BARODA PIONEER MUTUAL FUND. CIO Letter. Happy Investing in 2016!

Transcription

1 Factsheet June 2016

2 CIO Letter Dear Investors, Warm Greetings! BSE index rallied by 1% during the month of June Month of June 2016 has been an eventful one. It has been a month of headlines. Brexit, Rexit, Monsoon the FED commentary and CPI were some of the key events during the month. The UK citizens voted decisively to move out of the European Union. As per vote data, nearly 51.9% of the citizen decided to vote for the Leave option. Global markets reacted negatively, with key indices declining by 3% to 4%. We expect Brexit will create uncertainty and likely to be a negative for UK. In her speech before Congress Fed Chair Janet Yellen expressed general optimism about the economy and played down the risk of a recession. Yellen however said the Fed will be cautious about interest rate increase until it is clear the job market is holding up. Her comments suggest the U.S. central bank is unlikely to raise rates at its next policy meeting in late July 2016, since it will only have one additional monthly employment report by that time. In India, CPI came in at 5.8% YoY that is the highest print in the last 21 months. Over the last three months, overall headline inflation is up by a full 100bps. However, the jump is almost entirely on account of vegetables and pulses prices excluding which the inflation stands steady at 4.7% YoY which is broadly in line with the reading seen in the previous months. In the June 2016 Bi Monthly Monetary policy, RBI kept the repo rate unchanged at 6.5% in line with market expectation. RBI has shown concern on inflation and states that there is upside risk to its year end inflation target of 5% given the recent inflation readings has surprised on the upside due to higher domestic food and global oil prices. RBI maintained its stance on liquidity and may have to conduct more OMOs (Open Market Operations) to achieve the neutrality in liquidity position from deficit, which should support the long end of the yield curve. The bond market is likely to trade on positive bias in future and key trigger for the rally is likely to be lower CPI print, improving system liquidity, OMOs (Open Market Operations) and Fiscal consolidation measures. Having said that the upside is limited as the uncertainty remains on slippage in fiscal deficit, US rate hike, Crude and Commodity prices Just to recap, IMD, ( Indian Meteorological Department) has forecasted 2016 monsoon rainfall to be 106% of the long term average. For the country as a whole, cumulative rainfall during this year s monsoon has so far up to 22 nd June 2016 been 18% below the Long Period Average (LPA). The deficit has reduced from 25% to 18% which is a good news. Amongst the four zones, south has received excess rainfall to the tune of 15%. Central India has highest deficit of 37%, followed by East and North east India. But clearly monsoon is heading well in our view. In 2016, so far FIIs have been net buyers to the tune of USD2.97bn and Mutual funds have been net buyers to the tune of USD138mn. In the month of June 2016 FIIs have been net buyers to the tune of USD623mn while MF have been net buyers to the tune of USD 0.44mn. Going forward markets will likely focus on 1Q results, additional news flows from Brexit and Monetary policy meeting. These are periods of volatility but eventually markets is likely to settle and sanity is likely to return. We continue to be constructive on equities from medium to long term perspective. Happy Investing in 2016! Sanjay Chawla Chief Investment Officer Source : Bloomberg, Economic Times 2 Mr. Sanjay Chawla Chief Investment Officer

3 INDEX Title How To Read Factsheet Pg 4 Baroda Pioneer Growth Fund Pg 5 Baroda Pioneer ELSS 96 Pg 6 Baroda Pioneer PSU Equity Fund Pg 7 Baroda Pioneer Infrastructure Fund Pg 8 Baroda Pioneer Banking and Financial Services Fund Pg 9 Baroda Pioneer Balance Fund Pg 10 Baroda Pioneer Monthly Income Plan (MIP) Fund (Monthly income is not assured and is subject to the availability of distributable surplus) Pg 11 Baroda Pioneer Credit Opportunities Fund Pg 12 Baroda Pioneer Gilt Fund Pg 13 Baroda Pioneer Income Fund Pg 14 Baroda Pioneer Dynamic Bond Fund Pg 15 Baroda Pioneer Short Term Bond Fund Pg 16 Baroda Pioneer Treasury Advantage Fund Pg 17 Baroda Pioneer Liquid Fund Pg 18 Investment Performance Pg 19 SIP Returns Pg 23 Dividend History Pg 24 3

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. Benchmark : 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. : 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 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. 4

