<PAGE>
[LOGO OF PACIFIC CAPITAL FUNDS]
SEMI-ANNUAL REPORT
TO SHAREHOLDERS
----------------------------
JANUARY 31, 1999
<PAGE>
Table of Contents
Letter to Shareholders
Page 1
Fund Performance Review
Page 4
Statements of Assets and Liabilities
Page 6
Statements of Operations
Page 9
Statements of Changes in Net Assets
Page 12
Schedules of Portfolio Investments
Page 16
Notes to Financial Statements
Page 45
Financial Highlights
Page 58
<PAGE>
Pacific Capital Funds
Semi-Annual Report
Letter to Shareholders
Dear Shareholders:
The financial markets performed well during the past year, despite
significant volatility. The Dow Jones Industrial Average gained 6.31%/1/ during
the six-month period ended January 31, 1999, while the Standard & Poor's 500
Stock Index gained 15.02%./2/
The majority of stock market gains were concentrated among shares of the
largest growth companies, as small-company stocks and value stocks continued to
underperform the broad market averages. In fact, the 50 largest stocks in the
S&P 500 accounted for 87% of the gains in the S&P 500 for 1998, while the 10
largest stocks accounted for 43%. Large-company growth stocks' strong returns
were primarily due to uncertainty in foreign financial markets, which caused
investors to seek liquidity in shares of the largest companies. In addition, an
anticipated economic slowdown led investors to place a premium on companies
that seemed likely to deliver stable earnings growth.
High-quality bonds performed well during the period. Investors concerned
about global financial instability purchased securities with high credit
ratings, pushing prices up and yields down on such issues. The yield on the 30-
year Treasury bond fell from 5.71% as of July 31, 1998, to 5.09% as of January
31, 1999. The U.S. economy grew faster than expected during the last six months
and continued to experience very low inflation. The reasons behind the strong
growth period included increased worker productivity and the resolution of the
General Motors strike, which led to GM's subsequent increase in production. In
addition, the Federal Reserve Board's decision to lower the federal funds rate
three times last fall revived consumer confidence in the economy and helped
stimulate strong home and automobile sales. Economic crises in Southeast Asia,
Russia, Japan and Latin America helped keep inflation in check, as those
countries' weak currencies allowed them to export goods to the United States at
low dollar prices.
Strong Performance
The Pacific Capital equity funds posted strong returns during the six-month
period ended January 31, 1999. In particular, the Pacific Capital Growth Stock
Fund returned 18.95% (returns are for Class A Shares without sales charge),
compared to 15.02% for the S&P 500 Stock Index; and the Pacific Capital Growth
and Income Fund returned 13.97% (returns are for Class A Shares without sales
charge). According to Lipper Analytical Services, the gains in these two Funds
landed them in the top 24% (241/1005) and 15% (121/794) of their respective
peer group averages for the one-year period ended January 31, 1999./3/
- --------
/1/The Dow Jones Industrial Average is a price-weighted average of 30 actively
traded blue-chip stocks, primarily industrials including some service-
oriented firms. The average is computed by adding the prices of the 30
stocks and dividing by a denominator adjusted over the years for stock
splits, stock dividends and stock substitutions. The average is quoted in
points, not dollars.
/2/The Standard and Poor's 500 Stock Index is a broad-based measurement of
changes in stock market conditions based on the average performance of 500
widely held common stocks. The index does not reflect the deduction of fees
associated with a mutual fund. An investor may not invest in this unmanaged
index directly.
/3/The Pacific Capital Growth Stock Fund was ranked 241 out of 1,005 growth
funds for the one-year period, 172 out of 595 for the three-year period, and
110 out of 372 for the five-year period, respectively. The Pacific Capital
Growth and Income Fund was ranked 121 out of 794 growth and income funds for
the one-year period, and was ranked 54 out of 483 for the three-year period,
respectively. The Growth and Income Fund was not ranked for the five-year
period. The Funds are not ranked for 10-year periods. All rankings are as of
January 31, 1999. Lipper rankings are based on total return with dividends
and capital gains reinvested and do not include a sales charge.
1
<PAGE>
The strong performance by the Pacific Capital equity funds reflected our
strategy of investing in high-quality companies exhibiting strong growth
potential. The Growth Stock Fund especially benefited from concentrations in
the technology and health-care sectors. Technology stocks such as America
Online (2.21% of the portfolio's net assets), Microsoft (4.07%) and Cisco
Systems (3.94%) boosted the Funds' performance, as did shares of
pharmaceutical companies such as Pfizer (4.41%)./4/
Among our fixed-income funds, the Diversified Fixed Income Fund and the Tax-
Free Securities Fund landed in the top 10% (10/105) and 42% (5/12) of their
respective categories as reported by Lipper Analytical Services for the one-
year period ended January 31, 1999. Both Funds were well-positioned to take
advantage of the rate declines that occurred during the period; they did
especially well, posting strong returns of 5.95% and 4.54% (returns are for
Class A without sales charge), respectively, for the six-month period ended
January 31, 1999./5/
Cautious Optimism
We anticipate the U.S. economy will slow down before the rest of the world
recovers from its ongoing financial problems. The U.S. economy's growth rate
could slow to around 2% in the second half of 1999. Therefore, we expect that
the Federal Reserve will be forced to ease monetary policy further. Such a
move by the Federal Reserve could cause interest rates to continue their
decline.
The stock market's recent volatility, in part, reflects optimism about
falling interest rates and pessimism about declining corporate earnings. We
expect further stock market volatility in 1999, while remaining cautiously
optimistic about the market's outlook during the coming year. Our view
primarily reflects a very positive long-term outlook for stocks as the aging
baby boomers continue to invest for retirement, and as improvements in
technology continue to increase the productivity of American workers.
New Additions to the Pacific Capital Family of Funds
On December 1, 1998, the Pacific Capital Funds opened three new portfolios
to investors: Pacific Capital Small Cap Fund,/6/ Pacific Capital International
Stock Fund/7/ and Pacific Capital Value Fund. Our decision to develop these
new investment products reflects our belief that the relatively low valuations
of these groups, particularly small-cap stocks and value stocks, make them
attractive to investors. Value stocks and small-cap stocks have now trailed
large-cap growth stocks for an unprecedented period of time, a trend that we
believe will eventually reverse.
- --------
/4/The composition of the Fund's holdings is subject to change.
/5/The Diversified Fixed Income Fund was ranked 10 out of 105 investment grade
bond funds for the one-year period, and was ranked 57 out of 64 for the
three-year period, respectively. The Pacific Capital Tax-Free Securities
Fund was ranked 5 out of 12 national municipal bond funds for the one-year
period, and was ranked 7 out of 10 for the three-year period, respectively.
The Funds are not ranked for 5- and 10-year periods. All rankings are as of
January 31, 1999. Lipper rankings are based on total return with dividends
and capital gains reinvested and do not include a sales charge.
/6/Small-capitalization funds typically carry additional risks since smaller
companies generally have a higher risk of failure and, historically, their
stocks have experienced a greater degree of market volatility than stocks
on average.
/7/International investing involves increased risk and volatility.
Past performance is no guarantee of future results. Investment return and
net asset value (NAV) will fluctuate, so that an investor's shares, when
redeemed, may be worth more or less than the original cost.
2
<PAGE>
We selected Nicholas Applegate Capital Management to act as subadviser to the
Small Cap and International Stock Funds based on the firm's commitment to high-
quality management, research and technology. We are pleased with Nicholas
Applegate Hong Kong's performance as subadviser to the Pacific Capital New Asia
Growth Fund, and we believe that shareholders of the new Funds stand to benefit
from the company's management style and expertise.
Thank you for your continued confidence in the Pacific Capital Funds. If you
have any questions or would like a fund prospectus, please contact your
registered representative, or call Pacific Capital Funds at (800) 258-9232.
Sincerely,
/s/ Walter J. Laskey /s/ William J. Barton
Walter J. Laskey William J. Barton
Executive Vice President, Bank of Hawaii Senior Vice President, Manager
Chairman, Pacific Capital Funds Investment Management Group
Pacific Century Trust
As with all mutual funds, shares in the Pacific Capital Funds
. are not FDIC insured
. have no bank guarantee
. may lose value
3
<PAGE>
Fund Performance Review
Total Return
for the period ended 1/31/99
<TABLE>
<CAPTION>
Aggregate Average Annual
- --------------------------------------------------------------------------------------------
Inception Six-Month 1-Year 5-Year 10-Year Since
Inception
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Growth Stock Fund/9/ Class A/1/ 11/1/93 14.19% 32.54% 20.57% 16.94% 13.59%
-----------------------------------------------------------------
Class B/2/ 3/2/98 13.55% 33.34% 21.33% 17.37%+ 13.77%
-----------------------------------------------------------------
Class Y 10/14/94 19.06% 38.41% 21.82% 17.71% 14.11%
- --------------------------------------------------------------------------------------------
Growth & Income Fund/9/ Class A/1/ 10/14/94 9.41% 24.38% 20.19% 14.79% 11.56%
-----------------------------------------------------------------
Class B/5/ 3/2/98 8.37% 24.60% 20.91% 15.16%+ 11.73%
-----------------------------------------------------------------
Class Y 10/14/98 13.90% 29.67% 21.42% 15.50% 12.03%
- --------------------------------------------------------------------------------------------
Value Fund Class A/1/ 12/1/98 NA NA NA NA -1.25%
-----------------------------------------------------------------
Class B/5/ 12/1/98 NA NA NA NA -2.23%
-----------------------------------------------------------------
Class Y 12/1/98 NA NA NA NA 2.90%
- --------------------------------------------------------------------------------------------
Small Cap Fund/6/ Class A/3/ 12/1/98 NA NA NA NA -5.84%
-----------------------------------------------------------------
Class B/5/ 12/1/98 NA NA NA NA -5.73%
-----------------------------------------------------------------
Class Y 12/1/98 NA NA NA NA -0.65%
- --------------------------------------------------------------------------------------------
International Stock
Fund/7/ Class A/3/ 12/1/98 NA NA NA NA 4.64%
-----------------------------------------------------------------
Class B/5/ 12/1/98 NA NA NA NA 5.20%
-----------------------------------------------------------------
Class Y 12/1/98 NA NA NA NA 10.40%
- --------------------------------------------------------------------------------------------
New Asia Growth Fund/7/ Class A/3/ 2/15/95 8.40% -10.66% NA NA -5.53%
-----------------------------------------------------------------
Class B/2/ 3/2/98 8.91% -9.96% NA NA -4.80%
-----------------------------------------------------------------
Class Y 2/15/95 14.64% -5.41% NA NA -4.02%
- --------------------------------------------------------------------------------------------
Diversified Fixed Income
Fund/9/ Class A/1/ 10/14/94 1.75% 4.02% 4.64% 8.01% 4.18%
-----------------------------------------------------------------
Class B/2/ 3/2/98 0.60% 3.80% 5.21% 8.40%+ 4.35%
-----------------------------------------------------------------
Class Y 10/14/94 6.05% 8.62% 5.86% 8.78% 4.66%
- --------------------------------------------------------------------------------------------
U.S. Treasury Securities
Fund/9,10/ Class A/1/ 11/1/93 1.40% 3.88% 4.80% 7.76% 8.47%
-----------------------------------------------------------------
Class Y 10/14/94 5.76% 8.47% 5.88% 8.43% 8.99%
- --------------------------------------------------------------------------------------------
Short Intermediate U.S.
Treasury Class A/4/ 12/13/93 2.81% 4.78% 4.42% NA 4.50%
-----------------------------------------------------------------
Securities Fund/10/ Class Y/9/ 10/14/94 5.28% 7.53% 5.16% NA 5.21%
- --------------------------------------------------------------------------------------------
Tax-Free Securities
Fund/8,9/ Class A/1/ 10/14/94 0.37% 1.66% 4.29% 6.55% 2.99%
-----------------------------------------------------------------
Class B/2/ 3/2/98 -0.73% 1.59% 4.91% 6.95%+ 3.18%
-----------------------------------------------------------------
Class Y 10/14/94 4.66% 6.19% 5.47% 7.28% 3.46%
- --------------------------------------------------------------------------------------------
Tax-Free Short
Intermediate Class A/4/ 10/14/94 1.42% 2.40% 3.09% 4.55% 4.38%
-----------------------------------------------------------------
Securities Fund/8,9/ Class Y 10/14/94 3.74% 4.86% 3.89% 5.08% 4.90%
</TABLE>
/1/Reflects the maximum sales charge of 4.00%.
/2/Reflects the maximum contingent deferred sales charge (CDSC) of 5.00%.
Class B Shares were not in existence prior to March 2, 1998. Performance
calculated for any period up to and through March 2, 1998, is based upon
the performance of Class A Shares, which does not reflect the higher 12b-1
fees or the CDSC. Had the CDSC and higher 12b-1 fees been incorporated,
total return figures may have been adversely affected.
/3/Reflects the maximum sales charge of 5.25%.
/4/Reflects the maximum sales charge of 2.25%.
/5/Reflects the maximum contingent deferred sales charge (CDSC) of 5.00%.
/6/Small-capitalization funds typically carry additional risks since smaller
companies generally have a higher risk of failure and, historically, their
stocks have experienced a greater degree of market volatility than stocks
on average.
/7/International investing involves increased risk and volatility.
4
<PAGE>
/8/The Fund's income may be subject to certain state and local taxes and,
depending on your tax status, the federal alternative minimum tax.
/9/The quoted performance of noted Pacific Capital Funds includes the
performance of certain common trust fund ("Commingled") accounts advised by
Pacific Century Trust and managed the same as the Fund's in all material
respects, for periods dating back to 10/31/77 for the Pacific Capital
Growth Fund, the Pacific Capital Growth & Income Fund, the Pacific Capital
Tax-Free Securities Fund and the Pacific Capital Diversified Fixed Income
Fund; 3/31/88 for the Pacific Capital Tax-Free Short Intermediate
Securities Fund and 12/31/84 for the Pacific Capital U.S. Treasury
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.
/10/The performance for the Class Y Shares of the Pacific Capital U.S. Treasury
Securities Fund and the Pacific Capital Short Intermediate U.S. Treasury
Securities Fund, prior to the date of commencement of operations
(10/14/94), is based on the performance of Class A Shares without sales
charge.
+ The Class B CDSC is not included in the above performance due to the fact
that the performance is now over 6 years, and the CDSC charges no longer
apply.
Past performance is no guarantee of future results. Investment return and
net asset value (NAV) will fluctuate, so that an investor's shares, when
redeemed, may be worth more or less than the original cost.
5
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Growth Growth and New Asia Diversified
Stock Income Growth Fixed Income
Fund Fund Fund Fund
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Cost $293,384,594;
$143,836,565;
$15,016,810; and
$171,517,452,
respectively).......... $446,377,069 $199,009,196 $15,966,974 $179,655,711
Foreign currency (Cost
$134,396).............. -- -- 134,252 --
Interest and dividends
receivable............. 220,570 132,373 4,748 2,826,860
Receivable for capital
shares issued.......... 52,004 33,858 -- 4,304
Receivable from brokers
for investments sold... 727,768 1,499,500 211,831 --
Prepaid expenses and
other assets........... 9,639 9,632 439 4,494
------------ ------------ ----------- ------------
Total Assets.......... 447,387,050 200,684,559 16,318,244 182,491,369
------------ ------------ ----------- ------------
LIABILITIES:
Dividends payable....... -- -- -- 128,864
Payable for capital
shares redeemed........ 24,234 5,112 12,980 2,881
Payable to brokers for
investments purchased.. -- 2,868,136 108,756 --
Unrealized losses on
forward foreign
currency contracts..... -- -- 953 --
Accrued expenses and
other payables:
Investment advisory
fees.................. 292,321 130,636 11,763 68,637
Administration fees.... 9,645 4,272 332 3,992
Distribution fees--A
Class................. 3,543 2,018 373 528
Distribution fees--B
Class................. 2,507 3,673 83 684
Fund accounting fees... 1,965 1,020 1,265 789
Other.................. 47,668 20,555 36,173 28,119
------------ ------------ ----------- ------------
Total Liabilities..... 381,883 3,035,422 172,678 234,494
------------ ------------ ----------- ------------
NET ASSETS:
Capital (no par value).. 263,682,908 135,655,190 24,442,747 173,791,216
Undistributed
(distributions in
excess of) net
investment income
(loss)................. (498,733) (37,773) (258,490) 708
Accumulated
undistributed net
realized gains (losses)
from investment and
foreign currency
transactions........... 30,828,517 6,859,089 (9,126,436) 326,692
Unrealized appreciation
(depreciation) from
investments............ 152,992,475 55,172,631 1,089,259 8,138,259
Unrealized appreciation
(depreciation) from
foreign currency
transactions........... -- -- (1,514) --
------------ ------------ ----------- ------------
Net Assets............ $447,005,167 $197,649,137 $16,145,566 $182,256,875
============ ============ =========== ============
Net Assets
A Class................ $ 17,378,282 $ 9,724,952 $ 1,680,847 $ 2,470,683
B Class................ 3,239,559 4,613,816 95,226 932,616
Y Class................ 426,387,326 183,310,369 14,369,493 178,853,576
------------ ------------ ----------- ------------
Total................. $447,005,167 $197,649,137 $16,145,566 $182,256,875
============ ============ =========== ============
Outstanding units of
beneficial interest
(shares)
A Class................ 982,994 513,497 232,121 220,915
B Class................ 184,390 245,607 13,185 83,468
Y Class................ 23,991,072 9,679,168 1,979,856 15,881,170
------------ ------------ ----------- ------------
Total................. 25,158,456 10,438,272 2,225,162 16,185,553
============ ============ =========== ============
Net Asset Value
A Class--redemption
price per share....... $ 17.68 $ 18.94 $ 7.24 $ 11.18
============ ============ =========== ============
A Class--maximum sales
charge................ 4.00% 4.00% 5.25% 4.00%
------------ ------------ ----------- ------------
A Class--maximum
offering price per
share ((100%/(100%-
maximum sales charge)
of net asset value
adjusted to nearest
cent))................ $ 18.42 $ 19.73 $ 7.64 $ 11.65
============ ============ =========== ============
B Class--offering price
per share*............ $ 17.57 $ 18.79 $ 7.22 $ 11.17
============ ============ =========== ============
Y Class--offering and
redemption price per
share................. $ 17.77 $ 18.94 $ 7.26 $ 11.26
============ ============ =========== ============
</TABLE>
- --------
*Redemption price per share varies based on length of time shares are held
(Note 4).
See notes to financial statements.
6
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Short Intermediate Tax-Free
U.S. Treasury U.S. Treasury Tax-Free Short Intermediate
Securities Securities Securities Securities
Fund Fund Fund Fund
------------- ------------------ ------------ ------------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Cost $21,128,516;
$22,687,376;
$390,024,857; and
$52,301,647,
respectively).......... $23,575,472 $23,764,368 $427,772,133 $53,557,416
Interest and dividends
receivable............. 537,163 367,443 4,752,586 529,457
Prepaid expenses and
other assets........... 1,180 548 9,231 988
----------- ----------- ------------ -----------
Total Assets.......... 24,113,815 24,132,359 432,533,950 54,087,861
----------- ----------- ------------ -----------
LIABILITIES:
Dividends payable....... 17,706 16,278 270,369 25,595
Payable for capital
shares redeemed........ -- 200 -- --
Accrued expenses and
other payables:
Investment advisory
fees.................. 7,061 6,309 163,319 17,365
Administration fees.... 527 505 9,455 1,110
Distribution fees--A
Class................. 248 155 988 201
Distribution fees--B
Class................. -- -- 530 --
Fund accounting fees... 240 523 2,239 668
Other.................. 7,240 10,617 64,059 15,317
----------- ----------- ------------ -----------
Total Liabilities..... 33,022 34,587 510,959 60,256
----------- ----------- ------------ -----------
NET ASSETS:
Capital (no par value).. 25,596,808 23,015,800 392,758,005 52,678,524
Undistributed
(distributions in
excess of) net
investment income
(loss)................. (16,315) 62 43 --
Accumulated
undistributed net
realized gains (losses)
from investment
transactions........... (3,946,656) 4,918 1,517,667 93,312
Unrealized appreciation
(depreciation) from
investments............ 2,446,956 1,076,992 37,747,276 1,255,769
----------- ----------- ------------ -----------
Net Assets............ $24,080,793 $24,097,772 $432,022,991 $54,027,605
=========== =========== ============ ===========
Net Assets
A Class................ $ 1,179,899 $ 731,676 $ 4,731,688 $ 963,522
B Class................ -- -- 628,029 --
Y Class................ 22,900,894 23,366,096 426,663,274 53,064,083
----------- ----------- ------------ -----------
Total................. $24,080,793 $24,097,772 $432,022,991 $54,027,605
=========== =========== ============ ===========
Outstanding units of
beneficial interest
(shares)
A Class................ 119,673 74,208 430,548 94,128
B Class................ -- -- 57,159 --
Y Class................ 2,320,926 2,365,173 38,688,591 5,156,175
----------- ----------- ------------ -----------
Total................. 2,440,599 2,439,381 39,176,298 5,250,303
=========== =========== ============ ===========
Net Asset Value
A Class--redemption
price per share....... $ 9.86 $ 9.86 $ 10.99 $ 10.24
=========== =========== ============ ===========
A Class--maximum sales
charge................ 4.00% 2.25% 4.00% 2.25%
----------- ----------- ------------ -----------
A Class--maximum
offering price per
share ((100%/(100%-
maximum sales charge))
of net asset value
adjusted to nearest
cent)................. $ 10.27 $ 10.09 $ 11.45 $ 10.48
=========== =========== ============ ===========
B Class--offering price
per share*............ $ -- $ -- $ 10.99 $ --
=========== =========== ============ ===========
Y Class--offering and
redemption price per
share................. $ 9.87 $ 9.88 $ 11.03 $ 10.29
=========== =========== ============ ===========
</TABLE>
- --------
* Redemption price per share varies based on length of time shares are held
(Note 4).
See notes to financial statements.
7
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
International Stock Value Small Cap
Fund Fund Fund
------------------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments, at value (Cost
$56,347,158; $31,002,310; and
$36,502,805, respectively)..... $62,184,250 $32,087,157 $36,746,383
Interest and dividends
receivable..................... 18,230 22,917 28,928
Receivable from brokers for
investments sold............... 607,046 153,563 --
Prepaid expenses and other
assets......................... 2,769 2,110 2,540
----------- ----------- -----------
Total Assets.................. 62,812,295 32,265,747 36,777,851
----------- ----------- -----------
LIABILITIES:
Foreign currency (Cost $38,260). 38,260 -- --
Payable to brokers for
investments purchased.......... 583,342 580,646 464,834
Unrealized losses on forward
foreign currency contracts..... 154 -- --
Accrued expenses and other
payables:
Investment advisory fees....... 53,454 21,551 30,857
Administration fees............ 1,354 690 794
Distribution fees--A Class..... 4 6 5
Distribution fees--B Class..... 5 49 7
Other.......................... 22,113 4,769 5,298
----------- ----------- -----------
Total Liabilities............. 698,686 607,711 501,795
----------- ----------- -----------
NET ASSETS:
Capital (no par value).......... 56,581,674 30,804,963 36,044,091
Undistributed (distributions in
excess of) net investment
income (loss).................. (42,878) (17,766) (11,613)
Accumulated undistributed net
realized gains (losses) from
investment and foreign currency
transactions................... (261,296) (214,008) --
Unrealized appreciation
(depreciation) from
investments.................... 5,837,092 1,084,847 243,578
Unrealized appreciation
(depreciation) from foreign
currency transactions.......... (983) -- --
----------- ----------- -----------
Net Assets.................... $62,113,609 $31,658,036 $36,276,056
=========== =========== ===========
Net Assets
A Class........................ $ 29,866 $ 38,516 $ 33,667
B Class........................ 7,164 104,414 15,193
Y Class........................ 62,076,579 31,515,106 36,227,196
----------- ----------- -----------
Total......................... $62,113,609 $31,658,036 $36,276,056
=========== =========== ===========
Outstanding units of beneficial
interest (shares)
A Class........................ 2,706 3,749 3,391
B Class........................ 650 10,171 1,532
Y Class........................ 5,620,828 3,066,231 3,650,320
----------- ----------- -----------
Total......................... 5,624,184 3,080,151 3,655,243
=========== =========== ===========
Net Asset Value
A Class--redemption price per
share......................... $ 11.04 $ 10.28 $ 9.93
=========== =========== ===========
A Class--maximum sales charge.. 5.25% 4.00% 5.25%
----------- ----------- -----------
A Class--maximum offering price
per share
((100%/(100%-maximum sales
charge) of net asset
value adjusted to nearest
cent))........................ $ 11.65 $ 10.71 $ 10.48
=========== =========== ===========
Net Asset Value
B Class--offering price per
share *....................... $ 11.02 $ 10.27 $ 9.92
=========== =========== ===========
Y Class--offering and
redemption price per share.... $ 11.04 $ 10.28 $ 9.92
=========== =========== ===========
</TABLE>
- --------
* Redemption price per share varies based on length of time shares are held
(Note 4).
See notes to financial statements.
