Past Performance of the Sponsor/ AMC/ Fund does not indicate the schemes future performance.

Transcription

1 February 28, 2013 Past of the Sponsor/ AMC/ Fund does not indicate the schemes future performance. Risk Factors on page 24.

2 FROM THE CEO S DESK Regards, Sandesh Kirkire Dear Friends, The core takeaway of the FY14 Union Budget was the reaffirmation of fiscal prudence and growth orientation. The fiscal deficit in FY13 was managed by slashing the non-plan expenditure. The FY14 budgetary estimate pegs the fiscal deficit growth at around 4.8% yoy. In absolute terms, this is barely a 4.14% expansion and implies palpable moderation in the deficit growth. But to achieve this target over the year, the improved performance in the GDP is an assumption that would need to come about. For now, the CSO estimate for Q3 GDP for FY13 is at around 4.5%. This is far short, as of now, from the underlying assumption in the budget. For the equities and the debt market, one of the key takeaways would be the nature of supply pressure of the fresh government borrowing to partially fund the FY14 budget. Higher borrowings have the tendency to crowd-out the private sector borrowings. High government borrowings also tend to push up the yields in the market, making capital relatively expensive and thus deter the investment cycle. We believe that finance ministry has set the tone for the onsetting fiscal prudence and is re-orienting the policy making towards growth management. The gross issuances in FY14 have increased by around 10%. Were the financial mobilization in the system to expand in tandem with the nominal gdp, we may see a sizeable chunk of the supply being met by the incremental deposit mobilization. Having said that, the Q3 GDP growth for FY14 was estimated at around 4.5%, which is possibly the lowest in the decade. With the inflation moderation also better than expected, we believe that the scenario for a more aggressive RBI intervention may be in the happening in future. From the mutual Funds point of view, the budgetary provision to extend the tax benefit under the RGESS scheme from the one investment year, to the three investment years is a positive step. Since the scheme targets the fresh equity investors, this extension in the tax benefit would allow for the young and the fresh investors a more committed and longer term investment perspective on equities. The budget has also reduced the securities transaction tax on the Mutual funds drastically. The STT rates on unit purchases, sales and redemption has been slashed by more than 90% to 0.001%. This is expected to reduce the expenses burden and would help accrue gains for the investor. Additionally, the initiation of the KYC standardization is a welcome step and would bring in convenience for the investors - provided this initiative is extend to other branches of the BFSI industry as well. The increase in the surcharge on the Dividend Distribution Tax from 5% to 10% would reduce the post-tax gains in the dividend option of debt schemes. However, the tax arbitrage between the debt mutual fund schemes and other corresponding avenues of investment remain. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Equity Market View The key benchmark indices, Sensex and Nifty, declined by -5.19% and % respectively during the February 2013 month. In the same period, the market witnessed an FII inflow of around US$ 4.5 bn. (Source: SEBI, ICRA). FII s in (US$ bn) Debt Equity Total (Source: SEBI.gov.in) This may be indicative that the global instuitional investors continue to remain upbeat on India and these inflows may be an outcome of allocation calls. As a result of this, we are witnessing a more broadbased acquisition trend across capitalizations and sectors. This trend is likely to continue on account of India offering a more diversified exposure and a more robust long-term risk adjusted performance. Source: ICRA The best performing sector during the February month were IT, Technology & Pharma and FMCG. Amongst other things, the defensive characteristic of these sectors vis-à-vis the larger trend attracted buying. Metal, Realty and Capital Goods underperformed the key benchmark during the same period. (Source: ICRA,NSE) Other News: Q3FY13 GDP growth at decade low of 4.5%: The GDP growth for 3QFY13 came in at a decade low of 4.5% versus a consensus estimate of 5%, showing persistent signs of slowdown. Country Index Jakarta Composite Index Nikkei Kospi Swiss Market Index Dow Jones FTSE Euronext 100 KLSE Nasdaq CAC 40 Index Strait Times DAX Index SSE Composite Index HangSeng Ibovespa Sao Paulo Index RTS Index Index Cumulative From 1992 to Oct Country Indonesia Japan S Korea Switzerland USA UK EU Malaysia USA France Singapore Germany China Hong Kong Brazil Russia India Growth 7.68% 3.78% 3.29% 2.74% 1.40% 1.34% 0.69% 0.62% 0.57% -0.26% -0.32% -0.44% -0.83% -2.99% -3.91% -5.41% -5.66% Changes in Union Budget impacting capital market: Budget proposes to reduce Securities Transaction Tax and impose Commodity transaction FIIs will be allowed to participate in the exchange traded currency derivatives to the extent of their INR exposure. FIIs will also be permitted to use their investment in Corp. Bonds & G-Secs as collateral to meet their margin requirements. Rate of tax on distributed income by all funds other than equity oriented fund be increased from 12.5% to 25%. Also, income distributed to nonresident by IDFs set up by Mutual Funds is proposed to be 5%. RBI to issue 4-5 bank licenses: New license norms will apply to all NBFCs/PSUs, irrespective of their group interest like real estate or brokers or PSU status. Guidelines remain largely in line with draft guidelines. Jan exports rose by 0.8%, trade gap at $20bn: India's exports rose by 0.8% percent, to $25.6 billion in January, while imports rose by 6% 2 Think s. Think Kotak.

