Fund Fact Sheet as of Dec 27, 2013

PhilEquity Fund
INVESTMENT OBJECTIVES
To seek long-term capital appreciation through investing primarily in equity securities of listed Philippine companies. Our investment strategy considers the liquidity and safety to manage risk.

PORTFOLIO ANALYSIS
Top Ten Holdings
Issue PLDT SM Investments Corp Industry Utilities Consumer / Holding Firms Consumer Financials Utilities Property Holding Firms Consumer Services Financials % 8.4% 5.4% 4.8% 4.6% 4.5% 3.9% 3.8% 3.8% 3.6% 3.5%
Utilities

Sector Weightings

12.04% 6.86%

Services
Property

FUND FACTS
Incorporation Date Structure Currency Valuation method Type Sales Load Exit fee Annual Management fee Hold period to waive exit fees Redemption Period Fund Manager 21 February 1994 Open-ended Philippine Peso Marked-to-market Equity Fund Max of 3.5% Max of 2% 1.5% p.a. of total funds under management More than 2 years Max of 7 banking days Philequity Management Inc.

Universal Robina Corp Metrobank Meralco Ayala Land Inc Ayala Corp Jolibee Int'l Container Terminal BPI

8.02%
2.46% 1.90%

Mining and Oil

Industrial

Holding Firms
Financials Consumer / Property

12.23%
12.14%

3.74%
5.43% 11.32%

Consumer / Holding Firms

Consumer

Total % of Top Holdings

46.5%

NAVPS as of Dec 27, 2013

28.9003

COMMENTARY The Philippine Stock Exchange Index (PSEi) closed December 27 at 5,889.83 level, down 5.4% from the November 29 level of 6,208.82 due to continued effects of typhoon Yolanda and the decision to taper in US. The typhoon Yolanda caused the rise of Inflation Rate (IR) for the month of November to 3.3% from 2.9% in October. The decision to taper in the US caused fear in the Global Markets. In relation to this, the PSEi had a support at 5,790 level but suffered a technical breakdown to 5762.53, its lowest closing level for the month of December. The Fund returned -2% month-on-month while the Philippine Stock Exchange Index (PSEi) returned 2.7%. The Fund also maintained a lower standard deviation of 18.8% versus the PSEi's 23.6% on a year-to-date basis. On a long-term basis the Fund's performance on a compounded annual growth rate for the past 10 years is 19.18%, 5 years is 29.49% and 3 years at 13.09%. Looking at the composition of the Fund, the top three holdings are PLDT, SM, and URC with the top ten holdings representing 46.5% of the Fund.

PERFORMANCE ANALYSIS
Actual Returns (%) before sales charges, after mgmt fees Since YTD 1 mo 6 mos 1 Yr 3 Yrs Launch

Compounded Annual Growth rates (%)

PEFI 10 years 5 years 3 years
19.18% 29.49% 13.09%

PSEi
15.23% 25.75% 12.23%

PEFI PSEi

0.9% 1.3%

-2.0% -2.7%

-7.2% -6.9%

1.2% 1.6%

44.7% 41.4%

2504.8% 110.5%

*Since Launch date is January 2, 1995, Benchmark is PSEi

NAVs Graph
40

35
30 25 20 15

PEFI

10
5 0 1995 1997 1999 2001 2003 2005 2007 2009

PSEi
2011 2013

Calendar Year Returns (%)

80% 60% 40% 20% 0% -20% -40% -60%

2013 0.9% 1.3%

2012 33.7% 33.0%

2011 6.1% 4.1%

2010 54.2% 37.6%

2009 65.0% 63.0%

2008 -40.7% -48.3%

2007 18.3% 21.4%

FEATURES
Initial Investment Additional Investment PhP 5,000 PhP 1,000 1k - 99k 100k - 249k 250k - 499k 500k - 999k Sales Load 1M - 1.9M 2M - 4.9M 5M - 9.9M 10M - 19.9M 20M - 49.9M 50M+ < 1 Year Exit Fees 1 - 2 Years > 2 Years 3.50% 3.25% 3.00% 2.75% 2.50% 2.00% 1.50% 1.00% 0.50% 0.25% 2.00% 1.50% 0.00%

PEFI PSEi

Volatility of Returns / Annual Standard Deviation (+/-,%)

40% 30% 20% 10% 0% PEFI PSEi

2013

2012

2011

2010

2009

2008

2007

18.8% 23.6%

13.8% 14.7%

17.4% 18.5%

16.7% 17.4%

17.8% 21.8%

24.9% 33.8%

14.6% 27.1%