April 30, Past performance of the Sponsor/AMC/Fund does not indicate the schemes future performance. Risk Factors on page 56

Transcription

1 April 30, 2018 Past performance of the Sponsor/AMC/Fund does not indicate the schemes future performance. Risk Factors on page 56

2 INDEX Contents Expert Speak Market Overview Equity Market Snap Shot Debt Market Snap Shot Fund Name/ Name Equity Funds Kotak 50 Kotak Classic Equity Kotak Opportunities Kotak Select Focus Fund Kotak Tax Saver Kotak Mid-Cap Kotak Emerging Equity Arbitrage Funds Kotak Equity Arbitrage Fund Hybrid Funds Kotak Balance Kotak MIP Kotak Equity Savings Fund Thematic Funds Kotak Infrastructure & Economic Reform Fund Close Ended Equity s Kotak India Growth Fund Series 4 Debt Funds Kotak Liquid Fund Kotak Floater Short Term Kotak Treasury Advantage Fund Kotak Banking & PSU Debt Fund Kotak Duration Fund Kotak Bond Short Term Kotak Flexi Debt Kotak Income Opportunities Fund Kotak Medium Term Fund Kotak Corporate Bond Fund Kotak Bond Fund Kotak Gilt Investment Page no. 33 Exposure 34 Fund of Funds Kotak Asset Allocator Fund 35 Kotak US Equity Fund 36 Kotak Global Emerging Market Fund 37 Kotak World Gold Fund 38 ETF Funds Kotak Gold ETF 39 Kotak Nifty ETF 40 Kotak Sensex ETF 41 Kotak Banking ETF 42 Kotak PSU Bank ETF Performance About Our Fund Managers Dividend History How to read Fact Sheet

3 EXPERT SPEAK April 30, 2018 Dear Friends, Across the industry, the scheme re-categorisation is in full swing. There will be increased pressure on the mutual funds and distributors for some time now as the rebranding and re-marketing activity begins to clutter the mind-space. Kotak Mutual funds has already begun to send out our necessary communications in this regard and more will be on its way. The distributors have a task cut out in the coming months. The re-categorisations, mergers, name changes, and/or fundamental attribute changes in many cases will make the past performances of many major schemes pointless. In such a backdrop, the partners may need to find more qualitative insights to assess funds than just the past track record. Thankfully, at our end; the changes are not that many; and most of the fund positioning would largely remain unaffected. However, we would still take considerable pleasure in investing efforts to help our partners better appreciate and utilise the coming changes. The equities markets are currently in a state of undecidedness. At one end, the CPI based inflation is well below the expected trajectory. The domestic consumption, be it marked by car volumes or air travels, is picking up. The credit offtake has now reached double digits; and the growth in the economy is now above the 7% plus levels. But on the other hand, the weak fiscal; the rising oil prices, and approaching political events do create some points of concern for the market. Oil in particular has the potential to spoil the party for India. Oil price is more a factor of geo-politics than of geo-economics. Having said that, the shale supply and declining cost of alternative energy sources places a ceiling on how much the oil prices can rally. So while the oil in the short to medium term may cause issues; yet over the longer cycle, the prices may be more agreeable. Yet, understandably the volatility in the debt market may unnerve many investors. The 10 gilt yield rose by around 64 bps intra month during April 18. Profit booking, hawkish RBI minutes, rising crude, strong dollar, and rising global bond yields; all came together to cause this jump. We have earlier communicated as well that the volatility in duration may remain for some time; and to override that the investors can allocate through SIP/STP. The corporate earnings for previous quarter have been a mixed bag up until now, although it is still early season. The market is thus range bound; and is moving like a pendulum on forces of liquidity and sentiment. In such a market, the outperformance is a function of stock picking. In this phase of the game, a process driven fund house may do better than those depending only on star power. This brings us to an important topic. Kotak Mutual Fund has signed the United Nations-supported Principles for Responsible Investment (UNPRI). We are the first AMC to sign this contract and affirm our commitment to the principles of UNPRI. The PRI is a leading global network for investors. It tries to integrate environmental, social governance (ESG) practices into investment policies and practices. Globally, the AMCs that follow the ESG protocols, in addition to having good risk management and corporate governance practices, deliver sustainable returns. This adherence to UNPRI again underlies our commitment to engage in value creation through responsible investing. Thanks and Regards, Nilesh Shah Managing Director 1 1

