed to Maturity, Collateral: US Government Securities 1,165,000 6.000%, 09/01/07 #Aaa/AAA 1,184,286 City and County Honolulu, HI General Obligation Commercial Paper, Series H, LOC: Landes Hessen-Thuringen Girozentrale 15,000,000 3.550%, 03/05/07 P-1/A-1+ 15,000,000 City and County Honolulu, HI General Obligation Commercial Paper, Series W, LOC: Westdeutsche Landesbank 5,000,000 3.500%, 03/07/07 P-1/A-1+ 5,000,000 Hawaii State Department of Budget and Finance Special Purpose Revenue Bonds(Queens Health System) Series C, Weekly Reset VRDO*, AMBAC Insured, SPA: Bank of America N.A. 36,000,000 3.600%, 07/01/28 MIG1/AAA 36,000,000 Hawaii State Department of Budget and Finance Special Purpose Revenue Bonds (The Queen's Health System) Series A, Weekly Reset VRDO*, SPA: Bank of Nova Scotia, AMBAC Insured 4,600,000 3.590%, 07/01/29 VMIG1/A-1+ 4,600,000 Hawaii State General Obligation Bonds, Series CN, FGIC Insured, Escrowed to Maturity, Prerefunded to 03/01/07 @102, Collateral: U.S. Government Securities 1,750,000 5.250%, 03/01/10 Aaa/AAA 1,789,241 ----------------------- 73,054,663 ----------------------- ILLINOIS (4.2%): Chicago, IL General Obligation Bonds, Park District, MBIA Insured, Prerefunded to 01/01/07 @101, Collateral: State & Local Government Series 1,145,000 5.400%, 01/01/09 Aaa/AAA 1,156,450 Chicago, IL General Obligation Bonds, Series B, Weekly Reset VRDO*, SPA: Landesbank Baden-Wurttemberg FGIC Insured 6,000,000 3.740%, 01/01/37 VMIG1/A-1+ 6,000,000 Chicago IL Housing Authority Capital Program Revenue Bonds, Escrowed to Maturity, Collateral: State & Local Government Series, Prerefunded 2,185,000 5.000%, 07/01/07 Aa3/NR 2,200,327 ----------------------- 9,356,777 ----------------------- INDIANA (1.2%): Duneland, IN Independent School Building Corp. First Mortgage Revenue Bonds, MBIA Insured, Prerefunded to 08/01/07 @ 101, Collateral: US Government Securities 1,050,000 5.500%, 08/01/17 Aaa/AAA 1,072,509 South Bend, IN Community School Corp. Riley School Building Corp. First Mortgage Revenue Bonds, FSA Insured, Prerefunded to 08/01/07 @ 101, Collateral: 100% US Treasury Obligations 1,500,000 5.700%, 08/01/19 Aaa/AAA 1,533,250 ----------------------- 2,605,759 ----------------------- MARYLAND (0.5%): Montgomery County, MD Public Improvement Series General Obligation Bonds, Escrowed to Maturity, Prerefunded 05/01/07 @102, Collateral: State & Local Government Series 1,085,000 5.375%, 05/01/13 Aaa/AAA 1,112,179 ----------------------- MASSACHUSETTS (0.3%): Massachusetts Health & Educational Facilities Authority Revenue Bonds, Wellesley College Issue E, Weekly Reset VRDO* 690,000 3.800%, 07/01/22 Aa1/AA+ 690,000 ----------------------- MICHIGAN (10.8%): Detroit, MI Sewer Disposal Revenue Bonds, Series A, MBIA Insured, Escrowed to Maturity, Prerefunded to 07/01/07 @101, Collateral: State & Local Government Series 250,000 5.000%, 07/01/11 Aaa/AAA 253,962 Eastern Michigan University, University Revenue Bonds, Daily Reset VRDO*, FGIC Insured, SPA: FGIC-SPI 8,000,000 3.850%, 06/01/27 Aaa/A-1+ 8,000,000 Northern Michigan University Revenue Bonds, Daily Reset VRDO* SPA - DEPFA Bank PLC, AMBAC Insured 4,285,000 3.850%, 12/01/35 Aaa/AAA 4,285,000 Northern Michigan University, Revenue Bonds, Daily Reset VRDO*, FGIC Insured, SPA: FGIC-SPI 4,210,000 3.850%, 06/01/31 VMIG1/A-1+ 4,210,000 Rochester, MI Community School District General Obligation Bonds, MBIA Insured, Escrowed to Maturity, Prerefunded 05/01/07 @100, Collateral: State & Local Government Securities 7,315,000 5.250%, 05/01/15 #Aaa/AAA 7,353,952 ----------------------- 24,102,914 ----------------------- MISSOURI (13.3%): Kansas City, MO Industrial Development Authority Revenue Bonds, (Ewing Marion Kaufman Foundation), Daily Reset VRDO* 8,360,000 3.850%, 04/01/27 NR/A-1+ 8,360,000 650,000 3.850%, 04/01/27 NR/A-1+ 650,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (St. Louis University), Series B, Daily Reset VRDO*, SPA: Bank of America N.A. 6,000,000 3.880%, 10/01/24 