july 31, 2017 - kotak asset management

July 31, 2017

1

July 31, 2017

Dear Friends,

The rally of hope is upon us. In such rallies, the upbeat momentum over takes disciplined behaviour. More and

more investors see their direct investments outperforming well-established benchmarks and funds. At that, the

spike in gains from IPOs and from low float counters is begins to rise. Thus, the chase for higher and faster returns

makes investors scurry for riskier assets which leads them into the penny stocks segment. This makes the investors

lose focus on potential risks. Till the going is good, retail investors are blocked from buying due to constant upper

circuits. But when the market turns, the retail investors are locked in at lower circuits.

Kotak Bank), you would have made tons of money on listing.But if you had purchased at around that time post listing, you needed to wait for

years (till 2004) to see the return on a sustainable basis on your holding.

In the present market where sentiment has pushed up the prices into the fair value plus zone, the rally is being driven by hope rather than greed

for most part of the market. At the current levels, some pockets of value remain, especially in the IT and the Pharma sector. But these are contra

plays. The breakout in these sectors will be dependent on defining events and regulatory changes, but which don�t seem to be visible currently.

Our funds are currently betting big on the shift in savings from physical assets to financial assets. At that, the confluence of major regulatory

changes like GST, declining inflation, reducing interest rates is creating a ground for sustainable long term growth. We continue to believe that

long term SIP and opportunistic allocation would create wealth for the investors.

In conclusion, protecting capital from mistakes is as important as making it grow. It is therefore important that risk appropriate asset

allocation is followed and self-discipline is enforced in the present market. Because creation of wealth is not the function of luck but of

enterprise, value and expertise.

Thanks and Regards,

Nilesh Shah

Managing Director

EXPERT SPEAK

It is important that investors begin

to measure the long term potential

co s t o f t he i r s ho r t t e rm

investments. It is the long term

view on earnings, value and

scalability that creates wealth in

equities. The temperament of

equities investor should be that

of a bamboo farmer (and

manifold over). A bamboo may

remain a seedling for years and

then in few weeks it will grow so

rapidly that the plant will outgrow

the farmer. Likewise a good stock

may remain dormant for years, and

then it will speed up with the

velocity that will confound many.

For example, had you invested in

Kotak Mahindra Finance IPO (later

Growing Through Asset Allocation

Therefore, don�t choose on the basis of past return, choose on the basis of proven management, effective business and a good

outlook. The market has reached maturity level for most part where governance gets a premium. Small pocket of market, especially in the

penny and low floating stocks is driven by momentum.

1

Key Variables & Their Impact On Equities

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 (FY18). Key is improvement in capacity utilisation

India stands out among global asset classes with prospects of strong long term growth. Our tax policy has spooked FII couple off times. Budget FY 18 should reassure them.

Focus on improving financial savings of households

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

Fall in interest rates to help revive demand and reduce stress for companies with significant debt. Market expecting better transmission of rates.

GST � landmark reform implemented, can result in higher tax compliance

Economy

Corporate Earnings

FII Flow

DII Flow

Supply of paper

Interest Rates Transmission

Policy/Reform Initiative

Key Variables Short - term Medium - term Remarks

INDIA: Low interest rates are here to stayThe up-move in the Indian equities market continued in the month of July 2017. The benchmark Nifty Index crossed the 10,000 mark for the first time in history

aided by strong inflows from domestic investors. On the macro front, CPI (Consumer Price Inflation) posted another weak print while the monsoon progress has

been on track reviving hope of rural demand recovery.

RBI monetary policy: Policy rates cut by 25bps in line with expectations; Further moves to be data dependentRBI in the monetary policy review reduced the policy repo rate by 25 basis points from 6.25% to 6.0%. RBI has however maintained their neutral stance given the

likely upward movement of inflation during the second half of the year. The RBI remains focused on its commitment of keeping headline inflation close to 4% on a

durable basis.

While the trajectory of CPI inflation has been lower than projected, RBI points out to the fact that there are several factors contributing to the uncertainty around

the baseline inflation trajectory. The next course of action on policy rates would be determined by data on inflation. There is room for rates to go down further by

another 25bps (especially given the real interest rates), however the timing of the same could be pushed out a bit and not front ended in nature.

While RBI believes that banks have been able to transmit lower policy rates to new lending under the MCLR regime (marginal cost lending rate), the rate

transmission for the existing loans has been slow especially under the base rate regime. RBI is looking into this matter and setting up a committee to do so.

Earnings growth in Q1FY18: Mixed bag but largely in line with expectations; supports valuations One of the key factors supporting the market has been the Q1FY18 earnings season. While many sectors witnessed de-stocking on account of the implementation

of GST (Goods and services Tax), so far the numbers reported have been by and large in line with expectations (barring a few misses for some companies) albeit on

the back of muted expectations.

Major sectors which surprised on the upside include cement and industrials while earnings for FMCG and auto so far have been mixed in nature. Private sector

banks, especially the retail focussed private banks have also reported strong trends in loan growth and earnings with largely stable asset quality. Large corporate

banks on the other hand have reported continued stress on the balance sheet and elevated credit costs. Large cap cement names posted strong results on back of

higher realization while costs were largely in check despite surge in fuel cost. In the consumer and FMCG space, the sector has by and large managed to stave off

many of the fears relating to de-stocking. However rise in raw material costs led to some earnings disappointments. Technology as a sector saw muted trends in

the quarter which is typically seasonally strong. The benchmark Nifty index is now trading at 20xFY18E EPS and 17xFY19E EPS (on a free float basis).

Savings deposit rate cut below 4% by SBI (State Bank of India): A first post deregulation of interest rates on savings depositsState Bank of India (SBI) has cut its savings deposit rate for deposits less than Rs 1 crore to 3.5% from an earlier level of 4%. For savings deposits of more than Rs 1

crore, the rate remains 4%. This is the first time after the de-regulation of interest on SA (savings accounts) deposits has there been a cut in rates below 4%.

Off late, there has been significant pressure on margins especially for large corporate lenders with pressure on lending yields. This cut in SA rates would help these

banks to offset some of the margin pressure especially as credit growth remains muted. The cut in deposit rates by banks is also positive for flows into mutual funds

and insurance companies which have gained prominence as avenues of financial savings.

Monsoons: progressing well so far; augurs well for a rural revivalThe monsoon season has been progressing well. Based on data received till July 26, 2017, the cumulative rainfall was 5.9% above normal. On a regional

cumulative basis, most of India remained in normal to excess rainfall with some parts of south India remaining deficient. Out of the 36 sub-divisions across India, till

date, eight have received excess rainfall, 25 have received normal rainfall, and three have received deficient rainfall.

EQUITY VIEW

2

Key Events:

� Central Banks Actions: =>Reserve Bank of India (RBI) cut its key lending rate by 25 basis points to its lowest since November 2010, in its latest Monetary Policy review

=>The Federal Reserve kept interest rates unchanged and said it expected to start winding down its massive holdings of bonds "relatively soon" in a sign of confidence in the U.S. economy

=>The European Central Bank left its ultra easy monetary policy stance unchanged as expected, keeping rates at record lows and even leaving the door open to more asset buys if the outlook worsens.

� India's annual retail inflation eased to a record low of 1.54 % during June, as prices of vegetables and pulses and products further contracted. Factory output growth also slowed to 1.7 %in May.

� The index of industrial production in May rose 1.7 % compared to a year ago, slower than the 3.1 % growth seen in April.

� India's export grew by 4.39 % to $ 23.56 billion in June. Import too rose by 19 % to $ 36.52 billion in June from $ 30.68 billion in the year-ago month due to rise in inward shipments of oil and gold. A rise in import shot up the country's trade deficit to $ 12.96 billion in the month under review from $ 8.11 billion in June 2016

� Foreign direct investment (FDI) grew by 23 % to USD 10.02 billion during April-May this fiscal

� Attracted by one of the highest yields in Asia, foreigners bid for 104.42 billion rupees ($1.6 billion) of corporate debt quotas, exceeding the 74.18-billion rupee target and taking inflows to near the overall cap of $51 billion.

� Japan and the European Union have formally agreed an outline free trade deal which will ease the movement of goods between two of the world's largest economies.

Debt Outlook:

The RBI in the recent MPR delivered a much desired rate cut of 25 bps

We believe that March 2018 inflation would be in the band of 3.5-4.00% vs RBI projection of 3.50-4.50% and this would open up space for RBI to reduce policy rate by 25 bps.

With the cut of 25 bps and neutral stance, the yield curve is likely to remain steep

In the near term, we expect the 10 year gilt to trade in the 6.40-6.60% band till any further trigger

The MSS limits have ben hiked to 2.5tn and therefore the OMO sale will slow down which will be positive for rates

Rate rally not over and spike in yields should be used to add duration by the investors who can take volatility

Short term curve was already discounting a rate cut , MSS issuance can put some pressure on 3-6m yields

The 6-24m yield curve is expected to remain steep and will start flattening once the expectation starts building in.

Items Jul-17 Jun-17 Change

Reverse Repo 6.00% 6.00% Nil

Repo 6.25% 6.25% Nil

CRR 4.00% 4.00% Nil

SLR 20.00% 20.00% Nil

Mibor Overnight 6.25% 6.25% Nil

Call(O/N) 6.08% 6.11% -3 bps

CBLO 6.18% 6.05% 13bps

1 yr T Bill 6.24% 6.35% -11 bps

10 G Sec 6.46% 6.51% -5 bps

5 Year AAA 7.15% 7.32% -17 bps

USD/INR 64.18 64.58 0.40paise

Source: RBI; Bloomberg, Data as of 31st July 2017.

DEBT VIEW

Key Variables & their Impact On Interest Rates in 2017

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)

3

Gold has been traditionally perceived to be a safe haven currency at the time of geo political risk or Dollar weakening or fed rate cut.

In the month of July, the gold prices have gone up in dollar terms however appreciation in the Rupee during the period has reduced quantum of returns in

rupee term.

The Brent crude prices have gone up by around 10% in July month. The oil prices were oscillating between 45-55$ mark. On a broader trend, the brent

crude prices are on the downward slide despite the production cut by Oil producing countries.

To sum it up, we expect the gold prices to remain range bound from here other assets particularly bonds and equities may do well.

We continue to believe that India story is unfolding and it has a long way to go. Therefore, for long term growth seekers, equities are likely to be a better play

followed by bonds and then gold bonds for domestic investors.

4

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

Suggested equity allocation

(Assuming 50% equity

allocation as neutral)

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 Room To Expand

Market Valuation Indicators

GOLD VIEW

15000

18000

21000

24000

27000

30000

33000

Jul‐1

4

Jul‐1

4

Aug‐

14

Sep‐

14

Oct

‐14

Dec‐

14

Dec‐

14

Jan‐

15

Feb‐

15

Mar

‐15

Apr‐

15

May

‐15

Jun‐

15

Jul‐1

5

Aug‐

15

Sep‐

15

Oct

‐15

Nov

‐15

Dec‐

15

Jan‐

16

Feb‐

16

Mar

‐16

Apr‐

16

May

‐16

Jun‐

16

Jul‐1

6

Aug‐

16

Sep‐

16

Oct

‐16

Nov

‐16

Dec‐

16

Jan‐

17

Feb‐

17

Mar

‐17

Apr‐

17

May

‐17

Jun‐

17

Jul‐1

7

Attractive 10x‐12x

Fair 12x‐16x

Fair Value Plus 16‐18x

Stretched 18x‐20x

Cheap 9x ‐ 10x

0

20

40

60

80

100

120

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

E

India's Market Cap to GDP(%)

1.5

2.2

2.9

3.6

4.3

5.0

5.7

6.4

7.1

Jul‐

91

Jul‐

92

Jul‐

93

Jul‐

94

Jul‐

95

Jul‐

96

Jul‐

97

Jul‐

98

Jul‐

99

Jul‐

00

Jul‐

01

Jul‐

02

Jul‐

03

Jul‐

04

Jul‐

05

Jul‐

06

Jul‐

07

Jul‐

08

Jul‐

09

Jul‐

10

Jul‐

11

Jul‐

12

Jul‐

13

Jul‐

14

Jul‐

15

Jul‐

16

Jul‐

17

4

12-month forward Sensex P/E (x)

Issuer/Instrument Industry/Rating % to Net Assets

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)HDFC Bank Ltd. Banks 9.14

ICICI Bank Ltd. Banks 5.81

Reliance Industries Ltd. Petroleum Products 5.01

IndusInd Bank Ltd. Banks 4.69

Infosys Ltd. Software 4.68

ITC Ltd. Consumer Non Durables 4.57

Maruti Suzuki India Limited Auto 3.86

Larsen And Toubro Ltd. Construction Project 3.57

State Bank Of India Banks 3.50

Hero MotoCorp Ltd. Auto 2.99

Axis Bank Ltd Banks 2.59

Tata Motors Ltd - DVR Auto 2.22

GAIL (India) Ltd. Gas 2.05

Bharat Petroleum Corporation Ltd. Petroleum Products 2.01

Shree Cement Ltd. Cement 1.99

Zee Entertainment Enterprises Ltd. Media and Entertainment 1.93

Cadila Healthcare Ltd. Pharmaceuticals 1.74

Britannia Industries Ltd. Consumer Non Durables 1.54

Ultratech Cement Ltd. Cement 1.36

Apollo Hospitals Enterprises Ltd. Healthcare Services 1.34

Bayer Cropscience Ltd. Pesticides 1.34

The Ramco Cements Ltd Cement 1.30

ICICI Prudential Life Insurance

Company Ltd. Finance 1.27

Kajaria Ceramics Ltd. Construction 1.26

Sun TV Limited. Media and Entertainment 1.22

Fag Bearings India Ltd. Industrial Products 1.20

Bank Of Baroda Banks 1.15

HCL Technologies Ltd. Software 1.13

Persistent Systems Limited Software 1.10

Bharat Electronics Ltd Industrial Capital Goods 1.08

Strides Shasun Ltd. Pharmaceuticals 1.06

Indraprastha Gas Ltd. Gas 1.05

Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.01


Motherson Sumi Systems Ltd. Auto Ancillaries 0.95

Sanofi India Ltd. Pharmaceuticals 0.94

National Thermal Power

Corporation Limited. Power 0.93

Petronet LNG Ltd. Gas 0.91

Arvind Ltd Textile Products 0.90

DR.Lal Pathlabs Ltd Healthcare Services 0.89

DB Corp Limited Media and Entertainment 0.87

MRF Limited Auto Ancillaries 0.87

Castrol (India ) Ltd. Petroleum Products 0.86

HDFC Ltd. Warrants Finance 0.85

Tech Mahindra Ltd. Software 0.85

Laurus Labs Ltd Pharmaceuticals 0.83

Solar Industries India Limited Chemicals 0.75

Supreme Industries Limited Industrial Products 0.64

Bharat Earth Movers Ltd. Industrial Capital Goods 0.61

Bharat Financial

Inclusion Limited Finance 0.56

Yes Bank Ltd Banks 0.52

GE Power India Limited Industrial Capital Goods 0.51

Vedanta Ltd. Non - Ferrous Metals 0.50

Bata India Ltd. Consumer Durables 0.42

Listed/Awaiting Listing on Stock Exchange - Total 96.92

Futures

RBL Bank Ltd-AUG2017 1.25

Futures (Market value represents Notional Value) - Total 1.25

TERM DEPOSITS

AXIS Bank Ltd. 0.46

Term Deposits - Total 0.46

Collateral Borrowing & Lending obligation 3.02

Net Current Assets/(Liabilities) -1.65

Grand Total 100.00

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

* For Fund Manager experience, please refer page 54-55. ## Risk rate assumed to be 6.25% (FBIL Overnight MIBOR rate as on 31st July 2017). **Total Expense Ratio excludes applicable B15 fee and service tax. For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53

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 Benchmark

Kotak 50 NAV as on July 31, 2017: `37.337 (Dividend Option), `39.616 (Direct Dividend Option), `214.594 (Growth Option), `224.574 (Direct Growth Option)

Monthly SIP of 10000`

Total amount invested ( )`

Total Value as on July 31, 2017( )`

Scheme Returns (%)

Nifty 50 ( )#`

Nifty 50 Returns (%)

S&P BSE SENSEX ( )^`

S&P BSE SENSEX Returns (%)

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

120,000 360,000 600,000 840,000 1,200,000 2,240,000

134,995 443,852 907,555 1,425,139 2,402,447 15,531,142

24.08 14.09 16.58 14.84 13.31 18.12

136,500 434,380 836,566 1,283,988 2,125,229 9,215,034

26.58 12.60 13.26 11.92 11.01 13.53

136,061 427,109 816,928 1,251,399 2,065,365 9,179,069

25.85 11.43 12.30 11.20 10.47 13.50

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 50Fund Manager: AAUM:

AUM: Allotment date: December 29, 1998

KOTAK 50An 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) B) Direct Plan Regular 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:

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

ii) 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**

`1,392.11 crs`1,405.10 crs

Mr. Harish Krishnan*

SECTOR ALLOCATION (%)

(As on July 31, 2017)

PORTFOLIO

Value Blend Growth Size

Large

Mid

Small

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

69.39%

0.98

0.61

13.55%

35.98

31.33

13.61

12.82

10.84

10.89

11.71

7.76

9.91

6.52

4.22

5.57

3.86

4.83

2.00

0.78

4.65 4.04 4.02

Benchmark

Scheme

Financial Services Energy Automobile IT Consumer Goods Pharma

Constructions Cement & Cement Products Industrial Manufacturing Media & Entertainment

5




* For Fund Manager experience, please refer page 54-55. ## Risk rate assumed to be 6.25% (FBIL Overnight MIBOR rate as on 31st July 2017). **Total Expense Ratio excludes applicable B15 fee and service tax. For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53


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 Benchmark

Kotak Classic Equity NAV as on July 31, 2017: ̀ 22.901 (Dividend Option), ̀ 24.525 (Direct Dividend Option), ̀ 44.929 (Growth Option), `47.547 (Direct Growth Option)



Total Value as on July 31, 2017 ( )`

Scheme Returns (%)

Nifty 100 ( )#`


Nifty 50 ( )^`



120,000 360,000 600,000 840,000 1,200,000 1,450,000

137,907 453,140 905,094 1,431,287 2,463,557 3,352,163

28.94 15.54 16.47 14.96 13.78 13.08

137,023 442,683 865,452 1,336,005 2,238,574 3,071,461

27.46 13.91 14.64 13.03 11.99 11.76

136,500 434,380 836,566 1,283,988 2,125,229 2,912,326

26.58 12.60 13.26 11.92 11.01 10.96


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Benchmark: Nifty 100Fund Manager: Mr. Deepak Gupta* AAUM: `106.20 crs

AUM: `106.33 crsAllotment date: July 27, 2005

KOTAK CLASSIC EQUITYAn Open - Ended Equity 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.




Dividend Frequency


Ratios




Additional Investment: ̀ 1000 & in multiples of ̀ 1


Load Structure


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



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)Infosys Ltd. Software 5.50Hindalco Industries Ltd Non - Ferrous Metals 4.72Reliance Industries Ltd. Petroleum Products 4.50Power Grid Corporation Of India Ltd. Power 3.91Tata Consultancy Services Ltd. Software 3.05Maruti Suzuki India Limited Auto 2.94ITC Ltd. Consumer Non Durables 2.92Grasim Industries Ltd. Cement 2.83Hero MotoCorp Ltd. Auto 2.81National Thermal PowerCorporation Limited. Power 2.74Hindustan PetroleumCorporation Ltd. Petroleum Products 2.72GAIL (India) Ltd. Gas 2.65Bharat PetroleumCorporation Ltd. Petroleum Products 2.62HDFC Ltd. Warrants Finance 2.06HDFC Bank Ltd. Banks 2.00IndusInd Bank Ltd. Banks 1.65Tata Communications Ltd Telecom - Services 1.57AU Small Finance Bank Ltd. Banks 1.55Tata Steel Limited. Ferrous Metals 1.53State Bank Of India Banks 1.47Vedanta Ltd. Non - Ferrous Metals 1.42HDFC Ltd. Finance 1.39Bajaj Finserv Ltd. Finance 1.35Wipro Ltd. Software 1.31Piramal Enterprises Limited Pharmaceuticals 1.26Tech Mahindra Ltd. Software 1.19Colgate Palmolive (India ) Ltd. Consumer Non Durables 1.16Sun TV Limited. Media and Entertainment 1.14Indraprastha Gas Ltd. Gas 1.08Laurus Labs Ltd Pharmaceuticals 1.01Eris Lifesciences Ltd Pharmaceuticals 0.79Indian Oil Corporation Ltd Petroleum Products 0.70

The Ramco Cements Ltd Cement 0.69Aditya Birla Capital Ltd Finance 0.68Avenue Supermarts Ltd Retailing 0.64JSW Steel Ltd. Ferrous Metals 0.64Bajaj Finance Limited Finance 0.59Axis Bank Ltd Banks 0.56S Chand And Company Ltd Media and Entertainment 0.56Eicher Motors Ltd Auto 0.51Tata Motors Ltd - DVR Auto 0.34HCL Technologies Ltd. Software 0.20ICICI Bank Ltd. Banks 0.207.5% Vedanta ReedemablePreference Shares Non - Ferrous Metals 0.17Biocon Ltd. Pharmaceuticals 0.06RBL Bank Ltd Banks 0.03Listed/Awaiting Listing on Stock Exchange - Total 75.41Futures HDFC Bank Ltd.-AUG2017 6.27ICICI Bank Ltd.-AUG2017 2.99ITC Ltd.-AUG2017 1.69Bharat Petroleum Corporation Ltd.-AUG2017 1.61IndusInd Bank Ltd.-AUG2017 1.39Hindustan Unilever Ltd.-AUG2017 1.31RBL Bank Ltd-AUG2017 1.20HCL Technologies Ltd.-AUG2017 1.18Biocon Ltd.-AUG2017 0.98Axis Bank Ltd-AUG2017 0.94Bajaj Finance Limited-AUG2017 0.81Futures (Market value represents Notional Value) - Total 20.37

TERM DEPOSITS AXIS Bank Ltd. 4.00Term Deposits - Total 4.00

Collateral Borrowing & Lending obligation 21.35Net Current Assets/(Liabilities) -21.13Grand Total 100.00


(As on July 31, 2017)


Large

Mid

Small

PORTFOLIO

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

175.42%

0.98

0.53

13.30%

33.65

27.13

12.65

22.52

10.06

12.42

4.46

8.31

12.43

7.72

10.05

6.61

5.08

4.10

2.05

3.52

0.83

1.71

2.13

1.57

Benchmark

Scheme

Financial Services Energy IT Metals

Consumer Goods

Automobile

Pharma Cement & Cement Products Media & Entertainment Telecom

6






Dividend Frequency


Ratios




Additional Investment: `1000 & in multiples of ̀ 1


Load Structure


Exit Load:

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

ii) 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 Kotak Opportunities NAV as on July 31, 2017: `28.421 (Dividend Option), `29.912 (Direct Dividend Option), `112.581 (Growth Option), `117.796 (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


* For Fund Manager experience, please refer page 54-55. ## Risk rate assumed to be 6.25% ( FBIL Overnight MIBOR rate as on 31st July 2017). **Total Expense Ratio excludes applicable B15 fee and service tax. For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53




Scheme Returns (%)

Nifty 500 ( )#`


Nifty 50 ( )^`



120,000 360,000 600,000 840,000 1,200,000 1,550,000

138,871 480,551 1,021,577 1,629,013 2,815,443 4,971,958

30.56 19.70 21.44 18.59 16.27 16.71

137,793 452,295 900,534 1,386,861 2,298,285 3,635,473

28.75 15.41 16.26 14.08 12.48 12.39

136,500 434,380 836,566 1,283,988 2,125,186 3,434,177

26.58 12.60 13.26 11.92 11.01 11.60


PORTFOLIO


Equity & Equity related (Listed/Awaiting listing on Stock Exchange)HDFC Bank Ltd. Banks 6.41Reliance Industries Ltd. Petroleum Products 5.11ITC Ltd. Consumer Non Durables 4.43State Bank Of India Banks 3.95Hero MotoCorp Ltd. Auto 3.57ICICI Bank Ltd. Banks 3.35IndusInd Bank Ltd. Banks 3.31Larsen And Toubro Ltd. Construction Project 2.75Shree Cement Ltd. Cement 2.67GAIL (India) Ltd. Gas 2.31Bharat Earth Movers Ltd. Industrial Capital Goods 2.23HDFC Ltd. Finance 2.20Hindustan PetroleumCorporation Ltd. Petroleum Products 2.13Infosys Ltd. Software 2.03Maruti Suzuki India Limited Auto 2.00Dalmia Bharat Ltd. Cement 1.99UPL Ltd Pesticides 1.89Coromandel International Ltd. Fertilisers 1.87Axis Bank Ltd Banks 1.79Zee Entertainment Enterprises Ltd. Media and Entertainment 1.71Bajaj Finance Limited Finance 1.66Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.63Bharat Petroleum Corporation Ltd. Petroleum Products 1.60Indraprastha Gas Ltd. Gas 1.59Max Financial Services Ltd. Finance 1.58Ultratech Cement Ltd. Cement 1.52Petronet LNG Ltd. Gas 1.47Avenue Supermarts Ltd Retailing 1.46Healthcare Global Enterprises Ltd. Healthcare Services 1.41DR.Lal Pathlabs Ltd Healthcare Services 1.32ICICI Prudential Life InsuranceCompany Ltd. Finance 1.32Mahindra & Mahindra Ltd. Auto 1.28Arvind Ltd Textile Products 1.26The Ramco Cements Ltd Cement 1.17Britannia Industries Ltd. Consumer Non Durables 1.13

