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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07454
Pacific Capital Funds
(Exact name of registrant as specified in charter)
3435 Stelzer Rd. Columbus, OH | 43219 | |
(Address of principal executive offices) | (Zip code) |
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: 1/31/09
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Item 1. | Reports to Stockholders. |
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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 of a Fund 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.
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. See notes to financial statesments for further risk considerations pertaining to international investing.
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 larger 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.
† | The above expense ratios are from the Funds’ prospectus dated November 28, 2008. Additional information pertaining to the Funds’ expense ratios as of January 31, 2009 can be found in the financial highlights. |
See additional footnotes on following page.
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* | 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 Bank of Hawaii 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. |
See notes to financial statements.
Table of Contents
Page 1
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 50
Financial Highlights
Page 62
Trustees and Officers
Page 74
Board Determinations
Page 77
Additional Information
Page 81
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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 more than $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, LLC (CEP), which specializes in domestic equity markets, serves as Sub-Adviser on the Pacific Capital Mid-Cap Fund, Pacific Capital Growth Stock Fund, Pacific Capital Growth and Income Fund and Pacific Capital Value Fund. |
• | First State Investments International, Limited (FSI), a specialist in single-country, regional and sector-specific investments, serves as Sub-Adviser to the Pacific Capital New Asia Growth Fund. |
• | Hansberger Global Investors, Inc. (HGI), which specializes in international and global equity management on behalf of a broad range of institutional investors, financial institutions and private clients, serves as Sub-Adviser to the Pacific Capital International Stock Fund. |
• | Nicholas-Applegate Capital Management, which specializes in global, international and domestic equity and special strategy management, acts as one of three Sub-Advisers to the Pacific Capital Small Cap Fund. |
• | Wellington Management Company, LLP, is one of the largest independent investment management firms in the world, with more than $418 billion in assets. Wellington Management Sub-Advises a portion of the Pacific Capital Small Cap Fund. |
• | Mellon Capital Management Corporation, the third Sub-Advisor for the Pacific Capital Small Cap Fund, manages more than $146 billion in assets. |
Semi-Annual Review
The six months between August 2008 and January 2009 encompassed one of the most difficult economic and market environments in U.S. history. An expanding credit crisis deepened a recession that began in December, 2007, and led to the failure of several iconic financial institutions. Retrenching consumers and businesses cut back spending, causing the economy to contract and boosting unemployment rates. Investors, spooked by the worsening economic outlook, fled securities they perceived to be risky in favor of bonds backed by the U.S. government.
The federal government took dramatic action as it attempted to resuscitate the financial system. The Federal Reserve (the “Fed”) lowered its target short-term interest rate, the federal funds rate, from 2% as of August 2008 to a range between 0% and 0.25%. The Fed also created a variety of new programs designed to strengthen the banking system and encourage lending. Meanwhile, the U.S. government nationalized mortgage lenders Fannie Mae and Freddie Mac, instituted a financial system bailout package using more than $700 billion of federal funds, propped up insurance giant AIG and took a number of other steps designed to help stanch the financial system’s deep wounds.
Nevertheless, the period in some respects was defined by an action the federal government did not take. Officials in September did not prevent the collapse of investment bank Lehman Brothers, and the company’s bankruptcy—the largest in U.S. history—sent shock waves throughout the global credit markets. Nervous investors, unable to distinguish financially healthy firms from unhealthy firms, shunned corporate securities. The Reserve Primary Money Market Fund, which owned debt issued by Lehman and faced mounting redemptions, was forced to “break the buck”—to pay shareholders less than $1 per share, representing a capital loss. Fearful investors flooded into Treasury securities, to the point that in early December certain Treasury bills briefly offered negative yields.
Prices on oil and other commodities plummeted as the global economic outlook worsened. Oil fell to less than $40 a barrel during this period, after peaking at $147 a barrel in July 2008. Falling commodity prices and weaker demand from consumers and businesses led to concerns about the possibility of a deflationary spiral: a condition in which weaker demand forces companies to cut prices, which leads consumers to expect more price cuts in the future, further dampening demand.
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.
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Stocks fall
The deteriorating economic environment led to large declines in all types of stocks. The S&P 5001 fell 38.06% for the six months through January 2009. Small-cap stocks as measured by the Russell 2000® Index2 fell 37.38%, while the MSCI EAFE3 Index of 21 developed foreign stock markets lost 40.75%.
Financial stocks were the market’s worst performers, as several large financial institutions collapsed or saw their balance sheets deteriorate markedly. Other economically cyclical sectors also fared poorly, including energy, materials, industrials, consumer discretionary and technology. Less-cyclical sectors such as consumer staples, health care and utilities held up relatively well, despite suffering double-digit declines for the period.
Small-cap stocks offered no protection from the broad market’s declines. While smaller companies were less likely to hold direct exposure to bad loans, they tend to rely more on credit than larger firms. Likewise, value and growth stocks posted similar returns: Energy, materials and financial stocks weighed heavily on value indices, while technology, consumer discretionary and industrial shares dragged down growth indices.
Foreign stocks generally trailed U.S. shares, as investors fled from riskier assets. Emerging markets, which had soared in recent years, were hit particularly hard by the downturn.
Bond investors place a premium on safety
Treasury securities dramatically outperformed all other types of fixed-income investment during the six months under review, as investors during much of the period disregarded yield in favor of safety and liquidity. Prices on Treasury securities soared, pushing yields on short-term Treasury bills and notes down nearly 1.5 percentage points from already-low levels, and forcing yields on 10- and 30-year Treasury bonds down approximately one percentage point.
In general, lower-quality bonds underperformed higher-quality bonds. Government-backed agency bonds such as Ginnie Mae securities posted a positive return for the period. Investment-grade corporate bonds’ returns dramatically underperformed Treasuries, while high-yield bonds issued by financially weak companies posted substantial losses. The corporate credit markets improved significantly during January, but yields remained very high by historical standards.
Spreads widened considerably between municipal bonds and Treasury bonds with comparable maturities. Municipal securities typically pay yields roughly 70% to 90% of those on similar-length Treasuries, but many munis offered yields more than 200% of comparable Treasury securities. That widening came as the result of a confluence of negative technical factors. Hedge funds and other institutional investors sold municipal bonds to raise cash they needed to meet investor redemptions. Meanwhile, municipal bond insurers faced financial trouble, reducing the attractiveness of insured munis.
Our perspective
We continue to view the current environment with a great deal of caution. We have maintained a focus on constructing appropriate asset allocations for a slower economy, while emphasizing quality in both equities and fixed-income securities.
We would like to take this opportunity to remind investors of the importance of appropriate diversification among asset classes. Proper diversification, based on your particular financial goals and your time frame for reaching them, may help you achieve long-term objectives despite difficult market environments.
Thank you for your confidence in the Pacific Capital Funds. If you have any questions or would like a Fund prospectus, we encourage you to contact your registered investment professional, call Pacific Capital Funds at (800) 258-9232 or visit our website at www.pacificcapitalfunds.com.
Sincerely, |
![]() |
Tobias M. Martyn |
Senior Executive Vice President and Chief Investment Officer |
Asset Management Group of Bank of Hawaii |
Past performance does not guarantee future results.
1 | Standard & Poor’s 500 Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. stock market as a whole. It is not possible to invest directly in any index. |
2 | The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. |
3 | 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 exchanges of countries in Europe, Australia and the Far East. |
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January 31, 2009 (Unaudited)
New Asia Growth Fund | % | |
Hong Kong | 21.7 | |
Taiwan | 17.5 | |
South Korea | 13.0 | |
Singapore | 11.2 | |
Papua New Guinea | 9.4 | |
Malaysia | 7.7 | |
China | 6.3 | |
Thailand | 5.1 | |
Philippines | 3.2 | |
Investment Companies | 3.1 | |
Indonesia | 0.9 | |
India | 0.9 | |
International Stock Fund | % | |
Japan | 16.2 | |
United Kingdom | 13.7 | |
France | 10.7 | |
Switzerland | 10.0 | |
Germany | 7.5 | |
China | 6.1 | |
Canada | 5.8 | |
Brazil | 4.6 | |
Spain | 3.3 | |
India | 2.6 | |
Australia | 2.3 | |
Hong Kong | 2.0 | |
Italy | 1.9 | |
South Korea | 1.8 | |
Russia | 1.7 | |
Mexico | 1.3 | |
Singapore | 1.2 | |
Denmark | 1.2 | |
Norway | 1.1 | |
Isreal | 1.0 | |
Luxembourg | 0.9 | |
Taiwan | 0.7 | |
Cayman Islands | 0.7 | |
Netherlands | 0.6 | |
South Africa | 0.5 | |
Exchange Traded Funds-United States | 0.4 | |
Convertible Corporate Bonds | 0.2 | |
Small Cap Fund | % | |
Health Care | 19.5 | |
Information Technology | 15.2 | |
Financials | 13.4 | |
Consumer Discretionary | 12.2 | |
Industrials | 11.8 | |
Consumer Staples | 6.2 | |
Real Estate Investment Trusts | 4.0 | |
Energy | 3.2 | |
Commercial Services | 3.1 | |
Utilities | 3.0 | |
Materials | 2.2 | |
Cash Equivalents | 2.2 | |
Oil & Gas | 1.3 | |
Telecommunication Services | 1.2 | |
Transportation | 1.1 | |
Exchange Traded Funds | 0.4 | |
Mid-Cap Fund | % | |
Consumer Discretionary | 16.3 | |
Industrials | 12.7 | |
Health Care | 12.4 | |
Financials | 12.4 | |
Information Technology | 11.0 | |
Utilities | 9.0 | |
Real Estate Investment Trusts | 6.3 | |
Consumer Staples | 5.1 | |
Energy | 4.5 | |
Materials | 3.6 | |
Oil & Gas Services | 2.0 | |
Transportation | 1.9 | |
Telecommunication Services | 1.0 | |
Investment Companies | 1.0 | |
Services | 0.8 | |
Growth Stock Fund | % | |
Information Technology | 23.0 | |
Energy | 21.3 | |
Health Care | 16.0 | |
Consumer Discretionary | 13.1 | |
Consumer Staples | 7.1 | |
Industrials | 6.6 | |
Financials | 4.6 | |
Oil & Gas Services | 2.5 | |
Investment Companies | 1.7 | |
Materials | 1.6 | |
Transportation | 1.1 | |
Telecommunications | 0.9 | |
Utilities | 0.3 | |
Real Estate Investment Companies | 0.2 | |
Growth and Income Fund | % | |
Health Care | 15.5 | |
Information Technology | 15.3 | |
Consumer Discretionary | 14.5 | |
Energy | 12.3 | |
Financials | 10.5 | |
Industrials | 8.8 | |
Consumer Staples | 6.5 | |
Utilities | 4.5 | |
Telecommunications | 3.7 | |
Materials | 2.4 | |
Investment Companies | 2.0 | |
Oil & Gas | 1.8 | |
Transportation | 1.5 | |
Real Estate Investment Trusts | 0.7 | |
Value Fund | % | |
Energy | 20.2 | |
Financials | 17.6 | |
Health Care | 15.3 | |
Consumer Staples | 9.0 | |
Consumer Discretionary | 8.5 | |
Industrials | 7.6 | |
Telecommunications | 6.5 | |
Utilities | 6.0 | |
Information Technology | 2.7 | |
Real Estate Investment Trusts | 2.6 | |
Materials | 1.5 | |
Investment Companies | 1.5 | |
Transportation | 0.7 | |
Services | 0.2 | |
Oil & Gas | 0.1 | |
High Grade Core Fixed Income Fund1 | % | |
Agency | 52.4 | |
Treasury | 16.9 | |
AAA | 5.3 | |
A | 10.3 | |
BAA | 10.3 | |
AA | 4.4 | |
Other | 0.4 | |
Tax-Free Securities Fund1 | % | |
AA | 38.2 | |
AAA/Prerefunded | 30.8 | |
A | 23.6 | |
BBB | 7.4 | |
High Grade Short Intermediate Fixed Income Fund | % | |
Federal Home Loan Mortgage Corp. | 38.5 | |
Federal National Mortgage Assoc. | 20.3 | |
Corporate Bonds | 19.2 | |
U.S. Treasury Obligations | 15.9 | |
Federal Home Loan Bank | 4.6 | |
Investment Company | 1.5 | |
Tax-Free Short Intermediate Securities Fund1 | % | |
AA | 43.7 | |
AAA/Prerefunded | 30.0 | |
A | 23.6 | |
BBB | 2.7 | |
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, 2009 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 issued 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. |
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PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities
January 31, 2009
(Unaudited)
New Asia Growth Fund | International Stock Fund | Small Cap Fund | Mid-Cap Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at cost | $ | 60,668,810 | $ | 109,742,848 | $ | 243,407,959 | $ | 45,379,573 | ||||||||
Investments, at value | $ | 43,023,920 | $ | 65,347,157 | $ | 172,630,466 | $ | 32,926,119 | ||||||||
Cash | — | — | 610 | — | ||||||||||||
Foreign currency, at value (Cost $1,266, $14,877, $— and $—, respectively) | 1,281 | 14,644 | — | — | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 77 | — | — | — | ||||||||||||
Income receivable | 46,271 | 83,242 | 123,766 | 47,482 | ||||||||||||
Receivable for capital shares issued | 13,029 | 18,235 | 445,663 | 15,013 | ||||||||||||
Receivable for investments sold | 205,031 | 2,272,367 | 433,748 | 125,267 | ||||||||||||
Reclaims receivable | — | 297,809 | — | — | ||||||||||||
Prepaid expenses and other assets | 606 | 1,643 | 8,472 | 537 | ||||||||||||
Total Assets | 43,290,215 | 68,035,097 | 173,642,725 | 33,114,418 | ||||||||||||
Liabilities: | ||||||||||||||||
Cash overdraft | — | 1,521,957 | — | — | ||||||||||||
Payable for capital shares redeemed | 58,144 | 188,558 | 445,631 | 17,960 | ||||||||||||
Payable for investments purchased | 445,881 | 112,566 | 1,454,274 | 139,614 | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 14,981 | 21,608 | 55,554 | 10,226 | ||||||||||||
Sub-investment advisory fees | 18,726 | 36,769 | 98,251 | 5,843 | ||||||||||||
Administration and sub-administration fees | 3,371 | 5,556 | 13,843 | 2,630 | ||||||||||||
Compliance service fees | 870 | 1,661 | 2,571 | 424 | ||||||||||||
Distribution fees | 863 | 442 | 21,207 | 236 | ||||||||||||
Other fees | 70,995 | 39,543 | 183,132 | 26,566 | ||||||||||||
Total Liabilities | 613,831 | 1,928,660 | 2,274,463 | 203,499 | ||||||||||||
Net Assets: | ||||||||||||||||
Capital (no par value) | 67,135,162 | 142,988,636 | 356,309,948 | 61,385,586 | ||||||||||||
Undistributed (distributions in excess of) net investment income | (257,981 | ) | (398,772 | ) | (434,864 | ) | 8,469 | |||||||||
Accumulated net realized losses from investments | (6,550,583 | ) | (32,082,274 | ) | (113,729,329 | ) | (16,029,682 | ) | ||||||||
Net unrealized depreciation on investments | (17,650,214 | ) | (44,401,153 | ) | (70,777,493 | ) | (12,453,454 | ) | ||||||||
Net Assets | $ | 42,676,384 | $ | 66,106,437 | $ | 171,368,262 | $ | 32,910,919 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 2,365,407 | $ | 777,872 | $ | 60,525,979 | $ | 315,006 | ||||||||
Class B | 53,559 | 52,522 | 731,800 | N/A | ||||||||||||
Class C | 329,398 | 253,399 | 8,078,992 | 192,649 | ||||||||||||
Class Y | 39,928,020 | 65,022,644 | 102,031,491 | 32,403,264 | ||||||||||||
Total | $ | 42,676,384 | $ | 66,106,437 | $ | 171,368,262 | $ | 32,910,919 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 282,472 | 171,284 | 7,486,939 | 56,790 | ||||||||||||
Class B | 6,953 | 12,559 | 99,513 | N/A | ||||||||||||
Class C | 42,957 | 60,760 | 1,105,126 | 35,711 | ||||||||||||
Class Y | 4,652,338 | 13,900,984 | 12,311,771 | 5,828,349 | ||||||||||||
Total | 4,984,720 | 14,145,587 | 21,003,349 | 5,920,850 | ||||||||||||
Net Asset Value | ||||||||||||||||
Class A—redemption price per share | $ | 8.37 | $ | 4.54 | $ | 8.08 | $ | 5.55 | ||||||||
Class A—maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A—maximum offering price per share | $ | 8.83 | $ | 4.79 | $ | 8.53 | $ | 5.86 | ||||||||
Class B—offering price per share* | $ | 7.70 | $ | 4.18 | $ | 7.35 | $ | N/A | ||||||||
Class C—offering price per share* | $ | 7.67 | $ | 4.17 | $ | 7.31 | $ | 5.39 | ||||||||
Class Y—offering and redemption price per share | $ | 8.58 | $ | 4.68 | $ | 8.29 | $ | 5.56 | ||||||||
* | Redemption price per share varies based on length of time shares are held. |
See notes to financial statements.
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PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities, continued
January 31, 2009
(Unaudited)
Growth Stock Fund | Growth and Income Fund | Value Fund | High Grade Core Fixed Income Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments, at cost | $ | 112,386,520 | $ | 101,635,671 | $ | 97,292,252 | $ | 235,495,281 | ||||||||
Investments, at value | $ | 83,305,680 | $ | 72,121,419 | $ | 66,168,527 | $ | 234,428,794 | ||||||||
Income receivable | 37,057 | 103,587 | 141,920 | 2,215,129 | ||||||||||||
Receivable for capital shares issued | 48,879 | 48,127 | 47,094 | 134,456 | ||||||||||||
Receivable for investments sold | — | 379,188 | — | 35,017 | ||||||||||||
Prepaid expenses and other assets | 5,221 | 6,411 | 365 | 1,074 | ||||||||||||
Total Assets | 83,396,837 | 72,658,732 | 66,357,906 | 236,814,470 | ||||||||||||
Liabilities: | ||||||||||||||||
Distributions payable | — | — | — | 104,297 | ||||||||||||
Payable for capital shares redeemed | 66,201 | 72,183 | 54,927 | 179,767 | ||||||||||||
Payable for investments purchased | — | 376,692 | — | 997,190 | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 25,763 | 22,625 | 21,077 | 91,338 | ||||||||||||
Sub-investment advisory fees | 18,403 | 16,161 | 15,055 | N/A | ||||||||||||
Administration and sub-administration fees | 6,625 | 5,818 | 5,420 | 18,268 | ||||||||||||
Compliance service fees | 980 | 905 | 855 | 2,167 | ||||||||||||
Distribution fees | 2,765 | 1,847 | 1,256 | 1,902 | ||||||||||||
Other fees | 41,320 | 37,142 | 35,828 | 69,853 | ||||||||||||
Total Liabilities | 162,057 | 533,373 | 134,418 | 1,464,782 | ||||||||||||
Net Assets: | ||||||||||||||||
Capital (no par value) | 207,028,486 | 125,739,562 | 119,686,258 | 235,167,722 | ||||||||||||
Undistributed (distributions in excess of) net investment income | (5,609 | ) | 18,946 | 15,838 | 2,158 | |||||||||||
Accumulated net realized gains (losses) from investments | (94,707,257 | ) | (24,118,897 | ) | (22,354,883 | ) | 1,246,295 | |||||||||
Net unrealized depreciation on investments | (29,080,840 | ) | (29,514,252 | ) | (31,123,725 | ) | (1,066,487 | ) | ||||||||
Net Assets | $ | 83,234,780 | $ | 72,125,359 | $ | 66,223,488 | $ | 235,349,688 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 5,711,385 | $ | 3,485,400 | $ | 1,383,970 | $ | 2,953,750 | ||||||||
Class B | 909,397 | 462,508 | 284,136 | 727,635 | ||||||||||||
Class C | 789,836 | 735,639 | 765,626 | 744,971 | ||||||||||||
Class Y | 75,824,162 | 67,441,812 | 63,789,756 | 230,923,332 | ||||||||||||
Total | $ | 83,234,780 | $ | 72,125,359 | $ | 66,223,488 | $ | 235,349,688 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 934,454 | 434,188 | 285,459 | 273,313 | ||||||||||||
Class B | 162,159 | 61,828 | 60,031 | 67,474 | ||||||||||||
Class C | 140,846 | 98,475 | 161,343 | 69,076 | ||||||||||||
Class Y | 12,001,546 | 8,331,308 | 13,122,283 | 21,240,970 | ||||||||||||
Total | 13,239,005 | 8,925,799 | 13,629,116 | 21,650,833 | ||||||||||||
Net Asset Value | ||||||||||||||||
Class A—redemption price per share | $ | 6.11 | $ | 8.03 | $ | 4.85 | $ | 10.81 | ||||||||
Class A—maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 4.00 | % | ||||||||
Class A—maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) | $ | 6.45 | $ | 8.47 | $ | 5.12 | $ | 11.26 | ||||||||
Class B—offering price per share* | $ | 5.61 | $ | 7.48 | $ | 4.73 | $ | 10.78 | ||||||||
Class C—offering price per share* | $ | 5.61 | $ | 7.47 | $ | 4.75 | $ | 10.78 | ||||||||
Class Y—offering and redemption price per share | $ | 6.32 | $ | 8.10 | $ | 4.86 | $ | 10.87 | ||||||||
* | Redemption price per share varies based on length of time shares are held. |
See notes to financial statements.
5
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities, continued
January 31, 2009
(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 | $ | 233,101,029 | $ | 61,454,435 | $ | 51,582,628 | $ | 70,096,722 | ||||||||
Investments, at value | $ | 240,928,393 | $ | 62,406,620 | $ | 52,932,756 | $ | 70,447,367 | ||||||||
Income receivable | 2,286,952 | 484,328 | 441,232 | 663,251 | ||||||||||||
Receivable for capital shares issued | 317,138 | 29,296 | 6,610 | 26 | ||||||||||||
Receivable for investments sold | — | 10,382 | — | — | ||||||||||||
Prepaid expenses and other assets | 869 | 675 | 644 | 465 | ||||||||||||
Total Assets | 243,533,352 | 62,931,301 | 53,381,242 | 71,111,109 | ||||||||||||
Liabilities: | ||||||||||||||||
Distributions payable | 107,212 | 28,801 | 14,701 | 12,687 | ||||||||||||
Payable for capital shares redeemed | 63,077 | 65,782 | 12,509 | 218,986 | ||||||||||||
Payable for investments purchased | — | 299,707 | 534,954 | — | ||||||||||||
Accrued expenses and other payables: | ||||||||||||||||
Investment advisory fees | 92,378 | 5,853 | 17,190 | 205 | ||||||||||||
Administration and sub-administration fees | 18,476 | 4,779 | 3,868 | 5,454 | ||||||||||||
Compliance service fees | 1,880 | 423 | 330 | 501 | ||||||||||||
Distribution fees | 1,625 | 598 | 293 | 1,673 | ||||||||||||
Other fees | 57,851 | 26,772 | 23,572 | 25,430 | ||||||||||||
Total Liabilities | 342,499 | 432,715 | 607,417 | 264,936 | ||||||||||||
Net Assets: | ||||||||||||||||
Capital (no par value) | 237,144,654 | 62,709,176 | 52,240,761 | 71,089,420 | ||||||||||||
Distributions in excess of net investment income | (1 | ) | (8,273 | ) | (1 | ) | (17,111 | ) | ||||||||
Accumulated net realized losses from investments | (1,781,164 | ) | (1,154,502 | ) | (817,063 | ) | (576,781 | ) | ||||||||
Net unrealized appreciation on investments | 7,827,364 | 952,185 | 1,350,128 | 350,645 | ||||||||||||
Net Assets | $ | 243,190,853 | $ | 62,498,586 | $ | 52,773,825 | $ | 70,846,173 | ||||||||
Net Assets | ||||||||||||||||
Class A | $ | 5,059,990 | $ | 1,025,803 | $ | 1,362,246 | $ | 1,538,091 | ||||||||
Class B | 573,538 | N/A | N/A | 411,067 | ||||||||||||
Class C | 11,072 | 448,275 | 10,942 | 1,002,433 | ||||||||||||
Class Y | 237,546,253 | 61,024,508 | 51,400,637 | 67,894,582 | ||||||||||||
Total | $ | 243,190,853 | $ | 62,498,586 | $ | 52,773,825 | $ | 70,846,173 | ||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
Class A | 513,636 | 103,888 | 132,726 | 148,196 | ||||||||||||
Class B | 58,213 | N/A | N/A | 39,605 | ||||||||||||
Class C | 1,122 | 45,441 | 1,066 | 96,562 | ||||||||||||
Class Y | 24,014,691 | 6,169,364 | 4,980,389 | 6,535,765 | ||||||||||||
Total | 24,587,662 | 6,318,693 | 5,114,181 | 6,820,128 | ||||||||||||
Net Asset Value* | ||||||||||||||||
Class A—redemption price per share | $ | 9.85 | $ | 9.87 | $ | 10.26 | $ | 10.38 | ||||||||
Class A—maximum sales charge | 4.00 | % | 2.25 | % | 2.25 | % | 2.25 | % | ||||||||
Class A—maximum offering price per share | $ | 10.26 | $ | 10.10 | $ | 10.50 | $ | 10.62 | ||||||||
Class B—offering price per share** | $ | 9.85 | $ | N/A | $ | N/A | $ | 10.38 | ||||||||
Class C—offering price per share** | $ | 9.87 | $ | 9.87 | $ | 10.26 | $ | 10.38 | ||||||||
Class Y—offering and redemption price per share | $ | 9.89 | $ | 9.89 | $ | 10.32 | $ | 10.39 | ||||||||
* | 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
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Operations
Period Ended January 31, 2009
(Unaudited)
New Asia Growth Fund | International Stock Fund | Small Cap Fund | Mid-Cap Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend income | $ | 980,012 | $ | 1,087,270 | $ | 1,527,467 | $ | 476,279 | ||||||||
Interest income | — | 2,724 | — | — | ||||||||||||
Foreign tax withholding | (94,010 | ) | (77,670 | ) | — | — | ||||||||||
Total Investment Income | 886,002 | 1,012,324 | 1,527,467 | 476,279 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 127,566 | 249,632 | 526,592 | 124,884 | ||||||||||||
Sub-investment advisory fees | 159,457 | 287,220 | 742,540 | 41,628 | ||||||||||||
Administration and sub-administration fees | 28,702 | 49,926 | 103,838 | 18,733 | ||||||||||||
Distribution fees—Class A | 6,578 | 2,143 | 171,502 | 800 | ||||||||||||
Distribution fees—Class B | 437 | 408 | 5,228 | — | ||||||||||||
Distribution fees—Class C | 2,121 | 1,480 | 60,568 | 1,210 | ||||||||||||
Accounting fees | 35,161 | 56,107 | 83,419 | 15,689 | ||||||||||||
Compliance service fees | 3,951 | 7,016 | 13,551 | 2,394 | ||||||||||||
Custodian fees | 77,723 | 117,343 | 52,003 | 20,345 | ||||||||||||
Transfer agent fees | 31,670 | 30,186 | 190,483 | 26,204 | ||||||||||||
Trustee fees | 5,517 | 9,988 | 18,380 | 3,281 | ||||||||||||
Other fees | 33,426 | 52,194 | 200,588 | 18,260 | ||||||||||||
Total expenses before reductions | 512,309 | 863,643 | 2,168,692 | 273,428 | ||||||||||||
Less expenses waived/reimbursed by the Adviser | — | (55,473 | ) | (138,129 | ) | (52,035 | ) | |||||||||
Less expenses waived by the distributor—Class A | (2,467 | ) | (804 | ) | (64,313 | ) | (300 | ) | ||||||||
Less expenses waived by the distributor—Class B | — | — | (3,919 | ) | — | |||||||||||
Net Expenses | 509,842 | 807,366 | 1,962,331 | 221,093 | ||||||||||||
Net Investment Income (Loss) | 376,160 | 204,958 | (434,864 | ) | 255,186 | |||||||||||
Realized/Unrealized Gains (Losses) from Investments, Futures and Foreign Currency Transactions: | ||||||||||||||||
Net realized losses from investments and foreign currency transactions | (6,514,428 | ) | (30,993,552 | ) | (55,081,367 | ) | (11,363,540 | ) | ||||||||
Net realized losses from futures transactions | — | — | (296,535 | ) | — | |||||||||||
Change in unrealized appreciation/depreciation on investments and foreign currency transactions | (26,668,575 | ) | (45,461,134 | ) | (63,033,126 | ) | (10,679,076 | ) | ||||||||
Net realized/unrealized losses from investments, futures and foreign currency transactions | (33,183,003 | ) | (76,454,686 | ) | (118,411,028 | ) | (22,042,616 | ) | ||||||||
Change in net assets resulting from operations | $ | (32,806,843 | ) | $ | (76,249,728 | ) | $ | (118,845,892 | ) | $ | (21,787,430 | ) | ||||
See notes to financial statements.
7
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Operations, continued
Period Ended January 31, 2009
(Unaudited)
Growth Stock Fund | Growth and Income Fund | Value Fund | High Grade Core Fixed Income Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividend income | $ | 915,733 | $ | 1,132,830 | $ | 1,384,402 | $ | 20,030 | ||||||||
Interest income | — | — | — | 6,743,987 | ||||||||||||
Total Investment Income | 915,733 | 1,132,830 | 1,384,402 | 6,764,017 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 279,864 | 249,299 | 235,455 | 782,670 | ||||||||||||
Sub-investment advisory fees | 127,211 | 113,318 | 107,025 | — | ||||||||||||
Administration and sub-administration fees | 45,796 | 40,794 | 38,529 | 117,400 | ||||||||||||
Distribution fees—Class A | 13,042 | 8,584 | 3,454 | 6,082 | ||||||||||||
Distribution fees—Class B | 7,311 | 3,607 | 1,953 | 4,109 | ||||||||||||
Distribution fees—Class C | 4,715 | 4,734 | 4,850 | 3,975 | ||||||||||||
Accounting fees | 33,870 | 30,111 | 28,817 | 90,343 | ||||||||||||
Compliance service fees | 5,729 | 5,150 | 4,872 | 14,262 | ||||||||||||
Custodian fees | 13,053 | 13,539 | 14,151 | 14,567 | ||||||||||||
Transfer agent fees | 49,481 | 38,841 | 28,989 | 32,410 | ||||||||||||
Trustee fees | 7,901 | 7,075 | 6,669 | 19,388 | ||||||||||||
Other fees | 58,393 | 47,053 | 32,890 | 87,757 | ||||||||||||
Total expenses before reductions | 646,366 | 562,105 | 507,654 | 1,172,963 | ||||||||||||
Less expenses waived/reimbursed by the Adviser | (101,769 | ) | (90,655 | ) | (85,621 | ) | (195,670 | ) | ||||||||
Less expenses waived by the distributor—Class A | (4,891 | ) | (3,219 | ) | (1,295 | ) | (2,281 | ) | ||||||||
Net Expenses | 539,706 | 468,231 | 420,738 | 975,012 | ||||||||||||
Net Investment Income | 376,027 | 664,599 | 963,664 | 5,789,005 | ||||||||||||
Realized/Unrealized Gains (Losses) from Investments: | ||||||||||||||||
Net realized gains (losses) from investments | (14,095,018 | ) | (14,655,266 | ) | (16,807,554 | ) | 2,568,845 | |||||||||
Change in unrealized appreciation/depreciation on investments | (24,657,029 | ) | (23,980,196 | ) | (19,080,009 | ) | (276,685 | ) | ||||||||
Net realized/unrealized gains (losses) from investments | (38,752,047 | ) | (38,635,462 | ) | (35,887,563 | ) | 2,292,160 | |||||||||
Change in net assets resulting from operations | $ | (38,376,020 | ) | $ | (37,970,863 | ) | $ | (34,923,899 | ) | $ | 8,081,165 | |||||
See notes to financial statements.
8
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Operations, continued
Period Ended January 31, 2009
(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 | $ | 6,970 | $ | 3,334 | $ | 2,943 | $ | 2,678 | ||||||||
Interest income | 6,289,963 | 1,399,664 | 923,304 | 1,187,592 | ||||||||||||
Total Investment Income | 6,296,933 | 1,402,998 | 926,247 | 1,190,270 | ||||||||||||
Expenses: | ||||||||||||||||
Investment advisory fees | 739,380 | 156,168 | 122,448 | 146,807 | ||||||||||||
Administration and sub-administration fees | 110,907 | 28,110 | 22,041 | 33,031 | ||||||||||||
Distribution fees—Class A | 9,876 | 2,029 | 2,793 | 5,785 | ||||||||||||
Distribution fees—Class B | 3,409 | — | — | 2,194 | ||||||||||||
Distribution fees—Class C | 55 | 2,233 | 54 | 4,947 | ||||||||||||
Accounting fees | 83,550 | 23,690 | 18,700 | 24,045 | ||||||||||||
Compliance service fees | 13,175 | 3,288 | 2,559 | 3,866 | ||||||||||||
Custodian fees | 25,836 | 9,634 | 9,369 | 8,528 | ||||||||||||
Transfer agent fees | 27,967 | 25,895 | 25,409 | 26,933 | ||||||||||||
Trustee fees | 17,975 | 4,455 | 3,515 | 5,309 | ||||||||||||
Other fees | 76,893 | 24,313 | 19,087 | 29,507 | ||||||||||||
Total expenses before reductions | 1,109,023 | 279,815 | 225,975 | 290,952 | ||||||||||||
Less expenses waived/reimbursed by the Adviser | (184,847 | ) | (112,794 | ) | (24,489 | ) | (130,875 | ) | ||||||||
Less expenses waived by the distributor—Class A | (3,704 | ) | (761 | ) | (1,047 | ) | (2,169 | ) | ||||||||
Net Expenses | 920,472 | 166,260 | 200,439 | 157,908 | ||||||||||||
Net Investment Income | 5,376,461 | 1,236,738 | 725,808 | 1,032,362 | ||||||||||||
Realized/Unrealized Gains (Losses) from Investments: | ||||||||||||||||
Net realized gains (losses) from investments | (1,781,177 | ) | 473,059 | (62,459 | ) | 1,571,346 | ||||||||||
Change in unrealized appreciation/depreciation on investments | 429,596 | 678,413 | 671,921 | (734,102 | ) | |||||||||||
Net realized/unrealized gains (losses) from investments | (1,351,581 | ) | 1,151,472 | 609,462 | 837,244 | |||||||||||
Change in net assets resulting from operations | $ | 4,024,880 | $ | 2,388,210 | $ | 1,335,270 | $ | 1,869,606 | ||||||||
See notes to financial statements.
9
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets
New Asia Growth Fund | International Stock Fund | Small Cap Fund | ||||||||||||||||||||||
Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 376,160 | $ | 1,448,040 | $ | 204,958 | $ | 3,212,257 | $ | (434,864 | ) | $ | (2,529,157 | ) | ||||||||||
Net realized gains (losses) from investments and foreign currency transactions | (6,514,428 | ) | 21,491,476 | (30,993,552 | ) | 22,613,383 | (55,081,367 | ) | (54,823,424 | ) | ||||||||||||||
Net realized losses from futures | — | — | — | — | (296,535 | ) | (116,732 | ) | ||||||||||||||||
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | (26,668,575 | ) | (27,565,224 | ) | (45,461,134 | ) | (44,515,682 | ) | (63,033,126 | ) | 2,123,071 | |||||||||||||
Change in net assets resulting from operations | (32,806,843 | ) | (4,625,708 | ) | (76,249,728 | ) | (18,690,042 | ) | (118,845,892 | ) | (55,346,242 | ) | ||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (28,520 | ) | (49,236 | ) | (2,697 | ) | (17,830 | ) | — | — | ||||||||||||||
From net realized gains | (664,868 | ) | (554,220 | ) | (228,207 | ) | (126,628 | ) | (287,280 | ) | (32,778,648 | ) | ||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | (568 | ) | (1,960 | ) | (63 | ) | (875 | ) | — | — | ||||||||||||||
From net realized gains | (19,278 | ) | (101,202 | ) | (17,199 | ) | (36,630 | ) | (3,806 | ) | (369,645 | ) | ||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | (2,751 | ) | (4,998 | ) | (299 | ) | (2,605 | ) | — | — | ||||||||||||||
From net realized gains | (90,936 | ) | (115,822 | ) | (67,081 | ) | (42,315 | ) | (43,196 | ) | (4,182,152 | ) | ||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (582,674 | ) | (1,349,279 | ) | (357,180 | ) | (2,692,270 | ) | — | — | ||||||||||||||
From net realized gains | (10,997,817 | ) | (18,299,741 | ) | (20,315,205 | ) | (15,706,421 | ) | (466,969 | ) | (36,706,704 | ) | ||||||||||||
Change in net assets from shareholder distributions | (12,387,412 | ) | (20,476,458 | ) | (20,987,931 | ) | (18,625,574 | ) | (801,251 | ) | (74,037,149 | ) | ||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | (10,948,871 | ) | 6,063,374 | (21,603,929 | ) | (26,284,769 | ) | (21,773,080 | ) | (94,276,129 | ) | |||||||||||||
Change in net assets | (56,143,126 | ) | (19,038,792 | ) | (118,841,588 | ) | (63,600,385 | ) | (141,420,223 | ) | (223,659,520 | ) | ||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 98,819,510 | 117,858,302 | 184,948,025 | 248,548,410 | 312,788,485 | 536,448,005 | ||||||||||||||||||
End of year | $ | 42,676,384 | $ | 98,819,510 | $ | 66,106,437 | $ | 184,948,025 | $ | 171,368,262 | $ | 312,788,485 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | (257,981 | ) | $ | (19,628 | ) | $ | (398,772 | ) | $ | (243,491 | ) | $ | (434,864 | ) | $ | — | |||||||
See notes to financial statements.
