Report of the Trustee Auditors' Report Abridged Audited Balance Sheet Abridged Audited Revenue Account... 20

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2 Contents Report of the Trustee... 2 Auditors' Report... 5 Abridged Audited Balance Sheet... 8 Abridged Audited Revenue Account Notes to the Financial Statements Statement of Portfolio Holding Key Statistics Risk Factors and Statutory Information... 84

3 Kotak Mahindra Mutual Fund 5A, 5 th Floor, Bakhtawar, 229, Nariman Point, Mumbai Tel : Fax : mutual@kotak.com Website : BOARD OF DIRECTORS Kotak Mahindra Trustee Company Limited (Trustee to Kotak Mahindra Mutual Fund) Amit Desai - Chairman Girish Sharedalal Tushar Mavani Chandrashekhar Sathe Anirudha Barwe BOARD OF DIRECTORS Kotak Mahindra Asset Management Company Limited (Investment Manager to Kotak Mahindra Mutual Fund) Uday S. Kotak - Chairman Romesh C. Khanna Sukant Kelkar C. Jayaram Bipin R. Shah Narayan S. A. INVESTOR RELATIONS OFFICER R. Chandrasekaran Tel : mutual@kotak.com AUDITORS Price Waterhouse Chartered Accountants REGISTRAR Computer Age Management Services Pvt. Limited 158, Rayala Towers, 2nd Floor, Anna Salai, Chennai Tel : enq_k@camsonline.com 1

4 REPORT OF THE TRUSTEE 1. Scheme Performance, Future Outlook and Operations of the Schemes, refer Key Statistics on page No Brief background of Sponsors, Trust, Trustee Co. and AMC co. a. Sponsor Kotak Mahindra Mutual Fund is sponsored by Kotak Mahindra Bank Limited. The Sponsor is the Settler of the Mutual Fund Trust. b. Trust Kotak Mahindra Mutual Fund has been established as a Trust under the Indian Trusts Act, The Trust Deed establishing KMMF and the Deed of Amendment has been registered under the Registration Act, 1998 by the office of the Sub- Registrar of Assurances at Mumbai. The Mutual Fund was registered with SEBI on June 23, 1998 under Registration Code MF/038/98/1. c. Kotak Mahindra Mutual Fund Kotak Mahindra Mutual Fund (KMMF) was set up as a Trust by the Settlers, Kotak Mahindra Bank Limited on 20th May 1996 with Kotak Mahindra Trustee Company Limited (KMCTL) as a Trustee in accordance with the provisions of the Indian Trust Act, 1882 and is duly registered under the Indian Registration Act, The Trustee has entered into an Investment Management Agreement dated 20th May, 1996 (and as amended from time to time) with Kotak Mahindra Asset Management Company Limited to function as the Investment Manager for all the Schemes of Kotak Mahindra Mutual Fund. Kotak Mahindra Mutual Fund was registered with SEBI on 23rd June d. Kotak Mahindra Asset Management Company Limited Kotak Mahindra Asset Management Company Limited (AMC) is limited company incorporated under the Companies Act, 1956 on August 2, 1994, having its Registered Office at 5A, 5Th floor, Bakhtawar, Nariman Point, Mumbai AMC has been appointed as the Asset Management Company of the Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated May 20, 1996, as amended up to date, and executed between the Trustee and the AMC. The AMC has been appointed as the Asset Management Company, to provide management and administrative services to the Trust and to deploy the funds raised by the Mutual Fund under the Scheme. The Trustee has authorised the AMC to do all such acts and things on behalf of the Trust as are necessary for the discharge of the responsibilities of the AMC. e. Kotak Mahindra Trustee Company Limited The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unitholders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed. The Trustee seeks to ensure that the Fund and the Schemes floated there under are managed by the AMC in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies. Investment Objectives of the Schemes Kotak 30: To generate capital appreciation from a portfolio of predominantly appreciation from a port- achieve growth by equity related securities The portfolio will generally comprise of equity & equity related instruments of around 30 companies which may go upto 39 companies. Kotak Gilt: To generate risk-free returns through investments in sovereign securities issued by the Central Government and/or a State Government and/ or reverse repos in such securities. Kotak Bond: To create a portfolio of debt of different maturities so as to spread the risk across a wide maturity horizon and different kinds of issuers in the debt market. Kotak Bond Short Term Plan: To provide reasonable returns and high level of liquidity by investing in debt and money market instruments of different maturities, so as to spread the risk across different kinds of issuers in the debt market. Kotak Contra: To generate capital appreciation from a diversified portfolio of equity and equity related instruments. Kotak Lifestyle: To generate long-term capital appreciation from a portfolio of equity and equity related securities, generally diversified across companies, which are likely to benefit by the rising household spending in India. Kotak Balance: To achieve growth by investing in equity and equity related instruments, balanced with income generation by investing in debt and money market instruments. Kotak Tech: To generate capital appreciation from a portfolio of predominantly equity and equity related securities in the information technology sector. Kotak MNC: To generate capital appreciation from a portfolio of predominantly equity and equity related securities issued by Multinational Companies. Kotak Liquid: To provide reasonable returns and high level of liquidity by investing in debt and money market instruments of different maturities, so as to spread the risk across different kinds of issuers in the debt market. Kotak Floater Short Term: To reduce the interest rate risk associated with investments in fixed rate instruments by investing predominantly in floating rate securities, money market instruments and using appropriate derivatives. Kotak Income Plus Scheme: To enhance returns over a portfolio of debt instruments with a moderate exposure in equity and equity related instruments. Kotak Global India: To generate capital appreciation from a diversified portfolio of predominantly equity and equity related securities issued by Globally Competitive Indian Companies. Kotak Equity FOF: To generate long-term capital appreciation from portfolio created by investing predominantly in open-ended diversified equity schemes of Mutual Funds registered with SEBI. Kotak Opportunities: To generate capital appreciation from a diversified portfolio of equity and equity related securities. Kotak Floater Long Term: To reduce the interest rate risk associated with investments in fixed rate instruments by investing predominantly in floating rate securities, money market instruments and using appropriate derivatives. Kotak Flexi Debt: To maximise returns through an active management of a portfolio of debt and money market securities. Kotak Midcap: To generate capital appreciation from a diversified portfolio of equity and equity related securities. Kotak FMP Series & Interval Plans: To generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. Kotak Flexi FOF, Kotak Flexi FOF - Series I and Kotak Flexi FOF Series II: To provide long-term capital appreciation by investingin a portfolio of Diversified equity schemes and Liquid / Short Term / Floating Rate Schemes / plans of mutual funds registered with SEBI. Kotak Tax Saver: To generate long-term capital appreciation from a diversified portfolio of equity and equity related securities and enable investors to avail the income tax rebate, as permitted from time to time. Kotak Twin Advantage- Series II and Kotak Twin Advantage Series III: To generate income by investing in the Debt & Money Market instrument and to generate capital appreciation by investing in equity index options. Kotak Dynamic Asset Allocation: The Objective of the Scheme is to generate income by investing in Debt & Money Market securities and to generate capital appreciation by investing in equity and equity related securities. Kotak Wealth Builder Series I: The Objective of the Scheme is to generate income by investing in the Debt & Money Market instrument and to generate capital appreciation by investing in equity derivatives. Kotak Emerging Equity Scheme: The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity and equity related securities, by investing predominantly in mid and small cap companies. Kotak Global Emerging Market Fund: The investment objective of the scheme is to provide long-term capital appreciation by investing in an overseas mutual fund scheme that invests in a diversified portfolio of securities as prescribed by SEBI from time to time in Global emerging markets. Kotak Indo World Infrastructure Fund: The investment objective of the scheme is to generate long-term capital appreciation from a portfolio of equity, equity related securities or units of overseas mutual funds, which are likely to directly or indirectly contribute to or benefit from the growth in infrastructure in India/across the world. Kotak Blended Fund of Funds: The investment objective of the scheme is to seek to provide stability of initial capital and generate reasonable returns by 2

5 blending investments in debt schemes, money market instruments and equity schemes. Investments in debt/money market instruments provide stability to initial capital and investments in equity schemes will provide reasonable returns. Kotak GOLD ETF: The investment objective of the scheme is to generate returns that are in line with the returns on investment in physical gold, subject to tracking errors. Kotak PSU BANKING ETF: The investment objective of the scheme is to provide returns that closely correspond to the total returns of Kotak PSU Bank Index subject to tracking errors. Kotak Equity Arbitrage Fund: The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash & derivatives segment of the equity market, and by investing the balance in debt and money market instruments. Kotak Sensex ETF: The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of BSE SENSEX subject to tracking errors. 3. Significant Accounting Policies: Accounting policies are in accordance with Securities Exchange Board of India (Mutual Fund) Regulations Unclaimed Dividends & Redemptions The amounts of unclaimed dividend and unclaimed redemption proceeds as on March 31, 2009 and the number of investors to whom the amounts are payable are as follows: - (Rs. In Lacs) Particulars Kotak 30 Kotak Balance Kotak Tech Kotak MNC Kotak Global India Unclaimed Dividend (Rs. In lacs) Unclaimed Dividend (No. of Investors) Unclaimed Redemptions (Rs. In lacs) Unclaimed Redemptions (No. of Investors) Particulars Kotak Kotak Midcap Kotak Contra Kotak Tax Saver Kotak Life Style Opportunities Unclaimed Dividend (Rs. In lacs) Unclaimed Dividend (No. of Investors) Unclaimed Redemptions (Rs.In lacs) Unclaimed Redemptions (No. of Investors) Particulars Kotak Income Kotak Equity Kotak Equity Kotak Flexi Kotak Twin Plus FOF Arbitrage FOF - Series II Advantage Fund Series III Unclaimed Dividend (Rs. In lacs) Unclaimed Dividend (No. of Investors) Unclaimed Redemptions (Rs.In lacs) Unclaimed Redemptions (No. of Investors) Particulars Kotak Dynamic Asset Kotak Emerging Kotak Indo World Allocation Scheme Equity Scheme Infrastructure Fund Unclaimed Dividend (Rs. In lacs) Unclaimed Dividend (No. of Investors) Unclaimed Redemptions (Rs.In lacs) Unclaimed Redemptions (No. of Investors) Particulars Kotak Bond Kotak Bond Kotak Gilt Kotak Gilt Kotak Liquid Kotak Floater Kotak Floater Kotak Short Term Savings Investment Short Term Long Term Flexi Debt Unclaimed Dividend (Rs in lacs) Unclaimed Dividend (No of Investors) Unclaimed Redemptions (Rs in lacs) # Unclaimed Redemptions (No of Investors)

