<PAGE>
Semi-Annual Report
[PHOTO]
January 31, 2000
[LOGO OF PACIFIC CAPITAL FUNDS]
Mutual Funds: - Are Not FDIC Insured - Have No Bank Guarantee - May Lose Value
<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 56
<PAGE>
Pacific Capital Semi-Annual Report
January 31, 2000
Letter to Shareholders
Dear Shareholders:
The financial markets experienced mixed performance during the six-month period
ended January 31, 2000, as the stock market performed favorably and encouraged
consumer spending, while the bond market performed poorly amid concerns about
potential inflationary pressures. The economy remained strong and entered its
37th consecutive calendar quarter of expansion, making it the longest in U.S.
history. Productivity gains that stemmed from companies' adoption of new
technologies helped fuel that growth.
Equity Markets
Stock market gains were concentrated among a small number of stocks. The Dow
Jones Industrial Average/1/ gained 2.68% during the period, while the Standard
& Poor's 500 Stock Index/2/ gained 5.58%. Shares of technology companies showed
strong gains during the period: The tech-heavy NASDAQ Composite Index/3/ gained
49.34%, while the average stock on the New York Stock Exchange suffered a loss.
Investors favored technology companies and small-company growth stocks due to
their earnings potential, while small-company value stocks continued to lag.
The Pacific Capital equity funds performed well during the period, given our
strategy of investing in high-quality companies that we believe exhibit strong
management and a clear competitive advantage. For example:
The Pacific Capital Growth Stock Fund outperformed its benchmark, the S&P 500
Stock Index, for the six-month period ending January 31, 2000, returning 29.20%
(Class A Shares without sales charge) versus 5.58%, respectively.
The Pacific Capital Growth and Income Fund outperformed its benchmark, the S&P
500 Stock Index, for the six-month period ending January 31, 2000, returning
16.53% (Class A Shares without sales charge) versus 5.58%, respectively.
The Pacific Capital International Stock Fund outperformed its benchmark, the
Morgan Stanley Capital International EAFE Index,/4/ for the six-month period
ending January 31, 2000, returning 37.45% (Class A Shares without sales charge)
versus 11.06%, respectively.
Fixed-Income Markets
The bond market exhibited poor performance due to investors' perceptions that
the economy's strength would create inflationary pressures. The Federal Reserve
Board (the "Fed") responded to such concerns by raising short-term interest
rates twice during this period, and an additional increase occurred shortly
after this period end. In that environment investors sold bonds, pushing up
yields. Short-term bonds were especially hurt, as investors anticipated the
Fed's tighter monetary policy. Long-term bonds performed somewhat better,
because investors were encouraged by the Fed's stance against inflation.
That dynamic led to an unusual, inverted yield curve at the end of the period,
with yields on two-year Treasury Notes higher than yields on 10-Year
Treasuries. Mortgage pass-through securities, high-yield bonds and emerging
markets bonds were the best-performing sectors of the bond market during the
period.
Going Forward
The Fed has raised fed funds rates to 5.75% and we expect one or two 25 basis
point increases that should slow the economy to a more moderate level during
the second half of the year.
We remain optimistic about the course of the stock market. We believe
technology could continue to increase productivity, and the expanding global
economy may allow corporations to control costs and expand into new markets.
Those factors should allow the economy to grow without increased inflation. We
anticipate that the companies that make up the S&P 500 Stock Index should
continue to grow earnings during the coming year. In
1
<PAGE>
our opinion, that earnings growth should allow stocks to perform well,
although returns may be lower than they have been during the past several
years.
We would like to take this opportunity to remind investors that a broadly
diversified portfolio offers the most reliable way to achieve long-term
financial goals. While the strong performance of technology stocks has led
some investors to significantly overweight their portfolios toward that
sector, history shows us that broad diversification is the best way to balance
investment rewards with investment risks.
Pacific Capital Fund News
Pacific Century Investment Management would like to congratulate Yvonne Lim,
Portfolio Manager and Vice President of the Tax-Exempt Fixed Income Investment
Team at Pacific Century Trust, for receiving the 1999 Lipper Performance
Achievement Certificate. The certificate recognizes the Pacific Capital Tax-
Free Securities Fund (Class Y Shares) for ranking number one in the Lipper
Fixed Income Fund Performance Analysis Survey under the investment
objective/Lipper classification of Hawaii Municipal Debt Funds for the five-
year
period ending December 31, 1999./5/
Thank you for your confidence in the Pacific Capital Funds. If you have any
questions, please contact your registered investment consultant, or the Fund's
at (800) 258-9232.
Sincerely,
/s/ Walter J. Laskey
Walter J. Laskey /s/ William J. Barton
Executive Vice President, Bank of William J. Barton
Hawaii Senior Vice President, Manager
Chairperson, Pacific Capital Funds Investment Management Group
Pacific Century Trust
The following indices do not reflect the deduction of fees associated with a
mutual fund, such as investment management and fund accounting fees. The
Pacific Capital Fund's performance reflects the deduction of fees for these
value-added services. Investors cannot invest directly in an index, although
they can invest in the underlying securities.
/1/The Dow Jones Industrial Average is a price weighted average of 30 actively
traded blue chip stocks, primarily industrials but also including some
service oriented firms. The average is computed by adding the prices of the
30 stocks and dividing by a denominator which has been adjusted over the
years for stock splits, stock dividends, and substitution of stock. 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.
/3/The NASDAQ Composite Index is a market capitalization price-only index that
tracks the performance of domestic common stocks traded on the regular
NASDAQ market as well as the National Market System traded foreign common
stocks and ADR's.
/4/The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far
East (EAFE) Index is unmanaged and is generally representative of the
performance of stock markets in that region.
/5/Lipper Analytical Services is an independent mutual fund rating agency. The
Pacific Capital Tax-Free Securities Fund (Class Y Shares) ranked within the
Hawaii Municipal Debt Funds Category, 5 out of 12, 2 out of 11 and 1 out of
7 for the one-, three- and five-year periods ended 12/31/99, respectively.
The Fund was not ranked for the ten-year period. The Lipper ranking is based
on total return with dividends and capital gains reinvested and does not
include a sales charge.
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
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[THIS PAGE INTENTIONALLY LEFT BLANK]
3
<PAGE>
Fund Performance Review
Total Return
for the period ended 1/31/00
<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 24.01% 22.39% 26.61% 18.11% 14.18%
---------------------------------------------------------------------
Class B/2/ 3/2/98 23.70% 22.64% 27.25% 18.44%+ 14.32%
---------------------------------------------------------------------
Class Y 10/14/94 29.29% 27.84% 27.96% 18.89% 14.69%
- ------------------------------------------------------------------------------------------------
Growth & Income Fund/9/ Class A/1/ 10/14/94 11.85% 11.57% 23.45% 15.04% 11.77%
---------------------------------------------------------------------
Class B/2/,/5/ 3/2/98 11.13% 11.32% 23.99% 15.33%+ 11.89%
---------------------------------------------------------------------
Class Y 10/14/98 16.72% 16.50% 24.72% 15.77% 12.23%
- ------------------------------------------------------------------------------------------------
Value Fund Class A/1/ 12/8/98 -4.29% 0.72% NA NA 3.09%
---------------------------------------------------------------------
Class B/5/ 12/13/98 -5.70% 0.18% NA NA 2.58%
---------------------------------------------------------------------
Class Y 12/3/98 -0.31% 5.18% NA NA 7.01%
- ------------------------------------------------------------------------------------------------
Small Cap Fund/6/ Class A/3/ 12/8/98 -12.98% -6.58% NA NA -6.17%
---------------------------------------------------------------------
Class B/5/ 12/20/98 -12.86% -5.85% NA NA -5.66%
---------------------------------------------------------------------
Class Y 12/3/98 -7.96% -1.10% NA NA -1.50%
- ------------------------------------------------------------------------------------------------
Balanced Class A/1/ 6/21/99 5.47% NA NA NA 3.39%
---------------------------------------------------------------------
Class B/2/,/5/ 6/21/99 4.49% NA NA NA 2.20%
---------------------------------------------------------------------
Class Y 6/21/99 10.01% NA NA NA 7.87%
- ------------------------------------------------------------------------------------------------
International Stock
Fund/7/ Class A/3/ 12/8/98 30.26% 41.10% NA NA 46.23%
---------------------------------------------------------------------
Class B/5/ 12/20/98 31.71% 43.62% NA NA 48.53%
---------------------------------------------------------------------
Class Y 12/2/98 37.27% 49.08% NA NA 53.25%
- ------------------------------------------------------------------------------------------------
New Asia Growth Fund/7/ Class A/3/ 2/15/95 31.36% 91.88% NA NA 10.17%
---------------------------------------------------------------------
Class B/2/ 3/2/98 33.19% 96.97% NA NA 10.94%
---------------------------------------------------------------------
Class Y 2/15/95 38.87% 102.75% NA NA 11.60%
- ------------------------------------------------------------------------------------------------
Diversified Fixed Income
Fund/9/ Class A/1/ 10/14/94 -4.70% -9.18% 5.36% 6.48% 3.73%
---------------------------------------------------------------------
Class B/2/ 3/2/98 -5.85% -9.62% 5.80% 6.77%+ 3.86%
---------------------------------------------------------------------
Class Y 10/14/94 -0.50% -5.13% 6.47% 7.22% 4.20%
- ------------------------------------------------------------------------------------------------
U.S. Treasury Securities
Fund/9/,/10/ Class A/1/ 11/1/93 -3.73% -7.60% 5.49% 6.32% 7.61%
---------------------------------------------------------------------
Class Y 10/14/94 0.37% -3.52% 6.64% 6.96% 8.11%
- ------------------------------------------------------------------------------------------------
Short Intermediate U.S.
Treasury Class A/4/ 12/13/93 -2.23% -4.42% 4.85% NA 3.38%
---------------------------------------------------------------------
Securities Fund/10/ Class Y/9/ 10/14/94 0.19% -1.92% 5.61% NA 4.02%
- ------------------------------------------------------------------------------------------------
Tax-Free Securities
Fund/8/,/9/ Class A/1/ 10/14/94 -6.46% -8.71% 4.40% 5.24% 2.62%
---------------------------------------------------------------------
Class B/2/ 3/2/98 -7.61% -9.16% 4.88% 5.57%+ 2.77%
---------------------------------------------------------------------
Class Y 10/14/94 -2.38% -4.61% 5.54% 5.98% 3.09%
- ------------------------------------------------------------------------------------------------
Tax-Free Short
Intermediate Class A/4/ 10/14/94 -2.45% -3.68% 3.19% 3.83% 3.88%
---------------------------------------------------------------------
Securities Fund/8/,/9/ Class Y 10/14/94 -0.06% -1.15% 3.95% 4.36% 4.37%
</TABLE>
4
<PAGE>
/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.
/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 we 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, 2000 (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 $374,445,387;
$156,002,540;
$19,658,476;
$252,048,166).......... $518,086,035 $210,515,630 $28,690,772 $242,037,663
Foreign currency (Cost
$304,332)............... -- -- 307,117 --
Interest and dividends
receivable.............. 180,872 195,342 4,903 4,106,548
Receivable for capital
shares issued........... 165,192 44,658 1,299 17,148
Receivable from brokers
for investments sold.... -- 3,203,227 47,181 --
Prepaid expenses and
other assets............ 18,305 7,718 959 8,471
------------ ------------ ----------- ------------
Total Assets.......... 518,450,404 213,966,575 29,052,231 246,169,830
------------ ------------ ----------- ------------
LIABILITIES:
Dividends payable....... -- -- -- 40,072
Payable to brokers for
investments purchased... 4,879,975 3,602,202 66,948 --
Payable for capital
shares redeemed......... 36,431 20,322 -- 6,295
Accrued fees and other
payables:
Investment advisory
fees................... 354,565 144,021 21,421 94,027
Administration fees.... 13,559 5,470 706 6,472
Distribution fees...... 19,420 11,182 1,178 2,218
Other Payables......... 73,034 38,644 18,827 42,242
------------ ------------ ----------- ------------
Total Liabilities..... 5,376,984 3,821,841 109,080 191,326
------------ ------------ ----------- ------------
NET ASSETS:
Capital................. 328,074,918 144,852,425 22,955,627 260,245,403
Distributions in excess
of net investment
income.................. (1,150,635) (23,914) (284,453) (2,458)
Undistributed
(distributions in
excess of) net realized
gains from
investment transactions. 42,508,489 10,803,133 (2,762,817) (4,253,938)
Net unrealized
appreciation
(depreciation) from
investments and
foreign currency
transactions........... 143,640,648 54,513,090 9,034,794 (10,010,503)
------------ ------------ ----------- ------------
Net Assets............ $513,073,420 $210,144,734 $28,943,151 $245,978,504
============ ============ =========== ============
Net Assets
Class A................ $ 25,878,760 $ 10,476,276 $ 3,257,082 $ 1,695,385
Class B................ 16,546,331 10,639,169 634,806 2,169,025
Class Y................ 470,648,329 189,029,289 25,051,263 242,114,094
------------ ------------ ----------- ------------
Total................. $513,073,420 $210,144,734 $28,943,151 $245,978,504
============ ============ =========== ============
Outstanding units of
beneficial interest
(shares)
Class A................ 1,474,696 543,028 222,206 168,957
Class B................ 959,124 561,296 43,746 216,554
Class Y................ 26,553,354 9,782,021 1,701,458 23,983,472
------------ ------------ ----------- ------------
Total................. 28,987,174 10,886,345 1,967,410 24,368,983
============ ============ =========== ============
Net Asset Value
Class A--redemption
price per share........ $ 17.55 $ 19.29 $ 14.66 $ 10.03
============ ============ =========== ============
Class A--maximum sales
charge................. 4.00% 4.00% 5.25% 4.00%
------------ ------------ ----------- ------------
Class A--maximum
offering price per
share (100%/(100%-
maximum sales charge)
of net asset value
adjusted to the
nearest cent)......... $ 18.28 $ 20.09 $ 15.47 $ 10.45
============ ============ =========== ============
Class B--offering price
per share*............. $ 17.25 $ 18.95 $ 14.51 $ 10.02
============ ============ =========== ============
Class Y--offering and
redemption price per
share.................. $ 17.72 $ 19.32 $ 14.72 $ 10.10
============ ============ =========== ============
</TABLE>
- --------
* Redemption price per share varies based on length of time shares are held.
See notes to financial statements.
6
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities
January 31, 2000 (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 $14,790,526;
$29,541,813;
$419,753,601;
$43,988,307)........... $15,150,994 $28,606,140 $417,084,431 $42,854,668
Interest and dividends
receivable.............. 359,211 679,887 5,100,674 484,036
Prepaid Expenses........ 925 1,402 17,667 1,994
----------- ----------- ------------ -----------
Total Assets.......... 15,511,130 29,287,429 422,202,772 43,340,698
----------- ----------- ------------ -----------
LIABILITIES:
Dividends payable....... 2,542 3,977 57,920 4,564
Payable to brokers for
investments purchased... -- -- 1,995,180 --
Payable for capital
shares redeemed......... -- 200 -- --
Accrued fees and other
payables:
Investment advisory
fees................... 4,552 7,548 160,050 15,003
Administration fees.... 405 722 11,016 1,073
Distribution fees...... 293 100 3,983 187
Other Payables......... 9,360 11,015 64,147 16,767
----------- ----------- ------------ -----------
Total Liabilities..... 17,152 23,562 2,292,296 37,594
----------- ----------- ------------ -----------
NET ASSETS:
Capital................. 19,017,001 30,264,253 423,334,762 44,509,751
Undistributed
(distributions in
excess of) net
investment income ..... (14,106) 40 -- --
Distributions in excess
of net realized gains
from
investment transactions. (3,869,385) (64,753) (755,116) (73,008)
Net unrealized
appreciation
(depreciation) from
investments............. 360,468 (935,673) (2,669,170) (1,133,639)
----------- ----------- ------------ -----------
Net Assets............ $15,493,978 $29,263,867 $419,910,476 $43,303,104
=========== =========== ============ ===========
Net Assets
Class A................ $ 1,389,268 $ 454,652 $ 5,741,889 $ 847,372
Class B................ -- -- 3,247,005 --
Class Y................ 14,104,710 28,809,215 410,921,582 42,455,732
----------- ----------- ------------ -----------
Total................. $15,493,978 $29,263,867 $419,910,476 $43,303,104
=========== =========== ============ ===========
Outstanding units of
beneficial interest
(shares)
Class A................ 154,836 49,571 577,574 87,228
Class B................ -- -- 326,671 --
Class Y................ 1,570,982 3,135,951 41,184,025 4,348,423
----------- ----------- ------------ -----------
Total................. 1,725,818 3,185,522 42,088,270 4,435,651
=========== =========== ============ ===========
Net Asset Value
Class A--redemption
price per share........ $ 8.97 $ 9.17 $ 9.94 $ 9.71
=========== =========== ============ ===========
Class A--maximum sales
charge................. 4.00% 2.25% 4.00% 2.25%
----------- ----------- ------------ -----------
Class A--maximum
offering price per
share (100%/(100%-
maximum sales charge)
of net asset
value adjusted to the
nearest cent)......... $ 9.34 $ 9.38 $ 10.35 $ 9.93
=========== =========== ============ ===========
Class B--offering price
per share*............. -- -- $ 9.94 --
=========== =========== ============ ===========
Class Y--offering and
redemption price per
share.................. $ 8.98 $ 9.19 $ 9.98 $ 9.76
=========== =========== ============ ===========
</TABLE>
- --------
* Redemption price per share varies based on length of time shares are held.
See notes to financial statements.
7
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Assets and Liabilities
January 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
International Stock Value Small Cap Balanced
Fund Fund Fund Fund
------------------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Cost $84,337,421;
$160,004,681;
$37,065,913;
$163,253,563).......... $114,915,701 $169,385,428 $34,595,042 $199,808,824
Foreign currency (Cost
$131,910)............... 131,910 -- -- --
Interest and dividends
receivable.............. 29,692 77,150 64,536 1,328,448
Receivable for capital
shares issued........... 5,651 4,000 -- --
Receivable from brokers
for investments sold.... 3,577,558 3,114,265 192,494 2,200,452
Prepaid expenses and
other assets............ 77,691 3,360 1,428 7,768
------------ ------------ ----------- ------------
Total Assets.......... 118,738,203 172,584,203 34,853,500 203,345,492
------------ ------------ ----------- ------------
LIABILITIES:
Payable to brokers for
investments purchased... 1,850,554 2,006,601 35,057 2,137,566
Payable for capital
shares redeemed......... 2,238 -- -- --
Accrued fees and other
payables:
Investment advisory
fees................... 100,078 116,562 30,298 120,295
Administration fees.... 3,095 4,424 929 5,253
Distribution fees...... 991 663 151 515
Other Payables......... 80,222 76,087 23,007 38,702
------------ ------------ ----------- ------------
Total Liabilities..... 2,037,178 2,204,337 89,442 2,302,331
------------ ------------ ----------- ------------
NET ASSETS:
Capital................. 76,922,894 145,853,839 36,553,550 156,496,454
Undistributed
(distributions in excess
of) net investment
income.................. (1,330,276) (63,984) (1,708) 39,651
Undistributed net
realized gains from
investment transactions. 10,545,773 15,209,264 683,087 7,951,795
Net unrealized
appreciation
(depreciation) from
investments and foreign
currency transactions.. 30,562,634 9,380,747 (2,470,871) 36,555,261
------------ ------------ ----------- ------------
Net Assets............ $116,701,025 $170,379,866 $34,764,058 $201,043,161
============ ============ =========== ============
Net Assets
Class A................ $ 3,550,771 $ 480,792 $ 146,239 $ 210,358
Class B................ 322,895 657,933 138,281 572,338
Class Y................ 112,827,359 169,241,141 34,479,538 200,260,465
------------ ------------ ----------- ------------
Total................. $116,701,025 $170,379,866 $34,764,058 $201,043,161
============ ============ =========== ============
Outstanding units of
beneficial interest
(shares)
Class A................ 223,105 47,197 15,501 19,773
Class B................ 20,502 64,935 14,773 53,836
Class Y................ 7,080,121 16,601,288 3,650,208 18,820,946
------------ ------------ ----------- ------------
Total................. 7,323,728 16,713,420 3,680,482 18,894,555
============ ============ =========== ============
Net Asset Value
Class A--redemption
price per share........ $ 15.92 $ 10.19 $ 9.43 $ 10.64
============ ============ =========== ============
Class A--maximum sales
charge................. 5.25% 4.00% 5.25% 4.00%
------------ ------------ ----------- ------------
Class A--maximum
offering price per
share (100%/(100%-
maximum sales charge)
of net asset value
adjusted to the
nearest cent)......... $ 16.80 $ 10.61 $ 9.95 $ 11.08
============ ============ =========== ============
Class B--offering price
per share*............. $ 15.75 $ 10.13 $ 9.36 $ 10.63
============ ============ =========== ============
Class Y--offering and
redemption price per
share.................. $ 15.94 $ 10.19 $ 9.45 $ 10.64
============ ============ =========== ============
</TABLE>
- --------
* Redemption price per share varies based on length of time shares are held.
See notes to financial statements.
8
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Operations
For the Period Ended January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Growth Growth and New Asia Diversified
Stock Income Growth Fixed Income
Fund Fund Fund Fund
------------ ----------- ---------- ------------
<S> <C> <C> <C> <C>
Investment Income:
Interest income........... $ 173 $ 2 $ -- $ 7,249,682
Dividend income........... 1,381,917 1,178,875 71,040 99,030
Foreign withholding tax... (2,039) (998) (8,159) --
------------ ----------- ---------- -----------
Total Income............ 1,380,051 1,177,879 62,881 7,348,712
------------ ----------- ---------- -----------
Expenses:
Investment advisory fees.. 1,851,135 757,091 103,960 677,860
Administration fees....... 462,786 189,274 23,102 225,954
Distribution fees--Class
A......................... 79,433 37,258 9,974 7,665
Distribution fees--Class
B......................... 65,518 46,880 2,157 10,718
Accounting fees........... 66,948 30,141 7,585 38,019
Custodian fees............ 16,249 8,714 41,470 8,608
Transfer agent fees....... 53,069 44,556 23,017 28,391
Trustees' fees and
expenses.................. 19,214 7,995 901 9,228
Other..................... 61,841 26,152 2,835 34,874
------------ ----------- ---------- -----------
Total expenses before
voluntary fee
reductions.............. 2,676,193 1,148,061 215,001 1,041,317
Expenses voluntarily
reduced................. (145,507) (62,691) (12,424) (219,766)
------------ ----------- ---------- -----------
Net Expenses............ 2,530,686 1,085,370 202,577 821,551
------------ ----------- ---------- -----------
Net Investment (Loss)..... (1,150,635) 92,509 (139,696) 6,527,161
------------ ----------- ---------- -----------
Realized/Unrealized Gains
(Losses) from Investments:
Net realized gains from
investment and foreign
currency transactions..... 71,409,548 12,533,404 3,193,402 (3,802,810)
Net change in unrealized
appreciation
(depreciation) from
investments and foreign
currency transactions.... 47,677,221 16,537,982 5,212,677 (4,697,787)
------------ ----------- ---------- -----------
Net realized and
unrealized gains (losses)
from investments.......... 119,086,769 29,071,386 8,406,079 (8,500,597)
------------ ----------- ---------- -----------
Change in net assets
resulting from operations. $117,936,134 $29,163,895 $8,266,383 $(1,973,436)
============ =========== ========== ===========
</TABLE>
See notes to financial statements.
9
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Operations
For the Period Ended January 31, 2000 (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......... $ 564,192 $ 876,610 $ 12,007,179 $1,026,252
Dividend income......... 7,632 9,714 27,537 11,079
--------- --------- ------------ ----------
Total Income.......... 571,824 886,324 12,034,716 1,037,331
--------- --------- ------------ ----------
Expenses:
Investment advisory
fees.................... 50,752 79,706 1,279,352 116,082
Administration fees..... 16,917 31,883 426,451 46,433
Distribution fees--Class
A....................... 5,233 1,962 20,944 3,560
Distribution fees--Class
B....................... -- -- 14,779 --
Accounting fees......... 3,354 5,454 72,867 10,151
Transfer agent fees..... 15,602 15,330 28,957 16,226
Trustees' fees and
expenses................ 872 1,402 19,159 2,274
Other................... 4,286 7,545 66,982 12,427
--------- --------- ------------ ----------
Total expenses before
voluntary fee
reductions............ 97,016 143,282 1,929,491 207,153
Expenses voluntarily
reduced............... (28,018) (41,161) (419,091) (37,197)
--------- --------- ------------ ----------
Net Expenses.......... 68,998 102,121 1,510,400 169,956
--------- --------- ------------ ----------
Net Investment Income... 502,826 784,203 10,524,316 867,375
--------- --------- ------------ ----------
Realized/Unrealized
Gains (Losses) from
Investments:
Net realized gains
(losses) from investment
transactions............ 60,216 (58,302) (755,152) (73,009)
Net change in unrealized
depreciation
from investments....... (515,177) (640,868) (20,116,064) (800,108)
--------- --------- ------------ ----------
Net realized and
unrealized losses from
investments............. (454,961) (699,170) (20,871,216) (873,117)
--------- --------- ------------ ----------
Change in net assets
resulting from
operations.............. $ 47,865 $ 85,033 $(10,346,900) $ (5,742)
========= ========= ============ ==========
</TABLE>
See notes to financial statements.
10
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Operations
For the Period Ended January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
International Stock Value Small Cap Balanced
Fund Fund Fund Fund
------------------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Investment Income:
Interest income......... $ -- $ 2,893 $ -- $ 2,059,530
Dividend income......... 224,526 1,356,183 305,165 686,770
Foreign withholding tax. (15,925) (1,507) -- (652)
----------- ----------- ----------- -----------
Total Income.......... 208,601 1,357,569 305,165 2,745,648
----------- ----------- ----------- -----------
Expenses:
Investment advisory
fees.................... 555,617 671,430 184,446 772,419
Administration fees..... 101,022 167,858 33,536 193,106
Distribution fees--Class
A....................... 6,699 1,350 433 457
Distribution fees--Class
B....................... 952 2,914 550 2,229
Accounting fees......... 23,354 27,581 7,832 32,680
Custodian fees.......... 103,443 13,552 4,992 9,593
Transfer agent fees..... 23,943 26,252 26,402 30,821
Trustees' fees and
expenses................ 3,602 5,009 1,387 8,073
Other................... 30,843 33,146 6,936 66,039
----------- ----------- ----------- -----------
Total expenses before
voluntary fee
reductions............ 849,475 949,092 266,514 1,115,417
Expenses voluntarily
reduced............... (75,181) (34,472) (23,764) (135,477)
----------- ----------- ----------- -----------
Net Expenses.......... 774,294 914,620 242,750 979,940
----------- ----------- ----------- -----------
Net Investment Income
(Loss).................. (565,693) 442,949 62,415 1,765,708
----------- ----------- ----------- -----------
Realized/Unrealized
Gains (Losses) from
Investments:
Net realized gains from
investment and foreign
currency transactions... 12,371,777 17,079,945 688,084 9,293,565
Net change in unrealized
appreciation
(depreciation) from
investments and foreign
currency transactions.. 20,815,878 6,994,636 (3,402,898) 7,323,897
----------- ----------- ----------- -----------
Net realized and
unrealized gains
(losses) from
investments............. 33,187,655 24,074,581 (2,714,814) 16,617,462
----------- ----------- ----------- -----------
Change in net assets
resulting from
operations.............. $32,621,962 $24,517,530 $(2,652,399) $18,383,170
=========== =========== =========== ===========
</TABLE>
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, 2000 July 31, 1999 January 31, 2000 July 31, 1999 January 31, 2000 July 31, 1999
---------------- ------------- ---------------- ------------- ---------------- -------------
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income
(loss)................ $ (1,150,635) $ (1,363,589) $ 92,509 $ 197,001 $ (139,696) $ (58,716)
Net realized gains on
investment and foreign
currency transactions. 71,409,548 82,863,384 12,533,404 22,746,316 3,193,402 1,039,285
Net change in
unrealized
appreciation
(depreciation) from
investments and
foreign currency
transactions.......... 47,677,221 (15,713,446) 16,537,982 742,543 5,212,677 7,250,969
------------- ------------- ------------ ------------ ----------- ------------
Change in net assets
from operations........ 117,936,134 65,786,349 29,163,895 23,685,860 8,266,383 8,231,538
------------- ------------- ------------ ------------ ----------- ------------
Distributions to Class A
Shareholders:
In excess of net
investment income..... -- -- -- (1,866) -- (5,526)
From net realized gain
on investment......... (5,216,683) (2,467,584) (1,304,353) (950,873) -- --
Distributions to Class B
Shareholders:
In excess of net
investment income..... -- -- -- -- -- (28)
From net realized gain
on investment......... (3,302,902) (378,014) (1,288,955) (397,782) --
Distributions to Class Y
Shareholders:
From net investment
income................ -- -- (116,423) (248,888) -- --
In excess of net
investment income..... -- -- -- -- -- (84,417)
From net realized gain
on investment......... (101,861,172) (61,334,551) (21,833,893) (19,162,674) -- --
------------- ------------- ------------ ------------ ----------- ------------
Change in net assets
from shareholder
distributions.......... (110,380,757) (64,180,149) (24,543,624) (20,762,083) -- (89,971)
------------- ------------- ------------ ------------ ----------- ------------
Capital Transactions:
Proceeds from shares
issued................ 49,151,632 79,661,804 36,558,865 60,203,498 6,518,221 5,848,670
Dividends reinvested... 99,313,479 56,213,864 18,970,376 15,438,529 -- 30,017
Cost of shares
redeemed.............. (52,650,673) (118,131,204) (25,753,265) (76,436,728) (4,485,669) (11,625,483)
------------- ------------- ------------ ------------ ----------- ------------
Change in net assets
from share
transactions........... 95,814,438 17,744,464 29,775,976 (794,701) 2,032,552 (5,746,796)
------------- ------------- ------------ ------------ ----------- ------------
Change in net assets.... 103,369,815 19,350,664 34,396,247 2,129,076 10,298,935 2,394,771
Net Assets:
Beginning of period.... 409,703,605 390,352,941 175,748,487 173,619,411 18,644,216 16,249,445
------------- ------------- ------------ ------------ ----------- ------------
End of period.......... $ 513,073,420 $ 409,703,605 $210,144,734 $175,748,487 $28,943,151 $ 18,644,216
============= ============= ============ ============ =========== ============
(Distributions in excess
of net investment
income)................ $ (1,150,635) $ -- $ (23,914) $ -- $ (284,453) $ (144,757)
------------- ------------- ------------ ------------ ----------- ------------
Share Transactions:
Issued................. 2,699,470 4,701,265 1,898,480 3,342,327 562,141 754,122
Reinvested............. 5,777,783 3,615,888 999,625 888,924 -- 4,058
Redeemed............... (2,831,542) (6,900,492) (1,315,004) (4,190,172) (354,044) (1,549,662)
------------- ------------- ------------ ------------ ----------- ------------
Change in Shares........ 5,645,711 1,416,661 1,583,101 41,079 208,097 (791,482)
============= ============= ============ ============ =========== ============
</TABLE>
See notes to financial statements.
