NPORT-EX 2 MB66PacificCapTFShInterSecFd.htm FOR VALIDATION PURPOSES ONLY - [15359.TX]

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments

July 31, 2020

(Unaudited)

 

     Principal
   Amount ($)   		     Value ($)  

MUNICIPAL BONDS — 98.9%

 

Arizona — 2.6%

 

Phoenix Civic Improvement Corp., Civic Plaza, Convertible CAB, OID, Series B,
5.50%, 07/01/31, (NATL-RE Insured)

      5,000,000             7,096,400  
    

 

 

  

California — 1.7%

 

Norwalk-La Mirada Unified School District GO, CAB, OID, Series B,
0.00%, 08/01/27, (AGM-CR, FGIC Insured)

      5,000,000       4,666,500  
    

 

 

  

Hawaii — 92.1%

 

Hawaii County GO, Series A, Callable 03/01/27 at 100,
5.00%, 09/01/31

      5,045,000       6,374,862  

Hawaii County GO, Series A, Callable 03/01/27 at 100,
5.00%, 09/01/34

      4,775,000       5,964,405  

Hawaii Housing Finance & Development Corp., Hale-Kewalo Apartments, Series A, Callable 08/28/20 at 100,
1.90%, 01/01/21, (GNMA Collateral Insured)

      2,910,000       2,915,500  

Hawaii Housing Finance & Development Corp., Multi-Family Housing, Iwilei Apartments, Series A, Callable 07/01/22 at 100,
3.75%, 01/01/31

      3,120,000       3,265,704  
     Principal
   Amount ($)   		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii Housing Finance & Development Corp., Series B, Callable 07/01/21 at 100,
3.88%, 07/01/25, (GNMA/FNMA/FHLMC Insured)

      1,795,000             1,840,772  

Hawaii State Airports System Revenue, AMT, Callable 07/01/21 at 100,
5.00%, 07/01/23

      2,000,000       2,078,100  

Hawaii State Airports System Revenue, AMT, OID, Callable 08/01/23 at 100,
5.00%, 08/01/28

      400,000       440,272  

Hawaii State Airports System Revenue, Series A, Callable 09/08/20 at 100,
5.25%, 07/01/23

      1,000,000       1,003,520  

Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100,
5.00%, 07/01/33

      500,000       621,480  

Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/25 at 100,
5.00%, 07/01/41

      4,000,000       4,565,000  

Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100,
5.00%, 07/01/48

      1,500,000       1,803,390  

Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, OID,
4.00%, 07/01/23

      500,000       545,715  
 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

1

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

     Principal
   Amount ($)   		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC,
3.10%, 05/01/26

      3,500,000             3,771,145  

Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Callable 03/01/27 at 100,
4.00%, 03/01/37

      1,515,000       1,658,228  

Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Callable 10/01/24 at 100,
3.50%, 10/01/49

      2,750,000       2,832,252  

Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, MWC, Refunding, Callable 07/01/29 at 100,
3.20%, 07/01/39

      5,475,000       5,769,281  

Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Projects, Refunding,
4.00%, 01/01/30

      225,000       252,142  

Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Projects, Refunding, Callable 01/01/30 at 100,
4.00%, 01/01/31

      250,000       277,832  
     Principal
   Amount ($)   		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State Department of Budget & Finance, Hawaii Pacific Health Obligation, Callable 07/01/23 at 100,
5.00%, 07/01/26

      1,330,000       1,480,995  

Hawaii State Department of Budget & Finance, Series A, Queens Health System, Callable 07/01/25 at 100,
5.00%, 07/01/35

      10,000,000             11,505,400  

Hawaii State Department of Budget & Finance, Special Purpose Revenue, Kahala Nui, Callable 11/15/22 at 100,
5.00%, 11/15/27

      1,790,000       1,952,532  

Hawaii State Department of Budget & Finance, Special Purpose Revenue, Kahala Nui, Callable 11/15/22 at 100,
5.13%, 11/15/32

      550,000       596,145  

Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,
5.00%, 04/01/21

      1,370,000       1,413,141  

Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,
5.00%, 04/01/24

      500,000       584,355  

Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,
5.00%, 04/01/28

      945,000       1,203,032  
 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

2

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

     Principal
   Amount ($)   		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,
5.00%, 04/01/32

      335,000       419,360  

Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, Callable 11/01/27 at 100,
5.00%, 11/01/28