10
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, continued
New Asia Growth Fund | International Stock Fund | Small Cap Fund | ||||||||||||||||||||||
Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 285,048 | $ | 3,638,780 | $ | 86,191 | $ | 1,711,745 | $ | 10,450,996 | $ | 54,485,249 | ||||||||||||
Dividends reinvested | 609,441 | 491,158 | 185,103 | 121,615 | 265,528 | 29,790,004 | ||||||||||||||||||
Cost of shares redeemed | (1,186,662 | ) | (1,346,583 | ) | (193,660 | ) | (1,024,267 | ) | (26,041,862 | ) | (134,813,450 | ) | ||||||||||||
Change in net assets from Class A | $ | (292,173 | ) | $ | 2,783,355 | $ | 77,634 | $ | 809,093 | $ | (15,325,338 | ) | $ | (50,538,197 | ) | |||||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | — | $ | 29,107 | $ | — | $ | 7,195 | $ | — | $ | — | ||||||||||||
Dividends reinvested | 11,571 | 70,940 | 14,365 | 34,059 | 3,557 | 352,112 | ||||||||||||||||||
Cost of shares redeemed | (31,462 | ) | (553,207 | ) | (51,495 | ) | (487,378 | ) | (218,620 | ) | (749,008 | ) | ||||||||||||
Change in net assets from Class B | $ | (19,891 | ) | $ | (453,160 | ) | $ | (37,130 | ) | $ | (446,124 | ) | $ | (215,063 | ) | $ | (396,896 | ) | ||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 51,595 | $ | 294,199 | $ | 65,121 | $ | 118,886 | $ | 597,114 | $ | 5,709,916 | ||||||||||||
Dividends reinvested | 93,687 | 115,782 | 67,380 | 44,920 | 39,260 | 3,660,806 | ||||||||||||||||||
Cost of shares redeemed | (171,278 | ) | (162,325 | ) | (62,816 | ) | (219,349 | ) | (3,139,181 | ) | (9,110,895 | ) | ||||||||||||
Change in net assets from Class C | $ | (25,996 | ) | $ | 247,656 | $ | 69,685 | $ | (55,543 | ) | $ | (2,502,807 | ) | $ | 259,827 | |||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 2,054,836 | $ | 15,043,651 | $ | 2,768,299 | $ | 32,508,758 | $ | 21,773,855 | $ | 40,232,542 | ||||||||||||
Dividends reinvested | 11,132,848 | 16,269,905 | 20,275,570 | 12,911,597 | 439,981 | 31,750,368 | ||||||||||||||||||
Cost of shares redeemed | (23,798,495 | ) | (27,828,033 | ) | (44,757,987 | ) | (72,012,550 | ) | (25,943,708 | ) | (115,583,773 | ) | ||||||||||||
Change in net assets from Class Y | $ | (10,610,811 | ) | $ | 3,485,523 | $ | (21,714,118 | ) | $ | (26,592,195 | ) | $ | (3,729,872 | ) | $ | (43,600,863 | ) | |||||||
Change in net assets from capital transactions | $ | (10,948,871 | ) | $ | 6,063,374 | $ | (21,603,929 | ) | $ | (26,284,769 | ) | $ | (21,773,080 | ) | $ | (94,276,129 | ) | |||||||
Share Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Issued | 21,742 | 180,451 | 12,620 | 126,598 | 1,049,914 | 3,543,506 | ||||||||||||||||||
Reinvested | 69,895 | 23,416 | 38,046 | 9,282 | 31,423 | 2,006,061 | ||||||||||||||||||
Redeemed | (92,971 | ) | (65,431 | ) | (22,773 | ) | (82,437 | ) | (2,533,699 | ) | (9,127,829 | ) | ||||||||||||
Net change in Class A | (1,334 | ) | 138,436 | 27,893 | 53,443 | (1,452,362 | ) | (3,578,262 | ) | |||||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | — | 1,241 | — | 561 | — | — | ||||||||||||||||||
Reinvested | 1,445 | 3,558 | 3,207 | 2,729 | 463 | 26,005 | ||||||||||||||||||
Redeemed | (2,807 | ) | (28,823 | ) | (5,681 | ) | (40,391 | ) | (21,694 | ) | (52,967 | ) | ||||||||||||
Net change in Class B | (1,362 | ) | (24,024 | ) | (2,474 | ) | (37,101 | ) | (21,231 | ) | (26,962 | ) | ||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 4,704 | 14,913 | 11,661 | 9,721 | 64,103 | 390,136 | ||||||||||||||||||
Reinvested | 11,746 | 5,843 | 15,074 | 3,620 | 5,132 | 270,170 | ||||||||||||||||||
Redeemed | (13,357 | ) | (8,536 | ) | (7,664 | ) | (18,360 | ) | (358,037 | ) | (682,682 | ) | ||||||||||||
Net change in Class C | 3,093 | 12,220 | 19,071 | (5,019 | ) | (288,802 | ) | (22,376 | ) | |||||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 168,366 | 692,522 | 352,808 | 2,448,112 | 2,161,937 | 2,639,823 | ||||||||||||||||||
Reinvested | 1,250,908 | 757,898 | 4,045,369 | 957,057 | 50,806 | 2,091,592 | ||||||||||||||||||
Redeemed | (1,965,181 | ) | (1,316,500 | ) | (6,099,306 | ) | (5,586,734 | ) | (2,492,258 | ) | (7,230,631 | ) | ||||||||||||
Net change in Class Y | (545,907 | ) | 133,920 | (1,701,129 | ) | (2,181,565 | ) | (279,515 | ) | (2,499,216 | ) | |||||||||||||
Change in shares | (545,510 | ) | 260,552 | (1,656,639 | ) | (2,170,242 | ) | (2,041,910 | ) | (6,126,816 | ) | |||||||||||||
See notes to financial statements.
11
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, continued
Mid-Cap Fund | Growth Stock Fund | Growth and Income Fund | ||||||||||||||||||||||
Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: Operations: | ||||||||||||||||||||||||
Net investment income | $ | 255,186 | $ | 297,752 | $ | 376,027 | $ | 811,698 | $ | 664,599 | $ | 1,405,809 | ||||||||||||
Net realized losses from investments | (11,363,540 | ) | (4,586,678 | ) | (14,095,018 | ) | (3,434,390 | ) | (14,655,266 | ) | (9,290,726 | ) | ||||||||||||
Net change in unrealized appreciation/depreciation on investments | (10,679,076 | ) | (5,400,714 | ) | (24,657,029 | ) | (7,391,794 | ) | (23,980,196 | ) | (6,754,078 | ) | ||||||||||||
Change in net assets resulting from operations | (21,787,430 | ) | (9,689,640 | ) | (38,376,020 | ) | (10,014,486 | ) | (37,970,863 | ) | (14,638,995 | ) | ||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,879 | ) | (1,731 | ) | (21,296 | ) | (29,746 | ) | (28,917 | ) | (43,313 | ) | ||||||||||||
From net realized gains | — | (70,748 | ) | — | — | — | (307,734 | ) | ||||||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | — | — | (1,440 | ) | (5,399 | ) | (2,433 | ) | (2,163 | ) | ||||||||||||||
From net realized gains | — | — | — | — | — | (138,122 | ) | |||||||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | (457 | ) | — | (1,287 | ) | (2,039 | ) | (3,892 | ) | �� | (1,755 | ) | ||||||||||||
From net realized gains | — | (49,554 | ) | — | — | — | (102,454 | ) | ||||||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (244,381 | ) | (344,034 | ) | (357,613 | ) | (798,007 | ) | (656,246 | ) | (1,312,747 | ) | ||||||||||||
From net realized gains | — | (7,523,615 | ) | — | — | — | (7,376,837 | ) | ||||||||||||||||
Change in net assets from shareholder distributions | (246,717 | ) | (7,989,682 | ) | (381,636 | ) | (835,191 | ) | (691,488 | ) | (9,285,125 | ) | ||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | (1,019,364 | ) | 2,047,497 | (6,314,524 | ) | (30,189,419 | ) | (5,554,763 | ) | (14,794,129 | ) | |||||||||||||
Change in net assets | (23,053,511 | ) | (15,631,825 | ) | (45,072,180 | ) | (41,039,096 | ) | (44,217,114 | ) | (38,718,249 | ) | ||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 55,964,430 | 71,596,255 | 128,306,960 | 169,346,056 | 116,342,473 | 155,060,722 | ||||||||||||||||||
End of year | $ | 32,910,919 | $ | 55,964,430 | $ | 83,234,780 | $ | 128,306,960 | $ | 72,125,359 | $ | 116,342,473 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | 8,469 | $ | — | $ | (5,609 | ) | $ | — | $ | 18,946 | $ | 45,835 | |||||||||||
See notes to financial statements.
12
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, continued
Mid-Cap Fund | Growth Stock Fund | Growth and Income Fund | ||||||||||||||||||||||
Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 16,120 | $ | 75,916 | $ | 773,578 | $ | 2,694,225 | $ | 296,165 | $ | 1,509,204 | ||||||||||||
Dividends reinvested | 1,528 | 59,165 | 19,920 | 27,639 | 27,654 | 337,535 | ||||||||||||||||||
Cost of shares redeemed | (34,250 | ) | (115,068 | ) | (521,002 | ) | (2,202,836 | ) | (396,548 | ) | (1,492,254 | ) | ||||||||||||
Change in net assets from Class A | $ | (16,602 | ) | $ | 20,013 | $ | 272,496 | $ | 519,028 | $ | (72,729 | ) | $ | 354,485 | ||||||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | — | $ | 14,185 | $ | — | $ | 71,441 | ||||||||||||||||
Dividends reinvested | 1,289 | 5,034 | 2,159 | 131,214 | ||||||||||||||||||||
Cost of shares redeemed | (766,339 | ) | (3,445,106 | ) | (333,615 | ) | (1,887,739 | ) | ||||||||||||||||
Change in net assets from Class B | $ | (765,050 | ) | $ | (3,425,887 | ) | $ | (331,456 | ) | $ | (1,685,084 | ) | ||||||||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 40,078 | $ | 128,344 | $ | 105,111 | $ | 236,790 | $ | 111,804 | $ | 294,079 | ||||||||||||
Dividends reinvested | 457 | 49,083 | 1,287 | 2,039 | 3,892 | 104,209 | ||||||||||||||||||
Cost of shares redeemed | (94,858 | ) | (162,507 | ) | (245,143 | ) | (682,628 | ) | (295,132 | ) | (537,375 | ) | ||||||||||||
Change in net assets from Class C | $ | (54,323 | ) | $ | 14,920 | $ | (138,745 | ) | $ | (443,799 | ) | $ | (179,436 | ) | $ | (139,087 | ) | |||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 4,496,324 | $ | 11,415,749 | $ | 8,141,935 | $ | 11,899,047 | $ | 7,930,495 | $ | 13,351,033 | ||||||||||||
Dividends reinvested | 59,470 | 6,269,439 | 137,753 | 190,834 | 223,117 | 5,354,562 | ||||||||||||||||||
Cost of shares redeemed | (5,504,233 | ) | (15,672,624 | ) | (13,962,913 | ) | (38,928,642 | ) | (13,124,754 | ) | (32,030,038 | ) | ||||||||||||
Change in net assets from Class Y | $ | (948,439 | ) | $ | 2,012,564 | $ | (5,683,225 | ) | $ | (26,838,761 | ) | $ | (4,971,142 | ) | $ | (13,324,443 | ) | |||||||
Change in net assets from capital transactions | $ | (1,019,364 | ) | $ | 2,047,497 | $ | (6,314,524 | ) | $ | (30,189,419 | ) | $ | (5,554,763 | ) | $ | (14,794,129 | ) | |||||||
Share Transactions: Class A: | ||||||||||||||||||||||||
Issued | 2,466 | 7,213 | 109,979 | 290,428 | 29,750 | 112,475 | ||||||||||||||||||
Reinvested | 266 | 5,722 | 3,139 | 3,007 | 3,188 | 24,202 | ||||||||||||||||||
Redeemed | (4,636 | ) | (11,159 | ) | (72,272 | ) | (235,103 | ) | (40,032 | ) | (108,455 | ) | ||||||||||||
Net change in Class A | (1,904 | ) | 1,776 | 40,846 | 58,332 | (7,094 | ) | 28,222 | ||||||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | — | 1,648 | — | 5,253 | ||||||||||||||||||||
Reinvested | 226 | 609 | 269 | 10,024 | ||||||||||||||||||||
Redeemed | (117,077 | ) | (399,454 | ) | (36,018 | ) | (147,616 | ) | ||||||||||||||||
Net change in Class B | (116,851 | ) | (397,197 | ) | (35,749 | ) | (132,339 | ) | ||||||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 6,430 | 12,717 | 16,570 | 27,220 | 12,687 | 23,176 | ||||||||||||||||||
Reinvested | 83 | 4,864 | 225 | 247 | 484 | 7,968 | ||||||||||||||||||
Redeemed | (12,250 | ) | (16,513 | ) | (35,492 | ) | (78,233 | ) | (31,826 | ) | (44,024 | ) | ||||||||||||
Net change in Class C | (5,737 | ) | 1,068 | (18,697 | ) | (50,766 | ) | (18,655 | ) | (12,880 | ) | |||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 779,840 | 1,013,542 | 1,140,785 | 1,229,182 | 900,617 | 961,111 | ||||||||||||||||||
Reinvested | 10,315 | 604,906 | 20,930 | 20,245 | 25,469 | 380,211 | ||||||||||||||||||
Redeemed | (826,982 | ) | (1,527,979 | ) | (2,008,522 | ) | (4,011,283 | ) | (1,385,606 | ) | (2,357,842 | ) | ||||||||||||
Net change in Class Y | (36,827 | ) | 90,469 | (846,807 | ) | (2,761,856 | ) | (459,520 | ) | (1,016,520 | ) | |||||||||||||
Change in shares | (44,468 | ) | 93,313 | (941,509 | ) | (3,151,487 | ) | (521,018 | ) | (1,133,517 | ) | |||||||||||||
See notes to financial statements.
13
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, continued
Value Fund | High Grade Core Fixed Income Fund | Tax-Free Securities Fund | ||||||||||||||||||||||
Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 963,664 | $ | 2,045,348 | $ | 5,789,005 | $ | 13,839,082 | $ | 5,376,461 | $ | 12,082,995 | ||||||||||||
Net realized gains (losses) from investments | (16,807,554 | ) | (5,434,126 | ) | 2,568,845 | 2,618,457 | (1,781,177 | ) | 341,698 | |||||||||||||||
Net change in unrealized appreciation/depreciation on investments | (19,080,009 | ) | (15,681,950 | ) | (276,685 | ) | (377,812 | ) | 429,596 | (3,883,418 | ) | |||||||||||||
Change in net assets resulting from operations | (34,923,899 | ) | (19,070,728 | ) | 8,081,165 | 16,079,727 | 4,024,880 | 8,541,275 | ||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (17,493 | ) | (32,755 | ) | (63,890 | ) | (139,029 | ) | (102,289 | ) | (220,589 | ) | ||||||||||||
From net realized gains | — | (429,326 | ) | — | — | (6,985 | ) | (5,521 | ) | |||||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | (2,595 | ) | (4,487 | ) | (14,202 | ) | (44,972 | ) | (11,581 | ) | (28,928 | ) | ||||||||||||
From net realized gains | — | (155,040 | ) | — | — | (956 | ) | (850 | ) | |||||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | (6,610 | ) | (10,382 | ) | (13,710 | ) | (34,469 | ) | (182 | ) | (367 | ) | ||||||||||||
From net realized gains | — | (309,838 | ) | — | — | (16 | ) | (11 | ) | |||||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (921,129 | ) | (2,049,266 | ) | (5,653,856 | ) | (13,416,292 | ) | (5,262,501 | ) | (11,833,111 | ) | ||||||||||||
From net realized gains | — | (23,050,183 | ) | — | — | (333,728 | ) | (274,361 | ) | |||||||||||||||
Change in net assets from shareholder distributions | (947,827 | ) | (26,041,277 | ) | (5,745,658 | ) | (13,634,762 | ) | (5,718,238 | ) | (12,363,738 | ) | ||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | (6,346,401 | ) | 3,852,288 | (50,800,231 | ) | (32,459,786 | ) | (15,174,908 | ) | (25,415,866 | ) | |||||||||||||
Change in net assets | (42,218,127 | ) | (41,259,717 | ) | (48,464,724 | ) | (30,014,821 | ) | (16,868,266 | ) | (29,238,329 | ) | ||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 108,441,615 | 149,701,332 | 283,814,412 | 313,829,233 | 260,059,119 | 289,297,448 | ||||||||||||||||||
End of year | $ | 66,223,488 | $ | 108,441,615 | $ | 235,349,688 | $ | 283,814,412 | $ | 243,190,853 | $ | 260,059,119 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | 15,838 | $ | 1 | $ | 2,158 | $ | (41,189 | ) | $ | (1 | ) | $ | 91 | ||||||||||
See notes to financial statements.
14
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, continued
Value Fund | High Grade Core Fixed Income Fund | Tax-Free Securities Fund | ||||||||||||||||||||||
Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 100,069 | $ | 456,292 | $ | 187,868 | $ | 826,735 | $ | 209,686 | $ | 498,673 | ||||||||||||
Dividends reinvested | 13,653 | 338,110 | 49,380 | 105,649 | 63,602 | 127,806 | ||||||||||||||||||
Cost of shares redeemed | (150,273 | ) | (796,094 | ) | (569,885 | ) | (808,729 | ) | (319,101 | ) | (927,100 | ) | ||||||||||||
Change in net assets from Class A | $ | (36,551 | ) | $ | (1,692 | ) | $ | (332,637 | ) | $ | 123,655 | $ | (45,813 | ) | $ | (300,621 | ) | |||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 1,891 | $ | 3,943 | $ | — | $ | — | ||||||||||||
Dividends reinvested | 2,267 | 146,800 | 10,804 | 35,224 | 7,342 | 18,618 | ||||||||||||||||||
Cost of shares redeemed | (81,321 | ) | (445,215 | ) | (172,777 | ) | (813,173 | ) | (158,372 | ) | (380,239 | ) | ||||||||||||
Change in net assets from Class B | $ | (79,054 | ) | $ | (298,415 | ) | $ | (160,082 | ) | $ | (774,006 | ) | $ | (151,030 | ) | $ | (361,621 | ) | ||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 99,548 | $ | 380,806 | $ | 70,104 | $ | 213,276 | $ | — | $ | — | ||||||||||||
Dividends reinvested | 6,610 | 320,220 | 13,563 | 34,016 | 165 | 376 | ||||||||||||||||||
Cost of shares redeemed | (244,598 | ) | (628,394 | ) | (205,810 | ) | (358,844 | ) | — | — | ||||||||||||||
Change in net assets from Class C | $ | (138,440 | ) | $ | 72,632 | $ | (122,143 | ) | $ | (111,552 | ) | $ | 165 | $ | 376 | |||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 7,492,702 | $ | 19,168,810 | $ | 7,746,843 | $ | 28,701,064 | $ | 19,635,688 | $ | 36,520,216 | ||||||||||||
Dividends reinvested | 272,610 | 16,321,574 | 1,449,684 | 2,884,573 | 351,460 | 855,113 | ||||||||||||||||||
Cost of shares redeemed | (13,857,668 | ) | (31,410,621 | ) | (59,381,896 | ) | (63,283,520 | ) | (34,965,378 | ) | (62,129,329 | ) | ||||||||||||
Change in net assets from Class Y | $ | (6,092,356 | ) | $ | 4,079,763 | $ | (50,185,369 | ) | $ | (31,697,883 | ) | $ | (14,978,230 | ) | $ | (24,754,000 | ) | |||||||
Change in net assets from capital transactions | $ | (6,346,401 | ) | $ | 3,852,288 | $ | (50,800,231 | ) | $ | (32,459,786 | ) | $ | (15,174,908 | ) | $ | (25,415,866 | ) | |||||||
Share Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Issued | 17,587 | 54,574 | 17,376 | 76,384 | 21,317 | 49,591 | ||||||||||||||||||
Reinvested | 2,552 | 39,581 | 4,610 | 9,754 | 6,601 | 12,772 | ||||||||||||||||||
Redeemed | (25,006 | ) | (84,535 | ) | (53,372 | ) | (74,762 | ) | (32,885 | ) | (92,290 | ) | ||||||||||||
Net change in Class A | (4,867 | ) | 9,620 | (31,386 | ) | 11,376 | (4,967 | ) | (29,927 | ) | ||||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | — | — | 172 | 365 | — | — | ||||||||||||||||||
Reinvested | 435 | 17,576 | 1,012 | 3,259 | 762 | 1,860 | ||||||||||||||||||
Redeemed | (13,198 | ) | (51,354 | ) | (16,226 | ) | (75,287 | ) | (16,324 | ) | (37,848 | ) | ||||||||||||
Net change in Class B | (12,763 | ) | (33,778 | ) | (15,042 | ) | (71,663 | ) | (15,562 | ) | (35,988 | ) | ||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 17,566 | 45,653 | 6,560 | 19,541 | — | — | ||||||||||||||||||
Reinvested | 1,263 | 38,260 | 1,270 | 3,147 | 20 | 38 | ||||||||||||||||||
Redeemed | (39,159 | ) | (78,808 | ) | (19,303 | ) | (33,070 | ) | — | — | ||||||||||||||
Net change in Class C | (20,330 | ) | 5,105 | (11,473 | ) | (10,382 | ) | 20 | 38 | |||||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 1,423,170 | 2,135,840 | 719,337 | 2,630,979 | 2,018,397 | 3,634,039 | ||||||||||||||||||
Reinvested | 50,687 | 1,906,746 | 134,685 | 265,539 | 37,651 | 85,379 | ||||||||||||||||||
Redeemed | (2,372,281 | ) | (3,621,798 | ) | (5,524,688 | ) | (5,823,053 | ) | (3,603,314 | ) | (6,169,494 | ) | ||||||||||||
Net change in Class Y | (898,424 | ) | 420,788 | (4,670,666 | ) | (2,926,535 | ) | (1,547,266 | ) | (2,450,076 | ) | |||||||||||||
Change in shares | (936,384 | ) | 401,735 | (4,728,567 | ) | (2,997,204 | ) | (1,567,775 | ) | (2,515,953 | ) | |||||||||||||
See notes to financial statements.
15
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, continued
High Grade Short Intermediate Fixed Income Fund | Tax-Free Short Intermediate Securities Fund | U.S. Government Short Fixed Income Fund | ||||||||||||||||||||||
Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
From Investment Activities: | ||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 1,236,738 | $ | 2,812,625 | $ | 725,808 | $ | 1,600,839 | $ | 1,032,362 | $ | 3,393,550 | ||||||||||||
Net realized gains (losses) from investments | 473,059 | 667,701 | (62,459 | ) | 8,348 | 1,571,346 | 717,346 | |||||||||||||||||
Net change in unrealized appreciation/depreciation on investments | 678,413 | 441,526 | 671,921 | 625,732 | (734,102 | ) | 1,004,440 | |||||||||||||||||
Change in net assets resulting from operations | 2,388,210 | 3,921,852 | 1,335,270 | 2,234,919 | 1,869,606 | 5,115,336 | ||||||||||||||||||
Distributions to Class A Shareholders: | ||||||||||||||||||||||||
From net investment income | (18,946 | ) | (40,697 | ) | (19,319 | ) | (63,059 | ) | (38,609 | ) | (94,683 | ) | ||||||||||||
Distributions to Class B Shareholders: | ||||||||||||||||||||||||
From net investment income | — | — | — | — | (4,152 | ) | (18,221 | ) | ||||||||||||||||
Distributions to Class C Shareholders: | ||||||||||||||||||||||||
From net investment income | (6,658 | ) | (16,899 | ) | (108 | ) | (243 | ) | (9,312 | ) | (31,569 | ) | ||||||||||||
Distributions to Class Y Shareholders: | ||||||||||||||||||||||||
From net investment income | (1,212,025 | ) | (2,752,365 | ) | (707,144 | ) | (1,537,537 | ) | (997,400 | ) | (3,249,077 | ) | ||||||||||||
Change in net assets from shareholder distributions | (1,237,629 | ) | (2,809,961 | ) | (726,571 | ) | (1,600,839 | ) | (1,049,473 | ) | (3,393,550 | ) | ||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Change in net assets from capital share transactions | (2,347,033 | ) | (1,719,939 | ) | 2,646,377 | (4,135,556 | ) | (5,304,327 | ) | (16,415,431 | ) | |||||||||||||
Change in net assets | (1,196,452 | ) | (608,048 | ) | 3,255,076 | (3,501,476 | ) | (4,484,194 | ) | (14,693,645 | ) | |||||||||||||
Net Assets: | ||||||||||||||||||||||||
Beginning of year | 63,695,038 | 64,303,086 | 49,518,749 | 53,020,225 | 75,330,367 | 90,024,012 | ||||||||||||||||||
End of year | $ | 62,498,586 | $ | 63,695,038 | $ | 52,773,825 | $ | 49,518,749 | $ | 70,846,173 | $ | 75,330,367 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | (8,273 | ) | $ | (7,382 | ) | $ | (1 | ) | $ | 762 | $ | (17,111 | ) | $ | — | ||||||||
See notes to financial statements.
16
Table of Contents
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets, continued
High Grade Short Intermediate Fixed Income Fund | Tax-Free Short Intermediate Securities Fund | U.S. Government Short Fixed Income Fund | ||||||||||||||||||||||
Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | Period Ended January 31, 2009 | Year Ended July 31, 2008 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Capital Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 17,737 | $ | 96,490 | $ | 99,997 | $ | 19,987 | $ | 500,758 | $ | 858,808 | ||||||||||||
Dividends reinvested | 16,883 | 36,453 | 15,853 | 51,745 | 26,709 | 54,613 | ||||||||||||||||||
Cost of shares redeemed | (49,552 | ) | (109,635 | ) | (727,511 | ) | (317,241 | ) | (1,806,134 | ) | (451,758 | ) | ||||||||||||
Change in net assets from Class A | $ | (14,932 | ) | $ | 23,308 | $ | (611,661 | ) | $ | (245,509 | ) | $ | (1,278,667 | ) | $ | 461,663 | ||||||||
Class B: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 15,418 | $ | 45,565 | ||||||||||||||||||||
Dividends reinvested | 3,870 | 16,895 | ||||||||||||||||||||||
Cost of shares redeemed | (67,384 | ) | (446,815 | ) | ||||||||||||||||||||
Change in net assets from Class B | $ | (48,096 | ) | $ | (384,355 | ) | ||||||||||||||||||
Class C: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 55,422 | $ | 86,028 | $ | — | $ | — | $ | 201,480 | $ | 225,776 | ||||||||||||
Dividends reinvested | 6,557 | 16,723 | 108 | 241 | 9,166 | 31,069 | ||||||||||||||||||
Cost of shares redeemed | (85,563 | ) | (158,013 | ) | — | — | (147,570 | ) | (466,888 | ) | ||||||||||||||
Change in net assets from Class C | $ | (23,584 | ) | $ | (55,262 | ) | $ | 108 | $ | 241 | $ | 63,076 | $ | (210,043 | ) | |||||||||
Class Y: | ||||||||||||||||||||||||
Proceeds from shares issued | $ | 6,955,348 | $ | 18,166,175 | $ | 8,261,507 | $ | 10,990,527 | $ | 5,654,354 | $ | 23,194,578 | ||||||||||||
Dividends reinvested | 301,647 | 544,487 | 2,796 | 78,588 | 340,988 | 1,347,356 | ||||||||||||||||||
Cost of shares redeemed | (9,565,512 | ) | (20,398,647 | ) | (5,006,373 | ) | (14,959,403 | ) | (10,035,982 | ) | (40,824,630 | ) | ||||||||||||
Change in net assets from Class Y | $ | (2,308,517 | ) | $ | (1,687,985 | ) | $ | 3,257,930 | $ | (3,890,288 | ) | $ | (4,040,640 | ) | $ | (16,282,696 | ) | |||||||
Change in net assets from capital transactions | $ | (2,347,033 | ) | $ | (1,719,939 | ) | $ | 2,646,377 | $ | (4,135,556 | ) | $ | (5,304,327 | ) | $ | (16,415,431 | ) | |||||||
Share Transactions: | ||||||||||||||||||||||||
Class A: | ||||||||||||||||||||||||
Issued | 1,814 | 9,913 | 9,839 | 1,966 | 48,705 | 83,669 | ||||||||||||||||||
Reinvested | 1,739 | 3,755 | 1,565 | 5,114 | 2,583 | 5,330 | ||||||||||||||||||
Redeemed | (5,155 | ) | (11,302 | ) | (71,493 | ) | (31,280 | ) | (173,302 | ) | (43,927 | ) | ||||||||||||
Net change in Class A | (1,602 | ) | 2,366 | (60,089 | ) | (24,200 | ) | (122,014 | ) | 45,072 | ||||||||||||||
Class B: | ||||||||||||||||||||||||
Issued | 1,491 | 4,490 | ||||||||||||||||||||||
Reinvested | 375 | 1,651 | ||||||||||||||||||||||
Redeemed | (6,510 | ) | (43,853 | ) | ||||||||||||||||||||
Net change in Class B | (4,644 | ) | (37,712 | ) | ||||||||||||||||||||
Class C: | ||||||||||||||||||||||||
Issued | 5,726 | 8,842 | — | — | 19,507 | 22,011 | ||||||||||||||||||
Reinvested | 676 | 1,724 | 11 | 24 | 887 | 3,034 | ||||||||||||||||||
Redeemed | (8,801 | ) | (16,269 | ) | — | — | (14,262 | ) | (45,562 | ) | ||||||||||||||
Net change in Class C | (2,399 | ) | (5,703 | ) | 11 | 24 | 6,132 | (20,517 | ) | |||||||||||||||
Class Y: | ||||||||||||||||||||||||
Issued | 715,640 | 1,874,839 | 810,546 | 1,081,831 | 545,170 | 2,254,832 | ||||||||||||||||||
Reinvested | 31,024 | 56,045 | 275 | 7,712 | 32,967 | 131,548 | ||||||||||||||||||
Redeemed | (984,534 | ) | (2,092,111 | ) | (492,676 | ) | (1,472,590 | ) | (972,055 | ) | (3,979,619 | ) | ||||||||||||
Net change in Class Y | (237,870 | ) | (161,227 | ) | 318,145 | (383,047 | ) | (393,918 | ) | (1,593,239 | ) | |||||||||||||
Change in shares | (241,871 | ) | (164,564 | ) | 258,067 | (407,223 | ) | (514,444 | ) | (1,606,396 | ) | |||||||||||||
See notes to financial statements.
17
Table of Contents
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments
January 31, 2009
(Unaudited)
Shares | Security | Value ($) (a) | ||
Common Stocks (97.7%) | ||||
China (6.3%) | ||||
Consumer Discretionary (2.8%) | ||||
813,000 | China Resources Enterprise Ltd. | 1,169,658 | ||
Energy (1.0%) | ||||
562,000 | China Oilfield Services Ltd., Class H | 441,297 | ||
Telecommunications (2.5%) | ||||
48,500 | China Mobile Ltd. | 436,600 | ||
1,756,000 | China Telecom Corp. Ltd., Class H | 637,132 | ||
1,073,732 | ||||
2,684,687 | ||||
Hong Kong (22.0%) | ||||
Consumer Discretionary (5.8%) | ||||
237,000 | Cheung Kong Holdings Ltd. | 2,186,785 | ||
57,700 | Esprit Holdings Ltd. | 306,285 | ||
2,493,070 | ||||
Energy (1.0%) | ||||
497,500 | CNOOC Ltd. | 428,182 | ||
Financials (3.3%) | ||||
351,000 | Hang Lung Group Ltd. | 1,130,567 | ||
55,500 | Wing Hang Bank Ltd. | 268,287 | ||
1,398,854 | ||||
Industrials (5.7%) | ||||
377,000 | Swire Pacific Ltd., Class A | 2,434,717 | ||
Information Technology (0.1%) | ||||
262,000 | Lenovo Group Ltd. | 48,693 | ||
Utilities (6.1%) | ||||
63,500 | CLP Holdings Ltd. | 429,821 | ||
1,321,680 | Hong Kong & China Gas Co. Ltd. | 2,151,558 | ||
2,581,379 | ||||
9,384,895 | ||||
India (0.9%) | ||||
Information Technology (0.9%) | ||||
15,000 | Infosys Technologies Ltd., ADR | 398,400 | ||
Indonesia (0.9%) | ||||
Telecommunications (0.9%) | ||||
725,500 | PT Telekomunikasi Indonesia | 398,453 | ||
Malaysia (7.8%) | ||||
Financials (1.8%) | ||||
440,900 | Bumiputra-Commerce Holdings Berhad | 774,710 | ||
Industrials (6.0%) | ||||
1,557,050 | IOI Corp. Berhad | 1,669,549 | ||
534,400 | Tenaga Nasional Berhad | 867,990 | ||
2,537,539 | ||||
3,312,249 | ||||
Shares | Security | Value ($) (a) | ||
Common Stocks, continued | ||||
Papua New Guinea (9.5%) | ||||
Metals and Mining (9.5%) | ||||
2,051,976 | Lihir Gold Ltd. (b) | 4,070,431 | ||
Philippines (3.2%) | ||||
Financials (1.6%) | ||||
168,048 | Ayala Corp. | 682,072 | ||
Telecommunications (1.6%) | ||||
9,790 | Philippine Long Distance Telephone Co. | 427,159 | ||
5,400 | Philippine Long Distance Telephone Co., ADR | 238,950 | ||
666,109 | ||||
1,348,181 | ||||
Singapore (11.3%) | ||||
Consumer Staples (1.6%) | ||||
366,000 | Fraser & Neave Ltd. | 686,560 | ||
Financials (4.5%) | ||||
72,000 | Great Eastern Holdings Ltd. | 390,931 | ||
450,346 | Oversea-Chinese Banking Corp. Ltd. | 1,512,065 | ||
1,902,996 | ||||
Industrials (1.4%) | ||||
221,000 | Keppel Corp. Ltd. | 582,045 | ||
Telecommunications (3.8%) | ||||
651,000 | Singapore Telecommunications Ltd. | 1,130,282 | ||
372,290 | Starhub Ltd. | 498,644 | ||
1,628,926 | ||||
4,800,527 | ||||
South Korea (13.1%) | ||||
Consumer Discretionary (4.7%) | ||||
15,450 | LG Corp. (b) | 427,917 | ||
4,966 | Shinsegae Co. Ltd. | 1,589,512 | ||
2,017,429 | ||||
Financials (2.2%) | ||||
7,862 | Samsung Fire & Marine Insurance Co. Ltd. | 929,668 | ||
Information Technology (4.4%) | ||||
8,337 | S1 Corp. | 284,754 | ||
4,652 | Samsung Electronics Co. Ltd. | 1,617,734 | ||
1,902,488 | ||||
Pharmaceuticals (1.8%) | ||||
5,239 | Yuhan Corp. (b) | 758,310 | ||
5,607,895 | ||||
Taiwan (17.6%) | ||||
Consumer Staples (3.5%) | ||||
275,000 | President Chain Store Corp. | 647,969 | ||
1,067,394 | Uni-President Enterprises Corp. | 833,744 | ||
1,481,713 | ||||
See accompanying notes to financial statements.
