March 2017 As the Financial Year Drew to a Close

EXPERT SPEAK

Mr. Nilesh Shah

March 31, 2017

Dear Friends, We have come far from days when mutual funds was considered a difficult subject to understand for most investors.

Today the mutual funds industry has around 1.2 cr investors committing around Rs 4000 cr as equity investment through monthly SIP alone. Despite the volatility that the market saw in the last few months, the steadiness of the retail investors instils confidence and gives much hope. It also underscores the fact that the quality of investment advisory has been stellar. But it is time to take on the higher challenge.

The fact remains that still the significant portion of Indian investors' financial savings is channelled into banking investment products. The investors' perception of security and certainty of return from their banking investments has a very strong emotional rooting. Changing behaviour from that will require much skill, knowledge and communication. But it may prove to be rewarding in the long run.

And the time is opportune. The declining interest rates have reduced the real returns for such investors. In contrast, the investment into mutual fund accrual funds may emerge as a competitive option.

Today, the fresh fixed income investors can look at investing in well-managed corporate bond based short term/credit funds for a higher yield. More so, a 10-15% allocation in duration play, especially given the present yield levels may also be opportune. Fixed maturity plans (FMPs) also look good to lock into yields given the upward movement in rates. Investors with marginally higher risk appetite may look at MIP category with a 3 year time horizon.

But the real communication and convincing that is required is to convert the long term bank investor into a long term equity investor. Nobody has come across a person who has become rich by investing in deposits. The wealth is created by doing, or being part of profitable business. And doing business involves risks. The high wealth is the reward for taking that risk and yet providing goods and services profitably.

From the investors' point of view, a convenient and a more reasonable option is to participate in such businesses by investing in their equities. This gives investors a proportional ownership into that business. But the question arises, as to which business (or its share) to buy. That's where the mutual funds come in. They provide a portfolio of businesses to invest into. They have years of experience in analysing the businesses, understanding their value, their long term potential; and have the understanding of the risks involved while investing in such businesses. And in return, the fee they charge is one of the lowest.

So from investors viewpoint, unless he/she has ample time, stock picking skill and discretion about the economy, sectors and businesses; it makes more sense to invest in equities mutual fund and see their investments in businesses grow (measured through NAV) over long term.

Now, it is understandable that many won't have the necessary monies at hand for investment. This is where SIP comes in. SIP helps the investor to invest in equities mutual fund with as little as Rs 500 per month. Through this method, even a small investor can create long term wealth by remaining disciplined and steady through market highs and lows.

India today stands at the cusp of high growth trajectory. The inflation is relatively low, the infrastructure bottlenecks are getting sorted and the GST is about to come in which will make India a common market. This may create a potential for a long term growth in the times to come. And it is the important that Indian investors are well positioned to gain from it.

Thanks and Regards, Nilesh Shah Managing Director

1 DEBT VIEW

Items Mar-17 Feb-17 Change Reverse Repo 5.75% 5.75% Nil Repo 6.25% 6.25% Nil CRR 4.00% 4.00% Nil SLR 20.50% 20.50% Nil Mibor Overnight 7.37% 6.05% 1.32bps Call(O/N) 6.04% 5.95% 0.09bps CBLO 5.47% 5.73% -0.26bps 1 yr T Bill 6.10% 6.21% -0.11bps 10 G Sec 6.68% 6.87% -0.19bps 5 Year AAA 7.38% 7.43% -0.05bps USD/INR 64.85 66.74 1.89paise Source: RBI; Bloomberg. Key Events:

India's fiscal deficit in the April-February period of the current fiscal touched Rs 6.06 lakh crore or 113.4 % of Budget estimates for 2016-17 as against 107.1 % of Budget in the same period of last year, government data showed. India's current account deficit stood at $7.9 billion (1.4% of GDP) in the third quarter of this financial year. That was higher than $7.1 billion (1.4% of GDP) in the year-ago quarter and $3.4 billion (0.6% of GDP) in the preceding quarter. The government moved a fresh proposal to cap cash transactions at Rs 2 lakh. It also proposed making Aadhaar mandatory for filing of income-tax returns as well as for obtaining and retaining the permanent account number (PAN). The CPI inflation increased for the first time in seven months to 3.65% in February 2017 from 3.17% a month earlier, which was led by an increase in the inflation for food & beverages and fuel & light. India's wholesale price index(WPI) based inflation flared up to two-and-a-half years high of 6.55% in February from 5.25% in January mainly due to a spurt in mineral and fuel prices while food prices started rising following rapid remonetisation. Industrial production in India bounced back in January expanding by 2.7% Y-o-Y mainly due to better performance by the capital goods segment, a barometer of investment activities. India's exports grew at its fastest pace in multiple years by 17.5% at $24.49 billion in February while imports were up 21.8% at $33.39 billion leaving a trade deficit of $8.9 billion. The government's revenue collection from indirect tax during April-February grew by an impressive 22.2% while that of direct tax rose by 10.7 %. India's manufacturing activity to have expanded for the second straight month in February, with the Nikkei Manufacturing Purchasing Managers' Index rising to 50.7 in February, up from 50.4 a month earlier. US Federal Reserve hiked interest rate by 25 bps, in line with expectations. The fed projected two more increases this year and said that it would raise the benchmark federal-funds rate to a range between 0.75% and 1%. Debt Outlook The month of March was like a oasis in the desert. Extreme views were built and bonds sold off sharply post policy in Feb-17. But the global bonds cooled post the FED rate hike of 25 bps. This led to short squeeze in the benchmark gilt and triggered a smart recovery across the curve The falling rates cycle has got extended. The RBI wants to see the headline inflation at 4% in H2 FY 2018 before they move ahead with the easing of the rate cycle The 10yr benchmark yield fell to ~6.70% due to short covering. However since we are expecting a new benchmark paper being announced any time during April or May, this may lead to a spike in current benchmark towards 7% mark The 10yr US treasury remains stable between 2.40-2.50 and is down 20-25 bps from the recent peak Strong mandate in the UP election makes the way for the government for continuing with reforms. It also gives strong message to the rating agencies about the stability and continuity of the current government We await the methodology behind the SDF to be used. If the new facility makes the overnight rates anchored at 5.75%-6% then it will bring the short term rates down to 5.75% and can give more certainty regarding the durability of the easy liquidity to the market. This may lead to a rally across the curve The chase of carry has squeezed the credit spread and made sovereign cheap and therefore duration should not be completely ignored despite being volatile

Short term rates have eased by about 15bps. Market awaits clarity on SDF before it starts pricing-in the impact of easy liquidity on the yield curve Low overnight rates will pull down liquid fund returns towards 6-6.25% by end of this quarter. Therefore making the ultra and short term funds more attractive since they have a portfolio yield of 7.25-7.75% The curve is likely to remain steep till we have clarity on monetary policy stance/SDF. Therefore long term investors will be rewarded suitably on a risk adjusted basis. Key Variables & their Impact On Interest Rates Key Variables Short ‐ term Medium – term (3‐6 month) (6month – 2 years) Inflation

Rupee

Credit Demand

Government Borrowing

RBI Policy

Global Event Risk

Corporate bond Spread

Debt FII flow

Liquidity Denotes fall in interest rates 3 2 EQUITY VIEW

Indian equity markets continued their up-move in the month of March 2017 as the financial year drew to a close. The large cap Nifty Index rose 6.2% while the Nifty Midcap index was up 7.3% (both in USD terms). The strong inflows from Foreign Institutional Investors (FIIs) resulting in INR/USD appreciation helped support the market move. FII were net buyers in the Indian equity markets to the tune of USD4.6Bn in the month of March 2017 (net FII inflow of USD 5.8Bn CYTD into equity). FIIs were also net buyers in the debt markets with net inflows of USD3.9Bn in March 2017.

The victory of the current ruling party at the center BJP (Bharitya Janata Party) - in the recently held state elections in Uttar Pradesh (UP) buoyed the markets. In state elections, apart from UP, BJP has also formed the Government in Uttarakhand, Goa and Manipur while Punjab went with Congress. Post the completion of the state elections, the markets are now focusing on the continuation of legislative reforms by the government. In this context, two key issues stand out- the implementation of the GST (Goods and Services Tax) Bill and a possible solution being found to the problem of large non-performing corporate loans sitting on the balance sheets of the public sector (PSU) banks impacting their profitability. Even while there is a possibility of some delay to September 2017, the government appears focused to implement GST from July 1, 2017 onwards and this would be a huge step towards a new tax regime and would over time help India improve its tax compliance. With respect to the NPLs of the Indian banking system, many possible options are being explored by both the Government and the Reserve Bank including the idea of setting up of a bad bank and transferring the NPLs from the books of the bank to this national level ARC (Asset reconstruction company). However, given that the government is committed to moving on the path of fiscal prudence, there does not appear too much room for the center to re-capitalize the PSU banks in a significant manner.

As the financial year ends, the investor focus now shifts once again to the Q4FY17 earnings season. The earning season assumes importance given that this would be the quarter that would capture the full impact of demonetization and form the basis for expectations for FY18. In this regard, the large cap Nifty Index is currently trading at 18xFY18E EPS and 15.4xFY19E EPS (on a free float basis).

RBI reports suggests that impact of demonetization on the economy has been transient

RBI (Reserve Bank of India) released a report highlighting the impact of demonetization on the economy. The central bank clearly believes that the impact of demonetization on the real economy has been transient, given the information available so far. Some of the key highlights of the report were:

Demonetization impacted various sectors of the economy; however, the adverse impact, in general, was short-lived as it was felt mainly in November and December 2016 Impact moderated significantly in January and dissipated by and large by mid-February 2017, reflecting an accelerated pace of remonetisation The organized sector remained largely resilient Decline in food inflation during November 2016 to January 2017 was the combined effect of record pulses production, large winter arrivals of vegetables and some fire sales due to decline in demand following cash squeeze. Headline inflation outlook in the near term will hinge on how food inflation evolves. Some NBFCs (Non-Banking Finance Companies), especially MFIs (Micro Finance Institutions), were adversely affected, in terms of disbursals and collections, though the situation for most NBFCs began to improve from late December 2016

INR/USD buoyed by strong FII flows; CAD in FY18 likely to remain manageable

India's current account deficit (CAD) in Q3FY17 widened to USD7.9bn (1.4% of GDP) from USD3.4bn in the previous quarter. The rise in the CAD was on the back of a higher trade deficit even as net invisible receipts increased. Capital account flows dragged down the Balance of Payments (BOP) into the red on the back of FPI (Foreign Portfolio Investments) outflows and FCNR-B (Foreign Currency Non Resident) redemptions. We estimate FY17 CAD/GDP at 0.8%. While we do expect to see some deterioration in CAD in FY18 to ~1.3% of GDP (factoring in oil in the range of USD58-60/bbl), the extent of deterioration is expected to stay well within manageable levels.

With the external accounts likely to remain fairly steady over the next year, INR/USD continued its appreciation bias on the back of FII inflows (USD4.6bn in equities for the month of March 2017). During the quarter ended March 31, 2017, the INR/USD has appreciated by ~5%. Overall domestic factors were supportive of INR strength with a combination of a comfortable external account and tighter fiscal and monetary policy and an environment of stable inflation.

Going ahead, while the movement of INR/USD would be largely determined by the strength of USD and the overall growth outlook for the US economy, it is possible that in the near term the local currency remains firm with a benign CAD position and if strong inflows into equity markets continues. The currency market will look to the US policies of the new Trump administration and its fiscal agenda as well as the pace of interest rate hikes carried out by the US Fed. We are presently building in a mild depreciation for the INR/USD in FY18 given its over- valuation in REER (Real Effective Exchange Rate) terms and expect the INR/USD to average ~68.50 in FY18 (67.08 in FY17). It is however likely that the currency remains strong in the near term with a depreciating bias later in the year.

Stage being set of the implementation of the Goods and Services Tax (GST); Government still targeting July 1, 2017 rollout.

The stage is being set for the implementation of GST and while the Government is still targeting a July 1, 2017 rollout, there are some chances of a delay till September 2017. The GST Council will decide item-wise GST rates most likely at its next meeting on May 18-19 2017. Indications are however that GST rates will be in line with current effective indirect tax rates. IT infrastructure should be ready by April with testing and integration with GST stakeholders likely in May-June.

The Lok Sabha (LS) has passed the four central GST bills. The four bills passed by the Lok Sabha (1) Central GST Bill, (2) Integrated GST Bill, (3) Union Territory GST Bill, and (4) GST Compensation to States Billwould be considered by Rajya Sabha (RS) in the first week of April. However, these bills were passed in the Lok Sabha as Money Bills and thus, any amendments proposed by the RS will not be binding on the LS. Further, all states have to pass the State GST Bill by May to meet the July 1 deadline.

The government is seeking to minimizing any disruptions in the transition to the GST regime and hence it is therefore expected that item-wise GST rates would be kept close to current tax rates. This will also help in reducing inflationary pressures. We also expect to gain more clarity over the next few months on clauses in the CGST Bill such as the anti-profiteering clause. Countries such as Australia and Malaysia also had such a clause when GST was implemented there.

3 EQUITY VIEW (Continued)

Key Variables & Their Impact On Equities

Key Variables Short ‐ Medium ‐ Remarks term term Economy Demonitisation to impact near-term growth but by March 17 normalcy to return. Corporate Earnings 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 FII Flow 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. DII Flow Focus on improving financial savings of households Supply of paper Higher disinvestment target and repair of leveraged balance sheet to create supply in markets.

Interest Rates Fall in interest rates to help revive demand and reduce stress for companies with significant debt. Market expecting better transmission of rates. Policy/Reform GST is key reform for government to focus on; if it gets Initiative passed, can provide a significant fillip

Asset Allocation Graph This asset allocation guide helps you to determine the suggested equity exposure at different valuations levels based on the Sensex. Market Equity Allocaion

Exit Bubble 5% ‐ 10%

Under Invested Stretched 15%‐ 25%

Neutral ‐ Fair Value Plus 35% ‐ 45%

Neutral Fair 50%

Neutral + Attractive 65% ‐ 75%

Over Invested Cheap 80% ‐ 90%

Suggested equity allocation (Assuming 50% equity allocation as neutral) Valuation levels of the Sensex based on rolling 12month fwd EPS estimate of 1650 GOLD VIEW  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 Mar, the gold prices declined by almost 3%. This time, the Rupee also rose by about 2.8%. Oil prices hovered around the $52 mark testing the technical resistance

 INR has appreciated to 64.84 almost 2.8% MoM. The gold as an asset is becoming increasingly unattractive for domestic investors

 There are likely to be changes in the Gold Duty post implementation of GST, which may take away significant gains for the yellow metal over a period of time.

 To sum it up, we expect the gold prices to remain range bound or fall as fed may hike rates and therefore other assets particularly equities may do well, followed by bonds

 We 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 EQUITY SCHEMES INVESTMENT STYLE Style Value Blend Growth Size KOTAK 50 Large An Open - Ended Equity Scheme Mid

(As on March 31, 2017) Small

Investment Objective PORTFOLIO To generate capital appreciation from a portfolio of predominantly equity and Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net equity related securities. The portfolio will Assets Assets generally comprise of equity and equity Equity & Equity related (Listed/Awaiting listing on Stock Arvind Ltd Textile Products 1.03 related instruments of around 50 Exchange) Bayer Cropscience Ltd. Pesticides 1.03 companies which may go up to 59 HDFC Bank Ltd. Banks 7.57 Persistent Systems Limited Software 1.03 companies but will not exceed 59 at any Infosys Ltd. Software 6.06 Bharat Electronics Ltd Industrial Capital Goods 1.01 point in time. However, there is no ITC Ltd. Consumer Non Durables 5.79 Cadila Healthcare Ltd. Pharmaceuticals 1.01 assurance that the objective of the scheme IndusInd Bank Ltd. Banks 4.70 National Thermal Power will be realized. ICICI Bank Ltd. Banks 4.55 Corporation Limited Power 0.98 Reliance Industries Ltd. Petroleum Products 4.46 Lupin Ltd. Pharmaceuticals 0.97 Allotment Date Maruti Suzuki India Limited Auto 3.60 Indraprastha Gas Ltd. Gas 0.96 Hero MotoCorp Ltd. Auto 3.18 Apollo Hospitals Enterprises Ltd. Healthcare Services 0.93 December 29,1998 Larsen And Toubro Ltd. Construction Project 2.98 MRF Limited Auto Ancillaries 0.92 Mahindra & Mahindra Ltd. Auto 0.88 Fund Manager Sun Pharmaceuticals IIndustries Ltd. Pharmaceuticals 2.92 Strides Shasun Ltd. Pharmaceuticals 0.87 Mr. Harish Krishnan* Axis Bank Ltd Banks 2.87 Sun TV Limited. Media and Entertainment 0.82 Tata Motors Ltd - DVR Auto 2.41 RBL Bank Ltd Banks 0.79 Benchmark GAIL (India) Ltd. Gas 2.08 GE Power India Limited Industrial Capital Goods 0.77 Zee Entertainment Nifty 50 Ultratech Cement Ltd. Cement 2.05 Britannia Industries Ltd. Consumer Non Durables 2.00 Enterprises Ltd Media and Entertainment 0.76 AAUM (` In Crores) Bharat Petroleum Solar Industries India Limited Chemicals 0.75 Corporation Ltd. Petroleum Products 1.90 Laurus Labs Ltd Pharmaceuticals 0.69 AAUM as on March 31, 2017: The Ramco Cements Ltd Cement 1.55 DR.Lal Pathlabs Ltd Healthcare Services 0.55 HDFC Ltd. Warrants Finance 0.48 `1300.84 Shree Cement Ltd. Cement 1.54 HCL Technologies Ltd. Software 1.46 Asian Paints Ltd. Consumer Non Durables 0.24 AUM (` In Crores) Kajaria Ceramics Ltd. Construction 1.32 Avenue Supermarts Ltd Retailing 0.02 State Bank Of India Banks 1.32 Listed/Awaiting Listing on Stock Exchange - Total 96.64 AUM as on March 31, 2017: Fag Bearings India Ltd. Industrial Products 1.31 Futures Tata Consultancy Services Ltd. Software 1.29 HDFC Bank Ltd.-APR2017 0.74 `1318.63 Bank Of Baroda Banks 1.27 Sun TV Limited.-APR2017 0.42 Available Plans/Options Supreme Industries Limited Industrial Products 1.26 Futures (Market value represents Notional Value) - Total 1.16 Equitas Holdings Ltd Finance 1.15 TERM DEPOSITS A) Regular Plan ICICI Prudential Life AXIS Bank Ltd. 0.30 Insurance Company Ltd Finance 1.15 HDFC Bank Ltd. 0.19 B) Direct Plan / Options: Dividend Payout, Sanofi India Ltd. Pharmaceuticals 1.12 Term Deposits - Total 0.49 Dividend Reinvestment & Growth DB Corp Limited Media and Entertainment 1.08 Collateral Borrowing & Lending obligation 2.15 (applicable for all plans) Tech Mahindra Ltd. Software 1.08 Net Current Assets/(Liabilities) -0.44 Nestle India Ltd. Consumer Non Durables 1.07 Grand Total 100 Dividend Frequency Shriram Transport Finance Trustees Discretion Co Ltd. Finance 1.06 Ratios Portfolio Turnover: 65.84% Notes: Term Deposit as provided above is towards margin for derivatives transactions $Beta: 1.01 SYSTEMATIC INVESTMENT PLAN (SIP) $Sharpe## :0.75 $ Standard Deviation : 14.35% Systematic Investment Plan (SIP) If you had invested `10,000 every month Source: $ICRA MFI Explorer. 1 year 3 years 5 years 7 years 10 years Since Inception ## Risk rate assumed to be 6.22% (Since on 31st March 2017 FBIL Overnight MIBOR Total amount invested (Rs) 120,000 360,000 600,000 840,000 1,200,000 2,200,000 rate was at unusually high at 7.37% , we Total Value as on March 31, 2017(Rs) 130,829 428,319 875,643 1,349,601 2,274,953 14,189,411 are taking MIBOR as average of the entire March month) Scheme Returns (%) 17.23 11.63 15.12 13.31 12.29 17.84 Minimum Investment Amount Nifty 50 (Rs)# 131,278 408,408 793,799 1,200,857 1,985,817 8,350,102 Initial Investment: `5000 and in multiple Nifty 50 Returns (%) 17.97 8.38 11.15 10.04 9.73 13.06 of `1 for purchase and for `0.01 for S&P BSE SENSEX (Rs)^ 130,513 400,311 775,048 1,169,768 1,928,055 8,323,157 switches S&P BSE SENSEX Returns (%) 16.72 7.02 10.19 9.31 9.17 13.03 Additional Investment: `1000 & in multiples of `1 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 Ideal Investments Horizon: 3 years & taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent above month from the date of inception. # Benchmark ; ^ Additional Benchmark Load Structure Kotak 50 NAV as on March 31, 2017: `35.647 (Dividend Option), `37.574 (Direct Dividend Option), `196.59 (Growth Option), Entry Load: Nil. (applicable for all plans) `204.851 (Direct Growth Option) Exit Load: i) For redemptions / switch outs (including SIP/STP) within 1 year from the date of SECTOR ALLOCATION (%) PRODUCT LABEL allotment of units, irrespective of the Riskometer amount of investment: 1%. 17.9 23.07 Moderate 2.98 10.06 ly Mo ii) For redemption/switch outs (including 10.11 ate de 12.0912.44 25.23 er Highra 25.31 d te SIP/STP) after 1 year from the date of 3.04 4.83 25.3424.55 o l 4.513.59 M Low y allotment of units, irrespective of the 4.934.614.314.55 4.985.30 amount of investment: Nil. 3.845.695.64 High 5.54 5.59 16.0115.2617.14 7.046.81 16.78 Low Note Any exit load charged (net off 6.65 6.809.188.67 Service Tax, if any) shall be credited back to 8.24 11.3911.11 5.14 8.63 9.7 10.82 10.92 LOW HIGH the respective scheme. Units issued on 6.36 10.07 Investors understand that their principal will be at moderately high risk reinvestment of dividends shall not be 7.58 9.1 subject to entry and exit load. This product is suitable for investors who are seeking*: Long term capital growth Total Expense Ratio** Banks Software Auto Consumer Non Durables Cement Investment in portfolio of predominantly equity & equity related securities Pharmaceuticals Petroleum Products Others Regular:2.18% Finance Gas * Investors should consult their financial advisors if in doubt about whether the Construction Project product is suitable for them. Direct: 1.00% **Total Expense Ratio excludes applicable B15 fee and service tax. * For Fund Manager experience, please refer page 54-55. 5 For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53 EQUITY SCHEMES INVESTMENT STYLE Style Value Blend Growth Size KOTAK CLASSIC EQUITY Large An Open - Ended Equity Growth Scheme Mid

(As on March 31, 2017) Small

## Risk rate assumed to be 6.22% (Since Notes: Term Deposit as provided above is towards margin for derivatives transactions on 31st March 2017 FBIL Overnight MIBOR rate was at unusually high at 7.37% , we SYSTEMATIC INVESTMENT PLAN (SIP) are taking MIBOR as average of the entire March month) Systematic Investment Plan (SIP) If you had invested `10,000 every month Minimum Investment Amount 1 year 3 years 5 years 7 years 10 years Since Inception Initial Investment: `5000 and in multiple Total amount invested (Rs) 120,000 360,000 600,000 840,000 1,200,000 1,410,000 of `1 for purchase and for `0.01 for switches Total Value as on March 31, 2017(Rs) 133,316 426,760 857,881 1,332,200 2,293,639 2,986,570 Additional Investment: `1000 & in Scheme Returns (%) 21.31 11.38 14.29 12.95 12.44 12.11 multiples of `1 Nifty 100 (Rs)# 132,368 417,550 822,504 1,248,887 2,090,703 2,752,360 Ideal Investments Horizon: 3 years & Nifty 100 Returns (%) 19.75 9.88 12.58 11.14 10.70 10.84 above Nifty 50 (Rs)^ 131,278 408,408 793,799 1,200,857 1,985,817 2,612,392 Load Structure Nifty 50 Returns (%) 17.97 8.38 11.15 10.04 9.73 10.02 Entry Load: Nil. (applicable for all plans) Exit Load: Nil. (applicable for all plans), Scheme Inception : - July 27,2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of (w.e.f December 01, 2014) 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 Total Expense Ratio** from the date of inception. # Benchmark ; ^ Additional Benchmark Regular: 2.70% Kotak Classic Equity NAV as on March 31, 2017: `21.305 (Dividend Option), `22.642 (Direct Dividend Option), `40.549 (Growth Direct: 1.14% Option), `42.671 (Direct Growth Option) **Total Expense Ratio excludes applicable B15 fee and service tax. SECTOR ALLOCATION (%) PRODUCT LABEL Riskometer 5.03 8.86 17.58 12.23 Moderate M 5.9 11.19 24.24 tely od 18.35 14.12 ra er 12.31 e Highat 4.21 od e 6.33 Low ly 5.314.854.39 M 13.4 5.365.656.13 15.27 High 6.016.81 15.00 7.17 23.92 Low 7.2 12.89 8.81 8.14 12.3 6.41 8.71 10.51 12.04 LOW HIGH 6.79 Investors understand that their principal will be at moderately high risk 12.56 7.74 8.68 This product is suitable for investors who are seeking*: Long term capital growth Banks Software Auto Pharmaceuticals Cement Investment in portfolio of predominantly equity & equity related securities Consumer Non Durables Power Derivatives Others * Investors should consult their financial advisors if in doubt about whether the CBLO & Term Deposits & Rev.Repo Non - Ferrous Metals product is suitable for them. * For Fund Manager experience, please refer page 54-55. For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53 6 EQUITY SCHEMES INVESTMENT STYLE Style Value Blend Growth Size KOTAK OPPORTUNITIES Large An Open - Ended Equity Growth Scheme Mid

(As on March 31, 2017) Small

Exit Load: Scheme Inception : - September 09, 2004. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working I) For redemptions / switch outs (including 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 SIP/STP) within 1 year from the date of taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent allotment of units, irrespective of the month from the date of inception. # Benchmark ; ^ Additional Benchmark amount of investment: 1% Kotak Opportunities NAV as on March 31, 2017: `26.542 (Dividend Option), `27.770 (Direct Dividend Option), `101.938 ii) For redemptions / switch outs (including (Growth Option), `106.184 (Direct Growth Option) SIP/STP) after 1 year from the date of allotment of units, irrespective of the SECTOR ALLOCATION (%) PRODUCT LABEL amount of investment: NIL Riskometer iii) Any exit load charged (net off Service 17.38 22.63 ly Moderate Mo Tax, if any) shall be credited back to the 9.95 ate de er Highra d te respective Scheme. (applicable for all plans) o l 3.44 M Low y iv) Units issued on reinvestment of dividends shall not be subject to exit load High (applicable for all plans) Low 3.84 Total Expense Ratio** LOW HIGH 4.29 9.01 6.07 Investors understand that their principal will be at moderately high risk Regular:2.18% 6.52 8.76 8.11 Direct: 1.01% This product is suitable for investors who are seeking*: Banks Software Others Petroleum Products Finance Long term capital growth **Total Expense Ratio excludes applicable Auto Construction Project Consumer Non Durables Investment in portfolio of predominantly equity & equity related securities B15 fee and service tax. Cement Gas CBLO & Term Deposits & Rev.Repo * 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. 7 For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53 EQUITY SCHEMES INVESTMENT STYLE Style Value Blend Growth Size KOTAK SELECT FOCUS FUND Large An Open - Ended Equity Scheme Mid

(As on March 31, 2017) Small

Investment Objective PORTFOLIO The investment objective of the scheme is to generate long-term capital appreciation Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net from a portfolio of equity and equity related Assets Assets securities, generally focused on a few Equity & Equity related (Listed/Awaiting listing on Stock Lupin Ltd. Pharmaceuticals 1.01 selected sectors. However, there is no Exchange) Bayer Cropscience Ltd. Pesticides 0.98 assurance that the objective of the scheme Reliance Industries Ltd. Petroleum Products 4.68 Sun Pharmaceuticals will be realized. ITC Ltd. Consumer Non Durables 4.42 Industries Ltd. Pharmaceuticals 0.98 Cadila Healthcare Ltd. Pharmaceuticals 0.96 Allotment Date Hero MotoCorp Ltd. Auto 3.97 HDFC Bank Ltd. Banks 3.96 Federal Bank Ltd. Banks 0.84 September 11, 2009 Ultratech Cement Ltd. Cement 3.74 Jk Lakshmi Cement Ltd. Cement 0.78 Maruti Suzuki India Limited Auto 3.55 Ashok Leyland Ltd. Auto 0.73 Fund Manager IndusInd Bank Ltd. Banks 3.36 Techno Electric & Engineering Co Ltd. Construction Project 0.73 Mr. Harsha Upadhyaya* State Bank Of India Banks 3.26 GAIL (India) Ltd. Gas 2.91 AIA Engineering Limited Industrial Products 0.66 Benchmark The Ramco Cements Ltd Cement 2.83 Container Corporation Larsen And Toubro Ltd. Construction Project 2.70 of India Ltd. Transportation 0.64 Nifty 200 Shree Cement Ltd. Cement 2.67 Kec International Ltd. Construction Project 0.58 Solar Industries India Limited Chemicals 0.56 AAUM (` In Crores) ICICI Bank Ltd. Banks 2.61 Hindustan Petroleum Laurus Labs Ltd Pharmaceuticals 0.55 AAUM as on March 31, 2017: Corporation Ltd Petroleum Products 2.54 Bank Of Baroda Banks 0.47 Bharat Electronics Ltd Industrial Capital Goods 2.31 Max India Limited Finance 0.37 `8860.76 Infosys Ltd. Software 2.30 Whirlpool of India Ltd. Consumer Durables 0.37 Bata India Ltd. Consumer Durables 0.33 AUM (` In Crores) Axis Bank Ltd Banks 2.18 Indraprastha Gas Ltd. Gas 2.18 Navkar Corporation Limited Transportation 0.25 AUM as on March 31, 2017: Petronet LNG Ltd. Gas 2.13 HDFC Ltd. Warrants Finance 0.22 Arvind Ltd Textile Products 2.01 Kirloskar Oil Engines Ltd. Industrial Products 0.19 `9294.00 Bajaj Finance Limited Finance 2.01 Avenue Supermarts Ltd Retailing 0.16 6% Redm Preference Sh Zee Available Plans/Options Britannia Industries Ltd. Consumer Non Durables 1.99 Max Financial Services Ltd. Finance 1.93 Entertainment Enterprises Ltd Media and Entertainment 0.01 A) Regular Plan Mahindra & Mahindra Ltd. Auto 1.88 Listed/Awaiting Listing on Stock Exchange - Total 91.50 RBL Bank Ltd Banks 1.49 Futures B) Direct Plan / Options: Dividend Payout, Bharat Petroleum CNX NIFTY-APR2017 2.37 Dividend Reinvestment & Growth Corporation Ltd. Petroleum Products 1.38 HDFC Bank Ltd.-APR2017 2.23 (applicable for all plans) ICICI Prudential Life Futures (Market value represents Notional Value) - Total 4.60 Insurance Company Ltd Finance 1.37 TERM DEPOSITS Dividend Frequency MRF Limited Auto Ancillaries 1.23 AXIS Bank Ltd. 1.45 Bajaj Finserv Ltd. Finance 1.16 Term Deposits - Total 1.45 Trustees Discretion Tata Motors Ltd. Auto 1.15 Collateral Borrowing & Lending obligation 6.36 Ratios Godrej Consumer Products Ltd. Consumer Non Durables 1.13 Net Current Assets/(Liabilities) -3.91 Equitas Holdings Ltd Finance 1.07 Grand Total 100 Portfolio Turnover: 41.38% HCL Technologies Ltd. Software 1.03 $Beta: 1.04 $ ## Sharpe : 1.09 Notes: Term Deposit as provided above is towards margin for derivatives transactions $Standard Deviation : 15.28% Source: $ICRA MFI Explorer. SYSTEMATIC INVESTMENT PLAN (SIP) ## Risk rate assumed to be 6.22% (Since on 31st March 2017 FBIL Overnight MIBOR Systematic Investment Plan (SIP) If you had invested `10,000 every month rate was at unusually high at 7.37% , we are taking MIBOR as average of the entire 1 year 3 years 5 years 7 years Since Inception March month) Total amount invested (Rs) 120,000 360,000 600,000 840,000 910,000 Minimum Investment Amount Total Value as on March 31, 2017(Rs) 136,802 468,400 1,022,341 1,630,054 1,827,179 Initial Investment: `5000 and in multiple Scheme Returns (%) 27.08 17.88 21.47 18.61 17.95 of `1 for purchase and for `0.01 for switches Nifty 200 (Rs)# 133,347 422,970 837,235 1,265,015 1,397,993 Additional Investment: `1000 & in Nifty 200 Returns (%) 21.36 10.77 13.30 11.50 11.09 multiples of `1 Nifty 50 (Rs)^ 131,278 408,408 793,799 1,200,857 1,330,451 Ideal Investments Horizon: 3 years & Nifty 50 Returns (%) 17.97 8.38 11.15 10.04 9.82 above Scheme Inception : - September 11, 2009. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working Load Structure 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 Entry Load: Nil. (applicable for all plans) taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent Exit Load: month from the date of inception. # Benchmark ; ^ Additional Benchmark I) For redemptions / switch outs (including Kotak Select Focus Fund NAV as on March 31, 2017: ` 21.883 (Dividend Option), ` 22.854 (Direct Dividend Option), ` 28.742 SIP/STP) within 1 year from the date of (Growth Option), ` 29.899 (Direct Growth Option) allotment of units, irrespective of the amount of investment:1% SECTOR ALLOCATION (%) PRODUCT LABEL ii) For redemptions / switch outs (including Riskometer SIP/STP) after 1 year from the date of 12.62 18.17 allotment of units, irrespective of the 4.01 14.98 11.28 ly Moderate Mo 20.27 ate de amount of investment: NIL er Highra 4.6 4.48 d te o l 4.95 M Low y iii) Any exit load charged (net off Service 10.82 Tax, if any) shall be credited back to the 4.99 High respective Scheme. (applicable for all plans) 7.22 6.68 9.43 Low 7.38 iv) Units issued on reinvestment of 7.7 8.32 dividends shall not be subject to exit load 7.54 LOW HIGH 10.02 (applicable for all plans) 7.81 Investors understand that their principal will be at moderately high risk 8.13 8.6 Total Expense Ratio** This product is suitable for investors who are seeking*: Banks Derivatives Petroleum Products Gas Others Long term capital growth Regular: 1.98% Auto Finance Consumer Non Durables Cement Investment in portfolio of predominantly equity & equity related securities Direct: 1.00% generally focussed on a few selected sectors. Construction Project CBLO & Term Deposits & Rev.Repo * Investors should consult their financial advisors if in doubt about whether the **Total Expense Ratio excludes applicable product is suitable for them. B15 fee and service tax.

