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) |
Citi 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: 07/31
Date of reporting period: 1/31/08
Item 1. | Reports to Stockholders. |
Pacific Capital Family of Funds
Performance for the period ended 1/31/08 | ||||||||||||||||||||||||||||||
Aggregate Returns (%) | Average Annual Total Returns (%) | |||||||||||||||||||||||||||||
Fund Name | Class of Shares | Inception Date | Expense Ratios† | Six Months | One Year | Five Year | Ten Year | Since Inception | ||||||||||||||||||||||
Gross | w/Contractual Waivers | NAV* | Load** | NAV* | Load** | NAV* | Load** | NAV* | Load** | NAV* | Load** | |||||||||||||||||||
New Asia Growth Fund | Class A | (5.25) | 02/15/95 | 1.77 | 1.62 | 5.89 | 0.34 | 27.06 | 20.36 | 27.00 | 25.64 | 13.84 | 13.22 | 9.56 | 9.11 | |||||||||||||||
Class B2 | (5.00) | 03/02/98 | 2.37 | 2.37 | 5.51 | 1.07 | 26.10 | 22.10 | 26.05 | 25.97 | 13.21 | 13.21 | 9.09 | 9.09 | ||||||||||||||||
Class C2 | (1.00) | 04/30/04 | 2.37 | 2.37 | 5.48 | 4.59 | 26.04 | 25.04 | 26.06 | 26.06 | 13.06 | 13.06 | 8.98 | 8.98 | ||||||||||||||||
Class Y | 02/15/95 | 1.37 | 1.37 | 5.99 | 5.99 | 27.24 | 27.24 | 27.31 | 27.31 | 14.11 | 14.11 | 9.81 | 9.81 | |||||||||||||||||
International Stock Fund | Class A3 | (5.25) | 12/08/98 | 1.60 | 1.35 | -4.06 | -9.08 | 6.04 | 0.50 | 18.67 | 17.41 | — | — | 6.06 | 5.44 | |||||||||||||||
Class B3 | (5.00) | 12/20/98 | 2.20 | 2.10 | -4.45 | -8.91 | 5.20 | 1.28 | 17.81 | 17.71 | — | — | 5.43 | 5.43 | ||||||||||||||||
Class C3 | (1.00) | 04/30/04 | 2.20 | 2.10 | -4.45 | -5.35 | 5.21 | 4.23 | 17.78 | 17.78 | — | — | 5.31 | 5.31 | ||||||||||||||||
Class Y | 12/02/98 | 1.20 | 1.10 | -3.96 | -3.96 | 6.33 | 6.33 | 18.98 | 18.98 | — | — | 6.37 | 6.37 | |||||||||||||||||
Small Cap Fund | Class A3 | (5.25) | 12/08/98 | 1.83 | 1.58 | -11.80 | -16.41 | -14.33 | -18.81 | 17.06 | 15.81 | — | — | 13.13 | 12.47 | |||||||||||||||
Class B3 | (5.00) | 12/20/98 | 2.43 | 2.33 | -12.12 | -15.74 | -14.98 | -17.78 | 16.19 | 16.08 | — | — | 12.38 | 12.38 | ||||||||||||||||
Class C3 | (1.00) | 04/30/04 | 2.43 | 2.33 | -12.12 | -12.84 | -14.97 | -15.67 | 16.20 | 16.20 | — | — | 12.28 | 12.28 | ||||||||||||||||
Class Y | 12/03/98 | 1.43 | 1.33 | -11.70 | -11.70 | -14.15 | -14.15 | 17.34 | 17.34 | — | — | 13.38 | 13.38 | |||||||||||||||||
Mid-Cap Fund | Class A | (5.25) | 12/30/03 | 1.60 | 1.20 | -11.72 | -16.33 | -9.80 | -14.53 | — | — | — | — | 7.23 | 5.83 | |||||||||||||||
Class C4 | (1.00) | 04/30/04 | 2.20 | 1.95 | -12.06 | -12.84 | -10.48 | -11.28 | — | — | — | — | 6.52 | 6.52 | ||||||||||||||||
Class Y | 12/30/03 | 1.20 | 0.95 | -11.59 | -11.59 | -9.62 | -9.62 | — | — | — | — | 7.49 | 7.49 | |||||||||||||||||
Growth Stock Fund1 | Class A | (5.25) | 10/14/94 | 1.51 | 1.16 | -4.68 | -9.71 | -4.88 | -9.88 | 7.25 | 6.09 | 2.08 | 1.53 | 9.08 | 8.88 | |||||||||||||||
Class B2 | (5.00) | 03/02/98 | 2.11 | 1.91 | -5.10 | -9.84 | -5.64 | -9.41 | 6.41 | 6.25 | 1.50 | 1.50 | 8.88 | 8.88 | ||||||||||||||||
Class C2 | (1.00) | 04/30/04 | 2.11 | 1.91 | -4.99 | -5.94 | -5.63 | -6.58 | 6.44 | 6.44 | 1.37 | 1.37 | 8.83 | 8.83 | ||||||||||||||||
Class Y | 10/14/94 | 1.11 | 0.91 | -4.55 | -4.55 | -4.65 | -4.65 | 7.49 | 7.49 | 2.35 | 2.35 | 9.21 | 9.21 | |||||||||||||||||
Growth & Income Fund1 | Class A | (5.25) | 10/14/94 | 1.48 | 1.13 | -5.10 | -10.09 | -7.22 | -12.10 | 8.77 | 7.61 | 2.45 | 1.91 | 8.07 | 7.87 | |||||||||||||||
Class B2 | (5.00) | 03/02/98 | 2.08 | 1.88 | -5.47 | -9.93 | -7.96 | -11.43 | 7.96 | 7.81 | 1.82 | 1.82 | 7.85 | 7.85 | ||||||||||||||||
Class C2 | (1.00) | 04/30/04 | 2.08 | 1.88 | -5.55 | -6.44 | -7.97 | -8.84 | 7.96 | 7.96 | 1.68 | 1.68 | 7.80 | 7.80 | ||||||||||||||||
Class Y | 10/14/94 | 1.08 | 0.88 | -5.08 | -5.08 | -7.06 | -7.06 | 9.04 | 9.04 | 2.68 | 2.68 | 8.33 | 8.33 | |||||||||||||||||
Value Fund | Class A5 | (5.25) | 12/08/98 | 1.45 | 1.10 | -6.69 | -11.56 | -7.50 | -12.34 | 12.27 | 11.06 | — | — | 3.97 | 3.36 | |||||||||||||||
Class B5 | (5.00) | 12/13/98 | 2.05 | 1.85 | -7.11 | -10.94 | -8.20 | -11.23 | 11.40 | 11.27 | — | — | 3.28 | 3.28 | ||||||||||||||||
Class C5 | (1.00) | 04/30/04 | 2.05 | 1.85 | -7.05 | -7.82 | -8.13 | -8.89 | 11.43 | 11.43 | — | — | 3.21 | 3.21 | ||||||||||||||||
Class Y | 12/03/98 | 1.05 | 0.85 | -6.56 | -6.56 | -7.25 | -7.25 | 12.54 | 12.54 | — | — | 4.23 | 4.23 | |||||||||||||||||
High Grade Core Fixed Income Fund1 | Class A | (4.00) | 10/14/94 | 1.23 | 0.93 | 6.42 | 2.18 | 7.97 | 3.61 | 3.78 | 2.93 | 5.19 | 4.76 | 4.52 | 4.38 | |||||||||||||||
Class B2 | (5.00) | 03/02/98 | 1.83 | 1.68 | 6.03 | 1.03 | 7.28 | 3.28 | 3.01 | 2.84 | 4.59 | 4.59 | 4.32 | 4.32 | ||||||||||||||||
Class C2 | (1.00) | 04/30/04 | 1.83 | 1.68 | 6.03 | 5.03 | 7.28 | 6.28 | 3.01 | 3.01 | 4.45 | 4.45 | 4.27 | 4.27 | ||||||||||||||||
Class Y | 10/14/94 | 0.83 | 0.68 | 6.61 | 6.61 | 8.28 | 8.28 | 4.00 | 4.00 | 5.44 | 5.44 | 4.79 | 4.79 | |||||||||||||||||
Tax-Free Securities Fund1 | Class A | (4.00) | 10/14/94 | 1.23 | 0.93 | 3.34 | -0.80 | 4.44 | 0.29 | 3.33 | 2.49 | 4.15 | 3.72 | 3.42 | 3.28 | |||||||||||||||
Class B2 | (5.00) | 03/02/98 | 1.83 | 1.68 | 2.96 | -2.04 | 3.67 | -0.33 | 2.56 | 2.39 | 3.56 | 3.56 | 3.23 | 3.23 | ||||||||||||||||
Class C2 | (1.00) | 04/30/04 | 1.83 | 1.68 | 3.05 | 2.05 | 3.76 | 2.76 | 2.58 | 2.58 | 3.43 | 3.43 | 3.18 | 3.18 | ||||||||||||||||
Class Y | 10/14/94 | 0.83 | 0.68 | 3.46 | 3.46 | 4.68 | 4.68 | 3.58 | 3.58 | 4.40 | 4.40 | 3.68 | 3.68 | |||||||||||||||||
High Grade Short Intermediate Fixed Income Fund | Class A | (2.25) | 12/13/93 | 1.22 | 0.77 | 5.63 | 3.25 | 7.55 | 5.13 | 3.06 | 2.59 | 4.37 | 4.14 | 4.39 | 4.22 | |||||||||||||||
Class C4 | (1.00) | 04/30/04 | 1.82 | 1.52 | 5.13 | 4.13 | 6.75 | 5.75 | 2.46 | 2.46 | 4.07 | 4.07 | 4.18 | 4.18 | ||||||||||||||||
Class Y6 | 10/14/94 | 0.82 | 0.52 | 5.64 | 5.64 | 7.69 | 7.69 | 3.29 | 3.29 | 4.63 | 4.63 | 4.64 | 4.64 | |||||||||||||||||
Tax-Free Short Intermediate Securities Fund1 | Class A | (2.25) | 10/14/94 | 1.23 | 0.98 | 3.90 | 1.57 | 5.22 | 2.86 | 2.29 | 1.82 | 3.19 | 2.96 | 3.88 | 3.76 | |||||||||||||||
Class C4 | (1.00) | 04/30/04 | 1.83 | 1.73 | 3.52 | 2.52 | 4.44 | 3.44 | 1.71 | 1.71 | 2.90 | 2.90 | 3.73 | 3.73 | ||||||||||||||||
Class Y | 10/14/94 | 0.83 | 0.73 | 4.01 | 4.01 | 5.55 | 5.55 | 2.53 | 2.53 | 3.44 | 3.44 | 4.16 | 4.16 | |||||||||||||||||
U.S. Government Short Fixed Income Fund | Class A7 | (2.25) | 08/01/00 | 1.07 | 0.65 | 5.25 | 2.90 | 7.61 | 5.21 | 3.05 | 2.57 | — | — | 3.81 | 3.50 | |||||||||||||||
Class B7 | (5.00) | 08/01/00 | 1.67 | 1.40 | 4.86 | -0.14 | 6.82 | 2.82 | 2.28 | 2.10 | — | — | 3.06 | 3.06 | ||||||||||||||||
Class C7 | (1.00) | 04/30/04 | 1.67 | 1.40 | 4.86 | 3.86 | 6.81 | 5.81 | 2.28 | 2.28 | — | — | 3.06 | 3.06 | ||||||||||||||||
Class Y | 06/01/00 | 0.67 | 0.40 | 5.38 | 5.38 | 7.98 | 7.98 | 3.32 | 3.32 | — | — | 4.08 | 4.08 |
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, or visit the Funds’ website at pacificcapitalfunds.com.
† | The above expense ratios are from the Funds’ prospectus dated November 28, 2007. Additional information pertaining to the Funds’ expense ratios as of January 31, 2008 can be found in the financial highlights. |
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.
See additional footnotes on following page.
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
Letter to Shareholders
Page 1
Portfolio Composition
Page 3
Statements of Assets and Liabilities
Page 4
Statements of Operations
Page 7
Statements of Changes in Net Assets
Page 10
Schedules of Portfolio Investments
Page 18
Notes to Financial Statements
Page 51
Financial Highlights
Page 61
Trustees and Officers
Page 73
Additional Information
Page 76
Letter to Shareholders
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 upon the investment expertise of the Bank of Hawaii. Bank of Hawaii’s investment management division was founded in 1898. It includes the Asset Management Group of Bank of Hawaii (AMG), which oversees the Pacific Capital Funds and has a total of $ 11.4 billion in assets under management. AMG has partnered with a select list of sub-advisors 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 (CEP). CEP serves as Sub-Adviser on the Pacific Capital Mid-Cap Fund, Pacific Capital Growth Fund, Pacific Capital Growth and Income Fund and Pacific Capital Value Fund. CEP specializes in core domestic equity markets. |
• | First State Investments (FSI), which specializes in single-country, regional and sector-specific investments, serves as Sub-Adviser to the Pacific Capital New Asia Growth Fund. |
• | Hansberger Global Investors (HGI), founded in 1995 by former Templeton Worldwide President and CEO Thomas L. Hansberger, serves as Sub-Adviser to the Pacific Capital International Stock Fund. |
• | Nicholas Applegate Capital Management (NACM), which specializes in global, international and domestic equity and special strategy management, serves as Sub-Adviser to the Pacific Capital Small Cap Fund. |
Annual Review
Economic growth slowed considerably during the six months between August, 2007 and January, 2008. U.S. GDP1, which expanded at a healthy 4.9% rate during the third calendar quarter of 2007, grew only 0.6% during the fourth quarter.
The ongoing plunge in the housing market drove the broad economic slowdown. The housing slump weighed on a variety of housing-related businesses, such as homebuilders and home-improvement retailers. Furthermore, mortgage defaults rose rapidly, as overextended homeowners who could not meet their mortgage payments found themselves unable to sell their houses. Bonds backed by these mortgages defaulted, forcing many leading financial institutions to write down billions of dollars in investment losses.
Lenders, unsure how deep the default-related problems might run, became increasingly reluctant to extend credit, leading to a credit and liquidity crunch. Meanwhile, consumers facing higher energy and food prices and lower home values cut back their spending. Consumer spending accounts for more than two-thirds of U.S. economic activity, so weaker spending weighed on growth. The Federal Reserve Board (the “Fed”) responded to the problems in the credit market and the general economy by lowering its target short-term interest rate, the federal funds rate, from 5.25% in early September to 3.00% as of the end of January.
Corporate profits remained generally healthy throughout the period. Excluding banks and brokerage firms, which saw earnings decline dramatically as a result of write-downs and the troubles in the credit markets, the companies represented in the S&P 500 Index2 generated historically strong profit growth.
Stocks slide on economic concerns
Investor worries about a slowing economy and a credit squeeze caused the S&P 500 Index to decline 4.32% for this six-month period. Small-cap stocks as measured by the Russell 2000® Index3 fell 7.51 %, while the MSCI EAFE Index4 of 21 developed foreign stock markets lost 7.52%.
Large stocks generally outperformed smaller stocks, as the difference between the return of the S&P 500 Index and the Russell 2000® Index illustrates. Larger companies benefited from exposure to overseas markets, which appeared poised for stronger economic growth than the U.S. A weak dollar also strengthened shares of large firms during this six-month period, by helping make Americans firms’ products and services more competitive overseas and by increasing the value of revenues denominated in foreign currencies. Conversely, the troubles in the U.S. economy weighed on smaller firms.
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, or visit the Funds’ website at pacificcapitalfunds.com.
1 | Gross Domestic Product (GDP) is the measure of the market value of the goods and services produced by labor and property in the United States. |
2 | 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. |
3 | The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000® Index. As of the latest reconstitution, the average market capitalization was approximately $664.9 million; the median market capitalization was approximately $539.5 million. The largest company in the index had an approximate market capitalization of $1.8 billion. |
4 | The Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index is an unmanaged, arithmetic, market value-weighted average of the performance of over 900 securities listed on the stock exchange of countries in Europe, Australia and the Far East. |
1
Letter to Shareholders, continued
Financial stocks performed poorly. Investors sold shares of financial institutions as the companies struggled through the sub-prime mortgage crisis. Consumer discretionary stocks also suffered, due to investors’ concerns about the likely effects a decline in consumer spending would have on companies in the sector. Energy stocks posted strong gains during the first five months of the period on the strength of rising oil prices, before falling back in January as oil prices receded. Stocks in relatively defensive economic sectors, including utilities and consumer staples, performed well for the period as a whole.
Financial stocks’ weakness dragged down the performance of value indices, which hold large weightings in the financial sector. Growth stocks fared better than their value-oriented counterparts, but nevertheless finished the period with a loss. The Russell 3000® Value Index5, which tracks the performance of large, medium and small value stocks, lost 5.70%, while the Russell 3000® Growth Index6 fell 3.41%.
Foreign stocks surged early in the period, led by strong returns from emerging markets in Latin America and Asia. Foreign markets on the whole declined during the second half of the period, however, as investors worried that the U.S. economy’s troubles could crimp global growth.
A flight to quality in the bond markets
Bonds as a whole generated healthy returns during the period. The Lehman Brothers Aggregate Index7 gained 6.82% during the six months under review.
Investors concerned about the health of the economy and the credit markets flocked to Treasury bonds. That development caused prices on existing Treasury bonds to rise substantially, while yields, which move in the opposite direction of bond prices, declined considerably. Short-term government bonds saw the greatest yield declines, pushed down by investors’ desire for liquidity and the Fed’s interest rate reductions.
In other sectors of the bond market, higher-quality bonds outperformed lower-quality securities. Low-quality bonds had outperformed higher-quality securities for some time entering this period, causing the spread between the yields on high- and low-quality issues to shrink to historically low levels. Investors’ skittishness during this period led them to reassess credit risk, leading to substantial price declines on the lowest-quality bonds.
Our perspective
We expect economic weakness during at least the first half of 2008—whether or not the economy officially slides into recession. There is reason for economic optimism, however: In particular, we believe the proactive moves by the Fed and the economic stimulus package recently passed by Congress may help the economy recover later this year.
The stock and bond markets’ recent volatility seems likely to continue, given the uncertainty about the direction of the economy. Nevertheless, we believe that stock valuations are attractive following their recent declines, especially considering the general health of corporations outside of the financial sector.
The recently concluded six-month period should serve as a reminder of the value of building and maintaining diversified, long-term investment portfolios. No one can say with any certainty which investments will perform best or worst during the coming months—but a properly diversified portfolio can ensure that you hold investments that offer the potential for long-term growth, stability and income for your personal circumstances.
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, |
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Tobias M. Martyn |
Senior Executive Vice President and Chief Investment Officer Asset Management Group of Bank of Hawaii |
Past performance does not guarantee future results.
5 | The Russell 3000® Value Index measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value or the Russell 2000 Value indexes. |
6 | The Russell 3000® Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indexes. |
7 | The Lehman Brothers Aggregate 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. |
2
Portfolio Composition (as a percentage of total investments)*
January 31, 2008 (Unaudited)
New Asia Growth Fund | % | |
Hong Kong | 28.4 | |
Taiwan | 15.4 | |
South Korea | 13.6 | |
Malaysia | 13.4 | |
Singapore | 11.2 | |
Thailand | 4.2 | |
Philippines | 3.7 | |
China | 3.6 | |
Papua New Guinea | 2.9 | |
India | 1.8 | |
Investment Companies | 1.8 | |
International Stock Fund | % | |
Japan | 14.6 | |
United Kingdom | 13.7 | |
France | 9.8 | |
Switzerland | 9.5 | |
Germany | 6.7 | |
Brazil | 5.8 | |
Italy | 4.1 | |
Australia | 3.6 | |
South Africa | 3.5 | |
Canada | 3.3 | |
Spain | 3.2 | |
Russia | 2.8 | |
China | 2.2 | |
India | 2.1 | |
Singapore | 1.9 | |
Mexico | 1.8 | |
Hong Kong | 1.7 | |
Greece | 1.3 | |
Norway | 1.3 | |
Denmark | 1.2 | |
Luxembourg | 1.0 | |
Ireland | 0.8 | |
Netherlands | 0.7 | |
Taiwan | 0.6 | |
Israel | 0.6 | |
South Korea | 0.5 | |
Austria | 0.5 | |
Malaysia | 0.4 | |
Thailand | 0.1 | |
Investment Companies | 0.7 | |
Small Cap Fund | % | |
Industrials | 22.5 | |
Information Technology | 16.1 | |
Consumer Discretionary | 13.6 | |
Health Care | 13.4 | |
Financials | 9.6 | |
Energy | 5.9 | |
Consumer Staples | 4.5 | |
Materials | 3.4 | |
Real Estate Investment Trusts | 2.7 | |
Telecommunication Services | 2.6 | |
Utilities | 1.8 | |
Transportation | 1.6 | |
Mutual Funds | 1.3 | |
Investment Companies | 1.0 | |
Mid-Cap Fund | % | |
Consumer Discretionary | 16.0 | |
Industrials | 15.6 | |
Health Care | 13.1 | |
Financials | 10.9 | |
Information Technology | 8.7 | |
Energy | 6.4 | |
Utilities | 6.3 | |
Real Estate Investment Trusts | 5.6 | |
Materials | 5.4 | |
Consumer Staples | 4.2 | |
Telecommunication Services | 2.8 | |
Transportation | 2.0 | |
Oil and Gas Services | 1.9 | |
Entertainment | 0.7 | |
Investment Companies | 0.4 | |
Growth Stock Fund | % | |
Information Technology | 21.6 | |
Energy | 16.4 | |
Health Care | 14.9 | |
Consumer Discretionary | 11.7 | |
Industrials | 9.3 | |
Consumer Staples | 9.0 | |
Financials | 8.8 | |
Materials | 2.2 | |
Oil and Gas Services | 2.0 | |
Transportation | 1.0 | |
Education | 0.7 | |
Telecommunication Services | 0.5 | |
Investment Companies | 1.9 | |
Growth and Income Fund | % | |
Financials | 17.8 | |
Information Technology | 15.5 | |
Energy | 13.8 | |
Health Care | 12.2 | |
Consumer Discretionary | 11.9 | |
Industrials | 9.0 | |
Consumer Staples | 8.0 | |
Telecommunications | 3.4 | |
Materials | 3.2 | |
Transportation | 1.6 | |
Utilities | 1.0 | |
Real Estate Investment Trusts | 0.8 | |
Investment Companies | 1.8 | |
Value Fund | % | |
Financials | 28.5 | |
Energy | 17.9 | |
Consumer Discretionary | 11.6 | |
Industrials | 8.7 | |
Health Care | 7.7 | |
Telecommunications | 6.4 | |
Consumer Staples | 6.0 | |
Materials | 3.4 | |
Utilities | 3.2 | |
Information Technology | 2.5 | |
Real Estate Investment Trusts | 1.9 | |
Transportation | 0.8 | |
Investment Companies | 1.4 | |
High Grade Core Fixed Income Fund1 | % | |
Agency | 43.2 | |
Treasury | 20.7 | |
AAA | 9.4 | |
BAA | 9.3 | |
A | 9.2 | |
AA | 8.2 | |
Tax-Free Securities Fund1 | % | |
AAA/Prerefunded | 77.5 | |
AA | 20.2 | |
A | 1.2 | |
BBB | 1.1 | |
High Grade Short Intermediate Fixed Income Fund | % | |
Federal Home Loan Bank | 29.4 | |
Corporate Bonds | 23.4 | |
Federal Home Loan Mortgage Corp. | 22.9 | |
Federal National Mortgage Assoc. | 16.3 | |
U.S. Treasury Obligations | 5.0 | |
Federal Farm Credit Bank | 1.4 | |
Investment Company | 1.6 | |
Tax-Free Short Intermediate Securities Fund1 | % | |
AAA | 61.4 | |
AA | 29.2 | |
A | 5.7 | |
BBB | 3.7 | |
U.S. Government Short Fixed Income Fund | % | |
Federal Home Loan Bank | 83.8 | |
U.S. Treasury Obligations | 11.4 | |
Federal Farm Credit Bank | 4.8 |
* | The composition of the Funds’ portfolios is as of January 31, 2008 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
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities
January 31, 2008
(Unaudited)
New Asia Growth Fund | International Stock Fund | Small Cap Fund | Mid-Cap Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at cost | $ | 93,515,316 | $ | 211,342,834 | $ | 425,596,541 | $ | 67,180,824 | ||||||||
Investments, at value | $ | 120,893,854 | $ | 237,772,475 | $ | 387,291,215 | $ | 64,265,988 | ||||||||
Foreign currency, at value (cost $744,476, $6, $— and $—, respectively) | 747,211 | 8 | — | — | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | — | 1,645 | — | — | ||||||||||||
Income receivable | 100,564 | 219,235 | 170,552 | 57,955 | ||||||||||||
Receivable for capital shares issued | 5,393 | 15,136 | 1,315,846 | 8 | ||||||||||||
Receivable for investments sold | 520,474 | 3,624,945 | 6,542,992 | 728,063 | ||||||||||||
Reclaims receivable | — | 212,996 | — | — | ||||||||||||
Segregated cash balances with brokers for futures contracts | — | — | 42,000 | — | ||||||||||||
Net receivable for variation margin on futures contracts | — | — | 23,000 | — | ||||||||||||
Prepaid expenses and other assets | 6,771 | 16,737 | 37,507 | 2,029 | ||||||||||||
Total Assets | 122,274,267 | 241,863,177 | 395,423,112 | 65,054,043 | ||||||||||||
Liabilities: | ||||||||||||||||
Cash overdraft | — | — | 201,997 | — | ||||||||||||
Payable for capital shares redeemed | 32,308 | 88,246 | 2,871,909 | 11,190 | ||||||||||||
Payable for investments purchased | 126,334 | 2,629,323 | 3,728,963 | 164,190 | ||||||||||||
Unrealized depreciation on foreign currency exchange contracts | — | 676 | — | — | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 42,291 | 72,233 | 123,428 | 19,392 | ||||||||||||
Sub-investment advisory fees | 52,863 | 88,114 | 214,208 | 11,082 | ||||||||||||
Administration and sub-administration fees | 9,515 | 18,574 | 30,387 | 4,987 | ||||||||||||
Compliance service fees | 717 | 1,469 | 2,933 | 422 | ||||||||||||
Distribution fees | 1,944 | 1,328 | 56,575 | 477 | ||||||||||||
Other fees | 59,035 | 68,861 | 30,112 | 30,904 | ||||||||||||
Total Liabilities | 325,007 | 2,968,824 | 7,260,512 | 242,644 | ||||||||||||
Net Assets: | ||||||||||||||||
Capital (no par value) | 88,393,965 | 206,738,494 | 455,149,420 | 70,186,684 | ||||||||||||
Undistributed (distributions in excess of) net investment income | (160,334 | ) | (362,654 | ) | (1,340,041 | ) | 2,108 | |||||||||
Accumulated net realized gains (losses) from investments | 6,334,678 | 6,060,238 | (27,260,630 | ) | (2,462,557 | ) | ||||||||||
Net unrealized appreciation (depreciation) on investments | 27,380,951 | 26,458,275 | (38,386,149 | ) | (2,914,836 | ) | ||||||||||
Net Assets | $ | 121,949,260 | $ | 238,894,353 | $ | 388,162,600 | $ | 64,811,399 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 4,779,519 | $ | 1,611,125 | $ | 164,471,453 | $ | 588,919 | ||||||||
Class B | 573,792 | 507,596 | 1,824,638 | N/A | ||||||||||||
Class C | 688,712 | 560,553 | 21,007,380 | 425,427 | ||||||||||||
Class Y | 115,907,237 | 236,215,079 | 200,859,129 | 63,797,053 | ||||||||||||
Total | $ | 121,949,260 | $ | 238,894,353 | $ | 388,162,600 | $ | 64,811,399 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 241,565 | 132,205 | 12,192,643 | 61,479 | ||||||||||||
Class B | 30,808 | 44,195 | 148,483 | N/A | ||||||||||||
Class C | 37,030 | 48,858 | 1,708,060 | 45,554 | ||||||||||||
Class Y | 5,754,556 | 18,980,401 | 14,563,525 | 6,644,202 | ||||||||||||
Total | 6,063,959 | 19,205,659 | 28,612,711 | 6,751,235 | ||||||||||||
Net Asset Value* | ||||||||||||||||
Class A—redemption price per share | $ | 19.79 | $ | 12.19 | $ | 13.49 | $ | 9.58 | ||||||||
Class A—maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A—Maximum offering price per share | $ | 20.89 | $ | 12.87 | $ | 14.24 | $ | 10.11 | ||||||||
Class B—offering price per share** | $ | 18.63 | $ | 11.49 | $ | 12.29 | N/A | |||||||||
Class C—offering price per share** | $ | 18.60 | $ | 11.47 | $ | 12.30 | $ | 9.34 | ||||||||
Class Y—offering and redemption price per share | $ | 20.14 | $ | 12.45 | $ | 13.79 | $ | 9.60 | ||||||||
* | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
** | Redemption price per share varies based on length of time shares are held. |
See notes to financial statements.
4
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities, continued
January 31, 2008
(Unaudited)
Growth Stock Fund | Growth and Income Fund | Value Fund | High Grade Core Fixed Income Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at cost | $ | 153,542,845 | $ | 142,153,746 | $ | 136,851,917 | $ | 290,086,574 | ||||||||
Investments, at value | $ | 151,304,984 | $ | 139,119,697 | $ | 133,252,349 | $ | 299,201,522 | ||||||||
Income receivable | 50,775 | 107,094 | 168,827 | 3,353,414 | ||||||||||||
Receivable for capital shares issued | 47 | 42 | 16,908 | 1,520 | ||||||||||||
Receivable for investments sold | — | — | — | 532,632 | ||||||||||||
Prepaid expenses and other assets | 12,982 | 12,899 | 4,224 | 9,675 | ||||||||||||
Total Assets | 151,368,788 | 139,239,732 | 133,442,308 | 303,098,763 | ||||||||||||
Liabilities: | ||||||||||||||||
Distributions payable | — | — | — | 36,110 | ||||||||||||
Payable for capital shares redeemed | 18,456 | 8,844 | 7,194 | 19,794 | ||||||||||||
Payable for investments purchased | — | — | — | 2,000,000 | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 45,672 | 41,316 | 39,124 | 115,298 | ||||||||||||
Sub-investment advisory fees | 32,623 | 29,511 | 27,946 | — | ||||||||||||
Administration and sub-administration fees | 11,744 | 10,624 | 10,060 | 23,060 | ||||||||||||
Compliance service fees | 976 | 886 | 839 | 1,706 | ||||||||||||
Distribution fees | 6,741 | 4,457 | 2,607 | 2,577 | ||||||||||||
Other fees | 36,314 | 31,430 | 35,272 | 53,215 | ||||||||||||
Total Liabilities | 152,526 | 127,068 | 123,042 | 2,251,760 | ||||||||||||
Net Assets: | ||||||||||||||||
Capital (no par value) | 232,660,101 | 145,994,800 | 140,286,522 | 293,413,625 | ||||||||||||
Undistributed (distributions in excess of) net investment income | (5,337 | ) | 11,094 | 25,429 | 51,846 | |||||||||||
Accumulated net realized losses from investments | (79,200,641 | ) | (3,859,398 | ) | (3,393,117 | ) | (1,733,416 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments | (2,237,861 | ) | (3,034,049 | ) | (3,599,568 | ) | 9,114,948 | |||||||||
Net Assets | $ | 151,216,262 | $ | 139,112,447 | $ | 133,319,266 | $ | 300,847,003 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 7,371,337 | $ | 5,223,570 | $ | 2,297,788 | $ | 3,179,092 | ||||||||
Class B | 4,292,669 | 2,238,022 | 830,215 | 1,307,223 | ||||||||||||
Class C | 1,602,418 | 1,689,128 | 1,719,443 | 981,802 | ||||||||||||
Class Y | 137,949,838 | 129,961,727 | 128,471,820 | 295,378,886 | ||||||||||||
Total | $ | 151,216,262 | $ | 139,112,447 | $ | 133,319,266 | $ | 300,847,003 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 813,715 | 400,401 | 283,054 | 287,709 | ||||||||||||
Class B | 513,939 | 183,948 | 104,775 | 118,568 | ||||||||||||
Class C | 191,965 | 138,972 | 216,385 | 89,048 | ||||||||||||
Class Y | 14,739,586 | 9,879,960 | 15,785,011 | 26,573,058 | ||||||||||||
Total | 16,259,205 | 10,603,281 | 16,389,225 | 27,068,383 | ||||||||||||
Net Asset Value | ||||||||||||||||
Class A—redemption price per share | $ | 9.06 | $ | 13.05 | $ | 8.12 | $ | 11.05 | ||||||||
Class A—maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 4.00 | % | ||||||||
Class A—Maximum offering price per share | $ | 9.56 | $ | 13.77 | $ | 8.57 | $ | 11.51 | ||||||||
Class B—offering price per share* | $ | 8.35 | $ | 12.17 | $ | 7.92 | $ | 11.03 | ||||||||
Class C—offering price per share* | $ | 8.35 | $ | 12.15 | $ | 7.95 | $ | 11.03 | ||||||||
Class Y—offering and redemption price per share | $ | 9.36 | $ | 13.15 | $ | 8.14 | $ | 11.12 | ||||||||
* | Redemption price per share varies based on length of time shares are held. |
See notes to financial statements.
