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					            ALPHA ASSET MANAGEMENT Α.Ε.Δ.Α.Κ. HCMC 21/2/19.5.1989 & 16/391/20.7.2006

 ALPHA DOLLAR FOREIGN BONDS FUND
HCMC Rule 20/9C/23.9.1994 Gov.Gaz. s.n. 776/Β/13.10.94


FUND CHARACTERISTICS                                                                                                                                                                  30/6/2009

INVESTMENT OBJECTIVE
 The fund invests primarily in US Dollar bonds. It invests in both fixed and variable rate corporate or
 government bonds. The goal of the fund is to give access to the U.S.A. bond market expressed in US
 Dollars.

 Target group…
 Investors who wish exposure to the U.S. Dollar and bond market with a medium to long-term horizon.




                                                                                                                                                       INTERNAL RISK CLASSIFICATION


                                                                                                                                             0     1    2    3    4    5     6    7     8   9    10
                                                                                                                                            LOW                                                 HIGH


PORTFOLIO BREAKDOWN                                                                                                                    QUARTER REVIEW
                                                                                                                                        U.S.A. Government bonds declined during the 2nd
                                                        TOP HOLDINGS                                                    30/6/2009       quarter of 2009, while the yield curve steepened. The
           Cash
           10%                                          REPUBLIC OF ITALY 6% 02/22/2011                                    18,3%        ten-year note yield increased 87bp to 3.53% and the
                                                                                                                                        two-year note yield increased 31bp to 1.11%.
                                                        STRIP US GOVT 08/15/2016                                           17,0%
                                                        US TREAS 4.25% 08/15/2013                                          11,1%        Concerns regarding the oversupply of government
                                                        US TREAS 2.75% 02/15/2019                                          10,3%        bonds due to the U.S.A. government rescue plans had
                                                        EUROPEAN INVT BK 4.625 10/20/2015                                   9,0%        a negative impact on the U.S.A. government bond
                                                                                                                                        prices. Also, better than expected macroeconomic
                                                                                                                                        data positively affected global credit and stock markets
                                                        SUB ASSET CLASSES
                                                                                                                                        and boosted investor appetite for more risky
                                                        FIXED RATE BONDS                                                   90,4%        investments. The USD ranged between 1.2921-1.4303
                                                        CASH                                                                9,6%        against Euro and closed lower 5.91% at 1.4033.
                                         Gov. Bonds
                                           90%                                                                                          The Fund posted a return of -7.23% in the 2nd quarter
                                                                                                                                        of 2009, while the benchmark portfolio posted a return
                                                                                                                                        of -8.48%. The Fund’s interest rate risk was lower than
                                                                                                                                        that of the benchmark portfolio and thus the Fund
                                                                                                                                        outperformed the benchmark portfolio by 1.25%. We
PERFORMANCE                                                                                                                             maintain the investment strategy of lower interest rate
                                                                                                                                        risk in proportion to that of the benchmark portfolio as
                                                           140                          Fund Performance                                we anticipate higher inflation expectations and higher
                                   Cumulative Return                                                                                    supply of U.S.A. Government bonds.
                                                           130
PERIOD                            Benchmark    M/F*
1yr (30/06/08-30/06/09)             19,61%     17,44%      120

3yrs (30/06/06-30/06/09)            12,96%      6,62%      110
5yrs (30/06/04-30/06/09)            13,14%      3,63%
                                                           100

* Calculations based on net unit price                      90

                                                            80

                                                            70
                                                                 6/2004




                                                                               6/2005




                                                                                          6/2006




                                                                                                      6/2007




                                                                                                               6/2008




                                                                                                                              6/2009




FUND INFORMATION                                                                                                                       TRANSACTIONS & COMMISSIONS

Fund type                                                                             Foreign Bond Fund                                Valuation                                               Daily
Inception date                                                                                 23.1.1995                               Price publication                                Daily press
Base currency                                                                                         Euro                             Suggested investment horizon                       > 2 years
Benchmark                                                Citigroup US GBI Treasury Bond All Maturities Eur                             Minimum initial investment                           1.500 €
Currency risk                                                                                         High                             Minimum automatic payment plan                           50 €
Fund assets as of 30.06.2009                                                                4.218.411,94                               Management fee                                        1,00%
Net unit price as of 30.06.2009                                                                    5,1231                              Subscription fee                                      0,00%
Bloomberg code                                                                                 ALPUSDI                                 Redemption fee                    0 - 1 yr            0,75%
Web site address                                                                     www.alphamutual.gr                                                                 1 - 2 yrs            0,35%
Management company                                                        ALPHA ASSET MANAGEMENT A.E.D.A.K.                                                              > 2 yrs             0,00%
                                                                Societe Anonyme R.N 20267/06/B/89/005                                  Redempion settlement                       In 3 working days
                                               12-14 Pesmazoglou Str, 105 64 Athens, Tel. 210 3262970-78                               Distribution network:                            Branches of
Custodian                                                     Alpha Bank, 40 Stadiou Str., 102 52 Athens                               Alpha Bank, Alpha Private Bank, AXA Insurance




                                    MUTUAL FUNDS DO NOT HAVE A GUARANTEED RETURN AND PREVIOUS PERFORMANCE DOES NOT GUARANTEE FUTURE RETURNS

				
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