Pacific Capital Funds - Family of Funds

Fixed Income Funds

		New Asia Growth Fund Style: Regional, multi-cap, growth Objective: Long-term capital appreciation by investing in a broadly diversified portfolio of companies located in Asia's developing regions, excluding Japan. Investments are not limited to any particular size or sector. Investment Considerations: An investment in this Fund entails the special risks of international investing, including currency exchange fluctuation, government regulations, and the potential for political and economic instability. The Fund's share price is expected to be more volatile than that of a U.S.-only fund. Equity securities (stocks) are more volatile and carry more risk than other forms of investments, such as investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses
		International Stock Fund Style: International, multi-cap, blend Objective: Long-term capital appreciation by investing in a broadly diversified portfolio of companies domiciled outside the United States. Investments are not limited to any particular type or size of company or to any region of the world, including emerging market countries. Investment Considerations: An investment in this Fund entails the special risks of international investing, including currency exchange fluctuation, government regulations, and the potential for political and economic instability. The Fund's share price is expected to be more volatile than that of a U.S.-only fund. Equity securities (stocks) are more volatile and carry more risk than other forms of investments, such as investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses
		Small Cap Fund Style: Domestic, small-cap, blend Objective: Long-term capital appreciation by investing in a diversified portfolio of small-capitalization companies. Investment Considerations: Small-capitalization stocks typically carry additional risk, since smaller companies generally have a higher risk of failure and have experienced a greater degree of volatility than large companies. Equity securities (stocks) are more volatile and carry more risk than other forms of investments, such as investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses
		Mid-Cap Fund Style: Domestic, mid-cap, blend Objective: Long-term capital appreciation by investing in a diversified portfolio of mid-capitalization companies. Investment Considerations: Mid-capitalization stocks typically carry additional risk, since smaller companies generally have a higher risk of failure and have experienced a greater degree of volatility than larger companies. Equity securities (stocks) are more volatile and carry more risk than other forms of investments, such as investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses
		Growth Stock Fund Style: Domestic, large-cap growth Objective: Long-term capital appreciation by investing in a diversified portfolio of large-capitalization companies — currently greater than $1 billion — whose earnings are expected to grow faster than the average of other companies in there industries. Investment Considerations: Equity securities (stocks) are more volatile and carry more risk than other forms of investments, such as investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses
		Growth and Income Fund Style: Domestic, large-cap, blend Objective: Long-term capital appreciation by investing in a diversified portfolio of large-capitalization dividend-paying companies — currently greater than $1 billion — whose earnings are expected to grow at above-average rates in relation to other companies in there industries. Investment Considerations: Equity securities (stocks) are more volatile and carry more risk than other forms of investments, such as investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses
		Value Fund Style: Domestic, large-cap, value Objective: Long-term capital appreciation by investing in a diversified portfolio of large-capitalization companies — currently greater than $1 billion — believed to be undervalued. Investment Considerations: Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. Equity securities (stocks) are more volatile and carry more risk than other forms of investments, such as investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses

Equity Funds

		High Grade Core Fixed Income Fund Style: High-quality, intermediate-term, taxable Objective: High current income by investing at least 80% of its net assets in fixed income securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities and in investment grade corporate debt securities. Investment Considerations: Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Generally, bond prices fall when interest rates rise, and vice versa. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses
		Tax-Free Securities Fund Style: High-quality, intermediate-term, tax-exempt Objective: High current income that is exempt from federal and Hawaii income tax by investing at least 80% of its net assets in investment grade municipal obligations. The Fund normally invests 50-75% of its assets in Hawaii municipal obligations — debt securities issued by or on behalf of the State of Hawaii and its political subdivisions, agencies and instrumentalities that pay interest which is exempt from Hawaii income tax as well as Federal income tax. Investment Considerations: Income received from the Fund may be subject to certain state and local taxes and, depending on one's tax status, to the federal alternative minimum tax. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Generally, bond prices and values fall when interest rates rise, and vice versa. The longer the average maturity of the Fund's portfolio, the greater the fluctuation in value. Since the Fund invests significantly in securities of issuers in Hawaii, it will also be affected by a variety of Hawaii's economic and political factors. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses
		High Grade Short Intermediate Fixed Income Fund Style: High-quality, short-term, taxable Objective: High current income consistent with prudent capital risk by investing at least 80% of its net assets in fixed income securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities and in investment grade corporate debt securities. Under normal market and interest rate conditions, the Fund's duration will be between two and five years. Investment Considerations: Bonds offer a relatively stable level of income, although bond prices will fluctuate with interest rate changes providing the potential for principal gain or loss, especially longer-term bonds in a rising interest rate environment. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return. Government guarantee applies only to the underlying securities and not to the Fund. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses
		Tax-Free Short Intermediate Securities Fund Style: High-quality, short-term, tax-exempt Objective: High current income that is exempt from federal and Hawaii income tax by investing at least 80% of its net assets in investment grade municipal obligations. The Fund normally invests 50-75% of its assets in Hawaii municipal obligations — debt securities issued by or on behalf of the State of Hawaii and its political subdivisions, agencies and instrumentalities that pay interest which is exempt from Hawaii income tax as well as Federal income tax. Seeks to provide greater price stability than a long-term bond fund. Investment Considerations: Income received from the Fund may be subject to certain state and local taxes and, depending on one's tax status, to the federal alternative minimum tax. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Generally, bond prices and values fall when interest rates rise, and vice versa. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return. Since the Fund invests significantly in securities of issuers in Hawaii, it will also be affected by a variety of Hawaii an economic and political factors. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses
		U.S. Government Short Fixed Income Fund Style: High-quality, short-term, taxable Objective: High current income consistent with capital preservation by investing 100% in short-term debt securities issued or guaranteed by the U.S. Government and its agencies. Under normal market and interest rate conditions, the Fund's target duration is not expected to exceed 2.5 years. Investment Considerations: Bonds offer a relatively stable level of income, although bond prices will fluctuate with interest rate changes providing the potential for principal gain or loss. Generally, bond price and values fall when interest rate rise, and vice verse. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return. Government and agency guarantee applies only to the underlying securities and not to the Fund. Fund Fact Sheets Fund Performance Most Recent NQ Filing Sales Loads Expenses

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	Each Pacific Capital Fund occupies a designated place on the risk and reward spectrum. When combined together, they provide a multi-disciplined approach to building a well-diversified portfolio.

An investor should consider the funds' investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the funds' prospectus. To obtain a prospectus, please call 800.258.9232, or download a copy. Please read it carefully before investing.

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Mutual Funds: are Not FDIC Insured - May Lose Value - Have No Bank Guarantee