      1,170,000             1,518,449  

Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, Callable 11/01/27 at 100,
5.00%, 11/01/30

      800,000       1,029,304  

Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, Callable 11/01/27 at 100,
5.00%, 11/01/31

      815,000       1,040,062  

Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100,
5.00%, 12/01/22

      155,000       164,883  

Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100,
5.00%, 12/01/25

      895,000       952,065  

Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100,
5.00%, 12/01/27

      1,155,000       1,228,643  

Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100,
5.00%, 12/01/27

      1,120,000       1,191,411  
     Principal
   Amount ($)   		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100,
5.00%, 12/01/30

      805,000       856,327  

Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100,
5.00%, 12/01/31

      1,730,000             1,840,305  

Hawaii State GO, Series DZ, Unrefunded portion, Callable 12/01/21 at 100,
5.00%, 12/01/29

      300,000       319,128  

Hawaii State GO, Series DZ, Unrefunded portion, Callable 12/01/21 at 100,
5.00%, 12/01/30

      1,235,000       1,313,744  

Hawaii State GO, Series DZ, Unrefunded portion, Callable 12/01/21 at 100,
5.00%, 12/01/31

      1,095,000       1,164,817  

Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100,
5.00%, 11/01/24

      55,000       60,967  

Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100,
5.00%, 11/01/26

      90,000       99,765  

Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100,
5.00%, 11/01/27

      1,000,000       1,108,500  

Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100,
5.00%, 11/01/27

      90,000       99,765  

Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100,
5.00%, 11/01/28

      740,000       820,290  
 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

3

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

     Principal
   Amount ($)   		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100,
5.00%, 11/01/28

      20,000       22,170  

Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100,
5.00%, 11/01/24

      100,000       110,850  

Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100,
5.00%, 11/01/26

      1,365,000             1,513,102  

Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100,
5.00%, 11/01/27

      345,000       382,432  

Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100,
5.00%, 11/01/28

      340,000       376,890  

Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100,
5.00%, 08/01/24

      305,000       347,465  

Hawaii State GO, Series EH, Prerefunded, ETM,
5.00%, 08/01/23

      445,000       506,957  

Hawaii State GO, Series EH, Prerefunded, ETM,
5.00%, 08/01/23

      120,000       136,708  

Hawaii State GO, Series EH, Unrefunded portion,
5.00%, 08/01/23

      345,000       394,332  

Hawaii State GO, Series EH, Unrefunded portion, Callable 08/01/23 at 100,
5.00%, 08/01/24

      895,000       1,021,821  
     Principal
   Amount ($)   		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State GO, Series EL,
5.00%, 08/01/23

      1,000,000       1,142,990  

Hawaii State GO, Series EO, Callable 08/01/24 at 100,
5.00%, 08/01/32

      1,285,000       1,499,942  

Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100,
5.00%, 08/01/26

      140,000       166,457  

Hawaii State GO, Series EO, Unrefunded portion, Callable 08/01/24 at 100,
5.00%, 08/01/26

      2,660,000             3,145,264  

Hawaii State GO, Series EP,
5.00%, 08/01/24

      1,000,000       1,187,690  

Hawaii State GO, Series EY, Callable 10/01/25 at 100,
5.00%, 10/01/27

      3,040,000       3,731,843  

Hawaii State GO, Series EZ,
5.00%, 10/01/21

      340,000       359,037  

Hawaii State GO, Series FB,
5.00%, 04/01/25

      5,000,000       6,066,750  

Hawaii State GO, Series FB, Callable 04/01/26 at 100,
4.00%, 04/01/29

      2,000,000       2,360,780  

Hawaii State GO, Series FG, Callable 10/01/26 at 100,
5.00%, 10/01/30

      10,000,000       12,511,500  

Hawaii State GO, Series FG, Callable 10/01/26 at 100,
4.00%, 10/01/35

      1,000,000       1,160,800  

Hawaii State GO, Series FK, Callable 05/01/27 at 100,
5.00%, 05/01/33

      2,500,000       3,157,750  
 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

4

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

     Principal
   Amount ($)   		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State GO, Series FK, Callable 05/01/27 at 100,
4.00%, 05/01/37

   

 

2,000,000

 

  

 

2,326,140

 

Hawaii State GO, Series FN,
5.00%, 10/01/26

      2,500,000       3,176,050  

Hawaii State GO, Series FT, Callable 01/01/28 at 100,
5.00%, 01/01/38

   