5
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities, continued
January 31, 2008
(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 | $ | 259,748,007 | $ | 64,050,834 | $ | 46,969,028 | $ | 82,232,657 | ||||||||
Investments, at value | $ | 274,879,588 | $ | 65,721,836 | $ | 48,122,939 | $ | 84,832,461 | ||||||||
Cash | — | 283,753 | — | 938 | ||||||||||||
Income receivable | 2,596,522 | 656,051 | 481,485 | 1,265,913 | ||||||||||||
Receivable for capital shares issued | — | 27 | — | 68 | ||||||||||||
Receivable for investments sold | — | 4,419 | — | — | ||||||||||||
Prepaid expenses and other assets | 8,407 | 2,897 | 1,419 | 2,123 | ||||||||||||
Total Assets | 277,484,517 | 66,668,983 | 48,605,843 | 86,101,503 | ||||||||||||
Liabilities: | ||||||||||||||||
Cash overdraft | — | — | 462,683 | — | ||||||||||||
Distributions payable | 32,313 | 7,822 | 4,222 | 9,238 | ||||||||||||
Payable for capital shares redeemed | 421,682 | 1,348 | 17,346 | 20,117 | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 106,118 | 11,845 | 16,316 | 8,251 | ||||||||||||
Administration and sub-administration fees | 21,224 | 5,098 | 3,671 | 6,519 | ||||||||||||
Compliance service fees | 1,605 | 377 | 297 | 1,060 | ||||||||||||
Distribution fees | 1,874 | 626 | 442 | 1,899 | ||||||||||||
Other fees | 50,544 | 22,057 | 21,697 | 25,055 | ||||||||||||
Total Liabilities | 635,360 | 49,173 | 526,674 | 72,139 | ||||||||||||
Net Assets: | ||||||||||||||||
Capital (no par value) | 262,170,696 | 66,976,714 | 47,663,979 | 86,226,520 | ||||||||||||
Undistributed (distributions in excess of) net investment income | 35 | (3,717 | ) | 762 | — | |||||||||||
Accumulated net realized losses from investments | (453,155 | ) | (2,024,189 | ) | (739,483 | ) | (2,796,960 | ) | ||||||||
Net unrealized appreciation on investments | 15,131,581 | 1,671,002 | 1,153,911 | 2,599,804 | ||||||||||||
Net Assets | $ | 276,849,157 | $ | 66,619,810 | $ | 48,079,169 | $ | 86,029,364 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 5,419,226 | $ | 974,230 | $ | 2,034,412 | $ | 2,450,655 | ||||||||
Class B | 846,381 | N/A | N/A | 598,931 | ||||||||||||
Class C | 11,015 | 505,810 | 10,703 | 1,043,504 | ||||||||||||
Class Y | 270,572,535 | 65,139,770 | 46,034,054 | 81,936,274 | ||||||||||||
Total | $ | 276,849,157 | $ | 66,619,810 | $ | 48,079,169 | $ | 86,029,364 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 533,257 | 98,842 | 198,408 | 236,331 | ||||||||||||
Class B | 83,280 | N/A | N/A | 57,765 | ||||||||||||
Class C | 1,084 | 51,365 | 1,044 | 100,645 | ||||||||||||
Class Y | 26,515,905 | 6,597,159 | 4,464,957 | 7,895,969 | ||||||||||||
Total | 27,133,526 | 6,747,366 | 4,664,409 | 8,290,710 | ||||||||||||
Net Asset Value* | ||||||||||||||||
Class A—redemption price per share | $ | 10.16 | $ | 9.86 | $ | 10.25 | $ | 10.37 | ||||||||
Class A—maximum sales charge | 4.00 | % | 2.25 | % | 2.25 | % | 2.25 | % | ||||||||
Class A—Maximum offering price per share | $ | 10.58 | $ | 10.09 | $ | 10.49 | $ | 10.61 | ||||||||
Class B—offering price per share** | $ | 10.16 | N/A | N/A | $ | 10.37 | ||||||||||
Class C—offering price per share** | $ | 10.17 | $ | 9.85 | $ | 10.25 | $ | 10.37 | ||||||||
Class Y—offering and redemption price per share | $ | 10.20 | $ | 9.87 | $ | 10.31 | $ | 10.38 | ||||||||
* | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
** | Redemption price per share varies based on length of time shares are held. |
See notes to financial statements.
6
PACIFIC CAPITAL FUNDS
Statements of Operations
Period Ended January 31, 2008
(Unaudited)
New Asia Growth Fund | International Stock Fund | Small Cap Fund | Mid-Cap Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend income | $ | 1,464,485 | $ | 2,110,600 | $ | 2,259,844 | $ | 495,945 | ||||||||
Interest income | — | — | 20,018 | — | ||||||||||||
Foreign tax withholding | (154,652 | ) | (119,836 | ) | — | — | ||||||||||
Total Investment Income | 1,309,833 | 1,990,764 | 2,279,862 | 495,945 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 252,584 | 584,816 | 1,132,044 | 216,750 | ||||||||||||
Sub-investment advisory fees | 315,729 | 549,332 | 1,541,960 | 72,251 | ||||||||||||
Administration and sub-administration fees | 56,832 | 116,965 | 218,785 | 32,513 | ||||||||||||
Distribution fees—Class A | 7,262 | 2,967 | 426,140 | 1,341 | ||||||||||||
Distribution fees—Class B | 3,158 | 3,020 | 11,260 | — | ||||||||||||
Distribution fees—Class C | 3,295 | 3,102 | 119,164 | 2,287 | ||||||||||||
Accounting fees | 37,917 | 68,001 | 107,755 | 16,802 | ||||||||||||
Compliance service fees | 4,411 | 9,108 | 17,507 | 2,551 | ||||||||||||
Custodian fees | 89,756 | 82,059 | 26,302 | 20,351 | ||||||||||||
Transfer agent fees | 29,136 | 29,086 | 209,334 | 25,275 | ||||||||||||
Trustee fees | 5,551 | 11,602 | 22,922 | 3,261 | ||||||||||||
Other fees | 38,779 | 78,560 | 212,662 | 21,994 | ||||||||||||
Total expenses before reductions | 844,410 | 1,538,618 | 4,045,835 | 415,376 | ||||||||||||
Less expenses waived/reimbursed by the adviser | — | (129,957 | ) | (266,129 | ) | (90,312 | ) | |||||||||
Less expenses waived by the distributor—Class A | (2,723 | ) | (1,113 | ) | (159,803 | ) | (503 | ) | ||||||||
Net Expenses | 841,687 | 1,407,548 | 3,619,903 | 324,561 | ||||||||||||
Net Investment Income (Loss) | 468,146 | 583,216 | (1,340,041 | ) | 171,384 | |||||||||||
Realized/Unrealized Gains (Losses) from Investments, Futures and Foreign Currency Transactions: | ||||||||||||||||
Net realized gains (losses) from investments and foreign currency transactions | 16,237,598 | 9,652,798 | (24,649,866 | ) | (2,375,061 | ) | ||||||||||
Net realized gains from futures transactions | — | — | 14,612 | — | ||||||||||||
Change in unrealized depreciation on investments, futures and foreign currency transactions | (9,202,634 | ) | (19,117,388 | ) | (28,518,711 | ) | (6,541,172 | ) | ||||||||
Net realized/unrealized gains (losses) from investments, futures and foreign currency transactions | 7,034,964 | (9,464,590 | ) | (53,153,965 | ) | (8,916,233 | ) | |||||||||
Change in net assets resulting from operations | $ | 7,503,110 | $ | (8,881,374 | ) | $ | (54,494,006 | ) | $ | (8,744,849 | ) | |||||
See notes to financial statements.
7
PACIFIC CAPITAL FUNDS
Statements of Operations, continued
Period Ended January 31, 2008
(Unaudited)
Growth Stock Fund | Growth and Income Fund | Value Fund | High Grade Core Fixed Income Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend income | $ | 1,311,161 | $ | 1,488,601 | $ | 1,771,401 | $ | 86,911 | ||||||||
Interest income | — | — | — | 8,249,505 | ||||||||||||
Total Investment Income | 1,311,161 | 1,488,601 | 1,771,401 | 8,336,416 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 463,781 | 422,096 | 403,778 | 917,589 | ||||||||||||
Sub-investment advisory fees | 210,809 | 191,862 | 183,535 | — | ||||||||||||
Administration and sub-administration fees | 75,892 | 69,071 | 66,074 | 137,640 | ||||||||||||
Distribution fees—Class A | 16,408 | 11,790 | 5,399 | 6,370 | ||||||||||||
Distribution fees—Class B | 26,180 | 13,592 | 4,867 | 7,110 | ||||||||||||
Distribution fees—Class C | 9,178 | 9,047 | 9,155 | 4,869 | ||||||||||||
Accounting fees | 34,141 | 30,785 | 30,264 | 66,515 | ||||||||||||
Compliance service fees | 5,924 | 5,370 | 5,151 | 10,541 | ||||||||||||
Custodian fees | 14,044 | 11,840 | 17,284 | 11,842 | ||||||||||||
Transfer agent fees | 50,793 | 39,538 | 30,203 | 31,513 | ||||||||||||
Trustee fees | 7,645 | 6,968 | 6,752 | 13,580 | ||||||||||||
Other fees | 62,665 | 55,442 | 45,059 | 80,239 | ||||||||||||
Total expenses before reductions | 977,460 | 867,401 | 807,521 | 1,287,808 | ||||||||||||
Less expenses waived/reimbursed by the adviser | (168,655 | ) | (153,515 | ) | (146,830 | ) | (229,398 | ) | ||||||||
Less expenses waived by the distributor—Class A | (6,153 | ) | (4,421 | ) | (2,025 | ) | (2,389 | ) | ||||||||
Net Expenses | 802,652 | 709,465 | 658,666 | 1,056,021 | ||||||||||||
Net Investment Income | 508,509 | 779,136 | 1,112,735 | 7,280,395 | ||||||||||||
Realized/Unrealized Gains (Losses) from Investments: | ||||||||||||||||
Net realized gains (losses) from investments | (2,022,792 | ) | (3,686,497 | ) | (3,279,930 | ) | 2,411,903 | |||||||||
Change in unrealized appreciation (depreciation) on investments | (5,205,844 | ) | (4,254,071 | ) | (7,237,802 | ) | 9,526,938 | |||||||||
Net realized/unrealized gains (losses) from investments | (7,228,636 | ) | (7,940,568 | ) | (10,517,732 | ) | 11,938,841 | |||||||||
Change in net assets resulting from operations | $ | (6,720,127 | ) | $ | (7,161,432 | ) | $ | (9,404,997 | ) | $ | 19,219,236 | |||||
See notes to financial statements.
8
PACIFIC CAPITAL FUNDS
Statements of Operations, continued
Period Ended January 31, 2008
(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: | ||||||||||||||||
Dividend income | $ | 14,994 | $ | 17,677 | $ | 9,027 | $ | 422 | ||||||||
Interest income | 7,228,471 | 1,669,906 | 1,027,045 | 2,106,725 | ||||||||||||
Total Investment Income | 7,243,465 | 1,687,583 | 1,036,072 | 2,107,147 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 852,822 | 165,217 | 126,630 | 175,612 | ||||||||||||
Administration and sub-administration fees | 127,925 | 29,739 | 22,794 | 39,513 | ||||||||||||
Distribution fees—Class A | 11,006 | 1,993 | 4,329 | 4,868 | ||||||||||||
Distribution fees—Class B | 4,710 | — | — | 3,284 | ||||||||||||
Distribution fees—Class C | 55 | 2,561 | 53 | 5,455 | ||||||||||||
Accounting fees | 63,321 | 16,980 | 14,346 | 18,812 | ||||||||||||
Compliance service fees | 9,829 | 2,277 | 1,779 | 2,572 | ||||||||||||
Custodian fees | 24,824 | 6,155 | 8,923 | 6,796 | ||||||||||||
Transfer agent fees | 26,868 | 24,950 | 24,340 | 27,701 | ||||||||||||
Trustee fees | 12,564 | 2,891 | 2,298 | 3,874 | ||||||||||||
Other fees | 73,678 | 19,546 | 16,141 | 27,232 | ||||||||||||
Total expenses before reductions | 1,207,602 | 272,309 | 221,633 | 315,719 | ||||||||||||
Less expenses waived/reimbursed by the adviser | (213,206 | ) | (96,226 | ) | (25,326 | ) | (127,005 | ) | ||||||||
Less expenses waived by the distributor—Class A | (4,127 | ) | (748 | ) | (1,623 | ) | (1,825 | ) | ||||||||
Net Expenses | 990,269 | 175,335 | 194,684 | 186,889 | ||||||||||||
Net Investment Income | 6,253,196 | 1,512,248 | 841,388 | 1,920,258 | ||||||||||||
Realized/Unrealized Gains (Losses) from Investments: | ||||||||||||||||
Net realized gains (losses) from investments | (453,211 | ) | 273,741 | 23,469 | 68,513 | |||||||||||
Change in unrealized appreciation on investments | 3,850,395 | 1,838,756 | 1,101,436 | 2,519,497 | ||||||||||||
Net realized/unrealized gains from investments | 3,397,184 | 2,112,497 | 1,124,905 | 2,588,010 | ||||||||||||
Change in net assets resulting from operations | $ | 9,650,380 | $ | 3,624,745 | $ | 1,966,293 | $ | 4,508,268 | ||||||||
See notes to financial statements.
9
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets
New Asia Growth Fund | International Stock Fund | Small Cap Fund | ||||||||||||||||||||||
Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 468,146 | $ | 1,341,468 | $ | 583,216 | $ | 2,384,781 | $ | (1,340,041 | ) | $ | (1,063,298 | ) | ||||||||||
Net realized gains (losses) from investments, futures and foreign currency transactions | 16,237,598 | 13,445,612 | 9,652,798 | 25,040,337 | (24,635,254 | ) | 75,279,321 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency transactions | (9,202,634 | ) | 22,968,229 | (19,117,388 | ) | 24,814,151 | (28,518,711 | ) | (28,351,126 | ) | ||||||||||||||
Change in net assets resulting from operations | 7,503,110 | 37,755,309 | (8,881,374 | ) | 52,239,269 | (54,494,006 | ) | 45,864,897 | ||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (16,748 | ) | (30,376 | ) | (3,469 | ) | (10,569 | ) | — | — | ||||||||||||||
From net realized gains | (554,220 | ) | (233,425 | ) | (126,628 | ) | — | (32,778,648 | ) | (15,602,529 | ) | |||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,577 | ) | (3,523 | ) | (102 | ) | (2,162 | ) | — | — | ||||||||||||||
From net realized gains | (101,202 | ) | (65,066 | ) | (36,630 | ) | — | (369,645 | ) | (251,200 | ) | |||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,774 | ) | (2,951 | ) | (184 | ) | (1,971 | ) | — | — | ||||||||||||||
From net realized gains | (115,822 | ) | (47,463 | ) | (42,315 | ) | — | (4,182,152 | ) | (1,512,887 | ) | |||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (695,611 | ) | (1,307,692 | ) | (718,094 | ) | (2,600,031 | ) | — | — | ||||||||||||||
From net realized gains | (18,299,741 | ) | (8,514,850 | ) | (15,706,421 | ) | — | (36,706,704 | ) | (16,320,588 | ) | |||||||||||||
Change in net assets from shareholder distributions | (19,786,695 | ) | (10,205,346 | ) | (16,633,843 | ) | (2,614,733 | ) | (74,037,149 | ) | (33,687,204 | ) | ||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | 16,374,543 | 1,263,213 | 15,861,160 | (13,143,116 | ) | (19,754,250 | ) | 93,297,720 | ||||||||||||||||
Change in net assets | 4,090,958 | 28,813,176 | (9,654,057 | ) | 36,481,420 | (148,285,405 | ) | 105,475,413 | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 117,858,302 | 89,045,126 | 248,548,410 | 212,066,990 | 536,448,005 | 430,972,592 | ||||||||||||||||||
End of year | $ | 121,949,260 | $ | 117,858,302 | $ | 238,894,353 | $ | 248,548,410 | $ | 388,162,600 | $ | 536,448,005 | ||||||||||||
Distributions in excess of net investment income | $ | (160,334 | ) | $ | (87,230 | ) | $ | (362,654 | ) | $ | (224,021 | ) | $ | (1,340,041 | ) | $ | — | |||||||
See notes to financial statements.
10
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, continued
New Asia Growth Fund | International Stock Fund | Small Cap Fund | ||||||||||||||||||||||
Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 1,980,814 | $ | 783,956 | $ | 1,247,965 | $ | 496,878 | $ | 35,276,068 | $ | 114,314,923 | ||||||||||||
Dividends reinvested | 462,361 | 215,939 | 109,752 | 8,371 | 29,790,004 | 14,385,367 | ||||||||||||||||||
Cost of shares redeemed | (448,917 | ) | (664,241 | ) | (687,076 | ) | (534,460 | ) | (72,541,703 | ) | (120,465,234 | ) | ||||||||||||
Change in net assets from Class A | $ | 1,994,258 | $ | 335,654 | $ | 670,641 | $ | (29,211 | ) | $ | (7,475,631 | ) | $ | 8,235,056 | ||||||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 29,107 | $ | 95,081 | $ | 7,195 | $ | 53,290 | $ | — | $ | 58,069 | ||||||||||||
Dividends reinvested | 70,687 | 45,049 | 33,403 | 1,862 | 352,112 | 238,041 | ||||||||||||||||||
Cost of shares redeemed | (135,240 | ) | (274,934 | ) | (147,609 | ) | (209,441 | ) | (411,064 | ) | (986,558 | ) | ||||||||||||
Change in net assets from Class B | $ | (35,446 | ) | $ | (134,804 | ) | $ | (107,011 | ) | $ | (154,289 | ) | $ | (58,952 | ) | $ | (690,448 | ) | ||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 153,596 | $ | 166,184 | $ | 62,450 | $ | 102,387 | $ | 4,674,924 | $ | 10,931,408 | ||||||||||||
Dividends reinvested | 112,631 | 48,033 | 42,499 | 1,971 | 3,660,806 | 1,347,711 | ||||||||||||||||||
Cost of shares redeemed | (72,579 | ) | (179,524 | ) | (76,455 | ) | (242,606 | ) | (4,283,320 | ) | (3,079,199 | ) | ||||||||||||
Change in net assets from Class C | $ | 193,648 | $ | 34,693 | $ | 28,494 | $ | (138,248 | ) | $ | 4,052,410 | $ | 9,199,920 | |||||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 10,614,871 | $ | 15,558,241 | $ | 24,580,507 | $ | 37,672,252 | $ | 23,586,767 | $ | 144,851,595 | ||||||||||||
Dividends reinvested | 16,064,079 | 7,216,565 | 12,492,530 | 140,765 | 31,750,368 | 13,068,368 | ||||||||||||||||||
Cost of shares redeemed | (12,456,867 | ) | (21,747,136 | ) | (21,804,001 | ) | (50,634,385 | ) | (71,609,212 | ) | (81,366,771 | ) | ||||||||||||
Change in net assets from Class Y | $ | 14,222,083 | $ | 1,027,670 | $ | 15,269,036 | $ | (12,821,368 | ) | $ | (16,272,077 | ) | $ | 76,553,192 | ||||||||||
Change in net assets from capital transactions | $ | 16,374,543 | $ | 1,263,213 | $ | 15,861,160 | $ | (13,143,116 | ) | $ | (19,754,250 | ) | $ | 93,297,720 | ||||||||||
Share Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Issued | 94,439 | 39,710 | 89,173 | 38,788 | 2,108,292 | 6,010,678 | ||||||||||||||||||
Reinvested | 21,790 | 11,983 | 8,275 | 651 | 2,006,061 | 775,074 | ||||||||||||||||||
Redeemed | (20,034 | ) | (34,381 | ) | (55,191 | ) | (41,853 | ) | (4,439,273 | ) | (6,451,599 | ) | ||||||||||||
Change in Class A | 96,195 | 17,312 | 42,257 | (2,414 | ) | (324,920 | ) | 334,153 | ||||||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | 1,241 | 5,045 | 561 | 4,596 | — | 3,152 | ||||||||||||||||||
Reinvested | 3,543 | 2,642 | 2,670 | 150 | 26,005 | 13,736 | ||||||||||||||||||
Redeemed | (6,315 | ) | (14,963 | ) | (11,170 | ) | (18,084 | ) | (25,228 | ) | (55,256 | ) | ||||||||||||
Change in Class B | (1,531 | ) | (7,276 | ) | (7,939 | ) | (13,338 | ) | 777 | (38,368 | ) | |||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 7,335 | 9,105 | 4,856 | 8,824 | 305,185 | 613,373 | ||||||||||||||||||
Reinvested | 5,653 | 2,815 | 3,400 | 159 | 270,170 | 77,723 | ||||||||||||||||||
Redeemed | (3,602 | ) | (9,909 | ) | (6,106 | ) | (20,786 | ) | (283,599 | ) | (171,118 | ) | ||||||||||||
Change in Class C | 9,386 | 2,011 | 2,150 | (11,803 | ) | 291,756 | 519,978 | |||||||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 471,870 | 824,223 | 1,815,028 | 3,002,553 | 1,420,899 | 7,556,310 | ||||||||||||||||||
Reinvested | 746,488 | 398,281 | 922,535 | 10,711 | 2,091,592 | 692,915 | ||||||||||||||||||
Redeemed | (528,127 | ) | (1,187,164 | ) | (1,540,840 | ) | (4,250,018 | ) | (4,039,468 | ) | (4,193,411 | ) | ||||||||||||
Change in Class Y | 690,231 | 35,340 | 1,196,723 | (1,236,754 | ) | (526,977 | ) | 4,055,814 | ||||||||||||||||
Change in shares | 794,281 | 47,387 | 1,233,191 | (1,264,309 | ) | (559,364 | ) | 4,871,577 | ||||||||||||||||
See notes to financial statements.
11
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, continued
Mid-Cap Fund | Growth Stock Fund | Growth and Income Fund | ||||||||||||||||||||||
Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 171,384 | $ | 413,804 | $ | 508,509 | $ | 232,635 | $ | 779,136 | $ | 1,205,086 | ||||||||||||
Net realized gains (losses) from investments | (2,375,061 | ) | 9,339,409 | (2,022,792 | ) | 14,282,281 | (3,686,497 | ) | 19,482,302 | |||||||||||||||
Net change in unrealized | (6,541,172 | ) | (1,353,818 | ) | (5,205,844 | ) | 5,478,060 | (4,254,071 | ) | (3,753,343 | ) | |||||||||||||
Change in net assets resulting from operations | (8,744,849 | ) | 8,399,395 | (6,720,127 | ) | 19,992,976 | (7,161,432 | ) | 16,934,045 | |||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (733 | ) | (3,457 | ) | (20,159 | ) | (2,392 | ) | (23,259 | ) | (33,411 | ) | ||||||||||||
From net realized gains | (70,748 | ) | (105,113 | ) | — | — | (307,734 | ) | — | |||||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | — | — | (5,399 | ) | (1,893 | ) | (2,163 | ) | (1,898 | ) | ||||||||||||||
From net realized gains | — | — | — | — | (138,122 | ) | — | |||||||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | — | (1,481 | ) | (2,039 | ) | (345 | ) | (1,718 | ) | (782 | ) | |||||||||||||
From net realized gains | (49,554 | ) | (76,582 | ) | — | — | (102,454 | ) | — | |||||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (168,543 | ) | (430,668 | ) | (502,161 | ) | (212,093 | ) | (740,902 | ) | (1,196,850 | ) | ||||||||||||
From net realized gains | (7,523,616 | ) | (7,791,799 | ) | — | — | (7,376,837 | ) | — | |||||||||||||||
Change in net assets from shareholder distributions | (7,813,194 | ) | (8,409,100 | ) | (529,758 | ) | (216,723 | ) | (8,693,189 | ) | (1,232,941 | ) | ||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | 9,773,187 | (3,021,801 | ) | (10,879,909 | ) | (14,034,119 | ) | (93,654 | ) | (25,923,455 | ) | |||||||||||||
Change in net assets | (6,784,856 | ) | (3,031,506 | ) | (18,129,794 | ) | 5,742,134 | (15,948,275 | ) | (10,222,351 | ) | |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 71,596,255 | 74,627,761 | 169,346,056 | 163,603,922 | 155,060,722 | 165,283,073 | ||||||||||||||||||
End of year | $ | 64,811,399 | $ | 71,596,255 | $ | 151,216,262 | $ | 169,346,056 | $ | 139,112,447 | $ | 155,060,722 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | 2,108 | $ | — | $ | (5,337 | ) | $ | 15,912 | $ | 11,094 | $ | — | |||||||||||
See notes to financial statements.
12
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, continued
Mid-Cap Fund | Growth Stock Fund | Growth and Income Fund | ||||||||||||||||||||||
Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 29,509 | $ | 129,870 | $ | 854,644 | $ | 1,844,027 | $ | 466,929 | $ | 1,922,868 | ||||||||||||
Dividends reinvested | 58,347 | 90,453 | 18,610 | 2,255 | 318,363 | 31,550 | ||||||||||||||||||
Cost of shares redeemed | (40,666 | ) | (411,174 | ) | (1,080,649 | ) | (2,891,919 | ) | (959,367 | ) | (1,981,641 | ) | ||||||||||||
Change in net assets from Class A | $ | 47,190 | $ | (190,851 | ) | $ | (207,395 | ) | $ | (1,045,637 | ) | $ | (174,075 | ) | $ | (27,223 | ) | |||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 5,382 | $ | 12,422 | $ | 71,441 | $ | 15,672 | ||||||||||||
Dividends reinvested | — | — | 5,034 | 1,794 | 131,214 | 1,805 | ||||||||||||||||||
Cost of shares redeemed | — | — | (1,476,475 | ) | (4,046,880 | ) | (851,502 | ) | (2,726,151 | ) | ||||||||||||||
Change in net assets from Class B | $ | — | $ | — | $ | (1,466,059 | ) | $ | (4,032,664 | ) | $ | (648,847 | ) | $ | (2,708,674 | ) | ||||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 53,270 | $ | 78,265 | $ | 138,200 | $ | 365,336 | $ | 177,885 | $ | 317,793 | ||||||||||||
Dividends reinvested | 49,083 | 75,348 | 2,039 | 345 | 104,172 | 782 | ||||||||||||||||||
Cost of shares redeemed | (51,371 | ) | (221,389 | ) | (311,292 | ) | (685,924 | ) | (162,823 | ) | (643,229 | ) | ||||||||||||
Change in net assets from Class C | $ | 50,982 | $ | (67,776 | ) | $ | (171,053 | ) | $ | (320,243 | ) | $ | 119,234 | $ | (324,654 | ) | ||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 10,052,503 | $ | 22,491,892 | $ | 7,404,114 | $ | 42,744,571 | $ | 8,919,181 | $ | 19,646,624 | ||||||||||||
Dividends reinvested | 6,222,120 | 6,344,791 | 65,580 | 28,615 | 5,132,245 | 88,238 | ||||||||||||||||||
Cost of shares redeemed | (6,599,608 | ) | (31,599,857 | ) | (16,505,096 | ) | (51,408,761 | ) | (13,441,392 | ) | (42,597,766 | ) | ||||||||||||
Change in net assets from Class Y | $ | 9,675,015 | $ | (2,763,174 | ) | $ | (9,035,402 | ) | $ | (8,635,575 | ) | $ | 610,034 | $ | (22,862,904 | ) | ||||||||
Change in net assets from capital transactions | $ | 9,773,187 | $ | (3,021,801 | ) | $ | (10,879,909 | ) | $ | (14,034,119 | ) | $ | (93,654 | ) | $ | (25,923,455 | ) | |||||||
Share Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Issued | 2,464 | 10,341 | 87,731 | 192,630 | 31,532 | 130,375 | ||||||||||||||||||
Reinvested | 5,636 | 7,785 | 1,987 | 239 | 22,667 | 2,126 | ||||||||||||||||||
Redeemed | (3,539 | ) | (33,768 | ) | (111,279 | ) | (307,744 | ) | (66,858 | ) | (133,889 | ) | ||||||||||||
Change in Class A | 4,561 | (15,642 | ) | (21,561 | ) | (114,875 | ) | (12,659 | ) | (1,388 | ) | |||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | — | — | 614 | 1,450 | 5,253 | 1,079 | ||||||||||||||||||
Reinvested | — | — | 609 | 205 | 10,024 | 130 | ||||||||||||||||||
Redeemed | — | — | (163,490 | ) | (463,051 | ) | (61,245 | ) | (197,390 | ) | ||||||||||||||
Change in Class B | — | — | (162,267 | ) | (461,396 | ) | (45,968 | ) | (196,181 | ) | ||||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 4,980 | 6,522 | 15,510 | 42,283 | 13,446 | 23,234 | ||||||||||||||||||
Reinvested | 4,864 | 6,593 | 247 | 39 | 7,965 | 56 | ||||||||||||||||||
Redeemed | (4,670 | ) | (18,054 | ) | (34,103 | ) | (78,394 | ) | (12,449 | ) | (46,381 | ) | ||||||||||||
Change in Class C | 5,174 | (4,939 | ) | (18,346 | ) | (36,072 | ) | 8,962 | (23,091 | ) | ||||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 873,862 | 1,831,688 | 752,868 | 4,484,580 | 618,261 | 1,337,411 | ||||||||||||||||||
Reinvested | 599,952 | 544,557 | 6,695 | 2,866 | 362,639 | 5,899 | ||||||||||||||||||
Redeemed | (604,319 | ) | (2,584,614 | ) | (1,630,185 | ) | (5,595,111 | ) | (908,288 | ) | (2,901,496 | ) | ||||||||||||
Change in Class Y | 869,495 | (208,369 | ) | (870,622 | ) | (1,107,665 | ) | 72,612 | (1,558,186 | ) | ||||||||||||||
Change in shares | 879,230 | (228,950 | ) | (1,072,796 | ) | (1,720,008 | ) | 22,947 | (1,778,846 | ) | ||||||||||||||
See notes to financial statements.
13
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, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 1,112,735 | $ | 2,148,969 | $ | 7,280,395 | $ | 15,399,710 | $ | 6,253,196 | $ | 12,616,692 | ||||||||||||
Net realized gains (losses) from investments | (3,279,930 | ) | 29,881,198 | 2,411,903 | 848,286 | (453,211 | ) | 845,316 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (7,237,802 | ) | (11,305,014 | ) | 9,526,938 | (912,112 | ) | 3,850,395 | (2,263,544 | ) | ||||||||||||||
Change in net assets resulting from operations | (9,404,997 | ) | 20,725,153 | 19,219,236 | 15,335,884 | 9,650,380 | 11,198,464 | |||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (16,296 | ) | (32,135 | ) | (71,644 | ) | (150,712 | ) | (115,024 | ) | (240,129 | ) | ||||||||||||
From net realized gains | (429,326 | ) | (334,935 | ) | — | — | (5,521 | ) | (5,509 | ) | ||||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | (2,400 | ) | (5,454 | ) | (26,698 | ) | (87,910 | ) | (16,131 | ) | (52,039 | ) | ||||||||||||
From net realized gains | (155,040 | ) | (163,267 | ) | — | — | (850 | ) | (1,690 | ) | ||||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | (5,113 | ) | (8,156 | ) | (18,255 | ) | (43,523 | ) | (186 | ) | (347 | ) | ||||||||||||
From net realized gains | (309,838 | ) | (239,941 | ) | — | — | (11 | ) | (10 | ) | ||||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,063,498 | ) | (2,137,579 | ) | (7,070,755 | ) | (14,790,453 | ) | (6,121,855 | ) | (12,324,177 | ) | ||||||||||||
From net realized gains | (23,050,183 | ) | (18,856,455 | ) | — | — | (274,361 | ) | (264,559 | ) | ||||||||||||||
Change in net assets from shareholder distributions | (25,031,694 | ) | (21,777,922 | ) | (7,187,352 | ) | (15,072,598 | ) | (6,533,939 | ) | (12,888,460 | ) | ||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | 18,054,625 | (1,427,365 | ) | (25,014,114 | ) | 18,252,103 | (15,564,732 | ) | (4,733,676 | ) | ||||||||||||||
Change in net assets | (16,382,066 | ) | (2,480,134 | ) | (12,982,230 | ) | 18,515,389 | (12,448,291 | ) | (6,423,672 | ) | |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 149,701,332 | 152,181,466 | 313,829,233 | 295,313,844 | 289,297,448 | 295,721,120 | ||||||||||||||||||
End of year | $ | 133,319,266 | $ | 149,701,332 | $ | 300,847,003 | $ | 313,829,233 | $ | 276,849,157 | $ | 289,297,448 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | 25,429 | $ | 1 | $ | 51,846 | $ | (41,197 | ) | $ | 35 | $ | 35 | |||||||||||
See notes to financial statements.
14
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, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 132,692 | $ | 761,040 | $ | 356,437 | $ | 826,490 | $ | 249,294 | $ | 476,532 | ||||||||||||
Dividends reinvested | 325,452 | 248,033 | 54,546 | 111,400 | 67,988 | 134,662 | ||||||||||||||||||
Cost of shares redeemed | (517,671 | ) | (1,006,964 | ) | (473,371 | ) | (1,523,238 | ) | (471,022 | ) | (1,276,278 | ) | ||||||||||||
Change in net assets from Class A | $ | (59,527 | ) | $ | 2,109 | $ | (62,388 | ) | $ | (585,348 | ) | $ | (153,740 | ) | $ | (665,084 | ) | |||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | — | $ | 54,944 | $ | 3,943 | $ | 6,011 | $ | — | $ | — | ||||||||||||
Dividends reinvested | 144,951 | 145,556 | 21,216 | 73,836 | 10,829 | 33,971 | ||||||||||||||||||
Cost of shares redeemed | (196,450 | ) | (526,404 | ) | (406,923 | ) | (1,406,977 | ) | (277,644 | ) | (1,308,938 | ) | ||||||||||||
Change in net assets from Class B | $ | (51,499 | ) | $ | (325,904 | ) | $ | (381,764 | ) | $ | (1,327,130 | ) | $ | (266,815 | ) | $ | (1,274,967 | ) | ||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 177,989 | $ | 275,434 | $ | 123,354 | $ | 214,494 | $ | — | $ | — | ||||||||||||
Dividends reinvested | 314,951 | 247,629 | 17,975 | 43,144 | 197 | 359 | ||||||||||||||||||
Cost of shares redeemed | (156,375 | ) | (765,205 | ) | (161,817 | ) | (621,624 | ) | — | — | ||||||||||||||
Change in net assets from Class C | $ | 336,565 | $ | (242,142 | ) | $ | (20,488 | ) | $ | (363,986 | ) | $ | 197 | $ | 359 | |||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 15,025,273 | $ | 45,085,240 | $ | 10,453,539 | $ | 70,474,420 | $ | 15,497,921 | $ | 48,411,120 | ||||||||||||
Dividends reinvested | 15,981,172 | 12,547,672 | 615,756 | 1,184,100 | 293,268 | 278,586 | ||||||||||||||||||
Cost of shares redeemed | (13,177,359 | ) | (58,494,340 | ) | (35,618,769 | ) | (51,129,953 | ) | (30,935,563 | ) | (51,483,690 | ) | ||||||||||||
Change in net assets from Class Y | $ | 17,829,086 | $ | (861,428 | ) | $ | (24,549,474 | ) | $ | 20,528,567 | $ | (15,144,374 | ) | $ | (2,793,984 | ) | ||||||||
Change in net assets from capital transactions | $ | 18,054,625 | $ | (1,427,365 | ) | $ | (25,014,114 | ) | $ | 18,252,103 | $ | (15,564,732 | ) | $ | (4,733,676 | ) | ||||||||
Share Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Issued | 13,349 | 69,132 | 33,147 | 77,209 | 24,734 | 46,877 | ||||||||||||||||||
Reinvested | 37,912 | 23,689 | 5,032 | 10,391 | 6,752 | 13,236 | ||||||||||||||||||
Redeemed | (48,914 | ) | (91,780 | ) | (43,793 | ) | (141,923 | ) | (46,759 | ) | (125,657 | ) | ||||||||||||
Change in Class A | 2,347 | 1,041 | (5,614 | ) | (54,323 | ) | (15,273 | ) | (65,544 | ) | ||||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | — | 5,017 | 365 | 563 | — | — | ||||||||||||||||||
Reinvested | 17,327 | 14,225 | 1,963 | 6,896 | 1,076 | 3,336 | ||||||||||||||||||
Redeemed | (19,125 | ) | (49,005 | ) | (37,939 | ) | (131,317 | ) | (27,559 | ) | (128,458 | ) | ||||||||||||
Change in Class B | (1,798 | ) | (29,763 | ) | (35,611 | ) | (123,858 | ) | (26,483 | ) | (125,122 | ) | ||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 19,435 | 25,730 | 11,286 | 20,037 | — | — | ||||||||||||||||||
Reinvested | 37,552 | 24,128 | 1,662 | 4,031 | 20 | 35 | ||||||||||||||||||
Redeemed | (17,170 | ) | (70,852 | ) | (14,831 | ) | (57,952 | ) | — | — | ||||||||||||||
Change in Class C | 39,817 | (20,994 | ) | (1,883 | ) | (33,884 | ) | 20 | 35 | |||||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 1,609,785 | 4,167,772 | 961,158 | 6,546,520 | 1,537,950 | 4,745,845 | ||||||||||||||||||
Reinvested | 1,862,280 | 1,199,266 | 56,456 | 109,808 | 29,083 | 26,967 | ||||||||||||||||||
Redeemed | (1,286,972 | ) | (5,367,005 | ) | (3,282,727 | ) | (4,738,273 | ) | (3,063,161 | ) | (5,042,615 | ) | ||||||||||||
Change in Class Y | 2,185,093 | 34 | (2,265,113 | ) | 1,918,055 | (1,496,128 | ) | (269,803 | ) | |||||||||||||||
Change in shares | 2,225,459 | (49,682 | ) | (2,308,221 | ) | 1,705,990 | (1,537,864 | ) | (460,434 | ) | ||||||||||||||
See notes to financial statements.
