RNS Number:7805T
Accelerated Return Fund Limited
02 January 2004


THE ACCELERATED RETURN FUND LIMITED (THE "COMPANY")

NOTIFICATION OF INVESTMENT PORTFOLIO

As at 31 December 2003 the investments held by the Company having a value
greater than 5% of the Company's gross assets were:

PORTFOLIO

Alliance & Leicester Building Society 0% EMTN 9 October 2008

BNP Paribas Equity Index Option Transaction expiring 7 October 2008

Bradford & Bingley plc 0% EMTN 9 October 2008

Britannia Building Society 0% EMTN 9 October 2008

Egg Banking plc 0% EMTN 9 October 2008

Nationwide Building Society 0% EMTN 9 October 2008

Northern Rock plc 0% EMTN 9 October 2008

Skipton Building Society 0% EMTN 9 October 2008


The Company does not hold any investments other than those represented above.

For further information contact:

John R Le Prevost, for Company Secretary. Tel: Guernsey 01481 722260
for The Accelerated Return Fund Limited
Anson Fund Managers Limited - Company Secretary

2 January 2004


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

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