November 30, Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Transcription

1 November 30, 2018 Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

2 INDEX Contents Page no. Expert Speak 1 Market Overview 2 Equity Market Snapshot 3 Debt Market Snapshot 4 Fund Name/ Name New SEBI scheme category Equity Funds Kotak Standard Multicap Fund (Erstwhile Kotak Select Focus) Multi Cap Fund 5 Kotak Emerging Equity Mid Cap Fund 6 Kotak Equity Opportunities Fund (Erstwhile Kotak Opportunities) Large & Mid Cap Fund 7 Kotak Bluechip Fund (Erstwhile Kotak Mahindra 50 Unit ) Large Cap Fund 8 Kotak Small Cap Fund (Erstwhile Kotak Midcap ) Small Cap Fund 9 Kotak Tax Saver ELSS 10 Kotak Infrastructure & Economic Reform Fund Sectoral/Thematic 11 Kotak India EQ Contra Fund (Erstwhile Kotak Classic Equity) Contra Fund 12 Kotak India Growth Fund Series 4 13 Kotak India Growth Fund Series 5 14 Kotak India Growth Fund Series 7 15 Arbitrage Funds Kotak Equity Arbitrage Fund Arbitrage Fund 16 Hybrid Funds Kotak Balanced Advantage Fund Balanced Advantage 19 Kotak Equity Hybrid (Erstwhile Kotak Balance) Aggressive Hybrid Fund 22 Kotak Equity Savings Fund Equity Savings 23 Kotak Debt Hybrid (Erstwhile Kotak MIP) Conservative Hybrid Fund 26 Debt Funds Kotak Mahindra Liquid Liquid Fund 27 Kotak Bond Short Term Plan Short Duration Fund 28 Kotak Savings Fund (Erstwhile Kotak Treasury Advantage Fund) Ultra Short Duration Fund 29 Kotak Money Market (Erstwhile Kotak Floater Short Term ) Money Market Fund 30 Kotak Duration Fund Duration Fund 31 Kotak Credit Risk Fund (Erstwhile Kotak Income Opportunities Fund) Credit Risk Fund 32 Kotak Medium Term Fund Medium Duration Fund 34 Kotak Bond (Erstwhile Kotak Mahindra Bond Unit 99) Medium to Long Duration Fund 36 Kotak Corporate Bond Fund Corporate Bond Fund 37 Kotak Banking & PSU Debt Fund Banking & PSU Fund 38 Kotak Mahindra Gilt Unit 98 - Investment Plan Gilt Fund 39 Kotak Dynamic Bond Fund (Erstwhile Kotak Flexi Debt ) Dynamic Bond 40 Exposure 41 Fund of Funds Kotak Asset Allocator Fund 43 Kotak US Equity Fund 44 Kotak Global Emerging Market Fund 45 Kotak World Gold Fund 46 ETF Funds Kotak Gold ETF 47 Kotak Nifty ETF 48 Kotak Sensex ETF 49 Kotak Banking ETF 50 Kotak PSU Bank ETF 51 Performance 52 About Our Fund Managers 59 Dividend History 61 How to read Fact Sheet 64

3 Expert Speak November 30, 2018 Dear Friends, The equities market has bounced back strongly. In fact better than expected by many market watchers. Since 26th Oct, the Nifty has risen by around 8.4% by end of November. This bounce back was on account of major change in the direction of global economy. More specifically, the sharp fall in the brent crude oil prices put domestic bulls in charge of the market. In within a month's timeframe, the brent crude prices fell from US 85 p/b to US 59 p/b nearly a 30% decline. On an annualised basis, if this price sustains at these levels, than India would end up saving around US 21 bn (annualised) in oil import cost. The crude price fall will reduce the pressure on imports bill and bring down the inflationary pressure on the economy. Having said that, the effects of the market meltdown during the Sept-Oct period are still visible. Especially in the midcaps and the smallcaps segment. Of the top 1000 stocks (ranked as per the market cap), nearly 75% of them have posted a negative 1 year return. More than one/third of the stocks prices in this list have fallen by more than -30% yoy. So, while the Nifty levels may indicate buoyancy, ample value opportunities may have been created in the small and midcaps segment due to the correction in the Sept-Oct month. For the debt market, the crude price fall has brought down the inflation expectation. This has improved the sentiment in the market. The 10 year gilt has fallen from 7.85% to 7.61% - a fall of 23 bps over the period. Having said that, while optimism is rising, the approach to allocation in duration may still be cautious. This mood prevails due to uncertainty in the political domain. There is concern that state elections and the subsequent general election may fuel populism and put eventual pressure on the fisc. RBI's monetary policy stance may be reflecting this view. On one hand, while the inflation has moderated, yet the expectation of fiscal slippages and global volatility seems to be playing on RBI's mind. In this backdrop, we believe that we may be in for a long rate pause, going ahead. From the channel partners perspective, the opportunities and challenges are balanced fairly well. On one hand we have growing investor acceptance and maturity; but on another we have cost competition. The game is now increasingly shifting towards overall portfolio return rather than facilitating transactions. This game will reward all and sundry who are be ambitious towards new customer acquisition, can deliver personalised service and can be innovative in managing costs. There is a belief that we may be witnessing the 'telecom' moment for our finance industry. By that I mean that basic banking, investments, insurance may be exponentially accessible to all at faster, easier and cheaper ways. For one, the Jandhan-Aadhar-Mobile telephony has drastically changed the nature of financial transactions today. I think, for the financial services to spread faster, it will have to speak the language of rural mass. Perhaps an HUL approach to rural India may be needed in finance sector to solve in problem of the last man / woman. And to quite a lot of extent, this has already begun to happen. On a side note, we recently organised and concluded a major IFA meet called the Equity Colloquium. Among much deliberation, there was a distinct learning that process-led funds would trump over individual ability in generating wealth over the long run. This IFA meet brought in the knowledge creators and knowledge seekers together in the same room. We have received well rounded praise for our efforts to reduce the distance between fund managers and channel partners. Rest assured that our endeavour to create and improve similar platforms would only increase over time. Thanks and Regards, Nilesh Shah Managing Director 1 1

