Table of Contents
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 Rd. 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
Date of reporting period: 1/31/07
Table of Contents
Item 1. | Reports to Stockholders. |
Table of Contents
Table of Contents
Pacific Capital Family of Funds
Performance for the period ended 1/31/07 | ||||||||||||||||||||||||
Aggregate Returns (%) | Average Annual Total Returns (%) | |||||||||||||||||||||||
Fund Name | Class of Shares Charge %) | Inception Date | Six Months | One Year | Five Year | Ten Year | Since Inception | |||||||||||||||||
NAV* | Load** | NAV* | Load** | NAV* | Load** | NAV* | Load** | NAV* | Load** | |||||||||||||||
New Asia Growth Fund | Class A (5.25) | 02/15/95 | 21.73 | 15.36 | 23.77 | 17.29 | 16.81 | 15.57 | 6.71 | 6.13 | 8.21 | 7.72 | ||||||||||||
Class B2 (5.00) | 03/02/98 | 21.29 | 16.29 | 22.87 | 18.87 | 16.08 | 15.97 | 6.12 | 6.12 | 7.71 | 7.71 | |||||||||||||
Class C2 (1.00) | 04/30/04 | 21.31 | 20.31 | 22.91 | 21.91 | 16.10 | 16.10 | 6.06 | 6.06 | 7.66 | 7.66 | |||||||||||||
Class Y | 02/15/95 | 21.91 | 21.91 | 24.14 | 24.14 | 17.16 | 17.16 | 6.96 | 6.96 | 8.47 | 8.47 | |||||||||||||
International Stock Fund | Class A3 (5.25) | 12/08/98 | 14.62 | 8.59 | 16.44 | 10.36 | 12.52 | 11.33 | — | — | 6.06 | 5.37 | ||||||||||||
Class B3 (5.00) | 12/20/98 | 14.19 | 9.19 | 15.56 | 11.56 | 11.81 | 11.68 | — | — | 5.35 | 5.35 | |||||||||||||
Class C3 (1.00) | 04/30/04 | 14.00 | 13.00 | 15.48 | 14.48 | 11.78 | 11.78 | — | — | 5.33 | 5.33 | |||||||||||||
Class Y | 12/02/98 | 14.62 | 14.62 | 16.67 | 16.67 | 12.91 | 12.91 | — | — | 6.37 | 6.37 | |||||||||||||
Small Cap Fund | Class A3 (5.25) | 12/08/98 | 14.68 | 8.66 | 11.16 | 5.32 | 17.56 | 16.30 | — | — | 17.05 | 16.28 | ||||||||||||
Class B3 (5.00) | 12/20/98 | 14.27 | 9.27 | 10.36 | 6.36 | 16.67 | 16.57 | — | — | 16.17 | 16.17 | |||||||||||||
Class C3 (1.00) | 04/30/04 | 14.27 | 13.27 | 10.35 | 9.35 | 16.68 | 16.68 | — | — | 16.17 | 16.17 | |||||||||||||
Class Y | 12/03/98 | 14.81 | 14.81 | 11.46 | 11.46 | 17.86 | 17.86 | — | — | 17.31 | 17.31 | |||||||||||||
Mid-Cap Fund | Class A (5.25) | 12/30/03 | 13.16 | 7.19 | 7.10 | 1.45 | — | — | — | — | 13.40 | 11.45 | ||||||||||||
Class C4 (1.00) | 04/30/04 | 12.71 | 11.74 | 6.29 | 5.37 | — | — | — | — | 12.69 | 12.69 | |||||||||||||
Class Y | 12/30/03 | 13.34 | 13.34 | 7.38 | 7.38 | — | — | — | — | 13.69 | 13.69 | |||||||||||||
Growth Stock Fund1 | Class A (5.25) | 10/14/94 | 13.72 | 7.70 | 5.44 | -0.08 | 0.26 | -0.81 | 4.89 | 4.32 | 9.60 | 9.39 | ||||||||||||
Class B2 (5.00) | 03/02/98 | 13.33 | 8.33 | 4.63 | 0.63 | -0.51 | -0.71 | 4.28 | 4.28 | 9.38 | 9.38 | |||||||||||||
Class C2 (1.00) | 04/30/04 | 13.32 | 12.32 | 4.75 | 3.75 | -0.48 | -0.48 | 4.23 | 4.23 | 9.36 | 9.36 | |||||||||||||
Class Y | 10/14/94 | 13.90 | 13.90 | 5.72 | 5.72 | 0.50 | 0.50 | 5.16 | 5.16 | 9.72 | 9.72 | |||||||||||||
Growth & Income Fund1 | Class A (5.25) | 10/14/94 | 12.58 | 6.65 | 8.91 | 3.22 | 3.66 | 2.55 | 5.75 | 5.18 | 8.64 | 8.43 | ||||||||||||
Class B2 (5.00) | 03/02/98 | 12.20 | 7.20 | 8.13 | 4.13 | 2.88 | 2.70 | 5.10 | 5.10 | 8.41 | 8.41 | |||||||||||||
Class C2 (1.00) | 04/30/04 | 12.13 | 11.13 | 8.06 | 7.06 | 2.88 | 2.88 | 5.03 | 5.03 | 8.39 | 8.39 | |||||||||||||
Class Y | 10/14/94 | 12.75 | 12.75 | 9.24 | 9.24 | 3.90 | 3.90 | 6.00 | 6.00 | 8.90 | 8.90 | |||||||||||||
Value Fund | Class A5 (5.25) | 12/08/98 | 13.08 | 7.17 | 18.36 | 12.13 | 8.05 | 6.89 | — | — | 5.47 | 4.78 | ||||||||||||
Class B5 (5.00) | 12/13/98 | 12.56 | 7.58 | 17.47 | 13.47 | 7.21 | 7.06 | — | — | 4.69 | 4.69 | |||||||||||||
Class C5 (1.00) | 04/30/04 | 12.52 | 11.52 | 17.42 | 16.42 | 7.23 | 7.23 | — | — | 4.69 | 4.69 | |||||||||||||
Class Y | 12/03/98 | 13.17 | 13.17 | 18.59 | 18.59 | 8.29 | 8.29 | — | — | 5.73 | 5.73 | |||||||||||||
High Grade Core Fixed Income Fund1 | Class A (4.00) | 10/14/94 | 3.25 | -0.87 | 3.33 | -0.80 | 4.31 | 3.45 | 5.42 | 4.99 | 4.40 | 4.26 | ||||||||||||
Class B2 (5.00) | 03/02/98 | 2.77 | -2.23 | 2.47 | -1.48 | 3.52 | 3.35 | 4.81 | 4.81 | 4.20 | 4.20 | |||||||||||||
Class C2 (1.00) | �� | 04/30/04 | 2.77 | 1.77 | 2.47 | 1.48 | 3.52 | 3.52 | 4.74 | 4.74 | 4.17 | 4.17 | ||||||||||||
Class Y | 10/14/94 | 3.36 | 3.36 | 3.47 | 3.47 | 4.54 | 4.54 | 5.65 | 5.65 | 4.67 | 4.67 | |||||||||||||
Tax-Free Securities Fund1 | Class A (4.00) | 10/14/94 | 2.48 | -1.61 | 2.76 | -1.36 | 3.89 | 3.05 | 4.62 | 4.19 | 3.38 | 3.24 | ||||||||||||
Class B2 (5.00) | 03/02/98 | 2.09 | -2.91 | 2.00 | -1.95 | 3.11 | 2.94 | 4.03 | 4.03 | 3.18 | 3.18 | |||||||||||||
Class C2 (1.00) | 04/30/04 | 2.09 | 1.09 | 2.00 | 1.01 | 3.11 | 3.11 | 3.97 | 3.97 | 3.16 | 3.16 | |||||||||||||
Class Y | 10/14/94 | 2.59 | 2.59 | 3.01 | 3.01 | 4.14 | 4.14 | 4.90 | 4.90 | 3.65 | 3.65 | |||||||||||||
High Grade Short Intermediate Fixed Income Fund | Class A (2.25) | 12/13/93 | 2.74 | 0.42 | 4.12 | 1.79 | 2.92 | 2.44 | 4.42 | 4.18 | 4.16 | 3.98 | ||||||||||||
Class C4 (1.00) | 04/30/04 | 2.35 | 1.35 | 3.35 | 2.35 | 2.47 | 2.47 | 4.19 | 4.19 | 3.99 | 3.99 | |||||||||||||
Class Y6 | 10/14/94 | 2.86 | 2.86 | 4.37 | 4.37 | 3.17 | 3.17 | 4.69 | 4.69 | 4.41 | 4.41 | |||||||||||||
Tax-Free Short Intermediate Securities Fund1 | Class A (2.25) | 10/14/94 | 1.56 | -0.72 | 2.06 | -0.20 | 2.25 | 1.78 | 3.17 | 2.94 | 3.81 | 3.69 | ||||||||||||
Class C4 (1.00) | 04/30/04 | 1.07 | 0.07 | 1.29 | 0.29 | 1.82 | 1.82 | 2.95 | 2.95 | 3.69 | 3.69 | |||||||||||||
Class Y | 10/14/94 | 1.58 | 1.58 | 2.30 | 2.30 | 2.50 | 2.50 | 3.43 | 3.43 | 4.09 | 4.09 | |||||||||||||
U.S. Government Short Fixed Income Fund | Class A7 (2.25) | 08/01/00 | 2.50 | 0.20 | 4.50 | 2.15 | 2.20 | 1.73 | — | — | 3.25 | 2.90 | ||||||||||||
Class B7 (5.00) | 08/01/00 | 2.11 | -2.89 | 3.72 | -0.28 | 1.44 | 1.25 | — | — | 2.51 | 2.51 | |||||||||||||
Class C7 (1.00) | 04/30/04 | 2.11 | 1.11 | 3.72 | 2.72 | 1.44 | 1.44 | — | — | 2.51 | 2.51 | |||||||||||||
Class Y | 06/01/00 | 2.63 | 2.63 | 4.66 | 4.66 | 2.43 | 2.43 | — | — | 3.51 | 3.51 |
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 Funds, respectively:
International investing involves increased risk and volatility.
Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure and, historically, their stocks have experienced a greater degree of market volatility than stocks on average.
Mid-capitalization funds may involve greater risk than larger, more established companies as they may trade less frequently or in limited volume and have a higher risk of failure.
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.
Table of Contents
Pacific Capital Family of Funds, continued
* | Net Asset Value. No sales charge applied. |
** | Maximum applicable sales charge applied. |
1 | 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 High Grade Core 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. |
2 | Class C Shares performance prior to April 30,2004 is based on the performance of the Class B Shares. Performance for any period prior to March 2, 1998, is based on the performance of the Class A Shares, which does not reflect the higher 12b-1 fees. Had the higher 12b-1 fees been reflected, total return figures may have been adversely affected. |
3 | Class C Shares performance prior to April 30,2004 is based on the performance of the Class B Shares. Performance for Class A, Class B and Class C Shares for any period before its inception date is based on the performance of the Class Y Shares, which does not reflect the higher 12b-1 fees. Had the higher 12b-1 fees been reflected, total return figures may have been adversely affected. |
4 | Class C Shares performance prior to April 30,2004 is based on the performance of the Class A Shares, which does not reflect the higher 12b-1 fees. Had the higher 12b-1 fees been reflected, total return figures may have been adversely affected. |
5 | Class C Shares performance prior to April 30,2004 is based on the performance of the Class B Shares. Performance for any period prior to December 13, 1998, is based on the performance of the Class Y Shares, which does not reflect the higher 12b-1 fees. Had the higher 12b-1 fees been reflected, total return figures may have been adversely affected. |
6 | Class Y Shares performance prior to October 14, 1994 is based on the performance of the Class A Shares. |
7 | Class C Shares performance prior to April 30,2004 is based on the performance of the Class B Shares. Performance for any period prior to August 1,2000, is based on the performance of the Class Y Shares, which does not reflect the higher 12b-1 fees. Had the higher 12b-1 fees been reflected, total return figures may have been adversely affected. |
Table of Contents
Page | ||
Letter to Shareholders | 1 | |
Portfolio Composition | 3 | |
Statements of Assets and Liabilities | 4 | |
Statements of Operations | 7 | |
Statements of Changes in Net Assets | 10 | |
Schedules of Portfolio Investments | 18 | |
Notes to Financial Statements | 50 | |
Financial Highlights | 61 | |
Trustees and Officers | 73 | |
Board Determinations | 76 | |
Additional Information | 81 |
Table of Contents
Dear Shareholders:
Thank you for investing with the 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.
The Pacific Capital Funds draw on the expertise of the Asset Management Group of Bank of Hawaii (AMG). Founded in 1898, AMG represents the largest, most experienced staff of investment professionals in Hawaii, and oversees $5 billion in assets under management. 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 institutional money managers:
• | Chicago Equity Partners, LLC, which specializes in core domestic equity markets, serves as Sub-Adviser to the Pacific Capital Mid-Cap Fund. |
• | First State Investments International Limited, which specializes in single-country, regional and sector-specific investments, serves as Sub-Adviser to the Pacific Capital New Asia Growth Fund. |
• | Nicholas-Applegate Capital Management and Wellington Management Company, LLP, serve as Sub-Advisers to the Pacific Capital Small Cap Fund. Nicholas-Applegate specializes in traditional and systematic equity, global and international equity, high yield and convertibles, and alternative strategies. Wellington Management Company specializes in domestic, international and global equity, fixed income, currency, commodities, real estate, and active asset allocation strategies. |
• | Hansberger Global Investors, Inc., which specializes in international value, international growth, international core, emerging markets, developed markets and global equity strategies, serves as Sub-Adviser to the Pacific Capital International Stock Fund. |
Semi-annual Review
Economic growth slowed but remained healthy during the period between August 1, 2006 and January 31, 2007. A dramatic downturn in the housing market weakened the economy, but energy prices fell considerably, helping offset the negative effects of the housing slump while reducing inflationary pressures. Moderating growth and a lower likelihood of higher inflation allowed the Federal Reserve Board (the “Fed”) to leave its target short-term interest rate unchanged during this six-month period, following a two-year stretch in which the Fed increased the Federal Funds rate at 17 consecutive meetings.
That benign environment surprised many investors, who in mid-2006 had sold stocks and bonds on concerns that rising energy prices could lead to higher inflation, forcing the Fed to boost interest rates even as the housing slump weakened the economy. The unexpected prospect of healthy GDP growth, declining inflation, stable or lower interest rates and strong corporate earnings growth encouraged investors to bid up prices on stocks and bonds alike. The Standard & Poor’s 500 Index1 gained 13.75% during the six months under review, while the Lehman Aggregate Bond Index2 returned 3.65%.
Stocks rally
Stocks generated broad-based gains. All economic sectors represented in the S&P 500 produced positive performance for the six-month period. Stocks in economically sensitive sectors generally led the markets. Such stocks began August at low levels due to investor worries about economic growth, interest rates, inflation and oil prices, but they subsequently rebounded as economic conditions proved better than expected. Meanwhile, defensive sectors lagged.
Stocks in the consumer discretionary sector particularly benefited from the better-than-anticipated economic environment. Investors during the second quarter of 2006 had worried that the combination of rising energy prices, higher interest rates and a weak housing market could force a drop-off in consumer spending, hurting shares of consumer discretionary companies such as retailers and restaurants. Consumer discretionary stocks as a result fell substantially prior to this period. Conditions improved for the sector, however, as the declines in oil and gas prices and up-ticks in employment and wage growth boosted the outlook for consumer spending. That turnaround in consumer strength helped consumer discretionary stocks produce some of the market’s strongest gains during the period under review.
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. |
2 | Lehman Brothers Aggregate Bond Index is an unmanaged market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. |
1
Table of Contents
Letter to Shareholders, continued
Energy stocks generally trailed the market, although the energy sector as a whole did generate a positive return. Energy shares had enjoyed a multi-year surge prior to August on the back of rising prices for oil and other fuels. The large drops in energy prices during this period weighed on the returns of stocks in that sector. Health care and utilities stocks also lagged the broad market, though they produced solid absolute returns. The improving economic picture caused investors to forego these traditionally defensive sectors in favor of more-cyclical shares.
Indices tracking value and growth stocks posted similar performance. Likewise, large-, mid- and small-cap stocks generated returns that were roughly in line with each other. Large caps led the market early in the period—a departure from the long trend of superior returns by small- and mid-cap shares—but smaller stocks gained strength during the last quarter of the fiscal year.
Bonds also post gains
Diminished concerns about inflation and the prospect for future easing by the Federal Reserve helped the bond markets rally. Bond yields declined modestly but consistently during this period, causing bond prices to rise.
Yields on short-term bonds were anchored by the 5.25% Federal Funds rate, and finished the period roughly where they began it. Yields on longer-term bonds fell the most, as investors believed the threat of higher inflation would subside. The yield on long-term Treasury bonds ended the period significantly lower than the yields on short-term Treasury securities—an unusual condition known as an inverted yield curve. Municipal bonds experienced a similar though less dramatic discrepancy between the performance of short- and long-term issues.
The difference between the yields on Treasury bonds and other types of bonds—known as the “spread”—generally declined during this six-month period, as investors showed increased willingness to take on greater risk in pursuit of higher yields. That development caused yields on government agency, corporate, and mortgage-backed securities to fall farther than yields on U.S. Treasury securities.
Outlook
We believe the economy is generally healthy, and is likely to produce moderate but solid growth during the coming year. We also think corporations may exceed earnings growth expectations. The stock market appears reasonably valued for such a scenario, particularly given that interest rates remain low by historical standards. It seems unlikely that the segments of the market that have led for several years, notably value and small- and mid-cap stocks, will continue to outperform the market by a similar magnitude. In the bond markets, we believe an emphasis on high-quality securities is likely to prove rewarding going forward, given the small yield premium lower-quality securities offered as of the end of January.
We would like to take this opportunity to caution investors against chasing returns in hot stock or bond categories. Certain types of stocks—including small- and mid-caps, energy shares and value stocks in general—led the market for several years coming into this period. Likewise, riskier types of bonds have led the fixed-income markets for some time. Stock market history shows that stocks and bonds move in cycles, with periods of strong performance often followed by weak stretches. For that reason, it is wise to maintain a broadly diversified portfolio that provides exposure to a wide variety of stocks and bonds. The Pacific Capital Funds offer investment options to help you build such a portfolio.
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
Senior Executive Vice President and Chief Investment Officer
Asset Management Group of Bank of Hawaii
2
Table of Contents
P ortfolio Composition (as a percentage of total investments)*
January 31, 2007 (Unaudited)
New Asia Growth Fund | % | |
Hong Kong | 25.1 | |
Singapore | 16.0 | |
Taiwan | 15.6 | |
South Korea | 11.9 | |
Malaysia | 10.8 | |
China | 5.9 | |
Philippines | 3.6 | |
Thailand | 3.4 | |
United Kingdom | 2.3 | |
Indonesia | 2.0 | |
India | 1.9 | |
Cash Equivalents | 1.5 | |
International Stock Fund | % | |
United Kingdom | 18.1 | |
Japan | 16.8 | |
Switzerland | 10.1 | |
France | 9.7 | |
Italy | 4.3 | |
Germany | 3.9 | |
Canada | 3.4 | |
Hong Kong | 3.4 | |
Spain | 3.3 | |
Brazil | 2.5 | |
Australia | 2.3 | |
Netherlands | 2.3 | |
South Korea | 2.1 | |
India | 2.0 | |
Singapore | 1.9 | |
Mexico | 1.7 | |
Greece | 1.4 | |
China | 1.1 | |
Taiwan | 1.1 | |
Finland | 1.0 | |
Denmark | 0.9 | |
Russia | 0.9 | |
Luxembourg | 0.8 | |
Austria | 0.7 | |
Israel | 0.7 | |
Belgium | 0.6 | |
Ireland | 0.6 | |
Sweden | 0.5 | |
Indonesia | 0.3 | |
Thailand | 0.3 | |
Cayman Islands | 0.2 | |
South Africa | 0.2 | |
Cash Equivalents | 0.9 | |
Small Cap Fund | % | |
Consumer Discretionary | 20.4 | |
Information Technology | 19.1 | |
Industrials | 14.7 | |
Financials | 12.7 | |
Materials | 7.9 | |
Health Care | 6.6 | |
Real Estate Investment Trusts | 4.2 | |
Energy | 3.5 | |
Transportations | 1.5 | |
Utilities | 1.5 | |
Telecommunication Services | 1.4 | |
Consumer Staples | 1.0 | |
U.S. Treasury Obligations | 0.1 | |
Depositary Receipts | 2.0 | |
Cash Sweep | 3.4 | |
Mid-Cap Fund | % | |
Consumer Discretionary | 18.0 | |
Financials | 15.3 | |
Information Technology | 13.1 | |
Health Care | 10.7 | |
Energy | 10.0 | |
Industrials | 9.0 | |
Materials | 6.5 | |
Transportation | 4.7 | |
Utilities | 4.4 | |
Real Estate Investment Trusts | 3.6 | |
Telecommunication Services | 2.1 | |
Consumer Staples | 1.7 | |
Real Estate | 0.3 | |
Cash Equivalents | 0.6 | |
Growth Stock Fund | % | |
Information Technology | 20.1 | |
Consumer Discretionary | 16.5 | |
Health Care | 16.4 | |
Energy | 13.5 | |
Financials | 11.7 | |
Consumer Staples | 8.7 | |
Industrials | 6.7 | |
Materials | 2.5 | |
Transportation | 1.5 | |
Utilities | 0.4 | |
Telecommunication Services | 0.4 | |
Cash Equivalents | 1.6 | |
Growth and Income Fund | % | |
Financials | 21.2 | |
Information Technology | 14.7 | |
Consumer Discretionary | 12.4 | |
Health Care | 12.0 | |
Energy | 10.4 | |
Industrials | 8.5 | |
Consumer Staples | 5.9 | |
Telecommunications | 3.9 | |
Materials | 3.2 | |
Utilities | 2.9 | |
Transportation | 2.3 | |
Real Estate Investment Trusts | 0.9 | |
Cash Equivalents | 1.7 | |
Value Fund | % | |
Financials | 35.5 | |
Energy | 14.2 | |
Consumer Discretionary | 10.2 | |
Health Care | 7.9 | |
Utilities | 6.3 | |
Telecommunications | 6.2 | |
Industrials | 5.5 | |
Consumer Staples | 4.5 | |
Materials | 3.9 | |
Information Technology | 3.2 | |
Transportation | 1.2 | |
Cash Equivalents | 1.4 | |
High Grade Core Fixed Income Fund1 | % | |
Treasury | 15.2 | |
Agency | 52.9 | |
AAA | 6.9 | |
AA | 5.9 | |
A | 11.9 | |
BAA | 7.2 | |
Tax-Free Securities Fund1 | % | |
AAA | 93.7 | |
AA | 5.8 | |
A | 0.5 | |
High Grade Short Intermediate Fixed Income Fund | % | |
Federal Home Loan Bank | 44.3 | |
Corporate Bonds | 20.6 | |
Federal Home Loan Mortgage Corp. | 14.2 | |
Federal National Mortgage Assoc. | 13.2 | |
Federal Farm Credit Bank | 6.0 | |
U.S. Treasury Obligations | 1.7 | |
Tax-Free Short Intermediate Securities Fund1 | % | |
AAA | 79.6 | |
AA | 8.7 | |
A | 7.4 | |
BBB | 4.3 | |
U.S. Government Short Fixed Income Fund | % | |
Federal Home Loan Bank | 93.7 | |
Federal Farm Credit Bank | 6.2 | |
US Treasury Obligations | 0.1 |
* | The composition of the Funds’ portfolios is as of January 31, 2007 and subject to change. |
1 | 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). A rating 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. |
3
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities
January 31, 2007
(Unaudited)
New Asia Growth Fund | International Fund | Small Cap Fund | Mid-Cap Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at cost | $ | 73,531,905 | $ | 181,553,461 | $ | 448,267,626 | $ | 53,897,676 | ||||||||
Investments, at value | $ | 96,749,173 | $ | 218,737,505 | $ | 506,814,283 | $ | 62,602,890 | ||||||||
Cash | — | — | 455,000 | — | ||||||||||||
Foreign currency, at value (Cost $839,269, $20,034, $— and $—, respectively) | 840,335 | 20,028 | — | — | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 167 | — | — | — | ||||||||||||
Dividends receivable | 119,079 | 107,134 | 161,037 | 32,951 | ||||||||||||
Receivable for capital shares issued | 52,341 | 125,257 | 27,819,577 | 28,583 | ||||||||||||
Receivable for investments sold | 404,392 | 3,168,560 | 41,594,852 | — | ||||||||||||
Reclaims receivable | — | 204,672 | — | — | ||||||||||||
Net receivable for variation margin on futures contracts | — | — | 54,810 | — | ||||||||||||
Prepaid expenses and other assets | 2,944 | 6,767 | 32,308 | 1,704 | ||||||||||||
Total Assets | 98,168,431 | 222,369,923 | 576,931,867 | 62,666,128 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable for capital shares redeemed | 1,784 | 2,559 | 26,261,436 | 5,093 | ||||||||||||
Payable for investments purchased | 125,614 | 2,589,771 | 22,723,798 | — | ||||||||||||
Unrealized depreciation on foreign currency exchange contracts | 211 | — | — | — | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 32,922 | 64,840 | 153,313 | 11,627 | ||||||||||||
Sub-investment advisory fees | 41,153 | 80,765 | 274,338 | 13,768 | ||||||||||||
Administration fees | 7,408 | 16,673 | 38,489 | 4,637 | ||||||||||||
Compliance service fees | 1,022 | 2,297 | 5,266 | 1,237 | ||||||||||||
Distribution fees | 1,490 | 1,313 | 69,350 | 596 | ||||||||||||
Other fees | 39,888 | 63,170 | 23,225 | 8,399 | ||||||||||||
Total Liabilities | 251,492 | 2,821,388 | 49,549,215 | 45,357 | ||||||||||||
Net Assets: | ||||||||||||||||
Capital (no par value) | 70,929,715 | 183,557,359 | 449,491,744 | 52,484,185 | ||||||||||||
Distributions in excess of net investment income | (92,566 | ) | (1,076,007 | ) | (768,716 | ) | (1,537 | ) | ||||||||
Accumulated net realized gains (losses) from investments, futures and foreign currency transactions | 3,861,589 | (120,238 | ) | 19,973,845 | 1,432,909 | |||||||||||
Net unrealized appreciation on investments, futures and foreign currency transactions | 23,218,201 | 37,187,421 | 58,685,779 | 8,705,214 | ||||||||||||
Net Assets | $ | 97,916,939 | $ | 219,548,535 | $ | 527,382,652 | $ | 62,620,771 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 2,453,719 | $ | 1,090,113 | $ | 216,030,421 | $ | 718,832 | ||||||||
Class B | 659,563 | 693,333 | 3,063,757 | N/A | ||||||||||||
Class C | 487,152 | 581,886 | 21,439,000 | 537,649 | ||||||||||||
Class Y | 94,316,505 | 217,183,203 | 286,849,474 | 61,364,290 | ||||||||||||
Total | $ | 97,916,939 | $ | 219,548,535 | $ | 527,382,652 | $ | 62,620,771 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 132,601 | 88,303 | 11,465,235 | 60,347 | ||||||||||||
Class B | 37,427 | 59,180 | 174,386 | N/A | ||||||||||||
Class C | 27,660 | 49,713 | 1,219,383 | 45,875 | ||||||||||||
Class Y | 5,020,572 | 17,244,958 | 14,979,925 | 5,139,768 | ||||||||||||
Total | 5,218,260 | 17,442,154 | 27,838,929 | 5,245,990 | ||||||||||||
Net Asset Value | ||||||||||||||||
Class A—redemption price per share | $ | 18.50 | $ | 12.35 | $ | 18.84 | $ | 11.91 | ||||||||
Class A—maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A—maximum offering price per share | $ | 19.53 | $ | 13.03 | $ | 19.88 | $ | 12.57 | ||||||||
Class B—offering price per share* | $ | 17.62 | $ | 11.72 | $ | 17.57 | N/A | |||||||||
Class C—offering price per share* | $ | 17.61 | $ | 11.70 | $ | 17.58 | $ | 11.72 | ||||||||
Class Y—offering and redemption price per share | $ | 18.79 | $ | 12.59 | $ | 19.15 | $ | 11.94 | ||||||||
* | Redemption price per share varies based on length of time shares are held. |
See notes to financial statements.
4
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities, Continued
January 31, 2007
(Unaudited)
Growth Stock Fund | Growth and Income Fund | Value Fund | High Grade Core Fixed Income Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at cost | $ | 148,623,973 | $ | 159,898,558 | $ | 163,304,293 | $ | 306,548,687 | ||||||||
Investments, at value | $ | 155,709,326 | $ | 169,796,878 | $ | 177,142,764 | $ | 308,917,963 | ||||||||
Interest and dividends receivable | 76,844 | 118,249 | 179,555 | 3,536,630 | ||||||||||||
Receivable for capital shares issued | 34,383 | 31,033 | 31,031 | 168,698 | ||||||||||||
Receivable for investments sold | — | — | — | 50,120 | ||||||||||||
Prepaid expenses and other assets | 7,101 | 11,025 | 4,420 | 9,475 | ||||||||||||
Total Assets | 155,827,654 | 169,957,185 | 177,357,770 | 312,682,886 | ||||||||||||
Liabilities: | ||||||||||||||||
Distributions payable | — | — | — | 244,948 | ||||||||||||
Payable for capital shares redeemed | 24,706 | 57,821 | 6,495 | 21,598 | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 105,562 | 114,596 | 118,896 | 119,807 | ||||||||||||
Administration fees | 11,876 | 12,892 | 13,376 | 23,962 | ||||||||||||
Compliance service fees | 5,275 | 3,288 | 3,849 | 6,349 | ||||||||||||
Distribution fees | 10,482 | 6,923 | 3,437 | 3,612 | ||||||||||||
Other fees | 52,414 | 44,238 | 38,159 | 48,828 | ||||||||||||
Total Liabilities | 210,315 | 239,758 | 184,212 | 469,104 | ||||||||||||
Net Assets: | ||||||||||||||||
Capital (no par value) | 229,624,994 | 156,782,640 | 148,229,743 | 314,274,742 | ||||||||||||
Undistributed (distributions in excess of) net investment income | (19,749 | ) | (19,599 | ) | (12,251 | ) | 57,406 | |||||||||
Accumulated net realized gains (losses) from investment transactions | (81,073,259 | ) | 3,056,066 | 15,117,595 | (4,487,642 | ) | ||||||||||
Net unrealized appreciation from investments | 7,085,353 | 9,898,320 | 13,838,471 | 2,369,276 | ||||||||||||
Net Assets | $ | 155,617,339 | $ | 169,717,427 | $ | 177,173,558 | $ | 312,213,782 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 8,375,585 | $ | 6,215,692 | $ | 2,904,247 | $ | 3,230,571 | ||||||||
Class B | 8,329,659 | 4,704,758 | 1,381,886 | 2,304,363 | ||||||||||||
Class C | 1,984,078 | 1,900,337 | 1,993,146 | 1,015,218 | ||||||||||||
Class Y | 136,928,017 | 156,896,640 | 170,894,279 | 305,663,630 | ||||||||||||
Total | $ | 155,617,339 | $ | 169,717,427 | $ | 177,173,558 | $ | 312,213,782 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 877,035 | 415,658 | 271,778 | 301,736 | ||||||||||||
Class B | 939,908 | 335,353 | 131,985 | 215,699 | ||||||||||||
Class C | 224,057 | 135,594 | 189,812 | 95,031 | ||||||||||||
Class Y | 13,884,992 | 10,409,559 | 15,958,559 | 28,379,988 | ||||||||||||
Total | 15,925,992 | 11,296,164 | 16,552,134 | 28,992,454 | ||||||||||||
Net Asset Value | ||||||||||||||||
Class A—redemption price per share | $ | 9.55 | $ | 14.95 | $ | 10.69 | $ | 10.71 | ||||||||
Class A—maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 4.00 | % | ||||||||
Class A—maximum offering price per share | $ | 10.08 | $ | 15.78 | $ | 11.28 | $ | 11.16 | ||||||||
Class B—offering price per share* | $ | 8.86 | $ | 14.03 | $ | 10.47 | $ | 10.68 | ||||||||
Class C—offering price per share* | $ | 8.86 | $ | 14.01 | $ | 10.50 | $ | 10.68 | ||||||||
Class Y—offering and redemption price per share | $ | 9.86 | $ | 15.07 | $ | 10.71 | $ | 10.77 | ||||||||
* | Redemption price per share varies based on length of time shares are held. |
See notes to financial statements.
5
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities, Continued
January 31, 2007
(Unaudited)
Tax-Free Securities Fund | High Grade Short Intermediate Fixed Income Fund | Tax-Free Short Intermediate Securities Fund | U.S. Government Short Fixed Income Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at cost | $ | 275,962,435 | $ | 61,222,075 | $ | 59,392,147 | $ | 87,105,893 | ||||||||
Investments, at value | $ | 290,395,271 | $ | 61,120,834 | $ | 59,534,248 | $ | 87,206,276 | ||||||||
Cash | — | 462 | — | 1,375 | ||||||||||||
Interest and dividends receivable | 3,171,007 | 665,327 | 601,465 | 1,107,166 | ||||||||||||
Receivable for capital shares issued | 100,843 | 663,819 | 5,000 | 605,305 | ||||||||||||
Receivable for investments sold | 2,507,941 | 8,849 | 1,037,780 | — | ||||||||||||
Prepaid expenses and other assets | 7,112 | 1,794 | 1,822 | 1,043 | ||||||||||||
Total Assets | 296,182,174 | 62,461,085 | 61,180,315 | 88,921,165 | ||||||||||||
Liabilities: | ||||||||||||||||
Payable to custodian | 1,104,669 | — | — | — | ||||||||||||
Distributions payable | 204,900 | 46,932 | 33,569 | 69,115 | ||||||||||||
Payable for capital shares redeemed | 143,805 | 311 | 41,344 | 98,876 | ||||||||||||
Payable for investments purchased | — | — | 1,013,690 | — | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 112,932 | 9,953 | 20,528 | 9,650 | ||||||||||||
Administration fees | 22,587 | 4,613 | 4,619 | 6,872 | ||||||||||||
Compliance service fees | 7,597 | 1,741 | 1,582 | 4,495 | ||||||||||||
Distribution fees | 2,600 | 699 | 534 | 2,656 | ||||||||||||
Other fees | 59,774 | 16,266 | 17,453 | 33,125 | ||||||||||||
Total Liabilities | 1,658,864 | 80,515 | 1,133,319 | 224,789 | ||||||||||||
Net Assets: | ||||||||||||||||
Capital (no par value) | 279,983,026 | 64,618,829 | 60,622,046 | 91,529,854 | ||||||||||||
Undistributed net investment income | 35 | 1 | 762 | — | ||||||||||||
Accumulated net realized gains (losses) from investments | 107,413 | (2,137,019 | ) | (717,913 | ) | (2,933,861 | ) | |||||||||
Net unrealized appreciation (depreciation) on investments | 14,432,836 | (101,241 | ) | 142,101 | 100,383 | |||||||||||
Net Assets | $ | 294,523,310 | $ | 62,380,570 | $ | 60,046,996 | $ | 88,696,376 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 6,019,721 | $ | 1,025,997 | $ | 2,470,903 | $ | 2,342,467 | ||||||||
Class B | 1,360,653 | N/A | N/A | 1,078,532 | ||||||||||||
Class C | 10,620 | 529,821 | 10,239 | 1,433,255 | ||||||||||||
Class Y | 287,132,316 | 60,824,752 | 57,565,854 | 83,842,122 | ||||||||||||
Total | $ | 294,523,310 | $ | 62,380,570 | $ | 60,046,996 | $ | 88,696,376 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 592,920 | 107,119 | 245,911 | 232,952 | ||||||||||||
Class B | 134,012 | N/A | N/A | 107,255 | ||||||||||||
Class C | 1,046 | 55,365 | 1,019 | 142,537 | ||||||||||||
Class Y | 28,167,546 | 6,338,908 | 5,698,263 | 8,332,634 | ||||||||||||
Total | 28,895,524 | 6,501,392 | 5,945,193 | 8,815,378 | ||||||||||||
Net Asset Value | ||||||||||||||||
Class A—redemption price per share | $ | 10.15 | $ | 9.58 | $ | 10.05 | $ | 10.06 | ||||||||
Class A—maximum sales charge | 4.00 | % | 2.25 | % | 2.25 | % | 2.25 | % | ||||||||
Class A—maximum offering price per share | $ | 10.57 | $ | 9.80 | $ | 10.28 | $ | 10.29 | ||||||||
Class B—offering price per share* | $ | 10.15 | N/A | N/A | $ | 10.06 | ||||||||||
Class C—offering price per share* | $ | 10.15 | $ | 9.57 | $ | 10.05 | $ | 10.06 | ||||||||
Class Y—offering and redemption price per share | $ | 10.19 | $ | 9.60 | $ | 10.10 | $ | 10.06 | ||||||||
* | Redemption price per share varies based on length of time shares are held. |
See notes to financial statements.
6
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Operations
Period Ended January 31, 2007
(Unaudited)
New Asia Growth Fund | International Fund | Small Cap Fund | Mid-Cap Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend income | $ | 1,181,347 | $ | 1,542,290 | $ | 2,399,551 | $ | 581,793 | ||||||||
Interest income | — | — | 204,489 | — | ||||||||||||
Foreign tax withholding | (107,637 | ) | (88,964 | ) | (1,667 | ) | — | |||||||||
Total Investment Income | 1,073,710 | 1,453,326 | 2,602,373 | 581,793 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 182,443 | 478,208 | 1,051,685 | 183,263 | ||||||||||||
Sub-investment advisory fees | 228,053 | 466,459 | 1,471,605 | 61,088 | ||||||||||||
Administration fees | 41,051 | 95,643 | 206,455 | 27,490 | ||||||||||||
Distribution fees—Class A | 4,674 | 2,086 | 428,171 | 1,581 | ||||||||||||
Distribution fees—Class B | 3,139 | 3,453 | 16,009 | — | ||||||||||||
Distribution fees—Class C | 2,289 | 3,077 | 91,775 | 2,765 | ||||||||||||
Accounting fees | 29,663 | 59,745 | 92,543 | 15,418 | ||||||||||||
Compliance service fees | 3,019 | 7,006 | 14,312 | 1,848 | ||||||||||||
Custodian fees | 73,556 | 85,980 | 33,375 | 16,303 | ||||||||||||
Transfer agent fees | 38,782 | 37,660 | 212,688 | 27,735 | ||||||||||||
Trustee fees | 4,240 | 9,937 | 20,815 | 3,160 | ||||||||||||
Other fees | 28,748 | 59,231 | 133,990 | 26,706 | ||||||||||||
Total expenses before reductions | 639,657 | 1,308,485 | 3,773,423 | 367,357 | ||||||||||||
Less expenses waived/reimbursed by the adviser | (545 | ) | (106,617 | ) | (241,770 | ) | (118,877 | ) | ||||||||
Less expenses waived by the distributor—Class A | (1,753 | ) | (782 | ) | (160,564 | ) | (593 | ) | ||||||||
Net Expenses | 637,359 | 1,201,086 | 3,371,089 | 247,887 | ||||||||||||
Net Investment Income (Loss) | 436,351 | 252,240 | (768,716 | ) | 333,906 | |||||||||||
Realized/Unrealized Gains (Losses) from Investments, Futures and Foreign Currency Transactions: | ||||||||||||||||
Net realized gains from investments and foreign currency transactions | 8,015,466 | 12,160,961 | 22,790,543 | 3,199,687 | ||||||||||||
Net realized gains (losses) from futures transactions | — | — | (12,448 | ) | — | |||||||||||
Change in unrealized appreciation on investments and foreign currency transactions | 9,602,845 | 16,425,909 | 40,062,969 | 3,725,060 | ||||||||||||
Change in unrealized appreciation on futures | — | — | 139,122 | — | ||||||||||||
Net realized/unrealized gains from investments, futures and foreign currency transactions | 17,618,311 | 28,586,870 | 62,980,186 | 6,924,747 | ||||||||||||
Change in net assets resulting from operations | $ | 18,054,662 | $ | 28,839,110 | $ | 62,211,470 | $ | 7,258,653 | ||||||||
See notes to financial statements.