18
Table of Contents
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security | Value ($) (a) | ||
Common Stocks, continued | ||||
Taiwan, continued | ||||
Electrical Components & Equipment (2.1%) | ||||
568,111 | Delta Electronics, Inc. | 891,848 | ||
Financials (0.6%) | ||||
1,063,088 | E.SUN Financial Holding Co. Ltd. | 244,591 | ||
Industrials (0.9%) | ||||
582,000 | AU Optronics Corp. | 411,532 | ||
Information Technology (6.4%) | ||||
352,645 | Powertech Technology, Inc. | 479,185 | ||
1,842,110 | Taiwan Semiconductor Manufacturing Co. Ltd. | 2,264,481 | ||
2,743,666 | ||||
Telecommunications (4.1%) | ||||
1,149,259 | Chunghwa Telecom Co. Ltd. | 1,740,137 | ||
7,513,487 | ||||
Thailand (5.1%) | ||||
Energy (1.8%) | ||||
164,900 | PTT Public Co. Ltd. | 750,189 | ||
Shares | Security | Value ($) (a) | |||
Common Stocks, continued | |||||
Thailand, continued | |||||
Financials (1.7%) | |||||
571,600 | Kasikornbank Public Co. Ltd. | 734,239 | |||
Telecommunications (1.6%) | |||||
331,000 | Advanced Info Service Public Co. Ltd. | 681,888 | |||
2,166,316 | |||||
Total Common Stocks (Cost $59,330,411) | 41,685,521 | ||||
Investment Companies (3.1%) | |||||
1,338,399 | Victory Federal Money Market Fund, Investor Shares, 0.14% (c) | 1,338,399 | |||
Total Investment Companies (Cost $1,338,399) | 1,338,399 | ||||
Total Investments (Cost $60,668,810)—100.8% | 43,023,920 | ||||
Liabilities in excess of other assets—(0.8)% | (347,536 | ) | |||
Net Assets—100.0% | 42,676,384 | ||||
(a) | Securities were fair valued on January 31, 2009. |
(b) | Non-income producing security. |
(c) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2009. |
ADR—American Depositary Receipt
At January 31, 2009 the Fund's foreign exchange contracts were as follows:
Currency | Delivery Date | Contract Amount In Local Currency | Contract Value in USD | Value | Unrealized Appreciation | ||||||||
Long: | |||||||||||||
Hong Kong Dollar | 2/2/09 | 2,007,273 | $ | 258,792 | $ | 258,869 | $ | 77 | |||||
Total Long Contracts | $ | 258,792 | $ | 258,869 | $ | 77 | |||||||
See accompanying notes to financial statements.
19
Table of Contents
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments
January 31, 2009
(Unaudited)
Shares | Security | Value ($) (a) | ||
Common Stocks (98.3%) | ||||
Australia (2.3%) | ||||
Financials (0.4%) | ||||
29,287 | Westpac Banking Corp. | 287,109 | ||
Health Care (0.7%) | ||||
18,708 | CSL Ltd. | 441,008 | ||
Materials (1.2%) | ||||
23,235 | BHP Billiton Ltd. | 430,719 | ||
14,792 | Rio Tinto Ltd. | 383,837 | ||
814,556 | ||||
1,542,673 | ||||
Brazil (4.5%) | ||||
Energy (1.5%) | ||||
24,002 | Petroleo Brasileiro SA, ADR | 628,853 | ||
15,962 | Petroleo Brasileiro SA, ADR, Preferred Shares | 345,737 | ||
974,590 | ||||
Financials (0.6%) | ||||
38,625 | Banco Itau Holding Financeira SA, ADR | 387,795 | ||
Materials (1.7%) | ||||
37,850 | Companhia Vale do Rio Doce (CVRD), ADR | 534,063 | ||
50,854 | Companhia Vale do Rio Doce (CVRD), ADR, Preferred Shares | 617,368 | ||
1,151,431 | ||||
Utilities (0.7%) | ||||
35,897 | Companhia Energetica de Minas Gerais SA, ADR | 487,840 | ||
3,001,656 | ||||
Canada (5.7%) | ||||
Consumer Staples (0.6%) | ||||
10,310 | Shoppers Drug Mart Corp. | 381,631 | ||
Energy (1.7%) | ||||
42,682 | Cameco Corp. | 705,107 | ||
20,128 | Suncor Energy, Inc. | 387,464 | ||
1,092,571 | ||||
Financials (2.1%) | ||||
15,827 | Bank of Nova Scotia | 383,117 | ||
14,935 | IGM Financial, Inc. | 396,008 | ||
37,481 | Manulife Financial Corp. | 620,311 | ||
1,399,436 | ||||
Telecommunications (1.3%) | ||||
31,161 | Rogers Communications, Inc. | 879,128 | ||
3,752,766 | ||||
Cayman Islands (0.7%) | ||||
Information Technology (0.7%) | ||||
74,600 | Tencent Holdings Ltd. | 455,839 | ||
Shares | Security | Value ($) (a) | ||
Common Stocks, continued | ||||
China (6.0%) | ||||
Consumer Discretionary (0.8%) | ||||
1,754,000 | Denway Motors Ltd. | 522,819 | ||
Energy (0.7%) | ||||
203,500 | China Shenhua Energy Co. Ltd. | 433,888 | ||
Financials (1.8%) | ||||
1,068,000 | Agile Property Holdings Ltd. | 409,624 | ||
694,000 | China Construction Bank Corp., Class H | 338,492 | ||
254,000 | China Merchants Bank Co. Ltd. | 410,174 | ||
1,158,290 | ||||
Health Care (0.2%) | ||||
9,104 | China Medical Technologies, Inc. | 139,655 | ||
Industrials (1.9%) | ||||
905,000 | China Communications Construction Co. Ltd., Class H | 876,010 | ||
215,200 | Weichai Power Co. Ltd. | 411,562 | ||
1,287,572 | ||||
Telecommunications (0.6%) | ||||
46,000 | China Mobile Ltd. | 414,095 | ||
3,956,319 | ||||
Denmark (1.2%) | ||||
Health Care (0.2%) | ||||
2,332 | Novo Nordisk A/S, Class B | 124,260 | ||
Industrials (1.0%) | ||||
14,183 | Vestas Wind Systems A/S (b) | 683,196 | ||
807,456 | ||||
France (10.6%) | ||||
Consumer Discretionary (2.1%) | ||||
6,020 | LVMH Moet Hennessy Louis Vuitton SA | 327,838 | ||
6,123 | PPR | 308,602 | ||
33,162 | Societe Television Francaise 1 | 356,291 | ||
14,621 | Vivendi Universal SA | 376,587 | ||
1,369,318 | ||||
Consumer Staples (1.9%) | ||||
13,277 | Carrefour SA | 452,670 | ||
15,339 | Groupe DANONE | 787,174 | ||
1,239,844 | ||||
Energy (0.9%) | ||||
11,378 | Total SA, ADR | 566,397 | ||
Financials (1.3%) | ||||
33,051 | AXA, ADR | 532,121 | ||
9,198 | BNP Paribas SA | 351,088 | ||
883,209 | ||||
Industrials (0.5%) | ||||
5,721 | Schneider Electric SA | 361,986 | ||
See accompanying notes to financial statements.
20
Table of Contents
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security | Value ($) (a) | ||
Common Stocks, continued | ||||
France, continued | ||||
Materials (0.5%) | ||||
14,571 | ArcelorMittal | 326,016 | ||
Telecommunications (1.7%) | ||||
13,455 | France Telecom SA | 301,466 | ||
10,046 | Iliad SA | 833,827 | ||
1,135,293 | ||||
Utilities (1.7%) | ||||
10,392 | Electricite de France | 506,396 | ||
12,182 | GDF SUEZ | 466,000 | ||
9,362 | Suez Environnement SA (b) | 149,162 | ||
1,121,558 | ||||
7,003,621 | ||||
Germany (7.4%) | ||||
Consumer Discretionary (1.1%) | ||||
21,588 | Adidas | 749,876 | ||
Consumer Staples (0.9%) | ||||
23,660 | Henkel AG & Co. KGaA | 611,477 | ||
Financials (0.6%) | ||||
8,765 | Deutsche Boerse AG | 440,961 | ||
Health Care (1.2%) | ||||
9,875 | Bayer AG | 525,882 | ||
2,923 | Merck KGaA | 248,175 | ||
774,057 | ||||
Industrials (0.5%) | ||||
5,716 | Siemens AG | 321,975 | ||
Information Technology (1.7%) | ||||
31,513 | SAP AG, ADR | 1,114,930 | ||
Materials (0.5%) | ||||
4,443 | Wacker Chemie AG | 318,102 | ||
Utilities (0.9%) | ||||
18,189 | E.ON AG | 589,738 | ||
4,921,116 | ||||
Hong Kong (2.0%) | ||||
Consumer Discretionary (1.5%) | ||||
115,300 | Esprit Holdings Ltd. | 612,038 | ||
196,000 | Li & Fung Ltd. | 389,908 | ||
1,001,946 | ||||
Information Technology (0.5%) | ||||
939,000 | Foxconn International Holdings Ltd. (b) | 343,523 | ||
1,345,469 | ||||
India (2.6%) | ||||
Financials (0.6%) | ||||
6,835 | HDFC Bank Ltd., ADR | 394,106 | ||
Information Technology (2.0%) | ||||
50,473 | Infosys Technologies Ltd., ADR | 1,340,563 | ||
1,734,669 | ||||
Shares | Security | Value ($) (a) | ||
Common Stocks, continued | ||||
Israel (1.0%) | ||||
Health Care (1.0%) | ||||
15,870 | Teva Pharmaceutical Industries Ltd., ADR | 657,811 | ||
Italy (1.9%) | ||||
Energy (1.9%) | ||||
24,260 | ENI SpA | 513,049 | ||
49,402 | Saipem SpA | 752,603 | ||
1,265,652 | ||||
Japan (15.9%) | ||||
Consumer Discretionary (1.8%) | ||||
20,300 | Denso Corp. | 367,869 | ||
10,600 | Toyota Motor Corp. | 341,039 | ||
8,330 | Yamada Denki Co. Ltd. | 490,872 | ||
1,199,780 | ||||
Financials (3.5%) | ||||
124,000 | Bank of Yokohama Ltd. (The) | 633,458 | ||
58,500 | Mitsubishi UFJ Financial Group, Inc. | 324,572 | ||
48,400 | Nomura Holdings, Inc. | 313,534 | ||
7,620 | ORIX Corp. | 332,721 | ||
148,000 | Sumitomo Trust & Banking Co. Ltd. (The) | 725,831 | ||
2,330,116 | ||||
Health Care (1.5%) | ||||
32,000 | Shionogi & Co. Ltd. | 685,774 | ||
9,400 | Terumo Corp. | 319,241 | ||
1,005,015 | ||||
Industrials (2.9%) | ||||
9,500 | FANUC Ltd. | 563,094 | ||
47,000 | NGK Insulators Ltd. | 604,126 | ||
38,500 | Sumitomo Corp. | 348,463 | ||
31,100 | THK Co. Ltd. | 394,822 | ||
1,910,505 | ||||
Information Technology (2.6%) | ||||
13,250 | Canon, Inc. | 361,599 | ||
4,400 | Nintendo Co. Ltd. | 1,364,293 | ||
1,725,892 | ||||
Materials (1.5%) | ||||
21,600 | Shin-Etsu Chemical Co. Ltd. | 1,010,790 | ||
Telecommunications (0.8%) | ||||
83 | KDDI Corp. | 518,325 | ||
Transportation (0.6%) | ||||
5,600 | East Japan Railway Co. | 379,792 | ||
Utilities (0.7%) | ||||
100,000 | OSAKA Gas Co. Ltd. | 426,138 | ||
10,506,353 | ||||
Luxembourg (0.9%) | ||||
Telecommunications (0.9%) | ||||
14,311 | Millicom International Cellular SA | 560,419 | ||
See accompanying notes to financial statements.
21
Table of Contents
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security | Value ($) (a) | ||
Common Stocks, continued | ||||
Mexico (1.3%) | ||||
Consumer Staples (0.5%) | ||||
16,338 | Wal-Mart de Mexico SA de CV, ADR | 338,196 | ||
Telecommunications (0.8%) | ||||
17,492 | America Movil SAB de CV, Series L | 498,697 | ||
836,893 | ||||
Netherlands (0.6%) | ||||
Industrials (0.6%) | ||||
21,084 | Koninklijke (Royal) Philips Electronics NV | 383,518 | ||
Norway (1.1%) | ||||
Energy (0.5%) | ||||
60,395 | Subsea 7, Inc. (b) | 314,656 | ||
Industrials (0.6%) | ||||
41,144 | Renewable Energy Corp. AS (b) | 412,799 | ||
727,455 | ||||
Russia (1.7%) | ||||
Energy (1.5%) | ||||
7,428 | LUKOIL, ADR | 249,209 | ||
56,417 | OAO Gazprom, ADR | 730,600 | ||
979,809 | ||||
Materials (0.2%) | ||||
40,804 | JSC MMC Norilsk Nickel, ADR | 171,377 | ||
1,151,186 | ||||
Singapore (1.2%) | ||||
Financials (0.6%) | ||||
73,000 | DBS Group Holdings Ltd. | 420,395 | ||
Industrials (0.6%) | ||||
139,000 | Keppel Corp. Ltd. | 366,083 | ||
786,478 | ||||
South Africa (0.5%) | ||||
Telecommunications (0.5%) | ||||
34,228 | MTN Group Ltd. | 324,965 | ||
South Korea (1.8%) | ||||
Financials (0.4%) | ||||
9,624 | KB Financial Group, Inc. (b) | 258,147 | ||
Information Technology (1.4%) | ||||
2,616 | Samsung Electronics Co. Ltd. | 909,715 | ||
1,167,862 | ||||
Spain (3.3%) | ||||
Financials (2.2%) | ||||
49,870 | Banco Bilbao Vizcaya Argentaria SA | 464,959 | ||
125,866 | Banco Santander Central Hispano SA | 1,018,362 | ||
1,483,321 | ||||
Shares | Security | Value ($) (a) | ||
Common Stocks, continued | ||||
Spain, continued | ||||
Telecommunications (1.1%) | ||||
39,002 | Telefonica SA | 691,350 | ||
2,174,671 | ||||
Switzerland (9.9%) | ||||
Consumer Staples (2.0%) | ||||
37,927 | Nestle SA | 1,311,183 | ||
Financials (1.4%) | ||||
36,384 | Credit Suisse Group | 928,896 | ||
Health Care (5.3%) | ||||
3,782 | Lonza Group AG, Registered Shares | 345,232 | ||
23,653 | Nobel Biocare Holding AG | 362,834 | ||
28,584 | Novartis AG | 1,174,936 | ||
11,843 | Roche Holding AG, Genusschien | 1,663,149 | ||
3,546,151 | ||||
Industrials (0.6%) | ||||
29,599 | ABB Ltd. | 384,495 | ||
Materials (0.6%) | ||||
2,059 | Syngenta AG | 398,327 | ||
6,569,052 | ||||
Taiwan (0.7%) | ||||
Information Technology (0.7%) | ||||
358,929 | Taiwan Semiconductor Manufacturing Co. Ltd. | 441,226 | ||
United Kingdom (13.5%) | ||||
Consumer Discretionary (0.7%) | ||||
60,939 | British Sky Broadcasting Group PLC | 435,789 | ||
Consumer Staples (2.6%) | ||||
14,847 | Reckitt Benckiser Group PLC | 571,721 | ||
218,962 | Tesco PLC | 1,131,456 | ||
1,703,177 | ||||
Energy (0.7%) | ||||
33,841 | BG Group PLC | 463,920 | ||
Financials (3.8%) | ||||
33,504 | HSBC Holdings PLC | 262,024 | ||
183,728 | ICAP PLC | 623,957 | ||
113,851 | Man Group PLC | 337,973 | ||
109,126 | Prudential Corp. PLC | 524,478 | ||
63,113 | Standard Chartered PLC | 797,370 | ||
2,545,802 | ||||
Health Care (1.3%) | ||||
120,289 | Smith & Nephew PLC | 871,829 | ||
Information Technology (1.9%) | ||||
308,892 | ARM Holdings PLC | 408,420 | ||
53,621 | Autonomy Corp. PLC (b) | 843,078 | ||
1,251,498 | ||||
See accompanying notes to financial statements.
22
Table of Contents
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares or Principal Amount ($) | Security | Value ($) (a) | ||
Common Stocks, continued | ||||
United Kingdom, continued | ||||
Materials (1.6%) | ||||
42,339 | BHP Billiton Ltd. PLC | 707,617 | ||
42,128 | Vedanta Resources PLC | 332,857 | ||
1,040,474 | ||||
Telecommunications (0.9%) | ||||
31,191 | Vodafone Group PLC, ADR | 579,841 | ||
8,892,330 | ||||
Total Common Stocks (Cost $109,334,637) | 64,967,455 | |||
Convertible Corporate Bond (0.2%) | ||||
Cayman Islands (0.2%) | ||||
225,000 | China Medical Tech, Inc., Series CMT, 4.00%, 8/15/13 | 95,344 | ||
Total Convertible Corporate Bond (Cost $117,956) | 95,344 | |||
Shares | | Value ($) | ||
Exchange Traded Funds (0.4%) | ||||
United States (0.4%) | ||||
Equity Fund (0.4%) | ||||
6,042 | iShares MSCI EAFE Index Fund | 233,825 | ||
2,233 | iShares MSCI Emerging Markets Index Fund | 50,533 | ||
Total Exchange Traded Funds (Cost $290,255) | 284,358 | |||
Total Investments (Cost $109,742,848)—98.9% | 65,347,157 | |||
Other assets in excess of liabilities—1.1% | 759,280 | |||
Net Assets—100.0% | 66,106,437 | |||
(a) | Securities were fair valued on January 31, 2009. |
(b) | Non-income producing security. |
ADR—American Depositary Receipt
GDR—Global Depositary Receipt
PLC—Public Liability Co.
See accompanying notes to financial statements.
23
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (98.1%) | ||||
Commercial Services (3.1%) | ||||
58,500 | Arbitron, Inc. | 878,670 | ||
17,212 | ATC Technology Corp. (a) | 224,617 | ||
5,400 | Brady Corp., Class A | 112,968 | ||
7,200 | Calgon Carbon Corp. (a) | 90,504 | ||
18,547 | Heartland Payment Systems, Inc. | 168,221 | ||
19,900 | Houston Wire & Cable Co. | 142,285 | ||
4,200 | Landauer, Inc. | 288,036 | ||
34,100 | Navigant Consulting, Inc. (a) | 488,653 | ||
18,000 | NutriSystem, Inc. | 232,020 | ||
27,900 | On Assignment, Inc. (a) | 129,177 | ||
16,100 | Republic Airways Holdings, Inc. (a) | 131,859 | ||
6,700 | Titan Machinery, Inc. (a) | 68,005 | ||
31,900 | TrueBlue, Inc. (a) | 271,150 | ||
11,800 | Universal Technical Institute, Inc. (a) | 206,854 | ||
41,222 | Watson Wyatt & Co. Holdings | 1,916,823 | ||
5,349,842 | ||||
Consumer Discretionary (12.3%) | ||||
7,300 | AAON, Inc. | 132,276 | ||
6,300 | Aaron Rents, Inc. | 137,718 | ||
13,162 | Aeropostale, Inc. (a) | 277,850 | ||
19,743 | Apogee Enterprises, Inc. | 202,366 | ||
14,500 | Bally Technologies, Inc. (a) | 292,755 | ||
56,836 | Bare Escentuals, Inc. (a) | 206,315 | ||
13,600 | Big Lots, Inc. (a) | 182,920 | ||
4,100 | Bio-Rad Laboratories, Inc., Class A (a) | 260,514 | ||
7,700 | Blue Nile, Inc. (a) | 155,694 | ||
32,307 | Blyth, Inc. | 110,167 | ||
40,700 | Carter’s, Inc. (a) | 691,493 | ||
15,200 | Casey’s General Stores, Inc. | 323,000 | ||
25,726 | Cato Corp. (The) | 340,355 | ||
9,572 | CEC Entertainment, Inc. (a) | 223,410 | ||
15,300 | Central Garden & Pet Co., Class A (a) | 91,800 | ||
5,900 | Chattem, Inc. (a) | 398,840 | ||
18,957 | Choice Hotels International, Inc. | 498,948 | ||
7,700 | Consolidated Graphics, Inc. (a) | 124,047 | ||
5,900 | Cracker Barrel Old Country Store, Inc. | 103,663 | ||
10,500 | Deckers Outdoor Corp. (a) | 548,520 | ||
24,110 | Elizabeth Arden, Inc. (a) | 140,561 | ||
13,700 | Fossil, Inc. (a) | 158,098 | ||
14,100 | Fresh Del Monte Produce, Inc. (a) | 339,810 | ||
26,000 | Fuel Systems Solutions, Inc. (a) | 679,640 | ||
5,338 | Genesco, Inc. | 82,205 | ||
22,172 | Gymboree Corp. (The) (a) | 543,214 | ||
17,350 | Helen of Troy Ltd. (a) | 181,654 | ||
24,300 | Herman Miller, Inc. | 267,057 | ||
125,900 | Hot Topic, Inc. (a) | 1,075,186 | ||
8,353 | International Speedway Corp., Class A | 194,458 | ||
29,700 | IPC Holdings Ltd. | 762,102 | ||
11,327 | ITT Educational Services, Inc. (a) | 1,387,671 | ||
23,749 | JAKKS Pacific, Inc. (a) | 435,557 | ||
9,400 | Jo-Ann Stores, Inc. (a) | 120,038 | ||
23,000 | Jos. A. Bank Clothiers, Inc. (a) | 631,580 | ||
32,447 | Knoll, Inc. | 221,289 | ||
31,300 | Korn/Ferry International (a) | 294,220 | ||
26,800 | Manpower, Inc. | 762,728 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Consumer Discretionary, continued | ||||
70,979 | Martha Stewart Living Omnimedia, Inc., Class A (a) | 166,091 | ||
16,900 | Marvel Entertainment, Inc. (a) | 464,919 | ||
17,500 | Meritage Homes Corp. (a) | 192,850 | ||
12,283 | Netflix, Inc. (a) | 443,908 | ||
13,760 | Polaris Industries, Inc. | 292,675 | ||
9,500 | Pool Corp. | 150,575 | ||
10,000 | Pre-Paid Legal Services, Inc. (a) | 336,200 | ||
25,600 | Prestige Brands Holdings, Inc. (a) | 162,560 | ||
12,300 | Red Robin Gourmet Burgers, Inc. (a) | 149,814 | ||
24,367 | Rent-A-Center, Inc. (a) | 361,850 | ||
14,713 | Skechers USA, Inc., Class A (a) | 146,541 | ||
25,143 | Steven Madden Ltd. (a) | 436,985 | ||
2,500 | Strayer Education, Inc. | 541,075 | ||
67,600 | True Religion Apparel, Inc. (a) | 771,316 | ||
6,500 | United Stationers, Inc. (a) | 182,065 | ||
18,700 | Warnaco Group, Inc. (The) (a) | 423,368 | ||
8,900 | Watsco, Inc. | 294,145 | ||
52,800 | WMS Industries, Inc. (a) | 1,173,216 | ||
15,555 | Wolverine World Wide, Inc. | 282,168 | ||
75,100 | Wyndham Worldwide Corp. | 460,363 | ||
21,012,403 | ||||
Consumer Staples (6.2%) | ||||
19,200 | 99 Cents Only Stores (a) | 160,896 | ||
3,500 | American Italian Pasta Co., Class A (a) | 82,670 | ||
19,145 | Andersons, Inc. (The) | 313,786 | ||
23,700 | BJ’s Wholesale Club, Inc. (a) | 679,716 | ||
48,500 | Brightpoint, Inc. (a) | 226,980 | ||
22,150 | Buckle, Inc. (The) | 468,472 | ||
24,800 | Central European Distribution Corp. (a) | 300,080 | ||
26,700 | Children’s Place Retail Stores, Inc. (The) (a) | 502,227 | ||
36,821 | Chiquita Brands International, Inc. (a) | 514,758 | ||
10,400 | Citi Trends, Inc. (a) | 99,112 | ||
12,800 | Collective Brands, Inc. (a) | 136,576 | ||
6,000 | Columbia Sportswear Co. | 172,320 | ||
52,648 | Comfort Systems USA, Inc. | 538,589 | ||
70,900 | Darling International, Inc. (a) | 325,431 | ||
129,600 | Del Monte Foods Co. | 863,136 | ||
18,100 | Diamond Foods, Inc. | 464,808 | ||
119,600 | Finish Line, Inc. (The), Class A | 568,100 | ||
8,300 | Hain Celestial Group, Inc. (The) (a) | 126,326 | ||
19,000 | Kelly Services, Inc., Class A | 172,140 | ||
40,100 | Liz Claiborne, Inc. | 88,220 | ||
116,586 | Nu Skin Enterprises, Inc., Class A | 1,106,401 | ||
29,800 | PetMed Express, Inc. (a) | 430,312 | ||
10,500 | Ralcorp Holdings, Inc. (a) | 621,810 | ||
32,528 | Timberland Co. (The), Class A (a) | 357,483 | ||
16,900 | Tractor Supply Co. (a) | 569,699 | ||
17,000 | Tupperware Brands Corp. | 349,520 | ||
6,900 | Under Armour, Inc., Class A (a) | 127,650 | ||
2,400 | Universal Corp. | 73,392 | ||
93,178 | Wet Seal, Inc. (The), Class A (a) | 243,195 | ||
10,683,805 | ||||
See accompanying notes to financial statements.
24
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Energy (3.2%) | ||||
3,550 | Atmos Energy Corp. | 87,153 | ||
4,600 | CH Energy Group, Inc. | 232,668 | ||
19,376 | Cleco Corp. | 442,742 | ||
23,800 | Comstock Resources, Inc. (a) | 907,494 | ||
13,079 | Gulf Island Fabrication, Inc. | 164,665 | ||
24,947 | Headwaters, Inc. (a) | 113,010 | ||
16,752 | Holly Corp. | 391,494 | ||
5,300 | Lufkin Industries, Inc. | 185,235 | ||
39,532 | Parker Drilling Co. (a) | 83,808 | ||
33,418 | Pioneer Drilling Co. (a) | 166,087 | ||
77,100 | Rosetta Resources, Inc. (a) | 467,997 | ||
18,236 | Southwest Gas Corp. | 469,759 | ||
22,018 | St. Mary Land & Exploration Co. | 426,048 | ||
15,555 | Stone Energy Corp. (a) | 133,462 | ||
39,710 | Swift Energy Co. (a) | 608,357 | ||
16,004 | Trico Marine Services, Inc. (a) | 99,545 | ||
23,454 | Union Drilling, Inc. (a) | 107,419 | ||
7,100 | Unit Corp. (a) | 177,074 | ||
23,300 | W&T Offshore, Inc. | 292,881 | ||
5,556,898 | ||||
Financials (13.5%) | ||||
22,862 | Allied World Assurance Co. Holdings Ltd. | 861,897 | ||
35,897 | American Equity Investment Life Holding Co. | 240,151 | ||
14,183 | American Physicians Capital, Inc. | 603,061 | ||
69,847 | Amerisafe, Inc. (a) | 1,308,234 | ||
26,922 | AmTrust Financial Services, Inc. | 221,030 | ||
12,200 | Aspen Insurance Holdings Ltd. | 269,620 | ||
9,500 | Bank of the Ozarks, Inc. | 215,555 | ||
7,500 | Berkshire Hills Bancorp, Inc. | 176,400 | ||
18,400 | Brookline Bancorp, Inc. | 177,928 | ||
9,100 | Chemical Financial Corp. | 207,480 | ||
23,333 | Community Bank System, Inc. | 418,827 | ||
61,681 | CVB Financial Corp. | 554,512 | ||
25,300 | Delphi Financial Group, Inc. | 383,801 | ||
32,229 | Deluxe Corp. | 371,600 | ||
52,010 | Dime Community Bancshares | 522,700 | ||
18,400 | Employers Holdings, Inc. | 249,136 | ||
30,429 | EZCORP, Inc., Class A (a) | 412,922 | ||
8,924 | F.N.B. Corp. | 70,589 | ||
30,800 | First BanCorp. | 218,988 | ||
5,900 | First Cash Financial Services, Inc. (a) | 99,238 | ||
53,052 | First Commonwealth Financial Corp. | 508,769 | ||
8,300 | First Financial Bankshares, Inc. | 368,437 | ||
70,953 | First Niagara Financial Group, Inc. | 926,646 | ||
47,086 | FirstMerit Corp. | 761,381 | ||
5,983 | FPIC Insurance Group, Inc. (a) | 232,918 | ||
9,491 | Glacier Bancorp, Inc. | 145,687 | ||
5,983 | Greenhill & Co., Inc. | 389,015 | ||
10,079 | Hancock Holding Co. | 275,862 | ||
14,800 | Infinity Property & Casualty Corp. | 568,320 | ||
43,868 | Knight Capital Group, Inc. (a) | 790,940 | ||
13,700 | MainSource Financial Group, Inc. | 133,849 | ||
37,691 | National Penn Bancshares, Inc. | 364,849 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Financials, continued | ||||
58,400 | Ocwen Financial Corp. (a) | 519,760 | ||
71,383 | Old National Bancorp | 908,706 | ||
31,500 | optionsXpress Holdings, Inc. | 343,035 | ||
11,845 | Penson Worldwide, Inc. (a) | 70,833 | ||
6,000 | Piper Jaffray Cos. (a) | 172,260 | ||
13,760 | Platinum Underwriters Holdings Ltd. | 382,666 | ||
14,957 | ProAssurance Corp. (a) | 706,868 | ||
19,700 | Prospect Capital Corp. | 213,351 | ||
35,298 | Provident Financial Services, Inc. | 385,807 | ||
26,738 | Provident New York Bancorp | 254,011 | ||
13,400 | Republic Bancorp, Inc., Class A | 241,200 | ||
20,664 | S&T Bancorp, Inc. | 525,485 | ||
14,167 | Safety Insurance Group, Inc. | 496,128 | ||
18,500 | SeaBright Insurance Holdings, Inc. (a) | 191,845 | ||
25,128 | Selective Insurance Group, Inc. | 385,715 | ||
19,743 | Sterling Bancorp | 217,568 | ||
8,900 | Stifel Financial Corp. (a) | 311,856 | ||
22,483 | Susquehanna Bancshares, Inc. | 247,313 | ||
7,753 | SVB Financial Group (a) | 161,030 | ||
35,129 | SWS Group, Inc. | 514,640 | ||
15,555 | UMB Financial Corp. | 602,601 | ||
10,514 | Umpqua Holdings Corp. | 103,037 | ||
11,300 | Validus Holdings Ltd. | 257,866 | ||
33,161 | Waddell & Reed Financial, Inc., Class A | 468,233 | ||
7,900 | Westamerica Bancorp | 337,567 | ||
53,000 | Wilshire Bancorp, Inc. | 363,580 | ||
9,572 | World Acceptance Corp. (a) | 183,304 | ||
15,555 | Zenith National Insurance Corp. | 436,162 | ||
23,052,769 | ||||
Health Care (19.6%) | ||||
23,600 | Align Technology, Inc. (a) | 185,968 | ||
158,800 | Alkermes, Inc. (a) | 1,821,436 | ||
14,200 | Alnylam Pharmaceuticals, Inc. (a) | 299,478 | ||
2,900 | Amedisys, Inc. (a) | 119,567 | ||
74,000 | American Medical Systems Holdings, Inc. (a) | 791,800 | ||
140,119 | American Oriental Bioengineering, Inc. (a) | 700,595 | ||
12,564 | Amerigroup Corp. (a) | 351,415 | ||
49,100 | AngioDynamics, Inc. (a) | 667,760 | ||
73,915 | Arena Pharmaceuticals, Inc. (a) | 306,008 | ||
5,900 | Bio-Reference Laboratories, Inc. (a) | 143,960 | ||
24,500 | Bruker Corp. (a) | 98,735 | ||
62,143 | Celera Corp. (a) | 524,487 | ||
23,931 | Centene Corp. (a) | 424,297 | ||
12,900 | Conceptus, Inc. (a) | 185,244 | ||
8,100 | CONMED Corp. (a) | 126,765 | ||
19,500 | CorVel Corp. (a) | 343,980 | ||
7,600 | Coventry Health Care, Inc. (a) | 114,988 | ||
24,400 | Cross Country Healthcare, Inc. (a) | 182,756 | ||
57,200 | Cubist Pharmaceuticals, Inc. (a) | 1,224,652 | ||
106,359 | CV Therapeutics, Inc. (a) | 1,664,518 | ||
27,100 | Cyberonics, Inc. (a) | 417,069 | ||
13,100 | Cynosure, Inc., Class A (a) | 102,442 | ||
146,230 | Cytokinetics, Inc. (a) | 310,008 |
See accompanying notes to financial statements.
