<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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062 I000400 0.0
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063 B000400 8.8
064 A000400 Y
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
<PAGE> PAGE 22
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 31839
071 B000400 35193
071 C000400 287706
071 D000400 11
072 A000400 12
072 B000400 16735
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072DD020400 14177
072EE000400 1637
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<PAGE> PAGE 23
074 A000400 0
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074 N000400 299632
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074 U010400 235
074 U020400 27323
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076 000400 0.00
015 A000501 BANK ONE TRUST CO., NA
015 B000501 C
015 C010501 COLUMBUS
015 C020501 OH
015 C030501 43271
015 E010501 X
024 000500 Y
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<PAGE> PAGE 24
028 A020500 2
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031 B000500 0
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043 000500 2
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045 000500 Y
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<PAGE> PAGE 25
048 A020500 0.000
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048 I020500 0.000
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048 J020500 0.000
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056 000500 N
057 000500 N
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063 B000500 3.3
064 A000500 Y
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
<PAGE> PAGE 26
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
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070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
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070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
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070 R020500 N
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071 C000500 38427
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<PAGE> PAGE 27
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<PAGE> PAGE 28
074 U020500 3665
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015 A000601 BANK ONE TRUST CO., NA
015 B000601 C
015 C010601 COLUMBUS
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015 C030601 43271
015 E010601 X
024 000600 Y
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<PAGE> PAGE 29
028 G020600 66
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<PAGE> PAGE 30
057 000600 N
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067 000600 N
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<PAGE> PAGE 31
070 L020600 N
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<PAGE> PAGE 32
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015 A000701 BANK ONE TRUST CO., NA
015 B000701 C
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024 000700 Y
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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015 A000801 UNION BANK OF CALIFORNIA GLOBAL CUSTODY
015 B000801 S
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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074 R030800 0
074 R040800 30
074 S000800 0
074 T000800 21835
074 U010800 249
074 U020800 1318
074 V010800 13.89
074 V020800 13.94
074 W000800 0.0000
074 X000800 32
074 Y000800 0
075 A000800 0
075 B000800 16636
076 000800 0.00
SIGNATURE TOM LINE
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 11
<NAME> GROWTH STOCK FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 125420032
<INVESTMENTS-AT-VALUE> 208844861
<RECEIVABLES> 166454
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 209011315
<PAYABLE-FOR-SECURITIES> 666002
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 196107
<TOTAL-LIABILITIES> 862109
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 110174854
<SHARES-COMMON-STOCK> 559075<F1>
<SHARES-COMMON-PRIOR> 442493<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 14687
<ACCUMULATED-NET-GAINS> 14564210
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 83424829
<NET-ASSETS> 208149206
<DIVIDEND-INCOME> 2796184
<INTEREST-INCOME> 53417
<OTHER-INCOME> 0
<EXPENSES-NET> 2028846
<NET-INVESTMENT-INCOME> 820755
<REALIZED-GAINS-CURRENT> 18904660
<APPREC-INCREASE-CURRENT> 54151452
<NET-CHANGE-FROM-OPS> 73876867
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16883<F1>
<DISTRIBUTIONS-OF-GAINS> 24<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 224887<F1>
<NUMBER-OF-SHARES-REDEEMED> 109496<F1>
<SHARES-REINVESTED> 1191<F1>
<NET-CHANGE-IN-ASSETS> 30323810
<ACCUMULATED-NII-PRIOR> 49694
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4333195
<GROSS-ADVISORY-FEES> 1499559
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2137308
<AVERAGE-NET-ASSETS> 6566311<F1>
<PER-SHARE-NAV-BEGIN> 11.89<F1>
<PER-SHARE-NII> 0.03<F1>
<PER-SHARE-GAIN-APPREC> 5.55<F1>
<PER-SHARE-DIVIDEND> 0.04<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 17.43<F1>
<EXPENSE-RATIO> 1.32<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Retail Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 12
<NAME> GROWTH STOCK FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 125420032
<INVESTMENTS-AT-VALUE> 208844861
<RECEIVABLES> 166454
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 209011315
<PAYABLE-FOR-SECURITIES> 666002
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 196107
<TOTAL-LIABILITIES> 862109
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 110174854
<SHARES-COMMON-STOCK> 11375655<F1>
<SHARES-COMMON-PRIOR> 14508629<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 14687
<ACCUMULATED-NET-GAINS> 14564210
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 83424829
<NET-ASSETS> 208149206
<DIVIDEND-INCOME> 2796184
<INTEREST-INCOME> 53417
<OTHER-INCOME> 0
<EXPENSES-NET> 2028846
<NET-INVESTMENT-INCOME> 820755
<REALIZED-GAINS-CURRENT> 18904660
<APPREC-INCREASE-CURRENT> 54151452
<NET-CHANGE-FROM-OPS> 73876867
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 874893<F1>
<DISTRIBUTIONS-OF-GAINS> 777<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2562096<F1>
<NUMBER-OF-SHARES-REDEEMED> 5700654<F1>
<SHARES-REINVESTED> 5584<F1>
<NET-CHANGE-IN-ASSETS> 30323810
<ACCUMULATED-NII-PRIOR> 49694
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 4333195
<GROSS-ADVISORY-FEES> 1499559
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2137308
<AVERAGE-NET-ASSETS> 181179613<F1>
<PER-SHARE-NAV-BEGIN> 11.89<F1>
<PER-SHARE-NII> 0.07<F1>
<PER-SHARE-GAIN-APPREC> 5.55<F1>
<PER-SHARE-DIVIDEND> 0.07<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 17.44<F1>
<EXPENSE-RATIO> 1.07<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0<F1>
<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 21
<NAME> U.S. TREASURY SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 22918222
<INVESTMENTS-AT-VALUE> 24392861
<RECEIVABLES> 559260
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24952121
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32933
<TOTAL-LIABILITIES> 32933
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27582163
<SHARES-COMMON-STOCK> 116045<F1>
<SHARES-COMMON-PRIOR> 107197<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 35524
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 4102090
<ACCUM-APPREC-OR-DEPREC> 1474639
<NET-ASSETS> 24919188
<DIVIDEND-INCOME> 15979
<INTEREST-INCOME> 1624911
<OTHER-INCOME> 0
<EXPENSES-NET> 222569
<NET-INVESTMENT-INCOME> 1418321
<REALIZED-GAINS-CURRENT> (192623)
<APPREC-INCREASE-CURRENT> 873271
<NET-CHANGE-FROM-OPS> 2098969
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 60806<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 28434<F1>
<NUMBER-OF-SHARES-REDEEMED> 24896<F1>
<SHARES-REINVESTED> 5310<F1>
<NET-CHANGE-IN-ASSETS> 691740
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3909467
<GROSS-ADVISORY-FEES> 145470
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 237600
<AVERAGE-NET-ASSETS> 1053649<F1>
<PER-SHARE-NAV-BEGIN> 9.13<F1>
<PER-SHARE-NII> 0.52<F1>
<PER-SHARE-GAIN-APPREC> 0.25<F1>
<PER-SHARE-DIVIDEND> 0.53<F1>
<PER-SHARE-DISTRIBUTIONS> 0.00<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 9.37<F1>
<EXPENSE-RATIO> 1.16<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1> Retail Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 22
<NAME> U.S. TREASURY SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 22918222
<INVESTMENTS-AT-VALUE> 24392861
<RECEIVABLES> 559260
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24952121
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32933
<TOTAL-LIABILITIES> 32933
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27582163
<SHARES-COMMON-STOCK> 2541120<F1>
<SHARES-COMMON-PRIOR> 2543733<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 35524
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 4102090
<ACCUM-APPREC-OR-DEPREC> 1474639
<NET-ASSETS> 24919188
<DIVIDEND-INCOME> 15979
<INTEREST-INCOME> 1624911
<OTHER-INCOME> 0
<EXPENSES-NET> 222569
<NET-INVESTMENT-INCOME> 1418321
<REALIZED-GAINS-CURRENT> (192623)
<APPREC-INCREASE-CURRENT> 873271
<NET-CHANGE-FROM-OPS> 2098969
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1397515<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 149658<F1>
<NUMBER-OF-SHARES-REDEEMED> 300730<F1>
<SHARES-REINVESTED> 148459<F1>
<NET-CHANGE-IN-ASSETS> 691740
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 3909467
<GROSS-ADVISORY-FEES> 145470
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 237600
<AVERAGE-NET-ASSETS> 23221189<F1>
<PER-SHARE-NAV-BEGIN> 9.14<F1>
<PER-SHARE-NII> 0.53<F1>
<PER-SHARE-GAIN-APPREC> 0.26<F1>
<PER-SHARE-DIVIDEND> 0.55<F1>
<PER-SHARE-DISTRIBUTIONS> 0.00<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 9.38<F1>
<EXPENSE-RATIO> 0.91<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 31
