fund manager’s report · 2018 from 2.3% the previous year. in asia, the philippines’ tax policy...

FUNDMANAGER’SREPORT

December 31, 2015

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March 31, 2018

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Market Update and OUtlOOk

Market Overview

Fixed Income Market ReviewThe outlook for higher interest rates in the year has strengthened propped by steady growth trend, accelerating inflation and tighter central bank monetary policy.

In the first 3 months of 2018, yields have picked up by an average of +45 bps in the peso rates market. US treasury yields have risen by +35 bps average after +20 bps move in 2017.

Economic expansion remains optimistic backed by upgraded growth forecast for developed and emerging economies. The US is forecast to lead G8 growth, advancing to 2.8% in 2018 from 2.3% the previous year. In Asia, the Philippines’ tax policy reform and ambitious fiscal plan is expected to hold its GDP at 6.7%, outperforming the growth in the region.

Recent inflation data has also heightened inflation expectations. US consumer report has moved closer to the 2% long-term inflation target at 1.8% while the Philippines reported a record 4.3% rise in March (base year 2012). The BSP in its March meeting raised its 2018 average inflation outlook for the second time to 4.5% using 2006 reference year. However, based on 2012, the outlook was set at 3.9%, a shade below the 4% ceiling.

As economic strength improves and inflation picks up, major central banks prepare the market for policy tightening and balance sheet normalization. Last March 22, the Fed proceeded with its 25 bps hike to bring Fed funds rate to 1.75, a first out of the expected 3-4 hikes in 2018. The Bank of Japan and the European Central has trimmed bond buying, halting further accommodation.

Equities Market ReviewThe Index was down 7% in the quarter, falling to 7,980 after breaching 9,000 in January on account of accelerating inflation and a weakening Peso. Foreigners turned into net sellers of $621 million worth of stocks – over half of their net buying position in 2017. Volumes rose 20% QoQ to P8.1 billion per day.

1Q18’s 6.8% GDP growth was in line with estimates and was driven by government spending and capital formation (+14% and +13% respectively). Inflation (rebased to 2012) averaged 3.8% through the first 3 months, even

breaching the BSP’s 4% limit in March. Despite this, the BSP maintained policy rates in March, prompting investors to sell the market. The Peso depreciated nearly 5% to 52.2 and the 10-year treasury yield rose 30bps to 6%.

BDO, SM and SMPH (-102, -81 and -74 Index points respectively) led 22 Index losers for the quarter, while JFC, BPI and SCC (+45, +36 and +17 Index points respectively) led just 7 gainers. FGEN was unchanged.

portfolio Overview and Outlook

Fixed Income OutlookThe Peso and Dollar fixed income bond portfolio is overweight in duration compared to the benchmark, impairing returns as interest rates rise but has outperformed the return of benchmark in the period (except for the dollar bond fund).

Current local market rates appear to have priced in higher consumer prices and rate adjustment of the BSP. While further rise in yields cannot be ruled-out, interest rate levels are increasingly becoming attractive with offering rates above our fair value estimates. Benchmark 10 year FXTN traded 6% as of quarter close, higher than Bloomberg consensus forecast of 5.65%. Global Bond yields have room to rise. We expect market volatility to continue with 10-year US Treasury yields ranging between 2.8% to 3.10%, compared to the 2.41% year-end closing. We maintain the view that the well communicated soft tightening and within target inflation will help ease pressure on the rates market. We expect the Peso rates curve to steepen and the USD curve to remain flat. Developments on Trade Policy initiated by the US will be a major driver in the coming months as markets reassess interest rate forecasts relative to the impact on growth of protectionist policies.

Equities OutlookConsensus target prices for PSEi-members imply a 12-month index level of 9,219 – 11% upside from where it stands today. Key factors on the domestic front are the government’s ability to enact more economic reforms and show progress with regard to its infrastructure program.

pHIlaM ManaGed InCOMe FUnd, InC.

Investment ObjectiveThe investment objective of the Philam Managed Income Fund, Inc. is to derive accrual income from short-term investments.

Fund detailsNet Asset Value per Share (NAVPS) PHP 1.1627Total Fund Size (in Millions) 477.37YOY Return as of 03/31/18 1.32%Benchmark2 YOY Return as of 03/31/18 2.68%Inception Date October 9, 2006Fund Classification Money Market FundRisk Profile ConservativeFund Currency Philippine PesoDomicile PhilippinesMin. Initial Investment PHP 1,000Min. Transaction PHP 500Min. Holding Period Thirty DaysRedemption Notice Period Three DaysValuation Method Marked-to-MarketCustodian Bank Citibank N.A.Transfer Agent Philam Asset Management, Inc.

Fund performance1

Cumulative 1 MO 1 Yr 3 YrS 5 YrS S.I.3

Fund 0.14% 1.32% 0.41% 1.10% 14.27%Benchmark2 0.13% 2.68% 5.97% 7.78% 43.02%annualized 1 Yr 3 YrS 5 YrS S.I.3

Fund 1.32% 0.14% 0.22% 1.17%Benchmark2 2.68% 1.95% 1.51% 3.17%Calendar Year Ytd 2016 2015 2014 2013

Fund 0.45% 0.85% -0.66% 0.10% 0.17%Benchmark2 0.75% 2.28% 1.94% 1.59% 0.84%

1 Returns are net of fees. Past performance is not indicative of future returns.2 Bloomberg Philippine Sovereign Bond Index Money Market as of March 31, 2018.3 Since Inception

portfolio allocationEquity 0.00%Gov't Securities 0.00%Corp Bonds 0.00%Cash and TD 100.00%Total 100.00%

naVpS Graph

Year on Year annual returnsYear Net Yield2006 3.08%2007 -0.02%2008 1.55%2009 1.77%2010 2.12%2011 1.08%

Year Net Yield2012 2.43%2013 0.66%2014 0.17%2015 0.10%2016 -0.66%2017 0.85%

PHILAM MANAGED INCOME FUND, INC. Investment Objective The investment objective of the Philam Managed Income Fund, Inc. is to derive accrual income from short-term investments. Fund Details

Net Asset Value per Share (NAVPS) PHP 1.1627 Total Fund Size (in Millions) 477.37 YOY Return as of 03/31/18 1.32% Benchmark2 YOY Return as of 03/31/18 2.68% Inception Date October 9, 2006 Fund Classification Money Market Fund Risk Profile Conservative Fund Currency Philippine Peso Domicile Philippines Min. Initial Investment PHP 1,000 Min. Transaction PHP 500 Min. Holding Period Thirty Days Redemption Notice Period Three Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A.

Transfer Agent Philam Asset Management, Inc.

