Baroda Pioneer Equity Trigger Fund - Series 1 A Close Ended Equity Scheme

Transcription

1 Baroda Pioneer Equity Trigger Fund - Series 1 A Close Ended Equity Scheme

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3 ABRIDGED ANNUAL REPORT REPORT OF THE BOARD OF DIRECTORS OF BARODA PIONEER TRUSTEE COMPANY PRIVATE LTD. TO THE UNIT HOLDERS OF THE EQUITY SCHEMES OF BARODA PIONEER MUTUAL FUND FOR THE YEAR ENDED MARCH 31, 2015 SCHEMES PERFORMANCE, FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES SCHEMES PERFORMANCE (as on March 31, 2015) Baroda Pioneer PSU Equity Fund Plan A Plan B Compounded Scheme Benchmark Scheme Benchmark Annualised Return Return % Return (%)* Return % Return(%)* 1 Year Years Years Return Since Inception *S&P BSE PSU Index Note: Since Inception returns are calculated from the date of allotment, viz. October 04, The Returns shown are for the growth option. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Baroda Pioneer Infrastructure Fund Plan A Plan B Compounded Scheme Benchmark Scheme Benchmark Annualised Return Return % Return(%)* Return % Return(%)* 1 Year Years Years Return Since Inception *CNX Infra Note: Since Inception returns are calculated from the date of allotment, viz. June 22, The Returns shown are for the growth option. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Baroda Pioneer Growth Fund Plan A Plan B Compounded Scheme Benchmark Scheme Benchmark Annualised Return Return % Return(%)* Return % Return(%)* 1 Year Years Years Return Since Inception *CNX 100 Note: Since Inception returns are calculated from the date of allotment, viz. September 12, The Returns shown are for the growth option. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Baroda Pioneer ELSS 96 Plan A Plan B Compounded Scheme Benchmark Scheme Benchmark Annualised Return Return % Return(%)* Return % Return(%)* 1 Year Years Years Return Since Inception *S&P BSE Sensex Note: Since Inception returns are calculated from the date of allotment, viz. March 31, The Returns shown are for the dividend option. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Baroda Pioneer Balance Fund Plan A Plan B Compounded Scheme Benchmark Scheme Benchmark Annualised Return Return % Return(%)* Return % Return(%)* 1 Year Years Years Return Since Inception *CRISIL Balance Fund Index Note: Since Inception returns are calculated from the date of allotment, viz. September 12, The Returns shown are for the growth option. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Baroda Pioneer Banking & Financial Services Fund Plan A Plan B Compounded Scheme Benchmark Scheme Benchmark Annualised Return Return % Return(%)* Return % Return(%)* 1 Year Years Years Return Since Inception *CNX Bank Index Note: Since Inception & FY returns are calculated from the date of allotment, viz. June 22, The Returns shown are for the growth option. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Note: Performance is not shown for schemes not completed one year from the date of allotment upto March 31, Last working day of March has been considered for computing returns. 1

