FUND UPDATE MARCH 2016

Transcription

1 FUND UPDATE MARCH 2016

2 Click on the Fund Name for details CONTENTS MARKET OUTLOOK 1 FUND PERFORMANCE OF ULIP FUNDS 3 PRODUCT - FUND MATRIX 5 INDIVIDUAL FUNDS CLASSIC OPPORTUNITIES FUND (ULIF /12/09-CLAOPPFND-107) 6 FRONTLINE EQUITY FUND (ULIF /12/09-FRLEQUFND-107) 7 DYNAMIC FLOOR FUND II (ULIF /12/09-DYFLRFND2-107) 8 BALANCED FUND (ULIF /12/09-BALKFND-107) 9 KOTAK OPPORTUNITIES FUND (ULIF /10/08-OPPFND-107) 10 KOTAK AGGRESSIVE GROWTH FUND (ULIF /09/04-AGRGWTFND-107) 11 GUARANTEE FUND (ULIF /02/10-GRTFND-107) 12 MONEY MARKET FUND (ULIF /01/10-MNMKKFND-107) 13 KOTAK DYNAMIC GROWTH FUND (ULIF /06/03-DYGWTFND-107) 14 DYNAMIC FLOOR FUND (ULIF /11/06-DYFLRFND-107) 15 KOTAK DYNAMIC BALANCED FUND (ULIF /06/03-DYBALFND-107) 16 KOTAK DYNAMIC BOND FUND (ULIF /04/04-DYBNDFND-107) 17 KOTAK DYNAMIC GILT FUND (ULIF /06/03-DYGLTFND-107) 18 KOTAK DYNAMIC FLOATING RATE FUND (ULIF /12/04-DYFLTRFND-107) 19 PEAK GUARANTEE FUND I (ULIF /02/10-PKGRTFND1-107) 20 KOTAK GUARANTEED GROWTH FUND (ULIF /06/03-GRTGWTFND-107) 21 KOTAK GUARANTEED BALANCED FUND (ULIF /06/03-GRTBALFND-107) 22 PENSION CLASSIC OPPORTUNITIES FUND (ULIF /01/10-PNCLAOPFND-107) 23 KOTAK PENSION OPPORTUNITIES FUND (ULIF /07/09-PNOPPFND-107) 24 PENSION FRONTLINE EQUITY FUND (ULIF /01/10-PNFRLEQFND-107) 25 PENSION GUARANTEE FUND (ULIF /12/09-PNGRTFND-107) 26 KOTAK PENSION GROWTH FUND (ULIF /01/09-PNGWTFND-107) 27 KOTAK PENSION FLOOR FUND (ULIF /07/09-PNFLRFND-107) 28 PENSION FLOOR FUND II (ULIF /01/10-PNFLRKFND2-107) 29 KOTAK PENSION BALANCED FUND (ULIF /06/03-PNBALFND-107 ) 30 PENSION BALANCED FUND II (ULIF /01/10-PNBALFND2-107) 31 KOTAK PENSION BOND FUND (ULIF /04/04-PNBNDFND-107) 32 KOTAK PENSION GILT FUND (ULIF /06/03-PNGLTFND-107) 33 KOTAK PENSION FLOATING RATE FUND (ULIF /12/04-PNFLTRFND-107) 34 PENSION MONEY MARKET FUND II (ULIF /12/09-PNMNMKFND-107) 35 KOTAK ADVANTAGE PLUS FUND II (ULIF /04/06-ADVPLSFND2-107) 36 KOTAK ADVANTAGE MULTIPLIER FUND (ULIF /02/06-ADVMULFND-107) 37 KOTAK ADVANTAGE MULTIPLIER FUND II (ULIF /04/06-ADVMULFND2-107) 38 DISCONTINUED POLICY FUND (ULIF /03/11-DISPOLFND-107) 39 GROUP FUNDS KOTAK GROUP DYNAMIC FLOOR FUND (ULGF /01/10-DYFLRFND-107) 40 KOTAK GROUP BALANCED FUND (ULGF /06/03-BALFND-107) 41 KOTAK GROUP BOND FUND (ULGF /04/04-BNDFND-107) 42 KOTAK GROUP GILT FUND (ULGF /06/03-GLTFND-107) 43 KOTAK GROUP FLOATING RATE FUND (ULGF /12/04-FLTRFND-107) 44 KOTAK GROUP MONEY MARKET FUND (ULGF /06/03-MNMKFND-107) 45 KOTAK GROUP SECURE CAPITAL FUND (ULGF /04/11-SECCAPFND-107) 46 KOTAK 57M FMP 07/04/2016 (ULGF /07/11-57FM ) 47 KOTAK GROUP SHORT TERM BOND FUND (ULGF /12/13-SHTRMBND-107) 48 Annexure 49 Disclaimer 55

3 MARKET OUTLOOK Month Gone By Markets In February, Indian equities reacted negatively with BSE Sensex down 7.5%for the month. The sell off was driven mainly by continued fears of a global slowdown, concerns over increasing bad loans of Indian banks, disappointing 3QFY16 corporate results, FII selling due to weak oil prices and nervousness ahead of Union Budget. Indian equity markets were the second worst performing after Japan. Union Budget unveiled on 29th February, reflected government s stance of fiscal consolidation (fiscal deficit target maintained at 3.9% for FY16 and 3.5% for FY17) with focus on revival of rural demand. 10 year benchmark treasury yields were volatile during the month but moved downwards by 16 bps at 7.63% towards the end Global sell off, slide in oil prices Disappointingresults of PSU banks FY 17 Railway and Union Budget announcement % RBI keps monetary policy rates unchanged India'sQ3 FY 16 GDP at 7.3% Recovery in oil prices % CPI (5.7%) above expectation and WPI (-0.9%) Caution ahead of Union below expectation Budget Jan Feb Feb Feb Feb Feb Feb % 7.6 Sensex 10 yr Gsec Source: Bloomberg INR depreciated 0.9% vs. USD over the month. Increased global risk aversion and portfolio outflows led to INR depreciation vs. USD. Foreign Institutional Investors (FIIs) remained seller of Indian equities to the tune of USD 1.2bn in February, however quantum of selling tapered from Januray. In contrast, Domestic Institutional Investors (DIIs) were net buyers to the tune of USD 1.5bn. Among DIIs, Mutual funds accounted for inflows of USD 642 mn and domestic insurance companies accounted for USD 892mn inflows FIIs sold Indian debt worth USD 1.2 bn Exchange Rate (INR/USD) Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Source: Bloomberg Economy 3QFY16 GDP growth moderated to 7.3% from 7.7% in first half. Index of Industrial Production (IIP) for December contracted by 1.3% due to decline in manufacturing activity and incessant rains in South India. Capital goods continued to fall sharply -19.7% (-24.4% in Nov). Consumer Price Index (CPI) for the month of January was 5.7% vs 5.6% in December as food inflation rose to an 11-month high. Core CPI came in at 4.5% YoY. Deflationary trends in Wholesale Price Index (WPI) continued as it fell for fifteenth consecutive month, to -0.9% (-0.7% last month). January trade deficit narrowed to 11 month low of USD 7.6 bn v/s USD 11.6 bn in December on the back of a sharp decline in the imports of petroleum products and electronic items. Exports were down 14% in January as it contracted for 14th straight month. Amongst imports, coal (-38.4%), iron & steel (-16.4%) were notable declines while gold (+85%) and precious stones (+33.5%) expanded. Source : Motilal Oswal and Citi Market Outlook The month saw correction inbroader market with BSE Midcap and BSE Small cap indices underperforming BSE Sensex by 4.6% and 0.6% respectively. February saw a slight uptick in deal activity with 9 deals amounting to ~USD 967mn. This was mainly led by the Govt s 5% stake sale in NTPC (USD 735mn). In the primary market, IPOs of Quick Heal Technologies (USD 66mn), Precision Camshafts (USD 60.5mn), TeamLease Services (USD 62.5mn) were notable ones. The year has started on a weaker note from FII flow perspective with YTD selling of USD 2.9bn. In contrast, domestic investors have remained buyers of equities with YTD buying of USD 3.4bn. Net FII Flows (USD b) Net DII Flows (USD b) CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 Source : Motilal Oswal and Citi Page 1

