canara robeco equity diversified abridged annual report

Canara Robeco Equity DiversifiedAbridged Annual Report 2017 - 2018

Canara Robeco Asset Management Company Ltd. Corporate Office: Construction House, 4th Floor, 5, Walchand Hirachand Marg, Ballard Estate, Mumbai - 400 001.

Tel. (022) 22621371, 66585000 - 10. E-mail: [email protected]

BRAnCh OffiCEs: l AhMEDABAD: Unit No.104, Onyx Building, Near Raj Hans Society, IDBI Cross Roads, Off. C.G. Road, Ahmedabad - 380 009. Phone: +91 079-40278936, Fax: +91 079-40264254, E-mail: [email protected] l BAnGALORE: 1st Floor, “Sana Plaza”, 21/14 A, M.G.Road, Near Trinity Metro Station, Bangalore - 560 001. Phone: +91 80 25590286/87/88 Fax: +91 80 25590289, E-mail: [email protected] l BhUBAnEsWAR: PNR Tower, 4th Floor, Plot No 11/B, Janpath Road, Satya Nagar, Bhubaneswar - 751 007. Phone: +91 674 2570166, E-mail: [email protected] l ChAnDiGARh: 1st Floor, SCO No. 2471-72, Sector-22C, Above Federal Bank, Chandigargh - 160 022. Phone: +91 172 2712472, E-mail: [email protected] l ChEnnAi: 770-A, 1st Floor, Spencer Annexe, Anna Salai, Chennai - 600 002. Phone: +91 44 28492598, E-mail: [email protected] l DELhi: 804 & 805, 8th Floor, Ashoka Estate, 24, Barakhamba Road, New Delhi - 110 001. Phone: +91 11 23314175/23326417, E-mail: [email protected] l GOA: Shop No. F-3, Edcon Tower, Panajim, Goa - 403 001. Phone: +91 832 2422415/6450631, E-mail: [email protected] l GUWAhATi: 4th Floor, Ganpati Enclave, G. S. Road, Opp. Bora Service Station, Ulubari, Guwahati - 781 007. Phone: +91 361 2461945, E-mail: [email protected] l hYDERABAD: V. V. Vintage Boulevard, 1st Floor, Municipal H. No.6-3-1093, Somajiguda, Raj Bhavan Road, Hyderabad - 500 082. Phone: +91 40 40123302/23401481, Fax: +91 40 23401480, E-mail: [email protected] l inDORE: 304, 3rd Floor, Lakshya Badgara Crest, Janjeerwala Square, Indore - 452 001. Phone: +91 731 6451222, E-mail: [email protected] l JAiPUR: Office No. 354, 3rd Floor, Ganpati Plaza, M.I.Road, Jaipur - 302 001. Phone: +91 141 4010281, E-mail: [email protected] l KOChi: Door No. XL/6030, 1st Floor, Al-Falah Plaza (Opp. Oriental Bank of Commerce), Broadway North End, Kochi - 682 031. Phone: +91 484 2364846, E-mail: [email protected] l KOLKATA: Horizon, Block B, 5th Floor, 57, Chowringhee Road, Kolkata - 700 071. Phone: +91 33 46022320/21/22/23/24/25/26/27, E-mail: [email protected] l LUCKnOW: Office No. F-101, First Floor, Sky Hi Chamber, 5, Park Road, Lucknow - 226 001. Phone: +91 522 4026560, E-mail: [email protected] l MAnGALORE: Office # 208, 2nd Floor, Adheesh Avenue, Near Besant College, M G Road, Mangalore - 575 001. Phone: +91 824 2988804, Fax: +91 824 2988805, E-mail: [email protected] l MUMBAi: Construction House, 4th Floor, 5, Walchand Hirachand Marg, Mumbai - 400 001. Phone: +91 22 66585000, E-mail: [email protected] l nAGPUR: Office No.303, 3rd Floor, Shalwak Manor, VIP Road, New Ramdaspeth, Nagpur - 440 010. Phone: +91 712 6604562, E-mail: [email protected] l PATnA: 1st Floor, Harshwardhan Arcade, Frazer Road, Dak Banglow Crossing, Patna - 800 001. Phone: +91 612-2220114, E-mail: [email protected] l PUnE: 101, 1st Floor, Business Guild, Law College Road, Erandwane, Pune - 411 004. Phone: +91 20 48608592/48608599, E-mail: [email protected] l sURAT: M - 8/9, Jolly Plaza, Athwagate, Surat - 395 001. Phone: +91 261 4800417, E-mail: [email protected]

“Licensed to post under prepayment of postage in cash system under PMG, navi Mumbai Region License no. “nMR/Tech/Canara Robeco/AR/Prepaid/14.07.2017 to 31.07.2017.

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If undelivered, please return to:

KARvY COMPUTERshARE PvT. LTD.Unit: Canara Robeco Mutual fund, Karvy Selenium, Tower B, Plot No. 31 & 32, Gachibowli Financial District, Nanakramguda, Serilingampally, Hyderabad - 500 032. Tel. No: (040) 33215262/5269 • E-mail ID: [email protected]

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Canara Robeco Equity Diversified

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TRUsTEE REPORT

As on 31st March, 2018, Canara Robeco Mutual Fund has 27 schemes of which 6 are equity oriented schemes, 9 are hybrid schemes, 2 are Liquid and Money Market schemes, 6 are debt oriented schemes, 2 are Gilt oriented schemes, 1 is an Exchange Traded Fund & 1 is a domestic Fund of Fund.

The average assets under management (AAUM) for the financial year ended 31st March 2018 was Rs. 12536.10 crore as against Rs. 9961.71 crore for the financial year ended 31st March 2017.

The total number of investors as on 31st March 2018 was 8,30,608 as against 6,43,349 as on March 31, 2017.

During the year, Canara Robeco Mutual Fund launched 2 new Schemes viz. Canara Robeco Capital Protection Oriented Fund - Series 8 during May 2017 and Canara Robeco Capital Protection Oriented Fund - Series 9 during February 2018.

Canara Robeco Capital Protection Oriented Fund - Series 8 and Canara Robeco Capital Protection Oriented Fund - Series 9 are 1140 days and 1134 days respectively close-ended Capital Protection Oriented schemes that invests in a blend of highest quality fixed income securities and equity. The said schemes invest passively in highest rated fixed income instruments having duration in line with maturity of the respective schemes with the objective that the final maturity value of fixed income investments is aimed to be equal or greater than the principal of the schemes.

During the year, the following Schemes matured:

1. Canara Robeco Capital Protection Oriented Fund - Series 3, a close-ended Capital Protection Oriented Scheme matured and was redeemed on 23rd October 2017.