4 BARODA PIONEER MUTUAL FUND FUTURE OUTLOOK AND OPERATIONS The share of B15 towns and cities in the Industry AUM has been growing steadily and we expect the trend to continue in , given the increase in interest from these centres to invest in mutual funds. If the equity markets remain buoyant, we could see sharp increase in number of folios from these centres. For us, B15 cities and towns continue to be a focus area, apart from increasing our coverage through more distribution partners and delivering better risk-adjusted returns. Further, as digital medium continues to gain ground in investment world, we recognise its significance and will enhance our deliverables through technology-based solutions. Our focus to increase retail participation and penetration remains an integral part of our growth strategy. We intend to grow our presence in the Bank of Baroda network and get more retail investors in the mutual fund fold. Initiatives are underway to grow and develop our presence through the network of IFAs, large national and regional distributors and domestic private banks. This will help create more awareness of our products, performance and services and thus provide value to our investors. Our endeavour is to be comparable with the best in the industry. BRIEF BACKGROUND OF THE SPONSORS, TRUST/MUTUAL FUND, TRUSTEE COMPANY AND AMC SPONSORS (A) PIONEER GLOBAL ASSET MANAGEMENT S.p.A. ( PIONEER ) Pioneer is the asset management division of the UniCredit Group, one of Europe s leading banking groups. A wholly owned subsidiary of Unicredit and a multi-discipline investment management firm, Pioneer offers a complete range of traditional, institutional and alternative investment services. Pioneer operates in markets through its trademark, Pioneer Investments. As of end March 2015, Pioneer had its presence in 28 countries, an experienced team of approximately 2,030 employees globally, including nearly 360 investment professionals, and assets under management totalling 225billion. (B) BANK OF BARODA ( BOB ) BOB, a Body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, with its Head office at Mandvi, Baroda, and Central Office at Baroda Corporate Centre, Bandra-Kurla Complex, Bandra (East), Mumbai, is the sponsor of the Mutual Fund. BOB has contributed a sum of Rupees Ten Lakh towards the establishment of the Mutual Fund s trust. BOB is one of the premier public sector banks of India and has a track record of uninterrupted profits since its inception in The financial strength of BOB is drawn substantially from the extensive reach of its 5,203 strong branch network as on March 31, BOB is also one of the few Indian banks with a formidable presence overseas with approximately104 branches as on March 31, (C) THE MUTUAL FUND / TRUST The Mutual Fund has been constituted as a trust (established by BOB) in accordance with the provisions of the Indian Trusts Act, 1882, by the execution of trust deed dated October 30, 1992, and is registered with SEBI under Registration No. MF/018/94/2, dated November 21, When Pioneer acquired 51% of the shareholding of BOB Asset Management Company Limited,now known as Baroda Pioneer Asset Management Company Ltd. ( AMC )in June 2008,Pioneer became the cosponsor of the Mutual Fund. (D) THE AMC The AMC is a public limited company, which was incorporated under the Companies Act, 1956 on November 5, 1992 under the name, BOB Asset Management Company Limited. It was appointed as the asset management company of the Mutual Fund by the erstwhile Board of Trustees vide Investment Management Agreement ( IMA ) dated November 24, 1992, and was a wholly owned subsidiary of BOB. On June 27, 2008, Pioneer acquired a 51% shareholding in the AMC. Subsequently, the name of the AMC was changed to Baroda Pioneer Asset Management Company Limited and a fresh certificate of incorporation was issued by the Registrar of Companies, Mumbai, Maharashtra, on July 8, The AMC s registered office is situated at 501, Titanium, 5 th Floor, Western Express Highway, Goregaon (E), Mumbai In compliance of the requirement of the SEBI (Mutual Funds) Regulations, 1996 ( SEBI MF Regulations ) 50% of the Directors of the AMC are independent and the remaining are nominated by the sponsors of the Mutual Fund. The AMC also provides non-binding investment advice to Pioneer Investment Management Limited for investment in the Indian equity market by SEBI registered FII sub-accounts. SEBI has given its NOC to the AMC vide letter no. OW/20656/2011 dated June 29, There is no conflict of interest between this activity and the mutual fund business. ( E ) TRUSTEE COMPANY Pursuant to the No-Objection Certificate received from SEBI vide its letter no. OW/24482/2011 dated July 28, 2011, Baroda Pioneer Trustee Company Pvt. Ltd. ( Trustee Company ), was incorporated and received its certificate of incorporation on December 23, 2011, with Pioneer and BOB holding 51% and 49% respectively of its share capital. The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unitholders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the SEBI (Mutual Fund) Regulations, 1996 ( Regulations ) and the Trust Deed. The Trustee seeks to ensure that the Fund and the Schemes floated there under are managed by the AMC in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies. INVESTMENT OBJECTIVES OF AND POLICY OF INVESTMENT UNDERLYING THE SCHEMES (A) INVESTMENT OBJECTIVES Sr. No. Name and nature of Scheme Investment Objective 1. Baroda Pioneer PSU Equity Fund The primary investment objective of the Scheme is to provide investors with opportunities for long-term growth in capital along with (an open ended equity scheme) 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. 2. Baroda Pioneer Infrastructure Fund The primary investment objective of the Scheme is to generate long term capital appreciation by investing predominantly in equity and (an open ended equity scheme) equity-related securities of companies engaged in infrastructure and infrastructure related sectors. 3. Baroda Pioneer Growth Fund The Scheme aims to generate long term capital appreciation from an actively managed portfolio of equity and equity related (an open ended growth scheme) instruments. 4. Baroda Pioneer ELSS 96 The Scheme aims to provide the investor long term capital growth as also tax benefit under Section 80C of the Income Tax Act, (an open ended tax benefit-cum-growth scheme) 5. Baroda Pioneer Balance Fund The Scheme is targeted for long-term capital appreciation along with stability through a well balance portfolio comprising of equity, (an open ended balanced scheme) equity related instruments, money market instruments and debt securities. 6. Baroda Pioneer Banking and Financial Services Fund The primary investment objective of the Scheme is to generate long-term capital appreciation for unit holders from a portfolio invested (an open ended sectoral scheme) predominantly in equity and equity related securities of companies engaged in the Banking & Financial Services Sector. 7. Baroda Pioneer Equity Trigger Fund - Series I The investment objective of the scheme is to provide capital appreciation by investing in a well-diversified portfolio of equity and equity (a close ended equity scheme) related securities predominantly of mid-cap and small cap companies. SIGNIFICANT ACCOUNTING POLICIES Accounting Policies are in accordance with the SEBI MF Regulations. The significant accounting policies are annexed to the accounts of the scheme(s). UNCLAIMED DIVIDEND & REDEMPTIONS Summary of unclaimed dividend and redemptions data scheme wise as at March 31, 2015 is as under: Scheme Name Unclaimed Dividends (Rs.) Unclaimed Redemptions (Rs.) Baroda Pioneer Balance Fund 31, , Baroda Pioneer Banking & Financial Services Fund 4, , Baroda Pioneer ELSS 96 Fund 2,781, Baroda Pioneer Growth Fund 15, ,084, Baroda Pioneer Infrastructure Fund - 143, Baroda Pioneer PSU Equity Fund - 150, Grand Total 2,832, ,84,

