Portfolio Update

ACM European Enhanced Inc.Fund PLC
13 October 2005



ACM European Enhanced Income Fund plc

Portfolio Classification Report as at September 30th 2005


Top 10 Holdings Report



Cusip               Security Name             Maturity Date    Coupon    Base Market Value


XS0218653896       KLOCKNERINVESTMEN            15 May 2015     10.5      1591802.23        3.99%
US607054AB95       MOBIFON HLDGS B V            31 JUL 2010     12.5      1494403.48        3.75%
XS0207360115       MEGAFON  SA                  10 DEC 2009     8.00      1465010.01        3.67%
XS0222871179       FOODCORP (PROPRIETARY) LTD   15 JUN 2012     8.875     1366331.54        3.43%
XS0212731631       ANTENNA TV SA REGS           15 FEB 2015     7.25      1359346.12        3.41%
XS0127852167       ALLIED DOMECQ FIN SERVICES   18 APR 2011     6.625     1227170.00        3.08%
XS0149161217       RBS CAPITAL TRUST A          29 DEC 2049     1         120.094.15        3.02%
XS0188430721       MARKS + SPENCEER             24 MAR 2014     5.625     1201418.40        3.01%
XS0196656408       HECKLER KOCH GMBH            15 JUL 2011     9.25      1192748.91        2.99%
XS0172445313       ARDAGH GLASS FINANCE BV      01 JUL 2013     8.875     1154496.06        2.90%

               Gross Asset Value, September  30th 2005                    50322695.15



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