Portfolio Update

Acorn Income Fund Ld
04 July 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 30 June 2005:



Name of Company


James Halstead Ord GBP0.10
BSS Group Ord GBP0.20
Conversion 9% Loan Stock 2011
Rotork Ord GBP0.05
Diploma Ord GBP0.05
Robert Walters Ord GBP0.20
Renishaw Ord GBP0.20
Vp Ord GBP0.05
Nationwide B/S FRN 06/2010
Alpha Airports Group Ord GBP0.10




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