NPORT-EX 2 MB65FV013124.htm
PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments
January 31, 2024
(Unaudited)
  Principal
Amount 		  Value
MUNICIPAL BONDS — 96.9%
Arizona — 2.6%
State of Arizona Distribution Revenue, Civic Plaza, Convertible CAB, OID, Series B,
5.50%, 07/01/31, (NATL) 		$ 5,000,000   $  5,963,627
California — 1.9%
Norwalk-La Mirada Unified School District GO, CAB, OID, Series B
0.00%, 08/01/27, (AGM-CR FGIC)(a) 		 5,000,000     4,495,827
Hawaii — 90.6%
Hawaii County GO, Callable 09/01/33 at 100,
5.00%, 09/01/41 		 2,350,000      2,687,570
Hawaii County GO, Series A, Refunding, Callable 03/01/27 at 100,
5.00%, 09/01/31 		 2,545,000      2,712,695
Hawaii County GO, Series A, Refunding, Callable 03/01/27 at 100,
5.00%, 09/01/34 		 4,775,000      5,073,644
Hawaii County GO, Series A, Refunding, Callable 09/01/30 at 100,
4.00%, 09/01/40 		 1,000,000      1,019,283
Hawaii Housing Finance & Development Corp. Revenue, Multi-Family Housing, Iwilei Apartments, Series A, Callable 02/21/24 at 100,
3.75%, 01/01/31 		 3,120,000      3,121,505
Hawaii State Airports System Revenue, AMT, OID, COP, Callable 02/21/24 at 100,
5.00%, 08/01/28 		   400,000        400,068
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/25 at 100,
5.00%, 07/01/41 		 4,000,000      4,021,865
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100,
5.00%, 07/01/33 		   500,000        528,402
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100,
5.00%, 07/01/48 		$1,500,000   $  1,533,745
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/30 at 100,
4.00%, 07/01/35 		2,000,000      2,031,814
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/32 at 100,
5.00%, 07/01/51 		2,000,000      2,087,094
Hawaii State Airports System Revenue, Series B, OID, Callable 07/01/25 at 100,
4.00%, 07/01/45 		   50,000         49,267
Hawaii State Airports System Revenue, Series C, Callable 07/01/30 at 100,
5.00%, 07/01/50 		  130,000        139,467
Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series A, Refunding, Callable 07/01/33 at 100,
5.00%, 07/01/34 		2,310,000      2,687,690
Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series A, Refunding, Callable 07/01/33 at 100,
5.00%, 07/01/35 		2,430,000      2,808,467
Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series A, Refunding, Callable 07/01/33 at 100,
5.00%, 07/01/36 		2,550,000      2,923,642
Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series B, Refunding,
5.00%, 07/01/31 		2,715,000      3,090,448
 
See accompanying Notes to the Quarterly Portfolio of Investments.
1

 

PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
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   $  1,835,133
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, MWC, Refunding, Callable 07/01/29 at 100,
3.20%, 07/01/39 		4,200,000      2,847,626
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,
4.00%, 01/01/30 		  225,000        225,893
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding, Callable 01/01/30 at 100,
4.00%, 01/01/31 		  525,000        526,143
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/35 		10,000,000    10,221,974
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100,
5.00%, 11/01/28 		1,170,000      1,264,643
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100,
5.00%, 11/01/30 		  800,000        862,048
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100,
5.00%, 11/01/31 		  815,000        877,008
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,
5.00%, 04/01/24 		$  500,000   $    501,411
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,
5.00%, 04/01/28 		1,040,000      1,106,398
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,
5.00%, 04/01/32 		  335,000        353,063
Hawaii State GO, Series EO, Callable 08/01/24 at 100,
5.00%, 08/01/32 		1,285,000      1,294,716
Hawaii State GO, Series EO, Prerefunded, Callable 08/01/24 at 100,
5.00%, 08/01/26 		  140,000        141,296
Hawaii State GO, Series EO, Unrefunded portion, Callable 08/01/24 at 100,
5.00%, 08/01/26 		2,660,000      2,683,787
Hawaii State GO, Series EP, Refunding,
5.00%, 08/01/24 		1,000,000      1,009,750
Hawaii State GO, Series EY, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/27 		1,040,000      1,073,679
Hawaii State GO, Series FB,
5.00%, 04/01/25 		5,000,000      5,120,193
Hawaii State GO, Series FB, Callable 04/01/26 at 100,
4.00%, 04/01/29 		2,000,000      2,045,132
Hawaii State GO, Series FG, Callable 10/01/26 at 100,
5.00%, 10/01/30 		7,000,000      7,376,722
Hawaii State GO, Series FG, Callable 10/01/26 at 100,
4.00%, 10/01/35 		1,000,000      1,021,292
Hawaii State GO, Series FK, Callable 05/01/27 at 100,
5.00%, 05/01/33 		2,500,000      2,662,579
 
