Baroda Pioneer Mutual Fund Factbook - July 31, 2011

Transcription

1 Baroda Pioneer Mutual Fund Factbook - Equity Market Update In the month of July, Indian Equity Markets posted their biggest monthly fall since January. BSE Sensex ended the month at fell 3.44% on monthly basis in July. In the month July, Market dithered with one-step-forward-one stepbackward kind of movement for most of the part of the month. There was some relief from Europe following the second bailout package to Greece, which has provided some cooling period for the European crisis. The markets lacked momentum as well as conviction ahead of RBI s crucial policy review meeting, and also due to turmoil in Europe and the US due to mounting debt-related crisis. Policy makers worldwide oscillating between hope and confidence that US lawmakers will break a debt impasse that threatens to trigger a default and up-end global financial markets. Despite the correction in India and Equities globally, in July, FIIs actually were net buyers for the 2nd successive month. RBI, in its first quarter review of monetary policy, RBI surprised the market by raising policy rates by 5bps to 8% vs expectations of a 25bps hike. RBI has also reduced its growth projection for M3 growth/ advances from 16%/19% to 15.5%/18% respectively. The RBI was clearly more hawkish and less sensitive to growth this time, with the RBI Governor expressing helplessness about Global Commodity prices and a loose Fiscal policy at the Centre and stating, in as many words, that he would wait for sustained downturn in inflation rather than sub 8% GDP print for 1-2 quarters before pausing. India s May Industrial output grew a modest 5.6% lower than expectation. Also, April IIP growth has been revised downwards to 5.8% YoY from 6.3% YoY as per provisional data. Worrying trend is that the volatility of IIP which was a major drawback of the old series has continued into the new series, making drawing of inferences about underlying trend of industrial activity. The output of eight core sector industries expanded 5.2% in June from a year ago, indicating a little change in the level of industrial activity as output expanded 5.3% in June. Headline WPI inflation rate (provisional) for June accelerated from 9.6% in May to 9.44% in June, mostly because of the hike in fuel prices and high manufactured products inflation. Revision of past months numbers continue to be of greater concern now because of their quantum of increases (more than 1bps). April numbers have been revised up from 8.66% to 9.74%. Indian Corporates continue to report revenue growth going by the quarterly results so far, but profits are underpressure due to rising interest rates and input cost. On positive side, Hopes on reforms have again re-surfaced in the month. Global markets remain on tenterhooks on a possible Europe debt crisis and the continuing US debt impasse. Failure by the US lawmakers to raise the $14.3 trillion debt ceiling by Aug 2, threatens to plunge asset markets into an abyss of uncertainty. Base metals continued their upward trend in July. Lead was an exception to this. Gold price rallied to record high above $16 an ounce in Europe as investors spooked by the euro one debt crisis and the threat of a US default. WTI crude was trading between US$93-1 range before closing at US$ 95.7 per barrel. Indian Rupee appreciated almost to three year high against the US dollar not due to domestic factors but the weakening of the dollar amid US debt ceiling stalemate. Going ahead, development in US markets will highly influence equity market trend as they are reaching deadline of hiking debt ceiling. Decision on that will not only influence US market but will also influence trend world over. In US, Policymakers are likely to agree to raise US debt ceiling by 2 Aug, thereby avoiding a default. In the short term, Indian equity markets will take a cues from global cues, oil prices and monsoon progress for further direction. We remain structurally positive on the Indian market in the long term. Debt Market Update The bond market turned bearish after 5 bps rate hike by RBI. The 1-year benchmark bond yield moved up by 12 bps to 8.45% in the month of July (Source: Bloomberg). Inflation remains the primary concern for the Market. The short-term interest rate also tightened due to increase in policy rate and tight liquidity condition. The 3-month and 1 year CD yields rose by 4bps and 3bps to 9.25% and 9.75% respectively. In the last monetary policy, RBI surprised the market with the 5 bps REPO rate hike. The policy rate hike will help in anchoring inflationary expectation. Inflation remains the primary concern for the central bank. The base line projection for WPI Inflation was revised upward to 7% by March 211. RBI maintained the GDP growth at 8% in FY12. The stance of this monetary policy is to 1. Maintain an interest rate environment that moderates inflation and anchors inflation expectations. 2. Manage the risk of growth falling significantly below trend 3. Manage liquidity to ensure monetary transmission remains effective, with out exerting undue stress on the financial system. The IIP growth decelerated to 5.6% in May compared with 5.8% in April (revised downwards from 6.3%) and 8.8% in March 211. The consumer durables component declined for the third consecutive month on a m-o-m basis, suggesting that monetary policy is hitting consumers. Also, capital goods did not pick up. The capital goods growth was revised down for the previous month to 7.3% y-o-y (from 14.5% y-o-y). The Inflation data surprised the market on the downside. June WPI inflation was at 9.44% y-o-y (consensus: 9.78% y-o-y). This is the first time in a long while that inflation has surprised on the downside of expectations. The WPI manufactured ex-food component (the RBI watches this closely, as noted consistently in its policy meeting statements) printed 7.3% y-o-y but ended flat on the month. Short-term interest rate is expected to remain volatile with bearish bias due to tight liquidity condition and increase in policy rate. The 1-year yield is expected to remain volatile and trade in a narrow range of 8.2% to 8.4% in near term. Inflation remains the primary concern for the Market. However, interest rates to soften in H2 FY11, due to weak global economy, slow down in growth and decrease in inflation. But the key risks are deterioration in the government fiscal position, supply of government securities and higher crude and commodity prices.

