Pacific Capital Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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, OH 43219

(Name and address of agent for service)

Registrant’s telephone number, including area code: 614-470-8000

Date of fiscal year end: 7/31/06

Date of reporting period: 1/31/06

Item 1. Reports to Stockholders.

PACIFIC CAPITAL

FUNDS

Semi-Annual Report

As of January 31, 2006

MUTUAL FUNDS: ARE NOT FDIC INSURED ¨ HAVE NO BANK GUARANTEE ¨ MAY LOSE VALUE

Pacific Capital Family of Funds

			Performance for the period ended 1/31/06
	Class of Shares (Max. Sales Charge %)		Aggregate Returns (%)				Average Annual Total Returns (%)
Fund Name		Inception Date	Six Months		One Year		Five Year		Ten Year5		Since Inception
			NAV*	POP**	NAV*	POP**	NAV*	POP**	NAV*	POP**	NAV*	POP**
New Asia Growth Fund	Class A (5.25)	02/15/95	13.10	7.16	27.94	21.24	10.23	9.04	5.49	4.92	6.89	6.37
	Class B1 (5.00)	03/02/98	12.59	7.59	26.92	22.92	9.50	9.36	4.93	—	8.20	8.20
	Class C6 (1.00)	04/30/04	12.59	11.59	26.93	25.93	9.51	9.51	4.93	—	6.37	6.37
	Class Y	02/15/95	13.20	13.20	28.19	28.19	10.50	10.50	5.75	—	7.14	7.14
International Stock Fund	Class A (5.25)	12/08/98	19.74	13.41	26.79	20.13	1.40	0.30	—	—	4.57	3.79
	Class B1 (5.00)	12/20/98	19.20	14.20	25.84	21.84	0.77	0.57	—	—	3.72	3.72
	Class C6 (1.00)	04/30/04	19.23	18.23	25.73	24.73	0.75	0.75	—	—	3.98	3.98
	Class Y	12/02/98	19.77	19.77	26.98	26.98	1.78	1.78	—	—	5.01	5.01
Small Cap Fund	Class A (5.25)	12/08/98	8.30	2.63	20.40	14.10	19.75	18.46	—	—	17.89	17.02
	Class B1 (5.00)	12/20/98	7.83	2.84	19.56	15.56	18.85	18.75	—	—	17.00	17.00
	Class C6 (1.00)	04/30/04	7.89	6.89	19.55	18.55	18.86	18.86	—	—	17.01	17.01
	Class Y	12/03/98	8.43	8.43	20.70	20.70	20.02	20.02	—	—	18.15	18.15
Mid-Cap Fund	Class A (5.25)	12/30/03	7.54	1.87	19.75	13.42	—	—	—	—	16.55	13.60
	Class C7 (1.00)	04/30/04	7.18	6.18	18.91	17.91	—	—	—	—	15.89	15.89
	Class Y	12/30/03	7.73	7.73	20.09	20.09	—	—	—	—	16.85	16.85
Growth Stock Fund2	Class A (5.25)	11/01/93	4.50	-0.98	9.95	4.14	-6.69	-7.69	6.22	5.65	9.75	9.53
	Class B1 (5.00)	03/02/98	4.05	-0.95	9.15	5.15	-7.37	-7.56	5.63	5.63	1.01	1.01
	Class C6 (1.00)	04/30/04	4.06	3.06	9.02	8.02	-7.36	-7.36	5.63	5.63	9.53	9.53
	Class Y	10/14/94	4.60	4.60	10.15	10.15	-6.44	-6.44	6.51	6.51	8.35	8.35
Growth & Income Fund2	Class A (5.25)	10/14/94	3.65	-1.80	9.86	4.07	-4.09	-5.12	7.08	6.51	8.63	8.41
	Class B1 (5.00)	03/02/98	3.26	-1.74	9.08	5.08	-4.81	-5.00	6.43	6.43	1.35	1.35
	Class C6 (1.00)	04/30/04	3.26	2.26	9.08	8.08	-4.80	-4.80	6.44	6.44	8.40	8.40
	Class Y	10/14/94	3.75	3.75	10.11	10.11	-3.86	-3.86	7.33	7.33	8.88	8.88
Value Fund	Class A (5.25)	12/08/98	4.51	-1.01	11.98	6.12	1.58	0.49	—	—	3.72	2.94
	Class B1 (5.00)	12/13/98	4.03	-0.97	11.14	7.14	0.82	0.62	—	—	3.17	3.17
	Class C6 (1.00)	04/30/04	4.04	3.04	11.11	10.11	0.84	0.84	—	—	3.03	3.03
	Class Y	12/03/98	4.63	4.63	12.35	12.35	1.85	1.85	—	—	4.05	4.05
Diversified Fixed Income Fund2	Class A (4.00)	10/14/94	0.22	-3.80	1.04	-2.97	4.99	4.14	4.96	4.53	4.44	4.29
	Class B1 (5.00)	03/02/98	-0.16	-5.08	0.29	-3.60	4.22	4.05	4.36	4.36	4.53	4.53
	Class C6 (1.00)	04/30/04	-0.16	-1.14	0.29	-0.68	4.22	4.22	4.36	4.36	4.23	4.23
	Class Y	10/14/94	0.34	0.34	1.28	1.28	5.25	5.25	5.19	5.19	4.72	4.72
Tax-Free Securities Fund2	Class A (4.00)	10/14/94	0.91	-3.14	1.25	-2.84	4.32	3.48	4.60	4.18	3.40	3.25
	Class B1 (5.00)	03/02/98	0.53	-4.36	0.49	-3.35	3.56	3.39	4.03	4.03	3.68	3.68
	Class C6 (1.00)	04/30/04	0.43	-0.54	0.49	-0.47	3.57	3.57	4.03	4.03	3.20	3.20
	Class Y	10/14/94	0.94	0.94	1.49	1.49	4.59	4.59	4.88	4.88	3.67	3.67
Short Intermediate U.S. Government Securities Fund3	Class A (2.25)	12/13/93	0.85	-1.39	1.09	-1.14	3.27	2.80	4.14	3.90	4.16	3.96
	Class C7 (1.00)	04/30/04	0.47	-0.52	0.33	-0.65	2.97	2.97	3.99	3.99	4.04	4.04
	Class Y	10/14/94	0.98	0.98	1.34	1.34	3.54	3.54	4.39	4.39	5.15	5.15
Tax-Free Short Intermediate Securities Fund2	Class A (2.25)	10/14/94	0.73	-1.59	0.85	-1.44	2.70	2.24	3.23	2.99	3.91	3.78
	Class C7 (1.00)	04/30/04	0.34	-0.66	0.09	-0.90	2.43	2.43	3.09	3.09	3.83	3.83
	Class Y	10/14/94	0.75	0.75	1.00	1.00	2.93	2.93	3.49	3.49	4.19	4.19
Ultra Short Government Fund	Class A4 (2.25)	08/01/00	1.29	-0.98	2.09	-0.19	2.29	1.84	—	—	3.03	2.62
	Class B4 (5.00)	08/01/00	0.91	-4.09	1.33	-2.66	1.53	1.35	—	—	2.29	2.13
	Class C6 (1.00)	04/30/04	0.91	-0.09	1.33	0.33	1.53	—	—	—	2.29	2.29
	Class Y	06/01/00	1.42	1.42	2.34	2.34	2.55	—	—	—	3.30

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 principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-258-9232.

Investment Risk Considerations for the New Asia Growth, International Stock, Small Cap, Mid-Cap, Value, 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 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.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

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.

Pacific Capital Family of Funds (cont.)

* Net Asset Value. No sales charge applied. ** Public Offering Price. Maximum sales charge applied.

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 Stock Fund, the Pacific Capital Growth & Income Fund, the Pacific Capital Diversified Fixed Income Fund and the Pacific Capital Tax-Free Securities 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 CDSC 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.

⁶ Class C Shares were not in existence prior to April 30, 2004. Performance calculated for any period up to and through the indicated inception date is based upon the performance of Class B Shares, which does not reflect the higher CDSC. Had the higher CDSC been incorporated, total return figures would have been adversely affected.

⁷ Class C Shares were not in existence prior to April 30, 2004. 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. Had the higher 12b-1 fees been incorporated, total return figures would have been adversely affected.

Letter to Shareholders

Dear Shareholders:

Thank you for investing with Pacific Capital Funds. We value the trust you place in us and we seek to provide world-class investment management to help you meet your financial goals.

Pacific Capital Funds draw on the expertise of the Asset Management Group of Bank of Hawaii (AMG). AMG represents the largest, most experienced staff of investment professionals in Hawaii, and manages $4.8 billion in mutual fund assets. In addition, certain AMG personnel also manage approximately $2.2 billion in assets on behalf of Bank of Hawaii clients. In specialized securities markets, AMG has partnered with a select list of sub-advisers to provide Pacific Capital Funds’ shareholders with greater investment opportunities, broader diversification and access to an elite group of money managers:

• Bankoh Investment Partners, LLC, a joint venture between Bank of Hawaii and Chicago Equity Partners (CEP), serves as Sub-Adviser to the Pacific Capital Mid-Cap Fund. CEP specializes in core domestic equity markets and currently oversees $10.9 billion in assets under management. The firm’s investment management team has an average of 18 years experience.

• First State (Hong Kong) LLC (First State), which specializes in single-country, regional and sector-specific investments, serves as Sub-Adviser to the Pacific Capital New Asia Growth Fund. First State oversees almost $84 billion in assets under management.

• Hansberger Global Investors (HGI), founded in 1995 by former Templeton Worldwide President and CEO Thomas L. Hansberger, serves as Sub-Adviser to the Pacific Capital International Stock Fund. The firm’s 21 investment professionals represent 17 different nationalities and oversee $8.1 billion in assets under management.

• Nicholas Applegate Capital Management (NACM), which specializes in global, international and domestic equity and special strategy management, serves as Sub-Adviser to the Pacific Capital Small Cap Fund. NACM employs 55 investment professionals and oversees $15.6 billion in assets under management.

Semi-Annual Review

The U.S. economy displayed surprising resilience during the six months between August 1, 2005 and January 31, 2006. The economy grew at a solid pace despite a number of headwinds, including Gulf Coast hurricanes, historically high energy prices and rising interest rates.

The Federal Reserve board increased its target short-term interest rate five times during the six-month period, bringing the Federal Funds rate from 3.25% as of August 1, 2005 to 4.50% on January 31, 2006. Long-time Federal Reserve Chairman Alan Greenspan stepped down at the end of this period, and Ben Bernanke replaced him.

The global economy generated strong growth during this period. Rapid expansion in China boosted economies in the Pacific Rim and elsewhere. China’s growth boosted demand for raw materials, which raised the price of oil and various metals. However, low-cost production in China and other parts of the developing world combined with continued gains in corporate productivity helped to keep the lid on inflation.

Stocks Prove Resilient

The Standard & Poor’s 500 Index¹ gained 4.68% percent during the six-month period ended January 31, 2006. Like the economy, the stock market displayed a great deal of resilience in digesting various negative factors throughout the period. This reflects the reasonable valuation of the market and underlying strength of businesses in general. Corporate balance sheets and cash flows are strong which is mitigating the impact of rising interest rates while productivity gains are helping to offset energy and raw material price increases. Corporate profit margins are at historic high levels and earnings growth remains strong.

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 principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-258-9232.

¹ Standard & Poor’s 500 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. It is not possible to invest directly in any index.

Letter to Shareholders (cont.)

Energy stocks led the market, as surging oil and gas prices boosted profits in that sector. Materials stocks posted strong gains as powerful demand for raw materials from the developing world lifted profits. Shares of financial services companies performed well despite rising short-term interest rates.

Consumer discretionary stocks were the weak performers, as investors worried that higher energy prices, rising interest rates and other factors would reign in consumer spending levels.

Continuing a multi-year trend, smaller capitalization stocks performed better than larger capitalization stocks during these six-months and those with a value-orientation modestly outperformed those with a growth-orientation. Meanwhile, international stocks significantly out-gained the U.S. market.

Higher Yields For Short-And Intermediate-Term Bonds

The Federal Reserve’s interest-rate increases led to higher yields for short-term bonds. Intermediate-term bond yields also rose significantly, while long-term bond yields remained at relatively low levels. That environment produced a fl at yield curve, with short-, intermediate- and long-term bonds offering roughly the same interest.

Long-term bonds’ low yields seemed to reflect bond investors’ confidence that the Federal Reserve would succeed in preventing significantly higher inflation despite the retirement of Federal Reserve Chairman Alan Greenspan. Low long-term yields also may have reflected strong demand for U.S. Treasury bonds from China and other foreign countries.

Looking Forward

We believe the economy appears poised to generate strong growth during the first quarter of 2006, followed by moderate but healthy growth during ensuing months. We believe the stock market offers attractive valuations, particularly among the large-cap growth stocks that have trailed the market in recent years. With inflation low and the Federal Reserve apparently nearing the end of its tightening cycle, fixed-income securities look more attractive than they have in some time.

We would like to take this opportunity to remind shareholders of the importance of maintaining diversified investment portfolios. No one can be sure which investments will lead the markets going forward, and past performance is not a guarantee of future results. It is therefore essential to maintain exposure to various types of stocks and bonds as well as cash investments, so that a decline in any one type of holding will not imperil your financial health.

Thank you for your confidence in the Pacific Capital Funds. If you have any questions or would like a Fund prospectus, we encourage you to contact your registered investment professional, call Pacific Capital Funds at (800) 258-9232 or visit our website at www.pacificcapitalfunds.com.

Sincerely,

Tobias M. Martyn

Executive Vice President and Manager

Asset Management Group of Bank of Hawaii

Portfolio Composition (as a percentage of total investments)*

January 31, 2006 (Unaudited)
New Asia Growth Fund	%
China	5.3
Hong Kong	23.8
India	4.9
Indonesia	0.6
Malaysia	8.1
Philippines	1.0
Singapore	14.0
South Korea	21.1
Taiwan	11.8
Thailand	3.8
United Kingdom	2.6
Cash Equivalents	3.0
International Stock Fund
Australia	2.1
Brazil	3.0
Canada	3.1
China	2.3
Denmark	0.7
Finland	0.9
France	9.5
Germany	5.6
Greece	0.3
Hong Kong	3.0
India	1.5
Indonesia	0.4
Israel	0.6
Italy	2.9
Japan	18.7
Luxembourg	0.6
Mexico	0.6
Netherlands	3.3
Russia	1.0
Singapore	2.1
South Africa	1.1
South Korea	3.9
Spain	3.8
Sweden	0.5
Switzerland	8.0
Taiwan	0.5
United Kingdom	17.3
Cash Equivalents	2.7
Small Cap Fund
Consumer Discretionary	11.8
Consumer Staples	1.2
Energy	2.1
Financials	16.1
Health Care	10.2
Industrials	15.1
Information Technology	17.1
Materials	4.4
Real Estate Investment Trust	4.8
Telecommunications	1.0
Transportation	3.9
Utilities	3.7
Depository Receipts	4.5
Cash Sweep	4.1
Mid-Cap Fund	%
Consumer Discretionary	15.2
Consumer Staples	1.6
Energy	11.5
Financials	15.2
Health Care	10.6
Industrials	13.5
Information Technology	12.1
Materials	4.4
Real Estate Investment Trust	3.8
Telecommunications	1.9
Transportation	1.1
Utilities	5.7
Depository Receipts	2.0
Cash Equivalents	1.4
Growth Stock Fund
Consumer Discretionary	14.9
Consumer Staples	9.1
Energy	3.9
Financials	6.5
Health Care	19.7
Industrials	15.5
Information Technology	24.6
Materials	3.9
Telecommunications	0.5
Depository Receipts	0.4
Cash Equivalents	0.9
Growth and Income Fund
Consumer Discretionary	12.2
Consumer Staples	8.1
Energy	9.1
Financials	21.4
Health Care	14.5
Industrials	10.7
Information Technology	13.2
Materials	2.8
Telecommunications	2.6
Utilities	3.1
Depository Receipts	0.5
Cash Equivalents	1.8
Value Fund
Consumer Discretionary	7.1
Consumer Staples	5.0
Energy	13.5
Financials	35.5
Health Care	8.3
Industrials	7.9
Information Technology	6.2
Materials	4.5
Telecommunications	5.4
Utilities	5.6
Cash Equivalents	0.9
Diversified Fixed Income Fund1	%
Treasury	20.3
Agency	28.4
AAA	11.8
AA	16.5
A	19.3
BAA	3.7
Tax-Free Securities Fund1
AAA	94.4
AA	5.6
Short Intermediate U.S. Government Securities Fund
Federal Farm Credit Bank	20.0
Federal Home Loan Bank	75.7
U.S. Treasury Notes	4.3
Tax-Free Short Intermediate Securities Fund1
AAA	96.9
AA	3.1
Ultra Short Government Fund
Federal Farm Credit Bank	14.0
Federal Home Loan Bank	85.5
U.S. Treasury Notes	0.5

* The composition of the Funds’ portfolios is as of January 31, 2006 and subject to change.

¹ The Standard & Poor’s or Moody’s credit ratings are current opinions of the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The issue credit rating is not a recommendation to purchase, sell, or hold a financial obligation, inasmuch as it does not comment as to market price or suitability for a particular investor.

Table of Contents

Statements of Assets and Liabilities

Page 1

Statements of Operations

Page 4

Statements of Changes in Net Assets

Page 7

Schedules of Portfolio Investments

Page 11

Notes to Financial Statements

Page 42

Financial Highlights

Page 56

PACIFIC CAPITAL FUNDS

Statements of Assets and Liabilities

January 31, 2006

(Unaudited)

	New Asia Growth Fund			International Stock Fund			Small Cap Fund			Mid-Cap Fund
ASSETS:
Investments, at value (cost $49,759,683; $126,222,323; $285,400,868; and $71,081,476, respectively)	$	65,072,316		$	154,443,820		$	333,402,545		$	84,856,850
Foreign currency, at value (cost $814,904; and $19,266, respectively)		673,360			19,310			—			—
Interest and dividends receivable		58,707			180,816			64,722			25,409
Receivable for capital shares issued		—			—			554,777			—
Receivable for investments sold		573,352			249,250			5,711,742			730,275
Reclaims receivable		—			128,444			—			—
Prepaid expenses and other assets		2,228			2,113			21,119			4,871
Total Assets		66,379,963			155,023,753			339,754,905			85,617,405
LIABILITIES:
Payable for capital shares redeemed		—			4,632			22,383			5,424
Payable for investments purchased		654,887			986,556			6,736,836			766,023
Payable for foreign currency contracts		238			970			—			—
Accrued expenses and other payables:
Investment advisory fees		21,176			43,821			93,388			21,749
Sub-investment advisory fees		26,470			59,745			173,434			14,192
Administration fees		1,052			2,476			5,343			953
Compliance service fees		848			2,164			7,860			1,919
Distribution fees		1,153			1,279			44,872			688
Other fees		27,324			46,927			27,426			22,961
Total Liabilities		733,148			1,148,570			7,111,542			833,909
NET ASSETS:
Capital (no par value)		48,720,865			147,988,613			269,066,855			68,962,509
Undistributed (distributions in excess of) net investment income		(99,611	)		(301,579	)		(260,541	)		(1,531	)
Accumulated net realized gains (losses) on investments and foreign currency transactions		1,707,443			(22,028,869	)		15,835,372			2,047,144
Net unrealized appreciation on investments and foreign currency transactions		15,318,118			28,217,018			48,001,677			13,775,374
Net Assets	$	65,646,815		$	153,875,183		$	332,643,363		$	84,783,496
Net Assets
Class A	$	1,936,284		$	845,803		$	166,635,802		$	889,677
Class B		574,024			731,392			3,477,599			N/A
Class C		353,655			604,939			11,002,397			613,178
Class Y		62,782,852			151,693,049			151,527,565			83,280,641
Total	$	65,646,815		$	153,875,183		$	332,643,363		$	84,783,496
Outstanding units of beneficial interest (shares)
Class A		116,398			78,998			9,140,001			68,910
Class B		35,945			71,879			202,016			N/A
Class C		22,157			59,490			638,796			47,921
Class Y		3,722,276			13,892,367			8,206,582			6,441,709
Total		3,896,776			14,102,734			18,187,395			6,558,540
Net Asset Value
Class A—redemption price per share	$	16.63		$	10.71		$	18.23		$	12.91
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)	$	17.55		$	11.30		$	19.24		$	13.63
Class B—offering price per share*	$	15.97		$	10.18		$	17.21			N/A
Class C—offering price per share*	$	15.96		$	10.17		$	17.22		$	12.80
Class Y—offering and redemption price per share	$	16.87		$	10.92		$	18.46		$	12.93

* Redemption price per share varies based on length of time shares are held.

See notes to financial statements.

1

PACIFIC CAPITAL FUNDS

Statements of Assets and Liabilities, Continued

January 31, 2006

(Unaudited)

	Growth Stock Fund			Growth and Income Fund			Value Fund			Diversified Fixed Income Fund
ASSETS:
Investments, at value (cost $196,336,777; $167,965,028; $140,024,472; and $302,982,119, respectively)	$	207,502,914		$	178,488,677		$	156,080,879		$	305,177,531
Interest and dividends receivable		99,421			154,064			211,563			4,089,365
Receivable for investments sold		6,829,201			2,540,659			1,859,340			5,007,953
Prepaid expenses and other assets		15,547			12,197			9,829			20,287
Total Assets		214,447,083			181,195,597			158,161,611			314,295,136
LIABILITIES:
Distributions payable		—			—			—			152,247
Payable for capital shares redeemed		18,602			7,634			500			812
Payable for investments purchased		5,639,821			3,617,348			1,556,219			4,873,566
Accrued expenses and other payables:
Investment advisory fees		141,551			119,400			105,458			118,228
Administration fees		3,389			2,874			2,540			5,021
Compliance service fees		2,267			2,259			2,913			5,493
Distribution fees		13,430			8,772			3,556			5,106
Other fees		74,267			50,663			51,483			82,116
Total Liabilities		5,893,327			3,808,950			1,722,669			5,242,589
NET ASSETS:
Capital (no par value)		290,367,509			178,253,529			134,314,809			307,505,382
Undistributed (distributions in excess of) net investment income/loss		(121,429	)		(13,696	)		15,437			(52,287	)
Accumulated net realized gains (losses) on investment transactions		(92,858,461	)		(11,376,835	)		6,052,289			(595,960	)
Net unrealized appreciation on investments		11,166,137			10,523,649			16,056,407			2,195,412
Net Assets	$	208,553,756		$	177,386,647		$	156,438,942		$	309,052,547
Net Assets
Class A	$	8,769,821		$	5,470,651		$	3,078,183		$	4,144,434
Class B		11,360,464			6,845,718			1,473,146			3,731,356
Class C		2,188,602			2,119,802			1,988,654			1,181,742
Class Y		186,234,869			162,950,476			149,898,959			299,995,015
Total	$	208,553,756		$	177,386,647		$	156,438,942		$	309,052,547
Outstanding units of beneficial interest (shares)
Class A		968,417			396,753			300,042			382,554
Class B		1,341,882			527,461			146,111			345,048
Class C		258,720			163,488			196,725			109,282
Class Y		19,964,284			11,727,935			14,588,375			27,516,655
Total		22,533,303			12,815,637			15,231,253			28,353,539
Net Asset Value
Class A—redemption price per share	$	9.06		$	13.79		$	10.26		$	10.83
Class A—maximum sales charge		5.25	%		5.25	%		5.25	%		4.00	%
Class A—Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent)	$	9.56		$	14.55		$	10.83		$	11.28
Class B—offering price per share*	$	8.47		$	12.98		$	10.08		$	10.81
Class C—offering price per share*	$	8.46		$	12.97		$	10.11		$	10.81
Class Y—offering and redemption price per share	$	9.33		$	13.89		$	10.28		$	10.90

* Redemption price per share varies based on length of time shares are held.

See notes to financial statements.

2

PACIFIC CAPITAL FUNDS

Statements of Assets and Liabilities, Continued

January 31, 2006

(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 $291,427,132; $70,995,264; $68,368,022; and $118,190,882, respectively)	$	308,666,103		$	70,098,111		$	68,593,279		$	117,372,679
Cash		—			837			—			970
Interest and dividends receivable		3,534,241			941,041			901,783			923,949
Receivable for capital shares issued		26,737			—			—			—
Receivable for investments sold		3,342,275			—			2,246,796			—
Prepaid expenses and other assets		20,263			5,078			4,846			8,197
Total Assets		315,589,619			71,045,067			71,746,704			118,305,795
LIABILITIES:
Payable to custodian		906,181			—			—			—
Distributions payable		150,651			30,064			23,098			53,614
Payable for capital shares redeemed		—			4,682			—			175
Payable for investments purchased		—			—			1,100,810			—
Accrued expenses and other payables:
Investment advisory fees		120,778			12,818			24,052			5,655
Administration fees		5,112			1,156			1,152			1,338
Compliance service fees		3,171			838			615			278
Distribution fees		3,942			838			766			2,751
Other fees		65,173			23,593			22,957			28,446
Total Liabilities		1,255,008			73,989			1,173,450			92,257
NET ASSETS:
Capital (no par value)		296,070,868			73,055,719			70,508,493			121,261,047
Undistributed net investment income		35			41			754			7,143
Accumulated net realized gains (losses) on investment transactions		1,024,737			(1,187,529	)		(161,250	)		(2,236,449	)
Net unrealized appreciation/depreciation on investments		17,238,971			(897,153	)		225,257			(818,203	)
Net Assets	$	314,334,611		$	70,971,078		$	70,573,254		$	118,213,538
Net Assets
Class A	$	6,924,585		$	1,421,753		$	3,609,432		$	2,350,670
Class B		2,918,149			N/A			N/A			1,261,794
Class C		10,408			605,092			10,108			1,397,698
Class Y		304,481,469			68,944,233			66,953,714			113,203,376
Total	$	314,334,611		$	70,971,078		$	70,573,254		$	118,213,538
Outstanding units of beneficial interest (shares)
Class A		673,788			148,203			355,779			234,311
Class B		283,923			N/A			N/A			125,771
Class C		1,013			63,137			996			139,326
Class Y		29,507,575			7,173,695			6,563,909			11,275,971
Total		30,466,299			7,385,035			6,920,684			11,775,379
Net Asset Value
Class A—redemption price per share	$	10.28		$	9.59		$	10.15		$	10.03
Class A—maximum sales charge		4.00	%		2.25	%		2.25	%		2.25	%
Class A—Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent)	$	10.71		$	9.81		$	10.38		$	10.26
Class B—offering price per share*	$	10.28			N/A			N/A		$	10.03
Class C—offering price per share*	$	10.28		$	9.58		$	10.15		$	10.03
Class Y—offering and redemption price per share	$	10.32		$	9.61		$	10.20		$	10.04

* Redemption price per share varies based on length of time shares are held.

See notes to financial statements.

3

PACIFIC CAPITAL FUNDS

Statements of Operations

Period Ended January 31, 2006

(Unaudited)

	New Asia Growth Fund			International Stock Fund			Small Cap Fund			Mid-Cap Fund
Investment Income:
Interest income	$	—		$	1,497		$	65,220		$	—
Dividend income		483,407			817,092			1,676,233			466,095
Foreign tax withholding		(54,663	)		(39,029	)		—			—
Total Investment Income		428,744			779,560			1,741,453			466,095
Expenses:
Investment advisory fees		103,494			256,708			670,790			240,713
Sub-investment advisory fees		129,367			294,182			829,440			80,238
Administration fees		41,398			91,275			218,217			64,191
Distribution fees—Class A		5,671			2,601			394,563			2,461
Distribution fees—Class B		2,300			3,407			16,850			—
Distribution fees—Class C		1,631			2,757			40,981			2,809
Accounting fees		21,742			38,560			44,879			18,274
Compliance service fees		1,549			3,212			9,296			2,397
Custodian fees		44,471			44,364			26,742			16,360
Transfer agent fees		41,996			42,266			129,982			28,345
Legal and audit fees		12,705			20,250			34,497			10,597
Trustee fees		2,064			4,259			13,397			3,284
Registration and filing fees		260			8,749			18,698			784
Other fees		8,640			16,038			7,909			12,030
Total expenses before voluntary fee reductions		417,288			828,628			2,456,241			482,483
Expenses voluntarily reduced:
Investment advisory fees		—			(57,045	)		(136,383	)		(120,317	)
Administration fees		(16,257	)		(35,950	)		(84,521	)		(36,509	)
Distribution fees—Class A		(3,408	)		(1,583	)		(233,343	)		(1,482	)
Net Expenses		397,623			734,050			2,001,994			324,175
Net Investment Income (Loss)		31,121			45,510			(260,541	)		141,920
Realized/Unrealized Gains on Investments and Foreign Currency Transactions:
Net realized gains on investments and foreign currency transactions		3,663,023			4,387,677			19,554,630			4,094,523
Change in unrealized appreciation/depreciation on investments and foreign currency transactions		3,637,447			18,043,951			6,366,744			1,586,569
Net realized/unrealized gains on investments and foreign currency transactions		7,300,470			22,431,628			25,921,374			5,681,092
Change in net assets resulting from operations	$	7,331,591		$	22,477,138		$	25,660,833		$	5,823,012

See notes to financial statements.

4

PACIFIC CAPITAL FUNDS

Statements of Operations, Continued

Period Ended January 31, 2006

(Unaudited)

	Growth Stock Fund			Growth and Income Fund			Value Fund			Diversified Fixed Income Fund
Investment Income:
Interest income	$	331		$	725		$	334		$	7,294,586
Dividend income		1,238,097			1,271,072			2,007,014			120,554
Total Investment Income		1,238,428			1,271,797			2,007,348			7,415,140
Expenses:
Investment advisory fees		904,620			619,286			702,403			928,263
Administration fees		180,926			123,858			140,482			247,538
Distribution fees—Class A		29,365			17,120			9,634			14,384
Distribution fees—Class B		58,366			34,690			7,376			19,492
Distribution fees—Class C		10,442			10,187			9,610			6,027
Accounting fees		48,711			30,974			38,882			69,244
Compliance service fees		8,247			5,006			6,468			10,093
Custodian fees		17,045			14,357			13,023			12,026
Transfer agent fees		97,672			69,164			44,048			51,102
Legal and audit fees		44,990			28,880			36,408			57,818
Trustee fees		10,202			6,325			7,912			13,102
Registration and filing fees		7,105			8,061			819			1,301
Other fees		39,288			24,521			30,028			46,753
Total expenses before voluntary fee reductions		1,456,979			992,429			1,047,093			1,477,143
Expenses voluntarily reduced:
Investment advisory fees		—			—			—			(232,067	)
Administration fees		(72,516	)		(49,317	)		(55,101	)		(98,237	)
Distribution fees—Class A		(17,816	)		(10,350	)		(5,826	)		(8,743	)
Net Expenses		1,366,647			932,762			986,166			1,138,096
Net Investment Income (Loss)		(128,219	)		339,035			1,021,182			6,277,044
Realized/Unrealized Gains (Losses) on Investments:
Net realized gains (losses) on investments		16,185,718			8,780,854			13,682,690			(575,813	)
Change in unrealized appreciation/depreciation on investments		(6,640,121	)		(3,228,239	)		(7,558,241	)		(4,544,236	)
Net realized/unrealized gains (losses) on investments		9,545,597			5,552,615			6,124,449			(5,120,049	)
Change in net assets resulting from operations	$	9,417,378		$	5,891,650		$	7,145,631		$	1,156,995

See notes to financial statements.