5 ABRIDGED ANNUAL REPORT REDRESSAL OF INVESTOR COMPLAINTS Details of investor complaints received during the financial year ended March 31, 2015 in respect of the Mutual Fund is provided here and forms part of the Trustee Report. DISCLOSURE ON VOTING POLICY AND ACTUAL VOTING RIGHTS EXERCISED BY THE MUTUAL FUND IN GENERAL MEETINGS HELD DURING THE FINANCIAL YEAR ENDED MARCH 31, 2015 In terms of the SEBI circular no. SEBI/ IMD/ CIR No.18/198647/ 2010 dated March 15, 2010 as amended by SEBI circular no. CIR/IMD/DF/05/2014 dated March 24, 2014, details of the actual exercise of the proxy votes in the AGMs/EGMs of the investee companies of the Mutual Fund during the financial year ended March 31, 2015 along with a summary of the votes cast across all the investee companies and its break-up in terms of total number of votes cast in favour, against or abstained from, have been disclosed on the website Similarly, the Voting Policy is displayed on the website of the Mutual Fund. Further in terms of SEBI Circular No. CIR/IMD/DF/05/2014 dated March 24, 2014 auditors certificate on voting rights have been disclosed by the AMC in the annual report of the Schemes onwebsite STATUTORY INFORMATION a) 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. Ten lacs for setting up the Fund, and such other accretions / additions to the same. The AMC and the Sponsor of the Mutual Fund will be liable to compensate the affected investors and/or the scheme for any unfair treatment to any investor as a result of inappropriate valuation. 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) Full Annual Report shall be disclosed on the website ( and shall be available for inspection at the Head Office of the Fund. Present and prospective unit holders can obtain a copy of the trust deed and the full Annual Report of the Fund / AMC upon request. ACKNOWLEDGEMENT The Trustee is grateful to the unit holders for reposing faith and confidence in the Mutual Fund. The Board of Directors of the Trustee Company expresses gratitude to the Securities and Exchange Board of India, Association of Mutual Funds in India, Reserve Bank of India, Auditors, Registrars, Custodians, Bankers, Agents and Brokers for their continued support, advice and co-operation. Last but not the least, the Board of Directors of Trustee Company places on record its appreciation for the services rendered by the Directors and staff of the AMC in managing the affairs of the Mutual Fund. For and on behalf of the Board of Directors of Baroda Pioneer Trustee Company Private Ltd. Sd/- R. L. Baxi Chairman Place : Mumbai Date : July 29, 2015 Mutual fund investments are subject to market risks, read all scheme related documents carefully. 3

6 BARODA PIONEER MUTUAL FUND REDRESSAL OF INVESTOR COMPLAINTS Redressal of complaints received against Baroda Pioneer Mutual Fund during : Name of Mutual Baroda Pioneer Mutual Fund Action on (a) and (b) Fund No of Folios as on 169, Complaint Type of (a) No. of (b) No of Resolved Non Pending Code complaint complaints pending complaints Actionable* at the beginning received during Within Beyond of the year the year 30 days days days 180 days months months months months IA Non receipt of Dividend on Units IB Interest on delayed payment of Dividend IC Non receipt of Redemption Proceeds ID Interest on delayed payment of Redemption IIA Non receipt of Statement of Account/ Unit Certificate IIB Discrepancy in Statement of Account IIC Non receipt of Annual Report/Abridged Summary IIIA Wrong switch between Schemes IIIB Unauthorized switch between Schemes IIIC Deviation from Scheme attributes IIID Wrong or excess charges/load IIIE Non updation of changes viz. address, PAN, bank details, nomination, etc. IV Others TOTAL # including against its authorized persons/ distributors/ employees. etc. * Non actionable means the complaint that are incomplete / outside the scope of the Mutual Fund 4

7 ABRIDGED ANNUAL REPORT AUDITORS REPORT The Board of Directors Baroda Pioneer Trustee Company Pvt. Ltd. Mumbai. Dear Sirs, We have audited the the accompanying financial statements of the schemes mentioned below (collectively the Schemes ),of BARODA PIONEER MUTUAL FUND,which comprise the Balance Sheets as at March 31, 2015 and also the Revenue Account for the year / period ended on that date and a summary of significant accounting policies and other explanatory information annexed thereto. 1. BARODA PIONEER ELSS96 FUND 2. BARODA PIONEER GROWTH FUND 3. BARODA PIONEER BALANCE FUND 4. BARODA PIONEER INFRASTRUCTURE FUND 5. BARODA PIONEER PSU EQUITY FUND 6. BARODA PIONEER BANKING AND FINANCIAL SERVICES FUND 7. BARODA PIONEER EQUITY TRIGGER FUND -SR I Management s Responsibility for the Financial Statements Trustee of Mutual Fund and Asset Management Company are responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance of the Schemes in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto ( the Regulations ). This responsibility includes the design, implementation and maintenance of internal control 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. 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 disclosures in the financial statements. The procedures selected depend on the auditors 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 Schemes internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by 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 auditopinion. 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 Regulations as applicable and give a true and fair view in conformity withthe accounting principles generally accepted in India: (a) (b) in the case of the Balance Sheets, of the state of affairsof the Scheme as at March 31, 2015; and in the case of the Revenue Accounts, of the surplus/deficit, as applicable for the year/period ended on that date; Report on Other Legal and Regulatory Requirements As required under the Regulations, we report that: 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; 2. The Balance Sheets and Revenue Accounts dealt with by this Report are in agreement with the books of account of the Schemes; 3. In our opinion, the Balance Sheets and Revenue Accounts dealt with by this report have been prepared in accordance with the accounting policies and standards as specified in Ninth Schedule of SEBI (Mutual Fund) Regulation 1996 and amendments thereto. 4. The methods used to value non traded securities (referred in 3 of Schedule 9), as determined by Asset Management Company and as approved by the Trustee are in good faith and in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities and Exchange Board of India, and are fair and reasonable. For and on behalf of BORKAR & MUZUMDAR Chartered accountants Firm Regn. No: W Sd/- Devang Vaghani Place : Mumbai. Partner, Date : 29 July, 2015 (M. No ) 5

