PFW Water to cease operations, redeem outstanding shares Jan. 20

By Toni Weeks

San Diego, Jan. 6 - The board of directors of the Santa Barbara Group of Mutual Funds, Inc. announced in a 497 filing with the Securities and Exchange Commission that it will cease operations of the PFW Water Fund on Jan. 20.

The board said the decision to close the fund and redeem all outstanding shares was due to the small size of the fund.

The fund will no longer pursue its investment objective and will immediately begin liquidating its portfolio, investing in cash equivalents such as money market funds, until all shares have been redeemed. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless payment in cash has been requested. Shares of the fund are otherwise not available for purchase.

Shareholders may redeem shares between Jan. 6 and Jan. 20. If shares have not been redeemed by Jan. 20, they will be automatically redeemed and proceeds sent to the address of record.

Unless an investment in the fund is through a tax-deferred retirement account, the redeeming of shares is subject to tax on any taxable gains, the filing noted.

Pasadena, Calif.-based Hillcrest Wells Advisors, LLC is investment adviser to the fund.

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