N-Q 1 catsnq.txt PACIFIC CAPITAL CASH ASSETS TRUST 12/31/2008 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, 2008 Date of reporting period: December 31, 2008 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, 2008 (unaudited)
Principal Security Amount Description Value U. S. Government Agency Obligations (46.8%): $ 40,000,000 Federal Home Loan Mortgage Corp., 0.85%, 01/20/09 $ 39,982,056 32,488,000 Federal Home Loan Mortgage Corp., 0.77%, 02/03/09 32,465,069 60,750,000 Federal Home Loan Mortgage Corp., 0.90%, 03/11/09 60,645,206 21,750,000 Federal Home Loan Mortgage Corp., 0.27%, 03/16/09 21,737,929 23,250,000 Federal Home Loan Mortgage Corp., 0.29%, 04/01/09 23,233,434 25,000,000 Federal National Mortgage Association, 0.02%, 02/26/09 24,999,222 35,000,000 Federal National Mortgage Association, 0.22%, 03/10/09 34,985,456 25,000,000 Federal National Mortgage Association, 1.80%, 07/02/09 24,772,500 ----------------- 262,820,872 ----------------- Corporate Notes (5.3%): 2,600,000 Merrill Lynch & Co., 2.44%, 05/08/09* 2,566,769 17,400,000 Merrill Lynch & Co., 4.02%, 05/20/09* 17,383,633 10,000,000 Morgan Stanley Dean Witter, 3.875%, 01/15/09 10,002,084 ----------------- 29,952,486 ----------------- Commercial Paper (18.7%) Automotive (4.5%): 25,000,000 Toyota Motor Credit Corp., 1.75%, 01/05/09 24,995,139 ----------------- Education (0.9%): 5,000,000 Stanford University, 1.75%, 03/10/09 4,983,472 ----------------- Finance (4.4%): 25,000,000 General Electric Capital Corp., 1.65%, 01/16/09 24,982,813 ----------------- Insurance (4.4%): 25,000,000 Prudential Funding Corp., 0.65%, 01/12/09 24,995,035 ----------------- Oil Services (4.5%): 25,000,000 Chevron Funding Corp., 0.30%, 01/13/09 24,997,500 ----------------- 104,953,959 ----------------- FDIC Guaranteed Securities (5.9%) 8,500,000 Bank of America TLGP, 1.70%, 12/23/10 8,500,000 7,000,000 General Electric Capital Corp. TLGP, 0.02%, 02/09/09 6,998,483 15,000,000 Morgan Stanley TLGP, 0.30%, 03/12/09 14,991,250 2,500,000 SunTrust Bank Note, 2.57%, 12/16/10* 2,504,856 ----------------- 32,994,589 ----------------- Shares Investment Companies (23.3%): 50,000,000 Goldman Franklin Square Government Money Market Fund 50,000,000 81,062,790 JP Morgan U.S. Government Money Market Fund, Capital Shares 81,062,790 ----------------- 131,062,790 ----------------- Total Investments (Amortized Cost $561,784,696**) - 100.0% 561,784,696 Other assets less liabilities - 0.0% (62,606) --------------- NET ASSETS - 100.0% $ 561,722,090 =============== ------------
* Variable interest rate- subject to periodic change. ** Cost for Federal income tax and financial reporting purposes is identical. Abbreviation: TLGP-Temporary Liquidity Guarantee Program Percent of Portfolio Distribution Portfolio U. S. Government Agency Obligations 46.8 % Corporate Notes 5.3 Commercial Paper 18.7 FDIC Guaranteed Securities 5.9 Investment Companies 23.3 ------ 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, used to value the Trust's net assets as of December 31, 2008: Investments in Valuation Inputs Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs $ 561,784,696 Level 3 - Significant Unobservable Inputs $ - ----------------- Total $ 561,784,696 ================= Tax-Free Cash Assets Trust Schedule of Investments December 31, 2008 (unaudited)
