Net Asset Value(s)

Acorn Income Fund Ld
03 August 2005

The directors of Acorn Income Fund Limited today announce that the Net Asset
Value per Ordinary Share based on mid market prices as at 31 July 2005 was
151.02 pence.

Enquiries to:               Collins Stewart Fund Management Limited

                                 No 1 Le Truchot

                                 St Peter Port

                                 Guernsey GY1 4AE




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