6 Particulars Kotak FMP Kotak FMP 3M Kotak Kotak Kotak FMP 14M Series 2 Series 29 Quarterly Quarterly 15M Series 3 Interval Plan Interval Plan Series 2 Series 8 Unclaimed Dividend (Rs in lacs) Unclaimed Dividend (No of Investors) Unclaimed Redemptions (Rs in lacs) # 1.13 Unclaimed Redemptions (No of Investors) # Less than Lacs Further, unclaimed dividend aggregating Rs Lacs is payable to 1 investor in Kotak Gilt Serial Plan 2003 (matured plan) and unclaimed dividends and redemptions are payable to 1 investor amounting to Rs 0.06 Lacs respectively in case of Kotak Dynamic Income (matured Scheme) unclaimed dividend aggregating Rs. # lacs is payable to 1 investor and unclaimed redemption aggregating to Rs 0.25 lacs is payable to 1 investor in Kotak FMP Series 16 (matured plan) as at March 31, 2009, which is represented by an equivalent bank balance as confirmed by the bank. 5. Statutory Information: a. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution (to the extent contributed) of Rs. 1 Lakh The Sponsor has contributed Rupees One Lakh as the initial contribution to the corpus for the setting up of the Trust and such other accretions / additions to the same. b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments. c. Full Annual Report shall be disclosed on the website ( and shall be available for inspection at the Head Office of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price. For Kotak Mahindra Trustee Company Limited Girish Sharedalal Director Place : Mumbai Date : June 8,

7 AUDITORS REPORT To the Trustee of KOTAK MAHINDRA MUTUAL FUND 1. We have audited the Balance Sheets of the undermentioned Schemes of Kotak Mahindra Mutual Fund (collectively referred to as the Schemes ) as at March 31, 2009,the related Revenue Accounts and the Cash Flow Statements, where applicable, for the year/ period mentioned below, which we have signed under reference to this report. These financial statements are the responsibility of the Trustee of Kotak Mahindra Mutual Fund and the Management of Kotak Mahindra Asset Management Company Limited (the Management ). Our responsibility is to express an opinion on these financial statements based on our audit. The Schemes Year / Period Kotak Mahindra 30 Unit Scheme April 1, 2008 to March 31, 2009 Kotak Mahindra Balance Unit Scheme 99 April 1, 2008 to March 31, 2009 Kotak Mahindra Technology Scheme April 1, 2008 to March 31, 2009 Kotak Mahindra MNC Scheme April 1, 2008 to March 31, 2009 Kotak Mahindra Global India Scheme April 1, 2008 to March 31, 2009 Kotak Opportunities April 1, 2008 to March 31, 2009 Kotak Midcap Scheme April 1, 2008 to March 31, 2009 Kotak Contra Scheme April 1, 2008 to March 31, 2009 Kotak Tax Saver Scheme April 1, 2008 to March 31, 2009 Kotak Lifestyle Fund April 1, 2008 to March 31, 2009 Kotak Mahindra Income Plus Scheme April 1, 2008 to March 31, 2009 Kotak Equity FOF April 1, 2008 to March 31, 2009 Kotak Flexi Fund of Funds April 1, 2008 to October 21, 2008 Kotak Equity Arbitrage Fund April 1, 2008 to March 31, 2009 Kotak Flexi Fund of Funds Series I April 1, 2008 to March 31, 2009 Kotak Twin Advantage Series II April 1, 2008 to March 31, 2009 Kotak Flexi Fund of Funds Series II April 1, 2008 to March 31, 2009 Kotak Twin Advantage Series III April 1, 2008 to March 31, 2009 Kotak Dynamic Asset Allocation Scheme April 1, 2008 to March 31, 2009 Kotak Wealth Builder Series I April 1, 2008 to March 31, 2009 Kotak Emerging Equity Scheme April 1, 2008 to March 31, 2009 Kotak Gold ETF April 1, 2008 to March 31, 2009 Kotak Global Emerging Market Fund April 1, 2008 to March 31, 2009 Kotak Blended FOF April 1, 2008 to March 31, 2009 Kotak PSU Bank ETF April 1, 2008 to March 31, 2009 Kotak Indo World Infrastructure Fund April 1, 2008 to March 31, 2009 Kotak Sensex ETF May 7, 2008 to March 31, We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned and unit capital balances at March 31, 2009 by correspondence with the custodian/ others and registrar/ transfer agent respectively. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, referred to above are in agreement with the books of account of the respective Schemes. 4. In our opinion and to the best of our information and according to the explanations given to us: 4.1 The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, of the Schemes together with the notes thereon give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable and also give respectively, a true and fair view of the state of affairs of the Schemes as at March 31, 2009 and the net surplus/ deficit and Cashflows for the year/ period mentioned above. 4.2 The Balance Sheets as at March 31, 2009 and the Revenue Accounts for the year/ period of the Schemes, together with the notes thereon, have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. 4.3 The methods used to value non-traded/thinly traded securities, where applicable, as at March 31, 2009 as determined by Kotak Mahindra Asset Management Company Limited under procedures approved by the Trustee of Kotak Mahindra Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds, issued by the Securities and Exchange Board of India, are fair and reasonable. Vivek Prasad Partner Membership No: F For and on behalf of PRICE WATERHOUSE Chartered Accountants Mumbai June 8,

8 AUDITORS REPORT To the Trustee of KOTAK MAHINDRA MUTUAL FUND 1. We have audited the Balance Sheets of Kotak Mahindra Mutual Fund - Kotak Mahindra Bond Unit Scheme 99, Kotak Mahindra Gilt Unit Scheme 98, Kotak Mahindra Liquid Scheme, Kotak Floater Short Term Scheme, Kotak Floater Long Term Scheme and Kotak Flexi Debt Scheme (collectively referred to as the Schemes ) as at March 31, 2009, the related Revenue Accounts and the Cash Flow Statements, where applicable, for the year ended on that date, which we have signed under reference to this report. These financial statements are the responsibility of the Trustee of Kotak Mahindra Mutual Fund and the Management of Kotak Mahindra Asset Management Company Limited (the Management ). Our responsibility is to express an opinion on these financial statements based on our audit. 2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned and unit capital balances at March 31, 2009 by correspondence with the custodian/ others and registrar/ transfer agent respectively. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, referred to above are in agreement with the books of account of the respective Schemes. 4. In our opinion and to the best of our information and according to the explanations given to us: 4.1 The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, of the Schemes together with the notes thereon give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable and also give respectively, incase of Kotak Mahindra Bond Unit Scheme 99, Kotak Mahindra Gilt Unit Scheme 98, Kotak Mahindra Liquid Scheme, Kotak Floater Short Term Scheme, Kotak Floater Long Term Scheme and Kotak Flexi Debt Scheme as at March 31, 2009, a true and fair view of the state of affairs of the Schemes as at March 31, 2009 and the net surplus and Cashflows for the year ended on that date. 4.2 The Balance Sheets as at March 31, 2009 and the Revenue Accounts for the year ended on that date, together with the notes thereon, have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. 4.3 The methods used to value non-traded/thinly traded securities as at March 31, 2009, where applicable, as determined by Kotak Mahindra Asset Management Company Limited under procedures approved by the Trustee of Kotak Mahindra Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds, issued by the Securities and Exchange Board of India, are fair and reasonable. Vivek Prasad Partner Membership No: F For and on behalf of PRICE WATERHOUSE Chartered Accountants Mumbai June 8,

