Portfolio Update

Progressive Euro Alt. Portfolio Ltd
04 October 2004


Progressive European Alternative Portfolio Limited announces that its top ten 
holdings as at 30 September 2004 were as follows:-



Henderson European Absolute Return Fund
MPC Pilgrim Fund
Polar Capital MN Fund
Ennismore European Smaller Companies Fund
The Alphagen Avior Fund
Old Mutual UK SE Fund
Odey European Fund
Henderson UK Equity long Short Fund
Corin Capital UK Equity Fund
Bailey Coates Cromwell 'B'


No other investments were held on 30 September 2004 which represented more than 
5% of gross assets.



                      This information is provided by RNS
            The company news service from the London Stock Exchange