Mutual fund investments are subject to market risks, read all scheme related documents carefully.

Transcription

1 January 2019 Mutual fund investments are subject to market risks, read all scheme related documents carefully.

2 CIO LETTER - January 2019 Mr. Sanjay Chawla Chief Investment Officer Dear Investors, Warm Greetings! Indian equity markets were flattish during January Performance was muted when compared to other developed and emerging markets. Dow was up 1.5%, Germany up 2% during the month. Global macro concerns were in focus with slowdown in China and Fed signaled patience on further hikes. China announced that its GDP grew at 6.6% during 2018, the slowest pace since Economic data from China are being closely watched for signs of damage inflicted by the trade war with US. Fed rates were left unchanged, as widely expected. Fed chair Powell highlighted that the financial conditions remain much tighter than last year and mentioned the downside risks to the growth outlook from uncertainties around Brexit, trade and US Government Shutdown. Not only did the FOMC keep policy rates unchanged and suggested patience at policymaking, the hawkish forward guidance was removed and a potentially larger size of terminal Fed Balance Sheet suggests an earlier end to the Quantitative Tightening. IIP for November 2018 stood at 0.5% YoY post a spectacular 8.4% jump in October. While a slowdown was expected due to base effect created by Diwali falling in November this year and October last year, the deceleration was more pronounced than expected. Capital goods production contracted by 3.4% YoY from 17% rise in October, driven by lower production of commercial vehicles. Meanwhile, intermediate goods contracted by 4.5% YoY in November from 2.0% rise in October, driven by metals (copper and pig iron). Within consumer goods, decline in production was seen in both durable and non-durable goods, led by products such as pharma and TVs. Indeed, the latest IIP print is a confirmation of the weakness being seen in the consumption oriented sectors, also being indicated by decline in passenger vehicle sales and slowdown in domestic aviation passenger traffic etc. Headline CPI inflation printed lower at 2.2% in December, an 18-month low. This moderation was driven by lower food even as core inflation held steady at 5.7%. On a sequential basis food price contracted for the fourth consecutive month, less than the usual seasonal decline seen in the month of December. Item-wise detail reveal that the contraction was led by vegetables, fruits and sugar. Meanwhile, sequential increase was seen in items such as cereals and pulses. Data till now in January indicates moderation in sequential momentum in cereals and pulses and also vegetable (though at a more moderate pace). In January, FPI were net sellers to the tune of USD 463mn while MF continue to be net buyers to the tune of USD1065mn. We remain constructive on Indian equities on medium to long term horizon as reforms being implemented are likely to start paying off over this period in terms of higher and sustainable growth and improved earning visibility. Happy Investing! Sources : Bloomberg, Economic Times 2

3 INDEX How To Read Factsheet Pg 4 Baroda Multi Cap Fund (formerly known as Baroda Pioneer Growth Fund) Pg 5 Baroda ELSS 96 Pg 6 Baroda Mid Cap Fund Pg 7 Baroda Large Cap Fund Pg 8 Baroda Banking and Financial Services Fund Pg 9 Baroda Hybrid Equity Fund (formerly known as Baroda Pioneer Balance Fund) Pg 10 Baroda Dynamic Equity Fund Pg 11 Baroda Conservative Hybrid Fund (formerly known as Baroda Pioneer Monthly Income Plan (MIP) Fund) Baroda Credit Risk Fund (formerly known as Baroda Pioneer Credit Opportunities Fund) Pg 12 Pg 13 Baroda Gilt Fund Pg 14 Baroda Dynamic Bond Fund Pg 15 Baroda Short Term Bond Fund Pg 16 Baroda Treasury Advantage Fund Pg 17 Baroda Ultra Short Duration Fund Pg 18 Baroda Liquid Fund Pg 19 Investment Performance Pg 20 SIP Returns Pg 23 Dividend History Pg 24 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,

4 How To Read Factsheet? 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. 4