Tata Motors Ltd. Auto 1.11Linde India Ltd. Chemicals 1.10MRF Limited Auto Ancillaries 1.07JK Cement Ltd. Cement 1.05SRF Ltd. Textile Products 1.05Fag Bearings India Ltd. Industrial Products 1.04Techno Electric &Engineering Co Ltd. Construction Project 1.00Multi Commodity Exchange ofIndia Limited Finance 0.94Bata India Ltd. Consumer Durables 0.85AIA Engineering Limited Industrial Products 0.83Equitas Holdings Ltd Finance 0.83National Buildings ConstructionCorporation Limited Construction 0.74Sun PharmaceuticalsIndustries Ltd. Pharmaceuticals 0.69Ashok Leyland Ltd. Auto 0.64Whirlpool of India Ltd. Consumer Durables 0.63Va Tech Wabag Limited Engineering Services 0.60Lupin Ltd. Pharmaceuticals 0.59HDFC Ltd. Warrants Finance 0.56Bank Of Baroda Banks 0.54Cummins India Ltd. Industrial Products 0.52Persistent Systems Limited Software 0.52Container Corporation ofIndia Ltd. Transportation 0.48Swaraj Engines Ltd Industrial Products 0.366% Redm Preference Sh ZeeEntertainment Enterprises Ltd Media and Entertainment 0.07Listed/Awaiting Listing on Stock Exchange - Total 96.91



Benchmark: Nifty 500Fund Manager: Mr. Harsha Upadhyaya* AAUM: `1,728.87 crs

AUM: `1,739.80 crsAllotment date: September 9, 2004

KOTAK OPPORTUNITIESAn Open - Ended Equity Growth Scheme (As on July 31, 2017)

51.01%

1.02

0.90

14.07%

Portfolio Turnover

$Beta

$Sharpe ##

$Standard Deviation

Investment Style

StyleValue Blend Growth Size

Large

Mid

Small

31.66

28.44

11.36

14.21

9.32

9.68

12.27

8.49

2.32

8.40

2.99

4.99

4.28

4.49

1.05

3.76

5.24

2.91

0.09

2.73

Benchmark

Scheme

Financial Services Energy Automobile Consumer Goods Cement & Cement Products

Industrial Manufacturing Constructions Fertilisers & Pesticides Pharma Healthcare Services



�In reality, patience is crucial, but is a very rare investment commodity�

7


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:

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

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


Regular: 1.97%; Direct: 1.00%

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 Benchmark

Kotak Select Focus Fund NAV as on July 31, 2017: `24.272 (Dividend Option), ` 25.446 (Direct Dividend Option), ` 31.88 (Growth Option), `33.291 (Direct Growth Option)

Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

* For Fund Manager experience, please refer page 54-55.. ## Risk rate assumed to be 6.25% ( FBIL Overnight MIBOR rate as on 31st July 2017). **Total Expense Ratio excludes applicable B15 fee and service tax. For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53

PORTFOLIO

Benchmark: Nifty 200Fund Manager: Mr. Harsha Upadhyaya* AAUM: `12,253.02 crs

AUM: `12,770.01 crsAllotment date: September 11, 2009

KOTAK SELECT FOCUS FUNDAn Open - Ended Equity Scheme (As on July 31, 2017)

36.24%

1.01

0.96

14.14%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

Investment Style


Equity & Equity related (Listed/Awaiting listing on Stock Exchange) HDFC Bank Ltd. Banks 6.43Reliance Industries Ltd. Petroleum Products 4.81State Bank Of India Banks 4.40ITC Ltd. Consumer Non Durables 4.36Hero MotoCorp Ltd. Auto 3.58IndusInd Bank Ltd. Banks 3.35Maruti Suzuki India Limited Auto 3.34ICICI Bank Ltd. Banks 3.19HDFC Ltd. Finance 3.08Ultratech Cement Ltd. Cement 2.78Larsen And Toubro Ltd. Construction Project 2.71GAIL (India) Ltd. Gas 2.54Shree Cement Ltd. Cement 2.33Bajaj Finance Limited Finance 2.17The Ramco Cements Ltd Cement 2.13Hindustan PetroleumCorporation Ltd Petroleum Products 2.03Bharat Electronics Ltd Industrial Capital Goods 2.00Indraprastha Gas Ltd. Gas 1.94Axis Bank Ltd Banks 1.81Mahindra & Mahindra Ltd. Auto 1.76Britannia Industries Ltd. Consumer Non Durables 1.69Infosys Ltd. Software 1.66Petronet LNG Ltd. Gas 1.62Max Financial Services Ltd. Finance 1.49Arvind Ltd Textile Products 1.43ICICI Prudential Life InsuranceCompany Ltd Finance 1.39RBL Bank Ltd Banks 1.34Bajaj Finserv Ltd. Finance 1.15Bharat PetroleumCorporation Ltd. Petroleum Products 1.09Bharat Earth Movers Ltd. Industrial Capital Goods 1.08Godrej Consumer Products Ltd. Consumer Non Durables 1.02MRF Limited Auto Ancillaries 1.02Bayer Cropscience Ltd. Pesticides 0.98Tata Motors Ltd. Auto 0.97Cadila Healthcare Ltd. Pharmaceuticals 0.89

Equitas Holdings Ltd Finance 0.80Federal Bank Ltd. Banks 0.79HCL Technologies Ltd. Software 0.74Ashok Leyland Ltd. Auto 0.69Container Corporation ofIndia Ltd. Transportation 0.62Kec International Ltd. Construction Project 0.62Jk Lakshmi Cement Ltd. Cement 0.57Laurus Labs Ltd Pharmaceuticals 0.56Sun PharmaceuticalsIndustries Ltd. Pharmaceuticals 0.56Lupin Ltd. Pharmaceuticals 0.55Techno Electric &Engineering Co Ltd. Construction Project 0.50Bata India Ltd. Consumer Durables 0.46Solar Industries India Limited Chemicals 0.46AIA Engineering Limited Industrial Products 0.44Bank Of Baroda Banks 0.33HDFC Ltd. Warrants Finance 0.31Max India Limited Healthcare Services 0.26Whirlpool of India Ltd. Consumer Durables 0.26Avenue Supermarts Ltd Retailing 0.22Navkar Corporation Limited Transportation 0.21Kirloskar Oil Engines Ltd. Industrial Products 0.146% Redm Preference Sh ZeeEntertainment Enterprises Ltd Media and Entertainment 0.01Listed/Awaiting Listing on Stock Exchange - Total 89.66Futures CNX NIFTY-AUG2017 2.39RBL Bank Ltd-AUG2017 0.55Futures (Market value represents Notional Value) - Total 2.94



1 year 3 years 5 years 7 years Since Inception

120,000 360,000 600,000 840,000 950,000

139,012 483,784 1,060,738 1,732,391 2,069,105

30.79 20.18 23.00 20.32 19.12

137,259 446,449 879,004 1,352,082 1,578,294

27.85 14.50 15.27 13.36 12.52

136,500 434,380 836,566 1,283,988 1,504,150

26.58 12.60 13.26 11.92 11.34





Scheme Returns (%)

Nifty 200 ( )#`


Nifty 50 ( )^`


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

SECTOR ALLOCATION (%) Value Blend Growth Size

Large

Mid

Small

�Wealth is made more due to understanding rather than information�



33.06

32.84

12.19

14.64

9.72

11.36

12.02

8.00

2.24

7.80

1.79

3.67

3.73

3.22

5.48

2.56

9.40 0.41

2.40

1.43

Benchmark

Scheme

Financial Services Energy Automobile Consumer Goods Cement & Cement Products

Industrial Manufacturing Constructions Pharma IT Textiles

8


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.


A) Regular Plan B) Direct Plan

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

* For Fund Manager experience, please refer page 54-55.. ## Risk rate assumed to be 6.25% ( FBIL Overnight MIBOR rate as on 31st July 2017). **Total Expense Ratio excludes applicable B15 fee and service tax.For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53

PORTFOLIO

Benchmark: Nifty 500Fund Manager: Mr. Harsha Upadhyaya* AAUM: ` crs 668.02

AUM: ` crs679.63Allotment date: November 23, 2005

KOTAK TAX SAVERAn Open - Ended Equity Linked Savings Scheme (As on July 31, 2017)

54.14%

1.07

0.83

15.12%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

Investment Style

Ashok Leyland Ltd. Auto 1.13Arvind Ltd Textile Products 1.08AIA Engineering Limited Industrial Products 1.07Bata India Ltd. Consumer Durables 1.04Laurus Labs Ltd Pharmaceuticals 1.03HCL Technologies Ltd. Software 1.01SRF Ltd. Textile Products 1.01Multi Commodity Exchange ofIndia Limited Finance 0.99Thermax Ltd. Industrial Capital Goods 0.99Linde India Ltd. Chemicals 0.97Tejas Networks Ltd Telecom - Equipment & Accessories 0.96SpiceJet Ltd. Transportation 0.95Navneet Education Ltd. Media and Entertainment 0.91Bank Of Baroda Banks 0.86Container Corporation ofIndia Ltd. Transportation 0.84Mahindra & Mahindra Ltd. Auto 0.83Lupin Ltd. Pharmaceuticals 0.76S Chand And Company Ltd Media and Entertainment 0.74Hawkins Cooker Ltd Household Appliances 0.66Blue Dart Express Ltd. Transportation 0.53LIC Housing Finance Ltd. Finance 0.51Cummins India Ltd. Industrial Products 0.44KSB Pump Ltd Industrial Products 0.426% Redm Preference Sh ZeeEntertainment Enterprises Ltd Media and Entertainment 0.11Listed/Awaiting Listing on Stock Exchange - Total 98.84

Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Blue Dart Express Ltd ICRA AA 0.02Corporate Debt/Financial Institutions - Total 0.02

Collateral Borrowing & Lending obligation 0.79Net Current Assets/(Liabilities) 0.35Grand Total 100.00

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)HDFC Bank Ltd. Banks 6.30Reliance Industries Ltd. Petroleum Products 4.92IndusInd Bank Ltd. Banks 3.39ITC Ltd. Consumer Non Durables 3.37Shree Cement Ltd. Cement 3.28Hero MotoCorp Ltd. Auto 3.23Hindustan PetroleumCorporation Ltd Petroleum Products 2.82ICICI Bank Ltd. Banks 2.82Mahanagar Gas Ltd Gas 2.55Infosys Ltd. Software 2.53State Bank Of India Banks 2.51RBL Bank Ltd Banks 2.40Bharat PetroleumCorporation Ltd. Petroleum Products 2.39Ultratech Cement Ltd. Cement 2.39HDFC Ltd. Finance 2.37OCL India Ltd Cement 2.36SKF India Ltd Industrial Products 2.29Axis Bank Ltd Banks 2.26Larsen And Toubro Ltd. Construction Project 2.20GAIL (India) Ltd. Gas 2.08Cadila Healthcare Ltd. Pharmaceuticals 2.00Whirlpool of India Ltd. Consumer Durables 1.81Bajaj Finance Limited Finance 1.63Techno Electric &Engineering Co Ltd. Construction Project 1.62UPL Ltd Pesticides 1.55The Ramco Cements Ltd Cement 1.50Solar Industries India Limited Chemicals 1.48AU Small Finance Bank Ltd. Banks 1.46Tata Motors Ltd. Auto 1.38Federal Bank Ltd. Banks 1.36Amara Raja Batteries Ltd. Auto Ancillaries 1.23Max Financial Services Ltd. Finance 1.21Strides Shasun Ltd. Pharmaceuticals 1.17Maruti Suzuki India Limited Auto 1.14

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 BenchmarkKotak Tax Saver NAV as on July 31, 2017: `20.063 (Dividend Option), `23.05 (Direct Dividend Option), `40.687 (Growth Option), ` 43.185 (Direct Growth Option)




Scheme Returns (%)

Nifty 500 ( )#`


Nifty 50 ( )^`



120,000 360,000 600,000 840,000 1,200,000 1,410,000

137,114 468,393 986,636 1,538,227 2,571,624 3,257,913

27.61 17.88 20.00 16.98 14.58 13.46

137,793 452,295 900,534 1,386,861 2,298,449 2,937,320

28.75 15.41 16.26 14.08 12.48 11.85

136,500 434,380 836,566 1,283,988 2,125,229 2,742,171

26.58 12.60 13.26 11.92 11.01 10.78


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

31.66

30.04

11.36

17.13

9.32

8.93

2.32

7.17

12.27

6.22

2.99

5.21

5.24

4.95

4.28

3.82

8.88

3.54

2.48

2.98

Benchmark

Scheme

Financial Services Energy Automobile Cement & Cement Products Consumer Goods

Industrial Manufacturing Pharma Constructions IT Services



�It is better to have a hen tomorrow, than an egg today�

9






Dividend Frequency


Ratios






Load Structure


Exit Load:

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

ii) 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: ` crs 709.71

AUM: ` crs718.43Allotment date: February 24, 2005

KOTAK MID-CAPAn Open - Ended Equity Growth Scheme (As on July 31, 2017)

45.97%

1.01

1.03

15.33%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

Investment StyleStyle

Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Techno Electric &Engineering Co Ltd. Construction Project 2.68V.S.T Tillers Tractors Ltd Auto 2.60Strides Shasun Ltd. Pharmaceuticals 2.55IndusInd Bank Ltd. Banks 2.52ICICI Bank Ltd. Banks 2.47Fag Bearings India Ltd. Industrial Products 2.44Solar Industries India Limited Chemicals 2.40Motherson Sumi Systems Ltd. Auto Ancillaries 2.37Atul Ltd. Chemicals 2.33Federal Bank Ltd. Banks 2.30Apollo Hospitals Enterprises Ltd. Healthcare Services 2.29Shriram City Union Finance Ltd. Finance 2.16JK Cement Ltd. Cement 2.08Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.06Finolex Cables Ltd. Industrial Products 2.01Amara Raja Batteries Ltd. Auto Ancillaries 1.97Laurus Labs Ltd Pharmaceuticals 1.88Persistent Systems Limited Software 1.88Sundaram Finance Ltd. Finance 1.87Whirlpool of India Ltd. Consumer Durables 1.85Bajaj Finserv Ltd. Finance 1.74Allcargo Global Logistics Ltd. Transportation 1.73Bharat Forge Ltd. Industrial Products 1.66Cadila Healthcare Ltd. Pharmaceuticals 1.66Hawkins Cooker Ltd Household Appliances 1.65Sun TV Limited. Media and Entertainment 1.65S Chand And Company Ltd Media and Entertainment 1.62SRF Ltd. Textile Products 1.60Eveready Industries India Ltd. Consumer Non Durables 1.59Hindustan PetroleumCorporation Ltd Petroleum Products 1.57DB Corp Limited Media and Entertainment 1.55The Ramco Cements Ltd Cement 1.49Mcleod Russel India Ltd Consumer Non Durables 1.48Mahindra & Mahindra FinancialServices Ltd. Finance 1.46BSE Ltd Finance 1.42

Thermax Ltd. Industrial Capital Goods 1.41Navneet Education Ltd. Media and Entertainment 1.39SKF India Ltd Industrial Products 1.39AU Small Finance Bank Ltd. Banks 1.38Kewal Kiran Clothing Limited. Textile Products 1.38Kajaria Ceramics Ltd. Construction 1.36Va Tech Wabag Limited Engineering Services 1.36Avenue Supermarts Ltd Retailing 1.25Arvind Ltd Textile Products 1.20Castrol (India ) Ltd. Petroleum Products 1.16Divi s Laboratories Limited Pharmaceuticals 1.13ICICI Prudential Life InsuranceCompany Ltd Finance 1.12Bank Of Baroda Banks 1.11UPL Ltd Pesticides 1.03Shriram TransportFinance Co Ltd. Finance 1.02Supreme Industries Limited Industrial Products 1.00Axis Bank Ltd Banks 0.98JMC Projects (India) Ltd Construction 0.98Voltas Ltd. Construction Project 0.98MRF Limited Auto Ancillaries 0.96Bajaj Finance Limited Finance 0.84Jk Lakshmi Cement Ltd. Cement 0.80WPIL Ltd Industrial Products 0.73Pennar Engineered BuildingSystems Limited Ferrous Metals 0.58Listed/Awaiting Listing on Stock Exchange - Total 95.12Futures RBL Bank Ltd-AUG2017 2.08Futures (Market value represents Notional Value) - Total 2.08



Notes: Term Deposit as provided above is towards margin for derivatives transactions. Midcap and Small cap stocks as a % age of Net Assets: 68.88%.




Scheme Returns (%)

Nifty Midcap 100 ( )#`

Nifty Midcap 100 Returns (%)

Nifty 50 ( )^`



120,000 360,000 600,000 840,000 1,200,000 1,500,000

135,786 488,897 1,132,641 1,852,764 3,357,646 4,823,438

25.40 20.94 25.73 22.21 19.53 17.35

137,871 486,863 1,050,510 1,622,885 2,805,759 4,173,159

28.88 20.64 22.59 18.48 16.20 15.28

136,500 434,380 836,566 1,283,988 2,125,229 3,161,390

26.58 12.60 13.26 11.92 11.01 11.28


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 BenchmarkKotak Mid-cap NAV as on July 31, 2017: `39.393 (Dividend Option), `41.827 (Direct Dividend Option), `74.005 (Growth Option), `78.215 (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



�Aim to beat in�ation with equity mutual funds�

23.26

24.47

7.08

10.63

9.05

9.27

6.53

7.91

12.55

7.55

8.24

7.04

1.58

6.21

4.56

6.00

1.58

4.73

2.86

4.37

Benchmark

Scheme

Financial Services Industrial Manufacturing Pharma Automobile Consumer Goods

Services Media & Entertainment Constructions Chemicals Cement & Cement Products

10


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:

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

ii) For redemption/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


* For Fund Manager experience, please refer page 54-55.. ## Risk rate assumed to be 6.25% ( FBIL Overnight MIBOR rate as on 31st July 2017). **Total Expense Ratio excludes applicable B15 fee and service tax.For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53

PORTFOLIO

Benchmark: S&P BSE MID SMALL CAPFund Manager: Mr. Pankaj Tibrewal* AAUM: ` crs 2,132.31

AUM: ` crs2,181.80Allotment date: March 30, 2007

KOTAK EMERGING EQUITYAn Open - Ended Equity Growth Scheme (As on July 31, 2017)

30.69%

0.93

1.17

15.05%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

Investment Style

Style

Equity & Equity related (Listed/Awaiting listing on Stock Exchange) IndusInd Bank Ltd. Banks 3.48Fag Bearings India Ltd. Industrial Products 2.85Bharat Earth Movers Ltd. Industrial Capital Goods 2.48Apollo Hospitals Enterprises Ltd. Healthcare Services 2.43Atul Ltd. Chemicals 2.39Federal Bank Ltd. Banks 2.38Motherson Sumi Systems Ltd. Auto Ancillaries 2.35Strides Shasun Ltd. Pharmaceuticals 2.29Bata India Ltd. Consumer Durables 2.26Solar Industries India Limited Chemicals 2.06Finolex Cables Ltd. Industrial Products 2.05Sundaram Finance Ltd. Finance 1.99Persistent Systems Limited Software 1.96Navneet Education Ltd. Media and Entertainment 1.92Whirlpool of India Ltd. Consumer Durables 1.88Kirloskar Oil Engines Ltd. Industrial Products 1.86Amara Raja Batteries Ltd. Auto Ancillaries 1.84Shriram City Union Finance Ltd. Finance 1.84ICICI Bank Ltd. Banks 1.83Kajaria Ceramics Ltd. Construction 1.80Eveready Industries India Ltd. Consumer Non Durables 1.79Kewal Kiran Clothing Limited. Textile Products 1.78Coromandel International Ltd. Fertilisers 1.77SKF India Ltd Industrial Products 1.76V-Guard Industries Ltd. Industrial Capital Goods 1.71The Ramco Cements Ltd Cement 1.70Allcargo Global Logistics Ltd. Transportation 1.68SRF Ltd. Textile Products 1.65Mahindra & MahindraFinancial Services Ltd. Finance 1.62Ramkrishna Forgings Ltd. Industrial Products 1.62Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.62Britannia Industries Ltd. Consumer Non Durables 1.53DB Corp Limited Media and Entertainment 1.52Hawkins Cooker Ltd Household Appliances 1.52Laurus Labs Ltd Pharmaceuticals 1.44Bank Of Baroda Banks 1.43

Thermax Ltd. Industrial Capital Goods 1.43Equitas Holdings Ltd Finance 1.38Va Tech Wabag Limited Engineering Services 1.38Zee EntertainmentEnterprises Ltd Media and Entertainment 1.34Carborundum Universal Ltd. Industrial Products 1.32Oberoi Realty Ltd Construction 1.32Sheela Foam Ltd Consumer Durables 1.18Supreme Industries Limited Industrial Products 1.13PNC INFRATECH LIMITED Construction 1.11ICICI Prudential Life InsuranceCompany Ltd Finance 1.09Emami Ltd. Consumer Non Durables 1.02Bajaj Finance Limited Finance 0.97Divi s Laboratories Limited Pharmaceuticals 0.94Castrol (India ) Ltd. Petroleum Products 0.89Shriram Transport Finance Co Ltd. Finance 0.88Kec International Ltd. Construction Project 0.85Indraprastha Gas Ltd. Gas 0.84Jk Lakshmi Cement Ltd. Cement 0.81Kirloskar Brothers Ltd. Industrial Products 0.74Zuari Agro Chemicals Ltd Fertilisers 0.70D-Link (India) Ltd Hardware 0.66Pennar Engineered BuildingSystems Limited Ferrous Metals 0.55WPIL Ltd Industrial Products 0.54RBL Bank Ltd Banks 0.01Listed/Awaiting Listing on Stock Exchange - Total 93.16Futures RBL Bank Ltd-AUG2017 2.19Futures (Market value represents Notional Value) - Total 2.19



Notes: Term Deposit as provided above is towards margin for derivatives transactions. Midcap and Small cap stocks as a % age of Net Assets: 87.98%.