4 Market Overview Key Events for the Month of April 2018: The RBI left its key policy rate unchanged at 6% for the 4th meeting on Apr 5, Policymakers said the decision is consistent with the neutral stance of monetary policy. The India Meteorological Department(IMD) forecast says that there will be 97% normal monsoon for the year Inflation: -The CPI inflation moderated to a five-month low 4.3% in Mar 2018 (+3.9% in Mar 2017) from 4.4% in Feb 2018 (+3.7% in Feb 2017), as vegetable prices eased further on fresh supplies. However core inflation, that strips out the impact of food and fuel prices, continued to rise hitting a 43-month high at 5.4% -Inflation based on wholesale prices eased marginally to 2.47% in March (2.48% in Feb 2018) on cheaper food articles, especially pulses and vegetables. WPI was 5.11% in March last year. -India s Industrial Production data for the month of Feb stayed buoyant at 7.1% which was higher than consensus estimates of 6.8%. While base effect post demonetization has been supportive, the double-digit expansion in 10 out of 23 manufacturing sector suggest broad-based strength. Growth in capital goods rose to 20% YoY, highest in 28 months. Trade Data: -India's merchandise exports fell 0.7% to US billion in March 2018 over a year ago. -Imports moved up 7.1% to US billion. -The trade deficit jumped 28.6% to US billion in March 2018 from US billion in March 2017 Manufacturing sector activity improved marginally in April, rose from 51.0 in March to 51.6 in April, indicating faster improvement in the health of the country s manufacturing economy than in the prior month. First time since the rollout of the new tax regime in July 2017, the Goods and Services Tax (GST) collection crossed 1 trillion in the month of April this year. Market Valuation Indicators Markets Fairly Valued Few Indicators Like PE Indicate Over-valuation, While Other Composite Indicators Like P/B Or Market Cap To GDP Suggest Valuations Still Having Some Room To Expand 12-month forward Sensex P/B (x) India s Market Cap to GDP (%) Sensex P/B (x) - LHS Average of 78% for the period Apr-91 Apr-92 Apr-93 Apr-94 Apr-95 Apr-96 Apr-97 Apr-98 Apr-99 Apr-00 Apr-01 Apr-02 Apr-03 Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr E 2018E Market Bubble Equity Allocaion Exit 5% - 10% month forward Sensex P/E (x) Stretched Fair Value Plus Fair Attractive Under Invest 15%- 25% Neutral - 35% - 45% Neutral 50% Neutral + 65% - 75% Stretched 20x 24x Fair Value Plus 17x 20x Fair 13x 17x Attractive 10x 13x Cheap Over Invest 80% - 90% Cheap 8x 10x Suggested equity allocation (Assuming 50% equity allocation as neutral) Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 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 Source:Internal Calculation Strategy for Investments in the Current Scenario for Equity Investor 2

5 Equity Market Snapshot Monthly GST Collection April Forecast for Monsoon rains as % average vs Actual rains Key Variables & Their Impact On Equities 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. Focus on improving financial savings of households 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 Apr-18 Mar-18 Change Reverse Repo 5.75% 5.75% Nil Repo 6.00% 6.00% Nil CRR 4.00% 4.00% Nil SLR 19.50% 19.50% Nil Mibor Overnight 6.00% 9.39% -339 bps Call(O/N) 6.02% 7.57% -155 bps CBLO 5.53% 4.60% 93 bps 1 yr T Bill 6.46% 6.42% 4 bps 10 G Sec 7.77% 7.40% 37 bps 5 Year AAA 8.36% 7.87% 49 bps USD/INR ` ` `-1.74 Source: RBI; Bloomberg. 10 year Gilt Yield For the Month of April 7.9 India 10 year Gilt (%) RBI allows banks to spread provisions made for markto-market losses on their bond portfolios & Skymet s prediction of normal monsoon rainfall; perceived dovish policy Hawkish RBI Minutes US 10-year yield crossing 3% Profit booking Hike in limits for foreign investment in government debt was lower than what market participants had expected, spike in crude, weak currency; lack of buying interest; rising global bonds 3 Apr 4 Apr 5 Apr 6 Apr 7 Apr 8 Apr 9 Apr 10 Apr 11 Apr 12 Apr 13 Apr 14 Apr 15 Apr 16 Apr 17 Apr 18 Apr 19 Apr 20 Apr 21 Apr 22 Apr 23 Apr 24 Apr 25 Apr 26 Apr 27 Apr th Source: Bloomberg, Data as of 27 April 2018 Bank credit growth has picked up vs. total system credit Key Variables & their Impact On Interest Rates in 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 month) Medium term (6month 2 years) Denotes fall in interest rates 4 4