2. Canara Robeco India Opportunities, a close-ended Equity Scheme matured and was redeemed on 5th December 2017.

3. Canara Robeco India Opportunities - Series 2, a close-ended Equity Scheme matured and was redeemed on 23rd March 2018.

i. fUnD PERfORMAnCE, fUTURE OUTLOOK AND OPERATiOns Of ThE fUnDs


Canara Robeco Equity Diversified seeks to generate capital appreciation by investing in diversified equity and equity related securities listed in the Indian stock markets. The Fund outperformed the benchmark during the period under review except for three and five -year period.

Fund Performance as on 28.03.2018

ParticularsCanara Robeco Equity Diversified -

Regular Plan - Growth Option@ s&P BsE 200 TRi

1 year 14.01% 12.60%

3 years 6.75% 9.31%

5 years 14.62% 15.34%

*Since Inception 18.58% 16.66%

Note: Returns are compounded annualised growth rate. @Past performance may or may not be sustained in the future. *Date of Inception: September 16, 2003

MARKET OUTLOOK:

The last financial year FY2018 ended on a high for the Indian Economy. The government and RBI worked closely for taking up a number of key structural initiatives to build strength across macro-economic parameters for sustainable growth in the future. As per International Monetary Fund, India is expected to grow as one of the fastest growing economies in the world with an estimated GDP growth from 6.6% in 2017-18 to 7.3% in 2018-19. India, has benefited from the global tailwinds in the recent past, though the growing crude oil prices and the currency depreciation have had an adverse impact on the overall health of the economy. Currently, the economy seems to be on the path to recovery, with indicators of industrial production, stock market index, auto sales and exports

having shown some uptick. GST collections have been at all-time high indicating that economic revival is picking up pace. Direct Tax collections have increased by 18% in FY18 as compared to the previous year. Demonetization and GST implementation has led to higher formalization of the Indian economy. Market participants expect that the outlook remains promising for the coming year and the macro-economic variables are further expected to strengthen in the coming financial year. However, the signs of green shoots should not be taken for granted as downside risks still remain hovering over the economy.

Equity Markets Outlook for financial Year 2018-19

We expect FY18-19 to be relatively volatile year given the steady rally seen in FY17-18. Global events are more likely to dictate the direction of the markets going ahead. With a view to revive their economies, the central banks are trying hard to absorb the excess liquidity which was previously infused by them. As what was seen in the second half of FY18, the liquidity started getting cramped across the globe causing a gradual increase in interest rates. The interest rates rise is likely to cause flight of capital from emerging markets towards low risk assets like US 10 year bonds.

Domestically, the corporate earnings are expected to take away the limelight and dictate the market movements. Monsoon is expected to be ‘normal’; the distribution and the timing across the nation will be keenly watched for the outcome of the agricultural produce of the country. We have already seen the earnings revival in Q2 & Q3FY18 and the further pace in Q4 is likely to decide the near term market direction. Corporate earnings led by automobiles, commodities and consumer products is on course for recovery but earnings of Banks both public sector and private sector are expected to be under pressure due to the provisioning, lower contribution from treasury income and subdued interest income growth. Earnings upgrade cycle is unlikely to be seen before the issues of stressed assets is put to rest.

State elections and their outcomes will also have a bearing on the domestic market direction given 3 main states- MP, Rajasthan and Chhattisgarh in Dec.’18 ahead of general elections in May 2019. Oil prices were trading at record highs but due to the talks of the production by OPEC and non-OPEC nation being resumed in the light of rising demand have eased a bit. India’s macros are expected to be impacted if crude oil jumps sharply as we import 80% of our requirements. Overall, the Indian Economy could be considered to be in one of the bright spots in the slowing global world.

In the coming times, the traditional economic indicators combined with insights and expectations from many market participants point to a range bound uptick in the year ahead. Like in the past couple of years, India is expected to continue being one of the fastest growing Emerging Market economies the coming year. Many economic indicators are already positive or are showing signs of recovery. While one cannot conclude that the full-fledged economic rebound is underway, but the signals are surely positive. The government seems to be on the right track and most importantly to find out permanent solutions for some of the structural issues prevailing in the country. The building blocks required for a sustainable economy seem to be in place. We believe that at this juncture, market recovery is more of a ’when’ rather than ‘if’.

fixed income Markets Outlook for financial Year 2018-19

Over the last few quarters, what has become increasingly evident is the divergence between Indian and global growth. This decoupling largely happened as India’s growth was hit on account of mega policy announcements. India has been one of the fastest growing economies ever since which has resulted in the interest rates in the country following a fairly independent route. To add on, the overall purchasing manager’s index (PMI) number’s also showed an expansion in business conditions driven largely by manufacturing PMI even as services PMI showed relative weakness and are expected to improve in the time to come. Despite the global interest rates rising, robust macro-economic conditions have been able to hold the key interest rates fairly stable, though the interest rate curve has shown an upward shift.


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While FED may continue with rate hike cycle, it will be extremely data dependent with eye on global events. Dollar strength may continue to make export oriented economies more competitive whilst hurting EMs with high external debt and weak macro-economic conditions. For US economy, dollar strength is typically accompanied with weaker growth with disinflationary impact. With rest of the world growing slowly, a strong dollar may eventually hurt US growth and stop FED from aggressive hikes. The US FED has shown concerns on dollar strength impacting growth in its assessment in its previous policy statements.

Despite the weak global conditions and extremely volatile markets, India continues to stand tall within EM space on back of robust macro-economic conditions. India’s fiscal deficit has steadily declined over the years. However, the path to reach the target of 3% has been extended. Analysis of the revenue trends, then, it can be seen that the gross tax to GDP ratio is likely to have risen by 0.2% to 11.6% in FY17-18 and tax revenues are expected to grow further in FY19. For the coming fiscal year, the government is assuming a further enhancement in gross tax to GDP ratio, essentially on the back on a meaningful rise in indirect tax collections. Based on these estimates, the government has lowered the fiscal deficit target for 2018-19 to 3.3% of the GDP against the earlier target of 3.5% for the previous year.

Retail inflation has been largely under control due to a good monsoon season, it is expected to remain within RBI’s target by a considerable margin. We expect inflation to remain high in the range of 4.5-5%% during the first six months of the current calendar year after which we are likely to see a decline as relatively higher base is expected to cushion against higher inflationary readings.

