Portfolio Update

ACM European Enhanced Inc.Fund PLC
05 July 2005


ACM European Enhanced Income Fund plc


Portfolio Classification Report as at June 30th 2005


Top 10 Holdings Report



Cusip             Security Name              Maturity Date     Coupon    Base Market Value

US607054AB95     MOBIFON HLDGS B V            31 JUL 2010       12.5      1522010.02         3.97%
XS0218653896     KLOCKNERINVESTMEN            15 May 2015       10.5      1431575.52         3.73%
XS0207360115     MEGAFON  SA                  10 DEC 2009       8.00      1411755.83         3.68%
XS0212731631     ANTENNA TV SA REGS           15 FEB 2015       7.25      1326686.73         3.46%
XS0222871179     FOODCORP (PROPRIETARY) LTD   15 JUN 2012       8.875     1291142.94         3.37%
XS0127852167     ALLIED DOMECQ FIN SERVICES   18 APR 2011       6.625     1225172.50         3.19%
XS0188430721     MARKS + SPENCEER             24 MAR 2014       5.625     1212075.07         3.16%
XS0149161217     RBS CAPITAL TRUST A          29 DEC 2049       1         1201667.15         3.13%
XS0196656408     HECKLER KOCH GMBH            15 JUL 2011       9.25      1166471.20         3.04%
XS0172445313     ARDAGH GLASS FINANCE BV      01 JUL 2013       8.875     1161527.15         3.03%

                 Gross Asset Value, June 30th 2005                        49474637.84


                      This information is provided by RNS
            The company news service from the London Stock Exchange