8 BARODA PIONEER MUTUAL FUND ABRIDGED BALANCE SHEET AS AT MARCH 31, 2015 BARODA PIONEER BARODA PIONEER BARODA PIONEER BARODA PIONEER ELSS96 FUND GROWTH FUND BALANCE FUND INFRASTRUCTURE FUND As at As at As at As at As at As at As at As at LIABILITIES 1 Unit Capital 136,184, ,703, ,974, ,910, ,480,568 63,279, ,005, ,199,803 2 Reserves & Surplus 2.1 Unit Premium Reserves 133,485, ,700,069 (444,840,483) 411,307,546 (43,644,587) (69,830,640) 1,061,183 8,005, Unrealised Appreciation Reserve 50,784,156 44,985, ,492, ,524,125 14,273,692 17,956,276 10,786,163 19,498, Other Reserves 115,946,269 13,486,973 1,798,817, ,012, ,607, ,777,868 27,533,428 (74,463,863) 3 Loans & Borrowings Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits Other Current Liabilities & Provisions 6,587,349 12,003,869 21,782, ,089,281 1,637,680 4,879,730 5,252,533 5,367,498 TOTAL 442,987, ,880,605 2,290,227,531 2,194,843, ,355, ,062, ,638, ,607,314 ASSETS 1 Investments Listed Securities: Equity Shares 415,642, ,076,433 2,239,892,273 2,036,058, ,294, ,375, ,318, ,821,317 Preference Shares 84,000 73,500 1,848,000 1,617, Equity Linked Debentures Other Debentures & Bonds ,424,734 4,860, ,367 - Securitised Debt securities Securities Awaited Listing: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt securities Unlisted Securities Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt securities Government Securities ,524,999 40,059, Treasury Bills Commercial Paper Certificate of Deposits Bill Rediscounting Units of Domestic Mutual Fund Foreign Securities Total Investments 415,726, ,149,933 2,241,740,273 2,037,675, ,244, ,296, ,890, ,821,317 2 Deposits 9,176,571 8,520,789 34,001,682 82,725,512 1,127,256 12,073,370 4,758,562 6,734,057 3 Other Current Assets 3.1 Cash & Bank Balance 5,700, ,098 3,947,337 19,484, , , , , CBLO/ Reverse Repo Lending 9,176,571 8,520,789 34,001,682 82,725,512 1,127,256 12,073,370 4,758,562 6,734, Others 3,207,381 (944,003) (23,463,443) (27,767,479) 9,470,346 (2,843,929) 1,023,589 (2,880,967) TOTAL 442,987, ,880,605 2,290,227,531 2,194,843, ,355, ,062, ,638, ,607,314 6

9 ABRIDGED ANNUAL REPORT ABRIDGED BALANCE SHEET AS AT MARCH 31, 2015 BARODA PIONEER BARODA PIONEER BARODA PIONEER PSU EQUITY FUND BANKING & FINANCIAL EQUITY TRIGGER SERVICES FUND FUND- SERIES 1 As at As at As at As at As at LIABILITIES 1 Unit Capital 485,021, ,928, ,442, ,328, ,545,882 2 Reserves & Surplus 2.1 Unit Premium Reserves 106,584,920 73,868,500 (44,532,276) (13,941,119) Unrealised Appreciation Reserve ,918,054 49,755,505 4,498, Other Reserves (187,652,855) (331,759,344) 159,782,548 4,229,335 13,657,773 3 Loans & Borrowings Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits Other Current Liabilities & Provisions 1,454,649 36,349, ,683 24,134, ,252 TOTAL 405,408, ,387, ,570, ,506, ,557,251 ASSETS 1 Investments Listed Securities: Equity Shares 375,079, ,567, ,073, ,562, ,755,848 Preference Shares Equity Linked Debentures Other Debentures & Bonds 1,271, Securitised Debt securities Securities Awaited Listing: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt securities Unlisted Securities Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt securities Government Securities Treasury Bills Commercial Paper Certificate of Deposits Bill Rediscounting Units of Domestic Mutual Fund Foreign Securities Total Investments 376,351, ,567, ,073, ,562, ,755,848 2 Deposits 8,390,566 19,604,821 7,042,183 15,125,218 15,933,764 3 Other Current Assets 3.1 Cash & Bank Balance 264,970 1,142, , , , CBLO/ Reverse Repo Lending 8,390,566 19,604,821 7,042,183 15,125,218 15,933, Others 12,010,655 18,467,562 4,277,299 11,236,682 13,756,133 TOTAL 405,408, ,387, ,570, ,506, ,557,251 7

