As of the 31st of March 2009, the NAV of the Class A shares of the Pangolin Asia Fund was U$98.12 net of all fees and expenses, up 1.81% from US$96.38 in February.

As of the 28th of February 2009, the NAV of the Class A shares of the Pangolin Asia Fund was U$96.38 net of all fees and expenses, up 0.74% from US$95.67 in January.

As of the 31st of January 2009, the NAV of the Class A shares of the Pangolin Asia Fund was U$95.67 net of all fees and expenses, down 4.59% from US$100.27 in December.

As of the 31st of December 2008, the NAV of the Class A shares of the Pangolin Asia Fund was U$100.27 net of all fees and expenses, up a mind-boggling 16.62% from US$85.98 in November.

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.