3 to $45.6bn, leaving a trade deficit of $20bn. Dec IIP falls to -0.6%: The IIP came in at -0.6%, below consensus estimates of 1.2% and - 0.1% in the previous month. Jan WPI eases to 6.62%: The wholesale price index (WPI) rose an annual 6.62% in January, the slowest since November 2009 and lower than consensus estimate of 7.0% and 7.18% in previous month. FDI inflows dip 19% at $1.1 billion in Dec : Falling for the second straight month, India's foreign direct investment (FDI) inflows declined nearly 19% to $1.1bn in Dec due to global economic uncertainties. Core sector growth grew by 3.9% in Jan 13: Low growth in the output of crude oil, natural gas, fertilizer and cement has slowed down the growth of eight core sectors in January 2013 to 3.9%. Forex reserves down by 0.7% mom: Forex reserves were down by 0.7% mom at US$293.5bn in Feb. Inflation in WPI has been on a declining trend since Sep and stood at 6.66% for Jan-13. This was better than expected. Core Inflation, which is inflation in non-food manufactured products, eased to 4.14% in Jan-13. This goes to higlight the demand constraining effect of high interest rates on the core manufacting products. Over the last one year period, the brent crude oil prices have averaged US$ 111/- per barrel. Despite, the intermittent volatility, this trend is likely to continue. The rupee has been hovering around against the dollar and is expected to continue to remain range bound. Thus, the easing of crude prices is also expected to alleviate Inflation pressure. Source: Mospi Money supply growth: Money supply (M3) growth remained flat at th 12.7% as of 8 Feb 13. (Source: Internal Research) Market Outlook The RBI has indicated that it may be willing to cut rates, if inflation comes down. However the government has continued with the policy of Re. 50 paise hike in diesel price per month. So while the structural inflation may be coming down, the inflationary pressure from the fuel cost may hold back the moderation. Also the budget and the borrowing quantum will also give further direction to markets. As anticipated the US has gone into sequester with $85 bn of spending cuts. Overall there is no sign that the US will ease the pain of fiscal consolidation. The political instability in Western Europe has led to ambiguities on future policies of the Eurozone. It may take another 6-8 months for things to stabilize again in the Eurozone and Growth should improve going forward. Items Reverse Repo Repo CRR SLR Mibor Overnight Call(O/N) CBLO 1 yr T Bill 10 G Sec USD/INR Source: RBI; ICRAonline. Debt Market View 28th February % 7.75% 4.00% 23.00% 7.90% 7.89% 7.72% 7.92% 7.87% st January % 7.75% 4.00% 23.00% 7.85% 7.84% 7.74% 7.82% 7.90% Change Nil Nil Nil Nil 5 bps 5 bps -2 bps 10 bps -3 bps 0.48 Outlook : The Q3-FY13 gdp growth rate of 4.5% yoy has come much below expectation. The tight liquidity and increased supply pressure has only further aggravated the short term yields, thus inverting the curve. Having said that, the WPI inflation has begun to moderate faster than expected, and is a positive. This has provided an ample elbow room for RBI to effect a rate cut in the coming days; though its timing may be determined by factors such as supply response and liquidity inflows resulting from government spending. Gold Corner For the month, spot gold closed at $ 1591 per ounce, down $ per ounce or 4.99 percent. Gold prices dipped below $1,600 this month, falling to a seven-month low. The main reason for the sharp decline in the yellow metal is due to the heavy selling of gold by hedge funds. The minutes of the Federal Reserve's meeting last month, which showed that the Fed may have to slow or stop QE3 before jobs recovery, also dampened the buying sentiment. The U.S. Dollar Index gained 3.46 percent for the month. Despite the conflict, the Fed is continuing its course to purchase $85 billion of bonds every month and keep interest rates near zero. Historically the correlation between the Fed's balance sheet and the price of gold has been very high, at (Source: Macquarie Research) Correlation between Gold Price and Fed Balance Sheet Federal Reserve Balance Sheet, in USD Billions(Left axis) 3000 Gold USD per ounce Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan Inflation Scenario Inflation continues to moderate CPI 5.32% Core Inflation 7.0% 4.1% Manufacturing 6.7% 4.8% Fuel 7.1% 2.8% Primary 10.79% 10.3% 17.0% (Source: Bloomberg) The Fed's plan of expanding the balance sheet to more than $3 trillion; the uncertainty over Italy's election results; and the renewed fears that the euro zone debt crisis is set to return, will eventually increase demand for the yellow metal. Also, the ongoing monetary easing in many countries is expected to increase the inflationary pressure as also the scope of negative interest rate. This increases the attraction of precious metals and hard assets that are finite and cannot be debased as inflation hedges - especially gold. WPI 7.2% 6.6% January-12 January-13 Think s. Think Kotak. 15 3

4 Name KOTAK 50 An Open-Ended Equity EQUITY FUNDS KOTAK OPPORTUNITIES An Open - Ended Equity Growth Amount Inception To generate capital appreciation from a portfolio of predominantly equity and equity related securities. The portfolio will generally comprise of equity and equity related instruments of around 50 companies which may go up to 59 companies but will not exceed 59 at any point in time. : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Trustee s Discretion Mr. Pradeep Kumar and Mr. Harsha Upadhyaya Exit Load: 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% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. (applicable for all plans) Initial : Rs Additional : Rs & in multiples of Re. 1 Ideal s Horizon: 1-3 years AAUM as ondecember 31, : Crores Ratios: Turnover: % Beta*: 0.79 Sharpe*: 0.09 Alpha*: 0.67 Standard Deviation*: * Source: Value Research. Index December 