12
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Short Intermediate
Diversified Fixed U.S. Treasury U.S. Treasury
Income Fund Securities Fund 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, 2000 July 31, 1999 January 31, 2000 July 31, 1999 January 31, 2000 July 31, 1999
---------------- ------------- ---------------- ------------- ---------------- -------------
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income.. $ 6,527,161 $ 9,866,907 $ 502,826 $ 1,293,504 $ 784,203 $ 1,390,538
Net realized gains
(losses) from
investment
transactions.......... (3,802,810) 2,246,080 60,216 27,911 (58,302) 204,739
Net change in
unrealized
depreciation from
investments........... (4,697,787) (11,060,792) (515,177) (910,963) (640,868) (790,628)
------------ ------------ ----------- ----------- ----------- ------------
Change in net assets
from operations........ (1,973,436) 1,052,195 47,865 410,452 85,033 804,649
------------ ------------ ----------- ----------- ----------- ------------
Distributions to Class A
Shareholders:
From net investment
income................ (56,262) (114,707) (40,008) (62,892) (12,219) (32,280)
In excess of net
investment income..... -- -- -- (2,745) -- --
From net realized gain
on investment......... -- (20,918) -- -- (1,928) (3,262)
In excess of net
realized gain on
investment
transactions.......... -- (552) -- -- -- --
Distributions to Class B
Shareholders:
From net investment
income................ (51,192) (42,422) -- -- -- --
From net realized gain
on investment......... -- (3,067) -- -- -- --
In excess of net
realized gain on
investment
transactions.......... -- (2,179) -- -- -- --
Distributions to Class Y
Shareholders:
From net investment
income................ (6,419,737) (9,709,748) (462,818) (1,214,297) (771,985) (1,358,257)
In excess of net
investment income..... -- -- -- (13,570) -- --
From net realized gain
on investment......... -- (1,156,463) -- -- (116,893) (102,224)
In excess of net
realized gain on
investment
transactions.......... -- (450,857) -- -- -- --
------------ ------------ ----------- ----------- ----------- ------------
Change in net assets
from shareholder
distributions.......... (6,527,191) (11,500,913) (502,826) (1,293,504) (903,025) (1,496,023)
------------ ------------ ----------- ----------- ----------- ------------
Capital Transactions:
Proceeds from shares
issued................ 76,643,218 106,729,331 637,972 1,384,459 4,668,067 68,454,032
Dividends reinvested... 227,711 1,600,063 490,583 1,241,124 178,353 200,292
Cost of shares
redeemed.............. (26,110,394) (54,804,327) (7,034,501) (3,155,875) (8,691,286) (59,533,349)
------------ ------------ ----------- ----------- ----------- ------------
Change in net assets
from share
transactions........... 50,760,535 53,525,067 (5,905,946) (530,292) (3,844,866) 9,120,975
------------ ------------ ----------- ----------- ----------- ------------
Change in net assets.... 42,259,908 43,076,349 (6,360,907) (1,413,344) (4,662,858) 8,429,601
Net Assets:
Beginning of period.... 203,718,596 160,642,247 21,854,885 23,268,229 33,926,725 25,497,124
------------ ------------ ----------- ----------- ----------- ------------
End of period.......... $245,978,504 $203,718,596 $15,493,978 $21,854,885 $29,263,867 $ 33,926,725
============ ============ =========== =========== =========== ============
Undistributed
(distributions in
excess of) net
investment income...... $ (2,458) $ (2,428) $ (14,106) $ (14,106) $ 40 $ 41
------------ ------------ ----------- ----------- ----------- ------------
Share Transactions:
Issued................. 7,394,493 9,706,969 69,955 142,494 497,827 7,100,890
Reinvested............. 22,145 142,571 53,855 128,813 19,066 20,441
Redeemed............... (2,539,300) (4,964,716) (767,803) (328,910) (925,546) (6,167,907)
------------ ------------ ----------- ----------- ----------- ------------
Change in Shares........ 4,877,338 4,884,824 (643,993) (57,603) (408,653) 953,424
============ ============ =========== =========== =========== ============
</TABLE>
See notes to financial statements.
13
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Tax-Free Short Intermediate International
Tax-Free Securities Fund Securities Fund Stock 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, 2000 July 31, 1999 January 31, 2000 July 31, 1999 January 31, 2000 July 31, 1999(a)
---------------- ------------- ---------------- ------------- ---------------- ----------------
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income
(loss)................ $ 10,524,316 $ 19,869,140 $ 867,375 $ 1,803,223 $ (565,693) $ 13,174
Net realized gains
(losses) on investment
and foreign currency
transactions.......... (755,152) 3,256,132 (73,009) 244,995 12,371,777 1,049,027
Net change in
unrealized
appreciation
(depreciation) from
investments and
foreign currency
transactions.......... (20,116,064) (13,559,504) (800,108) (772,971) 20,815,878 9,746,756
------------ ------------ ----------- ------------ ------------ ------------
Change in net assets
from operations........ (10,346,900) 9,565,768 (5,742) 1,275,247 32,621,962 10,808,957
------------ ------------ ----------- ------------ ------------ ------------
Distributions to Class A
Shareholders:
From net investment
income................ (131,284) (186,445) (16,563) (25,726) -- --
From net realized gain
on investment......... (25,824) (37,066) (4,378) (4,014) (91,106) --
Distributions to Class B
Shareholders:
From net investment
income................ (58,686) (23,437) -- -- -- --
From net realized gain
on investment......... (15,328) (4,359) -- -- (7,777) --
Distributions to Class Y
Shareholders:
From net investment
income................ (10,334,343) (19,659,258) (850,862) (1,777,447) -- --
In excess of net
investment income..... -- (3) -- -- -- --
From net realized gain
on investment......... (1,920,393) (3,625,235) (219,099) (217,551) (3,558,270) --
------------ ------------ ----------- ------------ ------------ ------------
Change in net assets
from shareholder
distributions.......... (12,485,858) (23,535,803) (1,090,902) (2,024,738) (3,657,153) --
------------ ------------ ----------- ------------ ------------ ------------
Capital Transactions:
Proceeds from shares
issued................ 36,690,403 65,647,809 2,757,961 16,829,321 17,169,433 90,175,926
Dividends reinvested... 2,079,093 3,775,212 244,874 253,126 3,217,535 --
Cost of shares
redeemed.............. (26,599,061) (44,749,973) (7,149,717) (20,449,042) (14,270,340) (19,365,295)
------------ ------------ ----------- ------------ ------------ ------------
Change in net assets
from share
transactions........... 12,170,435 24,673,048 (4,146,882) (3,366,595) 6,116,628 70,810,631
------------ ------------ ----------- ------------ ------------ ------------
Change in net assets.... (10,662,323) 10,703,013 (5,243,526) (4,116,086) 35,081,437 81,619,588
Net Assets:
Beginning of period.... 430,572,799 419,869,786 48,546,630 52,662,716 81,619,588 --
------------ ------------ ----------- ------------ ------------ ------------
End of period.......... $419,910,476 $430,572,799 $43,303,104 $ 48,546,630 $116,701,025 $ 81,619,588
============ ============ =========== ============ ============ ============
Undistributed
(distributions in
excess of) net
investment income...... -- $ (3) -- $ 50 $ (1,330,276) $ (764,583)
------------ ------------ ----------- ------------ ------------ ------------
Share Transactions:
Issued................. 3,591,679 6,052,527 278,598 1,649,904 1,260,867 8,628,110
Reinvested............. 204,663 344,359 24,837 24,744 212,108 --
Redeemed............... (2,605,856) (4,103,936) (723,551) (2,008,506) (959,578) (1,817,779)
------------ ------------ ----------- ------------ ------------ ------------
Change in Shares........ 1,190,486 2,292,950 (420,116) (333,858) 513,397 6,810,331
============ ============ =========== ============ ============ ============
</TABLE>
- --------
(a)Period from commencement of operations on December 2, 1998.
See notes to financial statements.
14
<PAGE>
PACIFIC CAPITAL FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Value Fund Small Cap Fund Balanced Fund
--------------------------------- --------------------------------- ---------------------------------
For the Six For the For the Six For the For the Six For the
Months Ended Period Ended Months Ended Period Ended Months Ended Period Ended
January 31, 2000 July 31, 1999(a) January 31, 2000 July 31, 1999(b) January 31, 2000 July 31, 1999(c)
---------------- ---------------- ---------------- ---------------- ---------------- ----------------
(Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment
income............ $ 442,949 $ 155,149 $ 62,415 $ 15,860 $ 1,765,708 $ 361,822
Net realized gains
(losses) from
investment
transactions...... 17,079,945 3,531,933 688,084 1,219,833 9,293,565 (787,032)
Net change in
unrealized
appreciation
(depreciation)
from investments.. 6,994,636 2,386,111 (3,402,898) 932,027 7,323,897 (4,066,973)
------------ ------------ ----------- ------------ ------------ ------------
Change in net assets
from operations.... 24,517,530 6,073,193 (2,652,399) 2,167,720 18,383,170 (4,492,183)
------------ ------------ ----------- ------------ ------------ ------------
Distributions to
Class A
Shareholders:
From net investment
income............ (605) -- (127) -- (1,097) (63)
In excess of net
investment income. -- (112) -- (4) -- (28)
From net realized
gain on
investment........ (5,029) (6,934) (4,225) -- (336) --
Distributions to
Class B
Shareholders:
From net investment
income............ -- -- (32) -- (2,061) (105)
In excess of net
investment income. -- (55) -- (1) -- (121)
From net realized
gain on
investment........ (7,634) (15,151) (4,623) -- (1,423) --
In excess of net
realized gain on
investment
transactions...... -- (2,874) -- -- -- --
Distributions to
Class Y
Shareholders:
From net investment
income............ (506,328) (156,027) (67,675) (15,898) (1,794,540) (297,630)
In excess of net
investment income. -- (26,982) -- -- -- --
From net realized
gain on
investment........ (2,167,521) (3,172,871) (1,215,939) -- (552,979) --
------------ ------------ ----------- ------------ ------------ ------------
Change in net assets
from shareholder
distributions...... (2,687,117) (3,381,006) (1,292,621) (15,903) (2,352,436) (297,947)
------------ ------------ ----------- ------------ ------------ ------------
Capital
Transactions:
Proceeds from
shares issued..... 128,158,166 86,349,838 10,378,270 46,913,248 1,423,341 464,446
Proceeds from
shares issued in
conjunction with
common trust fund
conversion........ -- -- -- -- -- 189,111,744
Dividends
reinvested........ 1,500,134 1,711,580 577,982 34 557,899 317
Cost of shares
redeemed.......... (57,223,062) (14,639,390) (4,234,403) (17,077,870) (1,417,990) (337,200)
------------ ------------ ----------- ------------ ------------ ------------
Change in net assets
from share
transactions....... 72,435,238 73,422,028 6,721,849 29,835,412 563,250 189,239,307
------------ ------------ ----------- ------------ ------------ ------------
Change in net
assets............. 94,265,651 76,114,215 2,776,829 31,987,229 16,593,984 184,449,177
Net Assets:
Beginning of
period............ 76,114,215 -- 31,987,229 -- 184,449,177 --
------------ ------------ ----------- ------------ ------------ ------------
End of period...... $170,379,866 $ 76,114,215 $34,764,058 $ 31,987,229 $201,043,161 $184,449,177
============ ============ =========== ============ ============ ============
Undistributed
(distributions in
excess of) net
investment income.. $ (63,984) -- $ (1,708) $ 3,711 $ 39,651 $ 71,641
------------ ------------ ----------- ------------ ------------ ------------
Share Transactions:
Issued............. 12,476,660 8,571,030 1,055,948 4,784,633 141,691 45,945
Issued in
conjunction with
common trust fund
conversion........ -- -- -- -- -- 18,826,632
Reinvested......... 149,268 161,323 61,622 3 52,348 32
Redeemed........... (3,248,313) (1,396,548) (434,343) (1,787,381) (138,707) (33,386)
------------ ------------ ----------- ------------ ------------ ------------
Change in Shares.... 9,377,615 7,335,805 683,227 2,997,255 55,332 18,839,223
============ ============ =========== ============ ============ ============
</TABLE>
- --------
(a)Period from commencement of operations on December 3, 1998.
(b)Period from commencement of operations on December 3, 1998.
(c)Period from commencement of operations on June 21, 1999.
See notes to financial statements.
15
<PAGE>
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares Security Description Market Value
---------- ----------------------------------------------------- ------------
<C> <S> <C>
Common Stocks (94.0%)
Airlines (0.7%)
137,170 SkyWest, Inc......................................... $ 3,823,614
------------
Beverages (3.5%)
186,700 Coca-Cola Co......................................... 10,723,581
205,444 PepsiCo, Inc......................................... 7,010,777
------------
17,734,358
------------
Business Equipment & Services (1.2%)
139,155 Paychex, Inc......................................... 6,131,517
------------
Commercial Services (0.9%)
219,860 Sothebys Holdings, Inc., Class A..................... 4,507,130
------------
Computers & Peripherals (16.4%)
210,652 Cisco Systems, Inc. (b).............................. 23,066,393
73,560 EMC Corp. (b)........................................ 7,834,140
70,030 Gateway, Inc. (b).................................... 4,284,961
65,300 Network Appliance, Inc. (b).......................... 6,554,488
63,060 Safeguard Scientifics, Inc. (b)...................... 8,954,520
225,982 Sun Microsystems, Inc. (b)........................... 17,753,710
13,990 VeriSign, Inc. (b)................................... 2,241,898
90,550 Veritas Software Corp. (b)........................... 13,208,981
------------
83,899,091
------------
Consumer Durable (1.1%)
78,440 Harley-Davidson, Inc................................. 5,505,508
------------
Consumer Goods & Services (3.1%)
159,500 Procter & Gamble Co.................................. 16,089,563
------------
Cosmetics/Personal Care (1.0%)
138,260 Gillette Co.......................................... 5,202,033
------------
Electrical Equipment (5.4%)
148,181 General Electric Co.................................. 19,763,641
40,000 JDS Uniphase Corp. (b)............................... 8,157,500
------------
27,921,141
------------
Electronic Components/Instruments (1.9%)
91,570 Texas Instruments, Inc............................... 9,878,114
------------
Entertainment (1.7%)
108,540 Time Warner, Inc..................................... 8,676,416
------------
Environmental Services (0.7%)
291,730 Republic Services, Inc., Class A (b)................. 3,427,828
------------
Financial Services (4.1%)
172,980 Citigroup, Inc....................................... 9,935,539
125,980 Morgan Stanley Dean Witter & Co...................... 8,346,175
68,730 T. Rowe Price Associates, Inc........................ 2,671,879
------------
20,953,593
------------
Leisure - Recreation, Gaming (0.9%)
100,930 Carnival Corp........................................ 4,548,158
------------
Medical-Biotechnology (0.8%)
181,340 Biomatrix, Inc. (b).................................. 4,023,481
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Security Description Market Value
---------- ----------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued
Multi-Industry (1.0%)
33,420 Corning, Inc......................................... $ 5,155,035
------------
Oil & Gas--Exploration & Production Services (2.9%)
149,930 Coastal Corp......................................... 5,528,669
149,700 Schlumberger Ltd..................................... 9,141,056
------------
14,669,725
------------
Pharmaceuticals (12.4%)
65,920 Biogen, Inc. (b)..................................... 5,685,600
67,180 Bristol Myers Squibb Co.............................. 4,433,880
50,530 Johnson & Johnson, Inc............................... 4,348,738
69,712 Lilly (Eli) & Co..................................... 4,661,990
52,950 Medimmune, Inc. (b).................................. 7,730,700
130,350 Merck & Co., Inc..................................... 10,273,209
30,310 Millennium Pharmaceuticals (b)....................... 5,681,231
186,030 Schering-Plough Corp................................. 8,185,320
135,130 Warner-Lambert Co.................................... 12,828,904
------------
63,829,572
------------
Restaurants (0.7%)
169,410 Jack in the Box, Inc. (b)............................ 3,483,493
------------
Retail (6.8%)
169,610 Bed Bath & Beyond, Inc............................... 4,611,272
220,622 Dollar General Corp.................................. 4,688,218
123,697 Gap, Inc............................................. 5,527,710
245,240 Wal-Mart Stores, Inc................................. 13,426,889
235,170 Walgreen Co.......................................... 6,496,571
------------
34,750,660
------------
Retail-Food Chain (0.8%)
104,580 Safeway, Inc. (b).................................... 3,993,649
------------
Retail-General Merchandise (3.3%)
215,940 Costco Companies, Inc................................ 10,567,563
113,625 Home Depot, Inc...................................... 6,434,016
------------
17,001,579
------------
Semiconductors (6.9%)
134,920 Applied Materials, Inc. (b).......................... 18,517,770
56,410 PMC-Sierra, Inc. (b)................................. 10,182,005
159,150 Vitesse Semiconductor Corp. (b)...................... 6,923,025
------------
35,622,800
------------
Software & Computer Services (9.6%)
97,880 Adobe Systems, Inc................................... 5,389,518
29,090 Citrix Systems, Inc. (b)............................. 3,992,603
55,660 CMGI, Inc. (b)....................................... 6,265,229
66,840 Macromedia, Inc. (b)................................. 4,574,363
114,546 Microsoft Corp. (b).................................. 11,211,189
149,340 Oracle Corp. (b)..................................... 7,459,999
110,420 Siebel Systems, Inc. (b)............................. 10,124,133
------------
49,017,034
------------
</TABLE>
Continued
16
<PAGE>
PACIFIC CAPITAL FUNDS
Growth Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares Security Description Market Value
---------- ----------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued
Telecommunications (1.7%)
156,320 Copper Mountain Networks, Inc. (b)................... $ 8,636,680
9,238 Pac-West Telecomm, Inc. (b).......................... 232,105
------------
8,868,785
------------
Telecommunications-Services and Equipment (3.9%)
62,940 Nokia Corp., ADR..................................... 11,518,020
91,090 Nortel Networks Corp................................. 8,710,481
------------
20,228,501
------------
Transportation (0.6%)
43,055 Kansas City Southern Industries, Inc................. 2,978,868
------------
Total Common Stocks (Cost $338,280,598) 481,921,246
------------
</TABLE>
<TABLE>
<CAPTION>
Shares Security Description Market Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Investment Companies (7.0%)
11,022,666 Bank One Treasury Money Market Fund (I Shares)...... $ 11,022,666
25,142,123 The One Group Prime Money Market Fund (I Shares).... 25,142,123
------------
Total Investment Companies (Cost $36,164,789) 36,164,789
------------
Total Investments (Cost $374,445,387)
(a)--101.0% 518,086,035
Liabilities in excess of other assets--(1.0)% (5,012,615)
------------
Total Net Assets--100.0% $513,073,420
============
</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.......... $158,802,003
Unrealized
depreciation.......... (15,161,355)
------------
Net unrealized
appreciation.......... $143,640,648
============
</TABLE>
(b) Represents non-income producing security.
ADR--American Depositary Receipts
See notes to financial statements.
17
<PAGE>
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks (94.9%)
Airlines (0.4%)
53,380 Southwest Airlines Co................................. $ 850,744
------------
Automotive (1.0%)
40,420 Ford Motor Co......................................... 2,010,895
------------
Banks (2.4%)
31,109 Bank of America Corp.................................. 1,506,842
42,890 Chase Manhattan Corp.................................. 3,449,965
------------
4,956,807
------------
Beverages (1.6%)
14,820 Anheuser Busch Cos., Inc.............................. 1,000,350
68,475 PepsiCo, Inc.......................................... 2,336,709
------------
3,337,059
------------
Business Equipment & Services (3.7%)
93,490 Deluxe Corp........................................... 2,500,858
71,250 Paychex, Inc.......................................... 3,139,453
44,520 Pitney Bowes, Inc..................................... 2,181,480
------------
7,821,791
------------
Computers & Peripherals (12.1%)
93,450 Cisco Systems, Inc. (b)............................... 10,232,774
25,370 Dell Computer Corp. (b)............................... 978,331
68,190 EMC Corp. (b)......................................... 7,262,235
64,790 Sun Microsystems, Inc. (b)............................ 5,090,064
26,540 Symbol Technologies, Inc.............................. 1,584,106
------------
25,147,510
------------
Consumer Goods & Services (1.6%)
20,080 Clorox Co............................................. 958,820
22,870 Procter & Gamble Co................................... 2,307,011
------------
3,265,831
------------
Diversified Operations (1.2%)
60,280 Tyco International Ltd................................ 2,576,970
------------
Electrical Equipment (3.6%)
25,250 General Electric Co................................... 3,367,718
17,440 KLA-Tencor Corp. (b).................................. 1,022,420
44,900 Solectron Corp. (b)................................... 3,260,863
------------
7,651,001
------------
Electronic Components/Instruments (6.1%)
70,310 American Power Conversion Corp. (b)................... 1,940,117
7,650 Motorola, Inc......................................... 1,046,138
26,210 Sanmina Corp. (b)..................................... 2,784,813
52,040 Texas Instruments, Inc................................ 5,613,814
20,070 Waters Corp. (b)...................................... 1,482,671
------------
12,867,553
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Entertainment (0.4%)
11,650 Time Warner, Inc...................................... $ 931,272
------------
Financial Services (8.3%)
70,505 Alliance Capital Management Holding L.P............... 2,652,751
67,280 Capital One Financial Corp............................ 2,758,480
59,850 Charles Schwab Corp................................... 2,158,341
37,810 Freddie Mac........................................... 1,897,589
59,270 Kansas City Southern Industries, Inc.................. 4,100,743
59,680 Morgan Stanley Dean Witter & Co....................... 3,953,800
------------
17,521,704
------------
Health Care (0.4%)
36,140 McKesson HBOC, Inc.................................... 743,129
------------
Insurance (2.4%)
21,700 American International Group, Inc..................... 2,259,513
29,920 Marsh & McLennan Cos., Inc............................ 2,812,480
------------
5,071,993
------------
Leisure--Recreation, Gaming (1.0%)
46,610 Carnival Corp......................................... 2,100,363
------------
Manufacturing (0.4%)
15,170 Illinois Tool Works, Inc.............................. 887,445
------------
Medical Supplies (0.5%)
17,920 Baxter International, Inc............................. 1,144,640
------------
Medical--Biotechnology (2.9%)
48,310 Amgen, Inc. (b)....................................... 3,076,743
20,790 PE Biosystems Group................................... 3,113,303
------------
6,190,046
------------
Multi-Industry (2.5%)
34,540 Corning, Inc.......................................... 5,327,795
------------
Oil & Gas--Exploration & Production Services (4.0%)
13,170 Atlantic Richfield Co................................. 1,014,090
35,980 Exxon Mobil Corp...................................... 3,004,329
18,840 Schlumberger Ltd...................................... 1,150,418
53,970 Ultramar Diamond Shamrock Corp........................ 1,180,594
51,410 Williams Cos., Inc.................................... 1,992,138
------------
8,341,569
------------
Pharmaceuticals (6.5%)
13,080 Biogen, Inc. (b)...................................... 1,128,150
100,010 Elan Corp., PLC, ADR (b).............................. 3,006,551
39,360 Lilly (Eli) & Co...................................... 2,632,200
25,710 Merck & Co., Inc...................................... 2,026,269
65,550 Schering-Plough Corp.................................. 2,884,200
21,195 Warner-Lambert Co..................................... 2,012,200
------------
13,689,570
------------
</TABLE>
Continued
18
<PAGE>
PACIFIC CAPITAL FUNDS
Growth and Income Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Publishing (1.3%)
47,300 McGraw-Hill Cos., Inc................................. $ 2,651,756
------------
Real Estate (1.3%)
50,000 Franchise Finance Corp. of America.................... 1,200,000
90,000 Healthcare Realty Trust, Inc.......................... 1,608,750
------------
2,808,750
------------
Restaurants (0.8%)
51,448 Starbucks Corp. (b)................................... 1,646,336
------------
Retail (6.5%)
87,330 Gap, Inc.............................................. 3,902,559
20,330 Kohl's Corp. (b)...................................... 1,425,641
55,720 Lowe's Cos., Inc...................................... 2,486,505
23,900 Tiffany & Co.......................................... 1,768,600
75,430 Wal-Mart Stores, Inc.................................. 4,129,792
------------
13,713,097
------------
Retail--Food Chain (0.4%)
20,190 Safeway, Inc. (b)..................................... 771,006
------------
Retail--General Merchandise (1.6%)
30,140 Circuit City Stores, Inc.............................. 1,160,390
46,480 Costco Companies, Inc................................. 2,274,615
------------
3,435,005
------------
Savings & Loans (0.6%)
47,793 Washington Mutual, Inc................................ 1,212,747
------------
Semiconductors (4.4%)
34,490 Applied Materials, Inc. (b)........................... 4,733,753
18,140 Intel Corp............................................ 1,794,726
27,660 Teradyne, Inc. (b).................................... 1,790,985
22,180 Xilinx, Inc. (b)...................................... 1,014,735
------------
9,334,199
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued
Software & Computer Services (4.3%)
24,450 America Online, Inc. (b)............................. $ 1,392,122
39,550 BMC Software, Inc. (b)............................... 1,497,956
117,970 Compuware Corp. (b).................................. 2,499,489
38,010 Microsoft Corp. (b).................................. 3,720,229
------------
9,109,796
------------
Telecommunications--Services and Equipment (4.7%)
62,060 Nortel Networks Corp................................. 5,934,488
14,720 Sprint Corp.......................................... 952,200
53,500 Tellabs, Inc......................................... 2,889,000
------------
9,775,688
------------
Utilities--Telecommunications (6.0%)
62,230 ALLTEL Corp.......................................... 4,153,852
46,445 AT&T Corp............................................ 2,449,974
46,225 CenturyTel, Inc...................................... 1,768,106
16,800 GTE Corp............................................. 1,231,650
65,250 MCI Worldcom, Inc. (b)............................... 2,997,422
------------
12,601,004
------------
Total Common Stocks (Cost $144,952,585) 199,495,071
------------
Depositary Receipts (0.9%)
13,000 S&P 500 Depositary Receipt........................... 1,812,688
------------
Total Depositary Receipts (Cost $1,842,084) 1,812,688
------------
Investment Companies (4.4%)
9,207,871 The One Group Prime Money Market Fund (I Shares)..... 9,207,871
------------
Total Investment Companies (Cost $9,207,871) 9,207,871
------------
Total Investments (Cost $156,002,540)
(a)--100.2% 210,515,630
Liabilities in excess of other assets--(0.2)% (370,896)
------------
Total Net Assets--100.0% $210,144,734
============
</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. $60,721,185
Unrealized depreciation. (6,208,095)
-----------
Net unrealized
appreciation............ $54,513,090
===========
</TABLE>
(b) Non-income producing security.