7
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Operations, Continued
Period Ended January 31, 2007
(Unaudited)
Growth Fund | Growth and Income Fund | Value Fund | High Grade Core Fixed Income Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend income | $ | 970,061 | $ | 1,605,899 | $ | 2,214,869 | $ | 85,774 | ||||||||
Interest income | 1,233 | — | — | 8,673,795 | ||||||||||||
Total Investment Income | 971,294 | 1,605,899 | 2,214,869 | 8,759,569 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 624,691 | 682,736 | 694,847 | 960,910 | ||||||||||||
Administration fees | 70,279 | 76,809 | 78,172 | 144,139 | ||||||||||||
Distribution fees—Class A | 16,556 | 11,816 | 5,985 | 6,927 | ||||||||||||
Distribution fees—Class B | 43,355 | 25,554 | 7,148 | 13,559 | ||||||||||||
Distribution fees—Class C | 10,041 | 9,859 | 10,580 | 6,510 | ||||||||||||
Accounting fees | 31,947 | 34,079 | 33,987 | 68,762 | ||||||||||||
Compliance service fees | 3,522 | 4,768 | 4,335 | 8,711 | ||||||||||||
Custodian fees | 18,240 | 14,888 | 15,148 | 12,971 | ||||||||||||
Transfer agent fees | 77,329 | 58,026 | 37,627 | 43,798 | ||||||||||||
Trustee fees | 7,554 | 7,875 | 7,687 | 14,602 | ||||||||||||
Other fees | 44,430 | 46,936 | 44,384 | 81,583 | ||||||||||||
Total expenses before reductions | 947,944 | 973,346 | 939,900 | 1,362,472 | ||||||||||||
Less expenses waived/reimbursed by the adviser | (3,087 | ) | (1,834 | ) | (406 | ) | (240,928 | ) | ||||||||
Less expenses waived by the distributor—Class A | (6,208 | ) | (4,431 | ) | (2,244 | ) | (2,598 | ) | ||||||||
Net Expenses | 938,649 | 967,081 | 937,250 | 1,118,946 | ||||||||||||
Net Investment Income | 32,645 | 638,818 | 1,277,619 | 7,640,623 | ||||||||||||
Realized/Unrealized Gains (Losses) from Investments: | ||||||||||||||||
Net realized gains from investments | 10,386,871 | 14,758,267 | 21,133,238 | 832,769 | ||||||||||||
Change in unrealized appreciation (depreciation) on investments | 9,595,430 | 4,924,955 | (1,104,777 | ) | 1,869,154 | |||||||||||
Net realized/unrealized gains from investments | 19,982,301 | 19,683,222 | 20,028,461 | 2,701,923 | ||||||||||||
Change in net assets resulting from operations | $ | 20,014,946 | $ | 20,322,040 | $ | 21,306,080 | $ | 10,342,546 | ||||||||
See notes to financial statements.
8
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Operations, Continued
Period Ended January 31, 2007
(Unaudited)
Tax-Free Securities Fund | High Grade Short Intermediate Fixed Income Fund | Tax-Free Short Intermediate Securities Fund | U.S. Government Short Fixed Income Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Interest income | $ | 7,300,127 | $ | 1,605,635 | $ | 1,281,269 | $ | 2,424,552 | ||||||||
Dividend income | 13,483 | — | 8,637 | — | ||||||||||||
Total Investment Income | 7,313,610 | 1,605,635 | 1,289,906 | 2,424,552 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 909,613 | 157,468 | 159,683 | 189,271 | ||||||||||||
Administration fees | 136,444 | 28,344 | 28,743 | 42,587 | ||||||||||||
Distribution fees—Class A | 12,410 | 2,231 | 5,276 | 4,685 | ||||||||||||
Distribution fees—Class B | 9,735 | — | — | 5,931 | ||||||||||||
Distribution fees—Class C | 53 | 3,310 | 52 | 7,674 | ||||||||||||
Accounting fees | 66,738 | 16,881 | 15,984 | 21,784 | ||||||||||||
Compliance service fees | 7,704 | 1,500 | 1,684 | 1,860 | ||||||||||||
Custodian fees | 26,914 | 5,700 | 12,346 | 8,864 | ||||||||||||
Transfer agent fees | 34,044 | 27,157 | 26,293 | 34,163 | ||||||||||||
Trustee fees | 14,139 | 3,015 | 3,065 | 4,723 | ||||||||||||
Other fees | 78,309 | 20,148 | 20,469 | 28,388 | ||||||||||||
Total expenses before reductions | 1,296,103 | 265,754 | 273,595 | 349,930 | ||||||||||||
Less expenses waived/reimbursed by the adviser | (227,550 | ) | (94,686 | ) | (31,992 | ) | (154,251 | ) | ||||||||
Less expenses waived by the distributor—Class A | (4,654 | ) | (837 | ) | (1,978 | ) | (1,757 | ) | ||||||||
Net Expenses | 1,063,899 | 170,231 | 239,625 | 193,922 | ||||||||||||
Net Investment Income | 6,249,711 | 1,435,404 | 1,050,281 | 2,230,630 | ||||||||||||
Realized/Unrealized Gains (Losses) from Investments: | ||||||||||||||||
Net realized gains (losses) from investments | 671,930 | (88,198 | ) | (9,735 | ) | (107,062 | ) | |||||||||
Change in unrealized appreciation (depreciation) on investments | 888,106 | 433,767 | (5,079 | ) | 309,044 | |||||||||||
Net realized/unrealized gains (losses) from investments | 1,560,036 | 345,569 | (14,814 | ) | 201,982 | |||||||||||
Change in net assets resulting from operations | $ | 7,809,747 | $ | 1,780,973 | $ | 1,035,467 | $ | 2,432,612 | ||||||||
See notes to financial statements.
9
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets
New Asia Growth Fund | International Stock Fund | Small Cap Fund | ||||||||||||||||||||||
Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended 2007 | Year Ended 2006 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 436,351 | $ | 632,605 | $ | 252,240 | $ | 1,737,564 | $ | (768,716 | ) | $ | (1,035,072 | ) | ||||||||||
Net realized gains from investments, futures, and foreign currency transactions and reimbursements from affiliates of realized losses on the disposal of investments in violation of restrictions | 8,015,466 | 6,692,016 | 12,160,961 | 13,917,604 | 22,778,095 | 35,641,662 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency transactions | 9,602,845 | 1,934,685 | 16,425,909 | 10,588,445 | 40,202,091 | (23,151,245 | ) | |||||||||||||||||
Change in net assets resulting from operations | 18,054,662 | 9,259,306 | 28,839,110 | 26,243,613 | 62,211,470 | 11,455,345 | ||||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (10,697 | ) | (12,758 | ) | (3,453 | ) | (6,708 | ) | — | — | ||||||||||||||
From net realized gains | (233,425 | ) | (92,945 | ) | — | — | (15,602,529 | ) | (9,820,847 | ) | ||||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,295 | ) | (1,860 | ) | (410 | ) | (2,067 | ) | — | — | ||||||||||||||
From net realized gains | (65,066 | ) | (26,014 | ) | — | — | (251,200 | ) | (243,751 | ) | ||||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | (944 | ) | (1,278 | ) | (405 | ) | (1,862 | ) | — | — | ||||||||||||||
From net realized gains | (47,463 | ) | (16,651 | ) | — | — | (1,512,887 | ) | (690,409 | ) | ||||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (482,615 | ) | (637,214 | ) | (890,203 | ) | (1,775,203 | ) | — | — | ||||||||||||||
From net realized gains | (8,514,850 | ) | (2,482,497 | ) | — | — | (16,320,588 | ) | (9,420,884 | ) | ||||||||||||||
Change in net assets from shareholder distributions | (9,356,355 | ) | (3,271,217 | ) | (894,471 | ) | (1,785,840 | ) | (33,687,204 | ) | (20,175,891 | ) | ||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | 173,506 | 36,476,710 | (20,463,094 | ) | 92,467,660 | 67,885,794 | 201,307,844 | |||||||||||||||||
Change in net assets | 8,871,813 | 42,464,799 | 7,481,545 | 116,925,433 | 96,410,060 | 192,587,298 | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 89,045,126 | 46,580,327 | 212,066,990 | 95,141,557 | 430,972,592 | 238,385,294 | ||||||||||||||||||
End of year | $ | 97,916,939 | $ | 89,045,126 | $ | 219,548,535 | $ | 212,066,990 | $ | 527,382,652 | $ | 430,972,592 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | (92,566 | ) | $ | (33,366 | ) | $ | (1,076,007 | ) | $ | (433,776 | ) | $ | (768,716 | ) | $ | — | |||||||
See notes to financial statements.
10
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, Continued
New Asia Growth Fund | International Stock Fund | Small Cap Fund | ||||||||||||||||||||||
Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 148,487 | $ | 453,145 | $ | 116,563 | $ | 378,695 | $ | 62,053,152 | $ | 140,268,644 | ||||||||||||
Dividends reinvested | 199,907 | 91,056 | 2,832 | 5,677 | 14,417,610 | 9,061,442 | ||||||||||||||||||
Cost of shares redeemed | (266,047 | ) | (312,874 | ) | (165,108 | ) | (482,822 | ) | (88,816,097 | ) | (33,422,466 | ) | ||||||||||||
Change in net assets from Class A | $ | 82,347 | $ | 231,327 | $ | (45,713 | ) | $ | (98,450 | ) | $ | (12,345,335 | ) | $ | 115,907,620 | |||||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 33,663 | $ | 299,499 | $ | 24,816 | $ | 49,852 | $ | 20,001 | $ | 175,508 | ||||||||||||
Dividends reinvested | 43,581 | 22,513 | 375 | 1,899 | 238,040 | 234,792 | ||||||||||||||||||
Cost of shares redeemed | (111,849 | ) | (173,750 | ) | (94,387 | ) | (155,256 | ) | (462,696 | ) | (758,450 | ) | ||||||||||||
Change in net assets from Class B | $ | (34,605 | ) | $ | 148,262 | $ | (69,196 | ) | $ | (103,505 | ) | $ | (204,655 | ) | $ | (348,150 | ) | |||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 76,531 | $ | 213,571 | $ | 56,888 | $ | 121,026 | $ | 5,308,873 | $ | 10,271,763 | ||||||||||||
Dividends reinvested | 46,092 | 16,897 | 405 | 1,862 | 1,347,711 | 645,787 | ||||||||||||||||||
Cost of shares redeemed | (89,032 | ) | (114,287 | ) | (156,653 | ) | (120,564 | ) | (1,028,715 | ) | (1,410,781 | ) | ||||||||||||
Change in net assets from Class C | $ | 33,591 | $ | 116,181 | $ | (99,360 | ) | $ | 2,324 | $ | 5,627,869 | $ | 9,506,769 | |||||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 8,692,230 | $ | 46,217,077 | $ | 17,721,981 | $ | 119,632,755 | $ | 99,021,374 | $ | 104,956,829 | ||||||||||||
Dividends reinvested | 7,058,859 | 2,087,752 | 46,551 | 94,026 | 13,035,516 | 7,656,477 | ||||||||||||||||||
Cost of shares redeemed | (15,658,916 | ) | (12,323,889 | ) | (38,017,357 | ) | (27,059,490 | ) | (37,248,975 | ) | (36,371,701 | ) | ||||||||||||
Change in net assets from Class Y | $ | 92,173 | $ | 35,980,940 | $ | (20,248,825 | ) | $ | 92,667,291 | $ | 74,807,915 | $ | 76,241,605 | |||||||||||
Change in net assets from capital transactions | $ | 173,506 | $ | 36,476,710 | $ | (20,463,094 | ) | $ | 92,467,660 | $ | 67,885,794 | $ | 201,307,844 | |||||||||||
Share Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Issued | 8,302 | 27,659 | 9,985 | 36,049 | 3,324,565 | 7,789,242 | ||||||||||||||||||
Reinvested | 11,240 | 5,981 | 239 | 529 | 776,811 | 530,219 | ||||||||||||||||||
Redeemed | (14,999 | ) | (19,638 | ) | (14,283 | ) | (50,222 | ) | (4,819,551 | ) | (1,865,525 | ) | ||||||||||||
Net change in Class A | 4,543 | 14,002 | (4,059 | ) | (13,644 | ) | (718,175 | ) | 6,453,936 | |||||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | 1,977 | 19,301 | 2,301 | 5,088 | 1,115 | 10,339 | ||||||||||||||||||
Reinvested | 2,572 | 1,543 | 34 | 188 | 13,736 | 14,529 | ||||||||||||||||||
Redeemed | (6,737 | ) | (11,008 | ) | (8,627 | ) | (15,812 | ) | (26,539 | ) | (45,167 | ) | ||||||||||||
Net change in Class B | (2,188 | ) | 9,836 | (6,292 | ) | (10,536 | ) | (11,688 | ) | (20,299 | ) | |||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 4,503 | 13,909 | 5,151 | 12,705 | 304,098 | 600,506 | ||||||||||||||||||
Reinvested | 2,722 | 1,156 | 37 | 184 | 77,723 | 39,937 | ||||||||||||||||||
Redeemed | (5,198 | ) | (7,606 | ) | (13,986 | ) | (12,333 | ) | (58,764 | ) | (82,573 | ) | ||||||||||||
Net change in Class C | 2,027 | 7,459 | (8,798 | ) | 556 | 323,057 | 557,870 | |||||||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 487,433 | 2,842,168 | 1,527,545 | 11,411,986 | 5,230,949 | 5,764,483 | ||||||||||||||||||
Reinvested | 391,043 | 135,820 | 3,845 | 8,617 | 691,173 | 442,315 | ||||||||||||||||||
Redeemed | (886,889 | ) | (754,183 | ) | (3,306,864 | ) | (2,595,338 | ) | (1,976,885 | ) | (2,022,346 | ) | ||||||||||||
�� | ||||||||||||||||||||||||
Net change in Class Y | (8,413 | ) | 2,223,805 | (1,775,474 | ) | 8,825,265 | 3,945,237 | 4,184,452 | ||||||||||||||||
Change in shares | (4,031 | ) | 2,255,102 | (1,794,623 | ) | 8,801,641 | 3,538,431 | 11,175,959 | ||||||||||||||||
See notes to financial statements.
11
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, Continued
Mid-Cap Fund | Growth Stock Fund | Growth and Income Fund | ||||||||||||||||||||||
Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 333,906 | $ | 279,078 | $ | 32,645 | $ | (205,468 | ) | $ | 638,818 | $ | 781,745 | |||||||||||
Net realized gains from investments and reimbursement from affiliates | 3,199,687 | 8,254,095 | 10,386,871 | 17,584,272 | 14,758,267 | 8,440,381 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 3,725,060 | (7,208,651 | ) | 9,595,430 | (20,316,335 | ) | 4,924,955 | (8,778,523 | ) | |||||||||||||||
Change in net assets resulting from operations | 7,258,653 | 1,324,522 | 20,014,946 | (2,937,531 | ) | 20,322,040 | 443,603 | |||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (3,457 | ) | (1,303 | ) | (2,392 | ) | — | (18,154 | ) | (14,876 | ) | |||||||||||||
From net realized gains | (105,113 | ) | (44,186 | ) | — | — | — | — | ||||||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,892 | ) | — | (1,898 | ) | — | ||||||||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,481 | ) | — | (345 | ) | — | (782 | ) | — | |||||||||||||||
From net realized gains | (76,582 | ) | (34,171 | ) | — | — | — | — | ||||||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (336,081 | ) | (278,041 | ) | (47,765 | ) | — | (637,583 | ) | (786,135 | ) | |||||||||||||
From net realized gains | (7,791,799 | ) | (4,339,969 | ) | — | — | — | — | ||||||||||||||||
Change in net assets from shareholder distributions | (8,314,513 | ) | (4,697,670 | ) | (52,394 | ) | — | (658,417 | ) | (801,011 | ) | |||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | (10,951,130 | ) | (6,408,652 | ) | (27,949,135 | ) | (76,319,431 | ) | (15,229,269 | ) | 14,670,990 | |||||||||||||
Change in net assets | (12,006,990 | ) | (9,781,800 | ) | (7,986,583 | ) | (79,256,962 | ) | 4,434,354 | 14,313,582 | ||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 74,627,761 | 84,409,561 | 163,603,922 | 242,860,884 | 165,283,073 | 150,969,491 | ||||||||||||||||||
End of year | $ | 62,620,771 | $ | 74,627,761 | $ | 155,617,339 | $ | 163,603,922 | $ | 169,717,427 | $ | 165,283,073 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | (1,537 | ) | $ | 5,576 | $ | (19,749 | ) | $ | — | $ | (19,599 | ) | $ | — | |||||||||
See notes to financial statements.
12
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, Continued
Mid-Cap Fund | Growth Stock Fund | Growth and Income Fund | ||||||||||||||||||||||
Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 17,492 | $ | 383,639 | $ | 443,016 | $ | 1,048,926 | $ | 773,803 | $ | 1,221,279 | ||||||||||||
Dividends reinvested | 90,453 | 40,872 | 2,255 | — | 16,995 | 13,876 | ||||||||||||||||||
Cost of shares redeemed | (258,807 | ) | (259,682 | ) | (1,106,843 | ) | (2,795,356 | ) | (774,514 | ) | (1,264,819 | ) | ||||||||||||
Change in net assets from Class A | $ | (150,862 | ) | $ | 164,829 | $ | (661,572 | ) | $ | (1,746,430 | ) | $ | 16,284 | $ | (29,664 | ) | ||||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 12,415 | $ | 6,200 | $ | 9,462 | $ | 19,030 | ||||||||||||||||
Dividends reinvested | 1,794 | — | 1,805 | — | ||||||||||||||||||||
Cost of shares redeemed | (1,655,461 | ) | (2,913,965 | ) | (1,217,079 | ) | (1,872,404 | ) | ||||||||||||||||
Change in net assets from Class B | $ | (1,641,252 | ) | $ | (2,907,765 | ) | $ | (1,205,812 | ) | $ | (1,853,374 | ) | ||||||||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 45,953 | $ | 168,956 | $ | 239,551 | $ | 488,069 | $ | 184,863 | $ | 497,890 | ||||||||||||
Dividends reinvested | 75,348 | 32,814 | 345 | — | 782 | — | ||||||||||||||||||
Cost of shares redeemed | (119,226 | ) | (137,152 | ) | (432,270 | ) | (472,323 | ) | (425,488 | ) | (489,975 | ) | ||||||||||||
Change in net assets from Class C | $ | 2,075 | $ | 64,618 | $ | (192,374 | ) | $ | 15,746 | $ | (239,843 | ) | $ | 7,915 | ||||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 10,444,133 | $ | 22,275,979 | $ | 15,390,256 | $ | 25,883,377 | $ | 10,876,399 | $ | 52,651,031 | ||||||||||||
Dividends reinvested | 6,337,492 | 3,699,549 | 7,247 | — | 47,087 | 61,585 | ||||||||||||||||||
Cost of shares redeemed | (27,583,968 | ) | (32,613,627 | ) | (40,851,440 | ) | (97,564,359 | ) | (24,723,384 | ) | (36,166,503 | ) | ||||||||||||
Change in net assets from Class Y | $ | (10,802,343 | ) | $ | (6,638,099 | ) | $ | (25,453,937 | ) | $ | (71,680,982 | ) | $ | (13,799,898 | ) | $ | 16,546,113 | |||||||
Change in net assets from capital transactions | $ | (10,951,130 | ) | $ | (6,408,652 | ) | $ | (27,949,135 | ) | $ | (76,319,431 | ) | $ | (15,229,269 | ) | $ | 14,670,990 | |||||||
Share Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Issued | 1,445 | 30,331 | 49,534 | 118,899 | 54,726 | 91,171 | ||||||||||||||||||
Reinvested | 7,785 | 3,338 | 238 | — | 1,163 | 1,039 | ||||||||||||||||||
Redeemed | (21,444 | ) | (20,699 | ) | (122,888 | ) | (321,307 | ) | (54,679 | ) | (94,788 | ) | ||||||||||||
Net change in Class A | (12,214 | ) | 12,970 | (73,116 | ) | (202,408 | ) | 1,210 | (2,578 | ) | ||||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | 1,451 | 755 | 667 | 1,543 | ||||||||||||||||||||
Reinvested | 205 | — | 130 | — | ||||||||||||||||||||
Redeemed | (199,350 | ) | (352,973 | ) | (91,541 | ) | (147,728 | ) | ||||||||||||||||
Net change in Class B | (197,694 | ) | (352,218 | ) | (90,744 | ) | (146,185 | ) | ||||||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 3,880 | 13,576 | 28,262 | 60,206 | 13,849 | 39,700 | ||||||||||||||||||
Reinvested | 6,593 | 2,707 | 39 | — | 56 | — | ||||||||||||||||||
Redeemed | (9,917 | ) | (11,083 | ) | (50,627 | ) | (58,187 | ) | (31,412 | ) | (38,792 | ) | ||||||||||||
Net change in Class C | 556 | 5,200 | (22,326 | ) | 2,019 | (17,507 | ) | 908 | ||||||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 877,001 | 1,781,527 | 1,714,820 | 2,877,489 | 769,311 | 3,866,736 | ||||||||||||||||||
Reinvested | 543,976 | 301,972 | 745 | — | 3,199 | 4,567 | ||||||||||||||||||
Redeemed | (2,264,284 | ) | (2,614,371 | ) | (4,548,446 | ) | (10,672,676 | ) | (1,728,485 | ) | (2,662,202 | ) | ||||||||||||
Net change in Class Y | (843,307 | ) | (530,872 | ) | (2,832,881 | ) | (7,795,187 | ) | (955,975 | ) | 1,209,101 | |||||||||||||
Change in shares | (854,965 | ) | (512,702 | ) | (3,126,017 | ) | (8,347,794 | ) | (1,063,016 | ) | 1,061,246 | |||||||||||||
See notes to financial statements.
13
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, Continued
Value Fund | High Grade Core Fixed Income Fund | Tax-Free Securities Fund | ||||||||||||||||||||||
Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 1,277,619 | $ | 1,896,144 | $ | 7,640,623 | $ | 12,985,935 | $ | 6,249,711 | $ | 12,820,543 | ||||||||||||
Net realized gains (losses) from investments and reimbursement from affiliates | 21,133,238 | 21,230,989 | 832,769 | (5,320,883 | ) | 671,930 | 1,944,124 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (1,104,777 | ) | (8,671,400 | ) | 1,869,154 | (6,239,526 | ) | 888,106 | (10,529,391 | ) | ||||||||||||||
Change in net assets resulting from operations | 21,306,080 | 14,455,733 | 10,342,546 | 1,425,526 | 7,809,747 | 4,235,276 | ||||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (18,651 | ) | (29,785 | ) | (77,961 | ) | (169,659 | ) | (121,080 | ) | (277,861 | ) | ||||||||||||
From net realized gains | (334,935 | ) | — | — | (643 | ) | (5,509 | ) | (82,571 | ) | ||||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | (4,546 | ) | (2,951 | ) | (50,987 | ) | (118,746 | ) | (30,710 | ) | (90,662 | ) | ||||||||||||
From net realized gains | (163,267 | ) | — | — | (560 | ) | (1,690 | ) | (41,925 | ) | ||||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | (6,508 | ) | (6,505 | ) | (24,373 | ) | (40,060 | ) | (168 | ) | (322 | ) | ||||||||||||
From net realized gains | (239,941 | ) | — | — | (179 | ) | (10 | ) | (134 | ) | ||||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,260,166 | ) | (1,881,799 | ) | (7,375,075 | ) | (12,637,055 | ) | (6,097,753 | ) | (12,451,699 | ) | ||||||||||||
From net realized gains | (18,856,455 | ) | — | — | (44,146 | ) | (264,559 | ) | (4,023,324 | ) | ||||||||||||||
Change in net assets from shareholder distributions | (20,884,469 | ) | (1,921,040 | ) | (7,528,396 | ) | (13,011,048 | ) | (6,521,479 | ) | (16,968,498 | ) | ||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | 24,570,481 | (48,836,203 | ) | 14,085,788 | 2,876,058 | (2,486,078 | ) | (19,727,486 | ) | |||||||||||||||
Change in net assets | 24,992,092 | (36,301,510 | ) | 16,899,938 | (8,709,464 | ) | (1,197,810 | ) | (32,460,708 | ) | ||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 152,181,466 | 188,482,976 | 295,313,844 | 304,023,308 | 295,721,120 | 328,181,828 | ||||||||||||||||||
End of year | $ | 177,173,558 | $ | 152,181,466 | $ | 312,213,782 | $ | 295,313,844 | $ | 294,523,310 | $ | 295,721,120 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | (12,251 | ) | $ | 1 | $ | 57,406 | $ | (54,821 | ) | $ | 35 | $ | 35 | ||||||||||
See notes to financial statements.
14
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, Continued
Value Fund | High Grade Core Fixed Income Fund | Tax-Free Securities Fund | ||||||||||||||||||||||
Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 194,841 | $ | 656,723 | $ | 235,263 | $ | 465,407 | $ | 184,218 | $ | 1,795,604 | ||||||||||||
Dividends reinvested | 238,683 | 17,303 | 56,878 | 121,005 | 67,861 | 167,114 | ||||||||||||||||||
Cost of shares redeemed | (532,494 | ) | (826,433 | ) | (786,541 | ) | (1,310,557 | ) | (468,481 | ) | (4,433,332 | ) | ||||||||||||
Change in net assets from Class A | $ | (98,970 | ) | $ | (152,407 | ) | $ | (494,400 | ) | $ | (724,145 | ) | $ | (216,402 | ) | $ | (2,470,614 | ) | ||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 25,012 | $ | 83,910 | $ | 6,011 | $ | — | $ | — | $ | 58,339 | ||||||||||||
Dividends reinvested | 144,747 | 2,726 | 42,322 | 103,584 | 19,091 | 77,187 | ||||||||||||||||||
Cost of shares redeemed | (220,674 | ) | (231,741 | ) | (718,373 | ) | (1,037,431 | ) | (1,049,534 | ) | (982,114 | ) | ||||||||||||
Change in net assets from Class B | $ | (50,915 | ) | $ | (145,105 | ) | $ | (670,040 | ) | $ | (933,847 | ) | $ | (1,030,443 | ) | $ | (846,588 | ) | ||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 155,481 | $ | 388,540 | $ | 113,192 | $ | 380,413 | $ | — | $ | — | ||||||||||||
Dividends reinvested | 245,982 | 6,493 | 23,695 | 39,810 | 176 | 455 | ||||||||||||||||||
Cost of shares redeemed | (494,154 | ) | (308,116 | ) | (457,247 | ) | (241,584 | ) | — | — | ||||||||||||||
Change in net assets from Class C | $ | (92,691 | ) | $ | 86,917 | $ | (320,360 | ) | $ | 178,639 | $ | 176 | $ | 455 | ||||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 38,357,625 | $ | 20,026,418 | $ | 50,446,978 | $ | 73,928,218 | $ | 23,223,260 | $ | 34,670,344 | ||||||||||||
Dividends reinvested | 12,516,096 | 58,902 | 570,872 | 1,153,025 | 268,522 | 3,949,344 | ||||||||||||||||||
Cost of shares redeemed | (26,060,664 | ) | (68,710,928 | ) | (35,447,262 | ) | (70,725,832 | ) | (24,731,191 | ) | (55,030,427 | ) | ||||||||||||
Change in net assets from Class Y | $ | 24,813,057 | $ | (48,625,608 | ) | $ | 15,570,588 | $ | 4,355,411 | $ | (1,239,409 | ) | $ | (16,410,739 | ) | |||||||||
Change in net assets from capital transactions | $ | 24,570,481 | $ | (48,836,203 | ) | $ | 14,085,788 | $ | 2,876,058 | $ | (2,486,078 | ) | $ | (19,727,486 | ) | |||||||||
Share Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Issued | 17,673 | 65,517 | 21,876 | 43,068 | 18,039 | 175,783 | ||||||||||||||||||
Reinvested | 22,835 | 1,698 | 5,288 | 11,243 | 6,633 | 16,297 | ||||||||||||||||||
Redeemed | (48,396 | ) | (82,367 | ) | (73,074 | ) | (122,019 | ) | (45,826 | ) | (430,595 | ) | ||||||||||||
Net change in Class A | (7,888 | ) | (15,152 | ) | (45,910 | ) | (67,708 | ) | (21,154 | ) | (238,515 | ) | ||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | 2,279 | 8,607 | 563 | — | — | 5,577 | ||||||||||||||||||
Reinvested | 14,151 | 272 | 3,943 | 9,638 | 1,866 | 7,531 | ||||||||||||||||||
Redeemed | (20,780 | ) | (23,084 | ) | (66,843 | ) | (96,960 | ) | (102,739 | ) | (95,970 | ) | ||||||||||||
Net change in Class B | (4,350 | ) | (14,205 | ) | (62,337 | ) | (87,322 | ) | (100,873 | ) | (82,862 | ) | ||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 14,586 | 39,306 | 10,551 | 35,642 | — | — | ||||||||||||||||||
Reinvested | 23,977 | 651 | 2,207 | 3,711 | 17 | 45 | ||||||||||||||||||
Redeemed | (46,313 | ) | (30,674 | ) | (42,542 | ) | (22,508 | ) | — | — | ||||||||||||||
Net change in Class C | (7,750 | ) | 9,283 | (29,784 | ) | 16,845 | 17 | 45 | ||||||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 3,558,876 | 1,981,473 | 4,684,116 | 6,801,580 | 2,265,482 | 3,336,077 | ||||||||||||||||||
Reinvested | 1,196,391 | 5,768 | 52,725 | 106,477 | 25,974 | 384,175 | ||||||||||||||||||
Redeemed | (2,396,593 | ) | (6,818,213 | ) | (3,276,968 | ) | (6,521,294 | ) | (2,405,746 | ) | (5,331,997 | ) | ||||||||||||
Net change in Class Y | 2,358,674 | (4,830,972 | ) | 1,459,873 | 386,763 | (114,290 | ) | (1,611,745 | ) | |||||||||||||||
Change in shares | 2,338,686 | (4,851,046 | ) | 1,321,842 | 248,578 | (236,300 | ) | (1,933,077 | ) | |||||||||||||||
See notes to financial statements.
15
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, Continued
High Grade Short Income Fund | Tax-Free Short Securities Fund | U.S. Government Income Fund | ||||||||||||||||||||||
Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 1,435,404 | $ | 2,800,923 | $ | 1,050,281 | $ | 2,095,527 | $ | 2,230,630 | $ | 4,115,742 | ||||||||||||
Net realized losses from investments and reimbursement from affiliates | (88,198 | ) | (1,689,160 | ) | (9,735 | ) | (645,170 | ) | (107,062 | ) | (831,923 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 433,767 | 625,450 | (5,079 | ) | (450,125 | ) | 309,044 | 783,679 | ||||||||||||||||
Change in net assets resulting from operations | 1,780,973 | 1,737,213 | 1,035,467 | 1,000,232 | 2,432,612 | 4,067,498 | ||||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (24,183 | ) | (52,956 | ) | (40,475 | ) | (92,367 | ) | (52,825 | ) | (121,419 | ) | ||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | (22,306 | ) | (31,746 | ) | ||||||||||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | (11,836 | ) | (17,477 | ) | (119 | ) | (204 | ) | (28,827 | ) | (37,634 | ) | ||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,399,436 | ) | (2,730,489 | ) | (1,009,687 | ) | (2,002,956 | ) | (2,133,815 | ) | (3,924,943 | ) | ||||||||||||
Change in net assets from shareholder distributions | (1,435,455 | ) | (2,800,922 | ) | (1,050,281 | ) | (2,095,527 | ) | (2,237,773 | ) | (4,115,742 | ) | ||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | (157,830 | ) | (25,145,868 | ) | (5,555,934 | ) | (2,150,625 | ) | (12,708,670 | ) | (34,084,842 | ) | ||||||||||||
Change in net assets | 187,688 | (26,209,577 | ) | (5,570,748 | ) | (3,245,920 | ) | (12,513,831 | ) | (34,133,086 | ) | |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 62,192,882 | 88,402,459 | 65,617,744 | 68,863,664 | 101,210,207 | 135,343,293 | ||||||||||||||||||
End of year | $ | 62,380,570 | $ | 62,192,882 | $ | 60,046,996 | $ | 65,617,744 | $ | 88,696,376 | $ | 101,210,207 | ||||||||||||
Undistributed net investment income | $ | 1 | $ | 52 | $ | 762 | $ | 762 | $ | — | $ | 7,143 | ||||||||||||
See notes to financial statements.
16
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, Continued
High Grade Short Intermediate Fixed Income Fund | Tax-Free Short Intermediate Securities Fund | U.S. Government Short Fixed Income Fund | ||||||||||||||||||||||
Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | Period Ended January 31, 2007 | Year Ended July 31, 2006 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 6,547 | $ | 113,780 | $ | 24,514 | $ | 221,299 | $ | 48,519 | $ | 63,818 | ||||||||||||
Dividends reinvested | 19,937 | 42,163 | 33,934 | 79,015 | 28,469 | 41,089 | ||||||||||||||||||
Cost of shares redeemed | (268,035 | ) | (654,246 | ) | (379,352 | ) | (1,239,673 | ) | (94,392 | ) | (4,297,597 | ) | ||||||||||||
Change in net assets from Class A | $ | (241,551 | ) | $ | (498,303 | ) | $ | (320,904 | ) | $ | (939,359 | ) | $ | (17,404 | ) | $ | (4,192,690 | ) | ||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 4,275 | $ | 70,821 | ||||||||||||||||||||
Dividends reinvested | 20,686 | 28,091 | ||||||||||||||||||||||
Cost of shares redeemed | (187,442 | ) | (468,971 | ) | ||||||||||||||||||||
Change in net assets from Class B | $ | (162,481 | ) | $ | (370,059 | ) | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 53,082 | $ | 177,758 | $ | — | $ | — | $ | 142,691 | $ | 544,880 | ||||||||||||
Dividends reinvested | 11,484 | 17,275 | 118 | 203 | 28,277 | 36,917 | ||||||||||||||||||
Cost of shares redeemed | (213,417 | ) | (142,973 | ) | — | — | (255,089 | ) | (901,056 | ) | ||||||||||||||
Change in net assets from Class C | $ | (148,851 | ) | $ | 52,060 | $ | 118 | $ | 203 | $ | (84,121 | ) | $ | (319,259 | ) | |||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 9,851,050 | $ | 13,866,301 | $ | 3,276,419 | $ | 14,789,608 | $ | 9,467,310 | $ | 37,896,312 | ||||||||||||
Dividends reinvested | 157,732 | 298,346 | 2,697 | 2,897 | 885,185 | 1,155,588 | ||||||||||||||||||
Cost of shares redeemed | (9,776,210 | ) | (38,864,272 | ) | (8,514,264 | ) | (16,003,974 | ) | (22,797,159 | ) | (68,254,734 | ) | ||||||||||||
Change in net assets from Class Y | $ | 232,572 | $ | (24,699,625 | ) | $ | (5,235,148 | ) | $ | (1,211,469 | ) | $ | (12,444,664 | ) | $ | (29,202,834 | ) | |||||||
Change in net assets from capital transactions | $ | (157,830 | ) | $ | (25,145,868 | ) | $ | (5,555,934 | ) | $ | (2,150,625 | ) | $ | (12,708,670 | ) | $ | (34,084,842 | ) | ||||||
Share Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Issued | 682 | 11,773 | 2,429 | 21,778 | 4,818 | 6,369 | ||||||||||||||||||
Reinvested | 2,078 | 4,408 | 3,361 | 7,808 | 2,826 | 4,099 | ||||||||||||||||||
Redeemed | (27,961 | ) | (68,229 | ) | (37,555 | ) | (122,403 | ) | (9,379 | ) | (428,482 | ) | ||||||||||||
Net change in Class A | (25,201 | ) | (52,048 | ) | (31,765 | ) | (92,817 | ) | (1,735 | ) | (418,014 | ) | ||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | 425 | 7,064 | ||||||||||||||||||||||
Reinvested | 2,054 | 2,803 | ||||||||||||||||||||||
Redeemed | (18,593 | ) | (46,737 | ) | ||||||||||||||||||||
Net change in Class B | (16,114 | ) | (36,870 | ) | ||||||||||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 5,539 | 18,642 | — | — | 14,168 | 54,349 | ||||||||||||||||||
Reinvested | 1,197 | 1,809 | 12 | 20 | 2,807 | 3,683 | ||||||||||||||||||
Redeemed | (22,236 | ) | (14,950 | ) | — | — | (25,311 | ) | (89,871 | ) | ||||||||||||||
Net change in Class C | (15,500 | ) | 5,501 | 12 | 20 | (8,336 | ) | (31,839 | ) | |||||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 1,026,694 | 1,444,750 | 322,790 | 1,449,315 | 939,642 | 3,775,621 | ||||||||||||||||||
Reinvested | 16,408 | 31,128 | 266 | 286 | 87,819 | 115,201 | ||||||||||||||||||
Redeemed | (1,016,669 | ) | (4,049,088 | ) | (838,629 | ) | (1,573,015 | ) | (2,262,975 | ) | (6,801,135 | ) | ||||||||||||
Net change in Class Y | 26,433 | (2,573,210 | ) | (515,573 | ) | (123,414 | ) | (1,235,514 | ) | (2,910,313 | ) | |||||||||||||
Change in shares | (14,268 | ) | (2,619,757 | ) | (547,326 | ) | (216,211 | ) | (1,261,699 | ) | (3,397,036 | ) | ||||||||||||
See notes to financial statements.
