<PAGE> PAGE 1
000 B000000 03/31/98
000 C000000 0000749748
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
001 A000000 CASH ASSETS TRUST
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001 C000000 2126976666
002 A000000 380 MADISON AVENUE, SUITE 2300
002 B000000 NEW YORK
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007 C020100 PACIFIC CAPITAL CASH ASSETS TRUST
007 C030100 N
007 C010200 2
007 C020200 PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST
007 C030200 N
007 C010300 3
007 C020300 PAC CAP US GOV'T SECURITIES CASH ASSETS TRUST
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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008 B00AA01 A
008 C00AA01 801-000000
008 D01AA01 HONOLULU
008 D02AA01 HI
008 D03AA01 96802
010 A00AA01 AQUILA MANAGEMENT CORPORATION
010 B00AA01 801-22119
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10017
011 A00AA01 AQUILA DISTRIBUTORS, INC.
011 B00AA01 8-13173
<PAGE> PAGE 2
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10017
012 A00AA01 PFPC INC.
012 B00AA01 85-11196
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10154
015 A00AA01 BANK ONE TRUST COMPANY, N.A.
015 B00AA01 C
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022 C000002 5398344
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<PAGE> PAGE 3
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<PAGE> PAGE 4
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
055 B000100 N
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<PAGE> PAGE 8
070 K020100 N
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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
070 C020200 N
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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 Annual report dated March 31, 1998 and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<CIK> 0000749748
<NAME> PACIFIC CAPITAL CASH ASSETS TRUST - ORIGINAL SHARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 534,690,521
<INVESTMENTS-AT-VALUE> 534,690,521
<RECEIVABLES> 87,649
<ASSETS-OTHER> 10,628
<OTHER-ITEMS-ASSETS> 723
<TOTAL-ASSETS> 534,789,521
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<TOTAL-LIABILITIES> 2,591,727
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<SHARES-COMMON-STOCK> 419,420,910
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<NET-ASSETS> 418,765,636
<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 24,566,804
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<NET-CHANGE-FROM-OPS> 24,656,607
<EQUALIZATION> 0
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,215,049,334
<NUMBER-OF-SHARES-REDEEMED> 1,217,844,005
<SHARES-REINVESTED> 122,396
<NET-CHANGE-IN-ASSETS> 45,069,336
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (715,938)
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<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 Annual report dated March 31, 1998 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> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 534,690,521
<INVESTMENTS-AT-VALUE> 534,690,521
<RECEIVABLES> 87,649
<ASSETS-OTHER> 10,628
<OTHER-ITEMS-ASSETS> 723
<TOTAL-ASSETS> 534,789,521
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,591,727
<TOTAL-LIABILITIES> 2,591,727
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 532,829,194
<SHARES-COMMON-STOCK> 113,403,019
<SHARES-COMMON-PRIOR> 65,751,211
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (631,400)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 113,432,158
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 27,620,689
<OTHER-INCOME> 0
<EXPENSES-NET> 3,053,885
<NET-INVESTMENT-INCOME> 24,566,804
<REALIZED-GAINS-CURRENT> 89,803
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 24,656,007
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,305,979
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 287,984,097
<NUMBER-OF-SHARES-REDEEMED> 244,416,529
<SHARES-REINVESTED> 4,084,240
<NET-CHANGE-IN-ASSETS> 45,069,336
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (715,938)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,791,797
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,074,316
<AVERAGE-NET-ASSETS> 90,098,002
<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> .82
<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 Annual report dated March 31, 1998 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> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 113,104,597
<INVESTMENTS-AT-VALUE> 113,104,597
<RECEIVABLES> 1,084,885
<ASSETS-OTHER> 551
<OTHER-ITEMS-ASSETS> 94,272
<TOTAL-ASSETS> 114,284,305
<PAYABLE-FOR-SECURITIES> 245,623
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 364,309
<TOTAL-LIABILITIES> 609,932
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,674,578
<SHARES-COMMON-STOCK> 76,561,158
<SHARES-COMMON-PRIOR> 90,993,746
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (205)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 76,562,453
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,637,941
<OTHER-INCOME> 0
<EXPENSES-NET> 688,398
<NET-INVESTMENT-INCOME> 2,949,543