2 Baroda Pioneer Growth Fund *** Rating by Value Research To generate long term Capital appreciation from an actively managed portfolio of equity & equity related instruments. Holding as on Name of Instruments Ratings/ % to Net EQUITY & EQUITY RELATED Reliance Industries Petroleum Products 6.79 ICICI Bank Banks 6.44 Infosys Software 6.39 Larsen & Toubro Construction Project 5.5 ITC Consumer Non Durables 4.78 State Bank of India Banks 4.32 Housing Development Finance 4.19 Finance Corporation Tata Consultancy Services Software 3.3 Tata Steel Ferrous Metals 2.99 Bank of Baroda Banks 2.63 HDFC Bank Banks 2.58 Bharat Heavy Electricals Industrial Capital Goods 2.4 Mahindra & Mahindra Auto 2.31 Coal India Minerals/Mining 1.74 Oil & Natural Gas Corpn Oil 1.68 Top 15 Total Total BONDS & NCDs Dr. Reddy s Laboratories LAA+.2 Total.2 CBLO / Reverse Repo Investments 3.11 Total 3.11 CASH & CASH EQUIVALENT Net Receivables / Payables 2.21 Total 2.21 GRAND TOTAL 1. All corporate ratings are assigned by rating agencies like CRISIL;CARE; ICRA; FITCH. # In Equity: Large & Mid Cap Category (6 Schemes) for 3 & 5 years period ending. Past Performance is no guarantee of future returns. Please refer last page for Rating Methodology Dividend Baroda Pioneer Growth Fund Record Date Rate Ex Dividended (Rs./Unit) NAV p.u. (Rs.) 31-Jul Apr Past Performance neither may or may nor be sustained in future. Dividend is on Face Value of Rs. 1 per unit. After the payment of dividend, the per unit of NAV will fall to the extent of dividend payout & applicable statutory level, if any Months 1 Year 3 Years 5 Years Since Inception Scheme CNX 1 sectorial breakdown - sector classification as recommended by amfi LAA+ Engineerng Services Construction Transportation Fertilisers Retailing Pesticides Auto Ancillaries Textile Products Gas Oil Telecom - Services Industrial Capital Goods Non - Ferrous Metals Minerals/Mining Power Auto Construction Project Ferrous Metals Pharmaceuticals Consumer Non Durables Finance Petroleum Products Software Banks Type of Scheme An open Ended Debt Scheme Date of Allotment September 12, 23 Fund Manager Dipak Acharya NAV Growth: Rs , Dividend: Rs Average AUM INR 7.62 crores for the month of July 211 CNX 1* (Please refer last page) Sharpe Ratio.25 monthly (source Bloomberg, Risk Free - 3 year Tbill-5.3) Standard Deviation (Source Bloomberg) Beta.98 (Source Bloomberg) Portfolio Turnover.471 1% if redeemed on or before 12 months Minimum Investment Rs. 5,/- & in multiples of Rs. 5/- thereof SIP Rs. 1,/- Month - 6 Months, Rs. 1,5/- Month - 4 Months

3 Baroda Pioneer ELSS 96 Fund ** Rating by Value Research performance - elss 96 The main objective of the scheme is to provide the investor long term capital growth as also tax benefit under section 8C of the Income Tax Act, Months 1Year 3 Years 5 Years Since Inception Holding as on Name of Instruments Ratings/ % to Net EQUITY & EQUITY RELATED Infosys Software 8.29 ICICI Bank Banks 8.3 Reliance Industries Petroleum Products 7.88 Larsen & Toubro Construction Project 6.52 Housing Development Finance 5.95 Finance Corporation ITC Consumer Non Durables 5.17 HDFC Bank Banks 4.32 Tata Consultancy Services Software 4.14 State Bank of India Banks 3.28 Bharti Airtel Telecom - Services 2.84 Bharat Heavy Electricals Industrial Capital Goods 2.75 Mahindra & Mahindra Auto 2.67 Tata Steel Ferrous Metals 2.55 Oil & Natural Gas Corpn Oil 2.39 Bank of Baroda Banks 2.5 Top 15 Total Total BONDS & NCDs Dr. Reddy s Laboratories LAA+.1 Total.1 CBLO / Reverse Repo Investments 3.27 Total 3.27 CASH & CASH EQUIVALENT Net Receivables / Payables 1.9 Total 1.9 GRAND TOTAL 1. All corporate ratings are assigned by rating agencies like CRISIL;CARE; ICRA; FITCH. # In Equity: Tax Planning Category (28 Schemes) for 3 & 5 years period ending. Past Performance is no guarantee of future returns. Please refer last page for Rating Methodology Dividend Baroda Pioneer Elss 96 Record Date Rate Ex Dividended (Rs./Unit) NAV p.u. (Rs.) 18-Feb Feb Dec Past Performance neither may or may nor be sustained in future. Dividend is on Face Value of Rs. 1 per unit. After the payment of dividend, the per unit of NAV will fall to the extent of dividend payout & applicable statutory level, if any. Scheme BSE Sensex sectorial breakdown - sector classification as recommended by amfi LAA+ Engineerng Services Construction Transportation Fertilisers Pesticides Auto Ancillaries Textile