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.

At 31st of July 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$107.96 net of all fees and expenses, up from US$106.34 in June.

As of 30th June 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$106.34 net of all fees and expenses, down from US$108.82 in May.

The net asset value of the A shares was US$108.82 at the end of the period. Please note that the fund has a November year end, thus the first half ended on May the 31st.