FUNDS IN FOCUS OCTOBER

FUNDS IN FOCUS OCTOBER 2018

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OCTOBER 2018 EQUITY FUNDS:.................................................................... 1 Kotak India EQ Contra Fund.......................................................... 2 Kotak Tax Saver Fund............................................................... 4 Kotak Standard Multicap Fund........................................................ 6 Kotak Equity Opportunities Fund...................................................... 8 Kotak Emerging Equity Fund........................................................ 10 HYBRID FUNDS:................................................................... 12 Kotak Equity Hybrid Fund........................................................... 13 Kotak Equity Savings Fund.......................................................... 15 THEMATIC FUNDS:................................................................. 17 Kotak Infraructure & Economic Reform Fund.......................................... 18 DEBT FUNDS:..................................................................... 20 Kotak Duration Fund........................................................... 21 Kotak Credit Risk Fund............................................................. 23 Kotak Medium Term Fund........................................................... 25 Kotak Bond Short Term Fund........................................................ 27

EQUITY FUNDS

Kotak India EQ Contra Fund (Formerly Known As Kotak Classic Equity) Scheme Facts Structure An open ended equity Scheme following contrarian invement rategy Month end AUM* (as on 31 Oct 2018) `574.09 crs Monthly Average AUM* `559.21 crs NAV (as on 31 Oct 2018) Direct Dividend `21.6250 Direct Growth `51.4930 Dividend `19.5020 Growth `47.8410 Launch Date 27th July 2005 Benchmark Nifty 100 TRI Min. Initial Inv. `5000 Additional Inv. `1000 & in multiples of `1 Standard Deviation^ 13.70% Beta^ 0.92 Sharpe^ 0.38 Portfolio Turnover 33.50% *Source: MFI Explorer. ^ as on 31 Oct, 2018. Source: ICRA MFI Explorer. About Kotak India EQ Contra Fund The invement objective of the scheme is to generate capital appreciation from a diversified portfolio of equity and equity related inruments. However, there is no assurance that the objective of the scheme will be realized. Equity Market Brief Indian equities are at intereing cross-road - while corporate earnings is likely to be on an increasing trend, macro headwinds of rising crude, inflation and depreciating currencies are on the rise. Off late, crude has corrected significantly giving a significant respite to macro headwinds. Volatility is on the rise recently due to global events - Fed hiking, crude oil price rally, trade wars like the flare-up between US and China. In India as well, as we approach general elections, markets are likely to turn more volatile. As we approach general elections, it is important to underand that all events create a level of uncertainty. While near term uncertainty induces volatility in asset prices, in the long run, wealth creation in equities is a function as how businesses can profitably grow over their co of capital suainably. Given the long-range of reforms introduced, we believe longer-term prospects of Indian equities is quite encouraging and we would advise inveors to benefit from such induced volatility. Time in the market more important than timing the market - after a long period of lower volatility in 2017, markets volatility has move up and inveors can benefit from this volatility by focusing on disciplined inveing and asset allocation. Portfolio Action The fund has an overweight position in Metals, Tech and Consumers while it is underweight in Pharma and BFSI. The metals call in CY 2016 and the Tech call in CY 2017 have immensely benefitted the fund over the pa 2 yrs. The underweight positioning in BFSI sector would have massively benefitted the fund in the current fall but the NBFC piece fell much more and within the BFSI space we were overweight on the NBFC portion. Some weight was added to the corporate lending banks like ICICI Bank, Axis Bank and SBI during the month. Market Cap % Large cap 81.90 Midcap 10.55 Small cap 0.11 Cash 7.43 The given market cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI li. Source: MFI Explorer. Market definition used is market capitalisation of the 100th large scrip (on the bases of market capitalisation) is the cutoff to determine the large cap and midcap segment. Load Structure Entry Load: Nil Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of invement:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of invement: NIL Any exit load charged (net off Goods and Services Tax, if any) shall be credited back to the respective Scheme. Units issued on reinvement of dividends shall not be subject to entry and exit load. Top 10 Sectors as on 31 Oct, 2018 Sector % Weight Underweight / Previous Change overweight Month in portfolio Portfolio Benchmark again (Portfolio % from previous (Nifty 100) benchmark Weight) month Financial Services 19.15 33.80-14.65 19.17-0.02 Consumer Goods 18.00 12.94 5.06 18.13-0.13 Information Technology 15.24 13.00 2.23 16.47-1.23 Energy 10.72 13.19-2.47 10.58 0.14 Automobile 8.97 7.68 1.29 8.12 0.84 Conruction 3.57 3.51 0.05 3.44 0.13 Metals 2.99 4.36-1.37 3.27-0.28 Cement & Cement Products 2.60 2.36 0.24 2.96-0.36 Others 7.41 0.00 7.41 4.55 2.86 Cash & Cash Equivalent 6.49 0.00 6.49 8.08-1.58 2