* For Fund Manager experience, please refer page 54-55. For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53 8 EQUITY SCHEMES INVESTMENT STYLE Style Value Blend Growth Size KOTAK TAX SAVER Large An Open - Ended Equity Linked Savings Scheme Mid

(As on March 31, 2017) Small

Investment Objective PORTFOLIO To generate long-term capital appreciation from a diversified portfolio of equity and Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net equity related securities and enable investors Assets Assets to avail the income tax rebate, as permitted Equity & Equity related (Listed/Awaiting listing on Stock Lupin Ltd. Pharmaceuticals 1.18 from time to time. However, there is no Exchange) Multi Commodity Exchange assurance that the objective of the scheme HDFC Bank Ltd. Banks 5.22 of India Limited Finance 1.18 will be realized. Reliance Industries Ltd. Petroleum Products 4.47 HCL Technologies Ltd. Software 1.14 Allotment Date ITC Ltd. Consumer Non Durables 3.68 Sun Pharmaceuticals Shree Cement Ltd. Cement 3.35 Industries Ltd. Pharmaceuticals 1.12 November 23, 2005 Infosys Ltd. Software 3.34 Bata India Ltd. Consumer Durables 1.11 Fund Manager IndusInd Bank Ltd. Banks 3.26 Navneet Education Ltd. Media and Entertainment 1.06 Hero MotoCorp Ltd. Auto 3.16 Bank Of Baroda Banks 0.99 Mr. Harsha Upadhyaya* Hindustan Petroleum HDFC Ltd. Finance 0.98 Benchmark Corporation Ltd Petroleum Products 3.01 Linde India Ltd. Chemicals 0.98 State Bank Of India Banks 2.61 Ashok Leyland Ltd. Auto 0.97 Nifty 500 ICICI Bank Ltd. Banks 2.60 Laurus Labs Ltd Pharmaceuticals 0.93 AAUM (` In Crores) Ultratech Cement Ltd. Cement 2.60 Thermax Ltd. Industrial Capital Goods 0.88 Bharat Petroleum Mahindra & Mahindra Ltd. Auto 0.84 AAUM as on March 31, 2017: Corporation Ltd. Petroleum Products 2.55 Container Corporation `572.39 Mahanagar Gas Ltd Gas 2.54 of India Ltd. Transportation 0.83 RBL Bank Ltd Banks 2.47 Blue Dart Express Ltd. Transportation 0.72 AUM (` In Crores) Axis Bank Ltd Banks 2.37 Hawkins Cooker Ltd Household Appliances 0.71 AUM as on March 31, 2017: GAIL (India) Ltd. Gas 2.31 LIC Housing Finance Ltd. Finance 0.51 Whirlpool of India Ltd. Consumer Durables 2.10 Cummins India Ltd. Industrial Products 0.47 `608.00 Dalmia Bharat Ltd. Cement 2.09 KSB Pump Ltd Industrial Products 0.46 Available Plans/Options Maruti Suzuki India Limited Auto 1.97 6% Redm Preference Sh Zee Techno Electric & Entertainment Enterprises Ltd Media and Entertainment 0.12 A) Regular Plan Engineering Co Ltd. Construction Project 1.91 Shankara Building Products Ltd Ferrous Metals 0.03 B) Direct Plan / Options: Dividend Payout & Britannia Industries Ltd. Consumer Non Durables 1.87 Listed/Awaiting Listing on Stock Exchange - Total 95.77 Growth (applicable for all plans)...... SKF India Ltd Industrial Products 1.83 Debt Instruments Cadila Healthcare Ltd. Pharmaceuticals 1.81 Debentures and Bonds Larsen And Toubro Ltd. Construction Project 1.80 Corporate Debt/Financial Institutions Dividend Frequency The Ramco Cements Ltd Cement 1.65 Blue Dart Express Ltd ICRA AA 0.02 Trustees Discretion Tata Motors Ltd. Auto 1.61 Corporate Debt/Financial Institutions - Total 0.02 Solar Industries India Limited Chemicals 1.45 Collateral Borrowing & Lending obligation 2.78 Ratios UPL Ltd Pesticides 1.43 Net Current Assets/(Liabilities) 1.43 Portfolio Turnover: 63.78% AIA Engineering Limited Industrial Products 1.30 Grand Total 100 $Beta: 1.07 Arvind Ltd Textile Products 1.29 $ ## Max Financial Services Ltd. Finance 1.27 Sharpe : 1.00 Bajaj Finance Limited Finance 1.24 $Standard Deviation : 16.14% Federal Bank Ltd. Banks 1.20 Source: $ICRA MFI Explorer. SRF Ltd. Textile Products 1.20 ## Risk rate assumed to be 6.22% (Since on 31st March 2017 FBIL Overnight MIBOR rate SYSTEMATIC INVESTMENT PLAN (SIP) was at unusually high at 7.37% , we are taking MIBOR as average of the entire March month) Systematic Investment Plan (SIP) If you had invested `10,000 every month Minimum Investment Amount 1 year 3 years 5 years 7 years 10 years Since Inception Initial Investment: `500 and in multiple of Total amount invested (Rs) 120,000 360,000 600,000 840,000 1,200,000 1,370,000 `500 Total Value as on March 31, 2017(Rs) 137,723 462,362 958,446 1,465,476 2,429,442 2,962,641 Additional Investment: `500 & in Scheme Returns (%) 28.62 16.96 18.81 15.62 13.52 12.82 multiples of `500 Nifty 500 (Rs)# 134,250 429,435 857,959 1,296,580 2,145,367 2,631,976 Ideal Investments Horizon: 3 years & above Nifty 500 Returns (%) 22.85 11.81 14.29 12.19 11.19 10.91 Nifty 50 (Rs)^ Load Structure 131,278 408,408 793,799 1,200,857 1,985,817 2,457,491 Nifty 50 Returns (%) 17.97 8.38 11.15 10.04 9.73 9.80 Entry Load: Nil. (applicable for all plans) Exit Load: Exit Load is not applicable for Scheme Inception : - November 23, 2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working Kotak Tax Saver Scheme. (applicable for all 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 plans) 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 Units issued on reinvestment of dividends Kotak Tax Saver NAV as on March 31, 2017: `18.870 (Dividend Option), `21.519 (Direct Dividend Option), ` 37.482 (Growth Option), shall not be subject to exit load (applicable ` 39.593 (Direct Growth Option) for all plans) Total Expense Ratio** SECTOR ALLOCATION (%) PRODUCT LABEL Regular: 2.42% Riskometer 20.72 Direct: 1.14% 21.85 Moderate M tely od 21.56 22.51 ra er **Total Expense Ratio excludes applicable e Highat 4.06 od e Low ly B15 fee and service tax. 4.65 M 4.94 9.75 High 5.32 7.3 4.48 5.68 Low 6.05 6.14 6.1 10.03 4.85 LOW HIGH 5.04 9.69 5.18 Investors understand that their principal will be at moderately high risk 5.55 8.55 This product is suitable for investors who are seeking*: Consumer Non Durables Petroleum Products Auto long term capital growth with a 3 year lock in Cement Finance Industrial Products Banks Investment in portfolio of predominantly equity & equity related securities. Gas Others Pharmaceuticals * Investors should consult their financial advisors if in doubt about whether the Software product is suitable for them. * For Fund Manager experience, please refer page 54-55 9 For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53 EQUITY SCHEMES INVESTMENT STYLE Style Value Blend Growth Size KOTAK MID-CAP Large An Open - Ended Equity Growth Scheme Mid

(As on March 31, 2017) Small

Investment Objective PORTFOLIO To generate capital appreciation from a diversified portfolio of equity and equity Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net related securities. However, there is no Assets Assets assurance that the objective of the scheme Equity & Equity related (Listed/Awaiting listing on Stock Eveready Industries India Ltd. Consumer Non Durables 1.47 will be realized. Exchange) Castrol (India ) Ltd. Petroleum Products 1.44 Allotment Date Techno Electric & Mahindra & Mahindra Engineering Co Ltd. Construction Project 2.70 Financial Services Ltd. Finance 1.44 February 24, 2005 Fag Bearings India Ltd. Industrial Products 2.56 SKF India Ltd Industrial Products 1.43 Fund Manager IndusInd Bank Ltd. Banks 2.52 Kewal Kiran Clothing Limited. Textile Products 1.39 Atul Ltd. Chemicals 2.46 Shriram Transport Finance Mr. Pankaj Tibrewal* Solar Industries India Limited Chemicals 2.43 Co Ltd. Finance 1.38 Benchmark Strides Shasun Ltd. Pharmaceuticals 2.12 ICICI Prudential Life Insurance Apollo Hospitals Enterprises Ltd. Healthcare Services 2.11 Company Ltd Finance 1.35 Nifty Midcap 100 Federal Bank Ltd. Banks 2.11 Bajaj Finserv Ltd. Finance 1.32 AAUM (` In Crores) Finolex Cables Ltd. Industrial Products 2.11 NIIT Technologies Ltd Software 1.27 ICICI Bank Ltd. Banks 2.10 Bank Of Baroda Banks 1.25 AAUM as on March 31, 2017: RBL Bank Ltd Banks 2.10 Mcleod Russel India Ltd Consumer Non Durables 1.25 `581.53 Shriram City Union Finance Ltd. Finance 2.07 Britannia Industries Ltd. Consumer Non Durables 1.22 Sun TV Limited. Media and Entertainment 2.06 Kajaria Ceramics Ltd. Construction 1.21 AUM (` In Crores) Motherson Sumi Systems Ltd. Auto Ancillaries 2.03 UPL Ltd Pesticides 1.21 AUM as on March 31, 2017: JK Cement Ltd. Cement 2 Divi s Laboratories Limited Pharmaceuticals 1.20 SRF Ltd. Textile Products 1.85 Axis Bank Ltd Banks 1.07 `621.23 Hawkins Cooker Ltd Household Appliances 1.83 MRF Limited Auto Ancillaries 0.98 Available Plans/Options Hindustan Petroleum Bajaj Finance Limited Finance 0.95 Corporation Ltd Petroleum Products 1.76 Jk Lakshmi Cement Ltd. Cement 0.93 A) Regular Plan Persistent Systems Limited Software 1.75 Voltas Ltd. Construction Project 0.93 B) Direct Plan / Options: Dividend Payout, Va Tech Wabag Limited Engineering Services 1.75 PVR Ltd Media and Entertainment 0.90 Dividend Reinvestment & Growth Bharat Forge Ltd. Industrial Products 1.73 Zuari Agro Chemicals Ltd Fertilisers 0.79 (applicable for all plans) Thermax Ltd. Industrial Capital Goods 1.72 Sheela Foam Ltd Consumer Durables 0.76 The Ramco Cements Ltd Cement 1.70 WPIL Ltd Industrial Products 0.73 Dividend Frequency Sundaram Finance Ltd. Finance 1.69 Pennar Engineered Building Trustees Discretion Avenue Supermarts Ltd Retailing 1.68 Systems Limited Ferrous Metals 0.71 DB Corp Limited Media and Entertainment 1.67 Listed/Awaiting Listing on Stock Exchange - Total 95.36 Ratios Laurus Labs Ltd Pharmaceuticals 1.67 Collateral Borrowing & Lending obligation 1.32 Portfolio Turnover: 47.65% Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.67 Net Current Assets/(Liabilities) 3.32 $Beta: 0.98 V.S.T Tillers Tractors Ltd Auto 1.65 Grand Total 100 $ ## Supreme Industries Limited Industrial Products 1.63 Sharpe : 1.31 Cadila Healthcare Ltd. Pharmaceuticals 1.53 $Standard Deviation : 17.20% Navneet Education Ltd. Media and Entertainment 1.52 Source: $ICRA MFI Explorer. Whirlpool of India Ltd. Consumer Durables 1.52 Arvind Ltd Textile Products 1.50 ## Risk rate assumed to be 6.22% (Since BSE Ltd Finance 1.48 on 31st March 2017 FBIL Overnight MIBOR rate was at unusually high at 7.37% , we are taking MIBOR as average of the entire March month) SYSTEMATIC INVESTMENT PLAN (SIP) Minimum Investment Amount Systematic Investment Plan (SIP) If you had invested `10,000 every month Initial Investment: `5000 and in multiple 1 year 3 years 5 years 7 years 10 years Since Inception of `1 for purchase and for `0.01 for switches Total amount invested (Rs) 120,000 360,000 600,000 840,000 1,200,000 1,460,000 Additional Investment: `1000 & in Total Value as on March 31,2017(Rs) 140,229 502,804 1,141,371 1,823,359 3,251,573 4,498,082 multiples of `1 Scheme Returns (%) 32.84 22.97 26.06 21.76 18.94 17.23 Ideal Investments Horizon: 3 years & Nifty Free Float Midcap 100 (Rs)# 140,984 484,976 1,030,770 1,555,810 2,695,179 3,837,465 above Nifty Free Float Midcap 100 Returns (%) 34.12 20.37 21.81 17.30 15.46 14.89 Load Structure Nifty 50 (Rs)^ 131,278 408,408 793,799 1,200,857 1,985,817 2,839,130 Entry Load: Nil. (applicable for all plans) Nifty 50 Returns (%) 17.97 8.38 11.15 10.04 9.73 10.39 Exit Load: Scheme Inception : - February 24,2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day I) For redemptions / switch outs (including 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 SIP/STP) within 1 year from the date of taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent allotment of units, irrespective of the month from the date of inception. # Benchmark ; ^ Additional Benchmark amount of investment:1% Kotak Mid-cap NAV as on March 31, 2017: `37.051 (Dividend Option), `39.129 (Direct Dividend Option), `69.605 (Growth Option), ii) For redemptions / switch outs (including `73.169 (Direct Growth Option) SIP/STP) after 1 year from the date of allotment of units, irrespective of the SECTOR ALLOCATION (%) PRODUCT LABEL amount of investment: NIL Riskometer iii) Any exit load charged (net off Service 11.68 27.71 12.81 11.15 ly Moderate Mo Tax, if any) shall be credited back to the 9.64 ate de 30.81 er Highra d te Scheme.(applicable for all plans) o l 7.61 M Low y 5.07 iv) Units issued on reinvestment of 7.38 5.28 High dividends shall not be subject to exit load 6.87 (applicable for all plans) 5.79 6.37 Low 3.63 Total Expense Ratio** 10.19 LOW HIGH 3.94 Investors understand that their principal will be at moderately high risk Regular: 2.41% Banks 4.63 8.19 Finance 4.74 4.89 6.15 Direct: 1.09% Textile Products Chemicals Cement This product is suitable for investors who are seeking*: Others Long term capital growth **Total Expense Ratio excludes applicable Industrial Products Pharmaceuticals Construction Project Investment in equity & equity related securities predominantly in mid cap B15 fee and service tax. Media & Entertainment Consumer Non Durables stocks. Midcap and Small cap stocks as a % age of Net Assets: 82.64% * 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 last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53. 10 EQUITY SCHEMES INVESTMENT STYLE Style Value Blend Growth Size KOTAK EMERGING EQUITY Large An Open - Ended Equity Growth Scheme Mid

(As on March 31, 2017) Small

$ Standard Deviation : 17.10% Note: Term Deposit as provided above is towards margin for derivatives transactions Source: $ICRA MFI Explorer. ## Risk rate assumed to be 6.22% (Since SYSTEMATIC INVESTMENT PLAN (SIP) on 31st March 2017 FBIL Overnight MIBOR rate was at unusually high at 7.37% , we Systematic Investment Plan (SIP) If you had invested `10,000 every month are taking MIBOR as average of the entire 1 year 3 years 5 years 7 years 10 years Since Inception March month) 120,000 360,000 600,000 840,000 1,200,000 1,210,000 Minimum Investment Amount Total amount invested (Rs) 141,486 517,915 1,224,214 1,970,489 3,392,705 3,427,831 Initial Investment: `5000 and in multiple Total Value as on March 31, 2017(Rs) of `1 for purchase and for `0.01 for Scheme Returns (%) 34.97 25.13 29.00 23.95 19.73 19.59 switches S&P BSE MidSmallCap (Rs)# 139,624 478,018 1,012,028 1,515,111 2,542,912 2,573,095 Additional Investment: `1000 & in S&P BSE MidSmallCap Returns (%) 31.82 19.33 21.05 16.56 14.37 14.31 multiples of `1 Nifty 50 (Rs)^ 131,278 408,408 793,799 1,200,857 1,985,427 2,009,432 Ideal Investments Horizon: 3 years & above Nifty 50 Returns (%) 17.97 8.38 11.15 10.04 9.73 9.71 Load Structure Scheme Inception : - March 30, 2007. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of Entry Load: Nil. (applicable for all plans) 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 Exit Load: from the date of inception. # Benchmark ; ^ Additional Benchmark i) For redemptions / switch outs (including Kotak Emerging Equity NAV as on March 31, 2017: `25.571 (Dividend Option), `26.910 (Direct Dividend Option), `35.126 (Growth SIP/STP) within 1 year from the date of Option), `36.786 (Direct Growth Option) allotment of units, irrespective of the amount of investment: 1%. SECTOR ALLOCATION (%) PRODUCT LABEL ii) For redemption/switch outs (including SIP/STP) after 1 year from the date of 16.12 Riskometer allotment of units, irrespective of the 25.12 ly Moderate Mo 10.29 ate de er Highra amount of investment: Nil. d te o l 3.57 M Low y Note Any exit load charged (net off

Service Tax, if any) shall be credited back to High

the respective scheme. Units issued on 3.99 Low reinvestment of dividends shall not be subject to entry and exit load. 4.4 9.49 LOW HIGH 4.72 5.95 8.38 Investors understand that their principal will be at moderately high risk Total Expense Ratio** 7.97 Industrial Products Banks This product is suitable for investors who are seeking*: Regular:2.14% Construction Finance Consumer Durables Long term capital growth Direct: 0.93% Media and Entertainment CBLO & Term Deposits & Rev.Repo Investment in equity & equity related securities predominantly in mid & Chemicals Textile Products Others Pharmaceuticals small cap companies **Total Expense Ratio excludes applicable * Investors should consult their financial advisors if in doubt about whether the B15 fee and service tax. Midcap and Small cap stocks as a % age of Net Assets: 82.77% product is suitable for them. * For Fund Manager experience, please refer page 54-55. 11 For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53. 11 EQUITY SCHEMES INVESTMENT STYLE Style KOTAK INFRASTRUCTURE Value Blend Growth Size & ECONOMIC REFORM FUND Large (formerly known as PineBridge Infrastructure & Economic Reform Fund) Mid An Open - Ended Equity Scheme Small (As on March 31, 2017)

Investment Objective PORTFOLIO The investment objective of the Scheme is to generate long-term capital appreciation f ro m a d i v e r s i f i e d p o r t f o l i o o f Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net predominantly (at least 65%) equity and Assets Assets equity-related securities of companies Equity & Equity related (Listed/Awaiting listing on Stock Mahanagar Gas Ltd Gas 2.38 involved in economic development of India Exchange) Supreme Industries Limited Industrial Products 2.34 as a result of potential investments in Shree Cement Ltd. Cement 7.22 Gujarat Gas Company Ltd Gas 2.05 infrastructure and unfolding economic SKF India Ltd Industrial Products 5.28 Jk Lakshmi Cement Ltd. Cement 2.05 reforms.However, there is no assurance that Larsen And Toubro Ltd. Construction Project 5.10 Bharat Electronics Ltd Industrial Capital Goods 2 the objective of the scheme will be realized. Kirloskar Oil Engines Ltd. Industrial Products 4.88 Linde India Ltd. Chemicals 1.89 Allotment Date Indraprastha Gas Ltd. Gas 4.75 MRF Limited Auto Ancillaries 1.82 Ultratech Cement Ltd. Cement 4.24 Somany Ceramics Ltd. Construction 1.73 February 25, 2008 Container Corporation Shriram Transport Fund Manager of India Ltd. Transportation 4.20 Finance Co Ltd. Finance 1.70 Mr. Harish Krishnan GAIL (India) Ltd. Gas 4.01 Gateway Distriparks Ltd. Transportation 1.51 Thermax Ltd. Industrial Capital Goods 3.93 The Ramco Cements Ltd Cement 1.46 Benchmark Fag Bearings India Ltd. Industrial Products 3.65 GE Power India Limited Industrial Capital Goods 1.34 S&P BSE 100 Bharti Airtel Ltd. Telecom - Services 3.58 PNC Infratech Ltd Construction 1.00 National Thermal Power Rural Electrification AAUM (` In Crores) Corporation Limited Power 3.53 Corporation Ltd Finance 1.00 AAUM as on March 31, 2017: Cummins India Ltd. Industrial Products 3.43 GP Petroleums Limited Petroleum Products 0.89 `215.05 Solar Industries India Limited Chemicals 3.36 Listed/Awaiting Listing on Stock Exchange - Total 95.75 KSB Pump Ltd Industrial Products 3.25 Collateral Borrowing & Lending obligation 4.11 AUM ( In Crores) ` AIA Engineering Limited Industrial Products 3.20 Net Current Assets/(Liabilities) 0.14 AUM as on March 31, 2017: Kajaria Ceramics Ltd. Construction 2.98 Grand Total 100 ` 232.57 Available Plans/Options A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustees Discretion Ratios Portfolio Turnover: 41.18% $Beta: 1.10 $ ## Sharpe :1.01 SYSTEMATIC INVESTMENT PLAN (SIP) $Standard Deviation : 18.50% Source: $ICRAMFI Explorer. Systematic Investment Plan (SIP) If you had invested `10,000 every month ## Risk rate assumed to be 6.22% (Since 1 year 3 years 5 years 7 years Since Inception on 31st March 2017 FBIL Overnight MIBOR rate was at unusually high at 7.37% , we Total amount invested (Rs) 120,000 360,000 600,000 840,000 1,100,000 are taking MIBOR as average of the entire Total Value as on March 31, 2017(Rs) 139,065 474,116 1,044,214 1,557,832 2,327,718 March month) Scheme Returns (%) 30.88 18.75 22.35 17.34 15.74 Minimum Investment Amount 132,558 415,888 814,300 1,229,575 1,838,793 Initial Investment: `5000 and in multiple S&P BSE 100 (Rs)# of `1 for purchase and for `0.01 for S&P BSE 100 Returns (%) 20.06 9.61 12.18 10.71 10.87 switches Nifty 50 (Rs)^ 131,278 408,408 793,799 1,200,857 1,790,323 Additional Investment: `1000 & in 17.97 8.38 11.15 10.04 10.31 multiples of `1 Nifty 50 Returns (%) Ideal Investments Horizon: 3 years & Scheme Inception : - February 25, 2008. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day above 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 Load Structure 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 Entry Load: Nil. (applicable for all plans) Kotak Infrastructure & Economic Reform Fund NAV as on March 31, 2017: `18.152 (Dividend Option), `20.308 (Direct Dividend Exit Load: Option), `19.319 (Growth Option), `20.323 (Direct Growth Option) I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment 1%; SECTOR ALLOCATION (%) PRODUCT LABEL ii) For redemptions / switch outs (including Riskometer SIP/STP) after 1 year from the date of 3.58 9.08 allotment of units, irrespective of the 5.93 26.03 4.11 7.785.62 ly Moderate Mo ate de amount of investment NIL; 4.044.36 29.12 er Highra 5.1 4.3 29.2432.53 d te 4.816.26 o l iii) Any exit load charged (net off Service Tax, 5.64 M Low y 7.036.34 if any) shall be credited back to the Scheme; 6.9 High 5.25 7.097.78 6.94 14.3 iv) Units issued on reinvestment of 14.51 Low 7.538.377.49 14.69 dividends shall not be subject to entry and 5.71 10.61 exit load. (applicable for all plans) 9.3612.22 LOW HIGH 5.71 14.97 Total Expense Ratio** 7.27 Investors understand that their principal will be at high risk 13.19 Construction This product is suitable for investors who are seeking*: Regular: 2.57% Industrial Products Cement Others Industrial Capital Goods Long term capital growth Direct: 1.09% Telecom - Services Gas Transportation Construction Project Long term capital appreciation by investing in equity and equity related instruments of companies contributing to infrastructure and economic **Total Expense Ratio excludes applicable CBLO & Term Deposits & Rev.Repo Chemicals development of India B15 fee and service tax. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53. 12 EQUITY SCHEMES INVESTMENT STYLE Style Maturity Value Blend Growth Size Short Medium Long Volatility KOTAK BALANCE Large Low An Open - Ended Balanced Scheme Mid Medium

(As on March 31, 2017) Small High

Investment Objective PORTFOLIO To achieve growth by investing in equity & equity related instruments, balanced with Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net income generation by investing in debt Assets Assets &money market instruments. However, Equity & Equity related (Listed/Awaiting listing on Stock The Ramco Cements Ltd Cement 0.68 there is no assurance that the objective of Exchange) Bajaj Finserv Ltd. Finance 0.67 the scheme will be realized. HDFC Bank Ltd. Banks 2.75 Hindustan Petroleum Infosys Ltd. Software 2.18 Corporation Ltd Petroleum Products 0.62 Allotment Date ICICI Bank Ltd. Banks 2.17 Shriram Transport GAIL (India) Ltd. Gas 1.94 Finance Co Ltd. Finance 0.57 November 25, 1999 Maruti Suzuki India Limited Auto 1.79 Navkar Corporation Limited Transportation 0.55 IndusInd Bank Ltd. Banks 1.77 Havells India Ltd. Consumer Durables 0.54 Fund Managers Larsen And Toubro Ltd. Construction Project 1.77 Carborundum Universal Ltd. Industrial Products 0.50 Motherson Sumi Systems Ltd. Auto Ancillaries 1.65 Kirloskar Oil Engines Ltd. Industrial Products 0.48 Mr. Pankaj Tibrewal and Mr. Abhishek State Bank Of India Banks 1.65 Finolex Cables Ltd. Industrial Products 0.46 Bisen* Apollo Hospitals Enterprises Ltd. Healthcare Services 1.57 Ramkrishna Forgings Ltd. Industrial Products 0.44 Kajaria Ceramics Ltd. Construction 1.57 Music Broadcast Limited Media and Entertainment 0.43 Benchmark Fag Bearings India Ltd. Industrial Products 1.54 HDFC Ltd. Warrants Finance 0.20 Sun TV Limited. Media and Entertainment 1.51 Pennar Engineered Building Crisil Balanced Fund V.S.T Tillers Tractors Ltd Auto 1.44 Systems Limited Ferrous Metals 0.15 AAUM (` In Crores) Axis Bank Ltd Banks 1.41 Shankara Building Products Ltd Ferrous Metals 0.15 Techno Electric & Listed/Awaiting Listing on Stock Exchange - Total 67.42 AAUM as on March 31, 2017: Engineering Co Ltd. Construction Project 1.41 Debt Instruments Zee Entertainment Debentures and Bonds `1028.33 Enterprises Ltd Media and Entertainment 1.41 Corporate Debt/Financial Institutions Tata Motors Ltd. Auto 1.40 Kotak Mahindra Bank Ltd. CRISIL AAA 0.93 AUM (` In Crores) JK Cement Ltd. Cement 1.38 LIC Housing Finance Ltd. CRISIL AAA 0.05 Thermax Ltd. Industrial Capital Goods 1.34 AUM as on March 31, 2017: Tata Sons Ltd. CRISIL AAA 0.02 Laurus Labs Ltd Pharmaceuticals 1.28 Corporate Debt/Financial Institutions - Total 1.00 HDFC Ltd. Finance 1.27 `1155.87 Public Sector Undertakings Strides Shasun Ltd. Pharmaceuticals 1.24 U P Power Corporation Ltd Available Plans/Options Atul Ltd. Chemicals 1.22 (Guaranteed by Government Reliance Industries Ltd. Petroleum Products 1.22 of Uttar Pradesh) FITCH IND AA(SO) 7.92 A) Regular Plan HCL Technologies Ltd. Software 1.15 National Highways Authority Bank Of Baroda Banks 1.12 Of India CRISIL AAA 4.32 B) Direct Plan / Options: Dividend Payout, Lupin Ltd. Pharmaceuticals 1.11 Bank of India CRISIL A+ 2.98 Dividend Reinvestment & Growth ITC Ltd. Consumer Non Durables 1.10 Bharat Forge Ltd. Industrial Products 1.06 Syndicate Bank CARE AA- 2.24 (applicable for all plans) SRF Ltd. Textile Products 1.04 Allahabad Bank FITCH IND A 0.86 BSE Ltd Finance 1.03 Konkan Railway Corporation Ltd. ICRA AAA 0.45 Dividend Frequency Mcleod Russel India Ltd Consumer Non Durables 1.03 Public Sector Undertakings - Total 18.77 Government Dated Securities Half Yearly (25th of Mar/Sep) ICICI Prudential Life Insurance Company Ltd Finance 1.01 7.59% Central Government SOV 2.62 Ratios Cipla Ltd. Pharmaceuticals 0.99 7.61% Central Government SOV 1.77 Mahindra & Mahindra Ltd. Auto 0.96 6.79% Central Government SOV 1.68 Portfolio Turnover: 19.89% DB Corp Limited Media and Entertainment 0.91 8.18% State Government SOV 0.44 8.45% State Government SOV 0.18 $ Mahindra & Mahindra Beta: 1.16 Financial Services Ltd. Finance 0.89 8.27% State Government SOV 0.08 $ ## RBL Bank Ltd Banks 0.87 8.29% State Government SOV 0.06 Sharpe : 0.75 Solar Industries India Limited Chemicals 0.84 8.43% State Government SOV 0.02 $ 7.35% Central Government SOV 0.01 Standard Deviation : 11.22% Tata Consultancy Services Ltd. Software 0.84 Equitas Holdings Ltd Finance 0.81 Government Dated Securities - Total 6.86 Source: $ICRA MFI Explorer. Va Tech Wabag Limited Engineering Services 0.77 TERM DEPOSITS Whirlpool of India Ltd. Consumer Durables 0.74 AXIS Bank Ltd. 0.04 ## Risk rate assumed to be 6.22% (Since Federal Bank Ltd. Banks 0.73 Term Deposits - Total 0.04 on 31st March 2017 FBIL Overnight MIBOR Arvind Ltd Textile Products 0.70 Collateral Borrowing & Lending obligation 1.78 Divi s Laboratories Limited Pharmaceuticals 0.70 Net Current Assets/(Liabilities) 4.13 rate was at unusually high at 7.37% , we Persistent Systems Limited Software 0.70 Grand Total 100 are taking MIBOR as average of the entire March month) Note: Term Deposit as provided above is towards margin for derivatives transactions Minimum Investment Amount SYSTEMATIC INVESTMENT PLAN (SIP) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for Systematic Investment Plan (SIP) If you had invested `10,000 every month switches 1 year 3 years 5 years 7 years 10 years Since Inception Additional Investment: `1000 & in Total amount invested (Rs) 120,000 360,000 600,000 840,000 1,200,000 2,090,000 multiples of `1 Total Value as on March 31, 2017 (Rs) 132,995 440,037 857,837 1,326,877 2,227,649 9,282,943 Ideal Investments Horizon: 3 years & above Scheme Returns (%) 20.78 13.50 14.29 12.84 11.89 15.31 Load Structure CRISIL Balanced Fund Aggressive Index (Rs)# 129,349 413,755 790,105 1,203,107 1,987,592 NA

Entry Load: Nil. (applicable for all plans) CRISIL Balanced Fund Aggressive Index Returns (%) 14.83 9.26 10.96 10.10 9.75 NA Exit Load: Nifty 50 (Rs)^ 131,278 408,408 793,799 1,200,857 1,985,817 7,407,383 i) For redemption/switch out of upto 10% Nifty 50 Returns (%) 17.97 8.38 11.15 10.04 9.73 13.13 of the initial investment amount (limit) purchased or switched in within 1 year from Scheme Inception : - November 25,1999. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working the date of allotment: Nil. 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 ii) If units redeemed or switched out are in month from the date of inception. # Benchmark ; ^ Additional Benchmark excess of the limit within 1 year from the Kotak Balance NAV as on March 31, 2017: `16.593 (Dividend Option), `17.672 (Direct Dividend Option), `22.403 (Growth Option) date of allotment: 1%. `23.537 (Direct Growth Option) iii) If units are redeemed or switched out on or alter 1 year from the date of allotment: Nil. SECTOR ALLOCATION (%) PRODUCT LABEL 19.77 iv) Any exit load charged (net off Service Riskometer 26.75 9.3118.38 20.7 Moderate M Tax, if any) shall be credited back to the 11.16 tely od 30.67 ra er 23.73 e Highat respective Scheme. (applicable for all plans) 4.77 od e Low ly 4.8 M v) Units issued on reinvestment of dividends 5.134.72 14.6 5 4.96 shall not be subject to exit load (applicable 5.335.71 High 5.18 15.429.43 6.61 6.02 15.88 Low for all plans) 3.186.27 9.66 9.08 6.73 12.47 Total Expense Ratio** 4.26 10.22 LOW HIGH Software 4.48 7.08 Regular: 2.24% 4.87 6.86 Banks Investors understand that their principal will be at moderately high risk Finance 5.32 5.59 6.45 This product is suitable for investors who are seeking*: Direct: 1.04% Construction Project Pharmaceuticals Long term capital growth Investment in equity & equity related securities balanced with income generation **Total Expense Ratio excludes applicable Media and Entertainment Auto Debentures and Bonds by investing in debt & money market instruments B15 fee and service tax. * Investors should consult their financial advisors if in doubt about whether the Government Dated Securities Others Industrial Products product is suitable for them. * For Fund Manager experience, please refer page 54-55. 13 For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53 EQUITY SCHEMES INVESTMENT STYLE Style Maturity Value Blend Growth Size Short Medium Long Volatility KOTAK EQUITY ARBITRAGE Large Low An Open - Ended Equity Growth Scheme Mid Medium

