Kotak Gold Fund SID

7/31/2019 Kotak Gold Fund SID

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KOTAK GOLD FUND

SCHEME INFORMATION DOCUMENT(SID)

(An open ended Fund of Funds Scheme)

Name of Mutual Fund

Name of Asset Management Company

Name of Trustee Company

Registered Address of the Companies

Corporate Office of Asset ManagementCompany

Website

Kotak Mahindra Mutual Fund

Kotak Mahindra Asset Management Company Ltd

Kotak Mahindra Trustee Company Ltd

36-38A Nariman Bhavan, 227, Nariman Point Mumbai - 400 021

6th Floor, Vinay Bhavya Complex, 159-A, C S T Road, Kalina,Santacruz (E), Mumbai - 400 098

www.kotakmutual.com

The particulars of the Scheme have been prepared in accordance with the Securities and Exchange Board of India (Mutual Funds)Regulations 1996, (herein after referred to as SEBI (MF) Regulations) as amended till date, and filed with SEBI, along with a DueDiligence Certificate from the AMC. The units being offered for public subscription have not been approved or recommended by SEBInor has SEBI certified the accuracy or adequacy of the Scheme Information Document.

The Scheme Information Document sets forth concisely the information about the scheme that a prospective investor ought to know beforeinvesting. Before investing, investors should also ascertain about any further changes to this Scheme Information Document after the date of thisDocument from the Mutual Fund / Investor Service Centres / Website / Distributors or Brokers.

The investors are advised to refer to the Statement of Additional Information (SAI) for details of Kotak Mahindra Mutual Fund, Tax andLegal issues and general information on www.kotakmutual.com

SAI is incorporated by reference (is legally a part of the Scheme Information Document). For a free copy of the current SAI, pleasecontact your nearest Investor Service Centre or log on to our website, www.kotakmutual.com

The Scheme Information Document should be read in conjunction with the SAI and not in isolation.

This Scheme Information Document is dated February 15, 2011.

NFO Opens On : March 4, 2011 NFO Closes On : March 18, 2011

Units at Rs. 10 each during the New Fund Offer and Continuous offer for Units at NAV based prices

Scheme re-opens for continuous sale and repurchase on or before: April 5, 2011


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1

TABLE OF CONTENTS

I. HIGHLIGHTS/SUMMARY OF THE SCHEME 2

Investment Objective 2

Investment in 2

Liquidity 2

Benchmark 2

NAV Information 2

Load Structure 2

Options 2

Default Option 2

SIP/SWP/STP Facilities 2

SIP Frequency & Dates 2SWP/STP Frequency 2

SWP/STP Dates 2

SWP/STP 2

Initial Purchase (Non-SIP) 2

Additional Ongoing Purchase (Non-SIP) 2

SIP Purchase 2

Minimum Redemption Size 2

In Rupees (Non- SWP/STP) 2

In Units (Non-SWP/STP) 2

In Rupees (SWP/STP) 2Minimum balance to be maintained and

consequences of non maintenance. 2

Cheques/ Drafts to favour 2

Applications Supported by Blocked

Amount (ASBA) 2

II. INTRODUCTION 3

A. Risk Factors 3

B. REQUIREMENT OF MINIMUM INVESTORS IN

THE SCHEME 4C. DEFINITIONS 4

D. SPECIAL CONSIDERATION: 6

E. DUE DILIGENCE BY THE ASSET MANAGEMENT

COMPANY 7

III. INFORMATION ABOUT THE SCHEME 8

A. Type of the scheme: 8

B. What is the investment objective of the scheme? 8

C. How will the scheme allocate its assets? 8

D. Where will the scheme invest 8

E. What are the investment strategies? 8

F. Fundamental attributes 10

G. How will the scheme benchmark its

performance? 10

H. Who manages the scheme? 11

I. What are the investment restrictions? 11

J. How has the scheme performed? 11

IV. UNITS AND OFFER 12

A. NEW FUND OFFER (NFO) 12

New Fund Offer Period 12

New Fund Offer Price: 12

Minimum Amount for Application in the NFO of

scheme 12

Maximum Amount to be raised (if any) 12

Options offered 12

Default Option 12

Allotment 12

Refund 12

Who can invest 12

Where can you submit the filled up applications. 13

Applications Supported by Blocked Amount

(ASBA) 13Mechanism for Redressal of Investor Grievances

under ASBA Facility 14

How to Apply 14

B. ONGOING OFFER DETAILS 16

C. PERIODIC DISCLOSURES 22

D. COMPUTATION OF NAV 23

V. FEES AND EXPENSES 24

A. New Fund Offer (NFO) expenses 24

B. Annual scheme recurring expenses 24C. Load structure 24

VI. RIGHTS OF UNITHOLDERS 25

VII. PENALTIES, PENDING LITIGATION OR

PROCEEDINGS, FINDINGS OF INSPECTIONS OR

INVESTIGATIONS FOR WHICH ACTION MAY

HAVE BEEN TAKEN OR IS IN THE PROCESS OF

BEING TAKEN BY ANY REGULATORY

AUTHORITY 25


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I. HIGHLIGHTS/ SUMMARY OF THE SCHEME

Investment Objective

Investment In

Suitable for

Liquidity

Benchmark

NAV Information

Load Structure

Options

Default Option

SIP/SWP/STP FacilitiesSIP Frequency & Dates

Minimum balance to bemaintained & consequencesof non maintenance.

Cheques/ Drafts to favour

SWP/STP Frequency

SWP/STP Dates

SWP/STP

The investment objective of the scheme is to generate returns by investing in units of Kotak GoldExchange Traded Fund

The scheme will invest predominantly in units of Kotak Gold ETF Scheme.

The scheme is suitable for investors who seek exposure to physical gold as an investment and an assetclass to diversify their portfolio. It is also suitable to those who find the investments in Gold ETF's to becumbersome for want of trading and demat account for investing on the exchanges. It is also suitableto small investors who cannot invest in lot of creation unit size of a Gold ETF or those habituated todealing with mutual funds directly.

Open-ended. Purchases and redemptions at prices related to Applicable NAV, on each Business Day.

The Scheme's performance will be benchmarked against the price of physical gold.

The Mutual Fund shall endeavour to update the Net asset value of the scheme on every business dayon AMFI's website by 10.00 am the next business day. The NAVs shall also beupdated on the website of the Mutual Fund and will be released in twonewspapers for publication.

www.amfiindia.comwww.kotakmutual.com

Entry load: NILIn terms of SEBI Circular No. SEBI/IMD/CIR No. 4/168230/09 dated June 30, 2009, no entry load willbe charged on purchase / additional purchase / switch-in. The upfront commission, if any, oninvestment made by the investor shall be paid by the investor directly to the Distributor, based on hisassessment of various factors including the service rendered by the Distributor

Exit Load: 2% if redeemed/switch- out within 6 months from date of allotment. 1% if redeemed/switch- out after 6 months and before 1 year from the date of allotment Nil if redeemed/switch-out after 1 year from the date of allotment.

Growth and Dividend (Payout and Reinvestment)The NAVs of the above Options will be different and separately declared; the portfolio of investmentsremaining the same.

The investors should indicate option for which the subscription is made clearly in the applicationform. In case of valid applications received without any choice of option, the following shall be thedefault option:

Available

1st, 7th, 14th , 21st and 25th of the Month/ Quarter

For investments through SIP during NFO, the First SIP monthly / quarterly installment will commenceafter 28 days from the date of allotment.

If the holding is less than Rs. 1000 or 100 units, after processing the redemption request, the entireamount/units will be redeemed from the Scheme

Kotak Gold Fund

Weekly (Only for STP), Monthly and Quarterly

1st, 7th, 14th ,21st and 25th

Fixed Sum or Entire Appreciation

2

Option

Growth/ Dividend

Reinvestment /Payout Facility

Default

Growth

Reinvestment Facility

Applications Supported byBlocked Amount (ASBA)

Investors may apply through the ASBA facility during the NFO period of the Scheme by filling in theASBA form and submitting the same to selected Self Certified Syndicate Banks (SCSBs) which areregistered with SEBI for offering the ASBA facility, which in turn will block the amount in the account

as per the authority contained in the ASBA form, and undertake other tasks as per the procedurespecified therein.

Investors are also requested to check with their respective Banks for details regarding applicationthrough ASBA mode. The list of SCSBs are available on SEBI website also on thewebsite of the stock exchanges.

www.sebi.gov.in.and

Minimum Investment size

Minimum Redemption Size

Initial Purchase (Non- SIP)

In Rupees (Non- SWP/STP)

Additional OngoingPurchase (Non-SIP)

In Units (Non-SWP/STP)

SIP Purchase

In Rupees (SWP/STP)

Rs. 5000 and in multiples of Rs 1 for purchases and for Re 0.01 forswitches

Rs. 1000/-

Rs. 1000 and in multiples of Rs. 1

100 units

Rs.1000 (subject to a minimum of 6 SIP installments of Rs. 1000/- each)

Rs. 1000/- / Entire Appreciation
http://www.amfiindia.com/http://www.kotakmutual.com/http://www.amfiindia.com/http://www.kotakmutual.com/http://www.sebi.gov.in.and/http://www.sebi.gov.in.and/http://www.sebi.gov.in.and/http://www.sebi.gov.in.and/http://www.kotakmutual.com/http://www.amfiindia.com/


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A. Risk Factors

Standard Risk Factors: Investment in Mutual Fund Units involves investment risks such

as trading volumes, settlement risk, liquidity risk, default risk

including the possible loss of principal. As the price / value / interest rates of the securities in which the

scheme invests fluctuates, the value of your investment in thescheme may go up or down. The value of investments may beaffected, inter-alia, by changes in the market, interest rates,changes in credit rating, trading volumes, settlement periodsand transfer procedures; the NAV is also exposed toPrice/Interest-Rate Risk and Credit Risk and may be affectedinter-alia, by government policy, volatility and liquidity in themoney markets and pressure on the exchange rate of the rupee

Past performance of the Sponsor/AMC/Mutual Fund does notguarantee future performance of the scheme.