<NAME> SHORT INTERMEDIATE U.S. TREASURY SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 26669931
<INVESTMENTS-AT-VALUE> 26968639
<RECEIVABLES> 400525
<ASSETS-OTHER> 81
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27369245
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28798
<TOTAL-LIABILITIES> 28798
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27193087
<SHARES-COMMON-STOCK> 64800<F1>
<SHARES-COMMON-PRIOR> 122898<F1>
<ACCUMULATED-NII-CURRENT> 40
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 151388
<ACCUM-APPREC-OR-DEPREC> 298708
<NET-ASSETS> 27340447
<DIVIDEND-INCOME> 13758
<INTEREST-INCOME> 1443919
<OTHER-INCOME> 0
<EXPENSES-NET> 150237
<NET-INVESTMENT-INCOME> 1307440
<REALIZED-GAINS-CURRENT> (52500)
<APPREC-INCREASE-CURRENT> 504853
<NET-CHANGE-FROM-OPS> 1759793
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 38945<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 14898<F1>
<NUMBER-OF-SHARES-REDEEMED> 76854<F1>
<SHARES-REINVESTED> 3858<F1>
<NET-CHANGE-IN-ASSETS> 2639039
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 98819
<GROSS-ADVISORY-FEES> 119586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 213916
<AVERAGE-NET-ASSETS> 745591<F1>
<PER-SHARE-NAV-BEGIN> 9.41<F1>
<PER-SHARE-NII> 0.49<F1>
<PER-SHARE-GAIN-APPREC> 0.14<F1>
<PER-SHARE-DIVIDEND> 0.49<F1>
<PER-SHARE-DISTRIBUTIONS> 0.00<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 9.55<F1>
<EXPENSE-RATIO> 0.87<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Retail Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 32
<NAME> SHORT INTERMEDIATE U.S. TREASURY SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 26669931
<INVESTMENTS-AT-VALUE> 26968639
<RECEIVABLES> 400525
<ASSETS-OTHER> 81
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27369245
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28798
<TOTAL-LIABILITIES> 28798
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27193087
<SHARES-COMMON-STOCK> 2793910<F1>
<SHARES-COMMON-PRIOR> 2498684<F1>
<ACCUMULATED-NII-CURRENT> 40
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 151388
<ACCUM-APPREC-OR-DEPREC> 298708
<NET-ASSETS> 27340447
<DIVIDEND-INCOME> 13758
<INTEREST-INCOME> 1443919
<OTHER-INCOME> 0
<EXPENSES-NET> 150237
<NET-INVESTMENT-INCOME> 1307440
<REALIZED-GAINS-CURRENT> (52500)
<APPREC-INCREASE-CURRENT> 504853
<NET-CHANGE-FROM-OPS> 1759793
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1268495<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 1272770<F1>
<NUMBER-OF-SHARES-REDEEMED> 983459<F1>
<SHARES-REINVESTED> 5915<F1>
<NET-CHANGE-IN-ASSETS> 2639039
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 98819
<GROSS-ADVISORY-FEES> 119586
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 213916
<AVERAGE-NET-ASSETS> 23171343<F1>
<PER-SHARE-NAV-BEGIN> 9.42<F1>
<PER-SHARE-NII> 0.52<F1>
<PER-SHARE-GAIN-APPREC> 0.14<F1>
<PER-SHARE-DIVIDEND> 0.52<F1>
<PER-SHARE-DISTRIBUTIONS> 0.00<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 9.56<F1>
<EXPENSE-RATIO> 0.62<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 41
<NAME> TAX-FREE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 273111775
<INVESTMENTS-AT-VALUE> 296205350
<RECEIVABLES> 3421498
<ASSETS-OTHER> 4947
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 299631795
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 322499
<TOTAL-LIABILITIES> 322499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275206266
<SHARES-COMMON-STOCK> 234871<F1>
<SHARES-COMMON-PRIOR> 54465<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1009455
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23093575
<NET-ASSETS> 299309296
<DIVIDEND-INCOME> 51542
<INTEREST-INCOME> 16734532
<OTHER-INCOME> 0
<EXPENSES-NET> 2550533
<NET-INVESTMENT-INCOME> 14235541
<REALIZED-GAINS-CURRENT> 1060114
<APPREC-INCREASE-CURRENT> 11477661
<NET-CHANGE-FROM-OPS> 26773316
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 58439<F1>
<DISTRIBUTIONS-OF-GAINS> 3793<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 201633<F1>
<NUMBER-OF-SHARES-REDEEMED> 23123<F1>
<SHARES-REINVESTED> 1896<F1>
<NET-CHANGE-IN-ASSETS> 9806632
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1585768
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1756304
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2674725
<AVERAGE-NET-ASSETS> 1270789<F1>
<PER-SHARE-NAV-BEGIN> 10.44<F1>
<PER-SHARE-NII> 0.49<F1>
<PER-SHARE-GAIN-APPREC> 0.46<F1>
<PER-SHARE-DIVIDEND> 0.49<F1>
<PER-SHARE-DISTRIBUTIONS> 0.06<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.84<F1>
<EXPENSE-RATIO> 1.12<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Retail Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 42
<NAME> TAX-FREE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 273111775
<INVESTMENTS-AT-VALUE> 296205350
<RECEIVABLES> 3421498
<ASSETS-OTHER> 4947
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 299631795
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 322499
<TOTAL-LIABILITIES> 322499
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275206266
<SHARES-COMMON-STOCK> 27323380<F1>
<SHARES-COMMON-PRIOR> 27610200<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1009455
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23093575
<NET-ASSETS> 299309296
<DIVIDEND-INCOME> 51542
<INTEREST-INCOME> 16734532
<OTHER-INCOME> 0
<EXPENSES-NET> 2550533
<NET-INVESTMENT-INCOME> 14235541
<REALIZED-GAINS-CURRENT> 1060114
<APPREC-INCREASE-CURRENT> 11477661
<NET-CHANGE-FROM-OPS> 26773316
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14177102<F1>
<DISTRIBUTIONS-OF-GAINS> 1632634<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2950938<F1>
<NUMBER-OF-SHARES-REDEEMED> 3389736<F1>
<SHARES-REINVESTED> 151978<F1>
<NET-CHANGE-IN-ASSETS> 9806632
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1585768
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1756304
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2674725
<AVERAGE-NET-ASSETS> 291810928<F1>
<PER-SHARE-NAV-BEGIN> 10.46<F1>
<PER-SHARE-NII> 0.51<F1>
<PER-SHARE-GAIN-APPREC> 0.46<F1>
<PER-SHARE-DIVIDEND> 0.51<F1>
<PER-SHARE-DISTRIBUTIONS> 0.06<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.86<F1>
<EXPENSE-RATIO> 0.87<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 51
<NAME> TAX-FREE SHORT INTERMEDIATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 38681464
<INVESTMENTS-AT-VALUE> 39279168
<RECEIVABLES> 404664
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39683832
<PAYABLE-FOR-SECURITIES> 1500000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49470
<TOTAL-LIABILITIES> 1549470
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37363214
<SHARES-COMMON-STOCK> 71289<F1>
<SHARES-COMMON-PRIOR> 44881<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 173444
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 597704
<NET-ASSETS> 38134362
<DIVIDEND-INCOME> 16239
<INTEREST-INCOME> 1804935
<OTHER-INCOME> 0
<EXPENSES-NET> 329673
<NET-INVESTMENT-INCOME> 1491501
<REALIZED-GAINS-CURRENT> 240632
<APPREC-INCREASE-CURRENT> 306192
<NET-CHANGE-FROM-OPS> 2038325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28544<F1>
<DISTRIBUTIONS-OF-GAINS> 986<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 73793<F1>
<NUMBER-OF-SHARES-REDEEMED> 48887<F1>
<SHARES-REINVESTED> 1502<F1>
<NET-CHANGE-IN-ASSETS> (1788779)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (16958)
<GROSS-ADVISORY-FEES> 195480
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 353308
<AVERAGE-NET-ASSETS> 800168<F1>
<PER-SHARE-NAV-BEGIN> 10.05<F1>
<PER-SHARE-NII> 0.37<F1>
<PER-SHARE-GAIN-APPREC> 0.13<F1>
<PER-SHARE-DIVIDEND> 0.37<F1>
<PER-SHARE-DISTRIBUTIONS> 0.01<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.17<F1>
<EXPENSE-RATIO> 1.09<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Retail Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 52
<NAME> TAX-FREE SHORT INTERMEDIATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 38681464
<INVESTMENTS-AT-VALUE> 39279168
<RECEIVABLES> 404664
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39683832
<PAYABLE-FOR-SECURITIES> 1500000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49470
<TOTAL-LIABILITIES> 1549470
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37363214
<SHARES-COMMON-STOCK> 3664505<F1>
<SHARES-COMMON-PRIOR> 3915452<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 173444
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 597704
<NET-ASSETS> 38134362
<DIVIDEND-INCOME> 16239
<INTEREST-INCOME> 1804935
<OTHER-INCOME> 0
<EXPENSES-NET> 329673
<NET-INVESTMENT-INCOME> 1491501
<REALIZED-GAINS-CURRENT> 240632
<APPREC-INCREASE-CURRENT> 306192
<NET-CHANGE-FROM-OPS> 2038325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1462957<F1>
<DISTRIBUTIONS-OF-GAINS> 49244<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 540179<F1>
<NUMBER-OF-SHARES-REDEEMED> 796267<F1>
<SHARES-REINVESTED> 5141<F1>
<NET-CHANGE-IN-ASSETS> (1788779)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (16958)
<GROSS-ADVISORY-FEES> 195480
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 353308
<AVERAGE-NET-ASSETS> 38336671<F1>
<PER-SHARE-NAV-BEGIN> 10.08<F1>
<PER-SHARE-NII> 0.39<F1>
<PER-SHARE-GAIN-APPREC> 0.14<F1>
<PER-SHARE-DIVIDEND> 0.39<F1>
<PER-SHARE-DISTRIBUTIONS> 0.01<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.21<F1>
<EXPENSE-RATIO> 0.84<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 61
<NAME> DIVERSIFIED FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 127758477
<INVESTMENTS-AT-VALUE> 131523476
<RECEIVABLES> 2322644
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 133846120
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 160041
<TOTAL-LIABILITIES> 160041
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 132482157
<SHARES-COMMON-STOCK> 103034<F1>
<SHARES-COMMON-PRIOR> 104506<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2561077
<ACCUM-APPREC-OR-DEPREC> 3764999