(As on March 31, 2017) Small High

Investment Objective PORTFOLIO The investment objective of the scheme is to generate capital appreciation and income by Issuer/Instrument Industry/Rating % to Net Assets % to Net Assets predominantly investing in arbitrage Derivatives opportunities in the cash and derivatives Equity & Equity related (Listed/Awaiting listing on Stock Exchange) segment of the equity market, and by investing the balance in debt and money Hedged market instruments. However, there is no Reliance Industries Ltd. Petroleum Products 2.84 -2.85 assurance that the objective of the scheme Maruti Suzuki India Limited Auto 2.07 -2.08 will be realized. ITC Ltd. Consumer Non Durables 1.85 -1.85 Allotment Date Indiabulls Housing Finance Ltd. Finance 1.82 -1.83 September 29, 2005 Bharat Financial Inclusion Limited Finance 1.63 -1.64 Fund Manager Oil & Natural Gas Corporation Ltd. Oil 1.50 -1.51 Mr. Deepak Gupta* Cairn India Limited Oil 1.47 -1.47 Benchmark Federal Bank Ltd. Banks 1.45 -1.46 Asian Paints Ltd. Consumer Non Durables 1.30 -1.31 Nifty 50 Arbitrage IDFC Limited Finance 1.27 -1.28 AAUM (` In Crores) Hindustan Zinc Ltd. Non - Ferrous Metals 1.26 -1.27 AAUM as on March 31, 2017: United Spirits Ltd. Consumer Non Durables 1.25 -1.26 `6013.01 Tata Motors Ltd - DVR Auto 1.22 -1.22 AUM (` In Crores) UPL Ltd Pesticides 1.09 -1.09 AUM as on March 31, 2017: Tata Steel Limited. Ferrous Metals 1.05 -1.05 JSW Steel Ltd. Ferrous Metals 1.02 -1.02 `6156.70 Dewan Housing Finance Corporation Ltd. Finance 0.99 -1 Available Plans/Options Ashok Leyland Ltd. Auto 0.98 -0.98 A) Regular Plan Bharat Forge Ltd. Industrial Products 0.98 -0.99 B) Direct Plan / Options: Dividend Payout, Aditya Birla Nuvo Limited Services 0.95 -0.95 Dividend Reinvestment & Growth (applicable Power Finance Corporation Ltd. Finance 0.93 -0.94 for all plans) Bharat Electronics Ltd Industrial Capital Goods 0.89 -0.89 Dividend Frequency Tata Global Beverages Limited Consumer Non Durables 0.89 -0.89 Fortnightly (Every alternate Monday from the Eicher Motors Ltd Auto 0.87 -0.87 1st record date), Monthly (Monday Reliance Capital Ltd. Finance 0.86 -0.86 preceding the last Thursday of the month), Bimonthly (Monday preceding the last Aurobindo Pharma Ltd. Pharmaceuticals 0.80 -0.80 Thursday of the following months - January, ICICI Bank Ltd. Banks 0.80 -0.81 March, May, July, September, November) CESC Ltd. Power 0.79 -0.80 Ratio Tata Communications Ltd Telecom - Services 0.74 -0.75 Portfolio Turnover: 345.58% Coal India Ltd. Minerals/Mining 0.73 -0.73 HDFC Ltd. Finance 0.73 -0.74 $Beta: 0.53 Dr Reddys Laboratories Ltd Pharmaceuticals 0.72 -0.73 $Sharpe## : 1.69 Century Textiles & Industries Ltd. Cement 0.70 -0.70 $ Standard Deviation : 0.51% Petronet LNG Ltd. Gas 0.70 -0.70 Source: $ICRA MFI Explorer. Tech Mahindra Ltd. Software 0.68 -0.68 ## Risk rate assumed to be 6.22% (Since IDFC Bank Limited Banks 0.67 -0.67 on 31st March 2017 FBIL Overnight MIBOR Reliance Infrastructure Ltd Power 0.67 -0.68 rate was at unusually high at 7.37% , we Castrol (India ) Ltd. Petroleum Products 0.62 -0.62 are taking MIBOR as average of the entire Bosch Limited Auto Ancillaries 0.60 -0.60 March month) Karnataka Bank Ltd Banks 0.59 -0.60 Minimum Investment Amount Sun TV Limited. Media and Entertainment 0.56 -0.57 Initial Investment: `5000 and in multiple of Exide Industries Ltd Auto Ancillaries 0.55 -0.55 `1 for purchase and for `0.01 for switches ACC Ltd. Cement 0.54 -0.54 Additional Investment: `1000 & in Glenmark Pharmaceuticals Ltd Pharmaceuticals 0.54 -0.54 multiples of `1 Indraprastha Gas Ltd. Gas 0.54 -0.54 Ideal Investments Horizon: 3 months & Adani Power Ltd Power 0.52 -0.53 above Apollo Tyres Ltd. Auto Ancillaries 0.52 -0.53 Load Structure Power Grid Corporation Of India Ltd Power 0.52 -0.53 Entry Load: Nil. (applicable for all plans) Zee Entertainment Enterprises Ltd Media and Entertainment 0.51 -0.51 Exit Load: The South Indian Bank Ltd. Banks 0.50 -0.51 I) For redemptions/switch outs (including Hindalco Industries Ltd Non - Ferrous Metals 0.48 -0.48 SIP/STP) within 30 days from the date of Engineers India Ltd. Construction Project 0.44 -0.44 allotment of units, irrespective of the amount NCC Limited Construction Project 0.43 -0.43 of investment: 0.25% Bajaj Auto Ltd. Auto 0.42 -0.43 II) For redemptions/switch outs (including Reliance Power Ltd Power 0.42 -0.42 SIP/STP) after 30 days from the date of Bharti Infratel Ltd. Telecom - Equipment & Accessories 0.41 -0.41 allotment of units, irrespective of the amount Oracle Financial Services Software Ltd Software 0.40 -0.39 of investment: Nil GMR Infrastructure Ltd. Construction Project 0.39 -0.39 Note - 1) Any exit load charged (net off Service Tax, if any ) shall be credited back to India Cements Ltd. Cement 0.39 -0.39 the Scheme. Bharat Earth Movers Ltd. Industrial Capital Goods 0.38 -0.38 2) Units issued on reinvestment of dividends JSW Energy Ltd. Power 0.38 -0.38 shall not be subject to exit load (applicable IRB Infrastructure Developers Ltd Construction 0.37 -0.37 for all plans) Mahindra & Mahindra Financial Services Ltd. Finance 0.37 -0.37 Total Expense Ratio** Apollo Hospitals Enterprises Ltd. Healthcare Services 0.36 -0.36 Regular: 1.06% Jet Airways (India) Ltd. Transportation 0.36 -0.36 Pidilite Industries Ltd. Chemicals 0.36 -0.37 Direct: 0.58% Strides Shasun Ltd. Pharmaceuticals 0.36 -0.36 **Total Expense Ratio excludes applicable B15 fee and service tax. * For Fund Manager experience, please refer page 54-55. For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53 14 EQUITY SCHEMES

KOTAK EQUITY ARBITRAGE An Open - Ended Equity Growth Scheme

(As on March 31, 2017)

PORTFOLIO

Issuer/Instrument Industry/Rating % to Net Assets % to Net Assets Derivatives Tata Chemicals Ltd. Chemicals 0.36 -0.36 Hero MotoCorp Ltd. Auto 0.35 -0.35 Hindustan Petroleum Corporation Ltd Petroleum Products 0.34 -0.34 Jain Irrigation Systems Ltd. Industrial Products 0.34 -0.35 TV18 Broadcast Ltd Media and Entertainment 0.34 -0.34 Bharat Heavy Electricals Ltd. Industrial Capital Goods 0.33 -0.33 Bank Of Baroda Banks 0.32 -0.32 Tata Power Co. Ltd. Power 0.32 -0.32 Cadila Healthcare Ltd. Pharmaceuticals 0.30 -0.31 L&T Finance Holdings Ltd Finance 0.29 -0.29 Dabur India Ltd Consumer Non Durables 0.27 -0.27 Idea Cellular Ltd. Telecom - Services 0.27 -0.27 PTC India Ltd. Power 0.27 -0.27 Sintex Industries Ltd. Industrial Products 0.27 -0.27 Indiabulls Real Estate Ltd Construction 0.26 -0.26 Dish TV India Ltd. Media and Entertainment 0.25 -0.26 Max Financial Services Ltd. Finance 0.25 -0.25 NMDC Ltd. Minerals/Mining 0.25 -0.25 Adani Enterprises Ltd Trading 0.24 -0.24 Adani Port and Special Economic Zone Limited Transportation 0.24 -0.24 Kaveri Seed Company Ltd. Consumer Non Durables 0.24 -0.24 Amara Raja Batteries Ltd. Auto Ancillaries 0.22 -0.23 Divi s Laboratories Limited Pharmaceuticals 0.22 -0.22 Equitas Holdings Ltd Finance 0.22 -0.22 Mahindra & Mahindra Ltd. Auto 0.22 -0.22 Tata Consultancy Services Ltd. Software 0.22 -0.22 Inter Globe Aviation Ltd Transportation 0.21 -0.21 National Thermal Power Corporation Limited Power 0.21 -0.22 Torrent Power Ltd Power 0.21 -0.21 Granules India Ltd. Pharmaceuticals 0.20 -0.20 Hexaware Technologies Ltd. Software 0.20 -0.20 United Breweries Ltd. Consumer Non Durables 0.20 -0.20 Wockhardt Ltd. Pharmaceuticals 0.20 -0.20 Ajanta Pharma Ltd. Pharmaceuticals 0.19 -0.19 MindTree Ltd. Software 0.19 -0.19 Tata Elxsi Ltd. Software 0.19 -0.19 Ambuja Cements Ltd Cement 0.18 -0.18 Marico Ltd. Consumer Non Durables 0.17 -0.17 Reliance Defence & Engineering Ltd Industrial Capital Goods 0.17 -0.17 State Bank Of India Banks 0.17 -0.17 SRF Ltd. Textile Products 0.16 -0.16 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.16 -0.16 Bata India Ltd. Consumer Durables 0.15 -0.15 Cipla Ltd. Pharmaceuticals 0.15 -0.15 Jindal Steel & Power Ltd. Ferrous Metals 0.14 -0.14 Larsen And Toubro Ltd. Construction Project 0.14 -0.14 Indo Count Industries Ltd. Textiles - Cotton 0.13 -0.13 IndusInd Bank Ltd. Banks 0.13 -0.13 Voltas Ltd. Construction Project 0.13 -0.14 CEAT Ltd. Auto Ancillaries 0.12 -0.12 Hindustan Unilever Ltd. Consumer Non Durables 0.12 -0.12 Shriram Transport Finance Co Ltd. Finance 0.12 -0.12 Siemens Ltd. Industrial Capital Goods 0.12 -0.12 Axis Bank Ltd Banks 0.11 -0.11 Britannia Industries Ltd. Consumer Non Durables 0.11 -0.11 Cummins India Ltd. Industrial Products 0.11 -0.11 Ujjivan Financial Services Ltd Finance 0.11 -0.11 Canara Bank Banks 0.10 -0.10 NIIT Technologies Ltd Software 0.09 -0.09 Bharat Petroleum Corporation Ltd. Petroleum Products 0.07 -0.07 Escorts Ltd. Auto 0.07 -0.07 IFCI Ltd. Finance 0.07 -0.08 Industrial Development Bank of India Ltd. Banks 0.07 -0.07 Jaiprakash Associates Ltd Cement 0.07 -0.07 Andhra Bank Banks 0.06 -0.06 CG Power and Industrial Solutions Limited Industrial Capital Goods 0.06 -0.06 KPIT Technologies LImited Software 0.06 -0.06 Biocon Ltd. Pharmaceuticals 0.05 -0.05 Godrej Consumer Products Ltd. Consumer Non Durables 0.05 -0.05 Housing Development and Infrastructure Limited Construction 0.05 -0.05 15 EQUITY SCHEMES

KOTAK EQUITY ARBITRAGE An Open - Ended Equity Growth Scheme

(As on March 31, 2017)

PORTFOLIO

Issuer/Instrument Industry/Rating % to Net Assets % to Net Assets Derivatives Indian Oil Corporation Ltd Petroleum Products 0.05 -0.05 Motherson Sumi Systems Ltd. Auto Ancillaries 0.05 -0.05 Capital First Ltd Finance 0.04 -0.04 Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.04 -0.04 Dalmia Bharat Ltd. Cement 0.04 -0.05 LIC Housing Finance Ltd. Finance 0.04 -0.04 Lupin Ltd. Pharmaceuticals 0.04 -0.04 Page Industries Ltd Textile Products 0.04 -0.05 Suzlon Energy Ltd. Industrial Capital Goods 0.04 -0.04 Syndicate Bank Banks 0.04 -0.04 MRF Limited Auto Ancillaries 0.03 -0.03 Development Credit Bank Ltd. Banks 0.02 -0.02 Grasim Industries Ltd. Cement 0.02 -0.02 Muthoot Finance Ltd Finance 0.02 -0.02 NHPC Limited Power 0.02 -0.02 Piramal Enterprises Limited Pharmaceuticals 0.02 -0.03 PVR Ltd Media and Entertainment 0.02 -0.02 Torrent Pharmaceuticals Ltd. Pharmaceuticals 0.02 -0.02 Vedanta Ltd. Non - Ferrous Metals 0.02 -0.02 DLF Limited Construction 0.01 -0.01 Indian Bank Banks 0.01 -0.01 Shree Cement Ltd. Cement 0.01 -0.01 Titan Company Ltd. Consumer Durables 0.01 -0.01 Wipro Ltd. Software 0.01 -0.01 Yes Bank Ltd Banks 0.01 -0.01 Hedged - Total 68.63 -68.99 Listed/Awaiting Listing on Stock Exchange - Total 68.63 -68.99 Mutual Fund Units Kotak Floater Short Term Direct Growth Kotak Mutual Fund Units 5.34 Mutual Fund Units - Total 5.34 Debt Instruments Debentures and Bonds Corporate Debt/Financial Institutions HDFC Ltd. CRISIL AAA 3.25 Kotak Mahindra Prime Ltd. CRISIL AAA 3.01 Mahindra & Mahindra Financial Services Ltd. FITCH IND AAA 2.44 LIC Housing Finance Ltd. CARE AAA 0.73 Corporate Debt/Financial Institutions - Total 9.43 TERM DEPOSITS IndusInd Bank Ltd. 4.15 AXIS Bank Ltd. 4.11 HDFC Bank Ltd. 3.26 Kotak Mahindra Bank Ltd. 1.76 Ratnakar Bank Ltd 0.79 Term Deposits - Total 14.07 Collateral Borrowing & Lending obligation 0.91 Net Current Assets/(Liabilities) 1.62 Grand Total 100

Notes: Term Deposit as provided above is towards margin for derivatives transactions Kotak Equity Arbitrage NAV as on March 31, 2017: `10.7471 (Dividend Option), `10.9521 (Direct Dividend Option), `23.4218 (Growth Option), `23.9221 (Direct Growth Option), `19.9744 (Bimonthly Option), `20.165 (Direct Bimonthly Option)

SECTOR ALLOCATION (%) PRODUCT LABEL

14.98 Riskometer 9.76 ly Moderate Mo 30.53 ate de er Highra d te o l M Low y

High

Low 3.92 9.43 3.97 LOW HIGH 4.33 5.05 6.49 Investors understand that their principal will be at moderately low risk 5.34 6.2 This product is suitable for investors who are seeking*: CBLO & Term Deposits & Rev.Repo Auto Others Income from arbitrage opportunities in the equity market Investment in arbitrage opportunities in the cash & derivatives segment of Power Pharmaceuticals Banks the equity market. Finance Consumer Non Durables Debentures and Bonds * Investors should consult their financial advisors if in doubt about whether the Kotak Mutual Fund Units Petroleum Products product is suitable for them. 16 EQUITY SCHEMES INVESTMENT STYLE Style Maturity Value Blend Growth Size Short Medium Long Volatility KOTAK EQUITY SAVINGS FUND Large Low An Open Ended Equity Fund Mid Medium

(As on March 31, 2017) Small High

Investment Objective PORTFOLIO The investment objective of the scheme is to generate capital appreciation and Issuer/Instrument Industry/Rating % to Net Assets % to Net Assets income by predominantly investing in - Derivatives arbitrage opportunities in the cash and Equity & Equity related (Listed/Awaiting listing on Stock Exchange) derivatives segment of the equity market, Non-Hedge and enhance returns with a moderate ITC Ltd. Consumer Non Durables 1.24 exposure in equity & equity related Bharat Petroleum Corporation Ltd. Petroleum Products 1.15 instruments. However, there is no IndusInd Bank Ltd. Banks 1.13 assurance that the objective of the scheme HDFC Ltd. Warrants Finance 1.11 will be realized. Power Grid Corporation Of India Ltd Power 1.06 Allotment Date Infosys Ltd. Software 0.95 Yes Bank Ltd Banks 0.94 October 13, 2014 National Thermal Power Corporation Limited Power 0.88 Tata Steel Limited. Ferrous Metals 0.88 Fund Managers Varun Beverages Ltd Consumer Non Durables 0.82 Mr. Deepak Gupta & Mr. Abhishek Bisen* Grasim Industries Ltd. Cement 0.77 Tata Motors Ltd - DVR Auto 0.72 Benchmark Asian Paints Ltd. Consumer Non Durables 0.71 75% of Nifty 50 Arbitrage index and 25% Reliance Industries Ltd. Petroleum Products 0.67 in Nifty 50 Biocon Ltd. Pharmaceuticals 0.63 Bajaj Finance Limited Finance 0.59 AAUM (` In Crores) Zee Entertainment Enterprises Ltd Media and Entertainment 0.57 Laurus Labs Ltd Pharmaceuticals 0.53 AAUM as on March 31, 2017: Maruti Suzuki India Limited Auto 0.51 `711.27 Mcleod Russel India Ltd Consumer Non Durables 0.47 Petronet LNG Ltd. Gas 0.46 AUM (` In Crores) Axis Bank Ltd Banks 0.45 BSE Ltd Finance 0.45 AUM as on March 31, 2017: Hero MotoCorp Ltd. Auto 0.45 0.17 ` 720.28 JSW Steel Ltd. Ferrous Metals 0.39 The Ramco Cements Ltd Cement 0.39 Available Plans/Options Tata Consultancy Services Ltd. Software 0.37 A) Regular Plan HCL Technologies Ltd. Software 0.30 Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.26 B) Direct Plan / Options: Dividend Payout, Hindustan Unilever Ltd. Consumer Non Durables 0.25 Dividend Reinvestment & Growth State Bank Of India Banks 0.25 (applicable for all plans) Bajaj Finserv Ltd. Finance 0.24 GAIL (India) Ltd. Gas 0.24 Dividend Frequency Container Corporation of India Ltd. Transportation 0.22 0.01 Monthly (12th of every month) Quarterly HDFC Ltd. Finance 0.21 (20th of March, June, September and ICICI Bank Ltd. Banks 0.21 0.45 December of every year) Oil & Natural Gas Corporation Ltd. Oil 0.18 RBL Bank Ltd Banks 0.18 Ratios Larsen And Toubro Ltd. Construction Project 0.17 Portfolio Turnover: 202.47% Wipro Ltd. Software 0.16 Mahindra & Mahindra Ltd. Auto 0.14 Aurobindo Pharma Ltd. Pharmaceuticals -0.14 Minimum Investment Amount Apollo Hospitals Enterprises Ltd. Healthcare Services 0.13 Initial Investment: `5000 and in multiple Dr Reddys Laboratories Ltd Pharmaceuticals 0.12 of `1 for purchase and for `0.01 for Hindustan Petroleum Corporation Ltd Petroleum Products 0.12 switches Lupin Ltd. Pharmaceuticals 0.12 Additional Investment: `1000 & in Tata Motors Ltd. Auto 0.10 multiples of `1 for purchase and for `0.01 Tech Mahindra Ltd. Software 0.10 for switches Eicher Motors Ltd Auto 0.09 Ideal Investments Horizon: 3 years & Cipla Ltd. Pharmaceuticals 0.08 above Adani Port and Special Economic Zone Limited Transportation 0.06 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.06 Load Structure Hindustan Zinc Ltd. Non - Ferrous Metals 0.04 Entry Load: Nil. Indraprastha Gas Ltd. Gas 0.04 Shankara Building Products Ltd Ferrous Metals 0.04 Exit Load: UPL Ltd Pesticides 0.04 I) For redemption / switch out of upto 10% Piramal Enterprises Limited Pharmaceuticals 0.03 of the initial investment amount (limit) Tata Communications Ltd Telecom - Services 0.03 purchased or switched in within 1 year from Chennai Super Kings Cricket Ltd. Media and Entertainment 0.02 the date of allotment: Nil. ACC Ltd. Cement 0.01 ii) If units redeemed or switched out are in Ambuja Cements Ltd Cement 0.01 excess of the limit within 1 year from the HDFC Bank Ltd. Banks 0.01 1.32 date of allotment: 1%. CNX NIFTY-APR2017 -1.00 iii) If units are redeemed or switched out Non-Hedged- Total 23.55 0.81 on or after 1 year from the date of Hedged allotment: Nil. HCL Technologies Ltd. Software 6.04 -6.04 iv) Any exit load charged (net off Service GMR Infrastructure Ltd. Construction Project 4.78 -4.79 Tax, if any) shall be credited back to the Hindalco Industries Ltd Non - Ferrous Metals 3.38 respective Scheme. Units issued on CNX NIFTY-APR2017 -3.49 reinvestment of dividends shall not be Jain Irrigation Systems Ltd. Industrial Products 2.56 -2.57 subject to entry and exit load. Reliance Capital Ltd. Finance 2.08 -2.09 Tata Communications Ltd Telecom - Services 1.68 -1.68 Total Expense Ratio** IDFC Limited Finance 1.56 -1.57 Cairn India Limited Oil 1.36 1.97 Regular: 2.04% Vedanta Ltd. Non - Ferrous Metals -2.50 Direct: 1.35% State Bank Of India Banks 0.88 -0.88 **Total Expense Ratio excludes applicable The South Indian Bank Ltd. Banks 0.88 -0.88 Century Textiles & Industries Ltd. Cement 0.86 -0.87 B15 fee and service tax. Housing Development and Infrastructure Limited Construction 0.74 -0.74 Dewan Housing Finance Corporation Ltd. Finance 0.71 -0.72 Aditya Birla Nuvo Limited Services 0.67 -0.67 Ashok Leyland Ltd. Auto 0.67 -0.67 Bata India Ltd. Consumer Durables 0.67 -0.67

17 * For Fund Manager experience, please refer page 54-55. For last three dividends, please refer page no 56-58. For scheme performance, please refer page no 45-53 EQUITY SCHEMES

KOTAK EQUITY SAVINGS FUND An Open Ended Equity Fund

(As on March 31, 2017)

PORTFOLIO

Issuer/Instrument Industry/Rating % to Net Assets % to Net Assets - Derivatives Aurobindo Pharma Ltd. Pharmaceuticals 0.62 -0.62 Jaiprakash Associates Ltd Cement 0.59 -0.60 Glenmark Pharmaceuticals Ltd Pharmaceuticals 0.58 -0.59 Bharat Financial Inclusion Limited Finance 0.57 -0.57 Divi s Laboratories Limited Pharmaceuticals 0.55 -0.55 IRB Infrastructure Developers Ltd Construction 0.49 -0.49 Wockhardt Ltd. Pharmaceuticals 0.48 -0.48 UPL Ltd Pesticides 0.47 -0.47 Ultratech Cement Ltd. Cement 0.45 India Cements Ltd. Cement -0.42 Castrol (India ) Ltd. Petroleum Products 0.41 -0.41 Oil & Natural Gas Corporation Ltd. Oil 0.34 -0.34 Petronet LNG Ltd. Gas 0.33 -0.33 Adani Power Ltd Power 0.32 -0.32 NCC Limited Construction Project 0.32 -0.32 India Cements Ltd. Cement 0.29 -0.29 ITC Ltd. Consumer Non Durables 0.29 -0.29 Vedanta Ltd. Non - Ferrous Metals 0.29 -0.29 Indiabulls Real Estate Ltd Construction 0.28 -0.28 Tata Elxsi Ltd. Software 0.23 -0.23 IDFC Bank Limited Banks 0.22 -0.22 Reliance Infrastructure Ltd Power 0.21 -0.21 Tata Motors Ltd - DVR Auto 0.21 -0.21 Exide Industries Ltd Auto Ancillaries 0.20 -0.20 HDFC Ltd. Finance 0.18 -0.18 IFCI Ltd. Finance 0.15 -0.15 Tata Global Beverages Limited Consumer Non Durables 0.14 -0.14 Asian Paints Ltd. Consumer Non Durables 0.12 -0.12 JSW Energy Ltd. Power 0.12 -0.12 Zee Entertainment Enterprises Ltd Media and Entertainment 0.12 -0.12 Britannia Industries Ltd. Consumer Non Durables 0.11 -0.11 Hindalco Industries Ltd Non - Ferrous Metals 0.11 -0.11 Mahindra & Mahindra Ltd. Auto 0.10 -0.10 Reliance Power Ltd Power 0.10 -0.10 Oracle Financial Services Software Ltd Software 0.09 -0.08 Yes Bank Ltd Banks 0.09 -0.09 JSW Steel Ltd. Ferrous Metals 0.08 -0.08 Engineers India Ltd. Construction Project 0.07 -0.07 Pidilite Industries Ltd. Chemicals 0.07 -0.07 Tata Steel Limited. Ferrous Metals 0.07 -0.07 NIIT Technologies Ltd Software 0.06 -0.06 Granules India Ltd. Pharmaceuticals 0.05 -0.05 TV18 Broadcast Ltd Media and Entertainment 0.05 -0.05 CESC Ltd. Power 0.04 -0.04 Jindal Steel & Power Ltd. Ferrous Metals 0.04 -0.05 KPIT Technologies LImited Software 0.04 -0.04 Tata Power Co. Ltd. Power 0.04 -0.04 Godrej Consumer Products Ltd. Consumer Non Durables 0.03 -0.03 Hindustan Petroleum Corporation Ltd Petroleum Products 0.03 -0.03 LIC Housing Finance Ltd. Finance 0.02 -0.02 Maruti Suzuki India Limited Auto 0.02 -0.02 Hedged - Total 40.40 -39.73 Listed/Awaiting Listing on Stock Exchange - Total 63.95 -38.92 Preference Shares (Listed/Awaiting listing on Stock Exchange) 3DPLM Software Solutions Ltd(Preference Shares) Software 1.98 Preference Shares - Total 1.98 Mutual Fund Units Kotak Floater Short Term Direct Growth Mutual Fund Units 13.76 Mutual Fund Units - Total 13.76 Government Dated Securities 8.53 State Government SOV 0.72 Government Dated Securities - Total 0.72 TERM DEPOSITS AXIS Bank Ltd. 4.80 HDFC Bank Ltd. 3.40 Kotak Mahindra Bank Ltd. 2.99 IndusInd Bank Ltd. 2.46 Term Deposits - Total 13.65 Collateral Borrowing & Lending obligation 0.81 Net Current Assets/(Liabilities) 5.13 Grand Total 100

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

Kotak Equity Savings Fund NAV as on March 31, 2017: `12.1837 (Growth Option), `10.8678 (Monthly Dividend Option), `10.8051 Quarterly Dividend Option), `12.3951 (Direct Growth Option), `11.0502 (Direct Monthly Dividend Option), `10.8777 (Direct Quarterly Dividend Option)

18 EQUITY SCHEMES

KOTAK EQUITY SAVINGS FUND An Open Ended Equity Fund

(As on March 31, 2017)

SYSTEMATIC INVESTMENT PLAN (SIP)

SYSTEMATICSystematic INVESTMENT Investment PLAN Plan (SIP) (SIP) If you had invested `10,000 every month 1 year Since Inception Total amount invested (Rs) 120,000 300,000 Total Value as on March 31, 2017 (Rs) 126,594 332,669 Scheme Returns (%) 10.40 8.23 75% NIFTY 50 ARBITRAGE + 25% Nifty 50 (Rs)# 128,409 329,745 75% NIFTY 50 ARBITRAGE + 25% Nifty 50 Returns (%) 13.31 7.51 Nifty 50 (Rs)^ 131,278 333,175 Nifty 50 Returns (%) 17.97 8.35

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

SECTOR ALLOCATION (%) PRODUCT LABEL

14.46 Riskometer

27.53 13.76 ly Moderate Mo ate de 22.18 er Highra 30.03 d te o l M Low y 11.19

High 8.92 3.6 Low 3.37 3.72 5.1 7.09 3.82 LOW HIGH 3.85 10.32 4.44 Investors understand that their principal will be at moderately high risk 5.24 5.34 7.87 This product is suitable for investors who are seeking*: CBLO & Term Deposits & Rev.Repo Banks Finance Income from arbitrage opportunities in the equity market & long term Others Software Mutual Fund Units capital growth Consumer Non Durables Cement Construction Project Investment predominantly in arbitrage opportunities in the cash & Pharmaceuticals Non - Ferrous Metals derivatives segment of the equity market and equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

19 EQUITY SCHEMES INVESTMENT STYLE Style KOTAK INDIA GROWTH FUND Value Blend Growth Size SERIES I Large 3 years Close- Ended Equity Scheme Mid

(As on March 31, 2017) Small

Investment Objective PORTFOLIO The investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity & equity Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net related instruments across market Assets Assets capitalisation and sectors. However, there is Equity & Equity related (Listed/Awaiting listing on Stock Persistent Systems Limited Software 2.86 no assurance that the objective of the Exchange) Equitas Holdings Ltd Finance 2.74 scheme will be realized. HDFC Bank Ltd. Banks 8.68 Laurus Labs Ltd Pharmaceuticals 2.24 Infosys Ltd. Software 7.43 Motherson Sumi Systems Ltd. Auto Ancillaries 1.74 Allotment Date IndusInd Bank Ltd. Banks 6.86 Entertainment Network ICICI Bank Ltd. Banks 6.67 (India) Ltd. Media and Entertainment 1.52 May 06, 2015 Maruti Suzuki India Limited Auto 6.23 Avenue Supermarts Ltd Retailing 1.34 Fund Manager Reliance Industries Ltd. Petroleum Products 6.20 Listed/Awaiting Listing on Stock Exchange - Total 97.67 Mr. Harish Krishnan Larsen And Toubro Ltd. Construction Project 4.93 TERM DEPOSITS Benchmark Britannia Industries Ltd. Consumer Non Durables 4.87 AXIS Bank Ltd. 0.48 Sun Pharmaceuticals Nifty 200 Term Deposits - Total 0.48 Industries Ltd. Pharmaceuticals 4.82 Collateral Borrowing & Lending obligation 1.93 AAUM (` In Crores) Hero MotoCorp Ltd. Auto 4.81 Net Current Assets/(Liabilities) -0.08 AAUM as on March 31, 2017: Axis Bank Ltd Banks 4.15 Grand Total 100 `408.61 Shree Cement Ltd. Cement 4.07 Sun TV Limited. Media and Entertainment 3.18 AUM (` In Crores) GAIL (India) Ltd. Gas 3.11 AUM as on March 31, 2017: Kajaria Ceramics Ltd. Construction 3.09 ` 415.29 Ultratech Cement Ltd. Cement 3.07 Available Plans/Options Tata Motors Ltd - DVR Auto 3.06 A) Regular Plan Note: Term Deposit as provided above is towards margin for derivatives transactions B) Direct Plan / Options: Dividend Payout & Growth (applicable for all plans)

Dividend Frequency Trustees Discretion Ratios Portfolio Turnover: 27.25%

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

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

Total Expense Ratio** Regular: 2.51% Direct: 2.01% **Total Expense Ratio excludes applicable B15 fee and service tax.

Kotak India Growth Fund Series I NAV as on March 31, 2017: `11.7533 (Dividend Option), `11.8727 (Direct Dividend Option), `11.7533 (Growth Option), `11.8727 (Direct Growth Option)

SECTOR ALLOCATION (%) PRODUCT LABEL Riskometer 11.24 3.11 26.36 Moderate M tely od ra er 4.7 26.3529.1227.37 e Highat 25.6326.2832.53 od e 4.814.3 Low ly 4.87 5.765.455.645.32 M 7.034.95 5.825.976.95.46 5.07 High 5.83 7.096.465.556.94 14.316.68 7.1 16.8315.9317.4 Low 6.446.747.49 4.93 7.537.56.48 10.61 14.69 14.7413.6514.7 9.3613.16 LOW HIGH 6.2 14.1 7.06 Investors understand that their principal will be at moderately high risk Gas 7.14 10.29 Others This product is suitable for investors who are seeking*: Long term capital growth Consumer Non Durable Banks Cement Software Auto Investment in equity and equity related securities across market Petroleum Products Pharmaceuticals Construction Project capitalisation and sectors * Investors should consult their financial advisors if in doubt about whether the Media and Entertainment product is suitable for them.

