As at the 30th of June 2010 the NAV of the Class A shares of the Pangolin Asia Fund was US$227.45 net of all fees and expenses, up 6.32% from US$213.93 in May. The fund is up 16.12% YTD. Please see the table at the end of this letter for further detail.
At the end of June 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.