Philam Asset Management, Inc.

(PAMI) administers, distributes

and provides investment advisory to seven (7) mutual funds.
PAMI gives shareholders superior yields through active
management, diversification and investment expertise only
organizations with extensive financial muscle can provide.

G S IS M u t u a l F u n d , In c . ( G M F I)
April 16, 2010

Historical Performance Investment Objective

The Fund is a moderate type of investment dealing with equity securities and
YTD YOY 3 Yrs. 5 Yrs. Since Inception fixed-income instruments. An adequate portion of the portfolio will be
10.88% 41.47% 12.73% 97.52% 111.49% 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
NAVPS Graph investors who understand and appreciate the risk involved.
2.2600

Top Ten Holdings

2.0800
COMPANY PERCENTAGE
1.9000 PHIL LONG DISTANCE TEL. CO. 11.35%
AYALA LAND INC 6.92%
1.7200
ABOITIZ POWER CORPORATION LIMITED 6.77%
1.5400 ENERGY DEVELOPMENT CORP 6.42%
SM INVESTMENTS CORPORATION 5.94%
1.3600
ALLIANCE GLOBAL GROUP INC 5.31%
1.1800 ICTS, INC. 5.27%
16-Apr-09 16-Jun-09 16-Aug-09 16-Oct-09 16-Dec-09 16-Feb-10 16-Apr-10
BANCO DE ORO - EPCI. INC 5.11%
Source: Investment Company of the Philippines published NAVPS METROBANK 4.36%
* Past Performance is not indicative of future results
FIRST PHILIPPINE HOLDINGS CORP 3.93%

Commentary Sector and Fund Allocation

Market pauses from its prior week’s rally to close 3265.54 (+0.30%WoW) or REAL ESTATE 16.11%
up 9.8pts. Daily average volume was lower at US$83m compared to prior
TELECOMM
weeks’ us$93m. 13.49%

BANKS 13.20%
Positive economic and corporate news flows continued to support the index
CONGLOMERATES 7.52%
as it hovered around 3299 level for most of the week before investors
decided to take profits. ELEC POWER&GAS 6.77%

Fixed
ELEC OTHER 6.42%
GLO (-4.9%WoW) dropped after the company managed investor’s Income,
FINANCE 27.68%
expectation that competition in the telecom industry will limit topline growth. 5.94%

On the other hand, TEL (+0.8WoW) gained on news that its broadband MANUFACTURING 5.31%

division is working on delivering strong growth over the next two years. TRANS OTHER 5.27%
Equity,
Market’s perception clearly played a role on the telecom stocks. Both GLO WATER 5.25% 72.32%
and TEL are experiencing tight competition and both are also spending
heavily to grow its broadband division, but the tone of the news flow from
each company affected investor’s preference. Key Figures
Net Asset Value per Share (NAVPS) PHP 2.2006
In the economic front, OFW remittances continued to post growth of 7.1% for
Total Fund Size (in Millions) as of 3/31/10 PHP 3,671.71
the month of February ( 8.5% in January). Port operator, ICT (+7.1%WoW) GMFI YOY return as of 3/31/10 40.63%
gained on news that February exports was up by 42.3% YoY (42.5% in Benchmark YOY return as of 3/31/10 33.57%
January). Moreover, despite last year’s slowdown in export which affected
port operations, management has decided to maintain regular dividend Inception Date July 1, 1998
Fund Currency Philippine Peso
payout this year. The improvement in bank’s NPL ratio to 3.18% in February
Domicile Philippines
(3.22% in January) helped sustain gains from banking stocks MBT Valuation Method Marked-to-Market
(+2%WoW) and BDO (+1%WoW). Fund Classification Balanced Fund
Risk Profile Moderate
Expect market to continue its consolidation phase as investors become Minimum Holding Period Six Months
cautious with the coming election. Base-building at this level is healthy as Redemption Notice Period Three Days
the market gears up for a stronger uptrend. Custodian Bank Citibank N.A.
Transfer Agent Deutsche Bank A.G. (Manila)

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Opinions: Any opinions expressed in this document may be subject to change without notice. We are not soliciting or recommending any action based on this material.
Risk Warning: Past performance is not indicative of future results. Our investment management services relate to a variety of investments, each of which can fluctuate in value. The
value of portfolios we manage may fall as well as rise, and the investor may not get back the full amount originally invested. The investment risks vary between different types of
instruments. For example, for investments involving exposure to a currency other than that in which the portfolio is denominated, changes in the rate of exchange may cause the
value of investments, and consequently the value of the portfolio, to go up or down. In the case of a higher volatility portfolio the loss on realization or cancellation may be very high
(including total loss of investment), as the value of such an investment may fall suddenly and substantially. In making an investment decision, prospective investors must rely on their
own examination of the merits and risks involved.