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

Highlights

Original Shares

Fund	Pacific Capital Cash Assets Trust	Pacific Capital Tax-Free Cash Assets Trust	Pacific Capital U.S. Government Securities Cash Assets Trust
Ticker	CATXX	TFCXX	UCCXX
Cusip Number	14754H10-1	14754H30-9	14754H20-0

Service Shares

Fund	Pacific Capital Cash Assets Trust	Pacific Capital Tax-Free Cash Assets Trust	Pacific Capital U.S. Government Securities Cash Assets Trust
Ticker	CASXX	TFAXX	UCSXX
Cusip Number	14754H40-8	14754H50-7	14754H60-6

To download a Standard & Poor's overview for Pacific Capital U.S. Government Securities Cash Assets Trust, please click here.

(In order to view this overview, you must have Adobe Acrobat Reader. To download this program, free of charge, please visit http://www.adobe.com/products/acrobat/readstep.html.)

INVESTMENT OBJECTIVE	Pacific Capital Cash Assets Trust - 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 - to provide stability of Net Asset Value while achieving as high a level as possible of liquidity and of current income exempt from Federal and Hawaii income taxes.
	Pacific Capital U.S. Government Securities Cash Assets Trust - to provide stability of Net Asset Value while achieving as high a level as possible of liquidity and of current income.
INVESTOR PROFILE	Pacific Capital Cash Assets Trust - The Fund is appropriate for investors seeking income and stability of Net Asset Value. The Fund invests in commercial paper, corporate notes, bank obligations, U. S. Treasury obligations, other obligations issued or guaranteed by agencies of the U.S. Government and by repurchase agreements secured by U.S. Government securities.
	Pacific Capital Tax-Free Cash Assets Trust - The Fund is appropriate for investors seeking income and stability of Net Asset Value. The Fund invests in short-term municipal obligations of Hawaii issuers and non-Hawaii issuers whose obligations meet specific quality, maturity and interest rate standards.
	Pacific Capital U.S. Government Securities Cash Assets Trust - The Fund is appropriate for investors seeking income and stability of Net Asset Value. The Fund invests in short-term direct obligations of the U. S. Treasury, in other obligations issued or guaranteed by agencies of the U.S. Government and by repurchase agreements secured by U.S. Government securities.
LOCAL PORTFOLIO MANAGEMENT	THE ASSET MANAGEMENT GROUP OF BANK OF HAWAII (formerly Pacific Century Trust) is the Trust's Investment Adviser, providing the Trust with experienced local professional management. The Asset Management Group of Bank of Hawaii was also formerly Hawaiian Trust Company Ltd. which was founded in 1898 and is the oldest and largest trust company in Hawaii. It manages over $8.5 billion of clients' assets, including approximately $1.5 billion in municipal obligations.
INCEPTION DATES	Original Shares Pacific Capital Cash Assets Trust - - December 4, 1984 Paicific Capital Tax-Free Cash Assets Trust and Pacific Capital U.S. Government Securities Cash Assets Trust - April 4, 1989
	Service Shares - February 1, 1995
LOW INITIAL INVESTMENT	You may open your account with any amount of $1,000 or more or by opening an Automatic Investment Program (minimum $50 per month).
ADDITIONAL INVESTMENTS	Once your account is open, you may add to it at any time and in any amount. There is no minimum on additional investments.
AUTOMATIC INVESTMENTS	A specific amount ($50 minimum per investment) can be invested, automatically each month on the 1st and/or 16th. Your pre-designated checking account will be debited automatically.
MONTHLY STATEMENTS	You receive a monthly statement of your account. Additionally, you receive a statement each time you add to your account or take money out. This allows you to easily keep track of your investment.
YIELD	You may obtain the latest 7-day yield by calling toll-free 1-800-437-1020 between 9:00 A.M. and 5:00 P.M. (Eastern time) on any business day.
HOW TO INVEST	You may invest in any of the Cash Assets Trusts through your local financial professional. Nearly 500 securities firms have sales agreements to sell shares of the Trusts. If yours is not one of these firms, you may invest by using the Trust's application.
3/31/08 PORTFOLIO	Click Here (In order to view the portfolio, you must have Adobe Acrobat Reader. To download this program, free of charge, please visit http://www.adobe.com/products/acrobat/readstep.html.)
OFFICERS	Diana P. Herrmann, President Charles E. Childs, III, Executive Vice President Sherri Foster, Vice President Robert W. Anderson, Chief Compliance Officer Joseph P. DiMaggio, Chief Financial Officer and Treasurer Edward M.W. Hines, Secretary
TOLL-FREE NUMBERS	General Information: 1-800-437-1020 Account Inquiries: 1-800-437-1000

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.