<REALIZED-GAINS-CURRENT> (205)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,949,338
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,237,687
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 145,166,331
<NUMBER-OF-SHARES-REDEEMED> 159,715,064
<SHARES-REINVESTED> 116,145
<NET-CHANGE-IN-ASSETS> (2,837,136)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,131
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 271,071
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 689,063
<AVERAGE-NET-ASSETS> 73,721,149
<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> .63
<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 Annual report dated March 31, 1998 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> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 113,104,597
<INVESTMENTS-AT-VALUE> 113,104,597
<RECEIVABLES> 1,084,885
<ASSETS-OTHER> 551
<OTHER-ITEMS-ASSETS> 94,272
<TOTAL-ASSETS> 114,284,305
<PAYABLE-FOR-SECURITIES> 245,623
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 364,309
<TOTAL-LIABILITIES> 609,932
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,674,578
<SHARES-COMMON-STOCK> 37,111,289
<SHARES-COMMON-PRIOR> 25,515,631
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (205)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 37,111,920
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,637,941
<OTHER-INCOME> 0
<EXPENSES-NET> 688,398
<NET-INVESTMENT-INCOME> 2,949,543
<REALIZED-GAINS-CURRENT> (205)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,949,338
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 711,856
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66,068,395
<NUMBER-OF-SHARES-REDEEMED> 55,172,286
<SHARES-REINVESTED> 699,548
<NET-CHANGE-IN-ASSETS> (2,837,136)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,131
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 271,071
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 689,063
<AVERAGE-NET-ASSETS> 25,539,152
<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> .88
<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 Annual report dated March 31, 1998 and is qualified in its entirety
by reference to such financial statements.
</LEGEND>
<CIK> 0000749748
<NAME> PACIFIC CAP US GOV'T SECURITIES CASH ASSETS TRUST - ORIGINAL
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 250,802,687
<INVESTMENTS-AT-VALUE> 250,802,687
<RECEIVABLES> 953,290
<ASSETS-OTHER> 7,269
<OTHER-ITEMS-ASSETS> 549
<TOTAL-ASSETS> 251,763,795
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,058,697
<TOTAL-LIABILITIES> 1,058,697
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 250,688,067
<SHARES-COMMON-STOCK> 100,804,315
<SHARES-COMMON-PRIOR> 65,699,376
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,031
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 100,817,935
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,159,402
<OTHER-INCOME> 0
<EXPENSES-NET> 1,262,078
<NET-INVESTMENT-INCOME> 8,897,324
<REALIZED-GAINS-CURRENT> 17,031
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,914,355
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,695,429
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 323,059,102
<NUMBER-OF-SHARES-REDEEMED> 288,014,215
<SHARES-REINVESTED> 60,052
<NET-CHANGE-IN-ASSETS> 101,574,384
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,555
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 588,596
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,262,918
<AVERAGE-NET-ASSETS> 76,182,320
<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> .52
<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 Annual report dated March 31, 1998 and is qualified in its entirety
by reference to such Financial Statements.
</LEGEND>
<CIK> 0000749748
<NAME> PACIFIC CAP US GOV'T SECURITIES CASH ASSETS TRUST - SERVICE
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 250,802,687
<INVESTMENTS-AT-VALUE> 250,802,687
<RECEIVABLES> 953,290
<ASSETS-OTHER> 7,269
<OTHER-ITEMS-ASSETS> 549
<TOTAL-ASSETS> 251,763,795
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,058,697
<TOTAL-LIABILITIES> 1,058,697
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 250,688,067
<SHARES-COMMON-STOCK> 149,874,197
<SHARES-COMMON-PRIOR> 83,421,783
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,031
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 149,887,163
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,159,402
<OTHER-INCOME> 0
<EXPENSES-NET> 1,262,078
<NET-INVESTMENT-INCOME> 8,897,324
<REALIZED-GAINS-CURRENT> 17,031
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 8,914,355
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,201,895
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 858,192,771
<NUMBER-OF-SHARES-REDEEMED> 796,725,850
<SHARES-REINVESTED> 4,985,493
<NET-CHANGE-IN-ASSETS> 101,574,384
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,555
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 588,596
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,262,918
<AVERAGE-NET-ASSETS> 113,089,320
<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> .77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