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 BenchmarkKotak Emerging Equity NAV as on July 31, 2017: `25.384 (Dividend Option), `28.595 (Direct Dividend Option), `37.139 (Growth Option), `39.089 (Direct Growth Option)


120,000 360,000 600,000 840,000 1,200,000 1,250,000

135,766 494,921 1,202,432 1,992,769 3,488,768 3,665,447

25.36 21.82 28.24 24.27 20.24 19.52

140,076 492,581 1,057,673 1,625,956 2,730,457 2,884,995

32.59 21.48 22.88 18.54 15.69 15.28

136,500 434,380 836,566 1,283,988 2,125,229 2,249,991

26.58 12.60 13.26 11.92 11.01 10.84





Scheme Returns (%)

S&P BSE MidSmallCap ( )#`

S&P BSE MidSmallCap Returns (%)

Nifty 50 ( )^`



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



21.78

21.09

9.49

20.68

13.25

10.26

6.37

7.01

7.25

6.29

1.90

4.78

2.73

4.45

5.52

4.23

6.15

4.18

3.78

2.62

Benchmark

Scheme

Financial Services Industrial Manufacturing Consumer Goods Services Pharma

Media & Entertainment Chemicals Constructions AutomobileIT

11


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:

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

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



7


Product Label

* For Fund Manager experience, please refer page 54-55. ## Risk rate assumed to be 6.25% ( FBIL Overnight MIBOR rate as on 31st July 2017). **Total Expense Ratio excludes applicable B15 fee and service tax.For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53

PORTFOLIO

Benchmark: S&P BSE � 100Fund Manager: Mr. Harish Krishnan* AAUM: ` crs 308.03


KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND

An Open - Ended Equity Growth Scheme (As on July 31, 2017)

41.59%

0.90

0.80

14.98%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

Investment Style

Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Shree Cement Ltd. Cement 6.58Indraprastha Gas Ltd. Gas 5.18Bharat Earth Movers Ltd. Industrial Capital Goods 5.15Larsen And Toubro Ltd. Construction Project 4.78Kirloskar Oil Engines Ltd. Industrial Products 4.44Container Corporation ofIndia Ltd. Transportation 3.95SKF India Ltd Industrial Products 3.91National Thermal PowerCorporation Limited Power 3.61AIA Engineering Limited Industrial Products 3.41Cummins India Ltd. Industrial Products 3.41GAIL (India) Ltd. Gas 3.25Ultratech Cement Ltd. Cement 3.25Fag Bearings India Ltd. Industrial Products 3.14Kajaria Ceramics Ltd. Construction 3.08Solar Industries India Limited Chemicals 2.82Thermax Ltd. Industrial Capital Goods 2.73Bharti Airtel Ltd. Telecom - Services 2.63KSB Pump Ltd Industrial Products 2.17Allcargo Global Logistics Ltd. Transportation 2.15

Tejas Networks Ltd Telecom - Equipment & Accessories 2.06Mahanagar Gas Ltd Gas 1.96AU Small Finance Bank Ltd. Banks 1.85Linde India Ltd. Chemicals 1.78Petronet LNG Ltd. Gas 1.76The Ramco Cements Ltd Cement 1.70Bharat Electronics Ltd Industrial Capital Goods 1.68Gujarat Gas Company Ltd Gas 1.60MRF Limited Auto Ancillaries 1.52GE Power India Limited Industrial Capital Goods 1.46Jk Lakshmi Cement Ltd. Cement 1.44Supreme Industries Limited Industrial Products 1.34Gateway Distriparks Ltd. Transportation 1.29Somany Ceramics Ltd. Construction 1.26PNC INFRATECH LIMITED Construction 0.89GP Petroleums Limited Petroleum Products 0.86Dalmia Bharat Ltd. Cement 0.83JMC Projects (India) Ltd Construction 0.60WPIL Ltd Industrial Products 0.54Listed/Awaiting Listing on Stock Exchange - Total 96.06Collateral Borrowing & Lending obligation 5.05Net Current Assets/(Liabilities) -1.11Grand Total 100.00

1 year 3 years 5 years 7 years Since Inception

120,000 360,000 600,000 840,000 1,140,000

137,850 475,582 1,066,278 1,631,212 2,554,018

28.84 18.96 23.21 18.63 16.28

136,975 441,237 856,882 1,315,703 2,063,201

27.38 13.68 14.24 12.60 12.05

136,500 434,380 836,566 1,283,988 2,009,306

26.58 12.60 13.26 11.92 11.52





Scheme Returns (%)

S&P BSE 100 ( )#`

S&P BSE 100 Returns (%)

Nifty 50 ( )^`


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 Benchmark

Kotak Infrastructure & Economic Reform Fund NAV as on July 31, 2017: ̀ 19.592 (Dividend Option), ̀ 22.051 (Direct Dividend Option), `20.851 (Growth Option), ̀ 22.067 (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



�Money is not everything in life. Make sure that you have made enough money before making that statement� - Warren Buffe�

22.36 13.80 13.75 11.02 7.39 5.835.05

4.784.60

3.61 7.81

Industrial Products Cement

Gas

Industrial Capital GoodsTransportation

ConstructionCBLO & Term Deposits & Rev.RepoConstruction Project

Chemicals

PowerREST

12

15.71 14.59 12.97 6.18 5.05 4.92 4.79 4.60

4.34

3.81 23.04

Government Dated Securities BanksDebentures and Bonds

Auto

CBLO & Term Deposits & Rev.Repo

Media and EntertainmentPharmaceuticals Industrial Products

Finance

Consumer Non Durables

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: i) 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.ii) If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1%.iii) If units are redeemed or switched out on or alter 1 year from the date of allotment: Nil.

Total Expense Ratio**Regular: 2.12%; Direct: 0.92%

7



PORTFOLIO

Benchmark: Crisil Balanced Fund

Fund Manager: Mr. Pankaj Tibrewal and

Mr. Abhishek Bisen*

AAUM: ` crs 1,809.89 AUM: ` crs1,889.01

Allotment date: November 25, 1999

KOTAK BALANCEAn Open - Ended Balanced Scheme (As on July 31, 2017)

19.60%

1.14

0.63

10.72%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

Investment Style



Equity & Equity related (Listed/Awaiting listing on Stock Exchange) HDFC Bank Ltd. Banks 3.22State Bank Of India Banks 3.18ICICI Bank Ltd. Banks 2.79Tata Motors Ltd. Auto 1.87Larsen And Toubro Ltd. Construction Project 1.85ITC Ltd. Consumer Non Durables 1.82V.S.T Tillers Tractors Ltd Auto 1.79Fag Bearings India Ltd. Industrial Products 1.73IndusInd Bank Ltd. Banks 1.73Zee EntertainmentEnterprises Ltd Media and Entertainment 1.66Apollo Hospitals Enterprises Ltd. Healthcare Services 1.57GAIL (India) Ltd. Gas 1.56Axis Bank Ltd Banks 1.51Motherson Sumi Systems Ltd. Auto Ancillaries 1.46Infosys Ltd. Software 1.44Maruti Suzuki India Limited Auto 1.43JK Cement Ltd. Cement 1.36Strides Shasun Ltd. Pharmaceuticals 1.31Atul Ltd. Chemicals 1.27Bank Of Baroda Banks 1.25Thermax Ltd. Industrial Capital Goods 1.22HDFC Ltd. Finance 1.21Kajaria Ceramics Ltd. Construction 1.20GlaxoSmithkline ConsumerHealthcare Ltd Consumer Non Durables 1.16Mahindra & Mahindra Ltd. Auto 1.09Techno Electric &Engineering Co Ltd. Construction Project 1.08Whirlpool of India Ltd. Consumer Durables 1.01Gujarat Gas Company Ltd Gas 1.00The Ramco Cements Ltd Cement 0.99S Chand And Company Ltd Media and Entertainment 0.96Laurus Labs Ltd Pharmaceuticals 0.95Reliance Industries Ltd. Petroleum Products 0.92Federal Bank Ltd. Banks 0.90Sun TV Limited. Media and Entertainment 0.86Finolex Cables Ltd. Industrial Products 0.84Mcleod Russel India Ltd Consumer Non Durables 0.83DB Corp Limited Media and Entertainment 0.81Eris Lifesciences Ltd Pharmaceuticals 0.78Kirloskar Oil Engines Ltd. Industrial Products 0.77Solar Industries India Limited Chemicals 0.75Cipla Ltd. Pharmaceuticals 0.73Bharat Forge Ltd. Industrial Products 0.72BSE Ltd Finance 0.71ICICI Prudential Life InsuranceCompany Ltd Finance 0.69Mahindra & Mahindra FinancialServices Ltd. Finance 0.66Music Broadcast Limited Media and Entertainment 0.63Persistent Systems Limited Software 0.62SRF Ltd. Textile Products 0.62

Lupin Ltd. Pharmaceuticals 0.55Ramkrishna Forgings Ltd. Industrial Products 0.54Va Tech Wabag Limited Engineering Services 0.54Tata Consultancy Services Ltd. Software 0.52Equitas Holdings Ltd Finance 0.49Divi s Laboratories Limited Pharmaceuticals 0.47Arvind Ltd Textile Products 0.40Shriram Transport Finance Co Ltd. Finance 0.35Inter Globe Aviation Ltd Transportation 0.34HDFC Ltd. Warrants Finance 0.23RBL Bank Ltd Banks 0.01Listed/Awaiting Listing on Stock Exchange - Total 64.95Futures RBL Bank Ltd-AUG2017 1.40Futures (Market value represents Notional Value) - Total 1.40

Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Mahindra & MahindraFinancial Services Ltd. FITCH IND AAA 2.62LIC Housing Finance Ltd. CRISIL AAA 0.03Tata Sons Ltd. CRISIL AAA 0.01Corporate Debt/Financial Institutions - Total 2.66Public Sector Undertakings U P Power Corporation Ltd(GuaranteedBy UP State Government) FITCH IND AA(SO) 3.59Bank of India CRISIL A+ 1.84Vijaya Bank ICRA AA- 1.62Syndicate Bank CARE AA- 1.50Punjab & Sind Bank ICRA A+ 0.77Allahabad Bank FITCH IND A 0.53Konkan Railway Corporation Ltd. ICRA AAA 0.28Power Finance Corporation Ltd. CRISIL AAA 0.18Public Sector Undertakings - Total 10.31Government Dated Securities 7.61% Central Government SOV 7.806.79% Central Government SOV 4.217.73% Central Government SOV 2.827.70% State Government SOV 0.388.18% State Government SOV 0.288.45% State Government SOV 0.118.27% State Government SOV 0.058.29% State Government SOV 0.047.35% Central Government SOV 0.018.43% State Government SOV 0.01Government Dated Securities - Total 15.71



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 BenchmarkKotak Balance NAV as on July 31, 2017: ̀ 17.034 (Dividend Option), ̀ 18.264 (Direct Dividend Option), ̀ 23.619 (Growth Option) ̀ 24.94 (Direct Growth Option)




Scheme Returns (%)

CRISIL Balanced Fund ( )#`

CRISIL Balanced Fund Returns (%)

Nifty 50 ( )^`



120,000 360,000 600,000 840,000 1,200,000 2,130,000

131,187 443,969 865,271 1,354,166 2,275,338 9,827,905

17.82 14.11 14.63 13.41 12.29 15.36

132,730 430,784 819,392 1,260,397 2,081,384 NA

20.35 12.02 12.43 11.40 10.62 NA

136,500 434,380 836,566 1,283,988 2,125,229 8,179,485

26.58 12.60 13.26 11.92 11.01 13.63


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



13

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: I) For redemptions/switch outs (including SIP/STP) within 30 days from the date of allotment of units: 0.25%II) For redemptions/switch outs (including SIP/STP) after 30 days from the date of allotment of units: Nil


7* For Fund Manager experience, please refer page 54-55. For last three dividends, please refer page no 56-58. For scheme performance, please refer **Total Expense Ratio excludes applicable B15 fee and service tax.page no 45-53

Benchmark: Nifty 50 ArbitrageFund Manager: Mr. Deepak Gupta* AAUM: ` crs 7,260.07

AUM: ` crs8,080.54Allotment date: September 29, 2005

KOTAK EQUITY ARBITRAGEAn Open - Ended Equity Growth Scheme (As on July 31, 2017)

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) Hedged Infosys Ltd. Software 2.16 -2.17Shriram Transport Finance Co Ltd. Finance 1.81 -1.83Bank Of Baroda Banks 1.79 -1.80State Bank Of India Banks 1.57 -1.57MRF Limited Auto Ancillaries 1.48 -1.49Vedanta Ltd. Non - Ferrous Metals 1.41 -1.42JSW Steel Ltd. Ferrous Metals 1.32 -1.32UPL Ltd Pesticides 1.29 -1.30Bharat Forge Ltd. Industrial Products 1.28 -1.29Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 1.25 -1.26Federal Bank Ltd. Banks 1.24 -1.25Hindustan Zinc Ltd. Non - Ferrous Metals 1.16 -1.16IDFC Bank Limited Banks 1.11 -1.12Lupin Ltd. Pharmaceuticals 1.07 -1.08Power Finance Corporation Ltd. Finance 1.01 -1.02DLF Limited Construction 0.97 -0.98Tata Chemicals Ltd. Chemicals 0.91 -0.91Aurobindo Pharma Ltd. Pharmaceuticals 0.78 -0.79Suzlon Energy Ltd. Industrial Capital Goods 0.74 -0.75Sun TV Limited. Media and Entertainment 0.70 -0.71Century Textiles & Industries Ltd. Cement 0.69 -0.69Grasim Industries Ltd. Cement 0.68 -0.68Oil & Natural Gas Corporation Ltd. Oil 0.68 -0.67Apollo Tyres Ltd. Auto Ancillaries 0.66 -0.67Reliance Capital Ltd. Finance 0.64 -0.64Tata Global Beverages Limited Consumer Non Durables 0.64 -0.63Ashok Leyland Ltd. Auto 0.61 -0.61Castrol (India ) Ltd. Petroleum Products 0.59 -0.59Escorts Ltd. Auto 0.58 -0.58Titan Company Ltd. Consumer Durables 0.58 -0.59Glenmark Pharmaceuticals Ltd Pharmaceuticals 0.57 -0.58Jindal Steel & Power Ltd. Ferrous Metals 0.57 -0.58Ultratech Cement Ltd. Cement 0.56 -0.56Piramal Enterprises Limited Pharmaceuticals 0.54 -0.54Tata Motors Ltd - DVR Auto 0.54 -0.54IDFC Limited Finance 0.53 -0.54National Thermal Power Corporation Limited Power 0.53 -0.53Tata Communications Ltd Telecom - Services 0.53 -0.53Divi s Laboratories Limited Pharmaceuticals 0.51 -0.51Tech Mahindra Ltd. Software 0.50 -0.51The South Indian Bank Ltd. Banks 0.50 -0.51Exide Industries Ltd Auto Ancillaries 0.49 -0.49Strides Shasun Ltd. Pharmaceuticals 0.49 -0.49GMR Infrastructure Ltd. Construction Project 0.46 -0.46Jaiprakash Associates Ltd Cement 0.46 -0.47Can Fin Homes Ltd. Finance 0.44 -0.44CESC Ltd. Power 0.44 -0.44Godrej Industries Ltd Consumer Non Durables 0.44 -0.44India Cements Ltd. Cement 0.44 -0.44ITC Ltd. Consumer Non Durables 0.44 -0.44Muthoot Finance Ltd Finance 0.44 -0.44Petronet LNG Ltd. Gas 0.44 -0.44LIC Housing Finance Ltd. Finance 0.43 -0.43Max Financial Services Ltd. Finance 0.43 -0.43Manappuram Finance Ltd Finance 0.42 -0.42NMDC Ltd. Minerals/Mining 0.42 -0.42Gujarat State Fertilizers & Chemicals Ltd. Fertilisers 0.40 -0.40Bata India Ltd. Consumer Durables 0.39 -0.39Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.39 -0.39Fortis Healthcare India Ltd Healthcare Services 0.39 -0.39ICICI Prudential Life Insurance Company Ltd Finance 0.39 -0.39Karnataka Bank Ltd Banks 0.39 -0.39Indiabulls Real Estate Ltd Construction 0.37 -0.37Adani Power Ltd Power 0.35 -0.36Amara Raja Batteries Ltd. Auto Ancillaries 0.34 -0.35Bajaj Finserv Ltd. Finance 0.34 -0.34IRB Infrastructure Developers Ltd Construction 0.34 -0.35Engineers India Ltd. Construction Project 0.33 -0.33Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.32 -0.32Jain Irrigation Systems Ltd. Industrial Products 0.32 -0.33Maruti Suzuki India Limited Auto 0.32 -0.32Reliance Power Ltd Power 0.32 -0.32Indian Bank Banks 0.31 -0.31Indraprastha Gas Ltd. Gas 0.31 -0.31PVR Ltd Media and Entertainment 0.30 -0.31United Breweries Ltd. Consumer Non Durables 0.30 -0.30Dewan Housing Finance Corporation Ltd. Finance 0.28 -0.28Reliance Infrastructure Ltd Power 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

402.10%

0.47

0.93

0.47%

Portfolio Turnover

$Beta

$Sharpe##

$Standard Deviation

14

7



PORTFOLIO

JSW Energy Ltd. Power 0.27 -0.28Tata Motors Ltd. Auto 0.27 -0.27Cholamandalam Investment and Finance Company Ltd Finance 0.26 -0.26Development Credit Bank Ltd. Banks 0.26 -0.26NCC Limited Construction Project 0.26 -0.27Tata Elxsi Ltd. Software 0.26 -0.26Balkrishna Industries Ltd Auto Ancillaries 0.25 -0.25Equitas Holdings Ltd Finance 0.25 -0.25Indian Oil Corporation Ltd Petroleum Products 0.25 -0.25Jet Airways (India) Ltd. Transportation 0.25 -0.26PC Jeweller Ltd Consumer Durables 0.25 -0.26Raymond Limited Textile Products 0.25 -0.25Rural Electrification Corporation Ltd Finance 0.25 -0.26ICICI Bank Ltd. Banks 0.24 -0.24Tata Steel Limited. Ferrous Metals 0.24 -0.25TV18 Broadcast Ltd Media and Entertainment 0.24 -0.24KPIT Technologies LImited Software 0.23 -0.23Bharat Financial Inclusion Limited Finance 0.22 -0.23Britannia Industries Ltd. Consumer Non Durables 0.22 -0.22Reliance Defence & Engineering Ltd Industrial Capital Goods 0.22 -0.22SREI Infrastructure Finance Ltd Finance 0.22 -0.22Hindustan Construction Co.Ltd Construction Project 0.21 -0.21MindTree Ltd. Software 0.21 -0.21National Buildings Construction Corporation Limited Construction 0.21 -0.21Torrent Power Ltd Power 0.21 -0.22ACC Ltd. Cement 0.20 -0.20Housing Development and Infrastructure Limited Construction 0.20 -0.20IFCI Ltd. Finance 0.20 -0.20Reliance Industries Ltd. Petroleum Products 0.20 -0.20Bharat Earth Movers Ltd. Industrial Capital Goods 0.19 -0.19Shree Cement Ltd. Cement 0.19 -0.19Godfrey Phillips India Ltd. Consumer Non Durables 0.18 -0.18Hero MotoCorp Ltd. Auto 0.18 -0.18PTC India Ltd. Power 0.18 -0.18Punjab National Bank Banks 0.18 -0.18United Spirits Ltd. Consumer Non Durables 0.18 -0.18Berger Paints (I) Ltd. Consumer Non Durables 0.17 -0.17CG Power and Industrial Solutions Limited Industrial Capital Goods 0.17 -0.17Oil India Limited Oil 0.17 -0.18Adani Enterprises Ltd Trading 0.15 -0.15Balrampur Chini Mills Ltd Consumer Non Durables 0.15 -0.15Cadila Healthcare Ltd. Pharmaceuticals 0.15 -0.15Granules India Ltd. Pharmaceuticals 0.15 -0.15Reliance Communications Ltd. Telecom - Services 0.15 -0.15Ujjivan Financial Services Ltd Finance 0.15 -0.16Hindalco Industries Ltd Non - Ferrous Metals 0.14 -0.14National Aluminium Company Ltd Non - Ferrous Metals 0.14 -0.14Wockhardt Ltd. Pharmaceuticals 0.14 -0.15Bharat Electronics Ltd Industrial Capital Goods 0.13 -0.13GAIL (India) Ltd. Gas 0.13 -0.13Indiabulls Housing Finance Ltd. Finance 0.13 -0.13Inter Globe Aviation Ltd Transportation 0.13 -0.13L&T Finance Holdings Ltd Finance 0.13 -0.13Oriental Bank of Commerce Banks 0.13 -0.14Siemens Ltd. Industrial Capital Goods 0.13 -0.13Bosch Limited Auto Ancillaries 0.12 -0.12Container Corporation of India Ltd. Transportation 0.12 -0.12Kaveri Seed Company Ltd. Consumer Non Durables 0.12 -0.12Mahanagar Gas Ltd Gas 0.12 -0.13Marico Ltd. Consumer Non Durables 0.12 -0.12Pidilite Industries Ltd. Chemicals 0.12 -0.12The Ramco Cements Ltd Cement 0.12 -0.12Chennai Petroleum Corporation Ltd Petroleum Products 0.11 -0.11Dalmia Bharat Ltd. Cement 0.11 -0.12Mahindra & Mahindra Ltd. Auto 0.10 -0.10Motherson Sumi Systems Ltd. Auto Ancillaries 0.10 -0.10Nestle India Ltd. Consumer Non Durables 0.10 -0.10Sintex Industries Ltd. Industrial Products 0.10 -0.10Adani Port and Special Economic Zone Limited Transportation 0.09 -0.09Ajanta Pharma Ltd. Pharmaceuticals 0.09 -0.09Andhra Bank Banks 0.09 -0.09Coal India Ltd. Minerals/Mining 0.09 -0.09Havells India Ltd. Consumer Durables 0.09 -0.09Axis Bank Ltd Banks 0.08 -0.09Dish TV India Ltd. Media and Entertainment 0.08 -0.08Just Dial Limited Software 0.08 -0.08Kajaria Ceramics Ltd. Construction 0.08 -0.08Mangalore Refinery And Petrochemicals Ltd. Petroleum Products 0.08 -0.07NHPC Limited Power 0.08 -0.08Syndicate Bank Banks 0.08 -0.08

15



PORTFOLIO

Capital First Ltd Finance 0.06 -0.06CEAT Ltd. Auto Ancillaries 0.06 -0.06Hindustan Petroleum Corporation Ltd Petroleum Products 0.06 -0.06Idea Cellular Ltd. Telecom - Services 0.06 -0.06Indo Count Industries Ltd. Textiles - Cotton 0.06 -0.06IndusInd Bank Ltd. Banks 0.06 -0.06Union Bank Of India Banks 0.06 -0.06Yes Bank Ltd Banks 0.06 -0.06Larsen And Toubro Ltd. Construction Project 0.05 -0.05Tata Power Co. Ltd. Power 0.05 -0.05Cummins India Ltd. Industrial Products 0.04 -0.04Eicher Motors Ltd Auto 0.04 -0.04Bajaj Auto Ltd. Auto 0.03 -0.03Bharat Petroleum Corporation Ltd. Petroleum Products 0.03 -0.03HCL Technologies Ltd. Software 0.03 -0.03Mahindra & Mahindra Financial Services Ltd. Finance 0.03 -0.03SRF Ltd. Textile Products 0.03 -0.03Dr Reddys Laboratories Ltd Pharmaceuticals 0.02 -0.02Industrial Development Bank of India Ltd. Banks 0.02 -0.02Page Industries Ltd Textile Products 0.02 -0.02Tata Consultancy Services Ltd. Software 0.02 -0.02Ambuja Cements Ltd Cement 0.01 -0.01Biocon Ltd. Pharmaceuticals 0.01 -0.01HDFC Ltd. Finance 0.01 -0.01NIIT Technologies Ltd Software 0.01 -0.01Oracle Financial Services Software Ltd Software 0.01 -0.01Repco Home Finance Limited. Finance 0.01 -0.01Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.01 -0.01Hedged - Total 65.69 -66.11Listed/Awaiting Listing on Stock Exchange - Total 65.69 -66.11Mutual Fund Units Kotak Floater Short Term Direct Growth Mutual Fund Units 8.89 Kotak Corporate Bond Fund Direct Growth Mutual Fund Units 0.63 Mutual Fund Units - Total 9.52 Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Indiabulls Housing Finance Limited ICRA AAA 2.48 Kotak Mahindra Prime Ltd. CRISIL AAA 1.06 Corporate Debt/Financial Institutions - Total 3.54 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Bajaj Finance Limited CRISIL A1+ 5.48 HDFC Ltd. CRISIL A1+ 0.31 Corporate Debt/Financial Institutions - Total 5.79 TERM DEPOSITS AXIS Bank Ltd. 5.34 IndusInd Bank Ltd. 3.34 HDFC Bank Ltd. 3.13 IDFC Bank Limited 0.74 Ratnakar Bank Ltd 0.32 Kotak Mahindra Bank Ltd. 0.15 Term Deposits - Total 13.02 Collateral Borrowing & Lending obligation 0.49 Net Current Assets/(Liabilities) 1.95 Grand Total 100.00

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

Kotak Equity Arbitrage NAV as on July 31, 2017: `10.7393 (Dividend Option), `10.8863 (Direct Dividend Option), `23.8717 (Growth Option), `24.4212 (Direct Growth Option), `19.9704 (Bimonthly Option), `20.1622 (Direct Bimonthly Option), `23.2986 (Fortnightly Dividend, ̀ 23.7851 (Direct Fortnightly Dividend)


13.51 9.52 9.08 8.17 5.79 5.78 3.54

3.51

3.50

3.46

34.14


Mutual Fund Units

Finance BanksCommercial Paper (CP)/Certi�cate of Deposits (CD)

PharmaceuticalsDebentures and Bonds Software Auto AncillariesCement

Others

16

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:I) 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. ii) If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1%.iii) If units are redeemed or switched out on or after 1 year from the date of allotment: Nil.