Fund Performance1

Cumulative 1 MO 1 YR 3 YRS 5 YRS S.I.3 Fund 0.14% 1.32% 0.41% 1.10% 14.27% Benchmark2 0.13% 2.68% 5.97% 7.78% 43.02% Annualized 1 YR 3 YRS 5 YRS S.I.3 Fund 1.32% 0.14% 0.22% 1.17% Benchmark2 2.68% 1.95% 1.51% 3.17% Calendar Year YTD 2017 2016 2015 2014 Fund 0.45% 0.85% -0.66% 0.10% 0.17% Benchmark2 0.75% 2.28% 1.94% 1.59% 0.84%

1Returns are net of fees. Past performance is not indicative of future returns. 2Bloomberg Philippine Sovereign Bond Index Money Market as of March 31, 2018. 3Since Inception

Portfolio Allocation

Equity 0.00% Gov't Securities 16.16% Corp Bonds 9.39% Cash and TD 74.45% Total 100.00%

PMIF Year Net Yield

9-Oct-06

2006 3.08% 2007 -0.02% 2008 1.55% 2009 1.77% 2010 2.12% 2011 1.08% 2012 2.43% 2013 0.66% 2014 0.17% 2015 0.10% 2016 -0.66% 2017 0.85%

1.1

1.12

1.14

1.16

1.18

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pHIlaM BOnd FUnd, InC.

Investment ObjectiveThe investment objective of the Philam Bond Fund, Inc. is long-term capital preservation with returns and inflows derived out of investments in fixed income instruments. The fund considers medium to long-term investment horizons for its shareholders.

Fund detailsNet Asset Value per Share (NAVPS) PHP 3.9762Total Fund Size (in Millions) 8,087.29YOY Return as of 03/31/18 -2.17%Benchmark2 YOY Return as of 03/31/18 -2.43%Inception Date June 18, 1997Fund Classification Fixed Income FundRisk Profile ConservativeFund Currency Philippine PesoDomicile PhilippinesMin. Initial Investment PHP 1,000Min. Transaction PHP 500Min. Holding Period Six MonthsRedemption Notice Period Three DaysValuation Method Marked-to-MarketCustodian Bank Citibank N.A.Transfer Agent Philam Asset Management, Inc.

Fund performance1


Fund -0.02% -2.17% -1.66% -7.13% 288.00%Benchmark2 0.07% -2.43% -1.24% -0.93% 340.38%annualized 1 Yr 3 YrS 5 YrS S.I.3

Fund -2.17% -0.56% -1.47% 6.74%Benchmark2 -2.43% -0.42% -0.19% 7.39%Calendar Year Ytd 2016 2015 2014 2013

Fund -1.82% 0.10% 1.52% -0.91% 1.98%Benchmark2 -3.45% 1.90% 0.98% 0.30% 6.20%

1 Returns are net of fees. Past performance is not indicative of future returns.2 90% Bloomberg Philippine Sovereign Bond Index AI + 10% Philippines 30 Days

Savings Rate General Avg (Net of 20% WHT) as of March 31, 20183 Since Inception

portfolio allocation

naVpS Graph

Year on Year annual returnsYear Net Yield1997 5.05%1998 10.42%1999 10.20%2000 8.91%2001 9.53%2002 9.49%2003 9.49%2004 8.02%2005 12.28%2006 14.48%

Year Net Yield2007 4.34%2008 2.02%2009 5.40%2010 7.55%2011 8.79%2012 8.97%2013 5.99%2014 1.98%2015 -0.91%2016 1.52%2017 0.10%

PHILAM BOND FUND, INC. Investment Objective The investment objective of the Philam Bond Fund, Inc. is long-term capital preservation with returns and inflows derived out of investments in fixed income instruments. The fund considers a long-term investment horizon for its shareholders. Fund Details

Net Asset Value per Share (NAVPS) PHP 3.9762 Total Fund Size (in Millions) 8,087.29 YOY Return as of 03/31/18 -2.17% Benchmark2 YOY Return as of 03/31/18 -2.43% Inception Date June 18, 1997 Fund Classification Fixed Income Fund Risk Profile Conservative Fund Currency Philippine Peso Domicile Philippines Min. Initial Investment PHP 1,000 Min. Transaction PHP 500 Min. Holding Period Six Months Redemption Notice Period Three Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A.


Fund Performance1

Cumulative 1 MO 1 YR 3 YRS 5 YRS S.I.3 Fund -0.02% -2.17% -1.66% -7.13% 288.00% Benchmark2 0.07% -2.43% -1.24% -0.93% 340.38% Annualized 1 YR 3 YRS 5 YRS S.I.3 Fund -2.17% -0.56% -1.47% 6.74% Benchmark2 -2.43% -0.42% -0.19% 7.39% Calendar Year YTD 2017 2016 2015 2014 Fund -1.82% 0.10% 1.52% -0.91% 1.98% Benchmark2 -3.45% 1.90% 0.98% 0.30% 6.20%

1Returns are net of fees. Past performance is not indicative of future returns. 290% Bloomberg Philippine Sovereign Bond Index AI + 10% Philippines 30 Days Savings Rate General Avg (Net of 20% WHT) as of March 31, 2017 3Since Inception

PBF

Year Net Yield 18-Jun-97

1997 5.05% 1998 10.42% 1999 10.20% 2000 8.91% 2001 9.53% 2002 9.49% 2003 9.49% 2004 8.02% 2005 12.28% 2006 14.48% 2007 4.34% 2008 2.02% 2009 5.40% 2010 7.55% 2011 8.70% 2012 8.97% 2013 5.99% 2014 1.98% 2015 -0.91% 2016 1.52% 2017 0.10%


3.8

4.2

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PHILAM BOND FUND, INC. Investment Objective The investment objective of the Philam Bond Fund, Inc. is long-term capital preservation with returns and inflows derived out of investments in fixed income instruments. The fund considers a long-term investment horizon for its shareholders. Fund Details

Net Asset Value per Share (NAVPS) PHP 3.9762 Total Fund Size (in Millions) 8,087.29 YOY Return as of 03/31/18 -2.17% Benchmark2 YOY Return as of 03/31/18 -2.43% Inception Date June 18, 1997 Fund Classification Fixed Income Fund Risk Profile Conservative Fund Currency Philippine Peso Domicile Philippines Min. Initial Investment PHP 1,000 Min. Transaction PHP 500 Min. Holding Period Six Months Redemption Notice Period Three Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A.


Fund Performance1

Cumulative 1 MO 1 YR 3 YRS 5 YRS S.I.3 Fund -0.02% -2.17% -1.66% -7.13% 288.00% Benchmark2 0.07% -2.43% -1.24% -0.93% 340.38% Annualized 1 YR 3 YRS 5 YRS S.I.3 Fund -2.17% -0.56% -1.47% 6.74% Benchmark2 -2.43% -0.42% -0.19% 7.39% Calendar Year YTD 2017 2016 2015 2014 Fund -1.82% 0.10% 1.52% -0.91% 1.98% Benchmark2 -3.45% 1.90% 0.98% 0.30% 6.20%

1Returns are net of fees. Past performance is not indicative of future returns. 290% Bloomberg Philippine Sovereign Bond Index AI + 10% Philippines 30 Days Savings Rate General Avg (Net of 20% WHT) as of March 31, 2017 3Since Inception

PBF

Year Net Yield 18-Jun-97

1997 5.05% 1998 10.42% 1999 10.20% 2000 8.91% 2001 9.53% 2002 9.49% 2003 9.49% 2004 8.02% 2005 12.28% 2006 14.48% 2007 4.34% 2008 2.02% 2009 5.40% 2010 7.55% 2011 8.70% 2012 8.97% 2013 5.99% 2014 1.98% 2015 -0.91% 2016 1.52% 2017 0.10%


3.8

4.2

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pHIlaM dOllar BOnd FUnd, InC.

