March 31, 2018 - Mutual Funds Investment Online in India ......too exist. The rising crude prices, a tight fiscal deficit target and political uncertainty are key of them. Crude prices

March 31, 2018

Past performance of the Sponsor/AMC/Fund does not indicate the schemes future performance. Risk Factors on page 57

From the Managing Director's DeskMarket OverviewEquity Market Snap ShotDebt Market Snap Shot

Kotak 50

Page no.

INDEX

Kotak Classic EquityKotak Opportunities

Kotak Select Focus FundKotak Tax Saver

Kotak Emerging EquityKotak Mid-Cap

Kotak Equity Arbitrage Fund

Kotak Balance

Kotak Equity Savings FundKotak MIP

Kotak Infrastructure & Economic Reform Fund

Kotak India Growth Fund Series 1Kotak India Growth Fund Series 4

Kotak Liquid Fund

Kotak Floater Short TermKotak Treasury Advantage Fund

Kotak Banking & PSU Debt FundKotak Low Duration Fund Kotak Bond Short TermKotak Flexi Debt SchemeKotak Income Opportunities FundKotak Medium Term FundKotak Corporate Bond FundKotak Bond Fund Kotak Gilt Investment

Kotak Asset Allocator Fund

Kotak Nifty ETFKotak Sensex ETFKotak Banking ETF

Kotak PSU Bank ETF

Kotak Gold ETF

Kotak US Equity FundKotak Global Emerging Market FundKotak World Gold Fund

1234

567

89

1011

12

1516

17

20

2122

23

2425

262728293031323334

36

414243

44

40

373839

Exposure 35

45

525457

Contents

Equity Funds

Arbitrage Funds

Hybrid Funds

Thematic Funds

Close Ended Equity Schemes

Debt Funds

Fund of Funds Scheme

ETF Funds

Scheme Performance About Our Fund Managers

Dividend History How to read Fact Sheet

Fund Name/Scheme Name

1

March 28, 2018

Dear Friends,

Mr Market is an eccentric man. Sometimes he overreacts but other times he behaves normally. Sometimes

he is either very depressed or is very excited. And it is our job to not to react to his reactions.

Since the market peak in Jan-18, the markets have corrected by around 8%. The decline in small and

midcap stocks is well into double digits. It is evident that market is unable to make up its mind in the short

term. And this is because the sentiments are changing fast.

The global dynamics of trade and finance seem to be undergoing a change. US, which up until now had been the proponent of

free trade, capital flows and business connectivity is going protectionist. China which is namesake communist, is asking for free

trade. This trend, if it takes root, will have major consequences for global growth and capital. The resultant volatility in the market

is because the participants are undecided as to where and how this will impact business.

In our opinion, the present US establishment uses the maximalist position to strike a bargain later. Although, China too has for

long been using its undervalued currency to derive trade advantage. If the US is able to negotiate a gradual recalibration of Yuan; a

freer access to Chinese markets; and a more transparent regime, then in the long run this may be in the welfare of all, especially

India. But for the next few months, the global markets and stocks of dependent companies may move like a pendulum.

At the domestic front, the early green shoots seem to be showing signs of growth. Car sales on year on year terms are rising. The

airline traffic too has shown healthy increase. CPI Inflation seems to be undershooting the RBI projection levels. But risk factors

too exist. The rising crude prices, a tight fiscal deficit target and political uncertainty are key of them.

Crude prices at US$ 70 p/b can lead to weak currency, wide current account deficit and rising inflation. A slipping fiscal deficit can

cram out the private sector borrowing and raise general interest rates in the economy. But political turmoil in an already noisy India

can cause much more volatility.

Markets don�t love uncertainty. They love stability, growth and predictability. And if a divided electoral mandate hampers that,

then it raises a concern. With major state elections slated this year; and the big general election in 2019, the whole of India Inc is

looking cautiously at the turning events.

Indian markets though have a floor as to how much they can move downwards. The mutual fund SIP inflow provides a buying

support, if the valuation levels decline sharply. Of course �end of the world� kind of sentiments can hurt all the bottoms. But that is

not what we plan for.

The RBI (Reserve Bank of India ) kept policy rates on hold while maintaining their neutral monetary policy stance - largely in line

with expectations. The overall tone of the policy was neutral as compared to some of the earlier policies. Also, with a reduction in

the projected inflation range for FY19, there seems to be a tilt towards a dovish undertone. While the RBI does maintain that there

are upside risks to inflation, the lowering of the CPI inflation projections for FY19 lends comfort.

The mutual fund Industry average AUM stood at Rs 23.05 Lakh cr at end of Mar-18. This is a growth of 25.9% on YOY basis. In the

same period, the Kotak Mutual Fund average AUM for Mar-18 was at Rs 1.24 Lakh cr. This is a growth of 35.2% on YOY basis.

The financialisation trend is continuing and while fixed income segment is attracting the bulk of AUM, the retail inflows are

directed mostly in equities. In a time when the markets are gyrating, this nascent retail trust has to be nurtured. It is advisable that

risk mitigation investment strategies like SIP, asset strategic allocation and realistic goal based investing are advised to investors.

Investors also need to be educated that market is not a roller coaster; nor a lift. It is a walk up the mountain. It is difficult, it requires

discipline, patience and planning. And at the Top: The view is awesome.

Regards,

Nilesh ShahManaging Director

EXPERT SPEAK

1

The government unveiled a Rs 2.88 lakh crore market borrowing roadmap for the first half of FY19, which would be 22.6 % lesser than Rs 3.72 lakh crore raised during the same period last financial year.

Inflation:

-CPI inflation eased for the second consecutive month to 4.4% in Feb (from 5.1% in Jan). This was partly led by a decline in vegetable prices along with normalization in the underlying CPI ex of the outliers (ie vegetables, pulses, transportation and housing) from 4.3% to 4%

-Annual wholesale price inflation last month eased for the third straight month in February to 2.48%, from a provisional 2.84% rise in January, helped by a softer rise in food and fuel prices.

-India�s Industrial Production data for the month of Jan stayed strong at 7.5% which was higher than consensus estimates of 6.4%. This was led by capital goods which was up 14.6% and Consumer Non-Durables which was up 10.5% similar to what we have seen in the Oct-Dec period.

-In its first bi-monthly monetary policy review of 2018-19, The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) kept the policy repo rate unchanged at 6% and cash reserve ratio at 4%. Also, the reverse repo rate was kept unchanged at 5.75%.

-India's exports increased by 4.5% to $25.8 billion in February 2018 as compared to $24.7 billion in February 2017,

-Imports rose by 10.4% to $37.8 billion in February.

-The Nikkei India Manufacturing Purchasing Managers Index (PMI), fell from 52.1 in February to a five-month low of 51.0 in March, indicating the slowest improvement in operating conditions recorded by the survey since last October.

-A steep rise in output of cement and fertilisers pushed up the growth of the core sector to 5.3% in February.

2

Key Events for the Month of March 2018:

12-month forward Sensex P/B (x)

Stretched

Bubble

CheapOver Invest

80% - 90%

AttractiveNeutral +

65% - 75%

FairNeutral

50%

Fair Value PlusNeutral -

35% - 45%

Under Invest

15%- 25%

Exit

5% - 10%

Market Equity Allocaion

Markets Fairly Valued Few Indicators Like PE Indicate Over-valuation, While Other Composite Indicators Like P/B Or Market Cap To GDP Suggest Valuations Still Having Some Room To Expand

Market Valuation Indicators

12-month forward Sensex P/E (x)

India’s Market Cap to GDP (%)

Suggested equity allocation

(Assuming 50% equity

allocation as neutral)

Source:Internal Calculation

Strategy for Investments in the Current Scenario for Equity Investor

12000

15000

18000

21000

24000

27000

30000

33000

36000

39000

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

No

v-1

5

Dec

-15

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-1

6

Sep

-16

Oct

-16

No

v-1

6

Dec

-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-1

7

Sep

-17

Oct

-17

No

v-1

7

Dec

-17

Jan

-18

Feb

-18

Mar

-18

Cheap 8x ‐

10x

Attractive

10x ‐

13x

Fair 13x ‐ 17x

Fair Value Plus 17x ‐

20x

Stretched 20x

‐

24x

83

103

55

9588

71

64 66

81

69

80 84

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

E

20

18

E

Average of 78% for the period

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Mar

-91

Mar

-92

Mar

-93

Mar

-94

Mar

-95

Mar

-96

Mar

-97

Mar

-98

Mar

-99

Mar

-00

Mar

-01

Mar

-02

Mar

-03

Mar

-04

Mar

-05

Mar

-06

Mar

-07

Mar

-08

Mar

-09

Mar

-10

Mar

-11

Mar

-12

Mar

-13

Mar

-14

Mar

-15

Mar

-16

Mar

-17

Mar

-18

Sensex P/B (x) ‐ LHS

3

GST to impact near-term activity especially informal segment

Improving operating leverage, falling interest costs and improvement in working capital can accelerate earnings, but a bit back-ended. Key is improvement in capacity utilisation

India stands out among global asset classes with prospects of strong long term growth.

Focus on improving financial savings of households

Higher disinvestment target and repair of leveraged balance sheet to create supply in markets.

Election heavy year can dampen near term outlook for meaningful reform

Economy

Corporate Earnings

FII Flow

DII Flow

Supply of paper

Policy/Reform Initiative

Key Variables Short - term Medium - term Remarks

Signifies growth

Key Variables & Their Impact On Equities

Equity Market Snapshot:

Trade Wars Unlikely To Impact India Directly�

Breaking Through the Fiscal Vicious Cycle

Source: CLSA, BEA

Source: World Bank, CBDT, Credit Suisse

10% 20% 30% 40% 50% 60%

Denmark

France

Germany

OECD

UK

Japan

India (Formal)

Turkey

Australia

Switzerland

USA

Korea

Mexico

India

Total Tax to GDP (2014)

40

45

50

55

60

65

70

75

80

85

90

Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Nov-17

1.8mn additional individual income tax filers over and above usual trend post demonetisation

mn

No of Direct Tax Filers

Vicious cycle: small government/high informality Sharp increase in the number of taxpayers

India�s Net Exports (goods + services) to US India�s Net (of Imports) Exports(ex oil, ex gold and jewllery) + Net Services

India�s Net Exports are a small proportion of its overall GDP

4

4

Items Mar-18 Feb-18 Change

Reverse Repo 5.75% 5.75% Nil

Repo 6.00% 6.00% Nil

CRR 4.00% 4.00% Nil

SLR 19.50% 19.50% Nil

Mibor Overnight 9.39% 6.05% 334 bps

Call(O/N) 7.57% 5.93% 164 bps

CBLO 4.60% 5.84% -124 bps

1 yr T Bill 6.42% 6.62% -20 bps

10 G Sec 7.40% 7.73% -33 bps

5 Year AAA 7.87% 8.02% -15 bps

USD/INR ` 65.04 ` 65.17 `0.13

Source: RBI; Bloomberg.

Key Variables & their Impact On Interest Rates in 2018

Denotes fall in interest rates

Medium � term (6month � 2 years)Key Variables

Inflation

Rupee

Credit Demand

Government Borrowing

RBI Policy

Global Event Risk

Corporate bond Spread

Debt FII flow

Liquidity

Short - term (3-6 month)

Low Inflation and Rising Financial Savings are Positive

Debt Market Snapshot:

Source: CMIE, Credit Suisse Estimates

CPI (% YoY)

-10%

0%

10%

20%

30%

40%

Jan-61 Jun-67 Nov-73 Apr-80 Sep-86 Feb-93 Jul-99 Dec-05 May-12

Sub-4%inflation for 12 steady months has only happened once in history

Gross Financial Savings Net Financial Savings

4%

6%

8%

10%

12%

14%

16%

18%

1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015 2018

% of GDP

CPI moderation likely to persist Financial savings as a % of GDP to keep rising

Issuer/Instrument Industry/Rating % to Net Assets

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)HDFC Bank Ltd. Banks 8.89

Reliance Industries Ltd. Petroleum Products 5.99

IndusInd Bank Ltd. Banks 5.42

ICICI Bank Ltd. Banks 5.04

Larsen And Toubro Ltd. Construction Project 4.70

ITC Ltd. Consumer Non Durables 4.68

Maruti Suzuki India Limited Auto 3.81

GAIL (India) Ltd. Gas 2.48

Tech Mahindra Ltd. Software 2.41

Infosys Ltd. Software 2.39

Zee Entertainment

Enterprises Ltd Media and Entertainment 2.39

Motherson Sumi Systems Ltd. Auto Ancillaries 2.11

Bharat Petroleum

Corporation Ltd. Petroleum Products 2.10

State Bank Of India Banks 1.92

Vedanta Ltd. Non - Ferrous Metals 1.89

Shree Cement Ltd. Cement 1.83

Cadila Healthcare Ltd. Pharmaceuticals 1.70

GlaxoSmithkline Consumer

Healthcare Ltd Consumer Non Durables 1.61

ICICI Lombard General

Insurance Company Ltd Finance 1.59

HCL Technologies Ltd. Software 1.58

Britannia Industries Ltd. Consumer Non Durables 1.50

Mahindra & Mahindra Ltd. Auto 1.45

Sun TV Limited. Media and Entertainment 1.44

Axis Bank Ltd Banks 1.35

Schaeffler India Ltd Industrial Products 1.29

Solar Industries India Limited Chemicals 1.21

Inter Globe Aviation Ltd Transportation 1.17

Sanofi India Ltd. Pharmaceuticals 1.17

HDFC Ltd. Warrants Finance 1.11


Bata India Ltd. Consumer Durables 1.10

HDFC Ltd. Finance 1.10

RBL Bank Ltd Banks 1.09

The Ramco Cements Ltd Cement 1.09

Dabur India Ltd Consumer Non Durables 1.08

Hero MotoCorp Ltd. Auto 1.07

Bharat Electronics Ltd Industrial Capital Goods 1.06

DR.Lal Pathlabs Ltd Healthcare Services 1.06

Indraprastha Gas Ltd. Gas 1.05

Petronet LNG Ltd. Gas 1.05

Kajaria Ceramics Ltd. Construction 1.04

Laurus Labs Ltd Pharmaceuticals 1.02

Nestle India Ltd. Consumer Non Durables 1.02

Jindal Steel & Power Ltd. Ferrous Metals 0.99

Persistent Systems Limited Software 0.95

Amara Raja Batteries Ltd. Auto Ancillaries 0.90

Edelweiss Financial Services Ltd Finance 0.77

Dalmia Bharat Ltd. Cement 0.74

Tata Consultancy Services Ltd. Software 0.64

Supreme Industries Limited Industrial Products 0.62

Bharat Earth Movers Ltd. Industrial Capital Goods 0.55

SBI Life Insurance Company Ltd Finance 0.51

Bandhan Bank Limited Banks 0.47

Punjab National Bank Banks 0.45

Ultratech Cement Ltd. Cement 0.30

ICICI Securities Ltd Finance and Investments 0.25

Yes Bank Ltd Banks 0.23

OCL India Ltd Cement 0.13

Listed/Awaiting Listing on Stock Exchange - Total 98.55

TERM DEPOSITS

AXIS Bank Ltd. 0.49

Term Deposits - Total 0.49

Collateral Borrowing & Lending obligation 1.14

Net Current Assets/(Liabilities) -0.18

Grand Total 100.00

Note: Term Deposit as provided above is towards margin for derivatives transactions

* For Fund Manager experience, please refer page 52-53. ## Risk rate assumed to be 6.19% (Since on 31st March 2018, FBIL Overnight MIBOR was at unusually high at 9.39%, we are taking the average of the entireMarch month). **Total Expense Ratio excludes applicable B15 fee and GST. For last three dividends, please refer page no 54-56. For scheme performance, please refer page no 45-51

SYSTEMATIC INVESTMENT PLAN (SIP)

Scheme Inception : - December 29, 1998. The returns are calculated by XIRR approach assuming investment of ̀ 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ̂ Additional BenchmarkTRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).As TRI data is not available since inception of the scheme, benchmark SIP Performance is calculated by taking S&P BSE Sensex PRI values from 29th Dec 1998 to 31st May 2007 and TRI Values from 31st May 2007 to 31st Jan 2018Kotak 50 NAV as on March 28, 2018: `32.244 (Dividend Option), `34.871 (Direct Dividend Option), `214.657 (Growth Option), `226.614 (Direct Growth Option)

Systematic Investment Plan (SIP) If you had invested `10,000 every month

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Benchmark: Nifty 50AAUM: AUM:

Allotment date: December 29, 1998KOTAK 50

An Open - Ended Equity Scheme

Investment Objective

To generate capital appreciation from a portfolio of predominantly equity and equity related securities. The portfolio will generally comprise of equity and equity re lated inst ruments of around 50 companies which may go up to 59 companies but will not exceed 59 at any point in time. However, there is no assurance that the objective of the scheme will be realized.

Available Plans/Options

A) Regular Plan B) Direct Plan

Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans)

Dividend Frequency

Trustee�s Discretion

Ratios

$Source: ICRA MFI Explorer.

Minimum Investment Amount

Initial Investment: `5000 and in multiple of `1 for purchase and for ̀ 0.01 for switches

Additional Investment: ̀ 1000 & in multiples of ̀ 1

Ideal Investments Horizon: 3 years & above

Load Structure

Entry Load: Nil. (applicable for all plans)

Exit Load:

a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units: 1%.

b) For redemption/switch outs (including SIP/STP) after 1 year from the date of allotment of units: Nil.

Regular:2.17%; Direct: 1.00%

Investment Style:

Style

Product Label

This product is suitable for investors who are seeking*:� Long term capital growth� Investment in portfolio of predominantly equity & equity

related securities* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Investors understand that their principal will be at moderately high risk

Total Expense Ratio**

`1,339.78 crs`1,325.75 crs

Fund Manager: Mr. Harish Krishnan*

(As on March 31, 2018)

PORTFOLIO

Value Blend Growth Size

Large

Mid

Small

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

69.22%

0.95

0.13

13.16%

5

1 year 3 years 5 years 7 years 10 years Since Inception

1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 23,20,000

1,20,464 4,14,798 8,22,430 13,38,462 22,94,577 15,5,90,304

0.73 9.49 12.62 13.11 12.47 17.20

1,22,328 4,25,727 8,02,644 12,89,007 22,08,248 1,12,33,760

3.70 11.28 11.63 12.06 11.75 14.44

1,23,265 4,25,426 7,95,219 12,80,431 22,02,135 1,07,91,653

5.20 11.23 11.26 11.87 11.70 14.10

Monthly SIP of 10000`

Total amount invested ( )`

Total Value as on March 28, 2018( )`

Scheme Returns (%)

Nifty 50 (TRI) ( )#`

Nifty 50 (TRI) Returns (%)

S&P BSE SENSEX (TRI) ( )^`

S&P BSE SENSEX (TRI) Returns (%)

Folio Count: 91,152

SECTOR ALLOCATION (%)

36.48

29.45

14.49

12.79

10.13

10.99

9.25

9.33

12.12

7.97

4.06

5.73

2.08

3.96

3.14

3.90

0.79

3.833.51

Benchmark

Scheme

Financial Services Energy Consumer Goods AutomobileInformation Technology Construction Cement & Cement Products PharmaMedia & Entertainment Industrial Manufacturing



Note: #Term Deposit as provided above is towards margin for derivatives transactions


Scheme Inception : - July 27,2005. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR helps in `calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ̂ Additional BenchmarkTRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).Kotak Classic Equity NAV as on March 28, 2018: `19.243 (Dividend Option), `21.192 (Direct Dividend Option), `47.207 (Growth Option), `50.460 (Direct Growth Option)


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Benchmark: Nifty 100Fund Manager: Mr. Deepak Gupta*

AAUM: `213.25 crs AUM: `296.75 crs

Allotment date: July 27, 2005KOTAK CLASSIC EQUITY

An Open - Ended Equity Growth Scheme


To generate capital appreciation from a diversified portfolio of equity and equity related securities. However, there is no assurance that the objective of the scheme will be realized.


A) B) Direct Plan Regular Plan


Dividend Frequency


Ratios




Additional Investment: ̀ 1000 & in multiples of ̀ 1


Load Structure


Exit Load: a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units: 1%.



Regular: 2.56%; Direct: 1.51%

Investment Style:

Style

Product Label

This product is suitable for investors who are seeking*:� Long term capital growth� Investment in portfolio of predominantly equity & equity

related securities* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.


Equity & Equity related (Listed/Awaiting listing on Stock Exchange)Maruti Suzuki India Limited Auto 5.44Larsen And Toubro Ltd. Construction Project 5.12Hindustan Unilever Ltd. Consumer Non Durables 4.97HDFC Bank Ltd. Banks 4.94Reliance Industries Ltd. Petroleum Products 4.84Tata Consultancy Services Ltd. Software 4.33Tech Mahindra Ltd. Software 3.31Bajaj Finance Limited Finance 3.00Titan Company Ltd. Consumer Durables 2.47Infosys Ltd. Software 2.35Jubilant Foodworks Limited Consumer Non Durables 2.04Biocon Ltd. Pharmaceuticals 2.00Britannia Industries Ltd. Consumer Non Durables 1.99Wipro Ltd. Software 1.93Jindal Steel & Power Ltd. Ferrous Metals 1.72Edelweiss Financial Services Ltd Finance 1.60Bharti Airtel Ltd. Telecom - Services 1.49GAIL (India) Ltd. Gas 1.47Tata Steel Limited. Ferrous Metals 1.30Power GridCorporation Of India Ltd Power 1.21Inter Globe Aviation Ltd Transportation 1.07National Thermal PowerCorporation Limited Power 1.01Hero MotoCorp Ltd. Auto 0.98Shriram TransportFinance Co Ltd. Finance 0.85HDFC Ltd. Warrants Finance 0.80Motherson Sumi Systems Ltd. Auto Ancillaries 0.77Zee EntertainmentEnterprises Ltd Media and Entertainment 0.77Hindalco Industries Ltd Non - Ferrous Metals 0.68Sun TV Limited. Media and Entertainment 0.68Mahindra & Mahindra Ltd. Auto 0.67Galaxy Surfactants Ltd Chemicals 0.63Godrej Agrovet Ltd Consumer Non Durables 0.61ITC Ltd. Consumer Non Durables 0.61Indraprastha Gas Ltd. Gas 0.60AU Small Finance Bank Ltd. Banks 0.58Aditya Birla Capital Ltd Finance 0.56Amber Enterprises India Ltd Consumer Durables 0.52Tata Communications Ltd Telecom - Services 0.52

HDFC Ltd. Finance 0.51Bajaj Finserv Ltd. Finance 0.50Mahindra & MahindraFinancial Services Ltd. Finance 0.50Vedanta Ltd. Non - Ferrous Metals 0.50State Bank Of India Banks 0.46HCL Technologies Ltd. Software 0.42RBL Bank Ltd Banks 0.41Grasim Industries Ltd. Cement 0.39Piramal Enterprises Limited Pharmaceuticals 0.39Eris Lifesciences Ltd Pharmaceuticals 0.38Federal Bank Ltd. Banks 0.38United Spirits Ltd. Consumer Non Durables 0.37Avenue Supermarts Ltd Retailing 0.33Laurus Labs Ltd Pharmaceuticals 0.31JSW Steel Ltd. Ferrous Metals 0.30The Ramco Cements Ltd Cement 0.26Eicher Motors Ltd Auto 0.17Hindustan PetroleumCorporation Ltd Petroleum Products 0.17Tata Steel Limited(Partly Paid Shares) Ferrous Metals 0.05IndusInd Bank Ltd. Banks 0.02Listed/Awaiting Listing on Stock Exchange - Total 77.25Preference Shares Listed/Awaiting listing on Stock Exchange 7.5% Vedanta ReedemablePreference Shares Non - Ferrous Metals 0.06Listed/Awaiting listing on Stock Exchange - Total 0.06Futures CNX NIFTY-APR2018 7.54HDFC Bank Ltd.-APR2018 2.39IndusInd Bank Ltd.-APR2018 1.80ICICI Bank Ltd.-APR2018 0.54HCL Technologies Ltd.-APR2018 0.46RBL Bank Ltd-APR2018 0.37Futures (Market value represents Notional Value) - Total 13.10TERM DEPOSITS AXIS Bank Ltd. 2.63Term Deposits - Total 2.63Collateral Borrowing & Lending obligation 22.91Net Current Assets/(Liabilities) -15.95Grand Total 100.00



Large

Mid

Small

PORTFOLIO

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

61.53%

0.93

0.28

12.88%

6




Scheme Returns (%)

Nifty 100 (TRI) ( )#`


Nifty 50 (TRI) ( )^`



1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 15,30,000

1,25,374 4,45,484 8,61,677 14,14,453 24,62,299 36,02,328

8.60 14.44 14.52 14.66 13.79 12.63

1,22,324 4,31,558 8,28,458 13,45,165 23,40,018 35,06,434

3.69 12.22 12.92 13.25 12.84 12.25

1,22,328 4,25,727 8,02,644 12,89,007 22,08,248 32,96,117

3.70 11.28 11.63 12.06 11.75 11.37

(As on March 31, 2018)Folio Count: 20,524

32.96

20.32

12.68

14.00

10.89

12.88

13.36

9.36 9.12

9.92

8.07 7.59

3.70

5.15

4.76

4.53

4.12

3.09

Benchmark

Scheme

Financial Services Consumer Goods Information Technology Energy Cash & Cash EquivalentAutomobile Others Construction Metals Pharma







Dividend Frequency


Ratios




Additional Investment: `1000 & in multiples of ̀ 1


Load Structure


Exit Load:

a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units: 1%

b) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units: NIL



7


Scheme Inception : - September 09, 2004. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR `helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ̂ Additional Benchmark TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).Kotak Opportunities NAV as on March 28, 2018: `25.653 (Dividend Option), `27.394 (Direct Dividend Option), `111.365 (Growth Option), `117.614 (Direct Growth Option)

This product is suitable for investors who are seeking*:� Long term capital growth� Investment in portfolio of predominantly equity &

equity related securities* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately



PORTFOLIO


Equity & Equity related (Listed/Awaiting listing on Stock Exchange)HDFC Bank Ltd. Banks 6.00Reliance Industries Ltd. Petroleum Products 4.31Larsen And Toubro Ltd. Construction Project 3.89HDFC Ltd. Finance 3.87Gujarat State Petronet Ltd. Gas 3.06ICICI Bank Ltd. Banks 2.95Coromandel International Ltd. Fertilisers 2.84Bharat FinancialInclusion Limited Finance 2.79Infosys Ltd. Software 2.64ITC Ltd. Consumer Non Durables 2.28Hero MotoCorp Ltd. Auto 2.26ICICI Lombard GeneralInsurance Company Ltd Finance 2.19Inter Globe Aviation Ltd Transportation 2.19The Ramco Cements Ltd Cement 2.15Zee EntertainmentEnterprises Ltd Media and Entertainment 2.08Schaeffler India Ltd Industrial Products 1.99GAIL (India) Ltd. Gas 1.98Axis Bank Ltd Banks 1.95Max Financial Services Ltd. Finance 1.92Century Textiles & Industries Ltd. Cement 1.82Godrej Agrovet Ltd Consumer Non Durables 1.82Thermax Ltd. Industrial Capital Goods 1.81Shree Cement Ltd. Cement 1.72Maruti Suzuki India Limited Auto 1.69State Bank Of India Banks 1.59Indraprastha Gas Ltd. Gas 1.57Avenue Supermarts Ltd Retailing 1.55Bata India Ltd. Consumer Durables 1.47Indian Bank Banks 1.46OCL India Ltd Cement 1.43Jindal Steel & Power Ltd. Ferrous Metals 1.39Bajaj Finance Limited Finance 1.28Jubilant Foodworks Limited Consumer Non Durables 1.23Petronet LNG Ltd. Gas 1.23Bharat Earth Movers Ltd. Industrial Capital Goods 1.22Britannia Industries Ltd. Consumer Non Durables 1.16

UPL Ltd Pesticides 1.16Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.14Healthcare GlobalEnterprises Ltd Healthcare Services 1.10Yes Bank Ltd Banks 1.10SRF Ltd. Textile Products 1.08Bharat PetroleumCorporation Ltd. Petroleum Products 1.07TI Financial Holding ltd. Finance 1.03DR.Lal Pathlabs Ltd Healthcare Services 1.02Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.99Heritage Foods Ltd Consumer Non Durables 0.99JK Cement Ltd. Cement 0.99Arvind Ltd Textile Products 0.98AIA Engineering Limited Industrial Products 0.92Linde India Ltd. Chemicals 0.81Techno Electric &Engineering Co Ltd. Construction Project 0.75Whirlpool of India Ltd. Consumer Durables 0.60Equitas Holdings Ltd Finance 0.53National Buildings ConstructionCorporation Limited Construction 0.50HDFC Ltd. Warrants Finance 0.45Multi Commodity Exchange ofIndia Limited Finance 0.41Edelweiss Financial Services Ltd Finance 0.40Container Corporation ofIndia Ltd. Transportation 0.39ICICI Securities Ltd Finance and Investments 0.24Swaraj Engines Ltd Industrial Products 0.24Listed/Awaiting Listing on Stock Exchange - Total 97.67Preference Shares Listed/Awaiting listing on Stock Exchange 6% Redm Preference Sh ZeeEntertainment Enterprises Ltd Media and Entertainment 0.04Listed/Awaiting listing on Stock Exchange - Total 0.04TERM DEPOSITS AXIS Bank Ltd. 0.57Term Deposits - Total 0.57Collateral Borrowing & Lending obligation 2.18Net Current Assets/(Liabilities) -0.46Grand Total 100.00

Benchmark: Nifty 500Fund Manager: Mr. Harsha Upadhyaya*

AAUM: `2,352.87 crs AUM: `2,356.06 crs

Allotment date: September 9, 2004KOTAK OPPORTUNITIES


Investment Style

StyleValue Blend Growth Size

Large

Mid

Small



If you have trouble imagining a 20% loss in the stock market,you shouldn't be in stocks. � John Bogle

7

32.01%

0.98

0.34

13.98%

Portfolio Turnover

$Beta

$Sharpe ##

$Standard Deviation





Scheme Returns (%)

Nifty 500 (TRI) ( )#`





1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 16,30,000

1,19,245 4,34,876 8,99,519 15,03,034 26,47,450 49,95,555

-1.19 12.75 16.27 16.37 15.15 15.26

1,22,282 4,39,110 8,60,295 13,96,560 24,02,754 41,65,804

3.62 13.43 14.45 14.31 13.33 12.89

1,22,328 4,25,727 8,02,644 12,89,007 22,08,199 39,14,485

3.70 11.28 11.63 12.06 11.75 12.08

Folio Count: 1,37,097

30.74

28.96

11.69

14.67

12.82

13.15

2.26

6.69

2.79

6.19

4.51

5.15

0.96

4.01

8.87

3.95

9.65

2.65

2.61

2.58

Benchmark

Scheme

Financial Services Energy Consumer Goods Cement & Cement ProductsIndustrial Manufacturing Construction Fertilisers & Pesticides AutomobileInformation Technology Services



The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, generally focused on a few selected sectors. However, there is no assurance that the objective of the scheme will be realized.




Dividend Frequency


Ratios

Source: $ICRA MFI Explorer.





