Abstract: A pontoon boat having central pontoon located between outer pontoons. The outer pontoons are fixed with respect to the deck and the central pontoon is movably fixed with respect to the deck. The central pontoon is movable with respect to the outer pontoons and the deck between a first position that locates the central pontoon near the deck and a second position that locates the central pontoon relatively far from the deck. The central pontoon is selectively fixable between the first and second positions.