<PAGE> 1
PACIFIC CAPITAL FUNDS
GROWTH AND INCOME FUND
GROWTH STOCK FUND
SUPPLEMENT DATED MARCH 12,1998 TO THE
CLASS A AND B SHARES PROSPECTUS DATED NOVEMBER 29, 1997
The following changes should be made to the section "How to Purchase Class A
and Class B Shares" in the Prospectus.
PURCHASE OF SHARES
1) The second and third sentences of the second paragraph on page 19
should read:
Payment for Class A and Class B shares ordered by telephone may be
made by check or by electronic transfer and must be received by the
Trust's Custodian within three days of the telephone order. If payment
is not received within three days or a check timely received does not
clear, the purchase may be canceled and the investor could be liable
for any losses or fees incurred.
2) The following sentence should be added to the seventh paragraph on
page 19.
No third party checks will be accepted.
SALES CHARGES
CLASS A SHARES
1) The second paragraph and accompanying chart on page 20 of the
Prospectus should be removed and replaced with the following:
Class A shares are offered at net asset value without an initial sales
charge for purchases of $1 million or more, but such purchases are subject to a
Contingent Deferred Sales Charge equal to 1% of the lesser of the value of the
shares redeemed (exclusive of reinvested dividends and capital gains
distributions) or the total cost of such shares in the event of a share
redemption within twelve months following the purchase. The Distributor will
provide additional compensation to securities dealers in an amount up to 1.00%
of the offering price of Class A shares of the Funds for individual sales of $1
million to $5 million and 0.50% of the offering price of Class A shares of the
Funds for individual sales over $5 million.
EXCHANGE PRIVILEGES
1) The third paragraph on page 24 should be changed to read:
Except as described below, Class A and Class B shareholders may
exchange shares of any Fund on the basis of the relative net asset value of
the shares exchanged, without payment of a sales charge, for the same class of
any other Fund or the same class of any other series of the Trust. Class A
shareholders may also exchange their shares for service class shares of the
Cash Assets Trust, the Tax-Free Cash Assets Trust, or the U.S. Treasuries Cash
Assets Trust. The exchange privilege may be exercised by the shareholders so
long as they maintain the respective minimum account balance in each Fund in
which they own shares.
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PACIFIC CAPITAL FUNDS
NEW ASIA GROWTH FUND
SUPPLEMENT DATED MARCH 12, 1998 TO THE
CLASS A AND B SHARES PROSPECTUS DATED NOVEMBER 29, 1997
The following changes should be made to the section "How to Purchase Class A
and Class B Shares" in the Prospectus.
PURCHASE OF SHARES
1) The second and third sentences of the fourth paragraph on page 26
should read:
Payment for Class A and Class B shares ordered by telephone may be
made by check or by electronic transfer and must be received by the
Trust's Custodian within three days of the telephone order. If payment
is not received within three days or a check timely received does not
clear, the purchase may be canceled and the investor could be liable
for any losses or fees incurred.
2) The following sentence should be added to the first paragraph on
page 27.
No third party checks will be accepted.
SALES CHARGES
CLASS A SHARES
1) The fourth paragraph and accompanying chart on page 27 of the
Prospectus should be removed and replaced with the following:
Class A shares are offered at net asset value without an initial sales
charge for purchases of $1 million or more, but such purchases are subject to a
Contingent Deferred Sales Charge equal to 1% of the lesser of the value of the
shares redeemed (exclusive of reinvested dividends and capital gains
distributions) or the total cost of such shares in the event of a share
redemption within twelve months following the purchase. The Distributor will
provide additional compensation to securities dealers in an amount up to 1.00%
of the offering price of Class A shares of the Funds for individual sales of $1
million to $5 million and 0.50% of the offering price of Class A shares of the
Funds for individual sales over $5 million.
EXCHANGE PRIVILEGES
1) The seventh paragraph on page 31 should be changed to read:
Except as described below, Class A and Class B shareholders may
exchange shares of any Fund on the basis of the relative net asset value of the
shares exchanged, for the same class of any other series of the Trust. Class A
shareholders may also exchange their shares for service class shares of the Cash
Assets Trust, the Tax-Free Cash Assets Trust, or the U.S. Treasuries Cash Assets
Trust. The exchange privilege may be exercised by the shareholders so long as
they maintain the respective minimum account balance in the Fund.
<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 March 12, 1998 to the
Class A and B Shares Prospectus dated November 29, 1997
The following changes should be made to the section "How to Purchase Class A
and Class B Shares" in the Prospectus.
PURCHASE OF SHARES
1) The second and third sentences of the second full paragraph on
page 24 should read:
Payment for Class A and Class B shares ordered by telephone may be
made by check or by electronic transfer and must be received by the Trust's
Custodian within three days of the telephone order. If payment is not received
within three days or a check timely received does not clear, the purchase may
be canceled and the investor could be liable for any losses or fees incurred.
2) The following sentence should be added to the sixth full paragraph on
page 24.
No third party checks will be accepted.
SALES CHARGES
CLASS A SHARES
1) The last paragraph on page 25 and accompanying chart on page 26 of
the Prospectus should be removed and replaced with the following:
Class A shares are offered at net asset value without an initial sales
charge for purchases of $1 million or more, but such purchases are subject to a
Contingent Deferred Sales Charge equal to 1% of the lesser of the value of the
shares redeemed (exclusive of reinvested dividends and capital gains
distributions) or the total cost of such shares in the event of a share
redemption within twelve months following the purchase. The Distributor will
provide additional compensation to securities dealers in an amount up to 1.00%
of the offering price of Class A shares of the Funds for individual sales of $1
million to $5 million and 0.50% of the offering price of Class A shares of the
Funds for individual sales over $5 million.
EXCHANGE PRIVILEGES
1) The sixth full paragraph on page 29 should be changed to read:
Except as described below, Class A and Class B shareholders may
exchange shares of any Fund on the basis of the relative net asset value of the
shares exchanged, without payment of a sales charge, for the same class of any
other Fund or the same class of any other series of the Trust. Class A
shareholders may also exchange their shares for service class shares of the
Cash Assets Trust, the Tax-Free Cash Assets Trust or the U.S. Treasuries Cash
Assets Trust. The exchange privilege may be exercised by the shareholders so
long as they maintain the respective minimum account balance in each Fund in
which they own shares.
<PAGE> 4
PACIFIC CAPITAL FUNDS
Supplement dated March 12, 1998 to the
Class Y Shares Prospectus dated November 29, 1997
The following change should be made to the section "How to Purchase Class A and
Class B Shares" in the Prospectus.
PURCHASE OF SHARES
The following sentence should be added to the sixth full paragraph on page
35 of the Prospectus.
No third party checks will be accepted.