10 BARODA PIONEER MUTUAL FUND ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2015 BARODA PIONEER BARODA PIONEER BARODA PIONEER BARODA PIONEER ELSS96 FUND GROWTH FUND BALANCE FUND INFRASTRUCTURE FUND Year/Period Year/Period Year/Period Year/Period Year/Period Year/Period Year/Period Year/Period ended ended ended ended ended ended ended ended INCOME Dividend 3,339,007 4,126,893 25,978,369 28,795,105 3,434,519 2,131,640 2,376,828 6,014,943 Interest 635, ,493 4,782,647 3,778,452 26,449,593 4,045, , ,608 Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gains / (Losses) on Interscheme sale of investments (18,143) (912,216) (106,110) - - Realised Gains / (Losses) on External sale / redemption of investments 123,072,115 28,844, ,827,630 45,792, ,485,259 7,282, ,518,888 (42,900,211) Realised Gains / (Losses) on Derivative Transactions Other Income ,970,052 2,113,137 18,522, , , ,356 ( A ) 127,046,728 33,412, ,558,699 80,460, ,979,534 13,699, ,037,245 (36,296,304) EXPENSES Management fees 6,946,416 6,059,926 49,614,278 40,364,582 11,947,692 4,306,646 5,679,117 5,237,590 Service tax on Management fees 858, ,007 6,132,325 4,989,062 1,476, , , ,366 Transfer agents fees and expenses Custodian fees Trusteeship fees 12,179 12,197 89,876 80,337 25,034 8,024 10,435 10,294 Commission to Agents 2,172, ,277 11,010,474 2,971,441 14,029, ,802 1,185, ,654 Marketing & Distribution expenses Audit fees 7,694 10,974 42,030 77,254 11,774 9,555 4,284 6,591 Investor education awareness 71,665 51, , , ,028 34,359 53,255 43,723 Other operating expenses 807, ,651 6,640,951 4,899,077 1,340, , , ,685 ( B ) 10,876,169 8,215,013 74,018,481 53,725,459 29,036,109 5,560,897 8,143,032 6,909,904 NET REALISED GAINS / (LOSSES) FOR THE YEAR (A -B = C) 116,170,558 25,197, ,540,217 26,735, ,943,425 8,138, ,894,214 (43,206,208) Change in Unrealised Depreciation in value of investments (D) - 29, ,712 5,701, ,052 9,284,226 - NET GAINS / (LOSSES) FOR THE YEAR (E=(C-D)) 116,170,558 25,167, ,540,217 26,555, ,242,320 7,950,516 98,609,988 (43,206,208) Change in unrealised appreciation in the value of investments (F) 5,798,172 25,309, ,968, ,451,436 2,018,521 18,418, ,367 82,025,536 NET SURPLUS / (DEFICIT) FOR THE YEAR ( E + F = G ) 121,968,731 50,477, ,508, ,006, ,260,841 26,369,277 99,182,355 38,819,328 Opening Balance 13,486,973 15,522, ,012, ,034, ,777,868 38,884,503 (74,463,863) (93,785,169) Add: Balance transfer from Unrealised Appreciation Reserve 44,985,984 19,706, ,524,125 44,252,401 17,956,276-19,498,022 - Less: Balance transfer to Unrealised Appreciation Reserve 50,784,156 44,985, ,492, ,524,125 14,273,692 17,956,276 10,786,163 19,498,022 Add / (Less): Equalisation 15,685,859 (4,054,976) 302,265, ,218, ,378, ,649,397 (4,093,019) - Total (Including G) 145,343,391 36,665,035 1,798,818, ,987,446 1,400,099, ,946,902 29,337,331 (74,463,863) Dividend appropriation Income Distributed during the year 29,397,121 23,178, ,974, ,491,678 3,169,034 1,803,904 - Tax on income distributed during the year Retained Surplus / (Deficit) carried forward to Balance sheet 115,946,270 13,486,973 1,798,817, ,012, ,607, ,777,868 27,533,426 (74,463,863) 8

11 ABRIDGED ANNUAL REPORT ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2015 BARODA PIONEER BARODA PIONEER BARODA PIONEER PSU EQUITY FUND BANKING & FINANCIAL EQUITY TRIGGER SERVICES FUND FUND- SERIES 1 Year/Period Year/Period Year/Period Year/Period Year/Period ended ended ended ended ended INCOME Dividend 9,399,100 23,710,652 3,940,300 7,872, ,603 Interest 1,548,272 1,209, , ,103 2,965,485 Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gains / (Losses) on Interscheme sale of investments 494, ,427 (5,527) - Realised Gains / (Losses) on External sale / redemption of investments 102,570,000 (196,951,730) 139,325,241 (14,455,662) 15,214,319 Realised Gains / (Losses) on Derivative Transactions Other Income 430,512 99, , ,231 - ( A ) 114,442,593 (171,931,764) 144,813,375 (5,087,604) 18,456,407 EXPENSES Management fees 10,775,339 12,282,055 9,642,856 8,598,927 3,622,779 Service tax on Management fees 1,331,832 1,518,062 1,191,857 1,062, ,776 Transfer agents fees and expenses Custodian fees Trusteeship fees 20,721 23,810 15,807 17, Commission to Agents 3,106, ,675 2,950, , ,877 Marketing & Distribution expenses Audit fees 7,894 9,104 9,450 12,213 10,309 Investor education awareness 105, ,932 94,606 72,734 32,481 Other operating expenses 317, ,283 1,351,234 1,068, ,489 ( B ) 15,665,322 15,293,922 15,256,784 11,823,756 4,798,635 NET REALISED GAINS / (LOSSES) FOR THE YEAR (A -B = C) 98,777,272 (187,225,685) 129,556,591 (16,911,360) 13,657,772 Change in Unrealised Depreciation in value of investments (D) NET GAINS / (LOSSES) FOR THE YEAR (E=(C-D)) 98,777,272 (187,225,685) 129,556,591 (16,911,364) 13,657,772 Change in unrealised appreciation in the value of investments (F) 45,329, ,499,803 26,162,549 35,613,718 4,498,343 NET SURPLUS / (DEFICIT) FOR THE YEAR ( E + F = G ) 144,106,488 2,274, ,719,139 18,702,354 18,156,115 Opening Balance (331,759,345) (334,033,462) 4,229,335 20,661,061 - Add: Balance transfer from Unrealised Appreciation Reserve ,755,505 14,141,791 - Less: Balance transfer to Unrealised Appreciation Reserve ,918,054 49,755,505 4,498,343 Add / (Less): Equalisation ,776, ,634 - Total (Including G) (187,652,856) (331,759,345) 168,562,111 4,229,335 13,657,772 Dividend appropriation Income Distributed during the year - - 8,779, Tax on income distributed during the year Retained Surplus / (Deficit) carried forward to Balance sheet (187,652,856) (331,759,345) 159,782,548 4,229,335 13,657,772 9

