Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS...

68
Pacific Capital UCITS Funds plc Unaudited Condensed Report and Financial Statements For the financial period ended 30 June 2017 An investment company with variable capital incorporated with limited liability in Ireland with registered number 553111 and established as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (together, the “UCITS Regulations”).

Transcript of Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS...

Page 1: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Capital UCITS Funds plcUnaudited Condensed Report and Financial StatementsFor the financial period ended 30 June 2017

An investment company with variable capital incorporated with limited liability in Ireland with registered number 553111 and establishedas an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for CollectiveInvestment in Transferable Securities) Regulations 2011 (as amended) (together, the “UCITS Regulations”).

Page 2: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

PACIFIC CAPITAL UCITS FUNDS PLC

Table of Contents

Page

Administration of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Investment Manager’s Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Statement of Comprehensive Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares . . . . . . . . . . . . . . 12

Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Supplemental Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Page 3: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

1PACIFIC CAPITAL UCITS FUNDS PLC

Administration of the Company

DirectorsSimon Joiner (British) (resigned 30 March 2017)Raymond O’Neill* (Irish)Victoria Parry* (British)

*Independent Director.

Investment ManagerPacific Capital Partners Limited124 Sloane StreetLondon SW1X 9BWUnited Kingdom

Sub-Investment ManagersNPJ Asset Management LLP130 Wood StreetLondon EC2V 6DLUnited Kingdom

Wellington Management International LimitedCardinal Place80 Victoria StreetLondon, SW1E 5JLUnited Kingdom

Irish Legal AdvisersMatheson70 Sir John Rogerson’s QuayDublin 2Ireland

Registered Office70 Sir John Rogerson’s QuayDublin 2Ireland

Registered Number 553111

DepositaryState Street Custodial Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

Administrator, Registrar and Transfer AgentState Street Fund Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

Independent AuditorDeloitteChartered Accountants & Statutory Audit FirmDeloitte & Touche HouseEarlsfort TerraceDublin 2Ireland

Company SecretaryMatsack Trust Limited70 Sir John Rogerson’s QuayDublin 2Ireland

Page 4: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

2PACIFIC CAPITAL UCITS FUNDS PLC

Investment Manager’s ReportFor the financial period ended 30 June 2017

Pacific US Smaller Companies FundFor the period from 30 December 2016 to 30 June 2017 the Russell 2000 Net Total Return index (“RU20N30U”; inUS dollar terms) gained 4.79%. The fund’s share classes performed as follows:

Net returns to 30 June 2017

Period returnPeriod for index

Inception Inception Price at return for (currencyShare class date price 30 June 2017 share class adjusted)

USD B 30 Oct 2015 $100.00 $123.60 8.26% 4.79%GBP B Hedged 30 Oct 2015 £100.00 £121.37 7.78% 4.79%GBP B Unhedged 20 Nov 2015 £100.00 £143.55 2.98% -0.55%

Fund manager’s commentaryQ1 – US small-cap stocks rose for the fourth consecutive quarter. The Russell 2000 Index rose over 2% lagging USlarge-cap counterparts. The index’s performance was largely driven by health care, which rose following theunsuccessful repeal of the Affordable Care Act by the Republican Party. Despite continued geopolitical uncertaintyoverhanging equity markets, returns were largely driven by company fundamentals as opposed to the macro-drivenmarket we experienced in 2016.

The portfolio outperformed the index for the quarter. As has been the case over longer time horizons, performancewas primarily driven by security selection. Stock selection in 9 out of the 11 sectors contributed positively toperformance. Financials, information technology, and industrials contributed most, while telecommunication servicesand materials were the detractors.

In financials, Redwood Trust, a mortgage credit investment REIT, outperformed in March. Management guided tohigher mortgage volumes and lower operating expenses in 2017. We believe Redwood is well-positioned to benefitas Government Sponsored Enterprise (GSE) Reform helps gradually push mortgage credit held by Fannie Mae andFreddie Mac into the private markets.

Three information technology holdings were top-five quarterly contributors. HubSpot, a cloud-based marketing andsales platform provider, moved higher as results handily beat expectations with an acceleration in net customeradditions and higher revenues per customer. MaxLinear, an integrated circuits maker benefiting from secular growthin data consumption, announced an accretive acquisition and pointed to ramping wireless infrastructure contractwins. Entegris, a provider of specialty chemicals and materials used in semiconductor manufacturing, deliveredabove consensus results supported by the ramp of new technologies and expanding end-market demand forsemiconductors. Within telecommunication services, Vonage Holdings’ shares underperformed after 2017 guidancefell short of expectations, largely due to slower-than expected growth in its Business division. We maintain ourpositive outlook for the stock based on the firm’s strong brand, capable management, and leading position inemerging areas of growth in small business communications.

Swift Transportation was a top detractor on concerns about challenging near term industry fundamentals. Wecontinue to have a positive outlook for the truckload sector based on signs that fleet utilization rates are improvingand pricing may be nearing an inflection point. The implementation of Electronic Logging Device rules may alsotighten supply later this year. Worth noting: after quarter end Swift and Knight Transportation announced a mergeragreement, the result of which we expect to be favourable to Swift’s shares.

The portfolio remains most overweight financials. The largest underweights are now to the information technologyand health care sectors.

Q2 – US small-cap stocks rose for the fifth consecutive quarter. Health care again led the benchmark given strengthin biotech and continued momentum from the unsuccessful repeal and replace of the Affordable Care Act. Broadlyspeaking, a small-cap earnings growth reacceleration versus last year and the potential, albeit lessening, for fiscalpolicy reform have underpinned small cap equity markets.

Page 5: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Investment Manager’s Report (continued)For the financial period ended 30 June 2017 (continued)

The portfolio outperformed the index for the quarter. As has been the case over longer time horizons, performancewas primarily driven by security selection. Stock selection in 7 out of the 11 sectors contributed positively toperformance. Health care, financials, and consumer staples contributed most, while telecommunication services andconsumer discretionary detracted most.

Four of the portfolio’s top 5 relative contributors were health care related. eHealth’s shares jumped after quarterlyresults showed a rebound in its Medicare business, including better-than-expected new adds and pricing. MiMedxGroup, a maker of biomaterials used in wound care, rose over 50% after delivering strong organic revenue growthand gross margin improvement. Molina Healthcare’s shares rose after the board of directors announced a shakeupof senior A member of the management, including the ouster of the CEO and CFO, both Molina family insiders.Kindred Healthcare’s shares moved higher after the firm delivered solid quarterly results and reiterated guidance.

Elsewhere in the portfolio, Swift Transportation’s shares jumped after the firm announced it had agreed to mergewith Knight Transportation. The combined company will be the largest full truckload services provider in the US.First Solar outperformed after first quarter results exceeded expectations and management increased guidanceciting improved operational performance and better visibility into some upcoming project sales. The firm’stransition to the next generation Series 6 product line continues to progress from both a technology andcommercial standpoint.

In consumer discretionary, Chico’s underperformed as weak first quarter samestore-sales trends were only partiallyoffset by continued strong margin management. The women’s clothing retailer attributed most of the sales weaknessto merchandising transitions. Despite the short-term sales headwind from merchandising missteps, we continue tohold our position as we believe that the management team is taking the correct steps to reduce its cost structureand store footprint, thereby positioning the company for long-term profit growth.

Cardtronics, a provider of ATMs and automated financial services kiosks, was a top detractor for the quarter. Thefirm reported a messy first quarter as a software transition and exit from the 7-11 relationship hit same-store-salesand earnings more sharply than had been anticipated. While management reiterated full year guidance, they reinedin guidance for the second quarter. We believe Cardtronics remains well-positioned to benefit from the trend ofbanks outsourcing or supplementing their ATM networks, since lower cash volumes are making the networks lessprofitable revenue centers than they once were.

The portfolio remains most overweight financials and most underweight information technology and health care.

3PACIFIC CAPITAL UCITS FUNDS PLC

Page 6: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Investment Manager’s Report (continued)For the financial period ended 30 June 2017 (continued)

Pacific Multi-Asset Accumulator RangeFor the period from 19 January 2017 to 30 June 2017 the fund’s share classes performed as follows:

Net returns to 30 June 2017

PeriodInception Inception Price at return for

Share class date price 30 June 2017 share class

Defensive Inst. GBP 19 Jan 2017 £10.00 £10.133 1.33%Conservative Inst. GBP 19 Jan 2017 £10.00 £10.160 1.60%Core Inst. GBP 19 Jan 2017 £10.00 £10.173 1.73%Plus Inst. GBP 19 Jan 2017 £10.00 £10.202 2.02%Defensive D1 GBP 19 Jan 2017 £10.00 £10.099 0.99%Conservative D1 GBP 19 Jan 2017 £10.00 £10.125 1.25%Core D1 GBP 19 Jan 2017 £10.00 £10.140 1.40%Plus D1 GBP 19 Jan 2017 £10.00 £10.168 1.68%

Fund manager’s commentaryQ1 – February saw a broad-based advance across equity and bond markets. Both developed and emerging marketequities continued to move higher with unusually low volatility, with a stronger Dollar providing a further tailwind toreturns. Within our equity allocations, the US continued to outperform the rest of the world, with the iShares ValueETF the best performing holding. In fixed income, both our credit and our emerging market holdings generatedrobust returns during the month, with the strongest performance coming from Emerging Market local currencybonds. We consider their high yields and relatively low sensitivity to rising bond yields an attractive combination.Within alternatives, our global listed property ETF rose almost 5%, outperforming global equities over the month.

After weeks of exceptionally calm markets, volatility picked up slightly in March. We reduced the sensitivity of thefund to rising bond yields by switching into shorter dated investment grade bonds. Commodities weakened overthe month, with the oil price falling back on rising inventories and concerns over increased supply in the US. Thestrongest performance over the month came from European equities which look set to outperform global equitiesas earning accelerate on the back of a pick-up in growth in 2017. Elsewhere, the Jupiter UK Special Situations fundperformed strongly with their quality overlay aiding performance in a more challenging environment for valuestrategies. Within alternatives, the iShares Developed Market Property ETF was the weakest performer over themonth, following robust performance in February.

Q2 – The news in April was dominated by the French presidential election as investors first feared another populistvictory and then cheered Emanuel Macron’s first round victory. Within equity markets, Europe was the strongestperforming region whilst US equities lagged. We have been scaling down our allocation to US equities which aretrading at historically high valuations; as political risk abates, we expect cheaper markets to outperform the US. Thestrongest performing holding over the month was British Empire which has a global mandate but finds mostopportunities in European and Asian markets. Bond market yields fell with gilt yields briefly touching 1%, a level onlyseen for a few weeks after the referendum result. This proved an opportunity to trim our exposure to UK gilts andSterling investment grade bonds and modestly increase AQR Style Premia whose returns are uncorrelated with bothequity and bond markets.

Markets shrugged off softer economic data and political news flow to move higher in May. Investors judged thatthe economic data was robust enough to support higher corporate earnings but not so strong as to force centralbanks to accelerate the removal of stimulus. Within equity markets, Europe and emerging markets were thestrongest regions whilst the US stock market underperformed the rest of the world for the third month running.The strongest performing holding over the month was the Vanguard Europe ex UK ETF which captured the upswingin European markets supported by a tailwind of a strengthening Euro. Bond yields fell around the world, mostnotably in the US on the back of weaker data and lower inflationary pressures, supporting our allocations toinvestment grade bonds. Finally, within fixed income, the iShares Emerging Market Local Government Bond ETFwas the strongest performing holding.

4PACIFIC CAPITAL UCITS FUNDS PLC

Page 7: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Investment Manager’s Report (continued)For the financial period ended 30 June 2017 (continued)

June began with a strong rally in both equities and government bonds, only for markets to go into reverse inreaction to the words of a few central bankers. The Federal Reserve raised rates for the fourth time to 1.25%, despiterecent weaker inflation data in the US. However, the trigger for weaker markets came from the meeting of centralbankers in Portugal. At the meeting, the ECB president Mario Draghi talked about a revival in reflationary forcesand Mark Carney said that “some removal of monetary stimulus is likely to become necessary”. Markets respondedto these comments with a fall in government bond prices as well as a weakness in equity markets and the US Dollar.Within equity markets, there was a significant rotation in sector performance as the most expensive areas of themarket sold off, whilst the cheaper stocks outperformed having lagged when bonds rallied earlier in the year. Theiroutperformance in a challenging environment of falling bond and equity prices is clearly an attractive quality in amulti-asset portfolio. There was also considerable differentiation in bond markets, with longer dated bonds fallingsharply whilst shorter dated corporate bonds and emerging market local currency debt were broadly unchangedwhilst high yield prices rose slightly.

5PACIFIC CAPITAL UCITS FUNDS PLC

Page 8: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Statement of Comprehensive IncomeFor the financial period ended 30 June 2017

Pacific Global Pacific Multi-Asset Pacific Multi-AssetEquity Accumulator Accumulator

Opportunity Fund* Conservative Fund** Core Fund**USD GBP GBP

IncomeDividend income 116,007 79,403 182,179Interest income – 919 –Expense reimbursement 149,810 46,690 34,690Net gain/(loss) on investment activities 442,194 (47,911) (254,447)

708,011 79,101 (37,578)

ExpensesInvestment management fees (36,355) (20,581) (39,213)Depositary fees (3,009) (3,447) (3,447)Trustee fees (5,591) (610) (1,165)Administration fees (42,318) (3,048) (5,830)Audit fees (1,949) (3,225) (3,225)Registration, reporting and compliance fees (8,970) (15,149) (15,149)Transfer Agency fees (17,100) (7,849) (7,849)Distribution fees – (14,199) (34,067)Directors’ fees (1,340) (4,177) (4,177)Establishment costs 39,591 (5,420) (5,420)Other expenses (56,890) (19,978) (19,392)

Total operating expenses (133,931) (97,683) (138,934)

Finance costsInterest expense (100,627) – (10)

Profit/(Loss) for the financialperiod before taxation 473,453 (18,582) (176,522)

TaxationWithholding taxes – – –

Increase/(Decrease) in net assets attributableto holders of redeemable participating sharesresulting from operations (at last traded market prices) 473,453 (18,582) (176,522)

All activities arose from continuing operations and discontinued operations for closed fund. There are no other gainsand losses other than those noted above.

* Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

** Funds launched on 20 January 2017 and as a result no comparative figures are available for period ended30 June 2016.

6PACIFIC CAPITAL UCITS FUNDS PLC

The accompanying notes form an integral part of these financial statements.

Page 9: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Statement of Comprehensive Income (continued)

For the financial period ended 30 June 2017

Pacific Multi-Asset Pacific Multi-Asset Pacific U.S.Accumulator Accumulator Smaller Company

Defensive Fund* Plus Fund* Companies Fund TotalGBP GBP USD USD

IncomeDividend income 11,254 60,029 97,174 645,555Interest income 1,428 – – 3,049Expense reimbursement 28,151 50,278 75,212 432,606Net (loss)/gain on investment activities (6,085) (66,268) 1,021,984 977,447

34,748 44,039 1,194,370 2,058,657

ExpensesInvestment management fees (3,332) (12,724) (59,923) (194,803)Depositary fees (3,447) (3,447) (905) (21,824)Trustee fees (99) (376) (1,332) (9,846)Administration fees (497) (1,879) (39,891) (96,827)Audit fees (3,225) (3,225) (3,522) (22,227)Registration, reporting and compliance fees (7,882) (15,149) (3,563) (81,805)Transfer Agency fees (7,360) (7,849) (21,650) (78,897)Distribution fees (1,758) (12,444) – (81,143)Directors’ fees (835) (4,177) (4,834) (23,536)Establishment costs (1,084) (5,420) (8,663) 8,399Other expenses (6,357) (18,772) (14,663) (155,333)

Total operating expenses (35,876) (85,462) (158,946) (757,842)

Finance costsInterest expense – (27) (403) (101,078)

(Loss)/Profit for the financialperiod before taxation (1,128) (41,450) 1,035,021 1,199,737

TaxationWithholding taxes – – (23,977) (23,977)

(Decrease)/Increase in net assets attributableto holders of redeemable participating sharesresulting from operations (at last tradedmarket prices) (1,128) (41,450) 1,011,044 1,175,760

All activities arose from continuing operations. There are no other gains and losses other than those noted above.

* Funds launched on 20 January 2017 and as a result no comparative figures are available for period ended30 June 2016.

7PACIFIC CAPITAL UCITS FUNDS PLC

Page 10: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

8PACIFIC CAPITAL UCITS FUNDS PLC

The accompanying notes form an integral part of these financial statements.

Statement of Comprehensive IncomeFor the financial period ended 30 June 2016

Pacific Global Pacific U.S.Equity Smaller Company

Opportunity Fund Companies Fund TotalUSD USD USD

IncomeDividend income 1,075,999 43,995 1,119,994Interest income – 3 3Expense reimbursement 70,832 38,324 109,156Net (loss)/gain on investment activities (7,053,192) 66,585 (6,986,607)

(5,906,361) 148,907 (5,757,454)ExpensesInvestment management fees (173,454) (23,540) (196,994)Depositary fees (17,005) (959) (17,964)Administration fees (52,330) (2,092) (54,422)Audit fees (6,070) (1,038) (7,108)Registration, reporting and compliance fees (29,954) (3,167) (33,121)Transfer Agency fees (26,871) (20,597) (47,468)Directors’ fees (21,547) (3,684) (25,231)Dividend expenses (133,708) – (133,708)Other expenses (67,143) (17,661) (84,804)

Total operating expenses (528,082) (72,738) (600,820)

Finance costsInterest expense (245,019) – (245,019)

(Loss)/Profit for the financial period before taxation (6,679,462) 76,169 (6,603,293)

TaxationWithholding taxes (43,657) (12,159) (55,816)

(Decrease)/Increase in net assets attributable to redeemable participating shareholders resulting from operations (at last traded market prices) (6,723,119) 64,010 (6,659,109)

All activities arose from continuing operations. There are no other gains and losses other than those noted above.

