BARODA PIONEER MUTUAL FUND. CIO Letter. Happy Investing in 2016! Dear Investors, Warm Greetings!

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2 CIO Letter Dear Investors, Warm Greetings! Post a 9% rally in the month of March 2016; BSE Sensex was up 1% during April 2016 month. Continued inflows from FIIs, strong IIP numbers and expectations of good monsoon helped markets sustain rally during the month. Key positive news was on monsoon front. The Indian met department forecasted the seasonal rainfall at 106% of the long-period average for the 2016 southwest monsoon (June-September). This compares with 88% and 86% rainfall received in the 2014 and 2015 season respectively. While IMD will issue a detailed forecast in June (month wise), the weakening of El Nino conditions and a possibility of La Nina suggests that the proverbial rain gods may indeed smile this year. Headline CPI at 4.8% was below estimates on the back of lower than expected vegetable and pulses inflation. This helped lower food inflation to 5.3% in March 2016 from 5.5% in February Even core inflation fell to 4.7% largely driven by lower transport and communication print. Industrial activity, on the other hand, rebounded mostly on the back of basic, capital and consumer durables segments. Index of industrial production reported an increase of 2% led by mining and electricity which increased by 5.0% and 9.6% respectively. Manufacturing performance was relatively weak at 0.7%. The weaker performance of manufacturing can be attributed to capital goods and consumer non-durables. While capital goods declined by 9.8%, consumer nondurables declined by 4.2%. As there has been the case lately, durables goods output remained relatively robust at 9.7%. In FYTD16, IIP growth is now at 2.6% versus 2.8% increase seen in the same period last year. In the April 2016 Bi Monthly Monetary policy, RBI cut the repo rate by 25bps to 6.5% in line with market expectation. RBI announced changes to liquidity framework to facilitate transmission of rates. RBI reduced the minimum daily maintenance of the cash reserve ratio (CRR) from 95 % of the requirement to 90 % with effect from the fortnight beginning April 16, The liquidity position is likely to be brought closer to neutrality from a current deficit of over 1.5% of NDTL. It narrowed the policy corridor from +/- 100 bps to +/- 50 bps by reducing the MSF rate by 75 bps and increasing the reverse repo rate by 25 bps. Neutral liquidity is likely to enable higher transmission to money market rates, and the overnight interbank rate could eventually fall closer to the lower end of the corridor set at 6%. RBI is dovish in this policy as compared to last one as it has maintained its accommodative policy stance with Liquidity easing measures. The new liquidity framework should lead to lower overnight and money market rates. RBI may have to conduct more OMOs (Open Market Operation) to achieve the neutrality in liquidity position from deficit, which should support the long end of the yield curve. The bond market may trade on positive bias in future and key trigger for the rally may be lower CPI print, improving system liquidity, OMOs and Fiscal consolidation measures. Having said that the upside is limited as the uncertainty remains on slippage in fiscal deficit, Monsoon, Crude and Commodity prices. The second half of budget session, which began on 25 April 2016, was mired in controversies of AgustaWestland and President s rule in Uttarakhand. Meanwhile, the Joint Parliament Standing Committee has cleared the Bankruptcy and Insolvency Code and it is likely to be discussed in the ongoing Budget Session. FIIs were net investors with inflows of USD1.26bn$. YTD FIIs have invested 1.79bn$ vs USD7.2bn last year. Stock markets have corrected, which gives a good opportunity for long term investors. With expectations of improving growth and the economy likely to benefit from falling crude prices, India should continue to attract global investors. We continue to be constructive on equities with valuations at below long-term averages. 