15
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, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 1,512,248 | $ | 2,968,857 | $ | 841,388 | $ | 1,997,274 | $ | 1,920,258 | $ | 4,340,495 | ||||||||||||
Net realized gains (losses) from investments | 273,741 | (273,219 | ) | 23,469 | (54,774 | ) | 68,513 | (38,674 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 1,838,756 | 367,254 | 1,101,436 | (94,705 | ) | 2,519,497 | 288,968 | |||||||||||||||||
Change in net assets resulting from operations | 3,624,745 | 3,062,892 | 1,966,293 | 1,847,795 | 4,508,268 | 4,590,789 | ||||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (21,642 | ) | (46,519 | ) | (33,605 | ) | (75,560 | ) | (50,567 | ) | (104,990 | ) | ||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | (11,242 | ) | (40,257 | ) | ||||||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | (9,192 | ) | (21,528 | ) | (124 | ) | (241 | ) | (18,589 | ) | (53,618 | ) | ||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,477,753 | ) | (2,884,130 | ) | (807,659 | ) | (1,921,473 | ) | (1,839,860 | ) | (4,148,773 | ) | ||||||||||||
Change in net assets from shareholder distributions | (1,508,587 | ) | (2,952,177 | ) | (841,388 | ) | (1,997,274 | ) | (1,920,258 | ) | (4,347,638 | ) | ||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | 200,566 | 1,999,489 | (6,065,961 | ) | (12,448,040 | ) | (6,582,658 | ) | (11,429,346 | ) | ||||||||||||||
Change in net assets | 2,316,724 | 2,110,204 | (4,941,056 | ) | (12,597,519 | ) | (3,994,648 | ) | (11,186,195 | ) | ||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 64,303,086 | 62,192,882 | 53,020,225 | 65,617,744 | 90,024,012 | 101,210,207 | ||||||||||||||||||
End of year | $ | 66,619,810 | $ | 64,303,086 | $ | 48,079,169 | $ | 53,020,225 | $ | 86,029,364 | $ | 90,024,012 | ||||||||||||
Undistributed net investment income | $ | (3,717 | ) | $ | (7,378 | ) | $ | 762 | $ | 762 | $ | — | $ | — | ||||||||||
See notes to financial statements.
16
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, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | Period Ended January 31, 2008 | Year Ended July 31, 2007 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 19,997 | $ | 20,205 | $ | — | $ | 42,943 | $ | 228,816 | $ | 132,054 | ||||||||||||
Dividends reinvested | 19,314 | 39,954 | 28,237 | 64,014 | 28,768 | 58,205 | ||||||||||||||||||
Cost of shares redeemed | (80,808 | ) | (340,020 | ) | (216,698 | ) | (719,044 | ) | (145,166 | ) | (285,647 | ) | ||||||||||||
Change in net assets from Class A | $ | (41,497 | ) | $ | (279,861 | ) | $ | (188,461 | ) | $ | (612,087 | ) | $ | 112,418 | $ | (95,388 | ) | |||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | — | $ | — | $ | 37,600 | $ | 4,275 | ||||||||||||
Dividends reinvested | — | — | — | — | 10,461 | 37,740 | ||||||||||||||||||
Cost of shares redeemed | — | — | — | — | (292,918 | ) | (458,927 | ) | ||||||||||||||||
Change in net assets from Class B | $ | — | $ | — | $ | — | $ | — | $ | (244,857 | ) | $ | (416,912 | ) | ||||||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 42,263 | $ | 98,451 | $ | — | $ | — | $ | 120,867 | $ | 302,132 | ||||||||||||
Dividends reinvested | 9,073 | 21,344 | 124 | 243 | 18,186 | 52,928 | ||||||||||||||||||
Cost of shares redeemed | (72,420 | ) | (286,055 | ) | — | — | (243,872 | ) | (757,324 | ) | ||||||||||||||
Change in net assets from Class C | $ | (21,084 | ) | $ | (166,260 | ) | $ | 124 | $ | 243 | $ | (104,819 | ) | $ | (402,264 | ) | ||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 6,824,134 | $ | 18,637,875 | $ | 3,086,055 | $ | 6,723,639 | $ | 8,147,217 | $ | 18,585,051 | ||||||||||||
Dividends reinvested | 167,487 | 326,887 | 7,148 | 6,468 | 768,838 | 1,840,631 | ||||||||||||||||||
Cost of shares redeemed | (6,728,474 | ) | (16,519,152 | ) | (8,970,827 | ) | (18,566,303 | ) | (15,261,455 | ) | (30,940,464 | ) | ||||||||||||
Change in net assets from Class Y | $ | 263,147 | $ | 2,445,610 | $ | (5,877,624 | ) | $ | (11,836,196 | ) | $ | (6,345,400 | ) | $ | (10,514,782 | ) | ||||||||
Change in net assets from capital transactions | $ | 200,566 | $ | 1,999,489 | $ | (6,065,961 | ) | $ | (12,448,040 | ) | $ | (6,582,658 | ) | $ | (11,429,346 | ) | ||||||||
Share Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Issued | 2,075 | 2,103 | — | 4,260 | 22,593 | 13,116 | ||||||||||||||||||
Reinvested | 1,995 | 4,168 | 2,796 | 6,355 | 2,821 | 5,783 | ||||||||||||||||||
Redeemed | (8,352 | ) | (35,467 | ) | (21,403 | ) | (71,276 | ) | (14,221 | ) | (28,448 | ) | ||||||||||||
Change in Class A | (4,282 | ) | (29,196 | ) | (18,607 | ) | (60,661 | ) | 11,193 | (9,549 | ) | |||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | — | — | — | — | 3,723 | 425 | ||||||||||||||||||
Reinvested | — | — | — | — | 1,027 | 3,749 | ||||||||||||||||||
Redeemed | — | — | — | — | (28,946 | ) | (45,582 | ) | ||||||||||||||||
Change in Class B | — | — | — | — | (24,196 | ) | (41,408 | ) | ||||||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 4,358 | 10,275 | — | — | 11,853 | 30,003 | ||||||||||||||||||
Reinvested | 938 | 2,228 | 13 | 24 | 1,785 | 5,257 | ||||||||||||||||||
Redeemed | (7,474 | ) | (29,825 | ) | — | — | (23,940 | ) | (75,186 | ) | ||||||||||||||
Change in Class C | (2,178 | ) | (17,322 | ) | 13 | 24 | (10,302 | ) | (39,926 | ) | ||||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 706,266 | 1,939,987 | 305,774 | 664,404 | 800,271 | 1,843,594 | ||||||||||||||||||
Reinvested | 17,270 | 34,045 | 702 | 639 | 75,415 | 182,747 | ||||||||||||||||||
Redeemed | (694,840 | ) | (1,718,044 | ) | (886,810 | ) | (1,833,587 | ) | (1,502,639 | ) | (3,071,568 | ) | ||||||||||||
Change in Class Y | 28,696 | 255,988 | (580,334 | ) | (1,168,544 | ) | (626,953 | ) | (1,045,227 | ) | ||||||||||||||
Change in shares | 22,236 | 209,470 | (598,928 | ) | (1,229,181 | ) | (650,258 | ) | (1,136,110 | ) | ||||||||||||||
See notes to financial statements.
17
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (97.3%) | ||||
China (3.6%) | ||||
Consumer Discretionary (3.1%) | ||||
1,123,000 | China Resources Enterprise Ltd. | 3,785,331 | ||
Energy (0.5%) | ||||
310,000 | China Oilfield Services Ltd., Class H | 564,713 | ||
4,350,044 | ||||
Hong Kong (27.9%) | ||||
Consumer Discretionary (8.0%) | ||||
352,000 | Cheung Kong Holdings Ltd. | 5,707,685 | ||
106,000 | China Merchants Holdings International Co. Ltd. | 517,831 | ||
85,600 | Esprit Holdings Ltd. | 1,114,829 | ||
637,200 | Li & Fung Ltd. | 2,399,399 | ||
9,739,744 | ||||
Energy (0.9%) | ||||
753,500 | CNOOC Ltd. | 1,065,033 | ||
Financials (4.2%) | ||||
775,000 | Hang Lung Group Ltd. | 3,596,903 | ||
119,000 | Wing Hang Bank Ltd. | 1,546,262 | ||
5,143,165 | ||||
Industrials (5.6%) | ||||
161,742 | Kerry Properties Ltd. | 1,090,374 | ||
309,500 | Swire Pacific Ltd., Class A | 4,203,096 | ||
622,500 | Swire Pacific Ltd., Class B | 1,585,656 | ||
6,879,126 | ||||
Telecommunications (3.5%) | ||||
3,950,000 | China Telecom Corp. Ltd., Class H | 2,764,186 | ||
1,108,000 | Hutchison Telecommunications International Ltd. | 1,574,125 | ||
4,338,311 | ||||
Utilities (5.7%) | ||||
2,521,800 | Hong Kong & China Gas Co. Ltd. | 6,910,379 | ||
34,075,758 | ||||
India (1.8%) | ||||
Financials (1.3%) | ||||
12,900 | HDFC Bank Ltd., ADR | 1,539,486 | ||
Information Technology (0.5%) | ||||
14,500 | Infosys Technologies Ltd., ADR | 600,300 | ||
2,139,786 | ||||
Malaysia (13.3%) | ||||
Consumer Discretionary (2.3%) | ||||
1,245,500 | Genting Berhad | 2,838,167 | ||
Financials (1.3%) | ||||
512,000 | Bumiputra-Commerce Holdings Berhad | 1,644,807 | ||
Industrials (9.7%) | ||||
938,600 | Gamuda Berhad | 1,498,377 | ||
2,565,950 | IOI Corp. Berhad | 5,701,405 | ||
1,602,200 | Tenaga Nasional Berhad | 4,567,477 | ||
11,767,259 | ||||
16,250,233 | ||||
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Papua New Guinea (2.9%) | ||||
Metals and Mining (2.9%) | ||||
1,103,075 | Lihir Gold Ltd. (a) | 3,589,964 | ||
Philippines (3.7%) | ||||
Financials (1.2%) | ||||
125,152 | Ayala Corp. | 1,481,759 | ||
Telecommunications (2.5%) | ||||
16,122 | Philippine Long Distance Telephone Co. | 1,198,749 | ||
23,700 | Philippine Long Distance Telephone Co., ADR | 1,783,425 | ||
2,982,174 | ||||
4,463,933 | ||||
Singapore (11.1%) | ||||
Consumer Staples (1.1%) | ||||
381,000 | Fraser & Neave Ltd. | 1,305,877 | ||
Financials (3.4%) | ||||
130,000 | Great Eastern Holdings Ltd. | 1,468,262 | ||
516,346 | Oversea-Chinese Banking Corp. Ltd. | 2,751,083 | ||
4,219,345 | ||||
Industrials (4.3%) | ||||
442,000 | Keppel Corp. Ltd. | 3,598,083 | ||
497,000 | SembCorp Industries Ltd. | 1,629,840 | ||
5,227,923 | ||||
Telecommunications (2.3%) | ||||
857,000 | Singapore Telecommunications Ltd. | 2,232,969 | ||
292,290 | Starhub Ltd. | 613,473 | ||
2,846,442 | ||||
13,599,587 | ||||
South Korea (13.5%) | ||||
Consumer Discretionary (3.2%) | ||||
8,980 | LG Corp. (a) | 520,873 | ||
5,172 | Shinsegae Co. Ltd. | 3,377,714 | ||
3,898,587 | ||||
Financials (2.6%) | ||||
9,856 | Samsung Fire & Marine Insurance Co. Ltd. | 1,969,903 | ||
21,780 | Shinhan Financial Group Co. Ltd. (a) | 1,166,127 | ||
3,136,030 | ||||
Industrials (0.4%) | ||||
4,368 | Doosan Heavy Industries and Construction Co. Ltd. (a) | 432,783 | ||
Information Technology (5.8%) | ||||
18,750 | S1 Corp. | 1,091,413 | ||
9,411 | Samsung Electronics Co. Ltd. | 5,997,001 | ||
7,088,414 | ||||
Pharmaceuticals (1.5%) | ||||
9,228 | Yuhan Corp. (a) | 1,857,374 | ||
16,413,188 | ||||
See accompanying notes to financial statements.
18
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Taiwan (15.3%) | ||||
Consumer Staples (1.1%) | ||||
1,131,280 | Uni-President Enterprises Corp. | 1,397,831 | ||
Electrical Components & Equipment (1.7%) | ||||
839,462 | Delta Electronics, Inc. | 2,150,218 | ||
Financials (1.3%) | ||||
1,294,000 | Chinatrust Financial Holding Company Ltd. (a) | 1,042,921 | ||
1,022,200 | E.SUN Financial Holding Co. Ltd. (a) | 541,874 | ||
1,584,795 | ||||
Industrials (0.4%) | ||||
215,000 | Formosa Plastics Corp. | 493,093 | ||
Information Technology (7.5%) | ||||
522,406 | Asustek Computer, Inc. | 1,362,813 | ||
60,000 | MediaTek, Inc. | 597,940 | ||
545,132 | Powertech Technology, Inc. | 1,594,545 | ||
2,959,688 | Taiwan Semiconductor Manufacturing Co. Ltd. | 5,547,392 | ||
9,102,690 | ||||
Telecommunications (3.3%) | ||||
1,872,454 | Chunghwa Telecom Co. Ltd. | 3,986,666 | ||
18,715,293 | ||||
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Thailand (4.2%) | ||||
Energy (1.8%) | ||||
225,100 | PTT Public Co. Ltd. | 2,196,430 | ||
Financials (1.2%) | ||||
565,700 | Kasikornbank Public Co. Ltd. | 1,482,427 | ||
Telecommunications (1.2%) | ||||
511,700 | Advanced Info Service Public Co. Ltd. | 1,457,424 | ||
5,136,281 | ||||
Total Common Stocks (Cost $91,355,529) | 118,734,067 | |||
Investment Companies (1.8%) | ||||
2,159,787 | Victory Federal Money Market Fund, Investor Shares, 3.10% (b) | 2,159,787 | ||
Total Investment Companies (Cost $2,159,787) | 2,159,787 | |||
Total Investments (Cost $93,515,316) (c)—99.1% | 120,893,854 | |||
Other assets in excess of liabilities—0.9% | 1,055,406 | |||
Net Assets—100.0% | 121,949,260 | |||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2008. |
(c) | Cost for federal income tax purposes is $93,569,483. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 29,607,411 | ||
Unrealized depreciation | (2,283,040 | ) | ||
Net unrealized appreciation | $ | 27,324,371 | ||
ADR—American Depositary Receipt
See accompanying notes to financial statements.
19
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (98.8%) | ||||
Australia (3.6%) | ||||
Energy (0.9%) | ||||
49,560 | Woodside Petroleum Ltd. | 2,093,792 | ||
Financials (0.9%) | ||||
93,869 | Westpac Banking Corp. | 2,188,691 | ||
Materials (1.8%) | ||||
56,985 | BHP Billiton Ltd. | 1,910,266 | ||
21,680 | Rio Tinto Ltd. | 2,445,186 | ||
4,355,452 | ||||
8,637,935 | ||||
Austria (0.5%) | ||||
Financials (0.5%) | ||||
23,645 | Erste Bank de Oesterreichischen Sparkassen AG | 1,285,702 | ||
Brazil (5.8%) | ||||
Consumer Staples (0.6%) | ||||
19,690 | Companhia De Bebidas das Americas (AmBev) | 1,399,565 | ||
Energy (2.1%) | ||||
45,014 | Petroleo Brasileiro SA, ADR | 5,002,856 | ||
Financials (0.6%) | ||||
58,340 | Banco Itau Holding Financeira SA, ADR | 1,358,155 | ||
Materials (2.0%) | ||||
75,820 | Companhia Vale do Rio Doce (CVRD), ADR | 2,273,084 | ||
96,779 | Companhia Vale do Rio Doce (CVRD), ADR, Preferred Shares | 2,519,157 | ||
4,792,241 | ||||
Utilities (0.5%) | ||||
79,135 | Companhia Energetica de Minas Gerais SA, ADR | 1,260,621 | ||
13,813,438 | ||||
Canada (3.3%) | ||||
Energy (1.4%) | ||||
56,146 | Cameco Corp. | 1,900,542 | ||
15,445 | Suncor Energy, Inc. | 1,451,521 | ||
3,352,063 | ||||
Financials (1.9%) | ||||
25,901 | Bank of Nova Scotia | 1,243,444 | ||
26,013 | IGM Financial, Inc. | 1,149,827 | ||
57,701 | Manulife Financial Corp. | 2,168,404 | ||
4,561,675 | ||||
7,913,738 | ||||
China (2.2%) | ||||
Consumer Discretionary (1.4%) | ||||
2,898,000 | Denway Motors Ltd. | 1,709,507 | ||
28,171 | Focus Media Holding Ltd., ADR (a) | 1,353,616 | ||
65,000 | Weichai Power Co. Ltd. | 327,833 | ||
3,390,956 | ||||
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
China, continued | ||||
Health Care (0.3%) | ||||
17,500 | China Medical Technologies, Inc. | 834,225 | ||
Industrials (0.5%) | ||||
552,000 | Cosco Pacific Ltd. | 1,107,017 | ||
5,332,198 | ||||
Denmark (1.2%) | ||||
Industrials (1.2%) | ||||
28,820 | Vestas Wind Systems A/S (a) | 2,799,699 | ||
France (9.8%) | ||||
Consumer Discretionary (1.5%) | ||||
11,715 | LVMH Moet Hennessy Louis Vuitton SA | 1,202,890 | ||
7,243 | PPR | 1,019,254 | ||
31,317 | Vivendi Universal SA | 1,261,769 | ||
3,483,913 | ||||
Consumer Staples (1.2%) | ||||
41,339 | Carrefour SA | 2,910,684 | ||
Energy (1.4%) | ||||
45,234 | Total SA, ADR | 3,292,131 | ||
Financials (2.2%) | ||||
50,914 | AXA | 1,748,530 | ||
50,439 | AXA, ADR | 1,731,066 | ||
16,559 | BNP Paribas SA | 1,642,340 | ||
5,121,936 | ||||
Industrials (0.7%) | ||||
15,192 | Schneider Electric SA | 1,757,063 | ||
Media (0.5%) | ||||
50,336 | Societe Television Francaise 1 | 1,275,131 | ||
Telecommunications (0.9%) | ||||
24,633 | Iliad SA | 2,221,798 | ||
Utilities (1.4%) | ||||
18,199 | Electricite de France | 1,897,824 | ||
22,409 | Suez SA | 1,372,455 | ||
3,270,279 | ||||
23,332,935 | ||||
Germany (6.7%) | ||||
Consumer Discretionary (1.8%) | ||||
65,436 | Adidas | 4,176,962 | ||
Financials (0.5%) | ||||
37,857 | Commerzbank AG | 1,148,660 | ||
Health Care (0.8%) | ||||
8,632 | Fresenius SE, Preferred Shares | 679,558 | ||
9,900 | Merck KGaA | 1,225,919 | ||
1,905,477 | ||||
Industrials (1.0%) | ||||
18,463 | Siemens AG | 2,389,800 | ||
See accompanying notes to financial statements.
20
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Germany, continued | ||||
Information Technology (1.3%) | ||||
65,805 | SAP AG, ADR | 3,145,479 | ||
Materials (0.8%) | ||||
7,567 | Bayer AG | 624,407 | ||
6,117 | Wacker Chemie AG | 1,337,176 | ||
1,961,583 | ||||
Utilities (0.5%) | ||||
6,485 | E.ON AG | 1,200,282 | ||
15,928,243 | ||||
Greece (1.3%) | ||||
Consumer Discretionary (0.5%) | ||||
36,258 | Folli-Follie SA, Registered Shares | 1,129,570 | ||
Financials (0.8%) | ||||
30,938 | National Bank of Greece SA | 1,890,676 | ||
3,020,246 | ||||
Hong Kong (1.7%) | ||||
Consumer Discretionary (1.2%) | ||||
211,000 | Esprit Holdings Ltd. | 2,748,002 | ||
Information Technology (0.5%) | ||||
775,000 | Foxconn International Holdings Ltd. (a) | 1,296,885 | ||
4,044,887 | ||||
India (2.1%) | ||||
Financials (0.8%) | ||||
17,004 | HDFC Bank Ltd., ADR | 2,029,257 | ||
Information Technology (1.3%) | ||||
74,727 | Infosys Technologies Ltd., ADR | 3,093,698 | ||
5,122,955 | ||||
Ireland (0.8%) | ||||
Airlines (0.4%) | ||||
30,801 | Ryanair Holdings PLC, ADR (a) | 1,029,369 | ||
Financials (0.4%) | ||||
66,923 | Anglo Irish Bank Corp. | 954,326 | ||
1,983,695 | ||||
Israel (0.6%) | ||||
Health Care (0.6%) | ||||
32,815 | Teva Pharmaceutical Industries Ltd., ADR | 1,510,803 | ||
Italy (4.1%) | ||||
Energy (2.4%) | ||||
67,059 | ENI SpA | 2,167,896 | ||
104,860 | Saipem SpA | 3,641,021 | ||
5,808,917 | ||||
Financials (1.7%) | ||||
544,929 | UniCredito Italiano SpA | 4,038,005 | ||
9,846,922 | ||||
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Japan (14.2%) | ||||
Chemicals (0.7%) | ||||
30,200 | Shin-Etsu Chemical Co., Ltd. | 1,597,565 | ||
Consumer Discretionary (2.5%) | ||||
36,300 | Denso Corp. | 1,313,505 | ||
298,000 | Isuzu Motors Ltd. | 1,277,435 | ||
34,300 | Toyota Motor Corp. | 1,857,301 | ||
14,700 | Yamada Denki Co. Ltd. | 1,574,722 | ||
6,022,963 | ||||
Financials (3.4%) | ||||
204,000 | Bank of Yokohama Ltd. (The) | 1,336,975 | ||
76,900 | Nomura Holdings, Inc. | 1,124,095 | ||
11,350 | ORIX Corp. | 1,960,275 | ||
52,800 | Promise Co. Ltd. | 1,732,727 | ||
311,000 | Sumitomo Trust & Banking Co. Ltd. (The) | 2,002,457 | ||
8,156,529 | ||||
Health Care (0.5%) | ||||
63,000 | Shionogi & Co. Ltd. | 1,183,433 | ||
Industrials (2.6%) | ||||
65,000 | NGK Insulators Ltd. | 1,688,620 | ||
11,300 | SMC Corp. | 1,268,564 | ||
137,300 | Sumitomo Corp. | 1,918,931 | ||
67,300 | THK Co. Ltd. | 1,338,485 | ||
6,214,600 | ||||
Information Technology (3.8%) | ||||
26,150 | Canon, Inc. | 1,108,735 | ||
17,700 | Nidec Corp. | 1,165,445 | ||
8,800 | Nintendo Co. Ltd. | 4,450,639 | ||
192,000 | Toshiba Corp. | 1,312,261 | ||
98,000 | Yaskawa Electric Corp. | 1,048,295 | ||
9,085,375 | ||||
Materials (0.7%) | ||||
35,300 | Nitto Denko Corp. | 1,739,732 | ||
34,000,197 | ||||
Luxembourg (1.0%) | ||||
Telecommunications (1.0%) | ||||
21,645 | Millicom International Cellular SA (a) | 2,293,071 | ||
Malaysia (0.4%) | ||||
Financials (0.4%) | ||||
326,000 | Bumiputra-Commerce Holdings Berhad | 1,047,279 | ||
Mexico (1.8%) | ||||
Consumer Staples (0.6%) | ||||
37,771 | Wal-Mart de Mexico SA de CV, ADR | 1,355,465 | ||
Materials (0.3%) | ||||
30,688 | Cemex SA de CV, ADR | 831,952 | ||
See accompanying notes to financial statements.
21
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Mexico, continued | ||||
Telecommunications (0.9%) | ||||
34,646 | America Movil SAB de CV, Series L | 2,075,642 | ||
4,263,059 | ||||
Netherlands (0.7%) | ||||
Consumer Discretionary (0.7%) | ||||
42,684 | Koninklijke (Royal) Philips Electronics NV | 1,681,749 | ||
Norway (1.3%) | ||||
Industrials (0.7%) | ||||
62,421 | Renewable Energy Corp. AS (a) | 1,632,248 | ||
Materials (0.2%) | ||||
82,000 | Norske Skogsindustrier ASA | 472,010 | ||
Oil & Gas Services (0.4%) | ||||
47,700 | Subsea 7, Inc. (a) | 908,582 | ||
3,012,840 | ||||
Russia (2.8%) | ||||
Energy (1.2%) | ||||
23,330 | LUKOIL, ADR | 1,574,775 | ||
28,163 | OAO Gazprom, ADR | 1,353,232 | ||
2,928,007 | ||||
Materials (1.6%) | ||||
30,355 | Evraz Group SA, GDR (b) | 2,206,809 | ||
6,410 | JSC MMC Norilsk Nickel, ADR | 1,522,375 | ||
3,729,184 | ||||
6,657,191 | ||||
Singapore (1.9%) | ||||
Financials (0.7%) | ||||
140,000 | DBS Group Holdings Ltd. | 1,747,279 | ||
Industrials (0.6%) | ||||
183,000 | Keppel Corp. Ltd. | 1,489,704 | ||
Real Estate (0.6%) | ||||
300,000 | Keppel Land Ltd. | 1,329,962 | ||
4,566,945 | ||||
South Africa (0.5%) | ||||
Telecommunications (0.5%) | ||||
75,451 | MTN Group Ltd. | 1,206,281 | ||
South Korea (3.5%) | ||||
Consumer Discretionary (1.2%) | ||||
34,652 | Hyundai Motor Co. | 2,729,872 | ||
Financials (0.5%) | ||||
18,918 | Kookmin Bank (a) | 1,244,614 | ||
Information Technology (1.8%) | ||||
6,734 | Samsung Electronics Co. Ltd. | 4,291,128 | ||
8,265,614 | ||||
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Spain (3.2%) | ||||
Financials (2.4%) | ||||
96,040 | Banco Bilbao Vizcaya Argentaria SA | 2,020,004 | ||
205,840 | Banco Santander Central Hispano SA | 3,619,763 | ||
5,639,767 | ||||
Telecommunications (0.8%) | ||||
68,020 | Telefonica SA | 1,988,204 | ||
7,627,971 | ||||
Switzerland (9.5%) | ||||
Consumer Staples (1.3%) | ||||
7,324 | Nestle SA | 3,279,830 | ||
Financials (1.3%) | ||||
20,795 | Credit Suisse Group | 1,184,343 | ||
45,179 | UBS AG, Registered Shares | 1,877,432 | ||
3,061,775 | ||||
Health Care (3.7%) | ||||
6,497 | Nobel Biocare Holding AG | 1,613,668 | ||
54,875 | Novartis AG | 2,780,922 | ||
16,010 | Roche Holding AG, Genusschien | 2,907,763 | ||
11,867 | Synthes, Inc. | 1,520,253 | ||
8,822,606 | ||||
Industrials (0.9%) | ||||
86,025 | ABB Ltd. | 2,152,206 | ||
Materials (2.3%) | ||||
18,159 | Holcim Ltd. | 1,774,025 | ||
15,177 | Lonza Group AG, Registered Shares | 1,948,351 | ||
6,567 | Syngenta AG | 1,732,314 | ||
5,454,690 | ||||
22,771,107 | ||||
Taiwan (0.6%) | ||||
Information Technology (0.6%) | ||||
789,764 | Taiwan Semiconductor Manufacturing Co. Ltd. | 1,480,268 | ||
Thailand (0.1%) | ||||
Financials (0.1%) | ||||
59,800 | Bangkok Bank PCL | 223,038 | ||
United Kingdom (13.6%) | ||||
Consumer Discretionary (1.1%) | ||||
242,133 | British Sky Broadcasting Group PLC | 2,659,949 | ||
Consumer Staples (1.9%) | ||||
24,608 | Reckitt Benckiser Group PLC | 1,288,811 | ||
401,755 | Tesco PLC | 3,358,088 | ||
4,646,899 | ||||
Financials (4.1%) | ||||
102,106 | HBOS PLC | 1,422,580 | ||
106,676 | HSBC Holdings PLC | 1,582,397 | ||
115,197 | ICAP PLC | 1,559,426 | ||
194,649 | Man Group PLC | 2,142,836 | ||
369,755 | Old Mutual PLC | 922,343 | ||
172,467 | Prudential Corp. PLC | 2,210,707 | ||
9,840,289 | ||||
See accompanying notes to financial statements.
22
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
United Kingdom, continued | ||||
Health Care (2.1%) | ||||
19,595 | AstraZeneca PLC | 822,828 | ||
54,228 | GlaxoSmithKline PLC | 1,285,074 | ||
219,395 | Smith & Nephew PLC | 2,982,774 | ||
5,090,676 | ||||
Industrials (0.6%) | ||||
281,823 | Michael Page International PLC | 1,455,463 | ||
Information Technology (1.6%) | ||||
648,448 | ARM Holdings PLC | 1,517,342 | ||
119,606 | Autonomy Corp. PLC (a) | 2,185,626 | ||
3,702,968 | ||||
Materials (1.0%) | ||||
58,971 | BHP Billiton Ltd. PLC | 1,783,043 | ||
32,544 | Eurasian Natural | 498,248 | ||
2,281,291 | ||||
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
United Kingdom, continued | ||||
Telecommunications (1.2%) | ||||
78,927 | Vodafone Group PLC, ADR | 2,746,660 | ||
32,424,195 | ||||
Total Common Stocks (Cost $209,664,560) | 236,094,201 | |||
Investment Companies (0.7%) | ||||
1,678,274 | Victory Federal Money Market Fund, Investor Shares, 3.10% (c) | 1,678,274 | ||
Total Investment Companies (Cost $1,678,274) | 1,678,274 | |||
Total Investments (Cost $211,342,834) (d)—99.5% | 237,772,475 | |||
Other assets in excess of liabilities—0.5% | 1,121,878 | |||
Net Assets—100.0% | 238,894,353 | |||
(a) | Non-income producing security. |
(b) | Restricted security. |
(c) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2008. |
(d) | Cost for federal income tax purposes is $211,642,119. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 40,757,219 | ||
Unrealized depreciation | (14,626,863 | ) | ||
Net unrealized appreciation | $ | 26,130,356 | ||
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
PLC—Public Liability Co.
At January 31, 2008 the Fund’s open forward foreign currency contracts against the United States Dollar were as follows:
Currency | Delivery date | Contract amount in local currency | Contract value in USD | Value | Unrealized | ||||||||||||
Short: | |||||||||||||||||
Thai Bahts | 02/01/08 | (5,108,543 | ) | $ | (154,337 | ) | $ | (154,804 | ) | $ | (467 | ) | |||||
02/04/08 | (4,594,691 | ) | (139,022 | ) | (139,231 | ) | (209 | ) | |||||||||
Total Short Contracts |
| $ | (293,359 | ) | $ | (294,035 | ) | $ | (676 | ) | |||||||
Long: | |||||||||||||||||
Hong Kong Dollar | 02/01/08 | 708,011 | $ | 90,759 | $ | 90,802 | $ | 43 | |||||||||
Japanese Yen | 02/04/08 | 23,586,711 | 220,437 | 221,888 | 1,451 | ||||||||||||
Singapore Dollar | 02/04/08 | 554,812 | 391,540 | 391,734 | 194 | ||||||||||||
Total Long Contracts |
| $ | 702,736 | $ | 704,424 | $ | 1,688 | ||||||||||
See accompanying notes to financial statements.