29,1998 To generate capital appreciation from a diversified portfolio of equity and equity related securities. : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Trustee s Discretion Mr. Harsha Upadhyaya and Mr. PankajTibrewal Exit Load: 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% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. (applicable for all plans) Initial : Rs Additional : Rs & in multiples of Re. 1 Ideal s Horizon: 1-3 years AAUM as : Crores Ratios: Turnover: 96.49% Beta*: 0.85 Sharpe*: 0.05 Alpha*: Standard Deviation*: * Source: Value Research. CNX 500 Index September 9, 2004 Kotak 50 - dividend BSE Sensex # # ## Kotak 50 NAV as : Rs (Dividend Option), Rs (Growth Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the # Name of. ## Name of Additional. ^ Past performance prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded Kotak Opportunities Fund growth CNX 500 # # # ## Kotak Opportunities NAV as : Rs (Dividend Option), Rs (Growth Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the # Name of. ## Name of Additional. ^ Past performance prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded ICICI Bank Ltd. Banks 7.97% Reliance Industries Ltd. Petroleum Products 7.07% HDFC Bank Ltd. Banks 6.10% Bharti Airtel Ltd. Telecom - Services 6.07% ITC Ltd. Consumer Non Durables 5.55% HDFC Ltd. Finance 5.28% Infosys Ltd. Software 4.66% Oil & Natural Gas Corporation Ltd. Oil 4.37% NMDC Ltd. Minerals/Mining 4.20% Dr Reddys Laboratories Ltd Pharmaceuticals 3.18% 44.43% Listed/Awaiting Listing on Stock Exchange - Total 98.88% Term Deposits - Total 0.42% Collateral Borrowing & Lending obligation 2.91% Net Current Assets/(Liabilities) -2.21% Total NPA s provided for and percentage to NAV: Nil Total value and percentage to Net Asset of Illiquid Equity Shares: Nil Term Deposit as provided above is towards margin for derivatives transactions ICICI Bank Ltd. Banks 6.92% Reliance Industries Ltd. Petroleum Products 4.84% Infosys Ltd. Software 4.55% NMDC Ltd. Minerals/Mining 4.08% IndusInd Bank Ltd. Banks 4.06% State Bank Of India Banks 3.74% Yes Bank Ltd Banks 3.32% Grasim Industries Ltd. Cement 3.15% Cipla Ltd. Pharmaceuticals 2.96% Tata Motors Ltd. Auto 2.81% 50.77% Listed/Awaiting Listing on Stock Exchange - Total 91.20% Term Deposits - Total 0.98% Collateral Borrowing & Lending obligation 8.14% Net CurrentAssets/(Liabilities) -0.32% Total NPA s provided for and percentage to NAV: Nil Total value and percentage to Net Asset of Illiquid Equity Shares: Nil Term Deposit as provided above is towards margin for derivatives transactions For the period ended 28th February, 2013 other than hedging transactions through options which have already been exercised/expired are as follows; Total number of contracts entered into were 2400, Gross Notional Value of contracts is Rs.7080 lacs and Net Profit/(Loss) on all contracts is Rs lacs. Banks Petroleum Products Pharmaceuticals Software Finance Telecom - Services Minerals/Mining Consumer Non Durables Oil 12.67% 10.60% 9.48% 8.98% 7.78% 7.22% 6.91% 4.37% 3.33% 10.19% 18.47% Banks Pharmaceuticals Software Auto Petroleum Products Cement Auto Ancillaries Telecom - Services Minerals/Mining 9.12% 8.82% 8.24% 8.20% 5.42% 4.60% 4.56% 4.29% 4.08% 16.40% 26.27% 4 Think s. Think Kotak.

5 Name KOTAK TAX SAVER An Open-Ended Equity Linked Saving EQUITY FUNDS KOTAK MID-CAP An Open - Ended Equity Growth To generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and enable investors to avail the income tax rebate, as permitted from time to time. : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) To generate capital appreciation from a diversified portfolio of equity and equity related securities. : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Amount Inception Trustee s Discretion Mr. PankajTibrewal and Mr. Harsha Upadhyaya Exit Load: Exit Load is not applicable for Kotak Tax Saver. (applicable for all plans) Initial : Rs. 500 Additional : Rs. 500 & in multiples of Rs. 500 Ideal s Horizon: 3 years AAUM as ondecember 31, : Crores Ratios: Turnover: 80.64% Beta*: 0.94 Sharpe*: 0.08 Alpha*: 0.66 Standard Deviation*: * Source: Value Research. CNX 500 Index November 23, 2005 Trustee s Discretion Mr. PankajTibrewal& Mr. Emmanuel Elango Exit Load: 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% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the.(applicable for all plans) Initial : Rs Additional : Rs & in multiples of Rs. 1 Ideal s Horizon: 1-3 years AAUM as : Crores Ratios: Turnover: % Beta*: 0.93 Sharpe*: 0.24 Alpha*: 4.02 Standard Deviation*: * Source: Value Research. CNX Midcap February 24, 2005 Kotak Tax Saver - Growth CNX # # ## Kotak Tax Saver NAV as : Rs (Dividend Option), Rs (Growth Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the # Name of. ## Name of Additional. ^ Past performance prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded Kotak Midcap Fund - Growth CNX Midcap # # ## Kotak Midcap NAV as : Rs (Dividend Option), Rs (Growth Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the # Name of. ## Name of Additional. ^ Past performance prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded ICICI Bank Ltd. Banks 6.16% Infosys Ltd. Software 5.79% Reliance Industries Ltd. Petroleum Products 4.64% HDFC Bank Ltd. Banks 4.22% Whirlpool of India Ltd. Consumer Durables 3.90% ITC Ltd. Consumer Non Durables 3.13% Oil & Natural Gas Corporation Ltd. Oil 2.99% Bharti Airtel Ltd. Telecom - Services 2.96% Federal Bank Ltd. Banks 2.75% State Bank Of India Banks 2.68% 60.18% Listed/Awaiting Listing on Stock Exchange - Total 99.40% Collateral Borrowing & Lending obligation 1.33% Net Current Assets/(Liabilities) -0.73% Total NPA s provided for and percentage to NAV: Nil Total value and percentage to Net Asset of Illiquid Equity Shares: Nil Federal Bank Ltd. Banks 4.53% Whirlpool of India Ltd. Consumer Durables 4.33% Divi s Laboratories Limited Pharmaceuticals 