ADR--American Depositary Receipt
PLC--Public Limited Company
See notes to financial statements.
19
<PAGE>
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- --------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks (94.5%)
Hong Kong (29.7%)
Banks (3.4%)
84,000 HSBC Holdings PLC........................................ $ 995,976
-----------
Computer Software (2.4%)
236,000 Legend Holdings Ltd...................................... 697,659
-----------
Diversified--Conglomerates, Holding Companies (4.2%)
85,000 Hutchison Whampoa Ltd.................................... 1,223,602
-----------
Financial Services (1.0%)
82,000 DAH Sing Financial Group................................. 290,888
-----------
Publishing (1.4%)
456,000 South China Morning Post................................. 398,545
-----------
Real Estate (5.3%)
42,000 Cheung Kong Holdings Ltd................................. 530,378
108,000 Sun Hung Kai Properties Ltd.............................. 1,002,917
-----------
1,533,295
-----------
Retail (1.3%)
330,000 Giordano International Ltd............................... 373,250
-----------
Telecommunications (5.9%)
38,000 Asia Satellite Telecommunications Holdings Ltd........... 141,640
632,000 CCT Telecom Holdings Ltd. (b)............................ 331,015
200,000 China Telecom Ltd. (b)................................... 1,236,456
1,000 SmarTone Telecommunications Holdings Ltd................. 3,618
-----------
1,712,729
-----------
Television (2.3%)
92,000 Television Broadcasts Ltd................................ 674,009
-----------
Textile/Apparel (2.5%)
224,000 Li & Fung Ltd............................................ 719,766
1,000 Yue Yuen Industrial Holdings Ltd......................... 2,056
-----------
721,822
-----------
8,621,775
-----------
Malaysia (3.0%)
Leisure--Recreation, Gaming (2.0%)
160,000 Resorts World Berhad..................................... 555,800
-----------
Publishing (1.0%)
98,000 New Straits Times Press Berhad (b)....................... 299,164
-----------
854,964
-----------
Singapore (14.5%)
Airlines (0.7%)
18,000 Singapore Airlines Ltd................................... 188,439
-----------
Computer Software (0.3%)
101,000 CSE Systems & Engineering Ltd. (b)....................... 93,261
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- --------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Electrical & Electronic (4.2%)
165,000 JIT Holdings Ltd......................................... $ 450,276
55,000 Venture Manufacturing Ltd................................ 743,991
-----------
1,194,267
-----------
Manufacturing--Consumer Goods (2.2%)
367,000 Omni Industries Ltd...................................... 638,903
-----------
Publishing (0.8%)
12,000 Singapore Press Holdings Ltd............................. 235,725
-----------
Semiconductors (3.5%)
35,000 Chartered Semiconductor Manufacturing Ltd. (b)........... 296,420
7,000 Chartered Semiconductor Manufacturing Ltd., ADR (b)...... 574,874
32,000 ST Assembly Test Services Ltd. (b)....................... 147,740
-----------
1,019,034
-----------
Telecommunication Equipment (2.2%)
70,000 Datacraft Asia Ltd....................................... 640,500
-----------
Transportation (0.6%)
188,000 Neptune Orient Lines Ltd. (b)............................ 187,968
-----------
4,198,097
-----------
South Korea (21.4%)
Banks (2.1%)
33,123 Kookmin Bank (b)......................................... 595,554
-----------
Electrical & Electronic (7.5%)
21,400 Hyundai Electronics Industries Co. (b)................... 502,873
17,000 LG Electronics (b)....................................... 538,690
4,500 Samsung Electronics...................................... 1,117,524
-----------
2,159,087
-----------
Electricity--Generation (1.2%)
23,800 Korea Electric Power Corp., ADR.......................... 358,488
-----------
Food Products--Distribution (1.5%)
5,800 Cheil Jedang Corp. (b)................................... 435,723
-----------
Telecommunications (9.1%)
9,700 Korea Telecom Corp. (b).................................. 1,087,884
4,700 LG Information & Communication Ltd. (b).................. 585,688
290 SK Telecom Co. Ltd. (b).................................. 975,731
-----------
2,649,303
-----------
6,198,155
-----------
Taiwan (23.1%)
Computers & Peripherals (3.0%)
50,000 Asustek Computer, Inc.................................... 617,354
40,000 Systex Corp. (b)......................................... 258,018
-----------
875,372
-----------
</TABLE>
Continued
20
<PAGE>
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- --------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Electrical & Electronic (6.2%)
70,000 Ambit Microsystems Corp.................................. $ 649,931
74,000 Hon Hai Precision Industry (b)........................... 600,283
218,000 Siliconware Precision Industries Co. (b)................. 546,855
-----------
1,797,069
-----------
Semiconductors (11.8%)
80,000 Compeq Manufacturing Co. Ltd. (b)........................ 508,217
190,300 Taiwan Semiconductor Manufacturing Co. Ltd. (b).......... 1,258,518
276,000 United Microelectronics Corp. (b)........................ 1,101,463
360,000 Vanguard International Semiconductor Corp. (b)........... 540,665
-----------
3,408,863
-----------
Textile/Apparel (2.1%)
258,940 Far Eastern Textile Co. Ltd.............................. 607,374
-----------
6,688,678
-----------
Thailand (2.8%)
Entertainment--Television (1.8%)
59,000 BEC World Public Co. Ltd................................. 500,803
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- --------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Telecommunications (1.0%)
21,300 Advanced Information Service Public Co. Ltd. (b)......... $ 301,330
-----------
802,133
-----------
Total Common Stocks (Cost $18,362,378) 27,363,802
-----------
Preferred Stock (1.5%)
Thailand (1.5%)
Financial Services (1.5%)
385,100 Siam Commercial Bank Public Co. Ltd. (b)................. 439,437
-----------
Total Preferred Stock (Cost $408,565) 439,437
-----------
Cash Sweep (3.1%)
United States (3.1%)
887,533 Union Bank of California Money Market Fund............... 887,533
-----------
Total Cash Sweep (Cost $887,533) 887,533
-----------
Total Investments (Cost $19,658,476)
(a)--99.1% 28,690,772
Other assets in excess of liabilities--0.9% 252,379
-----------
Total Net Assets--100.0% $28,943,151
===========
</TABLE>
- --------
Forward Currency Contracts:
<TABLE>
<CAPTION>
Unrealized
Delivery Contract Market Appreciation
Currency Date Value Value (Depreciation)
-------- -------- -------- -------- --------------
<S> <C> <C> <C> <C>
Short Contracts:
Hong Kong Dollar................. 2/1/00 $(47,177) $(47,181) $(4)
-------- -------- ---
Total Short Contracts............ $(47,177) $(47,181) $(4)
======== ======== ===
</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... $9,402,513
Unrealized depreciation... (370,217)
----------
Net unrealized
appreciation.............. $9,032,296
==========
</TABLE>
(b) Non-income producing securities.
ADR--American Depositary Receipt
PLC--Public Limited Company
See notes to financial statements.
21
<PAGE>
PACIFIC CAPITAL FUNDS
Diversified Fixed Income Fund
Schedule of Portfolio Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- ------------
<C> <S> <C>
Corporate Bonds (52.3%)
Automotive (2.0%)
5,000,000 Ford Motor Co., 7.25%, 10/1/08....................... $ 4,800,000
------------
Banking (3.4%)
1,050,000 Interamerica Development Bank, 8.50%, 3/15/11........ 1,132,688
2,000,000 Interamerica Development Bank, 6.80%, 10/15/25....... 1,862,500
5,000,000 JPM Capital Corp., 7.54%, 1/15/27.................... 4,425,000
1,000,000 Wachovia Corp., 6.38%, 2/1/09........................ 913,750
------------
8,333,938
------------
Banking--Foreign (4.0%)
5,000,000 Abbey National PLC, 6.69%, 10/17/05.................. 4,781,249
250,000 Bayerische Landesbank-NY, 5.75%, 2/28/01............. 246,875
2,250,000 Bayerische Landesbank-NY, 5.88%, 12/1/08............. 2,002,500
3,000,000 Swiss Bank Corp.-NY, 6.75%, 7/15/05.................. 2,883,750
------------
9,914,374
------------
Brokerage Services (1.3%)
825,000 Merrill Lynch & Co., Inc., 7.15%, 7/30/12............ 772,406
2,500,000 Salomon, Inc., 6.70%, 7/5/00......................... 2,503,550
------------
3,275,956
------------
Chemicals (1.9%)
5,000,000 E.I. du Pont de Nemours & Co., 6.88%, 10/15/09....... 4,775,000
------------
Electric Utility (3.7%)
5,000,000 Natural Rural Utilities, 5.75%, 11/1/08.............. 4,425,000
5,000,000 WPS Resources Corp., 7.00%, 11/1/09.................. 4,737,500
------------
9,162,500
------------
Electrical Equipment (2.0%)
5,550,000 Emerson Electric Co., 5.85%, 3/15/09................. 4,932,563
------------
Finance (2.2%)
1,125,000 Ford Motor Credit Co., 7.57%, 5/16/05................ 1,109,531
5,000,000 Toyota Motor Credit Co., 5.50%, 12/15/08............. 4,300,000
------------
5,409,531
------------
Financial Services (10.0%)
5,000,000 Associates Corp. N.A., 5.50%, 2/15/04................ 4,643,750
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- ------------
<C> <S> <C>
Corporate Bonds, continued
Financial Services, continued
500,000 Associates Corp. N.A., 7.75%, 2/15/05................ $ 501,875
3,500,000 Citigroup, Inc., 5.80%, 3/15/04...................... 3,303,125
1,000,000 General Electric Capital Corp., 8.09%, 4/1/04........ 1,026,250
5,000,000 General Electric Capital Corp., 7.88%, 12/1/06....... 5,118,749
4,490,000 General Electric Capital Corp., 8.63%, 6/15/08....... 4,804,300
5,000,000 Goldman Sachs Group, Inc., 7.80%, 1/28/10............ 4,968,750
400,000 Pitney Bowes Credit Corp., 6.80%, 10/1/01............ 398,500
------------
24,765,299
------------
Food Processing & Packaging (0.8%)
2,000,000 Sysco Corp., 7.25%, 4/15/07.......................... 1,957,500
------------
Health Care (3.5%)
8,000,000 Johnson & Johnson, 8.72%, 11/1/24.................... 8,540,000
------------
Household Products (3.6%)
3,000,000 Colgate-Palmolive Co., 6.58%, 11/5/02................ 2,943,750
6,000,000 Procter & Gamble Co., 6.60%, 12/15/04................ 5,842,500
------------
8,786,250
------------
Insurance (0.4%)
125,000 MBIA, Inc., 8.20%, 10/1/22........................... 125,469
1,000,000 St. Paul Cos., Inc., 7.29%, 8/28/07.................. 958,750
------------
1,084,219
------------
Medical Supplies (1.9%)
5,000,000 Becton, Dickinson & Co., 7.15%, 10/1/09.............. 4,750,000
------------
Oil & Gas--Exploration & Production Services (2.5%)
3,095,000 Amoco Canada, 7.25%, 12/01/02........................ 3,095,000
1,450,000 Amoco Canada, 7.95%, 10/1/22......................... 1,426,438
1,100,000 Shell Oil Co., 6.70%, 8/15/02........................ 1,087,625
475,000 Societe Nationale Elf Aquitaine, 8.00%, 10/15/01..... 481,531
------------
6,090,594
------------
Publishing (1.2%)
3,280,000 Washington Post Co., 5.50%, 2/15/09.................. 2,845,400
------------
Restaurants (2.5%)
2,400,000 McDonald's Corp., 6.50%, 8/1/07...................... 2,277,000
4,195,000 McDonald's Corp., 5.95%, 1/15/08..................... 3,822,694
------------
6,099,694
------------
</TABLE>
Continued
22
<PAGE>
PACIFIC CAPITAL FUNDS
Diversified Fixed Income Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Corporate Bonds, continued
Retail (2.6%)
2,000,000 Wal-Mart Stores, Inc., 6.15%, 8/10/01............... $ 1,975,000
1,900,000 Wal-Mart Stores, Inc., 8.00%, 9/15/06............... 1,947,500
2,500,000 Wal-Mart Stores, Inc., 7.25%, 6/01/13............... 2,434,375
------------
6,356,875
------------
Supranational Agency (2.4%)
3,000,000 Asian Development Bank, 6.50%, 9/21/02.............. 2,951,250
3,000,000 Asian Development Bank, 6.13%, 3/9/04............... 2,883,750
------------
5,835,000
------------
Telecommunications (0.4%)
1,000,000 AT&T Corp., 6.50%, 9/15/02.......................... 983,750
------------
Total Corporate Bonds (Cost $135,384,885) 128,698,443
------------
Private Placement (2.0%)
Financial Services (0.8%)
2,000,000 USAA Capital Corp., 7.05%, 11/8/06 (b), acquisition
date 11/3/99....................................... 1,932,500
------------
Machinery--Farm (1.2%)
3,000,000 New Holland Equipment Receivables Trust, 6.80%,
12/15/07 (b), acquisition date 11/4/99............. 2,938,455
------------
Total Private Placement (Cost $4,999,236) 4,870,955
------------
U.S. Government Agencies (14.3%)
Federal Home Loan Bank (2.1%)
550,000 5.58%, 2/23/01...................................... 543,653
5,000,000 5.95%, 6/13/05...................................... 4,734,000
------------
5,277,653
------------
Federal Home Loan Mortgage Corp. (2.9%)
5,000,000 7.02%, 11/10/03..................................... 4,893,750
2,000,000 7.50%, 1/12/05...................................... 1,980,000
325,000 6.75%, 5/30/06...................................... 315,861
------------
7,189,611
------------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- ------------
<C> <S> <C>
U.S. Government Agencies, continued
Federal National Mortgage Association (6.1%)
5,000,000 7.00%, 12/27/02...................................... $ 4,963,400
3,000,000 6.50%, 8/15/04....................................... 2,920,890
2,100,000 7.69%, 9/13/06....................................... 2,062,557
1,300,000 6.76%, 7/16/07....................................... 1,221,246
3,100,000 6.40%, 5/14/09....................................... 2,863,625
1,000,000 6.88%, 9/10/12....................................... 938,390
------------
14,970,108
------------
Finance (3.2%)
5,000,000 Private Export Funding, 6.49%, 7/15/07............... 4,806,250
3,100,000 Private Export Funding, 6.67%, 9/15/09............... 2,983,750
------------
7,790,000
------------
Total U.S. Government Agencies (Cost $36,603,238) 35,227,372
------------
U.S. Treasury Bonds (12.5%)
18,000,000 7.25%, 5/15/16....................................... 18,914,760
12,500,000 6.25%, 8/15/23....................................... 11,923,125
------------
Total U.S. Treasury Bonds (Cost $31,994,970) 30,837,885
------------
U.S. Treasury Notes (15.4%)
11,150,000 5.50%, 12/31/00...................................... 11,068,494
6,000,000 5.88%, 11/30/01...................................... 5,922,540
7,000,000 7.25%, 8/15/04....................................... 7,134,540
9,000,000 6.62%, 5/15/07....................................... 8,934,840
5,000,000 6.00%, 8/15/09....................................... 4,766,150
------------
Total U.S. Treasury Notes (Cost $38,489,393) 37,826,564
------------
Investment Company (1.9%)
4,576,444 The One Group Prime Money Market Fund (I Shares)..... 4,576,444
------------
Total Investment Company (Cost $4,576,444) 4,576,444
------------
Total Investments (Cost $252,048,166) (a)--98.4% 242,037,663
Other assets in excess of liabilities--1.6% 3,940,841
------------
Total Net Assets--100.0% $245,978,504
============
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized
appreciation........... $ 200,437
Unrealized
depreciation........... (10,210,940)
------------
Net unrealized
depreciation........... $(10,010,503)
============
</TABLE>
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers.
PLC--Public Liability Company
See notes to financial statements.
23
<PAGE>
PACIFIC CAPITAL FUNDS
U.S. Treasury Securities Fund
Schedule of Portfolio Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
U.S. Treasury Notes (37.9%)
3,500,000 7.75%, 2/15/01......................................... $ 3,548,650
980,000 8.00%, 5/15/01......................................... 997,934
300,000 5.75%, 8/15/03......................................... 291,234
1,000,000 7.50%, 2/15/05......................................... 1,031,110
-----------
Total U.S. Treasury Notes (Cost $5,824,494) 5,868,928
-----------
U.S. Treasury Bonds (57.7%)
1,800,000 7.63%, 2/15/07......................................... 1,830,456
6,500,000 7.25%, 5/15/16......................................... 6,830,330
300,000 6.25%, 8/15/23......................................... 286,155
-----------
Total U.S. Treasury Bonds (Cost $8,630,907) 8,946,941
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Investment Company (2.2%)
335,125 The One Group U.S. Treasury Securities Money Market
Fund (I Shares)...................................... $ 335,125
-----------
Total Investment Company (Cost $335,125) 335,125
-----------
Total Investments (Cost $14,790,526) (a)--97.8% 15,150,994
Other assets in excess of liabilities--2.2% 342,984
-----------
Total Net Assets--100.0% $15,493,978
===========
</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.... $425,056
Unrealized depreciation.... (64,588)
--------
Net unrealized
appreciation.............. $360,468
========
</TABLE>
See notes to financial statements.
24
<PAGE>
PACIFIC CAPITAL FUNDS
Short Intermediate U.S. Treasury Securities Fund
Schedule of Portfolio Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Treasury Notes (96.4%)
$1,000,000 6.13%, 12/31/01....................................... $ 990,820
1,100,000 6.25%, 2/28/02........................................ 1,091,937
2,000,000 6.38%, 8/15/02........................................ 1,986,800
3,600,000 6.25%, 8/31/02........................................ 3,565,296
5,500,000 6.25%, 2/15/03........................................ 5,434,220
2,300,000 5.25%, 8/15/03........................................ 2,197,098
7,200,000 5.75%, 8/15/03........................................ 6,989,616
6,000,000 6.50%, 5/15/05........................................ 5,933,400
-----------
Total U.S. Treasury Notes (Cost $29,124,860) 28,189,187
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Investment Company (1.4%)
$ 416,953 The One Group U.S. Treasury Securities Money Market
Fund (I Shares)..................................... $ 416,953
-----------
Total Investment Company (Cost $416,953) 416,953
-----------
Total Investments (Cost $29,541,813)
(a)--97.8% 28,606,140
Other assets in excess of liabilities--2.2% 657,727
-----------
Total Net Assets--100.0% $29,263,867
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation... $ --
Unrealized depreciation... (935,673)
---------
Net unrealized
depreciation.............. $(935,673)
=========
</TABLE>
See notes to financial statements.
25
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Alternative Minimum Tax Paper (17.3%)
Hawaii (16.9%)
1,075,000 Hawaii Airport System Revenue, 7.00%, 7/1/10, FGIC.. $ 1,128,750
935,000 Hawaii Airport System Revenue, 7.30%, 7/1/20, AMBAC. 959,918
745,000 Hawaii Airport System Revenue, 7.38%, 7/1/11, AMBAC. 767,872
1,500,000 Hawaii Airport System Revenue, Second Series, 6.75%,
7/1/21, MBIA....................................... 1,533,750
15,375,000 Hawaii Airport System Revenue, Second Series, 6.90%,
7/1/12, MBIA....................................... 16,893,280
1,890,000 Hawaii Airport System Revenue, Second Series, 7.00%,
7/1/18, MBIA....................................... 1,963,238
465,000 Hawaii Airport System Revenue, Second Series, 7.50%,
7/1/09, FGIC....................................... 479,122
2,465,000 Hawaii Airport System Revenue, Second Series, 7.50%,
7/1/20, FGIC....................................... 2,532,664
1,500,000 Hawaii Department of Budget & Finance, 5.65%,
10/1/27, Callable 10/1/12 @ 101.................... 1,359,375
4,660,000 Hawaii Department of Budget & Finance, Special
Purpose Mortgage Revenue, Citizens Utilities Co.