4 In February, the government announced constitution of the Bank Board Bureau which will recommend selection of heads of public sector banks and financial institutions, and develop strategies and capital raising plans for them. The Bureau will start functioning from April 1, 2016 with Mr Vinod Rai (former Comptroller and Auditor General of India as its Chairman. This is believed to be a first step towards improved governance in PSU banks. Budget maintained the quantum allocated for recapitalisation of PSU banks at Rs 250bn for FY 17as per schedule announced in Indradhanush with open ended committment to step up additional capital if required. The creation of the Bank Board Bureau together with the passage of the Bankruptcy Code and strengthening the Debt Recovery Tribunals (DRT) are positive steps towards alleviating stress in the banking sector. Post the budget, RBI has announced changes in rules in calculating Tier I capital which would provide further boost to PSU banks can be a year of immense possibilities for Indian equity markets. The turmoil in the global markets is showing no signs of an immediate resolution. Hence, the linkage of the performance of local markets with factors such as crude prices, worries over Europe and China are unlikely to weaken in the short term. A key structural worry emanates from the decline in the attractiveness of equities in emerging markets as an asset class and the consequent impact on FII flows. While India clearly shines from a macro perspective among the emerging market economies, the markets are not immune to global risk aversion. Equities can react in the coming months based on following events:- Corporate India have been reporting very subdued profit growth at an aggregate level for last few quarters. It is widely expected that FY16 should be bottom of earnings growth cycle and earnings can grow at double digit in FY17. Any positive confirmation of the same will act as positive trigger for the market. As banks accelerate the process of monetary transmission and yields fall, it is believed that India s cost of capital (COC) will also progressively reduce. The consequent expansion in the ROCE- COC spread could be one of the drivers of the next leg of re-rating in Indian equities.the next leg of India s re-rating will likely be micro-led. From a micro standpoint, operating leverage will likely support earnings once India crosses its potential GDP growth, which will get more accentuated post FY16. Analysts have yet to pencil the benefits of operating leverage into their earnings estimates. Inflation is still an issue in India. Softening of crude oil and other commodities is helping the Indian macro. For Indian equities to enter into a period of sustained rise, it is pertinent to tame inflation. The RBI wants to fight the inflation battle only once, thus reducing probabilities of aggressive rate cuts in the near term. If global crude prices remain weak in the near future as well, Indian equities could well become the best choice for global fund managers On one hand there is expectation of US Fed raising the interest rates on the other hand there is expectation of European Central Bank (ECB) cutting rates. This tightening & easing in different parts of the world is likely to keep the world markets volatile There has been a re-emergence of concerns over China. The main concerns centre around (a) Investment bubble: China s investment share of GDP is already higher than it ever was in Japan and Korea. (b) Real estate bubble: Moody s claim that real estate is around 23% of GDP, (directly and indirectly) (c) China s private sector debt to GDP stands at 196% (4 higher than the trend rate). A meaningful slow down in China can influence global growth and investor sentiment to emerging markets. However, over time, it is expected that India, will be a major beneficiary of asset re-allocation within emerging markets. 27 Sensex P/E (x) Peak(x) Avg(x) Median(x) Min(x) Feb-01 Feb-02 Feb-03 Feb-04 Feb-05 Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Source: Motilal Oswal Debt Market Outlook The key event for the month was the FY17 Union Budget. Yields moved down to 7.62% on the budget day as the government stuck to its fiscal consolidation path by retaining its fiscal deficit target of 3.9% of GDP for FY16 and 3.5% for FY17. The gross borrowing stood at Rs.6 lakh crores and net borrowing is at Rs.4.25 lakh crore. Announcement of UDAY scheme and fresh supply of UDAY related bonds from state governments caused the yield curve to steepen. Weak rupee and elevated CPI data dampened appetite for debt. However, the open market repurchases announced by RBI to the tune of Rs.27,000 crore supported the prices too some extent. Liquidity tightness continued due to government maintaining surplus balance and capital outflows. RBI is infusing liquidity by conducting long term repos and open market operations of bonds. It is believed that RBI will continue to conduct OMOs to address liquidity tightness. On global front, most of the major EM and DM central banks are set to maintain a more accommodative stance. People s bank of China has eased policy rates recently. ECB has committed to do more easing if necessary while Bank of Japan has introduced negative interest rates. Fed is reassessing its stance of hiking interest rates. In domestic bond markets, fiscal deficit target at 3.5% of GDP might open up more space for monetary easing. RBI monetary easing would to some extent help compensate the demand-supply mismatches in SLR market to keep yields low. In near term, it is expected that new 10y bond will trade between % Feb-06 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb Year India G-Sec Yield (%) source: Bloomberg Page 2