Kotak India EQ Contra Fund (Formerly Known As Kotak Classic Equity) About Kotak Mutual Fund Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `2134 bn (as on 31 October, 2018). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It arted operations in December 1998. KMMF offers schemes catering to inveors with varying risk - return profiles and was the fir fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `131884.28 cr as on 31 October, 2018. * The numbers are converted using the Rupee- USD reference rate published by the Reserve Bank of India as on the respective dates. To know more Call : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41. Visit - assetmanagement.kotak.com Email - mutual@kotak.com Disclaimer Kotak Classic Equity An open ended equity Scheme following contrarian invement rategy. Invement Objective: To generate capital appreciation from a diversified portfolio of equity and equity related securities. Mutual Fund invements are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com Dividend Hiory Date CUM Dividend Dividend NAV ( ` per unit) Mar-23-18 23.714 4.78 Jul-28-17 23.433 0.70 Jul-15-16 19.692 0.50 Nov-20-15 18.540 0.50 Jul-25-14 18.227 1.00 Jan-23-14 19.202 4.30 Jul-31-12 15.413 1.00 Kotak India EQ Contra Fund* Performance (%) as on 31 October, 2018 Date Top 10 Companies as on 31 Oct, 2018 Reliance Induries Ltd. Petroleum Products 6.71% Infosys Ltd. Software 4.93% Tata Consultancy Services Ltd. Software 4.62% Hinduan Unilever Ltd. Consumer Non Durables 4.38% Bajaj Finance Limited Finance 4.31% Mahindra & Mahindra Ltd. Auto 3.95% GAIL (India) Ltd. Gas 3.66% Tech Mahindra Ltd. Software 3.24% ITC Ltd. Consumer Non Durables 3.15% Titan Company Ltd. Consumer Durables 2.91% Kotak India EQ Contra Fund^^ Scheme Returns Nifty 100 TRI Nifty 50 TRI Current Value of Standard Invement of ` 10000 in the (%) ^ # (%)* ## (%)* Scheme ( `) Benchmark # ( `) Additional Benchmark ## ( `) Since Inception 12.52 13.71 13.37 47,841 54,990 52,874 La 1 Year 1.03 0.09 1.91 10,103 10,009 10,191 La 3 Years 11.42 10.53 10.22 13,840 13,511 13,396 La 5 Years 14.37 12.91 11.89 19,579 18,360 17,546 Scheme Inception date is 27/07/2005. Mr. Deepak Gupta has been managing the fund since 01/01/2017. Different plans have different expense ructure. The performance details provided herein are of regular plan. ^Pa performance may or may not be suained in future.*all payouts during the period have been reinveed in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A ands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- invement made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for top 3 and bottom 3 schemes managed by Mr. Deepak Gupta. *TRI Total Return Index With effect from 1 February 2018, we are comparing the performances of the funds with the total return variant of the benchmark inead of the price return variant. ^^Kotak Classic Equity is renamed as Kotak India EQ Contra Fund with effect from 1 June 2018. LOW Riskometer Moderate Inveors underand that their principal will be at moderately high risk HIGH This product is suitable for inveors who are seeking*: Long term capital growth Invement in portfolio of predominantly equity & equity related securities * Inveors should consult their financial advisors if in doubt about whether the product is suitable for them. 3

Kotak Tax Saver Scheme Facts Structure About Kotak Tax Saver An open ended equity linked saving scheme with a atutory lock in of 3 years and tax benefit Month end AUM* (as on 31 Oct 2018) `726.62 crs Monthly Average AUM* `715.12 crs NAV (as on 31 Oct 2018) The invement objective of Kotak Tax Saver is to generate long term capital appreciation from a diversified portfolio of equity and equity related securities and enable inveors to avail the income tax rebate, as permitted from time to time. The scheme thus offers a dual benefit of growth and tax savings. The scheme although open ended, has a three year lock-in. The portfolio is generally diversified across sectors and market capitalization segments. Dividend `17.4700 Dividend Direct `20.5480 Growth `39.2480 Growth Direct `42.2670 Launch Date rd 23 November 2005 Benchmark Nifty 500 TRI Min. Initial Inv. `500 Additional Inv. `500 & in multiples of `500 Standard Deviation^ 15.24% Beta^ 0.98 Sharpe^ Equity Market Brief Indian equities are at intereing cross-road - while corporate earnings is likely to be on an increasing trend, macro headwinds of rising crude, inflation and depreciating currencies are on the rise. Off late, crude has corrected significantly giving a significant respite to macro headwinds. Volatility is on the rise recently due to global events - Fed hiking, crude oil price rally, trade wars like the flare-up between US and China. In India as well, as we approach general elections, markets are likely to turn more volatile. As we approach general elections, it is important to underand that all events create a level of uncertainty. While near term uncertainty induces volatility in asset prices, in the long run, wealth creation in equities is a function as how businesses can profitably grow over their co of capital suainably. Given the long-range of reforms introduced, we believe longer-term prospects of Indian equities is quite encouraging and we would advise inveors to benefit from such induced volatility. Time in the market more important than timing the market - after a long period of lower volatility in 2017, markets volatility has move up and inveors can benefit from this volatility by focusing on disciplined inveing and asset allocation. Portfolio Action The key overweight sectors in the portfolio are Indurials and Cement. The underweight sectors are Auto, Financials and FMCG. Due to this positioning, the portfolio was relatively insulated in the sharp decline during the pa few months. Telecom sector continues to see headwinds, wherein the portfolio has no exposure. Large cap allocation in the portfolio is about 56%. 0.21 Portfolio Turnover 86.61% *Source: MFI Explorer. ^ as on 31 Oct, 2018. Source: ICRA MFI Explorer. Market Cap % Large cap 56.16 Midcap 23.49 Small cap 12.34 Cash 8.00 The given mar ket cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI li. Source: KPAX (internal syem). Market definition used is market capitalisation of the 100th large scrip (on the bases of market capitalisation) is the cutoff to determine the large cap and midcap segment. Load Structure Entry Load: Nil Exit Load: Exit Load is not applicable for Kotak Tax Saver Scheme. (applicable for all plans) Top 10 Sectors as on 31 Oct, 2018 Sector % Weight Underweight / Previous Change overweight Month in portfolio Portfolio Benchmark again (Portfolio % from previous (Nifty 500) benchmark Weight) month Financial Services 25.27 31.53-6.25 26.00-0.73 Energy 12.52 11.70 0.81 13.32-0.81 Information Technology 10.07 11.53-1.47 10.96-0.90 Consumer Goods 9.86 13.32-3.46 9.43 0.43 Indurial Manufacturing 6.40 2.64 3.76 5.97 0.43 Conruction 6.18 3.95 2.22 5.78 0.40 Cement & Cement Products 5.46 2.27 3.19 7.93-2.47 Pharma 5.05 5.31-0.26 4.75 0.30 Metals 3.59 3.83-0.24 3.77-0.18 Cash & Cash Equivalent 4.77 0.00 4.77 3.35 1.42 Units issued on reinvement of dividends shall not be subject to exit load (applicable for all plans) 4

