As at the 30th of June 2020 the NAV of the Class A shares of the Pangolin Asia Fund was US$364.26 net of all fees and expenses, up 1.59% from US$358.55 in May.

As at the 29th of May 2020 the NAV of the Class A shares of the Pangolin Asia Fund was US$358.55 net of all fees and expenses, up 2.55% from US$349.63 in April.

As at the 30th of April 2020 the NAV of the Class A shares of the Pangolin Asia Fund was US$349.63 net of all fees and expenses, up 11.41% from US$313.82 in March.

The HMRC has accepted Pangolin Asia Fund into the Reporting Fund regime with effect from 1 December 2013 for UK tax purposes. Investors who are subjected to UK taxation will be required to use the report available in this notice to calculate the amount of income that you will need to include in your tax return.

As at the 31st of March 2020 the NAV of the Class A shares of the Pangolin Asia Fund was US$313.82 net of all fees and expenses, down 25.36% from US$420.43 in February. YTD we’re down 36.45%. This is our biggest ever monthly fall. We own some fairly illiquid companies and Indonesia has been hit particularly hard.

As at the 29th of February 2020 the NAV of the Class A shares of the Pangolin Asia Fund was US$420.43 net of all fees and expenses, down 9.73% from US$465.73 in January.

As at the 31st of January 2020 the NAV of the Class A shares of the Pangolin Asia Fund was US$465.73 net of all fees and expenses, down 5.69% from US$493.85 in December.

As at the 31st of December 2019 the NAV of the Class A shares of the Pangolin Asia Fund was US$493.85 net of all fees and expenses, up 3.35% from US$477.85 in November. For the full year, the fund was up 10.21%.

As at the 30th of November 2019 the NAV of the Class A shares of the Pangolin Asia Fund was US$477.85 net of all fees and expenses, down 1.35% from US$484.37 in October.

As at the 31st of October 2019 the NAV of the Class A shares of the Pangolin Asia Fund was US$484.37 net of all fees and expenses, up 1.79% from US$475.87 in September.