Kotak Gold Fund is only name of the scheme, and does not inany manner indicate either the quality of the scheme or itsfuture prospects and returns.

The sponsor is not responsible or liable for any loss resultingfrom the operation of the scheme beyond the initialcontribution of Rs.2,50,000 made by it towards setting up theFund.

The present scheme is not a guaranteed or assured returnscheme.

Scheme Specific Risk Factors The Scheme will predominantly invest in units of Kotak Gold

ETF. Hence the Scheme's performance may depend upon theperformance of the Kotak Gold ETF. Any change in theinvestment policies or the fundamental attributes of theunderlying scheme could affect the performance of theScheme.

The deviation in performance between the scheme & theunderlying scheme i.e. Kotak Gold ETF could also be on account

of cash flows which on an average takes 5 days as per currentoperational procedure. The investors of the Scheme will bear dual recurring expenses

and possibly dual loads, viz, those of the Scheme and those ofthe underlying Scheme. Hence the investor under the Schememay receive lower pre-tax returns than what they could havereceived if they had invested directly in the underlying Schemein the same proportion.

The Portfolio disclosure of the Scheme will be limited toproviding the particulars of the underlying scheme where theScheme has invested and will not include the investments madeby the underlying Scheme. However, as the scheme proposes toinvest in Kotak Gold ETF, the underlying assets will by and largebe physical gold.

The value (price) of gold may fluctuate for several reasons andall such fluctuations will result in changes in the NAV of units

under the scheme. The factors that may affect the price of gold,among other things, include demand and supply for gold inIndia and in the global market, Indian and Foreign exchangerates, Interest rates, Inflation trends, trading in gold ascommodity, legal restrictions on the movement/trade of goldthat may be imposed by RBI, Government of India or countriesthat supply or purchase gold to/from India, trends andrestrictions on import/export of golden jewellery in and out ofIndia, etc.

The fund assets are predominantly invested in Kotak Gold ETFand valued at the market price of the said units on the principalexchange. The same may be at a variance to the underlyingNAV of the fund, due to market expectations, demand supplyof the units, etc .To that extent the performance of scheme shallbe at variance with that of the underlying scheme.

The endevaour would always be to get cash on redemptions

from the underlying funds. However, in case the underlyingfund is unable to sell for any reason, and delivers physical gold,there could be delay in payment of redemptions proceedspending such realization.

The fund will subscribe according to the value equivalent to unitcreation size as applicable for Kotak Gold ETF. Whensubscriptions received are not adequate enough to invest increation unit size, the subscriptions may be deployed in debtand money market instruments which will have a different

return profile compared to gold returns profile. Alternatively theETF units may be acquired from the stock exchanges where theprice quoted may be at variance with the underlying NAV,resulting in a higher acquisition costs.

SPECIFIC RISKS IN DEBT MARKETS AND CAPITAL MARKETS

Investments in Financial Instruments are faced with the followingkinds of risks.

Risks associated with Debt / Money Markets (i.e. Markets in whichInterest bearing Securities or Discounted Instruments are traded)

a) Credit Risk:Securities carry a Credit risk of repayment of principal or interest bythe borrower. This risk depends on micro-economic factors such asfinancial soundness and ability of the borrower as also macro-economic factors such as Industry performance, Competition fromImports, Competitiveness of Exports, Input costs, Trade barriers,Favourability of Foreign Currency conversion rates, etc.

Credit risks of most issuers of Debt securities are rated byIndependent and professionally run rating agencies. Ratings ofCredit issued by these agencies typically range from "AAA" (readas "Triple A" denoting "Highest Safety") to "D" (denoting"Default"), with about 6 distinct ratings between the twoextremes.

The highest credit rating (i.e. lowest credit risk) commands a lowyield for the borrower. Conversely, the lowest credit rated borrowercan raise funds at a relatively higher cost. On account of a highercredit risk for lower rated borrowers lenders prefer higher ratedinstruments further justifying the lower yields.

b) Price-Risk or Interest-Rate Risk:From the perspective of coupon rates, Debt securities can beclassified in two categories, i.e., Fixed Income bearing Securitiesand Floating Rate Securities. In Fixed Income Bearing Securities, theCoupon rate is determined at the time of investment andpaid/received at the predetermined frequency. In the Floating RateSecurities, on the other hand, the coupon rate changes - 'floats' -with the underlying benchmark rate, e.g., MIBOR, 1 yr. TreasuryBill.

Fixed Income Securities (such as Government Securities, bonds,debentures and money market instruments) where a fixed return isoffered, run price-risk. Generally, when interest rates rise, prices of

fixed income securities fall and when interest rates drop, the pricesincrease. The extent of fall or rise in the prices is a function of theexisting coupon, the payment-frequency of such coupon, days tomaturity and the increase or decrease in the level of interest rates.The prices of Government Securities (existing and new) will beinfluenced only by movement in interest rates in the financialsystem. Whereas, in the case of corporate or institutional fixedincome securities, such as bonds or debentures, prices areinfluenced not only by the change in interest rates but also by creditrating of the security and liquidity thereof.

Floating rate securities issued by a government (coupon linked totreasury bill benchmark or a real return inflation linked bond) havethe least sensitivity to interest rate movements, as compared toother securities. The Government of India has already issued a fewsuch securities and the Investment Manager believes that such

securities may become available in future as well. These securitiescan play an important role in minimizing interest rate risk on aportfolio.

c) Risk of Rating Migration:The following table illustrates the impact of change of rating (credit

II. INTRODUCTION

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worthiness) on the price of a hypothetical AA rated security with amaturity period of 3 years, a coupon of 10.00% p.a. and a marketvalue of Rs. 100. If it is downgraded to A category, whichcommands a market yield of, say, 11.00% p.a., its market valuewould drop to Rs. 97.53 (i.e. 2.47%) If the security is up-graded toAAA category which commands a market yield of, say, 9.00% p.a.its market value would increase to Rs102.51 (i.e. by 2.51%). Thefigures shown in the table are only indicative and are intended todemonstrate how the price of a security can be affected by changein credit rating.

d) Basis Risk:During the life of floating rate security or a swap the underlyingbenchmark index may become less active and may not capture theactual movement in the interest rates or at times the benchmarkmay cease to exist. These types of events may result in loss of valuein the portfolio. Where swaps are used to hedge an underlyingfixed income security, basis risk could arise when the fixed incomeyield curve moves differently from that of the swap benchmarkcurve.e) Spread Risk:

In a floating rate security the coupon is expressed in terms of aspread or mark up over the benchmark rate. However dependingupon the market conditions the spreads may move adversely orfavourably leading to fluctuation in NAV.f) Reinvestment Risk:Investments in fixed income securities may carry reinvestment riskas interest rates prevailing on the interest or maturity due datesmay differ from the original coupon of the bond. Consequently theproceeds may get invested at a lower rate.g) Liquidity Risk:The corporate debt market is relatively illiquid vis-a- vis the

government securities market. There could therefore be difficultiesin exiting from corporate bonds in times of uncertainties. Liquidityin a scheme therefore may suffer. Even though the GovernmentSecurities market is more liquid compared to that of other debtinstruments, on occasions, there could be difficulties in transactingin the market due to extreme volatility or unusual constriction inmarket volumes or on occasions when an unusually largetransaction has to be put through. In view of this, redemption maybe limited or suspended after approval from the Boards of Directorsof the AMC and the Trustee, under certain circumstances asdescribed in the Statement of Additional Information (SAI).

B. REQUIREMENT OF MINIMUM INVESTORS IN THE SCHEMEThe Scheme/Plan shall have a minimum of 20 investors and nosingle investor shall account for more than 25% of the corpus ofthe Scheme/Plan(s). However, if such limit is breached during theNFO of the Scheme, the Fund will endeavour to ensure that withina period of three months or the end of the succeeding calendarquarter from the close of the NFO of the Scheme, whichever isearlier, the Scheme complies with these two conditions. In case theScheme / Plan(s) does not have a minimum of 20 investors in thestipulated period, the provisions of Regulation 39(2)(c) of the SEBI(MF) Regulations would become applicable automatically withoutany reference from SEBI and accordingly the Scheme / Plan(s) shallbe wound up and the units would be redeemed at applicable NAV.The two conditions mentioned above shall also be complied within

each subsequent calendar quarter thereafter, on an average basis,as specified by SEBI. If there is a breach of the 25% limit by anyinvestor over the quarter, a rebalancing period of one month wouldbe allowed and thereafter the investor who is in breach of the ruleshall be given 15 days notice to redeem his exposure over the 25 %limit. Failure on the part of the said investor to redeem his exposureover the 25 % limit within the aforesaid 15 days would lead toautomatic redemption by the Mutual Fund on the applicable NetAsset Value on the 15th day of the notice period. The Fund shalladhere to the requirements prescribed by SEBI from time to time inthis regard.