9 AUDITORS REPORT To the Trustee of KOTAK MAHINDRA MUTUAL FUND 1. We have audited the Balance Sheets of the undermentioned Schemes of Kotak Mahindra Mutual Fund (collectively referred to as the Schemes ) as at March 31, 2009, the related Revenue Accounts and the Cash Flow Statements, where applicable, for the year/ period mentioned below (Refer Note 17 - Schedule 8), which we have signed under reference to this report. These financial statements are the responsibility of the Trustee of Kotak Mahindra Mutual Fund and the Management of Kotak Mahindra Asset Management Company Limited (the Management ). Our responsibility is to express an opinion on these financial statements based on our audit. The Schemes Year / Period Kotak FMP 16M Series 1 April 1, 2008 to April 28, 2008 Kotak FMP 15M Series 2 April 1, 2008 to May 5, 2008 Kotak FMP 14M Series 1 April 1, 2008 to April 21, 2008 Kotak FMP 13M Series 1 April 1, 2008 to April 15, 2008 Kotak FMP 14M Series 2 April 1, 2008 to May 22, 2008 Kotak FMP 13M Series 2 April 1, 2008 to April 29, 2008 Kotak FMP 15M Series 3 April 1, 2008 to August 19, 2008 Kotak FMP 12M Series 1 April 1, 2008 to June 26, 2008 Kotak FMP 12M Series 2 April 1, 2008 to September 30, 2008 Kotak Quarterly Interval Plan - Series I April 1, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 2 April 1, 2008 to March 31, 2009 Kotak FMP 12M Series 4 April 1, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 3 April 1, 2008 to March 31, 2009 Kotak FMP 17M Series 1 April 1, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 4 April 1, 2008 to March 31, 2009 Kotak FMP 16M Series 2 April 1, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 5 April 1, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 6 April 1, 2008 to March 31, 2009 Kotak FMP 14M Series 3 April 1, 2008 to March 31, 2009 Kotak FMP 14M Series 4 April 1, 2008 to March 31, 2009 Kotak FMP 3M Series 27 April 1, 2008 to June 9, 2008 Kotak FMP 13M Series 3 April 1, 2008 to March 31, 2009 Kotak FMP 3M Series 28 April 1, 2008 to June 18, 2008 Kotak FMP 13M Series 4 April 1, 2008 to March 31, 2009 Kotak FMP 15M Series 4 April 1, 2008 to March 31, 2009 Kotak FMP 3M Series 29 April 11, 2008 to July 15, 2008 Kotak FMP 12M Series 3 April 16, 2008 to March 31, 2009 Kotak FMP 12M Series 5 April 16, 2008 to March 31, 2009 Kotak FMP 3M Series 30 May 6, 2008 to August 6, 2008 Kotak FMP 15M Series 5 April 16, 2008 to March 31, 2009 Kotak FMP 12M Series 6 May 27, 2008 to March 31, 2009 Kotak FMP 12M Series 7 July 1, 2008 to March 31, 2009 Kotak FMP 1M Series 1 June 17, 2008 to July 17, 2008 Kotak FMP 3M Series 31 June 20, 2008 to September 18, 2008 Kotak FMP 1M Series 2 July 8, 2008 to August 7, 2008 Kotak FMP 3M Series 32 July 9, 2008 to October 7, 2008 Kotak FMP 3M Series 33 July 18, 2008 to October 16, 2008 Kotak FMP 12M Series 8 August 21, 2008 to March 31, 2009 Kotak FMP 1M Series 3 August 7, 2008 to September 8, 2008 The Schemes Year / Period Kotak Quarterly Interval Plan - Series 8 September 8, 2008 to March 31, 2009 Kotak FMP 6M Series 7 September 5, 2008 to March 5, 2009 Kotak Monthly Interval Plan Series 2 August 26, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 7 August 27, 2008 to March 31, 2009 Kotak FMP 12M Series 9 September 5, 2008 to March 31, 2009 Kotak Monthly Interval Plan Series 3 September 5, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 9 October 3, 2008 to March 31, 2009 Kotak Quarterly Interval Plan - Series 10 October 13, 2008 to March 31, 2009 Kotak FMP 19M Series 1 October 17, 2008 to March 31, 2009 Kotak FMP 12M Series 10 October 17, 2008 to March 31, 2009 Kotak FMP 12M Series 11 November11, 2008 to March 31, 2009 Kotak FMP 18M Series 1 March 4, 2009 to March 31, 2009 Kotak FMP 13M Series 5 March 23, 2009 to March 31, We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned and unit capital balances at March 31, 2009 by correspondence with the custodian/ others and registrar/ transfer agent respectively. An audit also includes assessing the accounting principles used and significant estimates made by the Management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, referred to above are in agreement with the books of account of the respective Schemes. 4. In our opinion and to the best of our information and according to the explanations given to us: 4.1 The Balance Sheets, Revenue Accounts and Cash Flow Statements, where applicable, of the Schemes together with the notes thereon give the information required by the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable, and also give respectively, a true and fair view of the state of affairs of the Schemes as at March 31, 2009 and the net surplus and Cashflows for the year/ period mentioned above. 4.2 The Balance Sheets as at March 31, 2009 and the Revenue Accounts for the year/ period of the Schemes, together with the notes thereon, have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. 4.3 The methods used to value non-traded/thinly traded securities, where applicable, as at March 31, 2009 as determined by Kotak Mahindra Asset Management Company Limited under procedures approved by the Trustee of Kotak Mahindra Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds, issued by the Securities and Exchange Board of India, are fair and reasonable. Vivek Prasad Partner Membership No: F For and on behalf of PRICE WATERHOUSE Chartered Accountants Mumbai Date June 8,

10 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 Kotak 30 Unit Kotak Balance Kotak Technology Kotak MNC Kotak Global Kotak Scheme Unit Scheme 99 Scheme Scheme India Scheme Opportunities LIABILITIES 1 Unit Capital 21, , , , , , , , , , , , Reserves & Surplus 2.1 Unit Premium Reserves 10, (743.09) (891.84) (2,652.16) 31, , (750.45) (942.80) (3,042.45) 21, Unrealised Appreciation Reserve Other Reserves 31, , (1,031.54) 1, , (15,782.32) 39, , (15.81) 2, , , Loans & Borrowings 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits 4.2 Other Current Liabilities & Provisions 2, , , TOTAL : 66, , , , , , , , , , , , ASSETS 1 Investments 1.1 Listed Securities: Equity Shares 51, , , , , , , , , , , , Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities 1.2 Securities Awaited Listing: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds , Securitised Debt Securities 1.3 Unlisted Securities Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities 1.4 Government Securities 1.5 Treasury Bills 1.6 Commercial Paper 5, Certificate of Deposits , , , Bill Rediscounting 1.9 Units of Domestic Mutual Fund 1.10 Foreign Securities (Mutual Funds) 1.11 Gold Total Investments 57, , , , , , , , , , , , Deposits 3, , , Other Current Assets 3.1 Cash & Bank Balance , CBLO/Reverse Repo Lending 3, , , , Others 1, , Deferred Revenue Expenditure (to the extent not written off) TOTAL : 66, , , , , , , , , , , ,

11 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 Kotak Midcap Kotak Contra Kotak Tax Kotak Lifestyle Kotak Income Kotak Equity Kotak Flexi Kotak Equity Kotak Flexi Fund Scheme Scheme Saver Scheme Fund Plus Scheme FOF Fund of Funds Arbitrage Fund of Funds Series I 8, , , , , , , , , , , , , , , (2,550.80) (2,011.23) 6, (2,852.87) (101.03) (1,313.79) (10,831.99) (732.96) 1, (2,929.40) (2,177.38) 5, (3,202.76) (125.87) (1,458.14) (10,039.41) (971.23) 1, , , (18,510.20) (2,519.47) , , , (1,562.31) 9, , , , , , , (1,581.32) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

12 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Twin Kotak Flexi Kotak Twin Kotak Dynamic Kotak Wealth Kotak Emerging Advantage Fund of Funds Advantage Assets Allocation Builder Equity Scheme Series II Series II Series III Scheme Series I LIABILITIES 1. Unit Capital 2, , , , , , , , , , , , Reserves & Surplus 2.1 Unit Premium Reserves (524.80) (5,329.63) (1,286.52) (4,263.57) (1,273.44) (795.98) (394.45) (5,060.10) (1,058.81) (3,788.00) (736.13) (1,861.52) 2.2 Unrealised Appreciation Reserve , Other Reserves , , (3,499.09) 2, (6,591.56) , , , , , Loans & Borrowings 4. Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits 4.2 Other Current Liabilities & Provisions , TOTAL : 3, , , , , , , , , , , , ASSETS 1. Investments 1.1 Listed Securities: Equity Shares , , , Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities 1.2 Securities Awaited Listing: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds , , , , , , Securitised Debt Securities 1.3 Unlisted Securities Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds , , Securitised Debt Securities 1.4 Government Securities 1.5 Treasury Bills 1.6 Commercial Paper , , Certificate of Deposits , , Bill Rediscounting 1.9 Units of Domestic Mutual Fund - 3, , Foreign Securities (Mutual Funds) 1.11 Gold Total Investments 1, , , , , , , , , , , , Deposits , , , , Other Current Assets 3.1 Cash & Bank Balance CBLO/Reverse Repo Lending , , , Others Deferred Revenue Expenditure (to the extent not written off) , TOTAL : 3, , , , , , , , , , , ,

13 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Mahindra Bond Unit Scheme 99 Kotak Kotak Global Kotak Kotak Kotak Indo World Kotak Kotak Bond Kotak Bond Gold ETF Emerging Blended PSU Bank Infrasructure Sensex Regular & Short Total Market Fund FOF ETF Fund ETF Deposit Plan Term Plan , , , , , , , , , , , , , , , , , , , (181.23) , (873.54) (528.67) 1, (15,553.61) (818.05) (3,209.94) (56,246.90) (405.81) 17, , , (312.96) (1,292.59) (1,780.13) (27,863.42) 4, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

14 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Mahindra Gilt Unit Scheme 98 Kotak Gilt Kotak Gilt Total Kotak Mahindra Kotak Floater Kotak Floater Savings Investment Liquid Scheme Short Term Scheme Long Term Scheme LIABILITIES 1 Unit Capital 4, , , , , , , , , , , Reserves & Surplus 2.1 Unit Premium Reserves (470.39) (90.96) 1, (42.12) (160.95) (203.07) (1.82) (2.73) 2.2 Unrealised Appreciation Reserve Other Reserves 3, , , , , , , , , , Loans & Borrowings 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits 4.2 Other Current Liabilities & Provisions , , , TOTAL : 7, , , , , , , , , , , , ASSETS 1 Investments 1.1 Listed Securities: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities 1.2 Securities Awaited Listing: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds , , , , , Securitised Debt Securities 1.3 Unlisted Securities Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds , , , Securitised Debt Securities , , , , Government Securities 3, , , , , Treasury Bills 1.6 Commercial Paper , , , , Certificate of Deposits , , , , , Bill Rediscounting 1.9 Units of Domestic Mutual Fund 1.10 Foreign Securities (Mutual Funds) 1.11 Gold Total Investments 3, , , , , , , , , , , Deposits 3, , , , , Other Current Assets 3.1 Cash & Bank Balance CBLO/Reverse Repo Lending , , , , , , Others , , , , , Deferred Revenue Expenditure (to the extent not written off) TOTAL : 7, , , , , , , , , , , ,