Products Gas Oil Industrial Capital Goods Non - Ferrous Metals Telecom - Services Power Pharmaceuticals Ferrous Metals Auto Consumer Non Durables Construction Project Finance Petroleum Products Software Banks Type of Scheme An Open Ended Tax Benefit-Cum-Growth Scheme Date of Allotment March 31, 1996 Fund Manager Dipak Acharya NAV Dividend: Rs NAV Calculation Every Business Day Average AUM INR crores for the month of July 211 BSE Sensex Sharpe Ratio.13 monthly (source Bloomberg, Risk Free - 3 year Tbill-5.3) Standard Deviation (Source Bloomberg) Beta.99 (Source Bloomberg) Portfolio Turnover.39 Minimum Investment Rs. 5/- & in multiples of Rs. 5/- SIP Rs. 1,/- Month - 6 Months, Rs. 1,5/- Month - 4 Months

4 Baroda Pioneer Balance Fund The scheme is targeted for long-term capital appreciation along with stability through a well balanced portfolio comprising of equity and debt. Holding as on Name of Instruments Ratings/ to Net EQUITY & EQUITY RELATED Infosys Software 5.28 Bank of Baroda Banks 5.2 Bharat Heavy Electricals Industrial Capital Goods 4.9 Reliance Industries Petroleum Products 4.25 ICICI Bank Banks 3.95 Tata Motors Auto 3.25 Oil & Natural Gas Corpn Oil 3.7 ITC Consumer Non Durables 2.7 State Bank of India Banks 2.68 Coal India Minerals/Mining 2.51 HCL Technologies Software 1.85 Tata Consultancy Services Software 1.73 Bajaj Auto Auto 1.68 Larsen & Toubro Construction Project 1.64 Canara Bank Banks 1.57 Top 15 Total 46.8 Total MONEY MARKET INSTRUMENT Certificate of Deposit** IDBI Bank A Total 9.43 BONDS & NCDs Dr. Reddy s Laboratories LAA+.2 Total.2 CBLO / Reverse Repo Investments Total CASH & CASH EQUIVALENT Net Receivable/Payable 7.58 Total 7.58 GRAND TOTAL 1. All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; FITCH. Dividend Baroda Pioneer Balance Fund Record Date Rate Ex Dividended (Rs./Unit) NAV p.u. (Rs.) 24-Jun Past Performance neither may or may nor be sustained in future. Dividend is on Face Value of Rs. 1 per unit. After the payment of dividend, the per unit of NAV will fall to the extent of dividend payout & applicable statutory level, if any Months 1 Year 3 Years 5 Years Since Inception Scheme CRISIL Balanced Fund Index sectorial breakdown - sector classification as recommended by amfi LAA+ Fertilisers Pesticides Power Gas Auto Ancillaries Construction Project Minerals/Mining Consumer Non Durables Finance Oil Pharmaceuticals Ferrous Metals Industrial Capital Goods Petroleum Products Auto Software A1+ Banks Type of Scheme An Open Ended Balance Scheme Date of Allotment September 12, 23 Fund Manager Dipak Acharya NAV Growth Plan: Rs , Dividend Plan: Rs Average AUM INR 2.4 crores for the month of July 211 CRISIL Balanced Fund Index Sharpe Ratio -.2 monthly (source Bloomberg, Risk Free - 3 year Tbill-5.3) Standard Deviation 23.6 (Source Bloomberg) Beta.78 (Source Bloomberg) Portfolio Turnover.68 1% if redeemed on or before 12 months Minimum Investment Rs. 3,/-& in multiples of Rs. 1/- thereof SIP Rs. 1,/- Month 6 months, Rs. 1,5/- Month 4 months

5 Baroda Pioneer PSU Bond Fund Credit Risk Rating [ICRA]f AAAmfs *** by Value Research The is to generate stable returns with lower risk by investing in Fixed Income instruments of Public Sector Undertakings (PSUs) - banks, financial institutions & companies. Holding as on Name of Instruments Ratings/ % to Net MONEY MARKET INSTRUMENTS Certificate of Deposit Punjab National Bank A NA 1 Month 3 Months 6 Months 1 Year Since Inception Scheme CRISIL Composite Bond Fund Index Oriental Bank of Commerce P State Bank of Hyderabad A State Bank of India P rating allocation State Bank of Patiala A1+ 7. IDBI Bank A Total CENTRAL GOVERNMENT SECURITIES 7.8% CGL 221 SOV 7.27 Total 7.27 BONDS & NCDs Power Finance Corporation LAAA 16. SOV AAA LAAA P1+ A NABARD AAA 7.6 Total 23.6 CBLO / Reverse Repo Investments 5.9 Total 5.9 Cash & Cash Equivalents Net Receivable/Payable 5.7 Total 5.7 Grand Total 1. All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; FITCH. f The rating indicates highest-credit quality rating assigned by ICRA Ltd. to debt funds. Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns. The rating should not be treated as a recommendation to buy, sell or hold the units issued by the Mutual Fund. # In Debt: Income (55 Schemes) for 18-month weekly risk-adjusted performance ending. Past Performance is no guarantee of future returns. Please refer last page for Rating Methodology. Type of Scheme An Open Ended Debt Fund Date of Allotment December 24, 29 Entry Load.5% if redeemed on or before 3 days from the date of allotment NAV Calculation Every Business Days Liquidity Sales / Repurchase at NAV on every Business Day Minimum Investment Rs. 5,/-& in multiples of Re. 1/- thereof NAV As on 31st July 211 Rs. Baroda Pioneer PSU Bond Fund - Growth Baroda Pioneer PSU Bond Fund - Mthly Dividend Baroda Pioneer PSU Bond Fund - Qtly Dividend Average AUM INR crores for the month of July 211 CRISIL Composite Bond Fund Index Modified Duration.5446 years Average Maturity days Fund Management Team Head Fixed Income - Alok Sahoo, Fund Manager - Hetal Shah Rating Credit Risk Rating [ICRA]AAAmfs

6 Baroda Pioneer Short Term Bond Fund Credit Risk Rating [ICRA]f AAAmfs The objective of the Scheme is to generate income from a portfolio constituted of short term debt and money market securities Holding as on Name of Instruments Ratings/ % to Net BONDS & NCDs N.A. 1 Month 3 Months 6 Months 1 Year Since Inception Scheme CRISIL Short-Term Bond Fund Index Power Finance Corporation LAAA Total CBLO / Reverse Repo Investments 1.61 rating allocation Total 1.61 Cash & Cash Equivalents Net Receivable/Payable 6.93 Total 6.93 Grand Total 1. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. f The rating indicates highest-credit quality rating assigned by ICRA Ltd. to debt funds. Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns. The rating should not be treated as a recommendation to buy, sell or hold the units issued by the Mutual Fund. LAAA Type of Scheme An Open Ended Income Scheme Date of Allotment* 3th June 21 Entry Load NAV Calculation Liquidity.1% if redeemed on or before 15 days from the date of allotment Every Business Day Sale / Repurchase at NAV on every Business Day Minimum Investment Rs. 5, NAV As on Rs. Baroda Pioneer Short Term Bond Fund - Dividend Baroda Pioneer Short Term Bond Fund - Growth Average AUM INR 1.9 crores for the month of July 211 Modified Duration Average Maturity CRISIL Short Term Bond Fund Index.9373 years days Fund Management Team Head Fixed Income - Alok Sahoo, Fund Manager - Hetal Shah Rating Credit Risk Rating [ICRA]AAAmfs

7 Baroda Pioneer Monthly Income Plan (MIP) Fund *** Rating by Value Research 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. Holding as on Name of Instruments Ratings/ to Net EQUITY & EQUITY RELATED Bharat Heavy Electricals Industrial Capital Goods 3.25 Bank of Baroda Banks 1.9 Reliance Industries Petroleum Products 1.66 Tata Steel Ferrous Metals 1.38 Oriental Bank of Commerce Banks 1.3 ICICI Bank Banks 1.2 Power Finance Corporation Finance.9 Jindal Steel & Power Ferrous Metals.86 Canara Bank Banks.81 Bharat Electronics Industrial Capital Goods.52 MOIL Ferrous Metals.1 Punjab & Sind Bank Banks.9 Total MONEY MARKET INSTRUMENTS Certificate of Deposit Bank of India P Corporation Bank P Central Bank of India PR IDBI Bank A Total CBLO / Reverse Repo Investments.29 Total.29 Cash & Cash Equivalents Net Receivable/Payable -.1 Total -.1 Grand Total 1. All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; FITCH. # In Hybrid: Debt-oriented Conservative (42 Schemes) for 3 & 5 years period ending. Past Performance is no guarantee of future returns. Please refer last page for Rating Methodology Dividend Baroda Pioneer MIP Fund Record Date Rate Ex Dividended (Rs./Unit) NAV p.u. (Rs.) 26-Jul Jun May rating allocation Finance Petroleum Products Ferrous Metals Industrial Capital Goods Type of Scheme Banks A1+ PR1+ P1+ An Open Ended Income Scheme Date of Allotment September 8, 24 Entry Load Scheme NAV Calculation Minimum Investment 1% if redeemed on or before 12 months from the date of allotment Every Business Days 5,/- and in multiple of Rs. 1,/-thereafter NAV As on 3th June 211 Rs. Baroda Pioneer MIP Fund - Growth Baroda Pioneer MIP Fund - Mthly Dividend Baroda Pioneer MIP Fund - Qtly Dividend Average AUM INR 1.31 crores for the month of July 211 Modified Duration Average Maturity Months 1 Year 3 Years 5 Years Since Inception CRISIL MIP Blended Index CRISIL MIP Blended Index.3936 years days Fund Management Team Head Fixed Income - Alok Sahoo, Fund Manager - Hetal Shah Past Performance neither may or may nor be sustained in future. Dividend is on Face Value of Rs. 1 per unit. After the payment of dividend, the per unit of NAV will fall to the extent of dividend payout & applicable statutory level, if any.