5 Baroda 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^ 5,000/- & in multiples of 1/- thereafter Entry Load: NA 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 8.84% Infosys Ltd. Software 7.08% ICICI Bank Ltd. Banks 5.66% ITC Ltd. 3.95% Axis Bank Ltd. Banks 3.90% Larsen & Toubro Ltd. Construction Project 3.55% Reliance Ltd. Petroleum Products 3.31% Cummins India Ltd. Industrial Products 3.09% Britannia Ltd. 3.02% Tech Mahindra Ltd. Software 2.96% Sun Pharmaceutical Ltd. Pharmaceuticals 2.86% State Bank of India Banks 2.77% Bata India Ltd. Consumer 2.57% Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.21% Mahindra & Mahindra Financial Services Ltd. Finance 2.18% Kansai Nerolac Paints Ltd. 2.10% WABCO India Ltd. Auto Ancillaries 2.10% Marico Ltd. 1.98% Aurobindo Pharma Ltd. Pharmaceuticals 1.91% Larsen & Toubro Infotech Ltd. Software 1.90% City Union Bank Ltd. Banks 1.80% Bajaj Finance Ltd. Finance 1.65% Castrol India Ltd. Petroleum Products 1.61% Security and Intelligence Services (I) Ltd. Commercial Services 1.56% Bharat Financial Inclusion Ltd. Finance 1.53% Astral Poly Technik Ltd. Industrial Products 1.53% Wipro Ltd. Software 1.50% Housing Development Finance Finance 1.43% Bharat Electronics Ltd. Industrial Capital Goods 1.36% Aarti Ltd. Chemicals 1.21% RBL Bank Ltd. Banks 1.15% NIIT Technologies Ltd. Software 1.15% Titan Company Ltd. Consumer 1.14% Mphasis Ltd. Software 1.08% Whirlpool of India Ltd. Consumer 1.06% Yes Bank Ltd. Banks 0.79% Pidilite Ltd. Chemicals 0.76% Blue Star Ltd. Consumer 0.70% Bosch Ltd. Auto Ancillaries 0.64% Punjab National Bank Banks 0.63% Sadbhav Engineering Ltd. Construction Project 0.58% Indraprastha Gas Ltd. Gas 0.57% Mahindra & Mahindra Ltd. Auto 0.55% Divi's Laboratories Ltd. Pharmaceuticals 0.51% Tata Motors Ltd. Auto 0.49% Total 94.92% Margin Fixed Deposits HDFC Bank Ltd. Unrated 0.31% Total 0.31% TREPS / Reverse Repo Investments 4.03% Total 4.03% Net Receivable/Payable 0.74% Total 0.74% Risk Profile 31 January 2019 Standard deviation 13.35% BANK Top 10 Sectors Sharpe@ 0.20 Beta 1.01 Turnover (last 12 months) free rate (FBIL Overnight MIBOR) 6.50% Banks 25.54% Software 15.67% Consumer Non 11.05% Pharmaceuticals 7.49% Finance 6.79% Consumer 5.47% Petroleum Products 4.92% Industrial Products 4.62% Construction Project 4.13% Auto Ancillaries 2.74% Total Expense Ratio Plan A Plan A 2.76% Growth Plan B (Direct) 1.91% Dividend Plan B - Direct Fund Manager # 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. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 # For performance of the Scheme and other funds managed by the said Fund manager, either individually or jointly, please refer page no ^ For Disclaimer please refer page no 22 5

6 Baroda 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 Entry Load: NA Exit Load: Nil B. Dividend Option 1. Payout C. Bonus Option $ AAUM Crs AUM Crs EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 8.77% Infosys Ltd. Software 7.11% ICICI Bank Ltd. Banks 5.63% Axis Bank Ltd. Banks 4.06% ITC Ltd. 3.91% Reliance Ltd. Petroleum Products 3.45% City Union Bank Ltd. Banks 3.35% Larsen & Toubro Ltd. Construction Project 3.32% Cummins India Ltd. Industrial Products 3.32% Tech Mahindra Ltd. Software 3.08% Sun Pharmaceutical Ltd. Pharmaceuticals 2.97% Abbott India Ltd. Pharmaceuticals 2.83% V-Mart Retail Ltd. Retailing 2.59% Bata India Ltd. Consumer 2.36% Dabur India Ltd. 2.34% Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.30% Aurobindo Pharma Ltd. Pharmaceuticals 2.21% WABCO India Ltd. Auto Ancillaries 2.19% Security and Intelligence Services (I) Ltd. Kansai Nerolac Paints Ltd. Marico Ltd. Aditya Birla Fashion and Retail Ltd. Commercial Services 2.17% 2.10% 2.06% Retailing 2.06% Mahindra & Mahindra Financial Services Ltd. Larsen & Toubro Infotech Ltd. Finance 1.99% Software 1.98% Bajaj Finance Ltd. Finance 1.90% Pidilite Ltd. Chemicals 1.57% Indian Bank Banks 1.43% Housing Development Finance Finance 1.35% Wipro Ltd. Software 1.30% State Bank of India Banks 1.03% Bharat Financial Inclusion Ltd. Finance 1.00% Whirlpool of India Ltd. Consumer 0.98% Tata Motors Ltd. Auto 0.95% Sterlite Technologies Ltd. Telecom - Equipment & Accessories 0.87% Bosch Ltd. Auto Ancillaries 0.66% Havells India Ltd. Consumer 0.50% Total 91.69% TREPS / Reverse Repo Investments 5.41% Total 5.41% Net Receivable/Payable 2.90% Total 2.90% Top 10 Sectors Risk Profile 31 January 2019 Standard deviation 16.98% Sharpe@ 0.08 Beta 1.04 Turnover (last 12 months) Total Expense Ratio Plan A 2.92% Plan B (Direct) 2.07% Fund Manager # Mr. Sanjay Chawla & (Experience 29 Years) free rate (FBIL Overnight MIBOR) 6.50% Mr. Dipak Acharya (Experience 13 Years) & Mr. Chawla is managing the Scheme along with Mr. Acharya effective November 1, 2015 BANK Banks 24.27% Software 13.47% Capital growth over long term. Consumer Non 10.41% Investment predominantly in equity and equity related instruments. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Plan A Growth Bonus Dividend Plan B - Direct Growth Bonus Dividend $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 # For performance of the Scheme and other funds managed by the said Fund manager, either individually or jointly, please refer page no ^ For Disclaimer please refer page no 22 Pharmaceuticals 10.31% Finance 6.24% Retailing 4.65% Consumer 3.84% Petroleum Products 3.45% Construction Project 3.32% Industrial Products 3.32% 6

7 Baroda 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^ 5,000/- & in multiples of 1/- thereafter Entry Load: NA 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 Bata India Ltd. Consumer 4.98% Sundram Fasteners Ltd. Auto Ancillaries 4.94% Abbott India Ltd. Pharmaceuticals 4.49% Sterlite Technologies Ltd. Telecom - Equipment & Accessories 4.39% Cummins India Ltd. Industrial Products 4.39% IPCA Laboratories Ltd. Pharmaceuticals 4.28% City Union Bank Ltd. Banks 4.25% AIA Engineering Ltd. Industrial Products 3.76% Dr. Lal Path labs Ltd. Healthcare Services 3.60% Castrol India Ltd. Petroleum Products 3.53% WABCO India Ltd. Auto Ancillaries 3.47% V-Mart Retail Ltd. Retailing 3.40% The Indian Hotels Company Ltd. Hotels, Resorts And Other Recreational Activities 3.16% Indraprastha Gas Ltd. Gas 3.16% Aarti Ltd. Chemicals 3.08% Larsen & Toubro Infotech Ltd. Bharat Electronics Ltd. Software 2.35% Industrial Capital Goods 2.33% Tata Elxsi Ltd. Software 1.95% Astral Poly Technik Ltd. Industrial Products 1.89% Mahindra & Mahindra Financial Services Ltd. Finance 1.80% Indian Bank Banks 1.51% NIIT Technologies Ltd. Software 1.46% RBL Bank Ltd. Banks 1.27% Bharat Financial Inclusion Ltd. Finance 1.05% Punjab National Bank Banks 1.04% Kansai Nerolac Paints Ltd. 0.99% Simplex Infrastructures Ltd. Construction 0.67% Sundaram Finance Ltd. Finance 0.63% Spencer's Retail Ltd. Retailing 0.37% Total 91.83% TREPS / Reverse Repo Investments 4.93% AAUM Crs AUM Crs Torrent Pharmaceuticals Ltd. Pharmaceuticals 3.04% Solar India Ltd. Chemicals 2.92% Aditya Birla Fashion and Retail Ltd. Retailing 2.80% CESC Ltd. Power 2.47% Security and Intelligence Services (I) Ltd. Commercial Services 2.41% Top 10 Sectors Total 4.93% Net Receivable/Payable 3.24% Total 3.24% Risk Profile 31 January 2019 BANK Standard deviation 14.80% Sharpe@ 0.10 Beta 0.87 Turnover (last 12 months) free rate (FBIL Overnight MIBOR) 6.50% Pharmaceuticals 11.81% Industrial Products 10.04% Auto Ancillaries 8.41% Banks 8.07% Retailing 6.57% Chemicals 6.00% Plan A Software 5.76% Consumer 4.98% Telecom - Equipment & Accessories 4.39% Healthcare Services 3.60% Total Expense Ratio Plan A 3.13% Plan B (Direct) 2.08% Growth 8.62 Dividend 8.62 Plan B - Direct Growth 9.06 Fund Manager # Dividend 9.06 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. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 # For performance of the Scheme and other funds managed by the said Fund manager, either individually or jointly, please refer page no ^ For Disclaimer please refer page no 22 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 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^ 5,000/- & in multiples of 1/- thereafter Entry Load: NA 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 HDFC Bank Ltd. Banks 8.81% ICICI Bank Ltd. Banks 8.32% Infosys Ltd. Software 7.33% Larsen & Toubro Ltd. Construction Project 6.85% State Bank of India Banks 6.13% Axis Bank Ltd. Banks 4.71% Reliance Ltd. Petroleum Products 4.60% ITC Ltd. 4.54% Tech Mahindra Ltd. Software 3.58% Sun Pharmaceutical Ltd. Pharmaceuticals 3.45% Cummins India Ltd. Industrial Products 3.34% Hindustan Unilever Ltd. 2.87% Aurobindo Pharma Ltd. Pharmaceuticals 2.57% Wipro Ltd. Software 2.41% Bajaj Finance Ltd. Finance 2.31% Asian Paints