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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07454
Pacific Capital Funds
(Exact name of registrant as specified in charter)
3435 Stelzer Rd., Columbus, OH | 43219 | |
(Address of principal executive offices) | (Zip code) |
BISYS Fund Services,
3435 Stelzer Road
Columbus, Ohio 43219
(Name and address of agent for service)
Registrant’s telephone number, including area code: 614-470-8000
Date of fiscal year end: July 31, 2004
Date of reporting period: January 31, 2004
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
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Pacific Capital Funds
Semi-Annual Report
As of January 31, 2004
MUTUAL FUNDS: • ARE NOT FDIC INSURED • HAVE NO BANK GUARANTEE • MAY LOSE VALUE
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PACIFIC CAPITAL FAMILYOF FUNDS
Total Return for the Period Ended 1/31/04 |
Aggregate Average Annual |
Fund Information | Six-Months | 1-Year | 5-Year | 10-Year5 | Since Inception | |||||||||||||||||||||||
Pacific Capital Funds | Class | Max. Sales Charge (POP)* | Inception | NAV/POP | NAV/POP | NAV/POP | NAV/POP | NAV/POP | ||||||||||||||||||||
New Asia Growth Fund | Class A | 5.25% | 2/15/95 | 27.82 | 21.13 | 47.31 | 39.58 | 11.55 | 10.36 | — | — | 4.27 | 3.65 | |||||||||||||||
Class B1 | 5.00% | 3/2/98 | 27.42 | 22.42 | 46.24 | 42.24 | 10.84 | 10.71 | — | — | 3.83 | 3.83 | ||||||||||||||||
Class Y | — | 2/15/95 | 27.92 | — | 47.68 | — | 11.81 | — | — | — | 4.51 | — | ||||||||||||||||
International Stock Fund | Class A | 5.25% | 12/8/98 | 21.98 | 15.54 | 39.72 | 32.44 | -1.61 | -2.66 | — | — | 0.35 | -0.69 | |||||||||||||||
Class B1 | 5.00% | 12/20/98 | 21.63 | 16.63 | 39.01 | 35.01 | -2.22 | -2.37 | — | — | -0.27 | -0.42 | ||||||||||||||||
Class Y | — | 12/2/98 | 22.22 | — | 40.38 | — | -1.25 | — | — | — | 0.70 | — | ||||||||||||||||
Small Cap Fund | Class A | 5.25% | 12/8/98 | 27.99 | 21.30 | 67.12 | 58.37 | 18.85 | 17.58 | — | — | 18.04 | 16.82 | |||||||||||||||
Class B1 | 5.00% | 12/20/98 | 27.43 | 22.43 | 65.92 | 61.92 | 17.95 | 17.84 | — | — | 17.14 | 17.04 | ||||||||||||||||
Class Y | — | 12/3/98 | 28.09 | — | 67.51 | — | 19.11 | — | — | — | 18.28 | — | ||||||||||||||||
Mid Cap Fund | Class A | 5.25% | 12/30/03 | — | — | — | — | — | — | — | — | 2.40 | -2.94 | |||||||||||||||
Class Y | — | 12/30/03 | — | — | — | — | — | — | — | — | 2.40 | — | ||||||||||||||||
Growth Stock Fund2 | Class A | 4.00% | 11/1/93 | 10.92 | 6.44 | 31.51 | 26.20 | -3.78 | -4.56 | 8.15 | 7.71 | 10.22 | 10.05 | |||||||||||||||
Class B1 | 5.00% | 3/2/98 | 10.51 | 5.51 | 30.34 | 26.34 | -4.47 | -4.58 | 7.70 | 7.70 | 10.05 | 10.05 | ||||||||||||||||
Class Y | — | 10/14/94 | 11.04 | — | 31.66 | — | -3.51 | — | 8.42 | — | 10.32 | — | ||||||||||||||||
Growth and Income Fund2 | Class A | 4.00% | 10/14/94 | 12.76 | 8.21 | 30.82 | 25.64 | -3.31 | -4.10 | 8.25 | 7.80 | 8.73 | 8.56 | |||||||||||||||
Class B1 | 5.00% | 3/2/98 | 12.34 | 7.34 | 29.90 | 25.90 | -4.04 | -4.18 | 7.76 | 7.76 | 8.54 | 8.54 | ||||||||||||||||
Class Y | — | 10/14/94 | 12.89 | — | 31.16 | — | -3.08 | — | 8.48 | — | 8.98 | — | ||||||||||||||||
Value Fund | Class A | 4.00% | 12/8/98 | 14.92 | 10.28 | 31.76 | 26.47 | 0.51 | -0.31 | — | — | 1.05 | 0.25 | |||||||||||||||
Class B1 | 5.00% | 12/13/98 | 14.64 | 9.64 | 30.82 | 26.82 | -0.21 | -0.37 | — | — | 0.33 | 0.17 | ||||||||||||||||
Class Y | — | 12/3/98 | 15.15 | — | 32.15 | — | 0.79 | — | — | — | 1.32 | — | ||||||||||||||||
Diversified Fixed Income Fund2 | Class A | 4.00% | 10/14/94 | 3.78 | -0.37 | 4.18 | -0.01 | 5.79 | 4.92 | 5.64 | 5.21 | 4.65 | 4.49 | |||||||||||||||
Class B1 | 5.00% | 3/2/98 | 3.40 | -1.60 | 3.40 | -0.54 | 5.00 | 4.84 | 5.20 | 5.20 | 4.48 | 4.48 | ||||||||||||||||
Class Y | — | 10/14/94 | 3.91 | — | 4.34 | — | 6.03 | — | 5.95 | — | 4.92 | — | ||||||||||||||||
Tax-Free Securities Fund2 | Class A | 4.00% | 10/14/94 | 4.56 | 0.36 | 5.33 | 1.14 | 4.85 | 3.99 | 5.00 | 4.57 | 3.51 | 3.34 | |||||||||||||||
Class B1 | 5.00% | 3/2/98 | 4.17 | -0.83 | 4.54 | 0.54 | 4.08 | 3.91 | 4.58 | 4.58 | 3.35 | 3.35 | ||||||||||||||||
Class Y | — | 10/14/94 | 4.68 | — | 5.59 | — | 5.11 | — | 5.29 | — | 3.77 | — | ||||||||||||||||
Short Intermediate U.S. | Class A | 2.25% | 12/13/93 | 1.62 | -0.67 | 2.15 | -0.13 | 4.70 | 4.22 | 4.80 | 4.56 | 4.83 | 4.60 | |||||||||||||||
Government Securities Fund3 | Class Y | — | 10/14/94 | 1.74 | — | 2.39 | — | 4.96 | — | 5.06 | — | 5.09 | — | |||||||||||||||
Tax-Free Short Intermediate | Class A | 2.25% | 10/14/94 | 2.22 | -0.10 | 2.79 | 0.47 | 3.71 | 3.23 | 3.63 | 3.40 | 4.32 | 4.17 | |||||||||||||||
Securities Fund2 | Class Y | — | 10/14/94 | 2.42 | — | 3.03 | — | 3.98 | — | 3.93 | — | 4.61 | — | |||||||||||||||
Ultra Short Government Fund | Class A4 | 1.75% | 8/1/00 | 0.61 | -1.13 | 1.06 | -0.68 | — | — | — | — | 4.10 | 3.59 | |||||||||||||||
Class B4 | 5.00% | 8/1/00 | 0.23 | -4.75 | 0.31 | -3.66 | — | — | — | — | 3.36 | 2.61 | ||||||||||||||||
Class Y | — | 6/1/00 | 0.74 | — | 1.41 | — | — | — | — | — | 4.38 | — | ||||||||||||||||
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance current to the most recent month end, please call Pacific Capital Funds at 800-258-9232.
Investment Risk Considerations for the New Asia Growth, International Stock, Small Cap, Mid Cap, Tax Free Securities and Tax Free Short-Intermediate Securities Fund, respectively:
International investing involves increased risk and volatility.
Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure and, historically, their stocks have experienced a greater degree of market volatility than stocks on average.
Mid-capitalization funds may involve greater risk than larger, more established companies as they may trade less frequently or in limited volume and have a higher risk of failure.
Income | earned on Tax Free Funds may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax. |
The recent growth rate in the stock market has helped to produce short-term returns that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.
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* | Public Offering Price |
1 | Class B Shares were not in existence prior to the indicated inception date. Performance calculated for any period up to and through the indicated inception date is based upon the performance of Class A Shares, which does not reflect the higher 12b-1 fees or the contingent deferred sales charge (CDSC). Had the CDSC and higher 12b-1 fees been incorporated, total return figures would have been adversely affected. |
2 | The quoted performance of noted Pacific Capital Funds includes the performance of certain common trust fund (“Commingled”) accounts advised by Pacific Century Trust and managed the same as the Fund in all material respects, for periods dating back to 10/31/77 for the Pacific Capital Growth Fund, the Pacific Capital Growth & Income Fund, the Pacific Capital Tax-Free Securities Fund and the Pacific Capital Diversified Fixed Income Fund, and to 3/31/88 for the Pacific Capital Tax-Free Short Intermediate Securities Fund and prior to the Funds’ commencement of operations, by share class, noted above. The Commingled accounts were not registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and therefore were not subject to the investment restrictions imposed by law on registered mutual funds. If the Commingled accounts had been registered, the Commingled accounts’ performance may have been adversely affected. |
3 | The performance for the Class Y Shares of the Pacific Capital Short Intermediate U.S. Government Securities Fund, prior to the date of commencement of operations (10/14/94), is based on the performance of Class A Shares without sales charge. |
4 | The performance for Class A and B shares of the Pacific Capital Ultra Short Government Fund, prior to the date of commencement of operations (8/1/00), is based on the performance of Class Y Shares, which does not reflect the higher 12b-1 fees or the CDSC. Had the CDSC and higher 12b-1 fees been incorporated, total return figures would have been adversely affected. |
5 | The Class B CDSC is not included in the performance due to the fact that CDSC charges do not apply after 6 years. |
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Letter to Shareholders
Dear Shareholders:
Overall, the U.S. economy produced strong growth during the six-month period between August 1, 2003 and January 31, 2004. Encouraged by the economy’s performance, investors bid up prices of stocks fueling a powerful stock market rally, in which the Dow Jones Industrial Average1 gained 13.58% and the Standard and Poor’s 500 Index2 gained 15.22%.
Specifically, the economy benefited from highly stimulative monetary and fiscal policy, as the Federal Reserve Board left short-term interest rates at historically low levels in an effort to spur growth and reduce the potential for deflation after three years of economic weakness. This environment, coupled with lower income tax rates, encouraged business and consumer spending. Despite high energy costs and a sluggish job market, Gross Domestic Product3 grew at an annual rate of 8.2% for the third calendar quarter of 2003, 4.1% during the fourth quarter, and continued its strong growth into January.
In addition, strong corporate profits helped support the stock market’s surge, with shares of companies highly affected by the business cycle, such as technology and consumer-discretionary companies, leading the way. Consequently, smaller capitalization companies outperformed their larger capitalization counterparts, as investor favored the stronger growth and relatively attractive valuations such shares offered.
While growth stocks led the market early in the period, market leadership changed dramatically in October, as investors feared that growth stock valuations had become too high. As a result, investors took profits in growth stocks and reinvested in companies with lower valuations that stood to benefit from an improving economy, causing value stocks to outperform growth stocks for the period as a whole.
In the fixed income markets, investor emphasis on lower-quality securities continued. While Treasury yields remained stable throughout the period, investors favored lower-quality bonds in part because they offered much higher yields than Treasuries, yields of which were at historical lows. In addition, investors believed that an improving economy would benefit the balance sheets of weaker firms, helping them improve their credit ratings. In this environment, yields on low-quality, high yield bonds fell considerably, pushing up prices and providing the strongest performance.
Fund Performance
Our equity investment philosophy continues to focus on shares of firms with strong balance sheets and attractive growth prospects. That focus helped the Funds outperform their benchmarks early in the period, but caused them to lag when lower-quality stocks led the market. The Small Cap Fund and the New Asia Growth Fund* both produced very strong performance, with returns of 27.99% (Class A Shares without sales charge) and 27.82% (Class A Shares without sales charge) for the six-month period ended January 31, 2004, respectively.
*Investment Risk Considerations: Small Capitalization funds typically carry additional risks since smaller companies generally have higher risk of failure. International investing involves increased risk and volatility.
The Pacific Capital Fixed-Income Funds also maintained their disciplined investment strategy, focusing on fixed income securities with high credit qualities. However, that approach caused the Funds to lag during periods when lower-quality issues lead the market. In addition, we expected interest rates to rise during the period, and therefore maintained durations somewhat shorter than those of the Funds’ benchmarks. This strategy had a slightly negative impact on returns as well. The Diversified Fixed Income Fund was the strongest performer in our fund family, benefiting from managers’ decisions to emphasize corporate bonds, which performed well during the period.
Looking Ahead
We believe inflation could stay low during 2004, due to excess worldwide production capacity and strong competition from low-cost producers in China and other countries. Low inflation may allow the Federal Reserve to refrain from raising interest rates for most if not all of 2004.
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Letter to Shareholders
We believe that continued low inflation and low interest rates may allow corporations to produce strong earnings growth, although slower growth than we saw during 2003. We think stocks should perform well against that backdrop. The dollar reached historically low levels against foreign currencies during the six-month period covered in this report. Manufacturers and other exporters should begin to benefit from the dollar’s weakness during the coming year. We believe a weak dollar could especially benefit large companies, which tend to do significant amounts of their business overseas.
Our fixed-income managers currently intend to maintain durations slightly shorter than those of the Funds’ benchmarks, as we anticipate that yields may rise somewhat from their low current levels. In addition, our managers will maintain their focus on high-quality securities, which we believe offer shareholders the best value over time.
The stock market’s strong performance during 2003 was heartening for many investors, who were happy to see the end of a protracted bear market. The difficult market of the previous few years reminded many investors of the importance of diversification. It is equally important to remember that lesson during periods of stock market growth.
The Pacific Capital family of funds is designed to provide you with the tools you need to create a well-diversified portfolio. Such a portfolio may help you reach your long-term goals despite what the markets do in the short term.
Special Note:
On December 30, 2004, we launched the Pacific Capital Mid-Cap Fund, which seeks to provide long-term capital appreciation by investing in a diversified portfolio of mid-capitalization U.S. companies that are both growth- and value-oriented. This new fund expands the Pacific Capital fund family to 12 investment alternatives, and provides our shareholders with new and exciting opportunities in an attractive sector of the market.
Thank you for your continued confidence in the Pacific Capital Funds. If you have any questions or would like to receive a fund prospectus, please contact your registered investment consultant or call BISYS Fund Services at (800) 258-9232.
Sincerely,
Howard Hodel Executive Vice President & Manager The Asset Management Group of Bank of Hawaii | ||
William Barton Executive Vice President Chief Investment Officer The Asset Management Group of Bank of Hawaii |
1 | Dow Jones Industrial Average is a price-weighted average based on the price-only performance of 30 blue chip stocks (the average is computed by adding the prices of the 30 stocks and dividing by a denominator, which has been adjusted over the years for stocks splits, stock dividends and substitutions of stocks). |
2 | S&P 500 Stock Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. |
3 | Gross Domestic Product is the measure of the market value of the goods and services produced by labor and property in the United States. |
Table of Contents
Statements of Assets and Liabilities
Page 1
Page 4
Statements of Changes in Net Assets
Page 7
Schedules of Portfolio Investments
Page 11
Page 37
Page 48
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities
January 31, 2004
(Unaudited)
New Asia Fund | International Fund | Small Cap Fund | Mid-Cap Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at value (cost $23,828,734; $53,424,694; $96,743,292; and $15,282,506, respectively) | $ | 30,988,833 | $ | 63,539,927 | $ | 129,310,492 | $ | 15,670,158 | ||||||||
Foreign currency (cost $60,120) | 60,836 | — | — | — | ||||||||||||
Interest and dividends receivable | 41,549 | 72,866 | 75,385 | 10,481 | ||||||||||||
Receivable for capital shares issued | — | 4,503 | 2,500 | — | ||||||||||||
Receivable from brokers for investments sold | 251,445 | 489,311 | 2,396,749 | 60,685 | ||||||||||||
Reclaims receivable | — | 69,575 | — | — | ||||||||||||
Prepaid expenses and other assets | 2,731 | 2,610 | 7,049 | — | ||||||||||||
Total Assets | 31,345,394 | 64,178,792 | 131,792,175 | 15,741,324 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Payable for capital shares redeemed | 5,629 | — | 2,000 | — | ||||||||||||
Payable to brokers for investments purchased | 308,353 | 1,717,173 | 4,446,642 | 56,215 | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 10,503 | 18,729 | 42,227 | 633 | ||||||||||||
Sub-investment advisory fees | 13,128 | 34,224 | 60,180 | 2,655 | ||||||||||||
Administration fees | 641 | 1,382 | 2,805 | 148 | ||||||||||||
Distribution fees | 782 | 780 | 3,464 | 3 | ||||||||||||
Other | 28,876 | 30,816 | 16,783 | 3,027 | ||||||||||||
Total Liabilities | 367,912 | 1,803,104 | 4,574,101 | 62,681 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Capital (no par value) | 27,454,544 | 89,098,598 | 88,540,766 | 15,303,877 | ||||||||||||
Accumulated net investment income (loss) | (38,192 | ) | (636,608 | ) | (33,478 | ) | 1,124 | |||||||||
Accumulated net realized gains (losses) from investment, option, and | (3,600,175 | ) | (36,223,766 | ) | 6,143,586 | (14,010 | ) | |||||||||
Net unrealized appreciation from investments and foreign currency | 7,161,305 | 10,137,464 | 32,567,200 | 387,652 | ||||||||||||
Net Assets | $ | 30,977,482 | $ | 62,375,688 | $ | 127,218,074 | $ | 15,678,643 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 1,566,680 | $ | 1,057,186 | $ | 3,763,272 | $ | 21,392 | ||||||||
Class B | 529,608 | 645,668 | 3,164,436 | — | ||||||||||||
Class Y | 28,881,194 | 60,672,834 | 120,290,366 | 15,657,251 | ||||||||||||
Total | $ | 30,977,482 | $ | 62,375,688 | $ | 127,218,074 | $ | 15,678,643 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 125,854 | 134,127 | 226,991 | 2,089 | ||||||||||||
Class B | 43,921 | 85,124 | 197,048 | — | ||||||||||||
Class Y | 2,291,438 | 7,560,479 | 7,216,114 | 1,528,777 | ||||||||||||
Total | 2,461,213 | 7,779,730 | 7,640,153 | 1,530,866 | ||||||||||||
Net Asset Value | ||||||||||||||||
Class A—redemption price per share | $ | 12.45 | $ | 7.88 | $ | 16.58 | $ | 10.24 | ||||||||
Class A—maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A—Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) | $ | 13.14 | $ | 8.32 | $ | 17.50 | $ | 10.81 | ||||||||
Class B—offering price per share* | $ | 12.06 | $ | 7.59 | $ | 16.06 | $ | — | ||||||||
Class Y—offering and redemption price per share | $ | 12.60 | $ | 8.02 | $ | 16.67 | $ | 10.24 | ||||||||
* | Redemption price per share varies based on length of time shares are held. |
See notes to financial statements.
1
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PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities, Continued
January 31, 2004
(Unaudited)
Growth Stock Fund | Growth and Fund | Value Fund | Diversified Fixed Income Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at value (cost $274,400,516; $135,300,163; $180,142,288; and $269,402,437, respectively) | $ | 309,396,340 | $ | 155,761,425 | $ | 206,952,115 | $ | 284,087,083 | ||||||||
Cash | 11,936 | — | — | — | ||||||||||||
Interest and dividends receivable | 158,982 | 157,006 | 323,122 | 3,851,556 | ||||||||||||
Receivable from brokers for investments sold | 1,270,574 | — | 2,695,666 | — | ||||||||||||
Prepaid expenses and other assets | 22,022 | 12,021 | 11,729 | 16,326 | ||||||||||||
Total Assets | 310,859,854 | 155,930,452 | 209,982,632 | 287,954,965 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Distributions payable | — | — | — | 63,015 | ||||||||||||
Payable for capital shares redeemed | 23,982 | 10,130 | — | 5,125 | ||||||||||||
Payable to brokers for investments purchased | 1,661,588 | — | 2,782,556 | — | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 211,781 | 105,993 | 141,474 | 109,613 | ||||||||||||
Administration fees | 6,810 | 3,426 | 4,553 | 6,285 | ||||||||||||
Distribution fees | 15,017 | 8,223 | 1,772 | 5,210 | ||||||||||||
Other | 34,132 | 16,965 | 22,325 | 20,310 | ||||||||||||
Total Liabilities | 1,953,310 | 144,737 | 2,952,680 | 209,558 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Capital (no par value) | 406,840,277 | 176,700,372 | 220,124,946 | 275,760,241 | ||||||||||||
Accumulated net investment income (loss) | (622,626 | ) | (14,979 | ) | 103,573 | (9,159 | ) | |||||||||
Accumulated net realized losses from investment transactions | (132,306,931 | ) | (41,360,940 | ) | (40,008,394 | ) | (2,690,321 | ) | ||||||||
Net unrealized appreciation from investments | 34,995,824 | 20,461,262 | 26,809,827 | 14,684,646 | ||||||||||||
Net Assets | $ | 308,906,544 | $ | 155,785,715 | $ | 207,029,952 | $ | 287,745,407 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 12,098,001 | $ | 5,966,788 | $ | 2,607,982 | $ | 5,442,875 | ||||||||
Class B | 14,511,279 | 8,193,956 | 1,425,036 | 4,781,153 | ||||||||||||
Class Y | 282,297,264 | 141,624,971 | 202,996,934 | 277,521,379 | ||||||||||||
Total | $ | 308,906,544 | $ | 155,785,715 | $ | 207,029,952 | $ | 287,745,407 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 1,435,452 | 495,706 | 308,855 | 482,128 | ||||||||||||
Class B | 1,815,960 | 714,632 | 171,180 | 424,266 | ||||||||||||
Class Y | 32,636,554 | 11,683,556 | 23,999,222 | 24,427,359 | ||||||||||||
Total | 35,887,966 | 12,893,894 | 24,479,257 | 25,333,753 | ||||||||||||
Net Asset Value | ||||||||||||||||
Class A—redemption price per share | $ | 8.43 | $ | 12.04 | $ | 8.44 | $ | 11.29 | ||||||||
Class A—maximum sales charge | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | ||||||||
Class A—Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) | $ | 8.78 | $ | 12.54 | $ | 8.79 | $ | 11.76 | ||||||||
Class B—offering price per share* | $ | 7.99 | $ | 11.47 | $ | 8.32 | $ | 11.27 | ||||||||
Class Y—offering and redemption price per share | $ | 8.65 | $ | 12.12 | $ | 8.46 | $ | 11.36 | ||||||||
* | Redemption price per share varies based on length of time shares are held. |
See notes to financial statements.
2
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PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities, Continued
January 31, 2004
(Unaudited)
Tax-Free Securities Fund | Short Intermediate U.S. Government Securities Fund | Tax-Free Short Intermediate Securities Fund | Ultra Short Government Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments, at value (cost $351,779,671; $93,827,087; $69,869,747; and $244,185,273, respectively) | $ | 391,542,319 | $ | 95,291,234 | $ | 72,242,855 | $ | 245,610,215 | ||||||||
Cash | — | 390 | — | 666 | ||||||||||||
Interest and dividends receivable | 4,312,139 | 948,764 | 717,688 | 1,257,685 | ||||||||||||
Receivable for capital shares issued | — | 2,100 | — | — | ||||||||||||
Receivable from brokers for investments sold | — | — | — | 2,030,000 | ||||||||||||
Prepaid expenses and other assets | 23,215 | 4,884 | 4,214 | 14,150 | ||||||||||||
Total Assets | 395,877,673 | 96,247,372 | 72,964,757 | 248,912,716 | ||||||||||||
LIABILITIES: | ||||||||||||||||
Distributions payable | 92,559 | 14,141 | 9,217 | 29,420 | ||||||||||||
Payable for capital shares redeemed | — | — | — | 10,274 | ||||||||||||
Payable to brokers for investments purchased | — | — | — | 998,570 | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 151,978 | 22,214 | 24,723 | 40,834 | ||||||||||||
Administration fees | 8,663 | 1,783 | 1,495 | 2,328 | ||||||||||||
Distribution fees | 6,402 | 1,180 | 1,021 | 3,632 | ||||||||||||
Other | 26,671 | 10,835 | 9,612 | 17,660 | ||||||||||||
Total Liabilities | 286,273 | 50,153 | 46,068 | 1,102,718 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Capital (no par value) | 355,265,477 | 94,619,104 | 70,545,471 | 246,429,597 | ||||||||||||
Accumulated net investment income (loss) | 42 | 30 | (2 | ) | 7,143 | |||||||||||
Accumulated net realized gains (losses) from investment transactions | 563,233 | 113,938 | 112 | (51,684 | ) | |||||||||||
Net unrealized appreciation from investments | 39,762,648 | 1,464,147 | 2,373,108 | 1,424,942 | ||||||||||||
Net Assets | $ | 395,591,400 | $ | 96,197,219 | $ | 72,918,689 | $ | 247,809,998 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 11,483,482 | $ | 5,512,484 | $ | 4,700,692 | $ | 8,570,252 | ||||||||
Class B | 4,668,387 | — | — | 2,147,913 | ||||||||||||
Class Y | 379,439,531 | 90,684,735 | 68,217,997 | 237,091,833 | ||||||||||||
Total | $ | 395,591,400 | $ | 96,197,219 | $ | 72,918,689 | $ | 247,809,998 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 1,047,604 | 552,881 | 448,600 | 839,122 | ||||||||||||
Class B | 425,923 | — | — | 210,329 | ||||||||||||
Class Y | 34,483,532 | 9,077,918 | 6,474,182 | 23,205,070 | ||||||||||||
Total | 35,957,059 | 9,630,799 | 6,922,782 | 24,254,521 | ||||||||||||
Net Asset Value | ||||||||||||||||
Class A—redemption price per share | $ | 10.96 | $ | 9.97 | $ | 10.48 | $ | 10.21 | ||||||||
Class A—maximum sales charge | 4.00 | % | 2.25 | % | 2.25 | % | 1.75 | % | ||||||||
Class A—Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) | $ | 11.42 | $ | 10.20 | $ | 10.72 | $ | 10.39 | ||||||||
Class B—offering price per share* | $ | 10.96 | $ | — | $ | — | $ | 10.21 | ||||||||
Class Y—offering and redemption price per share | $ | 11.00 | $ | 9.99 | $ | 10.54 | $ | 10.22 | ||||||||
* | Redemption price per share varies based on length of time shares are held. |
See notes to financial statements.
3
Table of Contents
PACIFIC CAPITAL FUNDS
For the Six Months Ended January 31, 2004
(Unaudited)
New Asia Growth Fund | International Fund | Small Cap Fund | Mid-Cap Fund (a) | |||||||||||||
Investment Income: | ||||||||||||||||
Interest income | $ | 2,417 | $ | 57 | $ | 682 | $ | 696 | ||||||||
Dividend income | 364,609 | 424,806 | 675,310 | 11,381 | ||||||||||||
Foreign tax withholding | (39,780 | ) | (42,803 | ) | — | — | ||||||||||
Total Investment Income | 327,246 | 382,060 | 675,992 | 12,077 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 56,667 | 140,736 | 268,329 | 8,221 | ||||||||||||
Sub-investment advisory fees | 70,834 | 200,216 | 307,731 | 2,740 | ||||||||||||
Administration fees | 22,667 | 50,039 | 85,866 | 2,192 | ||||||||||||
Distribution fees—Class A | 5,414 | 3,641 | 9,337 | 10 | ||||||||||||
Distribution fees—Class B | 2,435 | 2,976 | 14,216 | — | ||||||||||||
Accounting fees | 10,091 | 19,161 | 17,044 | 1,012 | ||||||||||||
Custodian fees | 44,808 | 40,720 | 8,105 | 1,216 | ||||||||||||
Transfer agent fees | 24,574 | 31,486 | 32,731 | 3,168 | ||||||||||||
Legal and audit fees | 7,160 | 7,002 | 10,500 | 864 | ||||||||||||
Trustees’ fees and expenses | 920 | 2,024 | 3,140 | 64 | ||||||||||||
Registration and filing fees | 1,508 | 7,576 | 1,374 | — | ||||||||||||
Other | 4,331 | 7,153 | 10,986 | 290 | ||||||||||||
Total expenses before voluntary fee reductions | 251,409 | 512,730 | 769,359 | 19,777 | ||||||||||||
Expenses voluntarily reduced: | ||||||||||||||||
Investment advisory fees | — | (31,274 | ) | (53,665 | ) | (7,570 | ) | |||||||||
Administration fees | (1,417 | ) | — | — | (1,247 | ) | ||||||||||
Distribution fees—Class A | (3,609 | ) | (2,428 | ) | (6,224 | ) | (7 | ) | ||||||||
Net Expenses | 246,383 | 479,028 | 709,470 | 10,953 | ||||||||||||
Net Investment Income (Loss) | 80,863 | (96,968 | ) | (33,478 | ) | 1,124 | ||||||||||
Realized/Unrealized Gains (Losses) from Investments: | ||||||||||||||||
Net realized gains (losses) from investment, option, and foreign currency transactions | 2,338,467 | 8,434,891 | 8,687,383 | (14,010 | ) | |||||||||||
Net change in unrealized appreciation from investments, options, and foreign currency | 4,450,021 | 4,096,822 | 17,630,759 | 387,652 | ||||||||||||
Net realized/unrealized gains from investments, options, and foreign currency | 6,788,488 | 12,531,713 | 26,318,142 | 373,642 | ||||||||||||
Change in net assets resulting from operations | $ | 6,869,351 | $ | 12,434,745 | $ | 26,284,664 | $ | 374,766 | ||||||||
(a) | Period from December 31, 2003 (commencement of operations) to January 31, 2004. |
See notes to financial statements.
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Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Operations, Continued
For the Six Months Ended January 31, 2004
(Unaudited)
Growth Stock Fund | Growth and Income Fund | Value Fund | Diversified Fixed Income Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Interest income | $ | 183 | $ | 24 | $ | 31 | $ | 6,506,074 | ||||||||
Dividend income | 1,122,190 | 1,191,987 | 2,083,327 | 13,302 | ||||||||||||
Total Investment Income | 1,122,373 | 1,192,011 | 2,083,358 | 6,519,376 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 1,213,971 | 617,295 | 842,860 | 831,664 | ||||||||||||
Administration fees | 242,795 | 123,460 | 168,573 | 221,777 | ||||||||||||
Distribution fees—Class A | 44,377 | 21,917 | 8,963 | 25,302 | ||||||||||||
Distribution fees—Class B | 70,896 | 39,071 | 6,772 | 24,319 | ||||||||||||
Accounting fees | 43,555 | 23,618 | 31,522 | 42,590 | ||||||||||||
Custodian fees | 14,944 | 8,783 | 13,046 | 14,528 | ||||||||||||
Transfer agent fees | 70,295 | 47,249 | 33,092 | 38,621 | ||||||||||||
Legal and audit fees | 25,178 | 15,141 | 17,925 | 22,934 | ||||||||||||
Trustees’ fees and expenses | 9,535 | 5,004 | 6,996 | 8,657 | ||||||||||||
Registration and filing fees | 7,541 | 7,014 | 1,257 | 1,441 | ||||||||||||
Other | 31,497 | 18,385 | 19,454 | 25,549 | ||||||||||||
Total expenses before voluntary fee reductions | 1,774,584 | 926,937 | 1,150,460 | 1,257,382 | ||||||||||||
Expenses voluntarily reduced: | ||||||||||||||||
Investment advisory fees | — | — | — | (207,918 | ) | |||||||||||
Distribution fees—Class A | (29,585 | ) | (14,611 | ) | (5,975 | ) | (16,868 | ) | ||||||||
Net Expenses | 1,744,999 | 912,326 | 1,144,485 | 1,032,596 | ||||||||||||
Net Investment Income (Loss) | (622,626 | ) | 279,685 | 938,873 | 5,486,780 | |||||||||||
Realized/Unrealized Gains (Losses) from Investments: | ||||||||||||||||
Net realized gains (losses) from investment transactions | 968,363 | (1,351,101 | ) | 7,628,833 | (486,979 | ) | ||||||||||
Net change in unrealized appreciation from investments | 31,766,861 | 19,673,146 | 20,738,606 | 5,250,780 | ||||||||||||
Net realized/unrealized gains from investments | 32,735,224 | 18,322,045 | 28,367,439 | 4,763,801 | ||||||||||||
Change in net assets resulting from operations | $ | 32,112,598 | $ | 18,601,730 | $ | 29,306,312 | $ | 10,250,581 | ||||||||
See notes to financial statements.
