Portfolio Update

ACM European Enhanced Inc.Fund PLC
30 July 2004



ACM European Enhanced Income Fund plc

Portfolio Classification Report as at June 30th 2004

Top 10 Holdings Report


Cusip            Security Name                Maturity Date     Coupon     Base Market Value     
                
US69364SAD53     PTC INTL FIN II              01 Dec 2009       11.25      1,203,593.19        2.62% 
                                            
XS0078740221     EQUITABLE LIFE FIN           29 Aug 2049        8.00      1,149,450.00        2.50% 
                                                                                              
XS0149161217     RBS CAPITAL TRUST A          29 Dec 2049        1.00      1,105,350.44        2.41%      

US607054AB95     MOBIFON HLDGS B V            31 Jul 2010       12.50      1,100,082.71        2.40% 

XS0100116390     PANNON FINANCE BV            03 Aug 2004       7.750      1,088,162.37        2.37%      

XS0102738035     ROYAL + SUN ALLIANCE GROUP   15 Oct 2019       6.875      1,058,291.87        2.31% 

XS0178175310     IFCO SYSTEMS N V             15 Oct 2010      10.375      1,056,751.51        2.30% 

US87258JAB08     TM GROUP HLGDS PLC           15 May 2008       11.00      1,051,215.87        2.29% 

XS0174102961     FLENDER HOLDING GMBH         01 Aug 2010       11.00      1,043,964.44        2.27% 

XS0148031064     INEOS GROUP HLDGS            01 Aug 2010        10.5      1,031,385.35        2.25% 
 
                 Gross Asset Value, June 30th 2004                        45,890,009.32      


                                

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