Kotak Tax Saver About Kotak Mutual Fund Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `2134 bn (as on 31 October, 2018). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It arted operations in December 1998. KMMF offers schemes catering to inveors with varying risk - return profiles and was the fir fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `131884.28 cr as on 31 October, 2018. * The numbers are converted using the Rupee- USD reference rate published by the Reserve Bank of India as on the respective dates. To know more Call : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41. Visit - assetmanagement.kotak.com Email - mutual@kotak.com Disclaimer Kotak Tax Saver An open ended equity linked saving scheme with a atutory lock in of 3 years and tax benefit. Invement Objective: To generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and enable inveors to avail the income tax rebate, as permitted from time to time. The amount inveed in the scheme shall be subject to a lock-in of 3 years irrespective of whether the invements would be eligible for tax benefit or not. The above does not conitute and advice or a representation. Inveors are requeed to seek professional advice in this regard. Kotak Mahindra Bank Limited is not liable or responsible for any loss or short fall resulting from the operations of the scheme. Mutual Fund invements are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com Top 10 Companies as on 31 Oct, 2018 Reliance Induries Ltd. Petroleum Products 6.78% ICICI Bank Ltd. Banks 6.47% HDFC Bank Ltd. Banks 6.31% Tata Consultancy Services Ltd. Software 4.53% Larsen And Toubro Ltd. Conruction Project 4.37% Infosys Ltd. Software 4.25% GlaxoSmithkline Consumer Healthcare Ltd Consumer Non Durables 3.85% AU Small Finance Bank Ltd. Banks 3.02% Bharat Financial Inclusion Limited Finance 2.65% GAIL (India) Ltd. Gas 2.58% Kotak Tax Saver* Performance (%) as on 31 October, 2018 Date Kotak Tax Saver Scheme Nifty 500 Nifty 50 Current Value of Standard Invement Returns TRI TRI of ` 10000 in the (%) ^ # (%)* ## (%)* Scheme ( `) Benchmark # ( `) Additional Benchmark ## ( `) Since Inception 11.14 12.41 12.65 39,248 45,474 46,739 La 1 Year -6.28-3.17 1.91 9,372 9,683 10,191 La 3 Years 8.94 10.39 10.22 12,934 13,459 13,396 La 5 Years 16.21 14.04 11.89 21,200 19,297 17,546 Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015. Different plans have different expense ructure. The performance details provided herein are of regular plan. ^Pa performance may or may not be suained in future.*all payouts during the period have been reinveed in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A ands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- invement made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for other schemes managed by Mr. Harsha Upadhyay. *TRI Total Return Index With effect from 1 February 2018, we are comparing the performances of the funds with the total return variant of the benchmark inead of the price return variant. LOW Riskometer Moderate Inveors underand that their principal will be at moderately high risk HIGH This product is suitable for inveors who are seeking*: long term capital growth with a 3 year lock in Invement in portfolio of predominantly equity & equity related securities. * Inveors should consult their financial advisors if in doubt about whether the product is suitable for them. Dividend Hiory Date CUM Dividend Dividend NAV ( ` per unit) Jun-28-18 18.444 0.34 Mar-23-18 18.583 0.38 Dec-29-17 20.848 0.40 Jun-29-17 22.144 0.40 Mar-29-17 19.432 0.75 Jan-27-17 18.889 0.72 Mar-22-16 16.266 0.65 Jan-21-16 16.113 0.70 5