17
Table of Contents
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks (97.3%) | |||||
China (5.8%) | |||||
Consumer Discretionary (3.8%) | |||||
1,187,000 | China Resources Enterprise Ltd. | $ | 3,702,248 | ||
Energy (1.1%) | |||||
434,000 | China Shenhua Energy Co. Ltd. | 1,061,791 | |||
Financials (0.9%) | |||||
431,000 | China Merchants Bank Co. Ltd. | 929,683 | |||
5,693,722 | |||||
Hong Kong (24.6%) | |||||
Consumer Discretionary (8.0%) | |||||
298,000 | Cheung Kong Holdings Ltd. | 3,923,966 | |||
637,200 | Li & Fung Ltd. | 1,987,424 | |||
536,000 | Shangri-La Asia Ltd. | 1,438,350 | |||
148,000 | Yue Yuen Industrial Holdings Ltd. | 497,630 | |||
7,847,370 | |||||
Energy (2.5%) | |||||
2,866,500 | CNOOC Ltd. | 2,438,012 | |||
Financials (4.2%) | |||||
642,000 | Hang Lung Group Ltd. | 2,195,645 | |||
156,000 | Wing Hang Bank Ltd. | 1,968,234 | |||
4,163,879 | |||||
Industrials (4.6%) | |||||
209,242 | Kerry Properties Ltd. | 980,948 | |||
125,500 | Swire Pacific Ltd., Class A | 1,441,152 | |||
622,500 | Swire Pacific Ltd., Class B | 1,355,514 | |||
470,000 | Techtronic Industries Co. Ltd. | 722,429 | |||
4,500,043 | |||||
Real Estate Investment Trusts (0.7%) | |||||
293,500 | Link REIT | 690,986 | |||
Telecommunications (2.1%) | |||||
4,222,000 | China Telecom Corp. Ltd., Class H | 2,038,804 | |||
Utilities (2.5%) | |||||
1,093,000 | Hong Kong & China Gas Co. Ltd. | 2,427,644 | |||
24,106,738 | |||||
India (1.9%) | |||||
Financials (1.0%) | |||||
12,900 | HDFC Bank Ltd., ADR | 984,528 | |||
Information Technology (0.9%) | |||||
14,500 | Infosys Technologies Ltd., ADR | 841,000 | |||
1,825,528 | |||||
Indonesia (2.0%) | |||||
Consumer Discretionary (1.1%) | |||||
636,500 | PT Astra International, Inc. | 1,039,255 | |||
Telecommunications (0.9%) | |||||
896,000 | PT Telekomunikasi Indonesia | 930,973 | |||
1,970,228 | |||||
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Malaysia (10.7%) | |||||
Consumer Discretionary (4.4%) | |||||
633,900 | Astro All Asia Networks PLC | $ | 978,017 | ||
306,800 | Genting Berhad | 3,330,971 | |||
4,308,988 | |||||
Consumer Staples (3.6%) | |||||
676,700 | IOI Corp. Berhad | 3,557,509 | |||
Financials (1.6%) | |||||
440,700 | Bumiputra-Commerce Holdings Berhad | 1,158,412 | |||
145,800 | Golden Hope Plantations Berhad | 270,771 | |||
37,400 | Sime Darby Berhad | 87,623 | |||
1,516,806 | |||||
Industrials (1.1%) | |||||
300,000 | Tenaga Nasional Berhad | 1,054,286 | |||
10,437,589 | |||||
Philippines (3.6%) | |||||
Financials (1.5%) | |||||
112,408 | Ayala Corp. | 1,448,497 | |||
Telecommunications (2.1%) | |||||
15,422 | Philippine Long Distance Telephone Co. | 829,615 | |||
23,700 | Philippine Long Distance Telephone Co. ADR | 1,247,094 | |||
2,076,709 | |||||
3,525,206 | |||||
Singapore (15.8%) | |||||
Consumer Staples (3.8%) | |||||
1,097,000 | Fraser & Neave Ltd. | 3,750,977 | |||
Financials (5.6%) | |||||
130,000 | Great Eastern Holdings Ltd. | 1,574,834 | |||
763,346 | Oversea-Chinese Banking Corp. Ltd. | 3,927,597 | |||
5,502,431 | |||||
Industrials (5.8%) | |||||
331,000 | Keppel Corp. Ltd. | 3,858,864 | |||
637,000 | SembCorp Industries Ltd. | 1,775,668 | |||
5,634,532 | |||||
Telecommunications (0.6%) | |||||
318,857 | Starhub Ltd | 564,863 | |||
15,452,803 | |||||
South Korea (11.8%) | |||||
Consumer Discretionary (4.2%) | |||||
17,340 | Hyundai Mobis (a) | 1,405,996 | |||
28,900 | LG Corp. | 879,899 | |||
3,134 | Shinsegae Co. Ltd. | 1,818,452 | |||
4,104,347 | |||||
See notes to financial statements.
18
Table of Contents
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
South Korea, continued | |||||
Financials (3.7%) | |||||
9,856 | Samsung Fire & Marine Insurance Co. Ltd. | $ | 1,654,887 | ||
37,560 | Shinhan Financial Group Co. Ltd. (a) | 1,963,817 | |||
3,618,704 | |||||
Information Technology (3.9%) | |||||
18,750 | S1 Corp. | 773,114 | |||
5,057 | Samsung Electronics Co. Ltd. | 3,111,586 | |||
3,884,700 | |||||
11,607,751 | |||||
Taiwan (15.4%) | |||||
Consumer Staples (1.7%) | |||||
1,802,000 | Uni-President Enterprises Corp. | 1,642,063 | |||
Electrical Components & Equipment (1.9%) | |||||
567,250 | Delta Electronics, Inc. | 1,852,238 | |||
Financials (2.3%) | |||||
640,000 | Cathay Financial Holding Co. Ltd. | 1,419,112 | |||
1,336,200 | E.SUN Financial Holding Co. Ltd. | 866,529 | |||
2,285,641 | |||||
Industrials (1.2%) | |||||
713,000 | AU Optronics Corp. | 946,422 | |||
125,000 | Formosa Plastics Corp. | 210,346 | |||
1,156,768 | |||||
Information Technology (7.4%) | |||||
153,674 | Advantech Co. Ltd. | 485,453 | |||
388,100 | Asustek Computer, Inc. | 1,025,597 | |||
204,371 | Hon Hai Precision Industry Co. Ltd. | 1,396,740 |
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Taiwan, continued | |||||
Information Technology, continued | |||||
610,550 | Powertech Technology, Inc. | $ | 2,540,713 | ||
901,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 1,844,584 | |||
7,293,087 | |||||
Telecommunications (0.9%) | |||||
468,180 | Chunghwa Telecom Co. Ltd. | 898,760 | |||
15,128,557 | |||||
Thailand (3.4%) | |||||
Energy (1.6%) | |||||
266,500 | PTT PCL | 1,530,548 | |||
Financials (1.0%) | |||||
565,700 | Kasikornbank Public Co. Ltd. | 1,020,383 | |||
Telecommunications (0.8%) | |||||
346,300 | Advanced Info Service Public Company Ltd. | 739,573 | |||
3,290,504 | |||||
United Kingdom (2.3%) | |||||
Financials (2.3%) | |||||
75,120 | Standard Chartered PLC | 2,154,550 | |||
3,763 | Standard Chartered PLC | 107,679 | |||
2,262,229 | |||||
Total Common Stocks (Cost $72,083,587) | 95,300,855 | ||||
Investment Companies (1.5%) | |||||
1,448,318 | Victory Institutional Money Market Fund, Investor Shares, 5.02% (b) | 1,448,318 | |||
Total Investment Companies (Cost $1,448,318) | 1,448,318 | ||||
Total Investments (Cost $73,531,905) (c)—98.8% | 96,749,173 | ||||
Other assets in excess of liabilities—1.2% | 1,167,766 | ||||
Net Assets—100.0% | $ | 97,916,939 | |||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is rate in effect at January 31, 2007. |
(c) | Cost for federal income tax purposes is $73,712,788. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 23,729,831 | ||
Unrealized depreciation | (693,446 | ) | ||
Net unrealized appreciation | $ | 23,036,385 | ||
ADR—American Depositary Receipt
PCL—Public Company Limited
PLC—Public Liability Co.
REIT—Real Estate Investment Trust
See notes to financial statements.
19
Table of Contents
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
At January 31, 2007 the Fund’s foreign exchange contracts were as follows:
Currency | Delivery Date | Contract Amount in Local Currency | Contract Value in USD | Market Value | Unrealized Depreciation | |||||||||
Short: | ||||||||||||||
Malaysia Ringit | 2/2/07 | 370,953 | $ | 105,835 | $ | 105,987 | $ | (152 | ) | |||||
Malaysia Ringit | 2/2/07 | 363,465 | 103,788 | 103,847 | (59 | ) | ||||||||
Total Short Contracts | $ | 209,623 | $ | 209,834 | $ | (211 | ) | |||||||
Long: | ||||||||||||||
Thailand Baht | 2/1/07 | 407,431 | $ | 11,591 | $ | 11,758 | $ | 167 | ||||||
Total Long Contracts | $ | 11,591 | $ | 11,758 | $ | 167 | ||||||||
See notes to financial statements.
20
Table of Contents
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks (98.7%) | |||||
Australia (2.3%) | |||||
Energy (1.0%) | |||||
71,391 | Woodside Petroleum Ltd. | $ | 2,069,971 | ||
Financials (0.7%) | |||||
83,683 | Westpac Banking Corp. | 1,628,628 | |||
Materials (0.6%) | |||||
23,275 | Rio Tinto Ltd. | 1,384,040 | |||
5,082,639 | |||||
Austria (0.7%) | |||||
Financials (0.7%) | |||||
20,465 | Erste Bank de Oesterreichischen Sparkassen AG | 1,591,936 | |||
Belgium (0.6%) | |||||
Consumer Staples (0.6%) | |||||
19,058 | InBev NV | 1,226,175 | |||
Brazil (2.5%) | |||||
Energy (1.1%) | |||||
25,219 | Petroleo Brasileiro SA, ADR | 2,478,523 | |||
Materials (0.9%) | |||||
2,181 | Aracruz Celulose SA, ADR | 120,806 | |||
64,900 | Companhia Vale do Rio Doce, ADR | 1,864,577 | |||
1,985,383 | |||||
Utilities (0.5%) | |||||
22,700 | Companhia Energetica de Minas Gerais SA, ADR | 1,094,594 | |||
5,558,500 | |||||
Canada (3.4%) | |||||
Consumer Discretionary (0.6%) | |||||
32,500 | Loblaw Cos., Ltd. | 1,421,271 | |||
Energy (1.4%) | |||||
48,068 | Cameco Corp. | 1,832,833 | |||
17,492 | Suncor Energy, Inc. | 1,300,530 | |||
3,133,363 | |||||
Financials (1.4%) | |||||
24,337 | IGM Financial, Inc. | 1,035,331 | |||
57,378 | Manulife Financial Corp. | 1,934,212 | |||
2,969,543 | |||||
7,524,177 | |||||
Cayman Islands (0.2%) | |||||
Consumer Discretionary (0.2%) | |||||
3,881 | Focus Media Holding Ltd., ADR (a) | 320,803 | |||
China (1.1%) | |||||
Consumer Discretionary (0.5%) | |||||
2,712,000 | Denway Motors Ltd. | 1,142,882 | |||
Energy (0.6%) | |||||
1,558,000 | China Petroleum & Chemical Corp. | 1,303,156 | |||
2,446,038 | |||||
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Denmark (0.9%) | |||||
Industrials (0.9%) | |||||
46,402 | Vestas Wind Systems A/S (a) | $ | 2,048,376 | ||
Finland (1.0%) | |||||
Consumer Discretionary (0.5%) | |||||
59,500 | Nokian Renkaat Oyj | 1,175,515 | |||
Information Technology (0.5%) | |||||
49,700 | Nokia Oyj, Class A | 1,087,475 | |||
2,262,990 | |||||
France (9.7%) | |||||
Consumer Discretionary (1.4%) | |||||
11,686 | LVMH Moet Hennessy Louis Vuitton SA | 1,232,045 | |||
45,300 | Vivendi Universal SA | 1,864,329 | |||
3,096,374 | |||||
Consumer Staples (1.1%) | |||||
41,657 | Carrefour SA | 2,399,509 | |||
Energy (1.3%) | |||||
42,382 | Total SA, ADR | 2,884,095 | |||
Financials (2.0%) | |||||
36,947 | AXA, ADR | 1,569,139 | |||
15,489 | BNP Paribas SA | 1,726,854 | |||
24,314 | Credit Agricole SA | 1,041,205 | |||
4,337,198 | |||||
Industrials (1.0%) | |||||
18,027 | Electricite de France | 1,255,693 | |||
8,411 | Schneider Electric SA | 1,015,559 | |||
2,271,252 | |||||
Information Technology (1.6%) | |||||
17,311 | Iliad SA | 1,689,725 | |||
92,000 | STMicroelectronics NV, NY Registered Shares | 1,723,160 | |||
3,412,885 | |||||
Telecommunications (0.8%) | |||||
65,800 | France Telecom SA | 1,817,916 | |||
Utilities (0.5%) | |||||
21,915 | Suez SA | 1,074,130 | |||
21,293,359 | |||||
Germany (3.9%) | |||||
Consumer Discretionary (0.9%) | |||||
43,897 | Adidas-Salomon AG | 2,105,207 | |||
Financials (0.7%) | |||||
34,948 | Commerzbank AG | 1,474,726 | |||
Industrials (0.7%) | |||||
9,355 | Wacker Chemie AG (a) | 1,507,475 | |||
Information Technology (1.0%) | |||||
46,428 | SAP AG, ADR | 2,151,473 | |||
Utilities (0.6%) | |||||
11,907 | RWE AG | 1,243,862 | |||
8,482,743 | |||||
See notes to financial statements.
21
Table of Contents
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Greece (1.4%) | |||||
Consumer Discretionary (0.7%) | |||||
33,914 | Folli-Follie SA, Registered Shares | $ | 1,392,200 | ||
Financials (0.7%) | |||||
30,496 | National Bank of Greece SA | 1,577,777 | |||
2,969,977 | |||||
Hong Kong (3.4%) | |||||
Consumer Discretionary (1.5%) | |||||
516,000 | Cosco Pacific Ltd. | 1,288,843 | |||
200,500 | Esprit Holdings Ltd. | 2,032,737 | |||
3,321,580 | |||||
Industrials (1.2%) | |||||
1,194,000 | Datang International Power Generation Co. Ltd. | 1,212,811 | |||
1,872,000 | Johnson Electric Holdings Ltd. | 1,361,978 | |||
2,574,789 | |||||
Telecommunications (0.7%) | |||||
526,000 | Foxconn International Holdings Ltd. (a) | 1,573,217 | |||
7,469,586 | |||||
India (2.0%) | |||||
Financials (0.7%) | |||||
20,200 | HDFC Bank Ltd., ADR | 1,541,664 | |||
Information Technology (1.3%) | |||||
29,552 | Infosys Technologies Ltd., ADR | 1,714,016 | |||
50,046 | Patni Computer Systems Ltd., ADR | 1,193,097 | |||
2,907,113 | |||||
4,448,777 | |||||
Indonesia (0.3%) | |||||
Financials (0.3%) | |||||
2,147,500 | PT Bank Mandiri | 608,006 | |||
Ireland (0.6%) | |||||
Financials (0.6%) | |||||
67,492 | Anglo Irish Bank Corp. | 1,366,833 | |||
Israel (0.7%) | |||||
Health Care (0.7%) | |||||
43,072 | Teva Pharmaceutical Industries Ltd., ADR | 1,511,827 | |||
Italy (4.3%) | |||||
Energy (2.5%) | |||||
55,433 | ENI SpA | 1,784,340 | |||
149,580 | Saipem SpA | 3,654,996 | |||
5,439,336 | |||||
Financials (1.8%) | |||||
433,027 | UniCredito Italiano SpA | 4,006,688 | |||
9,446,024 | |||||
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Japan (16.7%) | |||||
Consumer Discretionary (4.0%) | |||||
30,500 | Denso Corp. | $ | 1,223,438 | ||
279,000 | Isuzu Motors Ltd. | 1,396,619 | |||
34,000 | Marui Co. Ltd. | 418,730 | |||
92,500 | Nissan Motor Co. Ltd. | 1,156,058 | |||
76,000 | Onward Kashiyama Co. Ltd. | 1,012,200 | |||
68,000 | Sharp Corp. | 1,158,130 | |||
18,700 | Toyota Motor Corp. | 1,232,099 | |||
14,200 | Yamada Denki Co. Ltd. | 1,179,214 | |||
8,776,488 | |||||
Consumer Staples (0.5%) | |||||
83,000 | Ajinomoto Co., Inc. | 1,046,270 | |||
Financials (4.4%) | |||||
124,000 | Bank of Yokohama Ltd. (The) | 1,001,989 | |||
55,000 | Chugoku Bank Ltd. (The) | 716,103 | |||
185,000 | Joyo Bank Ltd. (The) | 1,102,395 | |||
27,000 | Millea Holdings, Inc. | 964,446 | |||
64,800 | Nomura Holdings, Inc. | 1,318,449 | |||
6,400 | ORIX Corp. | 1,835,239 | |||
155 | Sumitomo Mitsui Financial Group, Inc. | 1,580,060 | |||
112,000 | Sumitomo Trust & Banking Co. Ltd. (The) | 1,198,342 | |||
9,717,023 | |||||
Health Care (1.0%) | |||||
68,000 | Shionogi & Co. Ltd. | 1,206,033 | |||
16,200 | Takeda Pharmaceutical Co. Ltd. | 1,056,639 | |||
2,262,672 | |||||
Industrials (2.6%) | |||||
52,300 | JS Group Corp. | 1,194,153 | |||
127,000 | NGK Insulators Ltd. | 1,922,998 | |||
11,500 | SMC Corp. | 1,639,317 | |||
67,000 | Sumitomo Corp. | 1,039,483 | |||
5,795,951 | |||||
Information Technology (2.3%) | |||||
29,250 | Canon, Inc. | 1,539,346 | |||
22,000 | Nidec Corp. | 1,555,279 | |||
6,700 | Nintendo Co. Ltd. | 1,976,795 | |||
5,071,420 | |||||
Materials ( 0.7%) | |||||
30,700 | Nitto Denko Corp. | 1,503,705 | |||
Telecommunications ( 0.7%) | |||||
199 | KDDI Corp. | 1,408,470 | |||
Utilities ( 0.5%) | |||||
289,000 | OSAKA Gas Co. Ltd. | 1,123,330 | |||
36,705,329 | |||||
Luxembourg (0.8%) | |||||
Telecommunications ( 0.8%) | |||||
27,900 | Millicom International Cellular SA (a) | 1,853,676 | |||
See notes to financial statements.
22
Table of Contents
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Mexico (1.7%) | |||||
Consumer Staples ( 1.1%) | |||||
10,600 | Fomento Economico Mexicano SA | $ | 1,272,742 | ||
28,404 | Wal-Mart de Mexico SA de CV, ADR | 1,253,139 | |||
2,525,881 | |||||
Industrials ( 0.6%) | |||||
34,800 | Cemex SA de CV, ADR | 1,231,224 | |||
3,757,105 | |||||
Netherlands (2.3%) | |||||
Consumer Discretionary ( 0.7%) | |||||
6,900 | Koninklijke (Royal) Philips Electronics NV | 268,324 | |||
31,271 | Koninklijke (Royal) Philips Electronics NV | 1,224,260 | |||
1,492,584 | |||||
Consumer Staples ( 0.6%) | |||||
23,400 | Royal Numico NV | 1,241,145 | |||
Financials ( 1.0%) | |||||
32,643 | ABN AMRO Holding NV | 1,042,241 | |||
26,473 | ING Groep NV | 1,157,465 | |||
2,199,706 | |||||
4,933,435 | |||||
Russia (0.9%) | |||||
Energy ( 0.3%) | |||||
8,996 | LUKOIL, ADR | 715,182 | |||
Materials ( 0.6%) | |||||
41,734 | Evraz Group SA, GDR (b) | 1,160,623 | |||
1,875,805 | |||||
Singapore (1.9%) | |||||
Financials ( 1.2%) | |||||
188,000 | DBS Group Holdings Ltd. | 2,693,761 | |||
Industrials ( 0.7%) | |||||
121,000 | Keppel Corp. Ltd. | 1,410,642 | |||
4,104,403 | |||||
South Africa (0.2%) | |||||
Energy ( 0.2%) | |||||
14,300 | Sasol Ltd. | 486,680 | |||
South Korea (2.1%) | |||||
Consumer Discretionary (0.5%) | |||||
16,472 | Hyundai Motor Co. | 1,174,571 | |||
Financials (0.4%) | |||||
9,720 | Kookmin Bank (a) | 773,675 | |||
Information Technology (1.2%) | |||||
4,431 | Samsung Electronics Co. Ltd. | 2,726,407 | |||
4,674,653 | |||||
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
Spain (3.3%) | |||||
Financials ( 2.3%) | |||||
94,781 | Banco Bilbao Vizcaya Argentaria SA | $ | 2,353,035 | ||
140,684 | Banco Santander Central Hispano SA | 2,674,929 | |||
5,027,964 | |||||
Telecommunications (1.0%) | |||||
101,048 | Telefonica SA | 2,205,742 | |||
7,233,706 | |||||
Sweden (0.5%) | |||||
Consumer Discretionary ( 0.5%) | |||||
90,000 | Eniro AB | 1,188,540 | |||
Switzerland (10.1%) | |||||
Consumer Staples (1.3%) | |||||
7,903 | Nestle SA | 2,900,140 | |||
Financials (1.8%) | |||||
40,596 | Credit Suisse Group | 2,868,462 | |||
18,026 | UBS AG, Registered Shares | 1,127,984 | |||
3,996,446 | |||||
Health Care (3.3%) | |||||
66,498 | Novartis AG | 3,826,857 | |||
11,458 | Roche Holding AG, Genusschien | 2,153,732 | |||
9,588 | Synthes, Inc. | 1,205,344 | |||
7,185,933 | |||||
Industrials (0.8%) | |||||
91,190 | ABB Ltd. | 1,613,593 | |||
Materials (2.9%) | |||||
17,700 | Ciba Specialty Chemicals AG, Registered Shares | 1,180,190 | |||
18,860 | Holcim Ltd. | 1,868,859 | |||
18,900 | Lonza Group AG, Registered Shares | 1,789,214 | |||
8,391 | Syngenta AG | 1,547,540 | |||
6,385,803 | |||||
22,081,915 | |||||
Taiwan (1.1%) | |||||
Information Technology (1.1%) | |||||
454,738 | Taiwan Semiconductor Manufacturing Co. Ltd. | 930,968 | |||
134,468 | Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1,467,046 | |||
2,398,014 | |||||
Thailand (0.3%) | |||||
Financials (0.3%) | |||||
225,300 | Bangkok Bank Public Co. Ltd. | 728,242 | |||
See notes to financial statements.
23
Table of Contents
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
United Kingdom (17.8%) | |||||
Consumer Discretionary (3.7%) | |||||
275,921 | British Sky Broadcasting Group PLC | $ | 2,959,549 | ||
22,166 | Carnival PLC | 1,205,318 | |||
254,832 | Kingfisher PLC | 1,197,716 | |||
177,900 | Reuters Group PLC | 1,508,012 | |||
523,205 | Signet Group PLC | 1,233,392 | |||
8,103,987 | |||||
Consumer Staples (1.2%) | |||||
26,380 | Reckitt Benckiser PLC | 1,269,146 | |||
159,463 | Tesco PLC | 1,309,436 | |||
2,578,582 | |||||
Financials (7.2%) | |||||
137,756 | Barclays PLC | 2,002,582 | |||
174,491 | Cattles PLC | 1,497,968 | |||
115,418 | HBOS PLC | 2,519,044 | |||
82,000 | HSBC Holdings PLC | 1,494,633 | |||
186,000 | Man Group PLC | 1,953,943 | |||
177,260 | Michael Page International PLC | 1,662,770 | |||
345,867 | Old Mutual PLC | 1,166,955 | |||
173,275 | Prudential Corp. PLC | 2,335,114 | |||
27,268 | Royal Bank of Scotland Group PLC (The) | 1,095,455 | |||
15,728,464 | |||||
Shares | Security Description | Value | |||
Common Stocks, continued | |||||
United Kingdom, continued | |||||
Health Care (2.9%) | |||||
25,500 | AstraZeneca PLC | $ | 1,422,678 | ||
72,880 | GlaxoSmithKline PLC | 1,954,290 | |||
269,814 | Smith & Nephew PLC | 3,035,832 | |||
6,412,800 | |||||
Information Technology (1.0%) | |||||
643,074 | ARM Holdings PLC | 1,534,918 | |||
61,970 | Autonomy Corp. PLC (a) | 718,260 | |||
2,253,178 | |||||
Materials (0.8%) | |||||
99,934 | BHP Billiton PLC | 1,861,100 | |||
Telecommunications (1.0%) | |||||
73,864 | Vodafone Group PLC, ADR | 2,170,863 | |||
39,108,974 | |||||
Total Common Stocks (Cost $179,605,199) | 216,789,243 | ||||
Investment Companies (0.9%) | |||||
1,948,262 | Victory Institutional Money Market Fund, Investor Shares, 5.02% (c) | 1,948,262 | |||
Total Investment Companies (Cost $1,948,262) | 1,948,262 | ||||
Total Investments (Cost $181,553,461) (d)—99.6% | 218,737,505 | ||||
Other assets in excess of liabilities—0.4% | 811,030 | ||||
Net Assets—100.0% | $ | 219,548,535 | |||
(a) | Non-income producing security. |
(b) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Adviser, using board approved procedures, has deemed this security to be liquid. |
(c) | Rate periodically changes. Rate disclosed is rate in effect at January 31, 2007. |
(d) | Cost for federal income tax purposes is $182,366,761. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 38,751,328 | ||
Unrealized depreciation | (2,380,584 | ) | ||
Net unrealized appreciation | $ | 36,370,744 | ||
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
See notes to financial statements.
24
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Shares | Security | Value | |||
Common Stocks (90.8%) | |||||
Consumer Discretionary (19.7%) | |||||
44,500 | ABM Industries, Inc. | $ | 1,149,880 | ||
7,800 | Aeropostale, Inc. (a) | 280,332 | |||
50,900 | AFC Enterprises, Inc. (a) | 853,084 | |||
97,200 | Aftermarket Technology Corp. (a) | 2,095,632 | |||
19,100 | AnnTaylor Stores Corp. (a) | 658,950 | |||
10,500 | Bon-Ton Stores, Inc. (The) | 383,250 | |||
9,300 | Central European Media Enterprises Ltd., Class A (a) | 807,147 | |||
127,400 | Charming Shoppes, Inc. (a) | 1,671,488 | |||
38,100 | Chattem, Inc. (a) | 2,188,464 | |||
12,800 | Christopher & Banks Corp. | 227,584 | |||
152,500 | CKE Restaurants, Inc. | 3,014,925 | |||
19,000 | Deckers Outdoor Corp. (a) | 1,107,890 | |||
5,100 | Dick’s Sporting Goods (a) | 262,599 | |||
19,100 | Domino’s Pizza, Inc. | 545,687 | |||
7,300 | Dress Barn, Inc. (The) (a) | 164,031 | |||
146,700 | DSW, Inc. (a) | 5,881,203 | |||
71,400 | Elizabeth Arden, Inc. (a) | 1,349,460 | |||
47,800 | Entercom Communications Corp. | 1,347,482 | |||
59,300 | FTD Group, Inc. (a) | 1,094,678 | |||
36,500 | Gaylord Entertainment Co. (a) | 2,016,990 | |||
680,700 | Gemstar-TV Guide International, Inc. (a) | 2,750,028 | |||
11,400 | Genesco, Inc. (a) | 449,046 | |||
90,700 | Helen of Troy Ltd. (a) | 2,186,777 | |||
77,800 | Hibbett Sporting Goods, Inc. (a) | 2,498,158 | |||
270,100 | IKON Office Solutions, Inc. | 4,024,490 | |||
31,800 | International Speedway Corp., Class A | 1,660,914 | |||
82,600 | Interstate Hotels & Resorts, Inc. (a) | 607,936 | |||
128,700 | IPC Holdings Ltd. | 3,790,215 | |||
21,400 | ITT Educational Services, Inc. (a) | 1,660,640 | |||
19,500 | J. Crew Group, Inc. (a) | 708,435 | |||
73,000 | Jack-In-The-Box, Inc. (a) | 4,510,670 | |||
69,900 | Jo-Ann Stores, Inc. (a) | 1,767,072 | |||
65,100 | Lee Enterprises, Inc. | 2,163,273 | |||
211,600 | Lions Gate Entertainment Corp. (a) | 2,300,092 | |||
11,400 | Live Nation (a) | 281,352 | |||
99,300 | Lubys Cafeterias, Inc. (a) | 1,075,419 | |||
136,500 | Maidenform Brands, Inc. (a) | 2,732,730 | |||
6,300 | Martha Stewart Living Omnimedia, Inc., Class A | 115,983 | |||
77,900 | Marvel Entertainment, Inc. (a) | 2,174,968 | |||
73,000 | Meredith Corp. | 4,304,080 | |||
14,300 | Metal Management, Inc. | 586,872 | |||
60,500 | Mothers Work, Inc. (a) | 2,023,725 | |||
12,600 | Noble International Ltd. | 241,542 | |||
73,100 | Payless ShoeSource, Inc. (a) | 2,481,745 | |||
38,400 | Perry Ellis International, Inc. (a) | 1,155,456 | |||
59,500 | Phillips Van Heusen | 3,281,425 | |||
161,500 | Prestige Brands Holdings Inc. (a) | 2,052,665 |
Shares | Security | Value | |||
Common Stocks, continued | |||||
Consumer Discretionary, continued | |||||
14,300 | Priceline.Com, Inc. (a) | $ | 609,466 | ||
20,900 | Quiksilver, Inc. (a) | 296,989 | |||
118,300 | Radio One, Inc., Class D (a) | 869,505 | |||
7,900 | RARE Hospitality International, Inc. (a) | 249,166 | |||
37,400 | Sally Beauty Holdings, Inc. (a) | 329,120 | |||
93,800 | Scholastic Corp. (a) | 3,315,830 | |||
257,200 | Scottish Re Group Ltd. | 1,208,840 | |||
17,600 | Select Comfort Corp. (a) | 324,544 | |||
38,700 | Skechers USA, Inc., Class A (a) | 1,371,528 | |||
7,200 | Stanley Furniture Co., Inc. | 154,224 | |||
23,600 | Talbots, Inc. (The) | 556,960 | |||
97,300 | Tempur-Pedic International, Inc. (a) | 2,315,740 | |||
4,600 | Thor Industries, Inc. | 194,396 | |||
38,400 | True Religion Apparel, Inc. (a) | 644,352 | |||
106,150 | Tuesday Morning Corp. | 1,768,459 | |||
107,800 | Warnaco Group, Inc. (The) (a) | 3,049,662 | |||
30,200 | WMS Industries, Inc. (a) | 1,197,732 | |||
152,800 | Wolverine World Wide, Inc. | 4,701,656 | |||
103,844,633 | |||||
Consumer Staples (1.0%) | |||||
12,100 | Longs Drug Stores Corp. | 520,300 | |||
24,100 | Mannatech, Inc. | 388,733 | |||
42,200 | Ralcorp Holdings, Inc. (a) | 2,335,348 | |||
44,800 | Universal Corp. | 2,165,184 | |||
5,409,565 | |||||
Energy (3.4%) | |||||
18,200 | Cabot Oil & Gas Corp. | 1,180,452 | |||
156,900 | CMS Energy Corp. (a) | 2,618,661 | |||
105,200 | Covanta Holding Corp. (a) | 2,489,032 | |||
20,400 | Delek US Holdings, Inc. | 347,208 | |||
7,100 | Encore Acquisition Co. (a) | 184,245 | |||
13,100 | Frontier Oil Corp. | 372,171 | |||
17,800 | General Maritime Corp. | 649,522 | |||
35,800 | Grey Wolf, Inc. (a) | 244,514 | |||
242,600 | Headwaters, Inc. (a) | 5,511,872 | |||
6,200 | Hercules Offshore, Inc. (a) | 163,928 | |||
54,000 | Input/Output, Inc. (a) | 739,260 | |||
3,200 | Lone Star Technologies, Inc. (a) | 154,720 | |||
2,900 | Lufkin Industries, Inc. | 173,565 | |||
19,100 | Natco Group, Inc. (a) | 663,916 | |||
34,100 | Pioneer Drilling Co. (a) | 432,047 | |||
7,600 | St. Mary Land & Exploration Co. | 273,524 | |||
4,600 | Swift Energy Co. (a) | 203,964 | |||
174,600 | Syntax-Brillian Corp. (a) | 1,381,086 | |||
8,600 | Trico Marine Services, Inc. (a) | 279,758 | |||
18,063,445 | |||||
Financials (12.2%) | |||||
13,100 | Advance America Cash Advance Centers, Inc. | 182,876 | |||
15,200 | Advanta Corp., Class B | 705,432 |
See notes to financial statements.
25
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Shares | Security | Value | |||
Common Stocks, continued | |||||
Financials, continued | |||||
3,200 | Allied World Assurance Holdings Ltd. | $ | 136,320 | ||
57,400 | Amcore Financial, Inc. | 1,938,398 | |||
78,100 | Apollo Investment Corp. | 1,733,820 | |||
23,800 | Aspen Insurance Holdings Ltd. | 609,756 | |||
56,540 | Associated Banc Corp. | 1,929,145 | |||
112,350 | Brookline Bancorp, Inc. | 1,495,378 | |||
3,200 | Cash America International, Inc. | 136,672 | |||
267,400 | Castlepoint Holdings Ltd. (b) | 2,874,550 | |||
2,300 | City Holding Co. | 92,230 | |||
61,900 | Cohen & Steers, Inc. | 3,017,625 | |||
34,400 | Community Bancorp (a) | 1,151,368 | |||
10,100 | Corus Bankshares, Inc. | 215,130 | |||
52,200 | Cousins Properties, Inc. | 2,043,108 | |||
9,100 | DiamondRock Hospitality | 171,535 | |||
3,800 | eHealth, Inc. (a) | 83,752 | |||
31,900 | Encore Capital Group, Inc. (a) | 362,065 | |||
62,300 | Financial Federal Corp. | 1,781,780 | |||
8,400 | First Cash Financial Services, Inc. (a) | 197,232 | |||
3,700 | First Community Bancorp | 197,210 | |||
84,600 | First Indiana Corp. | 2,009,250 | |||
3,100 | FPIC Insurance Group, Inc. (a) | 136,059 | |||
19,700 | Hersha Hospitality Trust | 220,443 | |||
19,100 | Hilb Rogal & Hobbs Co. | 806,975 | |||
61,300 | Impac Mortgage Holdings, Inc. | 528,406 | |||
16,300 | IndyMac Bancorp, Inc. | 633,907 | |||
43,100 | Integra Bank Corp. | 1,067,587 | |||
58,500 | Intervest Bancshares Corp. (a) | 1,775,475 | |||
58,700 | Jackson Hewitt Tax Service, Inc. | 2,146,659 | |||
77,600 | Knight Capital Group, Inc. (a) | 1,402,232 | |||
103,195 | Macatawa Bank Corp. | 2,026,750 | |||
19,900 | MAF Bancorp, Inc. | 894,306 | |||
9,400 | Maguire Properties, Inc. | 408,430 | |||
42,018 | Marshall & Ilsley Corp. | 1,977,367 | |||
208,100 | MCG Capital Corp. | 4,114,137 | |||
40,530 | Mercantile Bank Corp. | 1,416,118 | |||
14,300 | National Financial Partners Corp. | 702,130 | |||
51,300 | Navigators Group, Inc. (a) | 2,451,627 | |||
62,000 | Oak Hill Financial, Inc. | 1,709,340 | |||
75,700 | PHH Corp. (a) | 2,214,982 | |||
24,000 | Pinnacle Financial Partners, Inc. (a) | 763,680 | |||
8,000 | Preferred Bank | 523,040 | |||
93,129 | Provident Bankshares Corp. | 3,300,492 | |||
29,400 | Strategic Hotels & Resorts, Inc. | 632,688 | |||
6,700 | Sunstone Hotel Investors, Inc. | 189,543 | |||
120,300 | TNS, Inc. (a) | 2,060,739 | |||
125,100 | Tower Group, Inc. | 4,203,360 | |||
133,600 | United Panam Financial Corp. (a) | 1,877,080 | |||
24,000 | Whitney Holding Corp. | 759,360 | |||
12,800 | World Acceptance Corp. (a) | 563,328 | |||
64,570,872 | |||||
Shares | Security | Value | |||
Common Stocks, continued | |||||
Health Care (6.3%) | |||||
32,600 | Acadia Pharmaceuticals, Inc. (a) | $ | 233,416 | ||
62,600 | Alkermes, Inc. (a) | 933,992 | |||
7,000 | Allscripts Healthcare Solutions, Inc. (a) | 214,200 | |||
42,300 | Applera Corporation—Celera Genomics Group (a) | 670,878 | |||
173,800 | Bradley Pharmaceuticals, Inc. (a) | 3,495,118 | |||
57,200 | Centene Corp. (a) | 1,425,424 | |||
11,100 | Cerner Corp. (a) | 498,723 | |||
9,600 | Cholestech Corp. (a) | 161,568 | |||
71,200 | CV Therapeutics, Inc. (a) | 960,488 | |||
30,700 | Cytokinetics, Inc. (a) | 242,837 | |||
68,100 | Encysive Pharmaceuticals, Inc. (a) | 228,135 | |||
79,000 | Healthspring, Inc. (a) | 1,553,930 | |||
129,509 | Healthtronics, Inc. (a) | 835,333 | |||
36,100 | Human Genome Sciences, Inc. (a) | 425,258 | |||
7,500 | Immucor, Inc. (a) | 236,550 | |||
26,600 | Incyte Pharmaceuticals, Inc. (a) | 197,638 | |||
12,400 | ISIS Pharmaceuticals, Inc. (a) | 128,836 | |||
38,000 | LifePoint Hospitals, Inc. (a) | 1,291,240 | |||
9,300 | Magellan Health Services, Inc. (a) | 379,533 | |||
12,200 | Medarex, Inc. (a) | 164,334 | |||
9,000 | Mentor Corporation | 458,910 | |||
67,400 | MGI Pharma, Inc. (a) | 1,295,428 | |||
66,000 | NBTY, Inc. (a) | 3,422,100 | |||
15,200 | Neurogen Corp. (a) | 91,656 | |||
105,730 | NPS Pharmaceuticals, Inc. (a) | 412,347 | |||
18,500 | Onyx Pharmaceuticals, Inc. (a) | 219,225 | |||
7,800 | OSI Pharmaceuticals, Inc. (a) | 265,356 | |||
58,800 | Pain Therapeutics, Inc. (a) | 529,788 | |||
16,200 | Palomar Medical Technologies (a) | 806,112 | |||
42,100 | Perrigo Co. | 727,488 | |||
15,200 | Pharmion Corp. (a) | 484,120 | |||
42,200 | Regeneron Pharmaceuticals, Inc. (a) | 839,358 | |||
79,400 | RehabCare Group, Inc. (a) | 1,205,292 | |||
9,000 | Renovis, Inc. (a) | 31,140 | |||
33,000 | Rigel Pharmaceuticals, Inc. (a) | 374,550 | |||
13,800 | Salix Pharmaceuticals Ltd. (a) | 195,960 | |||
50,200 | Sierra Health Services, Inc. (a) | 2,018,040 | |||
21,300 | Sonus Pharmaceuticals, Inc. (a) | 121,836 | |||
25,000 | STERIS Corp. | 646,000 | |||
15,400 | TriZetto Group, Inc. (The) (a) | 319,396 | |||
6,400 | Universal Health Services | 370,752 | |||
156,734 | Vistacare, Inc., Class A (a) | 1,504,647 | |||
5,800 | WellCare Health Plans, Inc. (a) | 449,384 | |||
2,700 | West Pharmaceutical Services | 131,031 | |||
12,300 | Wright Medical Group, Inc. (a) | 269,247 | |||
3,400 | Zoll Medical Corp. (a) | 213,248 | |||
101,034 | Zymogenetics Inc. (a) | 1,611,492 | |||
33,291,334 | |||||
See notes to financial statements.