4 Market Overview Key Events for the Month of November 2018: India s GDP growth eased to a 3 quarter low 7.1% in Q2 FY2019 from 8.2% in Q1 FY2019 relative to 6.3% recorded in Q2FY2018. Consumer Inflation eases to 3.31% in October, slowest pace in 13 months. Indian equities recovered from Oct lows (Nifty +5%) as crude falling ~22% over the month stoked the bullish sentiment, driving INR up. The Monetary Policy Committee (MPC) kept repo rate unchanged at 6.5%. It also left LAF corridor unchanged, leaving reverse repo and MSF at 6.25% and 6.75% respectively. Sep IIP growth slipped to 4.5% due to slower expansion in mining (0.2%) pulling down overall industrial growth. Manufacturing was up 4.6% while electricity generation rose 8.2%. Capital goods production slowed to 5.8%. Positive growth in 17 of the 23 industry groups in the manufacturing sector. India's Oct Trade Deficit Widens to 17.13bn even as exports bounce back. Imports rose 17.6% while exports rose 17.86% in Oct'18. RBI conducted OMO purchases worth Rs.500bn in Nov. Market Valuation Indicators Sensex Above Fair Value Plus Range 12-month forward Sensex P/B (x) India s Market Cap to GDP (%) Sensex P/B (x) - LHS Average of 78% for the period Nov-91 Nov-92 Nov-93 Nov-94 Nov-95 Nov-96 Nov-97 Nov-98 Nov-99 Nov-00 Nov-01 Nov-02 Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Nov-17 Nov Source: Axis Capital Source: Axis Capital Market Equity Allocaion Bubble Stretched Fair Value Plus Fair Attractive Cheap Exit 5% - 10% Under Invest 15%- 25% Neutral - 35% - 45% Neutral 50% Neutral + 65% - 75% Over Invest 80% - 90% Suggested equity allocation (Assuming 50% equity allocation as neutral) Nov-15 Dec-15 Jan-16 Feb-16 Mar month forward Sensex P/E (x) Stretched 20x - 24x Fair Value Plus 17x - 20x Fair 13x - 17x Attractive 10x - 13x Cheap 8x - 10x Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Source:Internal Calculation Strategy for Investments in the Current Scenario 2

5 Equity Market Snapshot Midcaps Relative Valuations vs Nifty Has Corrected Back To 2014 s 1.5 (7 DMA) Midcaps Relative Valuations vs Nifty *2014 lows Beginning of the midcap bull market Nifty Midcap 12m forward PE Relative to Nifty 12m forward PE Average 0.9 Midcap relative valuation v/s Nifty back to 2014 zone when this leg of midcap bull run had begun 0.8 Jan-14 Jul-14 Feb-15 Aug-15 Mar-16 Sep-16 Apr-17 Oct-17 May-18 Nov-18 Source: Bloomberg Smallcaps Relative Valuations vs Nifty Has Also Corrected Back To 2014 & 2016 s (7 DMA) Smallcaps Relative Valuations vs Nifty Nifty Smallcap 12 month forward PE relative to Nifty 12 month forward PE Average Smallcap relative valuation v/s Nifty - Back to 2014 & 2016 zone which is a strong support zone 0.5 Jan-14 Jul-14 Feb-15 Aug-15 Mar-16 Sep-16 Apr-17 Oct-17 May-18 Nov-18 Source: Bloomberg Key Variables & their Impact On Equity Key Variables Short - term Medium - term Remarks Economy Corporate Earnings FII Flow DII Flow GST to impact near-term activity especially informal segment Improving operating leverage, falling interest costs and improvement in working capital can accelerate earnings, but a bit back-ended. Key is improvement in capacity utilisation India stands out among global asset classes with prospects of strong long term growth. Growth in FII flows to moderate Supply of paper er disinvestment target and repair of leveraged balance sheet to create supply in markets. Policy/Reform Initiative Election heavy year can dampen near term outlook for meaningful reform Signifies growth 3

6 Debt Market Snapshot Items Nov-18 Oct-18 Change Reverse Repo 6.25% 6.25% Nil Repo 6.50% 6.50% Nil CRR 4.00% 4.00% Nil SLR 19.50% 19.50% Nil Mibor Overnight 6.55% 6.60% Nil Call(O/N) 6.41% 6.43% -2 bps CBLO 5.86% 6.42% -56 bps 1 yr T Bill 7.19% 7.47% -28 bps 10 G Sec 7.61% 7.85% -24 bps 5 Year AAA 8.64% 8.76% -12 bps USD/INR ` ` `4.33 Source: RBI; Bloomberg. Decline In 10 Year Gilt Yield Due To RBI Intervention And Fall In Crude Price % 10 Year Gilt Nov Crude Oil plunged ~20-22% in Nov RBI conducted Rs.500bn worth OMO in Nov % Nov 2-Nov 3-Nov 4-Nov 5-Nov 6-Nov 7-Nov 8-Nov 9-Nov 10-Nov 11-Nov 12-Nov 13-Nov 14-Nov 15-Nov 16-Nov 17-Nov 18-Nov 19-Nov 20-Nov 21-Nov 22-Nov 23-Nov 24-Nov 25-Nov 26-Nov 27-Nov 28-Nov 29-Nov 30-Nov 1-Dec 2-Dec 3-Dec 4-Dec 5-Dec Source: Bloomberg Total Liquidity in INR bn Banking System Liquidity Improving Banking Liquidity (56.24) (250.00) (500.00) (750.00) (1,000.00) (1,250.00) (1,500.00) 1-Aug-18 8-Aug Aug Aug Aug-18 5-Sep Sep Sep Sep-18 3-Oct Oct Oct Oct Oct-18 7-Nov Nov Nov Nov-18 5-Dec-18 RBI has managed to keep overnight rate close to the repo rate. RBI has announced 40k OMO for the month of Dec-18. Post policy conference, Viral Archarya mentioned that OMO may continue till March-19 Key Variables & their Impact On Interest Rates in 2018 Source: RBI, As on 4th Dec 2018 Key Variables Inflation Rupee Credit Demand Government Borrowing RBI Policy Global Event Risk Corporate bond Spread Debt FII flow Liquidity Short - term (3-6 months) Medium term (6months 2 years) Denotes fall in interest rates 4 4