7 KOTAK 50 An Open - Ended Equity Fund Manager: Mr. Harish Krishnan* : Nifty 50 Allotment date: December 29, 1998 Folio Count: 90,882 AAUM: `1, crs AUM: `1, crs 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. 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 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:2.17%; Direct: 1.00% Investment Style: Style 70.10% % Value Blend Growth Size Large Mid Small Equity & Equity related HDFC Bank Ltd. Banks 9.00 Reliance Industries Ltd. Petroleum Products 6.42 IndusInd Bank Ltd. Banks 5.62 Larsen And Toubro Ltd. Construction Project 4.93 ICICI Bank Ltd. Banks 4.21 ITC Ltd. Consumer Non Durables 4.17 Maruti Suzuki India Limited Auto 3.72 Mahindra & Mahindra Ltd. Auto 2.94 Tech Mahindra Ltd. Software 2.46 GAIL (India) Ltd. Gas 2.41 Zee Entertainment Enterprises Ltd Media and Entertainment 2.40 Motherson Sumi Systems Ltd. Auto Ancillaries 2.35 Vedanta Ltd. Non - Ferrous Metals 1.99 Tata Consultancy Services Ltd. Software 1.96 Shree Cement Ltd. Cement 1.88 Cadila Healthcare Ltd. Pharmaceuticals 1.79 State Bank Of India Banks 1.73 HCL Technologies Ltd. Software 1.69 Bharat Petroleum Corporation Ltd. Petroleum Products 1.58 GlaxoSmithkline Consumer Healthcare Ltd Consumer Non Durables 1.58 Infosys Ltd. Software 1.55 ICICI Lombard General Insurance Company Ltd Finance 1.49 Sun TV Limited. Media and Entertainment 1.47 Britannia Industries Ltd. Consumer Non Durables 1.43 Schaeffler India Ltd Industrial Products 1.31 HDFC Ltd. Warrants Finance 1.27 Axis Bank Ltd Banks 1.25 Bata India Ltd. Consumer Durables 1.19 Note: Term Deposit as provided above is towards margin for derivatives transactions Monthly SIP of ` Total amount invested ( `) Total Value as on April 30, 2018( `) Returns (%) Nifty 50 (TRI) ( `)# Nifty 50 (TRI) Returns (%) S&P BSE SENSEX (TRI) ( `)^ S&P BSE SENSEX (TRI) Returns (%) Dabur India Ltd Consumer Non Durables 1.19 RBL Bank Ltd Banks 1.18 Solar Industries India Limited Chemicals 1.18 HDFC Ltd. Finance 1.12 Hindustan Unilever Ltd. Consumer Non Durables 1.12 Jindal Steel & Power Ltd. Ferrous Metals 1.12 Sanofi India Ltd. Pharmaceuticals 1.08 Indraprastha Gas Ltd. Gas 1.07 Inter Globe Aviation Ltd Transportation 1.04 Nestle India Ltd. Consumer Non Durables 1.04 Supreme Industries Limited Industrial Products 1.03 Laurus Labs Ltd Pharmaceuticals 1.02 Petronet LNG Ltd. Gas 1.01 The Ramco Cements Ltd Cement 0.98 Kajaria Ceramics Ltd. Construction 0.97 Amara Raja Batteries Ltd. Auto Ancillaries 0.96 Edelweiss Financial Services Ltd Finance 0.96 Dalmia Bharat Ltd. Cement 0.68 Bharat Earth Movers Ltd. Industrial Capital Goods 0.55 Yes Bank Ltd Banks 0.54 Bandhan Bank Limited Banks 0.51 Punjab National Bank Banks 0.44 Ultratech Cement Ltd. Cement 0.30 ICICI Securities Ltd Finance and Investments 0.20 DR.Lal Pathlabs Ltd Healthcare Services 0.19 OCL India Ltd Cement 0.14 Equity & Equity Related - Total TERM DEPOSITS SYSTEMATIC INVESTMENT PLAN (SIP) AXIS Bank Ltd Term Deposits - Total 0.48 Collateral Borrowing & Lending obligation 1.11 Net Current /(Liabilities) 1.00 Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 23,30,000 1,25,499 4,33,015 8,52,751 13,93,811 23,92,574 1,63,76, ,28,627 4,49,582 8,42,764 13,59,145 23,29,850 1,19,39, ,30,129 4,51,308 8,38,612 13,56,014 23,33,078 1,15,19, 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 50 NAV as on April 30, 2018: ` (Dividend Option), `36.65 (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Investors understand that their principal will be at moderately high risk This product is suitable for investors who are seeking*: Long term capital growth Investment in portfolio of predominantly equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them Financial Services Energy Consumer Goods Automobile Information Technology Construction Pharma Media & Entertainment Cement & Cement Products Metals * For Fund Manager experience, please refer page ## Risk rate assumed to be 6.00% (FBIL Overnight MIBOR rate as on 27th April 2018). **Total Expense Ratio excludes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no

8 KOTAK CLASSIC EQUITY An Open - Ended Equity Growth Fund Manager: Mr. Deepak Gupta* : Nifty 100 Allotment date: July 27, 2005 Folio Count: 21,548 AAUM: ` crs AUM: ` crs To generate capital appreciation from a diversified portfolio of equity and equity related securities. However, there is no assurance that the objective of the scheme will be realized. 