25
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Health Care, continued | ||||
23,800 | Emergency Medical Services Corp., | 797,776 | ||
57,200 | ev3, Inc. (a) | 309,452 | ||
10,600 | Gentiva Health Services, Inc. (a) | 267,968 | ||
13,600 | Hanger Orthopedic Group, Inc. (a) | 185,640 | ||
19,000 | HealthSouth Corp. (a) | 188,860 | ||
103,738 | Healthspring, Inc. (a) | 1,807,116 | ||
3,500 | Herbalife Ltd. | 71,785 | ||
6,550 | ICU Medical, Inc. (a) | 199,841 | ||
16,800 | InterMune, Inc. (a) | 192,192 | ||
30,371 | Invacare Corp. | 578,871 | ||
43,700 | Kendle International, Inc. (a) | 834,670 | ||
10,500 | Kensey Nash Corp. (a) | 217,035 | ||
15,100 | King Pharmaceuticals, Inc. (a) | 131,974 | ||
10,600 | LHC Group, Inc. (a) | 282,066 | ||
48,506 | LifePoint Hospitals, Inc. (a) | 1,093,325 | ||
9,800 | Martek Biosciences Corp. | 259,210 | ||
19,743 | MedCath Corp. (a) | 124,183 | ||
101,600 | Medicines Co. (The) (a) | 1,300,480 | ||
38,400 | Merit Medical Systems, Inc. (a) | 590,976 | ||
6,100 | Myriad Genetics, Inc. (a) | 454,877 | ||
16,800 | NPS Pharmaceuticals, Inc. (a) | 104,832 | ||
17,100 | Omnicell, Inc. (a) | 133,551 | ||
14,400 | Onyx Pharmaceuticals, Inc. (a) | 438,192 | ||
13,100 | Optimer Pharamaceuticals, Inc. (a) | 137,419 | ||
3,500 | Orthofix International N.V. (a) | 55,860 | ||
6,100 | OSI Pharmaceuticals, Inc. (a) | 217,160 | ||
18,900 | Owens & Minor, Inc. | 751,653 | ||
53,700 | PDL BioPharma, Inc. | 344,754 | ||
26,273 | Perrigo Co. | 771,113 | ||
23,800 | Pharmasset, Inc. (a) | 271,320 | ||
16,500 | PharMerica Corp. (a) | 271,260 | ||
22,900 | Progenics Pharmaceuticals, Inc. (a) | 166,941 | ||
25,500 | Questcor Pharmaceuticals, Inc. (a) | 164,475 | ||
55,162 | Regeneron Pharmaceuticals, Inc. (a) | 964,232 | ||
5,900 | RehabCare Group, Inc. (a) | 82,305 | ||
55,989 | Rigel Pharmaceuticals, Inc. (a) | 391,363 | ||
90,500 | Salix Pharmaceuticals Ltd. (a) | 724,000 | ||
13,600 | Sequenom, Inc. (a) | 301,376 | ||
44,900 | STERIS Corp. | 1,194,340 | ||
22,606 | Symmetry Medical, Inc. (a) | 154,851 | ||
17,700 | Theravance, Inc. (a) | 233,286 | ||
31,400 | Thoratec Corp. (a) | 909,658 | ||
11,856 | U.S. Physical Therapy, Inc. (a) | 144,643 | ||
37,800 | Valeant Pharmaceuticals International (a) | 820,260 | ||
12,800 | Vertex Pharmaceuticals, Inc. (a) | 423,040 | ||
88,985 | ViroPharma, Inc. (a) | 1,067,820 | ||
24,600 | VNUS Medical Technologies, Inc. (a) | 393,846 | ||
12,400 | Volcano Corp. (a) | 162,068 | ||
19,000 | Watson Pharmaceuticals, Inc. (a) | 518,320 | ||
7,686 | XenoPort, Inc. (a) | 200,758 | ||
33,510,921 | ||||
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Industrials (11.9%) | ||||
11,801 | A.O. Smith Corp. | 324,291 | ||
21,714 | Actuant Corp., Class A | 357,847 | ||
43,426 | Acuity Brands, Inc. | 1,166,857 | ||
4,900 | Agco Corp. (a) | 104,272 | ||
20,200 | American Commercial Lines, Inc. (a) | 81,608 | ||
5,900 | Ameron International Corp. | 294,115 | ||
4,188 | Analogic Corp. | 104,700 | ||
22,136 | Applied Industrial Technologies | 349,527 | ||
6,581 | AZZ, Inc. (a) | 147,414 | ||
10,100 | Brink’s Co. (The) | 266,943 | ||
16,000 | Bucyrus International, Inc. | 248,000 | ||
38,718 | Ceradyne, Inc. (a) | 883,545 | ||
12,700 | Chart Industries, Inc. (a) | 107,442 | ||
17,948 | Checkpoint Systems, Inc. (a) | 160,635 | ||
75,617 | Complete Production Services, Inc. (a) | 484,705 | ||
32,307 | Cox Radio, Inc., Class A (a) | 163,150 | ||
23,931 | CTS Corp. | 123,005 | ||
11,966 | Ducommun, Inc. | 226,636 | ||
5,900 | DXP Enterprises, Inc. (a) | 80,122 | ||
37,300 | Dycom Industries, Inc. (a) | 254,013 | ||
8,700 | DynCorp International, Inc., Class A (a) | 130,848 | ||
26,678 | EMCOR Group, Inc. (a) | 549,300 | ||
21,302 | Encore Wire Corp. | 351,696 | ||
36,400 | Esterline Technologies Corp. (a) | 1,313,676 | ||
7,700 | Flowers Foods, Inc. | 165,473 | ||
2,800 | Flowserve Corp. | 149,268 | ||
19,730 | Gardner Denver, Inc. (a) | 429,522 | ||
12,434 | Graco, Inc. | 264,471 | ||
91,800 | GrafTech International Ltd. (a) | 735,318 | ||
9,600 | Graham Corp. | 95,616 | ||
8,974 | Granite Construction, Inc. | 316,064 | ||
15,700 | Greatbatch, Inc. (a) | 365,810 | ||
13,760 | HEICO Corp. | 543,933 | ||
32,163 | Hub Group, Inc. (a) | 730,100 | ||
17,350 | Insteel Industries, Inc. | 133,595 | ||
4,500 | Joy Global, Inc. | 93,735 | ||
14,359 | Koppers Holdings, Inc. | 232,616 | ||
6,500 | Ladish Co., Inc. (a) | 73,905 | ||
9,572 | Layne Christensen Co. (a) | 151,046 | ||
10,805 | Lennox International, Inc. | 303,729 | ||
4,700 | Lindsay Corp. | 122,200 | ||
20,119 | MKS Instruments, Inc. (a) | 282,672 | ||
23,800 | Molex, Inc. | 318,206 | ||
56,238 | MPS Group, Inc. (a) | 340,240 | ||
16,153 | Mueller Industries, Inc. | 324,998 | ||
38,400 | Oil States International, Inc. (a) | 703,104 | ||
27,521 | Olin Corp. | 386,670 | ||
79,000 | ON Semiconductor Corp. (a) | 329,430 | ||
15,200 | Polypore International, Inc. (a) | 105,184 | ||
10,500 | Powell Industries, Inc. (a) | 250,740 | ||
14,853 | Regal-Beloit Corp. | 504,408 | ||
17,400 | Resources Connection, Inc. (a) | 251,778 | ||
34,937 | Robbins & Myers, Inc. | 604,061 | ||
3,571 | Rock-Tenn Co. | 111,308 | ||
5,600 | Schnitzer Steel Industries, Inc. | 219,912 |
See accompanying notes to financial statements.
26
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Industrials, continued | ||||
45,700 | Smith & Wesson Holding Corp. (a) | 107,852 | ||
13,784 | Sun Hydraulic Corp. | 212,274 | ||
13,740 | Teledyne Technologies, Inc. (a) | 382,934 | ||
23,500 | TransDigm Group, Inc. (a) | 800,880 | ||
23,541 | Ultra Clean Holdings, Inc. (a) | 26,366 | ||
24,500 | Ultralife Corp. (a) | 196,245 | ||
8,300 | Universal Forest Products, Inc. | 174,300 | ||
11,876 | Varian Semiconductor Equipment Associates, Inc. (a) | 226,119 | ||
11,100 | Varian, Inc. (a) | 309,024 | ||
4,000 | Woodward Governor Co. | 82,280 | ||
20,431,733 | ||||
Information Technology (15.3%) | ||||
15,986 | Advanced Energy Industries, Inc. (a) | 143,554 | ||
36,247 | American Reprographics Co. (a) | 220,382 | ||
17,637 | Amkor Technology, Inc. (a) | 40,918 | ||
20,948 | ANSYS, Inc. (a) | 520,767 | ||
17,500 | Ariba, Inc. (a) | 133,700 | ||
135,000 | Arris Group, Inc. (a) | 961,200 | ||
105,000 | Art Technology Group, Inc. (a) | 179,550 | ||
13,500 | AsiaInfo Holdings, Inc. (a) | 117,855 | ||
51,500 | Atheros Communications, Inc. (a) | 618,515 | ||
41,026 | Avocent Corp. (a) | 588,723 | ||
1,700 | Axsys Technologies, Inc. (a) | 72,590 | ||
62,512 | Benchmark Electronics, Inc. (a) | 733,891 | ||
5,300 | CACI International, Inc., Class A (a) | 239,295 | ||
29,500 | CommVault Systems, Inc. (a) | 391,465 | ||
46,897 | CSG Systems International, Inc. (a) | 680,007 | ||
28,900 | Cypress Semiconductor Corp. (a) | 130,339 | ||
39,300 | EarthLink, Inc. (a) | 295,929 | ||
118,772 | Emulex Corp. (a) | 678,188 | ||
6,500 | F5 Networks, Inc. (a) | 144,105 | ||
4,724 | FactSet Research Systems, Inc. | 188,015 | ||
72,990 | Harmonic, Inc. (a) | 375,899 | ||
8,300 | Informatica Corp. (a) | 105,908 | ||
70,612 | InfoSpace, Inc. (a) | 565,602 | ||
23,300 | Ingram Micro, Inc. (a) | 285,891 | ||
23,300 | Insight Enterprises, Inc. (a) | 120,694 | ||
51,100 | Integrated Device Technology, Inc. (a) | 293,314 | ||
19,743 | Interwoven, Inc. (a) | 311,347 | ||
6,200 | Itron, Inc. (a) | 404,860 | ||
44,272 | Ixia (a) | 235,527 | ||
36,669 | J2 Global Communications, Inc. (a) | 717,979 | ||
20,503 | JDA Software Group, Inc. (a) | 229,634 | ||
19,600 | Kenexa Corp. (a) | 133,084 | ||
27,900 | L-1 Identity Solutions, Inc. (a) | 202,275 | ||
26,100 | Limelight Networks, Inc. (a) | 79,866 | ||
17,200 | Mantech International Corp. (a) | 922,436 | ||
11,600 | Measurement Specialties, Inc. (a) | 58,928 | ||
30,900 | Mentor Graphics Corp. (a) | 143,994 | ||
28,119 | Methode Electronics, Inc. | 129,910 | ||
32,307 | Micrel, Inc. | 245,533 | ||
5,384 | MicroStrategy, Inc., Class A (a) | 208,361 | ||
17,900 | Multi-Fineline Electronix, Inc. (a) | 331,687 | ||
11,169 | Net 1 UEPS Technologies, Inc. (a) | 150,000 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Information Technology, continued | ||||
22,735 | NETGEAR, Inc. (a) | 252,813 | ||
7,000 | NetLogic Microsystems, Inc. (a) | 148,470 | ||
16,153 | OSI Systems, Inc. (a) | 236,318 | ||
21,900 | Overstock.com, Inc. (a) | 240,462 | ||
82,200 | Parametric Technology Corp. (a) | 739,800 | ||
21,538 | Perot Systems Corp., Class A (a) | 279,779 | ||
14,218 | Plexus Corp. (a) | 205,592 | ||
55,300 | PMC-Sierra, Inc. (a) | 269,311 | ||
63,521 | QLogic Corp. (a) | 719,058 | ||
21,900 | Red Hat, Inc. (a) | 320,835 | ||
29,200 | Riverbed Technology, Inc. (a) | 296,380 | ||
6,581 | Rofin-Sinar Technologies, Inc. (a) | 111,153 | ||
7,700 | Rogers Corp. (a) | 188,650 | ||
145,000 | Sapient Corp. (a) | 617,700 | ||
21,538 | Sigma Designs, Inc. (a) | 220,118 | ||
97,900 | Silicon Image, Inc. (a) | 359,293 | ||
12,500 | Silicon Laboratories, Inc. (a) | 287,875 | ||
109,943 | Skyworks Solutions, Inc. (a) | 474,954 | ||
26,076 | Sohu.com, Inc. (a) | 1,031,306 | ||
24,100 | Solera Holdings, Inc. (a) | 580,569 | ||
19,548 | Sonicwall, Inc. (a) | 68,809 | ||
45,000 | Starent Networks Corp. (a) | 661,500 | ||
25,900 | Switch & Data Facilities Co., Inc. (a) | 178,192 | ||
15,488 | Sybase, Inc. (a) | 422,977 | ||
15,800 | Synaptics, Inc. (a) | 372,406 | ||
3,500 | Syntel, Inc. | 75,425 | ||
32,100 | TeleCommunication Systems, Inc. (a) | 229,836 | ||
128,929 | TIBCO Software, Inc. (a) | 689,770 | ||
23,600 | TiVo, Inc. (a) | 169,684 | ||
15,100 | Ultratech, Inc. (a) | 169,120 | ||
147,018 | United Online, Inc. | 899,750 | ||
40,829 | Vignette Corp. (a) | 284,578 | ||
7,100 | Vocus, Inc. (a) | 108,346 | ||
65,900 | Volterra Semiconductor Corp. (a) | 461,300 | ||
56,600 | Wind River Systems, Inc. (a) | 451,102 | ||
22,136 | Zoran Corp. (a) | 131,488 | ||
26,286,436 | ||||
Materials (2.2%) | ||||
41,471 | A. Schulman, Inc. | 628,286 | ||
20,200 | Ashland, Inc. | 162,004 | ||
14,183 | Belden, Inc. | 185,230 | ||
17,771 | Carpenter Technology Corp. | 293,222 | ||
16,200 | Cliffs Natural Resources, Inc. | 375,354 | ||
33,726 | Columbus McKinnon Corp. (a) | 428,995 | ||
4,100 | Compass Minerals International, Inc. | 246,697 | ||
64,614 | Entegris, Inc. (a) | 89,813 | ||
31,948 | Ferro Corp. | 126,514 | ||
16,153 | Gibraltar Industries, Inc. | 165,245 | ||
13,641 | Greif, Inc., Class A | 412,777 | ||
5,900 | L.B. Foster Co., Class A (a) | 155,701 | ||
3,400 | NewMarket Corp. | 107,100 | ||
7,600 | OM Group, Inc. (a) | 147,288 | ||
10,048 | Park Electrochemical Corp. | 176,342 | ||
3,700,568 | ||||
See accompanying notes to financial statements.
27
Table of Contents
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | | Value ($) | ||
Common Stocks, continued | ||||
Oil & Gas (1.3%) | ||||
10,000 | Arena Resources, Inc. (a) | 243,600 | ||
62,700 | Brigham Exploration Co. (a) | 156,750 | ||
98,300 | Gran Tierra Energy, Inc. (a) | 278,189 | ||
7,000 | Helmerich & Payne, Inc. | 157,220 | ||
70,300 | McMoRan Exploration Co. (a) | 470,307 | ||
110,000 | VAALCO Energy, Inc. (a) | 826,100 | ||
2,132,166 | ||||
Real Estate Investment Trusts (4.0%) | ||||
9,500 | American Campus Communities, Inc. | 203,015 | ||
34,200 | Anworth Mortgage Asset Corp. | 212,040 | ||
27,521 | BioMed Realty Trust, Inc. | 303,832 | ||
50,000 | Brandywine Realty Trust | 298,500 | ||
17,100 | Camden Property Trust | 450,756 | ||
44,272 | Cedar Shopping Centers, Inc. | 271,387 | ||
13,600 | Corporate Office Property Trust | 358,768 | ||
17,800 | Douglas Emmett, Inc. | 165,540 | ||
10,089 | Entertainment Properties Trust | 228,516 | ||
6,000 | Equity Lifestyle Properties, Inc. | 226,380 | ||
45,900 | Extra Space Storage, Inc. | 372,249 | ||
15,278 | First Industrial Realty Trust, Inc. | 83,112 | ||
13,600 | Highwoods Properties, Inc. | 306,816 | ||
26,683 | Lexington Realty Trust | 118,206 | ||
32,020 | Medical Properties Trust, Inc. | 145,691 | ||
31,709 | National Retail Properties, Inc. | 457,561 | ||
28,119 | Omega Healthcare Investors, Inc. | 411,381 | ||
21,791 | Pennsylvania Real Estate Investment Trust | 96,534 | ||
13,100 | Potlatch Corp. | 329,989 | ||
19,317 | Realty Income Corp. | 372,238 | ||
5,900 | Saul Centers, Inc. | 192,930 | ||
39,709 | Senior Housing Properties Trust | 642,492 | ||
25,300 | Taubman Centers, Inc. | 502,205 | ||
32,905 | U-Store-It Trust | 123,394 | ||
6,873,532 | ||||
Services (0.2%) | ||||
20,500 | Corinthian Colleges, Inc. (a) | 382,940 | ||
Telecommunications (1.2%) | ||||
23,564 | Atlantic Tele-Network, Inc. | 506,626 | ||
98,716 | Cincinnati Bell, Inc. (a) | 137,215 | ||
7,300 | InterDigital, Inc. (a) | 236,009 | ||
9,500 | MasTec, Inc. (a) | 100,985 |
Shares or Principal Amount ($) | Security | Value ($) | |||
Common Stocks, continued | |||||
Telecommunications, continued | |||||
8,059 | NTELOS Holdings Corp. | 174,397 | |||
27,521 | Plantronics, Inc. | 279,338 | |||
40,800 | Premiere Global Services, Inc. (a) | 395,352 | |||
26,324 | RCN Corp. (a) | 96,872 | |||
13,200 | Syniverse Holdings, Inc. (a) | 178,992 | |||
2,105,786 | |||||
Transportation (1.1%) | |||||
23,855 | Arkansas Best Corp. | 557,969 | |||
35,341 | Force Protection, Inc. (a) | 212,399 | |||
4,600 | Overseas Shipholding Group, Inc. | 164,220 | |||
24,529 | Pacer International, Inc. | 210,949 | |||
27,100 | US Airways Group, Inc. (a) | 153,657 | |||
36,229 | Werner Enterprises, Inc. | 543,435 | |||
1,842,629 | |||||
Utilities (3.0%) | |||||
20,653 | Avista Corp. | 393,233 | |||
10,729 | El Paso Electric Co. (a) | 177,458 | |||
2,900 | IDACORP, Inc. | 84,419 | |||
11,367 | Laclede Group, Inc. (The) | 515,948 | |||
21,046 | New Jersey Resources Corp. | 843,734 | |||
20,940 | Nicor, Inc. | 716,357 | |||
5,371 | Northwest Natural Gas Co. | 230,631 | |||
27,800 | Portland General Electric Co. | 540,710 | |||
30,200 | UniSource Energy Corp. | 852,848 | |||
24,917 | WGL Holdings, Inc. | 799,836 | |||
5,155,174 | |||||
Total Common Stocks (Cost $238,782,371) | 168,077,602 | ||||
Exchange Traded Funds (0.4%) | |||||
Equity Fund (0.4%) | |||||
16,000 | iShares Russell 2000 Index Fund | 711,680 | |||
Total Exchange Traded Funds (Cost $784,404) | 711,680 | ||||
Cash Equivalents (2.2%) | |||||
3,841,184 | Bank of New York Cash Reserve Fund 0.05% (b) | 3,841,184 | |||
Total Cash Equivalents (Cost $3,841,184) | 3,841,184 | ||||
Total Investments (Cost $243,407,959)—100.7% | 172,630,466 | ||||
Liabilities in excess of other assets—(0.7)% | (1,262,204 | ) | |||
Net Assets—100.0% | 171,368,262 | ||||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2009. |
See accompanying notes to financial statements.
28
Table of Contents
PACIFIC CAPITAL FUNDS
Mid-Cap Fund
Schedule of Portfolio Investments
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (99.0%) | ||||
Consumer Discretionary (16.3%) | ||||
7,650 | Aeropostale, Inc. (a) | 161,491 | ||
6,100 | Big Lots, Inc. (a) | 82,045 | ||
1,700 | Black & Decker Corp. (The) | 49,147 | ||
19,100 | Blyth, Inc. | 65,131 | ||
14,400 | Bob Evans Farms, Inc. | 252,864 | ||
7,100 | BorgWarner, Inc. | 119,848 | ||
7,400 | Brinker International, Inc. | 81,178 | ||
1,700 | Brown-Forman Corp. | 77,197 | ||
5,800 | Centex Corp. | 49,358 | ||
4,000 | DeVry, Inc. | 214,320 | ||
9,900 | Dollar Tree, Inc. (a) | 422,829 | ||
3,800 | DreamWorks Animation SKG, Inc., Class A (a) | 83,410 | ||
3,500 | Guess?, Inc. | 56,315 | ||
7,300 | Hasbro, Inc. | 176,149 | ||
4,400 | Herman Miller, Inc. | 48,356 | ||
10,800 | Hewitt Associates, Inc., Class A (a) | 306,504 | ||
1,700 | Hubbell, Inc., Class B | 52,700 | ||
1,600 | ITT Educational Services, Inc. (a) | 196,016 | ||
9,400 | Jarden Corp. (a) | 98,042 | ||
12,200 | Leggett & Platt, Inc. | 152,378 | ||
2,900 | Manpower, Inc. | 82,534 | ||
6,000 | Marvel Entertainment, Inc. (a) | 165,060 | ||
8,100 | MeadWestvaco Corp. | 94,284 | ||
6,600 | Netflix, Inc. (a) | 238,524 | ||
375 | NVR, Inc. (a) | 159,784 | ||
4,500 | Pactiv Corp. (a) | 97,290 | ||
1,600 | Priceline.com, Inc. (a) | 107,344 | ||
13,400 | Ross Stores, Inc. | 394,228 | ||
12,100 | Scholastic Corp. | 131,890 | ||
2,400 | Scotts Miracle-Gro Co. (The) | 77,328 | ||
2,600 | Strayer Education, Inc. | 562,718 | ||
15,200 | Tech Data Corp. (a) | 275,272 | ||
3,800 | Toll Brothers, Inc. (a) | 64,676 | ||
6,900 | Warnaco Group, Inc. (The) (a) | 156,216 | ||
5,352,426 | ||||
Consumer Staples (5.1%) | ||||
16,000 | BJ’s Wholesale Club, Inc. (a) | 458,880 | ||
2,400 | Buckle, Inc. (The) | 50,760 | ||
5,100 | Central European Distribution Corp. (a) | 61,710 | ||
5,600 | Corn Products International, Inc. | 129,640 | ||
5,100 | Crown Holdings, Inc. (a) | 95,625 | ||
15,400 | Foot Locker, Inc. | 113,344 | ||
2,100 | Hansen Natural Corp. (a) | 70,350 | ||
5,900 | Hormel Foods Corp. | 175,997 | ||
6,600 | Lancaster Colony Corp. | 240,306 | ||
5,800 | Timberland Co. (The), Class A (a) | 63,742 | ||
5,400 | Tupperware Brands Corp. | 111,024 | ||
7,200 | Tyson Foods, Inc., Class A | 63,720 | ||
3,000 | Urban Outfitters, Inc. (a) | 46,740 | ||
1,681,838 | ||||
Energy (4.5%) | ||||
4,900 | Atmos Energy Corp. | 120,295 | ||
4,000 | Cimarex Energy Co. | 99,360 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Energy, continued | ||||
2,000 | Comstock Resources, Inc. (a) | 76,260 | ||
6,100 | Encore Acquisition Co. (a) | 165,798 | ||
3,200 | ENSCO International, Inc. | 87,552 | ||
5,600 | Mariner Energy, Inc. (a) | 55,440 | ||
5,200 | Massey Energy Co. | 78,936 | ||
4,500 | Noble Energy, Inc. | 220,185 | ||
5,400 | Sunoco, Inc. | 250,128 | ||
6,600 | Tesoro Corp. | 113,718 | ||
5,200 | Tidewater, Inc. | 216,372 | ||
1,484,044 | ||||
Financials (12.4%) | ||||
2,600 | Alliance Data Systems Corp. (a) | 108,134 | ||
13,000 | Apollo Investment Corp. | 85,150 | ||
9,100 | Arch Capital Group Ltd. (a) | 547,365 | ||
9,500 | Aspen Insurance Holdings Ltd. | 209,950 | ||
14,300 | Associated Banc-Corp. | 223,795 | ||
12,900 | Astoria Financial Corp. | 117,132 | ||
9,100 | Broadridge Financial Solutions, Inc. | 122,759 | ||
5,900 | Capitol Federal Financial | 244,260 | ||
4,700 | Cullen/Frost Bankers, Inc. | 205,719 | ||
4,000 | Global Payments, Inc. | 138,840 | ||
23,600 | Hospitality Properties Trust | 316,712 | ||
12,700 | Investors Bancorp, Inc. (a) | 135,636 | ||
2,800 | Lender Processing Services, Inc. | 72,576 | ||
3,500 | PartnerRe Ltd. | 229,355 | ||
6,600 | Platinum Underwriters Holdings Ltd. | 183,546 | ||
13,400 | Protective Life Corp. | 110,952 | ||
17,600 | Raymond James Financial, Inc. | 325,776 | ||
4,500 | Reinsurance Group of America, Inc. | 160,335 | ||
3,900 | StanCorp Financial Group, Inc. | 100,698 | ||
1,900 | UMB Financial Corp. | 73,606 | ||
9,000 | Westamerica Bancorp | 384,570 | ||
4,096,866 | ||||
Health Care (12.4%) | ||||
3,400 | Advanced Medical Optics, Inc. (a) | 74,698 | ||
4,100 | Endo Pharmaceuticals Holdings, Inc. (a) | 92,127 | ||
5,260 | Facet Biotech Corp. (a) | 31,981 | ||
4,200 | Gen-Probe, Inc. (a) | 189,084 | ||
77,500 | Health Management Associates, Inc., Class A (a) | 123,225 | ||
27,700 | Health Net, Inc. (a) | 405,251 | ||
5,200 | Herbalife Ltd. | 106,652 | ||
12,800 | Kindred Healthcard, Inc. (a) | 173,696 | ||
8,413 | Life Technologies Corp. (a) | 214,195 | ||
10,100 | LifePoint Hospitals, Inc. (a) | 227,654 | ||
4,900 | Lincare Holdings, Inc. (a) | 117,845 | ||
6,000 | Masimo Corp. (a) | 166,620 | ||
4,100 | Medicis Pharmaceutical Corp., Class A | 57,113 | ||
1,000 | Myriad Genetics, Inc. (a) | 74,570 | ||
9,400 | Omnicare, Inc. | 262,824 | ||
10,800 | Owens & Minor, Inc. | 429,516 | ||
24,400 | PDL BioPharma, Inc. | 156,648 | ||
3,300 | ResMed, Inc. (a) | 131,670 | ||
7,700 | STERIS Corp. | 204,820 |
See accompanying notes to financial statements.
29
Table of Contents
PACIFIC CAPITAL FUNDS
Mid-Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Health Care, continued | ||||
3,800 | Techne Corp. | 227,886 | ||
4,300 | Thoratec Corp. (a) | 124,571 | ||
1,200 | Universal Health Services, Inc. | 45,420 | ||
14,300 | Valeant Pharmaceuticals International (a) | 310,310 | ||
3,000 | Watson Pharmaceuticals, Inc. (a) | 81,840 | ||
2,600 | WellCare Health Plans, Inc. (a) | 38,428 | ||
4,068,644 | ||||
Industrials (12.7%) | ||||
19,800 | Agco Corp. (a) | 421,344 | ||
700 | Alliant Techsystems, Inc. (a) | 56,567 | ||
5,300 | Arrow Electronics, Inc. (a) | 101,071 | ||
2,300 | Bemis Co., Inc. | 51,911 | ||
8,200 | Brink’s Co. (The) | 216,726 | ||
7,200 | Bucyrus International, Inc. | 111,600 | ||
1,800 | Clean Harbors, Inc. (a) | 96,318 | ||
4,500 | EMCOR Group, Inc. (a) | 92,655 | ||
3,200 | FLIR Systems, Inc. (a) | 79,904 | ||
4,900 | Flowers Foods, Inc. | 105,301 | ||
9,700 | Flowserve Corp. | 517,107 | ||
4,600 | Frontline Ltd. | 131,146 | ||
2,200 | Gardner Denver, Inc. (a) | 47,894 | ||
5,400 | Granite Construction, Inc. | 190,188 | ||
1,900 | Jacobs Engineering Group, Inc. (a) | 73,473 | ||
8,900 | Joy Global, Inc. | 185,387 | ||
13,400 | KBR, Inc. | 189,744 | ||
4,200 | Lincoln Electric Holdings, Inc. | 172,914 | ||
4,000 | Oil States International, Inc. (a) | 73,240 | ||
12,200 | Olin Corp. | 171,410 | ||
6,300 | Oshkosh Corp. | 45,486 | ||
4,600 | Shaw Group, Inc. (The) (a) | 127,880 | ||
1,400 | SPX Corp. | 58,954 | ||
4,100 | Teleflex, Inc. | 218,038 | ||
1,200 | URS Corp. (a) | 40,860 | ||
2,100 | Valmont Industries, Inc. | 85,218 | ||
5,700 | Valspar Corp. (The) | 98,895 | ||
10,000 | Wabtec Corp. | 299,300 | ||
11,400 | Worthington Industries, Inc. | 114,684 | ||
4,175,215 | ||||
Information Technology (11.0%) | ||||
54,500 | 3com Corp. (a) | 126,985 | ||
5,000 | ACI Worldwide, Inc. (a) | 84,950 | ||
2,100 | Affiliated Computer Services, Inc. (a) | 96,306 | ||
18,900 | Amkor Technology, Inc. (a) | 43,848 | ||
5,000 | ANSYS, Inc. (a) | 124,300 | ||
39,400 | Atmel Corp. (a) | 131,596 | ||
5,800 | Avnet, Inc. (a) | 114,956 | ||
5,600 | Avocent Corp. (a) | 80,360 | ||
9,700 | Compuware Corp. (a) | 63,050 | ||
2,300 | Diebold, Inc. | 56,994 | ||
7,000 | DST Systems, Inc. (a) | 222,390 | ||
1,700 | Dun & Bradstreet Corp. (The) | 129,200 | ||
8,000 | F5 Networks, Inc. (a) | 177,360 | ||
5,300 | Gartner, Inc. (a) | 75,048 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Information Technology, continued | ||||
29,900 | Ingram Micro, Inc. (a) | 366,873 | ||
4,500 | Lexmark International, Inc., Class A (a) | 106,560 | ||
12,100 | LSI Logic Corp. (a) | 38,478 | ||
2,300 | Mantech International Corp. (a) | 123,349 | ||
4,500 | Metavante Technologies, Inc. (a) | 65,295 | ||
22,200 | NCR Corp. (a) | 278,610 | ||
9,400 | SAIC, Inc. (a) | 185,556 | ||
7,100 | Silicon Laboratories, Inc. (a) | 163,513 | ||
2,600 | Sohu.com, Inc. (a) | 102,830 | ||
13,100 | Sybase, Inc. (a) | 357,761 | ||
7,300 | Synopsys, Inc. (a) | 135,050 | ||
5,000 | Western Digital Corp. (a) | 73,400 | ||
12,800 | Wind River Systems, Inc. (a) | 102,016 | ||
3,626,634 | ||||
Materials (3.6%) | ||||
1,100 | Alpha Natural Resources, Inc. (a) | 17,952 | ||
1,700 | CF Industries Holdings, Inc. | 79,900 | ||
3,400 | Cliffs Natural Resources, Inc. | 78,778 | ||
5,200 | Compass Minerals International, Inc. | 312,884 | ||
2,600 | Cytec Industries, Inc. | 53,144 | ||
1,600 | Eastman Chemical Co. | 41,520 | ||
5,900 | FMC Corp. | 263,258 | ||
2,900 | Minerals Technologies, Inc. | 109,649 | ||
10,800 | Terra Industries, Inc. | 221,184 | ||
1,100 | Walter Industries, Inc. | 20,284 | ||
1,198,553 | ||||
Oil & Gas (2.0%) | ||||
3,300 | Bill Barrett Corp. (a) | 72,963 | ||
6,100 | FMC Technologies, Inc. (a) | 180,499 | ||
5,600 | Helmerich & Payne, Inc. | 125,776 | ||
6,900 | McMoRan Exploration Co. (a) | 46,161 | ||
8,100 | Pride International, Inc. (a) | 130,572 | ||
4,500 | Rowan Cos., Inc. | 56,970 | ||
1,400 | Whiting Petroleum Corp. (a) | 40,600 | ||
653,541 | ||||
Real Estate Investment Trusts (6.3%) | ||||
20,900 | Annaly Capital Management, Inc. | 316,426 | ||
3,700 | Entertainment Properties Trust | 83,805 | ||
3,300 | Federal Realty Investment Trust | 167,079 | ||
16,100 | First Industrial Realty Trust, Inc. | 87,584 | ||
5,200 | Health Care REIT, Inc. | 196,612 | ||
50,900 | HRPT Properties Trust | 161,862 | ||
3,500 | Liberty Property Trust | 70,000 | ||
3,100 | Macerich Co. (The) | 45,694 | ||
15,700 | Mack-Cali Realty Corp. | 319,024 | ||
8,800 | Nationwide Health Properties, Inc. | 224,664 | ||
12,500 | Potlatch Corp. | 314,875 | ||
6,300 | SL Green Realty Corp. | 98,973 | ||
2,086,598 | ||||
Services (0.8%) | ||||
2,300 | Brink’s Home Security Holdings, Inc. (a) | 52,601 | ||
4,700 | Corinthian Colleges, Inc. (a) | 87,796 |
See accompanying notes to financial statements.
30
Table of Contents
PACIFIC CAPITAL FUNDS
Mid-Cap Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Services, continued | ||||
5,400 | Weight Watchers International, Inc. | 123,174 | ||
263,571 | ||||
Telecommunications (1.0%) | ||||
3,300 | ADTRAN, Inc. | 49,995 | ||
5,700 | CenturyTel, Inc. | 154,698 | ||
4,200 | Telephone & Data Systems, Inc. | 128,142 | ||
332,835 | ||||
Transportation (1.9%) | ||||
5,400 | Alaska Air Group, Inc. (a) | 142,344 | ||
3,100 | J.B. Hunt Transport Services, Inc. | 69,037 | ||
1,900 | Overseas Shipholding Group, Inc. | 67,830 | ||
22,800 | Werner Enterprises, Inc. | 342,000 | ||
621,211 | ||||
Utilities (9.0%) | ||||
14,100 | Alliant Energy Corp. | 406,503 | ||
6,100 | Energen Corp. | 178,181 | ||
17,100 | Hawaiian Electric Industries, Inc. | 370,728 | ||
4,700 | IDACORP, Inc. | 136,817 |
Shares | Security | Value ($) | |||
Common Stocks, continued | |||||
Utilities, continued | |||||
5,500 | NV Energy, Inc. | 59,015 | |||
6,900 | Piedmont Natural Gas Co., Inc. | 178,779 | |||
2,300 | Pinnacle West Capital Corp. | 76,981 | |||
7,000 | Puget Energy, Inc. | 205,800 | |||
6,300 | SCANA Corp. | 216,027 | |||
6,800 | UGI Corp. | 172,516 | |||
13,800 | Vectren Corp. | 355,902 | |||
3,500 | WGL Holdings, Inc. | 112,350 | |||
10,800 | Wisconsin Energy Corp. | 481,464 | |||
2,951,063 | |||||
Total Common Stocks (Cost $45,046,493) | 32,593,039 | ||||
Investment Companies (1.0%) | |||||
333,080 | Victory Federal Money Market Fund, Investor Shares, 0.14% (b) | 333,080 | |||
Total Investment Companies (Cost $333,080) | 333,080 | ||||
Total Investments (Cost $45,379,573)—100.0% | 32,926,119 | ||||
Liabilities in excess of other assets—0.0% | (15,200 | ) | |||
Net Assets—100.0% | 32,910,919 | ||||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2009. |
REIT Real Estate Investment Trust
See accompanying notes to financial statements.
31
Table of Contents
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (98.4%) | ||||
Consumer Discretionary (13.1%) | ||||
7,400 | Apollo Group, Inc., Class A (a) | 602,804 | ||
2,600 | AutoZone, Inc. (a) | 345,514 | ||
16,300 | Avon Products, Inc. | 333,335 | ||
5,600 | Big Lots, Inc. (a) | 75,320 | ||
16,900 | Brown-Forman Corp. | 767,429 | ||
9,500 | Bunge Ltd. | 407,930 | ||
29,840 | Colgate-Palmolive Co. | 1,940,794 | ||
33,600 | Comcast Corp., Class A | 492,240 | ||
3,700 | Fortune Brands, Inc. | 118,400 | ||
27,190 | McDonald’s Corp. | 1,577,564 | ||
4,570 | NIKE, Inc., Class B | 206,792 | ||
19,800 | Pactiv Corp. (a) | 428,076 | ||
4,900 | Sherwin-Williams Co. (The) | 233,975 | ||
57,210 | TJX Cos., Inc. (The) | 1,111,018 | ||
48,600 | Wal-Mart Stores, Inc. | 2,290,032 | ||
10,931,223 | ||||
Consumer Staples (7.1%) | ||||
12,400 | Archer-Daniels-Midland Co. | 339,512 | ||
15,400 | Coca-Cola Co. (The) | 657,888 | ||
15,800 | Gap, Inc. (The) | 178,224 | ||
12,000 | Jones Apparel Group, Inc. | 41,520 | ||
46,970 | Kroger Co. (The) | 1,056,825 | ||
5,800 | Lorillard, Inc. | 344,868 | ||
18,500 | Pepsi Bottling Group, Inc. (The) | 356,865 | ||
19,304 | PepsiCo, Inc. | 969,640 | ||
19,945 | Procter & Gamble Co. (The) | 1,087,002 | ||
33,800 | Sysco Corp. | 753,402 | ||
6,700 | Urban Outfitters, Inc. (a) | 104,386 | ||
5,890,132 | ||||
Energy (21.3%) | ||||
32,900 | Chesapeake Energy Corp. | 520,149 | ||
51,060 | Chevron Corp. | 3,600,751 | ||
8,290 | Devon Energy Corp. | 510,664 | ||
12,300 | ENSCO International, Inc. | 336,528 | ||
123,940 | Exxon Mobil Corp. | 9,478,931 | ||
4,400 | Hess Corp. | 244,684 | ||
17,100 | Massey Energy Co. | 259,578 | ||
6,400 | Murphy Oil Corp. | 282,752 | ||
17,300 | Noble Energy, Inc. | 846,489 | ||
22,000 | Southwestern Energy Co. (a) | 696,300 | ||
3,100 | Sunoco, Inc. | 143,592 | ||
20,900 | Tesoro Corp. | 360,107 | ||
20,070 | Valero Energy Corp. | 484,089 | ||
17,764,614 | ||||
Financials (4.6%) | ||||
13,100 | Aflac, Inc. | 304,051 | ||
20,200 | Charles Schwab Corp. (The) | 274,518 | ||
6,650 | Chubb Corp. (The) | 283,157 | ||
9,460 | CIGNA Corp. | 164,226 | ||
1,500 | CME Group, Inc. | 260,865 | ||
28,800 | Discover Financial Services | 205,920 | ||
6,800 | Goldman Sachs Group, Inc. (The) | 548,964 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Financials, continued | ||||
7,700 | H&R Block, Inc. | 159,621 | ||
16,700 | Hudson City Bancorp, Inc. | 193,720 | ||
5,330 | MasterCard, Inc., Class A | 723,707 | ||
27,390 | Morgan Stanley | 554,100 | ||
8,900 | Wells Fargo & Co. | 168,210 | ||
3,841,059 | ||||
Health Care (16.0%) | ||||
8,970 | AmerisourceBergen Corp. | 325,790 | ||
42,440 | Amgen, Inc. (a) | 2,327,834 | ||
15,360 | Baxter International, Inc. | 900,864 | ||
13,600 | C. R. Bard, Inc. | 1,163,752 | ||
24,900 | Express Scripts, Inc. (a) | 1,338,624 | ||
2,700 | Genentech, Inc. (a) | 219,348 | ||
15,400 | Gilead Sciences, Inc. (a) | 781,858 | ||
14,000 | Humana, Inc. (a) | 531,020 | ||
79,960 | Johnson & Johnson | 4,612,893 | ||
10,200 | St. Jude Medical, Inc. (a) | 370,974 | ||
13,700 | UnumProvident Corp. | 193,992 | ||
4,500 | Varian Medical Systems, Inc. (a) | 167,085 | ||
8,600 | Wyeth | 369,542 | ||
13,303,576 | ||||
Industrials (6.6%) | ||||
5,900 | Agco Corp. (a) | 125,552 | ||
24,560 | Cummins, Inc. | 588,949 | ||
18,200 | Emerson Electric Co. | 595,140 | ||
3,500 | Flowserve Corp. | 186,585 | ||
8,600 | Fluor Corp. | 334,540 | ||
16,000 | General Dynamics Corp. | 907,680 | ||
23,190 | Honeywell International, Inc. | 760,864 | ||
4,600 | Joy Global, Inc. | 95,818 | ||
12,350 | Lockheed Martin Corp. | 1,013,194 | ||
10,800 | Raytheon Co. | 546,696 | ||
5,100 | W.W. Grainger, Inc. | 372,045 | ||
5,527,063 | ||||
Information Technology (23.1%) | ||||
51,870 | Accenture Ltd., Class A | 1,637,017 | ||
38,900 | Activision Blizzard, Inc. (a) | 340,764 | ||
21,900 | Adobe Systems, Inc. (a) | 422,889 | ||
5,700 | Agilent Technologies, Inc. (a) | 103,056 | ||
45,800 | Altera Corp. | 704,404 | ||
9,800 | Amazon.com, Inc. (a) | 576,436 | ||
9,100 | Analog Devices, Inc. | 181,818 | ||
12,960 | Apple Computer, Inc. (a) | 1,168,085 | ||
18,100 | Applied Materials, Inc. | 169,597 | ||
7,300 | Automatic Data Processing, Inc. | 265,209 | ||
4,200 | Avnet, Inc. (a) | 83,244 | ||
4,900 | BMC Software, Inc. (a) | 124,117 | ||
33,100 | CA, Inc. | 595,469 | ||
56,490 | Cisco Systems, Inc. (a) | 845,655 | ||
85,800 | Compuware Corp. (a) | 557,700 | ||
55,400 | Dell, Inc. (a) | 526,300 | ||
900 | Google, Inc., Class A (a) | 304,677 |
See accompanying notes to financial statements.