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Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Operations, Continued
For the Six Months Ended January 31, 2004
(Unaudited)
Tax-Free Securities Fund | Short Intermediate U.S. Government Securities Fund | Tax-Free Short Intermediate Securities Fund | Ultra Short Government Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Interest income | $ | 10,108,112 | $ | 1,558,029 | $ | 1,056,188 | $ | 3,133,949 | ||||||||
Dividend income | 8,928 | — | 10,194 | — | ||||||||||||
Total Investment Income | 10,117,040 | 1,558,029 | 1,066,382 | 3,133,949 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 1,212,284 | 237,152 | 176,824 | 520,037 | ||||||||||||
Administration fees | 323,276 | 75,889 | 56,584 | 208,015 | ||||||||||||
Distribution fees—Class A | 43,814 | 21,171 | 14,552 | 42,545 | ||||||||||||
Distribution fees—Class B | 23,296 | — | — | 10,992 | ||||||||||||
Accounting fees | 67,546 | 18,469 | 13,856 | 40,553 | ||||||||||||
Custodian fees | 15,916 | 5,470 | 11,086 | 12,735 | ||||||||||||
Transfer agent fees | 37,196 | 18,947 | 18,006 | 34,208 | ||||||||||||
Legal and audit fees | 33,204 | 9,751 | 7,660 | 22,842 | ||||||||||||
Trustees’ fees and expenses | 13,485 | 2,942 | 2,208 | 8,168 | ||||||||||||
Registration and filing fees | 1,535 | 697 | 272 | 1,196 | ||||||||||||
Other | 37,786 | 9,616 | 7,069 | 23,481 | ||||||||||||
Total expenses before voluntary fee reductions | 1,809,338 | 400,104 | 308,117 | 924,772 | ||||||||||||
Expenses voluntarily reduced: | ||||||||||||||||
Investment advisory fees | (303,073 | ) | (106,989 | ) | (35,364 | ) | (271,527 | ) | ||||||||
Administration fees | — | (10,851 | ) | (3,536 | ) | (118,306 | ) | |||||||||
Distribution fees—Class A | (29,209 | ) | (14,114 | ) | (9,701 | ) | (28,363 | ) | ||||||||
Net Expenses | 1,477,056 | 268,150 | 259,516 | 506,576 | ||||||||||||
Net Investment Income | 8,639,984 | 1,289,879 | 806,866 | 2,627,373 | ||||||||||||
Realized/Unrealized Gains (Losses) from Investments: | ||||||||||||||||
Net realized gains (losses) from investment transactions | 1,155,628 | 408,173 | 112 | (47,457 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) from investments | 8,821,059 | (31,950 | ) | 805,024 | (696,554 | ) | ||||||||||
Net realized/unrealized gains (losses) from investments | 9,976,687 | 376,223 | 805,136 | (744,011 | ) | |||||||||||
Change in net assets resulting from operations | $ | 18,616,671 | $ | 1,666,102 | $ | 1,612,002 | $ | 1,883,362 | ||||||||
See notes to financial statements.
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Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets
New Asia Growth Fund | International Stock Fund | Small Cap Fund | ||||||||||||||||||||||
For the Six Months Ended January 31, 2004 | For the Year July 31, 2003 | For the Six Months Ended January 31, 2004 | For the Year Ended July 31, 2003 | For the Six Months Ended January 31, 2004 | For the Year July 31, 2003 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 80,863 | $ | 117,818 | $ | (96,968 | ) | $ | 389,047 | $ | (33,478 | ) | $ | 104,354 | ||||||||||
Net realized gains (losses) from investment, option, and foreign currency transactions | 2,338,467 | (1,615,763 | ) | 8,434,891 | (7,799,455 | ) | 8,687,383 | (126,637 | ) | |||||||||||||||
Net change in unrealized appreciation from investments, options, and foreign currency | 4,450,021 | 2,477,911 | 4,096,822 | 9,465,637 | 17,630,759 | 15,810,277 | ||||||||||||||||||
Change in net assets resulting from operations | 6,869,351 | 979,966 | 12,434,745 | 2,055,229 | 26,284,664 | 15,787,994 | ||||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (4,637 | ) | (1,795 | ) | — | — | — | (2,625 | ) | |||||||||||||||
From net realized gains | — | — | — | — | (65,734 | ) | (150,765 | ) | ||||||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | (835 | ) | — | — | — | — | — | |||||||||||||||||
From net realized gains | — | — | — | — | (65,678 | ) | (242,247 | ) | ||||||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (111,009 | ) | (62,183 | ) | — | — | — | (195,037 | ) | |||||||||||||||
From net realized gains | — | — | — | — | (2,281,677 | ) | (7,348,094 | ) | ||||||||||||||||
Change in net assets from shareholder distributions | (116,481 | ) | (63,978 | ) | — | — | (2,413,089 | ) | (7,938,768 | ) | ||||||||||||||
Change in net assets from share transactions | (1,400,215 | ) | 2,882,709 | (12,027,503 | )(a) | 7,741,956 | (a) | 13,755,706 | 10,461,886 | |||||||||||||||
Change in net assets | 5,352,655 | 3,798,697 | 407,242 | 9,797,185 | 37,627,281 | 18,311,112 | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 25,624,827 | 21,826,130 | 61,968,446 | 52,171,261 | 89,590,793 | 71,279,681 | ||||||||||||||||||
End of period | $ | 30,977,482 | $ | 25,624,827 | $ | 62,375,688 | $ | 61,968,446 | $ | 127,218,074 | $ | 89,590,793 | ||||||||||||
(a) | Includes redemption fees collected of $5,103 and $64,304 for the periods ended January 31, 2004 and July 31, 2003, respectively. |
See notes to financial statements.
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PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, Continued
Mid-Cap Fund | Growth Stock Fund | Growth and Income Fund | ||||||||||||||||||
For the Period Ended January 31, 2004 (a) | For the Six Months Ended January 31, 2004 | For the July 31, 2003 | For the Six Months Ended January 31, 2004 | For the Year Ended July 31, 2003 | ||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||
Operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 1,124 | $ | (622,626 | ) | $ | (969,611 | ) | $ | 279,685 | $ | 582,978 | ||||||||
Net realized gains (losses) from investment transactions | (14,010 | ) | 968,363 | (17,023,619 | ) | (1,351,101 | ) | (4,181,124 | ) | |||||||||||
Net change in unrealized appreciation from investments | 387,652 | 31,766,861 | 47,151,913 | 19,673,146 | 17,295,259 | |||||||||||||||
Change in net assets resulting from operations | 374,766 | 32,112,598 | 29,158,683 | 18,601,730 | 13,697,113 | |||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||
From net investment income | — | — | — | (7,102 | ) | (10,822 | ) | |||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||
From net investment income | — | — | — | (307,674 | ) | (557,589 | ) | |||||||||||||
Change in net assets from shareholder distributions | — | — | — | (314,776 | ) | (568,411 | ) | |||||||||||||
Change in net assets from share transactions | 15,303,877 | 623,109 | 25,629,089 | (13,583,304 | ) | 7,316,182 | ||||||||||||||
Change in net assets | 15,678,643 | 32,735,707 | 54,787,772 | 4,703,650 | 20,444,884 | |||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | — | 276,170,837 | 221,383,065 | 151,082,065 | 130,637,181 | |||||||||||||||
End of period | $ | 15,678,643 | $ | 308,906,544 | $ | 276,170,837 | $ | 155,785,715 | $ | 151,082,065 | ||||||||||
(a) | Period from December 31, 2003 (commencement of operations) to January 31, 2004. |
See notes to financial statements.
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Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, Continued
Value Fund | Diversified Fixed Income Fund | Tax-Free Securities Fund | ||||||||||||||||||||||
For the Six Months Ended January 31, 2004 | For the Year Ended | For the Six Months Ended January 31, 2004 | For the Year Ended | For the Six Months Ended January 31, 2004 | For the Year Ended | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 938,873 | $ | 2,641,503 | $ | 5,486,780 | $ | 10,358,499 | $ | 8,639,984 | $ | 18,441,351 | ||||||||||||
Net realized gains (losses) from investment transactions | 7,628,833 | (13,768,327 | ) | (486,979 | ) | 6,645,110 | 1,155,628 | 1,612,128 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) from investments | 20,738,606 | 27,939,859 | 5,250,780 | (3,022,403 | ) | 8,821,059 | (2,831,954 | ) | ||||||||||||||||
Change in net assets resulting from operations | 29,306,312 | 16,813,035 | 10,250,581 | 13,981,206 | 18,616,671 | 17,221,525 | ||||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (8,584 | ) | (20,330 | ) | (125,565 | ) | (289,985 | ) | (236,327 | ) | (473,346 | ) | ||||||||||||
From net realized gains | — | — | (96,653 | ) | (66,756 | ) | (57,424 | ) | (67,655 | ) | ||||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | (668 | ) | (3,545 | ) | (72,504 | ) | (180,337 | ) | (76,781 | ) | (161,539 | ) | ||||||||||||
From net realized gains | — | — | (83,363 | ) | (52,356 | ) | (23,132 | ) | (31,494 | ) | ||||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (919,403 | ) | (2,538,440 | ) | (5,293,063 | ) | (9,893,360 | ) | (8,326,871 | ) | (17,806,466 | ) | ||||||||||||
From net realized gains | — | — | (4,687,113 | ) | (2,192,141 | ) | (1,898,709 | ) | (2,406,209 | ) | ||||||||||||||
Change in net assets from shareholder distributions | (928,655 | ) | (2,562,315 | ) | (10,358,261 | ) | (12,674,935 | ) | (10,619,244 | ) | (20,946,709 | ) | ||||||||||||
Change in net assets from share transactions | (35,665,508 | ) | (2,253,114 | ) | 37,917,514 | 14,378,040 | (26,035,180 | ) | (45,601,269 | ) | ||||||||||||||
Change in net assets | (7,287,851 | ) | 11,997,606 | 37,809,834 | 15,684,311 | (18,037,753 | ) | (49,326,453 | ) | |||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 214,317,803 | 202,320,197 | 249,935,573 | 234,251,262 | 413,629,153 | 462,955,606 | ||||||||||||||||||
End of period | $ | 207,029,952 | $ | 214,317,803 | $ | 287,745,407 | $ | 249,935,573 | $ | 395,591,400 | $ | 413,629,153 | ||||||||||||
See notes to financial statements.
9
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, Continued
Short Intermediate U.S. Government Securities Fund | Tax-Free Short Intermediate Securities Fund | Ultra Short Government Fund | ||||||||||||||||||||||
For the Six Months Ended January 31, 2004 | For the July 31, 2003 | For the Six Months Ended January 31, 2004 | For the Year Ended July 31, 2003 | For the Six Months Ended January 31, 2004 | For the Year Ended | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 1,289,879 | $ | 2,219,397 | $ | 806,866 | $ | 1,471,343 | $ | 2,627,373 | $ | 5,327,835 | ||||||||||||
Net realized gains (losses) from investment transactions | 408,173 | 253,411 | 112 | 72,749 | (47,457 | ) | (4,227 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) from investments | (31,950 | ) | (554,183 | ) | 805,024 | (105,000 | ) | (696,554 | ) | (1,315,978 | ) | |||||||||||||
Change in net assets resulting from operations | 1,666,102 | 1,918,625 | 1,612,002 | 1,439,092 | 1,883,362 | 4,007,630 | ||||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (70,145 | ) | (88,244 | ) | (39,787 | ) | (54,650 | ) | (101,212 | ) | (327,809 | ) | ||||||||||||
From net realized gains | (18,642 | ) | (28,186 | ) | — | (10,753 | ) | — | (16,502 | ) | ||||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | (11,476 | ) | (27,122 | ) | ||||||||||||||||
From net realized gains | — | — | — | — | — | (1,896 | ) | |||||||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,219,745 | ) | (2,131,165 | ) | (767,090 | ) | (1,416,693 | ) | (2,514,693 | ) | (4,972,904 | ) | ||||||||||||
From net realized gains | (304,361 | ) | (675,526 | ) | — | (241,586 | ) | — | (225,728 | ) | ||||||||||||||
Change in net assets from shareholder distributions | (1,612,893 | ) | (2,923,121 | ) | (806,877 | ) | (1,723,682 | ) | (2,627,381 | ) | (5,571,961 | ) | ||||||||||||
Change in net assets from share transactions | 1,993,111 | 30,850,923 | 6,342,979 | 14,299,296 | (7,143,069 | ) | 55,936,532 | |||||||||||||||||
Change in net assets | 2,046,320 | 29,846,427 | 7,148,104 | 14,014,706 | (7,887,088 | ) | 54,372,201 | |||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of period | 94,150,899 | 64,304,472 | 65,770,585 | 51,755,879 | 255,697,086 | 201,324,885 | ||||||||||||||||||
End of period | $ | 96,197,219 | $ | 94,150,899 | $ | 72,918,689 | $ | 65,770,585 | $ | 247,809,998 | $ | 255,697,086 | ||||||||||||
See notes to financial statements.
10
Table of Contents
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks (96.1%) | |||||
China (10.1%) | |||||
Consumer Discretionary (0.6%) | |||||
137,000 | China Resources Enterprise Ltd. | $ | 179,735 | ||
Energy (2.0%) | |||||
297,500 | CNOOC Ltd. | 604,582 | |||
Industrials (4.3%) | |||||
1,404,000 | Anhui Expressway Co., Ltd., | 496,604 | |||
1,388,000 | AviChina Industry & Technology Co., Ltd., Class H (b) | 273,144 | |||
208,000 | Cosco Pacific Ltd. | 288,933 | |||
462,100 | Zhejiang Expressway Co., Ltd., Class H | 297,178 | |||
1,355,859 | |||||
Materials (0.7%) | |||||
158,000 | Anhui Conch Cement Co., Ltd., Class H | 216,430 | |||
Utilities (2.5%) | |||||
745,000 | China Resources Power Holdings Co., Ltd. (b) | 313,818 | |||
271,000 | Huaneng Power International, Inc., Class H | 449,645 | |||
763,463 | |||||
3,120,069 | |||||
Hong Kong (26.3%) | |||||
Consumer Discretionary (6.5%) | |||||
235,500 | Esprit Holdings Ltd. | 764,827 | |||
824,000 | Giordano International Ltd. | 413,335 | |||
158,000 | Li & Fung Ltd. | 287,557 | |||
107,500 | Techtronic Industries Co., Ltd. | 300,731 | |||
88,500 | Yue Yuen Industrial Holdings Ltd. | 253,270 | |||
2,019,720 | |||||
Financials (12.9%) | |||||
36,000 | Cheung Kong Holdings Ltd. | 334,542 | |||
48,000 | China Insurance International Holdings Co., Ltd. | 26,393 | |||
39,600 | Dah Sing Financial Group | 305,603 | |||
397,000 | Hang Lung Group Ltd. | 633,174 | |||
329,000 | Hongkong Land Holdings Ltd. | 608,650 | |||
40,148 | HSBC Holdings PLC | 627,409 | |||
85,000 | Sun Hung Kai Properties Ltd. | 819,957 | |||
45,500 | Swire Pacific Ltd., Class A | 316,021 | |||
54,500 | Wing Hang Bank Ltd. | 349,790 | |||
4,021,539 | |||||
Industrials (1.6%) | |||||
44,300 | Hutchison Whampoa Ltd. | 368,939 | |||
216,000 | Lung Kee (Bermuda) Holdings Ltd. | 119,463 | |||
488,402 | |||||
Information Technology (0.6%) | |||||
756,000 | Skyworth Digital Holdings Ltd. | 199,336 | |||
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Hong Kong, continued | |||||
Telecommunications (0.6%) | |||||
161,500 | SmarTone Telecommunications Holdings Ltd. | $ | 185,912 | ||
Utilities (4.1%) | |||||
62,500 | CLP Holdings Ltd. | 302,259 | |||
583,000 | Hong Kong & China Gas Co., Ltd. | 956,071 | |||
1,258,330 | |||||
8,173,239 | |||||
India (2.1%) | |||||
Industrials (1.3%) | |||||
15,700 | Grasim Industries Ltd., GDR (c) | 388,575 | |||
Materials (0.8%) | |||||
9,140 | Hindalco Industries Ltd., GDR (c) | 246,597 | |||
635,172 | |||||
Malaysia (8.0%) | |||||
Consumer Discretionary (2.5%) | |||||
70,200 | Genting Berhad | 310,358 | |||
160,900 | Tanjong PLC | 465,763 | |||
776,121 | |||||
Consumer Staples (1.7%) | |||||
251,000 | IOI Corp. Berhad | 521,816 | |||
Financials (2.1%) | |||||
858,272 | Public Bank Berhad | 648,221 | |||
Telecommunications (1.7%) | |||||
247,100 | Maxis Communications Berhad | 516,959 | |||
2,463,117 | |||||
Philippines (1.1%) | |||||
Financials (0.5%) | |||||
1,511,000 | Ayala Corp. | 164,900 | |||
Telecommunications (0.6%) | |||||
10,000 | Globe Telecom, Inc. | 165,489 | |||
330,389 | |||||
Singapore (10.5%) | |||||
Consumer Discretionary (0.9%) | |||||
25,500 | Singapore Press Holdings Ltd. | 285,866 | |||
Consumer Staples (1.3%) | |||||
53,400 | Fraser & Neave Ltd. | 409,594 | |||
Financials (3.2%) | |||||
54,000 | Oversea-Chinese Banking Corp., Ltd. | 398,265 | |||
69,000 | United Overseas Bank Ltd. | 569,962 | |||
968,227 | |||||
Health Care (0.7%) | |||||
353,000 | Parkway Holdings Ltd. | 214,526 | |||
Industrials (0.5%) | |||||
388,000 | Singapore Post Ltd. | 155,672 | |||
See notes to financial statements.
11
Table of Contents
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Singapore, continued | |||||
Information Technology (0.8%) | |||||
20,000 | Venture Manufacturing Ltd. | $ | 259,610 | ||
Telecommunications (3.1%) | |||||
528,000 | MobileOne Ltd. | 473,529 | |||
416,000 | Singapore Telecommunications Ltd. | 490,899 | |||
964,428 | |||||
3,257,923 | |||||
South Korea (21.6%) | |||||
Consumer Discretionary (4.0%) | |||||
9,100 | Hyundai Mobis (b) | 450,541 | |||
10,200 | Hyundai Motor Co., Ltd. (b) | 431,990 | |||
1,670 | Shinsegae Co., Ltd. | 357,908 | |||
1,240,439 | |||||
Consumer Staples (1.2%) | |||||
19,092 | Kook Soon Dang Brewery Co., Ltd. | 366,059 | |||
Financials (4.9%) | |||||
21,289 | Kookmin Bank (b) | 866,255 | |||
27,840 | Koram Bank (b) | 339,252 | |||
5,450 | Samsung Fire & Marine Insurance Co., Ltd. | 332,991 | |||
650 | Shinhan Financial Group Co., | 10,773 | |||
1,549,271 | |||||
Industrials (0.8%) | |||||
6,948 | KH Vatec Co., Ltd. (b) | 248,672 | |||
Information Technology (9.1%) | |||||
11,617 | Interflex Co., Ltd. (b) | 312,823 | |||
4,270 | Samsung Electronics Co., Ltd. | 1,906,671 | |||
2,850 | Samsung SDI Co., Ltd. | 400,724 | |||
4,030 | Sindo Ricoh Co., Ltd. (b) | 217,383 | |||
2,837,601 | |||||
Materials (1.6%) | |||||
3,710 | POSCO | 494,772 | |||
6,736,814 | |||||
Taiwan (12.0%) | |||||
Consumer Discretionary (0.8%) | |||||
106,700 | Fine Blanking & Tool Co., Ltd. | 238,355 | |||
Financials (1.1%) | |||||
428,000 | Taishin Financial Holdings Co., Ltd. | 341,373 | |||
Shares | Security Description | Value | ||||
Common Stocks, continued | ||||||
Taiwan, continued | ||||||
Industrials (2.2%) | ||||||
82,000 | Asia Optical Co., Inc. | $ | 666,327 | |||
Information Technology (7.9%) | ||||||
292,000 | AU Optronics Corp. | 419,394 | ||||
64,000 | Hon Hai Precision Industry Co., Ltd. | 297,451 | ||||
376,950 | Powertech Technology, Inc. (b) | 785,549 | ||||
243,000 | Sunplus Technology Co., Ltd. | 531,904 | ||||
213,155 | Taiwan Semiconductor Manufacturing Co., Ltd. (b) | 421,836 | ||||
2,456,134 | ||||||
3,702,189 | ||||||
Thailand (4.4%) | ||||||
Consumer Discretionary (0.9%) | ||||||
599,000 | BEC World Public Co., Ltd. | 288,509 | ||||
Financials (1.9%) | ||||||
411,600 | Kasikornbank Public Co., Ltd. (b) | 576,912 | ||||
Materials (1.6%) | ||||||
75,100 | Siam Cement Public Co., Ltd. | 501,432 | ||||
1,366,853 | ||||||
Total Common Stocks (Cost $22,679,821) | 29,785,765 | |||||
Equity Linked Notes (2.6%) | ||||||
India (2.6%) | ||||||
Consumer Staples (1.2%) | ||||||
86,847 | Hindustan Lever Ltd. (b) | 357,810 | ||||
Health Care (1.4%) | ||||||
20,189 | Ranbaxy Laboratories Ltd. (b) | 439,514 | ||||
Total Equity Linked Notes (Cost $743,169) | 797,324 | |||||
Investment Company (1.3%) | ||||||
405,744 | Victory Institutional Money Market Fund, Investor Shares | 405,744 | ||||
Total Investment Company (Cost $405,744) | 405,744 | |||||
Total Investments (Cost $23,828,734) (a)—100.0% | 30,988,833 | |||||
Liabilities in excess of other assets—0.0% | (11,351 | ) | ||||
Net Assets—100.0% | $ | 30,977,482 | ||||
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 7,608,796 | ||
Unrealized depreciation | (448,697 | ) | ||
Net unrealized appreciation | $ | 7,160,099 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Non-income producing security. |
(c) | A portion of this security is restricted as to resale as of January 31, 2004. |
GDR—Global Depositary Receipt
See notes to financial statements.
12
Table of Contents
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks (93.7%) | |||||
Austria (0.8%) | |||||
Telecommunications (0.8%) | |||||
37,400 | Telekom Austria AG (b) | $ | 525,950 | ||
Brazil (0.7%) | |||||
Telecommunications (0.7%) | |||||
27,400 | Tele Norte Leste Participacoes SA, ADR | 437,030 | |||
Canada (5.4%) | |||||
Consumer Discretionary (0.9%) | |||||
7,200 | Magna International, Inc., Class A | 582,646 | |||
Energy (1.1%) | |||||
8,500 | EnCana Corp. | 329,548 | |||
7,700 | Precision Drilling Corp. (b) | 356,741 | |||
686,289 | |||||
Industrials (0.7%) | |||||
7,300 | Canadian National Railway Co. | 437,635 | |||
Information Technology (2.2%) | |||||
27,300 | Celestica, Inc. (b) | 468,195 | |||
109,900 | Nortel Networks Corp. (b) | 859,417 | |||
1,327,612 | |||||
Materials (0.5%) | |||||
7,800 | Alcan, Inc. | 332,514 | |||
3,366,696 | |||||
China (0.8%) | |||||
Telecommunications (0.8%) | |||||
1,422,000 | China Telecom Corp., Ltd., Class H | 525,833 | |||
Denmark (1.7%) | |||||
Industrials (0.8%) | |||||
60 | A.P. Moller—Maersk A/S | 474,269 | |||
Telecommunications (0.9%) | |||||
14,000 | TDC A/S | 563,819 | |||
1,038,088 | |||||
Finland (0.5%) | |||||
Information Technology (0.5%) | |||||
13,800 | Nokia Corp., Class A, ADR | 285,108 | |||
France (11.3%) | |||||
Consumer Discretionary (2.2%) | |||||
7,038 | Christian Dior SA | 454,215 | |||
4,000 | Renault SA | 268,585 | |||
30,109 | Thomson SA | 639,615 | |||
1,362,415 | |||||
Consumer Staples (1.0%) | |||||
8,200 | L’Oreal SA | 648,393 | |||
Energy (1.5%) | |||||
5,175 | Total Fina SA, Class B | 909,689 | |||
Financials (2.2%) | |||||
27,300 | Axa | 615,553 | |||
8,693 | Societe Generale | 768,912 | |||
1,384,465 | |||||
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
France, continued | |||||
Health Care (1.0%) | |||||
8,006 | Aventis SA | $ | 624,102 | ||
Information Technology (0.7%) | |||||
27,200 | Alcatel (b) | 448,738 | |||
Telecommunications (2.2%) | |||||
19,127 | Bouygues SA | 687,894 | |||
22,892 | France Telecom SA (b) | 677,126 | |||
1,365,020 | |||||
Utilities (0.5%) | |||||
11,408 | Veolia Environment | 320,999 | |||
7,063,821 | |||||
Germany (4.9%) | |||||
Industrials (1.8%) | |||||
17,781 | Deutsche Post AG | 397,608 | |||
8,787 | Siemens AG | 710,637 | |||
1,108,245 | |||||
Information Technology (1.2%) | |||||
4,486 | SAP AG | 736,745 | |||
Materials (1.9%) | |||||
9,600 | BASF AG | 533,692 | |||
32,500 | ThyssenKrupp AG | 656,089 | |||
1,189,781 | |||||
3,034,771 | |||||
Hong Kong (1.5%) | |||||
Financials (0.8%) | |||||
104,000 | Henderson Land Development Co., Ltd. | 528,374 | |||
Utilities (0.7%) | |||||
89,500 | CLP Holdings Ltd. | 432,834 | |||
961,208 | |||||
Italy (2.6%) | |||||
Consumer Discretionary (1.0%) | |||||
51,500 | Mediaset SpA | 607,795 | |||
Energy (0.8%) | |||||
27,100 | ENI SpA | 503,311 | |||
Telecommunications (0.8%) | |||||
89,800 | Telecom Italia Mobile SpA | 507,591 | |||
1,618,697 | |||||
Japan (18.8%) | |||||
Consumer Discretionary (3.2%) | |||||
72 | Dentsu, Inc. | 355,749 | |||
20,000 | Fuji Photo Film Co., Ltd. | 678,318 | |||
41,000 | Matsushita Electric Industrial Co., Ltd. | 611,998 | |||
10,200 | Toyota Motor Corp. | 333,415 | |||
1,979,480 | |||||
See notes to financial statements.
13
Table of Contents
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Japan, continued | |||||
Consumer Staples (1.6%) | |||||
17,000 | Ito-Yokado Co., Ltd. | $ | 587,813 | ||
19,000 | Kao Corp. | 406,566 | |||
994,379 | |||||
Financials (3.6%) | |||||
65,000 | Daiwa Securities Group, Inc. | 456,873 | |||
53,000 | Mitsubishi Estate Co., Ltd. | 582,825 | |||
102 | Mitsubishi Tokyo Financial Group, Inc. | 796,920 | |||
141 | Mizuho Financial Group, Inc. | 418,271 | |||
2,254,889 | |||||
Health Care (0.8%) | |||||
30,000 | Chugai Pharmaceutical Co., Ltd. | 473,028 | |||
Industrials (4.2%) | |||||
36,000 | Asahi Glass Co., Ltd. | 321,398 | |||
28,000 | Dai Nippon Printing Co., Ltd. | 420,331 | |||
114 | East Japan Railway Co. | 567,578 | |||
5,200 | Fanuc Ltd. | 333,566 | |||
4,000 | SMC Corp. | 453,472 | |||
45,000 | Sumitomo Corp. | 333,302 | |||
25,000 | Toppan Printing Co., Ltd. | 278,696 | |||
2,708,343 | |||||
Information Technology (3.2%) | |||||
7,000 | Canon, Inc. | 357,109 | |||
5,400 | Hoya Corp. | 531,072 | |||
9,700 | Kyocera Corp. | 732,196 | |||
3,600 | Nintendo Co., Ltd. | 355,409 | |||
1,975,786 | |||||
Telecommunications (1.5%) | |||||
82 | KDDI Corp. | 481,851 | |||
204 | NTT DoCoMo, Inc. | 441,342 | |||
923,193 | |||||
Utilities (0.7%) | |||||
109,000 | Tokyo Gas Co., Ltd. | 425,291 | |||
11,734,389 | |||||
Mexico (1.8%) | |||||
Financials (0.7%) | |||||
487,800 | Grupo Financiero BBVA Bancomer, SA de CV, Class B (b) | 467,351 | |||
Telecommunications (1.1%) | |||||
20,000 | America Movil, SA de CV, Series L, ADR | 625,000 | |||
1,092,351 | |||||
Netherlands (5.1%) | |||||
Consumer Discretionary (2.0%) | |||||
13,806 | Koninklijke (Royal) Philips Electronics NV | 415,573 | |||
6,300 | Koninklijke (Royal) Philips Electronics NV, ADR | 190,008 | |||
20,214 | VNU NV | 639,096 | |||
1,244,677 | |||||
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Netherlands, continued | |||||
Financials (1.3%) | |||||
32,600 | ING Groep NV | $ | 812,004 | ||
Information Technology (1.8%) | |||||
18,148 | ASM International NV (b) | 449,778 | |||
34,600 | ASML Holding NV (b) | 666,396 | |||
1,116,174 | |||||
3,172,855 | |||||
Norway (1.0%) | |||||
Telecommunications (1.0%) | |||||
89,950 | Telenor ASA | 633,686 | |||
Russia (1.7%) | |||||
Energy (1.7%) | |||||
10,500 | OAO Gazprom | 306,600 | |||
7,000 | OAO LUKOIL, ADR | 723,800 | |||
1,030,400 | |||||
Singapore (1.5%) | |||||
Financials (1.0%) | |||||
70,000 | DBS Group Holdings Ltd. | 636,044 | |||
Industrials (0.5%) | |||||
74,000 | Keppel Corp., Ltd. | 305,632 | |||
941,676 | |||||
South Korea (3.9%) | |||||
Consumer Discretionary (0.9%) | |||||
11,080 | LG Electronics, Inc. (b) | 592,002 | |||
Financials (0.7%) | |||||
10,090 | Kookmin Bank (b) | 410,565 | |||
Industrials (0.7%) | |||||
78,050 | Samsung Heavy Industries Co., Ltd. | 417,686 | |||
Materials (0.8%) | |||||
3,710 | POSCO | 494,772 | |||
Telecommunications (0.8%) | |||||
2,830 | SK Telecom Co., Ltd. | 524,521 | |||
2,439,546 | |||||
Sweden (1.1%) | |||||
Financials (1.1%) | |||||
45,600 | Skandinaviska Enskilda Banken AB, | 658,346 | |||
Switzerland (7.6%) | |||||
Consumer Discretionary (1.0%) | |||||
25,358 | Compagnie Financiere Richemont SA, Class A | 632,743 | |||
Consumer Staples (1.4%) | |||||
3,372 | Nestle SA | 888,213 | |||
Financials (1.5%) | |||||
24,845 | Credit Suisse Group | 937,305 | |||
Health Care (3.7%) | |||||
28,821 | Novartis AG | 1,295,390 | |||
9,856 | Roche Holding AG | 997,017 | |||
2,292,407 | |||||
4,750,668 | |||||
See notes to financial statements.