Project, 6.60%, 7/1/22............................. 4,799,800
11,000,000 Hawaii Department of Budget & Finance, Special
Purpose Mortgage Revenue, Hawaii Electric Co.,
Series A, 6.60%, 1/1/25, MBIA...................... 11,151,249
2,145,000 Hawaii Department of Budget & Finance, Special
Purpose Mortgage Revenue, Hawaiian Electric Co. &
Subsidiaries, 6.55%, 12/1/22, MBIA................. 2,163,769
5,000,000 Hawaii Department of Budget & Finance, Special
Purpose Revenue, Hawaii Electric Co., Series A,
6.20%, 5/1/26, MBIA................................ 4,893,750
2,650,000 Hawaii Harbor Capital Improvement Revenue, 6.10%,
7/1/07, FGIC....................................... 2,792,438
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Alternative Minimum Tax Paper, continued
Hawaii, continued
4,660,000 Hawaii Harbor Capital Improvement Revenue, 6.38%,
7/1/24, FGIC....................................... $ 4,660,000
1,350,000 Hawaii Harbor Capital Improvement Revenue, 6.50%,
7/1/19, FGIC....................................... 1,363,500
3,260,000 Hawaii Harbor Capital Improvement Revenue, 7.00%,
7/1/17, MBIA....................................... 3,344,988
2,330,000 Hawaii Harbor Capital Improvement Revenue, 7.25%,
7/1/10, MBIA....................................... 2,400,366
3,855,000 Hawaii Housing Finance & Development Corp., Single
Family Mortgage Revenue, Series A, 6.00%, 7/1/26... 3,671,888
2,095,000 Honolulu City & County, Series B, 7.25%, 2/1/08,
Callable 2/1/00 @ 102, FGIC........................ 2,136,900
------------
70,996,617
------------
Illinois (.4%)
1,600,000 South Western Illinois Development Authority,
3.70%*, 11/1/25.................................... 1,600,000
------------
Total Alternative Minimum Tax Paper (Cost $70,311,746) 72,596,617
------------
Municipal Bonds (82.0%)
Arizona (1.4%)
1,000,000 Arizona Unified School District, Maricopa County,
GO, 5.40%, 7/1/12.................................. 982,500
2,150,000 Phoenix Civic Improvement Corp., 5.25%, 7/1/16,
Callable 7/1/07 @ 100, MBIA........................ 1,983,375
2,750,000 Scottsdale, GO, 5.75%, 7/1/17, Callable 7/1/09 @
100................................................ 2,725,938
------------
5,691,813
------------
California (5.2%)
3,000,000 California State, GO, 4.75%, 2/1/16, Callable 2/1/09
@ 101, FGIC........................................ 2,602,500
4,500,000 California State, GO, 5.00%, 2/1/25, Callable 2/1/08
@ 101, MBIA........................................ 3,796,875
3,725,000 Northern California Transmission, Oregon
Transmission Project, 7.00%, 5/1/13, Series A,
MBIA............................................... 4,279,093
5,450,000 San Diego Public Facilities, 5.38%, 5/15/17,
Callable 5/15/07 @101.............................. 5,116,187
</TABLE>
Continued
26
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
California, continued
2,745,000 San Francisco City & County Airport Community,
International Airport Revenues, 5.63%, 5/1/21,
Callable 5/1/06 @ 101, FGIC........................ $ 2,607,750
2,250,000 San Francisco City & County Redevelopment Agency
Hotel Tax, 5.00%, 7/1/25........................... 1,895,625
1,735,000 San Francisco, Bay Area Rapid Transit, District
Sales Tax Revenue, 5.50%, 7/1/15, FGIC............. 1,685,119
------------
21,983,149
------------
Colorado (.2%)
365,000 Adams & Arapahoe County, 5.35%, 12/1/15............. 348,119
635,000 Adams & Arapahoe County, GO, 5.35%, 12/1/15,
Callable 12/1/06 @ 102, FGIC....................... 600,869
------------
948,988
------------
Florida (6.3%)
2,750,000 Dade County, Water & Sewer, 5.50%, 10/1/15, FGIC.... 2,664,063
3,000,000 Florida State, Board of Education, Series C, 5.88%,
6/1/20, Callable 6/1/10 @ 101...................... 2,970,000
3,000,000 Florida State, Bond Finance Department, General
Services Environmental Revenue, 5.75%, 7/1/13,
AMBAC.............................................. 3,030,000
5,000,000 Florida State, Turnpike Authority Revenue,
Department of Transportation, 5.50%, 7/1/17, FGIC.. 4,781,250
2,000,000 Florida State, Turnpike Authority Revenue,
Department of Transportation, Series A, 5.50%,
7/1/21, FGIC....................................... 1,857,500
2,000,000 Miami-Dade County Revenue Bond, 6.00%, 7/1/20,
Callable 7/1/10 @ 101.............................. 1,997,500
4,875,000 Orange County, Public Tax Service, 6.00%, 10/1/24,
FGIC............................................... 4,856,718
3,725,000 Orlando, Utilities Community Water & Electric
Revenue Refunding, Series D,6.75%, 10/1/17......... 4,046,281
------------
26,203,312
------------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Georgia (2.8%)
6,810,000 Georgia Municipal Electric Authority, 6.60%, 1/1/18,
MBIA............................................... $ 7,312,237
1,865,000 Georgia Municipal Electric Authority, Series B,
6.13%, 1/1/14, FGIC................................ 1,890,644
2,330,000 Metropolitan Atlanta, Rapid Transportation
Authority, Sales Tax Revenue, Series P, 6.25%,
7/1/11, AMBAC...................................... 2,490,188
------------
11,693,069
------------
Hawaii (41.3%)
1,000,000 Hawaii County, 4.60%, 2/1/06........................ 973,750
1,000,000 Hawaii County, 4.70%, 2/1/07........................ 970,000
1,000,000 Hawaii County, 4.90%, 2/1/09........................ 965,000
2,320,000 Hawaii County, GO, 5.20%, 2/1/15.................... 2,151,800
1,375,000 Hawaii County, GO, Series A, 4.50%, 2/1/04, FGIC.... 1,356,094
1,810,000 Hawaii County, GO, Series A, 5.00%, 2/1/10, FGIC.... 1,742,125
2,095,000 Hawaii County, GO, Series A, 5.10%, 2/1/13, FGIC.... 1,974,538
605,000 Hawaii County, GO, Series A, 5.60%, 5/1/13, FGIC.... 600,463
2,000,000 Hawaii County, Series A, 5.50%, 5/1/08, FGIC........ 2,030,000
2,000,000 Hawaii County, Series A, 5.50%, 5/15/16, Callable
5/15/09 @ 101, FSA................................. 1,897,500
2,000,000 Hawaii County, Series B, 4.70%, 5/15/05............. 1,970,000
3,245,000 Hawaii Department of Budget & Finance, Queens Health
System, 6.05%, 7/1/16.............................. 3,139,538
1,455,000 Hawaii Department of Budget & Finance, Queens Health
System, 5.88%, 7/1/11.............................. 1,449,544
1,700,000 Hawaii Department of Budget & Finance, Special
Purpose Mortgage, Kapiolani Health Care System,
6.30%, 7/1/08, Callable 7/1/03 @ 102, MBIA......... 1,782,875
3,680,000 Hawaii Department of Budget & Finance, Special
Purpose Mortgage, Kapiolani Health Care System,
6.40%, 7/1/13, Callable 7/1/03 @ 102, MBIA......... 3,813,399
</TABLE>
Continued
27
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Hawaii, continued
5,000,000 Hawaii Department of Budget & Finance, Systems
Revenue, Series A, 2.70%, 7/1/26, LOC--Morgan
Guaranty........................................... $ 4,999,999
1,400,000 Hawaii Department of Transportation, Special
Facility Revenue, 5.75%, 3/1/13.................... 1,338,750
1,400,000 Hawaii Harbor Capital Improvement Revenue, 6.20%,
7/1/08, MBIA....................................... 1,449,000
2,795,000 Hawaii Housing Finance & Development Corp., 5.70%,
7/1/13, FNMA....................................... 2,746,088
5,980,000 Hawaii Housing Finance & Development Corp., 5.85%,
7/1/17............................................. 5,852,924
4,125,000 Hawaii Housing Finance & Development Corp., 7.00%,
7/1/31, FNMA....................................... 4,264,218
1,565,000 Hawaii Housing Finance & Development Corp., Single
Family Mortgage Purchase Revenue, Series B, 6.90%,
7/1/16, FNMA....................................... 1,615,863
2,340,000 Hawaii Housing Finance & Development Corp.,
University of Hawaii Housing, 5.70%, 10/1/25,
AMBAC.............................................. 2,199,600
4,185,000 Hawaii State Department Budget & Finance, 4.95%,
4/1/12............................................. 3,886,818
2,000,000 Hawaii State Department of Budget & Finance,
Hawaiian Electric Co. Revenue, Series A, 5.50%,
12/1/14, Callable 12/1/09 @ 101, AMBAC............. 1,920,000
3,500,000 Hawaii State Department of Budget & Finance, Special
Purpose Revenue Queens Health System, Series B,
5.25%, 7/1/23, Callable 7/1/08 @ 102............... 3,023,125
1,000,000 Hawaii State Highway Revenue, 5.00%, 7/1/16, FGIC... 886,250
1,250,000 Hawaii State Highway Revenue, 5.25%, 7/1/16,
Callable 7/1/06 @ 102, MBIA........................ 1,139,063
3,500,000 Hawaii State, Airport System Revenue, 5.60%, 7/1/04,
MBIA............................................... 3,609,374
2,000,000 Hawaii State, GO, Series BZ, 6.00%, 10/1/12, FGIC... 2,072,500
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Hawaii, continued
1,350,000 Hawaii State, GO, Series CH, 4.75%, 11/1/11, MBIA.... $ 1,230,188
3,000,000 Hawaii State, GO, Series CM, 6.50%, 12/1/13, FGIC.... 3,232,499
2,000,000 Hawaii State, GO, Series CN, 5.25%, 3/1/13, Callable
3/1/07 @ 102, FGIC.................................. 1,910,000
3,700,000 Hawaii State, GO, Series CN, 5.25%, 3/1/15, Callable
3/1/07 @ 102, FGIC.................................. 3,445,624
2,750,000 Hawaii State, GO, Series CN, 5.50%, 3/1/16, Pre-
refunded 3/1/07 @ 102, FGIC......................... 2,839,375
1,500,000 Hawaii State, GO, Series CN, 6.25%, 3/1/08, FGIC..... 1,593,750
3,000,000 Hawaii State, GO, Series CO, 6.00%, 9/1/05, FGIC..... 3,142,500
5,500,000 Hawaii State, GO, Series CR, 5.00%, 4/1/17, Callable
4/1/08 @ 101, MBIA.................................. 4,826,249
2,000,000 Hawaii State, GO, Series CT, 5.88%, 9/1/17, Callable
9/1/09 @ 101, FSA................................... 1,987,500
2,000,000 Hawaii State, GO, Series CT, 5.88%, 9/1/17, Callable
9/1/09 @ 101, FSA................................... 1,985,000
1,000,000 Hawaii State, Highway Revenue Bond, 5.25%, 7/1/14,
Callable 7/1/08 @ 101, FGIC......................... 936,250
2,800,000 Hawaii State, Series CP, 5.00%, 10/1/13, FGIC........ 2,604,000
3,200,000 Hawaii State, Series CP, 5.00%, 10/1/15, FGIC........ 2,880,000
3,000,000 Hawaii State, Series CP, 5.00%, 10/1/16, Callable
10/1/07 @ 101, FGIC................................. 2,658,750
2,050,000 Hawaii State, Series CP, 5.00%, 10/1/17, FGIC........ 1,793,750
3,150,000 Hawaii State, Series CR, 5.00%, 4/1/16, Callable
4/1/08 @ 101, MBIA.................................. 2,795,625
1,000,000 Hawaii, GO, Series CL, 5.25%, 3/1/16, FGIC........... 1,015,000
10,000,000 Honolulu City & County Waste Water Systems Revenue,
5.00%, 7/1/23, FGIC................................. 8,387,499
1,535,000 Honolulu City & County Water, 6.00%, 12/1/10, FGIC... 1,600,238
2,320,000 Honolulu City & County Water, 6.00%, 12/1/11, FGIC... 2,412,800
</TABLE>
Continued
28
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Hawaii, continued
935,000 Honolulu City & County Water, 6.00%, 12/1/14, FGIC... $ 950,194
475,000 Honolulu City & County, Series B, 5.50%, 10/1/11,
FGIC................................................ 476,781
1,010,000 Honolulu City & County, GO, Series A, 5.00%, 11/1/12,
MBIA................................................ 944,350
370,000 Honolulu City & County, GO, Series A, 5.00%, 11/1/12,
MBIA................................................ 365,838
1,325,000 Honolulu City & County, GO, Series A, 5.63%, 9/1/13,
Pre-refunded 9/1/06 @ 102, FGIC..................... 1,381,313
465,000 Honolulu City & County, GO, Series A, 5.75%, 4/1/12,
Escrowed to Maturity, FGIC.......................... 473,719
2,125,000 Honolulu City & County, GO, Series A, 6.00%, 1/1/11,
Escrowed to Maturity, FGIC.......................... 2,217,969
640,000 Honolulu City & County, GO, Series B, 5.25%, 10/1/12,
FGIC................................................ 616,800
2,125,000 Honolulu City & County, GO, Series C, 5.50%, 11/1/05,
FGIC................................................ 2,175,469
3,000,000 Honolulu City & County, GO, Series C, 5.50%, 11/1/09,
FGIC................................................ 3,030,000
1,385,000 Honolulu City & County, Series B, 5.50%, 10/1/11,
FGIC................................................ 1,379,806
5,000 Honolulu City & County, Series A, 5.63%, 9/1/13,
Callable 9/1/06 @ 102, FGIC......................... 4,975
1,670,000 Honolulu City & County, Series A, 5.63%, 9/1/13,
Callable 9/1/06 @ 102, FGIC......................... 1,711,750
4,820,000 Honolulu City & County, Series A, 5.75%, 4/1/11,
FGIC................................................ 4,934,474
1,865,000 Honolulu City & County, Series A, 5.75%, 4/1/12,
FGIC................................................ 1,888,313
850,000 Honolulu City & County, Series A, 5.75%, 4/1/13,
FGIC................................................ 859,563
3,345,000 Honolulu City & County, Series A, 5.75%, 4/1/13,
FGIC................................................ 3,365,905
875,000 Honolulu City & County, Series A, 6.00%, 1/1/11,
FGIC................................................ 907,813
3,725,000 Honolulu City & County, Series A, 7.35%, 7/1/06,
FGIC................................................ 4,181,312
2,595,000 Honolulu City & County, Series B, 5.13%, 7/1/18,
Callable 7/1/09 @101................................ 2,277,113
295,000 Honolulu City & County, Series B, 5.25%, 10/1/12,
FGIC................................................ 287,625
</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 11/01/07 @ 101, FGIC...................... $ 1,990,000
1,010,000 Kauai County, 5.55%, 8/1/04......................... 1,036,513
1,075,000 Kauai County, 5.65%, 8/1/05......................... 1,107,250
1,130,000 Kauai County, 5.75%, 8/1/06......................... 1,170,963
1,340,000 Kauai County, Series C, 5.90%, 8/1/09, AMBAC........ 1,391,925
1,180,000 Maui County Refunding, 5.13%, 12/15/10.............. 1,147,550
935,000 Maui County Refunding, 5.25%, 9/1/06................ 942,013
515,000 Maui County Water, Series A, 6.10%, 12/1/02, Pre-
refunded 12/1/01 @ 101, FGIC, (b).................. 533,669
545,000 Maui County Water, Series A, 6.20%, 12/1/03, FGIC... 565,438
580,000 Maui County Water, Series A, 6.30%, 12/1/04, Pre-
refunded 12/1/01@ 101, FGIC, (b)................... 602,475
620,000 Maui County Water, Series A, 6.40%, 12/1/05, Pre-
refunded 12/1/01 @ 101, FGIC, (b).................. 645,575
565,000 Maui County Water, Series A, 6.50%, 12/1/06, Pre-
refunded 12/1/01 @ 101, FGIC, (b).................. 589,013
550,000 Maui County Water, Series A, 6.60%, 12/1/07, Pre-
refunded 12/1/01 @ 101, FGIC, (b).................. 574,750
655,000 Maui County Water, Series A, 6.65%, 12/1/09, Pre-
refunded 12/1/01 @ 101, FGIC, (b).................. 684,475
1,020,000 Maui County, GO, 5.90%, 6/1/14...................... 1,027,650
1,005,000 Maui County, Series A, 5.10%, 9/1/11, Callable
9/1/07 @ 101....................................... 967,313
1,160,000 Maui County, Series A, 5.13%, 3/1/15................ 1,067,200
2,040,000 Maui County, Series A, 5.38%, 3/1/17................ 1,879,350
------------
173,450,999
------------
Illinois (.2%)
745,000 Illinois Health Facilities Revenue, 3.65%*, 11/1/20,
LOC-Rabobank Nederland............................. 745,000
------------
Kansas (1.7%)
3,725,000 Burlington Pollution Control Refunding, Kansas Gas &
Electric Co. Project, 7.00%, 6/1/31................ 3,883,313
</TABLE>
Continued
29
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Kansas, continued
1,065,000 Kansas City Utilities System Revenue, 6.38%, 9/1/23. $ 1,144,875
2,195,000 Kansas City Utilities System Revenue, 6.38%, 9/1/23,
Callable 9/1/04 @ 102.............................. 2,214,206
------------
7,242,394
------------
Maine (.7%)
2,795,000 Maine State Turnpike Authority, Turnpike Revenue,
6.00%, 7/1/14...................................... 2,959,206
------------
Massachusetts (1.8%)
4,790,000 Commonwealth of Massachusetts, Series B, 5.50%,
7/1/15............................................. 4,933,700
1,965,000 Massachusetts State Port Authority Revenue, Series
A, 5.00%, 7/1/23, Callable 7/1/08 @ 101............ 1,648,144
1,000,000 Massachusetts State Water Pollution Abatement Trust,
5.70%, 2/1/13...................................... 1,008,750
------------
7,590,594
------------
Michigan (2.6%)
6,900,000 Michigan Environmental Protection Program, GO,
5.40%, 11/1/19..................................... 6,382,500
2,245,000 Michigan Strategic Obligations Revenue, 6.95%,
5/1/11............................................. 2,520,013
2,250,000 Saline Area Schools, GO, 5.50%, 5/1/15, FGIC........ 2,171,250
------------
11,073,763
------------
Minnesota (.5%)
2,000,000 North St. Paul, Maplewood, Independent School
District, No. 622, Series A, 6.88%, 2/1/15, Pre-
refunded 2/1/05 @ 100 (b).......................... 2,162,500
------------
New Jersey (2.0%)
5,000,000 New Jersey State Transit Authority, Series A, 5.13%,
6/15/08, Fixed OID................................. 4,962,500
3,000,000 New Jersey Wastewater Treatment Trust, Series B,
6.38%, 4/1/14...................................... 3,213,750
------------
8,176,250
------------
New Mexico (1.1%)
3,000,000 Rio Rancho Water & Waste Water Systems Revenue,
Series A, 5.90%, 5/15/15, FSA...................... 3,127,500
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
New Mexico, continued
1,625,000 Sante Fe, Gross Receipts Tax Revenue, 5.63%, 6/1/16. $ 1,572,188
------------
4,699,688
------------
New York (1.1%)
2,950,000 New York State Environmental Facilities Pollution
Control, 5.13%, 6/15/16............................ 2,662,375
2,000,000 Triborough Bridge & Tunnel Authority, New York
Revenues, General Purpose, 5.30%, 1/1/17........... 1,820,000
------------
4,482,375
------------
North Carolina (1.1%)
4,480,000 Easton Municipal Power Agency, Series A, 6.50%,
1/1/18, Escrowed to Maturity (b)................... 4,788,000
------------
Ohio (2.8%)
2,320,000 Cleveland Package Facilities Revenue, 5.50%,
9/15/16............................................ 2,224,300
1,630,000 Cleveland Waterworks Revenue, 6.25%, 1/1/16, MBIA... 1,658,525
3,165,000 Columbus Airport Authority, 5.00%, 1/1/16........... 2,812,894
5,000,000 Hamilton County, Sales Tax Revenue, 5.00%, 12/1/27,
MBIA, Callable 6/1/08 @ 101........................ 4,156,250
1,000,000 Ohio Water Development Authority, Pollution Control,
5.50%, 12/1/15, MBIA............................... 962,500
------------
11,814,469
------------
Oregon (1.7%)
3,000,000 Multnomah County, 4.83%, 10/1/16, Callable 4/1/09 @
100................................................ 2,576,250
2,330,000 Umatilla County, School District Number 016R,
Pendleton, 6.00%, 7/1/14, AMBAC.................... 2,449,413
2,385,000 Washington County School District, 4.65%, 6/15/16,
Callable 6/15/09 @ 101............................. 2,039,175
------------
7,064,838
------------
Pennsylvania (1.1%)
2,000,000 Allegheny County Port Authority, 6.00%, 3/1/19,
Callable 3/1/09 @ 101, MBIA........................ 1,995,000
170,000 Southeastern Pennsylvania Transportation Authority,
Series A, 6.00%, 3/1/15, Pre-refunded 3/1/05 @ 101
(b), FGIC.......................................... 178,713
</TABLE>
Continued
30
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Pennsylvania, continued
2,365,000 Southeastern Pennsylvania Transportation Authority,
Series A, 6.00%, 3/1/14............................ $ 2,486,206
140,000 Southeastern Pennsylvania Transportation Authority,
Series A, 6.00%, 3/1/14............................ 147,175
------------
4,807,094
------------
Tennessee (2.3%)
2,000,000 Metropolitian Government Nashville & Davidson
County, 5.00%, 1/1/19.............................. 1,735,000
1,570,000 Shelby County, Series A, 5.63%, 4/1/15.............. 1,624,950
4,730,000 Shelby County, Series A, 5.63%, 4/1/15.............. 4,641,313
1,600,000 Shelby County, Series B, 5.25%, 8/1/17, Callable
8/1/07 @ 101....................................... 1,470,000
------------
9,471,263
------------
Virginia (3.1%)
5,000,000 Commonwealth of Virginia Public School Authority,
Special Obligation, Chesapeake School, 5.63%,
6/1/15............................................. 4,881,249
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ---------------------------------------------------- ------------
<C> <S> <C>
Municipal Bonds, continued
Virginia, continued
2,995,000 Fairfax County Public Improvement, Series A, 5.50%,
6/1/14............................................. $ 2,946,331
3,650,000 Norfolk Water Revenue, 5.75%, 11/1/13, MBIA......... 3,677,375
1,750,000 Richmond Refunding, 5.20%, 1/15/14.................. 1,645,000
------------
13,149,955
------------
Washington (1.0%)
3,000,000 King County, Sewer Revenue, 6.25%, 1/1/14, Callable
1/1/09
@ 101, FGIC........................................ 3,093,750
1,000,000 Snohomish County, GO, 5.70%, 12/1/14, MBIA.......... 987,500
------------
4,081,250
------------
Total Municipal Bonds (Cost $349,234,010) 344,279,969
------------
Investment Company (.01%)
207,845 Dreyfus Tax Exempt Money Market Fund................ 207,845
------------
Total Investment Company (Cost $207,845) 207,845
------------
Total Investments (Cost $419,753,601)
(a)--99.3% 417,084,431
Other assets in excess of liabilities--.7% 2,826,045
------------
Total Net Assets--100.0% $419,910,476
============
</TABLE>
- --------
* Variable rate security. Rate presented represents rate in effect at January
31, 2000. 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........... $ 9,698,730
Unrealized
depreciation........... (12,367,900)
------------
Net unrealized
depreciation........... $ (2,669,170)
============
</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.
31
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Alternative Minimum Tax Paper (18.4%)
Hawaii (15.1%)
2,070,000 Hawaii State Airport System Revenue, 5.60%, 7/1/01.... $ 2,101,050
585,000 Hawaii State Harbor, Capital Improvements Revenue,
5.80%, 7/1/04, FGIC.................................. 605,475
1,000,000 Hawaii State Housing Finance & Development, Single
Family, Series A, 4.55%, 7/1/02...................... 992,500
1,895,000 Hawaii State Housing Finance & Development, Single
Family, Series A, 4.75%, 7/1/06...................... 1,835,781
1,015,000 Honolulu City & County, GO, Series D, 4.10%, 2/1/02,
FGIC................................................. 1,004,850
-----------
6,539,656
-----------
Tennessee (1.0%)
440,000 Tennessee Housing Development Agency Revenue, 4.25%,
7/1/01............................................... 438,350
-----------
Texas (2.3%)
1,000,000 El Paso Airport Revenue, 5.00%, 8/15/01, FGIC......... 1,005,000
-----------
Total Alternative Minimum Tax Paper (Cost $8,014,915) 7,983,006
-----------
Municipal Bonds (78.4%)
Arizona (2.3%)
1,000,000 Mesa Arizona Utility Systems Revenue, 5.00%, 7/1/08,
MBIA................................................. 986,250
-----------
Connecticut (2.2%)
1,000,000 Connecticut State, GO, Series E, 4.75%, 3/15/08,
Callable 3/15/04
@ 101.50............................................. 965,000
-----------
Hawaii (44.6%)
2,085,000 Hawaii County, GO, Series B 4.25%, 5/15/01, FSA....... 2,077,180
3,000,000 Hawaii State Airport System Revenue, 5.60%, 7/1/04.... 3,093,749
50,000 Hawaii State Highway Revenue, 4.50%, 7/1/02........... 49,750
1,000,000 Hawaii State Highway Revenue, 6.00%, 7/1/04........... 1,042,500
1,200,000 Hawaii State Housing Finance & Development, Single
Family, Series B, 4.80%, 7/1/07, FNMA................ 1,167,000
1,000,000 Hawaii State, GO Series CP, 5.00%, 10/1/04, FGIC...... 1,003,750
100,000 Hawaii State, GO, Series CJ, 5.63%, 1/1/02............ 101,625
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued
Hawaii, continued
2,000,000 Hawaii State, GO, Series CL, 4.50%, 3/1/01............ $ 2,005,160
1,000,000 Hawaii State, GO, Series CN, 6.25%, 3/1/08, FGIC...... 1,062,500
1,150,000 Hawaii State, GO, Series CP, 5.50%, 10/1/07, FGIC..... 1,173,000
1,000,000 Hawaii State, GO, Series CT, 5.25%, 9/1/07, FSA....... 1,003,750
1,150,000 Hawaiian Home Lands Dept. Revenue, 4.05%, 7/1/06...... 1,052,250
770,000 Honolulu City & County Series B, 5.00%, 11/1/05, FGIC. 769,038
1,150,000 Honolulu City & County Waste Water Systems, 5.00%,
7/1/09............................................... 1,116,938
725,000 Honolulu City & County, GO, Series A 5.10%, 11/1/08,
MBIA................................................. 715,938
500,000 Honolulu City & County, GO, Series A, 5.00%, 7/1/02... 504,375
1,400,000 Maui County, GO, Series A, 5.25%, 3/1/08.............. 1,396,500
-----------
19,335,003
-----------
Kansas (5.0%)
2,170,000 Wyandotte City & County, Water Utility Systems
Revenue, 4.50%, 9/1/03, MBIA......................... 2,159,150
-----------
Maine (2.3%)
1,000,000 Maine Muni Bond Bank, 5.00%, 11/1/05, FSA............. 998,750
-----------
Michigan (2.3%)
1,000,000 Farmington Public School District, 5.00%, 5/1/06...... 993,750
-----------
Missouri (2.4%)
1,000,000 Kansas City Water Revenue, Series B 5.50%, 12/1/02.... 1,023,750
-----------
New Mexico (2.1%)
1,000,000 New Mexico State Capital Projects, 4.00%, 9/1/08,
Callable 9/1/04 @ 100................................ 897,500
-----------
New York (5.5%)
900,000 New York State Environmental Facilities Pollution
Control Revenue, 5.00%, 6/15/03...................... 904,500
1,500,000 New York State Thruway, Highway & Bridge, 5.00%,
4/1/08............................................... 1,473,750
-----------
2,378,250
-----------
</TABLE>
Continued
32
<PAGE>
PACIFIC CAPITAL FUNDS
Tax-Free Short Intermediate Securities Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued
Ohio (2.2%)
1,000,000 Ohio State Building Authority, Series A, 4.10%,
10/1/04.............................................. $ 957,500
-----------
Oregon (2.4%)
1,065,000 Oregon State Dept, Admin Services Lottery Revenue,
State Park Projects, Series A, 4.25%,
4/1/05, FSA.......................................... 1,019,738
-----------
Tennessee (2.8%)
1,290,000 Nashville & Davidson County Health & Education
Facility Board Revenue, Series A, 4.63%, 11/1/08,
Callable 5/1/08 @ 101, MBIA.......................... 1,196,475
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued
Utah (2.3%)
1,000,000 Jordan Utah School
District, Series A,
5.25%, 6/15/05......... $ 1,012,500
-----------
Total Municipal Bonds (Cost
$35,025,346) 33,923,616
-----------
Investment Company (2.2%)
948,046 Dreyfus Tax Exempt Money
Market Fund............ 948,046
-----------
Total Investment Company (Cost
$948,046) 948,046
-----------
Total Investments (Cost
$43,988,307)
(a)--99.0% 42,854,668
Other assets in excess of
liabilities--1.0% 448,436
-----------
Total Net Assets--100.0% $43,303,104
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation. $ 37,003
Unrealized depreciation. (1,170,642)
-----------
Net unrealized
depreciation............ $(1,133,639)
===========
</TABLE>
FGIC--Insured by the Financial Guaranty Insurance Corporation
FSA--Insured by Financial Security Assurance
FNMA--Insured by Federal National Mortgage Association Collateral
GO--General Obligation
LOC--Letter of Credit
MBIA--Insured by Municipal Bond Insurance Association
See notes to financial statements.