Investment ObjectiveThe investment objective of the Philam Dollar Bond Fund, Inc. is long-term capital preservation with returns and inflows derived out of investments in fixed income instruments. The fund considers medium to long-term investment horizons for its shareholders.

Fund detailsNet Asset Value per Share (NAVPS) $ 2.1932Total Fund Size (in USD Millions) 58.698YOY Return as of 03/31/18 -0.15%Benchmark2 YOY Return as of 03/31/18 1.27%Inception Date September 12, 2001Fund Classification Fixed Income FundRisk Profile ConservativeFund Currency US DollarDomicile PhilippinesMin. Initial Investment $ 2,000Min. Transaction $ 100Min. Holding Period Six MonthsRedemption Notice Period Five DaysValuation Method Marked-to-MarketCustodian Bank Citibank N.A.Transfer Agent Philam Asset Management, Inc.

Fund performance1


Fund 0.90% -0.15% 2.98% 7.94% 117.26%Benchmark2 0.76% 1.27% 7.78% 19.09% 174.66%annualized 1 Yr 3 YrS 5 YrS S.I.3

Fund -0.15% 0.98% 1.54% 4.80%Benchmark2 1.27% 2.53% 3.56% 6.30%Calendar Year Ytd 2015 2015 2014 2013

Fund -2.57% 4.35% 2.22% 1.69% 9.22%Benchmark2 -1.91% 5.63% 3.34% 3.59% 10.46%

1 Returns are net of fees. Past performance is not indicative of future returns.2 90% JP Morgan Asia Credit Index - Philippines Total Return + 10% Philippines Dollar

Depo Rate 60 Days (Net of 7.5% WHT) as of March 31, 20183 Since Inception


naVpS Graph

Year on Year annual returnsYear Net Yield2001 19.47%2002 -9.09%2003 5.75%2004 4.84%2005 8.34%2006 8.62%2007 6.60%2008 -7.36%

Year Net Yield2009 17.77%2010 8.98%2011 3.55%2012 11.71%2013 -9.40%2014 9.22%2015 1.69%2016 2.22%2017 4.35%

PHILAM DOLLAR BOND FUND, INC. Investment Objective The investment objective of the Philam Dollar Bond Fund, Inc. is long-term capital preservation with returns and inflows derived out of investments in fixed income instruments. The fund considers medium to long-term investment horizons for its shareholders. Fund Details

Net Asset Value per Share (NAVPS) $ 2.1932 Total Fund Size (in USD Millions) 58.698 YOY Return as of 03/31/18 -0.15% Benchmark2YOY Return as of 03/31/18 1.27% Inception Date September 12, 2001 Fund Classification Fixed Income Fund Risk Profile Conservative Fund Currency US Dollar Domicile Philippines Min. Initial Investment $ 2,000 Min. Transaction $ 100 Min. Holding Period Six Months Redemption Notice Period Five Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A.


Fund Performance1

Cumulative 1 MO 1 YR 3 YRS 5 YRS S.I.3 Fund 0.90% -0.15% 2.98% 7.94% 117.26% Benchmark2 0.76% 1.27% 7.78% 19.09% 174.66% Annualized 1 YR 3 YRS 5 YRS S.I.3 Fund -0.15% 0.98% 1.54% 4.80% Benchmark2 1.27% 2.53% 3.56% 6.30% Calendar Year YTD 2017 2016 2015 2014 Fund -2.57% 4.35% 2.22% 1.69% 9.22% Benchmark2 -1.91% 5.63% 3.34% 3.59% 10.46%

1Returns are net of fees. Past performance is not indicative of future returns. 290% JP Morgan Asia Credit Index - Philippines Total Return + 10% Philippines Dollar Depo Rate 60 Days (Net of 7.5% WHT) as of March 31, 2018 3Since Inception


PDBF Year Net Yield

12-Sep-01

2001 19.47% 2002 -9.09% 2003 5.75% 2004 4.84% 2005 8.34% 2006 8.62% 2007 6.60% 2008 -7.36% 2009 17.77% 2010 8.98% 2011 3.54% 2012 11.71% 2013 -9.40% 2014 9.22% 2015 1.69% 2016 2.22% 2017 4.35%

1.9

2.15

2.4

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PHILAM DOLLAR BOND FUND, INC. Investment Objective The investment objective of the Philam Dollar Bond Fund, Inc. is long-term capital preservation with returns and inflows derived out of investments in fixed income instruments. The fund considers medium to long-term investment horizons for its shareholders. Fund Details

Net Asset Value per Share (NAVPS) $ 2.1932 Total Fund Size (in USD Millions) 58.698 YOY Return as of 03/31/18 -0.15% Benchmark2YOY Return as of 03/31/18 1.27% Inception Date September 12, 2001 Fund Classification Fixed Income Fund Risk Profile Conservative Fund Currency US Dollar Domicile Philippines Min. Initial Investment $ 2,000 Min. Transaction $ 100 Min. Holding Period Six Months Redemption Notice Period Five Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A.


Fund Performance1

Cumulative 1 MO 1 YR 3 YRS 5 YRS S.I.3 Fund 0.90% -0.15% 2.98% 7.94% 117.26% Benchmark2 0.76% 1.27% 7.78% 19.09% 174.66% Annualized 1 YR 3 YRS 5 YRS S.I.3 Fund -0.15% 0.98% 1.54% 4.80% Benchmark2 1.27% 2.53% 3.56% 6.30% Calendar Year YTD 2017 2016 2015 2014 Fund -2.57% 4.35% 2.22% 1.69% 9.22% Benchmark2 -1.91% 5.63% 3.34% 3.59% 10.46%

1Returns are net of fees. Past performance is not indicative of future returns. 290% JP Morgan Asia Credit Index - Philippines Total Return + 10% Philippines Dollar Depo Rate 60 Days (Net of 7.5% WHT) as of March 31, 2018 3Since Inception


PDBF Year Net Yield

12-Sep-01

2001 19.47% 2002 -9.09% 2003 5.75% 2004 4.84% 2005 8.34% 2006 8.62% 2007 6.60% 2008 -7.36% 2009 17.77% 2010 8.98% 2011 3.54% 2012 11.71% 2013 -9.40% 2014 9.22% 2015 1.69% 2016 2.22% 2017 4.35%

1.9

2.15

2.4

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pHIlaM FUnd, InC.

Investment ObjectiveThe Fund is a moderate type of investment dealing with equity securities and fixed income instruments. An adequate portion of the portfolio will be invested in cash or near cash assets to ensure that redemptions will be adequately and immediately serviced. An investment in a balanced fund should be regarded as long term in nature and only suitable for sophisticated investors who understand and appreciate the risk involved.

Fund detailsNet Asset Value per Share (NAVPS) PHP 16.6357Total Fund Size (in Millions) 10,790.57YOY Return as of 03/31/18 2.74%Benchmark2 YOY Return as of 03/31/18 4.30%Inception Date September 28, 1993Fund Classification Balanced FundRisk Profile ModerateFund Currency Philippine PesoDomicile PhilippinesMin. Initial Investment PHP 1,000Min. Transaction PHP 500Min. Holding Period Six MonthsRedemption Notice Period Three DaysValuation Method Marked-to-MarketCustodian Bank Citibank N.A.Transfer Agent Philam Asset Management, Inc.