5 Baroda Pioneer Growth Fund An Open Ended Growth Scheme Investors understand that their principal will be at Moderately High risk Capital appreciation over long term Investment predominantly in equity and equity related instruments. To generate long term capital appreciation from an actively managed of equity & equity related instruments. Type of Scheme An Open Ended Growth Scheme Date of Allotment September 12, 2003 Fund Manager # Mr. Sanjay Chawla & (Experience 25 yrs) Mr. Dipak Acharya (Experience 12 yrs) Benchmark S&P BSE 200 Monthly Average AUM () Month end AUM () Crs Crs Minimum Investment 5,000/- & in multiples of 1/- Exit Load 1% if redeemed on or before 365 days from the date of allotment, if redeemed after 365 days from the date of allotment of units and Plan B (Direct) Option The Scheme(s) offer: A. Growth Option (default option in case no option specified by investor); B. Dividend Option C. Bonus Option $ 1500/quarter - 4 Installments Risk profile 30 JUN 2016 Standard deviation 15.79% 0.71 Beta 0.98 Portfolio Turnover (last 12 months) 1.62 Growth Dividend Growth Dividend % Plan B (Direct) 2.12% EQUITY & EQUITY RELATED Infosys Ltd. Software 6.63% ITC Ltd. Consumer Non 6.07% HDFC Bank Ltd. Banks 5.81% IndusInd Bank Ltd. Banks 3.43% Yes Bank Ltd. Banks 3.23% Tata Motors Ltd. Auto 2.76% The Ramco Cements Ltd. Cement 2.66% Axis Bank Ltd. Banks 2.56% ICICI Bank Ltd. Banks 2.48% Bajaj Finance Ltd. Finance 2.47% Mahindra & Mahindra Ltd. Auto 2.45% SKS Microfinance Ltd. Finance 2.42% Ashok Leyland Ltd. Auto 2.19% TeamLease Services Ltd. Shriram Transport Finance Company Ltd. Mahindra & Mahindra Financial Services Ltd. Larsen & Toubro Ltd. Commercial Services 2.17% Finance 2.06% Finance 2.06% 2.05% Indraprastha Gas Ltd. Gas 2.02% Castrol India Ltd. Petroleum Products 1.95% Gujarat State Petronet Ltd. Gas 1.89% HCL Technologies Ltd. Software 1.88% Maruti Suzuki India Ltd. Auto 1.80% Muthoot Finance Ltd. Finance 1.76% Pidilite Industries Ltd. Chemicals 1.73% Petronet LNG Ltd. Gas 1.72% Sun Pharmaceuticals Industries Ltd. Sadbhav Engineering Ltd. Pharmaceuticals 1.57% 1.56% The Karur Vysya Bank Ltd. Banks 1.53% LIC Housing Finance Ltd. Finance 1.53% Ultratech Cement Ltd. Cement 1.46% FAG Bearings India Ltd. Industrial Products 1.41% Jindal Steel & Power Ltd. Ferrous Metals 1.40% Titan Company Ltd. Consumer 1.39% State Bank of India Banks 1.35% Manpasand Beverages Ltd. Tata Consultancy Services Ltd. D.B.Corp Ltd. Consumer Non 1.33% Software 1.31% Media & Entertainment 1.29% TVS Motor Company Ltd. Auto 1.27% Healthcare Global Enterprises Ltd. Engineers India Ltd. Hindustan Unilever Ltd. Hindustan Zinc Ltd. Healthcare Services Consumer Non Non - Ferrous Metals 1.26% 1.26% 1.23% 1.15% Oil & Natural Gas Hindalco Industries Ltd. Bata India Ltd. SH Kelkar and Company Ltd. Housing Development Finance Corporation Ltd. - Warrants Indian Oil Marico Ltd. Oil 1.11% Non - Ferrous Metals Consumer Consumer Non 1.05% 1.03% 1.02% Finance 0.99% Petroleum Products Consumer Non 0.83% 0.72% Mahanagar Gas Ltd. ** Gas 0.03% Total 98.33% PREFERENCE SHARES Zee Entertainment Enterprises Limited - Preference shares Media & Entertainment 0.07% Total 0.07% CBLO / Reverse Repo Investments 3.27% Total 3.27% Net Receivable/Payable -1.67% Total -1.67% **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. Healthcare Services Media & Entertainment Ferrous Metals Industrial Products Pharmaceuticals Chemicals Commercial Services Non - Ferrous Metals Consumer Petroleum Products Cement Software Consumer Non $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 *For Disclaimer please refer page no free rate (FBIL Overnight MIBOR) 6.43 & Mr. Chawla is managing the Scheme along with Mr. Acharya effective November 1, Top Sectors Oil Gas Auto Finance Banks 1.11% 1.26% 1.36% 1.40% 1.41% 1.57% 1.60% 1.73% 2.17% 2.20% 2.42% 2.78% 4.12% 4.87% 5.66% 9.82% 10.37% 10.47% 13.29% 20.39%

6 Baroda Pioneer ELSS 96 An Open Ended Tax Benefit - Cum - Growth Scheme Investors understand that their principal will be at Moderately High risk Capital growth over long term Investment predominantly in equity and equity related instruments. 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, Type of Scheme An Open Ended Tax Benefit- Cum-Growth Scheme Date of Allotment March 31, 1996 Fund Manager # Mr. Sanjay Chawla & (Experience 25 yrs) Mr. Dipak Acharya (Experience 12 yrs) Benchmark S&P BSE 200 Monthly Average Crs AUM () Month end AUM () Crs Minimum Investment 500/- & in multiples of 1/- Exit Load and Plan B (Direct) Option The Scheme(s) offer: A. Growth Option (default option in case no option specified by investor); B. Dividend Option C. Bonus Option $ 1500/quarter - 4 Installments Risk profile 30 JUN 2016 Standard deviation 17.87% 0.62 Beta 1.00 Portfolio Turnover (last 12 months) 1.87 Dividend Bonus Growth Dividend Bonus Growth % Plan B (Direct) 2.32% EQUITY & EQUITY RELATED Infosys Ltd. Software 5.66% ITC Ltd. Consumer Non 5.35% HDFC Bank Ltd. Banks 5.01% ICICI Bank Ltd. Banks 3.49% IndusInd Bank Ltd. Banks 3.23% SKS Microfinance Ltd. Finance 3.16% Yes Bank Ltd. Banks 2.89% Ashok Leyland Ltd. Auto 2.76% The Ramco Cements Ltd. Cement 2.68% Tata Motors Ltd. Auto 2.67% Mahindra & Mahindra Financial Services Ltd. Finance 2.59% FAG Bearings India Ltd. Industrial Products 2.39% Axis Bank Ltd. Banks 2.37% Can Fin Homes Ltd. Finance 2.36% Titan Company Ltd. Gujarat State Petronet Ltd. Consumer 2.36% Gas 2.36% Bajaj Finance Ltd. Finance 2.32% TeamLease Services Ltd. Commercial Services 2.32% Petronet LNG Ltd. Gas 2.28% Castrol India Ltd. TVS Motor Company Ltd. The Great Eastern Shipping Company Ltd. Kansai Nerolac Paints Ltd. Petroleum Products 2.20% Auto 1.95% Transportation 1.82% Consumer Non 1.80% HCL Technologies Ltd. Software 1.77% Larsen & Toubro Ltd. Mahindra & Mahindra Ltd. SH Kelkar and Company Ltd. 1.74% Auto 1.66% Consumer Non 1.65% Maruti Suzuki India Ltd. Auto 1.62% Godrej Consumer Products Ltd. Housing Development Finance Corporation Ltd. - Warrants Consumer Non 1.55% Finance 1.49% Ultratech Cement Ltd. Cement 1.48% The Karur Vysya Bank Ltd. Shriram Transport Finance Company Ltd. Banks 1.44% Finance 1.40% Pidilite Industries Ltd. Chemicals 1.39% Engineers India Ltd. 1.38% Persistent Systems Ltd. Software 1.35% Indraprastha Gas Ltd. Gas 1.34% Tata Consultancy Services Ltd. Hindalco Industries Ltd. Hindustan Zinc Ltd. Healthcare Global Enterprises Ltd. Sun Pharmaceuticals Industries Ltd. Software 1.23% Non - Ferrous Metals Non - Ferrous Metals 1.19% 1.15% Healthcare Services 1.14% Pharmaceuticals 1.11% NCC Ltd. Bata India Ltd. Reliance Industries Ltd. Consumer Petroleum Products 1.08% 1.06% 0.94% Cyient Ltd. Software 0.71% Max India Ltd. ** Finance 0.17% Mahanagar Gas Ltd. ** Gas 0.04% Max Ventures and Industries Ltd. Finance 0.02% Total 97.12% PREFERENCE SHARES Zee Entertainment Enterprises Limited - Preference shares Media & Entertainment 0.02% Total 0.02% CBLO / Reverse Repo Investments 4.05% Total 4.05% Net Receivable/Payable -1.19% Total -1.19% **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. Media & Entertainment Pharmaceuticals Healthcare Services Chemicals Transportation Commercial Services Non - Ferrous Metals Industrial Products Petroleum Products Consumer Cement Consumer Non Software Finance Banks Top Sectors Gas Auto 0.02% 1.11% 1.14% 1.39% 1.82% 2.32% 2.34% 2.39% 2.86% 3.14% 3.42% 4.16% 4.20% 6.02% 10.35% 10.66% 10.72% 13.51% 18.43% $ The Bonus Option in the Schemes has been discontinued effective June 08, free rate (FBIL Overnight MIBOR) 6.43 & Mr. Chawla is managing the Scheme along with Mr. Acharya effective November 1,