Ltd. Larsen & Toubro Infotech Ltd. 2.30% Software 2.01% Abbott India Ltd. Pharmaceuticals 1.97% Housing Development Finance Finance 1.88% Top 10 Sectors United Breweries Ltd. Marico Ltd. 1.86% 1.79% IndusInd Bank Ltd. Banks 1.47% Kotak Mahindra Bank Ltd. Banks 1.43% Tata Consultancy Services Ltd. Software 1.31% Pidilite Ltd. Chemicals 1.09% Titan Company Ltd. Consumer 0.97% Tata Motors Ltd. Auto 0.89% Yes Bank Ltd. Banks 0.82% HCL Technologies Ltd. Software 0.82% UPL Ltd. Pesticides 0.77% Total 93.20% Margin Fixed Deposits HDFC Bank Ltd. Unrated 0.36% Total 0.36% TREPS / Reverse Repo Investments 6.81% Total 6.81% Net Receivable/Payable -0.37% Total -0.37% Risk Profile 31 January 2019 Standard deviation 13.45% Sharpe@ 0.33 Beta 0.74 Turnover (last 12 months) 1.11 BANK Banks 31.69% Software 17.46% Consumer Non 13.36% Pharmaceuticals 7.99% Construction Project 6.85% Petroleum Products 4.60% Finance 4.19% Industrial Products 3.34% Chemicals 1.09% Consumer free rate (FBIL Overnight MIBOR) 6.50% Total Expense Ratio Plan A 2.96% Plan A Growth Dividend Plan B (Direct) 2.12% Plan B - Direct Growth Fund Manager # 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. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 # For performance of the Scheme and other funds managed by the said Fund manager, either individually or jointly, please refer page no ^ For Disclaimer please refer page no 22 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 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^ 5,000/- & in multiples of 1/- thereafter EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 27.59% ICICI Bank Ltd. Banks 18.96% Axis Bank Ltd. Banks 11.28% Sundaram Finance Ltd. Finance 1.10% Mahindra & Mahindra Financial Services Ltd. Finance 1.05% Total 93.53% Margin Fixed Deposits Entry Load: NA 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 $ State Bank of India Banks 9.93% Kotak Mahindra Bank Ltd. Banks 8.16% Bharat Financial Inclusion Ltd. Finance 4.92% Bajaj Finance Ltd. Finance 3.35% City Union Bank Ltd. Banks 2.73% Yes Bank Ltd. Banks 1.51% RBL Bank Ltd. Banks 1.48% Indian Bank Banks 1.47% Top Sectors HDFC Bank Ltd. Unrated 0.39% Total 0.39% TREPS / Reverse Repo Investments 5.33% Total 5.33% Net Receivable/Payable 0.75% Total 0.75% BANK Banks 83.11% Finance 10.42% Unrated 0.39% Cash & Equivalent 6.08% AAUM Crs AUM Crs Plan A Risk Profile 31 January 2019 Standard deviation 15.51% Sharpe@ 0.64 Beta 0.94 Turnover (last 12 months) free rate (FBIL Overnight MIBOR) 6.50% Growth Bonus Dividend Plan B - Direct Growth Dividend Total Expense Ratio Plan A 2.95% Plan B (Direct) 2.35% Fund Manager # 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 about whether the product is suitable for them. $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 # For performance of the Scheme and other funds managed by the said Fund manager, either individually or jointly, please refer page no ^ For Disclaimer please refer page no 22 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 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) 5,000/- & in multiples of 1/- thereafter Entry Load: NA 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 % to Net EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 6.97% Infosys Ltd. Software 4.92% ICICI Bank Ltd. Banks 4.04% Axis Bank Ltd. Banks 3.84% ITC Ltd. 3.01% Reliance Ltd. Petroleum Products 2.68% Sun Pharmaceutical Ltd. Pharmaceuticals 2.47% Tech Mahindra Ltd. Software 2.35% Cummins India Ltd. Industrial Products 2.18% Kansai Nerolac Paints Ltd. 2.11% Larsen & Toubro Ltd. Construction Project 2.11% Dabur India Ltd. 2.10% State Bank of India Banks 1.93% City Union Bank Ltd. Banks 1.92% Tata Consultancy Services Ltd. Software 1.91% Mahindra & Mahindra Financial Services Ltd. Finance 1.83% WABCO India Ltd. Auto Ancillaries 1.82% Bata India Ltd. Consumer 1.79% Larsen & Toubro Infotech Ltd. Software 1.54% Marico Ltd. 1.50% Aurobindo Pharma Ltd. Pharmaceuticals 1.49% Housing Development Finance Finance 1.40% Wipro Ltd. Software 1.35% Solar India Ltd. Chemicals 1.27% United Breweries Ltd. 1.25% Pidilite Ltd. Chemicals 1.14% Whirlpool of India Ltd. Consumer 1.10% GlaxoSmithKline Consumer Healthcare Ltd. 1.07% Mphasis Ltd. Software 1.02% Security and Intelligence Services (I) Ltd. Commercial Services 0.89% KEC International Ltd. Construction Project 0.87% Bosch Ltd. Auto Ancillaries 0.55% Tata Motors Ltd. Auto 0.53% Mahindra & Mahindra Ltd. Auto 0.50% Castrol India Ltd. Petroleum Products 0.46% Container Corporation of India Ltd. Transportation 0.38% Havells India Ltd. Consumer 0.31% % to Net Simplex Infrastructures Ltd. Construction 0.30% Total 68.90% CENTRAL GOVERNMENT SECURITIES 8.24% CGL 2027 Sovereign 0.20% 7.59% CGL 2026 Sovereign 0.15% 7.88% CGL 2030 Sovereign 0.10% 8.28% CGL 2027 Sovereign 0.02% Total 0.47% STATE GOVERNMENT SECURITIES 9.72% SDL 2023 Sovereign 0.78% Total 0.78% ICICI Bank Ltd. [ICRA]AA+ 3.59% PNB Housing Finance Ltd. IND AA+ 3.01% Muthoot Finance Ltd. CRISIL AA 2.81% Dewan Housing Finance BWR AAA 2.19% Bank of Baroda CRISIL AA+ 1.95% Indian Railway Finance CRISIL AAA 1.66% HDFC Bank Ltd. CRISIL AA+ 1.15% National Highways Authority of India CRISIL AAA 0.86% Reliance Ltd. CRISIL AAA 0.29% Total 17.51% Unlisted ARM Infra & Utilities Private Ltd. BWR A1+ (SO) 2.28% Primat Infrapower & Multiventures Pvt. Ltd. Unrated 7.27% Total 9.55% Margin Fixed Deposits HDFC Bank Ltd. Unrated 0.34% Total 0.34% TREPS / Reverse Repo Investments 0.90% Total 0.90% Net Receivable/Payable 1.55% Total 1.55% 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. Risk Profile 31 January 2019 Top 10 Sectors Standard deviation 10.05% Sharpe@ 0.31 BANK Beta 1.13 Turnover (last 12 months) free rate (FBIL Overnight MIBOR) 6.50% Total Expense Ratio Plan A 2.70% Banks 18.70% Software 13.09% Consumer Non 11.04% Unrated 7.61% Pharmaceuticals 3.96% [ICRA] AA+ 3.59% Plan A Finance 3.23% Consumer 3.20% Petroleum Products 3.14% Growth CRISIL AA+ 3.10% Plan B (Direct) 1.61% Dividend Plan B - Direct Fund Manager # 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 along with stability over long term. Investment predominantly in equity and equity related instruments with balance exposure to money market instruments and debt securities. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 # For performance of the Scheme and other funds managed by the said Fund manager, either individually or jointly, please refer page no 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,

11 Baroda Dynamic Equity Fund An open ended dynamic asset allocation fund The primary objective of the Scheme is to generate capital appreciation by investing in a portfolio of equity or equity linked securities while the secondary objective is to generate income through investments in debt and money market instruments. It also aims to manage risk through active asset allocation. November 14, % S&P BSE 200 Index and 50% CRISIL Short Term Bond Fund Index 5,000/- & in multiples of 1/- thereafter Entry Load: NA 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. Daily Dividend 1. Payout; 2. Reinvestment (default sub-option in case AAUM Crs AUM Crs Total Expense Ratio Plan A 2.74% Plan B (Direct) 0.70% Fund Manager Mr. Sanjay Chawla (Experience 29 Years) Mr. Alok Sahoo (Experience 17 Years) Mr. Dipak (Experience 13 Effective December 14, 2018, Mr. Dipak Acharya manages the scheme along with Mr. Sanjay Chawla and Mr. Alok Sahoo. 8.54% 12.95% 3.86% 2.75% 1.98%1.97% 1.95% 66.00% Instruments Capital appreciation over medium to long term. % to Net EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 4.42% Reliance Ltd. Petroleum Products 4.00% ITC Ltd. 3.94% ICICI Bank Ltd. Banks 3.82% Axis Bank Ltd. Banks 3.34% Infosys Ltd. Software 2.97% Cummins India Ltd. Industrial Products 2.68% Larsen & Toubro Ltd. Construction Project 2.60% Tata Consultancy Services Ltd. Software 2.49% Sun Pharmaceutical Ltd. Pharmaceuticals 2.40% Housing Development Finance Finance 2.18% State Bank of India Banks 2.08% Aurobindo Pharma Ltd. Pharmaceuticals 2.01% Bata India Ltd. Consumer 1.90% Wipro Ltd. Software 1.88% NTPC Ltd. Power 1.78% Havells India Ltd. Consumer 1.72% Marico Ltd. 1.66% Asian Paints Ltd. 1.60% Tech Mahindra Ltd. Software 1.55% Yes Bank Ltd. Banks 1.44% Pidilite Ltd. Chemicals 1.43% Bharat Electronics Ltd. Industrial Capital Goods 1.30% Nestle India Ltd. 1.30% JSW Steel Ltd. Ferrous Metals 1.28% United Breweries Ltd. 1.21% Bajaj Finance Ltd. Finance 1.09% VIP Ltd. Consumer 1.09% WABCO India Ltd. Auto Ancillaries 0.88% Exide Ltd. Auto