5

PACIFIC CAPITAL FUNDS

Statements of Operations, Continued

Period Ended January 31, 2006

(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	$	7,774,840		$	1,601,761		$	1,269,633		$	2,166,933
Dividend income		32,989			—			17,703			—
Total Investment Income		7,807,829			1,601,761			1,287,336			2,166,933
Expenses:
Investment advisory fees		984,756			203,962			179,475			258,574
Administration fees		262,603			65,269			57,433			103,431
Distribution fees—Class A		25,458			5,525			11,559			19,053
Distribution fees—Class B		16,306			—			—			6,829
Distribution fees—Class C		51			3,169			52			8,054
Accounting fees		78,214			22,139			18,264			32,368
Compliance service fees		11,373			2,888			2,443			5,495
Custodian fees		42,797			3,870			9,094			5,621
Transfer agent fees		39,224			28,133			28,464			41,616
Legal and audit fees		62,146			17,249			14,621			17,432
Trustee fees		14,218			3,594			3,046			6,141
Registration and filing fees		649			402			778			195
Other fees		51,546			13,677			12,163			24,792
Total expenses before voluntary fee reductions		1,589,341			369,877			337,392			529,601
Expenses voluntarily reduced:
Investment advisory fees		(246,189	)		(104,516	)		(35,895	)		(197,519	)
Administration fees		(105,152	)		(25,444	)		(22,630	)		(58,827	)
Distribution fees—Class A		(15,675	)		(3,372	)		(7,005	)		(11,931	)
Net Expenses		1,222,325			236,545			271,862			261,324
Net Investment Income		6,585,504			1,365,216			1,015,474			1,905,609
Realized/Unrealized Gains (Losses) on Investments:
Net realized gains (losses) on investments		3,261,610			(830,144	)		(98,242	)		(241,573	)
Change in unrealized appreciation/depreciation on investments		(6,835,150	)		263,305			(372,048	)		174,137
Net realized/unrealized losses on investments		(3,573,540	)		(566,839	)		(470,290	)		(67,436	)
Change in net assets resulting from operations	$	3,011,964		$	798,377		$	545,184		$	1,838,173

See notes to financial statements.

6

PACIFIC CAPITAL FUNDS

Statements of Changes in Net Assets

	New Asia Growth Fund						International Stock Fund						Small Cap Fund
	Period Ended January 31, 2006			Year Ended July 31, 2005			Period Ended January 31, 2006			Year Ended July 31, 2005			Period Ended January 31, 2006			Year Ended July 31, 2005
	(Unaudited)						(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	31,121		$	425,320		$	45,510		$	736,463		$	(260,541	)	$	(593,929	)
Net realized gains on investments and foreign currency transactions		3,663,023			2,583,113			4,387,677			1,884,497			19,554,630			22,221,235
Change in unrealized appreciation/ depreciation on investments and foreign currency transactions		3,637,447			9,023,390			18,043,951			11,417,855			6,366,744			21,192,522
Change in net assets resulting from operations		7,331,591			12,031,823			22,477,138			14,038,815			25,660,833			42,819,828
Distributions to Class A Shareholders:
From net investment income		(2,664	)		(14,518	)		(494	)		(3,039	)		—			—
From net realized gains		(92,945	)		—			—			—			(9,820,847	)		(3,504,316	)
Distributions to Class B Shareholders:
From net investment income		—			(2,083	)		—			(809	)		—			—
From net realized gains		(26,014	)		—			—			—			(243,750	)		(515,464	)
Distributions to Class C Shareholders:
From net investment income		—			(488	)		—			(677	)		—			—
From net realized gains		(16,651	)		—			—			—			(690,409	)		(52,384	)
Distributions to Class Y Shareholders:
From net investment income		(96,350	)		(413,438	)		(178,838	)		(503,746	)		—			—
From net realized gains		(2,482,497	)		—			—			—			(9,420,884	)		(18,502,150	)
Change in net assets from shareholder distributions		(2,717,121	)		(430,527	)		(179,332	)		(508,271	)		(20,175,890	)		(22,574,314	)
Capital Transactions:
Change in net assets from share transactions		14,452,018	(a)		3,388,115	(a)		36,435,820	(b)		20,945,030	(b)		88,773,126			86,728,759
Change in net assets		19,066,488			14,989,411			58,733,626			34,475,574			94,258,069			106,974,273
Net Assets:
Beginning of year		46,580,327			31,590,916			95,141,557			60,665,983			238,385,294			131,411,021
End of period	$	65,646,815		$	46,580,327		$	153,875,183		$	95,141,557		$	332,643,363		$	238,385,294
Undistributed (distributions in excess of) net investment income	$	(99,611	)	$	(31,718	)	$	(301,579	)	$	(167,757	)	$	(260,541	)	$	—

(a) Includes redemption fees collected of $983 and $393 for the period or year ended January 31, 2006 and July 31, 2005, respectively.

(b) Includes redemption fees collected of $391 and $1,414 for the period or year ended January 31, 2006 and July 31, 2005, respectively.

See notes to financial statements.

7

PACIFIC CAPITAL FUNDS

Statements of Changes in Net Assets, Continued

	Mid-Cap Fund						Growth Stock Fund						Growth and Income Fund
	Period Ended January 31, 2006			Year Ended July 31, 2005			Period Ended January 31, 2006			Year Ended July 31, 2005			Period Ended January 31, 2006			Year Ended July 31, 2005
	(Unaudited)						(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income (loss)	$	141,920		$	298,283		$	(128,219	)	$	317,987		$	339,035		$	858,063
Net realized gains on investments		4,094,523			2,966,126			16,185,718			11,157,491			8,780,854			15,377,467
Change in unrealized appreciation/ depreciation on investments		1,586,569			11,205,226			(6,640,121	)		13,535,551			(3,228,239	)		3,986,953
Change in net assets resulting from operations		5,823,012			14,469,635			9,417,378			25,011,029			5,891,650			20,222,483
Distributions to Class A Shareholders:
From net investment income		(630	)		(1,294	)		—			(10,054	)		(6,262	)		(24,043	)
From net realized gains		(44,186	)		—			—			—			—			—
Distributions to Class B Shareholders:
From net investment income		—			—			—			—			—			(18,925	)
Distributions to Class C Shareholders:
From net investment income		—			—			—			(2,290	)		—			(2,917	)
From net realized gains		(34,171	)		—			—			—			—			—
Distributions to Class Y Shareholders:
From net investment income		(148,663	)		(294,553	)		—			(500,630	)		(352,727	)		(824,567	)
From net realized gains		(4,339,969	)		—			—			—			—			—
Change in net assets from shareholder distributions		(4,567,619	)		(295,847	)		—			(512,974	)		(358,989	)		(870,452	)
Capital Transactions:
Change in net assets from share transactions		(881,458	)		39,350,437			(43,724,506	)		(43,127,154	)		20,884,495			(9,323,376	)
Change in net assets		373,935			53,524,225			(34,307,128	)		(18,629,099	)		26,417,156			10,028,655
Net Assets:
Beginning of year		84,409,561			30,885,336			242,860,884			261,489,983			150,969,491			140,940,836
End of period	$	84,783,496		$	84,409,561		$	208,553,756		$	242,860,884		$	177,386,647		$	150,969,491
Undistributed (distributions in excess of) net investment income	$	(1,531	)	$	5,842		$	(121,429	)	$	6,790		$	(13,696	)	$	6,258

See notes to financial statements.

8

PACIFIC CAPITAL FUNDS

Statements of Changes in Net Assets, Continued

	Value Fund						Diversified Fixed Income Fund						Tax-Free Securities Fund
	Period Ended January 31, 2006			Year Ended July 31, 2005			Period Ended January 31, 2006			Year Ended July 31, 2005			Period Ended January 31, 2006			Year Ended July 31, 2005
	(Unaudited)						(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income	$	1,021,182		$	1,900,751		$	6,277,044		$	10,857,954		$	6,585,504		$	13,836,140
Net realized gains (losses) on investments		13,682,690			24,968,577			(575,813	)		275,702			3,261,610			2,616,007
Change in unrealized appreciation/ depreciation on investments		(7,558,241	)		5,729,456			(4,544,236	)		(345,138	)		(6,835,150	)		(3,540,022	)
Change in net assets resulting from operations		7,145,631			32,598,784			1,156,995			10,788,518			3,011,964			12,912,125
Distributions to Class A Shareholders:
From net investment income		(15,938	)		(21,647	)		(86,968	)		(175,491	)		(149,087	)		(368,370	)
From net realized gains		—			—			(643	)		(14,334	)		(82,571	)		(147,134	)
Distributions to Class B Shareholders:
From net investment income		(1,590	)		(5,090	)		(60,615	)		(119,901	)		(49,808	)		(108,644	)
From net realized gains		—			—			(560	)		(12,425	)		(41,925	)		(52,587	)
Distributions to Class C Shareholders:
From net investment income		(4,394	)		(86	)		(18,764	)		(19,664	)		(158	)		(319	)
From net realized gains		—			—			(179	)		(433	)		(134	)		(152	)
Distributions to Class Y Shareholders:
From net investment income		(1,023,849	)		(1,886,095	)		(6,108,367	)		(10,577,047	)		(6,386,452	)		(13,358,806	)
From net realized gains		—			—			(44,146	)		(777,307	)		(4,023,324	)		(4,823,386	)
Change in net assets from shareholder distributions		(1,045,771	)		(1,912,918	)		(6,320,242	)		(11,696,602	)		(10,733,459	)		(18,859,398	)
Capital Transactions:
Change in net assets from share transactions		(38,143,894	)		(24,428,322	)		10,192,486			27,173,989			(6,125,722	)		(23,752,446	)
Change in net assets		(32,044,034	)		6,257,544			5,029,239			26,265,905			(13,847,217	)		(29,699,719	)
Net Assets:
Beginning of year		188,482,976			182,225,432			304,023,308			277,757,403			328,181,828			357,881,547
End of period	$	156,438,942		$	188,482,976		$	309,052,547		$	304,023,308		$	314,334,611		$	328,181,828
Undistributed (distributions in excess of) net investment income	$	15,437		$	40,026		$	(52,287	)	$	(54,617	)	$	35		$	36

See notes to financial statements.

9

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
	Period Ended January 31, 2006			Year Ended July 31, 2005			Period Ended January 31, 2006			Year Ended July 31, 2005			Period Ended January 31, 2006			Year Ended July 31, 2005
	(Unaudited)						(Unaudited)						(Unaudited)
From Investment Activities:
Operations:
Net investment income	$	1,365,216		$	2,614,664		$	1,015,474		$	1,754,753		$	1,905,609		$	3,631,065
Net realized losses on investments		(830,144	)		(357,386	)		(98,242	)		(63,008	)		(241,573	)		(694,029	)
Change in unrealized appreciation/ depreciation on investments		263,305			(998,722	)		(372,048	)		(557,077	)		174,137			(399,825	)
Change in net assets resulting from operations		798,377			1,258,556			545,184			1,134,668			1,838,173			2,537,211
Distributions to Class A Shareholders:
From net investment income		(26,947	)		(45,749	)		(47,508	)		(103,438	)		(78,303	)		(129,299	)
From net realized gains		—			(235	)		—			—			—			—
Distributions to Class B Shareholders:
From net investment income		—			—			—			—			(13,517	)		(18,454	)
Distributions to Class C Shareholders:
From net investment income		(7,564	)		(7,612	)		(93	)		(153	)		(16,000	)		(12,539	)
From net realized gains		—			(22	)		—			—			—			—
Distributions to Class Y Shareholders:
From net investment income		(1,330,715	)		(2,561,303	)		(967,881	)		(1,651,185	)		(1,797,789	)		(3,470,787	)
From net realized gains		—			(12,012	)		—			—			—			—
Change in net assets from shareholder distributions		(1,365,226	)		(2,626,933	)		(1,015,482	)		(1,754,776	)		(1,905,609	)		(3,631,079	)
Capital Transactions:
Change in net assets from share transactions		(16,864,532	)		6,691,216			2,179,888			(2,913,326	)		(17,062,319	)		(89,404,837	)
Change in net assets		(17,431,381	)		5,322,839			1,709,590			(3,533,434	)		(17,129,755	)		(90,498,705	)
Net Assets:
Beginning of year		88,402,459			83,079,620			68,863,664			72,397,098			135,343,293			225,841,998
End of period	$	70,971,078		$	88,402,459		$	70,573,254		$	68,863,664		$	118,213,538		$	135,343,293
Undistributed net investment income	$	41		$	51		$	754		$	762		$	7,143		$	7,143

See notes to financial statements.

10

PACIFIC CAPITAL FUNDS

New Asia Growth Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks (96.1%)
China (5.3%)
Consumer Discretionary (3.1%)
965,000	China Resources Enterprise Ltd.	$	2,052,688
Industrials (2.2%)
386,000	Cosco Pacific Ltd.		786,242
992,000	Jiangsu Expressway Co. Ltd., Class H		665,008
			1,451,250
			3,503,938
Hong Kong (23.5%)
Consumer Discretionary (8.3%)
265,000	Cheung Kong Holdings Ltd.		2,844,080
67,500	Esprit Holdings Ltd.		586,945
412,000	Li & Fung Ltd.		764,842
332,000	Shangri-La Asia Ltd.		539,288
214,500	Yue Yuen Industrial Holdings Ltd.		665,050
			5,400,205
Energy (2.2%)
1,743,500	CNOOC Ltd.		1,472,228
Financials (3.9%)
338,520	Dah Sing Banking Group Ltd.		656,799
425,000	Hang Lung Group Ltd.		953,345
3,732	Standard Chartered PLC		92,760
111,500	Wing Hang Bank Ltd.		806,398
			2,509,302
Industrials (4.4%)
308,242	Kerry Properties Ltd.		1,001,392
270,000	Lung Kee (Bermuda) Holdings Ltd.		201,885
9,500	Swire Pacific Ltd., Class A		88,486
550,000	Swire Pacific Ltd., Class B		999,755
291,500	Techtronic Industries Co. Ltd.		563,692
			2,855,210
Information Technology (1.5%)
2,126,000	Solomon Systech International Ltd.		993,535
Real Estate Investment Trusts (0.4%)
128,500	Link REIT (b)		248,488
Telecommunications (0.4%)
236,500	SmarTone Telecommunications Holdings Ltd.		274,401
Utilities (2.4%)
732,000	Hong Kong & China Gas Co. Ltd.		1,604,249
			15,357,618
India (4.9%)
Consumer Discretionary (1.0%)
42,800	Tata Motors Ltd., ADR		687,368
Financials (1.6%)
17,600	HDFC Bank Ltd., ADR		1,046,144
Information Technology (1.5%)
12,900	Infosys Technologies Ltd., ADR		983,883
Materials (0.8%)
141,687	Hindalco Industries Ltd., GDR (c)		517,158
			3,234,553

Shares	Security Description	Value
Common Stocks, continued
Indonesia (0.6%)
Consumer Discretionary (0.6%)
382,500	PT Astra International, Inc.	$	424,365
Malaysia (8.0%)
Consumer Discretionary (3.7%)
390,700	Astro All Asia Networks PLC		512,667
146,900	Genting Berhad		897,189
255,800	Tanjong PLC		1,009,692
			2,419,548
Consumer Staples (3.4%)
657,100	IOI Corp. Berhad		2,208,150
Financials (0.9%)
420,600	Bumiputra-Commerce Holdings Bhd		622,571
			5,250,269
Philippines (1.0%)
Financials (1.0%)
102,747	Ayala Corp.		665,588
Singapore (13.9%)
Consumer Staples (3.2%)
182,400	Fraser & Neave Ltd.		2,113,479
Financials (3.8%)
94,000	Great Eastern Holdings Ltd.		851,649
95,000	Keppel Land Ltd.		222,496
333,346	Oversea-Chinese Banking Corp. Ltd.		1,397,074
			2,471,219
Industrials (3.8%)
311,000	Keppel Corp. Ltd.		2,511,002
Telecommunications (3.1%)
725,285	Singapore Telecommunications Ltd.		1,135,423
688,000	StarHub Ltd.		920,160
			2,055,583
			9,151,283
South Korea (20.8%)
Consumer Discretionary (7.4%)
13,970	Hyundai Mobis		1,209,681
38,800	LG Corp.		1,402,240
4,230	Shinsegae Co. Ltd.		2,237,167
			4,849,088
Financials (6.1%)
11,469	Kookmin Bank		911,050
7,960	Samsung Fire & Marine Insurance Co. Ltd.		1,048,346
47,530	Shinhan Financial Group Co. Ltd.		2,023,340
			3,982,736
Information Technology (7.3%)
16,590	S1 Corp.		685,587
5,384	Samsung Electronics Co. Ltd.		4,131,659
			4,817,246
			13,649,070

See notes to financial statements.

11

PACIFIC CAPITAL FUNDS

New Asia Growth Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks, continued
Taiwan (11.7%)
Financials (1.5%)
1,232,304	Chinatrust Financial Holding Co. Ltd.	$	987,850
Industrials (4.2%)
216,035	Asia Optical Co., Inc.		1,393,556
228,000	Novatek Microelectronics Corp. Ltd.		1,395,773
			2,789,329
Information Technology (6.0%)
229,999	Advantech Co. Ltd.		658,992
293,143	Hon Hai Precision Industry Co. Ltd.		1,973,563
351,566	Powertech Technology, Inc.		1,299,038
			3,931,593
			7,708,772
Thailand (3.8%)
Energy (1.8%)
176,000	PTT Public Co. Ltd., Foreign		1,185,094

Shares	Security Description	Value
Common Stocks, continued
Thailand, continued
Financials (2.0%)
697,300	Kasikornbank Public Co. Ltd., Foreign	$	1,290,301
			2,475,395
United Kingdom (2.6%)
Financials (2.6%)
67,878	Standard Chartered PLC		1,682,746
Total Common Stocks (Cost $47,790,964)			63,103,597
Investment Company (3.0%)
1,968,719	Victory Institutional Money Market Fund, Investor Shares		1,968,719
Total Investment Company (Cost $1,968,719)			1,968,719
Total Investments (Cost $49,759,683) (a)—99.1%			65,072,316
Other assets in excess of liabilities—0.9%			574,499
Net Assets—100.0%		$	65,646,815

(a) Cost for federal income tax purposes is $49,916,914. Gross unrealized appreciation/depreciation on a tax basis is as follows:

Unrealized appreciation	$	15,588,269
Unrealized depreciation		(432,867	)
Net unrealized appreciation	$	15,155,402

(b) Non-income producing security.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration normally to qualified institutional buyers. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees.

Issue description	Acquisition date	Cost		Value		Percent of total investments		Percent of net assets
Hindalco Industries Ltd., GDR	*	$	406,399	$	517,158	0.8	%	0.8	%

* 25,457 shares of this security were acquired on 3/18/04, 25,680 shares on 5/19/04, 51,370 shares on 12/21/04, 24,780 shares on 3/14/05, and 14,400 shares on 3/31/05.

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

PLC—Public Limited Co.

At January 31, 2006 the Fund’s foreign currency exchange contracts were as follows:

Currency	Delivery Date	Contract Amount in Local Currency	Contract Value in USD		Market Value		Unrealized Appreciation (Depreciation)
Short:
Hong Kong Dollar	2/1/06	4,447,433	$	573,344	$	573,337	$	(7	)
Total Short Contracts			$	573,344	$	573,337	$	(7	)
Long:
Malaysian Ringgit	2/3/06	1,625,605	$	434,016	$	433,613	$	(403	)
Philippine Peso	2/1/06	9,366,120		179,600		179,772		172
Total Long Contracts			$	613,616	$	613,385	$	(231	)

See notes to financial statements.

12

PACIFIC CAPITAL FUNDS

International Stock Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks (97.7%)
Australia (2.1%)
Energy (0.9%)
37,238	Woodside Petroleum Ltd.	$	1,273,369
Financials (0.7%)
64,193	Westpac Banking Corp.		1,129,591
Information Technology (0.5%)
157,452	Computershare Ltd.		820,360
			3,223,320
Brazil (3.0%)
Consumer Staples (0.5%)
20,527	Companhia de Bebidas das Americas, ADR		840,786
Energy (1.0%)
16,749	Petroleo Brasileiro SA, ADR		1,582,780
Industrials (0.4%)
13,100	Companhia Vale do Rio Doce, ADR		581,378
Materials (0.5%)
19,200	Aracruz Celulose SA, ADR		753,408
Utilities (0.6%)
18,300	Companhia Energetica de Minas Gerais SA, ADR		868,518
			4,626,870
Canada (3.1%)
Energy (0.7%)
14,072	Suncor Energy, Inc.		1,127,449
Financials (1.0%)
25,889	Manulife Financial Corp.		1,577,935
Information Technology (0.3%)
44,805	Celestica, Inc. (b)		447,154
Materials (1.1%)
33,300	Alcan, Inc.		1,624,706
			4,777,244
China (2.3%)
Consumer Discretionary (0.6%)
2,182,000	Denway Motors Ltd.		893,121
Energy (1.1%)
1,552,000	China Petroleum & Chemical Corp.		945,378
1,026,000	Yanzhou Coal Mining Co. Ltd.		780,389
			1,725,767
Financials (0.6%)
384,000	Ping An Insurance Co. of China Ltd. (Group)		848,999
			3,467,887

Shares	Security Description	Value
Common Stocks, continued
Denmark (0.7%)
Industrials (0.7%)
52,002	Vestas Wind Systems A/S (b)	$	1,023,845
Finland (0.9%)
Information Technology (0.9%)
40,000	Nokia Oyj		730,884
17,650	TietoEnator Oyj		685,720
			1,416,604
France (9.5%)
Consumer Discretionary (0.5%)
26,200	Vivendi Universal SA		820,042
Consumer Staples (0.7%)
22,496	Carrefour SA		1,061,354
Energy (2.5%)
15,000	Technip SA		1,018,017
19,741	Total SA, ADR		2,730,772
			3,748,789
Financials (1.3%)
29,747	Axa, ADR		1,007,531
11,392	BNP Paribas SA		1,015,192
			2,022,723
Health Care (0.5%)
9,148	Essilor International SA		798,004
Industrials (1.6%)
24,111	Schneider Electric SA		2,517,477
Telecommunications (1.4%)
26,564	Bouygues SA		1,455,173
33,700	France Telecom SA		765,928
			2,221,101
Utilities (1.0%)
17,615	Suez SA		650,998
17,900	Veolia Environnement		905,366
			1,556,364
			14,745,854
Germany (5.6%)
Consumer Discretionary (1.0%)
7,117	Adidas-Salomon AG		1,493,113
Financials (1.0%)
9,512	Allianz AG		1,529,824
Health Care (0.7%)
15,029	Schering AG		1,026,189
Industrials (0.7%)
11,179	Siemens AG		1,020,098
Information Technology (0.5%)
15,229	SAP AG, ADR		782,314
Materials (0.4%)
8,039	Linde AG		652,950

See notes to financial statements.

13

PACIFIC CAPITAL FUNDS

International Stock Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks, continued
Germany, continued
Utilities (1.3%)
10,693	E.ON AG	$	1,195,669
10,402	RWE AG		857,509
			2,053,178
			8,557,666
Greece (0.3%)
Consumer Discretionary (0.3%)
14,706	Folli-Follie SA, Registered Shares		461,002
Hong Kong (3.0%)
Consumer Discretionary (1.6%)
177,000	Esprit Holdings Ltd.		1,539,101
593,462	Shangri-La Asia Ltd.		963,996
			2,503,097
Financials (0.6%)
56,800	HSBC Holdings PLC		949,730
Industrials (0.8%)
58,000	Hutchison Whampoa Ltd.		592,569
620,500	Johnson Electric Holdings Ltd.		607,949
			1,200,518
			4,653,345
India (1.5%)
Financials (0.8%)
19,600	HDFC Bank Ltd., ADR		1,165,024
Information Technology (0.7%)
15,676	Infosys Technologies Ltd., ADR		1,195,609
			2,360,633
Indonesia (0.4%)
Telecommunications (0.4%)
1,090,000	PT Indosat		674,419
Israel (0.6%)
Health Care (0.6%)
21,672	Teva Pharmaceutical Industries Ltd., ADR		923,877
Italy (2.9%)
Energy (1.3%)
39,033	ENI SpA		1,179,056
43,024	Saipem SpA		856,134
			2,035,190
Financials (1.6%)
338,645	UniCredito Italiano SpA		2,415,486
			4,450,676
Japan (18.9%)
Consumer Discretionary (3.5%)
49,400	Denso Corp.		1,743,033
74,500	Nissan Motor Co. Ltd.		840,154
78,000	Sharp Corp.		1,429,389
28,700	Toyota Motor Corp.		1,490,782
			5,503,358

Shares	Security Description	Value
Common Stocks, continued
Japan, continued
Consumer Staples (0.6%)
83,000	Ajinomoto Co., Inc.	$	863,682
Financials (5.3%)
99,000	Bank of Yokohama Ltd. (The)		803,503
52,000	Chugoku Bank Ltd. (The)		773,892
149,000	Joyo Bank Ltd. (The)		994,182
42,400	Nomura Holdings, Inc.		829,526
6,420	ORIX Corp.		1,664,648
146	Sumitomo Mitsui Financial Group, Inc.		1,708,841
133,000	Sumitomo Trust & Banking Co. Ltd. (The)		1,466,920
			8,241,512
Health Care (1.2%)
61,000	Shionogi & Co. Ltd.		922,947
16,200	Takeda Pharmaceutical Co. Ltd.		918,992
			1,841,939
Industrials (3.5%)
54,000	Asahi Glass Co., Ltd.		782,435
36,400	JS Group Corp.		766,561
180,000	Marubeni Corp.		962,666
8,800	SMC Corp.		1,351,012
54,000	Sumitomo Corp.		740,453
26,500	THK Co. Ltd.		839,940
			5,443,067
Information Technology (3.4%)
15,700	Canon, Inc.		949,645
15,400	Ibiden Co. Ltd.		865,716
3,000	Keyence Corp.		826,570
16,600	Nidec Corp.		1,524,562
7,200	Nintendo Co. Ltd.		989,731
			5,156,224
Materials (0.8%)
15,100	Nitto Denko Corp.		1,281,017
Telecommunications (0.6%)
160	KDDI Corp.		847,501
			29,178,300
Luxembourg (0.6%)
Consumer Discretionary (0.6%)
46,310	SES Global FDR		854,615
Mexico (0.6%)
Consumer Staples (0.6%)
15,400	Wal-Mart de Mexico SA de CV, ADR		896,157
Netherlands (3.3%)
Consumer Discretionary (0.6%)
26,273	Koninklijke (Royal) Philips Electronics NV, ADR		884,612
Consumer Staples (0.4%)
9,288	Unilever NV		652,018

See notes to financial statements.

14

PACIFIC CAPITAL FUNDS

International Stock Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks, continued
Netherlands, continued
Financials (1.2%)
31,777	ABN AMRO Holding NV	$	881,558
27,113	ING Groep NV		966,793
			1,848,351
Information Technology (1.1%)
45,490	ASML Holding NV, NY Registered Shares (b)		1,027,619
34,500	STMicroelectronics NV, NY Registered Shares		635,835
			1,663,454
			5,048,435
Russia (1.0%)
Energy (1.0%)
19,496	LUKOIL, ADR		1,495,343
Singapore (2.1%)
Financials (1.1%)
165,000	DBS Group Holdings Ltd.		1,667,797
Industrials (1.0%)
100,000	Keppel Corp. Ltd.		807,396
80,000	Singapore Airlines Ltd.		700,154
			1,507,550
			3,175,347
South Africa (1.1%)
Financials (0.7%)
278,237	Old Mutual PLC		951,834
Telecommunications (0.4%)
7,023	Telkom South Africa Ltd., ADR		686,498
			1,638,332
South Korea (3.9%)
Consumer Staples (0.6%)
1,650	Shinsegae Co. Ltd.		872,654
Financials (1.2%)
23,610	Kookmin Bank		1,875,481
Information Technology (1.7%)
3,420	Samsung Electronics Co. Ltd.		2,624,494
Materials (0.4%)
11,430	LG Chem Ltd.		638,885
			6,011,514
Spain (3.8%)
Financials (2.4%)
85,518	Banco Bilbao Vizcaya Argentaria SA		1,725,602
136,700	Banco Santander Central Hispano SA		1,965,043
			3,690,645

Shares	Security Description	Value
Common Stocks, continued
Spain, continued
Telecommunications (1.4%)
74,996	Telefonica Moviles SA	$	825,843
84,703	Telefonica SA		1,291,637
			2,117,480
			5,808,125
Sweden (0.5%)
Financials (0.5%)
28,900	Svenska Handelsbanken AB, Class A		709,915
Switzerland (8.1%)
Consumer Staples (1.0%)
5,389	Nestle SA		1,577,946
Financials (2.1%)
35,309	Credit Suisse Group		2,058,106
10,803	UBS AG, Registered Shares		1,172,497
			3,230,603
Health Care (3.3%)
4,213	Nobel Biocare Holding AG		953,986
45,063	Novartis AG		2,470,073
6,290	Roche Holding AG, Genusschien		992,098
970	Serono SA, Class B		732,783
			5,148,940
Industrials (0.7%)
95,256	ABB Ltd. (b)		1,033,855
Materials (1.0%)
8,800	Ciba Specialty Chemicals AG, Registered Shares		557,945
15,300	Lonza Group AG, Registered Shares		961,701
			1,519,646
			12,510,990
Taiwan (0.5%)
Information Technology (0.5%)
350,498	Taiwan Semiconductor Manufacturing Co. Ltd.		696,935
United Kingdom (17.4%)
Consumer Discretionary (3.0%)
279,111	British Sky Broadcasting Group PLC		2,410,619
169,432	Kingfisher PLC		715,113
93,600	Reuters Group PLC		728,976
420,905	Signet Group PLC		761,086
			4,615,794
Consumer Staples (1.4%)
22,891	Reckitt Benckiser PLC		750,951
251,974	Tesco PLC		1,423,962
			2,174,913

See notes to financial statements.

15

PACIFIC CAPITAL FUNDS

International Stock Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks, continued
United Kingdom, continued
Energy (1.3%)
28,626	BP PLC, ADR	$	2,069,946
Financials (4.8%)
77,256	Barclays PLC		825,129
130,030	Cattles PLC		737,139
134,442	HBOS PLC		2,361,713
24,900	Man Group PLC		904,473
59,992	Royal Bank of Scotland Group PLC (The)		1,855,061
29,163	Standard Chartered PLC		722,972
			7,406,487
Health Care (2.1%)
24,000	AstraZeneca PLC		1,160,953
36,388	GlaxoSmithKline PLC		929,892
118,300	Smith & Nephew PLC		1,173,098
			3,263,943
Industrials (1.6%)
258,998	Group 4 Securicor PLC		773,252
345,649	Hays PLC		806,213
113,600	Rolls-Royce Group PLC		876,160
			2,455,625

Shares	Security Description	Value
Common Stocks, continued
United Kingdom, continued
Information Technology (0.6%)
381,263	ARM Holdings PLC	$	897,751
Materials (1.1%)
46,482	BHP Billiton PLC		857,841
34,900	Johnson Matthey PLC		903,650
			1,761,491
Telecommunications (1.5%)
106,994	Vodafone Group PLC, ADR		2,258,643
			26,904,593
Total Common Stocks (Cost $122,070,346)			150,291,843
Investment Company (2.7%)
4,151,977	Victory Institutional Money Market Fund, Investor Shares		4,151,977
Total Investment Company (Cost $4,151,977)			4,151,977
Total Investments (Cost $126,222,323) (a)—100.4%			154,443,820
Liabilities in excess of other assets—(0.4)%			(568,637	)
Net Assets—100.0%		$	153,875,183

(a) Cost for federal income tax purposes is $126,266,226. Gross unrealized appreciation/depreciation on a tax basis is as follows:

Unrealized appreciation	$	29,533,677
Unrealized depreciation		(1,356,083	)
Net unrealized appreciation	$	28,177,594

(b) Non-income producing security.