7 KOTAK STANDARD MULTICAP FUND (Erstwhile Kotak Select Focus) Multi cap fund - An open-ended equity scheme investing across large cap, mid cap, small cap stocks Investment style Value Blend Growth Size Large Mid Small Fund Manager: Mr. Harsha Upadhyaya* A The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, generally focused on a few selected sectors. However, there is no assurance that the objective of the scheme will be realized. Available Plans/Options A) Regular Plan B) Direct Plan Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover Beta Sharpe## Standard Deviation `20, crs `21, crs : Nifty 200 Allotment date: September 11, 2009 Folio count: 1,160,237 Source: ICRA MFI Explorer. Initial Investment: `5000 and in multiple of `1 for purchase and of `0.01 for switches Additional Investment: `1000 & in multiples of `1 Ideal Investments Horizon: 3 years & above Entry Load: Nil. (applicable for all plans) Exit Load: a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units:1% b) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units: NIL Regular:2.05%; Direct: 0.92% 35.29% % Equity & Equity related HDFC Bank Ltd. Banks 7.29 Reliance Industries Ltd. Petroleum Products 6.56 ICICI Bank Ltd. Banks 6.32 Larsen And Toubro Ltd. Construction Project 5.30 Infosys Ltd. Software 4.29 Axis Bank Ltd Banks 3.81 Tata Consultancy Services Ltd. Software 3.18 State Bank Of India Banks 2.73 HDFC Ltd. Finance 2.70 ITC Ltd. Consumer Non Durables 2.61 RBL Bank Ltd Banks 2.58 Bharat Financial Inclusion Limited Finance 2.54 Petronet LNG Ltd. Gas 2.33 Hero MotoCorp Ltd. Auto 2.07 GAIL (India) Ltd. Gas 2.01 Ultratech Cement Ltd. Cement 1.87 Mahindra & Mahindra Ltd. Auto 1.86 Britannia Industries Ltd. Consumer Non Durables 1.78 Shree Cement Ltd. Cement 1.63 AU Small Finance Bank Ltd. Banks 1.56 ICICI Lombard General Insurance Company Ltd Finance 1.51 Indraprastha Gas Ltd. Gas 1.51 The Ramco Cements Ltd Cement 1.38 Bajaj Finance Limited Finance 1.31 Lupin Ltd. Pharmaceuticals 1.24 Container Corporation of India Ltd. Transportation 1.18 Bharat Electronics Ltd Industrial Capital Goods 1.11 Godrej Consumer Products Ltd. Consumer Non Durables 0.95 Kec International Ltd. Construction Project 0.93 Cadila Healthcare Ltd. Pharmaceuticals 0.92 Maruti Suzuki India Limited Auto 0.90 Bata India Ltd. Consumer Durables 0.88 Jindal Steel & Power Ltd. Ferrous Metals 0.88 MRF Limited Auto Ancillaries 0.85 Inter Globe Aviation Ltd Transportation 0.83 Bajaj Finserv Ltd. Finance 0.82 Note: Term Deposit as provided above is towards margin for derivatives transactions Equity Derivative Exposuer is -1.31% SECTOR ALLOCATION (%) HDFC Standard Life Insurance Company Ltd Finance 0.82 SBI Life Insurance Company Ltd Finance 0.82 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.78 Century Textiles & Industries Ltd. Textile 0.70 Avenue Supermarts Ltd Retailing 0.65 Bharat Petroleum Corporation Ltd. Petroleum Products 0.65 Max Financial Services Ltd. Finance 0.65 AIA Engineering Limited Industrial Products 0.62 Bayer Cropscience Ltd. Pesticides 0.52 Solar Industries India Limited Chemicals 0.46 Jubilant Foodworks Limited Consumer Non Durables 0.45 Arvind Fashion Ltd. Textile Products 0.40 Ashok Leyland Ltd. Auto 0.39 BEML Ltd Industrial Capital Goods 0.33 Arvind Ltd Textile Products 0.24 Techno Electric & Engineering Company Limited Construction Project 0.22 Laurus Labs Ltd Pharmaceuticals 0.18 Whirlpool of India Ltd. Consumer Durables 0.18 Anup Engineering Ltd. Textile Products 0.07 Max India Limited Healthcare Services 0.06 Equity & Equity Related - Total Futures CNX NIFTY-DEC Bharat Electronics Ltd-DEC Jindal Steel & Power Ltd. -DEC TERM DEPOSITS HDFC Bank Ltd Term Deposits - Total 0.58 Tri Party Repo 7.08 Net Current / (Liabilities) 0.93 Grand Total Investors understand that their principal will be at moderately high risk Long term capital growth Investment Portfolio of predominantly equity & equity related securities generally focused on a few selected sectors across market capitalisation. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Monthly SIP of ` Total amount invested ( `) Total Value as on Nov 30, 2018 ( `) Returns (%) Nifty 200 (TRI) ( `)# Nifty 200 (TRI) Returns (%) Nifty 50 (TRI) ( `)^ Nifty 50 (TRI) Returns (%) Financial Services Energy Consumer Goods Information Technology Cash & Cash Equivalent Construction Automobile Cement & Cement Products Pharma Industrial Manufacturing SYSTEMATIC INVESTMENT PLAN (SIP) Systematic Investment Plan (SIP) If you had invested `10,000 every month Since Inception 7 years 5 years 3 years 1 year 11,10,000 8,40,000 6,00,000 3,60,000 1,20,000 23,04,108 15,04,112 8,38,549 4,21,891 1,19, ,56,975 13,35,622 7,98,298 4,26,408 1,20, ,12,598 13,04,461 7,93,748 4,33,188 1,22, Inception : - September 11, 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. # ; ^ Additional **Actual TER (Regular 2.04%) is lower on account of statutory reversal of management fees in case of investments in bank fixed Deposits, AMC investments, investments by other schemes of the AMC. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Index instead of Price Return Variant (PRI). Kotak Standard Multicap Fund (Erstwhile Kotak Select Focus) NAV as on November 30, 2018: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) *For Fund Manager experience, please refer page ## Risk rate assumed to be 6.55% (FBIL Overnight MIBOR rate as on 30th November 2018). **Total Expense Ratio includes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no

