Pangolin Asia Fund June 2011 NAV

  Date : 11th July 2011

As at the 30th of June 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$291.75 net of all fees and expenses, up a 0.43% from US$290.51 in May. Please see the table at the end of this letter for further detail.

As of today, the fund is just about 82% invested, with the split being approximately as follows:

Indonesia 40%
Malaysia 34%
Singapore 20%
Thailand 6%

No names I’m afraid but details of the individual holdings are always available to investors on request.

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