Fund performance1


Fund -3.66% 2.74% -5.97% -9.54% 811.59%Benchmark2 -2.69% 4.30% 2.84% 13.86% 596.21%annualized 1 Yr 3 YrS 5 YrS S.I.3

Fund 2.74% -2.03% -1.98% 9.43%Benchmark2 4.30% 0.94% 2.63% 8.24%Calendar Year Ytd 2016 2015 2014 2013

Fund -5.26% 11.48% -1.47% -4.74% 13.46%Benchmark2 -4.62% 13.88% 0.74% -0.70% 15.29%

1 Returns are net of fees. Past performance is not indicative of future returns..2 50% Philippines Composite (Total Return) + 40% Bloomberg Philippine Sovereign Bond Index

AI + 10% Phil 30 Days Savings Rate General Avg (Net of 20% WHT) as of March 31, 20183 Since Inception


naVpS Graph

Year on Year annual returnsYear Net Yield1993 46.94%1994 1.74%1995 -0.86%1996 17.55%1997 -9.18%1998 12.60%1999 13.96%2000 -11.50%2001 -0.79%2002 4.32%2003 24.12%2004 17.48%

Year Net Yield2005 14.78%2006 36.90%2007 19.37%2008 -32.51%2009 35.92%2010 48.65%2011 2.78%2012 24.61%2013 -8.76%2014 13.46%2015 -4.74%2016 -1.47%2017 11.48

PHILAM FUND, INC. Investment Objective The Fund is a moderate type of investment dealing with equity securities and fixed income instruments. An adequate portion of the portfolio will be invested in cash or near cash assets to ensure that redemptions will be adequately and immediately serviced. An investment in a balanced fund should be regarded as long term in nature and suitable for sophisticated investors who understand and appreciate the risks involved. Fund Details

Net Asset Value per Share (NAVPS) PHP 16.6357 Total Fund Size (in Millions) 10,790.57 YOY Return as of 03/31/18 2.74% Benchmark2 YOY Return as of 03/31/18 4.30% Inception Date September 28, 1993 Fund Classification Balanced Fund Risk Profile Moderate Fund Currency Philippine Peso Domicile Philippines Min. Initial Investment PHP 1,000 Min. Transaction PHP 500 Min. Holding Period Six Months Redemption Notice Period Three Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A.


Fund Performance1

Cumulative 1 MO 1 YR 3 YRS 5 YRS S.I.3 Fund -3.66% 2.74% -5.97% -9.54% 811.59% Benchmark2 -2.69% 4.30% 2.84% 13.86% 596.21% Annualized 1 YR 3 YRS 5 YRS S.I.3 Fund 2.74% -2.03% -1.98% 9.43% Benchmark2 4.30% 0.94% 2.63% 8.24% Calendar Year YTD 2017 2016 2015 2014 Fund -5.26% 11.48% -1.47% -4.74% 13.46% Benchmark2 -4.62% 13.88% 0.74% -0.70% 15.29%

1Returns are net of fees. Past performance is not indicative of future returns. 250% Philippines Composite (Total Return) + 40% Bloomberg Philippine Sovereign Bond Index AI + 10% Phil 30 Days Savings Rate General Avg (Net of 20% WHT) as of March 31, 2018 3Since Inception


PFI Year Net Yield

28-Sep-93

1993 46.94% 1994 1.74% 1995 -0.86% 1996 17.55% 1997 -9.18% 1998 12.60% 1999 13.96% 2000 -11.50% 2001 -0.79% 2002 4.32% 2003 24.12% 2004 17.48% 2005 14.78% 2006 36.90% 2007 19.37% 2008 -32.51% 2009 35.92% 2010 48.65% 2011 2.78% 2012 24.61% 2013 -8.76% 2014 13.46% 2015 -4.74% 2016 -1.47% 2017 11.48

14

16

18

20

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Fund Performance1




PFI Year Net Yield

28-Sep-93

1993 46.94% 1994 1.74% 1995 -0.86% 1996 17.55% 1997 -9.18% 1998 12.60% 1999 13.96% 2000 -11.50% 2001 -0.79% 2002 4.32% 2003 24.12% 2004 17.48% 2005 14.78% 2006 36.90% 2007 19.37% 2008 -32.51% 2009 35.92% 2010 48.65% 2011 2.78% 2012 24.61% 2013 -8.76% 2014 13.46% 2015 -4.74% 2016 -1.47% 2017 11.48

14

16

18

20

12/31/14 9/30/15 6/30/16 3/31/17 12/31/17




Fund Performance1




PFI Year Net Yield

28-Sep-93

1993 46.94% 1994 1.74% 1995 -0.86% 1996 17.55% 1997 -9.18% 1998 12.60% 1999 13.96% 2000 -11.50% 2001 -0.79% 2002 4.32% 2003 24.12% 2004 17.48% 2005 14.78% 2006 36.90% 2007 19.37% 2008 -32.51% 2009 35.92% 2010 48.65% 2011 2.78% 2012 24.61% 2013 -8.76% 2014 13.46% 2015 -4.74% 2016 -1.47% 2017 11.48

14

16

18

20

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paMI HOrIZOn FUnd, InC.

Investment ObjectiveThe Fund is a moderate type of investment dealing with equity securities and fixed income instruments. An adequate portion of the portfolio will be invested in cash or near cash assets to ensure that redemptions will be adequately and immediately serviced. An investment in a balanced fund should be regarded as long term in nature and only suitable for sophisticated investors who understand and appreciate the risk involved.

Fund detailsNet Asset Value per Share (NAVPS) PHP 3.7184Total Fund Size (in Millions) 1,128.15YOY Return as of 03/31/18 2.97%Benchmark2 YOY Return as of 03/31/18 4.30%Inception Date July 1, 1998Fund Classification Balanced FundRisk Profile ModerateFund Currency Philippine PesoDomicile PhilippinesMin. Initial Investment PHP 5,000Min. Transaction PHP 1,000Min. Holding Period Six MonthsRedemption Notice Period Three DaysValuation Method Marked-to-MarketCustodian Bank Citibank N.A.Transfer Agent Philam Asset Management, Inc.

Fund performance1




Fund -5.10% 11.59% -1.45% -4.59% 14.55%Benchmark2 -4.62% 13.88% 0.74% -0.70% 15.29%

1 Returns are net of fees. Past performance is not indicative of future returns.2 50% Philippines Composite (Total Return) + 40% Bloomberg Philippine Sovereign Bond Index



naVpS Graph

Year on Year annual returnsYear Net Yield1998 5.60%1999 30.76%2000 -26.02%2001 -14.10%2002 -18.85%2003 22.44%2004 17.74%2005 13.87%2006 42.94%2007 21.81%

Year Net Yield2008 -31.57%2009 37.02%2010 47.31%2011 0.85%2012 23.68%2013 -10.60%2014 14.55%2015 -4.59%2016 -1.45%2017 11.59%

PAMI HORIZON FUND, INC. Investment Objective The Fund is a moderate type of investment dealing with equity securities and fixed income instruments. An adequate portion of the portfolio will be invested in cash or near cash assets to ensure that redemptions will be adequately and immediately serviced. An investment in a balanced fund should be regarded as long term in nature and only suitable for sophisticated investors who understand and appreciate the risk involved. Fund Details

Net Asset Value per Share (NAVPS) PHP 3.7184 Total Fund Size (in Millions) 1,128.15 YOY Return as of 03/31/18 2.97% Benchmark2 YOY Return as of 03/31/18 4.30% Inception Date July 1, 1998 Fund Classification Balanced Fund Risk Profile Moderate Fund Currency Philippine Peso Domicile Philippines Min. Initial Investment PHP 5,000 Min. Transaction PHP 1,000 Min. Holding Period Six Months Redemption Notice Period Three Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A.


