At 30th May 2007, the NAV of the Class A shares of Pangolin Asia Fund was US$157.90, net of all fees and expenses, up 2.75% from US$153.68 in April.

At 30th April 2007, the NAV of the Class A shares of Pangolin Asia Fund was US$153.68, net of all fees and expenses, up 6.60% from US$144.17 in March.

At 31st March 2007, the NAV of the Class A shares of Pangolin Asia Fund was US$144.17, net of all fees and expenses, up 2.43% from US$140.75 in February.

At 28th February 2007, the NAV of the Class A shares of the Pangolin Asia Fund was US$140.75, net of all fees and expenses, up 3.17% from US$136.43 in January.

At 31st January 2007, the NAV of the Class A shares of Pangolin Asia Fund was US$135.89, net of all fees and expenses, up 5.48% from US$128.83 in December.

At 31st December 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$128.83, net of all fees and expenses, up 2.40% from US$125.81 in November.

At 30th November 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$125.81, net of all fees and expenses, up from US$117.94 in October.

At 31st October 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$117.94 net of all fees and expenses, up from US$112.41 in September.

At 29th of September 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$112.41 net of all fees and expenses, up from US$110.76 in August.

At 31st of August 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$110.76 net of all fees and expenses, up from US$107.96 in July.