Investment Objective

The Fund aims t o achiev e l ong-term capital appreciati on by i nvesti ng in a div ersified portfoli o of equities and fix ed inc ome i nstruments. The Fund s hall i nvest at l east 75% of its net assets in equity sec urities under normal m arket c onditions. The Fund aims to outperform its composite benchmark, 75% Philippi ne Stock Exc hange index (PSEi) and 25% return of the 91-day Treasury Bill.

NAVPS Graph
250
210 170 130 Fund Benchmark

Figures as of 04/30/2012 Cumulative Performance (%)

Fund Benchmark3

1 mo 6.53 1.43

1YR 30.95 15.62

3YRS 198.09 112.39

4YRS 178.71 70.00

S.I. 2 128.08 39.27

90

Annualized Performance (%)

Fund Benchmark3
1YR 30.95 15.62 2YRS 34.36 20.27 3YRS 43.92 28.54 4YRS 29.21 14.19 S.I. 2 20.47 7.77

50 Jan-08

Mar-10

Apr-12

Allocation
Portfolio Allocation: Equities 94.1%, Cash, Fixed Income and Other Receivables 5.9%

Calendar Year Performance (%)

Fund Benchmark3
1 2 3

Top Equity Holdings

2010 54.02 29.02 2009 64.35 48.16 2008 -32.75 -35.09 Name Cebu Holdings, Inc. Dizon Copper Silver Mines, Inc. Union Bank of the Philippines Rizal Commercial Banking Corporation DMCI Holdings, Inc. Ayala Land, Inc. Nihao Mineral Resources International Bank of the Philippine Islands Metropolitan Bank & Trust Company Megawide Construction Corporation
*Due to price appreciation as April 30, 2012

YTD 32.02 14.36

2011 -0.87 3.44

Returns are net of fees. Past performance is not an indication of future returns. Since inception. The Benchmark of the fund is 75% PSEi / 25% 91-day T-Bill.

Key Figures and Statistics

Net Asset Value per Share (NAVPS) Total Fund NAV (Bln) Par Value Current Number of Holdings Information Ratio4 Sharpe Ratio4 Statistics Past 3 Years Annualized Return (net) Annualized Volatility Portfolio beta General Information Launch Date Fund Structure Fund Classification Fund Currency Minimum Initial Investment5 Minimum Transaction5 Minimum Holding Period Early Redemption Fee Initial Sales Charge Management/Advisory Fee Valuation Methodology Financial Reporting External Auditor Fund Manager Receiving Banks Third Party Custodian Dealing Cut-Off PHP PHP PHP 17 1.56 1.55
Fund 43.92% 17.38% 0.96

245.21 3.45 100.00

Main Business Property Mining Financials Financials Holding Firms Property Mining Financials Financials Construction

% of Fund 10.66%* 9.97% 9.53% 9.42% 9.10% 8.58% 8.39% 7.30% 5.16% 4.75%

Sector Holdings (Equity Portion)

Benchmark 28.54% 17.82% Financials Property Mining 19.2% 18.4% 12.8% 9.6% 31.4%

Bloomberg Code: ALFMGRW PM Fund Perf ormance Report April 30, 2012 Visit us at www.bpiassetmanagement.com

November 27, 2007 Mutual Fund Balanced Fund Philippine Peso PHP 10,000.00 PHP 1,000.00 180 calendar days 1.00% Waived 2.00% per annum PAS # 39 (Marked-to-market/ Amortized Cost) Philippine Accounting Standards Isla Lipana & Co. BPI Investment Management, Inc. BPI and BPI Family Savings Branches HSBC, Ltd. (Philippines) 2:30 PM