<NET-ASSETS> 133686079
<DIVIDEND-INCOME> 108622
<INTEREST-INCOME> 9405764
<OTHER-INCOME> 0
<EXPENSES-NET> 1302299
<NET-INVESTMENT-INCOME> 8212087
<REALIZED-GAINS-CURRENT> (2549993)
<APPREC-INCREASE-CURRENT> 7498463
<NET-CHANGE-FROM-OPS> 13160557
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 61085<F1>
<DISTRIBUTIONS-OF-GAINS> 10239<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 71630<F1>
<NUMBER-OF-SHARES-REDEEMED> 79822<F1>
<SHARES-REINVESTED> 6720<F1>
<NET-CHANGE-IN-ASSETS> (29148145)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1341210
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 867869
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1366003
<AVERAGE-NET-ASSETS> 1123504<F1>
<PER-SHARE-NAV-BEGIN> 10.45<F1>
<PER-SHARE-NII> 0.57<F1>
<PER-SHARE-GAIN-APPREC> 0.35<F1>
<PER-SHARE-DIVIDEND> 0.57<F1>
<PER-SHARE-DISTRIBUTIONS> 0.09<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.71<F1>
<EXPENSE-RATIO> 1.15<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Retail Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 62
<NAME> DIVERSIFIED FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 127758477
<INVESTMENTS-AT-VALUE> 131523476
<RECEIVABLES> 2322644
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 133846120
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 160041
<TOTAL-LIABILITIES> 160041
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 132482157
<SHARES-COMMON-STOCK> 12296236<F1>
<SHARES-COMMON-PRIOR> 15364087<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2561077
<ACCUM-APPREC-OR-DEPREC> 3764999
<NET-ASSETS> 133686079
<DIVIDEND-INCOME> 108622
<INTEREST-INCOME> 9405764
<OTHER-INCOME> 0
<EXPENSES-NET> 1302299
<NET-INVESTMENT-INCOME> 8212087
<REALIZED-GAINS-CURRENT> (2549993)
<APPREC-INCREASE-CURRENT> 7498463
<NET-CHANGE-FROM-OPS> 13160557
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8151002<F1>
<DISTRIBUTIONS-OF-GAINS> 1342055<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 4245046<F1>
<NUMBER-OF-SHARES-REDEEMED> 7368883<F1>
<SHARES-REINVESTED> 55986<F1>
<NET-CHANGE-IN-ASSETS> (29148145)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1341210
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 867869
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1366003
<AVERAGE-NET-ASSETS> 143632490<F1>
<PER-SHARE-NAV-BEGIN> 10.53<F1>
<PER-SHARE-NII> 0.60<F1>
<PER-SHARE-GAIN-APPREC> 0.34<F1>
<PER-SHARE-DIVIDEND> 0.60<F1>
<PER-SHARE-DISTRIBUTIONS> 0.09<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.78<F1>
<EXPENSE-RATIO> 0.90<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 71
<NAME> GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 90175740
<INVESTMENTS-AT-VALUE> 127413189
<RECEIVABLES> 245984
<ASSETS-OTHER> 291
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 127659464
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 112107
<TOTAL-LIABILITIES> 112107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83775351
<SHARES-COMMON-STOCK> 215980<F1>
<SHARES-COMMON-PRIOR> 94173<F1>
<ACCUMULATED-NII-CURRENT> 44608
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6489949
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37237449
<NET-ASSETS> 127547357
<DIVIDEND-INCOME> 1791271
<INTEREST-INCOME> 3116
<OTHER-INCOME> 0
<EXPENSES-NET> 1040045
<NET-INVESTMENT-INCOME> 754342
<REALIZED-GAINS-CURRENT> 7101576
<APPREC-INCREASE-CURRENT> 31411841
<NET-CHANGE-FROM-OPS> 39267759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12204<F1>
<DISTRIBUTIONS-OF-GAINS> 74382<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 153432<F1>
<NUMBER-OF-SHARES-REDEEMED> 37700<F1>
<SHARES-REINVESTED> 6075<F1>
<NET-CHANGE-IN-ASSETS> 51960284
<ACCUMULATED-NII-PRIOR> 22307
<ACCUMULATED-GAINS-PRIOR> 3353377
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 768642
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1089509
<AVERAGE-NET-ASSETS> 2107548<F1>
<PER-SHARE-NAV-BEGIN> 12.32<F1>
<PER-SHARE-NII> 0.08<F1>
<PER-SHARE-GAIN-APPREC> 5.57<F1>
<PER-SHARE-DIVIDEND> 0.09<F1>
<PER-SHARE-DISTRIBUTIONS> 0.63<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 17.25<F1>
<EXPENSE-RATIO> 1.32<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Retail Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 72
<NAME> GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-01-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 90175740
<INVESTMENTS-AT-VALUE> 127413189
<RECEIVABLES> 245984
<ASSETS-OTHER> 291
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 127659464
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 112107
<TOTAL-LIABILITIES> 112107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83775351
<SHARES-COMMON-STOCK> 7171253<F1>
<SHARES-COMMON-PRIOR> 6043467<F1>
<ACCUMULATED-NII-CURRENT> 44608
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6489949
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37237449
<NET-ASSETS> 127547357
<DIVIDEND-INCOME> 1791271
<INTEREST-INCOME> 3116
<OTHER-INCOME> 0
<EXPENSES-NET> 1040045
<NET-INVESTMENT-INCOME> 754342
<REALIZED-GAINS-CURRENT> 7101576
<APPREC-INCREASE-CURRENT> 31411841
<NET-CHANGE-FROM-OPS> 39267759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 719837<F1>
<DISTRIBUTIONS-OF-GAINS> 3890622<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3080616<F1>
<NUMBER-OF-SHARES-REDEEMED> 2125196<F1>
<SHARES-REINVESTED> 172366<F1>
<NET-CHANGE-IN-ASSETS> 51960284
<ACCUMULATED-NII-PRIOR> 22307
<ACCUMULATED-GAINS-PRIOR> 3353377
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 768642
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1089509
<AVERAGE-NET-ASSETS> 94208073<F1>
<PER-SHARE-NAV-BEGIN> 12.32<F1>
<PER-SHARE-NII> 0.11<F1>
<PER-SHARE-GAIN-APPREC> 5.58<F1>
<PER-SHARE-DIVIDEND> 0.11<F1>
<PER-SHARE-DISTRIBUTIONS> 0.63<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 17.27<F1>
<EXPENSE-RATIO> 1.07<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 81
<NAME> NEW ASIA GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-31-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 19750749
<INVESTMENTS-AT-VALUE> 21426264
<RECEIVABLES> 335623
<ASSETS-OTHER> 709107
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22470994
<PAYABLE-FOR-SECURITIES> 586740
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49655
<TOTAL-LIABILITIES> 49655
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18399844
<SHARES-COMMON-STOCK> 249040<F1>
<SHARES-COMMON-PRIOR> 179009<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 64536
<ACCUMULATED-NET-GAINS> 1836687
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1662604
<NET-ASSETS> 21834599
<DIVIDEND-INCOME> 363404
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 293839
<NET-INVESTMENT-INCOME> 69565
<REALIZED-GAINS-CURRENT> 1756145
<APPREC-INCREASE-CURRENT> 2100723
<NET-CHANGE-FROM-OPS> 3926433
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1484<F1>
<DISTRIBUTIONS-OF-GAINS> 24563<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 111117<F1>
<NUMBER-OF-SHARES-REDEEMED> 42850<F1>
<SHARES-REINVESTED> 1764<F1>
<NET-CHANGE-IN-ASSETS> 11376196
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 143365
<OVERDISTRIB-NII-PRIOR> 25243
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 149300
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 323642
<AVERAGE-NET-ASSETS> 2723863<F1>
<PER-SHARE-NAV-BEGIN> 11.11<F1>
<PER-SHARE-NII> 0.03<F1>
<PER-SHARE-GAIN-APPREC> 2.88<F1>
<PER-SHARE-DIVIDEND> 0.01<F1>
<PER-SHARE-DISTRIBUTIONS> 0.12<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.89<F1>
<EXPENSE-RATIO> 1.98<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Retail Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000896647
<NAME> PACIFIC CAPITAL FUNDS
<SERIES>
<NUMBER> 82
<NAME> NEW ASIA GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-START> AUG-31-1996
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 19750749
<INVESTMENTS-AT-VALUE> 21426264
<RECEIVABLES> 335623
<ASSETS-OTHER> 709107
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22470994
<PAYABLE-FOR-SECURITIES> 586740
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49655
<TOTAL-LIABILITIES> 49655
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18399844
<SHARES-COMMON-STOCK> 1318129<F1>
<SHARES-COMMON-PRIOR> 760450<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 64536
<ACCUMULATED-NET-GAINS> 1836687
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1662604
<NET-ASSETS> 21834599
<DIVIDEND-INCOME> 363404
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 293839
<NET-INVESTMENT-INCOME> 69565
<REALIZED-GAINS-CURRENT> 1756145
<APPREC-INCREASE-CURRENT> 2100723
<NET-CHANGE-FROM-OPS> 3926433
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15241<F1>
<DISTRIBUTIONS-OF-GAINS> 130393<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 791509<F1>
<NUMBER-OF-SHARES-REDEEMED> 240435<F1>
<SHARES-REINVESTED> 6605<F1>
<NET-CHANGE-IN-ASSETS> 11376196
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 143365
<OVERDISTRIB-NII-PRIOR> 25243
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 149300
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 323642
<AVERAGE-NET-ASSETS> 13911960<F1>
<PER-SHARE-NAV-BEGIN> 11.14<F1>
<PER-SHARE-NII> 0.06<F1>
<PER-SHARE-GAIN-APPREC> 2.87<F1>
<PER-SHARE-DIVIDEND> 0.01<F1>
<PER-SHARE-DISTRIBUTIONS> 0.12<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 13.94<F1>
<EXPENSE-RATIO> 1.72<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00<F1>
<FN>
<F1>Institutional Class
</FN>
</TABLE>
<PAGE>
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO
SECTION 14(a) OF
THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to section
240.14a-11(c) or section 240.14a-12
PACIFIC CAPITAL FUNDS
(NAME OF REGISTRANT AS SPECIFIED
IN ITS CHARTER)
-----------------------------------------
(NAME OF PERSON(S) FILING PROXY
STATEMENT, IF OTHER THAN THE
REGISTRANT)
Payment of Filing Fee (Check the
appropriate box):
[X] No fee required.