8 KOTAK EMERGING EQUITY SCHEME Mid cap fund - An open-ended equity scheme predominantly investing in mid cap stocks Investment style Value Blend Growth Size Large Mid Small Fund Manager: Mr. Pankaj Tibrewal* A 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 companies. The scheme may also invest in debt and money market instruments, as per the asset allocation table. There is no assurance that the investment objective of the scheme will be achieved. Available Plans/Options A) Regular Plan B) Direct Plan Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover Beta Sharpe## Standard Deviation Source: ICRA MFI Explorer. 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 Entry Load: Nil. (applicable for all plans) Exit Load: a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units:1%. b) For redemption/switch outs (including SIP/STP) after 1 year from the date of allotment of units: Nil. Regular: 2.14%; Direct: 0.80% `3, crs `3, crs : Nifty Free Float Midcap 100 Allotment date: March 30, 2007 Folio count: 2,84, % % Investors understand that their principal will be at moderately high risk Long term capital growth Investment in equity & equity related securities predominantly in mid cap companies. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Equity & Equity related Schaeffler India Ltd Industrial Products 3.68 Bharat Financial Inclusion Limited Finance 3.56 The Ramco Cements Ltd Cement 3.56 RBL Bank Ltd Banks 3.39 Atul Ltd. Chemicals 3.25 Supreme Industries Limited Industrial Products 2.96 P I Industries Ltd Pesticides 2.94 Thermax Ltd. Industrial Capital Goods 2.60 Solar Industries India Limited Chemicals 2.50 Shriram City Union Finance Ltd. Finance 2.34 AU Small Finance Bank Ltd. Banks 2.28 Coromandel International Ltd. Fertilisers 2.18 Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.10 Emami Ltd. Consumer Non Durables 2.07 Finolex Cables Ltd. Industrial Products 2.03 SKF India Ltd Industrial Products 2.01 Kajaria Ceramics Ltd. Construction 2.00 Apollo Hospitals Enterprises Ltd. Healthcare Services 1.97 APL Apollo Tubes Limited Ferrous Metals 1.96 Exide Industries Ltd Auto Ancillaries 1.96 Shree Cement Ltd. Cement 1.94 Oberoi Realty Ltd Construction 1.90 Indraprastha Gas Ltd. Gas 1.89 Sundaram Finance Ltd. Finance 1.85 Mahindra & Mahindra Financial Services Ltd. Finance 1.83 Tata Global Beverages Limited Consumer Non Durables 1.82 SRF Ltd. Textile Products 1.79 Motherson Sumi Systems Ltd. Auto Ancillaries 1.69 Amara Raja Batteries Ltd. Auto Ancillaries 1.68 City Union Bank Ltd. Banks 1.63 Future Retail Ltd. Retailing 1.63 Godrej Agrovet Ltd Consumer Non Durables 1.49 Bata India Ltd. Consumer Durables 1.40 Federal Bank Ltd. Banks 1.39 Edelweiss Financial Services Ltd Finance 1.35 Notes: Term Deposit as provided above is towards margin for derivatives transactions. Equity Derivative Exposuer is 0.99% Large Cap, Midcap and Small cap stocks as a % age of Net : 4.35%, 65.79% & 27.61%. Monthly SIP of ( `) Total amount invested ( `) Total Value as on Nov 30, 2018 ( `) Returns (%) Nifty Midcap 100 (TRI) ( `)# Nifty Midcap 100 (TRI) Returns (%) Nifty 50 (TRI) ( `)^ Nifty 50 (TRI) Returns (%) SECTOR ALLOCATION (%) Kewal Kiran Clothing Limited. Textile Products 1.31 Lux Industries Limited Textile Products 1.29 Divi s Laboratories Limited Pharmaceuticals 1.26 Eris Lifesciences Ltd Pharmaceuticals 1.22 TI Financial Holding ltd. Finance 1.10 Abbott India Ltd. Pharmaceuticals 1.07 Gujarat State Petronet Ltd. Gas 1.00 Hawkins Cooker Ltd Household Appliances 0.97 Whirlpool of India Ltd. Consumer Durables 0.96 Navneet Education Ltd. Media and Entertainment 0.95 Voltas Ltd. Construction Project 0.94 Laurus Labs Ltd Pharmaceuticals 0.79 Kirloskar Oil Engines Ltd. Industrial Products 0.77 Persistent Systems Limited Software 0.76 Eveready Industries India Ltd. Consumer Non Durables 0.75 Jindal Steel & Power Ltd. Ferrous Metals 0.74 BEML Ltd Industrial Capital Goods 0.73 MRF Limited Auto Ancillaries 0.72 Ramkrishna Forgings Ltd. Industrial Products 0.71 PNC Infratech Ltd Construction 0.64 ICICI Securities Ltd Finance and Investments 0.50 Sheela Foam Ltd Consumer Durables 0.43 D-Link (India) Ltd Hardware 0.19 WPIL Ltd Industrial Products 0.17 Sundaram Finance Holdings Limited. Finance 0.09 V-Guard Industries Ltd. Industrial Capital Goods 0.08 Equity & Equity Related - Total Futures Voltas Ltd.-DEC V-Guard Industries Ltd.-DEC TERM DEPOSITS HDFC Bank Ltd Term Deposits - Total 0.15 Tri Party Repo 2.99 Net Current /(Liabilities) 0.10 Grand Total Financial Services Industrial Manufacturing Consumer Goods Automobile Pharma Construction Chemicals Cement & Cement Products Fertilisers & Pesticides Textiles SYSTEMATIC INVESTMENT PLAN (SIP) Systematic Investment Plan (SIP) If you had invested `10,000 every month Since Inception 10 years 7 years 5 years 3 years 1 year ,10,000 12,00,000 8,40,000 6,00,000 3,60,000 1,20,000 37,11,108 29,92,881 15,88,694 8,34,486 3,91,457 1,10, ,51,608 25,34,162 14,08,035 7,96,843 3,92,429 1,10, ,25,369 22,44,171 13,04,461 7,93,748 4,33,188 1,22, Inception : - March 30, 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. # ; ^ Additional TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Index instead of Price Return Variant (PRI). Kotak Emerging Equity NAV as on November 30, 2018: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) *For Fund Manager experience, please refer page ## Risk rate assumed to be 6.55% (FBIL Overnight MIBOR rate as on 30th November 2018). **Total Expense Ratio includes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no With Effect from 25th May 2018, the is changed to Nifty Free Float Midcap

