CIO LETTER - JULY 2018

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2 CIO LETTER - JULY 2018 Mr. Sanjay Chawla Chief Investment Officer Dear Investors, Warm Greetings! Indian stock markets rallied in line with most of the global markets. BSE SENSEX was up 5.5% and closed at all time high levels. Globally most markets rallied. US and European markets were up by 3-4%. Brazil was the best performing market with monthly returns 10% in USD terms. Amongst sectors, PSU, Financials and FMCG outperformed, while Media and metals underperformed the broader markets. Year to date, SENSEX is up by 10%. However, the broader markets are struggling as can be seen by the negative 10% returns given by BSE Midcap index. After four months of posting healthy print, headline IIP growth has disappointed for the second successive month. IIP growth for May 18 has come in at 3.2% IIP (slowest in last 7 months), below Apr 18 print of 4.8% YoY. After growth between Nov 17 and Apr 18 averaged 6.6%, industry-output growth fell to 3.2% in May 18, largely on account of the 7-month low manufacturing growth. Mining and electricity both came positive during the month. Mining grew for the third consecutive month to 5.7% and electricity growth doubled to 4.2%, from 2.1% the month prior (May 18). Capital goods growth, continued to remain steady at 7.6% YoY (vs 11.9% in Apr 18) aided by a strong Commercial vehicle cycle. Construction goods production at 4.0% was decent but it was still its lowest in last 8 months. CPI for June 2018 stood at 5.0% vs. 4.9% last month and 1.5% a year ago (favourable base). Sequentially inflation rose by 13bps vs 29bps last month. Retail inflation continued to harden, rising to 5.0% yoy for Jun 18, mainly due to elevated core inflation at 6.4%. Rising input prices and currency depreciation indicate continued upside pressure on inflation going ahead. Urban core Current Price Index (CPI) has increased at a much faster pace than rural CPI, which signifies possibly stronger improvement in demand in urban areas vis-à-vis rural areas. Along with unfavorable base effects, the sequential increases in food prices also added to the inflation pressures in June. Vegetable prices increased 6% m-o-m while pulses prices fell by 0.7% m-o-m. Monsoon situation has improved. From a rainfall deficit of 9%, it has now improved to only a 4% deficit on 28th July. While deficit has reduced, the rice producing regions (Bihar, Eastern UP) are still experiencing significant deficit rainfall. FPIs were net sellers in Indian equities in July with USD388mn of equity outflows during the month which took their YTD selling total to USD1010mn. Domestic Institutions (DIIs) meanwhile saw USD590mn of net buying YTD DIIs have now bought USD10bn worth. Mutual Funds contributed USD803mn to the net buying during the month and YTD contribution of USD10.98bn. The earnings seasons is currently under way. So far earnings have been better than expected. Index is currently trading at 20x vs average of 15.5x. We remain cautiously optimistic on equity markets. Happy Investing! Sources : Bloomberg, Economic Times 2

3 How To Read Factsheet Pg 3 Baroda Pioneer Multi Cap Fund (formerly known as Baroda Pioneer Growth Fund) Pg 4 Baroda Pioneer ELSS 96 Pg 5 Baroda Pioneer Mid Cap Fund Pg 6 Baroda Pioneer Large Cap Fund Pg 7 Baroda Pioneer Banking and Financial Services Fund Pg 8 Baroda Pioneer Hybrid Equity Fund (formerly known as Baroda Pioneer Balance Fund) Baroda Pioneer Conservative Hybrid Fund (formerly known as Baroda Pioneer Monthly Income Plan (MIP) Fund) (Monthly income is not assured and is subject to the availability of distributable surplus) Pg 9 Pg 10 INDEX Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6, How To Read Factsheet? Baroda Pioneer Credit Risk Fund (formerly known as Baroda Pioneer Credit Opportunities Fund) Fund Manager : An employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts. Application Amount for Fresh Subscription : This is the minimum investment amount for a new investor in a mutual fund scheme. Minimum Additional Amount : This is the minimum investment amount for an existing investor in a mutual fund scheme. Yield to Maturity : The Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond s current market price, par value, coupon interest rate and time to maturity. SIP : SIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for an SIP that invests Rs 500 every 15 th of the month in an equity fund for a period of three years. NAV : The NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which the investor enters or exits the mutual fund. : A group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds, among other investments. Some typical benchmarks include the Nifty, Sensex, BSE200, BSE500, 10-Year Gsec. Entry Load : A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. Entry load is charged at the time an investor purchases the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is Rs. 100 and the entry load is 1%, the investor will enter the fund at Rs Note : SEBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor. Exit Load : Exit load is charged at the time an investor redeems the units of a mutual fund. The exit load is deducted from the prevailing NAV at the time of redemption. For instance, if the NAV is Rs 100 and the exit load is 1%, the redemption price would be Rs 99 Per Unit. Modified Duration : Modified duration is the price sensitivity and the percentage change in price for a unit change in yield Standard Deviation : Standard deviation is a statistical measure of the range of an investment s performance. When a mutual fund has a high standard deviation, its means its range of performance is wide, implying greater volatility. Sharpe Ratio : The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk. Beta : Beta is a measure of an investment s volatility vis-à-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security s price will be more volatile than the market. AUM : AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm. Holdings : The holdings or the portfolio is a mutual fund s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager. Nature of Scheme : The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories. Rating Profile : Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds. Macaulay Duration: Is the weighted average term to maturity of the cash flows from an instrument. The weight of each cash flow is determined by dividing the present value of the cash flow by the price. Macaulay duration is a measure of interest rate sensitivity of a Fixed income instrument. Higher the Macaulay duration, higher would be the interest rate risk. Investors may refer to Scheme Information Document of the fund for further details. Pg 11 Baroda Pioneer Gilt Fund Pg 12 Baroda Pioneer Income Fund Pg 13 Baroda Pioneer Dynamic Bond Fund Pg 14 Baroda Pioneer Short Term Bond Fund Pg 15 Baroda Pioneer Treasury Advantage Fund Pg 16 Baroda Pioneer Ultra Short Duration Fund Pg 17 Baroda Pioneer Liquid Fund Pg 18 Investment Performance Pg 19 SIP Returns Pg 22 Dividend History Pg 23 3

