<PAGE> 1
PACIFIC CAPITAL FUNDS
GROWTH AND INCOME FUND
GROWTH STOCK FUND
SUPPLEMENT DATED JANUARY 1, 1998 TO THE
CLASS A AND B SHARES PROSPECTUS DATED NOVEMBER 29, 1997
CLASS B SHARES
The Trust is not currently offering Class B shares of the Funds. It
currently anticipates that such shares will be available beginning in February
1998.
THE BOARD OF TRUSTEES
Walter J. Laskey has been elected as a Trustee to replace Deborah G.
Patterson. Mr. Laskey has been Executive Vice President (Private Client and
Institutional Services) of Bank of Hawaii since 1993. He is deemed to be an
"interested person" of the Trust for purposes of the 1940 Act.
TRANSFER AGENT
In February 1998, BISYS will become the Trust's transfer agent and dividend
disbursing agent. All references to Administrative Data Management Corporation
should be replaced with BISYS, 3435 Stelzer Road, Columbus, Ohio 43219 (phone
800/258-9232).
To purchase or redeem Fund shares by mail, please send all correspondence
to: Pacific Capital Funds, P.O. Box 182130, Columbus, OH 43218-2130.
<PAGE> 2
PACIFIC CAPITAL FUNDS
U.S. TREASURY SECURITIES FUND
SHORT-INTERMEDIATE U.S. TREASURY SECURITIES FUND
DIVERSIFIED FIXED INCOME FUND
TAX-FREE SECURITIES FUND
TAX-FREE SHORT INTERMEDIATE SECURITIES FUND
SUPPLEMENT DATED JANUARY 1, 1998 TO THE
CLASS A AND B SHARES PROSPECTUS DATED NOVEMBER 29, 1997
CLASS B SHARES
The Trust is not currently offering Class B shares of the Funds. It
currently anticipates that such shares will be available beginning in February
1998.
FUND EXPENSES
In addition to its voluntary waiver of a portion of its management fees for
the Class A and Class B shares of the Tax-Free Short Intermediate Securities
Fund, Pacific Century has voluntarily waived a portion of its management fees
for Class A and Class B shares of the other Funds. As a result, the ANNUAL FUND
OPERATING EXPENSES IN THE TABLE OF EXPENSES on page 4 of the Prospectus should
be revised as follows:
<TABLE>
<CAPTION>
SHORT
INTERMEDIATE TAX-FREE SHORT
U.S. TREASURY U.S. TREASURY DIVERSIFIED FIXED INTERMEDIATE
SECURITIES FUND SECURITIES FUND INCOME FUND SECURITIES FUND
---------------------- ---------------------- ---------------------- ----------------------
CLASS A CLASS B(b) CLASS A CLASS B(b) CLASS A CLASS B(b) CLASS A CLASS B(b)
------- ---------- ------- ---------- ------- ---------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ANNUAL FUND OPERATING
EXPENSES (AS A
PERCENTAGE OF AVERAGE
NET ASSETS)
Management Fees+..... 0.35% 0.35% 0.30% 0.30% 0.45% 0.45% 0.40% 0.40%
12b-1 Fees (after
waivers)........... 0.25% 1.00% 0.25% 1.00% 0.25% 1.00% 0.25% 1.00%
Other Expenses (after
waivers and
reimbursements).... 0.31% 0.31% 0.32% 0.32% 0.30% 0.30% 0.34% 0.34%
Total Fund Operating
Expenses (after
waivers and
reimbursements).... 0.91% 1.66% 0.87% 1.62% 1.00% 1.75% 0.99% 1.74%
<CAPTION>
TAX-FREE
SECURITIES
FUND
----------------------
CLASS A CLASS B(b)
------- ----------
<S> <C> <C>
ANNUAL FUND OPERATING
EXPENSES (AS A
PERCENTAGE OF AVERAGE
NET ASSETS)
Management Fees+..... 0.45% 0.45%
12b-1 Fees (after
waivers)........... 0.25% 1.00%
Other Expenses (after
waivers and
reimbursements).... 0.27% 0.27%
Total Fund Operating
Expenses (after
waivers and
reimbursements).... 0.97% 1.72%
</TABLE>
- ---------------
+ Reflects waiver. See "Explanation of Table" below.
