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Kotak Tax-Saver
(Open-Ended Equity Linked Savings Scheme)

Kotak Tax Saver is a diversified equity scheme that invests in equity and equity related securities and enables the investors to avail the income tax rebate, as permitted from time to time. The investment strategy is to have 80-100% in equity and 0-20% in debt and money market securities. This way the investor derives the dual benefit of gaining returns from investment in equities while also availing the tax benefit. Kotak Tax Saver scheme uses bottom-up stock selection to build its portfolio. Risk is being managed by adequate diversification and by spreading investments over a range of industries and companies. The portfolio offers a diversified mix across various sectors. As it is a close ended architecture, the investor has to compulsorily lock in ones fund for 3 years.

Nov 23, 2005

Mr. Pankaj Tibrewal &
Mr. Krishna Sanghvi

Performance as on 31/07/2010

Portfolio as on 31/07/2010

Allocation Pattern

Dividends in the scheme

Corpus as on 31/07/2010

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Corpus - Rs. 573.78 Crores

Presentation

Scheme Information Document

Application Form

Notices & Addendum

Massive de-leveraging and credit crunch driven by the US and spreading to Europe has led to widespread selling across asset classes including equities with bigger selling in commodities & real estate. The selling has been aggravated by redemption pressures driven by the fear about economic slowdown and collateral damages seen elsewhere. Globally we have witnessed an increased policy response by various central banks and governments with aim of providing stability to financial markets; notably the credit market and improve the business environment and sustain economic momentum. Closer home, we believe that Indian economy is largely driven by domestic consumption (67% of GDP) and infrastructure creation and is expected to be more resilient than other emerging economies. The economy is expected to do well over medium to long-term as Government & RBI have stepped in with policy response on fiscal and monetary front respectively. In the last quarter we have seen possibly biggest monetary easing in Indian history. The macro economic environment & the growth would be supported by declining commodity prices and peaking out of interest rates would further help on demand. We maintain that it is reasonable to expect India's growth to sustain over a longer period. Equity market valuations have compressed significantly and present a very attractive investment opportunity and equity as an asset class will continue to give better returns than any other asset class in the medium to longer term. Focus of the fund is to capitalize on the investment opportunities in the economy with long-term perspective. The investors in this fund should look to invest with a minimum of 3 years horizon; hence investment of the fund is made in companies, which can create greater performance over longer period of time. The fund focuses on a bottom up style of investing.

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• Investment Objective

To generate capital appreciation from a diversified portfolio of equity & equity related securities and enable investors to avail the income tax rebate,
as permitted from time to time.

• Investment Pattern

• Benchmark Index

Investments	Indicative Allocation	Risk Profile
Equity and equity related securities	80% to 100%	Medium to High
*Debt and Money Market Instruments	0% to 20%	Low

* Debt securities shall be deemed to include securitised debts (excluding foreign securitised debt) and investment in securitised debts shall not exceed 50% of the debt component of the Scheme. Investments may be made in foreign debt securities not exceeding 20% of the debt component of the Scheme. However, investments made in foreign debt securities would not include investment in foreign securitised debt.
Investments may be made in GDRs/ADRs not exceeding 20% of the net assets scheme. The Scheme may engage in stock lending not exceeding 20% of the net assets of the Scheme.
The above percentages will be reckoned at the time of investment and the above allocation is based on a steady state situation.
Note :The asset allocation shown above is indicative and may vary according to circumstances at the sole discretion of the Fund Manager, on defensive consideration. Review and rebalancing will be conducted when the asset allocation falls outside the range indicated above. If the exposure falls outside the above range, it will be restored within Seven Working Days.

S & P CNX 500

• Investment Horizon

• Estimated Recurring Expenses

• Actual Expense Ratio

3 yrs & above

2.50%.

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• Investment Options

• Dividend Frenquency

Growth, Dividend Payout, Dividend Re-Investment.

At the Discretion of Trustees

• Minimum Investment

• Cheques / DD to be drawn in favour of

Initial : Rs 500 and in mulitiples of 500..
Additional: Rs 500 and in mulitiples of 500.
Systematic: Rs 500 and in mulitiples of 500.

Kotak Tax-Saver

• Minimum Redemption Size

• Payout Schedule

Rs. 1000/- or 100 units
Note : If the holding is less than Rs. 1000 or 100 units, the entire balance will be redeemed as and when redemption request is received from the investor.

Transaction day + 3 working days

• Cut off for Transactions

3 PM

• Entry Load

• Exit Load

Nil

Exit Load is not applicable for Kotak Tax Saver Scheme.

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