26
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Shares | Security | Value | |||
Common Stocks, continued | |||||
Industrials (14.1%) | |||||
104,500 | AAR Corp. (a) | $ | 3,113,055 | ||
27,200 | Acuity Brands, Inc. | 1,577,872 | |||
6,000 | Advisory Board Co. (The) (a) | 337,860 | |||
17,300 | American Commercial Lines, Inc. (a) | 1,218,612 | |||
17,400 | American Woodmark Corp. | 782,304 | |||
8,900 | Applied Industrial Technologies | 218,050 | |||
4,400 | Armor Holdings, Inc. (a) | 266,200 | |||
8,000 | Ceradyne, Inc. (a) | 432,640 | |||
150,900 | CF Industries Holdings, Inc. | 4,602,450 | |||
153,300 | Champion Enterprises, Inc. (a) | 1,258,593 | |||
42,400 | Cognex Corp. | 925,168 | |||
7,200 | COMSYS IT Partners, Inc. (a) | 155,808 | |||
43,300 | Corrections Corp. of America (a) | 2,109,576 | |||
25,100 | Cymer, Inc. (a) | 1,059,973 | |||
83,200 | Dycom Industries, Inc. (a) | 1,882,816 | |||
15,900 | EnPro Industries, Inc. (a) | 525,495 | |||
11,700 | Freightcar America, Inc. | 679,887 | |||
65,100 | Gardner Denver Machinery, Inc. (a) | 2,509,605 | |||
367,700 | Genesis Microchip, Inc. (a) | 2,908,507 | |||
15,700 | Graco, Inc. | 640,089 | |||
79,500 | Griffon Corp. (a) | 2,047,920 | |||
6,700 | Heidrick & Struggles International, Inc. (a) | 292,589 | |||
38,100 | Horizon Lines, Inc., Class A | 1,133,475 | |||
106,000 | Horizon Offshore, Inc. (a) | 1,780,800 | |||
21,400 | Hub Group, Inc. (a) | 639,004 | |||
13,700 | Insteel Industries, Inc. | 228,653 | |||
154,000 | IXYS Corp. (a) | 1,387,540 | |||
98,400 | Kaydon Corp. | 4,241,040 | |||
36,300 | Kennametal, Inc. | 2,243,340 | |||
43,000 | Knight Transportation, Inc. | 808,400 | |||
89,600 | Korn/Ferry International (a) | 2,139,648 | |||
10,700 | Lamson & Sessions Co. (a) | 279,163 | |||
7,200 | Lennox International, Inc. | 218,448 | |||
3,700 | McGrath Rentcorp | 113,331 | |||
43,100 | Mine Safety Appliances Co. | 1,652,885 | |||
158,800 | Nalco Holding Co. (a) | 3,650,812 | |||
13,500 | Nordson Corp. | 698,220 | |||
129,400 | Northgate Minerals Corp. (a) | 483,956 | |||
52,400 | Penn Virginia Corp. | 3,839,872 | |||
52,800 | Regal Beloit | 2,656,896 | |||
10,400 | Resources Connection, Inc. (a) | 326,560 | |||
78,100 | Semtech Corp. (a) | 1,069,970 | |||
243,600 | Silicon Motion Technology | 4,489,548 | |||
15,100 | Steelcase, Inc. | 295,809 | |||
9,200 | Sun Hydraulic Corp. | 195,684 | |||
57,800 | Superior Energy Services, Inc. (a) | 1,752,496 | |||
17,700 | Tennant Co. | 547,284 | |||
13,100 | Timken Co. (The) | 374,791 | |||
5,300 | Toro Co. (The) | 271,731 | |||
5,500 | United Industrial Corp. | 277,805 |
Shares | Security | Value | |||
Common Stocks, continued | |||||
Industrials, continued | |||||
2,600 | United Rentals, Inc. (a) | $ | 66,950 | ||
57,500 | URS Corp. (a) | 2,470,775 | |||
67,200 | Wabtec Corp. | 2,151,744 | |||
51,800 | Walter Industries, Inc. | 1,459,724 | |||
20,000 | Watson Wyatt & Company Holdings | 885,800 | |||
74,377,223 | |||||
Information Technology (18.4%) | |||||
382,100 | 3com Corp. (a) | 1,490,190 | |||
15,200 | Acxiom Corp. | 345,040 | |||
56,100 | Advanced Energy Industries (a) | 972,213 | |||
138,400 | Aeroflex, Inc. (a) | 1,655,264 | |||
78,300 | Amkor Technology, Inc. (a) | 824,499 | |||
3,100 | Ansoft Corp. (a) | 86,614 | |||
6,600 | ANSYS, Inc. (a) | 329,274 | |||
77,900 | Arris Group, Inc. (a) | 1,107,738 | |||
22,300 | Atmel Corp. (a) | 133,354 | |||
90,500 | Avocent Corp. (a) | 3,125,870 | |||
87,700 | Benchmark Electronics, Inc. (a) | 1,986,405 | |||
82,200 | Blackbaud, Inc. | 1,970,334 | |||
583,300 | Brocade Communications Systems, Inc., Class A (a) | 5,004,714 | |||
256,800 | ChipMOS TECHNOLOGIES LTD. ADR (a) | 1,859,232 | |||
47,000 | Cirrus Logic, Inc. (a) | 348,740 | |||
68,900 | Comtech Telecommunications Corp. (a) | 2,480,400 | |||
27,300 | CSG Systems International, Inc. (a) | 684,684 | |||
13,200 | Diodes, Inc. (a) | 484,044 | |||
35,500 | Eagle Test Systems, Inc. (a) | 513,685 | |||
190,100 | EFJ, Inc. (a) | 1,247,056 | |||
21,100 | eFunds Corp. (a) | 563,792 | |||
60,050 | Electronics for Imaging, Inc. (a) | 1,384,152 | |||
99,100 | Emulex Corporation (a) | 1,759,025 | |||
10,900 | FactSet Research Systems, Inc. | 633,072 | |||
52,400 | FARO Technologies, Inc. (a) | 1,298,472 | |||
100,700 | Foundry Networks, Inc. (a) | 1,457,129 | |||
17,700 | Gevity HR, Inc. | 390,639 | |||
50,900 | Global Imaging Systems, Inc. (a) | 979,825 | |||
89,000 | Harmonic, Inc. (a) | 805,450 | |||
13,300 | Henry(Jack) & Associates | 283,822 | |||
10,700 | Imergent, Inc. (a) | 214,107 | |||
76,200 | infoUSA, Inc. | 915,162 | |||
8,500 | Interdigital Communitcations (a) | 294,865 | |||
246,300 | Interwoven, Inc. (a) | 3,866,910 | |||
28,600 | J2 Global Communications, Inc. (a) | 757,328 | |||
18,600 | Komag, Inc. (a) | 634,632 | |||
68,500 | Kronos, Inc. (a) | 2,603,000 | |||
111,100 | Lightbridge, Inc. (a) | 1,783,155 | |||
57,300 | Mantech International Corp. (a) | 1,955,076 | |||
137,400 | Mattson Technology, Inc. (a) | 1,196,754 | |||
101,600 | Mentor Graphics Corp. (a) | 1,889,760 | |||
179,300 | Methode Electronics, Inc. | 1,974,093 |
See notes to financial statements.
27
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Shares | Security | Value | |||
Common Stocks, continued | |||||
Information Technology, continued | |||||
26,200 | Micrel, Inc. (a) | $ | 264,882 | ||
39,400 | Microstrategy, Inc., Class A (a) | 4,783,948 | |||
22,500 | MoneyGram International, Inc. | 674,775 | |||
4,500 | MTS Systems Corp. | 192,465 | |||
22,900 | Net 1 UEPS Technologies, Inc. (a) | 620,590 | |||
91,500 | Novatel, Inc. (a) | 3,774,375 | |||
25,700 | Orbotech Ltd. (a) | 615,258 | |||
15,700 | Parametric Technology Corp. (a) | 311,174 | |||
21,600 | Perot Systems Corp., Class A (a) | 352,944 | |||
6,100 | Plexus Corp. (a) | 102,480 | |||
5,400 | Polycom, Inc. (a) | 181,548 | |||
243,900 | Power-One (a) | 1,802,421 | |||
79,400 | Progress Software Corp. (a) | 2,255,754 | |||
32,400 | Rofin-Sinar Technologies, Inc. (a) | 2,119,932 | |||
32,700 | Rogers Corp. (a) | 1,689,936 | |||
44,500 | Sigma Designs, Inc. (a) | 1,077,345 | |||
81,400 | Silocon Image, Inc. (a) | 984,126 | |||
69,900 | Skyworks Solutions, Inc. (a) | 459,243 | |||
330,600 | Sonicwall, Inc. (a) | 2,786,958 | |||
11,600 | Sybase, Inc. (a) | 300,324 | |||
6,900 | Sykes Enterprises, Inc. (a) | 100,809 | |||
160,400 | Teletech Holdings, Inc. (a) | 4,322,780 | |||
401,700 | TIBCO Software, Inc. (a) | 3,727,776 | |||
59,600 | Transaction Systems Architects, Inc. (a) | 2,154,540 | |||
16,200 | Travelzoo, Inc. (a) | 495,072 | |||
7,300 | Trident Microsystems, Inc. (a) | 152,351 | |||
14,000 | TTM Technologies, Inc. (a) | 149,940 | |||
32,800 | United Online, Inc. | 460,512 | |||
23,100 | Varian Semiconductor Equipment (a) | 950,565 | |||
23,000 | Vishay Intertechnology, Inc. (a) | 302,220 | |||
28,600 | Volt Information Sciences, Inc. (a) | 1,011,296 | |||
220,300 | webMethods, Inc. (a) | 1,658,859 | |||
60,800 | Witness Systems, Inc. (a) | 1,376,512 | |||
10,000 | Wright Express Corp. (a) | 308,700 | |||
96,811,980 | |||||
Materials (7.6%) | |||||
31,800 | A. Schulman, Inc. | 663,984 | |||
101,900 | Belden CDT, Inc. | 4,407,175 | |||
161,900 | Building Materials Holding Corp. | 3,858,077 | |||
5,600 | Carpenter Technology Corp. | 655,760 | |||
70,900 | Century Aluminum Co. (a) | 3,231,622 | |||
10,200 | Chaparral Steel Co. | 523,056 | |||
25,500 | Cleveland Cliffs, Inc. | 1,393,830 | |||
136,700 | Commercial Metals Co. | 3,705,937 | |||
7,100 | Eagle Materials, Inc., Class A | 350,669 | |||
8,000 | Greif, Inc., Class A | 914,480 | |||
152,900 | Hercules, Inc. (a) | 2,998,369 | |||
25,400 | Infrasource Services, Inc. (a) | 539,750 | |||
85,596 | Mueller Water Products, Inc., | 1,162,394 |
Shares | Security | Value | |||
Common Stocks, continued | |||||
Materials, continued | |||||
76,800 | OM Group, Inc. (a) | $ | 3,752,448 | ||
87,600 | Packaging Corp of America | 2,000,784 | |||
5,300 | Pioneer Companies, Inc. (a) | 158,682 | |||
61,500 | Quanex Corp. | 2,410,185 | |||
14,200 | RTI International Metals, Inc. (a) | 1,160,850 | |||
6,300 | Schweitzer-Mauduit International, Inc. | 153,027 | |||
44,800 | Spartech Corp. | 1,255,296 | |||
339,800 | USEC, Inc. (a) | 4,607,688 | |||
39,904,063 | |||||
Real Estate Investment Trusts (4.0%) | |||||
142,100 | Ashford Hospitality Trust | 1,749,251 | |||
12,800 | Capital Trust, Class A | 634,880 | |||
35,100 | Cedar Shopping Centers, Inc. | 587,925 | |||
35,400 | Equity One, Inc. | 981,996 | |||
95,400 | JER Investors Trust, Inc. | 1,953,792 | |||
76,700 | JER Investors Trust, Inc. (c) | 1,570,816 | |||
104,400 | Kohlberg Kravis Roberts & Co. | 2,825,064 | |||
27,200 | Nationwide Health Properties, Inc. | 906,304 | |||
73,400 | Newcastle Investment Corp. | 2,379,628 | |||
255,800 | NorthStar Realty Finance Corp. | 4,514,870 | |||
37,800 | Pennsylvania Real Estate Investment Trust | 1,614,060 | |||
34,500 | Washington Real Estate Investment Trust | 1,474,875 | |||
21,193,461 | |||||
Telecommunications (1.3%) | |||||
64,100 | Adtran, Inc. | 1,420,456 | |||
7,000 | Atlantic Tele-Network, Inc. | 210,280 | |||
171,500 | Carrier Access Corp. (a) | 987,840 | |||
20,600 | CT Communications, Inc. | 503,258 | |||
20,600 | Golden Telecom, Inc. | 1,066,668 | |||
7,700 | NeuStar, Inc., Class A (a) | 237,853 | |||
193,700 | Sinclair Broadcast Group, Inc., Class A | 2,279,849 | |||
13,800 | Syniverse Holdings Inc. (a) | 202,584 | |||
6,908,788 | |||||
Transportation (1.4%) | |||||
405,900 | ABX Air, Inc. (a) | 2,772,297 | |||
112,800 | ExpressJet Holdings, Inc. (a) | 880,968 | |||
279,550 | Quintana Maritime Ltd. ADR (c) | 3,575,445 | |||
7,228,710 | |||||
Utilities (1.4%) | |||||
100,400 | El Paso Electric Co. (a) | 2,439,720 | |||
70,300 | Forest Oil Corp. (a) | 2,243,976 | |||
95,800 | UGI Corp. | 2,625,878 | |||
7,309,574 | |||||
Total Common Stocks (Cost $423,070,925) | 478,913,648 | ||||
See notes to financial statements.
28
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Shares or Principal Amount | Security | Value | ||||
Depositary Receipts (1.9%) | ||||||
120,600 | iShares Russell 2000 Value Index Fund | $ | 9,792,720 | |||
Total Depositary Receipts (Cost $7,089,315) | 9,792,720 | |||||
U.S. Treasury Obligations (0.0%) | ||||||
$ | 100,000 | US Treasury Bills, | 99,333 | |||
| Total U.S. Treasury Obligations (Cost $98,804) | 99,333 | ||||
Cash Sweep (3.4%) | ||||||
18,008,582 | Bank of New York Cash Reserve Fund, 2.40% (f) | 18,008,582 | ||||
Total Cash Sweep (Cost $18,008,582) | 18,008,582 | |||||
| Total Investments (Cost $448,267,626) (g)—96.1% | 506,814,283 | ||||
Other assets in excess of liabilities—3.9% | 20,568,369 | |||||
Net Assets—100.0% | $ | 527,382,652 | ||||
(a) | Non-income producing security. |
(b) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Adviser, using board approved procedures, has deemed this security to be illiquid. |
(c) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Adviser, using board approved procedures, has deemed these securities to be liquid. |
(d) | Rate disclosed represents effective yield at purchase. |
(e) | Serves as collateral for futures contracts. |
(f) | Rate periodically changes. Rate disclosed is rate in effect at January 31, 2007. |
(g) | Cost for federal income tax purposes is $450,289,579. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 70,515,959 | ||
Unrealized depreciation | (13,991,255 | ) | ||
Net unrealized appreciation | $ | 56,524,704 | ||
ADR—American Depositary Receipt
Open Futures Contracts at January 31, 2007:
Description | Type | Expiration Month | Contracts | Unrealized Appreciation | |||||
Russell 2000 Index | Long | 3/2007 | 203 | $ | 139,122 |
See notes to financial statements.
29
Table of Contents
PACIFIC CAPITAL FUNDS
Mid-Cap Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Shares | Security | Value | |||
Common Stocks (99.4%) | |||||
Consumer Discretionary (18.0%) | |||||
7,500 | Abercrombie & Fitch Co., Class A | $ | 596,550 | ||
5,800 | Aeropostale, Inc. (a) | 208,452 | |||
2,900 | Alberto-Culver Co. | 66,323 | |||
30,600 | American Eagle Outfitters, Inc. | 990,828 | |||
15,100 | AnnTaylor Stores Corp. (a) | 520,950 | |||
10,600 | Assurant, Inc. | 589,148 | |||
6,900 | Autoliv, Inc. | 416,346 | |||
18,350 | Brinker International, Inc. | 578,942 | |||
13,900 | Darden Restaurants, Inc. | 544,046 | |||
20,400 | Dillard’s, Inc., Class A | 700,536 | |||
6,200 | Dollar Tree Stores, Inc. (a) | 195,052 | |||
10,400 | Estee Lauder Cos., Inc., Class A | 494,000 | |||
8,700 | Expedia, Inc. (a) | 186,615 | |||
19,800 | Furniture Brands International, Inc. | 330,066 | |||
7,000 | Goodyear Tire & Rubber Co. (The) (a) | 172,830 | |||
7,300 | Hasbro, Inc. | 207,320 | |||
4,100 | Herman Miller, Inc. | 154,160 | |||
6,100 | ITT Educational Services, Inc. (a) | 473,360 | |||
8,300 | Manpower, Inc. | 605,319 | |||
5,300 | Marvel Entertainment, Inc. (a) | 147,976 | |||
4,400 | Men’s Wearhouse, Inc. (The) | 188,936 | |||
500 | NVR, Inc. (a) | 346,260 | |||
21,700 | Payless ShoeSource, Inc. (a) | 736,715 | |||
4,200 | Polo Ralph Lauren Corp. | 344,610 | |||
5,500 | R.R. Donnelley & Sons Co. | 204,050 | |||
14,200 | Rent-A-Center, Inc. (a) | 418,332 | |||
4,600 | Scholastic Corp. (a) | 162,610 | |||
9,500 | Sherwin-Williams Co. (The) | 656,450 | |||
11,236,782 | |||||
Consumer Staples (1.7%) | |||||
1,700 | Energizer Holdings, Inc. (a) | 144,891 | |||
5,900 | Hansen Natural Corp. (a) | 224,731 | |||
9,300 | Hormel Foods Corp. | 352,470 | |||
6,700 | McCormick & Co., Inc. | 261,568 | |||
2,000 | Universal Corp. | 96,660 | |||
1,080,320 | |||||
Energy (10.0%) | |||||
20,000 | Allegheny Energy, Inc. (a) | 930,400 | |||
7,300 | AVX Corp. | 105,485 | |||
9,000 | Cimarex Energy Co. | 337,320 | |||
8,900 | Energy East Corp. | 213,778 | |||
6,800 | ENSCO International, Inc. | 345,916 | |||
6,200 | Frontier Oil Corp. | 176,142 | |||
1,900 | Holly Corp. | 100,111 | |||
15,300 | Noble Energy, Inc. | 817,173 | |||
22,000 | Patterson-UTI Energy, Inc. | 531,300 | |||
10,800 | Pepco Holdings, Inc. | 276,264 | |||
19,900 | TECO Energy, Inc. | 337,504 | |||
11,600 | Tesoro Corp. | 955,724 | |||
15,300 | Tidewater, Inc. | 789,021 | |||
7,300 | Unit Corp. (a) | 353,904 | |||
6,270,042 | |||||
Shares | Security | Value | |||
Common Stocks, continued | |||||
Financials (15.3%) | |||||
9,300 | A.G. Edwards, Inc. | $ | 615,753 | ||
24,250 | American Financial Group, Inc. | 856,510 | |||
19,200 | AmeriCredit Corp. (a) | 521,088 | |||
20,400 | CB Richard Ellis Group, Inc., Class A (a) | 767,244 | |||
4,600 | City National Corp. | 330,878 | |||
9,900 | Compass Bancshares, Inc. | 602,910 | |||
2,900 | Cullen/Frost Bankers, Inc. | 155,237 | |||
4,800 | Deluxe Corp. | 143,616 | |||
5,600 | First American Corp. | 237,328 | |||
6,950 | First Marblehead Corp. (The) | 378,080 | |||
3,700 | FirstMerit Corp. | 83,324 | |||
11,700 | Global Payments, Inc. | 441,792 | |||
4,100 | Hospitality Properties Trust | 200,080 | |||
3,400 | IndyMac Bancorp, Inc. | 132,226 | |||
2,700 | Investors Financial Services Corp. | 126,279 | |||
9,000 | Leucadia National Corp. | 246,240 | |||
8,950 | Mercantile Bankshares Corp. | 421,635 | |||
5,100 | Nationwide Financial Services, Inc. | 278,715 | |||
7,100 | New Century Financial Corp. | 214,917 | |||
1,900 | Philadelpia Consolidated Holding Corp. (a) | 85,614 | |||
16,100 | PMI Group, Inc. (The) | 769,902 | |||
9,300 | Radian Group, Inc. | 560,046 | |||
4,000 | SL Green Realty Corp. | 586,320 | |||
1,800 | SVB Financial Group (a) | 83,970 | |||
17,650 | W. R. Berkley Corp. | 584,038 | |||
3,700 | Wilmington Trust Corp. | 155,141 | |||
9,578,883 | |||||
Health Care (10.7%) | |||||
5,400 | Alpharma, Inc., Class A | 148,770 | |||
21,200 | Applera Corp. | 736,912 | |||
2,600 | C. R. Bard, Inc. | 214,552 | |||
7,000 | Charles River Laboratories International, Inc. (a) | 315,000 | |||
5,825 | Coventry Health Care, Inc. (a) | 300,279 | |||
2,900 | DENTSPLY International, Inc. | 89,436 | |||
5,000 | Endo Pharmaceuticals Holdings, Inc. (a) | 153,600 | |||
17,200 | Health Net, Inc. (a) | 837,812 | |||
4,900 | Hillenbrand Industries, Inc. | 279,349 | |||
11,700 | ImClone Systems, Inc. (a) | 344,682 | |||
10,000 | Kinetic Concepts, Inc. (a) | 491,900 | |||
7,300 | King Pharmaceuticals, Inc. (a) | 130,378 | |||
8,400 | Lincare Holdings, Inc. (a) | 330,540 | |||
6,700 | Manor Care, Inc. | 356,708 | |||
41,400 | Millennium Pharmaceuticals (a) | 459,540 | |||
1,900 | Pediatrix Medical Group, Inc. (a) | 99,826 | |||
9,000 | Sierra Health Services, Inc. (a) | 361,800 | |||
11,300 | STERIS Corp. | 291,992 | |||
13,300 | Techne Corp. (a) | 771,932 | |||
6,715,008 | |||||
See notes to financial statements.
30
Table of Contents
PACIFIC CAPITAL FUNDS
Mid-Cap Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Shares | Security | Value | |||
Common Stocks, continued | |||||
Industrials (9.0%) | |||||
2,200 | Carlisle Cos., Inc. | $ | 179,168 | ||
7,700 | Cummins, Inc. | 1,036,112 | |||
3,100 | Granite Construction, Inc. | 166,036 | |||
1,300 | Jacobs Engineering Group, Inc. (a) | 117,715 | |||
10,000 | Joy Global, Inc. | 464,700 | |||
6,000 | Kennametal, Inc. | 370,800 | |||
3,400 | Manitowoc Company, Inc. (The) | 176,324 | |||
7,600 | Precision Castparts Corp. | 675,564 | |||
13,000 | Republic Services, Inc., Class A | 562,250 | |||
7,900 | Ryland Group, Inc. | 443,822 | |||
1,900 | SPX Corp. | 133,361 | |||
16,600 | Terex Corp. (a) | 944,374 | |||
2,100 | Thomas & Betts Corp. (a) | 100,569 | |||
4,700 | Timken Co. (The) | 134,467 | |||
22,200 | Triquint Semiconductor (a) | 104,340 | |||
5,609,602 | |||||
Information Technology (13.1%) | |||||
23,800 | Avnet, Inc. (a) | 738,990 | |||
18,900 | BMC Software, Inc. (a) | 649,971 | |||
19,600 | Brocade Communications Systems, Inc., Class A (a) | 168,168 | |||
15,400 | Cadence Design Systems, Inc. (a) | 291,060 | |||
8,400 | CSG Systems International, Inc. (a) | 210,672 | |||
5,000 | Dun & Bradstreet Corp. (The) (a) | 425,000 | |||
8,850 | FactSet Research Systems, Inc. | 514,008 | |||
10,700 | Ingram Micro, Inc. (a) | 208,757 | |||
8,000 | Integrated Device Technology, Inc. (a) | 121,040 | |||
31,300 | Intersil Corp., Class A | 737,428 | |||
2,200 | Lam Research Corp. (a) | 100,782 | |||
63,600 | LSI Logic Corp. (a) | 597,840 | |||
10,600 | MEMC Electronic Materials, Inc. (a) | 555,440 | |||
13,500 | Mentor Graphics Corp. (a) | 251,100 | |||
10,500 | MoneyGram International, Inc. | 314,895 | |||
16,000 | OmniVision Technologies, Inc. (a) | 184,640 | |||
14,400 | Polycom, Inc. (a) | 484,128 | |||
19,500 | Sybase, Inc. (a) | 504,855 | |||
27,300 | Vishay Intertechnology, Inc. (a) | 358,722 | |||
13,300 | Websense, Inc. (a) | 287,945 | |||
26,100 | Western Digital Corp. (a) | 511,560 | |||
8,217,001 | |||||
Materials (6.5%) | |||||
13,500 | Ashland, Inc. | 938,925 | |||
2,700 | FMC Corp. | 210,195 | |||
12,200 | Louisiana-Pacific Corp. | 279,502 | |||
5,400 | Lubrizol Corp. (The) | 278,208 | |||
9,700 | Lyondell Chemical Co. | 306,714 | |||
4,100 | Rayonier, Inc. | 177,120 | |||
5,400 | Reliance Steel & Aluminum Co. | 224,856 | |||
2,400 | Snap-on, Inc. | 115,704 | |||
5,200 | Sonoco Products Co. | 200,200 | |||
23,400 | Steel Dynamics, Inc. | 917,514 | |||
1,600 | United States Steel Corp. | 133,584 |
Shares | Security | Value | |||
Common Stocks, continued | |||||
Materials, continued | |||||
2,800 | Waters Corp. (a) | $ | 158,732 | ||
4,300 | Westlake Chemical Corp. | 142,674 | |||
4,083,928 | |||||
Real Estate (0.3%) | |||||
5,100 | Realogy Corp. (a) | 152,490 | |||
Real Estate Investment Trusts (3.6%) | |||||
4,100 | Camden Property Trust | 321,440 | |||
9,900 | CBL & Associates Properties, Inc. | 464,607 | |||
3,400 | Colonial Properties Trust | 167,110 | |||
15,000 | Highwoods Properties, Inc. | 655,500 | |||
2,700 | Mack-Cali Realty Corp. | 150,228 | |||
9,100 | New Plan Excel Realty Trust | 264,992 | |||
2,800 | Regency Centers Corp. | 243,880 | |||
2,267,757 | |||||
Telecommunications (2.1%) | |||||
6,400 | Belo Corp. | 119,808 | |||
5,300 | CenturyTel, Inc. | 237,652 | |||
9,628 | Ciena Corp. (a) | 270,451 | |||
7,200 | Commscope, Inc. (a) | 232,632 | |||
2,500 | Telephone & Data Systems, Inc. | 139,875 | |||
29,500 | Tellabs, Inc. (a) | 297,065 | |||
1,297,483 | |||||
Transportation (4.7%) | |||||
27,300 | ArvinMeritor, Inc. | 525,525 | |||
10,800 | C.H. Robinson Worldwide, Inc. | 572,940 | |||
16,500 | Continental Airlines, Inc., Class B (a) | 684,585 | |||
8,700 | Overseas Shipholding Group, Inc. | 540,531 | |||
6,500 | Ryder System, Inc. | 354,510 | |||
6,200 | UAL Corp. (a) | 267,840 | |||
2,945,931 | |||||
Utilities (4.4%) | |||||
12,900 | Alliant Energy Corp. | 468,915 | |||
4,500 | IDACORP, Inc. | 166,275 | |||
14,450 | MDU Resources Group, Inc. | 373,532 | |||
6,100 | NICOR, Inc. | 277,550 | |||
7,200 | NSTAR | 240,480 | |||
5,900 | OGE Energy Corp. | 228,448 | |||
8,900 | ONEOK, Inc. | 381,899 | |||
4,200 | Pinnacle West Capital Corp. | 204,918 | |||
9,300 | Wisconsin Energy Corp. | 433,008 | |||
2,775,025 | |||||
Total Common Stocks (Cost $53,525,038) | 62,230,252 | ||||
Investment Companies (0.6%) | |||||
372,638 | Victory Institutional Money Market Fund, Investor Shares, 5.02% (b) | 372,638 | |||
Total Investment Companies (Cost $372,638) | 372,638 | ||||
Total Investments (Cost $53,897,676) (c)—100.0% | 62,602,890 | ||||
Other assets in excess of liabilities—0.0% | 17,881 | ||||
Net Assets—100.0% | $ | 62,620,771 | |||
See notes to financial statements.
31
Table of Contents
PACIFIC CAPITAL FUNDS
Mid-Cap Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is rate in effect at January 31, 2007. |
(c) | Cost for federal income tax purposes is $54,029,790. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 9,887,789 | ||
Unrealized depreciation | (1,314,689 | ) | ||
Net unrealized appreciation | $ | 8,573,100 | ||
See notes to financial statements.
32
Table of Contents
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Shares | Security | Value | |||
Common Stocks (98.5%) | |||||
Consumer Discretionary (16.5%) | |||||
12,950 | Abercrombie & Fitch Co., Class A | $ | 1,030,043 | ||
31,140 | American Eagle Outfitters, Inc. | 1,008,313 | |||
29,680 | Avon Products, Inc. | 1,020,695 | |||
5,900 | Brown-Forman Corp. | 386,981 | |||
36,220 | Colgate-Palmolive Co. | 2,473,826 | |||
28,110 | CVS Corp. | 945,902 | |||
10,350 | Estee Lauder Cos., Inc., Class A | 491,625 | |||
35,920 | Harley-Davidson, Inc. | 2,452,258 | |||
27,380 | IAC/InterActiveCorp (a) | 1,051,392 | |||
9,320 | International Flavors & Fragrances, Inc. | 451,834 | |||
30,750 | J.C. Penney Co., Inc. | 2,498,130 | |||
17,850 | Kohl’s Corp. (a) | 1,265,743 | |||
7,730 | Manpower, Inc. | 563,749 | |||
45,710 | McDonald’s Corp. | 2,027,238 | |||
17,820 | McGraw-Hill Cos., Inc. (The) | 1,195,366 | |||
56,530 | Office Depot, Inc. (a) | 2,113,657 | |||
17,100 | Omnicom Group, Inc. | 1,798,920 | |||
8,280 | Polo Ralph Lauren Corp. | 679,374 | |||
11,590 | Sherwin-Williams Co. (The) | 800,869 | |||
17,960 | Time Warner, Inc. | 392,785 | |||
25,280 | TJX Cos., Inc. (The) | 747,530 | |||
4,830 | Wal-Mart Stores, Inc. | 230,343 | |||
25,626,573 | |||||
Consumer Staples (8.7%) | |||||
26,730 | Altria Group, Inc. | 2,335,935 | |||
6,820 | Archer-Daniels-Midland Co. | 218,240 | |||
24,830 | ConAgra Foods, Inc. | 638,379 | |||
65,710 | Kraft Foods, Inc. | 2,294,593 | |||
9,420 | Molson Coors Brewing Co., Class B | 761,136 | |||
59,414 | PepsiCo, Inc. | 3,876,169 | |||
47,817 | Procter & Gamble Co. (The) | 3,101,889 | |||
3,670 | Reynolds American, Inc. | 236,715 | |||
13,463,056 | |||||
Energy (13.5%) | |||||
23,750 | ConocoPhillips | 1,577,238 | |||
13,970 | Devon Energy Corp. | 979,157 | |||
446 | Dynegy, Inc., Class A | 3,144 | |||
16,150 | ENSCO International, Inc. | 821,551 | |||
112,650 | Exxon Mobil Corp. | 8,347,365 | |||
44,510 | Halliburton Co. | 1,314,825 | |||
29,340 | Marathon Oil Corp. | 2,650,576 | |||
17,960 | NiSource, Inc. | 427,448 | |||
21,940 | Occidental Petroleum Corp. | 1,017,138 | |||
27,620 | Patterson-UTI Energy, Inc. | 667,023 | |||
17,680 | Sunoco, Inc. | 1,116,138 | |||
39,520 | Valero Energy Corp. | 2,145,146 | |||
21,066,749 | |||||
Financials (11.7%) | |||||
11,670 | ACE Ltd. | 674,293 | |||
13,630 | Bank of America Corp. | 716,665 | |||
9,520 | CB Richard Ellis Group, Inc., | 358,047 |
Shares | Security | Value | |||
Common Stocks, continued | |||||
Financials, continued | |||||
23,070 | Chubb Corp. (The) | $ | 1,200,563 | ||
17,130 | CIGNA Corp. | 2,268,012 | |||
15,980 | CIT Group, Inc. | 942,181 | |||
12,410 | Countrywide Financial Corp. | 539,587 | |||
10,780 | Goldman Sachs Group, Inc. (The) | 2,287,085 | |||
20,270 | JPMorgan Chase & Co. | 1,032,351 | |||
11,070 | Lehman Brothers Holdings, Inc. | 910,397 | |||
8,540 | MasterCard, Inc., Class A | 952,637 | |||
8,820 | MGIC Investment Corp. | 544,370 | |||
16,710 | Morgan Stanley | 1,383,421 | |||
14,480 | Principal Financial Group, Inc. | 892,113 | |||
18,530 | Radian Group, Inc. | 1,115,876 | |||
16,620 | SAFECO, Inc. | 1,063,846 | |||
24,960 | St. Paul Travelers Cos., Inc. (The) | 1,269,216 | |||
18,150,660 | |||||
Health Care (16.4%) | |||||
51,040 | Aetna, Inc. | 2,151,847 | |||
38,950 | AmerisourceBergen Corp. | 2,040,201 | |||
31,270 | Amgen, Inc. (a) | 2,200,470 | |||
50,390 | Applera Corp. | 1,751,556 | |||
24,610 | Becton, Dickinson & Co. | 1,893,493 | |||
21,150 | Biogen Idec, Inc. (a) | 1,022,391 | |||
7,850 | C. R. Bard, Inc. | 647,782 | |||
101,780 | Johnson & Johnson | 6,798,904 | |||
6,860 | McKesson, Inc. | 382,445 | |||
49,930 | Merck & Co., Inc. | 2,234,368 | |||
97,650 | Pfizer, Inc. | 2,562,336 | |||
43,060 | UnumProvident Corp. | 947,320 | |||
6,060 | WellPoint, Inc. (a) | 474,983 | |||
9,140 | Wyeth | 451,607 | |||
25,559,703 | |||||
Industrials (6.7%) | |||||
35,580 | Emerson Electric Co. | 1,600,033 | |||
12,470 | General Motors Corp. | 409,515 | |||
14,660 | Honeywell International, Inc. | 669,815 | |||
28,440 | Lockheed Martin Corp. | 2,764,083 | |||
24,360 | Northrop Grumman Corp. | 1,728,098 | |||
34,910 | Rockwell Automation, Inc. | 2,136,841 | |||
12,640 | Terex Corp. (a) | 719,090 | |||
3,740 | Textron, Inc. | 348,456 | |||
10,375,931 | |||||
Information Technology (20.2%) | |||||
8,590 | Advanced Micro Devices, Inc. (a) | 133,575 | |||
10,470 | Affiliated Computer Services, Inc. (a) | 512,925 | |||
47,390 | BEA Systems, Inc. (a) | 584,319 | |||
8,910 | BMC Software, Inc. (a) | 306,415 | |||
159,060 | Cisco Systems, Inc. (a) | 4,229,405 | |||
29,180 | Computer Sciences Corp. (a) | 1,530,783 | |||
82,550 | Electronic Data Systems Corp. | 2,171,890 | |||
21,970 | Fiserv, Inc. (a) | 1,154,963 | |||
2,700 | Google, Inc., Class A (a) | 1,353,510 |
See notes to financial statements.
33
Table of Contents
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Shares | Security | Value | |||
Common Stocks, continued | |||||
Information Technology, continued | |||||
62,350 | Hewlett-Packard Co. | $ | 2,698,508 | ||
52,590 | International Business Machines Corp. | 5,214,298 | |||
43,330 | LSI Logic Corp. (a) | 407,302 | |||
201,040 | Microsoft Corp. | 6,204,094 | |||
104,340 | Motorola, Inc. | 2,071,149 | |||
56,920 | NVIDIA Corp. (a) | 1,744,598 | |||
69,110 | Oracle Corp. (a) | 1,185,928 | |||
31,503,662 | |||||
Materials (2.5%) | |||||
4,680 | Ashland, Inc. | 325,494 | |||
19,640 | Hercules, Inc. (a) | 385,140 | |||
19,940 | Nucor Corp. | 1,286,928 | |||
24,540 | Pactiv Corp. (a) | 796,078 | |||
5,250 | Snap-On, Inc. | 253,102 | |||
10,590 | United States Steel Corp. | 884,159 | |||
3,930,901 | |||||
Telecommunications (0.4%) | |||||
7,090 | CenturyTel, Inc. | 317,916 | |||
45,400 | Qwest Communications International, Inc. (a) | 370,010 | |||
687,926 | |||||
Shares | Security | Value | ||||
Common Stocks, continued | ||||||
Transportation (1.5%) | ||||||
41,690 | AMR Corp. (a) | $ | 1,544,615 | |||
55,510 | Southwest Airlines Co. | 838,201 | ||||
2,382,816 | ||||||
Utilities (0.4%) | ||||||
10,550 | TXU Corp. | 570,544 | ||||
Total Common Stocks (Cost $146,233,168) | 153,318,521 | |||||
Investment Companies (1.6%) | ||||||
2,390,805 | Victory Institutional Money Market Fund, Investor Shares, | 2,390,805 | ||||
Total Investment Companies (Cost $2,390,805) | 2,390,805 | |||||
Total Investments (Cost $148,623,973) (c)—100.1% | 155,709,326 | |||||
Liabilities in excess of other assets—(0.1)% | (91,987 | ) | ||||
Net Assets—100.0% | $ | 155,617,339 | ||||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is rate in effect at January 31, 2007. |
(c) | Cost for federal income tax purposes is $149,672,285. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 7,865,313 | ||
Unrealized depreciation | (1,828,272 | ) | ||
Net unrealized appreciation | $ | 6,037,041 | ||
See notes to financial statements.