<PAGE> 3
The EXAMPLE on page 5 of the Prospectus should also be revised to reflect
these additional voluntary fee waivers, as follows:
<TABLE>
<CAPTION>
SHORT
INTERMEDIATE TAX-FREE SHORT TAX-FREE
U.S. TREASURY U.S. TREASURY DIVERSIFIED FIXED INTERMEDIATE SECURITIES
SECURITIES FUND SECURITIES FUND INCOME FUND SECURITIES FUND FUND
------------------- ------------------- ------------------- ------------------- -------------------
CLASS A CLASS B CLASS A CLASS B CLASS A CLASS B CLASS A CLASS B CLASS A CLASS B
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 year.... $ 49 $ 67 $ 31 $ 66 $ 50 $ 68 $ 32 $ 68 $ 49 $ 67
3 years... $ 68 $ 82 $ 50 $ 81 $ 71 $ 85 $ 53 $ 85 $ 70 $ 84
5 years... $ 88 $ 110 $ 70 $ 108 $ 93 $ 115 $ 76 $ 114 $ 91 $ 113
10
years... $ 147 $ 183 $ 127 $ 172 $ 158 $ 190 $ 141 $ 188 $ 154 $ 187
</TABLE>
A shareholder would pay the following expenses on the same $1,000
investment, assuming no redemption.
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 year.... -- $ 17 -- $ 16 -- $ 18 -- $ 18 -- $ 17
3 years... -- $ 52 -- $ 51 -- $ 55 -- $ 55 -- $ 54
5 years... -- $ 90 -- $ 88 -- $ 95 -- $ 94 -- $ 93
10
years... -- $ 183 -- $ 172 -- $ 190 -- $ 188 -- $ 187
</TABLE>
Absent these fee waivers and the other waivers and reimbursements currently
reflected in the Prospectus, the percentages shown above under "Management
Fees," "12b-1 Fees" (Class A shares only), "Other Expenses" and "Total Fund
Operating Expenses" would be as follows: (i) .60%, 0.75%, 0.35% and 1.70% for
the Class A shares of the U.S. Treasury Securities Fund; (ii) 0.50%, 0.75%,
0.37%, and 1.62% for the Class A shares of the Short Intermediate U.S. Treasury
Securities Fund; (iii) 0.60%, 0.75%, 0.34%, and 1.69% for the Class A shares of
the Diversified Fixed Income Fund; (iv) 0.50%, 0.75%, 0.39% and 1.64% for the
Class A shares of the Tax-Free Short Intermediate Securities Fund; (v) 0.60%,
0.75%, 0.31% and 1.66% for the Class A shares of the Tax-Free Securities Fund;
(vi) 0.60%, 0.35% and 1.95% for the Class B shares of the U.S. Treasury
Securities Fund; (vii) 0.50%, 0.37% and 1.87% for the Class B shares of the
Short Intermediate U.S. Treasury Securities Fund; (viii) 0.60%, 0.34% and 1.94%
for the Class B shares of the Diversified Fixed Income Fund; (ix) 0.50%, 0.39%
and 1.89% for the Class B shares of the Tax-Free Short Intermediate Securities
Fund; and (x) 0.60%, 0.31% and 1.91% for the Class B shares of the Tax-Free
Securities Fund.
THE BOARD OF TRUSTEES
Walter J. Laskey has been elected as a Trustee of the Trust to replace
Deborah G. Patterson. Mr. Laskey has been Executive Vice President (Private
Client and Institutional Services) of Bank of Hawaii since 1993. He is deemed to
be an "interested person" of the Trust for purposes of the 1940 Act.