7* For Fund Manager experience, please refer page 54-55. For last three dividends, please refer page no 56-58. For scheme performance, please refer **Total Expense Ratio excludes applicable B15 fee and service tax.page no 45-53

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

Fund Manager: Mr. Deepak Gupta &

Mr. Abhishek Bisen*

AAUM: ` crs 798.35

AUM: ` crs817.40Allotment date: October 13, 2014

KOTAK EQUITY SAVINGS FUNDAn Open Ended Equity Fund (As on July 31, 2017)

206.69%Portfolio Turnover

Investment Style

Style


PORTFOLIO

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)Non-HedgeHDFC Ltd. Warrants Finance 1.87 HDFC Ltd. Finance -1.74ITC Ltd. Consumer Non Durables 1.84 IndusInd Bank Ltd. Banks 1.17 Bharat Petroleum Corporation Ltd. Petroleum Products 1.11 Power Grid Corporation Of India Ltd Power 1.07 Yes Bank Ltd Banks 1.03 Reliance Industries Ltd. Petroleum Products 1.01 Infosys Ltd. Software 0.83 Bajaj Finance Limited Finance 0.77 National Thermal Power Corporation Limited Power 0.77 Varun Beverages Ltd Consumer Non Durables 0.77 Bharat Earth Movers Ltd. Industrial Capital Goods 0.75 Grasim Industries Ltd. Cement 0.70 Maruti Suzuki India Limited Auto 0.63 Tata Motors Ltd - DVR Auto 0.59 Tata Steel Limited. Ferrous Metals 0.55 Laurus Labs Ltd Pharmaceuticals 0.53 Eris Lifesciences Ltd Pharmaceuticals 0.51 Zee Entertainment Enterprises Ltd Media and Entertainment 0.50 Hero MotoCorp Ltd. Auto 0.45 0.17Godfrey Phillips India Ltd. Consumer Non Durables 0.44 Mcleod Russel India Ltd Consumer Non Durables 0.44 Petronet LNG Ltd. Gas 0.41 Tata Consultancy Services Ltd. Software 0.34 The Ramco Cements Ltd Cement 0.34 Piramal Enterprises Limited Pharmaceuticals 0.30 Vedanta Ltd. Non - Ferrous Metals 0.30 Muthoot Finance Ltd Finance 0.29 Hindustan Unilever Ltd. Consumer Non Durables 0.28 JSW Steel Ltd. Ferrous Metals 0.28 Indraprastha Gas Ltd. Gas 0.27 Bajaj Finserv Ltd. Finance 0.26 Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.25 GAIL (India) Ltd. Gas 0.25 AU Small Finance Bank Ltd. Banks 0.23 HCL Technologies Ltd. Software 0.23 ICICI Bank Ltd. Banks 0.23 Indian Oil Corporation Ltd Petroleum Products 0.21 Housing & Urban Development Corporation Ltd Finance 0.19 RBL Bank Ltd-AUG2017 0.17Aditya Birla Capital Ltd Finance 0.17 Wipro Ltd. Software 0.16 Oil & Natural Gas Corporation Ltd. Oil 0.15 Hindustan Petroleum Corporation Ltd Petroleum Products 0.12 Central Depository Services (India) Ltd Finance 0.11 HDFC Bank Ltd. Banks 0.07 1.94Tata Communications Ltd Telecom - Services 0.07 Tata Motors Ltd. Auto 0.07 Tech Mahindra Ltd. Software 0.07 Axis Bank Ltd Banks 0.04 0.38S Chand And Company Ltd Media and Entertainment 0.04 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.04 Chennai Super Kings Cricket Ltd. Media and Entertainment 0.02 Biocon Ltd. Pharmaceuticals 0.01 0.56Non-Hedged- Total 24.13 1.48Hedged GMR Infrastructure Ltd. Construction Project 4.96 -5.01Fortis Healthcare India Ltd Healthcare Services 4.38 -4.41Hindalco Industries Ltd Non - Ferrous Metals 3.38 CNX NIFTY-AUG2017 -3.82Suzlon Energy Ltd. Industrial Capital Goods 2.41 -2.43Jain Irrigation Systems Ltd. Industrial Products 2.08 -2.10IDFC Bank Limited Banks 1.92 -1.94Ujjivan Financial Services Ltd Finance 1.67 -1.68Infosys Ltd. Software 1.44 -1.44Reliance Capital Ltd. Finance 1.30 -1.31Century Textiles & Industries Ltd. Cement 1.02 -1.02Bharat Electronics Ltd Industrial Capital Goods 0.98 -0.98Vedanta Ltd. Non - Ferrous Metals 0.97 -0.97Tata Communications Ltd Telecom - Services 0.90 -0.90The South Indian Bank Ltd. Banks 0.90 -0.91Jaiprakash Associates Ltd Cement 0.88 -0.89IDFC Limited Finance 0.84 -0.85Ashok Leyland Ltd. Auto 0.71 -0.72India Cements Ltd. Cement 0.71 -0.71Indiabulls Real Estate Ltd Construction 0.64 -0.64Mangalore Refinery And Petrochemicals Ltd. Petroleum Products 0.55 -0.52Manappuram Finance Ltd Finance 0.52 -0.52JSW Energy Ltd. Power 0.51 -0.51Bata India Ltd. Consumer Durables 0.49 -0.49Escorts Ltd. Auto 0.47 -0.47SREI Infrastructure Finance Ltd Finance 0.46 -0.46Kaveri Seed Company Ltd. Consumer Non Durables 0.43 -0.43Aurobindo Pharma Ltd. Pharmaceuticals 0.41 -0.41Dalmia Bharat Ltd. Cement 0.40 -0.40Dewan Housing Finance Corporation Ltd. Finance 0.39 -0.40Tata Elxsi Ltd. Software 0.39 -0.39

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

7

(As on July 31, 2017)


PORTFOLIO

KOTAK EQUITY SAVINGS FUNDAn Open Ended Equity Fund

Indian Bank Banks 0.35 -0.36Wockhardt Ltd. Pharmaceuticals 0.34 -0.34Castrol (India ) Ltd. Petroleum Products 0.32 -0.32Shriram Transport Finance Co Ltd. Finance 0.29 -0.29Gujarat State Fertilizers & Chemicals Ltd. Fertilisers 0.25 -0.25Housing Development and Infrastructure Limited Construction 0.22 -0.22CESC Ltd. Power 0.19 -0.19Equitas Holdings Ltd Finance 0.18 -0.18Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.17 -0.17Federal Bank Ltd. Banks 0.16 -0.16HDFC Ltd. Finance 0.15 -0.15Tech Mahindra Ltd. Software 0.15 -0.15IRB Infrastructure Developers Ltd Construction 0.14 -0.14Adani Power Ltd Power 0.11 -0.11Glenmark Pharmaceuticals Ltd Pharmaceuticals 0.11 -0.11Capital First Ltd Finance 0.10 -0.10Maruti Suzuki India Limited Auto 0.10 -0.10National Aluminium Company Ltd Non - Ferrous Metals 0.10 -0.10NCC Limited Construction Project 0.10 -0.10Sun TV Limited. Media and Entertainment 0.10 -0.10TV18 Broadcast Ltd Media and Entertainment 0.10 -0.10UPL Ltd Pesticides 0.10 -0.10IFCI Ltd. Finance 0.09 -0.09Apollo Tyres Ltd. Auto Ancillaries 0.08 -0.08Britannia Industries Ltd. Consumer Non Durables 0.08 -0.08Exide Industries Ltd Auto Ancillaries 0.07 -0.07Reliance Power Ltd Power 0.07 -0.07The Ramco Cements Ltd Cement 0.07 -0.07Andhra Bank Banks 0.06 -0.06Jindal Steel & Power Ltd. Ferrous Metals 0.05 -0.05Granules India Ltd. Pharmaceuticals 0.04 -0.04KPIT Technologies LImited Software 0.04 -0.04Power Finance Corporation Ltd. Finance 0.04 -0.04Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.03 -0.03Hindalco Industries Ltd Non - Ferrous Metals 0.03 -0.03Pidilite Industries Ltd. Chemicals 0.03 -0.03Tata Chemicals Ltd. Chemicals 0.03 -0.03Amara Raja Batteries Ltd. Auto Ancillaries 0.02 -0.02Balrampur Chini Mills Ltd Consumer Non Durables 0.02 -0.02DLF Limited Construction 0.02 -0.02IndusInd Bank Ltd. Banks 0.02 -0.02Siemens Ltd. Industrial Capital Goods 0.02 -0.02Coal India Ltd. Minerals/Mining 0.01 -0.01Hindustan Construction Co.Ltd Construction Project 0.01 -0.01Karnataka Bank Ltd Banks 0.01 -0.01PC Jeweller Ltd Consumer Durables 0.01 -0.01Rural Electrification Corporation Ltd Finance 0.01 -0.01Hedged - Total 41.90 -42.53Listed/Awaiting Listing on Stock Exchange - Total 66.03 -41.05Preference Shares (Listed/Awaiting listing on Stock Exchange) 3DPLM Software Solutions Ltd Software 0.11 7.5% Vedanta Reedemable Preference Shares Non - Ferrous Metals 0.58 Preference Shares - Total 0.69 Mutual Fund Units Kotak Floater Short Term Direct Growth Mutual Fund Units 9.18 Mutual Fund Units - Total 9.18 Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions HDFC Bank Ltd. CRISIL AA+ 3.13 Kotak Mahindra Prime Ltd. CRISIL AAA 3.10 Indiabulls Housing Finance Limited CARE AAA 2.54 Corporate Debt/Financial Institutions - Total 8.77 Government Dated Securities 8.53% State Government SOV 0.64 Government Dated Securities - Total 0.64 TERM DEPOSITS AXIS Bank Ltd. 4.75 HDFC Bank Ltd. 3.02 IndusInd Bank Ltd. 2.19 Kotak Mahindra Bank Ltd. 0.24 Term Deposits - Total 10.20

Collateral Borrowing & Lending obligation 1.59 Net Current Assets/(Liabilities) 2.90 Grand Total 100.00

Kotak Equity Savings Fund NAV as on July 31, 2017: `12.7627 (Growth Option), `11.1788 (Monthly Dividend Option), `11.1641 (Quarterly Dividend Option), `13.0067 (Direct Growth Option), `11.4078 (Direct Monthly Dividend Option), `11.2461 (Direct Quarterly Dividend Option)

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

18

7

(As on July 31, 2017)

KOTAK EQUITY SAVINGS FUNDAn Open Ended Equity Fund

SYSTEMATIC INVESTMENT PLAN (SIP)Monthly SIP of 10000`



Scheme Returns (%)

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

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

Nifty 50 ( )^`


1 year Since Inception

120,000 340,000

128,047 389,713

12.73 9.63

126,327 379,921

9.97 7.79

136,500 408,671

26.58 13.09


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 Benchmark



�Be greedy when others are fearful, be fearful when others are greedy. The greatest pro�ts are made when you are not part of the crowd.�

11.79 9.70 9.18 8.77 6.19 5.36

5.074.55

4.38

4.19 30.82

CBLO & Term Deposits & Rev.Repo Finance Mutual Fund Units

Debentures and Bonds

Banks

Non - Ferrous Metals

Construction ProjectConsumer Non Durables

Healthcare Services

Industrial Capital Goods

Others

19


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.



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

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 54-55. For last three dividends, please refer page no 56-58. For scheme performance, please refer **Total Expense Ratio excludes applicable B15 fee and service tax.page no 45-53

PORTFOLIO

Benchmark: Nifty 200Fund Manager: Mr. Harish Krishnan* AAUM: ` crs 453.04

AUM: ` crs463.03Allotment date: May 06, 2015

KOTAK INDIA GROWTH FUND SERIES I3 years Close- Ended Equity Scheme (As on July 31, 2017)

38.54%Portfolio Turnover

Investment Style


Exchange)

HDFC Bank Ltd. Banks 8.67







Shree Cement Ltd. Cement 4.50


Britannia Industries Ltd. Consumer Non Durables 4.02





Kajaria Ceramics Ltd. Construction 2.91



Persistent Systems Limited Software 2.79

Laurus Labs Ltd Pharmaceuticals 2.73

BSE Ltd Finance 2.22

Motherson Sumi Systems Ltd. Auto Ancillaries 2.11


Zee Entertainment

Enterprises Ltd Media and Entertainment 1.64

Entertainment Network

(India) Ltd. Media and Entertainment 1.15

Equitas Holdings Ltd Finance 1.09


TERM DEPOSITS

AXIS Bank Ltd. 0.43




Kotak India Growth Fund Series I NAV as on July 31, 2017: ̀ 13.1043 (Dividend Option), ̀ 13.2644 (Direct Dividend Option), ̀ 13.1043 (Growth Option), ̀ 13.2644 (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

33.06

33.58

9.72

15.71

12.19

9.67

3.73

8.14

9.40

6.94

2.24

6.25

0.84

5.66

12.02

4.02

1.79

3.36

5.48

2.73

Benchmark

Scheme

Financial Services Automobile Energy Constructions IT

Cement & Cement Products Media & Entertainment Consumer Goods Industrial Manufacturing Pharma



�People tend to overreact to bad news and slowly to good news. Take advantage of the asymmetry in reaction�

20



* For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53 **Total Expense Ratio excludes applicable B15 fee and service tax.

Benchmark: CRISIL Liquid FundFund Manager: AAUM:

AUM: 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.


`12,972.25 crs`12,075.91 crs

Mr. Deepak Agrawal*

ALLOCATION (%)

RATING PROFILE (%)

(As on July 31, 2017)

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 : 0.12 years

Kotak Liquid Fund NAV as on July 31, 2017: `3362.4468 (Growth Option), `3369.9987 (Direct Growth Option),`1001.2357 (Weekly Dividend), ̀ 1006.3461 (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


Public Sector Undertakings

Power Finance Corporation Ltd. CRISIL AAA 2.55

Rural Electrification

Corporation Ltd. CRISIL AAA 1.04

Public Sector Undertakings - Total 3.59

Money Market Instruments

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

Corporate Debt/Financial Institutions

HDFC Bank Ltd. CARE A1+ 12.27

HDFC Ltd. ICRA A1+ 6.33

AXIS Bank Ltd. CRISIL A1+ 4.61

Reliance Industries Ltd. ICRA A1+ 4.14

Piramal Finance Limited ICRA A1+ 4.09

Shriram Transport

Finance Co Ltd. CRISIL A1+ 3.71

IDFC Bank Limited CRISIL A1+ 3.26

Tata Capital Financial

Services Limited ICRA A1+ 2.46

Tata Steel Limited FITCH A1+(IND) 2.06

HDFC Ltd. CARE A1+ 1.84

Aditya Birla Finance Ltd. ICRA A1+ 1.65

India Infoline Finance Limited ICRA A1+ 1.65

Reliance Jio Infocomm Limited CARE A1+ 1.65

IIFL Wealth Finance Ltd. ICRA A1+ 1.44

ICICI Bank Ltd. ICRA A1+ 0.82

Larsen and Toubro Ltd. CRISIL A1+ 0.82

Muthoot Finance Ltd CRISIL A1+ 0.82

Edelweiss Commodities

Services Ltd. CRISIL A1+ 0.61

Barclays Investments &

Loan (India) Ltd. ICRA A1+ 0.41

Ford Credit India Pvt. Ltd. FITCH IND A1+ 0.41

Canfin Homes Ltd ICRA A1+ 0.40

Bajaj Finance Limited CRISIL A1+ 0.37

Sundaram Finance Ltd. CRISIL A1+ 0.04

Corporate Debt/Financial Institutions - Total 55.86


Steel Authority of India Ltd. CARE A1+ 3.30

Small Industries Development

Bank Of India. CRISIL A1+ 2.03

PNB Housing Finance Ltd. CRISIL A1+ 1.44


Reverse Repo 3.14

Treasury Bills

91 Days Treasury Bill 07/09/2017 SOV 13.67


77 Days Cash Management

Treasury Bill 16/08/2017 SOV 6.98





Bill 08/08/2017 SOV 0.24

Treasury Bills - Total 39.05


Grand Total 100.00

.

62.63 39.05 3.59 3.14- 8.41

Commercial Paper (CP)/Certi�cate of Deposits (CD) Treasury BillsDebentures and Bonds


Net Current Assets

105.27 3.14- 8.41

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

�The de�nition of great company is one that will remain great for many many years..�

21

$Standard Deviation

Modified Duration

Portfolio Yield

0.11%

0.12yrs

6.36%




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.


`12,549.83 crs`11,800.83 crs

Mr. Deepak Agrawal*

(As on July 31, 2017)

PORTFOLIO


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


Kotak Floater Short Term Fund NAV as on July 31, 2017: `2722.2642 (Growth Option), `2728.416 (Direct Growth Option),`1013.1944 (Weekly Dividend), `1022.8737 (Direct Weekly Dividend), `1004.7185 (Monthly Dividend), `1010.0652 (Direct Monthly Dividend), ̀ 1011.6200 (Daily Dividend), ̀ 1011.6200 (Direct Daily Dividend)


Low

Medium

High

Maturity

$Standard Deviation

Modified Duration

Portfolio Yield

0.11%

0.12 yrs

6.45%

Debt Instruments



Nabha Power Ltd. ( backed by

unconditional and irrevocable

guarantee by Larsen & Toubro Ltd ) ICRA AAA 1.39

Altico Capital India Pvt Ltd FITCH IND AA-(SO) 0.52





Muthoot Finance Ltd CRISIL A1+ 7.88

AXIS Bank Ltd. ICRA A1+ 7.85

HDFC Bank Ltd. CARE A1+ 5.70

Reliance Industries Ltd. ICRA A1+ 4.69

HDFC Ltd. CRISIL A1+ 4.00

Piramal Finance Limited ICRA A1+ 3.93

Suraksha Realty Ltd ( Secured by

Equity shares of Sun

Pharmaceuticals Industries Ltd ) ICRA A1+(SO) 3.56

ECL Finance Limited CRISIL A1+ 3.16

Reliance Jio Infocomm Limited CARE A1+ 2.57

India Infoline Finance Limited ICRA A1+ 2.37

Suraksha Realty Ltd ( Secured by

Equity shares of Sun

Pharmaceuticals Industries Ltd ) CARE A1+(SO) 2.04


Tata Steel Limited FITCH A1+(IND) 1.97

Tata Chemicals Ltd. CRISIL A1+ 1.57

Larsen and Toubro Ltd. CRISIL A1+ 1.53

Manappuram Finance Ltd CRISIL A1+ 1.50

Tata Power Company Ltd. ICRA A1+ 1.18

Shriram City Union Finance Ltd. CARE A1+ 0.99

IDFC Bank Limited ICRA A1+ 0.87

Adani Transmission Ltd FITCH IND A1+(SO) 0.79

Nirma Ltd. CRISIL A1+ 0.79

Tata Motors Finance Solutions

Private Limited CARE A1+ 0.79

Trapti Trading & Investments

Private Limited ICRA A1+ 0.59

HDFC Ltd. ICRA A1+ 0.40

HDFC Ltd. CARE A1+ 0.39

Hero Cycles Ltd. CRISIL A1+ 0.24

TGS Investment & Trade Private Ltd. ICRA A1+ 0.20



Steel Authority of India Ltd. CARE A1+ 7.08


Bank Of India. CRISIL A1+ 1.98

Indian Railway Finance

Corporation Ltd. CRISIL A1+ 1.57


Bill Rediscounting

AXIS Bank Bill Rediscounting- 29/09/2017 2.36

Bill Rediscounting - Total 2.36

Reverse Repo 0.08

Treasury Bills

80 Days Cah Management

Bill 18/09/2017 SOV 7.68



Treasury Bill 16/08/2017 SOV 3.96






Net Current Assets/(Liabilities) 0.33

Grand Total 100.00

ALLOCATION (%)

RATING PROFILE (%)

74.15 21.11 2.361.910.33

0.14

Commercial Paper (CP)/Certi�cate of Deposits (CD) Treasury BillsBill Rediscounting


Net Current Assets


96.65 2.36 0.52 0.33 0.14

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


�A good �nancial plan is a road map that shows us exactly how the choices we make today will affect our future.�

22




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




`8,982.59 crs`8,584.91 crs

Mr. Deepak Agrawal*

(As on July 31, 2017)

PORTFOLIO

Riskometer

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.62 years.

K o t a k Tr e a s u r y A d v a n t a g e F u n d N AV a s o n J u l y 3 1 , 2 0 1 7 : ` 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), `26.6890 (Growth Option), `10.2204 (Monthly Dividend Option), `10.1543 (Weekly Dividend Option), `12.2262 (Monthly Dividend - Direct), ̀ 10.1709 (Weekly Dividend - Direct), ̀ 27.0465 (Growth - Direct Option)


Low

Medium

High

Maturity

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 Jul 2017 is 24.45% of the net assets.

Debt Instruments Debentures and Bonds Corporate Debt/Financial InstitutionsReliance Jio Infocomm Limited(^) CRISIL AAA 8.20Kotak Mahindra Prime Ltd.(^) CRISIL AAA 4.09Shriram Transport Finance Co Ltd. FITCH IND AA+ 3.53Indiabulls Housing Finance Limited CARE AAA 2.54AXIS Bank Ltd. CRISIL AA+ 2.47IDFC Bank Limited ICRA AAA 2.45Sheba Properties Ltd. CARE AA+ 2.38Indiabulls Housing Finance Limited(^) ICRA AAA 2.34ICICI Home Finance Company Limited(^) ICRA AAA 2.23Nabha Power Ltd. ( backed by unconditional and irrevocable guarantee by Larsen & Toubro Ltd ) (^) ICRA AAA 1.96LIC Housing Finance Ltd.(^) CRISIL AAA 1.93HDFC Ltd.(^) CRISIL AAA 1.48Tata Motors Finance Ltd CRISIL AA 1.31Tata Motors Finance Ltd CARE AA+ 1.19Kotak Mahindra Investments Ltd. CRISIL AAA 1.17Vedanta Ltd. CRISIL AA 1.00Mahindra & Mahindra Financial Services Ltd. FITCH IND AAA 0.82LIC Housing Finance Ltd. CARE AAA 0.62Tata Capital Financial Services

Limited ICRA AA+ 0.41Mandava Holdings Private Limited( backed by unconditional and irrevocable undertaking by Axis Capital ) ICRA AAA 0.39

Tata Motors Ltd.(^) CARE AA+ 0.30Cholamandalam Investment and Finance Company Ltd ICRA AA 0.06

Tata Sons Ltd. CRISIL AAA 0.02

Corporate Debt/Financial Institutions - Total 42.89Public Sector Undertakings

National Bank for Agriculture & Rural Development(^) CRISIL AAA 8.02

Power Finance Corporation Ltd.(^) CRISIL AAA 4.80Canara Bank CRISIL AAA 0.70Export-Import Bank of India.(^) CRISI AAA 0.36PNB Housing Finance Ltd.(^) CARE AA 0.31Rural Electrification Corporation Ltd. CRISILAAA 0.13Allahabad Bank CRISIL AA- 0.09National Housing Bank CRISI AAA 0.09


Corporation Ltd. CRISILAAA 0.07Power Grid Corporation of

India Ltd. CRISIL AAA 0.06

Public Sector Undertakings - Total 14.63Government Dated Securities

7.61% Central Government SOV 2.458.75% State Government SOV 0.337.75% State Government SOV 0.128.52% State Government SOV 0.128.00% State Government SOV 0.096.79% Central Government SOV 0.01

Government Dated Securities - Total 3.12Futures

7.61% GS 09/05/2030-AUG2017 -2.45

Futures (Market value represents Notional Value) -Total -2.45Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions

Reliance Industries Ltd. ICRA A1+ 4.66Nabha Power Ltd. ( Backed byLetter of Comfort from L&T ) ICRA A1+ 4.56Sun Pharma Laboratories Limited ICRA A1+ 3.41Tata Motors Ltd. ICRA A1+ 3.36AXIS Bank Ltd. CRISIL A1+ 2.33Tata Capital Financial Services Limited CRISIL A1+ 2.25Tata Motors Ltd. CRISIL A1+ 2.24

IndusInd Bank Ltd. CRISIL A1+ 0.85HDFC Bank Ltd. CARE A1+ 0.57HDFC Ltd. ICRA A1+ 0.40

IDFC Bank Limited ICRA A1+ 0.06


Export-Import Bank of India. CRISIL A1+ 3.67

Public Sector Undertakings - Total 3.67Bill Rediscounting

AXIS Bank Bill Rediscounting- 29/09/2017 2.31

Bill Rediscounting - Total 2.31Reverse Repo 2.38Treasury Bills

91 Days Treasury Bill 05/10/2017 SOV 2.9491 Days Treasury Bill 21/09/2017 SOV 0.31

182 Days Treasury Bill 19/10/2017 SOV 0.2991 Days Treasury Bill 07/09/2017 SOV 0.29


TERM DEPOSITS HDFC Bank Ltd. 0.08




$Standard Deviation

Modified Duration

Portfolio Yield

0.42%

0.54 yrs

6.87%

ALLOCATION (%)

RATING PROFILE (%)

57.52 28.36 4.16 3.83 3.153.122.31-2.45

Debentures and Bonds Commercial Paper (CP)/Certi�cate of Deposits (CD)

Net Current Assets Treasury Bills


Government Dated Securities Bill Rediscounting Derivatives

Bill Rediscounting

80.09 12.74 4.16 3.152.31

A1+, AAA, IND AAA, SOV AA+, IND AA+, AA, AA- Net Current AssetsCBLO & Term Deposits & Rev.Repo

Derivatives

-2.45

23




Benchmark: CRISIL Short Term Bond Fund Index

Fund Manager: AAUM: AUM:

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

Daily, Monthly (12th of every Month) & Annual

Ratios



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

Additional Investment: `1000 & in multiples of ̀ 1.