Fund Performance1



PHFI

Year Net Yield

1-Jul-98

1998 5.60% 1999 30.76% 2000 -26.02% 2001 -14.10% 2002 -18.85% 2003 22.44% 2004 17.74% 2005 13.87% 2006 42.94% 2007 21.81% 2008 -31.57% 2009 37.02% 2010 47.31% 2011 0.85% 2012 23.68% 2013 -10.60% 2014 14.55% 2015 -4.59% 2016 -1.45% 2017 11.59%

3.2

3.5

3.7

4.0

12/31/14 9/30/15 6/30/16 3/31/17 12/31/17


PAMI HORIZON FUND, INC. Investment Objective The Fund is a moderate type of investment dealing with equity securities and fixed income instruments. An adequate portion of the portfolio will be invested in cash or near cash assets to ensure that redemptions will be adequately and immediately serviced. An investment in a balanced fund should be regarded as long term in nature and only suitable for sophisticated investors who understand and appreciate the risk involved. Fund Details

Net Asset Value per Share (NAVPS) PHP 3.7184 Total Fund Size (in Millions) 1,128.15 YOY Return as of 03/31/18 2.97% Benchmark2 YOY Return as of 03/31/18 4.30% Inception Date July 1, 1998 Fund Classification Balanced Fund Risk Profile Moderate Fund Currency Philippine Peso Domicile Philippines Min. Initial Investment PHP 5,000 Min. Transaction PHP 1,000 Min. Holding Period Six Months Redemption Notice Period Three Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A.


Fund Performance1



PHFI

Year Net Yield

1-Jul-98

1998 5.60% 1999 30.76% 2000 -26.02% 2001 -14.10% 2002 -18.85% 2003 22.44% 2004 17.74% 2005 13.87% 2006 42.94% 2007 21.81% 2008 -31.57% 2009 37.02% 2010 47.31% 2011 0.85% 2012 23.68% 2013 -10.60% 2014 14.55% 2015 -4.59% 2016 -1.45% 2017 11.59%

3.2

3.5

3.7

4.0

12/31/14 9/30/15 6/30/16 3/31/17 12/31/17


paMI eQUItY IndeX FUnd, InC.

Investment ObjectiveThe PAMI Equity Index Fund is a passively-managed fund. The objective of the Fund is to provide investors an opportunity to invest in the stock market through investing in a basket of stocks comprising the PSE Composite Index (PSEi) in such proportion that the performance of the Fund attempts to match that of the PSEi. The Fund is directed towards capitalizing on the long-term positive prospects of the Philippine economy.

Fund detailsNet Asset Value per Share (NAVPS) PHP 56.3982Total Fund Size (in Millions) 5,782.81Inception Date June 16, 2015Fund Classification Equity FundRisk Profile Moderately AggressiveFund Currency Philippine PesoDomicile PhilippinesMin. Initial Investment PHP 1,000Min. Transaction PHP 500Min. Holding Period Six MonthsRedemption Notice Period Three DaysValuation Method Marked-to-MarketCustodian Bank Citibank N.A.Transfer Agent Deutsche Bank A.G. (Mla)

Fund performance1

Cumulative 1 MO 1 Yr S.I.3

Fund -5.65% 8.10% 3.75%Benchmark2 -5.44% 10.78% 10.97%annualized Ytd 1 Yr S.I.3

Fund -6.77% 8.10% 1.33%Benchmark2 -6.26% 10.78% 3.80%

1 Returns are net of fees. Past performance is not indicative of future returns.2 Philippines Composite (Total Return) as of March 31, 20183 Since Inception.


naVpS Graph

PAMI EQUITY INDEX FUND, INC. Investment Objective The PAMI Equity Index Fund is a passively-managed fund. The objective of the Fund is to provide investors an opportunity to invest in the stock market through investing in a basket of stocks comprising the PSE Composite Index (PSEi) in such proportion that the performance of the Fund attempts to match that of the PSEi. The Fund is directed towards capitalizing on the long-term positive prospects of the Philippine economy. Fund Details

Net Asset Value per Share (NAVPS) PHP 56.3982 Total Fund Size (in Millions) 5,782.81 Inception Date June 16, 2015 Fund Classification Equity Fund Risk Profile Moderately Aggressive Fund Currency Philippine Peso Domicile Philippines Min. Initial Investment PHP 1,000 Min. Transaction PHP 500 Min. Holding Period Six Months Redemption Notice Period Three Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A. Transfer Agent Deutsche Bank A.G. (Mla)

Fund Performance1

Cumulative 1 MO 1 YR S.I.3 Fund -5.65% 8.10% 3.75% Benchmark2 -5.44% 10.78% 10.97% Annualized YTD 1 YR S.I.3 Fund -6.77% 8.10% 1.33% Benchmark2 -6.26% 10.78% 3.80%

1Returns are net of fees. Past performance is not indicative of future returns. 2Philippines Composite (Total Return) as of March 31, 2018

3Since Inception.


35

45

55

65

6/30/15 2/29/16 10/31/16 6/30/17 2/28/18

PAMI EQUITY INDEX FUND, INC. Investment Objective The PAMI Equity Index Fund is a passively-managed fund. The objective of the Fund is to provide investors an opportunity to invest in the stock market through investing in a basket of stocks comprising the PSE Composite Index (PSEi) in such proportion that the performance of the Fund attempts to match that of the PSEi. The Fund is directed towards capitalizing on the long-term positive prospects of the Philippine economy. Fund Details

Net Asset Value per Share (NAVPS) PHP 56.3982 Total Fund Size (in Millions) 5,782.81 Inception Date June 16, 2015 Fund Classification Equity Fund Risk Profile Moderately Aggressive Fund Currency Philippine Peso Domicile Philippines Min. Initial Investment PHP 1,000 Min. Transaction PHP 500 Min. Holding Period Six Months Redemption Notice Period Three Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A. Transfer Agent Deutsche Bank A.G. (Mla)

Fund Performance1

Cumulative 1 MO 1 YR S.I.3 Fund 3.48% 24.27% 11.28% Benchmark2 3.78% 27.13% 18.37% Annualized YTD 1 YR S.I.3 Fund 24.27% 24.27% 4.29% Benchmark2 27.13% 27.13% 6.86%

1Returns are net of fees. Past performance is not indicative of future returns. 2Philippines Composite (Total Return) as of December 31, 2017

3Since Inception.


35

45

55

65

6/30/15 12/31/15 6/30/16 12/31/16 6/30/17 12/31/17

pHIlaM StrateGIC GrOWtH FUnd, InC.

Investment ObjectiveThe investment objective of the Fund is capital growth with returns and inflows derived out of investments in equity securities. PSGF considers a medium to long-term investment horizon for its shareholders. The Fund will be positioned to compete directly with other full equity funds.

