Interim Results

ADVANCE FOCUS FUND LIMITED
(FORMERLY PROGRESSIVE EUROPEAN ALTERNATIVE PORTFOLIO LIMITED)

PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS TO 31
MARCH 2005

CHAIRMAN'S STATEMENT

This interim report follows a period of significant change to the
Company.  The Company has amended its investment objective, changed
its management arrangements, changed its name to Advance Focus Fund
Limited and raised £11.8 million of new funds.  The reasons for these
changes were set out in a circular dated 18 March 2005.  The changes
were approved at an Extraordinary General Meeting of the Company on
21 April 2005.


The Fund of Hedge Funds Portfolio

The period saw some positive performance from the Company's hedge
fund investments.  During the six months ended 31 March 2005 the
Company's net asset value increased by 7.23%, from 103.21p to
110.67p, and the share price increased by 7.58%, from 99.00p to
106.50p.  This compares to a 9.97% increase in the FTSEurofirst 300
Index over the same period.

Following the completion of a review by the Board regarding the
Company's future, the Board put forward the proposals contained in
the circular dated 18 March 2005.  The Company has now realised all
of its hedge fund investments.  Your Board would like to express its
thanks to Progressive Alternative Investments Limited for its
contribution to the Company during its term as manager.


The Focus Fund Portfolio

The new investment objective of the Company is to outperform over the
medium term the FTSE All-Share Index with income reinvested (the "New
Benchmark Index").   The Company seeks to achieve the new objective
by investing in a concentrated portfolio of stocks which are within
the New Benchmark Index and which the new Manager considers to be
significantly undervalued.

The Company raised £11.8 million in a placing to provide new funds
for investment and to improve liquidity in the Company's shares.  The
new Manager, Progressive European Markets Limited, has begun the
process of constructing a new portfolio, but is proceeding cautiously
in the face of volatile markets.   As at 10 June 2005 the Company's
net assets were £29.7 million.


Outlook

Since 31 March 2005 we have already seen some sharp moves, both
negative and positive, in the UK stockmarket.  The UK General
Election did not have a material impact, but now the government will
have to tackle some difficult issues, particularly the parlous state
of pension funds and the burgeoning fiscal deficit.  The economy
seems finely balanced as the decline in house prices weighs on UK
consumer spending.  The new Manager will report on its progress in
detail in the next Annual Report of the Company, which will be
published in December 2005.  From July, the Company will publish
regular monthly portfolio updates, which will be available on the
Manager's website at www.pro-asset.com.



Christopher Clark
13 June 2005





STATEMENT OF TOTAL RETURN
(incorporating the profit and loss account*)




                                   Six months to 31        Six months to 31
                                      March 2005              March 2004
                                   £'000   £'000 £'000     £'000   £'000 £'000
                                 Revenue Capital Total   Revenue Capital Total
Gains on
investments                            -   1,525 1,525         -     454   454

Capital gains / (losses) on            -    (70)  (70)         -     450   450
currency movements
Net gains                              -   1,455 1,455         -     904   904
Income - bank interest                35       -    35         6       -     6
Investment management fee              -   (176) (176)         -   (122) (122)
Other expenses                      (97)       -  (97)     (100)       - (100)
Total return for period             (62)   1,279 1,217      (94)     782   688
Return per redeemable preference (0.38)p   7.85p 7.47p   (0.58)p   4.80p 4.22p
share




*The revenue column of this statement is the profit and loss account
of the Company.

All capital and revenue items in the above statement derive from
continuing operations.  No operations were acquired or discontinued
during the period.

Return per redeemable preference share is based on 16,300,000
redeemable preference shares in issue throughout the period.


SUMMARISED BALANCE SHEET




                                         At           At           At
                                   31 March     31 March      30 Sept
                                       2005         2004         2004
                                      £'000        £'000        £'000

  Fixed assets - Investments
  at market value                     8,458       15,729       16,432

  Current assets                      9,683        1,435          602
  Current liabilities                 (101)        (289)        (211)
  Net current assets                  9,582        1,146          391

  Total net assets                   18,040       16,875       16,823

  Share capital                         163          163          163
  Share premium                       7,614        7,614        7,614
  Share purchase reserve              8,069        8,069        8,069
  Capital reserves                    2,584        1,271        1,305
  Revenue reserve                     (390)        (242)        (328)
  Equity shareholders' funds         18,040       16,875       16,823

  Net asset value per               110.67p      103.52p      103.21p
  redeemable preference share


  Number of redeemable           16,300,000   16,300,000   16,300,000
  preference shares in issue



CASH FLOW STATEMENT



                                  Six months to 31   Six months to 31
                                        March 2005         March 2004
                                             £'000              £'000
Operating activities
Net cash inflow/(outflow) from                (86)                258
operating activities

Financial investment
Payments to acquire fixed asset            (1,437)            (1,877)
investments

Receipts on disposal of fixed                9,363              2,361
asset investments

Net cash inflow from investing               7,926                484
activities


Increase in cash                             7,840                742



NOTES

The Company is a closed-ended investment company incorporated and
resident in Guernsey.

The Company's investments during the interim period were in hedge
funds some of which were denominated in or exposed to either Euros or
US dollars. The Company used foreign exchange forward currency
contracts to seek to ensure that its net exposure to currencies other
than sterling did not at any time exceed 15 per cent of the Company's
net assets.

A performance fee of £66,409 was payable to Progressive Alternative
Investments Limited in respect of the six months ended 31 March
2005.  This was paid after the period end.

This report has been prepared in accordance with applicable United
Kingdom accounting standards and with the Statement of Recommended
Practice 'Financial Statements of Investment Trust Companies' as it
is considered best practice to do so, although the Company, as an
overseas company, does not meet all the criteria set out in the SORP.
The Company is not an investment trust.

These financial statements are not the Company's statutory accounts.
They are unaudited. The interim report will be sent to shareholders
and copies will be made available to the public at the registered
office of the Company and at the address of the UK Administration
Agent.

In a circular dated 18 March 2005, the Board put forward proposals
for the Company to amend its investment objective, change its
management arrangements, change its name and to increase its funds
through a placing.  These proposals were approved by shareholders at
an Extraordinary General Meeting held on 21 April 2005.  The Company
raised £11.8 million in the Placing and 10,555,495 new Redeemable
Preference Shares were issued.  Copies of the circular dated 18 March
2005 are available on request from the Company Secretary or UK
Administration Agent or can be downloaded from the website
www.pro-asset.com.


SECRETARY AND ADMINISTRATOR
Legis Corporate Services Limited
1 Le Marchant Street
St. Peter Port
Guernsey
GY1 4HP


UK ADMINISTRATION AGENT
Cavendish Administration Limited
Crusader House
145-157 St John Street
London
EC1V 4RU




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