34
Table of Contents
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Shares | Security | Value | |||
Common Stocks (98.3%) | |||||
Consumer Discretionary (12.4%) | |||||
20,850 | Abercrombie & Fitch Co., Class A | $ | 1,658,409 | ||
37,180 | Colgate-Palmolive Co. | 2,539,394 | |||
39,090 | CVS Corp. | 1,315,379 | |||
21,090 | Darden Restaurants, Inc. | 825,463 | |||
34,450 | IAC/InterActiveCorp (a) | 1,322,880 | |||
36,110 | J.C. Penney Co., Inc. | 2,933,576 | |||
65,565 | McDonald’s Corp. | 2,907,808 | |||
11,040 | McGraw-Hill Cos., Inc. (The) | 740,563 | |||
55,550 | Office Depot, Inc. (a) | 2,077,014 | |||
12,970 | Omnicom Group, Inc. | 1,364,444 | |||
77,530 | Time Warner, Inc. | 1,695,581 | |||
46,060 | Walt Disney Co. (The) | 1,619,930 | |||
21,000,441 | |||||
Consumer Staples (5.9%) | |||||
23,940 | Altria Group, Inc. | 2,092,117 | |||
40,180 | Archer-Daniels-Midland Co. | 1,285,760 | |||
39,850 | Kraft Foods, Inc. | 1,391,562 | |||
50,275 | PepsiCo, Inc. | 3,279,941 | |||
18,421 | Procter & Gamble Co. (The) | 1,194,970 | |||
10,530 | Reynolds American, Inc. | 679,185 | |||
9,923,535 | |||||
Energy (10.4%) | |||||
60,160 | ConocoPhillips | 3,995,226 | |||
44,120 | Devon Energy Corp. | 3,092,371 | |||
437 | Dynegy, Inc., Class A | 3,081 | |||
59,630 | Exxon Mobil Corp. | 4,418,583 | |||
36,820 | Halliburton Co. | 1,087,663 | |||
28,800 | Marathon Oil Corp. | 2,601,792 | |||
51,870 | NiSource, Inc. | 1,234,506 | |||
53,170 | Patterson-UTI Energy, Inc. | 1,284,055 | |||
17,717,277 | |||||
Financials (21.2%) | |||||
108,820 | Bank of America Corp. | 5,721,756 | |||
16,990 | Bear Stearns Cos., Inc. (The) | 2,800,802 | |||
85,750 | Citigroup, Inc. | 4,727,397 | |||
112,505 | JPMorgan Chase & Co. | 5,729,880 | |||
10,000 | MasterCard, Inc., Class A | 1,115,500 | |||
52,290 | Merrill Lynch & Co., Inc. | 4,892,252 | |||
29,220 | MetLife, Inc. | 1,815,146 | |||
31,600 | MGIC Investment Corp. | 1,950,352 | |||
15,960 | PNC Financial Services Group, Inc. | 1,177,369 | |||
15,620 | Principal Financial Group, Inc. | 962,348 | |||
19,260 | Prudential Financial, Inc. | 1,716,644 | |||
67,510 | St. Paul Travelers Cos., Inc. (The) | 3,432,884 | |||
36,042,330 | |||||
Health Care (12.0%) | |||||
67,940 | Aetna, Inc. | 2,864,350 | |||
18,270 | Becton, Dickinson & Co. | 1,405,694 | |||
24,080 | Gilead Sciences, Inc. (a) | 1,548,825 | |||
84,106 | Johnson & Johnson | 5,618,281 | |||
66,010 | King Pharmaceuticals, Inc. (a) | 1,178,939 | |||
73,170 | Merck & Co., Inc. | 3,274,357 | |||
125,008 | Pfizer, Inc. | 3,280,210 | |||
15,560 | WellPoint, Inc. (a) | 1,219,593 | |||
20,390,249 | |||||
Shares | Security | Value | ||||
Common Stocks, continued | ||||||
Industrials (8.5%) | ||||||
29,220 | Emerson Electric Co. | $ | 1,314,023 | |||
37,060 | General Motors Corp. | 1,217,050 | ||||
36,960 | Honeywell International, Inc. | 1,688,702 | ||||
48,540 | Ingersoll-Rand Co. Ltd. | 2,081,395 | ||||
13,490 | Lockheed Martin Corp. | 1,311,093 | ||||
13,530 | Molex, Inc. | 397,647 | ||||
41,020 | Northrop Grumman Corp. | 2,909,959 | ||||
26,850 | Rockwell Automation, Inc. | 1,643,489 | ||||
19,420 | Textron, Inc. | 1,809,362 | ||||
14,372,720 | ||||||
Information Technology (14.7%) | ||||||
101,750 | BEA Systems, Inc. (a) | 1,254,578 | ||||
113,760 | Cisco Systems, Inc. (a) | 3,024,878 | ||||
20,000 | Computer Sciences Corp. (a) | 1,049,200 | ||||
15,170 | Fiserv, Inc. (a) | 797,487 | ||||
3,510 | Google, Inc., Class A (a) | 1,759,563 | ||||
111,480 | Hewlett-Packard Co. | 4,824,854 | ||||
25,610 | International Business Machines Corp. | 2,539,231 | ||||
89,830 | LSI Logic Corp. (a) | 844,402 | ||||
152,960 | Microsoft Corp. | 4,720,346 | ||||
99,400 | Motorola, Inc. | 1,973,090 | ||||
33,910 | NVIDIA Corp. (a) | 1,039,342 | ||||
35,570 | Texas Instruments, Inc. | 1,109,428 | ||||
24,936,399 | ||||||
Materials (3.2%) | ||||||
38,530 | Nucor Corp. | 2,486,726 | ||||
35,310 | Pactiv Corp. (a) | 1,145,456 | ||||
28,320 | PPG Industries, Inc. | 1,877,333 | ||||
5,509,515 | ||||||
Real Estate Investment Trusts (0.9%) | ||||||
13,440 | Simon Property Group, Inc. | 1,537,402 | ||||
Telecommunications (3.9%) | ||||||
177,106 | AT&T, Inc. | 6,664,499 | ||||
Transportation (2.3%) | ||||||
59,310 | AMR Corp. (a) | 2,197,435 | ||||
45,150 | CSX Corp. | 1,661,069 | ||||
3,858,504 | ||||||
Utilities (2.9%) | ||||||
58,210 | PG&E Corp. | 2,717,243 | ||||
41,740 | TXU Corp. | 2,257,299 | ||||
4,974,542 | ||||||
Total Common Stocks (Cost $157,029,093) | 166,927,413 | |||||
Investment Companies (1.7%) | ||||||
2,869,465 | Victory Institutional Money Market Fund, Investor Shares, 5.02% (b) | 2,869,465 | ||||
Total Investment Companies (Cost $2,869,465) | 2,869,465 | |||||
Total Investments (Cost $159,898,558) (c)—100.0% | 169,796,878 | |||||
Liabilities in excess of other assets—0.0% | (79,451 | ) | ||||
Net Assets—100.0% | $ | 169,717,427 | ||||
See notes to financial statements.
35
Table of Contents
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is rate in effect at January 31, 2007. |
(c) | Cost for federal income tax purposes is $160,008,338. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 11,099,542 | ||
Unrealized depreciation | (1,311,002 | ) | ||
Net unrealized appreciation | $ | 9,788,540 | ||
See notes to financial statements.
36
Table of Contents
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Shares | Security | Value | |||
Common Stocks (98.6%) | |||||
Consumer Discretionary (10.2%) | |||||
19,470 | American Eagle Outfitters, Inc. | $ | 630,439 | ||
37,960 | Colgate-Palmolive Co. | 2,592,668 | |||
12,040 | Estee Lauder Cos., Inc., Class A | 571,900 | |||
21,690 | Goodyear Tire & Rubber Co. (The) (a) | 535,526 | |||
16,620 | Harley-Davidson, Inc. | 1,134,647 | |||
43,770 | IAC/InterActiveCorp (a) | 1,680,768 | |||
8,580 | International Flavors & Fragrances, Inc. | 415,958 | |||
10,800 | J.C. Penney Co., Inc. | 877,392 | |||
9,490 | Kimberly-Clark Corp. | 658,606 | |||
35,440 | McDonald’s Corp. | 1,571,764 | |||
18,390 | McGraw-Hill Cos., Inc. (The) | 1,233,601 | |||
16,720 | Newell Rubbermaid, Inc. | 493,909 | |||
17,820 | Office Depot, Inc. (a) | 666,290 | |||
24,540 | Omnicom Group, Inc. | 2,581,608 | |||
12,450 | Sherwin-Williams Co. (The) | 860,295 | |||
45,240 | Walt Disney Co. (The) | 1,591,091 | |||
18,096,462 | |||||
Consumer Staples (4.5%) | |||||
29,574 | Altria Group, Inc. | 2,584,472 | |||
12,580 | Archer-Daniels-Midland Co. | 402,560 | |||
51,710 | ConAgra Foods, Inc. | 1,329,464 | |||
39,800 | Kraft Foods, Inc. | 1,389,816 | |||
12,260 | Kroger Co. (The) | 313,856 | |||
6,780 | Loews Corp.—Carolina Group | 464,701 | |||
15,850 | PepsiCo, Inc. | 1,034,054 | |||
7,180 | Reynolds American, Inc. | 463,110 | |||
7,982,033 | |||||
Energy (14.2%) | |||||
17,020 | Chevron Corp. | 1,240,418 | |||
50,390 | ConocoPhillips | 3,346,400 | |||
12,260 | Devon Energy Corp. | 859,303 | |||
130,278 | Exxon Mobil Corp. | 9,653,600 | |||
30,650 | Hess Corp. | 1,654,794 | |||
4,870 | Holly Corp. | 256,600 | |||
39,660 | Marathon Oil Corp. | 3,582,884 | |||
4,480 | SEACOR Holdings, Inc. (a) | 453,510 | |||
15,760 | Sunoco, Inc. | 994,929 | |||
9,710 | Tesoro Corp. | 800,007 | |||
9,730 | Tidewater, Inc. | 501,776 | |||
33,810 | Valero Energy Corp. | 1,835,207 | |||
25,179,428 | |||||
Financials (35.5%) | |||||
30,350 | ACE Ltd. | 1,753,623 | |||
4,520 | Allstate Corp. (The) | 271,923 | |||
9,440 | AMB Property Corp. | 574,424 | |||
6,020 | Ambac Financial Group, Inc. | 530,362 | |||
19,470 | American Financial Group, Inc. | 687,680 | |||
5,280 | AvalonBay Communities, Inc. | 783,341 | |||
147,890 | Bank of America Corp. | 7,776,056 | |||
19,220 | BB&T Corp. | 812,237 | |||
4,620 | Boston Properties, Inc. | 582,536 |
Shares | Security | Value | |||
Common Stocks, continued | |||||
Financials, continued | |||||
10,450 | CB Richard Ellis Group, Inc., Class A (a) | $ | 393,025 | ||
19,370 | Chubb Corp. (The) | 1,008,015 | |||
5,250 | CIGNA Corp. | 695,100 | |||
29,580 | CIT Group, Inc. | 1,744,037 | |||
87,790 | Citigroup, Inc. | 4,839,863 | |||
16,250 | CNA Financial Corp. (a) | 660,563 | |||
8,710 | Countrywide Financial Corp. | 378,711 | |||
30,960 | Equity Office Properties Trust | 1,719,828 | |||
19,270 | First Marblehead Corp. (The) | 1,048,288 | |||
16,900 | Global Payments, Inc. | 638,144 | |||
7,060 | Goldman Sachs Group, Inc. (The) | 1,497,850 | |||
14,390 | Hospitality Properties Trust | 702,232 | |||
8,040 | IndyMac Bancorp, Inc. | 312,676 | |||
139,769 | JPMorgan Chase & Co. | 7,118,435 | |||
60,670 | KeyCorp | 2,315,774 | |||
10,550 | Loews Corp. | 458,503 | |||
3,560 | MasterCard, Inc., Class A | 397,118 | |||
15,410 | MBIA, Inc. | 1,106,900 | |||
27,230 | Merrill Lynch & Co., Inc. | 2,547,639 | |||
23,010 | MGIC Investment Corp. | 1,420,177 | |||
13,070 | Morgan Stanley | 1,082,065 | |||
82,680 | National City Corp. | 3,129,438 | |||
48,800 | New Century Financial Corp. | 1,477,176 | |||
14,040 | Old Republic International Corp. | 313,092 | |||
14,990 | PMI Group, Inc. (The) | 716,822 | |||
9,450 | Radian Group, Inc. | 569,079 | |||
30,670 | Regions Financial Corp. | 1,112,094 | |||
20,740 | SAFECO, Inc. | 1,327,567 | |||
5,900 | SL Green Realty Corp. | 864,822 | |||
62,810 | St. Paul Travelers Cos., Inc. (The) | 3,193,888 | |||
11,350 | State Street Corp. | 806,417 | |||
18,980 | SunTrust Banks, Inc. | 1,577,238 | |||
43,480 | U.S. Bancorp | 1,547,888 | |||
7,560 | Wachovia Corp. | 427,140 | |||
62,919,786 | |||||
Health Care (7.9%) | |||||
24,910 | Aetna, Inc. | 1,050,206 | |||
24,100 | AmerisourceBergen Corp. | 1,262,358 | |||
34,060 | Conseco, Inc. (a) | 676,091 | |||
7,850 | ImClone Systems, Inc. (a) | 231,261 | |||
29,090 | Johnson & Johnson | 1,943,212 | |||
21,780 | King Pharmaceuticals, Inc. (a) | 388,991 | |||
5,010 | McKesson, Inc. | 279,307 | |||
63,920 | Merck & Co., Inc. | 2,860,420 | |||
126,800 | Pfizer, Inc. | 3,327,232 | |||
12,890 | Sierra Health Services, Inc. (a) | 518,178 | |||
49,420 | UnumProvident Corp. | 1,087,240 | |||
5,010 | WellPoint, Inc. (a) | 392,684 | |||
14,017,180 | |||||
Industrials (5.5%) | |||||
5,980 | Corrections Corp. of America (a) | 291,346 | |||
6,350 | Cummins, Inc. | 854,456 | |||
18,220 | Emerson Electric Co. | 819,353 |
See notes to financial statements.
37
Table of Contents
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Shares | Security | Value | |||
Common Stocks, continued | |||||
Industrials, continued | |||||
31,680 | General Motors Corp. | $ | 1,040,371 | ||
20,620 | Honeywell International, Inc. | 942,128 | |||
26,520 | Lockheed Martin Corp. | 2,577,479 | |||
12,910 | Rockwell Automation, Inc. | 790,221 | |||
14,110 | SPX Corp. | 990,381 | |||
12,520 | Terex Corp. (a) | 712,263 | |||
7,050 | Textron, Inc. | 656,848 | |||
9,674,846 | |||||
Information Technology (3.2%) | |||||
10,700 | Cisco Systems, Inc. (a) | 284,513 | |||
10,020 | Computer Sciences Corp. (a) | 525,649 | |||
84,403 | Hewlett-Packard Co. | 3,652,962 | |||
11,350 | Intuit, Inc. (a) | 356,957 | |||
11,020 | Motorola, Inc. | 218,747 | |||
7,910 | NVIDIA Corp. (a) | 242,442 | |||
17,060 | Sybase, Inc. (a) | 441,683 | |||
5,722,953 | |||||
Materials (3.9%) | |||||
11,650 | Ashland, Inc. | 810,258 | |||
17,350 | Celanese Corp. | 455,438 | |||
10,000 | Eastman Chemical Co. | 585,600 | |||
27,910 | Nucor Corp. | 1,801,311 | |||
38,420 | Pactiv Corp. (a) | 1,246,345 | |||
4,590 | PPG Industries, Inc. | 304,271 | |||
8,500 | Rohm & Haas Co. | 442,510 | |||
6,730 | Sonoco Products Co. | 259,105 | |||
11,150 | United States Steel Corp. | 930,913 | |||
6,835,751 | |||||
Telecommunications (6.2%) | |||||
227,341 | AT&T, Inc. | 8,554,842 | |||
14,050 | CenturyTel, Inc. | 630,002 |
Shares | Security | Value | |||
Common Stocks, continued | |||||
Telecommunications, continued | |||||
131,430 | Qwest Communications International, Inc. (a) | $ | 1,071,155 | ||
26,100 | Tellabs, Inc. (a) | 262,827 | |||
13,910 | Verizon Communications, Inc. | 535,813 | |||
11,054,639 | |||||
Transportation (1.2%) | |||||
22,580 | Continental Airlines, Inc., Class B (a) | 936,844 | |||
13,840 | Norfolk Southern Corp. | 687,156 | |||
8,750 | Ryder System, Inc. | 477,225 | |||
2,101,225 | |||||
Utilities (6.3%) | |||||
61,020 | Edison International | 2,744,679 | |||
38,390 | FirstEnergy Corp. | 2,277,679 | |||
66,890 | PG&E Corp. | 3,122,425 | |||
9,290 | Pinnacle West Capital Corp. | 453,259 | |||
11,060 | Questar Corp. | 898,072 | |||
30,760 | TXU Corp. | 1,663,501 | |||
11,159,615 | |||||
Total Common Stocks (Cost $160,905,447) | 174,743,918 | ||||
Investment Companies (1.4%) | |||||
2,398,846 | Victory Institutional Money Market Fund, Investor Shares, 5.02% (b) | 2,398,846 | |||
Total Investment Companies (Cost $2,398,846) | 2,398,846 | ||||
Total Investments (Cost $163,304,293) (c)—100.0% | 177,142,764 | ||||
Other assets in excess of liabilities—0.0% | 30,794 | ||||
Net Assets—100.0% | $ | 177,173,558 | |||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is rate in effect at January 31, 2007. |
(c) | Cost for federal income tax purposes is $163,608,947. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 14,939,047 | ||
Unrealized depreciation | (1,405,230 | ) | ||
Net unrealized appreciation | $ | 13,533,817 | ||
See notes to financial statements.
38
Table of Contents
PACIFIC CAPITAL FUNDS
High Grade Core Fixed Income Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Principal Amount | Security | Value | ||||
| U.S. Government Agency Mortgage-Backed Obligations (38.9%) | |||||
Federal Home Loan Mortgage Corp. (11.5%) | ||||||
$ | 11,778,690 | 5.50%, 4/1/21 – 1/1/37 | $ | 11,619,238 | ||
12,425,245 | 6.00%, 7/1/21 – 12/1/36 | 12,505,797 | ||||
2,375,143 | 4.50%, 8/1/33 | 2,217,278 | ||||
2,958,310 | 5.00%, 5/1/34 | 2,847,785 | ||||
6,796,000 | 5.85%, 12/1/36 | 6,810,498 | ||||
36,000,596 | ||||||
Federal National Mortgage Assoc. (26.5%) | ||||||
6,920,132 | 4.50%, 6/1/14 – 10/1/33 | 6,662,292 | ||||
16,676,084 | 5.00%, 1/1/34 – 8/1/35 | 16,027,889 | ||||
4,267,695 | 5.09%, 9/1/34 (a) | 4,192,156 | ||||
4,177,918 | 5.09%, 10/1/34 (a) | 4,147,596 | ||||
31,742,827 | 5.50%, 2/1/35 – 12/1/36 | 31,256,090 | ||||
15,233,948 | 6.00%, 4/1/35 – 10/1/36 | 15,300,681 | ||||
5,208,627 | 6.50%, 6/1/36 | 5,297,028 | ||||
82,883,732 | ||||||
Government National Mortgage Assoc. (0.9%) | ||||||
2,724,073 | 5.50%, 11/15/35 | 2,698,239 | ||||
| Total U.S. Government Agency Mortgage- Backed Obligations (Cost $120,347,341) | 121,582,567 | ||||
Corporate Bonds (30.5%) | ||||||
Consumer Discretionary (3.8%) | ||||||
2,400,000 | Daimler Chrysler NA Holding Corp., 5.88%, 3/15/11 | 2,407,630 | ||||
4,600,000 | Harvard President & Fellows of Harvard, 6.30%, 10/1/37, Callable 4/1/16 @ 100 | 4,755,747 | ||||
1,900,000 | Lowe’s Companies, Inc., | 1,863,056 | ||||
2,500,000 | Wal-Mart Stores, Inc., | 2,896,000 | ||||
11,922,433 | ||||||
Consumer Staples (2.4%) | ||||||
625,000 | Bestfoods, Series F, | 676,951 | ||||
1,388,000 | Colgate-Palmolive Co., Series B, 7.60%, 5/19/25, MTN | 1,710,696 | ||||
300,000 | Kellogg Co., 2.88%, 6/1/08 | 289,614 | ||||
2,200,000 | Procter & Gamble Co. (The), 8.50%, 8/10/09 | 2,370,764 | ||||
2,495,000 | Sysco Corp., 7.25%, 4/15/07 | 2,503,408 | ||||
7,551,433 | ||||||
Energy (3.6%) | ||||||
1,310,000 | Apache Finance Canada, | 1,568,070 | ||||
1,030,000 | Atlantic Richfield Co., | 1,175,800 | ||||
2,125,000 | Duke Capital LLC, | 2,418,951 | ||||
1,905,000 | Halliburton Co., | 2,387,679 | ||||
3,625,000 | Smith International, Inc., | 3,656,958 | ||||
11,207,458 | ||||||
Principal Amount | Security | Value | ||||
Corporate Bonds, continued | ||||||
Financials (9.4%) | ||||||
Banking (3.0%) | ||||||
$ | 3,000,000 | Chase Manhattan Corp., | $ | 3,014,730 | ||
1,104,536 | Fifth Third Bancorp, Series BKNT, 2.87%, 8/10/09 | 1,070,339 | ||||
3,400,000 | US Bank NA, 6.30%, 2/4/14 | 3,565,189 | ||||
1,825,000 | Washington Mutual Bank, | 1,827,668 | ||||
9,477,926 | ||||||
Financial Services (6.4%) | ||||||
2,900,000 | CIT Group, Inc., | 2,883,905 | ||||
2,150,000 | Countrywide Financial Corp., Series MTNA, | 2,157,091 | ||||
General Electric Capital Corp. | ||||||
3,000,000 | 8.63%, 6/15/08 | 3,121,653 | ||||
1,000,000 | 5.72%, 8/22/11, | 1,003,174 | ||||
500,000 | Genworth Financial, Inc., | 507,058 | ||||
| International Lease Finance Corp. Series MTNP | |||||
1,000,000 | 5.77%, 1/15/10, MTN (a) | 1,009,550 | ||||
3,450,000 | 5.72%, 7/13/12 (a) | 3,476,034 | ||||
3,426,546 | Toyota Motor Credit Corp., | 3,310,577 | ||||
2,450,000 | Toyota Motor Credit Corp., | 2,389,162 | ||||
19,858,204 | ||||||
29,336,130 | ||||||
Industrials (0.8%) | ||||||
2,650,000 | Dominion Resources Inc., | 2,596,912 | ||||
Information Technology (2.0%) | ||||||
2,925,000 | Dell, Inc., 7.10%, 4/15/28 | 3,165,698 | ||||
1,100,000 | First Data Corp., 4.95%, 6/15/15 | 1,028,621 | ||||
2,210,000 | Science Applications International Corp., 5.50%, 7/1/33 | 1,931,827 | ||||
6,126,146 | ||||||
Materials (0.7%) | ||||||
2,130,000 | Placer Dome, Inc., | 2,157,711 | ||||
Pharmaceuticals (0.6%) | ||||||
950,000 | Abbott Laboratories, | 961,239 | ||||
872,000 | Pharmacia Corp., | 979,947 | ||||
1,941,186 | ||||||
See notes to financial statements.
39
Table of Contents
PACIFIC CAPITAL FUNDS
High Grade Core Fixed Income Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Principal Amount | Security | Value | ||||
Corporate Bonds, continued | ||||||
Supranational Agency (2.4%) | ||||||
$ | 1,860,000 | African Development Bank, | $ | 2,034,807 | ||
4,779,000 | Inter-American Development Bank, 8.50%, 3/15/11 | 5,382,186 | ||||
7,416,993 | ||||||
Telecommunications (2.0%) | ||||||
4,075,000 | GTE Southwest, Inc., First Mortgage Bond, | 4,881,972 | ||||
1,550,000 | Harris Corp., 5.00%, 10/1/15 | 1,449,889 | ||||
6,331,861 | ||||||
Transportation (2.1%) | ||||||
825,896 | Burlington Northern & Santa Fe Railway Co. (The), | 811,146 | ||||
5,033,360 | FedEx Corp., Pass Thru Certificates, 7.50%, 1/15/18 | 5,541,970 | ||||
6,353,116 | ||||||
Utilities (0.7%) | ||||||
2,295,000 | Alabama Power Co., Series 1, 5.65%, 3/15/35, | 2,127,825 | ||||
Total Corporate Bonds (Cost $94,345,333) | 95,069,204 | |||||
U.S. Government Agencies (14.3%) | ||||||
Fannie Mae (3.3%) | ||||||
3,000,000 | 5.55%, 11/10/08, | 3,000,381 | ||||
1,100,000 | 5.25%, 12/28/09, | 1,096,051 | ||||
1,000,000 | 6.88%, 9/10/12, | 1,007,868 | ||||
5,150,000 | 5.25%, 9/15/16 | 5,196,180 | ||||
10,300,480 | ||||||
Federal Home Loan Bank (5.8%) | ||||||
4,100,000 | 5.00%, 10/27/08, | 4,074,908 | ||||
2,000,000 | 5.02%, 11/7/08 | 1,994,412 | ||||
5,000,000 | 5.75%, 8/7/09, | 5,008,860 | ||||
1,000,000 | 5.25%, 11/13/09, | 996,931 | ||||
3,000,000 | 7.63%, 5/14/10 | 3,232,551 | ||||
400,000 | 5.00%, 5/26/10 (a) | 399,632 | ||||
2,000,000 | 4.00%, 12/30/10, | 1,985,136 |
Principal Amount | Security | Value | ||||
U.S. Government Agencies, continued | ||||||
Federal Home Loan Bank, continued | ||||||
$ | 535,000 | 4.87%, 9/7/12, | $ | 522,729 | ||
18,215,159 | ||||||
Freddie Mac (3.0%) | ||||||
3,500,000 | 5.00%, 1/28/08, | 3,489,090 | ||||
1,500,000 | 6.25%, 3/5/12, | 1,501,109 | ||||
1,500,000 | 6.00%, 11/20/15, | 1,492,455 | ||||
3,000,000 | 6.25%, 4/7/21, | 2,967,543 | ||||
9,450,197 | ||||||
New Valley Generation IV (1.4%) | ||||||
4,587,337 | 4.69%, 1/15/22 | 4,458,066 | ||||
Private Export Funding Corp (0.2%) | ||||||
565,000 | 7.11%, 4/15/07 | 567,040 | ||||
Small Business Administration Corp (0.6%) | ||||||
1,750,295 | 6.34%, 8/1/11 | 1,799,964 | ||||
| Total U.S. Government Agencies (Cost $44,621,910) | 44,790,906 | ||||
U.S. Treasury Obligations (14.8%) | ||||||
U.S. Treasury Bonds (5.0%) | ||||||
2,850,000 | 7.88%, 2/15/21 | 3,669,600 | ||||
6,000,000 | 6.25%, 8/15/23 | 6,819,846 | ||||
4,905,000 | 5.50%, 8/15/28 | 5,224,610 | ||||
15,714,056 | ||||||
U.S. Treasury Notes (9.8%) | ||||||
3,000,000 | 4.00%, 6/15/09 | 2,941,995 | ||||
17,600,000 | 4.75%, 3/31/11 – 5/15/14 | 17,546,609 | ||||
9,925,000 | 5.13%, 5/15/16 | 10,140,948 | ||||
30,629,552 | ||||||
| Total U.S. Treasury Obligations (Cost $46,102,425) | 46,343,608 | ||||
Investment Companies (0.4%) | ||||||
1,131,678 | Victory Institutional Money Market Fund, Investor Shares, 5.02% (a) | 1,131,678 | ||||
Total Investment Companies (Cost $1,131,678) | 1,131,678 | |||||
| Total Investments (Cost $306,548,687) (b)—98.9% | 308,917,963 | ||||
Other assets in excess of liabilities—1.1% | 3,295,819 | |||||
Net Assets—100.0% | $ | 312,213,782 | ||||
(a) | Rate periodically changes. Rate disclosed is rate in effect at January 31, 2007. |
(b) | Cost for federal income tax purposes is $306,735,814. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 3,751,938 | ||
Unrealized depreciation | (1,569,789 | ) | ||
Net unrealized appreciation | $ | 2,182,149 | ||
LLC—Limited Liability Co.
MTN—Medium Term Note
See notes to financial statements.
40
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Principal Amount | Security | Value | ||||
Alternative Minimum Tax Paper (15.3%) | ||||||
Arkansas (0.7%) | ||||||
$ | 2,000,000 | Arkansas State Development Finance Authority, 4.80%, 7/1/26, Callable 1/1/16 @ 100 | $ | 2,020,140 | ||
Florida (0.7%) | ||||||
2,000,000 | Hillsborough County Aviation Authority Revenue, 5.25%, 10/1/18, Callable 10/1/13 @ 100, MBIA | 2,119,520 | ||||
Hawaii (12.0%) | ||||||
3,000,000 | Hawaii Airport System Revenue, 5.63%, 7/1/18, Callable 7/1/11 @ 100, FGIC | 3,175,140 | ||||
15,375,000 | Hawaii Airport System Revenue, Second Series, 6.90%, 7/1/12, Escrowed to Maturity, MBIA | 16,737,071 | ||||
3,000,000 | Hawaii Department of Budget & Finance Special Purpose Revenue, Hawaiian Electric Co., 5.70%, 7/1/20, AMBAC | 3,178,110 | ||||
| Hawaii Department of Budget & Finance Special Purpose Revenue, Hawaiian Electric Co., Series A | |||||
5,000,000 | 6.20%, 5/1/26, Callable 5/1/07 @ 100, MBIA | 5,029,500 | ||||
5,200,000 | 5.65%, 10/1/27, Callable 10/1/12 @ 101, MBIA | 5,608,668 | ||||
1,500,000 | Hawaii Harbor System Revenue, Series B, 5.50%, 7/1/19, Callable 7/1/12 @ 100, AMBAC | 1,596,345 | ||||
35,324,834 | ||||||
Virginia (1.6%) | ||||||
4,605,000 | Virginia State Housing Development Authority, Series C, 4.25%, 7/1/13 | 4,622,776 | ||||
Wisconsin (0.3%) | ||||||
1,000,000 | Wisconsin State GO, 5.00%, 5/1/24, Callable 5/1/16 @ 100, MBIA | 1,030,520 | ||||
| Total Alternative Minimum Tax Paper (Cost $42,758,244) | 45,117,790 | ||||
Municipal Bonds (83.3%) | ||||||
Arizona (4.3%) | ||||||
Phoenix Civic Improvement Corp., Revenue | ||||||
2,150,000 | 5.25%, 7/1/16, Callable 7/1/07 @ 100, MBIA | 2,162,728 | ||||
7,255,000 | 4.45%, 7/1/31, FGIC (a) | 6,179,229 | ||||
3,000,000 | 4.46%, 7/1/32, FGIC (a) | 2,560,830 | ||||
1,605,000 | Scottsdale GO, 5.38%, 7/1/16, Callable 7/1/11 @ 101 | 1,729,676 | ||||
12,632,463 | ||||||
Principal Amount | Security | Value | ||||
Municipal Bonds, continued | ||||||
California (0.5%) | ||||||
$ | 1,275,000 | California State Variable Purpose GO, 5.00%, 8/1/33, Callable 8/1/15 @ 100 | $ | 1,333,012 | ||
Connecticut (0.7%) | ||||||
2,000,000 | Connecticut State Health & Educational Facility Authority Revenue, University of Hartford, Series G, 5.25%, 7/1/26, Callable 7/1/16 @ 100 | 2,152,040 | ||||
Florida (3.5%) | ||||||
3,500,000 | Florida State Turnpike Authority Revenue, Department of Transportation, Series A, 5.75%, 7/1/17, Prerefunded 7/1/10 @ 101 | 3,752,560 | ||||
2,000,000 | Miami-Dade County Expressway Authority Toll System Revenue, 6.00%, 7/1/20, Prerefunded 7/1/10 @ 101, FGIC | 2,160,160 | ||||
3,725,000 | Orlando Utilities Community Water & Electric Revenue, Series D, 6.75%, 10/1/17, Escrowed to Maturity | 4,419,154 | ||||
10,331,874 | ||||||
Georgia (3.5%) | ||||||
2,330,000 | Metropolitan Atlanta Rapid Transportation Authority Sales Tax Revenue, Series P, 6.25%, 7/1/11, AMBAC | 2,522,877 | ||||
| Municipal Electric Authority Power Revenue, Series W | |||||
6,420,000 | 6.60%, 1/1/18, Escrowed to Maturity, MBIA | 7,446,494 | ||||
390,000 | 6.60%, 1/1/18, MBIA | 480,449 | ||||
10,449,820 | ||||||
Hawaii (48.4%) | ||||||
Hawaii County GO, Series A | ||||||
2,000,000 | 5.50%, 5/1/08, FGIC | 2,042,600 | ||||
605,000 | 5.60%, 5/1/13, FGIC | 663,183 | ||||
1,065,000 | 5.50%, 7/15/14, Callable 7/15/11 @ 100, FGIC | 1,138,826 | ||||
1,340,000 | 5.50%, 7/15/15, Callable 7/15/11 @ 100, FGIC | 1,432,889 | ||||
2,000,000 | 5.50%, 5/15/16, Callable 5/15/09 @ 101, FSA | 2,094,440 | ||||
| Hawaii Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Series A | |||||
3,000,000 | 4.95%, 4/1/12, MBIA | 3,157,140 | ||||
2,000,000 | 5.50%, 12/1/14, Callable 12/1/09 @ 101, AMBAC | 2,105,300 |
See notes to financial statements.
41
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Principal Amount | Security | Value | ||||
Municipal Bonds, continued | ||||||
Hawaii, continued | ||||||
$ | 2,500,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Queens Health System, Series B, 5.25%, 7/1/23, Prerefunded 7/1/08 @ 102, MBIA | $ | 2,601,750 | ||
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 | 2,353,361 | ||||
2,000,000 | Hawaii State GO, Series BZ, 6.00%, 10/1/12, FGIC | 2,218,700 | ||||
Hawaii State GO, Series CH | ||||||
1,350,000 | 4.75%, 11/1/11, MBIA | 1,404,472 | ||||
1,335,000 | 4.75%, 11/1/13, MBIA | 1,404,834 | ||||
3,000,000 | Hawaii State GO, Series CM, 6.50%, 12/1/13, FGIC | 3,470,850 | ||||
1,500,000 | Hawaii State GO, Series CN, 6.25%, 3/1/08, FGIC | 1,539,630 | ||||
Hawaii State GO, Series CP | ||||||
665,000 | 5.00%, 10/1/12, Callable 10/1/07 @ 100, FGIC | 676,657 | ||||
1,520,000 | 5.00%, 10/1/13, Callable 10/1/07, FGIC | 1,546,357 | ||||
3,075,000 | 5.00%, 10/1/15, Prerefunded 10/1/07 @ 101, FGIC | 3,132,933 | ||||
1,235,000 | 5.00%, 10/1/15, Callable 10/1/07 @ 101, FGIC | 1,256,415 | ||||
860,000 | 5.00%, 10/1/16, Callable 10/1/07 @ 101, FGIC | 874,801 | ||||
1,460,000 | 5.00%, 10/1/17, Prerefunded 10/1/07 @ 101, FGIC | 1,487,506 | ||||
590,000 | 5.00%, 10/1/17, Callable 10/1/07 @ 101, FGIC | 600,036 | ||||
Hawaii State GO, Series CT | ||||||
2,000,000 | 5.88%, 9/1/16, Prerefunded 9/1/09 @ 101, FSA | 2,121,900 | ||||
2,000,000 | 5.88%, 9/1/17, Prerefunded 9/1/09 @ 101, FSA | 2,121,900 | ||||
500,000 | Hawaii State GO, Series CY, 5.75%, 2/1/15, FSA | 562,970 | ||||
Hawaii State GO, Series DD | ||||||
1,080,000 | 5.00%, 5/1/16, Callable 5/1/16 @ 100, MBIA | 1,150,027 | ||||
1,000,000 | 5.00%, 5/1/17, Callable 5/1/14 @ 100, MBIA | 1,062,900 | ||||
2,680,000 | 5.00%, 5/1/18, Prerefunded 5/1/14 @ 100, MBIA | 2,871,191 | ||||
1,560,000 | 5.00%, 5/1/18, Callable 5/1/14 @ 100, MBIA | 1,654,099 | ||||
Hawaii State Highway Revenue | ||||||
1,000,000 | 5.25%, 7/1/14, Prerefunded 7/1/08 @ 101, FGIC | 1,031,200 |
Principal Amount | Security | Value | ||||
Municipal Bonds, continued | ||||||
Hawaii, continued | ||||||
$ | 2,325,000 | 5.38%, 7/1/15, Prerefunded 7/1/11 @ 100, FSA | $ | 2,473,149 | ||
1,350,000 | 5.38%, 7/1/17, Prerefunded 7/1/10 @ 100, FSA | 1,418,148 | ||||
2,530,000 | 5.38%, 7/1/18, Prerefunded 7/1/10 @ 100, FSA | 2,657,714 | ||||
| Honolulu City & County Board of Water Supply System Revenue, Series A | |||||
2,970,000 | 4.75%, 7/1/18, Callable 7/1/14 @ 100, FGIC | 3,099,848 | ||||
10,865,000 | 4.75%, 7/1/31, Callable 7/1/16 @ 100, MBIA | 11,062,634 | ||||
2,320,000 | Honolulu City & County GO, 6.00%, 12/1/11, Escrowed to Maturity, FGIC | 2,543,880 | ||||
Honolulu City & County GO, Series A | ||||||
2,125,000 | 6.00%, 1/1/11, Escrowed to Maturity, FGIC | 2,293,916 | ||||
875,000 | 6.00%, 1/1/11, FGIC | 943,898 | ||||
4,820,000 | 5.75%, 4/1/11, Escrowed to Maturity, FGIC | 5,179,813 | ||||
1,865,000 | 5.75%, 4/1/12, FGIC | 2,031,899 | ||||
3,345,000 | 5.75%, 4/1/13, FGIC | 3,690,171 | ||||
850,000 | 5.75%, 4/1/13, Escrowed To Maturity, FGIC | 938,698 | ||||
1,670,000 | 5.63%, 9/1/13, Prerefunded 9/1/08 @ 100, FGIC | 1,719,900 | ||||
3,500,000 | 5.38%, 9/1/18, Prerefunded 9/1/11 @ 100, FSA | 3,723,230 | ||||
6,250,000 | 5.00%, 7/1/19, Callable 7/1/15 @ 100, MBIA | 6,673,812 | ||||
Honolulu City & County GO, Series B | ||||||
1,000,000 | 5.13%, 7/1/10, Callable 7/1/09 @ 101, FGIC | 1,040,690 | ||||
640,000 | 5.25%, 10/1/12, FGIC | 685,786 | ||||
2,595,000 | 5.13%, 7/1/18, Callable 7/1/09 @ 101, FGIC | 2,700,591 | ||||
2,500,000 | Honolulu City & County GO, Series C, 5.13%, 7/1/16, Callable 7/1/09 @ 101, FGIC | 2,593,525 | ||||
6,450,000 | Honolulu City & County GO, Series D, 5.00%, 7/1/20, Callable 7/1/15 @ 100, MBIA | 6,873,184 | ||||
3,460,000 | Honolulu City & County GO, Series F, 5.25%, 7/1/19, Callable 7/1/15 @ 100, FGIC | 3,763,442 | ||||
11,535,000 | Honolulu City & County Waste Water System Revenue, 5.00%, 7/1/32, Callable 7/1/16 @ 100, MBIA | 12,181,191 |
See notes to financial statements.
