Portfolio Update

ACM European Enhanced Inc.Fund PLC
04 October 2004


ACM European Enhanced Income Fund plc

Portfolio Classification Report as at September 30th 2004

Top 10 Holdings Report


Cusip            Security Name                  Maturity Date     Coupon    Base Market     Value

XS0078740221     EQUITABLE LIFE FIN             29 Aug 2049       8.00      1,280400.00     2.66%
US69364SAD53     PTC INTL FIN II                01 Dec 2009       11.25     1,217068.92     2.53%
XS0149161217     RBS CAPITAL TRUST A            29 Dec 2049       1.00      1,163687.35     2.41%
US607054AB95     MOBIFON HLDGS B V              31 Jul 2010       12.50     1,131497.64     2.35%
XS0102738035     ROYAL + SUN ALLIANCE GROUP     15 Oct 2019       6.875     1,130378.35     2.35%
XS0196656408     HECKLER KOCH GMBH              15 Jul 2011       9.250      1121867.50     2.33%
XS0178175310     IFCO SYSTEMS N V               15 Oct 2010       10.375    1,113910.86     2.31%
XS0195514822     NOMA LUX S A                   15 Jul 2011       9.75       1102917.12     2.29%
XS0174102961     FLENDER HOLDING GMBH           01 Aug 2010       11.00     1,100834.03     2.28%
US87258JAB08     TM GROUP HLGDS PLC             15 May 2008       11.00     1,079332.70     2.24%


Gross Asset Value, Sep 30th 2004                                            48199319.87


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