Quest UCL Pan

Asian Fund

Fund Investment Objectives

The investment objective of the Fund is to seek superior long term capital appreciation through investment primarily in corporate equity securities of companies whose principal assets or operations are located in Asia (including Japan, India, Australia and New Zealand), or whose income is derived primarily from Asia. The Fund will invest primarily in publicly-traded Asian common stocks, but its investments may at any time include long or short positions in privately negotiated (or restricted) common stocks of publicly traded companies, preferred stocks, stock warrants and rights, sovereign debt, corporate debt, bonds, notes or other debentures or debt participations, convertible securities, swaps and other derivative instruments, future contracts and options thereon, contracts for difference, partnership interests and other securities or financial instruments including those of investment companies. The Fund will not invest in the securities of a non-publicly traded issuer. The Fund may invest in "unseasoned" as well as mature companies. In addition, the Fund may buy, sell or write options of any or all types. The Fund may also buy securities on margin and may arrange with banks, brokers and other financial institutions to borrow money against a pledge of securities in order to employ leverage when the Investment Managers deem such action appropriate (although it is anticipated that the Fund will use such leverage only occasionally, with a debt to equity ratio not exceeding 1 to 1). While the Fund intends to concentrate its investments in Asia, the Fund may also invest up to 25 percent of its net asset value, measured at the time of investment, in other non-Asian countries.