3.00% Hawkins Cooker Ltd Household Appliances 2.95% Solar Industries India Limited Chemicals 2.78% Exide Industries Ltd Auto Ancillaries 2.73% Jammu and Kashmir Bank Ltd. Banks 2.70% LIC Housing Finance Ltd. Finance 2.55% Aditya Birla Nuvo Limited Services 2.52% Kewal Kiran Clothing Limited. Textile Products 2.43% 66.90% Listed/Awaiting Listing on Stock Exchange - Total 97.42% Term Deposits - Total 0.27% Collateral Borrowing & Lending obligation 3.32% Net Current Assets/(Liabilities) -1.01% Total NPA s provided for and percentage to NAV: Nil Total value and percentage to Net Asset of Illiquid Equity Shares: Nil For the period ended 28th February, 2013 other than hedging transactions through futures which have been squared off/expired are as follows; Total Number of contracts where futures were bought 100, Total number of contracts where futures were sold 100, Gross Notional value of contracts where futures were bought Rs lacs, Gross Notional value of contracts where futures were sold Rs lacs and Net profit/(loss) value on all these contracts combined Rs lacs Banks Software Petroleum Products Finance Pharmaceuticals Consumer Non Durables Media and Entertainment Consumer Durables Oil Cement 8.42% 6.74% 6.13% 5.31% 4.75% 4.45% 3.90% 3.78% 3.56% 22.27% 30.69% Banks Industrial Products 6.79% Pharmaceuticals 6.68% Media and Entertainment 6.67% Finance 5.66% Consumer Durables 5.64% Textile Products 5.26% Auto Ancillaries 4.90% Software 3.70% 3.59% Midcap stocks as a % age of Net Assets: 66.94% 19.19% 31.92% Think s. Think Kotak. 15 5

6 Name KOTAK BALANCE An Open-Ended Balanced EQUITY FUNDS KOTAK CLASSIC EQUITY An Open - Ended Equity Growth Amount Inception To achieve growth by investing in equity & equity related instruments, balanced with income generation by investing in debt&money market instruments. : Dividend Payout, Dividend Reinvestment (applicable for all plans) Half Yearly (25th of Mar/Sep) Mr. Emmanuel Elango, Mr. Harsha Upadhyaya and Mr.Abhishek Bisen Exit Load: 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% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. (applicable for all plans) Initial : Rs Additional : Rs & in multiples of Re. 1 Ideal s Horizon: 1-3 years AAUM as ondecember 31, : Crores Ratios: Turnover: 99.04% Beta*: 0.80 Sharpe*: 0.20 Alpha*: 1.94 Standard Deviation*: * Source: Value Research. Crisil Balanced Fund Index November 25, 1999 Kotak Balance Crisil Balanced # Fund Index NA # ## NA Kotak Balance NAV as : Rs (Dividend Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the # Name of. ## Name of Additional. ^ Past performance prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded To generate capital appreciation from a diversified portfolio of equity and equity related securities. : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Trustee s Discretion Mr. Emmanuel Elango and Mr. Harsha Upadhyaya Exit Load: 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% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. (applicable for all plans) Initial : Rs Additional : Rs & in multiples of Re. 1 Ideal s Horizon: 1-3 years AAUM as : Crores Ratios: Turnover: %. Beta*: 0.85 Sharpe*: 0.13 Alpha*: 1.38 Standard Deviation*: * Source: Value Research. CNX 500 Index July 27, 2005 Kotak Classic Equity - Growth CNX # # ## Kotak Classic Equity NAV as : Rs (Dividend Option) Rs (Growth Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the # Name of. ## Name of Additional. ^ Past performance prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded Issuer/Instrument Industry/Rating % to Net Assets Issuer/Instrument Industry/Rating % to Net Assets ITC Ltd. Consumer Non Durables 5.37% National Thermal Power Corporation Limited Power 4.15% Infosys Ltd. Software 4.14% HDFC Ltd. Finance 3.60% HDFC Bank Ltd. Banks 3.58% Power Grid Corporation Of India Ltd Power 2.98% ICICI Bank Ltd. Banks 2.71% Oil & Natural Gas Corporation Ltd. Oil 2.62% IDR of Standard Chartered PLC Banks 2.24% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 2.17% 31.54% Listed/Awaiting Listing on Stock Exchange - Total 65.10% Corporate Debt/Financial Institutions - Total 8.01% Government d Securities - Total 21.34% Term Deposits - Total 1.61% Collateral Borrowing & Lending obligation 6.44% Net Current Assets/(Liabilities) -2.50% Total NPA s provided for and percentage to NAV: Nil Total value and percentage to Net Asset of Illiquid Equity Shares: Nil Term Deposit as provided above is towards margin for derivatives transactions ITC Ltd. Consumer Non Durables 8.95% Infosys Ltd. Software 7.47% National Thermal Power Corporation Limited Power 6.56% HDFC Ltd. Finance 4.94% HDFC Bank Ltd. Banks 4.85% Power Grid Corporation Of India Ltd Power 4.81% IDR of Standard Chartered PLC Banks 4.04% ICICI Bank Ltd. Banks 3.76% Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 3.38% Tata Consultancy Services Ltd. Software 3.35% Underlying Long/ Futures Price When purchased Power Grid Corporation Of India Ltd National Thermal Power Corporation Ltd NIFTY Long Total %age of existing assets hedged through futures Current Price of the Contract Total NPA s provided for and percentage tonav: Nil Total value and percentage to Net Asset of Illiquid Equity Shares: Nil Term Deposit as provided above is towards margin for derivatives transactions Margin Maintained in Lakhs % Listed/Awaiting Listing on Stock Exchange - Total 88.59% Term Deposits - Total 2.68% Collateral Borrowing & Lending obligation 12.58% Net Current Assets/(Liabilities) -7.27% 3.42 Government d Securities Banks Consumer Non Durables Power Debentures and Bonds Software Finance Petroleum Products Pharmaceuticals 9.31% 9.08% 8.40% 8.05% 8.01% 6.70% 5.97% 4.98% 4.35% 13.81% 21.34% Banks Power Consumer Non Durables Software Finance Petroleum Products Pharmaceuticals Minerals/Mining Derivatives 15.26% 13.61% 12.46% 11.76% 11.45% 8.05% 7.69% 5.72% 4.54% 3.42% 6.04% 6 Think s. Think Kotak.