Load Structure


Exit Load:

a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units:1%

b) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units: NIL



7


Scheme Inception : - September 11, 2009. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR `helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ̂ Additional BenchmarkTRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

Kotak Select Focus Fund NAV as on March 28, 2018: ` 22.691 (Dividend Option), ` 24.046 (Direct Dividend Option), ` 31.817 (Growth Option), ` 33.477 (Direct Growth Option)

Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

PORTFOLIO


AAUM: `17,652.73 crs AUM: `17,853.35 crs

Allotment date: September 11, 2009KOTAK SELECT FOCUS FUND


14.77%

0.97

0.43

13.63%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

Investment Style


Equity & Equity related (Listed/Awaiting listing on Stock Exchange) HDFC Bank Ltd. Banks 7.40Larsen And Toubro Ltd. Construction Project 5.51Reliance Industries Ltd. Petroleum Products 4.94HDFC Ltd. Finance 4.81ICICI Bank Ltd. Banks 3.90IndusInd Bank Ltd. Banks 3.30Infosys Ltd. Software 3.30Hero MotoCorp Ltd. Auto 3.27Maruti Suzuki India Limited Auto 2.98State Bank Of India Banks 2.87ITC Ltd. Consumer Non Durables 2.79RBL Bank Ltd Banks 2.41GAIL (India) Ltd. Gas 2.31Ultratech Cement Ltd. Cement 2.21The Ramco Cements Ltd Cement 1.88Shree Cement Ltd. Cement 1.81Bajaj Finance Limited Finance 1.73Axis Bank Ltd Banks 1.72ICICI Lombard GeneralInsurance Company Ltd Finance 1.71Indraprastha Gas Ltd. Gas 1.69Britannia Industries Ltd. Consumer Non Durables 1.67Petronet LNG Ltd. Gas 1.62Bharat Electronics Ltd Industrial Capital Goods 1.43Mahindra & Mahindra Ltd. Auto 1.41Container Corporation ofIndia Ltd. Transportation 1.26SBI Life Insurance Company Ltd Finance 1.16HDFC Standard LifeInsurance Company Ltd Finance 1.08Arvind Ltd Textile Products 1.07Jindal Steel & Power Ltd. Ferrous Metals 1.06MRF Limited Auto Ancillaries 1.06Century Textiles & Industries Ltd. Cement 1.04Godrej Consumer Products Ltd. Consumer Non Durables 1.04Bharat PetroleumCorporation Ltd. Petroleum Products 1.03Hindustan PetroleumCorporation Ltd Petroleum Products 1.01Kec International Ltd. Construction Project 0.94Bajaj Finserv Ltd. Finance 0.85Max Financial Services Ltd. Finance 0.79Inter Globe Aviation Ltd Transportation 0.78Cadila Healthcare Ltd. Pharmaceuticals 0.76Bata India Ltd. Consumer Durables 0.74

Ashok Leyland Ltd. Auto 0.66Bayer Cropscience Ltd. Pesticides 0.61Sun PharmaceuticalsIndustries Ltd. Pharmaceuticals 0.58Bharat Earth Movers Ltd. Industrial Capital Goods 0.56Solar Industries India Limited Chemicals 0.56Tata Motors Ltd. Auto 0.51Federal Bank Ltd. Banks 0.50Jubilant Foodworks Limited Consumer Non Durables 0.50Equitas Holdings Ltd Finance 0.49Techno Electric &Engineering Co Ltd. Construction Project 0.37Laurus Labs Ltd Pharmaceuticals 0.34AIA Engineering Limited Industrial Products 0.31HDFC Ltd. Warrants Finance 0.24Whirlpool of India Ltd. Consumer Durables 0.24Avenue Supermarts Ltd Retailing 0.22Bandhan Bank Limited Banks 0.18Max India Limited Healthcare Services 0.11Kirloskar Oil Engines Ltd. Industrial Products 0.08Listed/Awaiting Listing on Stock Exchange - Total 91.40Preference Shares Listed/Awaiting listing on Stock Exchange 6% Redm Preference Sh ZeeEntertainment Enterprises Ltd Media and Entertainment 0.01Listed/Awaiting listing on Stock Exchange - Total 0.01Futures CNX NIFTY-APR2018 1.95Inter Globe Aviation Ltd-APR2018 0.45IndusInd Bank Ltd.-APR2018 0.02RBL Bank Ltd-APR2018 0.01Futures (Market value represents Notional Value) - Total 2.43Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Public Sector Undertakings Export-Import Bank of India CRISIL A1+ 0.97National Bank for Agriculture &Rural Development CRISIL A1+ 0.14Public Sector Undertakings - Total 1.11TERM DEPOSITS HDFC Bank Ltd. 1.96AXIS Bank Ltd. 0.78Term Deposits - Total 2.74Collateral Borrowing & Lending obligation 5.54Net Current Assets/(Liabilities) -3.23Grand Total 100.00


This product is suitable for investors who are seeking*:� Long term capital growth� Investment in portfolio of predominantly equity &

equity related securities generally focussed on a few selected sectors.

* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Style



Large

Mid

Small

Wealth is like sea-water; the more we drink, the thirstier we become;and the same is true of fame. � Arthur Schopenhauer



8





Scheme Returns (%)

Nifty 200 (TRI) ( )#`




1 year 3 years 5 years 7 years Since Inception

1,20,000 3,60,000 6,00,000 8,40,000 10,30,000

1,20,348 4,40,321 9,31,257 15,97,418 21,43,010

0.55 13.62 17.69 18.09 16.54

1,22,331 4,34,952 8,43,085 13,67,710 17,84,050

3.70 12.77 13.63 13.72 12.45

1,22,328 4,25,727 8,02,644 12,89,007 16,86,484

3.70 11.28 11.63 12.06 11.20


32.45

35.19

12.57

13.58

9.41

9.92

12.43

7.22

2.21

6.96 5.91

3.99

5.89

10.12

3.31

1.92

2.49

1.47

2.38

Benchmark

Scheme

Financial Services Energy Automobile Consumer Goods Cement & Cement ProductsCash & Cash Equivalent Construction Information Technology Services Industrial Manufacturing



To generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and enable investors to avail the income tax rebate, as permitted from time to time. However, there is no assurance that the objective of the scheme will be realized.



Options: Dividend Payout & Growth (applicable for all plans)

Dividend Frequency


Ratios



Initial Investment: `500 and in multiple of `500



Load Structure


Exit Load: Exit Load is not applicable for Kotak Tax Saver Scheme. (applicable for all plans)



7


Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

PORTFOLIO


AAUM: `708.33 crs AUM: `717.91 crs

Allotment date: November 23, 2005KOTAK TAX SAVER

An Open - Ended Equity Linked Savings Scheme

31.23%

1.01

0.19

14.48%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

Investment Style

UPL Ltd Pesticides 1.22Gujarat State Petronet Ltd. Gas 1.19Nestle India Ltd. Consumer Non Durables 1.14Amara Raja Batteries Ltd. Auto Ancillaries 1.11Arvind Ltd Textile Products 1.07Jindal Steel & Power Ltd. Ferrous Metals 1.07Colgate Palmolive (India ) Ltd. Consumer Non Durables 1.03AIA Engineering Limited Industrial Products 1.00Zee EntertainmentEnterprises Ltd Media and Entertainment 1.00Tejas Networks Ltd Telecom - Equipment & Accessories 0.99SpiceJet Ltd. Transportation 0.96JMC Projects (India) Ltd Construction 0.92Linde India Ltd. Chemicals 0.91Container Corporation ofIndia Ltd. Transportation 0.87Vedanta Ltd. Non - Ferrous Metals 0.87Max Financial Services Ltd. Finance 0.85Laurus Labs Ltd Pharmaceuticals 0.84Hindustan Oil ExplorationCompany Ltd. Oil 0.78Strides Shasun Ltd. Pharmaceuticals 0.70Hawkins Cooker Ltd Household Appliances 0.58Multi Commodity Exchange ofIndia Limited Finance 0.46Blue Dart Express Ltd. Transportation 0.44KSB Pump Ltd Industrial Products 0.43Listed/Awaiting Listing on Stock Exchange - Total 96.82Preference Shares Listed/Awaiting listing on Stock Exchange 6% Redm Preference Sh ZeeEntertainment Enterprises Ltd Media and Entertainment 0.08Listed/Awaiting listing on Stock Exchange - Total 0.08Collateral Borrowing & Lending obligation 2.25Net Current Assets/(Liabilities) 0.85Grand Total 100.00

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)HDFC Bank Ltd. Banks 6.31Reliance Industries Ltd. Petroleum Products 5.09Larsen And Toubro Ltd. Construction Project 4.47HDFC Ltd. Finance 3.81Infosys Ltd. Software 3.55IndusInd Bank Ltd. Banks 3.50GlaxoSmithkline ConsumerHealthcare Ltd Consumer Non Durables 3.40ICICI Bank Ltd. Banks 3.23Shree Cement Ltd. Cement 2.71SKF India Ltd Industrial Products 2.45OCL India Ltd Cement 2.35Mahanagar Gas Ltd Gas 2.32GAIL (India) Ltd. Gas 2.29Ultratech Cement Ltd. Cement 2.20Whirlpool of India Ltd. Consumer Durables 2.10RBL Bank Ltd Banks 2.04Thermax Ltd. Industrial Capital Goods 1.90ITC Ltd. Consumer Non Durables 1.87Solar Industries India Limited Chemicals 1.67Bajaj Finance Limited Finance 1.60Techno Electric &Engineering Co Ltd. Construction Project 1.56The Ramco Cements Ltd Cement 1.51Bharat PetroleumCorporation Ltd. Petroleum Products 1.49Axis Bank Ltd Banks 1.42State Bank Of India Banks 1.39APL Apollo Tubes Limited Ferrous Metals 1.38Cadila Healthcare Ltd. Pharmaceuticals 1.32AU Small Finance Bank Ltd. Banks 1.29Yes Bank Ltd Banks 1.27Maruti Suzuki India Limited Auto 1.23SRF Ltd. Textile Products 1.23Bandhan Bank Limited Banks 1.22Bata India Ltd. Consumer Durables 1.22

Scheme Inception : - November 23, 2005. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR `helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ̂ Additional BenchmarkTRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).Kotak Tax Saver NAV as on March 28, 2018: `18.482 (Dividend Option), `21.585 (Direct Dividend Option), `39.826 (Growth Option), `42.615 (Direct Growth Option)


Style

This product is suitable for investors who are seeking*:� long term capital growth with a 3 year lock in� Investment in portfolio of predominantly equity &

equity related securities.* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.



Large

Mid

Small



I'm only rich because I know when I'm wrong�I basically have survived byrecognizing my mistakes. �George Soros

9





Scheme Returns (%)

Nifty 500 (TRI) ( )#`





1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 14,90,000

1,17,915 4,22,175 8,74,445 14,16,218 24,26,295 32,65,830

-3.27 10.70 15.12 14.70 13.52 11.95

1,22,282 4,39,110 8,60,295 13,96,560 24,02,945 33,32,003

3.62 13.43 14.45 14.31 13.34 12.24

1,22,328 4,25,727 8,02,644 12,89,007 22,08,248 30,96,905

3.70 11.28 11.63 12.06 11.75 11.17


30.74

27.33

11.69

15.59

12.82

10.82

4.51

6.99

2.26

6.45

2.79

5.81

9.65

3.57

4.13

3.34

4.62

2.87

2.61

2.87

Benchmark

Scheme

Financial Services Energy Consumer Goods Construction Cement & Cement ProductsIndustrial Manufacturing Information Technology Metals Pharma Services







Dividend Frequency


Ratios






Load Structure


Exit Load:

a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units:1%

b) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units:NIL



7


Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

PORTFOLIO

Benchmark: Nifty Midcap 100Fund Manager: Mr. Pankaj Tibrewal*

AAUM: `817.03 crs AUM: `818.58 crs

Allotment date: February 24, 2005KOTAK MID-CAP


62.02%

0.92

0.56

15.74%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

Investment StyleStyle

Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Dixon Technologies India Ltd Consumer Durables 3.55Atul Ltd. Chemicals 3.36Schaeffler India Ltd Industrial Products 2.83Solar Industries India Limited Chemicals 2.74JK Cement Ltd. Cement 2.73Apollo Pipes Ltd Finance and Investments 2.61IndusInd Bank Ltd. Banks 2.60RBL Bank Ltd Banks 2.55Prataap Snacks Ltd Consumer Non Durables 2.45V.S.T Tillers Tractors Ltd Auto 2.37Techno Electric &Engineering Co Ltd. Construction Project 2.25Finolex Cables Ltd. Industrial Products 2.17MRF Limited Auto Ancillaries 2.15Shriram City Union Finance Ltd. Finance 2.13Federal Bank Ltd. Banks 2.11The Ramco Cements Ltd Cement 2.07Sun TV Limited. Media and Entertainment 1.98Motherson Sumi Systems Ltd. Auto Ancillaries 1.96APL Apollo Tubes Limited Ferrous Metals 1.95Galaxy Surfactants Ltd Chemicals 1.95Lux Industries Limited Textile Products 1.94Mahindra & MahindraFinancial Services Ltd. Finance 1.89Thermax Ltd. Industrial Capital Goods 1.86Godrej Agrovet Ltd Consumer Non Durables 1.83Supreme Industries Limited Industrial Products 1.83JMC Projects (India) Ltd Construction 1.77Kewal Kiran Clothing Limited. Textile Products 1.72AU Small Finance Bank Ltd. Banks 1.71SKF India Ltd Industrial Products 1.71Eveready Industries India Ltd. Consumer Non Durables 1.70Ratnamani Metals & Tubes Ltd. Ferrous Metals 1.68

Heritage Foods Ltd Consumer Non Durables 1.61Bajaj Finserv Ltd. Finance 1.59Bajaj Finance Limited Finance 1.53Persistent Systems Limited Software 1.53Laurus Labs Ltd Pharmaceuticals 1.43Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.41Hawkins Cooker Ltd Household Appliances 1.36Hindustan OilExploration Company Ltd. Oil 1.35Bharat Forge Ltd. Industrial Products 1.34Tata Global Beverages Limited Consumer Non Durables 1.34Sundaram Finance Ltd. Finance 1.30Cadila Healthcare Ltd. Pharmaceuticals 1.27Hindustan PetroleumCorporation Ltd Petroleum Products 1.22Amber Enterprises India Ltd Consumer Durables 1.21Apollo Hospitals Enterprises Ltd. Healthcare Services 1.13Navneet Education Ltd. Media and Entertainment 1.13Amara Raja Batteries Ltd. Auto Ancillaries 1.12Gujarat State Petronet Ltd. Gas 1.06Strides Shasun Ltd. Pharmaceuticals 1.02Arvind Ltd Textile Products 0.99Inter Globe Aviation Ltd Transportation 0.94Punjab National Bank Banks 0.75Avenue Supermarts Ltd Retailing 0.73Canara Bank Banks 0.63Whirlpool of India Ltd. Consumer Durables 0.60Shree Cement Ltd. Cement 0.59PVR Ltd Media and Entertainment 0.55Sundaram FinanceHoldings Limited. Finance 0.22Listed/Awaiting Listing on Stock Exchange - Total 99.10Collateral Borrowing & Lending obligation 2.20Net Current Assets/(Liabilities) -1.30Grand Total 100.00

Note: Midcap stocks as a % age of Net Assets: 63.32%


Scheme Inception : - February 24,2005. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR `helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ̂ Additional BenchmarkTRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).Kotak Mid-cap NAV as on March 28, 2018: `39.886 (Dividend Option), `42.814 (Direct Dividend Option), `77.240 (Growth Option), `82.360 (Direct Growth Option)

This product is suitable for investors who are seeking*:� Long term capital growth� Investment in equity & equity related securities

predominantly in mid cap stocks.* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.



Large

Mid

Small



If we command our wealth, we shall be rich and free.If our wealth commands us, we are poor indeed. �Edmund Burke

10





Scheme Returns (%)

Nifty Free Float Midcap 100 (TRI) ( )#`

Nifty Free Float Midcap 100 (TRI) Returns (%)




1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 15,80,000

1,22,432 4,56,880 10,36,863 17,80,408 33,39,909 51,13,911

3.86 16.22 22.13 21.14 19.47 16.51

1,20,166 4,54,963 9,84,089 16,30,364 29,33,039 48,07,363

0.26 15.92 19.97 18.66 17.06 15.68

1,22,328 4,25,727 8,02,644 12,89,007 22,08,248 35,90,489

3.70 11.28 11.63 12.06 11.75 11.73

Folio Count: 56,855

20.77

21.46

6.86

15.34

15.36

13.21

1.67

8.07

4.90

7.61

2.70

5.41

9.60

5.14

5.01

4.03

1.56

3.67

6.26

3.65

Benchmark

Scheme

Financial Services Industrial Manufacturing Consumer Goods Chemicals Automobile

Cement & Cement Products Pharma Construction Media & Entertainment Energy



The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by investing predominantly in mid and small cap companies. However, there is no assurance that the objective of the scheme will be realized.




Dividend Frequency


Ratios






Load Structure


Exit Load:

a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units:1%.




7


Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


PORTFOLIO

Benchmark: S&P BSE MID SMALL CAPFund Manager: Mr. Pankaj Tibrewal*

AAUM: `2,997.20 crs AUM: `3,005.06 crs

Allotment date: March 30, 2007KOTAK EMERGING EQUITY


32.65%

0.86

0.59

15.03%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

Investment Style

Style

Equity & Equity related (Listed/Awaiting listing on Stock Exchange) IndusInd Bank Ltd. Banks 3.99Schaeffler India Ltd Industrial Products 3.38Atul Ltd. Chemicals 3.09The Ramco Cements Ltd Cement 2.90RBL Bank Ltd Banks 2.81Bata India Ltd. Consumer Durables 2.73Supreme Industries Limited Industrial Products 2.51Solar Industries India Limited Chemicals 2.48Finolex Cables Ltd. Industrial Products 2.39Shriram City Union Finance Ltd. Finance 2.31APL Apollo Tubes Limited Ferrous Metals 2.23Godrej Agrovet Ltd Consumer Non Durables 2.17Emami Ltd. Consumer Non Durables 2.16Federal Bank Ltd. Banks 2.13SKF India Ltd Industrial Products 2.12Thermax Ltd. Industrial Capital Goods 2.11Eveready Industries India Ltd. Consumer Non Durables 1.95Motherson Sumi Systems Ltd. Auto Ancillaries 1.94Coromandel International Ltd. Fertilisers 1.90Kajaria Ceramics Ltd. Construction 1.84Sundaram Finance Ltd. Finance 1.82Edelweiss Financial Services Ltd Finance 1.69Kewal Kiran Clothing Limited. Textile Products 1.69Future Retail Ltd. Retailing 1.64Mahindra & MahindraFinancial Services Ltd. Finance 1.60Apollo Hospitals Enterprises Ltd. Healthcare Services 1.50Persistent Systems Limited Software 1.49Navneet Education Ltd. Media and Entertainment 1.45Whirlpool of India Ltd. Consumer Durables 1.44Amara Raja Batteries Ltd. Auto Ancillaries 1.43Eris Lifesciences Ltd Pharmaceuticals 1.42Lux Industries Limited Textile Products 1.41Britannia Industries Ltd. Consumer Non Durables 1.38Gujarat State Petronet Ltd. Gas 1.36Inter Globe Aviation Ltd Transportation 1.36Bajaj Finance Limited Finance 1.34

Oberoi Realty Ltd Construction 1.30Kirloskar Oil Engines Ltd. Industrial Products 1.29Hawkins Cooker Ltd Household Appliances 1.27V-Guard Industries Ltd. Industrial Capital Goods 1.26SRF Ltd. Textile Products 1.23Laurus Labs Ltd Pharmaceuticals 1.20Ramkrishna Forgings Ltd. Industrial Products 1.20ICICI Bank Ltd. Banks 1.17Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.16City Union Bank Ltd. Banks 1.15Bharat Earth Movers Ltd. Industrial Capital Goods 1.12Equitas Holdings Ltd Finance 1.06Sheela Foam Ltd Consumer Durables 1.06Indraprastha Gas Ltd. Gas 1.03PNC INFRATECH LIMITED Construction 0.97Divi s Laboratories Limited Pharmaceuticals 0.80Abbott India Ltd. Pharmaceuticals 0.78Zee EntertainmentEnterprises Ltd Media and Entertainment 0.73TI Financial Holding ltd. Finance 0.71MRF Limited Auto Ancillaries 0.69Carborundum Universal Ltd. Industrial Products 0.64Strides Shasun Ltd. Pharmaceuticals 0.58WPIL Ltd Industrial Products 0.54D-Link (India) Ltd Hardware 0.36Sundaram FinanceHoldings Limited. Finance 0.34Pennar Engineered BuildingSystems Limited Ferrous Metals 0.07Listed/Awaiting Listing on Stock Exchange - Total 96.87Futures MRF Limited-APR2018 0.49Futures (Market value represents Notional Value) - Total 0.49TERM DEPOSITS AXIS Bank Ltd. 0.50Term Deposits - Total 0.50Collateral Borrowing & Lending obligation 2.89Net Current Assets/(Liabilities) -0.75Grand Total 100.00

Notes: Term Deposit as provided above is towards margin for derivatives transactions. Midcap and Small cap stocks as a % age of Net Assets: 85.44%.

Scheme Inception : - March 30, 2007. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR `helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ̂ Additional BenchmarkTRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).Kotak Emerging Equity NAV as on March 28, 2018: `23.926 (Dividend Option), `27.544 (Direct Dividend Option), `38.992 (Growth Option), `41.378 (Direct Growth Option)



predominantly in mid & small cap companies* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.


Large

Mid

Small



11





Scheme Returns (%)

S&P BSE MidSmallCap (TRI) ( )#`

S&P BSE MidSmallCap (TRI) Returns (%)




1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 13,30,000

1,22,834 4,61,074 10,93,838 19,20,262 35,07,123 39,27,936

4.51 16.87 24.36 23.28 20.37 18.39

1,22,598 4,71,847 10,19,001 16,85,458 29,59,662 33,66,634

4.13 18.52 21.41 19.60 17.22 15.86

1,22,328 4,25,727 8,02,644 12,89,007 22,08,248 25,26,896

3.70 11.28 11.63 12.06 11.75 11.09


18.70

21.11

10.38

19.68

13.82

15.92

7.75

5.95

3.45

5.58

7.09

4.57

7.31

4.15

6.31

4.12

2.74

2.90

2.73

2.64

Benchmark

Scheme

Financial Services Industrial Manufacturing Consumer Goods PharmaChemicals Automobile Services ConstructionCement & Cement Products Textiles


Investment ObjectiveThe investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and by investing the balance in debt and money market instruments. However, there is no assurance that the objective of the scheme will be realized.

Available Plans/OptionsA) Regular Plan B) Direct Plan Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend FrequencyFortnightly (Every alternate Monday from the 1st record date), Monthly (Monday preceding the last Thursday of the month), Bimonthly (Monday preceding the last Thursday of the following months - January, March, May, July, September, November)

Ratios

Source: $ICRA MFI Explorer. Minimum Investment AmountInitial Investment: `5000 and in multiple of `1 for purchase and for ̀ 0.01 for switchesAdditional Investment: `1000 & in multiples of ̀ 1Ideal Investments Horizon: 3 months & above

Load StructureEntry Load: Nil. (applicable for all plans)Exit Load: a) For redemptions/switch outs (including SIP/STP) within 30 days from the date of allotment of units: 0.25%b) For redemptions/switch outs (including SIP/STP) after 30 days from the date of allotment of units: Nil

Total Expense Ratio**Regular: 0.89%; Direct: 0.39%

7

Benchmark: Nifty 50 ArbitrageFund Manager: Mr. Deepak Gupta*

AAUM: `12,765.11 crs AUM: `11,257.23 crs

Allotment date: September 29, 2005KOTAK EQUITY ARBITRAGE


Investment Style


Large

Mid

Small

Style

Issuer/Instrument Industry/Rating % to Net Assets % to Net Assets Derivatives

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)HedgedIndiabulls Housing Finance Ltd. Finance 3.12 -3.14Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 2.84 -2.85State Bank Of India Banks 2.11 -2.12ICICI Bank Ltd. Banks 1.81 -1.82Bharti Airtel Ltd. Telecom - Services 1.73 -1.73UPL Ltd Pesticides 1.72 -1.73Tata Consultancy Services Ltd. Software 1.64 -1.65United Spirits Ltd. Consumer Non Durables 1.38 -1.38Aurobindo Pharma Ltd. Pharmaceuticals 1.37 -1.38JSW Steel Ltd. Ferrous Metals 1.34 -1.34Lupin Ltd. Pharmaceuticals 1.27 -1.27Maruti Suzuki India Limited Auto 0.97 -0.97Bajaj Finance Limited Finance 0.95 -0.96Bank Of Baroda Banks 0.91 -0.91Tata Global Beverages Limited Consumer Non Durables 0.89 -0.90Punjab National Bank Banks 0.86 -0.86Tata Steel Limited. Ferrous Metals 0.83 -0.83Tata Steel Limited (Partly Paid Shares) Ferrous Metals 0.52 -0.50Adani Port and Special Economic Zone Limited Transportation 0.73 -0.73DLF Limited Construction 0.72 -0.72ITC Ltd. Consumer Non Durables 0.72 -0.73LIC Housing Finance Ltd. Finance 0.72 -0.73Idea Cellular Ltd. Telecom - Services 0.69 -0.70Tata Motors Ltd - DVR Auto 0.68 -0.68Titan Company Ltd. Consumer Durables 0.67 -0.67Ashok Leyland Ltd. Auto 0.66 -0.66Power Finance Corporation Ltd. Finance 0.66 -0.67IDFC Limited Finance 0.63 -0.64Mahindra & Mahindra Financial Services Ltd. Finance 0.62 -0.62Tata Power Co. Ltd. Power 0.61 -0.62Jindal Steel & Power Ltd. Ferrous Metals 0.59 -0.59Shriram Transport Finance Co Ltd. Finance 0.59 -0.59MRF Limited Auto Ancillaries 0.58 -0.58Steel Authority of India Ltd. Ferrous Metals 0.58 -0.58Federal Bank Ltd. Banks 0.57 -0.57IDFC Bank Limited Banks 0.57 -0.57Tata Motors Ltd. Auto 0.57 -0.57Britannia Industries Ltd. Consumer Non Durables 0.53 -0.53Tata Chemicals Ltd. Chemicals 0.51 -0.52Dabur India Ltd Consumer Non Durables 0.49 -0.49Dewan Housing Finance Corporation Ltd. Finance 0.49 -0.50Bosch Limited Auto Ancillaries 0.48 -0.49CESC Ltd. Power 0.47 -0.47Havells India Ltd. Consumer Durables 0.47 -0.47Nestle India Ltd. Consumer Non Durables 0.47 -0.48Grasim Industries Ltd. Cement 0.46 -0.46HDFC Ltd. Finance 0.45 -0.46Canara Bank Banks 0.44 -0.45Mahindra & Mahindra Ltd. Auto 0.43 -0.43Hindustan Zinc Ltd. Non - Ferrous Metals 0.42 -0.43Suzlon Energy Ltd. Industrial Capital Goods 0.40 -0.40Can Fin Homes Ltd. Finance 0.38 -0.38L&T Finance Holdings Ltd Finance 0.38 -0.38Reliance Industries Ltd. Petroleum Products 0.38 -0.39Dr Reddys Laboratories Ltd Pharmaceuticals 0.37 -0.37Power Grid Corporation Of India Ltd Power 0.37 -0.37Vedanta Ltd. Non - Ferrous Metals 0.37 -0.37Bata India Ltd. Consumer Durables 0.36 -0.36Escorts Ltd. Auto 0.35 -0.35Tata Communications Ltd Telecom - Services 0.35 -0.35Reliance Capital Ltd. Finance 0.34 -0.34National Buildings Construction Corporation Limited Construction 0.33 -0.33Capital First Ltd Finance 0.32 -0.32Strides Shasun Ltd. Pharmaceuticals 0.32 -0.32Ambuja Cements Ltd Cement 0.31 -0.31GMR Infrastructure Ltd. Construction Project 0.31 -0.32NCC Limited Construction Project 0.31 -0.31The South Indian Bank Ltd. Banks 0.31 -0.31Yes Bank Ltd Banks 0.31 -0.31Cadila Healthcare Ltd. Pharmaceuticals 0.30 -0.30ICICI Prudential Life Insurance Company Ltd Finance 0.30 -0.30RBL Bank Ltd Banks 0.30 -0.30Hindustan Petroleum Corporation Ltd Petroleum Products 0.29 -0.29Equitas Holdings Ltd Finance 0.28 -0.28Industrial Development Bank of India Ltd. Banks 0.28 -0.28Karnataka Bank Ltd Banks 0.28 -0.28

PORTFOLIO

Short Medium Long Volatility

Low

Medium

High

Maturity

Investors understand that their principal will be at moderately low risk

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

This product is suitable for investors who are seeking*:� Income from arbitrage opportunities in the equity market� Investment in arbitrage opportunities in the cash &

derivatives segment of the equity market.* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Riskometer

Product Label

332.56%

0.41

0.13

0.39%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

12



7

KOTAK EQUITY ARBITRAGEAn Open - Ended Equity Growth Scheme


PORTFOLIO

Century Textiles & Industries Ltd. Cement 0.27 -0.27Development Credit Bank Ltd. Banks 0.27 -0.27Indraprastha Gas Ltd. Gas 0.27 -0.27Union Bank Of India Banks 0.26 -0.26Adani Enterprises Ltd Trading 0.24 -0.24CEAT Ltd. Auto Ancillaries 0.24 -0.24PVR Ltd Media and Entertainment 0.24 -0.24Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.24 -0.24Ujjivan Financial Services Ltd Finance 0.24 -0.24Raymond Limited Textile Products 0.23 -0.23Tata Elxsi Ltd. Software 0.23 -0.23Adani Power Ltd Power 0.22 -0.22India Cements Ltd. Cement 0.22 -0.23IRB Infrastructure Developers Ltd Construction 0.22 -0.23Reliance Infrastructure Ltd Power 0.22 -0.22Godrej Industries Ltd Consumer Non Durables 0.21 -0.21Marico Ltd. Consumer Non Durables 0.21 -0.21Oil & Natural Gas Corporation Ltd. Oil 0.21 -0.21Bajaj Finserv Ltd. Finance 0.20 -0.20Indian Bank Banks 0.20 -0.20Jet Airways (India) Ltd. Transportation 0.20 -0.20PC Jeweller Ltd Consumer Durables 0.20 -0.20Pidilite Industries Ltd. Chemicals 0.20 -0.20TVS Motors Company Ltd Auto 0.20 -0.20Eicher Motors Ltd Auto 0.19 -0.19Jain Irrigation Systems Ltd. Industrial Products 0.19 -0.20Kajaria Ceramics Ltd. Construction 0.19 -0.19Shree Cement Ltd. Cement 0.19 -0.19Godrej Consumer Products Ltd. Consumer Non Durables 0.18 -0.18KPIT Technologies LImited Software 0.18 -0.19Zee Entertainment Enterprises Ltd Media and Entertainment 0.18 -0.18Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.17 -0.17Castrol (India ) Ltd. Petroleum Products 0.17 -0.17Hindalco Industries Ltd Non - Ferrous Metals 0.17 -0.17Piramal Enterprises Limited Pharmaceuticals 0.17 -0.17PTC India Ltd. Power 0.17 -0.17Siemens Ltd. Industrial Capital Goods 0.17 -0.18Syndicate Bank Banks 0.17 -0.17United Breweries Ltd. Consumer Non Durables 0.17 -0.17Bank of India Banks 0.16 -0.16Repco Home Finance Limited. Finance 0.16 -0.16SRF Ltd. Textile Products 0.16 -0.16Bharat Electronics Ltd Industrial Capital Goods 0.15 -0.15Reliance Power Ltd Power 0.15 -0.15Voltas Ltd. Construction Project 0.15 -0.15Just Dial Limited Software 0.14 -0.14Motherson Sumi Systems Ltd. Auto Ancillaries 0.14 -0.14Sun TV Limited. Media and Entertainment 0.14 -0.14Wockhardt Ltd. Pharmaceuticals 0.14 -0.14Bajaj Auto Ltd. Auto 0.13 -0.13Ajanta Pharma Ltd. Pharmaceuticals 0.12 -0.12Chennai Petroleum Corporation Ltd Petroleum Products 0.12 -0.12Gujarat State Fertilizers & Chemicals Ltd. Fertilisers 0.12 -0.12TV18 Broadcast Ltd Media and Entertainment 0.12 -0.12Axis Bank Ltd Banks 0.11 -0.11Bharat Earth Movers Ltd. Industrial Capital Goods 0.11 -0.11Container Corporation of India Ltd. Transportation 0.11 -0.11Dish TV India Ltd. Media and Entertainment 0.11 -0.11Mahanagar Gas Ltd Gas 0.11 -0.11National Aluminium Company Ltd Non - Ferrous Metals 0.11 -0.11NIIT Technologies Ltd Software 0.11 -0.11Petronet LNG Ltd. Gas 0.11 -0.11Reliance Naval and Engineering Limited Industrial Capital Goods 0.11 -0.11Rural Electrification Corporation Ltd Finance 0.11 -0.11NMDC Ltd. Minerals/Mining 0.10 -0.10Divi s Laboratories Limited Pharmaceuticals 0.09 -0.09Exide Industries Ltd Auto Ancillaries 0.09 -0.09Granules India Ltd. Pharmaceuticals 0.09 -0.09MindTree Ltd. Software 0.09 -0.09SREI Infrastructure Finance Ltd Finance 0.09 -0.09Allahabad Bank. Banks 0.08 -0.07Andhra Bank Banks 0.08 -0.08Apollo Tyres Ltd. Auto Ancillaries 0.08 -0.08Bharat Forge Ltd. Industrial Products 0.08 -0.08Godfrey Phillips India Ltd. Consumer Non Durables 0.08 -0.08Jaiprakash Associates Ltd Cement 0.08 -0.08Jubilant Foodworks Limited Consumer Non Durables 0.08 -0.08Manappuram Finance Ltd Finance 0.08 -0.08Hero MotoCorp Ltd. Auto 0.07 -0.07

13


KOTAK EQUITY ARBITRAGEAn Open - Ended Equity Growth Scheme


PORTFOLIO

IFCI Ltd. Finance 0.07 -0.07Kaveri Seed Company Ltd. Consumer Non Durables 0.07 -0.07Torrent Power Ltd Power 0.07 -0.07GAIL (India) Ltd. Gas 0.06 -0.06Housing Development and Infrastructure Limited Construction 0.06 -0.06Muthoot Finance Ltd Finance 0.06 -0.06Oriental Bank of Commerce Banks 0.06 -0.06Bharat Financial Inclusion Limited Finance 0.05 -0.05Cipla Ltd. Pharmaceuticals 0.05 -0.05Apollo Hospitals Enterprises Ltd. Healthcare Services 0.04 -0.04Balrampur Chini Mills Ltd Consumer Non Durables 0.04 -0.04CG Power and Industrial Solutions Limited Industrial Capital Goods 0.04 -0.04Cholamandalam Investment and Finance Company Ltd Finance 0.04 -0.04Max Financial Services Ltd. Finance 0.04 -0.04Balkrishna Industries Ltd Auto Ancillaries 0.03 -0.03Cummins India Ltd. Industrial Products 0.03 -0.03Hindustan Construction Co.Ltd Construction Project 0.03 -0.03Larsen And Toubro Ltd. Construction Project 0.03 -0.03Wipro Ltd. Software 0.03 -0.03Hindustan Unilever Ltd. Consumer Non Durables 0.02 -0.02Amara Raja Batteries Ltd. Auto Ancillaries 0.01 -0.01Engineers India Ltd. Construction Project 0.01 -0.01Glenmark Pharmaceuticals Ltd Pharmaceuticals 0.01 -0.01Indian Oil Corporation Ltd Petroleum Products 0.01 -0.01Page Industries Ltd Textile Products 0.01 -0.01

Hedged - Total 66.66 -66.93Listed/Awaiting Listing on Stock Exchange - Total 66.66 -66.93Mutual Fund Units Kotak Floater Short Term Direct Growth Mutual Fund Units 1.69 Kotak Corporate Bond Fund Direct Growth Mutual Fund Units 0.47

Mutual Fund Units - Total 2.16 Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions HDFC Ltd. CRISIL AAA 2.53 Indiabulls Housing Finance Ltd. ICRA AAA 1.78 Kotak Mahindra Prime Ltd. CRISIL AAA 1.42 ICICI Home Finance Company Limited ICRA AAA 0.56 Shriram Transport Finance Co Ltd. FITCH IND AA+ 0.48

Corporate Debt/Financial Institutions - Total 6.77 TERM DEPOSITS HDFC Bank Ltd. 8.32 AXIS Bank Ltd. 7.37 IDFC Bank Limited 1.33 IndusInd Bank Ltd. 0.73

Term Deposits - Total 17.75 Collateral Borrowing & Lending obligation 0.50 Net Current Assets/(Liabilities) 6.16 Grand Total 100.00

Note:Term Deposit as provided above is towards margin for derivatives transactions

Kotak Equity Arbitrage NAV as on March 28, 2018: `10.6918 (Monthly Dividend Option), `10.9898 (Direct monthly Dividend Option), `24.8612 (Growth Option), ̀ 25.5108 (Direct Growth Option), ̀ 19.9949 (Bimonthly Option), ̀ 20.1867 (Direct Bimonthly Option), ̀ 23.0815 (Fortnightly Dividend, ̀ 23.5543 (Direct Fortnightly Dividend)


14

The art is not in making money, but in keeping it.