9 KOTAK EQUITY OPPORTUNITIES FUND (Erstwhile Kotak Opportunities) Large & mid cap fund - An open-ended equity scheme investing in both large cap and mid cap stocks Investment style Value Blend Growth Size Large Mid Small Fund Manager: Mr. Harsha Upadhyaya* A The investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity and equity related securities. The scheme will invest predominantly in a mix of large and mid cap stocks from various sectors, which look promising, based on the growth pattern in the economy. There is no assurance that the investment objective of the scheme will be achieved. Available Plans/Options A) Regular Plan B) Direct Plan Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover Beta Sharpe ## Standard Deviation `2, crs `2, crs : Nifty 200 Allotment date: September 9, 2004 Folio count: 1,39,052 Source: ICRA MFI Explorer. 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 Entry Load: Nil. (applicable for all plans) Exit Load: a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units: 1% b) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units: NIL Regular: 2.15%; Direct: 1.09% 98.20% % Investors understand that their principal will be at moderately high risk Long term capital growth Investment in portfolio of predominantly equity & equity related securities of large & midcap companies. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Equity & Equity related HDFC Bank Ltd. Banks 6.81 Reliance Industries Ltd. Petroleum Products 5.73 ICICI Bank Ltd. Banks 5.41 Tata Consultancy Services Ltd. Software 5.16 Infosys Ltd. Software 4.55 Larsen And Toubro Ltd. Construction Project 4.28 Bharat Financial Inclusion Limited Finance 4.04 Gujarat State Petronet Ltd. Gas 3.03 Axis Bank Ltd Banks 2.93 AIA Engineering Limited Industrial Products 2.90 Thermax Ltd. Industrial Capital Goods 2.80 Coromandel International Ltd. Fertilisers 2.56 The Ramco Cements Ltd Cement 2.38 Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.08 Schaeffler India Ltd Industrial Products 2.03 Indraprastha Gas Ltd. Gas 2.02 Bata India Ltd. Consumer Durables 2.00 Max Financial Services Ltd. Finance 1.91 ICICI Lombard General Insurance Company Ltd Finance 1.78 Avenue Supermarts Ltd Retailing 1.76 Shree Cement Ltd. Cement 1.76 Petronet LNG Ltd. Gas 1.74 GAIL (India) Ltd. Gas 1.72 Godrej Agrovet Ltd Consumer Non Durables 1.69 Jindal Steel & Power Ltd. Ferrous Metals 1.45 AU Small Finance Bank Ltd. Banks 1.42 SRF Ltd. Textile Products 1.38 Colgate Palmolive (India) Ltd. Consumer Non Durables 1.35 Jubilant Foodworks Limited Consumer Non Durables 1.34 Century Textiles & Industries Ltd. Textile 1.28 Linde India Ltd. Chemicals 1.26 TI Financial Holding ltd. Finance 1.18 Indian Bank Banks 1.13 Lupin Ltd. Pharmaceuticals 1.13 Cummins India Ltd. Industrial Products 1.12 Note: Term Deposit as provided above is towards margin for derivatives transactions. Equity Derivative Exposuer is -0.70% Note: Large Cap, Midcap and Small cap stocks as a % age of Net : 48.44%, 38.9% & 11.61%. Monthly SIP of ( `) Total amount invested ( `) Total Value as on Nov 30, 2018 ( `) Returns (%) Nifty 200 (TRI) ( `)# Nifty 200 (TRI) Returns (%) Nifty 50 (TRI) ( `)^ Nifty 50 (TRI) Returns (%) SECTOR ALLOCATION (%) ITC Ltd. Consumer Non Durables 1.10 Supreme Industries Limited Industrial Products 1.06 DR.Lal Pathlabs Ltd Healthcare Services 1.01 Odisha Cement Ltd Cement 1.00 BEML Ltd Industrial Capital Goods 0.88 Healthcare Global Enterprises Ltd Healthcare Services 0.85 Heritage Foods Ltd Consumer Non Durables 0.73 Edelweiss Financial Services Ltd Finance 0.71 JK Cement Ltd. Cement 0.68 Emami Ltd. Consumer Non Durables 0.65 Bharat Electronics Ltd Industrial Capital Goods 0.54 Techno Electric & Engineering Company Limited Construction Project 0.53 Whirlpool of India Ltd. Consumer Durables 0.52 Arvind Fashion Ltd. Textile Products 0.44 Arvind Ltd Textile Products 0.26 Swaraj Engines Ltd Industrial Products 0.12 Anup Engineering Ltd. Textile Products 0.08 Equity & Equity Related - Total Preference Shares 6% Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.04 Preference Share - Total 0.04 Futures Bharat Electronics Ltd-DEC TERM DEPOSITS HDFC Bank Ltd Term Deposits - Total 0.21 Tri Party Repo 1.19 Net Current / (Liabilities) 0.29 Grand Total Financial Services Energy Industrial Manufacturing Consumer Goods Information Technology Cement & Cement Products Construction Pharma Fertilisers & Pesticides Textiles SYSTEMATIC INVESTMENT PLAN (SIP) Systematic Investment Plan (SIP) If you had invested `10,000 every month Since Inception 10 years 7 years 5 years 3 years 1 year ,10,000 12,00,000 8,40,000 6,00,000 3,60,000 1,20,000 50,70,632 24,54,510 13,78,163 7,92,557 4,05,186 1,16, ,85,795 23,08,429 13,35,622 7,98,298 4,26,408 1,20, ,32,426 22,44,118 13,04,461 7,93,748 4,33,188 1,22, Inception : - September 09, The returns are calculated by XIRR approach assuming investment of Rs. 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. # ; ^ Additional TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Index instead of Price Return Variant (PRI). **Actual TER (Regular 2.12%) is lower on account of statutory reversal of management fees in case of investments in bank fixed Deposits, AMC investments, investments by other schemes of the AMC. Kotak Equity Opportunities Fund (Erstwhile Kotak Opportunities) NAV as on November 30, 2018: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) *For Fund Manager experience, please refer page ## Risk rate assumed to be 6.55% (FBIL Overnight MIBOR rate as on 30th November 2018). **Total Expense Ratio includes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no With Effect from 1st June 2018, the Name is changed to Nifty 200 TRI from Nifty 500 TRI. The above performance is benchmarked to Nifty 200 TRI 7 7

