L.33%

Security Type
Portfolio%
Sovereign 54.16%
Publishing 1.

Research and Markets: Marketing Unit Trusts and Mutual Funds in Asia

These surveys have been awarded quality stamps by independent
research authorities in France, Germany, Italy, Poland, Spain
and the UK.27 2.56 0.03 6.19 3.32 0.03 0.69 3.22 0.57 2.39
United
Kingdom 10.36 61 .

kenya croatia

(NYSE: ADF) (the "Fund") today released its monthly portfolio
update as of May 31, 2005.59%
2) Brazil (Republic) C Bonds Int 8.59%
Brady Bonds 0.69%
Gaming 2.54%
Financial 0.06%
Peru 1.6 million, pushing total ASTRA
coverage in satellite and cable to 98.35 0.16 1.24 1.86 0.43 2.15
Latvia 0.65 6.76 0.

east serbia

46%
6) Venezuela (Republic of) 9.00%

Holdings by Issuer Country
Portfolio%
United States 37 .33%
Luxembourg 0.12%
Dominican Republic 0.03%

Avg.

Total ASTRA Coverage Tops 102 Million

Furthermore,
SES ASTRA measured for the first time ASTRA reception in Bosnia
(520,000), Serbia (840,000), Morocco (2.09
Bulgaria 2.78 1.26 0.21 0.13 0.74 0.40 1.32
Serbia 2.2
degrees East
Ireland 0.66 7.04
--------------------------------------------------------------------

--------------------------------------------------------------------
ASTRA 19.

croatia kong

NEW YORK, ACM Managed Dollar Income
Fund, Inc.44%
United Kingdom 0.S. The regulations relating
specifically to selling agents and public marketing are among the many vital
issues discussed.4 million in 2003(1).2
degrees East reached 7.4 million or +5% compared to last year) - predominantly in the UK +
Ireland.29
Estonia 0.35 3.94 2.32 0.13 0.90 7.

israel ireland

ACM Managed Dollar Income Fund, Inc.00% (08/17/40) 2.77%
Philippines 2.42%
Lebanon 0. Maturity: 15.

-- SES ASTRA has a dedicated market research team that undertakes
comprehensive surveys and market analyses, which are shared
with clients and business partners.51 0.21
Czech
Republic 3.20 19 .49 0.16 0.19 0.67
Slovak
Republic 2.72
Slovenia 0.07 0.94 2 .90 0.87 0.32 1.2 degrees and
28.32
--------------------------------------------- -----------------------

Cable represents private cable HHs without
satellite reception
Note: Some numbers do not add-up due
to roundings
Source: SES ASTRA, Satellite Monitors , Year
End 2004
--------------------------------------------------------------------

turkey luxembourg

01% (08/03/12) 2.49%
Industrial 2.25%
Communications -fixed 2.newscom.
The latest polls confirm ASTRA's sustained audience growth within
its footprint in 34 countries.ses-astra.18 4.53 0.18 34.21 0.44 0.78 0.92 1 .75 5.77
Portugal 3.23
Romania 6.46 0.94 3.35 0.24 2.

montenegro luxembourg

54%
9) Innova S DE R.51%
10) Philippines (Republic of) 9.60 1.78 1.29 1.40 0.01 0.23
Lithuania 1.47 0.00 2.65 3.43 0.84 0.36
Spain 13.32 0.68 41.

bosnia kenya

39%
Brazil 9.26%
Panama 1.
By the beginning of 2005, more than 41 million households in Europe
and North Africa received ASTRA services directly via satellite, up
from 36. At the beginning of
2005, 24 million homes received digital services via ASTRA at 19.3 million exclusively
analogue satellite homes. 70% of these homes (more than 12 million)
are located in the German-speaking countries with a strong analogue
channel line-up.

About the ASTRA Satellite Monitor

-- The Satellite Monitors are commissioned by SES ASTRA and
conducted by leading market research institutes in Europe
using harmonised and acknowledged research methodologies.

ASTRA household reach within ASTRA footprint - Year End 2004
-------------------------------------------------------------- ------

Universes ASTRA Coverage
in million
TV homes DTH/ DTH/ Cable DTH/ DTH/ Cable
SMATV SMATV SMATV SMATV
Countries + Cable + Cable

--------------------------------------------------------------------
ASTRA at 19.21 4.48 0.52 0.01 0.07 0.05 0.17 0.17 0.44 0.03 4.13 0.22 70.

kong serbia

33%
Paper/Packaging 2.29%
Retail 0.05%
Total 100.56%
Turkey 2.14%
Ukraine 1.38%
Liberia 0.26%
Netherlands 0 .24%
People's Republic of China 0.com/reports/c14708