4

C. DEFINITIONSIn this SID, the following words and expressions shall have the meaning specified below, unless the context otherwiserequires:

Applicable NAV

Business Day

Controlling Branches(CBs)

Controlling Branches (CBs) of the SCSBs are the branches of the SCSBs acting as coordinating branchfor the Registrar and Transfer Agent of Mutual Fund, AMC and the Stock Exchange(s) for the ASBAfacility offered during the NFO period.

Custodian Deutsche Bank AG and Standard Chartered Bank acting as Custodian to the Scheme, or any otherCustodian appointed by the Trustee.

Application Supported byBlocked Amount (ASBA)

An application containing an authorization given by the Investor to block the application money in hisspecified bank account towards the subscription of Units offered during the NFO of the Scheme. Onintimation of allotment by CAMS to the banker the investors account shall be debited to the extent ofthe amount due thereon.

Unless stated otherwise in the SID, 'Applicable NAV' is the Net Asset Value at the close of a Business Dayas of which the purchase or redemption is sought by an investor and determined by the Fund.

Asset ManagementCompany or AMC orInvestment Manager

Kotak Mahindra Asset Management Company Limited, the Asset Management Companyincorporated under the Companies Act, 1956, and authorised by SEBI to act as Investment Managerto the Schemes of Kotak Mahindra Mutual Fund.

A day other than:(i) Saturday and Sunday(ii) A day on which the banks in Mumbai and RBI are closed for business/clearing

(iii) A day on which Purchase and Redemption is suspended by the AMC(iv) A day on which the money markets are closed/not accessible.(v) A day on which the National Stock Exchange or Bombay Stock Exchange is closed

Additionally, the days when the banks in any location where the AMC's Investor service center arelocated, are closed due to local holiday, such days will be treated as non business days at such centersfor the purpose of accepting subscriptions. However if the Investor service center in such location isopen on such local holidays, only redemption and switch request will be accepted at those centersprovided it is a business day for the scheme.

The AMC reserves the right to change the definition of Business Day. The AMC reserves the right todeclare any day as a Business Day or otherwise at any or all ISCs.

RatingAA

If upgraded to AAA

If downgraded to A

Yield (% p.a.)10.00

9.00

11.00

Market Value (Rs.)100.00

102.51

97.53


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Dividend Option Under the Dividend option, the Trustee may at any time decide to distribute by way of dividend, thesurplus by way of realised profit and interest, net of losses, expenses and taxes, if any, to Unitholders if, inthe opinion of the Trustee, such surplus is available and adequate for distribution. The Trustee's decisionwith regard to such availability and adequacy of surplus, rate, timing and frequency of distribution shallbe final. The Trustee may or may not distribute surplus, even if available, by way of dividend. Thedividend will be paid to only those Unitholders whose names appear on the register of Unitholders of theScheme / Option at the close of the business hours on the record date, which will be announced inadvance. The Fund is required to dispatch dividend warrants within 30 days of the date of declaration ofthe dividend.

The Dividend Option will be available under two sub-options the Payout Option and the ReinvestmentOption.

Dividend Payout Option: Unitholders will have the option to receive payout of their dividend by way ofdividend warrant or any other means which can be enchased or by way of direct credit into theiraccount.

Dividend Reinvestment Option: Under the reinvestment option, dividend amounts will be reinvested inthe Dividend Reinvestment Option at the Applicable NAV announced immediately following the recorddate.

However, the Trustees reserve the right to introduce new options and / or alter the dividend payoutintervals, frequency, including the day of payout.

Designated Branches(DBs)

Designated Branches (DBs) of the SCSBs are the branches of the SCSBs which shall collect the ASBAApplication Forms duly filled by the Investors towards the subscription to the Units of the Schemeoffered during the NFO. The list of these Designated Branches shall be available at the websites ofSEBI and the stock exchanges.

Entry Load The charge that is paid by an Investor when he invests an amount in the Scheme.

Exit Load The charge that is paid by a Unitholder when he redeems Units from the Scheme.

Exchange Traded Funds(ETF)

Exchange Traded Funds are passively managed funds tracking a benchmark index and reflect theperformance of that index. They have the flexibility of trading on stock exchanges like a share andoffer the best features of open and close end funds.

FII Foreign Institutional Investors, registered with SEBI under Securities and Exchange Board of India(Foreign Institutional Investors) Regulations, 1995.

Gilts/ GovernmentSecurities / G.Secs

Securities created and issued by the Central Government and / or State Government.

Growth Option Under the Growth option, there will be no distribution of income and the return to investors will beonly by way of capital gains, if any, through redemption at applicable NAV of Units held by them.

IMA Investment Management Agreement dated 20th May 1996, entered into between the Fund (actingthrough the Trustee) and the AMC and as amended up to date, or as may be amended from time totime.

Investor Service Centresor ISCs

Designated branches of the AMC / other offices as may be designated by the AMC from time to time.

Kotak Gold Fund An open ended Fund of Funds Scheme

Kotak Bank/ Sponsor Kotak Mahindra Bank Limited.

KMMF/ Fund/ Mutual Fund Kotak Mahindra Mutual Fund, a trust set up under the provisions of The Indian Trusts Act, 1882.KMTCL / Trustee Kotak Mahindra Trustee Company Limited, a company set up under the Companies Act, 1956, and

approved by SEBI to act as the Trustee for the Schemes of Kotak Mahindra Mutual Fund.

Money Market Instruments Includes commercial papers, commercial bills, treasury bills, Government securities having anunexpired maturity upto one year, call or notice money, certificate of deposit, usance bills, and anyother like instruments as specified by the Reserve Bank of India from time to time.

MIBOR The Mumbai Interbank Offered Rate published once every day by the National Stock Exchange andpublished twice every day by Reuters, as specifically applied to each contract.

Mutual Fund Regulations/Regulations

Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended up to date,and such other regulations as may be in force from time to time.

NAV Net Asset Value of the Units of the Scheme (including the options thereunder) as calculated in the

manner provided in this SID or as may be prescribed by Regulations from time to time. The NAV will becomputed up to four decimal places.

NRI Non-Resident Indian and Person of Indian Origin as defined in Foreign Exchange Management Act,1999.


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Purchase Price

Redemption Price

Registrar

Repo

Reserve Bank of India/ RBI

Reverse Repo

Scheme

Scheme InformationDocument (SID)

Statement of AdditionalInformation (SAI)

SEBI

Self Certified SyndicateBank (SCSB)

Transaction Points

Trust Deed

Trust Fund

Unit

Unitholder

Valuation Day

Words and Expressionsused in this SID and notdefined

Purchase Price, to an investor, of Units under the Scheme (including Options thereunder) computed inthe manner indicated elsewhere in this SID.

Redemption Price to an investor of Units under the Scheme (including Options thereunder) computedin the manner indicated elsewhere in this SID.

Computer Age Management Services Private Limited ('CAMS'), acting as Registrar to the Scheme, orany other Registrar appointed by the AMC.

Sale of securities with simultaneous agreement to repurchase them at a later date.

Reserve Bank of India, established under the Reserve Bank of India Act, 1934.

Purchase of securities with a simultaneous agreement to sell them at a later date.

Kotak Gold Fund.

This document issued by Kotak Mahindra Mutual Fund, offering for subscription of Units of theScheme.

It contains details of Kotak Mahindra Mutual Fund, its constitution, and certain tax, legal and generalinformation. It is incorporated by reference (is legally a part of the Scheme Information Document)

The Securities and Exchange Board of India.

Self Certified Syndicate Bank (SCSB) means a bank registered with SEBI to offer the facility of applyingthrough the ASBA facility. ASBAs can be accepted only by SCSBs, whose names appear in the list of

SCSBs as displayed by SEBI on its website at .www.sebi.gov.in

Centres designated by the Registrar, to accept investor transactions and scan them for handling by thenearest ISC.

The Trust Deed entered into on 20th May 1996 between the Sponsor and the Trustee, as amended upto date, or as may be amended from time to time.

The corpus of the Trust, Unit capital and all property belonging to and/or vested in the Trustee.

The interest of the investors in the Scheme, which consists of each Unit representing one undividedshare in the assets of the Scheme.

A person who holds Unit(s) of the Scheme

For the Scheme, each Business Day and any other day when the Debt and/or money markets are openin Mumbai.

Same meaning as in Trust Deed.

D. SPECIAL CONSIDERATION:

The investors under the Kotak Gold Fund will bear therecurring expenses of the scheme in addition to the expensesof Kotak Gold ETF scheme. This has been mitigated byensuring that the total expenses of this scheme and KotakGold ETF does not exceed 1.50% p.a of the daily average netassets of the scheme.

Prospective investors should review/study SAI along with SIDcarefully and in its entirety and shall not construe the contentshereof or regard the summaries contained herein as advicerelating to legal, taxation, or financial/investment matters andare advised to consult their own professional advisor(s) as to thelegal or any other requirements or restrictions relating to thesubscriptions, gifting, acquisition, holding, disposal (sale,transfer, switch or redemption or conversion into money) ofunits and to the treatment of income (if any), capitalization,capital gains, any distribution, and other tax consequencesrelevant to their subscription, acquisition, holding,capitalization, disposal (sale, transfer, switch or redemption orconvers ion into money) of units with in theirjurisdiction/nationality, residence, domicile etc. or under thelaws of any jurisdiction to which they or any managed Funds tobe used to purchase/gift units are subject, and also to determinepossible legal, tax, financial or other consequences ofsubscribing/gifting to, purchasing or holding units beforemaking an application for units.

