Pangolin Asia Fund Third Quarter 2005 Report

  Date : 27th September 2005

The Net Asset Value of the A shares was U$94.90 at the end of the period. Please note that the fund has a November year end, thus the third quarter ended on August the 31st.

At the quarter’s end the fund was approximately 95% invested. Investing cash has not been difficult recently as share prices of target companies have been weak. Sadly these same prices have not immediately recovered following our purchase, hence the lacklustre NAV performance.

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