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 (w.e.f May 02, 2016) Monthly Average Crs AUM () 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 C. Bonus Option $ 1000/month - 6 Installments 1500/quarter - 4 Installments Risk profile 29 APRIL 2016 Standard deviation 16.19% 0.48 Beta 0.96 Portfolio Turnover (last 12 months) 1.54 Growth Dividend Growth Dividend % Plan B (Direct) 2.69% EQUITY & EQUITY RELATED Infosys Ltd. Software 7.60% HDFC Bank Ltd. Banks 6.03% Yes Bank Ltd. Banks 4.19% Reliance Industries Ltd. Petroleum Products 3.64% IndusInd Bank Ltd. Banks 3.49% ITC Ltd. Larsen & Toubro Ltd. Construction Project 3.37% 2.79% Mahindra & Mahindra Ltd. Auto 2.46% Ashok Leyland Ltd. Auto 2.37% Indraprastha Gas Ltd. Gas 2.33% Tata Motors Ltd. Auto 2.27% Zee Entertainment Enterprises Ltd. Media & Entertainment 2.15% Kotak Mahindra Bank Ltd. Banks 2.12% Maruti Suzuki India Ltd. Auto 2.11% Cipla Ltd. Pharmaceuticals 2.09% Lupin Ltd. Pharmaceuticals 2.08% Pidilite Industries Ltd. Chemicals 2.01% Muthoot Finance Ltd. Finance 1.88% Sun Pharmaceuticals Industries Ltd. Hindustan Unilever Ltd. Pharmaceuticals 1.80% 1.77% The Ramco Cements Ltd. Cement 1.75% Hexaware Technologies Ltd. Software 1.70% Axis Bank Ltd. Banks 1.66% Petronet LNG Ltd. Gas 1.66% State Bank of India Banks 1.61% Britannia Industries Ltd. Asian Paints Ltd. FAG Bearings India Ltd. Tata Consultancy Services Ltd. Healthcare Global Enterprises Ltd. Industrial Products 1.59% 1.51% 1.47% Software 1.41% Healthcare Services 1.36% SKS Microfinance Ltd. Finance 1.34% Cummins India Ltd. Industrial Products 1.31% Bajaj Finance Ltd. Finance 1.26% Tech Mahindra Ltd. Software 1.26% Alstom T&D India Ltd. Industrial Capital Goods 1.25% Gujarat State Petronet Ltd. Gas 1.25% The Karur Vysya Bank Ltd. Banks 1.24% Ultratech Cement Ltd. Cement 1.17% Housing Development Finance Corporation Ltd. - Warrants D.B.Corp Ltd. Finance 1.08% Media & Entertainment 1.07% TVS Motor Company Ltd. Auto 1.01% SH Kelkar and Company Ltd. 0.93% Cadila Healthcare Ltd. Pharmaceuticals 0.91% Indian Oil Corporation Ltd. Petroleum Products 0.88% LIC Housing Finance Ltd. Finance 0.86% TeamLease Services Ltd. Commercial Services 0.78% Jindal Steel & Power Ltd. Ferrous Metals 0.77% Marico Ltd. 0.77% The South Indian Bank Ltd. Banks 0.54% Hindustan Petroleum Corporation Ltd. Glenmark Pharmaceuticals Ltd. Healthcare Global Enterprises Ltd. SH Kelkar and Company Ltd. Hindustan Petroleum Corporation Ltd. Petroleum Products 0.46% Pharmaceuticals 0.61% Healthcare Services Petroleum Products 0.56% 0.53% 0.46% Total 94.41% PREFERENCE SHARES Zee Entertainment Enterprises Limited - Preference shares Media & Entertainment 0.07% Total 0.07% CBLO / Reverse Repo Investments 3.96% Total 3.96% Net Receivable/Payable 1.56% Total 1.56% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND. Ferrous Metals Commercial Services Industrial Capital Goods Healthcare Services Chemicals Industrial Products Construction Project Cement Media & Entertainment Petroleum Products Pharmaceuticals $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 *For Disclaimer please refer page no free rate (FBIL Overnight MIBOR) 6.57 & Mr. Chawla is managing the Scheme along with Mr. Acharya effective November 1, Software Top Sectors Gas Finance Auto Banks 0.77% 0.78% 1.25% 1.36% 2.01% 2.78% 2.79% 2.92% 3.29% 4.98% 5.24% 5.52% 6.42% 6.88% 9.94% 10.22% 11.97% 20.88%