20 DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK LIQUID Low An Open - Ended Debt Scheme Medium

(As on March 31, 2017) High

Investment Objective PORTFOLIO To provide reasonable returns and high level of liquidity by investing in debt and money market instruments of different maturities Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net so as to spread risk across different kinds of Assets Assets issuers in the debt markets. However, there Debt Instruments Limited ICRA A1+ 0.11 is no assurance that the objective of the scheme will be realized. Debentures and Bonds Sun Pharma Laboratories Limited ICRA A1+ 0.06 Public Sector Undertakings Dewan Housing Finance Allotment Date Indiabulls Housing Finance Limited CARE AAA 0.92 Corporation Ltd. CRISIL A1+ 0.05 November 4, 2003 Indiabulls Housing Finance Limited CARE AA+ 0.34 Corporate Debt/Financial Institutions - Total 67.93 Public Sector Undertakings Fund Managers Bajaj Finance Limited CRISIL AAA 0.11 Sundaram Finance Ltd. ICRA AA+ 0.11 National Bank for Agriculture & Rural Mr. Deepak Agrawal* Corporate Debt/Financial Institutions - Total 1.48 Development CRISIL A1+ 8.18 Money Market Instruments Small Industries Development Bank Of India. CARE A1+ 5.99 Benchmark Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions Steel Authority of India Ltd. CARE A1+ 5.11 CRISIL Liquid Fund Hindustan Zinc Ltd CRISIL A1+ 10.90 Export-Import Bank of India. CRISIL A1+ 3.27 AAUM (` In Crores) Bharti Enterprises (Holding) Pvt. Ltd. CRISIL A1+ 8.21 Hindustan Petroleum Aditya Birla Finance Ltd. ICRA A1+ 5.86 Corporation Ltd. CRISIL A1+ 1.09 AAUM as on March 31, 2017: IDFC Bank Limited CRISIL A1+ 5.46 Small Industries Development `13082.54 Piramal Finance Limited ICRA A1+ 4.07 Bank Of India. CRISIL A1+ 0.05 Steel Authority of India Ltd. CRISIL A1+ 0.05 AUM (` In Crores) FAMILY CREDIT LTD CARE A1+ 3.72 AXIS Finance Ltd. FITCH IND A1+ 3.27 Public Sector Undertakings - Total 23.74 AUM as on March 31, 2017: Tata Steel Limited ICRA A1+ 3.27 Reverse Repo 3.53 `9067.27 Edelweiss Commodities Services Ltd. CRISIL A1+ 3.25 Treasury Bills India Infoline Finance Limited ICRA A1+ 2.74 91 Days Treasury Bill 25/05/2017 SOV 0.03 Available Plans/Options Tata Motors Finance Ltd ICRA A1+ 2.61 Treasury Bills - Total 0.03 TERM DEPOSITS Plans: a) Regular Plan Reliance Capital Ltd. ICRA A1+ 2.51 ECL Finance Limited CRISIL A1+ 2.18 HDFC Bank Ltd. 2.76 b) Direct Plan / Options: Dividend Payout, Muthoot Finance Ltd CRISIL A1+ 2.13 Term Deposits - Total 2.76 Dividend Reinvestment & Growth LIC Housing Finance Ltd. CRISIL A1+ 2.04 Net Current Assets/(Liabilities) 0.53 Vedanta Ltd. CRISIL A1+ 1.64 Grand Total 100 (applicable for all plans) Bharti Airtel Ltd. ICRA A1+ 1.54 Dividend Frequency IIFL Wealth Finance Ltd. ICRA A1+ 1.09 Daily, Weekly (Every Monday) (applicable ICICI Bank Ltd. CRISIL A1+ 0.55 for all plans) Standard Chartered Investment & Loan India Ltd. CRISIL A1+ 0.40 Ratios Birla TMT Holding Private Limited CRISIL A1+ 0.27 $ Standard Deviation: 0.17%, Tata Capital Financial Services Modified Duration: 0.16yrs, Note: Term Deposit as provided above is towards margin for derivatives transactions Portfolio Yield: 6.55%

$ Source: ICRAMFI Explorer. Standard Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : Deviation is calculated on Annualised basis 0.16 years using 3 years history of monthly returns. Kotak Liquid Fund NAV as on March 31, 2017: `3290.6382 (Growth Option), `3297.4767 (Direct Growth Option), Minimum Investment Amount `1000.8593 (Weekly Dividend), `1005.9869 (Direct Weekly Dividend), ` 1222.8100 (Daily Dividend), `1222.8100 (Direct Daily Dividend) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches Additional Investment: `1000 & in SECTOR ALLOCATION (%) RATING PROFILE multiples of `1 1.48 0.53 0.53 0.45 Ideal Investment Horizon: 1 - 15 days 6.29 0.03 6.29

6.8515.57 Load Structure 8.39 15.55 Entry Load: Nil. (applicable for all plans) 19.74 Exit Load: Nil. (applicable for all plans) 64.44 Note - Units issued on reinvestment of 90.3890.2275.74 dividends shall not be subject to exit load (applicable for all plans)

Total Expense Ratio** Treasury Bills 91.67 Net Current Assets AA+ Commercial Paper (CP)/Certificate of Deposits (CD) A1+, AAA, IND A1+, SOV 92.73 Regular: 0.23% CBLO & Term Deposits & Rev.Repo Debentures and Bonds CBLO & Term Deposits & Rev.Repo Net Current Assets Direct: 0.18% **Total Expense Ratio excludes applicable B15 fee and service tax. PRODUCT LABEL

Riskometer This product is suitable for investors who are seeking*: ly Moderate Mo Income over a short term investment horizon ate de er Highra d te o l Investment in debt & money market securities M Low y * Investors should consult their financial advisors if in doubt High about whether the product is suitable for them.

Low

LOW HIGH Investors understand that their principal will be at low risk

* For Fund Manager experience, please refer page 54-55. 21 For scheme performance, please refer page no 45-53 20 DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK FLOATER SHORT TERM Low An Open - Ended Debt Scheme Medium

(As on March 31, 2017) High

Investment Objective PORTFOLIO To reduce the interest rate risk associated with investments in fixed rate instruments Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net by investing predominantly in floating rate Assets Assets securities, money market instruments and Debt Instruments A1+ 1.27 using appropriate derivatives. However, Debentures and Bonds Manappuram Finance Ltd ICRA A1+ 1.26 there is no assurance that the objective of Corporate Debt/Financial Institutions Piramal Enterprises Limited ICRA A1+ 1.26 the scheme will be realized. Adani Power Ltd ( Secured by Bahadur Chand Investments Equity shares of Adani Ports and Private Limited ICRA A1+ 1.08 Allotment Date SEZ Ltd, Adani Transmission and Suraksha Realty Ltd ( Secured by Adani Enterprises) BRICKWORK BWR A1+ 2.44 Equity shares of Sun July 14, 2003 Indiabulls Housing Finance Pharmaceuticals Industries Ltd ) CRISIL A1+(SO) 0.90 Talwandi Sabo Power Limited Fund Managers Limited CARE AA+ 0.01 Corporate Debt/Financial Institutions - Total 2.45 (Guarnteed by Vedanta Ltd) CRISIL A1+(SO) 0.90 Mr. Deepak Agrawal* Money Market Instruments Tata Motors Finance Solutions Commercial Paper(CP)/Certificate of Deposits(CD) Private Limited CRISIL A1+ 0.90 Corporate Debt/Financial Institutions Standard Chartered Investment Benchmark Bharti Enterprises (Holding) & Loan India Ltd. CRISIL A1+ 0.72 IIFL Wealth Finance Ltd. ICRA A1+ 0.67 CRISIL Liquid Fund Pvt. Ltd. CRISIL A1+ 12.19 Piramal Finance Limited ICRA A1+ 5.62 TATA Cummins Pvt. Ltd. ICRA A1+ 0.67 AAUM (` In Crores) Reliance Jio Infocomm Limited CARE A1+ 5.29 Ford Credit India Pvt. Ltd. FITCH IND A1+ 0.41 Suraksha Realty Ltd ( Secured by HDFC Ltd. CRISIL A1+ 0.05 AAUM as on March 31, 2017: Corporate Debt/Financial Institutions - Total 73.27 `15391.62 Equity shares of Sun Pharmaceuticals Industries Ltd ) CARE A1+(SO) 5.25 Public Sector Undertakings AUM (` In Crores) IDFC Bank Limited CRISIL A1+ 4.50 National Bank for Agriculture & Rural Development CRISIL A1+ 6.74 AUM as on March 31, 2017: Tata Capital Financial Services Limited ICRA A1+ 4.50 Small Industries Development `11004.06 Muthoot Finance Ltd CRISIL A1+ 4.26 Bank Of India. CARE A1+ 5.74 LIC Housing Finance Ltd. CRISIL A1+ 2.70 Steel Authority of India Ltd. CARE A1+ 4.28 Available Plans/Options S D Corporation Private Limited Export-Import Bank of India. CRISIL A1+ 2.70 A) Regular Plan ( backed by unconditional and Public Sector Undertakings - Total 19.46 irrevocable guarantee of Reverse Repo 0.10 B) Direct Plan/Options: Dividend Shapoorji Pallonji & Co Pvt Ltd ) CARE A1+(SO) 2.70 TERM DEPOSITS Reinvestment & Growth (applicable for all Tata Steel Limited ICRA A1+ 2.69 HDFC Bank Ltd. 0.91 plans Sun Pharma Laboratories Limited ICRA A1+ 2.43 Term Deposits - Total 0.91 Dividend Frequency Tata Motors Finance Ltd ICRA A1+ 2.20 Collateral Borrowing & Lending obligation 0.53 India Infoline Finance Limited ICRA A1+ 2.08 Net Current Assets/(Liabilities) 3.28 Daily, Weekly (Every Monday) and ECL Finance Limited CRISIL A1+ 1.80 Grand Total 100 Monthly (12th of every Month) Suraksha Realty Ltd ( Secured by Equity shares of Sun Ratios Pharmaceuticals Industries Ltd ) ICRA A1+(SO) 1.70

$ Tata Power Company Ltd. ICRA A1+ 1.70 Standard Deviation: 0.18%, Reliance Capital Ltd. ICRA A1+ 1.57 Modified Duration:0.14 yrs, Tata Capital Housing Finance Ltd; CRISIL Portfolio Yield: 6.71% Note: Term Deposit as provided above is towards margin for derivatives transactions Source: $ICRAMFI Explorer. Standard Hedging Position through Interest Rate Swaps as on 31 Mar 2017 is 25.54% of the net assets. Deviation is calculated on Annualised basis Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : using 3 years history of monthly returns. 0.14 years Minimum Investment Amount Kotak Floater Short Term Fund NAV as on March 31, 2017: `2663.805 (Growth Option), `2669.3784 (Direct Growth Option), Initial Investment: ` 5 0 0 0 U n d e r `1012.8309 (Weekly Dividend), `1022.5027 (Direct Weekly Dividend), `1004.5765 (Monthly Dividend), `1009.9203 (Direct Monthly growth, weekly dividend and monthly Dividend), `1011.620 (Daily Dividend), `1011.620 (Direct Daily Dividend) dividend option & `1,00,000 under Daily Dividend Reinvestment option, SECTOR ALLOCATION (%) RATING PROFILE (%) Additional Investment: `1000 & in 1.54 multiples of `1 2.45 3.28 1.54 0.01 3.28 Ideal Investment Horizon: 1-15 days 4.56 Load Structure Entry Load: Nil. (applicable for all plans)

Exit Load: Nil (applicable for all plans) 92.95 95.5897.08 Note - Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) AA+ Net Current Assets 92.73 95.17 A1+, A1+(SO), AAA, BWR A1+, IND A1+ Total Expense Ratio** Commercial Paper (CP)/Certificate of Deposits (CD) CBLO & Term Deposits & Rev.Repo Debentures and Bonds CBLO & Term Deposits & Rev.Repo Net Current Assets Regular: 0.28% Direct: 0.22% **Total Expense Ratio excludes applicable B15 fee and service tax. PRODUCT LABEL

Riskometer This product is suitable for investors who are seeking*: Moderate M tely od Income over a short term investment horizon ra er e Highat od e Low ly Investment in floating rate securities, debt & money M market securities

High * Investors should consult their financial advisors if in doubt

Low about whether the product is suitable for them.

LOW HIGH Investors understand that their principal will be at low risk

* For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 22 DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK TREASURY ADVANTAGE FUND Low (Formerly Known as Kotak Floater Long Term Scheme) Medium An Open Ended Debt Scheme High (As on March 31, 2017)

Investment Objective PORTFOLIO The investment objective of the Scheme is to generate returns through investments in Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net debt and money market instruments with a Assets Assets view to reduce the interest rate risk. Debt Instruments Shapoorji Pallonji Energy Gujarat However, there is no assurance or Debentures and Bonds Private Limited ( backed by guarantee that the investment objective of Corporate Debt/Financial Institutions unconditional and irrevocable the scheme will be achieved. Nabha Power Ltd. ( backed by guarantee of Shapoorji Pallonji & unconditional and irrevocable Co Pvt Ltd ) ICRA AA(SO) 0.06 Allotment Date guarantee by Larsen & Toubro Ltd ) ICRA AAA 6.18 Tata Sons Ltd. CRISIL AAA 0.03 Indiabulls Housing Finance Corporate Debt/Financial Institutions - Total 57.03 August 13, 2004 Limited(^) CARE AAA 4.02 Public Sector Undertakings Muthoot Finance Ltd CRISIL AA 3.79 Power Finance Corporation Ltd.(^) CRISIL AAA 2.52 Fund Manager Vedanta Ltd.(^) CRISIL AA- 3.66 Rural Electrification Tata Motors Finance Ltd CRISIL AA 3.27 Corporation Ltd.(^) CRISIL AAA 2.36 Mr. Deepak Agrawal* Reliance Jio Infocomm Limited(^) CRISIL AAA 3.20 Power Finance Corporation Ltd. CRISIL AAA 2.16 Shriram Transport Finance Co Ltd. CRISIL AA+ 3.17 Canara Bank(^) CRISIL AAA 1.52 Benchmark Shriram Transport Finance Co Ltd. FITCH IND AA+ 2.51 National Bank for Agriculture & Fullerton India Credit Co. Ltd.(^) CARE AAA 2.40 Rural Development CRISIL AAA 1.04 CRISIL Liquid Fund Nirma Ltd. CRISIL AA 2.40 Export-Import Bank of India. CRISIL AAA 0.65 ICICI Home Finance Company Rural Electrification AAUM (` In Crores) Limited ICRA AAA 2.37 Corporation Ltd. CRISIL AAA 0.33 FAMILY CREDIT LTD(^) CARE AA+ 2.31 Indian Railway Finance AAUM as on March 31, 2017: AXIS Bank Ltd.(^) CRISIL AA 2.26 Corporation Ltd. CRISIL AAA 0.12 `5460.23 Kotak Mahindra Investments Power Grid Corporation Ltd.(^) CRISIL AAA 2.01 of India Ltd. CRISIL AAA 0.10 AUM (` In Crores) Kotak Mahindra Prime Ltd. CRISIL AAA 2.01 Public Sector Undertakings - Total 10.80 Kotak Mahindra Prime Ltd.(^) CRISIL AAA 2.00 Government Dated Securities AUM as on March 31, 2017: Reliance Jio Infocomm Limited CRISIL AAA 1.62 7.61% Central Government SOV 4.14 `4893.68 Tata Motors Ltd.(^) CARE AA+ 1.51 8.75% State Government SOV 0.61 LIC Housing Finance Ltd. CRISIL AAA 1.27 8.52% State Government SOV 0.20 Nabha Power Ltd. ( backed by 8.00% State Government SOV 0.15 Available Plans/Options unconditional and irrevocable Government Dated Securities - Total 5.10 guarantee by Larsen & Toubro Ltd ) ICRA AAA(SO) 1.19 Futures A) Regular Plan Karelides Traders Private Ltd. 7.61% GS 09/05/2030-MAY2017 -4.14 ( backed by unconditional and Futures (Market value represents Notional Value) - Total -4.14 B) Direct Plan/Options: Dividend Payout, irrevocable undertaking by a Money Market Instruments Dividend Reinvestment & Growth wholly owned subsidiary of Commercial Paper(CP)/Certificate of Deposits(CD) (applicable for all plans) Piramal Enterprises Ltd ) ICRA AA- 1.12 Corporate Debt/Financial Institutions Mahindra & Mahindra Financial HDFC Ltd. ICRA A1+ 4.78 Dividend Frequency Services Ltd. FITCH IND AAA 0.50 Shapoorji Pallonji and Company India Infoline Housing Finance Ltd. ICRA AA 0.40 Private Limited ICRA A1+ 2.87 Daily, Monthly (12th of every Month) and Indiabulls Housing Finance Limited CARE AAA 0.30 S D Corporation Private Limited Weekly (Every Monday) SP Jammu Udhampur Highway Ltd. ( backed by unconditional and ( backed by unconditional and irrevocable guarantee of Shapoorji irrevocable guarantee of Shapoorji Ratios Pallonji & Co Pvt Ltd ) ICRA AAA 0.26 Pallonji & Co Pvt Ltd ) CARE A1+(SO) 2.77 Vedanta Ltd. CRISIL AA- 0.26 IndusInd Bank Ltd. CRISIL A1+ 1.95 $Standard Deviation:0.46%, Bhanu Vyapaar Private Limited Adani Transmission Ltd FITCH IND A1+(SO) 1.93 ( Secured by Equity shares of AXIS Bank Ltd. CRISIL A1+ 1.31 Modified Duration:0.48 yrs, Emami Ltd ) FITCH IND AA- 0.24 Piramal Enterprises Limited ICRA A1+ 0.48 HDFC Ltd. CRISIL AAA 0.20 Corporate Debt/Financial Institutions - Total 16.09 Portfolio Yield: 7.33% Mandava Holdings Private Limited Public Sector Undertakings $ ( backed by unconditional and PNB Housing Finance Ltd. CRISIL A1+ 3.40 Source: ICRAMFI Explorer. Standard irrevocable undertaking by Axis Andhra Bank CARE A1+ 0.07 Deviation is calculated on Annualised basis Capital ) ICRA AAA 0.19 Public Sector Undertakings - Total 3.47 using 3 years history of monthly returns. Cholamandalam Investment and Collateral Borrowing & Lending obligation 2.89 Finance Company Ltd ICRA AA 0.10 Net Current Assets/(Liabilities) 8.76 Minimum Investment Amount India Infoline Finance Limited CARE AA 0.10 Grand Total 100 East-North Interconnection Initial Investment: (i) Dividend Re- Company Limited CRISIL AAA(SO) 0.06 investment & Growth- `5000 & above (ii) FAMILY CREDIT LTD CARE AA+ 0.06 Dividend Payout (Weekly) - `1,00,00,000 & Notes: ^ Fully or Party blocked against Interest Rate Swap (IRS),Hedging Position through Interest Rate Swaps as on 31 Mar 2017 is 25.54% of the net assets. above Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.63 years. Additional Investment: `1000 & in Kotak Treasury Advantage Fund NAV as on March 31, 2017: `10.0798 (Daily Dividend Option), multiples of `1 `10.0805 (Daily Dividend - Direct), `26.0412 (Growth Option), `10.1990 (Monthly Dividend Option), `10.1569 (Weekly Dividend Option), Ideal Investment Horizon: 1-3 months `11.9195 (Monthly Dividend - Direct), `10.1732 (Weekly Dividend - Direct), `26.3591 (Growth - Direct Option) Load Structure SECTOR ALLOCATION (%) RATING PROFILE Entry Load: Nil. (applicable for all plans) 2.89 ‐4.14 ‐6.57 5.1 9.39 Exit Load: Nil.(applicable for all plans) 8.76 Note - Units issued on reinvestment of 19.66 dividends shall not be subject to exit load (applicable for all plans)

Total Expense Ratio**

Regular: 0.60% 19.56 67.83 Direct: 0.25% Derivatives 77.52 **Total Expense Ratio excludes applicable CBLO & Term Deposits & Rev.Repo Net Current Assets A1+, A1+(SO), AAA, AAA(SO), IND A1+(SO), IND AAA, SOV B15 fee and service tax. Commercial Paper (CP)/Certificate of Deposits (CD) AA+, IND AA+, AA, AA(SO), AA-, IND AA- Derivatives Debentures and Bonds Government Dated Securities Net Current Assets CBLO & Term Deposits & Rev.Repo PRODUCT LABEL

Low

LOW HIGH Investors understand that their principal will be at moderately low risk * For Fund Manager experience, please refer page 54-55. 23 For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK BANKING AND PSU DEBT FUND Low Earlier known as Kotak Mahindra Gilt Savings Scheme - 98 - Savings Plan. Medium An Open - Ended Debt Scheme High (As on March 31, 2017)

Investment Objective PORTFOLIO To generate income by predominantly investing in debt & money market securities Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net issued by Banks & PSUs and Reverse repos in Assets Assets such securities, sovereign securities issued Debt Instruments Powergrid Vizag Transminssion Ltd. by the Central Government and State Debentures and Bonds ( backed by unconditional and Governments, and / or any security AXIS Bank Ltd. CRISIL AA 3.02 irrevocable guarantee by Powergrid unconditionally guaranteed by the Govt. of Corporate Debt/Financial Institutions - Total 3.02 Corp ) CRISIL AAA(SO) 1.03 India. However, there is no assurance that Public Sector Undertakings National Housing Bank CRISIL AAA 0.62 the objective of the scheme will be realized. PNB Housing Finance Ltd. CARE AAA 7.89 National Bank for Agriculture & Power Finance Corporation Ltd. CRISIL AAA 5.50 Rural Development CRISIL AAA 0.39 Rural Electrification Corporation Ltd. CRISIL AAA 4.69 Allotment Date Steel Authority of India Ltd. FITCH IND AA 0.30 U P Power Corporation Ltd Power Grid Corporation of India Ltd. CRISIL AAA 0.16 December 29,1998 (Guaranteed by Government of Public Sector Undertakings - Total 62.13 Uttar Pradesh) FITCH IND AA(SO) 3.95 Government Dated Securities Fund Manager U P Power Corporation Ltd 8.53% State Government SOV 2.81 Mr. Deepak Agrawal* (Guaranteed by Government of 8.52% State Government SOV 1.72 Uttar Pradesh) FITCH AA(IND)(SO) 3.93 7.75% State Government SOV 1.55 Benchmark State Bank Of India. CRISIL AA+ 3.89 8.00% State Government SOV 0.39 Bank Of Baroda CARE AA 3.88 CRISIL Short Term Bond Fund Index(w.e.f Government Dated Securities - Total 6.47 Union Bank of India CRISIL AAA 2.73 February 1, 2017 ) Money Market Instruments State Bank of Travancore CRISIL AAA 2.69 Commercial Paper(CP)/Certificate of Deposits(CD) AAUM (` In Crores) ONGC Manglore Petrochemicals Ltd. FITCH IND AAA 2.58 Corporate Debt/Financial Institutions State Bank Of India. CRISIL AAA 2.37 AAUM as on March 31, 2017: IndusInd Bank Ltd. CRISIL A1+ 7.48 Canara Bank CRISIL AAA 2.34 AXIS Bank Ltd. CRISIL A1+ 0.18 `1120.16 Punjab National Bank CARE AA 2.32 Corporate Debt/Financial Institutions - Total 7.66 Union Bank of India CARE AA 1.97 AUM (` In Crores) Collateral Borrowing & Lending obligation 1.97 Andhra Bank CRISIL AA- 1.90 Net Current Assets/(Liabilities) 18.75 AUM as on March 31, 2017: Oriental Bank of Commerce ICRA A+ 1.90 Grand Total 100 Bank Of Baroda CARE AA+ 1.79 `1293.60 Export-Import Bank of India. CRISIL AAA 1.72

Available Plans/Options Power Finance Corporation Ltd. ICRA AAA 1.59 A) Regular Plan Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments B) Direct Plan/Options: Dividend Payout, 2.46 years. Dividend Reinvestment & Growth (applicable for all plans) Kotak Banking And PSU Debt Fund NAV as on March 31, 2017: `36.8434 (Growth Option), `37.1985 (Direct Growth Option), `10.6820 (Monthly Dividend), `10.7845 (Direct Monthly Dividend), `10.1949 (Daily Dividend Reinvestment), `10.2665 (Direct Daily Dividend Dividend Frequency Reinvestment), `15.5775 (Annual Dividend), `16.473 (Direct Annual Dividend) Daily, Monthly (12th of every Month) & Annual Ratios $Standard Deviation: 2.12%, Modified Duration: 1.96rs, Portfolio Yield: 7.77% Source: $ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Minimum Investment Amount Initial Investment: Dividend Payout, Dividend Re-investment & Growth `5000 & above. 1.97 1.97 1.9 Additional Investment: `1000 & in 6.47 18.75 multiples of `1. 7.66 Ideal Investment Horizon: 1-3 months Load Structure Entry Load: Nil. (applicable for all plans) Exit Load: Nil (applicable for all plans) 18.75 26.95 Note - Units issued on reinvestment of 65.15 50.43 dividends shall not be subject to exit load Debentures and Bonds Government Dated Securities AA+, AA, AA(IND)(SO), IND AA, IND AA(SO), AA- (applicable for all plans) Net Current Assets CBLO & Term Deposits & Rev.Repo Net Current Assets CBLO & Term Deposits & Rev.Repo Total Expense Ratio** Commercial Paper (CP)/Certicate of Deposits (CD) A1+, AAA, AAA(SO), IND AAA, SOV A+ Regular:0.50% Direct: 0.15% **Total Expense Ratio excludes applicable B15 fee and service tax. PRODUCT LABEL

Riskometer This product is suitable for investors who are seeking*: Moderate M tely od Income over a short to medium term investment horizon ra er e Highat od e Low ly Investment in debt & money market securities of PSUs, M Banks & government securities

High * Investors should consult their financial advisors if in doubt

Low about whether the product is suitable for them.

LOW HIGH Investors understand that their principal will be at moderately low risk

* For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 24 DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK LOW DURATION FUND Low (Formerly known as PineBridge India Short Term Fund) Medium An Open - Ended Debt Scheme High (As on March 31, 2017)

Investment Objective PORTFOLIO The primary objective of the Scheme is to generate income through investment Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net primarily in low duration debt & money Assets Assets market securities. However, there is no Debt Instruments ( Unconditional and irrevocable assurance that the objective of the scheme Debentures and Bonds guarantee from Edelweiss Financial will be realized. Services Limited) CARE AA(SO) 0.42 Corporate Debt/Financial Institutions LIC Housing Finance Ltd. CRISIL AAA 0.32 Tata Power Company Ltd. ICRA AA 9.72 Tata Steel Limited BRICKWORK BWR AA 0.31 Allotment Date HDFC Ltd. CRISIL AAA 6.85 Bhanu Vyapaar Private Limited Innovador Traders Pvt Ltd ( backed by ( Secured by Equity shares of March 6, 2008 unconditional and irrevocable Emami Ltd ) FITCH IND AA- 0.27 undertaking by Piramal ) ICRA AA-(SO) 6.81 SP Jammu Udhampur Highway Ltd. Fund Manager Vedanta Ltd. CRISIL AA- 6.08 ( backed by unconditional and Manappuram Finance Ltd(^) ICRA AA- 5.58 irrevocable guarantee of Shapoorji Mr. Deepak Agrawal * Adani Power Ltd ( Secured by Equity Pallonji & Co Pvt Ltd ) ICRA AAA 0.24 Benchmark shares of Adani Ports and SEZ Ltd, ECL Finance Limited CARE AA 0.14 Adani Transmission and Adani HDB Financial Services Ltd. CRISIL AAA 0.11 CRISIL Liquid Fund Enterprises) BRICKWORK BWR AA-(SO) 4.52 Nabha Power Ltd. ( backed by Sahyadri Agencies Ltd ( Secured by unconditional and irrevocable AAUM (` In Crores) Equity shares of Jyothy guarantee by Larsen & Toubro Ltd ) ICRA AAA 0.11 Laboratories Ltd ) BRICKWORK BWR A(SO) 4.03 Aspire Home Finance Corporation Ltd ICRA AA- 0.07 AAUM as on March 31, 2017: Trends In Vogue Pvt Ltd. ( backed by Corporate Debt/Financial Institutions - Total 77.99 unconditional and irrevocable Public Sector Undertakings `4377.27 undertaking by Axis Capital ) ICRA AAA(SO) 3.89 Bank Of Baroda CARE AA 2.36 Tata Motors Ltd. CARE AA+ 3.35 Oriental Bank of Commerce(^) ICRA A+ 2.20 AUM (` In Crores) Shriram Transport Finance Co Ltd. FITCH IND AA+ 3.34 Andhra Bank CRISIL AA- 1.54 Karelides Traders Private Ltd. ( backed AUM as on March 31, 2017: Allahabad Bank CRISIL AA- 0.43 by unconditional and irrevocable Rural Electrification Corporation Ltd. CRISIL AAA 0.12 `4296.25 undertaking by a wholly owned Public Sector Undertakings - Total 6.65 subsidiary of Piramal Enterprises Ltd ) ICRA AA- 2.23 Government Dated Securities Nirchem Cement Ltd.(^) CRISIL AA 2.03 8.39% State Government SOV 0.16 Available Plans/Options Pune Solapur Expressways Pvt. Ltd. Government Dated Securities - Total 0.16 ( toll road project of Tata Realty & A) Regular B) Direct Plan / Options: Dividend Money Market Instruments Infrastructure Ltd, 100 subsidiary of Commercial Paper(CP)/Certificate of Deposits(CD) Payout, Dividend Reinvestment & Growth Tata Sons ) ICRA A 1.96 Corporate Debt/Financial Institutions (dividend payout is available under monthly Kotak Mahindra Prime Ltd. CRISIL AAA 1.76 AXIS Bank Ltd. CRISIL A1+ 5.37 dividend only) (applicable for all plans) Vodafone Mobile Services Ltd. CRISIL AA 1.69 ICICI Bank Ltd. ICRA A1+ 0.95 FAMILY CREDIT LTD CARE AA+ 1.67 Reliance Infrastructure Ltd FITCH IND A1+(SO) 0.64 Dividend Frequency AXIS Bank Ltd. CRISIL AA 1.53 IndusInd Bank Ltd. CRISIL A1+ 0.62 Altico Capital India Pvt Ltd FITCH AA-(IND) 1.45 S D Corporation Private Limited Weekly (every Monday), Monthly (12th of Vedanta Ltd.(^) CRISIL AA- 1.24 ( backed by unconditional and every month)and Normal (as decided by Peninsula Land Limited BRICKWORK BWR A 1.11 irrevocable guarantee of Shapoorji Trustees) HPCL Mittal Energy Ltd. ICRA AA 0.97 Pallonji & Co Pvt Ltd ) CARE A1+(SO) 0.21 Piramal Finance Limited ICRA AA 0.92 Adani Ports and Special Economic Ratios Indiabulls Housing Finance Limited CARE AAA 0.79 Zone Limited ICRA A1+ 0.11 Mandava Holdings Private Limited $ Corporate Debt/Financial Institutions - Total 7.90 Standard Deviation: 0.76%, ( backed by unconditional and Public Sector Undertakings irrevocable undertaking by Modified Duration: 0.75 yrs, Export-Import Bank of India. CRISIL A1+ 2.08 Axis Capital ) ICRA AAA 0.76 Public Sector Undertakings - Total 2.08 Muthoot Fincorp Ltd. CRISIL A- 0.69 Portfolio Yield: 8.02% Collateral Borrowing & Lending obligation 1.17 Indostar Capital Finance Private Net Current Assets/(Liabilities) 4.05 Source: $ICRAMFI Explorer. Standard Limited CARE AA- 0.52 Grand Total 100 Intime Properties Ltd. FITCH IND AAA 0.51 Deviation is calculated on Annualised basis Edelweiss Agri Value Chain Limited using 3 years history of monthly returns.

Minimum Investment Amount Note:Hedging Position through Interest Rate Swaps as on 31 Mar 2017 is 9.30% of the net assets. Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : Initial Investment: `5000 and in multiple 0.87 years of `1 for purchase and for `0.01 for switches Kotak Low Duration Fund NAV as on March 31, 2017: `1034.6151 (Normal Dividend), `11982.477 (Standard Plan-Growth Option), `1015.7604 (Standard Plan-Weekly Dividend), `1022.4909 (Standard Plan-Monthly Dividend), `2030.5832 (Direct Plan- Growth Option), Additional Investment: `1000 & in multiples of `1 for purchase and for `0.01 `1200.5119 (Direct Plan- Weekly Dividend), `1037.8696 (Direct Plan- Monthly Dividend) for switches. Ideal Investment Horizon: 1-3 months SECTOR ALLOCATION (%) RATING PROFILE

Load Structure 4.05 1.17 0.16 4.05 1.17 9.99 Entry Load: Nil. 9.98 Exit Load: Nil. Any exit load charged (net off Service Tax, if any) shall be credited back to the Scheme; 25.6 Note - Units issued on reinvestment of 59.19 dividends shall not be subject to entry and exit load. Net Current Assets A+, A, BWR A, BWR A(SO), A- Net Current Assets Total Expense Ratio** Government Dated Securities 84.64 A1+, A1+(SO), AAA, AAA(SO), IND A1+(SO), IND AAA, SOV Debentures and Bonds AA+, IND AA+, AA, AA(SO), BWR AA, AA-, AA-(IND), AA-(SO), Regular: 1.00% BWR AA-(SO),IND AA- CBLO & Term Deposits & Rev.Repo Direct: 0.25% **Total Expense Ratio excludes applicable PRODUCT LABEL B15 fee and service tax. Riskometer This product is suitable for investors who are seeking*: ly Moderate Mo Regular income over short term ate de er Highra d te o l Income by focusing on low duration securities M Low y * Investors should consult their financial advisors if in doubt High about whether the product is suitable for them.

Low

LOW HIGH Investors understand that their principal will be at moderate risk

* For Fund Manager experience, please refer page 54-55. 25 For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK BOND SHORT TERM Low An Open - Ended Debt Scheme Medium

(As on March 31, 2017) High

Investment Objective PORTFOLIO The investment objective of the Scheme is to provide reasonable returns and high level Issuer/Instrument Industry/ % to Net Issuer/Instrument Industry/ % to Net of liquidity by investing in debt instruments such as bonds, debentures and Rating Assets Rating Assets Government securities; and money market Debt Instruments Company Limited CRISIL AAA(SO) 0.07 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 Debentures and Bonds Corporate Debt/Financial Institutions - Total 52.12 deposit, including repos in permitted Public Sector Undertakings Corporate Debt/Financial Institutions securities of different maturities, so as to Power Finance Corporation Ltd. CRISIL AAA 11.18 spread the risk across different kinds of Kotak Mahindra Prime Ltd. CRISIL AAA 8.80 ONGC Manglore issuers in the debt markets. The Scheme Mahindra & Mahindra Financial may invest in the call money/termmoney Petrochemicals Ltd. FITCH IND AAA 5.27 Services Ltd. FITCH IND AAA 7.06 market in terms of RBI guidelines in this Small Industries Development respect. To reduce the risk of the portfolio, LIC Housing Finance Ltd. CRISIL AAA 5.56 Bank Of India. CARE AAA 4.46 the Scheme may also use various derivative Reliance Jio Infocomm Limited CRISIL AAA 4.68 and hedging products from time to time, in National Bank for Agriculture & HDFC Ltd.(^) CRISIL AAA 3.67 the manner permitted by SEBI. Subject to Rural Development CRISIL AAA 1.95 the maximum amount permitted from time Nabha Power Ltd. ( backed by Rural Electrification to time, the Scheme may invest in offshore unconditional and irrevocable Corporation Ltd. CRISIL AAA 1.77 securities in the manner allowed by guarantee by Larsen & SEBI/RBI, provided such investments are in Export-Import Bank of India. CRISIL AAA 1.54 Toubro Ltd ) (^) ICRA AAA 3.33 conformity with the investment objective of PNB Housing Finance Ltd. CARE AAA 1.10 the Scheme and the prevailing guidelines Nabha Power Ltd. ( backed by Indian Railway Finance and Regulations. However, there is no unconditional and irrevocable assurance that the objective of the scheme Corporation Ltd. CRISIL AAA 0.17 guarantee by Larsen & will be realized. Steel Authority of India Ltd. FITCH IND AA 0.04 Toubro Ltd ) (^) ICRA AAA(SO) 2.75 Allotment Date Public Sector Undertakings - Total 27.48 Indiabulls Housing Finance Government Dated Securities May 2, 2002 Limited CARE AAA 2.23 7.61% Central Government SOV 3.68 Bajaj Finance Limited FITCH IND AAA 2.16 Fund Manager 8.53% State Government SOV 2.54 Reliance Jio Infocomm Limited(^) CRISIL AAA 2.08 Mr. Deepak Agrawal* 8.26% State Government SOV 2.12 HDB Financial Services Ltd. CRISIL AAA 1.64 8.15% State Government SOV 1.55 Benchmark Fullerton India Credit Co. Ltd.(^) CARE AAA 1.38 8.45% State Government SOV 1.35 BMW India Financial Services Crisil Short - Term Bond Fund 8.39% State Government SOV 0.76 Private Limited CRISIL AAA 1.36 8.55% State Government SOV 0.57 AAUM (` In Crores) Mahindra & Mahindra Financial 6.79% Central Government SOV 0.47 AAUM as on March 31, 2017: Services Ltd.(^) FITCH IND AAA 1.36 8.50% State Government SOV 0.43 Nabha Power Ltd. ( backed by `7611.17 8.27% State Government SOV 0.42 unconditional and irrevocable 8.52% State Government SOV 0.21 AUM (` In Crores) guarantee by Larsen & 1.44% Central Government SOV 0.14 AUM as on March 31, 2017: Toubro Ltd ) ICRA AAA 1.04 Tata Sons Ltd. CRISIL AAA 1.03 Government Dated Securities - Total 14.24 `7234.94 LIC Housing Finance Ltd.(^) CRISIL AAA 0.85 Money Market Instruments Available Plans/Options IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.49 Commercial Paper(CP)/Certificate of Deposits(CD) Corporate Debt/Financial Institutions A) Regular Plan Nabha Power Ltd. ( backed by unconditional and irrevocable IndusInd Bank Ltd. CRISIL A1+ 0.53 B) Direct Plan/Options: Dividend Payout, guarantee by Larsen & Corporate Debt/Financial Institutions - Total 0.53 Dividend Reinvestment & Growth Toubro Ltd ) ICRA AAA(SO) 0.35 Net Current Assets/(Liabilities) 5.63 (applicable for all plans) Dewan Housing Finance Grand Total 100 Dividend Frequency Corporation Ltd. CARE AAA 0.14

Monthly (12th of every Month), Half Yearly HDFC Ltd. CRISIL AAA 0.09 (20th of Mar/Sept) and normal (as decided East-North Interconnection by Trustees) Notes: ^ Fully or Party blocked against Interest Rate Swap (IRS), Hedging Position through Interest Rate Swaps as on 31 Mar 2017 is 11.04% of the net assets. Ratios $ Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : Standard Deviation: 2.07%, 2.42 years. Modified Duration: 1.94 yrs, Kotak Bond Short Term Fund NAV as on March 31, 2017: `30.7360 (Growth Option), `31.6408 (Direct Growth Option), Portfolio Yield: 7.48% `10.1523 (Dividend), `10.4147 (Direct Dividend),`11.3308 (Half Yearly Dividend), `11.3235 (Direct Half Yearly Dividend) Source: $ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis SECTOR ALLOCATION (%) using 3 years history of monthly returns. 5.63 0.53 5.63 0.04 Minimum Investment Amount 14.24 Initial Investment: (i) Dividend Re- investment & Growth - `5000 & above (ii) Dividend Payout (Monthly Dividend) - `50,000 & above Additional Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 6 months & above Net Current Assets 79.6 94.33 Load Structure Commercial Paper (CP)/Certicate of Deposits (CD) IND AA Entry Load: Nil. (applicable for all plans) Debentures and Bonds Government Dated Securities A1+, AAA, AAA(SO), IND AAA, SOV Net Current Assets Exit Load: Nil Total Expense Ratio PRODUCT LABEL Regular: 1.10%; Direct: 0.25% **Total Expense Ratio excludes applicable Riskometer This product is suitable for investors who are seeking*: B15 fee and service tax. ly Moderate Mo Income over a medium term horizon ate de er Highra d te o l Investment in debt & money market securities M Low y * Investors should consult their financial advisors if in doubt High about whether the product is suitable for them.