 

1,950,000

 

  

 

2,469,344

 

Hawaii State GO, Series FT, Callable 01/01/28 at 100,
5.00%, 01/01/36

   

 

4,000,000

 

  

 

      5,093,920

 

Hawaii State GO, Series FW, Callable 01/01/29 at 100,
4.00%, 01/01/34

   

 

2,000,000

 

  

 

2,430,000

 

Hawaii State Harbor System Revenue, OID, Series A, Callable 09/08/20 at 100,
4.75%, 07/01/24

   

 

220,000

 

  

 

220,739

 

Hawaii State Harbor System Revenue, OID, Series A, Callable 09/08/20 at 100,
5.63%, 07/01/40

   

 

4,125,000

 

  

 

4,137,581

 

Hawaii State Highway Fund Revenue, Series A, Callable 07/01/24 at 100,
5.00%, 01/01/31

   

 

1,085,000

 

  

 

1,266,586

 

Hawaii State Highway Fund Revenue, Series A, Callable 01/01/29 at 100,
5.00%, 01/01/37

   

 

3,500,000

 

  

 

4,532,115

 

Hawaii State Highway Fund Revenue, Series A, Prerefunded 01/01/22 at 100,
5.00%, 01/01/27

   

 

5,490,000

 

  

 

5,862,002

 

     Principal
   Amount ($)   		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State Highway Fund Revenue, Series A, Prerefunded 01/01/22 at 100,
5.00%, 01/01/28

   

 

1,120,000

 

  

 

1,195,891

 

Hawaii State Highway Fund Revenue, Series B, Callable 07/01/26 at 100,
5.00%, 01/01/29

   

 

5,000,000

 

  

 

6,229,900

 

Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A, Callable 07/01/24 at 100,
5.00%, 07/01/25

   

 

1,500,000

 

  

 

1,763,115

 

Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A, Callable 07/01/22 at 100,
5.00%, 07/01/25

   

 

250,000

 

  

 

272,895

 

Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A, Callable 07/01/22 at 100,
5.00%, 07/01/26

   

 

3,125,000

 

  

 

      3,411,188

 

Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A, Callable 07/01/24 at 100,
5.00%, 07/01/27

   

 

850,000

 

  

 

994,772

 

Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/30 at 100,
4.00%, 07/01/35

   

 

1,770,000

 

  

 

2,182,782

 

 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

5

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

    Principal
  Amount ($)   		           Value ($)        

MUNICIPAL BONDS — (Continued)

 

  

Hawaii — (Continued)

 

Honolulu City & County GO,
Series A, Callable 11/01/22 at 100,
5.00%, 11/01/25

     1,355,000       1,502,018  

Honolulu City & County GO,
Series A, Callable 11/01/22 at 100,
5.00%, 11/01/26

     1,000,000       1,108,500  

Honolulu City & County GO,
Series A, Callable 10/01/25 at 100,
5.00%, 10/01/31

     2,175,000       2,637,840  

Honolulu City & County GO,
Series A, Callable 11/01/22 at 100,
5.00%, 11/01/31

     450,000       498,825  

Honolulu City & County GO,
Series A, Callable 11/01/22 at 100,
5.00%, 11/01/32

     1,970,000       2,183,745  

Honolulu City & County GO,
Series A, Callable 10/01/25 at 100,
5.00%, 10/01/35

     3,000,000       3,604,710  

Honolulu City & County GO,
Series A, Callable 10/01/25 at 100,
5.00%, 10/01/37

     1,000,000       1,195,450  

Honolulu City & County GO,
Series A, Callable 10/01/25 at 100,
5.00%, 10/01/38

     1,040,000       1,240,959  
    Principal
  Amount ($)  		           Value ($)        

MUNICIPAL BONDS — (Continued)

 

  

Hawaii — (Continued)

 

Honolulu City & County GO,
Series A, Callable 10/01/25 at 100,
5.00%, 10/01/39

     1,000,000       1,191,580  

Honolulu City & County GO,
Series A, Callable 09/01/27 at 100,
5.00%, 09/01/41

     1,235,000       1,537,081  

Honolulu City & County GO,
Series A, ETM,
5.00%, 11/01/22

     2,000,000       2,217,000  

Honolulu City & County GO,
Series A, Refunding, Callable 11/01/22 at 100,
4.00%, 11/01/37