15 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Flexi Debt Kotak FMP 16M Kotak FMP 15M Kotak FMP 14M Kotak FMP 13M Kotak FMP 14M Kotak FMP 13M Kotak FMP 15M Kotak FMP 12M Scheme Series 1 Series 2 Series 1 Series 1 Series 2 Series 2 Series 3 Series 1 100, , , , , , , , , , (434.09) (902.23) (792.47) (220.60) (4,505.56) (3,579.12) (3,816.56) (1,317.21) (1,280.55) (22.80) (8.52) (104.51) (50.24) (1,250.22) (681.31) (115.55) (10.68) (50.73) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

16 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) LIABILITIES Kotak FMP Kotak Quarterly Kotak Quarterly Kotak FMP Kotak Quarterly Interval Kotak FMP 12M Series 2 Interval Plan - Series I Interval Plan - Series 2 12M Series 4 Plan - Series 3 17M Series 1 1 Unit Capital , , , , , , , , Reserves & Surplus 2.1 Unit Premium Reserves (1,231.72) (42.64) (10.23) (1,292.53) (80.85) (243.16) (0.89) (38.85) (9.89) 0.01 (80.31) (0.04) 2.2 Unrealised Appreciation Reserve Other Reserves 1, , Loans & Borrowings 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits 4.2 Other Current Liabilities & Provisions TOTAL : , , , , , , , , ASSETS 1 Investments 1.1 Listed Securities: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities 1.2 Securities Awaited Listing: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds - - 4, , , , , , , Securitised Debt Securities 1.3 Unlisted Securities Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds , Securitised Debt Securities , , , Government Securities 1.5 Treasury Bills 1.6 Commercial Paper , , Certificate of Deposits , , , , , , , , Bill Rediscounting 1.9 Units of Domestic Mutual Fund 1.10 Foreign Securities (Mutual Funds) 1.11 Gold Total Investments , , , , , , , , Deposits , Other Current Assets 3.1 Cash & Bank Balance CBLO/Reverse Repo Lending Others Deferred Revenue Expenditure (to the extent not written off) TOTAL : , , , , , , , ,

17 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Quarterly Kotak FMP Kotak Quarterly Kotak Quarterly Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Interval Plan - 16M Interval Plan - Interval Plan - 14M Series 3 14M Series 4 3M Series 27 13M Series 3 3M Series 28 Series 4 Series 2 Series 5 Series , , , , , , , , , , , , , (32.57) (118.29) 0.09 (0.29) (86.45) (54.22) (0.99) (9.53) (30.68) (32.45) , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

18 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP 13M Series 4 15M Series 4 3M Series 29 12M Series 3 12M Series 5 3M Series 30 LIABILITIES 1 Unit Capital 18, , , , , , Reserves & Surplus 2.1 Unit Premium Reserves (531.60) (94.87) (40.11) (184.98) (86.89) (29.90) Unrealised Appreciation Reserve Other Reserves 2, , , Loans & Borrowings Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits Other Current Liabilities & Provisions TOTAL : 20, , , , , , ASSETS 1 Investments 1.1 Listed Securities: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities Securities Awaited Listing: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds 6, , , , , Securitised Debt Securities Unlisted Securities Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds 2, , Securitised Debt Securities 2, , , , , Government Securities Treasury Bills Commercial Paper , , , Certificate of Deposits 7, , , , Bill Rediscounting Units of Domestic Mutual Fund Foreign Securities (Mutual Funds) Gold - - Total Investments 19, , , , , , Deposits Other Current Assets 3.1 Cash & Bank Balance , , CBLO/Reverse Repo Lending , Others Deferred Revenue Expenditure (to the extent not written off) - - TOTAL : 20, , , , , ,

19 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP 15M Series 5 12M Series 6 12M Series 7 1M Series 1 3M Series 31 1M Series 2 3M Series 32 3M Series 33 12M Series 8 18, , , , (247.39) (43.86) (82.62) (60.61) (11.20) (96.07) (103.42) (88.95) (228.91) , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

20 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) LIABILITIES Kotak FMP Kotak Quarterly Kotak FMP Kotak Monthly Kotak Quarterly Kotak FMP 1M Series 3 Interval Plan - 6M Series 7 Interval Plan Interval Plan - 12M Series 9 Series 8 Series 2 Series 7 1 Unit Capital , Reserves & Surplus 2.1 Unit Premium Reserves (113.99) (136.20) (67.52) (21.11) (53.29) (16.62) 2.2 Unrealised Appreciation Reserve Other Reserves Loans & Borrowings 4 Current Liabilities & Provisions 4.1 Provision for doubtful Income/Deposits 4.2 Other Current Liabilities & Provisions TOTAL : , ASSETS 1 Investments 1.1 Listed Securities: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities 1.2 Securities Awaited Listing: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities 1.3 Unlisted Securities Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities 1.4 Government Securities 1.5 Treasury Bills 1.6 Commercial Paper 1.7 Certificate of Deposits , Bill Rediscounting 1.9 Units of Domestic Mutual Fund 1.10 Foreign Securities (Mutual Funds) 1.11 Gold Total Investments , Deposits 3 Other Current Assets 3.1 Cash & Bank Balance CBLO/Reverse Repo Lending Others Deferred Revenue Expenditure (to the extent not written off) TOTAL : ,

21 ABRIDGED BALANCE SHEET AS AT MARCH 31, 2009 (Contd.) Kotak Monthly Kotak Quarterly Kotak Quarterly Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Interval Plan Interval Plan - Interval Plan - 19M Series 1 12M Series 10 12M Series 11 18M Series 1 13M Series 5 Series 3 Series 9 Series , , , , , , (166.11) (157.61) (35.88) (1.65) (3.35) (0.22) , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

22 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, Kotak 30 Kotak Balance Kotak Technology Kotak MNC Kotak Global Kotak Kotak Midcap Unit Scheme Unit Scheme 99 Scheme Scheme India Scheme Opportunities Scheme 1 INCOME 1.1 Dividend Interest Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gain / (Losses) on Interscheme sale of Investments (90.78) (74.49) # - (2.18) (150.06) (0.28) # # Realised Gain / (Losses) on External sale / redemption of (27,111.89) (2,357.81) (1,021.83) (331.97) (2,097.71) (42,819.32) (8,614.19) Investments 17, , , , , Realised Gain / (Losses) on Derivative Transactions (110.75) (12.85) (12.23) (41.51) 1, (521.74) (28.27) Other Income TOTAL : (A) (25,952.83) (2,208.92) (1,003.16) (252.32) (2,012.48) (40,366.32) (8,882.88) 18, , , , , EXPENSES 2.1 Management Fees Service tax on Management Fees Transfer agents fees and expenses Custodian Fees Trusteeship Fees Commission on Agents Marketing & Distribution expenses Audit Fees Other operating expenses Deferred Revenue Expenses Amortised , , , Less : Expenses to be re-imbursed by the Investment Manager - (5.27) (153.86) - TOTAL : (B) 1, , , NET REALISED GAINS/ (LOSSES) FOR THE YEAR / (27,363.41) (2,370.33) (1,043.97) (312.60) (2,325.36) (41,876.75) (9,161.90) PERIOD (A-B=C) 17, , , , , Change in Net Unrealised Depreciation in Value of (1,276.80) (416.40) (1,168.49) 3, , Investments and Derivatives (D) (5,356.34) (543.12) (610.97) (0.80) - (10,783.75) (2,048.50) 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) (28,640.21) (2,145.30) (1,016.66) (729.00) (3,493.85) (38,445.88) (7,481.35) 12, , , (5,258.76) 4, Change in Unrealised Appreciation in value of investments (F) (101.91) (233.41) (1,894.43) (386.87) (912.40) (387.90) (1,708.47) (763.91) (1,500.96) 7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) (28,556.23) (2,136.80) (1,016.66) (830.91) (3,727.26) (38,445.88) (7,473.71) 10, , (822.14) , (6,022.67) 3, Add : Balance transfer from Unrealised Appreciation Reserve , , , Less : Balance transfer to Unrealised Appreciation Reserve (83.98) (8.50) (7.64) Add / (Less) : Equalisation 22, (132.10) (801.33) 6, (724.64) 10, (1,105.84) (160.77) (1,039.23) (2,389.05) 25, (4,317.35) 7.4 Add : Balance Transferred from Unit Premium Reserve , Add / (Less) : Balance Transferred from Revenue Reserve 39, , (15.81) 2, , , , , , , , , , Total 33, , (1,031.54) 1, , (15,782.31) 1, , , (15.81) 2, , , , Dividend Appropriation 9.1 Income Distributed during the year / period (1,461.35) (9,364.39) (1,808.15) (14,008.35) Tax on Income Distributed during the year / period Retained Surplus / (Deficit) carried forward to Balance Sheet 31, , (1,031.54) 1, , (15,782.31) 1, , , (15.81) 2, , , ,