12 BARODA PIONEER MUTUAL FUND Notes to Accounts Annexure I to the Abridged Balance Sheet and Revenue Account for the year ended March 31, Investments: All Investments of the Scheme are registered in the name of the Trustee for the benefit of the Scheme s Unitholders Open Position of derivatives as at the year ended March 31, 2015 and March 31, 2014 was NIL Investment in Associates and Group Companies as at the year ended March 31, 2015 was as under - Scheme Issuer Instrument Type Amount (Rs.) Aggregate Investmentsby all schemes (Rs.) March 31, 2015 March 31, 2015 Baroda Pioneer Elss96 Fund Bank of Baroda Equity 8,486,160 35,034,780 Baroda Pioneer Elss96 Fund Multi Commodity Exchange of India Limited Equity 13,326,595 28,622,475 Baroda Pioneer Balance Fund Bank of Baroda Equity 9,662,198 35,034,780 Baroda Pioneer Balance Fund Multi Commodity Exchange of India Limited Equity 26,729,052 28,622,475 Baroda Pioneer Psu Equity Fund Bank of Baroda Equity 18,390,170 35,034,780 Baroda Pioneer Banking And Bank of Baroda Equity 18,895,260 35,034,780 Fin Serv Fund Baroda Pioneer Equity Trigger Multi Commodity Exchange of India Limited Equity 23,002,430 28,622,475 Fund -Sr I 1.4. There was no open position of Securities Borrowed and/or Lend by the scheme as at March 31, 2015 and March 31, There were no Non-Performing Assets as at March 31, 2015 and March 31, Aggregate Unrealised Gain / Loss as at the end of the Financial Year March 31, 2015 and March 31, 2014 are as under : Scheme Name / Security Type Year ended 31-March-2015 Year ended 31-March-2014 Unrealised Gain / (Loss) % to Net Assets Unrealised Gain / (Loss) % to Net Assets Baroda Pioneer ELSS96 Fund Equity Shares 50,784, ,985, Debentures / Bonds Listed / Awaiting listing - - Baroda Pioneer Growth Fund Equity Shares 578,492, ,524, Baroda Pioneer Balance Fund Debentures / Bonds Listed / Awaiting listing 792, , Equity Shares 12,298, ,000, Government Securities/Treasury bills 1,181, (62,714) (0.03) Baroda Pioneer Infrastructure Fund Debentures / Bonds Listed / Awaiting listing 572, Equity Shares 10,213, ,145, Rights , Baroda Pioneer Psu Equity Fund Debentures / Bonds Listed / Awaiting listing 1,271, Equity Shares (3,118,959) (0.77) (47,176,250) (8.99) Baroda Pioneer Banking And Fin Serv Fund Equity Shares 75,918, ,755, Baroda Pioneer Equity Trigger Fund -Sr I Equity Shares 4,498, The aggregate value of securities purchased and sold during the financial year March 31, 2015 and March 31, 2014 is as below : Scheme Name Purchases (Rs.) % of Avg. Net Assets Sales (Rs.) % of Avg. Net Assets Baroda Pioneer Elss96 Fund 869,215, ,508, Baroda Pioneer Growth Fund 2,957,900, ,654,659, Baroda Pioneer Balance Fund 5,035,070, ,760,406, Baroda Pioneer Infrastructure Fund 789,161, ,899, Baroda Pioneer Psu Equity Fund 1,058,240, ,332,849, Baroda Pioneer Banking And Fin Serv Fund 913,675, ,792, Baroda Pioneer Equity Trigger Fund -Sr I 957,550, ,507, Baroda Pioneer Elss96 Fund 335,742, ,474, Baroda Pioneer Growth Fund 2,490,299, ,328,652, Baroda Pioneer Balance Fund 376,713, ,069, Baroda Pioneer Infrastructure Fund 290,374, ,403, Baroda Pioneer Psu Equity Fund 465,167, ,901, Baroda Pioneer Banking And Fin Serv Fund 379,283, ,207, Baroda Pioneer Equity Trigger Fund -Sr I