4 Baroda Pioneer Multi Cap Fund 1 Multi Cap Fund - An open ended equity scheme investing across large cap, mid-cap and small cap stocks. 1 Formerly known as Baroda Pioneer Growth Fund To generate long term capital appreciation from an actively managed portfolio of equity & equity related instruments. September 12, 2003 S&P BSE 200^ Exit Load: 1% if redeemed on or before 365 days from the date of allotment of units, Nil if redeemed after 365 days from the date of allotment of units B. Dividend Option 1. Payout 2. Re-investment (default sub-option in case C. Bonus Option AAUM Crs AUM Crs EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 6.18% Infosys Ltd. Software 4.72% ICICI Bank Ltd. Banks 4.42% Maruti Suzuki India Ltd. Auto 3.95% Yes Bank Ltd. Banks 3.82% Mahindra & Mahindra Financial Finance 3.27% Britannia Ltd. 2.71% Shriram Transport Finance Company Ltd. Finance 2.68% Divi's Laboratories Ltd. Pharmaceuticals 2.54% Titan Company Ltd. Consumer 2.52% SBI Life Insurance Company Ltd. Finance 2.51% Kansai Nerolac Paints Ltd. 2.44% Whirlpool of India Ltd. Consumer 2.39% RBL Bank Ltd. Banks 2.38% Tech Mahindra Ltd. Software 2.37% Petronet LNG Ltd. Gas 2.25% Mphasis Ltd. Software 2.23% Godrej Consumer Products Ltd. 2.22% Sun TV Network Ltd. Media & Entertainment 2.14% Reliance Ltd. Petroleum Products 2.13% Jindal Steel & Power Ltd. Ferrous Metals 2.13% Housing Development Finance Finance 2.08% Bharat Financial Inclusion Ltd. Finance 2.02% ITC Ltd. 1.96% Bharat Forge Ltd. Industrial Products 1.95% Astral Poly Technik Ltd. Industrial Products 1.88% WABCO India Ltd. Auto Ancillaries 1.84% Ashok Leyland Ltd. Auto 1.72% Larsen & Toubro Ltd. Construction Project 1.71% Blue Star Ltd. Consumer 1.70% Sun Pharmaceutical Ltd. Pharmaceuticals 1.57% Motherson Sumi Systems Ltd. Auto Ancillaries 1.56% Coal India Ltd. Minerals/Mining 1.52% Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.48% Ujjivan Financial Finance 1.36% Apollo Tyres Ltd. Auto Ancillaries 1.32% Indraprastha Gas Ltd. Gas 1.26% Sadbhav Engineering Ltd. Construction Project 1.21% The Federal Bank Ltd. Banks 1.11% Mahindra & Mahindra Ltd. Auto 1.10% Oracle Financial Services Software Ltd. Software 1.04% State Bank of India Banks 1.01% Castrol India Ltd. Petroleum Products 0.96% Security and Intelligence Services (I) Ltd. Commercial Services 0.88% Shree Cement Ltd. Cement 0.76% Bharti Airtel Ltd. Telecom - Services 0.73% Pidilite Ltd. Chemicals 0.70% Natco Pharma Ltd. Pharmaceuticals 0.43% Bajaj Finance Ltd. Finance 0.37% Tata Steel Ltd. Ferrous Metals 0.05% Total 99.28% Derivatives Tech Mahindra Ltd. Stock Futures -1.19% Total -1.19% Margin Fixed Deposits HDFC Bank Ltd. Unrated 0.32% Total 0.32% CBLO / Reverse Repo Investments 2.17% Total 2.17% Net Receivable/Payable -0.58% Total -0.58% Risk Profile 31 July 2018 Standard deviation 13.74% BANK Top 10 Sectors Sharpe@ 0.10 Beta 1.00 Turnover (last 12 months) free rate (FBIL Overnight MIBOR) 6.25% Banks 18.92% Finance 14.29% Software 10.36% Consumer Non 9.33% Auto 6.77% Consumer 6.61% Pharmaceuticals 6.02% Auto Ancillaries 4.72% Industrial Products 3.83% Gas 3.51% 2.62% Growth Plan B (Direct) 1.61% Dividend Growth Dividend Mr. Sanjay Chawla & (Experience 29 Years) Mr. Dipak Acharya (Experience 13 Years) & Mr. Chawla is managing the Scheme along with Mr. Acharya effective November 1, 2015 Capital appreciation over long term. Investment predominantly in equity and equity related instruments. The Bonus Option in the Schemes has been discontinued effective June 08, 2015 ^ For Disclaimer please refer page no 21 4

5 Baroda Pioneer ELSS 96 An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit. The main objective of the scheme is to provide the investor long term capital growth as also tax benefit under section 80C of the Income Tax Act, March 31, 1996 S&P BSE 200^ 500/- & in multiples of 1/- thereafter Exit Load: Nil B. Dividend Option C. Bonus Option AAUM Crs AUM Crs EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 6.83% Yes Bank Ltd. Banks 4.10% Maruti Suzuki India Ltd. Auto 3.81% Infosys Ltd. Software 3.80% Mahindra & Mahindra Financial Finance 3.58% Mphasis Ltd. Software 3.21% ICICI Bank Ltd. Banks 3.18% Whirlpool of India Ltd. Consumer 2.92% Dabur India Ltd. 2.79% Shriram Transport Finance Company Ltd. Finance 2.69% Axis Bank Ltd. Banks 2.68% Kansai Nerolac Paints Ltd. 2.65% City Union Bank Ltd. Banks 2.63% V-Mart Retail Ltd. Retailing 2.53% RBL Bank Ltd. Banks 2.39% Petronet LNG Ltd. Gas 2.39% Bharat Financial Inclusion Ltd. Finance 2.32% WABCO India Ltd. Auto Ancillaries 2.32% Tamil Nadu Newsprint & Papers Ltd. Paper 2.32% Larsen & Toubro Ltd. Construction Project 2.27% Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.13% Balkrishna Ltd. Auto Ancillaries 2.10% Housing Development Finance Finance 2.08% ITC Ltd. 2.07% Gulf Oil Lubricants India Ltd. Petroleum Products 1.95% Coal India Ltd. Minerals/Mining 1.91% The Federal Bank Ltd. Banks 1.86% Sun Pharmaceutical Ltd. Pharmaceuticals 1.78% Symphony Ltd. Consumer 1.73% Ashok Leyland Ltd. Auto 1.57% Motherson Sumi Systems Ltd. Auto Ancillaries 1.57% Indian Bank Banks 1.49% Cholamandalam Investment Finance and Finance Company Ltd. 1.49% Security and Intelligence Services (I) Ltd. Commercial Services 1.48% Blue Star Ltd. Consumer 1.40% DCB Bank Ltd. Banks 1.37% PNC Infratech Ltd. Construction 1.32% Tata Elxsi Ltd. Software 1.29% Indraprastha Gas Ltd. Gas 1.27% Mahindra & Mahindra Ltd. Auto 1.11% Tech Mahindra Ltd. Software 0.95% Pidilite Ltd. Chemicals 0.78% The South Indian Bank Ltd. Banks 0.64% Tata Motors Ltd. Auto 0.46% Gabriel India Ltd. Auto Ancillaries 0.41% Tata Steel Ltd. Ferrous Metals 0.05% Total 97.67% CBLO / Reverse Repo Investments 5.31% Total 5.31% Net Receivable/Payable -2.98% Total -2.98% Top 10 Sectors Standard deviation 17.29% Sharpe@ 0.04 Beta 1.03 Turnover (last 12 months) Risk Profile 31 July % Plan B (Direct) 2.08% Mr. Sanjay Chawla & (Experience 29 Years) free rate (FBIL Overnight MIBOR) 6.25% Mr. Dipak Acharya (Experience 13 Years) & Mr. Chawla is managing the Scheme along with Mr. Acharya effective November 1, 2015 BANK Banks 27.17% Finance 12.16% Capital growth over long term. Software 9.25% Investment predominantly in equity and equity related instruments. Growth Bonus Dividend Growth Bonus Dividend The Bonus Option in the Schemes has been discontinued effective June 08, 2015 ^ For Disclaimer please refer page no 21 Consumer Non 7.51% Auto 6.95% Auto Ancillaries 6.40% Consumer 6.05% Pharmaceuticals 3.91% Gas 3.66% Retailing 2.53% 5

