The fund's objectives are preservation of capital, liquidity, and, consistent with these, the highest possible current income.
The Summit Cash Reserves Fund is a money market fund managed to provide a stable share price. It invests in high-quality, U.S. dollar-denominated money market securities of U.S. and foreign issuers. The fund's securities mature in 13 months or less. The fund's average weighted maturity will not exceed 60 days, and its yield will fluctuate with changes in short-term interest rates.
Summit Cash Reserves Fund can be an appropriate place for investors to put money between investments or during uncertain market conditions, are seeking current income with stable principal values, and can meet the fund's $25,000 initial purchase requirement. The fund is appropriate for tax-deferred retirement plans, such as IRAs.
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The Summit Cash Reserves Fund offers a relatively secure, liquid investment that seeks to provide the highest possible income available from low-risk, short-term securities. Since it invests in very short-term securities, the fund has less exposure to interest rate risk and to principal loss than short-term bond funds, which may offer higher yields.An investment in the fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.