Interim Management Statement

Acorn Income Fund Ld
30 April 2008


Acorn Income Fund Limited


Interim Management Statement for the Quarter ended 31 March 2008.



Investment Objective


The Company aims to provide a high income together with the opportunity for
capital growth by investing in smaller capitalised companies and high yielding
securities.



Financial Highlights

                               31 December 2007   31 March 2008      % change
Ordinary share NAV                       171.91p            156.16p      -9.08%
Mid price                                162.50p            127.00p     -27.95%

Hoare Govett Smaller Companies
Index (ex investment trusts,
total return)                           3832.75            3572.40       -6.79%



Material Events and Transactions


Dividend


On 6 March, the Company declared a first interim dividend for the year ending 31
December 2008 of 2.00p per Ordinary share and was paid on 28 March 2008.


Annual General Meeting


The next Annual general Meeting of the Company will be held on 16 June 2008 at
11:00AM at Trafalgar Court, Les Banques, St Peter Port, Guernsey.



Largest Holdings (% of Gross Assets)


Smaller Companies Portfolio
Rotork                                                                     3.8%
Vp                                                                         3.4%
Fenner                                                                     3.3%
James Halstead                                                             3.1%
Spirax-Sarco Engineering                                                   3.0%
TDG                                                                        3.0%
Diploma                                                                    2.9%
Consort Medical                                                            2.9%
Renishaw                                                                   2.8%
Weir Group                                                                 2.8%



Income portfolio
Landesbank-Hessen-Thueringen 6.15% CD 16/6/08                              1.3%
HBOS 6.3673% 17/6/2019                                                     1.3%
RBS 10.5% 01/03/13                                                         1.2%
Middlefield Canadian Income Red Partic Pref                                1.2%
Aviva 5.9021% PERP - 2020                                                  1.0%
RABO 9.62% RCB 3/7/09 (Prudential, stk 566p                                1.0%
T2 Income Fund                                                             0.9%
CQS RIG Finance Ord                                                        0.9%
BARC 10.9% RCB 16/8/10 (Land Secs, stk 1695p)                              0.9%
Bellway 9.5% Prefs 6/4/14                                                  0.8%



The Board is not aware of any significant events or transactions which have
occurred since 31 December 2008 and the date of the publication of this
statement which would have a material impact on the financial position of the
Company.


Further Information


Daily prices, Company announcements, Report and Accounts and monthly fact sheets
are available via www.premierassetmanagement.co.uk.



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