18.25 11.37 10.14 7.38 6.77 5.54 4.25 3.86

2.77

2.42 27.25

CBLO & Term Deposits & Rev.Repo Finance Banks Pharmaceuticals

Debentures and Bonds Consumer Non Durables Auto Ferrous Metals

Telecom - Services Software Others

Investment ObjectiveTo achieve growth by investing in equity & equity related instruments, balanced with income generation by investing in debt &money market instruments. However, there is no assurance that the objective of the scheme will be realized.

Available Plans/OptionsA) Regular Plan B) Direct Plan Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans)

Dividend FrequencyHalf Yearly (25th of Mar/Sep)

Ratios


Minimum Investment AmountInitial Investment: `5000 and in multiple of `1 for purchase and for ̀ 0.01 for switches



Load StructureEntry Load: Nil. (applicable for all plans)Exit Load: a) For redemption/switch out of upto 10% of the initial investment amount (limit) purchased or switched in within 1 year from the date of allotment: Nil.b) If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1%.c) If units are redeemed or switched out on or alter 1 year from the date of allotment: Nil.

Total Expense Ratio**Regular: 2.09%; Direct: 0.89%

7


PORTFOLIO

Benchmark: CRISIL Hybrid 35+65 - Aggressive Index $

Fund Manager: Mr. Pankaj Tibrewal and Mr. Abhishek Bisen*

AAUM: `2,190.37 crs

AUM: `2,167.03 crsAllotment date: November 25, 1999

KOTAK BALANCEAn Open - Ended Balanced Scheme

Investment Style



Equity & Equity related (Listed/Awaiting listing on Stock Exchange) HDFC Bank Ltd. Banks 3.27Shree Cement Ltd. Cement 2.35State Bank Of India Banks 2.18Schaeffler India Ltd Industrial Products 1.95IndusInd Bank Ltd. Banks 1.92ICICI Bank Ltd. Banks 1.88Larsen And Toubro Ltd. Construction Project 1.85ITC Ltd. Consumer Non Durables 1.77V.S.T Tillers Tractors Ltd Auto 1.74Infosys Ltd. Software 1.72HDFC Ltd. Finance 1.58GlaxoSmithkline ConsumerHealthcare Ltd Consumer Non Durables 1.57Atul Ltd. Chemicals 1.55JK Cement Ltd. Cement 1.54RBL Bank Ltd Banks 1.51Mahindra & Mahindra Ltd. Auto 1.50The Ramco Cements Ltd Cement 1.46Thermax Ltd. Industrial Capital Goods 1.41Tata Motors Ltd. Auto 1.32Inter Globe Aviation Ltd Transportation 1.31Maruti Suzuki India Limited Auto 1.31Reliance Industries Ltd. Petroleum Products 1.29Axis Bank Ltd Banks 1.24Dixon Technologies India Ltd Consumer Durables 1.24Techno Electric &Engineering Co Ltd. Construction Project 1.23Emami Ltd. Consumer Non Durables 1.18ICICI Lombard GeneralInsurance Company Ltd Finance 1.14GAIL (India) Ltd. Gas 1.09Bajaj Auto Ltd. Auto 1.07Sun TV Limited. Media and Entertainment 1.03Bandhan Bank Limited Banks 1.01Bharat PetroleumCorporation Ltd. Petroleum Products 1.01Motherson Sumi Systems Ltd. Auto Ancillaries 1.00Solar Industries India Limited Chemicals 0.98APL Apollo Tubes Limited Ferrous Metals 0.96Vedanta Ltd. Non - Ferrous Metals 0.96Finolex Cables Ltd. Industrial Products 0.94Gujarat Gas Company Ltd Gas 0.93Federal Bank Ltd. Banks 0.92Zee EntertainmentEnterprises Ltd Media and Entertainment 0.89Galaxy Surfactants Ltd Chemicals 0.81Tata Consultancy Services Ltd. Software 0.78Yes Bank Ltd Banks 0.73Edelweiss Financial Services Ltd Finance 0.69Bharat Forge Ltd. Industrial Products 0.67Kajaria Ceramics Ltd. Construction 0.66Laurus Labs Ltd Pharmaceuticals 0.66Eris Lifesciences Ltd Pharmaceuticals 0.65HDFC Standard Life

Insurance Company Ltd Finance 0.65Persistent Systems Limited Software 0.63Mcleod Russel India Ltd Consumer Non Durables 0.61JMC Projects (India) Ltd Construction 0.60Kirloskar Oil Engines Ltd. Industrial Products 0.60Bharti Airtel Ltd. Telecom - Services 0.59Future Supply ChainSolutions Ltd Retailing 0.53Punjab National Bank Banks 0.52Bharat Earth Movers Ltd. Industrial Capital Goods 0.46Mahindra & MahindraFinancial Services Ltd. Finance 0.41Apollo Hospitals Enterprises Ltd. Healthcare Services 0.38Jubilant Foodworks Limited Consumer Non Durables 0.35MRF Limited Auto Ancillaries 0.32ICICI Securities Ltd Finance and Investments 0.30SBI Life Insurance Company Ltd Finance 0.27HDFC Ltd. Warrants Finance 0.22Listed/Awaiting Listing on Stock Exchange - Total 69.89Debt Instruments Debentures and Bonds Corporate Debt/Financial InstitutionsLIC Housing Finance Ltd. CRISIL AAA 0.02Corporate Debt/Financial Institutions - Total 0.02Public Sector Undertakings Bank of India CRISIL A+ 5.06Allahabad Bank BRICKWORK BWR A- 3.53United Bank Of India CRISIL AA- 3.43U P Power Corporation Ltd CRISIL A+(SO) 1.99Punjab & Sind Bank ICRA A+ 1.65Vijaya Bank ICRA AA- 1.43Syndicate Bank CARE AA- 1.05Public Sector Undertakings - Total 18.14Government Dated Securities 7.17% Central Government SOV 4.776.68% Central Government SOV 3.376.79% Central Government SOV 1.537.70% State Government SOV 0.328.45% State Government SOV 0.098.27% State Government SOV 0.058.29% State Government SOV 0.038.43% State Government SOV 0.01Government Dated Securities - Total 10.17Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial InstitutionsHDFC Ltd. CRISIL A1+ 1.09Corporate Debt/Financial Institutions - Total 1.09TERM DEPOSITS AXIS Bank Ltd. 0.39Term Deposits - Total 0.39Collateral Borrowing & Lending obligation 0.92Net Current Assets/(Liabilities) -0.62Grand Total 100.00

Scheme Inception : - November 25,1999. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR `helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ̂ Additional BenchmarkTRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200, PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006$ The existing benchmark "CRISIL Balanced Fund" has been renamed as "CRISIL Hybrid 35+65 - Aggressive Index" as per communication received from CRISILKotak Balance NAV as on March 28, 2018: `16.150 (Dividend Option), `17.570 (Direct Dividend Option), `23.805 (Growth Option) `25.388 (Direct Growth Option)


Style


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


balanced with income generation by investing in debt & money market instruments


Product Label


Large

Mid

Small



15

0.23

10.69%

$Sharpe##

$Standard Deviation

33.93%

1.15

Portfolio Turnover

$Beta





Scheme Returns (%)

CRISIL Hybrid 35+65 - Aggressive Index( )# ` $

CRISIL Hybrid 35+65 - Aggressive Index Returns (%) $



Folio Count: 51,040


1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 22,10,000

1,21,512 4,22,000 8,07,988 12,94,623 22,06,710 1,00,67,694

2.40 10.67 11.90 12.18 11.74 14.66

1,22,488 4,24,088 8,12,542 12,97,520 22,03,780 NA

3.95 11.01 12.13 12.24 11.71 NA

1,22,328 4,25,727 8,02,644 12,89,007 22,08,248 98,78,041

3.70 11.28 11.63 12.06 11.75 14.49

18.16 15.18 10.17 6.94 5.48 5.35 4.964.16

3.343.13

23.13

Debentures and Bonds Banks Government Dated Securities Auto

Consumer Non Durables Cement Finance Industrial Products

Chemicals Software Others




Benchmark: CRISIL Hybrid 85+15 - Conservative Index $

Fund Manager: AAUM: AUM:

Allotment date: December 02, 2003

KOTAK MONTHLY INCOME PLAN

Investment ObjectiveTo enhance returns over a portfolio of Debt Instruments with a moderate exposure in Equity and Equity related Instruments. However, there is no assurance that the objective of the scheme will be realized.Available Plans/OptionsA) Regular Plan B) Direct PlanOptions: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans)Dividend FrequencyMonthly (12th of every Month) Quarterly (20th of Mar/Jun/Sep/Dec)Ratios

$Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Minimum Investment AmountInitial Investment: (i) Dividend Re-investment & Growth and Dividend Payout (Quarterly) - `5000 & above (ii) Dividend Payout (Monthly) - `50,000 & above Additional Investment: ̀ 1000 & in multiples of ̀ 1Ideal Investments Horizon - 1 year & aboveLoad StructureEntry Load: Nil. (applicable for all plans)Exit Load: a) For redemption / switch out of upto 10% of the initial investment amount (limit) purchased or switched in within 1 year from the date of allotment: Nil. b) If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1%.c) If units are redeemed or switched out on or after 1 year from the date of allotment: Nil.


Investment Style:


`375.35 crs`377.70 crs

Mr. Devender Singhal & Mr. Abhishek Bisen*

PORTFOLIO

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments 5.05 years.Kotak Monthly Income Plan Fund NAV as on March 28, 2018: `29.6265 (Growth Option), `31.2282 (Direct Growth Option),`12.5757 (Monthly Dividend), ̀ 12.9968 (Direct Monthly Dividend), ̀ 13.7877 (Quarterly Dividend), ̀ 14.3600 (Direct Quarterly Dividend)

Product Label

This product is suitable for investors who are seeking*:� Income & capital growth over a long term horizon� Investment in a portfolio of debt instruments with a

moderate exposure in equity & equity related instruments* Investors should consult their financial advisors if in doubtabout whether the product is suitable for them.

Riskometer

Investors understand that their principal will be at moderate risk

yletaredo

M

Moderate

Low

Low

High

LOW HIGH

Moderately

$Standard Deviation

Modified Duration

Portfolio Yield

3.12%

3.25 yrs

8.17%

An Open Ended Income Scheme. Monthly Income is not assured & is subject to availability of distributable surplus

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)ITC Ltd. Consumer Non Durables 1.70Tata Motors Ltd. Auto 1.13Bata India Ltd. Consumer Durables 0.99Sun TV Limited. Media and Entertainment 0.92HDFC Bank Ltd. Banks 0.81Mahindra & Mahindra Ltd. Auto 0.80Jubilant Foodworks Limited Consumer Non Durables 0.68GlaxoSmithkline ConsumerHealthcare Ltd Consumer Non Durables 0.66RBL Bank Ltd Banks 0.65Galaxy Surfactants Ltd Chemicals 0.59Bank Of Baroda Banks 0.57TV18 Broadcast Ltd Media and Entertainment 0.55Godfrey Phillips India Ltd. Consumer Non Durables 0.54Huhtamaki PPL Ltd Industrial Products 0.52Prataap Snacks Ltd Consumer Non Durables 0.52Manpasand Beverages Ltd. Consumer Non Durables 0.50City Union Bank Ltd. Banks 0.46Bombay Burmah TradingCorporation Ltd. Consumer Non Durables 0.44Saregama India Ltd. Media and Entertainment 0.43Schaeffler India Ltd Industrial Products 0.43HDFC Ltd. Warrants Finance 0.42Britannia Industries Ltd. Consumer Non Durables 0.41Indian Bank Banks 0.40Heritage Foods Ltd Consumer Non Durables 0.39Tata Communications Ltd Telecom - Services 0.34V.S.T Tillers Tractors Ltd Auto 0.34Apollo Micro Systems Ltd Industrial Capital Goods 0.33JMC Projects (India) Ltd Construction 0.31Apollo Tyres Ltd. Auto Ancillaries 0.30GP Petroleums Limited Petroleum Products 0.29H G Infra Engineering Ltd. Construction and Engineering 0.29MRF Limited Auto Ancillaries 0.29ICICI Securities Ltd Finance and Investments 0.26Amber Enterprises India Ltd Consumer Durables 0.24JK Tyre & Industries Ltd. Auto Ancillaries 0.22GMR Infrastructure Ltd. Construction Project 0.21The Ramco Cements Ltd Cement 0.21Hero MotoCorp Ltd. Auto 0.20OCL India Ltd Cement 0.17Jammu and Kashmir Bank Ltd. Banks 0.16Listed/Awaiting Listing on Stock Exchange - Total 19.67Preference Shares

Listed/Awaiting listing on Stock Exchange 7.5 Vedanta ReedemablePreference Shares Non - Ferrous Metals 1.32Listed/Awaiting listing on Stock Exchange - Total 1.32Debt Instruments Debentures and Bonds Corporate Debt/Financial InstitutionsLIC Housing Finance Ltd. CRISIL AAA 0.73Hindalco Industries Ltd. CRISIL AA 0.19Mahindra & MahindraFinancial Services Ltd. FITCH IND AAA 0.03Corporate Debt/Financial Institutions - Total 0.95Public Sector Undertakings Allahabad Bank BRICKWORK BWR A- 8.74Punjab & Sind Bank ICRA A+ 6.78Small Industries DevelopmentBank Of India CARE AAA 6.64National Bank for Agriculture &Rural Development CRISIL AAA 5.45Power Grid Corporation ofIndia Ltd. CRISIL AAA 5.02Vijaya Bank ICRA AA- 3.28U P Power Corporation Ltd CRISIL A+(SO) 2.93Syndicate Bank CARE AA- 1.85U P Power Corporation Ltd FITCH IND AA(SO) 1.50Bank of India CRISIL A+ 1.36Indian Railway FinanceCorporation Ltd. CRISIL AAA 0.08Public Sector Undertakings - Total 43.63Government Dated Securities7.17% Central Government SOV 6.516.68% Central Government SOV 3.916.79% Central Government SOV 3.777.65% State Government SOV 2.616.62% Central Government SOV 2.318.72% State Government SOV 2.268.27% State Government SOV 1.358.43% State Government SOV 0.41Government Dated Securities - Total 23.13TERM DEPOSITS AXIS Bank Ltd. 0.23Term Deposits - Total 0.23Collateral Borrowing & Lending obligation 8.80Net Current Assets/(Liabilities) 2.27Grand Total 100.00

Style

ALLOCATION (%)

RATING PROFILE (%)

High

Cash combined with courage in a time of crisis is priceless.


Large

Mid

Small

16


$ The existing benchmark "CRISIL MIP Blended " has been renamed as "CRISIL Hybrid 85+15 - Conservative Index" as per communication received from CRISIL. * For Fund Manager experience, please refer page 52-53**Total Expense Ratio excludes applicable B15 fee and GST. For scheme performance, please refer page no 45-51. For last three dividends, please refer page no 54-56

44.58 23.13 20.99 9.03 2.27

Debentures and Bonds Government Dated Securi�es

Equi�es CBLO & Term Deposits & Rev.Repo Net Current Assets

41.08 20.99 19.81 9.03 6.82 2.27

AAA, IND AAA, SOV Equi�es A+, A+(SO), BWR A-

CBLO & Term Deposits & Rev.Repo AA, IND AA(SO), AA- Net Current Assets

Investment ObjectiveThe investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and enhance returns with a moderate exposure in equity & equity related instruments. However, there is no assurance that the objective of the scheme will be realized.Available Plans/OptionsA) Regular Plan B) Direct Plan Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend FrequencyMonthly (12th of every month) Quarterly (20th of March, June, September and December of every year)Ratios

Source: $ICRA MFI Explorer. Minimum Investment AmountInitial Investment: `5000 and in multiple of `1 for purchase and for ̀ 0.01 for switchesAdditional Investment: `1000 & in multiples of `1 for purchase and for `0.01 for switchesIdeal Investments Horizon: 3 years & aboveLoad StructureEntry Load: Nil.Exit Load:a) For redemption / switch out of upto 10% of the initial investment amount (limit) purchased or switched in within 1 year from the date of allotment: Nil. b) If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1%.c) If units are redeemed or switched out on or after 1 year from the date of allotment: Nil.Total Expense Ratio**Regular: 2.01%; Direct: 1.41%

7

Benchmark: 75% of Nifty 50 Arbitrage index and 25% in Nifty 50

Fund Manager: Mr. Deepak Gupta &

Mr. Abhishek Bisen*

AAUM: `1,838.81 crs

AUM: `1,864.09 crsAllotment date: October 13, 2014

KOTAK EQUITY SAVINGS FUNDAn Open Ended Equity Fund

108.44%Portfolio Turnover

Investment Style

Style


PORTFOLIO

This product is suitable for investors who are seeking*:� Income from arbitrage opportunities in the equity

market & long term capital growth� Investment predominantly in arbitrage opportunities in

the cash & derivatives segment of the equity market and equity & equity related securities



Large

Mid

Small


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Product Label

17


Short Medium Long VolatilityLow

Medium

High

Maturity

0.32

3.37%

$Sharpe##

$Standard Deviation

0.94$Beta

Folio Count: 14,820

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)Non-Hedged CNX NIFTY-APR2018 -0.85Dalmia Bharat Ltd.-APR2018 -1.04HDFC Ltd. Finance -0.63Indian Oil Corporation Ltd-APR2018 0.09Tata Consultancy Services Ltd. Software 2.32 Reliance Industries Ltd. Petroleum Products 1.23 Hindustan Unilever Ltd. Consumer Non Durables 1.17 Maruti Suzuki India Limited Auto 1.16 Polaris Consulting & Services Ltd Software 1.14 Bajaj Finance Limited Finance 1.00 OCL India Ltd Cement 0.94 HDFC Ltd. Warrants Finance 0.93 Bharti Airtel Ltd. Telecom - Services 0.84 Motherson Sumi Systems Ltd. Auto Ancillaries 0.79 HDFC Bank Ltd. Banks 0.72 0.90ITC Ltd. Consumer Non Durables 0.72 Tata Steel Limited. Ferrous Metals 0.62 Infosys Ltd. Software 0.60 Larsen And Toubro Ltd. Construction Project 0.55 Titan Company Ltd. Consumer Durables 0.55 Power Grid Corporation Of India Ltd Power 0.50 Britannia Industries Ltd. Consumer Non Durables 0.48 Zee Entertainment Enterprises Ltd Media and Entertainment 0.48 Edelweiss Financial Services Ltd Finance 0.42 Shriram Transport Finance Co Ltd. Finance 0.39 Yes Bank Ltd Banks 0.38 Dr Reddys Laboratories Ltd Pharmaceuticals 0.37 GAIL (India) Ltd. Gas 0.37 Biocon Ltd. Pharmaceuticals 0.35 National Thermal Power Corporation Limited Power 0.35 Petronet LNG Ltd. Gas 0.34 Varun Beverages Ltd Consumer Non Durables 0.34 Granules India Ltd. Pharmaceuticals 0.33 Hindalco Industries Ltd Non - Ferrous Metals 0.33 Indraprastha Gas Ltd. Gas 0.33 Jindal Steel & Power Ltd. Ferrous Metals 0.32 Bharat Financial Inclusion Limited Finance 0.31 Eris Lifesciences Ltd Pharmaceuticals 0.30 GlaxoSmithkline Consumer Healthcare Ltd Consumer Non Durables 0.24 Mahindra & Mahindra Ltd. Auto 0.24 Laurus Labs Ltd Pharmaceuticals 0.20 Axis Bank Ltd Banks 0.18 Bharat Earth Movers Ltd. Industrial Capital Goods 0.18 United Spirits Ltd. Consumer Non Durables 0.17 Federal Bank Ltd. Banks 0.16 JSW Steel Ltd. Ferrous Metals 0.16 Sun TV Limited. Media and Entertainment 0.16 The Ramco Cements Ltd Cement 0.16 Grasim Industries Ltd. Cement 0.15 Godfrey Phillips India Ltd. Consumer Non Durables 0.14 Vedanta Ltd. Non - Ferrous Metals 0.14 Prataap Snacks Ltd Consumer Non Durables 0.13 Strides Shasun Ltd. Pharmaceuticals 0.13 Bajaj Finserv Ltd. Finance 0.12 Eicher Motors Ltd Auto 0.12 L&T Finance Holdings Ltd Finance 0.12 AU Small Finance Bank Ltd. Banks 0.11 Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.11 HCL Technologies Ltd. Software 0.11 Cochin Shipyard Ltd Industrial Capital Goods 0.10 Galaxy Surfactants Ltd Chemicals 0.09 ICICI Securities Ltd Finance and Investments 0.09 Apollo Micro Systems Ltd Industrial Capital Goods 0.08 Godrej Agrovet Ltd Consumer Non Durables 0.08 Tata Steel Limited (Partly Paid Shares) Ferrous Metals 0.06 Chennai Super Kings Cricket Ltd. Media and Entertainment 0.01 IndusInd Bank Ltd. Banks 0.01 0.55Non-Hedged- Total 25.72 -0.98Hedged GMR Infrastructure Ltd. Construction Project 1.95 -1.97Jindal Steel & Power Ltd. Ferrous Metals 1.90 -1.90Indiabulls Housing Finance Ltd. Finance 1.84 -1.85Capital First Ltd Finance 1.77 -1.78Aurobindo Pharma Ltd. Pharmaceuticals 1.23 -1.24Karnataka Bank Ltd Banks 1.20 -1.21Reliance Capital Ltd. Finance 1.13 -1.13HDFC Ltd. Finance 1.08 -1.08PC Jeweller Ltd Consumer Durables 1.05 -1.06DLF Limited Construction 0.99 -1Power Finance Corporation Ltd. Finance 0.92 -0.92Union Bank Of India Banks 0.84 -0.84Suzlon Energy Ltd. Industrial Capital Goods 0.72 -0.73IDFC Bank Limited Banks 0.68 -0.69Ujjivan Financial Services Ltd Finance 0.65 -0.65Ashok Leyland Ltd. Auto 0.63 -0.63Granules India Ltd. Pharmaceuticals 0.63 -0.63Equitas Holdings Ltd Finance 0.62 -0.62IDFC Limited Finance 0.59 -0.59Raymond Limited Textile Products 0.59 -0.59


7


PORTFOLIO


18


Lupin Ltd. Pharmaceuticals 0.57 -0.57Bajaj Finance Limited Finance 0.56 -0.56CESC Ltd. Power 0.56 -0.56Tata Steel Limited. Ferrous Metals 0.54 -0.54Jain Irrigation Systems Ltd. Industrial Products 0.51 -0.52The South Indian Bank Ltd. Banks 0.49 -0.49Bank of India Banks 0.47 -0.47Gujarat State Fertilizers & Chemicals Ltd. Fertilisers 0.47 -0.47Tata Global Beverages Limited Consumer Non Durables 0.43 -0.43Jaiprakash Associates Ltd Cement 0.40 -0.41Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.31 -0.31Godfrey Phillips India Ltd. Consumer Non Durables 0.30 -0.30Bata India Ltd. Consumer Durables 0.29 -0.29Can Fin Homes Ltd. Finance 0.28 -0.28Kaveri Seed Company Ltd. Consumer Non Durables 0.27 -0.27Syndicate Bank Banks 0.27 -0.28Tata Consultancy Services Ltd. Software 0.27 -0.27Federal Bank Ltd. Banks 0.26 -0.26Century Textiles & Industries Ltd. Cement 0.25 -0.25Reliance Naval and Engineering Limited Industrial Capital Goods 0.25 -0.25Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.25 -0.26Strides Shasun Ltd. Pharmaceuticals 0.24 -0.24UPL Ltd Pesticides 0.24 -0.24State Bank Of India Banks 0.23 -0.23Adani Power Ltd Power 0.22 -0.22Punjab National Bank Banks 0.21 -0.21National Aluminium Company Ltd Non - Ferrous Metals 0.20 -0.20NCC Limited Construction Project 0.20 -0.20Steel Authority of India Ltd. Ferrous Metals 0.20 -0.20Dewan Housing Finance Corporation Ltd. Finance 0.18 -0.18Bharti Airtel Ltd. Telecom - Services 0.16 -0.16KPIT Technologies LImited Software 0.16 -0.16PTC India Ltd. Power 0.16 -0.16SREI Infrastructure Finance Ltd Finance 0.16 -0.16Tata Chemicals Ltd. Chemicals 0.16 -0.16Housing Development and Infrastructure Limited Construction 0.14 -0.14Larsen And Toubro Ltd. Construction Project 0.14 -0.14Mahanagar Gas Ltd Gas 0.14 -0.14Shriram Transport Finance Co Ltd. Finance 0.14 -0.14Indian Bank Banks 0.13 -0.13Chennai Petroleum Corporation Ltd Petroleum Products 0.12 -0.12Jet Airways (India) Ltd. Transportation 0.12 -0.12Manappuram Finance Ltd Finance 0.12 -0.12Reliance Infrastructure Ltd Power 0.12 -0.12Dr Reddys Laboratories Ltd Pharmaceuticals 0.10 -0.10Titan Company Ltd. Consumer Durables 0.10 -0.10Mahindra & Mahindra Ltd. Auto 0.09 -0.09Wockhardt Ltd. Pharmaceuticals 0.09 -0.09CEAT Ltd. Auto Ancillaries 0.08 -0.08Indraprastha Gas Ltd. Gas 0.08 -0.08Kajaria Ceramics Ltd. Construction 0.08 -0.08SRF Ltd. Textile Products 0.08 -0.08IRB Infrastructure Developers Ltd Construction 0.07 -0.07Reliance Power Ltd Power 0.07 -0.07Tata Communications Ltd Telecom - Services 0.07 -0.07Axis Bank Ltd Banks 0.06 -0.06Bank Of Baroda Banks 0.06 -0.06Dish TV India Ltd. Media and Entertainment 0.06 -0.06IFCI Ltd. Finance 0.06 -0.06TV18 Broadcast Ltd Media and Entertainment 0.06 -0.06CG Power and Industrial Solutions Limited Industrial Capital Goods 0.05 -0.05Hindustan Construction Co.Ltd Construction Project 0.05 -0.05Idea Cellular Ltd. Telecom - Services 0.05 -0.05ITC Ltd. Consumer Non Durables 0.05 -0.05Castrol (India ) Ltd. Petroleum Products 0.04 -0.04Godrej Industries Ltd Consumer Non Durables 0.04 -0.04LIC Housing Finance Ltd. Finance 0.04 -0.04United Spirits Ltd. Consumer Non Durables 0.04 -0.04Yes Bank Ltd Banks 0.04 -0.04Hindustan Unilever Ltd. Consumer Non Durables 0.03 -0.03India Cements Ltd. Cement 0.03 -0.03Industrial Development Bank of India Ltd. Banks 0.03 -0.03Just Dial Limited Software 0.03 -0.03Mahindra & Mahindra Financial Services Ltd. Finance 0.03 -0.03Mangalore Refinery And Petrochemicals Ltd. Petroleum Products 0.03 -0.03Maruti Suzuki India Limited Auto 0.03 -0.03Siemens Ltd. Industrial Capital Goods 0.03 -0.03Tata Motors Ltd - DVR Auto 0.03 -0.03Adani Port and Special Economic Zone Limited Transportation 0.02 -0.02Amara Raja Batteries Ltd. Auto Ancillaries 0.02 -0.02Balrampur Chini Mills Ltd Consumer Non Durables 0.02 -0.02Grasim Industries Ltd. Cement 0.02 -0.02Marico Ltd. Consumer Non Durables 0.02 -0.02Tata Elxsi Ltd. Software 0.02 -0.02Vedanta Ltd. Non - Ferrous Metals 0.02 -0.02Ajanta Pharma Ltd. Pharmaceuticals 0.01 -0.01

7


19



Those who are unwilling to invest in the future haven't earned one �H.W. Lewis


Scheme Inception : - October 13, 2014. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day `of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ̂ Additional BenchmarkTRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).





Scheme Returns (%)

75% NIFTY 50 ARBITRAGE + 25% Nifty 50 ( )#`

75% NIFTY 50 ARBITRAGE + 25% Nifty 50 Returns (%)



1 year 3 years Since Inception

1,20,000 3,60,000 4,20,000

1,23,187 4,06,802 4,83,512

5.07 8.16 8.06

1,22,739 3,98,271 4,71,935

4.35 6.72 6.65

1,22,328 4,25,727 5,00,506

3.70 11.28 10.07


PORTFOLIO

Kotak Equity Savings Fund NAV as on March 28, 2018: `13.1966 (Growth Option), `11.1474 (Monthly Dividend Option), `11.0074 (Quarterly Dividend Option), ̀ 13.5139 (Direct Growth Option), ̀ 11.3996 (Direct Monthly Dividend Option), `11.1013 (Direct Quarterly Dividend Option)

Note: # Term Deposit as provided above is towards margin for derivatives transactionsNote: Polaris Consulting & Services Ltd is going to get compulsorily delisted and the offer price is INR 480 and the company is under obligation to accept 100% of the shares tendered to them. Hence, the delisting offer by the company is treated as the hedge for the cash holding.

Andhra Bank Banks 0.01 -0.01Cipla Ltd. Pharmaceuticals 0.01 -0.01Development Credit Bank Ltd. Banks 0.01 -0.01Havells India Ltd. Consumer Durables 0.01 -0.01Hindustan Zinc Ltd. Non - Ferrous Metals 0.01 -0.01Muthoot Finance Ltd Finance 0.01 -0.01National Buildings Construction Corporation Limited Construction 0.01 -0.01Nestle India Ltd. Consumer Non Durables 0.01 -0.01Oil & Natural Gas Corporation Ltd. Oil 0.01 -0.01Petronet LNG Ltd. Gas 0.01 -0.01Power Grid Corporation Of India Ltd Power 0.01 -0.01Reliance Industries Ltd. Petroleum Products 0.01 -0.01Tata Motors Ltd. Auto 0.01 -0.01Tata Power Co. Ltd. Power 0.01 -0.01Torrent Power Ltd Power 0.01 -0.01Hedged - Total 35.08 -35.22Listed/Awaiting Listing on Stock Exchange - Total 60.80 -36.20Preference Shares Listed/Awaiting listing on Stock Exchange 7.5% Vedanta Reedemable Preference Shares Non - Ferrous Metals 0.81 Listed/Awaiting listing on Stock Exchange - Total 0.81 Mutual Fund Units Kotak Floater Short Term Direct Growth Mutual Fund Units 1.07 Mutual Fund Units - Total 1.07 Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Kotak Mahindra Prime Ltd. CRISIL AAA 10.61 Mahindra & Mahindra Financial Services Ltd. FITCH IND AAA 5.37 AXIS Bank Ltd. CRISIL AA+ 2.66 Corporate Debt/Financial Institutions - Total 18.64 Government Dated Securities 8.53% State Government SOV 0.28 Government Dated Securities - Total 0.28 TERM DEPOSITS AXIS Bank Ltd. 6.97 HDFC Bank Ltd. 4.67 Term Deposits - Total 11.64 Collateral Borrowing & Lending obligation 1.92 Net Current Assets/(Liabilities) 4.84 Grand Total 100.00

18.64 13.56 13.47 6.55 5.11 4.79

4.65

3.80

2.89

2.31 24.23

Debentures and Bonds CBLO & Term Deposits & Rev.Repo Finance Banks

Pharmaceuticals Consumer Non Durables Software Ferrous Metals

Construction Project Auto Others


The investment objective of the Scheme is to generate long-term capital appreciation f r o m a d i v e r s i f i e d p o r t f o l i o o f predominantly (at least 65%) equity and equity-related securities of companies involved in economic development of India as a result of potential investments in infrastructure and unfolding economic reforms.However, there is no assurance that the objective of the scheme will be realized.