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: 2.53%; Direct: 1.53% Investment Style: Style 51.00% % Value Blend Growth Size Large Mid Small Equity & Equity related HDFC Bank Ltd. Banks 5.58 Hindustan Unilever Ltd. Consumer Non Durables 5.36 Larsen And Toubro Ltd. Construction Project 5.16 Reliance Industries Ltd. Petroleum Products 5.00 Maruti Suzuki India Limited Auto 4.80 Tata Consultancy Services Ltd. Software 4.24 Tech Mahindra Ltd. Software 4.03 Titan Company Ltd. Consumer Durables 2.86 Bajaj Finance Limited Finance 2.28 HCL Technologies Ltd. Software 2.18 GAIL (India) Ltd. Gas 2.17 Tata Steel Limited. Ferrous Metals 2.13 Biocon Ltd. Pharmaceuticals 1.99 Jubilant Foodworks Limited Consumer Non Durables 1.98 Britannia Industries Ltd. Consumer Non Durables 1.97 JSW Steel Ltd. Ferrous Metals 1.85 Jindal Steel & Power Ltd. Ferrous Metals 1.76 Edelweiss Financial Services Ltd Finance 1.71 Wipro Ltd. Software 1.70 Infosys Ltd. Software 1.63 Bharti Airtel Ltd. Telecom - Services 1.36 Ashok Leyland Ltd. Auto 1.30 Power Grid Corporation Of India Ltd Power 1.16 Inter Globe Aviation Ltd Transportation 1.03 Hero MotoCorp Ltd. Auto 0.91 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.91 Lupin Ltd. Pharmaceuticals 0.90 National Aluminium Company Ltd Non - Ferrous Metals 0.84 Shriram Transport Finance Co Ltd. Finance 0.84 HDFC Ltd. Warrants Finance 0.82 Motherson Sumi Systems Ltd. Auto Ancillaries 0.77 RBL Bank Ltd Banks 0.77 Mahindra & Mahindra Ltd. Auto 0.71 Zee Entertainment Enterprises Ltd Media and Entertainment 0.70 Hindalco Industries Ltd Non - Ferrous Metals 0.66 Sun TV Limited. Media and Entertainment 0.63 Voltas Ltd. Construction Project 0.61 AU Small Finance Bank Ltd. Banks 0.60 Godrej Agrovet Ltd Consumer Non Durables 0.60 Note: #Term Deposit as provided above is towards margin for derivatives transactions Monthly SIP of ` Total amount invested ( `) Total Value as on April 30, 2018( `) Returns (%) Nifty 100 (TRI) ( `)# Nifty 100 (TRI) Returns (%) Nifty 50 (TRI) ( `)^ Nifty 50 (TRI) Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) ITC Ltd. Consumer Non Durables 0.60 Aditya Birla Capital Ltd Finance 0.55 Indraprastha Gas Ltd. Gas 0.55 Galaxy Surfactants Ltd Chemicals 0.54 Amber Enterprises India Ltd Consumer Durables 0.50 Mahindra & Mahindra Financial Services Ltd. Finance 0.50 ICICI Bank Ltd. Banks 0.49 Vedanta Ltd. Non - Ferrous Metals 0.48 Bajaj Finserv Ltd. Finance 0.47 HDFC Ltd. Finance 0.47 Tata Communications Ltd Telecom - Services 0.46 State Bank Of India Banks 0.40 United Spirits Ltd. Consumer Non Durables 0.38 Federal Bank Ltd. Banks 0.37 Piramal Enterprises Limited Pharmaceuticals 0.37 Avenue Supermarts Ltd Retailing 0.33 Eris Lifesciences Ltd Pharmaceuticals 0.33 Bharat Forge Ltd. Industrial Products 0.18 Eicher Motors Ltd Auto 0.17 Hindustan Petroleum Corporation Ltd Petroleum Products 0.13 Laurus Labs Ltd Pharmaceuticals 0.11 Tata Steel Limited (Partly Paid Shares) Ferrous Metals 0.04 IndusInd Bank Ltd. Banks 0.01 Equity & Equity Related - Total Preference Shares 7.5% Vedanta Reedemable Preference Shares Non - Ferrous Metals 0.05 Equity & Equity Related - Total 0.05 Futures CNX NIFTY-MAY HDFC Bank Ltd.-MAY IndusInd Bank Ltd.-MAY Infosys Ltd.-MAY Tata Consultancy Services Ltd.-JUN Futures (Market value represents Notional Value) - Total 8.46 TERM DEPOSITS AXIS Bank Ltd Term Deposits - Total 2.33 Collateral Borrowing & Lending obligation Net Current /(Liabilities) Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 15,40,000 1,32,053 4,72,608 9,09,148 14,97,576 26,08,924 38,58, ,28,780 4,56,110 8,70,517 14,19,997 24,71,722 37,40, ,28,627 4,49,582 8,42,764 13,59,145 23,29,850 35,10, Inception : - July 27,2005. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # ; ^ 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 Classic Equity NAV as on April 30, 2018: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Investors understand that their principal will be at moderately high risk This product is suitable for investors who are seeking*: Long term capital growth Investment in portfolio of predominantly equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them Financial Services Information Technology Consumer Goods Energy Automobile Metals Cash & Cash Equivalent Construction Pharma Others * For Fund Manager experience, please refer page ## Risk rate assumed to be 6.00% (FBIL Overnight MIBOR rate as on 27th April 2018). **Total Expense Ratio excludes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no

