Holding(s) in Company

ACM European Enhanced Inc.Fund PLC
04 April 2005

ACM European Enhanced Income Fund plc



Portfolio Classification Report as at March 31st 2005



Top 10 Holdings Report







Cusip          Security Name     Maturity Date    Coupon     Base Market Value



US607054AB95  MOBIFON HLDGS B V     31 JUL 2010   12.5      1454178.10     3.68%

XS0211479745  FIRST INV FIN BV      01 FEB 2008    7.5      1335381.80     3.38%

XS0212731631  ANTENNA TV SA REGS    15 FEB 2015   7.25      1330103.00     3.37%

XS0207360115  MEGAFON  SA           10 DEC 2009   8.00      1315888.12     3.33%

XS0214442435  RAY ACQUISITION SC    16 MAR 2015  9.375      1310427.86     3.32%

XS0078740221  EQUITABLE LIFE FIN    29 Aug 2049   8.00      1299800.00     3.29%

XS0206614702  WDAC SUBSIDARY CORP   01 DEC 2014   8.50      1287408.33     3.26%

XS0172445313  ARDAGH GLASS FINANCE BV 01 JUL 2013 8.875     1217597.49     3.08%

XS0149161217  RBS CAPITAL TRUST A   29 Dec 2049    1.00     1,228,803.40   3.03%

XS0178175310  IFCO SYSTEMS N V      15 Oct 2010  10.375     1206028.83     3.05%

XS0149161217  RBS CAPITAL TRUST A   29 DEC 2049       1     1194044.06     3.02%



    Gross Asset Value, Mar 31st 2005                       50083973.93


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