Fund detailsNet Asset Value per Share (NAVPS) PHP 549.8Total Fund Size (in Millions) 31,135.31YOY Return as of 03/31/18 9.60%Benchmark2 YOY Return as of 03/31/18 10.73%Inception Date June 22, 1998Fund Classification Equity FundRisk Profile AggressiveFund Currency Philippine PesoDomicile PhilippinesMin. Initial Investment PHP 5,000Min. Transaction PHP 1,000Min. Holding Period Six MonthsRedemption Notice Period Three DaysValuation Method Marked-to-MarketCustodian Bank Citibank N.A.Transfer Agent Philam Asset Management, Inc.

Fund performance1




Fund -6.58% 20.03% -3.06% -6.44% 17.72%Benchmark2 -5.80% 24.34% 0.30% -1.39% 20.94%

1 Returns are net of fees. Past performance is not indicative of future returns.2 90% Philippines Composite (Total Return) + 5% Bloomberg Philippine Sovereign Bond Index



naVpS Graph

Year on Year annual returnsYear Net Yield1998 19.18%1999 14.60%2000 -15.10%2001 -3.88%2002 -4.94%2003 31.14%2004 23.38%2005 15.19%2006 43.32%2007 20.09%

Year Net Yield2008 -38.13%2009 47.41%2010 54.17%2011 2.65%2012 29.18%2013 -8.44%2014 17.71%2015 -6.44%2016 -3.06%2017 20.03%

PHILAM STRATEGIC GROWTH FUND, INC. Investment Objective The investment objective of the Fund is capital growth with returns and inflows derived out of investments in equity securities. PSGF considers a medium to long-term investment horizon for its shareholders. Fund Details

Net Asset Value per Share (NAVPS) PHP 549.8 Total Fund Size (in Millions) 31,135.31 YOY Return as of 03/31/18 9.60% Benchmark2 YOY Return as of 03/31/18 10.73% Inception Date June 22, 1998 Fund Classification Equity Fund Risk Profile Aggressive Fund Currency Philippine Peso Domicile Philippines Min. Initial Investment PHP 20,000 Min. Transaction PHP 5,000 Min. Holding Period Six Months Redemption Notice Period Three Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A.


Fund Performance1



PSGF Year Net Yield

22-Jun-98

1998 19.18% 1999 14.60% 2000 -15.10% 2001 -3.88% 2002 -4.94% 2003 31.14% 2004 23.38% 2005 15.19% 2006 43.32% 2007 20.09% 2008 -38.13% 2009 47.41% 2010 54.17% 2011 2.65% 2012 29.18% 2013 -8.45% 2014 17.72% 2015 -6.44% 2016 -3.06% 2017 20.03%

400

450

500

550

600

650

12/31/14 9/30/15 6/30/16 3/31/17 12/31/17


PHILAM STRATEGIC GROWTH FUND, INC. Investment Objective The investment objective of the Fund is capital growth with returns and inflows derived out of investments in equity securities. PSGF considers a medium to long-term investment horizon for its shareholders. Fund Details

Net Asset Value per Share (NAVPS) PHP 549.8 Total Fund Size (in Millions) 31,135.31 YOY Return as of 03/31/18 9.60% Benchmark2 YOY Return as of 03/31/18 10.73% Inception Date June 22, 1998 Fund Classification Equity Fund Risk Profile Aggressive Fund Currency Philippine Peso Domicile Philippines Min. Initial Investment PHP 20,000 Min. Transaction PHP 5,000 Min. Holding Period Six Months Redemption Notice Period Three Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A.


Fund Performance1



PSGF Year Net Yield

22-Jun-98

1998 19.18% 1999 14.60% 2000 -15.10% 2001 -3.88% 2002 -4.94% 2003 31.14% 2004 23.38% 2005 15.19% 2006 43.32% 2007 20.09% 2008 -38.13% 2009 47.41% 2010 54.17% 2011 2.65% 2012 29.18% 2013 -8.45% 2014 17.72% 2015 -6.44% 2016 -3.06% 2017 20.03%

400

450

500

550

600

650

12/31/14 9/30/15 6/30/16 3/31/17 12/31/17


Year on Year annual returns

Year Net Yield2012 12.28%2013 -2.78%2014 -2.20%2015 -9.57%2016 -0.89%2017 23.34%

paMI aSIa BalanCed FUnd, InC.

Investment ObjectiveThe investment objective of the Fund is to ensure long term growth of the invested funds by tapping into the growth potential of Asia. The fund aims to provide investors with income and long term capital appreciation through investments in equities, equity-related securities and debt securities of Asian issuers in the Asian Region.

Fund detailsNet Asset Value per Share (NAVPS) $ 1.05Total Fund Size (in Millions) 11.10YTD Return as of 03/31/18 -0.37%Benchmark2 YTD Return as of 03/31/18 0.49%Inception Date January 10, 2011Fund Classification Balanced FundRisk Profile ModerateFund Currency US DollarDomicile PhilippinesMin. Initial Investment $ 5,000Min. Transaction $ 1,000Min. Holding Period Six MonthsRedemption Notice Period Five DaysValuation Method Marked-to-MarketCustodian Bank Citibank N.A.Transfer Agent Philam Asset Management, Inc.

Fund performance1


Fund -1.16% 12.22% 5.73% -0.46% 4.26%Benchmark2 -0.50% 14.32% 18.92% 22.41% 38.15%annualized 1 Yr 3 YrS 5 YrS S.I.3

Fund 12.22% 1.87% -0.09% 0.64%Benchmark2 14.32% 5.94% 4.12% 5.03%Calendar Year Ytd 2016 2015 2014 2013

Fund -0.37% 20.58% -0.89% -9.57% -2.20%Benchmark2 0.49% 23.39% 4.73% -6.28% 3.02%

1 Returns are net of fees. Past performance is not indicative of future returns.2 50% MSCI AC Pacific ex-Japan + 50% Markit iBOXX Asian Local Bond Index as of

March 31, 20183 Since Inception


Currency allocation

PAMI ASIA BALANCED FUND, INC. Investment Objective The investment objective of the Fund is to ensure long term growth of the invested funds by tapping into the growth potential of Asia. The fund aims to provide investors with income and long term capital appreciation through investments in equities, equity-related securities and debt securities of Asian issuers in the Asian Region. Fund Details

Net Asset Value per Share (NAVPS) $ 1.05 Total Fund Size (in Millions) 11.10 YTD Return as of 03/31/18 -0.37% Benchmark2 YTD Return as of 03/31/18 0.49% Inception Date January 10, 2011 Fund Classification Balanced Fund Risk Profile Moderate Fund Currency US Dollar Domicile Philippines Min. Initial Investment $ 5,000 Min. Transaction $ 1,000 Min. Holding Period Six Months Redemption Notice Period Five Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A.


Fund Performance1

Cumulative 1 MO 1 YR 3 YRS 5 YRS S.I.3 Fund -1.16% 12.22% 5.73% -0.46% 4.26% Benchmark2 -0.50% 14.32% 18.92% 22.41% 38.15% Annualized 1 YR 3 YRS 5 YRS S.I.3 Fund 12.22% 1.87% -0.09% 0.64% Benchmark2 14.32% 5.94% 4.12% 5.03% Calendar Year YTD 2017 2016 2015 2014 Fund -0.37% 20.58% -0.89% -9.57% -2.20% Benchmark2 0.49% 23.39% 4.73% -6.28% 3.02% 1Returns are net of fees. Past performance is not indicative of future returns.

