The Pacific Capital Funds of Cash Assets Trust

Aquila Rocky Mountain Equity Fund Aquila Three Peaks High Income Fund Churchill Tax-Free Fund of Kentucky Hawaiian Tax-Free Trust Narragansett Insured Tax-Free Income Fund The Pacific Capital Funds of Cash Assets Trust Tax-Free Fund For Utah Tax-Free Fund of Colorado Tax-Free Trust of Arizona Tax-Free Trust of Oregon

Prospectus/Reports Forms

Highlights

Performance

Board of Trustees

Tax Information

Performance*

*The performance data quoted represents past performance and is no guarantee of future investment results. Although each fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the funds. An investment in the funds is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency.

**Current (annualized) and effective (compounded) yields are for the 7-day period ended on the date shown. Yield reflects fluctuations in the interest rates on portfolio investments and fund expenses. As a measure of current income, the 7-day yield is more reflective of the fund's income-generating ability than the average annual total returns.

Before investing, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Prospectus.

Yield Information - 7/22/08

Original Shares

Fund	Pacific Capital Cash Assets Trust	Pacific Capital Tax-Free Cash Assets Trust	Pacific Capital U.S. Government Securities Cash Assets Trust
7-Day Current Yield**	2.04%	1.70%	1.76%
7-Day Effective Yield**	2.06%	1.72%	1.77%

Service Shares

Fund	Pacific Capital Cash Assets Trust	Pacific Capital Tax-Free Cash Assets Trust	Pacific Capital U.S. Government Securities Cash Assets Trust
7-Day Current Yield**	1.79%	1.45%	1.51%
7-Day Effective Yield**	1.80%	1.46%	1.52%

Average Annual Total Returns as of 6/30/08

Original Shares

THE PACIFIC CAPITAL FUNDS OF CASH ASSETS TRUST Inception Date: Cash Assets Trust - 12/5/84; Tax-Free Cash Assets Trust and U.S. Government Securities Cash Assets Trust - 4/4/89
Fund	1 year	3 year	5 year	10 year	Since Inception
Cash Assets Trust	3.69%	4.08%	2.96%	3.33%	4.77%
Tax-Free Cash Assets Trust	2.49%	2.70%	2.07%	2.24%	2.87%
U.S. Government Securities Cash Assets Trust	3.51%	4.05%	2.97%	3.34%	4.17%

Service Shares

THE PACIFIC CAPITAL FUNDS OF CASH ASSETS TRUST Inception Date: 2/1/95
Fund	1 year	3 year	5 year	10 year	Since Inception
Cash Assets Trust	3.44%	3.82%	2.71%	3.07%	3.52%
Tax-Free Cash Assets Trust	2.24%	2.44%	1.81%	1.98%	2.22%
U.S. Government Securities Cash Assets Trust	3.25%	3.79%	2.72%	3.08%	3.51%
Distribution Fee: 0.25%