<PAGE> PAGE 1
000 A000000 09/30/96
000 C000000 0000749748
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008 D02AA01 HI
008 D03AA01 96802
010 A00AA01 AQUILA MANAGEMENT CORPORATION
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010 C01AA01 NEW YORK
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011 A00AA01 AQUILA DISTRIBUTORS, INC.
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<PAGE> PAGE 2
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012 A00AA01 ADMINISTRATIVE DATA MANAGEMENT CORP.
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013 B01AA01 NEW YORK
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE PATRICIA A. CRAVEN
TITLE ASSISTANT SECRETARY
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
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<RECEIVABLES> 80,290
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<NET-INVESTMENT-INCOME> 9,034,285
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<PER-SHARE-DIVIDEND> (.05)
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</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
<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> 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
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<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> 40,753,300
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .85
<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 TAX-FREE 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> 161,445,398
<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
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 516,138
<TOTAL-LIABILITIES> 2,016,138
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 160,573,551
<SHARES-COMMON-STOCK> 142,086,093
<SHARES-COMMON-PRIOR> 125,179,215
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (726)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 142,085,098
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,612,377
<OTHER-INCOME> 0
<EXPENSES-NET> (422,263)
<NET-INVESTMENT-INCOME> 2,190,114
<REALIZED-GAINS-CURRENT> 0
<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
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 216,045
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (422,679)
<AVERAGE-NET-ASSETS> 129,943,360
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .54
<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 TAX-FREE 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> 161,445,398
<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
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 516,138
<TOTAL-LIABILITIES> 2,016,138
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 160,573,551
<SHARES-COMMON-STOCK> 18,487,458
<SHARES-COMMON-PRIOR> 17,608,764
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (726)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 18,487,727
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,612,377
<OTHER-INCOME> 0
<EXPENSES-NET> (422,263)
<NET-INVESTMENT-INCOME> 2,190,114
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,190,114
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (253,680)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,057,778
<NUMBER-OF-SHARES-REDEEMED> 20,428,124
<SHARES-REINVESTED> 249,041
<NET-CHANGE-IN-ASSETS> 17,785,572
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 216,045
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (422,679)
<AVERAGE-NET-ASSETS> 18,624,600
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .78
<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 US TREASURIES CASH ASSETS TRUST - ORIGINAL
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 144,420,276
<INVESTMENTS-AT-VALUE> 144,420,276
<RECEIVABLES> 6,139
<ASSETS-OTHER> 11,976
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 144,438,391
<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> 73,121,044
<SHARES-COMMON-PRIOR> 74,031,245
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,147
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 73,121,044
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,942,479
<OTHER-INCOME> 0
<EXPENSES-NET> 364,081
<NET-INVESTMENT-INCOME> 2,578,398
<REALIZED-GAINS-CURRENT> 1,068
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,579,466
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,714,963
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 209,942,786
<NUMBER-OF-SHARES-REDEEMED> (210,882,139)
<SHARES-REINVESTED> 29,151
<NET-CHANGE-IN-ASSETS> 57,947,738
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 167,719
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 364,156
<AVERAGE-NET-ASSETS> 73,814,754
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 144,420,276
<INVESTMENTS-AT-VALUE> 144,420,276
<RECEIVABLES> 6,139
<ASSETS-OTHER> 11,976
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 144,438,391
<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
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 11,806,312
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,942,479
<OTHER-INCOME> 0
<EXPENSES-NET> 364,081
<NET-INVESTMENT-INCOME> 2,578,398
<REALIZED-GAINS-CURRENT> 1,068
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,579,466
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 253,636
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,654,749
<NUMBER-OF-SHARES-REDEEMED> (21,563,607)
<SHARES-REINVESTED> 209,080
<NET-CHANGE-IN-ASSETS> 57,947,738
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 167,719
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 364,156
<AVERAGE-NET-ASSETS> 39,026,685
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