Page 11: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Statement of Financial PositionAs at 30 June 2017

Pacific Global Pacific Multi-Asset Pacific Multi-Asset Equity Accumulator Accumulator Opportunity Fund* Conservative Fund** Core Fund** USD GBP GBP

Current AssetsFinancial assets at fair value through profit or loss:

Investments at fair value – 12,283,720 25,528,194Unrealised gain on forward foreign exchange contracts – 25,337 67,425Cash at bank and cash equivalents 507,135 804,451 1,652,393

Debtors:Receivable for investments sold 4,315 139,729 333,353Receivable for fund shares sold – 41,266 151,165Dividend income receivable 6,804 11,465 37,271Receivable for cap reimbursement 134,591 46,690 34,690Interest receivable 23 611 –

Total Current Assets 652,868 13,353,269 27,804,491

Current LiabilitiesFinancial liabilities at fair value through profit or loss:

Unrealised loss on forward foreign exchange contracts (273,828) (20,881) (34,019)Unrealised loss on contracts for difference (1,083) – –

Foreign tax witholding (150,000) – –Cash due to brokers (19,921) – –Payable for investments purchased – (318,120) (805,224)Payable for fund shares redeemed – (8,000) –Creditors – amounts falling due within one year (208,036) (86,087) (121,136)

Total Current Liabilities (652,868) (433,088) (960,379)

Net assets attributable toholders of redeemableparticipating shares – 12,920,181 26,844,112

* Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

9PACIFIC CAPITAL UCITS FUNDS PLC

The accompanying notes form an integral part of these financial statements.

Page 12: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Statement of Financial Position (continued)

As at 30 June 2017

Pacific Multi-Asset Pacific Multi-Asset Pacific U.S.Accumulator Accumulator Smaller Company

Defensive Fund** Plus Fund** Companies Fund TotalGBP GBP USD USD

Current AssetsFinancial assets at fair value throughprofit or loss:

Investments at fair value 1,980,898 7,982,939 20,131,726 82,190,003Unrealised gain on forward foreignexchange contracts 5,295 18,831 6,761 158,593Cash at bank and cash equivalents 117,248 371,423 153,389 4,486,599

Debtors:Receivable for investments sold 8,074 79,992 22,689 755,907Receivable for fund shares sold – 336,817 186,053 873,519Dividend income receivable 1,181 14,891 14,261 105,247Receivable for cap reimbursement 28,151 50,278 196,527 538,702Interest receivable 1,027 – – 2,151

Total Current Assets 2,141,874 8,855,171 20,711,406 89,110,721

Current LiabilitiesFinancial liabilities at fair value throughprofit or loss:

Unrealised loss on forward foreignexchange contracts (3,451) (8,535) (610) (361,320)Unrealised loss on contracts for difference – – – (1,083)

Foreign tax witholding – – – (150,000)Cash due to brokers – – – (19,921)Payable for investments purchased (3,454) (407,581) (147,889) (2,140,969)Payable for fund shares redeemed – – (4,688) (15,080)Creditors – amounts falling due withinone year (33,747) (74,969) (115,291) (733,716)

Total Current Liabilities (40,652) (491,085) (268,478) (3,422,089)

Net assets attributable toholders of redeemableparticipating shares 2,101,222 8,364,086 20,442,928 85,688,632

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

10PACIFIC CAPITAL UCITS FUNDS PLC

Page 13: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

11PACIFIC CAPITAL UCITS FUNDS PLC

Statement of Financial PositionAs at 31 December 2016

The accompanying notes form an integral part of these financial statements.

Pacific Global Pacific U.S.Equity Smaller Company

Opportunity Fund Companies Fund TotalUSD USD USD

Current AssetsFinancial assets at fair value through profit or loss:

Investments at fair value 6,951,506 7,294,077 14,245,583Unrealised gain on forward foreignexchange contracts 61,202 33 61,235Unrealised gain on futures contracts 9,882 – 9,882Unrealised gain on contracts for difference 857,278 – 857,278

Cash at bank and cash equivalents 142,473 151,022 293,495Cash at brokers 4,916,336 – 4,916,336Cash collateral 2,650,000 – 2,650,000Debtors:

Receivable for investments sold 77,381 206,241 283,622Dividend income receivable 33,927 8,321 42,248Receivable for cap reimbursement 196,649 121,315 317,964

Total Current Assets 15,896,634 7,781,009 23,677,643

Current LiabilitiesFinancial liabilities at fair value throughprofit or loss:

Unrealised loss on forward foreignexchange contracts (21,709) (870) (22,579)Unrealised loss on futures contracts (208,955) – (208,955)Unrealised loss on contracts for difference (195,092) – (195,092)

Bank overdraft (53,541) – (53,541)Cash due to brokers (86,476) – (86,476)Payable for investments purchased – (58,021) (58,021)Payable for fund shares redeemed – (160,000) (160,000)Creditors – amounts falling due within one year (184,728) (64,387) (249,115)

Total Current Liabilities (750,501) (283,278) (1,033,779)

Net assets attributable to holders of redeemableparticipating shares 15,146,133 7,497,731 22,643,864

Page 14: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating SharesFor the financial period ended 30 June 2017

Pacific Global Pacific Multi-Asset Pacific Multi-Asset Equity Accumulator Accumulator Opportunity Fund* Conservative Fund** Core Fund** USD GBP GBP

Net assets attributable to holdersof redeemable participating sharesat the beginning of the financial period 15,146,133 – –

Proceeds from redeemable participatingshares issued 98 13,393,043 28,089,503Payments for redemption of redeemableparticipating shares (15,619,684) (454,280) (1,068,869)

Net (decrease)/increase fromshare transactions (15,619,586) 12,938,763 27,020,634

Increase/(Decrease) in net assetsattributable to holders of redeemableparticipating shares from operations 473,453 (18,582) (176,522)

Net assets attributable to holdersof redeemable participating sharesat the end of the financial period – 12,920,181 26,844,112

* Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial period ended30 June 2016.

12PACIFIC CAPITAL UCITS FUNDS PLC

The accompanying notes form an integral part of these financial statements.

Page 15: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (continued)

For the financial period ended 30 June 2017

Pacific Multi-Asset Pacific Multi-Asset Pacific U.S. Accumulator Accumulator Smaller Company

Defensive Fund** Plus Fund** Companies Fund TotalGBP GBP USD USD

Net assets attributable to holdersof redeemable participating sharesat the beginning of the financial period – – 7,497,731 22,643,864

Proceeds from redeemable participatingshares issued 2,102,350 8,970,913 12,375,753 80,643,181Payments for redemption of redeemableparticipating shares – (565,377) (441,600) (18,774,173)

Net increase from share transactions 2,102,350 8,405,536 11,934,153 61,869,008

(Decrease)/Increase in net assetsattributable to holders of redeemableparticipating shares from operations (1,128) (41,450) 1,011,044 1,175,760

Net assets attributable to holdersof redeemable participating sharesat the end of the financial period 2,101,222 8,364,086 20,442,928 85,688,632

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial period ended30 June 2016.

13PACIFIC CAPITAL UCITS FUNDS PLC

Page 16: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

14PACIFIC CAPITAL UCITS FUNDS PLC

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating SharesFor the financial period ended 30 June 2016

The accompanying notes form an integral part of these financial statements.

Pacific Global Pacific U.S.Equity Smaller Company

Opportunity Fund Companies Fund TotalUSD USD USD

Net assets attributable to holders ofredeemable participating shares atthe beginning of the financial period 46,100,018 4,059,470 50,159,488

Proceeds from redeemable participating shares issued 2,469,029 2,561,769 5,030,798Payments for redemption of redeemable participating shares (22,380,052) (976,047) (23,356,099)

Net (decrease)/increase from share transactions (19,911,023) 1,585,722 (18,325,301)

(Decrease)/Increase in net assets attributableto holders of redeemable participating sharesfrom operations (6,723,119) 64,010 (6,659,109)

Net assets attributable to holders of redeemableparticipating shares at the end of the financial period 19,465,876 5,709,202 25,175,078

Page 17: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Statement of Cash FlowsFor the financial period ended 30 June 2017

Pacific Global Pacific Multi-Asset Pacific Multi-Asset Equity Accumulator Accumulator Opportunity Fund* Conservative Fund** Core Fund** USD GBP GBP

Cash flows from operating activitiesIncrease/(Decrease) in net assets attributable to holders ofredeemable participating shares from operations 473,453 (18,582) (176,522)

Adjustment for:Movement in cash at broker 4,796,240 – –Movement in cash collateral 2,650,000 – –Movement in financial assets at fair value throughprofit or loss 7,024,572 (12,105,329) (25,056,312)Unrealised movement on derivative assets 777,517 (4,456) (33,417)

Operating cash flows before movements inworking capital 15,721,782 (12,128,367) (25,266,251)

Movement in receivables 239,158 (58,766) (71,961)Movement in payables 23,308 86,087 121,136

Net cash inflow/(outflow) from operating activities 15,984,248 (12,101,046) (25,217,076)

Cash flows from financing activitiesProceeds from issue of redeemable participating shares 98 13,351,777 27,938,338Payments for redeemable participating shares redeemed (15,619,684) (446,280) (1,068,869)

Net cash (outflow)/inflow from financing activities (15,619,586) 12,905,497 26,869,469

Net increase in cash and cash equivalents 364,662 804,451 1,652,393

Reconciliation of cash movement during the financial periodNet cash at the beginning of the financial period 142,473 – –Net cash at the end of the financial period 507,135 804,451 1,652,393

Cash at bank and cash equivalents – Statement ofCash Flows 507,135 804,451 1,652,393

Supplementary InformationInterest received – (606) (10)Interest paid (8,349) – –Dividends received 143,130 68,224 144,908Dividends paid (14,847) – –Taxation paid 159,947 – –

* Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial period ended30 June 2016.

15PACIFIC CAPITAL UCITS FUNDS PLC

The accompanying notes form an integral part of these financial statements.

Page 18: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Statement of Cash Flows (continued)

For the financial period ended 30 June 2017

Pacific Multi-Asset Pacific Multi-Asset Pacific U.S. Accumulator Accumulator Smaller Company

Defensive Fund** Plus Fund** Companies Fund TotalGBP GBP USD USD

Cash flows from operating activities(Decrease)/Increase in net assets attributable toholders of redeemable participating sharesfrom operations (1,128) (41,450) 1,011,044 1,175,760

Adjustment for:Movement in cash at broker – – – 4,796,240Movement in cash collateral – – – 2,650,000Movement in financial assets at fairvalue through profit or loss (1,985,518) (7,655,350) (12,564,229) (66,333,742)Unrealised movement on derivative assets (1,844) (10,296) (6,988) 705,566

Operating cash flows before movements inworking capital (1,988,490) (7,707,096) (11,560,173) (57,006,176)

Movement in receivables (30,359) (65,169) (81,152) (135,888)Movement in payables 33,747 74,969 50,904 484,601

Net cash outflow from operating activities (1,985,102) (7,697,296) (11,590,421) (56,657,463)

Cash flows from financing activitiesProceeds from issue of redeemableparticipating shares 2,102,350 8,634,096 12,189,700 79,769,662Payments for redeemable participatingshares redeemed – (565,377) (596,912) (18,919,094)

Net cash inflow from financing activities 2,102,350 8,068,719 11,592,788 60,850,568

Net increase in cash and cash equivalents 117,248 371,423 2,367 4,193,105

Reconciliation of cash movement duringthe financial periodNet cash at the beginning of thefinancial period – – 151,022 293,494Net cash at the end of the financial period 117,248 371,423 153,389 4,486,599

Cash at bank and cash equivalents – Statementof Cash Flows 117,248 371,423 153,389 4,486,599

Supplementary InformationInterest received (1,025) (27) – (2,167)Interest paid – – (403) (8,752)Dividends received 10,562 45,139 91,234 (583,564)Dividends paid – – – (14,847)Taxation paid – – (23,977) 135,970

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial period ended30 June 2016.

16PACIFIC CAPITAL UCITS FUNDS PLC

Page 19: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

17PACIFIC CAPITAL UCITS FUNDS PLC

Statement of Cash FlowsFor the financial period ended 30 June 2016

The accompanying notes form an integral part of these financial statements.

Pacific Global Pacific U.S.Equity Smaller Company

Opportunity Fund Companies Fund TotalUSD USD USD

Cash flows from operating activities(Decrease)/Increase in net assets attributable to holdersof redeemable participating shares from operations (6,723,119) 64,010 (6,659,109)

Adjustment for:Movement in cash at broker 6,397,783 – 6,397,783Movement in cash collateral 5,450,000 – 5,450,000Movement in financial assets at fair value through profit or loss 16,890,533 (1,584,855) 15,305,678Unrealised movement on derivative assets (508,918) (34,361) (543,279)

Operating cash flows before movements in working capital 21,506,279 (1,555,206) 19,951,073

Movement in receivables (152,487) (40,058) (192,545)Movement in payables (164,358) 27,441 (136,917)

Net cash inflow/(outflow) from operating activities 21,189,434 (1,567,823) 19,621,611

Cash flows from financing activitiesProceeds from issue of redeemable participating shares 2,469,029 2,562,353 5,031,382Payments for redeemable participating shares redeemed (22,375,672) (973,286) (23,348,958)

Net cash (outflow)/inflow from financing activities (19,906,643) 1,589,067 (18,317,576)

Net increase in cash and cash equivalents 1,282,791 21,244 1,304,035

Reconciliation of cash movement during the financial periodNet cash at the beginning of the financial period (129,237) 42,130 (87,107)Net cash at the end of the financial period 1,153,554 63,374 1,216,928

Supplementary InformationInterest received – 3 3Interest paid (294,088) – (294,088)Dividends received 994,344 42,261 1,036,605Dividends paid (133,749) – (133,749)Taxation paid (43,657) (12,159) (55,816)

Page 20: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial StatementsFor the financial period ended 30 June 2017

1. GENERAL INFORMATIONPacific Capital UCITS Funds plc (the “Company”) was incorporated in Ireland on 24 November 2014 as a publiclimited company under the Companies Act, 2014 (the “Companies Act”) with registration number 553111. Unlessotherwise provided for in this report, all capitalised terms shall have the same meaning herein as in theProspectus of the Company dated 23 August 2016 (the “Prospectus”).

The Company is an open–ended investment company with variable capital and was established pursuant tothe Central Bank of Ireland (the “Central Bank”) under the European Communities (Undertakings for CollectiveInvestment in Transferable Securities) Regulations 2011, as amended and is authorised and regulated by theCentral Bank of Ireland (the “Central Bank”), under the Central Bank (Supervision And Enforcement) Act 2013(Section 48(1)) (Undertakings For Collective Investment In Transferable Securities) Regulations 2015 (the“UCITS Regulations”).

The Company is organised in the form of an umbrella fund with segregated liability between its sub-funds (eacha “Fund” collectively the “Funds”).

At 30 June 2017, the Company consisted of five Funds, detail as follows:

Fund Launch date

Pacific Multi-Asset Accumulator – Conservative Fund 20 January 17Pacific Multi-Asset Accumulator – Core Fund 20 January 17Pacific Multi-Asset Accumulator – Defensive Fund 20 January 17Pacific Multi-Asset Accumulator – Plus Fund 20 January 17Pacific U.S. Smaller – Companies Fund 30 October 15

Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

At 30 June 2017, the Funds had the following active classes:

Fund Share Class Launch date

Pacific Multi-Asset Accumulator – Conservative Fund EUR D1 Hedged Class 20 January 17EUR D3 Hedged Class 20 January 17

EUR C Hedged Class 20 January 17EUR Institutional Class 20 January 17GBP Institutional Class 20 January 17

GBP D1 Class 20 January 17GBP D3 Class 20 January 17

GBP C Class 20 January 17USD Institutional Class 20 January 17USD D1 Hedged Class 20 January 17USD D3 Hedged Class 20 January 17

USD C Hedged Class 20 January 17AUD Institutional Class 20 January 17

GBP Z Class 20 January 17

18PACIFIC CAPITAL UCITS FUNDS PLC

Page 21: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

1. GENERAL INFORMATION (continued)Fund Share Class Launch date

Pacific Multi-Asset Accumulator – Core Fund EUR D1 Hedged Class 20 January 17EUR D3 Hedged Class 20 January 17

EUR C Hedged Class 20 January 17GBP Institutional Class 20 January 17

GBP D1 Class 20 January 17GBP D3 Class 20 January 17

GBP C Class 20 January 17USD Institutional Class 20 January 17USD D1 Hedged Class 20 January 17USD D3 Hedged Class 20 January 17

USD C Hedged Class 20 January 17AUD Institutional Class 20 January 17

GBP Z Class 20 January 17

Pacific Multi-Asset Accumulator – Defensive Fund GBP Institutional Class 20 January 17GBP D1 Class 20 January 17

USD Institutional Class 24 February 17GBP D2 Class 13 March 17

Pacific Multi-Asset Accumulator – Plus Fund EUR D1 Hedged Class 20 January 17EUR D3 Hedged Class 20 January 17

EUR C Hedged Class 20 January 17GBP Institutional Class 20 January 17

GBP D1 Class 20 January 17GBP D3 Class 20 January 17

GBP C Class 20 January 17USD Institutional Class 20 January 17USD D1 Hedged Class 20 January 17USD D3 Hedged Class 20 January 17

USD C Hedged Class 20 January 17AUD Institutional Class 20 January 17

GBP Z Class 20 January 17AUD D1 Class 24 June 17

Pacific U.S. Smaller – Companies Fund GBP B Unhedged Class 23 November 15GBP B Hedged Class 30 October 15USD B Hedged Class 30 October 15

Investment objectivesPacific Multi-Asset Accumulator – Conservative FundThis sub-fund will typically take a comparatively smaller exposure to gains in equity markets, with such exposureranging from 20% to 60% of NAV and the remainder invested in fixed income and other asset classes.