Kotak Standard Multicap Fund (Formerly Known As Kotak Select Focus) Scheme Facts Structure Multi Cap Fund - An open ended equity scheme inveing across large cap, mid cap, small cap ocks Month end AUM* (as on 31 Oct 2018) `20,100.25 crs Monthly Average AUM* `19,659.57 crs NAV (as on 31 Oct 2018) Direct Dividend `22.5840 Direct Growth `33.4320 Dividend `21.0980 Growth `31.5870 Launch Date th 11 September 2009 Benchmark Nifty 200 TRI Min. Initial Inv. `5000 & in multiple of `1 for purchase and for ` 0.01 for switches Additional Inv. `1000 & in multiples of `1 Standard Deviation^ 14.50% Beta^ 0.96 Sharpe^ 0.34 Portfolio Turn over 32.90% *Source: MFI Explorer. ^ as on 31 Oct, 2018. Source: ICRA MFI Explorer. Market Cap % Large cap 74.10 Midcap 14.28 Small cap 3.18 Cash 8.43 The given market cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI li. Source: KPAX (internal syem). Market definition used is market capitalisation of the 100th large scrip (on the bases of market capitalisation) is the cutoff to determine the large cap and midcap segment. Load Structure Entry Load: Nil Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of invement:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of invement: NIL iii) Any exit load charged (net off Goods and Services Tax, if any) shall be credited back to the respective Scheme. (applicable for all plans) iv) Units issued on reinvement of dividends shall not be subject to exit load (applicable for all plans) About Kotak Standard Multicap Fund The invement objective of Kotak Standard Multicap Fund scheme is to generate long term capital appreciation from a portfolio of equity and equity related securities, generally focused on select few sectors. The scheme endeavors to identify sectors that are likely to do well over the medium term and takes focus exposures to the same. There is no reriction on which type of sectors the scheme can take exposure to and the portfolio will be generally diversified at the ock level across market capitalization. The scheme is well positioned to capture various themes that are in flavour in a focused manner. Equity Market Brief Indian equities are at intereing cross-road - while corporate earnings is likely to be on an increasing trend, macro headwinds of rising crude, inflation and depreciating currencies are on the rise. Off late, crude has corrected significantly giving a significant respite to macro headwinds. Volatility is on the rise recently due to global events - Fed hiking, crude oil price rally, trade wars like the flare-up between US and China. In India as well, as we approach general elections, markets are likely to turn more volatile. As we approach general elections, it is important to underand that all events create a level of uncertainty. While near term uncertainty induces volatility in asset prices, in the long run, wealth creation in equities is a function as how businesses can profitably grow over their co of capital suainably. Given the long-range of reforms introduced, we believe longer-term prospects of Indian equities is quite encouraging and we would advise inveors to benefit from such induced volatility. Time in the market more important than timing the market - after a long period of lower volatility in 2017, markets volatility has move up and inveors can benefit from this volatility by focusing on disciplined inveing and asset allocation. Portfolio Action In the backdrop of higher than average market valuations and emerging macro headwinds, now there is barbell approach in portfolio composition. Portfolio has a good mix of cyclical and defensive bets. Domeic businesses with operating leverage continue dominate the portfolio as compared to export/ global businesses due to better earnings trajectory. However, exposure to IT and Pharma sectors have gone up in the recent months. The top overweight sectors in the fund are Cement and Financials. However, partial profit booking was carried out in Financials during the month and the overweight ance reduced a bit. We believe that Government s focus on reviving consumption and spending on infraructure will create positive demand scenario for our portfolio companies in medium term. The key underweight sectors are FMCG and Metals. Utilities and Telecom sectors are the major exclusions from the fund. Allocation to large cap segment is about 74 per cent of the total corpus. Top Sectors as on 31 Oct, 2018 Sector % Weight Underweight / Previous Change overweight Month in portfolio Portfolio Benchmark again (Portfolio % from previous (Nifty 200) benchmark Weight) month Financial Services Energy Information Technology Consumer Goods Automobile Conruction Cement & Cement Products Pharma 34.87 32.95 1.92 35.27-0.40 13.13 12.66 0.47 13.71-0.57 7.52 12.20-4.67 8.28-0.75 7.47 12.97-5.50 7.71-0.24 6.44 7.73-1.30 6.83-0.40 6.10 3.66 2.44 5.80 0.29 5.32 2.30 3.01 5.87-0.56 3.44 5.10-1.66 3.29 0.15 6

Kotak Standard Multicap Fund (Formerly Known As Kotak Select Focus) About Kotak Mutual Fund Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `2134 bn (as on 31 October, 2018). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It arted operations in December 1998. KMMF offers schemes catering to inveors with varying risk - return profiles and was the fir fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `131884.28 cr as on 31 October, 2018. * The numbers are converted using the Rupee- USD reference rate published by the Reserve Bank of India as on the respective dates. To know more Ccall : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41. Visit - assetmanagement.kotak.com Email - mutual@kotak.com Disclaimer Kotak Standard Multicap Fund Multi Cap Fund - An open ended equity scheme inveing across large cap, mid cap, small cap ocks. Invement Objective: The invement 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. Top 10 Companies as on 31 Oct, 2018 HDFC Bank Ltd. Banks 6.96% Reliance Induries Ltd. Petroleum Products 6.34% ICICI Bank Ltd. Banks 6.27% Larsen And Toubro Ltd. Conruction Project 4.91% Infosys Ltd. Software 4.44% HDFC Ltd. Finance 3.77% Tata Consultancy Services Ltd. Software 3.09% State Bank Of India Banks 2.87% ITC Ltd. Consumer Non Durables 2.72% RBL Bank Ltd Banks 2.62% Kotak Standard Multicap Fund* Performance (%) as on 31 October, 2018 Date Kotak Standard Multicap Fund^^ Different plans have different expense ructure. The performance details provided herein are of regular plan. ^Pa performance may or may not be suained in future.*all payouts during the period have been reinveed in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A ands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- invement made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for other schemes managed by Mr. Harsha Upadhyaya. *TRI Total Return Index Scheme Nifty 200 Nifty 50 Current Value of Standard Invement Returns TRI TRI of ` 10000 in the (%) ^ #(%)* ## (%)* Scheme ( `) Benchmark #( `) Additional Benchmark ## ( `) Since Inception 13.41 10.43 10.06 31,587 24,762 24,021 La 1 Year -3.96-1.22 1.91 9,604 9,878 10,191 La 3 Years 11.07 10.52 10.22 13,708 13,507 13,396 La 5 Years 17.93 13.50 11.89 22,825 18,844 17,546 Scheme Inception date is 11/09/2009. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012. With effect from 1 February 2018, we are comparing the performances of the funds with the total return variant of the benchmark inead of the price return variant. ^^Kotak Select Focus Fund is renamed as Kotak Standard Multicap Fund with effect from 25th May 2018. Mutual Fund invements are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com Dividend Hiory Date CUM Dividend Dividend NAV ( ` per unit) Sep-27-17 23.592 1.50 Sep-30-16 21.349 1.25 Oct-12-15 19.739 1.00 Sep-26-14 17.791 1.00 Oct-15-10 12.850 1.25 LOW Riskometer Moderate Inveors underand that their principal will be at moderately high risk HIGH This product is suitable for inveors who are seeking*: Long term capital growth Invement in portfolio of predominantly equity & equity related securities generally focussed on a few selected sectors. * Inveors should consult their financial advisors if in doubt about whether the product is suitable for them. 7