7 Baroda Pioneer PSU Equity Fund An Open Ended Equity Scheme Investors understand that their principal will be at High risk Growth in capital along with the liquidity over long term Investment predominantly in equity stocks of domestic Public Sector Undertakings. The primary investment objective of the Scheme is to provide investors with opportunities for long term growth in capital along with the liquidity of an open ended scheme through an active management of investments in a diversified basket of equity stocks of domestic Public Sector Undertakings. Type of Scheme An Open Ended Equity Scheme Date of Allotment October 4, 2010 Fund Manager # Benchmark Mr. Dipak Acharya (Experience 12 yrs) S&P BSE PSU Index Monthly Average AUM () Crs Month end AUM () Minimum Investment Exit Load Option Crs 5,000/- & in multiples of 1/- 1.00% if redeemed on or before 365 days from the date of allotment of units, if redeemed after 365 days from the date of allotment of units and Plan B (Direct) The Scheme(s) offer: A. Growth Option (default option in case no option specified by investor); B. Dividend Option 1. Payout; 2. Reinvestment (default sub-option in case no option specified by investor) C. Bonus Option $ 1500/quarter - 4 Installments Risk profile 30 JUN 2016 Standard deviation 20.87% Beta 0.93 Portfolio Turnover (last 12 months) 1.44 Growth Dividend Growth Dividend % Plan B (Direct) 2.34% EQUITY & EQUITY RELATED Engineers India Ltd. % to Net 11.31% Gujarat State Petronet Ltd. Gas 9.35% Oil & Natural Gas Indian Oil Oil 9.27% Petroleum Products 9.04% State Bank of India Banks 8.15% Power Grid Corporation of India Ltd. Power 7.60% GAIL (India) Ltd. Gas 6.46% Gujarat Gas Ltd. Gas 6.23% Indraprastha Gas Ltd. Gas 5.14% Steel Authority of India Ltd. Ferrous Metals 4.22% National Aluminium Company Ltd. Non - Ferrous Metals 4.01% SJVN Ltd. Power 3.19% Rural Electrification Bharat Heavy Electricals Ltd. Gujarat State Fertilizers & Chemicals Ltd. Finance 2.59% Industrial Capital Goods 2.38% Fertilisers 2.20% NHPC Ltd. Power 1.41% Mangalore Refinery and Petrochemicals Ltd. Petroleum Products 1.27% Power Finance Finance 1.07% Container Corporation of India Ltd. Transportation 1.07% Total 95.96% BONDS & NCDs NTPC Limited CRISIL AAA 0.48% Total 0.48% CBLO / Reverse Repo Investments 2.37% Total 2.37% Net Receivable/Payable 1.19% Total 1.19% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND. Transportation Industrial Capital Goods Non - Ferrous Metals Ferrous Metals Petroleum Products $ The Bonus Option in the Schemes has been discontinued effective June 08, free rate (FBIL Overnight MIBOR) CRISIL AAA Fertilisers Finance Banks Top Sectors Oil Power Gas 0.48% 1.07% 2.20% 2.38% 3.56% 3.66% 4.01% 4.22% 8.15% 9.27% 10.31% 11.31% 12.20% 27.18%

8 Baroda Pioneer Infrastructure Fund An Open Ended Equity Scheme Investors understand that their principal will be at High risk Capital appreciation over long term Investment predominantly in equity and equity-related securities of companies engaged in infrastructure and infrastructure related sectors. The primary investment objective of the Scheme will be to generate long-term capital appreciation by investing predominantly in equity and equity related securities of companies engaged in infrastructure and infrastructure related sectors. Type of Scheme An Open Ended Equity Scheme Date of Allotment June 22, 2010 Fund Manager # Mr. Dipak Acharya (Experience 12 yrs) Benchmark Nifty Infra* Monthly Average AUM () Crs Month end AUM () Crs Minimum Investment 5,000/- & in multiples of 1/- Exit Load 1.00% if redeemed on or before 365 days from the date of allotment of units, if redeemed after 365 days from the date of allotment of units Option and Plan B (Direct) The Scheme(s) offer: A. Growth Option (default option in case no option specified by investor); B. Dividend Option 1. Payout; 2. Reinvestment (default sub-option in case no option specified by investor) C. Bonus Option $ 1500/quarter - 4 Installments Risk profile 30 JUN 2016 Standard deviation 19.84% 0.50 Beta 0.79 Portfolio Turnover (last 12 months) 2.26 Growth Dividend Growth Dividend % Plan B (Direct) 2.45% EQUITY & EQUITY RELATED Engineers India Ltd. 6.08% Indraprastha Gas Ltd. Gas 5.40% Larsen & Toubro Ltd. 5.15% The Ramco Cements Ltd. Cement 4.77% Petronet LNG Ltd. Gas 4.22% NCC Ltd. 3.84% SKS Microfinance Ltd. Finance 3.83% Ashok Leyland Ltd. Auto 3.39% Sadbhav Engineering Ltd. 3.36% PNC Infratech Ltd. 3.31% Texmaco Rail & Engineering Ltd. Hindustan Zinc Ltd. Industrial Capital Goods Non - Ferrous Metals 3.23% 3.11% Idea Cellular Ltd. Telecom - Services 3.06% FAG Bearings India Ltd. Industrial Products 2.96% Ultratech Cement Ltd. Cement 2.94% Gujarat State Petronet Ltd. Gas 2.88% Ingersoll Rand (India) Ltd. Industrial Products 2.62% Can Fin Homes Ltd. Finance 2.46% Mahindra & Mahindra Financial Services Ltd. Finance 2.30% Bajaj Finance Ltd. Finance 2.29% PTC India Ltd. Power 2.21% Castrol India Ltd. Hindalco Industries Ltd. Shriram Transport Finance Company Ltd. Petroleum Products Non - Ferrous Metals 2.18% 2.12% Finance 2.07% Supreme Industries Ltd. Industrial Products 1.83% The Great Eastern Shipping Company Ltd. Transportation 1.80% GAIL (India) Ltd. Gas 1.66% Gujarat Gas Ltd. Gas 1.60% Jindal Steel & Power Ltd. Ferrous Metals 1.56% Bharat Heavy Electricals Ltd. Indian Oil Siemens Ltd. Housing Development Finance - Warrants Industrial Capital Goods Petroleum Products Industrial Capital Goods 1.47% 1.27% 1.13% Finance 1.11% Max India Ltd. ** Finance 0.94% Max Ventures and Industries Ltd. Finance 0.11% Mahanagar Gas Ltd. ** Gas 0.10% Total 94.36% BONDS & NCDs NTPC Ltd. CRISIL AAA 0.33% Total 0.33% CBLO / Reverse Repo Investments 0.75% Total 0.75% Net Receivable/Payable -1.74% Total -1.74% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND. **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. CRISIL AAA Ferrous Metals Transportation Power Telecom - Services Auto Petroleum Products Non - Ferrous Metals Industrial Capital Goods Industrial Products Cement Finance Top Sectors Gas 0.33% 1.56% 1.80% 2.21% 3.06% 3.31% 3.39% 3.45% 5.23% 5.31% 5.83% 7.41% 7.71% 15.11% 15.86% 18.43% $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 *For Disclaimer please refer page no free rate (FBIL Overnight MIBOR)