The credit growth has remained subdued due to the twin balance sheet problem that India has been facing. The issue here is that balance sheets of Indian companies and banks both have been under stress. While Indian companies remain over-leveraged, the banks are reeling under high nonperforming assets. The new Insolvency and Bankruptcy code (IBC) and the bank recapitalisation plan are the two-pronged policy responses that have been formulated to tackle this issue. The twin balance sheet problem has been long-standing and while the new Insolvency and Bankruptcy code are just the starting point for the resolution of the problem, it would possibly require complementary reform measures to alleviate unviable banks. Going ahead, the expected push toward infrastructure development along with recapitalisation of public sector banks will likely have a positive impact on investment demand.

Fiscal slippage will most likely bring in heightened volatility in the Indian fixed income space, especially in terms of cost of borrowings which have already hardened over the last few months. This rise is in consonance with global rates as most important global central banks have signaled an end to the ultra-loose monetary policy. The US Fed is on course to increase its benchmark rates further while the European Central Bank has also hinted at a winding up of its stimulus program faster than expected. These global factors combined with possibility of higher inflation and growth is likely to result in the 10-year yield remaining under pressure in FY2019. The sharp rise in bond yields is also signaling that market expects RBI to increase the repo rate, albeit the extent of hikes may be limited as growth is still in a nascent stage.

ii. BRiEf BACKGROUnD Of sPOnsORs, AssET MAnAGEMEnT COMPAnY & TRUsT

a. sponsors

Canara Bank: Canara Bank, having its Head Office at 112 J C Road, Bangalore 560 002 is a leading Public Sector Bank in India. Canara Bank was established in July 1906 in Karnataka, and was nationalised in 1969. As a premier commercial bank in India, Canara Bank has a distinct track record in the service of the nation for over 111 years. It has a strong pan India presence with 6179 branches and 9743 ATMs, catering to all segments of an ever growing clientele accounts base of 8.18 crore. Across the borders, the Bank has 8 branches, one each at London, Hong Kong, Shanghai, Leicester, Manama, Johannesburg, New York and DIFC (Dubai) & a Representative Office at Sharjah, UAE. It is recognized as a leading financial conglomerate in India, with as many as ten subsidiaries/sponsored institutions/joint ventures in India and abroad. Union of India holds 69.91% shares in Canara Bank (as on 31st March 2017). The Bank has an unbroken record of profits since its inception.

Orix Corporation Europe N.V. (formerly known as Robeco Groep N.V.): Orix Corporation Europe N.V. (formerly known as Robeco Groep N.V.),having its Corporate Office at Weena 850, 3014 DA Rotterdam, The Netherlands is the holding company and owns several operating companies in the US, Europe, Middle-East, Asia and South-Pacific. These companies are active in asset management and provide asset management products and solutions to institutional and private clients worldwide. It is a full subsidiary of ORIX Corporation, a Japanese business conglomerate based in Tokyo, Japan, that started operating since 1964. ORIX Corporation is active in the world of lending, investment, life insurance, banking, asset management and businesses related to the automotive sector, real estate, the environment and energy.

In 2013, ORIX Corporation, Japan had acquired 90.01% shares of Robeco from Rabobank. Subsequently during October 2016, Orix Corporation acquired the balance 9.99% shareholding from Rabobank, thereby becoming the 100% shareholder of Robeco Groep N.V. Robeco Groep N.V. was renamed as Orix Corporation Europe N.V. with effect from 1st January 2018.

b. Asset Management Company

Canara Robeco Asset Management Company Ltd. (“AMC”) (formerly known as Canbank Investment Management Services Ltd.) is a company incorporated under the Companies Act, 1956 on 2nd March, 1993, having its registered office at Construction House, 4th Floor, 5, Walchand Hirachand Marg, Ballard Estate, Mumbai - 400 001. Canara Robeco Asset Management Company Ltd. has been appointed as the Asset Management Company of the Canara Robeco Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated 16th June, 1993 and executed between Canara Robeco Mutual Fund (formerly Canbank Mutual Fund) and Canara Robeco Asset Management Company Ltd (formerly known as Canbank Investment Management Services Ltd.).

The AMC was originally incorporated as Canbank Investment Management Services Ltd. under the Companies Act, 1956 on 2nd March, 1993 to manage the assets of Canbank Mutual Fund (“Fund”). Pursuant to the joint venture documents signed between Canara Bank and Orix Corporation Europe N.V. (formerly known as Robeco Groep N.V.), Robeco India Holding B.V. on 26.09.2007 acquired 49% stake in the AMC and Canara Bank retained the remaining 51%. Consequent to this, the Fund was renamed as Canara Robeco Mutual Fund and the AMC as Canara Robeco Asset Management Company Ltd. The Schemes of the mutual fund have accordingly been renamed to reflect the joint venture.

c. Canara Robeco Mutual fund

Canara Robeco Mutual Fund (“CRMF”) (formerly Canbank Mutual Fund) was originally constituted as a trust on 17/12/1987 in accordance with the provisions of the Indian Trusts Act, 1882 (2 of 1882) by Canara Bank as the Settlor/Sponsor and is duly registered with Securities and Exchange Board of India (SEBI) vide registration no. MF/004/93/4 dated 19.10.1993. Subsequently, in 2007, pursuant to a Joint Venture between Canara Bank (51%) & Orix Corporation Europe N.V. (formerly known as Robeco Groep N.V.) (49%) in the asset management company, Orix Corporation Europe N.V. was inducted as the co-Sponsor in the Mutual Fund, which was renamed as Canara Robeco Mutual Fund. CRMF is managed by a Board of Trustees.

The Trustee has entered into an Investment Management Agreement dated 16th June, 1993 with Canara Robeco Asset Management Company Ltd. (CRAMC) to function as the Investment Manager for all the Schemes of CRMF. CRMF was registered with SEBI on 19th October, 1993.

d. investment Objectives of the fund:

Canara Robeco Equity Diversified: To generate capital appreciation by investing in equity and equity related securities. However, there can be no assurance that the investment objective of the scheme will be realized.

iii. siGnifiCAnT ACCOUnTinG POLiCiEs

The Accounting policies of the Fund are in accordance with Securities Exchange Board of India (Mutual Fund) Regulations 1996 as amended from time to time and are disclosed as part of the Scheme Audited Financials.