Pacific Multi-Asset Accumulator – Core FundThis sub-fund will typically take a more balanced exposure to gains in equity markets, with such exposure rangingbetween 40% and 85% of NAV and the remainder invested in fixed income and other asset classes.

Pacific Multi-Asset Accumulator – Defensive FundThis sub-fund will typically take a comparatively smaller exposure to gains in equity markets, with such exposureranging up to 35% NAV and the remainder invested in fixed income and other asset classes.

19PACIFIC CAPITAL UCITS FUNDS PLC

Page 22: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

1. GENERAL INFORMATION (continued)Investment objectives (continued)Pacific Multi-Asset Accumulator – Plus FundThis sub-fund will typically take a more active exposure to gains in equity markets, with such exposure rangingup to 100% of NAV.

Pacific U.S. Smaller – Companies FundThe investment objective of the Fund is to generate returns in excess of the Russell 2000 Index over the longterm. To achieve this objective, Fund will primarily invest in US equities and equity related securities, which willbe listed on Recognised Markets, as well as financial derivative instruments.

There can be no guarantee that the Funds will achieve their investment objectives.

Full details of the investment objectives and policies of the Funds are set out in the Prospectus and relatedSupplements.

2. BASIS OF PREPARATIONThe condensed interim financial statements as at 30 June 2017 are unaudited.

These statutory audited financial statements have been prepared in accordance with International FinancialReporting Standards (“IFRS”) issued by the International Accounting Standard Board (“IASB”) as adopted foruse in the European Union and interpretations issued by the International Financial Reporting InterpretationsCommittee of the IASB. Specifically these financial statements have been prepared in accordance with IAS(International Accounting Standard) 34: Interim Financial Reporting.

The comparative figures included for the Statement of Financial Position relate to the previous year ended31  December 2016, while the comparative figures included for the Statement of Comprehensive Income,Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares and Statementof Cash Flow relate to the six month period ended 30 June 2016.

The accounting policies used in the preparation of these financial statements are consistent with those used inthe Company’s most recent annual financial statements for the year ended 31 December 2016. There have beenno changes in accounting policies since the date of the company’s last annual financial statements, for the yearended 31 December 2016. The format of these financial statements differs in some respects from that of themost recent annual financial statements, in that the notes to the financial statements are presented in asummary form.

The financial statements have been prepared on the going concern basis and under the historical costconvention as modified by the revaluation of certain financial assets and financial liabilities held at fair valuethrough profit and loss.

The preparation of financial statements in conformity with IFRS requires the Company to make certainaccounting estimates and assumptions. Actual results may differ from those estimates and assumptions. TheDirectors believe that any estimates used in preparing the financial statements are reasonable and prudent.

These financial statements are presented in US dollar (“USD”). For the purposes of producing the combinedStatement of Financial Position of the Company, the Statements of Financial Position of the individual Fundswhich are not kept in the presentation currency are translated to US dollar using the exchange rates as at30 June 2017 and accumulated for preparation of the combined Statement of Financial Position. For thepurpose of producing the combined Statement of Comprehensive Income, the combined Statement ofChanges in Net Assets Attributable to Holders of Redeemable Participating Shares and the combinedStatement of Cash Flows from the accounts of the individual Funds, average exchange rates for the financialyear are used.

Accounting StandardsAll applicable standards were adopted on the incorporation of the Fund.

Pacific Global Equity Opportunity Fund was prepared on a non-going concern basis.

20PACIFIC CAPITAL UCITS FUNDS PLC

Page 23: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

3. EXCHANGE RATESThe rates of exchange to USD as at 30 June 2017 and 31 December 2016 were as follows:

30 June 2017 31 December 2016

British Pound (“GBP”) 0.769853 0.809291Chinese Yuan (“CNY”) 6.779500 6.949500Euro (“EUR”) 1.298700 0.948092Hong Kong Dollar (“HKD”) 7.806450 7.753150Indonesian Rupiah (“IDR”) 13,327.500000 13,472.500000Japanese Yen (“JPY”) 112.360000 116.635000Malaysian Ringgit (“MYR”) 4.292650 4.486000Norwegian Krone (“NOK”) 8.376650 8.607700Philippine Peso (“PHP”) 50.460000 49.712500Singaporean Dollar (“SGD”) 1.376850 1.444700South Korean Won (“KRW”) 1,144.150000 1,207.800000Swiss Franc (“CHF”) 0.957650 1.016350Taiwan Dollar (“TWD”) 30.420000 32.229000Thailand Baht (“THB”) 33.970000 35.810500

4. SHARE CAPITALRedeemable shares and net assets attributable to holders of redeemable shares.The following table details the NAV, shares in issue and NAV per share of each redeemable participating sharein the Fund as at 30 June 2017, 31 December 2016 and 30 June 2016.

Pacific Global Equity Opportunity Fund*

CHF A Class 30 June 2017 31 December 2016 30 June 2016

Net Asset Value Closed CHF 166,416 CHF 161,020Shares in issue Closed 2,000 2,000Net Asset Value per share Closed CHF 83.21 CHF 80.51

EUR A Class 30 June 2017 31 December 2016 30 June 2016

Net Asset Value Closed EUR 108,802 EUR 104,967Shares in issue Closed 1,300 1,300Net Asset Value per share Closed EUR 83.69 EUR 80.74

CHF B Hedged Class 30 June 2017 31 December 2016 30 June 2016

Net Asset Value Closed CHF 3,267,730 CHF 2,136,923Shares in issue Closed 44,786 30,387Net Asset Value per share Closed CHF 72.96 CHF 70.32

EUR B Hedged Class 30 June 2017 31 December 2016 30 June 2016

Net Asset Value Closed EUR 128,106 EUR 123,119Shares in issue Closed 1,719 1,719Net Asset Value per share Closed EUR 74.51 EUR 71.61

GBP B Hedged Class 30 June2017 31 December 2016 30 June 2016

Net Asset Value Closed GBP 1,770,699 GBP 2,935,220Shares in issue Closed 23,134 40,010Net Asset Value per share Closed GBP 76.54 GBP 73.36

* Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

21PACIFIC CAPITAL UCITS FUNDS PLC

Page 24: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

4. SHARE CAPITAL (continued)Pacific Global Equity Opportunity Fund* (continued)

USD B Class 30 June 2017 31 December 2016 30 June 2016

Net Asset Value Closed USD 9,425,492 USD 12,985,334Shares in issue Closed 121,587 175,701Net Asset Value per share Closed USD 77.52 USD 73.91

Pacific Multi-Asset Accumulator – Conservative Fund**

AUD Institut 30 June 2017

Net Asset Value AUD 116,504Shares in issue 11,406Net Asset Value per share AUD 10.21

EUR C Hedged 30 June 2017

Net Asset Value EUR 4,347Shares in issue 432Net Asset Value per share EUR 10.07

EUR D1 Hedged 30 June 2017

Net Asset Value EUR 423,279Shares in issue 41,954Net Asset Value per share EUR 10.09

EUR D3 Hedged 30 June 2017

Net Asset Value EUR 466,726Shares in issue 46,263Net Asset Value per share EUR 10.09

EUR Instit 30 June 2017

Net Asset Value EUR 287,733Shares in issue 28,637Net Asset Value per share EUR 10.05

GBP C Class 30 June 2017

Net Asset Value GBP 15,339Shares in issue 1,518Net Asset Value per share GBP 10.11

GBP D1 Class 30 June 2017

Net Asset Value GBP 2,317,745Shares in issue 228,911Net Asset Value per share GBP 10.13

* Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial yearended 31 December 2016 and financial period ended 30 June 2016.

22PACIFIC CAPITAL UCITS FUNDS PLC

Page 25: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

4. SHARE CAPITAL (continued)Pacific Multi-Asset Accumulator – Conservative Fund** (continued)

GBP D3 Class 30 June 2017

Net Asset Value GBP 3,783,893Shares in issue 373,709Net Asset Value per share GBP 10.13

GBP Institut 30 June 2017

Net Asset Value GBP 4,795,477Shares in issue 472,014Net Asset Value per share GBP 10.16

GBP Z 30 June 2017

Net Asset Value GBP 50,808Shares in issue 5,108Net Asset Value per share GBP 9.95

USD C Hedged 30 June 2017

Net Asset Value USD 92,091Shares in issue 9,090Net Asset Value per share USD 10.13

USD D1 Hedged 30 June 2017

Net Asset Value USD 88,030Shares in issue 8,673Net Asset Value per share USD 10.15

USD D3 Hedged 30 June 2017

Net Asset Value USD 636,726Shares in issue 62,734Net Asset Value per share USD 10.15

USD Institut 30 June 2017

Net Asset Value USD 287,501Shares in issue 28,230Net Asset Value per share USD 10.18

Pacific Multi-Asset Accumulator – Core Fund**

AUD Institut 30 June 2017

Net Asset Value AUD 140,900Shares in issue 13,787Net Asset Value per share AUD 10.22

EUR C Hedged 30 June 2017

Net Asset Value EUR 4,353Shares in issue 432Net Asset Value per share EUR 10.09

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial yearended 31 December 2016 and financial period ended 30 June 2016.

23PACIFIC CAPITAL UCITS FUNDS PLC

Page 26: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

4. SHARE CAPITAL (continued)Pacific Multi-Asset Accumulator – Core Fund** (continued)

EUR D1 Hedged 30 June 2017

Net Asset Value EUR 714,690Shares in issue 70,756Net Asset Value per share EUR 10.10

EUR D3 Hedged 30 June 2017

Net Asset Value EUR 1,514,848Shares in issue 150,024Net Asset Value per share EUR 10.10

GBP C Class 30 June 2017

Net Asset Value GBP 9,100Shares in issue 900Net Asset Value per share GBP 10.12

GBP D1 Class 30 June 2017

Net Asset Value GBP 3,650,140Shares in issue 359,971Net Asset Value per share GBP 10.14

GBP D3 Class 30 June 2017

Net Asset Value GBP 12,923,096Shares in issue 1,274,447Net Asset Value per share GBP 10.14

GBP Institut 30 June 2017

Net Asset Value GBP 4,197,161Shares in issue 412,561Net Asset Value per share GBP 10.17

GBP Z 30 June 2017

Net Asset Value GBP 76,101Shares in issue 7,655Net Asset Value per share GBP 9.94

USD C Hedged 30 June 2017

Net Asset Value USD 100,145Shares in issue 9,878Net Asset Value per share USD 10.14

USD D1 Hedged 30 June 2017

Net Asset Value USD 575,040Shares in issue 56,599Net Asset Value per share USD 10.16

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial yearended 31 December 2016 and financial period ended 30 June 2016.

24PACIFIC CAPITAL UCITS FUNDS PLC

Page 27: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

4. SHARE CAPITAL (continued)Pacific Multi-Asset Accumulator – Core Fund** (continued)

USD D3 Hedged 30 June 2017

Net Asset Value USD 2,523,894Shares in issue 248,176Net Asset Value per share USD 10.17

USD Institut 30 June 2017

Net Asset Value USD 1,923,755Shares in issue 188,740Net Asset Value per share USD 10.19

Pacific Multi-Asset Accumulator – Defensive Fund**

GBP D1 30 June 2017

Net Asset Value GBP 731,215Shares in issue 72,402Net Asset Value per share GBP 10.10

GBP D2 30 June 2017

Net Asset Value GBP 166,017Shares in issue 16,625Net Asset Value per share GBP 9.99

GBP Inst 30 June 2017

Net Asset Value GBP 1,184,712Shares in issue 116,916Net Asset Value per share GBP 10.13

USD Inst 30 June 2017

Net Asset Value USD 25,041Shares in issue 2,500Net Asset Value per share USD 10.02

Pacific Multi-Asset Accumulator – Plus Fund**

AUD D1 30 June 2017

Net Asset Value AUD 78,806Shares in issue 8,000Net Asset Value per share AUD 9.85

AUD Institut 30 June 2017

Net Asset Value AUD 67,313Shares in issue 6,569Net Asset Value per share AUD 10.25

EUR C Hedged 30 June 2017

Net Asset Value EUR 4,354Shares in issue 432Net Asset Value per share EUR 10.09

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial yearended 31 December 2016 and financial period ended 30 June 2016.

25PACIFIC CAPITAL UCITS FUNDS PLC

Page 28: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

4. SHARE CAPITAL (continued)Pacific Multi-Asset Accumulator – Plus Fund** (continued)

EUR D1 Hedged 30 June 2017

Net Asset Value EUR 592,482Shares in issue 58,516Net Asset Value per share EUR 10.13

EUR D3 Hedged 30 June 2017

Net Asset Value EUR 337,087Shares in issue 33,322Net Asset Value per share EUR 10.12

GBP C Class 30 June 2017

Net Asset Value GBP 2,538Shares in issue 250Net Asset Value per share GBP 10.15

GBP D1 Class 30 June 2017

Net Asset Value GBP 2,055,430Shares in issue 202,142Net Asset Value per share GBP 10.17

GBP D3 Class 30 June 2017

Net Asset Value GBP 3,196,006Shares in issue 314,314Net Asset Value per share GBP 10.17

GBP Institut 30 June 2017

Net Asset Value GBP 596,323Shares in issue 58,451Net Asset Value per share GBP 10.20

GBP Z 30 June 2017

Net Asset Value GBP 50,874Shares in issue 5,116Net Asset Value per share GBP 9.94

USD C Hedged 30 June 2017

Net Asset Value USD 4,621Shares in issue 455Net Asset Value per share USD 10.17

USD D1 Hedged 30 June 2017

Net Asset Value USD 359,465Shares in issue 35,287Net Asset Value per share USD 10.19

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial yearended 31 December 2016 and financial period ended 30 June 2016.

26PACIFIC CAPITAL UCITS FUNDS PLC

Page 29: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

4. SHARE CAPITAL (continued)Pacific Multi-Asset Accumulator – Plus Fund** (continued)

USD D3 Hedged 30 June 2017

Net Asset Value USD 1,248,625Shares in issue 122,611Net Asset Value per share USD 10.18

USD Institut 30 June 2017

Net Asset Value USD 409,224Shares in issue 40,038Net Asset Value per share USD 10.22

** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial yearended 31 December 2016 and financial period ended 30 June 2016.

Pacific U.S. Smaller – Companies Fund

GBP B Unhedged Class 30 June 2017 31 December 2016 30 June 2016

Net Asset Value GBP 6,352,843 GBP 3,308,507 GBP 1,939,615Shares in issue 44,255 23,735 17,534Net Asset Value per share GBP 143.55 GBP 139.39 GBP 110.62

USD B Hedged Class 30 June 2017 31 December 2016 30 June 2016

Net Asset Value USD 11,769,679 USD 3,189,470 USD 1,102,735Shares in issue 95,225 27,936 11,250Net Asset Value per share USD 123.60 USD 114.17 USD 98.02

GBP B Hedged Class 30 June 2017 31 December 2016 30 June 2016

Net Asset Value GBP 324,284 GBP 178,130 GBP 1,506,276Shares in issue 2,672 1,582 15,526Net Asset Value per share GBP 121.37 GBP 112.61 GBP 97.01

5. EFFICIENT PORTFOLIO MANAGEMENTThe Investment Manager and Sub-Investment Manager may, on behalf of the Funds and subject to theconditions and limits set out in the UCITS Regulations, employ techniques and instruments relating totransferable securities for hedging purposes (to protect an asset of a Fund against, or minimise liability from,fluctuations in market value or foreign currency exposures) or for efficient portfolio management purposes.

The Funds may enter into repurchase, reverse repurchase and stock lending agreements subject to theconditions and limits laid down by the Central Bank for efficient portfolio management purposes only.

As at 30 June 2017 and 31 December 2016, the Funds do not engage in efficient portfolio management althoughit is allowed as per the supplements.

27PACIFIC CAPITAL UCITS FUNDS PLC

Page 30: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

6. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKSFair Value HierarchyThe Company classifies fair value measurements using a fair value hierarchy that reflects the significance ofthe inputs used in making the measurements.

The fair value hierarchy has the following levels:

• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,either directly (that is, as prices) or indirectly (that is, derived from prices).

• Level 3: Certain inputs for the asset or liability are not based on observable market data (that is,unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety isdetermined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If afair value measurement uses observable inputs that require significant adjustment based on unobservableinputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fairvalue measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes “observable” requires significant judgement by the Investment Manager.The Investment Manager considers observable data to be that market data that is readily available, regularlydistributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that areactively involved in the relevant market.

For each class of assets and liabilities not measured at fair value in the Statement of Financial Position but forwhich fair value is disclosed, IFRS 13 requires the Company to disclose the level within the fair value hierarchywithin which the fair value measurement would be categorised and a description of the valuation techniqueand inputs used in the technique.

Assets and liabilities, not carried at fair value are carried at amortised cost; their carrying values are a reasonableapproximation of fair value.

Cash and cash equivalents include deposits held with banks and other short–term investments in an activemarket and they are categorised as Level 1.

Receivable for investments sold and other receivables include the contractual amounts for settlement of tradesand other obligations due to the Company.

28PACIFIC CAPITAL UCITS FUNDS PLC

Page 31: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

6. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS (continued)Fair Value Hierarchy (continued)Payable for investments sold and other payables represent the contractual amounts and obligations due by theCompany for settlement of trades and expenses. All receivable and payable balances are categorised as Level 2.

30 June 2017The following tables summarises the Funds’ fair value hierarchy at 30 June 2017:

Level 1 Level 2 Level 3 TotalPacific Multi-Asset Accumulator – Conservative Fund* GBP GBP GBP GBP

Financial assets at fair value through profit and loss:Investment at fair value 10,728,081 1,555,639 – 12,283,720Unrealised gain on foreign forwardexchange contracts – 25,337 – 25,337

Total 10,728,081 1,580,976 – 12,309,057

Financial liabilities at fair value through profit and loss:Unrealised loss on foreign forwardexchange contracts – (20,881) – (20,881)

Total – (20,881) – (20,881)

Level 1 Level 2 Level 3 TotalPacific Multi-Asset Accumulator – Core Fund* GBP GBP GBP GBP

Financial assets at fair value through profit and loss:Investment at fair value 23,317,619 2,210,575 – 25,528,194Unrealised gain on foreign forwardexchange contracts – 67,425 – 67,425

Total 23,317,619 2,278,000 – 25,595,619

Financial liabilities at fair value through profit and loss:Unrealised loss on foreign forwardexchange contracts – (34,019) – (34,019)

Total – (34,019) – (34,019)

* Funds launched on 20 January 2017 and as a result no comparative figures are available for financial yearended 31 December 2016.