Low

LOW HIGH Investors understand that their principal will be at moderately low risk

* For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 2623 DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK FLEXI DEBT Low An Open - Ended Debt Scheme Medium

(As on March 31, 2017) High

Investment Objective PORTFOLIO To maximize returns through an active management of a portfolio of debt and Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net money market securities. However, there is Assets Assets no assurance that the objective of the Debt Instruments Uttar Pradesh) FITCH AA(IND)(SO) 9 scheme will be realized. Debentures and Bonds State Bank Of India. CRISIL AA+ 8.92 Bank Of Baroda CARE AA 6.67 Corporate Debt/Financial Institutions Allotment Date PNB Housing Finance Ltd. CARE AAA 0.45 Bajaj Finance Limited CARE AAA 14.87 Export-Import Bank of India. CRISIL AAA 0.14 May 26, 2008 Mahindra & Mahindra Financial Power Finance Corporation Ltd. CRISIL AAA 0.04 Services Ltd. CARE AAA 7.24 Fund Manager Rural Electrification Reliance Ports And Terminals Corporation Ltd. CRISIL AAA 0.04 Mr. Deepak Agrawal* Limited CRISIL AAA 6.08 Public Sector Undertakings - Total 25.26 AXIS Bank Ltd. CRISIL AA 2.59 Benchmark Government Dated Securities Mandava Holdings Private Limited 8.21% State Government SOV 10.02 CRISIL Composite Bond Fund ( backed by unconditional and 8.53% State Government SOV 9.36 irrevocable undertaking by Axis AAUM (` In Crores) 8.27% State Government SOV 6.37 Capital ) ICRA AAA 2.16 8.26% State Government SOV 4.55 AAUM as on March 31, 2017: Reliance Jio Infocomm Limited CRISIL AAA 1.85 8.06% State Government SOV 4.51 LIC Housing Finance Ltd. CRISIL AAA 0.54 `1368.30 1.44% Central Government SOV 2.28 Indiabulls Housing Finance 8.45% State Government SOV 1.95 AUM (` In Crores) Limited CARE AAA 0.44 9.59% State Government SOV 0.59 HDFC Ltd. CRISIL AAA 0.32 9.49% State Government SOV 0.48 AUM as on March 31, 2017: SP Jammu Udhampur 9.40% State Government SOV 0.18 `1156.64 Highway Ltd. ( backed by 8.25% State Government SOV 0.13 unconditional and irrevocable Government Dated Securities - Total 40.42 guarantee of Shapoorji Pallonji & Net Current Assets/(Liabilities) -1.92 Available Plans/Options Co Pvt Ltd ) ICRA AAA 0.14 Grand Total 100 a) Regular Plan Shriram Transport Finance Co Ltd. CRISIL AA+ 0.01 Corporate Debt/Financial Institutions - Total 36.24 b) Direct Plan / Options: Dividend Public Sector Undertakings Payout, Dividend Reinvestment & Growth U P Power Corporation Ltd (Guaranteed by Government of (applicable for all plans) Dividend Frequency Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : Daily Dividend Reinvestment, Weekly 5.79 years Dividend Reinvestment (Every Monday), Kotak Flexi Debt Fund NAV as on March 31, 2017: `20.9876 (Growth Option), `21.5494 (Direct Growth Option), Quarterly Dividend Payout and `10.4577 (Weekly Dividend), `12.7949 (Direct Weekly Dividend), `9.9896 (Daily Dividend), `10.0072 (Direct Daily Dividend), `10.9063 Reinvestment (20th of March, June, (Quarterly Dividend), `10.7085 (Direct Quarterly Dividend) September and December of every year) (applicable for all plans) Ratios $Standard Deviation: 4.52%, Modified Duration: 4.17yrs, Portfolio Yield: 8.17% Source: $ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Minimum Investment Amount Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches SECTOR ALLOCATION (%) RATING PROFILE Additional Investment: `1000 & in ‐1.92 ‐1.92 multiples of `1 27.19 Ideal Investment Horizon: 6 months & 40.42 above Load Structure Entry Load: Nil. (applicable for all plans) 61.5 Exit Load: Nil 74.73 Total Expense Ratio** Net Current Assets Regular:0.90% Net Current Assets Debentures and Bonds Direct: 0.35% Government Dated Securities AAA, SOV AA+, AA, AA(IND)(SO) **Total Expense Ratio excludes applicable B15 fee and service tax. PRODUCT LABEL

Riskometer This product is suitable for investors who are seeking*: ly Moderate Mo Income over a medium term investment horizon ate de er Highra d te o l Investment in debt & money market securities M Low y * Investors should consult their financial advisors if in doubt High about whether the product is suitable for them.

Low

LOW HIGH Investors understand that their principal will be at moderately low risk

* For Fund Manager experience, please refer page 54-55. 27 For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK INCOME OPPORTUNITIES FUND Low An Open - Ended Debt Scheme Medium

(As on March 31, 2017) High

Investment Objective PORTFOLIO The investment objective of the scheme is to generate income by investing in debt /and Issuer/Instrument Industry/ % to Net Issuer/Instrument Industry/ % to Net money market securities across the yield Rating Assets Rating Assets curve and credit spectrum. The scheme Debt Instruments Kolte-Patil Developers Limited CRISIL A+ 0.70 would also seek to maintain reasonable Debentures and Bonds Manappuram Finance Ltd CRISIL AA- 0.70 liquidity within the fund. However, there is Corporate Debt/Financial Institutions Muthoot Finance Ltd CRISIL AA 0.69 no assurance that the objective of the HPCL Mittal Pipelines Ltd. ICRA AA 5.51 Shriram Transport Finance Co Ltd. FITCH IND AA+ 0.69 scheme will be realized. Tata Power Company Ltd.(^) ICRA AA 5.19 Bhanu Vyapaar Private Limited Nirma Ltd. CRISIL AA 4.98 ( Secured by Equity shares of Allotment Date HPCL Mittal Energy Ltd. ICRA AA 4.42 Emami Ltd ) FITCH IND AA- 0.66 Reliance Jio Infocomm Limited(^) CRISIL AAA 4.17 SBK Properties Pvt Ltd. ( Guaranteed May 11, 2010 Janalakshami Financial Services Ltd. ICRA A+ 3.60 by a Kalyani Group company ) ICRA AA- 0.64 Indiabulls Housing Finance Limited CARE AAA 3.23 HDFC Ltd. CRISIL AAA 0.58 Fund Managers Reliance Jio Infocomm Limited CRISIL AAA 0.44 DLF Emporio Ltd CRISIL AA 2.85 Continental Drug Company P Ltd Mr. Deepak Agrawal* Au Financiers (India) Limited FITCH IND A+ 2.79 ( Secured by Equity shares of Zee India Infoline Housing Entertainment Enterprises Ltd ) BRICKWORK BWR A+ 0.43 Benchmark Finance Ltd.(^) ICRA AA 2.77 Nabha Power Ltd. ( backed by K Raheja IT Park (Hyderabad) Ltd. FITCH IND AAA(SO) 2.76 unconditional and irrevocable Crisil Short Term Bond Fund Vedanta Ltd.(^) CRISIL AA- 2.74 guarantee by Larsen & Toubro Ltd ) ICRA AAA 0.42 Nirchem Cement Ltd. CRISIL AA 2.52 Essel Lucknow Raebareli Toll Roads AAUM (` In Crores) Dewan Housing Finance Limited CARE AAA 0.40 Corporation Ltd. CARE AAA 2.51 FAMILY CREDIT LTD CARE AA+ 0.28 AAUM as on March 31, 2017: Vodafone Mobile Services Ltd. CRISIL AA 2.38 Mandava Holdings Private Limited Piramal Finance Limited ICRA AA 2.37 ( backed by unconditional and `3471.55 ECL Finance Limited ICRA AA 2.25 irrevocable undertaking by Axis Tata Power Company Ltd. CRISIL AA- 2.16 Capital ) ICRA AAA 0.23 AUM (` In Crores) Prestige Estates Projects Limited ICRA A+ 2.09 Indostar Capital Finance Private Karelides Traders Private Ltd. Limited CARE AA- 0.06 AUM as on March 31, 2017: ( backed by unconditional and irrevocable undertaking by a wholly LIC Housing Finance Ltd. CRISIL AAA 0.02 `3599.74 owned subsidiary of Piramal Corporate Debt/Financial Institutions - Total 85.37 Enterprises Ltd ) ICRA AA- 2.07 Public Sector Undertakings Available Plans/Options Tata Steel Limited BRICKWORK BWR AA 2.01 Union Bank of India CARE AA 1.84 Vedanta Ltd. CRISIL AA- 1.82 Bank of India CRISIL A+ 1.15 A) Regular Plan Reliance Ports And Terminals Oriental Bank of Commerce ICRA A+ 0.82 Limited CRISIL AAA 1.64 Bank Of Baroda CARE AA 0.70 B) Direct Plan/Options: Dividend Payout, PNB Housing Finance Ltd. CARE AAA 0.69 Edelweiss Agri Value Chain Syndicate Bank CARE AA- 0.64 Dividend Reinvestment & Growth Limited ( Unconditional and Allahabad Bank CRISIL AA- 0.28 (applicable for all plans) irrevocable guarantee from Power Finance Corporation Ltd. CRISIL AAA 0.28 Edelweiss Financial Services Limited) CARE AA(SO) 1.39 Bank of India BRICKWORK BWR AA- 0.18 Dividend Frequency LIC Housing Finance Ltd. CARE AAA 1.38 AXIS Bank Ltd. CRISIL AA 1.22 Konkan Railway Corporation Ltd. ICRA AAA 0.14 Tata Power Renewable Energy Ltd. Public Sector Undertakings - Total 6.72 Weekly (Every Monday), Monthly (12th of Money Market Instruments every Month), Quarterly (20th of Mar, Jun, (Guaranteed by Tata Power Company Ltd) CARE AA(SO) 1.14 Commercial Paper(CP)/Certificate of Deposits(CD) Sep and Dec of every Year), Annual (12th of ECL Finance Limited CARE AA 1.01 Corporate Debt/Financial Institutions March). Asirvad Microfinance Private S D Corporation Private Limited Limited ( 85 subsidiary of ( backed by unconditional and Ratios Manappuram Finance Ltd ) CRISIL A+ 0.98 irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) CARE A1+(SO) 1.19 $ Dalmia Cement (Bharat) Ltd ICRA AA 0.94 Standard Deviation: 2.00%, Shriram Transport Finance Co Ltd. CRISIL AA+ 0.83 HDFC Ltd. ICRA A1+ 0.27 SP Jammu Udhampur Highway Ltd. Corporate Debt/Financial Institutions - Total 1.46 Modified Duration:2.07yrs, ( backed by unconditional and Reverse Repo 2.46 Net Current Assets/(Liabilities) 3.99 Portfolio Yield: 8.45% irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AAA 0.71 Grand Total 100 Source: $ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis Note: Hedging Position through Interest Rate Swaps as on 31 Mar 2017 is 11.10% of the net assets. using 3 years history of monthly returns. Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : Minimum Investment Amount 2.60 years. Kotak Income Opportunities Fund NAV as on March 31, 2017: `17.9441 (Growth Option), `18.6676 (Direct Growth Option), Initial Investment: `5000 and in multiple `10.0275 (Weekly Dividend), `10.4530 (Direct Weekly Dividend), `10.3792 (Monthly Dividend), `10.6215 (Direct Monthly Dividend), of `1 for purchase and for `0.01 for `10.7394 (Quarterly Dividend), `10.1145 (Direct Quarterly Dividend), `10.2663 (Annual Dividend), `14.0206 (Direct Annual Dividend). switches Additional Investment: `1000 & in SECTOR ALLOCATION (%) multiples of `1 2.46 1.46 3.99 3.99 2.46 Ideal Investments Horizon: 1 year & 12.56 above Load Structure Entry Load: Nil. (applicable for all plans) Exit Load: I) For redemption / switch out of upto 10% of the initial investment amount 21.06 (limit) purchased or switched in within 1 59.93 year from the date of allotment: Nil. Debentures and Bonds 92.09 AA+, IND AA+, AA, AA(SO), BWR AA, AA-, BWR AA-, IND AA- II) If units redeemed or switched out are in CBLO & Term Deposits & Rev.Repo Net Current Assets Net Current Assets excess of the limit within 1 year from the A1+, A1+(SO), AAA, IND AAA(SO) date of allotment: 1%. Commercial Paper (CP)/Certicate of Deposits (CD) CBLO & Term Deposits & Rev.Repo A+, BWR A+, IND A+ iii) If units are redeemed or switched out on or after 1 year from the date of allotment: Nil. PRODUCT LABEL iv) Any exit load charged (net off Service Tax, if any) shall be credited back to the Riskometer This product is suitable for investors who are seeking*: respective Scheme. Units issued on ly Moderate Mo Income over a medium term investment horizon ate de reinvestment of dividends shall not be er Highra d te subject to entry and exit load. o l Investment in debt & money market securities M Low y Total Expense Ratio** * Investors should consult their financial advisors if in doubt High about whether the product is suitable for them.

Regular: 1.60% Low Direct: 0.90% LOW HIGH **Total Expense Ratio excludes applicable Investors understand that their principal will be at moderately low risk B15 fee and service tax. * For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 28 DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK CORPORATE BOND FUND Low (Formerly known as PineBridge India Total Return Bond Fund) Medium An Open - Ended Debt Scheme High (As on March 31, 2017)

Investment Objective PORTFOLIO The Fund seeks to generate income and capital appreciation largely through a focus Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net on investments in corporate debt securities. Assets Assets However, there is no assurance or Debt Instruments Public Sector Undertakings guarantee that the investment objective of the scheme will be achieved. Debentures and Bonds Rural Electrification Corporation Ltd. CRISIL AAA 4.70 Bank Of Baroda CARE AA 4.47 Corporate Debt/Financial Institutions ONGC Manglore Petrochemicals Ltd. FITCH IND AAA 4.05 Allotment Date Muthoot Finance Ltd CRISIL AA 6.61 National Housing Bank CRISIL AAA 3.57 Reliance Jio Infocomm Limited CRISIL AAA 5.82 September 21, 2007 Powergrid Vizag Transminssion Ltd. LIC Housing Finance Ltd. CRISIL AAA 4.82 ( backed by unconditional and Fund Manager Piramal Enterprises Limited ICRA AA 4.48 irrevocable guarantee by Mr. Deepak Agrawal* Bajaj Finance Limited FITCH IND AAA 4.08 Powergrid Corp ) CRISIL AAA(SO) 3.20 SP Jammu Udhampur Highway Ltd. Benchmark Power Finance Corporation Ltd. CRISIL AAA 2.46 ( backed by unconditional and National Bank for Agriculture & CRISIL Composite Bond Fund irrevocable guarantee of Shapoorji Rural Development CRISIL AAA 2.30 AAUM (` In Crores) Pallonji & Co Pvt Ltd ) ICRA AAA 3.13 Export-Import Bank of India. CRISIL AAA 0.78 Nabha Power Ltd. ( backed by Airports Authority of India CRISIL AAA 0.45 AAUM as on March 31, 2017: unconditional and irrevocable Steel Authority of India Ltd. FITCH IND AA 0.36 `178.71 guarantee by Larsen & Toubro Ltd ) ICRA AAA(SO) 2.68 Public Sector Undertakings - Total 26.34 HDFC Ltd. CRISIL AAA 2.66 Collateral Borrowing & Lending obligation 26.51 AUM (` In Crores) IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 2.52 Net Current Assets/(Liabilities) 5.97 AUM as on March 31, 2017: Nabha Power Ltd. ( backed by Grand Total 100 unconditional and irrevocable `226.25 guarantee by Larsen & Toubro Ltd ) ICRA AAA 2.24 Available Plans/Options Shriram Transport Finance Co Ltd. CRISIL AA+ 0.89 Ultratech Cement Ltd. CRISIL AAA 0.80 A) Regular Plan Mahindra & Mahindra Financial B) Direct Plan/Options: Dividend Payout, Services Ltd. ICRA AAA 0.45 Dividend Reinvestment & Growth Corporate Debt/Financial Institutions - Total 41.18 (applicable for all plans) Dividend Frequency Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 1.17 years Monthly (12th of every Month), Quarterly (20th of Mar, Jun, Sep and Dec of every Kotak Corporate Bond Fund NAV as on March 31, 2017: `2136.5041 (Standard Plan-Growth Option), `1051.7546 (Standard Plan- Year) Monthly Dividend), `1051.3487 (Standard Plan-Quarterly Dividend), `2173.1779 (Direct Plan- Growth Option), `1105.5496 (Direct Plan- Ratios Monthly Dividend) $Standard Deviation: 1.31%, Modified Duration: 0.99yrs, Portfolio Yield: 7.13% Source: $ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. 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 `1for purchase and for `0.01 5.97 for switches. 5.97 16.81 Ideal Investment Horizon: 1 Year & Above 26.51 Load Structure Entry Load: Nil. (applicable for all plans) Exit Load: Nil 26.51 50.71 67.52 Total Expense Ratio** Regular: 0.50% Debentures and Bonds AAA, AAA(SO), IND AAA AA+, AA, IND AA Direct: 0.30% Net Current Assets CBLO & Term Deposits & Rev.Repo CBLO & Term Deposits & Rev.Repo Net Current Assets **Total Expense Ratio excludes applicable B15 fee and service tax. PRODUCT LABEL

Riskometer This product is suitable for investors who are seeking*: Moderate M tely od Regular income over short term ra er e Highat od e Low ly Income by investing in fixed income securities of varying M maturities & credit

High * Investors should consult their financial advisors if in doubt

Low about whether the product is suitable for them.

LOW HIGH Investors understand that their principal will be at moderately low risk

* For Fund Manager experience, please refer page 54-55. 29 For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 EQUITY SCHEMES Equity Fund Ready Reckoner (as on March 31, 2017)

Kotak Classic Kotak Kotak Select Focus Kotak Tax Saver Kotak Midcap Kotak Emerging Kotak Infrastructure & Kotak Equity Kotak Equity Scheme Kotak 50 Kotak Balance Fund Equity Opportunies Fund Equity Scheme Economic Reform Fund Arbitrage Fund Savings Fund

Investment Diversiﬁed Mul Cap ELSS Mid cap Balanced Equity Savings Theme Large cap Large cap Mid and Small Cap Themac: Infrastructure Equity Arbitrage

Product Tax advantage with Spot them young, watch Best of both worlds: Arbitrage MIP with equity Invest with industry leaders Spong the hidden Focus on few selected sectors Emerging leaders True to label Posioning Long term wealth creators potenal equity growth tax eﬃciency gems them grow equity & debt opportunies

a. Stands for winning a. Idenfies "flow related" a. Equity poron: Mul cap a. Discovers arbitrage Conservave porolio with a. Invests in a few sectors investment ideas across the companies ‐ These benefit a blend of: a. Income a.Idenfies the hidden growth mid & small cap range strategy to idenfy outstanding opportunies by a. Favours industry leaders a. Focus on sustainable large as the various sectors of from spending from government, generaon ‐ through Idenfies a. Porolio is diversified potenal of mid‐cap sized offering decent growth companies having well managed simultaneously in cost,innovaon, brand, cap stories which can the economy tend to perform private and household (in terms arbitrage opportunies & investment across sectors and companies trajectory over the medium and durable businesses with entering transacons competence, etc with a withstand market shocks differently at different points to long term horizon of properes). They are not asset debt investment opportunies market capitalizaon b. Porolio exhibits higher predictable earnings power of long posion in Key Features proven execuon track b. These are companies with of me volality than large caps b. Buy and hold strategy owners. b. Focus on high quality b. Growth potenal ‐ across market segments c. Riskier than a large cap b. Debt poron: Acvely managed cash and exactly record across cycles. pricing power for their b. Flexibility to move across companies exhibing through moderate capitalisaon b. Offers dual benefits however tends to have a fund but offers faster growth with medium to long term off‐seng short market caps depending on superior ROE, posive parcipaon in b. High convicon and long compeve advantage or of growth and tax savings larger return base rate since it has a smaller base maturity posion in futures and sectors their aracveness during term calls taken entry barriers c. Buy and hold strategy d. 15%‐20% allocaon to large cash flow, low leverage c. Lower volality than a pure b. Equity posion is equity markets the economic phase cap opportunies as in an otherwise equity or debt fund completely hedged c. Tax efficiency ‐ through taccal plays challenging environment equity orientaon

Incepon Date 29‐Dec‐98 27‐Jul‐05 09‐Sep‐04 11‐Sep‐09 23‐Nov‐05 24‐Feb‐05 30‐Mar‐07 25‐Feb‐08 25‐Nov‐99 29‐Sep‐05 13‐Oct‐14

Mr. Harsha Mr. Pankaj Tibrewal & Mr. Deepak Gupta & Fund Manager Mr. Harish Krishnan Mr. Deepak Gupta Mr. Pankaj Tibrewal Mr. Pankaj Tibrewal Mr. Harish Krishnan Mr. Deepak Gupta Upadhyaya Mr. Harsha Upadhyaya Mr. Harsha Upadhyaya Mr. Abhishek Bisen Mr. Abhishek Bisen

Niy 50 75% of Niy 50 Arbitrage Niy 500 Niy Midcap 100 S&P BSE 100 Crisil Balanced Fund Benchmark Niy 50 Niy 100 Niy 200 Niy 500 S&P BSE Mid Small Cap Arbitrage Index Index + 25% of Niy 50

Monthly AAUM 581.53 1539.08 215.05 1028.33 (Rs. Crs) 1300.84 99.33 1288.03 8860.76 572.39 6013.01 711.27

76.81% Large Cap 88.71% Large Cap 71.81% Large Cap 76.69% Large Cap 65.81% Large Cap 2.08% Large Cap 1.65% Large Cap 57.26% Large Cap Mcap (%) 19.81% Mid Cap 7.02% Mid Cap 22.21% Mid Cap 18.94% Mid Cap 29.36% Mid Cap 80.66% Mid Cap 77.24% Mid Cap 37.72% Mid Cap 0.77% Small Cap 0.00% Small Cap 3.74% Small Cap 0.64% Small Cap 3.28% Small Cap 13.17% Small Cap 13.00% Small Cap N/A 7.62% Small Cap N/A N/A 2.61% Cash 4.27% Cash 2.24% Cash 3.73% Cash 1.54% Cash 4.09% Cash 8.11% Cash ‐2.60% Cash

1. Oil & Gas 1. Cement & Cement Products 1. FMCG 1. Metal & Metal Products 1. Media 1. Capital Goods & 2. Cement & Cement 1. Cement & Cement Products 2. Oil & Gas Overweight 2. Media 2. Ulies 2. Oil & Gas 2. Capital Goods & Engineering Engineering Products 3. Capital Goods & Engineering N/A N/A N/A N/A 3. Cement & Cement Products 3. Cement & Cement Products 3. Capital Goods & Engineering 3. Chemicals 2. Media 3. Auto & Auto 3. Durables Ancillary

1. Informaon 1. Banking & Finance 1. Informaon technology 1. Pharmaceucal Underweight 1. Banking & Finance technology 1. Informaon technology 1. Pharmaceucal 2. Informaon technology 2. FMCG 2. Informaon technology N/A 2. FMCG 2. FMCG 2. Pharmaceucal 2. Informaon technology N/A N/A N/A 3. Oil & Gas 3. Banking & Finance 3. Oil & Gas 3. Auto & Auto Ancillary 3. Banking & Finance 3. FMCG 3. FMCG

Beta 1.01 0.97 1.01 1.04 1.07 0.98 0.94 1.10 1.16 0.53 0.96

Sharpe 0.75 0.62 1.03 1.09 1.00 1.31 1.53 1.01 0.75 1.69 0.37

Standard 13.84% 14.99% 16.14% 17.20% 17.10% 18.50% 11.22% 0.51% 3.51% Deviaon 14.35% 15.28% Details provided are as on March 31, 2017. Ratio Source: ICRA MFI Explorer. Risk rate assumed to be 6.22% (Since on 31st March 2017 FBIL Overnight MIBOR was at unusually high at 7.37%, we are taking MIBOR as average of the entire March month).*For Kotak Midcap Fund & Kotak Emerging Equity Fund the stocks falling within the mcap range in Nifty Midcap 100 & S&P BSE Mid Small Cap, respectively, would be considered as midcap stocks. Any stock which would have mcap above the highest mcap of these benchmarks would be considered as largecap, and any stock would have mcap below the lowest mcap would be considered as smallcap.Mcap breakup of Kotak Balance portfolio is for the equity component only.N/A: Field not applicable to the scheme owing to its investment theme.Risk Factor: Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Continuous oﬀer of units of all schemes available at NAV based prices. Large cap (>24,062 crs)* Mid cap (24,062 to 1,939 crs)* Small cap (<1,939 crs)* DEBT SCHEMES

Debt Fund Ready Reckoner (as on March 31, 2017)

Kotak Liquid Kotak Floater Kotak Treasury Kotak Low Duraon Kotak Corporate Kotak Banking & PSU Kotak Bond Kotak Income Kotak Medium Kotak Gilt Scheme Kotak Flexi Debt Kotak Bond Fund Scheme Short Term Advantage # Fund Bond Fund Debt Fund Short Term Opportunies Fund Term Investment

Current Scheme Liquid‐Conservave Liquid‐Aggressive UST^‐Conservave UST^‐Aggressive UST^‐Aggressive Banking and PSU STP^^‐Conservave Dynamic STP Accrual Income‐Aggressive Gilt‐Aggressive Posioning Accrual Crisil Liquid Crisil Liquid Crisil Liquid CRISIL Composite Crisil Short Term Bond Crisil Short ‐ Term CRISIL Composite Crisil Composite Benchmark CRISIL Liquid Fund CRISIL Composite Bond Crisil Short Term Bond Fund ISEC Composite Fund Index Fund Index Fund Index Bond Fund Fund Index Bond Fund Bond Fund Bond Fund

Monthly 13082.54 15391.62 5,460.23 4,377.27 178.71 1,120.16 7,611.17 1,368.30 3,471.55 3,555.30 3,309.70 536.14 Avg. AUM (Rs crores)

64.67% AAA, 85.70% AAA, 32.39% AAA 27.52% AAA 31.23% AAA, 15.01% AAA Current Porolio 99.99% AAA 72.77% AAA 30.84% AAA 83.18% AAA 99.55% AAA 6.47% Gilt 14.26% Gilt 40.42% Gilt 59.91% AA 59.65% AA, 63.14% Gilt 100% Gilt Quality** 0.01%AA 27.23% AA 59.17% AA 16.82% AA 0.45% AA 26.96% AA 0.04% AA 27.20% AA 0.42% Gilt 17.94% AA

Ideal Investment 1‐15 days 1‐15 days 1‐3 Months 1‐3 Months 6 Months and above 6 Months and above 6 Months and above 6 Months and above 1 Year and above 2.5 Years and above 1 Year and above 1 Year and above Horizon

Maturity Maturity Modified duraon Modified duraon between 80‐100% corporate High quality Banking Avg Mat between Dynamic strategy, duraon has Upto 65% in > 1 yr papers, try to Avg Mat between Dynamic strategy, Dynamic strategy, Key Differenator < 91 days < 91 days < 6 months 6 – 12 months bond exposure & PSU assets 1‐3 years never gone above 5 years. capitalize on mispriced credits 3‐7 years no cap on duraon no cap on duraon

YTM % 6.55 6.71 7.33 8.02 7.13 7.77 7.48 8.17 8.45 8.53 7.78 7.23

Average Maturity 0.16 0.14 0.63 0.87 1.17 2.46 5.79 2.60 10.18 9.75 (years) 2.42 3.55

Modiﬁed Duraon 0.16 0.14 0.48 0.75 0.99 1.96 1.94 4.17 2.07 6.54 6.21 (years) 2.66

Withdrawal up to 15% Exit Withdrawal up to 10% of Nil Nil Nil Nil Nil Nil Nil Nil of investment amt Nil Nil Load investment amt within 1 yr: Nil Within 1 year : 1% , within 1 yr: Nil Aer 1 year : Nil Within 18 months : 2% , Aer 18 months : Nil

Risk Factor: Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Connuous Oﬀer of units of all schemes available at NAV based prices. Note: ^UST = Ultra Short Term plan, ^^STP= Short Term plan. **AAA also includes A1+,A1+(SO), AAA(SO), IND AAA , Net current Assets, CBLO, Term Deposit and Rev repo. For Kotak Gilt Fund: Cash and Cash Equivalent is included under Gilt. For Liquid schemes ( Kotak Liquid Scheme and Kotak Floater Short Term ) and Liquid plus schemes (Kotak Treasury Advantage and Kotak Low Duraon) T‐bill is included in AAA. “AA” includes AA,AA+,AA‐. DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK MEDIUM TERM FUND Low An Open - Ended Debt Scheme Medium

