<PAGE> 1
PACIFIC CAPITAL FUNDS
SUPPLEMENT DATED MAY 12, 1999 TO THE
CLASS A AND CLASS B RETAIL SHARES PROSPECTUS DATED DECEMBER 1, 1998
Effective May 1, 1999, the paragraph under the sub-heading "The Sub-Advisers" on
page 33 of the Prospectus should be replaced with the following:
Nicholas-Applegate Capital Management, 600 W. Broadway, San Diego, California
92101, is the Sub-Adviser to the International Stock Fund, the Small Cap Fund
and the New Asia Growth Fund, and provides investment advisory services with
respect to management of those Funds' portfolios. The Sub-Adviser's fees are
paid by Pacific Century.
Effective May 1, 1999, the paragraph under the heading "Portfolio Managers - New
Asia Growth Fund" on page 34 of the Prospectus should be replaced with the
following:
A team headed by Catherine Somhegyi is responsible for the day-to-day management
of the Fund. Ms. Somhegyi, a Partner of Nicholas-Applegate Capital Management,
is its Chief Investment Officer for Global Equity Management and has managed
assets for clients of the firm since 1987.
<PAGE> 2
PACIFIC CAPITAL FUNDS
SUPPLEMENT DATED MAY 12, 1999 TO THE
CLASS Y INSTITUTIONAL SHARES PROSPECTUS DATED DECEMBER 1, 1998
Effective May 1, 1999, the paragraph under the sub-heading "The Sub-Advisers" on
page 44 of the Prospectus should be replaced with the following:
Nicholas-Applegate Capital Management, 600 W. Broadway, San Diego, California
92101, is the Sub-Adviser to the International Stock Fund, the Small Cap Fund
and the New Asia Growth Fund, and provides investment advisory services with
respect to management of those Funds' portfolios. The Sub-Adviser's fees are
paid by Pacific Century.
Effective May 1, 1999, the paragraph under the heading "Portfolio Managers - New
Asia Growth Fund" on page 45 of the Prospectus should be replaced with the
following:
A team headed by Catherine Somhegyi is responsible for the day-to-day management
of the Fund. Ms. Somhegyi, a Partner of Nicholas-Applegate Capital Management,
is its Chief Investment Officer for Global Equity Management and has managed
assets for clients of the firm since 1987.
