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.
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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.
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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.
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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.
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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.
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