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iv. UnCLAiMED DiviDEnDs & REDEMPTiOns

summary of No. of investors & Corresponding amount fund wise (as on 31st March, 2018)

sl no. scheme name

Unclaimed Dividends Unclaimed Redemptions

Amount (Rs.) no. of investors Amount (Rs.) no. of investors

1 Canara Robeco Equity Diversified 10,96,36,093.66 109373 1,12,70,559.57 594

2 Canara Robeco Equity Taxsaver 3,14,90,796.14 40973 67,16,518.06 280

3 Canara Robeco Income 4,30,362.13 370 88,841.16 4

4 Canara Robeco Monthly Income Plan 12,00,410.30 3296 14,92,273.38 15

5 Canara Robeco Balance 8,26,22,413.13 137691 21,64,668.28 109

6 Canara Robeco Emerging Equities 32,40,786.80 1453 13,34,894.24 71

7 Canara Robeco Infrastructure 69,90,818.63 3859 40,07,918.15 152

8 Canara Robeco Gilt PGS 7,89,831.02 502 38,264.57 1

9 Canara Robeco Dynamic Bond Fund 54,633.96 22 1,000.00 1

10 Canara Robeco Savings Plus Fund 32,628.45 9 2,499.06 1

11 Canara Robeco InDiGo Fund 6,85,783.91 790 10,50,835.41 27

12 Canara Robeco Liquid Fund 0 0 13,763.50 4

13 Canara Robeco Short Term Fund 3,23,796.17 86 0 0

14 Canara Robeco F.O.R.C.E. Fund 9,21,261.61 345 13,92,000.66 81

15 Canara Robeco Large Cap+ Fund 13,53,160.89 530 8,09,202.15 37

16 Canara Robeco Treasury Advantage Fund 3,988.72 2 27,466.46 4

17 Canara Robeco Gilt Fund 24,500.00 4 0 0

18 Canara Robeco Gold Savings Fund 0 0 2,85,995.64 21

19 Canara Robeco Medium Opportunities Fund 1,13,262.29 10 1,53,626.43 2

20 Canara Robeco Yield Advantage Fund 173.35 2 1,494.90 1

21 Canara Capital Protection Oriented Fund - Series 1 - 36 Months (Plan A) 19,378.92 4 6,88,043.80 12

22 Canara Robeco Capital Protection Oriented Fund - Series 2 (Plan A) 100.00 1 57,46,501.17 162

23 Canara Robeco Fixed Maturity Plan - Series 6 - 13 Months (Plan B) 0 0 83,024.25 1

24 Canara Robeco Nifty Index 1,53,437.74 117 54,941.91 3

25 Canara Robeco Capital Protection Oriented Fund - Series 3 0 0 49,33,908.95 35

26 Canara Robeco India Opportunities 1,52,158.17 25 0 0

27 GIC TAX SAVER GROWTH 0 0 47,84,781.28 1874

28 GIC TAX SAVER 95 0 0 37,55,309.47 754

29 GIC GROWTH PLUS 0 0 88,70,481.98 2286

30 GIC BIG VALUE 0 0 4,00,69,460.00 3017

31 GIC SURAKSHA 96 0 0 27,17,992.50 168

32 GIC RISE I 0 0 3,48,08,951.27 2685

33 GIC RISE II 0 0 2,72,84,459.40 2032

34 CANSTOCK 2,39,61,32.50 2199 24,27,753.15 454

35 CANPEP-94 0 0 37,08,670.81 816

36 CANPEP-92 1,28,67,533.00 24619 3,71,68,492.55 6187

37 CANPEP-91 4,05,71,250.00 37001 2,30,97,916.80 4600

38 CANGROWTH 1,55,99,161.50 20082 3,31,65,182.88 15127

39 CANSHARE 21,64,787.00 2976 1,32,27,752.40 2930

40 CAN80CC90 1,07,04,502.51 3318 5,30,30,585.80 4679

41 CANSTARCG & 80L 0 0 22,91,09,083.20 13867

42 DOUBLE ROLLOVER 9,98,177.50 767 1,45,599.84 16

43 STOCK ROLLOVER 16,937.50 28 84,936.20 26

44 DOUBLE REDEMPTION 0 0 19,00,990.00 5803

45 CAN80CC89 0 0 17,360.00 199

Total 32,55,58,257.50 3,90,454.00 56,17,34,001.23 69,138.00


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v. REDREssAL Of COMPLAinTs RECEivED AGAinsT CANARA ROBECO MUTUAL fUnD DURinG fY 2017-18

name of the Mutual fund and total number of folios: Canara Robeco Mutual fund - 830608***

Complaint Code

Type of Complaint# (a) no. of Complaints

Pending at the

beginning of the year

(b) no. of Complaints

received during the

year

Action on (a) and (b)

Resolved

Non Actionable*

Pending

Within 30 days

30-60 days

60-180 days

Beyond 180 days

0-3 months

3-6 months

6-9 months

9-12 months

I A Non receipt of Dividend on Units 0 64 64 0 0 0 0 0 0 0 0

I B Interest on delayed payment of Dividend 0 0 0 0 0 0 0 0 0 0 0

I C Non receipt of Redemption Proceeds 0 33 33 0 0 0 0 0 0 0 0

I D Interest on delayed payment of Redemption 0 0 0 0 0 0 0 0 0 0 0

II A Non receipt of Statement of Account/Unit Certificate 0 7 7 0 0 0 0 0 0 0 0

II B Discrepancy in Statement of Account 0 4 4 0 0 0 0 0 0 0 0

IIC Data corrections in Investor details 0 62 62 0 0 0 0 0 0 0 0

II D Non receipt of Annual Report/Abridged Summary 0 0 0 0 0 0 0 0 0 0 0

III A Wrong switch between Schemes 0 1 1 0 0 0 0 0 0 0 0

III B Unauthorized switch between Schemes 0 0 0 0 0 0 0 0 0 0 0

III C Deviation from Scheme attributes 0 0 0 0 0 0 0 0 0 0 0

III D Wrong or excess charges/load 0 0 0 0 0 0 0 0 0 0 0

III E Non updation of changes viz. address, PAN, bank details, nomination, etc 0 9 9 0 0 0 0 0 0 0 0

IV Others 0 29 29 0 0 0 0 0 0 0 0

Total 0 209 209 0 0 0 0 0 0 0 0

# including against its authorized persons/distributors/employees etc. *Non actionable means the complaint that are incomplete/outside the scope of the mutual fund ***Live folios as on 31-Mar-2018

vi. CORPORATE GOvERnAnCE

As per the requirements of SEBI circular no. SEBI/IMD/CIR no. 18/198647/2010 dated March 15, 2010 and subsequent clarifications/circulars issued by SEBI, CRMF has formulated the Voting Rights Policy (“Policy”) for exercise of voting rights in investee companies (i.e. companies in whose securities the schemes of the CRMF have invested). Pursuant to the Policy, the summary of votes cast during FY 2017-18 is as under:

summary of proxy votes cast by CRMf/CRAMC across all the investee companies during f.Y. 2017-18

f.Y. Quarter Total no. of resolutionsBreak-up of vote decision

for Against Abstained

2017-18

April to June 2017 169 157 8 4

July to September 2017 1026 945 77 4

October to December 2017 30 26 3 1

January to March 2018 41 38 3 0

Total 1266 1166 91 9

The Voting Rights Policy and the detailed report on the votes exercised during FY 2017-18 on a quarterly and annual basis alongwith Auditors certification is disclosed as part of the Annual Report of the Schemes and also on website of CRAMC at http://www.canararobeco.com/pages/voting-right-policy.aspx.

