PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST
                          INVESTMENT ADVISORY AGREEMENT



         THIS AGREEMENT, made as of July 16, 2008 by and between Cash Assets
Trust (the "Business Trust"), a Massachusetts business trust, 380 Madison
Avenue, Suite 2300, New York, NY 10017, and Asset Management Group of Bank of
Hawaii (the "Adviser"), Financial Plaza of the Pacific, P.O. Box 3170, Honolulu,
Hawaii 96802,


                              W I T N E S S E T H :

         WHEREAS, the Business Trust and the Adviser have previously entered
into an Amended and Restated Investment Advisory Agreement with respect to a
portfolio of the Business Trust entitled Pacific Capital Tax-Free Cash Assets
Trust (the "Trust"); and

         WHEREAS, the Business Trust and the Adviser now wish to enter into a
new agreement as herein set forth, referred to hereafter as "this Agreement";
and

         WHEREAS, this Agreement has been approved by the Board of Trustees of
the Business Trust at a meeting held on May 31, 2008 and in addition has been
approved by the holders of a "majority" of the outstanding voting securities of
the Trust, as defined in the Investment Company Act of 1940 (the "Act"), at a
meeting held on July 16, 2008;

         NOW THEREFORE, in consideration of the mutual promises and agreements
herein contained and other good and valuable consideration, the receipt of which
is hereby acknowledged, the parties hereto agree as follows:


1. In General

         The Adviser agrees, all as more fully set forth herein, to act as
managerial investment adviser to the Trust with respect to the investment of the
Trust's assets, and to supervise and arrange the purchase of securities for and
the sale of securities held in the portfolio of the Trust.

2. Duties and Obligations of the Adviser With Respect To
Investment of the Assets of the Trust

     (a) Subject to the succeeding provisions of this section and subject to the
direction and control of the Board of Trustees of the Business Trust, the
Adviser shall:

        (i)      Supervise continuously the investment program of the Trust and
                 the composition of its portfolio;

        (ii)     Determine what securities shall be purchased or sold by the
                 Trust;

        (iii)    Arrange for the purchase and the sale of securities held in
                 the portfolio of the Trust; and

        (iv)     Furnish information as to such securities to any provider of
                 fund accounting services to the Trust; monitor records of the
                 Trust as to the portfolio, including prices, maintained by
                 such provider of such services; and supply, monthly or more
                 frequently as may be necessary, pricing of the Trust's
                 portfolio based on available market quotations using a pricing
                 service or other source of pricing information satisfactory to
                 the Trust.

     (b) Any investment program furnished by the Adviser under this section
shall at all times conform to, and be in accordance with, any requirements
imposed by: (1) the Act and any rules or regulations in force thereunder; (2)
any other applicable laws, rules and regulations; (3) the Declaration of Trust
and By-Laws of the Business Trust as amended from time to time; (4) any policies
and determinations of the Board of Trustees of the Business Trust; and (5) the
fundamental policies of the Trust, as reflected in its registration statement
under the Act or as amended by the shareholders of the Trust.

     (c) The Adviser shall give the Trust the benefit of its best judgment and
effort in rendering services hereunder, but the Adviser shall not be liable for
any loss sustained by reason of the adoption of any investment policy or the
purchase, sale or retention of any security, whether or not such purchase, sale
or retention shall have been based upon (i) its own investigation and research
or (ii) investigation and research made by any other individual, firm or
corporation, if such purchase, sale or retention shall have been made and such
other individual, firm or corporation shall have been selected in good faith by
the Adviser. Nothing herein contained shall, however, be construed to protect
the Adviser against any liability to the Trust or its security holders by reason
of willful misfeasance, bad faith or gross negligence in the performance of its
duties, or by reason of its reckless disregard of its obligations and duties
under this Agreement.

     (d) Nothing in this Agreement shall prevent the Adviser or any affiliated
person (as defined in the Act) of the Adviser from acting as investment adviser
or manager for any other person, firm or corporation and shall not in any way
limit or restrict the Adviser or any such affiliated person from buying, selling
or trading any securities for its own or their own accounts or for the accounts
of others for whom it or they may be acting, provided, however, that the Adviser
expressly represents that it will undertake no activities which, in its
judgment, will adversely affect the performance of its obligations to the Trust
under this Agreement. It is agreed that the Adviser shall have no responsibility
or liability for the accuracy or completeness of the Business Trust's
Registration Statement under the Act and the Securities Act of 1933, except for
information supplied by the Adviser for inclusion therein. The Adviser shall
promptly inform the Business Trust as to any information concerning the Adviser
appropriate for inclusion in such Registration Statement, or as to any
transaction or proposed transaction which might result in an assignment of the
Agreement. The Business Trust agrees to indemnify the Adviser to the full extent
permitted by the Business Trust's Declaration of Trust.

     (e) In connection with its duties to arrange for the purchase and sale of
the Trust's portfolio securities, the Adviser shall select such broker-dealers
("dealers") as shall, in the Adviser's judgment, implement the policy of the
Trust to achieve "best execution," i.e., prompt, efficient, and reliable
execution of orders at the most favorable net price. The Adviser shall cause the
Trust to deal directly with the selling or purchasing principal or market maker
without incurring brokerage commissions unless the Adviser determines that
better price or execution may be obtained by paying such commissions; the Trust
expects that most transactions will be principal transactions at net prices and
that the Trust will incur little or no brokerage costs. The Business Trust
understands that purchases from underwriters include a commission or concession
paid by the issuer to the underwriter and that principal transactions placed
through dealers include a spread between the bid and asked prices. In allocating
transactions to dealers, the Adviser is authorized to consider, in determining
whether a particular dealer will provide best execution, the dealer's
reliability, integrity, financial condition and risk in positioning the
securities involved, as well as the difficulty of the transaction in question,
and thus need not pay the lowest spread or commission available if the Adviser
determines in good faith that the amount of commission is reasonable in relation
to the value of the brokerage and research services provided by the dealer,
viewed either in terms of the particular transaction or the Adviser's overall
responsibilities as to the accounts as to which it exercises investment
discretion. If, on the foregoing basis, the transaction in question could be
allocated to two or more dealers, the Adviser is authorized, in making such
allocation, to consider whether a dealer has provided research services, as
further discussed below. Such research may be in written form or through direct
contact with individuals and may include quotations on portfolio securities and
information on particular issuers and industries, as well as on market,
economic, or institutional activities. The Business Trust recognizes that no
dollar value can be placed on such research services or on execution services,
that such research services may or may not be useful to the Trust and/or other
accounts of the Adviser, and that research received by such other accounts may
or may not be useful to the Trust.