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 (w.e.f May 02, 2016) Monthly Average Crs AUM () Month end AUM () Crs Minimum Investment 5000/- & 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 $ 1000/month - 6 Installments 1500/quarter - 4 Installments Risk profile 29 APRIL 2016 Standard deviation 18.26% 0.48 Beta 0.97 Portfolio Turnover (last 12 months) 1.86 Dividend Bonus Growth Dividend Bonus Growth % Plan B (Direct) 2.54% EQUITY & EQUITY RELATED Infosys Ltd. Software 8.08% HDFC Bank Ltd. Banks 5.21% Yes Bank Ltd. Banks 3.94% IndusInd Bank Ltd. Banks 3.29% Ashok Leyland Ltd. Auto 2.90% Tata Motors Ltd. Auto 2.56% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 2.54% SKS Microfinance Ltd. Finance 2.52% Lupin Ltd. Pharmaceuticals 2.52% FAG Bearings India Ltd. Industrial Products 2.49% Gujarat State Petronet Ltd. Gas 2.45% Indraprastha Gas Ltd. Gas 2.40% Larsen & Toubro Ltd. Construction Project 2.36% The Ramco Cements Ltd. Cement 2.35% The South Indian Bank Ltd. Banks 2.29% Cipla Ltd. Pharmaceuticals 2.24% Gujarat Gas Ltd. Gas 2.24% Petronet LNG Ltd. Gas 2.20% TVS Motor Company Ltd. Auto 2.17% Zee Entertainment Enterprises Ltd. Media & Entertainment 2.17% Bajaj Finance Ltd. Finance 2.14% Reliance Industries Ltd. Petroleum Products 2.05% PTC India Ltd. Power 2.03% Hexaware Technologies Ltd. Software 2.02% Maruti Suzuki India Ltd. Auto 1.98% SH Kelkar and Company Ltd. 1.91% Pidilite Industries Ltd. Chemicals 1.89% Colgate Palmolive (India) Ltd. Mahindra & Mahindra Ltd. Housing Development Finance Corporation Ltd. - Warrants 1.76% Auto 1.67% Finance 1.63% State Bank of India Banks 1.58% Persistent Systems Ltd. Software 1.55% Axis Bank Ltd. Banks 1.48% Tata Consultancy Services Ltd. Software 1.32% Cummins India Ltd. Industrial Products 1.29% Healthcare Global Enterprises Ltd. NCC Ltd. Britannia Industries Ltd. Kansai Nerolac Paints Ltd. Kotak Mahindra Bank Ltd. Healthcare Services 1.23% Construction Project 1.22% 1.20% 1.19% Banks 1.12% Cyient Ltd. Software 1.10% Tech Mahindra Ltd. Software 1.02% The Karur Vysya Bank Ltd. Banks 1.01% The Great Eastern Shipping Company Ltd. Transportation 0.69% Ultratech Cement Ltd. Cement 0.66% Max India Ltd. ** Finance 0.18% TeamLease Services Ltd. Max Ventures and Industries Ltd. ** Commercial Services 0.15% Industrial Products 0.01% Total 96.00% PREFERENCE SHARES Zee Entertainment Enterprises Limited - Preference shares Media & Entertainment 0.02% Total 0.02% CBLO / Reverse Repo Investments 2.44% Total 2.44% Net Receivable/Payable 1.54% Total 1.54% 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. Commercial Services Transportation Healthcare Services Chemicals Petroleum Products Media & Entertainment Construction Project Industrial Products Pharmaceuticals Software Top Sectors Power Cement Finance Gas Auto Banks 0.15% 0.69% 1.23% 1.89% 2.03% 2.05% 2.19% 3.01% 3.58% 3.79% 3.98% 6.06% 6.47% 7.30% 9.29% 11.28% 15.09% 19.92% $ The Bonus Option in the Schemes has been discontinued effective June 08, free rate (FBIL Overnight MIBOR) 6.57 & 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 $ 1000/month - 6 Installments 1500/quarter - 4 Installments Risk profile 29 APRIL 2016 Standard deviation 21.25% Beta 0.94 Portfolio Turnover (last 12 months) 1.49 Growth Dividend Growth Dividend % Plan B (Direct) 2.33% EQUITY & EQUITY RELATED Indian Oil Corporation Ltd. Engineers India Ltd. Petroleum Products Construction Project % to Net 10.72% 10.17% Gujarat State Petronet Ltd. Gas 9.17% State Bank of India Banks 7.19% Power Grid Corporation of India Ltd. Power 6.82% GAIL (India) Ltd. Gas 6.17% Gujarat Gas Ltd. Gas 6.12% Coal India Ltd. Minerals/ Mining 5.48% Indraprastha Gas Ltd. Gas 5.46% Union Bank Of India Banks 4.85% Steel Authority of India Ltd. Ferrous Metals 4.51% Oil & Natural Gas Corporation Ltd. Container Corporation of India Ltd. Oil 4.13% Transportation 3.09% Neyveli Lignite Corporation Ltd. Power 2.93% Gujarat State Fertilizers & Chemicals Ltd. Fertilisers 1.70% SJVN Ltd. Power 1.62% Hindustan Petroleum Corporation Ltd. The Jammu & Kashmir Bank Ltd. Shipping Corporation of India Ltd. Mangalore Refinery and Petrochemicals Ltd. Petroleum Products 1.59% Banks 