23
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (97.5%) | ||||
Consumer Discretionary (13.6%) | ||||
22,520 | ABM Industries, Inc. | 466,614 | ||
85,472 | Aeropostale, Inc. (a) | 2,407,746 | ||
59,194 | AFC Enterprises, Inc. (a) | 548,728 | ||
33,012 | Aftermarket Technology Corp. (a) | 838,835 | ||
26,700 | American Greetings Corp., Class A | 547,884 | ||
18,499 | Apogee Enterprises, Inc. | 322,808 | ||
25,600 | Bally Technologies, Inc. (a) | 1,219,584 | ||
13,710 | Barnes & Noble, Inc. | 465,455 | ||
4,900 | Blue Nile, Inc. (a) | 270,725 | ||
25,800 | Bob Evans Farms, Inc. | 767,292 | ||
21,100 | Brown Shoe Co., Inc. | 362,920 | ||
21,800 | Buckeye Technologies, Inc. (a) | 286,670 | ||
4,100 | Buffalo Wild Wings, Inc. (a) | 103,197 | ||
24,189 | Cato Corp. (The) | 395,974 | ||
4,231 | Central European Media Enterprises Ltd., Class A (a) | 401,057 | ||
25,002 | Charlotte Russe Holding, Inc. (a) | 450,786 | ||
49,200 | Chattem, Inc. (a) | 3,774,624 | ||
75,448 | Chemed Corp. | 3,865,201 | ||
18,500 | Cooper Tire & Rubber Co. | 315,795 | ||
9,000 | CPI Corp. | 182,700 | ||
17,104 | Crocs, Inc. (a) | 595,048 | ||
5,667 | Deckers Outdoor Corp. (a) | 687,067 | ||
16,958 | Dollar Thrifty Automotive Group, Inc. (a) | 413,945 | ||
11,845 | Dollar Tree Stores, Inc. (a) | 331,778 | ||
24,110 | Elizabeth Arden, Inc. (a) | 483,406 | ||
110,117 | Fossil, Inc. (a) | 3,741,776 | ||
58,300 | Fresh Del Monte Produce, Inc. (a) | 1,867,932 | ||
20,100 | FTD Group, Inc. | 255,873 | ||
61,100 | Hot Topic, Inc. (a) | 339,105 | ||
51,600 | Hubbell, Inc., Class B | 2,460,288 | ||
130,242 | ICF International, Inc. (a) | 3,374,570 | ||
9,700 | Iconix Brand Group, Inc. (a) | 201,663 | ||
15,200 | IPC Holdings Ltd. | 391,096 | ||
28,027 | ITT Educational Services, Inc. (a) | 2,560,267 | ||
30,622 | J. Crew Group, Inc. (a) | 1,400,038 | ||
41,248 | Jack in the Box, Inc. (a) | 1,205,679 | ||
47,099 | JAKKS Pacific, Inc. (a) | 1,109,652 | ||
9,700 | Lear Corp. (a) | 284,792 | ||
16,961 | Live Nation, Inc. (a) | 184,875 | ||
21,308 | LoJack Corp. (a) | 262,941 | ||
20,691 | Maidenform Brands, Inc. (a) | 256,568 | ||
15,300 | Marvel Entertainment, Inc. (a) | 431,460 | ||
8,510 | Men’s Wearhouse, Inc. (The) | 216,920 | ||
35,849 | Movado Group, Inc. | 868,263 | ||
24,683 | Netflix, Inc. (a) | 620,777 | ||
37,100 | New York & Co., Inc. (a) | 206,276 | ||
22,577 | O’Charley’s, Inc. | 313,143 | ||
24,500 | P.F. Chang’s China Bistro, Inc. (a) | 696,780 | ||
19,300 | Pactiv Corp. (a) | 552,173 | ||
10,490 | Papa John’s International, Inc. (a) | 265,292 | ||
36,265 | Prestige Brands Holdings, Inc. (a) | 270,900 | ||
20,047 | Priceline.com, Inc. (a) | 2,175,500 | ||
23,355 | Rent-A-Center, Inc. (a) | 399,371 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Consumer Discretionary, continued | ||||
40,107 | Sally Beauty Holdings, Inc. (a) | 327,273 | ||
8,085 | Scholastic Corp. (a) | 277,073 | ||
17,600 | Select Comfort Corp. (a) | 138,336 | ||
43,913 | Skechers USA, Inc., Class A (a) | 879,138 | ||
13,655 | Sonic Automotive, Inc. | 273,783 | ||
23,335 | Sotheby’s Holdings, Inc. | 725,018 | ||
97,352 | Source Interlink Cos., Inc. (a) | 210,280 | ||
18,483 | Steven Madden Ltd. (a) | 315,505 | ||
40,140 | Tempur-Pedic International, Inc. | 795,575 | ||
18,264 | Tenneco, Inc. (a) | 483,448 | ||
12,049 | United Stationers, Inc. (a) | 665,828 | ||
14,459 | Wolverine World Wide, Inc. | 365,957 | ||
52,877,023 | ||||
Consumer Staples (4.5%) | ||||
11,900 | BJ’s Wholesale Club, Inc. (a) | 386,036 | ||
75,000 | Central European Distribution Corp. (a) | 3,942,750 | ||
65,236 | Comfort Systems USA, Inc. | 800,446 | ||
5,600 | Corn Products International, Inc. | 189,280 | ||
52,200 | Diamond Foods, Inc. | 990,234 | ||
44,321 | Ennis, Inc. | 701,601 | ||
15,300 | G-III Apparel Group Ltd. (a) | 204,561 | ||
47,800 | Green Mountain Coffee Roasters, Inc. (a) | 1,841,256 | ||
4,800 | IHOP Corp. | 255,552 | ||
26,475 | Longs Drug Stores Corp. | 1,218,115 | ||
49,667 | Mannatech, Inc. | 303,962 | ||
11,775 | Nash Finch Co. | 420,132 | ||
24,200 | Nu Skin Enterprises, Inc., Class A | 397,606 | ||
25,738 | Pantry, Inc. (a) | 747,946 | ||
6,449 | Performance Food Group Co. (a) | 203,982 | ||
27,880 | Premier Exhibitions, Inc. (a) | 169,510 | ||
39,485 | Ralcorp Holdings, Inc. (a) | 2,148,379 | ||
31,086 | Red Robin Gourmet Burgers, Inc. (a) | 1,084,280 | ||
12,900 | Spartan Stores, Inc. | 226,782 | ||
37,300 | Tupperware Brands Corp. | 1,380,100 | ||
17,612,510 | ||||
Energy (5.9%) | ||||
152,926 | Alon USA Energy, Inc. | 2,783,253 | ||
16,110 | Atmos Energy Corp. | 462,679 | ||
36,500 | Atwood Oceanics, Inc. (a) | 3,032,785 | ||
17,400 | BPZ Resources, Inc. (a) | 223,068 | ||
37,063 | Callon Petroleum Co. (a) | 571,141 | ||
18,524 | Cimarex Energy Co. | 755,965 | ||
19,376 | Cleco Corp. | 500,870 | ||
6,700 | Comstock Resources, Inc. (a) | 212,390 | ||
5,272 | CVR Energy, Inc. (a) | 139,708 | ||
34,291 | Delek US Holdings, Inc. | 563,401 | ||
15,280 | Empire District Electric Co. (The) | 338,758 | ||
15,000 | Encore Acquisition Co. (a) | 489,000 | ||
32,982 | Great Plains Energy, Inc. | 919,538 | ||
21,900 | Gulfport Energy Corp. (a) | 331,785 | ||
54,747 | Headwaters, Inc. (a) | 616,999 |
See accompanying notes to financial statements.
24
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Energy, continued | ||||
9,700 | Holly Corp. | 469,674 | ||
5,197 | Lufkin Industries, Inc. | 274,765 | ||
81,600 | Mariner Energy, Inc. (a) | 2,044,896 | ||
52,332 | Parker Drilling Co. (a) | 363,707 | ||
11,800 | Petroleum Development Corp. (a) | 678,500 | ||
42,318 | Pioneer Drilling Co. (a) | 440,530 | ||
5,000 | SEACOR Holdings, Inc. (a) | 441,000 | ||
20,901 | Southwest Gas Corp. | 596,724 | ||
23,818 | St. Mary Land & Exploration Co. | 839,108 | ||
36,300 | Stone Energy Corp. (a) | 1,488,300 | ||
33,716 | Swift Energy Co. (a) | 1,454,845 | ||
23,504 | Trico Marine Services, Inc. (a) | 754,243 | ||
77,054 | Union Drilling, Inc. (a) | 1,185,091 | ||
22,972,723 | ||||
Financials (9.6%) | ||||
60,028 | Advanta Corp., Class B | 599,680 | ||
11,262 | Allied World Assurance Holdings Ltd. | 536,409 | ||
33,800 | American Equity Investment Life Holding Co. | 279,526 | ||
29,200 | American Physicians Capital, Inc. | 1,206,544 | ||
42,706 | Amerisafe, Inc. (a) | 587,207 | ||
14,059 | Argo Group International Holdings Ltd. (a) | 574,169 | ||
47,497 | Aspen Insurance Holdings Ltd. | 1,340,365 | ||
18,546 | ASTA Funding, Inc. | 387,055 | ||
21,722 | Boston Private Financial Holdings, Inc. | 495,913 | ||
31,880 | Calamos Asset Management, Inc. | 695,622 | ||
28,182 | Cascade Bancorp | 363,548 | ||
57,209 | CBIZ, Inc. (a) | 538,337 | ||
22,589 | Citizens Republic Bancorp, Inc. | 319,408 | ||
15,071 | CompuCredit Corp. (a) | 221,544 | ||
22,532 | Corus Bankshares, Inc. | 286,607 | ||
22,810 | CVB Financial Corp. | 254,331 | ||
29,036 | Delphi Financial Group, Inc. | 911,150 | ||
23,396 | Deluxe Corp. | 568,991 | ||
15,067 | Dollar Financial Corp. (a) | 379,387 | ||
20,154 | East West Bancorp, Inc. | 484,905 | ||
19,311 | Euronet Worldwide, Inc. (a) | 510,583 | ||
24,949 | F.N.B. Corp. | 388,456 | ||
25,746 | First Commonwealth Financial Corp. | 298,654 | ||
27,081 | First Community Bancorp | 962,188 | ||
48,347 | First Niagara Financial Group, Inc. | 614,974 | ||
13,684 | First State Bancorp | 171,871 | ||
17,730 | FirstFed Financial Corp. (a) | 743,773 | ||
6,900 | FPIC Insurance Group, Inc. (a) | 290,559 | ||
20,900 | Frontier Financial Corp. | 425,524 | ||
7,300 | Greenhill & Co., Inc. | 492,969 | ||
24,184 | Hanmi Financial Corp. | 207,982 | ||
7,300 | Hilb Rogal & Hobbs Co. | 264,114 | ||
22,566 | Investment Technology Group, Inc. (a) | 1,059,925 | ||
38,668 | Knight Capital Group, Inc. (a) | 647,689 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Financials, continued | ||||
29,839 | National Financial Partners Corp. | 1,077,188 | ||
35,400 | National Penn Bancshares, Inc. | 612,774 | ||
10,500 | Navigators Group, Inc. (a) | 606,165 | ||
12,100 | optionsXpress Holdings, Inc. | 328,152 | ||
39,000 | Philadelphia Consolidated Holding Corp. (a) | 1,396,200 | ||
23,367 | Safety Insurance Group, Inc. | 911,780 | ||
85,319 | SeaBright Insurance Holdings, Inc. (a) | 1,253,336 | ||
44,337 | Selective Insurance Group, Inc. | 1,060,098 | ||
98,657 | Sterling Bancshares, Inc. | 989,530 | ||
10,430 | Sterling Financial Corp. | 185,550 | ||
21,000 | Strategic Hotels & Resorts, Inc. | 301,350 | ||
101,092 | Sunstone Hotel Investors, Inc. | 1,682,171 | ||
32,983 | Susquehanna Bancshares, Inc. | 699,899 | ||
19,369 | SVB Financial Group (a) | 937,460 | ||
41,700 | Texas Capital Bancshares, Inc. (a) | 726,831 | ||
58,100 | UCBH Holdings, Inc. | 820,372 | ||
28,534 | UMB Financial Corp. | 1,202,137 | ||
10,514 | Umpqua Holdings Corp. | 172,430 | ||
54,687 | Universal American Financial Corp. (a) | 1,144,599 | ||
45,209 | Wadell & Reed Financial, Inc., Class A | 1,500,035 | ||
16,954 | Wilmington Trust Corp. | 591,186 | ||
24,145 | Zenith National Insurance Corp. | 961,454 | ||
37,270,656 | ||||
Health Care (13.4%) | ||||
46,690 | Acadia Pharmaceuticals, Inc. (a) | 553,743 | ||
12,307 | Air Methods Corp. (a) | 564,645 | ||
10,200 | Alexion Pharmaceuticals, Inc. (a) | 666,264 | ||
58,700 | Alkermes, Inc. (a) | 781,884 | ||
26,567 | Alpharma, Inc., Class A (a) | 545,155 | ||
35,419 | American Oriental Bioengineering, Inc. (a) | 346,044 | ||
21,921 | Amerigroup Corp. (a) | 822,476 | ||
44,243 | Applera Corp.—Celera Genomics Group (a) | 677,803 | ||
93,515 | Arena Pharmaceuticals, Inc. (a) | 677,049 | ||
16,700 | ArthroCare Corp. (a) | 668,501 | ||
15,000 | Auxilium Pharmaceuticals, Inc. (a) | 513,000 | ||
75,400 | BioScrip, Inc. (a) | 585,104 | ||
84,800 | Centene Corp. (a) | 2,030,112 | ||
57,800 | Cepheid, Inc. (a) | 1,765,212 | ||
6,500 | Cerner Corp. (a) | 340,600 | ||
18,740 | CONMED Corp. (a) | 455,382 | ||
51,900 | Cubist Pharmaceuticals, Inc. (a) | 881,781 | ||
16,900 | Cutera, Inc. (a) | 211,081 | ||
122,759 | CV Therapeutics, Inc. (a) | 1,028,720 | ||
26,378 | Cynosure, Inc., Class A (a) | 654,966 | ||
83,530 | Cytokinetics, Inc. (a) | 278,155 | ||
241,700 | Encysive Pharmaceuticals, Inc. (a) | 186,109 | ||
29,796 | Gentiva Health Services, Inc. (a) | 550,630 | ||
8,864 | Haemonetics Corp. (a) | 530,422 | ||
71,238 | Healthspring, Inc. (a) | 1,473,914 |
See accompanying notes to financial statements.
25
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Health Care, continued | ||||
1,700 | Hologic, Inc. (a) | 109,412 | ||
76,952 | Human Genome Sciences, Inc. (a) | 429,392 | ||
16,097 | ICU Medical, Inc. (a) | 456,994 | ||
72,755 | Incyte Pharmaceuticals, Inc. (a) | 871,605 | ||
102,233 | Invacare Corp. | 2,488,351 | ||
43,200 | King Pharmaceuticals, Inc. (a) | 453,168 | ||
42,310 | Kosan Biosciences, Inc. (a) | 114,237 | ||
55,106 | LifePoint Hospitals, Inc. (a) | 1,487,862 | ||
30,461 | Magellan Health Services, Inc. (a) | 1,332,364 | ||
48,200 | Martek Biosciences Corp. (a) | 1,373,700 | ||
5,700 | Matria Healthcare, Inc. (a) | 164,502 | ||
18,500 | MedCath Corp. (a) | 460,280 | ||
30,100 | Merit Medical Systems, Inc. (a) | 484,008 | ||
32,300 | Molina Healthcare, Inc. (a) | 1,101,753 | ||
14,543 | Noven Pharmaceuticals, Inc. (a) | 195,312 | ||
146,168 | NPS Pharmaceuticals, Inc. (a) | 577,364 | ||
22,012 | Obagi Medical Products, Inc. (a) | 327,539 | ||
35,000 | Onyx Pharmaceuticals, Inc. (a) | 1,663,550 | ||
46,700 | OSI Pharmaceuticals, Inc. (a) | 1,862,396 | ||
23,800 | Owens & Minor, Inc. | 983,416 | ||
56,000 | Pain Therapeutics, Inc. (a) | 484,960 | ||
16,600 | Pediatrix Medical Group, Inc. (a) | 1,130,294 | ||
96,073 | Perrigo Co. | 2,962,891 | ||
55,400 | Pharmanet Development Group, Inc. (a) | 2,258,104 | ||
28,195 | Phoenix Cos, Inc. (The) | 305,352 | ||
13,900 | Progenics Pharmaceuticals, Inc. (a) | 227,126 | ||
55,962 | Regeneron Pharmaceuticals, Inc. (a) | 1,134,909 | ||
113,996 | Renovis, Inc. (a) | 298,669 | ||
60,589 | Rigel Pharmaceuticals, Inc. (a) | 1,668,015 | ||
20,200 | Salix Pharmaceuticals Ltd. (a) | 140,390 | ||
37,002 | Sciele Pharma, Inc. (a) | 885,088 | ||
68,852 | STERIS Corp. | 1,706,153 | ||
14,463 | SurModics, Inc. (a) | 631,455 | ||
29,006 | Symmetry Medical, Inc. (a) | 527,909 | ||
36,949 | TriZetto Group, Inc. (The) (a) | 721,244 | ||
35,422 | ViroPharma, Inc. (a) | 313,839 | ||
21,886 | XenoPort, Inc. (a) | 1,342,925 | ||
60,347 | Zymogenetics, Inc. (a) | 608,901 | ||
52,074,181 | ||||
Industrials (22.3%) | ||||
10,401 | A.O. Smith Corp. | 364,035 | ||
95,214 | Actuant Corp., Class A | 2,602,199 | ||
47,055 | Acuity Brands, Inc. | 2,141,473 | ||
4,000 | Analogic Corp. | 236,240 | ||
45,906 | Applied Industrial Technologies | 1,385,902 | ||
30,646 | Arch Chemicals, Inc. | 1,031,851 | ||
13,700 | BE Aerospace, Inc. (a) | 528,957 | ||
12,870 | Briggs & Stratton Corp. | 268,340 | ||
6,700 | Bucyrus International, Inc. | 621,157 | ||
14,469 | Cabot Microelectronics Corp. (a) | 500,338 | ||
36,918 | Ceradyne, Inc. (a) | 1,777,602 | ||
13,312 | CF Industries Holdings, Inc. | 1,423,452 | ||
16,886 | Checkpoint Systems, Inc. (a) | 401,211 | ||
23,341 | Cohu, Inc. | 348,948 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Industrials, continued | ||||
41,117 | Complete Production Services, Inc. (a) | 653,760 | ||
42,510 | COMSYS IT Partners, Inc. (a) | 456,982 | ||
30,632 | Cox Radio, Inc., Class A (a) | 365,746 | ||
22,563 | CTS Corp. | 239,168 | ||
34,000 | Curtiss-Wright Corp. | 1,417,800 | ||
14,470 | Cymer, Inc. (a) | 390,835 | ||
29,661 | Dawson Geophysical Co. (a) | 1,698,982 | ||
10,158 | Drew Industries, Inc. (a) | 275,180 | ||
10,659 | Ducommun, Inc. (a) | 336,824 | ||
42,300 | Dycom Industries, Inc. (a) | 999,126 | ||
119,200 | DynCorp International, Inc., Class A (a) | 2,451,944 | ||
40,256 | EMCOR Group, Inc. (a) | 882,814 | ||
96,453 | Encore Wire Corp. | 1,608,836 | ||
16,950 | EnerSys (a) | 390,528 | ||
24,126 | EnPro Industries, Inc. (a) | 723,780 | ||
39,300 | Esterline Technologies Corp. (a) | 1,830,987 | ||
11,231 | First Advantage Corp., Class A (a) | 182,391 | ||
63,181 | FLIR Systems, Inc. (a) | 1,913,121 | ||
15,716 | Flowers Foods, Inc. | 377,184 | ||
8,094 | Freightcar America, Inc. | 305,225 | ||
96,530 | Gardner Denver Machinery, Inc. (a) | 3,131,433 | ||
13,700 | Global Industries Ltd. (a) | 241,942 | ||
10,734 | Graco, Inc. | 367,317 | ||
259,000 | GrafTech International Ltd. (a) | 3,897,950 | ||
26,562 | Greatbatch, Inc. (a) | 599,770 | ||
41,886 | H.B. Fuller Co. | 869,553 | ||
11,249 | Heidrick & Struggles International, Inc. | 309,123 | ||
23,325 | Horace Mann Educators Corp. | 428,480 | ||
32,363 | Hub Group, Inc. (a) | 942,734 | ||
113,256 | Intevac, Inc. (a) | 1,233,358 | ||
39,900 | ION Geophysical Corp. (a) | 494,760 | ||
48,200 | Kaydon Corp. | 2,105,858 | ||
41,786 | Knight Transportation, Inc. | 717,048 | ||
8,900 | Koppers Holdings, Inc. | 297,794 | ||
5,600 | Layne Christensen Co. (a) | 206,640 | ||
13,505 | Lennox International, Inc. | 501,846 | ||
39,500 | Matthews International Corp., Class A | 1,930,365 | ||
7,744 | Middleby Corp. (The) (a) | 461,620 | ||
47,374 | MKS Instruments, Inc. (a) | 881,156 | ||
14,526 | Monarch Casino & Resort, Inc. (a) | 310,421 | ||
34,613 | MPS Group, Inc. (a) | 347,861 | ||
23,326 | Mueller Industries, Inc. | 653,128 | ||
53,282 | Oil States International, Inc. (a) | 1,868,067 | ||
114,900 | Olin Corp. | 2,354,301 | ||
115,657 | ON Semiconductor Corp. (a) | 749,457 | ||
59,788 | Perini Corp. (a) | 2,089,591 | ||
23,399 | Pilgrim’s Pride Corp. | 571,638 | ||
20,140 | ProAssurance Corp. (a) | 1,162,078 | ||
257,800 | QLogic Corp. (a) | 3,686,540 | ||
24,800 | Regal-Beloit Corp. | 940,416 | ||
19,470 | Resources Connection, Inc. | 407,507 | ||
34,095 | Robbins & Myers, Inc. | 2,259,817 |
See accompanying notes to financial statements.
26
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Industrials, continued | ||||
17,800 | Rock-Tenn Co. | 508,902 | ||
5,600 | Schnitzer Steel Industries, Inc. | 317,296 | ||
152,200 | Silicon Motion Technology Corp., ADR (a) | 2,343,880 | ||
43,876 | SkyWest, Inc. | 1,141,654 | ||
8,861 | Speedway Motorsports, Inc. | 268,931 | ||
49,102 | Spherion Corp. (a) | 328,001 | ||
31,030 | Steelcase, Inc. | 475,690 | ||
33,984 | Sun Hydraulic Corp. | 781,632 | ||
49,619 | Technitrol, Inc. | 1,124,367 | ||
66,840 | Teledyne Technologies, Inc. (a) | 3,450,949 | ||
24,124 | TreeHouse Foods, Inc. (a) | 503,468 | ||
46,871 | Triumph Group, Inc. | 2,531,034 | ||
54,241 | Ultra Clean Holdings, Inc. (a) | 531,019 | ||
45,876 | Varian Semiconductor Equipment Associates, Inc. (a) | 1,477,666 | ||
15,383 | W.R. Grace & Co. (a) | 347,963 | ||
44,022 | Watson Wyatt & Co. Holdings | 2,163,681 | ||
10,350 | Zep, Inc. | 170,982 | ||
86,619,602 | ||||
Information Technology (16.1%) | ||||
89,182 | Advanced Energy Industries, Inc. (a) | 964,057 | ||
12,124 | American Reprographics Co. (a) | 190,711 | ||
89,000 | Amkor Technology, Inc. (a) | 679,960 | ||
96,248 | ANSYS, Inc. (a) | 3,360,018 | ||
102,448 | Arris Group, Inc. (a) | 900,518 | ||
10,474 | Avid Technology, Inc. (a) | 271,486 | ||
23,614 | Avocent Corp. (a) | 391,992 | ||
17,896 | Benchmark Electronics, Inc. (a) | 317,654 | ||
17,324 | Blue Coat Systems, Inc. (a) | 465,496 | ||
105,500 | BluePhoenix Solutions Ltd. (a) | 1,573,005 | ||
115,792 | Brocade Communications Systems, Inc. (a) | 797,807 | ||
28,668 | Chordiant Software, Inc. (a) | 249,985 | ||
6,800 | Comtech Telecommunications Corp. (a) | 304,640 | ||
39,297 | CSG Systems International, Inc. (a) | 501,430 | ||
4,723 | Cubic Corp. | 126,860 | ||
27,000 | CyberSource Corp. (a) | 452,250 | ||
7,873 | DealerTrack Holdings, Inc. (a) | 212,256 | ||
41,000 | DRS Technologies, Inc. | 2,200,470 | ||
18,554 | Eagle Test Systems, Inc. (a) | 220,607 | ||
206,300 | EarthLink, Inc. (a) | 1,404,903 | ||
137,000 | EMCORE Corp. (a) | 1,872,790 | ||
15,292 | EMS Technologies, Inc. (a) | 420,224 | ||
199,396 | Emulex Corp. (a) | 3,110,578 | ||
22,521 | Exar Corp. (a) | 184,897 | ||
19,224 | FactSet Research Systems, Inc. | 1,075,198 | ||
17,184 | Fairchild Semiconductor International, Inc. (a) | 210,504 | ||
45,300 | FARO Technologies, Inc. (a) | 1,081,764 | ||
11,300 | Global Sources Ltd. (a) | 149,725 | ||
39,700 | Hutchinson Technology, Inc. (a) | 626,069 | ||
26,594 | Imation Corp. | 689,051 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Information Technology, continued | ||||
20,594 | Immersion Corp. (a) | 201,821 | ||
204,919 | Interwoven, Inc. (a) | 2,596,324 | ||
41,906 | Ixia (a) | 310,104 | ||
38,669 | J2 Global Communications, Inc. (a) | 847,238 | ||
12,703 | JDA Software Group, Inc. (a) | 225,986 | ||
71,496 | Magma Design Automation, Inc. (a) | 815,054 | ||
59,900 | Mantech International Corp. (a) | 2,449,910 | ||
32,800 | Measurement Specialties, Inc. (a) | 646,160 | ||
41,689 | Mentor Graphics Corp. (a) | 343,934 | ||
26,585 | Methode Electronics, Inc. | 322,210 | ||
30,564 | Micrel, Inc. | 186,440 | ||
7,300 | MicroStrategy, Inc., Class A (a) | 532,316 | ||
10,425 | MTS Systems Corp. | 350,384 | ||
31,069 | Net 1 UEPS Technologies, Inc. (a) | 891,059 | ||
18,300 | NETGEAR, Inc. (a) | 487,878 | ||
12,300 | Novatel Wireless, Inc. (a) | 196,800 | ||
17,228 | Nuance Communications, Inc. (a) | 273,753 | ||
8,778 | Omniture, Inc. (a) | 216,992 | ||
199,700 | OmniVision Technologies, Inc. (a) | 2,827,752 | ||
61,921 | Orbitz Worldwide, Inc. (a) | 388,864 | ||
15,300 | OSI Systems, Inc. (a) | 356,949 | ||
56,351 | Perot Systems Corp., Class A (a) | 684,101 | ||
45,018 | Plexus Corp. (a) | 1,016,957 | ||
105,300 | Progress Software Corp. (a) | 3,108,456 | ||
23,348 | Rofin-Sinar Technologies, Inc. (a) | 992,524 | ||
28,200 | Rudolph Technologies, Inc. (a) | 289,050 | ||
41,100 | SAIC, Inc. (a) | 776,790 | ||
29,400 | Shutterfly, Inc. (a) | 571,830 | ||
63,600 | Sigma Designs, Inc. (a) | 2,875,992 | ||
140,743 | Skyworks Solutions, Inc. (a) | 1,132,981 | ||
79,412 | Smart Modular Technologies (WWH), Inc. (a) | 655,149 | ||
82,176 | Sohu.com, Inc. (a) | 3,823,649 | ||
49,947 | Sonicwall, Inc. (a) | 438,535 | ||
16,721 | SPSS, Inc. (a) | 552,629 | ||
17,300 | SRA International, Inc., Class A (a) | 474,539 | ||
24,188 | Sybase, Inc. (a) | 682,585 | ||
8,900 | Synaptics, Inc. (a) | 235,850 | ||
6,200 | Synchronoss Technologies, Inc. (a) | 132,060 | ||
14,700 | Taleo Corp., Class A (a) | 310,611 | ||
88,567 | TIBCO Software, Inc. (a) | 658,938 | ||
16,200 | Travelzoo, Inc. (a) | 256,608 | ||
53,497 | United Online, Inc. | 597,562 | ||
10,377 | VASCO Data Security International, Inc. (a) | 196,852 | ||
23,328 | Vignette Corp. (a) | 328,225 | ||
55,732 | Vishay Intertechnology, Inc. (a) | 584,629 | ||
19,299 | Websense, Inc. (a) | 395,630 | ||
7,200 | Wright Express Corp. (a) | 215,568 | ||
62,463,133 | ||||
Materials (3.4%) | ||||
42,671 | A. Schulman, Inc. | 870,062 | ||
30,783 | Belden CDT, Inc. | 1,302,121 | ||
17,400 | Brush Engineered Materials, Inc. (a) | 497,988 | ||
16,482 | Carpenter Technology Corp. | 1,015,950 |
See accompanying notes to financial statements.
27
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Shares | | Value ($) | ||
Common Stocks, continued | ||||
Materials, continued | ||||
8,512 | Century Aluminum Co. (a) | 442,539 | ||
13,651 | Cleveland Cliffs, Inc. | 1,390,218 | ||
30,300 | Columbus McKinnon Corp. (a) | 774,771 | ||
100,119 | Entegris, Inc. (a) | 770,916 | ||
19,285 | Greif, Inc., Class A | 1,268,953 | ||
9,700 | Olympic Steel, Inc. | 327,763 | ||
16,072 | OM Group, Inc. (a) | 922,211 | ||
21,700 | Park Electrochemical Corp. | 513,856 | ||
53,970 | PolyOne Corp. (a) | 332,455 | ||
8,103 | Silgan Holdings, Inc. | 383,758 | ||
42,856 | Terra Industries, Inc. (a) | 1,931,520 | ||
7,300 | Universal Stainless & Alloy Products, Inc. (a) | 180,602 | ||
17,711 | USEC, Inc. (a) | 142,928 | ||
13,068,611 | ||||
Real Estate Investment Trusts (2.7%) | ||||
1,773 | Alexander’s, Inc. (a) | 620,727 | ||
61,236 | Ashford Hospitality Trust | 382,725 | ||
47,631 | BioMed Realty Trust, Inc. | 1,099,323 | ||
47,000 | Brandywine Realty Trust | 885,950 | ||
83,300 | Capstead Mortgage Corp. | 1,245,335 | ||
18,400 | CBL & Associates Properties, Inc. | 489,072 | ||
41,913 | Cedar Shopping Centers, Inc. | 466,492 | ||
17,689 | Entertainment Properties Trust | 875,605 | ||
38,619 | FelCor Lodging Trust, Inc. | 521,743 | ||
15,278 | First Industrial Realty Trust, Inc. | 532,133 | ||
44,320 | Medical Properties Trust, Inc. | 560,205 | ||
29,836 | National Retail Properties, Inc. | 677,874 | ||
26,537 | Omega Healthcare Investors, Inc. | 437,861 | ||
21,791 | Pennsylvania Real Estate Investment Trust | 580,730 | ||
19,317 | Realty Income Corp. | 470,948 | ||
4,900 | Taubman Centers, Inc. | 245,735 | ||
53,400 | U-Store-It Trust | 508,368 | ||
10,600,826 | ||||
Telecommunications (2.6%) | ||||
14,500 | ADC Telecommunications, Inc. (a) | 214,455 | ||
23,464 | Atlantic Tele-Network, Inc. | 738,881 | ||
93,402 | Cincinnati Bell, Inc. (a) | 362,400 | ||
34,991 | CommScope, Inc. (a) | 1,551,851 | ||
20,116 | Consolidated Communications Holdings, Inc. | 314,614 | ||
24,200 | DSP Group, Inc. (a) | 277,090 |
Shares or Principal Amount ($) | | Value ($) | ||
Common Stocks, continued | ||||
Telecommunications, continued | ||||
13,894 | Golden Telecom, Inc. (a) | 1,427,053 | ||
13,300 | NeuStar, Inc., Class A (a) | 395,143 | ||
11,759 | NTELOS Holdings Corp. | 250,232 | ||
21,700 | Oplink Communications, Inc. (a) | 277,109 | ||
301,500 | Premiere Global Services, Inc. (a) | 3,675,285 | ||
15,300 | RCN Corp. | 178,245 | ||
60,405 | RF Micro Devices, Inc. (a) | 195,108 | ||
25,400 | Virgin Mobile USA, Inc., Class A (a) | 203,962 | ||
10,061,428 | ||||
Transportation (1.6%) | ||||
4,000 | Bristow Group, Inc. (a) | 201,400 | ||
24,700 | GulfMark Offshore, Inc. (a) | 1,032,954 | ||
26,862 | Landstar System, Inc. | 1,343,906 | ||
194,600 | Navios Maritime Holdings, Inc. | 2,245,684 | ||
22,586 | Pacer International, Inc. | 386,898 | ||
20,934 | Saia, Inc. (a) | 295,379 | ||
34,629 | Werner Enterprises, Inc. | 705,393 | ||
6,211,614 | ||||
Utilities (1.8%) | ||||
14,529 | El Paso Electric Co. (a) | 340,415 | ||
8,046 | IDACORP, Inc. | 262,621 | ||
12,055 | New Jersey Resources Corp. | 565,259 | ||
61,283 | Northwest Natural Gas Co. | 2,901,137 | ||
35,453 | PNM Resources, Inc. | 684,952 | ||
64,209 | Westar Energy, Inc. | 1,564,131 | ||
13,658 | WGL Holdings, Inc. | 440,334 | ||
6,758,849 | ||||
Total Common Stocks (Cost $417,033,043) | 378,591,156 | |||
Mutual Funds (1.3%) | ||||
68,800 | iShares Russell 2000 Index Fund | 4,876,544 | ||
Total Mutual Funds (Cost $4,739,983) | 4,876,544 | |||
Cash Sweep (1.0%) | ||||
3,823,515 | Bank of New York Cash Reserve Fund, 0.15% (b) | 3,823,515 | ||
Total Cash Sweep (Cost $3,823,515) | 3,823,515 | |||
Total Investments (Cost $425,596,541) (c)—99.8% | 387,291,215 | |||
Other assets in excess of liabilities—0.2% | 871,385 | |||
Net Assets—100.0% | 388,162,600 | |||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2008. |
(c) | Cost for federal income tax purposes is $430,743,547. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation. | $ | 14,252,342 | ||
Unrealized depreciation | (57,704,674 | ) | ||
Net unrealized depreciation | $ | (43,452,332 | ) | |
See accompanying notes to financial statements.
28
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
ADR—American Depositary Receipt
Open Futures Contracts at January 31, 2008:
Description | Type | Expiration month | Contracts | Unrealized appreciation/ depreciation | ||||||
Russell 2000 Index | Long | 03/2008 | 10 | $ | (80,823 | ) |
See accompanying notes to financial statements.