Neither this SID and SAI, nor the units have been registered inany jurisdiction. The distribution of this SID in certainjurisdictions may be restricted or subject to registration andaccordingly, any person who gets possession of this SID isrequired to inform themselves about, and to observe, any suchrestrictions. It is the responsibility of any persons in possessionof this SID and any persons wishing to apply for units pursuantto this SID to inform themselves of and to observe, all applicablelaws and Regulations of such relevant jurisdiction. Any changesin SEBI/RBI regulations and other applicable laws/regulationscould have an effect on such investments and valuationthereof.

Kotak Mahindra Mutual Fund/AMC has not authorised anyperson to give any information or make any representations,either oral or written, not stated in this SID in connection withissue of units under the Schemes. Prospective investors areadvised not to rely upon any information or representations notincorporated in the SAI and SID as the same have not beenauthorised by the Fund or the AMC. Any purchase orredemption made by any person on the basis of statements orrepresentations which are not contained in this SID or which arenot consistent with the information contained herein shall besolely at the risk of the investor. The investor is requested to

check the credentials of the individual, firm or other entityhe/she is entrusting his/her application form and payment to,for any transaction with the Fund. The Fund shall not beresponsible for any acts done by the intermediaries representingor purportedly representing such investor.
http://www.sebi.gov.in/http://www.sebi.gov.in/http://www.sebi.gov.in/http://www.sebi.gov.in/


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If the units are held by any person in breach of the Regulations,law or requirements of any governmental, statutory authorityincluding, without limitation, Exchange Control Regulations,the Fund may mandatorily redeem all the units of any Unitholder where the units are held by a Unit holder in breach of thesame. The Trustee may further mandatorily redeem units of anyUnit holder in the event it is found that the Unit holder hassubmitted information either in the application or otherwisethat is false, misleading or incomplete.

If a Unit holder makes a redemption request immediately afterpurchase of units, the Fund shall have a right to withhold theredemption request till sufficient time has elapsed to ensure thatthe amount remitted by the Unit holder (for purchase of units) isrealized and the proceeds have been credited to the Scheme'sAccount. However, this is only applicable if the value ofredemption is such that some or all of the freshly purchasedunits may have to be redeemed to effect the full redemption.

In terms of the Prevention of Money Laundering Act, 2002("PMLA") the rules issued there under and theguidelines/circulars issued by SEBI regarding the Anti MoneyLaundering (AML) Laws, all intermediaries, including mutualfunds, are required to formulate and implement a clientidentification programme, and to verify and maintain the recordof identity and address(es) of investors.

If after due diligence, the AMC believes that any transaction issuspicious in nature as regards money laundering, the AMCshall report any such suspicious transactions to competentauthorities under PMLA and rules/guidelines issued thereunderby SEBI and/or RBI, furnish any such information in connectiontherewith to such authorities and take any other actions as maybe required for the purposes of fulfilling its obligations underPMLA and rules/guidelines issued thereunder by SEBI and/or RBIwithout obtaining the prior approval of the investor/Unitholder/any other person.

E. Due Diligence by the Asset Management Company

DUE DILIGENCE CERTIFICATE

It is confirmed that:(i) The Scheme Information Document forwarded to SEBI is in accordance with the SEBI (Mutual Funds) Regulations, 1996 and the

guidelines and directives issued by SEBI from time to time.(ii) all legal requirements connected with the launching of the scheme as also the guidelines, instructions, etc., issued by the Government

and any other competent authority in this behalf, have been duly complied with.(iii) the disclosures made in the Scheme Information Document are true, fair and adequate to enable the investors to make a well informed

decision regarding investment in the proposed scheme.(iv) the intermediaries named in the Scheme Information Document and Statement of Additional Information are registered with SEBI and

their registration is valid, as on date.For Kotak Mahindra Asset Management Company Limited

Asset Management Company for Kotak Mahindra Mutual Fund

Place: Mumbai Sandeep KamathDate: February 15, 2011 Compliance Officer

7


10/30

KOTAK GOLD FUND

A. Type of the scheme:

An open-ended Fund of Funds

B. What is the investment objective of the scheme?

The investment objective of the scheme is to generate returns byinvesting in units of Kotak Gold ETF

There is no assurance that the investment objective of theScheme will be realised

C. How will the scheme allocate its assets?

The asset allocation under the Scheme, under normalcircumstances, will be as follows:

*The Fund Manager may invest in Liquid Schemes of KotakMahindra Mutual Fund. However, the Fund Manager may investin any other scheme of a mutual fund registered with SEBI, whichinvest predominantly in the money market securities.

When the asset allocation falls outside the range, review andrebalancing will be conducted in 5 working days.

The scheme may either invest directly with the underlying fundi.e. Kotak Gold ETF in creation unit size or through the secondarymarket or a combination of both depending on the marketdynamics keeping investors interest in mind.

The scheme will not invest in securitized debt.

D. Where will the scheme invest?

Subject to the Regulations, the amount collected under thisscheme can be invested in any (but not exclusively) of thefollowing securities/ debt instruments:(i) Units of Kotak Gold ETF(ii) Reverse Repos in such Government Securities as may be

permitted from time to time.(iii) Collateralized Borrowing and Lending Obligation (CBLO)(iv) Short Term Deposits of banks (both public and private

sector) as may be permitted from time to time.(v) Money market instruments permitted by SEBI/RBI, having

maturities of up to 91 days or in alternative investment for

the CBLO/ Repo as may be provided by RBI to meet theliquidity requirements.

(vi) Any other instruments / securities, which in the opinion ofthe fund manger would suit the investment objective of thescheme subject to compliance with extant Regulations.

The securities/debt instruments mentioned above could be listedor unlisted, secured or unsecured, rated or unrated and ofvarying maturities and other terms of issue. The securities may beacquired through Initial Public Offerings (IPOs), secondary marketoperations, private placement, rights offer or negotiated deals.The Schemes may also enter into repurchase and reverserepurchase obligations in all securities held by it as perguidelines/regulations applicable to such transactions.

E. What are the investment strategies?

To achieve the investment objective, the scheme willpredominantly invest in units of Kotak Gold ETF. The schemewould also invest in debt and money market instruments asstated in the asset allocation table. The investment strategywould largely be passive in nature.

The AMC shall endeavor that the returns of Kotak Gold Fund will

replicate the returns generated by the underlying ETF and is notexpected to deviate more than 2%, on an annualized basis net ofrecurring expenses in the Scheme. This deviation would mostlybe on account of receipt of cashflows which currently takes 5days as per current operational procedures.

The table shows below the impact that could happen on fundperformance as a result of delay in receipt of money andconsequent investments in Kotak Gold ETF over previous sixmonths ending on 31st Jan, 2011.

The assumption is that entire corpus is delayed by the no. of daystabulated above. But in reality, since the daily subscription maynot be material to the total corpus of the fund the impact wouldnot be material. Moreover subscriptions over periods of timewould normally be expected to iron out the deviations.

The fund would endeavor to maintain the indicated assetallocation as mentioned above. However there could be a

variance in the asset allocation on account of receipt of cashflows, which on an average takes 5 business days to clear giventhe existing operational procedure.

Benefits of investing in Gold Fund of Fund:

Gold has been identified as an investment vehicle as it isconsidered to be a safe haven, an effective tool for portfoliodiversification and as an inflation hedge. There are variousmethods of investing into gold such as physical gold fromjewelers, from banks & Gold ETF units. Investing into Kotak GoldFund would have the following benefits:

Demat account is not a pre-requisite as is in the case of ETF's Any Investor can invest in this scheme just like any othermutual fund and do not require Demat account

Facility of Systematic Investment Plan This would allow aconvenient way of regular investments to retail investors

III. INFORMATION ABOUT THE SCHEME

8

InvestmentsIndicativeAllocation

(% to net assets)Risk Profile

Units of KotakGold ETF

95% to 100%

0%- 5%

Low

LowReverse repo and /or CBLOand/or short-term fixeddeposits and /or moneymarket instruments and/orSchemes which investpredominantly in the moneymarket securities or LiquidSchemes*

% Differencein prices

between 'n'days

0.184.16-2.34

0.264.26-3.50

0.334.13-3.12

0.423.89-3.24

0.525.49-3.81

0.616.40-3.38

AverageMaxMin

2

Days

3

Days

4

Days

5

Days

6

Days

7

Days


11/30

be cost efficient for retail investors in comparison to investingin a Gold ETF through Demat account. The typical chargesincurred is detailed below

Investment of Rs. 10,000 for 1 year could incur thefollowing charges for a retail investor

Source: the charges are actual charges levied to retail investors byHDFC Securities, Kotak Securities, ICICI Direct & HSBC InvestDirect

*Annual Scheme Recurring Expenses as shown above is as perthe expense levied to Kotak Gold ETF which is 1% p.a. as on 31stDecember 2010, thereby the expense charged to Kotak GoldFund would be 0.50% as the total expense under both theschemes would not exceed 1.5% p.a.

** Investment in Kotak Gold Fund 10000*0.5% + Kotak GoldFund Investing in Kotak Gold ETF 10000*1%= 50+100=150

Tracking ErrorThe fund assets are predominantly invested in Kotak Gold ETFand which is valued at the market price of the said units on theprincipal exchange. The same may be at a variance to theunderlying NAV of the fund.

Tracking error can also be caused by late realization of cheques/demand drafts. It should be noted that the outstation chequesare not acceptable as per the terms of the SID. However chequesin the normal course of banking would take 2/3 days forrealization. Hence the investment can be done only on the 2nd or3rd day depending upon the timing of the credit in the schemeaccount.