6 Baroda Pioneer Mid-Cap Fund Mid Cap Fund An open-ended equity scheme pre-dominantly investing in mid cap stocks. The primary objective of the Scheme is to generate capital appreciation by investing predominantly in a diversified portfolio of equity and equity related securities of growth oriented mid cap stocks. However, there is no assurance or guarantee that the investment objective of the Scheme will be realized. October 4, 2010 S&P BSE Mid-cap index^ Exit Load: 1.00% if redeemed on or before 365 days from the date of allotment of units, Nil if redeemed after 365 days from the date of allotment of units. B. Dividend Option 1. Payout; 2. Reinvestment (default sub-option in case C. Bonus Option AAUM Crs AUM Crs EQUITY & EQUITY RELATED RBL Bank Ltd. Banks 4.30% Bharat Financial Inclusion Ltd. Finance 3.91% The Indian Hotels Company Ltd. Hotels, Resorts And Other Recreational Activities 3.71% Divi's Laboratories Ltd. Pharmaceuticals 3.70% Astral Poly Technik Ltd. Industrial Products 3.59% Whirlpool of India Ltd. Consumer 3.36% Solar India Ltd. Chemicals 3.33% Torrent Pharmaceuticals Ltd. Pharmaceuticals 3.28% Balkrishna Ltd. Auto Ancillaries 3.24% Emami Ltd. 3.17% Mahindra & Mahindra Financial Finance 2.98% Sundram Fasteners Ltd. Auto Ancillaries 2.82% Castrol India Ltd. Petroleum Products 2.80% Blue Dart Express Ltd. Transportation 2.78% City Union Bank Ltd. Banks 2.77% Alkem Laboratories Ltd. Pharmaceuticals 2.73% Mphasis Ltd. Software 2.72% Persistent Systems Ltd. Software 2.69% Bajaj Electricals Ltd. Consumer 2.63% Crompton Greaves Consumer Electricals Ltd. Consumer 2.61% WABCO India Ltd. Auto Ancillaries 2.57% CESC Ltd. Power 2.43% Symphony Ltd. Consumer 2.32% Shriram Transport Finance Company Ltd. Finance 2.22% Sterlite Technologies Ltd. Telecom - Equipment & Accessories 2.22% Top 10 Sectors AIA Engineering Ltd. Industrial Products 2.12% Kansai Nerolac Paints Ltd. 2.04% Dish TV India Ltd. Media & Entertainment 1.77% Simplex Infrastructures Ltd. Construction 1.68% Security and Intelligence Services (I) Ltd. Commercial Services 1.60% Tata Elxsi Ltd. Software 1.53% DCB Bank Ltd. Banks 1.41% Jubilant Foodworks Ltd. 1.21% Kalpataru Power Transmission Ltd. Power 1.21% Cholamandalam Investment and Finance Company Ltd. Finance 1.07% The Federal Bank Ltd. Banks 0.95% Indian Bank Banks 0.77% Canara Bank Banks 0.73% Union Bank of India Banks 0.65% Bank of India Banks 0.61% Blue Star Ltd. Consumer 0.45% Gabriel India Ltd. Auto Ancillaries 0.42% D.B.Corp Ltd. Media & Entertainment 0.42% Total 95.52% CBLO / Reverse Repo Investments 6.52% Total 6.52% Net Receivable/Payable -2.04% Total -2.04% Standard deviation 16.14% Sharpe@ Beta 0.92 Turnover (last 12 months) Risk Profile 31 July 2018 free rate (FBIL Overnight MIBOR) 6.25% BANK Banks 12.19% Consumer 11.37% Finance 10.18% Pharmaceuticals 9.71% Auto Ancillaries 9.05% Software 6.94% Consumer Non 6.42% Industrial Products 5.71% Hotels, Resorts And Other Recreational Activities 3.71% Power 3.64% 2.97% Plan B (Direct) 2.10% Growth 9.69 Dividend 9.69 Growth Dividend Mr. Sanjay Chawla (Experience 29 Years) Mr. Dipak Acharya (Experience 13 Years) Capital appreciation over long term. Investment predominantly in equity and equity related securities of growth oriented Mid-Cap stocks. The Bonus Option in the Schemes has been discontinued effective June 08, 2015 ^ For Disclaimer please refer page no 21 Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6,

7 Baroda Pioneer Large Cap Fund Large Cap Fund An open-ended equity scheme pre-dominantly investing in large cap stocks. The primary objective of the Scheme is to generate capital appreciation by investing predominantly in a diversified portfolio of equity and equity related securities of large cap companies. The Scheme may also invest in debt and money market securities. However, there is no assurance or guarantee that the investment objective of the Scheme will be realized. June 22, 2010 Nifty 100^ Exit Load: 1.00% if redeemed on or before 365 days from the date of allotment of units, Nil if redeemed after 365 days from the date of allotment of units. B. Dividend Option 1. Payout; 2. Reinvestment (default sub-option in case C. Bonus Option AAUM Crs AUM Crs EQUITY & EQUITY RELATED Reliance Ltd. Petroleum Products 8.04% HDFC Bank Ltd. Banks 6.65% Maruti Suzuki India Ltd. Auto 6.45% Housing Development Finance Hindustan Unilever Ltd. Finance 6.08% 5.87% Larsen & Toubro Ltd. Construction Project 5.30% ICICI Bank Ltd. Banks 5.16% Infosys Ltd. Software 5.09% ITC Ltd. 4.04% Yes Bank Ltd. Banks 3.74% Axis Bank Ltd. Banks 3.36% Godrej Consumer Products Ltd. Shriram Transport Finance Company Ltd. 3.12% Finance 2.81% MRF Ltd. Auto Ancillaries 2.69% Coal India Ltd. Minerals/Mining 2.65% Tata Consultancy Mahindra & Mahindra Financial Asian Paints Ltd. Software 2.63% Finance 2.61% 2.46% Tech Mahindra Ltd. Software 2.21% IndusInd Bank Ltd. Banks 2.03% Top 10 Sectors Zee Entertainment Enterprises Ltd. Sun Pharmaceutical Ltd. Media & Entertainment 1.97% Pharmaceuticals 1.93% Ashok Leyland Ltd. Auto 1.91% Titan Company Ltd. Consumer 1.86% State Bank of India Banks 1.74% ABB India Ltd. Industrial Capital Goods 1.45% Bajaj Finance Ltd. Finance 1.37% Mahindra & Mahindra Ltd. Auto 1.11% Bharti Airtel Ltd. Telecom - Services 0.86% Tata Motors Ltd. Auto 0.45% Tata Steel Ltd. Ferrous Metals 0.06% Total 97.70% Derivatives Tech Mahindra Ltd. Stock Futures -1.11% Total -1.11% Margin Fixed Deposits HDFC Bank Ltd. Unrated 0.37% Total 0.37% CBLO / Reverse Repo Investments 1.87% Total 1.87% Net Receivable/Payable 1.17% Total 1.17% Standard deviation 14.32% Sharpe@ Beta 0.86 Turnover (last 12 months) Risk Profile 31 July BANK Banks 22.68% Consumer Non 15.49% Finance 12.87% Software 9.93% Auto 9.92% Petroleum Products 8.04% Construction Project 5.30% Auto Ancillaries 2.69% Minerals/ Mining 2.65% Media & Entertainment free rate (FBIL Overnight MIBOR) 6.25% 2.89% Growth Dividend Plan B (Direct) 2.19% Growth Dividend Mr. Sanjay Chawla (Experience 29 Years) Mr. Dipak Acharya (Experience 13 Years) Capital appreciation over long term. Investment predominantly in a diversified portfolio of equity and equity related securities of Large Cap companies. The Bonus Option in the Schemes has been discontinued effective June 08, 2015 ^ For Disclaimer please refer page no 21 Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6,