5 FUND PERFORMANCE OF ULIP FUNDS Funds available with insurance plans launched on & post Sept. 1, Returns As On 29th Feb 2016 Classic Opportunities Fund (AUM: ` 1,48, Lakhs) Frontline Fund (AUM: ` 34, Lakhs) Dynamic Floor Fund II (AUM: ` 59, Lakhs) Funds available with insurance plans launched Prior to Sept. 1, Balanced Fund (AUM: ` 4, Lakhs) Guarantee Fund (AUM: ` 3, Lakhs) Kotak Dynamic Bond Fund (AUM: ` 86, Lakhs) Kotak Dynamic Gilt Fund (AUM: ` 4, Lakhs) Kotak Dynamic Floating Rate Fund (AUM: ` 2, Lakhs) Money Market Fund (AUM: ` 16, Lakhs) Discontinued Policy Fund (AUM: ` 17, Lakhs) Inception 9.2% 7.9% 5.1% 8.3% 6.4% 8.4% 7.1% 7.6% 7.8% 8.4% 10 years n.a n.a n.a n.a n.a 9.2% 7.9% 7.9% n.a n.a 7 years n.a n.a n.a n.a n.a 8.6% 7.6% 7.8% n.a n.a 6 years 9.8% 8.9% 5.6% 8.4% 6.2% 8.6% 8.2% 8.4% 8. n.a 5 years 9.9% 8.9% 5.2% 8.8% 5.7% % % n.a 4 years 11.6% 10.9% 5.6% % 8.6% 8.6% 9.3% 8.7% 8.6% 3 years 12.3% % 10.4% 5.4% 7.8% 7.6% 9.5% 8.5% 8.2% 2 years 14.2% 12.7% 6.5% 12.1% 7.6% 10.7% 11.5% 8.9% 8.4% 8.1% 1 year -17.7% -16.1% -9.4% -7.8% -7.6% % 6.9% 8.1% 7.6% 6 mth -13.7% -12.5% -4.8% -6.3% -2.8% 1.9% 2.1% 3.1% 3.8% 3.5% 3 mth -13.4% -12.6% -5.1% -7.1% -3.2% 0.1% 0.2% 1.4% 1.8% 1.7% 1 mth -8.1% -7.7% -2.8% -4.2% -1.6% 0.4% 0.5% 0.5% 0.6% 0.6% Returns As On 29th Feb 2016 Kotak Opportunities Fund (AUM: ` 81, Lakhs) Kotak Aggressive Growth Fund (AUM: ` 25, Lakhs) Kotak Dynamic Growth Fund (AUM: ` 5, Lakhs) Dynamic Floor Fund (AUM: ` 90, Lakhs) Kotak Dynamic Balanced Fund (AUM: ` 1, Lakhs) Inception 16.4% 15.2% 13.9% 8.5% 12.8% 10 years n.a 10.9% 9.3% n.a 9.6% 7 years 18.4% 16.2% 12.8% 7.2% 12.1% 6 years 9.3% 8.4% 8.5% 5.3% 8.5% 5 years 9.2% 8.4% 8.5% % 4 years 10.9% 10.4% 10.2% 5.2% years 11.6% 11.5% 10.9% 4.7% 10.4% 2 years 13.6% 11.9% 11.9% 6.7% year -18.6% -17.6% -12.6% -8.5% -8.4% 6 mth -14.2% -13.5% -9.9% -3.8% -6.8% 3 mth -13.7% -13.3% -10.4% -4.1% -7.6% 1 mth -8.3% -8.1% -6.1% -2.5% -4.4% Returns As On 29th Feb 2016 Peak Guarantee Fund I (AUM: ` 2, Lakhs) Kotak Guaranteed Growth Fund (AUM: ` 1,00, Lakhs) Kotak Guaranteed Balanced Fund (AUM: ` 8, Lakhs) Pension Classic Opportunities Fund (AUM: ` 12, Lakhs) Kotak Pension Opportunities Fund (AUM: ` 2, Lakhs) Pension Frontline Fund (AUM: ` 2, Lakhs) Pension Guarantee Fund (AUM: ` 10, Lakhs) Inception 5.6% 12.9% 11.7% 9.7% 8.9% % 10 years n.a % n.a n.a n.a n.a 7 years n.a 10.2% 9.8% n.a n.a n.a n.a 6 years 5.6% 7.6% 7.7% 9.8% 9.3% 8.9% 6. 5 years 5.4% 8.1% 8.1% 9.9% 9.2% 8.8% 5.7% 4 years 5.8% 8.6% 8.5% 11.6% 10.8% 10.9% 6.1% 3 years 5.2% 8.5% 8.2% 12.4% 11.4% % 2 years 7.2% 10.4% 10.4% 14.3% 13.5% 12.6% 7.6% 1 year -7.6% -7.9% -5.6% -18.3% -18.3% -16.6% -7.6% 6 mth -2.8% -6.5% % % -2.8% 3 mth -3.1% -7.3% % -13.6% -13.1% -3.2% 1 mth -1.5% -4.2% -3.4% -8.3% -8.2% -7.9% -1.6% Returns As On 29th Feb 2016 Kotak Pension Growth Fund (AUM: ` 1, Lakhs) Kotak Pension Floor Fund (AUM: ` 4, Lakhs) Pension Floor Fund II (AUM: ` 7, Lakhs) Kotak Pension Balanced Fund (AUM: ` 20, Lakhs) Pension Balanced Fund II (AUM: ` Lakhs) Kotak Pension Bond Fund (AUM: ` 7, Lakhs) Kotak Pension Gilt Fund (AUM: ` Lakhs) Kotak Pension Floating Rate Fund (AUM: ` Lakhs) Pension Money Market Fund II (AUM: ` 1, Lakhs) Inception % % % 7.3% 7.6% 7.8% 10 years n.a n.a n.a 8.5% n.a 9.3% 8.1% 7.9% n.a 7 years 10.2% n.a n.a 9.7% n.a 8.6% 7.5% 7.8% n.a 6 years 7.7% 4.8% 5.7% 7.7% 8.1% 8.7% 8.1% 8.4% 8. 5 years 7.9% % 8.2% 8.8% 8.9% 8.5% % 4 years 8.5% 5.5% 5.6% 8.5% 9.9% 8.6% 8.5% 9.3% 8.7% 3 years 8.4% 4.7% 4.7% 8.2% 10.4% 7.8% 7.6% 9.5% 8.5% 2 years 10.4% 6.7% 6.5% 10.4% % 11.4% 8.8% 8.4% 1 year -7.8% -8.5% -9.5% -5.5% -8.1% 4.1% 3.7% 6.8% 8.2% 6 mth -6.4% -3.8% -4.8% -4.8% -6.5% % 3.8% 3 mth -7.2% -4.2% -5.2% -5.9% -7.4% 0.2% 0.1% 1.4% 1.8% 1 mth -4.1% -2.6% -2.9% -3.3% -4.2% 0.4% 0.5% 0.5% 0.6% Page 3

6 FUND PERFORMANCE OF ULIP FUNDS KOTAK GROUP PLANS Returns As On 29th Feb 2016 KOTAK FIXED MATURITY PLANS Kotak Group Dynamic Floor Fund (AUM: ` Lakhs) KOTAK PRIVILEDEGE ASSURANCE PLANS Kotak Group Balanced Fund (AUM: ` 26, Lakhs) Kotak Group Bond Fund (AUM: ` 74, Lakhs) Kotak Group Gilt Fund (AUM: ` 2, Lakhs) Kotak Group Floating Rate Fund (AUM: ` 1, Lakhs) Kotak Group Money Market Fund (AUM: ` Lakhs) Kotak Group Secure Capital Fund (AUM: ` 6, Lakhs) Inception 13.8% 12.9% % % 9.2% 10 years n.a 9.8% 9.8% 8.3% 8.3% n.a n.a 7 years n.a 12.2% 9.5% 7.8% 8.2% n.a n.a 6 years 5.9% 8.9% 9.4% 8.4% 8.8% n.a n.a 5 years 5.8% 9.1% 9.5% 8.8% 9.4% n.a n.a 4 years 6.1% 10.3% 9.1% 8.8% 9.7% n.a 8.9% 3 years 5.4% 10.8% 8.3% 7.8% 9.9% n.a 8.1% 2 years 7.5% 12.4% 11.2% 11.8% 9.2% 8.1% 10.9% 1 year -7.6% % 3.9% 7.3% 7.5% 4.3% 6 mth -3.2% -6.7% 2.1% 2.1% 3.3% 3.7% 2. 3 mth -3.6% -7.6% 0.2% 0.2% 1.5% 1.4% 0.1% 1 mth % 0.4% 0.5% 0.5% 0.5% 0.3% Returns As On 29th Feb 2016 Kotak Group 57M FMP (AUM: ` 2, Lakhs) Kotak Group Short Term Bond Fund (AUM: ` 1, Lakhs) Inception 9.2% 1.9% 10 years n.a n.a 7 years n.a n.a 6 years n.a n.a 5 years n.a n.a 4 years 9.2% n.a 3 years 9.1% n.a 2 years 9.4% n.a 1 year 8.9% n.a 6 mth 4.3% n.a 3 mth 2.1% 1.4% 1 mth 0.7% 0.2% Returns As On 29th Feb 2016 Kotak Advantage Plus Fund II (AUM: ` Lakhs) Kotak Advantage Multiplier Fund (AUM: ` Lakhs) Kotak Advantage Multiplier Fund II (AUM: ` Lakhs) Inception 5.5% 5.2% 5.4% 10 years n.a 5.1% n.a 7 years 6.4% 6.4% 6.5% 6 years 5.2% 4.8% 5. 5 years 5.3% 4.7% 4.8% 4 years 5.4% 5.2% 5.5% 3 years % 5.3% 2 years 5.5% 5.7% 6. 1 year 4.6% 4.5% 4.8% 6 mth 2.2% % 3 mth 0.9% 0.8% 0.9% 1 mth 0.3% 0.2% 0.3% Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised. Page 4

7 PRODUCT - FUND MATRIX* Kotak Wealth Insurance Kotak Ace Investment Kotak Single Invest Advantage Kotak Headstart Child Assure Kotak Platinum Kotak Invest Maxima Classic Opportunities Fund b b b b b b Frontline Fund b b b b b b Funds Balanced Fund b b r b b b Dynamic Bond Fund b b b b b b Dynamic Floating Rate Fund b b r b b r Money Market Fund b b b b b b Dynamic Gilt Fund b b b b b r Discontinued Policy Fund b b b b b b *currently active plans Page 5