42
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Principal Amount | Security | Value | ||||
Municipal Bonds, continued | ||||||
Hawaii, continued | ||||||
$ | 2,000,000 | Honolulu City & County Waste Water System Revenue, Junior Series, 5.00%, 7/1/23, Callable 7/1/09 @ 101, FGIC | $ | 2,054,040 | ||
1,340,000 | Kauai County GO, Series C, 5.90%, 8/1/09, AMBAC | 1,406,866 | ||||
1,000,000 | Maui County GO, 6.00%, 12/15/08, Escrowed to Maturity FGIC | 1,040,210 | ||||
Maui County GO, Series A | ||||||
1,160,000 | 5.13%, 3/1/15, Prerefunded 3/1/08 @ 101, FGIC | 1,188,954 | ||||
2,040,000 | 5.38%, 3/1/17, Prerefunded 3/1/08 @ 101, FGIC | 2,096,243 | ||||
1,125,000 | Maui County GO, Series C, 5.25%, 3/1/18, Callable 3/1/11 @ 100, FGIC | 1,180,350 | ||||
University of Hawaii System Revenue, Series A | ||||||
1,000,000 | 5.50%, 7/15/16, Callable 7/15/12 @ 100, FGIC | 1,082,880 | ||||
1,205,000 | 5.50%, 7/15/22, Callable 7/15/12 @ 100, FGIC | 1,304,870 | ||||
1,000,000 | 5.50%, 7/15/29, Callable 7/15/12 @ 100, FGIC | 1,082,880 | ||||
142,505,279 | ||||||
Illinois (0.7%) | ||||||
2,000,000 | Chicago Midway Airport Revenue, Series C, 5.50%, 1/1/15, MBIA | 2,202,960 | ||||
Indiana (0.4%) | ||||||
1,000,000 | Tri-Creek High School Building Corp. Revenue, 5.00%, 7/15/15, FSA | 1,066,230 | ||||
Kentucky (0.5%) | ||||||
1,250,000 | Kentucky State Property & Buildings Commission Revenue, 2nd Series, 5.50%, 11/1/16, FSA | 1,361,262 | ||||
Massachusetts (0.4%) | ||||||
1,000,000 | Massachusetts State GO, Series C, 5.75%, 10/1/20, Prerefunded 10/1/10 @ 100 | 1,065,910 | ||||
Michigan (1.9%) | ||||||
3,000,000 | Michigan Municipal Building Authority Revenue, Clean Water Revolving Fund, 5.50%, 10/1/21, Prerefunded 10/1/10 @ 101 | 3,200,640 | ||||
2,245,000 | Michigan State Strategic Fund Ltd. Obligation Revenue, 6.95%, 5/1/11, FGIC | 2,513,682 | ||||
5,714,322 | ||||||
Principal Amount | Security | Value | ||||
Municipal Bonds, continued | ||||||
Missouri (0.7%) | ||||||
$ | 2,000,000 | University of Missouri Revenue, Series B, 5.38%, 11/1/16, Callable 11/1/11 @ 100 | $ | 2,133,520 | ||
New York (4.4%) | ||||||
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 | 2,141,720 | ||||
New York, New York GO, Series J | ||||||
5,165,000 | 5.00%, 6/1/21, Callable 6/1/16 @ 100 | 5,472,524 | ||||
5,000,000 | 5.00%, 6/1/24, Callable 6/1/16 @ 100 | 5,278,000 | ||||
12,892,244 | ||||||
Ohio (1.8%) | ||||||
3,165,000 | Columbus Municipal Airport Authority Revenue, Port Columbus Improvement, Series B, 5.00%, 1/1/16, Callable 1/1/08 @ 101, AMBAC | 3,227,540 | ||||
Hamilton County Sales Tax Revenue, Series B | ||||||
795,000 | 5.25%, 12/1/18, Prerefunded 12/1/10 @ 100 | 837,056 | ||||
205,000 | 5.25%, 12/1/18, Callable 12/1/10 @ 100, AMBAC | 214,877 | ||||
1,000,000 | Ohio State Building Authority, Adult Correction Facility Revenue, Series A, 5.50%, 10/1/14, Callable 10/1/11 @ 100, FSA | 1,071,420 | ||||
5,350,893 | ||||||
Oregon (2.9%) | ||||||
3,100,000 | Clackamas Community College District GO, 5.25%, 6/15/16, Callable 6/15/11 @ 100, FGIC | 3,284,047 | ||||
5,000,000 | Portland Sewer System Revenue, Series A, 5.75%, 8/1/18, Callable 8/1/10 @ 100, FGIC | 5,324,150 | ||||
8,608,197 | ||||||
Tennessee (0.6%) | ||||||
1,600,000 | Shelby County GO, Series B, 5.25%, 8/1/17, Callable 8/1/07 @ 100 | 1,627,536 | ||||
Texas (2.9%) | ||||||
2,395,000 | Barbers Hill Independent School District GO, 5.00%, 2/15/24, Callable 2/15/15 @ 100, PSF-GTD | 2,522,725 |
See notes to financial statements.
43
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Principal Amount | Security | Value | ||||
Municipal Bonds, continued | ||||||
Texas, continued | ||||||
$ | 2,345,000 | Grapevine GO, Series A, 5.00%, 8/15/24, Callable 2/15/15 @ 100, MBIA | $ | 2,470,059 | ||
2,000,000 | Houston Independent School District GO, Series A, 5.00%, 2/15/24, Callable 2/15/15 @ 100 | 2,106,660 | ||||
1,365,000 | New Braunfels GO, 5.00%, 10/1/16, Callable 10/1/14 @ 100, AMBAC | 1,456,960 | ||||
8,556,404 | ||||||
Washington (5.2%) | ||||||
3,475,000 | Douglas County School District No. 206 Eastmont GO, 5.00%, 12/1/17, Callable 6/1/11 @ 100, FGIC | 3,621,297 | ||||
2,000,000 | Port Seattle Washington Revenue, 5.00%, 2/1/25, Callable 2/1/16 @ 100, XLCA | 2,114,160 |
Principal Amount | Security | Value | ||||
Municipal Bonds, continued | ||||||
Washington, continued | ||||||
$ | 1,125,000 | Skagit County Public Hospital District GO, Series B, 5.38%, 12/1/17, Callable 12/1/14 @ 100, MBIA | $ | 1,222,448 | ||
1,000,000 | Snohomish County GO, 5.70%, 12/1/14, Callable 12/1/09 @ 100, MBIA | 1,052,800 | ||||
2,880,000 | Snohomish County Limited Tax GO, 5.25%, 12/1/12, Callable 12/1/11 @ 100, MBIA | 3,051,850 | ||||
4,000,000 | Washington State GO, Series A, 5.63%, 7/1/19, | 4,230,960 | ||||
15,293,515 | ||||||
Total Municipal Bonds (Cost $233,204,191) | 245,277,481 | |||||
| Total Investments (Cost $275,962,435) (b)—98.6% | 290,395,271 | ||||
Other assets in excess of liabilities—1.4% | 4,128,039 | |||||
Net Assets—100.0% | $ | 294,523,310 | ||||
(a) | Convertible Bond: The rate shown is the effective rate at January 31, 2007. |
(b) | Cost for financial reporting and federal income tax purposes. Unrealized appreciation/depreciation is as follows: |
Unrealized appreciation | $ | 14,432,836 | |
Unrealized depreciation | — | ||
Net unrealized appreciation | $ | 14,432,836 | |
AMBAC—Insured by American Municipal Bond Assurance Corp.
FGIC—Insured by Financial Guaranty Insurance Co.
FSA—Insured by Federal Security Assurance
GO—General Obligation
MBIA—Insured by Municipal Bond Insurance Association
PSF-GTD—Insured by Permanent School Funding Guarantee
XLCA—Insured by XL Capital Assurance
See notes to financial statements.
44
Table of Contents
PACIFIC CAPITAL FUNDS
High Grade Short Intermediate Fixed Income Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Principal Amount | Security | Value | ||||
| U.S. Government Agency Mortgage-Backed Obligations (26.8%) | |||||
Federal Home Loan Mortgage Corp. (13.9%) | ||||||
$ | 2,096,422 | 5.00%, 1/1/19 | $ | 2,054,661 | ||
2,474,454 | 4.50%, 4/1/19 – 12/1/19 | 2,377,275 | ||||
1,024,106 | 6.00%, 6/1/21 | 1,036,026 | ||||
1,536,721 | 5.16%, 11/1/35 (a) | 1,508,491 | ||||
1,693,991 | 6.50%, 9/1/36 | 1,722,738 | ||||
8,699,191 | ||||||
Federal National Mortgage Assoc. (12.9%) | ||||||
637,284 | 5.00%, 5/1/19 | 624,156 | ||||
1,217,208 | 5.50%, 8/1/19 | 1,213,642 | ||||
1,834,410 | 6.50%, 6/1/36 | 1,865,540 | ||||
4,291,679 | 6.00%, 11/1/36 | 4,308,803 | ||||
8,012,141 | ||||||
| Total U.S. Government Agency Mortgage- Backed Obligations (Cost $16,694,752) | 16,711,332 | ||||
Corporate Bonds (20.2%) | ||||||
Consumer Discretionary (8.2%) | ||||||
1,250,000 | Comcast Corp., 5.45%, 11/15/10 | 1,255,682 | ||||
2,000,000 | Daimler Chrysler NA Holding Corp., 5.88%, 3/15/11 | 2,006,358 | ||||
690,000 | Lowe’s Companies, Inc., | 676,584 | ||||
1,250,000 | Newell Rubbermaid, Inc., | 1,196,603 | ||||
5,135,227 | ||||||
Consumer Staples (0.4%) | ||||||
225,000 | Kroger Co., 5.50%, 2/1/13 | 222,349 | ||||
Financials (9.6%) | ||||||
1,000,000 | Countrywide Financial Corp., | 976,488 | ||||
525,000 | General Electric Capital Corp., | 526,666 | ||||
1,000,000 | HSBC Finance Corp., | 998,644 | ||||
1,000,000 | MetLife, Inc., 5.00%, 6/15/15 | 964,675 | ||||
1,500,000 | Morgan Stanley, 5.63%, 1/9/12 | 1,517,216 | ||||
1,000,000 | Toyota Motor Credit Corp., | 997,255 | ||||
5,980,944 | ||||||
Industrials (0.4%) | ||||||
125,000 | ConocoPhillips Canada, | 124,536 | ||||
160,000 | Dominion Resource, Inc., | 156,012 | ||||
280,548 | ||||||
Real Estate Investment Trust (1.6%) | ||||||
1,000,000 | Simon Property Group LP, | 985,478 | ||||
Total Corporate Bonds (Cost $12,596,236) | 12,604,546 | |||||
U.S. Government Agencies (49.3%) | ||||||
Federal Farm Credit Bank (5.9%) | ||||||
3,000 | 5.25%, 3/15/07 (b) | 2,982 |
Principal Amount | Security | Value | ||||
U.S. Government Agencies, continued | ||||||
Federal Farm Credit Bank, continued | ||||||
$ | 250,000 | 6.30%, 8/8/07, MTN | $ | 251,292 | ||
200,000 | 6.52%, 9/24/07, MTN | 201,547 | ||||
130,000 | 3.61%, 4/15/08, Callable 3/6/07 @ 100 | 127,591 | ||||
610,000 | 3.50%, 7/28/08, Callable 3/6/07 @ 100 | 595,702 | ||||
200,000 | 3.38%, 3/16/09, Callable 3/6/07 @ 100 | 193,149 | ||||
415,000 | 4.25%, 2/22/10, Callable 3/6/07 @ 100 | 404,692 | ||||
1,000,000 | 4.70%, 8/11/10, Callable 3/6/07 @ 100 | 982,887 | ||||
400,000 | 5.45%, 11/2/10, Callable 3/6/07 @ 100 | 398,163 | ||||
500,000 | 5.50%, 1/3/11, Callable 3/6/07 @ 100 | 497,840 | ||||
3,655,895 | ||||||
Federal Home Loan Bank (43.4%) | ||||||
1,691,000 | 5.18%, 2/1/07 (b) | 1,690,765 | ||||
365,000 | 7.00%, 4/2/07 | 365,978 | ||||
65,000 | 4.00%, 4/18/07 | 64,824 | ||||
2,060,000 | 4.88%, 5/15/07 – 3/11/11 | 2,050,013 | ||||
1,500,000 | 7.63%, 5/15/07 | 1,509,667 | ||||
210,000 | 7.33%, 5/30/07 | 211,354 | ||||
50,000 | 2.60%, 6/4/07, Callable 3/5/07 @ 100 | 49,547 | ||||
255,000 | 6.50%, 8/15/07 | 256,631 | ||||
925,000 | 5.00%, 1/28/08, Callable 4/28/07 @ 100 | 922,165 | ||||
254,166 | 3.75%, 2/6/08, Callable 3/5/07 @ 100 | 250,448 | ||||
250,000 | 3.50%, 4/15/08, Callable 3/5/07 @ 100 | 245,063 | ||||
1,000,000 | 4.25%, 4/21/08, Callable 4/21/07 @ 100 | 988,239 | ||||
400,000 | 3.63%, 4/23/08, Callable 3/5/07 @ 100 | 392,480 | ||||
1,000,000 | 6.19%, 5/6/08 | 1,011,898 | ||||
275,000 | 5.05%, 5/28/08, Callable 5/28/07 @ 100 | 274,068 | ||||
100,000 | 4.00%, 2/20/09, Callable 5/20/07 @ 100 | 97,885 | ||||
275,000 | 5.25%, 2/27/09, Callable 5/27/07 @ 100 | 274,193 | ||||
1,000,000 | 5.25%, 3/2/09, Callable 3/2/07 @ 100 | 999,931 | ||||
5,000,000 | 5.50%, 5/1/09, Callable 5/1/07 @ 100 | 4,994,215 | ||||
100,000 | 4.00%, 10/30/09, Callable 4/30/07 @ 100 | 97,233 | ||||
1,000,000 | 5.00%, 11/3/09 | 998,524 | ||||
1,000,000 | 5.55%, 11/13/09, Callable 5/13/07 @ 100 | 998,992 | ||||
500,000 | 4.38%, 2/2/10, Callable 3/5/07 @ 100 | 489,341 | ||||
200,000 | 4.20%, 5/7/10, Callable 3/5/07 @ 100 | 194,576 | ||||
200,000 | 4.00%, 7/30/10, Callable 7/30/07 @ 100 | 193,262 |
See notes to financial statements.
45
Table of Contents
PACIFIC CAPITAL FUNDS
High Grade Short Intermediate Fixed Income Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Principal Amount | Security | Value | ||||
U.S. Government Agencies, continued | ||||||
Federal Home Loan Bank, continued | ||||||
$ | 160,000 | 4.22%, 7/30/10, Callable 3/5/07 @ 100 | $ | 155,534 | ||
200,000 | 4.06%, 8/6/10, Callable 5/6/07 @ 100 | 193,543 | ||||
1,750,000 | 4.13%, 8/13/10 | 1,700,074 | ||||
1,750,000 | 4.75%, 12/10/10 | 1,731,567 | ||||
1,000,000 | 4.75%, 12/30/10, Callable 3/5/07 @ 100 | 982,523 | ||||
1,000,000 | 4.63%, 2/18/11 | 986,550 | ||||
1,000,000 | 5.63%, 2/28/11, Callable 2/28/07 @ 100 | 998,582 | ||||
700,000 | 5.25%, 6/10/11 | 705,953 | ||||
27,075,618 | ||||||
| Total U.S. Government Agencies (Cost $30,826,035) | 30,731,463 | ||||
Principal Amount | Security | Value | ||||
U.S. Treasury Obligations (1.7%) | ||||||
U.S. Treasury Notes | ||||||
$ | 20,000 | 2.75%, 8/15/07 | $ | 19,759 | ||
189,000 | 3.00%, 2/15/08 – 2/15/09 | 182,290 | ||||
65,000 | 2.63%, 5/15/08 | 63,124 | ||||
75,000 | 3.25%, 8/15/08 | 73,152 | ||||
67,000 | 3.13%, 10/15/08 | 65,029 | ||||
300,000 | 3.88%, 5/15/10 | 291,492 | ||||
393,000 | 3.63%, 6/15/10 | 378,647 | ||||
| Total U.S. Treasury Obligations (Cost $1,105,052) | 1,073,493 | ||||
| Total Investments (Cost $61,222,075) (c)—98.0% | 61,120,834 | ||||
Other assets in excess of liabilities—2.0% | 1,259,736 | |||||
Net Assets—100.0% | $ | 62,380,570 | ||||
(a) | Rate periodically changes. Rate disclosed is rate in effect at January 31, 2007. |
(b) | Rate disclosed represents effective yield at purchase. |
(c) | Cost for financial reporting and federal income tax purposes. Unrealized appreciation/depreciation is as follows: |
Unrealized appreciation | $ | 114,810 | ||
Unrealized depreciation | (216,051 | ) | ||
Net unrealized depreciation | $ | (101,241 | ) | |
LP—Limited Partnership
MTN—Medium Term Note
See notes to financial statements.
46
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Principal Amount | Security | Value | ||||
Alternative Minimum Tax Paper (10.6%) | ||||||
Hawaii (6.4%) | ||||||
$ | 610,000 | Hawaii Airport System Revenue, Second Series, 6.90%, 7/1/12, Escrowed to Maturity, MBIA | $ | 664,040 | ||
1,000,000 | Hawaii Department of Budget & Finance Special Purpose Revenue, Hawaiian Electric Co., Series B, 5.75%, 12/1/18, Callable 12/01/09 @ 101, AMBAC | 1,054,050 | ||||
2,105,000 | Hawaii State Harbor System Revenue, Series A, | 2,117,735 | ||||
3,835,825 | ||||||
New York (2.5%) | ||||||
500,000 | Middletown Housing Authority Revenue, Summitfield & Moore Heights, 3.90%, 7/1/09, FNMA | 499,215 | ||||
1,000,000 | Port Authority New York & New Jersey, 5.00%, 8/1/14, FGIC | 1,023,150 | ||||
1,522,365 | ||||||
Utah (1.7%) | ||||||
1,000,000 | Utah State Board of Regents Student Loan Revenue, Series N, | 1,015,230 | ||||
| Total Alternative Minimum Tax Paper (Cost $6,370,028) | 6,373,420 | ||||
Municipal Bonds (82.2%) | ||||||
Arizona (0.8%) | ||||||
500,000 | Vistancia Community Facilities District GO, 4.00%, 7/15/13 | 495,785 | ||||
Florida (3.8%) | ||||||
1,695,000 | Herons Glen Rec District Florida Special Assessment, | 1,772,801 | ||||
500,000 | Leesburg Hospital Revenue, Project A, 5.00%, 7/1/08 | 505,315 | ||||
2,278,116 | ||||||
Georgia (1.7%) | ||||||
1,000,000 | Main Street Natural Gas, Inc., Gas Project Revenue, Series A, | 1,053,150 | ||||
Hawaii (44.1%) | ||||||
Hawaii County GO, Series A | ||||||
1,000,000 | 5.25%, 5/15/11, Prerefunded 5/15/09 @ 101, FSA | 1,041,810 | ||||
1,000,000 | 5.38%, 5/15/13, Prerefunded | 1,044,510 | ||||
705,000 | Hawaii County GO, Series B, | 724,888 | ||||
1,000,000 | Hawaii State GO, Series BW, 6.40%, 3/1/09, FSA-CR | 1,052,530 |
Principal Amount | Security | Value | ||||
Municipal Bonds, continued | ||||||
Hawaii, continued | ||||||
$ | 1,000,000 | Hawaii State GO, Series CN, | $ | 1,026,420 | ||
1,150,000 | Hawaii State GO, Series CP, | 1,163,375 | ||||
1,000,000 | Hawaii State GO, Series CR, | 1,027,480 | ||||
1,000,000 | Hawaii State GO, Series CT, | 1,008,780 | ||||
1,000,000 | Hawaii State GO, Series CU, | 1,065,560 | ||||
1,250,000 | Hawaii State GO, Series CV, | 1,281,750 | ||||
1,000,000 | Hawaii State GO, Series CZ, | 1,069,210 | ||||
3,700,000 | Hawaii State GO, Series DG, | 3,802,749 | ||||
1,000,000 | Hawaii State Harbor System Revenue, Series A, 4.50%, 7/1/08, AMBAC | 1,011,100 | ||||
750,000 | Hawaii State Highway Revenue, 4.85%, 7/1/09, FSA | 768,263 | ||||
1,055,000 | Hawaii State Housing & Community Development Revenue, Series A, 3.70%, 7/1/13, FSA | 1,043,701 | ||||
1,200,000 | Hawaii State Housing Finance & Development Corp., Single Family Mortgage Revenue, Series B, 4.80%, 7/1/07, FNMA | 1,202,496 | ||||
| Honolulu City & County Waste Water System Revenue | |||||
1,150,000 | 5.00%, 7/1/09, FGIC | 1,181,935 | ||||
2,000,000 | 5.25%, 7/1/13, Callable | 2,081,920 | ||||
1,000,000 | 5.25%, 7/1/15, Callable | 1,040,720 | ||||
1,000,000 | Honolulu City & County Waste Water System Revenue, Series SR, 5.00%, 7/1/07, AMBAC | 1,005,210 | ||||
645,000 | Maui County GO, Series A, | 652,172 | ||||
1,090,000 | University of Hawaii System Revenue, Series A, | 1,180,339 | ||||
26,476,918 | ||||||
Michigan (4.3%) | ||||||
1,500,000 | Michigan State Building Authority Revenue, Series II, | 1,528,515 | ||||
1,000,000 | Michigan State Certificate of Participation, 5.50%, 6/1/27, Prerefunded 6/1/10 @ 100, AMBAC | 1,053,170 | ||||
2,581,685 | ||||||
See notes to financial statements.
47
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2007
(Unaudited)
Principal Amount | Security | Value | ||||
Municipal Bonds, continued | ||||||
Minnesota (4.4%) | ||||||
$ | 2,500,000 | Minnesota State GO, 5.00%, 8/1/16, Callable 8/1/12 @ 100 | $ | 2,647,350 | ||
New Jersey (1.7%) | ||||||
1,000,000 | New Jersey State Certificate of Participation, 5.00%, 6/15/09 | 1,025,220 | ||||
New York (6.9%) | ||||||
1,000,000 | New York State Environmental Facilities Corp, Solid Waste Disposal Revenue, Series A, | 1,005,860 | ||||
1,000,000 | New York State Thruway Authority Revenue, Highway & Bridge Trust Fund, Series B, 5.25%, 4/1/12, AMBAC | 1,069,190 | ||||
New York, New York GO, Series C | ||||||
1,000,000 | 5.00%, 1/1/11 | 1,039,820 | ||||
1,000,000 | 4.25%, 1/1/12 | 1,015,010 | ||||
4,129,880 | ||||||
Pennsylvania (1.8%) | ||||||
1,030,000 | Philadelphia Water & Wastewater Revenue, Series B, | 1,107,065 | ||||
Puerto Rico (6.6%) | ||||||
1,200,000 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, 6.25%, 7/1/13, MBIA | 1,367,904 | ||||
1,450,000 | Puerto Rico Commonwealth GO, 5.25%, 7/1/09, MBIA | 1,501,228 | ||||
500,000 | Puerto Rico Commonwealth Highway & Transportation Authority Revenue, Series D, 5.75%, 7/1/41, Prerefunded | 549,270 | ||||
500,000 | University of Puerto Rico, University Revenue, Series P, 5.00%, 6/1/13 | 527,375 | ||||
3,945,777 | ||||||
Shares or Principal Amount | Security | Value | ||||
Municipal Bonds, continued | ||||||
Texas (1.8%) | ||||||
$ | 1,000,000 | San Antonio Electric & Gas Revenue, 5.25%, 2/1/12 | $ | 1,062,990 | ||
Utah (1.7%) | ||||||
1,000,000 | Utah State GO, Series F, | 1,005,730 | ||||
Wisconsin (2.6%) | ||||||
1,000,000 | Wisconsin State Health & Educational Facilities Authority Revenue, Wheaton Healthcare, 5.00%, 8/15/13 | 1,042,350 | ||||
500,000 | Wisconsin State Health & Educational Facilities Authority Revenue, Wheaton Healthcare, Series B, 5.00%, 8/15/13 | 518,290 | ||||
1,560,640 | ||||||
Total Municipal Bonds (Cost $49,217,037) | 49,370,306 | |||||
U.S. Government Agencies (4.9%) | ||||||
Federal Home Loan Bank | ||||||
1,000,000 | 5.15%, 4/4/07 (a) | 991,240 | ||||
2,000,000 | 4.63%, 11/21/08 | 1,983,740 | ||||
| Total U.S. Government Agencies (Cost $2,989,540) | 2,974,980 | ||||
Investment Companies (1.4%) | ||||||
815,542 | Dreyfus Tax Exempt Cash Management Fund, Institutional Fund, 3.43% (b) | 815,542 | ||||
Total Investment Companies (Cost $815,542) | 815,542 | |||||
| Total Investments (Cost $59,392,147) (c)—99.1% | 59,534,248 | ||||
Other assets in excess of liabilities—0.9% | 512,748 | |||||
Net Assets—100.0% | $ | 60,046,996 | ||||
(a) | Rate represents the effective yield at purchase. |
(b) | Rate periodically changes. Rate disclosed is rate in effect at January 31, 2007. |
(c) | Cost for financial reporting and federal income tax purposes. Unrealized appreciation/depreciation is as follows: |
Unrealized appreciation | $ | 252,278 | ||
Unrealized depreciation | (110,177 | ) | ||
Net unrealized appreciation | $ | 142,101 | ||
AMBAC—Insured by American Municipal Bond Assurance Corp.
FGIC—Insured by Financial Guaranty Insurance Co.
FNMA—Insured by Federal National Mortgage Association
FSA—Insured by Federal Security Assurance
FSA-CR—Federal Security Assuarance Custodial Receipts
GO—General Obligation
MBIA—Insured by Municipal Bond Insurance Association
See notes to financial statements.
48
Table of Contents
PACIFIC CAPITAL FUNDS
U.S. Government Short Fixed Income Fund
Schedule of Portfolio Investments
January 31, 2007
(Unaudited)
Principal Amount | Security | Value | ||||
U.S. Government Agencies (98.2%) | ||||||
Federal Farm Credit Bank (6.1%) | ||||||
$ | 150,000 | 5.08%, 4/3/07, | $ | 149,926 | ||
1,480,000 | 4.60%, 8/8/08, | 1,466,162 | ||||
3,800,000 | 5.20%, 8/16/11 | 3,819,661 | ||||
5,435,749 | ||||||
Federal Home Loan Bank (92.1%) | ||||||
4,899,000 | 5.18%, 2/1/07 (a) | 4,898,320 | ||||
40,000 | 5.13%, 2/20/07 | 39,998 | ||||
35,000 | 5.00%, 3/2/07 | 34,991 | ||||
90,000 | 6.20%, 10/10/07 | 90,266 | ||||
100,000 | 3.02%, 11/6/07, | 98,345 | ||||
1,830,000 | 5.00%, 11/23/07, | 1,825,275 | ||||
4,000,000 | 5.05%, 12/14/07, | 3,990,508 | ||||
3,950,000 | 5.00%, 12/17/07, | 3,938,873 | ||||
6,375,000 | 5.00%, 1/28/08, | 6,355,461 | ||||
10,000 | 4.00%, 2/22/08, | 9,873 | ||||
1,500,000 | 4.61%, 2/28/08, | 1,489,973 | ||||
1,000,000 | 5.10%, 3/6/08 | 998,557 | ||||
1,185,000 | 4.25%, 4/21/08, | 1,171,063 | ||||
5,060,000 | 5.50%, 5/30/08, | 5,058,472 |
Principal Amount | Security | Value | ||||
U.S. Government Agencies, continued | ||||||
Federal Home Loan Bank, continued | ||||||
4,000,000 | 5.13%, 11/28/08, | 3,988,664 | ||||
$ | 1,000,000 | 5.00%, 3/2/09, | $ | 997,590 | ||
4,000,000 | 5.25%, 3/2/09, | 3,999,724 | ||||
7,650,000 | 5.50%, 5/4/09, | 7,641,118 | ||||
15,275,000 | 5.25%, 8/5/09 – 6/10/11 | 15,389,748 | ||||
5,875,000 | 5.25%, 11/13/09, | 5,856,970 | ||||
4,855,000 | 5.50%, 7/30/10, | 4,843,600 | ||||
1,985,000 | 4.85%, 2/4/11 | 1,972,514 | ||||
4,000,000 | 4.63%, 2/18/11 | 3,946,200 | ||||
2,000,000 | 5.60%, 6/28/11 | 2,044,540 | ||||
1,000,000 | 4.88%, 11/18/11 | 993,234 | ||||
81,673,877 | ||||||
| Total U.S. Government Agencies (Cost $87,008,953) | 87,109,626 | ||||
U.S. Treasury Obligations (0.1%) | ||||||
U.S. Treasury Notes | ||||||
38,000 | 2.25%, 2/15/07 | 37,961 | ||||
59,000 | 3.13%, 5/15/07 | 58,689 | ||||
Total U.S. Treasury Obligations (Cost $96,940) | 96,650 | |||||
| Total Investments (Cost $87,105,893) (c)—98.3% | 87,206,276 | ||||
Other assets in excess of liabilities—1.7% | 1,490,100 | |||||
Net Assets—100.0% | $ | 88,696,376 | ||||
(a) | Rate disclosed represents effective yield at purchase. |
(b) | Rate periodically changes. Rate disclosed is rate in effect at January 31, 2007. |
(c) | Cost for financial reporting and federal income tax purposes. Unrealized appreciation/depreciation is as follows: |
Unrealized appreciation | $ | 235,856 | ||
Unrealized depreciation | (135,473 | ) | ||
Net unrealized appreciation | $ | 100,383 | ||
See notes to financial statements.
49
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements
January 31, 2007
(Unaudited)
1. | Organization |
Pacific Capital Funds (the “Trust”) was organized on October 30, 1992, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company established as a Massachusetts business trust. The Trust currently consists of the following investment portfolios (individually, a “Fund” and collectively, the “Funds”): New Asia Growth Fund, International Stock Fund, Small Cap Fund, Mid-Cap Fund, Growth Stock Fund, Growth and Income Fund, Value Fund, High Grade Core Fixed Income Fund, Tax-Free Securities Fund, High Grade Short Intermediate Fixed Income Fund, Tax-Free Short Intermediate Securities Fund and U.S. Government Short Fixed Income 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. The sale of Class B Shares has been suspended since June 1, 2003 (except for reinvestment of dividends and exchanges of Class B Shares between Funds).
The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each class of shares has identical rights and privileges except with respect to the fees paid under distribution (12b-1) plans, voting rights on matters affecting a single class of shares, sales charges, and exchange privileges. The Class A Shares of the New Asia Growth Fund, the International Stock Fund, the Small Cap Fund, the Mid-Cap Fund, the Growth Stock Fund, the Growth and Income Fund, and the Value Fund have a maximum sales charge on purchases of 5.25% of the purchase price; the Class A Shares for the High Grade Core Fixed Income Fund and the Tax-Free Securities Fund have a maximum sales charge on purchases of 4.00% of the purchase price; and the Class A Shares for the High Grade Short Intermediate Fixed Income Fund, the Tax-Free Short Intermediate Securities Fund, and the U.S. Government Short Fixed Income Fund have a maximum sales charge on purchases of 2.25% of the purchase price. The Class B Shares have a contingent deferred sales charge (“CDSC”) of 5.00% as a percentage of original purchase price or sale price (whichever is less) if redeemed before the sixth anniversary of purchase, declining from 5.00% within the first year to 0% after the sixth year. The Class C Shares have a CDSC of 1.00% as a percentage of the original purchase price if redeemed within twelve months of purchase.
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 in which the principal market is not an exchange or an over-the-counter market are valued using an independent pricing service approved by the Board of Trustees. Such prices reflect fair values, which may be established through the use of electronic
Continued
50
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2007
(Unaudited)
and matrix techniques. Short-term obligations that mature in 60 days or less are valued at 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. 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 a Fund’s net asset value is calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board of Trustees. In the event of an increase or decrease in the value of a designated benchmark index 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.
Foreign Currency Transactions:
The accounting records of the Trust are maintained in U.S. dollars. Investment securities and other assets and liabilities of Funds 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 rates on the date of the transactions.
The Funds 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 currency transactions.
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.
Foreign Currency 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 term 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
Continued
51
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2007
(Unaudited)
or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A Fund could be exposed to risk if a counterparty is unable to meet the terms of a forward foreign exchange currency contract or if the value of the foreign currency changes unfavorably.
Futures Contracts:
Each of the Funds (other than the U.S. Government Short Fixed Income Fund) may enter into contracts for the future delivery of specific securities, classes of securities, and financial indices; may purchase or sell exchange-listed or OTC options on any such futures contracts; and may engage in related closing transactions. A financial futures contract is an agreement to purchase or sell an agreed amount of securities or currency at a set price for delivery in the future. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. The acquisition of put and call options on futures contracts will, respectively, give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period.
The Small Cap Fund has entered into futures contracts for hedging purposes, such as to protect against anticipated declines in the market value of its portfolio securities or to manage exposure to changing interest rates. The Fund receives from or pays to the broker, on a daily basis, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as “variation margin”, and are recorded by the Fund as unrealized gains or losses. When a futures contract closes, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
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, as amended (the “1933 Act”), or pursuant to the resale limitations provided by Rule 144A 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 of Trustees. Not all restricted securities are considered illiquid. At January 31, 2007, the International Stock Fund and Small Cap Fund held restricted securities representing 0.5% and 1.5% of net assets, respectively. The restricted securities held as of January 31, 2007 are identified below:
Issue Description | Acquisition Date | Shares | Cost ($) | Value ($) | ||||
International Stock Fund: | ||||||||
Evraz Group SA, GDR | * | 41,734 | 1,045,495 | 1,160,623 | ||||
Small Cap Fund: | ||||||||
Castlepoint Holdings Ltd. (a) | 3/27/06 | 267,400 | 2,674,000 | 2,874,550 | ||||
JER Investors Trust, Inc. | ** | 76,700 | 1,150,500 | 1,570,816 | ||||
Quintana Maritime Ltd. | 5/10/06 | 279,550 | 796,800 | 3,575,445 |
(a) | Determined to be illiquid based upon procedures approved by the Board of Trustees. |
* | Purchased on various dates beginning 4/25/06. |
** | Purchased on various dates beginning 8/29/05. |
Security Transactions and Related Income:
During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of
Continued
52
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2007
(Unaudited)
the reporting period. Interest income is recognized on the accrual basis and includes, where applicable, the pro rata amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date. Gains or losses realized from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.
Allocations:
Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses, such as distribution fees, if any, are borne by that class. Other operating expenses of the Trust are pro-rated 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/unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets or another appropriate basis.
Distributions to Shareholders:
Dividends from net investment income are declared daily and paid monthly for the High Grade Core Fixed Income Fund, Tax-Free Securities Fund, High Grade Short Intermediate Fixed Income Fund, Tax-Free Short Intermediate Securities Fund and U.S. Government Short Fixed Income Fund. Dividends from net investment income are declared and paid quarterly for the New Asia Growth Fund, International Stock Fund, Small Cap Fund, Mid-Cap Fund, Growth Stock Fund, Growth and Income Fund, and Value Fund. Distributable net realized capital gains, if any, are declared and distributed at least annually for all the Funds. Some of the Funds utilize equalization accounting for tax purposes and designate earnings and profits, including realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes.
Redemption Fees:
The New Asia Growth Fund and International Stock Fund may impose a redemption fee. This fee can be assessed on redemptions and exchanges of Fund shares within 90 days from the date the Fund shares were acquired. For financial statement purposes, these amounts are included in the Statements of Changes in Net Assets in “Proceeds from Shares Issued”. Redemption fees collected for the Funds for the period ended January 31, 2007 and the year ended July 31, 2006 were as follows:
Period Ended 01/31/07 ($) | Year Ended 07/31/06 ($) | |||
New Asia Growth Fund | 209 | 1,254 | ||
International Stock Fund | 395 | 594 |
New Accounting Pronouncements:
In July 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax return to determine whether the tax positions will “more-likely-than-not” be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required as of the semi-annual financial reporting date which occurs during fiscal year beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. Management has not completed their analysis on whether the adoption of FIN 48 will have a material impact on the financial statements.
Continued
53
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2007
(Unaudited)
In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management does not believe that the adoption of SFAS No. 157 will materially impact the financial statements; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.
3. | Purchases and Sales of Securities |
Purchases and sales of securities (excluding securities maturing less than one year from acquisition and U.S. Government securities) for the period ended January 31, 2007 were as follows:
Purchases ($) | Sales ($) | |||
New Asia Growth Fund | 18,752,792 | 29,099,709 | ||
International Stock Fund | 45,465,332 | 67,111,709 | ||
Small Cap Fund | 354,744,370 | 347,712,190 | ||
Mid-Cap Fund | 26,651,577 | 46,503,661 | ||
Growth Stock Fund | 203,340,017 | 228,685,845 | ||
Growth and Income Fund | 217,901,794 | 233,119,389 | ||
Value Fund | 221,827,609 | 217,684,679 | ||
High Grade Core Fixed Income Fund | 35,205,286 | 34,703,261 | ||
Tax-Free Securities Fund | 19,399,236 | 34,120,885 | ||
High Grade Short Intermediate Fixed Income Fund | 8,423,801 | — | ||
Tax-Free Short Intermediate Securities Fund | 22,557,771 | 25,164,514 |
Purchases and sales of long-term U.S. Government securities for the period ended January 31, 2007 were as follows:
Purchases ($) | Sales ($) | |||
High Grade Core Fixed Income Fund | 124,679,647 | 105,222,027 | ||
High Grade Short Intermediate Fixed Income Fund | 18,664,705 | 28,612,430 | ||
Tax-Free Short Intermediate Securities Fund | 1,998,035 | 1,986,250 | ||
U.S. Government Short Fixed Income Fund | 39,483,430 | 49,663,342 |
Continued
54
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2007
(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 terms of an advisory agreement, the Funds are charged the following annual fees 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 | 0.36 | ||
Mid-Cap Fund | 0.60 | 0.22 | ||
Growth Stock Fund | 0.80 | 0.80 | ||
Growth and Income Fund | 0.80 | 0.80 | ||
Value Fund | 0.80 | 0.80 | ||
High Grade Core Fixed Income Fund | 0.60 | 0.45 | ||
Tax-Free Securities Fund | 0.60 | 0.45 | ||
High Grade Short Intermediate Fixed Income Fund | 0.50 | 0.19 | ||
Tax-Free Short Intermediate Securities Fund | 0.50 | 0.40 | ||
U.S. Government Short Fixed Income Fund | 0.40 | 0.13 |
* | The fee is reduced by any amount paid to the Sub-Advisers in excess of 0.60% so that the total advisory and sub-advisory fees will not exceed 1.00%. |
The Adviser has voluntarily agreed to waive a portion of its fees. Fee waivers are voluntary and may be terminated at any time.
