Portfolio Update

Acorn Income Fund Ld
05 January 2005

Acorn Income Fund Limited (the 'Company')



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



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 2004:



Name of Company


James Halstead Ord GBP0.10
BSS Group Ord GBP0.20
Conversion 9% Loan Stock 2011
Wellington Holdings Ord GBP0.10
Rotork Ord GBP0.05
Diploma Ord GBP0.05
Pendragon Ord GBP0.25
Robert Walters Ord GBP0.20
Alpha Airports Group Ord GBP0.10
Renishaw Ord GBP0.20




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