Load Structure




Investment Style:


`1,100.77 crs

`1,151.02 crs

Mr. Deepak Agrawal*

(As on July 31, 2017)

PORTFOLIO

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments 2.92 years.

Kotak Banking And PSU Debt Fund NAV as on July 31, 2017: `38.0294 (Growth Option), `38.4410 (Direct Growth Option),`10.6508 (Monthly Dividend), ̀ 10.7524 (Direct Monthly Dividend), ̀ 10.1949 (Daily Dividend Reinvestment), ̀ 10.2665 (Direct Daily Dividend


Low

Medium

High

Maturity

$Standard Deviation

Modified Duration

Portfolio Yield

2.06%

2.26 yrs

7.18%

7.18%



Product Label

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


Debt Instruments



AXIS Bank Ltd. CRISIL AA+ 3.50



National Bank for Agriculture & Rural

Development CRISIL AAA 8.27

Bank Of Baroda CARE AA 7.95




State Bank Of India. CRISIL AA+ 4.02

Union Bank of India CRISIL AAA 3.10

State Bank of Travancore CRISIL AAA 3.07

State Bank Of India. CRISIL AAA 2.68

Canara Bank CRISIL AAA 2.65

Punjab National Bank CARE AA 2.62

Union Bank of India CARE AA 2.23

Bank Of Baroda CARE AA+ 2.02

Power Finance Corporation Ltd. ICRA AAA 1.80

Rural Electrification Corporation Ltd. CRISIL AAA 1.66

Power Grid Corporation of India Ltd. CRISIL AAA 1.45

Powergrid Vizag Transminssion

Ltd. ( backed by unconditional and

irrevocable guarantee by

Powergrid Corp ) CRISIL AAA(SO) 1.17

Steel Authority of India Ltd. FITCH IND AA 0.34


Government Dated Securities

7.68% Central Government SOV 12.32

8.53% State Government SOV 3.20



Government Dated Securities - Total 17.92




AXIS Bank Ltd. CRISIL A1+ 8.07




Grand Total 100.00

ALLOCATION (%)

RATING PROFILE (%)

59.13 17.92 10.66 8.07 4.22


Government Dated SecuritiesCBLO & Term Deposits & Rev.Repo

Commercial Paper (CP)/Certi�cate of Deposits (CD)Net Current Assets

62.44 22.68 10.66 4.22

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

�If investing is entertaining, if you�re having fun, you�re probably not making any money. Good investing is boring.�

24



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)and Normal (as decided by Trustees)

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:


`5,906.46 crs`6,279.02 crs

Mr. Deepak Agrawal*

(As on July 31, 2017)

PORTFOLIO


Kotak Low Duration Fund NAV as on `1061.7329 (Normal Dividend), ` 2034.4585 (Standard Plan-Growth Option), July 31, 2017: `1015.4205 (Standard Plan-Weekly Dividend), `1022.4677 (Standard Plan-Monthly Dividend), ` 2089.0647 (Direct Plan- Growth Option), `1200.1843 (Direct Plan- Weekly Dividend), ̀ 1037.8885 (Direct Plan- Monthly Dividend)


Low

Medium

High

Maturity

$Standard Deviation

Modified Duration

Portfolio Yield

0.73%

0.96 yrs

7.76%


� 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

Investors understand that their principal will be at moderate risk

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

* For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. For last three dividends, please refer **Total Expense Ratio excludes applicable B15 fee and service tax. page no 56-58

Notes: ̂ Fully or Party blocked against Interest Rate Swap (IRS). Hedging Position through Interest Rate Swaps as on 31 Jul 2017 is 14.29% of the net assets

Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Vedanta Ltd. CRISIL AA 9.94HDFC Ltd. CRISIL AAA 5.31AXIS Bank Ltd.(^) CRISIL AA+ 5.30S D Corporation Private Limited ( DSRA Guarantee from Shapoorji Pallonji and Company Private Limited) CARE AA+(SO) 4.88Manappuram Finance Ltd(^) ICRA AA- 4.07Innovador Traders Pvt Ltd ( backed by unconditional and irrevocable undertaking by Piramal ) ICRA AA-(SO) 3.43Sahyadri Agencies Ltd ( Secured by Equity shares of Jyothy Laboratories Ltd ) BRICKWORK BWR A(SO) 2.97Muthoot Finance Ltd(^) CRISIL AA 2.90Tata Motors Ltd. CARE AA+ 2.79Nirma Ltd.(^) CRISIL AA 2.49Varun Beverages Limited CRISIL AA- 2.39Karelides Traders Private Ltd. ( backed by unconditional and irrevocable undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd ) ICRA AA-(SO) 2.28Adani Power Ltd ( Secured by Equity shares of Adani Ports and SEZ Ltd, Adani Transmission and Adani Enterprises) BRICKWORK BWR AA-(SO) 1.79Nuvoco Vistas Corporation Ltd.(^) CRISIL AA 1.46Pune Solapur Expressways Pvt. Ltd. ( toll road project of Tata Realty & Infrastructure Ltd, 100 subsidiary of Tata Sons ) ICRA A 1.40ECL Finance Limited CARE AA 1.31Intime Properties Ltd. FITCH IND AAA 0.94HPCL Mittal Energy Ltd. ICRA AA 0.72Indiabulls Housing Finance Limited ICRA AAA 0.72Piramal Finance Limited ICRA AA 0.67India Infoline Housing Finance Ltd. ICRA AA 0.65Edelweiss Housing Finance Limited ICRA AA 0.63Indiabulls Housing Finance Limited CARE AAA 0.57Altico Capital India Pvt Ltd FITCH IND AA- 0.56Mandava Holdings Private Limited ( backed by unconditional and irrevocable undertaking by Axis Capital ) ICRA AAA 0.54Muthoot Fincorp Ltd. CRISIL A- 0.49Trends In Vogue Pvt Ltd. ( backed by unconditional and irrevocable undertaking by Axis Capital ) ICRA AAA(SO) 0.45Indostar Capital Finance Private Limited CARE AA- 0.37LIC Housing Finance Ltd.(^) CRISIL AAA 0.31SP Jammu Udhampur Highway Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 0.20Reliance Jio Infocomm Limited CRISIL AAA 0.16HDB Financial Services Ltd. CRISIL AAA 0.08

IDFC Bank Limited ICRA AAA 0.08Nabha Power Ltd. ( backed by unconditional and irrevocable guarantee by Larsen & Toubro Ltd ) ICRA AAA 0.08Aspire Home Finance Corporation Ltd ICRA AA- 0.05Shapoorji Pallonji Energy Gujarat Private Limited ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AA(SO) 0.05Grand View Estates Pvt Ltd ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AA 0.02Corporate Debt/Financial Institutions - Total 63.05Public Sector Undertakings National Bank for Agriculture & Rural Development(^) CRISIL AAA 3.59Bank Of Baroda(^) CARE AA 1.70Oriental Bank of Commerce(^) ICRA A 1.65Andhra Bank(^) CRISIL AA- 1.61Bank Of Baroda CARE AA+ 0.45Allahabad Bank CRISIL AA- 0.30Rural Electrification Corporation Ltd. CRISIL AAA 0.18Public Sector Undertakings - Total 9.48Government Dated Securities 8.15% State Government SOV 1.828.21% State Government SOV 1.828.39% State Government SOV 0.11Government Dated Securities - Total 3.75Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Suraksha Realty Ltd ( Secured by Equity shares of Sun Pharmaceuticals Industries Ltd ) CARE A1+(SO) 3.65S D Corporation Private Limited ( DSRA Guarantee from Shapoorji Pallonji and Company Private Limited) CARE A1+(SO) 2.42Shapoorji Pallonji and Company Private Limited ICRA A1+ 2.35JM Financial Products Limited CRISIL A1+ 1.92HDFC Bank Ltd. CARE A1+ 1.19Bajaj Finance Limited CRISIL A1+ 0.79Reliance Infrastructure Ltd ( Backed by SBLC of ICICI Bank) FITCH IND A1+ 0.47HDFC Ltd. CARE A1+ 0.39HDFC Ltd. ICRA A1+ 0.39Corporate Debt/Financial Institutions - Total 13.57Public Sector Undertakings PNB Housing Finance Ltd. CARE A1+ 3.36Public Sector Undertakings - Total 3.36Treasury Bills 91 Days Treasury Bill 12/10/2017 SOV 4.17Treasury Bills - Total 4.17


ALLOCATION (%)

RATING PROFILE (%)

72.53 16.93 4.17 3.75 2.57

0.05

Debentures and Bonds Commercial Paper (CP)/Certi�cate of Deposits (CD)

Treasury Bills


Net Current AssetsCBLO & Term Deposits & Rev.Repo

Net Current Assets

52.81 37.59 6.512.57 0.47

0.05

AA+, AA+(SO), AA, AA(SO), AA-, AA-(SO), BWR AA-(SO), IND AA- A1+, A1+(SO), AAA, AAA(SO), IND AAA, SOVA, BWR A(SO), A- BBB+ CBLO & Term Deposits & Rev.Repo

25



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 Structure

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


Investment Style:


`8,390.00 crs`8,665.65 crs

Mr. Deepak Agrawal*

(As on July 31, 2017)

PORTFOLIO

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.49 years.Kotak Bond Short Term Fund NAV as on July 31, 2017: `31.5318 (Growth Option), `32.5524 (Direct Growth Option),`10.1361 (Monthly Dividend), ̀ 10.3984 (Direct Monthly Dividend),`11.6242 (Half Yearly Dividend), ̀ 11.6498 (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.

* For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. For last three dividends, please refer **Total Expense Ratio excludes applicable B15 fee and service tax.page no 56-58

Notes: ̂ Fully or Party blocked against Interest Rate Swap (IRS). Hedging Position through Interest Rate Swaps as on 31 Jul 2017 is 12.62% of the net assets.

Debt Instruments



HDFC Ltd.(^) CRISIL AAA 7.54

Nabha Power Ltd. ( backed by


guarantee by Larsen &

Toubro Ltd ) (^) ICRA AAA 6.15

LIC Housing Finance Ltd. CRISIL AAA 5.52

Mahindra & Mahindra Financial

Services Ltd.(^) FITCH IND AAA 5.08

Kotak Mahindra Prime Ltd. CRISIL AAA 4.32

Reliance Jio Infocomm Limited CRISIL AAA 4.18

Gruh Finance Ltd CRISIL AAA 2.82

Bajaj Finance Limited CRISIL AAA 2.32

Indiabulls Housing Finance

Limited CARE AAA 2.19

Bajaj Finance Limited FITCH IND AAA 1.82

Dewan Housing Finance

Corporation Ltd. CARE AAA 1.40

Fullerton India Credit Co. Ltd.(^) CARE AAA 1.17

BMW India Financial Services

Private Limited CRISIL AAA 1.16

HDB Financial Services Ltd. CRISIL AAA 0.88

Kotak Mahindra Investments Ltd. CRISIL AAA 0.58

Tata Sons Ltd. CRISIL AAA 0.58

Indiabulls Housing Finance

Limited ICRA AAA 0.49

IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.44

East-North Interconnection

Company Limited CRISIL AAA(SO) 0.06



Power Finance Corporation

Ltd.(^) CRISIL AAA 11.82

ONGC Manglore

Petrochemicals Ltd. FITCH IND AAA 4.45


Bank Of India. CARE AAA 4.01

Export-Import Bank of India. CRISIL AAA 1.76

National Bank for Agriculture

& Rural Development CRISIL AAA 1.65


Corporation Ltd.(^) CRISIL AAA 1.54

PNB Housing Finance Ltd. CARE AAA 1.34



Steel Authority of India Ltd. FITCH IND AA 0.03





8.53T State Government SOV 2.16

















Treasury Bills





Grand Total 100.00


Maturity

Low

Medium

High

$Standard Deviation

Modified Duration

Portfolio Yield

1.91%

2.01 yrs

7.12%

ALLOCATION (%)

RATING PROFILE (%)

97.75 2.19 0.03

0.03

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

75.45 19.92 2.19 1.720.69

0.03

Debentures and Bonds Government Dated Securities

Net Current Assets Treasury Bills

Commercial Paper (CP)/Certi�cate of Deposits (CD)


Product Label

Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


�Don�t try to buy at the bottom and sell at the top. It can�t be done except by liars � Bernard Baruch�

26



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 FrequencyDaily Dividend Reinvestment, Weekly Dividend Reinvestment (Every Monday), Monthly 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:


`1,136.57 crs `1,155.42 crs

Mr. Deepak Agrawal*

(As on July 31, 2017)

PORTFOLIO


Kotak Flexi Debt Fund NAV as on July 31, 2017: `21.7554 (Growth Option), `22.3789 (Direct Growth Option),`10.5299 (Weekly Dividend), `12.8622 (Direct Weekly Dividend), `10.0345 (Daily Dividend), `10.1020 (Direct Daily Dividend), `10.9104 (Quarterly Dividend), ̀ 10.7027 (Direct Quarterly Dividend)



Medium Long Volatiliy

Maturity

Low

Medium

High

Short



Bajaj Finance Limited(^) CARE AAA 10.32

Bhopal Dhule Transmission

Company Ltd.(^) CRISIL AAA 4.36

Mahindra & Mahindra

Financial Services Ltd. CARE AAA 3.49

Reliance Ports And Terminals

Limited CRISIL AAA 3.07

Reliance Jio Infocomm Limited(^) CRISIL AAA 1.84

Indiabulls Housing Finance Limited CARE AAA 0.44

SP Jammu Udhampur

Highway Ltd. ( backed by


guarantee of Shapoorji Pallonji &

Co Pvt Ltd ) ICRA AAA 0.14



Bank Of Baroda CARE AA 2.20

Power Grid Corporation of


PNB Housing Finance Ltd. CARE AAA 0.45

Export-Import Bank of India. CRISIL AAA 0.09



















Grand Total 100.00

Product Label



Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


$Standard Deviation

Modified Duration

Portfolio Yield

4.21%

4.77yrs

7.24 %

ALLOCATION (%)

RATING PROFILE (%)

69.17 27.83 2.250.75

Government Dated Securities Debentures and Bonds Net Current Assets CBLO & Term Deposits & Rev.Repo

94.80 2.25 2.20 0.75

AAA, SOV Net Current Assets AA CBLO & Term Deposits & Rev.Repo

�There is a close logical connection between the concept of a safety margin and the principle of diversi�cation.�

27





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: I) 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.

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

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


Investment Style:


`4,394.07 crs `4,475.44 crs

Mr. Deepak Agrawal*

(As on July 31, 2017)

PORTFOLIO


Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.59 years.Kotak Income Opportunities Fund NAV as on July 31, 2017: `18.4250 (Growth Option), `19.2298 (Direct Growth Option),`10.0142 (Weekly Dividend), `10.4397 (Direct Weekly Dividend), `10.3611 (Monthly Dividend), `10.5831 (Direct Monthly Dividend), `10.7613 (Quarterly Dividend), ̀ 10.1442 (Direct Quarterly Dividend), ̀ 10.5414 (Annual Dividend), ̀ 14.4431 (Direct Annual Dividend).

$Standard Deviation

Modified Duration

Portfolio Yield

1.84%

2.02yrs

8.34%



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 Instruments Debentures and Bonds Corporate Debt/Financial InstitutionsVedanta Ltd. CRISIL AA 7.90Innovador Traders Pvt Ltd ( backed by unconditional and irrevocable undertaking by Piramal ) ICRA AA-(SO) 4.47HPCL Mittal Pipelines Ltd. ICRA AA 4.44Reliance Jio Infocomm Limited(^) CRISIL AAA 3.77HPCL Mittal Energy Ltd. ICRA AA 3.70Tata Power Renewable Energy Ltd. ( Guaranteed by Tata Power Company Ltd) CARE AA(SO) 3.15HDFC Ltd. CRISIL AAA 2.72India Infoline Housing Finance Ltd. ICRA AA 2.72DLF Emporio Ltd(^) CRISIL AA 2.31AU Small Finance Bank Ltd. FITCH IND A+ 2.28Nirma Ltd.(^) CRISIL AA 2.26Karelides Traders Private Ltd. ( backed by unconditional and irrevocable undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd ) ICRA AA-(SO) 2.25Indiabulls Housing Finance Limited(^) ICRA AAA 2.24Janalakshami Financial Services Ltd.(^) ICRA A 2.24K Raheja IT Park (Hyderabad) Ltd. FITCH IND AAA(SO) 2.24Vizag General Cargo Berth Private Limited ( backed by unconditional and irrevocable guarantee of Vedanta Ltd ) CRISIL AA(SO) 2.03Nuvoco Vistas Corporation Ltd. CRISIL AA 1.95ECL Finance Limited(^) ICRA AA 1.82Indiabulls Housing Finance Limited CARE AAA 1.76Tata Power Company Ltd. CRISIL AA- 1.76Prestige Estates Projects Limited ICRA A+ 1.70AXIS Bank Ltd.(^) CRISIL AA+ 1.58Reliance Ports And Terminals Limited(^) CRISIL AAA 1.36Muthoot Finance Ltd CRISIL AA 1.30ECL Finance Limited BRICKWORK BWR AA 1.23Ananta Landmarks Pvt Ltd. UNRATED 1.13Edelweiss Agri Value Chain Limited ( Unconditional and irrevocable guarantee from Edelweiss Financial Services Limited) CARE AA(SO) 1.13Tata Steel Limited(^) BRICKWORK BWR AA 1.12Asirvad Microfinance Private Limited ( 85 subsidiary of Manappuram Finance Ltd ) CRISIL A+ 0.79Dalmia Cement (Bharat) Ltd ICRA AA 0.77ECL Finance Limited CARE AA 0.59Piramal Finance Limited(^) ICRA AA 0.59Kolte-Patil Developers Limited CRISIL A+ 0.56Manappuram Finance Ltd CRISIL AA- 0.56SP Jammu Udhampur Highway Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 0.56

SBK Properties Pvt Ltd. ( Guaranteed by a Kalyani Group company ) ICRA AA- 0.54Bhopal Dhule Transmission Company Ltd. CRISIL AAA 0.40Continental Drug Company P Ltd ( Secured by Equity shares of Zee Entertainment Enterprises Ltd ) BRICKWORK BWR A+ 0.36Nabha Power Ltd. ( backed by unconditional and irrevocable guarantee by Larsen & Toubro Ltd ) ICRA AAA 0.34Tata Capital Financial Services Limited ICRA AA+ 0.34Essel Lucknow Raebareli Toll Roads Limited CARE AAA 0.33Piramal Enterprises Limited ICRA AA 0.23Mandava Holdings Private Limited ( backed by unconditional and irrevocable undertaking by Axis Capital ) ICRA AAA 0.18Indostar Capital Finance Private Limited CARE AA- 0.05Shriram Transport Finance Co Ltd. CRISIL AA+ 0.04LIC Housing Finance Ltd. CRISIL AAA 0.02Corporate Debt/Financial Institutions - Total 75.81Public Sector Undertakings U P Power Corporation Ltd ( Guaranteed By UP State Government ) (^) FITCH IND AA(SO) 4.14PNB Housing Finance Ltd. CARE AAA 3.82Union Bank of India CARE AA 1.46Corporation Bank CRISIL A 1.21Oriental Bank of Commerce ICRA A 1.21Punjab & Sind Bank ICRA A+ 1.11Bank of India CRISIL A+ 0.93Power Grid Corporation of India Ltd. CRISIL AAA 0.81Bank Of Baroda CARE AA 0.80Andhra Bank CRISIL AA- 0.56Indian Railway Finance Corporation Ltd. CRISIL AAA 0.56Syndicate Bank CARE AA- 0.52Bank Of Baroda CARE AA+ 0.46Canara Bank CRISIL AAA 0.23Allahabad Bank CRISIL AA- 0.22Bank of India BRICKWORK BWR AA- 0.14Konkan Railway Corporation Ltd. ICRA AAA 0.12Steel Authority of India Ltd. FITCH IND AA 0.02Public Sector Undertakings - Total 18.32Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions JM Financial Products Limited CRISIL A1+ 2.14S D Corporation Private Limited ( DSRA Guarantee from Shapoorji Pallonji and Company Private Limited) CARE A1+(SO) 0.99Corporate Debt/Financial Institutions - Total 3.13


ALLOCATION (%)

RATING PROFILE (%)

94.13 3.13 2.23 0.51

Debentures and Bonds Commercial Paper (CP)/Certi�cate of Deposits (CD)Net Current Assets


59.15 24.59 12.39 2.231.13

0.51

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

A+, BWR A+, IND A+, A Net Current Assets Unrated CBLO & Term Deposits & Rev.Repo

28




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), Quarterly (20th of Mar, Jun, Sep and Dec of every Year)

Ratios



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

Ideal Investment Horizon: 1 Year & Above




Investment Style:


`1,103.91 crs`1,054.70 crs

Mr. Deepak Agrawal*

(As on July 31, 2017)

PORTFOLIO

Notes: (^) Fully or Party blocked against Interest Rate Swap (IRS). Hedging Position through Interest Rate Swaps as on 31 Jul 2017 is 9.03% of the net assets.


Kotak Corporate Bond Fund NAV as on July 31, 2017: ̀ 2195.2063 (Standard Plan-Growth Option), ̀ 1051.3862 (Standard Plan-Monthly Dividend), `1057.9437 (Standard Plan-Quarterly Dividend), `2234.5463 (Direct Plan- Growth Option), `1105.2306 (Direct Plan- Monthly Dividend)

$Standard Deviation

Modified Duration

Portfolio Yield

1.21%

1.15yrs

7.04%



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 LIC Housing Finance Ltd. CARE AAA 9.04Bhopal Dhule Transmission Company Ltd. CRISIL AAA 7.62Mahindra & Mahindra Financial Services Ltd.(^) FITCH IND AAA 7.40Reliance Jio Infocomm Limited(^) CRISIL AAA 7.17Nabha Power Ltd. ( backed by unconditional and irrevocable guarantee by Larsen & Toubro Ltd ) ICRA AAA 5.59Indiabulls Housing Finance Limited CARE AAA 4.12Dewan Housing Finance Corporation Ltd. CARE AAA 2.75ICICI Home Finance Company Limited ICRA AAA 2.55HDB Financial Services Ltd. CRISIL AAA 1.64Indiabulls Housing Finance Limited ICRA AAA 1.18LIC Housing Finance Ltd. CRISIL AAA 0.97SP Jammu Udhampur Highway Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 0.64HDFC Ltd. CRISIL AAA 0.54IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.51Bajaj Finance Limited FITCH IND AAA 0.23Ultratech Cement Ltd. CRISIL AAA 0.16


PNB Housing Finance Ltd. CARE AAA 5.44Power Grid Corporation of India Ltd. CRISIL AAA 4.24ONGC Manglore Petrochemicals Ltd. FITCH IND AAA 3.87Canara Bank CRISIL AAA 2.44Power Finance Corporation Ltd.(^) CRISIL AAA 1.37Export-Import Bank of India. CRISIL AAA 1.07Rural Electrification Corporation Ltd. CRISIL AAA 0.95National Housing Bank CRISIL AAA 0.73Powergrid Vizag Transminssion Ltd. ( backed by unconditional and irrevocable guarantee by Powergrid Corp ) CRISIL AAA(SO) 0.66National Bank for Agriculture & Rural Development CRISIL AAA 0.47Indian Railway Finance Corporation Ltd. CRISIL AAA 0.45Airports Authority of India CRISIL AAA 0.09

Public Sector Undertakings - Total 21.78Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions HDFC Bank Ltd. CARE A1+ 9.02BMW India Financial Services Private Limited CRISIL A1+ 4.01



ALLOCATION (%)

RATING PROFILE

86.92 6.69 6.39

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

73.89 13.03 6.69 6.39

Debentures and Bonds Commercial Paper (CP)/Certi�cate of Deposits (CD)CBLO & Term Deposits & Rev.Repo

Net Current Assets

�In the short run the market is a voting machine, but in the long run it is a weighing machine.�

29

Details p

rovid

ed are as o

n Ju

ly 31st, 2017. N

ote: ^

UST =

Ultra Sh

ort Term

plan

, ^^

STP= Sh

ort Term

plan

. **AA

A also

inclu

des A

1+,A

1+(SO

), AA

A(SO

), IND

AA

A , N

et curren

t Assets, C

BLO

, Term D

epo

sit and

Rev rep

o. Fo

r Ko

tak Gilt Fu

nd

: Cash

and

Cash

Equ

ivalent is in

clud

ed u

nd

er Gilt.

