Fund Evaluator:
Pacific Capital T/F Securities Y (PTXFX)
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Best Performing in Muni Single State Interm Over the Last Year
| 7.0% | Victory VA Bond (USVAX) |
| 6.9% | Dupree AL Tax-Free Income (DUALX) |
| 6.5% | Dupree TN Tax-Free Income (TNTIX) |
| 5.9% | Dupree KY Tax-Free Income (KYTFX) |
| 5.6% | Dupree NC Tax-Free Income (NTFIX) |
Fund Details
Pacific Capital T/F Securities Y Overview
Pacific Capital T/F Securities Y (PTXFX) is an actively managed Municipal Bond Muni Single State Interm fund. Bank Of Hawaii launched the fund in 1994.
The investment seeks high current income that is exempt from federal and Hawaii income tax. The fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in investment grade municipal obligations — debt securities that pay interest which, in the opinion of counsel to the issuer, is exempt from both federal income tax and the federal alternative minimum tax. The fund is non-diversified.
About Pacific Capital T/F Securities Y (PTXFX)
There are 2 members of the management team with an average tenure of 2.65 years: Reid Smith (2021), Skylar Kieschnick (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg HAWAII TR USD index with a weighting of 100%. Pacific Capital T/F Securities Y has 125 securities in its portfolio. The top 10 holdings constitute 32.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Pacific Capital T/F Securities Y is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Pacific Capital T/F Securities Y has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.6% (96.1% domestic bond, 0.4% foreign bond and 0.0% convertible bond). Pacific Capital T/F Securities Y has 3.4% of the portfolio in cash.
Assets Under Management
The fund has $285 million in total assets, which is above the $85 million average for the Muni Single State Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PTXFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Pacific Capital T/F Securities Y expense ratio is low compared to funds in the Muni Single State Interm category. Pacific Capital T/F Securities Y has an expense ratio of 0.15%, which is 82% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Pacific Capital T/F Securities Y has a portfolio turnover rate of 36%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 41% for the Muni Single State Interm category.
Recently, in the month of July 2026, Pacific Capital T/F Securities Y returned -1.4%, which earned it a grade of A, as the Muni Single State Interm category had an average return of -1.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Pacific Capital T/F Securities Y has a trailing yield of 3.59%, which is above the 3.00% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Pacific Capital T/F Securities Y Grades
Year to date, the fund has returned 0.4%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 5.3% over the past year (grade of C), 3.1% over the past three years (grade of B) and 0.8% per year over the past five years (grade of A) and 1.8% per year over the past 10 years (grade of A).
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PTXFX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PTXFX Return (NAV) | -1.4% | -0.4% | 5.3% | 3.1% | 0.8% | 1.8% |
| PTXFX Grade | A | A | C | B | A | A |
| +/- Category | 0.3% | 0.2% | 0.3% | 0.4% | 0.6% | 0.5% |
| Muni Single State Interm Avg | -1.7% | -0.6% | 5.0% | 2.6% | 0.2% | 1.3% |
| PTXFX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
PTXFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PTXFX Return (NAV) | 0.4% | 5.0% | 2.1% | 3.7% | -6.7% | 0.9% | 5.0% | 6.5% | 1.2% | 4.1% | -0.2% |
| PTXFX Grade | C | A | A | D | B | B | A | A | A | B | C |
| +/- Category | 0.1% | 1.0% | 1.2% | -0.7% | 1.0% | 0.4% | 0.8% | 0.8% | 0.4% | 0.6% | -0.3% |
| Muni Single State Interm Avg | 0.3% | 4.0% | 0.9% | 4.5% | -7.7% | 0.5% | 4.2% | 5.7% | 0.8% | 3.5% | 0.1% |
| Risk Measures | |
| Standard Deviation: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 0.89 - Below Average |
| Category Risk Grade: | B (32% Rank) |
| Beta: | 0.76 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $285 Mil |
| Fund Total Assets: | $ 286 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 36% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.9 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Smith Reid (2021), Kieschnick Skylar (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 125 |
| % in Top 10 Holdings: | 32.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 96.1% |
| Foreign Bond: | 0.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.4% |
Purchase Information
| Fund Family: | Bank Of Hawaii |
| Phone Number: | 888-678-6034 |
| Website: | www.pacificcapitalfunds.com |
| Status: | Open |
| Inception Date: | October 14, 1994 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.15% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Pacific Capital T/F Securities Y |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