8
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Operations
For the Six Months Ended January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Growth and New Asia Diversified
Growth Stock Income Growth Fixed Income
Fund Fund Fund Fund
------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
Investment Income:
Interest income.......... $ -- $ 157,697 $ -- $5,165,363
Dividend income.......... 1,567,036 981,834 107,515 --
Withholding tax.......... -- -- (8,582) --
----------- ----------- ----------- ----------
Total Income........... 1,567,036 1,139,531 98,933 5,165,363
----------- ----------- ----------- ----------
Expenses:
Investment advisory fees. 1,520,968 697,283 75,867 519,544
Administration fees...... 380,199 174,452 16,860 173,181
Distribution fees--A
Class................... 52,831 29,073 6,233 8,043
Distribution fees--B
Class................... 10,111 15,636 412 2,558
Custodian fees........... 17,010 8,394 46,436 6,860
Transfer agent fees...... 56,881 44,151 24,928 35,580
Other.................... 135,064 66,402 16,135 64,246
----------- ----------- ----------- ----------
Total expenses before
voluntary fee
reductions............ 2,173,064 1,035,391 186,871 810,012
Expenses voluntarily
reduced............... (111,248) (54,397) (19,081) (170,250)
----------- ----------- ----------- ----------
Net Expenses........... 2,061,816 980,994 167,790 639,762
----------- ----------- ----------- ----------
Net Investment Income
(Loss).................. (494,780) 158,537 (68,857) 4,525,601
----------- ----------- ----------- ----------
Realized/Unrealized Gains
(Losses) From
Investments:
Net realized gains
(losses) from investment
transactions............ 30,844,661 6,859,129 (1,961,365) 3,026,358
Net realized gains
(losses) from foreign
currency transactions... -- -- (83,363) --
Net change in unrealized
appreciation
(depreciation) from
investments............. 41,315,602 17,940,066 4,518,466 2,390,183
Net change in unrealized
appreciation
(depreciation) from
foreign currency
transactions............ -- -- (1,869) --
----------- ----------- ----------- ----------
Net realized/unrealized
gains (losses) from
investments............. 72,160,263 24,799,195 2,471,869 5,416,541
----------- ----------- ----------- ----------
Change in net assets
resulting from
operations.............. $71,665,483 $24,957,732 $ 2,403,012 $9,942,142
=========== =========== =========== ==========
</TABLE>
See notes to financial statements.
9
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Operations
For the Six Months Ended January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Short Intermediate Tax-Free
U.S. Treasury U.S. Treasury Tax-Free Short Intermediate
Securities Securities Securities Securities
Fund Fund Fund Fund
------------- ------------------ ----------- ------------------
<S> <C> <C> <C> <C>
Investment Income:
Interest income......... $ 741,042 $ 692,669 $11,407,910 $1,102,242
---------- ---------- ----------- ----------
Total Income.......... 741,042 692,669 11,407,910 1,102,242
========== ========== =========== ==========
Expenses:
Investment advisory
fees................... 71,380 61,484 1,283,140 124,523
Administration fees..... 23,793 24,593 427,713 49,809
Distribution fees--A
Class.................. 4,351 2,720 14,726 2,662
Distribution fees--B
Class.................. -- -- 2,227 --
Transfer agent fees..... 18,462 19,622 50,866 21,147
Other................... 13,683 14,926 175,905 29,877
---------- ---------- ----------- ----------
Total expenses before
voluntary fee
reductions........... 131,669 123,345 1,954,577 228,018
Expenses voluntarily
reduced.............. (37,413) (32,538) (416,354) (39,155)
---------- ---------- ----------- ----------
Net Expenses.......... 94,256 90,807 1,538,223 188,863
---------- ---------- ----------- ----------
Net Investment Income
(Loss)................. 646,786 601,862 9,869,687 913,379
---------- ---------- ----------- ----------
Realized/Unrealized
Gains From Investments:
Net realized gains
(losses) on investment
transactions........... 10,856 97,287 2,812,218 114,829
Net change in unrealized
appreciation
(depreciation) from
investments............ 660,348 581,169 6,740,878 816,329
---------- ---------- ----------- ----------
Net realized/unrealized
gains (losses) from
investments............ 671,204 678,456 9,553,096 931,158
---------- ---------- ----------- ----------
Change in net assets
resulting from
operations............. $1,317,990 $1,280,318 $19,422,783 $1,844,537
========== ========== =========== ==========
</TABLE>
See notes to financial statements.
10
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Operations
For the Period Ended January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
International
Stock Value Small Cap
Fund Fund Fund
December 2, December 3, December 3,
1998 to 1998 to 1998 to
January 31, January 31, January 31,
1999 (a) 1999 (a) 1999 (a)
------------- ----------- -----------
<S> <C> <C> <C>
Investment Income:
Dividend income.......................... $ 101,501 $ 73,020 $ 77,285
Withholding tax.......................... (3,664) -- --
---------- ---------- --------
Total Income........................... 97,837 73,020 77,285
---------- ---------- --------
Expenses:
Investment advisory fees................. 95,946 39,264 56,401
Administration fees...................... 17,445 9,861 10,255
Distribution fees--A Class............... 13 21 19
Distribution fees--B Class............... 6 56 8
Custodian fees........................... 15,100 708 708
Transfer agent fees...................... 8,085 5,907 5,907
Other.................................... 12,930 6,906 7,628
---------- ---------- --------
Total expenses before voluntary fee
reductions............................ 149,525 62,723 80,926
Expenses voluntarily reduced........... (8,810) (2,022) (7,931)
---------- ---------- --------
Net Expenses........................... 140,715 60,701 72,995
---------- ---------- --------
Net Investment Income (Loss)............. (42,878) 12,319 4,290
---------- ---------- --------
Realized/Unrealized Gains (Losses) From
Investments:
Net realized gains (losses) from
investment transactions................. 65,856 (214,008) --
Net realized gains (losses) from foreign
currency transactions................... (327,152) -- --
Net change in unrealized appreciation
(depreciation) from investments......... 5,837,092 1,084,847 243,578
Net change in unrealized appreciation
(depreciation) from foreign currency
transactions............................ (983) -- --
---------- ---------- --------
Net realized/unrealized gains (losses)
from investments........................ 5,574,813 870,839 243,578
---------- ---------- --------
Change in net assets resulting from
operations.............................. $5,531,935 $ 883,158 $247,868
========== ========== ========
</TABLE>
- --------
(a) Period from commencement of operations.
See notes to financial statements.
11
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Growth Stock Fund Growth and Income Fund New Asia Growth Fund
------------------------------ ------------------------------ ------------------------------
For the Six For the Year For the Six For the Year For the Six For the Year
Months Ended Ended Months Ended Ended Months Ended Ended
January 31, 1999 July 31, 1998 January 31, 1999 July 31, 1998 January 31, 1999 July 31, 1998
---------------- ------------- ---------------- ------------- ---------------- -------------
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income
(loss)................ $ (494,780) $ (281,128) $ 158,537 $ 548,082 $ (68,857) $ 234,004
Net realized gains
(losses) from
investment
transactions.......... 30,844,661 80,853,461 6,859,129 25,362,538 (1,961,365) (7,081,708)
Net realized gains
(losses) from foreign
currency transactions. -- -- -- -- (83,363) (234,378)
Net change in
unrealized
appreciation
(depreciation) from
investments........... 41,315,602 (13,215,903) 17,940,066 (4,884) 4,518,466 (5,104,722)
Net change in
unrealized
appreciation
(depreciation) from
foreign currency
transactions.......... -- -- -- -- (1,869) 13,266
------------ ------------ ------------ ------------ ----------- -----------
Change in net assets
resulting from
operations............. 71,665,483 67,356,430 24,957,732 25,905,736 2,403,012 (12,173,538)
------------ ------------ ------------ ------------ ----------- -----------
Distributions to A Class
Shareholders:
From net investment
income................ (1,014) -- (1,866) (11,210) (5,526) --
In excess of net
investment income..... -- (3,666) -- -- -- --
From net realized
gains................. (2,466,570) (1,563,676) (950,873) (376,436) -- (256,220)
Distributions to B Class
Shareholders:
From net investment
income................ -- -- -- (16) (28) --
From net realized
gains................. (378,014) -- (397,782) -- -- --
Distributions to Y Class
Shareholders:
From net investment
income................ -- -- (198,851) (577,057) (84,417) (34,752)
In excess of net
investment income..... -- (207,716) -- -- -- --
From net realized
gains................. (61,334,551) (29,415,345) (19,162,674) (10,964,762) -- (1,580,467)
------------ ------------ ------------ ------------ ----------- -----------
Change in net assets
from shareholder
distributions.......... (64,180,149) (31,190,403) (20,712,046) (11,929,481) (89,971) (1,871,439)
------------ ------------ ------------ ------------ ----------- -----------
Capital Transactions:
Proceeds from shares
issued................ 34,256,954 61,390,872 32,454,609 61,397,118 2,459,908 10,910,662
Proceeds from shares
issued in conjunction
with common trust fund
conversion............ -- 120,286,123 -- -- -- --
Dividends reinvested... 56,213,864 30,004,614 15,435,746 11,214,838 30,017 1,781,940
Cost of shares
redeemed.............. (41,303,926) (65,643,901) (28,106,315) (40,516,157) (4,906,845) (4,232,779)
------------ ------------ ------------ ------------ ----------- -----------
Change in net assets
from share
transactions........... 49,166,892 146,037,708 19,784,040 32,095,799 (2,416,920) 8,459,823
------------ ------------ ------------ ------------ ----------- -----------
Change in net assets.... 56,652,226 182,203,735 24,029,726 46,072,054 (103,879) (5,585,154)
Net Assets:
Beginning of period.... 390,352,941 208,149,206 173,619,411 127,547,357 16,249,445 21,834,599
------------ ------------ ------------ ------------ ----------- -----------
End of period.......... $447,005,167 $390,352,941 $197,649,137 $173,619,411 $16,145,566 $16,249,445
============ ============ ============ ============ =========== ===========
</TABLE>
See notes to financial statements.
12
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Short Intermediate
Diversified Fixed Income Fund U.S. Treasury Securities Fund U.S. Treasury Securities Fund
------------------------------ ------------------------------ ------------------------------
For the Six For the Year For the Six For the Year For the Six For the Year
Months Ended Ended Months Ended Ended Months Ended Ended
January 31, 1999 July 31, 1998 January 31, 1999 July 31, 1998 January 31, 1999 July 31, 1998
---------------- ------------- ---------------- ------------- ---------------- -------------
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income
(loss)................ $ 4,525,601 $ 8,386,557 $ 646,786 $ 1,303,898 $ 601,862 $ 1,603,671
Net realized gains
(losses) from
investment
transactions.......... 3,026,358 1,495,447 10,856 144,578 97,287 164,505
Net change in
unrealized
appreciation
(depreciation) from
investments........... 2,390,183 1,593,062 660,348 311,969 581,169 82,834
------------ ------------ ----------- ----------- ----------- -----------
Change in net assets
resulting from
operations............. 9,942,142 11,475,066 1,317,990 1,760,445 1,280,318 1,851,010
------------ ------------ ----------- ----------- ----------- -----------
Distributions to A Class
Shareholders:
From net investment
income................ (53,312) (73,933) (30,157) (57,773) (16,852) (31,037)
From net realized
gains................. (21,470) -- -- -- (3,262) --
Distributions to B Class
Shareholders:
From net investment
income................ (10,873) (1,753) -- -- -- --
From net realized
gains................. (5,246) -- -- -- -- --
Distributions to Y Class
Shareholders:
From net investment
income................ (4,460,708) (8,310,871) (616,629) (1,246,125) (584,988) (1,572,634)
From net realized
gains................. (1,607,320) -- -- -- (102,224) --
------------ ------------ ----------- ----------- ----------- -----------
Change in net assets
from shareholder
distributions.......... (6,158,929) (8,386,557) (646,786) (1,303,898) (707,326) (1,603,671)
------------ ------------ ----------- ----------- ----------- -----------
Capital Transactions:
Proceeds from shares
issued................ 42,128,125 49,530,803 1,017,369 543,006 5,568,682 7,264,845
Proceeds from shares
issued in conjunction
with common trust fund
conversion............ -- 8,914,400 -- -- -- 9,573,342
Dividends reinvested... 1,400,874 133,327 615,382 1,250,973 137,752 62,108
Cost of shares
redeemed.............. (25,697,584) (34,710,871) (1,491,391) (3,901,485) (7,678,778) (18,990,957)
------------ ------------ ----------- ----------- ----------- -----------
Change in net assets
from share
transactions........... 17,831,415 23,867,659 141,360 (2,107,506) (1,972,344) (2,090,662)
------------ ------------ ----------- ----------- ----------- -----------
Change in net assets.... 21,614,628 26,956,168 812,564 (1,650,959) (1,399,352) (1,843,323)
Net Assets:
Beginning of period.... 160,642,247 133,686,079 23,268,229 24,919,188 25,497,124 27,340,447
------------ ------------ ----------- ----------- ----------- -----------
End of period.......... $182,256,875 $160,642,247 $24,080,793 $23,268,229 $24,097,772 $25,497,124
============ ============ =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
13
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Tax-Free Short Intermediate
Tax-Free Securities Fund Securities Fund
------------------------------ ------------------------------
For the Six For the Year For the Six For the Year
Months Ended Ended Months Ended Ended
January 31, 1999 July 31, 1998 January 31, 1999 July 31, 1998
---------------- ------------- ---------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income
(loss)................ $ 9,869,687 $ 17,682,859 $ 913,379 $ 1,788,844
Net realized gains
(losses) from
investment
transactions.......... 2,812,218 2,987,336 114,829 244,498
Net change in
unrealized
appreciation
(depreciation) from
investments........... 6,740,878 (459,271) 816,329 (310,212)
------------ ------------ ----------- -----------
Change in net assets
resulting from
operations............. 19,422,783 20,210,924 1,844,537 1,723,130
------------ ------------ ----------- -----------
Distributions to A Class
Shareholders:
From net investment
income................ (85,731) (109,666) (12,120) (20,127)
From net realized
gains................. (37,066) (12,546) (4,014) (3,439)
Distributions to B Class
Shareholders:
From net investment
income................ (8,092) (2,202) -- --
From net realized
gains................. (4,359) -- -- --
Distributions to Y Class
Shareholders:
From net investment
income................ (9,775,821) (17,570,991) (901,259) (1,768,717)
From net realized
gains................. (3,625,235) (1,612,136) (217,551) (214,455)
------------ ------------ ----------- -----------
Change in net assets
from shareholder
distributions.......... (13,536,304) (19,307,541) (1,134,944) (2,006,738)
------------ ------------ ----------- -----------
Capital Transactions:
Proceeds from shares
issued................ 23,680,962 47,935,386 9,592,626 11,343,317
Proceeds from shares
issued in conjunction
with common trust fund
conversion............ -- 104,600,137 -- 12,804,860
Dividends reinvested... 3,674,844 1,683,385 230,415 233,743
Cost of shares
redeemed.............. (21,089,080) (34,561,801) (9,167,745) (9,569,958)
------------ ------------ ----------- -----------
Change in net assets
from share
transactions........... 6,266,726 119,657,107 655,296 14,811,962
------------ ------------ ----------- -----------
Change in net assets.... 12,153,205 120,560,490 1,364,889 14,528,354
Net Assets:
Beginning of period.... 419,869,786 299,309,296 52,662,716 38,134,362
------------ ------------ ----------- -----------
End of period.......... $432,022,991 $419,869,786 $54,027,605 $52,662,716
============ ============ =========== ===========
</TABLE>
See notes to financial statements.
14
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets
(Unaudited)
<TABLE>
<CAPTION>
International
Stock Fund Value Fund Small Cap Fund
------------- ----------- --------------
December 2, December 3, December 3,
1998 to 1998 to 1998 to
January 31, January 31, January 31,
1999 (a) 1999 (a) 1999 (a)
------------- ----------- --------------
<S> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income (loss)........ $ (42,878) $ 12,319 $ 4,290
Net realized gains (losses) from
investment transactions............ 65,856 (214,008) --
Net realized gains (losses) from
foreign currency transactions...... (327,152) -- --
Net change in unrealized
appreciation (depreciation) from
investments........................ 5,837,092 1,084,847 243,578
Net change in unrealized
appreciation (depreciation) from
foreign currency transactions...... (983) -- --
----------- ----------- -----------
Change in net assets resulting from
operations.......................... 5,531,935 883,158 247,868
----------- ----------- -----------
Distributions to A Class
Shareholders:
From net investment income.......... -- (11) (4)
Distributions to B Class
Shareholders:
From net investment income.......... -- (14) (1)
Distributions to Y Class
Shareholders:
From net investment income.......... -- (30,060) (15,898)
----------- ----------- -----------
Change in net assets from shareholder
distributions....................... -- (30,085) (15,903)
----------- ----------- -----------
Capital Transactions:
Proceeds from shares issued......... 58,781,786 31,577,949 36,808,003
Dividends reinvested................ -- 29 33
Cost of shares redeemed............. (2,200,112) (773,015) (763,945)
----------- ----------- -----------
Change in net assets from share
transactions........................ 56,581,674 30,804,963 36,044,091
----------- ----------- -----------
Change in net assets................. 62,113,609 31,658,036 36,276,056
Net Assets:
Beginning of period................. -- -- --
----------- ----------- -----------
End of period....................... $62,113,609 $31,658,036 $36,276,056
=========== =========== ===========
</TABLE>
- --------
(a) Period from commencement of operations.
See notes to financial statements.
15
<PAGE>
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks (98.8%)
Aerospace/Defense (0.8%)
104,450 B. F. Goodrich Co..................................... $ 3,551,300
------------
Beverages (2.7%)
309,884 PepsiCo, Inc.......................................... 12,104,844
------------
Commercial Services (0.7%)
88,760 Sothebys Holdings, Inc., Class A...................... 3,078,863
------------
Computers & Peripherals (9.7%)
77,900 Apple Computer, Inc. (b).............................. 3,208,506
158,046 Cisco Systems (b)..................................... 17,632,006
172,985 Compaq Computer Corp. ................................ 8,238,411
46,530 Gateway 2000, Inc. (b)................................ 3,594,443
94,158 Sun Microsystems, Inc. (b)............................ 10,522,157
------------
43,195,523
------------
Consumer Cyclicals (0.0%)
0 Momentum Business Applications,
Inc. (b)............................................. 4
------------
Consumer Goods & Services (2.6%)
91,110 Clorox Co. ........................................... 11,400,139
------------
Cosmetics/Personal Care (4.0%)
305,070 Gillette Co. ......................................... 17,922,863
------------
Diversified Operations (1.4%)
82,960 Tyco International Ltd. .............................. 6,393,105
------------
Electrical Equipment (3.8%)
163,501 General Electric Co. ................................. 17,147,167
------------
Electronic & Electrical (1.6%)
134,054 SCI Systems, Inc. (b)................................. 7,372,970
------------
Environmental Services (1.5%)
109,250 Republic Services, Inc., Class A (b).................. 2,253,281
90,045 Waste Management, Inc. ............................... 4,496,622
------------
6,749,903
------------
Financial Services (3.2%)
162,307 MBNA Corp............................................. 4,534,452
115,040 Morgan Stanley, Dean Witter & Co. .................... 9,986,910
------------
14,521,362
------------
Food Processing & Packaging (3.3%)
52,160 Hormel Foods Corp. ................................... 1,835,380
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Food Processing & Packaging, continued
337,622 Sara Lee Corp. ....................................... $ 8,609,361
118,605 Suiza Foods Corp. (b)................................. 4,217,890
------------
14,662,631
------------
Health Care (2.1%)
96,070 Guidant Corp.......................................... 5,662,126
282,086 Health Management Associates,
Inc. (b)............................................. 3,543,705
------------
9,205,831
------------
Household Products (1.0%)
102,563 Newell Co............................................. 4,262,775
------------
Insurance (1.5%)
218,540 Conseco, Inc.......................................... 6,761,081
------------
Leisure--Recreation, Gaming (1.2%)
111,450 Carnival Corp. ....................................... 5,468,016
------------
Pharmaceuticals (17.0%)
93,846 Abbott Laboratories................................... 4,357,974
75,130 Bristol Myers Squibb Co. ............................. 9,630,727
119,122 Lilly (Eli) & Co. .................................... 11,160,242
153,258 Pfizer, Inc. ......................................... 19,712,809
102,961 Pharmacia & Upjohn.................................... 5,920,258
227,760 Schering-Plough Corp.................................. 12,412,920
173,500 Warner Lambert Co..................................... 12,524,531
------------
75,719,461
------------
Retail (9.1%)
408,496 Dollar General Corp................................... 10,186,869
91,045 Gap, Inc. ............................................ 5,843,951
139,636 Kohl's Corp. (b)...................................... 9,460,339
94,725 Ross Stores, Inc...................................... 3,741,638
135,370 Wal-Mart Stores, Inc. ................................ 11,641,819
------------
40,874,616
------------
Savings & Loans (1.5%)
155,427 Washington Mutual, Inc................................ 6,527,934
------------
Semiconductors (3.5%)
76,950 Intel Corp. .......................................... 10,845,141
90,620 Vitesse Semiconductor Corp. (b)....................... 4,683,921
------------
15,529,062
------------
</TABLE>
Continued
16
<PAGE>
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Software & Computer Services (13.3%)
56,188 America Online, Inc. (b).............................. $ 9,871,529
61,021 Compuware Corp. (b)................................... 4,042,641
104,068 Microsoft Corp. (b)................................... 18,211,899
94,202 Networks Associates (b)............................... 4,933,830
116,770 Oracle Corp. (b)...................................... 6,466,139
93,020 Peoplesoft, Inc. (b).................................. 1,842,959
120,750 Siebel Systems, Inc. (b).............................. 5,282,813
204,225 Sterling Commerce, Inc. (b)........................... 8,768,911
------------
59,420,721
------------
Telecommunications--Services and Equipment (3.1%)
96,820 Lucent Technologies, Inc.............................. 10,898,301
21,630 Nokia Corp.-- ADR..................................... 3,114,720
------------
14,013,021
------------
Transportation (1.2%)
113,380 Kansas City Southern Industries, Inc.................. 5,385,550
------------
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized
appreciation.......... $160,053,100
Unrealized
depreciation.......... $ (7,060,625)
------------
Net unrealized
appreciation.......... $152,992,475
============
</TABLE>
(b) Non-income producing securities
ADR--American Depository Receipts
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued
Utilities--Telecommunications (9.0%)
159,750 AT&T Corp............................................ $ 14,497,313
128,764 Century Telephone Enterprises, Inc................... 8,755,952
212,760 MCI Worldcom, Inc. (b)............................... 16,967,610
------------
40,220,875
------------
Total Common Stocks (Cost--$288,497,142) 441,489,617
------------
Investment Company (1.1%)
4,887,452 The One Group Prime Money Market Fund (Fiduciary
Shares)............................................. 4,887,452
------------
Total Investment Company
(Cost--$4,887,452) 4,887,452
------------
Total Investments
(Cost--$293,384,594) (a)--99.9% 446,377,069
Other assets in excess of liabilities--0.1% 628,098
------------
Total Net Assets--100.0% $447,005,167
============
</TABLE>
See notes to financial statements.
17
<PAGE>
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks (97.6%)
Aerospace/Defense (1.1%)
65,000 B. F. Goodrich Co..................................... $ 2,210,000
------------
Automotive (0.9%)
28,800 Ford Motor Co. ....................................... 1,769,400
------------
Banks (6.7%)
56,970 Bank One Corp. ...................................... 2,983,804
48,889 BankAmerica Corp. .................................... 3,269,452
49,070 Chase Manhattan Corp. ................................ 3,775,323
97,305 U.S. Bancorp.......................................... 3,277,962
------------
13,306,541
------------
Beverages (2.0%)
13,710 Coca-Cola Co. ........................................ 897,148
76,975 PepsiCo, Inc. ........................................ 3,006,836
------------
3,903,984
------------
Business Equipment & Services (1.5%)
35,000 Miller (Herman), Inc.................................. 662,813
33,000 Pitney Bowes, Inc. ................................... 2,270,812
------------
2,933,625
------------
Chemicals (1.0%)
60,750 Air Products & Chemical, Inc. ........................ 2,042,719
------------
Computers & Peripherals (11.6%)
92,550 Cisco Systems (b)..................................... 10,325,108
61,550 Compaq Computer Corp. ................................ 2,931,319
45,800 EMC Corp. (b)......................................... 4,986,475
43,075 Sun Microsystems, Inc. (b)............................ 4,813,631
------------
23,056,533
------------
Consumer Cyclicals (0.0%)
1 Momentum Business Applications, Inc. (b).............. 9
------------
Consumer Finance (0.7%)
28,120 Countrywide Credit Industies, Inc..................... 1,335,700
------------
Cosmetics/Personal Care (0.5%)
17,910 Gillette Co. ......................................... 1,052,213
------------
Dialysis Centers (1.7%)
141,390 Total Renal Care Holdings, Inc. (b)................... 3,296,154
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Electrical Equipment (3.7%)
46,340 General Electric Co................................... $ 4,859,907
26,570 Solectron Corp. (b)................................... 2,366,391
------------
7,226,298
------------
Electronic & Electrical (0.6%)
19,790 SCI Systems, Inc. (b)................................. 1,088,450
------------
Environmental Services (1.5%)
58,529 Waste Management, Inc. ............................... 2,922,792
------------
Financial Services (4.3%)
106,995 Alliance Capital Management........................... 2,842,055
31,810 Freddie Mac........................................... 1,972,220
13,850 Morgan Stanley, Dean Witter & Co. .................... 1,202,353
66,850 T. Rowe Price Associates, Inc......................... 2,444,203
------------
8,460,831
------------
Health Care (3.1%)
61,850 Guidant Corp.......................................... 3,645,284
190,300 Health Management Associates, Inc. (b)................ 2,390,644
------------
6,035,928
------------
Household Products (1.6%)
20,135 Avery Dennison Corp. ................................. 995,424
50,000 Newell Co. ........................................... 2,078,125
------------
3,073,549
------------
Insurance (5.1%)
103,592 Conseco, Inc.......................................... 3,204,878
42,700 Exel Ltd. (c) (b)..................................... 2,724,794
66,620 Marsh & McLennan Co., Inc............................. 4,188,732
------------
10,118,404
------------
Leisure--Recreation, Gaming (1.9%)
78,100 Carnival Corp. ....................................... 3,831,781
------------
Machinery--Diversified (0.7%)
30,000 Sundstrand Corp....................................... 1,335,000
------------
Oil & Gas Exploration, Production, & Services (3.6%)
41,150 Exxon Corp. .......................................... 2,898,504
10,290 Mobil Corp. .......................................... 902,304
30,375 Schlumberger Ltd...................................... 1,446,609
86,550 Ultramar Diamond Shamrock Corp. ...................... 1,904,100
------------
7,151,517
------------
</TABLE>
Continued
18
<PAGE>
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Pharmaceuticals (8.8%)
37,000 Lilly (Eli) & Co. .................................... $ 3,466,438
42,550 Pfizer, Inc. ......................................... 5,472,993
34,950 Pharmacia & Upjohn.................................... 2,009,625
64,910 Schering-Plough Corp.................................. 3,537,595
41,435 Warner Lambert Co. ................................... 2,991,089
------------
17,477,740
------------
Publishing (1.8%)
33,675 McGraw-Hill Cos., Inc. ............................... 3,641,109
------------
Restaurants (0.8%)
29,424 Starbucks Corp. (b)................................... 1,531,887
------------
Retail (7.2%)
110,980 Dollar General Corp. ................................. 2,767,564
67,500 Gap, Inc. ............................................ 4,332,656
62,140 Kohl's Corp. (b)...................................... 4,209,985
17,250 Lowe's Co., Inc....................................... 1,005,891
31,770 Walgreen Co. ......................................... 1,985,625
------------
14,301,721
------------
Retail--Food Chain (0.3%)
19,230 Whole Foods Market, Inc. ............................. 616,562
------------
Savings & Loans (1.5%)
69,693 Washington Mutual, Inc................................ 2,927,106
------------
Semiconductors (1.2%)
16,575 Intel Corp. .......................................... 2,336,039
------------
Software & Computer Services (10.0%)
42,800 BMC Software, Inc. (b)................................ 1,998,225
46,400 Cadence Design Systems, Inc. (b)...................... 1,484,800
51,960 Compuware Corp. (b)................................... 3,442,350
37,175 Microsoft Corp. (b)................................... 6,505,625
27,030 Oracle Corp. (b)...................................... 1,496,786
57,240 Peoplesoft, Inc. (b).................................. 1,134,068
85,620 Sterling Commerce, Inc. (b)........................... 3,676,309
------------
19,738,163
------------
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized
appreciation......... $63,057,217
Unrealized
depreciation......... $(7,884,586)
-----------
Net unrealized
appreciation......... $55,172,631
===========
</TABLE>
(b) Non income producing security
(c) Name change to XL Capital Ltd., Class A effective 2/2/99.