8 Baroda Pioneer Infrastructure Fund The primary of the Scheme will be to generate long-term capital appreciation by investing predominantly in equity and equityrelated securities of companies engaged in infrastructure and infrastructure related sectors. Holding as on Name of Instruments Ratings/ to Net EQUITY & EQUITY RELATED Reliance Industries Petroleum Products 8.33 Larsen & Toubro Construction Project 7.77 Housing Development Finance 7.71 Finance Corporation Bharat Heavy Electricals Industrial Capital Goods 6.72 Tata Steel Ferrous Metals 5.29 GAIL (India) Gas 5.11 Oil & Natural Gas Corpn Oil 4.59 Hindalco Industries Non - Ferrous Metals 3.85 Bharti Airtel Telecom - Services 3.58 NTPC Power 3.6 Jindal Steel & Power Ferrous Metals 3.1 Coal India Minerals/Mining 2.79 IRB Infrastructure Developers Transportation 2.49 Steel Authority of India Ferrous Metals 2.33 Infrastructure Development Finance 2.32 Finance Company Top 15 Total Total CBLO / Reverse Repo Investments 6.75 Total 6.75 CASH & CASH EQUIVALENT Net Receivables / Payables.27 Total.27 GRAND TOTAL NA Months 6 Months 1 year 3 years Since Inception Scheme CNX 1 sectorial breakdown - sector classification as recommended by amfi Construction Engineerng Services Textile Products Transportation Telecom - Services Gas Oil Minerals/Mining Non - Ferrous Metals Power Industrial Capital Goods Construction Project Finance Petroleum Products Ferrous Metals Type of Scheme An Open Ended Equity Scheme Date of Allotment June 22, 21 Fund Manager Dipak Acharya NAV Growth: Rs. 8.74, Dividend: Rs Average AUM INR 3.9 crores for the month of July 211 CNX 1* (Please refer last page) Sharpe Ratio NA Standard Deviation NA Beta NA Portfolio Turnover.36 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 Minimum Investment Rs. 5,/- & in multiples of Re. 1/- thereof SIP Rs. 1,/- Month 6 months, Rs. 1,5/- Month 4 months Dividend - Liquidity Sales / Repurchase at NAV on every Business Day

9 Baroda Pioneer PSU Equity Fund The primary of the Scheme is to provide investors with opportunities for longterm 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 N.A Holding as on Name of Instruments Ratings/ to EQUITY & EQUITY RELATED Coal India Minerals/Mining 11.1 State Bank of India Banks 9.15 NTPC Power 8.39 Oil & Natural Gas Corpn Oil 8.38 Bharat Heavy Electricals Industrial Capital Goods 6.27 Oil India Oil 6.19 NMDC Minerals/Mining 5.41 Bank of Baroda Banks 4.67 GAIL (India) Gas 3.84 Indian Oil Corporation Petroleum Products 3.69 Steel Authority of India Ferrous Metals 3.28 Power Grid Corporation of India Power 2.6 Punjab National Bank Banks 1.79 Power Finance Corporation Finance 1.56 NHPC Power 1.53 Top 15 Total Total CBLO / Reverse Repo Investments 1.51 Total 1.51 Cash & Cash Equivalents Net Receivable/Payable.1 Total.1 Grand Total 1. Scheme rating allocation 3 Months 6 Months 1 Year Since Inception BSE PSU Index Fertilisers Engineerng Services Trading Transportation Non - Ferrous Metals Finance Ferrous Metals Gas Petroleum Products Industrial Capital Goods Power Oil Minerals/Mining Banks Type of Scheme An Open Ended Equity Scheme Date of Allotment October 4, 21 Fund Manager Dipak Acharya NAV Growth: Rs. 8.29, Dividend: Rs Average AUM INR 86.2 crores for the month of July 211 BSE PSU Index Sharpe Ratio NA Standard Deviation NA Beta NA Portfolio Turnover.11 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 Minimum Investment Rs. 5,/- & in multiples of Re. 1/- thereof SIP Rs. 1,/- Month - 6 Months, Rs. 1,5/- Month - 4 Months Dividend - Liquidity Sales / Repurchase at NAV on every Business Day

10 Baroda Pioneer Liquid Fund Credit Risk Rating [ICRA]f A1+mfs *** by Value Research performance - institutional plan growth option To generate income with a high level of liquidity by investing in a portfolio of money market and debt securities Holding as on Name of Instruments Ratings/ % to Net MONEY MARKET INSTRUMENTS Certificate of Deposit Bank of India P State Bank of India P Canara Bank P Allahabad Bank P Vijaya Bank PR Oriental Bank of Commerce P Central Bank of India PR Andhra Bank P Central Bank of India PR Central Bank of India PR Vijaya Bank PR IDBI Bank A Central Bank of India PR Allahabad Bank A Karur Vysya Bank P Karur Vysya Bank P1+.97 Allahabad Bank P1+.63 Total 8.46 Commercial Paper SREI Equipment Finance A SREI Infrastructure Finance A Edelweiss Capital P ECL Finance P Edelweiss Capital P Total Fixed Deposit Karur Vysya Bank Unrated 4.51 Total 4.51 CBLO / Reverse Repo Investments.47 Total.47 Cash & Cash Equivalents Net Receivable/Payable.12 Total.12 Grand Total 1. All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; FITCH. f The rating indicates highest-credit quality rating assigned by ICRA Ltd. to debt funds. Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns. The rating should not be treated as a recommendation to buy, sell or hold the units issued by the Mutual Fund. # In Debt: Ultra Short Term (127 Schemes) for 18-month weekly risk-adjusted performance ending. Past Performance is no guarantee of future returns. Please refer last page for Rating Methodology Weeks 1 Month 3 Months 6 Months 1 Year Since Inception Scheme CRISIL Liquid Fund Index rating allocation Unrated A1+ PR1+ P Type of Scheme An Open Ended Liquid Scheme Date of Allotment February 5, 29 (Institutional Plan) Entry Load NAV Calculation Everyday including Saturdays, Sundays & Holidays Liquidity Sales / Repurchase at NAV on every Business Day Minimum Investment Rs. 1 Crore (Instititional), Rs. 1,/- (Retail) NAV As on 31st July 211 Baroda Pioneer Liquid Fund - Daily Dividend 16.6 Baroda Pioneer Liquid Fund - Dividend Baroda Pioneer Liquid Fund - Growth Baroda Pioneer Liquid Fund - Inst Plan - Daily Div 1.63 Baroda Pioneer Liquid Fund - Inst Plan - Growth Baroda Pioneer Liquid Fund - Inst Plan - Wkly Div AAUM INR 2, crores for the month of July 211 CRISIL Liquid Fund Index Modified Duration.1458 yrs Average Maturity days Fund Management Team Head Fixed Income - Alok Sahoo, Fund Manager - Hetal Shah Rating Credit Risk Rating [ICRA]A1+mfs

11 Baroda Pioneer Treasury Advantage Fund Credit Risk Rating [ICRA]f A1+mfs **** by Value Research The main objective of the scheme is to provide optimal returns and liquidity through a portfolio comprising of debt securities and money market instruments. Holding as on Name of Instruments Ratings/ % to Net MONEY MARKET INSTRUMENTS Certificate of Deposit Oriental Bank of Commerce P Central Bank of India PR Vijaya Bank PR Canara Bank P State Bank of India P Bank of India P Axis Bank P Yes Bank P Punjab National Bank A Bank of India P IDBI Bank A Allahabad Bank P State Bank of Patiala A1+.96 Total 81.9 Commercial Paper** Edelweiss Capital P ECL Finance P Total 11.9 BONDS & NCDs Reliance Capital AAA Power Finance Corporation LAAA.63 Total CBLO / Reverse Repo Investments.98 Total.98 Cash & Cash Equivalents Net Receivable/Payable Total Grand Total 1. All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; FITCH. f The rating indicates highest-credit quality rating assigned by ICRA Ltd. to debt funds. Schemes with this rating are considered to have very strong degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns. The rating should not be treated as a recommendation to buy, sell or hold the units issued by the Mutual Fund. # In Debt: Liquid Category (15 Schemes) for for 18-month weekly risk-adjusted performance endin. Past Performance is no guarantee of future returns. Please refer last page for Rating Methodology. performance - institutional plan growth option Weeks 1 Month 3 Months 6 Months 1 Year Since Inception Scheme CRISIL Liquid Fund Index rating allocation LAAA AAA A1+ PR1+ P Type of Scheme An Open Ended Debt Fund Date of Allotment June 24, 29 (Institutional Plan) Entry Load NAV Calculation Every Business Day Liquidity Sales / Repurchase at NAV on every Business Day Minimum Investment Rs. 1 Crore (Institutional), Rs. 5,/- (Regular) NAV As on 31st July 211 Baroda Pioneer Treasury Advantage Fund - IP - Dly Dividend 1.91 Baroda Pioneer Treasury Advantage Fund - IP - Growth Baroda Pioneer Treasury Advantage Fund - IP - Wkly Dividend Baroda Pioneer Treasury Advantage Fund - Reg - Dly Dividend 1.95 Baroda Pioneer Treasury Advantage Fund - Reg - Growth Baroda Pioneer Treasury Advantage Fund - Reg - Mthly Dividend Baroda Pioneer Treasury Advantage Fund - Reg - Wkly Dividend Average AUM INR crores for the month of July 211 CRISIL Liquid Fund Index Modified Duration.1768 yrs Average Maturity days Fund Management Team Head Fixed Income - Alok Sahoo, Fund Manager - Hetal Shah Rating Credit Risk Rating [ICRA]A1+mfs

12 Baroda Pioneer Mutual Fund Contact Points: Registered Office Baroda Pioneer Asset Management Company Ltd. 51 Titanium, 5th Floor, Western Express Highway, Goregaon (E), Mumbai Phone: / Fax: Toll Free Number: Info@BarodaPioneer.in Website: Karvy Investor Service Centres: Ahmedabad : 21, Shail Building, Opposite Madhusudhan House, Near Navrangpura Telephone Exchange, Navrangpura, Ahmedabad Ph.: , (D) / , Fax : Agra - Deepak Wasan Plaza, Behind Holiday Inn, Opp Megdoot Furnitures, Sanjay Place, Agra (U.P). Ph. : , (D) / Ajmer - 1-2, II Floor, Ajmer Tower, Kutchary Road, Ajmer Ph. : / , (D) Aligarh - 1st Floor, Kumar Plaza, Aligarh - 221, Uttar Pradesh. Ph. : , (D) / Allahabad - R S A Towers, 2nd Floor, Above Sony TV Showroom, 57, S P Marg, Civil Lines, Allahabad Ph. : , (D) , , , Fax : / Anand - F-6, Chitrangana Complex, Opp: Motikaka Chawl ; V V Nagar, Anand (D) : / Bangalore- No : 51/25, 1 st Floor, Surya Building, Ratna Avenue, Richmond Road, Bangalore Ph. : , (D) : , Fax : Bareilly - 1st Floor, 165, Civil Lines, Opp. Hotel Bareilly Palace, Near Rly Station Road, Bareilly Ph. : / , Fax : / Baroda - SB - 4&5, Mangaldeep Complex, Opposite Mesonic Hall, Productivity