     1,000,000       1,062,390  

Honolulu City & County GO,
Series B, Callable 11/01/22 at 100,
5.00%, 11/01/23

     2,050,000       2,267,259  

Honolulu City & County GO,
Series B, Callable 12/01/20 at 100,
5.00%, 12/01/25

     280,000       284,466  

Honolulu City & County GO,
Series B, Refunding,
5.00%, 10/01/22

     1,000,000       1,102,990  

Honolulu City & County GO,
Series B, Refunding,
5.00%, 10/01/25

     2,300,000       2,836,636  

Honolulu City & County GO,
Series B, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/26

     500,000       614,935  
 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

6

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

    Principal
  Amount ($)   		           Value ($)        

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Honolulu City & County GO,
Series B, Refunding, Honolulu Rail Transit Project,
4.00%, 09/01/26

     1,215,000       1,467,210  

Honolulu City & County GO,
Series C, Callable 08/01/29 at 100,
4.00%, 08/01/36

     1,400,000       1,710,352  

Honolulu City & County GO,
Series C, Callable 08/01/29 at 100,
4.00%, 08/01/43

     2,000,000       2,378,920  

Honolulu City & County GO,
Series C, Callable 07/01/30 at 100,
5.00%, 07/01/45

     500,000       656,260  

Honolulu City & County GO,
Series C, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/27

     2,000,000       2,450,580  

Honolulu City & County GO,
Series C, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/29

     4,115,000       5,023,304  

Honolulu City & County GO,
Series E, Refunding, Callable 09/01/27 at 100,
5.00%, 09/01/30

     1,500,000       1,933,755  

Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A, Callable 07/01/29 at 100,
4.00%, 07/01/34

     2,095,000       2,597,255  
    Principal
  Amount ($)  		           Value ($)        

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Honolulu City & County Wastewater System Revenue, Refunding, Junior Series A, Callable 07/01/25 at 100,
5.00%, 07/01/30

     4,000,000       4,822,720  

Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/26

     1,000,000       1,220,270  

Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/27

     325,000       395,002  

Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series A, Callable 07/01/25 at 100,
5.00%, 07/01/29

     395,000       478,369  

Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series A, Callable 01/01/28 at 100,
5.00%, 07/01/36

     2,000,000       2,550,720  

Honolulu City & County Wastewater System Revenue, Senior Series B, Refunding, Callable 07/01/26 at 100,
5.00%, 07/01/35

     125,000       153,072  

Kauai County GO,
5.00%, 08/01/23

     395,000       450,588  
 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

7

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

    Principal
  Amount ($)  		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Kauai County GO,
5.00%, 08/01/27

     250,000       324,220  

Kauai County GO, Callable 08/01/27 at 100,
5.00%, 08/01/31

     250,000       319,130  

Kauai County GO, Callable 08/01/27 at 100,
4.00%, 08/01/33

     270,000       317,004  

Kauai County GO, Callable 08/01/27 at 100,
5.00%, 08/01/42

     775,000       957,962  

Kauai County GO, OID, Series A, Callable 08/01/21 at 100,
3.25%, 08/01/23

     1,195,000             1,231,412  

Kauai County GO, OID, Series A, Callable 08/01/22 at 100,
3.13%, 08/01/27

     1,300,000       1,364,896  

Kauai County GO, Series A, Refunding,
5.00%, 08/01/22

     400,000       438,312  

Maui County GO, Refunding,
5.00%, 06/01/21

     150,000       155,984  

Maui County GO, Refunding,
5.00%, 06/01/23

     300,000       340,347  

Maui County GO, Refunding,
5.00%, 09/01/28

     975,000       1,303,166  

Maui County GO, Refunding, Callable 09/01/28 at 100,
4.00%, 09/01/31

     5,305,000       6,528,864  

Maui County GO, Refunding,

    

Callable 09/01/25 at 100,
3.00%, 09/01/32

     195,000       210,148  

University of Hawaii Revenue, Series B, Refunding,
4.00%, 10/01/24

     165,000       189,004  
    Principal
  Amount ($)  		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

University of Hawaii Revenue, Series B, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/35

     1,000,000       1,185,300  

University of Hawaii Revenue, Series E, Refunding,
5.00%, 10/01/24

     3,000,000       3,559,830  

University of Hawaii Revenue, Series E, Refunding, Callable 10/01/26 at 100,
5.00%, 10/01/31