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ---------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued
Telecommunications--Services and Equipment (2.6%)
29,250 Lucent Technologies, Inc............................ $ 3,292,453
29,180 Northern Telecom Ltd................................ 1,841,988
------------
5,134,441
------------
Tobacco & Tobacco Products (0.9%)
38,890 Philip Morris Cos., Inc. ........................... 1,827,830
------------
Toys (0.5%)
24,130 Hasbro, Inc......................................... 897,334
------------
Transportation (2.1%)
27,280 Comair Holdings, Inc................................ 1,000,835
64,390 Kansas City Southern Industries, Inc................ 3,058,525
------------
4,059,360
------------
Utilities--Telecommunications (5.1%)
28,880 ALLTEL Corp......................................... 1,864,565
22,520 AT&T Corp........................................... 2,043,690
47,950 MCI Worldcom, Inc. (b).............................. 3,824,013
43,990 SBC Communications, Inc............................. 2,375,460
------------
10,107,728
------------
Water Treatment Systems (1.0%)
88,625 United States Filter Corp. (b)...................... 2,054,992
------------
Total Common Stocks (Cost--$137,630,809) 192,803,440
------------
Investment Company (3.1%)
6,205,756 The One Group Prime Money Market Fund, (Fiduciary
Shares)............................................ 6,205,756
------------
Total Investment Company (Cost--$6,205,756) 6,205,756
------------
Total Investments (Cost--$143,836,565)
(a)--100.7% 199,009,196
Liabilities in excess of other assets--(0.7)% (1,360,059)
------------
Total Net Assets--100.0% $197,649,137
============
</TABLE>
See notes to financial statements.
19
<PAGE>
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Cash Sweep (8.5%)
United States (8.5%)
1,372,979 Union Bank of California Money Market Fund............. $ 1,372,979
-----------
Total Cash Sweep (Cost--$1,372,979).............................. 1,372,979
-----------
Common Stocks (89.6%)
China (2.0%)
Commercial Services (1.1%)
894,000 Shenzhen Expressway Co. Ltd. .......................... 176,521
-----------
Electricity--Generation (0.9%)
39,900 Shandong Huaneng Power--ADR............................ 147,131
-----------
323,652
-----------
Hong Kong (26.4%)
Banks (1.6%)
25,500 Dao Heng Bank Group Ltd. .............................. 62,855
8,000 HSBC Holdings PLC (b).................................. 199,257
-----------
262,112
-----------
Commercial Services (1.7%)
876,000 Jiangsu Expressway Co. Ltd............................. 170,705
756,000 Zhejiang Expressway Co Ltd. ........................... 111,223
-----------
281,928
-----------
Construction (1.8%)
159,000 Cheung Kong Infrastructure Holdings.................... 294,453
-----------
Diversified--Conglomerates, Holding Companies (0.8%)
74,000 Citic Pacific Ltd. .................................... 132,266
-----------
Electrical & Electronic (2.2%)
85,000 Johnson Electric Holdings Ltd.......................... 207,872
39,000 Vtech Holdings Ltd..................................... 145,455
-----------
353,327
-----------
Manufacturing--Consumer Goods (1.6%)
150,000 Varitronix International Ltd........................... 263,267
-----------
Paint & Related Products (1.7%)
564,000 China Merchants Holdings International................. 278,405
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Real Estate (4.4%)
80,000 Cheung Kong Holdings Ltd. ............................. $ 554,926
23,000 Sun Hung Kai Properties Ltd. (b)....................... 151,379
-----------
706,305
-----------
Telecommunications (4.1%)
254,000 China Telecom Ltd. (b)................................. 453,994
70,000 SmarTone Telecommunications Holdings Ltd. ............. 208,678
-----------
662,672
-----------
Textile/Apparel (0.8%)
64,000 Li & Fung Ltd.......................................... 123,890
-----------
Utilities--Electric (5.7%)
120,000 CLP Holdings Ltd. ..................................... 545,119
125,500 Hong Kong Electric Holdings Ltd........................ 367,651
-----------
912,770
-----------
4,271,395
-----------
India (6.3%)
Telecommunications (2.6%)
39,000 Mahanager Telephone Nigam Ltd.--GDR.................... 412,425
-----------
Tobacco (3.7%)
27,400 I.T.C. Ltd.--GDR....................................... 602,800
-----------
1,015,225
-----------
Indonesia (0.1%)
Fisheries (0.0%)
5,000 PT Daya Guna Samudera.................................. 2,598
-----------
Retail (0.1%)
490,000 PT Sona Topas Tourism Industry (b)..................... 16,424
-----------
19,022
-----------
Malaysia (1.6%)
Construction (0.7%)
247,000 Metacorp Berhad........................................ 129,185
-----------
Leisure--Recreation, Gaming (0.5%)
59,000 Tanjong PLC............................................ 73,886
-----------
</TABLE>
Continued
20
<PAGE>
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Telecommunications (0.4%)
160,000 Technology Resources Industries Berhad................. $ 59,227
-----------
262,298
-----------
Philippines (3.8%)
Banks (1.3%)
87,200 Bank of Philippine Islands............................. 217,433
-----------
Real Estate (1.8%)
1,471,000 SM Prime Holdings, Inc. ............................... 278,917
-----------
Telecommunications (0.7%)
4,800 Philippine Long Distance Telephone Co. ................ 112,208
-----------
608,558
-----------
Singapore (19.8%)
Automotive (0.7%)
30,000 Cycle & Carriage Ltd. ................................. 117,887
-----------
Beverages (1.3%)
59,000 Fraser & Neave Ltd. ................................... 205,697
-----------
Defense Engineering (2.1%)
374,916 Singapore Technoligies Engineering Ltd. ............... 332,315
-----------
Electrical & Electronic (5.4%)
183,000 JIT Holdings Ltd. ..................................... 142,741
117,000 Venture Manufacturing Ltd. ............................ 508,157
286,000 Wong's Circuits Holdings Ltd. ......................... 217,360
-----------
868,258
-----------
Electronics (2.2%)
121,000 Natsteel Electronics Ltd............................... 361,078
-----------
Foreign Banks (1.8%)
43,000 Oversea-Chinese Banking Corp.
Ltd. (b).............................................. 294,748
-----------
Machinery & Equipment (2.1%)
362,000 Magnecomp International Ltd. .......................... 345,710
-----------
Real Estate (1.9%)
74,000 City Developments Ltd. ................................ 301,721
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Telecommunication Equipment (2.3%)
189,000 Datacraft Asia Ltd..................................... $ 372,330
-----------
3,199,744
-----------
South Korea (10.7%)
Electrical & Electronic (4.4%)
9,200 Samsung Electronics (b)................................ 703,897
-----------
Steel (1.1%)
9,300 Pohang Iron & Steel Ltd.--ADR.......................... 174,375
-----------
Telecommunications (2.1%)
10,220 Korea Telecom Corp. (b)................................ 337,912
-----------
Utilities--Electric (3.1%)
18,320 Korea Electric Power Corp.............................. 504,385
-----------
1,720,569
-----------
Taiwan (12.5%)
Computers & Peripherals (1.7%)
19,000 Asustek Computer, Inc. (b)............................. 158,750
65,000 D-Link Corp. (b)....................................... 120,687
-----------
279,437
-----------
Electrical & Electronic (9.8%)
56,800 Compal Electronics, Inc................................ 156,435
29,000 Compeq Manufacturing Co. Ltd. (b)...................... 152,561
96,000 Hon Hai Precision Industry (b)......................... 513,941
225,000 Taiwan Semiconductor Manufactoring Co. (b)............. 588,348
138,000 Winbond Electronics Corp. (b).......................... 168,683
-----------
1,579,968
-----------
Insurance (1.0%)
50,000 Cathay Life Insurance Co. Ltd.......................... 154,727
-----------
2,014,132
-----------
Thailand (6.4%)
Banks (0.8%)
367,500 Bank of Ayudhya Public Co. Ltd. (b).................... 126,810
-----------
Brokerage Services (0.6%)
437,700 Securities One Public Co. Ltd. (b)..................... 99,504
-----------
</TABLE>
Continued
21
<PAGE>
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Entertainment--Television (1.8%)
55,000 BEC World Public Co. Ltd............................... $ 288,768
-----------
Financial Services (0.1%)
29,100 Industrial Finance Corp. of Thailand................... 9,057
-----------
Real Estate (1.1%)
254,600 Land & House Public Co. Ltd. (b)....................... 170,537
-----------
Telecommunications (2.0%)
44,900 Advanced Info Service Public Co. Ltd. ................. 335,383
-----------
1,030,059
-----------
Total Common Stocks (Cost $13,542,730) 14,464,654
-----------
Rights (0.1%)
South Korea (0.1%)
Electrical & Electronic (0.1%)
488 Samsung Electronics.................................... 16,032
-----------
</TABLE>
- --------
Forward Currency Contracts:
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Taiwan (0.0%)
Computers & Peripherals (0.0%)
113 Compal Electronics, Inc................................ $ 31
-----------
Total Rights (Cost $0) 16,063
-----------
Warrants (0.7%)
Hong Kong (0.0%)
Construction (0.0%)
225,000 Wai Kee Holdings Ltd., 6/30/00......................... 5,227
-----------
Philippines (0.7%)
Restaurant (0.7%)
208,000 Jollibee Foods Corp., 3/24/03.......................... 108,051
-----------
Total Warrants (Cost--$101,101) 113,278
-----------
Total Investments (Cost--$15,016,810)
(a)--98.9% 15,966,974
Other assets in excess of liabilities--1.1% 178,592
-----------
Total Net Assets--100.0% $16,145,566
===========
</TABLE>
<TABLE>
<CAPTION>
Unrealized
Delivery Contract Market Appreciation/
Currency Date Value Value Depreciation
-------- -------- -------- ------- -------------
<S> <C> <C> <C> <C>
Short Contracts:
Singapore Dollars.................... 2/4/99 59,677 59,931 254
Thai Bahts........................... 2/1/99 36,657 36,707 50
2/2/99 100,305 100,576 271
------- ------- ----
Total Short Contracts................ 196,639 197,214 575
------- ------- ----
Long Contracts:
Phillipine Peso...................... 2/1/99 43,757 43,416 (341)
2/2/99 26,867 26,797 (70)
2/3/99 38,493 38,543 50
Thai Bahts........................... 2/2/99 1,937 1,920 (17)
------- ------- ----
Total Long Contracts................. 111,054 110,676 (378)
------- ------- ----
</TABLE>
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized
appreciation......... $ 2,292,006
Unrealized
depreciation......... $(1,341,842)
-----------
Net unrealized
appreciation......... $ 950,164
===========
</TABLE>
(b) Non income producing securities.
ADR--American Depository Receipt
GDR--Global Depository Receipt
PLC--Public Limited Company
See notes to financial statements.
22
<PAGE>
PACIFIC CAPITAL FUNDS
Diversified Fixed Income Fund
Schedule of Portfolio Investments
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Corporate Bonds (44.2%)
Automotive (0.6%)
1,000,000 Ford Motor Co., 7.25%, 10/1/08....................... $ 1,115,000
------------
Banking (5.3%)
950,000 Interamerica Development Bank, 8.50%, 3/15/11........ 1,194,625
5,000,000 JPM Capital Corp., 7.54%, 1/15/27.................... 5,287,499
2,000,000 Nationsbank Corp., 6.38%, 5/15/05.................... 2,072,500
1,000,000 Wachovia Corp., 6.38%, 2/1/09........................ 1,057,500
------------
9,612,124
------------
Banking--Foreign (8.8%)
5,000,000 Abbey National PLC, 6.69%, 10/17/05.................. 5,287,499
5,000,000 Bayerische Landesbank--NY, 6.38%, 8/31/00............ 5,093,750
2,250,000 Bayerische Landesbank--NY, 5.88%, 12/1/08............ 2,311,875
3,000,000 Swiss Bank Corp.--NY, 6.75%, 7/15/05................. 3,153,750
------------
15,846,874
------------
Brokerage Services (4.8%)
5,000,000 Merrill Lynch & Co., Inc., 7.00%, 4/27/08............ 5,425,000
825,000 Merrill Lynch & Co., Inc., 7.15%, 7/30/12............ 856,969
2,500,000 Salomon, Inc., 6.70%, 7/5/00......................... 2,537,625
------------
8,819,594
------------
Electric Utility (0.8%)
1,500,000 Duke Power Co., 8.00%, 11/1/99....................... 1,530,000
------------
Finance (4.5%)
1,125,000 Ford Motor Credit Co., 7.57%, 5/16/05................ 1,154,531
2,000,000 Natural Rural Utilities, 5.75%, 11/1/08.............. 2,045,000
5,000,000 Toyota Motor Credit Co., 5.50%, 12/15/08............. 4,962,500
------------
8,162,031
------------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Corporate Bonds, continued
Financial Services (5.1%)
2,000,000 Associates Corp. N.A., 6.00%, 4/15/03................ $ 2,040,000
500,000 Associates Corp. N.A., 7.75%, 2/15/05................ 556,250
500,000 General Electric Capital Corp., 8.25%, 11/1/04....... 571,875
5,000,000 General Electric Capital Corp., 7.88%, 12/1/06....... 5,781,250
400,000 Pitney Bowes Credit Corp., 6.80%, 10/1/01............ 416,500
------------
9,365,875
------------
Health Care (2.7%)
4,300,000 Johnson & Johnson, 8.72%, 11/1/24.................... 5,009,500
------------
Household Products (0.6%)
1,000,000 Procter & Gamble Co., 5.25%, 9/15/03................. 1,007,500
------------
Industrial (0.6%)
1,000,000 EI Dupont De Nemours, 6.50%, 9/1/02.................. 1,045,000
------------
Insurance (0.7%)
125,000 MBIA, Inc., 8.20%, 10/1/22........................... 137,813
1,000,000 St. Paul Cos., Inc., 7.29%, 8/28/07.................. 1,105,000
------------
1,242,813
------------
Oil & Gas--Exploration & Production Services (1.1%)
1,450,000 Amoco Canada Petroleum Co., 7.95%, 10/1/22........... 1,585,938
475,000 Societe Nationale Elf Aquitaine, 8.00%, 10/15/01..... 508,250
------------
2,094,188
------------
Restaurants (2.9%)
1,000,000 McDonald's Corp., 6.50%, 8/1/07...................... 1,083,750
4,005,000 McDonald's Corp., 5.95%, 1/15/08..................... 4,180,219
------------
5,263,969
------------
Retail (2.3%)
2,000,000 Wal-Mart Stores, Inc., 5.85%, 6/1/00................. 2,017,500
</TABLE>
Continued
23
<PAGE>
PACIFIC CAPITAL FUNDS
Diversified Fixed Income Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ ------------
<C> <S> <C>
Corporate Bonds, continued
Retail, continued
1,900,000 Wal-Mart Stores, Inc., 8.00%, 9/15/06................. $ 2,192,125
------------
4,209,625
------------
Supranational Agency (3.4%)
3,000,000 Asian Development Bank, 6.50%, 9/21/02................ 3,086,250
3,000,000 Asian Development Bank, 6.13%, 3/9/04................. 3,082,500
------------
6,168,750
------------
Total Corporate Bonds (Cost $76,453,627) 80,492,843
------------
Yankee Bond (1.8%)
1,000,000 Japan Finance Corp., 9.13%, 10/11/00.................. 1,066,250
2,000,000 Tokyo Metro Government, 9.25%, 11/08/00............... 2,147,500
------------
Total Yankee Bond (Cost $3,146,553) 3,213,750
------------
U.S. Government Agencies (26.4%)
Federal Home Loan Bank (1.7%)
500,000 6.06%, 2/13/02........................................ 500,275
2,500,000 6.05%, 3/12/03........................................ 2,533,350
------------
3,033,625
------------
Federal Home Loan Mortgage Corp. (6.8%)
12,000,000 5.75%, 4/15/08........................................ 12,432,480
------------
Federal National Mortgage Association (7.0%)
825,000 5.36%, 2/19/99........................................ 825,000
1,450,000 6.38%, 8/14/01........................................ 1,499,329
1,000,000 6.38%, 1/16/02........................................ 1,037,070
4,500,000 5.75%, 6/15/05........................................ 4,662,045
2,100,000 7.69%, 9/13/06........................................ 2,233,056
1,300,000 6.76%, 7/16/07........................................ 1,363,791
1,000,000 6.88%, 9/10/12........................................ 1,094,470
------------
12,714,761
------------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
U.S. Government Agencies, continued
Private Export Funding Corp. (3.0%)
5,000,000 6.49%, 7/15/07...................................... $ 5,456,250
------------
Student Loan Marketing Association (0.5%)
1,000,000 5.40%, 2/10/99...................................... 1,000,067
------------
Tennessee Valley Authority (7.4%)
2,805,000 5.28%, 9/14/01...................................... 2,829,544
5,000,000 6.38%, 6/15/05...................................... 5,300,000
5,300,000 5.38%, 11/13/08..................................... 5,341,658
------------
13,471,202
------------
Total U.S. Government Agencies (Cost $47,579,916) 48,108,385
------------
U.S. Treasury Notes (9.4%)
1,750,000 6.75%, 4/30/00...................................... 1,793,295
4,000,000 6.13%, 12/31/01..................................... 4,160,920
5,200,000 7.25%, 8/15/04...................................... 5,839,808
5,000,000 5.63%, 5/15/08...................................... 5,324,950
------------
Total U.S. Treasury Notes (Cost $16,427,488) 17,118,973
------------
U.S. Treasury Bonds (13.7%)
15,000,000 7.25%, 5/15/16...................................... 18,263,250
6,000,000 6.25%, 8/15/23...................................... 6,741,720
------------
Total U.S. Treasury Bonds (Cost $22,372,955) 25,004,970
------------
Private Placement (2.8%)
Health Care (2.8%)
5,000,000 Bayer Corp., 6.50%, 10/1/02......................... 5,187,500
------------
Total Private Placement (Cost $5,007,623) 5,187,500
------------
Investment Company (0.3%)
529,290 The One Group Prime Money Market Fund (Fiduciary
Shares)............................................ 529,290
------------
Total Investment Company (Cost $529,290) 529,290
------------
Total Investments
(Cost $171,517,452) (a)--98.6% 179,655,711
Other assets in excess of liabilities--1.4% 2,601,164
------------
Total Net Assets--100.0% $182,256,875
============
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.. $8,579,628
Unrealized depreciation.. $ (441,369)
----------
Net unrealized
appreciation............ $8,138,259
==========
</TABLE>
PLC--Public Limited Company
See notes to financial statements.
24
<PAGE>
PACIFIC CAPITAL FUNDS
U.S. Treasury Securities Fund
Schedule of Portfolio Investments
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
U.S. Treasury Notes (45.1%)
350,000 7.13%, 9/30/99......................................... $ 355,576
2,000,000 7.125%, 2/29/00........................................ 2,050,980
4,000,000 7.75%, 2/15/01......................................... 4,240,720
980,000 8.00%, 5/15/01......................................... 1,050,491
300,000 5.75%, 10/31/02........................................ 310,878
200,000 5.50%, 1/31/03......................................... 205,988
450,000 5.75%, 8/15/03......................................... 469,845
1,000,000 7.50%, 2/15/05......................................... 1,145,120
450,000 6.50%, 5/15/05......................................... 493,335
500,000 5.625%, 2/15/06........................................ 526,510
-----------
Total U.S. Treasury Notes (Cost $10,353,037) 10,849,443
-----------
U.S. Treasury Bonds (51.7%)
2,150,000 7.63%, 2/15/07......................................... 2,325,419
6,700,000 7.25%, 5/15/16......................................... 8,157,584
1,750,000 6.25%, 8/15/23......................................... 1,966,335
-----------
Total U.S. Treasury Bonds (Cost $10,498,788) 12,449,338
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Investment Company (1.1%)
276,691 The One Group U.S. Treasury Securities Money Market
Fund (Fiduciary Shares) ............................. $ 276,691
-----------
Total Investment Company (Cost $276,691) 276,691
-----------
Total Investments (Cost $21,128,516) (a)--97.9% 23,575,472
Other assets in excess of liabilities--2.1% 505,321
-----------
Total Net Assets--100.0% $24,080,793
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.. $2,450,426
Unrealized depreciation.. $ (3,470)
----------
Net unrealized
appreciation............ $2,446,956
==========
</TABLE>
See notes to financial statements.
25
<PAGE>
PACIFIC CAPITAL FUNDS
Short Intermediate U.S. Treasury Securities Fund
Schedule of Portfolio Investments
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
U.S. Treasury Notes (98.3%)
1,800,000 6.25%, 5/31/00......................................... $ 1,836,270
3,000,000 6.50%, 5/31/01......................................... 3,122,160
2,500,000 5.875%, 11/30/01....................................... 2,582,050
1,700,000 6.13%, 12/31/01........................................ 1,768,391
1,700,000 6.25%, 8/31/02......................................... 1,786,258
2,000,000 6.25%, 2/15/03......................................... 2,115,020
400,000 5.75%, 8/15/03......................................... 417,640
6,385,000 6.50%, 5/15/05......................................... 6,999,875
2,900,000 5.625%, 2/15/06........................................ 3,053,758
-----------
Total U.S. Treasury Notes (Cost $22,604,430) 23,681,422
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Investment Company (0.3%)
82,946 The One Group U.S. Treasury Securities Money Market
Fund (Fiduciary Shares).............................. $ 82,946
-----------
Total Investment Company (Cost $82,946) 82,946
-----------
Total Investments (Cost $22,687,376) (a)--98.6% 23,764,368
-----------
Other assets in excess of liabilities--1.4% 333,404
-----------
Total Net Assets--100.0% $24,097,772
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.. $1,079,733
Unrealized depreciation.. $ (2,741)
----------
Net unrealized
appreciation............ $1,076,992
==========
</TABLE>
See notes to financial statements.
26
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Alternative Minimum Tax Paper (17.8%)
Hawaii (17.8%)
2,465,000 Hawaii Airports System Revenue, Second Series,
7.50%, 7/1/20, FGIC, AMT........................... $ 2,634,469
1,075,000 Hawaii Airports System Revenue, 7.00%, 7/1/10, FGIC. 1,169,063
745,000 Hawaii Airports System Revenue, 7.38%, 7/1/11,
AMBAC.............................................. 794,356
935,000 Hawaii Airports System Revenue, 7.30%, 7/1/20,
AMBAC.............................................. 996,944
465,000 Hawaii Airports System Revenue, Second Series,
7.50%, 7/1/09, FGIC................................ 496,388
15,375,000 Hawaii Airports System Revenue, Second Series,
6.90%, 7/1/12, MBIA................................ 18,680,624
1,890,000 Hawaii Airports System Revenue, Second Series,
7.00%, 7/1/18, MBIA................................ 2,057,738
1,500,000 Hawaii Airports System Revenue, Second Series,
6.75%, 7/1/21, MBIA................................ 1,623,750
4,660,000 Hawaii Department of Budget & Finance, Special
Purpose Mortgage Revenue, Citizens Utilities Co.