29
PACIFIC CAPITAL FUNDS
Mid-Cap Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (98.8%) | ||||
Consumer Discretionary (15.8%) | ||||
5,800 | Advance Auto Parts, Inc. | 206,944 | ||
17,650 | Aeropostale, Inc. (a) | 497,200 | ||
10,900 | American Greetings Corp., Class A | 223,668 | ||
12,600 | AutoNation, Inc. (a) | 205,128 | ||
15,600 | Barnes & Noble, Inc. | 529,620 | ||
11,900 | Big Lots, Inc. (a) | 206,584 | ||
1,100 | Black & Decker Corp. (The) | 79,794 | ||
15,600 | Blyth, Inc. | 339,924 | ||
8,700 | Bob Evans Farms, Inc. | 258,738 | ||
3,400 | BorgWarner, Inc. | 172,074 | ||
5,500 | Burger King Holdings, Inc. | 144,925 | ||
18,800 | DeVry, Inc. | 1,037,572 | ||
5,000 | Dollar Tree Stores, Inc. (a) | 140,050 | ||
4,000 | Fossil, Inc. (a) | 135,920 | ||
6,900 | Hanesbrands, Inc. (a) | 176,709 | ||
10,200 | Hewitt Associates, Inc., Class A (a) | 379,134 | ||
3,000 | HNI Corp. | 100,980 | ||
12,000 | ITT Educational Services, Inc. (a) | 1,096,200 | ||
28,300 | Lear Corp. (a) | 830,888 | ||
11,900 | Manpower, Inc. | 669,494 | ||
4,600 | Owens-Illinois, Inc. (a) | 231,840 | ||
5,500 | Priceline.com, Inc. (a) | 596,860 | ||
12,800 | RadioShack Corp. | 222,080 | ||
7,700 | Rollins, Inc. | 136,983 | ||
10,900 | Sherwin-Williams Co. (The) | 623,589 | ||
17,900 | Tech Data Corp. (a) | 615,402 | ||
4,000 | Tempur-Pedic International, Inc. | 79,280 | ||
7,700 | Warnaco Group, Inc. (The) (a) | 276,353 | ||
10,213,933 | ||||
Consumer Staples (4.2%) | ||||
20,200 | BJ’s Wholesale Club, Inc. (a) | 655,288 | ||
5,300 | Chipotle Mexican Grill, Inc., | 645,222 | ||
4,300 | GameStop Corp., Class A (a) | 222,439 | ||
2,300 | Hansen Natural Corp. (a) | 88,688 | ||
14,700 | Tupperware Brands Corp. | 543,900 | ||
29,700 | Tyson Foods, Inc., Class A | 423,225 | ||
2,300 | Universal Corp. | 114,563 | ||
2,693,325 | ||||
Energy (6.3%) | ||||
6,200 | Cimarex Energy Co. | 253,022 | ||
33,400 | CMS Energy Corp. | 523,378 | ||
8,600 | Denbury Resources, Inc. (a) | 217,580 | ||
9,900 | Energy East Corp. | 249,975 | ||
8,000 | ENSCO International, Inc. | 408,960 | ||
12,900 | Frontier Oil Corp. | 454,983 | ||
7,200 | Holly Corp. | 348,624 | ||
14,900 | Noble Energy, Inc. | 1,081,442 | ||
14,800 | Reliant Energy, Inc. (a) | 314,796 | ||
4,500 | Tidewater, Inc. | 238,320 | ||
4,091,080 | ||||
Entertainment (0.7%) | ||||
25,600 | Regal Entertainment Group | 474,624 | ||
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Financials (10.8%) | ||||
13,050 | American Financial Group, Inc. | 361,877 | ||
16,500 | Associated Banc-Corp. | 464,970 | ||
28,000 | Axis Capital Holdings Ltd. | 1,121,120 | ||
5,900 | Broadridge Financial Solutions, Inc. | 127,794 | ||
8,100 | City National Corp. | 460,728 | ||
14,400 | Deluxe Corp. | 350,208 | ||
9,700 | Eaton Vance Corp. | 361,519 | ||
1,800 | Everest Re Group Ltd. | 183,042 | ||
24,700 | Hospitality Properties Trust | 838,565 | ||
8,000 | Interactive Data Corp. | 231,600 | ||
8,600 | KKR Financial Holdings LLC | 139,664 | ||
12,700 | PartnerRe Ltd. | 1,006,856 | ||
2,100 | SVB Financial Group (a) | 101,640 | ||
10,300 | Wadell & Reed Financial, Inc., Class A | 341,754 | ||
14,400 | Webster Financial Corp. | 487,728 | ||
13,000 | Wilmington Trust Corp. | 453,310 | ||
7,032,375 | ||||
Health Care (13.0%) | ||||
27,100 | Apria Healthcare Group, Inc. (a) | 575,062 | ||
3,600 | Charles River Laboratories International, Inc. (a) | 223,560 | ||
9,225 | Coventry Health Care, Inc. (a) | 521,951 | ||
16,600 | DENTSPLY International, Inc. | 685,746 | ||
17,100 | Health Net, Inc. (a) | 794,979 | ||
15,200 | Herbalife Ltd. | 603,136 | ||
7,900 | HLTH Corp. (a) | 88,401 | ||
4,000 | Intuitive Surgical, Inc. (a) | 1,016,000 | ||
13,000 | Invitrogen Corp. (a) | 1,113,710 | ||
17,300 | Kindred Healthcard, Inc. (a) | 476,442 | ||
9,200 | Kinetic Concepts, Inc. (a) | 457,976 | ||
15,600 | King Pharmaceuticals, Inc. (a) | 163,644 | ||
5,600 | Lincare Holdings, Inc. (a) | 187,096 | ||
14,300 | Millennium Pharmaceuticals (a) | 216,931 | ||
7,800 | NBTY, Inc. (a) | 188,916 | ||
4,900 | Par Pharmaceutical Cos., Inc. (a) | 93,982 | ||
10,500 | Perrigo Co. | 323,820 | ||
12,700 | STERIS Corp. | 314,706 | ||
6,300 | Techne Corp. (a) | 409,500 | ||
8,455,558 | ||||
Industrials (15.5%) | ||||
23,400 | Agco Corp. (a) | 1,409,148 | ||
7,000 | AGL Resources, Inc. | 264,950 | ||
3,600 | Alliant Techsystems, Inc. (a) | 381,060 | ||
1,800 | Brink’s Co. (The) | 109,134 | ||
4,700 | CF Industries Holdings, Inc. | 502,571 | ||
22,200 | Cummins, Inc. | 1,071,816 | ||
8,700 | Dresser-Rand Group, Inc. (a) | 275,790 | ||
11,200 | Global Industries Ltd. (a) | 197,792 | ||
11,100 | Jacobs Engineering Group, Inc. (a) | 848,484 | ||
9,400 | Kennametal, Inc. | 287,922 | ||
12,200 | Lennox International, Inc. | 453,352 | ||
21,500 | Manitowoc Company, Inc. (The) | 819,580 | ||
2,200 | Mettler-Toledo International, Inc. (a) | 218,460 | ||
30,600 | Olin Corp. | 626,994 | ||
10,650 | Republic Services, Inc. | 319,500 |
See accompanying notes to financial statements.
30
PACIFIC CAPITAL FUNDS
Mid-Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Industrials, continued | ||||
45,200 | Semtech Corp. (a) | 577,204 | ||
3,500 | SPX Corp. | 352,100 | ||
4,400 | Teleflex, Inc. | 260,128 | ||
26,300 | Triquint Semiconductor (a) | 124,662 | ||
13,800 | URS Corp. (a) | 605,820 | ||
20,800 | Worthington Industries, Inc. | 340,912 | ||
10,047,379 | ||||
Information Technology (8.6%) | ||||
15,900 | Avnet, Inc. (a) | 566,199 | ||
12,400 | BMC Software, Inc. (a) | 397,296 | ||
12,200 | Compuware Corp. (a) | 103,700 | ||
8,000 | Dun & Bradstreet Corp. (The) | 735,840 | ||
30,400 | Foundry Networks, Inc. (a) | 419,520 | ||
29,200 | Ingram Micro, Inc. (a) | 519,176 | ||
23,300 | Intersil Corp., Class A | 536,599 | ||
8,500 | Lexmark International, Inc., Class A (a) | 307,785 | ||
22,600 | McAfee, Inc. (a) | 760,716 | ||
30,200 | Novell, Inc. (a) | 192,072 | ||
20,100 | Synopsys, Inc. (a) | 442,602 | ||
23,000 | Western Digital Corp. (a) | 608,350 | ||
5,589,855 | ||||
Materials (5.4%) | ||||
10,900 | AK Steel Holding Corp. (a) | 520,802 | ||
16,000 | Celanese Corp., Series A | 594,880 | ||
5,300 | Cleveland Cliffs, Inc. | 539,752 | ||
8,400 | Lubrizol Corp. (The) | 441,924 | ||
18,800 | Packaging Corp. of America | 455,712 | ||
6,900 | Sensient Technologies Corp. | 183,264 | ||
10,700 | Terra Industries, Inc. (a) | 482,249 | ||
4,600 | Waters Corp. (a) | 264,270 | ||
3,482,853 | ||||
Oil & Gas Services (1.9%) | ||||
11,400 | Cameron International Corp. (a) | 458,964 | ||
15,800 | FMC Technologies, Inc. (a) | 760,928 | ||
1,219,892 | ||||
Real Estate Investment Trusts (5.6%) | ||||
20,900 | AMB Property Corp. | 1,057,540 | ||
37,000 | Annaly Capital Management, Inc. | 729,640 | ||
23,800 | Douglas Emmett, Inc. | 543,830 | ||
9,500 | First Industrial Realty Trust, Inc. | 330,885 | ||
16,200 | HRPT Properties Trust | 128,790 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Real Estate Investment Trusts, continued | ||||
6,200 | Mack-Cali Realty Corp. | 220,224 | ||
14,400 | Potlatch Corp. | 618,192 | ||
3,629,101 | ||||
Telecommunications (2.8%) | ||||
31,900 | ADC Telecommunications, Inc. (a) | 471,801 | ||
6,700 | CenturyTel, Inc. | 247,297 | ||
5,700 | Ciena Corp. (a) | 154,641 | ||
1,900 | Harris Corp. | 103,911 | ||
15,000 | Plantronics, Inc. | 286,500 | ||
33,100 | RF Micro Devices, Inc. (a) | 106,913 | ||
8,300 | Telephone & Data Systems, Inc. | 437,742 | ||
1,808,805 | ||||
Transportation (2.0%) | ||||
21,700 | ArvinMeritor, Inc. | 294,686 | ||
13,900 | Continental Airlines, Inc., Class B (a) | 378,219 | ||
5,400 | Frontline Ltd. | 229,878 | ||
10,300 | Kansas City Southern (a) | 369,564 | ||
1,272,347 | ||||
Utilities (6.2%) | ||||
18,500 | Alliant Energy Corp. | 682,650 | ||
4,700 | Energen Corp. | 295,630 | ||
10,400 | Forest Oil Corp. (a) | 470,288 | ||
16,350 | MDU Resources Group, Inc. | 423,792 | ||
3,900 | Nicor, Inc. | 159,900 | ||
28,900 | Northeast Utilities | 801,108 | ||
8,300 | NSTAR | 269,169 | ||
6,900 | OGE Energy Corp. | 225,837 | ||
4,500 | ONEOK, Inc. | 211,500 | ||
15,100 | WGL Holdings, Inc. | 486,824 | ||
4,026,698 | ||||
Total Common Stocks (Cost $66,952,661) | 64,037,825 | |||
Investment Companies (0.4%) | ||||
228,163 | Victory Federal Money Market Fund, Investor Shares, 3.10% (b) | 228,163 | ||
Total Investment Companies (Cost $228,163) | 228,163 | |||
Total Investments (Cost $67,180,824) (c)—99.2% | 64,265,988 | |||
Other assets in excess of liabilities—0.8% | 545,411 | |||
Net Assets—100.0% | 64,811,399 | |||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2008. |
(c) | Cost for federal income tax purposes is $67,284,299. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 3,878,084 | ||
Unrealized depreciation | (6,896,395 | ) | ||
Net unrealized depreciation | $ | (3,018,311 | ) | |
LLC—Limited Liability Co.
See accompanying notes to financial statements.
31
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (98.2%) | ||||
Consumer Discretionary (11.7%) | ||||
7,800 | Bunge Ltd. | 924,066 | ||
67,940 | CBS Corp., Class B | 1,711,409 | ||
36,440 | Colgate-Palmolive Co. | 2,805,880 | ||
70,265 | Expedia, Inc. (a) | 1,617,500 | ||
5,500 | Kimberly-Clark Corp. | 361,075 | ||
5,320 | Manpower, Inc. | 299,303 | ||
53,790 | McDonald’s Corp. | 2,880,454 | ||
26,170 | NIKE, Inc., Class B | 1,616,259 | ||
19,540 | Omnicom Group, Inc. | 886,530 | ||
87,710 | TJX Companies, Inc. (The) | 2,768,128 | ||
35,700 | Wal-Mart Stores, Inc. | 1,816,416 | ||
17,687,020 | ||||
Consumer Staples (9.0%) | ||||
3,900 | Coca-Cola Co. (The) | 230,763 | ||
9,700 | Coca-Cola Enterprises, Inc. | 223,779 | ||
9,560 | ConAgra Foods, Inc. | 205,827 | ||
25,600 | Costco Wholesale Corp. | 1,739,264 | ||
45,000 | Eastman Kodak Co. | 896,850 | ||
25,540 | International Paper Co. | 823,665 | ||
82,770 | Kroger Co. (The) | 2,106,496 | ||
63,504 | PepsiCo, Inc. | 4,330,338 | ||
30,357 | Procter & Gamble Co. (The) | 2,002,044 | ||
22,300 | Sara Lee Corp. | 313,538 | ||
22,900 | Sysco Corp. | 665,245 | ||
13,537,809 | ||||
Education (0.7%) | ||||
12,900 | Apollo Group, Inc., Class A (a) | 1,028,646 | ||
Energy (16.4%) | ||||
48,260 | Chevron Corp. | 4,077,970 | ||
12,120 | Constellation Energy Group | 1,138,795 | ||
13,390 | Devon Energy Corp. | 1,137,882 | ||
117,540 | Exxon Mobil Corp. | 10,155,456 | ||
42,690 | Marathon Oil Corp. | 2,000,027 | ||
40,600 | McDermott International, Inc. (a) | 1,915,508 | ||
21,800 | Murphy Oil Corp. | 1,603,172 | ||
17,000 | Noble Energy, Inc. | 1,233,860 | ||
6,610 | Tesoro Corp. | 258,121 | ||
21,070 | Valero Energy Corp. | 1,247,133 | ||
24,767,924 | ||||
Financials (8.8%) | ||||
14,100 | American Express Co. | 695,412 | ||
13,300 | Axis Capital Holdings Ltd. | 532,532 | ||
26,400 | Charles Schwab Corp. (The) | 588,720 | ||
18,550 | Chubb Corp. (The) | 960,704 | ||
12,360 | CIGNA Corp. | 607,618 | ||
12,945 | Discover Financial Services | 226,538 | ||
4,900 | Franklin Resources, Inc. | 510,727 | ||
6,400 | Freddie Mac | 194,496 | ||
11,200 | Goldman Sachs Group, Inc. (The) | 2,248,624 | ||
26,040 | JPMorgan Chase & Co. | 1,238,202 | ||
8,150 | Loews Corp. | 380,523 | ||
6,030 | MasterCard, Inc., Class A | 1,248,210 | ||
33,090 | Morgan Stanley | 1,635,639 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Financials, continued | ||||
43,640 | Travelers Cos., Inc. (The) | 2,099,084 | ||
3,330 | XL Capital Ltd., Class A | 149,850 | ||
13,316,879 | ||||
Health Care (14.9%) | ||||
35,570 | AmerisourceBergen Corp. | 1,659,340 | ||
7,840 | Amgen, Inc. (a) | 365,266 | ||
51,360 | Baxter International, Inc. | 3,119,606 | ||
37,820 | Biogen Idec, Inc. (a) | 2,305,129 | ||
7,700 | Genzyme Corp. (a) | 601,601 | ||
25,100 | Humana, Inc. (a) | 2,015,530 | ||
3,800 | Intuitive Surgical, Inc. (a) | 965,200 | ||
91,560 | Johnson & Johnson | 5,792,086 | ||
7,720 | McKesson Corp. | 484,739 | ||
38,740 | Medco Health Solutions, Inc. (a) | 1,940,099 | ||
104,020 | Pfizer, Inc. | 2,433,028 | ||
18,270 | UnitedHealth Group, Inc. | 928,847 | ||
22,610,471 | ||||
Industrials (9.3%) | ||||
33,100 | Boeing Co. (The) | 2,753,258 | ||
4,700 | Cooper Industries Ltd., Class A | 209,338 | ||
39,460 | Cummins, Inc. | 1,905,129 | ||
9,150 | Fluor Corp. | 1,113,281 | ||
35,890 | Honeywell International, Inc. | 2,120,022 | ||
16,950 | Lockheed Martin Corp. | 1,829,244 | ||
33,780 | National-Oilwell Varco, Inc. (a) | 2,034,569 | ||
3,300 | Parker Hannifin Corp. | 223,113 | ||
9,500 | Raytheon Co. | 618,830 | ||
5,480 | Republic Services, Inc. | 164,400 | ||
18,800 | Rockwell Automation, Inc. | 1,071,976 | ||
14,043,160 | ||||
Information Technology (21.7%) | ||||
63,270 | Accenture Ltd., Class A | 2,190,407 | ||
17,500 | Amazon.com, Inc. (a) | 1,359,750 | ||
28,660 | Apple Computer, Inc. (a) | 3,879,418 | ||
5,100 | Automatic Data Processing, Inc. | 206,907 | ||
6,000 | Avnet, Inc. (a) | 213,660 | ||
32,290 | BMC Software, Inc. (a) | 1,034,572 | ||
53,800 | CA, Inc. | 1,185,214 | ||
164,690 | Cisco Systems, Inc. (a) | 4,034,905 | ||
22,440 | Computer Sciences Corp. (a) | 949,661 | ||
99,800 | Compuware Corp. (a) | 848,300 | ||
12,800 | eBay, Inc. (a) | 344,192 | ||
54,650 | Hewlett-Packard Co. | 2,390,937 | ||
88,600 | Intel Corp. | 1,878,320 | ||
11,980 | International Business Machines Corp. | 1,285,933 | ||
47,900 | Juniper Networks, Inc. (a) | 1,300,485 | ||
13,800 | MEMC Electronic Materials, Inc. (a) | 986,148 | ||
205,630 | Microsoft Corp. | 6,703,538 | ||
29,570 | Novell, Inc. (a) | 188,065 | ||
30,550 | NVIDIA Corp. (a) | 751,225 | ||
36,590 | Texas Instruments, Inc. | 1,131,729 | ||
32,863,366 | ||||
See accompanying notes to financial statements.
32
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Materials (2.2%) | ||||
25,900 | Celanese Corp., Series A | 962,962 | ||
6,920 | Eastman Chemical Co. | 457,204 | ||
11,400 | Southern Copper Corp. | 1,069,776 | ||
8,080 | United States Steel Corp. | 825,049 | ||
3,314,991 | ||||
Oil & Gas Services (2.0%) | ||||
7,800 | FMC Technologies, Inc. (a) | 375,648 | ||
20,500 | Occidental Petroleum Corp. | 1,391,335 | ||
10,400 | Transocean, Inc. (a) | 1,275,040 | ||
3,042,023 | ||||
Telecommunications (0.5%) | ||||
12,600 | Ciena Corp. (a) | 341,838 | ||
9,900 | Verizon Communications, Inc. | 384,516 | ||
726,354 | ||||
Shares | Security | Value ($) | |||
Common Stocks, continued | |||||
Transportation (1.0%) | |||||
54,310 | AMR Corp. (a) | 757,081 | |||
4,200 | Union Pacific Corp. | 525,126 | |||
3,100 | United Parcel Service, Inc., Class B | 226,796 | |||
1,509,003 | |||||
Total Common Stocks (Cost $150,685,507) | 148,447,646 | ||||
Investment Companies (1.9%) | |||||
2,857,338 | Victory Federal Money Market Fund, Investor Shares, 3.10% (b) | 2,857,338 | |||
Total Investment Companies (Cost $2,857,338) | 2,857,338 | ||||
Total Investments (Cost $153,542,845) (c)—100.1% | 151,304,984 | ||||
Liabilities in excess of other assets—(0.1)% | (88,722 | ) | |||
Net Assets—100.0% | 151,216,262 | ||||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2008. |
(c) | Cost for federal income tax purposes is $153,876,026. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 10,159,999 | ||
Unrealized depreciation | (12,731,041 | ) | ||
Net unrealized depreciation | $ | (2,571,042 | ) | |
See accompanying notes to financial statements.
33
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (98.2%) | ||||
Consumer Discretionary (11.9%) | ||||
9,000 | Bunge Ltd. | 1,066,230 | ||
35,830 | CBS Corp., Class B | 902,558 | ||
36,960 | Colgate-Palmolive Co. | 2,845,920 | ||
10,400 | Kimberly-Clark Corp. | 682,760 | ||
9,010 | Manpower, Inc. | 506,903 | ||
42,885 | McDonald’s Corp. | 2,296,492 | ||
16,500 | NIKE, Inc., Class B | 1,019,040 | ||
42,560 | Omnicom Group, Inc. | 1,930,947 | ||
50,210 | RadioShack Corp. | 871,143 | ||
12,460 | Sherwin-Williams Co. (The) | 712,836 | ||
79,700 | TJX Companies, Inc. (The) | 2,515,332 | ||
40,630 | Walt Disney Co. (The) | 1,216,056 | ||
16,566,217 | ||||
Consumer Staples (8.0%) | ||||
25,320 | Altria Group, Inc. | 1,919,762 | ||
30,400 | Costco Wholesale Corp. | 2,065,376 | ||
26,600 | International Paper Co. | 857,850 | ||
14,921 | Kraft Foods, Inc. | 436,588 | ||
80,150 | Kroger Co. (The) | 2,039,818 | ||
44,395 | PepsiCo, Inc. | 3,027,295 | ||
54,400 | Sara Lee Corp. | 764,864 | ||
11,111,553 | ||||
Energy (13.8%) | ||||
32,620 | ConocoPhillips | 2,620,039 | ||
31,080 | Constellation Energy Group | 2,920,277 | ||
17,430 | Devon Energy Corp. | 1,481,201 | ||
29,380 | ENSCO International, Inc. | 1,501,906 | ||
58,740 | Exxon Mobil Corp. | 5,075,136 | ||
38,180 | Marathon Oil Corp. | 1,788,733 | ||
33,600 | McDermott International, Inc. (a) | 1,585,248 | ||
44,260 | NiSource, Inc. | 840,497 | ||
23,010 | Valero Energy Corp. | 1,361,962 | ||
19,174,999 | ||||
Financials (17.8%) | ||||
22,210 | Allstate Corp. (The) | 1,094,287 | ||
37,720 | Bank of America Corp. | 1,672,882 | ||
15,240 | Bear Stearns Cos., Inc. (The) | 1,376,172 | ||
55,350 | Citigroup, Inc. | 1,561,977 | ||
24,100 | Freddie Mac | 732,399 | ||
10,400 | Goldman Sachs Group, Inc. (The) | 2,088,008 | ||
35,600 | Janus Capital Group, Inc. | 961,556 | ||
105,875 | JPMorgan Chase & Co. | 5,034,356 | ||
6,300 | MasterCard, Inc., Class A | 1,304,100 | ||
6,900 | Morgan Stanley | 341,067 | ||
13,890 | Prudential Financial, Inc. | 1,171,899 | ||
31,300 | State Street Corp. | 2,570,356 | ||
63,460 | Travelers Cos., Inc. (The) | 3,052,426 | ||
32,500 | Wells Fargo & Co. | 1,105,325 | ||
15,740 | XL Capital Ltd., Class A | 708,300 | ||
24,775,110 | ||||
Health Care (12.2%) | ||||
50,330 | Aetna, Inc. | 2,680,576 | ||
60,510 | Baxter International, Inc. | 3,675,377 | ||
17,430 | Biogen Idec, Inc. (a) | 1,062,358 | ||
39,126 | Johnson & Johnson | 2,475,111 |
Shares | Security | Value ($) | |||
Common Stocks, continued | |||||
Health Care, continued | |||||
49,710 | McKesson Corp. | 3,121,291 | |||
30,110 | Merck & Co., Inc. | 1,393,491 | |||
111,438 | Pfizer, Inc. | 2,606,535 | |||
17,014,739 | |||||
Industrials (9.0%) | |||||
22,740 | Cummins, Inc. | 1,097,887 | |||
51,950 | Emerson Electric Co. | 2,641,138 | |||
40,130 | Honeywell International, Inc. | 2,370,479 | |||
21,960 | Lockheed Martin Corp. | 2,369,923 | |||
23,960 | Northrop Grumman Corp. | 1,901,466 | |||
11,370 | Terex Corp. (a) | 668,101 | |||
18,390 | W.W. Grainger, Inc. | 1,463,293 | |||
12,512,287 | |||||
Information Technology (15.5%) | |||||
82,200 | Accenture Ltd., Class A | 2,845,764 | |||
13,600 | Apple Computer, Inc. (a) | 1,840,896 | |||
19,650 | Avnet, Inc. (a) | 699,736 | |||
21,530 | BMC Software, Inc. (a) | 689,821 | |||
82,860 | Cisco Systems, Inc. (a) | 2,030,070 | |||
16,480 | Computer Sciences Corp. (a) | 697,434 | |||
85,820 | Hewlett-Packard Co. | 3,754,625 | |||
61,400 | Juniper Networks, Inc. (a) | 1,667,010 | |||
8,600 | MEMC Electronic Materials, Inc. (a) | 614,556 | |||
137,890 | Microsoft Corp. | 4,495,214 | |||
29,000 | NVIDIA Corp. (a) | 713,110 | |||
50,770 | Texas Instruments, Inc. | 1,570,316 | |||
21,618,552 | |||||
Materials (3.2%) | |||||
31,400 | Mosaic Co. (The) (a) | 2,857,714 | |||
16,400 | Southern Copper Corp. | 1,538,976 | |||
4,396,690 | |||||
Real Estate Investment Trusts (0.8%) | |||||
12,260 | Simon Property Group, Inc. | 1,070,666 | |||
Telecommunications (3.4%) | |||||
121,546 | AT&T, Inc. | 4,678,306 | |||
Transportation (1.6%) | |||||
40,150 | AMR Corp. (a) | 559,691 | |||
13,870 | Union Pacific Corp. | 1,734,166 | |||
2,293,857 | |||||
Utilities (1.0%) | |||||
34,780 | PG&E Corp. | 1,427,371 | |||
Total Common Stocks (Cost $139,674,396) | 136,640,347 | ||||
Investment Companies (1.8%) | |||||
2,475,530 | Victory Federal Money Market Fund, Investor Shares, 3.10% (b) | 2,475,530 | |||
3,820 | Victory Institutional Money Market Fund, Investor Shares, 3.57% (b) | 3,820 | |||
Total Investment Companies (Cost $2,479,350) | 2,479,350 | ||||
Total Investments (Cost $142,153,746) (c)—100.0% | 139,119,697 | ||||
Liabilities in excess of other assets—0.0% | (7,250 | ) | |||
Net Assets—100.0% | 139,112,447 | ||||
See accompanying notes to financial statements.
34
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2008. |
(c) | Cost for federal income tax purposes is $142,262,486. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 9,835,047 | ||
Unrealized depreciation | (12,977,836 | ) | ||
Net unrealized depreciation | $ | (3,142,789 | ) | |
See accompanying notes to financial statements.
35
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (98.5%) | ||||
Consumer Discretionary (11.6%) | ||||
18,500 | Bunge Ltd. | 2,191,695 | ||
48,590 | CBS Corp., Class B | 1,223,982 | ||
30,990 | Colgate-Palmolive Co. | 2,386,230 | ||
28,730 | Family Dollar Stores, Inc. | 604,192 | ||
33,350 | Goodyear Tire & Rubber Co. (The) (a) | 839,419 | ||
19,600 | Hewitt Associates, Inc., Class A (a) | 728,532 | ||
4,480 | ITT Educational Services, Inc. (a) | 409,248 | ||
7,100 | Kimberly-Clark Corp. | 466,115 | ||
26,500 | McDonald’s Corp. | 1,419,075 | ||
5,400 | McGraw-Hill Cos., Inc. (The) | 230,904 | ||
12,000 | NIKE, Inc., Class B | 741,120 | ||
35,480 | Omnicom Group, Inc. | 1,609,728 | ||
18,390 | RadioShack Corp. | 319,066 | ||
21,700 | Tech Data Corp. (a) | 746,046 | ||
29,080 | TJX Companies, Inc. (The) | 917,765 | ||
21,240 | Walt Disney Co. (The) | 635,713 | ||
15,468,830 | ||||
Consumer Staples (6.0%) | ||||
21,404 | Altria Group, Inc. | 1,622,851 | ||
13,100 | Costco Wholesale Corp. | 890,014 | ||
27,400 | Eastman Kodak Co. | 546,082 | ||
44,160 | International Paper Co. | 1,424,160 | ||
61,170 | Kroger Co. (The) | 1,556,777 | ||
16,010 | PepsiCo, Inc. | 1,091,722 | ||
4,600 | Procter & Gamble Co. (The) | 303,370 | ||
20,600 | Sysco Corp. | 598,430 | ||
8,033,406 | ||||
Energy (17.9%) | ||||
8,290 | Atmos Energy Corp. | 238,089 | ||
60,690 | Chevron Corp. | 5,128,305 | ||
31,500 | CMS Energy Corp. | 493,605 | ||
21,790 | Constellation Energy Group | 2,047,389 | ||
9,410 | Devon Energy Corp. | 799,662 | ||
98,108 | Exxon Mobil Corp. | 8,476,531 | ||
10,070 | Frontier Oil Corp. | 355,169 | ||
37,500 | Marathon Oil Corp. | 1,756,875 | ||
11,800 | McDermott International, Inc. (a) | 556,724 | ||
14,600 | Murphy Oil Corp. | 1,073,684 | ||
10,100 | Noble Energy, Inc. | 733,058 | ||
63,820 | Reliant Energy, Inc. (a) | 1,357,451 | ||
4,060 | Sempra Energy | 226,954 | ||
10,060 | Valero Energy Corp. | 595,451 | ||
23,838,947 | ||||
Financials (28.4%) | ||||
23,390 | ACE Ltd. | 1,364,573 | ||
44,220 | Allstate Corp. (The) | 2,178,719 | ||
8,400 | American Express Co. | 414,288 | ||
5,800 | Arch Capital Group Ltd. (a) | 408,668 | ||
22,800 | Axis Capital Holdings Ltd. | 912,912 | ||
74,940 | Bank of America Corp. | 3,323,589 | ||
9,740 | Boston Properties, Inc. | 895,301 | ||
51,200 | Charles Schwab Corp. (The) | 1,141,760 | ||
21,870 | Chubb Corp. (The) | 1,132,647 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Financials, continued | ||||
94,960 | Citigroup, Inc. | 2,679,771 | ||
14,750 | Discover Financial Services | 258,125 | ||
4,440 | Everest Re Group Ltd. | 451,504 | ||
9,200 | Fannie Mae | 311,512 | ||
17,000 | Freddie Mac | 516,630 | ||
5,840 | Goldman Sachs Group, Inc. (The) | 1,172,497 | ||
11,150 | Hospitality Properties Trust | 378,543 | ||
7,900 | Janus Capital Group, Inc. | 213,379 | ||
112,599 | JPMorgan Chase & Co. | 5,354,082 | ||
48,500 | KeyCorp, Inc. | 1,268,275 | ||
16,690 | Loews Corp. | 779,256 | ||
3,500 | MasterCard, Inc., Class A | 724,500 | ||
27,300 | Morgan Stanley | 1,349,439 | ||
13,100 | Northern Trust Corp. | 961,016 | ||
11,800 | PartnerRe Ltd. | 935,504 | ||
10,770 | SAFECO, Inc. | 574,795 | ||
19,500 | State Street Corp. | 1,601,340 | ||
17,370 | SunTrust Banks, Inc. | 1,197,661 | ||
54,200 | Travelers Cos., Inc. (The) | 2,607,020 | ||
11,500 | U.S. Bancorp | 390,425 | ||
69,200 | Wells Fargo & Co. | 2,353,492 | ||
37,851,223 | ||||
Health Care (7.7%) | ||||
20,030 | AmerisourceBergen Corp. | 934,400 | ||
35,570 | Baxter International, Inc. | 2,160,522 | ||
11,400 | Humana, Inc. (a) | 915,420 | ||
2,400 | Intuitive Surgical, Inc. (a) | 609,600 | ||
7,000 | Invitrogen Corp. (a) | 599,690 | ||
10,490 | Johnson & Johnson | 663,597 | ||
8,500 | Kinetic Concepts, Inc. (a) | 423,130 | ||
9,200 | Medco Health Solutions, Inc. (a) | 460,736 | ||
151,000 | Pfizer, Inc. | 3,531,890 | ||
10,298,985 | ||||
Industrials (8.7%) | ||||
15,500 | Agco Corp. (a) | 933,410 | ||
21,500 | Boeing Co. (The) | 1,788,370 | ||
19,740 | Cummins, Inc. | 953,047 | ||
26,960 | Emerson Electric Co. | 1,370,646 | ||
9,360 | Fluor Corp. | 1,138,831 | ||
79,460 | General Electric Co. | 2,813,679 | ||
21,270 | Honeywell International, Inc. | 1,256,419 | ||
3,600 | Raytheon Co. | 234,504 | ||
11,270 | SPX Corp. | 1,133,762 | ||
11,622,668 | ||||
Information Technology (2.5%) | ||||
27,050 | Accenture Ltd., Class A | 936,471 | ||
2,500 | Amazon.com, Inc. (a) | 194,250 | ||
3,500 | Apple Computer, Inc. (a) | 473,760 | ||
9,160 | Avnet, Inc. (a) | 326,188 | ||
19,000 | Intel Corp. | 402,800 | ||
18,300 | Juniper Networks, Inc. (a) | 496,845 | ||
6,800 | MEMC Electronic Materials, Inc. (a) | 485,928 | ||
3,316,242 | ||||
See accompanying notes to financial statements.
36
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Materials (3.4%) | ||||
30,400 | AK Steel Holding Corp. (a) | 1,452,512 | ||
56,910 | Celanese Corp., Series A | 2,115,914 | ||
5,350 | Lubrizol Corp. (The) | 281,463 | ||
5,200 | Mosaic Co. (The) (a) | 473,252 | ||
2,700 | United States Steel Corp. | 275,697 | ||
4,598,838 | ||||
Real Estate Investment Trusts (1.9%) | ||||
16,950 | AMB Property Corp. | 857,670 | ||
46,800 | Annaly Capital Management, Inc. | 922,896 | ||
39,340 | HRPT Properties Trust | 312,753 | ||
1,800 | SL Green Realty Corp. | 167,058 | ||
9,000 | Weingarten Realty Investors | 302,580 | ||
2,562,957 | ||||
Telecommunications (6.4%) | ||||
106,611 | AT&T, Inc. | 4,103,457 | ||
9,860 | CenturyTel, Inc. | 363,933 | ||
10,100 | Telephone & Data Systems, Inc. | 532,674 | ||
90,020 | Verizon Communications, Inc. | 3,496,377 | ||
8,496,441 | ||||
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Transportation (0.8%) | ||||
17,390 | Continental Airlines, Inc., Class B (a) | 473,182 | ||
6,200 | Frontline Ltd. | 263,934 | ||
2,200 | Union Pacific Corp. | 275,066 | ||
1,012,182 | ||||
Utilities (3.2%) | ||||
41,490 | Edison International | 2,164,118 | ||
5,600 | Energen Corp. | 352,240 | ||
37,760 | Northeast Utilities | 1,046,707 | ||
15,890 | ONEOK, Inc. | 746,830 | ||
4,309,895 | ||||
Total Common Stocks (Cost $135,010,182) | 131,410,614 | |||
Investment Companies (1.4%) | ||||
1,841,735 | Victory Federal Money Market Fund, Investor Shares, 3.10% (b) | 1,841,735 | ||
Total Investment Companies (Cost $1,841,735) | 1,841,735 | |||
Total Investments (Cost $136,851,917) (c)—99.9% | 133,252,349 | |||
Other assets in excess of liabilities—0.1% | 66,917 | |||
Net Assets—100.0% | 133,319,266 | |||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2008. |
(c) | Cost for federal income tax purposes is $137,496,334. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 8,667,711 | ||
Unrealized depreciation | (12,911,696 | ) | ||
Net unrealized depreciation | $ | (4,243,985 | ) | |
See accompanying notes to financial statements.