9 KOTAK OPPORTUNITIES An Open - Ended Equity Growth Fund Manager: Mr. Harsha Upadhyaya* : Nifty 500 Allotment date: September 9, 2004 Folio Count: 1,38,245 AAUM: `2, crs AUM: `2, crs To generate capital appreciation from a diversified portfolio of equity and equity related securities. However, there is no assurance that the objective of the scheme will be realized. 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 redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units: NIL Regular: 2.07%; Direct: 0.92% Investment Style Style 36.48% % Value Blend Growth Size Large Mid Equity & Equity related HDFC Bank Ltd. Banks 5.78 Reliance Industries Ltd. Petroleum Products 4.39 Larsen And Toubro Ltd. Construction Project 3.89 HDFC Ltd. Finance 3.73 Bharat Financial Inclusion Limited Finance 3.69 Infosys Ltd. Software 3.33 Coromandel International Ltd. Fertilisers 2.69 Gujarat State Petronet Ltd. Gas 2.69 Tata Consultancy Services Ltd. Software 2.38 The Ramco Cements Ltd Cement 2.28 ICICI Bank Ltd. Banks 2.25 Thermax Ltd. Industrial Capital Goods 2.25 Inter Globe Aviation Ltd Transportation 2.22 Max Financial Services Ltd. Finance 2.04 ITC Ltd. Consumer Non Durables 2.01 Zee Entertainment Enterprises Ltd Media and Entertainment 1.98 ICICI Lombard General Insurance Company Ltd Finance 1.96 Schaeffler India Ltd Industrial Products 1.91 Century Textiles & Industries Ltd. Cement 1.88 Godrej Agrovet Ltd Consumer Non Durables 1.88 Axis Bank Ltd Banks 1.84 GAIL (India) Ltd. Gas 1.83 Hero MotoCorp Ltd. Auto 1.77 Shree Cement Ltd. Cement 1.68 Avenue Supermarts Ltd Retailing 1.63 Maruti Suzuki India Limited Auto 1.57 Bata India Ltd. Consumer Durables 1.51 Indraprastha Gas Ltd. Gas 1.51 Jindal Steel & Power Ltd. Ferrous Metals 1.50 Indian Bank Banks 1.47 OCL India Ltd Cement 1.46 Bajaj Finance Limited Finance 1.29 Jubilant Foodworks Limited Consumer Non Durables 1.26 SRF Ltd. Textile Products 1.23 State Bank Of India Banks 1.22 Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.21 SYSTEMATIC INVESTMENT PLAN (SIP) Inception : - September 09, 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 Opportunities NAV as on April 30, 2018: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Note: Term Deposit as provided above is towards margin for derivatives transactions Monthly SIP of ` Total amount invested ( `) Total Value as on April 30, 2018( `) Returns (%) Nifty 500 (TRI) ( `)# Nifty 500 (TRI) Returns (%) Nifty 50 (TRI) ( `)^ Nifty 50 (TRI) Returns (%) Britannia Industries Ltd. Consumer Non Durables 1.20 Bharat Earth Movers Ltd. Industrial Capital Goods 1.16 Petronet LNG Ltd. Gas 1.12 Healthcare Global Enterprises Ltd Healthcare Services 1.07 TI Financial Holding ltd. Finance 1.07 Arvind Ltd Textile Products 1.01 AIA Engineering Limited Industrial Products 1.00 Colgate Palmolive (India ) Ltd. Consumer Non Durables 0.98 Heritage Foods Ltd Consumer Non Durables 0.95 DR.Lal Pathlabs Ltd Healthcare Services 0.92 Bharat Petroleum Corporation Ltd. Petroleum Products 0.91 JK Cement Ltd. Cement 0.91 Linde India Ltd. Chemicals 0.78 Techno Electric & Engineering Co Ltd. Construction Project 0.64 Whirlpool of India Ltd. Consumer Durables 0.58 Equitas Holdings Ltd Finance 0.53 National Buildings Construction Corporation Limited Construction 0.51 HDFC Ltd. Warrants Finance 0.48 Edelweiss Financial Services Ltd Finance 0.45 Multi Commodity Exchange of India Limited Finance 0.45 Swaraj Engines Ltd Industrial Products 0.24 ICICI Securities Ltd Finance and Investments 0.18 Equity & Equity Related - Total Preference Shares 6% Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.04 Equity & Equity Related - Total 0.04 TERM DEPOSITS AXIS Bank Ltd Term Deposits - Total 0.53 Collateral Borrowing & Lending obligation 1.52 Net Current /(Liabilities) 1.56 Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 16,40,000 1,23,536 4,50,603 9,24,702 15,54,866 27,44,320 52,27, ,28,894 4,64,517 9,04,748 14,76,565 25,43,039 44,49, ,28,627 4,49,582 8,42,764 13,59,145 23,29,798 41,67, Investors understand that their principal will be at moderately high risk This product is suitable for investors who are seeking*: Long term capital growth Investment in portfolio of predominantly equity & equity related securities * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Small If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks. John Bogle Financial Services Energy Consumer Goods Cement & Cement Products Industrial Manufacturing Information Technology Construction Cash & Cash Equivalent Automobile Fertilisers & Pesticides * For Fund Manager experience, please refer page ## Risk rate assumed to be 6.00% (FBIL Overnight MIBOR rate as on 27th April 2018). **Total Expense Ratio excludes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no