Project, 6.60%, 7/1/22............................. 4,957,075
11,000,000 Hawaii Department of Budget & Finance, Special
Purpose Mortgage Revenue, Hawaii Electric Co.,
Series A, 6.60%, 1/1/25, MBIA...................... 12,347,499
2,145,000 Hawaii Department of Budget & Finance, Special
Purpose Mortgage Revenue, Hawaiian Electric Co. &
Subsidiaries, 6.55%, 12/1/22, MBIA................. 2,372,906
5,000,000 Hawaii Department of Budget & Finance, Special
Purpose Revenue, Hawaii Electric Co., Series A,
6.20%, 5/1/26, MBIA................................ 5,531,249
2,650,000 Hawaii Harbor Capital Improvement Revenue, 6.10%,
7/1/07, FGIC....................................... 2,951,438
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Alternative Minimum Tax Paper, continued
Hawaii, continued
2,330,000 Hawaii Harbor Capital Improvement Revenue, 7.25%,
7/1/10, MBIA....................................... $ 2,481,450
3,260,000 Hawaii Harbor Capital Improvement Revenue, 7.00%,
7/1/17, MBIA....................................... 3,455,600
1,350,000 Hawaii Harbor Capital Improvement Revenue, 6.50%,
7/1/19, FGIC....................................... 1,476,563
4,660,000 Hawaii Harbor Capital Improvement Revenue, 6.38%,
7/1/24, FGIC....................................... 5,166,775
3,865,000 Hawaii Housing Finance & Development Corp., Single
Family Mortgage Revenue, Series A, 6.00%, 7/1/26... 4,014,769
1,500,000 Hawaii State Dept of Budget & Finance, 5.65%,
10/1/27, Callable 10/1/12 @ 101.................... 1,627,500
2,095,000 Honolulu City & County, Series B, 7.25%, 2/1/08,
Callable 2/1/00 @ 102, FGIC........................ 2,201,426
------------
77,037,582
------------
Total Alternative Minimum Tax Paper (Cost $68,917,980)......... 77,037,582
------------
Municipal Bonds (81.2%)
Arizona (1.1%)
1,000,000 Arizona Unified School District, Maricopa County,
GO, 5.40%, 7/1/12.................................. 1,071,250
2,150,000 Phoenix Arizona Civic Improvement Corp., 5.25%,
7/1/16, Callable 7/1/07 @ 100, MBIA................ 2,219,875
1,000,000 Tempe Arizona GO, 4.90%, 7/1/12..................... 1,042,500
200,000 Tucson Arizona Street And Highway User Revenue,
5.00%, 7/1/15...................................... 203,500
------------
4,537,125
------------
California (9.5%)
4,500,000 California St Ref-Mbia-Ibc, 5.00%, 2/1/25, Callable
2/1/08 @101, Oid................................... 4,505,624
</TABLE>
Continued
27
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
California, continued
2,190,000 East Bay California Municipal Utility District Water
Systems, 5.00%, 6/1/26............................. $ 2,187,263
2,000,000 Metropolitan Water District, 5.00%, 7/1/15, MBIA.... 2,050,000
1,000,000 Modesto District Finance Authority Revenue-Series A,
5.00%, 9/1/16, Callable 9/1/08 @ 101............... 1,022,500
3,725,000 Northern California Transmission, Oregon
Transmission Project, 7.00%, 5/1/13, Series A,
MBIA............................................... 4,726,093
5,450,000 San Diego Public Facilities, 5.38%, 5/15/17,
Callable 5/15/07 @ 101............................. 5,715,687
1,950,000 San Francisco Calif City & County International
Airport Revenue, 4.90%, 5/1/20..................... 1,945,125
2,250,000 San Francisco Calif City & County Redevelopment
Agency Hotel Tax, 5.00%, 7/1/25.................... 2,247,188
2,745,000 San Francisco California C&C Airport Community,
International Airport Revenues, 5.63%, 5/1/21,
Callable 5/1/06 @ 101, FGIC........................ 2,902,838
2,770,000 San Francisco Dist. Sales, 5.00%, 7/1/28............ 2,766,538
1,735,000 San Francisco, Bay Area Rapid Transit, District
Sales Tax Revenue, 5.50%, 7/1/15, FGIC............. 1,847,775
1,000,000 Saratoga Unified School District, 5.38%, 9/1/17,
Callable 9/1/07 @ 102.............................. 1,051,250
7,000,000 State Department Water, Series P, 6.00%, 12/1/20,
Callable 6/1/06 @ 101.............................. 8,032,499
------------
41,000,380
------------
Colorado (0.2%)
1,000,000 Adams & Arapaho County, 5.35%, 12/1/15, FGIC........ 1,051,250
------------
Florida (5.5%)
2,750,000 Dade County, Water & Sewer, 5.50%, 10/1/15, FGIC.... 2,935,625
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Florida, continued
3,000,000 Florida State, Bond Finance Department, General
Services Environmental Revenue, 5.75%, 7/1/13,
AMBAC.............................................. $ 3,292,500
5,000,000 Florida State, Turnpike Authority Revenue,
Department of Transportation, 5.50%, 7/1/17, FGIC.. 5,312,500
2,000,000 Florida State, Turnpike Authority Revenue,
Department of Transportation, Series A, 5.50%,
7/1/21, FGIC....................................... 2,087,500
4,875,000 Orange County, Public Tax Service, 6.00%, 10/1/24,
FGIC............................................... 5,405,156
3,725,000 Orlando, Utilities Community Water & Electric
Revenue Refunding, Series D, 6.75%, 10/1/17........ 4,572,438
------------
23,605,719
------------
Georgia (3.0%)
1,865,000 Georgia Municipal Electric Authority, Series B,
6.13%, 1/1/14, FGIC................................ 2,030,519
6,810,000 Georgia Municipal Electric Authority, 6.60%, 1/1/18,
MBIA............................................... 8,240,100
2,330,000 Metropolitan Atlanta, Rapid Transportation
Authority, Sales Tax Revenue, Series P, 6.25%,
7/1/11, AMBAC...................................... 2,790,175
------------
13,060,794
------------
Hawaii (37.3%)
1,000,000 Hawaii County Hawaii, 4.60%, 2/1/06................. 1,038,750
1,000,000 Hawaii County Hawaii, 4.70%, 2/1/07................. 1,043,750
1,000,000 Hawaii County Hawaii, 4.90%, 2/1/09................. 1,056,250
2,320,000 Hawaii County, GO, 5.20%, 2/1/15.................... 2,395,400
1,375,000 Hawaii County, GO, Series A, 4.50%, 2/1/04, FGIC.... 1,421,406
</TABLE>
Continued
28
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ ------------
<C> <S> <C>
Municipal Bonds, continued
Hawaii, continued
1,810,000 Hawaii County, GO, Series A, 5.00%, 2/1/10, FGIC...... $ 1,907,288
2,095,000 Hawaii County, GO, Series A, 5.10%, 2/1/13, FGIC...... 2,189,275
605,000 Hawaii County, GO, Series A, 5.60%, 5/1/13, FGIC...... 676,088
2,000,000 Hawaii County, Series A, 5.50%, 5/1/08, FGIC.......... 2,212,500
1,455,000 Hawaii Department Budget & Finance, Queens Health
System, 5.88%, 7/1/11................................ 1,596,863
1,745,000 Hawaii Department Budget & Finance, Queens Health
System, 6.05% , 7/1/16............................... 1,917,319
4,105,000 Hawaii Department Budget & Finance, Special Purpose
Mortgage Revenue, Hawaii Electric Light Co. Project,
7.20%, 12/1/14, MBIA................................. 4,320,142
4,400,000 Hawaii Department Budget & Finance, Special Purpose
Mortgage Revenue, Queens Health System, 2.70%,
7/1/26, LOC Morgan Guaranty.......................... 4,399,999
1,700,000 Hawaii Department Budget & Finance, Special Purpose
Mortgage, Kapiolani Health Care System, 6.30%,
7/1/08, Callable 7/1/03 @ 102, MBIA.................. 1,872,125
3,680,000 Hawaii Department Budget & Finance, Special Purpose
Mortgage, Kapiolani Health Care System, 6.40%,
7/1/13, Callable 7/1/03 @ 102, MBIA.................. 4,084,800
1,400,000 Hawaii Department Transportation, Special Facility
Revenue, 5.75%, 3/1/13............................... 1,470,000
1,400,000 Hawaii Harbor Capital Improvement Revenue, 6.20%,
7/1/08, MBIA......................................... 1,522,500
2,795,000 Hawaii Housing Finance & Development Corp., 5.70%,
7/1/13, FNMA......................................... 2,910,294
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Hawaii, continued
5,980,000 Hawaii Housing Finance & Development Corp., 5.85%,
7/1/17.............................................. $ 6,226,674
4,125,000 Hawaii Housing Finance & Development Corp., 7.00%,
7/1/31, FNMA........................................ 4,398,280
1,565,000 Hawaii Housing Finance & Development Corp., Single
Family Mortgage Purchase Revenue, Series B, 6.90%,
7/1/16, FNMA........................................ 1,668,681
2,340,000 Hawaii Housing Finance & Development Corp.,
University of Hawaii Housing, 5.70%, 10/1/25, AMBAC. 2,497,950
3,000,000 Hawaii State, 5.00%, 4/1/17.......................... 3,037,500
2,850,000 Hawaii State Department Budget & Finance, 4.95%,
4/1/12.............................................. 2,985,375
3,500,000 Hawaii State Deptartment Budget & Finance, Special
Purpose Revenue the Queens Health System, Series B,
5.25%, 7/1/23, Callable 7/1/08 @ 102................ 3,583,125
1,000,000 Hawaii State Highway Revenue, 5.00%, 7/1/16, FGIC.... 1,007,500
1,250,000 Hawaii State Highway Revenue, 5.25%, 7/1/16, Callable
7/1/06 @ 102, MBIA.................................. 1,285,938
2,000,000 Hawaii State Series CN, 5.25%, 3/1/13, FGIC.......... 2,115,000
3,700,000 Hawaii State Series CN, 5.25%, 3/1/15, Callable
3/1/07 @ 102, 3/1/09 @ 100.......................... 3,838,750
3,150,000 Hawaii State Series CR, 5.00%, 4/1/16, Callable
4/1/08 @ 101, MBIA.................................. 3,193,313
2,000,000 Hawaii State, Series BZ, 6.00%, 10/1/12, FGIC........ 2,330,000
1,350,000 Hawaii State, Series CH, 4.75%, 11/1/11, MBIA........ 1,409,063
3,000,000 Hawaii State, Series CM, 6.50%, 12/1/13, FGIC........ 3,652,500
</TABLE>
Continued
29
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Hawaii, continued
3,500,000 Hawaii State, Series CN, 5.50%, 3/1/16, FGIC......... $ 3,911,250
2,800,000 Hawaii State, Series CP, 5.00%, 10/1/13, FGIC........ 2,908,500
3,200,000 Hawaii State, Series CP, 5.00%, 10/1/15, FGIC........ 3,260,000
3,000,000 Hawaii State, Series CP, 5.00%, 10/1/16, Callable
10/1/07 @ 101, FGIC................................. 3,041,250
2,050,000 Hawaii State, Series CP, 5.00%, 10/1/17, FGIC........ 2,073,063
1,000,000 Hawaii, GO, Series CL, 5.25%, 3/1/16, FGIC........... 1,090,000
1,860,000 Honolulu City & County Refunding & Improvement,
Series B, 5.50%, 10/1/11, FGIC...................... 2,057,625
935,000 Honolulu City & County Refunding & Improvement,
Series B, 5.25%, 10/1/12, FGIC...................... 1,007,463
10,000,000 Honolulu City & County Waste Water Systems Revenue,
5.00%, 7/1/23, FGIC................................. 9,987,499
1,535,000 Honolulu City & County Water, 6.00%, 12/1/10, FGIC... 1,790,194
2,320,000 Honolulu City & County Water, 6.00%, 12/1/11, FGIC... 2,705,700
935,000 Honolulu City & County Water, 6.00%, 12/1/14, FGIC... 1,085,769
1,380,000 Honolulu City & County, GO, Series A, 5.00%, 11/1/12,
MBIA................................................ 1,455,900
3,725,000 Honolulu City & County, Series A, 7.35%, 7/1/06,
FGIC................................................ 4,530,530
3,000,000 Honolulu City & County, Series A, 6.00%, 1/1/11,
FGIC................................................ 3,442,500
4,820,000 Honolulu City & County, Series A, 5.75%, 4/1/11,
FGIC................................................ 5,434,549
2,330,000 Honolulu City & County, Series A, 5.75%, 4/1/12,
FGIC................................................ 2,618,338
4,195,000 Honolulu City & County, Series A, 5.75%, 4/1/13,
FGIC................................................ 4,698,399
3,000,000 Honolulu City & County, Series A, 5.63%, 9/1/13,
Callable 9/1/06 @ 102............................... 3,322,500
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Hawaii, continued
2,000,000 Honolulu City & County, Series B, 5.00%, 11/1/15,
Callable 11/1/07 @ 101, FGIC....................... $ 2,100,000
1,010,000 Kauai County, 5.55%, 8/1/04......................... 1,098,375
1,075,000 Kauai County, 5.65%, 8/1/05......................... 1,185,188
1,130,000 Kauai County, 5.75%, 8/1/06......................... 1,259,950
1,340,000 Kauai County, Series C, 5.90%, 8/1/09, AMBAC........ 1,535,975
935,000 Maui County Refunding, 5.25%, 9/1/06................ 992,269
1,180,000 Maui County Refunding, 5.13%, 12/15/10.............. 1,233,100
515,000 Maui County Water, Series A, 6.10%, 12/1/02, Pre-
refunded 12/1/01 @ 101, FGIC, (b).................. 556,844
545,000 Maui County Water, Series A, 6.20%, 12/1/03, FGIC... 590,644
580,000 Maui County Water, Series A, 6.30%, 12/1/04, Pre-
refunded 12/1/01@ 101, FGIC, (b)................... 630,025
620,000 Maui County Water, Series A, 6.40%, 12/1/05, Pre-
refunded 12/1/01 @ 101, FGIC, (b).................. 675,025
565,000 Maui County Water, Series A, 6.50%, 12/1/06, Pre-
refunded 12/1/01 @ 101, FGIC, (b).................. 617,263
550,000 Maui County Water, Series A, 6.60%, 12/1/07, Pre-
refunded 12/1/01 @ 101, FGIC, (b).................. 602,250
655,000 Maui County Water, Series A, 6.65%, 12/1/09, Pre-
refunded 12/1/01 @ 101, FGIC, (b).................. 718,044
1,020,000 Maui County, GO, 5.90%, 6/1/14...................... 1,115,625
1,005,000 Maui County, Series A, 5.10%, 9/1/11, Callable
9/1/07 @ 101....................................... 1,062,788
1,160,000 Maui County, Series A, 5.13%, 3/1/15................ 1,193,350
2,040,000 Maui County, Series A, 5.38%, 3/1/17................ 2,129,250
------------
160,981,392
------------
</TABLE>
Continued
30
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Idaho (0.1%)
250,000 Idaho Health Facilities, St. Luke Medical Center,
2.70, 5/1/22....................................... $ 250,000
------------
Illinois (0.5%)
2,220,000 Illinois Health Facilities, 3.20%*, 11/1/20, Loc-
Rabobank Nederland................................. 2,220,000
------------
Kansas (1.8%)
3,725,000 Burlington Pollution Control Refunding, Kansas Gas &
Electric Co. Project, 7.00%, 6/1/31................ 4,055,594
3,260,000 Kansas City, Utilities System, Revenue Refunding &
Improvement, 6.38%, 9/1/23......................... 3,740,850
------------
7,796,444
------------
Maine (0.7%)
2,795,000 Maine State Turnpike Authority, Turnpike Revenue,
6.00%, 7/1/14...................................... 3,144,375
------------
Massachusetts (1.9%)
4,790,000 Commonwealth of Massachusetts, Series B, 5.50%,
7/1/15............................................. 5,298,938
1,965,000 Massachusetts State Port Authority Revenue, Series
A, 5.00%, 7/1/23, Callable 7/1/08 @ 101............ 1,947,806
1,000,000 Massachusetts State Water Pollution Abatement Trust,
5.70%, 2/1/13...................................... 1,092,500
------------
8,339,244
------------
Michigan (2.8%)
6,900,000 Michigan Environmental Protection Program, GO,
5.40%, 11/1/19..................................... 7,253,625
2,245,000 Michigan Strategic Obligations Revenue, 6.95%,
5/1/11............................................. 2,806,250
2,250,000 Saline Area Schools, GO, 5.50%, 5/1/15, FGIC........ 2,359,688
------------
12,419,563
------------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Minnesota (0.5%)
2,000,000 North St. Paul, Maplewood, Independent School
District, No. 622, Series A, 6.88%, 2/1/15,
Prefunded 2/1/05 @ 100............................. $ 2,345,000
------------
New Jersey (0.8%)
3,000,000 New Jersey Wastewater Treatment Trust, Series B,
6.38%, 4/1/14...................................... 3,423,750
------------
New Mexico (1.2%)
3,000,000 Rio Rancho Water & Waste Water Systems Revenue,
Series A, 5.90%, 5/15/15, FSA...................... 3,281,250
1,625,000 Sante Fe, New Mexico, Gross Receipts Tax Revenue,
5.63%, 6/1/16...................................... 1,755,000
------------
5,036,250
------------
New York (1.2%)
2,950,000 New York State Environmental Facilities Pollution
Control, 5.125%, 6/15/16........................... 3,020,063
2,000,000 Triborough Bridge & Tunnel Authority, New York
Revenues, General Purpose, 5.30%, 1/1/17........... 2,050,000
------------
5,070,063
------------
North Carolina (1.2%)
4,480,000 Easton Municipal Power Agency, 6.50%, 1/1/18, (b)... 5,443,200
------------
Ohio (2.0%)
2,320,000 Cleveland Package Facilities Revenue, 5.50%,
9/15/16............................................ 2,465,000
1,630,000 Cleveland Waterworks Revenue, 6.25%, 1/1/16, MBIA... 1,760,400
3,165,000 Columbus Airport Authority, 5.00%, 1/1/16........... 3,224,344
1,000,000 Ohio Water Development Authority, Pollution Control,
5.50%, 12/1/15, MBIA............................... 1,056,250
------------
8,505,994
------------
</TABLE>
Continued
31
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Oregon (0.6%)
2,330,000 Umatilla County, School District Number 016R,
Pendleton, 6.00%, 7/1/14, AMBAC.................... $ 2,615,425
------------
Pennsylvania (1.5%)
2,505,000 Southeastern Pennsylvania Transportation Authority,
6.00%, 3/1/14...................................... 2,774,288
3,150,000 Southeastern Pennsylvania Transportation Authority,
Series A, 6.00%, 3/1/15, Callable 3/1/05 @ 101,
FGIC............................................... 3,472,875
------------
6,247,163
------------
Puerto Rico (1.2%)
3,000,000 Puerto Rico Comwlth Hwy & Trans Auth Trans Rev,
5.00%, 7/01/2028, Callable, Oid.................... 3,022,500
2,000,000 Puerto Rico Public Buildings Authority Rev, 5.00%,
7/1/27, [email protected]................................. 2,015,000
------------
5,037,500
------------
Tennessee (2.9%)
2,000,000 Metropolitian Govt Nashville & Davidson County,
5.00%, 1/1/19...................................... 2,007,500
2,000,000 Metropolitian Govt Nashville & Davidson County,
4.75%, 1/1/22...................................... 1,935,000
6,300,000 Shelby County Refunding, Series A, 5.63%, 4/1/15.... 6,867,000
1,600,000 Shelby County Refunding, Series B, 5.25%, 8/1/17,
Callable 8/1/07 @ 101.............................. 1,660,000
------------
12,469,500
------------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Virginia (3.3%)
5,000,000 Commonwealth of Virginia Public School Authority,
Special Obligation, Chesapeake School, 5.63%,
6/1/15............................................. $ 5,499,999
2,995,000 Fairfax County Public Improvement, Series A, 5.50%,
6/1/14............................................. 3,227,113
3,650,000 Norfolk Water Revenue, 5.75%, 11/1/13, MBIA......... 4,024,125
1,750,000 Richmond Refunding, 5.20%, 1/15/14.................. 1,826,563
------------
14,577,800
------------
Washington (0.4%)
1,550,000 Washington State Healthcare, Fred Hutchinson Cancer
Center, 3.25%*, 1/1/23............................. 1,550,000
------------
Total Municipal Bonds (Cost $321,100,257) 350,727,931
------------
Investment Company (0.0%)
6,620 Nuveen Tax Free Money Market Fund................... 6,620
------------
Total Investment Company (Cost $6,620) 6,620
------------
Total Investments (Cost $390,024,857) (a)--99.0% 427,772,133
Other assets in excess of liabilities--1.0% 4,250,858
------------
TOTAL NET ASSETS--100.0% $432,022,991
============
</TABLE>
Continued
32
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
- --------
*Variable rate security. Rate presented represents rate in effect at January
31, 1999. Maturity reflects final maturity date.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation... $37,772,423
Unrealized depreciation... $ (25,147)
-----------
Net unrealized
appreciation.............. $37,747,276
===========
</TABLE>
(b) Collaterized by various U.S. Government Securities.
AMBAC--AMBAC Indemnity Corporation
AMT--Alternative Minimum Tax Paper
FGIC--Insured by the Financial Guaranty Insurance Corporation
FNMA--Insured by Federal National Mortgage Association
FSA--Insured by Financial Security Assurance
GO--General Obligation
LOC--Letter of Credit
MBIA--Insured by Municipal Bond Insurance Association
See notes to financial statements.
33
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Alternative Minimum Tax Paper (15.3%)
Hawaii (13.4%)
2,070,000 Hawaii State Airports Systems Revenue, 5.60%, 7/1/01.. $ 2,165,738
2,000,000 Hawaii State Airports Systems Revenue, Second Series,
5.45%, 7/1/00, MBIA.................................. 2,057,500
1,000,000 Hawaii State Housing Fin & Dev, Single Family, Series
A, 4.55%, 7/1/02..................................... 1,015,000
1,940,000 Hawaii State Housing Fin & Dev, Single Family, Series
A, 4.75%, 7/1/06..................................... 1,971,525
-----------
7,209,763
-----------
Texas (1.9%)
1,000,000 El Paso Apartment Revenue, 5.00%, 8/15/01, FGIC....... 1,036,250
-----------
Total Alternative Minimum Tax Paper
(Cost $8,059,289) 8,246,013
-----------
Commercial Paper (5.5%)
Florida (1.8%)
1,000,000 Jacksonville Electric Authority, 3.00%, 2/2/99........ 1,000,000
-----------
New York (3.7%)
1,000,000 New York G.E., 2.70%, 2/2/99.......................... 1,000,000
1,000,000 New York G.E., 2.60%, 2/5/99.......................... 1,000,000
-----------
2,000,000
-----------
Total Commercial Paper (Cost $3,000,000) 3,000,000
-----------
Municipal Bonds (78.1%)
Arizona (2.0%)
1,000,000 Mesa Arizona Utility Systems Revenue, 5.00%, 7/1/08,
MBIA................................................. 1,075,000
-----------
Connecticut (1.9%)
1,000,000 Connecticut State, GO, Series E, 4.75%, 3/15/08,
Callable 3/15/04 @ 101.50............................ 1,051,250
-----------
Hawaii (38.8%)
3,000,000 Hawaii State Airport System Revenue, 5.60%, 7/1/04.... 3,251,249
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued
Hawaii, continued
1,000,000 Hawaii State Highway Revenue, 6.00%, 7/1/04........... $ 1,106,250
250,000 Hawaii State Housing Fin & Dev, 3.30%*, 7/1/27........ 250,000
1,200,000 Hawaii State Housing Fin & Dev, Single Family, Series
B, 4.80%, 7/1/07, FNMA............................... 1,231,500
1,000,000 Hawaii State, GO, Series CP, 5.00%, 10/1/04, FGIC..... 1,062,500
2,000,000 Hawaii State, GO, Series CL, 4.50%, 3/1/01............ 2,047,500
1,300,000 Hawaii State, GO, Series CP, 5.00%, 10/1/05, FGIC..... 1,387,750
1,500,000 Hawaii State, GO, Series CP, 5.50%, 10/1/07, Series
CP, FGIC............................................. 1,655,625
1,000,000 Honolulu Hawaii City & County, 5.50%, 11/1/09......... 1,108,750
1,150,000 Honolulu Hawaii City & County Waste Water Systems,
5.00%, 7/1/09........................................ 1,223,313
370,000 Honolulu, City & County Improvement District, 6.20%,
10/15/99............................................. 376,360
1,400,000 Honolulu, City & County, GO, Series A, 5.25%, 9/1/02,
FGIC................................................. 1,473,500
1,000,000 Honolulu, City & County, GO, Series A, 5.10%, 11/1/08. 1,075,000
1,450,000 Honolulu, City & County, GO, Series B, 5.00%,11/1/05,
FGIC................................................. 1,547,875
620,000 Maui County, GO, 5.35%, 6/1/00........................ 637,050
1,400,000 Maui County, GO, Series A, 5.25%, 3/1/08.............. 1,520,750
-----------
20,954,972
-----------
Illinois (3.2%)
1,700,000 Illinois Health Facilities, 3.20%*, 11/1/20, Loc-
Rabobank Nederland................................... 1,700,000
-----------
Indiana (3.7%)
2,000,000 Purdue University, 2.65%*, 7/1/17, Series H........... 2,000,000
-----------
</TABLE>
Continued
34
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued
Maine (2.0%)
1,000,000 Maine Muni Bond Bank, 5.00%, 11/01/05, FSA............ $ 1,070,000
-----------
Maryland (1.9%)
1,000,000 Maryland State and Local Facilities, GO, 5.00%,
3/1/03............................................... 1,055,000
-----------
Michigan (2.0%)
1,000,000 Farmington Public School District, 5.00%, 5/1/06...... 1,072,500
-----------
Minnesota (5.5%)
1,900,000 Minnesota State Revenue, Series A, 5.00%, 6/30/01,
AMBAC................................................ 1,973,625
1,000,000 Minnesota State, GO, 5.00%, 8/1/00.................... 1,026,250
-----------
2,999,875
-----------
Missouri (2.0%)
1,000,000 Kansas City Water Revenue, 5.50%, 12/1/02............. 1,067,500
-----------
New York (1.8%)
900,000 New York State Environmental Facilities Pollution
Control Revenue, 5.00%, 6/15/03...................... 950,625
-----------
Oregon (3.1%)
1,065,000 Oregon State Dept, Admin Services Lottery Revenue,
State Park Projects, Series A, 4.25%, 4/1/05, FSA.... 1,094,288
600,000 Oregon State, Series 73 E, 2.90%*, 12/01/16........... 600,000
-----------
1,694,288
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued
Tennessee (2.5%)
1,290,000 Nashville & Davidson County Health & Education
Facility Board Revenue, Series A, 4.625%, 11/1/08,
Callable 5/1/08 @ 101, MBIA.......................... $ 1,344,825
-----------
Texas (1.9%)
1,000,000 Tarrant County Texas Health Facilities Development,
4.75%, 9/1/00, AMBAC................................. 1,023,750
-----------
Utah (2.0%)
1,000,000 Jordan Utah School District, Series A, 5.25%, 6/15/05. 1,083,750
-----------
Washington (1.9%)
1,000,000 Washington State Healthcare, Fred Hutchinson Cancer
Center, 3.25%*, 1/1/23............................... 1,000,000
-----------
Wisconsin (1.9%)
1,000,000 Milwaukee, GO, 5.00%, 2/1/01.......................... 1,031,250
-----------
Total Municipal Bonds (Cost $41,105,540) 42,174,585
-----------
Investment Company (0.2%)
136,818 Nuveen Tax Free Money Market Fund..................... 136,818
-----------
Total Investment Company (Cost $136,818) 136,818
-----------
Total Investments (Cost $52,301,647) (a)--99.1% 53,557,416
Other assets in excess of liabilities--0.9% 470,189
-----------
Total Net Assets--100.0% $54,027,605
===========
</TABLE>
- --------
*Variable rate security. Rate presented represents rate in effect at January
31, 1999. Maturity reflects final maturity date.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation..... $1,255,769
Unrealized depreciation..... (--)
----------
Net unrealized appreciation. $1,255,769
==========
</TABLE>
(b) Collaterized by various U.S. Government Securities.
