Tay Fund Portfolio NAV Update April 2012

Accurate as of 20 April 2012

Initial Net Asset Value: $10.00

Net Asset Value as of  April 20 2012: $11.28

Hypothetical Growth of $10,000 invested since September 2011 (NAV at September 2011 was $9.71)

* A total return index is an index that measures the performance of a group of components by assuming that all cash distributions (dividends) are reinvested, in addition to tracking the components’ price movements

Portfolio Net Asset Value will be updated monthly at the end of the third week of each month.