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Investment Objective

The Fund aims to track the performance of the Philippine Stock Exchange Composite index (PSEi). The fund shall invest substantially the Fund's assets in the stocks comprising the PSEi in the same weights as in the index.

NAVPS Graph
750 Fund Benchmark Benchmark Total-Return

Figures as of 10/31/2012 Cumulative Performance (%)


Fund PSEi2 PSEi (Total Return)3 1 mo 1.50 1.47 1.50 1YR 26.45 25.17 28.48 YTD 25.72 24.08 27.13 2YRS 13.38 12.73 16.11 2011 3.89 4.07 7.65 1YR 26.45 25.17 28.48 3YRS 23.56 23.09 27.24 2010 37.62 37.62 43.26 3YRS 88.66 86.51 106.01 4YRS 29.50 29.13 33.83 2009 63.00 63.00 71.01 5YRS 45.97 44.31 73.32 5YRS 7.86 7.61 11.63 2008 -48.29 -48.29 -46.28 S.I.4 389.69 382.08 541.58 S.I.4 18.12 17.93 21.52 2007 21.43 21.43 23.80

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Annualized Performance (%)


Fund PSEi2 PSEi (Total Return)3 150 Oct-07 Apr-10 Oct-12

Allocation
Portfolio Composition: Equities 96.9%, Cash, Fixed Income and Other Receivables 3.1%

Calendar Year Performance (%)


Fund PSEi2 PSEi (Total Return)3
1 2 The

Top Equity Holdings


Name Philippine Long Distance Tel. Company SM Investments Corporation Ayala Land, Inc. Bank of the Philippine Islands Aboitiz Equity Ventures, Inc. Metropolitan Bank & Trust Company Ayala Corporation Banco de Oro Universal Bank SM Prime Holdings, Inc. International Container Terminal Services, Inc. Main Business Telecommunications Holding Firms Property Financials Holding Firms Financials Holding Firms Financials Property Transportation % of Fund 13.06% 9.36% 6.79% 6.18% 5.35% 4.48% 4.32% 4.29% 3.56% 3.08%

Returns are net of fees. Past performance is not an indication of future returns. fund tracks the Philippine Stock Exchange index. PSE Total Return Index measures the performance of the PSEi based on price appreciation and dividends issued by constituent stocks. 4 Since Inception
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Key Figures and Statistics


Net Asset Value per Share (NAVPS) Total Fund NAV (Bln) Par Value Current Number of Holdings Tracking Error5 Statistics Past 5 Years Annualized Return (net) Annualized Volatility Portfolio beta General Information Launch Date Fund Structure Fund Classification Fund Currency Minimum Initial Investment6 Minimum Transaction6 Minimum Holding Period Early Redemption Fee Initial Sales Charge Management/Advisory Fee Valuation Methodology Financial Reporting External Auditor Fund Manager Advisor Receiving Banks Third Party Custodian Dealing Cut-Off PHP PHP PHP 31 1.62% 598.89 5.80 100.00

Sector Holdings (Equity Portion)


Benchmark 7.61% 22.71% Holding Firms Financials Telecommunications Property Industrials Foods Transportation Mining 4.8% 3.1% 2.1% 14.9% 14.6% 14.5% 11.2% 31.7%

Fund 7.86% 22.73% 1.00

Bloomberg Code: BPIPHID PM Fund Performance Report October 31, 2012 Visit us at www.bpiassetmanagement.com

March 14, 2003 Mutual Fund Index Tracker Equity Fund Philippine Peso PHP 10,000.00 PHP 1,000.00 180 calendar days 1.00% Waived 1.50% per annum Marked-to-Market Philippine Accounting Standards Isla Lipana & Co. BPI Investment Management, Inc. BPI Asset Management BPI and BPI Family Savings Bank Branches HSBC, Ltd. (Philippines) 2:30 PM

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. Prior to investment in the Fund , the investor shall undergo a client suitability assessment procedure to determine whether the Fund is appropriate for him considering his investment objective, risk tolerance, preferences and experience. The Funds net asset value, and total return may fall as well as rise as a result of stock price movements. On redemption of shares, an investor may receive an amount less than the original amount of investment. Tracking error is the measure of deviation between the Funds returns and the benchmark returns. A lower number means the Funds return is closely aligned with the benchmark. 6 Contribution rounded down/ redemption rounded off to the nearest whole share.
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Managers Report
Local Market Review: For the month of October, the Philippine Stock Exchange index was up by 1.47% as investors decided to expand equity holdings on the back of the countrys strong macroeconomic environment. Inflation eased to 3.6% for the month of September from 3.8% the following month, allowing the central bank to further reduce benchmark borrowing rates by 25 basis points to 3.5%. In addition, OFW remittances for the month of August went up by 7.6% year-on-year, a significant uptick from the 5.5% YoY growth registered in July. Foreign investors continued to be net buyers during the month at US$94.2 million. Market activity was more brisk in October as trade value averaged US$185.2 million a day, 48.5% higher than the average during September. The consumer sector was the top-performing counter, returning 10.6% during the month, as investors expected consumer spending to accelerate with the upcoming mid-term elections. Utilities went up by 6.4% MoM, led by Lopez-led power generators FGEN (+11.9%) and EDC (+9.7%) on the back of developments in the completion of the Bacman power plant rehabilitation. Meanwhile, the telecommunication sector lagged, with PLDT declining 4.8% during the month, as the Supreme Court denied the companys motion for reconsideration regarding its issue on foreign ownership limits. Fund Performance: The Fund returned 1.50% during the month, mirroring the return of the PSE Total Return Index. Year-to-date, the Fund is up 25.72%. Strategy: The Fund will continue to track the Philippine Stock Exchange index (PSEi).

Philippine Stock Index Fund, Inc. is an open-end investment company or mutual fund registered with the Securities and Exchange Commission (SEC). It is not guaranteed by the Fund Manager nor by the Philippine Deposit Insurance Corporation (PDIC). As such, shares of participation of the investor, when redeemed, may be worth more or worth less than his/her initial investment/contributions. Due to the nature of the investments, yield and potential yields cannot be guaranteed. Any income or loss arising from market fluctuations and price volatility of the securities held by the mutual fund, even if invested in government securities, is for the account of the investor. Historical performance, when presented, is purely for reference purposes and is not a guarantee of future results. The Fund Manager is not liable for losses, unless upon willful default, bad faith or gross negligence. For the purpose of lodging, clearing, settlement, and delivery of securities in the mutual fund, the Fund Manager is authorized to avail of the services of third party institutions such as but not limited to custodians which the Fund Manager may change or replace without prior notice to or approval from the investors. The Fund Manager will not be responsible for any loss or damage suffered by the Fund as a result of the third parties willful default, gross negligence, or evident bad faith. Investors are advised to read the Prospectus of the Fund which may be obtained from authorized distributors before deciding to invest. For inquiries, please call: BPI Capital Corp. (632) 845-5695 to 98; BPI Investment Management, Inc. (632) 845-5033 to 35; BPI Securities Corporation (632) 816-9190; email bpi_asset_management@bpi.com.ph or alfminquiry@bpi.com.ph.