[ ] Fee computed on table below per
Exchange Act Rules 14a-6(i)(4) and 0-11.
(1) Title of each class of securities to
which transaction applies:
-----------------------------------------------
(2) Aggregate number of securities to which
transaction applies:
-----------------------------------------------
(3) Per unit price or other underlying value
of transaction computed
pursuant to Exchange Act Rule 0-11:
---------------------------------------------------
(4) Proposed maximum aggregate value
of transaction:
-------------------------------------------------
(5) Total fee paid:
---------------------------------------------------
[ ] Fee paid previously, with preliminary materials
[ ] Check box if any part of the fee is offset
as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for
which the offsetting fee
was paid previously. Identify the previous
filing by registration
statement number, or the Form or Schedule
and the date of its filing.
(1) Amount Previously Paid:
------------------------------------------------
(2) Form, Schedule or Registration
Statement No.:
--------------------------------------------------
(3) Filing Party:
-----------------------------------------
(4) Date Filed:
--------------------------------------
<PAGE>
PACIFIC CAPITAL FUNDS
NEW ASIA GROWTH FUND
3435 STELZER ROAD
COLUMBUS, OHIO 43219-3035
May 8, 1997
Dear Shareholder:
As you may know, Credit Lyonnais
International Asset Management (HK) Ltd.
("Credit Lyonnais HK"), the investment
sub-adviser to the New Asia Growth Fund
(the "Fund") has entered into an agreement
under which its shares and assets
will be acquired by Nicholas-Applegate
Capital Management (Hong Kong) LLC
("Nicholas-Applegate"). Because of the
acquisition, it is necessary for the
shareholders of the Fund to approve a new
investment sub-advisory agreement
between Nicholas-Applegate and Hawaiian
Trust Company, Ltd., the Fund's
investment adviser (the "Adviser").
The following important facts about the
transaction are outlined below:
- The amount of shares you own and
the advisory fees charged to the Fund
will not change.
- The investment objectives of the Fund will
remain the same and key
employees of Credit Lyonnais HK, who
will become employees of
Nicholas-Applegate, will continue to
manage your Fund as they have in the
past.
- You will continue to receive the high
quality investment management and
shareholder services that you have come
to expect since the Fund's
inception.
After careful consideration, the Board of
Trustees of the Fund has
unanimously approved this transaction and
recommends that you read the enclosed
materials carefully and then vote FOR the proposal.
Your vote is important. Please take a
moment now to sign and return your
proxy cards in the enclosed postage paid return
envelope.
Thank you for your cooperation and continued
support.
Sincerely,
DEBORAH G. PATTERSON
Senior Vice President, Bank of Hawaii
Trustee and Chairperson, Pacific
Capital Funds
Q&A on reverse side
<PAGE>
Q. WHAT IS HAPPENING?
A. Credit Lyonnais HK, NOT YOUR FUND,
has entered into an agreement for its
business to be acquired by Nicholas-Applegate.
Importantly, key members of
Credit Lyonnais HK's management team
will join Nicholas-Applegate and
continue to be responsible for managing
the Fund. Consequently, this
transaction will not result in any
material changes in the portfolio
management of the Fund.
Q. WHY AM I BEING ASKED TO
VOTE ON THIS PROPOSAL?
A. The Investment Company Act of 1940
requires a vote due to the change of
ownership of the Fund's investment
sub-adviser. As a result, the Act
requires the approval of a new investment
sub-advisory agreement by the
shareholders of the Fund.
Q. HOW WILL THIS AFFECT ME AS
A FUND SHAREHOLDER?
A. Your Fund shares WILL NOT CHANGE.
You will still own the same shares in the
same Fund. Any expenses you are
currently charged will not be increased.
The Board expects no change in services
provided to you since the Fund's
inception. Key employees of Credit
Lyonnais HK who have been responsible for
the management of your Fund, and who
will become employees of
Nicholas-Applegate, will continue to act
in the same capacities as before.
Q. WILL THE INVESTMENT ADVISORY
FEES BE THE SAME?
A. Yes, the FEES FOR INVESTMENT ADVICE
CHARGED TO YOUR FUND AS A RESULT OF
THE NEW SUB-ADVISORY AGREEMENT
WILL STAY THE SAME.
Q. HOW DO THE BOARD MEMBERS OF MY
FUND RECOMMEND THAT I VOTE?
A. After careful consideration, the Board of
Trustees unanimously recommends
that you vote "FOR" the proposal on the
enclosed proxy card.
Q. HOW DO I CONTACT YOU?
A. If you have any questions, please call 800
- -258-9232.
PLEASE VOTE
YOUR VOTE IS IMPORTANT
NO MATTER HOW MANY SHARES OF
THE FUND YOU OWN
<PAGE>
PACIFIC CAPITAL FUNDS
NEW ASIA GROWTH FUND
3435 STELZER ROAD
COLUMBUS, OHIO 43219-3035
SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD ON MAY 19, 1997
10:00 A.M.
A Special Meeting of Shareholders (the "Meeting")
of the NEW ASIA GROWTH
FUND (the "Fund") will be held at 3435 Stelzer Road,
Columbus, Ohio 43219-3035
on May 19, 1997 at 10:00 a.m. for the following
purposes:
1. To consider and act upon the approval of
a new investment sub-advisory
agreement between Hawaiian Trust Company,
Ltd., the investment adviser
of the Fund, and Nicholas-Applegate
Capital Management (Hong Kong) LLC
("Nicholas-Applegate") which will take
effect upon the closing of the
acquisition of the stock and assets of
Credit Lyonnais HK by Nicholas-Applegate.
2. To transact such other business as may
properly come before the Meeting
or any adjournments thereof.
The Board of Trustees has fixed the close
of business on April 25, 1997 as
the record date for the determination of
shareholders of the Fund entitled to
notice of, and to vote at, the Meeting.
By order of the Board of Trustees
GREGORY T. MADDOX, Secretary
NEW ASIA GROWTH FUND
Columbus, Ohio
May 8, 1997
IT IS IMPORTANT THAT YOUR SHARES BE
REPRESENTED AT THE MEETING IN PERSON OR
BY PROXY; IF YOU DO NOT EXPECT TO ATTEND
THE MEETING, PLEASE COMPLETE, DATE,
SIGN AND RETURN THE ENCLOSED PROXY IN
THE ACCOMPANYING POSTAGE PAID RETURN
ENVELOPE PROVIDED FOR YOUR CONVENIENCE.