Kotak Equity Opportunities (Formerly Known As Kotak Opportunities) Scheme Facts Structure Large & Mid Cap Fund- An open ended equity scheme inveing in both large cap and mid cap ocks Month end AUM* (as on 31 Oct 2018) `2,254.13 crs Monthly Average AUM* `2,219.41 crs NAV (as on 31 Oct 2018) Dividend Direct `24.8750 Growth Direct `113.4660 Dividend `23.1220 Growth `106.6940 Launch Date th 9 September 2004 Benchmark Nifty 200 TRI Min. Initial Inv. `5000 Additional Inv. `1000 & in multiples of `1 Standard Deviation^ 14.81% Beta^ 0.97 Sharpe^ 0.25 Portfolio Turn over 99.18% *Source: MFI Explorer. ^ as on 31 Oct, 2018. Source: ICRA MFI Explorer. Market Cap % Large cap 49.06 About Kotak Equity Opportunities Kotak Equity Opportunities looks for opportunities across sectors based on performance and potential of companies within the sectors. The fund manager has the flexibility to inve in a mix of large and mid cap ocks from various sectors. The allocation between large caps & midcaps would broadly depend on the choice of sectors, business environment & valuations. Equity Market Brief Indian equities are at intereing cross-road - while corporate earnings is likely to be on an increasing trend, macro headwinds of rising crude, inflation and depreciating currencies are on the rise. Off late, crude has corrected significantly giving a significant respite to macro headwinds. Volatility is on the rise recently due to global events - Fed hiking, crude oil price rally, trade wars like the flare-up between US and China. In India as well, as we approach general elections, markets are likely to turn more volatile. As we approach general elections, it is important to underand that all events create a level of uncertainty. While near term uncertainty induces volatility in asset prices, in the long run, wealth creation in equities is a function as how businesses can profitably grow over their co of capital suainably. Given the long-range of reforms introduced, we believe longer-term prospects of Indian equities is quite encouraging and we would advise inveors to benefit from such induced volatility. Time in the market more important than timing the market - after a long period of lower volatility in 2017, markets volatility has move up and inveors can benefit from this volatility by focusing on disciplined inveing and asset allocation. Portfolio Action The portfolio has seem significant changes in the pa few months. In line with revised invement mandate, the proportion of midcaps in the portfolio has increased. The portfolio has also seen defensive bets (mainly IT sector) increasing while procyclicals that have operating leverage continue to dominate the portfolio. The top overweight sectors are Indurials and Cement. Telecom sector continues to see headwinds, wherein the portfolio has no exposure. Key underweight sectors are Auto and Financials. Some segments of auto indury is witnessing volume trends tapering off with downward pressure on margins due to co pressures. Financials is an underweight exposure now, with private sector banks dominating the portfolio. Large, mid and small cap exposures are around 49%, 36% and 9% respectively. Midcap 35.68 Small cap 9.11 Cash 6.15 The given market cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI li. Source: KPAX (internal syem). Market definition used is market capitalisation of the 100th large scrip (on the bases of market capitalisation) is the cutoff to determine the large cap and midcap segment. Load Structure Entry Load: Nil Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of invement:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of invement: NIL iii) Any exit load charged (net off Goods and Services Tax, if any) shall be credited back to the respective Scheme. (applicable for all plans) iv) Units issued on reinvement of dividends shall not be subject to exit load (applicable for all plans) Top 10 Sectors as on 31 Oct, 2018 Sector % Weight Underweight / Previous Change overweight Month in portfolio Portfolio Benchmark again (Portfolio % from previous (Nifty 200) benchmark Weight) month Financial Services Energy Consumer Goods Information Technology Indurial Manufacturing Cement & Cement Products Conruction Pharma Fertilisers & Peicides Cash & Cash Equivalent 26.55 32.95-6.40 27.53-0.99 13.78 12.66 1.12 13.83-0.05 11.18 12.97-1.79 11.10 0.08 10.16 12.20-2.04 11.10-0.94 8.38 1.35 7.03 6.78 1.60 5.80 2.30 3.49 7.37-1.57 4.75 3.66 1.09 4.47 0.28 3.21 5.10-1.88 3.11 0.10 2.71 0.64 2.07 2.41 0.30 4.55 0.00 4.55 3.66 0.89 8