29PACIFIC CAPITAL UCITS FUNDS PLC

Page 32: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

6. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS (continued)Fair Value Hierarchy (continued)

Level 1 Level 2 Level 3 TotalPacific Multi-Asset Accumulator – Defensive Fund* GBP GBP GBP GBP

Financial assets at fair value through profit and loss:Investment at fair value 1,519,388 461,510 – 1,980,898Unrealised gain on foreign forwardexchange contracts – 5,295 – 5,295

Total 1,519,388 466,805 – 1,986,193

Financial liabilities at fair value through profit and loss:Unrealised loss on foreign forwardexchange contracts – (3,451) – (3,451)

Total – (3,451) – (3,451)

Level 1 Level 2 Level 3 TotalPacific Multi-Asset Accumulator – Plus Fund* GBP GBP GBP GBP

Financial assets at fair value through profit and loss:Investment at fair value 7,332,361 650,578 – 7,982,939Unrealised gain on foreign forwardexchange contracts – 18,831 – 18,831

Total 7,332,361 669,409 – 8,001,770

Financial liabilities at fair value through profit and loss:Unrealised loss on foreign forwardexchange contracts – (8,535) – (8,535)

Total – (8,535) – (8,535)

* Funds launched on 20 January 2017 and as a result no comparative figures are available for financial yearended 31 December 2016.

30PACIFIC CAPITAL UCITS FUNDS PLC

Page 33: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

6. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS (continued)Fair Value Hierarchy (continued)

Level 1 Level 2 Level 3 TotalPacific U.S. Smaller – Companies Fund USD USD USD USD

Financial assets at fair value through profit and loss:Investment at fair value 20,131,726 – – 20,131,726Unrealised gain on foreign forwardexchange contracts – 6,761 – 6,761

Total 20,131,726 6,761 – 20,138,487

Financial assets at fair value through profit and loss:Unrealised loss on foreign forwardexchange contracts – (610) – (610)

Total – (610) – (610)

There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during thefinancial period.

As at 30 June 2017 there are no securities categorised as Level 3.

Transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the period andare deemed to have occurred when the pricing source or methodology used to price an investment has changedwhich triggers a change in level as defined under IFRS 13.

The following tables summarises the Funds’ fair value hierarchy at 31 December 2016:

Level 1 Level 2 Level 3 TotalPacific Global Equity Opportunity Fund* USD USD USD USD

Financial assets at fair value through profit and loss:Investment at fair value 6,951,506 – – 6,951,506Unrealised gain on foreign forward exchange contracts – 61,202 – 61,202Unrealised gain on futures contracts 9,882 – – 9,882Unrealised gain on contracts for difference – 857,278 – 857,278

Total 6,961,388 918,480 – 7,879,868

* Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

31PACIFIC CAPITAL UCITS FUNDS PLC

Page 34: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

6. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS (continued)Fair Value Hierarchy (continued)

Level 1 Level 2 Level 3 TotalPacific Global Equity Opportunity Fund* (continued) USD USD USD USD

Financial assets at fair value through profit and loss:Investment at fair valueUnrealised loss on foreign forward exchange contracts – (21,709) – (21,709)Unrealised loss on futures contracts (208,955) – – (208,955)Unrealised loss on contracts for difference – (195,092) – (195,092)

Total (208,955) (216,801) – (425,756)

Financial assets at fair value through profit and loss:Investment at fair value 7,294,077 – – 7,294,077Unrealised gain on foreign forward exchange contracts – 33 – 33

Total 7,294,077 33 – 7,294,110

Level 1 Level 2 Level 3 TotalPacific U.S. Smaller Companies Fund USD USD USD USD

Financial assets at fair value through profit and loss:Unrealised loss on foreign forward exchange contracts – (870) – (870)

Total – (870) – (870)

There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy during thefinancial period.

As at 31 December 2016 there are no securities categorised as Level 3.

Transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the period andare deemed to have occurred when the pricing source or methodology used to price an investment has changedwhich triggers a change in level as defined under IFRS 13.

* Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

32PACIFIC CAPITAL UCITS FUNDS PLC

Page 35: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

7. SOFT COMMISSIONSThere were no soft commission arrangements in existence during the financial period.

8. RELATED PARTY TRANSACTIONSInvestment Manager’s FeePacific Capital Partners Limited, the Investment Manager, is a related party under the IAS 24 “Related PartyDisclosures”. Fees payable to these parties and the amounts due at the period end are shown on the Statementof Financial Position and Statement of Comprehensive Income.

The Investment Manager is entitled to charge a percentage fee per annum of the NAV attributable to eachshare class, up to a maximum, as detailed below. The Investment Manager’s fees were accrued daily based onthe NAV of the previous day attributable to each class and were paid monthly in arrears. The InvestmentManager may pay part or all of the Management fee to the Sub-Investment Manager. The Investment managermay, in its sole discretion, during any period, elect to waive a portion of its fees with respect to the Fund or anyClass without notice to Shareholders.

Details of current fee rates in operation for active share classes are as follows:

Pacific Pacific Pacific PacificPacific Global Multi-Asset Multi-Asset Multi-Asset Multi-Asset Pacific U.S.

Equity Accumulator Accumulator Accumulator Accumulator SmallerOpportunity Conservative Core Defensive Plus Companies

Investment Manager Fee Rate Fund* Fund Fund Fund Fund Fund

CHF B Hedged Class 1.00% – – – – –EUR B Hedged Class 1.00% – – – – –GBP B Hedged Class 1.00% – – – – 0.90%GBP B Unhedged Class – – – – – 0.90%USD B Class 1.00% – – – – 0.90%CHF A Hedged Class 1.75% – – – – –EUR A Hedged Class 1.75% – – – – –USD A Hedged Class 1.75% – – – – –EUR D1 Hedged Class – 0.67% 0.67% – 0.67% –EUR D3 Hedged Class – 0.67% 0.67% – 0.67% –EUR C Hedged Class – 0.85% 0.85% – 0.85% –EUR Institutional Class – 0.67% – – – –GBP Institutional Class – 0.67% 0.67% 0.67% 0.67% –GBP D1 Class – 0.67% 0.67% 0.67% 0.67% –GBP D2 Class – – – 0.67% – –GBP D3 Class – 0.67% 0.67% – 0.67% –GBP C Class – 0.85% 0.85% – 0.85% –USD Institutional Class – 0.67% 0.67% 0.67% 0.67% –USD D1 Hedged Class – 0.67% 0.67% – 0.67% –USD D3 Hedged Class – 0.67% 0.67% – 0.67% –USD C Hedged Class – 0.85% 0.85% – 0.85% –AUD Institutional Class – 0.67% 0.67% – 0.67% –

The Investment Manager earned fees of USD 135,774 (30 June 2016: USD 196,994) during the financial periodof which USD 90,621 (31 December 2016: USD 18,410) remained payable.

* Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

33PACIFIC CAPITAL UCITS FUNDS PLC

Page 36: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

8. RELATED PARTY TRANSACTIONS (continued)Performance Fee – Pacific Global Equity Opportunity FundAt the end of each Calculation Period (a calendar quarter March, June, September and December), the PacificGlobal Equity Opportunity Fund will pay to the Investment Manager a performance fee (the “PerformanceFee”) of 20% in respect of the Class A and Class I Shares and 15% in respect of Class B Shares; of the amountby which the net asset value of each share class exceeds the High Water Mark Net Asset Value (see below).The Investment Manager may pay part or all of the performance fee to the Sub-Investment Manager. As at31 December 2016, there were no I shares in issue.

The Performance Fee, if payable shall be calculated and accrued daily on the basis of the performance of thenet asset value of the share Class in question during the relevant Calculation Period. Performance fees arededucted from the Pacific Global Equity Opportunity Fund attributable to the Class in question, and paid tothe Investment Manager on or before the Performance Fee Payment Date (within 20 calendar days of the endof the relevant Calculation Period).

High Water Mark Net Asset Value means, for the first Calculation period, the net asset value for each relevantClass at the close of the initial offer period calculated as the initial offer price per share multiplied by the numberof Shares for each Class in issue at such time. For each subsequent Calculation Period for a Class, the HighWater Mark Net Asset Value means either (i) where a Performance Fee was payable in respect of the priorCalculation Period, the net asset value of the relevant Class at the end of the prior Calculation Period adjustedas described below on each Dealing Day with respect to any subscriptions or redemptions of Shares whichhave taken place since the beginning of such Calculation Period; or (ii) where no Performance Fee was payablein respect of the prior Calculation Period, the High Water Mark Net Asset Value of the relevant Class at the endof the last Calculation Period in relation to which a Performance Fee was paid, adjusted as described below oneach Dealing Day with respect to any subscriptions or redemptions of Shares which have taken place since thebeginning of such Calculation Period.

During each Calculation Period the “High Water Mark Net Asset Value” for a Class is increased or decreased oneach Dealing Day to adjust for any subscriptions or redemptions of Shares which have taken place during suchCalculation Period.

No Performance Fee may be accrued or paid until the net asset value of a Class exceeds the High Water MarkNet Asset Value over which a performance fee is payable, adjusted for subscriptions and redemptions asdescribed above. Where Performance Fees are payable by the Fund, these will be based on net realised andnet unrealised gains and losses as at the end of each Calculation Period. As a result, Performance Fees may bepaid on unrealised gains which may subsequently never be realised.

There were no performance fees charged to the Pacific Global Equity Opportunity Fund during the financial period.

The Pacific U.S. Smaller Companies Fund, Pacific Multi-Asset Accumulator – Conservative Fund,Pacific Multi-Asset Accumulator – Core Fund, Pacific Multi-Asset Accumulator – Defensive Fund, Pacific Multi-AssetAccumulator – Plus Fund are not subject to performance fees.

Directors’ FeesThe Directors are entitled to remuneration for their service at a rate to be determined by the Company, providedthat the aggregate fees of the Directors does not exceed EUR 100,000 in any one financial year without theapproval of the Board of Directors. The Board of Directors may also be paid, inter alia, for travelling, hotel andother expenses properly incurred by them in attending meetings of the Directors or in connection with thebusiness of the Company. Simon Joiner, up to his resignation, waived all Directors’ Remuneration for the financialperiod. For the financial period ending 30 June 2017 the Directors received fees of USD 23,536 (30 June 2016:USD 25,231). At the financial period end, USD 18,683 (31 December 2016: USD 5,868) was payable.

34PACIFIC CAPITAL UCITS FUNDS PLC

Page 37: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

8. RELATED PARTY TRANSACTIONS (continued)Expense CapAn expense cap reimbursement is in place to ensure that the total expenses of the Funds may not exceed acertain threshold. All expenses, except the Investment management fees are subject to this expense cap. Theexpense cap is calculated as 0.75% of the average daily NAV of the Pacific Global Equity Opportunity Fundand as 0.30% of the average daily NAV of the Pacific U.S. Smaller Companies Fund. For new funds whichlaunched at 20th of January 2017 (Pacific Multi-Asset Accumulator Conservative Fund, Pacific Multi-AssetAccumulator Global Equities Fund, Pacific Multi-Asset Accumulator, Core fund, Pacific Multi-Asset AccumulatorDefensive Fund) expense cap is calculated using different rates in respect of each type of share classes. Thoserates ranging from 1.45% to 0.90% of the average daily NAV. The expense cap for the financial period end30 June 2017 is USD 432,606 (30 June 2016: USD 109,156). At the financial period end, USD 538,702(31 December 2016: USD 317,964) was receivable.

Other Related Party TransactionsAt 30 June 2017 the following related parties directly or indirectly held shares in the Pacific U.S. Smaller –Companies Fund:

Financial period ended 30 June 2017Fair Value

No of shares 30 JuneRelated party Share held 2017 Purchases Salesinvestor Relationship Class 30 June 2017 USD units units

John Beckwith Director of Investment USD B 10,000 1,235,990 – –Manager Share Class

At 30 June 2017 the following related parties directly or indirectly held shares in the Pacific Multi-AssetAccumulator – Conservative Fund:

Financial period ended 30 June 2017Fair Value

No of shares 30 JuneRelated party Share held 2017 Purchases Salesinvestor Relationship Class 30 June 2017 USD units units

John Beckwith Director of Investment AUD Institutional 6,569 67,094 6,569 –Manager Class

John Beckwith Director of Investment EUR D3 Hedged 8,633 87,096 8,633 –Manager Class

John Beckwith Director of Investment GBP D1 5,000 50,625 5,000 –Manager Class

John Beckwith Director of Investment GBP 2,500 25,400 2,500 –Manager Institutional

John Beckwith Director of Investment USD D3 Hedged 9,090 92,267 9,090 –Manager Class

John Beckwith Director of Investment USD C Hedged 9,090 92,094 9,090 –Manager Class

John Beckwith Director of Investment USD Institutional 9,090 92,576 9,090 –Manager Class

35PACIFIC CAPITAL UCITS FUNDS PLC

Page 38: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

8. RELATED PARTY TRANSACTIONS (continued)Other related party transactions (continued)At 30 June 2017 the following related parties directly or indirectly held shares in the Pacific Multi-AssetAccumulator – Core Fund:

Financial period ended 30 June 2017Fair Value

No of shares 30 JuneRelated party Share held 2017 Purchases Salesinvestor Relationship Class 30 June 2017 USD units units

John Beckwith Director of Investment AUD Institutional 6,569 67,133 6,569 –Manager Class

John Beckwith Director of Investment EUR D1 Hedged 8,633 87,200 8,633 –Manager Class

John Beckwith Director of Investment EUR D3 Hedged 8,633 87,165 8,633 –Manager Class

John Beckwith Director of Investment GBP D3 5,000 50,700 5,000 –Manager Class

John Beckwith Director of Investment GBP Institutional 5,000 50,865 5,000 –Manager Class

John Beckwith Director of Investment USD C Hedged 9,090 92,157 9,090 –Manager Class

John Beckwith Director of Investment USD Institutional 9,090 92,657 9,090 –Manager Class

At 30 June 2017 the following related parties directly or indirectly held shares in the Pacific Multi-AssetAccumulator – Defensive Fund:

Financial period ended 30 June 2017Fair Value

No of shares 30 JuneRelated party Share held 2017 Purchases Salesinvestor Relationship Class 30 June 2017 USD units units

John Beckwith Director of Investment GBP D1 Class 10,000 100,990 10,000 –Manager

John Beckwith Director of Investment GBP Institutional 17,500 177,328 17,500 –Manager Class

At 30 June 2017 the following related parties directly or indirectly held shares in the Pacific Multi-AssetAccumulator – Plus Fund:

Financial period ended 30 June 2017Fair Value

No of shares 30 JuneRelated party Share held 2017 Purchases Salesinvestor Relationship Class 30 June 2017 USD units units

John Beckwith Director of Investment AUD Institutional 6,569 67,310 6,569 –Manager Class

John Beckwith Director of Investment EUR D1 Hedged 8,633 87,407 8,633 –Manager Class

John Beckwith Director of Investment EUR D3 Hedged 8,633 87,329 8,633 –Manager Class

John Beckwith Director of Investment GBP Institutional 5,000 51,010 5,000 –Manager Class

John Beckwith Director of Investment USD Institutional 6,060 61,941 6,060 –Manager Class

36PACIFIC CAPITAL UCITS FUNDS PLC

Page 39: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

8. RELATED PARTY TRANSACTIONS (continued)Significant shareholders of the CompanyThe following table details the number of shareholders with significant holdings of at least 20 per cent of theFund as at 30 June 2017.

Aggregateshareholding

Total as a % ofNumber of holding the Fundsignificant as at as at

Fund shareholders 30 June 2017 30 June 2017

Pacific U.S. Smaller Companies Fund – GBP B Unhedged Class 1 40,122 28.20%Pacific U.S. Smaller Companies Fund – USD B Class 1 67,777 47.63%Pacific Multi-Asset Accumulator – Conservative Fund – GBP Institut Class 1 421,670 31.93%Pacific Multi-Asset Accumulator – Defensive Fund – GBP Institut Class 1 76,363 36.64%Pacific Multi-Asset Accumulator – Plus Fund – GBP D3 Class 1 183,735 20.75%

The following table details the number of shareholders with significant holdings of at least 20 per cent of theFund as at 31 December 2016.

Aggregateshareholding

Total as a % ofNumber of holding the Fundsignificant as at as at

Fund shareholders 31 December 2016 31 December 2016

Pacific Global Equity Opportunity Fund – USD B Share Class 1 50,427 25.92Pacific U.S. Smaller Companies Fund – GBP B Unhedged Share Class 1 21,701 40.75Pacific U.S. Smaller Companies Fund – USDB Hedged Share Class 1 15,236 28.61

9. DIVIDENDSIt is not the intention of the Directors to declare any dividend on any Share Classes. The net investment incomeon the Funds’ investments attributable to Shares is expected to be retained by the Funds, which will result inan increase in the NAV per Share.

10. PROSPECTUSPacific Capital UCITS Funds plc issued new Supplements for the Funds on 16 December 2016. These relate tothe Accumulator Funds which launched in January 2017.

There were no other significant changes to the Prospectus during the financial period.