<PAGE>
PACIFIC CAPITAL FUNDS
NEW ASIA GROWTH FUND
3435 STELZER ROAD
COLUMBUS, OHIO 43219-3035
FOR A SPECIAL MEETING OF
SHAREHOLDERS
TO BE HELD ON MAY 19, 1997
800-258-9232
INTRODUCTION
This Proxy Statement (the "Proxy") is
furnished in connection with the
solicitation by the Board of Trustees (the "Board")
of Pacific Capital Funds, on
behalf of its series, the New Asia Growth
Fund (the "Fund"), of proxies to be
voted at a Special Meeting of Shareholders
(the "Meeting") of the Fund to be
held at 3435 Stelzer Road, Columbus, Ohio
43219-3035 on May 19, 1997 at 10:00
a.m. and at any adjournment thereof, for
the purposes set forth in the
accompanying Notice of Special Meeting
of Shareholders. The enclosed proxy and
this proxy statement are first being sent to the
Fund's shareholders on or about
May 9, 1997.
The costs of preparing, printing, mailing and
soliciting the proxies will be borne by Credit
Lyonnais International Asset Management South
East Asia B.V.(the "Parent"). In addition, certain
officers, trustees and employees of the Parent and
officers and trustees of the Fund and Hawaiian
Trust Company Ltd.(none of whom will receive
additional compensation therefor) may
solicit proxies in person or by telephone,
telegraph or mail.
All properly executed proxies received prior
to the Meeting will be voted at the Meeting in
accordance with the instructions marked
thereon or otherwiseas provided therein
. Unless instructions to the contrary are marked,
shares represented by the proxies will be voted
"FOR" the proposal. For purposes of determining
the presence of a quorum for transacting
business at the Meeting, abstentions and broker
"non-votes" (that is, proxies from brokers or
nominees indicating that such persons
have not received instructions from the
beneficialowner or other persons entitled to
vote shares on a particular matter with
respect to which the brokers or nominees
do not have discretionary power) will be
treated as shares that are present at the
Meeting, but not voting in favor of the proposal.
Any proxy may be revoked at any time prior
to the exercise thereof by submitting another
proxy bearing a later date or by giving written
notice to the Secretary of the Fund at the Fund's
address indicated above or by voting in
person at the Meeting. The affirmative vote
of a majority of the shares as defined under
the Investment Company Act of 1940,
as amended (the "1940 Act") (a "Majority Vote")
(either 67% of the shares present at the Meeting,
if holders of more than 50% of the outstanding
shares are present in person or by proxy, or more
than 50% of the outstanding shares,
whichever is less) of the Fund is necessary
to approve the Fund's new investment
sub-advisory agreement.
The Board knows of no business other than
that specifically mentioned in the Notice of Meeting
which will be presented for consideration
at the Meeting.If any other matters are
properly presented, it is the intention of the
persons named in the enclosed proxy to vote
in accordance with their best judgment.
The Board has fixed the close of business on
April 25, 1997 as the record date (the "Record Date")
for the determination of shareholders of the
Fund entitled to notice of and to vote at the
Meeting or any adjournment thereof.
Shareholders of the Fund on that date will be entitled to
one vote on each matter on
<PAGE>
which they are entitled to vote for each share
held and a fractional vote with respect to fractional shares.
At the close of business on the Record Date, the Fund had
1,460,284 outstanding shares in the aggregate, consisting
of 1,219,096 Institutional shares and 241,188 Retail shares
each with a par value of $.001 per share. The Institutional and
Retail shares, which will vote together on the proposal as a single
class, comprise the only authorized shares of the Fund.
The principal executive offices of the Fund
are located at 3435 Stelzer Road, Columbus, Ohio
43219-3035. Hawaiian Trust Company, Ltd., located at
111 S.King Street, Honolulu, Hawaii, 96813,
is the Fund's Investment Adviser (the "Adviser").
BISYS Fund Services, located at 3435 Stelzer Road,
Columbus, Ohio 43219-3035 is the Administrator and
the principal underwriter for the Fund.
All information about Credit Lyonnais
International Asset Management (HK) Ltd. ("Credit Lyonnais HK"),
Nicholas-Applegate Capital Management (Hong Kong)
LLC ("Nicholas-Applegate"), their respective affiliates,
and their proposed transaction has been supplied
by Credit Lyonnais HK and Nicholas-Applegate.
PRINCIPAL HOLDERS
As of April 30, 1997, the following shareholders
were known to the Fund toown beneficially 5% or
more of the outstanding shares of the Fund:
<TABLE>
<CAPTION>
NAME AND ADDRESS
SHARES/CLASS % OWNERSHIP
--------------------------------------------
------------------------ ------------
<S> <C> <C>
Hawaiian Trust Company, Ltd.................
approximately 176,000/ 12%
Employees' Retirement Plan of Bank of Hawaii
Institutional Class
Bank of Hawaii, Human Resources, Dept. #328
P.O. Box 2900
Honolulu, Hawaii 96846-6000
Hawaiian Trust Company, Ltd.................
approximately 94,000/ 6%
Personal Investment Fund
Institutional Class
HTCO International Securities Fund Hawaiian
Trust Company, Dept. #761 P.O. Box 3170
Honolulu, Hawaii 96802
Hawaiian Trust Company, Ltd.................
approximately 83,000/ 6%
AGT for the Iolani School-Quasi
Institutional Class
Endowment Fund-Emerging Markets Investment
Iolani School-Business Manager 563 Kamoku
Street Honolulu, Hawaii 96815
</TABLE>
As of April 30, 1997, the Trustees and officers
of the Fund as a group
beneficially owned less than 1% of the
outstanding shares of the Fund.
2
<PAGE>
PROPOSAL
TO CONSIDER A NEW SUB-ADVISORY
AGREEMENT FOR THE FUND WHICH WILL TAKE
EFFECT UPON THE CLOSING OF THE ACQUISITION OF
THE SUB-ADVISER
SUMMARY OF THE TRANSACTION
On February 17, 1997, Credit Lyonnais HK
and its parent Credit Lyonnais
International Asset Management South East Asia B.V.
(the "Parent"), entered into a definitive agreement
(the "Agreement") to sell the shares of Credit Lyonnais
HK to Nicholas-Applegate for $7.4 million in cash and
for the transfer of all of Credit Lyonnais HK's assets
to its new parent company, Nicholas-Applegate (the
"Transaction"). The Transaction is expected to close
during the next 90 days;
however, the closing (and the date thereof)
is subject to various conditions, including certain foreign
regulatory approvals and approval by the shareholders
of the Fund of a new investment sub-advisory agreement
between the Adviser and Nicholas-Applegate
(the "New Sub-Advisory Agreement"). While shareholder
approval is required for Nicholas-Applegate to
become the Sub-Adviser, Nicholas-Applegate may waive
approval as a condition of closing the Transaction.
After the Closing, Nicholas-Applegate, as successor,
will continue to operate out of Credit Lyonnais HK's Hong
Kong office. Key members of Credit Lyonnais
HK's management team will join Nicholas-Applegate
and continue to be responsible for managing the day-to-day
affairs of the Fund. Thus, in the view of the Board
and Credit Lyonnais HK, the Transaction will not result
in any material changes in the portfolio management and
investment operations of the Fund.
Nicholas-Applegate is part of an investment
management organization which together manage in
excess of U.S. $30 billion through a variety of investment
products and services. The Nicholas-Applegate group
of companies is headquartered in San Diego, California.
Pursuant to Section 15 of the 1940 Act,
the Fund's existing investment sub-advisory agreement
terminates automatically upon its assignment, which is
deemed to include any change of control of the investment
sub-adviser. Section 15(a) of the 1940 Act prohibits any
person from serving as an investment sub-adviser to a registered
investment company except pursuant to a written
contract that has been approved by the shareholders. Therefore,
in order for Nicholas-Applegate to provide investment
sub-advisory services to the Fund as of the closing of the
Transaction, the shareholders of the Fund must
approve the New Sub-Advisory Agreement.
The Transaction also contemplates that
Credit Lyonnais HK and Nicholas-Applegate and
other persons will comply with the requirements
of Section 15(f) of the 1940 Act after the
Closing. Section 15(f) provides, in pertinent part,
that Credit Lyonnais HK and its affiliates
may receive any amount or benefit in connection
with a sale of securities of, or a sale of any
other interest in, Credit Lyonnais HK which
results in an assignment of an investment
sub-advisory contract if (1) for a period of
three years after such event, at least 75% of
the members of the board of trustees of
the investment company which it advises are not
"interested persons" (as defined in the 1940
Act) of the new or old investment sub-adviser;
and (2) for a two-year period there is no
"unfair burden" imposed on the
investment company as a result of the
Transaction. In the Agreement with Credit Lyonnais
HK, Nicholas-Applegate and its affiliates have
represented and warranted to Credit Lyonnais
HK that they have no express or implied
understanding or arrangement that would
impose an unfair burden on the Fund
as a result of the Transaction. Nicholas-Applegate
and its affiliates have agreed to indemnify
and hold Credit Lyonnais HK harmless from
and against and in respect of any and
all losses arising in connection with the
imposition of any unfair burden on the Fund
constituting a breach or violation of, or
3
<PAGE>
non-compliance with, Section 15(f) of the 1940
Act which is caused by acts or conduct within the
control of Nicholas-Applegate and its affiliates.