The following Funds have entered into Sub-Advisory contracts as listed below. Under the terms of each Sub-Advisory agreement, the Funds are charged the following annual fees by the Sub-Adviser based upon average daily net assets which are computed daily and paid quarterly:
Sub-Adviser | Annual Fees Paid | |||
New Asia Growth Fund | First State Investments International Limited | 0.50% | ||
International Stock Fund | Hansberger Global Investors, Inc. | 0.60% of the first $75 million; 0.35% in excess of $75 million | ||
Small Cap Fund | Nicholas-Applegate Capital Management, small cap value style Nicholas-Applegate Capital Management, systematic small cap style | 0.60% of the first $50 million; 0.55% on assets in excess of $50 million1 0.70%2 | ||
Wellington Management Company, LLP | 0.70% of the first $150 million; 0.65% on assets in excess of $150 million3 | |||
Mid-Cap Fund | Chicago Equity Partners, LLC4 | 0.20% |
1 | On assets managed by Nicholas-Applegate Capital Management with its small cap value style. |
2 | On assets managed by Nicholas-Applegate Capital Management with its systematic small cap style. |
3 | On assets managed by Wellington Management Company, LLP. |
4 | Prior to October 10, 2006, Bankoh Investment Partners, LLC, a joint venture between Bank of Hawaii and Chicago Equity Partners, LLC acted as Sub-Adviser to the Fund and received the same fees as listed in the table. |
Continued
55
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2007
(Unaudited)
Bank of Hawaii (the “Administrator”) acts as Administrator of the Trust and receives 0.04% of the average daily net assets of the Trust for this service.
BISYS Fund Services Ohio, Inc. (“BISYS”), a wholly owned subsidiary of The BISYS Group, Inc., serves the Trust as Sub-Administrator pursuant to an agreement among the Trust, the Administrator, and BISYS. BISYS receives fees from the Trust of 0.05% of the average daily net assets of the Trust and $10,000 annually for providing additional legal services, subject to reduction if certain standards are not met, plus out-of-pocket expenses.
In addition, BISYS provides an employee to serve as Chief Compliance Officer for the Trust and perform certain related services. BISYS receives a fee for this service and reimbursement for certain out-of-pocket expenses.
BISYS also serves the Trust as Fund Accountant and Transfer Agent. Under the terms of the fund accounting and transfer agency agreements, BISYS is entitled to receive fees subject to reduction if certain standards are not met and reimbursement for certain out-of-pocket expenses.
BISYS Fund Services Limited Partnership (the “Distributor”), also a wholly owned subsidiary of The BISYS Group, Inc., serves the Trust as principal underwriter and distributor. The Trust has adopted for the Class A, Class B and Class C Shares of each of the Funds the Class A Distribution Plan, Class B Distribution Plan and Class C Distribution Plan (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plans, each Fund pays the Distributor a fee which will not exceed on an annual basis, 0.40%, 1.00% and 1.00%, respectively, of the average daily net assets attributable to the Class A, Class B and Class C Shares of each Fund. The Distributor is contractually limiting the 12b-1 fee for Class A Shares to 0.25% through November 30, 2007. These fees are for payments the Distributor makes to banks, including the Administrator or its affiliates, other institutions and broker dealers, and for expenses the Distributor and any of its affiliates or subsidiaries incur for providing distribution or shareholder service assistance. The following table shows amounts received by the Distributor on commissions from sales and the amounts paid to affiliated broker dealers of the Funds during the period ended January 31, 2007:
Received ($) | Paid to Affiliates ($) | |||
Class A | 144,124 | 15,514 | ||
Class C | 61,555 | 9,645 |
Certain Officers and Trustees of the Trust are affiliated with the Administrator, the Adviser, BISYS or the Distributor. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles. Each of the five Independent Trustees receives a fee for his services plus the reimbursement of certain expenses incurred.
The Adviser has entered into a reimbursement agreement with the Funds in which it agrees to reimburse the Funds for certain fees charged by various intermediaries. The intermediaries, such as broker-dealers, banks, retirement plan administrators or other institutions, make one or more Funds available to their customers in accordance with relevant Intermediary Agreements and provide certain recordkeeping, processing and/or administrative services. This agreement can be terminated by the Adviser with 60 days’ written notice. The reimbursements made by the Adviser may not be recouped in future periods.
During the year ended July 31, 2006, the Adviser reimbursed the Growth Stock Fund and Value Fund $3,093 and $3,762, respectively, for commissions incurred on a security transaction that was intended to be a transfer of securities between the Funds under Rule 17a-7, but was inadvertently traded via a broker. These amounts are included in the line item “Net realized gains (losses) from investments and reimbursement from affiliates” on the Statements of Changes in Net Assets. The impact to both Funds was less than $0.005 per share.
Continued
56
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2007
(Unaudited)
Also during the year ended July 31, 2006, Nicholas-Applegate Capital Management reimbursed the Small Cap Fund $38,757 for losses incurred in the disposal of investments held in violation of the Fund’s investment restrictions. The amount is included on the line item “Net realized gains from investments, futures, and foreign currency transactions and reimbursement from affiliates of realized losses on the disposal of investments in violation of restrictions” on the Statements of Changes in Net Assets. The impact to the Fund was less than $0.005 per share.
5. | Risks |
The New Asia Growth Fund, International Stock Fund, and Small Cap Fund may invest in securities of foreign issuers in various countries. Investing on an international basis involves certain risks not involved in domestic investments, including fluctuations in foreign exchange rates, future adverse 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 affect 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.
The New Asia Growth Fund’s concentration of investments in securities of issuers located in the Far East Asia region may subject the Fund to the effects of economic and government policies within that region.
The Tax-Free Securities and Tax-Free Short Intermediate Securities Funds’ concentration of investments in securities of issuers located in Hawaii may subject each Fund to the effects of economic developments and government policies within Hawaii.
6. | 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.
The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., paydown reclasses 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. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending July 31, 2007.
Continued
57
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2007
(Unaudited)
The tax character of distributions paid during the year ended July 31, 2006 were as follows (amounts in thousands):
Distributions Paid From | ||||||||||
Net Investment Income ($) | Net Long-Term Capital Gains ($) | Total Taxable Distributions ($) | Tax-Exempt Distributions ($) | Total Distributions Paid ($) | ||||||
New Asia Growth Fund | 653 | 2,618 | 3,271 | — | 3,271 | |||||
International Stock Fund | 1,786 | — | 1,786 | — | 1,786 | |||||
Small Cap Fund | 5,368 | 14,808 | 20,176 | — | 20,176 | |||||
Mid-Cap Fund | 2,202 | 2,495 | 4,697 | — | 4,697 | |||||
Growth and Income Fund | 801 | — | 801 | — | 801 | |||||
Value Fund | 1,904 | 17 | 1,921 | — | 1,921 | |||||
High Grade Core Fixed Income Fund | 12,913 | 46 | 12,959 | — | 12,959 | |||||
Tax-Free Securities Fund | 283 | 3,961 | 4,244 | 12,703 | 16,947 | |||||
High Grade Short Intermediate Fixed Income Fund | 2,795 | — | 2,795 | — | 2,795 | |||||
Tax-Free Short Intermediate Securities Fund | 371 | — | 371 | 1,717 | 2,088 | |||||
U.S. Government Short Fixed Income Fund | 4,091 | — | 4,091 | — | 4,091 |
As of July 31, 2006, the components of accumulated earnings/(deficit) on a tax basis were as follows (amounts in thousands):
Undistributed | Accumulated Capital & Other Losses ($) | Unrealized Appreciation/ (Depreciation) ($)* | Total Accumulated Earnings/ (Deficit) ($) | |||||||||||||||
Ordinary Income ($) | Long-Term Capital Gain ($) | Accumulated Earnings ($) | Distributions Payable ($) | |||||||||||||||
New Asia Growth Fund | 497 | 4,290 | 4,787 | — | (14 | ) | 13,516 | 18,289 | ||||||||||
International Stock Fund | 220 | — | 220 | — | (12,145 | ) | 19,972 | 8,047 | ||||||||||
Small Cap Fund | 17,848 | 13,621 | 31,469 | — | — | 17,897 | 49,366 | |||||||||||
Mid-Cap Fund | 824 | 5,448 | 6,272 | — | — | 4,920 | 11,192 | |||||||||||
Growth Stock Fund | — | — | — | — | (90,523 | ) | (3,447 | ) | (93,970 | ) | ||||||||
Growth and Income Fund | — | — | — | — | (11,592 | ) | 4,864 | (6,728 | ) | |||||||||
Value Fund | — | 13,867 | 13,867 | — | — | 14,655 | 28,522 | |||||||||||
High Grade Core Fixed Income Fund | 97 | — | 97 | (152 | ) | (5,320 | ) | 500 | (4,875 | ) | ||||||||
High Grade Short Intermediate Fixed Income Fund | 29 | — | 29 | (29 | ) | (2,049 | ) | (535 | ) | (2,584 | ) | |||||||
U.S. Government Short Fixed Income Fund | 60 | — | 60 | (52 | ) | (2,827 | ) | (209 | ) | (3,028 | ) |
Continued
58
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2007
(Unaudited)
Undistributed | Accumulated Capital & Other Losses ($) | Unrealized Appreciation/ (Depreciation) ($)* | Total Accumulated Earnings/ (Deficit) ($) | ||||||||||||||||
Tax-Exempt Income ($) | Ordinary Income ($) | Long-Term Capital Gain ($) | Accumulated Earnings ($) | Distributions Payable ($) | |||||||||||||||
Tax-Free Securities Fund | 132 | — | — | 132 | (132 | ) | (293 | ) | 13,545 | 13,252 | |||||||||
Tax-Free Short Intermediate Securities Fund | 24 | — | — | 24 | (23 | ) | (708 | ) | 147 | (560 | ) |
* | Any differences between book basis and tax basis unrealized appreciation/(depreciation) are attributable to the tax deferral of losses on wash sales and/or passive foreign investment companies. |
As of the latest tax year end of July 31, 2006, the following Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by the Treasury regulations. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders.
Expires | ||||||||||
2010 ($) | 2011 ($) | 2012 ($) | 2013 ($) | 2014 ($) | ||||||
International Stock Fund | 2,310,504 | 9,834,840 | — | — | — | |||||
Growth Stock Fund | 8,501,492 | 82,021,934 | — | — | — | |||||
Growth and Income Fund | — | 11,592,422 | — | — | — | |||||
High Grade Core Fixed Income Fund | — | — | — | — | 95,740 | |||||
High Grade Short Intermediate Fixed Income Fund | — | — | — | 55,178 | 605,203 | |||||
Tax-Free Short Intermediate Securities Fund | — | — | — | 14,258 | 18,908 | |||||
U.S. Government Short Fixed Income Fund | — | — | 32,741 | 1,268,106 | 889,880 |
During the year ended July 31, 2006, the International Stock Fund, Growth Stock Fund, Growth and Income Fund, and Value Fund utilized $14,227, $16,996, $8,064 and $7,123 in capital loss carryforwards (in thousands), respectively.
Under current tax law, capital and foreign currency losses realized after October 31 may be deferred and treated as occurring on the first business day of the following fiscal year. The following Funds have deferred losses, which will be treated as arising on the first day of the fiscal year to end July 31, 2007:
Post October Capital Losses ($) | Foreign Currency Losses ($) | |||
New Asia Growth Fund | — | 14,273 | ||
High Grade Core Fixed Income Fund | 5,224,671 | — | ||
Tax-Free Securities Fund | 292,748 | — | ||
High Grade Short Intermediate Fixed Income Fund | 1,388,441 | — | ||
Tax-Free Short Intermediate Securities Fund | 675,012 | — | ||
U.S. Government Short Fixed Income Fund | 636,072 | — |
7. | Legal and Regulatory Matters |
Management of the Funds has reported to the Funds’ Board of Trustees (the “Board”) that, like many U.S. financial services companies, the Funds and certain of its affiliates have from time to time received formal requests for information from various governmental and self-regulatory agencies in connection with investigations related to mutual funds. Management has advised the Board that the Funds and their affiliates have cooperated fully with each request.
Continued
59
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Concluded
January 31, 2007
(Unaudited)
Management of the Funds previously reported to the Board that each of the Funds, the Asset Management Group of Bank of Hawaii, the Adviser’s parent company, and four present or former officers of the Adviser had received letters from a member of the staff of the Pacific Regional Office of the Securities and Exchange Commission (the “SEC”) indicating that the staff intended to recommend to the SEC institution of a civil enforcement action against the recipients 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 Adviser. In December 2005, the SEC informed the Funds and other recipients that its investigation into the matter had been terminated and no enforcement action had been recommended.
The Adviser directly reimbursed those shareholders of the Funds who incurred traceable losses above a de minimis amount resulting from the former employee’s trading activity, or put into escrow funds for such shareholders. Each pension or employee benefit plan was treated as a single shareholder for purposes of applying the de minimis threshold. In addition, the Adviser has reimbursed the Funds in the amount of $33,137. The following is a breakout by fund of the $33,137 reimbursement. These amounts are included in the line item “Net realized gains from investments, futures, and foreign currency transactions and reimbursements from affiliates of realized losses on the disposal of investments in violation of restrictions” or “Net realized gains (losses) from investments and reimbursement from affiliates” on the Statements of Changes in Net Assets. The impact for all Funds is less than $0.005 per share and the Adviser believes the matter is now fully resolved.
New Asia Growth Fund | $ | 22,564 | |
Small Cap Fund | 4,377 | ||
Growth Stock Fund | 3,920 | ||
High Grade Short Intermediate Fixed Income Fund | 2,276 |
In addition, BISYS Fund Services, Inc., certain affiliates of which provide various services to the Trust as described in footnote 4, has reached a settlement with the SEC regarding the SEC’s investigation related to their past payment of certain marketing and other expenses with respect to certain of its mutual fund clients. Fund management has not determined the degree, if any, to which the Funds are affected by the settlement. 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.
8. | Special Meeting of Shareholders |
On September 26, 2006, a Special Meeting of the Shareholders of the Mid-Cap Fund was held. The purpose of the meeting was to seek shareholder approval of a Sub-Advisory Agreement for the Mid-Cap Fund with a new sub-adviser, Chicago Equity Partners, LLC. The number of shares voted is as follows:
No. of Shares | % of Shares Voted | |||
AFFIRMATIVE: | 4,872,762 | 99.934 | ||
AGAINST: | 1,374 | 0.029 | ||
ABSTAIN: | 1,825 | 0.037 | ||
TOTAL: | 4,875,961 | 100.000 |
60
Table of Contents
PACIFIC CAPITAL FUNDS — NEW ASIA GROWTH FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains on Investments and Foreign Currency Transactions | Total Dividends and 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, 2007 (Unaudited) | $ | 16.84 | $ | 0.07 | $ | 3.50 | $ | 3.57 | $ | (0.08 | ) | $ | (1.83 | ) | $ | (1.91 | ) | $ | 18.50 | 21.73 | % | $ | 2,454 | 1.63 | % | 0.70 | % | 1.78 | % | 20.93 | % | |||||||||||||||||
Year Ended July 31, 2006 | 15.52 | 0.10 | 2.12 | 2.22 | (0.10 | ) | (0.80 | ) | (0.90 | ) | 16.84 | 15.00 | 2,157 | 1.76 | 0.64 | 2.08 | 44.10 | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 16.13 | $ | 0.01 | $ | 3.35 | $ | 3.36 | $ | (0.04 | ) | $ | (1.83 | ) | $ | (1.87 | ) | $ | 17.62 | 21.29 | % | $ | 660 | 2.38 | % | (0.04 | )% | 2.38 | % | 20.93 | % | |||||||||||||||||
Year Ended July 31, 2006 | 14.97 | — | 2.01 | 2.01 | (0.05 | ) | (0.80 | ) | (0.85 | ) | 16.13 | 14.05 | 639 | 2.51 | (0.04 | ) | 2.57 | 44.10 | ||||||||||||||||||||||||||||||
Year Ended July 31, 2005 | 11.09 | 0.01 | (f) | 3.93 | (f) | 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 | ||||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 16.12 | $ | 0.01 | $ | 3.35 | $ | 3.36 | $ | (0.04 | ) | $ | (1.83 | ) | $ | (1.87 | ) | $ | 17.61 | 21.31 | % | $ | 487 | 2.38 | % | (0.04 | )% | 2.38 | % | 20.93 | % | |||||||||||||||||
Year Ended July 31, 2006 | 14.96 | (0.01 | ) | 2.02 | 2.01 | (0.05 | ) | (0.80 | ) | (0.85 | ) | 16.12 | 14.08 | 413 | 2.51 | (0.10 | ) | 2.57 | 44.10 | |||||||||||||||||||||||||||||
Year Ended July 31, 2005 | 11.09 | 0.04 | (f) | 3.91 | (f) | 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, 2007 (Unaudited) | $ | 17.07 | $ | 0.09 | $ | 3.56 | $ | 3.65 | $ | (0.10 | ) | $ | (1.83 | ) | $ | (1.93 | ) | $ | 18.79 | 21.91 | % | $ | 94,317 | 1.38 | % | 0.98 | % | 1.38 | % | 20.93 | % | |||||||||||||||||
Year Ended July 31, 2006 | 15.72 | 0.14 | 2.15 | 2.29 | (0.14 | ) | (0.80 | ) | (0.94 | ) | 17.07 | 15.26 | 85,836 | 1.51 | 0.98 | 1.57 | 44.10 | |||||||||||||||||||||||||||||||
Year Ended July 31, 2005 | 11.60 | 0.15 | (f) | 4.13 | (f) | 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 |
* | 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 reduced. If such 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 calculated using the daily average shares method. |
(g) | Less than $0.005 per share. |
See notes to financial statements.
61
Table of Contents
PACIFIC CAPITAL FUNDS — INTERNATIONAL STOCK FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments and Foreign Currency Transactions | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains on Investments and Foreign Currency Transactions | Total Dividends and 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, 2007 (Unaudited) | $ | 10.81 | $ | — | (g) | $ | 1.58 | $ | 1.58 | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 12.35 | 14.62 | % | $ | 1,090 | 1.37 | % | — | % | 1.62 | % | 21.67 | % | ||||||||||||||||
Year Ended July 31, 2006 | 8.95 | 0.07 | 1.87 | 1.94 | (0.08 | ) | — | (0.08 | ) | 10.81 | 21.65 | 999 | 1.48 | 0.68 | 1.90 | 46.18 | |||||||||||||||||||||||||||||||
Year Ended July 31, 2005 | 7.41 | 0.05 | (f) | 1.52 | (f) | 1.57 | (0.03 | ) | — | (0.03 | ) | 8.95 | 21.17 | 949 | 1.73 | 0.60 | 2.35 | 37.98 | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 10.27 | $ | (0.05 | ) | $ | 1.51 | $ | 1.46 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 11.72 | 14.19 | % | $ | 693 | 2.12 | % | (0.76 | )% | 2.22 | % | 21.67 | % | ||||||||||||||||
Year Ended July 31, 2006 | 8.54 | (0.01 | ) | 1.77 | 1.76 | (0.03 | ) | — | (0.03 | ) | 10.27 | 20.63 | 673 | 2.23 | (0.06 | ) | 2.39 | 46.18 | |||||||||||||||||||||||||||||
Year Ended July 31, 2005 | 7.10 | (0.01 | )(f) | 1.46 | (f) | 1.45 | (0.01 | ) | — | (0.01 | ) | 8.54 | 20.43 | 649 | 2.48 | (0.16 | ) | 2.60 | 37.98 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 10.27 | $ | (0.05 | ) | $ | 1.49 | $ | 1.44 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 11.70 | 14.00 | % | $ | 582 | 2.12 | % | (0.73 | )% | 2.22 | % | 21.67 | % | ||||||||||||||||
Year Ended July 31, 2006 | 8.53 | (0.01 | ) | 1.78 | 1.77 | (0.03 | ) | — | (0.03 | ) | 10.27 | 20.78 | 601 | 2.23 | (0.04 | ) | 2.39 | 46.18 | |||||||||||||||||||||||||||||
Year Ended July 31, 2005 | 7.10 | 0.05 | (f) | 1.39 | (f) | 1.44 | (0.01 | ) | — | (0.01 | ) | �� | 8.53 | 20.30 | 494 | 2.42 | 0.57 | 2.55 | 37.98 | ||||||||||||||||||||||||||||
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, 2007 (Unaudited) | $ | 11.03 | $ | 0.01 | $ | 1.60 | $ | 1.61 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 12.59 | 14.62 | % | $ | 217,183 | 1.12 | % | 0.24 | % | 1.22 | % | 21.67 | % | |||||||||||||||||
Year Ended July 31, 2006 | 9.13 | 0.09 | 1.91 | 2.00 | (0.10 | ) | — | (0.10 | ) | 11.03 | 21.90 | 209,795 | 1.23 | 1.15 | 1.39 | 46.18 | |||||||||||||||||||||||||||||||
Year Ended July 31, 2005 | 7.55 | 0.08 | (f) | 1.55 | (f) | 1.63 | (0.05 | ) | — | (0.05 | ) | 9.13 | 21.61 | 93,049 | 1.47 | 0.97 | 1.59 | 37.98 | |||||||||||||||||||||||||||||
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 |
* | 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 reduced. If such 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 calculated using the daily average shares method. |
(g) | Less than $0.005 per share. |
See notes to financial statements.
62
Table of Contents
PACIFIC CAPITAL FUNDS — SMALL CAP FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and 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, 2007 (Unaudited) | $ | 17.67 | $ | (0.04 | )(f) | $ | 2.62 | (f) | $ | 2.58 | $ | — | $ | (1.41 | ) | $ | (1.41 | ) | $ | 18.84 | 14.74 | % | $ | 216,030 | 1.56 | % | (0.42 | )% | 1.81 | % | 80.46 | % | ||||||||||||||||
Year Ended July 31, 2006 | 18.10 | (0.07 | )(f) | 0.93 | (f) | 0.86 | — | (1.29 | ) | (1.29 | ) | 17.67 | 4.97 | 215,270 | 1.62 | (0.40 | ) | 2.02 | 110.61 | |||||||||||||||||||||||||||||
Year Ended July 31, 2005 | 16.52 | (0.08 | )(f) | 4.39 | (f) | 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 | ||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 16.62 | $ | (0.10 | )(f) | $ | 2.46 | (f) | $ | 2.36 | $ | — | $ | (1.41 | ) | $ | (1.41 | ) | $ | 17.57 | 14.34 | % | $ | 3,064 | 2.31 | % | (1.15 | )% | 2.41 | % | 80.46 | % | ||||||||||||||||
Year Ended July 31, 2006 | 17.22 | (0.19 | )(f) | 0.88 | (f) | 0.69 | — | (1.29 | ) | (1.29 | ) | 16.62 | 4.14 | 3,093 | 2.37 | (1.11 | ) | 2.53 | 110.61 | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 16.63 | $ | (0.10 | )(f) | $ | 2.46 | (f) | $ | 2.36 | $ | — | $ | (1.41 | ) | $ | (1.41 | ) | $ | 17.58 | 14.33 | % | $ | 21,439 | 2.31 | % | (1.17 | )% | 2.41 | % | 80.46 | % | ||||||||||||||||
Year Ended July 31, 2006 | 17.23 | (0.20 | )(f) | 0.89 | (f) | 0.69 | — | (1.29 | ) | (1.29 | ) | 16.63 | 4.19 | 14,908 | 2.37 | (1.15 | ) | 2.53 | 110.61 | |||||||||||||||||||||||||||||
Year Ended July 31, 2005 | 15.95 | (0.21 | )(f) | 4.22 | (f) | 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* | 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, 2007 (Unaudited) | $ | 17.92 | $ | (0.02 | )(f) | $ | 2.66 | (f) | $ | 2.64 | $ | — | $ | (1.41 | ) | $ | (1.41 | ) | $ | 19.15 | 14.87 | % | $ | 286,849 | 1.31 | % | (0.17 | )% | 1.41 | % | 80.46 | % | ||||||||||||||||
Year Ended July 31, 2006 | 18.29 | (0.03 | )(f) | 0.95 | (f) | 0.92 | — | (1.29 | ) | (1.29 | ) | 17.92 | 5.26 | 197,701 | 1.37 | (0.14 | ) | 1.53 | 110.61 | |||||||||||||||||||||||||||||
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 |
* | 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 reduced. If such 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 calculated using the daily average shares method. |
(g) | Less than $0.005 per share. |
See notes to financial statements.
63
Table of Contents
PACIFIC CAPITAL FUNDS — MID-CAP FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and 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, 2007 (Unaudited) | $ | 12.21 | $ | 0.05 | $ | 1.50 | $ | 1.55 | $ | (0.05 | ) | $ | (1.80 | ) | $ | (1.85 | ) | $ | 11.91 | 13.16 | % | $ | 719 | 1.05 | % | 0.87 | % | 1.59 | % | 43.56 | % | |||||||||||||||
Year Ended July 31, 2006 | 12.75 | 0.01 | 0.22 | 0.23 | (0.02 | ) | (0.75 | ) | (0.77 | ) | 12.21 | 1.78 | 886 | 1.05 | 0.10 | 1.69 | 101.34 | |||||||||||||||||||||||||||||
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, 2007 (Unaudited) | $ | 12.07 | $ | 0.01 | $ | 1.47 | $ | 1.48 | $ | (0.03 | ) | $ | (1.80 | ) | $ | (1.83 | ) | $ | 11.72 | 12.71 | % | $ | 538 | 1.80 | % | 0.15 | % | 2.19 | % | 43.56 | % | |||||||||||||||
Year Ended July 31, 2006 | 12.68 | (0.08 | ) | 0.22 | 0.14 | — | (0.75 | ) | (0.75 | ) | 12.07 | 1.07 | 547 | 1.80 | (0.64 | ) | 2.18 | 101.34 | ||||||||||||||||||||||||||||
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, 2007 (Unaudited) | $ | 12.23 | $ | 0.07 | $ | 1.51 | $ | 1.58 | $ | (0.07 | ) | $ | (1.80 | ) | $ | (1.87 | ) | $ | 11.94 | 13.34 | % | $ | 61,364 | 0.80 | % | 1.10 | % | 1.19 | % | 43.56 | % | |||||||||||||||
Year Ended July 31, 2006 | 12.76 | 0.04 | 0.22 | 0.26 | (0.04 | ) | (0.75 | ) | (0.79 | ) | 12.23 | 2.06 | 73,195 | 0.80 | 0.35 | 1.18 | 101.34 | |||||||||||||||||||||||||||||
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 |
* | 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 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 reduced. If such 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.
64
Table of Contents
PACIFIC CAPITAL FUNDS — GROWTH STOCK FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and 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, 2007 (Unaudited) | $ | 8.40 | $ | (0.01 | ) | $ | 1.16 | $ | 1.15 | $ | — | (g) | $ | — | $ | — | $ | 9.55 | 13.72 | % | $ | 8,376 | 1.37 | % | (0.13 | )% | 1.52 | % | 135.27 | % | |||||||||||||||||
Year Ended July 31, 2006 | 8.67 | (0.02 | )(f) | (0.25 | )(f) | (0.27 | ) | — | — | — | 8.40 | (3.11 | ) | 7,979 | 1.39 | (0.28 | ) | 1.73 | 191.06 | ||||||||||||||||||||||||||||
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 | (h) | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 7.82 | $ | (0.04 | ) | $ | 1.08 | $ | 1.04 | $ | — | (g) | $ | — | $ | — | $ | 8.86 | 13.33 | % | $ | 8,330 | 2.12 | % | (0.86 | )% | 2.12 | % | 135.27 | % | |||||||||||||||||
Year Ended July 31, 2006 | 8.14 | (0.08 | )(f) | (0.24 | )(f) | (0.32 | ) | — | — | — | 7.82 | (3.93 | ) | 8,898 | 2.14 | (1.03 | ) | 2.20 | 191.06 | ||||||||||||||||||||||||||||
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 | (h) | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 7.82 | $ | (0.04 | ) | $ | 1.08 | $ | 1.04 | $ | — | (g) | $ | — | $ | — | $ | 8.86 | 13.32 | % | $ | 1,984 | 2.12 | % | (0.88 | )% | 2.12 | % | 135.27 | % | |||||||||||||||||
Year Ended July 31, 2006 | 8.13 | (0.08 | )(f) | (0.23 | )(f) | (0.31 | ) | — | — | — | 7.82 | (3.81 | ) | 1,926 | 2.14 | (1.03 | ) | 2.20 | 191.06 | ||||||||||||||||||||||||||||
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 | (h) | ||||||||||||||||||||||||||||
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, 2007 (Unaudited) | $ | 8.66 | $ | — | (g) | $ | 1.20 | $ | 1.20 | $ | — | (g) | $ | — | $ | — | $ | 9.86 | 13.90 | % | $ | 136,928 | 1.12 | % | 0.12 | % | 1.12 | % | 135.27 | % | |||||||||||||||||
Year Ended July 31, 2006 | 8.92 | — | (f) | (0.26 | )(f) | (0.26 | ) | — | — | — | 8.66 | (2.91 | ) | 144,801 | 1.14 | (0.03 | ) | 1.20 | 191.06 | ||||||||||||||||||||||||||||
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 | (h) | ||||||||||||||||||||||||||||||
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 |
* | 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 reduced. If such 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 calculated using the daily average shares method. |
(g) | Less than $0.005 per share. |
(h) | 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.
65
Table of Contents
PACIFIC CAPITAL FUNDS — GROWTH AND INCOME FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and 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, 2007 (Unaudited) | $ | 13.32 | $ | 0.03 | $ | 1.64 | $ | 1.67 | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 14.95 | 12.58 | % | $ | 6,216 | 1.33 | % | 0.53 | % | 1.48 | % | 131.40 | % | |||||||||||||||||
Year Ended July 31, 2006 | 13.32 | 0.04 | — | 0.04 | (0.04 | ) | — | (0.04 | ) | 13.32 | 0.28 | 5,519 | 1.38 | 0.29 | 1.71 | 170.39 | |||||||||||||||||||||||||||||||
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 | (f) | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 12.51 | $ | (0.01 | ) | $ | 1.54 | $ | 1.53 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 14.03 | 12.20 | % | $ | 4,705 | 2.08 | % | (0.17 | )% | 2.08 | % | 131.40 | % | ||||||||||||||||
Year Ended July 31, 2006 | 12.57 | (0.07 | ) | 0.01 | (0.06 | ) | — | — | — | 12.51 | (0.48 | ) | 5,330 | 2.13 | (0.44 | ) | 2.19 | 170.39 | |||||||||||||||||||||||||||||
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 | (f) | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 12.50 | $ | (0.01 | ) | $ | 1.53 | $ | 1.52 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 14.01 | 12.13 | % | $ | 1,900 | 2.08 | % | (0.20 | )% | 2.08 | % | 131.40 | % | ||||||||||||||||
Year Ended July 31, 2006 | 12.56 | (0.06 | ) | — | (0.06 | ) | — | — | — | 12.50 | (0.48 | ) | 1,913 | 2.13 | (0.45 | ) | 2.19 | 170.39 | |||||||||||||||||||||||||||||
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 | (f) | ||||||||||||||||||||||||||||
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, 2007 (Unaudited) | $ | 13.42 | $ | 0.06 | $ | 1.65 | $ | 1.71 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 15.07 | 12.75 | % | $ | 156,897 | 1.08 | % | 0.80 | % | 1.08 | % | 131.40 | % | |||||||||||||||||
Year Ended July 31, 2006 | 13.42 | 0.07 | — | 0.07 | (0.07 | ) | — | (0.07 | ) | 13.42 | 0.52 | 152,521 | 1.13 | 0.54 | 1.19 | 170.39 | |||||||||||||||||||||||||||||||
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 | (f) | ||||||||||||||||||||||||||||||
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 |
* | 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 reduced. If such 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.
66
Table of Contents
PACIFIC CAPITAL FUNDS — VALUE FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and 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, 2007 (Unaudited) | $ | 10.69 | $ | 0.07 | $ | 1.29 | $ | 1.36 | $ | (0.07 | ) | $ | (1.29 | ) | $ | (1.36 | ) | $ | 10.69 | 13.08 | % | $ | 2,904 | 1.30 | % | 1.26 | % | 1.45 | % | 129.48 | % | |||||||||||||||||
Year Ended July 31, 2006 | 9.87 | 0.09 | 0.83 | 0.92 | (0.10 | ) | — | (0.10 | ) | 10.69 | 9.39 | 2,991 | 1.34 | 0.91 | 1.67 | 141.07 | ||||||||||||||||||||||||||||||||
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 | (f) | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 10.51 | $ | 0.02 | $ | 1.26 | $ | 1.28 | $ | (0.03 | ) | $ | (1.29 | ) | $ | (1.32 | ) | $ | 10.47 | 12.56 | % | $ | 1,382 | 2.05 | % | 0.53 | % | 2.05 | % | 129.48 | % | |||||||||||||||||
Year Ended July 31, 2006 | 9.70 | 0.02 | 0.81 | 0.83 | (0.02 | ) | — | (0.02 | ) | 10.51 | 8.57 | 1,433 | 2.09 | 0.17 | 2.15 | 141.07 | ||||||||||||||||||||||||||||||||
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 | (f) | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 10.54 | $ | 0.02 | $ | 1.26 | $ | 1.28 | $ | (0.03 | ) | $ | (1.29 | ) | $ | (1.32 | ) | $ | 10.50 | 12.52 | % | $ | 1,993 | 2.05 | % | 0.52 | % | 2.05 | % | 129.48 | % | |||||||||||||||||
Year Ended July 31, 2006 | 9.74 | 0.02 | 0.81 | 0.83 | (0.03 | ) | — | (0.03 | ) | 10.54 | 8.57 | 2,082 | 2.09 | 0.16 | 2.15 | 141.07 | ||||||||||||||||||||||||||||||||
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 | (f) | ||||||||||||||||||||||||||||||
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, 2007 (Unaudited) | $ | 10.71 | $ | 0.08 | $ | 1.29 | $ | 1.37 | $ | (0.08 | ) | $ | (1.29 | ) | $ | (1.37 | ) | $ | 10.71 | 13.17 | % | $ | 170,894 | 1.05 | % | 1.49 | % | 1.05 | % | 129.48 | % | |||||||||||||||||
Year Ended July 31, 2006 | 9.89 | 0.13 | 0.82 | 0.95 | (0.13 | ) | — | (0.13 | ) | 10.71 | 9.64 | 145,676 | 1.09 | 1.18 | 1.15 | 141.07 | ||||||||||||||||||||||||||||||||
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 | (f) | |||||||||||||||||||||||||||||||
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 |
* | 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 reduced. If such 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.
67
Table of Contents
PACIFIC CAPITAL FUNDS — HIGH GRADE CORE FIXED INCOME FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and 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, 2007 (Unaudited) | $ | 10.61 | $ | 0.24 | $ | 0.10 | $ | 0.34 | $ | (0.24 | ) | $ | — | $ | (0.24 | ) | $ | 10.71 | 3.25 | % | $ | 3,231 | 0.94 | % | 4.57 | % | 1.24 | % | 45.16 | % | |||||||||||||||||
Year Ended July 31, 2006 | 11.02 | 0.44 | (0.41 | ) | 0.03 | (0.44 | ) | — | (f) | (0.44 | ) | 10.61 | 0.29 | 3,689 | 0.96 | 4.06 | 1.45 | 85.53 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 10.59 | $ | 0.20 | $ | 0.09 | $ | 0.29 | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 10.68 | 2.77 | % | $ | 2,304 | 1.69 | % | 3.84 | % | 1.84 | % | 45.16 | % | |||||||||||||||||
Year Ended July 31, 2006 | 11.00 | 0.36 | (0.41 | ) | (0.05 | ) | (0.36 | ) | — | (f) | (0.36 | ) | 10.59 | (0.45 | ) | 2,944 | 1.71 | 3.32 | 1.92 | 85.53 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 10.59 | $ | 0.20 | $ | 0.09 | $ | 0.29 | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 10.68 | 2.77 | % | $ | 1,015 | 1.69 | % | 3.82 | % | 1.84 | % | 45.16 | % | |||||||||||||||||
Year Ended July 31, 2006 | 11.00 | 0.36 | (0.41 | ) | (0.05 | ) | (0.36 | ) | — | (f) | (0.36 | ) | 10.59 | (0.45 | ) | 1,322 | 1.71 | 3.34 | 1.92 | 85.53 | |||||||||||||||||||||||||||
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, 2007 (Unaudited) | $ | 10.67 | $ | 0.26 | $ | 0.10 | $ | 0.36 | $ | (0.26 | ) | $ | — | $ | (0.26 | ) | $ | 10.77 | 3.36 | % | $ | 305,664 | 0.69 | % | 4.79 | % | 0.84 | % | 45.16 | % | |||||||||||||||||
Year Ended July 31, 2006 | 11.09 | 0.47 | (0.42 | ) | 0.05 | (0.47 | ) | — | (f) | (0.47 | ) | 10.67 | 0.45 | 287,360 | 0.71 | 4.30 | 0.92 | 85.53 | |||||||||||||||||||||||||||||
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 |
* | 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 reduced. If such 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.
68
Table of Contents
PACIFIC CAPITAL FUNDS — TAX-FREE SECURITIES FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and 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, 2007 (Unaudited) | $ | 10.11 | $ | 0.20 | $ | 0.05 | $ | 0.25 | $ | (0.20 | ) | $ | (0.01 | ) | $ | (0.21 | ) | $ | 10.15 | 2.48 | % | $ | 6,020 | 0.94 | % | 3.90 | % | 1.24 | % | 6.49 | % | |||||||||||||||
Year Ended July 31, 2006 | 10.52 | 0.40 | (0.28 | ) | 0.12 | (0.40 | ) | (0.13 | ) | (0.53 | ) | 10.11 | 1.19 | 6,209 | 0.98 | 3.87 | 1.48 | 59.63 | (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 | |||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 10.11 | $ | 0.16 | $ | 0.05 | $ | 0.21 | $ | (0.16 | ) | $ | (0.01 | ) | $ | (0.17 | ) | $ | 10.15 | 2.09 | % | $ | 1,361 | 1.69 | % | 3.14 | % | 1.84 | % | 6.49 | % | |||||||||||||||
Year Ended July 31, 2006 | 10.52 | 0.32 | (0.28 | ) | 0.04 | (0.32 | ) | (0.13 | ) | (0.45 | ) | 10.11 | 0.44 | 2,375 | 1.73 | 3.11 | 1.94 | 59.63 | (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 | |||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 10.11 | $ | 0.16 | $ | 0.05 | $ | 0.21 | $ | (0.16 | ) | $ | (0.01 | ) | $ | (0.17 | ) | $ | 10.15 | 2.09 | % | $ | 11 | 1.69 | % | 3.15 | % | 1.84 | % | 6.49 | % | |||||||||||||||
Year Ended July 31, 2006 | 10.53 | 0.32 | (0.29 | ) | 0.03 | (0.32 | ) | (0.13 | ) | (0.45 | ) | 10.11 | 0.35 | 10 | 1.73 | 3.11 | 1.94 | 59.63 | (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, 2007 (Unaudited) | $ | 10.15 | $ | 0.21 | $ | 0.05 | $ | 0.26 | $ | (0.21 | ) | $ | (0.01 | ) | $ | (0.22 | ) | $ | 10.19 | 2.59 | % | $ | 287,132 | 0.69 | % | 4.13 | % | 0.84 | % | 6.49 | % | |||||||||||||||
Year Ended July 31, 2006 | 10.57 | 0.42 | (0.29 | ) | 0.13 | (0.42 | ) | (0.13 | ) | (0.55 | ) | 10.15 | 1.34 | 287,126 | 0.73 | 4.09 | 0.94 | 59.63 | (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 |
* | 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 reduced. If such 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. The 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.
