Pangolin Asia Fund October 2006 NAV

  Date : 12th October 2006

At 31st October 2006, the NAV of the Class A shares of Pangolin Asia Fund was US$117.94 net of all fees and expenses, up from US$112.41 in September.

At the end of October the fund was approximately 91% invested, split between Singapore, Malaysia and Indonesia. I don’t disclose the individual holdings in this newsletter but I am happy to discuss them openly on request.

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