ADR—American Depositary Receipt

AG—Aktiengesellschaft (West German Stock Co.)

FDR—Foreign Depositary Receipt

NV—Naamloze Vennootschaap (Dutch Corp.)

PLC—Public Limited Co.

SA—Societe Anonyme (French Corp.)

SpA—Societa per Azioni (Italian Corp.)

At January 31, 2006 the Fund’s foreign currency exchange contracts were as follows:

Currency	Delivery Date	Contract Amount in Local Currency	Contract Value in USD		Market Value		Unrealized Appreciation (Depreciation)
Long:
Japanese Yen	2/1/06	18,094,145	$	155,555	$	154,585	$	(970	)
Total Long Contracts			$	155,555	$	154,585	$	(970	)

See notes to financial statements.

16

PACIFIC CAPITAL FUNDS

Small Cap Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks (91.6%)
Consumer Discretionary (11.8%)
39,000	Buckle, Inc. (The)	$	1,374,750
8,700	Building Materials Holding		688,779
16,400	Catalina Marketing Corp.		366,540
88,000	Charlotte Russe Holding, Inc. (b)		1,441,440
127,400	Charming Shoppes, Inc. (b)		1,549,184
61,900	Claire’s Stores, Inc.		1,959,754
120,300	Cooper Tire & Rubber Co.		1,803,297
188,100	CSK Auto Corp. (b)		3,047,220
29,500	Entercom Communications Corp. (b)		890,605
37,200	Ethan Allen Interiors, Inc.		1,581,372
68,800	Furniture Brands International, Inc.		1,655,328
594,400	Gemstar-TV Guide International, Inc. (b)		1,961,520
39,600	Genesco, Inc. (b)		1,542,420
12,700	Guess?, Inc. (b)		538,861
701,100	Jameson Inns, Inc. (b)		1,738,728
34,900	Lee Enterprises, Inc.		1,228,131
183,600	Lions Gate Entertainment Corp. (b)		1,634,040
68,200	Lone Star Steakhouse & Saloon, Inc.		1,847,538
17,000	Nutri/System, Inc. (b)		831,300
58,400	OfficeMax, Inc.		1,668,488
142,500	Prestige Brands Holdings, Inc. (b)		1,771,275
110,200	Radio One, Inc., Class D (b)		1,207,792
126,400	Russell Corp.		1,931,392
39,800	Ryan’s Restaurant Group, Inc. (b)		520,186
27,300	Select Comfort Corp. (b)		753,480
85,000	Tuesday Morning Corp.		1,808,800
17,400	Tupperware Brands Corp.		386,280
35,600	Vail Resorts, Inc. (b)		1,081,884
73,300	Visteon Corp. (b)		384,825
			39,195,209
Consumer Staples (1.2%)
75,900	Gold Kist, Inc. (b)		1,146,849
96,200	Playtex Products, Inc. (b)		1,291,004
42,200	Ralcorp Holdings, Inc. (b)		1,658,460
			4,096,313
Energy (2.1%)
24,000	Callon Petroleum Co. (b)		454,080
69,400	Core Laboratories N.V. (b)		3,093,852
101,300	Covanta Holding Corp. (b)		1,752,490
43,900	Parker Drilling Co. (b)		525,922
20,200	Swift Energy Co. (b)		998,284
			6,824,628
Financials (16.2%)
57,400	AMCORE Financial, Inc.		1,740,942
125,300	Ashford Hospitality Trust, Inc.		1,533,672
56,540	Associated Banc-Corp		1,913,314
18,500	Assured Guaranty Ltd.		471,195
11,200	Boston Private Financial Holdings, Inc.		342,048
112,350	Brookline Bancorp, Inc.		1,684,127

Shares	Security Description	Value
Common Stocks, continued
Financials, continued
74,000	Cash America International, Inc.	$	1,960,260
65,300	Community Bank System, Inc.		1,518,878
6,700	Corus Bankshares, Inc.		430,207
90,700	Digital Insight Corp. (b)		3,253,409
22,800	Endurance Specialty Holdings Ltd.		750,804
64,000	Equity One, Inc.		1,534,080
105,400	Fieldstone Investment Corp.		1,313,284
142,000	First Niagara Financial Group, Inc.		1,959,600
117,500	Gold Banc Corp., Inc.		2,133,800
97,600	Greater Bay Bancorp		2,531,744
12,000	Hilb, Rogal & Hobbs Co.		466,560
18,100	Horace Mann Educators Corp.		354,579
8,200	Integra Bank Corp.		181,220
81,900	Investment Technology Group, Inc. (b)		3,683,861
36,800	Irwin Financial Corp.		788,256
58,400	Jones Lang LaSalle, Inc.		3,438,007
189,500	Knight Capital Group, Inc. (b)		2,158,405
13,200	LandAmerica Financial Group, Inc.		870,936
33,143	Macatawa Bank Corp.		1,234,577
43,800	MAF Bancorp, Inc.		1,882,962
32,900	MCG Capital Corp.		513,240
38,400	Mercantile Bank Corp.		1,505,280
13,200	MoneyGram International, Inc.		350,592
26,100	Nasdaq Stock Market, Inc. (The) (b)		1,093,851
46,700	Navigators Group, Inc. (The) (b)		2,086,089
34,500	Oak Hill Financial, Inc.		1,110,900
12,000	Old National Bancorp		251,160
36,200	Parkvale Financial Corp.		1,009,980
133,000	Quanta Capital Holdings Ltd. (b)		716,870
92,200	Tower Group, Inc.		1,771,162
75,000	United PanAm Financial Corp. (b)		2,204,250
18,500	Whitney Holding Corp.		608,650
8,150	Zenith National Insurance Corp.		450,614
			53,803,365
Health Care (10.2%)
17,000	Alexion Pharmaceuticals, Inc. (b)		489,940
22,000	Alkermes, Inc. (b)		535,480
1,600	Candela Corp. (b)		23,952
13,200	Chemed Corp.		701,712
23,400	CNS, Inc.		511,758
38,500	CV Therapeutics, Inc. (b)		947,485
22,300	Genesis HealthCare Corp. (b)		817,295
66,800	Greatbatch, Inc. (b)		1,739,472
12,800	Haemonetics Corp. (b)		665,600
179,200	HealthTronics, Inc. (b)		1,464,064
50,300	Hologic, Inc. (b)		2,588,438
53,600	Hooper Holmes, Inc.		187,600
14,300	Kendle International, Inc. (b)		357,071
42,200	Kosan Biosciences, Inc. (b)		224,082
49,700	LifePoint Hospitals, Inc. (b)		1,533,245

See notes to financial statements.

17

PACIFIC CAPITAL FUNDS

Small Cap Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks, continued
Health Care, continued
47,000	Matria Healthcare, Inc. (b)	$	2,005,490
137,700	Medarex, Inc. (b)		1,925,046
57,100	Natus Medical, Inc. (b)		1,078,619
65,000	Nektar Therapeutics (b)		1,287,000
11,000	Neurocrine Biosciences, Inc. (b)		668,470
183,300	Novavax, Inc. (b)		768,027
155,500	Odyssey HealthCare, Inc. (b)		3,169,090
38,200	Orthofix International N.V. (b)		1,639,162
14,000	Pediatrix Medical Group, Inc. (b)		1,227,520
57,000	PetMed Express, Inc. (b)		1,006,620
179,600	Quidel Corp. (b)		1,794,204
101,700	Sirna Therapeutics, Inc. (b)		432,225
144,000	ViroPharma, Inc. (b)		3,342,240
35,800	ZymoGenetics, Inc. (b)		798,698
			33,929,605
Industrials (15.2%)
101,900	AAR Corp. (b)		2,428,277
18,100	Administaff, Inc.		779,024
111,700	Artesyn Technologies, Inc. (b)		1,125,936
196,000	CAE, Inc.		1,652,280
94,200	Columbus McKinnon Corp. (b)		2,618,760
41,600	Concorde Career Colleges, Inc. (b)		603,200
51,200	Corrections Corp. of America (b)		2,173,440
9,600	CRA International, Inc. (b)		463,488
87,200	Dycom Industries, Inc. (b)		2,150,352
36,000	EMCOR Group, Inc. (b)		2,952,720
86,100	EnPro Industries, Inc. (b)		2,641,548
43,800	ESCO Technologies, Inc. (b)		2,152,332
54,300	Gardner Denver, Inc. (b)		2,872,470
24,400	GATX Corp.		968,924
8,200	Genesee & Wyoming, Inc., Class A (b)		319,800
43,400	Global Industries Ltd. (b)		607,600
69,600	Hughes Supply, Inc.		3,208,560
19,400	IAMGOLD Corp.		182,360
100,300	IXYS Corp. (b)		1,078,225
54,200	JLG Industries, Inc.		2,952,816
37,600	Kennametal, Inc.		2,199,600
104,300	Korn/Ferry International (b)		2,060,968
19,600	LoJack Corp. (b)		481,768
17,000	Middleby Corp. (The) (b)		1,606,500
454,800	Stewart Enterprises, Inc., Class A		2,519,592
57,800	Superior Energy Services, Inc. (b)		1,569,270
16,800	Thomas & Betts Corp. (b)		750,120
76,100	Tredegar Corp.		1,136,173
19,600	Varian Semiconductor Equipment Associates, Inc. (b)		970,788
71,200	Wabtec Corp.		2,247,784
77,396	World Air Holdings, Inc. (b)		677,989
33,900	Zygo Corp. (b)		562,401
			50,715,065
Information Technology (17.1%)
251,300	3Com Corp. (b)		1,148,441
15,200	Advent Software, Inc. (b)		399,152
96,900	Aeroflex, Inc. (b)		1,171,521

Shares	Security Description	Value
Common Stocks, continued
Information Technology, continued
166,400	ASE Test Ltd. (b)	$	1,239,680
21,300	Avocent Corp. (b)		708,651
35,800	Benchmark Electronics, Inc. (b)		1,307,774
47,000	Blackbaud, Inc.		807,930
18,100	CACI International, Inc., Class A (b)		1,033,510
196,300	ChipMOS TECHNOLOGIES (Bermuda) Ltd. (b)		1,334,840
49,700	Comtech Telecommunications Corp. (b)		1,583,939
112,400	Cymer, Inc. (b)		5,073,736
41,100	Emulex Corp. (b)		754,185
64,000	EPIQ Systems, Inc. (b)		1,427,200
66,600	GigaMedia Ltd. (b)		336,330
65,300	Hutchinson Technology, Inc. (b)		1,807,504
24,100	Integrated Device Technology, Inc. (b)		334,749
90,000	Intergraph Corp. (b)		3,438,900
29,400	Intermec, Inc. (b)		1,025,178
115,800	Interwoven, Inc. (b)		1,101,258
31,800	Itron, Inc. (b)		1,522,266
43,500	LaserCard Corp. (b)		709,050
53,200	Lexar Media, Inc. (b)		413,364
75,300	M-Systems Flash Disk Pioneers Ltd. (b)		2,182,194
47,800	ManTech International Corp. (b)		1,336,488
192,000	MatrixOne, Inc. (b)		958,080
168,900	Mattson Technology, Inc. (b)		2,195,700
150,500	Methode Electronics, Inc.		1,851,150
87,100	Nam Tai Electronics, Inc.		2,035,527
20,900	Orbotech, Ltd. (b)		506,825
63,400	Polycom, Inc. (b)		1,228,692
207,500	Power-One, Inc. (b)		1,253,300
37,200	RADVision Ltd. (b)		674,808
62,200	Reynolds & Reynolds Co. (The), Class A		1,766,480
32,400	ROFIN-SINAR Technologies, Inc. (b)		1,547,100
44,900	Rogers Corp. (b)		2,115,239
77,700	Secure Computing Corp. (b)		1,131,312
116,900	SonicWALL, Inc. (b)		963,256
12,000	SPSS, Inc. (b)		386,880
102,700	Staktek Holdings, Inc. (b)		717,873
54,200	TALX Corp.		1,698,628
119,000	TIBCO Software, Inc. (b)		950,810
47,800	TriZetto Group, Inc. (The) (b)		877,608
111,100	webMethods, Inc. (b)		856,581
50,500	Zoran Corp. (b)		990,305
			56,903,994
Materials (4.4%)
59,800	Century Aluminum Co. (b)		2,037,984
50,100	ElkCorp		1,762,017
5,300	Greif, Inc., Class A		345,136
166,300	Hercules, Inc. (b)		1,947,373
40,500	LSI Industries, Inc.		584,415
73,600	OM Group, Inc. (b)		1,583,136
85,200	Randgold Resources Ltd. (b)		1,528,488

See notes to financial statements.

18

PACIFIC CAPITAL FUNDS

Small Cap Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks, continued
Materials, continued
17,000	Reliance Steel & Aluminum Co.	$	1,351,500
52,500	RTI International Metals, Inc. (b)		2,375,625
99,900	U.S. Concrete, Inc. (b)		1,210,788
			14,726,462
Real Estate Investment Trust (4.8%)
22,400	Cousins Properties, Inc.		699,328
142,400	DiamondRock Hospitality Co. (c)		1,851,200
303,300	ECC Capital Corp.		673,326
72,200	Healthcare Realty Trust, Inc.		2,529,888
76,700	JER Investors Trust, Inc. (c)		1,365,260
87,800	KKR Financial Corp.		1,965,842
80,200	Newcastle Investment Corp.		2,181,440
97,900	Northstar Realty Finance Corp.		1,073,963
42,500	Senior Housing Properties Trust		762,025
53,421	Ventas, Inc.		1,634,683
40,300	Washington Real Estate Investment Trust		1,329,094
			16,066,049
Telecommunications (1.0%)
35,000	ADTRAN, Inc.		1,026,550
35,000	CSG Systems International, Inc. (b)		796,950
90,100	Lightbridge, Inc. (b)		878,475
77,100	Premiere Global Services, Inc. (b)		693,129
			3,395,104
Transportation (3.9%)
79,700	EGL, Inc. (b)		3,260,527
98,100	Genco Shipping & Trading Ltd.		1,586,277
59,500	General Maritime Corp.		2,233,630
17,500	OMI Corp.		307,300
55,700	Overseas Shipholding Group, Inc.		2,873,006
19,100	Ship Finance International Ltd.		348,766

Shares	Security Description	Value
Common Stocks, continued
Transportation, continued
19,100	SkyWest, Inc.	$	557,338
74,400	Universal Truckload Services, Inc. (b)		1,754,352
			12,921,196
Utilities (3.7%)
121,500	CMS Energy Corp. (b)		1,758,105
88,400	El Paso Electric Co. (b)		1,810,432
69,000	Energen Corp.		2,692,380
25,100	Forest Oil Corp. (b)		1,292,650
91,400	UGI Corp.		1,962,358
41,400	Universal Compression Holdings, Inc. (b)		1,987,200
27,100	Watts Water Industries, Inc., Class A		912,728
			12,415,853
Total Common Stocks (Cost $258,525,044)			304,992,843
Depositary Receipts (4.5%)
120,600	iShares Russell 2000 Value Index Fund		8,583,102
87,800	iShares Trust Russell 2000 Index Fund		6,343,550
Total Depositary Receipts (Cost $13,392,776)			14,926,652
Investment Company (4.1%)
13,483,050	Bank of New York Cash Reserve Fund		13,483,050
Total Investment Company (Cost $13,483,050)			13,483,050
Total Investments (Cost $285,400,868) (a)—100.2%			333,402,545
Liabilities in excess of other assets—(0.2)%			(759,182	)
Net Assets—100.0%		$	332,643,363

(a) Cost for federal income tax purposes is $285,645,442. Gross unrealized appreciation/depreciation on a tax basis is as follows:

Unrealized appreciation	$	55,148,976
Unrealized depreciation		(7,391,873	)
Net unrealized appreciation	$	47,757,103

(b) Non-income producing security.

(c) The shares, or a portion of the shares, of these securities were purchased through private placement under Rule 144A of the Securities Act of 1933, as amended. These securities are considered liquid based on procedures approved by the Board of Trustees.

Issue description	Acquisition date	Cost		Value		Percent of total investments		Percent of net assets
DiamondRock Hospitality Co.	6/29/04	$	1,424,000	$	1,851,200	0.6	%	0.6	%
JER Investors Trust, Inc.	5/27/04		1,150,500		1,365,260	0.4	%	0.4	%
Fund Total:				$	3,216,460	1.0	%	1.0	%

See notes to financial statements.

19

PACIFIC CAPITAL FUNDS

Mid-Cap Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks (96.7%)
Consumer Discretionary (15.2%)
17,800	Abercrombie & Fitch Co., Class A	$	1,181,742
16,300	Advance Auto Parts, Inc. (b)		710,191
17,500	Alaska Air Group, Inc. (b)		558,775
11,900	American Greetings Corp., Class A		242,879
5,100	Autoliv, Inc.		249,849
7,800	Banta Corp.		398,736
9,600	Barnes & Noble, Inc.		407,232
4,200	BorgWarner, Inc.		231,546
17,100	Brinker International, Inc.		695,970
18,100	Chico’s FAS, Inc. (b)		788,436
24,800	Claire’s Stores, Inc.		785,168
19,300	Darden Restaurants, Inc.		784,738
29,400	Dillard’s, Inc., Class A		761,460
14,600	GTECH Holdings Corp.		487,932
6,600	M.D.C. Holdings, Inc.		418,770
7,300	Michaels Stores, Inc.		245,499
17,400	Netflix, Inc. (b)		477,717
710	NVR, Inc. (b)		563,918
30,200	Payless ShoeSource, Inc. (b)		735,672
10,000	Rent-A-Center, Inc. (b)		205,000
29,700	Sabre Holdings Corp., Class A		727,650
11,100	Timberland Co. (The), Class A (b)		388,056
17,400	Tupperware Brands Corp.		386,280
580	Washington Post Co. (The), Class B		442,528
			12,875,744
Consumer Staples (1.6%)
5,700	Energizer Holdings, Inc. (b)		308,427
5,800	Hormel Foods Corp.		194,474
10,000	PepsiAmericas, Inc.		244,900
16,900	Pilgrim’s Pride Corp.		411,346
8,500	Smithfield Foods, Inc. (b)		228,140
			1,387,287
Energy (11.5%)
15,000	Diamond Offshore Drilling, Inc.		1,273,050
18,700	Newfield Exploration Co. (b)		979,880
13,400	NRG Energy, Inc. (b)		646,818
43,300	Patterson-UTI Energy, Inc.		1,628,946
12,100	Peabody Energy Corp.		1,204,071
15,900	Pioneer Natural Resources Co.		844,290
12,800	Pogo Producing Co.		767,872
11,600	Tesoro Corp.		840,652
17,900	Tidewater, Inc.		1,045,718
9,600	WPS Resources Corp.		538,368
			9,769,665
Financials (15.3%)
15,800	A.G. Edwards, Inc.		751,606
23,900	American Capital Strategies Ltd.		849,645
22,600	American Financial Group, Inc.		850,212
15,100	AmerUs Group Co.		926,687
7,700	Astoria Financial Corp.		221,760
1,600	Commerce Bancshares, Inc.		80,880
18,500	Compass Bancshares, Inc.		901,320
8,500	Downey Financial Corp.		556,580
19,700	Equifax, Inc.		754,904

Shares	Security Description	Value
Common Stocks, continued
Financials, continued
11,100	First American Corp.	$	519,702
23,600	Huntington Bancshares, Inc.		547,520
18,700	IndyMac Bancorp, Inc.		764,082
42,300	Janus Capital Group, Inc.		883,647
12,450	Mercantile Bankshares Corp.		472,478
14,600	MoneyGram International, Inc.		387,776
7,200	Nationwide Financial Services, Inc.		306,432
19,250	Old Republic International Corp.		412,913
12,900	Radian Group, Inc.		738,267
25,600	W. R. Berkley Corp.		1,264,639
5,100	Wilmington Trust Corp.		211,650
7,500	Zions Bancorp.		593,025
			12,995,725
Health Care (10.6%)
10,200	Barr Pharmaceuticals, Inc. (b)		668,916
4,200	Bausch & Lomb, Inc.		283,710
8,100	C. R. Bard, Inc.		513,702
12,200	Cerner Corp. (b)		549,000
9,800	Charles River Laboratories International, Inc. (b)		452,074
10,600	Community Health Systems, Inc. (b)		385,734
8,325	Coventry Health Care, Inc. (b)		495,920
19,100	Endo Pharmaceuticals Holdings, Inc. (b)		548,170
13,000	Health Net, Inc. (b)		641,810
12,500	Humana, Inc. (b)		697,125
5,600	Intuitive Surgical, Inc. (b)		770,840
7,500	Invitrogen Corp. (b)		516,600
15,800	Lincare Holdings, Inc. (b)		667,708
4,950	Renal Care Group, Inc. (b)		234,828
20,300	STERIS Corp.		548,100
18,400	Techne Corp. (b)		1,046,040
			9,020,277
Industrials (13.5%)
7,500	Ashland, Inc.		494,400
2,400	Black & Decker Corp. (The)		207,120
11,200	Cummins, Inc.		1,089,760
11,400	DST Systems, Inc. (b)		645,924
15,400	Fair Isaac Corp.		682,528
20,100	GATX Corp.		798,171
6,800	Global Payments, Inc.		346,324
8,800	ITT Educational Services, Inc. (b)		513,040
24,000	Joy Global, Inc.		1,296,960
20,000	Martin Marietta Materials, Inc.		1,695,600
14,200	MPS Group, Inc. (b)		201,782
14,200	Precision Castparts Corp.		709,290
18,100	Republic Services, Inc.		685,085
3,900	Terex Corp. (b)		274,950
8,000	Thomas & Betts Corp. (b)		357,200
30,500	Timken Co. (The)		1,103,185
9,200	Varian, Inc. (b)		353,004
			11,454,323
Information Technology (12.1%)
1	Activision, Inc. (b)		14
9,700	Arrow Electronics, Inc. (b)		333,292

See notes to financial statements.

20

PACIFIC CAPITAL FUNDS

Mid-Cap Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks, continued
Information Technology, continued
22,300	Avnet, Inc. (b)	$	545,235
10,600	Cognizant Technology Solutions Corp. (b)		555,122
12,250	FactSet Research Systems, Inc.		488,530
9,500	Imation Corp.		430,635
20,800	Ingram Micro, Inc. (b)		402,480
58,000	Integrated Device Technology, Inc. (b)		805,620
40,000	Intersil Corp.		1,162,400
13,000	Lam Research Corp. (b)		603,590
11,000	McAfee, Inc. (b)		255,090
8,200	MEMC Electronic Materials, Inc. (b)		234,356
22,300	OmniVision Technologies, Inc. (b)		562,629
21,200	PerkinElmer, Inc.		482,088
6,800	SanDisk Corp. (b)		458,048
27,300	Sybase, Inc. (b)		589,407
12,200	Transaction Systems Architects, Inc. (b)		402,478
20,900	United Online, Inc.		285,703
31,700	Vishay Intertechnology, Inc. (b)		501,811
51,700	Western Digital Corp. (b)		1,130,162
			10,228,690
Materials (4.4%)
15,300	FMC Corp. (b)		863,226
26,100	Georgia Gulf Corp.		892,620
24,100	Goodyear Tire & Rubber Co. (The) (b)		376,924
8,700	Hubbell, Inc.		391,065
21,800	Louisiana-Pacific Corp.		642,010
9,500	United States Steel Corp.		567,625
			3,733,470
Real Estate Investment Trust (3.8%)
26,000	CBL & Associates Properties, Inc.		1,100,320
39,600	Highwoods Properties, Inc.		1,248,984
9,900	SL Green Realty Corp.		831,996
			3,181,300

Shares	Security Description	Value
Common Stocks, continued
Telecommunications (1.9%)
18,300	ADTRAN, Inc.	$	536,739
14,200	Harris Corp.		659,306
8,000	NII Holdings, Inc. (b)		395,680
			1,591,725
Transportation (1.1%)
18,300	Overseas Shipholding Group, Inc.		943,914
Utilities (5.7%)
9,400	AGL Resources, Inc.		336,332
14,100	Alliant Energy Corp.		418,206
41,900	CMS Energy Corp. (b)		606,293
18,900	Energen Corp.		737,478
17,100	Energy East Corp.		424,935
5,000	MDU Resources Group, Inc.		181,000
25,900	Questar Corp.		2,110,332
			4,814,576
Total Common Stocks (Cost $68,289,482)			81,996,696
Depositary Receipts (2.0%)
12,000	S&P MidCap 400 Depositary Receipts		1,707,000
Total Depositary Receipts (Cost $1,638,840)			1,707,000
Investment Company (1.4%)
1,153,154	Victory Institutional Money Market Fund, Investor Shares		1,153,154
Total Investment Company (Cost $1,153,154)			1,153,154
Total Investments (Cost $71,081,476) (a)—100.1%			84,856,850
Liabilities in excess of other assets—(0.1)%			(73,354	)
Net Assets—100.0%		$	84,783,496

(a) Cost for federal income tax purposes is $71,171,809. Gross unrealized appreciation/depreciation on a tax basis is as follows:

Unrealized appreciation	$	14,869,745
Unrealized depreciation		(1,184,704	)
Net unrealized appreciation	$	13,685,041

(b) Non-income producing security.

See notes to financial statements.

21

PACIFIC CAPITAL FUNDS

Growth Stock Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks (98.2%)
Consumer Discretionary (14.8%)
31,110	Abercrombie & Fitch Co., Class A	$	2,065,393
29,140	Advance Auto Parts, Inc. (b)		1,269,630
51,790	Bed Bath & Beyond, Inc. (b)		1,937,464
54,230	Best Buy Co., Inc.		2,747,291
48,010	Coach, Inc. (b)		1,725,960
25,000	Costco Wholesale Corp.		1,247,250
22,510	eBay, Inc. (b)		970,181
27,290	Electronic Arts, Inc. (b)		1,489,488
53,950	GameStop Corp., Class A (b)		2,174,725
36,680	Home Depot, Inc. (The)		1,487,374
38,070	J.C. Penney Co., Inc. (Holding Co.)		2,124,306
23,160	Lowe’s Cos., Inc.		1,471,818
43,310	Pacific Sunwear of California, Inc. (b)		1,061,528
32,110	Panera Bread Co. (b)		2,186,691
76,320	Sonic Corp. (b)		2,209,464
52,510	Tiffany & Co.		1,979,627
56,900	Wal-Mart Stores, Inc.		2,623,659
			30,771,849
Consumer Staples (9.1%)
40,600	Coca-Cola Co. (The)		1,680,028
26,680	Fortune Brands, Inc.		1,999,933
35,700	Hershey Co. (The)		1,827,840
71,904	PepsiCo, Inc.		4,111,471
113,777	Procter & Gamble Co. (The)		6,739,012
31,050	Walgreen Co.		1,343,844
19,540	Wm. Wrigley Jr. Co.		1,249,778
			18,951,906
Energy (3.9%)
14,970	Amerada Hess Corp.		2,317,356
22,020	Quicksilver Resources, Inc. (b)		1,106,945
42,340	Transocean, Inc. (b)		3,435,891
17,330	Ultra Petroleum Corp. (b)		1,192,131
			8,052,323
Financials (6.5%)
34,080	American Express Co.		1,787,496
69,530	AmeriCredit Corp. (b)		1,999,683
63,400	First Marblehead Corp. (The)		2,052,892
26,050	Franklin Resources, Inc.		2,565,925
76,970	JPMorgan Chase & Co.		3,059,557
38,370	Northern Trust Corp.		2,003,298
			13,468,851
Health Care (19.6%)
91,240	Abbott Laboratories		3,937,006
37,760	Amgen, Inc. (b)		2,752,326
20,120	Barr Pharmaceuticals, Inc. (b)		1,319,470
40,860	Becton, Dickinson and Co.		2,647,728
69,040	Biogen Idec, Inc. (b)		3,089,540
33,100	Biomet, Inc.		1,251,511
33,010	Caremark Rx, Inc. (b)		1,627,393
27,460	Community Health Systems, Inc. (b)		999,269
19,070	Covance, Inc. (b)		1,083,367

Shares	Security Description	Value
Common Stocks, continued
Health Care, continued
17,490	Fisher Scientific International, Inc. (b)	$	1,169,556
14,350	Genentech, Inc. (b)		1,232,952
17,370	Gilead Sciences, Inc. (b)		1,057,312
91,710	Johnson & Johnson		5,276,994
72,700	Medtronic, Inc.		4,105,369
52,840	Mylan Laboratories, Inc.		1,040,948
17,250	Pharmaceutical Product Development, Inc.		1,193,355
33,910	Thermo Electron Corp. (b)		1,140,732
57,390	UnitedHealth Group, Inc.		3,410,114
38,720	Zimmer Holdings, Inc. (b)		2,669,744
			41,004,686
Industrials (15.4%)
29,000	3M Co.		2,109,749
26,060	Boeing Co. (The)		1,780,159
20,810	Caterpillar, Inc.		1,412,999
13,550	Corporate Executive Board Co. (The)		1,140,097
14,100	Fluor Corp.		1,240,095
270,503	General Electric Co.		8,858,972
18,980	ITT Educational Services, Inc. (b)		1,106,534
22,625	Joy Global, Inc.		1,222,655
25,000	Landstar System, Inc.		1,057,500
38,550	Paychex, Inc.		1,401,293
42,210	Precision Castparts Corp.		2,108,390
21,950	Pulte Homes, Inc.		875,805
25,900	Robert Half International, Inc.		946,127
26,960	Textron, Inc.		2,277,041
18,360	United Parcel Service, Inc., Class B		1,375,348
31,050	United Technologies Corp.		1,812,389
20,260	W.W. Grainger, Inc.		1,437,042
			32,162,195
Information Technology (24.5%)
236,740	3Com Corp. (b)		1,081,902
25,130	Apple Computer, Inc. (b)		1,897,566
86,774	Cisco Systems, Inc. (b)		1,611,393
35,760	Cogent, Inc. (b)		859,313
24,360	Cognizant Technology Solutions Corp. (b)		1,275,733
48,020	Corning, Inc. (b)		1,169,287
129,960	Credence Systems Corp. (b)		1,137,150
37,170	Freescale Semiconductor, Inc. (b)		938,543
10,800	Getty Images, Inc. (b)		881,820
4,890	Google, Inc., Class A (b)		2,118,593
50,500	Hewlett-Packard Co.		1,574,590
194,060	Intel Corp.		4,127,656
67,460	International Business Machines Corp.		5,484,497
47,600	Juniper Networks, Inc. (b)		862,988
25,330	Lam Research Corp. (b)		1,176,072
151,070	Micrel, Inc. (b)		1,853,629
287,710	Microsoft Corp.		8,099,036
60,610	Motorola, Inc.		1,376,453

See notes to financial statements.