14
Table of Contents
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Taiwan (0.5%) | |||||
Materials (0.5%) | |||||
17,000 | China Steel Corp., GDR | $ | 295,970 | ||
United Kingdom (20.5%) | |||||
Consumer Discretionary (5.5%) | |||||
18,000 | Berkeley Group PLC (The) | 278,498 | |||
55,200 | British Sky Broadcasting Group PLC (b) | 745,546 | |||
8,923 | Carnival PLC | 407,514 | |||
111,900 | George Wimpey PLC | 730,214 | |||
63,285 | InterContinental Hotels Group PLC | 622,051 | |||
69,900 | United Business Media PLC | 699,795 | |||
3,483,618 | |||||
Consumer Staples (3.0%) | |||||
42,084 | Diageo PLC | 551,545 | |||
30,000 | Imperial Tobacco Group PLC | 590,853 | |||
15,500 | Reckitt Benckiser PLC | 361,984 | |||
83,800 | Tesco PLC | 363,801 | |||
1,868,183 | |||||
Energy (1.0%) | |||||
78,334 | BP PLC | 610,631 | |||
Financials (5.3%) | |||||
75,580 | Barclays PLC | 680,994 | |||
68,792 | HSBC Holdings PLC | 1,059,349 | |||
29,700 | Man Group PLC | 839,574 | |||
26,828 | Royal Bank of Scotland Group PLC | 791,106 | |||
3,371,023 | |||||
Health Care (1.2%) | |||||
35,411 | GlaxoSmithKline PLC | 760,591 | |||
Information Technology (0.8%) | |||||
81,479 | Electrocomponents PLC | 527,621 | |||
Materials (1.9%) | |||||
73,372 | BHP Billiton PLC | 603,003 | |||
45,866 | Xstrata PLC | 559,367 | |||
1,162,370 | |||||
Shares | Security Description | Value | ||||
Common Stocks, continued | ||||||
United Kingdom, continued | ||||||
Telecommunications (1.8%) | ||||||
362,953 | mmO2 PLC (b) | $ | 540,094 | |||
222,288 | Vodafone Group PLC | 556,352 | ||||
1,096,446 | ||||||
12,880,483 | ||||||
Total Common Stocks (Cost $48,710,702) | 58,487,572 | |||||
Principal Amount | ||||||
Convertible Bond (0.1%) | ||||||
France (0.1%) | ||||||
Financials (0.1%) | ||||||
$ 1,706 | Axa, 0.00%, 12/21/04 | 35,605 | ||||
Total Convertible Bond (Cost $25,418) | 35,605 | |||||
Shares | ||||||
Equity Linked Notes (2.9%) | ||||||
Taiwan (2.9%) | ||||||
Financials (0.7%) | ||||||
386,000 | Chinatrust Financial Holding Co., Ltd. (b) | 443,900 | ||||
Information Technology (1.5%) | ||||||
448,000 | Advanced Semiconductor Engineering, Inc. (b) | 528,640 | ||||
389,000 | United Microelectronics Corp. (b) | 369,550 | ||||
898,190 | ||||||
Materials (0.7%) | ||||||
267,370 | Formosa Plastics Corp. (b) | 443,834 | ||||
Total Equity Linked Notes (Cost $1,457,748) | 1,785,924 | |||||
Cash Sweep (5.2%) | ||||||
3,230,826 | Bank of New York | 3,230,826 | ||||
Total Cash Sweep (Cost $3,230,826) | 3,230,826 | |||||
Total Investments (Cost $53,424,694) (a)—101.9% | 63,539,927 | |||||
Liabilities in excess of other assets—(1.9)% | (1,164,239 | ) | ||||
Net Assets—100.0% | $ | 62,375,688 | ||||
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 10,481,722 | ||
Unrealized depreciation | (366,489 | ) | ||
Net unrealized appreciation | $ | 10,115,233 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Non-income producing security. |
ADR—American Depositary Receipt
AG—Aktiengesellschaft (West German Stock Co.)
GDR—Global Depositary Receipt
NV—Naamloze Vennootschaap (Dutch Corp.)
PLC—Public Limited Company
SA—Societe Anonyme (French Corp.)
SpA—Societa per Azioni (Italian Corp.)
See notes to financial statements.
15
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Shares | Security | Value | |||
Common Stocks (93.0%) | |||||
Consumer Discretionary (7.8%) | |||||
50,300 | 4Kids Entertainment, Inc. (b) | $ | 1,436,568 | ||
22,700 | Carmike Cinemas, Inc. (b) | 753,413 | |||
62,800 | Extended Stay America, Inc. | 960,840 | |||
34,820 | Jo-Ann Stores, Inc. (b) | 819,663 | |||
28,200 | Lee Enterprises, Inc. | 1,274,922 | |||
221,100 | Lions Gate Entertainment Corp. (b) | 1,138,665 | |||
82,000 | Steiner Leisure Ltd. (b) | 1,394,820 | |||
74,300 | Stride Rite Corp. (The) | 815,814 | |||
141,100 | UnitedGlobalCom, Inc., | 1,340,450 | |||
9,935,155 | |||||
Consumer Staples (2.8%) | |||||
51,100 | Casey’s General Stores, Inc. | 850,815 | |||
53,600 | Chiquita Brands International, | 1,275,680 | |||
56,500 | Delta & Pine Land Co. | 1,467,305 | |||
3,593,800 | |||||
Energy (2.0%) | |||||
30,500 | Stone Energy Corp. (b) | 1,284,660 | |||
43,200 | Westport Resources Corp. (b) | 1,261,008 | |||
2,545,668 | |||||
Financials (26.3%) | |||||
86,900 | AmeriCredit Corp. (b) | 1,494,680 | |||
70,000 | Argonaut Group, Inc. (b) | 1,140,300 | |||
117,000 | Ashford Hospitality Trust (b) | 1,117,350 | |||
23,960 | Associated Banc-Corp | 1,034,832 | |||
72,771 | Bank Mutual Corp. | 798,298 | |||
72,050 | Brookline Bancorp, Inc. | 1,144,154 | |||
27,200 | Community Bank System, Inc. | 1,296,080 | |||
75,700 | Equity One, Inc. | 1,377,740 | |||
137,300 | Falcon Financial Investment | 1,268,652 | |||
92,700 | Fieldstone Investment Corp. (c) (b) | 1,691,775 | |||
26,600 | First Essex Bancorp, Inc. | 1,536,682 | |||
73,400 | Friedman, Billings, Ramsey Group, Inc., Class A | 1,746,920 | |||
16,700 | Government Properties Trust, | 220,941 | |||
47,000 | Greater Bay Bancorp | 1,279,340 | |||
146,000 | Highland Hospitality Corp. (b) | 1,714,040 | |||
105,800 | Innkeepers USA Trust | 1,009,332 | |||
91,600 | Luminent Mortgage Capital, Inc. | 1,351,100 | |||
24,300 | Manufactured Home Communities, Inc. | 816,480 | |||
287,700 | Meadowbrook Insurance Group, | 1,352,190 | |||
35,600 | Oak Hill Financial, Inc. | 1,179,108 | |||
34,800 | Parkvale Financial Corp. | 1,006,764 | |||
35,000 | Platinum Underwriters Holdings, Ltd. | 1,139,950 | |||
27,000 | Provident Financial Group, Inc. | 920,430 | |||
50,900 | PXRE Group Ltd. | 1,430,290 | |||
116,400 | Quanta Capital Holdings | 1,350,240 |
Shares | Security | Value | |||
Common Stocks, continued | |||||
Financials, continued | |||||
63,600 | Riggs National Corp. | $ | 976,260 | ||
32,300 | Selective Insurance Group, Inc. | 1,143,420 | |||
42,200 | TierOne Corp. (b) | 999,296 | |||
33,536,644 | |||||
Health Care (5.8%) | |||||
72,600 | Candela Corp. (b) | 1,799,754 | |||
25,750 | Inamed Corp. (b) | 1,327,155 | |||
42,400 | LifePoint Hospitals, Inc. (b) | 1,463,224 | |||
140,900 | Medarex, Inc. (b) | 1,234,284 | |||
236,700 | Stewart Enterprises, Inc., | 1,512,513 | |||
7,336,930 | |||||
Industrials (21.6%) | |||||
67,300 | AAR Corp. (b) | 898,455 | |||
21,400 | Actuant Corp., Class A (b) | 777,676 | |||
75,900 | Artesyn Technologies, Inc. (b) | 806,058 | |||
80,400 | Atlantic Coast Airlines Holdings, | 684,204 | |||
19,400 | Briggs & Stratton Corp. | 1,281,176 | |||
65,500 | Brink’s Co. (The) | 1,553,005 | |||
23,500 | Carlisle Cos., Inc. | 1,366,760 | |||
24,400 | Concorde Career Colleges, Inc. (b) | 638,792 | |||
55,600 | Continental Airlines, Inc., | 866,804 | |||
42,100 | Corrections Corp. of America (b) | 1,196,482 | |||
47,500 | Duratek, Inc. (b) | 719,625 | |||
45,100 | Dycom Industries, Inc. (b) | 1,166,737 | |||
28,400 | ESCO Technologies, Inc. (b) | 1,273,740 | |||
57,700 | General Cable Corp. (b) | 466,216 | |||
44,800 | Genesee & Wyoming, Inc., | 1,476,160 | |||
52,282 | Heartland Express, Inc. | 1,141,839 | |||
64,800 | Joy Global, Inc. | 1,706,184 | |||
39,300 | Middleby Corp. (The) | 1,617,981 | |||
39,900 | Old Dominion Freight Line, | 1,236,900 | |||
31,100 | Oshkosh Truck Corp. | 1,812,508 | |||
71,700 | SCS Transportation, Inc. (b) | 1,218,900 | |||
53,800 | SOURCECORP, Inc. (b) | 1,418,706 | |||
18,400 | Toro Co. (The) | 875,840 | |||
79,400 | Tredegar Corp. | 1,243,404 | |||
27,444,152 | |||||
Information Technology (10.3%) | |||||
20,300 | Agere Systems, Inc., Class A (b) | 78,155 | |||
133,700 | ASE Test Ltd. (b) | 1,800,939 | |||
25,400 | CACI International, Inc., Class A (b) | 1,123,442 | |||
100,400 | Methode Electronics, Inc. | 1,263,032 | |||
66,500 | MSC.Software Corp. (b) | 676,305 | |||
27,500 | MTS Systems Corp. | 646,250 | |||
48,900 | PEC Solutions, Inc. (b) | 704,160 | |||
46,000 | RadiSys Corp. (b) | 1,063,980 | |||
48,800 | Richardson Electronics Ltd. | 667,096 | |||
31,100 | ROFIN-SINAR Technologies, | 1,034,697 |
See notes to financial statements.
16
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Shares | Security | Value | |||
Common Stocks, continued | |||||
Information Technology, continued | |||||
25,400 | Rogers Corp. (b) | $ | 1,182,370 | ||
37,600 | Tekelec (b) | 765,160 | |||
95,100 | Titan Corp. (The) (b) | 2,067,474 | |||
13,073,060 | |||||
Materials (9.0%) | |||||
66,200 | A. Schulman, Inc. | 1,151,880 | |||
37,400 | Ameron International Corp. | 1,428,680 | |||
25,200 | Cleveland-Cliffs, Inc. (b) | 1,118,628 | |||
142,500 | Commonweath Industries, Inc. | 1,034,550 | |||
106,200 | Compass Minerals International, Inc. | 1,646,100 | |||
99,500 | Millennium Chemicals, Inc. | 1,260,665 | |||
39,800 | OM Group, Inc. (b) | 1,279,570 | |||
29,500 | Quanex Corp. | 1,319,240 | |||
52,800 | Spartech Corp. | 1,272,480 | |||
11,511,793 | |||||
Telecommunications (4.5%) | |||||
240,300 | Cincinnati Bell, Inc. (b) | 1,321,650 | |||
33,800 | Commonwealth Telephone Enterprises, Inc. (b) | 1,243,502 | |||
17,600 | NII Holdings, Inc., Class B (b) | 1,676,048 | |||
68,700 | Primus Telecommunications Group, Inc. (b) | 829,209 | |||
65,000 | PTEK Holdings, Inc. (b) | 630,500 | |||
5,700,909 | |||||
Shares | Security | Value | ||||
Common Stocks, continued | ||||||
Utilities (2.9%) | ||||||
30,100 | Energen Corp. | $ | 1,294,300 | |||
65,815 | Southern Union Co. (b) | 1,182,037 | ||||
35,700 | UGI Corp. | 1,151,325 | ||||
3,627,662 | ||||||
Total Common Stocks (Cost $86,966,513) | 118,305,773 | |||||
Depositary Receipt (4.8%) | ||||||
37,100 | iShares Russell 2000 Value Index Fund | 6,160,084 | ||||
Total Depositary Receipt (Cost $5,064,496) | 6,160,084 | |||||
Right (0.1%) | ||||||
Consumer Discretionary (0.1%) | ||||||
39,508 | UnitedGlobalCom, Inc. (b) | 132,352 | ||||
Total Right (Cost $0) | 132,352 | |||||
Cash Sweep (3.7%) | ||||||
4,712,283 | Bank of New York | 4,712,283 | ||||
Total Cash Sweep (Cost $4,712,283) | 4,712,283 | |||||
Total Investments (Cost $96,743,292) (a)—101.6% | 129,310,492 | |||||
Liabilities in excess of other assets—(1.6)% | (2,092,418 | ) | ||||
Net Assets—100.0% | $ | 127,218,074 | ||||
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 33,483,817 | ||
Unrealized depreciation | (916,617 | ) | ||
Net unrealized appreciation | $ | 32,567,200 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Non-income producing security. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration normally to qualified institutional buyers. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board. |
See notes to financial statements.
17
Table of Contents
PACIFIC CAPITAL FUNDS
Mid-Cap Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Shares | Security | Value | |||
Common Stocks (97.1%) | |||||
Consumer Discretionary (15.6%) | |||||
2,100 | American Greetings Corp., | $ | 44,058 | ||
3,200 | Applebee’s International, Inc. | 121,984 | |||
2,400 | Banta Corp. | 110,400 | |||
4,200 | Barnes & Noble, Inc. (b) | 142,170 | |||
3,100 | BJ’s Wholesale Club, Inc. (b) | 67,115 | |||
800 | Bob Evans Farms, Inc. | 25,224 | |||
1,300 | BorgWarner, Inc. | 120,796 | |||
4,400 | Caesars Entertainment, Inc. (b) | 50,380 | |||
1,800 | CDW Corp. | 122,292 | |||
6,300 | Claire’s Stores, Inc. | 115,290 | |||
4,000 | Coach, Inc. (b) | 141,720 | |||
11,900 | Copart, Inc. (b) | 200,515 | |||
5,200 | Foot Locker, Inc. | 128,648 | |||
2,500 | GTECH Holdings Corp. | 139,025 | |||
4,200 | Harte-Hanks, Inc. | 91,140 | |||
1,600 | Lear Corp. | 105,056 | |||
1,100 | McClatchy Co. (The), Class A | 78,078 | |||
2,200 | Neiman Marcus Group, Inc. (The), | 121,440 | |||
500 | Pixar (b) | 33,250 | |||
1,100 | Polaris Industries, Inc. | 91,212 | |||
2,600 | Ross Stores, Inc. | 72,670 | |||
3,500 | Ruby Tuesday, Inc. | 97,790 | |||
6,100 | Saks, Inc. (b) | 103,700 | |||
90 | Washington Post Co. (The), Class B | 76,096 | |||
1,400 | Westwood One, Inc. (b) | 42,770 | |||
2,442,819 | |||||
Consumer Staples (4.5%) | |||||
4,100 | Energizer Holdings, Inc. (b) | 170,109 | |||
3,000 | J.M. Smucker Co. (The) | 139,770 | |||
4,300 | PepsiAmericas, Inc. | 73,874 | |||
3,000 | SUPERVALU, Inc. | 86,700 | |||
14,800 | Tyson Foods, Inc., Class A | 227,624 | |||
698,077 | |||||
Energy (5.9%) | |||||
5,600 | FMC Technologies, Inc. (b) | 137,816 | |||
2,700 | Newfield Exploration Co. (b) | 127,413 | |||
3,900 | Patterson-UTI Energy, Inc. (b) | 134,862 | |||
3,400 | Pogo Producing Co. | 135,660 | |||
3,400 | Smith International, Inc. (b) | 164,764 | |||
3,700 | Tidewater, Inc. | 118,585 | |||
2,100 | Valero Energy Corp. | 111,132 | |||
930,232 | |||||
Financials (19.3%) | |||||
3,100 | A.G. Edwards, Inc. | 117,955 | |||
2,400 | AmerUs Group Co. | 87,960 | |||
4,100 | Associated Banc-Corp. | 177,079 | |||
4,800 | CarrAmerica Realty Corp. | 152,496 | |||
2,000 | CBL & Associates Properties, Inc. | 120,900 | |||
3,000 | City National Corp. | 181,560 | |||
11,000 | E*Trade Financial Corp. (b) | 153,890 | |||
2,000 | Everest Re Group Ltd. | 170,160 | |||
3,900 | Fidelity National Financial, Inc. | 160,719 | |||
2,900 | First Tennessee National Corp. | 128,818 |
Shares | Security | Value | |||
Common Stocks, continued | |||||
Financials, continued | |||||
8,500 | Hibernia Corp., Class A | $ | 192,780 | ||
3,800 | Independence Community Bank Corp. | 146,870 | |||
1,500 | Legg Mason, Inc. | 132,825 | |||
700 | M&T Bank Corp. | 62,979 | |||
3,600 | Mercantile Bankshares Corp. | 157,284 | |||
4,400 | New York Community Bancorp, Inc. | 181,500 | |||
6,700 | Old Republic International Corp. | 173,329 | |||
2,900 | Protective Life Corp. | 102,660 | |||
4,400 | Sovereign Bancorp, Inc. | 99,484 | |||
4,300 | W. R. Berkley Corp. | 165,593 | |||
3,500 | Webster Financial Corp. | 176,225 | |||
3,043,066 | |||||
Health Care (12.3%) | |||||
1,300 | AdvancePCS, Inc. (b) | 74,217 | |||
3,000 | Apria Healthcare Group, Inc. (b) | 91,350 | |||
1,500 | Barr Pharmaceuticals, Inc. (b) | 112,935 | |||
2,500 | Beckman Coulter, Inc. | 136,275 | |||
2,000 | Charles River Laboratories International, Inc. (b) | 80,300 | |||
2,900 | Coventry Health Care, Inc. (b) | 192,270 | |||
10,000 | Cytyc Corp. (b) | 162,000 | |||
2,300 | Gilead Sciences, Inc. (b) | 126,201 | |||
4,100 | Health Net, Inc. (b) | 136,530 | |||
1,400 | Henry Schein, Inc. (b) | 98,196 | |||
2,100 | Invitrogen Corp. (b) | 161,700 | |||
4,100 | Mylan Laboratories, Inc. | 99,999 | |||
5,800 | PacifiCare Health Systems, Inc. (b) | 190,530 | |||
5,900 | Perrigo Co. | 98,353 | |||
438 | Teva Pharmaceutical Industries Ltd. | 27,438 | |||
1,700 | Varian Medical Systems, Inc. (b) | 140,998 | |||
1,929,292 | |||||
Industrials (14.9%) | |||||
2,000 | Black & Decker Corp. (The) | 102,500 | |||
1,500 | Briggs & Stratton Corp. | 99,060 | |||
4,700 | Convergys Corp. (b) | 78,584 | |||
11,850 | D.R. Horton, Inc. | 332,985 | |||
2,400 | Donaldson Co., Inc. | 129,648 | |||
2,500 | DST Systems, Inc. (b) | 107,025 | |||
2,500 | Dun & Bradstreet Corp. (The) (b) | 124,775 | |||
2,200 | Fair Isaac Corp. | 130,614 | |||
2,700 | Global Payments, Inc. | 125,550 | |||
4,300 | Graco, Inc. | 177,289 | |||
7,200 | J.B. Hunt Transport Services, | 189,432 | |||
900 | L-3 Communications Holdings, | 48,114 | |||
1,600 | Lennar Corp., Class A | 70,560 | |||
1,900 | Mohawk Industries Co. (b) | 132,202 | |||
2,200 | Precision Castparts Corp. | 102,938 | |||
2,700 | Rent-A-Center, Inc. (b) | 84,159 | |||
4,400 | Ryder System, Inc. | 161,920 | |||
1,700 | United Stationers, Inc. (b) | 67,456 | |||
1,000 | University of Phoenix Online (b) | 78,170 | |||
2,342,981 | |||||
See notes to financial statements.
18
Table of Contents
PACIFIC CAPITAL FUNDS
Mid-Cap Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Shares | Security | Value | |||
Common Stocks, continued | |||||
Information Technology (13.9%) | |||||
4,800 | Activision, Inc. (b) | $ | 90,288 | ||
1,700 | ADTRAN, Inc. | 58,514 | |||
3,600 | Affiliated Computer Services, Inc., Class A (b) | 199,620 | |||
3,000 | Arrow Electronics, Inc. (b) | 80,280 | |||
4,300 | Autodesk, Inc. | 109,865 | |||
7,100 | Avnet, Inc. (b) | 187,085 | |||
2,100 | Avocent Corp. (b) | 76,776 | |||
1,500 | Citrix Systems, Inc. (b) | 30,165 | |||
5,300 | Cypress Semiconductor Corp. (b) | 112,360 | |||
1,900 | Diebold, Inc. | 99,541 | |||
5,900 | Fairchild Semiconductor International, Inc., Class A (b) | 144,550 | |||
2,500 | International Rectifier Corp. (b) | 126,500 | |||
3,400 | Lam Research Corp. (b) | 90,950 | |||
5,100 | Macrovision Corp. (b) | 123,420 | |||
1,300 | Microchip Technology, Inc. | 37,440 | |||
2,700 | Plantronics, Inc. (b) | 108,135 | |||
3,900 | Polycom, Inc. (b) | 92,313 | |||
3,000 | Silicon Laboratories, Inc. (b) | 153,810 | |||
3,000 | Storage Technology Corp. (b) | 87,000 | |||
7,600 | Sybase, Inc. (b) | 164,312 | |||
2,172,924 | |||||
Materials (3.7%) | |||||
2,900 | Bemis Co., Inc. | 140,563 | |||
3,900 | Cytec Industries, Inc. (b) | 136,149 | |||
5,100 | Louisiana-Pacific Corp. (b) | 108,477 | |||
2,600 | Lubrizol Corp. (The) | 82,550 | |||
4,200 | Pall Corp. | 109,200 | |||
576,939 | |||||
Shares | Security | Value | |||
Common Stocks, continued | |||||
Telecommunications (0.4%) | |||||
2,300 | CenturyTel, Inc. | $ | 60,720 | ||
Utilities (6.6%) | |||||
2,300 | ALLETE, Inc. | 75,325 | |||
10,700 | Northeast Utilities | 205,975 | |||
2,700 | NSTAR | 132,165 | |||
9,300 | ONEOK, Inc. | 211,017 | |||
6,300 | Questar Corp. | 221,319 | |||
5,600 | Wisconsin Energy Corp. | 185,304 | |||
1,031,105 | |||||
Total Common Stocks | 15,228,155 | ||||
Investment Company (2.8%) | |||||
442,003 | Victory Institutional Money Market Fund, Investor Shares | 442,003 | |||
Total Investment Company | 442,003 | ||||
Total Investments (Cost $15,282,506) (a)—99.9% | 15,670,158 | ||||
Other assets in excess of liabilities—0.1% | 8,485 | ||||
Net Assets—100% | $ | 15,678,643 | |||
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 643,375 | ||
Unrealized depreciation | (255,723 | ) | ||
Net unrealized appreciation | $ | 387,652 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Non-income producing security. |
See notes to financial statements.
19
Table of Contents
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks (98.7%) | |||||
Consumer Discretionary (12.1%) | |||||
19,050 | AutoZone, Inc. (b) | $ | 1,606,296 | ||
135,220 | Bed Bath & Beyond, Inc. (b) | 5,491,284 | |||
38,950 | CDW Corp. | 2,646,263 | |||
63,010 | Chico’s FAS, Inc. (b) | 2,321,288 | |||
34,340 | Kohl’s Corp. (b) | 1,521,262 | |||
109,020 | Lowe’s Cos., Inc. | 5,838,021 | |||
65,160 | Omnicom Group, Inc. | 5,369,184 | |||
5,750 | Sotheby’s Holdings, Inc., | 80,615 | |||
100,340 | Starbucks Corp. (b) | 3,688,498 | |||
73,306 | Univision Communications, | 2,592,833 | |||
154,370 | Viacom, Inc., Class B | 6,221,112 | |||
37,376,656 | |||||
Consumer Staples (8.4%) | |||||
79,720 | Anheuser-Busch Cos., Inc. | 4,043,398 | |||
39,410 | Clorox Co. (The) | 1,926,361 | |||
50,140 | Dean Foods Co. (b) | 1,604,480 | |||
97,794 | PepsiCo, Inc. | 4,621,744 | |||
144,020 | Wal-Mart Stores, Inc. | 7,755,477 | |||
139,120 | Walgreen Co. | 4,806,596 | |||
17,510 | Whole Foods Market, Inc. | 1,181,400 | |||
25,939,456 | |||||
Energy (0.9%) | |||||
47,570 | Schlumberger Ltd. | 2,910,333 | |||
Financials (10.9%) | |||||
77,540 | American International Group, Inc. | 5,385,153 | |||
80,750 | Capital One Financial Corp. | 5,739,710 | |||
164,500 | Citigroup, Inc. | 8,139,460 | |||
79,820 | Fannie Mae | 6,154,122 | |||
51,000 | Goldman Sachs Group, Inc. (The) | 5,077,050 | |||
52,960 | Morgan Stanley | 3,082,802 | |||
33,578,297 | |||||
Health Care (22.6%) | |||||
67,110 | Abbott Laboratories | 2,891,099 | |||
29,050 | Accredo Health, Inc. (b) | 984,795 | |||
27,750 | AmerisourceBergen Corp. | 1,527,638 | |||
86,910 | Amgen, Inc. (b) | 5,604,826 | |||
24,575 | Cardinal Health, Inc. | 1,575,503 | |||
47,980 | Cephalon, Inc. (b) | 2,630,264 | |||
74,310 | Express Scripts, Inc. (b) | 5,140,023 | |||
105,480 | Johnson & Johnson | 5,634,741 | |||
58,570 | Lilly (Eli) & Co. | 3,985,103 | |||
57,780 | Lincare Holdings, Inc. (b) | 1,859,360 | |||
76,760 | Medtronic, Inc. | 3,778,127 | |||
22,340 | Patterson Dental Co. (b) | 1,473,323 | |||
329,574 | Pfizer, Inc. | 12,072,295 | |||
59,180 | Pharmaceutical Product Development, Inc. (b) | 1,745,810 | |||
51,170 | Quest Diagnostics, Inc. | 4,349,450 | |||
85,520 | UnitedHealth Group, Inc. | 5,206,458 |
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Health Care, continued | |||||
33,360 | WellPoint Health Networks, | $ | 3,502,800 | ||
57,440 | Wyeth | 2,352,168 | |||
45,290 | Zimmer Holdings, Inc. (b) | 3,464,685 | |||
69,778,468 | |||||
Industrials (12.0%) | |||||
34,140 | 3M Co. | 2,700,133 | |||
39,570 | FedEx Corp. | 2,662,270 | |||
453,393 | General Electric Co. | 15,247,606 | |||
41,700 | L-3 Communications Holdings, | 2,229,282 | |||
52,510 | Manpower, Inc. | 2,435,414 | |||
32,870 | Precision Castparts Corp. | 1,537,987 | |||
113,950 | Rockwell International Corp. | 3,711,352 | |||
71,380 | SPX Corp. (b) | 4,050,101 | |||
77,470 | Yellow Roadway Corp. (b) | 2,436,354 | |||
37,010,499 | |||||
Information Technology (30.3%) | |||||
62,130 | Affiliated Computer Services, Inc., Class A (b) | 3,445,109 | |||
254,880 | Applied Materials, Inc. (b) | 5,546,189 | |||
559,894 | Cisco Systems, Inc. (b) | 14,355,681 | |||
136,410 | Dell, Inc. (b) | 4,565,643 | |||
228,090 | EMC Corp. (b) | 3,202,384 | |||
115,490 | First Data Corp. | 4,522,588 | |||
72,150 | Fiserv, Inc. (b) | 2,695,524 | |||
252,410 | Intel Corp. | 7,723,745 | |||
53,850 | International Rectifier Corp. (b) | 2,724,810 | |||
95,690 | Jabil Circuit, Inc. (b) | 2,832,424 | |||
36,830 | KLA-Tencor Corp. (b) | 2,101,888 | |||
24,940 | Lexmark International, Inc. (b) | 2,067,277 | |||
396,350 | Microsoft Corp. | 10,959,077 | |||
95,360 | Nokia Corp., ADR | 1,970,138 | |||
396,960 | Oracle Corp. (b) | 5,482,018 | |||
49,857 | Paychex, Inc. | 1,868,640 | |||
39,280 | QLogic Corp. (b) | 1,766,029 | |||
30,570 | SanDisk Corp. (b) | 1,664,231 | |||
232,071 | Taiwan Semiconductor Manufacturing Co., Ltd., | 2,594,554 | |||
221,000 | Texas Instruments, Inc. | 6,928,350 | |||
130,483 | VERITAS Software Corp. (b) | 4,287,671 | |||
93,303,970 | |||||
Materials (0.9%) | |||||
51,990 | Pactiv Corp. (b) | 1,127,663 | |||
43,180 | Praxair, Inc. | 1,529,004 | |||
2,656,667 | |||||
Telecommunications (0.6%) | |||||
75,480 | Nextel Communications, Inc., | 1,991,917 | |||
Total Common Stocks (Cost $269,633,117) | 304,546,263 | ||||
See notes to financial statements.
20
Table of Contents
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Shares | Security Description | Value | ||||
Depositary Receipt (0.2%) | ||||||
20,800 | Nasdaq 100 Share Index (b) | $ | 771,472 | |||
Total Depositary Receipt (Cost $688,794) | 771,472 | |||||
Investment Company (1.3%) | ||||||
4,078,605 | Victory Institutional Money Market Fund, Investor Shares | 4,078,605 | ||||
Total Investment Company (Cost $4,078,605) | 4,078,605 | |||||
Total Investments (Cost $274,400,516) (a)—100.2% | 309,396,340 | |||||
Liabilities in excess of other assets—(0.2)% | (489,796 | ) | ||||
Net Assets—100.0% | $ | 308,906,544 | ||||
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 49,855,978 | ||
Unrealized depreciation | (14,860,154 | ) | ||
Net unrealized appreciation | $ | 34,995,824 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Non-income producing security. |
ADR—American Depositary Receipt
See notes to financial statements.