For Liq

uid

schem

es ( Ko

tak Liqu

id Sch

eme an

d K

otak Flo

ater Sho

rt Term ) an

d Liq

uid

plu

s schem

es (Ko

tak Treasury A

dvan

tage an

d K

otak Lo

w D

uratio

n) T-b

ill is inclu

ded

in A

AA

. �AA

� inclu

des A

A,A

A+

,AA

-.

Nil

Nil

40.71% A

AA

52.78% A

A

25.51% A

AA

64.11% G

ilt8.65%

AA

YTM

%Exit Lo

adM

on

thly

Avg

. AU

M

(Rs cro

res)

Averag

e M

aturity

(years)

Cu

rrent Po

rtfolio

Q

uality**

Ideal In

vestmen

t H

orizo

nK

ey Differen

tiator

6.36

6.45

6.87

7.76

7.04

7.18

7.12

8.34

8.37

7.24

7.26

6.81

Nil

12,972.25

12,549.83

8,982.59

5,906.46

1,103.91

1,100.77

8,390.00

4,394.07

4,456.34

1,136.57

3,075.83

627.95

0.12

0.12

0.62

1.16

1.37

2.92

2.49

2.59

3.45

6.57

11.26

11.45

100% A

AA

1-15 days

1-15 days

1-3 Mo

nth

s

1-3 Mo

nth

s

6 Mo

nth

san

d ab

ove

6 Mo

nth

s an

d ab

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6 Mo

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1 Year and

abo

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2.5 Yearsan

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6 Mo

nth

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abo

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1 Year and

abo

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Matu

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ays

Matu

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Mo

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< 6 m

on

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Mo

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du

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betw

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80-100% co

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Hig

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Avg

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1-3 years

Up

to 65%

in >

1 yr pap

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nm

ispriced

credits

Avg

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3-7 years

Dyn

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has n

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ove 5 years.

Dyn

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o cap

on

du

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Dyn

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y,n

o cap

on

du

ration

0.12

0.12

0.54

0.96

1.15

2.26

2.01

2.02

2.61

4.77

6.69

6.80

Nil

87.27% A

AA

12.73% A

A

Nil

100% A

AA

Nil

59.38% A

AA

,17.93%

Gilt

22.69% A

A

Nil

Nil

100% G

ilt

Nil

78.34% A

AA

,21.63%

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0.03% A

A

99.49% A

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28.62% A

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69.18% G

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With

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of

investm

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Nil W

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After 18 m

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With

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59.14% A

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Ad

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Ko

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Ko

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

Kotak 50

Kotak Midcap

Kotak Opportunities

Kotak Classic Equity

Kotak Select Focus Fund

Kotak Tax Saver

Kotak Emerging Equity Scheme

Equity Scheme

Kotak Balance Fund

Kotak Equity Savings Fund

Kotak Equity Arbitrage 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

Equity Funds Ready Reckoner

The performance and the other funds managed by the fund managers, please refer to page No. 45-55. Details provided are as on July 31st, 2017. Ratio Source: ICRA MFI Explorer. Risk rate assumed to be 6.25% . *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 mcapabove 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 & inmultiples of 500. For all other Equity Schemes : Minimum Initial Investment: 5000. Additional Investment: 1000 & inmultiples of 1"

(24254 to 1978 crs)*MIDCAP

DEBT + CASH

LARGECAP(>24254 crs)*

(<1978 crs)*

SMALLCAPN/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 Opportunities

Kotak Select Focus Fund

Kotak Tax Saver

Kotak Midcap

Kotak Emerging Equity Scheme

Kotak Infrastructure

& Economic Reform Fund

Kotak Balance Fund

Kotak Equity Arbitrage 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

Monthly AAUM

(Rs. Crs)Benchmark

Fund Manager Mcap (%)

Mr. Harish Krishnan

1,392.11

106.20

1,728.87

12,253.02

668.02

709.71

2,132.31

308.03

1,809.89

7,260.07

798.35

Underweight

1. Financial Services2. IT3. Metals

Beta

0.98

0.98

1.02

1.01

1.07

1.01

0.93

0.90

1.14

0.47

0.96

13.55

13.30

14.07

14.14

15.12

15.33

15.05

14.98

10.72

0.47

3.41

0.61

0.53

0.90

0.96

0.83

1.03

1.17

0.80

0.63

0.93

0.61

Nifty 50

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

Nifty 100

Nifty 500

Nifty 200

Nifty 500

Nifty Midcap

100

S&P BSE Mid

Small Cap

S&P BSE 100

Crisil Balanced

Fund

Nifty 50 Arbitrage

Index

75% of Nifty 50

Arbitrage Index + 25% of Nifty 50

N/A

N/A

34.6327.624.1233.63

75.5717.007.43

62.9034.381.311.40

17.5361.8215.994.66

N/A

Overweight

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

1. Energy 2. Metals3. IT

1. Cement & Cement Products2. Energy3. Fertilisers & Pesticides

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

1. Energy2. Cement & Cement Products3. Industrial Manufacturing

1. Media & Entertainment2. Industrial Manufacturing3. Chemicals

1. Industrial Manufacturing2. Media & Entertainment3. Chemicals

N/A

N/A

N/A

N/A

1. Financial Services2. Consumer Goods3. Constructions

1. Information technology2. Metals3. Consumer Goods

1. Information technology2. Metals3. Consumer Goods

1. Consumer Goods2. Information technology3. Metals

1. Energy2. Consumer Goods3. Metals

1. Energy2. Consumer Goods3. Metals

N/A

N/A

N/A

N/A

69.2627.593.15

75.2522.891.86

85.759.300.564.40

22.9354.5119.782.79

Standard Deviation

Sharpe 3 yearsAlpha

5.23%

2.41%

7.03%

9.09%

6.85%

3.49%

5.57%

8.4%

3%

0.23%

NAKotak Equity Savings Fund

Scheme Name




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: i) 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.

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

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


Investment Style:


` 4,456.34 crs` 4,515.88 crs

Mr. Deepak Agrawal*

(As on July 31, 2017)

PORTFOLIO



Kotak Medium Term Fund NAV as on July 31, 2017: `13.9284 (Growth Option), `14.3887 (Direct Growth Option),`10.6110 (Quarterly Dividend), ̀ 10.6244 (Direct Quarterly Dividend), ̀ 10.7979 (Annual Dividend), ̀ 14.4235 (Direct Annual Dividend).

$Standard Deviation

Modified Duration

Portfolio Yield

2.27%

2.61yrs

8.37%


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 InstitutionsReliance Jio Infocomm Limited(^) CRISIL AAA 8.20K Raheja IT Park (Hyderabad) Ltd. FITCH IND AAA(SO) 4.44Nuvoco Vistas Corporation Ltd.(^) CRISIL AA 4.42HPCL Mittal Energy Ltd. ICRA AA 3.26Piramal Finance Limited(^) ICRA AA 3.21Vizag General Cargo Berth Private Limited ( backed by unconditional and irrevocable guarantee of Vedanta Ltd ) CRISIL AA(SO) 3.02Dalmia Cement (Bharat) Ltd ICRA AA 3.00Edelweiss Housing Finance Limited ICRA AA 2.94AXIS Bank Ltd. CRISIL AA+ 2.57Tata Power Company Ltd.(^) CRISIL AA- 2.46Vedanta Ltd.(^) CRISIL AA 2.40Birla Corporation Ltd. CARE AA 2.02Nirma Ltd.(^) CRISIL AA 2.01ECL Finance Limited ICRA AA 1.81Prestige Estates Projects Limited ICRA A+ 1.68Reliance Utilities And Power Private Limited CRISIL AAA 1.63Tata Steel Limited CARE AA 1.51The Indian Hotels Company Ltd. CARE AA+ 1.45HPCL Mittal Pipelines Ltd. ICRA AA 1.26Ananta Landmarks Pvt Ltd. UNRATED 1.12Bhopal Dhule Transmission Company Ltd. CRISIL AAA 1.07Indiabulls Housing Finance Limited CARE AAA 1.01Tata Steel Limited BRICKWORK BWR AA 1.00Muthoot Finance Ltd CRISIL AA 0.90Edelweiss Agri Value Chain Limited ( Unconditional and irrevocable guarantee from Edelweiss Financial Services Limited) CARE AA(SO) 0.89Janalakshami Financial Services Ltd. ICRA A 0.88Essel Lucknow Raebareli Toll Roads Limited CARE AAA 0.79Tata Power Renewable Energy Ltd. ( Guaranteed by Tata Power Company Ltd) CARE AA(SO) 0.75SBK Properties Pvt Ltd. ( Guaranteed by a Kalyani Group company ) ICRA AA- 0.61AU Small Finance Bank Ltd. FITCH IND A+ 0.60Bajaj Finance Limited CARE AAA 0.56East-North Interconnection Company Limited CRISIL AAA(SO) 0.56L & T Housing Finance Ltd. CARE AA+ 0.56Reliance Ports And Terminals Limited(^) CRISIL AAA 0.56Tata Motors Ltd. CARE AA+ 0.55

ECL Finance Limited BRICKWORK BWR AA 0.44Asirvad Microfinance Private Limited ( 85 subsidiary of Manappuram Finance Ltd ) CRISIL A+ 0.42Intime Properties Ltd. FITCH IND AAA 0.32IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.23Tata Capital Financial Services Limited ICRA AA+ 0.22Mandava Holdings Private Limited ( backed by unconditional and irrevocable undertaking by Axis Capital ) ICRA AAA 0.17LIC Housing Finance Ltd. CRISIL AAA 0.11SP Jammu Udhampur Highway Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 0.11Corporate Debt/Financial Institutions - Total 67.72Public Sector Undertakings U P Power Corporation Ltd ( Guaranteed By UP State Government ) FITCH IND AA(SO) 7.34PNB Housing Finance Ltd.(^) CARE AAA 3.98Power Finance Corporation Ltd. CRISIL AAA 2.86Oriental Bank of Commerce ICRA A 1.86Bank Of Baroda CARE AA 1.69Andhra Bank(^) CRISIL AA- 1.61Union Bank of India CARE AA 1.36Indian Railway Finance Corporation Ltd. CRISIL AAA 1.33Bank of India CRISIL A+ 1.15Punjab & Sind Bank ICRA A+ 1.10Corporation Bank CRISIL A 0.98IDBI Bank Ltd ICRA BBB- 0.81Syndicate Bank CARE AA- 0.58Union Bank of India FITCH IND AA 0.55Bank of India BRICKWORK BWR AA- 0.51Bank of Maharashtra CARE CARE BBB+ 0.47State Bank of Travancore CRISIL AAA 0.25Konkan Railway Corporation Ltd. ICRA AAA 0.12Public Sector Undertakings - Total 28.55Government Dated Securities 1.44% Central Government SOV 0.35Government Dated Securities - Total 0.35Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions BMW India Financial Services Private Limited CRISIL A1+ 0.11Corporate Debt/Financial Institutions - Total 0.11


ALLOCATION (%)

RATING PROFILE (%)

96.27 3.03 0.35 0.240.11


Net Current Assets



Commercial Paper (CP)/Certi�cate of Deposits (CD)

56.9028.76 8.67 3.03

1.281.12

0.24

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

A+, IND A+, A Net Current Assets BBB-, CARE BBB+ Unrated CBLO & Term Deposits & Rev.Repo

30



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.







Investment Style:


`3,075.83 crs`2,971.73 crs

Mr. Abhishek Bisen*

(As on July 31, 2017)

PORTFOLIO

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 11.26 years.Kotak Bond Fund NAV as on July 31, 2017: `48.0354 (Growth Option), `49.7050 (Direct Growth Option),`10.9079 (Quarterly Dividend), ̀ 13.4518 (Direct Quarterly Dividend), ̀ 29.4297 (Annual Dividend), ̀ 22.4660 (Direct Annual Dividend)

$Standard Deviation

Modified Duration

Portfolio Yield

6.91%

6.69yrs

7.26%


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 InstrumentsDebentures and Bonds Corporate Debt/Financial Institutions Mahindra & Mahindra Financial Services Ltd. FITCH IND AAA 5.00

IDFC Bank Limited ICRA AAA 0.85East-North Interconnection

Company Limited CRISIL AAA(SO) 0.80

HDFC Ltd. CRISIL AAA 0.04Vedanta Ltd. CRISIL AA 0.03

Hindalco Industries Ltd. CRISIL AA 0.01


U P Power Corporation Ltd ( Guaranteed By UP State Government ) FITCH IND AA(SO) 5.62

Nuclear Power Corporation Of


Andhra Bank CRISIL AA- 2.97

Allahabad Bank FITCH IND A 1.73State Bank Of India. CRISIL AA+ 0.01

Public Sector Undertakings - Total 14.57Government Dated Securities

6.79% Central Government SOV 32.547.61% Central Government SOV 18.077.73% Central Government SOV 6.81

6.62% Central Government SOV 5.851.44% Central Government SOV 0.367.06% Central Government SOV 0.27

7.19% State Government SOV 0.098.72% State Government SOV 0.09


Government Dated Securities - Total 64.12Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions





Maturity

Low

Medium

High

ALLOCATION (%)

RATING PROFILE (%)

64.12 21.30 9.37 5.02

0.19

Government Dated Securities Debentures and BondsNet Current Assets

Commercial Paper (CP)/Certi�cate of Deposits (CD)CBLO & Term Deposits & Rev.Repo

80.07 9.37 8.64 1.73

0.19

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


�An investment in knowledge pays the best interest.�

31



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:


` 627.95 crs`656.34 crs

Mr. Abhishek Bisen*

(As on July 31, 2017)

PORTFOLIO

Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 11.45 years.

Kotak Gilt Investment Fund NAV as on July 31, 2017: `59.0704 (Regular-Growth), `61.7949 (Regular-Growth-Direct),`13.1623 (Quarterly-Dividend), `13.9524 (Quarterly-Dividend Direct), `60.4328 (PF & Trust-Growth), `63.2756 (PF & Trust-Growth Direct), `11.7667 (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

















Grand Total 100

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

Modified Duration

Portfolio Yield

7.97%7.97%

6.80 yrs

6.81%

ALLOCATION (%)

RATING PROFILE (%)

83.33 14.93 1.74

Government Dated Securities CBLO & Term Deposits & Rev.Repo Net Current Assets

83.33 14.93 1.74

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

�Four most dangerous words in investing '' it's different this time''�

32



Benchmark: CRISIL MIP Blended


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: i) 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. ii) If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1%.iii) If units are redeemed or switched out on or after 1 year from the date of allotment: Nil.


Investment Style:


` 319.46 crs`331.07 crs

Mr. Devender Singhal & Mr. Abhishek Bisen*

(As on July 31, 2017)

PORTFOLIO

Note: Term Deposit as provided above is towards margin for derivatives transactions.Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments 7.52 years.Kotak Monthly Income Plan Fund NAV as on July 31, 2017: `29.2107 (Growth Option), `30.4707 (Direct Growth Option),`13.2323 (Monthly Dividend), ̀ 13.5719 (Direct Monthly Dividend), ̀ 14.4716 (Quarterly Dividend), ̀ 14.9654 (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


yletaredo

M

Moderate

Low

Low

High

LOW HIGH

Moderately

$Standard Deviation

Modified Duration

Portfolio Yield

3.92%

4.87yrs

7.43%

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


Exchange)




Bata India Ltd. Consumer Durables 0.98


Tata Motors Ltd. Auto 0.85


Tata Communications Ltd Telecom - Services 0.81



Jubilant Foodworks Limited Consumer Non Durables 0.60

Manpasand Beverages Ltd. Consumer Non Durables 0.57

Eris Lifesciences Ltd Pharmaceuticals 0.54

Whirlpool of India Ltd. Consumer Durables 0.50

India Cements Ltd. Cement 0.49

Federal Bank Ltd. Banks 0.46

Godfrey Phillips India Ltd. Consumer Non Durables 0.46

MindTree Ltd. Software 0.45

HDFC Ltd. Warrants Finance 0.44

Phillips Carbon Black Ltd. Chemicals 0.44

VST Industries Limited Consumer Non Durables 0.42


Hindalco Industries Ltd Non - Ferrous Metals 0.40



GP Petroleums Limited Petroleum Products 0.36

TV18 Broadcast Ltd Media and Entertainment 0.36

Granules India Ltd. Pharmaceuticals 0.34

Tata Steel Limited. Ferrous Metals 0.34

AU Small Finance Bank Ltd. Banks 0.25

Mcleod Russel India Ltd Consumer Non Durables 0.24

The Ramco Cements Ltd Cement 0.23

JMC Projects (India) Ltd Construction 0.20



JK Cement Ltd. Cement 0.01


Debt Instruments



Mahindra & Mahindra Financial

Services Ltd. FITCH IND AAA 4.49

LIC Housing Finance Ltd. CRISIL AAA 0.79



Vijaya Bank ICRA AA- 3.70

Syndicate Bank CARE AA- 3.15

Punjab & Sind Bank ICRA A+ 2.99










TERM DEPOSITS

AXIS Bank Ltd. 0.18




Grand Total 100.00

Style ALLOCATION (%)

RATING PROFILE (%)

55.29 19.76 15.12 8.88 0.95

Government Dated Securities Equities Debentures and BondsCBLO & Term Deposits & Rev.Repo

Net Current Assets

60.57 19.76 8.88 6.852.99

0.95

AAA, IND AAA, SOV EquitiesCBLO & Term Deposits & Rev.Repo AA- A+Net Current Assets

High

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


Large

Mid

Small

33



Benchmark:


Allotment date: January 21, 2011KOTAK MULTI ASSET ALLOCATION FUND

Investment ObjectiveThe investment objective of the scheme is to g e n e r a t e i n c o m e b y i n v e s t i n g predominantly in debt and money market securities, to generate growth by taking moderate exposure to equity and equity re l a t ed i n s t r umen t s and p rov i de diversification by investing in Gold ETFs. 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), Annual (12th of March)Ratios

$Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Minimum Investment AmountInitial Investment: `10000 and in multiple of `1 for purchase and for `0.01 for switchesAdditional Investment: `1000 & in multiples of ̀ 1Ideal Investments Horizon: 1 year & aboveLoad StructureEntry Load: Nil. (applicable for all plans)Exit Load: i) For exit within 1 year from thedate of allotment of units: 1%. ii) For exitafter 1 year from the date of allotmentof units: Nil. iii) Any exit load charged (netoff Service Tax, if any) shall be credited backto the Scheme.Note - Units issued on reinvestment ofdividends shall not be subject to exit load(applicable for all plans)


`15.83 crs`15.86 crs

Mr. Deepak Gupta & Mr. Abhishek Bisen*

(As on July 31, 2017)

PORTFOLIO

Note: Term Deposit as provided above is towards margin for derivatives transactions.Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments: 4.00 years.Kotak Multi Asset Allocation Fund NAV as on July 31, 2017: `16.9028 (Growth Option), `17.8423 (Direct Growth Option),`14.0948 (Monthly Dividend), ̀ 12.5190 (Quarterly Dividend), `13.0217 (Direct Quarterly Dividend), `11.8857 (Annual Dividend), `12.6676 (Direct Annual Dividend)


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

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

$Standard Deviation

Modified Duration

Portfolio Yield

3.15%

3.03yrs

7.32%

An Open - Ended Hybrid Scheme 65% CRISIL Short Term Bond Fund, 25% Nifty 50 and 10% Price of Gold.

Investment Style:



Exchange)Bharat Petroleum Corporation Ltd. Petroleum Products 0.98Power Grid Corporation Of India Ltd Power 0.94Yes Bank Ltd Banks 0.89IndusInd Bank Ltd. Banks 0.88Hindalco Industries Ltd Non - Ferrous Metals 0.85ITC Ltd. Consumer Non Durables 0.83Tata Steel Limited. Ferrous Metals 0.82Reliance Industries Ltd. Petroleum Products 0.81Infosys Ltd. Software 0.73National Thermal Power Corporation Limited Power 0.71Grasim Industries Ltd. Cement 0.70Bajaj Finance Limited Finance 0.67Hero MotoCorp Ltd. Auto 0.56Laurus Labs Ltd Pharmaceuticals 0.51Hindustan Unilever Ltd. Consumer Non Durables 0.49Maruti Suzuki India Limited Auto 0.44HDFC Ltd. Finance 0.40Petronet LNG Ltd. Gas 0.35Tata Motors Ltd. Auto 0.33Zee Entertainment Enterprises Ltd Media and Entertainment 0.32ICICI Bank Ltd. Banks 0.30The Ramco Cements Ltd Cement 0.30Axis Bank Ltd Banks 0.28Eicher Motors Ltd Auto 0.28Piramal Enterprises Limited Pharmaceuticals 0.28Tata Consultancy Services Ltd. Software 0.28AU Small Finance Bank Ltd. Banks 0.25JSW Steel Ltd. Ferrous Metals 0.25Housing & Urban Development Corporation Ltd Finance 0.23Bajaj Finserv Ltd. Finance 0.22Vedanta Ltd. Non - Ferrous Metals 0.22Larsen And Toubro Ltd. Construction Project 0.19Muthoot Finance Ltd Finance 0.19State Bank Of India Banks 0.19Aditya Birla Capital Ltd Finance 0.17HCL Technologies Ltd. Software 0.16Tata Motors Ltd - DVR Auto 0.16

Indian Oil Corporation Ltd Petroleum Products 0.14S Chand And Company Ltd Media and Entertainment 0.13Wipro Ltd. Software 0.13Central Depository Services (India) Ltd Finance 0.12HDFC Bank Ltd. Banks 0.11Oil & Natural Gas Corporation Ltd. Oil 0.11Indraprastha Gas Ltd. Gas 0.10Hindustan Petroleum Corporation Ltd Petroleum Products 0.09Tata Communications Ltd Telecom - Services 0.07Tech Mahindra Ltd. Software 0.06Biocon Ltd. Pharmaceuticals 0.05Hindustan Zinc Ltd. Non - Ferrous Metals 0.03Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.02Listed/Awaiting Listing on Stock Exchange - Total 18.32Mutual Fund Units Kotak Mutual Fund - Kotak Gold ETF Mutual Fund Units 9.70Mutual Fund Units - Total 9.70Futures CNX NIFTY-AUG2017 -1.43Futures (Market value represents Notional Value) - Total -1.43Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions Hindalco Industries Ltd. CRISIL AA 5.44Corporate Debt/Financial Institutions - Total 5.44Government Dated Securities 8.45% State Government SOV 19.948.53% State Government SOV 19.907.29% State Government SOV 12.538.72% State Government SOV 10.03Government Dated Securities - Total 62.40


Net Current Assets/(Liabilities) 3.99Grand Total 100.00

ALLOCATION (%)

RATING PROFILE (%)

62.40 18.32 9.70 5.44 3.99 1.58- 1.43

Government Dated Securities Equities Mutual Fund UnitsDebentures and Bonds Net Current AssetsCBLO & Term Deposits & Rev.RepoDerivatives

62.40 18.32 9.70 5.44 3.99 1.58

SOV Equities Mutual Fund Units AA Net Current Assets


Derivatives

- 1.43

Riskometer

yletaredo

M

Moderate

Low

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Low

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LOW HIGH

Moderately

Product Label

Investors understand that their principal will be at moderately high risk �Focus on the price of the company rather than price of the share�

Style


Large

Mid

Small

34

Details of exposure across all Debt Funds of Kotak Mahindra Mutual Fund as on July 31, 2017