32
Table of Contents
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Information Technology, continued | ||||
54,250 | Hewlett-Packard Co. | 1,885,188 | ||
72,600 | Intel Corp. | 936,540 | ||
11,980 | International Business Machines Corp. | 1,097,967 | ||
44,400 | Juniper Networks, Inc. (a) | 628,704 | ||
30,700 | Lexmark International, Inc., Class A (a) | 726,976 | ||
5,900 | McAfee, Inc. (a) | 179,891 | ||
11,300 | MEMC Electronic Materials, Inc. (a) | 153,680 | ||
145,230 | Microsoft Corp. | 2,483,433 | ||
23,800 | QLogic Corp. (a) | 269,416 | ||
37,000 | QUALCOMM, Inc. | 1,278,350 | ||
106,130 | Seagate Technology (a) | 0 | ||
36,500 | Symantec Corp. (a) | 559,545 | ||
7,900 | Western Digital Corp. (a) | 115,972 | ||
27,500 | Yahoo!, Inc. (a) | 322,575 | ||
19,244,674 | ||||
Materials (1.6%) | ||||
27,200 | AK Steel Holding Corp. | 219,504 | ||
6,600 | CF Industries Holdings, Inc. | 310,200 | ||
7,800 | FMC Corp. | 348,036 | ||
1,700 | Monsanto Co. | 129,302 | ||
6,200 | Mosaic Co. (The) | 221,154 | ||
2,600 | Sigma-Aldrich Corp. | 93,808 | ||
1,322,004 | ||||
Oil & Gas (2.5%) | ||||
11,400 | Cameron International Corp. (a) | 264,024 | ||
5,100 | FMC Technologies, Inc. (a) | 150,909 | ||
16,500 | Nabors Industries Ltd. (a) | 180,675 | ||
38,800 | Noble Corp. | 1,053,420 |
Shares | Security | Value ($) | |||
Common Stocks, continued | |||||
Oil & Gas, continued | |||||
19,200 | Rowan Cos., Inc. | 243,072 | |||
3,600 | Transocean Ltd. (a) | 196,632 | |||
2,088,732 | |||||
Real Estate Investment Trusts (0.2%) | |||||
9,500 | Annaly Capital Management, Inc. | 143,830 | |||
Telecommunications (0.9%) | |||||
15,900 | DIRECTV Group, Inc. (The) (a) | 348,210 | |||
9,700 | Harris Corp. | 419,913 | |||
768,123 | |||||
Transportation (1.1%) | |||||
2,600 | C.H. Robinson Worldwide, Inc. | 119,548 | |||
6,100 | Norfolk Southern Corp. | 233,996 | |||
50,600 | Southwest Airlines Co. | 355,718 | |||
4,200 | United Parcel Service, Inc., Class B | 178,458 | |||
887,720 | |||||
Utilities (0.3%) | |||||
5,900 | Dominion Resources, Inc. | 207,562 | |||
Total Common Stocks (Cost $111,001,152) | 81,920,312 | ||||
Investment Companies (1.7%) | |||||
1,385,368 | Victory Federal Money Market Fund, Investor Shares, 0.14% (b) | 1,385,368 | |||
Total Investment Companies (Cost $1,385,368) | 1,385,368 | ||||
Total Investments (Cost $112,386,520)—100.1% | 83,305,680 | ||||
Liabilities in excess of other assets—(0.1)% | (70,900 | ) | |||
Net Assets—100.0% | 83,234,780 | ||||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2009. |
See accompanying notes to financial statements.
33
Table of Contents
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (98.0%) | ||||
Consumer Discretionary (14.5%) | ||||
12,700 | Bunge Ltd. | 545,338 | ||
30,560 | Colgate-Palmolive Co. | 1,987,623 | ||
61,200 | Comcast Corp., Class A | 896,580 | ||
30,700 | Leggett & Platt, Inc. | 383,443 | ||
24,085 | McDonald’s Corp. | 1,397,412 | ||
24,660 | Omnicom Group, Inc. | 638,447 | ||
21,700 | Owens-Illinois, Inc. (a) | 412,300 | ||
25,620 | Philip Morris International, Inc. | 951,783 | ||
39,400 | TJX Cos., Inc. (The) | 765,148 | ||
43,200 | Wal-Mart Stores, Inc. | 2,035,584 | ||
21,930 | Walt Disney Co. (The) | 453,512 | ||
10,467,170 | ||||
Consumer Staples (6.5%) | ||||
21,820 | Altria Group, Inc. | 360,903 | ||
8,600 | Archer-Daniels-Midland Co. | 235,468 | ||
22,100 | ConAgra Foods, Inc. | 377,910 | ||
46,250 | Kroger Co. (The) | 1,040,625 | ||
5,500 | Lorillard, Inc. | 327,030 | ||
18,200 | Pepsi Bottling Group, Inc. (The) | 351,078 | ||
21,895 | PepsiCo, Inc. | 1,099,786 | ||
6,171 | Procter & Gamble Co. (The) | 336,319 | ||
26,500 | Sysco Corp. | 590,685 | ||
4,719,804 | ||||
Energy (12.3%) | ||||
39,120 | ConocoPhillips | 1,859,374 | ||
16,730 | Devon Energy Corp. | 1,030,568 | ||
14,280 | ENSCO International, Inc. | 390,701 | ||
57,840 | Exxon Mobil Corp. | 4,423,603 | ||
19,300 | Massey Energy Co. | 292,974 | ||
35,510 | Valero Energy Corp. | 856,501 | ||
8,853,721 | ||||
Financials (10.5%) | ||||
5,500 | Aflac, Inc. | 127,655 | ||
18,910 | Allstate Corp. (The) | 409,780 | ||
40,520 | Bank of America Corp. | 266,622 | ||
13,000 | Charles Schwab Corp. (The) | 176,670 | ||
7,800 | Goldman Sachs Group, Inc. (The) | 629,694 | ||
13,500 | H&R Block, Inc. | 279,855 | ||
23,900 | Hudson City Bancorp, Inc. | 277,240 | ||
58,175 | JPMorgan Chase & Co. | 1,484,044 | ||
3,350 | MasterCard, Inc., Class A | 454,863 | ||
34,100 | Morgan Stanley | 689,843 | ||
11,200 | Northern Trust Corp. | 644,224 | ||
5,900 | State Street Corp. | 137,293 | ||
20,460 | Travelers Cos., Inc. (The) | 790,574 | ||
30,100 | U.S. Bancorp | 446,684 | ||
40,200 | Wells Fargo & Co. | 759,780 | ||
7,574,821 | ||||
Health Care (15.5%) | ||||
20,100 | AmerisourceBergen Corp. | 730,032 | ||
25,100 | Amgen, Inc. (a) | 1,376,735 | ||
13,310 | Baxter International, Inc. | 780,631 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Health Care, continued | ||||
6,400 | C. R. Bard, Inc. | 547,648 | ||
19,200 | Eli Lilly & Co. | 706,944 | ||
24,200 | Express Scripts, Inc. (a) | 1,300,992 | ||
54,526 | Johnson & Johnson | 3,145,605 | ||
116,938 | Pfizer, Inc. | 1,704,956 | ||
22,700 | UnumProvident Corp. | 321,432 | ||
13,400 | Wyeth | 575,798 | ||
11,190,773 | ||||
Industrials (8.8%) | ||||
17,700 | Agco Corp. (a) | 376,656 | ||
13,740 | Cummins, Inc. | 329,485 | ||
37,550 | Emerson Electric Co. | 1,227,885 | ||
11,600 | Fluor Corp. | 451,240 | ||
26,900 | General Electric Co. | 326,297 | ||
14,030 | Honeywell International, Inc. | 460,324 | ||
18,160 | Lockheed Martin Corp. | 1,489,847 | ||
13,660 | Northrop Grumman Corp. | 657,319 | ||
14,290 | W.W. Grainger, Inc. | 1,042,456 | ||
6,361,509 | ||||
Information Technology (15.3%) | ||||
44,900 | Accenture Ltd., Class A | 1,417,044 | ||
76,100 | Activision Blizzard, Inc. (a) | 666,636 | ||
51,800 | Altera Corp. | 796,684 | ||
23,000 | Analog Devices, Inc. | 459,540 | ||
9,100 | Apple Computer, Inc. (a) | 820,183 | ||
7,400 | Automatic Data Processing, Inc. | 268,842 | ||
16,950 | Avnet, Inc. (a) | 335,949 | ||
24,900 | Dell, Inc. (a) | 236,550 | ||
71,720 | Hewlett-Packard Co. | 2,492,270 | ||
31,800 | Intel Corp. | 410,220 | ||
49,900 | Juniper Networks, Inc. (a) | 706,584 | ||
56,390 | Microsoft Corp. | 964,269 | ||
21,800 | QUALCOMM, Inc. | 753,190 | ||
35,900 | Symantec Corp. (a) | 550,347 | ||
13,000 | Yahoo!, Inc. (a) | 152,490 | ||
11,030,798 | ||||
Materials (2.4%) | ||||
33,100 | AK Steel Holding Corp. | 267,117 | ||
17,500 | FMC Corp. | 780,850 | ||
18,900 | Mosaic Co. (The) | 674,163 | ||
1,722,130 | ||||
Oil & Gas (1.8%) | ||||
24,500 | Cameron International Corp. (a) | 567,420 | ||
17,800 | FMC Technologies, Inc. (a) | 526,702 | ||
8,100 | Noble Corp. | 219,915 | ||
1,314,037 | ||||
Real Estate Investment Trusts (0.7%) | ||||
5,200 | Boston Properties, Inc. | 225,160 | ||
12,500 | HCP, Inc. | 291,750 | ||
516,910 | ||||
See accompanying notes to financial statements.
34
Table of Contents
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Telecommunications (3.7%) | ||||
26,646 | AT&T, Inc. | 656,025 | ||
12,000 | CenturyTel, Inc. | 325,680 | ||
37,300 | Verizon Communications, Inc. | 1,114,151 | ||
65,100 | Windstream Corp. | 565,068 | ||
2,660,924 | ||||
Transportation (1.5%) | ||||
14,100 | Norfolk Southern Corp. | 540,876 | ||
74,800 | Southwest Airlines Co. | 525,844 | ||
1,066,720 | ||||
Utilities (4.5%) | ||||
36,800 | Dominion Resources, Inc. | 1,294,624 | ||
17,300 | Nicor, Inc. | 591,833 | ||
39,600 | Southern Co. | 1,324,620 | ||
3,211,077 | ||||
Total Common Stocks (Cost $100,204,646) | 70,690,394 | |||
Shares | Security | Value ($) | ||
Investment Companies (2.0%) | ||||
1,427,206 | Victory Federal Money Market Fund, Investor Shares, 0.14% (b) | 1,427,206 | ||
3,819 | Victory Institutional Money Market Fund, Investor Shares, 0.99% (b) | 3,819 | ||
Total Investment Companies (Cost $1,431,025) | 1,431,025 | |||
Total Investments (Cost $101,635,671)—100.0% | 72,121,419 | |||
Other assets in excess of liabilities—0.0% | 3,940 | |||
Net Assets—100.0% | 72,125,359 | |||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2009. |
See accompanying notes to financial statements.
35
Table of Contents
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks (98.4%) | ||||
Consumer Discretionary (8.5%) | ||||
2,300 | Brown-Forman Corp. | 104,443 | ||
6,900 | Bunge Ltd. | 296,286 | ||
45,600 | Comcast Corp., Class A | 668,040 | ||
4,900 | Fortune Brands, Inc. | 156,800 | ||
24,400 | Home Depot, Inc. (The) | 525,332 | ||
22,200 | Interpublic Group of Cos., Inc. (The) (a) | 73,926 | ||
18,100 | Leggett & Platt, Inc. | 226,069 | ||
10,900 | McDonald’s Corp. | 632,418 | ||
14,300 | MeadWestvaco Corp. | 166,452 | ||
20,000 | Owens-Illinois, Inc. (a) | 380,000 | ||
4,900 | Pactiv Corp. (a) | 105,938 | ||
2,200 | Sherwin-Williams Co. (The) | 105,050 | ||
600 | Strayer Education, Inc. | 129,858 | ||
10,000 | Tech Data Corp. (a) | 181,100 | ||
50,800 | Time Warner, Inc. | 473,964 | ||
10,000 | Toll Brothers, Inc. (a) | 170,200 | ||
12,600 | Wal-Mart Stores, Inc. | 593,712 | ||
29,940 | Walt Disney Co. (The) | 619,159 | ||
5,608,747 | ||||
Consumer Staples (9.0%) | ||||
29,100 | Archer-Daniels-Midland Co. | 796,758 | ||
10,700 | BJ’s Wholesale Club, Inc. (a) | 306,876 | ||
15,300 | ConAgra Foods, Inc. | 261,630 | ||
5,700 | Crown Holdings, Inc. (a) | 106,875 | ||
18,700 | Foot Locker, Inc. | 137,632 | ||
18,600 | Gap, Inc. (The) | 209,808 | ||
6,400 | General Mills, Inc. | 378,560 | ||
3,900 | Genuine Parts Co. | 124,878 | ||
30,000 | Jones Apparel Group, Inc. | 103,800 | ||
37,670 | Kroger Co. (The) | 847,575 | ||
6,500 | Lorillard, Inc. | 386,490 | ||
17,000 | Pepsi Bottling Group, Inc. (The) | 327,930 | ||
4,010 | PepsiCo, Inc. | 201,422 | ||
17,353 | Procter & Gamble Co. (The) | 945,739 | ||
6,400 | Reynolds American, Inc. | 244,352 | ||
11,200 | Sara Lee Corp. | 112,336 | ||
21,100 | Sysco Corp. | 470,319 | ||
5,962,980 | ||||
Energy (20.1%) | ||||
5,990 | Atmos Energy Corp. | 147,055 | ||
13,300 | Chesapeake Energy Corp. | 210,273 | ||
52,190 | Chevron Corp. | 3,680,439 | ||
19,600 | ConocoPhillips | 931,588 | ||
3,210 | Devon Energy Corp. | 197,736 | ||
63,650 | Duke Energy Corp. | 964,297 | ||
61,508 | Exxon Mobil Corp. | 4,704,132 | ||
23,500 | Mariner Energy, Inc. (a) | 232,650 | ||
6,800 | Massey Energy Co. | 103,224 | ||
8,500 | Noble Energy, Inc. | 415,905 | ||
9,700 | Plains Exploration & Product Co. (a) | 204,864 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Energy, continued | ||||
16,900 | Southwestern Energy Co. (a) | 534,885 | ||
17,900 | Tesoro Corp. | 308,417 | ||
28,960 | Valero Energy Corp. | 698,515 | ||
13,333,980 | ||||
Financials (17.6%) | ||||
14,190 | ACE Ltd. | 619,535 | ||
7,600 | Aflac, Inc. | 176,396 | ||
3,720 | Allstate Corp. (The) | 80,612 | ||
10,300 | Arch Capital Group Ltd. (a) | 619,545 | ||
68,947 | Bank of America Corp. | 453,671 | ||
17,100 | BB&T Corp. | 338,409 | ||
4,200 | Capital One Financial Corp. | 66,528 | ||
2,500 | Capitol Federal Financial | 103,500 | ||
21,100 | Charles Schwab Corp. (The) | 286,749 | ||
2,770 | Chubb Corp. (The) | 117,947 | ||
62,560 | Citigroup, Inc. | 222,088 | ||
4,400 | Cullen/Frost Bankers, Inc. | 192,588 | ||
6,900 | Federated Investors, Inc., Class B | 134,688 | ||
8,140 | Goldman Sachs Group, Inc. (The) | 657,142 | ||
9,150 | Hospitality Properties Trust | 122,793 | ||
23,200 | Hudson City Bancorp, Inc. | 269,120 | ||
78,499 | JPMorgan Chase & Co. | 2,002,510 | ||
2,700 | MasterCard, Inc., Class A | 366,606 | ||
7,900 | Morgan Stanley | 159,817 | ||
4,300 | Northern Trust Corp. | 247,336 | ||
9,600 | PartnerRe Ltd. | 629,088 | ||
2,200 | PNC Financial Services Group, Inc. | 71,544 | ||
11,000 | Raymond James Financial, Inc. | 203,610 | ||
4,700 | Reinsurance Group of America, Inc. | 167,461 | ||
7,800 | State Street Corp. | 181,506 | ||
8,570 | SunTrust Banks, Inc. | 105,068 | ||
22,700 | Travelers Cos., Inc. (The) | 877,128 | ||
29,800 | U.S. Bancorp | 442,232 | ||
90,600 | Wells Fargo & Co. | 1,712,340 | ||
11,627,557 | ||||
Health Care (15.3%) | ||||
20,930 | AmerisourceBergen Corp. | 760,178 | ||
23,500 | Amgen, Inc. (a) | 1,288,975 | ||
3,900 | C. R. Bard, Inc. | 333,723 | ||
6,200 | Eli Lilly & Co. | 228,284 | ||
2,800 | Express Scripts, Inc. (a) | 150,528 | ||
37,700 | Herbalife Ltd. | 773,227 | ||
3,200 | Humana, Inc. (a) | 121,376 | ||
45,200 | Johnson & Johnson | 2,607,588 | ||
15,300 | LifePoint Hospitals, Inc. (a) | 344,862 | ||
147,200 | Pfizer, Inc. | 2,146,176 | ||
10,200 | UnumProvident Corp. | 144,432 | ||
6,400 | WellPoint, Inc. (a) | 265,280 | ||
22,500 | Wyeth | 966,825 | ||
10,131,454 | ||||
See accompanying notes to financial statements.
36
Table of Contents
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Industrials (7.6%) | ||||
12,700 | Agco Corp. (a) | 270,256 | ||
32,760 | Emerson Electric Co. | 1,071,252 | ||
4,400 | Flowserve Corp. | 234,564 | ||
8,020 | Fluor Corp. | 311,978 | ||
3,800 | General Dynamics Corp. | 215,574 | ||
29,160 | General Electric Co. | 353,711 | ||
17,070 | Honeywell International, Inc. | 560,066 | ||
2,100 | Mettler-Toledo International, Inc. (a) | 139,818 | ||
24,600 | Raytheon Co. | 1,245,252 | ||
8,300 | W.W. Grainger, Inc. | 605,485 | ||
5,007,956 | ||||
Information Technology (2.7%) | ||||
14,950 | Accenture Ltd., Class A | 471,822 | ||
3,300 | Adobe Systems, Inc. (a) | 63,723 | ||
11,100 | Altera Corp. | 170,718 | ||
4,800 | Automatic Data Processing, Inc. | 174,384 | ||
9,400 | Ingram Micro, Inc. (a) | 115,338 | ||
7,800 | Intel Corp. | 100,620 | ||
15,200 | Lexmark International, Inc., Class A (a) | 359,936 | ||
26,900 | QLogic Corp. (a) | 304,508 | ||
1,761,049 | ||||
Materials (1.5%) | ||||
12,800 | AK Steel Holding Corp. | 103,296 | ||
9,200 | FMC Corp. | 410,504 | ||
9,800 | Mosaic Co. (The) | 349,566 | ||
3,700 | Sigma-Aldrich Corp. | 133,496 | ||
996,862 | ||||
Oil & Gas (0.1%) | ||||
6,000 | Pride International, Inc. (a) | 96,720 | ||
Real Estate Investment Trusts (2.6%) | ||||
30,000 | Annaly Capital Management, Inc. | 454,200 | ||
25,100 | Brandywine Realty Trust | 149,847 | ||
6,500 | Digital Realty Trust, Inc. | 207,350 | ||
4,000 | Equity Residential | 95,720 | ||
5,000 | Health Care REIT, Inc. | 189,050 | ||
52,240 | HRPT Properties Trust | 166,123 |
Shares | Security | Value ($) | ||
Common Stocks, continued | ||||
Real Estate Investment Trusts, continued | ||||
9,200 | Mack-Cali Realty Corp. | 186,944 | ||
9,600 | SL Green Realty Corp. | 150,816 | ||
6,900 | Weingarten Realty Investors | 111,711 | ||
1,711,761 | ||||
Services (0.2%) | ||||
7,400 | Weight Watchers International, Inc. | 168,794 | ||
Telecommunications (6.5%) | ||||
53,011 | AT&T, Inc. | 1,305,131 | ||
6,260 | CenturyTel, Inc. | 169,896 | ||
11,700 | DIRECTV Group, Inc. (The) (a) | 256,230 | ||
59,100 | Sprint Nextel Corp. (a) | 143,613 | ||
59,020 | Verizon Communications, Inc. | 1,762,928 | ||
75,200 | Windstream Corp. | 652,736 | ||
4,290,534 | ||||
Transportation (0.7%) | ||||
6,900 | Norfolk Southern Corp. | 264,684 | ||
30,000 | Southwest Airlines Co. | 210,900 | ||
475,584 | ||||
Utilities (6.0%) | ||||
22,900 | Alliant Energy Corp. | 660,207 | ||
43,600 | Dominion Resources, Inc. | 1,533,848 | ||
11,690 | Edison International | 380,743 | ||
11,900 | Energen Corp. | 347,599 | ||
3,800 | FirstEnergy Corp. | 189,962 | ||
26,800 | Southern Co. | 896,460 | ||
4,008,819 | ||||
Total Common Stocks (Cost $96,306,522) | 65,182,797 | |||
Investment Companies (1.5%) | ||||
985,730 | Victory Federal Money Market Fund, Investor Shares, 0.14% (b) | 985,730 | ||
Total Investment Companies (Cost $985,730) | 985,730 | |||
Total Investments (Cost $97,292,252)—99.9% | 66,168,527 | |||
Other assets in excess of liabilities — 0.1% | 54,961 | |||
Net Assets—100.0% | 66,223,488 | |||
(a) | Non-income producing security. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2009. |
See accompanying notes to financial statements.
37
Table of Contents
PACIFIC CAPITAL FUNDS
High Grade Core Fixed Income Fund
Schedule of Portfolio Investments
January 31, 2009
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Corporate Bonds (31.3%) | ||||
Consumer Discretionary (1.6%) | ||||
2,990,000 | Comcast Corp., 5.85%, 11/15/15 | 2,927,766 | ||
802,000 | Harvard President & Fellows of Harvard, 6.30%, 10/1/37, Callable 4/1/16 @ 100 | 781,686 | ||
3,709,452 | ||||
Consumer Staples (0.7%) | ||||
1,660,000 | Starbucks Corp., 6.25%, 8/15/17 | 1,559,208 | ||
Energy (3.9%) | ||||
1,800,000 | Apache Finance Canada, 7.75%, 12/15/29 | 1,994,297 | ||
1,000,000 | ConocoPhillips, 4.75%, 2/1/14 | 997,190 | ||
2,125,000 | Duke Capital LLC, 8.00%, 10/1/19 | 2,114,883 | ||
1,750,000 | Kinder Morgan Energy Partners LP, 7.13%, 3/15/12 | 1,805,820 | ||
2,625,000 | Smith International, Inc., 6.00%, 6/15/16 | 2,395,969 | ||
9,308,159 | ||||
Financials (15.3%) | ||||
Banking (2.0%) | ||||
368,165 | Fifth Third Bancorp, Series BKNT, 2.87%, 8/10/09 | 365,178 | ||
2,675,000 | Regions Bank, 3.25%, 12/9/11 | 2,751,422 | ||
1,480,000 | Wells Fargo & Co., 5.63%, 12/11/17 | 1,452,306 | ||
4,568,906 | ||||
Financial Services (13.3%) | ||||
463,000 | American Express Credit Co., 5.00%, 12/2/10 | 452,170 | ||
125,000 | BP Capital Markets PLC, 5.25%, 11/7/13 | 132,928 | ||
1,225,000 | Charles Schwab Corp., Series A, 6.38%, 9/1/17, MTN | 1,119,776 | ||
1,000,000 | CIT Group Funding Co. Canada, 4.65%, 7/1/10 | 885,083 | ||
1,050,000 | General Electric Capital Corp., 5.72%, 8/22/11, Callable 7/22/09 @ 100, MTN | 1,039,690 | ||
3,575,000 | General Electric Capital Corp., Series G, 3.00%, 12/9/11 | 3,652,603 | ||
500,000 | Genworth Financial, Inc., 5.75%, 6/15/14 | 210,213 | ||
1,000,000 | HSBC Finance Corp., 6.38%, 10/15/11 | 1,029,627 | ||
1,000,000 | International Lease Finance Corp., Series P, 1.49% (a), 1/15/10, MTN | 883,639 | ||
3,450,000 | International Lease Finance Corp., 1.61% (a), 7/13/12 | 2,431,042 | ||
1,275,000 | Merrill Lynch & Co., 2.44% (a), 5/8/09, MTN | 1,263,797 | ||
3,700,000 | Merrill Lynch & Co., Series C, 2.43% (a), 6/5/12, MTN | 3,187,987 | ||
3,600,000 | Morgan Stanley, 1.95%, 6/20/12 | 3,541,993 |
Principal Amount ($) | Security | Value ($) | ||
Corporate Bonds, continued | ||||
Financial Services, continued | ||||
1,400,000 | National Rural Utilities Cooperative Finance Corp., 10.38%, 11/1/18 | 1,694,025 | ||
3,025,000 | PartnerRe Finance A LLC, 6.88%, 6/1/18 | 2,633,314 | ||
1,000,000 | Principal Life Global Funding, 5.13%, 10/15/13, MTN (b) | 927,355 | ||
5,000,000 | Sun Life Financial, Inc., 1.71% (a), 10/6/13 (b) | 4,597,780 | ||
700,000 | Textron Financial Corp., 5.13%, 11/1/10 | 560,423 | ||
1,142,142 | Toyota Motor Credit Corp., 2.75%, 8/6/09, MTN | 1,152,223 | ||
31,395,668 | ||||
35,964,574 | ||||
Industrials (2.1%) | ||||
2,950,000 | Dominion Resources, Inc., 5.25%, 8/1/33 | 2,784,163 | ||
2,300,000 | General Electric Co., 5.00%, 2/1/13 | 2,297,824 | ||
5,081,987 | ||||
Information Technology (0.3%) | ||||
625,000 | Pitney Bowes, Inc., 5.25%, 1/15/37, MTN | 612,416 | ||
Supranational Agency (0.4%) | ||||
1,000,000 | European Investment Bank, 2.38%, 3/14/14 | 980,490 | ||
Technology (0.9%) | ||||
1,140,000 | Science Applications International Corp., 7.13%, 7/1/32 | 952,434 | ||
1,485,000 | Science Applications International Corp., 5.50%, 7/1/33 | 1,109,060 | ||
2,061,494 | ||||
Telecommunications (2.8%) | ||||
1,325,000 | AT&T, Inc., 4.13%, 9/15/09 | 1,342,649 | ||
2,075,000 | GTE Southwest, Inc., First Mortgage Bond, 8.50%, 11/15/31 | 2,137,657 | ||
1,550,000 | Harris Corp., 5.00%, 10/1/15 | 1,313,716 | ||
2,000,000 | Harris Corp., 5.95%, 12/1/17 | 1,765,094 | ||
6,559,116 | ||||
Transportation (1.8%) | ||||
759,498 | Burlington Northern & Santa Fe Railway Co. (The), 5.14%, 1/15/21 | 707,419 | ||
3,881,374 | FedEx Corp., Pass Thru Certificates, 7.50%, 1/15/18 | 3,609,678 | ||
4,317,097 | ||||
Utilities (1.5%) | ||||
1,295,000 | Alabama Power Co., Series 1, 5.65%, 3/15/35, Callable 3/15/15 @ 100 | 1,202,872 | ||
1,300,000 | Georgia Power Co., Series Q, 4.90%, 9/15/13 | 1,343,978 |
See accompanying notes to financial statements.
38
Table of Contents
PACIFIC CAPITAL FUNDS
High Grade Core Fixed Income Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Corporate Bonds, continued | ||||
Utilities, continued | ||||
1,007,000 | PacifiCorp, 5.45%, 9/15/13 | 1,049,089 | ||
3,595,939 | ||||
Total Corporate Bonds (Cost $78,532,265) | 73,749,932 | |||
Municipal Bonds (1.0%) | ||||
Hawaii (0.6%) | ||||
1,410,000 | Hawaii State GO, Series DM, 3.68%, 5/1/10 | 1,429,317 | ||
Michigan (0.4%) | ||||
1,000,000 | Michigan State University, 2.00%, 3/3/09 | 1,000,000 | ||
Total Municipal Bonds (Cost $2,410,000) | 2,429,317 | |||
U.S. Government Agency Mortgage-Backed Obligations (42.9%) | ||||
Federal Home Loan Mortgage Corp. (18.2%) | ||||
2,175,761 | 5.50%, 4/1/21 | 2,247,962 | ||
2,007,250 | 4.50%, 8/1/33 | 2,022,096 | ||
2,307,700 | 5.00%, 5/1/34 | 2,350,104 | ||
4,279,539 | 5.50%, 3/1/35 | 4,386,617 | ||
1,503,111 | 6.00%, 4/1/36 | 1,552,933 | ||
5,244,035 | 5.00%, 6/1/36 | 5,331,381 | ||
5,547,909 | 5.83%, 12/1/36 | 5,757,227 | ||
5,307,961 | 6.00%, 12/1/36 | 5,483,897 | ||
2,883,820 | 5.50%, 1/1/37 | 2,917,675 | ||
2,411,517 | 6.50%, 5/1/37 | 2,516,634 | ||
7,573,911 | 6.50%, 8/1/38 | 7,904,054 | ||
42,470,580 | ||||
Federal National Mortgage Assoc. (23.9%) | ||||
1,478,032 | 4.50%, 6/1/14 | 1,507,142 | ||
2,603,751 | 4.50%, 3/1/19 | 2,647,437 | ||
735,977 | 4.50%, 10/1/33 | 743,115 | ||
2,397,389 | 5.00%, 1/1/34 | 2,447,434 | ||
677,850 | 5.00%, 3/1/34 | 692,000 | ||
3,203,705 | 5.08% (a), 9/1/34 | 3,247,676 | ||
2,780,106 | 5.05% (a), 10/1/34 | 2,860,703 | ||
2,536,519 | 5.50%, 2/1/35 | 2,603,446 | ||
5,946,961 | 5.50%, 2/1/35 | 6,103,874 | ||
2,185,792 | 6.00%, 4/1/35 | 2,260,541 | ||
8,188,000 | 5.50%, 7/25/35 | 8,446,850 | ||
1,304,170 | 5.00%, 8/1/35 | 1,326,912 | ||
3,511,851 | 5.50%, 10/1/35 | 3,601,221 | ||
2,180,131 | 6.00%, 12/1/35 | 2,251,961 | ||
1,868,530 | 6.00%, 10/1/36 | 1,928,343 | ||
2,890,723 | 5.50%, 12/1/36 | 2,925,893 | ||
5,691,162 | 5.57% (a), 1/1/37 | 5,873,309 | ||
4,859,479 | 6.50%, 4/1/38 | 5,068,822 | ||
56,536,679 | ||||
Government National Mortgage Assoc. (0.8%) | ||||
1,919,237 | 5.50%, 11/15/35 | 1,970,787 | ||
Total U.S. Government Agency Mortgage- Backed Obligations (Cost $96,861,712) | 100,978,046 | |||
Principal Amount ($) | Security | Value ($) | ||
U.S. Government Agencies (6.4%) | ||||
Federal Home Loan Mortgage Corp. (1.7%) | ||||
3,025,000 | 5.40%, 6/15/10, Callable 6/15/09 @ 100 | 3,073,811 | ||
540,000 | 5.00%, 4/30/15, Callable 4/30/09 @ 100, MTN | 544,396 | ||
350,000 | 5.40%, 3/17/21, Callable 3/17/16 @ 100 | 367,102 | ||
3,985,309 | ||||
Federal National Mortgage Assoc. (3.3%) | ||||
3,060,000 | 2.00%, 1/9/12 | 3,057,133 | ||
625,000 | 4.25%, 4/24/13, | 629,655 | ||
900,000 | 2.88%, 12/11/13 | 916,493 | ||
2,900,000 | 5.55%, 3/29/19, | 2,902,314 | ||
180,000 | 5.50%, 5/10/27, | 188,378 | ||
7,693,973 | ||||
Overseas Private Investment Corp. (0.4%) | ||||
1,000,000 | 4.11%, 12/15/13, MTN (c) | 1,022,964 | ||
Small Business Administration Corp. (0.2%) | ||||
424,592 | 6.34%, 8/1/11 | 438,153 | ||
Tennessee Valley Authority (0.4%) | ||||
880,000 | 5.50%, 7/18/17 | 972,629 | ||
U.S. Department of Housing & Urban Development (0.4%) | ||||
770,000 | 3.44%, 8/1/11 | 799,651 | ||
Total U.S. Government Agencies (Cost $14,754,009) | 14,912,679 | |||
U.S. Treasury Obligations (16.6%) | ||||
U.S. Treasury Bonds (8.4%) | ||||
2,850,000 | 7.88%, 2/15/21 | 3,994,010 | ||
700,000 | 5.50%, 8/15/28 | 852,032 | ||
13,125,000 | 4.50%, 2/15/36 | 14,884,577 | ||
19,730,619 | ||||
U.S. Treasury Notes (8.2%) | ||||
4,200,000 | 4.75%, 3/31/11 | 4,546,172 | ||
2,516,000 | 4.63%, 7/31/12 | 2,786,473 | ||
7,675,000 | 4.25%, 8/15/15 | 8,622,985 | ||
3,000,000 | 4.63%, 11/15/16 | 3,407,814 | ||
19,363,444 | ||||
Total U.S. Treasury Obligations (Cost $39,672,538) | 39,094,063 | |||
See accompanying notes to financial statements.