10 KOTAK BLUECHIP FUND (Erstwhile Kotak Mahindra 50 Unit ) Large cap fund - An open-ended equity scheme predominantly investing in large cap stocks Investment style Value Blend Growth Size Large Mid Small Fund Manager: A To generate capital appreciation from a portfolio of predominantly equity and equity related securities falling under the category of large cap companies. There is no assurance that the investment objective of the scheme will be achieved. Available Plans/Options A) Regular Plan B) Direct Plan Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover Beta Sharpe## Standard Deviation Source: ICRA MFI Explorer. Mr. Harish Krishnan* `1, crs `1, crs : NIFTY 50 Allotment date: December 29, 1998 Folio count: 94,448 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 Entry Load: Nil. (applicable for all plans) Exit Load: a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units: 1%. b) For redemption/switch outs (including SIP/STP) after 1 year from the date of allotment of units: Nil. Regular: 2.23%; Direct: 1.15% 76.93% % Equity & Equity related HDFC Bank Ltd. Banks 8.93 Reliance Industries Ltd. Petroleum Products 7.93 HDFC Ltd. Finance 5.05 ICICI Bank Ltd. Banks 4.97 Infosys Ltd. Software 4.78 ITC Ltd. Consumer Non Durables 4.22 Tata Consultancy Services Ltd. Software 4.19 Larsen And Toubro Ltd. Construction Project 3.30 IndusInd Bank Ltd. Banks 3.24 Tech Mahindra Ltd. Software 3.20 Axis Bank Ltd Banks 3.15 Mahindra & Mahindra Ltd. Auto 3.08 State Bank Of India Banks 2.96 Maruti Suzuki India Limited Auto 2.20 Asian Paints Ltd. Consumer Non Durables 2.00 GAIL (India) Ltd. Gas 1.53 RBL Bank Ltd Banks 1.47 GlaxoSmithkline Consumer Healthcare Ltd Consumer Non Durables 1.46 Cadila Healthcare Ltd. Pharmaceuticals 1.42 Motherson Sumi Systems Ltd. Auto Ancillaries 1.39 Shree Cement Ltd. Cement 1.35 Dabur India Ltd Consumer Non Durables 1.34 Sanofi India Ltd. Pharmaceuticals 1.28 ICICI Lombard General Insurance Company Ltd Finance 1.19 Solar Industries India Limited Chemicals 1.15 Schaeffler India Ltd Industrial Products 1.13 Bata India Ltd. Consumer Durables 1.12 Supreme Industries Limited Industrial Products 1.11 Bandhan Bank Limited Banks 1.08 Hindustan Zinc Ltd. Non - Ferrous Metals 1.08 Sun Pharmaceuticals Note: Term Deposit as provided above is towards margin for derivatives transactions Note: Large Cap, Midcap and Small cap stocks as a % age of Net : 81.69%, 10.42% & 4.95% SECTOR ALLOCATION (%) Industries Ltd. Pharmaceuticals 0.99 Britannia Industries Ltd. Consumer Non Durables 0.97 Nestle India Ltd. Consumer Non Durables 0.97 Ultratech Cement Ltd. Cement 0.97 Ashok Leyland Ltd. Auto 0.92 Sun TV Network Ltd. Media and Entertainment 0.88 Eicher Motors Ltd Auto 0.87 Inter Globe Aviation Ltd Transportation 0.85 Amara Raja Batteries Ltd. Auto Ancillaries 0.84 The Ramco Cements Ltd Cement 0.81 Pfizer Ltd. Pharmaceuticals 0.75 Gujarat Gas Company Ltd Gas 0.71 Indraprastha Gas Ltd. Gas 0.67 Wipro Ltd. Software 0.65 Coromandel International Ltd. Fertilisers 0.60 Odisha Cement Ltd Cement 0.58 Zee Entertainment Enterprises Ltd Media and Entertainment 0.54 Edelweiss Financial Services Ltd Finance 0.50 Bharat Petroleum Corporation Ltd. Petroleum Products 0.48 Bharat Financial Inclusion Limited Finance 0.22 Equity & Equity Related - Total TERM DEPOSITS HDFC Bank Ltd Term Deposits - Total 0.48 Tri Party Repo 1.77 Net Current / (Liabilities) 0.68 Grand Total Investors understand that their principal will be at moderately high risk Long term capital growth Investment in portfolio of predominantly equity & equity related securities of large cap companies * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Monthly SIP of ( `) Total amount invested ( `) Total Value as on Nov 30, 2018 ( `) Returns (%) Nifty 50 (TRI) ( `)# Nifty 50 (TRI) Returns (%) S&P BSE SENSEX (TRI) ( `)^ S&P BSE SENSEX (TRI) Returns (%) Financial Services Information Technology Consumer Goods Energy Automobile Pharma Construction Cement & Cement Products Cash & Cash Equivalent Industrial Manufacturing SYSTEMATIC INVESTMENT PLAN (SIP) Systematic Investment Plan (SIP) If you had invested `10,000 every month Since Inception 10 years 7 years 5 years 3 years 1 year 19,00,000 12,00,000 8,40,000 6,00,000 3,60,000 1,20,000 67,72,189 21,96,321 12,71,219 7,56,669 4,01,220 1,17, ,03,471 22,44,171 13,04,461 7,93,748 4,33,188 1,22, ,95,762 22,84,360 13,22,663 8,04,092 4,42,310 1,24, Inception : - December 29, 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. # ; ^ Additional TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Index instead of Price Return Variant (PRI). As TRI data is not available since inception of the scheme, benchmark SIP Performance is calculated by taking S&P BSE Sensex PRI values from 29th Dec 1998 to 31st May 2007 and TRI Values since 31st May Kotak Bluechip Fund (Erstwhile Kotak Mahindra 50 Unit ) NAV as on November 30, 2018: ` (Dividend Option), `35.87 (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) *For Fund Manager experience, please refer page ## Risk rate assumed to be 6.55% (FBIL Overnight MIBOR rate as on 30th November 2018). **Total Expense Ratio includes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no