Laura Wood
Senior Manager
Research and Markets
press@researchandmarkets. Another 61.6
million (+16%) to 33.7 million homes.18
Bosnia 1.00
Italy 21.38 0.04 6.47 0.05 0.15 1.62 0.65
Total 11.2 degrees and
28.2 degrees East 102 .

croatia montenegro

98%
3) United Mexican States 8.20%
Corporate:
Cable 4.48%
Indonesia 0.95 Years
Total Net Assets: $183.2 degrees East increased by 4.29 1.31 0.44 0.47 91.

herzegovina luxembourg

13% (12/30 /19) 2.00% (09/24/22) 2.69%
Building/Real Estate 1.25%
Entertainment/Leisure 1.02%
Metals/Mining 1.65%
Aerospace/Defense 0.27%
Food/Beverage 0.21%
Bahamas 0.16 1.33 4.00 0.47 19.38 0.15 5.92 4.10 0.13 0.74 57.

basketball ireland

38% (09/19/13) 1.33%
Public Utilities - Elec + Gas 3.99%
Chemicals 0.29%
Germany 0.-registered
management investment company advised by Alliance Capital Management L.

Business Editors/Telecommunications Writers/TV/Cable Writers

BETZDORF, Luxembourg ----SES ASTRA
(Euronext:SESG) (LuxX:SESG):

Increase of 8.3 Million Households Within the ASTRA Satellite
Footprint

Almost 60% of all ASTRA DTH/SMATV Households Are Already
Digital

SES ASTRA, an SES GLOBAL company (Euronext Paris and Luxembourg
Stock Exchange: SESG), today published the latest results of its
Satellite Monitors.2 degrees East: the DTH
audience receiving via ASTRA at 19.2 degrees East, up from 17. As a consequence, digital reception now accounts for 58% of
ASTRA's total DTH reception, up from 49% in 2003(1).

-- The ASTRA Satellite Monitors are regarded as a benchmark due
to the high quality information and key data on the European
DTH markets, which they provide.01 0.94 1.46
Denmark 2.80
France 23.78 2.00
Netherlands 7.98 1.00 0.49
United
Kingdom 24.

ireland recreation

40%
Agriculture 0.32%
El Salvador 0. The Fund is a closed-end U.

Countries profiled in the report include:

- Australia
- Hong Kong
- India
- Japan
- Korea
- Malaysia
- New Zealand
- Pakistan
- Philippines
- PRC
- Singapore
- Taiwan
- Thailand

For more information visit
http://www.
ASTRA has consolidated its strong position in the digital
marketplace in a very competitive environment .
Last but not least, ASTRA is received by 17. By the end of 2004, researchers had carried out
more than 78,000 interviews to update the market figures for
the 34 countries.15 0.66 0.35 0.06 0.65
Germany 36.35
Greece 3.60 2.77 0.53 1.42 2.00
Ukraine 18.

israel croatia

Top 10 Fixed-Income Holdings
Portfolio%
1) Russian Federation - 144a 5.07%
Healthcare 2.53%
Service 1.22%
Banking 0.58%
Argentina 3.38%
Ecuador 1.03%*
Preferred Stock: 0%
Total: 19.com/cgi-bin/prnh/20040820/RESEARCH )
This is a highly-detailed resource on the regulations relating to the
marketing of funds in the Asian region.3 million homes receive ASTRA
content via cable.6 million homes (representing an increase of
0.24 0.92 0 .80 1.39 0.48 0.18
Tunisia 2.58 0.

lebanon israel

81%
Preferred Stock 0.01%
Hotel/Lodging 1.00%
Consumer Manufacturing 0.06%
Total 100. ASTRA's overall audience
growth is driven by the ongoing increase of digital direct-to-home
(DTH) reception across most European countries.2
degrees or 28. Three out four digital
satellite homes within the ASTRA footprints receive services carried
by ASTRA.2
degrees East
Austria 3.22 2.05
Belgium 4.09 0.50 1.43 0.35 34.06 0.69 0.92
Poland 13.98 0.11 2.

bosnia zealand

75% (02/25/20) 1.26%
Derivatives 1.04%
Uruguay 0.66%
Jamaica 0.39%
Kazakhstan 0. P.com
Fax: +353 1 4100 980

2 degrees and
28.
France, Germany, Poland, Spain and the UK remained the traditional
key markets for ASTRA satellite reception.

-- The Monitors assess the development of the market for
broadcast and broadband content reception across Europe and
north Africa.66 0.70 0.21 9.39 0.79 0.38 0.48 3.83 0.56 6.48 3.58 0.

brazil kenya

00 % (04/15/14) 2.88% (01/15/19) 1.16%
Communications-Mobile 1.88%
Petroleum Products 1.49%
Containers 0 .39%
Mexico 8.21%
France 0.10%
Hong Kong 0.27 Years
Duration: 6. In continuous demand within the fund management industry, this
Guide is a complete information source for this dynamic market sector.
Within the 30 traditional countries(1) yearly surveyed by SES, the
number of ASTRA homes increased by 3.