Road, Alkapuri, Baroda - 397, Gujarat. Ph : , (D) : / / / / Bharuch : Ground Floor, Office No-6, Aditya Complex, Opposite Kasak Temple, Bharuch Ph. : Bhilai - No.138, New Civic Centre, Bhilai , Dist Durg, Chattishgarh, Ph : , (D) / 32. Bhopal - Kay Kay Busniss Centre, 133 Zone I M P Nagar, Bhopal Ph. : , (D) , Fax : Bhubaneswar - Plot No - 14 / 15 (P), Jaydev Vihar, Besides Hotel Pal Heights, Bhubaneswar-75113, Orissa. Ph. : / / , (D) / , (D) Bikaner - 2nd Floor, Plot No 7 & 71, Panchshati Circle, Sardul Gunj Scheme, Bikaner Ph. : / 15. Bilaspur - Shop No 21/22, V. R. Plaza, Link Road, Bilaspur Ph : / / / / Chandigarh - Sco , First Floor, Above HDFC Bank; Sector 35B, Chandigarh Ph. : , (D) / , Fax : Chennai - Flat No F11, First Floor, Akshya Plaza, (Erstwhile Harris Road), Opp Chief City Metropolitan Court, # 18, Adhithanar Salai, Egmore, Chennai Ph. : , (D) : / / , Fax : Cochin - Room no 2, IInd Floor, Jewel Arcade, (Above Oriental Insurance Limited), Layam Road, Cochin Ph / / , (D) : Coimbatore - 29 / 1, I st floor, Chinthamani Nagar Opp to Indian Overseas Bank, Nsr Road, Saibaba Colony, Coimbatore Ph. : , Fax No. : Dehradun - Kaulagarh Road, Near Sirmaur Marg, Above Reliance Webworld, Dehradun Ph. : Erode - No. 4, K M Y Salai, Veerappan Traders Complex, Opp : Erode Bus Stand, Sathy Road, Erode Ph. : , (D) : , / , Fax : Gorakhpur - Above V. I. P. House, Ajdacent A. D. Girls Inter College, Bank Road, Gorakpur Ph. : / / , (D) : / / Guwahati - 54 Sagarika Bhawan, R G Baruah Road, (AIDC Bus Stop), Guwahati Ph. : , (D) : Gwalior - Shindi Ki Chawani, Nadi Gate Pul, M L B Road, Gwalior Ph. : (D) : /2/3/4. Haldwani - Above Kapilaz Sweet House, Opp LIC Building, Pilikothi, Haldwani Uttarakhand. Ph. : Hyderabad Karvy Plaza, Avenue 4, Street No.1, Banjara Hills, Hyderabad Ph. : Indore - G-7, Royal Ratan Building, M. G. Road, Opposite Kotak Mahindra Bank, Indore Ph. : Jabalpur - 43, Naya Bazar, Opposite Shyam Talkies, Jabalpur (M. P.) Ph. : , (D) / , Jaipur - S-16 A, 3rd Floor, Land Mark, Opposite Jaipur Club, Mahavir Marg, C- Scheme, Jaipur (D) : / / Fax : Jalandhar - Lower Ground Floor, Office No : 3, Arora Prime Tower, Plot No : 28, G T Road, Jalandhar Ph. : / , (D) : / / Jamnagar - 18 Madhav Plaza, Opp SBI Bank, Near Lal Bangalow, Jamnagar Ph. : / Jamshedpur - Kanchan Tower, 3rd Floor, Chhaganlal Sons, 3-S B Shop Area, (Near Traffic Signal), Main Road, Bistupur, Jamshedpur Ph. : / / Jhansi - 371/1, Narayan Plaza, Gwalior Road, Near Jeevan Shah Chauraha, Jhansi Ph. : , (D) / / / Fax : Jodhpur - 23, Modi Arcade; Chupasni Road, Jodhpur Ph. : / , Fax : Kanpur - 15 / 46, Opp: Muir Mills, Civil Lines, Kanpur Ph. : / , Fax : Kolkata - 16 Jatin Bagchi Road, Kolkata Ph. : / / , (D) / , Fax : Lucknow - Usha Sadan, 24, Prem Nagar, Ashok Marg, Lucknow Ph. : , (D) / / 28, Fax : Ludhiana - Sco - 3, Bawa Building, Feroze Gandhi Market, Ludhiana Ph. : , (D) , Fax No. : Madurai - Rakesh Towers, 3-C, Bye Pass Road, Ist Floor, Opp Nagappa Motors, Madurai (D) : / 865 / / / Meerut - 1st Floor, Medi Centre Complex, Opposite ICICI Bank, Hapur Road, Meerut Ph. : Mehsana - Ul-47, Appolo Enclave, Opp Simandhar Temple, Modhera Char Rasta, Highway, Mehsana Ph. : , (D) Moradabad - Om Arcade, Parker Road, Above Syndicate Bank, Tari Khana Chowk, Moradabad Ph. : , (D) : , Fax : Mumbai - DAS Chambers, Ground Floor, Opp. BSE & Next to Corporation Bank, Dalal Street, Fort, Mumbai Ph. : , Fax : Nagpur - 1st Floor, Sadoday Arcade, WHC Road, Above Top N Town, Dharampeth, Nagpur Ph. : / , (D) : Nasik - S-12, Second Floor, Suyojit Sankul, Sharanpur Road, Nasik Ph. : New Delhi - 2E / 23, Jhandewalan Extension, New Delhi Ph. : , Fax : Panjim - City Business Centre, Coelho Pereira Building, Room Nos.18,19 & 2, Dada Vaidya Road, Panjim (D) : /73, Fax : Patna - 3A, 3rd Floor, Anand Tower, Beside chankya cinema hall, Exhibition Road, Patna Ph. : , (D) : / Pune - Srinath Plaza, C Wing, Office No. 58 And 59, 3 rd Floor, Dyaneshwar Paduka Chowk, Survy No. 184 / 4, F C Road, Pune Ph. : / / , (D) : , Fax : Raipur - Room No. T F 31, 3rd Floor, Millennium Plaza, Behind Indian Coffee House, G E Road, Raipur Ph. : / , (D) Rajkot - 14, Siddhi Vinayak Complex, Dr. Yagnik Road, Opp Ramkrishna Ashram, Rajkot Ranchi - Commerce Towers, 3rd Floor, Room No. 37, Beside Mahabir Towers, Main Road, Ranchi Ph. : , (D) : / , Fax : Siliguri - Nanak Complex, Near Church Road, Sevoke Road, Siliguri, West Bengal Ph : (D) Surat - G-16 Empire State Building, Near Udhna Darwaja, Ring Road, Surat Ph. : / (D) : Tirupur - First Floor, 224 A, Selvakumar Departmental Stores, Ist Floor, Kamaraj Road, Opp to Cotton Market Complex, Tirupur (D) : Trichy - Sri krishna Arcade, 1st Floor, 6 Thennur High Road, Trichy Ph. : , (D) , Fax : Udaipur , Madhav Chambers, Opp. G. P. O, Chetak Circle, Madhuban, Udaipur Ph. : , (D) : / / Valsad - Shop No 2, Phiroza Corner, Opp Next Showroom, Tithal Road, Valsad