39
Table of Contents
PACIFIC CAPITAL FUNDS
High Grade Core Fixed Income Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares | Security Description | Value ($) | ||
Investment Companies (1.4%) | ||||
3,264,757 | Victory Federal Money Market Fund, Investor Shares, 0.14% (d) | 3,264,757 | ||
Total Investment Companies (Cost $3,264,757) | 3,264,757 | |||
Total Investments (Cost $235,495,281)—99.6% | 234,428,794 | |||
Other assets in excess of liabilities—0.4% | 920,894 | |||
Net Assets—100.0% | 235,349,688 | |||
(a) | Rate periodically changes. Rate disclosed is the rate in effect on January 31, 2009. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2009, all such securities in total represented 2.3% of net assets. |
(c) | Security was fair valued using methods approved by the Board of Trustees and represents 0.4% of net assets as of January 31, 2009. |
(d) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2009. |
GO—General Obligation
LLC—Limited Liability Co.
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Liability Co.
See accompanying notes to financial statements.
40
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments
January 31, 2009
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds (95.6%) | ||||
Arizona (2.9%) | ||||
7,255,000 | Phoenix Civic Improvement Corp., Civic Plaza, Convertible CAB, 0.00% (a), 7/1/31, 5.50% effective 7/1/13, FGIC | 5,392,497 | ||
1,605,000 | Scottsdale GO, 5.38%, 7/1/16, Callable 7/1/11 @ 101 | 1,753,382 | ||
7,145,879 | ||||
California (0.7%) | ||||
5,000,000 | Norwalk-La Mirada California Unified School District GO, CAB, Series B, | 1,638,550 | ||
Connecticut (0.6%) | ||||
2,000,000 | Connecticut State Health & Educational Facility Authority Revenue, University of Hartford, Series G, 5.25%, 7/1/26, Callable 7/1/16 @ 100 | 1,559,900 | ||
Florida (3.5%) | ||||
2,000,000 | Hillsborough County Aviation Authority Revenue, AMT, 5.25%, 10/1/18, Callable 10/1/13 @ 100, MBIA | 1,962,760 | ||
2,000,000 | Miami-Dade County Expressway Authority Toll System Revenue, 6.00%, 7/1/20, Prerefunded 7/1/10 @ 101, FGIC | 2,157,140 | ||
3,725,000 | Orlando Utilities Community Water & Electric Revenue, Series D, 6.75%, 10/1/17, ETM | 4,496,075 | ||
8,615,975 | ||||
Georgia (4.3%) | ||||
2,330,000 | Metropolitan Atlanta Rapid Transportation Authority Sales Tax Revenue, Series P, 6.25%, 7/1/11, AMBAC | 2,501,115 | ||
390,000 | Municipal Electric Authority Power Revenue, Series W, | 514,055 | ||
6,385,000 | Municipal Electric Authority Power Revenue, Series W, | 7,353,860 | ||
10,369,030 | ||||
Hawaii (58.4%) | ||||
3,000,000 | Hawaii Airport System Revenue, AMT, 5.63%, 7/1/18, Callable 7/1/11 @ 100, FGIC | 3,035,100 | ||
12,640,000 | Hawaii Airport System Revenue, Second Series, AMT, 6.90%, 7/1/12, ETM, MBIA | 13,556,400 | ||
605,000 | Hawaii County GO, Series A, 5.60%, 5/1/13, FGIC | 689,954 |
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Hawaii, continued | ||||
1,655,000 | Hawaii County GO, Series A, 5.25%, 7/15/17 | 1,893,816 | ||
1,655,000 | Hawaii County GO, Series A, 6.00%, 7/15/26, Callable 7/15/18 @100 | 1,771,926 | ||
3,000,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., 5.70%, 7/1/20, Callable 7/1/10 @ 101, AMBAC | 3,004,500 | ||
3,000,000 | Hawaii Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Series A, AMT, 4.95%, 4/1/12, MBIA | 2,998,080 | ||
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 | 2,079,140 | ||
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 | 4,513,288 | ||
2,340,000 | Hawaii Housing Finance & Development Corp., University of Hawaii Faculty Housing Project Revenue, 5.70%, 10/1/25, Callable 10/1/09 @ 100, AMBAC | 2,208,890 | ||
6,000,000 | Hawaii State Department of Budget & Finance, Special Purpose Revenue, Queen’s Health Systems, Series C, 4.50% (a), 7/1/28, AMBAC, SPA - Bank of America N.A. | 6,000,000 | ||
2,000,000 | Hawaii State GO, Series BZ, 6.00%, 10/1/12, FGIC | 2,305,260 | ||
1,350,000 | Hawaii State GO, Series CH, 4.75%, 11/1/11, MBIA | 1,466,626 | ||
1,335,000 | Hawaii State GO, Series CH, 4.75%, 11/1/13, MBIA | 1,522,327 | ||
3,000,000 | Hawaii State GO, Series CM, 6.50%, 12/1/13, FGIC | 3,694,020 | ||
500,000 | Hawaii State GO, Series CY, 5.75%, 2/1/15, FSA | 606,950 | ||
1,000,000 | Hawaii State GO, Series DD, 5.00%, 5/1/17, Callable 5/1/14 @ 100, MBIA | 1,112,710 | ||
2,680,000 | Hawaii State GO, Series DD, 5.00%, 5/1/18, Prerefunded 5/1/14 @ 100, MBIA | 3,115,822 | ||
1,560,000 | Hawaii State GO, Series DD, 5.00%, 5/1/18, Callable 5/1/14 @ 100, MBIA | 1,715,782 |
See accompanying notes to financial statements.
41
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Hawaii, continued | ||||
4,000,000 | Hawaii State GO, Series DK, 5.00%, 5/1/17 | 4,630,760 | ||
1,105,000 | Hawaii State Harbor System Revenue, Series A, AMT, | 1,181,068 | ||
1,500,000 | Hawaii State Harbor System Revenue, Series B, AMT, | 1,587,630 | ||
2,530,000 | Hawaii State Highway Revenue, 5.38%, 7/1/18, Prerefunded 7/1/10 @ 100, FSA | 2,692,856 | ||
2,000,000 | Hawaii State Housing Finance & Development Corp., Single Family Mortgage Purchase Revenue, Series A, AMT, | 1,765,380 | ||
2,970,000 | Honolulu City & County Board of Water Supply System Revenue, Series A, 4.75%, 7/1/18, Callable 7/1/14 @ 100, FGIC | 3,167,980 | ||
2,315,000 | Honolulu City & County Board of Water Supply System Revenue, Series A, 4.75%, 7/1/31, Callable 7/1/16 @ 100, MBIA | 2,113,155 | ||
2,320,000 | Honolulu City & County GO, | 2,629,743 | ||
3,500,000 | Honolulu City & County GO, Series A, 5.38%, 9/1/18, Prerefunded 9/1/11 @ 100, FSA | 3,857,175 | ||
2,125,000 | Honolulu City & County GO, Series A, 6.00%, 1/1/11, ETM, FGIC | 2,319,799 | ||
875,000 | Honolulu City & County GO, Series A, 6.00%, 1/1/11, FGIC | 949,830 | ||
4,820,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/11, ETM, FGIC | 5,293,420 | ||
1,865,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/12, FGIC | 2,101,165 | ||
850,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/13, ETM, FGIC | 995,835 | ||
3,345,000 | Honolulu City & County GO, Series A, 5.75%, 4/1/13, FGIC | 3,866,184 | ||
6,250,000 | Honolulu City & County GO, Series A, 5.00%, 7/1/19, Callable 7/1/15 @ 100, MBIA | 6,855,250 | ||
640,000 | Honolulu City & County GO, Series B, 5.25%, 10/1/12, FGIC | 720,723 | ||
2,500,000 | Honolulu City & County GO, Series C, 5.13%, 7/1/16, Callable 7/1/09 @ 101, FGIC | 2,553,425 |
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Hawaii, continued | ||||
5,000,000 | Honolulu City & County GO, Series D, 5.00%, 7/1/20, Callable 7/1/15 @ 100, MBIA | 5,367,650 | ||
2,000,000 | Honolulu City & County Waste Water System Revenue, Junior Series, 5.00%, 7/1/23, Callable 7/1/09 @ 101, FGIC | 2,011,520 | ||
6,680,000 | Honolulu Hawaii City & County GO, Series A, 5.00%, 7/1/21, Callable 7/1/17 @ 100, FSA | 7,237,112 | ||
5,000,000 | Honolulu Hawaii City & County GO, Series A, 5.00%, 7/1/26, Callable 7/1/15 @ 100, MBIA | 5,095,800 | ||
3,150,000 | Honolulu Hawaii City & County GO, Series A, 5.00%, 7/1/27, Callable 7/1/15 @ 100, MBIA | 3,187,737 | ||
2,315,000 | Honolulu Hawaii City & County GO, Series A, 5.00%, 7/1/29, Callable 7/1/17 @ 100, FSA | 2,311,944 | ||
4,115,000 | Honolulu Hawaii City & County GO, Series F, 5.00%, 7/1/22, Callable 7/1/15 @ 100, FGIC | 4,340,708 | ||
1,340,000 | Kauai County GO, Series C, | 1,367,309 | ||
1,000,000 | University of Hawaii System Revenue, Series A, | 1,141,130 | ||
1,205,000 | University of Hawaii System Revenue, Series A, | 1,375,062 | ||
1,000,000 | University of Hawaii System Revenue, Series A, | 1,141,130 | ||
750,000 | University of Hawaii System Revenue, Series A, | 846,398 | ||
141,995,469 | ||||
Illinois (4.0%) | ||||
2,000,000 | Chicago Midway Airport Revenue, Series C, 5.50%, 1/1/15, MBIA | 2,183,880 | ||
4,665,000 | Illinois Municipal Electric Agency Power Supply Revenue, Series C, 5.25%, 2/1/21, FGIC | 4,950,918 | ||
5,505,000 | Kane & De Kalb Counties Illinois Community Unit School District GO, 4.89%, 2/1/23, FGIC (b) | 2,673,228 | ||
9,808,026 | ||||
Indiana (0.5%) | ||||
1,000,000 | Tri-Creek High School Building Corp. Revenue, 5.00%, 7/15/15, Prerefunded 7/15/13 @ 100, FSA | 1,153,280 | ||
See accompanying notes to financial statements.
42
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Kentucky (0.6%) | ||||
1,250,000 | Kentucky State Property & Buildings Commission Revenue, Second Series, AMT, 5.50%, 11/1/16, Callable 11/1/12 @ 100, FSA | 1,376,987 | ||
Massachusetts (0.4%) | ||||
1,000,000 | Massachusetts State GO, Series C, 5.75%, 10/1/20, Prerefunded 10/1/10 @ 100 | 1,073,270 | ||
Michigan (2.3%) | ||||
3,000,000 | Michigan Municipal Building Authority Revenue, Clean Water Revolving Fund, 5.50%, 10/1/21, Prerefunded 10/1/10 @ 101 | 3,260,340 | ||
2,245,000 | Michigan State Strategic Fund Ltd. Obligation Revenue, 6.95%, 5/1/11, FGIC | 2,383,472 | ||
5,643,812 | ||||
Missouri (0.9%) | ||||
2,000,000 | University of Missouri Revenue, Series B, 5.38%, 11/1/16, Callable 11/1/11 @ 100 | 2,162,420 | ||
Ohio (1.4%) | ||||
795,000 | Hamilton County Sales Tax Revenue, Series B, 5.25%, 12/1/18, Prerefunded 12/1/10 @ 100 | 856,390 | ||
205,000 | Hamilton County Sales Tax Revenue, Series B, 5.25%, 12/1/18, Callable 12/1/10 @ 100, AMBAC | 213,829 | ||
1,000,000 | Ohio State Building Authority, Adult Correction Facility Revenue, Series A, 5.50%, 10/1/14, Callable 10/1/11 @ 100, FSA | 1,096,420 | ||
1,000,000 | Ohio State Highway Capital Improvements GO, Buckeye Savers, Series K, 5.00%, 5/1/17 | 1,171,310 | ||
3,337,949 | ||||
Pennsylvania (2.9%) | ||||
6,000,000 | East Stroudsburg Area School District GO, Series A, 7.75%, 9/1/27, Callable 9/1/17 @ 100, FGIC | 7,157,400 | ||
Puerto Rico (1.1%) | ||||
3,000,000 | Puerto Rico Electric Power Authority Power Revenue, Series TT, 5.00%, 7/1/26, Callable 7/1/17 @ 100 | 2,551,590 | ||
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Texas (5.7%) | ||||
2,395,000 | Barbers Hill Independent School District GO, 5.00%, 2/15/24, Callable 2/15/15 @ 100, PSF-GTD | 2,484,477 | ||
2,630,000 | Galveston County GO, CAB, | 1,191,811 | ||
2,345,000 | Grapevine GO, Series A, 5.00%, 8/15/24, Callable 2/15/15 @ 100, MBIA | 2,420,040 | ||
2,000,000 | Houston Independent School District GO, Series A, | 2,080,120 | ||
1,365,000 | New Braunfels GO, 5.00%, 10/1/16, Callable 10/1/14 @ 100, AMBAC | 1,525,633 | ||
10,000,000 | North Texas Tollway Authority Revenue, CAB, Series D, | 2,619,900 | ||
1,760,000 | Texas State Department of Housing & Community Affairs Residential Mortgage Revenue, Series A, 5.00%, 7/1/34, Callable 1/1/13 @ 100, FHLMC | 1,415,797 | ||
13,737,778 | ||||
Washington (5.4%) | ||||
3,475,000 | Douglas County School District No. 206 Eastmont GO, | 3,782,677 | ||
3,000,000 | King County Washington School District No. 403 Renton GO, 5.00%, 12/1/24, Callable 12/1/16 @ 100, FGIC, School Board Guaranty | 3,136,080 | ||
2,000,000 | Port Seattle Washington Revenue, 5.00%, 2/1/25, Callable 2/1/16 @ 100, XLCA | 2,023,520 | ||
1,125,000 | Skagit County Public Hospital District GO, Series A, | 1,141,470 |
See accompanying notes to financial statements.
43
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares or Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Washington, continued | ||||
2,880,000 | Snohomish County Limited Tax GO, 5.25%, 12/1/12, Callable 12/1/11 @ 100, MBIA | 3,157,430 | ||
13,241,177 | ||||
Total Municipal Bonds (Cost $224,741,128) | 232,568,492 | |||
Investment Company (3.5%) | ||||
8,359,901 | Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.75% (c) | 8,359,901 | ||
Total Investment Companies (Cost $8,359,901) | 8,359,901 | |||
Total Investments (Cost $233,101,029)—99.1% | 240,928,393 | |||
Other assets in excess of liabilities—0.9% | 2,262,460 | |||
Net Assets—100.0% | 243,190,853 | |||
(a) | Rate periodically changes. Rate disclosed is the rate in effect on January 31, 2009. |
(b) | Rate disclosed represents the effective yield at purchase. |
(c) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2009. |
AMBAC—Insured by American Municipal Bond Assurance Corp.
AMT—Subject to alternative minimum tax
CAB—Capital Appreciation Bond
ETM—Escrowed to Maturity
FGIC—Insured by Financial Guaranty Insurance Co.
FHLMC—Insured by Federal Home Loan Mortgage Corporation
FNMA—Insured by Federal National Mortgage Association
FSA—Insured by Federal Security Assurance
FSA-CR—Insured by Federal Security Assurance Custodial Receipts
GO—General Obligation
MBIA—Insured by Municipal Bond Insurance Association
PSF-GTD—Insured by Public School Funding Guarantee
SPA—Standby Purchase Agreement
XLCA—Insured by XL Capital Assurance
44
Table of Contents
PACIFIC CAPITAL FUNDS
High Grade Short Intermediate Fixed Income Fund
Schedule of Portfolio Investments
January 31, 2009
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Corporate Bonds (19.2%) | ||||
Consumer Discretionary (5.5%) | ||||
1,250,000 | Comcast Corp., 5.45%, 11/15/10 | 1,270,459 | ||
1,000,000 | Daimler Chrysler NA Holding Corp., 5.88%, 3/15/11 | 959,360 | ||
1,250,000 | Newell Rubbermaid, Inc., | 1,218,499 | ||
3,448,318 | ||||
Consumer Staples (2.7%) | ||||
45,000 | Diageo Capital PLC, 5.20%, 1/30/13 | 45,834 | ||
150,000 | General Mills, Inc., 5.25%, 8/15/13 | 153,728 | ||
175,000 | Kellogg Co., 4.25%, 3/6/13 | 176,729 | ||
225,000 | Kroger Co., 5.50%, 2/1/13 | 229,147 | ||
165,000 | Kroger Co., 5.00%, 4/15/13 | 165,080 | ||
250,000 | PepsiCo, Inc., 5.15%, 5/15/12 | 268,988 | ||
160,000 | Sysco Corp., 4.20%, 2/12/13 | 159,793 | ||
150,000 | Wal-Mart Stores, Inc., | 159,310 | ||
300,000 | Walgreen Co., 4.88%, 8/1/13 | 315,923 | ||
1,674,532 | ||||
Electrical Utility (0.8%) | ||||
500,000 | Exelon Generation Co., LLC, | 498,560 | ||
Energy (0.2%) | ||||
100,000 | ConocoPhillips, 4.75%, 2/1/14 | 99,719 | ||
Financials (6.0%) | ||||
325,000 | American General Finance, Series J, 5.63%, 8/17/11, MTN | 167,273 | ||
300,000 | Caterpillar Financial Services Corp., 4.25%, 2/8/13, MTN | 292,706 | ||
500,000 | Citigroup, Inc., 5.50%, 4/11/13 | 457,803 | ||
300,000 | Citigroup, Inc., 6.50%, 8/19/13 | 286,928 | ||
1,000,000 | Countrywide Financial Corp., | 974,982 | ||
525,000 | General Electric Capital Corp., | 519,845 | ||
90,000 | General Electric Capital Corp., Series A, 5.25%, 10/19/12, MTN | 89,545 | ||
255,000 | Genworth Financial, Inc., | 252,703 | ||
45,000 | Goldman Sachs Group, Inc., | 43,473 | ||
175,000 | Merrill Lynch & Co., Series C, | 174,204 | ||
500,000 | Morgan Stanley, 5.63%, 1/9/12 | 469,795 | ||
3,729,257 | ||||
Health Care (0.3%) | ||||
200,000 | Johnson & Johnson, | 216,653 | ||
Industrials (0.5%) | ||||
125,000 | ConocoPhillips Canada, | 131,199 |
Principal Amount ($) | Security | Value ($) | ||
Corporate Bonds, continued | ||||
Industrials, continued | ||||
160,000 | Dominion Resource, Inc., | 159,768 | ||
290,967 | ||||
Information Technology (0.5%) | ||||
325,000 | Hewlett-Packard Co., | 338,678 | ||
Real Estate Investment Trust (1.5%) | ||||
1,000,000 | Simon Property Group LP, | 957,628 | ||
Telecommunications (0.7%) | ||||
200,000 | AT&T, Inc., 4.85%, 2/15/14 | 199,988 | ||
215,000 | Verizon Communications, Inc., 4.35%, 2/15/13 | 212,752 | ||
412,740 | ||||
Transportation (0.5%) | ||||
325,000 | United Parcel Service, Inc., | 346,430 | ||
Total Corporate Bonds (Cost $12,253,028) | 12,013,482 | |||
U.S. Government Agency Mortgage-Backed Obligations (58.2%) | ||||
Federal Home Loan Mortgage Corp. (37.9%) | ||||
492,246 | 5.00%, 1/1/19 | 506,274 | ||
964,696 | 4.50%, 4/1/19 | 982,691 | ||
833,645 | 4.50%, 12/1/19 | 847,632 | ||
733,977 | 6.00%, 6/1/21 | 764,736 | ||
1,280,273 | 5.14% (a), 11/1/35 | 1,289,330 | ||
1,274,003 | 6.50%, 9/1/36 | 1,329,807 | ||
5,426,727 | 5.50%, 11/1/36 | 5,558,269 | ||
7,259,286 | 5.00%, 12/1/36 | 7,380,198 | ||
2,849,477 | 6.50%, 8/1/38 | 2,973,685 | ||
1,979,032 | 6.00%, 9/1/38 | 2,044,208 | ||
23,676,830 | ||||
Federal National Mortgage Assoc. (20.3%) | ||||
472,359 | 5.00%, 5/1/19 | 485,229 | ||
7,035,895 | 5.50%, 2/1/36 | 7,209,447 | ||
1,260,483 | 6.50%, 6/1/36 | 1,315,051 | ||
3,552,086 | 5.47% (a), 4/1/37 | 3,674,182 | ||
12,683,909 | ||||
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $35,771,369) | 36,360,739 | |||
U.S. Government Agencies (5.1%) | ||||
Federal Home Loan Bank (4.6%) | ||||
875,000 | 5.00%, 3/12/10 | 912,244 | ||
200,000 | 5.25%, 6/10/11 | 215,980 | ||
550,000 | 4.75%, 3/5/12 | 589,481 | ||
1,000,000 | 5.13%, 8/14/13 | 1,110,978 | ||
2,828,683 | ||||
See accompanying notes to financial statements.
45
Table of Contents
PACIFIC CAPITAL FUNDS
High Grade Short Intermediate Fixed Income Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
U.S. Government Agencies, continued | ||||
Federal Home Loan Mortgage Corp. (0.5%) | ||||
300,000 | 3.50%, 5/29/13 | 313,848 | ||
Total U.S. Government Agencies (Cost $2,993,607) | 3,142,531 | |||
U.S. Treasury Obligations (15.9%) | ||||
U.S. Treasury Notes (15.9%) | ||||
20,000 | 3.00%, 2/15/09 | 20,025 | ||
600,000 | 2.13%, 4/30/10 | 611,790 | ||
700,000 | 3.88%, 5/15/10 | 730,051 | ||
158,000 | 3.63%, 6/15/10 | 164,518 | ||
3,200,000 | 4.63%, 2/29/12 | 3,512,003 | ||
400,000 | 2.50%, 3/31/13 | 416,000 | ||
3,700,000 | 3.38%, 6/30/13 | 3,979,524 |
Shares or Principal Amount ($) | Security | Value ($) | ||
U.S. Treasury Obligations, continued | ||||
U.S. Treasury Notes, continued | ||||
465,000 | 4.13%, 5/15/15 | 518,221 | ||
Total U.S. Treasury Obligations (Cost $9,498,695) | 9,952,132 | |||
Investment Companies (1.5%) | ||||
937,736 | Victory Federal Money Market Fund, Investor Shares, 0.14% (b) | 937,736 | ||
Total Investment Companies (Cost $937,736) | 937,736 | |||
Total Investments (Cost $61,454,435)—99.9% | 62,406,620 | |||
Other assets in excess of liabilities—0.1% | 91,966 | |||
Net Assets—100.0% | 62,498,586 | |||
(a) | Rate periodically changes. Rate disclosed is the rate in effect on January 31, 2009. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2009. |
LLC—Limited Liability Co.
LP—Limited Partnership
MTN—Medium Term Note
PLC—Public Liability Co.
See accompanying notes to financial statements.
46
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments
January 31, 2009
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds (90.4%) | ||||
Arizona (0.8%) | ||||
500,000 | Vistancia Community Facilities District GO, 4.00%, 7/15/13 | 433,290 | ||
Colorado (1.0%) | ||||
525,000 | Arapahoe County Colorado School District No. 5 Cherry Creek GO, 3.00%, 12/15/09 | 534,954 | ||
Florida (1.5%) | ||||
755,000 | Highlands County Florida Health Facilities Authority Revenue, Series G, 5.00%, 11/15/11, Unrefunded Portion | 779,658 | ||
25,000 | Highlands County Florida Health Facilities Authority Revenue, Series G, 5.00%, 11/15/11, ETM | 27,424 | ||
807,082 | ||||
Guam (4.7%) | ||||
860,000 | Guam Economic Development Authority, Capital Appreciation, CAB, Series A, 5.00%, 5/15/09 | 870,535 | ||
1,350,000 | Guam Economic Development Authority, Capital Appreciation, CAB, Series B, 5.40%, 5/15/15 | 1,608,174 | ||
2,478,709 | ||||
Hawaii (52.0%) | ||||
2,000,000 | City & County of Honolulu, Hawaii Waste Water, 5.25%, 7/1/18, Callable 7/1/09 @ 101, FGIC | 2,040,600 | ||
520,000 | Hawaii Airport System Revenue, Second Series, AMT, 6.90%, 7/1/12, ETM, MBIA | 557,700 | ||
1,000,000 | Hawaii County GO, Series A, 4.00%, 7/15/10 | 1,035,360 | ||
1,580,000 | Hawaii County GO, Series A, 5.00%, 7/15/10, AMBAC | 1,654,908 | ||
1,000,000 | Hawaii County GO, Series A, 5.38%, 5/15/13, Prerefunded 5/15/09 @ 101, FSA | 1,024,000 | ||
705,000 | Hawaii County GO, Series B, 5.00%, 7/15/09 | 717,486 | ||
805,000 | Hawaii State Airports System Revenue, Second Series, AMT, 6.90%, 7/1/12, ETM | 863,362 | ||
1,000,000 | Hawaii State GO, Series BW, 6.40%, 3/1/09, ETM, FSA-CR | 1,004,122 | ||
1,000,000 | Hawaii State GO, Series CU, 5.75%, 10/1/10, MBIA | 1,070,700 | ||
1,550,000 | Hawaii State GO, Series CV, 5.50%, 8/1/10, FGIC | 1,647,758 | ||
1,000,000 | Hawaii State GO, Series CZ, 5.25%, 7/1/12, FSA | 1,129,470 | ||
3,700,000 | Hawaii State GO, Series DG, 5.00%, 7/1/09, AMBAC | 3,763,640 |
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
Hawaii, continued | ||||
750,000 | Hawaii State Highway Revenue, 4.85%, 7/1/09, FSA | 762,292 | ||
500,000 | Hawaii State Highway Revenue, 6.00%, 7/1/09 | 510,530 | ||
1,055,000 | Hawaii State Housing & Community Development Revenue, Series A, 3.70%, 7/1/13, FSA | 1,048,396 | ||
800,000 | Honolulu City & County GO, Series B, 5.25%, 10/1/12, ETM | 910,984 | ||
1,150,000 | Honolulu City & County Waste Water System Revenue, 5.00%, 7/1/09, FGIC | 1,169,067 | ||
1,000,000 | Honolulu City & County Waste Water System Revenue, 5.25%, 7/1/15, Callable 7/1/09 @ 101, FGIC | 1,023,250 | ||
2,000,000 | Honolulu Hawaii City & County GO, Series C, 5.13%, 7/1/11, Callable 7/1/09 @ 101, FGIC | 2,047,580 | ||
2,000,000 | State of Hawaii GO, Series DG, 5.00%, 7/1/12, AMBAC | 2,235,260 | ||
1,090,000 | University of Hawaii System Revenue, Series A, 5.50%, 7/15/16, Prerefunded 7/15/12 @ 100, FGIC | 1,243,832 | ||
27,460,297 | ||||
Illinois (3.0%) | ||||
500,000 | Chicago Illinois Midway Airport Revenue, Series B, 5.00%, 1/1/12, AMBAC | 524,365 | ||
1,000,000 | Illinois State GO, 5.25%, 8/1/10, MBIA | 1,055,570 | ||
1,579,935 | ||||
Kansas (0.9%) | ||||
450,000 | Wyandotte County Kansas City Unified Government Utility System Revenue, 5.13%, 9/1/13, Callable 3/1/09 @ 101, MBIA | 455,571 | ||
Michigan (1.5%) | ||||
750,000 | Michigan State Hospital Finance Authority Revenue, 5.50%, 11/1/12 | 759,278 | ||
Minnesota (3.1%) | ||||
1,500,000 | Minnesota State GO, 5.00%, 8/1/16, Callable 8/1/12 @ 100 | 1,637,250 | ||
New Jersey (1.9%) | ||||
1,000,000 | New Jersey State Certificate of Participation, 5.00%, 6/15/09 | 1,014,400 | ||
See accompanying notes to financial statements.
47
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Principal Amount ($) | Security | Value ($) | ||
Municipal Bonds, continued | ||||
New York (6.0%) | ||||
1,000,000 | New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Series A, | 994,320 | ||
1,000,000 | New York State Thruway Authority Revenue, Highway & Bridge Trust Fund, Series B, 5.25%, 4/1/12, AMBAC | 1,107,390 | ||
1,000,000 | New York, New York GO, Series C, 4.25%, 1/1/12 | 1,053,380 | ||
3,155,090 | ||||
Oklahoma (2.6%) | ||||
1,345,000 | Tulsa Oklahoma Industrial Authority Educational Facilities Revenue, Series B, 5.00%, 12/1/14, Callable 12/1/09 @ 100 | 1,367,004 | ||
Pennsylvania (2.1%) | ||||
1,030,000 | Philadelphia Water & Wastewater Revenue, Series B, 5.50%, 11/1/11, FGIC | 1,126,830 | ||
Puerto Rico (3.8%) | ||||
1,200,000 | Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, 6.25%, 7/1/13, MBIA | 1,449,096 | ||
500,000 | Puerto Rico Commonwealth Highway & Transportation Authority Revenue, Series D, 5.75%, 7/1/41, Prerefunded 7/1/12 @ 100 | 562,350 | ||
2,011,446 | ||||
Shares or Principal Amount ($) | Security Description | Value ($) | |||
Municipal Bonds, continued | |||||
Tennessee (3.4%) | |||||
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 | 558,130 | |||
1,135,000 | Wilson County Tennessee GO, 5.00%, 4/1/12, MBIA | 1,255,582 | |||
1,813,712 | |||||
Washington (2.1%) | |||||
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 | 1,083,620 | |||
Total Municipal Bonds (Cost $46,368,340) | 47,718,468 | ||||
Investment Companies (9.9%) | |||||
2,626,293 | Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.75% (a) | 2,626,293 | |||
2,587,995 | Goldman Sachs Financial Square Tax-Free Money Market Fund, 0.50% (a) | 2,587,995 | |||
Total Investment Companies (Cost $5,214,288) | 5,214,288 | ||||
Total Investments (Cost $51,582,628)—100.3% | 52,932,756 | ||||
Liabilities in excess of other assets—(0.3)% | (158,931 | ) | |||
Net Assets—100.0% | 52,773,825 | ||||
(a) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2009. |
AMBAC—Insured by American Municipal Bond Assurance Corp.
AMT—Subject to alternative minimum tax
CAB—Capital Appreciation Bond
ETM—Escrowed to Maturity
FGIC—Insured by Financial Guaranty Insurance Co.
FSA—Insured by Federal Security Assurance
FSA-CR—Insured by Federal Security Assurance Custodial Receipts
GO—General Obligation
MBIA—Insured by Municipal Bond Insurance Association
See accompanying notes to financial statements.
48
Table of Contents
PACIFIC CAPITAL FUNDS
U.S. Government Short Fixed Income Fund
Schedule of Portfolio Investments, continued
January 31, 2009
(Unaudited)
Shares or Principal Amount ($) | Security Description | Value ($) | ||
U.S. Government Agencies (48.5%) | ||||
Federal Home Loan Bank (5.9%) | ||||
3,145,000 | 5.00%, 2/20/09 | 3,152,481 | ||
1,040,000 | 2.37%, 3/3/09 | 1,039,961 | ||
4,192,442 | ||||
Federal Home Loan Mortgage Corp. (17.4%) | ||||
4,400,000 | 5.13%, 4/18/11 | 4,724,183 | ||
7,000,000 | 5.13%, 7/15/12 | 7,608,160 | ||
12,332,343 | ||||
Federal National Mortgage Assoc. (25.2%) | ||||
8,000,000 | 4.13%, 5/15/10 | 8,273,208 | ||
2,800,000 | 5.00%, 10/15/11 | 3,017,879 | ||
6,000,000 | 4.75%, 11/19/12 | 6,554,376 | ||
17,845,463 | ||||
Total U.S. Government Agencies (Cost $34,621,375) | 34,370,248 | |||
U.S. Treasury Obligations (50.4%) | ||||
U.S. Treasury Bills (4.2%) | ||||
3,000,000 | 2.46% (a), 6/4/09 | 2,997,408 | ||
U.S. Treasury Notes (46.2%) | ||||
3,585,000 | 4.88%, 5/15/09 | 3,632,336 | ||
2,875,000 | 4.88%, 6/30/09 | 2,928,794 |
Shares or Principal Amount ($) | Security Description | Value ($) | ||
U.S. Treasury Obligations, continued | ||||
U.S. Treasury Notes, continued | ||||
3,800,000 | 4.88%, 8/15/09 | 3,890,550 | ||
1,300,000 | 3.13%, 11/30/09 | 1,328,235 | ||
2,800,000 | 2.00%, 2/28/10 | 2,842,767 | ||
3,800,000 | 2.13%, 4/30/10 | 3,874,666 | ||
1,500,000 | 2.63%, 5/31/10 | 1,540,431 | ||
200,000 | 4.13%, 8/15/10 | 210,688 | ||
4,865,000 | 2.38%, 8/31/10 | 4,995,557 | ||
2,850,000 | 2.00%, 9/30/10 | 2,910,677 | ||
2,800,000 | 4.88%, 7/31/11 | 3,059,221 | ||
1,500,000 | 1.75%, 11/15/11 | 1,519,339 | ||
32,733,261 | ||||
Total U.S. Treasury Obligations (Cost $35,128,897) | 35,730,669 | |||
Investment Companies (0.5%) | ||||
346,450 | American Performance U.S. Treasury Fund, Administrative Class, 0.01% (b) | 346,450 | ||
Total Investment Companies (Cost $346,450) | 346,450 | |||
Total Investments (Cost $70,096,722)—99.4% | 70,447,367 | |||
Other assets in excess of liabilities—0.6% | 398,806 | |||
Net Assets—100.0% | 70,846,173 | |||
(a) | Rate disclosed represents the effective yield at purchase. |
(b) | Rate periodically changes. Rate disclosed is the daily yield on January 31, 2009. |
See accompanying notes to financial statements.
49
Table of Contents
PACIFIC CAPITAL FUNDS
Notes to Financial Statements
January 31, 2009
(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% of the original purchase price or sale price (whichever is less) if redeemed before the sixth anniversary of purchase, declining by a fixed percentage each year 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
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original cost plus interest, which approximates fair value. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies. The differences between cost and fair value 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 accordance with Trust procedure 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.
Effective August 1, 2008, the Funds adopted Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements. One key component of the implementation of SFAS 157 included the development of a three-tier fair value hierarchy. The basis of the tiers is dependant upon the various “inputs” used to determine the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
• | Level 1—quoted prices in active markets for identical assets. |
• | Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds’ investments as of January 31, 2009:
LEVEL 1—Quoted Prices | LEVEL 2—Other Significant Observable Inputs | LEVEL 3—Significant Unobservable Inputs | Total | |||||||||||||||||||||
Fund Name | Investments in Securities | Other Financial Investments* | Investments in Securities | Other Financial Investments* | Investments in Securities | Other Financial Investments* | Investments in Securities | Other Financial Investments* | ||||||||||||||||
New Asia Growth Fund | $ | 1,975,749 | $ | 77 | $ | 41,048,171 | $ | — | $ | — | $ | — | $ | 43,023,920 | $ | 77 | ||||||||
International Stock Fund | $ | 14,038,741 | $ | — | $ | 51,308,416 | $ | — | $ | — | $ | — | $ | 65,347,157 | $ | — | ||||||||
Small Cap Fund | $ | 168,789,282 | $ | — | $ | 3,841,184 | $ | — | $ | — | $ | — | $ | 172,630,466 | $ | — | ||||||||
Mid-Cap Fund | $ | 32,926,119 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 32,926,119 | $ | — | ||||||||
Growth Stock Fund | $ | 83,305,680 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 83,305,680 | $ | — | ||||||||
Growth and Income Fund | $ | 72,121,419 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 72,121,419 | $ | — | ||||||||
Value Fund | $ | 66,168,527 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 66,168,527 | $ | — |
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LEVEL 1—Quoted Prices | LEVEL 2—Other Significant Observable Inputs | LEVEL 3—Significant Unobservable Inputs | Total | |||||||||||||||||||||
Fund Name | Investments in Securities | Other Financial Investments* | Investments in Securities | Other Financial Investments* | Investments in Securities | Other Financial Investments* | Investments in Securities | Other Financial Investments* | ||||||||||||||||
High Grade Core Fixed Income Fund | $ | 3,264,757 | $ | — | $ | 231,164,037 | $ | — | $ | — | $ | — | $ | 234,428,794 | $ | — | ||||||||
Tax-Free Securities Fund | $ | 8,359,901 | $ | — | $ | 232,568,492 | $ | — | $ | — | $ | — | $ | 240,928,393 | $ | — | ||||||||
High Grade Short Intermediate Fixed Income Fund | $ | 937,736 | $ | — | $ | 61,468,884 | $ | — | $ | — | $ | — | $ | 62,406,620 | $ | — | ||||||||
Tax-Free Short Intermediate Securities Fund | $ | 5,214,288 | $ | — | $ | 47,718,468 | $ | — | $ | — | $ | — | $ | 52,932,756 | $ | — | ||||||||
U.S. Government Short Fixed Income Fund | $ | 346,450 | $ | — | $ | 70,100,917 | $ | — | $ | — | $ | — | $ | 70,447,367 | $ | — |
* | Other financial instruments are derivative instruments not reflected in the Schedule of Portfolio Investments, such as futures or foreign currency contracts, which are valued at the unrealized appreciation/(depreciation) on the investments. |
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 dates 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, International Stock Fund and Small Cap 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
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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 (typically a 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. The New Asia Growth Fund and International Stock Fund 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 solely 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. In addition, the use of forward currency contracts does not eliminate fluctuations in the underlying prices of the securities.
