As at the 31st of July 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$234.62 net of all fees and expenses, up 3.15% from US$227.45 in May. The fund is up 19.78% YTD. Please see the table at the end of this letter for further detail.
At the end of July 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.