23 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, (Contd.) Kotak Contra Kotak Tax Kotak Lifestyle Kotak Income Kotak Equity Kotak Flexi Kotak Equity Scheme Saver Scheme Fund Plus Scheme FOF Fund of Funds Arbitrage Fund 1 INCOME 1.1 Dividend Interest Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gain / (Losses) on Interscheme sale of Investments (4.39) (1.49) 0.12 (19.94) - - (225.84) Realised Gain / (Losses) on External sale / redemption (3,304.43) (20,759.04) (6,636.79) (313.11) (1,746.39) (211.73) (14,201.90) of Investments 3, , , , , , Realised Gain / (Losses) on Derivative Transactions , (10.99) - - 1, Other Income - - TOTAL : (A) (3,046.01) (20,019.16) (6,267.59) (171.39) (1,746.39) (211.73) , , , , , , EXPENSES 2.1 Management Fees Service tax on Management Fees Transfer agents fees and expenses Custodian Fees Trusteeship Fees Commission on Agents Marketing & Distribution expenses Audit Fees Other operating expenses Deferred Revenue Expenses Amortised , , Less : Expenses to be re-imbursed by the Investment Manager - - (46.34) TOTAL : (B) , , NET REALISED GAINS/ (LOSSES) FOR THE YEAR / (3,291.11) (20,890.11) (7,277.67) (260.02) (1,779.37) (223.08) (2.13) PERIOD (A-B=C) 3, , , , , , Change in Net Unrealised Depreciation in Value of , Investments and Derivatives (D) (689.57) (4,605.01) (2,025.99) (29.95) - - (3,347.60) 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) (2,771.39) (20,394.89) (6,952.93) (220.45) (1,779.37) (223.08) 1, , , , , , , Change in Unrealised Appreciation in value of investments (F) (122.20) (41.21) - (647.19) - (1,908.54) (138.52) (325.66) (437.29) (24.01) 7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) (2,771.39) (20,394.89) (6,952.93) (214.83) (1,901.57) (264.29) 1, , , , , , , Add : Balance transfer from Unrealised Appreciation Reserve , Less : Balance transfer to Unrealised Appreciation Reserve (5.62) Add / (Less) : Equalisation (316.22) (2,476.91) (100.97) (95.57) (510.78) (2,151.84) 4, (3,576.16) (1,068.59) (1,837.77) - 1, Add : Balance Transferred from Unit Premium Reserve Add / (Less) : Balance Transferred from Revenue Reserve 5, , , , , , , , , , , , Total 2, (18,510.20) (2,519.47) , , , , , , , , , Dividend Appropriation 9.1 Income Distributed during the year / period (37.34) - - (889.37) (964.60) (4,751.11) (2,459.55) (113.88) - - (1,162.93) 9.2 Tax on Income Distributed during the year / period (5.82) (17.25) - - (3.94) 10 Retained Surplus / (Deficit) carried forward to Balance Sheet 2, (18,510.20) (2,519.47) , , , , , , , , ,

24 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, (Contd.) Kotak Flexi Fund Kotak Twin Kotak Flexi Fund Kotak Twin Kotak Dynamic Kotak Wealth Kotak Emerging of Funds Series I Advantage of Funds Series II Advantage Asset Allocation Builder Series I Equity Scheme Series II Series III Scheme 1 INCOME 1.1 Dividend Interest , , , , , Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gain / (Losses) on Interscheme sale of Investments - (6.45) - (66.56) (1,161.70) (136.37) (3.05) - (61.70) - (98.60) (93.30) (125.96) Realised Gain / (Losses) on External sale / redemption (3.76) (18.35) (815.15) 9.09 (10,516.56) of Investments (3.56) 5, (79.72) (73.10) 6, Realised Gain / (Losses) on Derivative Transactions - (232.66) - (338.50) (24,008.23) (35.11) , Other Income TOTAL : (A) (22,802.57) (10,275.50) , , , , , EXPENSES 2.1 Management Fees Service tax on Management Fees Transfer agents fees and expenses Custodian Fees Trusteeship Fees Commission on Agents Marketing & Distribution expenses Audit Fees Other operating expenses Deferred Revenue Expenses Amortised , , , Less : Expenses to be re-imbursed by the Investment Manager (10.44) (0.12) TOTAL : (B) , , , NET REALISED GAINS/ (LOSSES) FOR THE YEAR / (19.44) (23,871.55) (10,938.08) PERIOD (A-B=C) , , , , , Change in Net Unrealised Depreciation in Value of Investments and Derivatives (D) , (2,938.82) 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) (23,150.57) (9,313.18) , , , , , Change in Unrealised Appreciation in value of investments (F) , (78.47) - (366.96) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) (21,749.04) (9,302.86) , , , , , Add : Balance transfer from Unrealised Appreciation Reserve Less : Balance transfer to Unrealised Appreciation Reserve (25.63) - (252.23) - (1,401.53) (18.44) (10.32) Add / (Less) : Equalisation - (700.83) 7.4 Add : Balance Transferred from Unit Premium Reserve Add / (Less) : Balance Transferred from Revenue Reserve (1,581.32) , , , , , (1,913.24) , (5,873.67) (137.51) Total (1,562.31) , , (3,499.09) 2, (6,591.56) (1,581.32) , , , , , Dividend Appropriation 9.1 Income Distributed during the year / period (1,757.36) Tax on Income Distributed during the year / period Retained Surplus / (Deficit) carried forward to Balance Sheet (1,562.31) , , (3,499.09) 2, (6,591.56) (1,581.32) , , , , ,

25 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) 1 INCOME Kotak Kotak Global Kotak Kotak Kotak Indo Kotak Gold ETF Emerging Blended PSU World Infras- Sensex Market Fund FOF Bank ETF tructure Fund ETF 1.1 Dividend Interest Realised Gain / (Loss) on Foreign Exchange Transactions - (1,004.40) Realised Gain / (Losses) on Interscheme sale of Investments - (2.92) - - (0.02) # (0.01) 1.5 Realised Gain / (Losses) on External sale / redemption of Investments (1,038.49) (36,481.04) (415.12) (1,242.39) (3,927.15) 1.6 Realised Gain / (Losses) on Derivative Transactions , Other Income TOTAL : (A) (980.28) (940.87) (34,151.07) (393.47) (1,167.04) (3,465.98) 2 EXPENSES 2.1 Management Fees Service tax on Management Fees # Transfer agents fees and expenses Custodian Fees # Trusteeship Fees Commission on Agents Marketing & Distribution expenses Audit Fees Other operating expenses Deferred Revenue Expenses Amortised , , Less : Expenses to be re-imbursed by the Investment Manager (8.39) (2.01) TOTAL : (B) , NET REALISED GAINS/ (LOSSES) FOR THE YEAR / PERIOD (A-B=C) (1,832.29) (963.44) (36,962.05) (398.90) (312.96) (1,292.59) 5.16 (4,163.96) 4 Change in Unrealised Depreciation in Value of Investments and Derivatives (D) - (13,408.36) - (466.37) 8, (376.06) (1,785.29) (23,699.48) 5 NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) (15,240.65) (1,429.81) (28,383.48) (774.96) (312.96) (1,292.59) (1,780.13) (27,863.44) 6 Change in Unrealised Appreciation in value of investments (F) (118.44) (44.00) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) 1, (15,359.09) (1,429.81) (28,427.48) (774.96) 1, (194.52) (1,151.73) (1,780.13) (27,819.44) 7.1 Add : Balance transfer from Unrealised Appreciation Reserve Less : Balance transfer to Unrealised Appreciation Reserve (822.45) - (310.65) Add / (Less) : Equalisation (195.61) Add : Balance Transferred from Unit Premium Reserve Add / (Less) : Balance Transferred from Revenue Reserve (312.96) (1,292.59) (1,780.13) (27,863.42) Total (15,553.61) (818.05) (3,209.94) (56,246.90) (405.81) (312.96) (1,292.59) (1,780.13) (27,863.44) 9 Dividend Appropriation 9.1 Income Distributed during the year / period (78678) Tax on Income Distributed during the year / period Retained Surplus / (Deficit) carried forward to Balance Sheet (15,553.61) (818.05) (3,209.94) (56,246.90) (405.81) (312.96) (1,292.59) (1,780.13) (27,863.44) 23

26 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak Mahindra Bond Unit Scheme Kotak Mahindra Gilt Unit Scheme 98 Kotak Bond Kotak Total Kotak Gilt Kotak Gilt Total Kotak Mahindra Kotak Floater Kotak Floater Regular & Bond Short Savings Investment Liquid Scheme Short Term Long Term Deposit Plan Term Plan Scheme Scheme , , , , , , , , , , , , (88.69) (58.19) (23.01) (7.98) (30.99) (0.94) (1,951.60) (1,907.87) (401.14) (283.94) (154.78) (140.98) 1, , , , , , , , , , , , , , (78.05) # (78.05) (7.09) - (7.09) , , (573.65) 1, , (34.90) 1, , , , , , , , (398.98) (317.21) - (207.01) (207.01) (3.90) - - (153.67) (29.63) (183.30) - (55.16) (48.70) (972.63) 1, , (241.91) 1, , , , , , , , (882.74) 1, , (241.91) 1, , , , , , , , (89.89) (67.16) (157.05) (3.47) - (3.47) (163.87) (7.55) (364.75) , (871.74) 14, , , , (3,339.51) 11, , , , , (0.76) (64.11) (64.87) (9,302.28) (120.40) , , , , , , , , , , , , , , , , , , , , , , , , , , , , (1,408.26) (628.44) (2,036.70) (92.27) (552.30) (644.57) (5,455.75) (746.89) (3,055.68) (244.25) (1,635.00) (1,879.25) (18.11) (5.14) (23.25) (16,275.70) (888.39) (327.77) (261.87) (125.79) (387.66) (13.74) (105.02) (118.76) (1,545.34) (211.57) (665.96) (51.06) (354.08) (405.14) (4.04) (1.16) (5.20) (4,607.84) (251.64) (63.48) 17, , , , , , , , , , , , , , , ,