Issuer Name%age of Exposure

to Debt AUM $ Issuer Name%age of Exposure

to Debt AUM $AU Small Finance Bank Ltd. 0.18AXIS Bank Ltd. 4.32Aasan Corporate Solutions Private Limited ( Guaranteed by a Piramal Group Company ) 0.10Adani Power Ltd ( Secured by Equity shares of Adani Ports and SEZ Ltd, Adani Transmission and Adani Enterprises) 0.29Adani Transmission Ltd 0.14Aditya Birla Finance Ltd. 0.28Airports Authority of India 0.04Allahabad Bank 0.14Altico Capital India Pvt Ltd 0.14Ananta Landmarks Pvt Ltd. 0.14Andhra Bank 0.40Asirvad Microfinance Private Limited ( 85% subsidiary of Manappuram Finance Ltd ) 0.08Aspire Home Finance Corporation Ltd 0.10BMW India Financial Services Private Limited 0.21Bajaj Capital Ventures Pvt. Ltd. ( Secured by Equity shares of Bajaj Corp. Ltd ) 0.11Bajaj Finance Limited 1.96Bank Of Baroda 0.57Bank of India 0.22Bank of Maharashtra 0.03Barclays Investments & Loan (India) Ltd. 0.07Bhopal Dhule Transmission Company Ltd. 0.28Birla Corporation Ltd. 0.13CBLO/REVERSE REPO 1.90Camden Industries Ltd. ( backed by unconditional and irrevocable undertaking of Axis Capital ) 0.07Canara Bank 0.18Canfin Homes Ltd 0.07Central Government 17.80Cholamandalam Investment and Finance Company Ltd 0.01Continental Drug Company P Ltd ( Secured by Equity shares of Zee Entertainment Enterprises Ltd ) 0.32Corporation Bank 0.14DLF Emporio Ltd 0.14Dalmia Cement (Bharat) Ltd 0.28Dewan Housing Finance Corporation Ltd. 0.21ECL Finance Limited 1.06East-North Interconnection Company Limited 0.08Edelweiss Agri Value Chain Limited ( Unconditional and irrevocable guarantee from Edelweiss Financial Services Limited) 0.40Edelweiss Commodities Services Ltd. 0.41Edelweiss Housing Finance Limited 0.28Edisons Utility Works Pvt.Ltd. ( Secured by Equity shares of Zee Entertainment Enterprises Ltd ) 0.16Emami Enclave Makers Pvt Ltd. ( Secured by Equity shares of Emami Ltd ) 0.07Essel Lucknow Raebareli Toll Roads Limited 0.07Export-Import Bank of India. 0.80Family Credit Ltd. 0.06Ford Credit India Pvt. Ltd. 0.07Fullerton India Credit Co. Ltd. 0.14Grand View Estates Pvt Ltd ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.26Gruh Finance Ltd 0.35HDB Financial Services Ltd. 0.28HDFC Bank Ltd. 3.38HDFC Ltd. 4.33HPCL Mittal Energy Ltd. 0.50HPCL Mittal Pipelines Ltd. 0.35Hero Cycles Ltd. 0.04High Point Properties Pvt LTD ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.12Hindalco Industries Ltd. 0.00Hinduja Leyland Finance Ltd. 0.14ICICI Bank Ltd. 0.14ICICI Home Finance Company Limited 0.43IDBI Bank Ltd 0.05IDFC Bank Limited 1.05IIFL Wealth Finance Ltd. 0.24IL & FS Transportation Networks Limited ( Secured by Equity shares of IL & FS Ltd ) 0.10IOT Utkal Energy Services Ltd. 0.11India Infoline Finance Limited 0.69India Infoline Housing Finance Ltd. 0.27Indiabulls Housing Finance Limited 1.42Indian Oil Corporation Ltd. 0.02Indian Railway Finance Corporation Ltd. 0.59Indostar Capital Finance Private Limited 0.14IndusInd Bank Ltd. 0.10Innovador Traders Pvt Ltd ( backed by unconditional and irrevocable undertaking by Piramal ) 0.58Intime Properties Ltd. 0.10JM Financial Products Limited 0.33Janalakshami Financial Services Ltd. 0.21K Raheja IT Park (Hyderabad) Ltd. 0.42Karelides Traders Private Ltd. ( backed by unconditional and irrevocable undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd ) 0.34Kolte-Patil Developers Limited 0.06Konkan Railway Corporation Ltd. 0.02Kotak Mahindra Investments Ltd. 0.21

Kotak Mahindra Prime Ltd. 1.24L & T Housing Finance Ltd. 0.03LIC Housing Finance Ltd. 1.50Larsen and Toubro Ltd. 0.41MA MULTI TRADE PVT LTD ( Secured by Equity shares of Bajaj Corp. Ltd ) 0.11Mahindra & Mahindra Financial Services Ltd. 1.47Manappuram Finance Ltd 0.92Mandava Holdings Private Limited ( backed by unconditional and irrevocable undertaking by Axis Capital ) 0.19Muthoot Finance Ltd 1.91Muthoot Fincorp Ltd. 0.04Nabha Power Ltd. ( Backed by Letter of Comfort from L&T ) 0.54Nabha Power Ltd. ( backed by unconditional and irrevocable guarantee by Larsen & Toubro Ltd ) 1.71National Bank for Agriculture & Rural Development 1.87National Housing Bank 0.18Nirma Ltd. 0.64Nuclear Power Corporation Of India Ltd. 0.17Nuvoco Vistas Corporation Ltd. 0.56ONGC Manglore Petrochemicals Ltd. 0.63Oriental Bank of Commerce 0.34PNB Housing Finance Ltd. 1.32Piramal Enterprises Limited 0.01Piramal Finance Limited 1.80Power Finance Corporation Ltd. 3.39Power Grid Corporation of India Ltd. 0.34Powergrid Vizag Transminssion Ltd. ( backed by unconditional and irrevocable guarantee by Powergrid Corp ) 0.03Prestige Estates Projects Limited 0.28Pune Solapur Expressways Pvt. Ltd. ( toll road project of Tata Realty & Infrastructure Ltd, 100% subsidiary of Tata Sons ) 0.12Punjab & Sind Bank 0.17Punjab National Bank 0.04Reliance Industries Ltd. 2.07Reliance Infrastructure Ltd ( Backed by SBLC of ICICI Bank) 0.04Reliance Jio Infocomm Limited 3.15Reliance Ports And Terminals Limited 0.17Reliance Utilities And Power Private Limited 0.10Rural Electrification Corporation Ltd. 0.79S D Corporation Private Limited ( DSRA Guarantee from Shapoorji Pallonji and Company Private Limited) 0.70SBK Properties Pvt Ltd. ( Guaranteed by a Kalyani Group company ) 0.07SP Jammu Udhampur Highway Ltd. ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.10Sahyadri Agencies Ltd ( Secured by Equity shares of Jyothy Laboratories Ltd ) 0.26Shapoorji Pallonji Energy Gujarat Private Limited ( backed by unconditional and irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.08Shapoorji Pallonji and Company Private Limited 0.21Sheba Properties Ltd. 0.28Shriram City Union Finance Ltd. 0.17Shriram Transport Finance Co Ltd. 1.05Small Industries Development Bank Of India. 1.34Sneha Abasan Pvt Ltd ( Secured by Equity shares of Emami Ltd ) 0.05Sneha Enclave Pvt Ltd ( Secured by Equity shares of Emami Ltd ) 0.03State Bank Of India. 0.18State Bank of Travancore 0.07State Government 2.73Steel Authority of India Ltd. 2.08Sun Pharma Laboratories Limited 0.41Sundaram BNP Paribas Home Finance Ltd 0.07Sundaram Finance Ltd. 0.02Suraksha Realty Ltd ( Secured by Equity shares of Sun Pharmaceuticals Industries Ltd ) 1.30Syndicate Bank 0.12TGS Investment & Trade Private Ltd. 0.03Tata Capital Financial Services Limited 0.83Tata Capital Housing Finance Ltd; 0.08Tata Chemicals Ltd. 0.28Tata Motors Finance Ltd 0.30Tata Motors Finance Solutions Private Limited 0.14Tata Motors Ltd. 0.98Tata Power Company Ltd. 0.47Tata Power Renewable Energy Ltd. ( Guaranteed by Tata Power Company Ltd) 0.24Tata Sons Ltd. 0.10Tata Steel Limited 0.94The Indian Hotels Company Ltd. 0.09Trapti Trading & Investments Private Limited 0.10Trends In Vogue Pvt Ltd. ( backed by unconditional and irrevocable undertaking by Axis Capital ) 0.24U P Power Corporation Ltd ( Guaranteed By UP State Government ) 1.04Ultratech Cement Ltd. 0.02Union Bank of India 0.30Varun Beverages Limited 0.21Vedanta Ltd. 1.63Vijaya Bank 0.06Vizag General Cargo Berth Private Limited ( backed by unconditional and irrevocable guarantee of Vedanta Ltd ) 0.30Total 100.00

Industry / Sector %age of Exposure to Debt AUM $

BANK 10.12CASH(CBLO/REVERSE REPO) 1.97CORPORATES 28.94FINANCIAL SERVICES 22.69GOI/TBILLS 17.83NBFC 17.37REAL ESTATE 1.08Total 100.00

$ - Includes Hybrid schemes - debt schemes having equity exposure

35




Benchmark: Crisil Balanced FundFund Manager: AAUM:

AUM: Allotment date: August 9, 2004

KOTAK 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: I) 1% if exit before 1 year from date of allotment. II) 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.



`32.27 crs`32.52 crs

Mr. Deepak Gupta*


(As on July 31, 2017)

PORTFOLIO

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)Mutual Fund Units Kotak Treasury Advantage Fund Direct Growth Debt Scheme 59.78 Kotak Bond Direct Plan Growth Debt Scheme 19.40 Kotak Select Focus Fund Direct Growth Equity Scheme 9.94

Kotak Liquid Direct Plan Growth Debt Sceme 8.45

Mutual Fund Units - Total 97.57 Collateral Borrowing & Lending obligation 1.84 Net Current Assets/(Liabilities) 0.59 Grand 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 July 31, 2017: `72.434 (Dividend Option), `74.100 (Direct Dividend Option), `74.413(Growth Option), `75.458 (Direct Growth Option)

An Open - Ended Equity Scheme

87.63 9.94 1.84 0.59

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

�A defensive investor can always prosper by looking patiently and calmly through the wreckage of a bear market.�

Investment Style

Style


Large

Mid

Small

36




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.

Fund Manager: AAUM: AUM: Allotment date: December 20, 2013KOTAK US EQUITY FUND

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



Investment Style:


`4.74 crs`4.59 crs

Mr. Deepak Gupta*


(As on July 31, 2017)

PORTFOLIO

Equity & Equity related (Listed/Awaiting listing on Stock Exchange)Mutual Fund Units Pinebridge US Large Cap Resear ch Enhance Fund Overseas Mutual Fund 99.99

Mutual Fund Units - Total 99.99

Net Current Assets/(Liabilities) 0.01Grand 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

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

Kotak US Equity Fund NAV as on July 31, 2017: `13.621 (Dividend Option), `14.006 (Direct Dividend Option), `14.005 (Growth Option), `13.624 (Direct Growth Option)

99.99 0.01

Overseas Mutual Fund Others

�Investing isn�t about beating others at their game. It�s about controlling yourself at your own game.�

Style


Large

Mid

Small

37




Benchmark: MSCI Emerging Market

Fund Manager:

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

An Open - Ended Equity Scheme


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: I) For exit within 1 year from the date of allotment of units: 1%.

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


Investment Style:


`27.95 crs`28.05 crs

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


(As on July 31, 2017)

PORTFOLIO

Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units MGF Asian Small Equity Fund Class I Overseas Mutual Fund 69.24 ishares MSCI Emerging Markets ETF Overseas Mutual Fund 26.22

Mutual Fund Units - Total 95.46 Net Current Assets/(Liabilities) 4.54Grand 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 July 31, 2017: `14.483 (Dividend Option), `14.536 (Direct Dividend Option), `14.483 (Growth Option), ̀ 15.037 (Direct Growth Option)

95.46 4.54

Overseas Mutual Fund Others

�The intelligent investor shouldn�t ignore Mr.Market entirely. Instead, you should do business with him- but only to the extent that it serves your interests�

Style


Large

Mid

Small

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.

Fund Manager: AAUM: AUM: Allotment date: June 06, 2008KOTAK WORLD GOLD FUND

An 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:

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



Investment Style:


`40.73 crs`41.25 crs

Mr. Deepak Gupta*


(As on July 31, 2017)

PORTFOLIO

Equity & Equity related (Listed/Awaiting listing on Stock Exchange) Mutual Fund Units Falcon Gold Equity ASIA Overseas Mutual Fund 99.55

Mutual Fund Units - Total 99.55

Collateral Borrowing & Lending obligation 0.97 Net Current Assets/(Liabilities) -0.52 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 July 31, 2017: `7.545 (Dividend Option), `7.816 (Direct Dividend Option), `9.102 (Growth Option), `9.408 (Direct Growth Option)

99.55-0.52 0.97

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

�Stocks are slaves of earning power. In the short term market is like a voting machine. Flows count. In the long term market is like a weighing machine.

Only the fundamentals count�

Style


Large

Mid

Small

39


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

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately


* For Fund Manager experience, please refer page 54-55.**Total Expense Ratio excludes applicable B15 fee and service tax. For scheme performance, please refer page no 45-53



PORTFOLIO

Benchmark: Price of GoldFund Manager: Mr. Abhishek Bisen* AAUM: `406.92 crs

AUM: `414.00 crsAllotment date: July 27, 2007

KOTAK GOLD ETFAn Open Ended Gold Exchange Traded Fund (As on July 31, 2017)

Gold

Gold Fineness99.5 Gold 99.95



Grand Total 100.00

NAV

Kotak Gold ETF NAV as on July 31, 2017: ̀ 258.7077

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.

99.95 0.05

Gold Others

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

40


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: ` crs 521.60


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

(As on July 31, 2017)

NAV

Portfolio Turnover:

Tracking Error:

76.67%

0.08%

* For Fund Manager experience, please refer page 54-55. **Total Expense Ratio excludes applicable B15 fee. For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58

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


HDFC Ltd. Finance 7.46






Tata Consultancy Services Ltd. Software 3.48

Kotak Mahindra Bank Ltd. Banks 3.26






Hindustan Unilever Ltd. Consumer Non Durables 2.16


Mahindra & Mahindra Ltd. Auto 1.71

Sun Pharmaceuticals

Industries Ltd. Pharmaceuticals 1.54

Bharti Airtel Ltd. Telecom - Services 1.45

Asian Paints Ltd. Consumer Non Durables 1.37

Vedanta Ltd. Non - Ferrous Metals 1.36

HCL Technologies Ltd. Software 1.34

Power Grid Corporation

Of India Ltd Power 1.29

Oil & Natural Gas

Corporation Ltd. Oil 1.25




Corporation Limited Power 1.07

Eicher Motors Ltd Auto 1.05

Bajaj Auto Ltd. Auto 1.00


Indiabulls Housing Finance Ltd. Finance 0.99

Indian Oil Corporation Ltd Petroleum Products 0.98

Bharat Petroleum

Corporation Ltd. Petroleum Products 0.96

Wipro Ltd. Software 0.96

Coal India Ltd. Minerals/Mining 0.85

Adani Port and Special

Economic Zone Limited Transportation 0.84

Hindalco Industries Ltd Non - Ferrous Metals 0.84

Zee Entertainment

Enterprises Ltd Media and Entertainment 0.78

Dr Reddys Laboratories Ltd Pharmaceuticals 0.76

Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.74

Cipla Ltd. Pharmaceuticals 0.74

Lupin Ltd. Pharmaceuticals 0.65



Bosch Limited Auto Ancillaries 0.58

Aurobindo Pharma Ltd. Pharmaceuticals 0.53

Ambuja Cements Ltd Cement 0.51


Tata Power Co. Ltd. Power 0.39

ACC Ltd. Cement 0.38




Grand Total 100.00

Kotak Nifty ETF NAV as on July 31, 2017: ̀ 101.7096

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.

27.50 11.71 10.24 9.89 8.96 8.45 4.223.86

2.20

2.7510.22

Banks Software AutoConsumer Non Durables

Petroleum Products

FinancePharmaceuticals

Construction Project

Power

Non - Ferrous MetalsOthers

�Planning for a child? Plan your �nances as well�

4141


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 12.05

AUM: ` crs12.22Allotment date: June 6, 2008

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

(As on July 31, 2017)

NAV

Portfolio Turnover:

Tracking Error:

19.87%

0.12%




HDFC Ltd. Finance 9.17






Tata Consultancy Services Ltd. Software 4.28






Hindustan Unilever Ltd. Consumer Non Durables 2.66

Mahindra & Mahindra Ltd. Auto 2.11

Sun Pharmaceuticals

Industries Ltd. Pharmaceuticals 1.85

Bharti Airtel Ltd. Telecom - Services 1.78

Asian Paints Ltd. Consumer Non Durables 1.69

Power Grid Corporation

Of India Ltd Power 1.58


Oil & Natural Gas

Corporation Ltd. Oil 1.47


Corporation Limited Power 1.31

Bajaj Auto Ltd. Auto 1.23


Wipro Ltd. Software 1.18

Adani Port and Special

Economic Zone Limited Transportation 1.14

Coal India Ltd. Minerals/Mining 1.00

Dr Reddys Laboratories Ltd Pharmaceuticals 0.94

Cipla Ltd. Pharmaceuticals 0.91

Lupin Ltd. Pharmaceuticals 0.80




Grand Total 100.00

Kotak Sensex ETF NAV as on July 31, 2017: ̀ 328.4141



27.79 12.18 11.98 11.36 9.17 8.64 4.63 4.50

2.89

1.78 5.08

Banks Consumer Non Durables

Software

Auto Finance

Petroleum Products

Construction Project

Pharmaceuticals Power

Telecom - Services

Others

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

42


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: ` crs 3,638.81

AUM: ` crs3,827.33Allotment date: December 04, 2014

KOTAK BANKING ETFAn Open Ended Exchange Traded Fund (As on July 31, 2017)

NAV


Kotak Banking ETF NAV as on July 31, 2017: ̀ 256.3398











Federal Bank Ltd. Banks 2.03


Punjab National Bank Banks 1.10

IDFC Bank Limited Banks 0.72

Canara Bank Banks 0.68


Futures

CNX BANK INDEX-AUG2017 0.18

Futures (Market value represents Notional Value) - Total 0.18


Grand Total 100.00

Portfolio Turnover:

Tracking Error:

36.34%

0.08%

Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

99.77 0.18 0.05

Banks Derivatives Others

�Investing without research is like playing poker without looking at the cards�

43


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: ` crs 193.21

AUM: `206.01 crsAllotment date: November 8, 2007

KOTAK PSU BANK ETFAn Open Ended Exchange Traded Fund (As on July 31, 2017)

NAV

Portfolio Turnover:

Tracking Error:

175.08%

0.25%


Kotak PSU Bank ETF NAV as on July 31, 2017: ̀ 374.0611






Punjab National Bank Banks 7.19

Canara Bank Banks 4.45

Bank of India Banks 2.50

Union Bank Of India Banks 2.39

Industrial Development

Bank of India Ltd. Banks 1.31

Oriental Bank of Commerce Banks 1.07

Allahabad Bank. Banks 0.99

Syndicate Bank Banks 0.91

Andhra Bank Banks 0.79



Grand Total 100.00

Product Label


Riskometer

yletaredo

M

Moderate

Low

High

Low

High

LOW HIGH

Moderately

99.94 0.06

Banks Others

�The only thing you should do with pro forma earnings is ignore them.�

44

Scheme Performances as on July 31, 2017

45

Kotak 50 - Dividend

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.

SchemeReturns ^ (%) Nifty 50 # (%)

S&P BSE Sensex ## (%) Current Value of Standard Investment of ` 10000 in the

Scheme (`) Benchmark #(`)Additional

Benchmark # # (`)

Since Inception(Dec 29, 1998) 19.85 14.06 13.58 290,330 115,477 106,736

Last 1 Year 15.28 16.56 15.82

Last 3 Years 14.51 9.27 7.88 NA

Last 5 Years 17.02 14.01 13.53

Kotak Classic Equity Fund - Growth

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.

SchemeReturns ^ (%)

Nifty 100# (%)

Nifty 50## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)

Since Inception(Jul 27, 2005) 13.32 13.38 13.00 44,929 45,220 43,453

Last 1 Year 20.04 17.76 16.56

Last 3 Years 13.24 10.83 9.27 NA

Last 5 Years 17.13 15.29 14.01

Kotak Opportunities - Growth

SchemeReturns ^ (%) Nifty 500 # (%) Nifty 50 ## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)

Since Inception(Sep 09, 2004) 20.65 15.32 15.07 112,581 62,883 61,110

Last 1 Year 24.02 19.84 16.56

Last 3 Years 19.41 12.38 9.27 NA

Last 5 Years 20.88 16.33 14.01

Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.



Kotak Select Focus Fund - Growth




SchemeReturns ^ (%)

Nifty 200 # (%) Nifty 50## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)


Last 1 Year 23.74 18.80 16.56

Last 3 Years 20.58 11.49 9.27 NA

Last 5 Years 22.94 15.63 14.01

45

46

Kotak Emerging Equity - Growth

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



SchemeReturns^ (%)

S&P BSE MidSmallCap# (%)



Benchmark # # (`)

Since Inception(Mar 30, 2007) 13.52 12.35 9.83 37,139 33,346 26,369

Last 1 Year 22.39 26.43 16.56

Last 3 Years 25.29 19.72 9.27 NA

Last 5 Years 27.27 21.00 14.01

Kotak Tax Saver Scheme - Growth




SchemeReturns^ (%)

Nifty 500# (%)



Benchmark # # (`)

Since Inception(Nov 23, 2005) 12.75 12.34 12.25 40,687 38,986 38,630

Last 1 Year 22.30 19.84 16.56

Last 3 Years 19.23 12.38 9.27 NA

Last 5 Years 18.55 16.33 14.01

Kotak Midcap - Growth

Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since 21/01/2010.



SchemeReturns ^ (%)

Nifty Midcap 100 # (%) Nifty 50 ## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)

Since Inception(Feb 24, 2005) 17.46 15.85 13.63 74,005 62,347 49,030

Last 1 Year 22.28 25.18 16.56

Last 3 Years 23.01 19.52 9.27 NA

Last 5 Years 24.65 20.88 14.01

Kotak Infrastructure and Economic Reform Fund - Growth

Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 01/02/2015.



SchemeReturns^ (%)

S&P BSE 100 # (%) Nifty 50 ## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)


Last 1 Year 23.46 17.70 16.56

Last 3 Years 18.57 10.17 9.27 NA

Last 5 Years 20.92 14.80 14.01

46

47

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.



Kotak Balance

SchemeReturns ^ (%)

CRISIL Balanced Fund #(%) Nifty 50 ## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)

Since Inception(Nov 25, 1999) 15.20 NA 11.76 122,273 NA 71,537

Last 1 Year 15.84 14.36 16.56

Last 3 Years 13.11 10.11 9.27

Last 5 Years 14.89 12.71 14.01

Kotak Equity Arbitrage Fund - Growth




SchemeReturns ^ (%)

Nifty 50 Arbitrage Index # (%)



Benchmark # # (`)

Since Inception(Sep 29, 2005) 7.62 NA 12.08 23,872 NA 38,592

Last 1 Year 6.14 5.36 16.56

Last 3 Years 6.89 6.65 9.27 NA

Last 5 Years 7.81 7.35 14.01

Kotak Equity Savings Fund - Growth

SchemeReturns ^ (%)

75% NIFTY 50 ARBITRAGE

+ 25% Nifty 50 # (%)

Nifty 50 # # (%) Current Value of Standard Investment of ` 10000 in the


Benchmark ## (`)

Since Inception(Oct 13, 2014) 9.10 7.44 9.16 12,763 12,226 12,781

Last 1 Year 10.31 8.18 16.56 NA

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.



OTHER PERFORMANCE

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

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




Benchmark # # (`)

Since Inception(May 06, 2015) 12.84 12.11 10.27 13,104 12,916 12,445

Last 1 Year 16.05 18.80 16.56

Last 3 Years NA 11.49 9.27 NA

Last 5 Years NA 15.63 14.01

SchemeReturns ^ (%)

Nifty 200 # (%) Nifty 50 ## (%) Current Value of Standard Investment of ` 10000 in the

47

48

Kotak Liquid - Regular Plan - Growth

Scheme Inception date is 04/11/2003. Mr. Deepak Agrawal has been managing the fund since 01/05/2007.