Moody's/S&P Principal Security Ratings or Amount Description Prerefunded Value(a) ------ ----------- ----------- -------- MUNICIPAL SECURITIES (84.1%) ALABAMA (1.8%) Jefferson County, AL Sewer Revenue Bond, Prerefunded to 2/01/09 @101 VRDO* $ 2,000,000 5.750%, 02/01/38 Prerefunded $ 2,025,852 Jefferson County, AL Sewer Revenue Bond, Prerefunded to 2/01/09 @101 VRDO* 3,660,000 5.375%, 02/01/36 Prerefunded 3,706,540 ------------- 5,732,392 ------------- ARIZONA (1.8%) Maricopa County, AZ Unified School District No. 48 (Scottsdale), FGIC Insured 5,405,000 5.000%, 07/01/09 Aa2/AA 5,491,737 Tucson, AZ Industrial Development Authority VRDO* 425,000 1.300%, 07/15/31 Aaa/AAA 425,000 ------------- 5,916,737 ------------- CALIFORNIA (2.5%) Bay Area, CA Toll Authority Toll Bridge Revenue A-2, VRDO* 5,000,000 0.750%, 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 0.750%, 08/15/36 VMIG1/A-1+ 3,200,000 ------------- 8,200,000 ------------- COLORADO (1.3%) Colorado Educational & Cultural Facilities Authority Revenue Bond - Boulder Country Day School, VRDO* 1,150,000 1.130%, 09/01/24 NR/AAA 1,150,000 Colorado Educational & Cultural Facilities Authority Revenue Bond - National Jewish Federation Series A4 VRDO* 1,100,000 1.150%, 02/01/35 VMIG1/NR 1,100,000 Colorado Educational & Cultural Facilities Authority Revenue Bond - National Jewish Federation Series C4 VRDO* 1,000,000 1.150%, 06/01/37 VMIG1/NR 1,000,000 Colorado Educational & Cultural Facilities Authority Revenue Bond - National Jewish Federation Series D4 VRDO* 1,050,000 1.150%, 05/01/38 VMIG1/NR 1,050,000 --------- 4,300,000 --------- CONNECTICUT (3.2%) Connecticut State Special Tax, FSA Insured VRDO* 10,500,000 2.500%, 12/01/10 Aa2/AAA 10,500,000 --------- DISTRICT OF COLUMBIA (0.7%) District of Columbia Revenue American Geophysical Union, VRDO* 2,135,000 1.200%, 09/01/23 Aaa/NR 2,135,000 --------- FLORIDA (0.6%) Orange County, FL Housing Financial Authority , FNMA Insured VRDO* 1,800,000 0.900%, 06/01/25 NR/A-1+ 1,800,000 --------- 1,800,000 --------- HAWAII (17.9%) City & County Honolulu, HI 2,700,000 3.000%, 01/07/09 P1/A1+ 2,700,000 1,500,000 1.750%, 01/13/09 A-1+/P-1 1,500,000 8,000,000 0.650%, 02/10/09 P1/A1+ 8,000,000 City & County Honolulu, HI VRDO* 6,000,000 5.000%, 07/01/09 Aa2/AA 6,092,695 City & County Honolulu, HI, ETM VRDO* 1,995,000 6.000%, 01/01/09 Prerefunded 1,995,000 City & County Honolulu, HI, Prerefunded to 7/01/09 @101 VRDO* 1,000,000 5.125%, 07/01/10 Prerefunded 1,025,861 City & County Honolulu, HI, Prerefunded to 7/01/09 @101 VRDO* 2,930,000 5.125%, 07/01/18 Prerefunded 3,005,961 Hawaii County, HI 1,015,000 4.000%, 07/15/09 A1/AA- 1,028,219 Hawaii County, HI, FSA Insured Prerefunded to 5/15/09@101 VRDO* 500,000 5.400%, 05/15/15 Prerefunded 511,486 Hawaii County, HI, Prerefunded to 5/15/09 @101 VRDO* 545,000 5.625%, 05/15/19 Prerefunded 558,169 Hawaii Pacific Health Special Purpose VRDO* Radian Insured 13,500,000 0.930%, 07/01/33 Aaa/AAA 13,500,000 Hawaii State, FGIC Insured Series CO 1,100,000 6.000%, 03/01/09 Aa2/AA 1,107,874 4,590,000 6.000%, 09/01/09 Aa2/AA 4,721,855 Hawaii State Department of Budget and Finance Special Purpose Revenue Bond (Palama Meat Company) Series A VRDO*, Wells Fargo Insured, AMT 6,500,000 1.900%, 10/31/29 NR/AAA 6,500,000 Hawaii State, FGIC Insured VRDO* 2,920,000 6.000%, 03/01/09 