1.57% Transportation 1.33% Petroleum Products 1.29% Total 95.91% BONDS & NCDs NTPC Limited CRISIL AAA 0.49% Total 0.49% CBLO / Reverse Repo Investments 4.02% Total 4.02% Net Receivable/Payable -0.42% Total -0.42% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND. CRISIL AAA Fertilisers Oil Transportation Ferrous Metals Minerals/Mining Construction Project Power Petroleum Products $ The Bonus Option in the Schemes has been discontinued effective June 08, free rate (FBIL Overnight MIBOR) Banks Gas Top Sectors 0.49% 1.70% 3.60% 4.13% 4.42% 4.51% 5.48% 10.17% 11.37% 13.60% 13.61% 26.92%

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 $ 1000/month - 6 Installments 1500/quarter - 4 Installments Risk profile 29 APRIL 2016 Standard deviation 20.37% 0.27 Beta 0.81 Portfolio Turnover (last 12 months) 2.33 Growth Dividend Growth Dividend % Plan B (Direct) 2.56% EQUITY & EQUITY RELATED Larsen & Toubro Ltd. Construction Project 6.95% Indraprastha Gas Ltd. Gas 6.69% Engineers India Ltd. Construction Project 5.44% FAG Bearings India Ltd. Industrial Products 4.63% NCC Ltd. Construction Project 4.10% Solar Industries India Ltd. Chemicals 3.96% The Ramco Cements Ltd. Cement 3.94% Petronet LNG Ltd. Gas 3.84% PTC India Ltd. Power 3.78% Ashok Leyland Ltd. Auto 3.74% Ultratech Cement Ltd. Cement 3.69% SKS Microfinance Ltd. Finance 3.52% Idea Cellular Ltd. Telecom - Services 3.46% Gujarat Gas Ltd. Gas 3.13% Kalpataru Power Transmission Ltd. Power 3.05% PNC Infratech Ltd. Construction 3.05% Gujarat State Petronet Ltd. Gas 2.81% Cummins India Ltd. Industrial Products 2.58% Ingersoll Rand (India) Ltd. Industrial Products 2.54% Bajaj Finance Ltd. Finance 1.99% Alstom T&D India Ltd. KEC International Ltd. Industrial Capital Goods Construction Project 1.89% 1.69% Jindal Steel & Power Ltd. Ferrous Metals 1.63% GAIL (India) Ltd. Gas 1.58% Sadbhav Engineering Ltd. Hindustan Zinc Ltd. The Great Eastern Shipping Company Ltd. Indian Oil Corporation Ltd. Texmaco Rail & Engineering Ltd. Construction Project Non - Ferrous Metals 1.54% 1.51% Transportation 1.44% Petroleum Products Industrial Capital Goods 1.26% 1.22% Tata Communications Ltd. Telecom - Services 1.21% Housing Development Finance Corporation Ltd. - Warrants Finance 1.13% JSW Energy Ltd. Power 0.99% Max India Ltd. ** Finance 0.96% Reliance Capital Ltd. Finance 0.94% Can Fin Homes Ltd. Finance 0.34% Max Ventures and Industries Ltd. ** Industrial Products 0.04% Total 96.26% BONDS & NCDs NTPC Limited CRISIL AAA 0.34% Total 0.34% CBLO / Reverse Repo Investments 1.96% Total 1.96% Net Receivable/Payable 1.44% Total 1.44% 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 Petroleum Products Transportation Non - Ferrous Metals Ferrous Metals Construction Industrial Capital Goods Top Sectors Auto Chemicals Telecom - Services Cement Power Finance Industrial Products Gas Construction Project 0.34% 1.26% 1.44% 1.51% 1.63% 3.05% 3.11% 3.40% 3.74% 3.96% 4.67% 7.63% 7.82% 8.88% 9.79% 18.05% 19.72% $ 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 26.71% Kotak Mahindra Bank Ltd. Banks 10.57% Yes Bank Ltd. Banks 10.30% Axis Bank Ltd. Banks 7.84% State Bank of India Banks 6.40% IndusInd Bank Ltd. Banks 5.73% ICICI Bank Ltd. Banks 5.17% The South Indian Bank Ltd. Banks 1.99% Reliance Capital Ltd. Finance 1.99% Bajaj Finance Ltd. Finance 1.86% ICRA Ltd. Finance 1.66% The Karur Vysya Bank Ltd. Banks 1.58% SKS Microfinance Ltd. Finance 1.32% Can Fin Homes Ltd. Finance 1.31% Karnataka Bank Ltd. Banks 1.22% The Jammu & Kashmir Bank Ltd. Banks 1.20% Muthoot Finance Ltd. Finance 1.11% LIC Housing Finance Ltd. Finance 1.01% Sundaram Finance Ltd. Finance 0.98% Housing Development Finance Corporation Ltd. - Warrants Finance 0.85% Total 90.80% CBLO / Reverse Repo Investments 8.81% Total 8.81% Net Receivable/Payable 0.39% Total 0.39% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND. Finance Banks 