Kotak Equity Opportunities (Formerly Known As Kotak Opportunities) Dividend Hiory Date May-30-18 26.1190 0.70 Feb-27-18 27.3670 0.83 Nov-28-17 28.7004 0.85 Aug-29-17 27.9190 0.85 May-29-17 27.7480 0.85 Feb-28-17 26.2790 0.50 Nov-22-16 24.2460 0.80 Aug-28-15 24.3880 1.60 Aug-25-14 21.4110 1.00 Nov-11-11 13.6820 0.50 May-28-10 14.6250 1.00 Sept-8-09 14.7330 1.50 Mar-14-08 16.9750 2.00 Jan-25-08 27.0900 6.00 Sept-28-07 24.2930 3.00 Sept-27-06 17.7450 1.50 About Kotak Mutual Fund Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `2134 bn (as on 31 October, 2018). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It arted operations in December 1998. KMMF offers schemes catering to inveors with varying risk - return profiles and was the fir fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `131884.28 cr as on 31 October, 2018. * The numbers are converted using the Rupee- USD reference rate published by the Reserve Bank of India as on the respective dates. To know more CUM Dividend NAV Dividend ( ` per unit) Top 10 Companies as on 31 Oct, 2018 HDFC Bank Ltd. Banks 6.36% Reliance Induries Ltd. Petroleum Products 5.41% Tata Consultancy Services Ltd. Software 5.29% ICICI Bank Ltd. Banks 5.12% Infosys Ltd. Software 4.87% Larsen And Toubro Ltd. Conruction Project 4.03% Bharat Financial Inclusion Limited Finance 3.60% Gujarat State Petronet Ltd. Gas 3.02% Coromandel International Ltd. Fertilisers 2.71% Thermax Ltd. Indurial Capital Goods 2.66% Kotak Equity Opportunities* Performance (%) as on 31 October, 2018 Date Kotak Equity Opportunities^^ Scheme Nifty 200 Nifty 50 Current Value of Standard Invement Returns TRI TRI of ` 10000 in the (%) ^ # (%)* ## (%)* Scheme ( `) Benchmark # ( `) Additional Benchmark ## ( `) Since Inception 18.21 15.25 15.34 1,06,694 74,532 75,374 La 1 Year -8.21-1.22 1.91 9,179 9,878 10,191 La 3 Years 9.61 10.52 10.22 13,176 13,507 13,396 La 5 Years 15.44 13.50 11.89 20,514 18,844 17,546 Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012. Different plans have different expense ructure. The performance details provided herein are of regular plan. ^Pa performance may or may not be suained in future.*all payouts during the period have been reinveed in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A ands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- invement made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for other schemes managed by Mr. Harsha Upadhyaya. *TRI Total Return Index With effect from 1 February 2018, we are comparing the performances of the funds with the total return variant of the benchmark inead of the price return variant. ^^Kotak Opportunities is renamed as Kotak Equity Opportunities Fund with effect from 1 June 2018. With Effect from 1 June 2018, the Benchmark Name is changed to Nifty 200 TRI from Nifty 500 TRI. The above performance is benchmarked to Nifty 500 TRI. Call : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41. Visit - assetmanagement.kotak.com Email - mutual@kotak.com Disclaimer Kotak Equity Opportunities Large & Mid Cap Fund- An open ended equity scheme inveing in both large cap and mid cap ocks. Invement Objective: To generate capital appreciation from a diversified portfolio of equity & equity related inruments Mutual Fund invements are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com LOW Riskometer Moderate Inveors underand that their principal will be at moderately high risk HIGH This product is suitable for inveors who are seeking*: Long term capital growth Invement in portfolio of predominantly equity & equity related securities * Inveors should consult their financial advisors if in doubt about whether the product is suitable for them. 9

Kotak Emerging Equity Scheme Facts Structure Mid Cap Fund - An open ended equity scheme predominantly inveing in midcap ocks Month end AUM* (as on 31 Oct 2018) `3,139.54 crs Monthly Average AUM* `3,048.98 crs NAV (as on 31 Oct 2018) Dividend `21.4570 Direct Dividend `24.8530 Growth `34.9680 Direct Growth `37.3360 Launch Date 30th March 2007 Benchmark Nifty Midcap 100 Min. Initial Inv. `5000 Additional Inv. `1000 & in multiples of `1 Standard Deviation^ 17.01% Beta^ 0.85 Sharpe^ 0.26 Portfolio Turnover 37.45% *Source: MFI Explorer. ^ as on 31 Oct, 2018. Source: ICRA MFI Explorer. Market Cap % Large cap 3.37 Midcap 66.13 Small cap 27.76 Cash 2.74 About Kotak Emerging Equity The invement objective of Kotak Emerging Equity is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by inveing predominantly in midcap companies. These companies are either at their nascent or developing age and are under researched. Although relatively volatile in the short run,mid cap companies have the potential to deliver higher growth in the long term. Equity Market Brief Indian equities are at intereing cross-road - while corporate earnings is likely to be on an increasing trend, macro headwinds of rising crude, inflation and depreciating currencies are on the rise. Off late, crude has corrected significantly giving a significant respite to macro headwinds. Volatility is on the rise recently due to global events - Fed hiking, crude oil price rally, trade wars like the flare-up between US and China. In India as well, as we approach general elections, markets are likely to turn more volatile. As we approach general elections, it is important to underand that all events create a level of uncertainty. While near term uncertainty induces volatility in asset prices, in the long run, wealth creation in equities is a function as how businesses can profitably grow over their co of capital suainably. Given the long-range of reforms introduced, we believe longer-term prospects of Indian equities is quite encouraging and we would advise inveors to benefit from such induced volatility. Time in the market more important than timing the market - after a long period of lower volatility in 2017, markets volatility has move up and inveors can benefit from this volatility by focusing on disciplined inveing and asset allocation. Portfolio Action The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result we continue to be Overweight on sectors such as Financials, cement, Indurial Manufacturing, speciality chemicals & consumer discretionary. We believe that this year would be a ock picker s year. La year 90%of the BSE 500 ocks gave positive return which is not going to be repeated in our view. Ground indicators are suggeing rong pick as seen from CV sales, diesel consumption, bank credit growth, airlines passenger growth, order book of infra/capital good companies, rong cement volumes growth, eel prices rising to 9year high and capacity utilisation at 78%. However would rong earnings lead to better market performance? In the medium term, po GST implementation, we anticipate that the organized players would become ronger as unorganized sector would find it tough to do business in the changed environment and cede market share to more organized players and portfolio is well positioned in those sectors where there is a large portion of unorganized players. The portfolio is well positioned to ride on this theme from medium term perspective. In the IT and pharma sector we continue to have ock specific approach and continue to have UW ance on both the sectors. During the month the broader allocation remains largely unchanged with marginal reduction in Indurial manufacturing, auto ancillary and consumer goods and marginal increase in conruction, pharma. Services and agro chemicals. In the new scheme of arrangement, Kotak Emerging would remain as the Midcap fund. The current allocation to midcaps (as defined by SEBI i.e. between 101-250th companies in terms of market cap) is around 65.5%. We expect the underlying portfolio of Kotak Emerging Equity to deliver around 23%-25% corporate earnings growth in FY19E & FY20E based on current set of ocks. The portfolio is trading at a P/E 22x and 18.5x for FY19E and FY20E. The given market cap data is on the basis of new SEBI circular on scheme rationalisation wherein Stocks are categorised as per given AMFI li. Source: Value Research definition. Load Structure Entry Load: Nil Exit Load: I) For redemptions / switch outs (including SIP/STP) within 1 year from the date of allotment of units, irrespective of the amount of invement:1% ii) For redemptions / switch outs (including SIP/STP) after 1 year from the date of allotment of units, irrespective of the amount of invement: NIL Any exit load charged (net off Goods and Services Tax, if any) shall be credited back to the respective Scheme. Units issued on reinvement of dividends shall not be subject to entry and exit load. Top 10 Sectors as on 31 Oct, 2018 Sector % Weight Underweight / Previous Change overweight Month in portfolio Portfolio Benchmark again (Portfolio % from previous Nifty Midcap benchmark Weight) month 100 TRI Financial Services 20.91 26.74-5.82 22.04-1.13 Indurial Manufacturing 16.25 6.27 9.98 17.07-0.82 Consumer Goods 10.85 13.20-2.35 11.87-1.02 Automobile 7.03 8.15-1.12 7.17-0.14 Pharma 6.59 9.80-3.21 6.63-0.04 Chemicals 5.87 1.85 4.02 6.08-0.21 Conruction 5.65 4.73 0.92 4.94 0.71 Fertilisers & Peicides 4.93 1.51 3.42 4.40 0.52 Cement & Cement Products 4.84 1.90 2.94 3.71 1.14 Textiles 4.46 3.39 1.08 4.36 0.10 10

