As at the 31st of January 2011 the NAV of the Class A shares of the Pangolin Asia Fund was US$261.86 net of all fees and expenses, down 2.82% from US$269.47 in December.Please see the table at the end of this letter for further detail.

As of today, the fund is just about 68% invested, with the split being approximately as follows:

Indonesia 48%
Malaysia 23%
Singapore 20%
Thailand 9%

Details of the individual holdings are always available to investors on request.

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