<PAGE> 1
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Supplement dated July 16, 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 the adviser to the Fund has changed its name to Pacific
Century Financial Corporation. Effective September 30, 1997, Hawaiian Trust
Company, Limited, the adviser to the Fund, will change its name to Pacific
Century Trust. These changes are changes in name only and do not have any
effect on the control or management of the adviser or its parent.
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 current Sub-Adviser to 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").
The Fund's current sub-advisory agreement provides that it terminates
automatically upon consummation of a transaction of this type. Approval of a
replacement sub-advisory agreement requires approval by the Fund's trustees and
shareholders.
Accordingly, at a meeting held on May 8, 1997, the Board of Trustees
considered and approved a new sub-advisory agreement appointing
Nicholas-Applegate as sub-adviser to the Fund (the "New Sub-Advisory
Agreement") to become effective upon the closing of the acquisition of Credit
Lyonnais HK by Nicholas-Applegate. At a meeting held on May 19, 1997,
shareholders considered and approved the New Sub-Advisory Agreement.
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 an 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 (formerly,
Hawaiian 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.
<PAGE> 2
All investment decisions of Nicholas-Applegate with respect to the Fund
will be made by a committee, and no person will be primarily responsible for
making recommendations to the committee.
<PAGE> 3
PACIFIC CAPITAL FUNDS
GROWTH AND INCOME FUND
GROWTH STOCK FUND
BALANCED FUND
Supplement dated July 16, 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 the adviser to the Fund has changed its name to Pacific Century
Financial Corporation. Effective September 30, 1997, Hawaiian Trust Company,
Limited, the adviser to the Fund, will change its name to Pacific Century
Trust. These changes are changes in name only and do not have any effect on the
control or management of the adviser or its parent.
<PAGE> 4
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 July 16, 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 the adviser to the Fund has changed its name to Pacific Century
Financial Corporation. Effective September 30, 1997, Hawaiian Trust Company,
Limited, the adviser to the Fund, will change its name to Pacific Century
Trust. These changes are changes in name only and do not have any effect on the
control or management of the adviser or its parent.
<PAGE> 5
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 July 16, 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 the adviser to the Funds has changed its name to Pacific Century
Financial Corporation. Effective September 30, 1997, Hawaiian Trust Company,
Limited, the adviser to the Funds, will change its name to Pacific Century
Trust. These changes are changes in name only and do not have any effect on the
control or management of the adviser or its parent.
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 current Sub-Adviser to New Asia Growth 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").
New Asia Growth Fund's current sub-advisory agreement provides that it
terminates automatically upon consummation of a transaction of this type.
Approval of a replacement sub-advisory agreement requires approval by New Asia
Growth Fund's trustees and shareholders.
Accordingly, at a meeting held on May 8, 1997, the Board of Trustees
considered and approved a new sub-advisory agreement appointing
Nicholas-Applegate as sub-adviser to New Asia Growth Fund (the "New
Sub-Advisory Agreement") to become effective upon the closing of the
acquisition of Credit Lyonnais HK by Nicholas-Applegate. At a meeting held on
May 19, 1997, shareholders considered and approved the New Sub-Advisory
Agreement.
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 (formerly,
Hawaiian 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.
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.