Dividend Frequency


Ratios






Load Structure


Exit Load:

a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units: 1%;

b) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units: NIL;



7


Product Label

PORTFOLIO

Benchmark: S&P BSE � 100Fund Manager: Mr. Harish Krishnan*

AAUM: `471.70 crs AUM: `483.31 crs

Allotment date: February 25, 2008KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND


35.76%

0.97

0.33

15.54%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

Investment Style

Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Shree Cement Ltd. Cement 4.04Larsen And Toubro Ltd. Construction Project 3.66Indraprastha Gas Ltd. Gas 3.64Ultratech Cement Ltd. Cement 3.23GAIL (India) Ltd. Gas 3.17Solar Industries India Limited Chemicals 3.10GE Power India Limited Industrial Capital Goods 3.07National Thermal PowerCorporation Limited Power 2.98Schaeffler India Ltd Industrial Products 2.88Thermax Ltd. Industrial Capital Goods 2.82SKF India Ltd Industrial Products 2.74H G Infra Engineering Ltd. Construction and Engineering 2.49Bharat Earth Movers Ltd. Industrial Capital Goods 2.48JK Tyre & Industries Ltd. Auto Ancillaries 2.41Kirloskar Oil Engines Ltd. Industrial Products 2.36Container Corporation ofIndia Ltd. Transportation 2.32Bharti Airtel Ltd. Telecom - Services 2.27JMC Projects (India) Ltd Construction 1.99AIA Engineering Limited Industrial Products 1.96Kajaria Ceramics Ltd. Construction 1.90Supreme Industries Limited Industrial Products 1.85Sadbhav Engineering Ltd. Construction Project 1.73Shriram TransportFinance Co Ltd. Finance 1.72Tejas Networks Ltd Telecom - Equipment & Accessories 1.70Hindustan Oil ExplorationCompany Ltd. Oil 1.67Amara Raja Batteries Ltd. Auto Ancillaries 1.64The Ramco Cements Ltd Cement 1.62Inter Globe Aviation Ltd Transportation 1.60

Cummins India Ltd. Industrial Products 1.59Gujarat State Petronet Ltd. Gas 1.57Mahanagar Gas Ltd Gas 1.49Gujarat Gas Company Ltd Gas 1.47APL Apollo Tubes Limited Ferrous Metals 1.44Petronet LNG Ltd. Gas 1.43AU Small Finance Bank Ltd. Banks 1.41Bharat Electronics Ltd Industrial Capital Goods 1.38OCL India Ltd Cement 1.34Simplex Infrastructures Ltd Construction 1.29PNC INFRATECH LIMITED Construction 1.18Jindal Steel & Power Ltd. Ferrous Metals 1.16Brigade Enterprises Limited Construction 1.11Kalpataru PowerTransmission Ltd. Power 1.10Huhtamaki PPL Ltd Industrial Products 1.00Tata Power Co. Ltd. Power 0.98Linde India Ltd. Chemicals 0.97GMR Infrastructure Ltd. Construction Project 0.87Techno Electric &Engineering Co Ltd. Construction Project 0.86Ashok Leyland Ltd. Auto 0.75Capacite Infraprojects Limited Construction 0.63WPIL Ltd Industrial Products 0.63Indian Energy Exchange Ltd. Finance 0.58GP Petroleums Limited Petroleum Products 0.46Ratnamani Metals & Tubes Ltd. Ferrous Metals 0.13Listed/Awaiting Listing on Stock Exchange - Total 95.86Collateral Borrowing & Lending obligation 4.14Grand Total 100.00


Scheme Inception : - February 25, 2008. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR `helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ̂ Additional BenchmarkTRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

Kotak Infrastructure & Economic Reform Fund NAV as on March 28, 2018: `19.388 (Dividend Option), `22.514 (Direct Dividend Option), `21.280 (Growth Option), ̀ 22.773 (Direct Growth Option)

This product is suitable for investors who are seeking*:� Long term capital growth� Long term capital appreciation by investing in equity and

equity related instruments of companies contributing to infrastructure and economic development of India


Investors understand that their principal will be at high risk

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Style



Large

Mid

Small



My problem lies with reconciling my gross habits with my net income� Erroll Flynn

20





Scheme Returns (%)

S&P BSE 100 (TRI) ( )#`

S&P BSE 100 (TRI) Returns (%)




1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 12,20,000

1,19,679 4,42,760 9,67,087 15,61,541 26,40,117 26,83,675

-0.51 14.01 19.25 17.45 15.10 14.83

1,22,253 4,31,535 8,24,223 13,33,465 23,01,962 23,47,661

3.58 12.22 12.71 13.01 12.53 12.37

1,22,328 4,25,727 8,02,644 12,89,007 22,08,248 22,53,159

3.70 11.28 11.63 12.06 11.75 11.62

Folio Count: 27,174

8.88

24.81

25.88

21.95

14.98

15.25

14.82

8.90

4.22

4.82 4.07

10.23

3.98

6.95

3.933.92

11.42

3.14

Benchmark

Scheme

Industrial Manufacturing Energy Construction Cement & Cement Products AutomobileChemicals Telecom Services Cash & Cash Equivalent Financial Services



The investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity & equity re lated instruments across market capitalisation and sectors. However, there is no assurance that the objective of the scheme will be realized.




Dividend Frequency


Ratios



The scheme is a close ended scheme. The units of the scheme can be traded on the stock exchange.

Load Structure


Exit Load: Nil. (applicable for all plans)



7

Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


* For Fund Manager experience, please refer page 52-53. For last three dividends, please refer page no 54-56. For scheme performance, please refer **Total Expense Ratio excludes applicable B15 fee and GST.page no 45-51.

PORTFOLIO

Benchmark: Nifty 200Fund Manager: Mr. Harish Krishnan*

AAUM: `438.84 crs AUM: `416.72 crs

Allotment date: May 06, 2015KOTAK INDIA GROWTH FUND SERIES 1

3 years Close- Ended Equity Scheme


Investment Style

Equity & Equity related (Listed/Awaiting listing on Stock

Exchange)

HDFC Bank Ltd. Banks 9.30







Motherson Sumi Systems Ltd. Auto Ancillaries 4.48

Shree Cement Ltd. Cement 4.38

Britannia Industries Ltd. Consumer Non Durables 3.58


Zee Entertainment




Laurus Labs Ltd Pharmaceuticals 3.02

Cadila Healthcare Ltd. Pharmaceuticals 2.94

ICICI Lombard General

Insurance Company Ltd Finance 2.86

Sun TV Limited. Media and Entertainment 2.85

Kajaria Ceramics Ltd. Construction 2.75

Bharat Petroleum


Bharat Earth Movers Ltd. Industrial Capital Goods 2.25

OCL India Ltd Cement 1.89

Entertainment Network

(India) Ltd. Media and Entertainment 1.78

Bandhan Bank Limited Banks 1.50

Bajaj Finance Limited Finance 0.56



Net Current Assets/(Liabilities) 3.44

Grand Total 100.00

Kotak India Growth Fund Series 1 NAV as on March 28, 2018: `10.663 (Dividend Option), `10.857 (Direct Dividend Option), `12.663 (Growth Option), ̀ 12.857 (Direct Growth Option)

This product is suitable for investors who are seeking*:� Long term capital growth� Investment in equity and equity related securities across

market capitalisation and sectors* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Style


Large

Mid

Small



It's never too early to encourage long term savings � Ron Lewis

21


32.45

27.60

12.57

15.19

9.41

12.15

12.43

8.94

3.99

8.09

0.89

8.08

4.79

5.95 5.86

2.21

4.38

1.47

2.25

Benchmark

Scheme

Financial Services Energy Automobile Consumer GoodsConstruction Media & Entertainment Pharma Cash & Cash EquivalentCement & Cement Products Industrial Manufacturing


The investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity & equity re lated instruments across market capitalisation and sectors.

There is no assurance or guarantee that the investment objective of the scheme will be achieved.


A)Regular Plan B) Direct Plan


Dividend Frequency


Ratios



The scheme is a close ended scheme. The units of the scheme can be traded on the stock exchange.

Load Structure





7

Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


* For Fund Manager experience, please refer page 52-53. For last three dividends, please refer page no 54-56. For scheme performance, please refer **Total Expense Ratio excludes applicable B15 fee and GST.page no 45-51.

PORTFOLIO

Benchmark: Nifty 200

Fund Manager: Mr. Harsha Upadhyaya andMr. Devender Singhal* AAUM: `419.52 crs

AUM: `424.96 crs

Allotment date: Feb 20, 2018

KOTAK INDIA GROWTH FUND SERIES 4Multicap Fund - A 36 months close ended equity schemeinvesting across large cap, midcap and small cap stocks


Investment Style


Exchange) ITC Ltd. Consumer Non Durables 7.52HDFC Bank Ltd. Banks 4.44Tata Motors Ltd. Auto 3.85Mahindra & Mahindra Ltd. Auto 3.83Bata India Ltd. Consumer Durables 3.44CESC Ltd. Power 3.41Sun TV Limited. Media and Entertainment 3.39IndusInd Bank Ltd. Banks 3.38Britannia Industries Ltd. Consumer Non Durables 3.04GlaxoSmithkline ConsumerHealthcare Ltd Consumer Non Durables 2.87City Union Bank Ltd. Banks 2.84Jubilant Foodworks Limited Consumer Non Durables 2.74Bharat PetroleumCorporation Ltd. Petroleum Products 2.51Bank Of Baroda Banks 2.34Eris Lifesciences Ltd Pharmaceuticals 2.27RBL Bank Ltd Banks 2.26Prataap Snacks Ltd Consumer Non Durables 2.14Jindal Steel & Power Ltd. Ferrous Metals 2.06JMC Projects (India) Ltd Construction 2.04Eicher Motors Ltd Auto 2.00Apollo Tyres Ltd. Auto Ancillaries 1.96Federal Bank Ltd. Banks 1.89Reliance Industries Ltd. Petroleum Products 1.79

Motherson Sumi Systems Ltd. Auto Ancillaries 1.76The Ramco Cements Ltd Cement 1.76GMR Infrastructure Ltd. Construction Project 1.74HDFC Ltd. Warrants Finance 1.73Dalmia Bharat Ltd. Cement 1.69Bharat Forge Ltd. Industrial Products 1.65Gujarat State Petronet Ltd. Gas 1.61Indian Bank Banks 1.59Jammu and Kashmir Bank Ltd. Banks 1.56Abbott India Ltd. Pharmaceuticals 1.54Century Textiles & Industries Ltd. Cement 1.34Tata Communications Ltd Telecom - Services 1.31Saregama India Ltd. Media and Entertainment 1.08Larsen And Toubro Ltd. Construction Project 0.93Inter Globe Aviation Ltd Transportation 0.91Hindalco Industries Ltd Non - Ferrous Metals 0.50ICICI Securities Ltd Finance and Investments 0.47Tata Consultancy Services Ltd. Software 0.47Infosys Ltd. Software 0.45Listed/Awaiting Listing on Stock Exchange - Total 92.10Option CNX NIFTY - 10500.000 - Put Option - December 2020 7.10Option - Total 7.10Collateral Borrowing & Lending obligation 0.71Net Current Assets/(Liabilities) 0.09Grand Total 100.00

Kotak India Growth Fund Series 4 NAV as on March 28, 2018: `9.932 (Dividend Option), `9.928 (Direct Dividend Option), `9.931 (Growth Option), ̀ 9.937 (Direct Growth Option)

This product is suitable for investors who are seeking*:� Long term capital growth� Investment in equity and equity related securities

without any market capitalisation and sector bias.* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Style


Large

Mid

Small



Risk comes from not knowing what you are doing

22


32.45

26.15

12.43

25.81

9.41

15.89

12.57

11.07

8.43

2.21

5.69

3.99

5.59

0.89

5.31

4.79

4.52

4.39

3.05

Benchmark

Scheme

Financial Services Consumer Goods Automobile EnergyOthers Cement & Cement Products Construction Media & EntertainmentPharma Metals



* For Fund Manager experience, please refer page 52-53. For scheme performance, please refer page no 45-51 **Total Expense Ratio excludes applicable B15 fee and GST.

Benchmark: CRISIL Liquid Fund


Allotment date: November 4, 2003

KOTAK LIQUIDAn Open - Ended Debt Scheme


To provide reasonable returns and high level of liquidity by investing in debt and money market instruments of different maturities so as to spread risk across different kinds of issuers in the debt markets. However, there is no assurance that the objective of the scheme will be realized.



Options: Dividend Payout,

Dividend Reinvestment & Growth

(applicable for all plans)

Dividend Frequency

Daily, Weekly (Every Monday) (applicable for all plans)

Ratios

$Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns.


Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches


Ideal Investment Horizon: 1 - 15 days

Load Structure




Investment Style:

This product is suitable for investors who are seeking*:

� Income over a short term investment horizon� Investment in debt & money market securities* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.


`13,292.57 crs`10,244.98 crs

Mr. Deepak Agrawal*

ALLOCATION (%)

RATING PROFILE (%)


PORTFOLIO

Short Medium Long Volatiliy

Low

Medium

High

Maturity

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.17 years

Kotak Liquid Fund NAV as on March 28, 2018: `3511.0048 (Growth Option), `3520.0496 (Direct Growth Option),`1001.2112 (Weekly Dividend), ̀ 1006.3152 (Direct Weekly Dividend), ̀ 1222.8100 (Daily Dividend), ̀ 1222.8100 (Direct Daily Dividend)

Product Label

Investors understand that their principal will be at low risk

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Debt Instruments

Debentures and Bonds

Corporate Debt/Financial Institutions

HDFC Ltd. CRISIL AAA 2.68

ICICI Home Finance

Company Limited ICRA AAA 0.57

Indostar Capital Finance Limited CARE AA- 0.47

Corporate Debt/Financial Institutions - Total 3.72

Public Sector Undertakings

National Bank for Agriculture &

Rural Development CRISIL AAA 0.98

National Housing Bank CRISIL AAA 0.08

Public Sector Undertakings - Total 1.06

Money Market Instruments

Commercial Paper(CP)/Certificate of Deposits(CD)


Reliance Industries Ltd. CRISIL A1+ 12.05

Aditya Birla Finance Ltd. ICRA A1+ 11.23

Reliance Jio Infocomm Ltd. CRISIL A1+ 7.19

Indus Towers Limited CRISIL A1+ 4.80

IDFC Bank Limited ICRA A1+ 4.58

India Infoline Finance Limited CRISIL A1+ 3.37

Vedanta Ltd. CRISIL A1+ 3.14

Aditya Birla Housing Finance ICRA A1+ 2.67

IDFC Bank Limited CRISIL A1+ 2.65

Reliance Retail Limited CRISIL A1+ 2.41

Piramal Enterprises Ltd. ICRA A1+ 2.17

Manappuram Finance Ltd. CRISIL A1+ 2.03

Karnataka Bank Ltd CRISIL A1+ 1.94

AXIS Bank Ltd. CRISIL A1+ 1.45

IL & FS Financial Services Ltd. ICRA A1+ 1.21

Indiabulls Housing Finance Ltd. CRISIL A1+ 0.96

Shriram City Union Finance Ltd. ICRA A1+ 0.82

Ford Credit India Pvt. Ltd. FITCH IND A1+ 0.48

TV18 Broadcast Ltd ICRA A1+ 0.48

Federal Bank Ltd. CRISIL A1+ 0.24

JM Financial Products Limited CRISIL A1+ 0.24

Standard Chartered

Investment & Loan India Ltd. CRISIL A1+ 0.24

HDFC Ltd. CRISIL A1+ 0.05

ICICI Bank Ltd. CRISIL A1+ 0.05



Export-Import Bank of India CRISIL A1+ 5.92

Union Bank of India ICRA A1+ 4.81


Rural Development ICRA A1+ 4.18

Small Industries Development

Bank Of India FITCH IND A1+ 2.89

Power Finance Corporation Ltd. CRISIL A1+ 2.40


Rural Development CRISIL A1+ 1.44

Indian Bank CRISIL A1+ 0.96

National Thermal Power

Corporation Ltd. ICRA A1+ 0.96

Punjab & Sind Bank ICRA A1+ 0.96


Reverse Repo 3.65



Grand Total 100.00

Nobody ever lost money taking a pro�t �Bernard Baruch

23

$Standard Deviation

Modified Duration

Portfolio Yield

0.17%

0.16yrs

6.78%

90.97 4.78 3.91 0.34

Commercial Paper (CP)/Cer�ficate of Deposits (CD) Debentures and Bonds

CBLO & Term Deposits & Rev.Repo Net Current Assets

95.28 3.91 0.47 0.34

A1+, AAA, IND A1+ CBLO & Term Deposits & Rev.Repo AA- Net Current Assets



Benchmark: CRISIL Liquid FundFund Manager: AAUM:

AUM: Allotment date: July 14, 2003

KOTAK FLOATER SHORT TERMAn Open - Ended Debt Scheme


To reduce the interest rate risk associated with investments in fixed rate instruments by investing predominantly in floating rate securities, money market instruments and using appropriate derivatives. However, there is no assurance that the objective of the scheme will be realized.



Options: Dividend Payout (w.e.f May 15, 2017, Under Monthly Dividned option only), Dividend Reinvestment & Growth (applicable for all plans

Dividend Frequency

Daily, Weekly (Every Monday) and Monthly (12th of every Month)

Ratios



Initial Investment: ` 5 0 0 0 U n d e r growth, weekly dividend and monthly dividend option & `1,00,000 under Daily Dividend Reinvestment option,


Ideal Investment Horizon: 1-15 days

Load Structure


Exit Load: Nil (applicable for all plans)


Investment Style:

Product Label


� Income over a short term investment horizon� Investment in floating rate securities, debt & money

market securities* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.


`14,398.49 crs

`10,748.51 crs

Mr. Deepak Agrawal*

PORTFOLIO


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Note : Aggregate value of investments by other schemes of Kotak Mahindra Mutual Fund as on 31 March 2018 is Rs.21,029.74738 lacsAverage Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.16 years. Kotak Floater Short Term Fund NAV as on March 28, 2018: `2842.9975 (Growth Option), `2850.3594 (Direct Growth Option),`1013.0201 (Weekly Dividend), `1022.6906 (Direct Weekly Dividend), `1005.2410 (Monthly Dividend), `1010.5865 (Direct Monthly Dividend), ̀ 1011.6200 (Daily Dividend), ̀ 1011.6200 (Direct Daily Dividend)


Low

Medium

High

Maturity

$Standard Deviation

Modified Duration

Portfolio Yield

0.17%

0.16 yrs

7.00%

Debt Instruments



Altico Capital India Pvt Ltd FITCH IND AA- 0.32

Nabha Power Ltd. ICRA AAA 0.08


Aasan Corporate Solutions

Private Limited ICRA AA-(SO) 0.05



National Housing Bank CRISIL AAA 0.07



Steel Authority of India Ltd. FITCH IND AA- 0.01





HDFC Ltd. ICRA A1+ 13.89


Muthoot Finance Ltd. CRISIL A1+ 9.32


Piramal Enterprises Ltd. CRISIL A1+ 5.18

Suraksha Realty Ltd CARE A1+(SO) 4.68

Tata Capital Financial

Services Limited CRISIL A1+ 4.53

Indus Towers Limited CRISIL A1+ 4.49

Suraksha Asset

Reconstruction Pvt Ltd CARE A1+(SO) 4.31

Karnataka Bank Ltd CRISIL A1+ 2.75

Tata Power Company Ltd. ICRA A1+ 2.35

L & T Infrastructure

Finance Company Ltd. ICRA A1+ 1.81

Tata Motors Finance Ltd ICRA A1+ 1.81

Piramal Enterprises Ltd. ICRA A1+ 1.80

AXIS Finance Ltd. CRISIL A1+ 1.77

Tata Capital Housing Finance Ltd. CRISIL A1+ 1.59

IDFC Bank Limited ICRA A1+ 1.58

IIFL Wealth Finance Ltd. CRISIL A1+ 1.41

Reliance Infrastructure Ltd. FITCH IND A1+(SO) 1.35

IL & FS Financial Services Ltd. ICRA A1+ 1.13

ICICI Bank Ltd. ICRA A1+ 1.01

Azim premji Trust ICRA A1+ 0.91

Sun Pharma Laboratories Limited CRISIL A1+ 0.90

AU Small Finance Bank Ltd. CRISIL A1+ 0.68

Essel Mining & Industries Ltd. ICRA A1+ 0.54


AXIS Bank Ltd. ICRA A1+ 0.23

Shriram City Union Finance Ltd. ICRA A1+ 0.23

Reliance Infrastructure Ltd. BRICKWORK

BWR A1+ (SO) 0.14


AXIS Bank Ltd. CRISIL A1+ 0.05






Union Bank of India ICRA A1+ 1.80

Indian Bank CRISIL A1+ 0.90

Punjab & Sind Bank CRISIL A1+ 0.45


Bank Of India CRISIL A1+ 0.10

Power Finance Corporation Ltd. CRISIL A1+ 0.05


Reverse Repo 0.55



Grand Total 100.00

ALLOCATION (%)

RATING PROFILE (%)

I �nally know what distinguishes man from the other beasts:�nancial worries � Jules Renard

24



98.51 0.90 0.64-0.05

Commercial Paper (CP)/Cer�ficate of Deposits (CD) CBLO & Term Deposits & Rev.RepoDebentures and Bonds Net Current Assets

98.77 0.90 0.38-0.05

A1+, A1+(SO), AAA, BWR A1+ (SO), IND A1+(SO) CBLO & Term Deposits & Rev.RepoAA-(SO), IND AA- Net Current Assets



* For Fund Manager experience, please refer page 52-53. For scheme performance, please refer page no 45-51. For last three dividends, please refer **Total Expense Ratio excludes applicable B15 fee and GST. page no 54-56

Benchmark: CRISIL Liquid Fund Fund Manager: AAUM:

AUM: Allotment date: August 13, 2004

KOTAK TREASURY ADVANTAGE FUNDAn Open - Ended Debt Scheme


The investment objective of the Scheme is to generate returns through investments in debt and money market instruments with a view to reduce the interest rate risk. However, there is no assurance or guarantee that the investment objective of the scheme will be achieved.




Dividend Frequency

Daily, Monthly (12th of every Month) and Weekly (Every Monday)

Ratios



Initial Investment: (i) Dividend Re-investment & Growth- `5000 & above (ii) Dividend Payout (Weekly) - ̀ 1,00,00,000 & above


Ideal Investment Horizon: 1-3 months

Load Structure




Investment Style:

Product Label


� Income over a short term investment horizon� Investment in debt & money market securities* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.


`5,921.95 crs`5,804.03 crs

Mr. Deepak Agrawal*

PORTFOLIO

Riskometer

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.67 years.

K o t a k Tre a s u r y A d v a n t a g e F u n d N AV a s o n M a rc h 2 8 , 2 0 1 8 : ` 1 0 . 0 7 9 8 ( D a i l y D i v i d e n d O p t i o n ) ,`10.0805 (Daily Dividend - Direct), `27.7773 (Growth Option), `10.2556 (Monthly Dividend Option), `10.1586 (Weekly Dividend Option), `12.7452 (Monthly Dividend - Direct), ̀ 10.1745 (Weekly Dividend - Direct), ̀ 28.2133 (Growth - Direct Option)


Low

Medium

High

Maturity

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

^ Fully or Partly blocked against Interest Rate Swap (IRS). Hedging Position through Interest Rate Swaps as on 31 Mar 2018 is 12.06% of the net assets.

Debt Instruments



Reliance Jio Infocomm Ltd.(^) CRISIL AAA 12.67

Torrent Pharmaceuticals Ltd. FITCH IND A1+ 8.61

Vedanta Ltd. CRISIL AA 6.96

Tata Motors Finance Ltd CARE AA+ 5.53

Shriram Transport

Finance Co Ltd. FITCH IND AA+ 5.18

Indiabulls Housing

Finance Ltd.(^) ICRA AAA 4.05

ICICI Home Finance

Company Limited(^) ICRA AAA 3.27

Muthoot Finance Ltd. CRISIL AA 2.70

LIC Housing Finance Ltd. CRISIL AAA 2.29

Indiabulls Housing Finance Ltd. CARE AAA 1.73

Kotak Mahindra Investments Ltd. CRISIL AAA 1.73

Nabha Power Ltd. ( backed by

unconditional and irrevocable guarantee

by Larsen & Toubro Ltd ) ICRA AAA 1.49

Mahindra & Mahindra Financial

Services Ltd.(^) FITCH IND AAA 1.21

HDFC Ltd.(^) CRISIL AAA 0.86

AXIS Bank Ltd. CRISIL AA+ 0.17

Dewan Housing Finance

Corporation Ltd. CARE AAA 0.13

Cholamandalam Investment and

Finance Company Ltd. ICRA AA 0.09

Bajaj Finance Ltd. ICRA AAA 0.01



Power Finance Corporation Ltd. CRISIL AAA 6.24


Rural Development FITCH IND AAA 3.87

PNB Housing Finance Ltd. CARE AAA 1.73

Bank Of Baroda(^) CARE AA 1.13

Andhra Bank CRISIL AA- 0.88

Union Bank of India CRISIL AA+ 0.60

Export-Import Bank of India CRISIL AAA 0.53

Bank Of Baroda CARE AA+ 0.40

Rural Electrification

Corporation Ltd. CRISIL AAA 0.22

Indian Railway Finance




Power Grid Corporation of

India Ltd. CRISIL AAA 0.09


Government Dated Securities

6.68% Central Government SOV 1.59

7.75% State Government SOV 0.17


Government Dated Securities - Total 1.93




L & T Infrastructure Finance

Company Ltd. CRISIL A1+ 6.59


IndusInd Bank Ltd. CRISIL A1+ 1.97

Reliance Infrastructure Ltd.

( Backed by SBLC of ICICI Bank) BRICKWORK BWR A1+ (SO) 1.83

Aditya Birla Fashion and

Retail Ltd. CRISIL A1+ 1.70









TERM DEPOSITS

HDFC Bank Ltd. 0.12

Term Deposits - Total 0.12



Grand Total 100.00


$Standard Deviation

Modified Duration

Portfolio Yield

0.43%

0.56 yrs

7.49%

ALLOCATION (%)

RATING PROFILE (%)

25


Debentures and Bonds Commercial Paper (CP)/Cer�ficate of Deposits (CD)Net Current Assets Government Dated Securi�es CBLO & Term Deposits & Rev.Repo

74.59 19.70 2.65

1.93

1.13

72.58 23.64 2.65 1.13

A1+, AAA, BWR A1+ (SO), IND A1+, IND AAA, SOV AA+, IND AA+, AA, AA-Net Current Assets CBLO & Term Deposits & Rev.Repo



Benchmark: CRISIL Short Term Bond Fund Index


Allotment date: December 29,1998

KOTAK BANKING AND PSU DEBT FUNDAn Open - Ended Debt Scheme


To generate income by predominantly investing in debt & money market securities issued by Banks & PSUs and Reverse repos in such securities, sovereign securities issued by the Central Government and State Governments, and / or any security unconditionally guaranteed by the Govt. of India. However, there is no assurance that the objective of the scheme will be realized.




Dividend Frequency

Monthly (12th of every Month)

Ratios



Initial Investment: Dividend Payout, Dividend Re-investment & Growth ̀ 5000 & above.

Additional Investment: `1000 & in multiples of ̀ 1.


Load Structure




Investment Style:


`1,077.74 crs

`1,073.84 crs

Mr. Deepak Agrawal*

PORTFOLIO

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments 2.87 years.

Kotak Banking And PSU Debt Fund NAV as on March 28, 2018: `39.2523 (Growth Option), `39.7686 (Direct Growth Option),`10.6575 (Monthly Dividend), ̀ 10.7598 (Direct Monthly Dividend)


Low

Medium

High

Maturity

$Standard Deviation

Modified Duration

Portfolio Yield

1.60%

2.32 yrs

7.99%


� Income over a short to medium term investment horizon.

� Investment in debt & money market securities of PSUs, Banks & government securities.


Product Label

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


Debt Instruments



AXIS Bank Ltd. CRISIL AA+ 11.09



U P Power Corporation Ltd ( Guaranteed By

UP State Government ) FITCH IND AA(SO) 10.15

Power Grid Corporation of India Ltd. CRISIL AAA 9.93

Rural Electrification Corporation Ltd. CRISIL AAA 8.15


Bank Of India CARE AAA 6.85

State Bank Of India. CRISIL AAA 6.05

Punjab National Bank BRICKWORK BWR AA 4.60


Canara Bank CRISIL AAA 2.81

Andhra Bank CRISIL AA- 2.29

Union Bank of India FITCH IND AA 2.03

Power Finance Corporation Ltd. ICRA AAA 1.90

Punjab National Bank CARE AA- 1.37

Powergrid Vizag Transminssion Ltd. CRISIL AAA(SO) 1.23

Steel Authority of India Ltd. FITCH IND AA- 0.19
















Rural Development CRISIL A1+ 3.22




Grand Total 100.00

ALLOCATION (%)

RATING PROFILE (%)

Every day I get up and look through the Forbes list of therichest people in America. If I'm not there, I go to work � Robert Orben

26



72.62 15.02 9.59

1.84

0.93

Debentures and Bonds Government Dated Securi�es Commercial Paper (CP)/Cer�ficate of Deposits (CD)

Net Current Assets CBLO & Term Deposits & Rev.Repo

65.51 31.72 1.84 0.93

A1+, AAA, AAA(SO), SOV AA+, BWR AA, IND AA, IND AA(SO), AA-, IND AA-Net Current Assets CBLO & Term Deposits & Rev.Repo



Benchmark: CRISIL Liquid Fund Fund Manager: AAUM:

AUM: Allotment date: March 6, 2008

KOTAK LOW DURATION FUND An Open - Ended Debt Scheme


The primary objective of the Scheme is to generate income through investment primarily in low duration debt & money market securities. However, there is no assurance that the objective of the scheme will be realized.


A) Regular B) Direct Plan

Options: Dividend Payout, Dividend Reinvestment & Growth (dividend payout is available under monthly dividend only) (applicable for all plans)

Dividend Frequency

Weekly (every Monday), Monthly (12th of every month)

Ratios




Additional Investment: `1000 & in multiples of `1 for purchase and for `0.01 for switches.


Load Structure

Entry Load: Nil.

Exit Load: Nil.

Any exit load charged (net off Service Tax, if any) shall be credited back to the Scheme;


Investment Style:


`5,492.51 crs`5,179.26 crs

Mr. Deepak Agrawal*

PORTFOLIO


Kotak Low Duration Fund NAV as on ` 2121.7330 (Regular Plan-Growth Option), `1016.7244 (Regular Plan-Weekly March 28, 2018: Dividend), `1023.1467 (Regular Plan-Monthly Dividend), `2189.4665 (Direct Plan- Growth Option), `1201.6018 (Direct Plan- Weekly Dividend), ̀ 1059.7669 (Direct Plan- Monthly Dividend)


Low

Medium

High

Maturity

$Standard Deviation

Modified Duration

Portfolio Yield

0.65%

1.03 yrs

8.29%


� Regular income over short term� Income by focusing on low duration securities* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Product Label

Riskometer


yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Notes: ^ Fully or Partly blocked against Interest Rate Swap (IRS). Hedging Position through Interest Rate Swaps as on 31 Mar 2018 is 9.66% of the net assets.

Debt Instruments





Corporation Ltd.(^) CARE AAA 6.34

S D Corporation Private Ltd.

( DSRA Guarantee from Shapoorji Pallonji

and Company Private Limited) (^) CARE AA+(SO) 6.16

Nirma Ltd.(^) CRISIL AA 5.97

Karelides Traders Private Ltd.

( backed by unconditional and

irrevocable undertaking by a wholly

owned subsidiary of

Piramal Enterprises Ltd ) ICRA AA-(SO) 5

Manappuram Finance Ltd. ICRA AA- 4.91

Reliance Jio Infocomm Ltd. CRISIL AAA 4.84

Sarvoday Advisory Services Pvt. Ltd.

( Secured by Equity shares of JSW

Energy Ltd. and JSW Steel Ltd. ) BRICKWORK BWR A(SO) 3.96

Edelweiss Commodities Services Ltd.

( Put options on ECL Finance) ICRA AA 3.89


Varun Beverages Limited CRISIL AA- 2.90

LIC Housing Finance Ltd.(^) CRISIL AAA 2.80

Nuvoco Vistas Corporation Ltd.

( 100 subsidiary of Nirma Ltd.) CRISIL AA 2.23

Aditya Birla Fashion and Retail Ltd. CRISIL AA 2.09


Reliance Utilities And Power Pvt. Ltd.

