Pacific Capital Funds

					As of Date 04/30/2010
	Pacific Capital Funds	Ticker Symbol	Type	Max Sales Charge	1 Month	YTD (%)	1 Year (%)	3 Year (%)	5 Year (%)	10 Year (%)	Since Inception (%)	Inception Date
	Mid-Cap Fund	PMDAX	NAV	-	3.13	12.17	46.26	-7.09	2.12	N/A	3.59	12/30/03
	Mid-Cap Fund	PMDAX	POP	5.25	-2.31	6.30	38.55	-8.75	1.03	N/A	2.72	12/30/03
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. 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.
	Growth Stock Fund	PCGSX	NAV	-	1.69	6.56	34.55	-3.96	1.73	-5.13	8.28	10/31/77
	Growth Stock Fund	PCGSX	POP	5.25	-3.67	0.93	27.58	-5.66	0.64	-5.64	8.10	10/31/77
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.
	Growth and Income Fund	PCIGX	NAV	-	1.24	6.17	34.34	-7.73	-0.31	-3.96	7.02	10/31/77
	Growth and Income Fund	PCIGX	POP	5.25	-4.11	0.59	27.28	-9.38	-1.38	-4.47	6.84	10/31/77
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.
	Value Fund	PCVVX	NAV	-	2.25	8.58	39.98	-7.34	1.74	0.89	2.13	12/08/98
	Value Fund	PCVVX	POP	5.25	-3.13	2.85	32.61	-8.99	0.65	0.35	1.65	12/08/98
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.
	Tax-Free Securities Fund	PCTFX	NAV	-	0.59	1.35	4.51	3.56	3.14	4.56	3.41	10/31/77
	Tax-Free Securities Fund	PCTFX	POP	4.00	-3.47	-2.74	0.37	2.17	2.30	4.13	3.28	10/31/77
The Fund’s income 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.
	High Grade Short Intermediate Fixed Income Fund	PCTAX	NAV	-	0.44	1.55	5.11	5.60	4.72	4.81	4.46	12/13/93
	High Grade Short Intermediate Fixed Income Fund	PCTAX	POP	2.25	-1.80	-0.72	2.74	4.80	4.25	4.57	4.31	12/13/93
*Former Short Intermediate US Government Securities Fund 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. 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.
	Tax-Free Short Intermediate Securities Fund	PCTSX	NAV	-	0.19	0.26	1.65	3.06	2.59	3.29	3.71	03/31/88
	Tax-Free Short Intermediate Securities Fund	PCTSX	POP	2.25	-2.10	-2.03	-0.68	2.29	2.12	3.05	3.60	03/31/88
The Fund’s income 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. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.
	U.S. Government Short Fixed Income Fund	PCUAX	NAV	-	0.07	0.28	0.78	3.52	3.65	N/A	3.40	06/01/00
	U.S. Government Short Fixed Income Fund	PCUAX	POP	2.25	-2.19	-1.98	-1.49	2.75	3.18	N/A	3.16	06/01/00
*Former Ultra Short Government Fund 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. 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.

The International Stock Fund inception date was December 2, 1998. Class A Shares were not in existence prior to December 8, 1998. Performance calculated for any period prior to and through December 8, 1998 is based on the performance of Class Y Shares, which does not reflect the higher 12b-1 fee. Had the higher 12b-1 fee been incorporated, total return figures may have been inversely affected.

The Small Cap Fund and Value Fund inception date was December 3, 1998. Class A Shares were not in existence prior to December 8, 1998. Performance calculated for any period prior to and through December 8, 1998 is based on the performance of Class Y Shares, which does not reflect the higher 12b-1 fee. Had the higher 12b-1 fee been incorporated, total return figures may have been inversely affected.

The U.S. Government Short Fixed Income Fund inception date was June 1, 2000. Class A Shares were not in existence prior to June 1, 2000. Performance calculated for any period prior to and through June 1, 2000 is based on the performance of Class Y Shares, which does not reflect the higher 12b-1 fee. Had the higher 12b-1 fee been incorporated, total return figures may have been inversely affected.

The Since Inception Performance for the Growth Stock Fund (“Fund”) includes the performance of a common trust fund (“Commingled”) account advised by the Asset Management Group of Bank of Hawaii, and managed the same as the Fund in all material respects, for periods dating back to October 31, 1977 and prior to the Fund’s commencement of operations on November 1, 1993 as adjusted to reflect the expenses associated with the Fund. The Commingled account was not registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and, therefore, was not subject to the investment restrictions imposed by law on registered mutual funds. If the Commingled account had been registered, the Commingled account’s performance may have been adversely affected.

The Since Inception Performance for the Growth and Income Fund, High Grade Core Fixed Income Fund and Tax Free Securities Fund (“Funds”) includes the performance of common trust fund (“Commingled”) accounts advised by the Asset Management Group of Bank of Hawaii, and managed the same as the Funds in all material respects, for periods dating back to October 31, 1977 and prior to the Funds’ commencement of operations on October 14, 1994, as adjusted to reflect the expenses associated with the Funds. The Commingled accounts were not registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and, therefore, were not subject to the investment restrictions imposed by law on registered mutual funds. If the Commingled accounts had been registered, the Commingled accounts’ performance may have been adversely affected.

The Since Inception Performance for the Tax Free Short Intermediate Securities Fund (“Fund”) includes the performance of a common trust fund (“Commingled”) account advised by the Asset Management Group of Bank of Hawaii, and managed the same as the Fund in all material respects, for periods dating back to March 31, 1988 and prior to the Fund’s commencement of operations on October 14, 1994 as adjusted to reflect the expenses associated with the Fund. The Commingled account was not registered with the Securities and Exchange Commission under the Investment Company Act of 1940 and, therefore, was not subject to the investment restrictions imposed by law on registered mutual funds. If the Commingled account had been registered, the Commingled account’s performance may have been adversely affected.