37
PACIFIC CAPITAL FUNDS
High Grade Core Fixed Income Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Corporate Bonds (31.9%) | ||||
Consumer Discretionary (3.3%) | ||||
1,388,000 | Colgate-Palmolive Co., Series B, 7.60%, 5/19/25, MTN | 1,698,398 | ||
2,990,000 | Comcast Corp., 5.85%, 11/15/15 | 3,028,610 | ||
4,672,000 | Harvard President & Fellows of Harvard, 6.30%, 10/1/37, Callable 4/1/16 @ 100 | 5,263,569 | ||
9,990,577 | ||||
Consumer Staples (3.1%) | ||||
625,000 | Bestfoods, Series F, | 683,688 | ||
2,240,000 | Bottling Group LLC, | 2,311,525 | ||
1,500,000 | Kimberly-Clark, 6.13%, 8/1/17 | 1,615,099 | ||
1,660,000 | Starbucks Corp., 6.25%, 8/15/17 | 1,712,224 | ||
3,000,000 | Wal-Mart Stores, Inc., | 2,962,380 | ||
9,284,916 | ||||
Energy (4.7%) | ||||
1,800,000 | Apache Finance Canada, | 2,132,550 | ||
1,030,000 | Atlantic Richfield Co., | 1,207,256 | ||
2,125,000 | Duke Capital LLC, | 2,500,020 | ||
2,252,000 | Halliburton Co., 8.75%, 2/15/21 | 2,859,475 | ||
1,675,000 | Kinder Morgan Energy Partners LP, 5.85%, 9/15/12 | 1,751,433 | ||
3,625,000 | Smith International, Inc., | 3,790,594 | ||
14,241,328 | ||||
Financials (10.7%) | ||||
Banking (3.9%) | ||||
736,351 | Fifth Third Bancorp, Series BKNT, 2.87%, 8/10/09 | 720,090 | ||
2,218,000 | JP Morgan Chase & Co., | 2,374,267 | ||
1,500,000 | JP Morgan Chase & Co., | 1,567,329 | ||
1,300,000 | US Bank NA, 6.30%, 2/4/14 | 1,392,226 | ||
2,110,000 | US Bank NA, Series BKNT, | 2,115,707 | ||
1,825,000 | Washington Mutual Bank, | 1,580,282 | ||
1,980,000 | Wells Fargo & Co., | 2,038,636 | ||
11,788,537 | ||||
Financial Services (6.8%) | ||||
1,225,000 | Charles Schwab Corp., Series A, 6.38%, 9/1/17, MTN | 1,268,843 | ||
1,210,000 | CIT Group Funding Co. Canada, 4.65%, 7/1/10 | 1,154,252 |
Principal Amount ($) | Security | Value ($) | ||
Corporate Bonds, continued | ||||
Financial Services, continued | ||||
1,050,000 | General Electric Capital Corp., 5.72%, 8/22/11, Callable | 1,068,147 | ||
500,000 | Genworth Financial, Inc., | 508,870 | ||
1,000,000 | International Lease Finance Corp., Series MTNP, | 1,001,570 | ||
3,450,000 | International Lease Finance Corp., 4.73% (a), 7/13/12 | 3,320,984 | ||
2,150,000 | Lehman Brothers Holdings, Inc., 5.63%, 1/24/13, MTN | 2,180,121 | ||
3,700,000 | Merrill Lynch & Co., Series C, | 3,387,609 | ||
1,100,000 | Merrill Lynch & Co., | 1,062,942 | ||
825,000 | Textron Financial Corp., | 848,907 | ||
2,284,324 | Toyota Motor Credit Corp., | 2,259,105 | ||
2,450,000 | Toyota Motor Credit Corp., Series B, 5.42%, 3/22/17, Callable 3/22/08 @ 100, MTN | 2,453,285 | ||
20,514,635 | ||||
32,303,172 | ||||
Industrials (1.6%) | ||||
2,400,000 | Dominion Resources, Inc., | 2,391,033 | ||
2,300,000 | General Electric Co., | 2,374,081 | ||
4,765,114 | ||||
Information Technology (0.2%) | ||||
625,000 | Pitney Bowes, Inc., | 629,042 | ||
Materials (0.7%) | ||||
2,150,000 | Placer Dome, Inc., | 2,198,310 | ||
Pharmaceuticals (0.7%) | ||||
950,000 | Abbott Laboratories, | 1,005,117 | ||
872,000 | Pharmacia Corp., 6.75%, 12/15/27 | 973,825 | ||
1,978,942 | ||||
Supranational Agency (1.1%) | ||||
3,000,000 | Inter-American Development Bank, 4.75%, 10/19/12 | 3,186,321 | ||
Technology (0.5%) | ||||
340,000 | Science Applications International Corp., 7.13%, 7/1/32 | 364,784 | ||
1,385,000 | Science Applications International Corp., 5.50%, 7/1/33 | 1,190,352 | ||
1,555,136 | ||||
See accompanying notes to financial statements.
38
PACIFIC CAPITAL FUNDS
High Grade Core Fixed Income Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Corporate Bonds, continued | ||||
Telecommunications (2.9%) | ||||
4,075,000 | GTE Southwest, Inc., | 4,981,647 | ||
1,550,000 | Harris Corp., 5.00%, 10/1/15 | 1,530,067 | ||
2,000,000 | Harris Corp., 5.95%, 12/1/17 | 2,048,378 | ||
8,560,092 | ||||
Transportation (2.0%) | ||||
795,317 | Burlington Northern & Santa Fe Railway Co. (The), | 786,131 | ||
3,985,232 | FedEx Corp., Pass Thru Certificates, 7.50%, 1/15/18 | 4,339,918 | ||
795,000 | United Parcel Service, Inc., | 816,066 | ||
5,942,115 | ||||
Utilities (0.4%) | ||||
1,295,000 | Alabama Power Co., Series 1, 5.65%, 3/15/35, Callable | 1,197,667 | ||
Total Corporate Bonds (Cost $94,436,109) | 95,832,732 | |||
Collateralized Mortgage Obligations (2.6%) | ||||
7,947,459 | WAMU Mortgage Pass-Through Certificates, Series 2007- HY7, Class 3A1, 5.92%, 7/25/37 | 7,967,152 | ||
Total Collateralized Mortgage Obligations (Cost $7,921,173) | 7,967,152 | |||
U.S. Government Agency Mortgage-BackedObligations (34.2%) | ||||
Federal Home Loan Mortgage Corp. (10.9%) | ||||
2,642,622 | 5.50%, 4/1/21 | 2,705,709 | ||
2,180,744 | 4.50%, 8/1/33 | 2,112,804 | ||
2,606,143 | 5.00%, 5/1/34 | 2,597,710 | ||
4,706,652 | 5.50%, 3/1/35 | 4,768,535 | ||
1,732,135 | 6.00%, 4/1/36 | 1,776,441 | ||
6,236,231 | 5.83%, 12/1/36 | 6,388,480 | ||
6,046,486 | 6.00%, 12/1/36 | 6,201,150 | ||
3,288,091 | 5.50%, 1/1/37 | 3,309,095 | ||
2,665,457 | 6.50%, 5/1/37 | 2,770,154 | ||
32,630,078 | ||||
Federal National Mortgage Assoc. (22.5%) | ||||
1,871,348 | 4.50%, 6/1/14 | 1,918,101 | ||
3,061,140 | 4.50%, 3/1/19 | 3,060,786 | ||
792,218 | 4.50%, 10/1/33 | 771,068 | ||
2,650,716 | 5.00%, 1/1/34 | 2,644,735 | ||
740,651 | 5.00%, 3/1/34 | 738,980 | ||
3,734,750 | 5.08% (a), 9/1/34 | 3,874,205 | ||
3,643,771 | 5.10% (a), 10/1/34 | 3,712,285 | ||
2,822,786 | 5.50%, 2/1/35 | 2,864,169 | ||
6,582,857 | 5.50%, 2/1/35 | 6,679,364 | ||
2,497,517 | 5.00%, 4/1/35 | 2,488,913 | ||
2,515,440 | 6.00%, 4/1/35 | 2,585,949 | ||
8,188,000 | 5.50%, 7/25/35 | 8,285,427 |
Principal Amount ($) | Security | Value ($) | ||
U.S. Government Agency Mortgage-BackedObligations, continued | ||||
Federal National Mortgage Assoc., continued | ||||
1,415,723 | 5.00%, 8/1/35 | 1,410,311 | ||
3,356,084 | 5.00%, 8/1/35 | 3,343,254 | ||
3,887,503 | 5.50%, 10/1/35 | 3,941,921 | ||
2,463,589 | 6.00%, 12/1/35 | 2,530,937 | ||
1,787,160 | 6.50%, 6/1/36 | 1,855,742 | ||
2,820,545 | 6.50%, 6/1/36 | 2,928,783 | ||
2,274,328 | 6.00%, 10/1/36 | 2,334,554 | ||
3,168,158 | 5.50%, 12/1/36 | 3,191,366 | ||
6,559,069 | 5.60% (a), 1/1/37 | 6,630,679 | ||
67,791,529 | ||||
Government National Mortgage Assoc. (0.8%) | ||||
2,319,317 | 5.50%, 11/15/35 | 2,366,731 | ||
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $99,084,894) | 102,788,338 | |||
U.S. Government Agencies (9.4%) | ||||
Federal Farm Credit Bank (0.7%) | ||||
1,100,000 | 4.75%, 6/20/11, | 1,102,743 | ||
1,000,000 | 4.90%, 11/21/12, | 1,017,778 | ||
2,120,521 | ||||
Federal Home Loan Bank (4.2%) | ||||
3,000,000 | 7.63%, 5/14/10 | 3,320,808 | ||
400,000 | 5.00% (a), 5/26/10 | 419,960 | ||
6,000,000 | 4.88%, 11/18/11 | 6,372,282 | ||
535,000 | 4.87%, 9/7/12 | 535,136 | ||
2,000,000 | 4.45%, 2/12/13, | 2,008,780 | ||
12,656,966 | ||||
Federal Home Loan Mortgage Corp. (3.7%) | ||||
3,025,000 | 5.40%, 6/15/10, | 3,129,753 | ||
4,685,000 | 5.13%, 11/17/17 | 5,020,727 | ||
3,000,000 | 6.25%, 4/7/21, | 3,017,379 | ||
11,167,859 | ||||
Federal National Mortgage Assoc. (0.5%) | ||||
1,350,000 | 5.50%, 7/9/10, | 1,382,049 | ||
Small Business Administration Corp. (0.3%) | ||||
842,540 | 6.34%, 8/1/11 | 874,325 | ||
Total U.S. Government Agencies(Cost $27,301,686) | 28,201,720 | |||
U.S. Treasury Obligations (20.4%) | ||||
U.S. Treasury Bonds (1.6%) | ||||
2,850,000 | 7.88%, 2/15/21 | 3,934,559 | ||
700,000 | 5.50%, 8/15/28 | 807,023 | ||
4,741,582 | ||||
See accompanying notes to financial statements.
39
PACIFIC CAPITAL FUNDS
High Grade Core Fixed Income Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
U.S. Treasury Obligations, continued | ||||
U.S. Treasury Notes (18.8%) | ||||
16,500,000 | 6.50%, 2/15/10 | 17,919,264 | ||
20,000,000 | 4.75%, 3/31/11 | 21,471,880 | ||
2,516,000 | 4.63%, 7/31/12 | 2,715,119 | ||
3,000,000 | 4.63%, 11/15/16 | 3,237,657 | ||
10,840,000 | 4.25%, 11/15/17 | 11,387,084 | ||
56,731,004 | ||||
Total U.S. Treasury Obligations(Cost $58,403,718) | 61,472,586 | |||
Shares | Security | Value ($) | ||
Investment Companies (1.0%) | ||||
2,938,994 | Victory Federal Money Market Fund, Investor Shares, | 2,938,994 | ||
Total Investment Companies (Cost $2,938,994) | 2,938,994 | |||
Total Investments (Cost $290,086,574) (b)—99.5% | 299,201,522 | |||
Other assets in excess of liabilities—0.5% | 1,645,481 | |||
Net Assets—100.0% | 300,847,003 | |||
(a) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2008. |
(b) | Cost for federal income tax purposes is $290,086,574. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 10,171,999 | ||
Unrealized depreciation | (1,057,051 | ) | ||
Net unrealized appreciation | $ | 9,114,948 | ||
LLC—Limited Liability Co.
LP—Limited Partnership
MTN—Medium Term Note
See accompanying notes to financial statements.
40
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds (99.3%) | ||||
Arizona (3.5%) | ||||
7,255,000 | Phoenix Civic Improvement Corp., Civic Plaza, Convertible CAB, 0.00% (a), 7/1/31, 5.50% effective 7/1/13, FGIC | 5,784,339 | ||
2,150,000 | Phoenix Civic Improvement Corp., Wastewater Revenue, | 2,154,665 | ||
1,605,000 | Scottsdale GO, 5.38%, 7/1/16, Callable 7/1/11 @ 101 | 1,734,925 | ||
9,673,929 | ||||
Arkansas (0.7%) | ||||
1,915,000 | Arkansas State Development Finance Authority, AMT, | 1,866,933 | ||
California (1.2%) | ||||
2,000,000 | California State Variable Purpose GO, 4.75%, 12/1/27, Callable 12/1/17 @ 100 | 1,987,180 | ||
1,275,000 | California State Variable Purpose GO, 5.00%, 8/1/33, Callable 8/1/15 @ 100 | 1,277,359 | ||
3,264,539 | ||||
Colorado (0.6%) | ||||
1,700,000 | Interlocken Metropolitan District GO, Series A, 5.75%, 12/15/19, Callable 12/15/09 @ 101, | 1,766,062 | ||
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 | 2,018,840 | ||
Florida (4.6%) | ||||
3,500,000 | Florida State Turnpike Authority Revenue, Department of Transportation, Series A, | 3,813,180 | ||
2,000,000 | Hillsborough County Aviation Authority Revenue, AMT, | 2,122,200 | ||
2,000,000 | Miami-Dade County Expressway Authority Toll System Revenue, 6.00%, 7/1/20, Prerefunded | 2,188,120 | ||
3,725,000 | Orlando Utilities Community Water & Electric Revenue, Series D, 6.75%, 10/1/17, ETM | 4,526,359 | ||
12,649,859 | ||||
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Georgia (3.9%) | ||||
2,330,000 | Metropolitan Atlanta Rapid Transportation Authority Sales Tax Revenue, Series P, | 2,556,336 | ||
390,000 | Municipal Electric Authority Power Revenue, Series W, | 494,949 | ||
6,415,000 | Municipal Electric Authority Power Revenue, Series W, | 7,688,185 | ||
10,739,470 | ||||
Hawaii (58.7%) | ||||
3,000,000 | Hawaii Airport System Revenue, AMT, 5.63%, 7/1/18, Callable 7/1/11 @ 100, FGIC | 3,145,860 | ||
15,375,000 | Hawaii Airport System Revenue, Second Series, AMT, | 16,909,271 | ||
605,000 | Hawaii County GO, Series A, | 682,264 | ||
1,065,000 | Hawaii County GO, Series A, | 1,172,022 | ||
1,340,000 | Hawaii County GO, Series A, | 1,474,657 | ||
2,000,000 | Hawaii County GO, Series A, | 2,109,660 | ||
3,000,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., | 3,081,840 | ||
3,000,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Series A, AMT, 4.95%, 4/1/12, MBIA | 3,257,400 | ||
2,000,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Series A, 5.50%, 12/1/14, Callable 12/1/09 @ 101, AMBAC | 2,124,520 | ||
5,200,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Series A, 5.65%, 10/1/27, Callable 10/1/12 @ 101, MBIA | 5,465,980 | ||
2,500,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Queens Health System, Series B, 5.25%, 7/1/23, Prerefunded | 2,583,125 |
See accompanying notes to financial statements.
41
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Hawaii, continued | ||||
2,340,000 | Hawaii Housing Finance & Development Corp., University of Hawaii Faculty Housing Project Revenue, 5.70%, 10/1/25, Callable 10/1/08 @ 100, AMBAC | 2,345,897 | ||
400,000 | Hawaii Pacific Health, Special Purpose Revenue, Department of Budget & Finance, Series B, 3.85% (b), 7/1/33, Ins: Radian | 400,000 | ||
3,100,000 | Hawaii Pacific Health, Special Purpose Revenue, Department of Budget & Finance, Series B-2, 3.85% (b), 7/1/33, Ins: Radian | 3,100,000 | ||
2,000,000 | Hawaii State GO, Series BZ, 6.00%, 10/1/12, FGIC | 2,275,580 | ||
1,350,000 | Hawaii State GO, Series CH, 4.75%, 11/1/11, MBIA | 1,453,221 | ||
1,335,000 | Hawaii State GO, Series CH, 4.75%, 11/1/13, MBIA | 1,458,007 | ||
3,000,000 | Hawaii State GO, Series CM, 6.50%, 12/1/13, FGIC | 3,549,900 | ||
1,520,000 | Hawaii State GO, Series CP, | 1,538,149 | ||
1,235,000 | Hawaii State GO, Series CP, | 1,249,746 | ||
860,000 | Hawaii State GO, Series CP, | 870,268 | ||
590,000 | Hawaii State GO, Series CP, | 597,045 | ||
2,000,000 | Hawaii State GO, Series CT, 5.88%, 9/1/16, Prerefunded 9/1/09 @ 101, FSA | 2,135,160 | ||
2,000,000 | Hawaii State GO, Series CT, 5.88%, 9/1/17, Prerefunded 9/1/09 @ 101, FSA | 2,135,160 | ||
500,000 | Hawaii State GO, Series CY, 5.75%, 2/1/15, FSA | 583,365 | ||
1,000,000 | Hawaii State GO, Series DD, 5.00%, 5/1/17, Callable | 1,086,280 | ||
2,680,000 | Hawaii State GO, Series DD, 5.00%, 5/1/18, Prerefunded 5/1/14 @ 100, MBIA | 3,000,581 | ||
1,560,000 | Hawaii State GO, Series DD, 5.00%, 5/1/18, Callable | 1,682,788 | ||
1,105,000 | Hawaii State Harbor System Revenue, Series A, AMT, | 1,236,186 | ||
1,500,000 | Hawaii State Harbor System Revenue, Series B, AMT, | 1,596,225 |
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Hawaii, continued | ||||
1,000,000 | Hawaii State Highway Revenue, 5.25%, 7/1/14, Prerefunded 7/1/08 @ 101, FGIC | 1,023,330 | ||
1,350,000 | Hawaii State Highway Revenue, 5.38%, 7/1/17, Prerefunded 7/1/10 @ 100, FSA | 1,447,227 | ||
2,530,000 | Hawaii State Highway Revenue, 5.38%, 7/1/18, Prerefunded 7/1/10 @ 100, FSA | 2,712,211 | ||
2,000,000 | Hawaii State Housing Finance & Development Corp., Single Family Mortgage Purchase Revenue, Series A, AMT, | 2,020,520 | ||
2,970,000 | Honolulu City & County Board of Water Supply System Revenue, Series A, 4.75%, 7/1/18, Callable 7/1/14 @ 100, FGIC | 3,158,506 | ||
10,865,000 | Honolulu City & County Board of Water Supply System Revenue, Series A, 4.75%, 7/1/31, Callable 7/1/16 @ 100, MBIA | 10,864,565 | ||
2,320,000 | Honolulu City & County GO, 6.00%, 12/1/11, ETM, FGIC | 2,615,058 | ||
3,500,000 | Honolulu City & County GO, Series A, 5.38%, 9/1/18, Prerefunded 9/1/11 @ 100, FSA | 3,836,735 | ||
2,125,000 | Honolulu City & County GO, Series A, 6.00%, 1/1/11, ETM, FGIC | 2,339,030 | ||
875,000 | Honolulu City & County GO, Series A, 6.00%, 1/1/11, FGIC | 957,460 | ||
4,820,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/11, ETM, FGIC | 5,309,278 | ||
1,865,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/12, FGIC | 2,079,344 | ||
850,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/13, ETM, FGIC | 971,320 | ||
3,345,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/13, FGIC | 3,776,103 | ||
1,670,000 | Honolulu City & County GO, Series A, 5.63%, 9/1/13, Prerefunded 9/1/08 @ 100, FGIC | 1,705,120 | ||
6,250,000 | Honolulu City & County GO, Series A, 5.00%, 7/1/19, Callable 7/1/15 @ 100, MBIA | 6,793,000 | ||
1,000,000 | Honolulu City & County GO, Series B, 5.13%, 7/1/10, Prerefunded 7/1/09 @ 101, FGIC | 1,051,940 |
See accompanying notes to financial statements.
42
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Hawaii, continued | ||||
640,000 | Honolulu City & County GO, Series B, 5.25%, 10/1/12, FGIC | 707,386 | ||
2,595,000 | Honolulu City & County GO, Series B, 5.13%, 7/1/18, Prerefunded 7/1/09 @ 101, FGIC | 2,729,784 | ||
2,500,000 | Honolulu City & County GO, Series C, 5.13%, 7/1/16, Callable 7/1/09 @ 101, FGIC | 2,610,625 | ||
5,000,000 | Honolulu City & County GO, Series D, 5.00%, 7/1/20, Callable 7/1/15 @ 100, MBIA | 5,394,000 | ||
2,000,000 | Honolulu City & County Waste Water System Revenue, Junior Series, 5.00%, 7/1/23, Callable 7/1/09 @ 101, FGIC | 2,048,680 | ||
2,680,000 | Honolulu Hawaii City & County GO, Series A, 5.00%, 7/1/21, Callable 7/1/17 @100, FSA | 2,934,466 | ||
5,000,000 | Honolulu Hawaii City & County GO, Series A, 5.00%, 7/1/26, Callable 7/1/15 @ 100, MBIA | 5,219,750 | ||
2,315,000 | Honolulu Hawaii City & County GO, Series A, 5.00%, 7/1/29, Callable 7/1/17 @ 100, FSA | 2,419,129 | ||
2,000,000 | Honolulu Hawaii City & County GO, Series C, 5.13%, 7/1/11, Callable 7/1/09 @ 101, FGIC | 2,093,040 | ||
2,155,000 | Honolulu Hawaii City & County Multifamily Revenue, AMT, 6.30%, 11/20/20, Callable 5/20/10 @ 102 | 2,267,943 | ||
1,340,000 | Kauai County GO, Series C, | 1,410,404 | ||
1,000,000 | Maui County GO, | 1,033,250 | ||
1,125,000 | Maui County GO, Series C, | 1,196,359 | ||
1,000,000 | University of Hawaii System Revenue, Series A, | 1,119,630 | ||
1,205,000 | University of Hawaii System Revenue, Series A, | 1,349,154 | ||
1,000,000 | University of Hawaii System Revenue, Series A, | 1,119,630 | ||
162,614,134 | ||||
Illinois (1.8%) | ||||
2,000,000 | Chicago Midway Airport Revenue, Series C, 5.50%, 1/1/15, MBIA | 2,263,080 |
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Illinois, continued | ||||
5,505,000 | Kane & De Kalb Counties Illinois Community Unit School District GO, 4.89% (c), 2/1/23, FGIC | 2,703,891 | ||
4,966,971 | ||||
Indiana (0.4%) | ||||
1,000,000 | Tri-Creek High School Building Corp. Revenue, 5.00%, 7/15/15, Prerefunded 7/15/13 @ 100, FSA | 1,112,500 | ||
Kentucky (0.5%) | ||||
1,250,000 | Kentucky State Property & Buildings Commission Revenue, 2nd Series, AMT, 5.50%, 11/1/16, Callable | 1,395,812 | ||
Massachusetts (0.4%) | ||||
1,000,000 | Massachusetts State GO, Series C, 5.75%, 10/1/20, Prerefunded 10/1/10 @ 100 | 1,084,840 | ||
Michigan (2.1%) | ||||
3,000,000 | Michigan Municipal Building Authority Revenue, Clean Water Revolving Fund, 5.50%, 10/1/21, Prerefunded 10/1/10 @ 101 | 3,271,620 | ||
2,245,000 | Michigan State Strategic Fund Ltd. Obligation Revenue, | 2,537,389 | ||
5,809,009 | ||||
Missouri (0.8%) | ||||
2,000,000 | University of Missouri Revenue, Series B, 5.38%, 11/1/16, Callable 11/1/11 @ 100 | 2,156,440 | ||
New York (4.6%) | ||||
2,000,000 | New York State Thruway Authority Revenue, Highway & Bridge Trust Fund, Series A, | 2,170,660 | ||
5,165,000 | New York, New York GO, Series J, 5.00%, 6/1/21, Callable | 5,470,975 | ||
5,000,000 | New York, New York GO, Series J, 5.00%, 6/1/24, Callable | 5,199,800 | ||
12,841,435 | ||||
Ohio (0.8%) | ||||
795,000 | Hamilton County Sales Tax Revenue, Series B, | 858,028 |
See accompanying notes to financial statements.
43
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Ohio, continued | ||||
205,000 | Hamilton County Sales Tax Revenue, Series B, | 218,530 | ||
1,000,000 | Ohio State Building Authority, Adult Correction Facility Revenue, Series A, | 1,097,900 | ||
2,174,458 | ||||
Oregon (3.2%) | ||||
3,100,000 | Clackamas Community College District GO, 5.25%, 6/15/16, Prerefunded 6/15/11 @ 100, FGIC | 3,379,372 | ||
5,000,000 | Portland Sewer System Revenue, Series A, 5.75%, 8/1/18, Prerefunded 8/1/10 @ 100, FGIC | 5,417,450 | ||
8,796,822 | ||||
Puerto Rico (1.3%) | ||||
2,010,000 | Puerto Rico Commonwealth Infrastructure Financing Authority, Series A, | 601,372 | ||
3,000,000 | Puerto Rico Electric Power Authority Power Revenue, | 3,033,540 | ||
3,634,912 | ||||
Texas (3.9%) | ||||
2,395,000 | Barbers Hill Independent School District GO, 5.00%, 2/15/24, Callable 2/15/15 @ 100, | 2,517,960 | ||
5,275,000 | Galena Park Texas Independent School District, | 2,081,093 | ||
2,345,000 | Grapevine GO, Series A, | 2,465,392 |
Shares or Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Texas, continued | ||||
2,000,000 | Houston Independent School District GO, Series A, | 2,108,920 | ||
1,365,000 | New Braunfels GO, | 1,501,732 | ||
10,675,097 | ||||
Washington (5.6%) | ||||
3,475,000 | Douglas County School District | 3,757,100 | ||
2,000,000 | Port Seattle Washington Revenue, 5.00%, 2/1/25, Callable | 2,076,000 | ||
1,125,000 | Skagit County Public Hospital District GO, Series B, | 1,247,648 | ||
1,000,000 | Snohomish County GO, | 1,063,810 | ||
2,880,000 | Snohomish County Limited Tax GO, 5.25%, 12/1/12, Callable 12/1/11 @ 100, MBIA | 3,129,610 | ||
4,000,000 | Washington State GO, Series A, 5.63%, 7/1/19, Prerefunded 7/1/10 @ 100 | 4,306,480 | ||
15,580,648 | ||||
Total Municipal Bonds (Cost $259,691,129) | 274,822,710 | |||
Investment Companies (0.0%) | ||||
56,878 | Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 3.01% (b) | 56,878 | ||
Total Investment Companies (Cost $56,878) | 56,878 | |||
Total Investments (Cost $259,748,007) (d)—99.3% | 274,879,588 | |||
Other assets in excess of liabilities—0.7% | 1,969,569 | |||
Net Assets—100.0% | 276,849,157 | |||
(a) | Rate periodically changes. Rate disclosed is rate effective January 31, 2008. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2008. |
(c) | Rate represents the effective yield at purchase. |
(d) | Cost for federal income tax purposes is $259,748,007. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 15,769,279 | ||
Unrealized depreciation | (637,698 | ) | ||
Net unrealized appreciation | $ | 15,131,581 | ||
See accompanying notes to financial statements.
44
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
AMBAC—Insured by American Municipal Bond Assurance Corp.
AMT—Subject to alternative minimum tax
ETM—Escrowed to Maturity
FGIC—Insured by Financial Guaranty Insurance Co.
FNMA—Insured by Federal National Mortgage Association
FSA—Insured by Federal Security Assurance
GO—General Obligation
MBIA—Insured by Municipal Bond Insurance Association
PSF-GTD—Insured by Public School Funding Guarantee
XLCA—Insured by XL Capital Assurance
See accompanying notes to financial statements.
45
PACIFIC CAPITAL FUNDS
High Grade Short Intermediate Fixed Income Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Corporate Bonds (23.1%) | ||||
Consumer Discretionary (6.9%) | ||||
1,250,000 | Comcast Corp., 5.45%, 11/15/10 | 1,291,075 | ||
2,000,000 | Daimler Chrysler NA Holding Corp., 5.88%, 3/15/11 | 2,079,378 | ||
1,250,000 | Newell Rubbermaid, Inc., | 1,242,025 | ||
4,612,478 | ||||
Consumer Staples (0.8%) | ||||
45,000 | Diageo Capital PLC, | 46,309 | ||
225,000 | Kroger Co., 5.50%, 2/1/13 | 232,055 | ||
250,000 | PepsiCo, Inc., 5.15%, 5/15/12 | 264,155 | ||
542,519 | ||||
Electrical Utility (0.8%) | ||||
500,000 | Exelon Generation Co., LLC, | 530,066 | ||
Financials (10.4%) | ||||
325,000 | American General Finance, Series J, 5.63%, 8/17/11, MTN | 334,626 | ||
1,000,000 | Countrywide Financial Corp., | 881,204 | ||
525,000 | General Electric Capital Corp., 5.72%, 8/22/11, Callable | 534,074 | ||
90,000 | General Electric Capital Corp., | 93,496 | ||
255,000 | Genworth Financial, Inc., | 257,909 | ||
45,000 | Goldman Sachs Group, Inc., | 47,139 | ||
1,000,000 | HSBC Finance Corp., | 1,001,964 | ||
215,000 | Lehman Brothers Holdings, Inc., 5.63%, 1/24/13, MTN | 218,012 | ||
1,000,000 | MetLife, Inc., 5.00%, 6/15/15 | 1,003,096 | ||
1,500,000 | Morgan Stanley, 5.63%, 1/9/12 | 1,546,980 | ||
1,000,000 | Toyota Motor Credit Corp., | 1,007,110 | ||
6,925,610 | ||||
Health Care (1.7%) | ||||
875,000 | Eli Lilly & Co., 5.20%, 3/15/17 | 889,876 | ||
200,000 | Johnson & Johnson, | 215,310 | ||
1,105,186 | ||||
Industrials (0.5%) | ||||
125,000 | ConocoPhillips Canada, | 130,940 | ||
160,000 | Dominion Resource, Inc., | 162,808 | ||
293,748 | ||||
Real Estate Investment Trust (1.5%) | ||||
1,000,000 | Simon Property Group LP, | 1,005,945 | ||
Principal Amount ($) | Security | Value ($) | ||
Corporate Bonds, continued | ||||
Transportation (0.5%) | ||||
325,000 | United Parcel Service, Inc., | 333,612 | ||
Total Corporate Bonds (Cost $15,090,263) | 15,349,164 | |||
U.S. Government Agency Mortgage-BackedObligations (38.7%) | ||||
Federal Home Loan Mortgage Corp. (22.6%) | ||||
2,650,000 | 5.13%, 10/15/08 | 2,696,735 | ||
550,000 | 4.75%, 3/5/12 | 581,945 | ||
570,425 | 5.00%, 1/1/19 | 579,095 | ||
1,134,944 | 4.50%, 4/1/19 | 1,135,852 | ||
986,212 | 4.50%, 12/1/19 | 986,093 | ||
862,052 | 6.00%, 6/1/21 | 890,595 | ||
1,454,224 | 5.15% (a), 11/1/35 | 1,470,395 | ||
1,441,357 | 6.50%, 9/1/36 | 1,497,945 | ||
5,048,676 | 6.00%, 10/1/37 | 5,177,639 | ||
15,016,294 | ||||
Federal National Mortgage Assoc. (16.1%) | ||||
400,000 | 4.38%, 9/15/12 | 418,460 | ||
549,507 | 5.00%, 5/1/19 | 558,074 | ||
1,566,459 | 6.50%, 6/1/36 | 1,626,564 | ||
3,985,367 | 5.47% (a), 4/1/37 | 4,080,816 | ||
3,990,623 | 6.00%, 10/1/37 | 4,096,175 | ||
10,780,089 | ||||
Total U.S. Government Agency Mortgage-BackedObligations (Cost $25,224,060) | 25,796,383 | |||
U.S. Government Agencies (30.4%) | ||||
Federal Farm Credit Bank (1.4%) | ||||
130,000 | 3.61%, 4/15/08 | 130,016 | ||
610,000 | 3.50%, 7/28/08, | 610,000 | ||
200,000 | 3.38%, 3/16/09, | 200,008 | ||
940,024 | ||||
Federal Home Loan Bank (29.0%) | ||||
254,167 | 3.75%, 2/6/08 | 254,141 | ||
250,000 | 3.50%, 4/15/08, | 250,018 | ||
575,000 | 6.19%, 5/6/08 | 579,967 | ||
850,000 | 5.13%, 8/8/08 | 860,258 | ||
100,000 | 4.00%, 2/20/09, | 100,075 | ||
100,000 | 4.00%, 10/30/09, | 100,343 | ||
1,000,000 | 5.00%, 11/3/09 | 1,039,817 | ||
2,185,000 | 4.25%, 11/20/09 | 2,245,348 | ||
222,222 | 4.38%, 2/2/10, | 222,266 | ||
4,875,000 | 5.00%, 3/12/10 | 5,101,527 | ||
200,000 | 4.20%, 5/7/10 | 200,000 | ||
4,000,000 | 4.88%, 5/14/10 | 4,185,752 | ||
200,000 | 4.06%, 8/6/10, | 200,035 |
See accompanying notes to financial statements.