21
Table of Contents
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks (97.1%) | |||||
Consumer Discretionary (12.0%) | |||||
34,610 | Applebee’s International, Inc. | $ | 1,319,333 | ||
22,880 | Best Buy Co., Inc. | 1,152,923 | |||
39,200 | Chico’s FAS, Inc. (b) | 1,444,128 | |||
80,750 | Comcast Corp., Class A (b) | 2,755,190 | |||
13,810 | eBay, Inc. (b) | 925,684 | |||
26,270 | Family Dollar Stores, Inc. | 909,993 | |||
14,000 | General Motors Corp. | 695,520 | |||
18,240 | Harley-Davidson, Inc. | 930,970 | |||
74,590 | Home Depot, Inc. (The) | 2,645,707 | |||
52,590 | Hot Topic, Inc. (b) | 1,602,417 | |||
28,650 | Panera Bread Co. (b) | 1,167,488 | |||
34,226 | Starbucks Corp. (b) | 1,258,148 | |||
48,300 | Viacom, Inc., Class B | 1,946,490 | |||
18,753,991 | |||||
Consumer Staples (8.1%) | |||||
37,640 | Anheuser-Busch Cos., Inc. | 1,909,101 | |||
41,515 | PepsiCo, Inc. | 1,961,999 | |||
21,210 | Procter & Gamble Co. (The) | 2,143,907 | |||
57,340 | SYSCO Corp. | 2,174,906 | |||
68,050 | Wal-Mart Stores, Inc. | 3,664,492 | |||
13,650 | William Wrigley Jr. Co. | 768,086 | |||
12,622,491 | |||||
Energy (5.8%) | |||||
27,120 | ChevronTexaco Corp. | 2,341,812 | |||
18,830 | ConocoPhillips | 1,240,520 | |||
69,010 | Exxon Mobil Corp. | 2,814,918 | |||
49,750 | Marathon Oil Corp. | 1,615,880 | |||
16,110 | Schlumberger Ltd. | 985,610 | |||
8,998,740 | |||||
Financials (21.9%) | |||||
57,590 | American Express Co. | 2,985,466 | |||
64,495 | American International Group, Inc. | 4,479,177 | |||
34,760 | Bank of America Corp. | 2,831,550 | |||
78,710 | Citigroup, Inc. | 3,894,571 | |||
23,460 | Fannie Mae | 1,808,766 | |||
28,980 | Fifth Third Bancorp | 1,674,754 | |||
30,490 | Healthcare Realty Trust, Inc. | 1,251,615 | |||
35,690 | iStar Financial, Inc. | 1,428,314 | |||
42,905 | J.P. Morgan Chase & Co. | 1,668,575 | |||
68,540 | Marsh & McLennan Cos., Inc. | 3,216,582 | |||
108,590 | MBNA Corp. | 2,927,586 | |||
39,130 | Morgan Stanley | 2,277,757 | |||
46,660 | Simon Property Group, Inc. | 2,428,653 | |||
26,810 | Washington Mutual, Inc. | 1,187,683 | |||
34,061,049 | |||||
Health Care (12.7%) | |||||
27,270 | AdvancePCS (b) | 1,556,844 | |||
12,460 | AmerisourceBergen Corp. | 685,923 | |||
39,440 | Amgen, Inc. (b) | 2,543,486 | |||
19,030 | Anthem, Inc. (b) | 1,556,273 | |||
41,646 | Johnson & Johnson | 2,224,729 | |||
24,140 | Lilly (Eli) & Co. | 1,642,486 | |||
37,490 | Medtronic, Inc. | 1,845,258 |
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Health Care, continued | |||||
123,438 | Pfizer, Inc. | $ | 4,521,534 | ||
35,430 | Priority Healthcare Corp. (b) | 917,283 | |||
30,290 | Zimmer Holdings, Inc. (b) | 2,317,185 | |||
19,811,001 | |||||
Industrials (11.7%) | |||||
21,120 | 3M Co. | 1,670,381 | |||
16,070 | Alliant Techsystems, Inc. (b) | 899,920 | |||
24,740 | Deluxe Corp. | 999,249 | |||
29,300 | DST Systems, Inc. (b) | 1,254,333 | |||
154,380 | General Electric Co. | 5,191,798 | |||
27,860 | Illinois Tool Works, Inc. | 2,175,866 | |||
41,110 | Southwest Airlines Co. | 614,595 | |||
11,150 | Union Pacific Corp. | 718,060 | |||
30,370 | United Parcel Service, Inc., | 2,164,470 | |||
27,130 | United Technologies Corp. | 2,592,000 | |||
18,280,672 | |||||
Information Technology (19.1%) | |||||
74,980 | Applied Materials, Inc. (b) | 1,631,565 | |||
133,110 | Cisco Systems, Inc. (b) | 3,412,940 | |||
54,330 | Dell, Inc. (b) | 1,818,425 | |||
110,430 | EMC Corp. (b) | 1,550,437 | |||
76,660 | Flextronics International Ltd. (b) | 1,456,540 | |||
83,700 | Hewlett-Packard Co. | 1,991,223 | |||
93,550 | Intel Corp. | 2,862,630 | |||
24,590 | International Business Machines Corp. | 2,440,066 | |||
151,260 | Microsoft Corp. | 4,182,339 | |||
146,990 | Oracle Corp. (b) | 2,029,932 | |||
25,995 | Paychex, Inc. | 974,293 | |||
57,570 | Teradyne, Inc. (b) | 1,548,633 | |||
74,674 | Texas Instruments, Inc. | 2,341,030 | |||
64,230 | Vishay Intertechnology, Inc. (b) | 1,492,705 | |||
29,732,758 | |||||
Materials (1.4%) | |||||
23,470 | Alcoa, Inc. | 802,205 | |||
32,740 | E.I. du Pont de Nemours & Co. | 1,437,286 | |||
2,239,491 | |||||
Telecommunications (3.8%) | |||||
39,380 | ALLTEL Corp. | 1,917,018 | |||
108,066 | Verizon Communications, Inc. | 3,983,313 | |||
5,900,331 | |||||
Utilities (0.6%) | |||||
15,230 | Dominion Resources, Inc. | 977,157 | |||
Total Common Stocks (Cost $130,953,419) | 151,377,681 | ||||
Depositary Receipt (0.4%) | |||||
5,000 | S&P 500 Depositary Receipt | 567,000 | |||
Total Depositary Receipt (Cost $530,000) | 567,000 | ||||
See notes to financial statements.
22
Table of Contents
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Shares | Security Description | Value | |||
Investment Company (2.5%) | |||||
3,816,744 | Victory Institutional Money Market Fund, Investor Shares | $ | 3,816,744 | ||
Total Investment Company (Cost $3,816,744) | 3,816,744 | ||||
Total Investments (Cost $135,300,163) (a)—100.0% | 155,761,425 | ||||
Other assets in excess of liabilities—0.0% | 24,290 | ||||
Net Assets—100.0% | $ | 155,785,715 | |||
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 28,063,834 | ||
Unrealized depreciation | (7,602,572 | ) | ||
Net unrealized appreciation | $ | 20,461,262 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Non-income producing security. |
See notes to financial statements.
23
Table of Contents
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks (97.1%) | |||||
Consumer Discretionary (12.5%) | |||||
98,970 | ArvinMeritor, Inc. | $ | 2,197,134 | ||
32,620 | Boise Cascade Corp. | 1,058,519 | |||
72,655 | Comcast Corp., Class A (b) | 2,478,989 | |||
52,260 | Home Depot, Inc. (The) | 1,853,662 | |||
69,020 | InterActiveCorp (b) | 2,236,248 | |||
197,740 | Liberty Media Corp., Class A (b) | 2,301,694 | |||
90,410 | McDonald’s Corp. | 2,327,153 | |||
26,501 | Target Corp. | 1,005,978 | |||
232,220 | Time Warner, Inc. (b) | 4,080,105 | |||
83,285 | Viacom, Inc., Class B | 3,356,386 | |||
126,800 | Walt Disney Co. (The) | 3,043,200 | |||
25,939,068 | |||||
Consumer Staples (4.3%) | |||||
51,164 | Altria Group, Inc. | 2,844,206 | |||
27,770 | Coca-Cola Co. (The) | 1,367,395 | |||
73,490 | CVS Corp. | 2,625,063 | |||
21,320 | Procter & Gamble Co. (The) | 2,155,026 | |||
8,991,690 | |||||
Energy (8.4%) | |||||
51,650 | ChevronTexaco Corp. | 4,459,978 | |||
55,030 | ConocoPhillips | 3,625,376 | |||
37,954 | Devon Energy Corp. | 2,142,883 | |||
176,788 | Exxon Mobil Corp. | 7,211,182 | |||
17,439,419 | |||||
Financials (39.1%) | |||||
65,200 | American International Group, Inc. | 4,528,140 | |||
41,890 | Bank of America Corp. | 3,412,359 | |||
129,911 | Bank of New York Co., Inc. (The) | 4,124,674 | |||
60,480 | Capital One Financial Corp. | 4,298,918 | |||
102,840 | CIT Group, Inc. | 3,899,693 | |||
232,163 | Citigroup, Inc. | 11,487,425 | |||
56,030 | Comerica, Inc. | 3,199,873 | |||
50,530 | Conseco, Inc. (b) | 1,147,031 | |||
55,400 | Fannie Mae | 4,271,340 | |||
118,351 | FleetBoston Financial Corp. | 5,276,088 | |||
43,130 | Hartford Financial Services Group, Inc. (The) | 2,774,984 | |||
154,915 | J.P. Morgan Chase & Co. | 6,024,644 | |||
43,110 | Lehman Brothers Holdings, Inc. | 3,539,331 | |||
95,700 | Merrill Lynch & Co., Inc. | 5,626,203 | |||
63,100 | PMI Group, Inc. (The) | 2,436,922 | |||
44,250 | Principal Financial Group, Inc. | 1,535,475 | |||
54,220 | RenaissanceRe Holdings Ltd. | 2,795,583 | |||
51,970 | TCF Financial Corp. | 2,601,618 | |||
65,370 | Wachovia Corp. | 3,022,709 | |||
43,855 | Washington Mutual, Inc. | 1,942,777 | |||
74,520 | Willis Group Holdings Ltd. | 2,757,240 | |||
80,703,027 | |||||
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Health Care (3.3%) | |||||
38,130 | Express Scripts, Inc. (b) | $ | 2,637,452 | ||
68,350 | Merck & Co., Inc. | 3,253,460 | |||
25,330 | Wyeth | 1,037,264 | |||
6,928,176 | |||||
Industrials (9.4%) | |||||
194,750 | Cendant Corp. (b) | 4,411,087 | |||
55,720 | Cooper Industries Ltd., Class A | 3,137,036 | |||
29,710 | CSX Corp. | 937,648 | |||
52,680 | Ingersoll-Rand Co., Ltd. | 3,504,800 | |||
63,850 | Southwest Airlines Co. | 954,558 | |||
134,190 | Tyco International Ltd. | 3,589,582 | |||
91,400 | Yellow Roadway Corp. (b) | 2,874,439 | |||
19,409,150 | |||||
Information Technology (7.2%) | |||||
68,540 | Avaya, Inc. (b) | 1,191,225 | |||
51,690 | Cypress Semiconductor Corp. (b) | 1,095,828 | |||
107,440 | Flextronics International Ltd. (b) | 2,041,360 | |||
155,173 | Hewlett-Packard Co. | 3,691,566 | |||
39,380 | International Business Machines Corp. | 3,907,677 | |||
87,070 | Motorola, Inc. | 1,443,621 | |||
55,400 | STMicroelectronics NV, ADR | 1,486,936 | |||
14,858,213 | |||||
Materials (5.4%) | |||||
41,910 | Air Products & Chemicals, Inc. | 2,091,728 | |||
73,130 | Alcoa, Inc. | 2,499,583 | |||
42,350 | Dow Chemical Co. (The) | 1,776,583 | |||
36,286 | E.I. du Pont de Nemours & Co. | 1,592,955 | |||
37,830 | PPG Industries, Inc. | 2,202,841 | |||
30,010 | United States Steel Corp. | 1,021,841 | |||
11,185,531 | |||||
Telecommunications (3.7%) | |||||
52,112 | AT&T Corp. | 1,014,100 | |||
110,860 | SBC Communications, Inc. | 2,826,930 | |||
103,671 | Verizon Communications, Inc. | 3,821,313 | |||
7,662,343 | |||||
Utilities (3.8%) | |||||
13,510 | Dominion Resources, Inc. | 866,802 | |||
73,780 | Exelon Corp. | 4,941,784 | |||
78,330 | PG&E Corp. (b) | 2,103,161 | |||
7,911,747 | |||||
Total Common Stocks (Cost $174,218,537) | 201,028,364 | ||||
See notes to financial statements.
24
Table of Contents
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Shares | Security Description | Value | |||
Investment Company (2.9%) | |||||
5,923,751 | Victory Institutional Money Market Fund, Investor Shares | $ | 5,923,751 | ||
Total Investment Company (Cost $5,923,751) | 5,923,751 | ||||
Total Investments (Cost $180,142,288) (a)—100.0% | 206,952,115 | ||||
Other assets in excess of liabilities—0.0% | 77,837 | ||||
Net Assets—100.0% | $ | 207,029,952 | |||
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 30,507,444 | ||
Unrealized depreciation | (3,697,617 | ) | ||
Net unrealized appreciation | $ | 26,809,827 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Non-income producing security. |
ADR—American Depositary Receipt
NV—Naamloze Vennootschaap (Dutch Corp.)
See notes to financial statements.
25
Table of Contents
PACIFIC CAPITAL FUNDS
Diversified Fixed Income Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Principal | Security Description | Value | |||
Corporate Bonds (48.7%) | |||||
Consumer Discretionary (5.2%) | |||||
$6,000,000 | Estee Lauder Cos., Inc., | $ | 6,624,426 | ||
1,400,000 | McDonald’s Corp., 6.50%, 8/1/07 | 1,562,750 | |||
2,500,000 | Wal-Mart Stores, Inc., | 3,252,200 | |||
3,175,000 | Wendy’s International, Inc., | 3,480,594 | |||
14,919,970 | |||||
Consumer Staples (4.0%) | |||||
1,388,000 | Colgate-Palmolive Co., Series B, 7.60%, 5/19/25, MTN | 1,748,880 | |||
3,615,000 | Kraft Foods, Inc., 4.00%, 10/1/08 | 3,660,086 | |||
2,200,000 | Procter & Gamble Co., | 2,725,250 | |||
448,000 | Ralston Purina Co., | 564,280 | |||
2,495,000 | SYSCO Corp., 7.25%, 4/15/07 | 2,825,588 | |||
11,524,084 | |||||
Energy (4.7%) | |||||
800,000 | Amoco Argentina, | 860,000 | |||
5,000,000 | Amoco Co., 6.50%, 8/1/07 | 5,643,750 | |||
1,030,000 | Atlantic Richfield Co., | 1,299,382 | |||
1,028,000 | ChevronTexaco Corp., | 1,084,540 | |||
4,227,000 | Rowan Cos., Inc., Title XI Shipping Bonds, 5.88%, 3/15/12, U.S. Government Guaranteed | 4,679,682 | |||
13,567,354 | |||||
Financials (17.7%) | |||||
Banking (4.1%) | |||||
975,000 | Bank of New York Co., Inc., Series E, 2.20%, 5/12/06, MTN | 976,098 | |||
3,000,000 | Chase Manhattan Corp., | 3,408,750 | |||
1,750,000 | Mercantile Safe Deposit & Trust, 5.70%, 11/15/11 | 1,847,223 | |||
1,350,000 | U.S. Bancorp, 5.10%, 7/15/07 | 1,443,829 | |||
4,000,000 | Wells Fargo Co., 3.12%, 8/15/08 | 3,978,344 | |||
11,654,244 | |||||
Broker-Dealer (4.3%) | |||||
5,000,000 | Goldman Sachs Group, Inc., | 5,716,950 | |||
3,950,000 | Merrill Lynch & Co., Inc., Series B, 3.38%, 9/14/07, MTN | 3,985,005 | |||
2,500,000 | Morgan Stanley Dean Witter & Co., 5.80%, 4/1/07 | 2,722,765 | |||
12,424,720 | |||||
Financial Services (6.4%) | |||||
2,000,000 | General Electric Capital Corp., | 2,127,258 | |||
3,000,000 | General Electric Capital Corp., | 3,616,842 |
Principal | Security Description | Value | |||
Corporate Bonds, continued | |||||
Financials, continued | |||||
Financial Services, continued | |||||
$2,000,000 | General Motors Acceptance Corp., 4.50%, 7/15/06 | $ | 2,057,500 | ||
4,230,000 | Pitney Bowes Credit Corp., | 4,641,829 | |||
3,000,000 | US Central Credit Union, | 2,913,750 | |||
3,000,000 | Wells Fargo Financial, Inc., | 3,321,219 | |||
18,678,398 | |||||
Insurance (2.9%) | |||||
5,000,000 | New York Life Global Funding, 5.38%, 9/15/13, MTN (b) | 5,215,100 | |||
3,000,000 | Protective Life Secured Trust, Series 2003-1, 3.70%, 11/24/08, MTN | 3,010,311 | |||
8,225,411 | |||||
50,982,773 | |||||
Foreign Government (2.9%) | |||||
3,000,000 | Province of Ontario, | 3,007,500 | |||
5,000,000 | Republic of Finland, | 5,305,670 | |||
8,313,170 | |||||
Health Care (3.1%) | |||||
3,000,000 | Schering-Plough Corp., | 3,083,991 | |||
5,000,000 | Zeneca Wilmington, Inc., | 5,880,065 | |||
8,964,056 | |||||
Industrials (3.2%) | |||||
5,391,196 | FedEx Corp., Pass Thru Certificates, 7.50%, 1/15/18 | 6,138,758 | |||
3,000,000 | General Electric Co., 5.00%, 2/1/13 | 3,077,391 | |||
9,216,149 | |||||
Sovereign Agency (1.8%) | |||||
5,000,000 | Export Development Corp., | 5,189,565 | |||
Supranational Agency (3.6%) | |||||
920,000 | African Development Bank, | 1,075,213 | |||
3,000,000 | Asian Development Bank, | 3,180,000 | |||
4,779,000 | Inter-American Development Bank, 8.50%, 3/15/11 | 6,048,197 | |||
10,303,410 | |||||
Telecommunications (2.5%) | |||||
4,075,000 | GTE Southwest, Inc., First Mortgage Bond, 8.50%, 11/15/31 | 5,389,188 | |||
1,500,000 | Southwestern Bell Telephone Co., 7.00%, 7/1/15 | 1,756,875 | |||
7,146,063 | |||||
Total Corporate Bonds (Cost $131,878,743) | 140,126,594 | ||||
See notes to financial statements.
26
Table of Contents
PACIFIC CAPITAL FUNDS
Diversified Fixed Income Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
| Security Description | Value | |||
Private Placements (6.0%) | |||||
Financials (5.3%) | |||||
$5,000,000 | Berkshire Hathaway Financial, 4.20%, 12/15/10 (b) | $ | 5,024,320 | ||
5,000,000 | Monumental Global Funding II, 3.90%, 6/15/09 (b) | 5,018,750 | |||
5,000,000 | Nationwide Building Society, 2.63%, 1/30/07 (b) | 4,994,140 | |||
15,037,210 | |||||
Materials (0.7%) | |||||
2,000,000 | North Finance (Bermuda) Ltd., 7.00%, 9/15/05 (b) | 2,131,552 | |||
Total Private Placements (Cost $17,011,409) | 17,168,762 | ||||
U.S. Government Agencies (26.3%) | |||||
Federal Farm Credit Bank (0.2%) | |||||
680,000 | 5.45%, 9/5/12 | 680,071 | |||
Federal Home Loan Bank (4.6%) | |||||
5,000,000 | 6.50%, 11/15/05 | 5,406,810 | |||
3,000,000 | 4.88%, 11/15/06 | 3,191,079 | |||
1,000,000 | 5.80%, 9/2/08 | 1,100,862 | |||
3,000,000 | 7.63%, 5/14/10 | 3,623,136 | |||
13,321,887 | |||||
Federal Home Loan Mortgage Corp. (9.7%) | |||||
2,075,000 | 6.75%, 5/30/06 | 2,290,530 | |||
2,000,000 | 2.00%, 5/21/07 | 1,999,722 | |||
5,000,000 | 4.50%, 7/23/07 | 5,074,715 | |||
4,200,000 | 3.75%, 2/20/08 | 4,205,800 | |||
7,000,000 | 4.15%, 12/18/08 | 6,985,041 | |||
6,675,000 | 6.25%, 3/5/12 | 7,193,033 | |||
27,748,841 | |||||
Federal National Mortgage Assoc. (5.1%) | |||||
5,000,000 | 5.50%, 5/2/06 | 5,354,755 | |||
5,000,000 | 6.00%, 5/15/08 | 5,561,525 | |||
1,000,000 | 6.88%, 9/10/12 | 1,104,763 | |||
2,600,000 | 4.60%, 6/5/18 | 2,526,696 | |||
14,547,739 | |||||
Housing & Urban Development (1.1%) | |||||
2,950,000 | 6.41%, 8/1/14 | 3,222,545 | |||
Shares or | Security Description | Value | |||
U.S. Government Agencies, continued | |||||
Private Export Funding (2.2%) | |||||
$ 565,000 | 7.11%, 4/15/07 | $ | 638,450 | ||
3,100,000 | 6.67%, 9/15/09 | 3,561,125 | |||
2,200,000 | 4.97%, 8/15/13 | 2,271,500 | |||
6,471,075 | |||||
Small Business Administration Corp. (1.6%) | |||||
4,358,951 | 6.34%, 8/1/11 | 4,618,689 | |||
U.S. Agency for International Development (1.8%) | |||||
5,000,000 | AID to Israel, 5.50%, 12/4/23 | 5,130,720 | |||
Total U.S. Government Agencies | 75,741,567 | ||||
U.S. Treasury Bonds (6.4%) | |||||
6,400,000 | 7.25%, 5/15/16 | 8,064,006 | |||
2,850,000 | 7.88%, 2/15/21 | 3,840,822 | |||
3,000,000 | 6.25%, 8/15/23 | 3,468,633 | |||
2,850,000 | 5.50%, 8/15/28 | 3,018,863 | |||
Total U.S. Treasury Bonds (Cost $16,820,717) | 18,392,324 | ||||
U.S. Treasury Notes (10.9%) | |||||
4,000,000 | 7.25%, 8/15/04 | 4,132,660 | |||
1,000,000 | 7.50%, 2/15/05 | 1,064,454 | |||
5,415,000 | 6.50%, 5/15/05 | 5,766,553 | |||
5,000,000 | 5.75%, 11/15/05 | 5,356,840 | |||
3,000,000 | 6.63%, 5/15/07 | 3,391,407 | |||
7,000,000 | 5.63%, 5/15/08 | 7,768,089 | |||
4,000,000 | 4.00%, 11/15/12 | 3,998,128 | |||
Total U.S. Treasury Notes (Cost $30,401,228) | 31,478,131 | ||||
Investment Company (0.4%) | |||||
1,179,705 | Victory Institutional Money Market Fund, Investor Shares | 1,179,705 | |||
Total Investment Company (Cost $1,179,705) | 1,179,705 | ||||
Total Investments (Cost $269,402,437) | 284,087,083 | ||||
Other assets in excess of liabilities—1.3% | 3,658,324 | ||||
Net Assets—100.0% | $ | 287,745,407 | |||
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 14,962,823 | ||
Unrealized depreciation | (278,177 | ) | ||
Net unrealized appreciation | $ | 14,684,646 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration normally to qualified institutional buyers. These securities have been determined to be liquid in accordance with procedures adopted by the Fund’s Board. |
MTN—Medium Term Note
See notes to financial statements.
27
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Principal | Security Description | Value | |||
Alternative Minimum Tax Paper (15.3%) | |||||
Hawaii (15.3%) | |||||
$ 3,000,000 | Hawaii Airport System Revenue, 5.63%, 7/1/18, Callable | $ | 3,287,640 | ||
15,375,000 | Hawaii Airport System Revenue, Second Series, 6.90%, 7/1/12, Escrowed to Maturity, MBIA | 18,617,587 | |||
3,000,000 | Hawaii Department of Budget & Finance Special Purpose Revenue, Hawaiian Electric Co., 5.70%, 7/1/20, Callable 7/1/10 @ 101, AMBAC | 3,247,020 | |||
11,000,000 | Hawaii Department of Budget & Finance Special Purpose Revenue, Hawaiian Electric Co., Series A, 6.60%, 1/1/25, Callable 1/1/05 @101, MBIA | 11,572,330 | |||
5,000,000 | Hawaii Department of Budget & Finance Special Purpose Revenue, Hawaiian Electric Co., Series A, 6.20%, 5/1/26, Callable 5/1/06 @ 101, MBIA | 5,469,800 | |||
7,200,000 | Hawaii Department of Budget & Finance Special Purpose Revenue, Hawaiian Electric Co., Series A, 5.65%, 10/1/27, Callable 10/1/12 @ 101, MBIA | 7,772,040 | |||
2,650,000 | Hawaii Harbor Capital Improvement Revenue, 6.10%, 7/1/07, Callable 7/1/04 @102, FGIC | 2,749,587 | |||
4,660,000 | Hawaii Harbor Capital Improvement Revenue, 6.38%, 7/1/24, Callable 7/1/04 @ 102, FGIC | 4,839,317 | |||
1,500,000 | Hawaii Harbor System Revenue, Series B, 5.50%, 7/1/19, Callable 7/1/12 @ 100, AMBAC | 1,628,025 | |||
1,215,000 | Hawaii Housing Finance & Development Corp., Single Family Mortgage Revenue, Series A, 6.00%, 7/1/26, Callable 7/1/04 @ 102, FNMA | 1,239,422 | |||
Total Alternative Minimum Tax Paper | 60,422,768 | ||||
Municipal Bonds (83.7%) | |||||
Arizona (1.9%) | |||||
1,000,000 | Maricopa School District No. 69 Paradise Valley GO, 5.40%, 7/1/12, Callable 7/1/05 @ 101, MBIA | 1,064,070 | |||
1,000,000 | Mesa GO, 5.00%, 7/1/13, FGIC | 1,128,410 |
Principal | Security Description | Value | |||
Municipal Bonds, continued | |||||
Arizona, continued | |||||
$ 2,150,000 | Phoenix Civic Improvement Corp. Revenue, 5.25%, 7/1/16, Callable 7/1/27 @ 100, MBIA | $ | 2,337,566 | ||
2,510,000 | Scottsdale GO, 5.38%, 7/1/16, Callable 7/1/11 @ 101 | 2,834,116 | |||
7,364,162 | |||||
Arkansas (0.2%) | |||||
445,000 | Cabot School District No. 4 Lonoke County GO, 3.30%, 2/1/13, Callable 8/1/08 @100, AMBAC | 438,521 | |||
490,000 | Sheridan School District No. 37 GO, 4.50%, 2/1/16, Callable 8/1/08 @100, AMBAC | 501,397 | |||
939,918 | |||||
California (0.8%) | |||||
2,745,000 | San Francisco City & County Airport Community International Airport Revenue, Second Series, 5.63%, 5/1/21, Callable 5/1/06 @ 101, FGIC | 2,971,161 | |||
Colorado (0.2%) | |||||
600,000 | Adams & Arapahoe Counties School District No. 28 GO, Series C, 5.35%, 12/1/15, Callable 12/1/06 @ 102, FGIC | 661,704 | |||
Florida (6.5%) | |||||
700,000 | Florida State Board of Education Capital Outlay GO, Series 99E, 5.25%, 6/1/12, | 798,560 | |||
3,000,000 | Florida State Board of Education Capital Outlay GO, Series C, 5.88%, 6/1/20, Callable 6/1/10 @ 101, FGIC | 3,476,880 | |||
5,000,000 | Florida State Turnpike Authority Revenue, Department of Transportation, Series A, 5.50%, 7/1/17, Callable 7/1/05 @ 101, FGIC | 5,351,400 | |||
3,500,000 | Florida State Turnpike Authority Revenue, Department of Transportation, Series A, 5.75%, 7/1/17, | 4,046,280 | |||
2,000,000 | Miami-Dade County Expressway Authority Toll System Revenue, 6.00%, 7/1/20, Prerefunded 7/1/10 @ 101, FGIC | 2,402,780 | |||
4,875,000 | Orange County Public Service Tax Revenue, 6.00%, 10/1/24, Callable 10/1/05 @ 102, FGIC | 5,348,460 | |||
3,725,000 | Orlando Utilities Community Water & Electric Revenue, Series D, 6.75%, 10/1/17 | 4,677,632 | |||
26,101,992 | |||||
See notes to financial statements.
28
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Principal Amount | Security Description | Value | |||||
Municipal Bonds, continued | |||||||
Georgia (2.9%) | |||||||
$ | 390,000 | Georgia Municipal Electric Authority Power Revenue, | $ | 497,348 | |||
6,420,000 | Georgia Municipal Electric Authority Power Revenue, | 8,108,202 | |||||
2,330,000 | Metropolitan Atlanta Rapid Transportation Authority Sales Tax Revenue, Series P, 6.25%, 7/1/11, AMBAC | 2,817,553 | |||||
11,423,103 | |||||||
Hawaii (43.6%) | |||||||
1,000,000 | Hawaii County GO, Series A, 4.70%, 2/1/07, Callable | 1,068,710 | |||||
2,000,000 | Hawaii County GO, Series A, 5.50%, 5/1/08, FGIC | 2,261,480 | |||||
1,000,000 | Hawaii County GO, Series A, 4.90%, 2/1/09, Callable | 1,071,170 | |||||
1,810,000 | Hawaii County GO, Series A, 5.00%, 2/1/10, Callable | 1,941,605 | |||||
2,095,000 | Hawaii County GO, Series A, 5.10%, 2/1/13, Callable | 2,231,364 | |||||
605,000 | Hawaii County GO, Series A, 5.60%, 5/1/13, FGIC | 706,108 | |||||
1,065,000 | Hawaii County GO, Series A, 5.50%, 7/15/14, FGIC | 1,213,291 | |||||
2,320,000 | Hawaii County GO, Series A, 5.20%, 2/1/15, Callable | 2,461,450 | |||||
1,340,000 | Hawaii County GO, Series A, 5.50%, 7/15/15, FGIC | 1,522,789 | |||||
2,000,000 | Hawaii County GO, Series A, 5.50%, 5/15/16, Callable | 2,249,060 | |||||
3,000,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Series A, 4.95%, 4/1/12, MBIA | 3,344,580 | |||||
2,000,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Series A, 5.50%, 12/1/14, Callable 12/1/09 @ 101, AMBAC | 2,277,520 | |||||
1,700,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Kapiolani Health Care System, 6.30%, 7/1/08, Callable 3/8/04 @ 102, MBIA | 1,738,709 |
Principal Amount | Security Description | Value | |||||
Municipal Bonds, continued | |||||||
Hawaii, continued | |||||||
$ | 3,680,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Kapiolani Health Care System, 6.40%, 7/1/13, Callable 3/8/04 @ 102, MBIA | $ | 3,763,941 | |||
1,455,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Queens Health System, Series A, 5.88%, 7/1/11, Callable 7/1/06 @ 102 | 1,631,579 | |||||
3,245,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Queens Health System, Series A, 6.05%, 7/1/16, Callable 7/1/06 @ 102 | 3,652,183 | |||||
3,500,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Queens Health System, Series B, 5.25%, 7/1/23, Callable 7/1/08 @ 102, MBIA | 3,692,395 | |||||
2,795,000 | Hawaii Housing Finance & Development Corp., Single Family Mortgage Revenue, Series B, 5.70%, 7/1/13, Callable 7/1/04 @ 102, FNMA | 2,867,810 | |||||
1,325,000 | Hawaii Housing Finance & Development Corp., Single Family Mortgage Revenue, Series B, 6.90%, 7/1/16, Callable 3/8/04 @ 100, FNMA | 1,337,747 | |||||
5,980,000 | Hawaii Housing Finance & Development Corp., Single Family Mortgage Revenue, Series B, 5.85%, 7/1/17, Callable 7/1/04 @ 102, FNMA | 6,126,270 | |||||
3,475,000 | Hawaii Housing Finance & Development Corp., Single Family Mortgage Revenue, Series B, 7.00%, 7/1/31, Callable 3/8/04 @ 100, FNMA | 3,517,221 | |||||
2,340,000 | Hawaii Housing Finance & Development Corp., University of Hawaii Faculty Housing Project Revenue, 5.70%, 10/1/25, Callable 10/1/05 @ 101, AMBAC | 2,492,755 | |||||
2,000,000 | Hawaii State GO, Series BZ, 6.00%, 10/1/12, FGIC | 2,398,700 | |||||
1,350,000 | Hawaii State GO, Series CH, 4.75%, 11/1/11, MBIA | 1,503,198 | |||||
1,335,000 | Hawaii State GO, Series CH, 4.75%, 11/1/13, MBIA | 1,475,162 | |||||
3,000,000 | Hawaii State GO, Series CM, 6.50%, 12/1/13, FGIC | 3,751,140 | |||||
1,500,000 | Hawaii State GO, Series CN, 6.25%, 3/1/08, FGIC | 1,735,515 |
See notes to financial statements.