( Mukesh Ambani Group) (^) CRISIL AAA 1.45

Sahyadri Agencies Ltd ( Secured by

Equity shares of Jyothy

Laboratories Ltd. ) BRICKWORK

BWR A(SO) 1.45

Bharti Telecom Ltd. CRISIL AA+ 1.37

Jyothy Fbricare Services Limited

( Guarrented By Jyothi

Laboratories Ltd ) CARE AA(SO) 1.18

Intime Properties Ltd. ( Commercial

Mortgage-Backed Securities ) FITCH IND AAA 1.09

HPCL Mittal Energy Ltd. ICRA AA 0.89

Indiabulls Housing Finance Ltd. ICRA AAA 0.87

Piramal Finance Limited ICRA AA 0.80

India Infoline Housing Finance Ltd. ICRA AA 0.77

ECL Finance Limited ICRA AA 0.59

Muthoot Fincorp Ltd. CRISIL A- 0.59

Edelweiss Housing Finance Limited ICRA AA 0.58

Dalmia Cement (Bharat) Ltd ICRA AA 0.47

Hinduja Leyland Finance Ltd. CARE AA- 0.40

Muthoot Finance Ltd. CRISIL AA 0.31

Aasan Corporate Solutions Private

Limited ( Guaranteed by a

Piramal Group Company ) ICRA AA-(SO) 0.29

Shriram Transport Finance Co Ltd. CRISIL AA+ 0.28

East-North Interconnection Company

Limited ( Operational power

transmission project ) CRISIL AAA(SO) 0.10



U P Power Corporation Ltd

( Guaranteed By UP

State Government ) FITCH IND AA(SO) 7.52

Bank Of Baroda(^) CARE AA 6.97

Andhra Bank(^) CRISIL AA- 2.14

PNB Housing Finance Ltd.(^) CARE AAA 1.24

Bank Of Baroda CARE AA+ 0.54

Union Bank of India CARE AA- 0.48

United Bank Of India CRISIL AA- 0.48

Union Bank of India FITCH IND AA 0.29

Allahabad Bank BRICKWORK BWR A- 0.20

Konkan Railway Corporation Ltd. ICRA AAA 0.20

Punjab National Bank CARE AA 0.10






Reliance Infrastructure Ltd. ( Backed by

SBLC of ICICI Bank) FITCH IND A1+(SO) 1.13

Reliance Infrastructure Ltd. ( Backed by

SBLC of ICICI Bank) BRICKWORK BWR A1+ (SO) 0.85

L & T Finance Ltd. ICRA A1+ 0.75

Muthoot Capital Services Ltd. CRISIL A1 0.72






Grand Total 100.00

ALLOCATION (%)

RATING PROFILE (%)

27



98.41 4.09 1.52-4.02

Debentures and Bonds Commercial Paper (CP)/Cer�ficate of Deposits (CD)

CBLO & Term Deposits & Rev.Repo Net Current Assets

68.53 27.77 6.20 1.52-4.02

A1, AA+, AA+(SO), AA, AA(SO), IND AA, IND AA(SO), AA-, AA-(SO) A1+, AAA, AAA(SO), BWR A1+ (SO), IND A1+(SO), IND AAA

BWR A(SO), A-, BWR A- CBLO & Term Deposits & Rev.Repo Net Current Assets



Benchmark: Crisil Short - Term Bond Fund Fund Manager: AAUM:

AUM: Allotment date: May 2, 2002

KOTAK BOND SHORT TERMAn Open - Ended Debt Scheme


The investment objective of the Scheme is to provide reasonable returns and high level of liquidity by investing in debt instruments s u c h a s b o n d s , d e b e n t u r e s a n d Government securities; and money market i n s t r u m e n t s s u c h a s t r e a s u r y bills,commercial papers, certificates of deposit, including repos in permitted securities of different maturities, so as to spread the risk across different kinds of issuers in the debt markets. The Scheme may invest in the call money/termmoney market in terms of RBI guidelines in this respect. To reduce the risk of the portfolio, the Scheme may also use various derivative and hedging products from time to time, in the manner permitted by SEBI. Subject to the maximum amount permitted from time to time, the Scheme may invest in offshore securities in the manner allowed by SEBI/RBI, provided such investments are in conformity with the investment objective of the Scheme and the prevailing guidelines and Regulations. However, there is no assurance that the objective of the scheme will be realized.




Dividend Frequency

Monthly (12th of every Month), Half Yearly (20th of Mar/Sept) and normal (as decided by Trustees)

Ratios



Initial Investment: (i) Dividend Re-investment & Growth - `5000 & above (ii) Dividend Payout (Monthly Dividend) - `50,000 & aboveAdditional Investment: ̀ 1000 & in multiples of ̀ 1Ideal Investments Horizon: 6 months & above

Load StructureEntry Load: Nil. (applicable for all plans)Exit Load: Nil.


Investment Style:


`9,236.67 crs`8,934.8 crs

Mr. Deepak Agrawal*

PORTFOLIO

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 1.59 years.Kotak Bond Short Term Fund NAV as on March 28, 2018: `32.4212 (Growth Option), `33.6593 (Direct Growth Option),`10.1846 (Monthly Dividend), ̀ 10.6567 (Direct Monthly Dividend), ̀ 11.8228 (Half Yearly Dividend), ̀ 11.9597 (Direct Half Yearly Dividend)


� Regular income over short term� Income by focusing on low duration securities* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Debt Instruments



Mahindra & Mahindra

Financial Services Ltd. FITCH IND AAA 8.74


Nabha Power Ltd. ICRA AAA 7.58



Kotak Mahindra Prime Ltd. CRISIL AAA 4.12


Tata Sons Ltd. CRISIL AAA 2.76

Gruh Finance Ltd. CRISIL AAA 2.66

Bajaj Finance Ltd. CRISIL AAA 1.91

Bajaj Finance Ltd. FITCH IND AAA 1.74

Bhopal Dhule Transmission

Company Ltd. CRISIL AAA 1.46

Fullerton India Credit Co. Ltd. CARE AAA 1.12

HDB Financial Services Ltd. CRISIL AAA 0.84

BMW India Financial Services

Private Limited CRISIL AAA 0.56

Kotak Mahindra Investments Ltd. CRISIL AAA 0.56

Indiabulls Housing Finance Ltd. ICRA AAA 0.47

IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.35


Corporation Ltd. CARE AAA 0.17

East-North Interconnection

Company Limited CRISIL AAA(SO) 0.06



ONGC Manglore

Petrochemicals Ltd. FITCH IND AAA 6.53


Rural Electrification




PNB Housing Finance Ltd. CARE AAA 1.90

Export-Import Bank of India CRISIL AAA 1.40


Bank Of India CARE AAA 1.00

Indian Railway Finance




















IndusInd Bank Ltd. CRISIL A1+ 0.44





Vijaya Bank CRISIL A1+ 2.21

Andhra Bank CRISIL A1+ 1.10






Grand Total 100.00


Maturity

Low

Medium

High

$Standard Deviation

Modified Duration

Portfolio Yield

1.10%

1.37 yrs

7.71%

Product LabelRiskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


The economy depends about as much on economists as the weatherdoes on weather forecasters � Jean-Paul Kauffmann

28


ALLOCATION (%)

RATING PROFILE (%)


82.23 9.22 4.36

3.62

0.57

Debentures and Bonds Government Dated Securi�es Commercial Paper (CP)/Cer�ficate of Deposits (CD)

Net Current Assets CBLO & Term Deposits & Rev.Repo

95.81 3.62 0.57

A1+, AAA, AAA(SO), IND AAA, SOV Net Current Assets CBLO & Term Deposits & Rev.Repo



Benchmark: CRISIL Composite Bond Fund Fund Manager: AAUM:


KOTAK FLEXI DEBTAn Open - Ended Debt Scheme

Investment ObjectiveTo maximize returns through an active management of a portfolio of debt and money market securities. However, there is no assurance that the objective of the scheme will be realized.

Available Plans/OptionsA)Regular Plan B)Direct Plan Options: Dividend Payout, Dividend Reinvestment & Growth(applicable for all plans)

Dividend FrequencyMonthly Dividend Payout and Reinvestment (12th of every Month) (w.e.f June 1, 2017), Q u a r t e r l y D i v i d e n d P a y o u t a n d Reinvestment (20th of March, June, September and December of every year) (applicable for all plans)

Ratios


Minimum Investment AmountInitial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches


Ideal Investment Horizon: 6 months & above

Load StructureEntry Load: Nil. (applicable for all plans)Exit Load: Nil

Regular:0.90%; Direct:0.35%

Investment Style:


`982.10 crs `904.36 crs

Mr. Deepak Agrawal*

PORTFOLIO


Kotak Flexi Debt Fund NAV as on March 28, 2018: ̀ 2 2 . 2 8 1 9 ( G r o w t h O p t i o n ) , ` 2 3 . 0 0 3 7 ( D i r e c t G r o w t h O p t i o n ) , `10.9064 (Quarterly Dividend), `10.6966 (Direct Quarterly Dividend), `21.9593 (Regular Monthly Dividend), `22.6226 (Direct Monthly Dividend)

Medium Long Volatiliy

Maturity

Low

Medium

High

Short

Debt InstrumentsDebentures and BondsCorporate Debt/Financial InstitutionsReliance Ports And Terminals Ltd. CRISIL AAA 6.70Bhopal Dhule TransmissionCompany Ltd. CRISIL AAA 3.40Mahindra & MahindraFinancial Services Ltd. CARE AAA 3.22HDFC Ltd. CRISIL AAA 2.98Indiabulls Housing Finance Ltd. CARE AAA 2.23Reliance Jio Infocomm Ltd. CRISIL AAA 2.22Bajaj Finance Ltd. CRISIL AAA 0.77SP Jammu UdhampurHighway Ltd. ICRA AAA 0.17Corporate Debt/Financial Institutions - Total 21.69Public Sector Undertakings Bank Of Baroda CRISIL AA+ 4.91U P Power Corporation Ltd FITCH IND AA(SO) 3.52Bank Of Baroda CARE AA 2.22PNB Housing Finance Ltd. CARE AAA 2.18Union Bank of India FITCH IND AA 1.98Export-Import Bank of India CRISIL AAA 0.11Power Finance Corporation Ltd. CRISIL AAA 0.06Rural ElectrificationCorporation Ltd. CRISIL AAA 0.05Public Sector Undertakings - Total 15.03

Government Dated Securities 8.21% State Government SOV 13.528.53% State Government SOV 11.578.27% State Government SOV 7.887.17% Central Government SOV 5.998.26% State Government SOV 5.638.06% State Government SOV 5.598.45% State Government SOV 2.411.44% Central Government SOV 1.689.49% State Government SOV 0.598.88% State Government SOV 0.58Government Dated Securities - Total 55.44Futures 7.17% GS 08/01/2028-APR2018 -5.44Futures (Market value represents Notional Value) - Total -5.44Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions HDFC Ltd. CRISIL A1+ 6.26Corporate Debt/Financial Institutions - Total 6.26Public Sector Undertakings Punjab & Sind Bank CRISIL A1+ 2.73Public Sector Undertakings - Total 2.73Collateral Borrowing & Lending obligation 1.91Net Current Assets/(Liabilities) 2.38Grand Total 100.00

Product Label


� Income over a medium term investment horizon� Investment in debt & money market securities.* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


$Standard Deviation

Modified Duration

Portfolio Yield

1.87%

2.78 yrs

7.90%

ALLOCATION (%)

RATING PROFILE (%)

It's not your salary that makes you rich, it's your spending habits�Charles A Jaffe � Former Chess Grand Master

29



55.44 36.72 8.992.38

1.91-5.44

Government Dated Securi�es Debentures and Bonds Commercial Paper (CP)/Cer�ficate of Deposits (CD)

Net Current Assets CBLO & Term Deposits & Rev.Repo Deriva�ves

88.52 12.63

2.38

1.91-5.44

A1+, AAA, SOV AA+, AA, IND AA, IND AA(SO) Net Current Assets CBLO & Term Deposits & Rev.Repo Deriva�ves



Benchmark: CRISIL Short Term Bond Fund Fund Manager: AAUM:


KOTAK INCOME OPPORTUNITIES FUNDAn Open - Ended Debt Scheme

Investment ObjectiveThe investment objective of the scheme is to generate income by investing in debt /and money market securities across the yield curve and credit spectrum. The scheme would also seek to maintain reasonable liquidity within the fund. However, there is no assurance that the objective of the scheme will be realized.

Available Plans/OptionsA) Regular Plan B) Direct Plan


Dividend FrequencyWeekly (Every Monday), Monthly (12th of every Month), Quarterly (20th of Mar, Jun, Sep and Dec of every Year), Annual (12th of March).

Ratios




Ideal Investments Horizon: 1 year & above

Load StructureEntry Load: Nil. (applicable for all plans)

Exit Load: a) For redemption / switch out of upto 10% of the initial investment amount (limit) purchased or switched in within 1 year from the date of allotment: Nil.

b) If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1%.

c) If units are redeemed or switched out on or after 1 year from the date of allotment: Nil.


Investment Style:


`5,176.14 crs `5,229.70 crs

Mr. Deepak Agrawal*

PORTFOLIO

Notes: ̂ Fully or Partly blocked against Interest Rate Swap (IRS). Hedging Position through Interest Rate Swaps as on 31 Mar 2018 is 3.82% of the net assets.

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.07 years.Kotak Income Opportunities Fund NAV as on March 28, 2018: `19.1146 (Growth Option), `20.0606 (Direct Growth Option),`10.0394 (Weekly Dividend), `10.4648 (Direct Weekly Dividend), `10.4110 (Monthly Dividend), `10.6362 (Direct Monthly Dividend), `10.7507(Quarterly Dividend), ̀ 10.1307 (Direct Quarterly Dividend), ̀ 10.2978(Annual Dividend), ̀ 15.0673(Direct Annual Dividend).

$Standard Deviation

Modified Duration

Portfolio Yield

1.10%

1.63 yrs

8.81%


Maturity

Low

Medium

High

Short

Product Label


� Income over a medium term investment horizon� Investment in debt & money market securities* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


Debt InstrumentsDebentures and BondsCorporate Debt/Financial InstitutionsKarelides Traders Private Ltd. ( backed byunconditional and irrevocable undertakingby a wholly owned subsidiary ofPiramal Enterprises Ltd ) ICRA AA-(SO) 7.92Sarvoday Advisory Services Pvt. Ltd.( Secured by Equity shares of JSWEnergy Ltd. and JSW Steel Ltd. ) BRICKWORK BWR A(SO) 3.92HDFC Ltd. CRISIL AAA 3.85Suhani Trading and InvestmentConsultants Pvt Ltd ( Secured by Equityshares of Future Ratails Ltd & FutureLifestyle Fashions Ltd. ) BRICKWORK BWR A+(SO) 3.84HPCL Mittal Energy Ltd. ICRA AA 3.24Reliance Jio Infocomm Ltd. CRISIL AAA 3.20Nuvoco Vistas Corporation Ltd.( 100 subsidiary of Nirma Ltd.) CRISIL AA 2.61Manav Investment And TradingCompany Ltd. ( backed by unconditionalunderwriting obligation byAxis Capital ) ICRA AAA 2.31India Infoline Housing Finance Ltd. ICRA AA 2.30YES Bank Ltd. ICRA AA 1.97Nirma Ltd. CRISIL AA 1.93AU Small Finance Bank Ltd. FITCH IND AA- 1.92Adani Infra (India) Limited. ( Secured byshares of Adani Port, Adani Enterprises &Adani Transmissions) (^) BRICKWORK BWR AA-(SO) 1.91Indiabulls Housing Finance Ltd.(^) ICRA AAA 1.91S D Corporation Private Ltd. ( DSRAGuarantee from Shapoorji Pallonji andCompany Private Limited) CARE AA+(SO) 1.76Edelweiss Agri Value Chain Ltd.( Unconditional and irrevocableguarantee from Edelweiss FinancialServices Limited) CARE AA(SO) 1.62Prestige Estates Projects Limited ICRA A+ 1.44Vedanta Ltd. CRISIL AA 1.44Bharti Telecom Ltd. CRISIL AA+ 1.16Dewan Housing FinanceCorporation Ltd. CARE AAA 1.15ECL Finance Limited(^) BRICKWORK BWR AA 1.03ECL Finance Limited(^) ICRA AA 0.97Ananta Landmarks Pvt Ltd.( Kalpataru Group Company ) UNRATED 0.96Hinduja Leyland Finance Ltd. CRISIL AA- 0.96Future Lifestyle Fashions Ltd. CRISIL AA- 0.95SBK Properties Pvt Ltd. ( Guaranteedby a Kalyani Group company ) ICRA AA- 0.70Asirvad Microfinance PrivateLimited ( 85 subsidiary ofManappuram Finance Ltd ) CRISIL A+ 0.68Nabha Power Ltd. ( backed byunconditional and irrevocableguarantee by Larsen & Toubro Ltd ) ICRA AAA 0.67Janalakshami Financial Services Ltd. ICRA A- 0.66S D Corporation Private Ltd.( Guarantee by Shapoorji Pallonji& Company Ltd ) CARE AA+(SO) 0.66Dalmia Cement (Bharat) Ltd ICRA AA 0.65Grand View Estates Pvt. Ltd.( backed by unconditional andirrevocable guarantee ofShapoorji Pallonji & Co Pvt Ltd ) ICRA AA(SO) 0.48Bhopal Dhule Transmission CompanyLtd. ( Operational powertransmission project ) CRISIL AAA 0.34Continental Drug Company P Ltd( Secured by Equity shares of ZeeEntertainment Enterprises Ltd ) BRICKWORK BWR A+ 0.33Adani Infra (India) Limited. BRICKWORK BWR AA-(SO) 0.31Piramal Finance Limited(^) ICRA AA 0.31Aarish Solar Power Ltd. ( Solar powergenerating SPV of Greenko Group withofftaker as NTPC & secured by corporate guaranteeof Greenko Energies Pvt. Ltd. ) CARE AA-(SO) 0.28

Aashman Energy Pvt. Ltd. ( Solar powergenerating SPV of Greenko Group withofftaker as NTPC & secured by corporate guaranteeof Greenko Energies Pvt. Ltd. ) CARE AA-(SO) 0.28Divyesh Power Pvt. Ltd. ( Solar power generating SPVof Greenko Group with offtaker as NTPC &secured by corporate guarantee ofGreenko Energies Pvt. Ltd. ) CARE AA-(SO) 0.28Elena Renewable Energy Pvt. Ltd. ( Solar power generatingSPV of Greenko Group with offtaker as NTPC& secured by corporate guarantee ofGreenko Energies Pvt. Ltd. ) CARE AA-(SO) 0.28Pratyash Renewable Pvt. Ltd. ( Solar power generatingSPV of Greenko Group with offtaker as NTPC& secured by corporate guarantee ofGreenko Energies Pvt. Ltd. ) CARE AA-(SO) 0.28SEI Baskara Power Pvt. Ltd. ( Solar power generatingSPV of Greenko Group with offtaker as NTPC& secured by corporate guarantee ofGreenko Energies Pvt. Ltd. ) CARE AA-(SO) 0.28SEI Enerstar Renewable Energy Pvt. Ltd.( Solar power generating SPV of GreenkoGroup with offtaker as NTPC & secured bycorporate guarantee of GreenkoEnergies Pvt. Ltd. ) CARE AA-(SO) 0.28SEI Mihir Energy Pvt. Ltd. ( Solar power generatingSPV of Greenko Group with offtaker as NTPC& secured by corporate guarantee ofGreenko Energies Pvt. Ltd. ) CARE AA-(SO) 0.28Shreyas Renwable Energy Pvt. Ltd. ( Solar powergenerating SPV of Greenko Group with offtaker asNTPC & secured by corporate guarantee ofGreenko Energies Pvt. Ltd. ) CARE AA-(SO) 0.28Zuvan Energy Pvt. Ltd. ( Solar power generatingSPV of Greenko Group with offtaker asNTPC & secured by corporate guarantee ofGreenko Energies Pvt. Ltd. ) CARE AA-(SO) 0.28Piramal Enterprises Ltd. ICRA AA 0.19India Infoline Finance Limited ICRA AA 0.13Indiabulls Housing Finance Ltd. CARE AAA 0.08Indostar Capital Finance Limited CARE AA- 0.04LIC Housing Finance Ltd. CRISIL AAA 0.02Corporate Debt/Financial Institutions - Total 65.32Public Sector Undertakings U P Power Corporation Ltd ( GuaranteedBy UP State Government ) CRISIL A+(SO) 6.19Andhra Bank CRISIL AA- 4.92Punjab & Sind Bank ICRA A+ 2.74U P Power Corporation Ltd ( GuaranteedBy UP State Government ) FITCH IND AA(SO) 2.74Syndicate Bank CARE AA- 2.33Union Bank of India CARE AA- 1.22Corporation Bank CRISIL A- 1.05Allahabad Bank BRICKWORK BWR A- 0.93PNB Housing Finance Ltd. CARE AAA 0.48U P Power Corporation Ltd ( GuaranteedBy UP State Government ) FITCH IND AA 0.48Bank Of Baroda CARE AA+ 0.39Bank of India CRISIL A+ 0.29Bank of India BRICKWORK BWR AA- 0.12Konkan Railway Corporation Ltd. ICRA AAA 0.10United Bank Of India CRISIL AA- 0.09Power Finance Corporation Ltd. CRISIL AAA 0.08Bank Of Baroda CARE AA 0.06Steel Authority of India Ltd. FITCH IND AA- 0.02Public Sector Undertakings - Total 24.23Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Indiabulls Housing Finance Ltd. CRISIL A1+ 5.29HDFC Ltd. CRISIL A1+ 0.90HDFC Ltd. ICRA A1+ 0.65Muthoot Capital Services Ltd. CRISIL A1 0.18Corporate Debt/Financial Institutions - Total 7.02Public Sector Undertakings National Bank for Agriculture &Rural Development ICRA A1+ 0.09Public Sector Undertakings - Total 0.09Collateral Borrowing & Lending obligation 0.43Net Current Assets/(Liabilities) 2.91Grand Total 100.00

ALLOCATION (%)

RATING PROFILE (%)

30



89.55 7.11 2.91 0.43

Debentures and Bonds Commercial Paper (CP)/Cer�ficate of Deposits (CD)Net Current Assets CBLO & Term Deposits & Rev.Repo

52.51 22.07 21.12 2.91

0.96

0.43

A1, AA+, AA+(SO), AA, AA(SO), BWR AA, IND AA, IND AA(SO), AA-, AA-(SO), BWR AA-, BWR AA-(SO), IND AA-

A+, A+(SO), BWR A+, BWR A+(SO), BWR A(SO), A-, BWR A- A1+, AAA Net Current Assets Unrated CBLO & Term Deposits & Rev.Repo




AUM: Allotment date: March 21, 2014

KOTAK MEDIUM TERM FUNDAn Open - Ended Debt Scheme

Investment ObjectiveThe investment objective of the scheme is to generate regular income and capital appreciation by investing in a portfolio of medium term debt and money market instruments. However, there is no assurance that the objective of the scheme will be realized.



Dividend FrequencyQuarterly (20th of Mar, Jun, Sep and Dec of every Year), Annually (12th of March)

Ratios


Minimum Investment AmountInitial Purchase: `5,000/- and in multiples of 1 for purchases and for `0.01 for switches.

Additional Purchase: `1000 & in multiples of ̀ 1.for purchases and for ̀ 0.01 for switches.

Ideal Investment Horizon: 2.5 years & above


Exit Load: a) For redemption / switch out of upto 15% of the initial investment amount (limit) purchased or switched in within 18 months from the date of allotment: Nil.

b) If units redeemed or switched out are in excess of the limit within 18 months from the date of allotment: 2%.

c) If units are redeemed or switched out on or after 18 months from the date of allotment: Nil.


Investment Style:


`4,809.52 crs`4,857.78 crs

Mr. Deepak Agrawal*

PORTFOLIO


Kotak Medium Term Fund NAV as on March 28, 2018: `14.4250 (Growth Option), `14.9809 (Direct Growth Option),`10.6098 (Quarterly Dividend), ̀ 10.6196 (Direct Quarterly Dividend), ̀ 10.5306 (Annual Dividend), ̀ 15.0172 (Direct Annual Dividend).

$Standard Deviation

Modified Duration

Portfolio Yield

1.51%

2.12 yrs

8.70%

Product Label

This product is suitable for investors who are seeking*:� Income over a medium term investment horizon� Investment in debt, government securities & money market

instruments with a portfolio weighted average maturity between 3-7 years



Low

Medium

High

Maturity

Riskometer


yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Debt InstrumentsDebentures and BondsCorporate Debt/Financial InstitutionsKarelides Traders Private Ltd. ICRA AA-(SO) 6.74Reliance Jio Infocomm Ltd. CRISIL AAA 4.85Nuvoco Vistas Corporation Ltd. CRISIL AA 3.54HPCL Mittal Energy Ltd. ICRA AA 3.11Adani Infra (India) Limited. BRICKWORK BWR AA-(SO) 3.09Edelweiss CommoditiesServices Ltd. ICRA AA 2.90Dalmia Cement (Bharat) Ltd ICRA AA 2.41Edelweiss Housing Finance Limited ICRA AA 2.30Dewan Housing FinanceCorporation Ltd. CARE AAA 2.17Piramal Finance Limited ICRA AA 2.17S D Corporation Private Ltd. CARE AA+(SO) 2.11Suhani Trading andInvestment Consultants Pvt Ltd BRICKWORK BWR A+(SO) 2.06Indiabulls Housing Finance Ltd. CARE AAA 1.97Vizag General CargoBerth Private Ltd. CRISIL AA(SO) 1.85HDFC Ltd. CRISIL AAA 1.83Nirma Ltd. CRISIL AA 1.74ECL Finance Limited ICRA AA 1.67Prestige Estates Projects Limited ICRA A+ 1.55Igarashi Motors Sales Pvt. Ltd. ICRA AAA(SO) 1.23Ananta Landmarks Pvt Ltd. UNRATED 1.03Hinduja Leyland Finance Ltd. CRISIL AA- 1.03Future Lifestyle Fashions Ltd. CRISIL AA- 1.02Essel Lucknow RaebareliToll Roads Limited CARE AAA 1.01Reliance Utilities AndPower Pvt. Ltd. CRISIL AAA 0.95YES Bank Ltd. ICRA AA 0.91Birla Corporation Ltd. CARE AA 0.83Muthoot Finance Ltd. CRISIL AA 0.83Reliance Ports And Terminals Ltd. CRISIL AAA 0.83AU Small Finance Bank Ltd. FITCH IND AA- 0.54Bharti Telecom Ltd. CRISIL AA+ 0.42East-North InterconnectionCompany Limited CRISIL AAA(SO) 0.41Grand View Estates Pvt. Ltd. ICRA AA(SO) 0.41ECL Finance Limited BRICKWORK BWR AA 0.40Aasan Corporate SolutionsPrivate Limited ICRA AA-(SO) 0.35L & T Housing Finance Ltd. CARE AAA 0.31Talwandi Sabo Power Ltd. CRISIL AA(SO) 0.31Aarish Solar Power Ltd. CARE AA-(SO) 0.30Aashman Energy Pvt. Ltd. CARE AA-(SO) 0.30Divyesh Power Pvt. Ltd. CARE AA-(SO) 0.30Elena Renewable Energy Pvt. Ltd. CARE AA-(SO) 0.30Janalakshami FinancialServices Ltd. ICRA A- 0.30

Pratyash Renewable Pvt. Ltd. CARE AA-(SO) 0.30SEI Baskara Power Pvt. Ltd. CARE AA-(SO) 0.30SEI Enerstar RenewableEnergy Pvt. Ltd. CARE AA-(SO) 0.30SEI Mihir Energy Pvt. Ltd. CARE AA-(SO) 0.30Shreyas Renwable Energy Pvt. Ltd. CARE AA-(SO) 0.30Zuvan Energy Pvt. Ltd. CARE AA-(SO) 0.30Intime Properties Ltd. FITCH IND AAA 0.28IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.21The Indian Hotels Company Ltd. CARE AA+ 0.16Asirvad MicrofinancePrivate Limited CRISIL A+ 0.10LIC Housing Finance Ltd. CRISIL AAA 0.08Corporate Debt/Financial Institutions - Total 65.01Public Sector Undertakings U P Power Corporation Ltd FITCH IND AA(SO) 4.96Punjab & Sind Bank ICRA A+ 3.79U P Power Corporation Ltd CRISIL A+(SO) 3.52PNB Housing Finance Ltd. CARE AAA 3.41Punjab National Bank CARE AA- 2.73Syndicate Bank CARE AA- 1.85Union Bank of India FITCH IND AA 1.43U P Power Corporation Ltd FITCH IND AA 1.25Union Bank of India CARE AA- 1.23Corporation Bank CRISIL A- 0.92Bank of India CRISIL A+ 0.53Andhra Bank CRISIL AA- 0.47Bank of India BRICKWORK BWR AA- 0.46Allahabad Bank CARE A+ 0.41Punjab National Bank BRICKWORK BWR AA 0.41Allahabad Bank BRICKWORK BWR A- 0.34State Bank Of India. CRISIL AAA 0.23Punjab National Bank CARE AA 0.21Steel Authority of India Ltd. FITCH IND AA- 0.05Public Sector Undertakings - Total 28.20Government Dated Securities 1.44% Central Government SOV 0.31Government Dated Securities - Total 0.31Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Indiabulls Housing Finance Ltd. CRISIL A1+ 1.25HDFC Ltd. CRISIL A1+ 1.07HDFC Ltd. ICRA A1+ 0.50YES Bank Ltd. CRISIL A1+ 0.10Corporate Debt/Financial Institutions - Total 2.92Public Sector Undertakings National Bank for Agriculture &Rural Development CRISIL A1+ 0.30Public Sector Undertakings - Total 0.30Collateral Borrowing & Lending obligation 1.02Net Current Assets/(Liabilities) 2.24Grand Total 100.00

ALLOCATION (%)

RATING PROFILE (%)

31



93.21 3.22 2.24 1.02 0.31

Debentures and Bonds Commercial Paper (CP)/Cer�ficate of Deposits (CD)Net Current Assets CBLO & Term Deposits & Rev.Repo Government Dated Securi�es

58.89 23.30 13.52 2.241.03

1.02

AA+, AA+(SO), AA, AA(SO), BWR AA, IND AA, IND AA(SO), AA-, AA-(SO), BWR AA-, BWR AA-(SO), IND AA-

A1+, AAA, AAA(SO), IND AAA, SOV A+, A+(SO), BWR A+(SO), A-, BWR A- Net Current Assets Unrated CBLO & Term Deposits & Rev.Repo




AUM: Allotment date: September 21, 2007

KOTAK CORPORATE BOND FUNDAn Open - Ended Debt Scheme

Investment ObjectiveThe Fund seeks to generate income and capital appreciation largely through a focus on investments in corporate debt securities. However, there is no assurance or guarantee that the investment objective of the scheme will be achieved.



Dividend FrequencyMonthly (12th of every Month)

Ratios



Additional Investment: `1000 & in multiples of `1for purchase and for `0.01 for switches.

Ideal Investment Horizon: 1 Year & Above




Investment Style:


`1,135.50 crs`1,113.11 crs

Mr. Deepak Agrawal*

PORTFOLIO

Notes: (^) Fully or Partly blocked against Interest Rate Swap (IRS). Hedging Position through Interest Rate Swaps as on 31 Mar 2018 is 8.58% of the net assets.


