As at the 31st of August 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$238.78 net of all fees and expenses, up 1.77% from US$234.62 in July. The fund is up 21.91% YTD. Please see the table at the end of this letter for further detail.
At the end of August the fund was about 75% invested, with the split being approximately as follows:
Details of the individual holdings are always available to investors on request.