7 Name KOTAK SELECT FOCUS FUND An Open - Ended Equity EQUITY FUNDS KOTAK EQUITY FOF An Open - Ended Equity Fund of Funds The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, generally focused on a few selected sectors. : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) The of the is to generate long term capital appreciation from a portfolio created by investing predominantly in open-ended diversified equity schemes of Mutual Funds registered with SEBI. : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Amount Inception Trustee s Discretion Mr. Harsha Upadhyaya, Mr. Pradeep Kumar and Mr.Abhishek Bisen Exit Load: 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% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. (applicable for all plans) Initial : Rs and in multiple of Re. 1 for purchase and for Re 0.01 for switches Additional : Rs & in multiples of Re. 1 Ideal s Horizon: 1-3 years AAUM as ondecember 31, : Crores Ratios: Beta*: 0.84 Sharpe*: 0.16 Alpha*: 1.89 Standard Deviation*: * Turnover: % Index September 11, 2009 Trustee s Discretion Mr. Deepak Gupta Exit Load: 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% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of investment: NIL iii) Any exit load charged (net off Service Tax, if any) shall be credited back to the respective. (applicable for all plans) Initial : Rs Additional : Rs & in multiples of Re. 1 Ideal s Horizon: 1-3 years AAUM as : Crores Ratios: Beta*: 0.85 Sharpe*: Alpha*: Standard Deviation*: * Source: Value Research. Index August 9, 2004 Kotak Select Focus Fund BSE Sensex # # ## Kotak Select Focus NAV as : Rs (Dividend Option), Rs (Growth Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the # Name of. ## Name of Additional. ^ Past performance prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded Kotak Equity FOF BSE Sensex # # ## Kotak Equity FOF NAV as : Rs (Dividend Option), Rs (Growth Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the # Name of. ## Name of Additional. ^ Past performance prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded Issuer/Instrument Industry/Rating % to Net Assets Issuer/Instrument Industry/Rating % to Net Assets ICICI Bank Ltd. Banks 7.11% Infosys Ltd. Software 5.18% Reliance Industries Ltd. Petroleum Products 4.84% Bharti Airtel Ltd. Telecom - Services 3.26% Tata Motors Ltd. Auto 3.20% IndusInd Bank Ltd. Banks 3.18% Yes Bank Ltd Banks 2.95% Cipla Ltd. Pharmaceuticals 2.78% Grasim Industries Ltd. Cement 2.64% Zee Entertainment Enterprises Ltd Media and Entertainment 2.59% 57.31% Listed/Awaiting Listing on Stock Exchange - Total 95.04% Term Deposits - Total 0.87% Collateral Borrowing & Lending obligation 5.35% Net Current Assets/(Liabilities) -1.26% Total NPA s provided for and percentage tonav: Nil Total value and percentage to Net Asset of Illiquid Equity Shares: Nil Term Deposit as provided above is towards margin for derivatives transactions Reliance Equity Opportunities Equity s 21.62% Kotak Opportunities Equity s 21.07% Birla Sunlife Frontline Equity Equity s 19.30% HDFC Top 200 Fund Equity s 18.66% ICICI Prudential Focused Bluechip Equity Retail Growth Equity s 18.48% Mutual Fund Units - Total 99.13% Net Current Assets/(Liabilities) 0.87% TotalNPA s provided for and percentage tonav: Nil Total value and percentage tonet Asset of Illiquid Equity Shares: Nil Banks Software Auto Pharmaceuticals Telecom - Services Auto Ancillaries Petroleum Products Cement Finance 10.25% 9.92% 9.02% 6.22% 5.52% 5.43% 5.39% 4.42% 4.16% 12.11% 27.56% Equity s 0.87% 99.13% Think s. Think Kotak. 15 7

8 Name EQUITY FUNDS KOTAK GLOBAL EMERGING MARKET FUND An Open-Ended Equity KOTAK EMERGING EQUITY An Open - Ended Equity Growth The investment objective of the scheme is to generate long-term capital appreciation by investing in an overseas mutual fund scheme that invest in a diversified portfolio of securities as prescribed by SEBIfromtime to time in global emerging markets. The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by investing predominantly in mid and small cap companies. : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Amount Trustee s Discretion Mr. Deepak Gupta (Dedicated fund manager for overseas investment) & Mr.Abhishek Bisen. 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 offservicetax, if any) shall be credited back to the. (applicable for all plans) Initial : Rs Additional : Rs & in multiples of Re. 1 Ideal s Horizon: 1-3 years AAUM as ondecember 31, : Crores Ratios: Beta*: 0.39 Sharpe*: 0.57 Alpha*: 6.60 Standard Deviation*: * Source: Value Research. Trustee s Discretion Mr. Emmanuel Elango & Mr. PankajTibrewal. 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 offservicetax, if any) shall be credited back to the. (applicable for all plans). Initial : Rs Additional : Rs & in multiples of Re. 1 Ideal s Horizon: 1-3 years AAUM as : Crores Ratios: Turnover: 67.62%. Beta*: 0.85 Sharpe*: 0.15 Alpha*: 2.08 Standard Deviation*: * Source: Value Research. Inception MSCI Emerging Market Index September 26, 2007 Kotak Global Emerging Equity Market Fund MSCI Emerging # Market Index # ## Kotak Global Emerging Market Fund NAV as : Rs (Dividend Option), Rs (Growth Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the # Name of. ## Name of Additional. ^ Past performance prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded BSE MID CAP March 30, 2007 Kotak Emerging Equity - Growth BSE Midcap # 7.85 # ## Kotak Emerging Equity NAV as : Rs (Dividend Option), Rs (Growth Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the # Name of. ## Name of Additional. ^ Past performance prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded Issuer/Instrument Industry/Rating % to Net Assets Issuer/Instrument Industry/Rating % to Net Assets MGF ASIAN SMALL EQUITY FUND CLASS I Overseas Mutual Fund 37.59% ishares MSCI Emerging Markets ETF Overseas Mutual Fund 33.30% T Rowe Global Emerging Markets Equity Class A USD Overseas Mutual Fund 27.19% Mutual Fund Units - Total 98.08% Net Current Assets/(Liabilities) 1.92% Hawkins Cooker Ltd Household Appliances 4.13% Solar Industries India Limited Chemicals 4.10% Kewal Kiran Clothing Limited. Textile Products 4.04% Federal Bank Ltd. Banks 4.02% Whirlpool of India Ltd. Consumer Durables 3.80% Graphite India Ltd. Industrial Products 3.54% Torrent Pharmaceuticals Ltd. Pharmaceuticals 3.03% Birla Corporation Ltd. Cement 2.27% Texmaco Rail & Engineering Ltd. Industrial Capital Goods 2.22% Tata Global Beverages Limited Consumer Non Durables 2.16% 65.67% Listed/Awaiting Listing on Stock Exchange - Total 98.98% Collateral Borrowing & Lending obligation 2.87% Net Current Assets/(Liabilities) -1.85% Total NPA s provided for and percentage to NAV: Nil Total value and percentage to Net Asset of Illiquid Equity Shares: Nil Total NPA s provided for and percentage to NAV: Nil Total value and percentage to Net Asset of Illiquid Equity Shares: Nil Overseas Mutual Fund 1.92% 98.08% Banks Media and Entertainment Industrial Products Cement Chemicals Textile Products Consumer Durables Consumer Non Durables Pharmaceuticals Industrial Capital Goods 9.61% 8.85% 7.46% 6.98% 6.39% 5.38% 4.90% 4.88% 4.15% Midcap stocks as a % age of Net Assets: 93.82% 15.41% 25.99% 8 Think s. Think Kotak.