Kotak Corporate Bond Fund NAV as on March 28, 2018: ̀ 2281.2299 (Regular Plan-Growth Option), ̀ 1051.3697 (Regular Plan-Monthly Dividend), ̀ 2326.7001 (Direct Plan- Growth Option), ̀ 1105.1859 (Direct Plan- Monthly Dividend)

$Standard Deviation

Modified Duration

Portfolio Yield

0.67%

0.59 yrs

7.43%


Maturity

Low

Medium

High

Short

Product Label


� Regular income over short term� Income by investing in fixed income securities of

varying maturities & credit* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


Debt InstrumentsDebentures and Bonds Corporate Debt/Financial Institutions Reliance Jio Infocomm Ltd. CRISIL AAA 10.58Nabha Power Ltd. ( backed by unconditionaland irrevocable guarantee byLarsen & Toubro Ltd ) ICRA AAA 8.60Mahindra & MahindraFinancial Services Ltd.(^) FITCH IND AAA 6.96Reliance Utilities And Power Pvt. Ltd.( Mukesh Ambani Group) CRISIL AAA 6.85Mahindra & MahindraFinancial Services Ltd. FITCH AAA(IND) 4.22Manav Investment And TradingCompany Ltd. ( backed by unconditionalunderwriting obligation byAxis Capital ) ICRA AAA 2.59ICICI Home FinanceCompany Limited ICRA AAA 2.40Dewan Housing FinanceCorporation Ltd. CARE AAA 2.15Indiabulls Housing Finance Ltd. ICRA AAA 1.11Bhopal Dhule TransmissionCompany Ltd. ( Operational powertransmission project ) CRISIL AAA 0.94LIC Housing Finance Ltd. CRISIL AAA 0.90HDFC Ltd. CRISIL AAA 0.52IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.47Bajaj Finance Ltd. FITCH IND AAA 0.22Corporate Debt/Financial Institutions - Total 48.51Public Sector Undertakings

Power Finance Corporation Ltd.(^) CRISIL AAA 8.91PNB Housing Finance Ltd.(^) CARE AAA 5.91ONGC Manglore Petrochemicals Ltd. FITCH IND AAA 3.63Small IndustriesDevelopment Bank Of India CARE AAA 2.33Canara Bank CRISIL AAA 1.85Export-Import Bank of India CRISIL AAA 1Powergrid Vizag Transminssion Ltd.( backed by unconditional andirrevocable guarantee byPowergrid Corp ) CRISIL AAA(SO) 0.61National Bank for Agriculture &Rural Development CRISIL AAA 0.10Public Sector Undertakings - Total 24.34Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions L & T Finance Ltd. ICRA A1+ 9.10HDFC Ltd. ICRA A1+ 6.26ICICI Bank Ltd. CRISIL A1+ 2.12IndusInd Bank Ltd. CRISIL A1+ 1.22Corporate Debt/Financial Institutions - Total 18.70Public Sector Undertakings National Bank for Agriculture &Rural Development ICRA A1+ 1.26National Bank for Agriculture &Rural Development CRISIL A1+ 0.85Public Sector Undertakings - Total 2.11Collateral Borrowing & Lending obligation 0.78Net Current Assets/(Liabilities) 5.56Grand Total 100.00

ALLOCATION (%)

RATING PROFILE

Don't tell me where your priorities are. Show me where you spendyour money and I'll tell you what they are � James W. Frick

32


Aggregate value of investments by other schemes of Kotak Mahindra Mutual Fund as on 31 March 2018 is Rs. 5329.56 lacs


72.85 20.81 5.56 0.78

Debentures and Bonds Commercial Paper (CP)/Cer�ficate of Deposits (CD)Net Current Assets CBLO & Term Deposits & Rev.Repo

93.66 5.56 0.78

A1+, AAA, AAA(IND), AAA(SO), IND AAA Net Current Assets CBLO & Term Deposits & Rev.Repo

Equity Funds Ready Reckoner

Details provided are as on Mar 28, 2018. Ratio Source: ICRA MFI Explorer. Risk rate assumed to be 6.19% (Since on 31st March 2018, FBIL Overnight MIBOR was at unsually high at 9.39%, we are taking the average of the entire March month). Alpha = Difference between Scheme returns & Benchmark Index TRI of the scheme. In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).$ for Kotak Balance - The existing benchmark "CRISIL Balanced Fund" has been renamed as "CRISIL Hybrid 35+65 - Aggressive Index" as per communication received from CRISIL * The given market cap data is on the basis of new AMFI guidelines wherein Stocks are categorised as per given AMFI list *As per SID, Kotak Midcap Fund Market cap is (74.58% Mid Cap , 24.78% Small Cap and 0.64% Cash), and for Kotak Emerging Equity fund (11.94% Large Cap, 85.31% Mid Cap, 0.34 %Small Cap and 2.41% Cash ). The Market cap data as per sid for Kotak Midcap Fund & Kotak Emerging Equity Fund, the stocks falling within the mcap range in Nifty Midcap 100 & S&P BSE Mid Small Cap, respectively, would be considered as midcap stocks. Any stock which would have mcap above the highest mcap of these benchmarks would be considered as largecap, and any stock would have mcap below the lowest mcap would be considered as smallcap. For Tax Saver Fund : Minimum Initial Investment: 500. Additional Investment: 500 & in multiples of 500. For all other Equity Schemes : Minimum Initial Investment: 5000. Additional Investment: 1000 & in multiples of 1.

N/A: Field not applicable to the scheme owing to its investment theme. Risk Factor: Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Continuous offer of units of all schemes available at NAV based prices.

Kotak 50a. Favours industry leaders in cost, innovation, brand, competence, etc. with a proven execution track record across cyclesb. High conviction and long term calls taken

Key Features

Kotak Classic Equity

Kotak Opportunities

Kotak Select Focus Fund

Kotak Tax Saver

Kotak Midcap

Kotak Emerging Equity Scheme

Kotak Infrastructure

& Economic Reform Fund

Kotak Balance Fund


Thematic: Infrastructure

Large cap

Investment Theme

Large cap

Multi Cap

ELSS

Mid cap

Mid and Small Cap

Balanced

Equity Arbitrage

Equity Savings

Invest with industry leaders

Product Positioning

Long term wealth creators

Spotting the hidden gems

Focus on few selected sectors

Tax advantage with potential equity growth

Spot them young, watch them grow

Emerging leaders

True to label

Best of both worlds: equity

& debt

Arbitrage opportunities

a. Focus on sustainable large cap stories which can withstand market shocksb. These are companies with pricing power for their competitive advantage or entry barriers

a. Invests in a few sectors as the various sectors of the economy tend to perform differently at different points of timeb. Flexibility to move across market caps depending on their attractiveness during the economic phase

a. Stands for winning investment ideas across the mid & small cap range offering decent growth trajectory over the medium to long term horizonb. Buy and hold strategyc. Riskier than a large cap fund but offers faster growth rate since it has a smaller based. d. 15%-20% allocation to large cap opportunities as tactical plays

a. Equity portion: Multi cap strategy to identify outstanding companies having well managed and durable businesses with predictable earnings powerb. Debt portion: Actively managed with medium to long term maturityc. Lower volatility than a pure equity or debt fund

a. Discovers arbitrage opportunities by simultaneously entering transactions of long position in cash and exactly off-setting short position in futuresb. Equity position is completely hedged

Identifies investment opportunities across market capitalisation and sectors

a. Portfolio is diversified across sectors and market capitalization segmentsb. Offers dual benefits of growth and tax savings

a. Identifies the hidden growth potential of mid-cap sized companiesb. Portfolio exhibits higher volatility than large caps however tends to have a larger return basec. Buy and hold strategy

a. Identifies ""flow related"" companies - These benefit from spending from government, private and household (in terms of properties). They are not asset owners.b. Focus on high quality companies exhibiting superior ROE, positive cash flow, low leverage in an otherwise challenging environment

Conservative portfolio with a blend of:a. Income generation - through arbitrage opportunities & debt investment.b. Growth potential - through moderate participation in equity marketsc. Tax efficiency - through equity orientation

Fund Manager

Mr. Harish Krishnan

Mr. Deepak Gupta

Mr. Harsha Upadhyaya



Mr. Pankaj Tibrewal

Mr. Pankaj Tibrewal

Mr. Harish Krishnan

Mr. Pankaj Tibrewal

& Mr. Abhishek

Bisen

Mr. Deepak Gupta

Mr. Deepak Gupta

& Mr. Abhishek

Bisen

Kotak Equity Savings Fund

Scheme NameMonthly AAUM

(Rs. Crs)Benchmark Mcap (%) Underweight Beta

Nifty 50

Nifty 100

Nifty 500

Nifty 200

Nifty 500

Nifty Midcap

100

S&P BSE Mid

Small Cap

S&P BSE 100

Nifty 50 Arbitrage

Index

75% of Nifty 50

Arbitrage Index + 25% of Nifty 50

Overweight Standard Deviation

(%)

Sharpe 5 yearsAlpha (%)

1,339.78

213.25

2,352.87

17,652.73

708.33

817.03

2,997.20

471.70

2,190.37

12,765.11

1,838.81

N/A

N/A

38.9514.5816.0530.42

54.2226.5716.632.57

26.9030.8638.323.92

76.6012.87

1.479.06

16.5634.7148.090.64

53.1133.2811.51

2.10

76.5114.51

5.913.08

79.4113.635.471.50

11.9453.8231.832.41

1. Industrial Manufacturing2. Media & Entertainment3. Cement & Cement Products

1. Information Technology 2. Contruction3. Consumer Goods

1. Cement & Cement Products2. Industrial Manufacturing3. Fertiliser and Pesticides

1. Cement & Cement Products 2. Financial Services3. Construction

1. Cement & Cement Products 2. Energy3. Industrial Manufacturing

1. Industrial Manufacturing 2. Chemicals3. Cement & Cement Products

1. Industrial Manufacturing2. Financial Services 3. Chemicals

N/A

N/A

N/A

N/A

1. Financial Services 2. Information Technology3. Telecom

1. Financial Services2. Energy3. Automobile

1. Information Technology2. Automobile3. Pharma

1. Information technology2.Consumer Goods 3.Metals

1. Automobiles2. Information technology3. Financial Services

1. Services2. Information Technology3. Pharma

1. Energy2. Services3. Information Technology

N/A

N/A

N/A

N/A

0.13

0.28

0.34

0.43

0.19

0.56

0.59

0.33

0.23

0.13

0.32

0.95

0.93

0.98

0.97

1.01

0.92

0.86

0.97

1.15

0.41

0.94

13.16

12.88

13.98

13.63

14.48

15.74

15.03

15.54

10.69

0.39

3.37

DEBT + CASH

LARGECAP

SMALLCAP

MIDCAP

1.36

0.57

2.95

5.60

0.58

2.34

3.84

7.05

-0.70

0.65

NA

CRISILHybrid 35+65

(Aggressive Index)

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Kotak 50

Kotak Midcap

Kotak Opportunities


Kotak Select Focus Fund

Kotak Tax Saver

Kotak Emerging Equity Scheme

Equity Scheme

Kotak Balance Fund

Kotak Equity Savings Fund


� Long term capital growth� Investment in portfolio of predominantly equity & equity related securities

� Long term capital growth� Investment in equity & equity related securities predominantly in mid cap stocks



� Long term capital growth� Investment in portfolio of predominantly equity & equity related securities generally focused on a few selected sectors

� Long term capital growth with a 3 year lock in� Investment in portfolio of predominantly equity & equity related securities

� Long term capital growth� Investment in equity & equity related securities predominantly in mid & small cap companies.

� Long term capital growth� Investment in equity & equity related securities balanced with income generation by investing in debt & money market instruments

� Income from arbitrage opportunities in the equity market & long term capital growth� Investment predominantly in arbitrage opportunities in the cash & derivatives segment of the equity market and equity & equity related securities

� Income from arbitrage opportunities in the equity market

� Investment in arbitrage opportunities in the cash & derivatives segment of the equity market.

� Long term capital growth� Long term capital appreciation by investing in equity and equity related instruments of companies contributing to infrastructure and economic development of India

Kotak Infrastructure &

Economic Reform Fund

(formerly known as

�PineBridge Infrastructure

& Economic Reform Fund�)

Debt Scheme

Kotak Bond

Kotak Gilt Investment

Kotak Medium Term Fund

Kotak Low Duration Fund (Formerly known as PineBridgIndia Short Term Fund)

Kotak Banking andPSU Debt Fund

Kotak Treasury Advantage Fund

Kotak Flexi Debt

Kotak Corporate Bond Fund (Formerly known as PineBridgeIndia Total Return Bond Fund)

Kotak Income Opportunities

Kotak Bond Short Term

Kotak Liquid

Name of the Scheme This product is suitable for investors who are seeking* Riskometer

Riskometer

Low

Moderately

Low

Moderate ModeratelyHigh

High


Low High

Riskometer

Low

Moderately

Low


High


Low High

Riskometer

Low

Moderately

Low


High


Low High Kotak Floater Short Term

� Income over a long investment horizon� Investments in sovereign securities issued by the Central and/or State Government(s) and / or reverse repos in such securities.

� Income over a long investment horizon� Investment in debt & money market securities

� Income over a medium term investment horizon� Investment in debt, government securities & money market instruments with a portfolio weighted average maturity between 3-7 years

� Regular Income over short term� Income by focusing on low duration securities

� Income over a short to medium term investment horizon� Investment in debt & money market securities of PSUs, Banks & government securities

� Income over a short term investment horizon� Investment in debt & money market securities

� Income over a short term investment horizon� Investment in floating rate securities, debt & money market securities

� Income over a short term investment horizon� Investment in debt & money market securities

� Income over a medium term investment horizon� Investment in debt & money market securities

� Income over a medium term horizon� Investment in debt & money market securities

� Income over a medium term investment horizon� Investment in debt & money market securities

� Regular Income over short term� Income by investing in fixed income securities of varying maturities and credit

Riskometer

Low

Moderately

Low


High

Investors understand that their principal will be at High risk

Low High

Riskometer

Low

Moderately

Low


High

Investors understand that their principal will be at Moderately High risk

Low High

Riskometer

Low

Moderately

Low


High

Investors understand that their principal will be at Moderately low risk

Low High

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AA



Benchmark: Crisil Composite Bond Fund Fund Manager: AAUM:

AUM: Allotment date: November 25, 1999

KOTAK BONDAn Open - Ended Debt Scheme

Investment ObjectiveTo create a portfolio of debt and money market instruments of different maturities so as to spread the risk across a wide maturity horizon & different kinds of issuers in the debt market. However, there is no assurance that the objective of the scheme will be realized.



Dividend FrequencyQuarterly (20th of Mar/Jun/Sep/Dec), Half Yearly (20th of Mar/Sept), Annual (12th of Mar) (applicable for all plans)

Ratios

$Source: ICRAMFI Explorer. Standard

Deviation is calculated on Annualised basis using 3 years history of monthly returns.





Exit Load: a) For redemptions/switch outs (including SIP/STP) within 3 months from the date of allotment of units: 0.20%

b) For redemptions/switch outs (includingSIP/STP) after 3 months from the date ofallotment of units: Nil

Note: The aforesaid revised exit load structure will be applicable only on a p r o s p e c t i v e b a s i s f o r U n i t s purchased/SIP/STP registered on or after February 22, 2018.


Investment Style:


`2,045.07 crs`2,043.53 crs

Mr. Abhishek Bisen*

PORTFOLIO

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 6.85 years.Kotak Bond Fund NAV as on March 28, 2018: `47.5432 (Growth Option), `49.4854 (Direct Growth Option),`10.6318 (Quarterly Dividend), ̀ 13.3925(Direct Quarterly Dividend), ̀ 29.1281 (Annual Dividend), ̀ 21.7874 (Direct Annual Dividend)

$Standard Deviation

Modified Duration

Portfolio Yield

3.76%

4.62 yrs

7.78%

Product Label


� Income over long term investment horizon� Investment in debt & money market securities* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Riskometer


yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Debt Instruments



Shriram Transport Finance Co Ltd. CRISIL AA+ 4.65




Reliance Utilities And Power Pvt. Ltd. CRISIL AAA 0.97

Can Fin Homes Ltd. ICRA AAA 0.69


Hindalco Industries Ltd. CRISIL AA 0.02



Rural Electrification Corporation Ltd. CRISIL AAA 5.74




Rural Development FITCH IND AAA 2.45

United Bank Of India CRISIL AA- 2.18

Allahabad Bank BRICKWORK BWR A- 2.13

U P Power Corporation Ltd CRISIL A+(SO) 0.89

U P Power Corporation Ltd FITCH IND AA(SO) 0.25














Futures

7.17% GS 08/01/2028-APR2018 2.41

Futures (Market value represents Notional Value) - Total 2.41







Aditya Birla Finance Ltd. ICRA A1+ 0.24



Andhra Bank CRISIL A1+ 4.82




Grand Total 100.00


Maturity

Low

Medium

High

Only buy something that you'd be perfectly happy to hold if themarket shut down for 10 years.

33


ALLOCATION (%)

RATING PROFILE (%)


43.76

34.62

10.7 7.90

2.41

0.61

Government Dated Securi�es Debentures and Bonds Commercial Paper (CP)/Cer�ficate of Deposits (CD)Net Current Assets Deriva�ves

78.91 7.90 7.15 3.02

2.41

0.61

A1+, AAA, IND AAA, SOV Net Current Assets AA+, AA, IND AA(SO), AA-

A+(SO), BWR A- Deriva�ves CBLO & Term Deposits & Rev.Repo



Benchmark: ISEC Composite Fund Manager: AAUM:

AUM: Allotment date: Regular Plan - December 29, 1998;PF & Trust Plan - November 11, 2003

KOTAK GILT INVESTMENTAn Open - Ended Debt Scheme

Investment ObjectiveTo generate risk-free returns through investments in sovereign securities issued by the Central and /or State Government(s) and/ or reverse repos in such securities. However, there is no assurance that the objective of the scheme will be realized.

Available Plans/OptionsA) Regular Non Direct Plan,

B) PF & Trust Non Direct Plan,

C) Regular Direct Plan, D) PF & Trust Direct Plan/


Dividend FrequencyQuarterly (20th of Mar/Jun/Sep/Dec)

Ratios





Load StructureEntry Load: (a) Regular Plan - Entry: Nil. (b) PF & Trust Plan - Entry: Nil. (applicable for all plans)

Exit Load: (a) Regular Plan - Exit: Nil. (b) PF&Trust Plan - Exit: Nil. (applicable for all plans)


Investment Style:


`564.75 crs`553.66 crs

Mr. Abhishek Bisen*

PORTFOLIO

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 11.14 years.

Kotak Gilt Investment Fund NAV as on March 28, 2018: `58.2423 (Regular-Growth), `61.3307 (Regular-Growth-Direct),`12.9777 (Quarterly-Dividend), `13.8476 (Quarterly-Dividend Direct), `59.5858 (PF & Trust-Growth), `62.8003 (PF & Trust-Growth Direct), `11.5577 (PF & Trust-Quarterly Dividend )

Product Label

This product is suitable for investors who are seeking*:� Income over a long investment horizon� Investments in sovereign securities issued by the Central

and/or State Government(s) and / or reverse repos in such securities.


Riskometer


yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


Maturity

Low

Medium

High

Government Dated Securities 6.68% Central Government SOV 29.367.17% Central Government SOV 26.668.14% State Government SOV 18.356.79% Central Government SOV 13.736.62% Central Government SOV 3.158.79% Central Government SOV 1.907.73% State Government SOV 1.808.44% State Government SOV 0.948.27% State Government SOV 0.928.52% State Government SOV 0.65

8.45% State Government SOV 0.567.7% State Government SOV 0.547.86% State Government SOV 0.367.29% State Government SOV 0.348.72% State Government SOV 0.288.53% State Government SOV 0.198.43% State Government SOV 0.18Government Dated Securities - Total 99.91Collateral Borrowing & Lending obligation 0.13Net Current Assets/(Liabilities) -0.04Grand Total 100.00

$Standard DeviationA)Regular P lan,B) PF & Trust Plan

Modified Duration

Portfolio Yield

4.76%4.76%

7.15 yrs

7.74%

ALLOCATION (%)

RATING PROFILE (%)

We don't have to be smarter than the rest.We have to be more disciplined than the rest.

34



99.91 0.13-0.04

Government Dated Securi�es CBLO & Term Deposits & Rev.Repo Net Current Assets

99.91 0.13-0.04

SOV CBLO & Term Deposits & Rev.Repo Net Current Assets

Details of exposure across all Debt Funds of Kotak Mahindra Mutual Fund as on March 31, 2018

Issuer Name%age of Exposure

to Debt AUM $ Issuer Name%age of Exposure

to Debt AUM $AU Small Finance Bank Ltd. 0.30AXIS Bank Ltd. 0.59AXIS Finance Ltd. 0.29Aarish Solar Power Ltd. ( Solar power generating SPV ofGreenko Group with offtaker as NTPC & secured bycorporate guarantee of Greenko Energies Pvt. Ltd. ) 0.04Aasan Corporate Solutions Private Limited( Guaranteed by a Piramal Group Company ) 0.34Aashman Energy Pvt. Ltd. ( Solar power generating SPV ofGreenko Group with offtaker as NTPC & secured bycorporate guarantee of Greenko Energies Pvt. Ltd. ) 0.04Adani Infra (India) Limited. 0.26Adani Infra (India) Limited. ( Secured by shares of Adani Port,Adani Enterprises & Adani Transmissions) 0.38Aditya Birla Fashion and Retail Ltd. 0.31Aditya Birla Finance Ltd. 1.75Aditya Birla Housing Finance 0.41Allahabad Bank 0.37Altico Capital India Pvt Ltd 0.05Ananta Landmarks Pvt Ltd. ( Kalpataru Group Company ) 0.15Andhra Bank 1.01Asirvad Microfinance Private Limited ( 85%subsidiary of Manappuram Finance Ltd ) 0.06Aspire Home Finance Corporation Ltd 0.11Azim premji Trust 0.15BMW India Financial Services Private Limited 0.08Bajaj Capital Ventures Pvt. Ltd. ( Secured by Equityshares of Bajaj Corp. Ltd ) 0.11Bajaj Finance Ltd. 1.08Bajaj Housing Finance Ltd. 0.24Bank Of Baroda 0.85Bank of India 0.28Bharti Telecom Ltd. 0.23Bhopal Dhule Transmission Company Ltd.( Operational power transmission project ) 0.29Birla Corporation Ltd. 0.06Birla TMT Holding Private Limited ( HoldingCompany for Aditya Birla Group ) 0.04CBLO/REVERSE REPO 2.09Can Fin Homes Ltd. 0.02Canara Bank 0.08Central Government 2.39Cholamandalam Investment and Finance Company Ltd. 0.01Continental Drug Company P Ltd ( Secured byEquity shares of Zee Entertainment Enterprises Ltd ) 0.37Corporation Bank 0.15Dalmia Cement (Bharat) Ltd 0.28Dewan Housing Finance Corporation Ltd. 0.88Divyesh Power Pvt. Ltd. ( Solar power generating SPV ofGreenko Group with offtaker as NTPC & secured bycorporate guarantee of Greenko Energies Pvt. Ltd. ) 0.04ECL Finance Limited 0.35East-North Interconnection Company Limited( Operational power transmission project ) 0.05Edelweiss Agri Value Chain Ltd. ( Unconditional andirrevocable guarantee from Edelweiss Financial Services Limited) 0.43Edelweiss Commodities Services Ltd. 0.34Edelweiss Commodities Services Ltd. ( Put options on ECL Finance) 0.52Edelweiss Housing Finance Limited 0.30Edisons Utility Works Pvt.Ltd. ( Secured by Equity sharesof Zee Entertainment Enterprises Ltd ) 0.19Elena Renewable Energy Pvt. Ltd. ( Solar power generatingSPV of Greenko Group with offtaker as NTPC & secured bycorporate guarantee of Greenko Energies Pvt. Ltd. ) 0.04Essel Lucknow Raebareli Toll Roads Limited( Funding against NHAI Annuity) 0.07Essel Mining & Industries Ltd. 0.15Export-Import Bank of India 1.27Federal Bank Ltd. 0.04Ford Credit India Pvt. Ltd. 0.07Fullerton India Credit Co. Ltd. 0.15Future Lifestyle Fashions Ltd. 0.15Grand View Estates Pvt. Ltd. ( backed by unconditionaland irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.43Gruh Finance Ltd. 0.39HDB Financial Services Ltd. 0.37HDFC Bank Ltd. 0.18HDFC Ltd. 6.39HPCL Mittal Energy Ltd. 0.55High Point Properties Pvt. Ltd. ( backed by unconditionaland irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.13Hindalco Industries Ltd. 0.01Hinduja Leyland Finance Ltd. 0.30ICICI Bank Ltd. 0.22ICICI Home Finance Company Limited 0.56IDFC Bank Limited 1.47IIFL Wealth Finance Ltd. 0.30IL & FS Financial Services Ltd. 0.37IL & FS Transportation Networks Ltd. ( CorporateGuarantee from IL & FS Ltd. ) 0.12IOT Utkal Energy Services Ltd. 0.09Igarashi Motors Sales Pvt. Ltd. ( backed by unconditionaland irrevocable undertaking by Axis Capital ) 0.09India Infoline Finance Limited 0.61India Infoline Housing Finance Ltd. 0.29Indiabulls Housing Finance Ltd. 2.36Indian Bank 0.30Indian Oil Corporation Ltd. 0.02Indian Railway Finance Corporation Ltd. 0.13Indostar Capital Finance Limited 0.20Indus Towers Limited 1.48IndusInd Bank Ltd. 0.25Intime Properties Ltd. ( Commercial Mortgage-Backed Securities ) 0.11JM Financial Products Limited 0.04Janalakshami Financial Services Ltd. 0.07Jyothy Fbricare Services Limited ( Guarrented By Jyothi Laboratories Ltd ) 0.09Karelides Traders Private Ltd. ( backed by unconditional and irrevocable undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd ) 1.51Karnataka Bank Ltd 0.75Konkan Railway Corporation Ltd. 0.02Kotak Mahindra Investments Ltd. 0.23Kotak Mahindra Prime Ltd. 0.87L & T Finance Ltd. 0.28

Industry / Sector %age of Exposure to Debt AUM $

BANK 10.90CASH(CBLO/REVERSE REPO) 2.08CORPORATES 36.60FINANCIAL SERVICES 27.24GOI/TBILLS 7.11NBFC 15.62REAL ESTATE 0.45Total 100.00$ - Includes Hybrid schemes - debt schemes having equity exposure

35

L & T Housing Finance Ltd. 0.02L & T Infrastructure Finance Company Ltd. 0.87LIC Housing Finance Ltd. 1.74MA Multi Trade Pvt Ltd ( Secured by Equity shares of Bajaj Corp. Ltd ) 0.11Mahindra & Mahindra Financial Services Ltd. 1.84Manappuram Finance Ltd. 0.99Manav Investment And Trading Company Ltd.( backed by unconditional underwriting obligation by Axis Capital ) 0.23Muthoot Capital Services Ltd. 0.07Muthoot Finance Ltd. 1.91Muthoot Fincorp Ltd. 0.05Nabha Power Ltd. ( backed by unconditional andirrevocable guarantee by Larsen & Toubro Ltd ) 1.72National Bank for Agriculture & Rural Development 3.31National Housing Bank 0.19National Thermal Power Corporation Ltd. 0.15Nirma Ltd. 0.74Nuvoco Vistas Corporation Ltd. ( 100% subsidiary of Nirma Ltd.) 0.64ONGC Manglore Petrochemicals Ltd. 0.98PNB Housing Finance Ltd. 0.99Piramal Enterprises Ltd. 1.50Piramal Finance Limited 0.44Power Finance Corporation Ltd. 2.66Power Grid Corporation of India Ltd. 0.36Powergrid Vizag Transminssion Ltd.( backed by unconditional and irrevocable guarantee by Powergrid Corp ) 0.03Pratyash Renewable Pvt. Ltd. ( Solar power generating SPVof Greenko Group with offtaker as NTPC &secured by corporate guarantee of Greenko Energies Pvt. Ltd. ) 0.04Prestige Estates Projects Limited 0.30Punjab & Sind Bank 0.85Punjab National Bank 0.35Reliance Industries Ltd. 3.27Reliance Infrastructure Ltd. ( Backed by SBLC of ICICI Bank) 0.63Reliance Jio Infocomm Ltd. 6.30Reliance Jio Infocomm Ltd. ( Irrevocably and unconditionallyguaranteed by Reliance Industries ) 0.09Reliance Ports And Terminals Ltd. ( Mukesh Ambani Group ) 0.15Reliance Retail Limited 0.37Reliance Utilities And Power Pvt. Ltd. ( Mukesh Ambani Group ) 0.35Rural Electrification Corporation Ltd. 1.32S D Corporation Private Ltd. ( DSRA Guarantee fromShapoorji Pallonji and Company Private Limited) 0.77S D Corporation Private Ltd. ( Guarantee byShapoorji Pallonji & Company Ltd ) 0.05SBK Properties Pvt Ltd. ( Guaranteed by a Kalyani Group company ) 0.06SEI Baskara Power Pvt. Ltd. ( Solar power generating SPVof Greenko Group with offtaker as NTPC &secured by corporate guarantee of Greenko Energies Pvt. Ltd. ) 0.04SEI Enerstar Renewable Energy Pvt. Ltd.( Solar power generating SPV of Greenko Groupwith offtaker as NTPC & secured by corporate guarantee ofGreenko Energies Pvt. Ltd. ) 0.04SEI Mihir Energy Pvt. Ltd. ( Solar power generating SPVof Greenko Group with offtaker as NTPC &secured by corporate guarantee of Greenko Energies Pvt. Ltd. ) 0.04SP Jammu Udhampur Highway Ltd.( backed by unconditional and irrevocable guarantee ofShapoorji Pallonji & Co Pvt Ltd ) 0.01Sahyadri Agencies Ltd ( Secured byEquity shares of Jyothy Laboratories Ltd. ) 0.11Sarvoday Advisory Services Pvt. Ltd.( Secured by Equity shares of JSW Energy Ltd. and JSW Steel Ltd. ) 0.62Shapoorji Pallonji Energy Gujarat Pvt. Ltd.( backed by unconditional and irrevocable guarantee ofShapoorji Pallonji & Co Pvt Ltd ) 0.09Shreyas Renwable Energy Pvt. Ltd.( Solar power generating SPV of Greenko Group withofftaker as NTPC & secured by corporate guarantee ofGreenko Energies Pvt. Ltd. ) 0.04Shriram City Union Finance Ltd. 0.16Shriram Transport Finance Co Ltd. 0.62Small Industries Development Bank Of India 1.01Standard Chartered Investment & Loan India Ltd. 0.04State Bank Of India. 0.19State Government 4.71Steel Authority of India Ltd. 0.29Suhani Trading and Investment Consultants Pvt Ltd( Secured by Equity shares of Future Ratails Ltd &Future Lifestyle Fashions Ltd. ) 0.45Sun Pharma Laboratories Limited 0.15Sundaram BNP Paribas Home Finance Ltd 0.08Sundaram Finance Ltd. 0.13Suraksha Asset Reconstruction Pvt Ltd( Secured by Equity shares of Sun Pharmaceuticals Industries Ltd ) 0.71Suraksha Realty Ltd ( Secured by Equity shares ofSun Pharmaceuticals Industries Ltd ) 0.77Syndicate Bank 0.36TV18 Broadcast Ltd 0.07Talwandi Sabo Power Ltd. ( Guaranteed by Vedanta Ltd.) 0.02Tata Capital Financial Services Limited 0.82Tata Capital Housing Finance Ltd. 0.33Tata Motors Finance Ltd 0.78Tata Power Company Ltd. 0.45Tata Sons Ltd. 0.67Tata Steel Ltd. 0.02The Indian Hotels Company Ltd. 0.01Torrent Pharmaceuticals Ltd. 0.75Trapti Trading & Investments Private Limited( Holding Company for Aditya Birla Group) 0.07U P Power Corporation Ltd ( Guaranteed By UP State Government ) 2.38Union Bank of India 1.50United Bank Of India 0.22Varun Beverages Limited 0.23Vedanta Ltd. 1.93Vijaya Bank 0.36Vizag General Cargo Berth Private Ltd.( backed by unconditional and irrevocable guarantee of Vedanta Ltd ) 0.14YES Bank Ltd. 0.23Zuvan Energy Pvt. Ltd. ( Solar power generating SPV ofGreenko Group with offtaker as NTPC &secured by corporate guarantee of Greenko Energies Pvt. Ltd. ) 0.04Total 100.00



$ The existing benchmark �CRISIL Balanced Fund� has been renamed as �CRISIL Hybrid 35+65 - Aggressive Index� as per communication received from CRISIL. * For Fund Manager experience, please refer page 52-53.**Total Expense Ratio excludes applicable B15 fee and GST. For scheme performance, please refer page no 45-51

Benchmark: CRISIL Hybrid 35+65 - Aggressive Index $

Fund Manager:

Allotment date: August 9, 2004KOTAK ASSET ALLOCATOR FUND

Investment ObjectiveThe investment objective of the scheme is to generate long-term capital appreciation from a portfolio created by investing in specified open-ended equity, and debt schemes of Kotak Mahindra Mutual Fund. However, there is no assurance that the investment objective of the Scheme will be realized.

Available Plans/OptionsA) Regular Plan B) Direct Plan Options: Dividend Payout,Dividend Reinvestment & Growth (applicable for all plans)

Dividend FrequencyTrustee�s Discretion

Minimum Investment AmountInitial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switchesAdditional Investment: `1000 & in multiples of ̀ 1Ideal Investment Horizon: 3 years & above

Load StructureEntry Load: Nil. (applicable for all plans)Exit Load: a) 1% if exit before 1 year from date of allotment. b) Nil if exit after 1 year from the date of allotment.

Exit Load shall be applicable incase of switch from Regular Plan (where broker code is mentioned) to Direct Plan

Exit Load shall not be applicable: Incase of switch from Regular Plan

( w h e r e n o b r o k e r c o d e i s mentioned) to Direct Plan

In case of switch from Direct Plan to Regular Plan.



AAUM: AUM:

`34.41 crs`35.95 crs

Mr. Deepak Gupta*



PORTFOLIO

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)Mutual Fund Units Kotak Treasury AdvantageFund Direct Growth Debt Scheme 56.44Kotak Bond Direct Plan Growth Debt Scheme 17.48Kotak Select Focus Fund

Direct Growth Equity Scheme 9.04Kotak Liquid Direct Plan Growth Debt Scheme 7.99

Mutual Fund Units - Total 90.95Collateral Borrowing & Lending obligation 9.04Net Current Assets/(Liabilities) 0.01Grand Total 100.00

Product Label

Investors understand that their principal will be at moderately High Risk

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

This product is suitable for investors who are seeking*:� Long term capital growth� Investment in open-ended diversified equity schemes and debt schemes of Kotak Mahindra

Mutual Fund* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Kotak Asset Allocator Fund NAV as on March 28, 2018: `73.623 (Dividend Option), `75.827 (Direct Dividend Option), `75.634 (Growth Option), `77.216 (Direct Growth Option)


If you are not willing to own a stock for 10 years,do not even think about owning it for 10 minutes.

Investment Style

Style


Large

Mid

Small

36

Folio Count : 2,359

81.91 9.04 9.04 0.01

Debt Scheme Equity Scheme CBLO & Term Deposits & Rev.Repo Others



Benchmark: Standard & Poor's 500 Total Return Net Index in USD is thebenchmark of the underlying scheme. The same converted into INR using RBI reference rate will be the benchmark for the scheme.