9.20% 12.09% 78.71% 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 $ 1000/month - 6 Installments 1500/quarter - 4 Installments Risk profile 29 APRIL 2016 Standard deviation 24.27% 0.05 Beta 0.94 Portfolio Turnover (last 12 months) 0.98 Growth Dividend Bonus Growth Dividend Bonus NA 3.05% Plan B (Direct) 2.91% $ 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 $ 1000/month - 6 months 1500/quarter - 4 quarters Risk profile 29 APRIL 2016 Standard deviation 12.55% 0.44 Beta 1.06 Portfolio Turnover (last 12 months) 2.84 Growth Dividend Bonus Growth Dividend % Plan B (Direct) 1.98% $ The Bonus Option in the Schemes has been discontinued effective June 08, free rate (FBIL Overnight MIBOR) 6.57 & Mr. Chawla is managing the Scheme along with Mr. Acharya effective November 1, EQUITY & EQUITY RELATED % to Net Infosys Ltd. Software 6.45% Yes Bank Ltd. Banks 4.76% IndusInd Bank Ltd. Banks 3.74% ITC Ltd. 2.70% Pidilite Industries Ltd. Chemicals 2.51% Cipla Ltd. Pharmaceuticals 2.39% Kotak Mahindra Bank Ltd. Banks 2.34% Zee Entertainment Enterprises Ltd. Media & Entertainment 2.22% HDFC Bank Ltd. Banks 2.02% Indian Oil Corporation Ltd. Petroleum Products 1.93% Lupin Ltd. Pharmaceuticals 1.91% Axis Bank Ltd. Banks 1.82% Hindustan Unilever Ltd. Hindustan Petroleum Corporation Ltd. 1.80% Petroleum Products 1.73% Mahindra & Mahindra Ltd. Auto 1.58% Petronet LNG Ltd. Gas 1.56% Tata Consultancy Services Ltd. Software 1.51% Larsen & Toubro Ltd. Construction Project 1.49% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.44% Maruti Suzuki India Ltd. Auto 1.35% Ashok Leyland Ltd. Auto 1.27% Divi's Laboratories Ltd. Pharmaceuticals 1.25% The Ramco Cements Ltd. Cement 1.20% Reliance Industries Ltd. Petroleum Products 1.17% Bajaj Corp Ltd. 1.15% Indraprastha Gas Ltd. Gas 1.07% Cummins India Ltd. Industrial Products 1.05% FAG Bearings India Ltd. Industrial Products 0.94% Aditya Birla Fashion and Retail Ltd. Retailing 0.91% IPCA Laboratories Ltd. Pharmaceuticals 0.89% Engineers India Ltd. Construction Project 0.85% Britannia Industries Ltd. 0.85% Jindal Steel & Power Ltd. Ferrous Metals 0.83% TeamLease Services Ltd. Commercial Services 0.82% State Bank of India Banks 0.79% Godrej Consumer Products Ltd. 0.78% Tech Mahindra Ltd. Software 0.72% Hexaware Technologies Ltd. Software 0.72% NCC Ltd. Construction Project 0.70% WABCO India Ltd. Auto Ancillaries 0.69% Max India Ltd. ** Finance 0.65% PNC Infratech Ltd. Construction 0.62% Berger Paints India Ltd. 0.61% Healthcare Global Enterprises Ltd. Healthcare Services 0.56% City Union Bank Ltd. Banks 0.50% TVS Motor Company Ltd. Auto 0.47% Dr. Lal Path labs Ltd. Healthcare Services 0.39% Tata Motors Ltd. Auto 0.36% Max Financial Services Ltd. Finance 0.33% Muthoot Finance Ltd. Finance 0.30% JK Lakshmi Cement Ltd. Cement 0.21% Max Ventures and Industries Ltd. ** Industrial Products 0.03% Total 70.93% % to Net CENTRAL GOVERNMENT SECURITIES 8.24% CGL 2027 Sovereign 0.80% 7.88% CGL 2030 Sovereign 0.72% 7.59% CGL 2029 Sovereign 0.59% 8.83% CGL 2023 Sovereign 0.32% 8.60% CGL 2028 Sovereign 0.06% 8.28% CGL 2027 Sovereign 0.06% Total 2.55% BONDS & NCDs Piramal Enterprises Ltd. [ICRA]AA 11.26% Capital First Ltd. CARE AA+ 5.95% Total 17.21% CBLO / Reverse Repo Investments 5.88% Total 5.88% Net Receivable/Payable 3.43% Total 3.43% 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. Construction Auto Ancillaries Commercial Services Ferrous Metals Retailing Healthcare Services Finance Cement Industrial Products Media & Entertainment Chemicals Sovereign Gas Construction Project Petroleum Products Auto CARE AA+ Pharmaceuticals Software [ICRA]AA Banks Top Sectors 0.62% 0.69% 0.82% 0.83% 0.91% 0.95% 1.28% 1.41% 2.02% 2.22% 2.51% 2.55% 2.63% 3.04% 4.83% 5.03% 5.95% 7.88% 7.89% 9.31% 9.40% 11.26% 15.97%

