Listing Rule 21.20 (l) i

Acorn Income Fund Ld
03 February 2004


Acorn Income Fund Limited (the 'Company')

Disclosure requirement re : UKLA Listing Rule 21.20(l)(i)

In accordance with the UKLA Listing Rule 21.20(l)(i), the following list
represents the Company's investments as at 31 January 2004, 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
CI Income Fund (Suspended)
Edinburgh Leveraged Income Fund
Exeter Smaller Companies Fund
Framlington Global Financial & Income Fund

The total value of all of the above holdings represents less than 0.02% of the
Company's gross assets as at 31 January 2004.


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