Portfolio Update

ACM European Enhanced Inc.Fund PLC
05 January 2005

ACM European Enhanced Income Fund plc


Portfolio Classification Report as at December 31st 2004



Top 10 Holdings Report                                          


Cusip              Security Name         Maturity Date   Coupon    Base Market Value
                  
XS0207360115       MEGAFON  SA            10 DEC 2009     8.00      1,298,113.34      3.20%

XS0078740221       EQUITABLE LIFE FIN     29 Aug 2049     8.00      1,293,100.00      3.18%

XS0149561077       BIG FOOD GROUP         30 JUN 2012     9.75      1,270,444.00      3.13%

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

XS0206614702       WDAC SUBSIDARY CORP    01 DEC 2014     8.50      1,223,068.77      3.01%

XS0196656408       HECKLER KOCH GMBH      15 Jul 2011    9.250      1,222,707.70      3.01%

XS0178175310       IFCO SYSTEMS N V       15 Oct 2010   10.375      1,199,344.40      2.95%

XS0195514822       NOMA LUX S A           15 Jul 2011     9.75      1,189,184.90      2.93%

XS0102738035  ROYAL + SUN ALLIANCE GROUP  15 Oct 2019    6.875      1,179,421.88      2.90%

XS0172445313   ARDAGH GLASS FINANCE BV    01 JUL 2013    8.875      1,144,005.24      2.82%

                    Gross Asset Value,    Dec 3Ist 2004           50,908,058.71




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