46
PACIFIC CAPITAL FUNDS
High Grade Short Intermediate Fixed Income Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
U.S. Government Agencies, continued | ||||
Federal Home Loan Bank, continued | ||||
1,750,000 | 4.13%, 8/13/10 | 1,805,127 | ||
700,000 | 5.25%, 6/10/11 | 749,652 | ||
1,000,000 | 4.88%, 11/18/11 | 1,062,047 | ||
350,000 | 5.13%, 8/14/13 | 378,269 | ||
19,334,642 | ||||
Total U.S. Government Agencies (Cost $19,512,428) | 20,274,666 | |||
U.S. Treasury Obligations (4.9%) | ||||
U.S. Treasury Notes (4.9%) | ||||
29,000 | 2.63%, 5/15/08 | 29,059 | ||
15,000 | 3.25%, 8/15/08 | 15,092 | ||
67,000 | 3.13%, 10/15/08 | 67,445 | ||
95,000 | 3.00%, 2/15/09 | 95,846 | ||
2,000,000 | 4.88%, 6/30/09 | 2,076,720 | ||
300,000 | 3.88%, 5/15/10 | 311,461 |
Shares or Principal Amount ($) | Security | Value ($) | ||
U.S. Treasury Obligations, continued | ||||
U.S. Treasury Notes, continued | ||||
158,000 | 3.63%, 6/15/10 | 163,345 | ||
465,000 | 4.13%, 5/15/15 | 488,686 | ||
Total U.S. Treasury Obligations (Cost $3,170,114) | 3,247,654 | |||
Investment Company (1.6%) | ||||
1,053,969 | Victory Federal Money Market Fund, Investor Shares, | 1,053,969 | ||
Total Investment Companies (Cost $1,053,969) | 1,053,969 | |||
Total Investments (Cost $64,050,834) (b)—98.7% | 65,721,836 | |||
Other assets in excess of liabilities—1.3% | 897,974 | |||
Net Assets—100.0% | 66,619,810 | |||
(a) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2008. |
(b) | Cost for federal income tax purposes is $64,050,834. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 1,774,382 | ||
Unrealized depreciation | (103,380 | ) | ||
Net unrealized appreciation | $ | 1,671,002 | ||
LLC—Limited Liability Co.
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Liability Co.
See accompanying notes to financial statements.
47
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds (100.1%) | ||||
Arizona (1.0%) | ||||
500,000 | Vistancia Community Facilities District GO, 4.00%, 7/15/13 | 484,045 | ||
Florida (1.7%) | ||||
780,000 | Highlands County Florida Health Facilities, 5.00%, 11/15/11 | 822,721 | ||
Guam (5.0%) | ||||
860,000 | Guam Economic Development Authority, Capital Appreciation, Convertible CAB, Series A, | 890,040 | ||
1,350,000 | Guam Economic Development Authority, Capital Appreciation, Convertible CAB, Series B, | 1,532,020 | ||
2,422,060 | ||||
Hawaii (60.1%) | ||||
2,000,000 | City & County of Honolulu, Hawaii Waste Water, 5.25%, 7/1/18, Callable 7/1/09 @ 101, FGIC | 2,093,340 | ||
610,000 | Hawaii Airport System Revenue, Second Series, AMT, | 670,872 | ||
1,000,000 | Hawaii County GO, Series A, | 1,053,260 | ||
705,000 | Hawaii County GO, Series B, | 732,805 | ||
780,000 | Hawaii Pacific Health, Special Purpose Revenue, Department of Budget & Finance, Series B, | 780,000 | ||
1,000,000 | Hawaii State Airports System Revenue, Second Series, AMT, 6.90%, 7/1/12, ETM | 1,098,500 | ||
1,000,000 | Hawaii State GO, Series BW, | 1,047,410 | ||
1,000,000 | Hawaii State GO, Series CN, | 1,002,430 | ||
665,000 | Hawaii State GO, Series CP, | 672,940 | ||
1,000,000 | Hawaii State GO, Series CR, | 1,015,100 | ||
1,000,000 | Hawaii State GO, Series CU, | 1,084,840 | ||
1,250,000 | Hawaii State GO, Series CV, | 1,270,375 | ||
1,000,000 | Hawaii State GO, Series CZ, | 1,107,410 | ||
3,700,000 | Hawaii State GO, Series DG, | 3,840,452 |
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Hawaii, continued | ||||
1,000,000 | Hawaii State Harbor System Revenue, Series A, | 1,009,490 | ||
750,000 | Hawaii State Highway Revenue, 4.85%, 7/1/09, FSA | 778,297 | ||
1,055,000 | Hawaii State Housing & Community Development Revenue, Series A, 3.70%, 7/1/13, FSA | 1,059,600 | ||
800,000 | Honolulu City & County GO, | 889,400 | ||
1,150,000 | Honolulu City & County Waste Water System Revenue, | 1,192,837 | ||
1,000,000 | Honolulu City & County Waste Water System Revenue, | 1,046,670 | ||
2,000,000 | Honolulu Hawaii City & County GO, Series C, 5.13%, 7/1/11, Callable 7/1/09 @ 101, FGIC | 2,093,040 | ||
1,000,000 | Honolulu Hawaii City & County Multifamily Revenue, AMT, 6.30%, 11/20/20, Callable | 1,052,410 | ||
1,000,000 | State of Hawaii GO, Series DG, 5.00%, 7/1/12, AMBAC | 1,090,560 | ||
1,090,000 | University of Hawaii System Revenue, Series A, | 1,220,397 | ||
28,902,435 | ||||
Illinois (2.2%) | ||||
1,000,000 | Illinois State GO, | 1,068,460 | ||
Michigan (1.7%) | ||||
750,000 | Michigan State Hospital Finance Authority Revenue, | 813,570 | ||
Minnesota (3.4%) | ||||
1,500,000 | Minnesota State GO, | 1,615,305 | ||
New Jersey (2.2%) | ||||
1,000,000 | New Jersey State Certificate of Participation, 5.00%, 6/15/09 | 1,037,450 | ||
New York (6.6%) | ||||
1,000,000 | New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Series A, 4.45%, 7/1/17, Mandatory Put 7/1/09 @ 100 | 1,017,020 |
See accompanying notes to financial statements.
48
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments, continued
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
New York, continued | ||||
1,000,000 | New York State Thruway Authority Revenue, Highway & Bridge Trust Fund, Series B, 5.25%, 4/1/12, AMBAC | 1,096,680 | ||
1,000,000 | New York, New York GO, Series C, 4.25%, 1/1/12 | 1,051,750 | ||
3,165,450 | ||||
Oklahoma (4.2%) | ||||
625,000 | McClain County Oklahoma Economic Development Authority Educational Facilities Lease Revenue, Newcastle Public Schools Project, 5.00%, 9/1/10 | 654,756 | ||
1,345,000 | Tulsa Oklahoma Industrial Authority Educational Facilities Revenue, Series B, 5.00%, 12/1/14, | 1,378,760 | ||
2,033,516 | ||||
Pennsylvania (2.4%) | ||||
1,030,000 | Philadelphia Water & Wastewater Revenue, Series B, | 1,134,184 | ||
Puerto Rico (6.2%) | ||||
1,200,000 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, 6.25%, 7/1/13, MBIA | 1,361,196 |
Principal Amount ($) | Security | Value ($) | |||
Municipal Bonds, continued | |||||
Puerto Rico, continued | |||||
500,000 | Puerto Rico Commonwealth Highway & Transportation Authority Revenue, Series D, 5.75%, 7/1/41, Prerefunded | 562,265 | |||
1,000,000 | University Puerto Rico University Revenue, Series P, | 1,062,110 | |||
2,985,571 | |||||
Tennessee (1.1%) | |||||
480,000 | Sullivan County Tennessee Health Educational & Housing Facilities Board Revenue, Wellmont Health Systems Project, 6.25%, 9/1/32, Prerefunded 9/1/12 @ 101 | 553,032 | |||
Washington (2.3%) | |||||
1,000,000 | Washington State Health Care Facilities Authority Revenue, Providence Health System, Series A, 5.63%, 10/1/14, Callable 10/1/11 @ 100, MBIA | 1,085,140 | |||
Total Investments (Cost $46,969,028) (b)—100.1% | 48,122,939 | ||||
Liabilities in excess of other assets—(0.1)% | (43,770 | ) | |||
Net Assets—100.0% | 48,079,169 | ||||
(a) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2008. |
(b) | Cost for federal income tax purposes is $46,969,028. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 1,171,073 | ||
Unrealized depreciation | (17,162 | ) | ||
Net unrealized appreciation | $ | 1,153,911 | ||
AMBAC—Insured by American Municipal Bond Assurance Corp.
AMT—Subject to alternative minimum tax
CAB—Capital Appreciation Bond
ETM—Escrowed to Maturity
FGIC—Insured by Financial Guaranty Insurance Co.
FSA—Insured by Federal Security Assurance
FSA-CR—Insured by Federal Security Assurance Custodial Receipts
GO—General Obligation
MBIA—Insured by Municipal Bond Insurance Association
See accompanying notes to financial statements.
49
PACIFIC CAPITAL FUNDS
U.S. Government Short Fixed Income Fund
Schedule of Portfolio Investments
January 31, 2008
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
U.S. Government Agencies (87.4%) | ||||
Federal Farm Credit Bank (4.7%) | ||||
3,800,000 | 5.20%, 8/16/11 | 4,071,225 | ||
Federal Home Loan Bank (82.7%) | ||||
2,191,000 | 2.05% (a), 2/1/08 | 2,190,878 | ||
10,000 | 4.00%, 2/22/08 | 9,997 | ||
1,500,000 | 4.61%, 2/28/08 | 1,500,095 | ||
1,000,000 | 5.10%, 3/6/08 | 1,000,711 | ||
1,185,000 | 4.25%, 4/21/08 | 1,188,483 | ||
3,875,000 | 5.13%, 8/8/08 | 3,921,764 | ||
5,850,000 | 4.63%, 11/21/08 | 5,940,617 | ||
8,000,000 | 5.00%, 2/20/09, | 8,198,880 | ||
2,625,000 | 5.25%, 6/11/09, | 2,650,066 | ||
3,825,000 | 5.25%, 8/5/09 | 3,972,722 | ||
1,825,000 | 5.00%, 9/18/09 | 1,893,731 | ||
7,865,000 | 4.25%, 11/20/09 | 8,082,223 | ||
4,000,000 | 5.00%, 3/12/10 | 4,185,868 | ||
2,500,000 | 4.38%, 3/17/10 | 2,586,225 | ||
4,650,000 | 4.38%, 9/17/10 | 4,826,528 | ||
1,985,000 | 4.85%, 2/4/11 | 2,089,570 | ||
4,000,000 | 4.63%, 2/18/11 | 4,187,172 |
Principal Amount ($) | Security | Value ($) | ||
U.S. Government Agencies, continued | ||||
Federal Home Loan Bank, continued | ||||
5,450,000 | 5.25%, 6/10/11 | 5,836,579 | ||
2,000,000 | 5.60%, 6/28/11 | 2,166,340 | ||
750,000 | 5.38%, 8/19/11 | 808,673 | ||
1,000,000 | 4.88%, 11/18/11 | 1,062,047 | ||
2,830,000 | 4.00%, 12/30/11, | 2,836,908 | ||
71,136,077 | ||||
Total U.S. Government Agencies (Cost $72,693,096) | 75,207,302 | |||
U.S. Treasury Obligations (11.2%) | ||||
U.S. Treasury Notes (11.2%) | ||||
2,875,000 | 3.25%, 8/15/08 | 2,892,520 | ||
6,000,000 | 3.13%, 9/15/08 | 6,034,224 | ||
660,000 | 4.13%, 8/31/12 | 698,415 | ||
Total U.S. Treasury Obligations (Cost $9,539,561) | 9,625,159 | |||
Total Investments (Cost $82,232,657) (b)—98.6% | 84,832,461 | |||
Other assets in excess of liabilities—1.4% | 1,196,903 | |||
Net Assets—100.0% | 86,029,364 | |||
(a) | Rate disclosed represents effective yield at purchase. |
(b) | Cost for federal income tax purposes is $82,232,657. Unrealized appreciation/depreciation on a tax basis is as follows: |
Unrealized appreciation | $ | 2,599,926 | ||
Unrealized depreciation | (122 | ) | ||
Net unrealized appreciation | $ | 2,599,804 | ||
See accompanying notes to financial statements.
50
PACIFIC CAPITAL FUNDS
Notes to Financial Statements
January 31, 2008
(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 (collectively, the “Funds” and individually, a “Fund”): 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: 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, International Stock Fund, Small Cap Fund, Mid-Cap Fund, Growth Stock Fund, Growth and Income Fund and Value Fund have a maximum sales charge on purchases of 5.25% of the purchase price; the Class A Shares of the High Grade Core Fixed Income Fund and Tax-Free Securities Fund have a maximum sales charge on purchases of 4.00% of the purchase price; and the Class A Shares of the High Grade Short Intermediate Fixed Income Fund, Tax-Free Short Intermediate Securities Fund and 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 the 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 or sales price (whichever is less) 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, the 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 (the “Board”). Such prices reflect fair values, which may be established through the use of electronic and matrix techniques. Short-term obligations that mature in 60 days or less are valued at amortized cost or original cost plus interest, which approximates fair value. Investments in open-end investment companies are valued at
51
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, continued
January 31, 2008
(Unaudited)
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 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 the Fund’s net asset value is calculated, such securities may be valued at fair value in accordance with procedures adopted by the Board. 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 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 a Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the exchange 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 changes 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 contracts (typically a contract of one week or less) or forward contracts (contract term over one week). A spot contract is 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). Each foreign currency exchange contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A Fund could be exposed to risk if a counterparty is unable to meet the terms of a forward foreign exchange currency contract or if the value of the foreign currency changes unfavorably.
52
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, continued
January 31, 2008
(Unaudited)
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 fair 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 (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. Not all restricted securities are considered illiquid. At January 31, 2008, the International Stock Fund held restricted securities representing 0.9% of net assets. The restricted securities held as of January 31, 2008 are identified below:
Issue Description | Acquisition Date | Shares | Cost ($) | Value ($) | ||||
International Stock Fund: | ||||||||
Evraz Group SA, GDR | * | 30,355 | 811,389 | 2,206,809 |
* | Purchased on various dates beginning 4/25/06. |
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 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.
53
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, continued
January 31, 2008
(Unaudited)
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.
Redemption Fees:
The New Asia Growth Fund and International Stock Fund may impose a redemption fee of 2.00% on redemptions and exchanges of Fund shares within 30 days from the date the Fund shares were acquired. Prior to October 16, 2007, the fee could 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, 2008 and year ended July 31, 2007 were as follows:
Period ended 01/31/08 ($) | Year Ended 07/31/07 ($) | |||
New Asia Growth Fund | 841 | 375 | ||
International Stock Fund | 2,342 | 813 |
New Accounting Pronouncement:
In September 2006, the Financial Accounting Standards Board issued Statement on Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS No. 157”). 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 GAAP from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and expanded disclosures about fair value measurements. Management does not believe that the adoption of SFAS No. 157 will materially impact the Funds’ 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.
54
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, continued
January 31, 2008
(Unaudited)
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, 2008 were as follows:
Purchases ($) | Sales ($) | |||
New Asia Growth Fund | 38,344,691 | 40,802,890 | ||
International Stock Fund | 66,734,865 | 64,874,382 | ||
Small Cap Fund | 314,800,166 | 408,418,824 | ||
Mid-Cap Fund | 50,290,052 | 47,085,422 | ||
Growth Stock Fund | 78,956,774 | 91,257,199 | ||
Growth and Income Fund | 44,106,816 | 52,779,402 | ||
Value Fund | 77,342,043 | 83,294,444 | ||
High Grade Core Fixed Income Fund | 44,807,115 | 34,573,340 | ||
Tax-Free Securities Fund | 34,033,116 | 51,089,223 | ||
High Grade Short Intermediate Fixed Income Fund | 4,298,455 | 1,246,743 | ||
Tax-Free Short Intermediate Securities Fund | 9,621,912 | 13,371,580 |
Purchases and sales of long-term U.S. Government securities for the period ended January 31, 2008 were as follows:
Purchases ($) | Sales ($) | |||
High Grade Core Fixed Income Fund | 62,178,446 | 95,513,573 | ||
High Grade Short Intermediate Fixed Income Fund | 17,653,978 | 20,340,077 | ||
U.S. Government Short Fixed Income Fund | 20,974,217 | 33,982,259 |
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, each Fund is charged an annual fee which is computed daily and paid monthly based upon average daily net assets. The Adviser may voluntarily waive a portion of its fees. Voluntary waivers may be terminated at any time. Fee rates for the period ended January 31, 2008 were as follows:
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 | 0.46 | 0.36 | 1 | ||
Mid-Cap Fund | 0.60 | 0.35 | |||
Growth Stock Fund | 0.55 | 0.35 | |||
Growth and Income Fund | 0.55 | 0.35 | |||
Value Fund | 0.55 | 0.35 | |||
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 | 0.21 | |||
Tax-Free Short Intermediate Securities Fund | 0.50 | 0.40 | |||
U.S. Government Short Fixed Income Fund | 0.40 | 0.11 |
1 | The Adviser has voluntarily agreed to waive a portion of its fees for the Small Cap Fund so that the total combined advisory and sub-advisory fees will not exceed 1.00%. |
55
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, continued
January 31, 2008
(Unaudited)
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 managed by the Sub-Adviser 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 | Mellon Capital Management Corp. | 0.55% of the first $100 million; 0.50% on assets between $100 million and $200 million; 0.45% on assets in excess of $200 million1 | ||
Nicholas-Applegate Capital Management | 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, LLC | 0.20% | ||
Growth Stock Fund | Chicago Equity Partners, LLC | 0.25% | ||
Growth and Income Fund | Chicago Equity Partners, LLC | 0.25% | ||
Value Fund | Chicago Equity Partners, LLC | 0.25% |
1 | On assets managed by Mellon Capital Management Corp. using a “small cap value” strategy. Prior to January 1, 2008, Mellon Equity Associates, LLP acted as Sub-Advisor to these assets and received the same fees as listed in the table. |
2 | On assets managed by Nicholas-Applegate Capital Management using a “systematic small cap” strategy. |
3 | On assets managed by Wellington Management Company, LLP using a “small cap growth” strategy. |
Bank of Hawaii (the “Administrator”) acts as Administrator of the Trust and receives an annual fee of 0.04% of the average daily net assets of the Trust for this service.
Citi Fund Services Ohio, Inc. (“Citi”) serves the Trust as Sub-Administrator pursuant to an agreement among the Trust, the Administrator and Citi. Citi receives fees from the Trust at the annual rate of 0.05% of the average daily net assets of the Trust, subject to reduction if certain standards are not met, and $10,000 annually for providing additional regulatory services, plus out-of-pocket expenses.
In addition, Citi provides an employee to serve as Chief Compliance Officer for the Trust and performs certain related services. Citi receives a fee for this service and reimbursement for certain out-of-pocket expenses.
Citi also serves the Trust as Fund Accountant and Transfer Agent. Under the terms of the fund accounting and transfer agency agreements, Citi is entitled to receive fees, subject to reduction if certain standards are not met, and reimbursement for certain out-of-pocket expenses.
Foreside Distribution Services, L.P. (the “Distributor”) serves the Trust as principal underwriter and distributor. The Trust has adopted for the Class A, Class B and Class C Shares of each of the Funds the Class A Distribution Plan, Class B Distribution Plan and Class C Distribution Plan (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plans,
56
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, continued
January 31, 2008
(Unaudited)
each Fund pays the Distributor a fee which will not exceed on an annual basis, 0.40%, 1.00% and 1.00%, respectively, of the average daily net assets attributable to the Class A, Class B and Class C Shares of each Fund. The Distributor is contractually limiting the 12b-1 fee for Class A Shares to 0.25% through November 30, 2008. These fees are for payments the Distributor makes to banks, other institutions, and broker dealers, including the Administrator and its affiliates and for expenses the Distributor and any of its affiliates or subsidiaries incur for providing distribution or shareholder service assistance. The following table shows amounts received by the Distributor on commissions from sales and the amounts paid to affiliated broker dealers of the Funds during the period ended January 31, 2008:
Received ($) | Paid to Affiliates ($) | |||
Class A | 71,474 | 622 | ||
Class C | 51,782 | 157 |
Certain Officers and Trustees of the Trust are affiliated with the Administrator, the Adviser or Citi. 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 their 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.
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, and/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.
57
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, continued
January 31, 2008
(Unaudited)
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, 2008.
The tax character of distributions paid during the year ended July 31, 2007 were as follows (amounts in thousands):
Distributions Paid From | Total Taxable Distributions($) | Return of Capital | Tax Exempt Distributions($) | Total Distributions Paid($)* | ||||||||
Ordinary Income($) | Net Long-Term Capital Gains($) | |||||||||||
New Asia Growth Fund | 2,322 | 7,883 | 10,205 | — | — | 10,205 | ||||||
International Stock Fund | 2,517 | 98 | 2,615 | — | — | 2,615 | ||||||
Small Cap Fund | 17,848 | 15,839 | 33,687 | — | — | 33,687 | ||||||
Mid-Cap Fund | 1,254 | 7,155 | 8,409 | — | — | 8,409 | ||||||
Growth Stock Fund | 217 | — | 217 | — | — | 217 | ||||||
Growth and Income Fund | 1,205 | 28 | 1,233 | — | — | 1,233 | ||||||
Value Fund | 2,637 | 19,141 | 21,778 | — | — | 21,778 | ||||||
High Grade Core Fixed Income Fund | 15,170 | — | 15,170 | 13 | — | 15,183 | ||||||
Tax-Free Securities Fund | 418 | 272 | 690 | — | 12,294 | 12,984 | ||||||
High Grade Short Intermediate Fixed Income Fund | 2,973 | — | 2,973 | — | — | 2,973 | ||||||
Tax-Free Short Intermediate Securities Fund | 122 | — | 122 | — | 1,893 | 2,015 | ||||||
U.S. Government Short Fixed Income Fund | 4,389 | — | 4,389 | — | — | 4,389 |
* | Total distributions paid differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid. |
The tax character of distributions paid during the year ended July 31, 2006 were as follows (amounts in thousands):
Distributions Paid From | Total Taxable Distributions($) | Tax Exempt Distributions($) | Total Distributions Paid($) | |||||||
Net Investment Income($) | Net Long-Term Capital Gains($) | |||||||||
New Asia Growth Fund | 653 | 2,618 | 3,271 | — | 3,271 | |||||
International Stock Fund | 1,786 | — | 1,786 | — | 1,786 | |||||
Small Cap Fund | 5,368 | 14,808 | 20,176 | — | 20,176 | |||||
Mid-Cap Fund | 2,202 | 2,495 | 4,697 | — | 4,697 | |||||
Growth Stock Fund | — | — | ||||||||
Growth and Income Fund | 801 | — | 801 | — | 801 | |||||
Value Fund | 1,921 | — | 1,921 | — | 1,921 | |||||
High Grade Core Fixed Income Fund | 12,913 | 46 | 12,959 | — | 12,959 | |||||
Tax-Free Securities Fund | 283 | 3,961 | 4,244 | 12,703 | 16,947 | |||||
High Grade Short Intermediate Fixed Income Fund | 2,795 | — | 2,795 | — | 2,795 | |||||
Tax-Free Short Intermediate Securities Fund | 371 | — | 371 | 1,717 | 2,088 | |||||
U.S. Government Short Fixed Income Fund | 4,091 | — | 4,091 | — | 4,091 |
58
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, continued
January 31, 2008
(Unaudited)
As of July 31, 2007, the components of accumulated earnings/(deficit) on a tax basis were as follows (amounts in thousands):
Undistributed | Accumulated Earnings($) | Distributions Payable($) | Accumulated Capital & Other Losses($) | Unrealized Appreciation/ (Depreciation)($)** | Total Accumulated Earnings/ (Deficit)($) | |||||||||||||
Ordinary Income($) | Long-Term Capital Gain($) | |||||||||||||||||
New Asia Growth Fund | 3,221 | 6,105 | 9,326 | — | (15 | ) | 36,528 | 45,839 | ||||||||||
International Stock Fund | — | 12,692 | 12,692 | — | (158 | ) | 45,137 | 57,671 | ||||||||||
Small Cap Fund | 33,241 | 39,837 | 73,078 | — | — | (11,534 | ) | 61,544 | ||||||||||
Mid-Cap Fund | 1,841 | 5,803 | 7,644 | — | — | 3,539 | 11,183 | |||||||||||
Growth Stock Fund | 16 | — | 16 | — | (76,835 | ) | 2,625 | (74,194 | ) | |||||||||
Growth and Income Fund | — | 7,925 | 7,925 | — | — | 1,047 | 8,972 | |||||||||||
Value Fund | 16,899 | 7,045 | 23,944 | — | — | 3,525 | 27,469 | |||||||||||
High Grade Core Fixed Income Fund | — | — | — | (41 | ) | (4,145 | ) | (412 | ) | (4,598 | ) | |||||||
High Grade Short Intermediate Fixed Income Fund | 1 | — | 1 | (8 | ) | (2,298 | ) | (168 | ) | (2,473 | ) | |||||||
U.S. Government Short Fixed Income Fund | 11 | — | 11 | (11 | ) | (2,865 | ) | 80 | (2,785 | ) |
Undistributed | Accumulated Earnings($) | Distributions Payable($) | Accumulated Capital & Other Losses($) | Unrealized Appreciation/ (Depreciation)($)** | Total Accumulated Earnings/ (Deficit)($) | ||||||||||||||
Tax-Exempt Income($) | Ordinary Income($) | Long-Term Capital Gain($) | |||||||||||||||||
Tax-Free Securities Fund | 36 | 92 | 189 | 317 | (36 | ) | — | 11,281 | 11,562 | ||||||||||
Tax-Free Short Intermediate Securities Fund | 6 | — | — | 6 | (5 | ) | (763 | ) | 52 | (710 | ) |
** | The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to: tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies and return of capital adjustments. |
As of the latest tax year end of July 31, 2007, 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 | ||||||||||
2011 ($) | 2012 ($) | 2013 ($) | 2014 ($) | 2015 ($) | ||||||
Growth Stock Fund | 76,835,141 | — | — | — | — | |||||
High Grade Core Fixed Income Fund | — | — | — | 95,740 | 4,049,578 | |||||
High Grade Short Intermediate Fixed Income Fund | — | — | 55,178 | 605,203 | 1,571,661 | |||||
Tax-Free Short Intermediate Securities Fund | — | — | 14,258 | 18,908 | 657,223 | |||||
U.S. Government Short Fixed Income Fund | — | 32,741 | 1,268,106 | 889,880 | 668,108 |
59
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, concluded
January 31, 2008
(Unaudited)
During the year ended July 31, 2007, the International Stock Fund, Growth Stock Fund and Growth and Income Fund utilized $12,145, $13,688 and $11,592 in capital loss carryforwards (in thousands), respectively.
Under current tax law, capital and foreign currency losses realized after October 31 may be deferred and treated as occurring on the first business day of the following fiscal year. The following Funds have deferred losses, which will be treated as arising on the first day of the fiscal year to end July 31, 2008:
Post October Capital Losses ($) | Post October Foreign Currency Losses ($) | |||
New Asia Growth Fund | — | 14,802 | ||
High Grade Core Fixed Income Fund | — | 157,511 | ||
High Grade Short Intermediate Fixed Income Fund | 65,889 | — | ||
Tax-Free Short Intermediate Securities Fund | 72,563 | — | ||
U.S. Government Short Fixed Income Fund | 6,638 | — |
As required, effective November 30, 2007, the Funds adopted Financial Accounting Standards Board 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 affirmative evaluation of tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether it is more-likely-than-not (i.e. greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-than-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. Implementation of FIN 48 included a review of tax positions taken in tax years that remain subject to examination by tax authorities. The adoption of FIN 48 did not impact the Funds’ net assets or results of operations.
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.
Citi 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 its 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.
60
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 22.06 | $ | 0.07 | $ | 1.47 | $ | 1.54 | $ | (0.11 | ) | $ | (3.70 | ) | $ | (3.81 | ) | $ | 19.79 | 5.89 | % | $ | 4,780 | 1.57 | % | 0.47 | % | 1.72 | % | 31.14 | % | |||||||||||||||||
Year Ended July 31, 2007 | 16.84 | 0.22 | 7.05 | 7.27 | (0.22 | ) | (1.83 | ) | (2.05 | ) | 22.06 | 46.07 | 3,207 | 1.62 | 1.14 | 1.77 | 37.50 | |||||||||||||||||||||||||||||||
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 | (f) | 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 | |||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 20.99 | $ | (0.01 | ) | $ | 1.41 | $ | 1.40 | $ | (0.06 | ) | $ | (3.70 | ) | $ | (3.76 | ) | $ | 18.63 | 5.51 | % | $ | 574 | 2.32 | % | (0.20 | %) | 2.32 | % | 31.14 | % | ||||||||||||||||
Year Ended July 31, 2007 | 16.13 | 0.06 | 6.73 | 6.79 | (0.10 | ) | (1.83 | ) | (1.93 | ) | 20.99 | 44.97 | 679 | 2.37 | 0.35 | 2.37 | 37.50 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 20.97 | $ | (0.02 | ) | $ | 1.41 | $ | 1.39 | $ | (0.06 | ) | $ | (3.70 | ) | $ | (3.76 | ) | $ | 18.60 | 5.48 | % | $ | 689 | 2.32 | % | (0.28 | %) | 2.32 | % | 31.14 | % | ||||||||||||||||
Year Ended July 31, 2007 | 16.12 | 0.07 | 6.72 | 6.79 | (0.11 | ) | (1.83 | ) | (1.94 | ) | 20.97 | 44.96 | 580 | 2.37 | 0.37 | 2.37 | 37.50 | |||||||||||||||||||||||||||||||
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, 2008 (Unaudited) | $ | 22.39 | $ | 0.09 | $ | 1.50 | $ | 1.59 | $ | (0.14 | ) | $ | (3.70 | ) | $ | (3.84 | ) | $ | 20.14 | 5.99 | % | $ | 115,907 | 1.32 | % | 0.76 | % | 1.32 | % | 31.14 | % | |||||||||||||||||
Year Ended July 31, 2007 | 17.07 | 0.26 | 7.15 | 7.41 | (0.26 | ) | (1.83 | ) | (2.09 | ) | 22.39 | 46.36 | 113,393 | 1.37 | 1.38 | 1.37 | 37.50 | |||||||||||||||||||||||||||||||
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 |
* | 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. |
See notes to financial statements.
61
PACIFIC CAPITAL FUNDS
International Stock Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 13.57 | $ | — | (f) | $ | (0.48 | ) | $ | (0.48 | ) | $ | (0.02 | ) | $ | (0.88 | ) | $ | (0.90 | ) | $ | 12.19 | (4.06 | %) | $ | 1,611 | 1.33 | % | 0.09 | % | 1.58 | % | 25.15 | % | ||||||||||||||
Year Ended July 31, 2007 | 10.81 | 0.11 | 2.77 | 2.88 | (0.12 | ) | — | (0.12 | ) | 13.57 | 26.68 | 1,221 | 1.35 | 0.86 | 1.60 | 47.50 | ||||||||||||||||||||||||||||||||
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 | (g) | 1.52 | (g) | 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 | ||||||||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 12.87 | $ | (0.04 | ) | $ | (0.46 | ) | $ | (0.50 | ) | $ | — | (f) | $ | (0.88 | ) | $ | (0.88 | ) | $ | 11.49 | (4.45 | %) | $ | 508 | 2.08 | % | (0.53 | %) | 2.18 | % | 25.15 | % | ||||||||||||||
Year Ended July 31, 2007 | 10.27 | (0.01 | ) | 2.65 | 2.64 | (0.04 | ) | — | (0.04 | ) | 12.87 | 25.72 | 671 | 2.10 | 0.03 | 2.20 | 47.50 | |||||||||||||||||||||||||||||||
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 | )(g) | 1.46 | (g) | 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 | ||||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 12.85 | $ | (0.04 | ) | $ | (0.46 | ) | $ | (0.50 | ) | $ | — | (f) | $ | (0.88 | ) | $ | (0.88 | ) | $ | 11.47 | (4.45 | %) | $ | 561 | 2.08 | % | (0.54 | %) | 2.18 | % | 25.15 | % | ||||||||||||||
Year Ended July 31, 2007 | 10.27 | — | (f) | 2.62 | 2.62 | (0.04 | ) | — | (0.04 | ) | 12.85 | 25.53 | 600 | 2.10 | 0.06 | 2.20 | 47.50 | |||||||||||||||||||||||||||||||
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 | (g) | 1.39 | (g) | 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, 2008 (Unaudited) | $ | 13.84 | $ | 0.02 | $ | (0.50 | ) | $ | (0.48 | ) | $ | (0.03 | ) | $ | (0.88 | ) | $ | (0.91 | ) | $ | 12.45 | (3.96 | %) | $ | 236,215 | 1.08 | % | 0.46 | % | 1.18 | % | 25.15 | % | |||||||||||||||
Year Ended July 31, 2007 | 11.03 | 0.13 | 2.83 | 2.96 | (0.15 | ) | — | (0.15 | ) | 13.84 | 26.90 | 246,057 | 1.10 | 1.07 | 1.20 | 47.50 | ||||||||||||||||||||||||||||||||
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 | (g) | 1.55 | (g) | 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 |
* | 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. |
(g) | Amounts calculated using the daily average shares method. |
See notes to financial statements.
62
PACIFIC CAPITAL FUNDS
Small Cap Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 18.29 | $ | (0.06 | )(f) | $ | (1.83 | ) | $ | (1.89 | ) | $ | — | $ | (2.91 | ) | $ | (2.91 | ) | $ | 13.49 | (11.80 | %) | $ | 164,471 | 1.58 | % | (0.64 | %) | 1.83 | % | 65.55 | % | |||||||||||||||
Year Ended July 31, 2007 | 17.67 | (0.06 | )(f) | 2.09 | (f) | 2.03 | — | (1.41 | ) | (1.41 | ) | 18.29 | 11.39 | 228,985 | 1.57 | (0.31 | ) | 1.82 | 164.61 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 16.99 | $ | (0.11 | )(f) | $ | (1.68 | ) | $ | (1.79 | ) | $ | — | $ | (2.91 | ) | $ | (2.91 | ) | $ | 12.29 | (12.12 | %) | $ | 1,825 | 2.33 | % | (1.39 | %) | 2.43 | % | 65.55 | % | |||||||||||||||
Year Ended July 31, 2007 | 16.62 | (0.19 | )(f) | 1.97 | (f) | 1.78 | — | (1.41 | ) | (1.41 | ) | 16.99 | 10.57 | 2,510 | 2.32 | (1.06 | ) | 2.42 | 164.61 | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 17.00 | $ | (0.11 | )(f) | $ | (1.68 | ) | $ | (1.79 | ) | $ | — | $ | (2.91 | ) | $ | (2.91 | ) | $ | 12.30 | (12.12 | %) | $ | 21,007 | 2.33 | % | (1.39 | %) | 2.43 | % | 65.55 | % | |||||||||||||||
Year Ended July 31, 2007 | 16.63 | (0.19 | )(f) | 1.97 | (f) | 1.78 | — | (1.41 | ) | (1.41 | ) | 17.00 | 10.56 | 24,083 | 2.32 | (1.05 | ) | 2.42 | 164.61 | |||||||||||||||||||||||||||||
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, 2008 (Unaudited) | $ | 18.61 | $ | (0.03 | )(f) | $ | (1.88 | ) | $ | (1.91 | ) | $ | — | $ | (2.91 | ) | $ | (2.91 | ) | $ | 13.79 | (11.70 | %) | $ | 200,859 | 1.33 | % | (0.39 | %) | 1.43 | % | 65.55 | % | |||||||||||||||
Year Ended July 31, 2007 | 17.92 | (0.01 | )(f) | 2.11 | (f) | 2.10 | — | (1.41 | ) | (1.41 | ) | 18.61 | 11.64 | 280,870 | 1.32 | (0.04 | ) | 1.42 | 164.61 | |||||||||||||||||||||||||||||
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 |
* | 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. |
See notes to financial statements.
