Disclosure Requirement

Acorn Income Fund Ld 05 January 2004 Acorn Income Fund Limited (the 'Company') Disclosure requirement re : UKLA Listing Rule 21.20(l)(i) & 21.20(l)(ii) In accordance with the UKLA Listing Rule 21.20(l)(i), the following list represents the Company's investments as at 31 December 2003, in other UK listed investment companies (including investment trusts) which themselves do not have a stated investment policy to invest no more than 15% of their gross assets in other UK listed investment companies (including investment trusts): American Investment Trust (Suspended) BFS Equity Income & Bond Trust Britannic Global Income Trust (Suspended) CI Income Fund (Suspended) Edinburgh Leveraged Income Fund Exeter Smaller Companies Fund Framlington Global Financial & Income Fund Martin Currie Capital Return Trust-B The total value of all of the above holdings represents less than 0.12% of the Company's gross assets as at 31 December 2003. In accordance with the UKLA Listing Rule 21.20(l)(ii), the following list represents the Company's ten largest investments as at 31 December 2003: Name of Company Conversion 9% Loan Stock Robert Walters James Halstead Rotork BSS Group Diploma Alpha Airports Group Wellington Holdings Abacus Group Pendragon This information is provided by RNS The company news service from the London Stock Exchange
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