SchemeReturns^ (%)

CRISIL Liquid Fund # (%)

CRISIL 1 Year TBill## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)


Last 1 Year 6.81 6.79 6.42

Last 3 Years 7.85 7.78 7.54 NA

Last 5 Years 8.38 8.23 7.32

Kotak Floater - Short Term - Growth




SchemeReturns^ (%)

Crisil Liquid Fund# (%)

CRISIL 1 Year T-Bill## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)


Last 1 Year 6.87 6.79 6.42

Last 3 Years 7.93 7.78 7.54 NA

Last 5 Years 8.44 8.23 7.32

Kotak Treasury Advantage Fund - Growth




SchemeReturns ^ (%)

CRISIL Liquid Fund# (%)



Benchmark # # (`)

Since Inception(Aug 13, 2004) 7.86 7.14 6.07 26,689 24,455 21,472

Last 1 Year 7.51 6.79 6.42

Last 3 Years 8.33 7.78 7.54 NA

Last 5 Years 8.67 8.23 7.32

Kotak Banking and PSU Debt Fund - Growth




SchemeReturns^ (%)

CRISIL Short Term Bond Fund #(%)

CRISIL 1 Year Tbill##(%)

Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)

Since Inception(Dec 29, 1998) 7.45 NA 6.65 38,029 NA 33,117

Last 1 Year 9.00 8.37 6.42

Last 3 Years 8.99 9.14 7.54 NA

Last 5 Years 9.07 9.08 7.32

48

Kotak Low Duration Fund - Growth




SchemeReturns^ (%)

CRISIL Liquid Fund # (%)



Benchmark # # (`)


Last 1 Year 8.31 6.79 6.42

Last 3 Years 9.13 7.78 7.54 NA

Last 5 Years 8.68 8.23 7.32

49

Kotak Bond Short Term Plan - Growth




SchemeReturns^ (%)

CRISIL Short Term Bond Fund #(%)

CRISIL 1 Year Tbill##(%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)


Last 1 Year 7.95 8.37 6.42

Last 3 Years 8.77 9.14 7.54 NA

Last 5 Years 8.67 9.08 7.32

Kotak Flexi Debt - Regular Plan - Growth




SchemeReturns ^ (%)

CRISIL Composite Bond Fund #(%)

CRISIL 1 Year TBill ##(%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)


Last 1 Year 9.96 9.94 6.42

Last 3 Years 10.15 11.00 7.54 NA

Last 5 Years 9.73 9.61 7.32

Kotak Income Opportunities Fund - Growth

SchemeReturns^ (%)

CRISIL Short Term Bond Fund # (%)



Benchmark # # (`)


Last 1 Year 8.99 8.37 6.42

Last 3 Years 9.61 9.14 7.54 NA

Last 5 Years 9.34 9.08 7.32




49

50

Kotak Corporate Bond Fund - Growth




SchemeReturns^ (%)


CRISIL 1 Year Tbill##(%)



Benchmark # # (`)


Last 1 Year 8.54 9.94 6.42

Last 3 Years 10.21 11.00 7.54 NA

Last 5 Years 8.77 9.61 7.32

Kotak Medium Term Fund - Regular Plan - Growth




SchemeReturns ^(%)

CRISIL Composite Bond Fund # (%)

CRISIL 10 Year Gilt## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)


Last 1 Year 9.20 9.94 9.83

Last 3 Years 10.10 11.00 11.15 NA




SchemeReturns ^ (%)


CRISIL 10 Year Gilt##(%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)

Since Inception(Nov 25, 1999) 9.28 NA NA 48,035 NA NA

Last 1 Year 7.79 9.94 9.83

Last 3 Years 9.96 11.00 11.15

Last 5 Years 8.63 9.61 8.60

Kotak Bond - Regular Plan - Growth

Kotak Gilt - Investment - Regular - Growth

SchemeReturns (%) ^ (%)

I-SEC Composite Gilt Index # (%)



Benchmark # # (`)

Since Inception(Dec 29, 1998) 10.02 NA NA 59,070 NA NA

Last 1 Year 9.78 9.22 9.83

Last 3 Years 11.41 11.05 11.15 NA

Last 5 Years 9.23 9.84 8.60




50

51

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.



SchemeReturns^ (%)

CRISIL MIP Blended # (%)



Benchmark # # (`)

Since Inception(Dec 02, 2003) 8.16 8.33 5.85 29,211 29,876 21,759

Last 1 Year 11.25 11.00 9.83

Last 3 Years 11.62 10.87 11.15 NA

Last 5 Years 11.47 10.40 8.60

Kotak Multi Asset Allocation Fund - Growth

SchemeReturns^ (%)

65% Crisil Short term Bond Fund ,

25%Nifty50 & 10% Prices of Gold

#(%)

CRISIL 10 Year Gilt## (%)



Benchmark # # (`)


Last 1 Year 8.47 8.47 9.83

Last 3 Years 8.33 8.64 11.15 NA

Last 5 Years 8.28 9.55 8.60

Scheme Inception date is 21/01/2011. Mr. Abhishek Bisen has been managing the fund since 31/12/2010. Mr. Deepak Gupta has been managing the fund since 10/09/2013.



Kotak Asset Allocator Fund - Growth




SchemeReturns^ (%)

CRISIL Balanced Fund # (%)

S&P BSE SENSEX## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)

Since Inception(Aug 09, 2004) 16.72 12.49 15.11 74,413 46,082 62,132

Last 1 Year 13.13 14.36 15.82

Last 3 Years 12.22 10.11 7.88 NA

Last 5 Years 17.26 12.71 13.53

Kotak Gilt - Investment - PF and Trust - Growth




SchemeReturns ^ (%)

I-SEC Composite Gilt Index # (%)



Benchmark # # (`)


Last 1 Year 9.77 9.22 9.83

Last 3 Years 11.46 11.05 11.15

Last 5 Years 9.28 9.84 8.60

5151

52

Kotak World Gold Fund - Growth




SchemeReturns^ (%)

Financial Times Gold Mines Total -

Price # (%)



Benchmark # # (`)

Since Inception(Jun 06, 2008) -1.07 -1.96 8.87 9,066 8,339 21,775

Last 1 Year -28.85 -27.48 16.56

Last 3 Years -6.03 1.32 9.27 NA

Last 5 Years -7.47 -7.27 14.01

Kotak Global Emerging Market Fund - Growth




SchemeReturns ^ (%)

MSCI Emerging Market index # (%)

Nifty 50 ## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)

SchemeReturns ^ (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)


Last 1 Year 8.08 17.17 16.56

Last 3 Years -0.13 1.80 9.27

Last 5 Years 6.21 5.22 14.01

Kotak Gold ETF

SchemeReturns^ (%)

Price of Gold# (%)



Benchmark # # (`)


Last 1 Year -11.31 -10.31 9.83

Last 3 Years -0.13 0.98 11.15 NA

Last 5 Years -2.26 -1.17 8.60




Kotak US Equity Fund - Growth S&P 500 International

Total Return Net Index # (%)

SchemeReturns^ (%)



Benchmark # # (`)

Since Inception 8.93 12.23 14.01 13,621 15,174 16,061

Last 1 Year 10.05 11.42 16.56 NA

Last 3 Years 9.62 12.84 9.27




52

53




Nifty Bank#(%)

Kotak Sensex ETF

Scheme Inception date is 06/06/2008. Mr. Deepak Gupta has been managing the fund since 25/02/2011.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.

SchemeReturns ^ (%)

S&P BSE SENSEX# (%)



Benchmark # # (`)

Since Inception(Jun 06, 2008) 9.51 8.37 8.87 22,968 20,880 21,775

Last 1 Year 16.98 15.82 16.56

Last 3 Years 9.03 7.88 9.27 NA

Last 5 Years 14.78 13.53 14.01

Kotak PSU Bank ETF

Scheme Inception date is 08/11/2007. Mr. Deepak Gupta has been managing the fund since 25/02/2011.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.

SchemeReturns ^ (%)

Nifty 50 ## (%)Nifty PSU Bank#(%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)


Last 1 Year 30.04 29.84 16.56

Last 3 Years 2.50 1.94 9.27 NA

Last 5 Years 7.10 4.70 14.01

Kotak Nifty ETF




SchemeReturns^ (%) Nifty 50 # (%)

S&P BSE SENSEX## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)


Last 1 Year 17.86 16.56 15.82

Last 3 Years 10.53 9.27 7.88 NA

Last 5 Years 15.28 14.01 13.53

SchemeReturns ^ (%)

Nifty 50 ## (%) Current Value of Standard Investment of ` 10000 in the


Benchmark # # (`)

Since Inception(Dec 10, 2014)) 13.21 12.34 7.35 13,878 13,597 12,060

Last 1 Year 32.84 32.25 16.56 NA

Kotak Banking ETF

53

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 PSU Bank ETF

Kotak Banking ETF

Kotak Classic Equity Fund - Growth


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Kotak World Gold Fund - Growth

Kotak Global Emerging Market Fund - Growth

Kotak Equity Arbitrage Fund - Growth

Top 3

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ABOUT OUR FUND MANAGERS

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Name: Mr. Harsha UpadhyayaMr. Harsha Upadhyaya manages 3 funds of Kotak Mahindra Mutual Fund.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.Kotak 50 (Nov. 15, �13), 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.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 Opportunities - Growth

Kotak Select Focus Fund - Growth

Kotak Tax Saver Scheme - Growth


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Kotak Opportunities - Growth, *Name of the Benchmark - Nifty 500, Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.Kotak Select Focus Fund - Growth, *Name of the Benchmark - Nifty 200, Scheme Inception date is 11/09/2009. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.Kotak Tax Saver Scheme - Growth, *Name of the Benchmark - Nifty 500, Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015.

Scheme Names

Kotak Infrastructure and Economic Reform Fund - Growth

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

Kotak 50 - Dividend


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Kotak Infrastructure and Economic Reform Fund - Growth, *Name of the Benchmark - S&P BSE 100, Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 31/01/2015.Kotak India Growth Fund - Series I - Regular Plan - Growth, *Name of the Benchmark - Nifty 200, Scheme Inception date is 06/05/2015. Mr. Harish Krishnan has been managing the fund since 06/05/2015Kotak 50 - Dividend, *Name of the Benchmark - Nifty 50, Scheme Inception date is 29/12/1998. Mr. Harish Krishnan has been managing the fund since 15/11/2013.

Kotak Emerging Equity - Growth, *Name of the Benchmark - S&P BSE MidSmallCap, 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, 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 Balanced Fund � 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.

Name: Mr. Deepak GuptaMr. Deepak Gupta manages 13 funds of Kotak Mahindra Mutual Fund.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 Multi Asset Allocation Fund (Sept.10,�13), 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.

24.02 19.84 19.41 12.38 20.88 16.33 20.65 15.32

23.74 18.80 20.58 11.49 22.94 15.63 15.83 10.36

22.30 19.84 19.23 12.38 18.55 16.33 12.75 12.34

23.46 17.70 18.57 10.17 20.92 14.80 8.10 7.15

16.05 18.80 NA NA NA NA 12.84 12.11

15.28 16.56 14.51 9.27 17.02 14.01 19.85 14.06

22.39 26.43 25.29 19.72 27.27 21.00 13.52 12.35

22.28 25.18 23.01 19.52 24.65 20.88 17.46 15.85

15.84 14.36 13.11 10.11 14.89 12.71 15.20 NA

32.84 32.25 NA NA NA NA 13.21 12.34

30.04 29.84 2.50 1.94 7.10 4.70 4.52 2.65

20.04 17.76 13.24 10.83 17.13 15.29 13.32 13.38

8.08 17.17 -0.13 1.80 6.21 5.22 3.83 3.91

6.14 5.36 6.89 6.65 7.81 7.35 7.62 NA

-28.85 -27.48 -6.03 1.32 -7.47 -7.27 -1.07 -1.96

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Kotak Balance - Dividend, *Name of the Benchmark - CRISIL Balanced Fund � 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 Monthly Income Plan - Growth, *Name of the Benchmark - CRISIL MIP Blended, 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 Equity Savings Fund - Growth, *Name of the Benchmark - 75% NIFTY 50 ARBITRAGE + 25% Nifty 50, 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 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.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 Gold ETF, *Name of the Benchmark - Price of Gold, Scheme Inception date is 27/07/2007. Mr. Abhishek Bisen has been managing the fund since 01/08/2008.

Scheme Names

Kotak Balance - Dividend

Kotak Monthly Income Plan - Growth

Kotak Equity Savings Fund - Growth


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Kotak Bond - Regular Plan - Growth

Kotak Gold ETF

Kotak Gold Fund - Growth

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Kotak Banking ETF, *Name of the Benchmark - Nifty Bank, Scheme Inception date is 10/12/2014. Mr. Deepak Gupta has been managing the fund since 24/11/2014.Kotak PSU Bank ETF, *Name of the Benchmark - Nifty PSU Bank , Scheme Inception date is 08/11/2007. Mr. Deepak Gupta has been managing the fund since 25/02/2011.Kotak Classic Equity Fund - Growth, *Name of the Benchmark - Nifty 100, Scheme Inception date is 27/07/2005. Mr. Deepak Gupta has been managing the fund since 01/01/2017.Kotak Global Emerging Market Fund - Growth, *Name of the Benchmark - MSCI Emerging Market index, Scheme Inception date is 26/09/2007. Mr. Abhishek Bisen has been managing the fund since 04/04/2011.Kotak Equity Arbitrage Fund - Growth, *Name of the Benchmark - Nifty 50 Arbitrage Index, Scheme Inception date is 29/09/2005. 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.

Name: Mr. Abhishek Bisen

Mr. Abhishek Bisen manages 9 funds of Kotak Mahindra Mutual Fund.

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 Multi Asset Allocation Fund (Jan. 21, �11), Kotak Equity Savings Fund (Oct. 13, '14), Kotak Gold ETF (Jul. 27, �07), Kotak Gold Fund (Mar. 25, '11)

Business Experience

Mr. 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.

(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 Flexi Debt - Regular Plan - Growth

Kotak Medium Term Fund -Regular Plan - Growth


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Kotak Treasury Advantage Fund - Growth

Kotak Floater - Short Term - Growth

Kotak Liquid - Regular Plan - Growth

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Kotak Banking and PSU Debt Fund - Growth

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 Medium Term Fund - Regular Plan - Growth, *Name of the Benchmark - CRISIL Composite Bond Fund, Scheme Inception date is 21/03/2014. Mr. Deepak Agrawal has been managing the fund since 22/06/2015.Kotak Banking and PSU Debt Fund - Growth, *Name of the Benchmark - CRISIL Short Term Bond Fund, Scheme Inception date is 29/12/1998. Mr. Deepak Agrawal has been managing the fund since 01/08/2008.Kotak Treasury Advantage Fund - Growth, *Name of the Benchmark - CRISIL Liquid Fund, Scheme Inception date is 13/08/2004. Mr. Deepak Agrawal has been managing the fund since 01/04/2008.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 Liquid - Regular Plan - Growth, *Name of the Benchmark - CRISIL Liquid Fund, Scheme Inception date is 04/11/2003. Mr. Deepak Agrawal has been managing the fund since 01/05/2007.

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Kotak Monthly Income Plan - Growth, *Name of the Benchmark - CRISIL MIP Blended, 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.

Scheme Names

Kotak Monthly IncomePlan - Growth


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


SchemeReturns(%)^


Name: Mr. Devender Singhal

Mr. Devender Singhal manages 1 fund of Kotak Mahindra Mutual Fund.

Kotak Monthly Income Plan (Aug. 25,�15)

Business Experience

Mr. 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.

15.84 14.36 13.11 10.11 14.89 12.71 15.20 NA

11.25 11.00 11.62 10.87 11.47 10.40 8.16 8.33

10.31 8.18 NA NA NA NA 9.10 7.44

7.79 9.94 9.96 11.00 8.63 9.61 9.28 NA

-9.17 -10.31 -1.11 0.98 -2.99 -1.17 2.97 5.03

-11.31 -10.31 -0.13 0.98 -2.26 -1.17 11.21 12.54

9.96 9.94 10.15 11.00 9.73 9.61 8.83 8.27

9.20 9.94 10.10 11.00 NA NA 10.35 11.36

9.00 8.37 8.99 9.14 9.07 9.08 7.45 NA

7.51 6.79 8.33 7.78 8.67 8.23 7.86 7.14

6.87 6.79 7.93 7.78 8.44 8.23 7.38 6.89

6.81 6.79 7.85 7.78 8.38 8.23 7.48 6.96

11.25 11.00 11.62 10.87 11.47 10.40 8.16 8.33

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Kotak Asset Allocator Fund (Earlier Know asKotak Equity FOF)

Record Date Cum Dividend NAV `/UnitAug-30-10 37.774 Individual/ HUF: 0.878 Others: 0.819

DIVIDEND HISTORY

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May-29-17 27.748 0.85Feb-28-17 26.279 0.50Nov-22-16 24.246 0.80

Kotak Opportunities

Record Date Cum Dividend NAVCum Dividend NAV `/Unit

Record Date Cum Dividend NAV `/UnitJun-28-16 39.046 1.50Dec-30-16 33.071 1.35Jun-15-16 36.692 1.40


Record Date Cum Dividend NAVCum Dividend NAV `/UnitJul-24-17 23.433 0.70Jul-15-16 19.692 0.50Nov-20-15 18.450 0.50

Kotak 50 - Dividend

Equity Schemes

Record Date Cum Dividend NAV `/UnitJul-24-17 10.7772 0.0501

Jun-27-17 10.7860 0.0589

May-22-17 10.7864 0.0593

Kotak Equity Arbitrage Fund - Monthly Dividend Option

Kotak Midcap

Record Date Cum Dividend NAVCum Dividend NAV `/UnitFeb-27-17 36.403 1.45Feb-23-16 26.770 1.00Feb-27-15 30.866 1.00

Kotak Tax Saver

Record Date Cum Dividend NAVCum Dividend NAV `/UnitJun-29-17 22.144 0.40Mar-29-17 19.432 0.75Jan-27-17 18.889 0.72

Kotak Emerging Equity

Record Date Cum Dividend NAVCum Dividend NAV `/UnitMay-26-17 26.010 1.59May-27-16 21.196 1.30Apr-28-15 21.499 2.10

Kotak Select Focus

Record Date Cum Dividend NAVCum Dividend NAV `/UnitSep-30-16 21.349 1.25Oct-12-15 17.739 1.00Sept-26-14 17.791 1.00

Record Date Cum Dividend NAV `/Unit

Kotak Equity Arbitrage Fund - Bimonthly Dividend

Jul-24-17 20.1641 0.2164May-22-17 23.1300 0.1692Mar-27-17 20.1404 0.0233

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Kotak SENSEX ETFRecord Date Cum Dividend NAVCum Dividend NAV `/Unit

Kotak PSU Bank ETF

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

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

Cum Dividend NAVRecord Date `/Unit

ETF Schemes

Kotak Infrastructure and Economic Reform

Jul-12-17 11.137 0.05Jun-12-17 11.076 0.05My-12-17 10.937 0.05

Kotak Equity Saving Fund - Monthly Dividend Option

Record Date Cum Dividend NAVCum Dividend NAV `/Unit

Jul-12-17 13.3106 Individual/ HUF: 0.0704 Others: 0.0653Jun-12-17 13.2900 Individual/ HUF: 0.0717 Others: 0.0665May-12-17 13.0991 Individual/ HUF: 0.0693 Others: 0.0642

Record Date Cum Dividend NAV `/UnitKotak Equity Saving Fund - Quarterly Dividend

Kotak Monthly Income Plan - Monthly Dividend

Kotak Monthly Income Plan - Quarterly Dividend

Record Date

Record Date

Cum Dividend NAV

Cum Dividend NAV

`/Unit

`/UnitJun-20-17 14.6880 Individual/ HUF: 0.2116 Others: 0.1960Mar-20-17 14.1501 Individual/ HUF: 0.1243 Others: 0.1151Dec-20-16 14.0413 Individual/ HUF: 0.1627 Others: 0.1508

Hybrid Schemes

Record Date Cum Dividend NAV `/UnitJul-25-17 17.127 0.12Jun-27-17 16.797 0.11May-25-17 16.806 0.11

Kotak Balance

Jun-20-17 11.118 0.150 Mar-20-17 10.896 0.150 Dec-20-16 10.580 0.150

Record Date Cum Dividend NAV `/UnitFeb-23-17 17.564 0.50

Jun-23-15 15.260 0.50

Kotak Nifty ETFRecord Date Cum Dividend NAVCum Dividend NAV `/Unit

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

Jul-31-17 23.2986 0.0591

Jul-17-17 23.2957 0.0562

Jul-03-17 23.301 0.0615

Record Date Cum Dividend NAV `/Unit

Kotak Equity Arbitrage Fund - Fortnightly Dividend Option

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Kotak Bond Regular Plan-Annual DividendRecord Date Cum Dividend NAV `/Unit

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

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Kotak Bond Short Term - Monthly DividendRecord Date Cum Dividend NAV `/Unit


Kotak Bond Short Term-Half Yearly DividendRecord Date Cum Dividend NAV `/Unit

Sep-21-15 11.519 Individual/ HUF: 0.4471 Others: 0.4142Dec-30-14 11.1187 Individual/ HUF: 0.1759 Others: 0.1631Sep-22-14 10.8686 Individual/ HUF: 0.0519 Others: 0.0497

Kotak Income Opportunities Fund-Annual DividendRecord Date Cum Dividend NAV `/Unit

Mar-15-17 11.2098 Individual/ HUF: 0.7411 Others: 0.6866Mar-14-16 11.0308 Individual/ HUF: 0.6162 Others: 0.5709Mar-20-15 11.2454 Individual/ HUF: 0.7911 Others: 0.7337

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


Kotak Income Opportunities Fund-Quarterly DividendRecord Date Cum Dividend NAV `/Unit

Jun-20-17 10.9396 Individual/ HUF: 0.1905 Others: 0.1765Mar-20-17 10.7754 Individual/ HUF: 0.0770 Others: 0.0713Dec-20-16 10.9004 Individual/ HUF: 0.1880 Others: 0.1741

Kotak Floater Short Term-Monthly DividendRecord Date Cum Dividend NAV `/Unit

Jul-12-17 1006.7657 Individual/ HUF: 3.9187 Others: 3.6306Jun-12-17 1006.9019 Individual/ HUF: 4.0171 Others: 3.7218Apr-15-17 1006.5869 Individual/ HUF: 3.7896 Others: 3.5110

Kotak Treasury Advantage Fund-Monthly DividendRecord Date Cum Dividend NAV `/Unit


Debt Schemes

Kotak Flexi Debt Regular Plan-Quarterly Dividend Record Date Cum Dividend NAV `/Unit

Jun-20-17 11.2091 Individual/ HUF: 0.2831 Others: 0.2623Dec-20-16 11.2067 Individual/ HUF: 0.2896 Others: 0.2683Sep-20-16 12.1487 Individual/ HUF: 0.9284 Others: 0.8602

Kotak Corporate Bond Fund-Regular Plan Monthly Dividend

Record Date Cum Dividend NAV `/UnitJul-12-17 1052.3691 Individual/ HUF: 4.2199 Others: 3.9097Jun-12-17 1056.6880 Individual/ HUF: 7.3393 Others: 6.7997May-12-17 1051.8646 Individual/ HUF: 3.8555 Others: 3.5721

Kotak Corporate Bond Fund-Regular Quarterly DividendRecord Date Cum Dividend NAV `/Unit


Kotak Gilt Investment Regular Plan-Quarterly DividendRecord Date Cum Dividend NAV `/Unit


Kotak Gilt Investment PF and Trust Plan- Quarterly Dividend

Record Date Cum Dividend NAV `/UnitJun-20-17 12.0690 Individual/ HUF: 0.1906 Others: 0.1766Mar-20-17 11.4258 Individual/ HUF: 0.0673 Others: 0.0624Dec-20-16 12.3073 Individual/ HUF: 0.4205 Others: 0.3895

Kotak Banking and PSU Debt Fund-Monthly DividendRecord Date Cum Dividend NAV `/Unit


Kotak-Bond Regular Plan- Quarterly Dividend OptionRecord Date Cum Dividend NAV `/Unit


DEBT Schemes

Kotak Banking and PSU Debt Fund-Annual DividendRecord Date Cum Dividend NAV `/Unit


57

5658

Debt Schemes

Kotak Multi Asset Allocation Fund-Annual DividendRecord Date Cum Dividend NAV `/Unit


Debt Schemes

Kotak Multi Asset Allocation Fund-Monthly DividendRecord Date Cum Dividend NAV `/Unit

Oct-13-16 13.3724 Individual/ HUF: 0.0505 Others: 0.0468Jun-12-15 11.8504 Individual/ HUF: 0.0288 Others: 0.0267Apr-13-15 12.2623 Individual/ HUF: 0.0612 Others: 0.0567

Kotak Medium Term Fund-Quarterly DividendRecord Date Cum Dividend NAV `/Unit


Kotak Medium Term Fund-Annual DividendRecord Date Cum Dividend NAV `/Unit

Mar-15-17 11.2826 Individual/ HUF: 0.6428 Others: 0.5956Mar-14-16 11.0913 Individual/ HUF: 0.6217 Others: 0.5760

Kotak Multi Asset Allocation Fund-Quarterly DividendRecord Date Cum Dividend NAV `/Unit


Kotak Low Duration Fund-Regular Plan Monthly DividendRecord Date Cum Dividend NAV `/Unit


58

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

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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.

july 31, 2017 - kotak asset management

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