9 Baroda Pioneer Banking and Financial Services Fund An Open Ended Sectoral Scheme Top Sectors Investors understand that their principal will be at High risk Capital appreciation over long term Investment predominantly in equity and equity related securities of companies engaged in the Banking & Financial Services Sector The investment objective is to generate long-term capital appreciation for unit holders from a invested predominantly in equity and equity related securities of companies engaged in the Banking & Financial Services Sector. Type of Scheme An Open Ended Sectoral Scheme Date of Allotment June 22, 2012 Fund Manager # Mr. Dipak Acharya (Experience 12 yrs) Benchmark Nifty Bank Index* Monthly Average AUM () Crs Month end AUM () Crs Minimum Investment 5,000/- & in multiples of 1/- Exit Load Exit Load % if redeemed on or before 365 days from the date of allotment of units, if redeemed after 365 days from the date of allotment and Plan B (Direct) EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 26.27% ICICI Bank Ltd. Banks 10.69% Kotak Mahindra Bank Ltd. Banks 9.47% Axis Bank Ltd. Banks 9.38% IndusInd Bank Ltd. Banks 9.19% Yes Bank Ltd. Banks 7.44% Bajaj Finance Ltd. Finance 4.13% State Bank of India Banks 4.07% SKS Microfinance Ltd. Finance 3.22% Mahindra & Mahindra Financial Services Ltd. Finance 2.56% Can Fin Homes Ltd. Finance 2.53% Shriram Transport Finance Company Ltd. Finance 2.49% The Karur Vysya Bank Ltd. Banks 2.05% Sundaram Finance Ltd. Finance 1.10% Housing Development Finance - Warrants Finance 1.00% Muthoot Finance Ltd. Finance 0.61% ICRA Ltd. Finance 0.38% Total 96.58% CBLO / Reverse Repo Investments 1.97% Total 1.97% Net Receivable/Payable 1.45% Total 1.45% Finance Banks 3.42% 18.02% 78.56% Option The Scheme(s) offer: A. Growth Option (default option in case no option specified by investor); B. Dividend Option 1. Payout; 2. Reinvestment (default sub-option in case no option specified by investor) C. Bonus Option $ 1500/quarter - 4 Installments Risk profile 30 JUN 2016 Standard deviation 23.76% 0.28 Beta 0.94 Portfolio Turnover (last 12 months) 0.98 Growth Dividend Bonus Growth Dividend Bonus NA 3.01% Plan B (Direct) 2.36% $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 *For Disclaimer please refer page no free rate (FBIL Overnight MIBOR)

10 Baroda Pioneer Balance Fund An Open Ended Balanced Scheme Investors understand that their principal will be at Moderately High risk 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 scheme is targeted for long-term capital appreciation along with stability through a well balanced comprising of equity,equity related instruments, money market instrument and debt securities. Type of Scheme An Open Ended Balanced Scheme Date of Allotment September 12, 2003 Fund Manager # Mr. Sanjay Chawla & (Experience 25 yrs) Mr. Dipak Acharya (Experience 12 yrs) Benchmark CRISIL Balanced Fund Aggressive index (effective April 4, 2016) Monthly Average AUM () Crs Month end AUM () Crs Minimum Investment 5,000/- & in multiples of 1/- Exit Load 1% if redeemed on or before 365 days from the date of allotment, if redeemed after 365 days from the date of allotment of units and Plan B (Direct) Option The Scheme(s) offer: A. Growth Option (default option in case no option specified by investor); B. Dividend Option 1. Payout; 2. Reinvestment (default sub-option in case no option specified by investor) C. Bonus Option $ 1500/quarter - 4 Installments Risk profile 30 JUN 2016 Standard deviation 12.22% 0.64 Beta 1.05 Portfolio Turnover (last 12 months) 2.45 Growth Dividend Bonus Growth Dividend % Plan B (Direct) 1.54% $ The Bonus Option in the Schemes has been discontinued effective June 08, free rate (FBIL Overnight MIBOR) 6.43 & Mr. Chawla is managing the Scheme along with Mr. Acharya effective November 1, EQUITY & EQUITY RELATED % to Net Infosys Ltd. Software 6.31% ITC Ltd. Consumer Non 5.74% IndusInd Bank Ltd. Banks 4.00% Axis Bank Ltd. Banks 2.56% ICICI Bank Ltd. Banks 2.45% HDFC Bank Ltd. Banks 2.11% The Ramco Cements Ltd. Cement 1.99% Bajaj Finance Ltd. Finance 1.92% TeamLease Services Ltd. Commercial Services 1.89% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.83% Petronet LNG Ltd. Gas 1.76% HCL Technologies Ltd. Software 1.75% Godrej Consumer Consumer Non 1.73% Products Ltd. Mahindra & Mahindra Ltd. Auto 1.71% Ashok Leyland Ltd. Auto 1.65% SKS Microfinance Ltd. Finance 1.64% Ultratech Cement Ltd. Cement 1.64% Shriram Transport Finance Company Ltd. Finance 1.62% Castrol India Ltd. Petroleum Products 1.59% Tata Consultancy Services Ltd. Software 1.53% TVS Motor Company Ltd. Auto 1.48% Yes Bank Ltd. Banks 1.33% Bata India Ltd. Consumer 1.31% Pidilite Industries Ltd. Chemicals 1.29% Tata Motors Ltd. Auto 1.24% Jindal Steel & Power Ltd. Ferrous Metals 1.22% Mahindra & Mahindra Financial Services Ltd. Finance 1.20% Hindustan Zinc Ltd. Non - Ferrous Metals 1.14% Larsen & Toubro Ltd. 1.12% Kotak Mahindra Bank Ltd. Banks 1.05% Maruti Suzuki India Ltd. Auto 1.00% FAG Bearings India Ltd. Industrial Products 0.99% Indraprastha Gas Ltd. Gas 0.98% Engineers India Ltd. Oil & Natural Gas Indian Oil Aditya Birla Fashion and Retail Ltd. 0.98% Oil 0.97% Petroleum Products 0.92% Retailing 0.89% Manpasand Beverages Ltd. Consumer Non 0.83% Hindalco Industries Ltd. Non - Ferrous Metals 0.74% Healthcare Global Healthcare Enterprises Ltd. Services 0.73% WABCO India Ltd. Auto Ancillaries 0.70% Bajaj Corp Ltd. Consumer Non % to Net 0.70% PNC Infratech Ltd. 0.69% NCC Ltd. 0.67% Max India Ltd. ** Finance 0.66% Muthoot Finance Ltd. Finance 0.35% The Karur Vysya Bank Ltd. Banks 0.30% Titan Company Ltd. Consumer 0.24% Max Ventures and Industries Ltd. Finance 0.08% Mahanagar Gas Ltd. ** Gas 0.06% Total 73.28% CENTRAL GOVERNMENT SECURITIES 7.59% CGL 2029 Sovereign 1.86% 8.24% CGL 2027 Sovereign 0.81% 7.88% CGL 2030 Sovereign 0.79% 8.83% CGL 2023 Sovereign 0.32% 8.60% CGL 2028 Sovereign 0.06% 8.28% CGL 2027 Sovereign 0.06% Total 3.90% BONDS & NCDs Piramal Enterprises Ltd. [ICRA]AA 11.33% Capital First Ltd. CARE AA+ 6.01% Total 17.34% CBLO / Reverse Repo Investments 6.79% Total 6.79% Net Receivable/Payable -1.31% Total -1.31% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND. **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. Auto Ancillaries Healthcare Services Retailing Oil Industrial Products Ferrous Metals Chemicals Consumer Pharmaceuticals Non - Ferrous Metals Commercial Services Petroleum Products Gas Cement Sovereign CARE AA+ Auto Finance Consumer Non Software [ICRA]AA Banks Top Sectors 0.69% 0.70% 0.73% 0.89% 0.97% 0.99% 1.22% 1.29% 1.55% 1.83% 1.88% 1.89% 2.51% 2.77% 2.80% 3.63% 3.90% 5.48% 6.01% 7.08% 7.47% 9.00% 9.59% 11.33% 13.80%