9 Name EQUITY FUNDS KOTAK EQUITY ARBITRAGE An Open - Ended Equity Growth Amount The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and by investing the balance in debt and money market instruments. : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Monthly (Monday preceding the last Thursday of the month) Mr. Deepak Gupta & Mr. Abhishek Bisen Exit Load: (I) For redemptions/switch outs (including STP/ SWP) within 180 days from the date of allotment of units, irrespective of the amount of investment: 0.50%; (ii) For redemptions/ switch outs (including STP/ SWP) after 180 days from the date of allotment of units, irrespective of the amount of investment: Nil (ii)any exit load charged (net offservicetax, if any) shall be credited back to the.(applicable for all plans) Initial : Rs Additional : Rs & in multiples of Re1 Ideal s Horizon - Above 3 Months Inception AAUM as ondecember 31, : Crores Ratios: Turnover: % Beta*: 0.07 Sharpe*: 2.86 Alpha*: 2.02 Standard Deviation*: 0.73 *Source: Value Research. CRISIL Liquid Fund Index September 29, 2005 Kotak Equity Arbitrage Fund - Growth Dec 31,'12 Crisil Liquid Fund Index # # ## Kotak EquityArbitrage NAV as : Rs (Dividend Option), Rs (Growth Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the period. Source: ICRAMFI Explorer. # Name of. ## Name ofadditional. ^Past performance may or may notbe sustained infuture. prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded Annualised Growth Rate). Issuer/Instrument 12.96% Listed/Awaiting Listing on Stock Exchange - Total 49.18% Government d Securities - Total 0.87% Term Deposits - Total 19.46% Collateral Borrowing & Lending obligation 14.81% Net Current Assets/(Liabilities) 15.68% Total NPA s provided for and percentage tonav: Nil Total value and percentage to NetAsset of Illiquid Equity Shares: Nil Term Deposit as provided above is towards margin for derivatives transactions Banks Cement Retailing Non - Ferrous Metals Textile Products Power Consumer Non Durables Consumer Durables Minerals/Mining Industry/Rating 8.62% 7.13% 6.26% 4.02% 3.61% 2.78% 2.56% 2.10% 2.09% % to Net Assets Grasim Industries Ltd. Cement 7.13% Pantaloon Retail (india) Ltd. Retailing 6.26% Punjab National Bank Banks 6.19% Raymond Limited Textile Products 3.61% Sterlite Industries (India) Ltd Non - Ferrous Metals 2.64% United Spirits Ltd. Consumer Non Durables 2.14% Bata India Ltd. Consumer Durables 2.10% NMDC Ltd. Minerals/Mining 2.09% Chambal Fertilisers & Chemicals Ltd Fertilisers 2.05% GVK Power & Infrastructure Ltd. Power 2.01% 26.56% 34.27% Underlying Grasim Industries Ltd. Pantaloon Retail (india) Ltd. Punjab National Bank Raymond Limited Sterlite Industries (India) Ltd United Spirits Ltd. Bata India Ltd. NMDC Ltd. Chambal Fertilisers & Chemicals Ltd GVK Power & Infrastructure Ltd. Karnataka Bank Ltd Hindalco Industries Ltd Voltas Ltd. Tata Communications Ltd Gujarat State Petronet Ltd. United Phosphorus Ltd Tata Motors Ltd - DVR Cipla Ltd. NHPC Limited Petronet LNG Ltd. Andhra Bank Welspun Corp Limited Tata Global Beverages Limited Dena Bank UCO Bank Siemens Ltd. Reliance Power Ltd Jindal Steel & Power Ltd. LIC Housing Finance Ltd. The Indian Hotels Company Ltd. Bharat Forge Ltd. Colgate Palmolive (India ) Ltd. Cairn India Limited Sun TV Limited. Dr Reddys Laboratories Ltd Aurobindo Pharma Ltd. Hindustan Zinc Ltd. Long/ Futures Price When purchased Total %age of existing assets hedged through futures Current Price of the Contract Margin Maintained in Lakhs (49.60) 15 9

10 Name KOTAK GILT SAVINGS An Open - Ended Dedicated Gilt Unit DEBT FUNDS KOTAK GILT INVESTMENT An Open - Ended Dedicated Gilt Unit To generate risk-free returns through investments in sovereign securities issued by the Central and / or State Government(s) and/ or reverse repos in such securities. To generate risk-free returns through investments in sovereign securities issued by the Central and /or State Government(s) and/ or reverse repos in such securities. Amount Inception : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Monthly (12th of every Month) & Annual Mr. Abhishek Bisen & Mr. Deepak Agrawal. Exit Load: Nil (applicable for all plans) Initial : (I) Dividend Re-investment & Growth and Dividend Payout (Annual) - Rs & above (ii) Dividend Payout (Monthly) - Rs. 50,000 & above Additional : Rs & in multiples of Re1 Ideals Horizon months AAUM as ondecember 31, : Crores Ratios: Beta*: 0.20 Sharpe*: 1.08 Alpha*: 1.12 Standard Deviation*: 1.21YTM: 7.78% *Source: Value Research. Modified Duration: 2.33 yrs ISEC SIBEX December 29, 1998 Plans-A) Regular Plan, B) PF & Trust Plan, C) Regular Direct Plan, D) PF & Trust Direct Plan. : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Quarterly (20th of Mar/Jun/Sep/Dec) Mr.Abhishek Bisen & Mr. DeepakAgrawal Entry Load: (a) Regular Plan - Entry: Nil. (b) PF & Trust Plan - Entry: Nil. (applicable for all plans) Exit Load: (a) Regular Plan - Exit: Nil. (b) PF&Trust Plan - Exit: Nil. (applicable for all plans) Initial : Rs Additional : Rs & in multiples of Re.1. Ideal s Horizon: 1 year & above (a) Regular Plan - AAUMas : Crores Ratios: Sharpe*: 1.55 Beta*: 0.44Alpha*: 6.10 Standard Deviation*: 4.21 (b) PF & Trust Plan -AAUM as ondecember 31, : Crores Ratios: Sharpe*: 1.56 Beta*: 0.45Alpha*: 6.12 Standard Deviation*: 4.21 YTM: 7.85% *Source: Value Research. Modified Duration: 7.94 yrs ISEC Composite Index Regular Plan - December 29, 1998; PF & Trust Plan - November 11, 2003 Kotak Gilt - Savings Plan- Growth ISEC SIBEX N.A CRISIL1 Year T-Bill Index # # # ## N.A Kotak Gilt Savings Plan NAV as : Rs (Growth Option), Rs (Monthly Dividend), Rs (Annual Dividend) N.A stands for data not available. Note: Point to Point (PTP) in INR show the value of Rs. 10,000/- invested at the beginning of a 12 month period as at the end of that period. Source: ICRA MFI Explorer. For Additional (Debt s): classification of schemes in short term& long term is based on the average maturity of the scheme. # Name of. ## Name of Additional. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded Top 10 Holdings 8.07% Central Government SOV 43.82% 8.48% State Government SOV 23.71% Government d Securities - Total 67.53% Treasury Bills - Total 11.08% Collateral Borrowing & Lending obligation 19.78% Net Current Assets/(Liabilities) 1.61% Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 2.83 years Valuation ofgoverment Securities are as per the Securities and Exchange Board of India (SEBI) circular No.MFD/CIR/No 14/442/2002 dated February 20, Total NPA provided and percentage to NAV: NIL Government d Securities 67.53% Kotak Gilt - Regular Plan - Growth Kotak Gilt PF & Trust Plan- Growth ISEC CRISIL 10 Composite Year Gilt Index Index # # N.A ISEC Composite Index NA CRISIL 10 Year Gilt Index # # # ## N.A N.A # ## The benchmark return corresponds only Kotak Gilt PF and Trust Plan. Kotak Gilt Regular Plan NAV as : Rs (Growth Option), Rs (Dividend Option) Kotak Gilt PF & Trust Plan NAV as : Rs (Growth Option), Rs (Dividend Option) N.A stands for data not available. Note: Point to Point (PTP) in INR show the value of Rs. 10,000/- invested at the beginning of a 12 month period as at the end of that. ForAdditional (Debt s): classification of schemes in short term& long term is based on the average maturity of the scheme. # Name of. ## Name ofadditional. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. <= 1 year:absolute; > 1 year: CAGR (Compounded Top 10 Holdings 8.97% Central Government SOV 49.17% 8.2% Central Government SOV 30.16% 8.6% State Government SOV 4.86% 8.3% Central Government SOV 3.99% 8.33% Central Government SOV 3.33% 8.12% Central Government SOV 1.53% 8.9% State Government SOV 1.10% 8.92% State Government SOV 0.55% 8.94% State Government SOV 0.55% 7.37% Central Government SOV 0.30% 0.33% Government d Securities - Total 95.87% Collateral Borrowing & Lending obligation 0.54% Net Current Assets/(Liabilities) 3.59% Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : years Total NPA provided and percentage to NAV: NIL Government d Securities 95.87% Treasury Bills 11.08% 19.78% Net Current Assets 3.59% Net Current Assets 1.61% 0.54% Rating Profile SOV 78.61% SOV 95.87% 19.78% Net Current Assets 3.59% Net Current Assets 1.61% 0.54% 10 Think s. Think Kotak.