29
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Principal Amount | Security Description | Value | |||||
Municipal Bonds, continued | |||||||
Hawaii, continued | |||||||
$ | 2,000,000 | Hawaii State GO, Series CN, 5.50%, 3/1/14, Callable | $ | 2,228,740 | |||
4,975,000 | Hawaii State GO, Series CN, 5.25%, 3/1/15, Callable | 5,483,694 | |||||
5,255,000 | Hawaii State GO, Series CP, 5.00%, 10/1/12, Callable | 5,743,925 | |||||
5,300,000 | Hawaii State GO, Series CP, 5.00%, 10/1/13, Callable | 5,736,932 | |||||
4,310,000 | Hawaii State GO, Series CP, 5.00%, 10/1/15, Callable | 4,618,639 | |||||
3,000,000 | Hawaii State GO, Series CP, 5.00%, 10/1/16, Callable | 3,204,090 | |||||
2,050,000 | Hawaii State GO, Series CP, 5.00%, 10/1/17, Callable | 2,179,970 | |||||
3,150,000 | Hawaii State GO, Series CR, 5.00%, 4/1/16, Callable | 3,381,305 | |||||
5,500,000 | Hawaii State GO, Series CR, 5.00%, 4/1/17, Callable | 5,875,099 | |||||
2,000,000 | Hawaii State GO, Series CT, 5.88%, 9/1/16, Prerefunded 9/1/09 @ 101, FSA | 2,366,600 | |||||
2,000,000 | Hawaii State GO, Series CT, 5.88%, 9/1/17, Prerefunded 9/1/09 @ 101, FSA | 2,366,600 | |||||
1,000,000 | Hawaii State GO, Series CU, 5.50%, 10/1/17, MBIA | 1,169,550 | |||||
3,000,000 | Hawaii State GO, Series CV, 5.25%, 8/1/21, Callable | 3,198,690 | |||||
1,000,000 | Hawaii State Highway Revenue, 5.25%, 7/1/14, Callable | 1,105,810 | |||||
2,000,000 | Hawaii State Highway Revenue, 5.38%, 7/1/14, Callable | 2,244,180 | |||||
2,325,000 | Hawaii State Highway Revenue, 5.38%, 7/1/15, Callable | 2,596,002 | |||||
1,250,000 | Hawaii State Highway Revenue, 5.25%, 7/1/16, Callable | 1,371,675 | |||||
1,350,000 | Hawaii State Highway Revenue, 5.38%, 7/1/17, Callable | 1,498,230 | |||||
2,530,000 | Hawaii State Highway Revenue, 5.38%, 7/1/18, Callable | 2,801,646 |
Principal Amount | Security Description | Value | |||||
Municipal Bonds, continued | |||||||
Hawaii, continued | |||||||
$ | 2,125,000 | Honolulu City & County GO, Series A, 6.00%, 1/1/11, Escrowed to Maturity, FGIC | $ | 2,525,860 | |||
875,000 | Honolulu City & County GO, Series A, 6.00%, 1/1/11, FGIC | 1,035,265 | |||||
4,820,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/11, Escrowed to Maturity, FGIC | 5,681,575 | |||||
465,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/12, Escrowed to Maturity, FGIC | 549,528 | |||||
1,865,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/12, FGIC | 2,185,015 | |||||
1,010,000 | Honolulu City & County GO, Series A, 5.00%, 11/1/12, Callable 11/1/05 @ 101, MBIA | 1,080,549 | |||||
850,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/13, Escrowed to Maturity, FGIC | 1,007,497 | |||||
3,345,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/13, FGIC | 3,938,804 | |||||
5,000 | Honolulu City & County GO, Series A, 5.63%, 9/1/13, Callable 9/1/06 @ 102, FGIC | 5,566 | |||||
1,670,000 | Honolulu City & County GO, Series A, 5.63%, 9/1/13, Prerefunded 9/1/08 @ 100, FGIC | 1,911,348 | |||||
3,500,000 | Honolulu City & County GO, Series A, 5.38%, 9/1/18, Callable 9/1/11 @ 100, FSA | 3,862,215 | |||||
1,000,000 | Honolulu City & County GO, Series B, 5.13%, 7/1/10, Callable 7/1/09 @ 101, FGIC | 1,126,120 | |||||
295,000 | Honolulu City & County GO, Series B, 5.25%, 10/1/12, Escrowed to Maturity, FGIC | 340,406 | |||||
640,000 | Honolulu City & County GO, Series B, 5.25%, 10/1/12, FGIC | 731,744 | |||||
2,595,000 | Honolulu City & County GO, Series B, 5.13%, 7/1/18, Callable 7/1/09 @ 101, FGIC | 2,777,480 | |||||
2,500,000 | Honolulu City & County GO, Series C, 5.13%, 7/1/16, Callable 7/1/09 @ 101, FGIC | 2,703,825 | |||||
2,000,000 | Honolulu City & County Waste Water System Revenue, Junior Series, 5.00%, 7/1/23, Callable 7/1/09 @ 101, FGIC | 2,059,540 | |||||
2,320,000 | Honolulu City & County Water GO, 6.00%, 12/1/11, Escrowed to Maturity, FGIC | 2,809,311 | |||||
935,000 | Honolulu City & County Water GO, 6.00%, 12/1/14, Escrowed to Maturity, FGIC | 1,141,233 | |||||
1,340,000 | Kauai County GO, Series C, | 1,568,684 |
See notes to financial statements.
30
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Principal Amount | Security Description | Value | |||||
Municipal Bonds, continued | |||||||
Hawaii, continued | |||||||
$ | 1,000,000 | Maui County GO, 6.00%, 12/15/08, FGIC | $ | 1,169,310 | |||
1,005,000 | Maui County GO, Series A, | 1,110,294 | |||||
1,160,000 | Maui County GO, Series A, | 1,260,874 | |||||
2,040,000 | Maui County GO, Series A, | 2,242,552 | |||||
1,125,000 | Maui County GO, Series C, | 1,215,191 | |||||
1,000,000 | University of Hawaii System Revenue, Series A, | 1,139,660 | |||||
1,205,000 | University of Hawaii System Revenue, Series A, | 1,314,510 | |||||
1,000,000 | University of Hawaii System Revenue, Series A, | 1,074,690 | |||||
172,773,475 | |||||||
Illinois (1.2%) | |||||||
1,000,000 | Central Lake County Joint Action Water Agency Revenue, | 1,136,260 | |||||
3,230,000 | Chicago GO, Series A, | 3,660,204 | |||||
4,796,464 | |||||||
Kansas (1.6%) | |||||||
3,725,000 | Burlington Pollution Control Revenue, Kansas Gas & Electric Co. Project, 7.00%, 6/1/31, Callable 3/8/04 @ 101, MBIA | 3,927,193 | |||||
2,195,000 | Kansas City Utilities System Revenue, 6.38%, 9/1/23, Callable 9/1/04 @ 102, FGIC | 2,307,428 | |||||
6,234,621 | |||||||
Kentucky (0.4%) | |||||||
1,250,000 | Kentucky State Property & Buildings Commission Revenue, 2nd Series, 5.50%, 11/1/16, FSA | 1,416,663 | |||||
Massachusetts (1.8%) | |||||||
1,000,000 | Massachusetts State GO, Series C, 5.75%, 10/1/20, Prerefunded 10/1/10 @ 100 | 1,174,700 | |||||
5,000,000 | Massachusetts State GO, Series D, 5.25%, 11/1/17, MBIA | 5,786,799 | |||||
80,000 | Massachusetts State Water Pollution Abatement Revenue, Series 2, 5.70%, 2/1/13, | 84,880 | |||||
7,046,379 | |||||||
Principal Amount | Security Description | Value | |||||
Municipal Bonds, continued | |||||||
Michigan (4.3%) | |||||||
$ | 3,000,000 | Caledonia Community Schools GO, 5.50%, 5/1/23, Callable 5/1/10 @ 100, FGIC | $ | 3,300,090 | |||
3,000,000 | Michigan Municipal Building Authority Revenue, Clean Water Revolving Fund, 5.50%, 10/1/21, Callable | 3,533,760 | |||||
1,500,000 | Michigan State Building Authority Revenue, Series II, | 1,676,355 | |||||
3,000,000 | Michigan State GO, | 3,497,760 | |||||
2,245,000 | Michigan State Strategic Fund Ltd. Obligation Revenue, | 2,795,047 | |||||
2,250,000 | Saline Area Schools GO, | 2,382,615 | |||||
17,185,627 | |||||||
Minnesota (0.3%) | |||||||
1,000,000 | St. Paul Special Assessment GO, Series B, 5.00%, 3/1/13 | 1,081,730 | |||||
Missouri (0.6%) | |||||||
2,000,000 | University of Missouri Revenue, Series B, 5.38%, 11/1/16 | 2,240,760 | |||||
New Mexico (0.5%) | |||||||
1,625,000 | Sante Fe Gross Receipts Tax Revenue, Series B, | 1,794,666 | |||||
New York (2.3%) | |||||||
5,000,000 | New York State Thruway Authority General Revenue, Series D, 5.50%, 1/1/16, | 5,547,100 | |||||
2,000,000 | New York State Thruway Authority Revenue, Highway & Bridge Trust Fund, Series A, | 2,298,860 | |||||
1,000,000 | New York State Thruway Authority Revenue, Highway & Bridge Trust Fund, Series B, | 1,140,740 | |||||
8,986,700 | |||||||
Ohio (3.0%) | |||||||
2,320,000 | Cleveland Package Facilities Revenue, 5.50%, 9/15/16, Callable 9/15/06 @ 102, MBIA | 2,578,634 | |||||
3,165,000 | Columbus Municipal Airport Authority Revenue, Port Columbus Improvement, Series B, 5.00%, 1/1/16, Callable | 3,349,076 | |||||
1,000,000 | Hamilton County Sales Tax Revenue, Series B, | 1,091,420 |
See notes to financial statements.
31
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
Principal Amount | Security Description | Value | |||||
Municipal Bonds, continued | |||||||
Ohio, continued | |||||||
$ | 1,000,000 | Ohio State Building Authority, Adult Correction Facility Revenue, Series A, | $ | 1,142,670 | |||
2,250,000 | Ohio State Community Turnpike Revenue, Series B, | 2,608,718 | |||||
1,000,000 | Ohio State Water Development Authority Pollution Control Facilities Revenue, | 1,066,730 | |||||
11,837,248 | |||||||
Oregon (2.3%) | |||||||
3,100,000 | Clackamas Community College District GO, 5.25%, 6/15/16, Callable 6/15/11 @ 100, FGIC | 3,417,626 | |||||
5,000,000 | Portland Sewer System Revenue, Series A, 5.75%, 8/1/18, Callable 8/1/10 @ 100, FGIC | 5,757,849 | |||||
9,175,475 | |||||||
Puerto Rico (0.4%) | |||||||
1,500,000 | Puerto Rico Commonwealth Public Improvement GO, Series A, 5.50%, 7/1/13, FGIC | 1,758,360 | |||||
Tennessee (1.7%) | |||||||
4,730,000 | Shelby County GO, Series A, 5.63%, 4/1/15, Callable | 4,994,502 | |||||
1,600,000 | Shelby County GO, Series B, 5.25%, 8/1/17, Callable | 1,751,888 | |||||
6,746,390 | |||||||
Virginia (2.8%) | |||||||
3,650,000 | Norfolk Water Revenue, | 3,987,406 | |||||
1,750,000 | Richmond GO, Series B, | 1,891,488 |
Shares or | Security Description | Value | |||
Municipal Bonds, continued | |||||
Virginia, continued | |||||
$ 5,000,000 | Virginia State Public School Authority Special Obligation Chesapeake School Financing Revenue, 5.63%, 6/1/15, Callable 6/1/05 @ 102 | $ | 5,391,100 | ||
11,269,994 | |||||
Washington (4.1%) | |||||
$ 3,475,000 | Douglas County School District No. 206 Eastmont GO, | 3,686,767 | |||
3,000,000 | King County Sewer Revenue, Second Series, 6.25%, 1/1/14, Callable 1/1/09 @ 101, FGIC | 3,520,290 | |||
1,000,000 | Snohomish County GO, 5.70%, 12/1/14, Callable 12/1/09 @ 100, MBIA | 1,140,980 | |||
2,880,000 | Snohomish County Limited Tax GO, 5.25%, 12/1/12, Callable 12/1/11 @ 100, MBIA | 3,255,898 | |||
4,000,000 | Washington State GO, Series A, 5.63%, 7/1/19, | 4,491,360 | |||
16,095,295 | |||||
Wisconsin (0.3%) | |||||
1,000,000 | Milwaukee Sewerage Revenue, Series S4, 5.00%, 6/1/18, Callable 6/1/13 @ 100, FGIC | 1,067,510 | |||
Total Municipal Bonds (Cost $297,409,573) | 330,969,397 | ||||
Investment Company (0.0%) | |||||
150,154 | Dreyfus Tax Exempt Cash Management Fund, Institutional Shares | 150,154 | |||
Total Investment Company (Cost $150,154) | 150,154 | ||||
Total Investments (Cost $351,779,671) | 391,542,319 | ||||
Other assets in excess of liabilities—1.0% | 4,049,081 | ||||
Net Assets—100.0% | $ | 395,591,400 | |||
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 39,762,648 | ||
Unrealized depreciation | (— | ) | ||
Net unrealized appreciation | $ | 39,762,648 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
AMBAC—Insured by AMBAC Indemnity Corporation
FGIC—Insured by the Financial Guaranty Insurance Company
FNMA—Insured by Federal National Mortgage Association collateral
FSA—Insured by Financial Security Assurance
GO—General Obligation
MBIA—Insured by MBIA, Inc.
See notes to financial statements.
32
Table of Contents
PACIFIC CAPITAL FUNDS
Short Intermediate U.S. Government Securities Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Principal | Security | Value | |||
U.S. Government Agencies (81.2%) | |||||
Federal Farm Credit Bank (16.6%) | |||||
$2,395,000 | 0.95%, 2/2/04 | $ | 2,394,873 | ||
2,000,000 | 3.875%, 12/15/04 | 2,045,000 | |||
2,000,000 | 3.875%, 2/1/05 | 2,050,043 | |||
1,000,000 | 5.75%, 2/9/05 | 1,044,320 | |||
1,000,000 | 1.75%, 4/8/05 | 1,000,746 | |||
2,000,000 | 2.125%, 8/15/05 | 2,011,772 | |||
500,000 | 5.10%, 11/9/05 | 527,658 | |||
10,000 | 6.50%, 11/22/05 | 10,812 | |||
1,000,000 | 5.50%, 6/15/06 | 1,073,750 | |||
1,825,000 | 2.95%, 9/8/06 | 1,840,195 | |||
250,000 | 6.30%, 8/8/07 | 278,259 | |||
200,000 | 6.52%, 9/24/07 | 224,397 | |||
500,000 | 3.625%, 11/19/07 | 500,042 | |||
1,000,000 | 2.95%, 6/12/08 | 985,949 | |||
15,987,816 | |||||
Federal Home Loan Bank (61.6%) | |||||
900,000 | 5.25%, 2/13/04 | 901,273 | |||
1,500,000 | 3.375%, 6/15/04 | 1,512,782 | |||
1,000,000 | 4.75%, 6/28/04 | 1,014,943 | |||
1,000,000 | 2.25%, 8/13/04 | 1,005,999 | |||
500,000 | 3.375%, 11/15/04 | 508,750 | |||
1,000,000 | 4.125%, 11/15/04 | 1,022,500 | |||
300,000 | 4.375%, 2/15/05 | 309,375 | |||
1,500,000 | 5.25%, 5/13/05 | 1,571,729 | |||
500,000 | 6.955%, 7/15/05 | 538,750 | |||
1,000,000 | 3.25%, 8/15/05 | 1,023,632 | |||
1,000,000 | 6.875%, 8/15/05 | 1,079,164 | |||
15,000 | 6.34%, 10/19/05 | 16,146 | |||
100,000 | 6.50%, 11/15/05 | 108,136 | |||
500,000 | 2.50%, 12/15/05 | 505,614 | |||
1,000,000 | 5.29%, 1/27/06 | 1,062,537 | |||
1,000,000 | 2.60%, 2/24/06 | 1,000,814 | |||
500,000 | 2.50%, 3/10/06 | 500,649 | |||
2,000,000 | 2.50%, 3/24/06 | 2,003,472 | |||
7,000,000 | 2.125%, 5/15/06 | 6,986,552 | |||
5,000,000 | 5.375%, 5/15/06 | 5,351,764 | |||
1,000,000 | 2.20%, 6/5/06 | 998,526 | |||
500,000 | 1.90%, 7/7/06 | 495,236 | |||
1,000,000 | 5.25%, 8/15/06 | 1,071,250 | |||
1,000,000 | 2.875%, 9/15/06 | 1,012,500 | |||
1,000,000 | 2.75%, 9/29/06 | 1,005,652 | |||
150,000 | 4.61%, 11/6/06 | 158,438 | |||
1,000,000 | 4.875%, 11/15/06 | 1,063,693 | |||
2,000,000 | 6.79%, 2/5/07 | 2,240,046 | |||
3,000,000 | 4.875%, 2/15/07 | 3,195,357 |
Principal | Security | Value | |||
U.S. Government Agencies, continued | |||||
Federal Home Loan Bank, continued | |||||
$ 890,000 | 5.00%, 3/8/07 | $ | 951,553 | ||
365,000 | 6.995%, 4/2/07 | 412,289 | |||
500,000 | 4.875%, 5/15/07 | 532,974 | |||
1,500,000 | 7.625%, 5/15/07 | 1,730,181 | |||
210,000 | 7.325%, 5/30/07 | 240,106 | |||
255,000 | 6.50%, 8/15/07 | 285,676 | |||
1,260,000 | 3.175%, 10/2/07 | 1,262,724 | |||
425,000 | 3.45%, 11/5/07 | 431,546 | |||
500,000 | 4.25%, 11/7/07 | 500,223 | |||
225,000 | 3.50%, 11/15/07 | 228,656 | |||
1,000,000 | 3.375%, 2/15/08 | 1,008,411 | |||
250,000 | 3.50%, 4/15/08 | 250,835 | |||
600,000 | 3.50%, 4/22/08 | 600,164 | |||
1,000,000 | 6.185%, 5/6/08 | 1,118,248 | |||
1,925,000 | 3.00%, 6/30/08 | 1,900,495 | |||
7,500,000 | 3.375%, 7/21/08 | 7,495,597 | |||
1,000,000 | 3.625%, 11/14/08 | 1,008,588 | |||
59,223,545 | |||||
Student Loan Marketing Assoc. (1.3%) | |||||
1,000,000 | 3.375%, 7/15/04 | 1,010,449 | |||
250,000 | 5.85%, 6/1/07 | 274,193 | |||
1,284,642 | |||||
Tennessee Valley Authority (1.7%) | |||||
1,500,000 | 6.375%, 6/15/05 | 1,595,625 | |||
Total U.S. Government Agencies | 78,091,628 | ||||
U.S. Treasury Notes (17.9%) | |||||
248,000 | 5.875%, 2/15/04 | 248,500 | |||
493,000 | 6.00%, 8/15/04 | 506,076 | |||
300,000 | 6.50%, 5/15/05 | 319,477 | |||
200,000 | 6.50%, 8/15/05 | 215,047 | |||
200,000 | 3.00%, 11/15/07 | 202,305 | |||
1,000,000 | 3.00%, 2/15/08 | 1,007,696 | |||
7,000,000 | 2.625%, 5/15/08 | 6,923,441 | |||
250,000 | 3.25%, 8/15/08 | 252,569 | |||
6,000,000 | 3.125%, 9/15/08 | 6,020,862 | |||
1,500,000 | 3.125%, 10/15/08 | 1,503,633 | |||
Total U.S. Treasury Notes (Cost $17,196,856) | 17,199,606 | ||||
Total Investments (Cost $93,827,087) | 95,291,234 | ||||
Other assets in excess of liabilities—0.9% | 905,985 | ||||
Net Assets —100.0% | $ | 96,197,219 | |||
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 1,639,090 | ||
Unrealized depreciation | (174,943 | ) | ||
Net unrealized appreciation | $ | 1,464,147 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
See notes to financial statements.
33
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Principal | Security | Value | |||
Alternative Minimum Tax Paper (7.4%) | |||||
Hawaii (5.9%) | |||||
$ 610,000 | Hawaii Airport System Revenue, Second Series, 6.90%, 7/1/12, Escrowed to Maturity, MBIA | $ | 738,649 | ||
1,000,000 | Hawaii State Airport System Revenue, 4.75%, 7/1/06, FGIC | 1,064,330 | |||
585,000 | Hawaii State Harbor Capital Improvements Revenue, | 596,308 | |||
1,790,000 | Hawaii State Housing Finance & Development Corp., Single Family Mortgage Revenue, Series A, 4.75%, 7/1/06, FNMA | 1,882,239 | |||
4,281,526 | |||||
Utah (1.5%) | |||||
1,000,000 | Utah State Board of Regents Student Loan Revenue, Series N, | 1,084,990 | |||
Total Alternative Minimum Tax Paper | 5,366,516 | ||||
Municipal Bonds (90.8%) | |||||
Colorado (1.6%) | |||||
1,200,000 | Colorado Housing & Finance Authority Revenue, Class I, Series A-1, 0.96%*, 10/1/30, FHLB | 1,200,000 | |||
Connecticut (0.0%) | |||||
25,000 | Connecticut State GO, Series E, 4.75%, 3/15/08, Prerefunded 3/15/04 @ 101.50 | 25,485 | |||
Hawaii (50.0%) | |||||
775,000 | Hawaii County GO, Series A, 5.20%, 5/1/04, FGIC | 782,921 | |||
600,000 | Hawaii County GO, Series A, 4.50%, 7/15/09, FSA | 659,148 | |||
1,065,000 | Hawaii County GO, Series A, 5.25%, 5/15/12, Callable | 1,183,098 | |||
2,275,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Queens Health System, Series A, 0.95%*, 7/1/26 | 2,275,000 | |||
2,000,000 | Hawaii State Airport System Revenue, First Series, | 2,036,780 | |||
500,000 | Hawaii State GO, Series BW, | 592,390 | |||
500,000 | Hawaii State GO, Series CC, 5.125%, 2/1/07 | 547,290 | |||
1,000,000 | Hawaii State GO, Series CN, | 1,157,010 | |||
800,000 | Hawaii State GO, Series CO, | 857,504 | |||
1,000,000 | Hawaii State GO, Series CO, | 1,110,280 | |||
1,150,000 | Hawaii State GO, Series CP, | 1,295,176 | |||
1,000,000 | Hawaii State GO, Series CR, | 1,107,740 |
Principal Amount | Security | Value | |||||
Municipal Bonds, continued | |||||||
Hawaii, continued | |||||||
$ | 1,000,000 | Hawaii State GO, Series CS, | $ | 1,094,250 | |||
1,000,000 | Hawaii State GO, Series CT, | 1,114,870 | |||||
1,000,000 | Hawaii State GO, Series CU, | 1,176,690 | |||||
1,250,000 | Hawaii State GO, Series CV, | 1,422,638 | |||||
250,000 | Hawaii State GO, Series CX, | 265,205 | |||||
250,000 | Hawaii State GO, Series CX, | 267,495 | |||||
1,000,000 | Hawaii State GO, Series CZ, | 1,139,770 | |||||
1,000,000 | Hawaii State Harbor System Revenue, Series A, 4.50%, 7/1/08, AMBAC | 1,091,710 | |||||
750,000 | Hawaii State Highway Revenue, 4.85%, 7/1/09, FSA | 836,618 | |||||
250,000 | Hawaii State Highway Revenue, 5.125%, 7/1/13, FSA | 276,608 | |||||
1,200,000 | Hawaii State Housing Finance & Development Corp., Single Family Mortgage Revenue, | 1,286,364 | |||||
1,000,000 | Honolulu City & County GO, Series A, 5.00%, 3/1/08, MBIA | 1,108,550 | |||||
2,600,000 | Honolulu City & County GO, Series A, 0.91%*, 1/1/10 | 2,600,000 | |||||
1,000,000 | Honolulu City & County GO, Series B, 0.91%*, 1/1/05 | 1,000,000 | |||||
2,640,000 | Honolulu City & County GO, Series C, 5.50%, 11/1/09, FGIC | 3,053,397 | |||||
1,150,000 | Honolulu City & County Waste Water System Revenue, 5.00%, 7/1/09, FGIC | 1,291,473 | |||||
1,000,000 | Honolulu City & County Waste Water System Revenue, Series SR, 5.00%, 7/1/07, AMBAC | 1,101,480 | |||||
1,000,000 | Honolulu City & County Water Supply Revenue, Series A, | 1,030,930 | |||||
285,000 | Kauai County GO, Series B, | 313,702 | |||||
1,125,000 | Maui County GO, Series B, | 1,291,736 | |||||
36,367,823 | |||||||
Idaho (1.4%) | |||||||
1,000,000 | Idaho Health Facilities Authority Revenue, St. Lukes Regional Medical Center Project, | 1,000,000 | |||||
Illinois (1.6%) | |||||||
1,000,000 | Illinois State GO, First Series, | 1,141,870 | |||||
Kansas (1.6%) | |||||||
1,075,000 | Johnson County, Unified School District #233 GO, Series C, | 1,136,802 | |||||
See notes to financial statements.
34
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2004
(Unaudited)
| Security | Value | |||
Municipal Bonds, continued | |||||
Michigan (7.8%) | |||||
$3,000,000 | Eastern Michigan University Revenue, 0.98%*, 6/1/27, FGIC | $ | 3,000,000 | ||
1,000,000 | Huron Valley School District GO, 3.00%, 5/1/05 | 1,021,860 | |||
1,500,000 | Michigan State Building Authority Revenue, Series II, 5.00%, 10/15/12, Callable 10/15/07@ 101 | 1,676,354 | |||
5,698,214 | |||||
Mississippi (1.9%) | |||||
1,200,000 | Mississippi State GO, 5.50%, 9/1/09 | 1,369,464 | |||
Missouri (5.3%) | |||||
2,000,000 | Kansas City Industrial Development Authority Revenue, Ewing Marion Kaufman Foundation, | 2,000,000 | |||
900,000 | Missouri State Health & Educational Facilities Authority Revenue, Saint Louis University, Series A, | 900,000 | |||
1,000,000 | Missouri State Health & Educational Facilities Authority Revenue, Washington University, Series D, 0.95%*, 9/1/30 | 1,000,000 | |||
3,900,000 | |||||
New Jersey (2.1%) | |||||
1,520,000 | New Jersey State Transportation Corp., Capital Grant Revenue Anticipation Notes, Series B, 5.50%, 2/1/11, Continuously Callable @ 100, AMBAC | 1,523,086 | |||
New York (3.1%) | |||||
1,000,000 | Metropolitan Transportation Authority Revenue, Dedicated Tax Fund, Series A, 5.25%, 11/15/12, FSA | 1,145,910 | |||
1,000,000 | New York State Thruway Authority Revenue, Highway & Bridge Trust Fund, Series B, | 1,140,740 | |||
2,286,650 | |||||
Shares or | Security | Value | |||
Municipal Bonds, continued | |||||
North Carolina (4.1%) | |||||
$2,975,000 | Durham GO, 1.00%*, 2/1/11 | $ | 2,975,000 | ||
Pennsylvania (1.6%) | |||||
1,030,000 | Philadelphia Water & Wastewater Revenue, Series B, | 1,195,850 | |||
Texas (2.7%) | |||||
1,000,000 | Dallas GO, 3.125%, 2/15/12, AMBAC | 987,740 | |||
1,000,000 | Texas Municipal Power Agency Revenue, 3.75%, 9/1/05, Continuously Callable @ 100, AMBAC | 1,013,400 | |||
2,001,140 | |||||
Utah (1.5%) | |||||
1,000,000 | Utah State GO, Series F, | 1,105,310 | |||
Washington (4.5%) | |||||
2,000,000 | Seattle Municipal Light & Power Revenue, 5.00%, 11/1/09, FSA | 2,244,200 | |||
1,000,000 | Washington State GO, Series A, 5.80%, 9/1/08, Prerefunded 9/1/04 @ 100 | 1,028,030 | |||
3,272,230 | |||||
Total Municipal Bonds (Cost $64,081,993) | 66,198,924 | ||||
Investment Company (0.9%) | |||||
677,415 | Dreyfus Tax Exempt Cash Management Fund, Institutional Shares | 677,415 | |||
Total Investment Company (Cost $677,415) | 677,415 | ||||
Total Investment (Cost $69,869,747) (a)—99.1% | 72,242,855 | ||||
Other assets in excess of liabilities—0.9% | 675,834 | ||||
Net Assets—100.0% | $ | 72,918,689 | |||
* | Variable rate security. Rate represents rate in effect on January 31, 2004. Maturity reflects final maturity date. |
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 2,396,200 | ||
Unrealized depreciation | (23,092 | ) | ||
Net unrealized appreciation | $ | 2,373,108 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
AMBAC—Insured by AMBAC Indemnity Corporation
FGIC—Insured by the Financial Guaranty Insurance Company
FHLB—Insured by the Federal Home Loan Bank collateral
FNMA—Insured by Federal National Mortgage Association collateral
FSA—Insured by Financial Security Assurance
GO—General Obligation
MBIA—Insured by MBIA, Inc.
See notes to financial statements.
