Neil D. Berlant

Neil D. Berlant, Portfolio Manager of the PFW Water Fund, has been continuously
involved since 1968 in the investment banking industry, either as a principal,
officer or founder of several firms. He has supervised and initiated the
publication of numerous investment research reports on the water industry and
conducted conferences directed toward top corporate management, the investment
community and venture capitalists. He has been a speaker at conferences on
topics ranging from financing to business and investment opportunities in the
water industry. In addition, he has consulted to Fortune 500 companies and
participated in negotiations concerning mergers, acquisitions and venture
capital investments. He is quoted frequently in newspapers including The Wall
Street Journal, The New York Times, Los Angeles Times, Investor’s Business Daily
and many others. Prior to becoming Portfolio Manager of the PFW Water Fund in
June 2007, Mr. Berlant was: Senior Vice President, Managing Director-Crowell,
Weedon & Co.; First Vice President, Managing Director-The Seidler Companies;
Senior Vice President-Wells Fargo Investments; First Vice President-Investments
with PaineWebber Incorporated; Founder and Managing Partner of Water Research
Associates; First Vice President with Cantor, Fitzgerald and Company; co-Founder
and Senior Vice President of the Amdec portion of Seidler Amdec Securities;
institutional salesman with Crowell Weedon and Company; Partner, Vice President
and Manager of Institutional Equity Trading with Stern, Frank, Meyer and Fox
(Mr. Berlant sold his interest to Drexel, Burnham, Lambert in their acquisition
of the firm); and an equity trader with Kleiner, Bell and Company, an investment
banking firm in Beverly Hills. He received his Bachelor’s degree in Finance from
the California State University in Los Angeles.