3.  Allocation of Expenses

         The Adviser agrees that it will furnish the Trust, at the Adviser's
expense, all office space, facilities, equipment and clerical personnel
necessary for carrying out its duties under this Agreement. The Adviser agrees
that it will supply, or cause to be supplied, to any sub-adviser, administrator
or principal underwriter of the Trust all necessary financial information in
connection with such sub-adviser's, administrator's or principal underwriter's
duties under any agreement between such sub-adviser, administrator or principal
underwriter and the Business Trust. The Adviser will also pay all compensation
of the Trust's officers, employees, and Trustees, if any, who are affiliated
persons of the Adviser, provided that if any Trustee is an affiliate of the
Adviser solely by reason of being a member of its Board of Directors, the Trust
may pay compensation to such Trustee, but at a rate no greater than the rate it
pays to its other Trustees. The Trust agrees to bear the costs of preparing and
setting in type its prospectuses, statements of additional information and
reports to its shareholders, and the costs of printing or otherwise producing
and distributing those copies of such prospectuses, statements of additional
information and reports as are sent to its shareholders. All costs and expenses
not expressly assumed by the Adviser under this Agreement or by such
sub-adviser, administrator or principal underwriter shall be paid by the Trust,
including, but not limited to (i) interest and taxes; (ii) brokerage
commissions; (iii) insurance premiums; (iv) compensation of its Trustees other
than those affiliated with the Adviser or such sub-adviser, administrator or
principal underwriter and expenses of all of its Trustees; (v) legal and audit
expenses; (vi) custodian and transfer agent, or shareholder servicing agent,
fees and expenses; (vii) expenses incident to the issuance of its shares
(including issuance on the payment of, or reinvestment of, dividends); (viii)
fees and expenses incident to the registration under Federal or State securities
laws of the Trust or its shares; (ix) expenses of preparing, printing and
mailing reports and notices and proxy material to shareholders of the Trust; (x)
all other expenses incidental to holding meetings of the Trust's shareholders;
and (xi) such non-recurring expenses as may arise, including litigation
affecting the Trust and the legal obligations for which the Business Trust may
have to indemnify its officers and Trustees.

4. Compensation of the Adviser

     The Business Trust agrees to pay the Adviser, and the Adviser agrees to
accept as full compensation for all services rendered by the Adviser as such, a
management fee payable monthly and computed on the net asset value of the Trust
as of the close of business each business day at the annual rate of 0.318 of 1%
of such net asset value on net assets of up to $300 million and on net assets
above that amount at an annual rate of 0.285 of 1% of such net assets.


5. Duration and Termination

     (a) This Agreement shall become effective upon the date first written above
following approval by the shareholders of the Trust and shall, unless terminated
as hereinafter provided, continue in effect until the June 30 next preceding the
first anniversary of the effective date of this Agreement, and from year to year
thereafter, but only so long as such continuance is specifically approved at
least annually (1) by a vote of the Business Trust's Board of Trustees,
including a vote of a majority of the Trustees who are not parties to this
Agreement or "interested persons" (as defined in the Act) of any such party,
with votes cast in person at a meeting called for the purpose of voting on such
approval, or (2) by a vote of the holders of a "majority" (as so defined) of the
outstanding voting securities of the Trust and by such a vote of the Trustees.

     (b) This Agreement may be terminated by the Adviser at any time without
penalty upon giving the Business Trust sixty days' written notice (which notice
may be waived by the Business Trust) and may be terminated by the Business Trust
at any time without penalty upon giving the Adviser sixty days' written notice
(which notice may be waived by the Adviser), provided that such termination by
the Business Trust shall be directed or approved by a vote of a majority of its
Trustees in office at the time or by a vote of the holders of a majority (as
defined in the Act) of the voting securities of the Trust outstanding and
entitled to vote. This Agreement shall automatically terminate in the event of
its assignment (as defined in the Act).


6.  Disclaimer of Shareholder Liability

     The Adviser understands that the obligations of this Agreement are not
binding upon any shareholder of the Trust personally, but bind only the Business
Trust's property; the Adviser represents that it has notice of the provisions of
the Business Trust's Declaration of Trust disclaiming shareholder liability for
acts or obligations of the Trust.

7. Notices of Meetings

     The Business Trust agrees that notice of each meeting of the Board of
Trustees of the Business Trust will be sent to the Adviser and that the Business
Trust will make appropriate arrangements for the attendance (as persons present
by invitation) of such person or persons as the Adviser may designate.

     IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument
to be executed by their duly authorized officers and their seals to be hereunto
affixed, all as of the day and year first above written.



ATTEST:                    Cash Assets Trust


/s/ Charles E. Childs           /s/ Diana P. Herrmann
________________________   By:___________________________________




                           Asset Management Group
ATTEST:                     of Bank of Hawaii




/s/ Robert Crowell             /s/ Tobias M. Martyn
________________________   By:___________________________________