vii. sTATUTORY infORMATiOn

a) Canara Bank and Orix Corporation Europe N.V. (formerly known as Robeco Groep N.V.), being the Sponsors are not responsible or liable for any loss resulting from the operation of the schemes of the Fund beyond their initial contribution (to the extent contributed) of Rs. 10 lakhs for setting up the Fund, and such other accretions/additions to the same.

b) The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments.

c) The full Annual Report/scheme-wise abridged Annual Report shall be disclosed on the website of the Fund i.e. www.canararobeco.com and shall be available for inspection at the Principal Office of the Canara Robeco Mutual Fund. Present and prospective unit holders can obtain a physical copy of the trust deed and the abridged summary of the Annual Report, without any cost, from the Registered Office of CRAMC.

For Canara Robeco Mutual fund

G Anantharaman Chairman Board of Trustees

Place: Mumbai Date: 14th June, 2018


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inDEPEnDEnT AUDiTORs’ REPORT

To The Board of Trustees of Canara Robeco Mutual fund - CAnARA ROBECO EQUiTY DivERsifiED

Report on the financial statements

We have audited the accompanying financial statements of CAnARA ROBECO MUTUAL fUnD - CAnARA ROBECO EQUiTY DivERsifiED (the “Scheme”) which comprise the Balance Sheet as at 31 March 2018, the Revenue Account and Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the financial statements

The Managements of Canara Robeco Asset Management Company Limited (the “Investment Manager”) and the Board of Trustees are responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Scheme in accordance with accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended (the “SEBI Regulations”) and in accordance with the accounting principles generally accepted in India. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the SEBI Regulations for safeguarding the assets of the scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. In conducting our audit, we have taken into account the provisions of the SEBI Regulations, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the SEBI Regulations. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the SEBI Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at 31 March 2018;

(b) in the case of the Revenue Account, of the Surplus of the Scheme for the year ended 31 March 2018 and

(c) in the case of the Cash Flow Statement, of the cash flows of the Scheme for the year ended 31 March 2018.

Report on Regulatory Requirements

1. As required by SEBI Regulation 55 and Clause 5 of the Eleventh Schedule to the SEBI Regulations, we report that:

(a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b) the Balance Sheet, the Revenue Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account of the Scheme; and

(c) the financial statements have been prepared in accordance with accounting policies and standards as specified in the Ninth Schedule of the SEBI Regulations.

2. As required by Clause 2 (ii) of Eighth Schedule of the SEBI Regulations, we report that, the Scheme does not hold any non-traded securities as at 31 March 2018.

For DELOiTTE hAsKins & sELLs Chartered Accountants (Firm’s Registration No. 117365W)

Pallavi A. Gorakshakar Partner (Membership No. 105035)

Mumbai, 26 April 2018


6

ABRiDGED BALAnCE shEET fOR ThE YEAR EnDED MARCh 31, 2018

(Rupees in Lakhs)

As atMarch 31, 2018

As atMarch 31, 2017

LiABiLiTiEs

1 Unit Capital 9,951.28 10,693.96

2 Reserves & surplus

2.1 Unit Premium Reserves 2,885.47 4,495.68

2.2 Unrealised Appreciation Reserve 12,706.64 15,551.72

2.3 Other Reserves 55,640.29 45,277.45

3 Loans & Borrowings - -

4 Current Liabilities & Provisions

4.1 Provision for doubtful Income/Deposits - -

4.2 Other Current Liabilities & Provisions 619.81 1,023.62

TOTAL 81,803.50 77,042.43

AssETs

1 investments

1.1 Listed securities:

1.1.1 Equity Shares 77,309.84 74,098.97

1.1.2 Preference Shares - -

1.1.3 Equity Linked Debentures - -

1.1.4 Other Debentures & Bonds - -

1.1.5 Securitised Debt securities - -

1.2 securities Awaited Listing:

1.2.1 Equity Shares - -





1.3 Unlisted securities

1.3.1 Equity Shares - -





1.4 Government Securities - -

1.5 Treasury Bills - -

1.6 Commercial Paper - -

1.7 Certificate of Deposits - -

1.8 Bill Rediscounting - -

1.9 Units of Domestic Mutual Fund - -

1.10 Foreign Securities - -

Total investments 77,309.84 74,098.97

2 Deposits - -

3 Other Current Assets

3.1 Cash & Bank Balance 206.63 72.46

3.2 CBLO/Reverse Repo Lending 4,276.22 1,791.40

3.3 Others 10.81 1,079.60

4 Deferred Revenue Expenditure(to the extent not written off) - -

TOTAL 81,803.50 77,042.43

Notes to Accounts - Annexure I

ABRiDGED REvEnUE ACCOUnT fOR ThE YEAR EnDED MARCh 31, 2018

(Rupees in Lakhs)

April 1, 2017 toMarch 31, 2018

April 1, 2016 toMarch 31, 2017

1 inCOME

1.1 Dividend 753.79 663.53

1.2 Interest 159.94 150.32

1.3 Realised Gain/(Loss) on Foreign Exchange Transactions - -

1.4 Realised Gains/(Losses) on Interscheme sale of investments - -

1.5 Realised Gains/(Losses) on External sale/redemption of investments 14,347.94 10,246.43

1.6 Realised Gains/(Losses) on Derivative Transactions - -

1.7 Other Income (refer note 8 of Notes to Accounts) 21.03 24.09

(A) 15,282.70 11,084.37

2 EXPEnsEs

2.1 Management fees 1,225.88 1,127.91

2.2 Service tax/GST on Management fees 208.48 157.91

2.3 Transfer agents fees and expenses 77.39 72.25

2.4 Custodian fees 18.51 16.40

2.5 Trusteeship fees 2.04 2.37

2.6 Commission to Agents 527.67 447.78

2.7 Marketing & Distribution expenses 0.38 0.38

2.8 Audit fees 1.72 1.63

2.9 Other operating expenses 101.92 111.78

(B) 2,163.99 1,938.41

3 nET REALisED GAins/(LOssEs)

