<PAGE> 1
PACIFIC CAPITAL FUNDS
SUPPLEMENT DATED JUNE 29, 1999 TO THE
CLASS A AND CLASS B RETAIL SHARES PROSPECTUS DATED DECEMBER 1, 1998
The Balanced Fund will commence operations on or about June 18, 1999. The
following information should replace the information under the sub-heading
"Portfolio Managers" on page 35 of the prospectus:
BALANCED FUND. A team of Clyde Powers, CFA and David Todani, CFA is
responsible for the day-to-day management of the Fund. Mr. Powers
serves as a Vice President and Team Leader on the Equity Investment
Team at Pacific Century and has 26 years of experience managing growth
funds and growth oriented portfolios for institutional investors.
Before joining Pacific Century in 1997, Mr. Powers served as a
portfolio manager for Amcore Investment Group from 1995 to 1997, and
as Managing Director - Investment Operations for Union Capital
Advisors from 1984 to 1995. Mr. Todani serves as a Vice President and
Team Leader on the Taxable Fixed-Income Investment Team at Pacific
Century. Before joining the Fixed-Income Investment Team, Mr. Todani
served as a fixed income portfolio manager and treasury officer for
the Bank of Hawaii from 1983 to 1994.
<PAGE> 2
PACIFIC CAPITAL FUNDS
SUPPLEMENT DATED JUNE 29, 1999 TO THE
CLASS Y INSTITUTIONAL SHARES PROSPECTUS DATED DECEMBER 1, 1998
The Balanced Fund will commence operations on or about June 18, 1999. The
following information should replace the information under the sub-heading
"Portfolio Managers" on page 46 of the prospectus:
BALANCED FUND. A team of Clyde Powers, CFA and David Todani, CFA is
responsible for the day-to-day management of the Fund. Mr. Powers
serves as a Vice President and Team Leader on the Equity Investment
Team at Pacific Century and has 26 years of experience managing growth
funds and growth oriented portfolios for institutional investors.
Before joining Pacific Century in 1997, Mr. Powers served as a
portfolio manager for Amcore Investment Group from 1995 to 1997, and
as Managing Director - Investment Operations for Union Capital
Advisors from 1984 to 1995. Mr. Todani serves as a Vice President and
Team Leader on the Taxable Fixed-Income Investment Team at Pacific
Century. Before joining the Fixed-Income Investment Team, Mr. Todani
served as a fixed income portfolio manager and treasury officer for
the Bank of Hawaii from 1983 to 1994.