13 ABRIDGED ANNUAL REPORT Non-Traded securities in the portfolio: Aggregate Value of Debt & Money Market Instruments and percentage to net assets is as under : Scheme Name March 31, 2015 March 31, 2014 Market / Fair Value % of Avg. Net Assets Market / Fair Value % of Avg. Net Assets Baroda Pioneer Elss96 Fund Baroda Pioneer Growth Fund 5, , Baroda Pioneer Balance Fund 164,847, ,920, Transactions covered by Regulation 25(8) of the SEBI Regulations with the associates of the Investment Manager of the Fund : Name of associates/related parties/group Nature of Association/ Period Value of % of Total Value of Brokerage % of total Brokerage companies of Sponsor/AMC Nature of relation Covered Transaction Transaction of the Fund paid by the Fund (Rs) (Rs) BOB Capital Markets Ltd. Associate Broker Apr-14 To Mar ,143, ,961, SBICAP Securities Ltd Associate Broker Apr-14 To Mar ,116, ,315, Name of associates/related parties/ Nature of Association Period Value of % of Total Value of Brokerage % of total Brokerage group companies of Sponsor/AMC / Nature of relation Covered Transaction Transaction of the Fund paid by the Fund (Rs) (Rs) BOB Capital Markets Ltd. Associate Broker Apr-13 To Mar ,098, , SBICAP Securities Ltd Associate Broker Apr-13 To Mar ,362, , Commission paid to associates/related parties/group companies of sponsor/amc : Name of associate/related parties/group Nature of association Yearly companies of Sponsor/AMC /Nature of relation March 21, 2014 to March 31, 2015 Business % of Total Business Commission % of total commission Given (Rs.) received by the fund Paid (Rs.) paid by the fund BANK OF BARODA Sponsor 32,697,451, ,435, Name of associate/related parties/ Nature of association Yearly group companies of Sponsor/AMC /Nature of relation April 01, 2013 to March 20, 2014 Business % of Total Business Commission % of total commission Given (Rs.) received by the fund Paid (Rs.) paid by the fund BANK OF BARODA Sponsor 30,340,860, ,555, Interest on Borrowings & Bank charges : Nil 5 There were no Unitholders over 25% of the NAV of the Scheme as at March 31, 2015 and March 31, Unit Capital movement during the years ended March 31, 2015 and March 31, 2014 (Refer Annexure II) 7 Prior year amounts have been re-grouped and reclassified, wherever applicable, to confirm to current year s presentation. 8 There were no contingent liabilities for the year ended March 31, 2015 and March 31, Expenses other than management fee are inclusive of service tax wherever applicable. 10 The Annual Accounts of the Schemes prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations,1996 has been approved by the Board of Directors of AMC and Trustee Company at their meetings held on 29 July, The audit report attached herewith refers to the said annual accounts. The aforesaid abridged accounts are an extract of the Annual Accounts in accordance with SEBI Circular No. IMD/Cir8/132968/2008 dated July 24,

14 BARODA PIONEER MUTUAL FUND Annexure II Unit Capital movement during the year ended March 31, 2015 and March 31, 2014 BARODA PIONEER ELSS96 FUND Description Opening Units Subscription Redemption Closing Units Face value Regular Plan Bonus Option 2, , , , Regular Plan Dividend Option - 180, , ,803, Regular Plan Growth Option 11,536, ,508, ,780, ,264, ,649, Direct Plan Bonus Option 1, , , , Direct Plan Dividend Option - 6, , , Direct Plan Growth Option 29, , , ,371, Regular Plan Bonus Option - 2, , , Regular Plan Growth Option 11,973, ,566, ,002, ,536, ,368, Direct Plan Bonus Option - 1, , , Direct Plan Growth Option 9, , , , BARODA PIONEER GROWTH FUND Description Opening Units Subscription Redemption Closing Units Face value Regular Plan Dividend Option 10,596, ,280, ,225, ,651, ,511, Regular Plan Growth Option 28,724, ,954, ,899, ,779, ,795, Direct Plan Dividend Option 7,320, , ,318, , , Direct Plan Growth Option 49, , , , ,485, Regular Plan Dividend Option 11,444, , ,523, ,596, ,962, Regular Plan Growth Option 26,623, ,830, ,729, ,724, ,248, Direct Plan Dividend Option ,320, ,320, ,205, Direct Plan Growth Option 7, , , , , BARODA PIONEER BALANCE FUND Description Opening Units Subscription Redemption Closing Units Face value Regular Plan Bonus Option - 19, , , , Regular Plan Dividend Option 636, ,402, ,012, ,026, ,267, Regular Plan Growth Option 5,520, ,745, ,156, ,109, ,097, Direct Plan Dividend Option 166, ,531, ,243, , ,538, Direct Plan Growth Option 4, , , , , Regular Plan Dividend Option 522, , , , ,361, Regular Plan Growth Option 3,969, ,384, ,833, ,520, ,205, Direct Plan Dividend Option 6, , , , ,665, Direct Plan Growth Option 1, , , , , BARODA PIONEER INFRASTRUCTURE FUND Description Opening Units Subscription Redemption Closing Units Face value Regular Plan Dividend Option 7,228, , ,986, ,971, ,713, Regular Plan Growth Option 20,774, ,567, ,617, ,724, ,247, Direct Plan Dividend Option 1, , , , , Direct Plan Growth Option 14, , , , , Regular Plan Dividend Option 7,981, , , ,228, ,283, Regular Plan Growth Option 24,985, ,800, ,011, ,774, ,748, Direct Plan Dividend Option 1, , , Direct Plan Growth Option 3, , , , , BARODA PIONEER PSU EQUITY FUND Description Opening Units Subscription Redemption Closing Units Face value Regular Plan Dividend Option 15,642, ,304, ,013, ,933, ,334, Regular Plan Growth Option 62,600, ,362, ,560, ,402, ,023, Direct Plan Dividend Option - 10, , , , Direct Plan Growth Option 49, , , , ,587, Regular Plan Dividend Option 18,398, , ,891, ,642, ,425, Regular Plan Growth Option 70,189, ,717, ,306, ,600, ,006, Direct Plan Growth Option 10, , , , ,