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, as amended (the “1933 Act”), or pursuant to the resale limitations provided by Rule 144A under the 1933 Act or an exemption from the registration requirements of the 1933 Act. Whether a restricted security is illiquid is determined pursuant to guidelines established by the Board. Not all restricted securities are considered illiquid. At January 31, 2009, the High Grade Core Fixed Income Fund held restricted securities representing 2.3% of net assets. The restricted securities held as of January 31, 2009 are identified below:
Issue Description | Acquisition Date | Principal Amount ($) | Cost ($) | Value ($) | ||||
Principal Life Global Funding, 5.13%, 10/15/13 | 1/2/09 | 1,000,000 | 901,290 | 927,355 | ||||
Sun Life Financial, Inc., 1.71%, 10/6/13 | 9/5/08 | 5,000,000 | 4,512,307 | 4,597,780 |
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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 if the trade was 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.
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, 2009 and year ended July 31, 2008 were as follows:
Period Ended 1/31/09 ($) | Year Ended 7/31/08 ($) | |||
New Asia Growth Fund | 738 | 1,105 | ||
International Stock Fund | 210 | 2,369 |
New Accounting Pronouncements:
In March 2008, FASB issued SFAS No. 161 (“SFAS 161”), “Disclosures about Derivative Instruments and Hedging Activities”. SFAS 161 is effective for financial statements issued for fiscal periods beginning after November 15, 2008, and interim periods within those fiscal periods. SFAS 161 requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance and cash flows. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Fund’s financial statements and related disclosures.
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In September 2008, FASB issued Staff Position No. FAS 133-1 and FIN 45-4, “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No. 161”. FAS 133-1 and FIN 45-4 are effective for fiscal years and interim periods ending after November 15, 2008. FAS 133-1 and FIN 45-4 require enhanced disclosures by sellers of credit derivatives and certain guarantees, including the nature of these derivatives, approximate terms, reasons for entering into these instruments, and status of payment/performance risk. The Funds were not impacted by adopting these standards.
3. | Purchases and Sales of Securities |
Purchases and sales of securities (excluding securities maturing less than one year from acquisition and U.S. Government securities) for the period ended January 31, 2009 were as follows:
Purchases ($) | Sales ($) | |||
New Asia Growth Fund | 5,466,810 | 27,902,649 | ||
International Stock Fund | 28,051,802 | 71,627,619 | ||
Small Cap Fund | 156,214,574 | 177,966,598 | ||
Mid-Cap Fund | 27,662,134 | 28,234,665 | ||
Growth Stock Fund | 46,614,977 | 51,741,782 | ||
Growth and Income Fund | 39,973,714 | 44,600,918 | ||
Value Fund | 39,629,413 | 46,002,760 | ||
High Grade Core Fixed Income Fund | 28,748,212 | 44,827,194 | ||
Tax-Free Securities Fund | 22,412,609 | 59,875,673 | ||
High Grade Short Intermediate Fixed Income Fund | 1,183,688 | 1,751,531 | ||
Tax-Free Short Intermediate Securities Fund | 4,218,141 | 6,141,000 |
Purchases and sales of long-term U.S. Government securities for the period ended January 31, 2009 were as follows:
Purchases ($) | Sales ($) | |||
High Grade Core Fixed Income Fund | 39,672,660 | 74,007,261 | ||
High Grade Short Intermediate Fixed Income Fund | 48,899,064 | 50,762,378 | ||
U.S. Government Short Fixed Income Fund | 43,506,007 | 39,659,285 |
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 and are not subject to recoupment by the Adviser. Fee rates for the period ended January 31, 2009 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 |
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Maximum Annual Advisory Fee (%) | Net Annual Fees Paid (%) | |||
Tax-Free Securities Fund | 0.60 | 0.45 | ||
High Grade Short Intermediate Fixed Income Fund | 0.50 | 0.14 | ||
Tax-Free Short Intermediate Securities Fund | 0.50 | 0.40 | ||
U.S. Government Short Fixed Income Fund | 0.40 | 0.04 |
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%. |
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:
Fund | 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 million 1 | ||
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 million 3 | |||
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. |
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 fees from the Trust at the annual rate 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 $10,000 annually for providing additional regulatory services, plus out-of-pocket expenses.
In addition, Citi provides an employee to serve as Chief Compliance Officer for the Trust and performs certain related services. Citi receives a fee for this service and reimbursement for certain related out-of-pocket expenses.
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Citi also serves the Trust as Fund Accountant and Transfer Agent. Under the terms of the fund accounting and transfer agency agreements, Citi is entitled to receive fees, subject to reduction if certain standards are not met, and reimbursement for certain out-of-pocket expenses.
Foreside Distribution Services, L.P. (the “Distributor”) serves the Trust as principal underwriter and distributor. The Trust has adopted for the Class A, Class B and Class C Shares of each of the Funds the Class A Distribution Plan, Class B Distribution Plan and Class C Distribution Plan (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plans, each Fund pays the Distributor a fee which will not exceed on an annual basis, 0.40%, 1.00% and 1.00%, respectively, of the average daily net assets attributable to the Class A, Class B and Class C Shares of each Fund. The Distributor is contractually limiting the 12b-1 fee for Class A Shares to 0.25% through November 30, 2009. These fees are for payments the Distributor makes to banks, other institutions and broker dealers, including certain affiliates of the Administrator, and for expenses the Distributor and any of its affiliates or subsidiaries incur for providing distribution or shareholder service assistance. The following table shows amounts received by the Distributor on commissions from sales and the amounts paid to affiliated broker dealers of the Funds during the period ended January 31, 2009:
Received ($) | Paid to Affiliates ($) | |||
Class A | 19,871 | 69 | ||
Class C | 10,354 | 35 |
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 his services plus the reimbursement of certain expenses incurred.
The Adviser has entered into a reimbursement agreement with the Funds in which it agrees to reimburse the Funds for certain fees charged by various intermediaries. The intermediaries, such as broker-dealers, banks, retirement plan administrators or other institutions, make the shares of 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 and International Stock 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 Fund’s and Tax-Free Short Intermediate Securities Fund’s concentration of investments in securities of issuers located in Hawaii may subject each of these Funds to the effects of economic developments and government policies within Hawaii.
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6. | Federal Income Tax Information |
It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with each applicable country’s tax rules and rates.
The amounts of dividends from net investment income and amounts 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 Funds comply with FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ 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. FIN 48 includes a review of tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal tax (i.e. the last 4 tax year ends and the interim tax period since then). FIN 48 did not impact the Funds’ net assets or results of operations.
The tax character of current year distribution paid and the tax basis of the current components of accumulated earning (deficit) will be determined at the end of the current tax year ending July 31, 2009.
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The tax character of distributions paid during the year ended July 31, 2008 were as follows (amounts in thousands):
Distributions Paid From | ||||||||||||
Net Investment Income ($) | Net Long-Term Capital Gains ($) | Total Taxable Distributions ($) | Return of Capital ($) | Tax Exempt Distributions ($) | Total Distributions Paid ($)* | |||||||
New Asia Growth Fund | 5,594 | 14,882 | 20,476 | — | — | 20,476 | ||||||
International Stock Fund | 2,714 | 15,912 | 18,626 | — | — | 18,626 | ||||||
Small Cap Fund | 33,243 | 40,794 | 74,037 | — | — | 74,037 | ||||||
Mid-Cap Fund | 2,130 | 5,804 | 7,934 | 56 | — | 7,990 | ||||||
Growth Stock Fund | 828 | — | 828 | 7 | — | 835 | ||||||
Growth and Income Fund | 1,360 | 7,925 | 9,285 | — | — | 9,285 | ||||||
Value Fund | 18,946 | 7,044 | 25,990 | 51 | — | 26,041 | ||||||
High Grade Core Fixed Income Fund | 13,576 | — | 13,576 | — | — | 13,576 | ||||||
Tax-Free Securities Fund | 576 | 189 | 765 | — | 11,544 | 12,309 | ||||||
High Grade Short Intermediate Fixed Income Fund | 2,799 | — | 2,799 | — | — | 2,799 | ||||||
Tax-Free Short Intermediate Securities Fund | 21 | — | 21 | — | 1,571 | 1,592 | ||||||
U.S. Government Short Fixed Income Fund | 3,385 | — | 3,385 | — | — | 3,385 |
* | Total Distributions Paid differ from the Statements of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid. |
As of July 31, 2008, the components of accumulated earnings/(deficit) on a tax basis were as follows (amounts in thousands):
Undistributed | Distributions Payable ($) | Accumulated Capital & Other Losses ($) | Unrealized Appreciation/ (Depreciation) ($)** | Total Accumulated Earnings/ (Deficit) ($) | ||||||||||||||
Ordinary Income ($) | Long-Term Capital Gain ($) | Accumulated Earnings ($) | ||||||||||||||||
New Asia Growth Fund | 1,772 | 10,124 | 11,896 | — | (125 | ) | 8,964 | 20,735 | ||||||||||
International Stock Fund | 792 | 20,012 | 20,804 | — | (429 | ) | (20 | ) | 20,355 | |||||||||
Small Cap Fund | — | 801 | 801 | — | (53,528 | ) | (12,568 | ) | (65,295 | ) | ||||||||
Mid-Cap Fund | — | — | — | — | (4,488 | ) | (1,953 | ) | (6,441 | ) | ||||||||
Growth Stock Fund | — | — | — | — | (80,361 | ) | (4,675 | ) | (85,036 | ) | ||||||||
Growth and Income Fund | 46 | — | 46 | — | (9,284 | ) | (5,714 | ) | (14,952 | ) | ||||||||
Value Fund | — | — | — | — | (4,688 | ) | (12,903 | ) | (17,591 | ) | ||||||||
High Grade Core Fixed Income Fund | 59 | — | 59 | (100 | ) | (1,323 | ) | (790 | ) | (2,154 | ) | |||||||
High Grade Short Intermediate Fixed Income Fund | 12 | — | 12 | (19 | ) | (1,628 | ) | 274 | (1,361 | ) | ||||||||
U.S. Government Short Fixed Income Fund | 20 | — | 20 | (20 | ) | (2,148 | ) | 1,085 | (1,063 | ) |
** | 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. |
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PACIFIC CAPITAL FUNDS
Notes to Financial Statements, continued
January 31, 2009
(Unaudited)
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 | 90 | — | 342 | 432 | (90 | ) | — | 7,398 | 7,740 | ||||||||||
Tax-Free Short Intermediate Securities Fund | 14 | — | — | 14 | (13 | ) | (755 | ) | 678 | (76 | ) |
As of the latest tax year end of July 31, 2008, the following Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by 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 ($) | 2013 ($) | 2014 ($) | 2015 ($) | 2016 ($) | ||||||
Mid-Cap Fund | — | — | — | — | 739,741 | |||||
Growth Stock Fund | 76,835,141 | — | — | — | 3,055,247 | |||||
Growth and Income Fund | — | — | — | — | 5,239,853 | |||||
Value Fund | — | — | — | — | 4,646,679 | |||||
High Grade Core Fixed Income Fund | — | — | — | 1,322,549 | — | |||||
High Grade Short Intermediate Fixed Income Fund | — | — | 55,901 | 1,571,661 | — | |||||
Tax-Free Short Intermediate Securities Fund | — | 14,258 | 18,908 | 657,223 | 49,093 | |||||
U.S. Government Short Fixed Income Fund | — | 590,139 | 889,880 | 668,108 | — |
During the year ended July 31, 2008, the High Grade Core Fixed Income Fund, High Grade Short Intermediate Fixed Income Fund and U.S. Government Short Fixed Income Fund utilized $2,823, $604 and $711 in capital loss carryforwards (amounts in thousands), respectively.
Under current tax law, capital and foreign currency losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. The following Funds have deferred losses, which will be treated as arising on the first day of the fiscal year to end July 31, 2009:
Post-October Capital Losses ($) | Post-October Foreign Currency Losses ($) | |||
New Asia Growth Fund | — | 125,275 | ||
International Stock Fund | — | 428,564 | ||
Small Cap Fund | 53,528,120 | — | ||
Mid-Cap Fund | 3,748,155 | — | ||
Growth Stock Fund | 471,012 | — | ||
Growth and Income Fund | 4,043,699 | — | ||
Value Fund | 41,507 | — | ||
Tax-Free Short Intermediate Securities Fund | 15,122 | — |
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PACIFIC CAPITAL FUNDS
Notes to Financial Statements, concluded
January 31, 2009
(Unaudited)
The cost for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/depreciation as of January 31, 2009 is as follows:
Fund | Tax Cost of Securities ($) | Unrealized Appreciation ($) | Unrealized Depreciation ($) | Net Unrealized Appreciation/ (Depreciation) ($) | ||||||
New Asia Growth | 60,907,260 | 847,564 | (18,730,904 | ) | (17,883,340 | ) | ||||
International Stock | 112,999,418 | 426,676 | (48,078,937 | ) | (47,652,261 | ) | ||||
Small Cap | 250,154,895 | 5,024,415 | (82,548,844 | ) | (77,524,429 | ) | ||||
Mid Cap | 46,281,621 | 796,692 | (14,152,194 | ) | (13,355,502 | ) | ||||
Growth Stock | 112,739,532 | 828,674 | (30,262,526 | ) | (29,433,852 | ) | ||||
Growth and Income | 102,466,125 | 369,212 | (30,713,918 | ) | (30,344,706 | ) | ||||
Value | 98,453,397 | 711,718 | (32,996,588 | ) | (32,284,870 | ) | ||||
High Grade Core Fixed Income | 235,495,281 | 7,247,139 | (8,313,626 | ) | (1,066,487 | ) | ||||
Tax-Free Securities | 233,101,029 | 12,594,996 | (4,767,632 | ) | 7,827,364 | |||||
High Grade Short Intermediate Fixed Income | 61,454,435 | 1,333,736 | (381,551 | ) | 952,185 | |||||
Tax-Free Short Intermediate Securities | 51,582,628 | 1,462,483 | (112,355 | ) | 1,350,128 | |||||
U.S. Government Short Fixed Income | 70,096,722 | 611,461 | (260,816 | ) | 350,645 |
7. | Legal and Regulatory Matters |
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.
61
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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, 2009 | $ | 17.57 | $ | 0.07 | $ | (6.19 | ) | $ | (6.12 | ) | $ | (0.12 | ) | $ | (2.96 | ) | $ | (3.08 | ) | $ | 8.37 | (35.39 | %) | $ | 2,365 | 1.84 | % | 0.92 | % | 1.99 | % | 8.44 | % | |||||||||||||||||
Year Ended July 31, 2008 | 22.06 | 0.20 | (0.76 | ) | (0.56 | ) | (0.23 | ) | (3.70 | ) | (3.93 | ) | 17.57 | (5.38 | ) | 4,986 | 1.59 | 1.04 | 1.74 | 45.92 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 16.54 | $ | 0.01 | $ | (5.81 | ) | $ | (5.80 | ) | $ | (0.08 | ) | $ | (2.96 | ) | $ | (3.04 | ) | $ | 7.70 | (35.61 | %) | $ | 54 | 2.59 | % | 0.19 | % | 2.59 | % | 8.44 | % | |||||||||||||||||
Year Ended July 31, 2008 | 20.99 | (0.01 | )(f) | (0.66 | )(f) | (0.65 | ) | (0.10 | ) | (3.70 | ) | (3.80 | ) | 16.54 | (6.13 | ) | 137 | 2.34 | 0.04 | 2.34 | 45.92 | |||||||||||||||||||||||||||||
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 | 0.36 | 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 | ||||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 16.48 | $ | 0.02 | $ | (5.79 | ) | $ | (5.77 | ) | $ | (0.08 | ) | $ | (2.96 | ) | $ | (3.04 | ) | $ | 7.67 | (35.59 | %) | $ | 329 | 2.59 | % | 0.15 | % | 2.59 | % | 8.44 | % | |||||||||||||||||
Year Ended July 31, 2008 | 20.97 | 0.05 | (0.70 | ) | (0.65 | ) | (0.14 | ) | (3.70 | ) | (3.84 | ) | 16.48 | (6.09 | ) | 657 | 2.34 | 0.26 | 2.34 | 45.92 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Year 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, 2009 | $ | 17.90 | $ | 0.08 | $ | (6.31 | ) | $ | (6.23 | ) | $ | (0.13 | ) | $ | (2.96 | ) | $ | (3.09 | ) | $ | 8.58 | (35.31 | %) | $ | 39,928 | 1.59 | % | 1.21 | % | 1.59 | % | 8.44 | % | |||||||||||||||||
Year Ended July 31, 2008 | 22.39 | 0.27 | (0.80 | ) | (0.53 | ) | (0.26 | ) | (3.70 | ) | (3.96 | ) | 17.90 | (5.14 | ) | 93,039 | 1.34 | 1.21 | 1.34 | 45.92 | ||||||||||||||||||||||||||||||
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 |
* | 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.
62
Table of Contents
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, 2009 | $ | 11.46 | $ | 0.01 | $ | (5.13 | ) | $ | (5.12 | ) | $ | (0.02 | ) | $ | (1.78 | ) | $ | (1.80 | ) | $ | 4.54 | (45.70 | %) | $ | 778 | 1.72 | % | 0.12 | % | 1.97 | % | 24.62 | % | |||||||||||||||||
Year Ended July 31, 2008 | 13.57 | 0.12 | (1.23 | ) | (1.11 | ) | (0.12 | ) | (0.88 | ) | (1.00 | ) | 11.46 | (9.03 | ) | 1,644 | 1.35 | 1.10 | 1.60 | 52.32 | ||||||||||||||||||||||||||||||
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 | (f) | 1.52 | (f) | 1.57 | (0.03 | ) | — | (0.03 | ) | 8.95 | 21.17 | 949 | 1.73 | 0.60 | 2.35 | 37.98 | ||||||||||||||||||||||||||||||||
Year Ended July 31, 2004 | 6.46 | (0.01 | ) | 0.96 | 0.95 | — | — | — | 7.41 | 14.71 | 884 | 1.78 | (0.05 | ) | 2.38 | 237.06 | ||||||||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 10.81 | $ | (0.02 | ) | $ | (4.83 | ) | $ | 4.85 | ) | $ | — | (g) | $ | (1.78 | ) | $ | (1.78 | ) | $ | 4.18 | (45.91 | %) | $ | 53 | 2.47 | % | (0.61 | %) | 2.57 | % | 24.62 | % | ||||||||||||||||
Year Ended July 31, 2008 | 12.87 | 0.01 | (f) | (1.15 | )(f) | (1.14 | ) | (0.04 | ) | (0.88 | ) | (0.92 | ) | 10.81 | (9.76 | ) | 163 | 2.10 | 0.09 | 2.20 | 52.32 | |||||||||||||||||||||||||||||
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 | )(f) | 1.46 | (f) | 1.45 | (0.01 | ) | — | (0.01 | ) | 8.54 | 20.43 | 649 | 2.48 | (0.16 | ) | 2.60 | 37.98 | |||||||||||||||||||||||||||||||
Year Ended July 31, 2004 | 6.24 | (0.05 | ) | 0.91 | 0.86 | — | — | — | 7.10 | 13.78 | 608 | 2.53 | (0.80 | ) | 2.63 | 237.06 | ||||||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 10.79 | $ | — | $ | (4.83 | ) | $ | (4.83 | ) | $ | (0.01 | ) | $ | (1.78 | ) | $ | (1.79 | ) | $ | 4.17 | (45.90 | %) | $ | 253 | 2.47 | % | (0.68 | %) | 2.57 | % | 24.62 | % | |||||||||||||||||
Year Ended July 31, 2008 | 12.85 | 0.04 | (1.16 | ) | (1.12 | ) | (0.06 | ) | (0.88 | ) | (0.94 | ) | 10.79 | (9.66 | ) | 450 | 2.10 | 0.31 | 2.20 | 52.32 | ||||||||||||||||||||||||||||||
Year Ended July 31, 2007 | 10.27 | — | 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 | (f) | 1.39 | (f) | 1.44 | (0.01 | ) | — | (0.01 | ) | 8.53 | 20.30 | 494 | 2.42 | 0.57 | 2.55 | 37.98 | ||||||||||||||||||||||||||||||||
Year 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, 2009 | $ | 11.71 | $ | 0.02 | $ | (5.24 | ) | $ | (5.22 | ) | $ | (0.03 | ) | $ | (1.78 | ) | $ | (1.81 | ) | $ | 4.68 | (45.60 | %) | $ | 65,023 | 1.47 | % | 0.38 | % | 1.57 | % | 24.62 | % | |||||||||||||||||
Year Ended July 31, 2008 | 13.84 | 0.18 | (1.28 | ) | (1.10 | ) | (0.15 | ) | (0.88 | ) | (1.03 | ) | 11.71 | (8.80 | ) | 182,692 | 1.10 | 1.32 | 1.20 | 52.32 | ||||||||||||||||||||||||||||||
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 | (f) | 1.55 | (f) | 1.63 | (0.05 | ) | — | (0.05 | ) | 9.13 | 21.61 | 93,049 | 1.47 | 0.97 | 1.59 | 37.98 | ||||||||||||||||||||||||||||||||
Year Ended July 31, 2004 | 6.57 | 0.01 | 0.97 | 0.98 | — | — | — | 7.55 | 14.92 | 59,165 | 1.53 | 0.20 | 1.63 | 237.06 |
* | For the period from April 30, 2004 (commencement of operations) to July 31, 2004. |
(a) | Excludes sales charge and/or redemption fees, if applicable. |
(b) | Not annualized for periods less than one year. |
(c) | Annualized for periods less than one year. |
(d) | During the period certain fees were reduced. If such fee reductions had not occurred the ratios would have been as indicated. |
(e) | Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. |
(f) | Amounts calculated using the daily average shares method. |
(g) | Less than $0.005 per share. |
See notes to financial statements.
63
Table of Contents
PACIFIC CAPITAL FUNDS
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 End of | 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, 2009 | $ | 13.48 | $ | (0.03 | )(f) | $ | (5.33 | ) | $ | (5.36 | ) | $ | — | $ | (0.04 | ) | $ | (0.04 | ) | $ | 8.08 | (39.79 | %) | $ | 60,526 | 1.81 | % | (0.48 | %) | 2.06 | % | 66.76 | % | ||||||||||||||||
Year Ended July 31, 2008 | 18.29 | (0.13 | ) | (1.77 | ) | (1.90 | ) | — | (2.91 | ) | (2.91 | ) | 13.48 | (11.86 | ) | 120,495 | 1.63 | (0.68 | ) | 1.88 | 130.78 | ||||||||||||||||||||||||||||
Year Ended July 31, 2007 | 17.67 | (0.05 | )(f) | 2.08 | (f) | 2.03 | — | (1.41 | ) | (1.41 | ) | 18.29 | 11.39 | 228,985 | 1.57 | (0.27 | ) | 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 | |||||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 12.27 | $ | 0.01 | (f) | $ | (4.89 | ) | $ | (4.88 | ) | $ | — | $ | (0.04 | ) | $ | (0.04 | ) | $ | 7.35 | (39.66 | %) | $ | 732 | 1.81 | % | 0.11 | % | 2.66 | % | 66.76 | % | ||||||||||||||||
Year Ended July 31, 2008 | 16.99 | (0.19 | ) | (1.62 | ) | (1.81 | ) | — | (2.91 | ) | (2.91 | ) | 12.27 | (12.48 | ) | 1,481 | 2.18 | (1.22 | ) | 2.48 | 130.78 | ||||||||||||||||||||||||||||
Year Ended July 31, 2007 | 16.62 | (0.18 | )(f) | 1.96 | (f) | 1.78 | — | (1.41 | ) | (1.41 | ) | 16.99 | 10.57 | 2,510 | 2.32 | (1.02 | ) | 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 | |||||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 12.24 | $ | (0.06 | )(f) | $ | (4.83 | ) | $ | (4.89 | ) | $ | — | $ | (0.04 | ) | $ | (0.04 | ) | $ | 7.31 | (39.99 | %) | $ | 8,079 | 2.56 | % | (1.25 | %) | 2.66 | % | 66.76 | % | ||||||||||||||||
Year Ended July 31, 2008 | 17.00 | (0.22 | ) | (1.63 | ) | (1.85 | ) | — | (2.91 | ) | (2.91 | ) | 12.24 | (12.54 | ) | 17,067 | 2.38 | (1.47 | ) | 2.48 | 130.78 | ||||||||||||||||||||||||||||
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 | (1.01 | ) | 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 | ||||||||||||||||||||||||||||||
Year 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, 2009 | $ | 13.80 | $ | (0.01 | )(f) | $ | (5.46 | ) | $ | (5.47 | ) | $ | — | $ | (0.04 | ) | $ | (0.04 | ) | $ | 8.29 | (39.67 | %) | $ | 102,031 | 1.56 | % | (0.23 | %) | 1.66 | % | 66.76 | % | ||||||||||||||||
Year Ended July 31, 2008 | 18.61 | (0.08 | ) | (1.82 | ) | (1.90 | ) | — | (2.91 | ) | (2.91 | ) | 13.80 | (11.64 | ) | 173,745 | 1.38 | (0.45 | ) | 1.48 | 130.78 | ||||||||||||||||||||||||||||
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 | — | 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 |
* | 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.
64
Table of Contents
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 Net Assets (c) | Ratio of Expenses to Average Net Assets (c)(d) | Portfolio Turnover (e) | |||||||||||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 (Unaudited) | $ | 9.36 | $ | 0.03 | $ | (3.81 | ) | $ | (3.78 | ) | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | 5.55 | (40.36 | %) | $ | 315 | 1.31 | % | 0.99 | % | 1.71 | % | 65.48 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 12.17 | 0.02 | (1.56 | ) | (1.54 | ) | (0.03 | ) | (1.24 | ) | (1.27 | ) | 9.36 | (13.60 | ) | 549 | 1.15 | 0.21 | 1.55 | 130.00 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
Year 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, 2009 (Unaudited) | $ | 9.11 | $ | — | $ | (3.71 | ) | $ | (3.71 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 5.39 | (40.68 | %) | $ | 193 | 2.06 | % | 0.20 | % | 2.31 | % | 65.48 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 11.93 | (0.06 | ) | (1.52 | ) | (1.58 | ) | — | (1.24 | ) | (1.24 | ) | 9.11 | (14.22 | ) | 378 | 1.90 | (0.54 | ) | 2.15 | 130.00 | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
Year 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, 2009 (Unaudited) | $ | 9.38 | $ | 0.04 | $ | (3.82 | ) | $ | (3.78 | ) | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 5.56 | (40.30 | %) | $ | 32,403 | 1.06 | % | 1.24 | % | 1.31 | % | 65.48 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 12.19 | 0.05 | (1.56 | ) | (1.51 | ) | (0.06 | ) | (1.24 | ) | (1.30 | ) | 9.38 | (13.36 | ) | 55,037 | 0.90 | 0.46 | 1.15 | 130.00 | ||||||||||||||||||||||||||||||
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 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.
65
Table of Contents
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 End of | 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, 2009 | $ | 8.81 | $ | 0.02 | $ | (2.70 | ) | $ | (2.68 | ) | $ | (0.02 | ) | $ | — | $ | (0.02 | ) | $ | 6.11 | (30.39 | %) | $ | 5,711 | 1.27 | % | 0.51 | % | 1.62 | % | 45.77 | % | |||||||||||||||||
Year Ended July 31, 2008 | 9.53 | 0.03 | (0.71 | ) | (0.68 | ) | (0.04 | ) | — | (0.04 | ) | 8.81 | (7.20 | ) | 7,868 | 1.16 | 0.30 | 1.51 | 77.71 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 8.10 | $ | (0.01 | ) | $ | (2.47 | ) | $ | (2.48 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 5.61 | (30.63 | %) | $ | 909 | 2.02 | % | (0.16 | %) | 2.22 | % | 45.77 | % | ||||||||||||||||
Year Ended July 31, 2008 | 8.81 | (0.07 | ) | (0.63 | ) | (0.70 | ) | (0.01 | ) | — | (0.01 | ) | 8.10 | (7.94 | ) | 2,259 | 1.91 | (0.38 | ) | 2.11 | 77.71 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 8.09 | $ | (0.01 | ) | $ | (2.46 | ) | $ | (2.47 | ) | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | $ | 5.61 | (30.54 | %) | $ | 790 | 2.02 | % | (0.22 | %) | 2.22 | % | 45.77 | % | ||||||||||||||||
Year Ended July 31, 2008 | 8.80 | (0.05 | ) | (0.65 | ) | (0.70 | ) | (0.01 | ) | — | (0.01 | ) | 8.09 | (7.95 | ) | 1,291 | 1.91 | (0.42 | ) | 2.11 | 77.71 | ||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||
Year 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, 2009 | $ | 9.10 | $ | 0.03 | $ | (2.78 | ) | $ | (2.75 | ) | $ | (0.03 | ) | $ | — | $ | (0.03 | ) | $ | 6.32 | (30.24 | %) | $ | 75,824 | 1.02 | % | 0.78 | % | 1.22 | % | 45.77 | % | |||||||||||||||||
Year Ended July 31, 2008 | 9.84 | 0.06 | (0.74 | ) | (0.68 | ) | (0.06 | ) | — | (0.06 | ) | 9.10 | (6.98 | ) | 116,888 | 0.91 | 0.57 | 1.11 | 77.71 | ||||||||||||||||||||||||||||||
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 | 1.10 | 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 |
* | 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.
66
Table of Contents
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
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, 2009 | $ | 12.24 | $ | 0.07 | $ | (4.21 | ) | $ | (4.14 | ) | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | 8.03 | (33.89 | %) | $ | 3,485 | 1.26 | % | 1.25 | % | 1.61 | % | 43.96 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 14.58 | 0.10 | (1.55 | ) | (1.45 | ) | (0.10 | ) | (0.79 | ) | (0.89 | ) | 12.24 | (10.65 | ) | 5,401 | 1.15 | 0.77 | 1.50 | 60.54 | ||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 11.41 | $ | 0.04 | $ | (3.93 | ) | $ | (3.89 | ) | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 7.48 | (34.15 | %) | $ | 463 | 2.01 | % | 0.51 | % | 2.21 | % | 43.96 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 13.66 | 0.01 | (1.46 | ) | (1.45 | ) | (0.01 | ) | (0.79 | ) | (0.80 | ) | 11.41 | (11.37 | ) | 1,114 | 1.90 | 0.08 | 2.10 | 60.54 | ||||||||||||||||||||||||||||||
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 | (0.19 | ) | 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 | ||||||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 11.40 | $ | 0.03 | $ | (3.92 | ) | $ | (3.89 | ) | $ | (0.04 | ) | $ | — | $ | (0.04 | )$ | $ | 7.47 | (34.15 | %) | $ | 736 | 2.01 | % | 0.49 | % | 2.21 | % | 43.96 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 13.65 | — | (g) | (1.45 | ) | (1.45 | ) | (0.01 | ) | (0.79 | ) | (0.80 | ) | 11.40 | (11.38 | ) | 1,336 | 1.90 | 0.03 | 2.10 | 60.54 | |||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||
Year 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, 2009 | $ | 12.34 | $ | 0.08 | $ | (4.24 | ) | $ | (4.16 | ) | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | $ | 8.09 | (33.78 | %) | $ | 67,442 | 1.01 | % | 1.50 | % | 1.21 | % | 43.96 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 14.70 | 0.15 | (1.58 | ) | (1.43 | ) | (0.14 | ) | (0.79 | ) | (0.93 | ) | 12.34 | (10.48 | ) | 108,492 | 0.90 | 1.03 | 1.10 | 60.54 | ||||||||||||||||||||||||||||||
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 |
* | 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.
67
Table of Contents
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 End of | 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, 2009 | $ | 7.43 | $ | 0.06 | $ | (2.58 | ) | $ | (2.52 | ) | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | $ | 4.85 | (33.88 | %) | $ | 1,384 | 1.22 | % | 2.02 | % | 1.57 | % | 45.94 | % | |||||||||||||||||
Year Ended July 31, 2008 | 10.55 | 0.12 | (1.37 | ) | (1.25 | ) | (0.12 | ) | (1.75 | ) | (1.87 | ) | 7.43 | (14.09 | ) | 2,157 | 1.13 | 1.28 | 1.48 | 92.94 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 7.25 | $ | 0.04 | $ | (2.52 | ) | $ | (2.48 | ) | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 4.73 | (34.25 | %) | $ | 284 | 1.97 | % | 1.29 | % | 2.17 | % | 45.94 | % | |||||||||||||||||
Year Ended July 31, 2008 | 10.34 | 0.05 | (1.34 | ) | (1.29 | ) | (0.05 | ) | (1.75 | ) | (1.80 | ) | 7.25 | (14.66 | ) | 528 | 1.88 | 0.57 | 2.08 | 92.94 | |||||||||||||||||||||||||||||
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 | 0.33 | 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 | ||||||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 7.27 | $ | 0.04 | $ | (2.52 | ) | $ | (2.48 | ) | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | $ | 4.75 | (34.14 | %) | $ | 766 | 1.97 | % | 1.28 | % | 2.17 | % | 45.94 | % | |||||||||||||||||
Year Ended July 31, 2008 | 10.37 | 0.05 | (1.34 | ) | (1.29 | ) | (0.06 | ) | (1.75 | ) | (1.81 | ) | 7.27 | (14.69 | ) | 1,321 | 1.88 | 0.55 | 2.08 | 92.94 | |||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||
Year 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, 2009 | $ | 7.45 | $ | 0.07 | $ | (2.59 | ) | $ | (2.52 | ) | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | $ | 4.86 | (33.84 | %) | $ | 63,790 | 0.97 | % | 2.28 | % | 1.17 | % | 45.94 | % | |||||||||||||||||
Year Ended July 31, 2008 | 10.57 | 0.15 | (1.37 | ) | (1.22 | ) | (0.15 | ) | (1.75 | ) | (1.90 | ) | 7.45 | (13.83 | ) | 104,435 | 0.88 | 1.54 | 1.08 | 92.94 | |||||||||||||||||||||||||||||
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 |
* | 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.