Aa2/AA 2,940,075 Hawaii State Highways 1,000,000 4.000%, 01/01/10 Aa3/AA+ 1,014,667 Hawaii State Housing Finance & Development Corp., Multi Family, Lokahi Kau, VRDO* 2,300,000 1.150%, 12/01/41 Aaa/NR 2,300,000 ----------- 58,501,862 ----------- IDAHO (0.6%) Idaho Housing & Financial Association, Multi-Mode, Hidden Springs, VRDO* 2,000,000 1.200%, 03/01/37 Aaa/NR 2,000,000 ----------- ILLINOIS (4.6%) Illinois Educational Facilities Authority Revenue Bond VRDO* 2,245,000 0.930%, 12/01/25 Aaa/NR 2,245,000 Illinois Health Facilities Authority (Alexian Brothers Health System- Presbyterian), Prerefunded, FSA Insured VRDO* 4,500,000 5.000%, 01/01/19 Prerefunded 4,500,000 Peoria County, IL Community Unit School District No. 323 VRDO*, FSA Insured 6,000,000 3.200%, 04/01/26 Aaa/AAA 6,000,000 Romeoville, IL Revenue Bond VRDO* 2,100,000 1.150%, 10/01/36 Aaa/NR 2,100,000 ----------- 14,845,000 ----------- INDIANA (1.2%) Indiana Financial Authority Health System Revenue, Sisters St. Francis Health, VRDO* 2,000,000 1.050%, 09/01/48 Aaa/NR 2,000,000 Indiana Health Facilities Financial Authority, Clark Memorial Hospital, VRDO* 1,975,000 1.150%, 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* 2,500,000 1.350%, 04/01/31 Aaa/AAA 2,500,000 ----------- KENTUCKY (1.0%) Breckenridge County, KY Lease Program Revenue VRDO* 3,100,000 0.700%, 02/01/31 VMIG1/NR 3,100,000 ----------- MASSACHUSETTS (1.2%) Massachusetts State Health & Educational Facilities Authority Revenue (Hillcrest Extended Care) Series A VRDO* 3,900,000 0.750%, 10/01/26 Aaa/NR 3,900,000 ----------- MICHIGAN (0.6%) Michigan Higher Education Facility Authority, Hope College VRDO* 665,000 1.150%, 11/01/36 Aaa/NR 665,000 Michigan State Hospital Finance Authority, Prerefunded (Mercy Mt. Clemens) Series A VRDO* 1,250,000 5.750%, 05/15/29 Prerefunded 1,280,791 ----------- 1,945,791 ----------- MINNESOTA (5.6%) Bloomington, MN Multi-Family Revenue Bond VRDO* 3,000,000 1.400%, 11/15/32 Aaa/AAA 3,000,000 Inver Grove Heights, MN Senior VRDO* 1,595,000 1.300%, 05/15/35 Aaa/AAA 1,595,000 Oak Park Heights, MN Multi-Family Revenue Bond, FHLMC Insured VRDO* 6,415,000 1.300%, 11/01/35 Aaa/AAA 6,415,000 Plymouth, MN Multi-Family Housing VRDO* 1,395,000 1.300%, 04/15/33 Aaa/AAA 1,395,000 St. Louis Park, MN Multi-Family Revenue Bond, FHLMC Insured VRDO* 4,000,000 1.300%, 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 1.300%, 10/01/33 Aaa/NR 2,000,000 ----------- 18,405,000 ----------- MISSOURI (10.8%) Kansas City, MO Industrial Development Authority Multi-Family - Gatehouse Apartments Project VRDO* 1,260,000 1.300%, 11/15/26 Aaa/AAA 1,260,000 Kansas City, MO Industrial Development Authority Revenue Bond, (Ewing Marion Kaufman Foundation) VRDO* 12,260,000 1.350%, 04/01/27 NR/AAA 12,260,000 Missouri State Development Financial Board Lease Revenue Bond VRDO* 180,000 1.350%, 06/01/33 VMIG1/NR 180,000 Missouri State Health and Education (St. Francis Medical Center) Series A VRDO* 3,000,000 1.380%, 06/01/26 NR/AAA 3,000,000 Missouri State Health & Educational Facilities Authority Revenue Bond VRDO* 3,633,000 1.380%, 11/01/32 NR/A-1+ 3,633,000 Missouri State, Health & Educational Facilities Authority Revenue Bond (St. Louis University), Series B VRDO*, SPA: Bank of America N.A. 6,550,000 1.380%, 10/01/24 VMIG1/A-1+ 6,550,000 Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bond, St. Louis University, SPA: US Bank NA VRDO* 2,210,000 1.380%, 07/01/32 VMIG1/NR 2,210,000 Missouri State Health & Educational Facilities VRDO* 2,630,000 1.380%, 10/01/33 NR/A-1+ 2,630,000 University of Missouri University Revenue Bond-System Facilities Series A VRDO* 1,275,000 1.100%, 11/01/31 Aa2/A-1+ 1,275,000 University of Missouri University System Facilities Revenue Bond, Series B VRDO* 2,300,000 1.100%, 11/01/30 Aa2/A-1+ 2,300,000 ----------- 35,298,000 ----------- NEVADA (3.6%) Clark County, NV, Economic Development, Prerefunded, Alexander Dawson School Project VRDO* 6,500,000 5.500%, 05/15/20 Prerefunded 6,671,177 Clark County School District, NV, MBIA Insured Series C 5,000,000 5.000%, 06/15/09 Aa2/AA 5,071,307 ----------- 11,742,484 ----------- NEW JERSEY (1.4%) New Jersey Building Authority, Prerefunded VRDO* 1,215,000 5.250%, 06/15/12 Prerefunded 1,234,785 New Jersey Building Authority, Prerefunded VRDO* 1,785,000 5.250%, 06/15/12 Prerefunded 1,814,067 New Jersey Economic Development Authority, Prerefunded VRDO* (Transportation Project Sublease) Series A 1,600,000 5.300%, 05/01/12 Prerefunded 1,619,240 ----------- 4,668,092 ----------- NEW YORK (2.1%) New York, NY, Prerefunded VRDO* Transitional Finance Authority Revenue Future Tax Section C 1,000,000 5.500%, 05/01/25 Prerefunded 1,022,456 New York, NY, Prerefunded to 5/01/09 @101 VRDO* 2,940,000 5.000%, 05/01/29 Prerefunded 2,999,382 New York State Housing - Liberty Street, FHLMC Insured VRDO* 1,070,000 0.650%, 05/01/35 Aaa/AAA 1,070,000 New York State Urban Development Corp. Correctional Facilities Service Contract VRDO* 1,600,000 6.000%, 01/01/29 Prerefunded 1,616,000 ----------- 6,707,838 ----------- NORTH CAROLINA (4.8%) North Carolina Capital Facilities Finance Agency Educational Facilities (Queens College) VRDO* 2,500,000 1.200%, 03/01/21 NR/NR** 2,500,000 North Carolina Capital Facilities Finance Agency (Thompson's Children Home) VRDO* 1,080,000 1.200%, 12/01/20 NR/NR** 1,080,000 North Carolina Educational Facilities Finance Agency (Wingate University) Series 1999 VRDO* 4,240,000 1.780%, 05/01/22 Aaa/NR 4,240,000 North Carolina Medical VRDO* 2,000,000 0.600%, 11/15/28 Aaa/AA 2,000,000 Union County, NC, Enterprise System, FSA Insured VRDO* 5,910,000 1.250%, 06/01/21 Aa3/AAA 5,910,000 ----------- 15,730,000 ----------- OREGON (1.9%) Oregon State Facilities Authority Revenue Peacehealth VRDO* 5,000,000 1.130%, 05/01/47 NR/AAA 5,000,000 Oregon State Health Housing Educational & Cultural VRDO* 1,200,000 1.150%, 12/01/15 NR/AAA 1,200,000 ----------- 6,200,000 ----------- PENNSYLVANIA (3.9%) Emmaus, PA General Authority VRDO* 1,300,000 0.800%, 03/01/24 NR/A-1+ 1,300,000 Erie, PA Water Authority Revenue, FSA Insured VRDO* 3,685,000 3.000%, 12/01/36 Aa3/AAA 3,685,000 Pennsylvania Economic Industrial Development Prerefunded 5,000,000 5.800%, 01/01/09 Prerefunded 5,000,000 Philadelphia, PA School District VRDO* 1,275,000 5.250%, 04/01/15 Prerefunded 1,285,443 Pittsburgh, PA Water & Sewer, FSA Insured VRDO* First Lien Series B-1 1,555,000 2.200%, 09/01/33 Aaa/AAA 1,555,000 ----------- 12,825,443 ----------- SOUTH DAKOTA (1.8%) South Dakota State & Educational Facilities Authority Revenue (Regional Health) VRDO* 6,000,000 1.350%, 09/01/27 Aaa/NR 6,000,000 ----------- TENNESSEE (0.7%) Metropolitan Government Nashville & Davidson County, TN Prerefunded to 5/15/09 @101 VRDO* 2,150,000 5.125%, 11/15/12 Prerefunded 2,196,810 ----------- 2,196,810 --------- TEXAS (3.7%) Bexar County, TX Housing Financial Corp., Multi Family Housing Revenue, Northwest Trails Apartments, FNMA Insured VRDO* 1,800,000 1.300%, 12/15/34 Aaa/NR 1,800,000 Houston, TX, Prerefunded to 2/15/09 @100 VRDO* 3,000,000 5.250%, 02/15/18 Prerefunded 3,012,021 North Texas State University, FSA Insured 840,000 5.250%, 04/15/09 Aaa/AAA 848,513 Odesa, TX, Prerefunded Water & Sewer Revenue VRDO* 2,400,000 5.375%, 04/01/13 Prerefunded 2,421,591 Travis County, TX Housing Financial Corp. VRDO* 4,100,000 0.850%, 12/15/29 Aaa/AAA 4,100,000 ----------- 12,182,125 ----------- VIRGINIA (1.9%) Portsmouth, VA, FSA Insured 2,000,000 5.000%, 07/01/09 Aaa/AAA 2,032,796 Virginia Commonwealth, Prerefunded to 5/15/09 @101 VRDO* 1,000,000 5.700%, 05/15/19 Prerefunded 1,023,783 Virginia State, Prerefunded VRDO* Public School Authority Financing Series A 2,100,000 5.000%, 08/01/16 Prerefunded 2,161,419 York County, VA, Prerefunded to 6/01/09 @101 VRDO* 1,000,000 5.875%, 06/01/24 Prerefunded 1,025,904 ----------- 6,243,902 ----------- WASHINGTON (1.0%) Snohomish County, WA VRDO* 1,000,000 5.700%, 12/01/14 Prerefunded 1,042,459 Washington State Housing Finance Commission, Northwest School Project, VRDO* 2,310,000 0.800%, 06/01/32 Aaa/NR 2,310,000 ----------- 3,352,459 ----------- WISCONSIN (1.1%) Ashwaubenon, WI, Community Development Authority, Arena Project VRDO* 1,370,000 5.800%, 06/01/29 Prerefunded 1,397,384 Green Bay, WI, Prerefunded to 6/01/09 @100 VRDO* 2,250,000 5.250%, 06/01/24 Prerefunded 2,285,932 ----------- 3,683,316 ----------- U.S. GOVERNMENT AGENCY OBLIGATIONS (5.2%) Federal Home Loan Bank 1,335,000 0.600%, 01/07/09 1,334,867 6,500,000 0.780%, 01/14/09 6,498,169 9,000,000 0.500%, 01/21/09 8,997,500 ----------- 16,830,536 ----------- Shares INVESTMENT COMPANIES (10.2%) 24,538,000 Dreyfus Tax-Exempt Cash Management Money Market, Institutional Shares 24,538,000 8,903,000 Goldman Sachs Financial Square Tax-Free Money Market Fund Institutional Shares 8,903,000 -------------------- 33,441,000 -------------------- Total Investments (Amortized Cost $324,858,787***) - 99.5% 324,858,787 Other assets less liabilities- 0.5% 1,485,888 -------------------- NET ASSETS-100.0% $ 326,344,675 ====================
------------ * 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+ *** Cost for Federal income tax and financial reporting purposes is identical. Percent of Portfolio Distribution (unaudited) Portfolio Alabama 1.8 % Arizona 1.8 California 2.5 Colorado 1.3 Connecticut 3.2 District of Columbia 0.7 Florida 0.6 Hawaii 18.0 Idaho 0.6 Illinois 4.6 Indiana 1.2 Investment Companies 10.3 Iowa 0.8 Kentucky 1.0 Massachusetts 1.2 Michigan 0.6 Minnesota 5.7 Missouri 10.9 Nevada 3.6 New Jersey 1.4 New York 2.1 North Carolina 4.8 Oregon 1.9 Pennsylvania 3.9 South Dakota 1.8 Tennessee 0.7 Texas 3.8 U.S. Government Agency Obligations 5.2 Virginia 1.9 Washington 1.0 Wisconsin 1.1 -------- 100.0 % ======== PORTFOLIO ABBREVIATIONS: AMT - Alternative Minimum Tax ETM- Escrowed to Maturity FGIC - Financial Guaranty Insurance Corporation FHLMC - Federal Home Loan Mortgage Corp. FNMA - Federal National Mortgage Association FSA - Financial Security Assurance MBIA- Municipal Bond Investors Assurance 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, used to value the Trust's net assets as of December 31, 2008: Investments in Valuation Inputs Securities ------------------ ----------- Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs $ 324,858,787 Level 3 - Significant Unobservable Inputs $ - -------------- Total $ 324,858,787 ============== U.S. Government Securities Cash Assets Trust Schedule of Investments December 31, 2008 (Unaudited)
Principal Security Amount Description Value (a) ------ ----------- ----- U.S. Government Agency Obligations (73.6%): Federal Home Loan Mortgage Corporation (24.0%): $ 50,000,000 0.25%, 01/20/09 $ 49,993,403 20,000,000 0.35%, 02/23/09 19,989,694 41,000,000 5.75%, 03/15/09 41,432,333 100,000,000 0.27%, 03/16/09 99,944,500 20,000,000 0.77%, 03/18/09 19,967,489 50,000,000 0.29%, 04/01/09 49,964,375 50,000,000 5.25%, 05/21/09 50,845,680 --------------- 332,137,474 --------------- Federal National Mortgage Association (49.6%): 17,813,000 0.07%, 01/14/09 17,812,550 30,500,000 0.15%, 01/30/09 30,496,315 175,000,000 0.40%, 02/02/09 174,937,778 50,000,000 0.10%, 02/04/09 49,995,278 50,000,000 0.15%, 02/23/09 49,988,958 75,000,000 0.02%, 02/26/09 74,997,667 95,000,000 0.67%, 03/04/09 94,890,381 50,000,000 0.22%, 03/10/09 49,979,222 95,000,000 0.75%, 03/16/09 94,853,542 20,000,000 4.20%, 06/08/09 20,277,265 30,000,000 4.57%, 06/15/09 30,484,484 ---------------- 688,713,440 ----------------- Total U.S. Government Agency Obligations 1,020,850,914 ---------------- FDIC Guaranteed Securities (8.9%): Bank of America TLGP 21,500,000 1.70%, 12/23/10 21,500,000 General Electric Capital Corp. TLGP 45,000,000 0.20%, 02/09/09 44,990,250 Keycorp 5,000,000 2.65%, 12/15/10 (A) 5,004,450 Morgan Stanley TLGP 45,000,000 0.30%, 03/12/09 44,973,750 Suntrust Bank FDIC 7,500,000 2.57%, 12/16/10 (A) 7,514,569 ---------------------- 123,983,019 ---------------------- Shares Investment Companies (17.4%): 145,000,000 Goldman Federal Fund 145,000,000 JP Morgan U.S. Government Money 96,655,028 Market Fund, Capital Shares 96,655,028 ---------------------- 241,655,028 ---------------------- Total Investments (Amortized Cost $1,386,488,961*) - 99.9% 1,386,488,961 Other assets less liabilities - 0.1% 1,031,187 ---------- NET ASSETS - 100.0% $ 1,387,520,148 ===================== ------------
* Cost for Federal income tax and financial reporting purposes is identical. (A) Variable interest rate- subject to periodic change. Abbreviation: TLGP-Temporary Liquidity Guarantee Program Percent of Portfolio Distribution Portfolio U.S. Government Agency Obligations 73.6 % FDIC Guaranteed Securities 9.0 Investment Companies 17.4 ----------------- 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, used to value the Trust's net assets as of December 31, 2008: Valuation Inputs Investments in Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs $ 1,386,488,961 Level 3 - Significant Unobservable Inputs $ - ----------------------- Total $ 1,386,488,961 ======================= 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, 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 February 25, 2009 By: /s/ Joseph P. DiMaggio ----------------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer February 25, 2009