Allotment date: December 20, 2013KOTAK US EQUITY FUNDAn Open Ended Fund of Funds Scheme Investing OverseasInvestment Objective

The primary investment objective of the scheme is to provide long term capital appreciation by investing in units of a fund that invests predominantly in equity and equity related securities of companies having assets, products or operations in the United States. However, there is no assurance that the investment objective of the Scheme will be realized.




Dividend Reinvestment &

Growth (applicable for all plans)

Dividend Frequency





Ideal Investment Horizon: 3 years & above

Load Structure


Exit Load: a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units: 1%;



Investment Style:


`4.58 crs`4.51 crs

Mr. Deepak Gupta*


PORTFOLIO

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)

Mutual Fund Units

Pinebridge US Large Cap

Research Enhance Fund Overseas Mutual Fund 84.72

Mutual Fund Units - Total 84.72


Grand Total 100.00

Product Label

This product is suitable for investors who are seeking*:� Long term capital growth� Long term capital appreciation by investing in

Units of PineBridge US Large Cap Research Enhanced Fund which in turn invests in equity and equity related securities of companies having assets, products or operations in the United States.



Riskometer

yletaredo

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Low

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LOW HIGH

Moderately

Kotak US Equity Fund NAV as on March 28, 2018: ̀ 14.570 (Dividend Option), ̀ 15.057 (Direct Dividend Option), ̀ 14.567 (Growth Option), `15.055 (Direct Growth Option)

Understand the �nancial risks of all contracts and make sure these risks areprotected before you sign. This can often mean getting an

expert to advise you on the risks.

Style


Large

Mid

Small

37



Folio Count: 477

Overseas Mutual Fund Others

84.72 15.28



Benchmark: MSCI Emerging Market

Fund Manager:

AAUM: AUM: Allotment date: September 26, 2007KOTAK GLOBAL EMERGING MARKET FUND



The investment objective of the scheme is to generate long-term capital appreciation by investing in an overseas mutual fund scheme that invest in a diversified portfolio of securities as prescribed by SEBI from time to time in global emerging markets. However, there is no assurance that the objective of the scheme will be realized.






Dividend Frequency






Load Structure


Exit Load: a) For exit within 1 year from the date of allotment of units: 1%.

b) For exit after 1 year from the date of allotment of units: Nil


Investment Style:


`31.76 crs`31.26 crs

Mr. Deepak Gupta (Dedicated fund manager for FundManagers overseas investment) & Mr.Abhishek Bisen*


PORTFOLIO


Mutual Fund Units

MGF Asian Small Equity

Fund Class I Overseas Mutual Fund 70.19

ishares MSCI Emerging

Markets ETF Overseas Mutual Fund 26.23




Grand Total 100.00

Product Label

This product is suitable for investors who are seeking*:� Long term capital growth� Investment in overseas mutual fund schemes

that invest in a diversified portfolio of securities in global emerging markets



Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Kotak Global Emerging Market Fund NAV as on March 28, 2018: ̀ 16.832 (Dividend Option), ̀ 17.629 (Direct Dividend Option), ̀ 16.832 (Growth Option), ̀ 17.547 (Direct Growth Option)

It is not the creation of wealth that is wrong, but the love of money for its own sake�Margaret Thatcher, former UK Prime Minister

Style


Large

Mid

Small

38



Folio Count: 7,488

96.42 3.20

Overseas Mutual Fund CBLO & Term Deposits & Rev.Repo Others

0.38



Benchmark: Financial Times Gold Mines Total Price Index, in USD is the benchmark of Falcon Gold Equity Fund. The above translated to INR using the RBI Reference Rate will be the benchmark of Kotak World Gold Fund.


Allotment date: June 06, 2008KOTAK WORLD GOLD FUNDAn Open � Ended Fund of Funds Scheme


The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units of Falcon Gold Equity Fund. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes. The Scheme may also invest a certain portion of its corpus in debt and money market securities and/or units of debt/liquid schemes of Mutual Funds, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized.






Dividend Frequency






Load Structure


Exit Load:

a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units: 1%;



Investment Style:


`34.08 crs`33.81 crs

Mr. Deepak Gupta*


PORTFOLIO


Mutual Fund Units

Falcon Gold Equity ASIA Overseas Mutual Fund 99.52



Grand Total 100.00

Product Label

This product is suitable for investors who are seeking*:� Long term capital growth� Long term capital appreciation by investing in

units of Falcon Gold Equity Fund which in turn invests in international securities of gold product ion, process ing and market ing companies



Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Kotak World Gold Fund NAV as on March 28, 2018: ̀ 6.844 (Dividend Option), ̀ 7.128 (Direct Dividend Option), ̀ 8.257 (Growth Option), `8.577(Direct Growth Option)

Buy when everyone else is selling and hold until everyone else is buying.That's not just a catchy slogan. It's the very essence of successful investing

�J. Paul Getty

Style


Large

Mid

Small

39



Folio Count: 12,444

99.52 0.48

Overseas Mutual Fund Others


The investment objective of Kotak Gold ETF is to generate returns that are in line with the returns on investment in physical gold, subject to tracking error. However, there is no assurance that the investment objective of the Scheme will be realized.

Available Plan

Regular Plan


Through Exchange:10 Units,

Through AMC: 10000 Units,

Ideal Investment Horizon: 3 years and above

Load Structure




Regular: 1.00%

7

Product Label


Riskometer

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Moderate

Low

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LOW HIGH

Moderately





PORTFOLIO

Benchmark: Price of GoldFund Manager: Mr. Abhishek Bisen* AAUM: `401.68 crs

AUM: `403.44 crsAllotment date: July 27, 2007

KOTAK GOLD ETFAn Open Ended Gold Exchange Traded Fund (As on March 31, 2018)


Exchange)

Gold Fineness99.5 Gold 99.72



Grand Total 100.00

NAV

Kotak Gold ETF NAV as on March 28, 2018: ̀ 275.9306

Tracking Error: 0.06%

This product is suitable for investors who are seeking*:� Returns in line with physical gold over medium to long

term, subject to tracking error� Investment in physical gold* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Valuing a business is part art and part science.

40

0.28

Gold Others

99.72


The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of the CNX Nifty subject to tracking errors. However, there is no assurance that the investment objective of the Scheme will be realized.

Available Plan

Regular Plan

Ratios


Through Exchange:1 Unit,



Load Structure




Regular: 0.10%

7

Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately




PORTFOLIO

Benchmark: Nifty 50Fund Manager: Mr. Deepak Gupta* AAUM: `557.57 crs

AUM: `561.90 crsAllotment date: February 2, 2010

KOTAK NIFTY ETFAn Open Ended Exchange Traded Fund[Eligible scheme under Rajiv Gandhi Equity Savings Scheme (RGESS)]

NAV

Portfolio Turnover:

Tracking Error:

84.46%

0.08%

* For Fund Manager experience, please refer page 52-53. **Total Expense Ratio excludes applicable B15 fee and GST. For scheme performance, please refer page no 45-51. For last three dividends, please refer page no 54-56










Kotak Mahindra Bank Ltd. Banks 3.51


Hindustan Unilever Ltd. Consumer Non Durables 2.39





Tata Motors Ltd. Auto 1.52


Sun Pharmaceuticals

Industries Ltd. Pharmaceuticals 1.37

HCL Technologies Ltd. Software 1.36


Corporation Limited Power 1.34

Bharti Airtel Ltd. Telecom - Services 1.32

Vedanta Ltd. Non - Ferrous Metals 1.30

Asian Paints Ltd. Consumer Non Durables 1.27

Oil & Natural Gas

Corporation Ltd. Oil 1.26


Tata Steel Limited. Ferrous Metals 1.12

Power Grid Corporation Of

India Ltd Power 1.09

Bajaj Finance Limited Finance 1.05

Grasim Industries Ltd. Cement 1.04

Ultratech Cement Ltd. Cement 1.04

Indiabulls Housing Finance Ltd. Finance 1.01

Tech Mahindra Ltd. Software 1.01

Titan Company Ltd. Consumer Durables 0.99

Eicher Motors Ltd Auto 0.95

Indian Oil Corporation Ltd Petroleum Products 0.95

Bajaj Auto Ltd. Auto 0.94

Coal India Ltd. Minerals/Mining 0.93

Bharat Petroleum


Wipro Ltd. Software 0.80

Bajaj Finserv Ltd. Finance 0.79

Hindalco Industries Ltd Non - Ferrous Metals 0.79

Zee Entertainment


Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.72

Cipla Ltd. Pharmaceuticals 0.70

UPL Ltd Pesticides 0.67

Hindustan Petroleum

Corporation Ltd Petroleum Products 0.65

Adani Port and Special

Economic Zone Limited Transportation 0.63

Dr Reddys Laboratories Ltd Pharmaceuticals 0.63


Lupin Ltd. Pharmaceuticals 0.44



Grand Total 100.00

Kotak Nifty ETF NAV as on March 28, 2018: ̀ 102.651

This product is suitable for investors who are seeking*:� Long term capital growth� Investment in stocks comprising the underlying index

and endeavours to track the benchmark index* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Investing regularly can help your money grow, not savings alone

41


25.96 12.13 10.53 10.09 9.26 9.14 4.06

3.14

2.43

2.09

11.17

Banks Software Finance Petroleum ProductsAuto Consumer Non Durables Construction Project PharmaceuticalsPower Non - Ferrous Metals Others


The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of the BSE SENSEX subject to tracking errors. However, there is no assurance that the investment objective of the Scheme will be realized.

Available Plan

Regular Plan

Ratios





Load Structure




Regular: 0.25%

7

Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

ModeratelySECTOR ALLOCATION (%)



PORTFOLIO

Benchmark: S&P BSE SENSEXFund Manager: Mr. Deepak Gupta* AAUM: ` crs 11.53

AUM: ` crs11.42Allotment date: June 6, 2008

KOTAK SENSEX ETFAn Open Ended Exchange Traded Fund[Eligible scheme under Rajiv Gandhi Equity Savings Scheme (RGESS)]

NAV

Portfolio Turnover:

Tracking Error:

14.26%

0.11%












Hindustan Unilever Ltd. Consumer Non Durables 2.94





Tata Motors Ltd. Auto 1.90


Sun Pharmaceuticals

Industries Ltd. Pharmaceuticals 1.65


Corporation Limited Power 1.60

Asian Paints Ltd. Consumer Non Durables 1.56

Oil & Natural Gas

Corporation Ltd. Oil 1.55


Bharti Airtel Ltd. Telecom - Services 1.38

Tata Steel Limited. Ferrous Metals 1.37

Power Grid Corporation Of

India Ltd Power 1.31

Bajaj Auto Ltd. Auto 1.15

Coal India Ltd. Minerals/Mining 1.14

Wipro Ltd. Software 1.02

Adani Port and Special

Economic Zone Limited Transportation 0.86

Dr Reddys Laboratories Ltd Pharmaceuticals 0.78

Tata Motors Ltd - DVR Auto 0.29



Grand Total 100.00

Kotak Sensex ETF NAV as on March 28, 2018: ̀ 333.927



Try to learn from your mistakes - better yet, learn from the mistakes of others!

42


* For Fund Manager experience, please refer page 52-53. **Total Expense Ratio excludes applicable B15 and fee GST. For scheme performance, please refer page no 45-51. For last three dividends, please refer page no 54-56

31.46 12.04 11.23 10.52 9.31 8.79 4.932.91

2.431.55

4.83

Banks Software Consumer Non Durables Auto

Finance Petroleum Products Construction Project Power

Pharmaceuticals Oil Others


The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of stocks as represented by the CNX Bank Index subject to tracking errors. There can be no assurance or guarantee that the investment objective of the scheme will be achieved.

Available Plan/Options

Regular Plan

Option - Dividend Payout

Ratios





Load Structure




Regular: 0.20%

7




PORTFOLIO

Benchmark: Nifty BankFund Manager: Mr. Deepak Gupta* AAUM: `3,552.66 crs

AUM: `3,513.37 crsAllotment date: December 04, 2014

KOTAK BANKING ETFAn Open Ended Exchange Traded Fund

NAVKotak Banking ETF NAV as on March 28, 2018: ̀ 247.4209











Federal Bank Ltd. Banks 1.60

Bank Of Baroda Banks 1.23


IDFC Bank Limited Banks 0.57



Grand Total 100.00

It is never your thinking that makes money,it is your investing in the market that makes money.

43

Portfolio Turnover:

Tracking Error:

25.40%

0.07%



Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Banks

98.02 1.98

Others


The investment objective of the scheme is to provide returns that closely correspond to the total returns of CNX PSU Bank Index, subject to tracking errors. However, there is no assurance that the investment objective of the Scheme will be realized.

Available Plan

Regular Plan

Ratios





Load Structure




Regular: 0.49%

7




PORTFOLIO

Benchmark: Nifty PSU BankFund Manager: Mr. Deepak Gupta* AAUM: `114.32 crs

AUM: `115.00 crsAllotment date: November 8, 2007

KOTAK PSU BANK ETFAn Open Ended Exchange Traded Fund

NAV

Portfolio Turnover:

Tracking Error:

121.44%

0.24%

Kotak PSU Bank ETF NAV as on March 28, 2018: ̀ 288.4221





Bank Of Baroda Banks 9.59


Canara Bank Banks 3.82

Industrial Development

Bank of India Ltd. Banks 2.72

Union Bank Of India Banks 2.52

Bank of India Banks 2.01

Indian Bank Banks 1.85

Syndicate Bank Banks 1.52

Oriental Bank of Commerce Banks 0.95

Allahabad Bank. Banks 0.85

Andhra Bank Banks 0.78



Grand Total 100.00

99.86 0.14

Banks Others

Time is a friend of a wonderful business, and enemy of the mediocre

44



Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Scheme Performances as on March 28, 2018

Scheme Inception date is 29/12/1998. Mr. Harish Krishnan has been managing the fund since 01/01/2014Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).As TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from 29th Dec 1998 to to 31st May 2007 and TRI Values from 31st May 2007 to 31st Jan 2018.

Kotak 50 - Dividend Nifty 50 TRI# S&P BSE SENSEX TRI##

Since Inception 19.11% 15.17% 14.07% 2,89,972 1,51,865 1,26,272

Last 1 Year 9.02% 11.76% 12.70% 10,902 11,176 11,270

Last 3 Years 7.30% 7.38% 7.14% 12,351 12,378 12,295

Last 5 Years 14.96% 13.63% 13.48% 20,090 18,954 18,823

Kotak 50 - Dividend Nifty 50 TRI# S&P BSE SENSEX TRI##

Kotak 50 - Dividend

Scheme Inception date is 27/07/2005. Mr. Deepak Gupta has been managing the fund since 01/01/2017.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

Kotak Classic Equity Fund - Growth

Kotak Classic EquityFund - Growth Nifty 100 TRI# Nifty 50 TRI## Kotak Classic Equity

Fund - GrowthNifty 100 TRI# Nifty 50 TRI##

Since Inception 13.02% 14.20% 13.71% 47,207 53,836 50,992

Last 1 Year 16.42% 12.22% 11.76% 11,642 11,222 11,176

Last 3 Years 9.39% 8.62% 7.38% 13,083 12,810 12,378

Last 5 Years 15.54% 14.97% 13.63% 20,598 20,091 18,954

Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

Kotak Opportunities - Growth

Since Inception 19.46% 16.10% 15.76% 1,11,365 75,659 72,691

Last 1 Year 9.25% 12.87% 11.76% 10,925 11,287 11,176

Last 3 Years 10.46% 9.83% 7.38% 13,470 13,240 12,378

Last 5 Years 19.26% 16.31% 13.63% 24,141 21,292 18,954

Kotak Opportunities -Growth Nifty 500 TRI# Nifty 50 TRI## Kotak Opportunities -

GrowthNifty 500 TRI# Nifty 50 TRI##

Scheme Inception date is 11/09/2009. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

Kotak Select Focus Fund - GrowthKotak Select Focus

Fund - GrowthNifty 200 TRI# Nifty 50 TRI## Kotak Select Focus

Fund - GrowthNifty 200 TRI# Nifty 50 TRI##

Since Inception 14.50% 11.08% 10.33% 31,817 24,547 23,166

Last 1 Year 10.70% 12.42% 11.76% 11,070 11,242 11,176

Last 3 Years 11.76% 9.09% 7.38% 13,949 12,974 12,378

Last 5 Years 21.16% 15.56% 13.63% 26,118 20,613 18,954

45

45

Kotak Tax Saver Scheme - GrowthKotak Tax Saver

Scheme - GrowthNifty 500 TRI# Nifty 50 TRI## Kotak Tax Saver

Scheme - GrowthNifty 500 TRI# Nifty 50 TRI##

Since Inception 11.84% 13.13% 12.97% 39,826 45,900 45,075

Last 1 Year 6.25% 12.87% 11.76% 10,625 11,287 11,176

Last 3 Years 8.26% 9.83% 7.38% 12,684 13,240 12,378

Last 5 Years 16.89% 16.31% 13.63% 21,831 21,292 18,954Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

46

46

Kotak Midcap - Growth

Kotak Midcap -Growth

Nifty Free FloatMidcap 100 TRI# Nifty 50 TRI## Kotak Midcap -

GrowthNifty Free FloatMidcap 100 TRI# Nifty 50 TRI##

Since Inception 16.89% 16.73% 14.36% 77,240 75,801 57,967

Last 1 Year 10.97% 10.25% 11.76% 11,097 11,025 11,176

Last 3 Years 14.75% 14.39% 7.38% 15,098 14,958 12,378

Last 5 Years 24.30% 21.96% 13.63% 29,692 26,995 18,954

Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since 21/01/2010.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

Kotak EmergingEquity - Growth

S&P BSE MidSmallCap TRI#

Nifty 50 TRI## Kotak EmergingEquity - Growth

Nifty 50 TRI##S&P BSE MidSmallCap TRI#

Since Inception 13.16% 13.46% 10.54% 38,992 40,137 30,104

Last 1 Year 11.01% 16.75% 11.76% 11,101 11,675 11,176

Last 3 Years 14.86% 15.99% 7.38% 15,140 15,592 12,378

Last 5 Years 26.57% 22.73% 13.63% 32,504 27,858 18,954

Kotak Emerging Equity - Growth

Kotak Infrastructure and Economic Reform Fund - Growth

Kotak Infrastructure andEconomic Reform Fund - Growth

S&P BSE 100 TRI# Nifty 50 TRI## Kotak Infrastructure andEconomic Reform Fund - Growth

Nifty 50 TRI##S&P BSE 100 TRI#

Since Inception 7.77% 8.25% 8.08% 21,280 22,265 21,908

Last 1 Year 10.15% 12.12% 11.76% 11,015 11,212 11,176

Last 3 Years 10.72% 8.39% 7.38% 13,565 12,730 12,378

Last 5 Years 21.78% 14.73% 13.63% 26,798 19,884 18,954

Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 01/02/2015.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. $ The existing benchmark �CRISIL Balanced Fund� has been renamed as �CRISIL Hybrid 35+65 - Aggressive Index� as per communication received from CRISILTRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006

Kotak Balance

Kotak BalanceCRISIL Hybrid 35 +

65 - Aggressive Index $# Nifty 50 TRI## Kotak EmergingEquity - Growth

Nifty 50 TRI##CRISIL Hybrid 35 +

65 - Aggressive Index $#Since Inception 14.67% NA 12.91% 1,23,244 NA 92,837

Last 1 Year 6.27% 9.96% 11.76% 10,627 10,996 11,176

Last 3 Years 8.39% 9.12% 7.38% 12,728 12,987 12,378

Last 5 Years 12.77% 13.46% 13.63% 18,245 18,810 18,954

Kotak Equity Arbitrage Fund - Growth

Since Inception 7.56% NA 12.80% 24,861 NA 45,052

Last 1 Year 6.15% 4.36% 11.76% 10,615 10,436 11,176

Last 3 Years 6.44% 5.65% 7.38% 12,054 11,788 12,378

Last 5 Years 7.48% 6.83% 13.63% 14,345 13,917 18,954

Kotak Equity ArbitrageFund - Growth

Nifty 50 ArbitrageIndex#

Nifty 50 TRI## Nifty 50 TRI##Kotak Equity ArbitrageFund - Growth

Nifty 50 ArbitrageIndex#

Scheme Inception date is 29/09/2005. Mr. Deepak Gupta has been managing the fund since 01/09/2008.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

47

Kotak Equity Savings Fund - Growth

Kotak Equity SavingsFund - Growth

75% NIFTY 50 ARBITRAGE+ 25% Nifty 50 TRI#

Nifty 50 TRI## Nifty 50 TRI##Kotak Equity SavingsFund - Growth

75% NIFTY 50 ARBITRAGE+ 25% Nifty 50 TRI#

Since Inception 8.35% 7.00% 8.77% 13,197 12,634 13,372

Last 1 Year 8.31% 6.26% 11.76% 10,831 10,626 11,176

Last 3 Years 7.47% 6.26% 7.38% 12,406 11,994 12,378

Scheme Inception date is 13/10/2014. Mr. Deepak Gupta has been managing the fund since 17/09/2014. Mr. Abhishek Bisen has been managing the fund since 17/09/2014.

Different plans have different expense structure. The performance details provided herein are of regular plan

^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

Scheme Inception date is 06/05/2015. Mr. Harish Krishnan has been managing the fund since 06/05/2015


^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.TRI � Total Return Index. With effect from 1st February 2018, we are comparing the performances of the funds with the total return variant of the benchmark instead of the price return variant.


Kotak India Growth Fund - Series 1 - Regular Plan - GrowthKotak India Growth Fund -

Series 1 - Regular Plan - Growth Nifty 200 TRI# Nifty 50 TRI## Nifty 50 TRI##Kotak India Growth Fund -

Series 1 - Regular Plan - Growth Nifty 200 TRI#

Since Inception 8.49% 11.12% 9.42% 12,663 13,569 12,979

Last 1 Year 7.74% 12.42% 11.76% 10,774 11,242 11,176

Kotak Liquid - Regular Plan - Growth

Kotak Liquid - Regular Plan -Growth

CRISIL Liquid Fund# CRISIL 1 Year TBill##Kotak Liquid - Regular Plan -

GrowthCRISIL Liquid Fund#CRISIL 1 Year TBill##

Since Inception 7.44% 6.95% 5.96% 28,151 26,348 23,042

Last 1 Year 6.75% 6.84% 5.92% 10,675 10,684 10,592

Last 3 Years 7.38% 7.33% 6.91% 12,384 12,367 12,223

Last 5 Years 8.10% 8.08% 7.05% 14,773 14,763 14,067

Scheme Inception date is 14/07/2003. Mr. Deepak Agrawal has been managing the fund since 01/11/2006.



The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark.

Kotak Floater - Short Term - Growth

Kotak Floater - Short Term -Growth CRISIL Liquid Fund# CRISIL 1 Year TBill## CRISIL Liquid Fund CRISIL 1 Year TBill

Kotak Floater - Short Term -Growth

Since Inception 7.36% 6.89% 5.95% 28,446 26,685 23,412

Last 1 Year 6.79% 6.84% 5.92% 10,679 10,684 10,592

Last 3 Years 7.45% 7.33% 6.91% 12,407 12,367 12,223

Last 5 Years 8.15% 8.08% 7.05% 14,811 14,763 14,067





Kotak Treasury Advantage Fund - Growth

Kotak Treasury AdvantageFund - Growth

CRISIL Liquid Fund# CRISIL 1 Year TBill## CRISIL Liquid Fund# CRISIL 1 Year TBill##Kotak Treasury Advantage

Fund - GrowthSince Inception 7.78% 7.12% 6.07% 27,777 25,550 22,331

Last 1 Year 6.67% 6.79% 5.87% 10,667 10,679 10,587

Last 3 Years 7.66% 7.33% 6.91% 12,473 12,360 12,217

Last 5 Years 8.27% 8.09% 7.05% 14,881 14,755 14,060





Kotak Banking and PSU Debt Fund - Growth

Kotak Banking and PSU DebtFund - Growth

CRISIL Short TermBond Fund#

CRISIL 1 Year TBill##CRISIL Short Term

Bond Fund#CRISIL 1 Year TBill##

Kotak Banking and PSU DebtFund - Growth

Since Inception 7.36% NA 6.63% 39,252 NA 34,442

Last 1 Year 6.54% 6.11% 5.87% 10,654 10,611 10,587

Last 3 Years 8.07% 7.90% 6.91% 12,617 12,558 12,217

Last 5 Years 8.72% 8.56% 7.05% 15,193 15,082 14,060

















Kotak Low Duration Fund - Growth

Kotak Low Duration Fund -Growth

CRISIL Liquid Fund# CRISIL 1 Year TBill## CRISIL Liquid Fund# CRISIL 1 Year TBill##Kotak Low Duration Fund -

Growth

Since Inception 7.76% 7.58% 6.46% 21,217 20,869 18,783

Last 1 Year 7.02% 6.79% 5.87% 10,702 10,679 10,587

Last 3 Years 8.28% 7.33% 6.91% 12,690 12,360 12,217

Last 5 Years 8.33% 8.09% 7.05% 14,923 14,755 14,060

Kotak Bond Short Term Plan - GrowthKotak Bond Short Term Plan -

GrowthCRISIL Short Term

Bond Fund#CRISIL 1 Year TBill## CRISIL 1 Year TBill##

Kotak Bond Short Term Plan -Growth

CRISIL Short TermBond Fund#

Since Inception 7.67% 7.22% 5.98% 32,421 30,314 25,197

Last 1 Year 5.48% 6.11% 5.87% 10,548 10,611 10,587

Last 3 Years 7.50% 7.90% 6.91% 12,419 12,558 12,217

Last 5 Years 7.94% 8.56% 7.05% 14,659 15,082 14,060

Kotak Flexi Debt - Regular Plan - Growth

Kotak Flexi Debt - RegularPlan - Growth

CRISIL CompositeBond Fund# CRISIL 1 Year TBill## CRISIL 1 Year TBill##

Kotak Flexi Debt - RegularPlan - Growth

CRISIL CompositeBond Fund#

Since Inception 8.48% 7.83% 6.46% 22,282 20,996 18,519

Last 1 Year 6.17% 5.06% 5.87% 10,617 10,506 10,587

Last 3 Years 8.57% 8.12% 6.91% 12,791 12,632 12,217

Last 5 Years 8.99% 8.60% 7.05% 15,380 15,110 14,060





Kotak Income Opportunities Fund - GrowthKotak Income Opportunities

Fund - GrowthCRISIL Short Term

Bond Fund# CRISIL 1 Year TBill## CRISIL 1 Year TBill##Kotak Income Opportunities

Fund - GrowthCRISIL Short Term

Bond Fund#

Since Inception 8.56% 8.17% 6.77% 19,115 18,577 16,757

Last 1 Year 6.52% 6.11% 5.87% 10,652 10,611 10,587

Last 3 Years 8.55% 7.90% 6.91% 12,786 12,558 12,217

Last 5 Years 8.82% 8.56% 7.05% 15,264 15,082 14,060

48

Kotak Corporate Bond Fund - Growth





Kotak Corporate BondFund - Growth

CRISIL CompositeBond Fund#

CRISIL 1 Year TBill##

Since Inception 8.15% 7.75% 6.42% 22,812 21,929 19,246

Last 1 Year 6.77% 5.06% 5.87% 10,677 10,506 10,587

Last 3 Years 7.98% 8.12% 6.91% 12,584 12,632 12,217

Last 5 Years 8.29% 8.60% 7.05% 14,894 15,110 14,060

CRISIL 1 Year TBill##Kotak Corporate Bond

Fund - GrowthCRISIL Composite

Bond Fund#





Kotak Medium Term Fund - Regular Plan - Growth

Kotak Medium Term Fund -Regular Plan - Growth

CRISIL CompositeBond Fund# CRISIL 10 Year Gilt##

Kotak Medium Term Fund -Regular Plan - Growth


Since Inception 9.54% 9.75% 8.35% 14,425 14,535 13,804

Last 1 Year 6.55% 5.06% -0.42% 10,655 10,506 9,958

Last 3 Years 8.71% 8.12% 6.36% 12,843 12,632 12,029

Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fund since 01/04/2008.




Kotak Bond - Regular Plan - Growth

Kotak Bond - RegularPlan - Growth


Kotak Bond - RegularPlan - Growth


Since Inception 8.87% NA NA 47,543 NA NA

Last 1 Year 2.70% 5.06% -0.42% 10,270 10,506 9,958

Last 3 Years 6.01% 8.12% 6.36% 11,909 12,632 12,029

Last 5 Years 7.01% 8.60% 6.42% 14,034 15,110 13,649





Kotak Gilt - Investment - Regular - Growth

Kotak Gilt - Investment -Regular - Growth

I-SEC CompositeGilt Index# CRISIL 10 Year Gilt## CRISIL 10 Year Gilt##

Kotak Gilt - Investment -Regular - Growth

I-SEC CompositeGilt Index#

Since Inception 9.58% NA NA 58,242 #VALUE! NA

Last 1 Year 3.34% 5.06% -0.42% 10,334 10,506 9,958

Last 3 Years 6.80% 8.05% 6.36% 12,179 12,610 12,029

Last 5 Years 7.48% 8.68% 6.42% 14,344 15,162 13,649





Kotak Gilt - Investment - PF and Trust - Growth

Kotak Gilt - Investment - PFand Trust - Growth

I-SEC CompositeGilt Index# CRISIL 10 Year Gilt## CRISIL 10 Year Gilt##

I-SEC CompositeGilt Index#

Kotak Gilt - Investment - PFand Trust - Growth

Since Inception 7.30% 7.35% 5.28% 27,548 27,746 20,967

Last 1 Year 3.34% 5.06% -0.42% 10,334 10,506 9,958

Last 3 Years 6.84% 8.05% 6.36% 12,193 12,610 12,029

Last 5 Years 7.52% 8.68% 6.42% 14,370 15,162 13,649

49

Kotak Monthly Income Plan - Growth

Scheme Inception date is 02/12/2003. Mr. Abhishek Bisen has been managing the fund since 01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. $ The existing benchmark �CRISIL MIP Blended � has been renamed as �CRISIL Hybrid 85+15 - Conservative Index� as per communication received from CRISIL.TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006

Kotak Monthly IncomePlan - Growth

CRISIL Hybrid 85 +15 - Conservative Index $# CRISIL 10 Year Gilt##

Since Inception 7.87% 8.27% 5.35% 29,627 31,225 21,114

Last 1 Year 5.86% 6.21% -0.42% 10,586 10,621 9,958

Last 3 Years 8.31% 8.42% 6.36% 12,701 12,739 12,029

Last 5 Years 10.23% 9.78% 6.42% 16,277 15,952 13,649

CRISIL 10 Year Gilt##Kotak Monthly Income

Plan - GrowthCRISIL Hybrid 85 +

15 - Conservative Index $#

Scheme Inception date is 09/08/2004. Mr. Deepak Gupta has been managing the fund since 01/09/2008.Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. $ The existing benchmark �CRISIL Balanced Fund� has been renamed as �CRISIL Hybrid 35+65 - Aggressive Index� as per communication received from CRISIL.TRI � Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006

Kotak Asset Allocator Fund - GrowthKotak Asset Allocator

Fund - GrowthCRISIL Hybrid 35 +

65 - Aggressive Index $#S&P BSE SENSEX

TRI##Kotak Asset Allocator

Fund - GrowthCRISIL Hybrid 35 +

65 - Aggressive Index $#S&P BSE SENSEX

TRI##Since Inception 15.99% 13.43% 15.75% 75,634 55,761 73,504

Last 1 Year 5.92% 9.96% 12.70% 10,592 10,996 11,270

Last 3 Years 8.75% 9.12% 7.14% 12,856 12,987 12,295

Last 5 Years 15.79% 13.46% 13.48% 20,826 18,810 18,823

Scheme Inception date is 20/12/2013. Mr. Deepak Gupta has been managing the fund since 01/02/2015.




Kotak US Equity Fund - Growth

Kotak US Equity Fund -Growth

S&P 500 International TotalReturn Net Index#

Nifty 50 TRI## Kotak US Equity Fund -Growth

S&P 500 International TotalReturn Net Index#

Nifty 50 TRI##

Since Inception 9.21% 12.38% 13.20% 14,567 16,462 16,979

Last 1 Year 10.62% 12.92% 11.76% 11,062 11,292 11,176

Last 3 Years 8.72% 11.94% 7.38% 12,845 14,019 12,378

Scheme Inception date is 26/09/2007. Mr. Abhishek Bisen has been managing the fund since 04/04/2011 and Mr. Deepak Gupta has been managing the fund since 04/04/2011.