Cost efficient for Investors: Investing in Kotak Gold Fund mayA) Banking of FundsFollowing are the various modes of payments forPurchase/Additional purchases and SIP transactions for KotakGold Fund

The cash flow through various modes of acceptance will beanalyzed on a daily basis. Investment into Kotak Gold ETF unitswould be on the basis of this cashflow analysis &subscription/redemption request received. Subsequentdeployment into Kotak Gold ETF would also be based on this

analysis. The deployment will be carefully planned on the basis ofthe mode of acceptance of instrument with an objective tomoderate tracking error.

To illustrate A cheque of Rs. 10,000 received on T day in theFund would result in the investor getting the NAV of T day inKotak Gold Fund as per extant guidelines. The said cheque wouldbe realized only on T+2/3 and hence the fund would invest inKotak Gold ETF units on T+2/3 as the case may be. There could beunderlying price movements in Kotak Gold ETF between T dayand T+2/3 day. This could result in tracking error. However, overperiods of time it may get neutralized.

To that extent the performance of scheme shall be at variance

with that of the underlying scheme.

a. The table below highlights the Clearing Mechanism of thefunds based on various modes of payments based ondifferent types of location for lumpsum investments:

9

Sl.No.

Payment Mode

1

2345

67

RTGS

Transfer InstrumentAuto DebitNEFTECS

MICRPDC

Same Day

Same DaySame DaySame day or the next day.One/Two days or Five/seven days(Depending on the clearing cycleof that particular location)Two days but in some cases 3-7 DaysAs per MICR clearing cycle of RBI/SBI

Clearing

Charges Gold ETF throughDemat

Investment in

Kotak Gold Fund

Annual Maintenancecharges of DematAccount

Delivery brokeragecharges

Annual SchemeRecurring Expenses*

Total

Rs. 350 975

Rs. 49 55

Rs. 100

Rs. 499 1130

Nil

Nil

Rs.150**

Rs.150

Location/ModeOf clearing

RTGS NEFTECS(RBI locations)

ECS (Non RBIlocations)

MICR (RBIlocations)

MICR (Non -RBI locations)

Tier I

Tier II

Tier III

Tier IV

T day

T day

T day

T day

T+3 days

T+3 days

NA

NA

NA

T+3 days

T+4 days

T+5 days

T+2 days

T+2 days

NA

NA

NA

T+3 days

T+4 days

T+5 days

T day upto 5.00pm,Otherwise T+1



T day upto 5.00pm,

Otherwise T+1


12/30

10

b. The table below highlights the % of funds received on Systematic investment plan received from ECS location for the month ofDecember 2010

SIP Date TAT* Pay Date % of Amount Received Cumulative %

01-Dec-10

01-Dec-10 TOTAL

T+1T+2T+3T+4T+5

T+6

02-Dec-1003-Dec-1004-Dec-1006-Dec-1007-Dec-10

08-Dec-10

0.51%97.44%1.81%0.00%0.03%

0.21%100.00%

0.51%97.95%99.76%99.76%99.79%

100.00%

07-Dec-10

07-Dec-10 TOTAL

T+1T+2T+3T+4T+5T+6

08-Dec-1009-Dec-1010-Dec-1011-Dec-1013-Dec-1014-Dec-10

1.0%94.7%4.2%0.0%0.0%0.2%

100.00%

0.96%95.64%99.79%99.79%99.79%

100.00%

14-Dec-10

14-Dec-10 TOTAL

T+1T+2T+3T+4

T+5T+6

15-Dec-1016-Dec-1017-Dec-1018-Dec-10

20-Dec-1021-Dec-10

0.9%96.5%2.3%0.0%

0.0%0.3%

100.00%

0.93%97.39%99.68%99.68%

99.68%100.00%

21-Dec-10

21-Dec-10 TOTAL

T+1T+2T+3T+4T+5T+6

22-Dec-1023-Dec-1024-Dec-1027-Dec-1028-Dec-1029-Dec-10

0.7%92.7%6.4%0.1%0.0%0.2%

100.00%

0.69%93.40%99.79%99.85%99.85%

100.00%

27-Dec-10**

27-Dec-10 TOTAL

T+1T+2T+3

T+4T+5T+6

28-Dec-1029-Dec-1030-Dec-10

31-Dec-1003-Jan-1104-Jan-11

0.9%95.6%2.9%

0.2%0.0%0.4%

100.00%

0.88%96.49%99.42%

99.64%99.64%

100.00%

*T=Trade date**(25 Dec SIP date was non-business day)

B. Clearance of FundsAvailability of Clear Funds in Equity Funds

Weighted Average of inflow in equity scheme is maximum of 2days

Availability of Clear Funds for non liquid debt funds

Weighted Average of Inflows into Debt Funds is maximum 2days.

Risk Mitigation for Tracking Error

Also Kotak Gold ETF could have tracking error with respect toprice of physical gold which may add to the schemes trackingerror with its benchmark i.e. physical gold due to various factorsincluding but not limited to:

1. Delay in the purchase or sale of gold due toa. Illiquidity of gold,b. Delay in realization of sale proceeds,c. Creating a lot size to buy the required amount of gold

Risk Mitigation: - Gold is a fairly liquid asset and hence in normal circumstances

would be available for purchase and sale at all points of time. The AMC has a robust process of retrieving speedily the daily

collections at various RTA locations. The RTA has been advisedto bank cheques as expeditiously as possible. The AMC tracksthe daily cash flows and the Fund Managers towards promptdeployment, subject to market conditions.

Even if the collections reported on a day are less than theminimum lot size, the AMC can procure the required quantitythru open market purchases. The AMC has appointed

Authorised Participants under the Kotak Gold ETF scheme toensure liquidity in the market place for the ETF units.

2. The scheme may buy or sell the gold at different points oftime during the trading session at the then prevailingprices which may not correspond to its closing prices.

Source % of InflowsAverage number of

days (Funds Realised)

RTGS / TransfersMICR

Online

Total

10.79%88.87%

0.34%

100.00%

T Day85% T+2 days ; 15%

T+3 -7 days Depends onthe location50% T day; 50% T+1or 2 days

Source % of InflowsAverage number of

days (Funds Realised)

RTGS / TransfersMICR

Online

Total

66.53%33.46%

0.01%

100.00%

T Day90% T+2 days ; 10%T+3 -7 days Depends on

the location70% T day 30% T+1 or2 days


13/30

Risk Mitigation:- Investment is based on the judgment of the Fund Manager,

and he would work towards furtherance of the unitholdersinterest.

3. The potential for trades to fail, which may result in theScheme not having acquired gold at a price necessary totrack the benchmark price.

Risk Mitigation:- Units procured thru exchanges have an auction process

inbuilt into them, and hence the aforesaid risk is automaticallymitigated.

Even for lot size purchases, the AMC deals with multiplereputed banks/authorized participants whereby theprobability of default in trades are remote.

4. The holding of a cash position and accrued income priorto distribution of income and payment of accruedexpenses.

Risk Mitigation:- The fund manager would endeavour to keep cash to the

minimal, subject to the asset allocation table referred toabove, the fund has also proposed a minimal expenses ratio,thereby reducing the extent of tracking error.

5. Execution of large buy / sell orders, and disinvestments tomeet redemptions, recurring expenses, dividend payoutsetc.

Risk Mitigation:- These deals are done at best possible prices available at the

time of investments. Distortions, if any would automaticallyget corrected over periods of time.

6. Transaction cost (including taxes and insurance premium)and recurring expenses

Risk Mitigation:- The Fund seeks to keep it to the minimal to reduce the impact

of the tracking error.

Given the structure of Kotak Gold ETF, the AMC expects thetracking error to be lower. The AMC will endeavor to keep thetracking error as low as possible. Under normal circumstances,such tracking errors are not expected to exceed 2% per annum.However this may vary when the markets are very volatile.

The tracking error for Kotak Gold ETF for the last 3 months is as under:

Risk Control Measures for investment strategyThe fund endeavours to invest in Gold ETFs. Since fund managerrisk in these schemes is not relevant, risk control measures forinvestment strategy pertain to managing operational riskfocused on minimizing tracking error.

Risk Mitigation measures for portfolio volatilityGold ETFs being passively managed carry lesser risk compared toactive management. The underlying ETF scheme(s) where thefund intends to invest follow the underlying price of gold andtherefore the level of portfolio volatility would be same as that ofthe underlying gold price. There is no additional volatility onaccount of fund manager decision. The fund manager wouldalso endeavour minimal cash levels to keep performancedeviation from the underlying ETF's to minimal.

Risk mitigation measures for managing liquidityGold ETFs invest in physical gold which satisfy the norms of'Good Delivery' as defined by London Bullion Marketsassociation. Liquidity issues are not envisaged as gold is a globallytraded commodity and thereby very liquid. There are also

designated Authorised Participants who facilitate liquidity on theexchange.

Portfolio Turnover

Since the fund is passively managed and invests only in gold,portfolio turnover is expected to be very low as there would notbe an active churn. Turnover would only be a result of inflows andoutflows on a daily basis since this is an open ended scheme.

F. Fundamental attributes

Following are the fundamental attributes of the scheme, in termsof Regulation 18 (15A) of SEBI (MF) Regulations:

(i) Type of the scheme(ii) Investment Objective(iii) Investment Pattern: As defined under the heading How

will the scheme allocate assets?(iv) Terms of Issue:

a. Liquidity provisions such as listing, repurchase,redemption.

b. Aggregate fees and expenses charged to the scheme.c. Any safety net or guarantee provided.