250% MSCI AC Pacific ex-Japan + 50% Markit iBOXX Asian Local Bond Index as of March 31, 2018

3Since Inception


Country Allocation

Sector Allocation

PABF Year Net Yield

10-Jan-11

2012 12.28% 2013 -2.78% 2014 -2.20% 2015 -9.57% 2016 -0.89% 2017 23.34%

CASH & MONEY

MARKET, 23.57%

BONDS, 27.93%

EQUITIES, 48.54%

0% 5% 10% 15% 20% 25%

CHINA

KOREA

PHILIPPINES

MALAYSIA

AUSTRALIA

INDONESIA

THAILAND

TAIWAN

HONG KONG

SINGAPORE

Cash & Money Market

Benchmark Exposure Fund Exposure

0% 10% 20% 30% 40% 50%

Consumer…

Consumer Staples

Corporate Bonds

Emerging…

Energy

Financials

Health Care

Industrials

Information…

Materials

Real Estate

Telecommunicatio…

Utilities

Cash & Money…


Currency Allocation

HKD19.70%

KRW17.32%

USD9.30%TWD

7.68%

MYR7.60%

AUD6.92%

CNH6.52%

IDR5.80%

THB5.75%

SGD5.50%

PHP4.32%

Country allocation

Sector allocation




Fund Performance1



3Since Inception


Country Allocation

Sector Allocation

PABF Year Net Yield

10-Jan-11

2012 12.28% 2013 -2.78% 2014 -2.20% 2015 -9.57% 2016 -0.89% 2017 23.34%

CASH & MONEY

MARKET, 23.57%

BONDS, 27.93%

EQUITIES, 48.54%

0% 5% 10% 15% 20% 25%

CHINA

KOREA

PHILIPPINES

MALAYSIA

AUSTRALIA

INDONESIA

THAILAND

TAIWAN

HONG KONG

SINGAPORE

Cash & Money Market


0% 10% 20% 30% 40% 50%

Consumer…

Consumer Staples

Corporate Bonds

Emerging…

Energy

Financials

Health Care

Industrials

Information…

Materials

Real Estate

Telecommunicatio…

Utilities

Cash & Money…





Fund Performance1



3Since Inception


Country Allocation

Sector Allocation

PABF Year Net Yield

10-Jan-11

2012 12.28% 2013 -2.78% 2014 -2.20% 2015 -9.57% 2016 -0.89% 2017 23.34%

CASH & MONEY

MARKET, 23.57%

BONDS, 27.93%

EQUITIES, 48.54%

0% 5% 10% 15% 20% 25%

CHINA

KOREA

PHILIPPINES

MALAYSIA

AUSTRALIA

INDONESIA

THAILAND

TAIWAN

HONG KONG

SINGAPORE

Cash & Money Market


0% 10% 20% 30% 40% 50%

Consumer…

Consumer Staples

Corporate Bonds

Emerging…

Energy

Financials

Health Care

Industrials

Information…

Materials

Real Estate

Telecommunicatio…

Utilities

Cash & Money…


pHIlaM GlOBal BOnd FUnd, InC.

Investment ObjectiveThe objective of the Fund is to achieve a high level of total return from interest income and capital appreciation by investing in portfolio of sovereign debts. The secondary goal is to preserve capital by managing interest rate and credit risk.

Fund detailsNet Asset Value per Share (NAVPS) $1.0473Total Fund Size (in Millions) $2.227MYOY Return as of 03/31/2018 -1.85%Benchmark2 YOY Return as of 03/31/18 1.53%Inception Date September 03, 2007Fund Classification Fixed Income FundRisk Profile ConservativeFund Currency US DollarDomicile PhilippinesMin. Initial Investment $ 5,000Min. Transaction $ 1,000Min. Holding Period Six MonthsRedemption Notice Period Five DaysValuation Method Marked-to-MarketCustodian Bank Citibank N.A.Transfer Agent Deutsche Bank A.G. (Mla)

Fund performance1


Fund 0.04% -1.86% -4.08% -12.15% -3.59%Benchmark2 0.11% 1.53% 7.61% 4.97% 32.76%annualized 1 Yr 3 YrS 5 YrS S.I.3

Fund -1.86% -1.83% -2.56% -0.36%Benchmark2 1.53% 2.48% 0.97% 2.80%Calendar Year Ytd 2015 2014 2013 2012

Fund -2.52% 2.48% 0.02% -7.25% -2.84%Benchmark2 -1.05% 4.34% 5.58% -3.97% 0.06%

Year on Year annual returnsYear Net Yield2008 2.11%2009 4.16%2010 4.94%2011 2.78%2012 1.16%2013 -5.26%2014 -2.84%2015 -7.25%

naVpS Graph

PHILAM GLOBAL BOND FUND, INC. Investment Objective The objective of the Fund is to achieve a high level of total return from interest income and capital appreciation by investing in portfolio of sovereign debts. The secondary goal is to preserve capital by managing interest rate and credit risk. Fund Details

Net Asset Value per Share (NAVPS) $1.0473 Total Fund Size (in Millions) $2.227M YOY Return as of 03/31/2018 -1.85% Benchmark2 YOY Return as of 03/31/18 1.53% Inception Date September 03, 2007 Fund Classification Fixed Income Fund Risk Profile Conservative Fund Currency US Dollar Domicile Philippines Min. Initial Investment $ 5,000 Min. Transaction $ 1,000 Min. Holding Period Six Months Redemption Notice Period Five Days Valuation Method Marked-to-Market Custodian Bank Citibank N.A. Transfer Agent Deutsche Bank A.G. (Mla)

Fund Performance1

Cumulative 1 MO 1 YR 3 YRS 5 YRS S.I.3 Fund 0.04% -1.86% -4.08% -12.15% -3.59% Benchmark2 0.11% 1.53% 7.61% 4.97% 32.76% Annualized 1 YR 3 YRS 5 YRS S.I.3 Fund -1.86% -1.83% -2.56% -0.36% Benchmark2 1.53% 2.48% 0.97% 2.80% Calendar Year YTD 2017 2016 2015 2014 Fund -2.52% 2.48% 0.02% -7.25% -2.84% Benchmark2 -1.05% 4.34% 5.58% -3.97% 0.06%

PGBF

Year Net Yield 03-Sept-07

2008 2.11% 2009 4.16% 2010 4.94% 2011 2.78% 2012 1.16% 2013 -5.26% 2014 -2.84% 2015 -7.25% 2016 0.02% 2017 2.48%

Sector Allocation

Country Allocation

0.9

0.98

1.06

1.14

1.22

1.3

3/31/08 3/31/11 3/31/14 3/31/17

Year Net Yield2016 0.02%2017 2.48%

Country allocation

Sector allocation



Fund Performance1


PGBF


2008 2.11% 2009 4.16% 2010 4.94% 2011 2.78% 2012 1.16% 2013 -5.26% 2014 -2.84% 2015 -7.25% 2016 0.02% 2017 2.48%

Sector Allocation

Country Allocation

0.9

0.98

1.06

1.14

1.22

1.3

3/31/08 3/31/11 3/31/14 3/31/17



Fund Performance1


PGBF


2008 2.11% 2009 4.16% 2010 4.94% 2011 2.78% 2012 1.16% 2013 -5.26% 2014 -2.84% 2015 -7.25% 2016 0.02% 2017 2.48%

Sector Allocation

Country Allocation

0.9

0.98

1.06

1.14

1.22

1.3

3/31/08 3/31/11 3/31/14 3/31/17

dISClOSUre StateMent

This material is strictly for information purposes only. This does not constitute a recommendation or an offer to sell or a solicitation to buy any mutual fund. Any information is subject to change without notice and Philam Asset Management (PAMI) is not under any obligation to update or keep current the information contained herein. You are advised to make your own independent judgment with respect to the matter contained in this document. No liability whatsoever is accepted for any loss that may arise (whether direct or consequential) from any use of the information contained herein.

risk disclosure StatementThe value of your investment may change in relation to the market’s volatility. This means that the price at the time of subscription may either be lower or higher than the price at the time of redemption.

Past performance is not an indication of future returns. References to historical prices are for illustration purposes only.

The mutual funds managed by PAMI do not carry any guaranteed rate of return.

paMI BranCHeS

natIOnal CapItal reGIOnBinondoAddress : Ground Floor, Downtown Center, 520 Quintin Paredes St., Binondo, Manila Tel : (+632) 230-0848

CubaoAddress : G/F Philam Life Bldg., Aurora Blvd. cornerAraneta Ave., Cubao, Quezon CityTel : (+632) 521-6300 loc. 3421 to 3425

MakatiAddress : 2/F Floor, Philam Life Salcedo Bldg., 126 L.P. Leviste Street, Salcedo

Village, Makati CityTel : (+632) 521-6300 loc. 4522 to 4523

Manila BayAddress : Mezzanine Floor Fly Ace Corporate Center, 13 Coral Way, Central Business

Park, Pasay CityTel : (+632) 521-6300 loc. 3509

lUZOnBaguioAddress : G/FPhilam Life Bldg., Upper Session Road, Baguio City, BenguetTelefax : (+6374) 619-2660

BatangasAddress : 3/F Philam Life Bldg., Hilltop, Batangas City, BatangasTel : (+6343) 723-6130

pampangaAddress : 2F Philamlife Bldg., V. Tiomico St., City of San Fernando, PampangaTel : (+6345) 961-0514

VISaYaSBacolodAddress : 2/F Philam Life Bldg., Galo cornerLacson St., Bacolod City, Negros OccidentalTel : (+6334) 433-9088

CebuAddress : G/FPhilam Life Bldg., Osmena Blvd., Cebu CityTel : (+6332) 254-6659; 254-6638

IloiloAddress : 4/F Iloilo Ayala Land Technohub Bldg., Boardwalk Ave., Brgy. San Rafael,

Mandurriao, Iloilo City, IloiloTel : (+6333) 500-0874

MIndanaOCagayan de OroAddress : Philam Life Bldg., A. Velez cor. Lt. Echem St., Cagayan de Oro City,

Misamis OrientalTel : (+6388) 856-4588 local 5423

davaoAddress : 2/F Philam Life Bldg., Rizal Street, Davao City, Davao del SurTel : (+6382) 221-0391 loc. 5371

Gen. Santos CityAddress : 2/F Philam Life Bldg., Pioneer Avenue, General Santos CityTelefax : (+6383) 552-9190

Head OFFICeAddress : 17/F Philam Life Head Office, Net Lima Building, 5th Avenue corner 26th

St., Bonifacio Global City, Taguig 1634, PhilippinesTel : (+632) 521-6300Fax : (+632) 528-5093

philam asset Call CenterTel : (+632) 817 - PAMI (7264)E-mail : [email protected]

For matters/concerns requiring immediate attention, please call or send an e-mail to our Philam Asset Call Center which is open from 8:30 a.m. to 5:30 p.m., from Mondays to Fridays.


September 30, 2013

philamfund.com.ph

About PAMIPhilam Asset Management, Inc. (PAMI) is an asset management company that administers, distributes and provides investment advisory to nine mutual funds. PAMI is a wholly owned company of Philam Life – the country’s premier life insurance company– which is a member company of the AIA Group, the largest pan-Asian life insurance group that has a unique heritage of serving the world’s most dynamic region for more than 90 years.

Established in 1992, PAMI is one of the largest asset and wealth managers in the mutual fund industry with more than PhP46 Billion Assets under management as of September 30, 2014.

A major contributor to the development of the Philippine mutual fund industry, PAMI is a leader in asset management in the Philippines, managing nine funds from different asset classes for different client risk appetites namely: Philam Managed Income Fund, Philam Bond Fund, PAMI Global Bond Fund, and Philam Dollar Bond Fund, Philam Fund, PAMI Asia Balanced Fund, NCM Mutual Fund of the Philippines, and PAMI Horizon Fund and lastly, the Philam Strategic Growth Fund.

About PAMIPhilam Asset Management Inc, (PAMI) is a leader in asset management in the Philippines, managing nine (9) mutual funds of different asset classes, both local and global currency. PAMI MFs cater to all risk profiles: Philam Managed Income Fund, Philam Bond Fund, and Philam Dollar Bond Fund – all fixed income funds for the conservative investors; Philam Fund Inc. PAMI Horizon Fund Inc and Philam Strategic Growth Fund are equity-laced funds for the moderate to aggressive investor. For investors looking to invest off-shore, PAMI offers the PAMI Asia Balanced Fund and the PAMI Global Bond Fund.

A wholly owned subsidiary of Philam Life, PAMI has been providing investors with consistent high performing investment funds through active fund management and diversification for 20 years.

About Philam LifeThe Philippine American Life and General Insurance Company (Philam Life) is the country’s premier life insurance company. Established on June 21, 1947, Philam Life offers an extensive line of products in the industry that provides solutions to various financial needs including life protection, health insurance, savings, education, retirement, investment, group and credit life insurance.

Philam Life is a member of AIA Group Limited, the largest independent publicly listed pan-Asia life insurance group.

About AIAAIA Group Limited and its subsidiaries (collectively “AIA” or “the Group”) comprise the largest independent publicly listed pan-Asia life insurance group. It has operations in 16 markets in Asia-Pacific – wholly owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 92 per cent subsidiary in Sri Lanka and a 26 per cent joint-venture in India.

The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$134,439 million as of November 2012.

AIA meets the savings and protection needs of individuals by offering a range of products and services including retirement savings plans, life insurance and accident and health insurance. The Group also provides employee benefits, credit life and pension services to corporate client. Through an extensive network of agents and employees across Asia-Pacific, AIA serves the holders of more than 25 million individual policies and over 13 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of the Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).


Philam Life is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.









About AIAAIA Group Limited and its subsidiaries (collectively “AIA” or “the Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has operations in 17 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and a representative office in Myanmar.


Established in 1992, PAMI is one of the largest asset and wealth managers in the mutual fund industry with more than PhP47.34 Billion Assets under management as of December 31, 2014.



September 30, 2013

philamfund.com.ph


























September 30, 2013

philamfund.com.ph
























fund manager’s report · 2018 from 2.3% the previous year. in asia, the philippines’ tax policy...

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