10 KOTAK SELECT FOCUS FUND An Open - Ended Equity Fund Manager: Mr. Harsha Upadhyaya* : Nifty 200 Allotment date: September 11, 2009 Folio Count: 10,12,978 AAUM: `18, crs AUM: `19, crs 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 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:1.97%; Direct: 1.00% Investment Style Style 14.56% % Value Blend Growth Size Large Mid Small Equity & Equity related HDFC Bank Ltd. Banks 7.28 Larsen And Toubro Ltd. Construction Project 5.46 Reliance Industries Ltd. Petroleum Products 5.01 HDFC Ltd. Finance 4.69 ICICI Bank Ltd. Banks 3.70 Infosys Ltd. Software 3.62 Hero MotoCorp Ltd. Auto 3.20 IndusInd Bank Ltd. Banks 3.16 ITC Ltd. Consumer Non Durables 2.85 Maruti Suzuki India Limited Auto 2.75 State Bank Of India Banks 2.63 RBL Bank Ltd Banks 2.48 Ultratech Cement Ltd. Cement 2.14 GAIL (India) Ltd. Gas 2.12 Mahindra & Mahindra Ltd. Auto 2.04 The Ramco Cements Ltd Cement 1.98 Shree Cement Ltd. Cement 1.76 Bajaj Finance Limited Finance 1.74 Britannia Industries Ltd. Consumer Non Durables 1.72 Indraprastha Gas Ltd. Gas 1.62 Axis Bank Ltd Banks 1.61 ICICI Lombard General Insurance Company Ltd Finance 1.52 Petronet LNG Ltd. Gas 1.47 Container Corporation of India Ltd. Transportation 1.27 Bharat Electronics Ltd Industrial Capital Goods 1.23 SBI Life Insurance Company Ltd Finance 1.18 HDFC Standard Life Insurance Company Ltd Finance 1.14 Jindal Steel & Power Ltd. Ferrous Metals 1.14 Arvind Ltd Textile Products 1.10 Hindustan Unilever Ltd. Consumer Non Durables 1.10 MRF Limited Auto Ancillaries 1.08 Century Textiles & Industries Ltd. Cement 1.07 Godrej Consumer Products Ltd. Consumer Non Durables 1.04 Inter Globe Aviation Ltd Transportation 0.98 Kec International Ltd. Construction Project 0.91 Bharat Petroleum Corporation Ltd. Petroleum Products 0.87 Bajaj Finserv Ltd. Finance 0.84 Max Financial Services Ltd. Finance 0.84 Hindustan Petroleum Corporation Ltd Petroleum Products 0.83 Cadila Healthcare Ltd. Pharmaceuticals 0.77 Note: Term Deposit as provided above is towards margin for derivatives transactions Monthly SIP of ` Total amount invested ( `) Total Value as on April 30, 2018( `) Returns (%) Nifty 200 (TRI) ( `)# Nifty 200 (TRI) Returns (%) Nifty 50 (TRI) ( `)^ Nifty 50 (TRI) Returns (%) Bata India Ltd. Consumer Durables 0.75 Ashok Leyland Ltd. Auto 0.69 Bayer Cropscience Ltd. Pesticides 0.63 Sun Pharmaceuticals Industries Ltd. Pharmaceuticals 0.58 AIA Engineering Limited Industrial Products 0.54 Bharat Earth Movers Ltd. Industrial Capital Goods 0.53 Solar Industries India Limited Chemicals 0.52 Federal Bank Ltd. Banks 0.51 Jubilant Foodworks Limited Consumer Non Durables 0.51 Equitas Holdings Ltd Finance 0.50 Avenue Supermarts Ltd Retailing 0.41 Laurus Labs Ltd Pharmaceuticals 0.32 Techno Electric & Engineering Co Ltd. Construction Project 0.31 HDFC Ltd. Warrants Finance 0.26 Whirlpool of India Ltd. Consumer Durables 0.23 Tata Motors Ltd. Auto 0.17 Max India Limited Healthcare Services 0.09 Kirloskar Oil Engines Ltd. Industrial Products 0.08 Equity & Equity Related - Total Preference Shares 6% Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.01 Equity & Equity Related - Total 0.01 Futures CNX NIFTY-MAY IndusInd Bank Ltd.-MAY Inter Globe Aviation Ltd-MAY Tata Motors Ltd.-MAY Futures (Market value represents Notional Value) - Total 2.31 Money Market Instruments Commercial Paper(CP)/Certificate of Deposits(CD) Public Sector Undertakings Export-Import Bank of India CRISIL A National Bank for Agriculture & Rural Development CRISIL A Public Sector Undertakings - Total 1.04 Reverse Repo 2.60 TERM DEPOSITS AXIS Bank Ltd Term Deposits - Total 0.73 Collateral Borrowing & Lending obligation 3.81 Net Current /(Liabilities) SYSTEMATIC INVESTMENT PLAN (SIP) Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years Since Inception 1,20,000 3,60,000 6,00,000 8,40,000 10,40,000 1,24,831 4,56,796 9,57,852 16,54,021 22,53, ,29,045 4,60,555 8,87,482 14,46,888 19,12, ,28,627 4,49,582 8,42,764 13,59,145 18,01, 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 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 Select Focus Fund NAV as on April 30, 2018: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Investors understand that their principal will be at moderately high risk This product is suitable for investors who are seeking*: Long term capital growth Investment in portfolio of predominantly equity & equity related securities generally focussed on a few selected sectors. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Financial Services Energy Automobile Consumer Goods Cement & Cement Products Cash & Cash Equivalent Construction Information Technology Services Industrial Manufacturing Wealth is like sea-water; the more we drink, the thirstier we become; and the same is true of fame. Arthur Schopenhauer * For Fund Manager experience, please refer page ## Risk rate assumed to be 6.00% (FBIL Overnight MIBOR rate as on 27th April 2018). **Total Expense Ratio excludes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no

