Summit Water Equity Fund,


Fund Investment Objectives

The Fund invests in companies whose primary revenues and growth derive from some aspect of the global potable water industry: water supply, pumps and pipes, machinery and equipment, filtration and purification, compliance and testing, utilities, metering and distribution, construction and engineering, and wastewater treatment and recycling for domestic, commercial, industrial, and agricultural uses. Because the Fund intends to concentrate specifically in companies related to all aspects of the global water industry, the Fund cannot be considered a diversified investment vehicle. 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. Moreover, the Fund may engage, in varying degree, in hedging and other strategies as they relate to the securities of water-related companies, including short selling, use of leverage, and/or trading in options.