The Fund intends to invest with a value approach, and in an environmentally responsible manner where possible, in companies whose primary revenues and growth derive from some aspect of the global potable water industry: water utilities and supply, pumps and pipes, machinery and equipment, filtration and purification, compliance and testing, metering and distribution, construction and engineering, and wastewater treatment and recycling. Because the Investment Manager intends to concentrate in companies related to all aspects of the global water industry, the Fund cannot be considered a broadly diversified investment vehicle, although it is broader than a sector fund. At any given time, the Fund may also hold cash reserves pending investments in water-related companies. The Fund may also invest temporarily in diversified investment companies of various types, either open or closed end, pending investment in water-related securities or to mitigate portfolio volatility. The Fund will engage in hedging and other strategies as they relate to the securities of water-related companies, such as short selling, use of leverage, and trading in options and other derivatives.