AMBAC--AMBAC Indemnity Corporation
FGIC--Insured by the Financial Guaranty Insurance Corporation
FSA--Insured by Financial Security Assurance
GO--General Obligation
MBIA--Insured by Municipal Bond Insurance Association
See notes to financial statements.
35
<PAGE>
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Cash Sweep (0.3%)
United States (0.3%)
187,768 Union Bank of California Money Market Fund............. $ 187,768
-----------
Total Cash Sweep (Cost--$187,768) 187,768
-----------
Common Stocks (99.8%)
Belgium (1.4%)
Telecommunications (1.4%)
12,200 Mobistar SA (b)........................................ 893,627
-----------
Brazil (0.5%)
Telecommunications (0.5%)
28,600 Tele Norte Leste Participacoes SA (b).................. 284,213
-----------
Canada (2.3%)
Computers & Peripherals (1.8%)
62,600 ATI Technologies, Inc. (b)............................. 1,122,953
-----------
Oil & Gas Exploration, Production, & Services (0.5%)
15,800 Talisman Energy, Inc. (b).............................. 282,383
-----------
1,405,336
-----------
Denmark (1.6%)
Telecommunications (1.6%)
7,500 Tele Danmark B......................................... 1,007,722
-----------
Finland (1.0%)
Telecommunications (1.0%)
32,100 Sonera Group Oyj (b)................................... 599,663
-----------
France (12.6%)
Commercial Services (1.6%)
3,500 Vivendi................................................ 1,023,088
-----------
Computers (2.8%)
5,500 Cap Gemini SA.......................................... 1,085,549
14,800 Dassault Systemes SA................................... 689,100
-----------
1,774,649
-----------
Financial Services (1.1%)
7,100 Compagnie Financiere de Paribas Common................. 677,289
-----------
Medical Drugs (2.0%)
3,100 Sanofi SA.............................................. 609,038
2,400 Synthelabo............................................. 610,514
-----------
1,219,552
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks, continued
France, continued
Retail (2.7%)
4,000 Castorama Dubois...................................... $ 908,504
8,400 Etablissements Economiques du Casino Guichard-
Perrachon SA......................................... 815,609
-----------
1,724,113
-----------
Television (2.4%)
2,000 Canal Plus............................................ 616,874
4,400 Societe Television Francaise.......................... 874,435
-----------
1,491,309
-----------
7,910,000
-----------
Germany (6.8%)
Automobiles (3.0%)
9,500 DaimlerChrysler AG (b)................................ 989,303
11,400 Volkswagen AG......................................... 894,580
-----------
1,883,883
-----------
Foreign Banks (1.7%)
9,700 Deutsche Bank AG...................................... 549,128
12,000 Dresdner Bank AG...................................... 486,504
-----------
1,035,632
-----------
Machinery & Equipment (2.1%)
9,400 Mannesmann AG......................................... 1,327,960
-----------
4,247,475
-----------
Greece (0.7%)
Foreign Banks (0.7%)
1,600 National Bank Of Greece SA............................ 441,410
-----------
Hong Kong (3.1%)
Banks (0.9%)
22,800 HSBC Holdings PLC (b)................................. 567,883
-----------
Real Estate (1.2%)
202,000 China Resources Enterprise Ltd. (b)................... 245,045
70,000 Sun Hung Kai Properties Ltd. (b)...................... 460,717
-----------
705,762
-----------
Retail (0.5%)
309,300 Dairy Farms International Holdings Ltd................ 321,672
-----------
Telecommunications (0.5%)
174,000 China Telecom Ltd. (b)................................ 311,004
-----------
1,906,321
-----------
</TABLE>
Continued
36
<PAGE>
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Ireland (1.0%)
Foreign Banks (1.0%)
28,000 Bank Of Ireland (b).................................... $ 642,520
-----------
Israel (0.8%)
Satellite Telecommunications (0.8%)
7,900 Gilat Satellite Networks Ltd. ......................... 497,206
-----------
Italy (3.9%)
Foreign Banks (0.8%)
93,500 Unicredito Italino SpA................................. 508,609
-----------
Telecommunications (2.1%)
93,800 Telecom Italia Mobile.................................. 638,067
65,700 Telecom Italia SpA..................................... 614,793
-----------
1,252,860
-----------
Television (1.0%)
63,200 Mediaset SpA........................................... 633,027
-----------
2,394,496
-----------
Japan (14.4%)
Audio--Video (0.8%)
6,700 Sony Corp. (b)......................................... 486,885
-----------
Capacitors (0.8%)
41,000 Taiyo Yuden Co. Ltd. (b)............................... 486,584
-----------
Computer Software (0.9%)
11,400 Fuji Soft ABC, Inc. (b)................................ 588,235
-----------
Computers (2.1%)
50,000 Fujitsu Ltd. (b)....................................... 654,885
8,600 Softbank Corp.......................................... 630,873
-----------
1,285,758
-----------
Consumer Products--Cosmetics and Toiletries (0.9%)
27,000 Kao Corp. (b).......................................... 545,665
-----------
Electrical & Electronic (1.8%)
8,100 Advantest Corp. (b).................................... 658,978
40,000 Minebea Co. Ltd........................................ 443,412
-----------
1,102,390
-----------
Financial Services (1.1%)
1,900 Shohkoh Fund & Co. Ltd................................. 674,836
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Japan, continued
Foreign Banks (1.1%)
29,000 Bank Of Tokyo-Mitsubishi Ltd........................... $ 344,668
28,000 Sumitomo Bank Ltd. (b)................................. 350,361
-----------
695,029
-----------
Health Care (0.0%)
1,000 Terumo Corp............................................ 21,500
-----------
Medical Drugs (0.7%)
25,000 Banyu Pharmaceutical Ltd............................... 435,371
-----------
Optical Supplies (0.8%)
10,000 Hoya Corp.............................................. 511,696
-----------
Real Estate (0.6%)
47,000 Mitsui Fudosan Co. Ltd. (b)............................ 373,882
-----------
Retail (1.0%)
5,000 Ryohin Keikaku Co. Ltd. (b)............................ 651,444
-----------
Telecommunications (1.8%)
116 DDI Corp. ............................................. 445,923
16 NTT Mobile Communications Network, Inc................. 674,235
-----------
1,120,158
-----------
8,979,433
-----------
Mexico (0.5%)
Beverages (0.5%)
13,000 Fomento Economico Mexicano SA (b)...................... 287,625
-----------
Netherlands (3.6%)
Electronics (1.1%)
6,400 STMicroelectronics NV (b).............................. 668,800
-----------
Publishing (1.8%)
9,000 VNU NV (b)............................................. 367,944
3,800 Wolters Kluwer NV...................................... 750,662
-----------
1,118,606
-----------
Retail (0.7%)
10,800 Koninklijke Ahold NV (b)............................... 419,456
-----------
2,206,862
-----------
Portugal (1.8%)
Foreign Banks (1.0%)
19,300 Banco Commercial Portugues SA.......................... 605,803
-----------
</TABLE>
Continued
37
<PAGE>
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ -------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Portugal, continued
Public Thoroughfares (0.8%)
8,600 Brisa-Auto Estradas de Portugal SA...................... $ 503,752
-----------
1,109,555
-----------
Singapore (2.2%)
Electronics (1.0%)
222,000 Natsteel Electronics Ltd................................ 662,474
-----------
Foreign Banks (0.6%)
50,000 Oversea-Chinese Banking Corp. Ltd. (b).................. 342,730
-----------
Real Estate (0.6%)
253,000 DBS Land Ltd............................................ 342,358
-----------
1,347,562
-----------
South Africa (0.6%)
Computers (0.6%)
77,000 Dimension Data Holdings Ltd............................. 350,967
-----------
Spain (5.5%)
Construction (2.2%)
8,600 Fomento de Construcciones Y Contrates SA (b)............ 607,959
10,800 Grupo Acciona SA Common................................. 706,452
-----------
1,314,411
-----------
Foreign Banks (0.8%)
20,100 Argentaria, Caja Postal y Banco Hipotecario de Espana SA
(b).................................................... 514,958
-----------
Restaurant (0.8%)
53,600 TelePizza SA Common (b)................................. 516,784
-----------
Retail (0.7%)
15,900 Centros Comerciales Continente SA....................... 453,038
-----------
Tobacco (1.0%)
26,400 Tabacalera SA (b)....................................... 610,705
-----------
3,409,896
-----------
Sweden (1.2%)
Telecommunication Equipment (1.2%)
6,000 Europolitan Holdings AB................................. 718,762
-----------
Switzerland (5.6%)
Foreign Banks (2.0%)
210 Julius Baer Holding Ltd................................. 712,406
1,700 UBS AG.................................................. 549,761
-----------
1,262,167
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ --------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Switzerland, continued
Medical Drugs (2.3%)
310 Novartis................................................. $ 580,099
60 Roche Holding............................................ 781,627
-----------
1,361,726
-----------
Telecommunications (1.3%)
1,900 Swisscom AG.............................................. 828,622
-----------
3,452,515
-----------
Taiwan (0.9%)
Electronics (0.9%)
28,900 Taiwan Semiconductor Manufacturing Co. (b)............... 578,000
-----------
United Kingdom (16.4%)
Defense Engineering (0.6%)
50,900 British Aerospace PLC (b)................................ 383,810
-----------
Electrical & Electronic (1.6%)
24,000 ARM Holdings PLC (b)..................................... 650,549
41,000 National Grid Group PLC (b).............................. 332,902
-----------
983,451
-----------
Electricity--Generation (0.7%)
38,400 British Energy PLC (b)................................... 431,807
-----------
Electronics (0.2%)
1,200 ARM Holdings PLC (b)..................................... 96,000
-----------
Foreign Banks (1.3%)
20,800 Abbey National PLC (b)................................... 407,993
33,100 Lloyds TSB Group PLC (b)................................. 428,761
-----------
836,754
-----------
Human Resources (0.9%)
63,400 Capita Group PLC (b)..................................... 589,510
-----------
Medical Drugs (0.9%)
42,200 SmithKline Beecham PLC (b)............................... 566,742
-----------
Multimedia (0.7%)
19,100 Pearson PLC (b).......................................... 426,107
-----------
Publishing (1.0%)
11,800 British Energy PLC (b)................................... 240,569
38,900 United News & Media PLC (b).............................. 353,714
-----------
594,283
-----------
</TABLE>
Continued
38
<PAGE>
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ --------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
United Kingdom, continued
Retail (2.2%)
35,900 Dixons Group PLC (b)..................................... $ 595,664
37,500 Great Universal Stores PLC (b)........................... 480,828
31,200 W.H. Smith Group PLC Common (b).......................... 304,457
-----------
1,380,949
-----------
Telecommunications (4.7%)
20,400 British Telecommunications PLC (b)....................... 310,667
64,400 Cable & Wireless Communications
PLC (b)................................................. 837,908
41,700 COLT Telecom Group PLC (b)............................... 863,161
48,500 Vodafone Group PLC Common (b)............................ 942,965
-----------
2,954,701
-----------
Television (1.1%)
144,000 TeleWest Communications PLC (b).......................... 658,829
-----------
Tobacco (0.5%)
46,500 Gallaher Group PLC (b)................................... 328,860
-----------
10,231,803
-----------
United States (11.4%)
Computer Software (1.1%)
19,700 Newbridge Networks Corp. (b)............................. 707,969
-----------
Computers--Integrated Systems (1.8%)
24,300 ASM Lithography Holding.................................. 1,129,950
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ -------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
United States, continued
Medical Drugs (0.5%)
16,100 Shire Pharmaceuticals Group PLC (b)..................... $ 340,113
-----------
Telecommunication Equipment (2.9%)
12,300 Nokia Oyj............................................... 1,771,200
-----------
Telecommunications (5.1%)
8,000 Cellular Communications International, Inc. (b)......... 639,499
9,900 Esat Telecom Group PLC (b).............................. 481,388
9,700 Global Crossing Ltd..................................... 512,888
11,000 Global TeleSystems Group, Inc. (b)...................... 688,874
9,200 Magyar Tavkozlesi Rt.................................... 285,775
3,876 Telefonica SA........................................... 535,857
-----------
3,144,281
-----------
7,093,513
-----------
Total Common Stocks (Cost $56,159,390) 61,996,482
-----------
Total Investments (Cost $56,347,158)
(a) (100.1%) 62,184,250
Liabilities in excess of other assets (-0.1%) (70,641)
-----------
Total Net Assets (100.0%) $62,113,609
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation. $ 6,894,157
Unrealized depreciation. $(1,057,065)
-----------
Net unrealized
appreciation........... $ 5,837,092
===========
</TABLE>
(b)Non income producing security
PLC--Public Limited Company
See notes to financial statements.
39
<PAGE>
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks (97.4%)
Aerospace/Defense (2.8%)
11,530 B. F. Goodrich Co. .................................... $ 392,020
14,030 Boeing Co. ............................................ 484,912
-----------
876,932
-----------
Automotive (2.1%)
10,820 Ford Motor Co. ........................................ 664,754
-----------
Banks (11.6%)
16,810 Bank One Corp. ........................................ 880,423
16,750 BankAmerica Corp. ..................................... 1,120,155
8,660 BankBoston Corp. ...................................... 319,879
8,140 First Union Corp. ..................................... 428,368
25,160 Wells Fargo Co. ....................................... 879,028
-----------
3,627,853
-----------
Chemicals (2.3%)
14,500 E.I. du Pont de Nemours & Co. ......................... 742,219
-----------
Computers & Peripherals (8.3%)
12,500 Apple Computer, Inc. (b)............................... 514,844
12,300 Compaq Computer Corp. ................................. 585,788
4,700 Hewlett-Packard Co. ................................... 368,363
2,150 International Business Machines Corp. ................. 393,988
6,675 Sun Microsystems, Inc. (b)............................. 745,930
-----------
2,608,913
-----------
Containers--Metal, Glass, Paper, Plastic (0.5%)
4,960 Bemis Co., Inc. ....................................... 168,640
-----------
Cosmetics/Personal Care (1.8%)
11,290 Kimberly Clark Corp. .................................. 562,383
-----------
Dialysis Centers (1.1%)
14,870 Total Renal Care Holdings, Inc. (b).................... 346,657
-----------
Electrical Equipment (1.8%)
9,600 Emerson Electric Co. .................................. 558,600
-----------
Electronic & Electrical (3.3%)
4,470 Motorola, Inc. ........................................ 322,958
5,000 SCI Systems, Inc. (b).................................. 275,000
4,590 Texas Instruments, Inc. ............................... 453,836
-----------
1,051,794
-----------
Entertainment (0.9%)
8,700 Walt Disney Co. ....................................... 287,100
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Financial Services (6.0%)
10,770 Freddie Mac............................................ $ 667,740
13,910 Morgan Stanley, Dean Witter & Co. ..................... 1,207,562
-----------
1,875,302
-----------
Food Products (0.8%)
16,480 Archer-Daniels-Midland Co. ............................ 249,260
-----------
Health Care (1.0%)
14,500 Healthcare Realty Trust, Inc. ......................... 329,875
-----------
Insurance (5.1%)
27,120 Conseco, Inc. ......................................... 839,025
12,070 Exel Ltd. (c) (b)...................................... 770,217
-----------
1,609,242
-----------
Machinery--Diversified (0.9%)
17,740 Thermo Electron Corp. (b).............................. 294,928
-----------
Medical Supplies (1.3%)
5,960 Baxter International, Inc. ............................ 422,788
-----------
Multimedia (1.1%)
5,610 Time Warner, Inc. ..................................... 350,625
-----------
Oil & Gas--Exploration & Production Services (9.6%)
5,000 Chevron Corp. ......................................... 373,750
16,900 Exxon Corp. ........................................... 1,190,393
5,000 Halliburton Co. ....................................... 148,438
9,250 Phillips Petroleum Co. ................................ 357,281
6,820 Schlumberger Ltd. ..................................... 324,803
8,840 Texaco, Inc. .......................................... 418,795
10,850 Ultramar Diamond Shamrock Corp. ....................... 238,700
-----------
3,052,160
-----------
Paper Products (1.0%)
5,500 Temple-Inland, Inc. ................................... 313,844
-----------
Publishing (1.1%)
3,240 McGraw-Hill Cos., Inc. ................................ 350,325
-----------
Raw Materials (0.7%)
25,000 Bethlehem Steel Corp. (b).............................. 215,625
-----------
</TABLE>
Continued
40
<PAGE>
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Retail (1.5%)
2,750 Lowe's Co., Inc. ...................................... $ 160,359
7,840 Ross Stores, Inc. ..................................... 309,680
-----------
470,039
-----------
Retail--Grocery Stores (0.8%)
4,320 Albertson's, Inc. ..................................... 263,520
-----------
Retail-Food Chain (0.3%)
3,000 Whole Foods Market, Inc. .............................. 96,188
-----------
Software & Computer Services (0.3%)
2,120 Computer Associates International, Inc. ............... 107,325
-----------
Telecommunications-Services and Equipment (1.6%)
8,080 Northern Telecom Ltd. ................................. 510,050
-----------
Tobacco & Tobacco Products (1.7%)
11,720 Philip Morris Cos., Inc. .............................. 550,840
-----------
Toys (2.0%)
17,090 Hasbro, Inc. .......................................... 635,534
-----------
Transportation (5.1%)
20,930 Kansas City Southern Industries, Inc. ................. 994,175
12,180 Union Pacific Corp. ................................... 626,509
-----------
1,620,684
-----------
Utilities (1.8%)
15,730 Unicom Corp. .......................................... 560,381
-----------
Utilities--Electric (4.5%)
17,000 DQE, Inc. ............................................. 670,438
12,380 Duke Energy Corp. ..................................... 765,238
-----------
1,435,676
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Utilities--Telecommunications (11.2%)
5,620 ALLTEL Corp. ........................................ $ 362,841
12,000 AT&T Corp. .......................................... 1,088,999
6,620 BellSouth Corp. ..................................... 295,418
5,640 GTE Corp. ........................................... 380,700
12,170 MCI Worldcom, Inc. (b)............................... 970,557
7,700 SBC Communications, Inc. ............................ 415,800
-----------
3,514,315
-----------
Water Treatment Systems (1.5%)
20,890 United States Filter Corp. (b)....................... 484,387
-----------
Total Common Stocks (Cost $29,738,373) 30,808,758
-----------
Depository Receipts (0.6%)
1,500 S & P 500 Depository Receipt......................... 191,484
-----------
Total Depository Receipts (Cost $177,022) 191,484
-----------
Investment Company (3.4%)
1,086,915 The One Group Prime Money Market Fund, (Fiduciary
Shares)............................................. 1,086,915
-----------
Total Investment Company (Cost $1,086,915) 1,086,915
-----------
Total Investments (Cost $31,002,310)
(a) (101.4%) 32,087,157
Liabilities in excess of other assets (-1.4%) (429,121)
-----------
Total Net Assets (100.0%) $31,658,036
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation... $ 2,167,697
Unrealized depreciation... $(1,082,850)
-----------
Net unrealized
appreciation.............. $ 1,084,847
===========
</TABLE>
(b) Non income producing security
(c) Name change to XL Capital Ltd., Class A effective 2/2/99.
See notes to financial statements.
41
<PAGE>
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks (98.3%)
Banks (9.5%)
15,400 Community Bank System, Inc. ........................... $ 425,425
23,300 Community First Bankshares, Inc. ...................... 452,894
16,600 F.N.B. Corp. .......................................... 410,850
18,000 First Republic Bank, Inc. (b).......................... 438,750
24,400 Fulton Financial Corp. ................................ 501,725
31,100 Imperial Bancorp (b)................................... 571,462
27,500 Peoples Heritage Financial Group....................... 495,000
9,700 Silicon Valley Bancshares (b).......................... 182,481
-----------
3,478,587
-----------
Building & Construction (5.1%)
17,600 Beazer Homes USA, Inc. (b)............................. 475,200
19,400 NCI Building Systems, Inc. ............................ 518,949
15,700 Nortek, Inc. (b)....................................... 435,675
10,400 NVR, Inc. (b).......................................... 464,100
-----------
1,893,924
-----------
Building--Mobile Homes (2.4%)
16,100 Coachman Industries, Inc. ............................. 402,500
27,700 Modtech, Inc. (b)...................................... 450,125
-----------
852,625
-----------
Casino Services (1.1%)
7,500 Anchor Gaming (b)...................................... 407,813
-----------
Chemicals (4.0%)
15,000 Cambrex Corp. ......................................... 370,313
17,600 Cytec Industries, Inc. (b)............................. 390,499
34,100 International Specialty Products, Inc. (b)............. 343,131
30,300 M.A. Hanna Co. ........................................ 335,194
-----------
1,439,137
-----------
Commercial Services (1.4%)
16,800 Central Parking Corp. ................................. 519,750
-----------
Computers & Peripherals (2.2%)
8,000 NeoMagic Corp. (b)..................................... 112,500
24,700 Sequent Computer Systems, Inc. (b)..................... 305,663
45,900 Technology Solutions Co. (b)........................... 384,412
-----------
802,575
-----------
Consumer Goods & Services (1.5%)
33,800 Central Garden & Pet Co. (b)........................... 542,913
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Electrical Equipment (4.4%)
19,100 Avista Corp. .......................................... $ 353,350
26,700 CMP Group, Inc. ....................................... 480,599
21,600 Scotsman Industries, Inc. ............................. 403,650
9,800 TNP Enterprises, Inc. ................................. 348,513
-----------
1,586,112
-----------
Electronic & Electrical (2.3%)
8,000 Benchmark Electronics, Inc. (b)........................ 308,000
5,700 DSP Group, Inc. (b).................................... 87,638
12,100 Oak Industries, Inc. (b)............................... 454,506
-----------
850,144
-----------
Electronic Components/Instruments (1.5%)
18,100 Optical Coating Laboratory, Inc. ...................... 533,950
-----------
Energy (1.3%)
20,600 KTI, Inc. (b).......................................... 455,775
-----------
Fertilizers (1.2%)
12,100 Scotts Co. Class A (b)................................. 429,550
-----------
Financial Services (3.6%)
36,800 AMRESCO, Inc. (b)...................................... 423,200
26,000 Capital Re Corp. ...................................... 472,874
26,900 Resource Bancshares Mortgage Group, Inc. .............. 400,138
-----------
1,296,212
-----------
Food Products (1.4%)
20,300 International Multifoods Corp. ........................ 489,738
-----------
Footwear (0.8%)
21,000 Nine West Group, Inc. (b).............................. 288,750
-----------
Gas Distribution (4.8%)
8,700 CTG Resources, Inc. ................................... 196,838
29,400 Energen Corp. ......................................... 501,637
9,500 NUI Corp. ............................................. 216,125
22,400 UGI Corp. ............................................. 491,399
13,900 Washington Gas Light Co. .............................. 333,600
-----------
1,739,599
-----------
Hotels & Lodging (1.0%)
34,400 Prime Hospitality Corp. (b)............................ 359,050
-----------
Identification Systems (1.3%)
52,900 Paxar Corp. (b)........................................ 489,325
-----------
Industrial (0.9%)
25,500 DT Industries, Inc. ................................... 344,250
-----------
</TABLE>
Continued
42
<PAGE>
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Insurance (3.4%)
20,900 ARM Financial Group, Inc. Class A...................... $ 385,344
15,400 Fidelity National Financial, Inc. ..................... 410,025
22,600 HCC Insurance Holdings, Inc. .......................... 439,287
-----------
1,234,656
-----------
Investment Company (1.0%)
20,200 Allied Capital Corp. .................................. 363,600
-----------
Manufacturing (4.1%)
18,200 Kellwood Co. .......................................... 505,050
34,500 Mark IV Industries, Inc. .............................. 517,499
19,000 Smith A.O. Corp. ...................................... 456,000
-----------
1,478,549
-----------
Medical Supplies (2.9%)
10,900 Cooper Companies, Inc. (b)............................. 163,500
12,400 Priority Healthcare Corp. (b).......................... 482,050
21,100 Sierra Health Services, Inc. (b)....................... 398,263
-----------
1,043,813
-----------
Metal & Mineral Production (4.0%)
38,700 Intermet Corp. ........................................ 527,288
22,400 Mueller Industries, Inc. (b)........................... 564,199
42,800 Wyman Gordon Co. (b)................................... 366,475
-----------
1,457,962
-----------
Metals (1.2%)
21,700 Quanex Corp. .......................................... 429,931
-----------
Metals & Mining (2.5%)
10,000 Cleveland Cliffs, Inc. ................................ 408,750
39,200 RTI International Metals, Inc. (b)..................... 485,100
-----------
893,850
-----------
Oil & Gas--Exploration & Production Services (1.0%)
28,100 Swift Energy Co. (b)................................... 172,113
9,400 Valero Energy Corp. ................................... 176,838
-----------
348,951
-----------
Oilfield Equipment & Services (1.6%)
16,100 Pool Energy Services Co. (b)........................... 193,200
9,500 Tidewater, Inc......................................... 205,438
25,500 Tuboscope, Inc. (b).................................... 178,500
-----------
577,138
-----------
Paper Products (1.2%)
39,100 P.H. Glatfelter and Co. ............................... 444,763
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Physical Therapy (1.4%)
25,800 RehabCare Group, Inc. (b).............................. $ 525,675
-----------
Printing & Publishing (1.0%)
14,600 Banta Corp. ........................................... 348,575
-----------
Real Estate (1.2%)
22,100 CB Richard Ellis Services, Inc. (b).................... 425,425
-----------
Research & Development (1.1%)
17,600 URS Corp. (b).......................................... 383,900
-----------
Retail (3.3%)
45,900 Catherines Stores Corp. (b)............................ 355,725
20,600 Neiman Marcus Group, Inc. (b).......................... 507,275
27,800 Value City Department Stores, Inc. (b)................. 323,175
-----------
1,186,175
-----------
Retail--Petroleum (0.5%)
16,100 World Fuel Services Corp. ............................. 181,125
-----------
Savings & Loans (0.9%)
6,500 Downey Financial Corp. ................................ 143,406
19,400 Ocwen Financial Corp. (b).............................. 170,963
-----------
314,369
-----------
Shipbuilding (1.2%)
13,300 Avondale Industries, Inc. (b).......................... 420,613
-----------
Software & Computer Services (2.2%)
25,000 CBT Group Public Limited Co. (b)....................... 446,875
34,300 Mapics, Inc. (b)....................................... 368,725
-----------
815,600
-----------
Steel (0.5%)
39,200 Armco, Inc. (b)........................................ 193,550
-----------
Telecommunications-Services and Equipment (1.0%)
23,900 IDT Corp. (b).......................................... 370,450
-----------
Television (1.5%)
28,300 Sinclair Broadcast Group Class A (b)................... 534,163
-----------
Textile Products (1.2%)
42,400 Interface, Inc. ....................................... 437,250
-----------
Tobacco & Tobacco Products (1.2%)
14,900 Universal Corp. ....................................... 451,656
-----------
Toys (2.0%)
45,000 JAKKS Pacific, Inc. (b)................................ 720,000
-----------
</TABLE>
Continued
43
<PAGE>
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, Continued
January 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Transportation (3.4%)
26,000 Circle International Group, Inc. ...................... $ 446,875
43,800 Fritz Co., Inc. (b).................................... 448,950
20,600 Heartland Express, Inc. (b)............................ 341,188
-----------
1,237,013
-----------
Utilities (0.1%)
800 Eastern Enterprises.................................... 32,200
-----------
Total Common Stocks (Cost $35,407,153) 35,650,731
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Investment Company (3.0%)
1,095,652 The One Group Prime Money Market Fund, (Fiduciary
Shares)............................................. $ 1,095,652
-----------
Total Investment Company (Cost $1,095,652) 1,095,652
-----------
Total Investments (Cost $36,502,805)
(a) (101.3%) 36,746,383
Liabilities in excess of other assets (-1.3)% (470,327)
-----------
Total Net Assets (100.0%) $36,276,056
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation... $ 2,101,544
Unrealized depreciation... $(1,857,966)
-----------
Net unrealized
appreciation.............. $ 243,578
===========
</TABLE>
(b) Non income producing security
See notes to financial statements.