In accordance with Regulation 18(15A) of the SEBI (MF)Regulations, the Trustees shall ensure that no change in thefundamental attributes of the Scheme(s) and the Plan(s) /Option(s) thereunder or the trust or fee and expenses payable orany other change which would modify the Scheme(s) and thePlan(s) / Option(s) thereunder and affect the interests ofUnitholders is carried out unless:

A written communication about the proposed change is sentto each Unitholder and an advertisement is given in oneEnglish daily newspaper having nationwide circulation as wellas in a newspaper published in the language of the regionwhere the Head Office of the Mutual Fund is situated; and

The Unitholders are given an option for a period of 30 days toexit at the prevailing Net Asset Value without any exit load

G. How will the scheme benchmark its performance?

The Scheme's performance will be benchmarked against theprice of physical gold.

The scheme proposes to generate returns in line with returnsgenerated by investment in physical gold. As there are no indicesavailable to benchmark against, it is proposed to benchmark theperformance of this scheme against the price of physical gold.For the convenience of unit holders, the price of gold will bedisplayed on the www.kotakmutual.com

The Trustee reserves right to change benchmark in future for

measuring performance of the scheme.

Rating

Kotak

Gold ETF

November 2010

0.06068%

December 2010

0.06021%

January 2011

0.05976%

11


14/30

H. Who manages the scheme?

Mr. Abhishek Bisen will be the fund manager for the scheme.

I. What are the investment restrictions?

The following investment limitations and other restrictions, inter-alia, as contained in the Trust Deed and the Regulations apply tothe Scheme:1. No loans may be advanced by the Mutual Fund and the Fund

shall not borrow except to meet temporary liquidity needs ofthe Fund for the purpose of repurchase, redemption of Unitsor payment of interest or dividends to Unitholders, providedthe Fund shall not borrow more than 20% of the net assets ofthe Scheme and the duration of such borrowing shall notexceed a period of six months or as may be permitted by theRegulations from time to time.

2. Pending deployment of the funds of the Scheme in terms of

the investment objective, the Fund can invest the funds of theScheme in short term deposits of scheduled commercialbanks as per the guidelines given in SEBI Circular no.SEBI/IMD/CIR No. 1/91171/07 dated April 16, 2007.

3. The Scheme shall not make any investment in:a) any unlisted security of an associate or group company of

the Sponsor; orb) any security issued by way of private placement by any

associate or group company of the Sponsor; orc) the listed securities of group companies of the Sponsor in

excess of 25% of its net assets.4. The Scheme shall not invest in any Fund of Funds Scheme and

foreign securities5. The Scheme shall not invest more than 15% of its Net Assets

in debt instruments, including debentures issued by a singleissuer which are rated not below investment grade; such limitmay be extended to 20% of the Net Assets of the Schemewith the prior approval of the Board of the Trustee and theBoard of the AMC; Provided that such limit shall not beapplicable for investments in government securities.

6. The Scheme shall not invest more than 10% of its NAV inunrated debt instruments [irrespective of residual maturityperiod (above or below one year)], issued by a single issuerand the total investment in such instruments shall not exceed25% of the NAV of the Scheme. All such investments shall bemade with the prior approval of the Trustee and the Board ofthe AMC.

7. The Scheme shall not invest more than 30% of its net assets inmoney market instruments of an issuer. Provided that suchlimit shall not be applicable for investments in Governmentsecurities, treasury bills and collateralized borrowing and

lending obligations.8. Wherever investments are intended to be of a long-termnature, the securities shall be purchased or transferred in thename of the Fund, on account of the Scheme concerned.

9. Debentures, irrespective of any residual maturity period(above or below one year), shall attract the investment

restrictions as applicable for debt instruments as specifiedunder Clause 1 and 1 A of Seventh Schedule to theRegulations.

10.Transfer of Investments from one Scheme to another scheme,present or to be floated in future, may be made at thediscretion of the Fund Manager, as per the currentregulations, only if: Such transfer is done at the prevailing market price for

quoted instruments on spot basis; and The securities so transferred is/are in conformity with the

Investment objective of the scheme to which suchtransfer has been made.

11.The Mutual Fund shall enter into transactions relating toGovernment Securities only in dematerialised form.

12.The Mutual Fund will, for securities purchased in the nondepository mode get the securities transferred in the name ofthe Mutual Fund on account of the Scheme, wherever theinvestments are intended to be of a long term nature.

Modifications, if any, in the Investment Restrictions on account ofamendments to the Regulations shall supercede/override theprovisions of the Trust Deed.

The AMC may alter these above stated restrictions from time totime to the extent the SEBI (MF) Regulations change, so as topermit the Scheme to make its investments in the full spectrum ofpermitted investments for mutual funds to achieve its respectiveinvestment objective. The Trustee may from time to time alterthese restrictions in conformity with the SEBI (MF) Regulations.

All investment restrictions shall be applicable at the time ofmaking investment.

Investments by the AMC in the FundThe AMC reserves the right to invest its own funds in the Schemeas may be decided by the AMC from time to time and inaccordance with SEBI Circular no. SEBI/IMD/CIR No. 10/22701/03dated December 12, 2003 regarding minimum number ofinvestors in the Scheme/ Plan. Under the Regulations, the AMC isnot permitted to charge any investment management andadvisory services fee on its own investment in the Scheme.

J. How has the scheme performed?

This is a new scheme and does not have any performance track

record.

12

QUALIFICATION

B A Management,MBA Finance

NAME

Mr. Abhishek Bisen

AGE

32 Years

BUSINESS EXPERIENCE

Mr. Abhishek Bisen has beenassociated with the companysince October 2006 and his

key responsibilities includefund management of debtschemes. Prior to joining KotakAMC, Abhishek was workingwith Securities TradingCorporation Of India Ltdwhere he was looking at Sales& Trading of Fixed IncomeProducts apart from doingPortfolio Advisory. His earlierassignments also include 2years of merchant bankingexperience with a leadingmerchant banking firm.

OTHER SCHEMES MANAGED

All Fixed Maturity Plans All Interval Plans Kotak Floater Long Term

Kotak Floater Short Term Kotak Bond Kotak Liquid Kotak Gilt Kotak Balance Kotak Income Plus Kotak Equity Arbitrage Fund Kotak Select Focus Fund Kotak Gold ETF Kotak Credit Opportunities Kotak Global Emerging Market

Fund Kotak Multi Asset Allocation Fund


15/30

IV. UNITS AND OFFER

This section provides details you need to know for investing in the scheme.

A. NEW FUND OFFER (NFO)

New Fund Offer Price:

This is the price per unit that the investors have to pay to investduring the NFO.

New Fund Offer:

This is the period during which a new scheme sells its units to theinvestors

Minimum Amount for Application in the NFO of scheme

Minimum Target amount

This is the minimum amount required to operate the scheme and ifthis is not collected during the NFO period, then all the investorswould be refunded the amount invested without any return.However, if AMC fails to refund the amount within 5 business days,interest as specified by SEBI (currently 15% p.a.) will be paid to theinvestors from the expiry of 5 business days from the date ofclosure of the subscription period.

Maximum Amount to be raised (if any)

This is the maximum amount which can be collected during theNFO period, as decided by the AMC.

Options offered

Default Options

Allotment

Refund

Who can invest

This is an indicative list and you are requested to consult yourfinancial advisor to ascertain whether the scheme is suitable toyour risk profile.

Rs. 10 per Unit.

NFO opens on : March 4, 2011

NFO closes on : March 18, 2011

The subscription list may be closed earlier by giving at least oneday's notice in one daily newspaper.

The AMC reserves the right to extend the closing date, subject tothe condition that the New Fund Offer shall not be kept open formaximum number of 15 days as permissible under Regulations.Any such extension shall be announced by way of a notice in onenational newspaper.

Initial Purchase (Non-SIP)

SIP Purchase

Rs. 5000 and in multiples of Rs 1 forpurchases and for Re 0.01 for switches

Rs.1000 (subject to a minimum of 6 SIPinstallments of Rs. 1000/- each)

The Fund seeks to collect a minimum subscription amount of Rs.1,00,00,000/- (Rupees One crore Only), in the New Fund Offer

There is no upper limit on the total amount that may be collected.After the minimum subscription amount has been collected,allotment will be made to all valid applications.

Growth and Dividend (Payout & Reinvestment)

The investors should indicate option for which the subscription ismade clearly in the application form. In case of valid applicationsreceived without any choice of option, the following shall be thedefault option:

Subject to the receipt of the specified Minimum SubscriptionAmount for the Scheme, full allotment will be made to all validapplications received during the New Fund Offer.The Trustee reserves the right, at their discretion without assigningany reason thereof, to reject any application. Allotment will be

completed within 5 business days after the closure of the NewFund Offer. Allotment of units and dispatch of allotment advice toFIIs will be subject to RBI approval if required.

For applicants applying through the ASBA mode, On intimation ofallotment by CAMS to the banker the investors account shall bedebited to the extent of the amount due thereon. On allotment,units will be credited to the Investor's demat account as specified inthe ASBA application form.

If application is rejected, full amount will be refunded within 5business days of closure of NFO. If refunded later than 5 businessdays, interest @ 15% p.a. for delay period will be paid and chargedto the AMC.