22

PACIFIC CAPITAL FUNDS

Growth Stock Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks, continued
Information Technology, continued
37,100	Novellus Systems, Inc. (b)	$	1,051,785
80,580	QUALCOMM, Inc.		3,864,617
14,490	Research in Motion Ltd. (b)		978,075
29,380	Symantec Corp. (b)		540,004
123,030	Teradyne, Inc. (b)		2,143,183
51,280	Texas Instruments, Inc.		1,498,914
195,500	TIBCO Software, Inc. (b)		1,562,045
60,670	Yahoo!, Inc. (b)		2,083,408
			51,248,252
Materials (3.9%)
52,190	Alcoa, Inc.		1,643,985
36,620	Glamis Gold Ltd. (b)		1,170,741
21,980	Inco Ltd.		1,127,134
39,000	Newmont Mining Corp.		2,410,201
10,990	Phelps Dodge Corp.		1,763,895
			8,115,956

Shares	Security Description	Value
Common Stocks, continued
Telecommunications (0.5%)
44,584	Sprint Nextel Corp.	$	1,020,528
Total Common Stocks (Cost $193,625,016)			204,796,546
Depositary Receipts (0.4%)
Industrials (0.4%)
27,560	Industrial Select Sector SPDR Fund		869,518
Total Depositary Receipts (Cost $874,911)			869,518
Investment Company (0.9%)
1,836,850	Victory Institutional Money Market Fund, Investor Shares		1,836,850
Total Investment Company (Cost $1,836,850)			1,836,850
Total Investments (Cost $196,336,777) (a)—99.5%			207,502,914
Other assets in excess of liabilities—0.5%			1,050,842
Net Assets—100.0%		$	208,553,756

(a) Cost for federal income tax purposes is $197,993,189. Gross unrealized appreciation/depreciation on a tax basis is as follows:

Unrealized appreciation	$	14,106,967
Unrealized depreciation		(4,597,242	)
Net unrealized appreciation	$	9,509,725

(b) Non-income producing security.

SPDR—Standard & Poor’s Depositary Receipt

See notes to financial statements.

23

PACIFIC CAPITAL FUNDS

Growth and Income Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks (98.3%)
Consumer Discretionary (12.3%)
26,820	Abercrombie & Fitch Co., Class A	$	1,780,580
20,490	Advance Auto Parts, Inc. (b)		892,749
41,540	Bed Bath & Beyond, Inc. (b)		1,554,011
41,960	Best Buy Co., Inc.		2,125,694
63,280	Coach, Inc. (b)		2,274,915
25,040	Costco Wholesale Corp.		1,249,246
23,050	Electronic Arts, Inc. (b)		1,258,069
22,890	GameStop Corp., Class A (b)		922,696
18,550	J.C. Penney Co., Inc. (Holding Co.)		1,035,090
11,110	Lowe’s Cos., Inc.		706,041
24,580	McDonald’s Corp.		860,546
36,940	Pacific Sunwear of California, Inc. (b)		905,399
27,210	Panera Bread Co. (b)		1,853,001
58,340	Sonic Corp. (b)		1,688,943
70,590	Time Warner, Inc.		1,237,443
33,370	Wal-Mart Stores, Inc.		1,538,691
			21,883,114
Consumer Staples (8.1%)
30,850	Coca-Cola Co. (The)		1,276,573
75,670	ConAgra Foods, Inc.		1,568,639
21,970	Dean Foods Co. (b)		833,322
20,240	Fortune Brands, Inc.		1,517,190
29,120	Hershey Co. (The)		1,490,944
41,945	PepsiCo, Inc.		2,398,415
51,161	Procter & Gamble Co. (The)		3,030,266
15,870	Walgreen Co.		686,854
23,900	Wm. Wrigley Jr. Co.		1,528,644
			14,330,847
Energy (9.2%)
12,860	Amerada Hess Corp.		1,990,728
28,730	Chevrontexaco Corp.		1,705,987
92,920	Exxon Mobil Corp.		5,830,729
22,890	Halliburton Co.		1,820,900
18,780	Quicksilver Resources, Inc. (b)		944,071
8,820	Schlumberger Ltd.		1,124,109
35,290	Transocean, Inc. (b)		2,863,784
			16,280,308
Financials (21.5%)
37,100	A.G. Edwards, Inc.		1,764,847
59,400	AmeriCredit Corp. (b)		1,708,344
59,380	Bank of America Corp.		2,626,377
36,620	CIT Group, Inc.		1,953,311
76,780	Citigroup, Inc.		3,576,412
29,060	Comerica, Inc.		1,611,958
43,860	First Horizon National Corp.		1,660,978
53,850	First Marblehead Corp. (The)		1,743,663
20,420	Franklin Resources, Inc.		2,011,370
6,750	Goldman Sachs Group, Inc. (The)		953,438
44,650	Host Marriott Corp.		890,768
76,380	HRPT Properties Trust		819,557
115,185	JPMorgan Chase & Co.		4,578,604
46,290	KeyCorp		1,638,203

Shares	Security Description	Value
Common Stocks, continued
Financials, continued
18,300	Lehman Brothers Holdings, Inc.	$	2,570,235
63,180	Ohio Casualty Corp.		1,904,245
37,250	Protective Life Corp.		1,674,388
22,610	Wachovia Corp.		1,239,706
51,820	Wells Fargo & Co.		3,231,495
			38,157,899
Health Care (14.6%)
64,300	Abbott Laboratories		2,774,545
20,460	Amgen, Inc. (b)		1,491,329
59,270	Biogen Idec, Inc. (b)		2,652,333
47,840	Biomet, Inc.		1,808,830
101,590	Bristol-Myers Squibb Co.		2,315,236
23,560	Caremark Rx, Inc. (b)		1,161,508
31,520	Community Health Systems, Inc. (b)		1,147,013
14,810	Gilead Sciences, Inc. (b)		901,485
44,506	Johnson & Johnson		2,560,875
47,660	Medtronic, Inc.		2,691,360
44,980	Mylan Laboratories, Inc.		886,106
109,928	Pfizer, Inc.		2,822,951
28,720	Thermo Electron Corp. (b)		966,141
19,210	UnitedHealth Group, Inc.		1,141,458
7,520	WellPoint, Inc. (b)		577,536
			25,898,706
Industrials (10.8%)
12,200	3M Co.		887,550
13,350	Boeing Co. (The)		911,939
14,350	Caterpillar, Inc.		974,365
10,310	Corporate Executive Board Co. (The)		867,483
10,990	Fluor Corp.		966,571
17,590	General Dynamics Corp.		2,046,771
159,240	General Electric Co.		5,215,109
14,720	ITT Educational Services, Inc. (b)		858,176
17,690	Joy Global, Inc.		955,968
21,700	Landstar System, Inc.		917,910
24,630	Paychex, Inc.		895,301
17,090	Precision Castparts Corp.		853,646
18,870	Pulte Homes, Inc.		752,913
31,560	Tyco International Ltd.		822,138
16,450	United Parcel Service, Inc., Class B		1,232,270
			19,158,110
Information Technology (13.3%)
12,260	Apple Computer, Inc. (b)		925,753
30,550	Cogent, Inc. (b)		734,117
40,560	Corning, Inc. (b)		987,636
10,330	Getty Images, Inc. (b)		843,445
43,760	Hewlett-Packard Co.		1,364,437
90,050	Intel Corp.		1,915,364
45,050	International Business Machines Corp.		3,662,564
16,100	KLA-Tencor Corp.		836,878
134,820	Microsoft Corp.		3,795,182

See notes to financial statements.

24

PACIFIC CAPITAL FUNDS

Growth and Income Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks, continued
Information Technology, continued
36,380	Motorola, Inc.	$	826,190
50,720	QUALCOMM, Inc.		2,432,531
21,160	Symantec Corp. (b)		388,921
52,820	Teradyne, Inc. (b)		920,124
26,510	Texas Instruments, Inc.		774,887
114,430	TIBCO Software, Inc. (b)		914,296
17,970	Varian Semiconductor Equipment Associates, Inc. (b)		890,054
39,540	Yahoo!, Inc. (b)		1,357,804
			23,570,183
Materials (2.8%)
45,600	Alcoa, Inc.		1,436,400
16,630	Newmont Mining Corp.		1,027,734
9,490	Phelps Dodge Corp.		1,523,145
21,330	Steel Dynamics, Inc.		990,139
			4,977,418
Telecommunications (2.6%)
13,830	ALLTEL Corp.		830,215
42,130	AT&T, Inc.		1,093,274
31,220	BellSouth Corp.		898,199
37,670	Sprint Nextel Corp.		862,266
27,060	Verizon Communications, Inc.		856,720
			4,540,674

Shares	Security Description	Value
Common Stocks, continued
Utilities (3.1%)
47,200	Edison International	$	2,068,304
44,100	PPL Corp.		1,328,733
91,650	Williams Cos., Inc. (The)		2,184,936
			5,581,973
Total Common Stocks (Cost $163,847,652)			174,379,232
Depositary Receipts (0.5%)
Industrials (0.5%)
27,350	Industrial Select Sector SPDR Fund		862,893
Total Depositary Receipts (Cost $870,824)			862,893
Investment Company (1.8%)
3,246,552	Victory Institutional Money Market Fund, Investor Shares		3,246,552
Total Investment Company (Cost $3,246,552)			3,246,552
Total Investments (Cost $167,965,028) (a)—100.6%			178,488,677
Liabilities in excess of other assets—(0.6)%			(1,102,030	)
Net Assets—100.0%		$	177,386,647

(a) Cost for federal income tax purposes is $168,482,685. Gross unrealized appreciation/depreciation on a tax basis is as follows:

Unrealized appreciation	$	13,837,542
Unrealized depreciation		(3,831,550	)
Net unrealized appreciation	$	10,005,992

(b) Non-income producing security.

SPDR—Standard & Poor’s Depositary Receipt

See notes to financial statements.

25

PACIFIC CAPITAL FUNDS

Value Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks (98.9%)
Consumer Discretionary (7.1%)
13,310	BorgWarner, Inc.	$	733,780
31,530	J.C. Penney Co., Inc. (Holding Co.)		1,759,374
29,570	McDonald’s Corp.		1,035,246
32,700	Pacific Sunwear of California, Inc. (b)		801,477
38,450	Tiffany & Co.		1,449,565
215,020	Time Warner, Inc.		3,769,301
14,782	Viacom Inc., Class B (b)		613,157
35,930	Walt Disney Co. (The)		909,388
			11,071,288
Consumer Staples (5.0%)
28,364	Altria Group, Inc.		2,051,852
18,010	Coca-Cola Co. (The)		745,254
70,210	ConAgra Foods, Inc.		1,455,453
27,270	CVS Corp.		757,015
44,050	Dean Foods Co. (b)		1,670,817
16,070	Fortune Brands, Inc.		1,204,607
			7,884,998
Energy (13.5%)
11,020	Amerada Hess Corp.		1,705,896
6,780	Anadarko Petroleum Corp.		731,020
46,230	Chevrontexaco Corp.		2,745,137
27,360	Denbury Resources, Inc. (b)		814,507
113,088	Exxon Mobil Corp.		7,096,271
20,700	Halliburton Co.		1,646,685
7,350	Kerr-McGee Corp.		811,367
27,610	Occidental Petroleums Corp.		2,697,773
24,420	Transocean, Inc. (b)		1,981,683
13,300	Valero Energy Corp.		830,319
			21,060,658
Financials (35.4%)
32,780	A.G. Edwards, Inc.		1,559,345
16,180	Allstate Corp. (The)		842,169
51,970	AmeriCredit Corp. (b)		1,494,657
28,780	AmerUs Group Co.		1,766,229
122,300	Bank of America Corp.		5,409,328
33,880	CIT Group, Inc.		1,807,159
122,840	Citigroup, Inc.		5,721,886
26,170	Comerica, Inc.		1,451,650
38,860	First Horizon National Corp.		1,471,628
45,770	First Marblehead Corp. (The)		1,482,033
8,050	Goldman Sachs Group, Inc. (The)		1,137,063
56,000	Greater Bay Bancorp		1,452,640
60,150	H&R Block, Inc.		1,471,269
42,330	Health Care REIT, Inc.		1,574,253
83,210	Host Marriott Corp.		1,660,040
137,320	HRPT Properties Trust		1,473,444
140,879	JPMorgan Chase & Co.		5,599,939
49,570	KeyCorp		1,754,282
18,020	Lehman Brothers Holdings, Inc.		2,530,909
53,240	Ohio Casualty Corp.		1,604,654
32,630	Protective Life Corp.		1,466,719
11,250	Prudential Financial, Inc.		847,575

Shares	Security Description	Value
Common Stocks, continued
Financials, continued
41,080	Raymond James Financial, Inc.	$	1,748,365
35,990	Wachovia Corp.		1,973,332
69,400	Waddell & Reed Financial, Inc.		1,546,232
19,810	Washington Mutual, Inc.		838,359
59,790	Wells Fargo & Co.		3,728,504
			55,413,663
Health Care (8.3%)
22,640	Abbott Laboratories		976,916
7,840	Aetna, Inc.		758,912
50,880	Biogen Idec, Inc. (b)		2,276,880
38,180	Biomet, Inc.		1,443,586
91,430	Bristol-Myers Squibb Co.		2,083,690
176,370	Pfizer, Inc.		4,529,181
25,920	Thermo Electron Corp. (b)		871,949
			12,941,114
Industrials (7.9%)
24,490	Caterpillar, Inc.		1,662,871
57,460	General Electric Co.		1,881,815
18,610	Landstar System, Inc.		787,203
15,430	Manpower, Inc.		830,597
16,840	Precision Castparts Corp.		841,158
16,150	Pulte Homes, Inc.		644,385
18,920	Republic Services, Inc.		716,122
16,970	Rockwell Collins, Inc.		796,232
21,380	Textron, Inc.		1,805,755
56,970	Tyco International Ltd.		1,484,069
15,390	United Technologies Corp.		898,314
			12,348,521
Information Technology (6.2%)
27,090	Freescale Semiconductor, Inc. (b)		684,023
105,243	Hewlett-Packard Co.		3,281,477
24,260	International Business Machines Corp.		1,972,338
34,000	Juniper Networks, Inc. (b)		616,420
13,930	KLA-Tencor Corp.		724,081
45,550	Teradyne, Inc. (b)		793,481
97,960	TIBCO Software, Inc. (b)		782,700
16,410	Varian Semiconductor Equipment Associates, Inc. (b)		812,787
			9,667,307
Materials (4.5%)
52,750	Alcoa, Inc.		1,661,626
16,690	Inco Ltd.		855,863
14,490	Newmont Mining Corp.		895,482
32,660	Pactiv Corp. (b)		726,358
8,140	Phelps Dodge Corp.		1,306,470
55,170	Smurfit-Stone Container Corp. (b)		705,624
18,580	Steel Dynamics, Inc.		862,484
			7,013,907
Telecommunications (5.4%)
123,040	AT&T, Inc.		3,192,889
43,120	BellSouth Corp.		1,240,562
205,340	Cincinnati Bell, Inc. (b)		718,690

See notes to financial statements.

26

PACIFIC CAPITAL FUNDS

Value Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares	Security Description	Value
Common Stocks, continued
Telecommunications, continued
54,470	Sprint Nextel Corp.	$	1,246,818
63,780	Verizon Communications, Inc.		2,019,275
			8,418,234
Utilities (5.6%)
24,890	Edison International		1,090,680
16,110	Exelon Corp.		925,036
36,330	FirstEnergy Corp.		1,820,134
46,440	PG&E Corp.		1,732,676
53,200	PPL Corp.		1,602,916
14,580	TXU Corp.		738,331
37,260	Williams Cos., Inc. (The)		888,278
			8,798,051
Total Common Stocks (Cost $138,561,334)			154,617,741

Shares	Security Description	Value
Investment Company (0.9%)
1,463,138	Victory Institutional Money Market Fund, Investor Shares	$	1,463,138
Total Investment Company (Cost $1,463,138)			1,463,138
Total Investments (Cost $140,024,472) (a)—99.8%			156,080,879
Other assets in excess of liabilities—0.2%			358,063
Net Assets—100.0%		$	156,438,942

(a) Cost for federal income tax purposes is $140,577,605. Gross unrealized appreciation/depreciation on a tax basis is as follows:

Unrealized appreciation	$	18,010,340
Unrealized depreciation		(2,507,066	)
Net unrealized appreciation	$	15,503,274

(b) Non-income producing security.

See notes to financial statements.

27

PACIFIC CAPITAL FUNDS

Diversified Fixed Income Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Shares or Principal Amount		Security Description	Value
	Corporate Bonds (45.8%)
	Consumer Discretionary (6.0%)
$	5,250,000	Estee Lauder Cos., Inc. (The), 6.00%, 1/15/12	$	5,483,357
	5,000,000	Ethan Allen Global, Inc., 5.375%, 10/1/15 (b)		4,800,000
	1,400,000	McDonald’s Corp., 6.50%, 8/1/07		1,429,750
	2,500,000	Wal-Mart Stores, Inc., 8.85%, 1/2/15		3,011,200
	1,000,000	Wal-Mart Stores, Inc., 5.25%, 9/1/35		957,304
	3,000,000	Wm. Wrigley Jr. Co., 4.30%, 7/15/10		2,932,836
				18,614,447
	Consumer Staples (4.0%)
	1,625,000	Bestfoods, Series F, 6.625%, 4/15/28, MTN		1,831,627
	1,388,000	Colgate-Palmolive Co., Series B, 7.60%, 5/19/25, MTN		1,785,315
	300,000	Kellogg Co., 2.875%, 6/1/08		285,584
	3,615,000	Kraft Foods, Inc., 4.00%, 10/1/08		3,515,402
	2,200,000	Procter & Gamble Co. (The), 8.50%, 8/10/09		2,455,750
	2,495,000	SYSCO Corp., 7.25%, 4/15/07		2,551,138
				12,424,816
	Energy (3.6%)
	2,295,000	Alabama Power Co., Series 1, 5.65%, 3/15/35, Callable 3/15/15 @100		2,181,570
	5,000,000	Amoco Corp., 6.50%, 8/1/07		5,112,500
	2,315,000	Anadarko Petroleum Corp., 7.20%, 3/15/29		2,677,330
	1,030,000	Atlantic Richfield Co., 8.50%, 4/1/12		1,215,439
				11,186,839
	Financials (16.6%)
	Banking (6.3%)
	975,000	Bank of New York Co., Inc. (The), Series E, 2.20%, 5/12/06, MTN		968,152
	3,000,000	Chase Manhattan Corp., 7.25%, 6/1/07		3,090,000
	2,900,000	Cit Group, Inc., 5.00%, 11/24/08		2,895,351
	2,150,000	Countrywide Financial Corp., Series A, 4.77%*, 12/19/08, Series MTN		2,151,322
	3,290,897	Fifth Third Bancorp, Series BKNT, 2.87%, 8/10/09		3,175,705
	3,200,000	Morgan Stanley, 4.85%*, 1/18/11		3,205,213
	4,000,000	Wells Fargo Co., 3.12%, 8/15/08		3,831,900
				19,317,643

Shares or Principal Amount		Security Description	Value
	Corporate Bonds, continued
	Broker-Dealer (0.7%)
$	2,100,000	Goldman Sachs Group, Inc. (The), 5.15%, 1/15/14	$	2,067,834
	Financial Services (7.3%)
	1,025,000	FGIC Corp., 6.00%, 1/15/34 (b)		1,041,154
	350,000	General Electric Capital Corp., 5.00%, 2/15/07, MTN		350,455
	3,000,000	General Electric Capital Corp., 8.625%, 6/15/08		3,231,261
	1,000,000	International Lease Finance Corp., Series P, 5.00%*, 1/15/10, MTN		1,006,250
	4,230,000	Pitney Bowes Credit Corp., 5.75%, 8/15/08		4,299,211
	5,575,000	SLM Corp., Series A, 4.83%*, 7/25/08, MTN		5,595,333
	4,568,710	Toyota Motor Credit Corp., 2.75%, 8/6/09, MTN		4,393,331
	2,450,000	Toyota Motor Credit Corp., Series B, 5.42%, 3/22/17, Callable 3/22/07 @100, MTN		2,414,286
	407,848	UPFC Auto Receivables Trust, Series 2004-A, Class A2, 2.56%,6/15/07		406,894
				22,738,175
	Insurance (2.3%)
	2,500,000	Genworth Financial, Inc., 5.75%, 6/15/14		2,569,620
	4,625,000	Protective Life Secured Trust, Series 2003-1, 3.70%, 11/24/08, MTN		4,477,476
				7,047,096
				51,170,748
	Foreign Government (2.6%)
	3,000,000	Province of Ontario, 3.28%, 3/28/08		2,898,750
	5,000,000	Republic of Finland, 4.75%, 3/6/07		4,987,915
				7,886,665
	Health Care (3.6%)
	2,350,000	Amgen, Inc., 4.00%, 11/18/09		2,273,442
	5,000,000	Astrazeneca PLC, 5.40%, 6/1/14		5,099,009
	500,000	Pfizer, Inc., 4.65%, 3/1/18		473,611
	2,872,000	Pharmacia Corp., 6.75%, 12/15/27		3,327,201
				11,173,263
	Industrials (2.8%)
	5,140,111	FedEx Corp., Pass Thru Certificates, 7.50%, 1/15/18		5,744,981
	3,000,000	General Electric Co., 5.00%, 2/1/13		2,980,011
				8,724,992

See notes to financial statements.

28

PACIFIC CAPITAL FUNDS

Diversified Fixed Income Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares or Principal Amount		Security Description	Value
	Corporate Bonds, continued
	Information Technology (0.3%)
$	1,000,000	First Data Corp., 5.625%, 11/1/11	$	1,009,175
	Special Purpose Entity (1.0%)
	3,000,000	Ohana Military Communities LLC, Series A, Class I, 5.47%, 10/1/21 (b)		3,015,000
	Supranational Agency (3.4%)
	1,860,000	African Development Bank, 6.875%,10/15/15		2,101,765
	4,779,000	Inter-American Development Bank, 8.50%, 3/15/11		5,544,858
	3,000,000	International Bank for Reconstruction & Development, 4.00%, 4/29/10, Callable 4/29/06 @ 100		2,902,788
				10,549,411
	Telecommunications (1.6%)
	4,075,000	GTE Southwest, Inc., First Mortgage Bond, 8.50%, 11/15/31		4,905,281
	Transportation (0.3%)
	841,826	Burlington Northern & Santa Fe Railway Co. (The), Series 2002-2, 5.14%, 1/15/21		836,396
	Total Corporate Bonds (Cost $141,051,048)			141,497,033
	U.S. Government Agencies (32.1%)
	Federal Agricultural Mortgage Corporation (0.3%)
	1,000,000	4.25%, 7/29/08		987,500
	Federal Home Loan Bank (9.7%)
	2,500,000	4.875%, 11/15/06		2,501,855
	4,100,000	5.00%, 10/27/08		4,082,268
	7,000,000	5.02%, 11/7/08, Callable 11/7/06 @ 100		6,984,845
	1,000,000	4.00%, 8/21/09, Callable 2/22/06 @ 100		995,857
	3,000,000	7.625%, 5/14/10		3,324,762
	400,000	4.59%*, 5/26/10, Callable 5/26/06 @ 100		400,000
	6,065,392	4.75%, 10/25/10		6,013,836
	5,000,000	4.00%, 12/30/10		4,920,055
	535,000	4.87%, 9/7/12		524,611
				29,748,089
	Federal Home Loan Mortgage Corp. (8.4%)
	2,075,000	6.75%, 5/30/06		2,087,824
	1,000,000	2.50%, 3/9/07, Callable 3/9/06 @ 100, MTN		979,983
	2,025,000	3.00%, 4/19/07, Callable 4/19/06 @ 100, MTN		1,982,076
	2,000,000	3.80%, 6/28/07, Callable 6/28/06 @ 100, MTN		1,972,516
	3,500,000	5.00%, 1/28/08, Callable 7/28/06 @ 100, MTN		3,498,754

Shares or Principal Amount		Security Description	Value
	U.S. Government Agencies, continued
	Federal Home Loan Mortgage Corp., continued
$	5,000,000	6.25%, 3/5/12	$	5,063,985
	3,213,679	4.50%, 6/1/14		3,130,316
	5,734,407	5.125%, 10/15/15		5,698,420
	1,500,000	6.00%, 11/20/15, Callable 11/20/06 @ 100, MTN		1,505,429
				25,919,303
	Federal National Mortgage Assoc. (6.6%)
	5,000,000	5.50%, 5/2/06		5,010,400
	2,000,000	3.80%, 2/3/09		1,945,390
	750,000	3.63%, 12/28/09, Callable 12/28/06 @ 100		738,750
	1,000,000	6.875%, 9/10/12		1,028,977
	6,700,000	5.00%, 3/25/27		6,626,817
	5,200,155	5.10%, 10/1/34		5,195,943
				20,546,277
	Housing & Urban Development (0.7%)
	2,000,000	6.41%, 8/1/14		2,060,274
	New Valley Generation IV (0.7%)
	2,259,386	4.69%, 1/15/22		2,228,681
	Private Export Funding (2.9%)
	565,000	7.11%, 4/15/07		580,538
	3,105,000	6.67%, 9/15/09		3,302,943
	2,200,000	4.97%, 8/15/13		2,213,750
	3,000,000	4.55%, 5/15/15		2,929,548
				9,026,779
	Small Business Administration Corp. (0.8%)
	2,442,826	6.34%, 8/1/11		2,536,027
	Tennessee Valley Authority (2.0%)
	5,500,000	5.88%, 4/1/36, Putable 4/3/06 @ 100		6,187,192
	Total U.S. Government Agencies (Cost $99,381,041)			99,240,122
	U.S. Treasury Bonds (13.0%)
	7,900,000	7.25%, 5/15/16		9,597,268
	2,850,000	7.875%, 2/15/21		3,807,757
	8,000,000	6.25%, 8/15/23		9,420,008
	15,815,000	5.50%, 8/15/28		17,481,110
	Total U.S. Treasury Bonds (Cost $38,306,021)			40,306,143
	U.S. Treasury Bills (0.6%)
	2,000,000	4.29%**, 6/22/06		1,967,061
	Total U.S. Treasury Bills (Cost $1,967,061)			1,967,061
	U.S. Treasury Notes (5.6%)
	3,150,000	4.375%, 5/15/07		3,143,480
	2,150,000	3.375%, 11/15/08		2,087,684
	3,000,000	4.00%, 6/15/09		2,954,532
	9,000,000	4.75%, 5/15/14		9,127,269
				17,312,965
	Total U.S. Treasury Notes (Cost $17,422,741)			17,312,965

See notes to financial statements.

29

PACIFIC CAPITAL FUNDS

Diversified Fixed Income Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares or Principal Amount	Security Description	Value
Investment Company (1.6%)
4,854,207	Victory Institutional Money Market Fund, Investor Shares	$	4,854,207
Total Investment Company (Cost $4,854,207)			4,854,207
Total Investments (Cost $302,982,119) (a)—98.7%			305,177,531
Other assets in excess of liabilities—1.3%			3,875,016
Net Assets—100.0%		$	309,052,547

* Variable rate security. Rate represented represents rate in effect at January 31, 2006. Date presented reflects final maturity date.

** Discount Note. Rate disclosed represents the effective yield at time of purchase.

(a) Represents cost for financial reporting and federal income tax purposes. Gross unrealized appreciation/depreciation on a tax basis is as follows:

Unrealized appreciation	$	5,222,388
Unrealized depreciation		(3,026,976	)
Net unrealized appreciation	$	2,195,412

(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. The Fund’s adviser has deemed these securities to be liquid (unless noted) based upon procedures approved by the Board of Trustees.

Issue description	Acquisition date	Cost		Value		Percent of total investments		Percent of net assets
FGIC Corp., 6.00%, 1/15/34	*	$	1,105,698	$	1,041,154	0.3	%	0.3	%
Ethan Allen Global, Inc., 5.375%, 10/1/15	1/30/06	$	4,780,250	$	4,800,000	1.6	%	1.6	%
Ohana Military Communities LLC, Series A, Class I, 5.47%, 10/1/21**	4/23/04		3,000,000		3,015,000	1.0	%	1.0	%
Fund Total:				$	8,856,154	2.9	%	2.9	%

* 365,000 shares of this security were acquired on 5/31/05 and 660,000 shares were acquired on 7/15/05.

** Determined to be illiquid based upon procedures approved by the Board of Trustees.

MTN—Medium Term Note

See notes to financial statements.

30

PACIFIC CAPITAL FUNDS

Tax-Free Securities Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Principal Amount		Security Description	Value
	Alternative Minimum Tax Paper (11.4%)
	Hawaii (11.4%)
$	3,000,000	Hawaii Airport System Revenue, 5.625%, 7/1/18, Callable 7/1/11 @100, FGIC	$	3,225,900
	15,375,000	Hawaii Airport System Revenue, Second Series, 6.90%, 7/1/12, Escrowed to Maturity, MBIA		17,156,501
	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		3,215,610
	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		5,079,350
	5,200,000	Hawaii Department of Budget & Finance Special Purpose Revenue, Hawaiian Electric Co., Series A, 5.65%, 10/1/27, Callable 10/1/12 @ 101, MBIA		5,632,276
	1,500,000	Hawaii Harbor System Revenue, Series B, 5.50%, 7/1/19, Callable 7/1/12 @ 100, AMBAC		1,612,035
	Total Alternative Minimum Tax Paper (Cost $33,110,204)			35,921,672
	Municipal Bonds (86.8%)
	Arizona (1.6%)
	2,150,000	Phoenix Civic Improvement Corp. Revenue, 5.25%, 7/1/16, Callable 7/1/07 @ 100, MBIA		2,206,674
	1,040,000	Pima County Unified School District No.1 Tucson GO, 4.75%, 7/1/14, Callable 7/1/12 @ 100, FSA		1,093,903
	1,605,000	Scottsdale GO, 5.375%, 7/1/16, Callable 7/1/11 @ 101		1,761,263
				5,061,840
	Florida (3.4%)
	3,500,000	Florida State Turnpike Authority Revenue, Department of Transportation, Series A, 5.75%, 7/1/17, Prerefunded 7/1/10 @ 101		3,859,800
	2,000,000	Miami-Dade County Expressway Authority Toll System Revenue, 6.00%, 7/1/20, Prerefunded 7/1/10 @ 101, FGIC		2,225,900
	3,725,000	Orlando Utilities Community Water & Electric Revenue, Series D, 6.75%, 10/1/17, Escrowed to Maturity		4,493,207
				10,578,907

Principal Amount		Security Description	Value
	Municipal Bonds, continued
	Georgia (4.5%)
$	390,000	Georgia Municipal Electric Authority Power Revenue, Series W, 6.60%, 1/1/18, Escrowed to Maturity, MBIA	$	486,162
	6,420,000	Georgia Municipal Electric Authority Power Revenue, Series W, 6.60%, 1/1/18, MBIA		7,723,387
	2,330,000	Metropolitan Atlanta Rapid Transportation Authority Sales Tax Revenue, Series P, 6.25%, 7/1/11, AMBAC		2,589,795
	2,800,000	Milledgeville Water & Sewer Revenue, 6.00%, 12/1/16, FSA		3,238,060
				14,037,404
	Hawaii (41.0%)
	2,000,000	Hawaii County GO, Series A, 5.50%, 5/1/08, FGIC		2,092,120
	605,000	Hawaii County GO, Series A, 5.60%, 5/1/13, FGIC		675,797
	1,065,000	Hawaii County GO, Series A, 5.50%, 7/15/14, Callable 7/15/11 @ 100, FGIC		1,157,719
	1,340,000	Hawaii County GO, Series A, 5.50%, 7/15/15, Callable 7/15/11 @ 100, FGIC		1,454,597
	2,000,000	Hawaii County GO, Series A, 5.50%, 5/15/16, Callable 5/15/09 @ 101, FSA		2,138,220
	3,000,000	Hawaii Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Series A, 4.95%, 4/1/12, MBIA		3,211,590
	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		2,148,380
	1,455,000	Hawaii Department of Budget & Finance, Special Purpose Revenue, Queens Health System, Series A, 5.875%, 7/1/11, Prerefunded 7/1/06 @ 102		1,499,727
	2,500,000	Hawaii Department of Budget & Finance, Special Purpose Revenue, Queens Health System, Series B, 5.25%, 7/1/23, Callable 7/1/08 @ 102, MBIA		2,618,275
	2,340,000	Hawaii Housing Finance & Development Corp., University of Hawaii Faculty Housing Project Revenue, 5.70%, 10/1/25, Callable 10/1/06 @ 100.5, AMBAC		2,372,807

See notes to financial statements.