(As on March 31, 2017) High

Investment Objective PORTFOLIO The investment objective of the scheme is to generate regular income and capital Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net appreciation by investing in a portfolio of Assets Assets medium term debt and money market Debt Instruments HDFC Ltd. CRISIL AAA 0.54 instruments. However, there is no Debentures and Bonds Asirvad Microfinance Private assurance that the objective of the scheme Corporate Debt/Financial Institutions Limited ( 85 subsidiary of will be realized. Vodafone Mobile Services Ltd. CRISIL AA 4.79 Manappuram Finance Ltd ) CRISIL A+ 0.52 Vedanta Ltd. CRISIL AA- 4.34 IOT Utkal Energy Services Ltd. CRISIL AAA(SO) 0.29 Reliance Jio Infocomm Limited CRISIL AAA 4.24 Nabha Power Ltd. ( backed by Piramal Finance Limited(^) ICRA AA 3.88 unconditional and irrevocable Allotment Date HPCL Mittal Energy Ltd. ICRA AA 3.86 guarantee by Larsen & Dalmia Cement (Bharat) Ltd ICRA AA 3.55 Toubro Ltd ) ICRA AAA 0.27 March 21, 2014 Nirchem Cement Ltd. CRISIL AA 3.29 SP Jammu Udhampur Tata Power Company Ltd. CRISIL AA- 2.98 Highway Ltd. ( backed by Fund Manager K Raheja IT Park (Hyderabad) unconditional and irrevocable Ltd.(^) FITCH IND AAA(SO) 2.70 guarantee of Shapoorji Pallonji & Mr. Deepak Agrawal* Indiabulls Housing Finance Co Pvt Ltd ) ICRA AAA 0.26 Limited CARE AAA 2.62 Edelweiss Housing Finance Limited ICRA AA 0.24 Benchmark HPCL Mittal Pipelines Ltd. ICRA AA 2.53 Mandava Holdings Private Limited Birla Corporation Ltd. CARE AA 2.44 ( backed by unconditional and CRISIL Composite Bond Fund AXIS Bank Ltd. CRISIL AA 2.39 irrevocable undertaking by Nirma Ltd.(^) CRISIL AA 2.30 Axis Capital ) ICRA AAA 0.17 AAUM (` In Crores) ECL Finance Limited CARE AA 2.29 Corporate Debt/Financial Institutions - Total 78.70 ECL Finance Limited ICRA AA 2.20 Public Sector Undertakings AAUM as on March 31, 2017: Prestige Estates Projects Limited ICRA A+ 2.05 U P Power Corporation Ltd Tata Steel Limited BRICKWORK BWR AA 1.97 (Guaranteed by Government of ` 3555.30 Reliance Utilities And Power Uttar Pradesh) FITCH IND AA(SO) 2.78 Private Limited CRISIL AAA 1.95 PNB Housing Finance Ltd.(^) CARE AAA 1.67 AUM (` In Crores) Janalakshami Financial Union Bank of India CARE AA 1.66 Services Ltd. ICRA A+ 1.81 Bank of India CRISIL A+ 1.42 AUM as on March 31, 2017: Tata Steel Limited CARE AA 1.78 IDBI Bank Ltd ICRA A 1.33 Reliance Ports And Terminals PNB Housing Finance Ltd. CARE AAA 1.09 ` 3663.31 Limited CRISIL AAA 1.74 Bank Of Baroda CARE AA 0.96 The Indian Hotels Company Ltd. CARE AA+ 1.74 Small Industries Development Dewan Housing Finance Bank Of India. CARE AAA 0.87 Available Plans/Options Corporation Ltd. CARE AAA 1.36 Syndicate Bank CARE AA- 0.71 Muthoot Finance Ltd CRISIL AA 1.35 Canara Bank CRISIL AAA 0.70 A) Regular Plan Edelweiss Agri Value Chain Bank of India BRICKWORK BWR AA- 0.62 Limited ( Unconditional and Bank of Maharashtra CRISIL A- 0.59 B) Direct Plan/Options: Dividend Payout, irrevocable guarantee from State Bank of Travancore CRISIL AAA 0.31 Oriental Bank of Commerce ICRA A+ 0.27 Dividend Reinvestment & Growth Edelweiss Financial Services Limited) CARE AA(SO) 1.33 Allahabad Bank CRISIL AA- 0.21 (applicable for all plans) Reliance Ports And Terminals Konkan Railway Corporation Ltd. ICRA AAA 0.14 Limited(^) CRISIL AAA 1.20 Bank Of Baroda CARE AA+ 0.05 Dividend Frequency India Infoline Housing Finance Ltd. ICRA AA 1.09 Power Finance Corporation Ltd. CRISIL AAA 0.05 Intime Properties Ltd. FITCH IND AAA 1.01 Public Sector Undertakings - Total 15.43 Quarterly (20th of Mar, Jun, Sep and Dec Essel Lucknow Raebareli Toll Government Dated Securities of every Year), Annually (12th of March) Roads Limited CARE AAA 0.96 1.44% Central Government SOV 0.42 Bajaj Finance Limited CARE AAA 0.94 Government Dated Securities - Total 0.42 Ratios Tata Power Renewable Collateral Borrowing & Lending obligation 1.52 Energy Ltd. (Guaranteed by Net Current Assets/(Liabilities) 3.93 $Standard Deviation: 2.52%, Tata Power Company Ltd) CARE AA(SO) 0.93 Grand Total 100 Au Financiers (India) Limited FITCH IND A+ 0.71 Modified Duration: 2.66yrs, SBK Properties Pvt Ltd. ( Guaranteed by a Kalyani Portfolio Yield: 8.53% Group company ) ICRA AA- 0.71 East-North Interconnection Source: $ICRAMFI Explorer. Standard Company Limited CRISIL AAA(SO) 0.70 Deviation is calculated on Annualised basis Tata Motors Ltd. CARE AA+ 0.68 using 3 years history of monthly returns. Note: Hedging Position through Interest Rate Swaps as on 31 Mar 2017 is 10.90% of the net assets. Minimum Investment Amount Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : Initial Purchase: `5,000/- and in multiples 3.55 years of 1 for purchases and for `0.01 for Kotak Medium Term Fund NAV as on March 31, 2017: `13.5378 (Growth Option), `13.9432 (Direct Growth Option), switches. `10.5971 (Quarterly Dividend), `10.6056 (Direct Quarterly Dividend), `10.4951 (Annual Dividend), `13.9768 (Direct Annual Dividend). Additional Purchase: `1000 & in multiples of `1.for purchases and for `0.01 for switches. RATING PROFILE Ideal Investment Horizon: 2.5 years & 1.52 0.42 3.93 1.52 above 3.93 8.7 Load Structure Entry Load: Nil. (applicable for all plans) Exit Load: i) For redemption / switch out of upto 15% of the initial investment amount (limit) purchased or switched in 26.2 within 18 months from the date of 59.65 allotment: Nil. A+, IND A+, A, A- 94.13 AA+, AA, AA(SO), BWR AA, IND AA(SO), AA-, BWR AA- ii) If units redeemed or switched out are in Net Current Assets excess of the limit within 18 months from CBLO & Term Deposits & Rev.Repo AAA, AAA(SO), IND AAA, IND AAA(SO), SOV Debentures and Bonds the date of allotment: 2%. Government Dated Securities Net Current Assets CBLO & Term Deposits & Rev.Repo iii) If units are redeemed or switched out on or after 18 months from the date of allotment: Nil. PRODUCT LABEL iv) Any exit load charged (net off Service Tax, if any) shall be credited back to the Riskometer This product is suitable for investors who are seeking*: respective Scheme. Units issued on Moderate M tely od Income over a medium term investment horizon reinvestment of dividends shall not be ra er e Highat od e subject to entry and exit load. Low ly Investment in debt, government securities & money M market instruments with a portfolio weighted average Total Expense Ratio** High maturity between 3-7 years Regular: 1.70% Low * Investors should consult their financial advisors if in doubt Direct: 0.90% about whether the product is suitable for them. **Total Expense Ratio excludes applicable LOW HIGH B15 fee and service tax. Investors understand that their principal will be at moderate risk * For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 30 DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK BOND Low An Open - Ended Debt Scheme Medium

(As on March 31, 2017) High

Investment Objective PORTFOLIO To create a portfolio of debt and money market instruments of different maturities Issuer/Instrument Industry/ % to Net Issuer/Instrument Industry/ % to Net so as to spread the risk across a wide Rating Assets Rating Assets maturity horizon & different kinds of issuers Debt Instruments 7.61% Central Government SOV 19.40 in the debt market. However, there is no 7.88% Central Government SOV 4.81 assurance that the objective of the scheme Debentures and Bonds 7.87% State Government SOV 1.02 will be realized. Corporate Debt/Financial Institutions ICICI Bank Ltd. CARE AA+ 4.30 7.62% State Government SOV 1.00 Allotment Date YES Bank Ltd. CARE AA 3.07 7.73% State Government SOV 0.57 November 25, 1999 Reliance Capital Ltd. CARE AA+ 1.52 7.70% State Government SOV 0.22 7.93% State Government SOV 0.22 Fund Manager AXIS Bank Ltd. CRISIL AA 1.51 East-North Interconnection 7.94% State Government SOV 0.22 Mr. Abhishek Bisen* Company Limited CRISIL AAA(SO) 1.03 7.95% State Government SOV 0.22 Benchmark Reliance Ports And Terminals Limited CRISIL AAA 0.61 8.04% State Government SOV 0.22 Muthoot Finance Ltd CRISIL AA 0.15 8.05% State Government SOV 0.22 Crisil Composite Bond Fund HDFC Ltd. CRISIL AAA 0.03 8.08% State Government SOV 0.22 AAUM (` In Crores) Vedanta Ltd. CRISIL AA- 0.03 8.27% State Government SOV 0.22 7.71% State Government SOV 0.21 AAUM as on March 31, 2017: Hindalco Industries Ltd. CRISIL AA- 0.01 Corporate Debt/Financial Institutions - Total 12.26 8.07% State Government SOV 0.17 3309.70 ` Public Sector Undertakings 8.72% State Government SOV 0.08 AUM (` In Crores) U P Power Corporation Ltd Government Dated Securities - Total 63.12 Money Market Instruments AUM as on March 31, 2017: (Guaranteed by Government of Uttar Pradesh) FITCH IND AA(SO) 5.72 Commercial Paper(CP)/Certificate of Deposits(CD) `3307.02 National Bank for Agriculture & Rural Corporate Debt/Financial Institutions Available Plans/Options Development CRISIL AAA 5.68 Muthoot Finance Ltd CRISIL A1+ 0.15 Bank of India CRISIL A+ 2.36 Tata Capital Financial Services Limited ICRA A1+ 0.03 A) Regular Plan Syndicate Bank CARE AA- 1.25 Corporate Debt/Financial Institutions - Total 0.18 B) Direct Plan / Options: Dividend Payout, Allahabad Bank FITCH IND A 0.92 Reverse Repo 0.46 Dividend Reinvestment & Growth IDBI Bank Ltd ICRA A 0.63 Collateral Borrowing & Lending obligation 0.80 (applicable for all plans) State Bank Of India. CRISIL AA+ 0.23 Net Current Assets/(Liabilities) 6.08 Dividend Frequency Bank Of Baroda CARE AA 0.16 Grand Total 100 Small Industries Development Quarterly (20th of Mar/Jun/Sep/Dec), Half Yearly (20th of Mar/Sept), Annual (12th of Bank Of India. CARE AAA 0.15 Mar) (applicable for all plans) Public Sector Undertakings - Total 17.10 Government Dated Securities Ratios 6.79% Central Government SOV 34.10 $Standard Deviation: 7.16% Modified Duration: 6.54 yrs Portfolio Yield: 7.78% Source: $ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Minimum Investment Amount Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : Initial Investment: `5000 and in multiple 10.18 years. of `1 for purchase and for `0.01 for Kotak Bond Fund NAV as on March 31, 2017: `46.2923 (Growth Option), `47.7568 (Direct Growth Option), switches `10.7621 (Quarterly Dividend), `12.9246 (Direct Quarterly Dividend), `28.3617 (Annual Dividend), `21.5854 (Direct Annual Dividend) Additional Investment: `1000 & in multiples of `1 SECTOR ALLOCATION (%) Ideal Investments Horizon: 1 year & above 6.08 1.26 0.18 3.91 6.08 1.26 Load Structure 29.36 Entry Load: Nil. (applicable for all plans) 17.95 Exit Load: Nil. Note - Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) 63.12 70.8 Total Expense Ratio** Commercial Paper (CP)/Certicate of Deposits (CD) CBLO & Term Deposits & Rev.Repo Net Current Assets Regular: 1.79% Net Current Assets CBLO & Term Deposits & Rev.Repo A+, A, IND A Direct: 0.90% Debentures and Bonds Government Dated Securities AA+, AA, IND AA(SO), AA- A1+, AAA, AAA(SO), SOV **Total Expense Ratio excludes applicable B15 fee and service tax. PRODUCT LABEL

Riskometer This product is suitable for investors who are seeking*: ly Moderate Mo Income over long term investment horizon ate de er Highra d te o l Investment in debt & money market securities M Low y * Investors should consult their financial advisors if in doubt High about whether the product is suitable for them.

Low

LOW HIGH Investors understand that their principal will be at moderate risk

* For Fund Manager experience, please refer page 54-55. 31 For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 DEBT SCHEMES INVESTMENT STYLE Maturity Short Medium Long Volatiliy KOTAK GILT INVESTMENT Low An Open - Ended Dedicated Gilt Unit Scheme Medium

(As on March 31, 2017) High

Investment Objective PORTFOLIO To generate risk-free returns through investments in sovereign securities issued Issuer/Instrument Industry/ % to Net Issuer/Instrument Industry/ % to Net by the Central and /or State Government(s) Rating Assets Rating Assets and/ or reverse repos in such securities. Government Dated Securities 8.05% State Government SOV 0.61 However, there is no assurance that the objective of the scheme will be realized. 7.61% Central Government SOV 41.09 7.70% State Government SOV 0.60 6.79% Central Government SOV 14.65 7.71% State Government SOV 0.60 Allotment Date 7.59% Central Government SOV 11.63 7.86% State Government SOV 0.41 Regular Plan - December 29, 1998; 7.73% State Government SOV 3.01 7.87% State Government SOV 0.40 PF & Trust Plan - November 11, 2003 8.27% State Government SOV 1.65 8.43% State Government SOV 0.20 Fund Manager 7.62% State Government SOV 1.39 8.21% State Government SOV 0.10 Mr. Abhishek Bisen* 8.56% State Government SOV 1.03 8.39% State Government SOV 0.08 Benchmark 8.52% State Government SOV 0.73 Government Dated Securities - Total 81.24 8.08% State Government SOV 0.62 Reverse Repo 9.64 ISEC Composite 7.93% State Government SOV 0.61 Net Current Assets/(Liabilities) 9.12 AAUM (` In Crores) 7.94% State Government SOV 0.61 Grand Total 100 AAUM as on March 31, 2017: 7.95% State Government SOV 0.61 ` 536.14 8.04% State Government SOV 0.61 AUM (` In Crores) Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : AUM as on March 31, 2017: 9.75 years. `498.72 Kotak Gilt Investment Fund NAV as on March 31, 2017: `56.3608 (Regular-Growth), `58.7635 (Regular-Growth-Direct), `12.8391 (Regular-Dividend), `13.2679 (Regular-Dividend-Direct), `57.6607 (PF & Trust-Growth), `60.1715 (PF & Trust-Growth Direct), Available Plans/Options `11.4778 (PF & Trust-Dividend) Plans- A) Regular Non Direct Plan, B) PF & Trust Non Direct Plan, C) Regular Direct Plan, D) PF & Trust Direct Plan/ Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Quarterly (20th of Mar/Jun/Sep/Dec) Ratios $Standard Deviation: A) Regular Plan: 8.09%, B) PF & Trust Plan: 8.09%, Modified Duration: 6.21 yrs, Portfolio Yield:7.23% Source: $ICRAMFI Explorer. Standard Deviation is calculated on Annualised basis using 3 years history of monthly returns. Minimum Investment Amount Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches SECTOR ALLOCATION (%)

Additional Investment: `1000 & in 9.12 9.12 multiples of `1 9.64 9.64 Ideal Investments Horizon: 1 year & above Load Structure Entry Load: (a) Regular Plan - Entry: Nil. (b) PF & Trust Plan - Entry: Nil. (applicable for all plans) 81.24 Exit Load: (a) Regular Plan - Exit: Nil. (b) 81.24 PF&Trust Plan - Exit: Nil. (applicable for all SOV plans) CBLO & Term Deposits & Rev.Repo Net Current Assets CBLO & Term Deposits & Rev.Repo Note - Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) PRODUCT LABEL Total Expense Ratio** Riskometer Regular: 1.40% This product is suitable for investors who are seeking*: ly Moderate Mo Income over a long investment horizon Direct: 0.40% ate de er Highra d te o l Investments in sovereign securities issued by the Central **Total Expense Ratio excludes applicable M Low y and/or State Government(s) and / or reverse repos in

High such securities.

Low * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. LOW HIGH Investors understand that their principal will be at moderate risk

* For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 32 DEBT SCHEMES INVESTMENT STYLE Style Maturity KOTAK MONTHLY INCOME Value Blend Growth Size Short Medium Long Volatility PLAN Large Low An Open Ended Income Scheme. Monthly Income is not assured Mid Medium & is subject to availability of distributable surplus Small High (As on March 31, 2017)

Investment Objective PORTFOLIO To enhance returns over a portfolio of Debt Instruments with a moderate exposure in Issuer/Instrument Industry/ % to Net Issuer/Instrument Industry/ % to Net Equity and Equity related Instruments. Rating Assets Rating Assets However, there is no assurance that the Equity & Equity related (Listed/Awaiting listing on Stock Avenue Supermarts Ltd Retailing 0.08 objective of the scheme will be realized. Exchange) Shankara Building Products Ltd Ferrous Metals 0.07 Allotment Date ITC Ltd. Consumer Non Durables 1.99 Whirlpool of India Ltd. Consumer Durables 0.04 Persistent Systems Limited Software 0.01 December 02, 2003 State Bank Of India Banks 1.27 Bata India Ltd. Consumer Durables 1.06 Listed/Awaiting Listing on Stock Exchange - Total 19.87 Fund Managers Tata Motors Ltd. Auto 1 Debt Instruments Debentures and Bonds Mr. Devender Singhal & Sun TV Limited. Media and Entertainment 0.98 IFB Industries Ltd. Consumer Durables 0.94 Corporate Debt/Financial Institutions Mr. Abhishek Bisen* Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.87 ICICI Bank Ltd. CARE AA+ 4.15 Benchmark Tata Communications Ltd Telecom - Services 0.78 Corporate Debt/Financial Institutions - Total 4.15 ICICI Bank Ltd. Banks 0.76 Public Sector Undertakings CRISIL MIP Blended Phillips Carbon Black Ltd. Chemicals 0.70 U P Power Corporation Ltd AAUM (` In Crores) Godfrey Phillips India Ltd. Consumer Non Durables 0.64 (Guaranteed by Government of Infosys Ltd. Software 0.64 Uttar Pradesh) FITCH IND AA(SO) 8.55 AAUM as on March 31, 2017: Maruti Suzuki India Limited Auto 0.62 Power Finance Corporation Ltd. CRISIL AAA 8.10 ` 234.67 India Cements Ltd. Cement 0.61 Syndicate Bank CARE AA- 4.32 Bombay Burmah Trading Canara Bank CRISIL AAA 2.11 AUM (` In Crores) Corporation Ltd. Consumer Non Durables 0.57 Rural Electrification Corporation Ltd. CRISIL AAA 0.04 AUM as on March 31, 2017: Hindalco Industries Ltd Non - Ferrous Metals 0.57 Bank Of Baroda Banks 0.43 Public Sector Undertakings - Total 23.12 ` 240.75 Hero MotoCorp Ltd. Auto 0.41 Government Dated Securities 6.79% Central Government SOV 22.32 Available Plans/Options GP Petroleums Limited Petroleum Products 0.40 GAIL (India) Ltd. Gas 0.39 8.18% State Government SOV 8.52 A) Regular Plan Yes Bank Ltd Banks 0.38 8.27% State Government SOV 4.28 8.72% State Government SOV 3.59 B) Direct Plan/Options: Dividend Payout, HDFC Bank Ltd. Banks 0.36 Dividend Reinvestment & Growth Mcleod Russel India Ltd Consumer Non Durables 0.34 Government Dated Securities - Total 38.71 (applicable for all plans) Motherson Sumi Systems Ltd. Auto Ancillaries 0.34 TERM DEPOSITS Vedanta Ltd. Non - Ferrous Metals 0.34 AXIS Bank Ltd. 0.25 Dividend Frequency ICICI Prudential Life Insurance Term Deposits - Total 0.25 Monthly (12th of every Month) Quarterly Company Ltd Finance 0.32 Collateral Borrowing & Lending obligation 7.52 (20th of Mar/Jun/Sep/Dec) Manpasand Beverages Ltd. Consumer Non Durables 0.32 Net Current Assets/(Liabilities) 6.38 The Ramco Cements Ltd Cement 0.31 Grand Total 100 Ratios MindTree Ltd. Software 0.28 $Standard Deviation:4.61% Equitas Holdings Ltd Finance 0.21 Tech Mahindra Ltd. Software 0.20 Modified Duration: 3.88 yrs IndusInd Bank Ltd. Banks 0.18 Portfolio Yield: 7.66% HDFC Ltd. Warrants Finance 0.16

$ Bharat Petroleum Source: ICRAMFI Explorer. Standard Corporation Ltd. Petroleum Products 0.15 Deviation is calculated on Annualised basis Tata Motors Ltd - DVR Auto 0.15 using 3 years history of monthly returns.

Minimum Investment Amount Notes: Term Deposit as provided above is towards margin for derivatives transactions

Initial Investment: (i) Dividend Re- Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments investment & Growth and Dividend Payout 5.62 years. (Quarterly) - `5000 & above (ii) Dividend Kotak Monthly Income Plan Fund NAV as on March 31, 2017: `27.9856 (Growth Option), `29.0939 (Direct Growth Option), Payout (Monthly) - `50,000 & above `13.0529 (Monthly Dividend), `13.0529 (Direct Monthly Dividend), `14.1467 (Quarterly Dividend), `14.5958 (Direct Quarterly Dividend) Additional Investment: `1000 & in multiples of `1 Ideal Investments Horizon - 1 year & above SECTOR ALLOCATION (%) RATING PROFILE Load Structure 6.38 7.77 6.38 Entry Load: Nil. (applicable for all plans) 38.71 7.77 48.96 17.02 Exit Load: 19.87 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 19.87 excess of the limit within 1 year from the 27.27 date of allotment: 1%. AA+, IND AA(SO), AA- CBLO & Term Deposits & Rev.Repo Equities AAA, SOV Net Current Assets iii) If units are redeemed or switched out on CBLO & Term Deposits & Rev.Repo or after 1 year from the date of allotment: Nil. iv) Any exit load charged (net off Service Tax, if any) shall be credited back to the PRODUCT LABEL respective Scheme. Units issued on reinvestment of dividends shall not be Riskometer This product is suitable for investors who are seeking*: Moderate M subject to entry and exit load. tely od Income & capital growth over a long term horizon ra er e Highat od e Investment in a portfolio of debt instruments with a Total Expense Ratio** Low ly M moderate exposure in equity & equity related Regular: 2.31% High Instruments. Direct: 1.54% Low * Investors should consult their financial advisors if in doubt **Total Expense Ratio excludes applicable about whether the product is suitable for them. B15 fee and service tax. LOW HIGH Investors understand that their principal will be at moderate risk

* For Fund Manager experience, please refer page 54-55. 33 For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 INVESTMENT STYLE DEBT SCHEMES Style Maturity KOTAK MULTI ASSET Value Blend Growth Size Short Medium Long Volatility Large Low

ALLOCATION FUND Mid Medium An Open - Ended Debt Scheme (As on March 31, 2017) Small High

Investment Objective PORTFOLIO The investment objective of the scheme is to generate income by investing Issuer/Instrument Industry/ % to Net Issuer/Instrument Industry/ % to Net predominantly in debt and money market Rating Assets Rating Assets securities, to generate growth by taking Equity & Equity related (Listed/Awaiting listing on Stock Tech Mahindra Ltd. Software 0.07 moderate exposure to equity and equity Exchange) Cipla Ltd. Pharmaceuticals 0.05 related instruments and provide HDFC Bank Ltd. Banks 1.34 Piramal Enterprises Limited Pharmaceuticals 0.05 diversification by investing in Gold ETFs. Bharat Petroleum Corporation Ltd. Petroleum Products 0.83 Adani Port and Special However, there is no assurance that the Power Grid Corporation Of Economic Zone Limited Transportation 0.04 objective of the scheme will be realized. India Ltd Power 0.77 Shankara Building Products Ltd Ferrous Metals 0.04 ITC Ltd. Consumer Non Durables 0.75 Hindustan Zinc Ltd. Non - Ferrous Metals 0.03 Allotment Date Tata Steel Limited. Ferrous Metals 0.72 UPL Ltd Pesticides 0.03 Sun Pharmaceuticals January 21, 2011 Hindalco Industries Ltd Non - Ferrous Metals 0.70 IndusInd Bank Ltd. Banks 0.70 Industries Ltd. Pharmaceuticals 0.02 Fund Managers Yes Bank Ltd Banks 0.70 Listed/Awaiting Listing on Stock Exchange - Total 16.78 Mutual Fund Units Mr. Deepak Gupta & Infosys Ltd. Software 0.68 National Thermal Power Kotak Mutual Fund - Kotak Mr. Abhishek Bisen* Corporation Limited Power 0.66 Gold ETF Mutual Fund Units 9.37 Mutual Fund Units - Total 9.37 Benchmark Grasim Industries Ltd. Cement 0.63 Reliance Industries Ltd. Petroleum Products 0.47 Futures 75% CRISIL Short Term Bond Fund, Hero MotoCorp Ltd. Auto 0.45 CNX NIFTY-APR2017 -1.20 Biocon Ltd. Pharmaceuticals 0.44 Futures (Market value represents Notional Value) - Total -1.20 15% Nifty 50 and 10% Price of Gold. Asian Paints Ltd. Consumer Non Durables 0.43 Debt Instruments Debentures and Bonds AAUM (` In Crores) Bajaj Finance Limited Finance 0.43 Laurus Labs Ltd Pharmaceuticals 0.42 Corporate Debt/Financial Institutions AAUM as on March 31, 2017: Ultratech Cement Ltd. Cement 0.41 Hindalco Industries Ltd. CRISIL AA- 4.91 Hindustan Unilever Ltd. Consumer Non Durables 0.36 Corporate Debt/Financial Institutions - Total 4.91 ` 17.46 Tata Motors Ltd. Auto 0.35 Government Dated Securities Maruti Suzuki India Limited Auto 0.32 8.53% State Government SOV 18.20 AUM (` In Crores) Petronet LNG Ltd. Gas 0.32 8.45% State Government SOV 18.15 AUM as on March 31, 2017: Zee Entertainment Enterprises Ltd Media and Entertainment 0.32 8.72% State Government SOV 9.16 JSW Steel Ltd. Ferrous Metals 0.28 Government Dated Securities - Total 45.51 ` 17.21 The Ramco Cements Ltd Cement 0.27 TERM DEPOSITS Tata Consultancy Services Ltd. Software 0.25 AXIS Bank Ltd. 1.45 Available Plans/Options Axis Bank Ltd Banks 0.24 Term Deposits - Total 1.45 ICICI Bank Ltd. Banks 0.23 A) Regular Plan Collateral Borrowing & Lending obligation 20.33 Eicher Motors Ltd Auto 0.22 Net Current Assets/(Liabilities) 2.85 B) Direct Plan / Options: Dividend Payout, Vedanta Ltd. Non - Ferrous Metals 0.20 Grand Total 100 Dividend Reinvestment & Growth Bajaj Finserv Ltd. Finance 0.16 (applicable for all plans)) HDFC Ltd. Finance 0.16 Larsen And Toubro Ltd. Construction Project 0.16 Dividend Frequency State Bank Of India Banks 0.16 Tata Motors Ltd - DVR Auto 0.16 Monthly (12th of Every Month), Quarterly HCL Technologies Ltd. Software 0.15 (20th of Mar/Jun/Sep/Dec), Annual (12th of Oil & Natural Gas Corporation Ltd. Oil 0.11 March) Wipro Ltd. Software 0.11 Lupin Ltd. Pharmaceuticals 0.10 Ratios Indraprastha Gas Ltd. Gas 0.08 $Standard Deviation: 3.58%, Dr Reddys Laboratories Ltd Pharmaceuticals 0.07 Hindustan Petroleum Modified Duration: 2.10yrs, Corporation Ltd Petroleum Products 0.07 Tata Communications Ltd Telecom - Services 0.07 Portfolio Yield: 7.15% Source:$ICRAMFI Explorer. Standard Notes: Term Deposit as provided above is towards margin for derivatives transactions Deviation is calculated on Annualised basis using 3 years history of monthly returns. Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments: 2.68 years. Minimum Investment Amount Kotak Multi Asset Allocation Fund NAV as on March 31, 2017: `16.1814 (Growth Option), `16.9930 (Direct Growth Option), Initial Investment: `10000 and in `13.4934 (Monthly Dividend), `12.2052 (Quarterly Dividend), `12.6443 (Direct Quarterly Dividend), `11.3786 (Annual Dividend), `12.0642 multiple of `1 for purchase and for `0.01 (Direct Annual Dividend) for switches Additional Investment: `1000 & in 2.85 multiples of `1 4.91 ‐1.2 4.91 2.85 ‐1.2 9.37 9.37 Ideal Investments Horizon: 1 year & 45.51 45.51 above Load Structure Entry Load: Nil. (applicable for all plans)

Exit Load: i) For exit within 1 year from the 16.78 16.78 date of allotment of units: 1%. ii) For exit after 1 year from the date of allotment 21.78 21.78 Government Dated Securities Debentures and Bonds Derivatives of units: Nil. iii) Any exit load charged (net Mutual Fund Units off Service Tax, if any) shall be credited back Mutual Fund Units Net Current Assets AA- SOV to the Scheme. Derivatives Note - Units issued on reinvestment of dividends shall not be subject to exit load PRODUCT LABEL (applicable for all plans) Riskometer Total Expense Ratio** This product is suitable for investors who are seeking*: Moderate M tely od Income & capital growth over a long term horizon ra er Regular:2.43% e Highat od e Low ly Investment in a portfolio of debt instruments with a Direct: 0.62% M moderate exposure in equity & equity related

**Total Expense Ratio excludes applicable High instruments and provides diversification by investing in Gold ETFs B15 fee and service tax. Low * Investors should consult their financial advisors if in doubt LOW HIGH about whether the product is suitable for them. Investors understand that their principal will be at moderate risk

* For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 34 Details of exposure across all Debt Funds of Kotak Mahindra Mutual Fund as on March 31, 2017

%age of Exposure %age of Exposure Issuer Name Issuer Name to Debt AUM $ to Debt AUM $ AXIS Bank Ltd. 1.35 Kolte-Patil Developers Limited 0.07 AXIS Finance Ltd. 0.51 Konkan Railway Corporation Ltd. 0.03 Aasan Corporate Solutions Private Limited ( Guaranteed by a Kotak Mahindra Bank Ltd. 0.02 Piramal Group Company ) 0.12 Kotak Mahindra Investments Ltd. 0.17 Adani Ports and Special Economic Zone Limited 0.09 Kotak Mahindra Prime Ltd. 1.83 Adani Power Ltd ( Secured by Equity shares of Adani Ports and SEZ LIC Housing Finance Ltd. 2.32 Ltd, Adani Transmission and Adani Enterprises) 0.82 MA MULTI TRADE PVT LTD ( Secured by Equity shares of Bajaj Corp. Ltd ) 0.13 Adani Transmission Ltd 0.17 Mahindra & Mahindra Financial Services Ltd. 1.76 Aditya Birla Finance Ltd. 0.92 Manappuram Finance Ltd 1.06 Airports Authority of India 0.04 Mandava Holdings Private Limited ( backed by unconditional and Allahabad Bank 0.13 irrevocable undertaking by Axis Capital ) 0.24 Altico Capital India Pvt Ltd 0.11 Muthoot Finance Ltd 1.63 Andhra Bank 0.19 Muthoot Fincorp Ltd. 0.05 Asirvad Microfinance Private Limited ( 85% subsidiary of Manappuram Nabha Power Ltd. ( backed by unconditional and irrevocable guarantee Finance Ltd ) 0.09 by Larsen & Toubro Ltd ) 2.10 Aspire Home Finance Corporation Ltd 0.12 National Bank for Agriculture & Rural Development 3.52 Au Financiers (India) Limited 0.22 National Highways Authority Of India 0.09 BMW India Financial Services Private Limited 0.17 National Housing Bank 0.22 Bahadur Chand Investments Private Limited 0.22 Nirchem Cement Ltd. 0.56 Bajaj Capital Ventures Pvt. Ltd. ( Secured by Equity shares of Bajaj Nirma Ltd. 0.66 Corp. Ltd ) 0.13 ONGC Manglore Petrochemicals Ltd. 0.77 Bajaj Finance Limited 1.20 Oriental Bank of Commerce 0.28 Bank Of Baroda 0.57 PNB Housing Finance Ltd. 0.83 Bank of India 0.40 Peninsula Land Limited 0.09 Bank of Maharashtra 0.04 Piramal Enterprises Limited 0.30 Bhanu Vyapaar Private Limited ( Secured by Equity shares of Emami Ltd ) 0.08 Piramal Finance Limited 2.21 Bharti Airtel Ltd. 0.25 Power Finance Corporation Ltd. 3.01 Bharti Enterprises (Holding) Pvt. Ltd. 3.69 Power Grid Corporation of India Ltd. 0.14 Birla Corporation Ltd. 0.15 Powergrid Vizag Transminssion Ltd. ( backed by unconditional and Birla TMT Holding Private Limited 0.04 irrevocable guarantee by Powergrid Corp ) 0.04 CBLO/REVERSE REPO 4.69 Prestige Estates Projects Limited 0.35 Camden Industries Ltd. ( backed by unconditional and irrevocable Pune Solapur Expressways Pvt. Ltd. ( toll road project of Tata Realty & undertaking of Axis Capital ) 0.09 Infrastructure Ltd, 100% subsidiary of Tata Sons ) 0.15 Canara Bank 0.24 Punjab National Bank 0.05 Central Government 5.01 RBL Bank Ltd. 0.15 Cholamandalam Investment and Finance Company Ltd 0.01 Reliance Capital Ltd. 0.81 Continental Drug Company P Ltd ( Secured by Equity shares of Zee Reliance Infrastructure Ltd 0.05 Entertainment Enterprises Ltd ) 0.38 Reliance Jio Infocomm Limited 2.97 DLF Emporio Ltd 0.18 Reliance Ports And Terminals Limited 0.44 Dalmia Cement (Bharat) Ltd 0.33 Reliance Utilities And Power Private Limited 0.12 Dewan Housing Finance Corporation Ltd. 0.34 Rural Electrification Corporation Ltd. 0.95 ECL Finance Limited 1.17 S D Corporation Private Limited ( backed by unconditional and irrevocable East-North Interconnection Company Limited 0.11 guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.83 Edelweiss Agri Value Chain Limited ( Unconditional and irrevocable SBK Properties Pvt Ltd. ( Guaranteed by a Kalyani Group company ) 0.08 guarantee from Edelweiss Financial Services Limited) 0.49 SP Jammu Udhampur Highway Ltd. ( backed by unconditional and Edelweiss Commodities Services Ltd. 0.50 irrevocable guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.14 Edelweiss Housing Finance Limited 0.34 Sahyadri Agencies Ltd ( Secured by Equity shares of Jyothy Edisons Utility Works Pvt.Ltd. ( Secured by Equity shares of Zee Laboratories Ltd ) 0.31 Entertainment Enterprises Ltd ) 0.19 Shapoorji Pallonji Energy Gujarat Private Limited ( backed by Emami Enclave Makers Pvt Ltd. ( Secured by Equity shares of Emami Ltd ) 0.08 unconditional and irrevocable guarantee of Shapoorji Pallonji & Essel Lucknow Raebareli Toll Roads Limited 0.08 Co Pvt Ltd ) 0.10 Export-Import Bank of India. 1.66 Shapoorji Pallonji and Company Private Limited 0.25 FAMILY CREDIT LTD 1.12 Shriram Transport Finance Co Ltd. 0.85 Ford Credit India Pvt. Ltd. 0.08 Small Industries Development Bank Of India. 2.83 Fullerton India Credit Co. Ltd. 0.39 Sneha Abasan Pvt Ltd ( Secured by Equity shares of Emami Ltd ) 0.06 Grand View Estates Pvt Ltd ( backed by unconditional and irrevocable Sneha Enclave Pvt Ltd ( Secured by Equity shares of Emami Ltd ) 0.04 guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.32 Standard Chartered Investment & Loan India Ltd. 0.21 HDB Financial Services Ltd. 0.38 State Bank Of India. 0.41 HDFC Bank Ltd. 0.60 State Bank of Travancore 0.08 HDFC Ltd. 1.80 State Government 3.36 HPCL Mittal Energy Ltd. 0.59 Steel Authority of India Ltd. 2.01 HPCL Mittal Pipelines Ltd. 0.50 Sun Pharma Laboratories Limited 0.51 High Point Properties Pvt LTD ( backed by unconditional and irrevocable Sundaram BNP Paribas Home Finance Ltd 0.08 guarantee of Shapoorji Pallonji & Co Pvt Ltd ) 0.15 Sundaram Finance Ltd. 0.03 Hindalco Industries Ltd. 0.00 Suraksha Realty Ltd ( Secured by Equity shares of Sun Pharmaceuticals Hinduja Leyland Finance Ltd. 0.18 Industries Ltd ) 1.59 Hindustan Petroleum Corporation Ltd. 0.17 Syndicate Bank 0.22 Hindustan Zinc Ltd 1.69 TATA Cummins Pvt. Ltd. 0.13 ICICI Bank Ltd. 0.47 Talwandi Sabo Power Limited (Guaranteed by Vedanta Ltd.) 0.17 ICICI Home Finance Company Limited 0.35 Tata Capital Financial Services Limited 1.08 IDBI Bank Ltd 0.12 Tata Capital Housing Finance Ltd; 0.53 IDFC Bank Limited 1.73 Tata Motors Finance Ltd 1.12 IIFL Wealth Finance Ltd. 0.34 Tata Motors Finance Solutions Private Limited 0.17 IL & FS Transportation Networks Limited ( Secured by Equity shares of Tata Motors Ltd. 0.51 IL & FS Ltd ) 0.12 Tata Power Company Ltd. 1.73 IOT Utkal Energy Services Ltd. 0.15 Tata Power Renewable Energy Ltd. (Guarnteed by Tata Power India Infoline Finance Limited 0.90 Company Ltd) 0.13 India Infoline Housing Finance Ltd. 0.37 Tata Sons Ltd. 0.17 Indiabulls Housing Finance Limited 1.29 Tata Steel Limited 1.40 Indian Oil Corporation Ltd. 0.03 The Indian Hotels Company Ltd. 0.11 Indian Railway Finance Corporation Ltd. 0.17 Trends In Vogue Pvt Ltd. ( backed by unconditional and irrevocable Indostar Capital Finance Private Limited 0.25 undertaking by Axis Capital ) 0.30 IndusInd Bank Ltd. 0.46 U P Power Corporation Ltd ( Guaranteed by Uttar Pradesh State Innovador Traders Pvt Ltd ( backed by unconditional and irrevocable Government) 1.04 undertaking by Piramal ) 0.52 Ultratech Cement Ltd. 0.03 Intime Properties Ltd. 0.10 Union Bank of India 0.32 JM Financial Asset Reconstruction Co. Pvt. Ltd 0.08 Vedanta Ltd. 1.70 Janalakshami Financial Services Ltd. 0.35 Vodafone Mobile Services Ltd. 0.58 K Raheja IT Park (Hyderabad) Ltd. 0.34 YES Bank Ltd. 0.17 Karelides Traders Private Ltd. ( backed by unconditional and irrevocable Total 100.00 undertaking by a wholly owned subsidiary of Piramal Enterprises Ltd ) 0.63 %age of Exposure Industry / Sector to Debt AUM $ BANK 7.99 CASH(CBLO/REVERSE REPO) 4.69 CORPORATES 35.12 FINANCIAL SERVICES 20.98 GOI/TBILLS 8.37 NBFC 21.92 REAL ESTATE 0.93 Total 100.00 $ - Includes Hybrid schemes - debt schemes having equity exposure