The New Sub-Advisory Agreement, if approved
by the Fund's shareholders, will commence as of
the Closing. Thereafter, the New Sub-Advisory
Agreement will remain in effect for an initial
two year term and will continue in
effect thereafter for successive annual periods
if and so long as such continuance is
specifically approved by (a) the Board
or (b) a Majority Vote of the Fund's shareholders,
provided that in either event, the continuance
also is approved by a majority of the Board
who are not "interested persons" by
vote cast in person at a meeting called
for the purpose of voting on such approval.
If the Closing occurs before the approval
by the shareholders, Nicholas-Applegate,
as successor entity to Credit Lyonnais
HK, will manage the assets of the Fund during the
interim period according to the current subadvisory
agreement. However, any fees which would
have been payable to Nicholas-Applegate will
be waived by Nicholas-Applegate,
and the Adviser will waive the corresponding
portion of the investment advisory fee
otherwise payable to it by the Fund
until the approval occurs.
After careful consideration, the Board
unanimously recommends that shareholders
vote "FOR" the New Sub-Advisory Agreement
between the Fund and Nicholas-Applegate
to replace the current sub-advisory
agreement with Credit Lyonnais HK
upon consummation of the Transaction.
See "Evaluation by the Board" below.
THE NEW INVESTMENT SUB-ADVISER
Nicholas-Applegate, located (upon the closing
of the Transaction) in Hong Kong at Room 604-6,
Three Exchange Square, Connaught Place, Central,
Hong Kong, will serve as the Fund's investment
sub-adviser upon approval by the Board and
the shareholders. Nicholas-Applegate will manage
the Fund's investments, subject to supervision
by the Adviser. Members of the committee
that is currently responsible for managing
the Fund's investment portfolio, including
Timothy L.Greaton, Robert Brewis,
David Harding, David Wong,
and Tommy Wong will continue
to be responsible for the day
to day management of the Fund.
Nicholas-Applegate Capital Management
Holdings L.P., a California limited partnership,
will act as managing member of the
investment sub-adviser (the "Managing Member").
The Managing Member will act
through one or more of its executive officers:
Arthur E. Nicholas, Chairman of the Board;
Tom Waring, President; and Paul Mack,
Vice President.
THE EMPLOYMENT AGREEMENTS
Upon the Closing, key members of the
Credit Lyonnais HK's investment management
team, including certain managers of the
committee who manage the Fund's portfolio,
will enter into employment and
non-compete contracts with Nicholas-Applegate
which provide long-term compensation
incentives. These keymembers of the
management team will continue to have
senior management roles.
THE NEW SUB-ADVISORY AGREEMENT
Apart from the change in the date and the
identity of the sub-adviser, the New
Sub-Advisory Agreement is the same,
in all material respects, as the
current sub-advisory agreement, except
that the New Sub-Advisory Agreement
changes the timing of the fee payment
(as described below) and modifies the
exclusivity provision. The new exclusivity
provision prohibits Nicholas-Applegate
fromproviding primary investment
advisory or sub-advisory services to
a registered investment company with
similar investment objectives
or style to the Fund and which offers
its shares in Hawaii, California, Guam or
Arizona but allows Nicholas-Applegate, the
4
<PAGE>
Adviser and the Fund to negotiate a
modification to this provision. Pursuant to
both the current and New Sub-Advisory
Agreements, although the sub-adviser
intends to devote such time and effort to
the business of the Fund as is reasonably
necessary to perform its duties
to the Fund, the services of the sub-adviser
are not otherwise exclusive and the
sub-adviser may provide similar
services to other clients and may engage
in other activities.
Pursuant to the current sub-advisory
agreement between Credit Lyonnais HK
and the Adviser, dated October 29, 1994,
Credit Lyonnais HK has been retained to
manage the investments of the Fund and
to provide such investment research,
advice and supervision, in conformity with
the Fund's investment objectives and
policies, as may be necessary for the
operations of the Fund. The New
Sub-Advisory Agreement provides the
same authority. The current sub-advisory
agreement for the Fund was most recently
approved on September 27, 1996. The
current sub-advisory agreement and the
New Sub-Advisory Agreement provide
that the Adviser shall pay to the
sub-adviser a fee for its services which
is equalto .50% of the Fund's average
daily net asset value. The current
sub-advisory agreement provides for
such fee to be paid monthly.
For reasons of administrative
convenience, the New Sub-Advisory
Agreement provides for the fee to
be paid quarterly. For the fiscal year
ended July 31, 1996, the Adviser paid
Credit Lyonnais HK a fee of $29,567.
The New Sub-Advisory Agreement
provides for the furnishing of the
same sub-advisory services for the same
sub-advisory fees as the current sub-advisory
agreement with the Fund. The current sub-advisory
agreement provides, among other things,
that Credit Lyonnais HK will bear
all expenses of its employeesand overhead
incurred in connection with its duties,
and that the Fund will reimburse Credit
Lyonnais HK, if Credit Lyonnais HK
has paid, all direct andindirect costs,
charges, and expenses of or related to
transactions involving securities,
commodities and other investments
(including brokerage commissions
and transaction charges). The New
Sub-Advisory Agreement contains the
same reimbursement provisions.
A form of the New Sub-Advisory
Agreement, marked toshow changes from
the current sub-advisory agreement is
attached as Appendix A.
The current and New Sub-Advisory
Agreements both provide that in
the absence of bad faith, willful
misconduct, gross negligence or
reckless disregardof its obligations
thereunder, the sub-adviser is not
liable to the Fund or any of the Fund's
shareholders for any act or omission
by the sub-adviser in thesupervision or
management of its respective investment
activities or for any loss sustained
by the Fund or the Fund's shareholders.
Both the current and New
Sub-Advisory Agreements may
be terminated at anytime by the Fund,
without the payment of any penalty,
upon the vote of a majority of the
Fund's Board or a majority of the
outstanding voting securities of the
Fund or by the sub-adviser,
on 30 days' written notice by either
party to the other.
NICHOLAS-APPLEGATE'S SUB-
ADVISORY COMMITMENTS
Upon the Closing, Nicholas-Applegate
will act as a sub-adviser to the following
fund (in addition to this Fund), assuming
approval by the shareholders of such fund:
<TABLE>
<CAPTION>
SIZE OF FUND
NAME OF FUND
(AS OF 10/31/96) COMPENSATION RATE
- ----------------------------------
---------------- -------------------------------
<S> <C> <C>
Fremont Emerging Markets Fund.....
$3.77M .50% of the average daily net
assets (waived until the
earlier of July 1, 1997 or the
date the adviser reaches
"breakeven" with respect to the
fund)
</TABLE>
5
<PAGE>
EVALUATION BY THE BOARD
On May 8, 1997, the independent trustees
of the Board met and discussed the
Transaction and its possible effect on
the Fund and evaluated the New
Sub-Advisory Agreement. In connection with
the Board's consideration of the
approval of the New Sub-Advisory
Agreement, to become effective upon
the acquisition of Credit Lyonnais HK by
Nicholas-Applegate, Nicholas-Applegate has
made various representations to the Board.
Nicholas-Applegate has represented
that no changes in the portfolio
management of the Fund are expected,
that key employees of Credit Lyonnais
HK, who will become employees of
Nicholas-Applegate, will continue
to manage the Fund and that the
resources available to these
employees in performing their duties
for the Fund will not be
diminished. The Board also considered
Nicholas-Applegate's assurance that
expenses to be incurred under the New
Sub-Advisory Agreement would not be
greater than those that would be incurred
under the current Sub-Advisory
Agreement. The Board considered the level
of services that Credit Lyonnais HK
has been providing to the Fund. The Board
also considered that the New
Sub-Advisory Agreement, including the
fees payable thereunder, is the same, in
all material respects, as the current
sub-advisory agreement apart from the
change in the date, the identity of the
sub-adviser, the modification of the
exclusivity provision, and the change
in the timing of the fee payments.
Finally, the Board took note of the fact
that the costs associated with the
approval of the New Sub-Advisory
Agreement will be borne by the Parent. The
Board was advised by its own counsel and
considered all information that it
determined was relevant to its deliberations.
Based on the foregoing
considerations, the Board concluded that
approval of the New Sub-Advisory
Agreement is in the interests of the Fund
and its shareholders.
ACCORDINGLY, AFTER CONSIDERATION
OF THE ABOVE, AND SUCH OTHER FACTORS
ANDINFORMATION AS IT DEEMED RELEVANT,
THE BOARD, INCLUDING ALL OF THE BOARD
MEMBERS WHO ARE NOT INTERESTED PERSONS
(AS SUCH TERM IS DEFINED BY THE 1940 ACT),
UNANIMOUSLY APPROVED THE NEW
SUB-ADVISORY AGREEMENT AND VOTED
TO RECOMMEND ITS APPROVAL TO THE
FUND'S SHAREHOLDERS.