31

PACIFIC CAPITAL FUNDS

Tax-Free Securities Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Principal Amount		Security Description	Value
	Municipal Bonds, continued
	Hawaii, continued
$	2,000,000	Hawaii State GO, Series BZ, 6.00%, 10/1/12, FGIC	$	2,274,320
	1,350,000	Hawaii State GO, Series CH, 4.75%, 11/1/11, MBIA		1,432,728
	1,335,000	Hawaii State GO, Series CH, 4.75%, 11/1/13, MBIA		1,424,859
	3,000,000	Hawaii State GO, Series CM, 6.50%, 12/1/13, FGIC		3,557,220
	1,500,000	Hawaii State GO, Series CN, 6.25%, 3/1/08, FGIC		1,585,320
	1,520,000	Hawaii State GO, Series CP, 5.00%, 10/1/13, Callable 10/1/07 @ 101, FGIC		1,576,514
	3,075,000	Hawaii State GO, Series CP, 5.00%, 10/1/15, Prerefunded 10/1/07 @ 101, FGIC		3,191,881
	1,235,000	Hawaii State GO, Series CP, 5.00%, 10/1/15, Callable 10/1/07 @ 101, FGIC		1,281,127
	860,000	Hawaii State GO, Series CP, 5.00%, 10/1/16, Callable 10/1/07 @ 101, FGIC		891,975
	1,460,000	Hawaii State GO, Series CP, 5.00%, 10/1/17, Prerefunded 10/1/07 @ 101, FGIC		1,515,495
	590,000	Hawaii State GO, Series CP, 5.00%, 10/1/17, Callable 10/1/07 @ 101, FGIC		612,037
	2,000,000	Hawaii State GO, Series CT, 5.875%, 9/1/16, Prerefunded 9/1/09 @ 101, FSA		2,183,800
	2,000,000	Hawaii State GO, Series CT, 5.875%, 9/1/17, Prerefunded 9/1/09 @ 101, FSA		2,183,800
	500,000	Hawaii State GO, Series CY, 5.75%, 2/1/15, FSA		572,055
	750,000	Hawaii State GO, Series CZ, 5.50%, 7/1/13, Callable 7/1/12 @ 100, FSA		831,360
	3,080,000	Hawaii State GO, Series DD, 5.00%, 5/1/16, Callable 5/1/14 @ 100, MBIA		3,316,729
	1,000,000	Hawaii State GO, Series DD, 5.00%, 5/1/17, Callable 5/1/14 @ 100, MBIA		1,073,210
	1,560,000	Hawaii State GO, Series DD, 5.00%, 5/1/18, Callable 5/1/14 @ 100, MBIA		1,668,545
	2,680,000	Hawaii State GO, Series DD, 5.00%, 5/1/18, Prerefunded 5/1/14 @ 100, MBIA		2,915,545
	5,000,000	Hawaii State GO, Series DE, 5.00%, 10/1/21, Callable 10/1/14 @ 100, MBIA		5,302,550

Principal Amount		Security Description	Value
	Municipal Bonds, continued
	Hawaii, continued
$	5,000,000	Hawaii State GO, Series DG, 5.00%, 7/1/17, Callable 7/1/15 @ 100, AMBAC	$	5,409,150
	665,000	Hawaii State GO, Series CP, 5.00%, 10/1/12, Callable 10/1/07 @ 101, FGIC		689,505
	1,000,000	Hawaii State Highway Revenue, 5.25%, 7/1/14, Prerefunded 7/1/08 @ 101, FGIC		1,054,290
	2,000,000	Hawaii State Highway Revenue, 5.375%, 7/1/14, Prerefunded 7/1/11 @ 100, FSA		2,181,280
	2,325,000	Hawaii State Highway Revenue, 5.375%, 7/1/15, Prerefunded 7/1/11 @ 100, FSA		2,535,738
	1,350,000	Hawaii State Highway Revenue, 5.375%, 7/1/17, Prerefunded 7/1/10 @ 100, FSA		1,456,596
	2,530,000	Hawaii State Highway Revenue, 5.375%, 7/1/18, Prerefunded 7/1/10 @ 100, FSA		2,729,769
	875,000	Honolulu City & County GO, Series A, 6.00%, 1/1/11, FGIC		972,475
	4,820,000	Honolulu City & County GO, Series A, 5.75%, 4/1/11, Escrowed to Maturity, FGIC		5,322,967
	1,865,000	Honolulu City & County GO, Series A, 5.75%, 4/1/12, FGIC		2,078,151
	850,000	Honolulu City & County GO, Series A, 5.75%, 4/1/13, Escrowed to Maturity, FGIC		959,268
	3,345,000	Honolulu City & County GO, Series A, 5.75%, 4/1/13, FGIC		3,763,794
	1,670,000	Honolulu City & County GO, Series A, 5.625%, 9/1/13, Prerefunded 9/1/08 @ 100, FGIC		1,765,574
	3,500,000	Honolulu City & County GO, Series A, 5.375%, 9/1/18, Prerefunded 9/1/11@ 100, FSA		3,818,710
	1,000,000	Honolulu City & County GO, Series B, 5.125%, 7/1/10, Prerefunded 7/1/09 @101, FGIC		1,065,330
	640,000	Honolulu City & County GO, Series B, 5.25%, 10/1/12, FGIC		699,642
	2,595,000	Honolulu City & County GO, Series B, 5.125%, 7/1/18, Prerefunded 7/1/09 @101, FGIC		2,764,531

See notes to financial statements.

32

PACIFIC CAPITAL FUNDS

Tax-Free Securities Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Principal Amount		Security Description	Value
	Municipal Bonds, continued
	Hawaii, continued
$	2,500,000	Honolulu City & County GO, Series C, 5.125%, 7/1/16, Callable 7/1/09 @101, FGIC	$	2,650,025
	2,000,000	Honolulu City & County Waste Water System Revenue, Junior Series, 5.00%, 7/1/23, Callable 7/1/09 @ 101, FGIC		2,096,240
	2,320,000	Honolulu City & County Water GO, 6.00%, 12/1/11, Escrowed to Maturity, FGIC		2,615,429
	3,460,000	Honolulu Hawaii City & County 5.25%, 7/1/19, Callable 7/1/15 @ 100, FGIC		3,793,440
	2,125,000	Honolulu Hawaii City & County GO, Series A, 6.00%, 1/1/11, Escrowed to Maturity, FGIC		2,360,705
	6,000,000	Honolulu Hawaii City & County GO, Series C, 5.00%, 7/1/18, Callable 7/1/15 @ 100, MBIA		6,466,500
	1,340,000	Kauai County GO, Series C, 5.90%, 8/1/09, AMBAC		1,449,036
	1,000,000	Maui County GO, 6.00%, 12/15/08, Escrowed to Maturity, FGIC		1,071,810
	1,160,000	Maui County GO, Series A, 5.125%, 3/1/15, Prerefunded 3/1/08 @ 101, FGIC		1,213,221
	2,040,000	Maui County GO, Series A, 5.375%, 3/1/17, Prerefunded 3/1/08 @ 101, FGIC		2,143,754
	1,125,000	Maui County GO, Series C, 5.25%, 3/1/18, Callable 3/1/11 @ 100, FGIC		1,200,184
	1,000,000	University of Hawaii System Revenue, Series A, 5.50%, 7/15/16, Callable 7/15/12 @ 100, FGIC		1,102,430
	1,205,000	University of Hawaii System Revenue, Series A, 5.50%, 7/15/22, Callable 7/15/12 @ 100, FGIC		1,314,703
	1,000,000	University of Hawaii System Revenue, Series A, 5.50%, 7/15/29, Callable 7/15/12 @ 100, FGIC		1,078,620
				128,583,169
	Illinois (2.1%)
	1,000,000	Central Lake County Joint Action Water Agency Revenue, 5.25%, 5/1/13, AMBAC		1,091,680
	2,000,000	Chicago Midway Airport Revenue, Series C, 5.50%, 1/1/15, MBIA		2,234,080

Principal Amount		Security Description	Value
	Municipal Bonds, continued
	Illinois, continued
$	3,000,000	Illinois University Auxiliary Facility Revenue, Series B, 5.125%, 4/1/22, Callable 4/1/11 @ 100, FGIC	$	3,151,530
				6,477,290
	Indiana (3.3%)
	4,405,000	Hamilton Southeastern Consolidated School Building Corp., First Mortgage Revenue, 5.00%, 7/15/15, Callable 1/15/14 @ 100, FSA		4,736,520
	1,780,000	Indianapolis Local Public Improvement Bond Bank Revenue, Series E, 5.00%, 1/1/19, Callable 1/1/14 @ 100, AMBAC		1,887,245
	1,525,000	Munster School Building Corp., First Marketing Revenue, 5.00%, 7/15/22, Callable 1/15/16 @ 100, FSA		1,618,254
	1,000,000	St. Joseph County Indiana Jail Building Corp., 5.00%, 1/15/19, Callable 7/15/15 @ 100, AMBAC		1,065,870
	1,000,000	Tri School Indiana School Revenue, 5.00%, 7/15/15, FSA		1,071,170
				10,379,059
	Kentucky (0.4%)
	1,250,000	Kentucky State Property & Buildings Commission Revenue, 2nd Series, 5.50%, 11/1/16, FSA		1,380,788
	Massachusetts (0.3%)
	1,000,000	Massachusetts State GO, Series C, 5.75%, 10/1/20, Prerefunded 10/1/10 @ 100		1,091,000
	Michigan (4.2%)
	1,000,000	Kentwood Public Schools GO, 5.00%, 5/1/16, Callable 5/1/13 @ 100, MBIA		1,066,180
	3,000,000	Michigan Municipal Building Authority Revenue, Clean Water Revolving Fund, 5.50%, 10/1/21, Prerefunded 10/1/10 @ 101		3,286,770
	3,000,000	Michigan State GO, 5.50%, 12/1/13		3,346,650
	2,245,000	Michigan State Strategic Fund Ltd. Obligation Revenue, 6.95%, 5/1/11, FGIC		2,601,349
	2,800,000	Wyoming Public Schools GO, 5.00%, 5/1/23, Callable 5/1/15 @ 100, FSA		2,969,960
				13,270,909

See notes to financial statements.

33

PACIFIC CAPITAL FUNDS

Tax-Free Securities Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Principal Amount		Security Description	Value
	Municipal Bonds, continued
	Missouri (0.7%)
$	2,000,000	University of Missouri Revenue, Series B, 5.375%, 11/1/16, Callable 11/1/11 @ 100	$	2,178,300
	Nevada (1.3%)
	2,000,000	Henderson Water & Sewer GO, 5.00%, 9/1/16, Callable 9/1/15 @ 100, MBIA		2,159,420
	1,915,000	Las Vegas GO, 5.00%, 6/1/18, Callable 6/1/15 @ 100, AMBAC		2,058,127
				4,217,547
	New York (0.7%)
	2,000,000	New York State Thruway Authority Revenue, Highway & Bridge Trust Fund, Series A, 5.80%, 4/1/18, Callable 4/1/10 @ 101, FSA		2,199,620
	Ohio (1.7%)
	3,165,000	Columbus Municipal Airport Authority Revenue, Port Columbus Improvement, Series B, 5.00%, 1/1/16, Callable 1/1/08 @ 101, AMBAC		3,276,186
	1,000,000	Hamilton County Sales Tax Revenue, Series B, 5.25%, 12/1/18, Callable 12/1/10 @ 100, AMBAC		1,067,450
	1,000,000	Ohio State Building Authority, Adult Correction Facility Revenue, Series A, 5.50%, 10/1/14, Callable 10/1/11 @ 100, FSA		1,087,930
				5,431,566
	Oregon (2.8%)
	3,100,000	Clackamas Community College District GO, 5.25%, 6/15/16, Callable 6/15/11 @ 100, FGIC		3,325,556
	5,000,000	Portland Sewer System Revenue, Series A, 5.75%, 8/1/18, Callable 8/1/10 @ 100, FGIC		5,461,950
				8,787,506
	Tennessee (0.5%)
	1,600,000	Shelby County GO, Series B, 5.25%, 8/1/17, Callable 8/1/07 @ 101		1,659,648
	Texas (8.6%)
	5,545,000	Dallas Texas GO, 5.00%, 2/15/17, Callable 2/15/13 @ 100		5,881,970
	2,670,000	Denton Texas Utility System Revenue, 5.00%, 12/1/20, Callable 12/1/15 @ 100, FSA		2,858,155

Principal Amount		Security Description	Value
	Municipal Bonds, continued
	Texas, continued
$	2,470,000	Edinburg Consolidated Independent School District GO, 5.00%, 2/15/21, Callable 2/15/15 @ 100, PSF-GTD	$	2,611,531
	1,505,000	Flower Mound GO, 5.00%, 3/1/20, Callable 3/1/15 @ 100, AMBAC		1,603,231
	2,000,000	Hidalgo County GO, 5.00%, 8/15/20, Callable 8/15/15 @ 100, MBIA		2,127,840
	2,775,000	Houston Independent School District GO, 5.00%, 2/15/21, Callable 2/15/15@ 100, PSF-GTD		2,944,691
	1,365,000	New Braunfels GO, 5.00%, 10/1/16, Callable 10/1/14 @ 100, AMBAC		1,466,092
	2,110,000	North Harris Montgomery Community College District, Limited Tax GO, Series A, 5.00%, 2/15/19, Callable 2/15/15 @ 100, MBIA		2,253,775
	5,000,000	Tarrant County Texas Health Facilities Revenue, 5.25%, 2/15/22, Callable 2/15/08 @ 102, MBIA		5,215,100
				26,962,385
	Washington (9.4%)
	3,475,000	Douglas County School District No. 206 Eastmont GO, 5.00%, 12/1/17, Callable 6/1/11 @ 100, FGIC		3,655,387
	2,000,000	Energy Northwest Washington Electric Revenue, 5.25%, 7/1/16, Callable 7/1/13 @ 100, MBIA		2,161,560
	2,000,000	Lewis County Washington Public Utilities Revenue, 5.00%, 10/1/17, Callable 10/1/13 @ 100, MBIA		2,121,260
	4,800,000	Seattle Public Improvement Limited Tax GO, 5.00%, 8/1/24, Callable 8/1/15 @ 100		5,052,000
	1,365,000	Seattle Washington Improvements and Refunding Limited Tax GO, 5.00%, 7/1/20, Callable 7/1/12 @ 100		1,434,383
	1,125,000	Skagit County Public Hospital District GO, Series B, 5.375%, 12/1/17, Callable 12/1/14 @ 100, MBIA		1,233,776
	1,000,000	Snohomish County GO, 5.70%, 12/1/14, Callable 12/1/09 @ 100, MBIA		1,082,220

See notes to financial statements.

34

PACIFIC CAPITAL FUNDS

Tax-Free Securities Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Principal Amount		Security Description	Value
	Municipal Bonds, continued
	Washington, continued
$	2,880,000	Snohomish County Limited Tax GO, 5.25%, 12/1/12, Callable 12/1/11 @ 100, MBIA	$	3,099,427
	5,000,000	Washington State, 5.00%, 1/1/20, Callable 1/1/12 @ 100		5,252,650
	4,000,000	Washington State GO, Series A, 5.625%, 7/1/19, Callable 7/1/10 @ 100		4,297,120
				29,389,783

Principal Amount		Security Description	Value
	Municipal Bonds, continued
	Wisconsin (0.3%)
$	1,000,000	Milwaukee Sewage Revenue, Series S4, 5.00%, 6/1/18, Callable 6/1/13 @ 100, FGIC	$	1,057,710
	Total Municipal Bonds (Cost $258,316,928)			272,744,431
	Total Investments (Cost $291,427,132) (a)—98.2%			308,666,103
	Other assets in excess of liabilities—1.8%			5,668,508
	Net Assets—100.0%		$	314,334,611

(a) Represents cost for financial reporting and federal income tax purposes. Gross unrealized appreciation/depreciation) on a tax basis is as follows:

Unrealized appreciation	$	17,374,521
Unrealized depreciation		(135,550	)
Net unrealized appreciation	$	17,238,971

AMBAC—Insured by AMBAC Indemnity Corporation

FGIC—Insured by the Financial Guaranty Insurance Corporation

FSA—Insured by Financial Security Assurance

GO—General Obligation

MBIA—Insured by Municipal Bond Insurance Association

PSF-GTD—Insured by Permanent School Funding Guarantee

See notes to financial statements.

35

PACIFIC CAPITAL FUNDS

Short Intermediate U.S. Government Securities Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Principal Amount		Security Description	Value
	U.S. Government Agencies (94.6%)
	Federal Farm Credit Bank (19.8%)
$	40,000	4.27%, 2/6/06 (b)	$	39,972
	1,000,000	5.50%, 6/15/06		1,003,750
	370,000	2.95%, 9/8/06		366,158
	250,000	6.30%, 8/8/07		255,454
	200,000	6.52%, 9/24/07		205,433
	130,000	3.61%, 4/15/08 (d)		126,898
	1,000,000	2.95%, 6/12/08		960,160
	1,610,000	3.50%, 7/28/08		1,562,716
	1,250,000	3.875%, 2/18/09		1,217,016
	200,000	3.375%, 3/16/09, Callable 3/16/06 @ 100		191,880
	1,000,000	3.30%, 3/17/09		957,279
	1,000,000	4.125%, 7/17/09		978,641
	4,415,000	4.25%, 2/22/10, Callable 2/22/07 @ 100		4,306,783
	1,000,000	4.70%, 8/11/10 (d)		984,967
	400,000	5.45%, 11/2/10 (d)		399,384
	500,000	5.50%, 1/3/11 (d)		499,472
				14,055,963
	Federal Home Loan Bank (74.8%)
	761,000	4.34%, 2/1/06 (b)		760,908
	70,000	1.90%, 7/7/06		69,183
	1,000,000	5.25%, 8/15/06		1,002,500
	185,000	3.125%, 9/15/06		183,207
	500,000	2.75%, 9/29/06		493,750
	150,000	4.61%, 11/6/06		149,813
	1,000,000	4.875%, 11/15/06		1,000,742
	2,000,000	6.79%, 2/5/07		2,038,120
	3,000,000	4.875%, 2/15/07		3,000,636
	890,000	5.00%, 3/8/07		891,590
	365,000	6.995%, 4/2/07		373,880
	1,000,000	4.00%, 4/18/07, Callable 4/18/06 @ 100		990,271
	530,000	3.26%, 4/19/07, Callable 2/19/06 @ 100		520,063
	500,000	4.875%, 5/15/07		500,352
	1,500,000	7.625%, 5/15/07		1,551,956
	210,000	7.325%, 5/30/07		216,711
	50,000	2.60%, 6/4/07 (c)		48,577
	2,000,000	4.00%, 7/2/07, Callable 3/2/06 @ 100		1,977,524
	255,000	6.50%, 8/15/07		261,383
	425,000	3.45%, 11/5/07		415,616
	225,000	3.50%, 11/15/07		220,219
	670,833	3.75%, 2/6/08 (c)		657,920
	1,000,000	4.625%, 4/14/08 (c)		993,806
	250,000	3.50%, 4/15/08		243,468
	2,000,000	4.25%, 4/21/08, Callable 4/21/06 @ 100		1,974,578
	400,000	3.625%, 4/23/08 (c)		390,500
	1,000,000	6.185%, 5/6/08		1,030,364

Principal Amount		Security Description	Value
	U.S. Government Agencies, continued
	Federal Home Loan Bank, continued
$	275,000	5.05%, 5/28/08, Callable 2/28/06 @ 100	$	274,675
	1,925,000	3.00%, 6/30/08		1,848,558
	2,500,000	3.375%, 7/21/08		2,421,558
	1,500,000	4.57%, 10/17/08 (c)		1,483,034
	1,000,000	3.625%, 11/14/08		969,625
	1,000,000	3.505%, 12/5/08, Callable 3/5/06 @ 100		966,451
	100,000	4.00%, 2/20/09, Callable 2/20/06 @ 100		97,680
	275,000	5.25%, 2/27/09, Callable 2/27/06 @ 100		274,388
	1,700,000	3.00%, 4/15/09		1,611,109
	3,175,000	3.75%, 8/18/09		3,067,884
	100,000	4.00%, 10/30/09, Callable 4/30/06 @ 100		97,058
	6,000,000	5.00%, 11/3/09, Callable 11/3/06 @ 100		5,970,899
	5,000,000	4.375%, 2/2/10, Callable 2/2/07 @ 100		4,896,369
	200,000	4.20%, 5/7/10 (c)		194,505
	200,000	4.00%, 7/30/10, Callable 7/30/06 @ 100		192,958
	160,000	4.22%, 7/30/10		155,465
	200,000	4.06%, 8/6/10, Callable 5/6/06 @ 100		193,302
	4,500,000	4.375%, 9/17/10		4,430,173
	1,000,000	5.125%, 11/1/10, Callable 11/1/06 @ 100		995,936
	1,000,000	4.75%, 12/30/10 (c)		984,514
				53,083,778
	Total U.S. Government Agencies (Cost $67,968,482)			67,139,741
	U.S. Treasury Notes (4.2%)
	U.S. Treasury Notes (4.2%)
	35,000	2.75%, 8/15/07		34,085
	14,000	3.00%, 2/15/08		13,593
	110,000	2.625%, 5/15/08		105,579
	75,000	3.25%, 8/15/08		72,800
	1,067,000	3.125%, 10/15/08		1,030,407
	296,000	3.00%, 2/15/09		283,593
	300,000	3.875%, 5/15/10		292,711
	393,000	3.625%, 6/15/10		379,644
	750,000	4.375%, 12/15/10		745,958
	Total U.S. Treasury Notes (Cost $3,026,783)			2,958,370
	Total Investments (Cost $70,995,264) (a)—98.8%			70,098,111
	Other assets in excess of liabilities—1.2%			872,967
	Net Assets—100.0%		$	70,971,078

See notes to financial statements.

36

PACIFIC CAPITAL FUNDS

Short Intermediate U.S. Government Securities Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

(a) Represents cost for financial reporting and federal income tax purposes. Gross unrealized appreciation/depreciation on a tax basis is as follows:

Unrealized appreciation	$	34,057
Unrealized depreciation		(931,210	)
Net unrealized depreciation	$	(897,153	)

(b) Rate represents the effective yield at purchase.

(c) Security continuously callable with five days notice.

(d) Security continuously callable with seven days notice.

See notes to financial statements.

37

PACIFIC CAPITAL FUNDS

Tax-Free Short Intermediate Securities Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Shares or Principal Amount		Security Description	Value
	Alternative Minimum Tax Paper (5.5%)
	Hawaii (4.0%)
$	610,000	Hawaii Airport System Revenue, Second Series, 6.90%, 7/1/12, Escrowed to Maturity, MBIA	$	680,681
	1,000,000	Hawaii State Airport System Revenue, 4.75%, 7/1/06, FGIC		1,005,130
	1,160,000	Hawaii State Housing Finance & Development Corp., Single Family Mortgage Revenue, Series A, 4.75%, 7/1/06, FNMA		1,161,925
				2,847,736
	Utah (1.5%)
	1,000,000	Utah State Board of Regents Student Loan Revenue, Series N, 5.90%, 11/1/07, Callable 3/24/06 @ 102, AMBAC		1,026,380
	Total Alternative Minimum Tax Paper (Cost $3,854,913)			3,874,116
	Municipal Bonds (80.5%)
	Georgia (3.0%)
	2,000,000	Georgia State GO, Series A, 5.00%, 9/1/11		2,148,660
	Hawaii (44.3%)
	1,065,000	Hawaii County GO, Series A, 5.25%, 5/15/12, Callable 5/15/09 @ 101, FSA		1,130,412
	1,235,000	Hawaii County GO, Series B, 4.25%, 7/15/08, MBIA		1,260,923
	1,640,000	Hawaii County GO, Series B, 4.50%, 7/15/10, MBIA		1,708,388
	1,000,000	Hawaii State GO, Series CN, 6.25%, 3/1/08, FGIC		1,056,880
	1,150,000	Hawaii State GO, Series CP, 5.50%, 10/1/07, FGIC		1,189,376
	1,000,000	Hawaii State GO, Series CR, 5.25%, 4/1/13, Prerefunded 4/1/08 @ 101, MBIA		1,049,840
	3,150,000	Hawaii State GO, Series CR, 5.00%, 4/1/16, Prerefunded 4/1/08 @ 101, MBIA		3,290,710
	1,000,000	Hawaii State GO, Series CS, 5.00%, 4/1/07, MBIA		1,018,710
	1,000,000	Hawaii State GO, Series CT, 5.25%, 9/1/07, FSA		1,028,000
	425,000	Hawaii State GO, Series CU, 5.75%, 10/1/09, MBIA		458,936
	1,000,000	Hawaii State GO, Series CU, 5.75%, 10/1/10, MBIA		1,096,840
	1,250,000	Hawaii State GO, Series CV, 5.50%, 8/1/08, FGIC		1,313,800
	1,000,000	Hawaii State GO, Series CZ, 5.25%, 7/1/12, FSA		1,090,100

Shares or Principal Amount		Security Description	Value
	Municipal Bonds, continued
	Hawaii, continued
$	3,000,000	Hawaii State GO, Series DD, 4.25%, 5/1/10, MBIA	$	3,096,270
	1,000,000	Hawaii State Harbor System Revenue, Series A, 4.50%, 7/1/08, AMBAC		1,026,400
	750,000	Hawaii State Highway Revenue, 4.85%, 7/1/09, FSA		784,478
	1,200,000	Hawaii State Housing Finance & Development Corp., Single Family Mortgage Revenue, Series B, 4.80%, 7/1/07, FNMA		1,212,840
	1,000,000	Honolulu City & County GO, Series A, 5.00%, 3/1/08, MBIA		1,031,810
	2,640,000	Honolulu City & County GO, Series C, 5.50%, 11/1/09, FGIC		2,832,271
	1,150,000	Honolulu City & County Waste Water System Revenue, 5.00%, 7/1/09, FGIC		1,208,374
	1,000,000	Honolulu City & County Waste Water System Revenue, Series SR, 5.00%, 7/1/07, AMBAC		1,022,530
	1,465,000	Maui County GO, 3.50%, 3/1/10, MBIA		1,466,069
	950,000	Maui County GO, Series A, 5.25%, 3/1/07, FGIC		969,428
				31,343,385
	Illinois (1.5%)
	950,000	Du Page, Cook & Will Counties, Community College District #502 GO, Series A, 5.00%, 6/1/13		1,023,530
	Michigan (6.1%)
	1,000,000	Detroit Convention Facilities Revenue, Cobo Hall, 5.00%, 9/30/12, MBIA		1,079,110
	1,500,000	Michigan State Building Authority Revenue, Series II, 5.00%, 10/15/12, Prerefunded 10/15/07 @ 101		1,556,700
	1,500,000	Michigan State Hospital Finance Authority Revenue, Series A, 6.125%, 11/15/26, Prerefunded 11/15/09 @ 101		1,652,010
				4,287,820
	Minnesota (3.8%)
	2,500,000	Minnesota State GO, 5.00%, 8/1/16, Callable 8/1/12 @ 100		2,672,700
	New Jersey (0.6%)
	395,000	New Jersey State Transportation Corp., Capital Grant Revenue Anticipation Notes, Series B, 5.50%, 2/1/11, Callable 2/1/06 @ 100, AMBAC		395,498

See notes to financial statements.

38

PACIFIC CAPITAL FUNDS

Tax-Free Short Intermediate Securities Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Shares or Principal Amount		Security Description	Value
	Municipal Bonds, continued
	New Mexico (3.0%)
$	2,000,000	Las Cruces Utilities Refunded & Improvement Revenue, Series A, 5.50%, 7/1/16, Callable 7/1/07 @ 102, MBIA	$	2,097,740
	New York (1.5%)
	1,000,000	New York State Thruway Authority Revenue, Highway & Bridge Trust Fund, Series B, 5.25%, 4/1/12, AMBAC		1,089,820
	Pennsylvania (3.6%)
	1,370,000	Chester Upland School District GO, 4.40%, 5/15/15, State Aid Withholding		1,378,960
	1,030,000	Philadelphia Water & Wastewater Revenue, Series B, 5.50%, 11/1/11, FGIC		1,133,484
				2,512,444
	Texas (5.5%)
	1,000,000	Dallas Texas Waterworks & Sewer Systems Revenue, 5.25%, 10/1/11		1,082,710
	1,000,000	El Paso Texas Independent School District GO, 5.25%, 2/15/16, Callable 2/15/09 @ 100		1,049,050
	650,000	Mesquite Texas GO, 5.00%, 2/15/13, FSA		699,816
	1,000,000	Pasadena Texas GO, 5.00%, 2/15/14		1,079,520
				3,911,096
	Utah (1.5%)
	1,000,000	Utah State GO, Series F, 5.00%, 7/1/12, Prerefunded 7/1/07 @ 100		1,024,340

Shares or Principal Amount		Security Description	Value
	Municipal Bonds, continued
	Washington (6.1%)
$	2,000,000	Seattle Municipal Light & Power Revenue, 5.00%, 11/1/09, FSA	$	2,108,640
	2,000,000	Seattle Municipal Light & Power Revenue, 5.50%, 3/1/12, Callable 3/1/11 @ 100		2,175,820
				4,284,460
	Total Municipal Bonds (Cost $56,529,308)			56,791,493
	U.S. Government Agencies (11.2%)
	Federal Home Loan Bank (11.2%)
	2,000,000	3.125%, 11/15/06		1,974,740
	2,000,000	3.375%, 12/15/06, Callable 3/15/06 @ 100		1,977,160
	2,000,000	3.375%, 2/15/07		1,970,800
	2,000,000	4.00%, 7/2/07, Callable 3/2/06 @ 100		1,977,524
	Total U.S. Government Agencies (Cost $7,956,355)			7,900,224
	Investment Company (0.0%)
	27,446	Dreyfus Tax Exempt Cash Management Fund, Institutional Shares		27,446
	Total Investment Company (Cost $27,446)			27,446
	Total Investments (Cost $68,368,022) (a)—97.2%			68,593,279
	Other assets in excess of liabilities—2.8%			1,979,975
	Net Assets—100.0%		$	70,573,254

(a) Represents cost for financial reporting and federal income tax purposes. Gross unrealized appreciation/depreciation on a tax basis is as follows:

Unrealized appreciation	$	493,931
Unrealized depreciation		(268,674	)
Net unrealized appreciation	$	225,257

AMBAC—Insured by AMBAC Indemnity Corp.

FGIC—Insured by the Financial Guaranty Insurance Corp.

FSA—Insured by Financial Security Assurance

FNMA—Insured by Federal National Mortgage Association Collateral

GO—General Obligation

MBIA—Insured by Municipal Bond Insurance Association

See notes to financial statements.