11 Name DEBT FUNDS KOTAK MULTI ASSET ALLOCATION FUND An Open - Ended Debt KOTAK MONTHLY INCOME PLAN (An Open Ended Income Fund. Monthly Income is not assured & is subject to availability of distributable surplus) Amount The investment objective of the scheme is to generate income by investing predominantly in debt and money market securities, to generate growth by taking moderate exposure to equity and equity related instruments and provide diversification by investing in Gold ETFs. : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Monthly (12th of Every Month), Quarterly (20th of Mar/Jun/Sep/Dec), Annual (12th of March) Mr. Pankaj Tibrewal and Mr. Abhishek Bisen.. 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. (applicable for all plans) Initial : Rs Additional : Rs & in multiples of Re1 Ideals Horizon - 1 year & above To enhance returns over a portfolio of Debt Instruments with a moderate exposure in Equity and Equity related Instruments. A) Regular Plan, B) Direct Plan : Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Monthly (12th of every Month) Quarterly (20th of Mar/Jun/Sep/Dec) Mr. PankajTibrewal and Mr. Harsha Upadhyaya and Mr.Abhishek Bisen. Exit Load: For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of investment:1% Any exit load charged (net off Service Tax, if any) shall be credited back to the. (applicable for all plans) Initial : (i) Dividend Re-investment & Growth and Dividend Payout (Quarterly) - Rs & above (ii) Dividend Payout (Monthly) - Rs. 50,000 & above Additional : Rs & in multiples of Re1 Ideals Horizon - 1 year & above Inception AAUM as ondecember 31, : Crores Ratios: Modified Duration: 3.84 yrs, YTM: 9.50% *Source: Value Research. 80% - CRISIL MIP Blended Fund Index and 20% - price of gold. January 21, 2011 Kotak Multi Asset Allocation Fund - Growth % - CRISIL MIP Blended Fund Index and 20% - price of gold CRISIL 10 Year Gilt Index # # ## Kotak Multi Asset Allocation Fund NAV as : Rs (Growth Option), Rs (Dividend Option), Rs (Monthly Dividend), Rs (Quarterly Dividend) N.A stands for data not available. Note: Point to Point (PTP) in INR show the value of Rs. 10,000/- invested at the beginning of a 12 month period as at the end of that period. Source: ICRA MFI Explorer. For Additional (Debt s): classification of schemes in short term& long term is based on the average maturity of the scheme. # Name of. ## Name ofadditional. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded AAUM as ondecember 31, : Crores Ratios: Standard Deviation*: 3.77 Sharpe*:0.50 Beta*: 0.60 Alpha*: 1.54 YTM: 8.25% *Source: Value Research. Modified Duration: 4.19 yrs CRISIL MIP Blended Index December 02, 2003 Kotak Monthly Income Plan- Growth Crisil MIP CRISIL 10 Blended Index Year Gilt Index # # ## Kotak Monthly Income Plan NAV as : Rs (Growth Option), Rs (Monthly Dividend), Rs (Quarterly Dividend) N.A stands for data not available. Note: Point to Point (PTP) in INR show the value of Rs. 10,000/- invested at the beginning of a 12 month period as at the end of that period. Source: ICRA MFI Explorer. For Additional (Debt s): classification of schemes in short term& long term is based on the average maturity of the scheme. # Name of. ## Name of Additional. ^ Past performance may or may not be sustained in the future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. <= 1 year: Absolute; > 1 year: CAGR (Compounded Issuer/Instrument Industry/Rating % to Net Assets Issuer/Instrument Industry/Rating % to Net Assets Top 10 Holdings Top 10 Holdings 8.97% Central Government SOV 27.07% 8.12% Central Government SOV 18.17% BMW India Financial Services Private Limited CRISIL AAA 17.97% Shriram Transport Finance Co Ltd. CRISIL AA 10.82% Kotak Mutual Fund - Kotak Gold ETF Mutual Fund Units 5.88% Solar Industries India Limited Chemicals 1.30% Infosys Ltd. Software 1.06% HDFC Bank Ltd. Banks 0.99% ITC Ltd. Consumer Non Durables 0.95% ICICI Bank Ltd. Banks 0.93% 8.3% Central Government SOV 21.67% 8.12% Central Government SOV 21.44% Shriram Transport Finance Co Ltd. FITCH AA(ind) 5.68% 8.97% Central Government SOV 3.04% India Infoline Finance Limited CRISIL AA- 2.87% Tata Motors Finance Ltd ICRA A+ 2.80% Cholamandalam and Finance Company Ltd ICRA AA 1.52% Export-Import Bank of India. CRISIL AAA 1.39% Syndicate Bank CRISIL A % ICICI Bank Ltd. Banks 0.76% Listed/Awaiting Listing on Stock Exchange - Total 17.65% Mutual Fund Units - Total 5.88% Corporate Debt/Financial Institutions - Total 28.79% Government d Securities - Total 45.24% Collateral Borrowing & Lending obligation 1.08% Net Current Assets/(Liabilities) 1.36% Average Maturity of the portfolio based on total maturity of fixed rate andimmediate reset date of floating rate instruments : 6.74 years. Total NPA provided and percentage tonav: NIL Term Deposit as provided above is towards margin for derivatives transactions Listed/Awaiting Listing on Stock Exchange - Total 17.91% Corporate Debt/Financial Institutions - Total 12.87% Public Sector Undertakings - Total 2.77% Government d Securities - Total 46.15% Public Sector Undertakings - Total 1.37% Collateral Borrowing & Lending obligation 17.90% Net Current Assets/(Liabilities) 1.03% Average Maturity of the portfolio based on total maturity of fixed rate and immediate reset date of floating rate instruments : 9.17 years. Total NPA provided and percentage to NAV: NIL Valuation of Goverment Securities are as per the Securities and Exchange Board of India (SEBI) circular No. MFD/ CIR/ No. 14/442/2002 dated February 20, Government d Securities 45.24% Government d Securities 46.15% Debentures and Bonds Equities Mutual Fund Units Net Current Assets 1.36% 1.08% 5.88% 17.65% 28.79% Equities CBLO & Term Deposits & Rev.Repo Debentures and Bonds Commercial Paper (CP)/ Certificate of Deposits (CD) Net Current Assets 1.37% 1.03% 17.91% 17.90% 15.64% Rating Profile AAA, SOV 63.21% A1+, AAA, SOV 50.29% Equities 17.65% Equities 17.91% AA 10.82% 17.9% Mutual Fund Units 5.88% AA, AA(ind), AA % Net Current Assets 1.36% A+ 2.8% 1.08% Net Current Assets 1.03% Think s. Think Kotak