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Pangolin Asia Fund 2005 Full Year Report

  Date : 23rd December 2005

Dear Investors,

I was assured by all service providers when setting up the fund that it would be much better not to have a December year end if possible. Thus this is the report to investors for the fund’s first year which ended on 30th November 2005. The value of the Class A shares was down 3.86% for the year finishing with a final NAV of U$96.14. This is not the audited number but the value calculated by the fund’s administrator, HSBC, as are all the monthly values. The audit should be complete some time in January (by PWC) and it shouldn’t differ – but it might – and the final report and accounts will be sent out thereafter.

View full Report here