8 INDIVIDUAL FUNDS CLASSIC OPPORTUNITIES FUND FRONTLINE EQUITY FUND DYNAMIC FLOOR FUND II BALANCED FUND KOTAK OPPORTUNITIES FUND KOTAK AGGRESSIVE GROWTH FUND GUARANTEE FUND MONEY MARKET FUND KOTAK DYNAMIC GROWTH FUND DYNAMIC FLOOR FUND KOTAK DYNAMIC BALANCED FUND KOTAK DYNAMIC BOND FUND KOTAK DYNAMIC GILT FUND KOTAK DYNAMIC FLOATING RATE FUND PEAK GUARANTEE FUND I KOTAK GUARANTEED GROWTH FUND KOTAK GUARANTEED BALANCED FUND PENSION CLASSIC OPPORTUNITIES FUND KOTAK PENSION OPPORTUNITIES FUND PENSION FRONTLINE EQUITY FUND PENSION GUARANTEE FUND KOTAK PENSION GROWTH FUND KOTAK PENSION FLOOR FUND PENSION FLOOR FUND II KOTAK PENSION BALANCED FUND PENSION BALANCED FUND II KOTAK PENSION BOND FUND KOTAK PENSION GILT FUND KOTAK PENSION FLOATING RATE FUND PENSION MONEY MARKET FUND II KOTAK ADVANTAGE PLUS FUND II KOTAK ADVANTAGE MULTIPLIER FUND KOTAK ADVANTAGE MULTIPLIER FUND II DISCONTINUED POLICY FUND

9 CLASSIC OPPORTUNITIES FUND (ULIF /12/09-CLAOPPFND-107) Fund Strategy : Aims to maximize opportunity for you through long-term capital growth, by holding a significant portion in a diversified and flexible mix of large / medium sized company equities Performance Meter Classic Opportunities Fund Benchmark Inception (16-Dec-09) 9.2% 5.4% 6 years 9.8% 5.9% 5 years 9.9% 6. 4 years 11.6% 7.7% 3 years 12.3% 8.5% 2 years 14.2% 8.7% 1 year -17.7% -19.8% 6 mth -13.7% -12.5% 3 mth -13.4% -12.4% 1 mth -8.1% -7.7% Benchmark Details: - 10 (BSE 200) Infosys Ltd 8.39% HDFC Bank Ltd 6.92% IndusInd Bank Limited 3.81% Kotak Banking ETF - Dividend Payout Option 3.58% Sun Pharmaceuticals Ltd 3.15% Britannia Industries Ltd 3.13% Maruti Suzuki India Ltd 3.08% Axis Bank Ltd 2.79% Larsen And Toubro Ltd 2.78% Tata Motors Ltd 2.77% Reliance Industries Ltd 2.65% YES BANK LTD 2.61% UltraTech Cement Ltd 2.48% HCL Technologies Ltd 2.36% ICICI Bank Ltd 2.3 Hindustan Petroleum Corporation Ltd 2.29% Lupin Ltd 2.1 Tata Consultancy Services Ltd 2.04% I T C Ltd 1.96% Shree Cement Ltd 1.78% Others (Details in the Annexure) 34.24% Total 97.22% 2.76% 0.02% 97.22% 1,48, Non % Media Fertilisers Capital Goods & Engineering Cement & Cement Products Others Oil & Gas Pharma FMCG Auto & Auto Ancillary Information Tech Banking & Finance Allocation by Sector % 2.24% 5.67% 6.07% 7.76% 7.83% 8.04% 8.95% 10.79% 12.78% 25.31% 0.85% 0.13% CBLO Investments 1.02% ICICI Bank CD % SBBJ CD % State Bank of Patiala CD Axis Bank CD % 8.0 HDFC Bank FD NSE % 8.0 HDFC Bank FD NSE % 8.0 HDFC Bank FD BSE Current Asset/Liabilities 0.27% Others 0.0 Total 2.78% % CBLO Fixed Deposit Page 6

10 FRONTLINE EQUITY FUND (ULIF /12/09-FRLEQUFND-107) Fund Strategy : Aims for a high level of capital growth for you, by holding a significant portion in large sized company equities Performance Meter Frontline Fund Benchmark Inception (17-Dec-09) 7.9% 5. 6 years 8.9% 5.4% 5 years 8.9% 5.3% 4 years 10.9% 7. 3 years % 2 years 12.7% 6.5% 1 year -16.1% -21.3% 6 mth -12.5% -12.9% 3 mth -12.6% -12.5% 1 mth -7.7% -7.5% Benchmark Details: - 10 (BSE 100) 34, % 0.02% 94.71% Infosys Ltd 8.9 HDFC Bank Ltd 6.43% I T C Ltd 5.61% IndusInd Bank Limited 3.71% Sun Pharmaceuticals Ltd 3.68% Britannia Industries Ltd 3.26% R Shares Banking ETF 3.14% Axis Bank Ltd 3.01% Tata Motors Ltd 2.83% Kotak Banking ETF - Dividend Payout Option 2.73% ICICI Bank Ltd 2.56% Larsen And Toubro Ltd 2.54% UltraTech Cement Ltd 2.5 Tata Consultancy Services Ltd 2.46% Hindustan Petroleum Corporation Ltd 2.21% YES BANK LTD 2.15% HCL Technologies Ltd 1.96% Lupin Ltd 1.92% Mahindra & Mahindra Ltd 1.9 Maruti Suzuki India Ltd 1.88% Others (Details in the Annexure) 29.33% Total 94.71% Non Media Paints Capital Goods & Engineering Oil & Gas Cement & Cement Products Others Pharma Auto & Auto Ancillary FMCG Information Tech Banking & Finance Allocation by Sector % 3.66% 5.49% 6.27% 7.02% 8.36% 9.39% % 25.32% CBLO Investments 2.62% 0.32% 0.26% CBLO SBBJ CD % ICICI Bank CD % State Bank of Patiala CD % 0.01% 8.0 HDFC Bank FD NSE % 8.0 HDFC Bank FD NSE % 8.0 HDFC Bank FD BSE Current Asset/Liabilities 0.43% Others 0.0 Total 5.29% 45.48% 53.93% Fixed Deposit Page 7

11 DYNAMIC FLOOR FUND II (ULIF /12/09-DYFLRFND2-107) Fund Strategy : Aims to provide you with stable long-term inflation beating growth over medium to long-term and defend your capital against short-term capital shocks. Performance Meter Dynamic Floor Fund II Benchmark Inception (17-Dec-09) 5.1% 7.2% 6 years 5.6% 7.6% 5 years 5.2% 7.8% 4 years 5.6% 8.2% 3 years 4.7% 8.3% 2 years 6.5% 9.3% 1 year -9.4% -4.4% 6 mth -4.8% -2.6% 3 mth -5.1% -3.9% 1 mth -2.8% -2.8% Benchmark Details: % (Nifty); Debt % (Crisil Bond) 59, % 17.85% 35.58% 42.82% G Sec., GGB Infosys Ltd 3.37% HDFC Bank Ltd 2.45% I T C Ltd 2.16% Sun Pharmaceuticals Ltd 1.44% Britannia Industries Ltd 1.37% IndusInd Bank Limited 1.33% R Shares Banking ETF 1.22% Axis Bank Ltd 1.12% Kotak Banking ETF - Dividend Payout Option 1.09% Tata Motors Ltd 1.08% ICICI Bank Ltd 0.99% Tata Consultancy Services Ltd 0.95% UltraTech Cement Ltd 0.95% Larsen And Toubro Ltd 0.91% Hindustan Petroleum Corporation Ltd 0.83% Maruti Suzuki India Ltd 0.77% Mahindra & Mahindra Ltd 0.74% YES BANK LTD 0.73% HCL Technologies Ltd 0.72% Asian Paints Ltd 0.7 Others (Details in the Annexure) 10.68% Total 35.58% Non 0-75% Media Paints Capital Goods & Engineering Oil & Gas Cement & Cement Products Others Pharma Auto & Auto Ancillary FMCG Information Tech Banking & Finance Allocation by Sector % 0.89% 1.49% 1.85% % 3.63% 4.47% 5.04% 9.49% 8.17% GOI % 8.13% GOI % 8.3 GOI % 8.24% GOI % 7.02% GOI % 1.44% INFLATION INDEX GS % 8.3 REC % 8.92% L&T Finance Ltd % 9.78% Tata Sons % 8.9 SAIL CALL % 8.55% Sundaram Finance % 7.59% GOI % LIC Housing Finance Ltd INBMK+120BPS % HDFC Ltd CP % 9.24% HDFC % 9.98% ICICI Perpetual Bond -CALL % 10.75% Shriram Transport Finance Co Ltd % 10.05% Bajaj Finance Ltd % 9.85% HDFC Bank CALL % 9.85% Shriram Transport Finance Co Ltd % Current Asset/Liabilities 2.33% Others 13.13% Total 64.42% % 0.07% 0.04% Govt & Govt Guaranteed Bonds 6.47% 12.59% 68.98% 8.13% 8.66% AAA AA+ Fixed Deposit 70.61% Page 8