35 FUND OF FUNDS INVESTMENT STYLE Style Maturity Value Blend Growth Size Short Medium Long Volatility KOTAK ASSET ALLOCATOR FUND Large Low An Open Ended Fund of Funds Scheme Mid Medium (Earlier known as Kotak Equity FOF Scheme) Small High (As on March 31, 2017)

Investment Objective PORTFOLIO The investment objective of the scheme is to generate long-term capital appreciation Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net from a portfolio created by investing in Assets Assets specified open-ended equity, and debt schemes of Kotak Mahindra Mutual Fund. Equity & Equity related (Listed/Awaiting listing on Stock Kotak Liquid Plan A Exchange) However, there is no assurance that the Direct Growth Debt Scheme 8.70 investment objective of the Scheme will be Mutual Fund Units realized. Mutual Fund Units - Total 99.42 Kotak Select Focus Fund Allotment Date Net Current Assets/(Liabilities) 0.58 Direct Growth Equity Scheme 40.52 August 9, 2004 Grand Total 100 Kotak Treasury Advantage

Fund Manager Fund Direct Growth Debt Scheme 30.59

Mr. Deepak Gupta* Kotak Mahindra Bond Plan A

Benchmark Direct Growth Debt Scheme 19.61 Crisil Balanced Fund AAUM (` In Crores) AAUM as on March 31, 2017: `30.58 AUM (` In Crores) AUM as on March 31, 2017: ` 30.90 Available Plans/Options A) Regular Plan B) Regular Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustees Discretion 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) 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 (where no broker code is mentioned) to Direct Plan  In case of switch from Direct Plan to Kotak Asset Allocator Fund NAV as on March 31, 2017: `69.512 (Dividend Option), `70.953 (Direct Dividend Option), `71.410 Regular Plan. (Growth Option), `72.249 (Direct Growth Option) III) Any exit load charged (net off Service Tax, if any) shall be credited back to the Scheme SECTOR ALLOCATION (%) PRODUCT LABEL (applicable for all plans). Riskometer Note - Units issued on reinvestment of 0.58 7.57 ly Moderate Mo dividends shall not be subject to entry and 19.89 40.52 ate de 20.13 30.91 er Highra d te exit load. (applicable for all plans) o ly 41.02 M Low Total Expense Ratio** High 60.66 Regular: 1.57% Low 39.11 79.95 Direct: 0.86% 58.9 87.20 LOW HIGH **Total Expense Ratio excludes applicable Investors understand that their principal will be at moderate risk B15 fee and service tax. This product is suitable for investors who are seeking*: Long term capital growth Equity Scheme Debt Scheme Others 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.

* For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 36 FUND OF FUNDS INVESTMENT STYLE Style Value Blend Growth Size KOTAK US EQUITY FUND Large (formerly known as PineBridge India US Equity Fund) Mid An Open Ended Fund of Funds Scheme Investing Overseas Small (As on March 31, 2017)

Investment Objective PORTFOLIO The primary investment objective of the scheme is to provide long term capital Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net appreciation by investing in units of a fund Assets Assets that invests predominantly in equity and Equity & Equity related (Listed/Awaiting listing on Stock Net Current Assets/(Liabilities) 0.66 equity related securities of companies Exchange) having assets, products or operations in the Grand Total 100 United States. However, there is no Mutual Fund Units assurance that the investment objective of the Scheme will be realized. Pinebridge US Large Cap Research Allotment Date Enhance Fund Overseas Mutual Fund 99.34 December 20, 2013 Mutual Fund Units - Total 99.34 Fund Manager Mr. Deepak Gupta* Benchmark Standard & Poor's 500 Total Return Net Index in USD is the benchmark of the underlying scheme. The same converted into INR using RBI reference rate will be the benchmark for the scheme. AAUM (` In Crores) AAUM as on March 31, 2017: ` 5.11 AUM (` In Crores) AUM as on March 31, 2017: ` 4.95 Available Plans/Options A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustees Discretion 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 Kotak US Equity Fund NAV as on March 31, 2017: `13.170 (Dividend Option), `13.505 (Direct Dividend Option), `13.169 (Growth Ideal Investments Horizon: 3 years & Option), `13.504 (Direct Growth Option) above Load Structure SECTOR ALLOCATION (%) PRODUCT LABEL Entry Load: Nil. (applicable for all plans) Riskometer Exit Load: I) For redemptions / switch outs 0.66 ly Moderate Mo (including SIP/STP) within 1 year from the ate de er Highra d te date of allotment of units, irrespective of o l M Low y the amount of investment 1%; ii) For redemptions / switch outs (including High SIP/STP) after 1 year from the date of Low allotment of units, irrespective of the LOW HIGH amount of investment NIL; Investors understand that their principal will be at high risk iii) Any exit load charged (net off Service Tax, This product is suitable for investors who are seeking*: if any) shall be credited back to the Scheme; Long term capital growth Note - Units issued on reinvestment of 99.34 Long term capital appreciation by investing in Units of PineBridge US Large dividends shall not be subject to entry and Cap Research Enhanced Fund which in turn invests in equity and equity related securities of companies having assets, products or operations in the exit load. Overseas Mutual Fund Others United States. Total Expense Ratio** * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Regular:1.40% Direct: 0.58% **Total Expense Ratio excludes applicable B15 fee and service tax.

* For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. 37 FUND OF FUNDS INVESTMENT STYLE Style Value Blend Growth Size KOTAK GLOBAL EMERGING MARKET FUND Large An Open - Ended Equity Scheme Mid Small (As on March 31, 2017)

Investment Objective PORTFOLIO The investment objective of the scheme is to generate long-term capital appreciation by Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net investing in an overseas mutual fund Assets Assets scheme that invest in a diversified portfolio Equity & Equity related (Listed/Awaiting listing on Stock Mutual Fund Units - Total 95.06 of securities as prescribed by SEBI from time Exchange) to time in global emerging markets. Collateral Borrowing & Lending obligation 4.51 However, there is no assurance that the Mutual Fund Units objective of the scheme will be realized. Net Current Assets/(Liabilities) 0.43 MGF Asian Small Equity Allotment Date Grand Total 100 Fund Class I Overseas Mutual Fund 70.98 September 26, 2007 ishares MSCI Emerging Fund Managers Markets ETF Overseas Mutual Fund 24.08 Mr. Deepak Gupta (Dedicated fund manager for Fund Managers overseas investment) & Mr.Abhishek Bisen* Benchmark MSCI Emerging Market AAUM (` In Crores) AAUM as on March 31, 2017: `27.76 AUM (` In Crores) AUM as onMarch 31, 2017: `27.72 Available Plans/Options A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustees Discretion 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 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 iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the Scheme. (applicable for all plans) Note - Units issued on reinvestment of dividends shall not be subject to exit load (applicable for all plans) Kotak Global Emerging Market Fund NAV as on March 31, 2017: `13.664 (Dividend Option), `14.140 (Direct Dividend Option), `13.664 Total Expense Ratio** (Growth Option), `14.093 (Direct Growth Option) Regular: 1.84% Direct: 0.49% SECTOR ALLOCATION (%) PRODUCT LABEL **Total Expense Ratio excludes applicable Riskometer B15 fee and service tax. 4.51 0.43 ly Moderate Mo ate de er Highra d te o l M Low y

High

Low

LOW HIGH Investors understand that their principal will be at high risk This product is suitable for investors who are seeking*: Long term capital growth 95.06 Investment in overseas mutual fund schemes that invest in a diversified Others portfolio of securities in global emerging markets * Investors should consult their financial advisors if in doubt about whether the Overseas Mutual Fund product is suitable for them. CBLO & Term Deposits & Rev.Repo

* For Fund Manager experience, please refer page 54-55. For scheme performance, please refer page no 45-53. 38 FUND OF FUNDS INVESTMENT STYLE Style Value Blend Growth Size KOTAK WORLD GOLD FUND Large (formerly known as PineBridge World Gold Fund) Mid An Open Ended Fund of Funds Scheme Small (As on March 31, 2017)

Investment Objective PORTFOLIO The primary investment objective of the Scheme is to provide long term capital Issuer/Instrument Industry/Rating % to Net Issuer/Instrument Industry/Rating % to Net appreciation by investing predominantly in Assets Assets units of Falcon Gold Equity Fund. The Equity & Equity related (Listed/Awaiting listing on Stock Collateral Borrowing & Lending obligation 1.36 Scheme may, at the discretion of the Exchange) Investment Manager, also invest in the units of other similar overseas mutual fund Net Current Assets/(Liabilities) -1.53 schemes. The Scheme may also invest a Mutual Fund Units certain portion of its corpus in debt and money market securities and/or units of Grand Total 100 debt/liquid schemes of Mutual Funds, in Falcon Gold Equity ASIA Overseas Mutual Fund 100.17 order to meet liquidity requirements from time to time. However, there is no assurance Mutual Fund Units - Total 100.17 that the investment objective of the Scheme will be realized. Allotment Date June 6, 2008 Fund Manager Mr. Deepak Gupta* 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. AAUM (` In Crores) AAUM as on March 31, 2017: `44.35 AUM (` In Crores) AUM as on March 31, 2017:`44.04 Available Plans/Options A) Regular Plan B) Direct Plan / Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustees Discretion Minimum Investment Amount Kotak World Gold Fund NAV as on March 31, 2017: `7.627 (Dividend Option), `7.883 (Direct Dividend Option), `9.201 (Growth Option), `9.489(Direct Growth Option) Initial Investment: `5000 and in multiple of `1 for purchase and for `0.01 for switches SECTOR ALLOCATION (%) PRODUCT LABEL Additional Investment: `1000 & in Riskometer multiples of `1 for purchase and for `0.01 1.36 ‐1.53 for switches ly Moderate Mo 4.53‐ ate de er Highra d te o l Ideal Investments Horizon: 3 years & M Low y above

High Load Structure Low Entry Load: Nil. (applicable for all plans) 102.1599.03 100.0597.7198.43 LOW HIGH Exit Load: Investors understand that their principal will be at high risk I) For redemptions / switch outs (including This product is suitable for investors who are seeking*: SIP/STP) within 1 year from the date of 100.17 Overseas Mutual Fund Long term capital growth allotment of units, irrespective of the Long term capital appreciation by investing in units of Falcon Gold Equity amount of investment 1%; CBLO & Term Deposits & Rev.Repo Others Fund which in turn invests in international securities of gold production, processing and marketing companies ii) For redemptions / switch outs (including * Investors should consult their financial advisors if in doubt about whether the SIP/STP) after 1 year from the date of product is suitable for them. allotment of units, irrespective of the amount of investment NIL; iii) Any exit load charged (net off ServiceTax, if any) shall be credited back to the Scheme; Note - Units issued on reinvestment of dividends shall not be subject to entry and exit load. Total Expense Ratio** Regular: 1.90% Direct: 0.99% **Total Expense Ratio excludes applicable B15 fee and service tax.

* For Fund Manager experience, please refer page 54-55. 39 For scheme performance, please refer page no 45-53. ETF SCHEMES

KOTAK GOLD ETF An Open Ended Gold Exchange Traded Fund

(As on March 31, 2017)

Investment Objective PORTFOLIO The investment objective of Kotak Gold ETF is to generate returns that are in line with Issuer / Instrument Industry/ % to Net Issuer / Instrument Industry/ % to Net the returns on investment in physical gold, Rating Assets Rating Assets subject to tracking error. However, there is Gold Net Current Assets/(Liabilities) 0.01 no assurance that the investment objective of the Scheme will be realized Gold Fineness99.5 Gold 99.99 Grand Total 100 Allotment Date July 27, 2007 Listed/Awaiting Listing on Stock Exchange - Total 99.99 Fund Manager Mr. Abhishek Bisen* Benchmark Price of Gold AAUM (`In Crores) NAV AAUM as on March 31, 2017: Kotak Gold ETF NAV as on March 31, 2017: `261.2778 `456.24 AUM (`In Crores) Tracking Error: 0.06% AUM as on March 31, 2017: `449.98 Available Plans/Options A) Regular Plan B) Direct Plan Minimum Investment Amount Through Exchange:10 Units, Through AMC: 10000 Units, Ideal Investment Horizon: 3 years and above Load Structure Entry Load: Nil. (applicable for all plans) Exit Load: Nil (applicable for all plans) Total Expense Ratio** Regular: 1.00% Direct: NA **Total Expense Ratio excludes applicable B15 fee and service tax.

Sector Allocation (%) PRODUCT LABEL

0.01 Riskometer ly Moderate Mo ate de er Highra d te o l M Low y

High

Low

LOW HIGH Investors understand that their principal will be at moderate risk

This product is suitable for investors who are seeking*: Returns in line with physical gold over medium to long term, subject to 99.99 tracking error Investment in physical gold Gold Others * 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 40 ETF SCHEMES

KOTAK NIFTY ETF An Open Ended Exchange Traded Fund [Eligible scheme under Rajiv Gandhi Equity Savings Scheme (RGESS)] (As on March 31, 2017)

Investment Objective PORTFOLIO The investment objective of the scheme is to provide returns before expenses that Issuer / Instrument Industry/ % to Net Issuer / Instrument Industry/ % to Net closely correspond to the total returns of Rating Assets Rating Assets the CNX Nifty subject to tracking errors. Equity & Equity related (Listed/Awaiting listing on Stock Bajaj Auto Ltd. Auto 1.11 However, there is no assurance that the Exchange) investment objective of the Scheme will be Coal India Ltd. Minerals/Mining 1.10 realized. HDFC Bank Ltd. Banks 8.44 Lupin Ltd. Pharmaceuticals 1 HDFC Ltd. Finance 6.90 Allotment Date Eicher Motors Ltd Auto 0.99 ITC Ltd. Consumer Non Durables 6.89 Bharat Petroleum February 2, 2010 Reliance Industries Ltd. Petroleum Products 6.33 Corporation Ltd. Petroleum Products 0.98 Fund Manager Infosys Ltd. Software 5.92 Grasim Industries Ltd. Cement 0.98 Mr. Deepak Gupta* ICICI Bank Ltd. Banks 4.67 Tata Steel Limited. Ferrous Metals 0.94 Benchmark Tata Consultancy Services Ltd. Software 3.75 Wipro Ltd. Software 0.94 Nifty 50 Larsen And Toubro Ltd. Construction Project 3.74 Indiabulls Housing Finance Ltd. Finance 0.93 Kotak Mahindra Bank Ltd. Banks 3.02 Dr Reddys Laboratories Ltd Pharmaceuticals 0.92 AAUM (`In Crores) State Bank Of India Banks 2.71 Cipla Ltd. Pharmaceuticals 0.87 AAUM as on March 31, 2017: Tata Motors Ltd. Auto 2.53 Zee Entertainment ` 676.21 Axis Bank Ltd Banks 2.41 Enterprises Ltd Media and Entertainment 0.85 AUM (`In Crores) Maruti Suzuki India Limited Auto 2.32 Tech Mahindra Ltd. Software 0.83 Sun Pharmaceuticals AUM as on March 31, 2017: Adani Port and Special Industries Ltd. Pharmaceuticals 2.20 Economic Zone Limited Transportation 0.79 `685.27 IndusInd Bank Ltd. Banks 2.07 Hindalco Industries Ltd Non - Ferrous Metals 0.72 Available Plans/Options Hindustan Unilever Ltd. Consumer Non Durables 1.89 GAIL (India) Ltd. Gas 0.70 A) Regular Plan Mahindra & Mahindra Ltd. Auto 1.74 Bosch Limited Auto Ancillaries 0.60 B) Direct Plan Oil & Natural Gas Aurobindo Pharma Ltd. Pharmaceuticals 0.55 Corporation Ltd. Oil 1.51 Ratios Ambuja Cements Ltd Cement 0.50 Yes Bank Ltd Banks 1.48 Bharti Infratel Ltd. Telecom - Equipment & Portfolio Turnover:35.65% HCL Technologies Ltd. Software 1.43 Accessories 0.49 Tracking Error: 0.08% Asian Paints Ltd. Consumer Non Durables 1.40 Bank Of Baroda Banks 0.47 Minimum Investment Amount Bharti Airtel Ltd. Telecom - Services 1.34 Tata Power Co. Ltd. Power 0.47 Through Exchange:1 Unit, Power Grid Corporation Tata Motors Ltd - DVR Auto 0.42 Of India Ltd Power 1.26 Through AMC: 5000 Units, ACC Ltd. Cement 0.35 Ultratech Cement Ltd. Cement 1.20 Listed/Awaiting Listing on Stock Exchange - Total 99.17 Ideal Investment Horizon: 3 years and Hero MotoCorp Ltd. Auto 1.19 above Net Current Assets/(Liabilities) 0.83 National Thermal Power Grand Total 100 Load Structure Corporation Limited Power 1.19 Entry Load: Nil. (applicable for all plans) Indian Oil Corporation Ltd Petroleum Products 1.14 Exit Load: Nil (applicable for all plans) Total Expense Ratio** NAV Regular:0.10% Kotak Nifty ETF NAV as on March 31, 2017: 919.9585 Direct: NA ` **Total Expense Ratio excludes applicable B15 fee and service tax.

Sector Allocation (%) PRODUCT LABEL Riskometer 9.87 2.92 10.12 3.03 ly Moderate Mo 24.2725.27 ate de er Highra 4.65 d te 3.74 o l 5.81 M Low y 5.54 6.63 High 16.7116.42 Low

7.83 LOW HIGH 12.87 Investors understand that their principal will be at moderate risk 8.45 10.18 10.3 This product is suitable for investors who are seeking*: Banks Software Consumer Non Durables Long term capital growth Investment in stocks comprising the underlying index and endeavours to Auto Pharmaceuticals Finance track the benchmark index Petroleum Products Construction Project Cement * Investors should consult their financial advisors if in doubt about whether the Power Others product is suitable for them.

* For Fund Manager experience, please refer page 54-55. 41 For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 ETF SCHEMES

KOTAK SENSEX ETF An Open Ended Exchange Traded Fund [Eligible scheme under Rajiv Gandhi Equity Savings Scheme (RGESS)] (As on March 31, 2017)

Investment Objective PORTFOLIO The investment objective of the scheme is to provide returns before expenses that closely Issuer / Instrument Industry/ % to Net Issuer / Instrument Industry/ % to Net correspond to the total returns of the BSE Rating Assets Rating Assets SENSEX subject to tracking errors. However, Equity & Equity related (Listed/Awaiting listing on Stock Power Grid Corporation Of there is no assurance that the investment Exchange) objective of the Scheme will be realized. India Ltd Power 1.60 HDFC Bank Ltd. Banks 10.74 Allotment Date Hero MotoCorp Ltd. Auto 1.52 June 6, 2008 HDFC Ltd. Finance 8.77 National Thermal Power Fund Manager ITC Ltd. Consumer Non Durables 8.77 Corporation Limited Power 1.51 Mr. Deepak Gupta* Reliance Industries Ltd. Petroleum Products 8.04 Bajaj Auto Ltd. Auto 1.41 Benchmark Infosys Ltd. Software 7.51 S&P BSE SENSEX Coal India Ltd. Minerals/Mining 1.34 ICICI Bank Ltd. Banks 5.94 AAUM (`In Crores) Lupin Ltd. Pharmaceuticals 1.27 Tata Consultancy Services Ltd. Software 4.76 AAUM as on March 31, 2017: Wipro Ltd. Software 1.20 Larsen And Toubro Ltd. Construction Project 4.66 `11.33 Dr Reddys Laboratories Ltd Pharmaceuticals 1.19 AUM (`In Crores) State Bank Of India Banks 3.44 Tata Steel Limited. Ferrous Metals 1.19 AUM as on March 31, 2017: `11.65 Tata Motors Ltd. Auto 3.32 Adani Port and Special Available Plans/Options Axis Bank Ltd Banks 3.03 Economic Zone Limited Transportation 1.11 A) Regular Plan Maruti Suzuki India Limited Auto 2.95 B) Direct Plan Cipla Ltd. Pharmaceuticals 1.11 Sun Pharmaceuticals Ratios GAIL (India) Ltd. Gas 0.87 Industries Ltd. Pharmaceuticals 2.73 Portfolio Turnover: 19.93% Listed/Awaiting Listing on Stock Exchange - Total 99.89 Tracking Error: 0.12% Hindustan Unilever Ltd. Consumer Non Durables 2.39 Net Current Assets/(Liabilities) 0.11 Minimum Investment Amount Mahindra & Mahindra Ltd. Auto 2.20 Grand Total 100 Through Exchange:1 Unit, Oil & Natural Gas

Through AMC: 10000 Units, Corporation Ltd. Oil 1.84 Ideal Investment Horizon: 3 years and above Asian Paints Ltd. Consumer Non Durables 1.78 Load Structure Bharti Airtel Ltd. Telecom - Services 1.70 Entry Load: Nil. (applicable for all plans) Exit Load: Nil (applicable for all plans) NAV Total Expense Ratio** Regular: 0.25% Kotak Sensex ETF NAV as on March 31, 2017: `297.1626 Direct: NA **Total Expense Ratio excludes applicable B15 fee and service tax.

Sector Allocation (%) PRODUCT LABEL Riskometer 1.84 6.32 3.11 5.79 Moderate 4.66 5.65 23.15 ly Mo 4.9 5.4 22.46 ate de 5.68 22.68 er Highra 6.64 5.2 22.67 d te 6.3 o l 6.116.15 M Low y 8.41 8.18.28 16.58 High 17.416.44 9.839.87 10.06 Low 10.4 10.74 8.04 10.29 10.510.55 10.12 LOW HIGH 8.77 13.47 Investors understand that their principal will be at moderate risk 11.4 12.94 This product is suitable for investors who are seeking*: Auto Banks Software Long term capital growth Consumer Non Durables Pharmaceuticals Finance Investment in stocks comprising the underlying index and endeavours to Petroleum Products Construction Project track the benchmark index Oil Others Power * 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 page no 56-58 42 ETF SCHEMES

KOTAK BANKING ETF An Open Ended Exchange Traded Fund

(As on March 31, 2017)

AAUM (`In Crores) Yes Bank Ltd Banks 5.59

AAUM as on March 31, 2017: Bank Of Baroda Banks 1.79 `2986.33 Federal Bank Ltd. Banks 1.72 AUM (`In Crores) AUM as on March 31, 2017: ` 3034.78 NAV Available Plans/Options Option - Dividend Payout Kotak Banking ETF NAV as on March 31, 2017: `217.6218 Ratios Portfolio Turnover: 59.33% Tracking Error: 0.08% Minimum Investment Amount Through Exchange:1 Unit, Through AMC: 15000 Units, Ideal Investment Horizon: 3 years and above Load Structure Entry Load: Nil. (applicable for all plans) Exit Load: Nil (applicable for all plans) Total Expense Ratio** Regular:0.20% Direct: NA **Total Expense Ratio excludes applicable B15 fee and service tax.

Sector Allocation (%) PRODUCT LABEL Riskometer 0.03 ly Moderate Mo ate de er Highra d te o l M Low y

High

Low

LOW HIGH Investors understand that their principal will be at moderate risk

99.97 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 Banks Others * 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. 43 For scheme performance, please refer page no 45-53. For last three dividends, please refer page no 56-58 ETF SCHEMES

KOTAK PSU BANK ETF An Open Ended Exchange Traded Fund

(As on March 31, 2017)

Investment Objective PORTFOLIO The investment objective of the scheme is to provide returns that closely correspond Issuer / Instrument Industry/ % to Net Issuer / Instrument Industry/ % to Net to the total returns of CNX PSU Bank Index, Rating Assets Rating Assets subject to tracking errors. However, there is Equity & Equity related (Listed/Awaiting listing on Stock Oriental Bank of Commerce Banks 1.19 no assurance that the investment objective Exchange) of the Scheme will be realized. Allahabad Bank. Banks 1.14 Allotment Date State Bank Of India Banks 65.20 November 8, 2007 Syndicate Bank Banks 1.03 Fund Manager Bank Of Baroda Banks 11.38 Mr. Deepak Gupta* Andhra Bank Banks 0.94 Punjab National Bank Banks 7.78 Benchmark Listed/Awaiting Listing on Stock Exchange - Total 99.89 Nifty PSU Bank Canara Bank Banks 4.28 AAUM (`In Crores) Net Current Assets/(Liabilities) 0.11 AAUM as on March 31, 2017: Union Bank Of India Banks 2.76 `72.08 Grand Total 100 Bank of India Banks 2.25 AUM (`In Crores)

AUM as on March 31, 2017: Industrial Development Bank of `125.43 Available Plans/Options India Ltd. Banks 1.94 A) Regular Plan B) Direct Plan Ratios NAV Portfolio Turnover: 327.75% Kotak PSU Bank ETF NAV as on March 31, 2017: `352.5842 Tracking Error: 0.25% Minimum Investment Amount Through Exchange:1 Unit, Through AMC: 10000 Units, Ideal Investment Horizon: 3 years and above Load Structure Entry Load: Nil. (applicable for all plans) Exit Load: Nil (applicable for all plans)Total Total Expense Ratio** Regular:0.49% Direct: NA **Total Expense Ratio excludes applicable B15 fee and service tax.

Sector Allocation (%) PRODUCT LABEL Riskometer 0.11 ly Moderate Mo ate de er Highra d te o l M Low y

High

Low

100.0099.96 LOW HIGH Investors understand that their principal will be at moderate risk

This product is suitable for investors who are seeking*: Long term capital growth 99.89 Investment in stocks comprising the underlying index and endeavours to track the benchmark index Banks Others * 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 page no 56-58 44 Scheme Performances as on March 31, 2017

Kotak 50 - Dividend

Scheme S&P BSE Current Value of Standard Investment of 10000 in the Returns ^ (%) Nifty 50 # (%) Sensex ## (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Dec 29, 1998) 19.68 13.75 13.26 265,972 105,125 97,235

Last 1 Year 18.69 18.55 16.88

Last 3 Years 17.21 11.01 9.77 N.A.

Last 5 Years 15.09 11.60 11.21

Scheme Inception date is 29/12/1998. Mr. Harish Krishnan has been managing the fund since 01/01/2014 Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Kotak Classic Equity Fund - Growth

Scheme Nifty 100 Nifty 50 Current Value of Standard Investment of ` 10000 in the Returns ^ (%) # (%) ## (%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Jul 27, 2005) 12.73 12.86 12.49 40,549 41,094 39,557

Last 1 Year 23.97 20.87 18.55

Last 3 Years 14.76 12.78 11.01 N.A.

Last 5 Years 14.46 12.72 11.60

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. Kotak Opportunities - Growth

Scheme Nifty 50 ## (%) Current Value of Standard Investment of 10000 in the Returns ^ (%) Nifty 500 # (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Sep 09, 2004) 20.30 14.89 14.64 101,938 57,175 55,632

Last 1 Year 30.62 23.91 18.55

Last 3 Years 22.55 15.22 11.01 N.A.

Last 5 Years 18.50 13.61 11.60

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

Kotak Select Focus Fund - Growth

Scheme Nifty 50 Nifty 200 # (%) Current Value of Standard Investment of ` 10000 in the Returns ^ (%) ## (%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`) Since Inception(Sep 11, 2009) 15.00 9.47 8.86 28,742 19,815 18,995

Last 1 Year 29.69 22.32 18.55 N.A. Last 3 Years 24.02 13.89 11.01

Last 5 Years 20.71 12.98 11.60

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

45 Kotak Tax Saver Scheme - Growth

Scheme Nifty 500 Nifty 50 Current Value of Standard Investment of ` 10000 in the Returns^ (%) # (%) ## (%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Nov 23, 2005) 12.34 11.78 11.71 37,482 35,447 35,167

Last 1 Year 29.78 23.91 18.55

Last 3 Years 23.28 15.22 11.01 N.A.

Last 5 Years 16.68 13.61 11.60

Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

Kotak Midcap - Growth

Scheme Nifty Nifty 50 ## (%) Current Value of Standard Investment of 10000 in the Returns ^ (%) Midcap 100 # (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Feb 24, 2005) 17.39 15.62 13.15 69,605 57,911 44,635

Last 1 Year 33.70 34.85 18.55 N.A.

Last 3 Years 31.07 25.90 11.01

Last 5 Years 22.98 17.38 11.60

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

Kotak Emerging Equity - Growth

Scheme S&P BSE MidSmallCap Nifty 50 Current Value of Standard Investment of 10000 in the Returns^ (%) # (%) ## (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Mar 30, 2007) 13.37 11.67 9.14 35,126 30,183 24,005

Last 1 Year 39.56 35.14 18.55

Last 3 Years 35.69 25.41 11.01 N.A.

Last 5 Years 25.20 17.71 11.60

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

Kotak Infrastructure and Economic Reform Fund - Growth

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

Since Inception(Feb 25, 2008) 7.50 6.31 6.43 19,319 17,460 17,639

Last 1 Year 30.69 21.17 18.55

Last 3 Years 26.05 12.27 11.01 N.A.

Last 5 Years 17.14 12.29 11.60

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

46 Kotak Balance

Scheme CRISIL Balanced Nifty 50 ## (%) Current Value of Standard Investment of 10000 in the Returns ^ (%) Fund #(%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Nov 25, 1999) 15.16 N.A. 11.40 115,976 N.A. 65,124

Last 1 Year 23.26 16.10 18.55

Last 3 Years 14.90 11.36 11.01 N.A.

Last 5 Years 13.53 11.11 11.60

Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

Kotak Equity Arbitrage Fund - Growth

Scheme Nifty 50 Arbitrage Nifty 50 Current Value of Standard Investment of 10000 in the Returns ^ (%) Index # (%) ## (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Sep 29, 2005) 7.67 N.A. 11.54 23,422 N.A. 35,132

Last 1 Year 6.31 6.07 18.55

Last 3 Years 7.32 7.20 11.01 N.A.

Last 5 Years 8.14 7.63 11.60

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

Kotak Equity Savings Fund - Growth 75% NIFTY Scheme 50 ARBITRAGE Nifty 50 # # (%) Current Value of Standard Investment of ` 10000 in the Returns ^ (%) + 25% Nifty 50 # (%) Additional Scheme (`) Benchmark #(`) Benchmark ## (`)

Since Inception(Oct 13, 2014) 8.34 6.53 6.34 12,184 11,687 11,636

Last 1 Year 11.10 13.89 18.55 N.A.

Scheme Inception date is 13/10/2014. Mr. Deepak Gupta has been managing the fund since 17/09/2014. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. The scheme has been existence since Oct 13, 2014 i.e. more than 1year but less than 3 years/5years. Hence, the performance of less than 1 year and since inception has been disclosed herewith.

Kotak India Growth Fund - Series I - Regular Plan - Growth Scheme Nifty 200 # (%) Nifty 50 ## (%) Current Value of Standard Investment of 10000 in the Returns ^ (%) ` Additional Scheme (`) Benchmark #(`) Benchmark ## (`)

Since Inception(May 06, 2015) 8.85% 8.87% 6.78% 11,753 11,757 11,330

Last 1 Year 15.05% 22.32% 18.55% N.A. Scheme Inception date is 06/05/2015. Mr. Harish Krishnan has been managing the fund since 06/05/2015 Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for dataOTHER not available. PERFORMANCE Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. The scheme has been existence since May 06, 2015 i.e. more than 1year but less than 3 years/5years. Hence, the performance of less than 1 year and since inception has been disclosed herewith.

47 Kotak Liquid - Regular Plan - Growth

Scheme CRISIL Liquid CRISIL 1 Year TBill Current Value of Standard Investment of 10000 in the Returns^ (%) Fund # (%) ## (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Nov 04, 2003) 7.50 6.96 5.97 26,370 24,660 21,754

Last 1 Year 7.21 7.11 7.15

Last 3 Years 8.13 8.04 7.85 N.A.