11. CONTINGENT LIABILITIESThere were no contingent liabilities on the Funds as at 30 June 2017 and 31 December 2016.

37PACIFIC CAPITAL UCITS FUNDS PLC

Page 40: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Notes to the Financial Statements (continued)

For the financial period ended 30 June 2017

12. SIGNIFICANT EVENTS DURING THE FINANCIAL PERIODOn 20 January 2017, the following new funds launched:

– Pacific Multi-Asset Accumulator – Core Fund– Pacific Multi-Asset Accumulator – Conservative Fund– Pacific Multi-Asset Accumulator – Plus Fund– Pacific Multi-Asset Accumulator – Defensive Fund

On 30 March 2017 Simon Joiner resigned as a Director from Pacific Capital UCITS Funds plc.

Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

There have been no other significant events affecting the Company since 31 December 2016 that requireamendment to or disclosure in the financial statements.

13. SIGNIFICANT EVENTS AFTER THE FINANCIAL PERIOD ENDThere have been no significant events affecting the Company since 30 June 2017 that require amendment toor disclosure in the financial statements.

14. APPROVAL OF THE FINANCIAL STATEMENTSThe financial statements were approved by the Directors on 25 August 2017.

38PACIFIC CAPITAL UCITS FUNDS PLC

Page 41: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Conservative Fund*Schedule of Investments30 June 2017

BondsFair Value Fair Value

Nominal Security GBP % of NAV

United KingdomSovereign

28,614 1.000% United Kingdom Gilt 07/09/2017 28,657 0.2222,737 1.750% United Kingdom Gilt 22/07/2019 23,394 0.1816,732 1.750% United Kingdom Gilt 07/09/2022 17,656 0.1412,139 4.250% United Kingdom Gilt 07/06/2032 16,382 0.136,363 3.250% United Kingdom Gilt 22/01/2044 8,134 0.067,722 3.750% United Kingdom Gilt 22/07/2052 11,662 0.09

Total United Kingdom 105,885 0.82

Total Bonds 105,885 0.82

Investment FundsFair Value Fair Value

Nominal Security GBP % of NAV

Ireland2,767 HSBC MSCI Russia Capped ETF 18,237 0.1411,021 iShares £ Ultrashort Bond UCITS ETF 1,105,406 8.57

15,485 iShares Corporate Bond 0-5 years UCITS ETF GBP (Dist) 1,653,488 12.815,463 iShares Core Corporate Bond UCITS ETF GBP (Dist) 796,287 6.16

112,025 iShares Core FTSE 100 UCITS ETF GBP (Dist) 809,941 6.2728,589 iShares Core MSCI EM IMI UCITS ETF USD (Acc) 574,925 4.45

972 iShares Core MSCI Pacific ex-Japan UCITS ETF USD (Acc) 99,844 0.7732,068 iShares Developed Markets Property Yield UCITS ETF USD (Dist) 626,448 4.8528,123 iShares Edge MSCI Europe Value Factor UCITS ETF EUR (Acc) 140,476 1.0947,462 iShares Edge MSCI USA Value Factor UCITS ETF 211,011 1.63

5,227 iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) 113,477 0.8814,548 iShares EM Local Govnment Bond UCITS ETF USD (Dist) 739,475 5.724,204 iShares EUR Corporate Bond Large Cap UCITS ETF EUR (Dist) 496,717 3.842,689 iShares J.P. Morgan USD EM Bond UCITS ETF 233,615 1.81

454 iShares MSCI USA Small Cap UCITS ETF USD (Acc) 100,300 0.787,398 iShares USD Corporate Bond UCITS ETF 659,239 5.101,572 iShares USD High Yield Corporate Bond UCITS ETF 127,048 0.98

8,927 iShares USD Short Duration High Yield Corporate BondUCITS ETF USD (Dist) 649,174 5.02

6,199 PowerShares FTSE RAFI Emerging Markets UCITS ETF 38,566 0.304,151 SPDR MSCI World Financials UCITS ETF 121,946 0.94

15,558 Vanguard FTSE Developed Europe ex UK UCITS ETF 394,706 3.0513,449 Vanguard FTSE Japan UCITS ETF 294,802 2.2812,452 Vanguard S&P 500 UCITS ETF 441,062 3.41

Total Ireland 10,446,190 80.85

Luxembourg10,432 AQR UCITS Funds – Style Premia UCITS Fund 1,188,948 9.20

Total Luxembourg 1,188,948 9.20

39PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 42: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Conservative Fund*Schedule of Investments (continued)

30 June 2017

Investment Funds (continued)Fair Value Fair Value

Nominal Security GBP % of NAV

United Kingdom41,152 British Empire Trust PLC 281,891 2.18

110,953 Jupiter UK Special Situations Fund 260,806 2.02

Total United Kingdom 542,697 4.20

Total Investment Funds 12,177,835 94.25

Total Investments at fair value 12,283,720 95.07

Open forward foreign exchange contracts

No. of Amount Amount Settlement Date Unrealised % ofCounterparty contracts Currency Bought Currency Sold gain/(loss) NAV

State Street 1 AUD 117,098 GBP 68,785 31/07/17 276 0.00State Street 1 EUR 449,579 GBP 395,098 31/07/17 (120) (0.00)State Street 1 EUR 425,335 GBP 373,792 31/07/17 (113) (0.00)State Street 1 EUR 19,200 GBP 16,966 31/07/17 (98) (0.00)State Street 1 EUR 288,665 GBP 253,684 31/07/17 (77) (0.00)State Street 1 EUR 4,364 GBP 3,835 31/07/17 (1) (0.00)State Street 1 EUR 19,200 GBP 16,867 31/07/17 1 0.00State Street 1 GBP 135,128 EUR 160,266 20/09/17 (5,832) (0.05)State Street 1 GBP 56,963 EUR 67,320 20/09/17 (2,247) (0.03)State Street 1 GBP 42,816 EUR 50,781 20/09/17 (1,848) (0.02)State Street 1 GBP 38,735 EUR 45,983 20/09/17 (1,709) (0.01)State Street 1 GBP 40,109 EUR 47,465 20/09/17 (1,638) (0.01)State Street 1 GBP 22,334 EUR 26,057 20/09/17 (584) (0.00)State Street 1 GBP 21,653 EUR 25,279 20/09/17 (581) (0.00)State Street 1 GBP 39,095 EUR 45,067 20/09/17 (543) (0.00)State Street 1 GBP 53,969 EUR 61,956 20/09/17 (524) (0.00)State Street 1 GBP 9,570 EUR 11,006 20/09/17 (110) (0.00)State Street 1 GBP 26,836 EUR 30,587 20/09/17 (67) (0.00)State Street 1 GBP 43,457 USD 56,751 20/09/17 (130) (0.00)State Street 1 GBP 28,012 USD 36,557 20/12/17 12 0.00State Street 1 GBP 26,621 USD 34,736 20/12/17 16 0.00State Street 1 GBP 58,502 USD 76,075 20/09/17 74 0.00State Street 1 GBP 46,604 USD 60,531 20/09/17 113 0.00State Street 1 GBP 23,543 USD 30,455 20/09/17 152 0.00State Street 1 GBP 40,139 USD 52,022 20/09/17 184 0.00State Street 1 GBP 82,479 USD 107,107 20/09/17 216 0.00State Street 1 GBP 32,104 USD 41,517 20/09/17 217 0.00State Street 1 GBP 29,656 USD 38,323 20/09/17 222 0.00State Street 1 GBP 34,067 USD 44,056 20/09/17 231 0.00State Street 1 GBP 33,366 USD 43,125 20/09/17 244 0.00State Street 1 GBP 24,740 USD 31,889 20/09/17 248 0.00State Street 1 GBP 42,291 USD 54,691 20/09/17 286 0.00State Street 1 GBP 217,676 USD 282,934 20/09/17 372 0.00State Street 1 GBP 58,257 USD 75,297 20/09/17 426 0.00State Street 1 GBP 254,486 USD 330,780 20/09/17 435 0.00

40PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 43: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Conservative Fund*Schedule of Investments (continued)

30 June 2017

Open forward foreign exchange contracts (continued)

No. of Amount Amount Settlement Date Unrealised % ofCounterparty contracts Currency Bought Currency Sold gain/(loss) NAV

State Street 1 GBP 31,799 USD 40,775 20/09/17 482 0.00State Street 1 GBP 16,584 USD 20,962 20/09/17 485 0.00State Street 1 GBP 29,412 USD 37,642 20/12/17 580 0.00State Street 1 GBP 16,030 USD 20,089 20/09/17 601 0.00State Street 1 GBP 16,770 USD 21,017 20/09/17 629 0.01State Street 1 GBP 18,778 USD 23,627 20/09/17 632 0.01State Street 1 GBP 20,004 USD 25,070 20/09/17 750 0.01State Street 1 GBP 21,035 USD 26,403 20/09/17 756 0.01State Street 1 GBP 26,345 USD 33,298 20/09/17 770 0.01State Street 1 GBP 31,508 USD 40,118 20/12/17 780 0.01State Street 1 GBP 22,002 USD 27,624 20/09/17 786 0.01State Street 1 GBP 22,383 USD 27,932 20/09/17 930 0.01State Street 1 GBP 27,536 USD 34,530 20/09/17 1,015 0.01State Street 1 GBP 27,767 USD 34,821 20/09/17 1,024 0.01State Street 1 GBP 30,509 USD 38,253 20/09/17 1,129 0.01State Street 1 GBP 58,487 USD 74,854 20/12/17 1,154 0.01State Street 1 GBP 26,566 USD 32,954 20/09/17 1,256 0.01State Street 1 GBP 38,657 USD 48,166 20/09/17 1,664 0.02State Street 1 GBP 198,671 USD 255,269 20/09/17 2,615 0.02State Street 1 GBP 94,150 USD 118,066 20/09/17 3,470 0.03State Street 1 USD 637,904 GBP 492,501 31/07/17 (1,810) (0.02)State Street 1 USD 189,529 GBP 147,085 20/09/17 (1,519) (0.01)State Street 1 USD 287,660 GBP 222,091 31/07/17 (817) (0.01)State Street 1 USD 92,295 GBP 71,257 31/07/17 (262) (0.00)State Street 1 USD 88,228 GBP 68,117 31/07/17 (251) (0.00)State Street 1 USD 50,509 GBP 38,689 20/09/17 104 0.00

Unrealised gain on forward foreign exchange contracts 25,337 0.20Unrealised loss on forward foreign exchange contracts (20,881) (0.16)

Net unrealised gain on forward foreign exchange contracts 4,456 0.04

Total Net Investments 12,288,176 95.11

Cash and Cash Equivalents, Margin Cash and Cash Collateral 804,451 6.23Other Net Liabilities (172,446) (1.34)

Total Net Assets Attributable to Redeemable Participating Shareholders 12,920,181 100.00

Analysis of Total AssetsFair Value % of Total

GBP Assets

Transferable securities admitted to an official stock exchange listed 105,885 0.79UCITS and AIFs 12,177,835 91.20OTC financial derivatives instruments 25,337 0.19Other assets 1,044,212 7.82

Total 13,353,269 100.00

41PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 44: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Core Fund*Schedule of Investments30 June 2017

Investment FundsFair Value Fair Value

Nominal Security GBP % of NAV

Ireland14,310 HSBC MSCI Russia Capped ETF 94,316 0.3513,096 iShares £ Ultrashort Bond UCITS ETF 1,313,529 4.8918,401 iShares Corporate Bond 0-5 years UCITS ETF GBP (Dist) 1,964,859 7.325,225 iShares Core Corporate Bond UCITS ETF GBP (Dist) 761,596 2.84

360,929 iShares Core FTSE 100 UCITS ETF GBP (Dist) 2,609,517 9.7289,423 iShares Core MSCI EM IMI UCITS ETF USD (Acc) 1,798,297 6.703,096 iShares Core MSCI Pacific ex-Japan UCITS ETF USD (Acc) 318,021 1.18

66,307 iShares Developed Markets Property Yield UCITS ETF USD (Dist) 1,295,307 4.8390,250 iShares Edge MSCI Europe Value Factor UCITS ETF EUR (Acc) 450,802 1.68155,303 iShares Edge MSCI USA Value Factor UCITS ETF 690,462 2.57

16,623 iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) 449,246 1.6727,911 iShares EM Local Government Bond UCITS ETF USD (Dist) 1,496,611 5.584,489 iShares EUR Corporate Bond Large Cap UCITS ETF EUR (Dist) 530,391 1.985,060 iShares J.P. Morgan USD EM Bond UCITS ETF 543,800 2.031,363 iShares MSCI USA Small Cap UCITS ETF USD (Acc) 301,120 1.128,051 iShares USD Corporate Bond UCITS ETF 717,429 2.67

16,709 iShares USD High Yield Corporate Bond UCITS ETF 1,350,407 5.0318,587 iShares USD Short Duration High Yield Corporate Bond

UCITS ETF USD (Dist) 1,351,652 5.0419,752 PowerShares FTSE RAFI Emerging Markets UCITS ETF 122,882 0.4612,807 SPDR MSCI World Financials UCITS ETF 376,239 1.4053,388 Vanguard FTSE Developed Europe ex UK UCITS ETF 1,380,974 5.1441,024 Vanguard FTSE Japan UCITS ETF 899,246 3.3543,975 Vanguard S&P 500 UCITS ETF 1,602,705 5.97

Total Ireland 22,419,408 83.52

Luxembourg11,893 AQR UCITS Funds – Style Premia UCITS Fund 1,355,458 5.05

Total Luxembourg 1,355,458 5.05

United Kingdom131,126 British Empire Trust PLC 898,213 3.34

363,786 Jupiter UK Special Situations Fund 855,115 3.19

Total United Kingdom 1,753,328 6.53

Total Investment Funds 25,528,194 95.10

Total Investments at fair value 25,528,194 95.10

42PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 45: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Core Fund*Schedule of Investments (continued)

30 June 2017

Open forward foreign exchange contracts

No. of Amount Amount Settlement Date Unrealised % ofCounterparty contracts Currency Bought Currency Sold gain/(loss) NAV

State Street 1 AUD 141,160 GBP 82,919 31/07/17 333 0.00State Street 1 EUR 1,523,422 GBP 1,338,811 31/07/17 (406) (0.00)State Street 1 EUR 720,102 GBP 632,839 31/07/17 (192) (0.00)State Street 1 EUR 4,356 GBP 3,828 31/07/17 (1) (0.00)State Street 1 GBP 104,693 EUR 124,170 20/09/17 (4,518) (0.02)State Street 1 GBP 84,836 EUR 100,396 20/09/17 (3,465) (0.01)State Street 1 GBP 59,423 EUR 69,375 20/09/17 (1,594) (0.01)State Street 1 GBP 28,219 EUR 33,468 20/09/17 (1,218) (0.00)State Street 1 GBP 74,250 EUR 85,593 20/09/17 (1,032) (0.00)State Street 1 GBP 23,166 EUR 27,501 20/09/17 (1,022) (0.00)State Street 1 GBP 43,900 EUR 50,487 20/09/17 (505) (0.00)State Street 1 GBP 50,229 EUR 57,663 20/09/17 (487) (0.00)State Street 1 GBP 15,064 EUR 17,465 20/09/17 (296) (0.00)State Street 1 GBP 38,247 EUR 43,281 20/09/17 179 0.00State Street 1 GBP 50,794 USD 66,440 20/09/17 (234) (0.00)State Street 1 GBP 58,266 USD 76,089 20/09/17 (174) (0.00)State Street 1 GBP 47,330 USD 61,808 20/09/17 (141) (0.00)State Street 1 GBP 36,702 USD 47,897 20/12/17 16 0.00State Street 1 GBP 64,408 USD 84,053 20/12/17 28 0.00State Street 1 GBP 7,420 USD 9,600 03/07/17 29 0.00State Street 1 GBP 104,454 USD 136,294 20/12/17 61 0.00State Street 1 GBP 73,311 USD 95,332 20/09/17 92 0.00State Street 1 GBP 61,981 USD 80,505 20/09/17 150 0.00State Street 1 GBP 63,984 USD 83,106 20/09/17 155 0.00State Street 1 GBP 36,724 USD 47,506 20/09/17 237 0.00State Street 1 GBP 105,204 USD 136,618 20/09/17 276 0.00State Street 1 GBP 62,603 USD 81,136 20/09/17 287 0.00State Street 1 GBP 65,409 USD 84,773 20/09/17 300 0.00State Street 1 GBP 42,524 USD 54,931 20/09/17 335 0.00State Street 1 GBP 59,645 USD 77,158 20/09/17 385 0.00State Street 1 GBP 60,950 USD 78,845 20/09/17 394 0.00State Street 1 GBP 230,445 USD 299,531 20/09/17 394 0.00State Street 1 GBP 51,076 USD 65,979 20/09/17 402 0.00State Street 1 GBP 52,542 USD 67,872 20/09/17 413 0.00State Street 1 GBP 15,623 USD 19,657 20/09/17 526 0.00State Street 1 GBP 19,951 USD 25,043 20/09/17 717 0.00State Street 1 GBP 38,058 USD 48,708 20/12/17 751 0.00State Street 1 GBP 47,122 USD 60,348 20/09/17 772 0.00State Street 1 GBP 27,363 USD 34,585 20/09/17 800 0.00State Street 1 GBP 50,168 USD 64,250 20/09/17 822 0.00State Street 1 GBP 22,463 USD 28,169 20/09/17 828 0.00State Street 1 GBP 51,050 USD 65,380 20/09/17 836 0.00State Street 1 GBP 60,395 USD 77,462 20/09/17 901 0.00State Street 1 GBP 26,497 USD 33,254 20/09/17 957 0.00State Street 1 GBP 28,701 USD 36,112 20/09/17 966 0.00State Street 1 GBP 51,880 USD 66,285 20/09/17 970 0.00

43PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 46: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Core Fund*Schedule of Investments (continued)

30 June 2017

Open forward foreign exchange contracts (continued)

No. of Amount Amount Settlement Date Unrealised % ofCounterparty contracts Currency Bought Currency Sold gain/(loss) NAV