Kotak Emerging Equity About Kotak Mutual Fund Kotak Mahindra Asset Management Company Limited (KMAMC) is a wholly owned subsidiary of Kotak Mahindra Bank Limited (KMBL). KMBL has over two decades of experience in financial services. KMBL has a market capitalization of `2134 bn (as on 31 October, 2018). KMAMC is the Asset Manager for Kotak Mahindra Mutual Fund (KMMF). It arted operations in December 1998. KMMF offers schemes catering to inveors with varying risk - return profiles and was the fir fund house in the country to launch a dedicated gilt scheme. KMAMC manages assets worth `131884.28 cr as on 31 October, 2018. * The numbers are converted using the Rupee- USD reference rate published by the Reserve Bank of India as on the respective dates. To know more Call : 1800-222-626 (Toll Free), Mumbai 61152100, Delhi 66306900 / 02, Chennai 28221333 / 45038171, Kolkata 64509802 / 03, Pune 64013395 / 96, Ahmedabad 26779888, Bangalore 66128050 / 51, Hyderabad 66178140 / 41. Visit - assetmanagement.kotak.com Email - mutual@kotak.com Disclaimer Kotak Emerging Equity Mid Cap Fund - An open ended equity scheme predominantly inveing in mid cap ocks. Invement Objective: The invement objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by inveing predominantly in mid and small cap companies. Kotak Emerging Equity*Performance (%) as on 31 October, 2018 Date Top 10 Companies as on 31 Oct, 2018 RBL Bank Ltd Banks 3.76% Schaeffler India Ltd Indurial Products 3.71% The Ramco Cements Ltd Cement 3.65% Atul Ltd. Chemicals 3.31% Bharat Financial Inclusion Limited Finance 3.22% Supreme Induries Limited Indurial Products 2.93% P I INDUSTRIES LTD Peicides 2.84% Thermax Ltd. Indurial Capital Goods 2.64% Solar Induries India Limited Chemicals 2.56% Shriram City Union Finance Ltd. Finance 2.55% Kotak Emerging Equity Fund Since Inception 11.40 13.00 10.31 34,968 41,255 31,215 La 1 Year -11.21-11.31 1.91 8,879 8,869 10,191 La 3 Years 9.98 10.33 10.22 13,308 13,436 13,396 La 5 Years 24.45 19.27 11.89 29,864 24,151 17,546 Different plans have different expense ructure. The performance details provided herein are of regular plan. ^Pa performance may or may not be suained in future.*all payouts during the period have been reinveed in the units of the scheme at the then prevailing NAV. Returns > = 1 year: CAGR (Compounded Annualised Growth Rate). N.A ands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of `10,000/- invement made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark. Please refer page no. 29 for other schemes managed by Mr. Pankaj Tibrewal. *TRI Total Return Index With effect from 1 February 2018, we are comparing the performances of the funds with the total return variant of the benchmark inead of the price return variant. With Effect from 25th May 2018, the Benchmark is changed to Nifty Midcap 100 TRI. Scheme Nifty Nifty 50 Current Value of Standard Invement Returns Midcap TRI of ` 10000 in the (%) ^ 100 TRI ## (%)* Scheme ( `) Benchmark Additional # (%)* # ( `) Benchmark ## ( `) Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010. Mutual Fund invements are subject to market risks, read all scheme related documents carefully. Scheme Information Document (SID) and Statement of Additional Information (SAI) available on mutualfund.kotak.com Dividend Hiory Date CUM Dividend Dividend NAV ( ` per unit) Mar-23-18 26.153 2.67 May-26-17 26.010 1.59 May-27-16 21.196 1.30 Apr-28-15 21.499 2.10 May-02-14 13.073 0.50 May-02-13 11.491 0.50 Apr-29-11 10.573 0.75 LOW Riskometer Moderate Inveors underand that their principal will be at moderately high risk HIGH This product is suitable for inveors who are seeking*: Long term capital growth Invement in equity & equity related securities predominantly in midcap companies * Inveors should consult their financial advisors if in doubt about whether the product is suitable for them. 11