VMIG1/A-1+ 6,000,000 Missouri State Health & Educational Facilities Authority Revenue Bonds (Washington University), Series B, SPA: JPMorgan Chase Bank, Daily Reset VRDO* 4,100,000 3.890%, 03/01/40 VMIG1/A-1+ 4,100,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (Washington University), Series C, Daily Reset VRDO*, SPA: JPMorgan Chase Bank Chase Bank 2,800,000 3.850%, 09/01/30 VMIG1/A-1+ 2,800,000 Missouri State, Health & Educational Facilities Authority Revenue Bonds (Washington University), Series D, Daily Reset VRDO*, SPA: JPMorgan Chase Bank 2,100,000 3.850%, 09/01/30 VMIG1/A-1+ 2,100,000 University of Missouri University Revenue Bonds Variable - System Facilities, Series A, VRDO* 1,870,000 3.980%, 11/01/31 VMIG1/A-1+ 1,870,000 University of Missouri University Revenue Bonds, Daily Reset VRDO* System Facilities, Series B 3,650,000 3.890%, 11/01/30 VMIG1/A-1+ 3,650,000 ----------------------- 29,530,000 ----------------------- MONTANA (2.2%): Montana State, Health Facilities Authority Revenue Bonds, Series A, Weekly Reset VRDO*, FGIC Insured SPA: Wells Fargo 5,000,000 3.750%, 12/01/15 VMIG1/A-1+ 5,000,000 ---------------------- NEVADA (4.4%): Clark County, NV School District Building and Renovation General Obligation Bonds, FGIC Insured, Series B, Prerefunded to 06/15/07 @ 101, Collateral: US Government Securities 1,000,000 5.250%, 06/15/17 Aaa/AAA 1,017,663 Clark County, NV Airport Revenue Bonds, Series C, Weekly Reset VRDO*, FGIC Insured, SPA: Landesbank Baden-Wurttemberg 8,800,000 3.740%, 07/01/29 VMIG1/A-1+ 8,800,000 ----------------------- 9,817,663 ----------------------- NEW JERSEY (0.7%): New Jersey Economic Development Authority Revenue Bonds, 1st Mortgage-Cranes Mill, Series A, Escrowed to Maturity, Prerefunded 02/01/07 @102, Collateral: U.S. Government Securities 1,400,000 7.500%, 02/01/27 #Aaa/NR 1,455,682 ----------------------- NEW YORK (6.6%): Long Island, NY Power Authority Revenue Bonds, Series 1A, Weekly Reset VRDO*, LOC: 80% Bayerische Landesbank 20% Landesbank Baden-Wurttemberg 9,000,0003 .750%, 05/01/33 VMIG1/A-1+ 9,000,000 New York, NY Municipal Water Financing Authority Water & Sewer System Revenue Bonds, FSA Insured, SER B Prerefunded to 06/15/07 @ 101, Collateral: US Government Securities 3,500,000 5.750%, 06/15/29 Aaa/AAA 3,569,268 New York, NY City Transitional Finance Authority Revenue Bonds, Series 3, Daily Reset VRDO*, SPA: Royal Bank of Canada 2,000,000 3.870%, 11/01/22 VMIG1/A-1+ 2,000,000 ----------------------- 14,569,268 ----------------------- NORTH CAROLINA (13.1%): Charlotte, NC Airport Revenue Bonds, Series A, Weekly Reset VRDO*, MBIA Insured, SPA: JPMorgan Chase Bank 9,120,000 3.730%, 07/01/16 VMIG1/A-1+ 9,120,000 Concord, NC Utility Systems Revenue Bonds, Series B, Weekly Reset VRDO*, FSA Insured, SPA: Wachovia Bank 8,820,000 3.730%, 12/01/22 VMIG1/NR 8,820,000 Durham, NC General Obligation Bonds (Public Improvement Project), Weekly Reset VRDO*, SPA: Wachovia Bank of North Carolina 1,425,000 3.750%, 02/01/09 VMIG1/A-1+ 1,425,000 2,975,000 3.750%, 02/01/11 VMIG1/A-1+ 2,975,000 1,270,000 3.750%, 02/01/12 VMIG1/A-1+ 1,270,000 1,475,000 3.750%, 02/01/13 VMIG1/A-1+ 1,475,000 North Carolina East Municipal Power Agency Power System Revenue Refunding Bonds, Series B, Prerefunded to 01/01/07 @102, Collateral: U.S. Treasury, MBIA Insured 4,000,000 5.875%, 01/01/21 Aaa/AAA 4,080,000 ----------------------- 29,165,000 ----------------------- OHIO (1.2%): Ohio Housing Finance Agency Mortgage Revenue Bonds (Residential Mortgage), Series E-AMT, Weekly Reset VRDO*, SPA: FHLB 2,590,000 3.800%, 09/01/34 VMIG1/NR 2,590,000 ----------------------- OREGON (0.5%): Josephine County, OR School District #007 General Obligation Bonds, FGIC Insured, Escrowed to Maturity, Prerefunded 06/01/07 @100, Collateral: U.S. Government Securities 1,000,000 5.700%, 06/01/13 Aaa/AAA 1,008,895 ----------------------- TEXAS (0.6%): Allen, TX Independent School District General Obligation Bonds, Escrowed to