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 $ 1000/month - 6 Installments 1500/quarter - 4 Installments Growth Dividend - Monthly Dividend - Quarterly Growth Dividend - Quarterly Dividend - Monthly Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 2.92 Portfolio Yield (%) % Plan B (Direct) 1.44% EQUITY & EQUITY RELATED HDFC Bank Ltd. Banks 0.69% Infosys Ltd. Software 0.64% Zee Entertainment Enterprises Ltd. Media & Entertainment 0.59% Indraprastha Gas Ltd. Gas 0.47% Yes Bank Ltd. Banks 0.39% SKS Microfinance Ltd. Finance 0.37% Sanofi India Ltd. Pharmaceuticals 0.36% Can Fin Homes Ltd. Finance 0.25% Ashok Leyland Ltd. Auto 0.22% Max India Ltd. ** Finance 0.09% Total 4.07% MONEY MARKET INSTRUMENT Certificate of Deposit** SD Corporation Pvt. Ltd. [ICRA]A % Total 7.68% CENTRAL GOVERNMENT SECURITIES 8.60% CGL 2028 Sovereign 13.02% 7.72% CGL 2025 Sovereign 6.17% 7.88% CGL 2030 Sovereign 4.13% 7.59% CGL 2029 Sovereign 2.45% 8.24% CGL 2027 Sovereign 2.11% Total 27.88% BONDS & NCDs IIFL Facilities Services Ltd. [ICRA]AA 8.84% Capital First Ltd. CARE AA+ 8.19% Muthoot Fincorp Ltd. CRISIL A 6.57% Power Finance Corporation Ltd. CRISIL AAA 5.41% Rural Electrification Corporation Ltd. India Infoline Housing Finance Ltd. Power Grid Corporation of India Ltd. CRISIL AAA 3.74% [ICRA]AA 2.79% CRISIL AAA 2.60% IDBI Bank Ltd. CRISIL A 2.00% India Infoline Housing Finance Ltd. [ICRA]AA 0.96% Total 41.10% CBLO / Reverse Repo Investments 8.98% Total 8.98% Net Receivable/Payable 10.29% Total 10.29% **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. Media & Entertainment 8.98% 10.29% Pharmaceuticals [ICRA]A1+ CARE AA+ CRISIL AAA 27.88% Rating Profile Auto Gas Software Finance Banks CRISIL A [ICRA]AA Sovereign 0.22% 0.36% 0.47% 0.59% 0.64% 0.71% 1.08% 7.68% 8.19% 8.57% instruments 41.10% 11.75% 12.59% 19.27% 27.88% 7.68% 4.07% BONDS & NCDs CENTRAL GOVERNMENT SECURITIES Cash & Cash Equivalents CBLO / Reverse Repo Investments Commercial Paper EQUITY & EQUITY RELATED $ 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. **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. 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 Commercial Paper** Peninsula Land Ltd. [ICRA]A1 8.11% SD Corporation Pvt. Ltd. [ICRA]A % Total 11.31% CENTRAL GOVERNMENT SECURITIES 7.59% CGL 2029 Sovereign 4.24% 8.40% CGL 2024 Sovereign 2.66% 7.72% CGL 2025 Sovereign 2.57% Total 9.47% BONDS & NCDs Muthoot Fincorp Ltd. CRISIL A 9.32% IIFL Facilities Services Ltd. [ICRA]AA 9.20% India Infoline Housing CRISIL AA- 8.74% Finance Ltd. Edelweiss Commodities [ICRA]AA 8.54% Services Ltd. Aspire Home Finance CRISIL A+ 6.89% Corporation Ltd. Piramal Enterprises Ltd. [ICRA]AA 5.10% JSW Steel Ltd. CARE AA- 4.24% Vedanta Ltd. CRISIL AA- 4.15% JSW Steel Ltd. CARE AA- 3.09% Piramal Enterprises Ltd. [ICRA]AA 2.13% Aspire Home Finance CRISIL A+ 1.70% Corporation Ltd. IDBI Bank Ltd. CRISIL A 0.92% Vedanta Ltd. CRISIL AA- 0.66% Indiabulls Housing Finance Ltd. CARE AAA 0.34% Capital First Ltd. CARE AA+ 0.26% Total 65.28% CBLO /Reverse Repo investments 10.35% Total 10.35% Net Receivable/Payable 3.59% Total 3.59% 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 % 11.31% CARE AA+ CARE AAA [ICRA]A1+ CARE AA- [ICRA]A1 CRISIL A+ Sovereign CRISIL A CRISIL AA- [ICRA]AA Rating Profile 0.26% 0.34% 3.20% 7.33% 8.11% 8.59% 9.47% 10.24% instruments 65.28% 13.55% 13.94% 24.97% 9.47% 3.59% BONDS & NCDs Commercial Paper CBLO / Reverse Repo Investments CENTRAL GOVERNMENT SECURITIES Cash & Cash Equivalents Bonus NA Growth Dividend - Quarterly Dividend - Monthly Bonus Growth Dividend - Quarterly Dividend - Monthly /month - 6 Installments 1500/quarter - 4 Installments Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 1.95 Portfolio Yield (%) % Plan B (Direct) 0.75% $ The Bonus Option in the Schemes has been discontinued effective June 08, 2015 **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. 12