11 Baroda Pioneer Monthly Income Plan (MIP) Fund An Open Ended Income Scheme with no assured returns. (Monthly income is not assured and is subject to the availability of distributable surplus.) Investors understand that their principal will be at Moderate risk 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. To generate regular income through investment in debt and money market instruments and also to generate longterm capital appreciation by investing a portion in equity and equity related instruments. Type of Scheme An Open Ended Income Scheme with no assured returns. Date of Allotment September 08, 2004 Fund Manager Ms. Hetal Shah # (Experience 12 yrs) Benchmark CRISIL MIP Blended Index Monthly Average AUM () Crs Month end AUM () Crs Minimum Investment 5,000/- & in multiples of 1.000/- Exit Load NIL and Plan B (Direct) Options Growth Monthly Dividend 1. Payout 2. Reinvestment Quarterly Dividend 1. Payout 2. Reinvestment Bonus Option $ 1500/quarter - 4 Installments Growth Dividend - Monthly Dividend - Quarterly Growth Dividend - Monthly Dividend - Quarterly Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 3.63 Portfolio Yield (%) % Plan B (Direct) 1.44% EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 0.74% Titan Company Ltd. Consumer 0.60% Mahindra & Mahindra Financial Services Ltd. Finance 0.56% Castrol India Ltd. Petroleum Products 0.48% HCL Technologies Ltd. Software 0.38% Sanofi India Ltd. Pharmaceuticals 0.37% Bayer Cropscience Ltd. Pesticides 0.37% Pfizer Ltd. Pharmaceuticals 0.32% Ashok Leyland Ltd. Auto 0.31% Max India Ltd. ** Finance 0.09% Mahanagar Gas Ltd. ** Gas 0.02% Max Ventures and Industries Ltd. Finance 0.01% Total 4.25% MONEY MARKET INSTRUMENT Commercial Paper** SD Corporation Pvt. Ltd. [ICRA]A % Total 6.01% CENTRAL GOVERNMENT SECURITIES 8.60% CGL 2028 Sovereign 13.42% 7.88% CGL 2030 Sovereign 10.67% 7.59% CGL 2029 Sovereign 9.20% 8.24% CGL 2027 Sovereign 2.18% Total 35.47% BONDS & NCDs IIFL Facilities Services Ltd. [ICRA]AA 9.21% Capital First Ltd. CARE AA+ 8.40% Muthoot Fincorp Ltd. CRISIL A 6.77% Piramal Enterprises Ltd. [ICRA]AA 6.30% Power Finance Rural Electrification India Infoline Housing Finance Ltd. Power Grid Corporation of India Ltd. CRISIL AAA 5.53% CRISIL AAA 3.83% [ICRA]AA 2.90% CRISIL AAA 2.66% IDBI Bank Ltd. CRISIL A 2.05% India Infoline Housing Finance Ltd. [ICRA]AA 1.00% Total 48.65% CBLO / Reverse Repo Investments 2.69% Total 2.69% Net Receivable/Payable 2.93% Total 2.93% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND. **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. Petroleum Products Consumer 6.01% 35.47% Gas Auto Pesticides Software Finance Pharmaceuticals Banks [ICRA]A1+ CARE AA+ CRISIL A CRISIL AAA [ICRA]AA Sovereign Rating Profile 0.02% 0.31% 0.37% 0.38% 0.48% 0.60% 0.66% 0.69% 0.74% 5.62% 6.01% 8.40% 8.82% 12.02% instruments 48.65% 19.41% 35.47% 2.93% 2.69% BONDS & NCDs 4.25% CENTRAL GOVERNMENT SECURITIES MONEY MARKET INSTRUMENT EQUITY & EQUITY RELATED Cash & Cash Equivalents CBLO / Reverse Repo Investments $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 *Monthly income is not assured and is subject to the availability of distributable surplus. 11