12 BALANCED FUND (ULIF /12/09-BALKFND-107) Fund Strategy : Aims for moderate growth for you by holding a diversified mix of equities and fixed interest instruments. Performance Meter Balanced Fund Benchmark Inception (21-Dec-09) 8.3% 6.5% 4, years 8.4% 6.7% 5 years 8.8% 6.9% 4 years % 3 years 10.4% 8.1% 2 years 12.1% 8.7% 1 year -7.8% -10.7% 6 mth -6.3% -6.5% 3 mth -7.1% -7.1% 1 mth -4.2% -4.5% Benchmark Details: - 6 (BSE 100); Debt - 4 (Crisil Bond) 9.02% % 50.08% G Sec., GGB Infosys Ltd 4.87% I T C Ltd 3.15% HDFC Bank Ltd 3.1 IndusInd Bank Limited 1.96% Sun Pharmaceuticals Ltd 1.82% Britannia Industries Ltd 1.77% Kotak Banking ETF - Dividend Payout Option 1.61% R Shares Banking ETF 1.57% Tata Motors Ltd 1.55% ICICI Bank Ltd 1.47% Axis Bank Ltd 1.46% UltraTech Cement Ltd 1.4 Tata Consultancy Services Ltd 1.39% Larsen And Toubro Ltd 1.34% Hindustan Petroleum Corporation Ltd 1.21% Maruti Suzuki India Ltd 1.13% Mahindra & Mahindra Ltd 1.07% HCL Technologies Ltd 1.03% Asian Paints Ltd 1.02% YES BANK LTD 1.01% Others (Details in the Annexure) 15.16% Total 50.08% 8.17% GOI % 8.13% GOI % GOI % CBLO Investments % GOI % 7.02% GOI % 7.28% GOI % Sundaram Finance % 8.3 REC % 1.44% INFLATION INDEX GS % 8.19% GOI % 8.92% L&T Finance Ltd % 7.16% GOI % 6.01% GOI % 9.75% REC % 9.78% Tata Sons % 8.9 SAIL CALL % 10.05% Bajaj Finance Ltd % 7.59% GOI Current Asset/Liabilities 2.14% Others 9.99% Total 49.92% Non Media Paints Capital Goods & Engineering Oil & Gas Cement & Cement Products Others Pharma Auto & Auto Ancillary FMCG Information Tech Banking & Finance % 19.62% Allocation by Sector % 1.28% 2.08% 2.73% 3.37% 3.49% 4.28% 5.22% 6.14% % 13.05% 4.82% 1.21% Govt & Govt Guaranteed Bonds 5.71% 21.27% 7.72% 10.28% AAA AA+ CBLO 60.72% Page 9

13 KOTAK OPPORTUNITIES FUND (ULIF /10/08-OPPFND-107) Fund Strategy : Aims to maximize opportunity for long term capital growth, by holding a significant portion in a diversified and flexible mix of large/medium sized company equities. Performance Meter Kotak Opportunities Fund Benchmark Inception (02-Oct-08) 16.4% 8.6% 7 years 18.4% 14.6% 6 years 9.3% 5.9% 5 years 9.2% 6. 4 years 10.9% 7.7% 3 years 11.6% 8.5% 2 years 13.6% 8.7% 1 year -18.6% -19.8% 6 mth -14.2% -12.5% 3 mth -13.7% -12.4% 1 mth -8.3% -7.7% Benchmark Details: - 10 (BSE 200) 81, % 98.35% Infosys Ltd 8.42% HDFC Bank Ltd 6.89% IndusInd Bank Limited 3.85% Kotak Banking ETF - Dividend Payout Option 3.69% Britannia Industries Ltd 3.24% Sun Pharmaceuticals Ltd 3.12% Maruti Suzuki India Ltd 3.06% Axis Bank Ltd 2.83% Larsen And Toubro Ltd 2.81% Tata Motors Ltd 2.79% YES BANK LTD 2.66% Reliance Industries Ltd 2.66% UltraTech Cement Ltd 2.49% HCL Technologies Ltd 2.38% ICICI Bank Ltd 2.33% Hindustan Petroleum Corporation Ltd 2.3 Lupin Ltd 2.12% Tata Consultancy Services Ltd 2.06% I T C Ltd 1.98% Shree Cement Ltd 1.79% Others (Details in the Annexure) 34.86% Total 98.35% Non % Media Fertilisers Capital Goods & Engineering Cement & Cement Products Oil & Gas Others Pharma FMCG Auto & Auto Ancillary Information Tech Banking & Finance Allocation by Sector % 1.81% 2.25% 5.72% 6.14% 7.88% % 9.17% 10.86% 12.86% 0.24% 25.69% CBLO CBLO Investments 0.62% SBBJ CD ICICI Bank CD % 8.0 HDFC Bank FD NSE % 8.0 HDFC Bank FD NSE % 8.0 HDFC Bank FD BSE % 0.0 Current Asset/Liabilities 0.12% Others 0.0 Total 1.65% % % Fixed Deposit Page 10

14 KOTAK AGGRESSIVE GROWTH FUND (ULIF /09/04-AGRGWTFND-107) Fund Strategy : Aims for a high level of capital growth by holding a significant portion in large sized company equities. Performance Meter Kotak Aggressive Growth Fund Benchmark Inception (13-Sep-04) 15.2% years 10.9% 8.1% 7 years 16.2% 13.1% 6 years 8.4% 5.4% 5 years 8.4% 5.3% 4 years 10.4% 7. 3 years 11.5% 7.3% 2 years 11.9% 6.5% 1 year -17.6% -21.3% 6 mth -13.5% -12.9% 3 mth -13.3% -12.5% 1 mth -8.1% -7.5% Benchmark Details: - 10 (BSE 100) 25, % 3.95% 95.65% Infosys Ltd 8.92% HDFC Bank Ltd 6.78% I T C Ltd 5.81% R Shares Banking ETF 4.1 Britannia Industries Ltd 3.97% Sun Pharmaceuticals Ltd 3.9 IndusInd Bank Limited 3.74% Tata Motors Ltd 3.11% UltraTech Cement Ltd 3.11% Axis Bank Ltd 3.09% Larsen And Toubro Ltd 3.02% ICICI Bank Ltd 2.75% Hindustan Petroleum Corporation Ltd 2.57% Kotak Banking ETF - Dividend Payout Option 2.57% YES BANK LTD 2.57% Tata Consultancy Services Ltd 2.53% Maruti Suzuki India Ltd 2.39% Asian Paints Ltd 2.32% Mahindra & Mahindra Ltd 1.93% Bharat Petroleum Corporation Ltd 1.93% Others (Details in the Annexure) 24.54% Total 95.65% Non Media Paints Capital Goods & Engineering Others Oil & Gas Cement & Cement Products Pharma Auto & Auto Ancillary FMCG Information Tech Banking & Finance Allocation by Sector % 4.57% % % 9.59% 10.67% 13.26% 27.38% 11.07% 0.31% CBLO CBLO Investments 2.73% ICICI Bank CD % 8.0 HDFC Bank FD NSE % 8.0 HDFC Bank FD NSE % 8.0 HDFC Bank FD BSE % 0.01% Current Asset/Liabilities 0.69% Others 0.0 Total 4.35% 13.99% 74.63% Fixed Deposit Page 11