The following are eligible to apply for purchase of the Units: Resident Indian Adult Individuals, either singly or jointly (not

exceeding three). Parents/ Lawful guardians on behalf of Minors. Companies, corporate bodies, registered in India. Registered Societies and Co-operative Societies authorised to

invest in such Units. Religious and Charitable Trusts under the provisions of 11(5) of

13

Option

Growth/ Dividend

Reinvestment /Payout Facility

Default

Growth

Reinvestment Facility


16/30

14

Where can you submit the filled up applications.

the Income Tax Act, 1961 read with Rule 17C of the Income TaxRules, 1962.

Trustees of private trusts authorised to invest in mutual fundschemes under their trust deeds.

Partner(s) of Partnership Firms. Association of Persons or Body of Individuals, whether

incorporated or not. Hindu Undivided Families (HUFs). Banks (including Co-operative Banks and Regional Rural Banks)

and Financial Institutions and Investment Institutions.

Non-Resident Indians/Persons of Indian origin resident abroad(NRIs) on full repatriation or non-repatriation basis.

Other Mutual Funds registered with SEBI. Foreign Institutional Investors (FIIs) registered with SEBI. International Multilateral Agencies approved by the

Government of India. Army/ Navy/ Air Force, Para-Military Units and other eligible

institutions. Scientific and Industrial Research Organizations. Provident/ Pension/ Gratuity and such other Funds as and when

permitted to invest. Universities and Educational Institutions. Other schemes of Kotak Mahindra Mutual Fund may, subject to

the conditions and limits prescribed in the SEBI Regulationsand/or by the Trustee, AMC or Sponsor, subscribe to the Units

under the Scheme.

The list given above is indicative and the applicable law, if any, shallsupersede the list.

Applications can be made either by way of a "RegularApplication along with a cheque/DD or fund transfer instruction.The Fund may introduce other newer methods of applicationwhich will be notified as and when introduced. Investors shouldcomplete the Application Form and deliver it along with acheque/draft (i.e. in case of "Regular Application") or fundtransfer instructions, at any of the official points of acceptance oftransactions as given on the back cover of this document.

For investments through switch transactions, transaction slip withapplication forms can be submitted at the AMC branches, CAMSInvestor Service Centres and branches, given in the last page.

Further, Investors may also apply through ASBA facility, during theNFO period of the Scheme.

Applications Supported by Blocked Amount (ASBA) As per SEBI vide its circular no. SEBI/IMD/CIR No 18 / 198647 /2010dated March 15, 2010 an investor can subscribe to the New FundOffer (NFO) through ASBA facility. The ASBA facility is offered byselected Self Certified Syndicate Banks (SCSBs) which areregistered with SEBI for offering the facility, and whose namesappear in the list of SCSBs as displayed by SEBI on its website at

.

ASBA is an application containing an authorization given by theInvestor to block the application money in his specified bankaccount towards the subscription of Units offered during the NFO

of the Schemes. On intimation of allotment by CAMS to the bankerthe investors account shall be debited to the extent of the amountdue thereon. On allotment, units will be credited to the Investor'sdemat account as specified in the ASBA application form.

Grounds for rejection of ASBA applicationsASBA application forms can be rejected by the AMC/Registrar/SCSBs, on the following technical grounds: -1. Applications by persons not competent to contract under the

Indian Contract Act, 1872, including but not limited tominors, insane persons etc.

2. Mode of ASBA i.e. either Physical ASBA or Electronic ASBA,not selected or ticked.

3. ASBA Application Form without the stamp of the SCSB.4. Application by any person outside India if not in compliance

with applicable foreign and Indian laws.5. Bank account details not given/incorrect details given.6. Duly certified Power of Attorney, if applicable, not submitted

alongwith the ASBA application form.7. No corresponding records available with the Depositories

www.sebi.gov.in
http://www.sebi.gov.in/http://www.sebi.gov.in/http://www.sebi.gov.in/


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Application form and Key Information Memorandum may beobtained from the offices of AMC or Investor Services Centers ofthe Registrar or d istr ibutors or downloaded from

. Investors are also advised to refer toStatement of Additional Information before submitting theapplication form.

All cheques and drafts should be crossed Account Payee Onlyand drawn in favour Kotak Gold Fund

Please refer to the SAI and Application form for the instructions.

www.kotakmutual.com

Since the Scheme is open-ended, it is not necessary to list the Unitsof the Scheme on any exchange. Liquidity is ensured to investors bythe purchase and sale of Units from/to the Fund at prices related tothe relevant Applicable NAV for the purpose of purchasing orredeeming Units from the Fund. The Trustee, however, has theright to list the Units under the Scheme on any stock exchange/s forbetter distr ibution and addit ional convenience toexisting/prospective Unitholders. Even if the Units are listed, theFund shall continue to offer purchase and redemption facility asspecified in this scheme information document. Any listing willcome only as an additional facility to investors who wish to use theservices of a stock exchange for the purpose of transactingbusiness in the Units of the Scheme.

Non acceptance of Third Party Cheques Third Party Cheques will not be accepted by the Scheme.

Definition of Third Party Cheques Where payment is made through instruments issued

from an account other than that of the beneficiaryinvestor, the same is referred to as Third-Party payment.

In case of a payment from a joint bank account, the firstholder of the mutual fund folio has to be one of the jointholders of the bank account from which payment ismade. If this criterion is not fulfilled, then this is alsoconstrued to be a third party payment.

However, afore-mentioned clause of investment with Third-PartyPayment shall not be applicable for the below mentionedexceptional cases.

a. Payment by Parents/Grand-Parents/related persons onbehalf of a minor in consideration of natural love andaffection or as gift for a value not exceeding Rs.50,000/-(each regular purchase or per SIP installment)

b. Payment by Employer on behalf of employee underSystematic Investment Plans or lump sum / one-timesubscription, through Payroll deductions. Assetmanagement companies should exercise extra duediligence in terms of ensuring the authenticity of sucharrangements from a fraud prevention and KYCperspectives.

c. Custodian on behalf of an FII or a client.

For pre funded instruments such as DD/Pay order it is the onus ofthe investor to provided adequate supporting documents to provethat such instruments are issued by debiting the first holders

account.

Kotak Mahindra Asset Management Co. Ltd. / Trustee retains thesole and absolute discretion to reject/ not process application andrefund subscription money if the subscription does not complywith the specified provisions of Payment Instruments.

How to Apply

Listing

Mechanism for Redressal of Investor Grievances under ASBAFacility

All grievances relating to the ASBA facility may be addressed to therespective SCSBs, giving full details such as name, address of theapplicant, number of Units applied for, counterfoil or theapplication reference given by the SCSBs, DBs or CBs, amount paidon application and the Designated Branch or the collection centreof the SCSB where the Application Form was submitted by theASBA Investor.

matching the parameters namely (a) Names of the ASBAapplicants (including the order of names of joint holders) (b)DP ID (c) Beneficiary account number or any other relevantdetails pertaining to the Depository Account.

8. Insufficient funds in the investor's account

9. Application accepted by SCSB and not uploaded on/with theExchange / Registrar
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Special Products / facilities available during the NFO

The policy regarding reissue of repurchased units, including themaximum extent, the manner of reissue, the entity (the scheme orthe AMC) involved in the same.

Restrictions, if any, on the right to freely retain or dispose of unitsbeing offered.

Not Applicable

Units held by way of an Account Statement cannot be transferred.However, units which are held in demat form shall be freelytransferable under the depository system.

The Following facilities are available under the Scheme

1. Systematic Investment Plan2. Switching

Systematic Investment Plan (SIP)This facility enables investors to save and invest periodically over alonger period of time. It is a convenient way to "invest as you earn"and affords the investor an opportunity to enter the marketregularly, thus averaging the acquisition cost of Units. AnyUnitholder can avail of this facility subject to certain terms andconditions contained in the Application Form. The FundamentalAttributes and other terms and conditions regardingpurchase/redemption, price and related matters are the same ascontained in this SID.

The first SIP can be for any date of the month on which a NAV isdeclared in the scheme. In respect of the second and all subsequentSIPs, investors can choose between 1st , 7th , 14th , 21st or 25th asthe SIP Date and can also choose the SIP frequency as monthly orquarterly subject however, to the condition that there shall be aminimum gap of 28 days between the first and the second SIP. Theminimum SIP installment size is Rs. 1000/-.

For investments through SIP during NFO, the First SIP monthly /

quarterly installment will commence after 28 days from the date ofallotment.

The SIP request should be for a minimum of 6 months / quarters.The SIP payments can be made either by issue of Post DatedCheques or by availing the Auto Debit Facility through ECS(available in select locations only) or by availing the Direct DebitFacility / Standing Instructions Facility (available with select Banksonly) However, the first investment in SIP through the Auto DebitFacility or Direct Debit Facility needs to be made compulsorily byissuance of a cheque from the account from which the Auto Debit /Direct Debit is requested. If the first SIP investment is through ademand draft or pay order or the initial investment cheque isdrawn from a bank account, other than the bank accountmentioned in the SIP mandate, the investor has to ensure that thebank details and signatures are attested by the banker of the bankfrom where the SIP is initiated. Alternatively the investors shouldprovide a copy of the cancelled cheque leaf of the bank accountfrom where the investor intends to do the SIP.

The load structure applicable for each instalment will be as per theload structure applicable at the time of registration of SIP. Changesin load structure effected by the AMC after that date may not beapplicable unless stated specifically.

SwitchingDuring the New Fund Offer Period of the Scheme, investors havethe option to switch-in, all or part of their investment in any otheropen ended Scheme / Plan / Option of the Fund to theScheme/Option.