12 Baroda Pioneer Credit Opportunities Fund An Open Ended Debt Scheme Investors understand that their principal will be at Moderate risk Income over medium term. Investment in a mix of debt and money market instruments across the credit and maturity spectrum. 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. Type of Scheme An Open Ended Debt Scheme Date of Allotment January 23, 2015 Fund Manager Mr. Alok Sahoo # (Experience 13 yrs), Ms. Hetal Shah # (Experience 12 yrs) Benchmark Monthly Average AUM () Month end AUM () CRISIL Short Term Bond Fund Index Crs Crs Minimum Investment 5,000/- & in multiples of 1/- Exit Load Options NA 1%, if redeemed on or before 365 days from the date of allotment of Units., if redeemed after 365 days from the date of allotment of Units. and Plan B (Direct) Growth Monthly Dividend 1.Payout 2.Reinvestment Quarterly Dividend 1.Payout 2.Reinvestment Bonus Option $ MONEY MARKET INSTRUMENT Certificate of Deposit** HDFC Bank Ltd. IND A % Total 7.26% Commercial Paper** Simplex Infrastructures Ltd. CARE A1 8.38% Peninsula Land Ltd. [ICRA]A1 6.00% Peninsula Land Ltd. [ICRA]A1 4.20% SD Corporation Pvt. Ltd. [ICRA]A % Total 18.87% CENTRAL GOVERNMENT SECURITIES 8.40% CGL 2024 Sovereign 1.93% Total 1.93% BONDS & NCDs IIFL Facilities Services Ltd. [ICRA]AA 8.78% India Infoline Housing CRISIL AA- 6.30% Finance Ltd. Edelweiss Commodities [ICRA]AA 6.16% Services Ltd. Aspire Home Finance CRISIL A+ 4.93% Piramal Enterprises Ltd. [ICRA]AA 3.67% JSW Steel Ltd. CARE AA- 3.55% JSW Steel Ltd. CARE AA- 3.07% Vedanta Ltd. CRISIL AA- 3.00% Muthoot Fincorp Ltd. CRISIL A 1.80% Aspire Home Finance CRISIL A+ 1.23% Aspire Home Finance [ICRA]AA- 1.23% IDBI Bank Ltd. CRISIL A 0.66% Piramal Enterprises Ltd. [ICRA]AA 0.62% Vedanta Ltd. CRISIL AA- 0.48% Total 45.48% Unlisted ARM Infra & Utilities Private Ltd. BWR A % Janalakshmi Financial Services Ltd. [ICRA]A+ 8.60% India Infoline Finance Ltd. [ICRA]AA 2.50% Total 21.54% CBLO /Reverse Repo investments 1.54% Total 1.54% Net Receivable/Payable 3.38% Total 3.38% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND. **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines % 7.26% [ICRA]A1+ CARE AA- [ICRA]AA- Sovereign CRISIL A CRISIL A+ IND A1+ CARE A1 [ICRA]A+ CRISIL AA- [ICRA]A1 BWR A+ [ICRA]AA 21.54% Rating Profile 0.29% 1.23% 1.93% 2.46% 4.92% 6.16% 6.62% 7.26% 8.38% 8.60% 9.78% 10.20% instruments 45.48% 10.44% 21.73% 1.93% 1.54% BONDS & NCDs 3.38% Unlisted Commercial Paper Certificate of Deposit Cash & Cash Equivalents CENTRAL GOVERNMENT SECURITIES CBLO / Reverse Repo Investments Bonus NA Growth Dividend - Quarterly Dividend - Monthly Bonus Growth Dividend - Quarterly Dividend - Monthly /quarter - 4 Installments Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 1.33 Portfolio Yield (%) % Plan B (Direct) 0.53% $ The Bonus Option in the Schemes has been discontinued effective June 08,

13 Baroda Pioneer Gilt Fund An Open Ended Gilt Scheme Investors understand that their principal will be at Moderate risk Credit risk free regular Income over long term Investment only in Government (both Central and State Government) Securities To generate income by investing in a of Government securities. Type of Scheme An Open Ended Gilt Scheme Date of Allotment March 21, 2002 Fund Manager Ms. Hetal Shah # (Experience 12 yrs) Benchmark Monthly Average AUM () Month end AUM () I SEC-MI BEX Crs Crs Minimum Investment 5,000/- & in multiples of 1/- Exit Load Options 0.25% if redeemed on or before 1 month (30 days) from the date of allotment. if redeemed after 1 month (30 days) from the date of allotment and Plan B (Direct) Growth Dividend 1.Payout 2.Reinvestment Bonus Option $ CENTRAL GOVERNMENT SECURITIES 7.59% CGL 2029 Sovereign 49.99% 7.88% CGL 2030 Sovereign 9.89% 8.33% CGL 2026 Sovereign 7.98% 8.24% CGL 2027 Sovereign 7.25% 9.39% SDL 2023 Sovereign 5.86% 7.59% CGL 2026 Sovereign 5.49% 8.28% CGL 2027 Sovereign 5.45% 8.83% CGL 2023 Sovereign 2.78% 8.60% CGL 2028 Sovereign 1.63% Total 96.32% CBLO / Reverse Repo Investments 52.67% Total 52.67% Net Receivable/Payable % Total % Sovereign rating profile 3.68% instruments 96.32% % CENTRAL GOVERNMENT SECURITIES 52.67% 96.32% CBLO / Reverse Repo Investments Cash & Cash Equivalents 1500/quarter - 4 Installments Growth Dividend Growth Dividend Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 7.26 Portfolio Yield (%) % Plan B (Direct) 1.20% $ The Bonus Option in the Schemes has been discontinued effective June 08,