See accompanying Notes to the Quarterly Portfolio of Investments.
2

 

PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments (Continued)
January 31, 2024
(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   $  2,041,724
Hawaii State GO, Series FT, Callable 01/01/28 at 100,
5.00%, 01/01/36 		4,000,000      4,325,885
Hawaii State GO, Series FT, Callable 01/01/28 at 100,
5.00%, 01/01/38 		2,845,000      3,049,837
Hawaii State GO, Series FW, Callable 01/01/29 at 100,
4.00%, 01/01/34 		2,000,000      2,103,784
Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,
4.00%, 07/01/33 		1,500,000      1,559,977
Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,
4.00%, 07/01/37 		5,000,000      5,087,691
Hawaii State Harbor System Revenue, Series C, Refunding, Callable 07/01/30 at 100,
4.00%, 07/01/39 		3,065,000      3,134,224
Hawaii State Highway Fund Revenue, Callable 01/01/31 at 100,
5.00%, 01/01/37 		4,500,000      5,109,990
Hawaii State Highway Fund Revenue, Callable 01/01/31 at 100,
5.00%, 01/01/40 		1,295,000      1,442,151
Hawaii State Highway Fund Revenue, Series A, Callable 01/01/29 at 100,
5.00%, 01/01/37 		3,500,000      3,832,906
Hawaii State Highway Fund Revenue, Series A, Callable 07/01/24 at 100,
5.00%, 01/01/31 		  800,000        806,093
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Board of Water Supply System Revenue, Callable 07/01/33 at 100,
5.00%, 07/01/48 		$4,645,000   $  5,151,499
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      1,877,732
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100,
3.00%, 07/01/34 		  650,000        639,326
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100,
4.00%, 07/01/36 		1,010,000      1,067,029
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100,
5.00%, 07/01/50 		3,515,000      3,822,522
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/32 at 100,
5.00%, 07/01/48 		4,290,000      4,720,587
Honolulu City & County Board of Water Supply System Revenue, Series A, Prerefunded, Callable 07/01/24 at 100,
5.00%, 07/01/26 		   65,000         65,495
Honolulu City & County Board of Water Supply System Revenue, Series A, Prerefunded, Callable 07/01/24 at 100,
5.00%, 07/01/27 		  850,000        856,474
Honolulu City & County GO, Series A, Callable 03/04/24 at 100,
4.00%, 11/01/37 		1,000,000      1,000,556
 
See accompanying Notes to the Quarterly Portfolio of Investments.
3

 

PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series A, Callable 09/01/27 at 100,
5.00%, 09/01/41 		$1,390,000   $  1,459,493
Honolulu City & County GO, Series A, Callable 09/01/28 at 100,
5.00%, 09/01/34 		  200,000        219,115
Honolulu City & County GO, Series A, Callable 10/01/25 at 100,
5.00%, 10/01/31 		2,175,000      2,242,570
Honolulu City & County GO, Series A, Callable 10/01/25 at 100,
5.00%, 10/01/35 		3,075,000      3,160,942
Honolulu City & County GO, Series A, Callable 10/01/25 at 100,
5.00%, 10/01/37 		1,000,000      1,023,539
Honolulu City & County GO, Series A, Callable 10/01/25 at 100,
5.00%, 10/01/38 		1,040,000      1,063,127
Honolulu City & County GO, Series A, Callable 10/01/25 at 100,
5.00%, 10/01/39 		1,000,000      1,020,937
Honolulu City & County GO, Series B, Callable 07/01/32 at 100,
5.00%, 07/01/43 		3,960,000      4,419,832
Honolulu City & County GO, Series C, Callable 07/01/30 at 100,
5.00%, 07/01/42 		  345,000        376,346
Honolulu City & County GO, Series C, Callable 07/01/30 at 100,
5.00%, 07/01/45 		1,000,000      1,082,985
Honolulu City & County GO, Series C, Callable 08/01/29 at 100,
4.00%, 08/01/36 		1,400,000      1,463,034
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series C, Callable 08/01/29 at 100,
4.00%, 08/01/43 		$2,000,000   $  2,022,694
Honolulu City & County GO, Series C, Callable 08/01/29 at 100,
5.00%, 08/01/44 		1,830,000      1,966,248
Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/29 		4,115,000      4,244,193
Honolulu City & County GO, Series E, OID, Refunding, Callable 09/01/27 at 100,
3.00%, 09/01/31 		  250,000        250,532
Honolulu City & County GO, Series E, Refunding, Callable 09/01/27 at 100,
5.00%, 09/01/30 		1,500,000      1,616,361
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A, Callable 07/01/29 at 100,
4.00%, 07/01/34 		2,130,000      2,247,252
Honolulu City & County Wastewater System Revenue, Junior Series A, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/30 		4,000,000      4,104,191
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      2,158,011
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series A, Prerefunded, Callable 07/01/25 at 100,
5.00%, 07/01/29 		  395,000        406,755
 
See accompanying Notes to the Quarterly Portfolio of Investments.
4

 

PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series B, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/26 		$1,000,000   $  1,027,307
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series B, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/27 		  325,000        334,148
Honolulu City & County Wastewater System Revenue, Senior Lien Green Bond, Callable 07/01/33 at 100,
5.25%, 07/01/53 		10,000,000    11,173,829
Honolulu City & County Wastewater System Revenue, Senior Series B, Refunding, Callable 07/01/26 at 100,
5.00%, 07/01/35 		  125,000        130,825
Honolulu City & County Wastewater System Revenue, Series A, Senior Green Bond, Callable 07/01/32 at 100,
5.25%, 07/01/51 		5,000,000      5,531,640
Kauai County GO,
5.00%, 08/01/27 		  250,000        269,896
Kauai County GO, Callable 08/01/27 at 100,
5.00%, 08/01/31 		  250,000        268,763
Kauai County GO, Callable 08/01/27 at 100,
4.00%, 08/01/33 		  295,000        306,044
Kauai County GO, Callable 08/01/27 at 100,
5.00%, 08/01/37 		   40,000         42,412
Kauai County GO, Callable 08/01/27 at 100,
5.00%, 08/01/42 		  775,000        812,303
Kauai County GO, Series A, Refunding,
5.00%, 08/01/24 		  930,000        938,976
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Maui County GO, Callable 03/01/31 at 100,
4.00%, 03/01/38 		$1,020,000   $  1,060,526
Maui County GO, Refunding,
5.00%, 09/01/25 		  500,000        516,444
Maui County GO, Refunding,
5.00%, 03/01/28 		1,175,000      1,285,021
Maui County GO, Refunding,
5.00%, 09/01/28 		1,070,000      1,183,204
Maui County GO, Refunding, Callable 03/01/30 at 100,
5.00%, 03/01/32 		  415,000        473,197
Maui County GO, Refunding, Callable 09/01/25 at 100,
3.00%, 09/01/32 		  195,000        194,853
Maui County GO, Refunding, Callable 09/01/28 at 100,
4.00%, 09/01/31 		5,305,000      5,617,279
University of Hawaii Revenue, Series B, Refunding,
4.00%, 10/01/24 		  165,000        165,930
University of Hawaii Revenue, Series B, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/34 		  600,000        618,246
University of Hawaii Revenue, Series B, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/35 		1,000,000      1,029,260
University of Hawaii Revenue, Series E, Refunding,
5.00%, 10/01/24 		3,000,000      3,036,452
University of Hawaii Revenue, Series E, Refunding, Callable 10/01/26 at 100,
5.00%, 10/01/31 		1,000,000      1,049,095
University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,
5.00%, 10/01/36 		3,000,000      3,219,006
University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,
5.00%, 10/01/37 		2,000,000     2,136,083
      212,631,530
 