44
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements
January 31, 1999
(Unaudited)
1. Organization
Pacific Capital Funds (the "Trust") was organized on October 30, 1992, and
is registered under the Investment Company Act of 1940, as amended, ("the
1940 Act"), as an open-end management investment company established as a
Massachusetts business trust. The Trust currently consists of the following
investment portfolios (individually, a "Fund" and collectively, the
"Funds"): Growth Stock Fund, U.S. Treasury Securities Fund, Short
Intermediate U.S. Treasury Securities Fund, Growth and Income Fund,
Diversified Fixed Income Fund, Tax-Free Securities Fund, Tax-Free Short
Intermediate Securities Fund, New Asia Growth Fund, International Stock
Fund, Value Fund, and Small Cap Fund. The Trust is authorized to issue an
unlimited number of shares without par value in three classes of shares for
each Fund: A Class (formerly known as Retail Class), B Class and Y Class
(formerly known as Institutional Class). The Y Class commenced operations
October 14, 1994 when the Trust identified those Institutional Shareholders
that were part of the A Class (as of October 13, 1994) and transferred the
Shareholders into the Y Class. Currently, only the Growth Stock Fund, Growth
and Income Fund, New Asia Growth Fund, Diversified Fixed Income Fund, Tax-
Free Securities Fund, International Stock Fund, Value Fund, and Small Cap
Fund offer B Class Shares. Growth Stock Fund, Growth and Income Fund, New
Asia Growth Fund, Diversified Fixed Income Fund, and Tax-Free Securities
commenced operations on March 2, 1998. International Stock Fund, Value Fund,
and Small Cap Fund commenced operations on December 1, 1998. A Class Shares
are subject to initial sales charges, imposed at the time of purchase, in
accordance with the Funds' prospectuses. B Class Shares are subject to a
contingent deferred sales charge (CDSC) on sales of shares made within six
years of the date of purchase. Each class of shares for each Fund has
identical rights and privileges except with respect to distribution (12b-1)
fees paid by A and B Class Shares, voting rights on matters affecting a
single class of shares and the exchange privileges of each class of shares.
The Funds' investment objectives are as follows: Growth Stock Fund seeks
primarily long-term capital appreciation and secondarily, dividend income;
U.S. Treasury Securities Fund and Short Intermediate U.S. Treasury
Securities Fund seek primarily a high level of current income consistent
with prudent risk of capital and secondarily, capital appreciation. Growth
and Income Fund seeks primarily current income and secondarily long-term
capital appreciation. Diversified Fixed Income Fund seeks a high level of
current income. Tax-Free Securities Fund seeks current income exempt from
federal and Hawaii income taxes. Tax-Free Short Intermediate Securities Fund
seeks current income exempt from federal and Hawaii income taxes with a
greater stability in price than a long-term bond fund. New Asia Growth Fund
seeks long-term capital appreciation. International Stock Fund seeks long-
term capital appreciation. The Value Fund seeks to provide long-term capital
appreciation and secondarily, current income. Small Cap Fund seeks long-term
capital appreciation.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by
the Trust in the preparation of its financial statements. The policies are
in conformity with generally accepted accounting principles. The preparation
of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of income and
expenses for the period. Actual results could differ from those estimates.
Securities Valuation
Investments of the Funds for which the primary market is a national
securities exchange or the National Association of Securities Dealers
Automated Quotation National Market System ("NASDAQ") are valued at last
reported sale price on the day of valuation. In the absence of any sale of
such securities on the valuation date, the valuations are based on the
Continued
45
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 1999
(Unaudited)
mean of the latest quoted bid and asked prices. Securities, including thinly
traded, unlisted, and restricted securities, for which market quotations are
not readily available, are valued at fair market value by Pacific Century
Trust (the "Adviser") under the supervision of the Funds' Board of Trustees.
Investments in investment companies are valued at their respective net asset
values as reported by such companies. Money market instruments and other
debt securities maturing in 60 days or less are valued at amortized cost,
which approximates market value. Investments in foreign securities, currency
holdings and other assets and liabilities of New Asia Growth Fund and
International Stock Fund are valued based on quotations from the primary
market in which they are traded and translated from the local currency into
U.S. dollars using current exchange rates. The differences between the costs
and market values of securities are reflected as either unrealized
appreciation or depreciation.
Securities Transactions and Related Income
Securities transactions are accounted for on the date the security is
purchased or sold (trade date). Interest income is recognized on the accrual
basis and includes, where applicable, the pro rata amortization of premium
or accretion of discount. Dividend income is recorded on the ex-dividend
date and is reduced by applicable foreign taxes withheld. Gains or losses
realized from sales of securities are determined by comparing the identified
cost of the security lot sold with the net sales proceeds.
Foreign Currency Translation:
The New Asia Growth Fund and International Stock Fund isolate that portion
of the results of operations resulting from changes in currency exchange
rates from the fluctuation arising from changes in market prices of
securities held.
Purchases and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the exchange rate on the dates of the
transactions. Reported net realized foreign 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 difference between the amounts of
assets and liabilities recorded and the U.S. dollar equivalent of the
amounts actually received or paid. Net unrealized foreign currency
appreciation or depreciation arises from changes in the value of assets and
liabilities, including investments in securities, resulting from changes in
currency exchange rates.
Risks Associated with Foreign Securities and Currencies:
Investments in securities of foreign issuers carry certain risks not
ordinarily associated with investments in securities of domestic issuers.
Such risks include future political and economic developments, and the
possible imposition of exchange controls or other foreign governmental laws
and restrictions. In addition, with respect to certain countries, there is
the possibility of expropriation of assets, confiscatory taxation, political
or social instability or diplomatic developments which could adversely
affect investments in those countries.
Certain countries may also impose substantial restrictions on investments in
their capital markets by foreign entities, including restrictions on
investments in issuers of industries deemed sensitive to relevant national
interests. These factors may limit the investment opportunities available to
the New Asia Growth Fund and International Stock Fund and result in a lack
of liquidity and a high price volatility with respect to securities of
issuers from developing countries.
Continued
46
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 1999
(Unaudited)
Withholding taxes on foreign dividends have been provided for in accordance
with the New Asia Growth Fund and International Stock Fund's understanding
of applicable countries' tax rules and rates.
Forward Currency Exchange Contracts:
The New Asia Growth Fund and International Stock Fund may from time to time
enter into foreign currency exchange transactions to convert to and from
different foreign currencies. These Funds may enter into currency exchange
transactions on a spot (i.e., cash) basis at the spot rate prevailing in the
foreign currency exchange market, or use forward currency contracts to
purchase or to sell foreign currencies. A forward foreign currency contract
is an obligation by the Fund to purchase or to sell a specific currency at a
future date at a price set at the time of the contract. These Funds may use
forward foreign currency exchange contracts in order to protect against
uncertainty in fluctuations of future foreign exchange rates. The use of
such forward contracts is limited to hedging against movements in the value
of foreign currencies relative to the U.S. dollar in connection with
specific portfolio transactions or with respect to portfolio positions. The
forward foreign currency exchange contracts are adjusted by the daily
exchange 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.
When-Issued and Forward Commitments
The Funds may purchase securities on a "when-issued" basis and may also
purchase or sell securities on a forward commitment basis. The Funds record
when-issued securities on the trade date and maintain security positions
such that sufficient liquid assets will be available to make payment for the
securities purchased. The value of securities underlying when-issued or
forward commitments to purchase securities, and any subsequent fluctuation
in their value, is taken into account when determining the net asset value
of the Funds commencing with the date the Funds agree to purchase the
securities. The Funds do not accrue interest or dividends on when-issued
securities until the underlying securities are received.
Repurchase Agreements
The Funds may acquire securities from member banks of the Federal Deposit
Insurance Corporation and from registered broker-dealers which the Adviser
deems creditworthy under guidelines approved by the Board of Trustees,
subject to the seller's agreement to repurchase such securities at a
mutually agreed-upon date and price ("repurchase agreement"). The repurchase
price generally equals the price paid by a Fund plus interest negotiated on
the basis of current short-term rates, which may be more or less than the
rate on the underlying portfolio securities. The seller under a repurchase
agreement is required to maintain the value of collateral held pursuant to
the agreement at not less than 102% of the repurchase price (including
accrued interest). Securities subject to repurchase agreements will be held
by the Trust's custodian or another qualified custodian or in the Federal
Reserve/Treasury book-entry system. Repurchase agreements are considered to
be loans by a Fund under the 1940 Act.
Continued
47
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 1999
(Unaudited)
Dividends to Shareholders
Dividends from net investment income are declared daily and paid monthly for
the U.S. Treasury Securities Fund, Short Intermediate U.S. Treasury
Securities Fund, Diversified Fixed Income Fund, Tax-Free Securities Fund and
Tax-Free Short Intermediate Securities Fund. Dividends from net investment
income are declared and paid monthly for the Growth Stock Fund, Growth and
Income Fund and Value Fund. Dividends from net investment income are
declared and paid quarterly for the New Asia Growth Fund, Small Cap Fund and
International Stock Fund. Distributable net realized capital gains, if any,
are declared and distributed annually.
The amounts of dividends from net investment income and of distributions
from net realized gains are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
These "book/tax" differences are either considered temporary or permanent in
nature. To the extent these differences are permanent in nature, such
amounts are reclassified within the composition of net assets based on their
federal tax-basis treatment; temporary differences do not require
reclassification.
Dividends and distributions to shareholders which exceed net investment
income and net realized capital gains for financial reporting purposes but
not for tax purposes are reported as dividends in excess of net investment
income or distributions in excess of net realized gains. To the extent they
exceed net investment income and net realized gains for tax purposes, they
are reported as distributions of capital.
Federal Income Taxes
It is the policy of each Fund to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute timely, all of its net investment company taxable and net capital
gains to shareholders. Therefore, no federal income tax provision is
required. (Under the applicable foreign tax law, a withholding tax may be
imposed on interest, dividends and capital gains earned on foreign
investments at various rates. Where available, the Fund will file for claims
on foreign taxes withheld.)
Concentration of Credit Risk
The Tax-Free Securities Fund and the Tax-Free Short Intermediate Securities
Fund have a majority of their investments in the securities of issuers in
Hawaii. Such concentration may subject the Fund to the effects of economic
changes occurring within that State.
Other
Expenses that are directly related to one Fund are charged directly to that
Fund. Other operating expenses for the Funds or the Trust are prorated to
the Funds on the basis of relative net assets or other appropriate basis.
Continued
48
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 1999
(Unaudited)
3. Purchases and Sales of Securities
Purchases and sales of securities (excluding short-term securities) for the
six months ended January 31, 1999 are as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
Growth Stock Fund................................... $135,237,207 $149,803,557
Growth and Income Fund.............................. 45,171,721 47,096,540
New Asia Growth Fund................................ 10,317,808 10,480,306
Diversified Fixed Income Fund....................... 65,536,811 50,992,294
U.S. Treasury Securities Fund....................... 1,332,070 1,223,156
Short Intermediate U.S. Treasury Securities Fund.... 3,299,049 5,274,492
Tax-Free Securities Fund............................ 31,019,452 30,443,024
Tax-Free Short Intermediate Securities Fund......... 2,304,540 10,029,096
International Stock Fund............................ 62,968,152 8,161,272
Value Fund.......................................... 36,130,129 6,000,726
Small Cap Fund...................................... 35,407,153 --
</TABLE>
4. Related Party Transactions
Investment advisory services are provided to the Trust by Pacific Century
Trust (the "Adviser"). Under the terms of the investment advisory agreement
with the Trust, the Adviser is entitled to receive fees based on a
percentage of the average net assets of the Funds.
Nicholas-Applegate Capital Management is the Sub-Adviser to the
International Stock Fund and the Small Cap Fund. Its affiliate, Nicholas-
Applegate Capital Management (Hong Kong) LLC is the Sub-Adviser to the New
Asia Growth Fund. Their fees are paid by the Adviser out of its investment
advisory fees.
BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services ("BISYS"),
BISYS Fund Services, Inc. ("BISYS Services") and BISYS Fund Services Ohio,
Inc. ("BISYS Ohio") are subsidiaries of The BISYS Group, Inc. BISYS, with
whom certain officers and a trustee of the Trust are affiliated, serves the
Trust as principal underwriter and distributor. Such officers and trustee
are not paid any fees directly by the Funds for serving as officers and
trustee of the Trust. BISYS Ohio serves the trust as administrator. Under
the terms of a management and administration agreement, BISYS Services' fees
are computed at an annual rate not to exceed 0.20% of the average daily net
assets of each Fund.
The Trust has adopted for the A Class and B Class shares of each of the
Funds the A Class Distribution Plan and the B Class Distribution Plan ("the
Plans") under Rule 12b-1 under the 1940 Act. Under the Plans each Fund pays
BISYS a fee, not to exceed, on an annual basis, 0.75% and 1.00%,
respectively, of the average daily net assets attributable to the A Class
and B Class of shares of each Fund. These fees are for payments BISYS makes
to banks, including the Adviser, other institutions and broker/dealers, and
for expenses BISYS and any of its affiliates or subsidiaries incur for
providing distribution or shareholder service assistance.
A Class shares of Growth Stock Fund, Growth and Income Fund, Diversified
Fixed Income Fund, U.S. Treasury Securities Fund, Tax-Free Securities Fund
and Value Fund are subject to 4.00% sales charge at the time of purchase. A
Class shares of New Asia Fund, International Fund, and Small Cap Fund are
subject to a 5.25% sales charge at the time of purchase.
Continued
49
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 1999
(Unaudited)
A Class shares of Short Intermediate U.S. Treasury Securities Fund and Tax-
Free Short Intermediate Securities Fund are subject to a 2.25% sales charge
at the time of purchase. B Class shares are subject to a Contingent Deferred
Sales Charge (CDSC) on redemptions of shares made within six years of
purchase. The applicable CDSC is equal to a percentage of the lesser of the
net asset value per share (NAV) at the date of the original purchase or at
the date of redemption, according to the following chart:
<TABLE>
<CAPTION>
Year of Redemption CDSC
------------------ ----
<S> <C>
First.................................................................. 5%
Second................................................................. 4
Third.................................................................. 3
Fourth................................................................. 3
Fifth.................................................................. 2
Sixth.................................................................. 1
</TABLE>
B Class shares automatically convert to A Class shares of the same fund
eight years after the month of purchase. For the six months ended January
31, 1999, BISYS, as the Trust's principal underwriter, received
approximately $232,798 from commissions on sales of A and B Class shares
which was reallowed to other dealers.
BISYS Ohio serves the Trust as fund accountant. Under the terms of a fund
accounting agreement, BISYS Ohio is entitled to receive fees based on a
percentage of average daily net assets of each Fund and is reimbursed for
certain out-of-pocket expenses incurred in providing fund accounting
services.
BISYS Services serves as the Transfer Agent for the Funds. Under the terms
of the transfer agent agreement BISYS Services is entitled to receive fees
and reimbursement for certain out-of-pocket expenses incurred in providing
transfer agent services.
Fees may be voluntarily reduced or expenses reimbursed to assist the Funds
in maintaining competitive expense ratios.
Continued
50
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 1999
(Unaudited)
Information regarding these transactions for the six months ended January
31, 1999 is as follows:
<TABLE>
<CAPTION>
Investment Advisory Fees
----------------------------
Annual Fee as a Administration 12b-1 Fees
Percentage Fees Fees Voluntarily
of Average Voluntarily Voluntarily Reduced-- Total
Daily Net Assets Reduced Reduced A Class Waivers
---------------- ----------- -------------- ----------- --------
<S> <C> <C> <C> <C> <C>
Growth Stock Fund....... 0.80% $ -- $76,003 $35,245 $111,248
Growth and Income Fund.. 0.80% -- 34,995 19,402 54,397
New Asia Growth Fund.... 0.90% 10,711 4,214 4,156 19,081
Diversified Fixed Income
Fund................... 0.60% 130,151 34,730 5,369 170,250
U.S. Treasury Securities
Fund................... 0.60% 29,749 4,762 2,902 37,413
Short Intermediate U.S.
Treasury
Securities Fund........ 0.50% 24,582 6,142 1,814 32,538
Tax-Free Securities
Fund................... 0.60% 320,932 85,593 9,829 416,354
Tax-Free Short
Intermediate
Securities Fund........ 0.50% 24,919 12,458 1,778 39,155
International Stock
Fund................... 1.10% 5,081 3,720 9 8,810
Value Fund.............. 0.80% -- 2,008 14 2,022
Small Cap Fund.......... 1.10% 5,765 2,153 13 7,931
</TABLE>
Continued
51
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 1999
(Unaudited)
5. Capital Share Transactions:
Transactions in capital shares for the Trust were as follows:
<TABLE>
<CAPTION>
Growth Stock Fund Growth and Income Fund
------------------------ ------------------------
Amount Shares Amount Shares
------------ ---------- ------------ ----------
For the Six Months For the Six Months
Ended January 31, 1999 Ended January 31, 1999
------------------------ ------------------------
<S> <C> <C> <C> <C>
A Class Shares:
Shares issued............ $ 2,316,978 126,035 $ 2,473,059 140,565
Dividends reinvested..... 2,120,376 136,975 899,797 51,799
Shares redeemed.......... (927,378) (55,991) (683,936) (38,408)
------------ ---------- ------------ ----------
Net increase/(decrease).. $ 3,509,976 207,019 $ 2,688,920 153,956
============ ========== ============ ==========
B Class Shares:
Shares issued............ $ 1,404,792 84,834 $ 1,966,563 111,504
Dividends reinvested..... 370,730 24,073 382,330 22,164
Shares redeemed.......... (114,385) (6,846) (85,110) (4,982)
------------ ---------- ------------ ----------
Net increase/(decrease).. $ 1,661,137 102,061 $ 2,263,783 128,686
============ ========== ============ ==========
Y Class Shares:
Shares issued............ $ 30,535,184 1,883,487 $ 28,014,987 1,612,354
Dividends reinvested..... 53,722,758 3,454,840 14,153,619 814,811
Shares redeemed.......... (40,262,163) (2,413,753) (27,337,269) (1,533,701)
------------ ---------- ------------ ----------
Net increase/(decrease).. $ 43,995,779 2,924,574 $ 14,831,337 893,464
============ ========== ============ ==========
<CAPTION>
For the Year Ended For the Year Ended
July 31, 1998 July 31, 1998
------------------------ ------------------------
<S> <C> <C> <C> <C>
A Class Shares:
Shares issued............ $ 3,744,760 216,021 $ 2,912,762 164,933
Dividends reinvested..... 1,239,385 82,407 372,456 23,296
Shares redeemed.......... (1,370,344) (81,528) (771,818) (44,668)
------------ ---------- ------------ ----------
Net increase/(decrease).. $ 3,613,801 216,900 $ 2,513,400 143,561
============ ========== ============ ==========
B Class Shares:
Shares issued............ $ 1,456,711 83,868 $ 2,203,968 119,054
Dividends reinvested..... -- -- 16 1
Shares redeemed.......... (26,704) (1,539) (39,676) (2,134)
------------ ---------- ------------ ----------
Net increase/(decrease).. $ 1,430,007 82,329 $ 2,164,308 116,921
============ ========== ============ ==========
Y Class Shares:
Shares issued............ $ 56,189,401 3,354,162 $ 56,280,388 3,189,329
Shares issued in
conjunction with
common trust fund
conversion.............. 120,286,123 8,205,056 -- --
Dividends reinvested..... 28,765,229 1,908,676 10,842,366 669,602
Shares redeemed.......... (64,246,853) (3,777,051) (39,704,663) (2,244,480)
------------ ---------- ------------ ----------
Net increase/(decrease).. $140,993,900 9,690,843 $ 27,418,091 1,614,451
============ ========== ============ ==========
</TABLE>
Continued
52
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 1999
(Unaudited)
5. Capital Share Transactions (continued):
<TABLE>
<CAPTION>
New Asia Diversified Fixed
Growth Fund Income Fund
---------------------- ------------------------
Amount Shares Amount Shares
----------- --------- ------------ ----------
For the Six Months For the Six Months
Ended Ended
January 31, 1999 January 31, 1999
---------------------- ------------------------
<S> <C> <C> <C> <C>
A Class Shares:
Shares issued.............. $ 56,038 7,791 $ 1,105,302 98,647
Dividends reinvested....... 5,349 725 71,432 6,376
Shares redeemed............ (206,811) (30,649) (236,605) (21,177)
----------- --------- ------------ ----------
Net increase/(decrease).... $ (145,424) (22,133) $ 940,129 83,846
=========== ========= ============ ==========
B Class Shares:
Shares issued.............. $ 21,308 3,125 $ 717,379 64,270
Dividends reinvested....... 28 4 13,606 1,215
Shares redeemed............ (2,627) (417) (41,225) (3,671)
----------- --------- ------------ ----------
Net increase/(decrease).... $ 18,709 2,712 $ 689,760 61,814
=========== ========= ============ ==========
Y Class Shares:
Shares issued.............. $ 2,382,562 356,958 $ 40,305,444 3,568,871
Dividends reinvested....... 24,640 3,329 1,315,836 116,365
Shares redeemed............ (4,697,407) (666,500) (25,419,754) (2,252,164)
----------- --------- ------------ ----------
Net increase/(decrease).... $(2,290,205) (306,213) $ 16,201,526 1,433,072
=========== ========= ============ ==========
<CAPTION>
For the Year Ended For the Year Ended
July 31, 1998 July 31, 1998
---------------------- ------------------------
<S> <C> <C> <C> <C>
A Class Shares:
Shares issued.............. $ 469,353 46,993 $ 817,809 76,334
Dividends reinvested....... 228,503 26,391 70,402 6,514
Shares redeemed............ (613,470) (68,170) (529,156) (48,813)
----------- --------- ------------ ----------
Net increase/(decrease).... $ 84,386 5,214 $ 359,055 34,035
=========== ========= ============ ==========
B Class Shares:
Shares issued.............. $ 88,860 10,584 $ 235,079 21,588
Dividends reinvested....... -- -- 1,660 152
Shares redeemed............ (943) (111) (945) (86)
----------- --------- ------------ ----------
Net increase/(decrease).... $ 87,917 10,473 $ 235,794 21,654
=========== ========= ============ ==========
Y Class Shares:
Shares issued.............. $10,352,449 1,199,997 $ 48,477,915 4,460,189
Shares issued in
conjunction with
common trust fund
conversion................ -- -- 8,914,400 817,085
Dividends reinvested....... 1,553,437 176,588 61,265 5,625
Shares redeemed............ (3,618,366) (408,645) (34,180,770) (3,131,037)
----------- --------- ------------ ----------
Net increase/(decrease).... $ 8,287,520 967,940 $ 23,272,810 2,151,862
=========== ========= ============ ==========
</TABLE>
Continued
53
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 1999
(Unaudited)
5. Capital Share Transactions (continued):
<TABLE>
<CAPTION>
Short Intermediate U.S.