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 7.88% CGL 2030 Sovereign 19.16% 7.59% CGL 2029 Sovereign 15.04% 7.59% CGL 2026 Sovereign 12.97% 7.72% CGL 2025 Sovereign 9.48% 8.33% CGL 2026 Sovereign 6.23% 8.24% CGL 2027 Sovereign 5.66% 9.39% SDL 2023 Sovereign 4.60% 8.28% CGL 2027 Sovereign 4.26% 8.83% CGL 2023 Sovereign 2.18% 8.60% CGL 2028 Sovereign 1.27% Total 80.85% CBLO / Reverse Repo Investments 0.85% Total 0.85% Net Receivable/Payable 18.30% Total 18.30% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND % Sovereign 0.85% 80.85% rating profile 19.15% instruments CENTRAL GOVERNMENT SECURITIES Cash & Cash Equivalents 80.85% CBLO / Reverse Repo Investments 1000/month - 6 Installments 1500/quarter - 4 Installments Growth Dividend Growth Dividend Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 5.93 Portfolio Yield (%) % Plan B (Direct) 1.54% $ 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 $ 1000/month - 6 Installments 1500/quarter - 4 Installments Growth Dividend Growth Dividend Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 6.26 Portfolio Yield (%) % Plan B (Direct) 2.16% CENTRAL GOVERNMENT SECURITIES 7.59% CGL 2029 Sovereign 17.73% 7.88% CGL 2030 Sovereign 9.99% 7.59% CGL 2026 Sovereign 9.97% 8.40% CGL 2024 Sovereign 8.22% 8.83% CGL 2023 Sovereign 7.55% 8.33% CGL 2026 Sovereign 6.16% 8.60% CGL 2028 Sovereign 3.78% 9.35% SDL 2024 Sovereign 3.21% 8.58% SDL 2023 Sovereign 2.89% 9.39% SDL 2023 Sovereign 1.84% 8.60% SDL 2023 Sovereign 0.54% Total 71.88% BONDS & NCDs IDBI Bank Ltd. CRISIL A 9.29% Vijaya Bank [ICRA]AA- 7.77% Power Grid Corporation of India Ltd. Rural Electrification Corporation Ltd. CRISIL AAA 4.02% CRISIL AAA 4.01% Total 25.09% CBLO / Reverse Repo Investments 1.13% Total 1.13% Net Receivable/Payable 1.90% Total 1.90% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND % [ICRA]AA- CRISIL AAA CRISIL A Sovereign rating profile 3.03% 1.90% 1.13% 71.88% 7.77% 8.03% 9.29% instruments CENTRAL GOVERNMENT SECURITIES BONDS & NCDs Cash & Cash Equivalents 71.88% CBLO / Reverse Repo Investments $ 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 9.72% SDL 2023 Sovereign 19.88% 8.17% CGL 2044 Sovereign 18.86% 7.59% CGL 2029 Sovereign 18.54% 8.28% CGL 2027 Sovereign 9.44% 8.83% CGL 2023 Sovereign 5.81% 8.60% CGL 2028 Sovereign 1.16% Total 73.69% BONDS & NCDs Vijaya Bank [ICRA]AA % JSW Steel Ltd. CARE AA- 7.71% IDBI Bank Ltd. CRISIL A 3.57% L&T Finance Ltd. [ICRA]AA+ 0.91% Total 22.94% CBLO / Reverse Repo Investments 1.46% Total 1.46% Net Receivable/Payable 1.91% Total 1.91% All corporate ratings are assigned by rating agencies like CRISIL; CARE; ICRA; IND % [ICRA]AA+ CRISIL A CARE AA- [ICRA]AA- Sovereign rating profile 0.91% 3.37% 3.57% 1.91% 1.46% 7.71% 10.75% instruments 73.69% CENTRAL GOVERNMENT SECURITIES BONDS & NCDs Cash & Cash Equivalents 73.69% CBLO / Reverse Repo Investments Options Growth Dividend 1. Payout 2. Reinvestment Bonus Option $ 1000/month - 6 Installments 1500/quarter - 4 Installments Growth Dividend Growth Dividend Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 6.62 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 $ 1000/month - 6 Installments 1500/quarter - 4 Installments Growth Dividend Growth Dividend Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 0.71 Portfolio Yield (%) % Plan B (Direct) 0.56% MONEY MARKET INSTRUMENT Certificate of Deposit** Edelweiss Agri Value Chain Ltd. Edelweiss Commodities Services Ltd. CRISIL A % CRISIL A % SD Corporation Pvt. Ltd. [ICRA]A % Total 16.42% BONDS & NCDs Indiabulls Housing Finance Ltd. CARE AAA 7.19% Piramal Enterprises Ltd. [ICRA]AA 7.18% JSW Steel Ltd. CARE AA- 6.26% Vedanta Ltd. CRISIL AA- 5.83% Capital First Ltd. CARE AA+ 5.39% IIFL Facilities Services Ltd. [ICRA]AA 5.15% Power Grid Corporation of India Ltd. Power Finance Corporation Ltd. India Infoline Housing Finance Ltd. Aspire Home Finance Corporation Ltd. CRISIL AAA 4.87% CRISIL AAA 4.50% CRISIL AA- 3.13% CRISIL A+ 1.80% India