35
Table of Contents
PACIFIC CAPITAL FUNDS
Ultra Short Government Fund
Schedule of Portfolio Investments
January 31, 2004
(Unaudited)
Principal | Security Description | Value | |||
U.S. Government Agencies (92.1%) | |||||
Federal Farm Credit Bank (34.1%) | |||||
$60,568,000 | 0.95%, 2/2/04 | $ | 60,564,804 | ||
750,000 | 5.10%, 6/7/04 | 760,474 | |||
7,000,000 | 5.00%, 7/16/04 | 7,122,500 | |||
1,000,000 | 8.06%, 1/4/05 | 1,061,730 | |||
2,000,000 | 3.875%, 2/1/05 | 2,050,044 | |||
3,000,000 | 1.75%, 4/8/05 | 3,002,238 | |||
2,000,000 | 1.70%, 1/3/06 | 1,988,208 | |||
2,000,000 | 2.48%, 2/27/06 | 2,011,182 | |||
1,385,000 | 2.10%, 3/17/06 | 1,383,447 | |||
440,000 | 2.48%, 4/7/06 | 440,845 | |||
2,000,000 | 2.88%, 6/29/06 | 2,012,192 | |||
2,000,000 | 2.95%, 9/8/06 | 2,016,652 | |||
84,414,316 | |||||
Federal Home Loan Bank (48.7%) | |||||
1,000,000 | 3.20%, 2/13/04 | 1,000,742 | |||
2,000,000 | 5.25%, 2/13/04 | 2,002,828 | |||
250,000 | 5.40%, 3/1/04 | 250,864 | |||
1,500,000 | 4.875%, 4/16/04 | 1,511,706 | |||
9,000,000 | 4.875%, 5/14/04 | 9,096,839 | |||
1,500,000 | 3.375%, 6/15/04 | 1,512,782 | |||
8,000,000 | 4.75%, 6/28/04 | 8,119,543 | |||
1,000,000 | 2.25%, 8/13/04 | 1,005,999 | |||
2,500,000 | 4.625%, 8/13/04 | 2,546,875 | |||
6,000,000 | 6.25%, 8/13/04 | 6,165,000 | |||
200,000 | 6.00%, 9/15/04 | 205,946 | |||
1,650,000 | 1.40%, 9/17/04 | 1,650,365 | |||
1,500,000 | 3.625%, 10/15/04 | 1,525,305 | |||
1,435,000 | 3.375%, 11/15/04 | 1,460,113 | |||
1,000,000 | 4.125%, 11/15/04 | 1,022,500 | |||
1,500,000 | 4.125%, 1/14/05 | 1,539,656 | |||
500,000 | 1.875%, 2/15/05 | 502,594 | |||
240,000 | 4.375%, 2/15/05 | 247,500 | |||
500,000 | 4.00%, 4/25/05 | 515,121 | |||
2,090,000 | 7.25%, 5/13/05 | 2,243,316 | |||
1,000,000 | 2.01%, 6/17/05 | 1,000,900 | |||
1,500,000 | 6.955%, 7/15/05 | 1,616,250 | |||
3,380,000 | 1.75%, 7/29/05 | 3,380,554 | |||
5,380,000 | 2.225%, 11/15/05 | 5,381,953 | |||
4,000,000 | 2.25%, 12/15/05 | 4,022,948 | |||
500,000 | 2.50%, 12/15/05 | 505,614 | |||
1,000,000 | 1.83%, 12/30/05 | 996,730 | |||
3,500,000 | 2.55%, 1/6/06 | 3,500,378 | |||
1,300,000 | 1.80%, 1/23/06 | 1,293,683 | |||
1,000,000 | 5.29%, 1/27/06 | 1,062,537 | |||
2,000,000 | 2.00%, 2/13/06 | 1,996,546 | |||
1,000,000 | 2.16%, 2/17/06 | 1,000,129 | |||
365,000 | 2.40%, 2/24/06 | 365,255 |
Principal | Security Description | Value | |||
U.S. Government Agencies, continued | |||||
Federal Home Loan Bank, continued | |||||
$ 500,000 | 2.50%, 3/10/06 | $ | 500,649 | ||
125,000 | 2.00%, 3/30/06 | 124,584 | |||
1,500,000 | 2.52%, 3/30/06 | 1,502,996 | |||
5,900,000 | 2.40%, 4/14/06 | 5,910,537 | |||
1,000,000 | 2.55%, 4/28/06 | 1,002,800 | |||
4,000,000 | 2.125%, 5/15/06 | 3,992,316 | |||
3,000,000 | 2.70%, 5/17/06 | 3,001,545 | |||
1,000,000 | 2.40%, 5/19/06 | 1,001,943 | |||
1,500,000 | 2.35%, 6/2/06 | 1,500,074 | |||
1,000,000 | 2.20%, 6/5/06 | 998,526 | |||
1,500,000 | 1.875%, 6/15/06 | 1,489,242 | |||
5,415,000 | 1.90%, 7/7/06 | 5,363,400 | |||
2,000,000 | 2.08%, 7/14/06 | 1,988,738 | |||
3,780,000 | 2.285%, 7/28/06 | 3,774,602 | |||
4,600,000 | 2.65%, 8/3/06 | 4,600,202 | |||
1,000,000 | 2.55%, 8/14/06 | 1,000,388 | |||
8,000,000 | 2.375%, 8/15/06 | 8,003,480 | |||
1,000,000 | 2.70%, 8/21/06 | 1,000,690 | |||
500,000 | 3.04%, 9/12/06 | 500,908 | |||
500,000 | 3.00%, 10/17/06 | 500,332 | |||
1,000,000 | 2.54%, 12/5/06 | 999,487 | |||
1,690,000 | 2.875%, 12/29/06 | 1,698,654 | |||
120,705,164 | |||||
Student Loan Marketing Assoc. (6.2%) | |||||
13,200,000 | 5.00%, 6/30/04 | 13,425,601 | |||
2,000,000 | 3.375%, 7/15/04 | 2,020,898 | |||
15,446,499 | |||||
Tennessee Valley Authority (3.1%) | |||||
7,500,000 | 4.75%, 7/15/04 | 7,621,875 | |||
Total U.S. Government Agencies | 228,187,854 | ||||
U.S. Treasury Notes (7.0%) | |||||
399,000 | 1.25%, 5/31/05 | 398,252 | |||
6,000,000 | 1.50%, 7/31/05 | 6,000,240 | |||
2,000,000 | 2.00%, 8/31/05 | 2,013,672 | |||
9,000,000 | 2.00%, 5/15/06 | 9,010,197 | |||
Total U.S. Treasury Notes (Cost $17,359,628) | 17,422,361 | ||||
Total Investments (Cost $244,185,273) | 245,610,215 | ||||
Other assets in excess of liabilities—0.9% | 2,199,783 | ||||
Net Assets—100.0% | $ | 247,809,998 | |||
(a) | Represents cost for financial reporting purposes and differs from value by unrealized appreciation (depreciation) of securities as follows: |
Unrealized appreciation | $ | 1,451,924 | ||
Unrealized depreciation | (26,983 | ) | ||
Net unrealized appreciation | $ | 1,424,942 | ||
Aggregate cost for federal income tax purposes is substantially the same. |
See notes to financial statements.
36
Table of Contents
PACIFIC CAPITAL FUNDS
January 31, 2004
(Unaudited)
1. | Organization |
Pacific Capital Funds (the “Trust”) was organized on October 30, 1992, and is registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end management investment company established as a Massachusetts business trust. The Trust currently consists of the following investment portfolios (individually, a “Fund” and collectively, the “Funds”): New Asia Growth Fund, International Stock Fund, Small Cap Fund, Mid-Cap Fund, Growth Stock Fund, Growth and Income Fund, Value Fund, Diversified Fixed Income Fund, Tax-Free Securities Fund, Short Intermediate U.S. Government Securities Fund, Tax-Free Short Intermediate Securities Fund and Ultra Short Government Fund. The Trust is authorized to issue an unlimited number of shares without par value in three classes of shares for each Fund: Class A, Class B and Class Y. Each class of shares for each Fund has identical rights and privileges except with respect to sales charges, distribution (12b-1) fees paid by Class A and B shares, voting rights on matters affecting a single class of shares, and the exchange privileges of each class of shares.
Effective June 1, 2003, the offering of Class B shares by all the Funds of the Trust was suspended. On and after June 1, 2003, investors are not able to make new purchases of Class B shares, except dividend or distribution reinvestments in Class B shares.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with their vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
2. | Significant Accounting Policies |
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
Securities Valuation:
Investments and options of the Funds for which the primary market is a national securities exchange are valued at the last reported sale price, or official closing price, on the day of valuation. In the absence of any sale of such securities on the valuation date, the valuations are based on the mean of the latest quoted bid and asked prices. Securities, including thinly traded, unlisted, and restricted securities, for which market quotations are not readily available, are valued at fair market value by The Asset Management Group of Bank of Hawaii (the “Advisor”) under the supervision of the Trust’s Board of Trustees. Investments in investment companies are valued at their respective net asset values as reported by such companies. Money market instruments and other debt securities maturing in 60 days or less are valued at either amortized cost, which approximates market value, or at original cost which combined with accrued interest, approximates market value. Under the amortized cost valuation method, the discount or premium is amortized on a constant basis to the maturity of the security. Investments in foreign securities, currency holdings and other assets and liabilities of New Asia Growth Fund and International Stock Fund are valued based on quotations from the primary market in which they are traded and translated from the local currency into U.S. dollars using current exchange rates.
Continued
37
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2004
(Unaudited)
Securities Transactions and Related Income:
Securities transactions are accounted for no later than the first calculation on the first business day following the trade date. Interest income is recognized on the accrual basis and includes, where applicable, the pro rata amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date. Gains or losses realized from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Foreign Currency Translation:
The accounting records of the Trust are maintained in U.S. dollars. Investment securities and other assets and liabilities of the New Asia Growth Fund and International Stock Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange rate on the date of the transactions.
The New Asia Growth Fund and International Stock Fund do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.
Reported net realized foreign currency exchange gains or losses arise from sales and maturities of portfolio securities, sales of foreign currencies, currency exchange fluctuations between the trade and settlement dates of securities transactions, and the differences between the amounts of assets and liabilities recorded and the U.S. dollar equivalents of the amounts actually received or paid. Net unrealized foreign currency appreciation or depreciation arises from changes in the values of assets and liabilities, including investments in securities, resulting from changes in currency exchange rates.
Forward Currency Exchange Contracts:
The New Asia Growth Fund and International Stock Fund may enter into foreign currency exchange contracts to convert U.S. dollars to and from various foreign currencies. A foreign currency exchange contract is an obligation by a Fund to purchase or sell a specific foreign currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Funds do not engage in “cross-currency” foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Funds’ foreign currency contracts might be considered spot (typically a contract of one week or less) contracts or forward (contract length over one week) contracts. Spot contracts are entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. These Funds enter into foreign currency exchange contracts solely for spot or forward hedging purposes, and not for speculative purposes (i.e., the Funds do not enter into such contracts for the purpose of earning foreign currency gains). Foreign currency exchange contracts are adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A Fund could be exposed to risk if a counterparty is unable to meet the terms of a forward foreign exchange currency contract or if the value of the foreign currency changes unfavorably.
Dividends to Shareholders:
Dividends from net investment income are declared daily and paid monthly for the Diversified Fixed Income Fund, Tax-Free Securities Fund, Short Intermediate U.S. Government Securities Fund, Tax-Free Short Intermediate Securities Fund
Continued
38
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PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2004
(Unaudited)
and Ultra Short Government Fund. Dividends from net investment income are declared and paid quarterly for the New Asia Growth Fund, International Stock Fund, Small Cap Fund, Mid-Cap Fund, Growth Stock Fund, Growth and Income Fund and Value Fund. Distributable net realized capital gains, if any, are declared and distributed annually for all the Funds.
The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
Concentration of Credit Risk:
The Tax-Free Securities Fund and the Tax-Free Short Intermediate Securities Fund have a majority of their investments in the securities of issuers in Hawaii. Such concentration may subject the Fund to the effects of economic changes occurring within the State.
The New Asia Growth Fund has a majority of its investments in securities of the Far East Asia region. Such concentration may subject the Fund to the effects of economic changes occurring within the region.
Allocation Methodology:
Expenses directly related to one Fund are charged to that Fund. Other operating expenses for the Funds or the Trust are prorated to the Funds on the basis of relative net assets or other appropriate basis.
Income, expenses (other than expenses attributable to a specific share class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets. Class specific expenses are charged directly to the class incurring the expense.
3. | Purchases and Sales of Securities |
Purchases and sales of securities (excluding short-term securities) for the six months ended January 31, 2004 are as follows:
Purchases | Sales | |||||
New Asia Growth Fund | $ | 12,813,882 | $ | 14,810,920 | ||
International Stock Fund | 54,990,538 | 67,422,704 | ||||
Small Cap Fund | 58,140,823 | 44,245,361 | ||||
Mid-Cap Fund | 2,917,381 | 397,969 | ||||
Growth Stock Fund | 69,180,158 | 58,973,902 | ||||
Growth and Income Fund | 13,594,769 | 25,918,279 | ||||
Value Fund | 76,686,266 | 115,918,086 | ||||
Diversified Fixed Income Fund | 97,997,271 | 57,591,057 | ||||
Tax-Free Securities Fund | 3,102,897 | 18,605,723 | ||||
Short Intermediate U.S. Government Securities Fund | 30,173,532 | 14,965,602 | ||||
Tax-Free Short Intermediate Securities Fund | 10,173,689 | 2,325,000 | ||||
Ultra Short Government Fund | 87,568,662 | 35,520,000 |
Continued
39
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PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2004
(Unaudited)
4. | Transactions with Affiliates |
Investment advisory services are provided to the Trust by the Advisor. For the Advisor’s services, the Funds pay the Advisor as follows: New Asia Growth Fund and Ultra Short Government Fund—0.40% of the Funds’ average daily net assets; International Stock Fund—0.45% of the Fund’s average daily net assets; Small Cap Fund, Short Intermediate U.S. Government Securities Fund and Tax-Free Short Intermediate Securities Fund—0.50% of the Funds’ average daily net assets; Mid-Cap Fund, Diversified Fixed Income Fund and Tax-Free Securities Fund—0.60% of the Funds’ average daily net assets; Growth Stock Fund, Growth and Income Fund, and Value Fund—0.80% of the Funds’ average daily net assets. Certain Trustees and officers of the Trust are employees of either the Advisor or its affiliates and are not paid any fees directly by the Trust for serving in such capacities.
First State (Hong Kong) LLC is the Sub-Advisor to the New Asia Growth Fund. Nicholas-Applegate Capital Management (“NACM”) is the Sub-Advisor to the International Stock Fund and the Small Cap Fund. Bankoh Investment Partners, LLC is the Sub-Advisor to the Mid-Cap Fund. For the Sub-Advisors’ services, the Funds pay the Sub-Advisors as follows: New Asia Growth Fund—0.50% of the Fund’s average daily net assets; International Stock Fund—0.65% of the first $50 million of the Fund’s average daily net assets, and 0.60% of it’s average daily net assets in excess of $50 million; Small Cap Fund—0.60% of the first $50 million of the Fund’s average daily net assets, and 0.55% of it’s average daily net assets in excess of $50 million; Mid-Cap Fund—0.20% of the Fund’s average daily net assets.
BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services (“BISYS”), and BISYS Fund Services Ohio, Inc. (“BISYS Ohio”) are subsidiaries of The BISYS Group, Inc. BISYS, with whom certain officers of the Trust are affiliated, serves the Trust as principal underwriter and distributor. Such officers are not paid any fees directly by the Funds for serving as officers of the Trust. BISYS Ohio serves the Trust as administrator. Under the terms of the administration agreement, BISYS Ohio’s fees are computed at an annual rate of 0.16% of the average daily net assets of each Fund. Bank of Hawaii (“BOH”) has entered into a sub-administration agreement with BISYS Ohio to serve as sub-administrator to the Trust. The administrator is solely responsible for paying BOH any fees for such services. BISYS Ohio may, from time to time, directly or through an affiliate, use it’s fee revenue, past profits, or other resources, without limitation, to pay promotional, administrative, shareholder support and other expenses to third parties, including broker-dealers, in connection with the offer and sale of shares of the Funds.
The Trust has adopted for the Class A and Class B shares of each of the Funds a Class A Distribution Plan and a Class B Distribution Plan (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plans each Fund pays BISYS a fee which will not exceed on an annual basis, 0.75% and 1.00%, respectively, of the average daily net assets attributable to the Class A and Class B shares of each Fund. These fees are for payments BISYS makes to banks, including the Advisor or its affiliates, other institutions and broker/dealers, and for expenses BISYS and any of its affiliates or subsidiaries incur for providing distribution or shareholder service assistance.
For the six months ended January 31, 2004, BISYS, as the Trust’s principal underwriter, received approximately $78,596 from commissions on sales of Class A and Class B shares, of which $4,980 was retained by the principal underwriter or other affiliated broker-dealer.
BISYS Ohio serves the Trust as fund accountant. Under the terms of the fund accounting agreement, BISYS Ohio is entitled to receive a fixed-dollar fee per Fund and is reimbursed for certain out-of-pocket expenses incurred in providing fund accounting services.
BISYS Ohio serves the Trust as transfer agent. Under the terms of the transfer agency agreement, BISYS Ohio is entitled to receive fees and reimbursement for certain out-of-pocket expenses incurred in providing transfer agent services.
Continued
40
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PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2004
(Unaudited)
Fees may be voluntarily reduced or expenses reimbursed to assist the Funds in maintaining competitive expense ratios. These amounts are disclosed on the Statements of Operations.
5. | Capital Share Transactions: |
Transactions in capital shares for the Trust were as follows:
New Asia Growth Fund | International Stock Fund | |||||||||||||
Amount | Shares | Amount | Shares | |||||||||||
For the Six Months Ended January 31, 2004 | For the Six Months Ended January 31, 2004 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 39,228 | 3,427 | $ | 32,990 | 4,575 | ||||||||
Dividends reinvested | 4,133 | 348 | — | — | ||||||||||
Shares redeemed | (83,355 | ) | (7,313 | ) | (41,427 | ) | (5,794 | ) | ||||||
Net Change | $ | (39,994 | ) | (3,538 | ) | $ | (8,437 | ) | (1,219 | ) | ||||
Class B: | ||||||||||||||
Shares issued | $ | — | — | $ | 53 | — | ||||||||
Dividends reinvested | 825 | 71 | — | — | ||||||||||
Shares redeemed | (9,031 | ) | (819 | ) | (5,702 | ) | (817 | ) | ||||||
Net Change | $ | (8,206 | ) | (748 | ) | $ | (5,649 | ) | (817 | ) | ||||
Class Y: | ||||||||||||||
Shares issued | $ | 6,308,884 | 558,317 | $ | 6,417,068 | 878,676 | ||||||||
Dividends reinvested | 28,750 | 2,396 | — | — | ||||||||||
Shares redeemed | (7,689,649 | ) | (689,747 | ) | (18,430,485 | ) | (2,536,273 | ) | ||||||
Net Change | $ | (1,352,015 | ) | (129,034 | ) | $ | (12,013,417 | ) | (1,657,597 | ) | ||||
For the Year Ended July 31, 2003 | For the Year Ended July 31, 2003 | |||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 8,254,007 | 960,004 | $ | 15,931,966 | 2,721,226 | ||||||||
Dividends reinvested | 1,579 | 161 | — | — | ||||||||||
Shares redeemed | (8,565,630 | ) | (986,327 | ) | (16,261,026 | ) | (2,764,493 | ) | ||||||
Net Change | $ | (310,044 | ) | (26,162 | ) | $ | (329,060 | ) | (43,267 | ) | ||||
Class B: | ||||||||||||||
Shares issued | $ | 55,524 | 6,676 | $ | 11,235 | 1,868 | ||||||||
Shares redeemed | (55,546 | ) | (6,424 | ) | (87,797 | ) | (14,984 | ) | ||||||
Net Change | $ | (22 | ) | 252 | $ | (76,562 | ) | (13,116 | ) | |||||
Class Y: | ||||||||||||||
Shares issued | $ | 16,884,508 | 1,948,497 | $ | 18,694,187 | 3,153,781 | ||||||||
Dividends reinvested | 14,297 | 1,536 | — | — | ||||||||||
Shares redeemed | (13,706,030 | ) | (1,531,287 | ) | (10,546,609 | ) | (1,760,198 | ) | ||||||
Net Change | $ | 3,192,775 | 418,746 | $ | 8,147,578 | 1,393,583 | ||||||||
Continued
41
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PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2004
(Unaudited)
5. | Capital Share Transactions (continued): |
Transactions in capital shares for the Trust were as follows:
Small Cap Fund | Mid-Cap Fund | |||||||||||||
Amount | Shares | Amount | Shares | |||||||||||
For the Six Months Ended January 31, 2004 | For the Period Ended January 31, 2004 (a) | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 1,741,346 | 113,658 | $ | 20,998 | 2,089 | ||||||||
Dividends reinvested | 62,098 | 4,030 | — | — | ||||||||||
Shares redeemed | (169,364 | ) | (11,145 | ) | — | — | ||||||||
Net Change | $ | 1,634,080 | 106,543 | $ | 20,998 | 2,089 | ||||||||
Class B: | ||||||||||||||
Shares issued | $ | 104,748 | 7,409 | $ | — | — | ||||||||
Dividends reinvested | 63,891 | 4,275 | — | — | ||||||||||
Shares redeemed | (101,488 | ) | (6,715 | ) | — | — | ||||||||
Net Change | $ | 67,151 | 4,969 | $ | — | — | ||||||||
Class Y: | ||||||||||||||
Shares issued | $ | 23,669,189 | 1,568,175 | $ | 15,803,126 | 1,579,999 | ||||||||
Dividends reinvested | 1,913,529 | 123,533 | — | — | ||||||||||
Shares redeemed | (13,528,243 | ) | (905,074 | ) | (520,247 | ) | (51,222 | ) | ||||||
Net Change | $ | 12,054,475 | 786,634 | $ | 15,282,879 | 1,528,777 | ||||||||
For the Year Ended July 31, 2003 | ||||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 274,132 | 24,441 | |||||||||||
Dividends reinvested | 145,154 | 13,895 | ||||||||||||
Shares redeemed | (242,169 | ) | (22,036 | ) | ||||||||||
Net Change | $ | 177,117 | 16,300 | |||||||||||
Class B: | ||||||||||||||
Shares issued | $ | 398,341 | 37,409 | |||||||||||
Dividends reinvested | 233,202 | 22,863 | ||||||||||||
Shares redeemed | (390,963 | ) | (37,132 | ) | ||||||||||
Net Change | $ | 240,580 | 23,140 | |||||||||||
Class Y: | ||||||||||||||
Shares issued | $ | 39,167,209 | 3,446,523 | |||||||||||
Dividends reinvested | 5,596,681 | 534,466 | ||||||||||||
Shares redeemed | (34,719,701 | ) | (3,135,575 | ) | ||||||||||
Net Change | $ | 10,044,189 | 845,414 | |||||||||||
(a) | Period from December 31, 2003 (commencement of operations) to January 31, 2004. |
Continued
42
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PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2004
(Unaudited)
5. | Capital Share Transactions (continued): |
Transactions in capital shares for the Trust were as follows:
Growth Stock Fund | Growth and Income Fund | |||||||||||||
Amount | Shares | Amount | Shares | |||||||||||
For the Six Months Ended January 31, 2004 | For the Six Months Ended January 31, 2004 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 587,856 | 74,624 | $ | 357,755 | 32,081 | ||||||||
Dividends reinvested | — | — | 6,636 | 574 | ||||||||||
Shares redeemed | (942,381 | ) | (117,052 | ) | (645,568 | ) | (56,013 | ) | ||||||
Net Change | $ | (354,525 | ) | (42,428 | ) | $ | (281,177 | ) | (23,358 | ) | ||||
Class B: | ||||||||||||||
Shares issued | $ | 63,577 | 8,355 | $ | 87,075 | 7,940 | ||||||||
Shares redeemed | (586,930 | ) | (76,993 | ) | (307,030 | ) | (28,698 | ) | ||||||
Net Change | $ | (523,353 | ) | (68,638 | ) | $ | (219,955 | ) | (20,758 | ) | ||||
Class Y: | ||||||||||||||
Shares issued | $ | 61,547,971 | 7,678,869 | $ | 17,486,454 | 1,561,069 | ||||||||
Dividends reinvested | — | — | 28,601 | 2,463 | ||||||||||
Shares redeemed | (60,046,984 | ) | (7,303,697 | ) | (30,597,227 | ) | (2,706,595 | ) | ||||||
Net Change | $ | 1,500,987 | 375,172 | $ | (13,082,172 | ) | (1,143,063 | ) | ||||||
For the Year Ended July 31, 2003 | For the Year Ended July 31, 2003 | |||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 794,002 | 116,111 | $ | 458,084 | 47,199 | ||||||||
Dividends reinvested | — | — | 9,875 | 1,028 | ||||||||||
Shares redeemed | (2,226,355 | ) | (333,103 | ) | (1,003,144 | ) | (105,049 | ) | ||||||
Net Change | $ | (1,432,353 | ) | (216,992 | ) | $ | (535,185 | ) | (56,822 | ) | ||||
Class B: | ||||||||||||||
Shares issued | $ | 408,072 | 62,518 | $ | 314,186 | 34,022 | ||||||||
Shares redeemed | (2,314,827 | ) | (357,992 | ) | (1,507,241 | ) | (163,869 | ) | ||||||
Net Change | $ | (1,906,755 | ) | (295,474 | ) | $ | (1,193,055 | ) | (129,847 | ) | ||||
Class Y: | ||||||||||||||
Shares issued | $ | 97,236,084 | 14,135,813 | $ | 54,447,192 | 5,651,480 | ||||||||
Dividends reinvested | — | — | 50,111 | 5,086 | ||||||||||
Shares redeemed | (68,267,887 | ) | (9,536,077 | ) | (45,452,881 | ) | (4,545,501 | ) | ||||||
Net Change | $ | 28,968,197 | 4,599,736 | $ | 9,044,422 | 1,111,065 | ||||||||
Continued
43
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PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2004
(Unaudited)
5. | Capital Share Transactions (continued): |
Transactions in capital shares for the Trust were as follows:
Value Fund | Diversified Fixed Income Fund | |||||||||||||
Amount | Shares | Amount | Shares | |||||||||||
For the Six Months Ended January 31, 2004 | For the Six Months Ended January 31, 2004 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 268,938 | 34,679 | $ | 201,674 | 17,732 | ||||||||
Dividends reinvested | 8,257 | 1,022 | 185,460 | 16,467 | ||||||||||
Shares redeemed | (142,775 | ) | (18,000 | ) | (3,827,716 | ) | (335,756 | ) | ||||||
Net Change | $ | 134,420 | 17,701 | $ | (3,440,582 | ) | (301,557 | ) | ||||||
Class B: | ||||||||||||||
Shares issued | $ | 21,700 | 2,937 | $ | 31,179 | 2,735 | ||||||||
Dividends reinvested | 660 | 81 | 140,891 | 12,542 | ||||||||||
Shares redeemed | (72,342 | ) | (9,466 | ) | (588,127 | ) | (52,032 | ) | ||||||
Net Change | $ | (49,982 | ) | (6,448 | ) | $ | (416,057 | ) | (36,755 | ) | ||||
Class Y: | ||||||||||||||
Shares issued | $ | 21,166,461 | 2,750,241 | $ | 65,702,600 | 5,737,629 | ||||||||
Dividends reinvested | 19,475 | 2,411 | 4,251,905 | 377,457 | ||||||||||
Shares redeemed | (56,935,882 | ) | (7,327,716 | ) | (28,180,352 | ) | (2,466,304 | ) | ||||||
Net Change | $ | (35,749,946 | ) | (4,575,064 | ) | $ | 41,774,153 | 3,648,782 | ||||||
For the Year Ended July 31, 2003 | For the Year Ended July 31, 2003 | |||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 368,226 | 54,381 | $ | 10,551,678 | 916,978 | ||||||||
Dividends reinvested | 20,160 | 2,949 | 310,351 | 27,018 | ||||||||||
Shares redeemed | (375,626 | ) | (55,445 | ) | (8,796,698 | ) | (762,287 | ) | ||||||
Net Change | $ | 12,760 | 1,885 | $ | 2,065,331 | 181,709 | ||||||||
Class B: | ||||||||||||||
Shares issued | $ | 174,581 | 25,618 | $ | 1,068,526 | 93,369 | ||||||||
Dividends reinvested | 3,507 | 524 | 212,372 | 18,528 | ||||||||||
Shares redeemed | (367,645 | ) | (54,333 | ) | (1,113,027 | ) | (96,909 | ) | ||||||
Net Change | $ | (189,557 | ) | (28,191 | ) | $ | 167,871 | 14,988 | ||||||
Class Y: | ||||||||||||||
Shares issued | $ | 89,512,632 | 13,483,447 | $ | 102,268,745 | 8,829,242 | ||||||||
Dividends reinvested | 43,711 | 6,378 | 2,893,514 | 252,121 | ||||||||||
Shares redeemed | (91,632,660 | ) | (13,187,291 | ) | (93,017,421 | ) | (8,007,707 | ) | ||||||
Net Change | $ | (2,076,317 | ) | 302,534 | $ | 12,144,838 | 1,073,656 | |||||||
Continued
44
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PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2004
(Unaudited)
5. | Capital Share Transactions (continued): |
Transactions in capital shares for the Trust were as follows:
Tax-Free Securities Fund | Short Intermediate U.S. Government Securities Fund | |||||||||||||
Amount | Shares | Amount | Shares | |||||||||||
For the Six Months Ended January 31, 2004 | For the Six Months Ended January 31, 2004 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 491,848 | 45,614 | $ | 2,726,738 | 273,312 | ||||||||
Dividends reinvested | 247,690 | 22,719 | 34,527 | 3,464 | ||||||||||
Shares redeemed | (1,315,239 | ) | (121,470 | ) | (2,580,012 | ) | (258,030 | ) | ||||||
Net Change | $ | (575,701 | ) | (53,137 | ) | $ | 181,253 | 18,746 | ||||||
Class B: | ||||||||||||||
Dividends reinvested | $ | 49,917 | 4,580 | $ | — | — | ||||||||
Shares redeemed | (115,061 | ) | (10,702 | ) | — | — | ||||||||
Net Change | $ | (65,144 | ) | (6,122 | ) | $ | — | — | ||||||
Class Y: | ||||||||||||||
Shares issued | $ | 9,517,285 | 870,407 | $ | 31,704,687 | 3,166,404 | ||||||||
Dividends reinvested | 1,900,485 | 174,183 | 301,172 | 30,267 | ||||||||||
Shares redeemed | (36,812,105 | ) | (3,376,224 | ) | (30,194,001 | ) | (3,008,435 | ) | ||||||
Net Change | $ | (25,394,335 | ) | (2,331,634 | ) | $ | 1,811,858 | 188,236 | ||||||
For the Year Ended July 31, 2003 | For the Year Ended July 31, 2003 | |||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 2,148,066 | 195,318 | $ | 12,283,053 | 1,215,990 | ||||||||
Dividends reinvested | 455,258 | 41,614 | 61,059 | 6,055 | ||||||||||
Shares redeemed | (2,409,293 | ) | (219,713 | ) | (9,104,516 | ) | (901,407 | ) | ||||||
Net Change | $ | 194,031 | 17,219 | $ | 3,239,596 | 320,638 | ||||||||
Class B: | ||||||||||||||
Shares issued | $ | 199,331 | 18,133 | $ | — | — | ||||||||
Dividends reinvested | 108,025 | 9,886 | — | — | ||||||||||
Shares redeemed | (1,073,333 | ) | (98,782 | ) | — | — | ||||||||
Net Change | $ | (765,977 | ) | (70,763 | ) | $ | — | — | ||||||
Class Y: | ||||||||||||||
Shares issued | $ | 32,547,775 | 2,951,050 | $ | 55,975,493 | 5,526,973 | ||||||||
Dividends reinvested | 2,413,368 | 222,567 | 606,943 | 60,296 | ||||||||||
Shares redeemed | (79,990,466 | ) | (7,261,015 | ) | (28,971,109 | ) | (2,860,109 | ) | ||||||
Net Change | $ | (45,029,323 | ) | (4,087,398 | ) | $ | 27,611,327 | 2,727,160 | ||||||
Continued
45
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PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2004
(Unaudited)
5. | Capital Share Transactions (continued): |
Transactions in capital shares for the Trust were as follows:
Tax-Free Short Intermediate Securities Fund | Ultra Short Government Fund | |||||||||||||
Amount | Shares | Amount | Shares | |||||||||||
For the Six Months Ended January 31, 2004 | For the Six Months Ended January 31, 2004 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 2,534,230 | 242,759 | $ | 304,952 | 29,811 | ||||||||
Dividends reinvested | 37,152 | 3,553 | 95,796 | 9,369 | ||||||||||
Shares redeemed | (229,562 | ) | (21,863 | ) | (4,580,594 | ) | (448,559 | ) | ||||||
Net Change | $ | 2,341,820 | 224,449 | $ | (4,179,846 | ) | (409,379 | ) | ||||||
Class B: | ||||||||||||||
Shares issued | $ | — | — | $ | 352,305 | 34,445 | ||||||||
Dividends reinvested | — | — | 10,700 | 1,047 | ||||||||||
Shares redeemed | — | — | (203,015 | ) | (19,857 | ) | ||||||||
Net Change | $ | — | — | $ | 159,990 | 15,635 | ||||||||
Class Y: | ||||||||||||||
Shares issued | $ | 12,861,274 | 1,224,446 | $ | 96,701,385 | 9,450,098 | ||||||||
Dividends reinvested | 37,417 | 3,560 | 496,476 | 48,549 | ||||||||||
Shares redeemed | (8,897,532 | ) | (846,721 | ) | (100,321,074 | ) | (9,804,465 | ) | ||||||
Net Change | $ | 4,001,159 | 381,285 | $ | (3,123,213 | ) | (305,818 | ) | ||||||
For the Year Ended July 31, 2003 | For the Year Ended July 31, 2003 | |||||||||||||
Class A: | ||||||||||||||
Shares issued | $ | 336,781 | 32,272 | $ | 10,153,475 | 986,435 | ||||||||
Dividends reinvested | 64,372 | 6,171 | 344,808 | 33,490 | ||||||||||
Shares redeemed | (228,995 | ) | (21,940 | ) | (11,737,626 | ) | (1,140,688 | ) | ||||||
Net Change | $ | 172,158 | 16,503 | $ | (1,239,343 | ) | (120,763 | ) | ||||||
Class B: | ||||||||||||||
Shares issued | $ | — | — | $ | 939,560 | 91,194 | ||||||||
Dividends reinvested | — | — | 26,819 | 2,605 | ||||||||||
Shares redeemed | — | — | (361,943 | ) | (35,197 | ) | ||||||||
Net Change | $ | — | — | $ | 604,436 | 58,602 | ||||||||
Class Y: | ||||||||||||||
Shares issued | $ | 33,234,318 | 3,157,037 | $ | 192,951,426 | 18,738,665 | ||||||||
Dividends reinvested | 334,244 | 32,033 | 1,254,423 | 121,766 | ||||||||||
Shares redeemed | (19,441,424 | ) | (1,844,448 | ) | (137,634,410 | ) | (13,362,464 | ) | ||||||
Net Change | $ | 14,127,138 | 1,344,622 | $ | 56,571,439 | 5,497,967 | ||||||||
Continued
46
Table of Contents
6. | Redemption Fees |
The New Asia Growth Fund and International Stock Fund may assess a redemption fee. This fee can be assessed on redemptions and exchanges of Fund shares within 90 days from the date the Fund shares were acquired. For the six months ended January 31, 2004, the New Asia Growth Fund and International Stock Fund did not assess any redemption fees.