OTHER MATTERS
The management knows of no other matters
which are to be brought before the
Meeting. However, if any other matters not now
known or determined properly come
before the Meeting, it is the intention of the
persons named in the enclosed
form of Proxy to vote such Proxy in accordance
with their best judgment on such
matters.
SHAREHOLDER MEETINGS
Notwithstanding the approval or disapproval
of the proposal described
above, the Board does not intend to hold annual
meetings of shareholders of the
Fund. If a shareholder wishes to present a
proposal to be included in the proxy
statement for the next meeting of shareholders
of the Fund, such proposal must
be received by the Fund a reasonable time
before the solicitation is to be made.
The Board will call meetings of shareholders
of the Fund as may be required
under the 1940 Act (such as to approve a new
investment advisory agreement for
the Fund or to remove a member of the Board)
or as they may determine in their
discretion.
6
<PAGE>
REPORTS TO SHAREHOLDERS AND
FINANCIAL STATEMENTS
The Fund will furnish, without charge, a copy
of the most recent Annual
Report to Shareholders of the Fund. Copies of such
reports may be obtained by
contacting the Fund in writing at the address on
the cover of this Proxy, or by
calling 1-800-258-9232.
Very truly yours,
DEBORAH G. PATTERSON
Senior Vice President, Bank of Hawaii
Trustee and Chairperson, Pacific
Capital Funds
May 8, 1997
7
<PAGE>
SUB-ADVISORY AGREEMENT
PACIFIC CAPITAL NEW ASIA
GROWTH FUND
AGREEMENT made as of ____________ ,
1997 between Hawaiian Trust Company,
Ltd. (the "Adviser"), and Nicholas-Applegate Capital
Management (Hong Kong) LLC
("Sub-Adviser").
WHEREAS, Pacific Capital Funds (the "Trust")
is registered as an open-end,
diversified management investment company under
the Investment Company Act of
1940, as amended (the "1940 Act");
WHEREAS, the Adviser has been appointed
investment adviser to the Trust's
Pacific Capital New Asia Growth Fund
(the "Fund"); and
WHEREAS, the Adviser desires to retain
Sub-Adviser to assist it in the
provision of a continuous investment program
for the Fund and Sub-Adviser is
willing to do so;
WHEREAS, the Board of Trustees of the
Trust has approved this Agreement,
and Sub-Adviser is willing to furnish such
services upon the terms and
conditions herein set forth;
NOW, THEREFORE, in consideration of
the premises and mutual covenants
herein contained, it is agreed between the
parties hereto as follows:
1. Appointment. The Adviser hereby
appoints Sub-Adviser to act as
sub-adviser to the Fund as permitted by
the Adviser's Advisory Agreement with
the Trust pertaining to the Fund. Intending
to be legally bound, Sub-Adviser
accepts such appointment and agrees to
render the services herein set forth for
the compensation herein provided.
2. Sub-Advisory Services. Subject to the
supervision of the Trust's Board
of Trustees, Sub-Adviser will assist the
Adviser in providing a continuous
investment program with respect to the
foreign component of the Fund's
portfolio, including investment research
and management with respect to all
foreign securities and investments and cash
equivalents in the Fund. Sub-Adviser
will provide services under this Agreement
in accordance with the Fund's
investment objective, policies and
restrictions as stated in the Fund's
prospectus and resolutions of the Trust's
Board of Trustees applicable to the
Fund.
Without limiting the generality of the
foregoing, Sub-Adviser further
agrees that it:
(a) will prepare, subject to the Adviser's
approval, lists of foreign
countries for investment by the Fund and
determine from time to time what
securities and other investments will
be purchased, retained or sold for
the Fund, including, with the assistance
of the Adviser, the Fund's
investments in futures and forward
currency contracts;
(b) will manage in consultation with
the Adviser the Fund's temporary
investments in securities;
(c) will place orders pursuant to its
investment determinations for
the Fund either directly with the issuer
or with any broker or dealer;
(d) will not purchase shares of the
Fund for itself or for accounts
with respect to which it exercises sole
investment discretion in connection
with such transactions except as permitted
by the Trust's Board of Trustees
or by federal, state and local law;
(e) will manage the Fund's overall
cash position, and determine from
time to time what portion of the Fund's
assets will be held in different
currencies;
<PAGE>
(f) will provide the Adviser with
foreign broker research, a quarterly
review of international economic and
investment developments, and
occasional "Spot Lights" on international
investment issues;
(g) will attend regular business and
investment-related meetings with
the Trust's Board of Trustees and the Adviser
if requested to do so by the
Trust and/or the Adviser; and
(h) will maintain books and records
with respect to the securities
transactions for the Fund, furnish to the
Adviser and the Trust's Board of
Trustees such periodic and special reports
as they may request with respect
to the Fund, and provide in advance to the
Adviser all reports to the Board
of Trustees for examination and review
within a reasonable time prior to
the Trust's Board meetings.
3. Covenants by Sub-Adviser. Sub-Adviser
agrees with respect to the
services provided to the Fund that it:
(a) will conform with all Rules and
Regulations of the Securities and
Exchange Commission;
(b) will telecopy trade information to
the Adviser on the first
business day following the day of the trade
and cause broker confirmations
to be sent directly to the Adviser; and
(c) will treat confidentially and as
proprietary information of the
Trust all records and other information
relative to the Trust and prior,
present or potential shareholders, and
will not use such records and
information for any purpose other than
performance of its responsibilities
and duties hereunder (except after prior
notification to and approval in
writing by the Trust, which approval
shall not be unreasonably withheld and
may not be withheld and will be deemed
granted where Sub-Adviser may be
exposed to civil or criminal contempt
proceedings for failure to comply,
when requested to divulge such information
by duly constituted authorities,
or when so requested by the Trust).
4. Services Not Exclusive. Except as
provided herein, the services
furnished by Sub-Adviser hereunder are
deemed not to be exclusive, and nothing
in this Agreement shall (i) prevent
Sub-Adviser from acting as investment
adviser or manager for any other person or
persons, including other investment
companies, except that the Sub-Adviser
shall not provide primary advisory or
sub-advisory services of any nature to
any registered investment company(a) that
has an investment objective or style
substantially similar to that of the
Pacific Capital New Asia Growth Fund
("an Asia Fund") and (b) that offers its
shares (or any class thereof) in Hawaii,
California, Guam or Arizona.
Notwithstanding the prohibited services
described in the immediately preceding
sentence, in the event that the Sub-Adviser
wishes to advise or sub-advise
another Asia Fund, it shall notify the Adviser
and the Trust of such desire,
and, following such notification, the Adviser,
the Sub-Adviser and the Trust
shall negotiate in good faith (for at least
30 days prior to any notice of
termination submitted arising from a
disagreement on this prohibition), a
modification to this prohibition that wil
l allow the Sub-Adviser to provide
services to another Asia Fund, such that
the economic and other interests of the
Adviser, Sub-Adviser and the Trust are
adequately addressed or (ii) limit or
restrict Sub-Adviser from buying, selling
or trading any securities or other
investments (including any securities or
other investments which the Fund is
eligible to buy) for its or their own accounts
or for the accounts of others for
whom it or they may be acting; provided,
however, that Sub-Adviser agrees that
it will not undertake any activities which
will adversely affect the performance
of its obligations to the Fund under this Agreement.
5. Portfolio Transactions. Investment
decisions for the Fund shall be made
by Sub-Adviser independently from those
for any other investment companies and
accounts advised or managed by Sub-Adviser.
The Fund and such investment
companies and accounts may, however, invest
in the same securities. When a
purchase or sale of the same security is made
at substantially the same time on
behalf of the Fund and/or another investment
company or account, the transaction
will be averaged as to price, and available
2
<PAGE>
investments allocated as to amount, in a manner
which Sub-Adviser believes to be
equitable to the Fund and such other investment
company or account. In some
instances, this investment procedure may
adversely affect the price paid or
received by the Fund or the size of the
position obtained or sold by the Fund.
To the extent permitted by law, Sub-Adviser
may aggregate the securities to be
sold or purchased for the Fund with those
to be sold or purchased for other
investment companies or accounts in
order to obtain best execution.
Sub-Adviser shall place orders for
the purchase and sale of portfolio
securities and will solicit broker-dealers
to execute transactions in accordance
with the Fund's policies and restrictions
regarding brokerage allocations.
Sub-Adviser shall place orders pursuant to
its investment determination for the
Fund either directly with the issuer or with
any broker or dealer selected by
Sub-Adviser. In executing portfolio
transactions and selecting brokers or
dealers, Sub-Adviser shall use its
reasonable best efforts to seek the most
favorable execution of orders, after taking
into account all factors Sub-Adviser
deems relevant, including the breadth of the
market in the security, the price
of the security, the financial condition
and execution capability of the broker
or dealer, and the reasonableness of the
commission, if any, both for the
specific transaction and on a continuing
basis. Consistent with this obligation,
Sub-Adviser may, to the extent permitted
by law, purchase and sell portfolio
securities to and from brokers and dealers
who provide brokerage and research
services (within the meaning of Section
28(e) of the Securities Exchange Act of
1934) to or for the benefit of the Fund
and/or other accounts over which
Sub-Adviser or any of its affiliates
exercises investment discretion.