     1,000,000       1,236,660  

University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,
5.00%, 10/01/36

     3,000,000       3,749,820  

University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,
5.00%, 10/01/37

     2,000,000       2,493,640  
   

 

 

  
      250,091,995  
   

 

 

  

Illinois — 0.8%

    

Illinois Municipal Electric Agency Power Supply Revenue, Series C,
5.25%, 02/01/21, (NATL-RE Insured)

     2,000,000       2,047,900  
   

 

 

  

Texas — 1.7%

    

Galveston County GO, CAB, OID, Series RD,
0.00%, 02/01/24, (NATL-RE Insured)

     2,630,000       2,583,975  
 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

8

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Concluded)

July 31, 2020

(Unaudited)

 

    Principal
  Amount ($)  		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Texas — (Continued)

 

Houston Combined Utility System Revenue, Unrefunded Balance CAB, OID, Junior Series A,
0.00%, 12/01/27, (AGM Insured)

     2,000,000           1,863,640  
          4,447,615  

TOTAL MUNICIPAL BONDS
(Cost $248,045,482) .

       268,350,410  
    Shares        

REGISTERED INVESTMENT COMPANY — 0.6%

 

Dreyfus Government Cash Management Fund, Institutional Shares, 0.07%(a)

    1,768,184       1,768,184  
   

 

 

  

TOTAL REGISTERED INVESTMENT COMPANY
(Cost $1,768,184)

       1,768,184  
   

 

 

  

TOTAL INVESTMENTS - 99.5%
(Cost $249,813,666)

       270,118,594  

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%

       1,340,105  
   

 

 

  

NET ASSETS - 100.0%

     $     271,458,699  
   

 

 

  

 

(a)

Rate periodically changes. Rate disclosed is the 7-day yield at July 31, 2020.

Portfolio holdings are subject to change at any time.

 

AGM

  

Assured Guaranty Municipal Corp.

AGM-CR

  

Assured Guaranty Municipal Corp.

 

Custodial Receipts

AMT

  

Alternative Minimum Tax

CAB

  

Capital Appreciation Bond

ETM

  

Escrowed to Maturity

FGIC

  

Financial Guaranty Insurance Co.

FHLMC

  

Federal Home Loan Mortgage Corp.

FNMA

  

Federal National Mortgage Association

GNMA

  

Government National Mortgage

 

Association

GO

  

General Obligation

MWC

  

Make Whole Callable

NATL-RE

  

National Reinsurance Corp.

OID

  

Original Issue Discount

 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

9

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments

July 31, 2020

(Unaudited)

 

    Principal
  Amount ($)  		      Value ($)  

MUNICIPAL BONDS — 98.6%

 

Arizona — 1.8%

 

TempeCityExciseTax

     

Revenue, Series A, Callable 07/01/21 at 100,
5.00%, 07/01/22

     900,000          939,942  

Hawaii — 94.3%

     

Hawaii County GO, Series A,

     

Callable 03/01/26 at 100,
5.00%, 09/01/26

     200,000        249,798  

Hawaii County GO, Series D, Refunding,
4.00%, 09/01/26

     500,000        603,790  

Hawaii Housing Finance & Development Corp., Hale-Kewalo Apartments, Series A, Callable 08/28/20 at 100,
1.90%, 01/01/21, (GNMA Collateral Insured)

     2,175,000              2,179,111  

Hawaii State Airports System Revenue, AMT, Callable 08/01/23 at 100,
5.00%, 08/01/27

     260,000        286,577  

Hawaii State Airports System Revenue, Refunding, AMT,
5.00%, 07/01/21

     2,000,000        2,080,520  

Hawaii State Airports System Revenue, Refunding, AMT, Callable 07/01/21 at 100,
5.00%, 07/01/22

     500,000        519,525  

Hawaii State Airports System Revenue, Refunding, AMT, OID, Callable 07/01/21 at 100,
4.13%, 07/01/24

     500,000        514,875  
    Principal
  Amount ($)  		      Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State Airports System Revenue, Series A, Callable 09/08/20 at 100,
5.25%, 07/01/21