7. | Federal Income Tax Information |
It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with applicable country’s tax rules and rates.
47
Table of Contents
PACIFIC CAPITAL FUNDS — NEW ASIA GROWTH FUND
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | ||||||||||||||||||||||||||||||||||
CLASS A | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | $ | 9.77 | $ | 0.02 | $ | 2.70 | $ | 2.72 | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 12.45 | 27.82 | %(d) | $ | 1,567 | 1.96 | %(c) | 0.35 | %(c) | 2.47 | %(c) | 46.81 | % | |||||||||||||||||
Year Ended July 31, 2003 | 9.83 | 0.02 | (0.07 | ) | (0.05 | ) | (0.01 | ) | — | (0.01 | ) | 9.77 | (0.47 | %) | 1,264 | 2.10 | % | 0.22 | % | 2.61 | % | 110.44 | % | ||||||||||||||||||||||||
Year Ended July 31, 2002 | 9.42 | (0.01 | ) | 0.42 | 0.41 | — | — | — | 9.83 | 4.35 | % | 1,530 | 1.96 | % | (0.07 | %) | 2.48 | % | 70.55 | % | |||||||||||||||||||||||||||
Year Ended July 31, 2001 | 12.50 | (0.05 | ) | (3.03 | ) | (3.08 | ) | — | — | — | 9.42 | (24.64 | %) | 1,673 | 1.98 | % | (0.40 | %) | 2.53 | % | 115.95 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.57 | (0.17 | ) | 2.10 | 1.93 | — | — | — | 12.50 | 18.26 | % | 2,704 | 1.99 | % | (1.22 | %) | 2.54 | % | 172.57 | % | |||||||||||||||||||||||||||
Year Ended July 31, 1999 | 6.35 | (0.05 | ) | 4.29 | 4.24 | (0.02 | ) | — | (0.02 | ) | 10.57 | 66.99 | % | 2,379 | 2.14 | % | (0.52 | %) | 2.78 | % | 152.58 | % | |||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | $ | 9.48 | $ | (0.02 | ) | $ | 2.62 | $ | 2.60 | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | 12.06 | 27.42 | %(d) | $ | 530 | 2.71 | %(c) | (0.40 | %)(c) | 2.72 | %(c) | 46.81 | % | ||||||||||||||||
Year Ended July 31, 2003 | 9.60 | (0.04 | ) | (0.08 | ) | (0.12 | ) | — | — | — | 9.48 | (1.25 | %) | 424 | 2.85 | % | (0.51 | %) | 2.86 | % | 110.44 | % | |||||||||||||||||||||||||
Year Ended July 31, 2002 | 9.22 | (0.10 | ) | 0.48 | 0.38 | — | — | — | 9.60 | 4.12 | % | 426 | 2.71 | % | (0.91 | %) | 2.74 | % | 70.55 | % | |||||||||||||||||||||||||||
Year Ended July 31, 2001 | 12.34 | (0.15 | ) | (2.97 | ) | (3.12 | ) | — | — | — | 9.22 | (25.28 | %) | 473 | 2.73 | % | (1.16 | %) | 2.78 | % | 115.95 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.50 | (0.13 | ) | 1.97 | 1.84 | — | — | — | 12.34 | 17.52 | % | 823 | 2.75 | % | (1.94 | %) | 2.80 | % | 172.57 | % | |||||||||||||||||||||||||||
Year Ended July 31, 1999 | 6.34 | (0.02 | ) | 4.18 | 4.16 | — | — | — | 10.50 | 65.66 | % | 311 | 2.82 | % | (1.33 | %) | 2.95 | % | 152.58 | % | |||||||||||||||||||||||||||
CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | $ | 9.89 | $ | 0.04 | $ | 2.72 | $ | 2.76 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 12.60 | 27.92 | %(d) | $ | 28,881 | 1.71 | %(c) | 0.60 | %(c) | 1.72 | %(c) | 46.81 | % | |||||||||||||||||
Year Ended July 31, 2003 | 9.93 | 0.05 | (0.06 | ) | (0.01 | ) | (0.03 | ) | — | (0.03 | ) | 9.89 | (0.13 | %) | 23,937 | 1.85 | % | 0.59 | % | 1.86 | % | 110.44 | % | ||||||||||||||||||||||||
Year Ended July 31, 2002 | 9.49 | 0.01 | 0.43 | 0.44 | — | (b) | — | — | (b) | 9.93 | 4.64 | % | 19,870 | 1.71 | % | 0.13 | % | 1.73 | % | 70.55 | % | ||||||||||||||||||||||||||
Year Ended July 31, 2001 | 12.58 | (0.02 | ) | (3.07 | ) | (3.09 | ) | — | — | — | 9.49 | (24.56 | %) | 20,512 | 1.73 | % | (0.17 | %) | 1.78 | % | 115.95 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.60 | (0.09 | ) | 2.07 | 1.98 | — | — | — | 12.58 | 18.68 | % | 25,740 | 1.74 | % | (0.95 | %) | 1.79 | % | 172.57 | % | |||||||||||||||||||||||||||
Year Ended July 31, 1999 | 6.37 | (0.06 | ) | 4.33 | 4.27 | (0.04 | ) | — | (0.04 | ) | 10.60 | 67.38 | % | 15,954 | 1.90 | % | (0.33 | %) | 2.05 | % | 152.58 | % | |||||||||||||||||||||||||
* | Excludes sales charge for class A and contingent deferred sales charge for class B. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Less than $0.01 per share. |
(c) | Annualized |
(d) | Not Annualized |
(e) | Unaudited |
See notes to financial statements.
48
Table of Contents
PACIFIC CAPITAL FUNDS — INTERNATIONAL STOCK FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | ||||||||||||||||||||||||||||||||||
CLASS A | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (g) | $ | 6.46 | $ | (0.02 | ) | $ | 1.44 | $ | 1.42 | $ | — | $ | — | $ | — | $ | 7.88 | 21.98 | %(f) | $ | 1,057 | 1.77 | %(e) | (0.56 | %)(e) | 2.37 | %(e) | 90.47 | % | ||||||||||||||||||
Year Ended July 31, 2003 | 6.37 | 0.03 | 0.06 | 0.09 | — | — | — | 6.46 | 1.41 | % | 874 | 1.84 | % | 0.43 | % | 2.44 | % | 178.04 | % | ||||||||||||||||||||||||||||
Year Ended July 31, 2002 | 8.15 | (0.04 | ) | (1.74 | ) | (1.78 | ) | — | — | — | 6.37 | (21.84 | %) | 1,137 | 1.81 | % | (0.15 | %) | 2.44 | % | 244.40 | % | |||||||||||||||||||||||||
Year Ended July 31, 2001 | 14.55 | (0.05 | ) | (3.77 | ) | (3.82 | ) | — | (2.58 | ) | (2.58 | ) | 8.15 | (29.92 | %) | 2,210 | 1.75 | % | (0.41 | %) | 2.39 | % | 213.53 | % | |||||||||||||||||||||||
Year Ended July 31, 2000 | 11.96 | 0.05 | 3.03 | 3.08 | — | (0.49 | ) | (0.49 | ) | 14.55 | 25.62 | % | 4,362 | 1.66 | % | (0.58 | %) | 2.30 | % | 214.18 | % | ||||||||||||||||||||||||||
Period Ended July 31, 1999 (b) | 10.09 | — | 1.87 | 1.87 | — | — | — | 11.96 | 18.53 | %(f) | 265 | 1.94 | %(e) | (0.19 | %)(e) | 2.61 | %(e) | 156.46 | % | ||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (g) | $ | 6.24 | $ | (0.04 | ) | $ | 1.39 | $ | 1.35 | $ | — | $ | — | $ | — | $ | 7.59 | 21.63 | %(f) | $ | 646 | 2.52 | %(e) | (1.31 | %)(e) | 2.62 | %(e) | 90.47 | % | ||||||||||||||||||
Year Ended July 31, 2003 | 6.18 | (0.03 | ) | 0.09 | 0.06 | — | — | — | 6.24 | 0.97 | % | 536 | 2.59 | % | (0.36 | %) | 2.69 | % | 178.04 | % | |||||||||||||||||||||||||||
Year Ended July 31, 2002 | 7.94 | (0.07 | ) | (1.69 | ) | (1.76 | ) | — | — | — | 6.18 | (22.17 | %) | 612 | 2.56 | % | (0.95 | %) | 2.69 | % | 244.40 | % | |||||||||||||||||||||||||
Year Ended July 31, 2001 | 14.35 | (0.11 | ) | (3.72 | ) | (3.83 | ) | — | (2.58 | ) | (2.58 | ) | 7.94 | (30.48 | %) | 860 | 2.50 | % | (1.15 | %) | 2.64 | % | 213.53 | % | |||||||||||||||||||||||
Year Ended July 31, 2000 | 11.90 | 0.04 | 2.90 | 2.94 | — | (0.49 | ) | (0.49 | ) | 14.35 | 24.56 | % | 1,202 | 2.43 | % | (1.10 | %) | 2.57 | % | 214.18 | % | ||||||||||||||||||||||||||
Period Ended July 31, 1999 (c) | 10.20 | (0.02 | ) | 1.72 | 1.70 | — | — | — | 11.90 | 16.67 | %(f) | 102 | 2.76 | %(e) | (1.08 | %)(e) | 2.91 | %(e) | 156.46 | % | |||||||||||||||||||||||||||
CLASS Y | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (g) | $ | 6.57 | $ | (0.02 | ) | $ | 1.47 | $ | 1.45 | $ | — | $ | — | $ | — | $ | 8.02 | 22.07 | %(f) | $ | 60,673 | 1.52 | %(e) | (0.31 | %)(e) | 1.62 | %(e) | 90.47 | % | ||||||||||||||||||
Year Ended July 31, 2003 | 6.44 | 0.05 | 0.08 | 0.13 | — | — | — | 6.57 | 2.02 | % | 60,558 | 1.59 | % | 0.74 | % | 1.69 | % | 178.04 | % | ||||||||||||||||||||||||||||
Year Ended July 31, 2002 | 8.19 | (0.01 | ) | (1.74 | ) | (1.75 | ) | — | — | — | 6.44 | (21.37 | %) | 50,422 | 1.56 | % | 0.03 | % | 1.69 | % | 244.40 | % | |||||||||||||||||||||||||
Year Ended July 31, 2001 | 14.59 | (0.02 | ) | (3.80 | ) | (3.82 | ) | — | (2.58 | ) | (2.58 | ) | 8.19 | (29.82 | %) | 79,177 | 1.50 | % | (0.14 | %) | 1.64 | % | 213.53 | % | |||||||||||||||||||||||
Year Ended July 31, 2000 | 11.98 | (0.06 | ) | 3.16 | 3.10 | — | (0.49 | ) | (0.49 | ) | 14.59 | 25.65 | % | 109,962 | 1.45 | % | (0.49 | %) | 1.59 | % | 214.18 | % | |||||||||||||||||||||||||
Period Ended July 31, 1999 (d) | 10.00 | — | 1.98 | 1.98 | — | — | — | 11.98 | 19.90 | %(f) | 81,253 | 1.65 | %(e) | 0.03 | %(e) | 1.79 | %(e) | 156.46 | % | ||||||||||||||||||||||||||||
* | Excludes sales charge for class A and contingent deferred sales charge for class B. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Period from December 8, 1998 (commencement of operations) to July 31, 1999. |
(c) | Period from December 20, 1998 (commencement of operations) to July 31, 1999. |
(d) | Period from December 2, 1998 (commencement of operations) to July 31, 1999. |
(e) | Annualized |
(f) | Not Annualized |
(g) | Unaudited |
See notes to financial statements.
49
Table of Contents
PACIFIC CAPITAL FUNDS — SMALL CAP FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | |||||||||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (h) | $ | 13.24 | $ | (0.01 | ) | $ | 3.69 | $ | 3.68 | $ | — | $ | (0.34 | ) | $ | (0.34 | ) | $ | 16.58 | 27.99 | %(g) | $ | 3,763 | 1.54 | %(f) | (0.17 | %)(f) | 2.14 | %(f) | 45.58 | % | |||||||||||||||||
Year Ended July 31, 2003 | 12.15 | (0.01 | ) | 2.59 | 2.58 | (0.02 | ) | (1.47 | ) | (1.49 | ) | 13.24 | 24.62 | % | 1,595 | 1.60 | % | (0.08 | %) | 2.20 | % | 105.27 | % | |||||||||||||||||||||||||
Year Ended July 31, 2002 | 13.47 | 0.03 | (0.36 | ) | (0.33 | ) | (0.03 | ) | (0.96 | ) | (0.99 | ) | 12.15 | (2.72 | %) | 1,265 | 1.58 | % | 0.20 | % | 2.20 | % | 81.67 | % | ||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.40 | 0.05 | 3.90 | 3.95 | (0.08 | ) | (0.80 | ) | (0.88 | ) | 13.47 | 40.28 | % | 1,245 | 1.65 | % | 0.31 | % | 2.29 | % | 90.31 | % | ||||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.66 | 0.02 | 0.10 | 0.12 | (0.03 | ) | (0.35 | ) | (0.38 | ) | 10.40 | 1.51 | % | 330 | 1.66 | % | 0.30 | % | 2.31 | % | 98.73 | % | ||||||||||||||||||||||||||
Period Ended July 31, 1999 (b) | 10.07 | (0.01 | ) | 0.60 | 0.59 | — | — | — | 10.66 | 5.91 | %(g) | 93 | 1.84 | %(f) | (0.26 | %)(f) | 2.50 | %(f) | 60.08 | % | ||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (h) | $ | 12.89 | $ | (0.08 | ) | $ | 3.59 | $ | 3.51 | $ | — | $ | (0.34 | ) | $ | (0.34 | ) | $ | 16.06 | 27.43 | %(g) | $ | 3,164 | 2.29 | %(f) | (1.05 | %)(f) | 2.39 | %(f) | 45.58 | % | |||||||||||||||||
Year Ended July 31, 2003 | 11.92 | (0.08 | ) | 2.52 | 2.44 | — | (1.47 | ) | (1.47 | ) | 12.89 | 23.74 | % | 2,476 | 2.35 | % | (0.83 | %) | 2.45 | % | 105.27 | % | ||||||||||||||||||||||||||
Year Ended July 31, 2002 | 13.29 | (0.06 | ) | (0.35 | ) | (0.41 | ) | — | (e) | (0.96 | ) | (0.96 | ) | 11.92 | (3.38 | %) | 2,013 | 2.33 | % | (0.61 | %) | 2.44 | % | 81.67 | % | |||||||||||||||||||||||
Year Ended July 31, 2001 | 10.31 | (0.03 | ) | 3.82 | 3.79 | (0.01 | ) | (0.80 | ) | (0.81 | ) | 13.29 | 38.92 | % | 890 | 2.40 | % | (0.46 | %) | 2.54 | % | 90.31 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.61 | (0.03 | ) | 0.08 | 0.05 | — | (e) | (0.35 | ) | (0.35 | ) | 10.31 | 0.85 | % | 214 | 2.41 | % | (0.45 | %) | 2.55 | % | 98.73 | % | |||||||||||||||||||||||||
Period Ended July 31, 1999 (c) | 9.78 | (0.03 | ) | 0.86 | 0.83 | — | — | — | 10.61 | 8.56 | %(g) | 82 | 2.59 | %(f) | (1.00 | %)(f) | 2.73 | %(f) | 60.08 | % | ||||||||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (h) | $ | 13.30 | $ | — | $ | 3.71 | $ | 3.71 | $ | — | $ | (0.34 | ) | $ | (0.34 | ) | $ | 16.67 | 28.09 | %(g) | $ | 120,290 | 1.29 | %(f) | (0.03 | %)(f) | 1.39 | %(f) | 45.58 | % | ||||||||||||||||||
Year Ended July 31, 2003 | 12.18 | 0.03 | 2.60 | 2.63 | (0.04 | ) | (1.47 | ) | (1.51 | ) | 13.30 | 24.96 | % | 85,520 | 1.35 | % | 0.19 | % | 1.45 | % | 105.27 | % | ||||||||||||||||||||||||||
Year Ended July 31, 2002 | 13.49 | 0.06 | (0.35 | ) | (0.29 | ) | (0.06 | ) | (0.96 | ) | (1.02 | ) | 12.18 | (2.47 | %) | 68,001 | 1.33 | % | 0.47 | % | 1.45 | % | 81.67 | % | ||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.42 | 0.08 | 3.88 | 3.96 | (0.09 | ) | (0.80 | ) | (0.89 | ) | 13.49 | 40.34 | % | 53,558 | 1.40 | % | 0.67 | % | 1.54 | % | 90.31 | % | ||||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.67 | 0.05 | 0.10 | 0.15 | (0.05 | ) | (0.35 | ) | (0.40 | ) | 10.42 | 1.82 | % | 36,962 | 1.41 | % | 0.52 | % | 1.55 | % | 98.73 | % | ||||||||||||||||||||||||||
Period Ended July 31, 1999 (d) | 10.00 | — | 0.67 | 0.67 | — | — | — | 10.67 | 6.75 | %(g) | 31,812 | 1.52 | %(f) | 0.08 | %(f) | 1.66 | %(f) | 60.08 | % | |||||||||||||||||||||||||||||
* | Excludes sales charge for class A and contingent deferred sales charge for class B. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Period from December 8, 1998 (commencement of operations) to July 31, 1999. |
(c) | Period from December 20, 1998 (commencement of operations) to July 31, 1999. |
(d) | Period from December 3, 1998 (commencement of operations) to July 31, 1999. |
(e) | Less than $0.01 per share. |
(f) | Annualized |
(g) | Not Annualized |
(h) | Unaudited |
See notes to financial statements.
50
Table of Contents
PACIFIC CAPITAL FUNDS — MID-CAP FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | |||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2004 (b) (e) | $ | 10.00 | $ | — | $ | 0.24 | $ | 0.24 | $ | — | $ | — | $ | — | $ | 10.24 | 2.40 | %(d) | $ | 21 | 1.05 | %(c) | (0.09 | %)(c) | 2.19 | %(c) | 2.89 | % | ||||||||||||||
CLASS Y | ||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2004 (b) (e) | $ | 10.00 | $ | — | $ | 0.24 | $ | 0.24 | $ | — | $ | — | $ | — | $ | 10.24 | 2.40 | %(d) | $ | 15,657 | 0.80 | %(c) | 0.08 | %(c) | 1.44 | %(c) | 2.89 | % | ||||||||||||||
* | Excludes sales charge for class A. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Period from December 31, 2003 (commencement of operations) to January 31, 2004. |
(c) | Annualized |
(d) | Not Annualized |
(e) | Unaudited |
See notes to financial statements.
51
Table of Contents
PACIFIC CAPITAL FUNDS — GROWTH STOCK FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Loss | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Loss to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | |||||||||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 7.60 | $ | (0.02 | ) | $ | 0.85 | $ | 0.83 | $ | — | $ | — | $ | — | $ | 8.43 | 10.92 | %(c) | $ | 12,098 | 1.34 | %(b) | (0.60 | %)(b) | 1.84 | %(b) | 20.38 | % | |||||||||||||||||||
Year Ended July 31, 2003 | 6.90 | (0.04 | ) | 0.74 | 0.70 | — | — | — | 7.60 | 10.14 | % | 11,231 | 1.35 | % | (0.59 | %) | 1.85 | % | 33.11 | % | ||||||||||||||||||||||||||||
Year Ended July 31, 2002 | 10.25 | (0.08 | ) | (3.27 | ) | (3.35 | ) | — | — | — | 6.90 | (32.68 | %) | 11,701 | 1.34 | % | (0.80 | %) | 1.86 | % | 36.85 | % | ||||||||||||||||||||||||||
Year Ended July 31, 2001 | 19.73 | (0.09 | ) | (4.67 | ) | (4.76 | ) | — | (4.72 | ) | (4.72 | ) | 10.25 | (30.04 | %) | 22,182 | 1.33 | % | (0.69 | %) | 1.87 | % | 97.27 | % | ||||||||||||||||||||||||
Year Ended July 31, 2000 | 17.45 | (0.11 | ) | 7.24 | 7.13 | — | (4.85 | ) | (4.85 | ) | 19.73 | 45.24 | % | 30,971 | 1.30 | % | (0.70 | %) | 1.84 | % | 117.11 | % | ||||||||||||||||||||||||||
Year Ended July 31, 1999 | 17.75 | (0.08 | ) | 2.80 | 2.72 | (0.01 | ) | (3.01 | ) | (3.02 | ) | 17.45 | 17.40 | % | 17,417 | 1.32 | % | (0.58 | %) | 1.85 | % | 81.02 | % | |||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 7.23 | $ | (0.05 | ) | $ | 0.81 | $ | 0.76 | $ | — | $ | — | $ | — | $ | 7.99 | 10.51 | %(c) | $ | 14,511 | 2.09 | %(b) | (1.35 | %)(b) | 2.09 | %(b) | 20.38 | % | |||||||||||||||||||
Year Ended July 31, 2003 | 6.62 | (0.09 | ) | 0.70 | 0.61 | — | — | — | 7.23 | 9.21 | % | 13,630 | 2.10 | % | (1.34 | %) | 2.10 | % | 33.11 | % | ||||||||||||||||||||||||||||
Year Ended July 31, 2002 | 9.89 | (0.14 | ) | (3.13 | ) | (3.27 | ) | — | — | — | 6.62 | (33.06 | %) | 14,431 | 2.09 | % | (1.55 | %) | 2.11 | % | 36.85 | % | ||||||||||||||||||||||||||
Year Ended July 31, 2001 | 19.32 | (0.16 | ) | (4.55 | ) | (4.71 | ) | — | (4.72 | ) | (4.72 | ) | 9.89 | (30.51 | %) | 24,084 | 2.08 | % | (1.45 | %) | 2.12 | % | 97.27 | % | ||||||||||||||||||||||||
Year Ended July 31, 2000 | 17.28 | (0.18 | ) | 7.07 | 6.89 | — | (4.85 | ) | (4.85 | ) | 19.32 | 44.14 | % | 28,789 | 2.06 | % | (1.46 | %) | 2.10 | % | 117.11 | % | ||||||||||||||||||||||||||
Year Ended July 31, 1999 | 17.72 | (0.10 | ) | 2.67 | 2.57 | — | (3.01 | ) | (3.01 | ) | 17.28 | 16.55 | % | 9,988 | 2.06 | % | (1.35 | %) | 2.10 | % | 81.02 | % | ||||||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 7.79 | $ | (0.02 | ) | $ | 0.88 | $ | 0.86 | $ | — | $ | — | $ | — | $ | 8.65 | 11.04 | %(c) | $ | 282,297 | 1.09 | %(b) | (0.35 | %)(b) | 1.09 | %(b) | 20.38 | % | |||||||||||||||||||
Year Ended July 31, 2003 | 7.06 | (0.02 | ) | 0.75 | 0.73 | — | — | — | 7.79 | 10.34 | % | 251,310 | 1.10 | % | (0.33 | %) | 1.10 | % | 33.11 | % | ||||||||||||||||||||||||||||
Year Ended July 31, 2002 | 10.44 | (0.05 | ) | (3.33 | ) | (3.38 | ) | — | — | — | 7.06 | (32.38 | %) | 195,252 | 1.09 | % | (0.55 | %) | 1.11 | % | 36.85 | % | ||||||||||||||||||||||||||
Year Ended July 31, 2001 | 19.95 | (0.06 | ) | (4.73 | ) | (4.79 | ) | — | (4.72 | ) | (4.72 | ) | 10.44 | (29.84 | %) | 329,572 | 1.08 | % | (0.44 | %) | 1.12 | % | 97.27 | % | ||||||||||||||||||||||||
Year Ended July 31, 2000 | 17.56 | (0.08 | ) | 7.32 | 7.24 | — | (4.85 | ) | (4.85 | ) | 19.95 | 45.56 | % | 504,125 | 1.05 | % | (0.45 | %) | 1.09 | % | 117.11 | % | ||||||||||||||||||||||||||
Year Ended July 31, 1999 | 17.81 | (0.06 | ) | 2.82 | 2.76 | — | (3.01 | ) | (3.01 | ) | 17.56 | 17.72 | % | 382,298 | 1.07 | % | (0.32 | %) | 1.11 | % | 81.02 | % | ||||||||||||||||||||||||||
* | Excludes sales charge for class A and contingent deferred sales charge for class B. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Annualized |
(c) | Not Annualized |
(d) | Unaudited |
See notes to financial statements.
52
Table of Contents
PACIFIC CAPITAL FUNDS — GROWTH AND INCOME FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | |||||||||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (e) | $ | 10.69 | $ | 0.01 | $ | 1.35 | $ | 1.36 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 12.04 | 12.76 | %(d) | $ | 5,967 | 1.37 | %(c) | 0.17 | %(c) | 1.87 | %(c) | 9.22 | % | ||||||||||||||||||
Year Ended July 31, 2003 | 9.89 | 0.02 | 0.80 | 0.82 | (0.02 | ) | — | (0.02 | ) | 10.69 | 8.31 | % | 5,548 | 1.37 | % | 0.24 | % | 1.87 | % | 46.92 | % | |||||||||||||||||||||||||||
Year Ended July 31, 2002 | 13.89 | — | (4.00 | ) | (4.00 | ) | — | — | — | 9.89 | (28.80 | %) | 5,696 | 1.35 | % | (0.03 | %) | 1.88 | % | 43.28 | % | |||||||||||||||||||||||||||
Year Ended July 31, 2001 | 21.33 | (0.03 | ) | (4.72 | ) | (4.75 | ) | — | (2.69 | ) | (2.69 | ) | 13.89 | (24.39 | %) | 9,669 | 1.35 | % | (0.16 | %) | 1.89 | % | 43.24 | % | ||||||||||||||||||||||||
Year Ended July 31, 2000 | 18.89 | (0.04 | ) | 5.16 | 5.12 | — | (2.68 | ) | (2.68 | ) | 21.33 | 28.85 | % | 12,540 | 1.33 | % | (0.22 | %) | 1.87 | % | 60.51 | % | ||||||||||||||||||||||||||
Year Ended July 31, 1999 | 18.72 | (0.02 | ) | 2.38 | 2.36 | — | (2.19 | ) | (2.19 | ) | 18.89 | 13.67 | % | 9,593 | 1.35 | % | (0.12 | %) | 1.89 | % | 65.56 | % | ||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (e) | $ | 10.21 | $ | (0.03 | ) | $ | 1.29 | $ | 1.26 | $ | — | $ | — | $ | — | $ | 11.47 | 12.34 | %(d) | $ | 8,194 | 2.12 | %(c) | (0.58 | %)(c) | 2.12 | %(c) | 9.22 | % | |||||||||||||||||||
Year Ended July 31, 2003 | 9.50 | (0.05 | ) | 0.76 | 0.71 | — | — | — | 10.21 | 7.47 | % | 7,507 | 2.12 | % | (0.51 | %) | 2.12 | % | 46.92 | % | ||||||||||||||||||||||||||||
Year Ended July 31, 2002 | 13.44 | (0.10 | ) | (3.84 | ) | (3.94 | ) | — | — | — | 9.50 | (29.32 | %) | 8,222 | 2.10 | % | (0.79 | %) | 2.13 | % | 43.28 | % | ||||||||||||||||||||||||||
Year Ended July 31, 2001 | 20.88 | (0.14 | ) | (4.61 | ) | (4.75 | ) | — | (2.69 | ) | (2.69 | ) | 13.44 | (24.97 | %) | 13,282 | 2.10 | % | (0.92 | %) | 2.14 | % | 43.24 | % | ||||||||||||||||||||||||
Year Ended July 31, 2000 | 18.66 | (0.15 | ) | 5.05 | 4.90 | — | (2.68 | ) | (2.68 | ) | 20.88 | 27.95 | % | 15,593 | 2.08 | % | (0.99 | %) | 2.12 | % | 60.51 | % | ||||||||||||||||||||||||||
Year Ended July 31, 1999 | 18.68 | (0.08 | ) | 2.25 | 2.17 | — | (2.19 | ) | (2.19 | ) | 18.66 | 12.58 | % | 8,265 | 2.09 | % | (0.90 | %) | 2.13 | % | 65.56 | % | ||||||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (e) | $ | 10.76 | $ | 0.03 | $ | 1.36 | $ | 1.39 | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | 12.12 | 12.89 | %(d) | $ | 141,625 | 1.12 | %(c) | 0.42 | %(c) | 1.12 | %(c) | 9.22 | % | ||||||||||||||||||
Year Ended July 31, 2003 | 9.96 | 0.04 | 0.80 | 0.84 | (0.04 | ) | — | (0.04 | ) | 10.76 | 8.52 | % | 138,027 | 1.12 | % | 0.49 | % | 1.12 | % | 46.92 | % | |||||||||||||||||||||||||||
Year Ended July 31, 2002 | 13.97 | 0.03 | (4.02 | ) | (3.99 | ) | (0.02 | ) | — | (0.02 | ) | 9.96 | (28.60 | %) | 116,719 | 1.10 | % | 0.20 | % | 1.13 | % | 43.28 | % | |||||||||||||||||||||||||
Year Ended July 31, 2001 | 21.39 | 0.01 | (4.74 | ) | (4.73 | ) | — | (b) | (2.69 | ) | (2.69 | ) | 13.97 | (24.19 | %) | 162,138 | 1.10 | % | 0.09 | % | 1.14 | % | 43.24 | % | ||||||||||||||||||||||||
Year Ended July 31, 2000 | 18.90 | — | (b) | 5.18 | 5.18 | (0.01 | ) | (2.68 | ) | (2.69 | ) | 21.39 | 29.22 | % | 201,600 | 1.08 | % | 0.03 | % | 1.12 | % | 60.51 | % | |||||||||||||||||||||||||
Year Ended July 31, 1999 | 18.75 | 0.03 | 2.34 | 2.37 | (0.03 | ) | (2.19 | ) | (2.22 | ) | 18.90 | 13.69 | % | 157,891 | 1.10 | % | 0.15 | % | 1.14 | % | 65.56 | % | ||||||||||||||||||||||||||
* | Excludes sales charge for class A and contingent deferred sales charge for class B. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Less than $0.01 per share. |
(c) | Annualized |
(d) | Not Annualized |
(e) | Unaudited |
See notes to financial statements.