Last 5 Years 8.62 8.36 7.54

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

Kotak Floater - Short Term - Growth

Scheme Crisil Liquid Fund CRISIL 1 Year T-Bill Current Value of Standard Investment of ` 10000 in the Returns^ (%) # (%) ## (%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Jul 14, 2003) 7.40 6.90 5.95 26,638 24,975 22,104

Last 1 Year 7.31 7.11 7.15

Last 3 Years 8.20 8.04 7.85 N.A.

Last 5 Years 8.68 8.36 7.54

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

Kotak Treasury Advantage Fund - Growth

Scheme CRISIL Liquid Fund CRISIL 1 Year TBill Current Value of Standard Investment of 10000 in the Returns ^ (%) # (%) ## (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Aug 13, 2004) 7.87 7.15 6.08 26,041 23,926 21,094

Last 1 Year 7.84 7.11 7.15

Last 3 Years 8.51 8.04 7.85 N.A.

Last 5 Years 8.85 8.36 7.54

Scheme Inception date is 13/08/2004. Mr. Deepak Agrawal has been managing the fund since 01/04/2008. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

Kotak Banking and PSU Debt Fund - Growth

Scheme CRISIL Short Term CRISIL 1 Year Tbill Current Value of Standard Investment of 10000 in the Returns^ (%) ` Bond Fund #(%) ##(%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Dec 29, 1998) 7.40 N.A. 6.67 36,843 N.A. 32,532

Last 1 Year 9.30 9.10 7.15

Last 3 Years 8.94 9.29 7.85 N.A.

Last 5 Years 8.95 9.15 7.54

Scheme Inception date is 29/12/1998. Mr. Deepak Agrawal has been managing the fund since 01/08/2008. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

48 Kotak Low Duration Fund - Growth

Scheme CRISIL Liquid CRISIL 1 Year TBill Current Value of Standard Investment of ` 10000 in the Returns^ (%) Fund # (%) ## (%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Mar 06, 2008) 7.83 7.66 6.52 19,825 19,543 17,742

Last 1 Year 8.83 7.11 7.15

Last 3 Years 9.20 8.04 7.85 N.A.

Last 5 Years 8.90 8.36 7.54

Scheme Inception date is 06/03/2008. Mr. Deepak Agrawal has been managing the fund since 01/02/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

Kotak Bond Short Term Plan - Growth

Scheme CRISIL Short Term CRISIL 1 Year Tbill Current Value of Standard Investment of 10000 in the Returns^ (%) Bond Fund #(%) ##(%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(May 02, 2002) 7.81 7.29 5.98 30,736 28,568 23,800

Last 1 Year 9.08 9.10 7.15

Last 3 Years 8.96 9.29 7.85 N.A.

Last 5 Years 8.86 9.15 7.54

Scheme Inception date is 02/05/2002. Mr. Deepak Agrawal has been managing the fund since 11/07/2007. 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.

Kotak Flexi Debt - Regular Plan - Growth

Scheme CRISIL Composite CRISIL 1 Year TBill Current Value of Standard Investment of ` 10000 in the Returns ^ (%) Bond Fund #(%) ##(%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(May 26, 2008) 8.74 8.14 6.52 20,988 19,985 17,493

Last 1 Year 11.20 11.09 7.15

Last 3 Years 9.90 11.26 7.85 N.A.

Last 5 Years 9.67 9.45 7.54

Scheme Inception date is 26/05/2008. Mr. Deepak Agrawal has been managing the fund since 25/11/2012. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

Kotak Income Opportunities Fund - Growth

Scheme CRISIL Short Term CRISIL 1 Year TBill Current Value of Standard Investment of 10000 in the Returns^ (%) Bond Fund # (%) ## (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(May 11, 2010) 8.85 8.46 6.89 17,944 17,507 15,828

Last 1 Year 10.00 9.10 7.15

Last 3 Years 9.95 9.29 7.85 N.A.

Last 5 Years 9.50 9.15 7.54

Scheme Inception date is 11/05/2010. Mr. Deepak Agrawal has been managing the fund since 12/04/2010. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

49 Kotak Corporate Bond Fund - Growth

Scheme CRISIL Composite CRISIL 1 Year Tbill Bond Fund #(%) Current Value of Standard Investment of ` 10000 in the Returns^ (%) ##(%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Sep 21, 2007) 8.29 8.03 6.47 21,365 20,874 18,179

Last 1 Year 9.09 11.09 7.15

Last 3 Years 10.08 11.26 7.85 N.A.

Last 5 Years 8.90 9.45 7.54

Scheme Inception date is 21/09/2007. Mr. Deepak Agrawal has been managing the fund since 01/02/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

Kotak Medium Term Fund - Regular Plan - Growth

Scheme CRISIL Composite CRISIL 10 Year Gilt Current Value of Standard Investment of 10000 in the Returns ^(%) Bond Fund # (%) ## (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Mar 21, 2014) 10.51 11.31 11.38 13,538 13,836 13,862

Last 1 Year 10.29 11.09 11.87

Last 3 Years 10.42 11.26 11.43 N.A.

Last 5 Years N.A. 9.45 8.79

Scheme Inception date is 21/03/2014. Mr. Deepak Agrawal has been managing the fund since 22/06/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Kotak Bond - Regular Plan - Growth

Scheme CRISIL 10 Year Gilt CRISIL Composite Current Value of Standard Investment of ` 10000 in the Returns ^ (%) Bond Fund #(%) ##(%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Nov 25, 1999) 9.23 N.A. N.A. 46,292 N.A. N.A.

Last 1 Year 10.10 11.09 11.87

Last 3 Years 10.33 11.26 11.43 N.A.

Last 5 Years 8.83 9.45 8.79

Scheme Inception date is 25/11/1999. Mr. Abhishek Bisen has been managing the fund since 01/04/2008. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

Kotak Gilt - Investment - Regular - Growth

Scheme I-SEC Composite CRISIL 10 Year Gilt Current Value of Standard Investment of 10000 in the Returns (%) ^ (%) Gilt Index # (%) ## (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Dec 29, 1998) 9.93 N.A. N.A. 56,361 N.A. N.A.

Last 1 Year 11.53 10.91 11.87

Last 3 Years 11.69 11.53 11.43 N.A.

Last 5 Years 9.45 10.00 8.79

Scheme Inception date is 29/12/1998. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

50 Kotak Gilt - Investment - PF and Trust - Growth

Scheme I-SEC Composite CRISIL 10 Year Gilt Current Value of Standard Investment of ` 10000 in the Returns ^ (%) Gilt Index # (%) ## (%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Nov 11, 2003) 7.59 7.52 5.72 26,658 26,411 21,055

Last 1 Year 11.53 10.91 11.87

Last 3 Years 11.74 11.53 11.43 N.A.

Last 5 Years 9.49 10.00 8.79

Scheme Inception date is 11/11/2003. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

Kotak Monthly Income Plan - Growth

Scheme CRISIL MIP CRISIL 10 Year Gilt Current Value of Standard Investment of 10000 in the Returns^ (%) Blended # (%) ## (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Dec 02, 2003) 8.02 8.18 5.80 27,986 28,536 21,203

Last 1 Year 15.11 12.30 11.87

Last 3 Years 12.57 11.37 11.43 N.A.

Last 5 Years 10.99 9.92 8.79

Scheme Inception date is 02/12/2003. Mr. Abhishek Bisen has been managing the fund since 01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

Kotak Multi Asset Allocation Fund - Growth

Scheme 75% Crisil Short term Bond Fund , CRISIL 10 Year Gilt Current Value of Standard Investment of 10000 in the Returns^ (%) ` 15%Nifty50 & ## (%) 10% Prices of Gold Additional Scheme (`) Benchmark #(`) #(%) Benchmark # # (`)

Since Inception(Feb 08, 2010) 8.08 8.85 7.93 16,181 16,913 16,040

Last 1 Year 10.08 9.53 11.87

Last 3 Years 8.66 8.96 11.43 N.A.

Last 5 Years 7.93 8.86 8.79

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. 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.

Kotak Asset Allocator Fund - Growth

Scheme CRISIL Balanced S&P BSE SENSEX Current Value of Standard Investment of ` 10000 in the Returns^ (%) Fund # (%) ## (%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Aug 09, 2004) 16.81 12.18 14.69 71,410 42,781 56,601

Last 1 Year 16.72 16.10 16.88

Last 3 Years 17.56 11.36 9.77 N.A.

Last 5 Years 15.97 11.11 11.21

Scheme Inception date is 09/08/2004. Mr. Deepak Gupta has been managing the fund since 01/09/2008. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

51 Kotak US Equity Fund - Growth

Scheme S&P 500 International Nifty 50 ## (%) Current Value of Standard Investment of 10000 in the Returns^ (%) Total Return Net ` Index # (%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Dec 20, 2013) 8.76 12.18 12.28 13,169 14,578 14,621

Last 1 Year 11.79 14.90 18.55 N.A.

Last 3 Years 9.74 13.33 11.01

Scheme Inception date is 20/12/2013. Mr. Deepak Gupta has been managing the fund since 01/02/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. The scheme has been existence since Dec 20, 2013 i.e. more than 3 year but less than 5years. Hence, the performance of less than 3 years and since inception has been disclosed herewith.

Kotak Global Emerging Market Fund - Growth

Scheme MSCI Emerging Nifty 50 ## (%) Current Value of Standard Investment of 10000 in the Returns ^ (%) Market index # (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Sep 26, 2007) 3.33 3.01 6.72 13,664 13,257 18,568

Last 1 Year 8.31 12.31 18.55

Last 3 Years -0.31 1.43 11.01 N.A.

Last 5 Years 5.53 3.22 11.60 Scheme Inception date is 26/09/2007. Mr. Abhishek Bisen has been managing the fund since 04/04/2011. 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.

Kotak World Gold Fund - Growth Financial Times Scheme Nifty 50 Gold Mines Total - Current Value of Standard Investment of 10000 in the Returns^ (%) ` Price # (%) ## (%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Jun 06, 2008) -0.94 -1.82 8.07 9,201 8,503 19,823

Last 1 Year 9.69 12.13 18.55

Last 3 Years -1.56 4.97 11.01 N.A.

Last 5 Years -8.18 -8.01 11.60

Scheme Inception date is 06/06/2008. Mr. Deepak Gupta has been managing the fund since 01/02/2015. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Kotak Gold ETF

Scheme Price of Gold CRISIL 10 Year Gilt Current Value of Standard Investment of 10000 in the Returns^ (%) # (%) ## (%) ` Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Jul 27, 2007) 11.73 13.07 7.25 29,286 32,851 19,705

Last 1 Year -2.61 -1.56 11.87

Last 3 Years 0.09 0.97 11.43 N.A.

Last 5 Years -0.88 0.22 8.79

Scheme Inception date is 27/07/2007. Mr. Abhishek Bisen has been managing the fund since 01/08/2008. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

52 Kotak Nifty ETF Scheme S&P BSE SENSEX Nifty 50 # (%) Current Value of Standard Investment of ` 10000 in the Returns^ (%) ## (%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Feb 08, 2010) 10.75 9.62 9.06 20,740 19,271 18,588

Last 1 Year 19.94 18.55 16.88

Last 3 Years 12.33 11.01 9.77 N.A.

Last 5 Years 12.90 11.60 11.21

Scheme Inception date is 08/02/2010. 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.

Kotak Sensex ETF Scheme S&P BSE SENSEX Nifty 50 Current Value of Standard Investment of ` 10000 in the Returns ^ (%) # (%) ## (%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Jun 06, 2008) 8.65 7.56 8.07 20,783 19,021 19,823

Last 1 Year 18.08 16.88 18.55

Last 3 Years 11.01 9.77 11.01 N.A.

Last 5 Years 12.49 11.21 11.60

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.

Kotak Banking ETF Scheme Nifty Bank Nifty 50 ## (%) Current Value of Standard Investment of ` 10000 in the Returns ^ (%) #(%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Dec 10, 2014) 7.37 6.70 4.13 11,781 11,615 10,979

Last 1 Year 33.77 32.85 18.55 N.A.

Scheme Inception date is 10/12/2014. Mr. Deepak Gupta has been managing the fund since 24/11/2014. Different plans have different expense structure. The performance details provided herein are of regular plan ^Past performance may or may not be sustained in future.*All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. The scheme has been existence since Dec 10, 2014 i.e. more than 1year but less than 3 years/5years. Hence, the performance of less than 1 year and since inception has been disclosed herewith. Kotak PSU Bank ETF Scheme Nifty PSU Bank Nifty 50 ## (%) Current Value of Standard Investment of ` 10000 in the Returns ^ (%) #(%) Additional Scheme (`) Benchmark #(`) Benchmark # # (`)

Since Inception(Nov 08, 2007) 4.03 2.16 5.20 14,499 12,221 16,098

Last 1 Year 44.42 44.00 18.55

Last 3 Years 9.30 8.79 11.01 N.A.

Last 5 Years 3.43 0.82 11.60

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.

53 ABOUT OUR FUND MANAGERS Name: Mr. Harsha Upadhyaya Mr. 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 Experience Mr. 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.

1 YEAR 3 YEAR 5 YEAR Since Inception

Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^*

Kotak Opportunities - Growth 30.62 23.91 22.55 15.22 18.50 13.61 20.30 14.89 Kotak Tax Saver Scheme - Growth 29.78 23.91 23.28 15.22 16.68 13.61 12.34 11.78

Kotak Select Focus Fund - Growth 29.69 22.32 24.02 13.89 20.71 12.98 15.00 9.47

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 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. 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. Different plans have different expense structure. The performance details provided herein are of regular/direct plan (case to case basis) Name: Mr. Harish Krishnan Mr. 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 Experience Mr. 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.

1 YEAR 3 YEAR 5 YEAR Since Inception

Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak Infrastructure and Economic Reform Fund - Growth 30.69 21.17 26.05 12.27 17.14 12.29 7.50 6.31

Kotak 50 - Dividend 18.69 18.55 17.21 11.01 15.09 11.60 19.68 13.75

Kotak India Growth Fund - Series I - Regular Plan - Growth 15.05 22.32 N.A. 13.89 N.A. 12.98 8.85 8.87 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 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 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 06/05/2015. Different plans have different expense structure. The performance details provided herein are of regular/direct plan (case to case basis)

Name: Mr. Pankaj Tibrewal Mr. 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 Experience Mr. 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.

1 YEAR 3 YEAR 5 YEAR Since Inception

Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^*

Kotak Emerging Equity - Growth 39.56 35.14 35.69 25.41 25.20 17.71 13.37 11.67 Kotak Midcap - Growth 33.70 34.85 31.07 25.90 22.98 17.38 17.39 15.62

Kotak Balance - Dividend 23.26 16.10 14.90 11.36 13.53 11.11 15.16 N.A. 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. Different plans have different expense structure. The performance details provided herein are of regular/direct plan (case to case basis) Name: Mr. Deepak Gupta Mr. 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 Experience Mr. 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.

1 YEAR 3 YEAR 5 YEAR Since Inception Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak PSU Bank ETF 44.42 44.00 9.30 8.79 3.43 0.82 4.03 2.16 Top 3 Kotak Banking ETF 33.77 32.85 N.A. 18.93 N.A. 15.97 7.37 6.70 Kotak Classic Equity Fund - Growth 23.97 20.87 14.76 12.78 14.46 12.72 12.73 12.86 Kotak World Gold Fund - Growth 9.69 12.13 -1.56 4.97 -8.18 -8.01 -0.94 -1.82 Bottom 3 Kotak Global Emerging Market Fund - Growth 8.31 12.31 -0.31 1.43 5.53 3.22 3.33 3.01 Kotak Equity Arbitrage Fund - Growth 6.31 6.07 7.32 7.20 8.14 7.63 7.67 N.A. 54 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 8/11/2007. 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 11/12/2014. 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 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 31/01/2015. Kotak Global Emerging Market Fund - Growth, *Name of the Benchmark - MSCI Emerging Market index, Scheme Inception date is 26/09/2007. Mr. Deepak Gupta has been managing the fund since 04/04/2011. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. 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. Different plans have different expense structure. The performance details provided herein are of regular/direct plan (case to case basis)

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).

1 YEAR 3 YEAR 5 YEAR Since Inception Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak Balance - Dividend 23.26 16.10 14.90 11.36 13.53 11.11 15.16 N.A. Top 3 Kotak Monthly Income Plan - Growth 15.11 12.30 12.57 11.37 10.99 9.92 8.02 8.18 Kotak Gilt-Investment-Regular-Growth 11.53 10.91 11.69 11.53 9.45 10.00 9.93 N.A. Kotak Global Emerging Market Fund-Growth 8.31 12.31 -0.31 1.43 5.53 3.22 3.33 3.01 Bottom 3 Kotak Gold Fund - Growth -1.74 -1.56 -1.94 0.97 -1.42 0.22 3.40 5.42 Kotak Gold ETF -2.61 -1.56 0.09 0.97 -0.88 0.22 11.73 13.07 Kotak Balance - Dividend, *Name of the Benchmark - CRISIL Balanced Fund, 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 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 15/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015. Kotak Gilt - Investment - Regular - Growth, *Name of the Benchmark - I-SEC Composite Gilt Index, Scheme Inception date is 29/12/1998. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Kotak 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 15/04/2008. Kotak Gold Fund - Growth, *Name of the Benchmark - Price of Gold, Scheme Inception date is 25/03/2011. Mr. Abhishek Bisen has been managing the fund since 25/03/2011. 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 27/07/2007. Different plans have different expense structure. The performance details provided herein are of regular/direct plan (case to case basis)

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.

1 YEAR 3 YEAR 5 YEAR Since Inception Scheme Names Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Returns(%)^ Returns (%)^* Kotak Flexi Debt - Regular Plan - Growth 11.20 11.09 9.90 11.26 9.67 9.45 8.74 8.14 Top 3 Kotak Medium Term Fund - 10.29 11.09 10.42 11.26 N.A. 9.45 10.51 11.31 Regular Plan - Growth Kotak Income Opportunities Fund - Growth 10.00 9.10 9.95 9.29 9.50 9.15 8.85 8.46 Kotak Treasury Advantage Fund - Growth 7.84 7.11 8.51 8.04 8.85 8.36 7.87 7.15 Bottom 3 Kotak Floater - Short Term - Growth 7.31 7.11 8.20 8.04 8.68 8.36 7.40 6.90 Kotak Liquid - Regular Plan - Growth 7.21 7.11 8.13 8.04 8.62 8.36 7.50 6.96 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 21/03/2014.Kotak Income Opportunities Fund - Growth, *Name of the Benchmark - CRISIL Short Term Bond Fund, Scheme Inception date is 11/05/2010. Mr. Deepak Agrawal has been managing the fund since 11/05/2010. 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 11/07/2007.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 11/07/2007. 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 11/07/2007. Different plans have different expense structure. The performance details provided herein are of regular/direct plan (case to case basis)

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.

Kotak Monthly Income 15.11 12.30 12.57 11.37 10.99 9.92 8.02 8.18 Plan - Growth

Kotak Monthly Income Plan - Growth, *Name of the Benchmark - CRISIL MIP Blended, Scheme Inception date is 02/12/2003. Mr. Devender Singhal has been managing the fund since 25/08/2015. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. 55 Different plans have different expense structure. The performance details provided herein are of regular/direct plan (case to case basis) DIVIDEND HISTORY

Equity Schemes Kotak Equity Arbitrage Fund Kotak Select Focus Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Mar-27-17 10.7796 0.0525 Sep-30-16 21.349 1.25 Feb-20-17 10.7810 0.0539 Oct-12-15 17.739 1.00 Jan-23-17 10.7559 0.0288 Sept-26-14 17.791 1.00

Kotak Equity Arbitrage Fund - Fortnightly Dividend Option Record Date Cum Dividend NAV `/Unit Kotak Equity Saving Fund - Monthly Dividend Option

Mar-27-17 23.2749 0.0354 Record Date Cum Dividend NAV `/Unit Mar-14-17 23.3422 0.1027 Mar-14-17 10.788 0.05 Feb-13-17 10.809 0.05 Jan-12-17 10.672 0.05 Kotak Equity Arbitrage Fund - Bimonthly Dividend Kotak Equity Saving Fund - Quarterly Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Mar-27-17 20.1404 0.0233 Jan-23-17 20.1085 0.1663 Mar-20-17 10.896 0.150 Dec-20-16 10.580 0.150 Nov-21-16 20.1739 0.2109 Sep-20-16 10.8162 0.150

Kotak Infrastructure and Economic Reform Kotak 50 - Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Feb-23-17 17.564 0.50 Dec-30-16 33.071 1.35 Jun-15-16 36.692 1.40 Jun-23-15 15.260 0.50 Jun-29-15 44.732 11.00 Hybrid Schemes Kotak Classic Equity Kotak Balance Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Jul-15-16 19.692 0.50 Mar-27-17 16.452 0.11 Nov-20-15 18.450 0.50 Feb-27-17 16.322 0.11 Jul-25-14 18.227 1.00 Jan-25-17 16.071 0.11 Kotak Opportunities Kotak Monthly Income Plan - Monthly Dividend ` Record Date Cum Dividend NAV /Unit Record Date Cum Dividend NAV `/Unit 28-Feb-17 26.279 0.50 Mar-14-17 12.8433 Individual/ HUF: 0.0369 22-Nov-16 24.246 0.80 Others: 0.0342 Aug-28-15 24.388 1.60 Feb-13-17 12.9340 Individual/ HUF: 0.0411 Others: 0.0381 Kotak Midcap Jan-12-17 13.0588 Individual/ HUF: 0.0457 Record Date Cum Dividend NAV `/Unit Others: 0.0424 Feb-27-17 36.403 1.45 Kotak Monthly Income Plan - Quarterly Dividend Feb-23-16 26.770 1.00 Record Date Cum Dividend NAV `/Unit Feb-27-15 30.866 1.00 Mar-20-17 14.1501 Individual/ HUF: 0.1243 Others: 0.1151 Kotak Tax Saver Dec-20-16 14.0413 Individual/ HUF: 0.1627 Others: 0.1508 Record Date Cum Dividend NAV `/Unit Sep-20-16 14.1991 Individual/ HUF: 0.1452 Others: 0.1345 Mar-29-17 19.432 0.75 Jan-27-17 18.889 0.72 ETF Schemes Mar-22-16 16.266 0.65 Kotak PSU Bank ETF Record Date Cum Dividend NAV `/Unit

Kotak Emerging Equity Mar-10-17 334.3964 7.00 Record Date Cum Dividend NAV `/Unit Nov-21-14 428.2343 19.00 May-27-16 21.196 1.30 Kotak SENSEX ETF Apr-28-15 21.499 2.10 Record Date Cum Dividend NAV `/Unit May-02-14 13.073 0.50 Mar-10-17 297.6072 7.50 Nov-21-14 290.4602 6.00 Kotak Asset Allocator Fund (Earlier Know as Kotak Equity FOF) Kotak Nifty ETF Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Aug-30-10 37.774 Individual/ HUF: 0.878 Mar-10-17 904.9522 10.00 Others: 0.819 May-06-16 785.7880 11.00 Nov-21-14 858.2720 9.50

5654 DEBT Schemes Debt Schemes Kotak Bond Regular Plan-Quarterly Dividend Kotak Treasury Advantage Fund-Monthly Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Mar-20-17 10.7213 Individual/ HUF: 0.0721 Mar-14-17 10.2093 Individual/ HUF: 0.0366 Others: 0.0668 Others: 0.0339 Dec-20-16 11.3996 Individual/ HUF: 0.3079 Feb-13-17 10.2119 Individual/ HUF: 0.0384 Others: 0.2853 Others: 0.0356 Sep-20-16 11.7056 Individual/ HUF: 0.4724 Jan-12-17 10.2132 Individual/ HUF: 0.0394 Others: 0.3422 Others: 0.0365

Kotak Bond Regular Plan-Annual Dividend Kotak Flexi Debt Regular Plan-Quarterly Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Mar-20-14 21.2977 Individual/ HUF: 0.2158 Dec-20-16 11.2067 Individual/ HUF: 0.2896 Others: 0.2067 Others: 0.2683 Mar-20-13 22.5941 Individual/ HUF: 1.4008 Sep-20-16 12.1487 Individual/ HUF: 0.9284 Others: 1.2006 Others: 0.8602 Sep-21-15 11.1133 Individual/ HUF: 0.1835 Others: 0.1700 Kotak Bond Short Term - Monthly Dividend Kotak Corporate Bond Fund-Standard Monthly Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Mar-14-17 10.0954 Individual/ HUF: 0.0045 Mar-14-17 1050.0535 Individual/ HUF: 2.5474 Others: 0.0042 Others: 2.3602 Feb-13-17 10.1113 Individual/ HUF: 0.0160 Feb-13-17 1050.4332 Individual/ HUF: 2.8217 Others: 0.0148 Others: 2.6142 Jan-12-17 10.1982 Individual/ HUF: 0.0578 Jan-12-17 1054.1019 Individual/ HUF: 5.4715 Others: 0.0536 Others: 5.0692 Kotak Bond Short Term-Half Yearly Dividend Kotak Corporate Bond Fund-Standard Quarterly Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Sep-21-15 11.519 Individual/ HUF: 0.4471 Mar-20-17 1062.9423 Individual/ HUF: 11.1398 Others: 0.4142 Others: 10.3208 Dec-30-14 11.1187 Individual/ HUF: 0.1759 Dec-20-16 1070.3117 Individual/ HUF: 17.6919 Others: 0.1631 Others: 16.3912 Sep-22-14 10.8686 Individual/ HUF: 0.0519 Sep-20-16 1074.9746 Individual/ HUF: 20.6020 Others: 0.0497 Others: 19.0874 Kotak Income Opportunities Fund-Annual Dividend Kotak Gilt Investment Regular Plan-Quarterly Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Mar-15-17 11.2098 Individual/ HUF: 0.7411 Mar-20-17 12.7811 Individual/ HUF: 0.0754 Others: 0.6866 Others: 0.0699 Mar-14-16 11.0308 Individual/ HUF: 0.6162 Dec-20-16 13.7660 Individual/ HUF: 0.4694 Others: 0.5709 Others: 0.4349 Mar-20-15 11.2454 Individual/ HUF: 0.7911 Sep-20-16 13.2873 Individual/ HUF: 0.052 Others: 0.7337 Others: 0.0481

Kotak Income Opportunities Fund-Monthly Dividend Kotak Gilt Investment PF and Trust Plan- Quarterly Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Mar-14-17 10.2949 Individual/ HUF: 0.0058 Mar-20-17 11.4258 Individual/ HUF: 0.0673 Others: 0.0054 Others: 0.0624 Feb-13-17 10.3020 Individual/ HUF: 0.0109 Dec-20-16 12.3073 Individual/ HUF: 0.4205 Others: 0.0101 Others: 0.3895 Jan-12-17 10.3618 Individual/ HUF: 0.0541 Sep-20-16 12.5785 Individual/ HUF: 0.5522 Others: 0.0501 Others: 0.5116

Kotak Income Opportunities Fund-Quarterly Dividend Kotak Banking and PSU Debt Fund-Monthly Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Mar-20-17 10.7754 Individual/ HUF: 0.0770 Mar-14-17 10.5928 Individual/ HUF: 0.0001 Others: 0.0713 Others: 0.0001 Dec-20-16 10.9004 Individual/ HUF: 0.1880 Feb-13-17 10.6193 Individual/ HUF: 0.0202 Others: 0.1741 Others: 0.0187 Sep-20-16 11.0044 Individual/ HUF: 0.2606 Jan-12-17 10.7097 Individual/ HUF: 0.0539 Others: 0.2415 Others: 0.0499

Kotak Floater Short Term-Monthly Dividend Kotak Banking and PSU Debt Fund-Annual Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Mar-14-17 1006.5855 Individual/ HUF: 3.7886 Mar-15-17 16.8762 Individual/ HUF: 1.0169 Others: 3.5101 Others: 0.9421 Feb-13-17 1007.0841 Individual/ HUF: 4.1487 Mar-14-16 16.6687 Individual/ HUF: 0.8840 Others: 3.8437 Others: 0.8190 Jan-12-17 1006.7263 Individual/ HUF: 3.8903 Mar-20-15 16.7914 Individual/ HUF: 0.9986 Others: 3.6043 Others: 0.9261

57 Debt Schemes Debt Schemes

Kotak Low Duration Fund-Standard Monthly Dividend Kotak Multi Asset Allocation Fund-Quarterly Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Mar-14-17 1022.7766 Individual/ HUF: 3.6017 Mar-20-17 12.2925 Individual/ HUF: 0.1180 Others: 3.3369 Others: 0.1094 Feb-13-17 1023.1266 Individual/ HUF: 3.8545 Dec-20-16 12.1481 Individual/ HUF: 0.1220 Others: 3.5711 Others: 0.1130 Jan-12-17 1024.7665 Individual/ HUF: 5.0389 Sep-20-16 12.4063 Individual/ HUF: 0.1193 Others: 4.6684 Others: 0.1106 Kotak Multi Asset Allocation Fund-Annual Dividend Kotak Medium Term Fund-Quarterly Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Mar-15-17 12.4159 Individual/ HUF: 0.8339 Mar-20-17 10.5845 Individual/ HUF: 0.0505 Others: 0.7726 Others: 0.0468 Mar-13-16 11.4291 Individual/ HUF: 0.1276 Dec-20-16 10.6838 Individual/ HUF: 0.1487 Others: 0.1182 Others: 0.1378 Mar-20-15 12.0308 Individual/ HUF: 0.6000 Sep-20-16 10.7539 Individual/ HUF: 0.2364 Others: 0.5564 Others: 0.2190 Kotak Multi Asset Allocation Fund-Monthly Dividend Kotak Medium Term Fund-Annual Dividend Record Date Cum Dividend NAV `/Unit Record Date Cum Dividend NAV `/Unit Oct-13-16 13.3724 Individual/ HUF: 0.0505 Mar-15-17 11.2826 Individual/ HUF: 0.6428 Others: 0.0468 Others: 0.5956 Jun-12-15 11.8504 Individual/ HUF: 0.0288 Mar-14-16 11.0913 Individual/ HUF: 0.6217 Others: 0.0267 Others: 0.5760 Apr-13-15 12.2623 Individual/ HUF: 0.0612 Others: 0.0567

58 56 RISK FACTORS 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. How to read Fact Sheet

Fund Manager An 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 subscription This is the minimum investment amount for a new investor in a mutual fund scheme Minimum Additional Amount This is the minimum investment amount for an existing investor in a mutual fund scheme Yield to Maturity The yield to maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual rate. The YTM factors in the bonds current market price, par value, couple interest rate and time to maturity SIP SIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for an SIP that invests Rs 500 every 15th of the month in an equity fund for a period of three years. NAV The 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 fund Benchmark A group of securities , usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds, among other investments. Some typical benchmark include the Nifty, Sensex, BSE 200, BSE 500, 10-year Gsec Entry Load A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor /agent. Entry load is charged at the time an investor purchases the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is Rs 100 and the entry load is 1%, the investor will enter the fund at Rs 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 load Exit load is charged at the time an investor redeems the units of a mutual fund. The exit load is deducted from the prevailing NAV at the time of redemption. For instance, if the NAV is RS 100and an exit load is 1%, the redemption price would be Rs. 99 per unit Modified Duration Modified duration is the price sensitivity and the percentage change in price for a unit change in yield. Standard deviation Standard deviation is statistical measure of the range of an investments performance. When a mutual fund has a high standard deviation, it means its range of performance is wide, implying greater volatility. Sharp Ratio The 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. Beta Beta is a measure of an investments 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 securitys price will be more volatile than the market. AUM AUM or assets under management refers to the recent / updated cumulative market value of investments managed by Mutual fund or any investment firm. Holdings The holdings or the portfolio is a mutual funds latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager. Nature of Scheme The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories. Rating Profile Mutual funds invest in securities after evaluating their 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. Contact Details

Agra: 0562-4009647 Gorakpur: 0551-2204127 Nashik: 253-6574255 Ahmedabad: 079-26779888/ 26766077 Gurgaon: 0124-6464077 New Delhi: 011-66306900/ 02 Ajmer: 0145-2628881 Guwahati: 0361-2734784 Panipat: 0180-2632062 Aligarh: 0571-6453223 Hubli: 0836-6450140 Patiala: 0175-6451766 Allahabad: 0532-6456177 Hyderabad: 040-66178140/ 41/ 42 Patna: 0612-6451120 Ambala: 0171-6451570/71 Indore: 0731-6453390 Pondicherry: 9962029229 Amritsar: 0183-6575777/ 6576777 Jaipur:141-6503339/ 2373879 Pune: 020-20251526/27/29 Anand: 02692-650281 Jalandhar: 0181-2233481 Raipur: 0771-4270917 Aurangabad: 0240-6611189 Jalgaon: 0257-2237131/ 32 Rajkot: 0281-6620735 Bangalore: 080-66128050/ 51 Jammu: 0191-2470779 Ranchi: 0651-6454629/ 2332274/ Bareilly: 0581-6452934 Jamnagar: 0288-6540129 9709001533 Bhavnagar: 0278-2569511 Jamshedpur: 0657-2317041/6543474/ Rourkela: 0661-6450114/ 9776640098 Bhilai: 0788-2225385 9570000685 Salem: 0427-6450115 Bhopal: 0755-6461018 Jodhpur: 0291-2630625 Shimla: 0177-6451211/ 2807911 Bhubaneshwar: 0674-6510250/9583340099 Kanpur: 0512-6454641/ 2541017 Silliguri: 0353-2522012 Bhuj: 02832-653976 Kolhapur: 0231-6610390/ 91 Surat: 0261-6450004/ 6536677 Calicut: 495-6576552 Kolkata: 033-22822411/ 12/ 13/ 14 Trichur: 0487-2430115 Chandigarh: 0172-4671885/ 5049476 Kottayam: 0481-6452922 Trichy: 0431-6460668 Chennai: 044-28221333/ 45038171 Lucknow: 522-4021168/ 4021169 Trivandrum: 0471-4470134 Cochin: 0484-6533110/ 4064646 Ludhiana: 0161-4646602/ 4646604 Udaipur: 0294-6451094 Coimbatore: 422-6572165 Mangalore: 0824-6452006 Vadodara: 0265-6533957/ 6560167 Cuttack: 0671-6510166/ 9776000093 Meerut: 0121-4007753 Vapi: 260-6534863/ 260-6453920 Dehradun: 135-2742900/ 6453000 Mumbai: 022-66056825 Varanasi: 0542-6456985 Dhanbad: 0326-6450798/09709157970 Mumbai: (Thane): 022-65970185/ 186 Vijayawada: 0866-6459930 Durgapur: 0343-6456038/ 2544609 Muradabad: 0591-6456667 Vishakapatnam: 0891-6452145 Goa: 0832-6650490 Mysore: 0821-6541192 Nagpur: 0712-2425052/8577 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] Website: assetmanagement.kotak.com. Corporate Office of Asset Management Company: 2nd Floor, 12-BKC, Plot No C-12, G Block, BKC, Bandra (East),Mumbai - 400 051