SBIC Growth & Income Fund


Fund Investment Objectives

The SBIC Growth & Income Fund is one of four funds managed by Santa Barbara Investment Capital. This Fund uses selected managers from both the SBIC Growth Fund and SBIC Income Fund to provide returns that are higher than the SBIC Income Fund and safer than the SBIC Growth Fund. Our August '98 return was hurt by an investment in an international bond fund that we have since closed out and since 1998 we have become much more diversified. Almost all investments are now U.S. based. Underlying Funds are only disclosed to existing investors.