State Street 1 GBP 97,894 USD 126,182 20/09/17 981 0.00State Street 1 GBP 75,543 USD 96,869 20/09/17 1,144 0.00State Street 1 GBP 75,771 USD 97,161 20/09/17 1,148 0.00State Street 1 GBP 33,177 USD 41,604 20/09/17 1,223 0.00State Street 1 GBP 84,744 USD 108,708 20/09/17 1,253 0.00State Street 1 GBP 34,989 USD 43,877 20/09/17 1,290 0.00State Street 1 GBP 36,433 USD 45,731 20/09/17 1,310 0.00State Street 1 GBP 36,616 USD 45,917 20/09/17 1,350 0.01State Street 1 GBP 38,798 USD 48,737 20/09/17 1,366 0.01State Street 1 GBP 29,066 USD 36,055 20/09/17 1,374 0.01State Street 1 GBP 39,392 USD 49,483 20/09/17 1,387 0.01State Street 1 GBP 817,709 USD 1,062,854 20/09/17 1,397 0.01State Street 1 GBP 43,182 USD 54,332 20/09/17 1,453 0.01State Street 1 GBP 76,849 USD 98,354 20/12/17 1,516 0.01State Street 1 GBP 80,738 USD 103,110 20/09/17 1,545 0.01State Street 1 GBP 55,184 USD 69,750 20/09/17 1,614 0.01State Street 1 GBP 84,943 USD 108,480 20/09/17 1,626 0.01State Street 1 GBP 35,092 USD 43,530 20/09/17 1,659 0.01State Street 1 GBP 42,721 USD 53,388 20/09/17 1,717 0.01State Street 1 GBP 43,645 USD 54,543 20/09/17 1,754 0.01State Street 1 GBP 71,441 USD 90,963 20/12/17 1,769 0.01State Street 1 GBP 40,855 USD 50,858 20/09/17 1,794 0.01State Street 1 GBP 41,045 USD 50,915 20/09/17 1,941 0.01State Street 1 GBP 56,157 USD 70,507 20/09/17 2,005 0.01State Street 1 GBP 57,991 USD 72,809 20/09/17 2,071 0.01State Street 1 GBP 51,623 USD 64,512 20/09/17 2,075 0.01State Street 1 GBP 58,909 USD 73,868 20/09/17 2,176 0.01State Street 1 GBP 54,779 USD 68,457 20/09/17 2,202 0.01State Street 1 GBP 191,334 USD 245,842 20/09/17 2,518 0.01State Street 1 GBP 74,926 USD 93,952 20/09/17 2,767 0.01State Street 1 GBP 117,248 USD 148,195 20/09/17 3,428 0.01State Street 1 USD 2,526,770 GBP 1,950,820 31/07/17 (7,176) (0.03)State Street 1 USD 1,927,691 GBP 1,488,294 31/07/17 (5,475) (0.02)State Street 1 USD 515,673 GBP 400,190 20/09/17 (4,133) (0.02)State Street 1 USD 575,814 GBP 444,563 31/07/17 (1,635) (0.01)State Street 1 USD 100,516 GBP 77,604 31/07/17 (285) (0.00)State Street 1 USD 9,600 GBP 7,413 31/07/17 (29) (0.00)State Street 1 USD 113,000 GBP 86,922 31/07/17 (1) (0.00)State Street 1 USD 125,549 GBP 96,167 20/09/17 260 0.00

Unrealised gain on forward foreign exchange contracts 67,425 0.24Unrealised loss on forward foreign exchange contracts (34,019) (0.12)

Net unrealised gain on forward foreign exchange contracts 33,406 0.12

44PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 47: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Core Fund*Schedule of Investments (continued)

30 June 2017

Open forward foreign exchange contracts (continued)

No. of Amount Amount Settlement Date Unrealised % ofCounterparty contracts Currency Bought Currency Sold gain/(loss) NAV

Total Net Investments 25,561,600 95.22

Cash and Cash Equivalents, Margin Cash and Cash Collateral 1,652,393 6.16Other Net Liabilities (369,881) (1.38)

Total Net Assets Attributable to Redeemable Participating Shareholders 26,844,112 100.00

Analysis of Total AssetsFair Value % of Total

GBP Assets

UCITS and AIFs 25,528,194 91.81OTC financial derivative instruments 67,425 0.24Other assets 2,208,872 7.95

Total 27,804,491 100.00

45PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 48: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Defensive Fund*Schedule of Investments30 June 2017

BondsFair Value Fair Value

Nominal Security GBP % of NAV

United KingdomSovereign

52,418 1.000% United Kingdom Gilt 07/09/2017 52,497 2.5043,549 1.750% United Kingdom Gilt 22/07/2019 44,808 2.13

9,197 1.750% United Kingdom Gilt 07/09/2022 9,705 0.4622,105 4.250% United Kingdom Gilt 07/06/2032 29,830 1.4210,419 3.250% United Kingdom Gilt 22/01/2044 13,320 0.63

10,509 3.750% United Kingdom Gilt 22/07/2052 15,870 0.76

Total United Kingdom 166,030 7.90

Total Bonds 166,030 7.90

Investment FundsFair Value Fair Value

Nominal Security GBP % of NAV

Ireland163 HSBC MSCI Russia Capped ETF 1,074 0.05

1,732 iShares £ Ultrashort Bond UCITS ETF 173,720 8.272,430 iShares Corporate Bond 0-5 years UCITS ETF GBP (Dist) 259,476 12.331,270 iShares Core Corporate Bond UCITS ETF GBP (Dist) 185,115 8.81

10,145 iShares Core FTSE 100 UCITS ETF GBP (Dist) 73,348 3.492,652 iShares Core MSCI EM IMI UCITS ETF USD (Acc) 53,332 2.54

83 iShares Core MSCI Pacific ex-Japan UCITS ETF USD (Acc) 8,526 0.412,979 iShares Developed Markets Property Yield UCITS ETF USD (Dist) 58,195 2.772,178 iShares Edge MSCI Europe Value Factor UCITS ETF EUR (Acc) 10,879 0.52

4,366 iShares Edge MSCI USA Value Factor UCITS ETF 19,411 0.92448 iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) 9,726 0.46

2,247 iShares EM Local Government Bond UCITS ETF USD (Dist) 114,215 5.44923 iShares EUR Corporate Bond Large Cap UCITS ETF EUR (Dist) 109,056 5.19398 iShares J.P. Morgan USD EM Bond UCITS ETF 34,577 1.65

23 iShares MSCI USA Small Cap UCITS ETF USD (Acc) 5,081 0.241,487 iShares USD Corporate Bond UCITS ETF 132,508 6.31

259 iShares USD High Yield Corporate Bond UCITS ETF 20,932 1.001,431 iShares USD Short Duration High Yield Corporate Bond

UCITS ETF USD (Dist) 104,063 4.95441 PowerShares FTSE RAFI Emerging Markets UCITS ETF 2,744 0.13294 SPDR MSCI World Financials UCITS ETF 8,637 0.41

1,514 Vanguard FTSE Developed Europe ex UK UCITS ETF 38,410 1.831,232 Vanguard FTSE Japan UCITS ETF 27,005 1.291,272 Vanguard S&P 500 UCITS ETF 45,055 2.14

Total Ireland 1,495,085 71.15

Luxembourg2,425 AQR UCITS Funds – Style Premia UCITS Fund 276,418 13.16

Total Luxembourg 276,418 13.16

46PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 49: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Defensive Fund*Schedule of Investments (continued)

30 June 2017

Investment Funds (continued)Fair Value Fair Value

Nominal Security GBP % of NAV

United Kingdom3,548 British Empire Trust PLC 24,304 1.168,109 Jupiter UK Special Situations Fund 19,061 0.9

Total United Kingdom 43,365 2.06

Total Investment Funds 1,814,868 86.37

Total Investments at fair value 1,980,898 94.27

Open forward foreign exchange contracts

No. of Amount Amount Settlement Date Unrealised % ofCounterparty contracts Currency Bought Currency Sold gain/(loss) NAV

State Street 1 USD 25,044 GBP 19,335 31/07/17 (71) (0.00)State Street 1 GBP 4,332 EUR 4,982 20/09/17 (50) (0.00)State Street 1 GBP 10,545 EUR 12,105 20/09/17 (102) (0.00)State Street 1 GBP 38,180 EUR 45,355 20/09/17 (1,712) (0.08)State Street 1 GBP 14,438 EUR 17,140 20/09/17 (637) (0.03)State Street 1 GBP 17,558 EUR 20,824 20/09/17 (758) (0.04)State Street 1 GBP 22,787 EUR 25,786 20/09/17 107 0.01State Street 1 GBP 2,064 USD 2,591 20/09/17 74 0.00State Street 1 GBP 4,179 USD 5,258 20/09/17 141 0.01State Street 1 GBP 3,762 USD 4,733 20/09/17 127 0.01State Street 1 GBP 2,917 USD 3,687 20/09/17 85 0.00State Street 1 GBP 7,859 USD 9,934 20/09/17 230 0.01State Street 1 GBP 3,631 USD 4,524 20/09/17 156 0.01State Street 1 GBP 11,108 USD 13,930 20/09/17 409 0.02State Street 1 GBP 2,076 USD 2,603 20/09/17 77 0.00State Street 1 GBP 3,299 USD 4,137 20/09/17 122 0.01State Street 1 GBP 3,193 USD 3,990 20/09/17 128 0.01State Street 1 GBP 2,436 USD 3,053 20/09/17 91 0.00State Street 1 GBP 2,472 USD 3,078 20/09/17 109 0.01State Street 1 GBP 3,280 USD 4,083 20/09/17 144 0.01State Street 1 GBP 1,648 USD 2,051 20/09/17 72 0.00State Street 1 GBP 2,396 USD 2,983 20/09/17 105 0.01State Street 1 GBP 16,327 USD 20,910 20/09/17 267 0.01State Street 1 GBP 40,845 USD 52,310 20/09/17 669 0.03State Street 1 GBP 7,482 USD 9,582 20/09/17 123 0.01State Street 1 GBP 32,553 USD 41,690 20/09/17 533 0.03State Street 1 GBP 69,438 USD 89,220 20/09/17 914 0.04State Street 1 GBP 8,662 USD 11,249 20/09/17 23 0.00State Street 1 GBP 25,812 USD 33,551 20/09/17 44 0.00State Street 1 GBP 6,228 USD 8,089 20/09/17 15 0.00State Street 1 GBP 11,506 USD 14,863 20/09/17 91 0.00State Street 1 GBP 16,352 USD 21,258 20/09/17 25 0.00State Street 1 GBP 4,601 USD 5,902 20/09/17 68 0.00State Street 1 GBP 5,463 USD 6,976 20/09/17 105 0.00

47PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 50: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Defensive Fund*Schedule of Investments (continued)

30 June 2017

Open forward foreign exchange contracts (continued)

No. of Amount Amount Settlement Date Unrealised % ofCounterparty contracts Currency Bought Currency Sold gain/(loss) NAV

State Street 1 GBP 11,697 USD 14,938 20/09/17 224 0.01State Street 1 USD 6,511 GBP 4,988 20/09/17 13 0.00State Street 1 USD 15,041 GBP 11,672 20/09/17 (121) (0.01)State Street 1 GBP 7,448 USD 9,718 20/12/17 4 0.00

Unrealised gain on forward foreign exchange contracts 5,295 0.25Unrealised loss on forward foreign exchange contracts (3,451) (0.16)

Net unrealised loss on forward foreign exchange contracts 1,844 0.09

Total Net Investments 1,982,742 94.36

Cash and Cash Equivalents, Margin Cash and Cash Collateral 117,248 5.58Other Net Assets 1,232 0.06

Total Net Assets Attributable to Redeemable Participating Shareholders 2,101,222 100.00

Analysis of Total AssetsFair Value % of Total

GBP Assets

Transferable securities admitted to an official stock exchange listed 166,030 7.75UCITS and AIFs 1,814,868 84.73OTC financial derivative instruments 5,295 0.25Other assets 155,681 7.27

Total 2,141,874 100.00

48PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 51: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Plus Fund*Schedule of Investments30 June 2017

Investment FundsFair Value Fair Value

Nominal Security GBP % of NAV

Ireland6,467 HSBC MSCI Russia Capped ETF 42,623 0.511,556 iShares £ Ultrashort Bond UCITS ETF 156,067 1.872,187 iShares Corporate Bond 0-5 years UCITS ETF GBP (Dist) 233,528 2.79

156,020 iShares Core FTSE 100 UCITS ETF GBP (Dist) 1,128,024 13.4838,578 iShares Core MSCI EM IMI UCITS ETF USD (Acc) 775,804 9.28

1,344 iShares Core MSCI Pacific ex-Japan UCITS ETF USD (Acc) 138,056 1.6519,124 iShares Developed Markets Property Yield UCITS ETF USD (Dist) 373,587 4.4739,155 iShares Edge MSCI Europe Value Factor UCITS ETF EUR (Acc) 195,581 2.34

69,248 iShares Edge MSCI USA Value Factor UCITS ETF 307,870 3.687,199 iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) 188,383 2.253,601 iShares EM Local Government Bond UCITS ETF USD (Dist) 208,360 2.49

255 iShares EUR Corp Bond Large Cap UCITS ETF EUR (Dist) 30,129 0.361,523 iShares J.P. Morgan USD EM Bond UCITS ETF 166,555 1.99

615 iShares MSCI USA Small Cap UCITS ETF USD (Acc) 135,869 1.62790 iShares USD Corporate Bond UCITS ETF 70,397 0.84

5,169 iShares USD High Yield Corporate Bond UCITS ETF 417,754 4.995,749 iShares USD Short Duration High Yield Corp Bond 418,069 5.00

UCITS ETF USD (Dist)9,185 PowerShares FTSE RAFI Emerging Markets UCITS ETF 57,142 0.685,749 SPDR MSCI World Financials UCITS ETF 168,892 2.02

23,162 Vanguard FTSE Developed Europe ex UK UCITS ETF 587,620 7.0317,232 Vanguard FTSE Japan UCITS ETF 377,725 4.52

20,824 Vanguard S&P 500 UCITS ETF 737,606 8.82

Total Ireland 6,915,641 82.68

Luxembourg2,207 AQR UCITS Funds – Style Premia UCITS Fund 251,475 3.01

Total Luxembourg 251,475 3.01

United Kingdom60,835 British Empire Trust PLC 416,720 4.98169,788 Jupiter UK Special Situations Fund 399,103 4.77

Total United Kingdom 815,823 9.75

Total Investment Funds 7,982,939 95.44

Total Investments at fair value 7,982,939 95.44

49PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 52: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Plus Fund*Schedule of Investments (continued)

30 June 2017

Open forward foreign exchange contracts

No. of Amount Amount Settlement Date Unrealised % ofCounterparty contracts Currency Bought Currency Sold gain/(loss) NAV

State Street 1 AUD 67,471 GBP 39,633 31/07/17 159 0.00State Street 1 AUD 80,000 GBP 46,993 31/07/17 188 0.00State Street 1 EUR 582,375 GBP 511,802 31/07/17 (155) (0.00)State Street 1 EUR 18,410 GBP 16,268 31/07/17 (94) (0.00)State Street 1 EUR 339,118 GBP 298,023 31/07/17 (90) (0.00)State Street 1 EUR 4,349 GBP 3,822 31/07/17 (1) (0.00)State Street 1 GBP 12,692 EUR 15,053 20/09/17 (548) (0.01)State Street 1 GBP 6,381 EUR 7,575 20/09/17 (281) (0.00)State Street 1 GBP 10,587 EUR 12,154 20/09/17 (103) (0.00)State Street 1 GBP 28,042 USD 36,680 20/09/17 (129) (0.00)State Street 1 GBP 18,850 USD 24,656 20/09/17 (87) (0.00)State Street 1 GBP 34,338 USD 44,805 20/12/17 20 0.00State Street 1 GBP 47,533 USD 62,032 20/12/17 21 0.00State Street 1 GBP 51,620 USD 67,366 20/12/17 23 0.00State Street 1 GBP 38,519 USD 50,067 20/09/17 66 0.00State Street 1 GBP 20,867 USD 27,044 20/09/17 96 0.00State Street 1 GBP 14,957 USD 19,321 20/09/17 118 0.00State Street 1 GBP 18,236 USD 23,583 20/09/17 124 0.00State Street 1 GBP 19,122 USD 24,729 20/09/17 130 0.00State Street 1 GBP 21,214 USD 27,419 20/09/17 155 0.00State Street 1 GBP 23,173 USD 29,935 20/09/17 182 0.00State Street 1 GBP 23,831 USD 30,784 20/09/17 187 0.00State Street 1 GBP 7,032 USD 8,847 20/09/17 237 0.00State Street 1 GBP 38,027 USD 49,123 20/09/17 299 0.00State Street 1 GBP 18,704 USD 23,954 20/09/17 306 0.00State Street 1 GBP 18,723 USD 23,979 20/09/17 307 0.00State Street 1 GBP 11,313 USD 14,299 20/09/17 331 0.00State Street 1 GBP 22,472 USD 28,826 20/09/17 332 0.00State Street 1 GBP 23,033 USD 29,535 20/09/17 349 0.00State Street 1 GBP 23,087 USD 29,605 20/09/17 350 0.00State Street 1 GBP 226,367 USD 294,231 20/09/17 387 0.00State Street 1 GBP 24,309 USD 31,133 20/09/17 398 0.01State Street 1 GBP 11,143 USD 13,883 20/09/17 480 0.01State Street 1 GBP 14,770 USD 18,544 20/09/17 527 0.01State Street 1 GBP 14,535 USD 18,225 20/09/17 538 0.01State Street 1 GBP 11,410 USD 14,154 20/09/17 540 0.01State Street 1 GBP 15,419 USD 19,358 20/09/17 551 0.01State Street 1 GBP 14,943 USD 18,737 20/09/17 553 0.01State Street 1 GBP 37,487 USD 47,895 20/09/17 701 0.01State Street 1 GBP 19,579 USD 24,552 20/09/17 722 0.01State Street 1 GBP 20,166 USD 25,288 20/09/17 743 0.01State Street 1 GBP 17,094 USD 21,204 20/09/17 808 0.01State Street 1 GBP 22,677 USD 28,460 20/09/17 819 0.01State Street 1 GBP 222,587 USD 288,000 03/07/17 869 0.01State Street 1 GBP 28,543 USD 35,836 20/09/17 1,019 0.01State Street 1 GBP 28,693 USD 36,010 20/09/17 1,036 0.02State Street 1 GBP 29,321 USD 36,769 20/09/17 1,081 0.02

50PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 53: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Plus Fund*Schedule of Investments (continued)

30 June 2017

Open forward foreign exchange contracts

No. of Amount Amount Settlement Date Unrealised % ofCounterparty contracts Currency Bought Currency Sold gain/(loss) NAV

State Street 1 GBP 45,509 USD 57,521 20/09/17 1,330 0.02State Street 1 GBP 128,329 USD 164,888 20/09/17 1,688 0.02State Street 1 USD 964,742 GBP 744,839 31/07/17 (2,740) (0.03)State Street 1 USD 155,037 GBP 120,317 20/09/17 (1,243) (0.02)State Street 1 USD 410,398 GBP 316,852 31/07/17 (1,165) (0.01)State Street 1 USD 360,813 GBP 278,570 31/07/17 (1,025) (0.01)State Street 1 USD 288,000 GBP 222,396 31/07/17 (861) (0.01)State Street 1 USD 4,676 GBP 3,610 31/07/17 (13) (0.00)State Street 1 USD 29,625 GBP 22,692 20/09/17 61 0.00

Unrealised gain on forward foreign exchange contracts 18,831 0.22Unrealised loss on forward foreign exchange contracts (8,535) (0.09)

Net unrealised gain on forward foreign exchange contracts 10,296 0.13

Total Net Investments 7,993,235 95.57

Cash and Cash Equivalents, Margin Cash and Cash Collateral 371,423 4.44Other Net Liabilities (572) (0.01)

Total Net Assets Attributable to Redeemable Participating Shareholders 8,364,086 100.00

Analysis of Total AssetsFair Value % of Total

GBP Assets

Transferable securities admitted to an official sock exchange listed 416,720 4.71UCITS and AIFs 7,566,219 85.44OTC financial derivative instruments 18,831 0.21Other assets 853,401 9.64

Total 8,855,171 100.00

51PACIFIC CAPITAL UCITS FUNDS PLC

* Fund launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

Page 54: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific U.S. Smaller – Companies FundSchedule of Investments30 June 2017

Equity (December 2016: 95.81%)Fair Value Fair Value

Nominal Security USD % of NAV

BermudaInsurance

2,200 James River Group Holdings Ltd 87,406 0.43

Total Bermuda 87,406 0.43

CanadaCapital Goods

2,707 Masonite International Corp 204,379 1.00

Materials4,285 Methanex Corp 188,754 0.92

Total Canada 393,133 1.92

United KingdomSoftware & Services

5,253 Cardtronics PLC 172,614 0.84

Total United Kingdom 172,614 0.84

United StatesAutomobiles & Components

3,319 Cooper Tire & Rubber Co 119,816 0.593,545 Tenneco Inc 205,007 1.00

324,823 1.59Banks

4,462 Ameris Bancorp 215,068 1.054,761 Banc of California Inc 102,362 0.505,147 FCB Financial Holdings Inc 245,769 1.20

5,642 MB Financial Inc 248,474 1.2218,902 MGIC Investment Corp 211,702 1.04

4,153 Pacific Premier Bancorp Inc 153,246 0.752,158 South State Corp 184,941 0.907,679 State Bank Financial Corp 208,254 1.02

10,884 Sterling Bancorp 253,053 1.232,692 Texas Capital Bancshares Inc 208,361 1.025,105 Western Alliance Bancorp 251,166 1.23

2,282,396 11.16Capital Goods

8,900 Advanced Drainage Systems Inc 178,890 0.885,627 Air Lease Corp 210,225 1.033,406 GATX Corp 218,904 1.072,123 John Bean Technologies Corp 208,054 1.021,858 Teledyne Technologies Inc 237,174 1.15

4,893 Timken Co 226,301 1.117,291 Wabash National Corp 160,256 0.783,011 Watts Water Technologies Inc 190,295 0.93

1,630,099 7.97

52PACIFIC CAPITAL UCITS FUNDS PLC

Page 55: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific U.S. Smaller – Companies FundSchedule of Investments (continued)

30 June 2017

Equity (December 2016: 95.81%) (continued)Fair Value Fair Value

Nominal Security USD % of NAV

Commercial & Professional Services4,909 Clean Harbors Inc 274,069 1.347,100 TriNet Group Inc 232,454 1.14

506,523 2.48Consumer Durables & Apparel

9,181 Acushnet Holdings Corp 182,151 0.893,362 Deckers Outdoor Corp 229,490 1.138,566 Kate Spade & Co 158,385 0.775,937 La-Z-Boy Inc 192,953 0.948,964 TRI Pointe Group Inc 118,235 0.58

881,214 4.31Consumer Services

10,541 Bloomin' Brands Inc 223,785 1.091,740 Cheesecake Factory Inc 87,522 0.43

18,927 Lindblad Expeditions Holdings Inc 198,734 0.97

510,041 2.49Diversified Financials

4,338 FirstCash Inc 252,905 1.247,544 Hannon Armstrong Sustainable Infrastructure Capital Inc 172,531 0.84

24,605 MFA Financial Inc 206,436 1.0112,285 Redwood Trust Inc 209,336 1.02

4,101 Solar Capital Ltd 89,689 0.44

930,897 4.55Energy

15,018 Callon Petroleum Co 159,341 0.788,431 Delek US Holdings Inc 222,916 1.096,233 Forum Energy Technologies Inc 97,235 0.48

479,492 2.35Food & Staples Retailing

7,745 Performance Food Group Co 212,213 1.04

Food, Beverage & Tobacco1,777 Sanderson Farms Inc 205,510 1.01

Health Care Equipment & Services2,547 Glaukos Corp 105,624 0.525,855 Globus Medical Inc 194,093 0.955,284 Haemonetics Corp 208,665 1.025,705 Insulet Corp 292,724 1.42

24,702 Kindred Healthcare Inc 287,778 1.413,768 LifePoint Health Inc 253,021 1.243,817 Molina Healthcare Inc 264,060 1.29

4,825 Teladoc Inc 167,428 0.82

1,773,393 8.67Household & Personal Products

3,982 Nu Skin Enterprises Inc 250,229 1.22

53PACIFIC CAPITAL UCITS FUNDS PLC

Page 56: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific U.S. Smaller – Companies FundSchedule of Investments (continued)

30 June 2017

Equity (December 2016: 95.81%) (continued)Fair Value Fair Value

Nominal Security USD % of NAV

Insurance5,153 Assured Guaranty Ltd 215,086 1.067,740 eHealth Inc 145,512 0.713,689 Horace Mann Educators Corp 139,444 0.684,627 Kemper Corp 178,602 0.87

16,789 MBIA Inc 158,320 0.77

836,964 4.09Materials

11,720 Ferro Corp 214,359 1.0512,034 Graphic Packaging Holding Co 165,829 0.812,690 Minerals Technologies Inc 196,908 0.965,651 PolyOne Corp 218,920 1.07

796,016 3.89Media

3,668 Cinemark Holdings Inc 142,502 0.706,746 National CineMedia Inc 50,055 0.25

12,979 New York Times Co 229,728 1.12

422,285 2.07Pharmaceuticals, Biotechnology & Life Sciences

8,425 Aduro Biotech Inc 96,045 0.471,108 Bluebird Bio Inc 116,395 0.572,149 Blueprint Medicines Corp 108,890 0.533,631 Dermira Inc 105,807 0.52

13,947 MiMedx Group Inc 208,787 1.0311,307 Momenta Pharmaceuticals Inc 191,088 0.93

1,219 Ultragenyx Pharmaceutical Inc 75,712 0.37

902,724 4.42Real Estate

8,964 Five Point Holdings LLC 132,309 0.658,126 Kennedy-Wilson Holdings Inc 154,800 0.76

8,437 LaSalle Hotel Properties 251,423 1.232,642 Life Storage Inc 195,772 0.968,127 Outfront Media Inc 187,896 0.921,916 PS Business Parks Inc 253,659 1.23

8,534 Rexford Industrial Realty Inc 234,173 1.15

1,410,032 6.90Retailing

21,172 Chico's FAS Inc 199,440 0.98

Semiconductors & Semiconductor Equipment2,300 Acacia Communications Inc 95,381 0.472,838 Cavium Inc 176,325 0.869,516 Entegris Inc 208,876 1.023,760 First Solar Inc 149,949 0.734,251 MACOM Technology Solutions Holdings Inc 237,078 1.161,088 MKS Instruments Inc 73,222 0.36

940,831 4.60

54PACIFIC CAPITAL UCITS FUNDS PLC

Page 57: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific U.S. Smaller – Companies FundSchedule of Investments (continued)

30 June 2017

Equity (December 2016: 95.81%) (continued)Fair Value Fair Value

Nominal Security USD % of NAV

Software & Services5,136 2U Inc 240,981 1.181,448 Aspen Technology Inc 80,016 0.395,205 BroadSoft Inc 224,075 1.109,820 Callidus Software Inc 237,644 1.163,581 HubSpot Inc 235,451 1.15

3,205 Zendesk Inc 89,035 0.44

1,107,202 5.42Technology Hardware & Equipment

8,961 Ciena Corp 224,204 1.1011,929 Oclaro Inc 111,417 0.556,882 VeriFone Systems Inc 124,564 0.6

460,185 2.25Telecommunication Services

39,928 Vonage Holdings Corp 261,129 1.28

Transportation3,581 Kirby Corp 239,390 1.182,921 Spirit Airlines Inc 150,870 0.746,672 Swift Transportation Co 176,808 0.866,154 Werner Enterprises Inc 180,620 0.88

747,688 3.66Utilities

11,951 8Point3 Energy Partners LP 180,820 0.883,142 Black Hills Corp 211,991 1.049,145 Pattern Energy Group Inc 218,017 1.07

21,935 SRC Energy Inc 147,623 0.72

758,451 3.71

Total United States 18,829,777 92.11

Total Equities 19,482,930 95.30

United StatesInvestment Funds (December 2016: 1.47%)

4,604 iShares Russell 2000 ETF 648,796 3.18

Total Investment Funds 648,796 3.18

Total Investment at fair value 20,131,726 98.48

55PACIFIC CAPITAL UCITS FUNDS PLC

Page 58: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific U.S. Smaller – Companies FundSchedule of Investments (continued)

30 June 2017

Open forward foreign exchange contracts (December 2016: (0.01)%)

No. of Amount Amount Settlement Date Unrealised % ofCounterparty contracts Currency Bought Currency Sold gain/(loss) NAV

State Street 1 GBP 4,023 USD 5,234 7/31/17 (4) (0.00)State Street 1 GBP 3,998 USD 5,114 7/31/17 84 0.00State Street 1 GBP 318,213 USD 407,006 7/31/17 6,677 0.03State Street 1 USD 154,464 GBP 119,381 7/03/17 (606) (0.00)

Unrealised gain on forward foreign exchange contracts 6,761 0.03Unrealised loss on forward foreign exchange contracts (610) (0.00)

Net unrealised gain on forward foreign exchange contracts 6,151 0.03

Total Net Investments 20,137,877 98.51

Cash and Cash Equivalents, Margin Cash and Cash Collateral 153,389 0.75Other Net Assets 151,662 0.74

Total Net Assets Attributable to Redeemable Participating Shareholders 20,442,928 100.00

Analysis of Total AssetsFair Value % of Total

USD Assets

Transferable securities admitted to an official stock exchange listed 19,482,930 94.07UCITS and AIFs 648,796 3.13OTC financial derivative instruments 6,761 0.03Other assets 572,919 2.77

Total 20,711,406 100.00

56PACIFIC CAPITAL UCITS FUNDS PLC

Page 59: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

57PACIFIC CAPITAL UCITS FUNDS PLC

Pacific Global Equity – Opportunity Fund*Supplemental InformationFor the financial period ended 30 June 2017

Schedule of Material Portfolio Changes**Listed are the cumulative investment purchases and sales during the financial period ended 30 June 2017.

The following Statement of Changes in the Schedule of Investments reflect the aggregate purchases of a securityexceeding 1% of the total value of purchases and aggregate disposals greater than 1% of the total sales in the year. Ata minimum the largest 20 purchases and sales are required to be disclosed, if applicable.

PurchasesCost

Description Nominal USD

China Construction Bank Corp 314,300 252,965Siam Commercial Bank PCL 32,000 141,487Intesa Sanpaolo SpA 57,335 135,699Tambang Batubara Bukit Asam Persero Tbk PT 142,400 135,108Thai Beverage PCL 181,300 122,213Jardine Cycle & Carriage Ltd 3,700 116,088China Resources Land Ltd 40,000 114,369Great Wall Motor Co Ltd 105,500 112,366ZTE Corp 66,600 111,131China Communications Construction Co Ltd 78,000 95,837China Overseas Land & Investment Ltd 30,000 95,538First Resources Ltd 61,000 84,106Melco International Development Ltd 44,000 80,754Pou Sheng International Holdings Ltd 312,000 80,264Land & Houses PCL 284,000 78,655Bank Tabungan Negara Persero Tbk PT 485,000 77,601E Ink Holdings Inc 83,000 70,865China Taiping Insurance Holdings Co Ltd 29,200 67,785Adhi Karya Persero Tbk PT 344,000 58,084WONIK IPS Co Ltd 2,748 56,465Samsung Electronics Co Ltd 31 52,019K Wah International Holdings Ltd 80,000 51,772Industrial & Commercial Bank of China Ltd 54,000 36,121Longfor Properties Co Ltd 20,000 33,080KWG Property Holding Ltd 42,000 28,040SOHO China Ltd 52,000 28,029

* Pacific Global Equity – Opportunity Fund terminated on 12 April 2017.

** The changes in the portfolio composition does not include the purchases and sales for contracts for difference,forward foreign exchange contracts and future contracts.

Page 60: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

58PACIFIC CAPITAL UCITS FUNDS PLC

Pacific Global Equity – Opportunity Fund*Supplemental Information (continued)For the financial period ended 30 June 2017

Schedule of Material Portfolio Changes*Listed are the cumulative investment purchases and sales during the financial period ended 31 December 2016.

The following Statement of Changes in the Schedule of Investments reflect the aggregate purchases of a securityexceeding 1% of the total value of purchases and aggregate disposals greater than 1% of the total sales in the year.At a minimum the largest 20 purchases and sales are required to be disclosed, if applicable.

SalesProceeds

Description Nominal USD

Macquarie Korea Infrastructure Fund 58,486 422,735Intesa Sanpaolo SpA 145,161 365,932Morgan Stanley 8,021 346,783Raiffeisen Bank International AG 14,796 333,166China Communications Construction Co Ltd 215,776 301,317SK Hynix Inc 6,548 280,078China Construction Bank Corp 314,300 254,109BBMG Corp 474,500 243,152Samsung Electronics Co Ltd 135 238,974China State Construction International Holdings Ltd 128,123 225,176China Taiping Insurance Holdings Co Ltd 96,000 221,414Anima Holding SpA 36,592 214,571Nine Dragons Paper Holdings Ltd 181,000 207,758Kolon Industries Inc 3,424 207,428Mediobanca SpA 22,618 201,053Eni SpA 12,156 192,787China Resources Land Ltd 64,927 185,394Everlight Electronics Co Ltd 112,598 176,086E Ink Holdings Inc 186,383 169,095First Resources Ltd 119,900 164,266Shenzhen International Holdings Ltd 103,721 161,938Telecom Italia SpA 179,405 156,620Frasers Centrepoint Trust 104,513 152,333Samui Airport Property Fund Leasehold 218,048 149,641Siam Commercial Bank PCL 32,000 146,069KWG Property Holding Ltd 202,425 140,916Tambang Batubara Bukit Asam Persero Tbk PT 142,400 140,267Longfor Properties Co Ltd 81,008 133,284LG Chem Ltd 521 127,154Great Wall Motor Co Ltd 105,500 122,662ZTE Corp 66,600 121,163Thai Beverage PCL 181,300 120,649Unique Engineering & Construction PCL 235,100 120,607Hua Hong Semiconductor Ltd 92,137 120,478Jardine Cycle & Carriage Ltd 3,700 119,989Hyundai Department Store Co Ltd 1,348 118,178Filinvest Land Inc 3,523,860 117,798Parkway Life Real Estate Investment Trust 63,914 113,277Vista Land & Lifescapes Inc 1,086,242 110,524SFA Engineering Corp 1,751 109,367Pou Chen Corp 75,000 103,174

* Pacific Global Equity – Opportunity Fund terminated on 12 April 2017.

Page 61: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Conservative FundSupplemental InformationFor the financial period ended 30 June 2017

Schedule of Material Portfolio Changes*Listed are the cumulative investment purchases and sales during the financial period ended 30 June 2017.

The following Statement of Changes in the Schedule of Investments reflect the aggregate purchases of a securityexceeding 1% of the total value of purchases and aggregate disposals greater than 1% of the total sales in the year.At a minimum the largest 20 purchases and sales are required to be disclosed, if applicable.