27 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak Flexi Kotak FMP 16M Kotak FMP 15M Kotak FMP 14M Kotak FMP 13M Kotak FMP 14M Debt Scheme Series 1 Series 2 Series 1 Series 1 Series 2 1 INCOME 1.1 Dividend 1.2 Interest 30, , , , Realised Gain / (Loss) on Foreign Exchange Transactions 1.4 Realised Gain / (Losses) on Interscheme sale of Investments (62.65) - # (2.87) 1.5 Realised Gain / (Losses) on External sale / redemption of Investments (5.48) 4.40 (2.97) Realised Gain / (Losses) on Derivative Transactions 1.7 Other Income TOTAL : (A) 30, , , , EXPENSES 2.1 Management Fees 1, Service tax on Management Fees Transfer agents fees and expenses Custodian Fees Trusteeship Fees Commission on Agents 2.7 Marketing & Distribution expenses Audit Fees Other operating expenses Deferred Revenue Expenses Amortised , , Less : Expenses to be re-imbursed by the Investment Manager (4.32) (0.01) - - TOTAL : (B) 2, , NET REALISED GAINS/ (LOSSES) FOR THE YEAR / PERIOD (A-B=C) 28, , , , Change in Unrealised Depreciation in Value of Investments and Derivatives (D) (187.70) NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 28, , , , Change in Unrealised Appreciation in value of investments (F) (1.55) (12.27) (5.14) (57.34) (62.34) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) 29, , , , Add : Balance transfer from Unrealised Appreciation Reserve Less : Balance transfer to Unrealised Appreciation Reserve (663.45) Add / (Less) : Equalisation (9,625.79) (611.62) Add : Balance Transferred from Unit Premium Reserve 7.5 Add / (Less) : Balance Transferred from Revenue Reserve 7, , , Total 26, , , , , , Dividend Appropriation 9.1 Income Distributed during the year / period (18,348.19) (1.11) (0.14) (0.22) (2.21) (3.31) (28,522.93) (14.85) (1.22) (1.94) (34.69) (18.74) 9.2 Tax on Income Distributed during the year / period (3,793.88) (0.24) (0.02) (0.03) (0.44) (0.47) (633.19) (3.25) (0.17) (0.27) (4.92) (2.65) 10 Retained Surplus / (Deficit) carried forward to Balance Sheet 4, , , , , ,

28 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak FMP 13M Kotak FMP 15M Kotak FMP 12M Kotak FMP 12M Kotak Quarterly Kotak Quarterly Kotak FMP 12M Kotak Quarterly Kotak FMP 17M Series 2 Series 3 Series 1 Series 2 Interval Plan - Interval Plan - Series 4 Interval Plan - Series 1 Series I Series 2 Series , , , , , , (13.12) (27.72) (59.51) (#) (48.38) (0.01) , , , , , , # # (0.28) (0.02) - (4.22) (4.73) (0.08) (23.93) - (26.09) (9.83) (6.12) - (7.55) , , , , , , (0.17) - - (11.28) - (13.71) , , , , , , (58.10) (63.83) (1.03) (18.93) , , , , , , (95.84) (328.96) , , , , , , , , , , , , (4.98) (12.34) (23.40) (23.15) (599.19) (1,409.92) (28.46) (3,304.05) (6.19) (44.63) (24.42) (65.70) (24.10) (853.74) (429.87) (14.61) (1,074.50) (2.74) (1.12) (1.75) (5.10) (3.86) (128.22) (302.48) (6.11) (733.56) (1.21) (10.04) (3.46) (14.29) (4.21) (190.29) (94.51) (3.13) (242.15) (0.54) 3, , , , , ,

29 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak Quarterly Kotak FMP 16M Kotak Quarterly Kotak Quarterly Kotak FMP 14M Kotak FMP 14M Interval Plan - Series 2 Interval Plan - Interval Plan - Series 3 Series 4 Series 4 Series 5 Series 6 1 INCOME 1.1 Dividend 1.2 Interest 3, , , , , , Realised Gain / (Loss) on Foreign Exchange Transactions 1.4 Realised Gain / (Losses) on Interscheme sale of Investments 0.94 (10.10) (13.84) (100.04) (#) - (#) Realised Gain / (Losses) on External sale / redemption of Investments (42.93) (30.50) (22.13) (0.14) Realised Gain / (Losses) on Derivative Transactions 1.7 Other Income TOTAL : (A) 3, , , , , EXPENSES 2.1 Management Fees Service tax on Management Fees Transfer agents fees and expenses Custodian Fees Trusteeship Fees Commission on Agents 2.7 Marketing & Distribution expenses Audit Fees Other operating expenses Deferred Revenue Expenses Amortised Less : Expenses to be re-imbursed by the Investment Manager (25.69) - (9.58) (20.66) (1.85) (7.42) (22.07) - (16.24) (4.40) - (0.46) TOTAL : (B) NET REALISED GAINS/ (LOSSES) FOR THE YEAR / PERIOD (A-B=C) 3, , , , , Change in Unrealised Depreciation in Value of Investments and Derivatives (D) (4.92) NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 3, , , , , Change in Unrealised Appreciation in value of investments (F) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) 3, , , , , Add : Balance transfer from Unrealised Appreciation Reserve 7.2 Less : Balance transfer to Unrealised Appreciation Reserve Add / (Less) : Equalisation (241.08) - (403.89) (398.96) Add : Balance Transferred from Unit Premium Reserve Add / (Less) : Balance Transferred from Revenue Reserve Total 3, , , , , , Dividend Appropriation 9.1 Income Distributed during the year / period (3,029.19) (105.12) (1,260.02) (2,367.86) (103.47) (9.55) (1,171.37) (18.97) (785.35) (306.90) (9.94) Tax on Income Distributed during the year / period (671.10) (23.73) (280.94) (526.12) (21.92) (1.91) (261.88) (4.28) (177.74) (69.26) (2.10) - 10 Retained Surplus / (Deficit) carried forward to Balance Sheet

30 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak FMP 3M Kotak FMP 13M Kotak FMP 3M Kotak FMP 13M Kotak FMP 15M Kotak FMP 3M Kotak FMP 12M Kotak FMP 12M Kotak FMP 3M Series 27 Series 3 Series 28 Series 4 Series 4 Series 29 Series 3 Series 5 Series , , , , # (2.28) (206.79) (137.18) (2.39) (34.78) # # (56.06) (34.18) (100.62) (2.21) (199.51) (28.05) , , , , # # # 1.19 # # 0.96 # # (1.31) - (3.14) - # (1.78) - - (0.86) (0.34) - (0.56) - # , , , , (97.06) - - (24.93) , , , , (4.63) , , , , , , , , (89.96) (1.62) (221.68) (39.09) (174.48) (114.15) (22.35) (4.21) (139.55) (18.90) (0.28) (47.00) (5.69) (38.75) (24.56) (4.33) (0.65) (30.35) , , , ,

31 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) 1 INCOME Kotak FMP 15M Kotak FMP 12M Kotak FMP 12M Kotak FMP 1M Kotak FMP 3M Kotak FMP 1M Series 5 Series 6 Series 7 Series 1 Series 31 Series Dividend 1.2 Interest 1, , Realised Gain / (Loss) on Foreign Exchange Transactions 1.4 Realised Gain / (Losses) on Interscheme sale of Investments (210.84) (35.62) (70.21) - - (0.65) 1.5 Realised Gain / (Losses) on External sale / redemption of Investments (63.94) (106.80) (79.65) Realised Gain / (Losses) on Derivative Transactions 1.7 Other Income TOTAL : (A) 1, , EXPENSES 2.1 Management Fees Service tax on Management Fees Transfer agents fees and expenses Custodian Fees Trusteeship Fees Commission on Agents 2.7 Marketing & Distribution expenses # Audit Fees Other operating expenses Deferred Revenue Expenses Amortised Less : Expenses to be re-imbursed by the Investment Manager (0.90) (0.10) (0.91) TOTAL : (B) NET REALISED GAINS/ (LOSSES) FOR THE YEAR / PERIOD (A-B=C) 1, , Change in Unrealised Depreciation in Value of Investments and Derivatives (D) (14.45) NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 1, , Change in Unrealised Appreciation in value of investments (F) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) 1, , Add : Balance transfer from Unrealised Appreciation Reserve 7.2 Less : Balance transfer to Unrealised Appreciation Reserve Add / (Less) : Equalisation 7.4 Add : Balance Transferred from Unit Premium Reserve 7.5 Add / (Less) : Balance Transferred from Revenue Reserve 8 Total 1, , Dividend Appropriation 9.1 Income Distributed during the year / period (123.19) (1.61) (200.77) (186.50) (274.62) (145.94) 9.2 Tax on Income Distributed during the year / period (22.91) (0.24) (40.75) (41.24) (60.08) (30.78) 10 Retained Surplus / (Deficit) carried forward to Balance Sheet 1,