8 Baroda Pioneer Banking and Financial Services Fund An open ended equity scheme investing in the Banking and Financial Services sector. The investment objective is to generate long-term capital appreciation for unit holders from a portfolio invested predominantly in equity and equity related securities of companies engaged in the Banking & Financial Services Sector. June 22, 2012 Nifty Bank Index^ Exit Load: 1.00% if redeemed on or before 365 days from the date of allotment of units, Nil if redeemed after 365 days from the date of allotment of units B. Dividend Option 1. Payout; 2. Reinvestment (default sub-option in case C. Bonus Option EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 21.34% ICICI Bank Ltd. Banks 13.78% Yes Bank Ltd. Banks 9.91% Axis Bank Ltd. Banks 9.43% Kotak Mahindra Bank Ltd. Banks 8.80% Bharat Financial Inclusion Ltd. Finance 7.43% State Bank of India Banks 5.39% Mahindra & Mahindra Financial Finance 3.77% RBL Bank Ltd. Banks 3.51% City Union Bank Ltd. Banks 2.31% Housing Development Finance Ujjivan Financial Shriram Transport Finance Company Ltd. Finance 1.47% Finance 1.39% Finance 1.35% The Federal Bank Ltd. Banks 1.09% Top Sectors Indian Bank Banks 1.05% DCB Bank Ltd. Banks 1.00% Bajaj Finance Ltd. Finance 0.99% Karur Vysya Bank Ltd. Banks 0.86% The South Indian Bank Ltd. Banks 0.67% Bank of India Banks 0.58% Canara Bank Banks 0.56% Union Bank of India Banks 0.53% Total 97.21% Margin Fixed Deposits HDFC Bank Ltd. Unrated 0.37% Total 0.37% CBLO / Reverse Repo Investments 3.00% Total 3.00% Net Receivable/Payable -0.58% Total -0.58% BANK Banks 80.81% Finance 16.40% Unrated 0.37% Cash & Equivalent 2.42% AAUM Crs AUM Crs Standard deviation 16.47% Sharpe@ 0.28 Beta 0.92 Turnover (last 12 months) Risk Profile 31 July 2018 free rate (FBIL Overnight MIBOR) 6.25% Growth Bonus Dividend Growth Dividend % Plan B (Direct) 2.13% Mr. Dipak Acharya (Experience 13 Years) Capital appreciation over long term. Investment predominantly in equity and equity related securities of companies engaged in the Banking & Financial Services Sector. * Investors should consult their financial advisers if in doubt The Bonus Option in the Schemes has been discontinued effective June 08, 2015 ^ For Disclaimer please refer page no 21 Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6,

9 Baroda Pioneer Hybrid Equity Fund 2 An open ended hybrid scheme investing predominantly in equity and equity related instruments. 2 Formerly known as Baroda Pioneer Balance Fund The scheme is targeted for long-term capital appreciation along with stability through a well balanced portfolio comprising of equity, equity related instruments, money market instrument and debt securities. September 12, 2003 CRISIL Hybrid Aggressive Index (effective February 1, 2018) Exit Load: 1% if redeemed on or before 12 months from the date of allotment of units, Nil if redeemed after 12 months from the date of allotment of units B. Dividend Option 1. Payout; 2. Reinvestment (default sub-option in case C. Bonus Option AAUM Crs AUM Crs Standard deviation 10.38% Sharpe@ 0.22 Beta 1.13 Turnover (last 12 months) Risk Profile 31 July % Plan B (Direct) 1.35% free rate (FBIL Overnight MIBOR) 6.25% % to Net EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 4.89% Yes Bank Ltd. Banks 3.28% Axis Bank Ltd. Banks 2.99% ICICI Bank Ltd. Banks 2.79% Maruti Suzuki India Ltd. Auto 2.72% Shriram Transport Finance Company Ltd. Finance 2.54% Mphasis Ltd. Software 2.51% Mahindra & Mahindra Financial Finance 2.45% Divi's Laboratories Ltd. Pharmaceuticals 2.34% Dabur India Ltd. 2.29% Kansai Nerolac Paints Ltd. 2.01% Bharat Financial Inclusion Ltd. Finance 1.98% Housing Development Finance Finance 1.90% Tata Consultancy Software 1.85% Tech Mahindra Ltd. Software 1.78% Emami Ltd. 1.77% Sun Pharmaceutical Ltd. Pharmaceuticals 1.74% Supreme Ltd. Industrial Products 1.74% Coal India Ltd. Minerals/Mining 1.70% Bharat Forge Ltd. Industrial Products 1.66% Whirlpool of India Ltd. Consumer 1.56% Motherson Sumi Systems Ltd. Auto Ancillaries 1.53% ITC Ltd. 1.42% Petronet LNG Ltd. Gas 1.40% WABCO India Ltd. Auto Ancillaries 1.36% Indraprastha Gas Ltd. Gas 1.34% GlaxoSmithKline Consumer Healthcare Ltd. 1.32% City Union Bank Ltd. Banks 1.28% Larsen & Toubro Ltd. Construction Project 1.17% Cholamandalam Investment Finance 1.17% and Finance Company Ltd. KEC International Ltd. Construction Project 1.11% MRF Ltd. Auto Ancillaries 1.08% Bajaj Electricals Ltd. Consumer 1.00% The Federal Bank Ltd. Banks 1.00% IndusInd Bank Ltd. Banks 0.95% Sun TV Network Ltd. Media & Entertainment 0.95% Security and Intelligence Commercial Services 0.88% Services (I) Ltd. State Bank of India Banks 0.80% RBL Bank Ltd. Banks 0.78% Pidilite Ltd. Chemicals 0.76% Simplex Infrastructures Ltd. Construction 0.74% Solar India Ltd. Chemicals 0.65% Container Corporation of India Ltd. Transportation 0.64% Bharti Airtel Ltd. Telecom - Services 0.61% BANK Banks 19.26% Finance 10.04% Consumer Non 8.81% Software 6.42% CRISIL AA+ 5.89% Top 10 Sectors BWR AAA 2.27% Bank of Baroda CRISIL AA+ 1.85% Indian Railway Finance CRISIL AAA 1.54% PNB Housing Finance Ltd. IND AAA 1.47% Edelweiss Commodities CARE AA 0.96% Tata Capital Financial Services Ltd. [ICRA]AA+ 0.67% Reliance Ltd. CRISIL AAA 0.26% IndusInd Bank Ltd. CRISIL AA 0.13% Total 19.19% Unlisted IIFL Wealth Finance Ltd. [ICRA]AA 1.47% Total 1.47% CBLO / Reverse Repo Investments 0.41% Total 0.41% Net Receivable/Payable 1.33% Total 1.33% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. **Thinly traded / Non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. Growth Dividend Growth Dividend % to Net Blue Dart Express Ltd. Transportation 0.50% The South Indian Bank Ltd. Banks 0.50% Tata Motors Ltd. Auto 0.47% Persistent Systems Ltd. Software 0.28% Tata Steel Ltd. Ferrous Metals 0.03% Total 74.21% Derivatives Tech Mahindra Ltd. Stock Futures -0.89% Total -0.89% MONEY MARKET INSTRUMENT Commercial Paper** SREI Equipment Finance Ltd. [ICRA]A % Total 1.90% Margin Fixed Deposits HDFC Bank Ltd. Unrated 0.31% Total 0.31% CENTRAL GOVERNMENT SECURITIES 07.17% CGL 2028 Sovereign 1.36% 08.24% CGL 2027 Sovereign 0.18% 07.88% CGL 2030 Sovereign 0.09% 08.28% CGL 2027 Sovereign 0.01% Total 1.64% STATE GOVERNMENT SECURITIES 09.72% SDL 2023 Sovereign 0.43% Total 0.43% HDFC Bank Ltd. CRISIL AA+ 4.04% ICICI Bank Ltd. [ICRA]AA+ 3.35% Muthoot Finance Ltd. CRISIL AA 2.65% Dewan Housing Finance Pharmaceuticals 4.08% [ICRA] AA+ 4.02% Auto Ancillaries 3.97% Industrial Products 3.40% Auto 3.19% Mr. Sanjay Chawla & (Experience 29 Years) Mr. Dipak Acharya (Experience 13 Years) & Mr. Chawla is managing the Scheme along with Mr. Acharya effective November 1, 2015 Capital appreciation along with stability over long term. Investment predominantly in equity and equity related instruments with balance exposure to money market instruments and debt securities. The Bonus Option in the Schemes has been discontinued effective June 08, 2015 Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6,