15 GUARANTEE FUND (ULIF /02/10-GRTFND-107) Fund Strategy : Aims to provide stable, long-term inflation beating growth over medium to long-term and defend capital against short-term capital shocks Performance Meter Guarantee Fund Benchmark Inception (05-Feb-10) 6.4% 7.8% 6 years 6.2% 7.6% 5 years 5.7% 7.8% 4 years 6.1% 8.2% 3 years 5.4% 8.3% 2 years 7.6% 9.3% 1 year -7.6% -4.4% 6 mth -2.8% -2.6% 3 mth -3.2% -3.9% 1 mth -1.6% -2.8% Benchmark Details: % (Nifty); Debt % (Crisil Bond) 14.23% 18.26% 30.82% 3, % G Sec., GGB Infosys Ltd 1.6 I T C Ltd 1.26% HDFC Bank Ltd 1.23% Reliance Industries Ltd 1.22% Housing Development Finance Corp. Ltd 1.07% Tata Consultancy Services Ltd 0.85% Sun Pharmaceuticals Ltd 0.72% ICICI Bank Ltd 0.71% Larsen And Toubro Ltd 0.7 Hindustan Unilever Ltd 0.5 Mahindra & Mahindra Ltd 0.45% Tata Motors Ltd 0.45% Axis Bank Ltd 0.4 Bharti Airtel Ltd 0.36% Maruti Suzuki India Ltd 0.34% HCL Technologies Ltd 0.34% Lupin Ltd 0.32% Asian Paints Ltd 0.32% State Bank of India 0.32% Dr Reddys Laboratories Ltd 0.3 Others (Details in the Annexure) 4.8 Total 18.26% CBLO Investments 14.45% 8.17% GOI % GOI % ICICI Bank CD % 4.51% HDFC Bank CD % 8.3 GOI % 8.24% GOI TATA Capital Ltd CP % 1.44% INFLATION INDEX GS % 7.02% GOI % 8.92% L&T Finance Ltd % State Bank of Patiala CD % 8.31% GJ SDL % 9.78% Tata Sons % 8.9 SAIL CALL % LIC Housing Finance Ltd INBMK+120BPS % Sundaram Finance EXIM CD % ICICI Bank CD % Current Asset/Liabilities 2.71% Others 14.1 Total 81.74% Non 0-75% Telecom Utilities Cement & Cement Products Capital Goods & Engineering Others Pharma FMCG Oil & Gas Auto & Auto Ancillary Information Tech Banking & Finance % % 50.05% Allocation by Sector % 0.56% 0.67% 0.78% 1.22% 1.54% 1.76% 1.86% 1.93% 19.01% 38.99% 3.22% 4.25% 5.11% 0.09% Govt & Govt Guaranteed Bonds 6.48% 6.94% CBLO AAA AA+ Fixed Deposit 36.52% Page 12

16 MONEY MARKET FUND (ULIF /01/10-MNMKKFND-107) Fund Strategy : Aims to protect your capital and not have downside risks Performance Meter Money Market Fund Benchmark Inception (5-Jan-10) 7.8% 8. 6 years % 5 years 8.6% 8.6% 4 years 8.7% 8.7% 3 years 8.5% 8.8% 2 years 8.4% 8.6% 1 year 8.1% 8. 6 mth 3.8% 3.7% 3 mth 1.8% 1.8% 1 mth 0.6% 0.6% Benchmark details: - (NA); Debt - 10 (Crisil Liquid) 16, Corporation Bank CD % STEEL AUTHORITY OF INDIA LTD CP % L&T Finance CP % ICICI Bank CD % EXIM CD % HDFC Ltd CP % TATA Capital Ltd CP % IL & FS CP % Axis Bank CD % State Bank of Patiala CD % Bajaj Finance Limited CP % SBBJ CD % HDFC Bank CD % 2.56% Current Asset/Liabilities 0.06% Others 0.0 Total Non % 97.44% Page 13

17 KOTAK DYNAMIC GROWTH FUND (ULIF /06/03-DYGWTFND-107) Fund Strategy : Aims for a high level of capital growth by holding a significant portion in large sized company equities. Performance Meter Kotak Dynamic Growth Fund Benchmark Inception (27-Jun-03) 13.9% 12.5% 10 years 9.3% 8.2% 7 years 12.8% 11.8% 6 years 8.5% 6.1% 5 years 8.5% 6.1% 4 years 10.2% 7.5% 3 years 10.9% 7.8% 2 years 11.9% 7.6% 1 year -12.6% -16.2% 6 mth -9.9% -9.7% 3 mth -10.4% -9.8% 1 mth -6.1% -6. Benchmark details: - 8 (BSE 100); Debt - 2 (Crisil Bond) Infosys Ltd 6.85% HDFC Bank Ltd 5.13% I T C Ltd 4.31% IndusInd Bank Limited 2.8 Sun Pharmaceuticals Ltd 2.8 Britannia Industries Ltd 2.79% R Shares Banking ETF 2.51% Axis Bank Ltd 2.32% Tata Motors Ltd 2.2 Kotak Banking ETF - Dividend Payout Option 2.2 Larsen And Toubro Ltd 2.08% ICICI Bank Ltd 2.04% UltraTech Cement Ltd 1.95% Tata Consultancy Services Ltd 1.93% YES BANK LTD 1.73% Hindustan Petroleum Corporation Ltd 1.67% Maruti Suzuki India Ltd 1.58% Mahindra & Mahindra Ltd 1.48% HCL Technologies Ltd 1.45% Lupin Ltd 1.41% Others (Details in the Annexure) 22.52% Total 73.76% 8.13% GOI % 8.17% GOI GOI % 11.15% REC % 1.41% 8.3 GOI % 8.24% GOI % 7.16% GOI % 9.36% IDFC Bank % 8.84% PGC % 8.42% TN SDL % 9.85% HDFC Bank CALL % 9.7 PFC % 8.65% PFC % LIC Housing Finance Ltd INBMK+120BPS % 7.95% MAH SDL % 9.02% REC % 8.2 OMC GOI % 7.02% GOI % 7.28% GOI % Current Asset/Liabilities 1.15% Others 1.62% Total 26.24% 16.39% 7.29% 2.56% 5, % G Sec., GGB Non Media Paints Capital Goods & Engineering Oil & Gas Cement & Cement Products Others Pharma Auto & Auto Ancillary FMCG Information Tech Banking & Finance % Allocation by Sector % 1.79% 3.27% 3.72% 4.91% 5.58% 6.15% 7.33% 8.92% 10.24% 1.36% 65.31% 10.32% 9.95% 15.01% 20.06% Govt & Govt Guaranteed Bonds AAA Fixed Deposit 64.72% Page 14

