As of the 30th of November 2008 (the fund’s year end), the NAV of the Class A shares of the Pangolin Asia Fund was US$85.98 net of all fees and expenses, down 4.85% from US$90.36 in October.

As of the 31st of October 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$90.36 net of all fees and expenses, down 20.42% from US$113.55 in September.

As of the 30th of September 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$113.55 net of all fees and expenses, down 9.23% from US$125.09 in August.

As of the 29th of August 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$124.8 net of all fees and expenses, down 5.87% from US$132.58 in July.

As of the 31st of July 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$132.58 net of all fees and expenses, down 2.68% from US$136.23 in June.

As of the 30th of June 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$136.23 net of all fees and expenses, down 6.81% from US$146.18 in May.

As of the 31st of May 2008, the NAV of the Class A shares of Pangolin Asia Fund was US$146.18, net of all fees and expenses, down 5.10% from US$154.03 in April.

As of the 30th of April 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$154.03 net of all fees and expenses, up 2.26% from US$150.63 in March.

As of the 31st of March 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$150.63 net of all fees and expenses, down 3.78% from US$156.55 in February.

As of the 29th of February 2008, the NAV of the Class A shares of Pangolin Asia Fund was US$156.55, net of all fees and expenses, down 0.60% from US$157.49 in January.