U.S. Treasury Treasury Securities
Securities Fund Fund
---------------------------------------------------
Amount Shares Amount Shares
------------- ------------------------ ----------
For the Six Months Ended For the Six Months
January 31, 1999 Ended January 31, 1999
---------------------------------------------------
<S> <C> <C> <C> <C>
A Class Shares:
Shares issued........... $ 34,346 3,988 $ 76,960 7,800
Dividends reinvested.... 27,065 2,748 19,483 1,970
Shares redeemed......... (8,822) (895) (33,747) (3,414)
------------- ---------- ------------ ----------
Net increase/(decrease). $ 52,589 5,841 $ 62,696 6,356
============= ========== ============ ==========
B Class Shares:
Shares issued........... $ -- -- $ -- --
Dividends reinvested.... -- -- -- --
Shares redeemed......... -- -- -- --
------------- ---------- ------------ ----------
Net increase/(decrease). $ -- -- $ -- --
============= ========== ============ ==========
Y Class Shares:
Shares issued........... $ 983,023 99,859 $ 5,491,722 553,483
Dividends reinvested.... 588,317 59,697 118,269 11,923
Shares redeemed......... (1,482,569) (152,212) (7,645,031) (773,132)
------------- ---------- ------------ ----------
Net increase/(decrease). $ 88,771 7,344 $ (2,035,040) (207,726)
============= ========== ============ ==========
<CAPTION>
For the Year Ended For the Year Ended
July 31, 1998 July 31, 1998
---------------------------------------------------
<S> <C> <C> <C> <C>
A Class Shares:
Shares issued........... $ 142,785 15,083 $ 324,234 33,871
Dividends reinvested.... 49,496 5,226 29,263 3,051
Shares redeemed......... (212,310) (22,522) (324,935) (33,870)
------------- ---------- ------------ ----------
Net increase/(decrease). $ (20,029) (2,213) $ 28,562 3,052
============= ========== ============ ==========
B Class Shares:
Shares issued........... $ -- -- $ -- --
Dividends reinvested.... -- -- -- --
Shares redeemed......... -- -- -- --
------------- ---------- ------------ ----------
Net increase/(decrease). $ -- -- $ -- --
============= ========== ============ ==========
Y Class Shares:
Shares issued........... $ 400,221 41,875 $ 6,940,611 722,116
Shares issued in
conjunction with
common trust fund
conversion............. -- -- 9,573,342 995,150
Dividends reinvested.... 1,201,477 126,855 32,845 3,431
Shares redeemed......... (3,689,175) (396,268) (18,666,022) (1,941,708)
------------- ---------- ------------ ----------
Net increase/(decrease). $ (2,087,477) (227,538) $ (2,119,224) (221,011)
============= ========== ============ ==========
</TABLE>
Continued
54
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 1999
(Unaudited)
5. Capital Share Transactions (continued):
<TABLE>
<CAPTION>
Tax-Free
Tax-Free Short Intermediate
Securities Fund Securities Fund
------------------------ ----------------------
Amount Shares Amount Shares
------------ ---------- ----------- ---------
For the Six Months For the Six Months
Ended Ended
January 31, 1999 January 31, 1999
------------------------ ----------------------
<S> <C> <C> <C> <C>
A Class Shares:
Shares issued.............. $ 2,456,233 224,032 $ 751,926 73,682
Dividends reinvested....... 69,750 6,369 15,021 1,474
Shares redeemed............ (892,497) (81,663) (288,332) (28,391)
------------ ---------- ----------- ---------
Net increase/(decrease).... $ 1,633,486 148,738 $ 478,615 46,765
============ ========== =========== =========
B Class Shares:
Shares issued.............. $ 346,773 31,581 $ -- --
Dividends reinvested....... 5,330 487 -- --
Shares redeemed............ -- -- -- --
------------ ---------- ----------- ---------
Net increase/(decrease).... $ 352,103 32,068 $ -- --
============ ========== =========== =========
Y Class Shares:
Shares issued.............. $ 20,877,956 1,898,852 $ 8,840,700 862,635
Dividends reinvested....... 3,599,764 328,140 215,394 21,014
Shares redeemed............ (20,196,583) (1,836,334) (8,879,413) (869,736)
------------ ---------- ----------- ---------
Net increase/(decrease).... $ 4,281,137 390,658 $ 176,681 13,913
============ ========== =========== =========
<CAPTION>
For the Year Ended For the Year Ended
July 31, 1998 July 31, 1998
------------------------ ----------------------
<S> <C> <C> <C> <C>
A Class Shares:
Shares issued.............. $ 1,640,252 151,580 $ 130,400 12,916
Dividends reinvested....... 38,731 3,587 16,719 1,653
Shares redeemed............ (1,167,839) (108,228) (389,729) (38,495)
------------ ---------- ----------- ---------
Net increase/(decrease).... $ 511,144 46,939 $ (242,610) (23,926)
============ ========== =========== =========
B Class Shares:
Shares issued.............. $ 267,860 24,963 $ -- --
Dividends reinvested....... 1,483 137 -- --
Shares redeemed............ (100) (9) -- --
------------ ---------- ----------- ---------
Net increase/(decrease).... $ 269,243 25,091 $ -- --
============ ========== =========== =========
Y Class Shares:
Shares issued.............. $ 46,027,274 4,247,313 $11,212,917 1,100,661
Shares issued in
conjunction with
common trust fund
conversion................ 104,600,137 9,658,369 12,804,860 1,259,082
Dividends reinvested....... 1,643,171 152,405 217,024 21,401
Shares redeemed............ (33,393,862) (3,083,534) (9,180,229) (903,387)
------------ ---------- ----------- ---------
Net increase/(decrease).... $118,876,720 10,974,553 $15,054,572 1,477,757
============ ========== =========== =========
</TABLE>
Continued
55
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 1999
(Unaudited)
5. Capital Share Transactions (continued):
<TABLE>
<CAPTION>
International Stock
Fund Value Fund
---------------------- ----------------------
Amount Shares Amount Shares
----------- --------- ----------- ---------
December 2, 1998 to December 3, 1998 to
January 31, 1999 January 31, 1999
---------------------- ----------------------
<S> <C> <C> <C> <C>
A Class Shares:
Shares issued................. $ 28,894 2,706 $ 38,496 3,748
Dividends reinvested.......... -- -- 11 1
Shares redeemed............... -- -- -- --
----------- --------- ----------- ---------
Net increase/(decrease)....... $ 28,894 2,706 $ 38,507 3,749
=========== ========= =========== =========
B Class Shares:
Shares issued................. $ 6,836 650 $ 104,422 10,170
Dividends reinvested.......... -- -- 14 1
Shares redeemed............... -- -- -- --
----------- --------- ----------- ---------
Net increase/(decrease)....... $ 6,836 650 $ 104,436 10,171
=========== ========= =========== =========
Y Class Shares:
Shares issued................. $58,746,056 5,825,832 $31,435,031 3,141,026
Dividends reinvested.......... -- -- 4 --
Shares redeemed............... (2,200,112) (205,004) (773,015) (74,795)
----------- --------- ----------- ---------
Net increase/(decrease)....... $56,545,944 5,620,828 $30,662,020 3,066,231
=========== ========= =========== =========
</TABLE>
<TABLE>
<CAPTION>
Small Cap Fund
----------------------
Amount Shares
----------- ---------
December 3, 1998 to
January 31, 1999
----------------------
<S> <C> <C>
A Class Shares:
Shares issued......................................... $ 35,510 3,539
Dividends reinvested.................................. 4 --
Shares redeemed....................................... (1,493) (148)
----------- ---------
Net increase/(decrease)............................... $ 34,021 3,391
=========== =========
B Class Shares:
Shares issued......................................... $ 15,289 1,532
Dividends reinvested.................................. 1 --
Shares redeemed....................................... -- --
----------- ---------
Net increase/(decrease)............................... $ 15,290 1,532
=========== =========
Y Class Shares:
Shares issued......................................... $36,757,204 3,725,710
Dividends reinvested.................................. 28 3
Shares redeemed....................................... (762,452) (75,393)
----------- ---------
Net increase/(decrease)............................... $35,994,780 3,650,320
=========== =========
</TABLE>
Continued
56
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
57
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Growth Stock Fund
----------------------------------------------------------------------------------------------
For the
Six Months Ended For the For the
January 31, 1999 Year Ended Year Ended
(Unaudited) July 31, 1998 July 31, 1997
---------------------------------- --------------------------------- ------------------
A Class B Class Y Class A Class B Class (g) Y Class A Class Y Class
------- ------- -------- ------- ----------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $17.75 $17.72 $17.81 $17.43 $16.36 $17.44 $11.89 $11.89
------ ------ ------ ------ ------ ------ ------ ------
Investment Activities
Net investment income
(loss)................. (0.04) (0.07) (0.02) (0.04) (0.05) -- 0.03 0.07
Net realized and
unrealized gain (loss)
from investments....... 2.98 2.93 2.99 2.99 1.41 3.01 5.55 5.55
------ ------ ------ ------ ------ ------ ------ ------
Total from Investment
Activities............. 2.94(1) 2.86 2.97 2.95 1.36 3.01 5.58 5.62
------ ------ ------ ------ ------ ------ ------ ------
Distributions
Net investment income... -- -- -- -- -- -- (0.03) (0.07)
In excess of net
investment income...... -- -- -- (0.01) -- (0.02) (0.01) --
Net realized gains...... (3.01) (3.01) (3.01) (2.62) -- (2.62) -- --
------ ------ ------ ------ ------ ------ ------ ------
Total Distributions..... (3.01)(1) (3.01) (3.01) (2.63) -- (2.64) (0.04) (0.07)
------- ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period.................. $17.68(1) $17.57 $17.77 $17.75 $17.72 $17.81 $17.43 $17.44
====== ====== ====== ====== ====== ====== ====== ======
Total Return (excludes
sales charges).......... 18.95%(e) 18.51%(e) 19.06%(e) 19.58% 8.31%(e) 19.96% 47.02% 47.39%
Annualized Ratios/Supplementary Data:
Net Assets at end of
period (000)............ $17,378 $3,240 $426,387 $13,777 $1,459 $375,117 $9,742 $198,407
Ratio of expenses to
average net assets...... 1.32%(d) 2.07%(d) 1.07%(d) 1.32% 2.07%(d) 1.07% 1.32% 1.07%
Ratio of net investment
income to average net
assets.................. (0.50%)(d) (1.25%)(d) (0.25%)(d) (0.30%) (1.31%)(d) (0.08%) 0.16% 0.45%
Ratio of expenses to
average net assets*..... 1.86%(d) 2.07%(d) 1.11%(d) 1.86% 2.11%(d) 1.11% 1.86% 1.11%
Ratio of net investment
income to average net
assets*................. (1.04%)(d) (1.25%)(d) (0.29%)(d) (0.84%) (1.35%)(d) (0.12%) (0.38%) 0.41%
Portfolio Turnover (f)... 67.42% 67.42% 67.42% 97.03% 97.03% 97.03% 32.20% 32.20%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions and expense reimbursements had not occurred, the ratios
would have been as indicated.
(a) On October 13, 1994, the Trust identified those Institutional shareholders
that were part of the A Class and transferred these shareholders into the
Y Class at the prevailing net asset value effective October 14, 1994. The
Financial Highlights presented for the Y Class reflects operations and
distributions for the period from October 14, 1994 through July 31, 1995.
(b) The Financial Highlights presented for the A Class reflects operations and
distributions for the Fund, as a whole, for the period from August 1, 1994
through October 13, 1994 combined with the operations and distributions of
the A Class only for the period from October 14, 1994 through July 31,
1995.
(c) Represents total return for the Fund, as a whole, for the period from
August 1, 1994 through October 13, 1994 plus total return for the Y Class
for the period from October 14, 1994 through July 31, 1995.
(d) Annualized.
(e) Not annualized.
(f) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
(g) Period from commencement of operations on March 2, 1998.
See notes to financial statements.
58
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Growth Stock Fund, continued
------------------------------------------
For the For the
Year Ended Year Ended
July 31, 1996 July 31, 1995
----------------- -----------------------
A Class Y Class A Class (b) Y Class (a)
------- -------- ----------- -----------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period........................... $11.71 $11.71 $ 9.83 $ 9.89
------ ------ ------ ------
Investment Activities
Net investment income (loss)..... 0.07 0.10 0.12 0.11
Net realized and unrealized gain
(loss) from investments......... 0.89 0.89 1.87 1.83
------ ------ ------ ------
Total from Investment Activities. 0.96 0.99 1.99 1.94
------ ------ ------ ------
Distributions
Net investment income............ (0.07) (0.10) (0.11) (0.12)
In excess of net investment
income.......................... -- -- -- --
Net realized gains............... (0.22) (0.22) -- --
In excess of net realized gains.. (0.49) (0.49) -- --
------ ------ ------ ------
Total Distributions.............. (0.78) (0.81) (0.11) (0.12)
------ ------ ------ ------
Net Asset Value, End of Period.... $11.89 $11.89 $11.71 $11.71
====== ====== ====== ======
Total Return (excludes sales
charges)......................... 8.25% 8.53% 20.43% 20.64%(c)
Annualized Ratios/Supplementary
Data:
Net Assets at end of period (000). $5,261 $172,565 $3,905 $136,837
Ratio of expenses to average net
assets........................... 1.34% 1.09% 1.36% 1.13%(d)
Ratio of net investment income to
average net assets............... 0.60% 0.86% 1.12% 1.30%(d)
Ratio of expenses to average net
assets*.......................... 1.88% 1.13% 1.98% 1.21%(d)
Ratio of net investment income to
average net assets*.............. 0.06% 0.82% 0.50% 1.23%(d)
Portfolio Turnover (f)............ 61.30% 61.30% 32.40% 32.40%
</TABLE>
See notes to financial statements.
59
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Growth and Income Fund
--------------------------------------------------------------------------------------------
For the
Six Months Ended For the For the
January 31, 1999 Year Ended Year Ended
(Unaudited) July 31, 1998 July 31, 1997
---------------------------------- --------------------------------- ------------------
A Class B Class Y Class A Class B Class (e) Y Class A Class Y Class
------- ------- -------- ------- ----------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $18.72 $18.68 $18.75 $17.25 $17.58 $17.27 $12.32 $12.32
------ ------ ------ ------ ------ ------ ------ ------
Investment Activities
Net investment income
(loss)................. -- (0.04) 0.02 0.03 (0.02) 0.07 0.08 0.11
Net realized and
unrealized gain (loss)
from investments....... 2.41 2.34 2.38 3.01 1.12 3.01 5.57 5.58
------ ------ ------ ------ ------ ------ ------ ------
Total from Investment
Activities............. 2.41 2.30 2.40 3.04 1.10 3.08 5.65 5.69
------ ------ ------ ------ ------ ------ ------ ------
Distributions
Net investment income... -- -- (0.02) (0.04) -- (0.07) (0.08) (0.11)
In excess of net
investment income...... -- -- -- -- -- -- (0.01) --
Net realized gains...... (2.19) (2.19) (2.19) (1.53) -- (1.53) (0.63) (0.63)
------ ------ ------ ------ ------ ------ ------ ------
Total Distributions..... (2.19) (2.19) (2.21) (1.57) -- (1.60) (0.72) (0.74)
------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period.................. $18.94 $18.79 $18.94 $18.72 $18.68 $18.75 $17.25 $17.27
====== ====== ====== ====== ====== ====== ====== ======
Total Return (excludes
sales charges).......... 13.97%(b) 13.37%(b) 13.90%(b) 19.10% 6.27%(b) 19.37% 47.59% 47.96%
Annualized Ratios/Supplementary Data:
Net Assets at end of
period (000)............ $9,725 $4,614 $183,310 $6,730 $2,184 $164,706 $3,726 $123,821
Ratio of expenses to
average net assets...... 1.35%(c) 2.10%(c) 1.10%(c) 1.33% 2.08%(c) 1.08% 1.32% 1.07%
Ratio of net investment
income to average net
assets.................. (0.06%)(c) (0.83%)(c) 0.21%(c) 0.13% (0.73%)(c) 0.38% 0.48% 0.79%
Ratio of expenses to
average net assets*..... 1.89%(c) 2.14%(c) 1.14%(c) 1.87% 2.12%(c) 1.12% 1.86% 1.12%
Ratio of net investment
income to average net
assets*................. (0.60%)(c) (0.87%)(c) 0.17%(c) (0.41%) (0.77%)(c) 0.34% (0.06%) 0.75%
Portfolio Turnover (d)... 26.88% 26.88% 26.88% 75.92% 75.92% 75.92% 74.83% 74.83%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not Annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
(e) Period from commencement of operations on March 2, 1998.
See notes to financial statements.
60
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Growth and Income Fund,
continued
-------------------------------------
October 14,
For the 1994 to
Year Ended July 31, 1995
July 31, 1996 (a)
---------------- -------------------
A Class Y Class A Class Y Class
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period... $11.44 $11.43 $10.00 $10.00
------ ------ ------ ------
Investment Activities
Net investment income (loss).......... 0.16 0.17 0.17 0.20
Net realized and unrealized gain
(loss) from investments.............. 1.19 1.21 1.44 1.42
------ ------ ------ ------
Total from Investment Activities...... 1.35 1.38 1.61 1.62
------ ------ ------ ------
Distributions
Net investment income................. (0.15) (0.17) (0.17) (0.19)
In excess of net investment income.... (0.01) (0.01) -- --
Net realized gains.................... (0.31) (0.31) -- --
------ ------ ------ ------
Total Distributions................... (0.47) (0.49) (0.17) (0.19)
------ ------ ------ ------
Net Asset Value, End of Period......... $12.32 $12.32 $11.44 $11.43
====== ====== ====== ======
Total Return (excludes sales charges).. 11.96% 12.29% 16.35%(b) 16.41%(b)
Annualized Ratios/Supplementary Data:
Net Assets at end of period (000)...... $1,160 $74,427 $328 $41,771
Ratio of expenses to average net
assets................................ 1.37% 1.11% 1.40%(c) 1.14%(c)
Ratio of net investment income to
average net assets.................... 1.03% 1.43% 2.08%(c) 2.47%(c)
Ratio of expenses to average net
assets*............................... 1.91% 1.15% 1.99%(c) 1.22%(c)
Ratio of net investment income to
average net assets*................... 0.49% 1.39% 1.49%(c) 2.39%(c)
Portfolio Turnover (d)................. 80.83% 80.83% 12.78% 12.78%
</TABLE>
See notes to financial statements.
61
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
New Asia Growth Fund
------------------------------------------------------------------------------------------
For the
Six Months Ended For the For the
January 31, 1999 Year Ended Year Ended
(Unaudited) July 31, 1998 July 31, 1997
--------------------------------- -------------------------------- -----------------
A Class B Class Y Class A Class B Class (e) Y Class A Class Y Class
------- ------- ------- ------- ----------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 6.35 $ 6.34 $ 6.37 $13.89 $ 9.09 $13.94 $11.11 $11.14
------ ------ ------ ------ ------ ------ ------ ------
Investment Activities
Net investment income
(loss)................ (0.05) (0.05) (0.03) 0.09 0.04 0.12 0.03 0.06
Net realized and
unrealized gain (loss)
from investments...... 0.96 0.93 0.96 (6.59) (2.79) (6.63) 2.88 2.87
------ ------ ------ ------ ------ ------ ------ ------
Total from Investment
Activities............ 0.91 0.88 0.93 (6.50) (2.75) (6.51) 2.91 2.93
------ ------ ------ ------ ------ ------ ------ ------
Distributions
Net investment income.. (0.02) -- (0.04) -- -- (0.02) (0.01) (0.01)
Net realized gains..... -- -- -- (1.04) -- (1.04) (0.12) (0.12)
------ ------ ------ ------- ------ ------ ------- -------
Total Distributions.... (0.02) -- (0.04) (1.04) -- (1.06) (0.13) (0.13)
------ ------ ------ ------- ------ ------ ------- -------
Net Asset Value, End of
Period................. $ 7.24 $ 7.22 $ 7.26 $ 6.35 $ 6.34 $ 6.37 $13.89 $13.94
====== ====== ====== ====== ====== ====== ====== ======
Total Return (excludes
sales charges)......... 14.38%(b) 13.91%(b) 14.64%(b) (48.84%) (30.25%)(b) (48.76%) 26.31% 26.50%
Annualized Ratios/Supplementary Data:
Net Assets at end of
period (000)........... $1,681 $95 $14,369 $1,614 $66 $14,569 $3,459 $18,376
Ratio of expenses to
average net assets..... 2.21%(c) 2.96%(c) 1.96%(c) 2.18% 2.89%(c) 1.93% 1.98% 1.72%
Ratio of net investment
income (loss) to
average net assets..... (2.04%)(c) (2.87%)(c) (1.77%)(c) 0.98% 1.70%(c) 1.32% 0.20% 0.46%
Ratio of expenses to
average net assets*.... 2.89%(c) 3.14%(c) 2.14%(c) 2.86% 3.35%(c) 2.13% 2.58% 1.82%
Ratio of net investment
income (loss) to
average net assets*.... (2.72%)(c) (3.05%)(c) (1.95%)(c) 0.30% 1.24%(c) 1.12% (0.40%) 0.36%
Portfolio Turnover (d).. 72.50% 72.50% 72.50% 129.77% 129.77% 129.77% 134.89% 134.89%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
(e) Period from commencement of operations on March 2, 1998.
See notes to financial statements.
62
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
New Asia Growth Fund, continued
-------------------------------------------
For theYear February 15, 1995
Ended to
July 31, 1996 July 31, 1995 (a)
----------------- -----------------------
A Class Y Class A Class Y Class
------- ------- -------- --------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period....................... $11.21 $11.22 $10.00 $10.00
------ ------ ------ ------
Investment Activities
Net investment income (loss). (0.02) (0.01) 0.02 0.04
Net realized and unrealized
gain (loss) from
investments................. 0.20 0.22 1.19 1.18
------ ------ ------ ------
Total from Investment
Activities.................. 0.18 0.21 1.21 1.22
------ ------ ------ ------
Distributions
In excess of net investment
income...................... (0.02) (0.03) -- --
Net realized gains........... (0.26) (0.26) -- --
------- ------- ------ ------
Total Distributions.......... (0.28) (0.29) -- --
------- ------- ------ ------
Net Asset Value, End of
Period....................... $11.11 $11.14 $11.21 $11.22
====== ====== ====== ======
Total Return (excludes sales
charges)..................... 1.71% 1.99% 12.10%(b) 12.20%(b)
Annualized Ratios/Supplementary Data:
Net Assets at end of period
(000)........................ $1,990 $8,469 $330 $2,861
Ratio of expenses to average
net assets................... 2.22% 1.98% 2.24%(c) 1.97%(c)
Ratio of net investment income
(loss) to average net assets. (0.28%) (0.02%) 0.80%(c) 1.18%(c)
Ratio of expenses to average
net assets*.................. 3.58% 2.84% 3.51%(c) 2.74%(c)
Ratio of net investment income
(loss) to average net
assets*...................... (1.64%) (0.88%) (0.47%)(c) 0.42%(c)
Portfolio Turnover (d)........ 86.53% 86.53% 55.62% 55.62%
</TABLE>
See notes to financial statements.
63
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Diversified Fixed Income Fund
---------------------------------------------------------------------------------------
For the
Six Months Ended For the For the
January 31, 1999 Year Ended Year Ended
(Unaudited) July 31, 1998 July 31, 1997
-------------------------------- ------------------------------- -----------------
A Class B Class Y Class A Class B Class (e) Y Class A Class Y Class
------- ------- -------- ------- ----------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $10.92 $10.91 $11.00 $10.71 $10.79 $10.78 $10.45 $10.53
------ ------ ------ ------ ------ ------ ------ ------
Investment Activities
Net investment income
(loss)................ 0.28 0.24 0.30 0.58 0.23 0.61 0.57 0.60
Net realized and
unrealized gain (loss)
from investments...... 0.36 0.36 0.36 0.21 0.12 0.22 0.35 0.34
------ ------ ------ ------ ------ ------ ------ ------
Total from Investment
Activities............ 0.64 0.60 0.66 0.79 0.35 0.83 0.92 0.94
------ ------ ------ ------ ------ ------ ------ ------
Distributions
Net investment income.. (0.28) (0.24) (0.30) (0.58) (0.23) (0.61) (0.57) (0.60)
Net realized gains..... (0.10) (0.10) (0.10) -- -- -- -- --
In excess of net
realized gains........ -- -- -- -- -- -- (0.09) (0.09)
------ ------ ------ ------ ------ ------ ------ ------
Total Distributions.... (0.38) (0.34) (0.40) (0.58) (0.23) (0.61) (0.66) (0.69)
------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period................. $11.18 $11.17 $11.26 $10.92 $10.91 $11.00 $10.71 $10.78
====== ====== ====== ====== ====== ====== ====== ======
Total Return (excludes
sales charges)......... 5.95%(b) 5.60%(b) 6.05%(b) 7.61% 3.25%(b) 7.94% 9.20% 9.30%
Annualized Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $2,471 $ 933 $178,854 $1,497 $ 236 $158,909 $1,103 $132,583
Ratio of expenses to
average net assets..... 0.98%(c) 1.73%(c) 0.73%(c) 1.02% 1.71%(c) 0.77% 1.15% 0.90%
Ratio of net investment
income to average net
assets................. 4.97%(c) 4.22%(c) 5.22%(c) 5.36% 4.54%(c) 5.61% 5.44% 5.67%
Ratio of expenses to
average net assets*.... 1.67%(c) 1.92%(c) 0.92%(c) 1.65% 1.90%(c) 0.90% 1.69% 0.94%
Ratio of net investment
income to average net
assets*................ 4.28%(c) 4.03%(c) 5.03%(c) 4.73% 4.35%(c) 5.48% 4.90% 5.63%
Portfolio Turnover (d).. 30.40% 30.40% 30.40% 57.58% 57.58% 57.58% 80.98% 80.98%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not Annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
(e) Period from commencement of operations on March 2, 1998.
See notes to financial statements.