18 DYNAMIC FLOOR FUND (ULIF /11/06-DYFLRFND-107) Fund Strategy : Aims to provide you with stable long-term inflation beating growth over medium to long-term and defend your capital against short-term capital shocks. Performance Meter Dynamic Floor Fund Benchmark Inception (14-Nov-06) 8.5% 7.8% 7 years 7.2% 10.4% 6 years 5.3% 7.6% 5 years % 4 years 5.2% 8.2% 3 years 4.7% 8.3% 2 years 6.7% 9.3% 1 year -8.5% -4.4% 6 mth -3.8% -2.6% 3 mth -4.1% -3.9% 1 mth -2.5% -2.8% Benchmark details: % (Nifty); Debt % (Crisil Bond) 90, % G Sec., GGB 17.16% 41.65% 33.53% Infosys Ltd 3.38% HDFC Bank Ltd 2.54% I T C Ltd 2.16% Sun Pharmaceuticals Ltd 1.31% IndusInd Bank Limited 1.19% Britannia Industries Ltd 1.17% Axis Bank Ltd 1.14% Tata Motors Ltd 1.09% Kotak Banking ETF - Dividend Payout Option 1.08% R Shares Banking ETF 1.01% ICICI Bank Ltd 0.99% UltraTech Cement Ltd 0.95% Tata Consultancy Services Ltd 0.95% Larsen And Toubro Ltd 0.92% Hindustan Petroleum Corporation Ltd 0.91% Maruti Suzuki India Ltd 0.76% YES BANK LTD 0.75% Mahindra & Mahindra Ltd 0.73% HCL Technologies Ltd 0.72% Asian Paints Ltd 0.7 Others (Details in the Annexure) 9.07% Total 33.53% Non 0-75% Mining & Minerals Paints Capital Goods & Engineering Oil & Gas Cement & Cement Products Others Pharma Auto & Auto Ancillary FMCG Information Tech Banking & Finance Allocation by Sector % 0.78% 1.41% 1.98% 2.15% 2.43% 2.61% % 5.05% % GOI % 8.13% GOI % 8.3 GOI % GOI % 1.44% INFLATION INDEX GS TATA Capital Ltd CP % 7.02% GOI HDFC Bank CD % 8.92% L&T Finance Ltd % 8.3 REC % 9.78% Tata Sons % 8.9 SAIL CALL % EXIM CD % ICICI Bank CD % 8.55% Sundaram Finance % LIC Housing Finance Ltd INBMK+120BPS % 9.98% ICICI Perpetual Bond -CALL % 10.75% Shriram Transport Finance Co Ltd % HDFC Ltd CP % Bajaj Finance Ltd % Current Asset/Liabilities 1.9 Others 15.06% Total 66.47% 5.99% 0.15% 0.12% Govt & Govt Guaranteed Bonds 8.76% % AAA AA+ Fixed Deposit 66.66% % 7.24% 9.16% Page 15

19 KOTAK DYNAMIC BALANCED FUND (ULIF /06/03-DYBALFND-107) Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. Performance Meter Kotak Dynamic Balanced Fund Benchmark Inception (27-Jun-03) 12.8% 11.2% 10 years 9.6% 8.2% 7 years 12.1% 10.9% 6 years 8.5% 6.7% 5 years 8.8% 6.9% 4 years % 3 years 10.4% 8.1% 2 years % 1 year -8.4% -10.7% 6 mth -6.8% -6.5% 3 mth -7.6% -7.1% 1 mth -4.4% -4.5% Benchmark details: - 6 (BSE 100); Debt - 4 (Crisil Bond) 1, % 5.56% G Sec., GGB 53.28% 28.77% Infosys Ltd 4.98% HDFC Bank Ltd 3.7 I T C Ltd 3.15% IndusInd Bank Limited 2.04% Sun Pharmaceuticals Ltd 1.98% R Shares Banking ETF 1.84% Britannia Industries Ltd 1.77% Axis Bank Ltd 1.63% Tata Motors Ltd 1.6 Kotak Banking ETF - Dividend Payout Option 1.58% Larsen And Toubro Ltd 1.5 ICICI Bank Ltd 1.46% Tata Consultancy Services Ltd 1.41% UltraTech Cement Ltd 1.4 YES BANK LTD 1.32% Hindustan Petroleum Corporation Ltd 1.21% Maruti Suzuki India Ltd 1.14% Mahindra & Mahindra Ltd 1.08% HCL Technologies Ltd 1.05% Lupin Ltd 1.03% Others (Details in the Annexure) 16.41% Total 53.28% 8.17% GOI % 8.13% GOI % 3.19% 8.3 GOI % 8.24% GOI % 7.02% GOI % 1.44% INFLATION INDEX GS % 8.85% PGC % 9.75% REC % 9.36% IDFC Bank % 9.85% HDFC Bank CALL % 9.39% LIC Housing Finance P % 9.45% HDFC P % 9.78% Tata Sons % 9.24% HDFC % 10.1 HDFC % 8.9 SAIL CALL % 9.85% Shriram Transport Finance Co Ltd % 10.05% Bajaj Finance Ltd % LIC Housing Finance Ltd INBMK+120BPS Current Asset/Liabilities 1.9 Others 7.12% Total 46.72% Non Media Paints Capital Goods & Engineering Oil & Gas Cement & Cement Products Others Pharma Auto & Auto Ancillary FMCG Information Tech Banking & Finance % Allocation by Sector % 1.31% 2.35% 2.71% 3.55% 3.99% 4.58% 5.31% 6.23% 7.44% % 4.65% 1.04% 0.53% Govt & Govt Guaranteed Bonds 7.13% 16.45% 5.84% 7.95% AAA AA+ Fixed Deposit 69.76% Page 16

20 KOTAK DYNAMIC BOND FUND (ULIF /04/04-DYBNDFND-107) Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Performance Meter Kotak Dynamic Bond Fund Benchmark Inception (15-Apr-04) 8.4% 6.2% 10 years 9.2% 7.1% 7 years 8.6% 7.4% 6 years 8.6% 8. 5 years % 4 years 8.6% 8.6% 3 years 7.8% 8.5% 2 years 10.7% 11.2% 1 year mth 1.9% 3.5% 3 mth 0.1% 1.2% 1 mth 0.4% 0.2% Benchmark details: - (NA); Debt - 10 (Crisil Bond) 86, % 27.86% 67.58% G Sec., GGB 8.17% GOI % 8.13% GOI % 8.3 GOI % 8.24% GOI % 7.02% GOI % 1.44% INFLATION INDEX GS % 8.55% Sundaram Finance REC % 7.59% GOI % 8.92% L&T Finance Ltd % 9.24% HDFC % Shriram Transport Finance Co Ltd % 10.05% Bajaj Finance Ltd % LIC Housing Finance Ltd INBMK+120BPS % 10.08% IOT Utkal Energy Services Limited % 8.23% MAH SDL % 8.9 SAIL CALL % 9.75% HDFC % 10.08% IOT Utkal Energy Services Limited % 9.78% Tata Sons % Current Asset/Liabilities 3.84% Others 20.29% Total % Non % 0.25% 0.02% Govt & Govt Guaranteed Bonds 6.31% 70.28% AAA AA+ Fixed Deposit % % 7.54% 7.38% Page 17

21 KOTAK DYNAMIC GILT FUND (ULIF /06/03-DYGLTFND-107) Fund Strategy : Aims to preserve your capital and minimize your downside risk, with investment in debt and government instruments. Performance Meter Kotak Dynamic Gilt Fund Benchmark Inception (27-Jun-03) 7.1% 7.3% 10 years 7.9% 8.2% 7 years 7.6% 7.5% 6 years 8.2% 8.5% 5 years 8.6% 9. 4 years 8.6% 9.1% 3 years 7.6% 8.5% 2 years 11.5% 11.5% 1 year 3.7% 6.5% 6 mth 2.1% 3.5% 3 mth 0.2% 1.2% 1 mth 0.5% 0. Benchmark details: - (NA); Debt - 10 (IBEX) 10.19% 4, G Sec., GGB 89.81% 8.17% GOI % 8.13% GOI % 8.3 GOI % 8.24% GOI % 8.99% MP SDL % 7.02% GOI % 8.63% MH SDL % CBLO Investments 2.55% 9.39% GJ SDL % 9.11% MP SDL % 8.25% MH SDL % 1.44% INFLATION INDEX GS % PN SDL % 8.91% MAH SDL % 8.52% GJ SDL % 8.92% KA SDL % 7.59% GOI % 8.25% MH SDL % 8.2 GOI % Current Asset/Liabilities 3.12% Others 4.06% Total Non % 4.67% 92.69% Govt & Govt Guaranteed Bonds CBLO % 11.85% 15.83% 0.0 Page 18