53
Table of Contents
PACIFIC CAPITAL FUNDS — VALUE FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income (Loss) to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | |||||||||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (h) | $ | 7.37 | $ | 0.03 | $ | 1.07 | $ | 1.10 | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | 8.44 | 14.92 | %(g) | $ | 2,608 | 1.33 | %(f) | 0.64 | %(f) | 1.83 | %(f) | 37.35 | % | ||||||||||||||||||
Year Ended July 31, 2003 | 7.02 | 0.07 | 0.35 | 0.42 | (0.07 | ) | — | (0.07 | ) | 7.37 | 6.07 | % | 2,146 | 1.32 | % | 1.05 | % | 1.82 | % | 77.62 | % | |||||||||||||||||||||||||||
Year Ended July 31, 2002 | 9.13 | 0.04 | (2.11 | ) | (2.07 | ) | (0.04 | ) | — | (0.04 | ) | 7.02 | (22.74 | %) | 2,032 | 1.30 | % | 0.48 | % | 1.82 | % | 48.18 | % | |||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.73 | 0.04 | (0.22 | ) | (0.18 | ) | (0.05 | ) | (1.37 | ) | (1.42 | ) | 9.13 | (1.66 | %) | 2,504 | 1.31 | % | 0.49 | % | 1.85 | % | 79.05 | % | ||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.37 | 0.03 | 0.50 | 0.53 | (0.04 | ) | (0.13 | ) | (0.17 | ) | 10.73 | 5.21 | % | 1,355 | 1.30 | % | 0.30 | % | 1.85 | % | 120.42 | % | ||||||||||||||||||||||||||
Period Ended July 31, 1999 (b) | 10.05 | 0.01 | 0.78 | 0.79 | (0.02 | ) | (0.45 | ) | (0.47 | ) | 10.37 | 7.81 | %(g) | 178 | 1.60 | %(f) | (0.01 | %)(f) | 2.15 | %(f) | 113.72 | % | ||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (h) | $ | 7.27 | $ | — | $ | 1.05 | $ | 1.05 | $ | — | (e) | $ | — | $ | — | (e) | $ | 8.32 | 14.50 | %(g) | $ | 1,425 | 2.08 | %(f) | (0.11 | %)(f) | 2.08 | %(f) | 37.35 | % | ||||||||||||||||||
Year Ended July 31, 2003 | 6.93 | 0.02 | 0.34 | 0.36 | (0.02 | ) | — | (0.02 | ) | 7.27 | 5.22 | % | 1,291 | 2.07 | % | 0.31 | % | 2.07 | % | 77.62 | % | |||||||||||||||||||||||||||
Year Ended July 31, 2002 | 9.04 | (0.02 | ) | (2.09 | ) | (2.11 | ) | — | — | — | 6.93 | (23.34 | %) | 1,427 | 2.05 | % | (0.28 | %) | 2.07 | % | 48.18 | % | ||||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.65 | (0.02 | ) | (0.22 | ) | (0.24 | ) | — | (e) | (1.37 | ) | (1.37 | ) | 9.04 | (2.25 | %) | 1,544 | 2.06 | % | (0.26 | %) | 2.10 | % | 79.05 | % | |||||||||||||||||||||||
Year Ended July 31, 2000 | 10.34 | (0.03 | ) | 0.47 | 0.44 | — | (e) | (0.13 | ) | (0.13 | ) | 10.65 | 4.30 | % | 1,018 | 2.06 | % | (0.37 | %) | 2.10 | % | 120.42 | % | |||||||||||||||||||||||||
Period Ended July 31, 1999 (c) | 9.90 | (0.01 | ) | 0.91 | 0.90 | (0.01 | ) | (0.45 | ) | (0.46 | ) | 10.34 | 8.94 | %(g) | 472 | 2.44 | %(f) | (0.71 | %)(f) | 2.48 | %(f) | 113.72 | % | |||||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (h) | $ | 7.38 | $ | 0.04 | $ | 1.08 | $ | 1.12 | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 8.46 | 15.15 | %(g) | $ | 202,997 | 1.08 | %(f) | 0.89 | %(f) | 1.08 | %(f) | 37.35 | % | ||||||||||||||||||
Year Ended July 31, 2003 | 7.03 | 0.09 | 0.35 | 0.44 | (0.09 | ) | — | (0.09 | ) | 7.38 | 6.32 | % | 210,881 | 1.07 | % | 1.30 | % | 1.07 | % | 77.62 | % | |||||||||||||||||||||||||||
Year Ended July 31, 2002 | 9.15 | 0.06 | (2.12 | ) | (2.06 | ) | (0.06 | ) | — | (0.06 | ) | 7.03 | (22.59 | %) | 198,862 | 1.05 | % | 0.71 | % | 1.07 | % | 48.18 | % | |||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.74 | 0.07 | (0.22 | ) | (0.15 | ) | (0.07 | ) | (1.37 | ) | (1.44 | ) | 9.15 | (1.34 | %) | 231,106 | 1.06 | % | 0.76 | % | 1.10 | % | 79.05 | % | ||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.38 | 0.07 | 0.49 | 0.56 | (0.07 | ) | (0.13 | ) | (0.20 | ) | 10.74 | 5.44 | % | 203,366 | 1.05 | % | 0.66 | % | 1.09 | % | 120.42 | % | ||||||||||||||||||||||||||
Period Ended July 31, 1999 (d) | 10.00 | 0.04 | 0.83 | 0.87 | (0.04 | ) | (0.45 | ) | (0.49 | ) | 10.38 | 8.56 | %(g) | 75,464 | 1.28 | %(f) | 0.40 | %(f) | 1.32 | %(f) | 113.72 | % | ||||||||||||||||||||||||||
* | Excludes sales charge for class A and contingent deferred sales charge for class B. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Period from December 8, 1998 (commencement of operations) to July 31, 1999. |
(c) | Period from December 13, 1998 (commencement of operations) to July 31, 1999. |
(d) | Period from December 3, 1998 (commencement of operations) to July 31, 1999. |
(e) | Less than $0.01 per share. |
(f) | Annualized |
(g) | Not Annualized |
(h) | Unaudited |
See notes to financial statements.
54
Table of Contents
PACIFIC CAPITAL FUNDS — DIVERSIFIED FIXED INCOME FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | |||||||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 11.28 | $ | 0.21 | $ | 0.21 | $ | 0.42 | $ | (0.21 | ) | $ | (0.20 | ) | $ | (0.41 | ) | $ | 11.29 | 3.78 | %(c) | $ | 5,443 | 0.97 | %(b) | 3.73 | %(b) | 1.62 | %(b) | 21.56 | % | |||||||||||||||
Year Ended July 31, 2003 | 11.22 | 0.47 | 0.17 | 0.64 | (0.47 | ) | (0.11 | ) | (0.58 | ) | 11.28 | 5.76 | % | 8,841 | 0.97 | % | 4.04 | % | 1.62 | % | 52.53 | % | ||||||||||||||||||||||||
Year Ended July 31, 2002 | 10.89 | 0.53 | 0.33 | 0.86 | (0.53 | ) | — | (0.53 | ) | 11.22 | 8.13 | % | 6,755 | 0.96 | % | 4.86 | % | 1.63 | % | 71.59 | % | |||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.22 | 0.58 | 0.67 | 1.25 | (0.58 | ) | — | (0.58 | ) | 10.89 | 12.48 | % | 7,702 | 0.95 | % | 5.43 | % | 1.65 | % | 58.91 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.39 | 0.58 | (0.17 | ) | 0.41 | (0.58 | ) | — | (0.58 | ) | 10.22 | 4.09 | % | 5,252 | 0.97 | % | 5.70 | % | 1.66 | % | 84.65 | % | ||||||||||||||||||||||||
Year Ended July 31, 1999 | 10.92 | 0.56 | (0.43 | ) | 0.13 | (0.56 | ) | (0.10 | ) | (0.66 | ) | 10.39 | 1.02 | % | 2,228 | 0.98 | % | 5.08 | % | 1.67 | % | 60.00 | % | |||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 11.26 | $ | 0.17 | $ | 0.21 | $ | 0.38 | $ | (0.17 | ) | $ | (0.20 | ) | $ | (0.37 | ) | $ | 11.27 | 3.40 | %(c) | $ | 4,781 | 1.72 | %(b) | 2.98 | %(b) | 1.87 | %(b) | 21.56 | % | |||||||||||||||
Year Ended July 31, 2003 | 11.20 | 0.38 | 0.17 | 0.55 | (0.38 | ) | (0.11 | ) | (0.49 | ) | 11.26 | 4.96 | % | 5,193 | 1.72 | % | 3.30 | % | 1.87 | % | 52.53 | % | ||||||||||||||||||||||||
Year Ended July 31, 2002 | 10.87 | 0.45 | 0.33 | 0.78 | (0.45 | ) | — | (0.45 | ) | 11.20 | 7.34 | % | 4,997 | 1.71 | % | 4.11 | % | 1.88 | % | 71.59 | % | |||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.20 | 0.50 | 0.67 | 1.17 | (0.50 | ) | — | (0.50 | ) | 10.87 | 11.68 | % | 4,367 | 1.70 | % | 4.67 | % | 1.90 | % | 58.91 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.37 | 0.50 | (0.17 | ) | 0.33 | (0.50 | ) | — | (0.50 | ) | 10.20 | 3.34 | % | 2,760 | 1.71 | % | 4.95 | % | 1.90 | % | 84.65 | % | ||||||||||||||||||||||||
Year Ended July 31, 1999 | 10.91 | 0.48 | (0.44 | ) | 0.04 | (0.48 | ) | (0.10 | ) | (0.58 | ) | 10.37 | 0.24 | % | 2,078 | 1.72 | % | 4.39 | % | 1.91 | % | 60.00 | % | |||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 11.35 | $ | 0.23 | $ | 0.21 | $ | 0.44 | $ | (0.23 | ) | $ | (0.20 | ) | $ | (0.43 | ) | $ | 11.36 | 3.91 | %(c) | $ | 277,521 | 0.72 | %(b) | 3.98 | %(b) | 0.87 | %(b) | 21.56 | % | |||||||||||||||
Year Ended July 31, 2003 | 11.29 | 0.50 | 0.17 | 0.67 | (0.50 | ) | (0.11 | ) | (0.61 | ) | 11.35 | 6.00 | % | 235,902 | 0.72 | % | 4.30 | % | 0.87 | % | 52.53 | % | ||||||||||||||||||||||||
Year Ended July 31, 2002 | 10.96 | 0.56 | 0.33 | 0.89 | (0.56 | ) | — | (0.56 | ) | 11.29 | 8.38 | % | 222,500 | 0.71 | % | 5.11 | % | 0.88 | % | 71.59 | % | |||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.28 | 0.61 | 0.68 | 1.29 | (0.61 | ) | — | (0.61 | ) | 10.96 | 12.83 | % | 230,523 | 0.70 | % | 5.70 | % | 0.90 | % | 58.91 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.45 | 0.61 | (0.17 | ) | 0.44 | (0.61 | ) | — | (0.61 | ) | 10.28 | 4.37 | % | 241,169 | 0.71 | % | 5.95 | % | 0.90 | % | 84.65 | % | ||||||||||||||||||||||||
Year Ended July 31, 1999 | 11.00 | 0.59 | (0.45 | ) | 0.14 | (0.59 | ) | (0.10 | ) | (0.69 | ) | 10.45 | 1.10 | % | 199,413 | 0.73 | % | 5.34 | % | 0.92 | % | 60.00 | % | |||||||||||||||||||||||
* | Excludes sales charge for class A and contingent deferred sales charge for class B. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Annualized |
(c) | Not Annualized |
(d) | Unaudited |
See notes to financial statements.
55
Table of Contents
PACIFIC CAPITAL FUNDS — TAX-FREE SECURITIES FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | |||||||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 10.75 | $ | 0.22 | $ | 0.26 | $ | 0.48 | $ | (0.22 | ) | $ | (0.05 | ) | $ | (0.27 | ) | $ | 10.96 | 4.56 | %(c) | $ | 11,483 | 0.96 | %(b) | 4.05 | %(b) | 1.61 | %(b) | 0.79 | % | |||||||||||||||
Year Ended July 31, 2003 | 10.86 | 0.43 | (0.05 | ) | 0.38 | (0.43 | ) | (0.06 | ) | (0.49 | ) | 10.75 | 3.54 | % | 11,829 | 0.96 | % | 3.93 | % | 1.61 | % | 1.24 | % | |||||||||||||||||||||||
Year Ended July 31, 2002 | 10.74 | 0.45 | 0.23 | 0.68 | (0.45 | ) | (0.11 | ) | (0.56 | ) | 10.86 | 6.47 | % | 11,765 | 0.94 | % | 4.17 | % | 1.61 | % | 13.40 | % | ||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.29 | 0.47 | 0.45 | 0.92 | (0.47 | ) | — | (0.47 | ) | 10.74 | 9.07 | % | 8,413 | 0.95 | % | 4.41 | % | 1.64 | % | 19.05 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.49 | 0.48 | (0.15 | ) | 0.33 | (0.48 | ) | (0.05 | ) | (0.53 | ) | 10.29 | 3.28 | % | 6,832 | 0.95 | % | 4.71 | % | 1.64 | % | 22.40 | % | |||||||||||||||||||||||
Year Ended July 31, 1999 | 10.84 | 0.48 | (0.25 | ) | 0.23 | (0.48 | ) | (0.10 | ) | (0.58 | ) | 10.49 | 2.00 | % | 4,795 | 0.96 | % | 4.41 | % | 1.65 | % | 9.91 | % | |||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 10.75 | $ | 0.18 | $ | 0.26 | $ | 0.44 | $ | (0.18 | ) | $ | (0.05 | ) | $ | (0.23 | ) | $ | 10.96 | 4.17 | %(c) | $ | 4,668 | 1.71 | %(b) | 3.30 | %(b) | 1.86 | %(b) | 0.79 | % | |||||||||||||||
Year Ended July 31, 2003 | 10.85 | 0.35 | (0.04 | ) | 0.31 | (0.35 | ) | (0.06 | ) | (0.41 | ) | 10.75 | 2.86 | % | 4,643 | 1.71 | % | 3.18 | % | 1.86 | % | 1.24 | % | |||||||||||||||||||||||
Year Ended July 31, 2002 | 10.74 | 0.37 | 0.22 | 0.59 | (0.37 | ) | (0.11 | ) | (0.48 | ) | 10.85 | 5.58 | % | 5,458 | 1.69 | % | 3.42 | % | 1.86 | % | 13.40 | % | ||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.29 | 0.39 | 0.45 | 0.84 | (0.39 | ) | — | (0.39 | ) | 10.74 | 8.28 | % | 5,019 | 1.70 | % | 3.65 | % | 1.89 | % | 19.05 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.49 | 0.40 | (0.15 | ) | 0.25 | (0.40 | ) | (0.05 | ) | (0.45 | ) | 10.29 | 2.54 | % | 2,779 | 1.70 | % | 3.97 | % | 1.89 | % | 22.40 | % | |||||||||||||||||||||||
Year Ended July 31, 1999 | 10.83 | 0.40 | (0.24 | ) | 0.16 | (0.40 | ) | (0.10 | ) | (0.50 | ) | 10.49 | 1.40 | % | 1,756 | 1.70 | % | 3.68 | % | 1.89 | % | 9.91 | % | |||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 10.79 | $ | 0.24 | $ | 0.26 | $ | 0.50 | $ | (0.24 | ) | $ | (0.05 | ) | $ | (0.29 | ) | $ | 11.00 | 4.68 | %(c) | $ | 379,440 | 0.71 | %(b) | 4.30 | %(b) | 0.86 | %(b) | 0.79 | % | |||||||||||||||
Year Ended July 31, 2003 | 10.90 | 0.46 | (0.05 | ) | 0.41 | (0.46 | ) | (0.06 | ) | (0.52 | ) | 10.79 | 3.80 | % | 397,157 | 0.71 | % | 4.18 | % | 0.86 | % | 1.24 | % | |||||||||||||||||||||||
Year Ended July 31, 2002 | 10.78 | 0.47 | 0.23 | 0.70 | (0.47 | ) | (0.11 | ) | (0.58 | ) | 10.90 | 6.73 | % | 445,733 | 0.69 | % | 4.42 | % | 0.86 | % | 13.40 | % | ||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.33 | 0.49 | 0.45 | 0.94 | (0.49 | ) | — | (0.49 | ) | 10.78 | 9.33 | % | 463,426 | 0.70 | % | 4.66 | % | 0.89 | % | 19.05 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.53 | 0.50 | (0.15 | ) | 0.35 | (0.50 | ) | (0.05 | ) | (0.55 | ) | 10.33 | 3.55 | % | 432,677 | 0.70 | % | 4.96 | % | 0.89 | % | 22.40 | % | |||||||||||||||||||||||
Year Ended July 31, 1999 | 10.88 | 0.51 | (0.25 | ) | 0.26 | (0.51 | ) | (0.10 | ) | (0.61 | ) | 10.53 | 2.26 | % | 424,022 | 0.71 | % | 4.66 | % | 0.90 | % | 9.91 | % | |||||||||||||||||||||||
* | Excludes sales charge for class A and contingent deferred sales charge for class B. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Annualized |
(c) | Not Annualized |
(d) | Unaudited |
See notes to financial statements.
56
Table of Contents
PACIFIC CAPITAL FUNDS — SHORT INTERMEDIATE U.S. GOVERNMENT SECURITIES FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | |||||||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 9.97 | $ | 0.12 | $ | 0.04 | $ | 0.16 | $ | (0.12 | ) | $ | (0.04 | ) | $ | (0.16 | ) | $ | 9.97 | 1.62 | %(c) | $ | 5,512 | 0.80 | %(b) | 2.48 | %(b) | 1.55 | %(b) | 16.97 | % | |||||||||||||||
Year Ended July 31, 2003 | 10.06 | 0.31 | 0.02 | 0.33 | (0.31 | ) | (0.11 | ) | (0.42 | ) | 9.97 | 3.28 | % | 5,327 | 0.80 | % | 2.93 | % | 1.55 | % | 17.50 | % | ||||||||||||||||||||||||
Year Ended July 31, 2002 | 9.81 | 0.34 | 0.30 | 0.64 | (0.34 | ) | (0.05 | ) | (0.39 | ) | 10.06 | 6.68 | % | 2,148 | 0.81 | % | 3.44 | % | 1.57 | % | 62.60 | % | ||||||||||||||||||||||||
Year Ended July 31, 2001 | 9.30 | 0.45 | 0.51 | 0.96 | (0.45 | ) | — | (0.45 | ) | 9.81 | 10.58 | % | 1,090 | 0.90 | % | 4.66 | % | 1.65 | % | 107.46 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 9.42 | 0.44 | (0.08 | ) | 0.36 | (0.44 | ) | (0.04 | ) | (0.48 | ) | 9.30 | 3.97 | % | 452 | 0.89 | % | 4.78 | % | 1.64 | % | 48.99 | % | |||||||||||||||||||||||
Year Ended July 31, 1999 | 9.64 | 0.45 | (0.18 | ) | 0.27 | (0.45 | ) | (0.04 | ) | (0.49 | ) | 9.42 | 2.79 | % | 595 | 0.94 | % | 4.65 | % | 1.49 | % | 63.27 | % | |||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 9.99 | $ | 0.14 | $ | 0.04 | $ | 0.18 | $ | (0.14 | ) | $ | (0.04 | ) | $ | (0.18 | ) | $ | 9.99 | 1.74 | %(c) | $ | 90,685 | 0.55 | %(b) | 2.73 | %(b) | 0.80 | %(b) | 16.97 | % | |||||||||||||||
Year Ended July 31, 2003 | 10.09 | 0.33 | 0.01 | 0.34 | (0.33 | ) | (0.11 | ) | (0.44 | ) | 9.99 | 3.41 | % | 88,824 | 0.55 | % | 3.23 | % | 0.80 | % | 17.50 | % | ||||||||||||||||||||||||
Year Ended July 31, 2002 | 9.83 | 0.37 | 0.31 | 0.68 | (0.37 | ) | (0.05 | ) | (0.42 | ) | 10.09 | 7.03 | % | 62,156 | 0.56 | % | 3.69 | % | 0.82 | % | 62.60 | % | ||||||||||||||||||||||||
Year Ended July 31, 2001 | 9.32 | 0.48 | 0.51 | 0.99 | (0.48 | ) | — | (0.48 | ) | 9.83 | 10.84 | % | 47,000 | 0.65 | % | 4.96 | % | 0.90 | % | 107.46 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 9.44 | 0.47 | (0.08 | ) | 0.39 | (0.47 | ) | (0.04 | ) | (0.51 | ) | 9.32 | 4.24 | % | 32,380 | 0.64 | % | 5.04 | % | 0.89 | % | 48.99 | % | |||||||||||||||||||||||
Year Ended July 31, 1999 | 9.66 | 0.48 | (0.18 | ) | 0.30 | (0.48 | ) | (0.04 | ) | (0.52 | ) | 9.44 | 3.05 | % | 33,332 | 0.67 | % | 4.89 | % | 0.72 | % | 63.27 | % | |||||||||||||||||||||||
* | Excludes sales charge for class A. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Annualized |
(c) | Not Annualized |
(d) | Unaudited |
See notes to financial statements.
57
Table of Contents
PACIFIC CAPITAL FUNDS — TAX-FREE SHORT INTERMEDIATE SECURITIES FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | |||||||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 10.36 | $ | 0.11 | $ | 0.12 | $ | 0.23 | $ | (0.11 | ) | $ | — | $ | (0.11 | ) | $ | 10.48 | 2.22 | %(c) | $ | 4,701 | 0.97 | %(b) | 2.04 | %(b) | 1.58 | %(b) | 4.75 | % | ||||||||||||||||
Year Ended July 31, 2003 | 10.39 | 0.25 | 0.02 | 0.27 | (0.25 | ) | (0.05 | ) | (0.30 | ) | 10.36 | 2.62 | % | 2,322 | 0.97 | % | 2.40 | % | 1.58 | % | 6.01 | % | ||||||||||||||||||||||||
Year Ended July 31, 2002 | 10.18 | 0.29 | 0.21 | 0.50 | (0.29 | ) | — | (0.29 | ) | 10.39 | 4.98 | % | 2,157 | 0.98 | % | 2.82 | % | 1.61 | % | 37.24 | % | |||||||||||||||||||||||||
Year Ended July 31, 2001 | 9.86 | 0.35 | 0.32 | 0.67 | (0.35 | ) | — | (0.35 | ) | 10.18 | 6.89 | % | 1,732 | 0.98 | % | 3.48 | % | 1.63 | % | 73.06 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 9.95 | 0.35 | (0.04 | ) | 0.31 | (0.35 | ) | (0.05 | ) | (0.40 | ) | 9.86 | 3.19 | % | 1,458 | 0.98 | % | 3.57 | % | 1.63 | % | 42.57 | % | |||||||||||||||||||||||
Year Ended July 31, 1999 | 10.09 | 0.34 | (0.09 | ) | 0.25 | (0.34 | ) | (0.05 | ) | (0.39 | ) | 9.95 | 2.44 | % | 878 | 0.98 | % | 3.35 | % | 1.63 | % | 18.40 | % | |||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (d) | $ | 10.41 | $ | 0.12 | $ | 0.13 | $ | 0.25 | $ | (0.12 | ) | $ | — | $ | (0.12 | ) | $ | 10.54 | 2.42 | %(c) | $ | 68,218 | 0.72 | %(b) | 2.29 | %(b) | 0.83 | %(b) | 4.75 | % | ||||||||||||||||
Year Ended July 31, 2003 | 10.45 | 0.28 | 0.01 | 0.29 | (0.28 | ) | (0.05 | ) | (0.33 | ) | 10.41 | 2.78 | % | 63,449 | 0.72 | % | 2.64 | % | 0.83 | % | 6.01 | % | ||||||||||||||||||||||||
Year Ended July 31, 2002 | 10.23 | 0.32 | 0.22 | 0.54 | (0.32 | ) | — | (0.32 | ) | 10.45 | 5.33 | % | 49,599 | 0.73 | % | 3.06 | % | 0.86 | % | 37.24 | % | |||||||||||||||||||||||||
Year Ended July 31, 2001 | 9.91 | 0.38 | 0.32 | 0.70 | (0.38 | ) | — | (0.38 | ) | 10.23 | 7.15 | % | 39,857 | 0.73 | % | 3.73 | % | 0.88 | % | 73.06 | % | |||||||||||||||||||||||||
Year Ended July 31, 2000 | 10.00 | 0.37 | (0.04 | ) | 0.33 | (0.37 | ) | (0.05 | ) | (0.42 | ) | 9.91 | 3.44 | % | 41,371 | 0.73 | % | 3.80 | % | 0.88 | % | 42.57 | % | |||||||||||||||||||||||
Year Ended July 31, 1999 | 10.15 | 0.37 | (0.10 | ) | 0.27 | (0.37 | ) | (0.05 | ) | (0.42 | ) | 10.00 | 2.60 | % | 47,668 | 0.73 | % | 3.61 | % | 0.88 | % | 18.40 | % | |||||||||||||||||||||||
* | Excludes sales charge for class A. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Annualized |
(c) | Not Annualized |
(d) | Unaudited |
See notes to financial statements.
58
Table of Contents
PACIFIC CAPITAL FUNDS — ULTRA SHORT GOVERNMENT FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Net Investment Income | Net Realized Gains | Total Distributions | Net Asset Value, End of Period | Total Return* | Net Assets, End of Period (000’s) | Ratio of Expenses to Average Net Assets | Ratio of Net Investment Income to Average Net Assets | Ratio of Expenses to Average Net Assets** | Portfolio Turnover (a) | |||||||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (g) | $ | 10.24 | $ | 0.09 | $ | (0.03 | ) | $ | 0.06 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | $ | 10.21 | 0.61 | %(f) | $ | 8,570 | 0.62 | %(e) | 1.79 | %(e) | 1.42 | %(e) | 21.98 | % | |||||||||||||||
Year Ended July 31, 2003 | 10.31 | 0.23 | (0.06 | ) | 0.17 | (0.23 | ) | (0.01 | ) | (0.24 | ) | 10.24 | 1.67 | % | 12,787 | 0.62 | % | 2.23 | % | 1.42 | % | 17.41 | % | |||||||||||||||||||||||
Year Ended July 31, 2002 | 10.20 | 0.30 | 0.11 | 0.41 | (0.30 | ) | — | (d) | (0.30 | ) | 10.31 | 4.10 | % | 14,116 | 0.62 | % | 2.93 | % | 1.42 | % | 26.15 | % | ||||||||||||||||||||||||
Year Ended July 31, 2001 (b) | 10.02 | 0.55 | 0.18 | 0.73 | (0.55 | ) | — | (0.55 | ) | 10.20 | 7.46 | % | 15,002 | 0.64 | % | 5.20 | % | 1.51 | % | 8.22 | % | |||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (g) | $ | 10.24 | $ | 0.05 | $ | (0.03 | ) | $ | 0.02 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 10.21 | 0.23 | %(f) | $ | 2,148 | 1.37 | %(e) | 1.04 | %(e) | 1.67 | %(e) | 21.98 | % | |||||||||||||||
Year Ended July 31, 2003 | 10.31 | 0.15 | (0.06 | ) | 0.09 | (0.15 | ) | (0.01 | ) | (0.16 | ) | 10.24 | 0.91 | % | 1,994 | 1.37 | % | 1.46 | % | 1.67 | % | 17.41 | % | |||||||||||||||||||||||
Year Ended July 31, 2002 | 10.21 | 0.22 | 0.10 | 0.32 | (0.22 | ) | — | (d) | (0.22 | ) | 10.31 | 3.22 | % | 1,403 | 1.37 | % | 2.14 | % | 1.67 | % | 26.15 | % | ||||||||||||||||||||||||
Year Ended July 31, 2001 (b) | 10.02 | 0.48 | 0.19 | 0.67 | (0.48 | ) | — | (0.48 | ) | 10.21 | 6.79 | % | 858 | 1.39 | % | 4.48 | % | 1.76 | % | 8.22 | % | |||||||||||||||||||||||||
CLASS Y | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended January 31, 2004 (g) | $ | 10.25 | $ | 0.10 | $ | (0.03 | ) | $ | 0.07 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | 10.22 | 0.74 | %(f) | $ | 237,092 | 0.37 | %(e) | 2.04 | %(e) | 0.67 | %(e) | 21.98 | % | |||||||||||||||
Year Ended July 31, 2003 | 10.32 | 0.26 | (0.06 | ) | 0.20 | (0.26 | ) | (0.01 | ) | (0.27 | ) | 10.25 | 1.92 | % | 240,916 | 0.37 | % | 2.47 | % | 0.67 | % | 17.41 | % | |||||||||||||||||||||||
Year Ended July 31, 2002 | 10.21 | 0.33 | 0.11 | 0.44 | (0.33 | ) | — | (d) | (0.33 | ) | 10.32 | 4.35 | % | 185,806 | 0.37 | % | 3.16 | % | 0.67 | % | 26.15 | % | ||||||||||||||||||||||||
Year Ended July 31, 2001 | 10.02 | 0.58 | 0.19 | 0.77 | (0.58 | ) | — | (0.58 | ) | 10.21 | 7.85 | % | 149,445 | 0.39 | % | 5.56 | % | 0.76 | % | 8.22 | % | |||||||||||||||||||||||||
Period Ended July 31, 2000 (c) | 10.00 | 0.11 | 0.02 | 0.13 | (0.11 | ) | — | (0.11 | ) | 10.02 | 1.27 | %(f) | 47,483 | 0.40 | %(e) | 6.38 | %(e) | 1.28 | %(e) | 0.00 | % | |||||||||||||||||||||||||
* | Excludes sales charge for class A and contingent deferred sales charge for class B. |
** | During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated. |
(a) | Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued. |
(b) | Period from August 1, 2000 (commencement of operations) to July 31, 2001. |
(c) | Period from June 1, 2000 (commencement of operations) to July 31, 2000. |
(d) | Less than $0.01 per share. |
(e) | Annualized |
(f) | Not Annualized |
(g) | Unaudited |
See notes to financial statements.
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INVESTMENT ADVISER
The Asset Management Group of Bank of Hawaii
111 South King Street
Honolulu, HI 96813
SUB-ADVISERS
Bankoh Investment Partners, LLC
130 Merchant Street, Suite 240
Honolulu, HI 96813
First State (Hong Kong) LLC
3 Exchange Square
8 Connaught Place Central
Hong Kong
Nicholas-Applegate Capital Management
600 West Broadway
San Diego, CA 92102
DISTRIBUTOR
BISYS Fund Services
3435 Stelzer Road
Columbus, OH 43219
LEGAL COUNSEL
Paul, Hastings, Janofsky & Walker LLP
515 South Flower Street
Los Angeles, CA 90071
INDEPENDENT AUDITORS
Ernst & Young LLP
41 South High Street, Suite 1100
Columbus, OH 43215
ADMINISTRATOR AND TRANSFER AGENT
BISYS Fund Services Ohio, Inc.
3435 Stelzer Road
Columbus, OH 43219
The Pacific Capital Funds are distributed by BISYS Fund Services. This document must be preceded or accompanied by a current prospectus for the Pacific Capital Funds, which you should read carefully before you invest or send money.
PCR - 0008 | 3/04 |
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Item 2. | Code of Ethics. |
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
Not applicable – only for annual reports.
Item 3. | Audit Committee Financial Expert. |
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) | Has at least one audit committee financial expert serving on its audit committee; or |
(ii) | Does not have an audit committee financial expert serving on its audit committee. |
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) | Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or |
(ii) | Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a- 2(a)(19)). |
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable – only for annual reports.
Item 4. | Principal Accountant Fees and Services. |
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of nonaudit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved
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pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Not applicable—only for annual reports.
Item 5. | Audit Committee of Listed Registrants. |
(a) | If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state. |
(b) | If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees. |
Not applicable.
Item 6. | [Reserved] |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
Not applicable.
Item 8. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
Not applicable.
Item 9. | Submission of Matters to a Vote of Security Holders. |
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
Not applicable.
Item 10. | Controls and Procedures. |
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant’s principal executive officer and principal financial officer have concluded, based on theirevaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is (i) accumulated and communicated to the investment company’s management, including its certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
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(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 11. | Exhibits. |
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. Not applicable – Only effective for annual reports.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2). Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pacific Capital Funds | ||
By (Signature and Title)* | /s/ William P. Henry, Jr. | |
William P. Henry, Jr., President |
Date March 30, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ William P. Henry, Jr | |
William P. Henry, Jr., President |
Date March 30, 2004
By (Signature and Title)* | /s/ Nadeem Yousaf | |
Nadeem Yousaf, Treasurer |
Date March 30, 2004
* Print the name and title of each signing officer under his or her signature.