10 Baroda Pioneer Conservative Hybrid Fund 3 An open ended hybrid scheme investing pre-dominantly in debt instruments. 3 Formerly known as Baroda Pioneer Monthly Income Plan (MIP) Fund (Monthly income is not assured and is subject to the availability of distributable surplus) To generate regular income through investment in debt and money market instruments and also to generate long term capital appreciation by investing a portion in equity and equity related instruments. September 08, 2004 CRISIL Hybrid Conservative Index (effective February 1, 2018) Exit Load: NIL B. Monthly Dividend (default) 1. Payout 2. Re-investment (default sub-option in case C. Quarterly Dividend 1. Payout 2. Reinvestment (default sub-option in case D. Bonus Option AAUM Crs AUM Crs Characteristic Average Maturity (Days) 3552 Modified Duration (Years) 6.44 Yield (%) % Plan B (Direct) 1.34% Ms. Hetal Shah (Experience 15 Years) EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 2.01% MRF Ltd. Auto Ancillaries 1.83% Mahindra & Mahindra Financial Finance 1.54% Housing Development Finance Finance 1.38% Yes Bank Ltd. Banks 1.36% Divi's Laboratories Ltd. Pharmaceuticals 1.06% ICICI Bank Ltd. Banks 0.98% Dabur India Ltd. 0.97% Shriram Transport Finance Company Ltd. Finance 0.95% Maruti Suzuki India Ltd. Auto 0.88% Axis Bank Ltd. Banks 0.76% Nestle India Ltd. 0.73% Titan Company Ltd. Consumer 0.71% Sun TV Network Ltd. Media & Entertainment 0.71% Kansai Nerolac Paints Ltd. 0.66% Mahanagar Gas Ltd. Gas 0.63% Infosys Ltd. Software 0.63% RBL Bank Ltd. Banks 0.53% Petronet LNG Ltd. Gas 0.42% Bharat Forge Ltd. Industrial Products 0.29% The Federal Bank Ltd. Banks 0.20% Tata Steel Ltd. Ferrous Metals 0.02% Total 19.25% 19.25% Instruments 1.77% 1.19% 6.84% CENTRAL GOVERNMENT SECURITIES 70.95% EQUITY & EQUITY RELATED CBLO / Reverse Repo Investments Cash & Cash Equivalents Regular Income and capital appreciation over medium term with providing liquidity. Investment in debt and money market instruments and in equity and equity related instruments. * Investors should consult their financial advisers if in doubt CENTRAL GOVERNMENT SECURITIES 07.17% CGL 2028 Sovereign 30.95% 06.68% CGL 2031 Sovereign 30.95% 07.59% CGL 2026 Sovereign 4.49% 08.24% CGL 2027 Sovereign 2.33% 07.59% CGL 2029 Sovereign 2.23% Total 70.95% Tata Capital Financial [ICRA]AA+ 4.52% Power Finance CRISIL AAA 2.32% Total 6.84% CBLO / Reverse Repo Investments 1.77% Total 1.77% Net Receivable/Payable 1.19% Total 1.19% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. Sovereign [ICRA]AA+ Finance CRISIL AAA Auto Ancillaries Pharmaceuticals Media & Entertainment Consumer Software Industrial Products Ferrous Metals Cash & Equivalent 5.84% 4.52% 3.87% 2.36% 2.32% 1.83% 1.06% 1.05% 0.88% 0.71% 0.71% 0.63% 0.29% 0.02% 2.96% 70.95% The Bonus Option in the Schemes has been discontinued effective June 08, 2015 Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6, Banks Gas Auto Ratings Growth Dividend - Monthly Dividend - Quarterly Growth Dividend - Monthly Dividend - Quarterly

11 Baroda Pioneer Credit Risk Fund 4 An open ended debt scheme predominantly investing in AA and below rated corporate bonds. (Excluding AA+ rated corporate bonds) 4 Formerly known as Baroda Pioneer Credit Opportunities Fund The primary objective of the Scheme is to generate returns by investing in debt and money market instruments across the credit spectrum. There is no assurance or guarantee that the investment objective of the Scheme will be realized. January 23, 2015 CRISIL Short Term Bond Fund Index Exit Load: If units are redeemed upto 10% of the units, on or before one year from the date of allotment : Nil If units are redeemed over and above the 10% limit, on or before one year from the date of allotment : 1% of the applicable Net Asset Value (NAV) If units are redeemed after one year from the date of allotment: Nil B. Monthly Dividend 1. Payout 2. Re-investment (default sub-option in case C. Quarterly Dividend 1. Payout 2. Reinvestment (default sub-option in case D. Bonus Option AAUM Crs AUM Crs Characteristic Average Maturity (Days) 813 Modified Duration (Years) 1.73 Yield (%) % 16.44% 4.49% 3.33%2.78% 0.33% [ICRA]AA CRISIL AA BWR A1+ (SO) BWR AAA [ICRA]A+ Sovereign CRISIL A1+ CARE A1 CARE AA [ICRA]AA+ [ICRA]BBB CARE AAA [ICRA]AA (SO) CRISIL AAA CRISIL AA+ CRISIL AAA (SO) CARE AA- [ICRA]AA- Cash & Equivalent 1.80% 1.53% 1.12% 1.11% 1.09% 1.02% 0.51% 0.51% 5.96% 5.13% 4.82% 4.07% 3.56% 2.87% 2.51% Ratings 9.23% 6.11% 17.69% 1.78% Plan B (Direct) 0.80% Mr. Alok Sahoo (Experience 17 Years) Mr. Karn Kumar & (Experience 13 Years) & Mr. Karn Kumar is managing the Scheme along with Mr. Alok Sahoo effective July 24, 2017 MONEY MARKET INSTRUMENT Commercial Paper** Edelweiss Agri Value Chain Ltd. Income over medium term. Instruments 65.00% Unlisted Commercial Paper CENTRAL GOVERNMENT SECURITIES CBLO / Reverse Repo Investments Cash & Cash Equivalents STATE GOVERNMENT SECURITIES CRISIL A % Simplex Infrastructures Ltd. CARE A1 3.56% Total 7.63% CENTRAL GOVERNMENT SECURITIES 07.17% CGL 2028 Sovereign 3.52% 06.68% CGL 2031 Sovereign 0.97% Total 4.49% STATE GOVERNMENT SECURITIES 08.11% SDL 2028 Sovereign 0.33% Total 0.33% Piramal Enterprises Ltd. [ICRA]AA 10.14% Apollo Hospitals Enterprise Ltd. CRISIL AA 9.47% Edelweiss Commodities [ICRA]AA 5.63% Aspire Home Finance [ICRA]A+ 5.13% IndusInd Bank Ltd. CRISIL AA 4.67% IIFL Facilities [ICRA]AA 4.19% Dewan Housing Finance BWR AAA 3.93% IIFL Home Finance Ltd. CRISIL AA 3.55% Edelweiss Commodities CARE AA 2.77% Edelweiss Housing Finance Ltd. [ICRA]AA 2.56% ICICI Bank Ltd. [ICRA]AA+ 2.51% Yes Bank Ltd. [ICRA]AA 2.45% Indiabulls Housing Finance Ltd. BWR AAA 2.03% Indiabulls Housing Finance Ltd. CARE AAA 1.53% Investment in a mix of debt and money market instruments across the credit and maturity spectrum. Edelweiss Asset [ICRA]AA (SO) Reconstruction Company Ltd. 1.12% Indian Railway Finance CRISIL AAA 1.11% Bank of Baroda CRISIL AA+ 1.09% JSW Steel Ltd. CARE AA- 0.51% Vijaya Bank [ICRA]AA- 0.51% Bank of Baroda CARE AA 0.10% Total 65.00% Unlisted ARM Infra & Utilities Private Ltd. BWR A1+ (SO) 9.23% IIFL Wealth Finance Ltd. [ICRA]AA 4.39% Jana Small Finance Bank Ltd [ICRA]BBB 1.80% Powergrid Vizag Transmission Ltd. CRISIL AAA (SO) 1.02% Total 16.44% CBLO / Reverse Repo Investments 3.33% Total 3.33% Net Receivable/Payable 2.78% Total 2.78% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. **Thinly traded / Non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. Growth Dividend - Monthly Dividend - Quarterly Growth Dividend - Monthly Dividend - Quarterly % The Bonus Option in the Schemes has been discontinued effective June 08, 2015 Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6,