22 KOTAK DYNAMIC FLOATING RATE FUND (ULIF /12/04-DYFLTRFND-107) Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Performance Meter Kotak Dynamic Floating Rate Fund Benchmark Inception (7-Dec-04) 7.6% 7.2% 10 years 7.9% 7.5% 7 years 7.8% 7.5% 6 years 8.4% 8.2% 5 years % 4 years 9.3% 8.7% 3 years 9.5% 8.8% 2 years 8.9% 8.6% 1 year 6.9% 8. 6 mth 3.1% 3.7% 3 mth 1.4% 1.8% 1 mth 0.5% 0.6% Benchmark details: - (NA); Debt - 10 (Crisil Liquid) 2, % 38.27% G Sec., GGB 33.96% GOI FRB % L&T Finance Ltd NSE Mibor +1.55% % IL & FS CP % EXIM Floater INCMTBMK bps % 8.19% GOI % 8.13% GOI % LIC Housing Finance Ltd INBMK+120BPS State Bank of Patiala CD % Corporation Bank CD % 5.59% GOI % 6.05% GOI % TATA Capital Ltd CP % 8.13% OMC GOI Special Bond % Axis Bank CD % GOI % 9.37% MAH SDL % 7.28% GOI % 8.51% PN SDL % 9.65% TN SDL % Bajaj Finance Limited CP % Current Asset/Liabilities 1.79% Others 2.71% Total Non % 0.54% Govt & Govt Guaranteed Bonds 13.46% 25.91% 52.15% AAA AA % % 17.76% Page 19

23 PEAK GUARANTEE FUND I (ULIF /02/10-PKGRTFND1-107) Fund Strategy : Aims for a high level of capital growth by holding a significant portion in large sized company equities. Performance Meter Peak Guarantee Fund I Benchmark Inception (14-Feb-10) 5.6% 7.7% 6 years 5.6% 7.6% 5 years 5.4% 7.8% 4 years 5.8% 8.2% 3 years 5.2% 8.3% 2 years 7.2% 9.3% 1 year -7.6% -4.4% 6 mth -2.8% -2.6% 3 mth -3.1% -3.9% 1 mth -1.5% -2.8% Benchmark details: % (Nifty); Debt % (Crisil Bond) Infosys Ltd 1.5 I T C Ltd 1.18% HDFC Bank Ltd 1.15% Reliance Industries Ltd 1.14% Housing Development Finance Corp. Ltd 1.01% Tata Consultancy Services Ltd 0.8 Sun Pharmaceuticals Ltd 0.67% ICICI Bank Ltd 0.66% Larsen And Toubro Ltd 0.66% Hindustan Unilever Ltd 0.47% Mahindra & Mahindra Ltd 0.42% Tata Motors Ltd 0.42% Axis Bank Ltd 0.38% Bharti Airtel Ltd 0.33% Maruti Suzuki India Ltd 0.32% HCL Technologies Ltd 0.32% Lupin Ltd 0.31% Asian Paints Ltd 0.3 State Bank of India 0.3 Oil & Natural Gas Corporation Ltd 0.28% Others (Details in the Annexure) 4.5 Total 17.12% CBLO Investments 15.89% 8.17% GOI % 8.13% GOI % ICICI Bank CD % 4.56% HDFC Bank CD % 8.3 GOI % 8.24% GOI % TATA Capital Ltd CP % 1.44% INFLATION INDEX GS % 7.02% GOI % 8.31% GJ SDL % State Bank of Patiala CD % 8.92% L&T Finance Ltd % 9.78% Tata Sons % 8.9 SAIL CALL % LIC Housing Finance Ltd INBMK+120BPS EXIM CD % ICICI Bank CD % 12.3 GOI % Current Asset/Liabilities 2.72% Others 13.14% Total 82.88% 17.12% 31.86% 2, % 12.94% G Sec., GGB Non Telecom Utilities Cement & Cement Products Capital Goods & Engineering Others Pharma FMCG Oil & Gas Auto & Auto Ancillary Information Tech Banking & Finance % % 51.68% Allocation by Sector % 0.52% 0.63% 0.73% 1.14% 1.45% 1.65% 1.74% 1.81% 19.82% 39.74% 3.02% 3.98% 4.52% 0.15% Govt & Govt Guaranteed Bonds 5.43% 6.94% CBLO AAA AA+ Fixed Deposit 35.96% Page 20

24 KOTAK GUARANTEED GROWTH FUND (ULIF /06/03-GRTGWTFND-107) Fund Strategy : Aims for a high level of capital growth by holding a significant portion in large sized company equities. Performance Meter Kotak Guaranteed Growth Fund Benchmark Inception (27-Jun-03) 12.9% 10.9% 10 years % 7 years 10.2% years 7.6% 7.4% 5 years 8.1% 7.7% 4 years 8.6% 8.3% 3 years 8.5% 8.4% 2 years 10.4% 9.6% 1 year -7.9% -5.1% 6 mth -6.5% -3.3% 3 mth -7.3% -4.4% 1 mth -4.2% -2.9% Benchmark details: - 4 (BSE 100); Debt - 6 (Crisil Bond) Infosys Ltd 4.79% HDFC Bank Ltd 3.55% I T C Ltd 3.04% IndusInd Bank Limited 1.98% Sun Pharmaceuticals Ltd 1.84% Britannia Industries Ltd 1.78% R Shares Banking ETF 1.7 Axis Bank Ltd 1.63% Tata Motors Ltd 1.55% UltraTech Cement Ltd 1.54% Kotak Banking ETF - Dividend Payout Option 1.37% ICICI Bank Ltd 1.37% Tata Consultancy Services Ltd 1.37% YES BANK LTD 1.2 Hindustan Petroleum Corporation Ltd 1.18% Maruti Suzuki India Ltd 1.11% Mahindra & Mahindra Ltd 1.05% Larsen And Toubro Ltd 1.03% HCL Technologies Ltd 1.02% Lupin Ltd 1.0 Others (Details in the Annexure) 15.29% Total 50.38% 8.17% GOI % 8.13% GOI % 8.3 GOI % 8.24% GOI % 7.02% GOI % 1.44% INFLATION INDEX GS % 9.34% REC % LIC Housing Finance Ltd INBMK+120BPS % 8.3 REC % 0.56% 8.55% Sundaram Finance % 10.05% Bajaj Finance Ltd % 7.59% GOI % Shriram Transport Finance Co Ltd % 10.75% Shriram Transport Finance Co Ltd % 9.24% HDFC % 10.08% IOT Utkal Energy Services Limited % IOT Utkal Energy Services Limited % 10.08% IOT Utkal Energy Services Limited % 10.08% IOT Utkal Energy Services Limited % Current Asset/Liabilities 1.74% Others 10.72% Total 49.62% 32.95% 14.15% 2.52% 1,00, % G Sec., GGB Non Media Paints Capital Goods & Engineering Oil & Gas Cement & Cement Products Others Pharma Auto & Auto Ancillary FMCG Information Tech Banking & Finance % Allocation by Sector % 1.26% 1.85% 2.58% 3.22% 3.76% 4.18% 5.27% 6.11% 7.18% 68.62% 13.72% 1.17% 0.58% 0.46% Govt & Govt Guaranteed Bonds 6.08% 12.79% 6.09% 7.37% AAA AA+ Fixed Deposit 73.74% Page 21