<PAGE> 1
PACIFIC CAPITAL FUNDS
CLASS Y -- INSTITUTIONAL 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.
The "Fees and Expenses" table and "Expense Example" in the section
entitled "RISK/RETURN SUMMARY AND FUND EXPENSES" on page 34 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 Y Shares are
based upon the actual operating expenses for
the fiscal year ended July 31, 1999.
<TABLE>
<S> <C>
ANNUAL FUND OPERATING EXPENSES(1)
(FEES PAID FROM FUND ASSETS) Y SHARES
Management fee 0.50%
Other expenses 0.44%
Total Fund operating expenses 0.94%
</TABLE>
(1) The Adviser is limiting the Management
fee to 0.30%. 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 Y SHARES WERE 0.69%. These expense
limitations may be revised or canceled at
any time.
EXPENSE EXAMPLE
<TABLE>
<S> <C> <C> <C> <C>
1 3 5 10
YEAR YEARS YEARS YEARS
CLASS Y SHARES $96 $300 $520 $1,155
</TABLE>
12/99PCP0028/SUP01
As an investor in the Short
Intermediate U.S. Treasury
Securities Fund, you will
pay the following fees and
expenses. 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.
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
- redemption at the end of
each period
- no changes in the Fund's
operating expenses
Because this example is
hypothetical and for
comparison only, your actual
costs will be different.
