Holding(s) in Company

ACM European Enhanced Inc.Fund PLC
06 April 2004


ACM European Enhanced Income Fund plc

Portfolio Classification Report as at March 31st 2004

Top 10 Holdings Report


Cusip            Security Name                            Maturity Date   Coupon      Base Market
                                                                                      Value

US69364SAD53     PTC INTL FIN II                          01 Dec 2009     11.250      1,207,953.73     2.59%

XS0149161217     RBS CAPITAL TRUST A                      29 Dec 2049     1.000       1,138,406.25     2.45%

XS0078740221     EQUITABLE LIFE FIN                       29 Aug 2049     8.000       1,120,350.00     2.41%

XS0100116390     PANNON FINANCE BV                        03 Aug 2004     7.750       1,112,284.98     2.39%

US607054AB95     MOBIFON HLDGS B V                        31 Jul 2010     12.500      1,095,029.52     2.35%

XS0187069462     ESSELTE AB                               15 Mar 2011     7.625       1,074,405.31     2.31%

XS0174102961     FLENDER HOLDING GMBH                     01 Aug 2010     11.000      1,049,631.4      2.25%

XS0172445313     ARDAGH GLASS FINANCE BV                  01 Jul 2013     8.875       1,035,253.02     2.22%

XS0102738035     ROYAL + SUN ALLIANCE GROUP               15 Oct 2019     6.875       1,023,378.41     2.20%

XS0133972363     ANTENNA TV SA                            01 Jul 2008     9.750       965,079.15       2.07%


             GROSS ASSET VALUE, MAR 31ST 2004                                        46,555,662.71


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