8/4/2019 1st Qtr 2011 Balanced Fund (1)

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The UITF is NOT a deposit and not insured by PDIC. Due to the nature of the investments, yield and potential yields cannot be guaranteed. Anyincome or loss arising from market fluctuations and price volatility of the securities held by the UITF, even if invested in government securities,

is for the account of the Investor. As such, units of participation of the investor in the UITF, when redeemed, may be worth more or be worth lessthan his/her initial i nvestment/contributions. Historical performance, when presented, is purely for reference purposes and is not a guarantee offuture results. The Trustee is not liable for losses, unless upon willful default, bad faith or gross negligence.

RBank BALANCED FUND (Unit Investment Trust Fund)

Fund Performance Report for the 1st Quarter 2011As of March 31, 2011

Product Description and Customer Suitability

The RBank Balanced Fundis a peso-denominated unit investment trust

fund (UITF) that is invested in both fixed-income securities and equities

and is an investment alternative for clients looking for better returns than

traditional bank deposits over a medium to long-term investment horizon.

Its investment portfolio consists of deposits, government bonds, prime

corporate bonds and listed equities. Minimum initial placement and

maintaining balance is Php 50,000.00 while minimum additional

placements are accepted at Php 10,000.00. Minimum holding period is 90

calendar days. In case of withdrawal prior to 90 days, early redemption

fee of 0.50% of redemption amount or Php 500 (whichever higher) will be

charged.

As a UITF, the funds assets are subject to daily mark-to-market valuation

and as such, clients returns are not guaranteed. Clients should be willing

to take the attendant risks inherent in medium to long-term tradable fixed-

income investments and listed equities. The Funds performance is

benchmarked against 50% PSE index and 50% average 91 day Tbill rate.

Fund Performance / Historical Yields

PORTFOLIO MIX:

Top Bond Holdings as of 1st Qtr 2011

% of fund Mkt Yield Maturity

BSP-SDA 34% 4.125% - 4.1875% < 30 days

FXTN 5-65 13% 2.11% 2/21/2012

RTB 5-10 13% 5.69% 1/0/1900

RTB3-06 3% 0.00% 1/0/1900

Globe shares 3% 891.00

JGSH shares 4% 24.50

MBT shares 3% 64.20

PCORshares 3% 14.36

Fund Managers Report

1st Quarter 2011 Market Wrap

The main index finished at 4,055 levels for the quarter, up by

8% month-on-month. Foreigners turned net buyers on account

of political tensions in the MENA region. The market reacted

positively on BSP rate hike as a signal of BSPs

responsiveness to inflationary market conditions.

Outlook for the 2nd Qtr 2011

We will remain invested in selected stocks and do asset

rotation as trading opportunities arise. Listed corporates

earnings are expected to report positive growth and we expect

the equity markets to rally further in the next months.

Disclosure of Fund expenses for the 1st Quarter, 2011 per BSPregulation:

Trust fees* Php 136,481.78

Security Custody fees 663.37

UITF Backroom Service Provider 27,594.40

Note: From Jan-Mar 2011 only ; annual trust fee is 1% per annum based on net assets.

UITF Participation/ Redemption Conditions:

1. Admissions/ redemptions accepted on or before the cutoff

trading of 11:30AM to be considered as transactions for the

day; otherwise, the same shall be considered as next day

transactions.

2. Admissions/ redemptions shall be based on the prevailing

market value of underlying investments of the UITF at date

of transaction, in accordance with existing BSP rules and

regulations on marking-to-market valuation of investmentinstruments.

3. Redemption proceeds shall be paid out of the UITF one (1)

day after transaction date.

4. Regular or early redemption will require the signing of the

Notice of Redemption provided in the Certificate of

Participation, which should be duly surrendered to the

maintaining branch at time of withdrawal.

5. Only full redemption per Certificate of Participation shall be

allowed.

The Balanced Fund posted a Yr-on-Yr net ROI of 6.54% and a YTD

absolute net ROI of -0.43% with NAVPU of P 115.215113 as of

March 31, 2011. On a yr-to-date basis, despite the negative yr-to-date

absolute ROI, the fund still registered better returns compared to its

benchmark of 1.62%AbsoluteYield net oftax & fees

NAVPU(Php) Date

Year-on-year ROI 6.54 % 115.215113 03-31-2011

Year-to-date ROI -0.43 % 115.712187 12-31-2010Yield since inception 15.22 % 100.000000 03-28-2008

*absolute ROI means the incremental % change in NAVPU based on term

indicated.