33
<PAGE>
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Market
Shares Security Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks (95.3%)
Belgium (0.7%)
Banks (0.7%)
29,300 Fortis................................................ $ 825,606
------------
Brazil (1.2%)
Oil & Gas Exploration, Production, & Services (0.6%)
29,900 Petroleo Brasileiro SA, ADR........................... 692,840
------------
Paper Products (0.2%)
11,100 Aracruz Celulose SA, ADR.............................. 249,056
------------
Steel (0.1%)
1,900 Companhia Siderurgica Nacional, ADR................... 60,800
------------
Telecommunications (0.3%)
14,100 Tele Norte Leste Participacoes SA, ADR................ 349,856
------------
1,352,552
------------
Canada (5.3%)
Chemicals (0.5%)
10,700 Potash Corp. of Saskatchewan.......................... 559,744
------------
Metals & Mining (0.5%)
31,800 Falconbridge Ltd...................................... 546,503
------------
Oil & Gas Exploration, Production, & Services (0.9%)
42,200 Anderson Exploration Ltd. (b)......................... 495,139
22,200 Precision Drilling Corp. (b).......................... 567,488
------------
1,062,627
------------
Paper Products (0.5%)
45,700 Abitibi-Consolidated, Inc............................. 576,963
------------
Pharmaceuticals (1.6%)
24,600 Biovail Corp. International (b)....................... 1,226,924
10,800 QLT PhotoTherapeutics, Inc. (b)....................... 745,875
------------
1,972,799
------------
Telecommunications (1.3%)
15,900 Nortel Networks Corp.................................. 1,520,437
------------
6,239,073
------------
China (0.1%)
Transportation (0.1%)
685,700 China Shipping Development Co. Ltd. (b)............... 120,742
------------
Denmark (0.9%)
Telecommunications (0.9%)
14,500 Tele Danmark A/S, Class B............................. 1,031,170
------------
Finland (3.2%)
Paper Products (0.3%)
20,700 Stora Enso Oyj, Class R............................... 309,866
------------
Telecommunication Equipment (1.5%)
10,200 Nokia Oyj, Class A, ADR............................... 1,866,600
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Finland, continued
Telecommunications (1.4%)
22,900 Sonera Group Oyj...................................... $ 1,578,444
------------
3,754,910
------------
France (7.3%)
Airlines (0.2%)
15,600 Air France SA (b)..................................... 276,259
------------
Banks (0.1%)
2,600 Credit Lyonais SA (b)................................. 104,297
------------
Chemicals (0.9%)
49,300 Rhodia SA............................................. 1,056,340
------------
Construction (0.8%)
1,400 Bouygues.............................................. 883,487
------------
Diversified--Conglomerates, Holding Companies (0.9%)
10,300 Vivendi............................................... 1,058,130
------------
Insurance (0.5%)
4,600 AXA SA................................................ 580,127
------------
Oil & Gas Exploration, Production, & Services (1.4%)
13,274 Total Fina SA, Class B................................ 1,651,967
------------
Steel (0.9%)
15,000 Pechiney SA, Class A.................................. 1,012,635
------------
Television (1.6%)
3,500 Societe Television Francaise.......................... 1,869,706
------------
8,492,948
------------
Germany (11.5%)
Automobiles (0.7%)
36,400 Bayerische Motoren Werke AG........................... 840,477
------------
Banks (1.4%)
10,100 Deutsche Bank AG...................................... 760,895
14,800 Hypo Vereinsbank AG................................... 893,428
------------
1,654,323
------------
Computers (0.7%)
2,800 Intershop Communications AG (b)....................... 849,244
------------
Computers & Peripherals (1.4%)
2,100 SAP AG................................................ 1,610,823
------------
Electrical & Electronic (1.5%)
13,200 Epcos AG (b).......................................... 1,188,158
4,300 Siemens AG............................................ 592,778
------------
1,780,936
------------
Entertainment--Television (0.7%)
10,200 EM.TV & Merchandising AG.............................. 828,306
------------
Machinery & Equipment (2.3%)
9,400 Mannesmann AG......................................... 2,552,134
------------
</TABLE>
Continued
34
<PAGE>
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Germany, continued
Manufacturing--Consumer Goods (0.8%)
36,900 ThyssenKrupp AG (b)................................... $ 972,966
------------
Medical Equipment & Supplies (0.9%)
14,000 Fresenius Medical Care AG............................. 1,079,361
------------
Utilities--Telecommunications (1.1%)
19,000 Deutsche Telekom AG................................... 1,297,542
------------
13,466,112
------------
Hong Kong (0.9%)
Telecommunications (0.9%)
8,000 China Telecom (Hong Kong) Ltd, ADR (b)................ 1,000,000
------------
Hungary (0.5%)
Utilities--Telecommunications (0.5%)
15,400 Matav Rt., ADR........................................ 600,600
------------
Italy (3.7%)
Insurance (0.4%)
53,000 Alleanza Assicurazioni SpA............................ 507,139
------------
Oil & Gas Exploration, Production, & Services (0.3%)
77,400 ENI SpA............................................... 366,521
------------
Publishing (0.9%)
386,900 Seat Pagine Gialle SpA................................ 1,107,228
------------
Telecommunications (1.3%)
131,000 Telecom Italia Mobile SpA............................. 1,444,468
------------
Television (0.8%)
55,800 Mediaset SpA.......................................... 883,335
------------
4,308,691
------------
Japan (22.3%)
Advertising (0.9%)
16,400 Asatsu-DK, Inc........................................ 1,069,415
------------
Computer Software (2.8%)
600 Internet Initiative Japan, Inc., ADR (b).............. 48,375
3,300 Softbank Corp......................................... 3,237,056
------------
3,285,431
------------
Computers & Peripherals (0.6%)
17,600 Fujitsu Ltd........................................... 652,755
------------
Electrical & Electronic (9.4%)
15,800 Fanuc Ltd............................................. 1,667,948
39,000 Hitachi Ltd........................................... 554,167
3,700 Keyence Corp.......................................... 1,261,658
9,700 Kyocera Corp.......................................... 1,641,108
9,000 Murata Manufacturing Co. Ltd.......................... 1,819,477
22,000 Omron Corp............................................ 637,135
19,000 Pioneer Electronic Corp............................... 514,753
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Japan, continued
Electrical & Electronic, continued
7,800 Sony Corp............................................. $ 1,964,542
6,000 Tokyo Electron Ltd.................................... 835,749
------------
10,896,537
------------
Financial Services (0.9%)
11,600 Orix Corp., ADR....................................... 1,081,700
------------
Machinery & Equipment (0.7%)
17,100 THK Co. Ltd........................................... 824,314
------------
Retail (2.1%)
3,500 Ryohin Keikaku Co. Ltd................................ 650,681
12,000 Seven-Eleven Japan Co. Ltd............................ 1,760,062
------------
2,410,743
------------
Telecommunications (3.5%)
5,300 KDD Corp.............................................. 625,354
4,700 Matsushita Communication Industrial Co. Ltd........... 965,979
35 NTT Data Corp......................................... 657,220
38 NTT Mobile Communications Network, Inc................ 1,292,208
90,000 OKI Electric Industry Co. Ltd. (b).................... 512,043
------------
4,052,804
------------
Transportation (0.9%)
35,000 Yamato Transport Co. Ltd.............................. 1,049,591
------------
Utilities--Telecommunications (0.5%)
40 Nippon Telegraph & Telephone Corp..................... 605,372
------------
25,928,662
------------
Mexico (1.0%)
Utilities--Telecommunications (1.0%)
11,100 Telefonos de Mexico SA de CV, ADR..................... 1,182,150
------------
Netherlands (9.7%)
Electrical & Electronic (1.4%)
10,900 Royal Philips Electronics NV.......................... 1,610,475
------------
Electronics (1.9%)
13,000 STMicroelectronics NV................................. 2,188,875
------------
Insurance (0.4%)
5,900 Aegon NV.............................................. 423,702
------------
Semiconductors (1.4%)
13,600 ASM Lithography Holding NV (b)........................ 1,671,950
------------
Telecommunications (3.8%)
16,900 Equant NV (b)......................................... 1,733,985
12,100 KPNQwest NV (b)....................................... 761,810
13,600 Royal KPN NV.......................................... 1,166,947
5,800 United Pan-Europe Communications NV (b)............... 737,707
------------
4,400,449
------------
</TABLE>
Continued
35
<PAGE>
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued
Netherlands, continued
Transportation (0.8%)
37,500 TNT Post Group NV.................................... $ 972,276
------------
11,267,727
------------
Portugal (0.8%)
Telecommunications (0.8%)
79,400 Portugal Telecom SA.................................. 947,748
------------
Russia (0.3%)
Oil & Gas Exploration, Production, & Services (0.3%)
8,700 Lukoil-Holding, ADR.................................. 402,375
------------
Singapore (0.9%)
Semiconductors (0.9%)
120,000 Chartered Semiconductor Manufacturing Ltd. (b)....... 1,016,298
------------
South Korea (2.1%)
Electrical & Electronic (0.6%)
2,720 Samsung Electronics.................................. 675,481
------------
Telecommunications (0.6%)
2,500 Dacom Corp. (b)...................................... 660,902
------------
Utilities--Telecommunications (0.9%)
19,800 Korea Telecom Corp., ADR............................. 1,075,387
------------
2,411,770
------------
Spain (2.3%)
Foreign Banks (0.8%)
98,000 Banco Santander Central Hispano SA................... 965,535
------------
Oil & Gas Exploration, Production, & Services (0.5%)
28,500 Repsol SA............................................ 539,558
------------
Utilities--Telecommunications (1.0%)
46,000 Telefonica SA (b).................................... 1,165,656
------------
2,670,749
------------
Sweden (2.6%)
Insurance (0.8%)
34,000 Skandia Forsakrings AB............................... 908,657
------------
Telecommunication Equipment (1.8%)
29,100 Telefonaktiebolaget LM Ericsson, ADR................. 2,169,768
------------
3,078,425
------------
Switzerland (0.4%)
Banks (0.4%)
2,200 UBS AG............................................... 515,296
------------
Taiwan (1.0%)
Electronics (1.0%)
23,592 Taiwan Semiconductor Manufacturing Co. Ltd., ADR (b). 1,220,886
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
United Kingdom (13.4%)
Advertising (0.7%)
128,500 Saatchi & Saatchi PLC................................. $ 798,776
------------
Aerospace/Defense (0.4%)
88,760 British Aerospace PLC................................. 476,925
------------
Beverages (0.4%)
64,800 Diageo PLC............................................ 480,532
------------
Building Products (0.4%)
70,200 Hanson PLC............................................ 510,905
------------
Computers (0.9%)
16,200 CMG PLC............................................... 1,048,243
------------
Electrical & Electronic (1.8%)
34,600 ARM Holdings PLC (b).................................. 2,067,225
------------
Health Care (0.2%)
91,600 Smith & Nephew PLC.................................... 270,595
------------
Manufacturing--Capital Goods (0.9%)
225,400 Invensys PLC.......................................... 1,095,140
------------
Metals & Mining (0.9%)
198,100 Billiton PLC.......................................... 1,028,324
------------
Multimedia (0.8%)
26,000 Pearson PLC........................................... 890,490
------------
Oil & Gas Exploration, Production, & Services (0.9%)
148,600 Shell Transport & Trading Co. PLC..................... 1,073,659
------------
Pharmaceuticals (1.1%)
30,200 Shire Pharmaceuticals Group PLC, ADR (b).............. 1,228,763
------------
Steel (0.5%)
290,700 Corus Group PLC....................................... 574,859
------------
Telecommunication Equipment (0.8%)
66,600 Marconi PLC........................................... 978,585
------------
Telecommunications (2.2%)
30,900 British Telecommunications PLC........................ 596,522
18,500 COLT Telecom Group PLC (b)............................ 880,407
70,600 Thus PLC (b).......................................... 455,454
110,200 Vodafone AirTouch PLC................................. 607,319
------------
2,539,702
------------
Utilities--Gas (0.5%)
106,600 BG Group PLC.......................................... 544,714
------------
15,607,437
------------
United States (3.2%)
Electronics (0.7%)
16,200 Flextronics International Ltd. (b).................... 804,938
------------
Oil & Gas Exploration, Production, & Services (1.1%)
20,900 Schlumberger Ltd...................................... 1,276,206
------------
</TABLE>
Continued
36
<PAGE>
PACIFIC CAPITAL FUNDS
International Stock Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
United States, continued
Telecommunications (1.4%)
37,600 Global TeleSystems Group, Inc. (b).................... $ 937,649
5,400 NTL, Inc. (b)......................................... 679,388
------------
1,617,037
------------
3,698,181
------------
Total Common Stocks (Cost $80,561,828) 111,140,108
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Cash Sweep (3.2%)
United States (3.2%)
3,775,593 Union Bank of California Money Market Fund............ $ 3,775,593
------------
Total Cash Sweep (Cost $3,775,593) 3,775,593
------------
Total Investments (Cost $84,337,421) (a)--98.5% 114,915,701
Other assets in excess of liabilities--1.5% 1,785,324
------------
Total Net Assets--100.0% $116,701,025
============
</TABLE>
- --------
Forward Currency Contracts:
<TABLE>
<CAPTION>
Unrealized
Delivery Contract Market Appreciation/
Currency Date Value Value (Depreciation)
-------- -------- ---------- ---------- --------------
<S> <C> <C> <C> <C>
Short Contracts:
British Pound................ 2/1/00 (925,712) (916,328) 9,384
2/2/00 (74,727) (74,082) 645
2/3/00 (83,576) (83,752) (176)
Euro Dollar.................. 2/1/00 (126,041) (126,609) (568)
2/29/00 (1,132,232) (1,111,466) 20,766
Japanese Yen................. 2/1/00 (906,480) (891,900) 14,580
---------- ---------- -------
Total Short Contracts........ (3,248,768) (3,204,137) 44,631
---------- ---------- -------
Long Contracts:
British Pound................ 2/1/00 597,638 591,039 (6,599)
2/2/00 170,625 168,535 (2,090)
Euro Dollar.................. 2/29/00 625,016 608,468 (16,548)
---------- ---------- -------
Total Long Contracts......... 1,393,279 1,368,042 (25,237)
---------- ---------- -------
</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.. $33,511,647
Unrealized depreciation.. (2,933,367)
-----------
Net unrealized
appreciation............ $30,578,280
===========
</TABLE>
(b) Non-income producing security.
ADR--American Depository Receipt
GDR--Global Depository Receipt
PLC--Public Limited Company
See notes to financial statements.
37
<PAGE>
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks (95.4%)
Aerospace/Defense (0.9%)
29,950 United Technologies Corp.............................. $ 1,585,478
------------
Automotive (1.1%)
38,045 Ford Motor Co......................................... 1,892,739
------------
Banks (6.1%)
35,050 Bank of America Corp.................................. 1,697,734
92,300 Bank of New York Co., Inc............................. 3,749,687
42,750 Chase Manhattan Corp.................................. 3,438,703
30,000 Hibernia Corp......................................... 315,000
24,000 Mellon Financial Corp................................. 823,500
27,000 Peoples Heritage Financial Group, Inc................. 396,563
------------
10,421,187
------------
Beverages (1.7%)
42,000 Anheuser Busch Cos., Inc.............................. 2,835,000
------------
Business Equipment & Services (2.8%)
24,000 Comdisco, Inc......................................... 801,000
74,000 Deluxe Corp........................................... 1,979,500
41,300 Pitney Bowes, Inc..................................... 2,023,700
------------
4,804,200
------------
Chemicals (2.4%)
10,000 Dow Chemical Co....................................... 1,165,000
49,262 E.I. du Pont de Nemours & Co.......................... 2,906,458
------------
4,071,458
------------
Computers & Peripherals (5.7%)
100,000 ATI Technologies, Inc. (b)............................ 1,193,750
50,000 Compaq Computer Corp.................................. 1,368,750
25,000 Hewlett-Packard Co.................................... 2,706,250
19,800 Sun Microsystems, Inc. (b)............................ 1,555,538
49,000 Symbol Technologies, Inc.............................. 2,924,687
------------
9,748,975
------------
Construction (0.5%)
20,000 MasTec, Inc. (b)...................................... 923,750
------------
Consumer Goods & Services (0.5%)
30,000 Newell Rubbermaid, Inc................................ 900,000
------------
Electrical Equipment (0.4%)
20,000 Molex, Inc. Class A................................... 765,000
------------
Electronic Components/Instruments (2.9%)
21,000 Motorola, Inc......................................... 2,871,749
14,930 Texas Instruments, Inc................................ 1,610,574
7,500 Veeco Instruments, Inc. (b)........................... 411,563
------------
4,893,886
------------
Entertainment (1.4%)
66,700 Walt Disney Co........................................ 2,422,044
------------
Financial Services (14.0%)
10,000 CCB Financial Corp.................................... 435,000
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Financial Services, continued
94,500 Citigroup, Inc........................................ $ 5,427,843
115,601 Fleet Boston Financial Corp........................... 3,634,206
46,670 Freddie Mac........................................... 2,342,251
49,035 Kansas City Southern Industries, Inc.................. 3,392,609
35,000 MBNA Corp............................................. 883,750
22,500 Mercantile Bankshares Corp............................ 655,313
50,370 Morgan Stanley Dean Witter & Co....................... 3,337,013
95,660 Wells Fargo Co........................................ 3,826,399
------------
23,934,384
------------
Health Care (0.4%)
36,000 McKesson HBOC, Inc.................................... 740,250
------------
Insurance (2.9%)
39,750 American International Group, Inc..................... 4,138,968
15,650 Chubb Corp............................................ 880,313
------------
5,019,281
------------
Manufacturing (1.9%)
35,500 Illinois Tool Works, Inc.............................. 2,076,750
12,000 Minnesota Mining & Manufacturing Co................... 1,123,500
------------
3,200,250
------------
Medical Supplies (1.4%)
36,860 Baxter International, Inc............................. 2,354,433
------------
Medical--Biotechnology (0.9%)
25,200 Amgen, Inc. (b)....................................... 1,604,925
------------
Metal & Mineral Production (0.4%)
20,000 Barrick Gold Corp..................................... 327,500
40,000 Placer Dome, Inc...................................... 360,000
------------
687,500
------------
Oil & Gas--Exploration & Production Services (17.2%)
22,000 Atlantic Richfield Co................................. 1,694,000
19,800 Chevron Corp.......................................... 1,654,538
69,969 Exxon Mobil Corp...................................... 5,842,411
104,375 Global Marine, Inc. (b)............................... 1,859,180
35,000 Murphy Oil Corp....................................... 2,008,124
27,000 Royal Dutch Petroleum Co.............................. 1,486,688
26,297 Schlumberger Ltd...................................... 1,605,761
53,100 Ultramar Diamond Shamrock Corp........................ 1,161,563
153,250 USX-Marathon Group.................................... 3,936,608
50,000 Valero Energy Corp.................................... 1,134,375
22,200 Weatherford International, Inc. (b)................... 833,888
155,625 Williams Cos., Inc.................................... 6,030,468
------------
29,247,604
------------
Paper Products (0.8%)
25,000 Temple-Inland, Inc.................................... 1,398,438
------------
Pharmaceuticals (0.7%)
25,500 American Home Products Corp........................... 1,200,094
------------
</TABLE>
Continued
38
<PAGE>
PACIFIC CAPITAL FUNDS
Value Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Publishing (0.4%)
10,000 Gannett Co. Inc....................................... $ 695,000
------------
Raw Materials (1.7%)
85,000 Bethlehem Steel Corp. (b)............................. 579,063
91,000 USX-U.S. Steel Group, Inc............................. 2,263,625
------------
2,842,688
------------
Real Estate (0.9%)
86,525 Healthcare Realty Trust, Inc.......................... 1,546,634
------------
Retail (2.7%)
33,050 Lowe's Cos., Inc...................................... 1,474,856
46,200 Target Corp........................................... 3,052,088
------------
4,526,944
------------
Retail--General Merchandise (0.9%)
30,000 Costco Companies, Inc................................. 1,468,125
------------
Savings & Loans (0.3%)
17,325 Washington Mutual, Inc................................ 439,622
------------
Semiconductors (0.4%)
10,000 Teradyne, Inc. (b).................................... 647,500
------------
Software & Computer Services (0.8%)
24,500 BMC Software, Inc. (b)................................ 927,937
15,000 Legato Systems, Inc. (b).............................. 377,813
------------
1,305,750
------------
Telecommunications--Services and Equipment (5.6%)
104,000 Cabletron Systems, Inc. (b)........................... 2,671,500
20,000 Global Crossing Ltd. (b).............................. 1,015,000
48,180 Nortel Networks Corp.................................. 4,607,213
16,000 Scientific-Atlanta, Inc............................... 1,233,000
------------
9,526,713
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Television (1.5%)
43,000 CBS Corp. (b)......................................... $ 2,507,438
------------
Tobacco & Tobacco Products (0.8%)
62,000 Philip Morris Cos., Inc............................... 1,298,125
------------
Toys (0.8%)
95,910 Hasbro, Inc........................................... 1,438,650
------------
Utilities--Gas (0.8%)
50,000 Kinder Morgan, Inc.................................... 1,315,625
------------
Utilities--Telecommunications (10.8%)
37,620 ALLTEL Corp........................................... 2,511,135
36,675 CenturyTel, Inc....................................... 1,402,819
55,764 GTE Corp.............................................. 4,088,197
48,255 MCI Worldcom, Inc. (b)................................ 2,216,714
41,625 MediaOne Group, Inc. (b).............................. 3,309,188
59,000 Sprint Corp........................................... 3,816,562
9,000 Sprint Corp. (PCS Group).............................. 990,563
------------
18,335,178
------------
Total Common Stocks (Cost $153,048,745) 162,544,868
------------
Depositary Receipts (2.8%)
34,500 S&P 500 Depositary Receipt............................ 4,810,594
------------
Total Depositary Receipts (Cost $4,925,971) 4,810,594
------------
Investment Companies (1.2%)
2,029,966 The One Group Prime Money Market Fund (I Shares)...... 2,029,966
------------
Total Investment Companies (Cost $2,029,966) 2,029,966
------------
Total Investments (Cost $160,004,682)
(a)--99.4% 169,385,428
Other assets in excess of liabilities--0.6% 994,438
------------
Total Net Assets--100.0% $170,379,866
============
</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. $19,178,534
Unrealized depreciation. (9,797,788)
-----------
Net unrealized
appreciation............ $ 9,380,746
===========
</TABLE>
(b) Non-income producing security.
See notes to financial statements.
39
<PAGE>
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments
January 31, 200 (Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks (95.6%)
Aerospace/Defense (3.2%)
8,700 Alliant Techsystems, Inc. (b).......................... $ 564,412
20,800 BE Aerospace, Inc. (b)................................. 182,325
38,300 Kaman Corp............................................. 368,638
-----------
1,115,375
-----------
Airlines (1.2%)
41,800 Frontier Airlines, Inc. (b)............................ 431,063
-----------
Animal Hospital (1.0%)
31,900 Veterinary Centers of America, Inc. (b)................ 345,916
-----------
Apparel (2.2%)
30,800 Cato Corp.............................................. 315,700
26,000 Kellwood Co............................................ 458,250
-----------
773,950
-----------
Automotive Parts (1.2%)
18,100 Arvin Industries, Inc.................................. 419,694
-----------
Banks (9.3%)
10,600 City National Corp..................................... 369,675
28,300 Colonial BancGroup, Inc................................ 268,850
16,500 Community Bank System, Inc............................. 379,500
19,000 Community First Bankshares, Inc........................ 262,438
18,730 F.N.B. Corp............................................ 412,059
13,100 First Essex Bancorp, Inc............................... 184,219
16,600 First Republic Bank, Inc. (b).......................... 325,775
14,888 Imperial Bancorp (b)................................... 400,115
12,400 Parkvale Financial Corp................................ 201,888
29,500 Peoples Heritage Financial Group, Inc.................. 433,280
-----------
3,237,799
-----------
Building & Construction (4.1%)
10,300 Ameron International Corp.............................. 401,699
18,900 Beazer Homes USA, Inc. (b)............................. 347,288
19,200 NCI Building Systems, Inc.............................. 290,400
8,300 NVR, Inc. (b).......................................... 375,575
-----------
1,414,962
-----------
Building--Mobile Homes (1.2%)
25,500 National R.V. Holdings, Inc. (b)....................... 417,563
-----------
Chemicals (2.9%)
21,000 Ferro Corp............................................. 409,500
37,600 International Specialty Products, Inc. (b)............. 267,900
9,100 OM Group, Inc.......................................... 342,388
-----------
1,019,788
-----------
Commercial Services (0.5%)
10,800 Central Parking Corp................................... 162,000
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Computers & Peripherals (2.6%)
8,000 NeoMagic Corp. (b)..................................... $ 73,500
29,600 Pomeroy Computer Resources, Inc. (b)................... 481,000
15,700 Tech Data Corp. (b).................................... 349,816
-----------
904,316
-----------
Consumer Goods & Services (2.8%)
48,600 Central Garden & Pet Co. (b)........................... 502,706
18,200 Nu Skin Enterprises, Inc. (b).......................... 152,425
9,700 Toro Co................................................ 329,194
-----------
984,325
-----------
Electrical Equipment (2.4%)
46,400 Checkpoint Systems, Inc. (b)........................... 513,300
16,800 Emcor Group, Inc (b)................................... 305,550
-----------
818,850
-----------
Electronic & Electrical (2.0%)
10,700 Benchmark Electronics, Inc. (b)........................ 269,506
31,900 Pioneer-Standard Electronics, Inc...................... 435,136
-----------
704,642
-----------
Electronic Components/Instruments (1.8%)
17,000 PSC, Inc. (b).......................................... 136,000
13,150 Vishay Intertechnology, Inc. (b)....................... 489,838
-----------
625,838
-----------
Financial Services (0.3%)
28,900 Resource Bancshares Mortgage Group, Inc................ 118,309
-----------
Food Processing & Packaging (1.2%)
11,900 Dean Foods Co.......................................... 403,856
-----------
Gas Distribution (3.7%)
31,600 Energen Corp........................................... 545,099
10,200 NUI Corp............................................... 283,688
22,100 UGI Corp............................................... 469,625
-----------
1,298,412
-----------
Health Care (1.0%)
11,600 Trigon Healthcare, Inc. (b)............................ 353,075
-----------
Heavy Machinery--Industrial, Farm, Construction (2.4%)
9,900 NACCO Industries, Inc.................................. 502,425
19,300 Scott Technologies, Inc................................ 328,100
-----------
830,525
-----------
Hotels & Lodging (1.0%)
45,300 Prime Hospitality Corp. (b)............................ 356,738
-----------
Identification Systems (1.4%)
56,800 Paxar Corp. (b)........................................ 489,900
-----------
</TABLE>
Continued
40
<PAGE>
PACIFIC CAPITAL FUNDS
Small Cap Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Insurance (3.1%)
13,668 Delphi Financial Group, Inc. (b)....................... $ 451,043
19,000 Enhance Financial Services Group, Inc.................. 264,813
19,400 LandAmerica Financial Group, Inc....................... 345,563
-----------
1,061,419
-----------
Machinery--Farm (1.3%)
24,300 Gehl Co................................................ 452,588
-----------
Manufacturing (2.4%)
39,900 Esterline Technologies Corp. (b)....................... 446,381
20,400 Smith A.O. Corp........................................ 401,625
-----------
848,006
-----------
Medical Supplies (1.3%)
8,500 Beckman Coulter, Inc................................... 444,656
-----------
Metal & Mineral Production (2.3%)
33,200 Intermet Corp.......................................... 377,650
12,400 Mueller Industries, Inc. (b)........................... 408,425
-----------
786,075
-----------
Metals (0.8%)
12,700 Quanex Corp............................................ 274,638
-----------
Oil & Gas--Exploration & Production Services (3.4%)
27,200 Gulf Island Fabrication, Inc. (b)...................... 275,400
16,900 Noble Affiliates, Inc.................................. 339,055
24,300 Swift Energy Co. (b)................................... 268,819
12,800 Valero Energy Corp..................................... 290,400
-----------
1,173,674
-----------
Oilfield Equipment & Services (2.8%)
54,500 Newpark Resources, Inc. (b)............................ 344,031
10,200 Tidewater, Inc......................................... 290,063
27,400 Tuboscope, Inc. (b).................................... 356,200
-----------
990,294
-----------
Paper Products (1.5%)
42,000 P.H. Glatfelter and Co................................. 517,125
-----------
Printing & Publishing (1.2%)
21,800 Banta Corp............................................. 414,200
-----------
Real Estate (6.5%)
13,900 CarrAmerica Realty Corp................................ 301,455
7,700 Centerpoint Properties Corp............................ 272,869
10,400 Chateau Communities, Inc............................... 273,000
12,000 Colonial Properties Trust.............................. 294,750
13,100 Macerich Co............................................ 295,569
11,600 Shurgard Storage Centers, Inc.......................... 258,100
15,000 Summit Properties, Inc................................. 285,000
23,600 Taubman Centers, Inc................................... 264,025
-----------
2,244,768
-----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued
Retail (3.2%)
17,700 Neiman-Marcus Group, Inc., Class A (b)................. $ 432,544
17,300 Shopko Stores, Inc. (b)................................ 316,806
24,400 Value City Department Stores, Inc. (b)................. 373,625
-----------
1,122,975
-----------
Shipbuilding (1.3%)
17,800 Newport News Shipbuilding, Inc......................... 449,450
-----------
Software & Computer Services (1.7%)
13,100 4Front Technologies, Inc. (b).......................... 232,525
24,300 Mapics Inc. (b)........................................ 364,500
-----------
597,025
-----------
Steel (0.6%)
20,966 AK Steel Holding Corp.................................. 212,281
-----------
Technology--Services (Data Processing) (1.2%)
12,400 SPS Technologies, Inc. (b)............................. 416,950
-----------
Telecommunications (1.1%)
20,400 RSL Communications Ltd. (b)............................ 368,475
-----------
Tobacco & Tobacco Products (1.1%)
18,200 Universal Corp......................................... 371,963
-----------
Transportation (2.5%)
29,700 Arkansas Best Corp. (b)................................ 352,688
22,100 Heartland Express, Inc. (b)............................ 303,875
32,000 U.S. Xpress Enterprises, Inc. (b)...................... 208,000
-----------
864,563
-----------
Utilities--Electric (6.9%)
13,400 Alliant Energy Corp.................................... 399,488
25,100 CMP Group, Inc......................................... 694,955
14,600 IDACORP, Inc........................................... 490,012
24,000 Sierra Pacific Resources............................... 384,000
10,500 TNP Enterprises, Inc................................... 433,125
-----------
2,401,580
-----------
Total Common Stocks (Cost $35,710,473) 33,239,601
-----------
Investment Companies (3.9%)
1,355,441 The One Group Prime Money Market Fund (I Shares)....... 1,355,441
-----------
Total Investment Companies (Cost $1,355,441) 1,355,441
-----------
Total Investments (Cost $37,065,914) (a)--99.5% 34,595,042
Other assets in excess of liabilities--0.5% 169,016
-----------
Total Net Assets--100.0% $34,764,058
===========
</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. $ 2,113,778
Unrealized depreciation. (4,584,649)
-----------
Net unrealized
appreciation............ $(2,470,871)
===========
</TABLE>
(b) Non-income producing security.
See notes to financial statements.