12 Baroda Pioneer Gilt Fund An open ended debt scheme investing in government securities across maturity. To generate income by investing in a portfolio of Government securities. March 21, 2002 I SEC-MI BEX Exit Load: 0.25% if redeemed on or before 1 month (30 days) from the date of allotment of units. Nil if redeemed after 1 month (30 days) from the date of allotment of units. CENTRAL GOVERNMENT SECURITIES 06.68% CGL 2031 Sovereign 23.02% 07.17% CGL 2028 Sovereign 13.33% 08.24% CGL 2027 Sovereign 11.23% 07.59% CGL 2029 Sovereign 9.40% 08.28% CGL 2027 Sovereign 8.44% 06.79% CGL 2027 Sovereign 3.23% 07.59% CGL 2026 Sovereign 1.69% 07.88% CGL 2030 Sovereign 0.20% Total 70.54% STATE GOVERNMENT SECURITIES 09.39% SDL 2023 Sovereign 9.03% Total 9.03% CBLO / Reverse Repo Investments 18.69% Total 18.69% Net Receivable/Payable 1.74% Total 1.74% B. Dividend 1. Payout 2. Re-investment (default sub-option in case C. Bonus Option 18.69% Instruments 9.03% 1.74% CENTRAL GOVERNMENT SECURITIES CBLO / Reverse Repo Investments STATE GOVERNMENT SECURITIES Sovereign Ratings 79.57% 70.54% Cash & Cash Equivalents Cash & Equivalent 20.43% AAUM Crs AUM Crs Characteristic Average Maturity (Days) 2892 Modified Duration (Years) 5.26 Yield (%) 7.68 Growth Dividend Plan B- Direct Growth Dividend % Plan B (Direct) 1.07% Ms. Hetal Shah (Experience 15 Years) Credit risk free regular Income over long term. Investment only in Government (both Central and State Government) Securities. The Bonus Option in the Schemes has been discontinued effective June 08, 2015 Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6,

13 Baroda Pioneer Income Fund An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 4 years and 7 years (please refer to pg 32 of SID). To generate regular income by investing in a portfolio of good quality Fixed Income Securities by maintaining a balance between Risk & Return. March 21, 2002 CRISIL Composite Bond Fund Index Exit Load: If units are redeemed upto 10% of the units, on or before one year from the date of allotment: Nil If units are redeemed over and above the 10% limit, on or before one year from the date of allotment : 1% of the applicable Net Asset Value (NAV) If units are redeemed after one year from the date of allotment: Nil B. Dividend 1. Payout 2. Re-investment (default sub-option in case C. Bonus Option AAUM Crs AUM Crs Instruments 2.81% 2.34% 42.90% CENTRAL GOVERNMENT 12.00% SECURITIES STATE GOVERNMENT SECURITIES CBLO / Reverse Repo Investments 39.95% CENTRAL GOVERNMENT SECURITIES Cash & Cash Equivalents 06.68% CGL 2031 Sovereign 15.44% 07.59% CGL 2026 Sovereign 14.01% 06.79% CGL 2027 Sovereign 10.67% 07.59% CGL 2029 Sovereign 2.78% Total 42.90% STATE GOVERNMENT SECURITIES 09.35% SDL 2024 Sovereign 4.52% 08.58% SDL 2023 Sovereign 4.11% 09.39% SDL 2023 Sovereign 2.59% 08.60% SDL 2023 Sovereign 0.78% Total 12.00% Edelweiss Commodities Dewan Housing Finance Indian Railway Finance All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. Ratings [ICRA]AA 11.34% BWR AAA 10.20% CRISIL AAA 9.91% IndusInd Bank Ltd. CRISIL AA 8.50% Total 39.95% CBLO / Reverse Repo Investments 2.81% Total 2.81% Net Receivable/Payable 2.34% Total 2.34% Sovereign [ICRA]AA BWR AAA CRISIL AAA CRISIL AA 11.34% 10.20% 9.91% 8.50% 54.90% Characteristic Average Maturity (Days) 2487 Modified Duration (Years) 4.74 Yield (%) 8.54 Macaulay duration (Years) % Plan B (Direct) 1.88% Cash & Equivalent 5.15% Growth Dividend Growth Dividend Ms. Hetal Shah (Experience 15 Years) Mr. Karn (Experience 13 Mr. Karn Kumar is managing the Scheme along with Ms. Hetal Shah effective Jan 6, 2018 Regular Income over long term. Investment predominantly in good quality Fixed Income Securities by maintaining a balance between Risk & Return. The Bonus Option in the Schemes has been discontinued effective June 08, 2015 Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6,

14 Baroda Pioneer Dynamic Bond Fund An open-ended dynamic debt scheme investing across duration. The investment objective of the scheme is to generate returns with liquidity by managing the portfolio dynamically through interest rate cycles. June 30, 2012 CRISIL Composite Bond Fund Index Exit Load: 0.50% if redeemed within 3 months from the date of allotment of units, Nil if redeemed after 3 months from the date of allotment of units. B. Dividend 1. Payout 2. Re-investment (default sub-option in case C. Bonus Option AAUM Crs AUM Crs CENTRAL GOVERNMENT SECURITIES 28.56% Instruments 3.58% 2.03% CENTRAL GOVERNMENT 10.02% SECURITIES STATE GOVERNMENT SECURITIES 55.81% 07.17% CGL 2028 Sovereign 18.30% 08.28% CGL 2027 Sovereign 12.07% 06.79% CGL 2027 Sovereign 8.85% 06.68% CGL 2031 Sovereign 6.41% 07.59% CGL 2029 Sovereign 5.53% 07.59% CGL 2026 Sovereign 4.65% Total 55.81% STATE GOVERNMENT SECURITIES 09.72% SDL 2023 Sovereign 10.02% Total 10.02% Aspire Home Finance [ICRA]A+ 9.60% CBLO / Reverse Repo Investments Cash & Cash Equivalents Edelweiss Asset Reconstruction Company Ltd. Dewan Housing Finance All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. Ratings [ICRA]AA (SO) 9.56% BWR AAA 9.40% Total 28.56% CBLO / Reverse Repo Investments 3.58% Total 3.58% Net Receivable/Payable 2.03% Total 2.03% Sovereign [ICRA]A+ [ICRA]AA (SO) BWR AAA 9.60% 9.56% 9.40% 65.83% Characteristic Average Maturity (Days) 2416 Modified Duration (Years) 4.62 Yield (%) % Plan B (Direct) 1.09% Cash & Equivalent 5.61% Growth Dividend Growth Dividend Mr. Alok Sahoo (Experience 17 Years) Ms. Hetal Shah (Experience 15 Years) Regular Income over medium term with providing liquidity. Investment in medium to long term corporate bonds and / or government securities and manage the portfolio dynamically through different interest rate cycles. The Bonus Option in the Schemes has been discontinued effective June 08, 2015 Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6,