fOR ThE YEAR/PERiOD (A-B=C) 13,118.71 9,145.96

4 Change in Unrealised Depreciation in value of investments (D) - -

5 nET GAins/(LOssEs)

fOR ThE YEAR/PERiOD (E=(C-D)) 13,118.71 9,145.96

6 Change in unrealised appreciation in the value of investments (f) (2,845.07) 5,322.81

7 nET sURPLUs/(DEfiCiT)

fOR ThE YEAR/PERiOD (E+f=G) 10,273.64 14,468.77

7.1 Add: Balance transfer from Unrealised Appreciation Reserve 15,551.72 10,228.91

7.2 Less: Balance transfer to Unrealised Appreciation Reserve 12,706.64 15,551.72

7.3 Add/(Less): Equalisation (1,315.73) (3,899.26)

7.4 Transfer to/from Unit Premium Reserve - -

7.5 Transfer from retained surplus 45,264.29 41,400.11

8 Total 57,067.27 46,646.81

9 Dividend appropriation

9.1 Income Distributed during the year/period (1,440.22) (1,382.52)

9.2 Tax on income distributed during the year/period - -

10 Retained surplus/(Deficit)

carried forward to Balance sheet 55,627.06 45,264.29

Notes to Accounts - Annexure I


7

nOTEs TO ACCOUnTs - AnnEXURE i TO ThE ABRiDGED BALAnCE shEET AnD REvEnUE ACCOUnT fOR ThE YEAR EnDED MARCh 31, 2018

1. investments:-

1.1. The Investments of the Schemes are registered in the name of the Trustees of Canara Robeco Mutual Fund for the benefits of the Schemes Unit holders.

1.2. Open Position of derivatives (outstanding market value & % to Net Assets) as on March 31, 2018 & as of March 31, 2017: NIL

1.3. Investments in Associates and Group Companies as on March 31, 2018 & as of March 31, 2017: NIL

1.4. Open position of Securities Borrowed and/or Lend by the schemes as on March 31, 2018 & as of March 31, 2017: NIL

1.5. Aggregate Market Value of Non Performing Assets and provisions thereof as on March 31, 2018: 5.54 lalkhs (Previous year: 5.54 lakhs)

1.6. Aggregate Unrealised Gain/(Loss) as at the end of the Financial Year and percentage to net assets: 15.65% (Previous year: 20.46%)

1.7. Aggregate Value of Purchase and Sale with Percentage to average assets:

Particulars

(Rs. in Lakhs) % of average daily net assets

31.03.2018 31.03.2017 31.03.2018 31.03.2017

Purchases 67,143.84 64,569.84 83.21 88.10

Sales 75,436.01 75,763.40 93.48 103.37

1.8. Non-Traded securities in the portfolio: As per portfolio details attached.

2. Disclosure Under Regulation 25(8) Of The securities And Exchange Board of india (Mutual funds) Regulations, 1996, As Amended:

2.1. Bank charges for normal banking transaction(s) paid/payable to Canara Bank during the year: Rs. 8.55 lakhs (Previous year: Rs. 10.51 lakhs)

2.2. Brokerage/Trail fee for marketing the units paid/payable to Associates/related parties/group companies of Sponsor/AMC are as under:

name of Associate/ related parties/group companies of sponsor/AMC

nature of Association/nature

of relation Period Covered

value of transaction (Rs. in Cr. & % of total value of

transaction of the fund)

Brokerage (Rs. in Cr & % of total brokerage

paid by the fund)

(Rs. in Cr.) % (Rs. in Cr.) %

Canara Bank Sponsor 01-04-2017 -to- 31-03-2018 64.54 41.27 2.18 40.08

Canara Bank Securities Ltd Associate 01-04-2017 -to- 31-03-2018 0.01 0.01 * 0.02

Canara Bank Sponsor 01-04-2016 -to- 31-03-2017 62.58 68.23 1.96 45.00

Canara Bank Securities Ltd Associate 01-04-2016 -to- 31-03-2017 0.01 0.01 * 0.02

(*) Denotes value less than 0.01 Crores.

2.3. Brokerage Paid to Associates/related parties/group companies of Sponsor/AMC are as under:

name of Associate/ related parties/group companies of sponsor/AMC

nature of Association/nature

of relation Period Covered

Business given (Rs. in Cr. & % of total business

received by the fund)"

Commission paid (Rs in Cr. & % of total

commission paid by the fund)

(Rs. in Cr.) % (Rs. in Cr.) %

Canara Bank Securities Ltd Associate 01-04-2017 -to- 31-03-2018 29.99 2.10 0.07 2.11

Canara Bank Securities Ltd Associate 01-04-2016 -to- 31-03-2017 20.13 1.43 0.04 1.44

3. Details of Large Holdings in the schemes (i.e. in excess of 25% of the net assets) as on March 31, 2018 & March 31, 2017: NIL

4. Unit Capital movement during the year ended March 31, 2018 & March 31, 2017:

no. of Units March 31, 2018


Units of Rs. 10 each fully paid up

Regular Plan - Growth Option

Outstanding, beginning of year 54,251,709.598 59,579,356.588

Issued during the year 11,877,300.768 8,935,224.643

Repurchased during the year (12,421,737.277) (14,262,871.633)

Outstanding, end of year 53,707,273.089 54,251,709.598

Regular Plan - Dividend Option






8

nOTEs TO ACCOUnTs - AnnEXURE i - TO ThE ABRiDGED BALAnCE shEET AnD REvEnUE ACCOUnT fOR ThE YEAR EnDED MARCh 31, 2018 (contd...)



Direct Plan - Growth Option


Issued during the year 642,761.568 299,127.187



Direct Plan - Dividend Option

Outstanding, beginning of year 329,299.400 418,804.260

Issued during the year 82,709.349 65,252.227

Repurchased during the year (89,811.868) (154,757.087)

Outstanding, end of year 322,196.881 329,299.400

Total





5. Prior year figures have been reclassified and regrouped, wherever applicable, to conform to current year’s presentation.

6. Contingent Liability as of March 31, 2018 & as of March 31, 2017: NIL

7. Expenses other than Management Fee viz. Transfer agents fees, Custodian fees, Trusteeship fees, Commission to Agents, Audit fees and Other Expenses is inclusive of Service Tax/Goods and Services Tax (wherever applicable).