68
Table of Contents
PACIFIC CAPITAL FUNDS
High Grade Core Fixed Income Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
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, 2009 | $ | 10.70 | $ | 0.23 | $ | 0.11 | $ | 0.34 | $ | (0.23 | ) | $ | — | $ | (0.23 | ) | $ | 10.81 | 3.18 | % | $ | 2,954 | 1.00 | % | 4.24 | % | 1.30 | % | 27.16 | % | |||||||||||||||||||
Year Ended July 31, 2008 | 10.62 | 0.48 | 0.07 | 0.55 | (0.47 | ) | — | (0.47 | ) | 10.70 | 5.21 | 3,259 | 0.94 | 4.42 | 1.24 | 65.72 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
CLASS B | |||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 10.67 | $ | 0.19 | $ | 0.11 | $ | 0.30 | $ | (0.19 | ) | $ | — | $ | (0.19 | ) | $ | 10.78 | 2.80 | % | $ | 728 | 1.75 | % | 3.50 | % | 1.90 | % | 27.16 | % | |||||||||||||||||||
Year Ended July 31, 2008 | 10.60 | 0.40 | 0.06 | 0.46 | (0.39 | ) | — | (0.39 | ) | 10.67 | 4.34 | 881 | 1.69 | 3.70 | 1.84 | 65.72 | |||||||||||||||||||||||||||||||||
Year Ended July 31, 2007 | 10.59 | 0.42 | — | 0.42 | (0.41 | ) | — | (0.41 | ) | 10.60 | 3.98 | 1,634 | 1.68 | 3.92 | 1.84 | 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 | |||||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 10.67 | $ | 0.19 | $ | 0.11 | $ | 0.30 | $ | (0.19 | ) | $ | — | $ | (0.19 | ) | $ | 10.78 | 2.80 | % | $ | 745 | 1.75 | % | 3.49 | % | 1.90 | % | 27.16 | % | |||||||||||||||||||
Year Ended July 31, 2008 | 10.60 | 0.40 | 0.06 | 0.46 | (0.39 | ) | — | (0.39 | ) | 10.67 | 4.34 | 860 | 1.69 | 3.67 | 1.84 | 65.72 | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
Year 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, 2009 | $ | 10.76 | $ | 0.24 | $ | 0.11 | $ | 0.35 | $ | (0.24 | ) | $ | — | $ | (0.24 | ) | $ | 10.87 | 3.29 | % | $ | 230,923 | 0.75 | % | 4.45 | % | 0.90 | % | 27.16 | % | |||||||||||||||||||
Year Ended July 31, 2008 | 10.68 | 0.51 | 0.07 | 0.58 | (0.50 | ) | — | (0.50 | ) | 10.76 | 5.44 | 278,815 | 0.69 | 4.64 | 0.84 | 65.72 | |||||||||||||||||||||||||||||||||
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 |
* | 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.
69
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
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, 2009 | $ | 9.90 | $ | 0.20 | $ | (0.04 | ) | $ | 0.16 | $ | (0.20 | ) | $ | (0.01 | ) | $ | (0.21 | ) | $ | 9.85 | 1.74 | % | $ | 5,060 | 0.99 | % | 4.14 | % | 1.29 | % | 9.22 | % | ||||||||||||||||
Year Ended July 31, 2008 | 10.05 | 0.41 | (0.14 | ) | 0.27 | (0.41 | ) | (0.01 | ) | (0.42 | ) | 9.90 | 2.77 | 5,136 | 0.95 | 4.14 | 1.25 | 30.61 | ||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 9.90 | $ | 0.16 | $ | (0.04 | ) | $ | 0.12 | $ | (0.16 | ) | $ | (0.01 | ) | $ | (0.17 | ) | $ | 9.85 | 1.36 | % | $ | 574 | 1.74 | % | 3.40 | % | 1.89 | % | 9.22 | % | ||||||||||||||||
Year Ended July 31, 2008 | 10.05 | 0.34 | (0.14 | ) | 0.20 | (0.34 | ) | (0.01 | ) | (0.35 | ) | 9.90 | 2.00 | 731 | 1.70 | 3.39 | 1.85 | 30.61 | ||||||||||||||||||||||||||||||
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 | 1.69 | 3.23 | 1.84 | 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 | |||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 9.91 | $ | 0.16 | $ | (0.03 | ) | $ | 0.13 | $ | (0.16 | ) | $ | (0.01 | ) | $ | (0.17 | ) | $ | 9.87 | 1.45 | % | $ | 11 | 1.74 | % | 3.29 | % | 1.89 | % | 9.22 | % | ||||||||||||||||
Year Ended July 31, 2008 | 10.05 | 0.34 | (0.13 | ) | 0.21 | (0.34 | ) | (0.01 | ) | (0.35 | ) | 9.91 | 2.10 | 11 | 1.70 | 3.38 | 1.85 | 30.61 | ||||||||||||||||||||||||||||||
Year Ended July 31, 2007 | 10.11 | 0.33 | (0.05 | ) | 0.28 | (0.33 | ) | (0.01 | ) | (0.34 | ) | 10.05 | 2.79 | 11 | 1.69 | 3.27 | 1.82 | 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 | ||||||||||||||||||||||||||||||
Year 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, 2009 | $ | 9.94 | $ | 0.21 | $ | (0.04 | ) | $ | 0.17 | $ | (0.21 | ) | $ | (0.01 | ) | $ | (0.22 | ) | $ | 9.89 | 1.86 | % | $ | 237,546 | 0.74 | % | 4.37 | % | 0.89 | % | 9.22 | % | ||||||||||||||||
Year Ended July 31, 2008 | 10.09 | 0.44 | (0.14 | ) | 0.30 | (0.44 | ) | (0.01 | ) | (0.45 | ) | 9.94 | 3.02 | 254,182 | 0.70 | 4.36 | 0.85 | 30.61 | ||||||||||||||||||||||||||||||
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 |
* | 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.
70
Table of Contents
PACIFIC CAPITAL FUNDS
High Grade Short Intermediate Fixed Income Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
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, 2009 | $ | 9.69 | $ | 0.18 | $ | 0.18 | $ | 0.36 | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | $ | 9.87 | 3.79 | % | $ | 1,026 | 0.77 | % | 3.73 | % | 1.28 | % | 83.36 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 9.54 | 0.40 | 0.15 | 0.55 | (0.40 | ) | — | (0.40 | ) | 9.69 | 5.83 | 1,022 | 0.77 | 4.12 | 1.23 | 143.94 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 9.68 | $ | 0.15 | $ | 0.19 | $ | 0.34 | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | 9.87 | 3.50 | % | $ | 448 | 1.52 | % | 2.98 | % | 1.88 | % | 83.36 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 9.54 | 0.33 | 0.14 | 0.47 | (0.33 | ) | — | (0.33 | ) | 9.68 | 4.93 | 463 | 1.52 | 3.38 | 1.83 | 143.94 | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Year 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, 2009 | $ | 9.71 | $ | 0.19 | $ | 0.18 | $ | 0.37 | $ | (0.19 | ) | $ | — | $ | (0.19 | ) | $ | 9.89 | 3.91 | % | $ | 61,025 | 0.52 | % | 3.97 | % | 0.88 | % | 83.36 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 9.56 | 0.42 | 0.15 | 0.57 | (0.42 | ) | — | (0.42 | ) | 9.71 | 6.08 | 62,209 | 0.52 | 4.37 | 0.83 | 143.94 | ||||||||||||||||||||||||||||||||
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 |
* | 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.
71
Table of Contents
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
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, 2009 (Unaudited) | $ | 10.14 | $ | 0.14 | $ | 0.12 | $ | 0.26 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | 10.26 | 2.59 | % | $ | 1,362 | 1.06 | % | 2.77 | % | 1.31 | % | 8.83 | % | |||||||||||||||||
Year Ended July 31, 2008 | 10.02 | 0.31 | 0.12 | 0.43 | (0.31 | ) | — | (0.31 | ) | 10.14 | 4.31 | 1,956 | 1.02 | 3.04 | 1.27 | 39.29 | |||||||||||||||||||||||||||||||
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 | 1.24 | 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 | ||||||||||||||||||||||||||||||
CLASS C | |||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 (Unaudited) | $ | 10.14 | $ | 0.10 | $ | 0.12 | $ | 0.22 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | 10.26 | 2.21 | % | $ | 11 | 1.81 | % | 2.00 | % | 1.91 | % | 8.83 | % | |||||||||||||||||
Year Ended July 31, 2008 | 10.02 | 0.23 | 0.12 | 0.35 | (0.23 | ) | — | (0.23 | ) | 10.14 | 3.55 | 11 | 1.77 | 2.30 | 1.87 | 39.29 | |||||||||||||||||||||||||||||||
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 | 1.85 | 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 | ||||||||||||||||||||||||||||||
Year 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, 2009 (Unaudited) | $ | 10.20 | $ | 0.15 | $ | 0.12 | $ | 0.27 | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | 10.32 | 2.70 | % | $ | 51,401 | 0.81 | % | 2.97 | % | 0.91 | % | 8.83 | % | |||||||||||||||||
Year Ended July 31, 2008 | 10.08 | 0.33 | 0.12 | 0.45 | (0.33 | ) | — | (0.33 | ) | 10.20 | 4.55 | 47,552 | 0.77 | 3.27 | 0.87 | 39.29 | |||||||||||||||||||||||||||||||
Year Ended July 31, 2007 | 10.11 | 0.34 | (0.03 | ) | 0.31 | (0.34 | ) | — | (0.34 | ) | 10.08 | 3.08 | 50,835 | 0.73 | 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 |
* | 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.
72
Table of Contents
PACIFIC CAPITAL FUNDS
U.S. Government Short Fixed Income Fund
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the periods indicated)
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 Net | Ratio of Expenses to Average Net Assets (c)(d) | Portfolio Turnover (e) | |||||||||||||||||||||||||||||||||||
CLASS A | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 10.26 | $ | 0.14 | $ | 0.12 | $ | 0.26 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | $ | 10.38 | 2.51 | % | $ | 1,538 | 0.65 | % | 2.64 | % | 1.16 | % | 61.45 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 10.06 | 0.39 | 0.20 | 0.59 | (0.39 | ) | — | (0.39 | ) | 10.26 | 5.89 | 2,773 | 0.65 | 3.75 | 1.09 | 62.20 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
CLASS B | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 10.26 | $ | 0.10 | $ | 0.12 | $ | 0.22 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | 10.38 | 2.13 | % | $ | 411 | 1.40 | % | 1.85 | % | 1.76 | % | 61.45 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 10.06 | 0.31 | 0.20 | 0.51 | (0.31 | ) | — | (0.31 | ) | 10.26 | 5.11 | 454 | 1.40 | 3.08 | 1.69 | 62.20 | ||||||||||||||||||||||||||||||||
Year Ended July 31, 2007 | 10.04 | 0.38 | 0.02 | 0.40 | (0.38 | ) | — | (0.38 | ) | 10.06 | 4.02 | 825 | 1.39 | 3.74 | 1.68 | 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 | |||||||||||||||||||||||||||||
CLASS C | ||||||||||||||||||||||||||||||||||||||||||||||||
Period Ended January 31, 2009 | $ | 10.26 | $ | 0.10 | $ | 0.12 | $ | 0.22 | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | $ | 10.38 | 2.13 | % | $ | 1,002 | 1.40 | % | 1.83 | % | 1.76 | % | 61.45 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 10.06 | 0.31 | 0.20 | 0.51 | (0.31 | ) | — | (0.31 | ) | 10.26 | 5.11 | 928 | 1.40 | 3.04 | 1.69 | 62.20 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Year 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, 2009 | $ | 10.27 | $ | 0.15 | $ | 0.12 | $ | 0.27 | $ | (0.15 | ) | $ | — | $ | (0.15 | ) | $ | 10.39 | 2.65 | % | $ | 67,895 | 0.40 | % | 2.84 | % | 0.76 | % | 61.45 | % | ||||||||||||||||||
Year Ended July 31, 2008 | 10.07 | 0.41 | 0.20 | 0.61 | (0.41 | ) | — | (0.41 | ) | 10.27 | 6.15 | 71,175 | 0.40 | 4.03 | 0.69 | 62.20 | ||||||||||||||||||||||||||||||||
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 |
* | 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.
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Trustees and Officers
January 31, 2009
(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: 43 | Trustee | Indefinite; Since 5/04 | President, Bank of Hawaii (04/08-Present), Vice Chairman and Chief Banking Officer-Retail Banking (since 2007), Commercial Banking (since 2006) and Investment Services Group (since 2004); Executive Vice President, Bank of Hawaii—Commercial Group (2003-2004). | 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, Teach for America-Hawaii, GIFT Foundation, McInerny Foundation, Strong Foundation, East West Center 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: 72 | Trustee | Indefinite; Since 10/92 | Chairman of the Board of Trustees, The King William Charles Lunalilo Trust Estate (since 2001); President of Waste Management of Hawaii, Inc. (2001-2005); Corporate Vice President of Waste Management (Houston) (2001-2006). | 12 | Trustee of Cash Assets Trust and Hawaiian Tax-Free Trust (registered investment companies) (since 1992); Member of the Board of: First Insurance Co. of Hawaii, Ltd., Lanihau Properties, LLC and Heald Education, LLC; Member of the Boards of the following non-profit organizations: Chaminade University of Honolulu, Nature Conservancy of Hawaii, St. Louis School, Blue Planet Foundation, Child and Family Service and East West Center Foundation. | |||||
Richard L. Humphreys 970 N Kalaheo Avenue, Suite C110 Kailua, Hawaii 96734 Age: 65 | 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 Boards of: The Castle Group, Inc. and other charitable and civic organizations. |
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Trustees and Officers, continued
January 31, 2009
(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 Avenue, #203 Honolulu, Hawaii 96822 Age: 65 | 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 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 State of Hawaii Long Term Care Commission. | |||||
Douglas Philpotts 55 Dowsett Avenue Honolulu, Hawaii 96817 Age: 77 | 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 1992); 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: 77 | Trustee | Indefinite; Since 10/92 | Trustee, Office of Hawaiian Affairs (since 1999); Member of the Advisory Board of Hawaiian Telecom (2004-2008). | 12 | Trustee of Cash Assets Trust and Hawaiian Tax-Free Trust (registered investment companies) (since 1992); Director of Grace Pacific Corp. (since 1995); Director of Alu Like Enterprises, LLC; Board member of various housing and real estate organizations. |
The Statement of Additional Information includes additional information about the Trustees of the Trust and is available, without charge, by calling (800) 258-9232.
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Trustees and Officers, concluded
January 31, 2009
(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 12th Floor Honolulu, Hawaii 96813 Age: 61 | President | Indefinite; Since 7/06 | Executive Vice President, Bank of Hawaii (since 2002). | |||
Frederick J. Schmidt 1 Rexcorp Plaza Uniondale, NY 11556 Age: 49 | Chief Compliance Officer | Indefinite; Since 3/08 | Senior Vice President and Chief Compliance Officer, CCO Services of Citi Fund Services Ohio, Inc. (since 2004), President, FJS Associates (2002-2004). | |||
Christopher E. Sabato 3435 Stelzer Road Columbus, Ohio 43219 Age: 40 | 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: 37 | Secretary | Indefinite; Since 12/07 | Senior Vice President, Regulatory Administration, Citi Fund Services Ohio, Inc. (since 2005), Assistant Vice President and 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. |
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PACIFIC CAPITAL FUNDS
Board Determinations
(Unaudited)
In September 2008, the Board of Trustees of Pacific Capital Funds (the “Trust”) approved one-year renewals of the Trust’s Advisory Agreement with the Asset Management Group of Bank of Hawaii (the “Adviser”) as well as Sub-Advisory Agreements (each a “Sub-Advisory Agreement”) among the Trust, the Adviser and all of the Trust’s Sub-Advisers (each a “Sub-Adviser”). The Sub-Advisers of the Trust are First State Investments International Limited (“First State”), Hansberger Global Investors, Inc. (“Hansberger”), Wellington Management Company, LLP (“Wellington”), Nicholas-Applegate Capital Management (“NACM”), Mellon Capital Management Corporation (“Mellon Capital”) and Chicago Equity Partners, LLC (“CEP”). The renewals were approved following the recommendation of the Trust’s Independent Trustees. The information, material facts and conclusions that formed the basis for the Independent Trustees’ recommendations and the Board’s subsequent approvals are described below.
During the course of each year, the Independent Trustees receive a wide variety of materials relating to the services provided by the Adviser and each of the Sub-Advisers. In determining whether to renew the Advisory Agreement and Sub-Advisory Agreements, the Independent Trustees also evaluated information provided by the Adviser and the Sub-Advisers in accordance with section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Board considered among other things various data and information regarding (i) the nature, extent and quality of services to be provided to the Funds and their shareholders by the Adviser and the Sub-Advisers; (ii) the investment performance of the Funds; (iii) the costs of services to be provided and profits to be realized by the Adviser and Sub-Advisers and their affiliates from their relationships with the relevant Funds; (iv) the extent to which economies of scale would be realized by the Adviser and Sub-Advisers as the Funds’ assets grow; and (v) whether fee levels reflect any such economies of scale for the benefit of the Funds’ shareholders.
The Independent Trustees received assistance and advice regarding legal and industry standards from their independent counsel. They discussed the renewals with management representatives and in private sessions with independent legal counsel at which no representatives of management were present. In deciding to recommend renewal of the Advisory Agreement and the Sub-Advisory Agreements, the Independent Trustees and the Board did not identify any single or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Independent Trustees and the Board.
Based on their reviews, including consideration of each of the factors referred to above, the Trustees (including all of the Independent Trustees) determined in each case, in the exercise of their business judgment, that the relevant advisory and sub-advisory fees of the Funds were fair, and that renewing the Advisory Agreement and Sub-Advisory Agreements was in the best interest of the Funds’ shareholders.
Advisory Agreement with the Asset Management Group of Bank of Hawaii
The Adviser provides investment management services to the Trust’s fixed income Funds and oversight and monitoring services to the Trust’s equity Funds (which are managed by the Sub-Advisers).
In considering renewal of the Advisory Agreement, the Board examined among other things the ability of the Adviser and the investment professionals it employs to continue to provide high quality investment management and oversight services to the Funds; the investment philosophy and decision-making processes of those professionals; the capability and integrity of the Adviser’s senior management and staff; the quality of the Adviser’s services with respect to regulatory compliance and compliance with the investment policies of the Funds; and the Adviser’s business reputation, financial condition and operational stability.
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Board Determinations, continued
(Unaudited)
In evaluating the quality of the services provided by the Adviser to the Funds, the Board also reviewed the investment performance of each Fund over the one-year, three-year, five-year, and ten-year periods (or since inception periods, as applicable) ended July 31, 2008 (the “Performance Periods”), and compared this information with the total returns of the Fund’s applicable benchmark index and a peer group of comparable funds selected by Lipper Inc.
In evaluating the performance of the fixed income Funds (which are managed directly by the Adviser), the Board noted that, in most cases, most of the fixed income Funds had performed well compared to their respective benchmarks and peer groups for the Performance Periods. In evaluating the overall performance of the Small Cap Fund (which has multiple Sub-Advisers), the Board noted that the Fund’s performance was in the top quartile of its Lipper peer group for the five-year and since-inception Performance Periods, although for the one-year and three-year Performance Periods the Fund had performed below the average of its Lipper peer group and its benchmark. The performance of the other equity Funds is discussed below under “Sub-Advisory Agreements.”
The Board also reviewed the advisory fees paid to the Adviser for all Funds, the total advisory and sub-advisory fees for the equity Funds, and the total expenses of each Fund (each as a percentage of the Fund’s average net assets) for the twelve months ended July 31, 2008, and compared those amounts to the median fees and expenses of the Funds’ respective Lipper peer groups for that period. The Board noted that the advisory fees paid to the Adviser for most of the Funds were relatively close to, or less than, the median fees for their respective peer groups; that the total advisory and sub-advisory fees for the equity Funds were generally close to the median total advisory fees for their respective peer groups after fee waivers by the Adviser; and that the total fees and expenses of the Funds (except for the Small Cap Fund) were relatively close to the median for their respective peer groups. In that connection, the Board considered that the Small Cap Fund has a large retail shareholder base, and also has relatively high custodian and transfer agent expenses as a result of its “multi-manager” structure and the resulting large number of portfolio positions held by the Fund.
In addition, the Board reviewed information regarding the advisory fees paid by other institutional clients of the Adviser’s affiliate Bank of Hawaii, the Adviser’s estimated costs of providing services to the Funds, and its estimated profits as a result of its advisory services to the Funds. They considered information regarding the manner in which the Adviser’s portfolio management personnel are compensated. The Board noted that although the Adviser’s fee schedules do not have break points and thus would not reflect economies of scale, if any, all Funds (except the New Asia Fund) were subject to voluntary fee waivers by the Adviser, and the Funds managed directly by the Adviser had not experienced substantial growth over the past two years. The Board noted that the Adviser and its affiliates also received other benefits from managing the Funds, including fees to Bank of Hawaii for administration services provided to the Funds, the benefits of research provided by broker-dealers in exchange for portfolio transactions executed on behalf of the Funds, and the benefit to Bank of Hawaii as a result of its ability to offer shares of the Funds as investments for the portfolios of customers of its Trust Department. The Board concluded that under all the circumstances the Adviser’s estimated profitability as a result of its advisory services to the Funds was reasonable.
Sub-Advisory Agreements
In considering renewal of each Sub-Advisory Agreement, the Board examined among other things the ability of the Sub-Adviser and the investment professionals it employs to continue to provide high quality investment management and oversight services to its respective Fund; the investment philosophy and decision-making processes of those professionals; the capability and integrity of the Sub-Adviser’s senior management and staff; the quality of the Sub-Adviser’s services with respect to regulatory compliance and compliance with the investment policies of the Fund; and the Sub-Adviser’s business reputation, financial condition and operational stability. The Board also noted that none of the Sub-Advisers receive significant ancillary benefits as a result of
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PACIFIC CAPITAL FUNDS
Board Determinations, continued
(Unaudited)
providing services to the Fund it serves other than the benefit of research received from brokers executing transactions on behalf of the Fund and the Sub-Adviser’s ability to refer to its sub-advisory relationship with the Fund.
First State Investments International Limited
First State is the sub-adviser to the New Asia Growth Fund. In evaluating First State’s performance, the Board noted that although the Fund’s total return for the one-year Performance Period was slightly negative, the Fund performed well above the average of its Lipper peer group for the one-year, three-year, five-year and ten-year Performance Periods. The Board considered that although First State’s fee schedule for the Fund does not include breakpoints, the Fund is receiving favorable sub-advisory fees compared to the advisory fees paid by First State’s other institutional clients, and that its estimated profits as a result of its sub-advisory services to the Fund are reasonable.
Hansberger Global Investors, Inc.
Hansberger has been the sub-adviser to the International Stock Fund since June 2004. In evaluating Hansberger’s performance, the Board noted that although the Fund’s total return for the one-year Performance Period was negative, the Fund was at or near the top quartile of its Lipper peer group for the one-year, three-year and five-year Performance Periods. The Board further noted that the Fund’s sub-advisory fee schedule includes a breakpoint, that the Fund is receiving favorable sub-advisory fees compared to the advisory fees paid by Hansberger’s other institutional clients, and that its estimated profits as a result of its sub-advisory services to the Fund are reasonable.
Nicholas-Applegate Capital Management
NACM is the Sub-Adviser for the “systematic small cap” portion of the Small Cap Fund. In evaluating NACM’s performance, the Board noted that although the portion of the Fund served by NACM had performed below its benchmark index for the one-year Performance Period, that portion of the Fund had outperformed its benchmark for the three-year Period. The Board also observed that NACM has generally delivered strong levels of investment performance to the Fund. The Board considered that although NACM’s fee schedule for the Fund does not include breakpoints, the Small Cap Fund is receiving comparatively favorable sub-advisory fees compared to the advisory fees paid by NACM’s other institutional clients. They also considered that NACM’s estimated profits as a result of its sub-advisory services to the Fund are reasonable.
Wellington Management Company, LLP
Wellington is the Sub-Adviser for the “small cap growth” portion of the Small Cap Fund. The Board noted that Wellington had taken over that portion of the Fund in July 2006. In evaluating Wellington’s performance, the Board noted that the portion of the Fund served by Wellington had underperformed its benchmark index for the one-year and since-inception Performance Periods, although the Fund had outperformed its benchmark for the shorter term. The Board noted that although the sub-advisory fees paid to Wellington by two other similar mutual funds are lower than the fee paid by the Fund, the assets levels of the other funds far exceed those of the Fund. They also noted that Wellington’s fee schedule for the Fund compares favorably with its fees to other institutional accounts and includes breakpoints and, as a result, fees paid by the Fund would appropriately reflect economies of scale, if any, attained by Wellington as Fund assets under its management increase. Although Wellington does not maintain financial records in a manner that isolates the profitability of its services to individual clients, the Board also received and considered information regarding Wellington’s revenues from services to the Fund and Wellington’s overall profitability.
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Board Determinations, continued
(Unaudited)
Mellon Capital Management
Mellon Capital is the Sub-Adviser for the “small cap value” portion of the Small Cap Fund. In evaluating Mellon Capital’s performance, the Board noted that the portion of the Fund served by Mellon Capital had outperformed its benchmark index for the five-year Performance Period, although that portion of the Fund had underperformed its benchmark index for the one-year and three-year Performance Periods. The Board observed that Mellon Capital’s fee schedule for the Fund includes breakpoints and compares favorably to those of the other Fund Sub-Advisers, although it is higher than Mellon Capital’s fees to other larger institutional accounts. The Board noted that Mellon Capital does not maintain financial records in a manner that isolates the profitability of its services to individual clients.
Chicago Equity Partners, LLC
CEP is the Sub-Adviser for the Mid Cap Fund, and since June 2007, has also been the Sub-Adviser for the Growth Stock Fund, the Growth and Income Fund and the Value Fund. In evaluating CEP’s performance, the Board noted that the Mid Cap Fund had slightly underperformed its Lipper peer group and benchmark index for the one-year, three-year and since-inception Performance Periods. The Board also noted that although the total returns for the other equity Funds for the one-year Performance Period were negative, those Funds had performed well compared to their respective Lipper peer groups and benchmarks. The Board observed that CEP had a history of superior returns over the longer term and determined to work with the Sub-Adviser to closely monitor the performance of the Mid Cap Fund during the forthcoming year. The Board considered that the equity Funds are receiving favorable sub-advisory fees compared to the advisory fees paid by CEP’s other institutional clients and CEP’s fee schedule includes breakpoints, and that CEP’s estimated profits as a result of its sub-advisory services to the Funds were reasonable.
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PACIFIC CAPITAL FUNDS
Additional Information
January 31, 2009
(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, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution 12b-1 fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Pacific Capital Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
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, 2008 through January 31, 2009.
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 8/1/08 | Ending Account Value 1/31/09 | Expenses Paid During Period* 8/1/08 - 1/31/09 | Expense Ratio During Period** 8/1/08 - 1/31/09 | |||||||||||
New Asia Growth Fund | Class A | $ | 1,000.00 | $ | 646.10 | $ | 7.63 | 1.84 | % | |||||
Class B | 1,000.00 | 643.90 | 10.73 | 2.59 | % | |||||||||
Class C | 1,000.00 | 644.10 | 10.73 | 2.59 | % | |||||||||
Class Y | 1,000.00 | 646.90 | 6.60 | 1.59 | % | |||||||||
International Stock Fund | Class A | 1,000.00 | 543.00 | 6.69 | 1.72 | % | ||||||||
Class B | 1,000.00 | 540.90 | 9.59 | 2.47 | % | |||||||||
Class C | 1,000.00 | 541.00 | 9.59 | 2.47 | % | |||||||||
Class Y | 1,000.00 | 544.00 | 5.72 | 1.47 | % | |||||||||
Small Cap Fund | Class A | 1,000.00 | 602.10 | 7.31 | 1.81 | % | ||||||||
Class B | 1,000.00 | 603.40 | 7.32 | 1.81 | % | |||||||||
Class C | 1,000.00 | 600.10 | 10.32 | 2.56 | % | |||||||||
Class Y | 1,000.00 | 603.30 | 6.30 | 1.56 | % | |||||||||
Mid-Cap Fund | Class A | 1,000.00 | 596.40 | 5.27 | 1.31 | % | ||||||||
Class C | 1,000.00 | 593.20 | 8.27 | 2.06 | % | |||||||||
Class Y | 1,000.00 | 597.00 | 4.27 | 1.06 | % | |||||||||
Growth Stock Fund. | Class A | 1,000.00 | 696.10 | 5.43 | 1.27 | % | ||||||||
Class B | 1,000.00 | 693.70 | 8.62 | 2.02 | % | |||||||||
Class C | 1,000.00 | 694.60 | 8.63 | 2.02 | % | |||||||||
Class Y | 1,000.00 | 697.60 | 4.36 | 1.02 | % | |||||||||
Growth and Income Fund | Class A | 1,000.00 | 661.10 | 5.28 | 1.26 | % | ||||||||
Class B | 1,000.00 | 658.50 | 8.40 | 2.01 | % | |||||||||
Class C | 1,000.00 | 658.50 | 8.40 | 2.01 | % | |||||||||
Class Y | 1,000.00 | 662.20 | 4.23 | 1.01 | % |
* | 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. |
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Additional Information, continued
January 31, 2009
(Unaudited)
Beginning Account Value 8/1/08 | Ending Account Value 1/31/09 | Expenses Paid During Period* 8/1/08 - 1/31/09 | Expense Ratio During Period** 8/1/08 - 1/31/09 | |||||||||||
Value Fund | Class A | $ | 1,000.00 | $ | 661.20 | $ | 5.11 | 1.22 | % | |||||
Class B | 1,000.00 | 657.50 | 8.23 | 1.97 | % | |||||||||
Class C | 1,000.00 | 658.60 | 8.24 | 1.97 | % | |||||||||
Class Y | 1,000.00 | 661.60 | 4.06 | 0.97 | % | |||||||||
High Grade Core Fixed Income Fund | Class A | 1,000.00 | 1,031.80 | 5.12 | 1.00 | % | ||||||||
Class B | 1,000.00 | 1,028.00 | 8.95 | 1.75 | % | |||||||||
Class C | 1,000.00 | 1,028.00 | 8.95 | 1.75 | % | |||||||||
Class Y | 1,000.00 | 1,032.90 | 3.84 | 0.75 | % | |||||||||
Tax-Free Securities Fund | Class A | 1,000.00 | 1,017.40 | 5.03 | 0.99 | % | ||||||||
Class B | 1,000.00 | 1,013.60 | 8.83 | 1.74 | % | |||||||||
Class C | 1,000.00 | 1,014.50 | 8.84 | 1.74 | % | |||||||||
Class Y | 1,000.00 | 1,018.60 | 3.77 | 0.74 | % | |||||||||
High Grade Short Intermediate Fixed Income Fund. | Class A | 1,000.00 | 1,037.90 | 3.96 | 0.77 | % | ||||||||
Class C | 1,000.00 | 1,035.00 | 7.80 | 1.52 | % | |||||||||
Class Y | 1,000.00 | 1,039.10 | 2.67 | 0.52 | % | |||||||||
Tax-Free Short Intermediate Securities Fund | Class A | 1,000.00 | 1,025.90 | 5.41 | 1.06 | % | ||||||||
Class C | 1,000.00 | 1,022.10 | 9.23 | 1.81 | % | |||||||||
Class Y | 1,000.00 | 1,027.00 | 4.14 | 0.81 | % | |||||||||
U.S. Government Short Fixed Income Fund. | Class A | 1,000.00 | 1,025.10 | 3.32 | 0.65 | % | ||||||||
Class B | 1,000.00 | 1,021.30 | 7.13 | 1.40 | % | |||||||||
Class C | 1,000.00 | 1,021.30 | 7.13 | 1.40 | % | |||||||||
Class Y | 1,000.00 | 1,026.50 | 2.04 | 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. |
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PACIFIC CAPITAL FUNDS
Additional Information
January 31, 2009
(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 8/1/08 | Ending Account Value 1/31/09 | Expenses Paid During Period* 8/1/08 - 1/31/09 | Expense Ratio During Period** 8/1/08 - 1/31/09 | |||||||||||
New Asia Growth Fund | Class A | $ | 1,000.00 | $ | 1,015.93 | $ | 9.35 | 1.84 | % | |||||
Class B | 1,000.00 | 1,012.15 | 13.14 | 2.59 | % | |||||||||
Class C | 1,000.00 | 1,012.15 | 13.14 | 2.59 | % | |||||||||
Class Y | 1,000.00 | 1,017.19 | 8.08 | 1.59 | % | |||||||||
International Stock Fund | Class A | 1,000.00 | 1,016.53 | 8.74 | 1.72 | % | ||||||||
Class B | 1,000.00 | 1,012.75 | 12.53 | 2.47 | % | |||||||||
Class C | 1,000.00 | 1,012.75 | 12.53 | 2.47 | % | |||||||||
Class Y | 1,000.00 | 1,017.80 | 7.48 | 1.47 | % | |||||||||
Small Cap Fund | Class A | 1,000.00 | 1,016.08 | 9.20 | 1.81 | % | ||||||||
Class B | 1,000.00 | 1,016.08 | 9.20 | 1.81 | % | |||||||||
Class C | 1,000.00 | 1,012.30 | 12.98 | 2.56 | % | |||||||||
Class Y | 1,000.00 | 1,017.34 | 7.93 | 1.56 | % | |||||||||
Mid-Cap Fund | Class A | 1,000.00 | 1,018.60 | 6.67 | 1.31 | % | ||||||||
Class C | 1,000.00 | 1,014.82 | 10.46 | 2.06 | % | |||||||||
Class Y | 1,000.00 | 1,019.86 | 5.40 | 1.06 | % | |||||||||
Growth Stock Fund | Class A | 1,000.00 | 1,018.80 | 6.46 | 1.27 | % | ||||||||
Class B | 1,000.00 | 1,015.02 | 10.26 | 2.02 | % | |||||||||
Class C | 1,000.00 | 1,015.02 | 10.26 | 2.02 | % | |||||||||
Class Y | 1,000.00 | 1,020.06 | 5.19 | 1.02 | % | |||||||||
Growth and Income Fund | Class A | 1,000.00 | 1,018.85 | 6.41 | 1.26 | % | ||||||||
Class B | 1,000.00 | 1,015.07 | 10.21 | 2.01 | % | |||||||||
Class C | 1,000.00 | 1,015.07 | 10.21 | 2.01 | % | |||||||||
Class Y | 1,000.00 | 1,020.11 | 5.14 | 1.01 | % | |||||||||
Value Fund | Class A | 1,000.00 | 1,019.06 | 6.21 | 1.22 | % | ||||||||
Class B | 1,000.00 | 1,015.27 | 10.01 | 1.97 | % | |||||||||
Class C | 1,000.00 | 1,015.27 | 10.01 | 1.97 | % | |||||||||
Class Y | 1,000.00 | 1,020.32 | 4.94 | 0.97 | % | |||||||||
High Grade Core Fixed Income Fund | Class A | 1,000.00 | 1,020.16 | 5.09 | 1.00 | % | ||||||||
Class B | 1,000.00 | 1,016.38 | 8.89 | 1.75 | % | |||||||||
Class C | 1,000.00 | 1,016.38 | 8.89 | 1.75 | % | |||||||||
Class Y | 1,000.00 | 1,021.42 | 3.82 | 0.75 | % |
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PACIFIC CAPITAL FUNDS
Additional Information, continued
January 31, 2009
(Unaudited)
Beginning Account Value 8/1/08 | Ending Account Value 1/31/09 | Expenses Paid During Period* 8/1/08 - 1/31/09 | Expense Ratio During Period** 8/1/08 - 1/31/09 | |||||||||||
Tax-Free Securities Fund | Class A | $ | 1,000.00 | $ | 1,020.21 | $ | 5.04 | 0.99 | % | |||||
Class B | 1,000.00 | 1,016.43 | 8.84 | 1.74 | % | |||||||||
Class C | 1,000.00 | 1,016.43 | 8.84 | 1.74 | % | |||||||||
Class Y | 1,000.00 | 1,021.48 | 3.77 | 0.74 | % | |||||||||
High Grade Short Intermediate Fixed Income Fund | Class A | 1,000.00 | 1,021.32 | 3.92 | 0.77 | % | ||||||||
Class C | 1,000.00 | 1,017.54 | 7.73 | 1.52 | % | |||||||||
Class Y | 1,000.00 | 1,022.58 | 2.65 | 0.52 | % | |||||||||
Tax-Free Short Intermediate Securities Fund | Class A | 1,000.00 | 1,019.86 | 5.40 | 1.06 | % | ||||||||
Class C | 1,000.00 | 1,016.08 | 9.20 | 1.81 | % | |||||||||
Class Y | 1,000.00 | 1,021.12 | 4.13 | 0.81 | % | |||||||||
U.S. Government Short Fixed | Class A | 1,000.00 | 1,021.93 | 3.31 | 0.65 | % | ||||||||
Class B | 1,000.00 | 1,018.15 | 7.12 | 1.40 | % | |||||||||
Class C | 1,000.00 | 1,018.15 | 7.12 | 1.40 | % | |||||||||
Class Y | 1,000.00 | 1,023.19 | 2.04 | 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.
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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. |
(a) Not applicable.
(b) Not applicable.
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.
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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 | 3/26/09 |
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 | 3/26/09 |
By (Signature and Title)* | /s/ Christopher E. Sabato | |
Christopher E. Sabato, Treasurer |
Date | 3/26/09 |
* | Print the name and title of each signing officer under his or her signature. |