14 Baroda Pioneer Income Fund An Open Ended Income Scheme Investors understand that their principal will be at Moderate risk Regular Income over long term Investment predominantly in good quality Fixed Income Securities by maintaining a balance between Risk & Return. To generate regular income by investing in a of good quality Fixed Income Securities by maintaining a balance between Risk & Return. Type of Scheme Date of Allotment March 21, 2002 Fund Manager Ms. Hetal Shah # Benchmark Monthly Average AUM () Month end AUM () An Open Ended Income Scheme (Experience 12 yrs) CRISIL Composite Bond Fund Index Crs Crs Minimum Investment 5,000/- & in multiples of 1/- Exit Load 1% if redeemed on or before 365 days from the date of allotment. if redeemed after 365 days from the date of allotment Options and Plan B (Direct) Growth Dividend 1.Payout 2.Reinvestment Bonus Option $ 1500/quarter - 4 Installments Growth Dividend Growth Dividend Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 6.11 Portfolio Yield (%) % Plan B (Direct) 1.94% CENTRAL GOVERNMENT SECURITIES 7.59% CGL 2029 Sovereign 13.49% 7.88% CGL 2030 Sovereign 10.76% 7.59% CGL 2026 Sovereign 10.65% 8.40% CGL 2024 Sovereign 8.82% 8.83% CGL 2023 Sovereign 8.10% 8.33% CGL 2026 Sovereign 6.64% 8.60% CGL 2028 Sovereign 4.06% 9.35% SDL 2024 Sovereign 3.44% 8.58% SDL 2023 Sovereign 3.09% 9.39% SDL 2023 Sovereign 1.97% 8.60% SDL 2023 Sovereign 0.58% Total 71.60% BONDS & NCDs IDBI Bank Ltd. CRISIL A 9.90% Vijaya Bank [ICRA]AA- 8.25% Rural Electrification CRISIL AAA 4.28% Total 22.43% CBLO / Reverse Repo Investments 13.86% Total 13.86% Net Receivable/Payable -7.89% Total -7.89% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND % 22.43% CRISIL AAA [ICRA]AA- CRISIL A Sovereign -7.89% rating profile 4.28% 5.97% 8.25% 9.90% instruments 71.60% 71.60% CENTRAL GOVERNMENT SECURITIES BONDS & NCDs CBLO / Reverse Repo Investments Cash & Cash Equivalents $ The Bonus Option in the Schemes has been discontinued effective June 08,

15 Baroda Pioneer Dynamic Bond Fund An Open Ended Income Scheme Investors understand that their principal will be at Moderate risk Regular Income over medium term with providing liquidity Investment in medium to long term corporate bonds and / or government securities and manage the dynamically through different interest rate cycles The investment objective of the scheme is to generate returns with liquidity by managing the dynamically through interest rate cycles. Type of Scheme Date of Allotment June 30, 2012 Fund Manager Benchmark Monthly Average AUM () Crs Month end AUM () An Open Ended Income Scheme Mr. Alok Sahoo # (Experience 13 yrs), Ms. Hetal Shah # (Experience 12 yrs) CRISIL Composite Bond Fund Index Crs Minimum Investment 5,000/- & in multiples of 1/- Exit Load 0.50% if redeemed within 3 months from the date of allotment of units, if redeemed after 3 months from the date of allotment of units and Plan B (Direct) CENTRAL GOVERNMENT SECURITIES 7.59% CGL 2029 Sovereign 35.51% 9.72% SDL 2023 Sovereign 22.87% 8.28% CGL 2027 Sovereign 10.91% 8.83% CGL 2023 Sovereign 6.69% 8.60% CGL 2028 Sovereign 1.34% Total 77.32% BONDS & NCDs Vijaya Bank [ICRA]AA % IDBI Bank Ltd. CRISIL A 4.09% L&T Finance Ltd. [ICRA]AA+ 1.05% Total 17.40% CBLO / Reverse Repo Investments 39.08% Total 39.08% Net Receivable/Payable % Total % All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND % % [ICRA]AA+ [ICRA]AA- Sovereign 39.08% CRISIL A rating profile 1.05% 4.09% 5.28% 12.26% instruments 77.32% 77.32% CENTRAL GOVERNMENT SECURITIES CBLO / Reverse Repo Investments BONDS & NCDs Cash & Cash Equivalents Options Growth Dividend 1. Payout 2. Reinvestment Bonus Option $ 1500/quarter - 4 Installments Growth Dividend Growth Dividend Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 6.16 Portfolio Yield (%) % Plan B (Direct) 0.54% $ The Bonus Option in the Schemes has been discontinued effective June 08,

16 Baroda Pioneer Short Term Bond Fund An Open Ended Income Scheme Investors understand that their principal will be at Moderately Low risk Regular Income over short term Investment predominantly in Money Market Instruments (i.e. CP/CD) and Short Term Debt Market Instruments The objective of the Scheme is to generate income from a constituted of short term debt and money market securities. Type of Scheme Date of Allotment June 30, 2010 Fund Manager Benchmark Monthly Average AUM () Crs Month end AUM () An Open Ended Income Scheme Mr. Alok Sahoo # (Experience 13 yrs), Ms. Hetal Shah # (Experience 12 yrs) CRISIL Short Term Bond Fund Index Crs Minimum Investment 5,000/- & in multiples of 1/- Exit Load 0.25% if redeemed on or before 15 days from the date of allotment. if redeemed after 15 days from the date of allotment Options and Plan B (Direct) Growth Dividend 1. Payout 2. Reinvestment Bonus Option $ 1500/quarter - 4 Installments Growth Dividend Growth Dividend Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 0.85 Portfolio Yield (%) % Plan B (Direct) 0.55% MONEY MARKET INSTRUMENT Certificate of Deposit** Corporation Bank CRISIL A % State Bank of Hyderabad [ICRA]A % HDFC Bank Ltd. IND A % Total 35.89% Commercial Paper** Peninsula Land Ltd. [ICRA]A1 5.14% Edelweiss Commodities Services Ltd. CRISIL A % SD Corporation Pvt. Ltd. [ICRA]A % Total 11.18% BONDS & NCDs IIFL Facilities Services Ltd. [ICRA]AA 8.64% Muthoot Fincorp Ltd. CRISIL A 6.47% Piramal Enterprises Ltd. [ICRA]AA 5.27% Indiabulls Housing Finance Ltd. CARE AAA 5.27% JSW Steel Ltd. CARE AA- 4.62% Power Grid Corporation of India Ltd. CRISIL AAA 4.46% Vedanta Ltd. CRISIL AA- 4.28% Power Finance India Infoline Housing Finance Ltd. Aspire Home Finance Aspire Home Finance CRISIL AAA 3.30% CRISIL AA- 2.29% [ICRA]AA- 1.75% CRISIL A+ 1.32% India Infoline Finance Ltd. [ICRA]AA 1.26% Rural Electrification Rural Electrification Power Grid Corporation of India Ltd. CRISIL AAA 0.89% CRISIL AAA 0.53% CRISIL AAA 0.45% Vedanta Ltd. CRISIL AA- 0.17% Indiabulls Housing Finance Ltd. CARE AAA 0.09% Total 51.06% Unlisted ARM Infra & Utilities Private Ltd. Janalakshmi Financial Services Ltd. BWR A+ 7.89% [ICRA]A+ 6.14% Muthoot Fincorp Ltd. CRISIL A 1.93% India Infoline Finance Ltd. [ICRA]AA 1.78% Total 17.74% CBLO / Reverse Repo Investments 8.05% Total 8.05% Net Receivable/Payable % Total % All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND. **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. 8.05% 11.18% rating profile CRISIL A+ CARE AA- [ICRA]AA- [ICRA]A1 CARE AAA [ICRA]A+ CRISIL AA- BWR A+ CRISIL A CRISIL AAA IND A1+ [ICRA]A1+ CRISIL A1+ [ICRA]AA % 1.32% 1.75% instruments 4.62% 5.14% 5.36% 6.14% 6.74% 7.89% 8.40% 9.63% 10.36% 15.07% 16.50% 16.95% 51.06% % BONDS & NCDs 17.74% 35.89% Certificate of Deposit Unlisted Commercial Paper CBLO / Reverse Repo Investments Cash & Cash Equivalents $ The Bonus Option in the Schemes has been discontinued effective June 08,