TRANSFER AGENT
In February 1998, BISYS will become the Trust's transfer agent and dividend
disbursing agent. All references to Administrative Data Management Corporation
should be replaced with BISYS, 3435 Stelzer Road, Columbus, Ohio 43219 (phone
800/258-9232).
To purchase or redeem Fund shares by mail, please send all correspondence
to: Pacific Capital Funds, P.O. Box 182130, Columbus, OH 43218-2130.
<PAGE> 4
PACIFIC CAPITAL FUNDS
NEW ASIA GROWTH FUND
SUPPLEMENT DATED JANUARY 1, 1998 TO THE
CLASS A AND B SHARES PROSPECTUS DATED NOVEMBER 29, 1997
CLASS B SHARES
The Trust is not currently offering Class B shares of the Funds. It
currently anticipates that such shares will be available beginning in February
1998.
THE BOARD OF TRUSTEES
Walter J. Laskey has been elected as a Trustee of the Trust to replace
Deborah G. Patterson. Mr. Laskey has been Executive Vice President (Private
Client and Institutional Services) of Bank of Hawaii since 1993. He is deemed to
be an "interested person" of the Trust for purposes of the 1940 Act.
TRANSFER AGENT
In February 1998, BISYS will become the Trust's transfer agent and dividend
disbursing agent. All references to Administrative Data Management Corporation
should be replaced with BISYS, 3435 Stelzer Road, Columbus, Ohio 43219 (phone
800/258-9232).
To purchase or redeem Fund shares by mail, please send all correspondence
to: Pacific Capital Funds, P.O. Box 182130, Columbus, OH 43218-2130.
<PAGE> 5
PACIFIC CAPITAL FUNDS
SUPPLEMENT DATED JANUARY 1, 1998 TO THE
CLASS Y SHARES PROSPECTUS DATED NOVEMBER 29, 1997
FUND EXPENSES
In addition to its voluntary waiver of a portion of its management fees for
the Class Y shares of the Tax-Free Short Intermediate Securities Fund, Pacific
Century has voluntarily waived a portion of its management fees for Class Y
shares of certain of the other Funds. As a result, the ANNUAL FUND OPERATING
EXPENSES in the TABLE OF EXPENSES on page 5 of the Prospectus should be revised
as follows:
<TABLE>
<CAPTION>
SHORT
INTERMEDIATE TAX-FREE
DIVERSIFIED GROWTH NEW U.S. SHORT
FIXED AND GROWTH ASIA TREASURY TAX-FREE INTERMEDIATE
BALANCED INCOME INCOME STOCK GROWTH SECURITIES SECURITIES SECURITIES
FUND FUND FUND FUND FUND FUND FUND FUND
-------- ----------- ------ ------ ------ ------------ ---------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ANNUAL FUND
OPERATING EXPENSES
(as a percentage
of average net
assets)
Management Fees... 0.08% 0.45%+ 0.80% 0.80% 0.90% 0.30%+ 0.45%+ 0.40%+
Other Expenses
(after waivers
and
reimbursements)... 0.27% 0.30% 0.27% 0.27% 0.82% 0.32% 0.27% 0.34%
Total Fund
Operating
Expenses (after
waivers and
reimbursements)... 1.07% 0.75% 1.07% 1.07% 1.72% 0.62% 0.72% 0.74%
<CAPTION>
U.S.
TREASURY
SECURITIES
FUND
----------
<S> <C>
ANNUAL FUND
OPERATING EXPENSES
(as a percentage
of average net
assets)
Management Fees... 0.35%+
Other Expenses
(after waivers
and
reimbursements)... 0.31%
Total Fund
Operating
Expenses (after
waivers and
reimbursements)... 0.66%
</TABLE>
- ---------------
+ Reflects waiver. See "Explanation of Table below.
The EXAMPLE on page 5 of the Prospectus should also be revised to reflect
these additional voluntary fee waivers, as follows:
<TABLE>
<CAPTION>
SHORT
INTERMEDIATE TAX-FREE
DIVERSIFIED GROWTH NEW U.S. SHORT U.S.