     500,000        501,835  

Hawaii State Airports System Revenue, Series B,
5.00%, 07/01/27

     1,010,000              1,286,528  

Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC,
3.25%, 01/01/25

     500,000        536,200  

Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC,
3.10%, 05/01/26

     2,610,000        2,812,197  

Hawaii State Department of Budget & Finance, Pacific Health Obligation,
5.00%, 07/01/22

     320,000        345,590  

Hawaii State Department of Budget & Finance, Pacific Health Obligation,
5.00%, 07/01/22

     220,000        237,593  

Hawaii State Department of

     

Budget & Finance, Pacific Health Obligation, Callable 07/01/23 at 100,
5.00%, 07/01/26

     200,000        222,706  

Hawaii State Department of Budget & Finance, Series A, Queens Health System,
5.00%, 07/01/21

     120,000        124,573  
 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

10

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

    Principal
  Amount ($)  		      Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State Department of Budget & Finance, Series A, Queens Health System,
5.00%, 07/01/22

     240,000        259,193  

Hawaii State Department of Budget & Finance, Series A, Queens Health System,
5.00%, 07/01/24

     525,000        608,890  

Hawaii State Department of Budget & Finance, Series A, Queens Health System,
5.00%, 07/01/25

     510,000        605,676  

Hawaii State Department of Budget & Finance, Series A, Queens Health System, Callable 07/01/25 at 100,
5.00%, 07/01/27

     300,000        353,190  

Hawaii State GO, Series DZ, Prerefunded, Callable 12/01/21 at 100,
5.00%, 12/01/22

     290,000        308,490  

Hawaii State GO, Series DZ, Prerefunded, Callable 12/01/21 at 100,
5.00%, 12/01/23

     190,000        202,114  

Hawaii State GO, Series DZ, Prerefunded, Callable 12/01/21 at 100,
5.00%, 12/01/30

     1,110,000              1,180,774  

Hawaii State GO, Series DZ, Unrefunded portion, Callable 12/01/21 at 100,
5.00%, 12/01/31

     360,000        382,954  
    Principal
  Amount ($)  		      Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State GO, Series EA, Refunding, Callable 12/01/21 at 100,
5.00%, 12/01/23

     1,070,000              1,137,421  

Hawaii State GO, Series EE, ETM,
4.00%, 11/01/22

     1,315,000        1,428,261  

Hawaii State GO, Series EE, Prerefunded, Callable 11/01/22 at 100,
5.00%, 11/01/24

     45,000        49,883  

Hawaii State GO, Series EE, Prerefunded, Callable 11/01/22 at 100,
5.00%, 11/01/24

     25,000        27,712  

Hawaii State GO, Series EE, Prerefunded, Callable 11/01/22 at 100,
5.00%, 11/01/27

     760,000        842,460  

Hawaii State GO, Series EF, Refunding, Callable 11/01/22 at 100,
5.00%, 11/01/23

     100,000        110,717  

Hawaii State GO, Series EF, Refunding, Callable 11/01/22 at 100,
5.00%, 11/01/24

     1,080,000        1,194,199  

Hawaii State GO, Series EH, Prerefunded, Callable 08/01/23 at 100,
5.00%, 08/01/24

     270,000        307,592  
 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

11

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

    Principal
  Amount ($)  		      Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State GO, Series EH, Unrefunded, Callable 08/01/23 at 100,
5.00%, 08/01/24

     830,000        947,611  

Hawaii State GO, Series EP, Refunding,
5.00%, 08/01/22

     1,140,000              1,249,429  

Hawaii State GO, Series FG,
5.00%, 10/01/22

     425,000        469,255  

Hawaii State GO, Series FT,
3.00%, 01/01/23

     1,000,000        1,067,310  

Hawaii State GO, Series FW,
5.00%, 01/01/23

     510,000        568,818  

Hawaii State Harbor System Revenue, Refunding, AMT, Series B, Callable 09/08/20 at 100,
5.50%, 07/01/21

     520,000        522,002  

Hawaii State Harbor System Revenue, Series A, Callable 09/08/20 at 100,
5.00%, 07/01/24

     600,000        602,100  

Hawaii State Harbor System Revenue, Series A, OID, Callable 09/08/20 at 100,
4.50%, 07/01/22

     60,000        60,196  

Hawaii State Highway Fund Revenue, Series A,
4.00%, 01/01/24

     500,000        561,910  

Hawaii State Highway Fund Revenue, Series A, Callable 07/01/24 at 100,
5.00%, 01/01/25