63
PACIFIC CAPITAL FUNDS
Mid-Cap Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 12.17 | $ | 0.01 | $ | (1.35 | ) | $ | (1.34 | ) | $ | (0.01 | ) | $ | (1.24 | ) | $ | (1.25 | ) | $ | 9.58 | (11.72 | %) | $ | 589 | 1.14 | % | 0.23 | % | 1.54 | % | 66.46 | % | |||||||||||||||
Year Ended July 31, 2007 | 12.21 | 0.05 | 1.76 | 1.81 | (0.05 | ) | (1.80 | ) | (1.85 | ) | 12.17 | 15.63 | 693 | 1.07 | 0.44 | 1.60 | 117.44 | |||||||||||||||||||||||||||||||
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, 2008 (Unaudited) | $ | 11.93 | $ | (0.03 | ) | $ | (1.32 | ) | $ | (1.35 | ) | $ | — | $ | (1.24 | ) | $ | (1.24 | ) | $ | 9.34 | (12.06 | %) | $ | 425 | 1.89 | % | (0.51 | %) | 2.14 | % | 66.46 | % | |||||||||||||||
Year Ended July 31, 2007 | 12.07 | (0.05 | ) | 1.74 | 1.69 | (0.03 | ) | (1.80 | ) | (1.83 | ) | 11.93 | 14.73 | 482 | 1.82 | (0.29 | ) | 2.20 | 117.44 | |||||||||||||||||||||||||||||
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, 2008 (Unaudited) | $ | 12.19 | $ | 0.03 | $ | (1.35 | ) | $ | (1.32 | ) | $ | (0.03 | ) | $ | (1.24 | ) | $ | (1.27 | ) | $ | 9.60 | (11.59 | %) | $ | 63,797 | 0.89 | % | 0.48 | % | 1.14 | % | 66.46 | % | |||||||||||||||
Year Ended July 31, 2007 | 12.23 | 0.08 | 1.76 | 1.84 | (0.08 | ) | (1.80 | ) | (1.88 | ) | 12.19 | 15.87 | 70,422 | 0.82 | 0.65 | 1.20 | 117.44 | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Year 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
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Investment Activities | Distributions | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 9.53 | $ | 0.02 | $ | (0.47 | ) | $ | (0.45 | ) | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | 9.06 | (4.68 | %) | $ | 7,371 | 1.15 | % | 0.41 | % | 1.50 | % | 47.51 | % | |||||||||||||||
Year Ended July 31, 2007 | 8.40 | (0.01 | ) | 1.14 | 1.13 | — | (f) | — | — | (f) | 9.53 | 13.49 | 7,957 | 1.34 | (0.03 | ) | 1.51 | 192.57 | |||||||||||||||||||||||||||||
Year Ended July 31, 2006 | 8.67 | (0.02 | )(g) | (0.25 | )(g) | (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 | |||||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 8.81 | $ | (0.02 | ) | $ | (0.43 | ) | $ | (0.45 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 8.35 | (5.10 | %) | $ | 4,293 | 1.90 | % | (0.32 | %) | 2.10 | % | 47.51 | % | ||||||||||||||
Year Ended July 31, 2007 | 7.82 | (0.09 | ) | 1.08 | 0.99 | — | (f) | — | — | (f) | 8.81 | 12.69 | 5,956 | 2.09 | (0.78 | ) | 2.11 | 192.57 | |||||||||||||||||||||||||||||
Year Ended July 31, 2006 | 8.14 | (0.08 | )(g) | (0.24 | )(g) | (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 | |||||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 8.80 | $ | (0.02 | ) | $ | (0.42 | ) | $ | (0.44 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 8.35 | (4.99 | %) | $ | 1,602 | 1.90 | % | (0.34 | %) | 2.10 | % | 47.51 | % | ||||||||||||||
Year Ended July 31, 2007 | 7.82 | (0.08 | ) | 1.06 | 0.98 | — | (f) | — | — | (f) | 8.80 | 12.55 | 1,851 | 2.09 | (0.78 | ) | 2.11 | 192.57 | |||||||||||||||||||||||||||||
Year Ended July 31, 2006 | 8.13 | (0.08 | )(g) | (0.23 | )(g) | (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, 2008 (Unaudited) | $ | 9.84 | $ | 0.03 | $ | (0.48 | ) | $ | (0.45 | ) | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | 9.36 | (4.55 | %) | $ | 137,950 | 0.90 | % | 0.66 | % | 1.10 | % | 47.51 | % | |||||||||||||||
Year Ended July 31, 2007 | 8.66 | 0.02 | 1.17 | 1.19 | (0.01 | ) | — | (0.01 | ) | 9.84 | 13.78 | 153,583 | 1.09 | 0.22 | 1.11 | 192.57 | |||||||||||||||||||||||||||||||
Year Ended July 31, 2006 | 8.92 | — | (g) | (0.26 | )(g) | (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 |
* | 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. |
(g) | Amounts calculated using the daily average shares method. |
(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
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss) | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 14.58 | $ | 0.06 | $ | (0.74 | ) | $ | (0.68 | ) | $ | (0.06 | ) | $ | (0.79 | ) | $ | (0.85 | ) | $ | 13.05 | (5.10 | %) | $ | 5,224 | 1.14 | % | 0.81 | % | 1.49 | % | 29.28 | % | |||||||||||||||
Year Ended July 31, 2007 | 13.32 | 0.07 | 1.27 | 1.34 | (0.08 | ) | — | (0.08 | ) | 14.58 | 10.06 | 6,022 | 1.31 | 0.51 | 1.48 | 170.64 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 13.66 | $ | — | (g) | $ | (0.69 | ) | $ | (0.69 | ) | $ | (0.01 | ) | $ | (0.79 | ) | $ | (0.80 | ) | $ | 12.17 | (5.47 | %) | $ | 2,238 | 1.89 | % | 0.06 | % | 2.09 | % | 29.28 | % | ||||||||||||||
Year Ended July 31, 2007 | 12.51 | (0.04 | ) | 1.20 | 1.16 | (0.01 | ) | — | (0.01 | ) | 13.66 | 9.24 | 3,141 | 2.06 | (0.20 | ) | 2.08 | 170.64 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 13.65 | $ | — | (g) | $ | (0.70 | ) | $ | (0.70 | ) | $ | (0.01 | ) | $ | (0.79 | ) | $ | (0.80 | ) | $ | 12.15 | (5.55 | %) | $ | 1,689 | 1.89 | % | 0.06 | % | 2.09 | % | 29.28 | % | ||||||||||||||
Year Ended July 31, 2007 | 12.50 | (0.03 | ) | 1.19 | 1.16 | (0.01 | ) | — | (0.01 | ) | 13.65 | 9.25 | 1,774 | 2.06 | (0.23 | ) | 2.08 | 170.64 | ||||||||||||||||||||||||||||||
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, 2008 (Unaudited) | $ | 14.70 | $ | 0.07 | $ | (0.76 | ) | $ | (0.69 | ) | $ | (0.07 | ) | $ | (0.79 | ) | $ | (0.86 | ) | $ | 13.15 | (5.08 | %) | $ | 129,962 | 0.89 | % | 1.05 | % | 1.09 | % | 29.28 | % | |||||||||||||||
Year Ended July 31, 2007 | 13.42 | 0.12 | 1.28 | 1.40 | (0.12 | ) | — | (0.12 | ) | 14.70 | 10.39 | 144,123 | 1.06 | 0.77 | 1.08 | 170.64 | ||||||||||||||||||||||||||||||||
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 |
* | 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. |
(g) | Less than $0.005 per share. |
See notes to financial statements.
66
PACIFIC CAPITAL FUNDS
Value Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Investment Activities | Distributions | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 10.55 | $ | 0.06 | $ | (0.68 | ) | $ | (0.62 | ) | $ | (0.06 | ) | $ | (1.75 | ) | $ | (1.81 | ) | $ | 8.12 | (6.69 | %) | $ | 2,298 | 1.13 | % | 1.30 | % | 1.48 | % | 53.90 | % | ||||||||||||||
Year Ended July 31, 2007 | 10.69 | 0.12 | 1.15 | 1.27 | (0.12 | ) | (1.29 | ) | (1.41 | ) | 10.55 | 12.10 | 2,962 | 1.28 | 1.05 | 1.45 | 183.84 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 10.34 | $ | 0.03 | $ | (0.67 | ) | $ | (0.64 | ) | $ | (0.03 | ) | $ | (1.75 | ) | $ | (1.78 | ) | $ | 7.92 | (7.11 | %) | $ | 830 | 1.88 | % | 0.54 | % | 2.08 | % | 53.90 | % | ||||||||||||||
Year Ended July 31, 2007 | 10.51 | 0.03 | 1.13 | 1.16 | (0.04 | ) | (1.29 | ) | (1.33 | ) | 10.34 | 11.24 | 1,102 | 2.03 | 0.32 | 2.05 | 183.84 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 10.37 | $ | 0.03 | $ | (0.67 | ) | $ | (0.64 | ) | $ | (0.03 | ) | $ | (1.75 | ) | $ | (1.78 | ) | $ | 7.95 | (7.05 | %) | $ | 1,719 | 1.88 | % | 0.54 | % | 2.08 | % | 53.90 | % | ||||||||||||||
Year Ended July 31, 2007 | 10.54 | 0.03 | 1.13 | 1.16 | (0.04 | ) | (1.29 | ) | (1.33 | ) | 10.37 | 11.21 | 1,831 | 2.03 | 0.31 | 2.05 | 183.84 | ||||||||||||||||||||||||||||||
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, 2008 (Unaudited) | $ | 10.57 | $ | 0.08 | $ | (0.68 | ) | $ | (0.60 | ) | $ | (0.08 | ) | $ | (1.75 | ) | $ | (1.83 | ) | $ | 8.14 | (6.56 | %) | $ | 128,472 | 0.88 | % | 1.54 | % | 1.08 | % | 53.90 | % | ||||||||||||||
Year Ended July 31, 2007 | 10.71 | 0.14 | 1.15 | 1.29 | (0.14 | ) | (1.29 | ) | (1.43 | ) | 10.57 | 12.33 | 143,807 | 1.03 | 1.30 | 1.05 | 183.84 | ||||||||||||||||||||||||||||||
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 |
* | 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
PACIFIC CAPITAL FUNDS
High Grade Core Fixed Income Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Investment Activities | Distributions | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 10.62 | $ | 0.24 | $ | 0.43 | $ | 0.67 | $ | (0.24 | ) | $ | — | $ | (0.24 | ) | $ | 11.05 | 6.42 | % | $ | 3,179 | 0.94 | % | 4.56 | % | 1.24 | % | 36.02 | % | |||||||||||||||||
Year Ended July 31, 2007 | 10.61 | 0.50 | — | 0.50 | (0.49 | ) | — | (0.49 | ) | 10.62 | 4.75 | 3,115 | 0.93 | 4.67 | 1.23 | 66.38 | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 10.60 | $ | 0.20 | $ | 0.43 | $ | 0.63 | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 11.03 | 6.03 | % | $ | 1,307 | 1.69 | % | 3.81 | % | 1.84 | % | 36.02 | % | |||||||||||||||||
Year Ended July 31, 2007 | 10.59 | 0.42 | — | 0.42 | (0.41 | ) | — | (0.41 | ) | 10.60 | 3.98 | 1,634 | 1.68 | 3.91 | 1.83 | 66.38 | |||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 10.60 | $ | 0.20 | $ | 0.43 | $ | 0.63 | $ | (0.20 | ) | $ | — | $ | (0.20 | ) | $ | 11.03 | 6.03 | % | $ | 982 | 1.69 | % | 3.81 | % | 1.84 | % | 36.02 | % | |||||||||||||||||
Year Ended July 31, 2007 | 10.59 | 0.42 | — | 0.42 | (0.41 | ) | — | (0.41 | ) | 10.60 | 3.98 | 964 | 1.68 | 3.90 | 1.83 | 66.38 | |||||||||||||||||||||||||||||||
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, 2008 (Unaudited) | $ | 10.68 | $ | 0.26 | $ | 0.44 | $ | 0.70 | $ | (0.26 | ) | $ | — | $ | (0.26 | ) | $ | 11.12 | 6.61 | % | $ | 295,379 | 0.69 | % | 4.77 | % | 0.84 | % | 36.02 | % | |||||||||||||||||
Year Ended July 31, 2007 | 10.67 | 0.53 | — | 0.53 | (0.52 | ) | — | (0.52 | ) | 10.68 | 4.98 | 308,116 | 0.68 | 4.88 | 0.83 | 66.38 | |||||||||||||||||||||||||||||||
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 |
* | 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
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 10.05 | $ | 0.21 | $ | 0.12 | $ | 0.33 | $ | (0.21 | ) | $ | (0.01 | ) | $ | (0.22 | ) | $ | 10.16 | 3.34 | % | $ | 5,419 | 0.94 | % | 4.18 | % | 1.24 | % | 12.11 | % | |||||||||||||||
Year Ended July 31, 2007 | 10.11 | 0.41 | (0.05 | ) | 0.36 | (0.41 | ) | (0.01 | ) | (0.42 | ) | 10.05 | 3.57 | 5,513 | 0.93 | 4.02 | 1.23 | 19.29 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 10.05 | $ | 0.17 | $ | 0.12 | $ | 0.29 | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.18 | ) | $ | 10.16 | 2.96 | % | $ | 846 | 1.69 | % | 3.42 | % | 1.84 | % | 12.11 | % | |||||||||||||||
Year Ended July 31, 2007 | 10.11 | 0.33 | (0.05 | ) | 0.28 | (0.33 | ) | (0.01 | ) | (0.34 | ) | 10.05 | 2.80 | 1,103 | 1.68 | 3.24 | 1.83 | 19.29 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 10.05 | $ | 0.17 | $ | 0.13 | $ | 0.30 | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.18 | ) | $ | 10.17 | 3.05 | % | $ | 11 | 1.69 | % | 3.42 | % | 1.84 | % | 12.11 | % | |||||||||||||||
Year Ended July 31, 2007 | 10.11 | 0.33 | (0.05 | ) | 0.28 | (0.33 | ) | (0.01 | ) | (0.34 | ) | 10.05 | 2.79 | 11 | 1.68 | 3.27 | 1.83 | 19.29 | ||||||||||||||||||||||||||||
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, 2008 (Unaudited) | $ | 10.09 | $ | 0.22 | $ | 0.12 | $ | 0.34 | $ | (0.22 | ) | $ | (0.01 | ) | $ | (0.23 | ) | $ | 10.20 | 3.46 | % | $ | 270,573 | 0.69 | % | 4.41 | % | 0.84 | % | 12.11 | % | |||||||||||||||
Year Ended July 31, 2007 | 10.15 | 0.43 | (0.05 | ) | 0.38 | (0.43 | ) | (0.01 | ) | (0.44 | ) | 10.09 | 3.81 | 282,671 | 0.68 | 4.25 | 0.83 | 19.29 | ||||||||||||||||||||||||||||
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 |
* | 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 cashflows into and out of the Fund, as well as tactical portfolio adjustments made in response to changing market conditions. The basic characteristics of the Fund in terms of market capitalization, style, and diversification have not changed. |
See notes to financial statements.
69
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)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 9.54 | $ | 0.21 | $ | 0.32 | $ | 0.53 | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | 9.86 | 5.63 | % | $ | 974 | 0.77 | % | 4.35 | % | 1.21 | % | 33.66 | % | ||||||||||||||||
Year Ended July 31, 2007 | 9.53 | 0.42 | 0.01 | 0.43 | (0.42 | ) | — | (0.42 | ) | 9.54 | 4.61 | 984 | 0.77 | 4.43 | 1.22 | 88.15 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 9.54 | $ | 0.17 | $ | 0.31 | $ | 0.48 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | $ | 9.85 | 5.13 | % | $ | 506 | 1.52 | % | 3.60 | % | 1.81 | % | 33.66 | % | ||||||||||||||||
Year Ended July 31, 2007 | 9.52 | 0.35 | 0.02 | 0.37 | (0.35 | ) | — | (0.35 | ) | 9.54 | 3.94 | 511 | 1.52 | 3.67 | 1.82 | 88.15 | ||||||||||||||||||||||||||||||
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, 2008 (Unaudited) | $ | 9.56 | $ | 0.22 | $ | 0.31 | $ | 0.53 | $ | (0.22 | ) | $ | — | $ | (0.22 | ) | $ | 9.87 | 5.64 | % | $ | 65,141 | 0.52 | % | 4.59 | % | 0.81 | % | 33.66 | % | ||||||||||||||||
Year Ended July 31, 2007 | 9.55 | 0.45 | 0.01 | 0.46 | (0.45 | ) | — | (0.45 | ) | 9.56 | 4.86 | 62,808 | 0.52 | 4.68 | 0.82 | 88.15 | ||||||||||||||||||||||||||||||
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 |
* | 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
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
Investment Activities | Distributions | Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 10.02 | $ | 0.16 | $ | 0.23 | $ | 0.39 | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | 10.25 | 3.90 | % | $ | 2,034 | 1.01 | % | 3.10 | % | 1.26 | % | 19.34 | % | ||||||||||||||||
Year Ended July 31, 2007 | 10.05 | 0.31 | (0.03 | ) | 0.28 | (0.31 | ) | — | (0.31 | ) | 10.02 | 2.84 | 2,175 | 0.99 | 3.10 | 1.23 | 68.09 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 10.02 | $ | 0.12 | $ | 0.23 | $ | 0.35 | $ | (0.12 | ) | $ | — | $ | (0.12 | ) | $ | 10.25 | 3.52 | % | $ | 11 | 1.76 | % | 2.36 | % | 1.86 | % | 19.34 | % | ||||||||||||||||
Year Ended July 31, 2007 | 10.06 | 0.24 | (0.04 | ) | 0.20 | (0.24 | ) | — | (0.24 | ) | 10.02 | 1.97 | 10 | 1.74 | 2.35 | 1.83 | 68.09 | |||||||||||||||||||||||||||||
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, 2008 (Unaudited) | $ | 10.08 | $ | 0.17 | $ | 0.23 | $ | 0.40 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | $ | 10.31 | 4.01 | % | $ | 46,034 | 0.76 | % | 3.33 | % | 0.86 | % | 19.34 | % | ||||||||||||||||
Year Ended July 31, 2007 | 10.11 | 0.34 | (0.03 | ) | 0.31 | (0.34 | ) | — | (0.34 | ) | 10.08 | 3.08 | 50,835 | 0.74 | 3.33 | 0.83 | 68.09 | |||||||||||||||||||||||||||||
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 |
* | 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 cashflows into and out of the Fund, as well as tactical portfolio adjustments made in response to changing market conditions. The basic characteristics of the Fund in terms of market capitalization, style, and diversification have not changed. |
See notes to financial statements.
71
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)
Investment Activities | Distributions | Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income | Net Realized and Unrealized Gains (Losses) on Investments | Total from Investment Activities | 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, 2008 (Unaudited) | $ | 10.06 | $ | 0.21 | $ | 0.31 | $ | 0.52 | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | 10.37 | 5.25 | % | $ | 2,451 | 0.65 | % | 4.15 | % | 1.09 | % | 25.92 | % | |||||||||||||||||
Year Ended July 31, 2007 | 10.04 | 0.45 | 0.02 | 0.47 | (0.45 | ) | — | (0.45 | ) | 10.06 | 4.80 | 2,265 | 0.64 | 4.50 | 1.07 | 81.16 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 10.06 | $ | 0.17 | $ | 0.31 | $ | 0.48 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | $ | 10.37 | 4.86 | % | $ | 599 | 1.40 | % | 3.42 | % | 1.69 | % | 25.92 | % | |||||||||||||||||
Year Ended July 31, 2007 | 10.04 | 0.38 | 0.02 | 0.40 | (0.38 | ) | — | (0.38 | ) | 10.06 | 4.02 | 825 | 1.39 | 3.75 | 1.67 | 81.16 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2008 (Unaudited) | $ | 10.06 | $ | 0.17 | $ | 0.31 | $ | 0.48 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | $ | 10.37 | 4.86 | % | $ | 1,044 | 1.40 | % | 3.41 | % | 1.69 | % | 25.92 | % | |||||||||||||||||
Year Ended July 31, 2007 | 10.04 | 0.38 | 0.02 | 0.40 | (0.38 | ) | — | (0.38 | ) | 10.06 | 4.02 | 1,116 | 1.39 | 3.75 | 1.67 | 81.16 | |||||||||||||||||||||||||||||||
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, 2008 (Unaudited) | $ | 10.07 | $ | 0.23 | $ | 0.31 | $ | 0.54 | $ | (0.23 | ) | $ | — | $ | (0.23 | ) | $ | 10.38 | 5.38 | % | $ | 81,936 | 0.40 | % | 4.40 | % | 0.69 | % | 25.92 | % | |||||||||||||||||
Year Ended July 31, 2007 | 10.04 | 0.48 | 0.03 | 0.51 | (0.48 | ) | — | (0.48 | ) | 10.07 | 5.17 | 85,818 | 0.39 | 4.74 | 0.67 | 81.16 | |||||||||||||||||||||||||||||||
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 |
* | 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.
72
PACIFIC CAPITAL FUNDS
Trustees and Officers
January 31, 2008
(Unaudited)
Interested Trustees. The table below sets forth certain information about each of the Trustees of the Trust who is an “interested person” 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: 42 | Trustee | Indefinite; Since 5/04 | Vice Chairman and Chief Banking Officer, Bank of Hawaii—Retail Banking (since 2007), 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, 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, Strong Foundation and University of Hawaii Ahahui Koa Anuenue. |
* | 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: 71 | Trustee | Indefinite; Since 10/92 | Trustee of The King William 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 and Westye Group (Subzero Wolf Hawaii Advisory); Member of the Board of the following non-profit organizations: Chaminade University of Honolulu, Nature Conservancy of Hawaii, PBS Hawaii Foundation, Heald Education, LLC, Child and Family Service and East West Center Foundation. | |||||
Richard L. Humphreys 970 N Kalaheo Avenue, Suite C110 Kailua, Hawaii 96734 Age: 64 | 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: The Castle Group, Inc. and other charitable and civic organizations. |
73
PACIFIC CAPITAL FUNDS
Trustees and Officers, continued
January 31, 2008
(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 1015 Wilder Honolulu, Hawaii 96822 Age: 64 | Trustee and (Since 3/05) Chairman | Indefinite; Since 10/92 | Retired. Formerly Executive Director, Hawaii Government Employees Association AFSCME Local 152, AFL-CIO (1981-2007); International Vice President, American Federation of State, County and Municipal Employees, AFL-CIO (1981-2007). | 12 | Trustee of Cash Assets Trust and Hawaiian Tax-Free Trust (since 1993) and Aquila Three Peaks High Income Fund (since September 2007) (registered investment companies); former Chairman of the Royal State Group (1988-2007); Trustee of: Blood Bank of Hawaii, Bishop Museum, Judicial Council of Hawaii and other community organizations. | |||||
Douglas Philpotts 55 Dowsett Avenue Honolulu, Hawaii 96817 Age: 76 | 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: 76 | Trustee | Indefinite; Since 10/92 | Trustee, Office of Hawaiian Affairs (since 1999); 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.; 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
PACIFIC CAPITAL FUNDS
Trustees and Officers, continued
January 31, 2008
(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 Honolulu, Hawaii 96813 Age: 60 | 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 Honolulu, Hawaii 96813 Age: 31 | 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: 57 | Chief Compliance Officer | Indefinite; Since 2/06 | Vice President, CCO Services of Citi Fund Services (since 1996). | |||
Christopher E. Sabato 3435 Stelzer Road Columbus, Ohio 43219 Age: 39 | Treasurer | Indefinite; Since 9/05 | Senior Vice President, Fund Administration of Citi Fund Services (since 1993). | |||
Jennifer A. English 100 Summer Street, Suite 1500 Boston, Massachusetts 02110 Age: 35 | Secretary | Indefinite; Since 12/07 | Vice President, Citi Fund Services, Inc. (since 2005), Assistant Counsel, PFPC, Inc. (2002-2005). |
* | Each officer may have served in various other capacities for the same organization during the length of time served. |
75
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, 2007 through January 31, 2008.
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 8/1/07 | Ending Account Value 1/31/08 | Expenses Paid During Period* 8/1/07 - 1/31/08 | Expense Ratio During Period** 8/1/07 - 1/31/08 | |||||||||||
New Asia Growth Fund | Class A | $ | 1,000.00 | $ | 1,058.90 | $ | 8.13 | 1.57 | % | |||||
Class B | 1,000.00 | 1,055.10 | 11.98 | 2.32 | ||||||||||
Class C | 1,000.00 | 1,054.80 | 11.98 | 2.32 | ||||||||||
Class Y | 1,000.00 | 1,059.90 | 6.83 | 1.32 | ||||||||||
International Stock Fund | Class A | 1,000.00 | 959.40 | 6.55 | 1.33 | |||||||||
Class B | 1,000.00 | 955.50 | 10.22 | 2.08 | ||||||||||
Class C | 1,000.00 | 955.50 | 10.22 | 2.08 | ||||||||||
Class Y | 1,000.00 | 960.40 | 5.32 | 1.08 | ||||||||||
Small Cap Fund | Class A | 1,000.00 | 882.00 | 7.47 | 1.58 | |||||||||
Class B | 1,000.00 | 878.80 | 11.00 | 2.33 | ||||||||||
Class C | 1,000.00 | 878.80 | 11.00 | 2.33 | ||||||||||
Class Y | 1,000.00 | 883.00 | 6.30 | 1.33 | ||||||||||
Mid-Cap Fund | Class A | 1,000.00 | 882.80 | 5.40 | 1.14 | |||||||||
Class C | 1,000.00 | 879.40 | 8.93 | 1.89 | ||||||||||
Class Y | 1,000.00 | 884.10 | 4.22 | 0.89 | ||||||||||
Growth Stock Fund | Class A | 1,000.00 | 953.20 | 5.65 | 1.15 | |||||||||
Class B | 1,000.00 | 949.00 | 9.31 | 1.90 | ||||||||||
Class C | 1,000.00 | 950.10 | 9.31 | 1.90 | ||||||||||
Class Y | 1,000.00 | 954.50 | 4.42 | 0.90 | ||||||||||
Growth and Income Fund | Class A | 1,000.00 | 949.00 | 5.59 | 1.14 | |||||||||
Class B | 1,000.00 | 945.30 | 9.24 | 1.89 | ||||||||||
Class C | 1,000.00 | 944.50 | 9.24 | 1.89 | ||||||||||
Class Y | 1,000.00 | 949.20 | 4.36 | 0.89 |
76
PACIFIC CAPITAL FUNDS
Additional Information, continued
January 31, 2007
(Unaudited)
Beginning Account Value 8/1/07 | Ending Account Value 1/31/08 | Expense Paid During Period* 8/1/07 - 1/31/08 | Expense Ratio During Period** 8/1/07 - 1/31/08 | |||||||||||
Value Fund | Class A | $ | 1,000.00 | $ | 933.10 | $ | 5.49 | 1.13 | % | |||||
Class B | 1,000.00 | 928.90 | 9.12 | 1.88 | ||||||||||
Class C | 1,000.00 | 929.50 | 9.12 | 1.88 | ||||||||||
Class Y | 1,000.00 | 934.40 | 4.28 | 0.88 | ||||||||||
High Grade Core Fixed Income Fund | Class A | 1,000.00 | 1,064.20 | 4.88 | 0.94 | |||||||||
Class B | 1,000.00 | 1,060.30 | 8.75 | 1.69 | ||||||||||
Class C | 1,000.00 | 1,060.30 | 8.75 | 1.69 | ||||||||||
Class Y | 1,000.00 | 1,066.10 | 3.58 | 0.69 | ||||||||||
Tax-Free Securities Fund | Class A | 1,000.00 | 1,033.40 | 4.80 | 0.94 | |||||||||
Class B | 1,000.00 | 1,029.60 | 8.62 | 1.69 | ||||||||||
Class C | 1,000.00 | 1,030.50 | 8.63 | 1.69 | ||||||||||
Class Y | 1,000.00 | 1,034.60 | 3.53 | 0.69 | ||||||||||
High Grade Short Intermediate Fixed Income Fund | Class A | 1,000.00 | 1,056.30 | 3.98 | �� | 0.77 | ||||||||
Class C | 1,000.00 | 1,051.30 | 7.84 | 1.52 | ||||||||||
Class Y | 1,000.00 | 1,056.40 | 2.69 | 0.52 | ||||||||||
Tax-Free Short Intermediate Securities Fund | Class A | 1,000.00 | 1,039.00 | 5.18 | 1.01 | |||||||||
Class C | 1,000.00 | 1,035.20 | 9.00 | 1.76 | ||||||||||
Class Y | 1,000.00 | 1,040.10 | 3.90 | 0.76 | ||||||||||
U.S. Government Short Fixed Income Fund | Class A | 1,000.00 | 1,052.50 | 3.35 | 0.65 | |||||||||
Class B | 1,000.00 | 1,048.60 | 7.21 | 1.40 | ||||||||||
Class C | 1,000.00 | 1,048.60 | 7.21 | 1.40 | ||||||||||
Class Y | 1,000.00 | 1,053.80 | 2.07 | 0.40 |
* | 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. |
77
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 8/1/07 | Ending Account Value 1/31/08 | Expense Paid During Period* 8/1/07 - 1/31/08 | Expense Ratio During Period** 8/1/07 - 1/31/08 | |||||||||||
New Asia Growth Fund | Class A | $ | 1,000.00 | $ | 1,017.24 | $ | 7.96 | 1.57 | % | |||||
Class B | 1,000.00 | 1,013.47 | 11.74 | 2.32 | ||||||||||
Class C | 1,000.00 | 1,013.47 | 11.74 | 2.32 | ||||||||||
Class Y | 1,000.00 | 1,018.50 | 6.70 | 1.32 | ||||||||||
International Stock Fund | Class A | 1,000.00 | 1,018.45 | 6.75 | 1.33 | |||||||||
Class B | 1,000.00 | 1,014.68 | 10.53 | 2.08 | ||||||||||
Class C | 1,000.00 | 1,014.68 | 10.53 | 2.08 | ||||||||||
Class Y | 1,000.00 | 1,019.71 | 5.48 | 1.08 | ||||||||||
Small Cap Fund | Class A | 1,000.00 | 1,017.19 | 8.01 | 1.58 | |||||||||
Class B | 1,000.00 | 1,013.42 | 11.79 | 2.33 | ||||||||||
Class C | 1,000.00 | 1,013.42 | 11.79 | 2.33 | ||||||||||
Class Y | 1,000.00 | 1,018.45 | 6.75 | 1.33 | ||||||||||
Mid-Cap Fund | Class A | 1,000.00 | 1,019.41 | 5.79 | 1.14 | |||||||||
Class C | 1,000.00 | 1,015.63 | 9.58 | 1.89 | ||||||||||
Class Y | 1,000.00 | 1,020.66 | 4.52 | 0.89 | ||||||||||
Growth Stock Fund | Class A | 1,000.00 | 1,019.36 | 5.84 | 1.15 | |||||||||
Class B | 1,000.00 | 1,015.58 | 9.63 | 1.90 | ||||||||||
Class C | 1,000.00 | 1,015.58 | 9.63 | 1.90 | ||||||||||
Class Y | 1,000.00 | 1,020.61 | 4.57 | 0.90 | ||||||||||
Growth and Income Fund | Class A | 1,000.00 | 1,019.41 | 5.79 | 1.14 | |||||||||
Class B | 1,000.00 | 1,015.63 | 9.58 | 1.89 | ||||||||||
Class C | 1,000.00 | 1,015.63 | 9.58 | 1.89 | ||||||||||
Class Y | 1,000.00 | 1,020.66 | 4.52 | 0.89 | ||||||||||
Value Fund | Class A | 1,000.00 | 1,019.46 | 5.74 | 1.13 | |||||||||
Class B | 1,000.00 | 1,015.69 | 9.53 | 1.88 | ||||||||||
Class C | 1,000.00 | 1,015.69 | 9.53 | 1.88 | ||||||||||
Class Y | 1,000.00 | 1,020.71 | 4.47 | 0.88 | ||||||||||
High Grade Core Fixed Income Fund | Class A | 1,000.00 | 1,020.41 | 4.77 | 0.94 | |||||||||
Class B | 1,000.00 | 1,016.64 | 8.57 | 1.69 | ||||||||||
Class C | 1,000.00 | 1,016.64 | 8.57 | 1.69 | ||||||||||
Class Y | 1,000.00 | 1,021.67 | 3.51 | 0.69 |
78
PACIFIC CAPITAL FUNDS
Additional Information, continued
January 31, 2007
(Unaudited)
Beginning Account Value 8/1/07 | Ending Account Value 1/31/08 | Expense Paid During Period* 8/1/07 - 1/31/08 | Expense Ratio During Period** 8/1/07 - 1/31/08 | |||||||||||
Tax-Free Securities Fund | Class A | $ | 1,000.00 | $ | 1,020.41 | $ | 4.77 | 0.94 | % | |||||
Class B | 1,000.00 | 1,016.64 | 8.57 | 1.69 | ||||||||||
Class C | 1,000.00 | 1,016.64 | 8.57 | 1.69 | ||||||||||
Class Y | 1,000.00 | 1,021.67 | 3.51 | 0.69 | ||||||||||
High Grade Short Intermediate Fixed Income Fund | Class A | 1,000.00 | 1,021.27 | 3.91 | 0.77 | |||||||||
Class C | 1,000.00 | 1,017.50 | 7.71 | 1.52 | ||||||||||
Class Y | 1,000.00 | 1,022.52 | 2.64 | 0.52 | ||||||||||
Tax-Free Short Intermediate Securities Fund | Class A | 1,000.00 | 1,020.06 | 5.13 | 1.01 | |||||||||
Class C | 1,000.00 | 1,016.29 | 8.92 | 1.76 | ||||||||||
Class Y | 1,000.00 | 1,021.32 | 3.86 | 0.76 | ||||||||||
U.S. Government Short Fixed Income Fund | Class A | 1,000.00 | 1,021.87 | 3.30 | 0.65 | |||||||||
Class B | 1,000.00 | 1,018.10 | 7.10 | 1.40 | ||||||||||
Class C | 1,000.00 | 1,018.10 | 7.10 | 1.40 | ||||||||||
Class Y | 1,000.00 | 1,023.13 | 2.03 | 0.40 |
* | 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 1-202-551-8090.
79
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. |
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 4/4/08 |
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 4/4/08 | ||
By (Signature and Title)* | /s/ Christopher E. Sabato | |
Christopher E. Sabato, Treasurer | ||
Date 4/4/08 |