FIXED AND GROWTH ASIA TREASURY TAX-FREE INTERMEDIATE TREASURY
BALANCED INCOME INCOME STOCK GROWTH SECURITIES SECURITIES SECURITIES SECURITIES
FUND FUND FUND FUND FUND FUND FUND FUND FUND
-------- ----------- ------ ------ ------ ------------ ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Time Period
1 year.... $ 11 $ 8 $ 11 $ 11 $ 17 $ 6 $ 7 $ 8 $ 7
3 years... $ 34 $24 $ 34 $ 34 $ 54 $ 20 $ 23 $ 24 $ 21
5 years... $ 59 $42 $ 59 $ 59 $ 93 $ 35 $ 40 $ 41 $ 37
10 years... $131 $93 $131 $131 $203 $ 77 $ 89 $ 92 $ 82
</TABLE>
- ---------------
Absent these fee waivers and the other waivers and reimbursements currently
reflected in the Prospectus, the percentages shown above under "Management
Fees," "Other Expenses" and "Total Fund Operating Expenses" would be as follows:
(i) 0.60%, 0.34% and 0.94% for the Diversified Fixed Income Fund; (ii) 0.50%,
0.37% and 0.87% for the Short Intermediate U.S. Treasury Securities Fund; (iii)
0.50%, 0.39% and 0.89% for the Tax-Free Short Intermediate Securities Fund; (iv)
0.60%, 0.31% and 0.91% for the Tax-Free Securities Fund; and (v) 0.60%, 0.35%
and 0.95% for the U.S. Treasury Securities Fund.
<PAGE> 6
THE BOARD OF TRUSTEES
Walter J. Laskey has been elected as a Trustee of the Trust to replace
Deborah G. Patterson. Mr. Laskey has been Executive Vice President (Private
Client and Institutional Services) of Bank of Hawaii since 1993. He is deemed to
be an "interested person" of the Trust for purposes of the 1940 Act.
TRANSFER AGENT
In February 1998, BISYS will become the Trust's transfer agent and dividend
disbursing agent. All references to Administrative Data Management Corporation
should be replaced with BISYS, 3435 Stelzer Road, Columbus, Ohio 43219 (phone
800/258-9232).
To purchase or redeem Fund shares by mail, please send all correspondence
to: Pacific Capital Funds, P.O. Box 182130, Columbus, OH 43218-2130.
<PAGE> 7
PACIFIC CAPITAL FUNDS
SUPPLEMENT DATED JANUARY 1, 1998 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED NOVEMBER 29, 1997
MANAGEMENT
Deborah G. Patterson has resigned as a Trustee and officer of the Trust,
and Walter J. Laskey has been elected as Trustee and Chairperson of the Trust.
Mr. Laskey is Executive Vice President of Bank of Hawaii, Private Client and
Institutional Services Group (1983-present). He was formerly Resident Vice
President and Manager, Honolulu Complex, of Merrill Lynch Pierce Fenner & Smith,
Inc. (1971-1993) and is Vice Chairman and Governor of Hawaii Community
Foundation, Board Chairman of the Hawaii Children's Trust Fund Development
Board, Board Member of the American Red Cross, Board Member of the University of
Hawaii Foundation, Board Member of the Young Men's Christian Association, Member
of the State of Hawaii Securities Advisory Council and Member of the Investment
and Trust Services Advisory Committee of the American Bankers Association.
TRANSFER AGENT
In February 1998, BISYS Fund Services will become the Transfer Agent for
each of the Funds. All references to Administrative Data Management Corporation
should be replaced with BISYS, 3435 Stelzer Road, Columbus, Ohio 43219
(phone 800/258-9232).
To purchase or redeem Fund shares by mail, please send all correspondence
to: Pacific Capital Funds, P.O. Box 182130, Columbus, OH 43218-2130.