PurchasesCost

Description Nominal GBP

iShares £ Ultrashort Bond UCITS ETF 3,930 105,412iShares Corporate Bond 0-5 years UCITS ETF GBP (Dist) 18,924 2,201,823iShares EM Local Government Bond UCITS ETF USD (Dist) 2,152 104,318iShares Core Corporate Bond UCITS ETF GBP (Dist) 3,160 97,626iShares USD Corporate Bond UCITS ETF 1,565 97,210iShares Core FTSE 100 UCITS ETF GBP (Dist) 5,172 96,525Vanguard S&P 500 UCITS ETF 7,041 96,403iShares USD Short Duration High Yield Corporate Bond UCITS ETF USD (Dist) 2,944 95,295iShares Developed Markets Property Yield UCITS ETF USD (Dist) 2,189 91,926iShares Core MSCI EM IMI UCITS ETF USD (Acc) 1,701 90,256iShares EUR Corporate Bond Large Cap UCITS ETF EUR (Dist) 2,946 90,147Vanguard FTSE Developed Europe ex UK UCITS ETF 2,427 89,872iShares J.P. Morgan USD EM Bond UCITS ETF 1,402 89,660British Empire Trust PLC 3,774 85,654iShares USD High Yield Corporate Bond UCITS ETF 3,433 84,664Vanguard FTSE Japan UCITS ETF 1,481 84,360iShares Edge MSCI USA Value Factor UCITS ETF 3,285 83,949iShares Edge MSCI Europe Value Factor UCITS ETF EUR (Acc) 2,012 82,139SPDR MSCI World Financials UCITS ETF 4,218 79,924iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) 1,679 78,343

SalesProceeds

Description Nominal GBP

Vanguard S&P 500 UCITS ETF 19,124 2,232,811iShares EM Local Government Bond UCITS ETF USD (Dist) 3,930 129,333iShares Core Corporate Bond UCITS ETF GBP (Dist) 5,495 106,134iShares USD Corporate Bond UCITS ETF 920 104,686iShares USD High Yield Corporate Bond UCITS ETF 4,981 102,774iShares £ Ultrashort Bond UCITS ETF 2,339 100,942iShares J.P. Morgan USD EM Bond UCITS ETF 3,919 99,707British Empire Trust PLC 1,567 97,694iShares Core FTSE 100 UCITS ETF GBP (Dist) 3,515 93,153Vanguard FTSE All-World UCITS 3,494 92,1883.250% United Kingdom Gilt 22/01/2044 1,154 90,6661.750% United Kingdom Gilt 22/07/2019 569 90,089

* The changes in the portfolio composition does not include the purchases and sales for contracts for difference,forward foreign exchange contracts and future contracts.

59PACIFIC CAPITAL UCITS FUNDS PLC

Page 62: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Core FundSupplemental InformationFor the financial period ended 30 June 2017

Schedule of Material Portfolio Changes*Listed are the cumulative investment purchases and sales during the financial period ended 30 June 2017.

The following Statement of Changes in the Schedule of Investments reflect the aggregate purchases of a securityexceeding 1% of the total value of purchases and aggregate disposals greater than 1% of the total sales in the year.At a minimum the largest 20 purchases and sales are required to be disclosed, if applicable.

PurchasesCost

Description Nominal GBP

iShares Core FTSE 100 UCITS ETF GBP (Dist) 365,844 2,668,161Vanguard S&P 500 UCITS ETF 69,991 2,524,193iShares EM Local Government Bond UCITS ETF USD (Dist) 41,571 2,109,541iShares Corporate Bond 0-5 years UCITS ETF GBP (Dist) 18,401 1,971,030iShares Core MSCI EM IMI UCITS ETF USD (Acc) 89,423 1,778,127iShares £ Ultrashort Bond UCITS ETF 16,991 1,707,240iShares USD High Yield Corporate Bond UCITS ETF 19,727 1,656,253iShares USD Short Duration High Yield Corporate Bond UCITS ETF USD (Dist) 18,587 1,410,114Vanguard FTSE Developed Europe ex UK UCITS ETF 54,433 1,363,499iShares Developed Markets Property Yield UCITS ETF USD (Dist) 66,307 1,322,809British Empire Trust PLC 143,543 976,335iShares USD Corporate Bond UCITS ETF 9,940 901,375Vanguard FTSE Japan UCITS ETF 41,024 901,172iShares Core Corporate Bond UCITS ETF GBP (Dist) 5,225 762,537iShares J.P. Morgan USD EM Bond UCITS ETF 8,211 731,058iShares Edge MSCI USA Value Factor UCITS ETF 155,303 711,144iShares EUR Corporate Bond Large Cap UCITS ETF EUR (Dist) 4,489 521,124iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) 20,673 454,817iShares Edge MSCI Europe Value Factor UCITS ETF EUR (Acc) 90,250 449,840SPDR MSCI World Financials UCITS ETF 12,807 374,157iShares Core MSCI Pacific ex-Japan UCITS ETF USD (Acc) 3,096 321,001iShares MSCI USA Small Cap UCITS ETF USD (Acc) 1,363 307,619

SalesProceeds

Description Nominal GBP

Vanguard S&P 500 UCITS ETF 24,744 880,299iShares EM Local Government Bond UCITS ETF USD (Dist) 12,128 599,469iShares £ Ultrashort Bond UCITS ETF 3,895 391,061iShares USD High Yield Corporate Bond UCITS ETF 3,018 260,313iShares USD Corporate Bond UCITS ETF 1,889 174,851iShares J.P. Morgan USD EM Bond UCITS ETF 1,952 172,845British Empire Trust PLC 12,417 86,526iShares Core FTSE 100 UCITS ETF GBP (Dist) 4,915 35,676Vanguard FTSE All-World UCITS 301 17,756

* The changes in the portfolio composition does not include the purchases and sales for contracts for difference,forward foreign exchange contracts and future contracts.

60PACIFIC CAPITAL UCITS FUNDS PLC

Page 63: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Defensive FundSupplemental InformationFor the financial period ended 30 June 2017

Schedule of Material Portfolio Changes*Listed are the cumulative investment purchases and sales during the financial period ended 30 June 2017.

The following Statement of Changes in the Schedule of Investments reflect the aggregate purchases of a securityexceeding 1% of the total value of purchases and aggregate disposals greater than 1% of the total sales in the year.At a minimum the largest 20 purchases and sales are required to be disclosed, if applicable.

PurchasesCost

Description Nominal GBP

iShares Corporate Bond 0-5 years UCITS ETF GBP (Dist) 2,430 260,013iShares Core Corporate Bond UCITS ETF GBP (Dist) 1,451 211,625iShares £ Ultrashort Bond UCITS ETF 1,971 198,102iShares EM Local Government Bond UCITS ETF USD (Dist) 3,409 172,810iShares USD Corporate Bond UCITS ETF 1,752 159,311iShares USD Short Duration High Yield Corporate Bond UCITS ETF USD (Dist) 1,431 108,692iShares EUR Corporate Bond Large Cap UCITS ETF EUR (Dist) 923 107,290Vanguard S&P 500 UCITS ETF 2,165 77,456iShares Core FTSE 100 UCITS ETF GBP (Dist) 10,518 76,471iShares Developed Markets Property Yield UCITS ETF USD (Dist) 2,979 59,7971.000% United Kingdom Gilt 07/09/2017 52,418 52,885iShares Core MSCI EM IMI UCITS ETF USD (Acc) 2,652 52,305iShares J.P. Morgan USD EM Bond UCITS ETF 550 49,292iShares USD High Yield Corporate Bond UCITS ETF 549 46,5911.750% United Kingdom Gilt 22/07/2019 43,549 45,460Vanguard FTSE Developed Europe ex UK UCITS ETF 1,514 37,358British Empire Trust PLC 4,629 31,2554.250% United Kingdom Gilt 07/06/2032 22,105 30,593Vanguard FTSE Japan UCITS ETF 1,232 26,866iShares Edge MSCI USA Value Factor UCITS ETF 4,366 19,933

SalesProceeds

Description Nominal GBP

iShares EM Local Government Bond UCITS ETF USD (Dist) 1,162 57,476Vanguard S&P 500 UCITS ETF 893 31,869iShares Core Corporate Bond UCITS ETF GBP (Dist) 181 26,235iShares USD High Yield Corporate Bond UCITS ETF 290 24,907iShares USD Corporate Bond UCITS ETF 265 24,456iShares £ Ultrashort Bond UCITS ETF 239 23,980iShares J.P. Morgan USD EM Bond UCITS ETF 152 13,5863.250% United Kingdom Gilt 22/01/2044 8,563 11,440British Empire Trust PLC 1,081 7,533iShares Core FTSE 100 UCITS ETF GBP (Dist) 373 2,699Vanguard FTSE All-World UCITS 20 1,180

* The changes in the portfolio composition does not include the purchases and sales for contracts for difference,forward foreign exchange contracts and future contracts.

61PACIFIC CAPITAL UCITS FUNDS PLC

Page 64: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific Multi-Asset Accumulator – Plus FundSupplemental InformationFor the financial period ended 30 June 2017

Schedule of Material Portfolio Changes*Listed are the cumulative investment purchases and sales during the financial period ended 30 June 2017.

The following Statement of Changes in the Schedule of Investments reflect the aggregate purchases of a securityexceeding 1% of the total value of purchases and aggregate disposals greater than 1% of the total sales in the year.At a minimum the largest 20 purchases and sales are required to be disclosed, if applicable.

PurchasesCost

Description Nominal GBP

iShares Core FTSE 100 UCITS ETF GBP (Dist) 161,888 1,179,970Vanguard S&P 500 UCITS ETF 31,437 1,130,540iShares Core MSCI EM IMI UCITS ETF USD (Acc) 38,578 765,922Vanguard FTSE Developed Europe ex UK UCITS ETF 24,054 603,923iShares USD High Yield Corporate Bond UCITS ETF 6,461 541,304iShares USD Short Duration High Yield Corporate Bond UCITS ETF USD (Dist) 5,749 435,521British Empire Trust PLC 62,770 424,812Vanguard FTSE Japan UCITS ETF 17,598 386,962iShares Developed Markets Property Yield UCITS ETF USD (Dist) 19,124 380,704iShares EM Local Government Bond UCITS ETF USD (Dist) 6,244 316,977iShares Edge MSCI USA Value Factor UCITS ETF 69,248 314,833iShares Corporate Bond 0-5 years UCITS ETF GBP (Dist) 2,602 279,218iShares £ Ultrashort Bond UCITS ETF 2,334 234,439iShares J.P. Morgan USD EM Bond UCITS ETF 2,498 222,230iShares Edge MSCI Europe Value Factor UCITS ETF EUR (Acc) 39,155 194,317iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) 8,670 190,228SPDR MSCI World Financials UCITS ETF 5,749 167,570iShares Core MSCI Pacific ex-Japan UCITS ETF USD (Acc) 1,344 139,299iShares MSCI USA Small Cap UCITS ETF USD (Acc) 615 138,829iShares USD Corporate Bond UCITS ETF 1,030 93,606

SalesProceeds

Description Nominal GBP

Vanguard S&P 500 UCITS ETF 10,613 379,174iShares USD High Yield Corporate Bond UCITS ETF 1,292 111,371iShares EM Local Government Bond UCITS ETF USD (Dist) 2,145 106,359iShares £ Ultrashort Bond UCITS ETF 778 78,119iShares J.P. Morgan USD EM Bond UCITS ETF 581 51,744iShares Corporate Bond 0-5 years UCITS ETF GBP (Dist) 415 44,210iShares Core FTSE 100 UCITS ETF GBP (Dist) 5,868 42,454Vanguard FTSE Developed Europe ex UK UCITS ETF 892 23,089iShares USD Corporate Bond UCITS ETF 240 22,222Vanguard FTSE All-World UCITS 312 18,405British Empire Trust PLC 1,935 13,483Vanguard FTSE Japan UCITS ETF 366 8,216

* The changes in the portfolio composition does not include the purchases and sales for contracts for difference,forward foreign exchange contracts and future contracts.

62PACIFIC CAPITAL UCITS FUNDS PLC

Page 65: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

63PACIFIC CAPITAL UCITS FUNDS PLC

Pacific U.S. Smaller – Companies FundSupplemental InformationFor the financial period ended 30 June 2017

Schedule of Material Portfolio Changes*Listed are the cumulative investment purchases and sales during the financial period ended 30 June 2017.

The following Statement of Changes in the Schedule of Investments reflect the aggregate purchases of a securityexceeding 1% of the total value of purchases and aggregate disposals greater than 1% of the total sales in the year. Ata minimum the largest 20 purchases and sales are required to be disclosed, if applicable.

PurchasesCost

Description Nominal USD

iShares Russell 2000 ETF 16,233 2,233,9762U Inc 5,136 206,605Black Hills Corp 3,142 203,401Wabash National Corp 10,291 202,160Chico's FAS Inc 16,497 198,108Ferro Corp 11,720 196,127Deckers Outdoor Corp 3,362 194,948Performance Food Group Co 7,745 187,771Vonage Holdings Corp 28,206 186,880Pattern Energy Group Inc 8,444 181,030Momenta Pharmaceuticals Inc 11,307 177,315Clean Harbors Inc 3,024 173,495FirstCash Inc 3,420 171,509LaSalle Hotel Properties 5,835 171,500MB Financial Inc 3,963 169,916Werner Enterprises Inc 6,154 166,461Kindred Healthcare Inc 18,144 166,332HubSpot Inc 2,622 165,719MGIC Investment Corp 15,564 163,884Kirby Corp 2,343 162,484

SalesProceeds

Description Nominal USD

iShares Russell 2000 ETF 12,450 1,715,115Allscripts Healthcare Solutions Inc 15,589 198,595Great Western Bancorp Inc 4,866 187,206MaxLinear Inc 6,027 168,402Hercules Capital Inc 11,890 160,765MKS Instruments Inc 1,500 117,045Monolithic Power Systems Inc 1,136 114,228Connectone Bancorp Inc 5,144 111,160Aspen Technology Inc 1,800 104,258Armstrong Flooring Inc 5,340 98,217Integrated Device Technology Inc 4,004 94,964Genesee & Wyoming Inc 1,350 89,392South Jersey Industries Inc 2,588 82,959Curtiss-Wright Corp 838 80,486Cheesecake Factory Inc 1,300 75,917UnitedHealth Group Inc 458 75,505Kate Spade + Co 3,100 72,250Armstrong World Industries Inc 1,750 70,445Greencore Group PLC 23,716 70,359MGIC Investment Corp 6,518 68,996

* The changes in the portfolio composition does not include the purchases and sales for contracts for difference,forward foreign exchange contracts and future contracts.

Page 66: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Pacific U.S. Smaller – Companies FundSupplemental Information (continued)For the financial period ended 30 June 2017

Schedule of Material Portfolio Changes* (continued)

Sales (continued)Proceeds

Description Nominal USD

Hilltop Holdings Inc 2,339 68,787Wex Inc 587 67,890Bio-Techne Corp 647 67,676Wabash National Corp 3,000 65,940Horace Mann Educators Corp 1,500 57,140TESARO Inc 369 56,492Pattern Energy Group Inc 2,400 52,500DSW Inc 2,767 52,207Swift Transportation Co 2,100 52,189WellCare Health Plans Inc 340 49,474

* The changes in the portfolio composition does not include the purchases and sales for contracts for difference,forward foreign exchange contracts and future contracts.

64PACIFIC CAPITAL UCITS FUNDS PLC

Page 67: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Supplemental InformationFor the financial period ended 30 June 2017

Reconciliation of Net Asset ValueThe NAV per redeemable participating share at which shareholders may subscribe to or redeem from the Fund, differsfrom the NAV per the financial statements. The difference is due to the treatment of prepaid establishment expenses.In accordance with provisions of the Company’s Memorandum and Articles of Association, these organisationalexpenses are being amortised over 60 months. However, for the purposes of these financial statements, organisationalexpenses have been expensed as incurred in line with International Financial Reporting Standards.

Pacific Global Equity Opportunity Fund*30 June 2017 31 December 2016

USD USD

Net Asset Value attributable to holders of redeemable shares per offering memorandum – 15,242,236Establishment expenses – (96,103)

Net Asset Value attributable to holders of redeemable shares per financial statements – 15,146,133

Pacific Multi-Asset Accumulator – Conservative Fund***30 June 2017 31 December 2016

GBP GBP

Net Asset Value attributable to holders of redeemable shares per offering memorandum 12,920,181 –Establishment expenses** – –

Net Asset Value attributable to holders of redeemable shares per financial statements 12,920,181 –

Pacific Multi-Asset Accumulator – Core Fund***30 June 2017 31 December 2016

GBP GBP

Net Asset Value attributable to holders of redeemable shares per offering memorandum 26,844,112 –Establishment expenses** – –

Net Asset Value attributable to holders of redeemable shares per financial statements 26,844,112 –

Pacific Multi-Asset Accumulator – Defensive Fund***30 June 2017 31 December 2016

GBP GBP

Net Asset Value attributable to holders of redeemable shares per offering memorandum 2,101,222 –Establishment expenses** – –

Net Asset Value attributable to holders of redeemable shares per financial statements 2,101,222 –

Pacific Multi-Asset Accumulator – Plus Fund***30 June 2017 31 December 2016

GBP GBP

Net Asset Value attributable to holders of redeemable shares per offering memorandum 8,364,086 –Establishment expenses** – –

Net Asset Value attributable to holders of redeemable shares per financial statements 8,364,086 –

* Pacific Global Equity Opportunity Fund terminated on 12 April 2017.

** There were no establishment expenses accrued on this Fund.

*** Funds launched on 20 January 2017 and as a result no comparative figures are available for financial year ended31 December 2016.

65PACIFIC CAPITAL UCITS FUNDS PLC

Page 68: Pacific Capital UCITS Funds plc - pacificam.co.uk Pacific Capital... · Pacific Capital UCITS Funds plc ... 80 Victoria Street London, SW1E 5JL ... a provider of specialty chemicals

Supplemental Information (continued)

For the financial period ended 30 June 2017

Pacific U.S. Smaller – Companies Fund30 June 2017 31 December 2016

USD USD

Net Asset Value attributable to holders of redeemable shares per offering memorandum 20,442,928 46,222,486Establishment expenses – (122,468)

Net Asset Value attributable to holders of redeemable shares per financial statements 20,442,928 46,100,018

66PACIFIC CAPITAL UCITS FUNDS PLC