Kotak Global Emerging Market Fund - Growth

Kotak Global EmergingMarket Fund - Growth

MSCI Emerging Marketindex#

Nifty 50 TRI## Nifty 50 TRI##Kotak Global EmergingMarket Fund - Growth

MSCI Emerging Marketindex#

Since Inception 5.08% 4.67% 8.30% 16,832 16,152 23,125

Last 1 Year 23.19% 21.84% 11.76% 12,319 12,184 11,176

Last 3 Years 5.53% 7.66% 7.38% 11,748 12,473 12,378

Last 5 Years 6.60% 6.12% 13.63% 13,765 13,462 18,954





Kotak World Gold Fund - Growth

Kotak World Gold Fund -Growth

Financial Times Gold MinesTotal - Price#

Nifty 50 TRI## Nifty 50 TRI##Kotak World Gold Fund -Growth

Financial Times Gold MinesTotal - Price#

Since Inception -1.93% -2.17% 9.59% 8,257 8,064 24,574

Last 1 Year -10.26% -5.16% 11.76% 8,974 9,484 11,176

Last 3 Years 3.47% 10.87% 7.38% 11,076 13,620 12,378

Last 5 Years -6.61% -5.09% 13.63% 7,104 7,702 18,954

50





Kotak Gold ETF

Kotak Gold Fund -Growth Price of Gold# CRISIL 10 Year Gilt## Kotak Gold Fund -

Growth Price of Gold# CRISIL 10 Year Gilt##

Since Inception 3.62% 5.61% 6.53% 12,830 14,667 15,580

Last 1 Year 4.91% 6.72% -0.42% 10,491 10,672 9,958

Last 3 Years 3.36% 5.41% 6.36% 11,040 11,710 12,029

Last 5 Years -1.12% 0.58% 6.42% 9,453 10,295 13,649





Kotak Nifty ETF

Kotak Nifty ETF Nifty 50 TRI# S&P BSE SENSEX TRI## Kotak Nifty ETF Nifty 50 TRI# S&P BSE SENSEX TRI##

Since Inception 10.86% 11.04% 10.97% 23,142 23,452 23,323

Last 1 Year 11.58% 11.76% 12.70% 11,158 11,176 11,270

Last 3 Years 7.33% 7.38% 7.14% 12,358 12,378 12,295

Last 5 Years 13.54% 13.63% 13.48% 18,874 18,954 18,823





Kotak Sensex ETF

Kotak Sensex ETF S&P BSE SENSEX TRI# Nifty 50 TRI## Kotak Sensex ETF S&P BSE SENSEX TRI# Nifty 50 TRI##

Since Inception 9.03% 9.52% 9.59% 23,354 24,407 24,574

Last 1 Year 12.37% 12.70% 11.76% 11,237 11,270 11,176

Last 3 Years 6.81% 7.14% 7.38% 12,182 12,295 12,378

Last 5 Years 13.09% 13.48% 13.63% 18,501 18,823 18,954





Kotak Banking ETF

Kotak Banking ETF Nifty Bank TRI# Nifty 50 TRI## Kotak Banking ETF Nifty Bank TRI# Nifty 50 TRI##

Since Inception 9.26% 9.44% 7.28% 13,395 13,465 12,608

Last 1 Year 13.69% 13.88% 11.76% 11,369 11,388 11,176

Last 3 Years 10.80% 10.96% 7.38% 13,595 13,655 12,378





Kotak PSU Bank ETF

Kotak PSU Bank ETF Nifty PSU Bank TRI# Nifty 50 TRI## Nifty 50 TRI##Kotak PSU Bank ETF Nifty PSU Bank TRI#

Since Inception 1.66% 1.62% 6.92% 11,860 11,817 20,038

Last 1 Year -18.20% -17.84% 11.76% 8,180 8,216 11,176

Last 3 Years -4.96% -4.58% 7.38% 8,588 8,690 12,378

Last 5 Years -0.03% 0.26% 13.63% 9,984 10,131 18,954

51

Scheme Names

Kotak Emerging Equity - Growth

Kotak Midcap - Growth

Kotak Balance - Dividend

1 YEAR 3 YEAR 5 YEAR Since Inception

SchemeReturns(%)^

BenchmarkReturns (%)^*

SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Scheme Names

Kotak Classic Equity Fund - GrowthKotak NV20 ETF



SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Kotak PSU Bank ETF

Kotak Asset Allocator Fund - Growth

Top 3

Bottom 3

ABOUT OUR FUND MANAGERS

54

Name: Mr. Harsha UpadhyayaMr. Harsha Upadhyaya manages 4 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan.Kotak Opportunities (Aug 4, �12), Kotak Select Focus Fund (Aug 4, �12), Kotak Tax Saver (Aug. 25,'15)Business ExperienceMr. Harsha has nearly two decades of rich experience spread over Equity Research and Fund Management. His prior stints have been with companies such as DSP BlackRock, UTI Asset Management, Reliance Group and SG Asia Securities. Mr. Harsha is a Bachelor of Engineering (Mechanical) from National Institute of Technology, Suratkal, a Post Graduate in Management (Finance) from Indian Institute of Management, Lucknow and Chartered Financial Analyst from the CFA Institute.

Name: Mr. Harish KrishnanMr. Harish Krishnan manages 3 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan.Kotak 50 (Jan 01, �14), Kotak Infrastructure & Economic Reform Fund (Jan31,'15), Kotak India Growth Fund Series I (May 06, �15).Business ExperienceMr. Harish has a decade of experience spread over Equity Research and Fund Management. Prior to joining Kotak Mutual Fund, he was based out of Singapore and Dubai, managing Kotak's offshore funds. Mr. Harish has also worked at Infosys Technologies Ltd in his earlier stint. He is a Bachelor of Technology (Electronics & Communications) from Government Engineering College, Trichur, a post Graduate in Management from Indian Institute of Management, Kozhikode and a Chartered Financial Analyst from the CFA Institute.

Name: Mr. Pankaj TibrewalMr. Pankaj Tibrewal manages 3 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan.Kotak Midcap (Jan. 21,�10) , Kotak Emerging Equity (May 27,'10), Kotak Balance (Aug. 25,'15)Business ExperienceMr. Pankaj is a graduate in Commerce from St. Xavier's College, Kolkata and holds a Master's degree in Finance from Manchester University. He has been associated with the mutual fund industry since 2003 where he has managed several debt and equity schemes. He has been a part of the organization since January 2010. Mr. Pankaj's earlier stint was with Principal Mutual Fund.

Scheme Names

Kotak Select Focus Fund - Growth

Kotak Opportunities - Growth

Kotak Tax Saver Scheme - Growth


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Kotak Select Focus Fund - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 11/09/2009. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.Kotak Opportunities - Growth, *Name of the Benchmark - Nifty 500 TRI, Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.Kotak Tax Saver Scheme - Growth, *Name of the Benchmark - Nifty 500 TRI, Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015.Kotak India Growth Fund Series 4, *Name of the Benchmark � Nifty 200-TRI, Scheme inception date is 20/02/2018. Mr. Harsha Upadhyaya has been managing the fund since 20/02/2018. Mr. Devender Singhal has been managing the fund since 19/03/2018. TRI � Total Return Index. In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

Kotak Infrastructure and Economic Reform Fund - Growth, *Name of the Benchmark - S&P BSE 100 TRI, Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 31/01/2015.Kotak 50 - Dividend, *Name of the Benchmark - Nifty 50 TRI, Scheme Inception date is 29/12/1998. Mr. Harish Krishnan has been managing the fund since 15/11/2013.Kotak India Growth Fund - Series 1 - Regular Plan - Growth, *Name of the Benchmark - Nifty 200 TRI, Scheme Inception date is 06/05/2015. Mr. Harish Krishnan has been managing the fund since 06/05/2015TRI � Total Return Index. In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).For Kotak 50 Fund : As TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from 29th Dec 1998 to to 31st May 2007 and TRI Values from 31st May 2007 to 31st Jan 2018.

Kotak Emerging Equity - Growth, *Name of the Benchmark - S&P BSE MidSmallCap TRI, Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010.Kotak Midcap - Growth, *Name of the Benchmark - Nifty Free Float Midcap 100 TRI, Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since 21/01/2010.Kotak Balance - Dividend, *Name of the Benchmark - CRISIL Hybrid 35+65 - Aggressive Index, Scheme Inception date is 25/11/1999. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Mr. Abhishek Bisen has been managing the fund since 15/04/2008.TRI � Total Return Index. In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).For Kotak Balance Fund: The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006.

Name: Mr. Deepak GuptaMr. Deepak Gupta manages 13 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan.Kotak Equity Arbitrage (Sept.1,�08), Kotak Asset Allocator Fund (Sept.1,�08), Kotak Global Emerging Market Fund (Apr.4,�11), (Dedicated fund manager for over seas investment), Kotak Balance (Aug. 25,'15), Kotak Equity Savings Fund (Oct. 13, '14), Kotak World Gold Fund (Jan.31,�15), Kotak US Equity Fund (Jan.31,�15), Kotak PSU Bank ETF (Nov. 8, �07), Kotak SENSEX ETF (Jun. 6, �08), Kotak NIFTY ETF (Feb. 8, �10), Kotak Banking ETF (Dec. 11, �14), Kotak Classic Equity (Jan. 1, '17).Business ExperienceMr. Deepak has almost 10 years of experience in the mutual fund industry. He had joined the Equity Fund Management team as a research analyst. He is now an Equity Fund Manager. Mr. Deepak is a Graduate in Commerce from Mumbai University. He is a qualified Chartered Accountant, a Cost Accountant and has cleared the AIMR CFA Level 3.

Scheme Names

Kotak Infrastructure and Economic Reform Fund - Growth

Kotak India Growth Fund - Series 1 - Regular Plan - Growth

Kotak 50 - Dividend


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


10.15 12.12 10.72 8.39 21.78 14.73 7.77 8.25

9.02 11.76 7.30 7.38 14.96 13.63 19.11 15.17

7.74 12.42 NA NA NA NA 8.49 11.12

11.01 16.75 14.86 15.99 26.57 22.73 13.16 13.46

10.97 10.25 14.75 14.39 24.30 21.96 16.89 16.73

6.27 9.96 8.39 9.12 12.77 13.46 14.67 NA

23.19 21.84 5.53 7.66 6.60 6.12 5.08 4.67

16.42 12.22 9.39 8.62 15.54 14.97 13.02 14.20

14.75 15.15 NA NA NA NA 14.71 12.50

5.92 9.96 8.75 9.12 15.79 13.46 15.99 13.43

-10.26 -5.16 3.47 10.87 -6.61 -5.09 -1.93 -2.17

-18.20 -17.84 -4.96 -4.58 -0.03 0.26 1.66 1.62

52

10.70 12.42 11.76 9.09 21.16 15.56 14.50 11.08

9.25 12.87 10.46 9.83 19.26 16.31 19.46 16.10

6.25 12.87 8.26 9.83 16.89 16.31 11.84 13.13

Since the scheme has not yet completed 1 year from inception, the performance of the scheme is not being disclosed.

Kotak World Gold Fund - Growth

Kotak India Growth Fund Series 4

Kotak Global Emerging Market Fund - Growth, *Name of the Benchmark - MSCI Emerging Market index, Scheme Inception date is 26/09/2007. Mr. Deepak Gupta has been managing the fund since 04/04/2011(Dedicated fund manager for overseas investment) and Mr. Abhishek Bisen has been managing the fund since 04/04/2011.Kotak Equity Savings Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 ARBITRAGE + 25% Nifty 50 TRI, Scheme Inception date is 13/10/2014. Mr. Deepak Gupta has been managing the fund since 17/09/2014. Mr. Abhishek Bisen has been managing the fund since 17/09/2014.Kotak Balance - Dividend, *Name of the Benchmark - CRISIL Hybrid 35+65 - Aggressive Index, Scheme Inception date is 25/11/1999. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Mr. Abhishek Bisen has been managing the fund since 15/04/2008.Kotak Gold Fund - Growth, *Name of the Benchmark - Price of Gold, Scheme Inception date is 25/03/2011. Mr. Abhishek Bisen has been managing the fund since 04/03/2011.Kotak Gilt - Investment - Regular - Growth, *Name of the Benchmark - I-SEC Composite Gilt Index, Scheme Inception date is 29/12/1998. Mr. Abhishek Bisen has been managing the fund since 15/04/2008.Kotak Bond - Regular Plan - Growth, *Name of the Benchmark - CRISIL Composite Bond Fund, Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fund since 01/04/2008.TRI � Total Return Index. In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). For Kotak Balance Fund: The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006.

Scheme Names

Kotak Equity Savings Fund - Growth

Kotak Balance - Dividend



SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Kotak Bond - Regular Plan - Growth

Kotak Gold Fund - Growth

Top 3

Bottom 3

Kotak Global Emerging Market Fund - Growth, *Name of the Benchmark - MSCI Emerging Market index, Scheme Inception date is 26/09/2007. Mr. Deepak Gupta has been managing the fund since 04/04/2011(Dedicated fund manager for overseas investment) and Mr. Abhishek Bisen has been managing the fund since 04/04/2011.Kotak Classic Equity Fund - Growth, *Name of the Benchmark - Nifty 100 TRI, Scheme Inception date is 27/07/2005. Mr. Deepak Gupta has been managing the fund since 01/01/2017.Kotak NV20 ETF - *Name of the Benchmark Nifty 50 Value 20 TRI, Scheme Inception date is 01/12/2015. Mr. Deepak Gupta has been managing the fund since 08/12/2015.Kotak Asset Allocator Fund - Growth, *Name of the Benchmark - CRISIL Hybrid 35+65 - Aggressive Index, Scheme Inception date is 09/08/2004. Mr. Deepak Gupta has been managing the fund since 01/09/2008.Kotak World Gold Fund - Growth, *Name of the Benchmark - Financial Times Gold Mines Total - Price, Scheme Inception date is 06/06/2008. Mr. Deepak Gupta has been managing the fund since 01/02/2015.Kotak PSU Bank ETF, *Name of the Benchmark - Nifty PSU Bank TRI , Scheme Inception date is 08/11/2007. Mr. Deepak Gupta has been managing the fund since 25/02/2011.TRI � Total Return Index. In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).

Name: Mr. Abhishek BisenMr. Abhishek Bisen manages 9 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan.Kotak Balance (Apr. 15, 2008), Kotak Monthly Income Plan (Apr. 15, �08), Kotak Bond (Regular Plan) (Apr. 15, �08), Kotak Gilt Investment (Regular & PF-Trust) (Apr. 15, �08), Kotak Global Emerging Market Fund (Apr. 15, �08), Kotak Equity Savings Fund (Oct. 13, '14), Kotak Gold ETF (Jul. 27, �07), Kotak Gold Fund (Mar. 25, '11)Business ExperienceMr. Abhishek has been associated with the company since October 2006 and his key responsibilities include fund management of debt schemes. Prior to joining Kotak AMC, Me, Abhishek was working with Securities Trading Corporation Of India Ltd where he was looking at Sales & Trading of Fixed Income Products apart from doing Portfolio Advisory. He has been awarded twice as one of the Highly Commended Investors in Indian Rupees Bonds from the Asset magazine Hong Kong. His educational background is B.A (Management) and MBA (Finance).

Name: Mr. Deepak Agrawal

Mr. Deepak Agrawal manages 10 & All FMPs funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan.

(Kotak Bond Short Term (Apr. 14, �08), Kotak Flexi Debt (Jul. 11, �07), Kotak Floater Short Term (Nov. 25, �07), Kotak Liquid (Jul. 11, �12), Kotak Kotak Banking and PSU Debt Fund (Apr. 14, �08), Kotak Treasury Advantage Fund (Formerly Known as Kotak Floater Long Term Scheme) (Jul. 11, �07), Kotak Income Opportunities Fund (May 11, '10), Kotak Medium Term Fund (Mar. 21, �14), Kotak Low Duration Fund (Jan. 31, �15), Kotak Corporate Bond Fund (Jan. 31, �15), All Fixed Maturity Plans in existence (Aug. 13,'15),

Business Experience

Mr. Deepak's career has started from Kotak AMC when he joined the organization in December 2002 where he was initially in Research, Dealing and then moved into Fund Management from November 2006. Mr. Deepak is a Post Graduate in Commerce, Chartered Account and Company Secretary.

Scheme Names

Kotak Floater - Short Term - Growth

Kotak Low Duration Fund - Growth


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Kotak Income Opportunities Fund - Growth

Kotak Bond Short Term Plan - Growth

Kotak Flexi Debt - Regular Plan - Growth

Top 3

Bottom 3

Kotak Corporate Bond Fund - Growth

Kotak Low Duration Fund - Growth, *Name of the Benchmark - CRISIL Liquid Fund, Scheme Inception date is 06/03/2008. Mr. Deepak Agrawal has been managing the fund since 01/02/2015.Kotak Floater - Short Term - Growth, *Name of the Benchmark - CRISIL Liquid Fund, Scheme Inception date is 14/07/2003. Mr. Deepak Agrawal has been managing the fund since 01/11/2006.Kotak Corporate Bond Fund - Growth, *Name of the Benchmark - CRISIL Composite Bond Fund, Scheme Inception date is 21/09/2007. Mr. Deepak Agrawal has been managing the fund since 01/02/2015.Kotak Income Opportunities Fund - Growth, *Name of the Benchmark - CRISIL Short Term Bond Fund, Scheme Inception date is 11/05/2010. Mr. Deepak Agrawal has been managing the fund since 12/04/2010.Kotak Flexi Debt - Regular Plan - Growth, *Name of the Benchmark - CRISIL Composite Bond Fund, Scheme Inception date is 26/05/2008. Mr. Deepak Agrawal has been managing the fund since 25/11/2012.Kotak Bond Short Term Plan - Growth, *Name of the Benchmark - CRISIL Short Term Bond Fund, Scheme Inception date is 02/05/2002. Mr. Deepak Agrawal has been managing the fund since 11/07/2007.We are comparing the performances of the funds with the total return Index(TRI)

55

Kotak Monthly Income Plan - Growth, *Name of the Benchmark - CRISIL Hybrid 85+15 - Conservative Index, Scheme Inception date is 02/12/2003. Mr. Abhishek Bisen has been managing the fund since 01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015.Kotak India Growth Fund Series 4, *Name of the Benchmark � Nifty 200-TRI, Scheme inception date is 20/02/2018. Mr. Harsha Upadhyaya has been managing the fund since 20/02/2018. Mr. Devender Singhal has been managing the fund since 19/03/2018.TRI � Total Return Index. In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).The debt component of the index is TRI since inception. For equity component of the index, as TRI data is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE 200 PRI values series is used till 31st July 2006 and TRI values is used since 1st Aug 2006

Scheme Names

Kotak Monthly IncomePlan - Growth


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Name: Mr. Devender SinghalMr. Devender Singhal manages 2 funds of Kotak Mahindra Mutual Fund. Different plans shall have a different expense structure. The performance details provided herein are of regular plan.Kotak Monthly Income Plan (Aug. 25,�15)Business ExperienceMr. Devender has been associated with the Kotak Group since July 2007. He is responsible for the research coverage of FMCG, Automobiles and Media sectors at Kotak AMC since Feb 2009. Devender has an overall working experience of 14 years in equity research and fund management. Prior to joining Kotak AMC, Devender worked with the PMS divisions of Kotak, Religare, Karvy and P N Vijay Financial Services.

23.19 21.84 5.53 7.66 6.60 6.12 5.08 4.67

8.31 6.26 7.47 6.26 NA NA 8.35 7.00

6.27 9.96 8.39 9.12 12.77 13.46 14.67 NA

4.91 6.72 3.36 5.41 -1.12 0.58 3.62 5.61

3.34 5.06 6.80 8.05 7.48 8.68 9.58 NA

2.70 5.06 6.01 8.12 7.01 8.60 8.87 NA

7.02 6.79 8.28 7.33 8.33 8.09 7.76 7.58

6.79 6.84 7.45 7.33 8.15 8.08 7.36 6.89

6.77 5.06 7.98 8.12 8.29 8.60 8.15 7.75

6.52 6.11 8.55 7.90 8.82 8.56 8.56 8.17

6.17 5.06 8.57 8.12 8.99 8.60 8.48 7.83

5.48 6.11 7.50 7.90 7.94 8.56 7.67 7.22

5.86 6.21 8.31 8.42 10.23 9.78 7.87 8.27

Since the scheme has not yet completed 1 year from inception, the performance of the scheme is not being disclosed.

53

Kotak Gilt - Investment - Regular - Growth

Kotak India Growth Fund Series 4

Mar-22-18 23.2849 0.25Mar-12-18 23.283 0.0435Feb-26-18 23.2880 0.0485

DIVIDEND HISTORY

Feb-27-18 27.367 0.83Nov-28-17 28.7004 0.85Aug-29-17 27.919 0.85

Kotak Opportunities

Mar-23-18 35.3566 3.604Jun-28-16 39.046 1.50Dec-30-16 33.071 1.35


Mar-23-18 23.714 4.778Jul-24-17 23.433 0.70Jul-15-16 19.692 0.50

Kotak 50 - Dividend

Equity Schemes

Record Date Cum Dividend NAV `/UnitMar-22-18 10.7796 0.1093Feb-19-18 10.7845 0.0574Jan-22-18 10.7789 0.0518

Kotak Equity Arbitrage Fund - Monthly Dividend Option

Kotak Midcap

Feb-28-18 45.373 1.27Feb-27-17 36.403 1.45Feb-23-16 26.770 1.00

Kotak Tax Saver

Mar-23-18 18.5832 0.38Dec-29-17 20.848 0.40Sep-28-17 22.323 0.40

Kotak Emerging Equity

Mar-23-18 26.1532 2.674May-26-17 26.010 1.59May-27-16 21.196 1.30

Kotak Equity Arbitrage Fund - Bimonthly Dividend

Mar-22-18 20.1521 0.1975Jan-22-18 20.1288 0.1815Nov-27-17 20.1411 0.1990

Kotak Equity Arbitrage Fund - Fortnightly Dividend Option

54

Kotak Select Focus

Sep-27-17 23.592 1.50Sep-30-16 21.349 1.25Oct-12-15 17.739 1.00

Record Date Cum Dividend NAV `/Unit





Kotak Equity Saving Fund - Monthly Dividend OptionRecord Date Cum Dividend NAV `/UnitMar-12-18 11.2418 0.0389Feb-12-18 11.329 0.05Jan-12-18 11.433 0.05

Kotak Equity Saving Fund - Quarterly Dividend

Mar-20-18 11.1604 0.1789Dec-20-17 11.415 0.180Sep-20-17 11.368 0.175


Kotak Infrastructure and Economic Reform

Feb-28-18 20.582 0.63Feb-23-17 17.564 0.50


Hybrid Schemes

Mar-26-18 16.2295 0.138Feb-26-18 16.821 0.14 Jan-25-18 17.632 0.14

Kotak BalanceRecord Date Cum Dividend NAV `/Unit

Record Date Cum Dividend NAV `/UnitMar-12-18 12.5871 Individual/ HUF: 0.0702 Others: 0.0651Feb-12-18 12.8060 Individual/ HUF: 0.0793 Others: 0.0734Jan-12-18 13.0475 Individual/ HUF: 0.0793 Others: 0.0734

Kotak Monthly Income Plan - Monthly DividendRecord Date Cum Dividend NAV `/Unit


Kotak Monthly Income Plan - Quarterly Dividend

Mar-20-18 13.9795 Individual/ HUF: 0.2102 Others: 0.1947Dec-20-17 14.5162 Individual/ HUF: 0.2143 Others: 0.1986Sep-20-17 14.6341 Individual/ HUF: 0.2178 Others: 0.2018



Kotak PSU Bank ETF

Mar-10-17 334.3964 7.00Nov-21-14 428.2343 19.00

ETF Schemes


Record Date Cum Dividend NAV `/Unit Kotak SENSEX ETF

Mar-10-17 297.6072 7.50Nov-21-14 290.4602 6.00


Kotak Asset Allocator Fund (Earlier Know asKotak Equity FOF)

Aug-30-10 37.774 Individual/ HUF: 0.878 Others: 0.819


Kotak Nifty ETF

Mar-10-17 904.9522 10.00May-06-16 785.7880 11.00Nov-21-14 858.2720 9.50


Kotak Bond Regular Plan-Annual Dividend

Mar-20-14 21.2977 Individual/ HUF: 0.2158 Others: 0.2067Mar-20-13 22.5941 Individual/ HUF: 1.4008 Others: 1.2006

57

Kotak Bond Short Term - Monthly Dividend

Mar-12-18 10.172 Individual/ HUF: 0.0334 Others: 0.0309Feb-12-18 10.1585 Individual/ HUF: 0.0236 Others: 0.0219Jan-12-18 10.1291 Individual/ HUF: 0.0024 Others: 0.0022

Kotak Bond Short Term-Half Yearly Dividend

Mar-20-18 11.799 Individual/ HUF: 0.0101 Others: 0.0093Sep-20-17 11.7146 Individual/ HUF: 0.0816 Others: 0.0756Sep-21-15 11.519 Individual/ HUF: 0.4471 Others: 0.4142

Kotak Income Opportunities Fund-Annual Dividend

Mar-12-18 10.8586 Individual/ HUF: 0.458 Others: 0.4243Mar-15-17 11.2098 Individual/ HUF: 0.7411 Others: 0.6866Mar-14-16 11.0308 Individual/ HUF: 0.6162 Others: 0.5709

Kotak Flexi Debt Regular Plan-Quarterly Dividend


Kotak Corporate Bond Fund-Regular Plan Monthly Dividend


Kotak Corporate Bond Fund-Regular Quarterly Dividend

Jun-20-17 1070.4266 Individual/ HUF: 15.9660 Others: 14.7922Mar-20-17 1062.9423 Individual/ HUF: 11.1398 Others: 10.3208Dec-20-16 1070.3117 Individual/ HUF: 17.6919 Others: 16.3912

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Kotak Flexi Debt Regular Plan-Monthly Dividend

Mar-12-18 21.7975 Individual/ HUF: 0.0197 Others: 0.0182Feb-12-18 21.8171 Individual/ HUF: 0.0338 Others: 0.0313Dec-12-17 21.7808 Individual/ HUF: 0.0062 Others: 0.0057









5456

Kotak Treasury Advantage Fund-Monthly Dividend


Debt SchemesKotak-Bond Regular Plan- Quarterly Dividend Option

Sep-20-17 10.8936 Individual/ HUF: 0.1192 Others: 0.1104Jun-20-17 11.1699 Individual/ HUF: 0.1876 Others: 0.1738Mar-20-17 10.7213 Individual/ HUF: 0.0721 Others: 0.0668

DEBT Schemes



Kotak Income Opportunities Fund-Monthly Dividend


Kotak Gilt Investment Regular Plan-Quarterly Dividend

Jun-20-17 13.5005 Individual/ HUF: 0.2132 Others: 0.1976Mar-20-17 12.7811 Individual/ HUF: 0.0754 Others: 0.0699Dec-20-16 13.7660 Individual/ HUF: 0.4694 Others: 0.4349



Kotak Income Opportunities Fund-Quarterly Dividend


Kotak Floater Short Term-Monthly Dividend


Kotak Gilt Investment PF and Trust Plan- Quarterly Dividend

Mar-20-18 11.4028 0.029Jun-20-17 12.0690 Individual/ HUF: 0.1906 Others: 0.1766Mar-20-17 11.4258 Individual/ HUF: 0.0673 Others: 0.0624

Kotak Banking and PSU Debt Fund-Monthly Dividend


Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit


Kotak Medium Term Fund-Quarterly Dividend


Kotak Medium Term Fund-Annual Dividend


Kotak Low Duration Fund-Regular Plan Monthly Dividend


Kotak Banking and PSU Debt Fund-Annual Dividend




Debt SchemesDEBT Schemes

There is no assurance or guarantee to Unit holders as to rate/quantum of dividend distribution nor that the dividends will be paid regularly. After payment of the dividend, the per Unit NAV falls to the extent of the payout and statutory levy, if any.

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How to read Fact Sheet

For details contact us at:KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED: 6th Floor, Kotak Infiniti, Building No. 21, Infinity Park, Off Western Express Highway, Gen. A. K. Vaidya Marg, Malad (East), Mumbai � 400 097. Tel.: 91-22-66056825 Fax: 91-22-6638 4455 E-mail: [email protected] www.kotakamc.com. Corporate Office of Asset Website: Management Company: 2nd Floor, 12-BKC, Plot No C-12, G Block, BKC, Bandra (East),Mumbai - 400 051

Agra: 0562-4009647Ahmedabad: 079-26779888/ 26766077Ajmer: 0145-2628881Aligarh: 0571-6453223Allahabad: 0532-6456177Ambala: 0171-6451570/71Amritsar: 0183-6575777/ 6576777Anand: 02692-650281Aurangabad: 0240-6611189Bangalore: 080-66128050/ 51Bareilly: 0581-6452934Bhavnagar: 0278-2569511Bhilai: 0788-2225385Bhopal: 0755-6461018Bhubaneshwar: 0674-6510250/9583340099Bhuj: 02832-653976Calicut: 495-2701031Chandigarh: 0172-4671885/ 5049476Chennai: 044-28221333/ 45038171Cochin: 0484-2343903/ 9037000106Coimbatore: 422-6572165Cuttack: 0671-6510166/ 9776000093Dehradun: 135-2742900/ 6453000Dhanbad: 0326-6450798/09709157970Durgapur: 0343-6456038/ 2544609Goa: 0832-6650490

Gorakpur: 0551-2204127Gurgaon: 0124-6464077Guwahati: 0361-2734784Hubli: 0836-6450140Hyderabad: 040-66178140/ 41/ 42Indore: 0731-6453390Jaipur:141-6503339/ 2373879Jalandhar: 0181-2233481Jalgaon: 0257-2237131/ 32Jammu: 0191-2470779Jamnagar: 0288-6540129Jamshedpur: 0657-2317041/6543474/9570000685Jodhpur: 0291-2630625Kanpur: 0512-6454641/ 2541017Kolhapur: 0231-6610390/ 91Kolkata: 033-22822411/ 12/ 13/ 14Kottayam: 0481-2577077Lucknow: 522-4021168/ 4021169Ludhiana: 0161-4646602/ 4646604Mangalore: 0824-6452006Meerut: 0121-4007753Mumbai: 022-66056825Mumbai: (Thane): 022-65970185/ 186Muradabad: 0591-6456667Mysore: 0821-6541192Nagpur: 0712-2425052/8577

Nashik: 253-6574255New Delhi: 011-66306900/ 02Panipat: 0180-2632062Patiala: 0175-6451766Patna: 0612-6451120Pondicherry: 9962029229Pune: 020-20251526/27/29Raipur: 0771-4270917Rajkot: 0281-6620735Ranchi: 0651-6454629/ 2332274/9709001533Rourkela: 0661-6450114/ 9776640098Saharanpur - 7253894757Salem: 0427-6450115Shimla: 0177-6451211/ 2807911Silliguri: 0353-2522012Surat: 0261-6450004/ 6536677Trichur: 0487-2430115Trichy: 0431-6460668Trivandrum: 0471-4470134Udaipur: 0294-6451094Vadodara: 0265-6533957/ 6560167Vapi: 260-6534863/ 260-6453920Varanasi: 0542-6456985Vijayawada: 0866-6459930Vishakapatnam: 0891-6452145

Contact Details

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.*The rating indicates highest degree of safety regarding timely receipt of payments from the investments that the Scheme has made. The ratings should, however, not be construed as an indication of expected returns, prospective performance of the Mutual Fund Scheme, NAV or of volatility in its returns.Disclaimer on market outlooks:The outlook provided is only a subjective understanding of an uncertain market phenomena, which may or may not occur, and may also not have any effect on the performance of the scheme, clement or otherwise. This outlook should not be construed as a reason for investment into the scheme based on prospect of future performance, which may not accrue as anticipated by the statement.

RISK FACTORS

Fund ManagerAn employee of the asset management company such as mutual fund or life insurer, who manages investments of the scheme. He is usually part of larger team of fund managers and research analysts.Application amount for fresh subscriptionThis is the minimum investment amount for a new investor in a mutual fund schemeMinimum Additional AmountThis is the minimum investment amount for an existing investor in a mutual fund schemeYield to MaturityThe yield to maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond�s current market price, par value, couple interest rate and time to maturitySIPSIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for an SIP that invests Rs 500 every 15th of the month in an equity fund for a period of three years.NAVThe NAV or net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which investors enter or exit the mutual fundBenchmarkA group of securities , usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds, among other investments. Some typical benchmark include the Nifty, Sensex, BSE 200, BSE 500, 10-year GsecEntry LoadA mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor /agent. Entry load is charged at the time an investor purchases the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is Rs 100 and the entry load is 1%, the investor will enter the fund at Rs 101.Note: SEBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor.Exit loadExit load is charged at the time an investor redeems the units of a mutual fund. The exit load is deducted from the prevailing NAV at the time of redemption. For instance, if the NAV is RS 100and an exit load is 1%, the redemption price would be Rs. 99 per unit Modified DurationModified duration is the price sensitivity and the percentage change in price for a unit change in yield.Standard deviationStandard deviation is statistical measure of the range of an investment�s performance. When a mutual fund has a high standard deviation, it means its range of performance is wide, implying greater volatility.Sharp RatioThe Sharpe Ratio, named after its founder the Noble laureate William Sharpe, is measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk.BetaBeta is a measure of an investment�s volatility vis-à-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security�s price will be more volatile than the market.AUMAUM or assets under management refers to the recent / updated cumulative market value of investments managed by Mutual fund or any investment firm.HoldingsThe holdings or the portfolio is a mutual fund�s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager.Nature of SchemeThe investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories.Rating ProfileMutual funds invest in securities after evaluating their credit worthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their rating becomes the rating profile of the fund. Typically, this is a feature of debt funds.

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March 31, 2018 - Mutual Funds Investment Online in India ......too exist. The rising crude prices, a tight fiscal deficit target and political uncertainty are key of them. Crude prices