Infoline Finance Ltd. [ICRA]AA 1.69% Rural Electrification Corporation Ltd. Rural Electrification Corporation Ltd. Power Grid Corporation of India Ltd. CRISIL AAA 1.21% CRISIL AAA 0.73% CRISIL AAA 0.61% Vedanta Ltd. CRISIL AA- 0.23% Indiabulls Housing Finance Ltd. CARE AAA 0.12% Total 55.89% Unlisted Muthoot Fincorp Ltd. CRISIL A 2.64% Total 2.64% CBLO / Reverse Repo Investments 22.34% Total 22.34% Net Receivable/Payable 2.71% Total 2.71% 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 % 22.34% CRISIL A+ CRISIL A [ICRA]A1+ CARE AA+ CARE AA- CARE AAA CRISIL AA- CRISIL AAA CRISIL A1+ [ICRA]AA 2.71% 2.64% rating profile 1.80% 2.64% 3.37% 5.39% 6.26% 7.31% 9.19% 11.92% instruments 55.89% 13.05% 14.02% 25.05% BONDS & NCDs CBLO / Reverse Repo Investments Commercial Paper Cash & Cash Equivalents Unlisted * With effect from 3rd august 2015 exit load has been changed $ 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 $ 1000/month - 6 Installments 1500/quarter - 4 Installments Portfolio characteristic Average Maturity (Days) Modified Duration (Years) 0.65 Portfolio Yield (%) % Plan B (Direct) 0.35% $ 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 **Thinly traded/non traded securities and illiquid securities as defined in SEBI Regulations and Guidelines. 17 MONEY MARKET INSTRUMENT Certificate of Deposit** Corporation Bank CRISIL A % Bank Of Maharashtra CRISIL A % IDBI Bank Ltd. CRISIL A % State Bank of Hyderabad [ICRA]A % Canara Bank CRISIL A % Total 16.96% Commercial Paper** Edelweiss Commodities Services Ltd. CRISIL A % Peninsula Land Ltd. [ICRA]A1 3.80% SD Corporation Pvt. Ltd. [ICRA]A % SD Corporation Pvt. Ltd. [ICRA]A % Total 13.81% Fixed Deposit RBL Bank Ltd. Unrated 0.93% Bandhan Bank Ltd. Unrated 0.46% Total 1.39% BONDS & NCDs Capital First Ltd. CARE AA+ 4.86% Capital First Ltd. CARE AA+ 3.76% India Infoline Housing Finance Ltd. [ICRA]AA 3.75% India Infoline Housing Finance Ltd. [ICRA]AA 3.57% Piramal Enterprises Ltd. [ICRA]AA 3.33% IIFL Facilities Services Ltd. [ICRA]AA 3.29% Aspire Home Finance Corporation Ltd. CRISIL A+ 3.09% Piramal Enterprises Ltd. [ICRA]AA 2.66% JSW Steel Ltd. CARE AA- 2.33% Power Finance Corporation Ltd. CRISIL AAA 1.73% Power Finance Corporation Ltd. CRISIL AAA 1.67% Indiabulls Housing Finance Ltd. CARE AAA 1.66% Piramal Enterprises Ltd. [ICRA]AA 1.66% India Infoline Housing Finance Ltd. [ICRA]AA 1.44% IIFL Facilities Services Ltd. [ICRA]AA 1.29% Indiabulls Housing Finance Ltd. CARE AAA 1.24% Muthoot Fincorp Ltd. CRISIL A 1.17% Aspire Home Finance Corporation Ltd. CRISIL A+ 1.14% Piramal Enterprises Ltd. [ICRA]AA 1.02% India Infoline Housing Finance Ltd. CRISIL AA- 0.83% Power Finance Corporation Ltd. CRISIL AAA 0.67% Rural Electrification Corporation Ltd. CRISIL AAA 0.51% Nabha Power Ltd. [ICRA]AAA 0.48% Piramal Enterprises Ltd. [ICRA]AA 0.42% Steel Authority of India Ltd. IND AA 0.33% Nabha Power Ltd. [ICRA]AAA 0.33% Power Grid Corporation of India Ltd. CRISIL AAA 0.30% Cholamandalam Investment and Finance Company Ltd. [ICRA]AA 0.22% Power Grid Corporation of India Ltd. CRISIL AAA 0.19% NHPC Ltd. [ICRA]AAA 0.17% India Infoline Housing Finance Ltd. [ICRA]AA 0.08% Total 49.19% Unlisted Muthoot Fincorp Ltd. CRISIL A 2.85% Powergrid Vizag Transmission Ltd. CRISIL AAA 0.67% Total 3.52% CBLO / Reverse Repo Investments 13.00% Total 13.00% Net Receivable/Payable 2.13% Total 2.13% 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 13.00% IND AA CRISIL AA- [ICRA]AAA Unrated CARE AA- CARE AAA [ICRA]A1 CRISIL A CRISIL A+ [ICRA]A1+ CARE AA+ CRISIL A1+ [ICRA]AA 16.96% Rating Profile 0.33% 0.83% 0.98% 1.39% 2.33% 2.90% 3.80% 4.02% 4.23% 5.74% 7.24% 8.62% instruments 49.19% 15.13% 19.73% 22.73% 3.52% 2.13% 1.39% BONDS & NCDs Certificate of Deposit Commercial Paper CBLO / Reverse Repo Investments Unlisted Cash & Cash Equivalents Fixed Deposit 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