Investment Policy

Acorn Income Fund Ld
23 October 2003

ACORN INCOME FUND (the 'Company')

Investment Policy

In anticipation of impending changes to the Listing Rules, the Board announces
that the Company's policy is to invest no more than 15% of gross assets in other
listed investment companies (including listed investment trusts).

Enquiries

Collins Stewart Fund Management Limited
Tel [phone]


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