Ph. : , (D) Vapi - Shop No 5, Phikhaji Residency, Opp DCB Bank, Vapi Silvassa Road, Vapi Ph. : Varanasi - D-64 / 132, K A 1st Floor, Anant Complex, Sigra, Varanasi Ph. : / / , (D) : / Vijayawada Opp : Municipal Water Tank, Labbipet, Vijayawada Ph. : , (D) : / , Fax : Visakhapatnam /1 Eswar Paradise, Dwaraka Nagar, Main Road, Visakhapatnam Ph. : , (D) : / / , Fax : Statutory Details: Baroda Pioneer Mutual Fund has been set up as a Trust under the Indian Trust Act, Sponsors: Pioneer Global Asset Management S.p.A and Bank of Baroda. Trustees: Board of Trustees of Baroda Pioneer Mutual Fund. Investment Manager: Baroda Pioneer Asset Management Co. Ltd. Risk Factors: All Investment in Mutual Funds and securities are subject to market risk and there is no assurance or guarantee that the objective of the Schemes will be achieved. Baroda Pioneer Growth Fund, Baroda Pioneer ELSS 96, Baroda Pioneer PSU Equity Fund, Baroda Pioneer PSU Equity Fund, Baroda Pioneer Balanced Fund, Baroda Pioneer MIP Fund, Baroda Pioneer Infrastructure Fund, Baroda Pioneer PSU Bond Fund, Baroda Pioneer Short Term Bond Fund, Baroda Pioneer Income Fund, Baroda Pioneer Liquid Fund, Baroda Pioneer Treasury Advantage Fund are the namesof the schemes and do not in any manner indicate the quality or future of the scheme. The NAV of the schemes can go up or down depending upon the factors and forces affecting the capital market. Past performance of the Schemes, the sponsors or its group affiliates are not indicative of and do not guarantee of future performance of the schemes. The sponsors are not responsible or liable for any loss resulting from the operation of the schemes beyond their initial contribution of Rs. 1 lacs towards setting up of the Mutual Fund and such other accretions and additions to the corpus. Please read the Statement of Additional Information (SAI), Scheme Information Document (SID) and Key Information Memorandum (KIM) carefully before investing. Copies of the SID, SAI and KIM, along with the application form, may be obtained from our BPMF agents or can be downloaded from our website, Investors are advised to refer to the details in the Statement of Additional Information and independently refer to their tax advisor. *Baroda Pioneer Growth Fund is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited ( IISL ). IISL does not make any representation or warranty, express or implied, to the owners of Baroda Pioneer Growth Fund or any member of the public regarding the advisability of investing in securities generally or in Baroda Pioneer Growth Fund particularly or the ability of the CNX 1 Index to track general stock market performance in India. The relationship of IISL to the Issuer is only in respect of the licensing of certain trademarks and trade names of its Index, which is determined, composed and calculated by IISL without regard to the Issuer or Baroda Pioneer Growth Fund. IISL does not have any obligation to take the needs of the Issuer or the owners of Baroda Pioneer Growth Fund into consideration in determining, composing or calculating the CNX 1 Index. IISL is not responsible for or has participated in the determination of the timing of, prices at, or quantities of Baroda Pioneer Growth Fund to be issued or in the determination or calculation of the equation by which Baroda Pioneer Growth Fund is to be converted into cash. IISL has no obligation or liability in connection with the administration, marketing or trading of Baroda Pioneer Growth Fund. IISL do not guarantee the accuracy and/or the completeness of the CNX 1 Index or any data included therein and they shall have no liability for any errors, omissions, or interruptions therein. IISL does not make any warranty, express or implied, as to results to be obtained by the Issuer, owners of Baroda Pioneer Growth Fund, or any other person or entity from the use of the CNX 1 Index or any data included therein. IISL makes no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, IISL expressly disclaim any and all liability for any damages or losses arising out of or related to Baroda Pioneer Growth Fund, including any and all direct, special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.) # Value Research Fund Rating is a measure of a fund s return and risk relative to its peers in the category. The rating is purely quantitative. For equity and hybrid funds, the Fund Ratings for the two time periods (3 & 5 years) are combined. For debt Funds, the Fund ratings are based on 18-month weekly risk-adjusted performance. These ratings do not take into account any entry or exit load. The top 1% funds in each category were classified as ***** funds, the next 22.5% got a ****, while the middle 35% got a ***, while the next 22.5% got ** and the bottom 1% got * rating. Value Research does not guarantee the accuracy. A detailed methodology of the above rating is available at