     555,000        657,098  
    Principal
  Amount ($)  		      Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Hawaii State Highway Fund Revenue, Series A, Callable 01/01/22 at 100,
4.00%, 01/01/25

     500,000                 525,945  

Hawaii State Highway Fund Revenue, Series A, Callable 01/01/22 at 100,
4.00%, 01/01/26

     300,000        315,147  

Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A,
5.00%, 07/01/22

     720,000        786,082  

Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A,
5.00%, 07/01/23

     515,000        585,478  

Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A, Callable 07/01/24 at 100,
5.00%, 07/01/26

     125,000        146,501  

Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A, Callable 07/01/24 at 100,
5.00%, 07/01/27

     245,000        286,728  

Honolulu City & County Board of Water Supply System Revenue, Series A,
5.00%, 07/01/24

     500,000        589,835  

Honolulu City & County GO, Honolulu Rail Transit Project, Series A,
5.00%, 09/01/24

     615,000        731,253  
 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

12

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

    Principal
  Amount ($)  		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Honolulu City & County GO, Honolulu Rail Transit Project, Series B, Refunding,
3.00%, 09/01/21

     900,000       927,441  

Honolulu City & County GO, Honolulu Rail Transit Project, Series B, Refunding,
5.00%, 09/01/22

     500,000       549,520  

Honolulu City & County GO, Honolulu Rail Transit Project, Series B, Refunding,
5.00%, 03/01/25

     1,000,000             1,209,920  

Honolulu City & County GO, Series A, OID, Prerefunded, Callable 08/01/21 at 100,
4.00%, 08/01/29

     20,000       20,767  

Honolulu City & County GO, Series A, Prerefunded, Callable 08/01/21 at 100,
5.00%, 08/01/26

     715,000       749,499  

Honolulu City & County GO, Series B,
5.00%, 09/01/22

     1,000,000       1,099,040  

Honolulu City & County GO, Series C,
4.00%, 08/01/22

     800,000       859,896  

Honolulu City & County GO, Series C,
4.00%, 07/01/23

     500,000       554,365  

Honolulu City & County GO, Series C,
4.00%, 08/01/23

     1,235,000       1,373,209  

Honolulu City & County GO, Series C,
4.00%, 07/01/24

     500,000       571,450  
    Principal
  Amount ($)  		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Honolulu City & County GO,

    

Series D, Refunding,
5.00%, 09/01/23

     500,000       572,750  

Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Senior Series A, Prerefunded, Callable 07/01/22 at 100,
5.00%, 07/01/23

     500,000       546,295  

Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A,
5.00%, 07/01/22

     500,000       545,890  

Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A,
5.00%, 07/01/23

     1,000,000             1,138,420  

Honolulu City & County Wastewater System Revenue, Refunding, Junior Series A,
5.00%, 07/01/24

     500,000       591,980  

Honolulu City & County Wastewater System Revenue, Senior Series A, Prerefunded, Callable 07/01/21 at 100,
5.25%, 07/01/36

     35,000       36,630  

Kauai County GO,
3.00%, 08/01/20

     305,000       305,000  

Kauai County GO, Refunding, Series A,
4.00%, 08/01/20

     70,000       70,000  
 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

13

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

    Principal
  Amount ($)  		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Hawaii — (Continued)

 

Kauai County GO, Refunding, Series A,
3.00%, 08/01/20

     345,000       345,000  

Maui County GO, Refunding,
5.00%, 06/01/21

     725,000       753,920  

Maui County GO, Refunding,
5.00%, 09/01/21

     35,000       36,819  

Maui County GO, Refunding,
5.00%, 09/01/23

     1,000,000             1,146,170  

University of Hawaii Revenue, Refunding, Series B,
4.00%, 10/01/23

     525,000       584,939  

University of Hawaii Revenue, Refunding, Series B,
4.00%, 10/01/24

     505,000       578,467  

University of Hawaii Revenue, Refunding, Series F,
5.00%, 10/01/21

     500,000            527,935  
      47,868,964  

Texas — 2.5%

 

Houston Independent School District GO, Refunding, Callable 02/15/24 at 100,
4.00%, 02/15/25, (PSF-GTD)

     600,000       677,490  

Needville Independent School District GO, Refunding,
5.00%, 08/15/20, (PSF-GTD)

     140,000       140,210  
    Principal
  Amount ($)  		     Value ($)  