39

PACIFIC CAPITAL FUNDS

Ultra Short Government Fund

Schedule of Portfolio Investments

January 31, 2006

(Unaudited)

Principal Amount		Security Description	Value
	U.S. Government Agencies (98.8%)
	Federal Farm Credit Bank (13.9%)
$	2,000,000	2.48%, 2/27/06	$	1,997,067
	1,385,000	2.10%, 3/17/06		1,380,748
	2,000,000	2.88%, 6/29/06		1,985,986
	2,000,000	2.95%, 9/8/06		1,979,234
	2,000,000	3.35%, 1/19/07		1,972,474
	2,000,000	4.10%, 2/1/07		1,985,580
	304,000	2.74%, 2/2/07		297,838
	3,475,000	2.75%, 6/18/07		3,380,302
	1,480,000	4.60%, 8/8/08		1,467,719
				16,446,948
	Federal Home Loan Bank (84.9%)
	2,209,000	4.40%, 2/1/06 (b)		2,208,734
	2,000,000	2.00%, 2/13/06		1,998,422
	1,000,000	2.16%, 2/17/06		998,946
	1,750,000	2.00%, 2/27/06		1,746,896
	1,500,000	2.17%, 3/27/06		1,494,363
	125,000	2.00%, 3/30/06		124,486
	1,000,000	2.50%, 4/11/06		996,250
	750,000	2.60%, 5/11/06, Callable 2/11/06 @ 100 (c)		745,797
	1,940,000	2.21%, 5/12/06, Callable 2/12/06 @ 100		1,927,875
	2,000,000	2.125%, 5/15/06		1,985,742
	1,000,000	2.40%, 5/19/06		993,410
	1,000,000	2.20%, 6/5/06		991,732
	500,000	1.875%, 6/15/06		494,985
	400,000	6.665%, 6/23/06		403,140
	100,000	2.10%, 6/26/06		99,006
	915,000	1.90%, 7/7/06		904,315
	500,000	2.08%, 7/14/06		494,323
	1,000,000	2.55%, 8/14/06		988,781
	1,000,000	2.375%, 8/15/06		987,792
	1,000,000	2.875%, 8/15/06		990,420
	1,000,000	2.70%, 8/21/06		989,158
	1,250,000	2.57%, 8/25/06		1,235,258
	1,175,000	2.60%, 9/1/06		1,160,906
	1,000,000	3.875%, 9/6/06		995,104
	1,570,000	2.36%, 9/15/06		1,547,513
	1,600,000	3.125%, 9/15/06		1,584,490
	3,000,000	3.50%, 9/15/06		2,977,182
	380,000	2.33%, 10/16/06, Callable 4/16/06 @ 100 (c)		373,666
	1,000,000	2.625%, 10/16/06		985,000
	750,000	3.03%, 10/19/06 (c)		740,991
	1,750,000	3.00%, 10/20/06 (c)		1,728,524
	5,000,000	4.01%, 10/27/06		4,973,089
	1,115,000	3.125%, 11/15/06		1,100,922
	1,000,000	3.875%, 12/1/06		992,604
	1,000,000	2.54%, 12/5/06		981,522
	550,000	2.72%, 12/8/06		540,607
	250,000	2.75%, 12/15/06		245,625
	2,665,000	3.375%, 12/15/06, Callable 3/15/06 @ 100		2,634,552
	925,000	2.33%, 12/29/06		904,845
	750,000	2.50%, 12/29/06, Callable 3/29/06 @ 100		734,763

Principal Amount		Security Description	Value
	U.S. Government Agencies, continued
	Federal Home Loan Bank, continued
$	690,000	2.875%, 12/29/06	$	678,260
	500,000	2.30%, 1/12/07		488,487
	200,000	3.50%, 1/18/07		197,591
	860,000	2.65%, 1/22/07		842,378
	500,000	2.74%, 2/2/07 (c)		489,865
	785,000	2.80%, 2/9/07		769,262
	220,000	2.80%, 2/9/07 (c)		215,589
	335,000	2.625%, 2/16/07		327,574
	2,000,000	3.625%, 2/28/07, Callable 2/28/06 @ 100		1,974,978
	500,000	2.65%, 4/5/07, Callable 3/5/06 @ 100		487,692
	3,000,000	4.00%, 4/18/07, Callable 4/18/06 @ 100 (c)		2,970,813
	675,000	2.75%, 4/27/07 (c)		658,252
	1,700,000	3.28%, 5/7/07 (c)		1,668,174
	300,000	3.70%, 5/10/07 (c)		295,880
	2,000,000	3.625%, 6/20/07		1,968,656
	1,000,000	4.00%, 6/22/07, Callable 3/22/06 @ 100		988,995
	3,550,000	3.08%, 6/26/07		3,467,509
	5,000,000	4.00%, 7/2/07, Callable 3/2/06 @ 100		4,943,810
	200,000	3.70%, 8/10/07 (c)		196,800
	1,000,000	3.875%, 9/14/07		985,508
	2,210,000	4.25%, 9/26/07, Callable 9/26/06 @ 100		2,190,050
	525,000	4.30%, 10/4/07, Callable 4/4/06 @ 100		520,469
	90,000	6.20%, 10/10/07		91,772
	100,000	3.02%, 11/6/07, Callable 5/6/06 @ 100		97,077
	755,000	3.385%, 11/6/07, Callable 5/6/06 @ 100		737,429
	2,000,000	5.00%, 11/23/07, Callable 2/23/06 @ 100		1,997,880
	4,000,000	5.05%, 12/14/07, Callable 3/14/06 @ 100		3,998,388
	3,950,000	5.00%, 12/17/07, Callable 2/17/06 @ 100		3,937,518
	160,000	3.02%, 12/28/07, Callable 3/28/06 @ 100		154,988
	6,000,000	4.125%, 1/4/08, Callable 4/06/06 @ 100		5,925,995
	485,000	4.00%, 2/22/08, Callable 3/22/06 @ 100		477,614
	1,500,000	4.61%, 2/28/08, Callable 2/28/06 @ 100		1,491,467
	470,000	3.70%, 3/12/08		460,032
	1,185,000	4.25%, 4/21/08, Callable 4/21/06 @ 100		1,169,937
	335,000	4.00%, 7/14/08, Callable 2/14/06 @ 100		328,818

See notes to financial statements.

40

PACIFIC CAPITAL FUNDS

Ultra Short Government Fund

Schedule of Portfolio Investments, Continued

January 31, 2006

(Unaudited)

Principal Amount		Security Description	Value
	U.S. Government Agencies, continued
	Federal Home Loan Bank, continued
$	200,000	4.15%, 8/11/08, Callable 2/07/06 @ 100	$	196,808
	3,000,000	5.00%, 1/23/09, Callable 1/23/07 @ 100		2,995,632
				100,389,683
	Total U.S. Government Agencies (Cost $117,647,556)			116,836,631

Principal Amount		Security Description	Value
	U.S. Treasury Notes (0.5%)
$	100,000	2.00%, 5/15/06	$	99,324
	75,000	2.25%, 2/15/07		73,257
	370,000	3.125%, 5/15/07		363,467
	Total U.S. Treasury Notes (Cost $543,326)			536,048
	Total Investments (Cost $118,190,882) (a)—99.3%			117,372,679
	Other assets in excess of liabilities—0.7%			840,859
	Net Assets—100.0%		$	118,213,538

(a) Represents cost for financial reporting and federal income tax purposes. Gross unrealized appreciation/depreciation on a tax basis is as follows:

Unrealized appreciation	$	2,761
Unrealized depreciation		(820,964	)
Net unrealized depreciation	$	(818,203	)

(b) Rate represents the effective yield at purchase.

(c) Security continuously callable with five days notice.

See notes to financial statements.

41

PACIFIC CAPITAL FUNDS

Notes to Financial Statements

January 31, 2006

(Unaudited)

1. Organization

Pacific Capital Funds (the “Trust”) was organized as a Massachusetts business trust 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. 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 four classes of shares for each Fund: Class A, Class B, Class C 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, B and C shares, voting rights on matters affecting a single class of shares, and the exchange privileges of each class of shares.

Effective June 1, 2003, investors are not able to make new purchases of Class B shares, except through dividend or distribution reinvestments in Class B shares and exchanges of Class B shares of a Fund for Class B shares of another Fund.

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 may enter into contracts with its 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.

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 United States generally accepted accounting principles (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent 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 in securities, the principal market for which is a securities exchange or an over-the-counter market, are valued at their latest available sale price (except for those securities that are traded on NASDAQ, which are valued at the NASDAQ official closing price) or in the absence of such a price, by reference to the latest available mean of the bid and asked quotations in the principal market in which such securities are normally traded. Investments in securities, the principal market for which is not an exchange or an over-the-counter market, are valued using an independent pricing service. Such prices reflect fair values, which may be established through the use of electronic and matrix techniques. Short-term obligations that mature in 60 days or less are valued at either amortized cost or original cost plus interest, which approximates fair value. Investments in open-end investment companies are valued at their respective net asset values as reported by such companies. The differences between cost and fair values of investments are reflected as either unrealized appreciation or depreciation.

In cases where market prices for portfolio securities are not readily available, a Pricing Committee established and appointed by the Trust’s Board of Trustees determines in good faith, subject to Trust procedures, the fair value of such portfolio securities held by a Fund (“good faith fair valuation”). In addition, if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Funds’ net asset value is calculated, such securities may be valued at fair value in accordance with procedures adopted by the

Continued

42

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

(Unaudited)

Board of Trustees. Management identifies possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the New Asia Growth Fund and the International Stock Fund may use a systematic valuation model provided by an independent third party to fair value their international equity securities.

Securities Transactions and Related Income

Security transactions are accounted for no later than one business day after trade date. However, for financial reporting purposes, portfolio securities transactions are reported on trade date. Interest income is recognized on the accrual basis and includes, where applicable, the 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

Continued

43

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

(Unaudited)

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.

Risks and Special Considerations of Investing in Foreign Securities

Investing on an international basis involves certain risks not involved in domestic investments, including fluctuations in foreign exchange rates, future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws or restrictions. In addition, with respect to certain foreign countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could effect investments in those countries. Moreover, individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rates of inflation, capital reinvestment, resources, self-sufficiency and balance of payments position. Certain foreign investments may also be subject to foreign withholding taxes.

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 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. 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. As a result, net investment income (loss) and net realized gains (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (i.e. reclassification of market discounts and premiums on bonds, pay-down gain/(loss), security basis adjustments and foreign currency transactions), 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 Hawaii.

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 that 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 another 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 or another appropriate basis. Class specific expenses are charged directly to the class incurring the expense.

Continued

44

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

(Unaudited)

Restricted Securities

A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board. Not all restricted securities are considered illiquid. The restricted securities held as of January 31, 2006 are identified on each Fund’s Schedule of Portfolio Investments.

3. Purchases and Sales of Securities

Purchases and sales of securities (excluding short-term investments and U.S. Government securities) for the period ended January 31, 2006 are as follows:

	Purchases		Sales
New Asia Growth Fund	$	14,635442	$	10,689,491
International Stock Fund		34,851,529		23,275,663
Small Cap Fund		190,519,679		132,752,799
Mid-Cap Fund		38,262,277		42,753,261
Growth Stock Fund		207,928,326		250,538,780
Growth and Income Fund		143,093,654		124,206,677
Value Fund		117,829,372		161,940,001
Diversified Fixed Income Fund		28,624,177		40,109,038
Tax-Free Securities Fund		71,290,819		84,661,940
Tax-Free Short Intermediate Securities Fund		21,250,181		15,105,949

Purchases and sales of securities of long-term U.S. Government securities for the period ended January 31, 2006 are as follows:

	Purchases		Sales
Diversified Fixed Income Fund	$	75,775,010	$	52,799,872
Short Intermediate U.S. Government Securities Fund		25,711,359		44,395,221
Tax-Free Short Intermediate Securities Fund		3,963,080		1,337,661
Ultra Short Government Fund		41,556,508		48,536,670

Continued

45

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

(Unaudited)

4. Transactions with Affiliates

Investment advisory services are provided to the Trust by the Asset Management Group of Bank of Hawaii (the “Adviser”). Under the terms of an advisory agreement, the Funds are charged the following annual fees by the Adviser based upon average daily net assets which are computed daily and paid monthly:

	Maximum Annual Advisory Fee		Net Annual Fees Paid
New Asia Growth Fund	0.40	%	0.40	%
International Stock Fund	0.45		0.35
Small Cap Fund	0.50		0.39
Mid-Cap Fund	0.60		0.30
Growth Stock Fund	0.80		0.80
Growth and Income Fund	0.80		0.80
Value Fund	0.80		0.80
Diversified Fixed Income Fund	0.60		0.45
Tax-Free Securities Fund	0.60		0.45
Short Intermediate U.S. Government Securities Fund	0.50		0.24
Tax-Free Short Intermediate Securities Fund	0.50		0.40
Ultra Short Government Fund	0.40		0.09

The Adviser has voluntarily agreed to waive a portion of its fees. Fee waivers are voluntary and may be terminated at any time.

First State (Hong Kong) LLC is the Sub-Adviser to the New Asia Growth Fund. Hansberger Global Investors, Inc. is the Sub-Adviser to the International Stock Fund. Nicholas-Applegate Capital Management is the Sub-Adviser to the Small Cap Fund. Bankoh Investment Partners, LLC, a joint venture between Chicago Equity Partners and Bank of Hawaii, is the Sub-Adviser to the Mid-Cap Fund. For the Sub-Advisers’ services, the Funds pay their respective Sub-Advisers as follows: New Asia Growth Fund—0.50% of the Fund’s average daily net assets; International Stock Fund—0.60% of the first $75 million of the Fund’s average daily net assets, and 0.35% of its average daily net assets in excess of $75 million; Small Cap Fund—0.60% of the first $50 million of the Fund’s average daily net assets, and 0.55% of its average daily net assets in excess of $50 million, for all assets invested in the Fund before May 1, 2005 (and all earnings and reinvested dividends with respect to such shares), and 0.70% of assets invested in the Fund thereafter (this increase is offset by a reduction in the fee paid to the Adviser); Mid-Cap Fund—0.20% of the Fund’s average daily net assets. Subsequent to a shareholder vote held on March 13, 2006, the Trust expects to execute a new Sub-Advisory Agreement for the New Asia Growth Fund with First State Investments International Ltd., an affiliate of the Trust’s current Sub-Adviser. The terms of the proposed new Sub-Advisory Agreement will be substantially similar to those of the current agreement and will not result in any change in fees or management of the Fund.

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 serves the Trust as principal underwriter and distributor. BISYS Ohio serves the Trust as administrator. Under the terms of the administration agreement, BISYS Ohio is entitled to receive an annual fee of $60,000 from the Trust and an annual fee of 0.16% of the average daily net assets of each Fund. In addition, BISYS Ohio provides an employee and staff to serve as Chief Compliance Officer for the Trust and provide certain related services, and receives an annual fee for this service of $150,000 allocated across the assets of the Trust, as shown on the Statements of Operations as “Compliance services fees.” 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.

Continued

46

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

(Unaudited)

The Trust has adopted for the Class A, Class B and Class C shares of each of the Funds a Class A Distribution Plan, Class B Distribution Plan and Class C 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%, 1.00% and 1.00%, respectively, of the average daily net assets attributable to the Class A, Class B and Class C shares of each Fund. On December 1, 2005, the 12b-1 fee for Class A shares was decreased from 0.75% to 0.40%. These fees are for payments BISYS makes to banks, including the Adviser 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 period ended January 31, 2006, BISYS, as the Trust’s principal underwriter, received approximately $233,473 from commissions on sales of Class A, Class B and Class C shares, of which $39,783 was retained by the principal underwriter or other affiliated broker-dealer.

BISYS Ohio also serves the Trust as fund accountant and transfer agent. Under the terms of the fund accounting and transfer agency agreement, BISYS Ohio is entitled to receive fees and reimbursement for certain out-of-pocket expenses incurred in providing fund accounting and transfer agent services.

BISYS Ohio has voluntarily agreed to waive fees as disclosed on the Statement of Operations. These voluntary waivers may be terminated at any time.

Certain Officers and Trustees of the Trust are affiliated with Bank of Hawaii, the Adviser, BISYS or BISYS Ohio. Such Officers and Trustees, except the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles. During the period ended January 31, 2006, the five Independent Trustees were compensated a total of $83,875 in quarterly meeting and annual retainer fees, plus reimbursement for certain expenses incurred.

Continued

47

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

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
	Period Ended January 31, 2006					Period Ended January 31, 2006
	(Unaudited)					(Unaudited)
Class A:
Shares issued	$	149,006		9,570		$	156,489		15,739
Dividends reinvested		82,885		5,494			452		45
Shares redeemed		(201,447	)	(12,722	)		(403,275	)	(42,792	)
Net Change	$	30,444		2,342		$	(246,334	)	(27,008	)
Class B:
Shares issued	$	110,418		7,355		$	12,175		1,382
Dividends reinvested		21,267		1,466			—		—
Shares redeemed		(39,835	)	(2,655	)		(50,346	)	(5,511	)
Net Change	$	91,850		6,166		$	(38,171	)	(4,129	)
Class C:
Shares issued	$	125,923		8,413		$	59,526		6,659
Dividends reinvested		15,681		1,081			—		—
Shares redeemed		(81,473	)	(5,511	)		(48,280	)	(5,124	)
Net Change	$	60,131		3,983		$	11,246		1,535
Class Y:
Shares issued	$	16,946,472		1,083,494		$	48,406,966		4,890,483
Dividends reinvested		2,000,932		130,740			12,181		1,210
Shares redeemed		(4,677,811	)	(297,138	)		(11,710,068	)	(1,194,493	)
Net Change	$	14,269,593		917,096		$	36,709,079		3,697,200
	Year Ended July 31, 2005					Year Ended July 31, 2005
Class A:
Shares issued	$	110,470		8,137		$	120,641		14,104
Dividends reinvested		12,846		956			2,943		331
Shares redeemed		(213,232	)	(15,943	)		(231,690	)	(27,702	)
Net Change	$	(89,916	)	(6,850	)	$	(108,106	)	(13,267	)
Class B:
Shares issued	$	10,739		833		$	30,170		3,870
Dividends reinvested		2,049		161			8		1
Shares redeemed		(59,525	)	(4,463	)		(107,350	)	(13,393	)
Net Change	$	(46,737	)	(3,469	)	$	(77,172	)	(9,522	)
Class C:
Shares issued	$	253,226		19,123		$	511,484		62,738
Dividends reinvested		488		37			677		80
Shares redeemed		(24,439	)	(1,821	)		(50,873	)	(6,200	)
Net Change	$	229,275		17,339		$	461,288		56,618
Class Y:
Shares issued	$	13,111,860		952,582		$	35,231,284		4,071,785
Dividends reinvested		98,569		7,123			42,090		4,725
Shares redeemed		(9,914,936	)	(725,540	)		(14,604,354	)	(1,715,358	)
Net Change	$	3,295,493		234,165		$	20,669,020		2,361,152

Continued

48

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

	Small Cap Fund					Mid-Cap Fund
	Amount			Shares		Amount			Shares
	Period Ended January 31, 2006					Period Ended January 31, 2006
	(Unaudited)					(Unaudited)
Class A:
Shares issued	$	62,125,886		3,531,572		$	219,155		17,298
Dividends reinvested		9,061,441		530,219			40,251		3,291
Shares redeemed		(11,418,003	)	(651,264	)		(140,226	)	(11,270	)
Net Change	$	59,769,324		3,410,527		$	119,180		9,319
Class B:
Shares issued	$	94,489		5,668
Dividends reinvested		234,792		14,529
Shares redeemed		(409,064	)	(24,554	)
Net Change	$	(79,783	)	(4,357	)
Class C:
Shares issued	$	4,730,590		281,908		$	94,224		7,648
Dividends reinvested		645,787		39,937			32,814		2,707
Shares redeemed		(359,055	)	(21,505	)		(31,701	)	(2,553	)
Net Change	$	5,017,322		300,340		$	95,337		7,802
Class Y:
Shares issued	$	35,869,435		2,020,600		$	14,165,304		1,142,082
Dividends reinvested		7,656,477		442,315			3,693,052		301,470
Shares redeemed		(19,459,649	)	(1,106,569	)		(18,954,331	)	(1,515,790	)
Net Change	$	24,066,263		1,356,346		$	(1,095,975	)	(72,238	)
	Year Ended July 31, 2005					Year Ended July 31, 2005
Class A:
Shares issued	$	87,222,098		5,261,910		$	497,340		43,678
Dividends reinvested		3,190,344		196,271			1,226		104
Shares redeemed		(6,248,342	)	(371,965	)		(26,822	)	(2,215	)
Net Change	$	84,164,100		5,086,216		$	471,744		41,567
Class B:
Shares issued	$	61,059		3,789
Dividends reinvested		501,620		32,279
Shares redeemed		(386,592	)	(24,080	)
Net Change	$	176,087		11,988
Class C:
Shares issued	$	5,418,148		338,763		$	509,696		44,808
Dividends reinvested		48,571		3,124			—		—
Shares redeemed		(97,769	)	(6,335	)		(65,216	)	(5,667	)
Net Change	$	5,368,950		335,552		$	444,480		39,141
Class Y:
Shares issued	$	47,475,047		2,813,070		$	62,168,284		5,616,069
Dividends reinvested		14,791,147		901,899			7,973		665
Shares redeemed		(65,246,572	)	(3,939,534	)		(23,742,044	)	(2,071,526	)
Net Change	$	(2,980,378	)	(224,565	)	$	38,434,213		3,545,208

Continued

49

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

	Growth Stock Fund					Growth and Income Fund
	Amount			Shares		Amount			Shares
	Period Ended January 31, 2006					Period Ended January 31, 2006
	(Unaudited)					(Unaudited)
Class A:
Shares issued	$	420,994		47,767		$	498,956		37,441
Dividends reinvested		—		—			5,766		434
Shares redeemed		(2,006,605	)	(231,909	)		(766,806	)	(58,148	)
Net Change	$	(1,585,611	)	(184,142	)	$	(262,084	)	(20,273	)
Class B:
Shares issued	$	6,370		755		$	19,030		1,543
Dividends reinvested		—		—			—		—
Shares redeemed		(1,216,907	)	(148,693	)		(580,047	)	(46,364	)
Net Change	$	(1,210,537	)	(147,938	)	$	(561,017	)	(44,821	)
Class C:
Shares issued	$	270,125		33,758		$	269,646		21,892
Dividends reinvested		—		—			—		—
Shares redeemed		(159,538	)	(19,402	)		(134,604	)	(10,597	)
Net Change	$	110,587		14,356		$	135,042		11,295
Class Y:
Shares issued	$	12,769,544		1,435,455		$	38,719,728		2,855,187
Dividends reinvested		—		—			29,199		2,190
Shares redeemed		(53,808,489	)	(5,984,231	)		(17,176,373	)	(1,285,875	)
Net Change	$	(41,038,945	)	(4,548,776	)	$	21,572,554		1,571,502
	Year Ended July 31, 2005					Year Ended July 31, 2005
Class A:
Shares issued	$	446,889		54,869		$	351,776		27,625
Dividends reinvested		10,351		1,265			23,091		1,813
Shares redeemed		(2,346,787	)	(285,341	)		(1,087,566	)	(87,861	)
Net Change	$	(1,889,547	)	(229,207	)	$	(712,699	)	(58,423	)
Class B:
Shares issued	$	14,195		1,835		$	39,720		3,308
Dividends reinvested		—		—			18,326		1,503
Shares redeemed		(1,808,803	)	(234,287	)		(1,313,786	)	(111,674	)
Net Change	$	(1,794,608	)	(232,452	)	$	(1,255,740	)	(106,863	)
Class C:
Shares issued	$	1,973,665		250,464		$	1,864,821		155,299
Dividends reinvested		2,288		297			2,917		240
Shares redeemed		(62,014	)	(7,908	)		(50,696	)	(4,241	)
Net Change	$	1,913,939		242,853		$	1,817,042		151,298
Class Y:
Shares issued	$	41,048,561		4,886,607		$	28,302,401		2,252,011
Dividends reinvested		43,331		5,152			81,808		6,406
Shares redeemed		(82,448,830	)	(9,781,134	)		(37,556,188	)	(3,002,102	)
Net Change	$	(41,356,938	)	(4,889,375	)	$	(9,171,979	)	(743,685	)

Continued

50

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

	Value Fund					Diversified Fixed Income Fund
	Amount			Shares		Amount			Shares
	Period Ended January 31, 2006					Period Ended January 31, 2006
	(Unaudited)					(Unaudited)
Class A:
Shares issued	$	526,113		53,044		$	227,779		20,569
Dividends reinvested		8,878		907			61,198		5,606
Shares redeemed		(477,276	)	(48,727	)		(642,140	)	(58,975	)
Net Change	$	57,715		5,224		$	(353,163	)	(32,800	)
Class B:
Shares issued	$	48,968		5,114		$	—		—
Dividends reinvested		1,493		154			53,373		4,899
Shares redeemed		(95,061	)	(9,697	)		(275,514	)	(25,209	)
Net Change	$	(44,600	)	(4,429	)	$	(222,141	)	(20,310	)
Class C:
Shares issued	$	213,611		22,316		$	123,419		11,302
Dividends reinvested		4,386		451			18,638		1,711
Shares redeemed		(141,086	)	(14,321	)		(127,240	)	(11,701	)
Net Change	$	76,911		8,446		$	14,817		1,312
Class Y:
Shares issued	$	10,968,861		1,117,076		$	48,123,673		4,388,668
Dividends reinvested		29,554		3,014			586,139		53,384
Shares redeemed		(49,232,335	)	(4,962,572	)		(37,956,839	)	(3,458,749	)
Net Change	$	(38,233,920	)	(3,842,482	)	$	10,752,973		983,303
	Year Ended July 31, 2005					Year Ended July 31, 2005
Class A:
Shares issued	$	465,501		50,251		$	423,285		38,242
Dividends reinvested		12,080		1,310			133,586		12,021
Shares redeemed		(482,258	)	(52,552	)		(1,194,430	)	(107,605	)
Net Change	$	(4,677	)	(991	)	$	(637,559	)	(57,342	)
Class B:
Shares issued	$	40,800		4,462		$	112,161		10,041
Dividends reinvested		5,027		553			116,795		10,530
Shares redeemed		(158,300	)	(17,920	)		(599,157	)	(53,979	)
Net Change	$	(112,473	)	(12,905	)	$	(370,201	)	(33,408	)
Class C:
Shares issued	$	1,793,426		195,778		$	1,325,473		119,790
Dividends reinvested		74		8			19,803		1,791
Shares redeemed		(81,412	)	(8,728	)		(160,222	)	(14,525	)
Net Change	$	1,712,088		187,058		$	1,185,054		107,056
Class Y:
Shares issued	$	31,949,876		3,461,432		$	90,979,692		8,139,234
Dividends reinvested		48,275		5,235			1,643,366		146,760
Shares redeemed		(58,021,411	)	(6,300,163	)		(65,626,363	)	(5,872,449	)
Net Change	$	(26,023,260	)	(2,833,496	)	$	26,996,695		2,413,545

Continued

51

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

	Tax-Free Securities Fund					Short Intermediate U.S. Government Securities Fund
	Amount			Shares		Amount			Shares
	Period Ended January 31, 2006					Period Ended January 31, 2006
	(Unaudited)					(Unaudited)
Class A:
Shares issued	$	691,431		66,760		$	87,433		8,999
Dividends reinvested		104,885		10,157			20,105		2,089
Shares redeemed		(2,666,659	)	(255,718	)		(454,286	)	(47,253	)
Net Change	$	(1,870,343	)	(178,801	)	$	(346,748	)	(36,165	)
Class B:
Shares issued	$	58,339		5,577
Dividends reinvested		50,669		4,916
Shares redeemed		(457,356	)	(44,317	)
Net Change	$	(348,348	)	(33,824	)
Class C:
Shares issued	$	—		—		$	60,718		6,308
Dividends reinvested		291		29			7,419		772
Shares redeemed		—		—			(89,374	)	(9,307	)
Net Change	$	291		29		$	(21,237	)	(2,227	)
Class Y:
Shares issued	$	24,049,790		2,294,647		$	8,134,858		843,808
Dividends reinvested		3,939,772		383,235			155,062		16,087
Shares redeemed		(31,896,884	)	(3,063,888	)		(24,786,467	)	(2,571,885	)
Net Change	$	(3,907,322	)	(386,006	)	$	(16,496,547	)	(1,711,990	)
	Year Ended July 31, 2005					Year Ended July 31, 2005
Class A:
Shares issued	$	807,895		75,198		$	293,228		30,112
Dividends reinvested		219,060		20,481			34,677		3,550
Shares redeemed		(1,807,577	)	(168,914	)		(246,451	)	(25,129	)
Net Change	$	(780,622	)	(73,235	)	$	81,454		8,533
Class B:
Dividends reinvested	$	99,929		9,347
Shares redeemed		(747,598	)	(69,726	)
Net Change	$	(647,669	)	(60,379	)
Class C:
Shares issued	$	70		7		$	689,422		70,465
Dividends reinvested		470		44			7,520		774
Shares redeemed		(70	)	(7	)		(66,960	)	(6,896	)
Net Change	$	470		44		$	629,982		64,343
Class Y:
Shares issued	$	35,715,265		3,335,237		$	37,424,651		3,823,881
Dividends reinvested		4,788,015		446,226			260,539		26,651
Shares redeemed		(62,827,905	)	(5,835,291	)		(31,705,410	)	(3,246,236	)
Net Change	$	(22,324,625	)	(2,053,828	)	$	5,979,780		604,296

Continued

52

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

	Tax-Free Short Intermediate Securities Fund					Ultra Short Government Fund
	Amount			Shares		Amount			Shares
	Period Ended January 31, 2006					Period Ended January 31, 2006
	(Unaudited)					(Unaudited)
Class A:
Shares issued	$	191,066		18,766		$	23,103		2,304
Dividends reinvested		40,643		3,997			17,763		1,770
Shares redeemed		(381,756	)	(37,477	)		(4,237,312	)	(422,464	)
Net Change	$	(150,047	)	(14,714	)	$	(4,196,446	)	(418,390	)
Class B:
Dividends reinvested						$	10,644		1,061
Shares redeemed							(356,659	)	(35,529	)
Net Change						$	(346,015	)	(34,468	)
Class C:
Shares issued	$	—		—		$	184,846		18,421
Dividends reinvested		93		9			15,461		1,541
Shares redeemed		—		—			(635,394	)	(63,348	)
Net Change	$	93		9		$	(435,087	)	(43,386	)
Class Y:
Shares issued	$	9,645,984		942,037		$	29,927,574		2,981,148
Dividends reinvested		740		72			448,063		44,630
Shares redeemed		(7,316,882	)	(715,450	)		(42,460,408	)	(4,228,268	)
Net Change	$	2,329,842		226,659		$	(12,084,771	)	(1,202,490	)
	Year Ended July 31, 2005					Year Ended July 31, 2005
Class A:
Shares issued	$	546,100		52,729		$	7,255		722
Dividends reinvested		87,925		8,534			33,286		3,305
Shares redeemed		(1,591,226	)	(154,728	)		(2,188,736	)	(216,967	)
Net Change	$	(957,201	)	(93,465	)	$	(2,148,195	)	(212,940	)
Class B:
Shares issued						$	97,737		9,664
Dividends reinvested							17,513		1,740
Shares redeemed							(460,531	)	(45,699	)
Net Change						$	(345,281	)	(34,295	)
Class C:
Shares issued	$	70		7		$	2,009,183		199,590
Dividends reinvested		152		15			11,825		1,176
Shares redeemed		(70	)	(7	)		(191,257	)	(19,041	)
Net Change	$	152		15		$	1,829,751		181,725
Class Y:
Shares issued	$	16,459,279		1,588,466		$	60,660,048		6,017,407
Dividends reinvested		35,533		3,413			534,341		53,033
Shares redeemed		(18,451,089	)	(1,779,569	)		(149,935,501	)	(14,879,103	)
Net Change	$	(1,956,277	)	(187,690	)	$	(88,741,112	)	(8,808,663	)

Continued

53

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Continued

January 31, 2006

(Unaudited)

6. Redemption Fees

The New Asia Growth Fund and International Stock Fund may impose a redemption fee on redemptions and exchanges of Fund shares within 90 days from the date the Fund shares were acquired. For the period ended January 31, 2006, the New Asia Growth Fund and the International Stock Fund collected redemption fees which are disclosed in the Statements of Changes in Net Assets. Redemption fees are recorded as an addition to paid-in-capital.