-- More detailed information about this extensive in-depth study
and its results will be made available on www.49 0.40 1.52 1.80 0.00
Hungary 3.06
Ireland 1.25 1.09 0.94
Sweden 4 .11
Switzerland 3.44 3.03 33.

philippines greece

ACM Managed Dollar Income Fund Releases Monthly Portfolio Update

53%
Public Utilities - Gas 0.researchandmarkets.com/reports/c14708) has announced the addition
of Marketing Unit Trusts and Mutual Funds in Asia to their offering.

Authors from each jurisdiction look at:

- Private placements
- Public marketing
- Restrictions on selling agents
- Recent market developments and
- Anticipated changes

Using a market-by-market approach, the Guide looks at the regulatory
framework for promoting funds in each jurisdiction.2 degrees East reached 102.7 million.
The study illustrates the success of both ASTRA direct-to-home
platforms at 19. The ASTRA satellites at 28.56 1.22
Belarus 3.77 1.15 1.34
Luxembourg 0.26
Norway 1.75 0.

hong bosnia

14%
Automotive 1.27%
Singapore 0.09
Number of Holdings: 290

* Investment Operations may include the use of certain portfolio
management techniques such as credit default swaps, dollar rolls ,
negative cash, reverse repurchase agreements and when-issued
securities.

The surveys reveal that ASTRA is delivering services to an
additional 4.

(1)30 countries covered until year-end 2003 by the SES ASTRA
Satellite Monitors: Austria, Belarus, Belgium, Bulgaria , Croatia,
Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece,
Hungary, Ireland , Italy, Latvia, Lithuania, Luxembourg, Netherlands,
Norway, Poland, Portugal, Romania, Slovak Republic , Slovenia, Spain,
Sweden, Switzerland, Ukraine, UK.10 0.07 0.94
Croatia 1.24 6 .82 2.14 2.12 5.25 0.13 0.57 0.11 0.73 1.18 4.2 degrees East
------------------------
Total ASTRA reach 19.

hong lebanon

55%
Venezuela 2.60%
Bermuda 0.
The book includes a regional overview plus a directory of fund managers in
each country.researchandmarkets . The ASTRA Satellite Monitors, undertaken by
leading research institutes in Europe on a yearly basis , are
considered an industry benchmark due to their high quality information
and key data on the European DTH markets.8 million homes in these countries.2 degrees East and at 28.com
within the next weeks.04 0.28 0.33 0.13
Morocco 5.12 2.24 1.80 0.11 3.76 0.67 0.01 2.50 0.

middle sports

57%
5) Brazil (Republic of) 11.41%
8) Colombia (Republic of) 11. 9.61%
Cayman Islands 0.23%
Bulgaria 0.59 4.54 2.13 0.42 0.04 0.23 1.65 0.62 4.

zealand basketball

00% (03 /31/30) 15.56%
Energy 2.61%
Technology 1.27%
Insurance 1.64%
Supermarket /Drug 0.8 Million
Net Asset Value: $8.78 million) and Tunisia
(580,000).7 million at year-end
2003(1).39 0.52 0.46 0.15 0.66 0.81 0.05 0 .00 0.00 0.38 0.09 7.37 0.

east basketball

41%
7) Argentina (Republic of) Boden 3.

The foregoing portfolio characteristics are as of the date indicated and
can be expected to change.
(Logo: http://www. By the start of 2005, the number of
homes served by audiovisual broadcast and broadband services via the
ASTRA Satellite System at the orbital positions of 19. This represents an increase
of 8.0 million homes.18 0.44 0.80 0.20 0.49 0.58 0.84 1.69 2.18 2.87 11.61 124.69 54.29
---------------------------------------------- ----------------------

--------------------------------------------------------------------
ASTRA at 28.

greece croatia

93%
4) United Mexican States 8.25% (09/15/27) 2.44%
Yankee Bonds 0.12%
Communications 0.36%
Colombia 1.3 million households or 8.22 0.55 15.05 0.29 7.37 4.75 0.06 1.24 0.00
Total 227.25 3.

hong yugoslavia

90%
Broadcasting/Media 0.17%
Restaurants 0.01%
Russia 19.68%
Canada 1.21%
Ireland 0.00%

Percentage of Leverage:
Bank Loans: 0%
Investment Operations: 19. DUBLIN, Ireland, Research and Markets
(http://www.8 %.
The research furthermore confirms the status of ASTRA as the
leading satellite system for direct-to-home reception (DTH) in Europe.81 1.50 0.47 0.20
Finland 2.21 3.81 15.17 0.26 6.15 4.