Portfolio update

Advance Focus Fund Limited announces that its top ten holdings as at
30 September 2005 were as follows:-

London Merchant Securities PLC
UK Coal PLC
Brewin Dolphin Holdings PLC
UMBRO PLC
Hiscox PLC
Bradford & Bingley PLC
Liontrust Asset Management PLC
Nestor Healthcare Group PLC
Kensington Group PLC
Compass Group PLC
Cattles PLC

No other investments were held on 30 September 2005 which represented
greater than 5% of gross assets.




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