Ancillaries 0.77% Indian Oil Petroleum Products 0.68% UPL Ltd. Pesticides 0.67% Tata Motors Ltd. Auto 0.64% Kotak Mahindra Bank Ltd. Banks 0.53% HCL Technologies Ltd. Software 0.43% Mahindra & Mahindra Ltd. Auto 0.24% Total 66.00% Piramal Enterprises Ltd. [ICRA]AA 4.50% Aditya Birla Finance Ltd. [ICRA]AAA 2.94% Aditya Birla Housing Finance Ltd. [ICRA]AAA 2.88% National Highways Authority of India CRISIL AAA 2.49% Power Finance CRISIL AAA 0.14% Total 12.95% EQUITY & EQUITY RELATED Unlisted Commercial Paper Certificate of Deposits Margin Fixed Deposits TREPS / Reverse Repo Investments Cash & Cash Equivalents Investment in equity and equity linked securities as well as debt and money market instruments while managing risk through active asset allocation. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Plan A Banks Software Unrated [ICRA]AAA [ICRA]A1+ Consumer Petroleum Products [ICRA]AA Pharmaceuticals Finance Industrial Products CRISIL AAA Construction Project Power Auto Ancillaries BWR A1+ (SO) Chemicals Industrial Capital Goods Ferrous Metals CRISIL A1+ Auto Pesticides Ratings 15.63% 9.71% 9.32% 9.04% 5.82% 5.50% 4.71% 4.68% 4.50% 4.41% 3.27% 2.68% 2.63% 2.60% 1.78% 1.65% 1.48% 1.43% 1.30% 1.28% 1.11% 0.88% 0.67% 3.92% Growth Dividend Plan B - Direct Growth Dividend % to Net Unlisted ARM Infra & Utilities Private Ltd. BWR A1+ (SO) 1.48% Primat Infrapower & Multiventures Pvt. Ltd. Unrated 7.06% Total 8.54% Commercial Paper** L&T Finance Ltd. [ICRA]A % Housing Development Finance CRISIL A % Total 3.86% Certificate of Deposits ICICI Bank Ltd. [ICRA]A % Total 2.75% Margin Fixed Deposits HDFC Bank Ltd. Unrated 1.98% Total 1.98% TREPS / Reverse Repo Investments 1.97% Total 1.97% Net Receivable/Payable 1.95% Total 1.95% DERIVATIVES / Stock Futures Name of the Instrument Long / Short % to AUM Tata Consultancy Services Ltd. 28-FEB-19 Short (1.94) Yes Bank Ltd. 28-FEB-19 Short (1.45) Housing Development Finance Short 28-FEB-19 (1.31) JSW Steel Ltd. 28-FEB-19 Short (1.29) Reliance Ltd. 28-FEB-19 Short (1.22) Tata Motors Ltd. 28-FEB-19 Short (0.64) Derivatives Total (7.85) 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. 11

12 Baroda 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 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) 5,000/- & in multiples of 1/- thereafter Entry Load: NA 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) 3690 Modified Duration (Years) 6.82 Yield (%) 7.49 EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 2.09% ICICI Bank Ltd. Banks 1.28% Larsen & Toubro Infotech Ltd. Software 1.15% Infosys Ltd. Software 1.13% ITC Ltd. 1.12% Sun Pharmaceutical Ltd. Pharmaceuticals 1.07% State Bank of India Banks 1.04% Larsen & Toubro Ltd. Construction Project 0.99% Axis Bank Ltd. Banks 0.91% Aurobindo Pharma Ltd. Pharmaceuticals 0.79% Cummins India Ltd. Industrial Products 0.79% Wipro Ltd. Software 0.74% Abbott India Ltd. Pharmaceuticals 0.61% VIP Ltd. Consumer 0.60% Marico Ltd. 0.55% Tech Mahindra Ltd. Software 0.55% City Union Bank Ltd. Banks 0.48% Bosch Ltd. Auto Ancillaries 0.47% Pidilite Ltd. Chemicals 0.42% Bata India Ltd. Consumer 0.42% Bajaj Finance Ltd. Finance 0.39% Bharat Electronics Ltd. Industrial Capital Goods 0.38% 18.50% 2.97%-0.17% 78.70% Instruments Central Government Securities EQUITY & EQUITY RELATED TREPS / Reverse Repo Investments Cash & Cash Equivalents Sundaram Finance Ltd. Finance 0.35% Havells India Ltd. Consumer 0.18% Total 18.50% CENTRAL GOVERNMENT SECURITIES 6.68% CGL 2031 Sovereign 34.93% 7.17% CGL 2028 Sovereign 33.55% 7.59% CGL 2026 Sovereign 5.08% 8.24% CGL 2027 Sovereign 2.62% 7.59% CGL 2029 Sovereign 2.52% Total 78.70% TREPS / Reverse Repo Investments 2.97% Total 2.97% Net Receivable/Payable -0.17% Total -0.17% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. Sovereign Banks Software Pharmaceuticals Consumer Construction Project Industrial Products Finance Auto Ancillaries Chemicals Industrial Capital Goods Ratings 5.80% 3.57% 2.47% 1.67% 1.20% 0.99% 0.79% 0.74% 0.47% 0.42% 0.38% 2.80% 78.70% Total Expense Ratio Plan A 2.10% Plan B (Direct) 1.33% Fund Manager # Ms. Hetal Shah (Experience 15 Years) 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 about whether the product is suitable for them. Plan A Growth Dividend - Monthly Dividend - Quarterly Plan B - Direct Growth Dividend - Monthly Dividend - Quarterly NA $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 # For performance of the Scheme and other funds managed by the said Fund manager, either individually or jointly, please refer page no 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 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 5,000/- & in multiples of 1/- thereafter Entry Load: NA 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) 701 Modified Duration (Years) 1.43 Yield (%) % 3.80% 1.55%0.67% 0.35% [ICRA]AA CRISIL AA BWR A1+ (SO) BWR AA- [ICRA]A+ BWR AAA BWR A+(SO) CRISIL AAA CARE AA CRISIL AA+ [ICRA]AA+ [ICRA]AA- Sovereign CARE AAA [ICRA]AA (SO) CRISIL AAA (SO) Ratings Total Expense Ratio Plan A Plan A 1.97% Plan B (Direct) 1.04% Fund Manager # 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 Income over medium term. CENTRAL GOVERNMENT SECURITIES Instruments 64.55% 7.17% CGL 2028 Sovereign 1.00% 6.68% CGL 2031 Sovereign 0.55% Total 1.55% STATE GOVERNMENT SECURITIES 8.11% SDL 2028 Sovereign 0.35% Total 0.35% Apollo Hospitals Enterprise Ltd. CRISIL AA 9.84% Piramal Enterprises Ltd. [ICRA]AA 8.67% Aspire Home Finance [ICRA]A+ 6.89% Edelweiss Commodities Services Ltd. [ICRA]AA 5.79% IndusInd Bank Ltd. CRISIL AA 4.98% Dewan Housing Finance BWR AAA 3.66% Edelweiss Commodities Services Ltd. CARE AA 2.86% ICICI Bank Ltd. [ICRA]AA+ 2.62% Edelweiss Housing Finance Ltd. [ICRA]AA 2.57% Yes Bank Ltd. [ICRA]AA- 2.45% HDFC Bank Ltd. CRISIL AAA 2.11% Indiabulls Housing Finance Ltd. BWR AAA 2.09% Muthoot Finance Ltd. CRISIL AA 1.99% HDFC Bank Ltd. CRISIL AA+ 1.78% Indiabulls Housing Finance Ltd. CARE AAA 1.59% Indian Railway Finance CRISIL AAA 1.17% Unlisted Cash & Cash Equivalents Central Government Securities TREPS / Reverse Repo Investments State Government Securities Investment in a mix of debt and money market instruments across the credit and maturity spectrum. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 # For performance of the Scheme and other funds managed by the said Fund manager, either individually or jointly, please refer page no 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, % 2.97% 2.90% 2.62% 2.45% 1.90% 1.59% 1.17% 1.07% 7.93% 6.89% 5.75% 5.32% 4.47% 9.97% 21.82% 17.90% Growth Dividend - Monthly Dividend - Quarterly Plan B - Direct Growth Dividend - Monthly Dividend - Quarterly Edelweiss Asset [ICRA]AA (SO) 1.17% Reconstruction Company Ltd. Bank of Baroda CRISIL AA+ 1.12% IIFL Home Finance Ltd. CRISIL AA 1.09% Bank of Baroda CARE AA 0.11% Total 64.55% Unlisted ARM Infra & Utilities Private Ltd. BWR A1+ (SO) 9.97% Cyquator Media Services Private Ltd. BWR AA- 7.93% Tanglin Developments Ltd. BWR A+(SO) 5.32% IIFL Wealth Finance Ltd. [ICRA]AA 4.79% Powergrid Vizag Transmission Ltd. CRISIL AAA (SO) 1.07% Total 29.08% TREPS / Reverse Repo Investments 0.67% Total 0.67% Net Receivable/Payable 3.80% Total 3.80% 13

14 Baroda 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 5,000/- & in multiples of 1/- thereafter Entry Load: NA 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 7.17% CGL 2028 Sovereign 24.59% 6.68% CGL 2031 Sovereign 24.53% 8.24% CGL 2027 Sovereign 11.95% 7.59% CGL 2029 Sovereign 10.06% 8.28% CGL 2027 Sovereign 9.00% 6.79% CGL 2027 Sovereign 3.43% 7.59% CGL 2026 Sovereign 1.81% 7.88% CGL 2030 Sovereign 0.22% Total 85.59% STATE GOVERNMENT SECURITIES 9.39% SDL 2023 Sovereign 9.46% Total 9.46% TREPS / Reverse Repo Investments 3.26% Total 3.26% Net Receivable/Payable 1.69% Total 1.69% B. Dividend 1. Payout 2. Re-investment (default sub-option in case C. Bonus Option $ 85.59% Instruments 3.26% 1.69% Central 9.46% Government Securities State Government Securities TREPS / Reverse Repo Investments Cash & Cash Equivalents Sovereign Ratings 4.95% 95.05% AAUM Crs AUM Crs Characteristic Average Maturity (Days) 3263 Modified Duration (Years) 6.13 Yield (%) 7.54 Plan A Growth Dividend Plan B- Direct Growth Dividend Total Expense Ratio Plan A 1.96% Plan B (Direct) 1.22% Fund Manager # Ms. Hetal Shah (Experience 15 Years) Credit risk free regular Income over long term. Investment only in Government (both Central and State Government) Securities. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 # For performance of the Scheme and other funds managed by the said Fund manager, either individually or jointly, please refer page no 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 Dynamic Bond Fund + An open-ended dynamic debt scheme investing across duration. + Effective January 14, 2019, Baroda Income Fund was merged with Baroda Dynamic Bond Fund and Baroda Income Fund has ceased to exist. 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 5,000/- & in multiples of 1/- thereafter Entry Load: NA 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 30.60% 2.87% 1.24% 8.16% Instruments 57.13% Central Government Securities State Government Securities TREPS / Reverse Repo Investments Cash & Cash Equivalents 6.68% CGL 2031 Sovereign 16.03% 6.79% CGL 2027 Sovereign 14.74% 8.28% CGL 2027 Sovereign 10.08% 7.59% CGL 2026 Sovereign 9.71% 7.59% CGL 2029 Sovereign 6.57% Total 57.13% STATE GOVERNMENT SECURITIES 9.35% SDL 2024 Sovereign 3.07% 8.58% SDL 2023 Sovereign 2.80% 9.39% SDL 2023 Sovereign 1.76% 8.60% SDL 2023 Sovereign 0.53% Total 8.16% Dewan Housing Finance BWR AAA 13.02% Edelweiss Commodities Services Ltd. Indian Railway Finance All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND; BWR. Ratings [ICRA]AA 7.49% CRISIL AAA 6.71% IndusInd Bank Ltd. CRISIL AA 3.38% Total 30.60% TREPS / Reverse Repo Investments 2.87% Total 2.87% Net Receivable/Payable 1.24% Total 1.24% Sovereign BWR AAA [ICRA]AA CRISIL AAA CRISIL AA 13.02% 7.49% 6.71% 3.38% 4.11% 65.29% Characteristic Plan A Average Maturity (Days) 2623 Growth Modified Duration (Years) 5.04 Dividend Yield (%) 8.60 Plan B - Direct Growth Dividend Total Expense Ratio Plan A 1.63% Plan B (Direct) 1.18% Fund Manager # 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. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 # For performance of the Scheme and other funds managed by the said Fund manager, either individually or jointly, please refer page no 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 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 34 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 5,000/- & in multiples of 1/- thereafter Entry Load: NA 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) 378 Modified Duration (Years) 0.84 Yield (%) 8.66 Macaulay duration (Years) 0.90 Total Expense Ratio Plan A 1.32% Plan B (Direct) 0.74% Fund Manager # Instruments 5.39% 1.28% 51.15% 12.37% 14.72% 15.09% TREPS / Reverse Repo Investments Unlisted Certificate of Deposits Central Government Securities Cash & Cash Equivalents Manappuram Finance Ltd. CRISIL AA- 9.76% Reliance Ltd. CRISIL AAA 9.53% Edelweiss Commodities Services Ltd. [ICRA]AA 6.17% PNB Housing Finance Ltd. IND AA+ 5.83% Edelweiss Asset Reconstruction Company [ICRA]AA (SO) 4.23% Ltd. Indiabulls Housing Finance Ltd. CARE AAA 4.22% India Infoline Finance Ltd. [ICRA]AA 2.55% Vijaya Bank [ICRA]AA- 2.12% Piramal Enterprises Ltd. [ICRA]AA 2.10% L&T Finance Ltd. [ICRA]AAA 2.10% Edelweiss Commodities Services Ltd. CARE AA 1.69% Aspire Home Finance [ICRA]A+ 0.85% Total 51.15% Unlisted IIFL Wealth Finance Ltd. [ICRA]AA 8.11% ARM Infra & Utilities Private Ltd. BWR A1+ (SO) 6.61% Total 14.72% Certificate of Deposits Small Development Bank of India CRISIL A % Utkarsh Small Finance Bank Ltd. [ICRA]A1 4.09% Total 12.37% CENTRAL GOVERNMENT SECURITIES 7.17% CGL 2028 Sovereign 5.39% Total 5.39% TREPS / Reverse Repo Investments 15.09% Total 15.09% Net Receivable/Payable 1.28% Total 1.28% 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. [ICRA]AA CRISIL AA- CRISIL AAA CRISIL A1+ BWR A1+ (SO) IND AA+ Sovereign [ICRA]AA (SO) CARE AAA [ICRA]A1 [ICRA]AA- [ICRA]AAA CARE AA [ICRA]A+ Ratings 18.93% 9.76% 9.53% 8.28% 6.61% 5.83% 5.39% 4.23% 4.22% 4.09% 2.12% 2.10% 1.69% 0.85% 16.37% Plan A Growth Dividend Plan B - Direct Growth Dividend 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. * Investors should consult their financial advisers if in doubt about whether the product is suitable for them. ^ The Dividend Option has been renamed as Monthly Dividend Option and a Quarterly Dividend Option has been introduced effective December 23, # For performance of the Scheme and other funds managed by the said Fund manager, either individually or jointly, please refer page no 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,