<PAGE> 1
PACIFIC CAPITAL FUNDS
CLASS A AND CLASS B RETAIL SHARES PROSPECTUS
SUPPLEMENT DATED MARCH 24, 2000
TO PROSPECTUS DATED DECEMBER 1, 1999
Capitalized terms not defined in this Supplement have the same meaning
assigned to them in the Prospectus.
1. The "Fees and Expenses" table and "Expense Example" in the section
entitled "RISK/RETURN SUMMARY AND FUND EXPENSES" on pages 21 and 22 for
the Short Intermediate U.S. Treasury Fund are deleted in their entirety
and replaced as follows:
FEES AND EXPENSES
The fees and expenses for Class A shares are
based upon the actual operating expenses for
the fiscal year ended July 31, 1999.
<TABLE>
<S> <C>
SHAREHOLDER TRANSACTION EXPENSES
(EXPENSES PAID BY YOU DIRECTLY) A SHARES
Maximum sales charge (load) on purchases
(as a % of offering price or sale price,
whichever is less) 2.25%(1,3)
Maximum deferred sales charge (load)
(as a % of offering price) None(2)
ANNUAL FUND OPERATING EXPENSES
(FEES PAID FROM FUND ASSETS) A SHARES
Management fee* 0.50%
Distribution (12b-1) fee 0.75%*
Other expenses* 0.44%
Total Fund operating expenses* 1.69%
</TABLE>
* The Adviser is limiting the Management
fee to 0.30%, the Distributor is limiting
the 12b-1 fee to 0.25%, and the
Administrator is waiving a portion of the
Administration fee so that Other expenses
were 0.39%. TOTAL FUND OPERATING EXPENSES
AFTER THESE FEE WAIVERS FOR CLASS A SHARES
WERE 0.94%. These expense limitations may
be revised or canceled at any time.
As an investor in the Short
Intermediate U.S. Treasury
Securities Fund, you will
pay the following fees and
expenses. Shareholder
transaction fees are paid
from your
account. Annual Fund
operating expenses are paid
out of Fund assets, and are
reflected in the share
price. If you purchase
shares through a broker or
other investment
representative, including
an affiliate of Pacific
Century, they may charge
you an account-level fee
for additional services
provided to you in
connection with your
investment in the Fund.
(1) Lower sales charges are available depending upon the amount invested.
(2) For investments of $1 million or more, a Contingent Deferred Sales Charge
is applicable to redemptions within one year of purchase.
(3) Long-term shareholders may pay indirectly more than the equivalent of the
maximum permitted front-end sales charge due to the recurring nature of 12b-1
fees.
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EXPENSE EXAMPLE
<TABLE>
<S> <C> <C> <C> <C>
1 3 5 10
YEAR YEARS YEARS YEARS
CLASS A SHARES $393 $746 $1,122 $2,178
</TABLE>
12/99 PCP0027/SUP01
Use this table to compare fees
and expenses of the Fund with
those of other funds. It
illustrates the amount of
fees and expenses you would
pay assuming the following:
- $10,000 investment in the
Fund
- 5% annual return
- no changes in the Fund's
operating expenses
Because this example is
hypothetical and for
comparison only, your actual
costs will be different.
Currently, the Class B shares of
the Fund are not being
offered to the public.