HYBRID FUNDS EQUITY DEBT

Kotak Equity Hybrid (Formerly Known As Kotak Balance) Scheme Facts Structure An open ended hybrid scheme inveing predominantly in equity and equity related inruments. Month end AUM* (as on 31 Oct 2018) `1,650.65 crs Monthly Average AUM* `1,660.17 crs NAV (as on 31 Oct 2018) Direct Dividend `15.7560 Direct Growth `23.9420 Dividend `14.2530 Growth `22.2910 Launch Date th 25 November 1999 Benchmark NIFTY 50 Hybrid Composite Debt 70:30 Index Min. Initial Inv. `5000 Additional Inv. `1000 & in multiples of `1 Standard Deviation^ 11.75% Beta^ 0.10 Sharpe^ 0.05 Portfolio Turn over 43.29% *Source: MFI Explorer. ^ as on 31 Oct, 2018. Source: ICRA MFI Explorer. Load Structure Entry Load: Nil Exit Load: I) For redemption / switch out of upto 10% of the initial invement amount (limit) purchased or switched in within 1 year from the date of allotment: Nil. II) If units redeemed or switched out are in excess of the limit within 1 year from the date of allotment: 1%. About Kotak Equity Hybrid The invement objective of Kotak Equity Hybrid is to achieve growth by inveing in equity and equity related inruments, balanced with income generation by inveing in debt and money market inruments. The scheme thus provides capital appreciation potential of equities as well as able returns of debt. Equity Market Brief Indian equities are at intereing cross-road - while corporate earnings is likely to be on an increasing trend, macro headwinds of rising crude, inflation and depreciating currencies are on the rise. Off late, crude has corrected significantly giving a significant respite to macro headwinds. Volatility is on the rise recently due to global events - Fed hiking, crude oil price rally, trade wars like the flare-up between US and China. In India as well, as we approach general elections, markets are likely to turn more volatile. As we approach general elections, it is important to underand that all events create a level of uncertainty. While near term uncertainty induces volatility in asset prices, in the long run, wealth creation in equities is a function as how businesses can profitably grow over their co of capital suainably. Given the long-range of reforms introduced, we believe longer-term prospects of Indian equities is quite encouraging and we would advise inveors to benefit from such induced volatility. Time in the market more important than timing the market - after a long period of lower volatility in 2017, markets volatility has move up and inveors can benefit from this volatility by focusing on disciplined inveing and asset allocation. Portfolio Action Equity The portfolio continues to be pro-cyclical and tilted towards economic recovery. As a result we continue to be overweight on sectors such as cement, capital goods & engineering, auto ancillary, media and consumer discretionary. In the IT and pharma sector we continue to have ock specific approach. The fund continues the underweight ance on consumer aples and IT. During the months we marginally increased weightage to financials (private sector corporate banks), pharma and consumer discretionary sector. In the short term we believe the GST implementation could be a disruptor for B2C businesses. However from a medium term perspective po GST implementation, we anticipate that the organized players would become ronger as unorganized sector would find it tough to do business in the changed environment and cede market share to more organized players and portfolio is well positioned in those sectors where there is a large portion of unorganized players. The current large cap (above 20,000 crs market cap): midcap ratio remains at 66:34 in the fund. We expect equity portion of Kotak balance fund to deliver 31% and 26% earnings growth in FY19E & FY20E based on current set of ocks and the portfolio is trading at a P/E 20x and 16x for FY19E and FY20E. Debt As on Oct 31 2018, ~8.83% of the scheme portfolio comprised of government securities (central as well as ate). ~63.74% of the portfolio was inveed in corporate securities and the balance was held in the form of Money market securities and cash. The benchmark gilt arted the month at 7.98%-levels and ended the month around 7.84%-levels. SDL spreads have widened considerably. We are neutral to positive about the buying opportunities provided by this asset class. We shall look for spikes to accumulate. Despite the positive turn taken by the market in the pa month, we ill feel it is prudent to remain watchful and conservative portfolio duration-wise. Our intent to conruct a portfolio protected from volatility and in due time increasing the duration to recover earlier losses incurred due to high duration, ill holds good and true. Top 10 Sectors as on 31 Oct, 2018 III) If units are redeemed or switched out on or after 1 year from the date of allotment: NIL. Any exit load charged (net off Goods and Services Tax, if any) shall be credited back to the Scheme. Units issued on reinvement of dividends shall not be subject to entry and exit load. Others Chemicals Conruction Project Consumer Non Durables Cement Software Auto Commercial Paper (CP)/Certificate of Deposits (CD) Finance Debentures and Bonds Banks 3.57 3.67 4.56 5.14 5.46 6.04 6.06 8.51 15.51 18.01 23.47 13