41
<PAGE>
PACIFIC CAPITAL FUNDS
Balanced Fund
Schedule of Portfolio Investments
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks (62.9%)
Airlines (0.3%)
35,370 Southwest Airlines Co................................. $ 563,709
------------
Automotive (0.7%)
27,390 Ford Motor Co......................................... 1,362,653
------------
Banking (1.6%)
19,978 Bank of America Corp.................................. 967,684
28,010 Chase Manhattan Corp.................................. 2,253,055
------------
3,220,739
------------
Beverages (1.0%)
9,510 Anheuser Busch Cos, Inc............................... 641,925
41,310 PepsiCo, Inc.......................................... 1,409,704
------------
2,051,629
------------
Business Equipment & Services (2.4%)
61,100 Deluxe Corp........................................... 1,634,425
40,475 Paychex, Inc.......................................... 1,783,430
29,530 Pitney Bowes, Inc..................................... 1,446,970
------------
4,864,825
------------
Computers & Peripherals (8.1%)
59,706 Cisco Systems, Inc. (b)............................... 6,537,806
16,730 Dell Computer Corp. (b)............................... 645,151
44,590 EMC Corp. (b)......................................... 4,748,835
42,500 Sun Microsystems, Inc. (b)............................ 3,338,906
17,360 Symbol Technologies, Inc.............................. 1,036,175
------------
16,306,873
------------
Consumer Goods & Services (1.1%)
13,720 Clorox Co............................................. 655,130
14,710 Procter & Gamble Co................................... 1,483,871
------------
2,139,001
------------
Diversified Operations (2.1%)
22,180 Corning, Inc.......................................... 3,421,265
19,520 Tyco International, Ltd............................... 834,480
------------
4,255,745
------------
Electrical & Electronic (2.6%)
15,920 Sanmina Corp. (b)..................................... 1,691,500
32,330 Texas Instruments, Inc................................ 3,487,599
------------
5,179,099
------------
Electrical Equipment (4.5%)
46,750 American Power Conversion Corp. (b)................... 1,290,008
16,170 General Electric Co................................... 2,156,673
11,150 KLA-Tencor Corp. (b).................................. 653,669
4,900 Motorola, Inc......................................... 670,075
28,740 Solectron Corp. (b)................................... 2,087,242
18,150 Teradyne, Inc. (b).................................... 1,175,213
12,450 Waters Corp. (b)...................................... 919,744
------------
8,952,624
------------
</TABLE>
<TABLE>
<CAPTION>
Shares or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued
Entertainment (0.3%)
7,460 Time Warner, Inc...................................... $ 596,334
------------
Financial Services (5.7%)
44,720 Capital One Financial Corp............................ 1,833,520
38,340 Charles Schwab Corp................................... 1,382,636
17,067 Citigroup, Inc........................................ 980,286
23,120 Freddie Mac........................................... 1,160,335
37,970 Kansas City Southern Industries, Inc.................. 2,627,048
39,640 Morgan Stanley Dean Witter & Co....................... 2,626,150
31,663 Washington Mutual, Inc................................ 803,449
------------
11,413,424
------------
Health Care (0.2%)
23,750 McKesson HBOC, Inc.................................... 488,359
------------
Insurance (1.6%)
13,982 American International Group, Inc..................... 1,455,876
19,655 Marsh & McLennan Cos., Inc............................ 1,847,570
------------
3,303,446
------------
Leisure--Recreation, Gaming (0.7%)
30,660 Carnival Corp......................................... 1,381,616
------------
Manufacturing (0.3%)
9,820 Illinois Tool Works, Inc.............................. 574,470
------------
Medical Supplies (0.3%)
9,780 Baxter International, Inc............................. 624,698
------------
Medical--Biotechnology (2.0%)
31,570 Amgen, Inc. (b)....................................... 2,010,614
13,310 PE Biosystems Group................................... 1,993,173
------------
4,003,787
------------
Oil & Gas--Exploration & Production Services (2.8%)
8,450 Atlantic Richfield Co................................. 650,650
26,950 Exxon Mobil Corp...................................... 2,250,325
35,700 Schlumberger Ltd...................................... 780,938
35,700 Ultramar Diamond Shamrock Corp........................ 780,938
34,120 Williams Cos., Inc.................................... 1,322,150
------------
5,676,361
------------
Pharmaceuticals (4.5%)
8,410 Biogen, Inc. (b)...................................... 725,363
66,130 Elan Corp. PLC, ADR (b)............................... 1,988,033
26,070 Lilly (Eli) & Co...................................... 1,743,431
17,010 Merck & Co., Inc...................................... 1,340,601
43,420 Schering-Plough Corp.................................. 1,910,480
14,045 Warner-Lambert Co..................................... 1,333,397
------------
9,041,305
------------
Publishing (0.9%)
31,460 McGraw-Hill Cos., Inc................................. 1,763,726
------------
</TABLE>
Continued
42
<PAGE>
PACIFIC CAPITAL FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued
Real Estate (0.3%)
10,000 Franchise Finance Corp. of America................... $ 240,000
20,330 Healthcare Realty Trust, Inc......................... 363,399
------------
603,399
------------
Restaurants (0.5%)
31,410 Starbucks Corp. (b).................................. 1,005,120
------------
Retail (5.7%)
19,960 Circuit City Stores, Inc............................. 768,460
30,840 Costco Wholesale Corp. (b)........................... 1,509,233
57,938 Gap, Inc............................................. 2,589,103
13,500 Kohl's Corp. (b)..................................... 946,688
36,940 Lowe's Cos., Inc..................................... 1,648,447
15,850 Tiffany & Co......................................... 1,172,900
50,050 Wal-Mart Stores, Inc................................. 2,740,237
------------
11,375,068
------------
Retail-Food Chain (0.2%)
12,920 Safeway, Inc. (b).................................... 493,383
------------
Semiconductors (2.5%)
22,980 Applied Materials, Inc. (b).......................... 3,154,006
12,010 Intel Corp........................................... 1,188,239
14,210 Xilinx, Inc. (b)..................................... 650,108
------------
4,992,353
------------
Software & Computer Services (2.9%)
15,650 America Online, Inc. (b)............................. 891,072
25,360 BMC Software, Inc. (b)............................... 960,510
75,820 Compuware Corp. (b).................................. 1,606,436
25,070 Microsoft Corp. (b).................................. 2,453,726
------------
5,911,744
------------
Telecommunications--Services and Equipment (7.1%)
39,900 ALLTEL Corp.......................................... 2,663,325
30,875 AT&T Corp............................................ 1,628,656
29,625 CenturyTel, Inc...................................... 1,133,156
10,980 GTE Corp............................................. 804,971
38,340 MCI WorldCom, Inc. (b)............................... 1,761,244
40,010 Nortel Networks Corp................................. 3,825,956
9,770 Sprint Corp.......................................... 631,997
35,430 Tellabs, Inc. (b).................................... 1,913,220
------------
14,362,525
------------
Total Common Stocks (Cost $86,843,805) 126,508,015
------------
Asset Backed Securities (0.6%)
Financial Services (0.6%)
1,300,000 Chemical Master Credit Card Trust, Series 1996-1,
Class A, 5.55%, 9/15/03............................. 1,285,310
------------
Total Asset Backed Securities (Cost $1,269,191) 1,285,310
------------
</TABLE>
<TABLE>
<CAPTION>
Shares or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Corporate Bonds (13.2%)
Banking--Foreign (0.6%)
1,000,000 Abbey National PLC, 6.69%, 10/17/05.................. $ 956,250
325,000 Bayerische Landesbank-NY, 6.20%, 2/9/06, Callable
2/9/03 @ 100........................................ 302,250
------------
1,258,500
------------
Beverages & Tobacco (0.5%)
1,000,000 Bass North America, Inc., 6.63%, 3/1/03.............. 972,500
------------
Entertainment (0.9%)
2,000,000 Walt Disney Co., 5.13%, 12/15/03..................... 1,855,000
------------
Financial Services (7.3%)
1,000,000 Federal Home Loan Bank, 6.03%, 11/06/02.............. 975,670
500,000 Ford Motor Credit Co., 6.13%, 4/28/03................ 481,250
2,000,000 Ford Motor Credit Co., 5.80%, 1/12/09................ 1,757,500
2,000,000 Freddie Mac, 5.00%, 1/15/04.......................... 1,852,720
515,000 JP Morgan & Co., 7.25%, 1/15/02...................... 513,069
1,300,000 JP Morgan & Co., 6.25%, 1/15/09...................... 1,168,375
2,000,000 Merrill Lynch & Co., 6.00%, 2/12/03.................. 1,920,000
1,000,000 Merrill Lynch & Co., 6.55%, 8/1/04................... 961,250
1,200,000 Merrill Lynch & Co., 6.00%, 2/17/09.................. 1,066,500
1,000,000 Norwest Financial, Inc., 6.38%, 11/15/03............. 965,000
1,583,288 Small Business Administration Corp., 6.70%, 3/1/16... 1,507,619
1,500,000 Transamerica Financial Corp., 6.38%, 11/15/01........ 1,475,625
------------
14,644,578
------------
Food Processing & Packaging (0.2%)
500,000 Campbell Soup Co., 5.63%, 9/15/03, Callable 9/15/00 @
100................................................. 473,125
------------
Household Products (1.5%)
3,000,000 Procter & Gamble Co., 6.60%, 12/15/04................ 2,913,750
------------
Pharmaceuticals (1.2%)
1,467,000 Lilly (Eli) & Co., 6.25%, 3/15/03.................... 1,421,156
1,000,000 Warner-Lambert Co., 6.63%,
9/15/02............................................. 986,250
------------
2,407,406
------------
Retail (0.5%)
1,000,000 Wal-Mart Stores, Inc., 7.50%, 5/15/04................ 1,005,000
------------
</TABLE>
Continued
43
<PAGE>
PACIFIC CAPITAL FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
January 31, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Corporate Bonds, continued
Telecommunications--Services and Equipment (0.5%)
1,000,000 Pacific Bell, 6.25%, 3/1/05.......................... $ 947,500
------------
Total Corporate Bonds (Cost $27,931,452) 26,477,359
------------
Medium Term/Senior Notes (2.2%)
Chemicals (2.0%)
4,000,000 E.I. du Pont de Nemours & Co., 6.00%, 3/6/13,
Callable 3/6/03
@ 100............................................... 3,845,000
------------
Financial Service (0.2%)
500,000 Bell Atlantic Financial Services, 6.25%, 06/1/00..... 499,030
------------
Total Medium Term/Senior Notes (Cost $4,606,227) 4,344,030
------------
U.S. Government Agencies (3.2%)
Federal National Mortgage Association (1.4%)
1,000,000 5.75%, 6/15/05....................................... 936,230
2,000,000 6.00%, 5/15/08....................................... 1,840,140
------------
2,776,370
------------
Financial Services (0.5%)
1,000,000 Private Export Funding, 5.50%, 3/15/01............... 987,500
------------
Tennessee Valley Authority (1.3%)
3,000,000 5.38%, 11/13/08...................................... 2,626,590
------------
Total U.S. Government Agencies (Cost $7,186,881) 6,390,460
------------
</TABLE>
<TABLE>
<CAPTION>
Shares or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
U.S. Treasury Bonds (8.0%)
950,000 9.38%, 2/15/06........................................ $ 1,072,949
295,000 12.00%, 8/15/13....................................... 391,291
3,455,000 7.25%, 5/15/16........................................ 3,630,583
6,345,000 7.13%, 2/15/23........................................ 6,689,787
4,500,000 6.25%, 8/15/23........................................ 4,292,325
------------
Total U.S. Treasury Bonds (Cost $16,718,767) 16,076,935
------------
U.S. Treasury Notes (5.0%)
2,220,000 6.38%, 5/15/00........................................ 2,223,463
2,400,000 5.50%, 12/31/00....................................... 2,382,024
1,480,000 6.25%, 2/15/03........................................ 1,462,299
600,000 7.25%, 5/15/04........................................ 611,136
2,675,000 6.50%, 5/15/05........................................ 2,645,308
800,000 6.25%, 2/15/07........................................ 778,720
------------
Total U.S. Treasury Notes (Cost $10,187,677) 10,102,950
------------
Depositary Receipts (1.1%)
16,390 S&P 500 Depositary Receipt............................ 2,285,381
------------
Total Depositary Receipts (Cost $2,171,179) 2,285,381
------------
Investment Company (3.2%)
6,338,384 The One Group Prime Money Market Fund (I Shares) ..... 6,338,384
------------
Total Investment Company (Cost $6,338,384) 6,338,384
------------
Total Investments (Cost $163,253,563) (a)--99.4% 199,808,824
Other assets in excess of liabilities--0.6% 1,234,337
------------
Total Net Assets--100.0% $201,043,161
============
</TABLE>
- --------
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.... $43,385,850
Unrealized depreciation.... (6,830,589)
-----------
Net unrealized
appreciation............... $36,555,261
===========
</TABLE>
(b) Non-income producing security.
ADR--American Depository Receipt
PLC--Public Limited Company
See notes to financial statements.
44
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2000
(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, Small Cap Fund, and Balanced Fund. The Trust is authorized
to issue an unlimited number of shares without par value in three classes of
shares for each Fund: Class A (formerly known as Retail Class), Class B and
Class Y (formerly known as Institutional Class). The Class Y shares
commenced operations on October 14, 1994 when the Trust identified those
Institutional Shareholders that were part of Class A (as of October 13,
1994) and transferred the Shareholders into Class Y. As of January 31, 2000,
Growth Stock Fund, Growth and Income Fund, New Asia Growth Fund, Diversified
Fixed Income Fund, Tax-Free Securities Fund, International Stock Fund, Value
Fund, Small Cap Fund, and Balanced Fund have issued Class B shares. Each
class of shares for each Fund has identical rights and privileges except
with respect to distribution (12b-1) fees paid by Class A and B 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.
Growth and Income Fund and Balanced Fund seek primarily current income and
secondarily long-term capital appreciation. New Asia Growth Fund and
International Stock Fund seek long-term capital appreciation. Diversified
Fixed Income Fund seeks a high level of current 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. Tax-Free Securities Fund
seeks a high level of current income exempt from federal and Hawaii income
taxes. Tax-Free Short Intermediate Securities Fund seeks a high level of
current income exempt from federal and Hawaii income taxes with a greater
stability in price than a long-term bond fund. 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 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 Trust's 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.
Continued
45
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2000
(Unaudited)
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 differences between the amounts of
assets and liabilities recorded and the U.S. dollar equivalents of the
amounts actually received or paid. Net unrealized foreign currency
appreciation or depreciation arises from changes in the values of assets and
liabilities, including investments in securities, resulting from changes in
currency exchange rates.
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 or 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, to a lesser
extent, Growth Fund, Growth and Income Fund and Value Fund and may result in
a lack of liquidity and a high price volatility with respect to securities
of issuers from developing countries.
Withholding taxes on foreign dividends have been provided for in accordance
with the Funds' 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 a 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
Continued
46
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2000
(Unaudited)
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 values of securities underlying when-issued or
forward commitments to purchase securities, and any subsequent fluctuation
in their values, are 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 ("a 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.
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, Value Fund and Balanced 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 timely with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable net investment company and net capital gains
to shareholders. Therefore, no federal income tax provision is required.
(Under the applicable foreign tax laws, withholding taxes may be imposed on
interest, dividends and capital gains earned on foreign investments at
various rates. Where available, the Fund will file claims for all refunds on
foreign taxes withheld.)
Continued
47
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2000
(Unaudited)
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 on other appropriate basis.
3.Purchases and Sales of Securities
Purchases and sales of securities (excluding short-term securities) for the
six months ended January 31, 2000 are as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
Growth Stock Fund................................... $250,977,984 $284,390,070
Growth and Income Fund.............................. 67,836,752 67,221,967
New Asia Growth Fund................................ 21,758,284 19,413,753
Diversified Fixed Income Fund....................... 113,588,288 75,005,164
U.S. Treasury Securities Fund....................... 1,256,922 7,087,391
Short Intermediate U.S. Treasury Securities Fund.... 383,063 4,350,516
Tax-Free Securities Fund............................ 52,900,558 30,588,329
Tax-Free Short Intermediate Securities Fund......... 10,797,938 10,637,459
International Stock Fund............................ 96,301,779 96,757,507
Value Fund.......................................... 192,035,993 122,825,004
Small Cap Fund...................................... 20,321,994 15,864,530
Balanced Fund....................................... 51,466,711 54,222,244
</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. As of July 19, 1999 CMG
First State (Hong Kong) LLC has become the new 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 ("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 Ohio's fees are computed at
an annual rate of 0.20% of the average daily net assets of each Fund.
The Trust has adopted for the Class A and Class B shares of each of the
Funds a Class A Distribution Plan and a Class B Distribution Plan ("the
Plans") pursuant to 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 Class A
and Class B 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.
Continued
48
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2000
(Unaudited)
Class A shares of the Growth Stock Fund, Growth and Income Fund, Value Fund,
Balanced Fund, Tax-Free Securities Fund, Diversified Fixed Income Fund and
U.S. Treasury Securities Fund are subject to a 4.00% sales charge at the
time of purchase. Class A shares of the New Asia Growth Fund, Small Cap Fund
and International Stock Fund are subject to a 5.25% sales charge at the time
of purchase. Class A shares of the Tax-Free Short Intermediate Securities
Fund and Short Intermediate U.S. Treasury Securities Fund are subject to a
2.25% sales charge at the time of purchase. Class B 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................................................................... 5.00%
Second.................................................................. 4.00
Third................................................................... 3.00
Fourth.................................................................. 3.00
Fifth................................................................... 2.00
Sixth................................................................... 1.00
</TABLE>
For the six months ended January 31, 2000, BISYS, as the Trust's principal
underwriter, received approximately $533,740 from commissions on sales of
Class A and Class B shares, of which $514,057 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 .03%
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 transfer agency 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.
Information regarding these transactions for six months ended January 31,
2000 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 Retail Class Waivers
---------------- ----------- -------------- ------------ --------
<S> <C> <C> <C> <C> <C>
Growth Stock Fund....... 0.80% $ -- $92,557 $52,950 $145,507
Growth and Income Fund.. 0.80% -- 37,855 24,836 62,691
New Asia Growth Fund.... 0.90% -- 5,775 6,649 12,424
Diversified Fixed Income
Fund................... 0.60% 169,466 45,191 5,109 219,766
U.S. Treasury Securities
Fund................... 0.60% 21,147 3,383 3,488 28,018
Short Intermediate U.S.
Treasury
Securities Fund........ 0.50% 31,883 7,971 1,308 41,161
Tax-Free Securities
Fund................... 0.60% 319,840 85,290 13,961 419,091
Tax-Free Short
Intermediate Securities
Fund................... 0.50% 23,216 11,608 2,373 37,197
International Stock
Fund................... 1.10% 50,510 20,205 4,466 75,181
Value Fund.............. 0.80% -- 33,572 900 34,472
Small Cap Fund.......... 1.10% 16,768 6,707 289 23,764
Balanced................ 0.80% 96,551 38,621 305 135,477
</TABLE>
Continued
49
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2000
(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 For the Six
Months Ended Months Ended
January 31, 2000 January 31, 2000
------------------------- ------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Class A
Shares Issued............ $ 5,315,751 287,272 $ 374,044 19,202
Dividends reinvested..... 4,611,812 270,487 1,230,229 64,817
Shares redeemed.......... (1,485,274) (81,231) (935,857) (48,916)
------------- ---------- ------------ ----------
Net change............... $ 8,442,289 476,528 $ 668,416 35,103
============= ========== ============ ==========
Class B
Shares Issued............ $ 4,107,674 227,041 $ 1,503,254 79,348
Dividends reinvested..... 3,077,285 183,392 1,221,362 65,418
Shares redeemed.......... (554,146) (29,370) (492,387) (26,329)
------------- ---------- ------------ ----------
Net change............... $ 6,630,813 381,063 $ 2,232,229 118,437
============= ========== ============ ==========
Class Y
Shares Issued............ $ 38,473,336 2,185,158 $ 34,681,566 1,799,930
Dividends reinvested..... 91,624,383 5,323,904 16,518,785 869,389
Shares redeemed.......... (50,611,253) (2,720,942) (24,325,020) (1,239,759)
------------- ---------- ------------ ----------
Net change............... $ 79,486,466 4,788,120 $ 26,875,331 1,429,560
============= ========== ============ ==========
<CAPTION>
For the Year Ended For the Year Ended
July 31, 1999 July 31, 1999
------------------------- ------------------------
<S> <C> <C> <C> <C>
Class A
Shares Issued............ $ 5,567,956 324,247 $ 4,009,071 221,903
Dividends reinvested..... 2,120,376 136,975 899,797 51,799
Shares redeemed.......... (4,157,484) (239,029) (2,341,596) (125,318)
------------- ---------- ------------ ----------
Net change............... $ 3,530,848 222,193 $ 2,567,272 148,384
============= ========== ============ ==========
Class B
Shares Issued............ $ 8,572,370 495,581 $ 6,024,874 325,558
Dividends reinvested..... 370,730 24,073 382,330 22,164
Shares redeemed.......... (412,189) (23,922) (401,322) (21,784)
------------- ---------- ------------ ----------
Net change............... $ 8,530,911 495,732 $ 6,005,882 325,938
============= ========== ============ ==========
Class Y
Shares Issued............ $ 65,521,478 3,881,437 $ 50,169,553 2,794,866
Dividends reinvested..... 53,722,758 3,454,840 14,156,402 814,961
Shares redeemed.......... (113,561,531) (6,637,541) (73,693,810) (4,043,070)
------------- ---------- ------------ ----------
Net change............... $ 5,682,705 698,736 $ (9,367,855) (433,243)
============= ========== ============ ==========
</TABLE>
Continued
50
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2000
(Unaudited)
5.Capital Share Transactions (continued)
<TABLE>
<CAPTION>
Diversified Fixed
New Asia Growth Fund Income Fund
------------------------ ------------------------
Amount Shares Amount Shares
------------ ---------- ------------ ----------
For the Six For the Six
Months Ended Months Ended
January 31, 2000 January 31, 2000
------------------------ ------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Class A
Shares Issued............. $ 126,958 10,147 $ 95,107 9,246
Dividends reinvested...... -- -- 55,872 5,445
Shares redeemed........... (163,754) (13,096) (612,405) (60,170)
------------ ---------- ------------ ----------
Net change................ $ (36,796) (2,949) $ (461,426) (45,479)
============ ========== ============ ==========
Class B
Shares Issued............. $ 174,977 14,678 $ 341,788 33,297
Dividends reinvested...... -- -- 49,202 4,811
Shares redeemed........... (7,426) (550) (224,461) (21,955)
------------ ---------- ------------ ----------
Net change................ $ 167,551 14,128 $ 166,529 16,153
============ ========== ============ ==========
Class Y
Shares Issued............. $ 6,216,285 537,316 $ 76,206,324 7,351,950
Dividends reinvested...... -- -- 122,637 11,889
Shares redeemed........... (4,314,489) (340,399) (25,273,528) (2,457,175)
------------ ---------- ------------ ----------
Net change................ $ 1,901,796 196,917 $ 51,055,433 4,906,664
============ ========== ============ ==========
<CAPTION>
For the Year Ended For the Year Ended
July 31, 1999 July 31, 1999
------------------------ ------------------------
<S> <C> <C> <C> <C>
Class A
Shares Issued............. $ 355,078 39,637 $ 1,603,128 143,849
Dividends reinvested...... 5,349 725 129,913 11,853
Shares redeemed........... (514,827) (69,461) (849,801) (78,335)
------------ ---------- ------------ ----------
Net change................ $ (154,400) (29,099) $ 883,240 77,367
============ ========== ============ ==========
Class B
Shares Issued............. $ 191,310 20,269 $ 2,004,483 184,881
Dividends reinvested...... 28 3 42,004 3,892
Shares redeemed........... (10,144) (1,127) (108,492) (10,026)
------------ ---------- ------------ ----------
Net change................ $ 181,194 19,145 $ 1,937,995 178,747
============ ========== ============ ==========
Class Y
Shares Issued............. $ 5,302,282 694,216 $103,121,720 9,378,239
Dividends reinvested...... 24,640 3,330 1,428,146 126,826
Shares redeemed........... (11,100,512) (1,479,074) (53,846,034) (4,876,355)
------------ ---------- ------------ ----------
Net change................ $ (5,773,590) (781,528) $ 50,703,832 4,628,710
============ ========== ============ ==========
</TABLE>
Continued
51
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2000
(Unaudited)
5.Capital Share Transactions (continued)
<TABLE>
<CAPTION>
Short Intermediate
U.S. Treasury U.S. Treasury
Securities Fund Securities Fund
--------------------- ------------------------
Amount Shares Amount Shares
----------- -------- ------------ ----------
For the Six For the Six
Months Ended Months Ended
January 31, 2000 January 31, 2000
--------------------- ------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Class A
Shares Issued................ $ 127,883 13,983 $ 5,640 606
Dividends reinvested......... 34,383 3,781 13,062 1,397
Shares redeemed.............. (104,269) (11,444) (145,536) (15,527)
----------- -------- ------------ ----------
Net change................... $ 57,997 6,320 $ (126,834) (13,524)
=========== ======== ============ ==========
Class Y
Shares Issued................ $ 510,089 55,972 $ 4,662,428 497,220
Dividends reinvested......... 456,200 50,075 165,291 17,670
Shares redeemed.............. (6,930,232) (756,360) (8,545,751) (910,019)
----------- -------- ------------ ----------
Net change................... $(5,963,943) (650,313) $ (3,718,032) (395,129)
=========== ======== ============ ==========
<CAPTION>
For the Year Ended For the Year Ended
July 31, 1999 July 31, 1999
--------------------- ------------------------
<S> <C> <C> <C> <C>
Class A
Shares Issued................ $ 347,379 36,366 $ 134,779 13,856
Dividends reinvested......... 56,684 5,896 33,944 3,482
Shares redeemed.............. (71,552) (7,578) (211,156) (22,095)
----------- -------- ------------ ----------
Net change................... $ 332,511 34,684 $ (42,433) (4,757)
=========== ======== ============ ==========
Class Y
Shares Issued................ $ 1,037,080 106,128 $ 68,319,253 7,087,034
Dividends reinvested......... 1,184,440 122,917 166,348 16,959
Shares redeemed.............. (3,084,323) (321,332) (59,322,193) (6,145,812)
----------- -------- ------------ ----------
Net change................... $ (862,803) (92,287) $ 9,163,408 958,181
=========== ======== ============ ==========
</TABLE>
Continued
52
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2000
(Unaudited)
5.Capital Share Transactions (continued)
<TABLE>
<CAPTION>
Tax-Free
Tax- Short Intermediate
Free Securities Fund Securities Fund
------------------------ ------------------------
Amount Shares Amount Shares
------------ ---------- ------------ ----------
For the Six For the Six
Months Ended Months Ended
January 31, 2000 January 31, 2000
------------------------ ------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Class A
Shares Issued............. $ 3,021,912 292,874 $ 403,555 40,704
Dividends reinvested...... 112,415 11,085 20,252 2,062
Shares redeemed........... (1,879,032) (183,411) (432,260) (43,840)
------------ ---------- ------------ ----------
Net change................ $ 1,255,295 120,548 $ (8,453) (1,074)
============ ========== ============ ==========
Class B
Shares Issued............. $ 1,635,537 158,756 -- --
Dividends reinvested...... 42,717 4,220 -- --
Shares redeemed........... (37,980) (3,751) -- --
------------ ---------- ------------ ----------
Net change................ $ 1,640,274 159,225 -- --
============ ========== ============ ==========
Class Y
Shares Issued............. $ 32,032,954 3,140,048 $ 2,354,406 237,894
Dividends reinvested...... 1,923,961 189,358 224,622 22,775
Shares redeemed........... (24,682,049) (2,418,693) (6,717,457) (679,711)
------------ ---------- ------------ ----------
Net change................ $ 9,274,866 910,713 $ (4,138,429) (419,042)
============ ========== ============ ==========
<CAPTION>
For the Year Ended For the Year Ended
July 31, 1999 July 31, 1999
------------------------ ------------------------
<S> <C> <C> <C> <C>
Class A
Shares Issued............. $ 4,679,423 430,260 $ 1,030,350 101,503
Dividends reinvested...... 138,960 12,829 28,507 2,811
Shares redeemed........... (2,904,688) (267,873) (641,337) (63,375)
------------ ---------- ------------ ----------
Net change................ $ 1,913,695 175,216 $ 417,520 40,939
============ ========== ============ ==========
Class B
Shares Issued............. $ 1,510,276 141,343 -- --
Dividends reinvested...... 10,908 1,012 -- --
------------ ---------- ------------ ----------
Net change................ $ 1,521,184 142,355 -- --
============ ========== ============ ==========
Class Y
Shares Issued............. $ 59,458,110 5,480,924 $ 15,798,971 1,548,401
Dividends reinvested...... 3,625,344 330,518 224,619 21,933
Shares redeemed........... (41,845,285) (3,836,063) (19,807,705) (1,945,131)
------------ ---------- ------------ ----------
Net change................ $ 21,238,169 1,975,379 $ (3,784,115) (374,797)
============ ========== ============ ==========
</TABLE>
Continued
53
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2000
(Unaudited)
5.Capital Share Transactions (continued)
<TABLE>
<CAPTION>
International Stock Fund Value Fund
--------------------------- ------------------------
Amount Shares Amount Shares
------------- ------------ ------------ ----------
For the Six For the Six
Months Ended Months Ended
January 31, 2000 January 31, 2000
--------------------------- ------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Class A
Shares Issued........... $ 2,789,203 202,446 $ 306,105 30,207
Dividends reinvested.... 90,551 5,973 5,626 559
Shares redeemed......... (100,528) (7,434) (63,664) (762)
------------- ----------- ------------ ----------
Net change.............. $ 2,779,226 200,985 $ 248,067 30,004
============= =========== ============ ==========
Class B
Shares Issued........... $ 163,340 11,630 $ 225,917 22,572
Dividends reinvested.... 7,777 518 7,130 713
Shares redeemed......... (3,466) (236) (190,486) (4,042)
------------- ----------- ------------ ----------
Net change.............. $ 167,651 11,912 $ 42,561 19,243
============= =========== ============ ==========
Class Y
Shares Issued........... $ 14,216,889 1,046,791 $127,626,144 12,423,881
Dividends reinvested.... 3,119,207 205,617 1,487,378 147,996
Shares redeemed......... (14,166,346) (951,908) (56,968,913) (3,243,509)
------------- ----------- ------------ ----------
Net change.............. $ 3,169,750 300,500 $ 72,144,609 9,328,368
============= =========== ============ ==========
<CAPTION>
For the Year Ended For the Year Ended
July 31, 1999 July 31, 1999
--------------------------- ------------------------
<S> <C> <C> <C> <C>
Class A
Shares Issued........... $ 282,595 24,417 $ 174,023 16,533
Dividends reinvested.... -- -- 7,047 664
Shares redeemed......... (26,328) (2,297) (40) (4)
------------- ----------- ------------ ----------
Net change.............. $ 256,267 22,120 $ 181,030 17,193
============= =========== ============ ==========
Class B
Shares Issued........... $ 97,091 8,590 $ 493,364 46,289
Dividends reinvested.... -- -- 17,315 1,638
Shares redeemed......... -- -- (22,829) (2,235)
------------- ----------- ------------ ----------
Net change.............. $ 97,091 8,590 $ 487,850 45,692
============= =========== ============ ==========
Class Y
Shares Issued........... $ 89,796,240 8,595,103 $ 85,682,451 8,508,208
Dividends reinvested.... -- -- 1,687,218 159,021
Shares redeemed......... (19,338,966) (1,815,482) (14,616,521) (1,394,309)
------------- ----------- ------------ ----------
Net change.............. $ 70,457,274 6,779,621 $ 72,753,148 7,272,920
============= =========== ============ ==========
</TABLE>
Continued
54
<PAGE>
PACIFIC CAPITAL FUNDS
Notes to Financial Statements, Continued
January 31, 2000
(Unaudited)
5.Capital Share Transactions (continued)
<TABLE>
<CAPTION>
Small Cap Fund Balanced Fund
------------------------ ------------------------
Amount Shares Amount Shares
------------ ---------- ------------ ----------
For the Six For the Six
Months Ended Months Ended
January 31, 2000 January 31, 2000
------------------------ ------------------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Class A
Shares Issued............ $ 62,651 6,505 $ 137,865 13,336
Dividends reinvested..... 4,347 464 1,433 138
Shares redeemed.......... (2,123) (208) (61) (6)
------------ ---------- ------------ ----------
Net change............... $ 64,875 6,761 $ 139,237 13,468
============ ========== ============ ==========
Class B
Shares Issued............ $ 64,520 6,621 $ 234,289 23,247
Dividends reinvested..... 4,655 501 3,487 335
Shares redeemed.......... (609) (64) (10,720) (1,104)
------------ ---------- ------------ ----------
Net change............... $ 68,566 7,058 $ 227,056 22,478
============ ========== ============ ==========
Class Y
Shares Issued............ $ 10,251,099 1,042,822 $ 1,051,187 105,109
Dividends reinvested..... 568,980 60,657 552,979 51,874
Shares redeemed.......... (4,231,670) (434,071) (1,407,209) (137,597)
------------ ---------- ------------ ----------
Net change............... $ 6,588,409 669,408 $ 196,957 19,386
============ ========== ============ ==========
<CAPTION>
For the Year Ended For the Year Ended
July 31, 1999 July 31, 1999
------------------------ ------------------------
<S> <C> <C> <C> <C>
Class A
Shares Issued............ $ 87,711 8,901 $ 64,042 6,296
Dividends reinvested..... 4 -- 91 9
Shares redeemed.......... (1,611) (161) -- --
------------ ---------- ------------ ----------
Net change............... $ 86,104 8,740 $ 64,133 6,305
============ ========== ============ ==========
Class B
Shares Issued............ $ 75,289 7,715 $ 315,762 31,335
Dividends reinvested..... 1 -- 226 23
------------ ---------- ------------ ----------
Net change............... $ 75,290 7,715 $ 315,988 31,358
============ ========== ============ ==========
Class Y
Shares Issued............ $ 46,750,248 4,768,017 $ 84,642 8,314
Shares issued in
conjunction with common
trust fund conversion.... -- -- 189,111,744 18,826,632
Dividends reinvested..... 29 3 -- --
Shares redeemed.......... (17,076,259) (1,787,220) (337,200) (33,386)
------------ ---------- ------------ ----------
Net change............... $ 29,674,018 2,980,800 $188,859,186 18,801,560
============ ========== ============ ==========
</TABLE>
Continued
55
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Growth Stock Fund
-------------------------------------------------------------------------------------------
Class A
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 17.45 $ 17.75 $ 17.43 $11.89 $11.71 $ 9.83
------- ------- ------- ------ ------ ------
Investment Activities
Net investment income
(loss)................ (0.04) (0.08) (0.04) 0.03 0.07 0.12
Net realized and
unrealized gain on
investments........... 4.99 2.80 2.99 5.55 0.89 1.87
------- ------- ------- ------ ------ ------
Total from Investment
Activities............ 4.95 2.72 2.95 5.58 0.96 1.99
------- ------- ------- ------ ------ ------
Distributions
Net investment income.. -- (0.01) -- (0.03) (0.07) (0.11)
In excess of net
investment income..... -- -- (0.01) (0.01) (0.22) --
Net realized gains..... (4.85) (3.01) (2.62) -- -- --
In excess of net
realized gains........ -- -- -- -- (0.49) --
------- ------- ------- ------ ------ ------
Total Distributions.... (4.85) (3.02) (2.63) (0.04) (0.78) (0.11)
------- ------- ------- ------ ------ ------
Net Asset Value, End of
Period................. $ 17.55 $ 17.45 $ 17.75 $17.43 $11.89 $11.71
======= ======= ======= ====== ====== ======
Total Return (excludes
sales charge).......... 29.20%(c) 17.40% 19.58% 47.02% 8.25% 20.43%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $25,879 $17,417 $13,777 $9,742 $5,261 $3,905
Ratio of expenses to
average net assets..... 1.30%(b) 1.32% 1.32% 1.32% 1.34% 1.36%
Ratio of net investment
income (loss) to
average net assets..... (0.71%)(b) (0.58%) (0.30%) 0.16% 0.60% 1.12%
Ratio of expenses to
average net assets*.... 1.84%(b) 1.85% 1.86% 1.86% 1.88% 1.98%
Portfolio turnover (d).. 57.16% 81.02% 97.03% 32.20% 61.30% 32.40%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions and
expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) The Financial Highlights presented for the A Class reflects operations and
distributions from 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 from the period from October 14, 1994 through July 31,
1995.
