Exhibit (d)(7.1)
FIRST ADDENDUM
Pacific Capital International Stock Fund and Pacific Capital Small Cap
Fund
THIS FIRST ADDENDUM, dated October 1, 2002, to the Sub-Advisory
Agreement dated March 8, 2001 between Bank of Hawaii through its Asset
Management Group (the "Advisor") and Xxxxxxxx Xxxxxxxxx Capital Management, a
California limited partnership (the "Sub-Advisor"), modifies the Sub-Advisory
Agreement as follows:
1. By its execution of this First Addendum, Pacific Capital Funds
(the "Trust") becomes a party to the Sub-Advisory Agreement.
2. The text of Section 8 "Compensation" is deleted in its
entirety and the following substituted in lieu thereof:
For the services provided and the expenses assumed with respect to
each of the Funds pursuant to this Agreement, the Sub-Adviser will
be entitled to a fee, computed daily and payable quarterly directly
by the Trust, calculated at the annual rate of 0.65% on the first
$50 million of the Fund's average daily net assets and 0.60% on
average daily net assets in excess of $50 million for Pacific
Capital International Stock Fund and 0.60% on the first $50 million
of the Fund's average daily net assets and 0.55% on average daily
net assets in excess of $50 million for Pacific Capital Small Cap
Fund.
IN WITNESS WHEREOF, the parties hereto have caused this instrument
to be executed by their officers designated below as of the day and year first
above written.
BANK OF HAWAII XXXXXXXX XXXXXXXXX CAPITAL
(successor by merger to Hawaiian MANAGEMENT
Trust Company, Ltd.), through its
Asset Management Group By: /s/ Xxxxxxx X. Xxxxx, Xx.
Name: Xxxxxxx X. Xxxxx, Xx.
By: /s/ Xxxxxx X. Xxxxxxxx Title: Deputy General Counsel
Name: Xxxxxx X. Xxxxxxxx
Title: Executive Vice President
PACIFIC CAPITAL FUNDS
By: /s/ Xxxxxx X. Xxxxxxx
Name: Xxxxxx X. Xxxxxxx
Title: Executive Vice President