See accompanying Notes to the Quarterly Portfolio of Investments.
5

 

PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments (Concluded)
January 31, 2024
(Unaudited)
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Texas — 1.8%
Dallas Independent School District GO, Series A, Prerefunded, Callable 08/15/24 at 100,
5.00%, 08/15/29, (PSF-GTD) 		$2,465,000   $  2,489,557
Houston City Combined Utility System Revenue, Unrefunded Balance CAB, OID, Junior Series A, Refunding
0.00%, 12/01/27, (AGM)(a) 		2,000,000     1,769,440
        4,258,997
TOTAL MUNICIPAL BONDS
(Cost $232,327,954) 		    227,349,981
  Shares  
REGISTERED INVESTMENT COMPANY — 2.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.22%(b) 5,875,720   5,875,720
TOTAL REGISTERED INVESTMENT COMPANY
(Cost $5,875,720) 		    5,875,720
 
TOTAL INVESTMENTS - 99.4%
(Cost $238,203,674) 		  233,225,701
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%     1,451,647
NET ASSETS - 100.0%   $234,677,348
(a) Zero coupon bond.
(b) Rate disclosed is the 7-day yield at January 31, 2024.
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
COP Certificate of Participation
FGIC Financial Guaranty Insurance Co.
GO General Obligation
MWC Make Whole Callable
NATL National Public Finance Guarantee Corp.
OID Original Issue Discount
PSF-GTD Permanent School Fund Guaranteed
 
See accompanying Notes to the Quarterly Portfolio of Investments.
6

 

PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Short Intermediate Securities Fund
Portfolio of Investments
January 31, 2024
(Unaudited)
  Principal
Amount 		  Value
MUNICIPAL BONDS — 94.4%
Florida — 2.4%
Florida Housing Finance Corp. Revenue, Series 1, Callable 07/01/29 at 100,
2.00%, 07/01/32, (GNMA/FNMA/FHLMC) 		$  170,000   $   147,311
Miami-Dade Water & Sewer System Revenue County, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/26 		  900,000      927,812
       1,075,123
Hawaii — 75.7%
Hawaii County GO, Refunding, Callable 09/01/33 at 100,
5.00%, 09/01/40 		3,000,000    3,448,907
Hawaii County GO, Series A, Callable 03/01/27 at 100,
5.00%, 09/01/28 		  445,000      476,636
Hawaii County GO, Series A, Refunding,
5.00%, 09/01/24 		  320,000      323,620
Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100,
5.00%, 09/01/26 		  200,000      209,029
Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100,
5.00%, 09/01/27 		  525,000      548,375
Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100,
5.00%, 09/01/29 		  450,000      469,757
Hawaii State Airports System Revenue, AMT, COP, Callable 02/21/24 at 100,
5.00%, 08/01/27 		  300,000      300,070
Hawaii State Airports System Revenue, Series B,
5.00%, 07/01/27 		  910,000      976,272
Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series A, Refunding,
5.00%, 07/01/28 		1,640,000    1,781,109
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series B, Refunding,
5.00%, 07/01/24 		$2,455,000   $ 2,471,466
Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series B, Refunding,
5.00%, 07/01/28 		  500,000      543,021
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding,
3.25%, 01/01/25 		  500,000      408,052
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,
4.00%, 01/01/25 		   20,000       19,963
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,
4.00%, 01/01/26 		   25,000       24,952
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,
4.00%, 01/01/30 		  250,000      250,992
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding,
5.00%, 07/01/24 		  100,000      100,700
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding,
5.00%, 07/01/25 		  400,000      410,223
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/27 		  550,000      563,203
 
See accompanying Notes to the Quarterly Portfolio of Investments.
7

 

PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Short Intermediate Securities Fund
Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/35 		$1,000,000   $ 1,022,197
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,
5.00%, 04/01/24 		   25,000       25,071
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,
5.00%, 04/01/27 		  100,000      106,846
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,
5.00%, 04/01/29 		   55,000       58,323
Hawaii State GO, Series EO, Prerefunded, Callable 08/01/24 at 100,
5.00%, 08/01/27 		   10,000       10,093
Hawaii State GO, Series EO, Prerefunded, Callable 08/01/24 at 100,
5.00%, 08/01/28 		  400,000      403,702
Hawaii State GO, Series EO, Prerefunded, Callable 08/01/24 at 100,
5.00%, 08/01/29 		   30,000       30,278
Hawaii State GO, Series ET, OID, Prerefunded, Callable 10/01/25 at 100,
3.25%, 10/01/32 		   25,000       25,152
Hawaii State GO, Series FT, Callable 01/01/28 at 100,
5.00%, 01/01/30 		   30,000       32,626
Hawaii State Harbor System Revenue, Series A, AMT, Refunding,
5.00%, 07/01/26 		  500,000      520,500
Hawaii State Harbor System Revenue, Series A, AMT, Refunding,
5.00%, 07/01/28 		  120,000      128,577
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,
4.00%, 07/01/31 		$1,000,000   $ 1,045,499
Hawaii State Harbor System Revenue, Series C, Refunding,
5.00%, 07/01/29 		  400,000      447,303
Hawaii State Highway Fund Revenue, Series A, Callable 07/01/24 at 100,
5.00%, 01/01/25 		  555,000      559,678
Honolulu City & County Board of Water Supply System Revenue, Series A,
5.00%, 07/01/27 		1,000,000    1,077,567
Honolulu City & County Board of Water Supply System Revenue, Series A, Prerefunded, Callable 07/01/24 at 100,
5.00%, 07/01/26 		  150,000      151,142
Honolulu City & County Board of Water Supply System Revenue, Series A, Prerefunded, Callable 07/01/24 at 100,
5.00%, 07/01/27 		  305,000      307,323
Honolulu City & County GO, Series A, Callable 07/01/33 at 100,
5.00%, 07/01/40 		1,000,000    1,143,024
Honolulu City & County GO, Series A, Callable 07/01/33 at 100,
5.00%, 07/01/41 		2,290,000    2,594,181
Honolulu City & County GO, Series E, Refunding,
5.00%, 03/01/29 		  200,000      223,662
Honolulu City & County GO, Series F, Refunding,
5.00%, 07/01/30 		  325,000      372,594
 
See accompanying Notes to the Quarterly Portfolio of Investments.
8

 

PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Short Intermediate Securities Fund
Portfolio of Investments (Continued)
January 31, 2024
(Unaudited)
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Multifamily Housing Revenue, Maunakea Tower Apartments, Putable,
5.00%, 06/01/27, (HUD SECT 8)(a) 		$1,000,000   $ 1,035,245
Honolulu City & County Wastewater System Revenue, Junior Series A, Refunding,
5.00%, 07/01/24 		  695,000      700,581
Honolulu City & County Wastewater System Revenue, Senior Lien, Green bond,
5.00%, 07/01/32 		2,000,000    2,377,503
Honolulu City & County Wastewater System Revenue, Series A, Senior Green Bond,
5.00%, 07/01/31 		2,000,000    2,318,475
Honolulu City & County Wastewater System Revenue, Series B, Senior First Bond Resolution, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/31 		1,000,000    1,029,761
Kauai County GO, Series A, Refunding,
5.00%, 08/01/24 		  535,000      540,163
Kauai County GO, Series A, Refunding,
5.00%, 08/01/25 		  270,000      278,487
Maui County GO,
5.00%, 03/01/24 		  245,000      245,375
Maui County GO,
5.00%, 03/01/29 		  275,000      307,477
Maui County GO, Refunding,
5.00%, 03/01/25 		  100,000      102,219
Maui County GO, Refunding,
5.00%, 03/01/26 		  270,000      282,377
Maui County GO, Refunding,
5.00%, 03/01/28 		   80,000       87,491
University of Hawaii Revenue, Medical School Project, Series E, Refunding, Callable 10/01/26 at 100,
5.00%, 10/01/30 		  620,000      651,901
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
University of Hawaii Revenue, Series B, Refunding,
4.00%, 10/01/24 		$  300,000   $   301,692
University of Hawaii Revenue, Series D, Refunding, Callable 10/01/30 at 100,
4.00%, 10/01/32 		  450,000      480,374
      34,350,806
Maryland — 2.2%
Washington Suburban Sanitary Commission Revenue, Prerefunded, Callable 06/01/24 at 100,
4.00%, 06/01/25, (CNTY GTD) 		1,000,000    1,003,087
Massachusetts — 2.9%
Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue, Series A, Callable 06/15/24 at 100,
5.00%, 06/15/27 		1,325,000    1,334,478
Michigan — 2.1%
Grosse Pointe Public School System GO, Refunding, Callable 05/01/29 at 100,
5.00%, 05/01/38 		  875,000      943,974
New Mexico — 2.3%
Albuquerque Gross Receipts Tax Revenue, Series A, Callable 07/01/25 at 100,
5.00%, 07/01/33 		1,035,000    1,061,549
Oregon — 4.5%
State of Oregon Department of Transportation Revenue, Series A, Senior Series, Prerefunded, Callable 11/15/24 at 100,
5.00%, 11/15/27 		2,000,000    2,029,081
Pennsylvania — 0.6%
Commonwealth Financing Authority Revenue, Series A, Refunding,
5.00%, 06/01/25 		  250,000      256,460
 