11 KOTAK SMALL CAP FUND (Erstwhile Kotak Midcap ) Small cap fund - An open-ended equity scheme predominantly investing in small cap stocks Investment style Value Blend Growth Size Large Mid Small Fund Manager: Mr. Pankaj Tibrewal* A However, there is no assurance that the objective of the scheme will be realized the investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity and equity related securities by investing... predominantly in small cap companies. There is no assurance that the investment objective of the scheme will be achieved. Available Plans/Options A) Regular Plan B) Direct Plan Options: Dividend Payout, Dividend Reinvestment & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover Beta Sharpe## Standard Deviation `1, crs `1, crs : NIFTY Smallcap 50 Allotment date: February 24, 2005 Folio count: 61,032 Source: ICRA MFI Explorer. 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 Entry Load: Nil. (applicable for all plans) Exit Load: a) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units:1% b) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units: NIL Regular: 2.34%; Direct: 1.21% 70.62% % Equity & Equity related Atul Ltd. Chemicals 2.95 Solar Industries India Limited Chemicals 2.93 Dixon Technologies India Ltd Consumer Durables 2.47 IndusInd Bank Ltd. Banks 2.43 Prataap Snacks Ltd Consumer Non Durables 2.43 JK Cement Ltd. Cement 2.36 APL Apollo Tubes Limited Ferrous Metals 2.30 Ratnamani Metals & Tubes Ltd. Ferrous Metals 2.29 JMC Projects (India) Ltd Construction 2.24 The Ramco Cements Ltd Cement 2.23 Techno Electric & Engineering Company Limited Construction Project 2.22 RBL Bank Ltd Banks 2.14 AU Small Finance Bank Ltd. Banks 2.10 Galaxy Surfactants Ltd Chemicals 2.09 Schaeffler India Ltd Industrial Products 2.06 Apollo Pipes Ltd Finance and Investments 2.01 Eveready Industries India Ltd. Consumer Non Durables 2.00 Sheela Foam Ltd Consumer Durables 1.97 WPIL Ltd Industrial Products 1.97 P I Industries Ltd Pesticides 1.79 Lux Industries Limited Textile Products 1.72 Kajaria Ceramics Ltd. Construction 1.70 V.S.T Tillers Tractors Ltd Auto 1.66 Persistent Systems Limited Software 1.65 Mahindra & Mahindra Financial Services Ltd. Finance 1.62 Kewal Kiran Clothing Limited. Textile Products 1.58 Blue Star Ltd. Consumer Durables 1.56 Mahindra Lifespace Developers Ltd Construction 1.55 Thermax Ltd. Industrial Capital Goods 1.48 Amber Enterprises India Ltd Consumer Durables 1.46 Shriram City Union Finance Ltd. Finance 1.44 Nilkamal Ltd Industrial Products 1.42 ICICI Bank Ltd. Banks 1.39 Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.39 MRF Limited Auto Ancillaries 1.38 Heritage Foods Ltd Consumer Non Durables 1.37 Shoppers Stop Ltd. Retailing 1.35 Supreme Industries Limited Industrial Products 1.34 Coromandel International Ltd. Fertilisers 1.30 Hawkins Cooker Ltd Household Appliances 1.30 Aavas Financiers Ltd Finance 1.25 Vardhman Textiles Ltd. Textiles - Cotton 1.19 Term Deposit as provided above is towards margin for derivatives transactions Equity Derivative Exposuer is 1.64% Note: Large Cap, Midcap and Small cap stocks as a % age of Net : 9.06%, 19.14% & 68.95% SECTOR ALLOCATION (%) Finolex Cables Ltd. Industrial Products 1.18 Laurus Labs Ltd Pharmaceuticals 1.18 SKF India Ltd Industrial Products 1.11 Hindustan Oil Exploration Company Ltd. Oil 1.10 Cadila Healthcare Ltd. Pharmaceuticals 1.08 Motherson Sumi Systems Ltd. Auto Ancillaries 1.05 Apar Industries Limited Industrial Capital Goods 0.98 Shree Cement Ltd. Cement 0.98 BEML Ltd Industrial Capital Goods 0.96 Ipca Laboratories Ltd. Pharmaceuticals 0.96 Bajaj Finance Limited Finance 0.84 Strides Pharma Science Ltd Pharmaceuticals 0.76 Arvind Fashion Ltd. Textile Products 0.71 Sundaram Finance Ltd. Finance 0.71 Navneet Education Ltd. Media and Entertainment 0.65 Varroc Engineering Ltd. Auto Ancillaries 0.65 Great Eastern Shipping Company Ltd Transportation 0.64 Century Plyboards (India) Ltd. Consumer Durables 0.61 Sadbhav Engineering Ltd. Construction Project 0.56 Security and Intelligence Services India Ltd Commercial Services 0.43 Arvind Ltd Textile Products 0.42 Carborundum Universal Ltd. Industrial Products 0.42 Vinati Organics Ltd Chemicals 0.34 Anup Engineering Ltd. Textile Products 0.12 Solara Active Pharma Sciences Ltd. Pharmaceuticals 0.08 Equity & Equity Related - Total Futures V-Guard Industries Ltd. -DEC Options CNX NIFTY Put Option - December Options Total 0.09 TERM DEPOSITS HDFC Bank Ltd Term Deposits - Total 0.39 Tri Party Repo 3.90 Net Current / (Liabilities) 0.02 Grand Total Investors understand that their principal will be at moderately high risk Long term capital growth Investment in equity & equity related securities predominantly in small cap Stocks. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Monthly SIP of ( `) Total amount invested ( `) Total Value as on Nov 30, 2018 ( `) Returns (%) Nifty Smallcap 50 (TRI) ( `)# Nifty Smallcap 50 (TRI) Returns (%) Nifty 50 (TRI) ( `)^ Nifty 50 (TRI) Returns (%) Financial Services Consumer Goods Industrial Manufacturing Chemicals Construction Textiles Cement & Cement Products Pharma Automobile Metals SYSTEMATIC INVESTMENT PLAN (SIP) Systematic Investment Plan (SIP) If you had invested `10,000 every month Since Inception 10 years 7 years 5 years 3 years 1 year 16,60,000 12,00,000 8,40,000 6,00,000 3,60,000 1,20,000 45,77,493 26,96,227 14,19,440 7,70,431 3,71,500 1,06, NA 16,76,866 10,42,484 5,98,724 3,09,411 92,725 NA ,80,535 22,44,171 13,04,461 7,93,748 4,33,188 1,22, Inception : - February 24,2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ Additional **Actual TER (Regular 2.28% and Direct 1.20%) is lower on account of statutory reversal of management fees in case of investments in bank fixed Deposits, AMC investments, investments by other schemes of the AMC. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Index instead of Price Return Variant (PRI). Kotak Small Cap Fund (Erstwhile Kotak Midcap ) as on November 30, 2018: ` (Dividend Option), `37.998(Direct Dividend Option), `68.032(Growth Option), ` (Direct Growth Option) *For Fund Manager experience, please refer page ## Risk rate assumed to be 6.55% (FBIL Overnight MIBOR rate as on 30th November 2018). **Total Expense Ratio includes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no With Effect from 25th May 2018, the is changed to Nifty Small cap 50 TRI 7 9