11 KOTAK TAX SAVER An Open - Ended Equity Linked Savings Fund Manager: Mr. Harsha Upadhyaya* : Nifty 500 Allotment date: November 23, 2005 Folio Count: 132,490 AAUM: ` crs AUM: ` crs 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 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: 2.16%; Direct: 1.21% Investment Style Style 35.04% % Value Blend Growth Size Large Mid Small Equity & Equity related HDFC Bank Ltd. Banks 6.18 Reliance Industries Ltd. Petroleum Products 5.28 Larsen And Toubro Ltd. Construction Project 4.54 HDFC Ltd. Finance 3.74 Infosys Ltd. Software 3.57 IndusInd Bank Ltd. Banks 3.52 GlaxoSmithkline Consumer Healthcare Ltd Consumer Non Durables 3.23 Shree Cement Ltd. Cement 2.69 ICICI Bank Ltd. Banks 2.63 Tata Consultancy Services Ltd. Software 2.57 Thermax Ltd. Industrial Capital Goods 2.56 SKF India Ltd Industrial Products 2.48 OCL India Ltd Cement 2.43 Ultratech Cement Ltd. Cement 2.18 GAIL (India) Ltd. Gas 2.15 RBL Bank Ltd Banks 2.14 Whirlpool of India Ltd. Consumer Durables 2.09 Mahanagar Gas Ltd Gas 2.05 Bajaj Finance Limited Finance 1.64 The Ramco Cements Ltd Cement 1.64 Solar Industries India Limited Chemicals 1.58 Hindustan Unilever Ltd. Consumer Non Durables 1.50 APL Apollo Tubes Limited Ferrous Metals 1.45 Yes Bank Ltd Banks 1.44 SRF Ltd. Textile Products 1.43 Axis Bank Ltd Banks 1.37 Cadila Healthcare Ltd. Pharmaceuticals 1.37 Techno Electric & Engineering Co Ltd. Construction Project 1.35 Bata India Ltd. Consumer Durables 1.28 Bharat Petroleum Corporation Ltd. Petroleum Products 1.28 Bandhan Bank Limited Banks 1.27 Nestle India Ltd. Consumer Non Durables 1.24 Jindal Steel & Power Ltd. Ferrous Metals 1.17 Monthly SIP of ` Total amount invested ( `) Total Value as on April 30, 2018( `) Returns (%) Nifty 500 (TRI) ( `)# Nifty 500 (TRI) Returns (%) Nifty 50 (TRI) ( `)^ Nifty 50 (TRI) Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Maruti Suzuki India Limited Auto 1.17 UPL Ltd Pesticides 1.16 Amara Raja Batteries Ltd. Auto Ancillaries 1.14 Arvind Ltd Textile Products 1.12 Gujarat State Petronet Ltd. Gas 1.06 JMC Projects (India) Ltd Construction 1.06 AU Small Finance Bank Ltd. Banks 1.05 Colgate Palmolive (India ) Ltd. Consumer Non Durables 1.04 State Bank Of India Banks 0.98 Zee Entertainment Enterprises Ltd Media and Entertainment 0.97 AIA Engineering Limited Industrial Products 0.96 Hindalco Industries Ltd Non - Ferrous Metals 0.94 SpiceJet Ltd. Transportation 0.94 Max Financial Services Ltd. Finance 0.92 Linde India Ltd. Chemicals 0.89 Vedanta Ltd. Non - Ferrous Metals 0.89 Container Corporation of India Ltd. Transportation 0.86 Hindustan Oil Exploration Company Ltd. Oil 0.84 Strides Shasun Ltd. Pharmaceuticals 0.84 Laurus Labs Ltd Pharmaceuticals 0.81 Hawkins Cooker Ltd Household Appliances 0.61 Multi Commodity Exchange of India Limited Finance 0.52 KSB Pump Ltd Industrial Products 0.42 Blue Dart Express Ltd. Transportation 0.41 Equity & Equity Related - Total Preference Shares 6% Redm Preference Sh Zee Entertainment Enterprises Ltd Media and Entertainment 0.08 Equity & Equity Related - Total 0.08 Collateral Borrowing & Lending obligation 0.98 Net Current /(Liabilities) 0.30 Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 15,00,000 1,22,792 4,39,316 9,03,303 14,70,764 25,25,244 34,30, ,28,894 4,64,517 9,04,748 14,76,565 25,43,242 35,61, ,28,627 4,49,582 8,42,764 13,59,145 23,29,850 32,99, 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 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 April 30, 2018: ` (Dividend Option), ` (Direct Dividend Option), ` (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Investors understand that their principal will be at moderately high risk This product is suitable for investors who are seeking*: long term capital growth with a 3 year lock in Investment in portfolio of predominantly equity & equity related securities. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them Financial Services Energy Consumer Goods Construction Cement & Cement Products Industrial Manufacturing Information Technology Metals Pharma Services 7 I'm only rich because I know when I'm wrong I basically have survived by recognizing my mistakes. George Soros * For Fund Manager experience, please refer page ## Risk rate assumed to be 6.00% (FBIL Overnight MIBOR rate as on 27th April 2018). **Total Expense Ratio excludes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no

