<PAGE> 1
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Supplement dated September 30, 1997 to the
Retail Class Prospectus dated November 29, 1996
The following information supplements "The Adviser" in the Retail Class
Prospectus.
Effective immediately, Bancorp Hawaii, Inc., a bank holding company
that is the parent of Bank of Hawaii has changed its name to Pacific Century
Financial Corporation. Hawaiian Trust Company, Limited, the adviser to the
Fund, is a wholly-owned subsidiary of Bank of Hawaii. Effective immediately, the
adviser will change its name to Pacific Century Trust and will become a
division, rather than a wholly-owned subsidiary, of Bank of Hawaii. These
changes will not have any effect on the actual control or management of the
adviser.
The following information supplements "Management, Advisory and Other
Service Arrangements--The Sub-Adviser" in the Retail Class Prospectus:
Credit Lyonnais International Asset Management (HK) Limited ("Credit
Lyonnais HK"), the Sub-Adviser to the Fund, has been acquired by
Nicholas-Applegate Capital Management (Hong Kong) LLC ("Nicholas-Applegate"),
effective August 1, 1997. A new sub-advisory agreement between Hawaiian Trust
Company, Limited (and its successor Pacific Century Trust) and Nicholas-
Applegate has been in effect since that date.
Nicholas-Applegate, a California limited liability company, is located
at Room 604-6, Three Exchange Square, 8 Connaught Place, Central, Hong Kong,
and is part of an investment management organization which together manage in
excess of $30 billion through a variety of investment products and services.
Nicholas-Applegate is registered as an investment adviser with the Securities
and Exchange Commission under the Investment Advisers Act of 1940.
Under the New Sub-Advisory Agreement, Pacific Century Trust will pay
Nicholas-Applegate a fee for its services equal to 0.50% of the Fund's average
daily net assets, computed daily and payable quarterly. The fee paid by Pacific
Century Trust to Nicholas-Applegate will represent a portion of the 0.90%
investment advisory fee paid to Pacific Century Trust. These fees are unchanged
from those previously paid to Credit Lyonnais HK.
All investment decisions of Nicholas-Applegate with respect to New Asia
Growth Fund will be made by a committee, and no person will be primarily
responsible for making recommendations to the committee.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE> 2
PACIFIC CAPITAL FUNDS
GROWTH AND INCOME FUND
GROWTH STOCK FUND
BALANCED FUND
Supplement dated September 30, 1997 to the
Retail Class Prospectus dated November 29, 1996
The following information supplements "The Adviser" in the Retail Class
Prospectus.
Effective immediately, Bancorp Hawaii, Inc., a bank holding company
that is the parent of Bank of Hawaii has changed its name to Pacific Century
Financial Corporation. Hawaiian Trust Company, Limited, the adviser to the
Fund, is a wholly-owned subsidiary of Bank of Hawaii. Effective immediately,
the adviser will change its name to Pacific Century Trust and will become a
division, rather than a wholly-owned subsidiary, of Bank of Hawaii. These
changes will not have any effect on the actual control or management of the
adviser.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE> 3
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 September 30, 1997 to the
Retail Class Prospectus dated November 29, 1996
The following information supplements "The Adviser" in the Retail Class
Prospectus.
Effective immediately, Bancorp Hawaii, Inc., a bank holding company
that is the parent of Bank of Hawaii has changed its name to Pacific Century
Financial Corporation. Hawaiian Trust Company, Limited, the adviser to the
Fund, is a wholly-owned subsidiary of Bank of Hawaii. Effective immediately, the
adviser will change its name to Pacific Century Trust and will become a
division, rather than a wholly-owned subsidiary, of Bank of Hawaii. These
changes will not have any effect on the actual control or management of the
adviser.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
<PAGE> 4
PACIFIC CAPITAL FUNDS
BALANCED FUND SHORT INTERMEDIATE U.S. TREASURY
DIVERSIFIED FIXED INCOME FUND SECURITIES FUND
GROWTH AND INCOME FUND TAX-FREE SECURITIES FUND
GROWTH STOCK FUND TAX-FREE SHORT INTERMEDIATE SECURITIES FUND
NEW ASIA GROWTH FUND U.S. TREASURY SECURITIES FUND
Supplement dated September 30, 1997 to the
Institutional Class Prospectus dated November 29, 1996
The following information supplements "The Adviser" in the Institutional
Class Prospectus.
Effective immediately, Bancorp Hawaii, Inc., a bank holding company
that is the parent of Bank of Hawaii has changed its name to Pacific Century
Financial Corporation. Hawaiian Trust Company, Limited, the adviser to the
Funds, is a wholly-owned subsidiary of Bank of Hawaii. Effective immediately,
the adviser will change its name to Pacific Century Trust and will become a
division, rather than a wholly-owned subsidiary, of Bank of Hawaii. These
changes will not have any effect on the actual control or management of the
adviser.
The following information supplements "Management, Advisory and Other
Service Arrangements--The Sub-Adviser" in the Institutional Class Prospectus.
Credit Lyonnais International Asset Management (HK) Limited ("Credit
Lyonnais HK"), the Sub-Adviser to New Asia Growth Fund, has been acquired by
Nicholas-Applegate Capital Management (Hong Kong) LLC ("Nicholas-Applegate"),
effective August 1, 1997. A new sub-advisory agreement between Hawaiian Trust
Company, Limited (and its successor Pacific Century Trust) and
Nicholas-Applegate has been in effect since that date.
Nicholas-Applegate, a California limited liability company, is located
at Room 604-6, Three Exchange Square, 8 Connaught Place, Central, Hong Kong,
and is part of an investment management organization which together manage in
excess of $30 billion through a variety of investment products and services.
Nicholas-Applegate is registered as an investment adviser with the Securities
and Exchange Commission under the Investment Advisers Act of 1940.
Under the New Sub-Advisory Agreement, Pacific Century Trust will pay
Nicholas-Applegate a fee for its services equal to 0.50% of New Asia Growth
Fund's average daily net assets, computed daily and payable quarterly. The fee
paid by Pacific Century Trust to Nicholas-Applegate will represent a portion of
the 0.90% investment advisory fee paid to Pacific Century Trust. These fees are
unchanged from those previously paid to Credit Lyonnais HK.
All investment decisions of Nicholas-Applegate with respect to New Asia
Growth Fund will be made by a committee, and no person will be primarily
responsible for making recommendations to the committee.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE
