Independent Auditor's Report

To the Shareholders and Board of Trustees of
Cash Assets Trust

In planning and performing our audit of the financial statements
of The Pacific Capital Funds of Cash Assets Trust (the "Trust")
(comprised of Pacific Capital Cash Assets Trust, Pacific Capital
Tax-Free Cash Assets Trust and Pacific Capital U.S. Government
Securities Cash Assets Trust) for the year ended March 31, 2003,
we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on internal
control.

The management of the Trust is responsible for establishing and
maintaining internal control.  In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls.  Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with
accounting standards generally accepted in the United States of
America.  Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.

Because of inherent limitations in internal control, error or
fraud may occur and not be detected.  Also, projection of any
evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of changes in conditions
or that the effectiveness of the design and operation may deteriorate.

Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants.  A material weakness is a condition in which the
design or operation of one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation
to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions.  However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of March 31, 2003.

This report is intended solely for the information and use of
management and the Board of Trustees of The Pacific Capital Funds of
Cash Assets Trust and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these
specified parties.


/s/  KPMG LLP
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New York, New York
May 14, 2003