15 ABRIDGED ANNUAL REPORT Annexure II Unit Capital movement during the year ended March 31, 2015 and March 31, 2014 (Contd.,) Baroda Pioneer Banking and Fin Serv Fund Description Opening Units Subscription Redemption Closing Units Face value Regular Plan Bonus Option , Regular Plan Dividend Option 1,436, ,244, , ,063, ,635, Regular Plan Growth Option 31,126, ,193, ,107, ,213, ,136, Direct Plan Dividend Option 4, , , , , Direct Plan Growth Option 65, , , , ,550, Regular Plan Dividend Option 2,168, , ,075, ,436, ,361, Regular Plan Growth Option 34,500, ,968, ,342, ,126, ,269, Direct Plan Dividend Option 4, , , , , Direct Plan Growth Option 30, , , , , Baroda Pioneer Equity Trigger Fund -SR I Description Opening Units Subscription Redemption Closing Units Face value Regular Plan Dividend Option - 23,537, ,537, ,379, Regular Plan Growth Option - 30,568, ,568, ,687, Direct Plan Dividend Option - 7,169, ,169, ,690, Direct Plan Growth Option - 678, , ,789,

16 BARODA PIONEER MUTUAL FUND Key Statistics for the Year/Period ended BARODA PIONEER BARODA PIONEER BARODA PIONEER ELSS 96 GROWTH FUND BALANCE FUND As at As at As at As at As at As at March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 March 31, NAV per unit (Rs.):Declared NAV excluding Load Open Dividend Plan Growth Plan Regular Bonus Plan Daily Dividend Plan Weekly Dividend Monthly Dividend Quarterly Dividend Institutional Daily Dividend Institutional Weekly Dividend Institutional Growth Institutional Monthly Dividend Institutional Quarterly Dividend Direct Bonus Plan Direct Daily Dividend Plan Direct Growth Plan Direct Quarterly Plan Direct Weekly Dividend Direct Monthly Dividend Direct Dividend Plan High Dividend Plan Growth Plan Regular Bonus Plan Daily Dividend Plan Weekly Dividend Monthly Dividend Quarterly Dividend Institutional Daily Dividend Institutional Weekly Dividend Institutional Monthly Dividend Institutional Quarterly Dividend Institutional Growth Direct Bonus Plan Direct Daily Dividend Plan Direct Growth Plan Direct Weekly Dividend Direct Monthly Dividend Direct Quarterly Dividend Direct Dividend Plan Low Dividend Plan Growth Plan Regular Bonus Plan Daily Dividend Plan Weekly Dividend Monthly Dividend Quarterly Dividend Institutional Daily Dividend Institutional Weekly Dividend Institutional Monthly Dividend Institutional Quarterly Dividend Institutional Growth Direct Bonus Plan Direct Daily Dividend Plan Direct Growth Plan Direct Weekly Dividend Direct Monthly Dividend Direct Quarterly Dividend Direct Dividend Plan

17 ABRIDGED ANNUAL REPORT Key Statistics for the Year/Period ended (Contd.,) BARODA PIONEER BARODA PIONEER BARODA PIONEER ELSS 96 GROWTH FUND BALANCE FUND As at As at As at As at As at As at March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014 End Dividend Plan Growth Plan Regular Bonus Plan Daily Dividend Plan Weekly Dividend Monthly Dividend Quarterly Dividend Institutional Daily Dividend Institutional Weekly Dividend Institutional Growth Institutional Monthly Dividend Institutional Quarterly Dividend Direct Bonus Plan Direct Daily Dividend Plan Direct Growth Plan Direct Quarterly Plan Direct Weekly Dividend Direct Monthly Dividend Direct Dividend Plan Closing Assets Under Management (Rs. in Lakhs) End Average (AAuM) 3, , , , , , Gross income as % of AAuM 37.09% 22.61% 38.43% 21.64% 25.42% 18.59% 4. Expense Ratio: a. Total Expense as % of AAuM 2.78% 3.16% 2.76% 3.13% 2.68% 3.24% b. Management Fee as % of AAuM 1.94% 2.33% 2.03% 2.35% 1.17% 2.51% 5. Net Income as % of AAuM 34.31% 19.45% 35.67% 18.51% 22.74% 15.35% 6. Portfolio turnover ratio Total Dividend per unit distributed during the year / period Individual & HUF Dividend Option Others Dividend Option Returns: a. Last One Year Plan Regular Dividend 43.94% 20.75% Regular Growth % 18.22% 29.32% 15.49% Regular Bonus Institutional Dividend Institutional Growth Direct Dividend 45.00% 21.55% Direct Growth % 19.27% 30.80% 16.46% Direct Bonus Benchmark 24.89% 18.85% 29.14% 18.25% 22.53% 13.40% Benchmark (Direct) % % % b. Since Inception Plan Regular Dividend 9.95% 5.33% Regular Growth % 17.48% 13.46% 12.08% Regular Bonus Institutional Dividend Institutional Growth Direct Dividend 14.77% 7.19% Direct Growth % 9.04% 18.72% 9.84% Direct Bonus Benchmark 12.07% 11.41% 18.44% 17.48% 14.12% 13.36% Benchmark (Direct) 17.20% 11.34% 17.82% 9.42% 14.59% 8.56% Benchmark Index BSE Sensex BSE Sensex CNX 100 CNX 100 Crisil Balanced Crisil Balanced Fund Index Fund Index 15