Portfolio Update

Progressive Euro Alt. Portfolio Ltd
01 April 2005


Progressive European Alternative Portfolio Limited announces that its holdings 
as at 31 March 2005 were as follows:-



MPC Pilgrim Fund
Phylon Fund
Old Mutual UK SE Fund
Henderson UK Equity Long Short Fund
Corin Capital UK Equity Fund
Henderson European Absolute Return Fund
Threadneedle UK Crescendo Fund
Ennismore European Smaller Companies Fund
Polar Capital European Smaller Companies Absolute Return Fund



No other investments were held on 31 March 2005.  The Company has given notice 
to redeem all of the above investments.






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