Construction

Holding Firms Telecommunications 2.8%

Any prospective investment shall be limited to the type of investments described in the Prospectus of the Fund.
Risk Disclosure The Fund is suitable for investors who take medium to long-term views. As a marked-to-market Mutual Fund, the Funds net asset value, and total return may fall as well as rise as a result of stock prices and interest rates movements. On redemption of shares, an investor may receive an amount less than the original amount of investment. The Information Ratio evaluates reward-to-risk efficiency relative to the benchmark, while the Sharpe Ratio evaluates reward-to-risk efficiency relative to the risk free rate. The higher the number, the higher the reward per unit of risk. Sharpe and Information Ratios between funds of different classifications are non-comparable. 5 Contribution rounded down/ redemption rounded off to the nearest whole share.
4

Managers Report Local Market Review: The Philippine Stock Exchange index tacked on another winning month, advancing by 1.86% in April to close at 5,202.70. The index traded between its support of 5,000 and the psychological resistance of 5,200 for most of the month but managed to break out of the range and closed at a new all-time high of 5,218.97 on April 26. Average daily trade volume slightly declined from US$155 million in March to US$130 million in April.
GT Capital Holdings Inc., the parent company of Metro Bank, conducted its US$440 million IPO (Initial Public Offering) at Php455/share. The offering was wellreceived by the market closing at Php509/share, up by +11.87% by the end of April. Conglomerates were the top performing sector, increasing by 5% for the month of April, led by news that Metro Pacific Inc. (+8.45% MoM) and Ayala Corp. (+5.76% MoM) will team up to bid for the governments LRT-1 South Extension Project which is set to be bided out by the early part of May. The light railway project is projected to be worth Php60 billion, Php30 billion of which will come from the private sector investments. Fund Performance: The Fund outperformed its benchmark by 510 basis points during the month, returning 6.53% in April. Strategy: The local growth story remains on track. Domestic consumption, responsible for over two-thirds of the total Philippine economy, is expected to remain buoyant as OFW remittances grew by 5.6% year-on-year in the first two months of the year, reaching US$3.15 billion. Banks are expected to be re-rated as they start to report better than-expected-earnings on the back of strong trading gains and loans growth. With further developments on the governments Private-PublicProjects, infrastructure companies are also expected to outperform the market. We are keeping our year-end target of 5,500, having an overweight position on banks and infrastructure companies.

ALFM Growth Fund is an open-en d investment company or mutual fund register ed with the Securities and Excha nge Comm issio n (SEC). It is not guaranteed by the Fund Manager nor by the Philipp ine De posit Insuranc e Corporati on (PDIC). As such, shares of particip ation of the investor, w hen re deem ed, may b e worth mor e or worth less tha n his/h er initi al i nvestment/contri butio ns. Due to the n ature of the i nvestments, yie ld a nd pote ntial y iel ds can not be g uara nteed. Any i ncome or loss ar isin g from market fluctuati ons a nd price vo latil ity of the securities hel d by the mutua l fund, eve n if investe d in gover nment secur ities, is for the acco unt of the inv estor. Historica l performa nce, wh en pr esente d, is pure ly for referenc e purp oses a nd is n ot a guar antee of future results. The Fund Ma nag er is not lia ble for l osses, unl ess up on wi llful defau lt, bad faith or gr oss neg lig ence. For the p urpos e of lod gin g, cleari ng, settleme nt, and de livery of securities in the mutu al fund, the Fun d Man ager is author ized to av ail of the services of thir d party instituti ons such as but not limited to custod ians whic h the Fu nd M ana ger may cha nge or re plac e with out pr ior n otice to or ap prova l from the inv estors. The Fun d Man ager wi ll n ot be r espo nsib le for any l oss or dama ge s uffered by the Fun d as a res ult of the th ird parties wi llful defa ult, gross negl ige nce, or evid ent bad faith. Investors are a dvise d to read the Prospectus of the Fund w hich may b e obtai ned from auth orize d distrib utors before d ecid ing to inv est. For inquiries, pl ease ca ll: BPI Capital C orpor ation (6 32) 84 5-56 95 to 98; BPI Investment Management, Inc (632) 845-5033 to 35; BPI Securities Corporation (632) 816-9190 or (632) 816-9192; email bpi_asset_management@bpi.com.ph or alfminquiry@bpi.com.ph.