32 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak FMP 3M Kotak FMP 3M Kotak FMP 12M Kotak FMP 1M Kotak Quarterly Kotak FMP 6M Kotak Monthly Kotak Quarterly Kotak FMP 12M Series 32 Series 33 Series 8 Series 3 Interval Plan - Series 7 Interval Plan Interval Plan - Series 9 Series 8 Series 2 Series , (344.74) (70.21) (13.66) (142.71) , , # (2.06) (2.03) - (1.13) (1.94) - (0.19) (1.08) , , , , , , , , (635.89) (477.85) (433.68) (242.45) (715.86) (236.63) (301.63) (405.64) (62.79) (125.18) (99.36) (91.22) (50.82) (152.51) (40.92) (61.39) (77.66) (9.76) ,

33 ABRIDGED REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) 1 INCOME Kotak Monthly Kotak Quarterly Kotak Quarterly Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Interval Plan Interval Plan - Interval Plan - 19M Series 1 12M Series 10 12M Series 11 18M Series 1 13M Series 5 Series 3 Series 9 Series Dividend Interest 1, , , Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gain / (Losses) on Interscheme sale of Investments (11.60) (34.74) Realised Gain / (Losses) on External sale / redemption of Investments (0.53) Realised Gain / (Losses) on Derivative Transactions Other Income TOTAL : (A) 1, , , EXPENSES 2.1 Management Fees Service tax on Management Fees Transfer agents fees and expenses Custodian Fees Trusteeship Fees Commission on Agents Marketing & Distribution expenses Audit Fees Other operating expenses Deferred Revenue Expenses Amortised Less : Expenses to be re-imbursed by the Investment Manager (0.77) (0.29) (0.26) TOTAL : (B) NET REALISED GAINS/ (LOSSES) FOR THE YEAR / PERIOD (A-B=C) 1, , , Change in Unrealised Depreciation in Value of Investments and Derivatives (D) NET GAINS/ (LOSSES) FOR THE YEAR / PERIOD (E=(C-D)) 1, , , Change in Unrealised Appreciation in value of investments (F) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E+F=G) 1, , , Add : Balance transfer from Unrealised Appreciation Reserve Less : Balance transfer to Unrealised Appreciation Reserve Add / (Less) : Equalisation Add : Balance Transferred from Unit Premium Reserve Add / (Less) : Balance Transferred from Revenue Reserve Total 1, , , Dividend Appropriation 9.1 Income Distributed during the year / period (820.13) (539.04) (213.37) - (55.20) (0.83) Tax on Income Distributed during the year / period (167.30) (111.15) (37.90) - (8.74) (0.12) Retained Surplus / (Deficit) carried forward to Balance Sheet , ,

34 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, Investments : 1.1 Investments of the Schemes are registered in the name of the Trustees for the benefit of the Schemes. 1.2 Equity Derivatives Disclosures - Options Notional value of options contract bought / Sold by the schemes and outstanding as on March 31, 2009 (Rs. In Lacs) March 31, 2009 March 31, 2008 Scheme Notional Value Percentage to Net Assets Notional Value Percentage to Net Assets Kotak Global India Scheme Kotak Midcap (9.62) (0.13) - - Kotak Income Plus (1.24) (0.06) - - Kotak Twin Advantage Series II Kotak Twin Advantage Series III Kotak Wealth Builder Series I Kotak Indo World Infrastructure Fund (140.58) (0.39) Futures Details of open interest in equity futures of April Series as at March 31, 2009 (Rs. In Lacs) March 31, 2009 March 31, 2008 Scheme Notional Value Percentage to Net Assets Notional Value Percentage to Net Assets Kotak 30 Unit Scheme 2, Kotak Balance (514.84) (9.43) - - Kotak MNC Kotak Global India (145.14) (3.96) - - Kotak Opportunities (869.91) (1.45) Kotak Midcap Kotak Lifestyle Kotak Income Plus (13.28) (0.67) - - Kotak Equity Arbitrage Fund (13,691.22) (63.24) (19,488.75) (67.82) Kotak Dynamic Asset Allocation Scheme 19, , Kotak Wealth Builder Series I 1, (709.85) (4.75) Kotak Indo World Infrastructure Fund (192.03) (0.53) Investment in Associates and Group Companies : (Rs. Lacs) Issuer / Schemes Kotak Midcap Kotak Contra Kotak Lifestyle Kotak Equity Scheme Scheme Arbitrage Fund Equity Shares The Bombay Dyeing & Manufacturing Co. Ltd Britannia Industries Ltd Marico Ltd Issuer / Schemes Kotak Emerging Kotak Bond Kotak Floater Kotak Floater Equity Scheme Short Term Short Term Long Term Equity Shares The Bombay Dyeing & Manufacturing Co. Ltd Britannia Industries Ltd Marico Ltd Debentures & Bonds Kotak Mahindra Prime Ltd. - 2, , ,

35 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Equity Shares Issuer / Schemes Kotak Flexi Debt Kotak FMP Kotak FMP Kotak FMP 13M Scheme 12M Series 3 12M Series 8 Series 4 The Bombay Dyeing & Manufacturing Co. Ltd Britannia Industries Ltd Marico Ltd Debentures & Bonds Kotak Mahindra Prime Ltd. 12, , , , Issuer / Schemes Kotak FMP 15M Series 5 Equity Shares The Bombay Dyeing & Manufacturing Co. Ltd. - Britannia Industries Ltd. - Marico Ltd. - Debentures & Bonds Kotak Mahindra Prime Ltd. 1, Aggregate Investment in Associate Group Companies by all Schemes : Issuer Aggregate Investments (Rs. In Lacs) Equity Shares The Bombay Dyeing & Manufacturing Co. Ltd Britannia Industries Ltd Marico Ltd. 1, Debentures & Bonds Kotak Mahindra Prime Ltd. 29, Open position of Securities Borrowed and / or Lend by the Scheme : Nil 1.5 Details of NPA : Nil 1.6 Aggregate Appreciation and Depreciation in the value of Investments : - Refer Annexure I 1.7 Aggregate Value of Purchases and Sales of Investments The aggregate value of investments (excluding reverse repo with RBI) purchased (including amortisation) and sold (including redemptions) during the year / period and their percentage of the respective average daily net assets are as follows: Scheme Purchases (Rs.Lacs) Percentage of average Sales (Rs.Lacs) Percentage of average daily net assets daily net assets Kotak 30 9,97, , ,64, , Kotak Balance 1,05, , ,06, , Kotak Tech 22, , , , Kotak MNC 46, , , , Kotak Global India 76, , , , Kotak Opportunities 7,26, , ,03, , Kotak Midcap 1,56, , ,59, , Kotak Contra 1,36, , ,37, , Kotak Tax Saver 4,57, , ,49, , Kotak Lifestyle 1,33, , ,35, , Kotak Income Plus 1,00, , ,01, , Kotak Equity FOF 5, , Kotak Flexi FOF 3, , Kotak Equity Arbitrage Fund 3,85, , ,77, , Kotak Flexi FOF Series I Kotak Twin Advantage Series II 53, , , , Kotak Flexi FOF Series II , Kotak Twin Advantage Series III 1,29, , ,31, , Kotak Dynamic Asset Allocation Scheme 5,37, , ,70, , Kotak Wealth Builder Series I 1,12, ,14, Kotak Emerging Equity Scheme 1,74, , ,76, ,

36 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Purchases (Rs.Lacs) Percentage of average Sales (Rs.Lacs) Percentage of average daily net assets daily net assets Kotak Gold ETF 2, , Kotak Global Emerging Market Fund 83, , Kotak Blended FOF 29, , Kotak PSU Bank ETF , Kotak Indo World Infrastructure Fund 2,92, ,96, Kotak Sensex ETF 3, , Kotak Bond 11,82, , ,39, , Kotak Bond Short Term 4,46, , ,66, , Kotak Gilt Savings 25,24, , ,21, , Kotak Gilt Investment 7,07, , ,98, , Kotak Liquid 80,19, , ,46, , Kotak Floater Short Term 9,11, , ,94, , Kotak Floater Long Term 20,21, , ,42, , Kotak Flexi Debt 50,44, , ,44, , Kotak FMP 16M Series 1 32, , Kotak FMP 15M Series 2 11, , Kotak FMP 14M Series 1 1, , Kotak FMP 13M Series 1 30, , Kotak FMP 14M Series 2 43, , Kotak FMP 13M Series 2 32, , Kotak FMP 15M Series 3 59, , Kotak FMP 12M Series 1 33, , Kotak FMP 12M Series 2 77, , Kotak Quarterly Interval Plan Series 1 1,86, , ,91, , Kotak Quarterly Interval Plan Series 2 5,71, , ,47, , Kotak FMP 12M Series 4 57, , Kotak Quarterly Interval Plan Series 3 9,55, , ,84, , Kotak FMP 17M Series 1 45, , Kotak Quarterly Interval Plan Series 4 6,73, , ,06, , Kotak FMP 16M Series 2 96, , , , Kotak Quarterly Interval Plan Series 5 3,93, , ,60, , Kotak Quarterly Interval Plan Series 6 5,61, , ,08, , Kotak FMP 14M Series 3 1,51, , ,52, , Kotak FMP 14M Series 4 1,50, , ,50, , Kotak FMP 3M Series 27 12, , Kotak FMP 13M Series 3 2,73, , ,72, , Kotak FMP 3M Series 28 38, , Kotak FMP 13M Series 4 1,20, ,28, Kotak FMP 15M Series 4 2,35, ,34, Kotak FMP 3M Series 29 45, , Kotak FMP 12M Series 3 1,96, ,74, Kotak FMP 12M Series 5 68, , , , Kotak FMP 3M Series 30 54, , Kotak FMP 15M Series 5 2,14, ,94, Kotak FMP 12M Series 6 90, , Kotak FMP 12M Series 7 2,12, ,91, Kotak FMP 1M Series 1 2,19, ,19, Kotak FMP 3M Series 31 97, , Kotak FMP 1M Series 2 1,65, ,65, Kotak FMP 3M Series 32 1,80, ,80, Kotak FMP 3M Series 33 2,08, ,08,

