Holding(s) in Company

ACM European Enhanced Inc.Fund PLC
05 January 2004

ACM European Enhanced Income Fund plc


Portfolio Classification Report as at December 31st 2003

Top 10 Holdings Report


Cusip               Security Name                   Maturity  Date            Coupon          Base Market Value


XS0172445313        ARDAGH GLASS FINANCE BV RE      01/07/2013                8.875          1,234,821.91   2.55%
XS0174102961        FLENDER HOLDING GMBH            01/08/2010                11.000         1,228,416.47   2.54%
XS0100116390        PANNON FINANCE BV               03/08/2004                7.750          1,174,120.16   2.43%
XS0149161217        RBS CAPITAL TRUST A             29/12/2049                1.000          1,169,253.43   2.42%
XS0160440326        SANITEC INT SA SEC              15/05/2012                9.000          1,132,017.14   2.34%
XS0178175310        IFCO SYSTEMS N V                15/10/2010                10.375         1,090,090.58   2.25%
XS0078740221        EQUITABLE LIFE FIN              29/08/2049                8.000          1,076,700.00   2.23%
XS0176411584        CROWN EUROPEAN HOLDINGS         01/03/2011                10.250         1,064,786.42   2.20%
XS0102738035        ROYAL + SUN ALLIANCE GROUP      15/10/2019                6.875          1,054,603.35   2.18%
XS0133972363        ANTENNA TV SA                   01/07/2008                9.750          1,053,404.84   2.18%



            Gross Asset Value, Dec 31st 2003        48,378,933.61




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