<PAGE> 1
PACIFIC CAPITAL FUNDS
NEW ASIA GROWTH FUND
SUPPLEMENT DATED AUGUST 12, 1998 TO THE
CLASS A AND B SHARES PROSPECTUS DATED NOVEMBER 29, 1997
(AS SUPPLEMENTED ON MARCH 16, 1998)
The third paragraph under the sub-heading "Class B Shares" on page 30 of
the Prospectus should be replaced with the following:
The contingent deferred sales charge is waived on redemptions of Class B
shares (i) following the death or disability (as defined in the Internal Revenue
Code (the "Code")) of a shareholder (or both shareholders in the case of joint
accounts), (ii) to participants or beneficiaries from retirement plans, if the
distributions are made under an automatic withdrawal plan after the participant
reaches age 59 1/2 as long as the payments are no more than 10% of the account
value annually (measured from the date the Transfer Agent receives the request),
and (iii) to the extent redemption represents the minimum distribution from
retirement plans under Code Section 401 (a) where such redemptions are necessary
to make distributions to plan participants.
PCS-0001
<PAGE> 2
PACIFIC CAPITAL FUNDS
GROWTH AND INCOME FUND
GROWTH STOCK FUND
SUPPLEMENT DATED AUGUST 12, 1998 TO THE
CLASS A AND B SHARES PROSPECTUS DATED NOVEMBER 29, 1997
(AS SUPPLEMENTED ON MARCH 16, 1998)
The fourth paragraph under the sub-heading "Class B Shares" on page 22 of
the Prospectus should be replaced with the following:
The contingent deferred sales charge is waived on redemptions of Class B
shares (i) following the death or disability (as defined in the Internal Revenue
Code (the "Code")) of a shareholder (or both shareholders in the case of joint
accounts), (ii) to participants or beneficiaries from retirement plans, if the
distributions are made under an automatic withdrawal plan after the participant
reaches age 59 1/2 as long as the payments are no more than 10% of the account
value annually (measured from the date the Transfer Agent receives the request),
and (iii) to the extent redemption represents the minimum distribution from
retirement plans under Code Section 401 (a) where such redemptions are necessary
to make distributions to plan participants.
PCS-0002
<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 AUGUST 12, 1998 TO THE
CLASS A AND B SHARES PROSPECTUS DATED NOVEMBER 29, 1997
(AS SUPPLEMENTED ON MARCH 16, 1998)
The second full paragraph under the sub-heading "Class B Shares" on page 27
of the Prospectus should be replaced with the following:
The contingent deferred sales charge is waived on redemptions of Class B
shares (i) following the death or disability (as defined in the Internal Revenue
Code (the "Code")) of a shareholder (or both shareholders in the case of joint
accounts), (ii) to participants or beneficiaries from retirement plans, if the
distributions are made under an automatic withdrawal plan after the participant
reaches age 59 1/2 as long as the payments are no more than 10% of the account
value annually (measured from the date the Transfer Agent receives the request),
and (iii) to the extent redemption represents the minimum distribution from
retirement plans under Code Section 401 (a) where such redemptions are necessary
to make distributions to plan participants.
PCS-0003
