Disclosure Requirement

Acorn Income Fund Ld
02 April 2004

Acorn Income Fund Limited (the 'Company')

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

In accordance with the UKLA Listing Rule 21.20(l)(i), the following list
represents the Company's investments as at 31 March 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):

CI Income Fund (Suspended) - 0.00%

In accordance with the UKLA Listing Rule 21.20(l)(ii), the following list
represents the Company's ten largest investments as at 31 March 2004:

Name of Company

James Halstead
Conversion 9% Loan Stock
Robert Walters
Pendragon
Rotork
BSS Group
Wellington Holdings
Diploma
Abacus Group
Alpha Airports Group


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