<PAGE> 1
PACIFIC CAPITAL FUNDS
CLASS A AND CLASS B RETAIL SHARES PROSPECTUS
Supplement dated July 13, 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 reorganization of the Pacific Capital U.S. Treasury Securities Fund (the
"Treasury Fund") into the Pacific Capital Diversified Fixed Income Fund was
approved at a special meeting of shareholders of the Treasury Fund on July 7,
2000 and has been completed. The Treasury Fund is no longer offered for sale.
12/99PCP0027/S3
<PAGE> 2
PACIFIC CAPITAL FUNDS
CLASS Y - INSTITUTIONAL SHARES PROSPECTUS
Supplement dated July 13, 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 reorganization of the Pacific Capital U.S. Treasury Securities Fund
(the "Treasury Fund") into the Pacific Capital Diversified Fixed Income Fund
was approved at a special meeting of shareholders of the Treasury Fund on
July 7, 2000 and has been completed. The Treasury Fund is no longer offered
for sale.
12/99PCP0028/S3