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 each applicable country’s tax rules and rates.

Capital Loss Carryforward

As of July 31, 2005, the Funds’ most recent fiscal year end for tax purposes, the following Funds had net capital loss carryforwards to offset future net capital gains, if any. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders:

	2010		2011		2012		2013
International Stock Fund	$	16,537,800	$	9,834,840	$	—	$	—
Growth Stock Fund		25,497,442		82,021,934		—		—
Growth and Income Fund		—		19,656,110		—		—
Value Fund		—		7,122,632		—		—
Short Intermediate U.S. Government Securities Fund		—		—		—		55,178
Tax-Free Short Intermediate Securities Fund		—		—		—		14,258
Ultra Short Government Fund		—		—		32,741		1,268,106

Post October Loss Deferral

Capital (and foreign currency) losses incurred after October 31 within a Fund’s fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. As of July 31, 2005, the following Funds incurred and will elect to defer such capital losses (and foreign currency losses):

	Post October Capital Losses		Foreign Currency Losses
International Stock Fund	$	—	$	22
Diversified Fixed Income Fund		20		—
Short Intermediate U.S. Government Securities Fund		302		—
Tax-Free Short Intermediate Securities Fund		49		—
Ultra Short Government Fund		694		—

Legal and Regulatory Matters

Management of the Funds previously reported to the Funds’ Board of Trustees that the Funds, the Asset Management Group of Bank of Hawaii, the Bank’s parent company, and four present or former officers of the Bank had received letters

Continued

54

PACIFIC CAPITAL FUNDS

Notes to Financial Statements, Concluded

January 31, 2006

(Unaudited)

from a member of the staff of the Pacific Regional Office of the Securities and Exchange Commission (“SEC”) indicating that the staff intended to recommend to the SEC institution of a civil enforcement action against the recipient related to the SEC’s investigation of alleged market timing and/or excessive trading in shares of the Funds by a former shareholder of the Funds who was at the time an employee of the Bank. In December 2005, the SEC informed the Funds and all other recipients that its investigation into the matter has been terminated and no enforcement action has been recommended.

In addition, the Funds’ administrator, BISYS Fund Services Ohio, Inc., is currently the subject of an SEC investigation related to its past payment of certain marketing and other expenses with respect to certain of its mutual fund clients, including the Funds. Based on management’s review and consideration of the matter to date, management does not believe the Funds’ financial statements would be adversely impacted as a result of this investigation.

55

PACIFIC CAPITAL FUNDS — NEW ASIA GROWTH 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 (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income/Loss to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	15.52	$	—	(f)	$	1.93		$	1.93		$	(0.02	)	$	(0.80	)	$	(0.82	)	$	16.63	13.10	%	$	1,936	1.76	%	(0.05	%)	2.20	%	21.35	%
Year Ended July 31, 2005		11.46		0.11	(f)		4.07			4.18			(0.12	)		—			(0.12	)		15.52	36.68			1,770	1.96		0.84		2.48		44.06
Year Ended July 31, 2004		9.77		0.08			1.68			1.76			(0.07	)		—			(0.07	)		11.46	17.94			1,386	1.88		0.52		2.39		78.13
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
CLASS B
Period Ended January 31, 2006*	$	14.97	$	(0.06	)(f)	$	1.86		$	1.80		$	—		$	(0.80	)	$	(0.80	)	$	15.97	12.59	%	$	574	2.51	%	(0.85	%)	2.57	%	21.35	%
Year Ended July 31, 2005		11.09		0.01	(f)		3.93			3.94			(0.06	)		—			(0.06	)		14.97	35.66			446	2.71		0.09		2.73		44.06
Year Ended July 31, 2004		9.48		(0.02	)		1.65			1.63			(0.02	)		—			(0.02	)		11.09	17.18			369	2.64		(0.23	)	2.65		78.13
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
CLASS C
Period Ended January 31, 2006*	$	14.96	$	(0.06	)	$	1.86		$	1.80		$	—		$	(0.80	)	$	(0.80	)	$	15.96	12.59	%	$	354	2.51	%	(0.80	%)	2.57	%	21.35	%
Year Ended July 31, 2005		11.09		0.04	(f)		3.91			3.95			(0.08	)		—			(0.08	)		14.96	35.73			272	2.70		0.27		2.74		44.06
Period Ended July 31, 2004**		11.98		(0.01	)		(0.88	)		(0.89	)		—			—			—			11.09	(7.43	)		9	2.53		(0.66	)	2.53		78.13
CLASS Y
Period Ended January 31, 2006*	$	15.72	$	0.02		$	1.96		$	1.98		$	(0.03	)	$	(0.80	)	$	(0.83	)	$	16.87	13.20	%	$	62,783	1.51	%	0.14	%	1.57	%	21.35	%
Year Ended July 31, 2005		11.60		0.15	(f)		4.13			4.28			(0.16	)		—			(0.16	)		15.72	37.07			44,092	1.71		1.13		1.73		44.06
Year Ended July 31, 2004		9.89		0.11			1.70			1.81			(0.10	)		—			(0.10	)		11.60	18.21			29,827	1.63		0.80		1.64		78.13
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			—	(g)		—			—	(g)		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

* Unaudited.

** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge and/or redemption fees, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(f) Amounts have been calculated using the daily average shares method.

(g) Less than $0.005 per share.

See notes to financial statements.

56

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 (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income/Loss to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	8.95	$	—		$	1.77		$	1.77		$	(0.01	)	$	—		$	(0.01	)	$	10.71	19.74	%	$	846	1.53	%	(0.10	%)	2.08	%	20.98	%
Year Ended July 31, 2005		7.41		0.05	(f)		1.52			1.57			(0.03	)		—			(0.03	)		8.95	21.17			949	1.73		0.60		2.35		37.98	(g)
Year Ended July 31, 2004		6.46		(0.01	)		0.96			0.95			—			—			—			7.41	14.71			884	1.78		(0.05	)	2.38		237.06
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
CLASS B
Period Ended January 31, 2006*	$	8.54	$	(0.04	)	$	1.68		$	1.64		$	—		$	—		$	—		$	10.18	19.20	%	$	731	2.28	%	(0.87	%)	2.44	%	20.98	%
Year Ended July 31, 2005		7.10		(0.01	)(f)		1.46			1.45			(0.01	)		—			(0.01	)		8.54	20.43			649	2.48		(0.16	)	2.60		37.98	(g)
Year Ended July 31, 2004		6.24		(0.05	)		0.91			0.86			—			—			—			7.10	13.78			608	2.53		(0.80	)	2.63		237.06
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
CLASS C
Period Ended January 31, 2006*	$	8.53	$	(0.04	)	$	1.68		$	1.64		$	—		$	—		$	—		$	10.17	19.23	%	$	605	2.27	%	(0.88	%)	2.44	%	20.98	%
Year Ended July 31, 2005		7.10		0.05	(f)		1.39			1.44			(0.01	)		—			(0.01	)		8.53	20.30			494	2.42		0.57		2.55		37.98	(g)
Period Ended July 31, 2004**		7.48		(0.01	)		(0.37	)		(0.38	)		—			—			—			7.10	(5.08	)		9	2.60		(0.45	)	2.71		237.06
CLASS Y
Period Ended January 31, 2006*	$	9.13	$	—		$	1.80		$	1.80		$	(0.01	)	$	—		$	(0.01	)	$	10.92	19.77	%	$	151,693	1.27	%	0.09	%	1.43	%	20.98	%
Year Ended July 31, 2005		7.55		0.08	(f)		1.55			1.63			(0.05	)		—			(0.05	)		9.13	21.61			93,049	1.47		0.97		1.59		37.98	(g)
Year Ended July 31, 2004		6.57		0.01			0.97			0.98			—			—			—			7.55	14.92			59,165	1.53		0.20		1.63		237.06
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

* Unaudited.

** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge and/or redemption fees, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(f) Amounts have been calculated using the daily average shares method.

(g) The portfolio turnover rate dropped significantly due to the management of a new sub-advisor that stressed a buy and hold approach.

See notes to financial statements.

57

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 (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income/Loss to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	18.10	$	(0.02	)	$	1.44		$	1.42		$	—		$	(1.29	)	$	(1.29	)	$	18.23	8.30	%	$	166,636	1.55	%	(0.27	%)	2.07	%	51.86	%
Year Ended July 31, 2005		16.52		(0.08	)(f)		4.39			4.31			—			(2.73	)		(2.73	)		18.10	27.98			103,700	1.63		(0.49	)	2.26		67.75
Year Ended July 31, 2004		13.24		(0.02	)		3.64			3.62			—			(0.34	)		(0.34	)		16.52	27.53			10,625	1.55		(0.37	)	2.15		90.26
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
CLASS B
Period Ended January 31, 2006*	$	17.22	$	(0.08	)	$	1.36		$	1.28		$	—		$	(1.29	)	$	(1.29	)	$	17.21	7.83	%	$	3,478	2.30	%	(1.02	%)	2.46	%	51.86	%
Year Ended July 31, 2005		15.94		(0.21	)		4.22			4.01			—			(2.73	)		(2.73	)		17.22	27.09			3,555	2.35		(1.29	)	2.46		67.75
Year Ended July 31, 2004		12.89		(0.17	)		3.56			3.39			—			(0.34	)		(0.34	)		15.94	26.48			3,099	2.29		(1.12	)	2.39		90.26
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	)		—	(g)		(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
CLASS C
Period Ended January 31, 2006*	$	17.23	$	(0.07	)	$	1.35		$	1.28		$	—		$	(1.29	)	$	(1.29	)	$	17.22	7.89	%	$	11,002	2.29	%	(1.02	%)	2.46	%	51.86	%
Year Ended July 31, 2005		15.95		(0.21	)(f)		4.22			4.01			—			(2.73	)		(2.73	)		17.23	27.00			5,832	2.40		(1.33	)	2.54		67.75
Period Ended July 31, 2004 (c)**		15.84		(0.03	)		0.14			0.11			—			—			—			15.95	0.69			46	2.32		(1.27	)	2.42		90.26
CLASS Y
Period Ended January 31, 2006*	$	18.29	$	—		$	1.46		$	1.46		$	—		$	(1.29	)	$	(1.29	)	$	18.46	8.43	%	$	151,528	1.30	%	(0.02	%)	1.46	%	51.86	%
Year Ended July 31, 2005		16.63		(0.05	)		4.44			4.39			—			(2.73	)		(2.73	)		18.29	28.30			125,299	1.35		(0.29	)	1.46		67.75
Year Ended July 31, 2004		13.30		(0.02	)		3.69			3.67			—			(0.34	)		(0.34	)		16.63	27.78			117,641	1.29		(0.12	)	1.39		90.26
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

* Unaudited.

** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(f) Amounts have been calculated using the daily average shares method.

(g) Less than $0.005 per share.

See notes to financial statements.

58

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 (Loss)			Net Realized and Unrealized Gains on Investments		Total from Investment Activities		Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period		Total Return (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income/Loss to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	12.75	$	0.01		$	0.91	$	0.92	$	(0.01	)	$	(0.75	)	$	(0.76	)	$	12.91	7.54	%	$	890	1.05	%	0.10	%	1.82	%	48.89	%
Year Ended July 31, 2005		10.33		0.03			2.42		2.45		(0.03	)		—			(0.03	)		12.75	23.69			760	1.05		0.25		1.95		97.23
Period Ended July 31, 2004**		10.00		0.02			0.33		0.35		(0.02	)		—			(0.02	)		10.33	3.50			186	1.05		0.34		2.08		47.75
CLASS C
Period Ended January 31, 2006*	$	12.68	$	(0.04	)	$	0.91	$	0.87	$	—		$	(0.75	)	$	(0.75	)	$	12.80	7.18	%	$	613	1.80	%	(0.63	%)	2.19	%	48.89	%
Year Ended July 31, 2005		10.32		(0.03	)		2.39		2.36		—			—			—			12.68	22.87			509	1.80		(0.50	)	2.21		97.23
Period Ended July 31, 2004***		10.23		(0.01	)		0.10		0.09		—			—			—			10.32	0.88			10	1.80		(0.52	)	2.35		47.75
CLASS Y
Period Ended January 31, 2006*	$	12.76	$	0.02		$	0.92	$	0.94	$	(0.02	)	$	(0.75	)	$	(0.77	)	$	12.93	7.73	%	$	83,281	0.80	%	0.36	%	1.19	%	48.89	%
Year Ended July 31, 2005		10.34		0.05			2.42		2.47		(0.05	)		—			(0.05	)		12.76	23.92			83,141	0.80		0.47		1.19		97.23
Period Ended July 31, 2004**		10.00		0.03			0.34		0.37		(0.03	)		—			(0.03	)		10.34	3.69			30,689	0.80		0.60		1.35		47.75

* Unaudited.

** For the period from December 30, 2003 (commencement of operations) to July 31, 2004.

*** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

See notes to financial statements.

59

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 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 (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income/Loss to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	8.67	$	(0.01	)	$	0.40		$	0.39		$	—		$	—		$	—		$	9.06	4.50	%	$	8,770	1.39	%	(0.30	%)	1.84	%	95.05	%
Year Ended July 31, 2005		7.87		—			0.81			0.81			(0.01	)		—			(0.01	)		8.67	10.29			9,997	1.40		(0.06	)	1.91		174.37	(f)
Year Ended July 31, 2004		7.60		(0.05	)		0.32			0.27			—			—			—			7.87	3.55			10,875	1.35		(0.56	)	1.85		60.70
Year Ended July 31, 2003		6.90		(0.04	)		0.74			0.70			—			—			—			7.60	10.14			11,231	1.35		(0.58	)	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
CLASS B
Period Ended January 31, 2006*	$	8.14	$	(0.05	)	$	0.38		$	0.33		$	—		$	—		$	—		$	8.47	4.05	%	$	11,360	2.14	%	(1.05	%)	2.20	%	95.05	%
Year Ended July 31, 2005		7.43		(0.07	)		0.78			0.71			—			—			—			8.14	9.56			12,127	2.15		(0.82	)	2.16		174.37	(f)
Year Ended July 31, 2004		7.23		(0.11	)		0.31			0.20			—			—			—			7.43	2.77			12,804	2.10		(1.31	)	2.10		60.70
Year Ended July 31, 2003		6.62		(0.09	)		0.70			0.61			—			—			—			7.23	9.21			13,630	2.10		(1.33	)	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
CLASS C
Period Ended January 31, 2006*	$	8.13	$	(0.04	)	$	0.37		$	0.33		$	—		$	—		$	—		$	8.46	4.06	%	$	2,189	2.14	%	(1.05	%)	2.21	%	95.05	%
Year Ended July 31, 2005		7.43		(0.05	)		0.76			0.71			(0.01	)		—			(0.01	)		8.13	9.59			1,987	2.15		(1.15	)	2.18		174.37	(f)
Period Ended July 31, 2004 **		7.69		(0.02	)		(0.24	)		(0.26	)		—			—			—			7.43	(3.38	)		11	2.13		(1.24	)	2.13		60.70
CLASS Y
Period Ended January 31, 2006*	$	8.92	$	—		$	0.41		$	0.41		$	—		$	—		$	—		$	9.33	4.60	%	$	186,235	1.14	%	(0.04	%)	1.20	%	95.05	%
Year Ended July 31, 2005		8.09		0.02			0.83			0.85			(0.02	)		—			(0.02	)		8.92	10.50			218,750	1.15		0.19		1.16		174.37	(f)
Year Ended July 31, 2004		7.79		(0.03	)		0.33			0.30			—			—			—			8.09	3.85			237,799	1.10		(0.31	)	1.10		60.70
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

* Unaudited.

** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(f) The portfolio turnover rate increased significantly during the period. This increase was attributable to changes in equity management staff, cashflows into and out of the Fund, as well as tactical portfolio adjustments made in response to conditions in the energy and raw materials markets. The basic characteristics of the Fund in terms of market capitalization, style, and diversification have not changed.

See notes to financial statements.

60

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 (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income/Loss to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	13.32	$	0.02		$	0.47		$	0.49		$	(0.02	)	$	—		$	(0.02	)	$	13.79	3.65	%	$	5,471	1.39	%	0.27	%	1.83	%	81.84	%
Year Ended July 31, 2005		11.65		0.06			1.67			1.73			(0.06	)		—			(0.06	)		13.32	14.83			5,554	1.42		0.42		1.94		181.04	(g)
Year Ended July 31, 2004		10.69		0.01			0.96			0.97			(0.01	)		—			(0.01	)		11.65	9.11			5,539	1.38		0.12		1.88		48.46
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
CLASS B
Period Ended January 31, 2006*	$	12.57	$	(0.03	)	$	0.44		$	0.41		$	—		$	—		$	—		$	12.98	3.26	%	$	6,846	2.14	%	(0.48	%)	2.20	%	81.84	%
Year Ended July 31, 2005		11.06		(0.04	)		1.58			1.54			(0.03	)		—			(0.03	)		12.57	13.93			7,193	2.17		(0.33	)	2.19		181.04	(g)
Year Ended July 31, 2004		10.21		(0.07	)		0.92			0.85			—			—			—			11.06	8.33			7,509	2.13		(0.63	)	2.13		48.46
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
CLASS C
Period Ended January 31, 2006*	$	12.56	$	(0.03	)	$	0.44		$	0.41		$	—		$	—		$	—		$	12.97	3.26	%	$	2,120	2.14	%	(0.48	%)	2.20	%	81.84	%
Year Ended July 31, 2005		11.06		(0.02	)		1.57			1.55			(0.05	)		—			(0.05	)		12.56	14.00			1,911	2.17		(0.74	)	2.20		181.04	(g)
Period Ended July 31, 2004 **		11.17		(0.02	)		(0.09	)		(0.11	)		—			—			—			11.06	(0.98	)		10	2.17		(0.78	)	2.17		48.46
CLASS Y
Period Ended January 31, 2006*	$	13.42	$	0.03		$	0.47		$	0.50		$	(0.03	)	$	—		$	(0.03	)	$	13.89	3.75	%	$	162,950	1.14	%	0.50	%	1.20	%	81.84	%
Year Ended July 31, 2005		11.73		0.09			1.68			1.77			(0.08	)		—			(0.08	)		13.42	15.12			136,311	1.17		0.67		1.19		181.04	(g)
Year Ended July 31, 2004		10.76		0.05			0.96			1.01			(0.04	)		—			(0.04	)		11.73	9.39			127,883	1.13		0.38		1.13		48.46
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	)		—	(f)		(2.69	)		(2.69	)		13.97	(24.19	)		162,138	1.10		0.09		1.14		43.24

* Unaudited.

** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(f) Less than $0.005 per share.

(g) The portfolio turnover rate increased significantly during the period. This increase was attributable to changes in equity management staff, cashflows into and out of the Fund, as well as tactical portfolio adjustments made in response to conditions in the energy and raw materials markets. The basic characteristics of the Fund in terms of market capitalization, style, and diversification have not changed.

See notes to financial statements.

61

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 (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income/Loss to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	9.87	$	0.05		$	0.39		$	0.44		$	(0.05	)	$	—		$	(0.05	)	$	10.26	4.51	%	$	3,078	1.35	%	0.91	%	1.80	%	69.79	%
Year Ended July 31, 2005		8.37		0.08			1.50			1.58			(0.08	)		—			(0.08	)		9.87	18.75			2,910	1.36		0.78		1.87		129.24	(g)
Year Ended July 31, 2004		7.37		0.06			1.00			1.06			(0.06	)		—			(0.06	)		8.37	14.52			2,477	1.33		0.63		1.83		73.48
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
CLASS B
Period Ended January 31, 2006*	$	9.70	$	0.01		$	0.38		$	0.39		$	(0.01	)	$	—		$	(0.01	)	$	10.08	4.03	%	$	1,473	2.10	%	0.17	%	2.17	%	69.79	%
Year Ended July 31, 2005		8.25		—			1.48			1.48			(0.03	)		—			(0.03	)		9.70	18.00			1,460	2.11		0.04		2.12		129.24	(g)
Year Ended July 31, 2004		7.27		—			0.99			0.99			(0.01	)		—			(0.01	)		8.25	13.55			1,349	2.08		(0.11	)	2.08		73.48
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	)		—	(f)		(1.37	)		(1.37	)		9.04	(2.25	)		1,544	2.06		(0.26	)	2.10		79.05
CLASS C
Period Ended January 31, 2006*	$	9.74	$	0.01		$	0.38		$	0.39		$	(0.02	)	$	—		$	(0.02	)	$	10.11	4.04	%	$	1,989	2.11	%	0.17	%	2.17	%	69.79	%
Year Ended July 31, 2005		8.25		—			1.50			1.50			(0.01	)		—			(0.01	)		9.74	18.00			1,833	2.11		(0.19	)	2.14		129.24	(g)
Period Ended July 31, 2004**		8.19		—			0.06			0.06			—			—			—			8.25	0.87			10	2.11		(0.05	)	2.11		73.48
CLASS Y
Period Ended January 31, 2006*	$	9.89	$	0.06		$	0.39		$	0.45		$	(0.06	)	$	—		$	(0.06	)	$	10.28	4.63	%	$	149,899	1.10	%	1.19	%	1.16	%	69.79	%
Year Ended July 31, 2005		8.39		0.10			1.50			1.60			(0.10	)		—			(0.10	)		9.89	19.12			182,279	1.11		1.05		1.12		129.24	(g)
Year Ended July 31, 2004		7.38		0.08			1.01			1.09			(0.08	)		—			(0.08	)		8.39	14.76			178,389	1.08		0.89		1.08		73.48
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

* Unaudited.

** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(f) Less than $0.005 per share.

(g) The portfolio turnover rate increased significantly during the period. This increase was attributable to changes in equity management staff, cashflows into and out of the Fund, as well as tactical portfolio adjustments made in response to conditions in the energy and raw materials markets. The basic characteristics of the Fund in terms of market capitalization, style, and diversification have not changed.

See notes to financial statements.

62

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 (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	11.02	$	0.21	$	(0.19	)	$	0.02		$	(0.21	)	$	—	(f)	$	(0.21	)	$	10.83	0.22	%	$	4,144	0.97	%	3.86	%	1.57	%	31.19	%
Year Ended July 31, 2005		11.05		0.40		—			0.40			(0.40	)		(0.03	)		(0.43	)		11.02	3.67			4,577	1.00		3.58		1.67		27.95
Year Ended July 31, 2004		11.28		0.42		(0.03	)		0.39			(0.42	)		(0.20	)		(0.62	)		11.05	3.46			5,222	0.98		3.72		1.63		48.55
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
CLASS B
Period Ended January 31, 2006*	$	11.00	$	0.17	$	(0.19	)	$	(0.02	)	$	(0.17	)	$	—	(f)	$	(0.17	)	$	10.81	(0.16	%)	$	3,731	1.72	%	3.11	%	1.94	%	31.19	%
Year Ended July 31, 2005		11.03		0.32		—			0.32			(0.32	)		(0.03	)		(0.35	)		11.00	2.90			4,019	1.75		2.83		1.92		27.95
Year Ended July 31, 2004		11.26		0.33		(0.03	)		0.30			(0.33	)		(0.20	)		(0.53	)		11.03	2.70			4,397	1.73		2.97		1.88		48.55
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
CLASS C
Period Ended January 31, 2006*	$	11.00	$	0.17	$	(0.19	)	$	(0.02	)	$	(0.17	)	$	—	(f)	$	(0.17	)	$	10.81	(0.16	%)	$	1,182	1.72	%	3.12	%	1.94	%	31.19	%
Year Ended July 31, 2005		11.02		0.32		0.01			0.33			(0.32	)		(0.03	)		(0.35	)		11.00	3.00			1,188	1.75		2.90		1.93		27.95
Period Ended July 31, 2004**		11.02		0.08		—			0.08			(0.08	)		—			(0.08	)		11.02	0.76			10	1.75		2.98		1.90		48.55
CLASS Y
Period Ended January 31, 2006*	$	11.09	$	0.23	$	(0.19	)	$	0.04		$	(0.23	)	$	—	(f)	$	(0.23	)	$	10.90	0.34	%	$	299,995	0.72	%	4.08	%	0.93	%	31.19	%
Year Ended July 31, 2005		11.12		0.43		—			0.43			(0.43	)		(0.03	)		(0.46	)		11.09	3.90			294,240	0.74		3.81		0.91		27.95
Year Ended July 31, 2004		11.35		0.45		(0.03	)		0.42			(0.45	)		(0.20	)		(0.65	)		11.12	3.73			268,129	0.73		3.97		0.88		48.55
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

* Unaudited.

** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(f) Less than $0.005 per share.

See notes to financial statements.

63

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 (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	10.52	$	0.20	$	(0.11	)	$	0.09	$	(0.20	)	$	(0.13	)	$	(0.33	)	$	10.28	0.91	%	$	6,925	0.98	%	3.82	%	1.60	%	22.29	%(f)
Year Ended July 31, 2005		10.72		0.41		(0.04	)		0.37		(0.41	)		(0.16	)		(0.57	)		10.52	3.49			8,973	1.00		3.83		1.67		8.65
Year Ended July 31, 2004		10.75		0.44		0.02			0.46		(0.44	)		(0.05	)		(0.49	)		10.72	4.32			9,928	0.97		4.03		1.62		8.87
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
CLASS B
Period Ended January 31, 2006*	$	10.52	$	0.16	$	(0.11	)	$	0.05	$	(0.16	)	$	(0.13	)	$	(0.29	)	$	10.28	0.53	%	$	2,918	1.73	%	3.06	%	1.95	%	22.29	%(f)
Year Ended July 31, 2005		10.72		0.33		(0.04	)		0.29		(0.33	)		(0.16	)		(0.49	)		10.52	2.71			3,344	1.75		3.08		1.92		8.65
Year Ended July 31, 2004		10.75		0.35		0.02			0.37		(0.35	)		(0.05	)		(0.40	)		10.72	3.55			4,054	1.72		3.28		1.87		8.87
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
CLASS C
Period Ended January 31, 2006*	$	10.53	$	0.16	$	(0.12	)	$	0.04	$	(0.16	)	$	(0.13	)	$	(0.29	)	$	10.28	0.43	%	$	10	1.74	%	3.04	%	1.95	%	22.29	%(f)
Year Ended July 31, 2005		10.72		0.33		(0.03	)		0.30		(0.33	)		(0.16	)		(0.49	)		10.53	2.83			10	1.74		3.09		1.90		8.65
Period Ended July 31, 2004**		10.72		0.09		—			0.09		(0.09	)		—			(0.09	)		10.72	0.82			10	1.74		3.22		1.89		8.87
CLASS Y
Period Ended January 31, 2006*	$	10.57	$	0.21	$	(0.12	)	$	0.09	$	(0.21	)	$	(0.13	)	$	(0.34	)	$	10.32	0.94	%	$	304,481	0.73	%	4.03	%	0.94	%	22.29	%(f)
Year Ended July 31, 2005		10.76		0.44		(0.03	)		0.41		(0.44	)		(0.16	)		(0.60	)		10.57	3.83			315,854	0.75		4.06		0.92		8.65
Year Ended July 31, 2004		10.79		0.47		0.02			0.49		(0.47	)		(0.05	)		(0.52	)		10.76	4.59			343,890	0.72		4.28		0.87		8.87
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

* Unaudited.

** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(f) The portfolio turnover rate increased significantly during the period. This increase was attributable to cashflows into and out of the Fund as well as tactical portfolio adjustments made in response to rising short and intermediate interest rates. The basic characteristics of the Fund in terms of market capitalization, style and diversification have not changed.

See notes to financial statements.

64

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 (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	9.66	$	0.15	$	(0.07	)	$	0.08	$	(0.15	)	$	—		$	(0.15	)	$	9.59	0.85	%	$	1,422	0.82	%	3.13	%	1.53	%	32.30	%
Year Ended July 31, 2005		9.80		0.26		(0.14	)		0.12		(0.26	)		—	(f)		(0.26	)		9.66	1.27			1,781	0.80		2.69		1.59		35.32
Year Ended July 31, 2004		9.97		0.25		(0.13	)		0.12		(0.25	)		(0.04	)		(0.29	)		9.80	1.11			1,724	0.80		2.48		1.55		49.42
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
CLASS C
Period Ended January 31, 2006*	$	9.65	$	0.12	$	(0.07	)	$	0.05	$	(0.12	)	$	—		$	(0.12	)	$	9.58	0.47	%	$	605	1.57	%	2.38	%	1.89	%	32.30	%
Year Ended July 31, 2005		9.80		0.19		(0.15	)		0.04		(0.19	)		—	(f)		(0.19	)		9.65	0.40			631	1.55		1.99		1.84		35.32
Period Ended July 31, 2004**		9.84		0.04		(0.04	)		—		(0.04	)		—			(0.04	)		9.80	0.04			10	1.55		1.75		1.82		49.42
CLASS Y
Period Ended January 31, 2006*	$	9.68	$	0.16	$	(0.07	)	$	0.09	$	(0.16	)	$	—		$	(0.16	)	$	9.61	0.98	%	$	68,944	0.57	%	3.36	%	0.89	%	32.30	%
Year Ended July 31, 2005		9.82		0.29		(0.14	)		0.15		(0.29	)		—	(f)		(0.29	)		9.68	1.52			85,991	0.55		2.93		0.84		35.32
Year Ended July 31, 2004		9.99		0.27		(0.13	)		0.14		(0.27	)		(0.04	)		(0.31	)		9.82	1.38			81,346	0.55		2.73		0.81		49.42
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

* Unaudited.

** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(f) Less than $0.005 per share.

See notes to financial statements.

65

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 (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	10.21	$	0.13	$	(0.06	)	$	0.07	$	(0.13	)	$	—		$	(0.13	)	$	10.15	0.73	%	$	3,609	1.00	%	2.61	%	1.55	%	25.47	%
Year Ended July 31, 2005		10.30		0.23		(0.09	)		0.14		(0.23	)		—			(0.23	)		10.21	1.40			3,784	1.00		2.26		1.62		28.31
Year Ended July 31, 2004		10.36		0.22		(0.06	)		0.16		(0.22	)		—			(0.22	)		10.30	1.53			4,781	0.97		2.09		1.58		11.30
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
CLASS C
Period Ended January 31, 2006*	$	10.21	$	0.09	$	(0.06	)	$	0.03	$	(0.09	)	$	—		$	(0.09	)	$	10.15	0.34	%	$	10	1.77	%	1.83	%	1.95	%	25.47	%
Year Ended July 31, 2005		10.31		0.16		(0.10	)		0.06		(0.16	)		—			(0.16	)		10.21	0.54			10	1.75		1.52		1.87		28.31
Period Ended July 31, 2004**		10.32		0.04		(0.01	)		0.03		(0.04	)		—			(0.04	)		10.31	0.26			10	1.72		1.41		1.83		11.30
CLASS Y
Period Ended January 31, 2006*	$	10.27	$	0.15	$	(0.07	)	$	0.08	$	(0.15	)	$	—		$	(0.15	)	$	10.20	0.75	%	$	66,954	0.74	%	2.84	%	0.91	%	25.47	%
Year Ended July 31, 2005		10.36		0.26		(0.09	)		0.17		(0.26	)		—			(0.26	)		10.27	1.65			65,070	0.74		2.51		0.86		28.31
Year Ended July 31, 2004		10.41		0.24		(0.05	)		0.19		(0.24	)		—			(0.24	)		10.36	1.87			67,606	0.72		2.34		0.83		11.30
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

* Unaudited.

** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

See notes to financial statements.

66

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 (a)(b)		Net Assets, End of Period (000’s)		Ratio of Expenses to Average Net Assets (c)		Ratio of Net Investment Income to Average Net Assets (c)		Ratio of Expenses to Average Net Assets (c)(d)		Portfolio Turnover (e)
CLASS A
Period Ended January 31, 2006*	$	10.04	$	0.14	$	(0.01	)	$	0.13		$	(0.14	)	$	—		$	(0.14	)	$	10.03	1.29	%	$	2,351	0.63	%	2.76	%	1.45	%	35.02	%
Year Ended July 31, 2005		10.10		0.18		(0.06	)		0.12			(0.18	)		—			(0.18	)		10.04	1.19			6,552	0.62		1.76		1.47		64.16
Year Ended July 31, 2004		10.24		0.18		(0.14	)		0.04			(0.18	)		—			(0.18	)		10.10	0.36			8,743	0.62		1.74		1.43		111.13
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	)		—	(f)		(0.30	)		10.31	4.10			14,116	0.62		2.93		1.42		26.15
Year Ended July 31, 2001		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
Period Ended January 31, 2006*	$	10.04	$	0.10	$	(0.01	)	$	0.09		$	(0.10	)	$	—		$	(0.10	)	$	10.03	0.91	%	$	1,262	1.37	%	1.98	%	1.77	%	35.02	%
Year Ended July 31, 2005		10.10		0.10		(0.06	)		0.04			(0.10	)		—			(0.10	)		10.04	0.43			1,609	1.37		1.01		1.72		64.16
Year Ended July 31, 2004		10.24		0.10		(0.14	)		(0.04	)		(0.10	)		—			(0.10	)		10.10	(0.38	)		1,965	1.37		0.99		1.68		111.13
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	)		—	(f)		(0.22	)		10.31	3.22			1,403	1.37		2.14		1.67		26.15
Year Ended July 31, 2001		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 C
Period Ended January 31, 2006*	$	10.04	$	0.10	$	(0.01	)	$	0.09		$	(0.10	)	$	—		$	(0.10	)	$	10.03	0.91	%	$	1,398	1.37	%	1.99	%	1.77	%	35.02	%
Year Ended July 31, 2005		10.10		0.10		(0.06	)		0.04			(0.10	)		—			(0.10	)		10.04	0.43			1,834	1.37		1.20		1.72		64.16
Period Ended July 31, 2004**		10.15		0.02		(0.05	)		(0.03	)		(0.02	)		—			(0.02	)		10.10	(0.26	)		10	1.37		0.85		1.58		111.13
CLASS Y
Period Ended January 31, 2006*	$	10.05	$	0.15	$	(0.01	)	$	0.14		$	(0.15	)	$	—		$	(0.15	)	$	10.04	1.42	%	$	113,203	0.37	%	2.98	%	0.77	%	35.02	%
Year Ended July 31, 2005		10.11		0.20		(0.06	)		0.14			(0.20	)		—			(0.20	)		10.05	1.44			125,349	0.37		1.98		0.71		64.16
Year Ended July 31, 2004		10.25		0.20		(0.14	)		0.06			(0.20	)		—			(0.20	)		10.11	0.61			215,124	0.37		1.99		0.68		111.13
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	)		—	(f)		(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

* Unaudited.

** For the period from April 30, 2004 (commencement of operations) to July 31, 2004.

(a) Excludes sales charge, if applicable.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

(d) During the period certain fees were voluntarily reduced. If such voluntary fee reductions had not occurred the ratios would have been as indicated.

(e) Portfolio turnover is calculated on the basis of the Fund, as a whole, without distinguishing between the classes of shares issued.

(f) Less than $0.005 per share.

See notes to financial statements.

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Trustees and Executive Officers of the Pacific Capital Funds

As of January 31, 2006

Interested Trustees.    The table below sets forth certain information about each of the Trustees of the Trust who are “interested persons” of the Trust as defined by the Investment Company Act of 1940, as amended (“1940 Act”).

Name, Address and Age	Position(s) Held with Trust	Term of Office; Term Served in Office	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustee
Peter S. Ho* 111 South King Street, Honolulu, Hawaii 96813 Age: 40	Trustee	Indefinite; Since: 5/04	Vice Chairman and Chief Banking Officer, Bank of Hawaii—Commercial Banking (since 2006) and Investment Services Group (since 2004); Executive Vice President, Bank of Hawaii—Commercial Group (2003-2004); Executive Vice President/Senior Vice President/Vice President, Bank of Hawaii—Corporate Banking (1996-2003).	12	Member of the Boards of: Rehabilitation Hospital Foundation, Hawaii Chapter of the American Red Cross, the Hawaii Foodbank, Hawaii Dental Service, Special Olympics of Hawaii, the Historic Hawaii Foundation, the Hawaii Community Foundation, Oceanic Institute, Hawaii Pacific University, Hanahauoli School, Frederic Duclos Barstow Foundation, and the McInerny Foundation.

* Mr. Ho is an “interested person” of the Trust, as defined by the 1940 Act, because of his employment with the Asset Management Group of Bank of Hawaii, the investment adviser to the Trust.

Independent Trustees.    The table below sets forth certain information about the Trustees of the Trust who are not “interested persons” of the Trust as defined in the 1940 Act (“Independent Trustees”).

Name, Address and Age	Position(s) Held with Trust	Term of Office; Term Served in Office	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustee
Richard L. Humphreys 111 South King Street Honolulu, Hawaii 96813 Age: 62	Trustee	Indefinite; Since: 3/05	President of Hawaii Receivables Management LLC (since 2001); President of Lynk Payment Systems Hawaii LLC (since 2002).	12	Board member of Pantheon Corporation, The Castle Group, Inc., and other charitable and civic organizations.
Stanley W. Hong 4976 Poola Street Honolulu, Hawaii 96821 Age: 69	Trustee	Indefinite; Since: 10/92	Trustee of the King William Charles Lunalilo Trust Estate (since 2001); President of Waste Management of Hawaii, Inc. (2002-2005); Corporate Vice President (2002-2005) Hawaii Area Waste Management; Trustee, President and Chief Executive Officer, The Chamber of Commerce of Hawaii (1996-2002).	12	Trustee of Cash Assets Trust and Hawaiian Tax-Free Trust (registered investment companies) (since 1993); Member of the Boards of: First Insurance Co. of Hawaii, Ltd., Lanihau Properties, Ltd., Diagnostic Laboratory Services, Inc., WESTYE Group—West, Inc.; Member of the Boards of the following non-profit organizations: Chaminade University of Honolulu, The Nature Conservancy of Hawaii, PBS Hawaii Foundation, Heald College of Business & Technology, Katuro Watanabe Charitable Foundation, and Honolulu Festival Foundation.

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Name, Address and Age	Position(s) Held with Trust	Term of Office; Term Served in Office	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustee
Russell K. Okata 1015 Wilder Avenue, #203 Honolulu, Hawaii 96822 Age: 62	Trustee and (Since 3/05) Chairman	Indefinite; Since: 10/92	Executive Director, Hawaii Government Employees Association AFSCME Local 152, AFL-CIO (since 1981); International Vice President, American Federation of State, County and Municipal Employees, AFL-CIO (since 1981).	12	Trustee of Cash Assets Trust and Hawaiian Tax-Free Trust (registered investment companies) (since 1993); Vice President of the Hawaii State AFL-CIO (since 1972) and the American Federation of State, County & Municipal Employees, AFL-CIO (since 1981); Chairman of the Royal State Group (since 1988); Member of the Boards of Blood Bank of Hawaii, Public Schools of Hawaii Foundation, and other community organizations.
Douglas Philpotts 55 Dowsett Avenue Honolulu, Hawaii 96817 Age: 74	Trustee	Indefinite; Since: 10/92	Retired; formerly Director, Chairman of the Board and President of Hawaiian Trust Co., Ltd. (until 1994), a predecessor of the Asset Management Group of Bank of Hawaii.	12	Trustee of Cash Assets Trust and Hawaiian Tax-Free Trust (registered investment companies) (since 1993); Trustee of The Strong Foundation (support of programs for Hawaiian youth) (since 1974).
Oswald K. Stender 1056 Maunawili Kailua, Hawaii 96734 Age: 74	Trustee	Indefinite; Since: 10/92	Trustee, Office of Hawaiian Affairs (since 2000); Director, Hawaiian Electric Industries, Inc. (public utility holding company) (1993-2004).	12	Trustee of Cash Assets Trust and Hawaiian Tax-Free Trust (registered investment companies) (since 1993); Director of Grace Pacific Ltd.; Director of ACE Trucking Ltd.; Member of Advisory Board of Hawaiian Telecom; former Trustee of the Bernice Pauahi Bishop Estate (operation of school for children of Hawaiian ancestry) (1990-1999); Board member of various housing and real estate associations and community organizations.

The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, by calling (800) 258-9232.

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Executive Officers.    The table below sets forth certain information about each of the Trust’s executive officers.

Name, Address and Age	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years*
William P. Henry, Jr. 130 Merchant Street Suite 240 Honolulu, Hawaii 96813 Age: 42	President	Indefinite; Since 12/02	Executive Vice President of Bank of Hawaii (since 2003); President of Trinity Solutions, Inc. and advisor to CEO of Bank of Hawaii (2001-2002); Senior Vice President, Strategic Business Development of Jubilee Tech International (2000); Senior Manager of Marakon Associates (1991-1998).
Irimga McKay 3435 Stelzer Road Columbus, Ohio 43219 Age: 46	Executive Vice President	Indefinite; Since: 12/02	Executive Vice President, Client Services of BISYS Fund Services (since 1988).
Jennifer Lam 130 Merchant St. Suite 240 Honolulu, Hawaii 96813 Age: 29	Vice President	Indefinite; Since: 9/05	Assistant Vice President, Bank of Hawaii (since 2005); Investment Analyst, International Finance Corporation, World Bank Group (2002-2005); Investment Banking Analyst, Credit Suisse First Boston (2000-2002).
Alaina Metz 3435 Stelzer Road Columbus, Ohio 43219 Age: 38	Vice President	Indefinite; Since: 9/96	Vice President, Regulatory Services of BISYS Fund Services—Blue Sky Compliance (since 1995).
Mark Sichley 3435 Stelzer Road Columbus, Ohio 43219 Age: 47	Vice President	Indefinite; Since: 6/02	Vice President, Client Services of BISYS Fund Services (since 1987).
George Stevens 3435 Stelzer Road Columbus, Ohio 43219 Age: 55	Chief Compliance Officer	Indefinite; Since: 3/06	Vice President, CCO Services of BISYS Fund Services (since 1996).
Christopher E. Sabato 3435 Stelzer Road Columbus, Ohio 43219 Age: 37	Treasurer	Indefinite; Since: 9/05	Vice President, Fund Administration of BISYS Fund Services (since 1993).
Patrick Keniston 100 Summer Street, Suite 1500 Boston, Massachusetts 02110 Age: 42	Secretary	Indefinite; Since: 3/05	Counsel, Legal Services of BISYS Fund Services (since 2005); Attorney, Citigroup GTS Fund Services (2001-2005).

* Each officer may have served in various other capacities for the same organization during the length of time served.

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Board Determinations

September 2005 Investment Advisory and Sub-Advisory Agreement Approvals

The Board of Trustees has approved the renewal of the Trust’s Advisory Agreement with the Asset Management Group, as well as the various Sub-Advisory Agreements among the Trust, the Asset Management Group and the Funds’ various Sub-Advisers (each a “Sub-Advisory Agreement”), for an additional one-year term through September 2006. The renewals were approved following the recommendation of the Trust’s Independent Trustees. The information, material facts and conclusions that formed the basis for the Independent Trustees’ recommendation and the Board’s subsequent approval are described below.

During the course of each year, the Independent Trustees receive a wide variety of materials relating to the services provided by the Asset Management Group and the Sub-Advisers. In determining whether to renew the Advisory Agreement and the Sub-Advisory Agreements, the Independent Trustees also evaluated information provided by the Asset Management Group and the various Sub-Advisers in accordance with section 15(c) of the 1940 Act. At its most recent renewal meetings on September 19 and 20, 2005 with respect to each of the Funds, the Board examined the ability of the Asset Management Group, the Sub-Advisers and the investment professionals they employ to continue to provide high quality investment management and supervision services to the Funds; the investment philosophy and decision-making processes of those professionals; the capability and integrity of their senior management and staff; the quality of services with respect to regulatory compliance and compliance with the investment policies of the Funds; the nature, scope and quality of the services provided to the Funds and their shareholders; and their business reputation, financial condition and operational stability. The Board also considered a variety of other factors, including the fees and expenses borne by the Funds and the profitability to the Asset Management Group and the Sub-Advisers of their relationships to the Funds.

The Independent Trustees received assistance and advice regarding legal and industry standards from their independent counsel. They discussed the renewals with management representatives and in a private session with independent legal counsel at which no representatives of management were present. In deciding to recommend renewal of the Advisory Agreement and the Sub-Advisory Agreements, the Trustees did not identify any single or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.

Based on their review, including consideration of each of the factors referred to above, the Board (including all of the Independent Trustees) determined, in the exercise of their business judgment, that the advisory and sub-advisory fees of the Funds were fair, and that continuation of the Investment Advisory Agreement and each of the Sub-Advisory Agreements was in the best interest of the Funds’ shareholders.

The Asset Management Group

In reviewing the quality of the services provided to the Funds, the Board considered the investment performance of each of the Funds in light of the Fund’s objectives, and compared each Fund’s returns with the total returns of the applicable benchmark index and the total returns of a peer group of comparable funds identified by Lipper Inc. The Independent Trustees noted that in most cases the equity Funds had performed above or near the top 50% of their respective peer groups for the one-year and five-year periods ended July 31, 2005. In addition, the Independent Trustees noted that although the performance of the International Stock Fund had been relatively weak during the one-year period, the Fund had recently changed sub-advisers to Hansberger Global Investors, and its performance was beginning to improve. The Independent Trustees also observed that although the performances of the fixed income Funds were generally below the medians of their respective peer groups for the same periods, the fixed income Funds generally held higher quality debt instruments than the other funds in their respective peer groups. The Board requested the Adviser to work with Lipper to potentially move the Funds to peer groupings that would more accurately reflect each Fund’s actual holdings and investment strategy.

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The Independent Trustees and the Board reviewed the total advisory and sub-advisory fees, and the total expenses of each Fund (as a percentage of the Fund’s average net assets) for the twelve months ended July 31, 2005, and compared those amounts with the median fees and expenses of each Fund’s respective peer group for that period. They noted that the total advisory fees and expenses for Class Y shares, which comprise the bulk of the Funds’ assets, were generally within 20% of the median fees paid by comparable funds. Although the total advisory and sub-advisory fees for the New Asia Growth Fund, Small Cap Fund and Value Fund were more than 20% above the median peer group fees, the Independent Trustees and the Board noted that each of those Funds had achieved relatively strong performance results compared to their respective peer groups, and that the total fees and expenses for the New Asia Growth Fund and the Small Cap Fund were closer to the medians for their respective peer groups.

The Independent Trustees and the Board also reviewed information regarding the advisory fees paid by other institutional clients of the Asset Management Group. They concluded that in many cases the Funds were receiving comparatively favorable rates, and where the rates paid by the Funds were higher, they appropriately reflected the greater responsibilities and more comprehensive regulatory regime applicable to managing mutual fund assets.

In addition, the Independent Trustees and the Board reviewed information regarding the Asset Management Group’s costs of providing services to the Funds and the resulting level of profits to the Asset Management Group as a result of its advisory services to the Trust. They noted that although its fee schedules do not have break points and thus would not reflect economies of scale, if any, the Asset Management Group had voluntarily waived a portion of its advisory fees for several Funds in order to keep total expenses at certain levels. The Board also noted that the Asset Management Group and its affiliates received a variety of ancillary benefits as a result of their relationships with the Trust, including fees to Bank of Hawaii for sub-administration services provided to the Trust and the benefit of research provided by broker-dealers in exchange for portfolio transactions executed on behalf of the Funds.

First State (Hong Kong) LLC

First State (Hong Kong) LLC (“First State”) is the Sub-Adviser for the New Asia Growth Fund.

In reviewing the various factors referred to above, the Board noted that the Fund has significantly outperformed its benchmark (the MSCI AC Far East ex Japan Index) and Lipper peer group since the Fund’s inception. The Board reviewed information regarding the advisory fees paid by other institutional clients of First State and concluded that the Fund was receiving comparatively favorable rates. The Board noted that while First State’s fee schedule does not have breakpoints and would therefore not reflect economies of scale, if any, realized by the Sub-Adviser, the sub-advisory fees appropriately reflect the current level of the Fund’s assets. The Board further noted that First State does not engage in soft dollar transactions on behalf of its clients and does not receive significant ancillary benefits as a result of its relationship with the Fund, other than bundled research of the type normally received by advisers from brokers executing portfolio transactions and the ability to refer to its sub-advisory relationship with the Trust.

The Board noted that management of the Trust had concluded that the compliance functions of First State Investments International Limited (“FSII”), an affiliate of First State, were more robust than those of First State, which does not have many other U.S.-registered investment company clients, and that neither the personnel managing the Fund nor the total advisory fees and expenses to be paid by the Fund would be affected by the substitution of FSII for First State as the Sub-Adviser to the Fund. Accordingly, the Board also approved a new Investment Sub-Advisory Agreement with FSII with respect to the Fund, to replace the Trust’s current agreement with First State, subject to approval of the Fund’s shareholders. A shareholder meeting was held on March 13, 2006 and the shareholders of the Fund approved the agreement with FSII. The terms of the new Sub-Advisory Agreement are substantially similar to those of the current agreement and do not result in any change in fees or

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management of the Fund. The Trust expects to execute the new Sub-Advisory Agreement for the Fund with FSII in the near future.

Hansberger Global Investors, Inc.

Hansberger Global Investors, Inc. (“Hansberger”) is the Sub-Adviser for the International Stock Fund.

In reviewing the various factors referred to above, the Board noted that although the Fund had underperformed its benchmark index (the MSCI AC World ex U.S. Index) and Lipper peer group during the first year it was sub-advised by Hansberger, its performance was beginning to improve and should be considered in light of Hansberger’s long-term management strategy. The Board reviewed information regarding the advisory fees paid by other institutional clients of Hansberger and concluded that the Fund was receiving comparatively favorable rates. The Board noted that Hansberger’s fee schedule includes breakpoints and would therefore reflect economies of scale, if any, realized by the Sub-Adviser and the sub-advisory fees it received from the Fund appropriately reflect the current level of the Fund’s assets. The Board also noted that Hansberger does not receive significant ancillary benefits as a result of its relationship with the Fund, other than the benefit of research received from brokers executing portfolio transactions and the ability to refer to its sub-advisory relationship with the Trust.

Nicholas-Applegate Capital Management

Nicholas-Applegate Capital Management (“NACM”) is the Sub-Adviser for the Small Cap Fund.

In reviewing the various factors referred to above, the Board noted that the Fund has significantly outperformed its benchmark (the Russell 2000 Value Index) and Lipper peer group since the Fund’s inception. The Board reviewed information regarding the advisory fees paid by other institutional clients of NACM and concluded that the Fund was receiving comparatively favorable rates. The Board noted that NACM’s fee schedule includes breakpoints and would therefore appropriately reflect economies of scale, if any, realized by the Sub-Adviser and the sub-advisory fees it received from the Fund appropriately reflect the current level of the Fund’s assets. In addition, the Board considered the success of the “small cap” management styles used by NACM and the growth of the assets NACM manages in those styles on behalf of the Fund and its other clients, and concluded that although NACM would continue to have adequate capacity to manage the assets of the Fund in the short-term, the Asset Management Group should investigate options in case of future capacity constraints. The Board also noted that NACM does not receive significant ancillary benefits as a result of its relationship with the Fund, other than the benefit of research received from brokers executing portfolio transactions and the ability to refer to its sub-advisory relationship with the Trust.

Bankoh Investment Partners, LLC

Bankoh Investment Partners, LLC (“BIP”) is the Sub-Adviser for the Mid-Cap Fund.

In reviewing the various factors referred to above, the Board noted that the Fund has performed in line with its benchmark (the S&P Mid-Cap 400 Index) and Lipper peer group since the Fund’s inception. The Board reviewed information regarding the advisory fees paid by other institutional clients of BIP and concluded that the Fund was receiving comparatively favorable rates. The Board also noted that while BIP’s fee schedule does not have breakpoints and would therefore not reflect economies of scale, if any, realized by the Sub-Adviser, the sub-advisory fees appropriately reflect the current level of the Fund’s assets. The Board also noted that BIP does not engage in soft dollar transactions on behalf of its clients and does not receive significant ancillary benefits as a result of its relationship with the Fund, other than bundled research of the type normally received by advisers from brokers executing portfolio transactions and the ability to refer to its sub-advisory relationship with the Trust.

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Expense Examples (unaudited)

As a shareholder of the Pacific Capital Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees; (2) ongoing costs, including management fees; distribution 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Pacific Capital Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2005 through January 31, 2006.

Actual Returns

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

		Beginning Account Value 8/1/05		Ending Account Value 1/31/06		Expense Paid During Period* 8/1/05 - 1/31/06		Expense Ratio During Period** 8/1/05 - 1/31/06
New Asia Growth Fund	Class A	$	1,000.00	$	1,131.00	$	9.45	1.76%
	Class B		1,000.00		1,125.90		13.45	2.51
	Class C		1,000.00		1,125.90		13.45	2.51
	Class Y		1,000.00		1,132.00		8.11	1.51
International Stock Fund	Class A		1,000.00		1,197.40		8.47	1.53
	Class B		1,000.00		1,192.00		12.60	2.28
	Class C		1,000.00		1,192.30		12.54	2.27
	Class Y		1,000.00		1,197.70		7.04	1.27
Small Cap Fund	Class A		1,000.00		1,083.00		8.14	1.55
	Class B		1,000.00		1,078.30		12.05	2.30
	Class C		1,000.00		1,078.90		12.00	2.29
	Class Y		1,000.00		1,084.30		6.83	1.30
Mid-Cap Fund	Class A		1,000.00		1,075.40		5.49	1.05
	Class C		1,000.00		1,071.80		9.40	1.80
	Class Y		1,000.00		1,077.30		4.19	0.80
Growth Stock Fund.	Class A		1,000.00		1,045.00		7.16	1.39
	Class B		1,000.00		1,040.50		11.01	2.14
	Class C		1,000.00		1,040.60		11.01	2.14
	Class Y		1,000.00		1,046.00		5.88	1.14
Growth and Income Fund	Class A		1,000.00		1,036.50		7.14	1.39
	Class B		1,000.00		1,032.60		10.96	2.14
	Class C		1,000.00		1,032.60		10.96	2.14
	Class Y		1,000.00		1,037.50		5.85	1.14
Value Fund	Class A		1,000.00		1,045.10		6.96	1.35
	Class B		1,000.00		1,040.30		10.80	2.10
	Class C		1,000.00		1,040.40		10.85	2.11
	Class Y		1,000.00		1,046.30		5.67	1.10
Diversified Fixed Income Fund.	Class A		1,000.00		1,002.20		4.90	0.97
	Class B		1,000.00		998.40		8.66	1.72
	Class C		1,000.00		998.40		8.66	1.72
	Class Y		1,000.00		1,003.40		3.64	0.72

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		Beginning Account Value 8/1/05		Ending Account Value 1/31/06		Expense Paid During Period* 8/1/05 - 1/31/06		Expense Ratio During Period** 8/1/05 - 1/31/06
Tax-Free Securities Fund	Class A	$	1,000.00	$	1,009.10	$	4.96	0.98	%
	Class B		1,000.00		1,005.30		8.74	1.73
	Class C		1,000.00		1,004.30		8.79	1.74
	Class Y		1,000.00		1,009.40		3.70	0.73
Short Intermediate U.S. Government Securities Fund.	Class A		1,000.00		1,008.50		4.15	0.82
	Class C		1,000.00		1,004.70		7.93	1.57
	Class Y		1,000.00		1,009.80		2.89	0.57
Tax-Free Short Intermediate Securities Fund	Class A		1,000.00		1,007.30		5.06	1.00
	Class C		1,000.00		1,003.40		8.94	1.77
	Class Y		1,000.00		1,007.50		3.74	0.74
Ultra Short Government Fund	Class A		1,000.00		1,012.90		3.20	0.63
	Class B		1,000.00		1,009.10		6.94	1.37
	Class C		1,000.00		1,009.10		6.94	1.37
	Class Y		1,000.00		1,014.20		1.88	0.37

* Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

** Annualized.

75

PACIFIC CAPITAL FUNDS

Hypothetical Example

The table below provides information about hypothetical account values and hypothetical expenses based on each Pacific Capital Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

		Beginning Account Value 8/1/05		Ending Account Value 1/31/06		Expense Paid During Period* 8/1/05 - 1/31/06		Expense Ratio During Period** 8/1/05 - 1/31/06
New Asia Growth Fund	Class A	$	1,000.00	$	1,016.33	$	8.94	1.76	%
	Class B		1,000.00		1,012.55		12.73	2.51
	Class C		1,000.00		1,012.55		12.73	2.51
	Class Y		1,000.00		1,017.59		7.68	1.51
International Stock Fund	Class A		1,000.00		1,017.49		7.78	1.53
	Class B		1,000.00		1,013.71		11.57	2.28
	Class C		1,000.00		1,013.76		11.52	2.27
	Class Y		1,000.00		1,018.80		6.46	1.27
Small Cap Fund	Class A		1,000.00		1,017.39		7.88	1.55
	Class B		1,000.00		1,013.61		11.67	2.30
	Class C		1,000.00		1,013.66		11.62	2.29
	Class Y		1,000.00		1,018.65		6.61	1.30
Mid-Cap Fund	Class A		1,000.00		1,019.91		5.35	1.05
	Class C		1,000.00		1,016.13		9.15	1.80
	Class Y		1,000.00		1,021.17		4.08	0.80
Growth Stock Fund.	Class A		1,000.00		1,018.20		7.07	1.39
	Class B		1,000.00		1,014.42		10.87	2.14
	Class C		1,000.00		1,014.42		10.87	2.14
	Class Y		1,000.00		1,019.46		5.80	1.14
Growth and Income Fund	Class A		1,000.00		1,018.20		7.07	1.39
	Class B		1,000.00		1,014.42		10.87	2.14
	Class C		1,000.00		1,014.42		10.87	2.14
	Class Y		1,000.00		1,019.46		5.80	1.14
Value Fund	Class A		1,000.00		1,018.40		6.87	1.35
	Class B		1,000.00		1,014.62		10.66	2.10
	Class C		1,000.00		1,014.57		10.71	2.11
	Class Y		1,000.00		1,019.66		5.60	1.10
Diversified Fixed Income Fund.	Class A		1,000.00		1,020.32		4.94	0.97
	Class B		1,000.00		1,016.53		8.74	1.72
	Class C		1,000.00		1,016.53		8.74	1.72
	Class Y		1,000.00		1,021.58		3.67	0.72
Tax-Free Securities Fund	Class A		1,000.00		1,020.27		4.99	0.98
	Class B		1,000.00		1,016.48		8.79	1.73
	Class C		1,000.00		1,016.43		8.84	1.74
	Class Y		1,000.00		1,021.53		3.72	0.73

76

PACIFIC CAPITAL FUNDS

		Beginning Account Value 8/1/05		Ending Account Value 1/31/06		Expense Paid During Period* 8/1/05 - 1/31/06		Expense Ratio During Period** 8/1/05 - 1/31/06
Short Intermediate U.S. Government Securities Fund.	Class A	$	1,000.00	$	1,021.07	$	4.18	0.82	%
	Class C		1,000.00		1,017.29		7.98	1.57
	Class Y		1,000.00		1,022.33		2.91	0.57
Tax-Free Short Intermediate Securities Fund	Class A		1,000.00		1,020.16		5.09	1.00
	Class C		1,000.00		1,016.28		9.00	1.77
	Class Y		1,000.00		1,021.48		3.77	0.74
Ultra Short Government Fund	Class A		1,000.00		1,022.03		3.21	0.63
	Class B		1,000.00		1,018.30		6.97	1.37
	Class C		1,000.00		1,018.30		6.97	1.37
	Class Y		1,000.00		1,023.34		1.89	0.37

* Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

** Annualized.

Proxy Voting

Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-258-9232. The information also is included in the Funds’ Statement of Additional Information, which is available on the Funds’ website at www.pacificcapitalfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the Funds’ website at www.pacificcapitalfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Portfolio Holdings Information

The Funds file a complete list of their portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the Securities and Exchange Commission’s website at www.sec.gov. You may also review or, for a fee, copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 1-800-SEC-0330.

77

INVESTMENT ADVISER

Asset Management Group of Bank of Hawaii

111 South King Street

Honolulu, HI 96813

SUB-ADVISERS

First State (Hong Kong) LLC

3 Exchange Square

8 Connaught Place Central

Hong Kong

Hansberger Global Investors, Inc.

515 East Las Olas Blvd.

Fort Lauderdale, FL 33301

Nicholas-Applegate Capital Management

600 West Broadway

San Diego, CA 92102

Bankoh Investment Partners, LLC

130 Merchant Street, Suite 240

Honolulu, HI 96813

DISTRIBUTOR

BISYS Fund Services Limited Partnership

3435 Stelzer Road

Columbus, OH 43219

LEGAL COUNSEL

Paul, Hastings, Janofsky & Walker LLP

515 South Flower Street

Los Angeles, CA 90071

REGISTERED PUBLIC ACCOUNTING FIRM KPMG LLP

191 W. Nationwide Blvd.

Columbus, OH 43215

ADMINISTRATOR AND TRANSFER AGENT BISYS Fund Services Ohio, Inc.

3435 Stelzer Road

Columbus, OH 43219

To view Proxy Voting Records please visit the Pacific Capital Funds web site at www.pacificcapitalfunds.com.

PACIFIC CAPITAL

FUNDS

For more information, call

800.258.9232

or visit our website at:

www.pacifi ccapitalfunds.com

This material is authorized for distribution to prospective investors only when preceded or accompanied by a current prospectus. An investor should consider the funds’ investment objectives, risk, and charges and expenses carefully before investing or sending money. This and other important information about an investment company can be found in the fund prospectus. To obtain a more information, please call 800.258.9232. Please read it carefully before investing.

BISYS Fund Services Limited Partnership, Distributor.

Pacific

capital Funds

MUTUAL FUNDS: ARE NOT FDIC INSURED ¨ HAVE NO BANK GUARANTEE ¨ MAY LOSE VALUE

PCR-0008 (1/06)

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation 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 recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)There were no changes 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 second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) 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/ Christopher E. Sabato
	Christopher E. Sabato, Treasurer
Date 3/24/06

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 3/24/06
By (Signature and Title)*	/s/ Christopher E. Sabato
	Christopher E. Sabato, Treasurer
Date 3/24/06

* Print the name and title of each signing officer under his or her signature.