Welcome New Shareholders from Pacific Capital
Important Proxy Information for Pacific Capital Mutual Fund Shareholders
We are pleased to announce that at a shareholder meeting held on June 4, 2010, Pacific Capital shareholders approved a proposal to reorganize four Pacific Capital funds into corresponding Aberdeen funds.
The reorganization into Aberdeen Funds occurred at the close of business on Friday, July 9, 2010. Effective at the opening of business on Monday, July 12, 2010, existing shareholders in the four Pacific Capital Funds became shareholders of Aberdeen Funds.
To help answer any questions you may have regarding this transition, we have created the following Q&A. We, at Aberdeen, look forward to serving as the investment adviser to these funds, and to working in partnership with your financial advisor in providing you with the service and products you need to help you achieve your financial goals and objectives.
Why were the funds being reorganized?
Since the inception of the Pacific Capital Trust, most of its assets have been held in accounts managed by Bank of Hawaii (“BOH”) on behalf of its customers and clients. To align with its longer-term business strategy, BOH decided to transition its wealth management activities to an “open architecture” investment process in order to provide a wider range of investment options to its clients. As a result of this transition, the Asset Management Group (AMG) of BOH, the adviser to your former Pacific Capital Fund, decided that it would be in the best interest of shareholders to close the Trust. After a review of various options, AMG recommended and the Pacific Capital Trust Board unanimously approved a Reorganization Agreement with the Aberdeen Funds with respect to certain Pacific Capital Funds.
As part of the fund reorganization, some shareholders may have received a different share class. Please review the table below to determine how your investment was reorganized into a corresponding Aberdeen fund.
| If you were a shareholder of the: | You received shares of: |
|---|
| New Asia Growth Fund | Aberdeen Asia-Pacific (ex-Japan) Equity Institutional Fund |
| Class A, B and C | Institutional Service Class |
| Class Y | Institutional Class |
| International Stock Fund | Aberdeen International Equity Institutional Fund |
| Class A, B and C | Institutional Service Class |
| Class Y | Institutional Class |
| Small Cap Fund | Aberdeen Small Cap Fund |
| Class A and B | Class A |
| Class C | Class C |
| Class Y | Institutional Class |
| High Grade Core Fixed Income Fund | Aberdeen Core Income Fund |
| Class A and B | Class A |
| Class C | Class C |
| Class Y | Institutional Class |
What affect did this transition have on my shares?
The dollar value of your investment did not change as a result of the reorganization. You received a confirmation statement from Aberdeen Funds showing the number and value of corresponding Aberdeen fund shares received. You were also sent a confirmation statement from Pacific Capital confirming the number and value of shares converted.
Will there be any tax implications?
We do not believe that the reorganization will create any federal tax liability for shareholders. However, we cannot guarantee that the Internal Revenue Service will adopt a similar position.
How will the reorganization affect the literature and account information I receive from Pacific Capital? Will I receive two statements, two tax forms?
You can expect to receive two quarterly account statements for the quarter ending Sept. 30, 2010. The first, from the Pacific Capital Funds, will document your account activity from July 1 through July 9, 2010 while you were a shareholder of a Pacific Capital fund. The Aberdeen Funds quarterly statement will document activity from July 12 through Sept. 30, 2010.
You will also receive two sets of tax forms for 2010 tax reporting purposes, one from The Pacific Capital Funds and one from Aberdeen Funds.
All additional communications and reports will be provided to you by Aberdeen.
Where should I go to access my account information?
Starting July 20, 2009, you have two options:
- Call the new Aberdeen Funds Shareholder Services toll-free number at 866-667-9231
- Visit www.aberdeen-asset.us</li/>
How do I register for Aberdeen Funds on-line account and Voice Response Unit access?
To register for online account access, please go to www.aberdeen-asset.us, then:
1. Under Individual Investor, click on Mutual Funds
2. Click on Mutual Funds
3. Click on Account Access and follow the instructions provided.
To register for Voice Response Unit access, please call the Aberdeen Funds Shareholder Services toll-free number at 866-667-9231.
How do I make additional deposits into my Aberdeen fund?
Checks, made payable to Aberdeen Funds, can be mailed to:
Aberdeen Funds
PO Box 183148
Columbus, OH 43218-3148
Overnight Mailing Address:
Aberdeen Funds
3435 Stelzer Road
Columbus, OH 43219
Who should I contact if I have questions?
Please call Aberdeen Funds’ Shareholder Services at 866-867-9231 and a representative will be happy to assist you with any questions that you may have regarding this transaction or your investment with Aberdeen.
And, as always, we suggest that you contact your financial professional who can guide you through this transition as well as help you to achieve your investment goals and objectives.
^^ Back to top