12 KOTAK MID-CAP An Open - Ended Equity Growth Fund Manager: Mr. Pankaj Tibrewal* : Nifty Midcap 100 Allotment date: February 24, 2005 Folio Count: 57,267 AAUM: ` crs AUM: ` crs To generate capital appreciation from a diversified portfolio of equity and equity related securities. However, there is no assurance that the objective of the scheme will be realized. 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 redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units:nil Regular: 2.30%; Direct: 1.20% Investment Style Style 62.35% % Value Blend Growth Size Large Mid Small Equity & Equity related Dixon Technologies India Ltd Consumer Durables 3.88 Atul Ltd. Chemicals 3.60 Schaeffler India Ltd Industrial Products 2.85 Apollo Pipes Ltd Finance and Investments 2.71 V.S.T Tillers Tractors Ltd Auto 2.69 RBL Bank Ltd Banks 2.63 JK Cement Ltd. Cement 2.57 Solar Industries India Limited Chemicals 2.54 Prataap Snacks Ltd Consumer Non Durables 2.45 IndusInd Bank Ltd. Banks 2.36 Techno Electric & Engineering Co Ltd. Construction Project 2.28 Shriram City Union Finance Ltd. Finance 2.25 Galaxy Surfactants Ltd Chemicals 2.22 MRF Limited Auto Ancillaries 2.21 Federal Bank Ltd. Banks 2.17 Lux Industries Limited Textile Products 2.17 Finolex Cables Ltd. Industrial Products 2.11 JMC Projects (India) Ltd Construction 2.03 APL Apollo Tubes Limited Ferrous Metals 2.02 Ratnamani Metals & Tubes Ltd. Ferrous Metals 2.01 The Ramco Cements Ltd Cement 1.99 Motherson Sumi Systems Ltd. Auto Ancillaries 1.98 Supreme Industries Limited Industrial Products 1.98 Sun TV Limited. Media and Entertainment 1.92 Mahindra & Mahindra Financial Services Ltd. Finance 1.83 AU Small Finance Bank Ltd. Banks 1.74 Thermax Ltd. Industrial Capital Goods 1.74 SKF India Ltd Industrial Products 1.70 Heritage Foods Ltd Consumer Non Durables 1.69 Godrej Agrovet Ltd Consumer Non Durables 1.68 Persistent Systems Limited Software 1.66 Kewal Kiran Clothing Limited. Textile Products 1.65 Bajaj Finance Limited Finance 1.54 Note: Midcap stocks as a % age of Net : 72.83% Monthly SIP of ` Total amount invested ( `) Total Value as on April 30, 2018( `) Returns (%) Nifty Free Float Midcap 100 (TRI) ( `)# Nifty Free Float Midcap 100 (TRI) Returns (%) Nifty 50 (TRI) ( `)^ Nifty 50 (TRI) Returns (%) SYSTEMATIC INVESTMENT PLAN (SIP) Torrent Pharmaceuticals Ltd. Pharmaceuticals 1.49 Laurus Labs Ltd Pharmaceuticals 1.47 Tata Global Beverages Limited Consumer Non Durables 1.44 Hindustan Oil Exploration Company Ltd. Oil 1.42 Hawkins Cooker Ltd Household Appliances 1.38 Eveready Industries India Ltd. Consumer Non Durables 1.33 Sundaram Finance Ltd. Finance 1.28 Bharat Forge Ltd. Industrial Products 1.26 Amber Enterprises India Ltd Consumer Durables 1.20 Cadila Healthcare Ltd. Pharmaceuticals 1.19 Bajaj Finserv Ltd. Finance 1.18 Strides Shasun Ltd. Pharmaceuticals 1.16 Amara Raja Batteries Ltd. Auto Ancillaries 1.13 Apollo Hospitals Enterprises Ltd. Healthcare Services 1.08 Navneet Education Ltd. Media and Entertainment 1.07 PVR Ltd Media and Entertainment 1.06 Arvind Ltd Textile Products 1.02 Hindustan Petroleum Corporation Ltd Petroleum Products 1.01 Gujarat State Petronet Ltd. Gas 0.94 Punjab National Bank Banks 0.70 Shree Cement Ltd. Cement 0.58 Canara Bank Banks 0.52 Vinati Organics Ltd Chemicals 0.47 Avenue Supermarts Ltd Retailing 0.38 Sundaram Finance Holdings Limited. Finance 0.10 Equity & Equity Related - Total Option CNX NIFTY Put Option - May Option - Total 0.04 Collateral Borrowing & Lending obligation 2.01 Net Current /(Liabilities) Systematic Investment Plan (SIP) If you had invested `10,000 every month 1 year 3 years 5 years 7 years 10 years Since Inception 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 15,90,000 1,29,745 4,83,561 10,88,642 18,82,488 35,44,186 54,83, ,28,820 4,86,935 10,46,611 17,47,393 31,46,936 52,12, ,28,627 4,49,582 8,42,764 13,59,145 23,29,850 38,23, 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 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 Mid-cap NAV as on April 30, 2018: ` (Dividend Option), ` (Direct Dividend Option), `82.66 (Growth Option), ` (Direct Growth Option) SECTOR ALLOCATION (%) Investors understand that their principal will be at moderately high risk This product is suitable for investors who are seeking*: Long term capital growth Investment in equity & equity related securities predominantly in mid cap stocks. * Investors should consult their financial advisors if in doubt about whether the product is suitable for them. Financial Services Industrial Manufacturing Consumer Goods Chemicals Automobile Pharma Cement & Cement Products Construction Media & Entertainment Metals If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed. Edmund Burke * For Fund Manager experience, please refer page ## Risk rate assumed to be 6.00% (FBIL Overnight MIBOR rate as on 27th April 2018). **Total Expense Ratio excludes applicable B30 fee and GST. For last three dividends, please refer page no For scheme performance, please refer page no