Investment Policy

ACM European Enhanced Inc.Fund PLC
27 November 2003


ACM European Enhanced Income Fund PLC
Investment Policy
27 November 2003


The Board of ACM European Enhanced Income Fund PLC notes the publication of the
Investment Entities (Listing Rules and Conduct of Business) Instrument 2003 and
announces that it is the Company's policy to invest no more than 15% of its
gross assets in other listed investment companies (including listed investment
trusts).




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