Sub-Adviser is authorized to pay to a
broker or dealer who provides such
brokerage and research services a
commission for executing a portfolio
transaction for the Fund which is in excess
of the amount of commission another
broker or dealer would have charged
for effecting that transaction if
Sub-Adviser determines in good faith
that such commission was reasonable in
relation to the value of the brokerage
and research services provided by such
broker or dealer, viewed in terms of
either that particular transaction or
Sub-Adviser's overall responsibilities
to the Fund and to the Company. In no
instance will portfolio securities be
purchased from or sold to Sub-Adviser, or
the Fund's principal underwriter,
or any affiliated person thereof except as
permitted by the Securities and Exchange
Commission.
6. Books and Records. In compliance
with the requirements of Rule 31a-3
under the 1940 Act, Sub-Adviser hereby
agrees that all records which it
maintains for the Trust are the property
of the Trust and further agrees to
surrender promptly to the Trust any of
such records upon the Trust's request.
Sub-Adviser further agrees to preserve
for the periods prescribed by Rule 31a-2
under the 1940 Act the records required
to be maintained by Rule 31a-1 under the
1940 Act.
7. Expenses. During the term of this
Agreement, Sub-Adviser will pay all
expenses incurred by it in connection with
its activities under this Agreement
other than the cost of securities, commodities
and other investments (including
brokerage commissions and other transaction
charges, if any) purchased for the
Fund.
8. Compensation. For the services provided
and the expenses assumed with
respect to the Fund pursuant to this Agreement,
the Sub-Adviser will be entitled
to a fee, computed daily and payable quarterly,
from Adviser, calculated at the
annual rate of 0.50% of the Fund's average
daily net assets.
9. Standard of Care; Limitation of Liability.
Sub-Adviser shall exercise
due care and diligence and use the same skill
and care in providing its services
hereunder as it uses in providing services to
other investment companies, but
shall not be liable for any action taken or
omitted by Sub-Adviser in
performance of services rendered hereunder
in the absence of bad faith, willful
misconduct, gross negligence or reckless
disregard of its duties.
10. Reference to Sub-Adviser. Neither the
Adviser nor any affiliate or
agent of it shall make reference to or use the
name of Sub-Adviser or any of its
affiliates, or any of their clients, except
references concerning
3
<PAGE>
the identity of and services provided
by Sub-Adviser to the Fund, which
references shall not differ in substance
from those included in the current
registration statement pertaining to the Fund,
this Agreement and the Advisory
Agreement between the Adviser and the
Trust with respect to the Fund, in any
advertising or promotional materials
without the prior approval of Sub-Adviser,
which approval shall not be unreasonably
withheld or delayed. The Adviser hereby
agrees to make all reasonable efforts to cause
the Fund and any affiliate
thereof to satisfy the foregoing obligation.
11. Duration and Termination.
Unless sooner terminated, this Agreement
shall continue until the second anniversary
hereof and thereafter shall continue
automatically for successive annual periods,
provided such continuance is
specifically approved at least annually
by the Trust's Board of Trustees or vote
of the lesser of (a) 67% of the shares of
the Fund represented at a meeting if
holders of more than 50% of the outstanding
shares of the Fund are present in
person or by proxy or (b) more than 50%
of the outstanding shares of the Fund,
provided that in either event its continuance
also is approved by a majority of
the Trust's Trustees who are not
"interested persons" (as defined in the 1940
Act) of any party to this Agreement
(the "Disinterested Trustees"), by vote cast
in person at a meeting called for the
purpose of voting on such approval. This
Agreement is terminable at any time
without penalty, on 60 days' notice, by
Adviser, Sub-Adviser or by the Trust's
Board of Trustees or by vote of the
lesser of (a) 67% of the shares of the
Fund represented at a meeting if holders
of more than 50% of the outstanding
shares of the Fund are present in person or
by proxy or (b) more than 50% of the
outstanding shares of the Fund. This
Agreement will terminate automatically
in the event of its assignment (as
defined in the 1940 Act).
12. Amendment of this Agreement.
No provision of Agreement may be changed,
waived, discharged or terminated orally,
but only by an instrument in writing
signed by the party against which
enforcement of the change, waiver, discharge
or termination is sought. No amendment
of this Agreement shall be effective with
respect to the Fund until approved by
the vote of (i) a majority of the
outstanding voting securities of the
Fund and (ii) a majority of the
Disinterested Trustees cast in person
at a meeting called for the purpose of
voting on such approval.
13. Notice. Any notice, advice or report
to be given pursuant to this
Agreement shall be delivered or mailed:
To Sub-Adviser at:
Nicholas-Applegate Capital
Management (Hong Kong) LLC
Room 604-6, Three Exchange Square,
8 Connaught Place, Central,
Hong Kong
To the Adviser at:
Hawaiian Trust Company
111 S. King Street
Honolulu, Hawaii 96813
To the Trust at:
c/o BISYS Fund Services
3435 Stelzer Road
Columbus, Ohio 43219-3035
4
<PAGE>
14. Miscellaneous. The captions in
this Agreement are included for
convenience of reference only and in
no way define or delimit any of the
provisions hereof or otherwise affect
their construction or effect. If any
provision of this Agreement shall be
held or made invalid by a court decision,
statute, rule or otherwise, the remainder
of this Agreement shall not be
affected thereby.
This Agreement shall be binding
upon and shall inure to the benefit of the
parties hereto and their respective
successors and shall be governed by the laws
of the Commonwealth of Massachusetts.
15. Counterparts. This Agreement
may be executed in two or more
counterparts, each of which shall be
deemed an original, but all of which
together shall constitute one and
the same instrument.
16. Personal Liability. The names
"Pacific Capital Funds" and "Trustees"
refer respectively to the Trust created
and to the Trustees, as trustees but not
individually or personally,
acting from time to time under
an Agreement and
Declaration of Trust dated as
of October 30, 1992 to which
reference is hereby made and a copy
of which is on file at the office of
the Secretary of State of The
Commonwealth of Massachusetts
and elsewhere as required by law, and
to any and all amendments thereto
so filed or hereafter filed. The obligations of
"Pacific Capital Funds" entered into
in the name or on behalf hereof by any of
the Trustees, representatives or agents
are made not individually, but in such
capacities, and are not binding upon
any of the Trustees, shareholders or
representatives of the Trust personally,
but bind only the assets of the Trust
and all persons dealing with any series
of shares of the Trust must look solely
to the assets of the Trust belonging to
such series for the enforcement of any
claims against the Trust.
IN WITNESS WHEREOF, the
parties hereto have caused this instrument
to be executed by their officers
designated below as of the day and year
first above
written.
<TABLE>
<S> <C>
Attest:
HAWAIIAN TRUST COMPANY, LTD.
By:
- ---------------------------------------------
---------------------------------------------
Title:
---------------------------------------------
NICHOLAS-APPLEGATE CAPITAL
MANAGEMENT (HONG KONG) LLC
By:
-----------------------------------------
Name:
- ---------------------------------------------
Title:
---------------------------------------------
PACIFIC CAPITAL FUNDS
By:
-----------------------------------------
Name:
---------------------------------------------
Title:
---------------------------------------------
</TABLE>
5
Report of Independent Auditors
To the Shareholders and Board of
Trustees of Pacific Capital Funds
In planning and performing our audit of
the financial statements of the Pacific
Capital Funds (the "Funds") for the year
ended July 31, 1997, we considered
its internal control, including control
activities for safeguarding securities,
in order to determine our auditing procedures
for the purpose of expressing our opinion
on the financial statements and to comply
with the requirements of Form N-SAR,
not to provide assurance on the internal
control structure.
The management of the Funds is responsible
for establishing and maintaining internal
control. In fulfilling this responsibility,
estimates and judgments by management
are required to assess the expected benefits
and related costs of controls. Generally,
controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes
that are fairly presented in conformity with
generally accepted accounting principles.
Those controls include the safeguarding
of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in any
internal control structure, errors or
irregularities may occur and not be
detected. Also, projection of any
of internal control to future periods is
subject to the risk that it may become
inadequate because of changes in conditions
or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control
would not necessarily disclose all matters
in the internal control structure that might
be material weaknesses under standards
established by the American Institute of
Certified Public Accountants. A material
weakness is a condition in which the design
or operation of one or more of the internal
control components does not reduce to a
relatively low level the risk that errors
or irregularities in amounts that would be
material in relation to the financial statements
being audited may occur and not be detected
within a timely period by employees in the
normal course of performing their assigned
functions. However, we noted no matters
involving the internal control structure and
its operation, including controls for
safeguarding securities, that we consider
to be material weaknesses as defined above
at July 31, 1997.
This report is intended solely for
the information and use of the board
of trustees and management of the Funds
and the Securities and Exchange Commission.
Ernst & Young. LLP
Columbus, Ohio
September 12, 1997