(b) Annualized.
(c) Not 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.
56
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Growth Stock Fund
-------------------------------------------------
Class B
For the Six For the Year For the Period
Months Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 (a)
---------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C>
Net Asset Value, Beginning
of Period.................. $ 17.28 $17.72 $16.36
------- ------ ------
Investment Activities
Net investment loss........ (0.04) (0.10) (0.05)
Net realized and unrealized
gain on investments....... 4.86 2.67 1.41
------- ------ ------
Total from Investment
Activities................ 4.82 2.57 1.36
------- ------ ------
Distributions
Net realized gains......... (4.85) (3.01) --
------- ------ ------
Total Distributions........ (4.85) (3.01) --
------- ------ ------
Net Asset Value, End of
Period..................... $ 17.25 $17.28 $17.72
======= ====== ======
Total Return (excludes sales
charge).................... 28.69%(c) 16.55% 8.31%(c)
Ratios/Supplementary Data:
Net Assets at end of period
(000)...................... $16,546 $9,988 $1,459
Ratio of expenses to average
net assets................. 2.05%(b) 2.06% 2.07%(b)
Ratio of net investment loss
to average net assets...... (1.46%)(b) (1.35%) (1.31%)(b)
Ratio of expenses to average
net assets*................ 2.09%(b) 2.10% 2.11%(b)
Portfolio turnover (d)...... 57.16% 81.02% 97.03%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions and
expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on March 2, 1998.
(b) Annualized
(c) Not 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.
57
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Growth Stock Fund
-------------------------------------------------------------------------------------------
Class Y
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 17.56 $ 17.81 $ 17.44 $ 11.89 $ 11.71 $ 9.89
-------- -------- -------- -------- -------- --------
Investment Activities
Net investment income
(loss)................ (0.04) (0.06) -- 0.07 0.10 0.11
Net realized and
unrealized gain on
investments........... 5.05 2.82 3.01 5.55 0.89 1.83
-------- -------- -------- -------- -------- --------
Total from Investment
Activities............ 5.01 2.76 3.01 5.62 0.99 1.94
-------- -------- -------- -------- -------- --------
Distributions
Net investment income.. -- -- -- (0.07) (0.10) (0.12)
In excess of net
investment income..... -- -- (0.02) -- -- --
Net realized gains..... (4.85) (3.01) (2.62) -- (0.22) --
In excess of net
realized gains........ -- -- -- -- (0.49) --
-------- -------- -------- -------- -------- --------
Total Distributions.... (4.85) (3.01) (2.64) (0.07) (0.81) (0.12)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of
Period................. $ 17.72 $ 17.56 $ 17.81 $ 17.44 $ 11.89 $ 11.71
======== ======== ======== ======== ======== ========
Total Return............ 29.29%(d) 17.72% 19.96% 47.39% 8.53% 20.64%(b)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $470,648 $382,298 $375,117 $198,407 $172,565 $136,837
Ratio of expenses to
average net assets..... 1.05%(c) 1.07% 1.07% 1.07% 1.09% 1.13%(c)
Ratio of net investment
income (loss) to
average net assets..... (0.46%)(c) (0.32%) (0.08%) 0.45% 0.86% 1.30%(c)
Ratio of expenses to
average net assets*.... 1.09%(c) 1.11% 1.11% 1.11% 1.13% 1.21%(c)
Portfolio turnover (e).. 57.16% 81.02% 97.03% 32.20% 61.30% 32.40%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. 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 Class A and transferred these shareholders into Class Y
at the prevailing net asset value effective October 14, 1994. The
Financial Highlights presented for Class Y reflects operations and
distributions for the period from October 14, 1994 through July 31, 1995.
(b) 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.
(c) Annualized
(d) Not Annualized.
(e) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
See notes to financial statements.
58
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Growth and Income Fund
-------------------------------------------------------------------------------------------
Class A
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 18.89 $18.72 $17.25 $12.32 $11.44 $10.00
------- ------ ------ ------ ------ ------
Investment Activities
Net investment income
(loss)................ -- (0.02) 0.03 0.08 0.16 0.17
Net realized and
unrealized gain on
investments........... 3.08 2.38 3.01 5.57 1.19 1.44
------- ------ ------ ------ ------ ------
Total from Investment
Activities............ 3.08 2.36 3.04 5.65 1.35 1.61
------- ------ ------ ------ ------ ------
Distributions
Net investment income.. -- -- (0.04) (0.08) (0.15) (0.17)
In excess of net
investment income..... -- -- -- (0.01) (0.01) --
Net realized gains..... (2.68) (2.19) (1.53) (0.63) (0.31) --
------- ------ ------ ------ ------ ------
Total Distributions.... (2.68) (2.19) (1.57) (0.72) (0.47) (0.17)
------- ------ ------ ------ ------ ------
Net Asset Value, End of
Period................. $ 19.29 $18.89 $18.72 $17.25 $12.32 $11.44
======= ====== ====== ====== ====== ======
Total Return (excludes
sales charge).......... 16.53%(c) 13.67% 19.10% 47.59% 11.96% 16.35%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $10,476 $9,593 $6,730 $3,726 $1,160 $ 328
Ratio of expenses to
average net assets..... 1.33%(b) 1.35% 1.33% 1.32% 1.37% 1.40%(b)
Ratio of net investment
income (loss) to
average net assets..... (0.09%)(b) (0.12%) 0.13% 0.48% 1.03% 2.08%(b)
Ratio of expenses to
average net assets*.... 1.87%(b) 1.89% 1.87% 1.86% 1.91% 1.99%(b)
Portfolio turnover (d).. 36.85% 65.56% 75.92% 74.83% 80.83% 12.78%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions and
expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on October 14, 1994.
(b) Annualized.
(c) Not 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.
59
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Growth and Income Fund
-------------------------------------------------
Class B
For the Six For the Year For the Period
Months Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 (a)
---------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C>
Net Asset Value, Beginning
of Period.................. $ 18.66 $18.68 $17.58
------- ------ ------
Investment Activities
Net investment loss........ -- (0.08) (0.02)
Net realized and unrealized
gain on investments....... 2.97 2.25 1.12
------- ------ ------
Total from Investment
Activities................ 2.97 2.17 1.10
------- ------ ------
Distributions
Net realized gains......... (2.68) (2.19) --
------- ------ ------
Total Distributions........ (2.68) (2.19) --
------- ------ ------
Net Asset Value, End of
Period..................... $ 18.95 $18.66 $18.68
======= ====== ======
Total Return (excludes sales
charge).................... 16.13%(c) 12.58% 6.27%(c)
Ratios/Supplementary Data:
Net Assets at end of period
(000)...................... $10,639 $8,265 $2,184
Ratio of expenses to average
net assets................. 2.08%(b) 2.09% 2.08%(b)
Ratio of net investment loss
to average net assets...... (0.84%)(b) (0.90%) (0.73%)(b)
Ratio of expenses to average
net assets*................ 2.12%(b) 2.13% 2.12%(b)
Portfolio turnover (d)...... 36.85% 65.56% 75.92%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions and
expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on March 2, 1998.
(b) Annualized
(c) Not 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.
60
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Growth and Income Fund
------------------------------------------------------------------------------------------
Class Y
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 18.90 $ 18.75 $ 17.27 $ 12.32 $ 11.43 $ 10.00
-------- -------- -------- -------- ------- -------
Investment Activities
Net investment income.. 0.01 0.03 0.07 0.11 0.17 0.20
Net realized and
unrealized gain on
investments........... 3.10 2.34 3.01 5.58 1.21 1.42
-------- -------- -------- -------- ------- -------
Total from Investment
Activities............ 3.11 2.37 3.08 5.69 1.38 1.62
-------- -------- -------- -------- ------- -------
Distributions
Net investment income.. (0.01) (0.03) (0.07) (0.11) (0.17) (0.19)
In excess of net
investment income..... -- -- -- -- (0.01) --
Net realized gains..... (2.68) (2.19) (1.53) (0.63) (0.31) --
-------- -------- -------- -------- ------- -------
Total Distributions.... (2.69) (2.22) (1.60) (0.74) (0.49) (0.19)
-------- -------- -------- -------- ------- -------
Net Asset Value, End of
Period $ 19.32 $ 18.90 $ 18.75 $ 17.27 $ 12.32 $ 11.43
======== ======== ======== ======== ======= =======
Total Return............ 16.72%(c) 13.69% 19.37% 47.96% 12.29% 16.41%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $189,029 $157,891 $164,706 $123,821 $74,427 $41,771
Ratio of expenses to
average net assets..... 1.08%(b) 1.10% 1.08% 1.07% 1.11% 1.14%(b)
Ratio of net investment
income to average net
assets................. 0.16%(b) 0.15% 0.38% 0.79% 1.43% 2.47%(b)
Ratio of expenses to
average net assets*.... 1.12%(b) 1.14% 1.12% 1.12% 1.15% 1.22%(b)
Portfolio turnover (d).. 36.85% 65.56% 75.92% 74.83% 80.83% 12.78%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions and
expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on October 14, 1994.
(b) Annualized.
(c) Not 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.
61
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
New Asia Growth Fund
------------------------------------------------------------------------------------------
Class A
For the Six
Months Ended For the Year For the Year For the Year For the Year For the Period
Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $10.57 $ 6.35 $13.89 $11.11 $11.21 $10.00
------ ------ ------ ------ ------ ------
Investment Activities
Net investment income
(loss)................ (0.06) (0.05) 0.09 0.03 (0.02) 0.02
Net realized and
unrealized gain (loss)
on investments........ 4.15 4.29 (6.59) 2.88 0.20 1.19
------ ------ ------ ------ ------ ------
Total from Investment
Activities............ 4.09 4.24 (6.50) 2.91 0.18 1.21
------ ------ ------ ------ ------ ------
Distributions
Net investment income.. -- -- -- (0.01) -- --
In excess of net
investment income..... -- (0.02) -- -- (0.02) --
Net realized gains..... -- -- (1.04) (0.12) (0.26) --
------ ------ ------ ------ ------ ------
Total Distributions.... -- (0.02) (1.04) (0.13) (0.28) --
------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period................. $14.66 $10.57 $ 6.35 $13.89 $11.11 $11.21
====== ====== ====== ====== ====== ======
Total Return (excludes
sales charge).......... 38.69%(c) 66.99% (48.84%) 26.31% 1.71% 12.10%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $3,257 $2,379 $1,614 $3,459 $1,990 $ 330
Ratio of expenses to
average net assets..... 1.95%(b) 2.14% 2.18% 1.98% 2.22% 2.24%(b)
Ratio of net investment
income (loss) to
average net assets..... (1.41%)(b) (0.52%) 0.98% 0.20% (0.28%) 0.80%(b)
Ratio of expenses to
average net assets*.... 2.50%(b) 2.78% 2.86% 2.58% 3.58% 3.51%(b)
Portfolio turnover (d).. 88.82% 152.58% 129.77% 134.89% 86.53% 55.62%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions and
expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on February 15, 1995.
(b) Annualized
(c) Not 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.
62
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
New Asia Growth Fund
------------------------------------------------
Class B
For the Six For the Year For the Period
Months Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 (a)
---------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C>
Net Asset Value, Beginning of
Period...................... $10.50 $ 6.34 $ 9.09
------ ------ ------
Investment Activities
Net investment income
(loss)..................... (0.06) (0.02) 0.04
Net realized and unrealized
gain (loss) on investments. 4.07 4.18 (2.79)
------ ------ ------
Total from Investment
Activities................. 4.01 4.16 (2.75)
------ ------ ------
Net Asset Value, End of
Period...................... $14.51 $10.50 $ 6.34
====== ====== ======
Total Return (excludes sales
charge)..................... 38.19%(c) 65.66% (30.25%)(c)
Ratios/Supplementary Data:
Net Assets at end of period
(000)....................... $ 635 $ 311 $ 66
Ratio of expenses to average
net assets.................. 2.70%(b) 2.82% 2.89%(b)
Ratio of net investment
income (loss) to average net
assets...................... (2.17%)(b) (1.33%) 1.70%(b)
Ratio of expenses to average
net assets*................. 2.75%(b) 2.95% 3.35%(b)
Portfolio turnover (d)....... 88.82% 152.58% 129.77%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on March 2, 1998.
(b) Annualized
(c) Not 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.
63
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
New Asia Growth Fund
-------------------------------------------------------------------------------------------
Class Y
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.60 $ 6.37 $ 13.94 $ 11.14 $11.22 $10.00
------- ------- ------- ------- ------ ------
Investment Activities
Net investment income
(loss)................ (0.06) (0.06) 0.12 0.06 (0.01) 0.04
Net realized and
unrealized gain (loss)
on investments........ 4.18 4.33 (6.63) 2.87 0.22 1.18
------- ------- ------- ------- ------ ------
Total from Investment
Activities............ 4.12 4.27 (6.51) 2.93 0.21 1.22
------- ------- ------- ------- ------ ------
Distributions
Net investment income.. -- -- (0.02) (0.01) -- --
In excess of net
investment income..... -- (0.04) -- -- (0.03) --
Net realized gains..... -- -- (1.04) (0.12) (0.26) --
------- ------- ------- ------- ------ ------
Total Distributions.... -- (0.04) (1.06) (0.13) (0.29) --
------- ------- ------- ------- ------ ------
Net Asset Value, End of
Period................. $ 14.72 $ 10.60 $ 6.37 $ 13.94 $11.14 $11.22
======= ======= ======= ======= ====== ======
Total Return............ 38.87%(c) 67.38% (48.76%) 26.50% 1.99% 12.20%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $25,051 $15,954 $14,569 $18,376 $8,469 $2,861
Ratio of expenses to
average net assets..... 1.70%(b) 1.90% 1.93% 1.72% 1.98% 1.97%(b)
Ratio of net investment
income (loss) to
average net assets..... (1.16%)(b) (0.33%) 1.32% 0.46% (0.02%) 1.18%(b)
Ratio of expenses to
average net assets*.... 1.75%(b) 2.05% 2.13% 1.82% 2.84% 2.74%(b)
Portfolio Turnover (d).. 88.82% 152.58% 129.77% 134.89% 86.53% 55.62%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on February 15, 1995.
(b) Annualized
(c) Not 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.
64
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Diversified Fixed Income
------------------------------------------------------------------------------------------
Class A
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $10.39 $10.92 $10.71 $ 10.45 $10.75 $10.00
------ ------ ------ -------- ------ ------
Investment Activities
Net investment income.. 0.28 0.56 0.58 0.57 0.59 0.49
Net realized and
unrealized gain (loss)
on investments........ (0.36) (0.43) 0.21 0.35 (0.19) 0.74
------ ------ ------ -------- ------ ------
Total from Investment
Activities............ (0.08) 0.13 0.79 0.92 0.40 1.23
------ ------ ------ -------- ------ ------
Distributions
Net investment income.. (0.28) (0.56) (0.58) (0.57) (0.58) (0.48)
In excess of net
investment income..... -- -- -- -- (0.02) --
Net realized gains..... -- (0.10) -- -- -- --
In excess of net
realized gains........ -- -- -- (0.09) (0.10) --
------ ------ ------ -------- ------ ------
Total Distributions.... (0.28) (0.66) (0.58) (0.66) (0.70) (0.48)
------ ------ ------ -------- ------ ------
Net Asset Value, End of
Period................. $10.03 $10.39 $10.92 $ 10.71 $10.45 $10.75
====== ====== ====== ======== ====== ======
Total Return (excludes
sales charge).......... (0.76%)(c) 1.02% 7.61% 9.30% 3.69% 12.66%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $1,695 $2,228 $1,497 $132,583 $1,093 $ 27
Ratio of expenses to
average net assets..... 0.97%(b) 0.98% 1.02% 0.90% 1.15% 1.18%(b)
Ratio of net investment
income to average net
assets................. 5.51%(b) 5.08% 5.36% 5.67% 5.31% 6.25%(b)
Ratio of expenses to
average net assets*.... 1.66%(b) 1.67% 1.65% 0.94% 1.69% 1.77%(b)
Portfolio Turnover (d).. 34.90% 60.00% 57.58% 80.98% 58.86% 60.47%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on October 14, 1995.
(b) Annualized
(c) Not 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.
65
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Diversified Fixed Income
------------------------------------------------
Class B
For the Six For the Year For the Period
Months Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 (a)
---------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C>
Net Asset Value, Beginning of
Period....................... $10.37 $10.91 $10.79
------ ------ ------
Investment Activities
Net investment income........ 0.25 0.48 0.23
Net realized and unrealized
gain (loss) on investments.. (0.35) (0.44) 0.12
------ ------ ------
Total from Investment
Activities.................. (0.10) 0.04 0.35
------ ------ ------
Distributions
Net investment income........ (0.25) (0.48) (0.23)
Net realized gains........... -- (0.06) --
In excess of net realized
gains....................... -- (0.04) --
------ ------ ------
Total Distributions.......... (0.25) (0.58) (0.23)
------ ------ ------
Net Asset Value, End of
Period....................... $10.02 $10.37 $10.91
====== ====== ======
Total Return (excludes sales
charge)...................... (1.02%)(c) 0.24% 3.25%(c)
Ratios/Supplementary Data:
Net Assets at end of period
(000)........................ $2,169 $2,078 $ 236
Ratio of expenses to average
net assets................... 1.72%(b) 1.72% 1.71%(b)
Ratio of net investment income
to average net assets........ 4.78%(b) 4.39% 4.54%(b)
Ratio of expenses to average
net assets*.................. 1.91%(b) 1.91% 1.90%(b)
Portfolio Turnover (d)........ 34.90% 60.00% 57.58%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on March 2, 1998.
(b) Annualized
(c) Not 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.
66
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Diversified Fixed Income
-------------------------------------------------------------------------------------------
Class Y
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.45 $ 11.00 $ 10.78 $ 10.53 $ 10.84 $ 10.00
-------- -------- -------- -------- -------- -------
Investment Activities
Net investment income.. 0.30 0.59 0.61 0.60 0.58 0.55
Net realized and
unrealized gain (loss)
on investments........ (0.35) (0.45) 0.22 0.34 (0.16) 0.78
-------- -------- -------- -------- -------- -------
Total from Investment
Activities............ (0.05) 0.14 0.83 0.94 0.42 1.33
-------- -------- -------- -------- -------- -------
Distributions
Net investment income.. (0.30) (0.59) (0.61) (0.60) (0.61) (0.49)
In excess of net
investment income..... -- -- -- -- (0.02) --
Net realized gains..... -- (0.07) -- -- -- --
In excess of net
realized gains........ -- (0.03) -- (0.09) (0.10) --
-------- -------- -------- -------- -------- -------
Total Distributions.... (0.30) (0.69) (0.61) (0.69) (0.73) (0.49)
-------- -------- -------- -------- -------- -------
Net Asset Value, End of
Period................. $ 10.10 $ 10.45 $ 11.00 $ 10.78 $ 10.53 $ 10.84
======== ======== ======== ======== ======== =======
Total Return............ (0.50%)(c) 1.10% 7.94% 9.30% 3.85% 13.70%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $242,114 $199,413 $158,909 $132,583 $161,742 $54,827
Ratio of expenses to
average net assets..... 0.72%(b) 0.73% 0.77% 0.90% 0.88% 0.93%(b)
Ratio of net investment
income to average net
assets................. 5.79%(b) 5.34% 5.61% 5.67% 5.56% 6.71%(b)
Ratio of expenses to
average net assets*.... 0.91%(b) 0.92% 0.90% 0.94% 0.92% 1.01%(b)
Portfolio Turnover (d).. 34.90% 60.00% 57.58% 80.98% 58.86% 60.47%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on October 14, 1995.
(b) Annualized
(c) Not 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.
67
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
U.S. Treasury Securities Fund
------------------------------------------------------------------------------------------
Class A
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.21 $ 9.58 $ 9.37 $ 9.13 $ 9.42 $ 9.04
------ ------ ------ ------ ------ ------
Investment Activities
Net investment income.. 0.26 0.52 0.52 0.52 0.53 0.50
Net realized and
unrealized gain (loss)
on investments........ (0.24) (0.37) 0.21 0.25 (0.20) 0.38
------ ------ ------ ------ ------ ------
Total from Investment
Activities............ 0.02 0.15 0.73 0.77 0.33 0.88
------ ------ ------ ------ ------ ------
Distributions
Net investment income.. (0.26) (0.50) (0.52) (0.46) (0.53) (0.50)
In excess of net
investment income..... -- (0.02) -- (0.07) (0.09) --
------ ------ ------ ------ ------ ------
Total Distributions.... (0.26) (0.52) (0.52) (0.53) (0.62) (0.50)
------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period................. $ 8.97 $ 9.21 $ 9.58 $ 9.37 $ 9.13 $ 9.42
====== ====== ====== ====== ====== ======
Total Return (excludes
sales charge).......... 0.24%(c) 1.41% 7.98% 8.68% 3.43% 10.18%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $1,389 $1,369 $1,090 $1,087 $ 979 $1,035
Ratio of expenses to
average net assets..... 1.05%(b) 1.01% 1.07% 1.16% 1.20% 1.19%
Ratio of net investment
income to average net
assets................. 5.73%(b) 5.36% 5.45% 5.60% 5.55% 5.57%
Ratio of expenses to
average net assets*.... 1.84%(b) 1.80% 1.76% 1.70% 1.74% 1.81%
Portfolio Turnover (d).. 7.81% 9.25% 11.82% 44.90% 15.75% 80.98%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) The Financial Highlights presented for the A Class reflects operations and
distributions from 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 from the period from October 14, 1994
through July 31, 1995.
(b) Annualized.
(c) Not 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.
68
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
U.S. Treasury Securities Fund
------------------------------------------------------------------------------------------
Class Y
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.22 $ 9.59 $ 9.38 $ 9.14 $ 9.43 $ 8.66
------- ------- ------- ------- ------- -------
Investment Activities
Net investment income.. 0.27 0.54 0.54 0.53 0.59 0.44
Net realized and
unrealized gain (loss)
on investments........ (0.24) (0.37) 0.21 0.26 (0.24) 0.76
------- ------- ------- ------- ------- -------
Total from Investment
Activities............ 0.03 0.17 0.75 0.79 0.35 1.20
------- ------- ------- ------- ------- -------
Distributions
Net investment income.. (0.27) (0.53) (0.54) (0.54) (0.55) (0.43)
In excess of net
investment income..... -- (0.01) -- (0.01) (0.09) --
------- ------- ------- ------- ------- -------
Total Distributions.... (0.27) (0.54) (0.54) (0.55) (0.64) (0.43)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 8.98 $ 9.22 $ 9.59 $ 9.38 $ 9.14 $ 9.43
======= ======= ======= ======= ======= =======
Total Return............ 0.37%(d) 1.65% 8.24% 8.92% 3.71% 10.49%(b)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $14,105 $20,486 $22,178 $23,832 $23,248 $51,264
Ratio of expenses to
average net assets..... 0.80%(c) 0.76% 0.82% 0.91% 0.95% 1.02%
Ratio of net investment
income to average net
assets................. 5.98%(c) 5.60% 5.70% 5.85% 5.81% 5.78%
Ratio of expenses to
average net assets*.... 1.09%(c) 1.05% 1.01% 0.95% 0.99% 1.09%
Portfolio Turnover (e).. 7.81% 9.25% 11.82% 44.90% 15.75% 80.98%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. 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) 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.