17 Baroda Pioneer Treasury Advantage Fund An Open Ended Debt Scheme [ICRA] A1+ mfs* Investors understand that their principal will be at Moderately Low risk 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 main objective of the scheme is to provide optimal returns and liquidity through a comprising of debt securities and money market instruments Type of Scheme Date of Allotment June 24, 2009 An Open Ended Debt Scheme Fund Manager Mr. Alok Sahoo # (Experience 13 yrs), Ms. Hetal Shah # (Experience 12 yrs) Benchmark Monthly Average AUM () Month end AUM () CRISIL Liquid Fund Index Crs Crs Minimum Investment 5,000/- & in multiples of 1/- Exit Load and Plan B (Direct) Options Growth Daily Dividend 1.Reinvestment Weekly Dividend 2.Payout 3.Reinvestment Monthly Dividend 1.Payout 2.Reinvestment Quarterly Dividend 1.Payout 2.Reinvestment Bonus Option $ 1500/quarter - 4 Installments Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 0.62 Portfolio Yield (%) % Plan B (Direct) 0.37% MONEY MARKET INSTRUMENT Certificate of Deposit** Corporation Bank CRISIL A % HDFC Bank Ltd. IND A % State Bank of Hyderabad [ICRA]A % Total 3.97% Commercial Paper** Piramal Enterprises Ltd. [ICRA]A % Edelweiss Commodities Services Ltd. CRISIL A % Peninsula Land Ltd. [ICRA]A1 3.34% Adani Enterprises Ltd. BWR A % SD Corporation Pvt. Ltd. [ICRA]A % SD Corporation Pvt. Ltd. [ICRA]A % Peninsula Land Ltd. [ICRA]A1 1.22% Vedanta Ltd. CRISIL A % Total 21.25% Treasury Bills TBILL 91 DAY 22 Sep 2016 Sovereign 11.22% TBILL 91 DAY 18 Aug 2016 Sovereign 6.77% Total 17.99% Fixed Deposit Bandhan Bank Ltd. Unrated 0.57% Bandhan Bank Ltd. Unrated 0.57% Bandhan Bank Ltd. Unrated 0.57% Bandhan Bank Ltd. Unrated 0.57% Bandhan Bank Ltd. Unrated 0.57% Bandhan Bank Ltd. Unrated 0.57% Bandhan Bank Ltd. Unrated 0.57% Bandhan Bank Ltd. Unrated 0.57% Total 4.56% BONDS & NCDs Capital First Ltd. CARE AA+ 4.17% Capital First Ltd. CARE AA+ 3.50% India Infoline Housing Finance Ltd. [ICRA]AA 3.27% India Infoline Housing Finance Ltd. [ICRA]AA 3.11% Piramal Enterprises Ltd. [ICRA]AA 2.86% Aspire Home Finance CRISIL A+ 2.66% Aspire Home Finance [ICRA]AA- 2.62% IIFL Facilities Services Ltd. [ICRA]AA 2.56% Piramal Enterprises Ltd. [ICRA]AA 2.28% JSW Steel Ltd. CARE AA- 2.01% Power Finance CRISIL AAA 1.48% Power Finance CRISIL AAA 1.43% Indiabulls Housing Finance Ltd. CARE AAA 1.43% India Infoline Housing Finance Ltd. [ICRA]AA 1.26% Indiabulls Housing Finance Ltd. CARE AAA 1.08% Muthoot Fincorp Ltd. CRISIL A 1.05% Aspire Home Finance CRISIL A+ 0.97% IIFL Facilities Services Ltd. [ICRA]AA 0.94% Piramal Enterprises Ltd. [ICRA]AA 0.87% India Infoline Housing Finance Ltd. CRISIL AA- 0.71% Power Finance CRISIL AAA 0.58% Rural Electrification CRISIL AAA 0.43% Nabha Power Ltd. [ICRA]AAA 0.41% Piramal Enterprises Ltd. [ICRA]AA 0.28% Steel Authority of India Ltd. IND AA 0.28% Nabha Power Ltd. CRISIL AAA 0.28% Power Grid Corporation of India Ltd. CRISIL AAA 0.26% Power Grid Corporation of India Ltd. CRISIL AAA 0.17% NHPC Ltd. [ICRA]AAA 0.15% Piramal Enterprises Ltd. [ICRA]AA 0.07% India Infoline Housing Finance Ltd. [ICRA]AA 0.07% Total 43.24% Unlisted ARM Infra & Utilities Private Ltd. BWR A+ 4.21% Muthoot Fincorp Ltd. CRISIL A 2.44% Powergrid Vizag Transmission Ltd. CRISIL AAA 0.58% India Infoline Finance Ltd. [ICRA]AA 0.52% Janalakshmi Financial Services Ltd. [ICRA]A+ 0.23% Total 7.98% CBLO / Reverse Repo Investments 0.11% Total 0.11% Net Receivable/Payable 0.90% Total 0.90% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND. **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. 7.98% 17.99% [ICRA]A+ IND AA [ICRA]AAA CRISIL AA- IND A1+ CARE AA- CARE AAA [ICRA]AA- BWR A1+ CRISIL A CRISIL A+ BWR A+ Unrated [ICRA]A1 CRISIL AAA CRISIL A1+ CARE AA+ [ICRA]A1+ Sovereign [ICRA]AA 21.25% Rating Profile 0.23% 0.28% 0.56% 0.71% 1.01% 1.46% 2.01% 2.51% 2.62% 2.80% 3.49% 3.63% 4.21% 4.56% 4.56% 5.21% 6.58% 7.67% instruments 0.90% 3.97% 0.11% 4.56% 43.24% 9.82% 17.99% 18.09% BONDS & NCDs Commercial Paper Treasury Bills Unlisted Fixed Deposit Certificate of Deposit Cash & Cash Equivalents CBLO / Reverse Repo Investments Regular Growth Dividend - Daily Dividend - Weekly Dividend - Monthly Dividend - Quarterly Bonus Growth Dividend - Daily Dividend - Weekly Dividend - Monthly Dividend - Quarterly Bonus 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 22 17