64
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Diversified Fixed Income Fund
(continued)
--------------------------------------
October 14,
For the Year 1994 to
Ended July 31, 1995
July 31, 1996 (a)
----------------- -------------------
A Class Y Class A Class Y Class
------- -------- ------- -------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period.. $10.75 $10.84 $10.00 $10.00
------ ------ ------ ------
Investment Activities
Net investment income (loss)......... 0.59 0.58 0.49 0.55
Net realized and unrealized gain
(loss) from investments............. (0.19) (0.16) 0.74 0.78
------ ------ ------ ------
Total from Investment Activities..... 0.40 0.42 1.23 1.33
------ ------ ------ ------
Distributions
Net investment income................ (0.58) (0.61) (0.48) (0.49)
In excess of net investment income... (0.02) (0.02) -- --
In excess of net realized gains...... (0.10) (0.10) -- --
------ ------ ------ ------
Total Distributions.................. (0.70) (0.73) (0.48) (0.49)
------ ------ ------ ------
Net Asset Value, End of Period........ $10.45 $10.53 $10.75 $10.84
====== ====== ====== ======
Total Return (excludes sales charges). 3.69% 3.85% 12.66%(b) 13.70%(b)
Annualized Ratios/Supplementary Data:
Net Assets at end of period (000)..... $1,093 $161,742 $ 27 $54,827
Ratio of expenses to average net
assets............................... 1.15% 0.88% 1.18%(c) 0.93%(c)
Ratio of net investment income to
average net assets................... 5.31% 5.56% 6.25%(c) 6.71%(c)
Ratio of expenses to average net
assets*.............................. 1.69% 0.92% 1.77%(c) 1.01%(c)
Ratio of net investment income to
average net assets*.................. 4.77% 5.52% 5.66%(c) 6.63%(c)
Portfolio Turnover (d)................ 58.86% 58.86% 60.47% 60.47%
</TABLE>
See notes to financial statements.
65
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
U.S. Treasury Securities Fund
-------------------------------------------------------------------------------
For the Six
Months Ended For the For the For the
January 31, 1999 Year Ended Year Ended Year Ended
(Unaudited) July 31, 1998 July 31, 1997 July 31, 1996
--------------------- ---------------- ---------------- ----------------
A Class Y Class A Class Y Class A Class Y Class A Class Y Class
-------- -------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.58 $ 9.59 $ 9.37 $ 9.38 $ 9.13 $ 9.14 $ 9.42 $ 9.43
------ ------ ------ ------ ------ ------ ------ ------
Investment Activities
Net investment income
(loss)................ 0.26 0.27 0.52 0.54 0.52 0.53 0.53 0.59
Net realized and
unrealized gain (loss)
from investments...... 0.28 0.28 0.21 0.21 0.25 0.26 (0.20) (0.24)
------ ------ ------ ------ ------ ------ ------- -------
Total from Investment
Activities............ 0.54 0.55 0.73 0.75 0.77 0.79 0.33 0.35
------ ------ ------ ------ ------ ------ ------ ------
Distributions
Net investment income.. (0.26) (0.27) (0.52) (0.54) (0.46) (0.54) (0.53) (0.55)
In excess of net
investment income..... -- -- -- -- (0.07) (0.01) (0.09) (0.09)
------ ------ ------ ------ ------ ------ ------ ------
Total Distributions.... (0.26) (0.27) (0.52) (0.54) (0.53) (0.55) (0.62) (0.64)
------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value,
End of Period.......... $ 9.86 $ 9.87 $ 9.58 $ 9.59 $ 9.37 $ 9.38 $ 9.13 $ 9.14
====== ====== ====== ====== ====== ====== ====== ======
Total Return (excludes
sales charges)........ 5.64%(e) 5.76%(e) 7.98% 8.24% 8.68% 8.92% 3.43% 3.71%
Annualized Ratios/ Supplementary Data:
Net Assets at end of
period (000)........... $ 1,180 $ 22,901 $1,090 $22,178 $1,087 $23,832 $ 979 $23,248
Ratio of expenses to
average net assets..... 1.03%(d) 0.78%(d) 1.07% 0.82% 1.16% 0.91% 1.20% 0.95%
Ratio of net investment
income to average
net assets............. 5.20%(d) 5.45%(d) 5.45% 5.70% 5.60% 5.85% 5.55% 5.81%
Ratio of expenses to
average net assets*.... 1.82%(d) 1.07%(d) 1.76% 1.01% 1.70% 0.95% 1.74% 0.99%
Ratio of net investment
income to average
net assets*............ 4.41%(d) 5.16%(d) 4.76% 5.51% 5.06% 5.81% 5.01% 5.77%
Portfolio Turnover (f).. 5.33% 5.33% 11.82% 11.82% 44.90% 44.90% 15.75% 15.75%
<CAPTION>
For the
Year Ended
July 31, 1995
-------------------------
A Class (b) Y Class (a)
----------- -------------
<S> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.04 $ 8.66
------ ------
Investment Activities
Net investment income
(loss)................ 0.50 0.44
Net realized and
unrealized gain (loss)
from investments...... 0.38 0.76
------ ------
Total from Investment
Activities............ 0.88 1.20
------ ------
Distributions
Net investment income.. (0.50) (0.43)
In excess of net
investment income..... -- --
------ ------
Total Distributions.... (0.50) (0.43)
------ ------
Net Asset Value,
End of Period.......... $ 9.42 $ 9.43
====== ======
Total Return (excludes
sales charges)........ 10.18% 10.49%(c)
Annualized Ratios/ Supplementary Data:
Net Assets at end of
period (000)........... $1,035 $51,264
Ratio of expenses to
average net assets..... 1.19% 1.02%(d)
Ratio of net investment
income to average
net assets............. 5.57% 5.78%(d)
Ratio of expenses to
average net assets*.... 1.81% 1.09%(d)
Ratio of net investment
income to average
net assets*............ 4.96% 5.71%(d)
Portfolio Turnover (f).. 80.98% 80.98%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions and expense reimbursements had not occurred, the ratios
would have been as indicated.
(a) On October 13, 1994, the Trust identified those Institutional shareholders
that were part of the A Class and transferred these shareholders into the
Y Class at the prevailing net asset value effective October 14, 1994. The
Financial Highlights presented for the Y Class reflects operations and
distributions for the period from October 14, 1994 through July 31, 1995.
(b) The Financial Highlights presented for the A Class reflects operations and
distributions for the Fund, as a whole, for the period from August 1, 1994
through October 13, 1994 combined with the operations and distributions of
the A Class only for the period from October 14, 1994 through July 31,
1995.
(c) Represents total return for the Fund, as a whole, for the period from
August 1, 1994 through October 13, 1994 plus total return for the Y Class
for the period from October 14, 1994 through July 31, 1995.
(d) Annualized.
(e) Not annualized.
(f) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
See notes to financial statements.
66
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Short Intermediate U.S. Treasury Securities Fund
-------------------------------------------------------------------------------
For the Six
Months Ended For the For the For the
January 31, 1999 Year Ended Year Ended Year Ended
(Unaudited) July 31, 1998 July 31, 1997 July 31, 1996
--------------------- ---------------- ---------------- ----------------
A Class Y Class A Class Y Class A Class Y Class A Class Y Class
-------- -------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 9.64 $ 9.66 $ 9.55 $ 9.56 $ 9.41 $ 9.42 $ 9.60 $ 9.61
------ ------ ------ ------ ------ ------ ------ ------
Investment Activities
Net investment income
(loss)................. 0.23 0.24 0.49 0.51 0.49 0.52 0.48 0.53
Net realized and
unrealized gain (loss)
from investments....... 0.26 0.26 0.09 0.10 0.14 0.14 (0.11) (0.13)
------ ------ ------ ------ ------ ------ ------ ------
Total from Investment
Activities............. 0.49 0.50 0.58 0.61 0.63 0.66 0.37 0.40
------ ------ ------ ------ ------ ------ ------ ------
Distributions
Net investment income... (0.23) (0.24) (0.49) (0.51) (0.49) (0.52) (0.50) (0.53)
In excess of net
investment income...... -- -- -- -- -- -- (0.04) (0.04)
Net realized gains...... (0.04) (0.04) -- -- -- -- -- --
In excess of net
realized gains......... -- -- -- -- -- -- (0.02) (0.02)
------ ------ ------ ------ ------ ------ ------ ------
Total Distributions..... (0.27) (0.28) (0.49) (0.51) (0.49) (0.52) (0.56) (0.59)
------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value,
End of Period........... $ 9.86 $ 9.88 $ 9.64 $ 9.66 $ 9.55 $ 9.56 $ 9.41 $ 9.42
====== ====== ====== ====== ====== ====== ====== ======
Total Return (excludes
sales charges).......... 5.16%(e) 5.28%(e) 6.27% 6.62% 6.92% 7.19% 3.90% 4.18%
Annualized Ratios/Supplementary
Data:
Net Assets at end of
period (000)............ $ 732 $ 23,366 $ 654 $24,843 $ 618 $26,722 $1,156 $23,545
Ratio of expenses to
average net assets...... 0.98%(d) 0.73%(d) 0.89% 0.64% 0.87% 0.62% 0.92% 0.67%
Ratio of net investment
income to average net
assets.................. 4.65%(d) 4.90%(d) 5.11% 5.36% 5.22% 5.47% 5.14% 5.40%
Ratio of expenses to
average net assets*..... 1.73%(d) 0.98%(d) 1.64% 0.89% 1.62% 0.87% 1.67% 0.92%
Ratio of net investment
income to average net
assets*................. 3.90%(d) 4.65%(d) 4.36% 5.11% 4.47% 5.22% 4.39% 5.15%
Portfolio Turnover (f)... 13.86% 13.86% 17.33% 17.33% 51.56% 51.56% 47.17% 47.17%
<CAPTION>
For the
Year Ended
July 31, 1995
-------------------------
A Class (b) Y Class (a)
----------- -------------
<S> <C> <C>
Net Asset Value,
Beginning of Period..... $ 9.52 $ 9.30
------ ------
Investment Activities
Net investment income
(loss)................. 0.52 0.44
Net realized and
unrealized gain (loss)
from investments....... 0.05 0.31
------ ------
Total from Investment
Activities............. 0.57 0.75
------ ------
Distributions
Net investment income... (0.49) (0.44)
In excess of net
investment income...... -- --
Net realized gains...... -- --
In excess of net
realized gains.........
------ ------
Total Distributions..... (0.49) (0.44)
------ ------
Net Asset Value,
End of Period........... $ 9.60 $ 9.61
====== ======
Total Return (excludes
sales charges).......... 6.28% 6.57%(c)
Annualized Ratios/Supplementary
Data:
Net Assets at end of
period (000)............ $ 489 $16,214
Ratio of expenses to
average net assets...... 0.99% 0.75%(d)
Ratio of net investment
income to average net
assets.................. 5.51% 5.84%(d)
Ratio of expenses to
average net assets*..... 1.78% 0.99%(d)
Ratio of net investment
income to average net
assets*................. 4.72% 5.61%(d)
Portfolio Turnover (f)... 62.73% 62.73%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions and expense reimbursements had not occurred, the ratios would
have been as indicated.
(a) On October 13, 1994, the Trust identified those Institutional shareholders
that were part of the A Class and transferred these shareholders into the
Y Class at the prevailing net asset value effective October 14, 1994. The
Financial Highlights presented for the Y Class reflects operations and
distributions for the period from October 14, 1994 through July 31, 1995.
(b) The Financial Highlights presented for the A Class reflects operations and
distributions for the Fund, as a whole, for the period from August 1, 1994
through October 13, 1994 combined with the operations and distributions of
the A Class only for the period from October 14, 1994 through July 31,
1995.
(c) Represents total return for the Fund, as a whole, for the period from
August 1, 1994 through October 13, 1994 plus total return for the Y Class
for the period from October 14, 1994 through July 31, 1995.
(d) Annualized.
(e) Not annualized.
(f) 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.
67
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Tax-Free Securities Fund
---------------------------------------------------------------------------------------
For the
Six Months Ended For the For the
January 31, 1999 Year Ended Year Ended
(Unaudited) July 31, 1998 July 31, 1997
-------------------------------- ------------------------------- -----------------
A Class B Class Y Class A Class B Class (e) Y Class A Class Y Class
------- ------- -------- ------- ----------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $10.84 $10.83 $10.88 $10.84 $10.84 $10.86 $10.44 $10.46
------ ------ ------ ------ ------ ------ ------ ------
Investment Activities
Net investment income
(loss)................. 0.24 0.20 0.26 0.48 0.21 0.51 0.49 0.51
Net realized and
unrealized gain (loss)
from investments....... 0.25 0.26 0.25 0.06 (0.01) 0.08 0.46 0.46
------ ----- ------ ------ ------- ------ ------ ------
Total from Investment
Activities............. 0.49 0.46 0.51 0.54 0.20 0.59 0.95 0.97
------ ------ ------ ------ ------ ------ ------ ------
Distributions
Net investment income... (0.24) (0.20) (0.26) (0.48) (0.21) (0.51) (0.49) (0.51)
Net realized gains...... (0.10) (0.10) (0.10) (0.06) -- (0.06) (0.06) (0.06)
------- ------- ------- ------- ----- ------- ------- -------
Total Distributions..... (0.34) (0.30) (0.36) (0.54) (0.21) (0.57) (0.55) (0.57)
------- ------- ------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period.................. $10.99 $10.99 $11.03 $10.84 $10.83 $10.88 $10.84 $10.86
====== ====== ====== ====== ====== ====== ====== ======
Total Return (excludes
sales charges)......... 4.54%(b) 4.27%(b) 4.66%(b) 5.17% 1.82%(b) 5.63% 9.35% 9.58%
Annualized Ratios/Supplementary Data:
Net Assets at end of
period (000)............ $4,732 $628 $426,663 $3,054 $272 $416,544 $2,545 $296,764
Ratio of expenses to
average net assets...... 0.97%(c) 1.72%(c) 0.72%(c) 1.02% 1.71%(c) 0.77% 1.12% 0.87%
Ratio of net investment
income to average net
assets.................. 4.37%(c) 3.62%(c) 4.62%(c) 4.49% 3.75%(c) 4.74% 4.60% 4.86%
Ratio of expenses to
average net assets*..... 1.66%(c) 1.91%(c) 0.91%(c) 1.65% 1.90%(c) 0.90% 1.66% 0.91%
Ratio of net investment
income to average net
assets*................. 3.68%(c) 3.43%(c) 4.43%(c) 3.86% 3.56%(c) 4.61% 4.06% 4.82%
Portfolio Turnover (d)... 7.31% 7.31% 7.31% 10.73% 10.73% 10.73% 11.07% 11.07%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not Annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
(e) Period from commencement of operations on March 2, 1998.
See notes to financial statements.
68
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Tax-Free Securities Fund, continued
-----------------------------------------
For the October 14, 1994
Year Ended to
July 31, 1996 July 31, 1995 (a)
----------------- ----------------------
A Class Y Class A Class Y Class
------- -------- -------- ---------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period.......................... $10.53 $10.56 $10.00 $10.00
------ ------ ------ ------
Investment Activities
Net investment income (loss).... 0.50 0.52 0.39 0.42
Net realized and unrealized gain
(loss) from investments........ 0.07 0.07 0.50 0.51
------ ------ ------ ------
Total from Investment
Activities..................... 0.57 0.59 0.89 0.93
------ ------ ------ ------
Distributions
Net investment income........... (0.49) (0.52) (0.36) (0.37)
In excess of net investment
income......................... (0.04) (0.04)
Net realized gains.............. (0.09) (0.09) -- --
In excess of net realized gains. (0.04) (0.04)
------- -------
Total Distributions............. (0.66) (0.69) (0.36) (0.37)
------- ------- ------- -------
Net Asset Value, End of Period... $10.44 $10.46 $10.53 $10.56
====== ====== ====== ======
Total Return (excludes sales
charges)....................... 5.54% 5.73% 9.06%(b) 9.54%(b)
Annualized Ratios/Supplementary Data:
Net Assets at end of period
(000)........................... $569 $288,934 $563 $281,646
Ratio of expenses to average net
assets.......................... 1.14% 0.89% 1.15%(c) 0.89%(c)
Ratio of net investment income to
average net assets.............. 4.66% 4.92% 4.93%(c) 5.16%(c)
Ratio of expenses to average net
assets*......................... 1.68% 0.93% 1.74%(c) 0.98%(c)
Ratio of net investment income to
average net assets*............. 4.12% 4.88% 4.34%(c) 5.07%(c)
Portfolio Turnover (d)........... 24.78% 24.78% 49.17% 49.17%
</TABLE>
See notes to financial statements.
69
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Tax-Free Short Intermediate Securities Fund
-----------------------------------------------------------------------------
For the Six
Months Ended
January 31, For the For the For the
1999 Year Ended Year Ended Year Ended
(Unaudited) July 31, 1998 July 31, 1997 July 31, 1996
------------------- ---------------- ---------------- ----------------
A Class Y Class A Class Y Class A Class Y Class A Class Y Class
------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $10.09 $10.15 $10.17 $10.21 $10.05 $10.08 $10.11 $10.14
------ ------ ------ ------ ------ ------ ------ ------
Investment Activities
Net investment income
(loss)................. 0.18 0.19 0.35 0.38 0.37 0.39 0.37 0.40
Net realized and
unrealized (loss) gain
from investments....... 0.20 0.19 (0.02) -- 0.13 0.14 (0.03) (0.03)
---- ---- ----- --- ---- ---- ----- -----
Total from Investment
Activities............. 0.38 0.38 0.33 0.38 0.50 0.53 0.34 0.37
---- ---- ---- ---- ---- ---- ---- ----
Distributions
Net investment income... (0.18) (0.19) (0.35) (0.38) (0.37) (0.39) (0.37) (0.40)
In excess of net
investment income...... -- -- -- -- -- -- (0.03) (0.03)
Net realized gains...... (0.05) (0.05) (0.06) (0.06) (0.01) (0.01) -- --
------ ------ ------ ------ ------ ------ ------ ------
Total Distributions..... (0.23) (0.24) (0.41) (0.44) (0.38) (0.40) (0.40) (0.43)
------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value,
End of Period........... $10.24 $10.29 $10.09 $10.15 $10.17 $10.21 $10.05 $10.08
====== ====== ====== ====== ====== ====== ====== ======
Total Return (excludes
sales charges).......... 3.73%(b) 3.74%(b) 3.36% 3.83% 5.06% 5.36% 3.41% 3.67%
Annualized Ratios/
Supplementary Data:
Net Assets at end of
period (000)............ $964 $53,064 $478 $52,185 $724 $37,410 $451 $39,472
Ratio of expenses to
average net assets...... 1.01%(c) 0.76%(c) 1.01% 0.76% 1.09% 0.84% 1.08% 0.83%
Ratio of net investment
income to average net
assets.................. 3.42%(c) 3.67%(c) 3.50% 3.75% 3.57% 3.82% 3.64% 3.90%
Ratio of expenses to
average net assets*..... 1.66%(c) 0.91%(c) 1.62% 0.87% 1.64% 0.89% 1.63% 0.88%
Ratio of net investment
income to average net
assets*................. 2.77%(c) 3.52%(c) 2.89% 3.64% 3.02% 3.77% 3.09% 3.85%
Portfolio Turnover (d)... 4.82% 4.82% 47.55% 47.55% 29.46% 29.46% 54.70% 54.70%
<CAPTION>
October 14, 1994 to
July 31, 1995 (a)
-----------------------------
A Class Y Class
-------------- --------------
<S> <C> <C>
Net Asset Value,
Beginning of Period..... $10.00 $10.00
------ ------
Investment Activities
Net investment income
(loss)................. 0.30 0.32
Net realized and
unrealized (loss) gain
from investments....... 0.08 0.11
---- ----
Total from Investment
Activities............. 0.38 0.43
---- ----
Distributions
Net investment income... (0.27) (0.29)
In excess of net
investment income...... -- --
Net realized gains...... -- --
------ ------
Total Distributions..... (0.27) (0.29)
------ ------
Net Asset Value,
End of Period........... $10.11 $10.14
====== ======
Total Return (excludes
sales charges).......... 3.90%(b) 4.36%(b)
Annualized Ratios/
Supplementary Data:
Net Assets at end of
period (000)............ $308 $ 39,993
Ratio of expenses to
average net assets...... 1.05%(c) 0.85%(c)
Ratio of net investment
income to average net
assets.................. 3.82%(c) 4.03%(c)
Ratio of expenses to
average net assets*..... 1.64%(c) 0.94%(c)
Ratio of net investment
income to average net
assets*................. 3.23%(c) 3.94%(c)
Portfolio Turnover (d)... 89.98% 89.98%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not Annualized.
(c) Annualized.
(d) 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.
70
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Unaudited)
<TABLE>
<CAPTION>
International Stock Fund
--------------------------------------
December 2, 1998
to January 31, 1999 (d)
--------------------------------------
A Class (e) B Class (f) Y Class
----------- ----------- --------
<S> <C> <C> <C>
Net Asset Value, Beginning of
Period............................ $10.09 $10.20 $10.00
------ ------ ------
Investment Activities
Net investment income (loss)...... (0.01) (0.02) (0.01)
Net realized and unrealized gain
from investments................. 0.96 0.84 1.05
----- ----- ------
Total from Investment Activities.. 0.95 0.82 1.04
----- ----- ------
Net Asset Value, End of Period..... $11.04 $11.02 $11.04
====== ====== ======
Total Return (excludes sales
charges).......................... 9.52%(a) 8.04%(a) 10.40%(a)
Annualized Ratios/Supplementary
Data:
Net Assets at end of period (000).. $ 30 $ 7 $62,077
Ratio of expenses to average net
assets............................ 1.77%(b) 2.43%(b) 1.61%(b)
Ratio of net investment income
(loss) to average net assets...... (3.55%)(b) (3.99%)(b) (4.24%)(b)
Ratio of expenses to average net
assets*........................... 2.40%(b) 2.60%(b) 1.71%(b)
Ratio of net investment income
(loss) to average net assets*..... (4.18%)(b) (4.16%)(b) (4.34%)(b)
Portfolio Turnover (c)............. 21.11% 21.11% 21.11%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not Annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
(d) Period from commencement of operations.
(e) For the period from December 8, 1998 (commencement of operations) to
January 31, 1999.
(f) For the period from December 20, 1998 (commencement of operations) to
January 31, 1999.
See notes to financial statements.
71
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Unaudited)
<TABLE>
<CAPTION>
Value Fund
--------------------------------------
December 3, 1998
to January 31, 1999 (d)
--------------------------------------
A Class (e) B Class (f) Y Class
----------- ----------- --------
<S> <C> <C> <C>
Net Asset Value, Beginning of
Period............................. $10.05 $ 9.90 $10.00
------ ------ ------
Investment Activities
Net investment income (loss)....... 0.01 0.01 0.01
Net realized and unrealized gain
from investments.................. 0.23 0.37 0.28
------ ------ ------
Total from Investment Activities... 0.24 0.38 0.29
------ ------ ------
Distributions
Net investment income.............. (0.01) (0.01) (0.01)
------ ------ ------
Total Distributions................ (0.01) (0.01) (0.01)
------ ------ ------
Net Asset Value, End of Period...... $10.28 $10.27 $10.28
====== ====== ======
Total Return (excludes sales
charges)........................... 1.47%(a) 3.81%(a) 2.90%(a)
Annualized Ratios/Supplementary
Data:
Net Assets at end of period (000)... $ 39 $ 104 $31,515
Ratio of expenses to average net
assets............................. 1.46%(b) 2.20%(b) 1.23%(b)
Ratio of net investment income
(loss) to average net assets....... (0.57%)(b) (1.31%)(b) 0.25%(b)
Ratio of expenses to average net
assets*............................ 1.99%(b) 2.23%(b) 1.27%(b)
Ratio of net investment income
(loss) to average net assets*...... (1.10%)(b) (1.34%)(b) 0.21%(b)
Portfolio Turnover (c).............. 29.22% 29.22% 29.22%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not Annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
(d) Period from commencement of operations.
(e) For the period from December 8, 1998 (commencement of operations) to
January 31, 1999.
(f) For the period from December 13, 1998 (commencement of operations) to
January 31, 1999.
See notes to financial statements.
72
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Unaudited)
<TABLE>
<CAPTION>
Small Cap Fund
---------------------------------------
December 3, 1998
to January 31, 1999 (d)
---------------------------------------
A Class (e) B Class (f) Y Class
----------- ----------- --------
<S> <C> <C> <C>
Net Asset Value, Beginning of
Period........................... $10.07 $ 9.78 $ 10.00
------ ------ -------
Investment Activities
Net investment income (loss)..... -- (0.01) --
Net realized and unrealized gain
from investments................ (.14) .15 (0.08)
------ ------ -------
Total from Investment Activities. (.14) .14 (0.08)
------ ------ -------
Net Asset Value, End of Period.... $ 9.93 $ 9.92 $ 9.92
====== ====== =======
Total Return (excludes sales
charges)......................... (1.26%)(a) 1.46%(a) (0.65%)(a)
Annualized Ratios/Supplementary
Data:
Net Assets at end of period (000). $ 34 $ 15 $36,227
Ratio of expenses to average net
assets........................... 1.65%(b) 2.35%(b) 1.42%(b)
Ratio of net investment income
(loss) to average net assets..... (0.48%)(b) (1.41%)(b) 0.08%(b)
Ratio of expenses to average net
assets*.......................... 2.34%(b) 2.59%(b) 1.58%(b)
Ratio of net investment income
(loss) to average net assets*.... (1.17%)(b) (1.65%)(b) (0.08%)(b)
Portfolio Turnover (c)............ -- -- --
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not Annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
(d) Period from commencement of operations.
(e) For the period from December 8, 1998 (commencement of operations) to
January 31, 1999.
(f) For the period from December 20, 1998 (commencement of operations) to
January 31, 1999.
See notes to financial statements.
73
<PAGE>
Investment Adviser
Pacific Century Trust
111 S. King Street
Honolulu, Hawaii 96813
Sub-Adviser
Nicholas Applegate Capital Management
600 West Broadway
San Diego, CA 92102
Administrator and Distributor
BISYS Fund Services
3435 Stelzer Road
Columbus, Ohio 43219
Legal Counsel
Paul, Hastings, Janofsky & Walker LLP
555 South Flower Street, 20th Floor
Los Angeles, California 90071
Independent Auditors
Ernst & Young LLP
One Columbus, Suite 2400
10 West Broad Street
Columbus, Ohio 43215
Transfer Agent
BISYS Fund Services, Inc.
3435 Stelzer Road
Columbus, Ohio 43219
For more complete information on the Pacific Capital Funds, including fees,
expenses and sales charges, please call 1-800-258-9232 for a prospectus, which
you should read carefully before you invest or send money. The Pacific Capital
Funds are distributed by BISYS Fund Services. This document must be preceded or
accompanied by a current prospectus for the Pacific Capital Funds.
PCR-00008 3/99
