Each of the Pacific Capital Funds of Cash Assets Trust offers two classes of shares: Service Shares and Original Shares. Service Shares are available to anyone who resides in the states or territory listed below. Original Shares are offered solely to (1) financial institutions for their own account or for the investment of funds for which they act in a fiduciary, agency, investment advisory or custodial capacity and (2) persons entitled to exchange into Original Shares under the Trust's exchange policy.

The Pacific Capital funds are qualified for sale only in: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Kentucky (Original Shares only), New Jersey (Original Shares only), New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Utah (Original Shares only), Virginia, Washington, Wisconsin and Guam.

Pacific Capital Cash Assets Trust - Pacific Capital Cash Assets Trust (the "Cash Fund") is a general-purpose money market mutual fund that invests in short-term money market securities. The objective of the Cash Fund is to achieve a high level of current income, stability and liquidity for investors' cash assets by investing in a diversified portfolio of short-term money market securities meeting specific quality standards.

Pacific Capital Tax-Free Cash Assets Trust - Pacific Capital Tax-Free Cash Assets Trust (the "Tax-Free Fund") is a tax-exempt money market mutual fund that invests in short-term tax-exempt money market securities. The objective of the Tax-Free Fund is to provide safety of principal while achieving as high a level as possible of liquidity and current income exempt from Federal and Hawaii income.

Pacific Capital U.S. Government Securities Cash Assets Trust - Pacific Capital U.S. Government Securities Cash Assets Trust (the "Government Securities Fund") is a money market mutual fund that invests in short-term direct obligations of the United States Treasury, in other obligations issued or guaranteed by agencies or instrumentalities of the United States Government and in certain repurchase agreements secured by U.S. Government securities.

Before investing in the Trust, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Trust prospectus. An investment in a Pacific Capital Cash Fund is not a deposit in, nor endorsed or guaranteed by, any bank and is not insured by or guaranteed by the Federal Deposit Insurance Corporation or any other governmetn agency. Although the Trust seeks to preserve the value of your investment at $1.00 per share,it is possible to lose money by investing in the Trust.