Interim Management Statement

Advance Focus Fund Limited

                    Interim Management Statement

This interim management statement covers the period from the 1
October 2007 to 31 January 2008. It is the first interim management
statement from the Company in the year to 30 September 2008, as
required by the UK Listing Authority's Disclosure and Transparency
Rule 4.3.


Over the four months to 31 January 2008 the Advance Focus Fund net
asset value fell by 10.9% as compared to a 9.0% fall in the FTSE
All-Share Total Return Index.



+-------------------------------------------------------------------+
|                  | 1.10.07 - | 1.10.06 - | 1.10.05 - | 27.04.05 - |
|                  | 31.01.08  | 30.09.07  | 30.09.06  |  30.09.05  |
|------------------+-----------+-----------+-----------+------------|
| Advance Focus    |  -10.9%   |   -2.1%   |  +19.8%   |   +0.5%    |
| NAV Total Return |           |           |           |            |
|------------------+-----------+-----------+-----------+------------|
| FTSE All-Share   |   -9.0%   |  +12.2%   |  +14.7%   |   +14.8%   |
| Total Return     |           |           |           |            |
+-------------------------------------------------------------------+



The Directors declared a dividend of 1.5 pence per share for the year
ended 30 September 2007. The shares went ex dividend on 6 February
2008 and this is reflected in net asset values published after that
date.  The latest published net asset value as at 8 February 2008 was
114.53p per share.

The Annual General Meeting of the Company will be held on 5 March
2008. Resolution 6 asks shareholders to approve the continuation of
the Company in its present form. The Directors do not think they can
support a vote for continuation and recommend that the Company
proceeds to an orderly realisation of its investments and a return of
funds to shareholders as soon as possible. The Board have instructed
the Manager to begin realising holdings in an orderly manner and to
invest the proceeds in market related instruments.

Over the quarter to 31 December 2007 the portfolio was affected by
the adverse change in sentiment towards smaller companies. Over the
course of January, in accordance with the Board's instructions, the
Manager has raised the proportion of the portfolio invested in FTSE
100 stocks and index tracking instruments. Cash balances are being
kept to less than ten per cent. of net assets. In addition, one of
the holdings in the portfolio, Abbot Group, is the subject of an
agreed bid. Cash proceeds are expected to be received from Abbot
within fourteen days of 7 March 2008.


At close of business on 12 February 2008 (the latest practical date
before the publication of this statement), the portfolio was
distributed as follows:



+--------------------------------------------+
| Cash                               | 7.8%  |
|------------------------------------+-------|
| FTSE 100 stocks and trackers       | 43.0% |
|------------------------------------+-------|
| FTSE Mid 250 stocks and trackers   | 21.0% |
|------------------------------------+-------|
| FTSE Small Cap. & Fledgling stocks | 23.8% |
|------------------------------------+-------|
| AIM stocks                         | 4.5%  |
+--------------------------------------------+



The top ten holdings on 12 February 2008 were:

Aero Inventory
BP
Cadbury Schweppes
Compass Group
Filtronic
Friends Provident
FTSE 100 i-shares
FTSE Mid 250 i-shares
Liontrust Asset Management
UK Coal


This Interim Management Statement will be available on
www.pro-asset.com

15 February 2008

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