Interim Results

ACM European Enhanced Inc.Fund PLC
30 August 2000


ACM European Enhanced Income Fund plc - Interim Results


INTERIM RESULTS

The Company today announces its interim results for the
period from the Company's inception on 29 November, 1999
to 30 June, 2000.

INVESTMENT RESULTS

The following table shows how the Company performed over
the past six months and since the Company's inception to
30 June, 2000.  For comparison, we have included a custom
blended benchmark consisting of 50% Merrill Lynch
European Currency High Yield Index (hedged into euros)
and 50% Lehman Brothers European Corporate Bond Index,
which is leveraged by 25% and converted into British
pounds.  This represents an unmanaged measure of the
markets and instruments the Company is able to invest in.

INVESTMENT RESULTS*
Periods Ended 30 June, 2000
                            Total Returns
                            
                            6 Months    Since inception***
                                        
ACM European Enhanced       0.00%       0.00%
Income Fund Plc                         
                                        
Custom Benchmark **         1.40%       0.50%

* The Company's investment results are total returns for
the periods shown as of 30 June, 2000 and are based on
the net asset value.  All fees and expenses related to
the operation of the Company have been deducted.  Past
performance is no guarantee of future results.

** The custom benchmark is comprised of equal 50%
weightings of two indices which are leveraged 25% and
converted into British pounds.  The unmanaged Merrill
Lynch European Currency High Yield Index (hedged into
euros) is comprised of corporate bonds with maturities
greater than or equal to one year.  The Lehman Brothers
European Corporate Bond Index is a measure of fixed-rate
securities with at least one year remaining until
maturity.  An investor cannot invest directly in an
index, and its results are not indicative of the
performance for any particular investment, including the
Company.

*** Performance for the Company is from the Company's
inception date (net of issue costs) on 29 November, 1999.
Performance for the benchmarks is from the closest month-
end to the Company's inception date.

INVESTMENT MANAGER'S STATEMENT

MARKET REVIEW

The global economy continued to expand while the regional
growth mix changed.  Most importantly, the U.S. economy
showed signs of slowing while the recovery in the euro
countries continued to gather steam.  Domestic demand in
Europe continued to strengthen, thanks to lower
unemployment, rising incomes and soaring investor
confidence.  European inflation nearly doubled from the
beginning of the year to 1.9%.  Monetary policy makers
accordingly retained their tightening bias: the European
Central Bank (ECB) tightened by 125 basis points during
the first six months of 2000.  The euro rose from 0.6229
to 0.6331 versus the British pound during the six-month
period.  European investment grade corporate bonds
returned 1.64% during the period.  The positive return
was supported by the government market, which benefited
from the Treasury buy-back program.  However, performance
was dampened by equity market volatility and corporate
bond supply concerns.  Specifically, the auction of third
generation mobile phone licenses throughout Europe, a
windfall for European governments, dampened returns in
the corporate market as the cost of the licenses will
likely result in a significant increase in corporate bond
issuance.  The fear of supply was validated with the
announcement from Deutsche Telecom that they would issue
up to 15 billion U.S. dollars in corporate bonds.
European high yield returned -1.95% for the period.
Volatile global financial markets dampened returns in the
European high yield sector.  With the equity market a
less viable source for funding, issuers that were not
fully funded on their business plan were severely
punished.  European high yield entered valuations not
seen in over a year.  New issuance was limited as the
cost to issue increased dramatically over the period.
Industrial issuers outperformed telecommunications and
technology-sensitive issuers.  Supply continued to be a
challenge to the market.  An overwhelming majority of new
issuance in the first half of this year was from
telecommunications and cable related issuers.

OUTLOOK

We will keep a constructive outlook for the corporate
bond markets in Europe.  As central banks remain
proactive in containing inflation pressures, the
probability for a hard landing decreased dramatically,
adding support to the performance of corporate bonds.
The Company continues to pursue a yield enhancing
strategy of selling investment grade corporate bonds to
purchase high yield corporate bonds.  We will rely on the
new issue market for new investment opportunities.  For
short-term interest rates, we believe the ECB will
institute one more rate hike before the end of the year.
Growth and inflation throughout the euro countries
continue to improve, warranting further monetary
tightening.  The Company's duration will remain within a
10% range of the benchmark.  The Company remains 100%
exposed to the euro.  We believe the continued
improvements in the euro-11 economies and a narrowing of
the interest rate and growth differentials should remain
supportive for the euro versus the world's major
currencies.

DIVIDENDS

The Company paid a dividend on the 24 July 2000 at a rate
of £0.0225 per share, which was announced on 14 July
2000.  This brought the total dividend paid for the
period to £0.052454 per share.

STATEMENT OF TOTAL RETURN
From 2 November 1999* to 30 June 2000 (unaudited)

                          Revenue      Capital        Total
                                £            £            £
                                                           
Net losses on                   -  (1,979,680)  (1,979,680)
investments
Other losses                    -    (399,854)    (399,854)
Income                  3,192,921            -    3,192,921
Expenses                (429,592)    (447,696)    (877,288)
                        ---------   ----------    ---------
Return on ordinary      2,763,329  (2,827,230)     (63,901)
activities
Distributions         (1,493,349)            -  (1,493,349)
                        ---------   ----------    ---------
Net decrease in                                            
shareholders' funds                                        
from investment                                            
activities              1,269,980  (2,827,230)  (1,557,250)
                       ==========   ==========   ==========

* Date of incorporation.

STATEMENT OF MOVEMENTS IN SHAREHOLDERS' FUNDS
From 2 November 1999* to 30 June 2000 (unaudited)
                                                        £
                                                         
Net assets at the start of the period                   -
Amounts received on sale of shares             49,854,743
Less: Issue costs                               (762,167)
                                               ----------
Net proceeds on sale of shares                 49,092,576
Net decrease in shareholders' funds from      (1,557,250)
investment activities
                                               ----------
Net assets at the end of the period            47,535,326
                                               ==========

BALANCE SHEET as at 30 June 2000 (unaudited)
                                                        £
Portfolio of investments                       56,372,064
                                               ----------
Net current assets                                       
Debtors                                         1,503,579
Cash and bank balances                          2,349,829
                                                ---------
                                                3,853,408
                                                ---------
Less:                                                    
Bank overdraft                                  (287,920)
Creditors (less than one year)               (12,402,226)
                                              -----------
                                             (12,690,146)
                                              -----------
Net current liabilities                       (8,836,738)
                                               ----------
Net assets                                     47,535,326
                                               ==========

Shareholders' funds                            47,535,326
                                               ==========

Number of shares in issue                      49,854,743
                                               ==========

Net Asset Value per share                           £0.95
                                                     ====