<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000749748
<NAME> CASH ASSETS TRUST
<SERIES>
<NUMBER> 022
<NAME> PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST SERVICE SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> SEP-30-2000
<INVESTMENTS-AT-COST> 126,553,214
<INVESTMENTS-AT-VALUE> 126,553,214
<RECEIVABLES> 861,140
<ASSETS-OTHER> 303
<OTHER-ITEMS-ASSETS> 715
<TOTAL-ASSETS> 127,415,372
<PAYABLE-FOR-SECURITIES> 1,530,586
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 463,483
<TOTAL-LIABILITIES> 1,994,069
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125,421,338
<SHARES-COMMON-STOCK> 49,061,611
<SHARES-COMMON-PRIOR> 50,694,736
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (35)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 49,062,297
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,844,305
<OTHER-INCOME> 0
<EXPENSES-NET> 411,815
<NET-INVESTMENT-INCOME> 2,432,490
<REALIZED-GAINS-CURRENT> 5
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,432,495
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 850,178
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 43,328,341
<NUMBER-OF-SHARES-REDEEMED> 45,795,065
<SHARES-REINVESTED> 833,600
<NET-CHANGE-IN-ASSETS> (25,694,821)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (41)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 194,852
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 412,115
<AVERAGE-NET-ASSETS> 49,373,115
<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> .77
</TABLE>