Maturity, Prerefunded 02/15/07 @100, Collateral: U.S. Government Securities, Permanent School Fund-Guaranteed 1,255,000 5.100%, 02/15/12 Aaa/AAA 1,257,093 ----------------------- UTAH (0.4%): Utah State, General Obligation Bonds, Prerefunded to 07/01/07 @ 100, Collateral: State & Local Government Series 1,000,000 5.000%, 07/01/12 Aaa/AAA 1,007,300 ----------------------- VIRGINIA (3.0%): University of Virginia Revenue Bonds, Series A, Weekly Reset VRDO* 6,700,000 3.720%, 06/01/34 VMIG1/A-1+ 6,700,000 ----------------------- WASHINGTON (0.7%): Seattle, WA General Obligation Bonds, Prerefunded to 08/01/07 @ 100, Collateral: 100% State & Local Government Series 1,545,000 5.300%, 08/01/17 Aa1/AAA 1,560,896 ----------------------- Shares INVESTMENT COMPANY (1.1%): 2,505,000 Goldman Sachs Financial Square Tax-Free Money Market Fund Institutional Shares 2,505,000 -------------------- ------------------- Total Investments (Amortized Cost $221,340,845**) - 99.6% 221,340,845 Other assets less liabilities- 0.4% 872,265 ------------------- NET ASSETS-100.0% $ 222,213,110 ===================
------------ * 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. ** Cost for Federal income tax and financial reporting purposes is identical. Percent of Portfolio Distribution (unaudited) Portfolio Alabama 0.1 % Colorado 1.8 Hawaii 33.0 Illinois 4.2 Indiana 1.2 Investment Company 1.1 Maryland 0.5 Massachusetts 0.3 Michigan 10.9 Missouri 13.3 Montana 2.3 Nevada 4.4 New Jersey 0.7 New York 6.6 North Carolina 13.2 Ohio 1.2 Oregon 0.5 Texas 0.6 Utah 0.4 Virginia 3.0 Washington 0.7 ------------ 100.0 % ============ PORTFOLIO ABBREVIATIONS: AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax FGIC - Financial Guaranty Insurance Corporation FHLB - Federal Home Loan Bank FSA - Financial Security Assurance LOC - Letter of Credit MBIA- Municipal Bond Investors Assurance NR - Not Rated SPA - Standby Bond Purchase Agreement SPI- Securities Purchase, Inc. VRDO - Variable Rate Demand Obligation See accompanying notes to financial statements. Tax-Free Cash Assets Trust NOTES TO FINANCIAL STATEMENTS (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. U.S. Government Securities Cash Assets Trust Schedule of Investments December 31, 2006 (unaudited)
Principal Security Amount Description Value (a) ------ ----------- ----- U.S. Government Agencies (100.3%): Federal Farm Credit Bank (1.3%): $ 20,000,000 5.04%, 02/27/07 $ 19,840,400 ------------ Federal Home Loan Bank (99.0%): 310,000,000 4.80%, 01/02/07 309,958,667 65,000,000 5.18%, 01/03/07 64,981,294 58,000,000 5.12%, 01/05/07 57,966,991 90,000,000 5.15%, 01/12/07 89,858,238 50,000,000 5.08%, 01/17/07 49,887,000 90,000,000 5.09%, 01/19/07 89,770,725 66,085,000 5.15%, 01/22/07 65,886,277 75,000,000 5.15%, 01/23/07 74,763,958 75,000,000 5.13%, 01/24/07 74,754,188 78,000,000 5.16%, 01/26/07 77,720,500 80,000,000 5.15%, 02/09/07 79,554,100 55,000,000 5.14%, 02/21/07 54,599,119 75,000,000 5.15%, 02/23/07 74,430,802 130,000,000 5.16%, 02/28/07 128,919,267 99,265,000 5.14%, 03/14/07 98,245,548 75,000,000 5.04%, 03/30/07 74,076,000 ---------------- 1,465,372,674 ---------------- Total U.S. Government Agencies 1,485,213,074 ------------- Total Investments (Amortized Cost $1,485,213,074*) - 100.3% 1,485,213,074 Other assets less liabilities - (0.3)% (4,773,594) ---------------- NET ASSETS - 100.0% $ 1,480,439,480 ================= ------------ * Cost for Federal income tax and financial reporting purposes is identical.
Percent of Portfolio Distribution (unaudited) Portfolio U.S. Government Agencies 100.0 % ================================== See accompanying notes to financial statements. U.S. Government Securities Cash Assets Trust NOTES TO FINANCIAL STATEMENTS (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. 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 27, 2007 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 27, 2007 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer February 27, 2007