A switch has the effect of redemption from a Scheme/Plan/ Optionand a purchase in the other Scheme/Plan/Option to which theswitching has been done and all the terms and conditionspertaining to redemption and purchase of the Units of therespective Scheme shall apply to a switch, unless otherwisespecified.

Switch is affected by redeeming Units from the Scheme/ Plan/Option and investing the net proceeds in the other Scheme/ Plan/Option.


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Ongoing Offer Period

This is the date from which the scheme will reopen forsubscriptions/redemptions after the closure of the NFO period.

Ongoing price for subscription (purchase)/switch-in (fromother schemes/plans of the mutual fund) by investors.

This is the price you need to pay for purchase/switch-in.

Ongoing price for redemption (sale) /switch outs (to otherschemes/plans of the Mutual Fund) by investors.

This is the price you will receive for redemptions/switch outs.

Example: If the applicable NAV is Rs. 10, exit load is 2% thenredemption price will be:Rs. 10* (1-0.02) = Rs. 9.80

Cut off timing for subscriptions/ redemptions/ switches

This is the time before which your application (complete in allrespects) should reach the official points of acceptance.

Where can the applications for purchase/ redemptionswitches be submitted?

The Scheme will reopen for subscriptions/ redemptions, within 5business days from the date of allotment of units.

At the applicable NAV

At the applicable NAV subject to the prevailing exit load; if any.

As required under the Regulations, the Fund will ensure that theRedemption Price is not lower than 93% of the NAV and thePurchase Price is not higher than 107% of the NAV, provided thatthe difference between the Redemption Price and Purchase Priceof the Units shall not exceed the permissible limit of 7% of thePurchase Price, as provided for under the Regulations.

Applicable NAV for Purchasea) Applicable NAV for purchase/subscriptions for amountsgreater than or equal to Rs. 1 crore:i. In respect of valid applications received upto 3.00 p.m.on a day

and entire amount is available in the mutual fund's account for

utilization before the cut off time of the same day the closingNAV of the day of receipt of application.

ii. In respect of valid applications received after 3.00 p.m. on a dayand the entire amount is available in the mutual fund's accountfor utilization before cut off time of the next business day theclosing NAV of the next business day

iii. Irrespective of the time of receipt of the application where theentire amount is available in Mutual fund's account forutilization before cut off time on any subsequent business day units will be allotted at subsequent business day's NAV.

b) For amounts less than Rs. 1 crore:i. In respect of valid applications received upto 3.00 p.m. with a

local cheque or demand draft payable at par at the place where

it is received the closing NAV of the day of receipt ofapplication;ii. In respect of valid applications received after 3.00 p.m. with a

local cheque or demand draft payable at par at the place whereit is received the closing NAV of the next business day

Applicable NAV for Redemptioni. where the application is received upto 3.00 pm the closing

NAV of the day immediately preceding the next business day;and

ii. where the application is received after 3.00 pm the closingNAV of the next business day.

Note: - It is clarified that switches will be considered as redemption

in the switch out scheme and purchase/subscription in the switchin scheme considering the value of transactions.

Further, where the AMC or the Registrar has provided a facility tothe investors to redeem /switch-out of the Scheme through themedium of Internet by logging onto specific web-sites and whereinvestors have signed up for using these facilities, the ApplicableNAVs will be as provided above.

Application / Transaction slip completed in all respect along withCheque / DD or fund transfer instruction in case of purchase, andtransaction slip completed in all respect in case of redemption /Switch can be submitted at the official acceptance points. TheAMC will process the transaction for the applicable NAV pricessubject to applicable load.

The list of official acceptance point is given on the back of the coverof this document

B. ONGOING OFFER DETAILS

17


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Minimum amount for purchase/ redemption/ switches

Minimum balance to be maintained and consequences ofnon maintenance.

Special Products available

Minimum Amount of Purchase

If the holding is less than Rs. 1000 or 100 units, after processingthe redemption request, the entire amount/units will be redeemedfrom the Scheme

The Following facilities are available under the Scheme

1. Systematic Investment Plan2. Systematic Transfer Plan3. Systematic Withdrawal Plan

4. Switching

Systematic Investment Plan (SIP)This facility enables investors to save and invest periodically over alonger period of time. It is a convenient way to "invest as youearn" and affords the investor an opportunity to enter the marketregularly, thus averaging the acquisition cost of Units. AnyUnitholder can avail of this facility subject to certain terms andconditions contained in the Application Form. The FundamentalAttributes and other terms and conditions regardingpurchase/redemption, price and related matters are the same ascontained in this SID.

The first SIP can be for any date of the month on which a NAV is

declared in the scheme. In respect of the second and allsubsequent SIPs, investors can choose between 1st , 7th , 14th ,21st or 25th as the SIP Date and can also choose the SIP frequencyas monthly or quarterly subject however, to the condition thatthere shall be a minimum gap of 28 days between the first and thesecond SIP. The minimum SIP installment size is Rs. 1000/-.

The SIP request should be for a minimum of 6 months / quarters.The SIP payments can be made either by issue of Post DatedCheques or by availing the Auto Debit Facility through ECS(available in select locations only) or by availing the Direct DebitFacility / Standing Instructions Facility (available with select Banksonly) However, the first investment in SIP through the Auto DebitFacility or Direct Debit Facility needs to be made compulsorily byissuance of a cheque from the account from which the Auto Debit/ Direct Debit is requested. If the first SIP investment is through ademand draft or pay order or the initial investment cheque isdrawn from a bank account, other than the bank accountmentioned in the SIP mandate, the investor has to ensure that thebank details and signatures are attested by the banker of the bankfrom where the SIP is initiated. Alternatively the investors shouldprovide a copy of the cancelled cheque leaf of the bank accountfrom where the investor intends to do the SIP.

The load structure applicable for each instalment wil l be as per theload structure applicable at the time of registration of SIP. Changesin load structure effected by the AMC after that date may not beapplicable unless stated specifically.

Systematic Withdrawal Plan (SWP)This facility enables the Unitholders to withdraw sums from theirUnit accounts in the Scheme at periodic intervals through a one-time request. The withdrawals can be made either Monthly (on1st, 7th , 14th , 21st and 25th of every month) or Quarterly (on 1st,

Minimum Redemption Amount:For both Growth and Dividend Options each Rs. 1,000 or 100Units.

Initial Purchase(Non- SIP)

Additional Purchase(Non- SIP)

SIP Purchase

Rs. 5000 and in multiples of Rs 1for purchases and for Re 0.01 forswitches

Rs.1000 and in multiples of Re. 1

Rs.1000 (subject to a minimum of 6SIP installments of Rs. 1000/- each)


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7th , 14th, 21st and 25th of the last month in a series of threeconsecutive months).

This facility is available in two options to the Unitholders:Fixed Option: Under this option, the Unitholder can seekredemption of a fixed amount of not less than Rs. 1000 from hisUnit account. In this option the withdrawals will commence fromthe Start Date (being one of the dates indicated above) mentionedby the Unitholder in the Application Form for the facility. The Units

will be redeemed at the Applicable NAV of the respective dates onwhich such withdrawals are sought.

Appreciation Option: Under this option, the Unitholder can seekredemption of an amount equal to a periodic appreciation on theinvestment.The Unitholder redeems only such number of Units, which whenmultiplied by the Applicable NAV is, in amount terms equal to theappreciation in his investment over the last month / quarter.The investor would need to indicate in his systematic withdrawalrequest, the commencement / start date from which theappreciation in investment value should be computed. Thewithdrawal will commence after one month/quarter (as requestedby the investor) from the commencement / start date mentioned

by the Unitholder in the Application Form and can, at theinvestor's discretion be on 1st , 7th , 14th, 21st or 25th of themonth / quarter.The Units will be redeemed at the Applicable NAV of the respectivedates on which such withdrawals are sought. In case the investorpurchases additional Units, the withdrawal amount would includethe appreciation generated on such Units as well. In the absenceof any appreciation, the redemption under this option will not bemade.

Systematic Transfer Plan (STP)This facility enables the Unitholders to switch an amount fromtheir existing investments in a Scheme/Plan/Option to anotherScheme/Plan/Option of the Fund, which is available for investment

at that time, at periodic intervals through a one-time request. Theswitch can be made weekly, monthly or quarterly. Under thisfacility the switch by the Unitholders should be within the sameaccount/ folio number. This facility offers two options to theUnitholders:

Fixed Option: Under this option, the Unitholder can switch fixedamount of not less than Rs. 1000/- from his Unit account. In thisoption the switch will commence from the Start Date mentionedby the Unitholder in the application form for the facil ity. The Unitsin the Scheme/Plan/Option from which the switch - out is soughtwil l be redeemed at the Applicable NAV of theScheme/Plan/Option on the respective dates on which suchswitches are sought and the new Units in the Scheme/Plan/Option

to which the switch - in is sought will be created at the ApplicableNAV of such Scheme/Plan/Option on the respective dates.

Appreciation Option:Under this option, the Unitholder can seekswitch of an amount equal to the periodic appreciation on theinvestment.

Under this option the Unit holder switches only proportionatenumber of Units, which when multiplied by the applicable NAV is,in amount terms equal to the appreciation in the investment overthe last month/quarter.

The investor has to mention a "Start Date". The first switch willhappen after one month/quarter from the start date. In case theinvestor purchases additional Units, the amount to be switchedwould be equal to the appreciation generated on such Units. Inthe absence of any appreciation as mentioned above, the switchunder this option will not be made. The Units in theScheme/Plan/Op

Kotak Gold Fund SID

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