69
Table of Contents
PACIFIC CAPITAL FUNDS — HIGH GRADE SHORT INTERMEDIATE FIXED INCOME FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and 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, 2007 (Unaudited) | $ | 9.53 | $ | 0.21 | $ | 0.05 | $ | 0.26 | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | 9.58 | 2.74 | % | $ | 1,026 | 0.78 | % | 4.33 | % | 1.23 | % | 44.68 | % | ||||||||||||||||
Year Ended July 31, 2006 | 9.66 | 0.34 | (0.13 | ) | 0.21 | (0.34 | ) | — | (0.34 | ) | 9.53 | 2.21 | 1,261 | 0.78 | 3.49 | 1.43 | 74.37 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 9.52 | $ | 0.17 | $ | 0.05 | $ | 0.22 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | $ | 9.57 | 2.35 | % | $ | 530 | 1.53 | % | 3.58 | % | 1.83 | % | 44.68 | % | ||||||||||||||||
Year Ended July 31, 2006 | 9.65 | 0.27 | (0.13 | ) | 0.14 | (0.27 | ) | — | (0.27 | ) | 9.52 | 1.45 | 675 | 1.53 | 2.80 | 1.89 | 74.37 | |||||||||||||||||||||||||||||
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, 2007 (Unaudited) | $ | 9.55 | $ | 0.22 | $ | 0.05 | $ | 0.27 | $ | (0.22 | ) | $ | — | $ | (0.22 | ) | $ | 9.60 | 2.86 | % | $ | 60,825 | 0.53 | % | 4.57 | % | 0.83 | % | 44.68 | % | ||||||||||||||||
Year Ended July 31, 2006 | 9.68 | 0.36 | (0.13 | ) | 0.23 | (0.36 | ) | — | (0.36 | ) | 9.55 | 2.46 | 60,257 | 0.53 | 3.74 | 0.89 | 74.37 | |||||||||||||||||||||||||||||
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 |
* | 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 reduced. If such 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.
70
Table of Contents
PACIFIC CAPITAL FUNDS — TAX-FREE SHORT INTERMEDIATE SECURITIES FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and 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, 2007 (Unaudited) | $ | 10.05 | $ | 0.16 | $ | — | $ | 0.16 | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | 10.05 | 1.56 | % | $ | 2,471 | 0.99 | % | 3.07 | % | 1.24 | % | 40.62 | % | ||||||||||||||||
Year Ended July 31, 2006 | 10.21 | 0.28 | (0.16 | ) | 0.12 | (0.28 | ) | — | (0.28 | ) | 10.05 | 1.22 | 2,792 | 1.00 | 2.78 | 1.44 | 112.73 | (f) | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 10.06 | $ | 0.12 | $ | (0.01 | ) | $ | 0.11 | $ | (0.12 | ) | $ | — | $ | (0.12 | ) | $ | 10.05 | 1.07 | % | $ | 10 | 1.74 | % | 2.32 | % | 1.84 | % | 40.62 | % | |||||||||||||||
Year Ended July 31, 2006 | 10.21 | 0.20 | (0.15 | ) | 0.05 | (0.20 | ) | — | (0.20 | ) | 10.06 | 0.55 | 10 | 1.75 | 2.03 | 1.91 | 112.73 | (f) | ||||||||||||||||||||||||||||
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, 2007 (Unaudited) | $ | 10.11 | $ | 0.17 | $ | (0.01 | ) | $ | 0.16 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | $ | 10.10 | 1.58 | % | $ | 57,566 | 0.74 | % | 3.30 | % | 0.84 | % | 40.62 | % | |||||||||||||||
Year Ended July 31, 2006 | 10.27 | 0.31 | (0.16 | ) | 0.15 | (0.31 | ) | — | (0.31 | ) | 10.11 | 1.47 | 62,816 | 0.75 | 3.03 | 0.91 | 112.73 | (f) | ||||||||||||||||||||||||||||
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 |
* | 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 reduced. If such 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 primarily attributable to tactical portfolio adjustments made in response to rising short and intermediate interest rates and Hawaii municipal bond availability. The basic characteristics of the Fund in terms of style and diversification have not changed. |
See notes to financial statements.
71
Table of Contents
PACIFIC CAPITAL FUNDS — U.S. GOVERNMENT SHORT FIXED INCOME FUND
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Dividends and 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, 2007 (Unaudited) | $ | 10.04 | $ | 0.23 | $ | 0.02 | $ | 0.25 | $ | (0.23 | ) | $ | — | $ | (0.23 | ) | $ | 10.06 | 2.50 | % | $ | 2,342 | 0.63 | % | 4.51 | % | 1.11 | % | 44.57 | % | |||||||||||||||||
Year Ended July 31, 2006 | 10.04 | 0.32 | — | 0.32 | (0.32 | ) | — | (0.32 | ) | 10.04 | 3.27 | 2,355 | 0.63 | 3.03 | 1.36 | 88.38 | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 10.04 | $ | 0.19 | $ | 0.02 | $ | 0.21 | $ | (0.19 | ) | $ | — | $ | (0.19 | ) | $ | 10.06 | 2.11 | % | $ | 1,079 | 1.38 | % | 3.75 | % | 1.71 | % | 44.57 | % | |||||||||||||||||
Year Ended July 31, 2006 | 10.04 | 0.25 | — | 0.25 | (0.25 | ) | — | (0.25 | ) | 10.04 | 2.50 | 1,238 | 1.38 | 2.44 | 1.77 | 88.38 | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2007 (Unaudited) | $ | 10.04 | $ | 0.19 | $ | 0.02 | $ | 0.21 | $ | (0.19 | ) | $ | — | $ | (0.19 | ) | $ | 10.06 | 2.11 | % | $ | 1,433 | 1.38 | % | 3.76 | % | 1.71 | % | 44.57 | % | |||||||||||||||||
Year Ended July 31, 2006 | 10.04 | 0.25 | — | 0.25 | (0.25 | ) | — | (0.25 | ) | 10.04 | 2.50 | 1,514 | 1.38 | 2.45 | 1.77 | 88.38 | |||||||||||||||||||||||||||||||
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, 2007 (Unaudited) | $ | 10.04 | $ | 0.24 | $ | 0.02 | $ | 0.26 | $ | (0.24 | ) | $ | — | $ | (0.24 | ) | $ | 10.06 | 2.63 | % | $ | 83,842 | 0.38 | % | 4.75 | % | 0.71 | % | 44.57 | % | |||||||||||||||||
Year Ended July 31, 2006 | 10.05 | 0.35 | (0.01 | ) | 0.34 | (0.35 | ) | — | (0.35 | ) | 10.04 | 3.42 | 96,102 | 0.38 | 3.43 | 0.77 | 88.38 | ||||||||||||||||||||||||||||||
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 |
* | 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 reduced. If such 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.
72
Table of Contents
PACIFIC CAPITAL FUNDS
Trustees and Officers
January 31, 2007
(Unaudited)
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 (the “1940 Act”).
Name, Address and Age | Position(s) | Term of | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen | Other Directorships Held by Trustee | |||||
Peter S. Ho* 130 Merchant Street, 22nd Floor Honolulu, Hawaii 96813 Age: 41 | 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 Board of: Rehabilitation Hospital Foundation, Hawaii Chapter of the American Red Cross, the Hawaii Foodbank, Hawaii Dental Service, Special Olympics of Hawaii, Oceanic Institute, Hawaii Pacific University, Hanahau’oli School, Frederic Duclos Barstow Foundation, Historic Hawaii Foundation, Hawaii Community Foundation, McInerny Foundation, Nature Conservancy of Hawaii. |
* | Mr. Ho is an “interested person” of the Trust, as identified by the 1940 Act, because of his employment with the Bank of Hawaii. |
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.
Name, Address and Age | Position(s) | Term of | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen | Other Directorships Held by Trustee | |||||
Stanley W. Hong 4976 Poola Street Honolulu, Hawaii 96821 Age: 70 | Trustee | Indefinite; Since 10/92 | Trustee of The King Williams Charles Lunalilo Trust Estate (since 2001); President of Waste Management of Hawaii, Inc. (2001-2005); Corporate Vice President, Hawaii Area Waste Management (2001-2005); Trustee, President and Chief Executive Officer, The Chamber of Commerce of Hawaii (1996-2001). | 12 | Trustee of Cash Assets Trust and Hawaiian Tax-Free Trust (registered investment companies) (since 1993); Member of the Board of: First Insurance Co. of Hawaii, Ltd., Lanihau Properties, LLC, WESTYE Group – West (Hawaii), Inc.; Member of the Board of the following non-profit organizations: Chaminade University of Honolulu, Nature Conservancy of Hawaii, PBS Hawaii Foundation, Heald College, East West Center Foundation. | |||||
Richard L. Humphreys 970 N Kalaheo Avenue, Suite C110 Kailua, Hawaii 96734 Age: 63 | Trustee | Indefinite; Since 3/05 | President of Hawaii Receivables Management LLC (since 2001); President of Lynk Payment Systems Hawaii LLC (since 2002). | 12 | Member of the Board of: Pantheon Corporation, The Castle Group, Inc., and other charitable and civic organizations. |
73
Table of Contents
PACIFIC CAPITAL FUNDS
Trustees and Officers, Continued
January 31, 2007
(Unaudited)
Name, Address and Age | Position(s) | Term of | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen | Other Directorships Held by Trustee | |||||
Russell K. Okata 888 Mililani Street, Suite 601 Honolulu, Hawaii 96813 Age: 63 | 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); Chairman of the Royal State Group (since 1988); Member of the Board of: Blood Bank of Hawaii, Public Schools of Hawaii Foundation, and other community organizations. | |||||
Douglas Philpotts 55 Dowsett Avenue Honolulu, Hawaii 96817 Age: 75 | 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 711 Kapiolani Boulevard, Suite 1250 Honolulu, Hawaii 96813 Age: 75 | 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 Corp.; Director of ACE Trucking, Inc.; Member of Advisory Board of Hawaiian Telecom Communications, Inc.; 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.
74
Table of Contents
PACIFIC CAPITAL FUNDS
Trustees and Officers, Continued
January 31, 2007
(Unaudited)
Officers. The table below sets forth certain information about each of the Trust’s officers.
Name, Address and Age | Position(s) Held | Term of Office | Principal Occupation(s) | |||
Robert I. Crowell 130 Merchant Street Suite 240 Honolulu, Hawaii 96813 Age: 59 | President | Indefinite; Since 7/06 | Executive Vice President, Bank of Hawaii (since 2002); Senior Vice President, Bank of Hawaii (1993-2002). | |||
Jennifer Lam 130 Merchant Street Suite 240 Honolulu, Hawaii 96813 Age: 30 | Senior Vice President | Indefinite; Since 9/05 | 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). | |||
George Stevens 3435 Stelzer Road Columbus, Ohio 43219 Age: 56 | Chief Compliance Officer | Indefinite; Since 2/06 | Vice President, CCO Services of BISYS Fund Services (since 1996). | |||
Christopher E. Sabato 3435 Stelzer Road Columbus, Ohio 43219 Age: 38 | Treasurer | Indefinite; Since 9/05 | Vice President, Fund Administration of BISYS Fund Services (since 1993). | |||
Kinga Kapuscinski 100 Summer Street, Suite 1500 Boston, Massachusetts 02110 Age: 34 | Secretary | Indefinite; Since 9/06 | Counsel, BISYS Fund Services, Inc. (since 2004); Associate, Goodwin Procter LLP (2001-2004); Federal Law Clerk, U.S. District Court for the District of Massachusetts (1999-2001). |
* | Each officer may have served in various other capacities for the same organization during the length of time served. |
75
Table of Contents
PACIFIC CAPITAL FUNDS
Board Determinations
January 31, 2007
(Unaudited)
Investment Advisory and Sub-Advisory Agreements Approvals
During the period from August 2006 through January 2007, the Board of Trustees took a variety of actions in connection with the Trust’s Advisory Agreement with the Adviser and the Sub-Advisory Agreements among the Trust, the Adviser and the Funds’ Sub-Advisers (each a “Sub-Advisory Agreement”). In September 2006 the Board approved renewal of the Advisory Agreement and the Sub-Advisory Agreements with Hansberger Global Investors, Inc. (“Hansberger”) and Nicholas-Applegate Capital Management (“NACM”), each for an additional one-year term. In December 2006 the Board approved new Sub-Advisory Agreements with Hansberger and Chicago Equity Partners (“CEP”) for new two-year terms when each of those Sub-Advisers informed the Board that it had entered into a business transaction that would result in a change of its control. Under the Investment Company Act of 1940, as amended (the “1940 Act”), such a change in control would automatically terminate its Sub-Advisory Agreement. The renewals and new agreements 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’ recommendations and the Board’s subsequent approvals 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 Adviser and the Sub-Advisers. In determining whether to renew the Advisory Agreement and existing Sub-Advisory Agreements and to approve new Sub-Advisory Agreements, the Independent Trustees also evaluated information provided by the Adviser and the Sub-Advisers in accordance with section 15(c) of the 1940 Act. The Board considered among other things various data and information regarding (i) the nature, extent and quality of services to be provided to the Funds and their shareholders by the Adviser and the respective Sub-Advisers; (ii) the investment performance of the Funds; (iii) the costs of services to be provided and profits to be realized by the Adviser and Sub-Advisers and their affiliates from their relationships with the relevant Funds; (iv) the extent to which economies of scale would be realized by the Adviser and Sub-Advisers as the Funds’ assets grow; and (v) whether fee levels reflect any such economies of scale for the benefit of the Funds’ shareholders.
The Independent Trustees received assistance and advice regarding legal and industry standards from their independent counsel. They discussed the renewals and approvals with management representatives and in private sessions with independent legal counsel at which no representatives of management were present. In deciding to recommend renewal of the Advisory Agreement, renewals of existing Sub-Advisory Agreements, and approvals of new Sub-Advisory Agreements, the Independent Trustees and the Board 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 Independent Trustees and the Board.
Based on their reviews, including consideration of each of the factors referred to above, the Board (including all of the Independent Trustees) determined in each case, in the exercise of their business judgment, that the relevant advisory and sub-advisory fees of the Funds were fair, and that renewing the existing Advisory Agreement and Sub-Advisory Agreements and entering into new Sub-Advisory Agreements was in the best interest of the Funds’ shareholders.
Asset Management Group of Bank of Hawaii
The Adviser provides investment management services to most of the Funds and oversight and monitoring services to the four Funds managed by the Sub-Advisers. In September 2006 the Board approved renewal of the Trust’s Advisory Agreement with the Adviser for an additional one-year term through September 2007.
In considering renewal of the Advisory Agreement, the Board examined among other things the ability of the Adviser and the investment professionals it employs 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
Continued
76
Table of Contents
PACIFIC CAPITAL FUNDS
Board Determinations, Continued
January 31, 2007
(Unaudited)
integrity of the Adviser’s senior management and staff; the quality of the Adviser’s services with respect to regulatory compliance and compliance with the investment policies of the Funds; and the Adviser’s business reputation, financial condition and operational stability. In that connection, the Board considered not only the Adviser’s ability to manage the investments of the Funds for which it has direct portfolio management responsibility, but also its ability to monitor and evaluate the investment management activities of various Sub-Advisers of the Funds for which they have portfolio management authority.
In evaluating the quality of the services provided by the Adviser to the Funds, the Board reviewed the investment performance of each Fund over the one-year, three-year, five-year, and ten-year periods (or since inception periods, as applicable) ended July 31, 2006 (the “Performance Periods”), and compared this information with the total returns of the Fund’s applicable benchmark index and a peer group of comparable funds selected by Lipper Inc. In evaluating the performance of the fixed income Funds (all of which are managed directly by the Adviser), the Board noted that, in many cases, the fixed income Funds had performed above or near the top 50% of their respective peer groups for the Performance Periods, although the performance returns of the fixed income Funds relative to their respective benchmarks were less favorable for some of those periods. The Board observed that the fixed income Funds generally held higher quality debt instruments than the other funds in their respective peer groups.
In evaluating the performance of the equity Funds managed directly by Adviser (the Growth Stock, Growth and Income and Value Funds), the Board noted that for most of the Performance Periods those Funds underperformed their respective benchmarks and (except for the Value Fund during the one- and three-year periods) were below the 50th percentile of their respective Lipper peer groups. The Board considered, however, that the Adviser had instituted positive changes to address the performance of the Growth Stock Fund and the Growth and Income Fund, including adjusting the risk exposures of these Funds to align them closer to their respective benchmarks. In evaluating the performance of the New Asia Growth Fund, managed by First State Investments International Limited (“First State”) as sub-adviser (subject to the Adviser’s monitoring and oversight), the Board noted that the Fund performed at or near its benchmark for the one-year and three-year periods and in the top 35% of its Lipper peer group for the ten-year period. The Board further noted although the New Asia Growth Fund’s returns during the one-year, three-year, and five-year periods were below the 50th percentile of its Lipper peer group, the Fund had double-digit returns for each of those periods; that in accordance with the expectations of the Fund’s shareholders First State applies a more conservative investment style which focuses on fundamentals; and that although such a style tended to focus on companies that were not favored by the market during the past few years, the market had recently begun rewarding companies with strong fundamentals and the Fund had performed in the top decile of its peer group during the three months ended July 31, 2006. The Board’s evaluations of the performance of the equity Funds managed by Hansberger, NACM and CEP are described below.
The Board also reviewed the advisory fees paid to the Adviser, 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, 2006, and compared those amounts to the fees and expenses of the Fund’s respective peer groups for that period. The Board noted that the total advisory and sub-advisory fees for most of the Funds were relatively close to or less than the median fees for their respective peer groups (except for the New Asia Growth, Small Cap, Growth and Income and Value Funds), and that the total fees and expenses for the Funds were generally within 20 basis points of the median fees and expenses paid by the comparable funds (with the same exceptions). In considering these fees in light of the Funds’ investment performance, the Board concluded among other things that its recently constituted Investment Oversight Committee, comprised of Independent Trustees, would continue to closely monitor the performance of the equity Funds during the ensuing year.
In addition, the Board reviewed information regarding the advisory fees paid by other institutional clients of the Adviser, its estimated costs of providing services to the Funds, and its estimated profits as a result of its advisory services to the Funds. They considered information regarding the manner in which the Adviser’s portfolio management personnel are
Continued
77
Table of Contents
PACIFIC CAPITAL FUNDS
Board Determinations, Continued
January 31, 2007
(Unaudited)
compensated. The Board noted that although the Adviser’s fee schedules do not have breakpoints and thus would not reflect economies of scale, if any, all Funds (except the New Asia Growth, Growth Stock, Growth and Income and Value Funds) were subject to voluntary fee waivers by the Adviser, and the Funds managed directly by the Adviser had not experienced substantial growth over the past two years. The Board noted that the Adviser and its affiliates also received other benefits from managing the Funds, including fees to Bank of Hawaii for administration services provided to the Funds, the benefits of research provided by broker-dealers in exchange for portfolio transactions executed on behalf of the Funds, and the benefit to Bank of Hawaii of the ability to offer shares of the Funds as investments for the portfolios of customers of its Trust Department.
Nicholas-Applegate Capital Management
NACM is the Sub-Adviser for a portion of the Small Cap Fund. In September 2006 the Board approved renewal of the Sub-Advisory Agreement among the Trust, the Adviser and NACM for an additional one-year term through September 2007.
In reviewing the nature, extent and quality of the services to be provided by NACM, the Board considered, among other things, the quality and depth of the investment professionals currently providing services to the Small Cap Fund; the investment philosophy and decision-making processes of those professionals; the capability and integrity of NACM’s senior management and staff; the quality of NACM’s services with respect to regulatory compliance and compliance with the investment policies of the Fund; and the business reputation, financial condition and operational stability of NACM. The Board noted that despite changes in NACM’s investment personnel in early 2006, including the departure of the head of the team managing the “systematic small cap” portion of the Fund’s portfolio, NACM had fully reconstituted its investment team within an acceptable time-frame without adverse impacts on its performance.
In evaluating the performance of the Small Cap Fund, the Board noted that the Fund had significantly outperformed its benchmark and Lipper peer group for the one-year, three-year and five-year periods ended July 31, 2006 and the period from its inception to July 31, 2006. The Board considered that the Small Cap Fund was receiving comparatively favorable sub-advisory fees compared to the advisory fees paid by NACM’s other institutional clients. They further considered NACM’s estimated costs of providing services to the Fund, and its estimated profits as a result of its sub-advisory services to the Fund. The Board also noted that NACM’s fee schedule includes breakpoints and, as a result, fees paid by the Fund would appropriately reflect economies of scale, if any, attained by NACM as Fund assets under management increase. The Board further 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 the brokers executing transactions on behalf of its clients and the ability to refer to its sub-advisory relationship with the Fund.
Hansberger Global Investors, Inc.
Hansberger is the Sub-Adviser for the International Stock Fund. In September 2006 the Board approved renewal of the Sub-Advisory Agreement among the Trust, the Adviser and Hansberger for an additional one-year term through September 2007. The Board was subsequently notified that IXIS Asset Management US Group, L.P. (“IAMG”) was expected to acquire a controlling interest in Hansberger’s parent, Hansberger Group, Inc. (the “Hansberger Transaction”), and that the Hansberger Transaction would result in a “change in control” of Hansberger and, as a result, terminate the current Sub-Advisory Agreement under the 1940 Act. In December 2006 the Board, after reconsidering the information reviewed three months earlier and updated information from Hansberger, approved a new Sub-Advisory Agreement among the same parties commencing in March 2007 for a two-year term through March 2009, subject to approval of the shareholders of the International Stock Fund as required by the 1940 Act.
Continued
78
Table of Contents
PACIFIC CAPITAL FUNDS
Board Determinations, Continued
January 31, 2007
(Unaudited)
In reviewing the nature, extent and quality of the services to be provided by Hansberger, the Board considered, among other things, the quality and depth of the investment professionals currently providing services to the International Stock Fund; the investment philosophy and decision-making processes of those professionals; the capability and integrity of Hansberger’s senior management and staff; the quality of Hansberger’s services with respect to regulatory compliance and compliance with the investment policies of the International Stock Fund; and the business reputation, financial condition and operational stability of Hansberger.
In considering the impacts of the Hansberger Transaction, the Board noted that IAMG is a multi-manager holding company of a number of investment management firms that provides considerable autonomy to the management of those firms; that no changes were planned to Hansberger’s portfolio management team or investment approach upon completion of the Hansberger Transaction; and that the rate of compensation under the new Sub-Advisory Agreement would be the same as the rate under the prior Sub-Advisory Agreement. The Board concluded that the Hansberger Transaction would not adversely impact the International Stock Fund.
In evaluating the performance of the International Stock Fund, the Board considered that Hansberger has been Sub-Adviser to the Fund for only two years, and the Fund’s long-term performance could not be attributed to Hansberger. The Board noted that the Fund had underperformed its benchmark index and Lipper peer group since Hansberger began providing sub-advisory services to the Fund in June 2004, but noted that the Fund had double-digit returns for the one-year period. The Board also took into account Hansberger’s management style of holding portfolio investments for longer periods than average with a capital appreciation/preservation focus and that the Fund’s performance should be considered in light of the desire of the Fund’s shareholders for a relatively conservative investing style. The Board also considered Hansberger’s solid long-term track record, noting that its management style has outperformed peers on an average basis over time, and that this style was rewarded in recent quarters as the Fund’s performance improved.
The Board reviewed information regarding the advisory fees paid by other institutional clients of Hansberger and noted that the fee was reasonable as it was within the range of fees paid by Hansberger’s other institutional clients and within 0.15% of the fee paid by another mutual fund for which Hansberger acts as sub-adviser, and as the total advisory and sub-advisory fees paid by the Fund were within 0.10% of the median fees paid by the other funds in its peer group selected by Lipper Inc. They further considered Hansberger’s estimated costs of providing services to the Fund, and its estimated profits as a result of its sub-advisory services to the Fund. The Board also noted that Hansberger’s fee schedule includes breakpoints and, as a result, fees paid by the Fund would appropriately reflect economies of scale, if any, attained by Hansberger as Fund assets under management increase. The Board further 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 the brokers executing transactions on behalf of its clients and the ability to refer to its sub-advisory relationship with the Fund.
Chicago Equity Partners, LLC
CEP is the Sub-Adviser for the Mid-Cap Fund. The Board initially approved a Sub-Advisory Agreement among the Trust, the Adviser and CEP in June 2006 for a two-year term through October 2008, subject to approval of the Fund’s shareholders (which was obtained in September 2006), upon the impending dissolution of the Mid-Cap Fund’s previous sub-adviser Bankoh Investment Partners, LLC (a joint venture between CEP and Bank of Hawaii). The Board was subsequently notified that Affiliated Managers Group, Inc. (“Affiliated”) was expected to acquire a majority equity interest in CEP (the “CEP Transaction”), and that the CEP Transaction would result in a “change in control” of CEP and, as a result, terminate the current Sub-Advisory Agreement under the 1940 Act. In December 2006 the Board, after reconsidering the information reviewed six months earlier and updated information from CEP, and considering the recent
Continued
79
Table of Contents
PACIFIC CAPITAL FUNDS
Board Determinations, Concluded
January 31, 2007
(Unaudited)
approval of the current Sub-Advisory Agreement by the shareholders of the Fund, approved a new Sub-Advisory Agreement among the same parties commencing in December 2006 for a two-year term through December 2008, subject to approval of the shareholders of the Mid-Cap Fund as required by the 1940 Act.
In reviewing the nature, extent and quality of the services to be provided by CEP, the Board considered, among other things, the quality and depth of the investment professionals having principal investment responsibility for the Mid-Cap Fund’s investments; the long-term track record and the investment philosophy and decision-making processes of those professionals; the capability and integrity of CEP’s senior management and staff; the quality of CEP’s services with respect to regulatory compliance and compliance with the investment policies of the Mid-Cap Fund; and the business reputation, financial condition and operational stability of CEP.
In considering the impacts of the CEP Transaction, the Board noted that no changes were planned to CEP’s portfolio management team or investment approach upon completion of the CEP Transaction; that the rate of compensation under the new Sub-Advisory Agreement would be the same as the rate under the prior Sub-Advisory Agreement; that the CEP Transaction would provide a stable and permanent source of capital for CEP while allowing CEP to maintain full investment discretion and day-to-day operational autonomy regarding most aspects of its current business; and that, as a result of the CEP Transaction, CEP’s partners had made long-term employment commitments to CEP and Affiliated. The Board concluded that the CEP Transaction would not adversely impact the Mid-Cap Fund.
In evaluating the performance of the Mid-Cap Fund, the Board noted that although performance of the Fund had lagged its benchmark in recent periods, the Fund had outperformed its benchmark and Lipper peer group since the Fund’s inception, as well as CEP’s discipline and consistency over time in applying its investment style in managing the Mid-Cap Fund’s portfolio.
The Board reviewed information regarding the advisory fees paid by other institutional clients of CEP and noted that the Mid-Cap Fund was receiving a comparatively favorable sub-advisory fee, as its fee represented a significant discount from CEP’s published fee schedule. The Board also noted that CEP’s fee was below CEP’s lowest breakpoint for other institutional clients and thus reflected the economies of scale of its overall investment management business, if any. They further considered CEP’s estimated costs of providing services to the Fund, and its estimated profits as a result of its sub-advisory services to the Fund. The Board further noted that CEP does not receive significant ancillary benefits as a result of its relationship with the Fund, other than the benefit of bundled research of the type normally provided by executing brokers executing transactions on behalf of its clients and the ability to refer to its sub-advisory relationship with the Fund.
80
Table of Contents
PACIFIC CAPITAL FUNDS
Additional Information
January 31, 2007
(Unaudited)
Expense Examples
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; and (2) ongoing costs, including management fees, 12b-1 distribution and/or service fees and other Fund expenses. These examples are 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.
These Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from August 1, 2006 through January 31, 2007.
Actual Expenses
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 8/1/06 | Ending Account Value 1/31/07 | Expense Paid During Period* 8/1/06 - 1/31/07 | Expense Ratio During Period** 8/1/06 - 1/31/07 | |||||||||||
New Asia Growth Fund | Class A | $ | 1,000.00 | $ | 1,217.30 | $ | 9.11 | 1.63 | % | |||||
Class B | 1,000.00 | 1,212.90 | 13.27 | 2.38 | ||||||||||
Class C | 1,000.00 | 1,213.10 | 13.28 | 2.38 | ||||||||||
Class Y | 1,000.00 | 1,219.10 | 7.72 | 1.38 | ||||||||||
International Stock Fund | Class A | 1,000.00 | 1,146.20 | 7.41 | 1.37 | |||||||||
Class B | 1,000.00 | 1,141.90 | 11.45 | 2.12 | ||||||||||
Class C | 1,000.00 | 1,140.00 | 11.44 | 2.12 | ||||||||||
Class Y | 1,000.00 | 1,146.20 | 6.06 | 1.12 | ||||||||||
Small Cap Fund | Class A | 1,000.00 | 1,147.40 | 8.44 | 1.56 | |||||||||
Class B | 1,000.00 | 1,143.40 | 12.48 | 2.31 | ||||||||||
Class C | 1,000.00 | 1,143.30 | 12.48 | 2.31 | ||||||||||
Class Y | 1,000.00 | 1,148.70 | 7.09 | 1.31 | ||||||||||
Mid-Cap Fund | Class A | 1,000.00 | 1,131.60 | 5.64 | 1.05 | |||||||||
Class C | 1,000.00 | 1,127.10 | 9.65 | 1.80 | ||||||||||
Class Y | 1,000.00 | 1,133.40 | 4.30 | 0.80 | ||||||||||
Growth Stock Fund | Class A | 1,000.00 | 1,137.20 | 7.38 | 1.37 | |||||||||
Class B | 1,000.00 | 1,133.30 | 11.40 | 2.12 | ||||||||||
Class C | 1,000.00 | 1,133.20 | 11.40 | 2.12 | ||||||||||
Class Y | 1,000.00 | 1,139.00 | 6.04 | 1.12 | ||||||||||
Growth and Income Fund | Class A | 1,000.00 | 1,125.80 | 7.13 | 1.33 | |||||||||
Class B | 1,000.00 | 1,122.00 | 11.13 | 2.08 | ||||||||||
Class C | 1,000.00 | 1,121.30 | 11.12 | 2.08 | ||||||||||
Class Y | 1,000.00 | 1,127.50 | 5.79 | 1.08 |
Continued
81
Table of Contents
PACIFIC CAPITAL FUNDS
Additional Information, Continued
January 31, 2007
(Unaudited)
Beginning Account Value 8/1/06 | Ending Account Value 1/31/07 | Expense Paid During Period* 8/1/06 - 1/31/07 | Expense Ratio During Period** 8/1/06 - 1/31/07 | |||||||||||
Value Fund | Class A | $ | 1,000.00 | $ | 1,130.80 | $ | 6.98 | 1.30 | % | |||||
Class B | 1,000.00 | 1,125.60 | 10.98 | 2.05 | ||||||||||
Class C | 1,000.00 | 1,125.20 | 10.98 | 2.05 | ||||||||||
Class Y | 1,000.00 | 1,131.70 | 5.64 | 1.05 | ||||||||||
High Grade Core Fixed Income Fund | Class A | 1,000.00 | 1,032.50 | 4.82 | 0.94 | |||||||||
Class B | 1,000.00 | 1,027.70 | 8.64 | 1.69 | ||||||||||
Class C | 1,000.00 | 1,027.70 | 8.64 | 1.69 | ||||||||||
Class Y | 1,000.00 | 1,033.60 | 3.54 | 0.69 | ||||||||||
Tax-Free Securities Fund | Class A | 1,000.00 | 1,024.80 | 4.80 | 0.94 | |||||||||
Class B | 1,000.00 | 1,020.90 | 8.61 | 1.69 | ||||||||||
Class C | 1,000.00 | 1,020.90 | 8.61 | 1.69 | ||||||||||
Class Y | 1,000.00 | 1,025.90 | 3.52 | 0.69 | ||||||||||
High Grade Short Intermediate Fixed | Class A | 1,000.00 | 1,027.40 | 3.99 | 0.78 | |||||||||
Class C | 1,000.00 | 1,023.50 | 7.80 | 1.53 | ||||||||||
Class Y | 1,000.00 | 1,028.60 | 2.71 | 0.53 | ||||||||||
Tax-Free Short Intermediate Securities Fund | Class A | 1,000.00 | 1,015.60 | 5.03 | 0.99 | |||||||||
Class C | 1,000.00 | 1,010.70 | 8.82 | 1.74 | ||||||||||
Class Y | 1,000.00 | 1,015.80 | 3.76 | 0.74 | ||||||||||
U.S. Government Short Fixed Income Fund | Class A | 1,000.00 | 1,025.00 | 3.22 | 0.63 | |||||||||
Class B | 1,000.00 | 1,021.10 | 7.03 | 1.38 | ||||||||||
Class C | 1,000.00 | 1,021.10 | 7.03 | 1.38 | ||||||||||
Class Y | 1,000.00 | 1,026.30 | 1.94 | 0.38 |
* | 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. |
Continued
82
Table of Contents
PACIFIC CAPITAL FUNDS
Additional Information, Continued
January 31, 2007
(Unaudited)
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 8/1/06 | Ending Account Value 1/31/07 | Expense Paid During Period* 8/1/06 - 1/31/07 | Expense Ratio During Period** 8/1/06 - 1/31/07 | |||||||||||
New Asia Growth Fund | Class A | $ | 1,000.00 | $ | 1,016.99 | $ | 8.29 | 1.63 | % | |||||
Class B | 1,000.00 | 1,013.21 | 12.08 | 2.38 | ||||||||||
Class C | 1,000.00 | 1,013.21 | 12.08 | 2.38 | ||||||||||
Class Y | 1,000.00 | 1,018.25 | 7.02 | 1.38 | ||||||||||
International Stock Fund | Class A | 1,000.00 | 1,018.30 | 6.97 | 1.37 | |||||||||
Class B | 1,000.00 | 1,014.52 | 10.76 | 2.12 | ||||||||||
Class C | 1,000.00 | 1,014.52 | 10.76 | 2.12 | ||||||||||
Class Y | 1,000.00 | 1,019.56 | 5.70 | 1.12 | ||||||||||
Small Cap Fund | Class A | 1,000.00 | 1,017.34 | 7.93 | 1.56 | |||||||||
Class B | 1,000.00 | 1,013.56 | 11.72 | 2.31 | ||||||||||
Class C | 1,000.00 | 1,013.56 | 11.72 | 2.31 | ||||||||||
Class Y | 1,000.00 | 1,018.60 | 6.67 | 1.31 | ||||||||||
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 | 1,018.30 | 6.97 | 1.37 | |||||||||
Class B | 1,000.00 | 1,014.52 | 10.76 | 2.12 | ||||||||||
Class C | 1,000.00 | 1,014.52 | 10.76 | 2.12 | ||||||||||
Class Y | 1,000.00 | 1,019.56 | 5.70 | 1.12 | ||||||||||
Growth and Income Fund | Class A | 1,000.00 | 1,018.50 | 6.77 | 1.33 | |||||||||
Class B | 1,000.00 | 1,014.72 | 10.56 | 2.08 | ||||||||||
Class C | 1,000.00 | 1,014.72 | 10.56 | 2.08 | ||||||||||
Class Y | 1,000.00 | 1,019.76 | 5.50 | 1.08 | ||||||||||
Value Fund | Class A | 1,000.00 | 1,018.65 | 6.61 | 1.30 | |||||||||
Class B | 1,000.00 | 1,014.87 | 10.41 | 2.05 | ||||||||||
Class C | 1,000.00 | 1,014.87 | 10.41 | 2.05 | ||||||||||
Class Y | 1,000.00 | 1,019.91 | 5.35 | 1.05 |
Continued
83
Table of Contents
PACIFIC CAPITAL FUNDS
Additional Information, Concluded
January 31, 2007
(Unaudited)
Beginning Account Value 8/1/06 | Ending Account Value 1/31/07 | Expense Paid During Period* 8/1/06 - 1/31/07 | Expense Ratio During Period** 8/1/06 - 1/31/07 | |||||||||||
High Grade Core Fixed Income Fund | Class A | $ | 1,000.00 | $ | 1,020.47 | $ | 4.79 | 0.94 | % | |||||
Class B | 1,000.00 | 1,016.69 | 8.59 | 1.69 | ||||||||||
Class C | 1,000.00 | 1,016.69 | 8.59 | 1.69 | ||||||||||
Class Y | 1,000.00 | 1,021.73 | 3.52 | 0.69 | ||||||||||
Tax-Free Securities Fund | Class A | 1,000.00 | 1,020.47 | 4.79 | 0.94 | |||||||||
Class B | 1,000.00 | 1,016.69 | 8.59 | 1.69 | ||||||||||
Class C | 1,000.00 | 1,016.69 | 8.59 | 1.69 | ||||||||||
Class Y | 1,000.00 | 1,021.73 | 3.52 | 0.69 | ||||||||||
High Grade Short Intermediate Fixed Income Fund | Class A | 1,000.00 | 1,021.27 | 3.97 | 0.78 | |||||||||
Class C | 1,000.00 | 1,017.49 | 7.78 | 1.53 | ||||||||||
Class Y | 1,000.00 | 1,022.53 | 2.70 | 0.53 | ||||||||||
Tax-Free Short Intermediate Securities Fund | Class A | 1,000.00 | 1,020.21 | 5.04 | 0.99 | |||||||||
Class C | 1,000.00 | 1,016.43 | 8.84 | 1.74 | ||||||||||
Class Y | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||
U.S. Government Short Fixed Income Fund | Class A | 1,000.00 | 1,022.03 | 3.21 | 0.63 | |||||||||
Class B | 1,000.00 | 1,018.25 | 7.02 | 1.38 | ||||||||||
Class C | 1,000.00 | 1,018.25 | 7.02 | 1.38 | ||||||||||
Class Y | 1,000.00 | 1,023.29 | 1.94 | 0.38 |
* | 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.
84
Table of Contents
![]() | INVESTMENT ADVISER Asset management Group of Bank of Hawaii 111 South King Street Honolulu, HI 96813
SUB-ADVISERS First State Investments International Limite 23 St. Anrew Square Einburgh EH2 1BB
Hansberger Global Investors, Inc. 515 East Las Olas Blvd. Fort Lauderdale, FL 33301
Nicholas-Applegate Capital Management 600 West Broadway San Diego, CA 92102
Wellington Management Company, LLP 75 State Street Boston, MA 02109
Chicago Equity Partners, LLC 180 N. Lasalle Street, Suite 3800 Chicago, IL 60601
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 West Nationwide Boulevard, Suite 500 Columbus, OH 43215
ADMINISTRATOR Bank of Hawaii 130 Merchant Street, 12th Floor Honolulu, HI 96813
SUB-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.
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 prospectus, please call 800.258.9232. Please read the prospectus carefully before investing. |
BISYS Fund Services Limited Partnership, Distributor. | ![]() |
MUTUAL FUNDS: ARE NOT FDIC INSURED ¨ HAVE NO BANK GUARANTEE ¨ MAY LOSE VALUE
Table of Contents
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 - Only effective for annual reports.
(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.
Table of Contents
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/ Robert I. Crowell | |
Robert I. Crowell, President |
Date 4/4/07
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/ Robert I. Crowell | |
Robert I. Crowell, President |
Date 4/4/07
By (Signature and Title)* | /s/ Christopher E. Sabato | |
Christopher E. Sabato, Treasurer |
Date 4/4/07