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.

As of the 31st of January 2008, the NAV of the Class A shares of the Pangolin Asia Fund was US$157.49 net of all fees and expenses, down 3.89% from US$163.86 in December.

As of the 31st of December 2007, the NAV of the Class A shares of the Pangolin Asia Fund was US$163.86 net of all fees and expenses, up 1.95% from US$160.72 in November. That gives a 27.2% return for 2007.

As of the 30th of November 2007, the NAV of the Class A shares of Pangolin Asia Fund was US$160.72 net of all fees and expenses, down 1.5% from US$163.17 in October.

As of the 31st of October 2007, the NAV of the Class A shares of Pangolin Asia Fund was US$163.17 net of all fees and expenses, up 3.19% from US$158.13 in September.

As of the 28th of September 2007, the NAV of the Class A shares of Pangolin Asia Fund was US$158.13, net of all fees and expenses, up 5.26% from US$150.23 in August.