15 Baroda Pioneer Short Term Bond Fund An open-ended short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 1 year and 3 years (please refer to pg 30 of SID). The objective of the Scheme is to generate income from a portfolio constituted of short term debt and money market securities. June 30, 2010 CRISIL Short Term Bond Fund Index Exit Load: 0.25% if redeemed on or before 15 days from the date of allotment of units. Nil if redeemed after 15 days from the date of allotment of units. B. Monthly Dividend^ 1. Payout 2. Re-investment (default sub-option in case C. Quarterly Dividend^ 1. Payout 2. Re-investment (default sub-option in case AAUM Crs AUM Crs Characteristic Average Maturity (Days) 488 Modified Duration (Years) 1.13 Yield (%) 9.14 Macaulay duration (Years) % Plan B (Direct) 0.57% 21.99% Indiabulls Housing Finance Ltd. Instruments 2.00% 3.73% 1.67% 70.61% Unlisted Cash & Cash Equivalents CARE AAA 12.47% Manappuram Finance Ltd. CRISIL AA % PNB Housing Finance Ltd. IND AAA 9.83% Reliance Ltd. CRISIL AAA 9.28% Tata Capital Financial Edelweiss Commodities Edelweiss Asset Reconstruction Company Ltd. [ICRA]AA+ 7.76% [ICRA]AA 6.16% [ICRA]AA (SO) 4.17% India Infoline Finance Ltd. [ICRA]AA 2.57% Piramal Enterprises Ltd. [ICRA]AA 2.07% L&T Finance Ltd. [ICRA]AA+ 2.05% Edelweiss Commodities Aspire Home Finance CARE AA 1.67% [ICRA]A+ 0.84% Total 70.61% CENTRAL GOVERNMENT SECURITIES 07.17% CGL 2028 Sovereign 2.00% Total 2.00% CENTRAL GOVERNMENT SECURITIES CBLO / Reverse Repo Investments Unlisted Ratings Growth Dividend All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. **Thinly traded / Non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. Growth Dividend IIFL Wealth Finance Ltd. [ICRA]AA 11.20% ARM Infra & Utilities Private Ltd. BWR A1+ (SO) 6.28% Jana Small Finance Bank Ltd [ICRA]BBB 2.85% Aspire Home Finance CRISIL A+ 1.66% Total 21.99% CBLO / Reverse Repo Investments 1.67% Total 1.67% Net Receivable/Payable 3.73% Total 3.73% [ICRA]AA CARE AAA CRISIL AA- IND AAA [ICRA]AA+ CRISIL AAA BWR A1+ (SO) [ICRA]AA (SO) [ICRA]BBB Sovereign CARE AA CRISIL A+ [ICRA]A+ Cash & Equivalent 4.17% 2.85% 2.00% 1.67% 1.66% 0.84% 6.28% 5.40% 12.47% 11.74% 9.83% 9.81% 9.28% 22.00% Mr. Alok Sahoo (Experience 17 Years) Ms. Hetal Shah (Experience 15 Years) Regular Income over short term. Investment predominantly in Money Market Instruments (i.e. CP/ CD) and Short Term Debt Market Instruments. ^ The Dividend Option has been renamed as Monthly Dividend Option and a Quarterly Dividend Option has been introduced effective December 23, Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6,

16 Baroda Pioneer Treasury Advantage Fund An open-ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 6 months and 12 months (please refer to pg 32 of SID). The main objective of the scheme is to provide optimal returns and liquidity through a portfolio comprising of debt securities and money market instruments. June 24, 2009 CRISIL Liquid Fund Index Exit Load: NIL B. Daily Dividend 1. Re-investment C. Weekly Dividend 1. Re-investment C. Monthly Dividend 1. Payout 2. Re-investment (default sub option in case D. Quarterly Dividend 1. Payout 2. Re-investment (default sub option in case E. Bonus Option AAUM 1, Crs AUM 1, Crs Characteristic Average Maturity (Days) 360 Modified Duration (Years) 0.82 Yield (%) 8.56 Macaulay duration (Months) % Plan B (Direct) 0.52% Mr. Alok Sahoo (Experience 17 Years) Ms. Hetal Shah (Experience 15 Years) 25.00% MONEY MARKET INSTRUMENT Certificate of Deposit** Axis Bank Ltd. CRISIL A % IndusInd Bank Ltd. CRISIL A % HDFC Bank Ltd. IND A % Export-Import Bank of India CRISIL A % Yes Bank Ltd. [ICRA]A % Total 26.65% Commercial Paper** Shapoorji Pallonji and Company Private Ltd. [ICRA]A % Reliance Jio Infocomm Ltd. CRISIL A % Edelweiss Housing Finance Ltd. [ICRA]A % Edelweiss Commodities [ICRA]A % Reliance Ltd. CRISIL A % Simplex Infrastructures Ltd. CARE A1 1.85% Edelweiss Agri Value Chain Ltd. CRISIL A % Muthoot Fincorp Ltd. CRISIL A1 1.54% Total 25.00% Indiabulls Housing Finance Ltd. CARE AAA 8.03% Dewan Housing Finance BWR AAA 7.71% Piramal Enterprises Ltd. [ICRA]AA 5.85% Yes Bank Ltd. [ICRA]AA 2.95% Manappuram Finance Ltd. CRISIL AA- 2.93% Aspire Home Finance [ICRA]A+ 2.86% Edelweiss Commodities CARE AA 2.30% IndusInd Bank Ltd. CRISIL AA 1.59% Power Finance CRISIL AAA 1.53% Bank of Baroda CARE AA 1.48% Instruments 2.44% 0.18% 5.97% 39.76% Certificate of Deposit 26.65% Commercial Paper Unlisted Cash & Cash Equivalents CBLO / Reverse Repo Investments Regular income over short term with maintaining a balance between returns and liquidity. Investment predominantly in Money Market (i.e. CP/CDs) and Debt Market Instruments. Muthoot Finance Ltd. CRISIL AA 0.91% India Infoline Finance Ltd. [ICRA]AA 0.57% Apollo Hospitals Enterprise Ltd. CRISIL AA 0.50% Indiabulls Housing Finance Ltd. BWR AAA 0.31% Edelweiss Asset Reconstruction Company [ICRA]AA (SO) 0.12% Ltd. Edelweiss Commodities [ICRA]AA 0.12% Total 39.76% Unlisted ARM Infra & Utilities Private Ltd. BWR A1+ (SO) 4.67% Aspire Home Finance CRISIL A+ 1.30% Total 5.97% CBLO / Reverse Repo Investments 0.18% Total 0.18% Net Receivable/Payable 2.44% Total 2.44% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. **Thinly traded / Non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. CRISIL A1+ [ICRA]A1+ [ICRA]AA CARE AAA BWR AAA BWR A1+ (SO) IND A1+ CARE AA CRISIL AA CRISIL AA- [ICRA]A+ CARE A1 CRISIL A1 CRISIL AAA CRISIL A+ [ICRA]AA (SO) Cash & Equivalent Ratings Regular Growth Dividend - Daily Dividend - Weekly Dividend - Monthly Bonus Growth Dividend - Daily Dividend - Weekly Dividend - Monthly Dividend - Quarterly Growth Dividend - Daily Dividend - Weekly Dividend - Monthly Dividend - Quarterly The Bonus Option in the Schemes has been discontinued effective June 08, 2015 Effective November 01, 2012, dividends declared under the Regular Plan (which has been discontinued from October 01, 2012) will be reinvested in Baroda Pioneer Treasury Advantage Fund (earlier called Institutional Plan) *For Disclaimer please refer page no 21 Pursuant to the SEBI circulars issued by SEBI on Categorisation and Rationalisation of mutual fund schemes, there has been change in the fundamental attributes of the scheme effective June 6, % 2.93% 2.86% 1.85% 1.54% 1.53% 1.30% 0.12% 4.67% 4.44% 3.78% 2.62% 9.49% 8.03% 8.02% 16.72% 27.10% 16