8. Details of Other Income indicating nature and corresponding amounts:

Other income31-Mar-18

(Rs. in lakhs)31-Mar-17

(Rs. in lakhs)

Exit Load Income 21.03 24.09

9. There were no transactions in Credit Default Swaps for the Year ended March 31, 2018 and March 31, 2017.


9

KEY sTATisTiCs fOR ThE YEAR EnDED MARCh 31, 2018

Current Year/Periodended 31-Mar-18

Previous Year/Periodended 31-Mar-17

1. NAV per unit (Rs.):

Open Regular Plan - Growth Option 104.68 86.12 Regular Plan - Dividend Option 33.09 29.55 Direct Plan - Growth Option 107.15 87.62 Direct Plan - Dividend Option 45.54 37.90

High Regular Plan - Growth Option 127.99 104.68 Regular Plan - Dividend Option 38.15 34.76 Direct Plan - Growth Option 131.74 107.15 Direct Plan - Dividend Option 52.66 45.54

Low Regular Plan - Growth Option 104.67 84.35 Regular Plan - Dividend Option 33.09 27.67 Direct Plan - Growth Option 107.14 85.83 Direct Plan - Dividend Option 45.54 37.13

End Regular Plan - Growth Option 119.20 104.68 Regular Plan - Dividend Option 34.70 33.09 Direct Plan - Growth Option 122.87 107.15 Direct Plan - Dividend Option 48.22 45.54

2. Closing Assets Under Management (Rs. in Lakhs) End 81,170.46 76,005.64 Average (AAuM)4 80,693.77 73,293.82

3. Gross income as % of AAuM1 18.94 15.12

4. Expense Ratio: a. Total Expense as % of AAuM (Regular Plan) 2.70 2.67 b. Total Expense as % of AAuM (Direct Plan) 1.99 2.01 c. Management Fee as % of AAuM 1.52 1.54

5. Net Income as a percentage of AAuM2 16.26 12.48

6. Portfolio turnover ratio3 83.21 88.10

7. Total Dividend per unit distributed during the year/period (plan wise) (Rs.) Regular Plan - Dividend Option (Individual) 3.00 2.70 Regular Plan - Dividend Option (Corporate) 3.00 2.70 Direct Plan - Dividend Option (Individual) 4.00 0.75 Direct Plan - Dividend Option (Corporate) 4.00 0.75

8. Returns:

a. Last One Year Regular Plan - Growth Option 14.01% 21.55% Benchmark (S&P BSE 200) Regular Plan - Growth Option 12.60% 22.47% Direct Plan - Growth Option 14.82% 22.29% Benchmark (S&P BSE 200) Direct Plan - Growth Option 12.60% 22.47%

b. since inception Regular Plan - Growth Option 18.58% 18.93% Benchmark (S&P BSE 200) Regular Plan - Growth Option 16.66% 15.71% Direct Plan - Growth Option 13.14% 12.75% Benchmark (S&P BSE 200) Direct Plan - Growth Option 15.31% 12.05%

Guidance Notes:1. Gross Income = amount against (A) in the Revenue account i.e. Income.2. Net Income = amount against (C) in the Revenue account i.e. NET REALISED GAINS/(LOSSES) FOR THE YEAR/PERIOD.3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.4. AAuM = Average daily net assets.


10

sUPPLEMEnTARY invEsTMEnT PORTfOLiO infORMATiOn AnD inDUsTRYWisE CLAssifiCATiOn Of CAnARA ROBECO EQUiTY DivERsifiED

Details of investment portfolio and industrywise classification of the Scheme’s investments in each category of investments at March 31, 2018 are presented below. The industry and company exposures are stated as a percentage of the Scheme’s net assets as at March 31, 2018, as well as the aggregate investments in each investment category.

industry and Company Particulars QuantityAmount

(Rupees in lakhs)Percentage to

Net AssetsPercentage to

investment category

QUOTED EQUiTY shAREs (fULLY-PAiD)