See accompanying Notes to the Quarterly Portfolio of Investments.
9

 

PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Short Intermediate Securities Fund
Portfolio of Investments (Concluded)
January 31, 2024
(Unaudited)
  Principal
Amount 		  Value
MUNICIPAL BONDS — (Continued)
Texas — 0.9%
Pflugerville Independent School District GO, Refunding, Callable 02/15/24 at 100,
5.00%, 02/15/26, (PSF-GTD) 		$  400,000   $   400,244
Washington — 0.8%
Energy Northwest Revenue, Series A, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/33 		  380,000      390,004
TOTAL MUNICIPAL BONDS
(Cost $42,761,765) 		    42,844,806
  Shares  
REGISTERED INVESTMENT COMPANY — 4.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 5.22%(b) 2,222,435  2,222,435
TOTAL REGISTERED INVESTMENT COMPANY
(Cost $2,222,435) 		   2,222,435
 
TOTAL INVESTMENTS - 99.3%
(Cost $44,984,200) 		  45,067,241
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%      303,717
NET ASSETS - 100.0%   $45,370,958
(a) Variable rate investments. The rate shown is based on the latest available information as of January 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate or spread in their description.
(b) Rate disclosed is the 7-day yield at January 31, 2024.
Portfolio holdings are subject to change at any time.
AMT Alternative Minimum Tax
CNTY GTD County Guaranteed
COP Certificate of Participation
FHLMC Federal Home Loan Mortgage Corp.
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
GO General Obligation
HUD SECT 8 Housing and Urban Development Section 8
MWC Make Whole Callable
OID Original Issue Discount
PSF-GTD Permanent School Fund Guaranteed
 
See accompanying Notes to the Quarterly Portfolio of Investments.
10

 

PACIFIC CAPITAL FUNDS
Notes to the Quarterly Portfolio of Investments
January 31, 2024
(Unaudited)
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). Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of the Board of Trustees of the Trust ("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. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. 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 pursuant to its policies and procedures. On a quarterly basis, the Adviser’s fair valuation determinations will be reviewed by the Board of Trustees.
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. Transfers in and out are recognized at the value at the end of the period.
11

 

PACIFIC CAPITAL FUNDS
Notes to the Quarterly Portfolio of Investments (Concluded)
January 31, 2024
(Unaudited)
The following is a summary of the inputs used, as of January 31, 2024, in valuing each Fund's investments carried at fair value:
Funds   Total Value at
01/31/24 		  Level 1
Quoted
Price 		  Level 2
Other
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Pacific Capital Tax-Free Securities Fund    
Assets                
Municipal Bonds   $227,349,981   $—   $227,349,981   $—
Registered Investment Company   5,875,720   5,875,720   —   —
Total Assets   $233,225,701   $5,875,720   $227,349,981   $—
Pacific Capital Tax-Free Short Intermediate Securities Fund    
Assets                
Municipal Bonds   $42,844,806   $—   $42,844,806   $—
Registered Investment Company   2,222,435   2,222,435   —   —
Total Assets   $45,067,241   $2,222,435   $42,844,806   $—
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 the Funds’ 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 the Funds 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 had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to their net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to their net assets as of the end of the reporting period.
For the period ended January 31, 2024, there were no transfers in or out of Level 3.
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.
12