12 KOTAK TAX SAVER An open-ended equity linked saving scheme with a statutory lock in of 3 years and tax benefits Investment style Value Blend Growth Size Large Mid Small Fund Manager: Mr. Harsha Upadhyaya* A The investment objective of the scheme is to generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and enable investors to avail the income tax rebate, as permitted from time to time however, there is no assurance that the objective of the scheme will be realized. Available Plans/Options A) Regular Plan B) Direct Plan Options: Dividend Payout & Growth (applicable for all plans) Dividend Frequency Trustee s Discretion Ratios Portfolio Turnover Beta Sharpe## Standard Deviation ` crs ` crs : Nifty 500 Allotment date: November 23, 2005 Folio count: 1,35,165 Source: ICRA MFI Explorer. Initial Investment: `500 and in multiple of `500 Additional Investment: `500 & in multiples of `500 Ideal Investments Horizon: 3 years & above Entry Load: Nil. (applicable for all plans) Exit Load: Exit Load is not applicable for Kotak Tax Saver. (applicable for all plans) Regular: 2.42%; Direct: 1.32% 86.25% % Equity & Equity related Reliance Industries Ltd. Petroleum Products 7.07 HDFC Bank Ltd. Banks 6.67 ICICI Bank Ltd. Banks 6.14 Larsen And Toubro Ltd. Construction Project 4.58 Tata Consultancy Services Ltd. Software 4.37 Infosys Ltd. Software 3.92 GlaxoSmithkline Consumer Healthcare Ltd Consumer Non Durables 3.79 Axis Bank Ltd Banks 3.39 AU Small Finance Bank Ltd. Banks 2.93 Bharat Financial Inclusion Limited Finance 2.93 Shree Cement Ltd. Cement 2.58 SKF India Ltd Industrial Products 2.49 Thermax Ltd. Industrial Capital Goods 2.31 GAIL (India) Ltd. Gas 2.24 RBL Bank Ltd Banks 2.18 Bajaj Auto Ltd. Auto 2.15 Ultratech Cement Ltd. Cement 2.09 Whirlpool of India Ltd. Consumer Durables 1.83 Solar Industries India Limited Chemicals 1.77 Lupin Ltd. Pharmaceuticals 1.74 Bata India Ltd. Consumer Durables 1.63 Odisha Cement Ltd Cement 1.54 Dr Reddys Laboratories Ltd Pharmaceuticals 1.42 Nestle India Ltd. Consumer Non Durables 1.41 Tech Mahindra Ltd. Software 1.38 Linde India Ltd. Chemicals 1.33 SRF Ltd. Textile Products 1.27 Cadila Healthcare Ltd. Pharmaceuticals 1.19 The Ramco Cements Ltd Cement 1.18 AIA Engineering Limited Industrial Products 1.11 Colgate Palmolive (India ) Ltd. Consumer Non Durables 1.11 Gujarat State Petronet Ltd. Gas 1.10 Mahanagar Gas Ltd Gas 1.09 Techno Electric & Engineering Company Limited Construction Project 1.03 Hindalco Industries Ltd Non - Ferrous Metals 0.96 Amara Raja Batteries Ltd. Auto Ancillaries 0.93 Container Corporation of India Ltd. Transportation 0.88 APL Apollo Tubes Limited Ferrous Metals 0.84 Vedanta Ltd. Non - Ferrous Metals 0.83 Hindustan Oil Exploration Company Ltd. Oil 0.82 Max Financial Services Ltd. Finance 0.79 Kirloskar Oil Engines Ltd. Industrial Products 0.73 Jindal Steel & Power Ltd. Ferrous Metals 0.70 JMC Projects (India) Ltd Construction 0.70 Strides Pharma Science Ltd Pharmaceuticals 0.63 Aavas Financiers Ltd Finance 0.58 Hawkins Cooker Ltd Household Appliances 0.56 Ksb Ltd Industrial Products 0.39 ABB Ltd. Industrial Capital Goods 0.37 Blue Dart Express Ltd. Transportation 0.34 Arvind Fashion Ltd. Textile Products 0.11 Arvind Ltd Textile Products 0.07 Anup Engineering Ltd. Textile Products 0.02 Equity & Equity Related - Total Preference Shares 6% Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.08 Preference Share - Total 0.08 Tri Party Repo 3.76 Net Current / SECTOR ALLOCATION (%) (Liabilities) Grand Total long term capital growth with a 3 year lock in Investment in portfolio of predominantly equity & equity related securities. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 7 Investors understand that their principal will be at moderately high risk Monthly SIP of ( `) Total amount invested ( `) Total Value as on Nov 30, 2018 ( `) Returns (%) Nifty 500 (TRI) ( `)# Nifty 500 (TRI) Returns (%) Nifty 50 (TRI) ( `)^ Nifty 50 (TRI) Returns (%) Financial Services Energy Consumer Goods Information Technology Industrial Manufacturing Construction Cement & Cement Products Pharma Cash & Cash Equivalent Metals SYSTEMATIC INVESTMENT PLAN (SIP) Systematic Investment Plan (SIP) If you had invested `10,000 every month Since Inception 10 years 7 years 5 years 3 years 1 year 15,70,000 12,00,000 8,40,000 6,00,000 3,60,000 1,20,000 34,51,159 23,47,734 13,55,063 7,98,193 4,10,047 1,19, ,15,790 23,10,419 13,36,450 7,94,687 4,21,080 1,18, ,44,454 22,44,171 13,04,461 7,93,748 4,33,188 1,22, Inception : - November 23, 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. # ; ^ Additional **Actual TER (Regular 2.39% and Direct 1.30%) is lower on account of statutory reversal of management fees in case of investments in bank fixed Deposits, AMC investments, investments by other schemes of the AMC. TRI Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Index instead of Price Return Variant (PRI). Kotak Tax Saver NAV as on November 30, 2018: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option) `44.31 (Direct Growth Option) *For Fund Manager experience, please refer page ## Risk rate assumed to be 6.55% (FBIL Overnight MIBOR rate as on 30th November 2018). **Total Expense Ratio includes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no