Auto 135,952 4,876.11 6 6

Maruti Suzuki India Ltd 38,260 3,390.26 4 4

Hero MotoCorp Ltd 25,200 892.79 1 1

Escorts Ltd 72,492 593.06 1 1

Auto Ancillaries 396,065 3,083.55 4 4

MRF Ltd 2,565 1,859.96 2 2

Motherson Sumi Systems Ltd 393,500 1,223.59 2 2

Banks 1,894,187 15,554.23 19 20

HDFC Bank Ltd 377,235 7,115.03 9 9

Kotak Mahindra Bank Ltd 342,000 3,583.48 4 5

ICICI Bank Ltd 1,070,550 2,979.88 4 4

IndusInd Bank Ltd 104,402 1,875.84 2 2

Cement 174,940 2,912.96 4 4

Ultratech Cement Ltd 34,484 1,362.12 2 2

The Ramco Cements Ltd 115,610 836.73 1 1

Dalmia Bharat Ltd 24,846 714.11 1 1

Chemicals 124,017 1,761.52 2 2

Solar Industries India Ltd 95,772 1,023.37 1 1

Atul Ltd 28,245 738.15 1 1

Construction Project 1,239,351 4,782.37 5 6

Larsen & Toubro Ltd 215,200 2,821.06 3 4

Engineers India Ltd 648,000 1,026.76 1 1

Ashoka Buildcon Ltd 376,151 934.55 1 1

Consumer non Durables 2,023,025 10,640.62 14 14

Britannia Industries Ltd 60,980 3,031.07 4 4

ITC Ltd 1,113,300 2,844.48 4 4

Hindustan Unilever Ltd 181,600 2,421.36 3 3

Kansai Nerolac Paints Ltd 208,590 1,055.05 1 1

Parag Milk Foods Ltd 270,055 674.06 1 1

Marico Ltd 188,500 614.60 1 1

finance 493,929 8,038.49 10 11

Bajaj Finserv Ltd 67,493 3,490.43 4 5

Housing Development Finance Corporation Ltd 176,800 3,227.66 4 4

Max Financial Services Ltd 174,938 793.26 1 1

IIFL Holdings Ltd 74,698 527.14 1 1

Gas 840,110 2,103.00 2 3

Petronet LNG Ltd 504,500 1,165.14 1 2

Indraprastha Gas Ltd 335,610 937.86 1 1

industrial Capital Goods 678,077 959.14 1 1

Bharat Electronics Ltd 678,077 959.14 1 1

industrial Products 97,500 682.16 1 1

Bharat Forge Ltd 97,500 682.16 1 1

Pesticides 132,000 963.93 1 1

UPL Ltd 132,000 963.93 1 1

Petroleum Products 1,352,000 4,929.59 6 6

Reliance Industries Ltd 360,000 3,177.72 4 4

Indian Oil Corporation Ltd 992,000 1,751.87 2 2


11

industry and Company Particulars QuantityAmount

(Rupees in lakhs)Percentage to

Net AssetsPercentage to

investment category

Pharmaceuticals 380,272 2,310.48 3 3

Sun Pharmaceutical Industries Ltd 256,050 1,267.70 2 2

Jubilant Life Sciences Ltd 124,222 1,042.78 1 1

Power 932,065 2,493.51 3 3

Power Grid Corporation Of India Ltd 842,500 1,628.13 2 2

Cesc Ltd 89,565 865.38 1 1

software 482,694 5,352.28 7 7

Infosys Ltd 309,594 3,503.98 5 5

Tata Consultancy Services Ltd 33,600 957.31 1 1

Tech Mahindra Ltd 139,500 890.99 1 1

Telecom - services 175,000 697.73 1 1

Bharti Airtel Ltd 175,000 697.73 1 1

Textile Products 176,578 1,116.94 1 1

K.P.R. Mill Ltd 176,578 1,116.94 1 1

Transportation 723,082 4,051.23 6 6

Container Corporation Of India Ltd 177,300 2,207.56 3 4

Transport Corporation of India Ltd 364,789 986.39 2 1

TCI Express Ltd 180,993 857.28 1 1

TOTAL invEsTMEnTs 12,450,844 77,309.84 96 100

COLLATERALisED LEnDinG 4,276.22 5 100

nET CURREnT AssETs (415.60) (1)

nET AssETs 81,170.46 100

31-Mar-18 31-Mar-17

Aggregate value of non-traded/thinly traded investments valued in good faith as per SEBI regulations (Rupees in lakhs) - -


12

statutory Details: Canara Robeco Mutual Fund (CRMF) has been set up as a Trust under Indian Trust Act, 1882. CRAMC is the asset management company

registered under The Companies Act, 1956. sponsors: Canara Bank, Head Office, 112 J C Road, Bangalore; Orix Corporation Europe N.V. (formerly known as Robeco

Groep N.V.):, Corporate Office at Weena 850, 3014 DA Rotterdam, The Netherlands. Mutual fund investments are subject to market risks, read all

scheme related documents carefully.


13

Dear Investor,

We thank you for investing with Canara Robeco Mutual Fund.

As a Green Initiative measure, SEBI vide its circular No. Cir/IMD/DF/16/2011 dated September 8, 2011 has

advised Mutual Funds to send the scheme wise Abridged Annual Report to the Unit holders whose e-mail

address is available with Canara Robeco Mutual Fund (CRMF) by e-mail only.

As a part of the above initiative, CRMF has issued a notice dated 29th September 2011. The said notice is

available on our website www.canararobeco.com

We believe that it is necessary for everyone to protect the environment by making small changes in the

way we work and this change would make a difference to our society.

We find from our records, that your e-mail address is not registered with us. We hereby request you

to kindly get your e-mail address registered with us by submitting the enclosed composite request at

any Investor Service Centre of Canara Robeco Mutual Fund. You may also choose to update your bank

mandate in case the same has undergone a change. Upon registering your email address with us, CRMF

will send the scheme wise Abridged Annual report to your registered email henceforth.

After registering your email address, In case you still desire to receive the Abridged Annual Report in

Physical form, you may request for the same by:

l Calling our Investor Service center toll free at 1800-209-2726 or

l Visiting any of Investor Service Centers and requesting for the same or

l Sending us an email to us at [email protected]

Please ignore this in case you have already registered your email address with us.

Please remember to quote your folio number in all your communication with us.

We are sure that as a responsible citizen, you would appreciate the conscientious and eco friendly

initiative taken by us.

Thanking you once again and looking forward to a long and enduring relationship.

Thanking You,

Canara Robeco Mutual fund

PLEAsE READ ThE insTRUCTiOns GivEn AT ThE BOTTOM BEfORE fiLLinG in ThE DETAiLs

(Name and address of the Unitholders) (Date)From

Karvy Computershare Pvt. Ltd., Unit: Canara Robeco Mutual fund, Karvy Selenium, Tower B, Plot No. 31 & 32, Gachibowli Financial District, Nanakramguda, Serilingampally, Hyderabad - 500 032, INDIA

Re.: “BAnK MAnDATE”Dear Sirs,

Name of the Scheme Folio No.

I/We give my/our Bank Mandate as below:

Bank A/c Details

Bank name

Branch

A/c. no.

Type of A/c. Savings Current Overdraft Other (Specify)

MiCR no. 9 digits ifsC Code:

Address (only if change is required)

Tel.No./Mobile No. E-mail ID:

Please update my/our above given bank mandate in your records.

(Holder 1) (Holder 2) (Holder 3)

insTRUCTiOns:1. For receiving direct credit of dividend proceeds in your Bank A/c, Please furnish the 9 digit MICR number/IFSC code appearing at the bottom margin of the

cheque issued by your bank. Please enclose a cancelled cheque.2. If the units are, held jointly, all the unitholders are required to sign, while Bank details of the first holder alone are to be furnished.3. As per SEBI Regulations it is mandatory for all the investors to provide Bank Account details. So please furnish current Bank Account details to update the records.

Request for updation of Email iD/Tel. no.Name of the First Holder: Folio No./s: Date:

E-mail ID: __________________________________________________________________________________________________________

Contact No.: Landline: ________________________________________ Mobile: _____________________________________________

Other: __________________________________________ Fax: ________________________________________________

I/We wish to Receive Account Statement/Annual Report/Other communication through Email in lieu of the physical copy of the same: Yes No

Signature(s)Sole/First Unitholder Second Unitholder Third Unitholder

Folio No.: _____________ Scheme: __________________________ Option:___________________

Received from Mr./Ms. ________________________________________________________________

for updation of Email ID/Tel. No. ________________________________________________________

for Office Use

Signature of receiving authority

Date of receipt:

Time of receipt:

CU

T H

ER

E

Unitholders, if they so desire, may access the Annual Report of the Asset Management Company — Canara Robeco Asset Management Company Ltd. at our Website: www.canararobeco.com

R & T AGEnT

M/s. KARvY COMPUTERshARE PvT. LTD.

CAnARA ROBECO EQUiTY DivERsifiEDUnit: Canara Robeco Mutual fund, Karvy Selenium, Tower B, Plot No. 31 & 32, Gachibowli Financial District, Nanakramguda,

Serilingampally, Hyderabad - 500 032. Tel. No.: (040) 33215262/5269 • E-mail ID: [email protected]

canara robeco equity diversified abridged annual report

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