(c) Annualized.
(d) Not Annualized.
(e) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
See notes to financial statements.
69
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Short Intermediate U.S. Treasury Securities Fund
------------------------------------------------------------------------------------------
Class A
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.42 $ 9.64 $ 9.55 $ 9.41 $ 9.60 $ 9.52
------ ------ ------ ------ ------ ------
Investment Activities
Net investment income.. 0.22 0.45 0.49 0.49 0.48 0.52
Net realized and
unrealized gain (loss)
on investments........ (0.21) (0.18) 0.09 0.14 (0.11) 0.05
------ ------ ------ ------ ------ ------
Total from Investment
Activities............ 0.01 0.27 0.58 0.63 0.37 0.57
------ ------ ------ ------ ------ ------
Distributions
Net investment income.. (0.22) (0.45) (0.49) (0.49) (0.50) (0.49)
In excess of net
investment income..... -- -- -- -- (0.04) --
Net realized gains..... (0.04) (0.04) -- -- -- --
In excess of net
realized gains........ -- -- -- -- (0.02) --
------ ------ ------ ------ ------ ------
Total Distributions.... (0.26) (0.49) (0.49) (0.49) (0.56) (0.49)
------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period................. $ 9.17 $ 9.42 $ 9.64 $ 9.55 $ 9.41 $ 9.60
====== ====== ====== ====== ====== ======
Total Return (excludes
sales charge).......... 0.05%(c) 2.79% 6.27% 6.92% 3.90% 6.28%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $ 455 $ 595 $ 654 $ 618 $1,156 $ 489
Ratio of expenses to
average net assets..... 0.89%(b) 0.94% 0.89% 0.87% 0.92% 0.99%
Ratio of net investment
income to average net
assets................. 4.68%(b) 4.65% 5.11% 5.22% 5.14% 5.51%
Ratio of expenses to
average net assets*.... 1.64%(b) 1.69% 1.64% 1.62% 1.67% 1.78%
Portfolio Turnover (d).. 1.24% 63.27% 17.33% 51.56% 47.17% 62.73%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) The Financial Highlights presented for the A Class reflects operations and
distributions from 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 from the period from October 14, 1994
through July 31, 1995.
(b) Annualized.
(c) Not 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
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Short Intermediate U.S. Treasury Securities Fund
------------------------------------------------------------------------------------------
Class Y
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.44 $ 9.66 $ 9.56 $ 9.42 $ 9.61 $ 9.30
------- ------- ------- ------- ------- -------
Investment Activities
Net investment income.. 0.23 0.48 0.51 0.52 0.53 0.44
Net realized and
unrealized gain (loss)
on investments........ (0.21) (0.18) 0.10 0.14 (0.13) 0.31
------- ------- ------- ------- ------- -------
Total from Investment
Activities............ 0.02 0.30 0.61 0.66 0.40 0.75
------- ------- ------- ------- ------- -------
Distributions
Net investment income.. (0.23) (0.48) (0.51) (0.52) (0.53) (0.44)
In excess of net
investment income..... -- -- -- -- (0.04) --
Net realized gains..... (0.04) (0.04) -- -- -- --
In excess of net
realized gains........ -- -- -- -- (0.02) --
------- ------- ------- ------- ------- -------
Total Distributions.... (0.27) (0.52) (0.51) (0.52) (0.59) (0.44)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 9.19 $ 9.44 $ 9.66 $ 9.56 $ 9.42 $ 9.61
======= ======= ======= ======= ======= =======
Total Return............ 0.19%(d) 3.05% 6.62% 7.19% 4.18% 6.57%(b)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $28,809 $33,332 $24,843 $26,722 $23,545 $16,214
Ratio of expenses to
average net assets..... 0.64%(c) 0.67% 0.64% 0.62% 0.67% 0.75%
Ratio of net investment
income to average net
assets................. 4.93%(c) 4.89% 5.36% 5.47% 5.40% 5.84%
Ratio of expenses to
average net assets*.... 0.89%(c) 0.92% 0.89% 0.87% 0.92% 0.99%
Portfolio Turnover (e).. 1.24% 63.27% 17.33% 51.56% 47.17% 62.73%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. 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) 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.
(c) Annualized.
(d) Not Annualized.
(e) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
See notes to financial statements.
71
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Tax-Free Securities Fund
------------------------------------------------------------------------------------------
Class A
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $10.49 $10.84 $10.84 $10.44 $10.53 $10.00
------ ------ ------ ------ ------ ------
Net investment income.. 0.24 0.48 0.48 0.49 0.50 0.39
Net realized and
unrealized gain (loss)
on investments........ (0.50) (0.25) 0.06 0.46 0.07 0.50
------ ------ ------ ------ ------ ------
Total from Investment
Activities............ (0.26) 0.23 0.54 0.95 0.57 0.89
------ ------ ------ ------ ------ ------
Distributions
Net investment income.. (0.24) (0.48) (0.48) (0.49) (0.49) (0.36)
In excess of net
investment income..... -- -- -- -- (0.04) --
Net realized gains..... (0.05) (0.10) (0.06) (0.06) (0.09) --
In excess of net
realized gains........ -- -- -- -- (0.04) --
------ ------ ------ ------ ------ ------
Total Distributions.... (0.29) (0.58) (0.54) (0.55) (0.66) (0.36)
------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period................. $ 9.94 $10.49 $10.84 $10.84 $10.44 $10.53
====== ====== ====== ====== ====== ======
Total Return (excludes
sales charge).......... (2.53%)(c) 2.00% 5.17% 9.35% 5.54% 9.06%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $5,742 $4,795 $3,054 $2,545 $ 569 $ 563
Ratio of expenses to
average net assets..... 0.95%(b) 0.96% 1.02% 1.12% 1.14% 1.15%(b)
Ratio of net investment
income to average net
assets................. 4.70%(b) 4.41% 4.49% 4.60% 4.66% 4.93%(b)
Ratio of expenses to
average net assets*.... 1.64%(b) 1.65% 1.65% 1.66% 1.68% 1.74%(b)
Portfolio Turnover (d).. 7.48% 9.91% 10.73% 11.07% 24.78% 49.17%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on October 14, 1994.
(b) Annualized
(c) Not 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.
72
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Tax-Free Securities Fund
------------------------------------------------
Class B
For the Six For the Year For the Period
Months Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 (a)
---------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $10.49 $10.83 $10.84
------ ------ ------
Investment Activities
Net investment income.. 0.20 0.40 0.21
Net realized and
unrealized loss on
investments........... (0.50) (0.24) (0.01)
------ ------ ------
Total from Investment
Activities............ (0.30) 0.16 0.20
------ ------ ------
Distributions
Net investment income.. (0.20) (0.40) (0.21)
Net realized gains..... (0.05) (0.10) --
------ ------ ------
Total Distributions.... (0.25) (0.50) (0.21)
------ ------ ------
Net Asset Value, End of
Period................. $ 9.94 $10.49 $10.83
====== ====== ======
Total Return (excludes
sales charge).......... (2.88%)(c) 1.40% 1.82%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $3,247 $1,756 $ 272
Ratio of expenses to
average net assets..... 1.70%(b) 1.70% 1.71%(b)
Ratio of net investment
income to average net
assets................. 3.96%(b) 3.68% 3.75%(b)
Ratio of expenses to
average net assets*.... 1.89%(b) 1.89% 1.90%(b)
Portfolio Turnover (d).. 7.48% 9.91% 10.73%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on March 2, 1998
(b) Annualized
(c) Not 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.
73
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Tax-Free Securities Fund
-------------------------------------------------------------------------------------------
Class Y
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.53 $ 10.88 $ 10.86 $ 10.46 $ 10.56 $ 10.00
-------- -------- -------- -------- -------- --------
Investment Activities
Net investment income.. 0.25 0.51 0.51 0.51 0.52 0.42
Net realized and
unrealized gain (loss)
on investments........ (0.50) (0.25) 0.08 0.46 0.07 0.51
-------- -------- -------- -------- -------- --------
Total from Investment
Activities............ (0.25) 0.26 0.59 0.97 0.59 0.93
-------- -------- -------- -------- -------- --------
Distributions
Net investment income.. (0.25) (0.51) (0.51) (0.51) (0.52) (0.37)
In excess of net
investment income..... -- -- -- -- (0.04) --
Net realized gains..... (0.05) (0.10) (0.06) (0.06) (0.09) --
In excess of net
realized gains........ -- -- -- -- (0.04) --
-------- -------- -------- -------- -------- --------
Total Distributions.... (0.30) (0.61) (0.57) (0.57) (0.69) (0.37)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of
Period................. $ 9.98 $ 10.53 $ 10.88 $ 10.86 $ 10.46 $ 10.56
======== ======== ======== ======== ======== ========
Total Return............ (2.38%)(c) 2.26% 5.63% 9.58% 5.73% 9.54%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $410,922 $424,022 $416,544 $296,764 $288,934 $281,646
Ratio of expenses to
average net assets..... 0.70%(b) 0.71% 0.77% 0.87% 0.89% 0.89%(b)
Ratio of net investment
income to average net
assets................. 4.95%(b) 4.66% 4.74% 4.86% 4.92% 5.16%(b)
Ratio of expenses to
average net assets*.... 0.89%(b) 0.90% 0.90% 0.91% 0.93% 0.98%(b)
Portfolio Turnover (d).. 7.48% 9.91% 10.73% 11.07% 24.78% 49.17%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on October 14, 1994.
(b) Annualized
(c) Not 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.
74
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Tax-Free Short Intermediate Securities Fund
------------------------------------------------------------------------------------------
Class A
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.95 $10.09 $10.17 $10.05 $10.11 $10.00
------ ------ ------ ------ ------ ------
Investment Activities
Net investment income.. 0.17 0.34 0.35 0.37 0.37 0.30
Net realized and
unrealized gain (loss)
on investments........ (0.19) (0.09) (0.02) 0.13 (0.03) 0.08
------ ------ ------ ------ ------ ------
Total from Investment
Activities............ (0.02) 0.25 0.33 0.50 0.34 0.38
------ ------ ------ ------ ------ ------
Distributions
Net investment income.. (0.17) (0.34) (0.35) (0.37) (0.37) (0.27)
In excess of net
investment income..... -- -- -- -- (0.03) --
Net realized gains..... (0.05) (0.05) (0.06) (0.01) -- --
------ ------ ------ ------ ------ ------
Total Distributions.... (0.22) (0.39) (0.41) (0.38) (0.40) (0.27)
------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period................. $ 9.71 $ 9.95 $10.09 $10.17 $10.05 $10.11
====== ====== ====== ====== ====== ======
Total Return (excludes
sales charge).......... (0.19%)(c) 2.44% 3.36% 5.06% 3.41% 3.90%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $ 847 $ 878 $ 478 $ 724 $ 451 $ 308
Ratio of expenses to
average net assets..... 0.98%(b) 0.98% 1.01% 1.09% 1.08% 1.05%(b)
Ratio of net investment
income to average net
assets................. 3.49%(b) 3.35% 3.50% 3.57% 3.64% 3.82%(b)
Ratio of expenses to
average net assets*.... 1.63%(b) 1.63% 1.62% 1.64% 1.63% 1.64%(b)
Portfolio Turnover (d).. 24.53% 18.40% 47.55% 29.46% 54.70% 89.98%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions and
expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on October 14, 1994.
(b) Annualized
(c) Not 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.
75
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Tax-Free Short Intermediate Securities Fund
-------------------------------------------------------------------------------------------
Class Y
For the Six For the Year For the Year For the Year For the Year For the Period
Months Ended Ended Ended Ended Ended Ended
January 31, 2000 July 31, 1999 July 31, 1998 July 31, 1997 July 31, 1996 July 31, 1995 (a)
---------------- ------------- ------------- ------------- ------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.00 $ 10.15 $ 10.21 $ 10.08 $ 10.14 $ 10.00
------- ------- ------- ------- ------- -------
Investment Activities
Net investment income.. 0.19 0.37 0.38 0.39 0.40 0.32
Net realized and
unrealized gain (loss)
on investments........ (0.19) (0.10) -- 0.14 (0.03) 0.11
------- ------- ------- ------- ------- -------
Total from Investment
Activities............ -- 0.27 0.38 0.53 0.37 0.43
------- ------- ------- ------- ------- -------
Distributions
Net investment income.. (0.19) (0.37) (0.38) (0.39) (0.40) (0.29)
In excess of net
investment income..... -- -- -- -- (0.03) --
Net realized gains..... (0.05) (0.05) (0.06) (0.01) -- --
------- ------- ------- ------- ------- -------
Total Distributions.... (0.24) (0.42) (0.44) (0.40) (0.43) (0.29)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 9.76 $ 10.00 $ 10.15 $ 10.21 $ 10.08 $ 10.14
======= ======= ======= ======= ======= =======
Total Return............ (0.06%)(c) 2.60% 3.83% 5.36% 3.67% 4.36%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $42,456 $47,668 $52,185 $37,410 $39,472 $39,993
Ratio of expenses to
average net assets..... 0.73%(b) 0.73% 0.76% 0.84% 0.83% 0.85%(b)
Ratio of net investment
income to average net
assets................. 3.74%(b) 3.61% 3.75% 3.82% 3.90% 4.03%(b)
Ratio of expenses to
average net assets*.... 0.88%(b) 0.88% 0.87% 0.89% 0.88% 0.94%(b)
Portfolio Turnover (d).. 24.53% 18.40% 47.55% 29.46% 54.70% 89.98%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on October 14, 1994.
(b) Annualized
(c) Not 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.
76
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
International Stock Fund
----------------------------------
Class A
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period....... $11.96 $10.09
------ ------
Investment Activities
Net investment loss....................... (0.07) --
Net realized and unrealized gain on
investments.............................. 4.52 1.87
------ ------
Total from Investment Activities ......... 4.45 1.87
------ ------
Distributions
Net realized gains........................ (0.49) --
------ ------
Total Distributions....................... (0.49) --
------ ------
Net Asset Value, End of Period............. $15.92 $11.96
====== ======
Total Return (excludes sales charge)....... 37.45%(c) 18.53%(c)
Ratios/Supplementary Data:
Net Assets at end of period (000).......... $3,551 $ 265
Ratio of expenses to average net assets.... 1.75%(b) 1.94%(b)
Ratio of net investment loss to average net
assets.................................... (1.39%)(b) (0.19%)(b)
Ratio of expenses to average net assets*... 2.39%(b) 2.61%(b)
Portfolio Turnover (d)..................... 98.71% 156.46%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions and
expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on December 8, 1998.
(b) Annualized.
(c) Not 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.
77
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
International Stock Fund
----------------------------------
Class B
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period....... $11.90 $10.20
------ ------
Investment Activities
Net investment loss....................... (0.07) (0.02)
Net realized and unrealized gain on
investments.............................. 4.41 1.72
------ ------
Total from Investment Activities.......... 4.34 1.70
------ ------
Distributions
Net realized gains........................ (0.49) --
------ ------
Total Distributions....................... (0.49) --
------ ------
Net Asset Value, End of Period............. $15.75 $11.90
====== ======
Total Return (excludes sales charge)....... 36.71%(c) 16.67%(c)
Ratios/Supplementary Data:
Net Assets at end of period (000).......... $ 323 $ 102
Ratio of expenses to average net assets.... 2.50%(b) 2.76%(b)
Ratio of net investment loss to average net
assets.................................... (2.12%)(b) (1.08%)(b)
Ratio of expenses to average net assets*... 2.64%(b) 2.92%(b)
Portfolio Turnover (d)..................... 98.71% 156.46%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on December 20, 1998.
(b) Annualized.
(c) Not 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.
78
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
International Stock Fund
-----------------------------------
Class Y
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period...... $ 11.98 $ 10.00
-------- -------
Investment Activities
Net investment loss...................... (0.07) --
Net realized and unrealized gain on
investments............................. 4.52 1.98
-------- -------
Total from Investment Activities......... 4.45 1.98
-------- -------
Distributions
Net realized gains....................... (0.49) --
-------- -------
Total Distributions...................... (0.49) --
-------- -------
Net Asset Value, End of Period............ $ 15.94 $ 11.98
======== =======
Total Return............................. 37.27%(c) 19.90%(c)
Ratios/Supplementary Data:
Net Assets at end of period (000)......... $112,827 $81,253
Ratio of expenses to average net assets... 1.54%(b) 1.65%(b)
Ratio of net investment income (loss) to
average net assets....................... (1.11%)(b) 0.03%(b)
Ratio of expenses to average net assets*.. 1.69%(b) 1.79%(b)
Portfolio Turnover (d).................... 98.71% 156.46%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on December 2, 1998.
(b) Annualized.
(c) Not 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.
79
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Value Fund
----------------------------------
Class A
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period....... $10.37 $10.05
------ ------
Investment Activities
Net investment income..................... 0.02 0.01
Net realized and unrealized gain (loss) on
investments.............................. (0.05) 0.78
------ ------
Total from Investment Activities.......... (0.03) 0.79
------ ------
Distributions
Net investment income..................... (0.02) --
In excess of net investment income........ -- (0.02)
Net realized gains........................ (0.13) (0.45)
------ ------
Total Distributions....................... (0.15) (0.47)
------ ------
Net Asset Value, End of Period............. $10.19 $10.37
====== ======
Total Return (excludes sales charge)....... (0.32%)(c) 7.81%(c)
Ratios/Supplementary Data:
Net Assets at end of period (000).......... $ 481 $ 178
Ratio of expenses to average net assets.... 1.33%(b) 1.60%(b)
Ratio of net investment income (loss) to
average net assets........................ 0.12%(b) (0.01%)(b)
Ratio of expenses to average net assets*... 1.86%(b) 2.15%(b)
Portfolio Turnover (d)..................... 81.34% 113.72%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on December 8, 1998.
(b) Annualized.
(c) Not 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.
80
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Value Fund
----------------------------------
Class B
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period........ $10.34 $ 9.90
------ ------
Investment Activities
Net investment loss........................ -- (0.01)
Net realized and unrealized gain (loss) on
investments............................... (0.08) 0.91
------ ------
Total from Investment Activities........... (0.08) 0.90
------ ------
Distributions
In excess of net investment income......... -- (0.01)
Net realized gains......................... (0.13) (0.38)
In excess of net realized gains............ -- (0.07)
------ ------
Total Distributions........................ (0.13) (0.46)
------ ------
Net Asset Value, End of Period.............. $10.13 $10.34
====== ======
Total Return (excludes sales charge)........ (0.80%)(c) 8.94%(c)
Ratios/Supplementary Data:
Net Assets at end of period (000)........... $ 658 $ 472
Ratio of expenses to average net assets..... 2.08%(b) 2.44%(b)
Ratio of net investment loss to average net
assets..................................... (0.53%)(b) (0.71%)(b)
Ratio of expenses to average net assets*.... 2.12%(b) 2.48%(b)
Portfolio Turnover (d)...................... 81.34% 113.72%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on December 13, 1998.
(b) Annualized.
(c) Not 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.
81
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Value Fund
-----------------------------------
Class Y
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period....... $ 10.38 $ 10.00
-------- -------
Investment Activities
Net investment income..................... 0.03 0.04
Net realized and unrealized gain (loss) on
investments.............................. (0.06) 0.83
-------- -------
Total from Investment Activities.......... (0.03) 0.87
-------- -------
Distributions
Net investment income..................... (0.03) (0.03)
In excess of net investment income -- (0.01)
Net realized gains........................ (0.13) (0.45)
-------- -------
Total Distributions....................... (0.16) (0.49)
-------- -------
Net Asset Value, End of Period............. $ 10.19 $ 10.38
======== =======
Total Return............................... (0.31%)(c) 8.56%(c)
Ratios/Supplementary Data:
Net Assets at end of period (000).......... $169,241 $75,464
Ratio of expenses to average net assets.... 1.08%(b) 1.28%(b)
Ratio of net investment income to average
net assets................................ 0.53%(b) 0.40%(b)
Ratio of expenses to average net assets*... 1.12%(b) 1.32%(b)
Portfolio Turnover (d)..................... 81.34% 113.72%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on December 3, 1998.
(b) Annualized.
(c) Not 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.
82
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Small Cap Fund
--------------------------------------------------
Class A
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning
of Period................. $10.66 $10.07
Investment Activities
Net investment income
(loss)................... 0.01 (0.01)
Net realized and
unrealized gain (loss) on
investments.............. (0.88) 0.60
------ ------
Total from Investment
Activities............... (0.87) 0.59
------ ------
Distributions
Net investment income..... (0.01) --
Net realized gains........ (0.35) --
------ ------
Total Distributions....... (0.36) --
------ ------
Net Asset Value, End of
Period.................... $ 9.43 $10.66
====== ======
Total Return (excludes
sales charge)............. (8.16%)(c) 5.91%(c)
Ratios/Supplementary Data:
Net Assets at end of period
(000)..................... $ 146 $ 93
Ratio of expenses to
average net assets........ 1.69%(b) 1.84%(b)
Ratio of net investment
income (loss) to average
net assets................ 0.16%(b) (0.26%)(b)
Ratio of expenses to
average net assets*....... 2.33%(b) 2.50%(b)
Portfolio Turnover (d)..... 48.67% 60.08%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on December 8, 1998.
(b) Annualized.
(c) Not 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.
83
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Small Cap Fund
----------------------------------
Class B
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period........ $10.61 $ 9.78
------ ------
Investment Activities
Net investment loss........................ -- (0.03)
Net realized and unrealized gain (loss) on
investments............................... (0.90) 0.86
------ ------
Total from Investment Activities........... (0.90) 0.83
------ ------
Distributions
In excess of net investment income......... 0.00(e) --
Net realized gains......................... (0.35) --
------ ------
Total Distributions........................ (0.35) --
------ ------
Net Asset Value, End of Period.............. $ 9.36 $10.61
====== ======
Total Return (excludes sales charge)........ (8.45%)(c) 8.56%(c)
Ratios/Supplementary Data:
Net Assets at end of period (000)........... $ 138 $ 82
Ratio of expenses to average net assets..... 2.44%(b) 2.59%(b)
Ratio of net investment loss to average net
assets..................................... (0.57%)(b) (1.00%)(b)
Ratio of expenses to average net assets*.... 2.58%(b) 2.73%(b)
Portfolio Turnover (d)...................... 48.67% 60.08%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on December 20, 1998.
(b) Annualized.
(c) Not Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund, as a whole,
without distinguishing between the classes of shares issued.
(e) Less than $0.01 per share.
See notes to financial statements.
84
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Small Cap Fund
-----------------------------------
Class Y
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period........ $ 10.67 $ 10.00
------- -------
Investment Activities
Net investment income...................... 0.02 --
Net realized and unrealized gain (loss) on
investments............................... (0.87) 0.67
------- -------
Total from Investment Activities........... (0.85) 0.67
------- -------
Distributions
Net investment income...................... (0.02) --
Net realized gains......................... (0.35) --
------- -------
Total Distributions........................ (0.37) --
------- -------
Net Asset Value, End of Period.............. $ 9.45 $ 10.67
======= =======
Total Return................................ (7.96%)(c) 6.75%(c)
Ratios/Supplementary Data:
Net Assets at end of period (000)........... $34,480 $31,812
Ratio of expenses to average net assets..... 1.44%(b) 1.52%(b)
Ratio of net investment income to average
net assets................................. 0.38%(b) 0.08%(b)
Ratio of expenses to average net assets*.... 1.58%(b) 1.66%(b)
Portfolio Turnover (d)...................... 48.67% 60.08%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on December 3, 1998.
(b) Annualized.
(c) Not 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.
85
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Balanced Fund
----------------------------------
Class A
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period........ $ 9.79 $10.00
------ ------
Investment Activities
Net investment income...................... 0.08 0.01
Net realized and unrealized gain (loss) on
investments............................... 0.88 (0.21)
------ ------
Total from Investment Activities........... 0.96 (0.20)
------ ------
Distributions
Net investment income...................... (0.08) (0.01)
Net realized gains......................... (0.03) --
------ ------
Total Distributions........................ (0.11) (0.01)
------ ------
Net Asset Value, End of Period.............. $10.64 $ 9.79
====== ======
Total Return (excludes sales charge)........ 9.88%(c) (1.95%)(c)
Ratios/Supplementary Data:
Net Assets at end of period (000)........... $ 210 $ 62
Ratio of expenses to average net assets..... 1.26%(b) 1.38%(b)
Ratio of net investment income to average
net assets................................. 1.56%(b) 1.45%(b)
Ratio of expenses to average net assets*.... 1.89%(b) 2.03%(b)
Portfolio Turnover (d)...................... 27.98% 5.47%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on June 21, 1999.
(b) Annualized.
(c) Not 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.
86
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Balanced Fund
----------------------------------
Class B
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period........ $ 9.78 $10.00
------ ------
Investment Activities
Net investment income...................... 0.05 0.01
Net realized and unrealized gain (loss) on
investments............................... 0.88 (0.22)
------ ------
Total from Investment Activities........... 0.93 (0.21)
------ ------
Distributions
Net investment income...................... (0.05) --
In excess of net investment income......... -- (0.01)
Net realized gains......................... (0.03) --
------ ------
Total Distributions........................ (0.08) (0.01)
------ ------
Net Asset Value, End of Period.............. $10.63 $ 9.78
====== ======
Total Return (excludes sales charge)........ 9.49%(c) (2.09%)(c)
Ratios/Supplementary Data:
Net Assets at end of period (000)........... $ 572 $ 307
Ratio of expenses to average net assets..... 2.01%(b) 2.16%(b)
Ratio of net investment income to average
net assets................................. 0.83%(b) 0.81%(b)
Ratio of expenses to average net assets*.... 2.15%(b) 2.31%(b)
Portfolio Turnover (d)...................... 27.98% 5.47%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on June 21, 1999.
(b) Annualized.
(c) Not 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.
87
<PAGE>
PACIFIC CAPITAL FUNDS
Financial Highlights
(Selected data for a share of capital stock outstanding throughout the period)
<TABLE>
<CAPTION>
Balanced Fund
----------------------------------
Class Y
For the Six For the Period
Months Ended Ended
January 31, 2000 July 31, 1999 (a)
---------------- -----------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period....... $ 9.79 $ 10.00
-------- --------
Investment Activities
Net investment income (loss).............. 0.10 (0.03)
Net realized and unrealized gain (loss) on
investments.............................. 0.88 (0.16)
-------- --------
Total from Investment Activities.......... 0.98 (0.19)
-------- --------
Distributions
Net investment income..................... (0.10) (0.02)
Net realized gains........................ (0.03) --
-------- --------
Total Distributions....................... (0.13) (0.02)
-------- --------
Net Asset Value, End of Period............. $ 10.64 $ 9.79
======== ========
Total Return............................... 10.01%(c) (1.94%)(c)
Ratios/Supplementary Data:
Net Assets at end of period (000).......... $200,260 $184,081
Ratio of expenses to average net assets.... 1.01%(b) 1.08%(b)
Ratio of net investment income to average
net assets................................ 1.83%(b) 1.69%(b)
Ratio of expenses to average net assets*... 1.15%(b) 1.22%(b)
Portfolio Turnover (d)..................... 27.98% 5.47%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. In addition, the
investment adviser reimbursed expenses. If such voluntary fee reductions
and expense reimbursements had not occurred, the ratios would have been as
indicated.
(a) Period from commencement of operations on June 21, 1999.
(b) Annualized.
(c) Not 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.
88
<PAGE>
INVESTMENT ADVISOR
The Asset Management Group of Bank of Hawaii
111 South King Street
Honolulu, HI 96813
SUB-ADVISERS
Nicholas-Applegate Capital Management
600 West Broadway
San Diego, CA 92102
CMG First State (Hong Kong) LLC
3 Exchange Square
8 Connaught Place Central
Hong Kong
ADMINISTRATOR AND DISTRIBUTOR
BISYS Fund Services
3425 Stelzer Road
Columbus, OH 43219
LEGAL COUNSEL
Paul, Hastings, Janofsky & Walker LLP
555 South Flower Street, 29th Floor
Los Angeles, CA 90071
INDEPENDENT AUDITORS
Ernst & Young LLP
One Columbus, Suite 2300
10 West Broad Street
Columbus, OH 43215
TRANSFER AGENT
BISYS Fund Services, Inc.
3425 Stelzer Road
Columbus, OH 43219
[LOGO OF PACIFIC CAPITAL FUNDS]
MANAGED BY THE ASSET MANAGEMENT GROUP OF BANK OF HAWAII
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, which you should read carefully before you invest or send money.
PCR-0008 3/00