MUNICIPAL BONDS — (Continued)

 

Texas — (Continued)

 

Pflugerville Independent School District GO, Refunding, Callable 02/15/24 at 100,
5.00%, 02/15/26, (PSF-GTD)

     400,000            466,308  
        1,284,008  

TOTAL MUNICIPAL BONDS
(Cost $48,526,860)

           50,092,914  
    Shares        

REGISTERED INVESTMENT COMPANY — 2.8%

 

Dreyfus Government Cash Management Fund, Institutional Shares,
0.07%(a)

    1,425,336       1,425,336  

TOTAL REGISTERED INVESTMENT COMPANY
(Cost $1,425,336)

       1,425,336  

TOTAL INVESTMENTS - 101.4%
(Cost $49,952,196)

       51,518,250  

LIABILITIES IN EXCESS OF OTHER ASSETS - (1.4)%

              (734,400)  

NET ASSETS - 100.0%

       $  50,783,850  

 

(a)

Rate periodically changes. Rate disclosed is the 7-day yield at July 31, 2020.

 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

14

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Concluded)

July 31, 2020

(Unaudited)

 

Portfolio holdings are subject to change at any time.

 

AMT

  

Alternative Minimum Tax

ETM

  

Escrowed To Maturity

GNMA

  

Government National Mortgage

 

Association

GO

  

General Obligation

MWC

  

Make Whole Callable

OID

  

Original Issue Discount

PSF-GTD

  

Permanent School Fund Guaranteed

 

 

 

 

 

 

See accompanying Notes to the Quarterly Portfolio of Investments.

15

PACIFIC CAPITAL FUNDS

Notes to the Quarterly Portfolio of Investments

July 31, 2020

(Unaudited)

A. Portfolio Valuation

Portfolio Valuation – The Pacific Capital Tax-Free Securities Fund and the Pacific Capital Tax-Free Short Intermediate Securities Fund’s (each a “Fund” and together the “Funds”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements – The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

 

•

  

Level 1 —

  

quoted prices in active markets for identical securities;

•

  

Level 2 —

  

other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

•

  

Level 3 —

  

significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The fair value of a Fund’s bonds is generally based on quotes received from brokers or independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

16

PACIFIC CAPITAL FUNDS

Notes to the Quarterly Portfolio of Investments (Continued)

July 31, 2020

(Unaudited)

 

The following is a summary of the inputs used, as of July 31, 2020, in valuing the Funds’ investments carried at fair value:

 

Funds

    Total Value at
07/31/20		      Level 1
Quoted
Price		      Level 2
Other
Significant
Observable
Inputs		      Level 3
Significant
Unobservable
Inputs		  

Pacific Capital Tax-Free Securities Fund

            

Municipal Bonds

    $ 268,350,410      $ —      $ 268,350,410      $ —  

Registered Investment Company

      1,768,184        1,768,184        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 270,118,594      $ 1,768,184      $ 268,350,410      $                     —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Pacific Capital Tax-Free Short Intermediate Securities Fund

            

Municipal Bonds

    $ 50,092,914      $ —      $ 50,092,914      $ —  

Registered Investment Company

      1,425,336        1,425,336        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $     51,518,250      $     1,425,336      $     50,092,914      $ —  
  

 

 

     

 

 

     

 

 

     

 

 

  

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values a Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds have an amount of Level 3 investments at the end of the reporting

 

17

PACIFIC CAPITAL FUNDS

Notes to the Quarterly Portfolio of Investments (Concluded)

July 31, 2020

(Unaudited)

 

period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Funds have an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended July 31, 2020, there were no transfers in or out of Level 3.

B. Federal Tax Cost

As of July 31, 2020 federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:

 

     Tax Cost of
Securities*		    Unrealized
Appreciation		    Unrealized
Depreciation		    Net Unrealized
Appreciation/
(Depreciation)

Pacific Capital Tax-Free Securities Fund

      $ 249,813,666      $ 20,338,966      $ (34,038 )      $ 20,304,928

Pacific Capital Tax-Free Short Intermediate Securities Fund

        49,952,196        1,566,054        —        1,566,054

 

*

Because tax adjustments are calculated annually at the end of the Funds’ fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous year’s federal income tax information, please refer to the Notes to Financial Statements section in the Funds’ most recent annual report.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

 

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