<PAGE> 1
PACIFIC CAPITAL FUNDS
CLASS A AND CLASS B RETAIL SHARES PROSPECTUS
Supplement dated May 4, 2000
To Prospectus dated December 1, 1999
Capitalized terms not defined in this Supplement have the same meaning assigned
to them in the Prospectus.
INVESTMENT ADVISER NAME CHANGE
The Investment Adviser is now referred to as "The Asset Management Group of Bank
of Hawaii," a separately identifiable department of Pacific Century Trust, which
is a division of the Bank of Hawaii. All references in the prospectus to Pacific
Century Trust or Pacific Century are hereby revised and referred to as "The
Asset Management Group."
BALANCED FUND PORTFOLIO MANAGERS
Janet E. Katakura has replaced David Todani as co-portfolio manager of the
Balanced Fund. Ms. Katakura is Vice President, Team Leader and Manager of the
Taxable Fixed Income Investment Team for The Asset Management Group. She joined
The Asset Management Group as a portfolio manager in 1983.
12/99PCP0026/SUP03
<PAGE> 2
PACIFIC CAPITAL FUNDS
CLASS A AND CLASS B RETAIL SHARES PROSPECTUS
Supplement dated May 4, 2000
To Prospectus dated December 1, 1999
Capitalized terms not defined in this Supplement have the same meaning assigned
to them in the Prospectus.
The Board of Trustees of Pacific Capital Funds has approved the proposed
reorganization of the Pacific Capital U.S. Treasury Securities Fund (the
"Treasury Fund") into the Pacific Capital Diversified Fixed Income Fund (the
"Diversified Fund"), subject to approval of the shareholders of the Treasury
Fund. If the reorganization is approved, on the closing date shareholders of the
Treasury Fund will receive shares of the same Class (A or Y) of the Diversified
Fund with the same total value as their shares of the Treasury Fund. Further
details will be provided in a combined proxy statement and prospectus that will
be mailed on or about June 1, 2000. The Trust currently plans to hold the
shareholder meeting on July 5, 2000, and to complete the reorganization as soon
thereafter as is practicable.
12/99PCP0027/SUP02
<PAGE> 3
PACIFIC CAPITAL FUNDS
CLASS A AND CLASS B RETAIL SHARES PROSPECTUS
Supplement dated May 4, 2000
To Prospectus dated December 1, 1999
Capitalized terms not defined in this Supplement have the same meaning assigned
to them in the Prospectus.
INVESTMENT ADVISER NAME CHANGE
The Investment Adviser is now referred to as "The Asset Management Group of Bank
of Hawaii," a separately identifiable department of Pacific Century Trust, which
is a division of the Bank of Hawaii. All references in the prospectus to Pacific
Century Trust or Pacific Century are hereby revised and referred to as "The
Asset Management Group."
12/99PCP0027/SUP03
<PAGE> 4
PACIFIC CAPITAL FUNDS
CLASS Y -- INSTITUTIONAL SHARES PROSPECTUS
Supplement dated May 4, 2000
To Prospectus dated December 1, 1999
Capitalized terms not defined in this Supplement have the same meaning assigned
to them in the Prospectus.
The Board of Trustees of Pacific Capital Funds has approved the proposed
reorganization of the Pacific Capital U.S. Treasury Securities Fund (the
"Treasury Fund") into the Pacific Capital Diversified Fixed Income Fund (the
"Diversified Fund"), subject to approval of the shareholders of the Treasury
Fund. If the reorganization is approved, on the closing date shareholders of the
Treasury Fund will receive shares of the same Class (A or Y) of the Diversified
Fund with the same total value as their shares of the Treasury Fund. Further
details will be provided in a combined proxy statement and prospectus that will
be mailed on or about June 1, 2000. The Trust currently plans to hold the
shareholder meeting on July 5, 2000, and to complete the reorganization as soon
thereafter as is practicable.
12/99PCP0028/SUP02
<PAGE> 5
PACIFIC CAPITAL FUNDS
CLASS Y -- INSTITUTIONAL SHARES PROSPECTUS
Supplement dated May 4, 2000
To Prospectus dated December 1, 1999
Capitalized terms not defined in this Supplement have the same meaning assigned
to them in the Prospectus.
INVESTMENT ADVISER NAME CHANGE
The Investment Adviser is now referred to as "The Asset Management Group of Bank
of Hawaii," a separately identifiable department of Pacific Century Trust, which
is a division of the Bank of Hawaii. All references in the prospectus to Pacific
Century Trust or Pacific Century are hereby revised and referred to as "The
Asset Management Group."
BALANCED FUND PORTFOLIO MANAGERS
Janet E. Katakura has replaced David Todani as co-portfolio manager of the
Balanced Fund. Ms. Katakura is Vice President, Team Leader and Manager of the
Taxable Fixed Income Investment Team for The Asset Management Group. She joined
The Asset Management Group as a portfolio manager in 1983.
12/99PCP0028/SUP03
<PAGE> 6
PACIFIC CAPITAL FUNDS
CLASS A AND CLASS B RETAIL SHARES PROSPECTUS
Supplement dated May 4, 2000
To Prospectus dated December 1, 1999
Capitalized terms not defined in this Supplement have the same meaning assigned
to them in the Prospectus.
INVESTMENT ADVISER NAME CHANGE
The Investment Adviser is now referred to as "The Asset Management Group of Bank
of Hawaii," a separately identifiable department of Pacific Century Trust, which
is a division of the Bank of Hawaii. All references in the prospectus to Pacific
Century Trust or Pacific Century are hereby revised and referred to as "The
Asset Management Group."
12/99PCP0029/SUP03
<PAGE> 7
PACIFIC CAPITAL FUNDS
STATEMENT OF ADDITIONAL INFORMATION
Supplement dated May 4, 2000
To Statement of Additional Information dated December 1, 1999
Capitalized terms not defined in this Supplement have the same meaning assigned
to them in the Statement of Additional Information .
INVESTMENT ADVISER NAME CHANGE
The Investment Adviser is now referred to as "The Asset Management
Group of Bank of Hawaii," a separately identifiable department of Pacific
Century Trust, which is a division of the Bank of Hawaii. All references in the
Statement of Additional Information to Pacific Century Trust or Pacific Century
are hereby revised and referred to as "The Asset Management Group."
12/99PCPSAI/SUP03