17 Baroda Pioneer Ultra Short Duration Fund (An open ended ultra short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 months and 6 months) (please refer to pg 37 of SID) The primary objective of the Scheme is to generate regular income by investing in a portfolio of debt and money market instruments such that the Macaulay duration of the portfolio is between 3 months 6 months (please refer to page no.37 of SID). However, there can be no assurance that the investment objective of the Scheme will be realized. June 1, 2018 CRISIL Ultra Short Fund Index* Entry Load: Not Applicable Exit Load: NIL B. Daily Dividend 1. Re-investment C. Weekly Dividend 1. Re-investment MONEY MARKET INSTRUMENT Certificate of Deposit** IndusInd Bank Ltd. CRISIL A % Export-Import Bank of India CRISIL A % Total 22.35% Commercial Paper** ECL Finance Ltd. [ICRA]A % Edelweiss Commodities Housing Development Finance Aspire Home Finance Shapoorji Pallonji and Company Private Ltd. [ICRA]A % CRISIL A % CRISIL A % [ICRA]A % Muthoot Fincorp Ltd. CRISIL A1 2.30% SREI Equipment Finance Ltd. [ICRA]A % Total 55.34% Indiabulls Housing Finance Ltd. CARE AAA 11.57% Total 11.57% Unlisted ARM Infra & Utilities Private Ltd. BWR A1+ (SO) 9.33% Total 9.33% CBLO / Reverse Repo Investments 0.22% Total 0.22% Net Receivable/Payable 1.19% Total 1.19% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. **Thinly traded / Non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. Instruments Ratings AAUM Crs AUM Crs Characteristic Average Maturity (Days) % 22.35% 1.19% 9.33% 0.22% Commercial Paper Certificate of Deposit 55.34% Unlisted Cash & Cash Equivalents CBLO / Reverse Repo Investments CRISIL A1+ [ICRA]A1+ CARE AAA BWR A1+ (SO) 11.57% 9.33% 32.83% 42.56% Modified Duration (Years) 0.46 Yield (%) 8.43 CRISIL A1 2.30% Macaulay duration (Months) 6.12 Cash & Equivalent 1.41% 0.35% Plan B (Direct) 0.20% Mr. Alok Sahoo (Experience 17 Years) Ms. Hetal Shah (Experience 15 Years) Reasonable returns with convenience of liquidity over ultra-short Term. Investments in a basket of debt and money market in instruments such that the Macaulay duration of the portfolio is between 3 months and 6 months. Growth Dividend - Daily Dividend - Weekly Growth Dividend - Daily Dividend - Weekly *For Disclaimer please refer page no 21 17

18 Baroda Pioneer Liquid Fund An open ended liquid scheme To generate income with a high level of liquidity by investing in a portfolio of money market and debt securities. February 5, 2009 CRISIL Liquid Fund Index Exit Load: NIL B. Daily Dividend 1. Re-investment C. Weekly Dividend 1. Re-investment D. Bonus Option AAUM 8, Crs AUM 7, Crs Characteristic Average Maturity (Days) 29 Modified Duration (Years) 0.07 Yield (%) % 10.02% 0.66% 0.19% MONEY MARKET INSTRUMENT Certificate of Deposit** Axis Bank Ltd. CRISIL A % IDFC Bank Ltd. [ICRA]A % RBL Bank Ltd. [ICRA]A % ICICI Bank Ltd. [ICRA]A % Total 10.02% Commercial Paper** India Infoline Finance Ltd. CRISIL A % Piramal Enterprises Ltd. [ICRA]A % SREI Equipment Finance Ltd. [ICRA]A % Small Development Bank of India CRISIL A % IIFL Facilities [ICRA]A % National Bank for Agriculture and Rural Development CRISIL A % Edelweiss Commodities [ICRA]A % NTPC Ltd. [ICRA]A % Grasim Ltd. CRISIL A % Aditya Birla Finance Ltd. [ICRA]A % Indiabulls Housing Finance Ltd. CRISIL A % L&T Finance Ltd. [ICRA]A % ECL Finance Ltd. [ICRA]A % Reliance Ltd. CRISIL A % Aditya Birla Housing Finance Ltd. [ICRA]A % IL & FS Securities [ICRA]A % Shapoorji Pallonji and Company Private Ltd. [ICRA]A % IIFL Home Finance Ltd. CRISIL A % Edelweiss Agri Value Chain Ltd. CRISIL A % IIFL Wealth Finance Ltd. CRISIL A % GIC Housing Finance Ltd. CRISIL A % Aspire Home Finance CRISIL A % L&T Housing Finance Ltd. [ICRA]A % Piramal Capital & Housing Finance Ltd. CRISIL A % Muthoot Fincorp Ltd. CRISIL A1 1.23% Housing Development Finance CRISIL A % Instruments Commercial Paper Fixed Deposit Certificate of Deposit Cash Management Bill Ratings S D Corporation Pvt. Ltd. [ICRA]A % Capital First Home Finance Ltd. CARE A % Kotak Commodity Services Private Ltd. [ICRA]A % Tata Capital Financial CRISIL A % Power Finance CRISIL A % Total 76.11% Cash Management Bill CMB 45 DAY 10 Aug 2018 Sovereign 0.66% Total 0.66% Fixed Deposit The South Indian Bank Ltd. Unrated 3.11% The Karnataka Bank Ltd. Unrated 2.77% Equitas Small Finance Bank Ltd. Unrated 2.17% RBL Bank Ltd. Unrated 1.89% AU Small Finance Bank Ltd. Unrated 1.87% Yes Bank Ltd. Unrated 1.21% Total 13.02% CBLO / Reverse Repo Investments 0.00% Total 0.00% Net Receivable/Payable 0.19% Total 0.19% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. **Thinly traded / Non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. CRISIL A1+ [ICRA]A1+ Unrated CRISIL A1 Sovereign CARE A % 0.66% 0.62% 13.02% 42.18% 42.10% 0.20% Plan B (Direct) 0.10% Mr. Alok Sahoo (Experience 17 Years) Ms. Hetal Shah (Experience 15 Years) 76.11% Regular income over short term with maintaining a balance between returns and liquidity. Investment predominantly in Money Market (i.e. CP/CDs) and Debt Market Instruments. The Bonus Option in the Schemes has been discontinued effective June 08, 2015 Effective November 01, 2012, dividends declared under the Regular Plan (which has been discontinued from October 01, 2012) will be reinvested in Baroda Pioneer Liquid Fund (earlier called Institutional Plan) *For Disclaimer please refer page no 21 Cash & Cash Equivalents Regular Growth Dividend Dividend - Daily Cash & Equivalent Growth Dividend - Daily Dividend - Weekly % Growth Dividend - Daily Dividend - Weekly