37 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Purchases (Rs.Lacs) Percentage of average Sales (Rs.Lacs) Percentage of average daily net assets daily net assets Kotak FMP 12M Series 8 2,46, ,02, Kotak FMP 1M Series 3 1,80, ,80, Kotak Quarterly Interval Plan Series 8 2,14, , ,14, , Kotak FMP 6MSeries 7 89, , , , Kotak Monthly Interval Plan Series 2 2,02, , , , Kotak Quarterly Interval Plan Series 7 1,79, , ,79, , Kotak FMP 12M Series 9 1,76, ,56, Kotak Monthly Interval plan Series 3 4,86, , ,86, , Kotak Quarterly Interval plan Series 9 1,75, , ,73, , Kotak Quarterly Interval plan Series 10 1,24, , ,24, , Kotak FMP 19M Series 1 47, , , , Kotak FMP 12M Series 10 4,73, ,55, Kotak FMP 12M Series 11 1,18, , Kotak FMP 18M Series 1 12, , Kotak FMP 13M Series 5 76, , Non Traded Securities as on March 31, 2009 are as Follows :- March 31, 2009 March 31, 2008 (Rs. In Lacs) Scheme Market Value Percentage to Market Value Percentage to Net Assets Net Assets KOTAK MAHINDRA 30 UNIT SCHEME Debentures and Bonds Commercial Paper / Certificate of Deposits 5, KOTAK MAHINDRA BALANCE UNIT SCHEME 99 Equity Shares Debentures and Bonds , Commercial Paper / Certificate of Deposits - - 1, KOTAK MAHINDRA TECHNOLOGY SCHEME Equity Shares Nil - Nil - KOTAK MAHINDRA MNC SCHEME Debentures and Bonds KOTAK MAHINDRA GLOBAL INDIA SCHEME Debentures and Bonds KOTAK OPPORTUNITIES Equity Shares Debentures and Bonds Commercial Paper / Certificate of Deposits 1, , KOTAK MIDCAP SCHEME Equity Shares Debentures and Bonds KOTAK CONTRA SCHEME Equity Shares Debentures and Bonds KOTAK TAX SAVER SCHEME Equity Shares Debentures and Bonds 1, Commercial Paper / Certificate of Deposits 1, KOTAK LIFESTYLE Equity Shares Debentures and Bonds

38 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Market Value Percentage to Market Value Percentage to Net Assets Net Assets KOTAK MAHINDRA INCOME PLUS Equity Shares Debentures and Bonds , KOTAK EQUITY ARBITRAGE FUND Commercial Paper / Certificate of Deposits 1, KOTAK TWIN ADVANTAGE SERIES II Debentures and Bonds 1, , KOTAK TWIN ADVANTAGE SERIES III Debentures and Bonds 6, , Commercial Paper / Certificate of Deposits KOTAK DYNAMIC ASSET ALLOCATION Debentures and Bonds 4, , Commercial Paper / Certificate of Deposits 3, , KOTAK WEALTH BUILDER SERIES I Debentures and Bonds 6, , Commercial Paper / Certificate of Deposits 1, KOTAK INDO WORLD INFRASTRUCTURE FUND Debentures and Bonds Commercial Paper / Certificate of Deposits , KOTAK BOND Debentures and Bonds 11, , KOTAK BOND SHORT TERM Debentures and Bonds 8, , Commercial Paper / Certificate of Deposits 1, , KOTAK LIQUID Debentures and Bonds 1,25, ,60, Commercial Paper / Certificate of Deposits 1,07, , KOTAK FLOATER SHORT TERM Debentures and Bonds 5, , Commercial Paper / Certificate of Deposits 42, , KOTAK FLOATER LONG TERM Debentures and Bonds 36, , Commercial Paper / Certificate of Deposits 2,44, , KOTAK FLEXI DEBT SCHEME Treasury Bills - - 5, Debentures and Bonds 77, ,24, Commercial Paper / Certificate of Deposits 24, , KOTAK FMP 16M SERIES 1 Debentures and Bonds - - 6, Commercial Paper / Certificate of Deposits - - 1, KOTAK FMP 15M SERIES 2 Debentures and Bonds - - 2, Commercial Paper / Certificate of Deposits - - 4, KOTAK FMP 14M SERIES 1 Debentures and Bonds Commercial Paper / Certificate of Deposits KOTAK FMP 13M SERIES 1 Debentures and Bonds , Commercial Paper / Certificate of Deposits - - 8,

39 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Market Value Percentage to Market Value Percentage to Net Assets Net Assets KOTAK FMP 14M SERIES 2 Debentures and Bonds - - 9, Commercial Paper / Certificate of Deposits , KOTAK FMP 13M SERIES 2 Debentures and Bonds , Commercial Paper / Certificate of Deposits , KOTAK FMP 15M SERIES 3 Debentures and Bonds - - 5, Commercial Paper / Certificate of Deposits - - 6, KOTAK FMP 12M SERIES 1 Debentures and Bonds - - 7, Commercial Paper / Certificate of Deposits - - 7, KOTAK FMP 12M SERIES 2 Debentures and Bonds - - 5, Commercial Paper / Certificate of Deposits - - 8, KOTAK QUARTERLY INTERVAL PLAN SERIES 1 Commercial Paper / Certificate of Deposits , KOTAK QUARTERLY INTERVAL PLAN SERIES 2 Debentures and Bonds 4, , Commercial Paper / Certificate of Deposits 29, , KOTAK FMP 12M SERIES 4 Debentures and Bonds - - 8, Commercial Paper / Certificate of Deposits - - 6, KOTAK QUARTERLY INTERVAL PLAN SERIES 3 Debentures and Bonds , Commercial Paper / Certificate of Deposits , KOTAK FMP 17M SERIES 1 Debentures and Bonds 1, , Commercial Paper / Certificate of Deposits 1, , KOTAK QUARTERLY INTERVAL PLAN SERIES 4 Debentures and Bonds - - 2, Commercial Paper / Certificate of Deposits , KOTAK FMP 16M SERIES 2 Debentures and Bonds 4, , Commercial Paper / Certificate of Deposits 3, , KOTAK QUARTERLY INTERVAL PLAN SERIES 5 Debentures and Bonds , Commercial Paper / Certificate of Deposits , KOTAK QUARTERLY INTERVAL PLAN SERIES 6 Debentures and Bonds - - 2, Commercial Paper / Certificate of Deposits , KOTAK FMP 14M SERIES 3 Debentures and Bonds 6, , Commercial Paper / Certificate of Deposits 4, , KOTAK FMP 14M SERIES 4 Debentures and Bonds 6, Commercial Paper / Certificate of Deposits 4, KOTAK FMP 13M SERIES 3 Debentures and Bonds 12, Commercial Paper / Certificate of Deposits 12, ,

40 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Market Value Percentage to Market Value Percentage to Net Assets Net Assets KOTAK FMP 13M SERIES 4 Debentures and Bonds 11, , Commercial Paper / Certificate of Deposits 8, , KOTAK FMP 15M SERIES 4 Debentures and Bonds 9, , Commercial Paper / Certificate of Deposits 16, , KOTAK FMP 12M SERIES 3 Debentures and Bonds 18, Commercial Paper / Certificate of Deposits 2, KOTAK FMP 12M SERIES 5 Debentures and Bonds 1, Commercial Paper / Certificate of Deposits 2, KOTAK FMP 15M SERIES 5 Debentures and Bonds 9, Commercial Paper / Certificate of Deposits 10, KOTAK FMP 12M SERIES 6 Debentures and Bonds 1, Commercial Paper / Certificate of Deposits 6, KOTAK FMP 12M SERIES 7 Debentures and Bonds 1, Commercial Paper / Certificate of Deposits 18, KOTAK FMP 12M SERIES 8 Debentures and Bonds 33, Commercial Paper / Certificate of Deposits 10, KOTAK QUARTERLY INTERVAL PLAN SERIES 8 Commercial Paper / Certificate of Deposits KOTAK MONTHLY INTERVAL PLAN SERIES 2 Commercial Paper / Certificate of Deposits KOTAK QUARTERLY INTERVAL PLAN SERIES 7 Commercial Paper / Certificate of Deposits KOTAK FMP 12M SERIES 9 Commercial Paper / Certificate of Deposits 19, KOTAK QUARTERLY INTERVAL PLAN SERIES 9 Commercial Paper / Certificate of Deposits 1, KOTAK QUARTERLY INTERVAL PLAN SERIES 10 Commercial Paper / Certificate of Deposits KOTAK FMP 19M SERIES 1 Commercial Paper / Certificate of Deposits 3, KOTAK FMP 12M SERIES 10 Commercial Paper / Certificate of Deposits 117, KOTAK FMP 12M SERIES 11 Commercial Paper / Certificate of Deposits 34, KOTAK FMP 18M SERIES 1 Debentures and Bonds 1, KOTAK FMP 13M SERIES 5 Debentures and Bonds 2, Commercial Paper / Certificate of Deposits 25,

41 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) 2. Disclosure Under Regulation 25(8) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended (i) The following transactions occurred with related parties during the year in the ordinary course of business: Refer Annexure 2 (ii) During the year, no Schemes have subscribed in the initial public offer of the equity shares, debentures and bonds where Kotak Mahindra Capital Company Limited, an associate of KMAMC, was the lead manager / arranger to the issue : The investments were made solely on the basis of sound fundamentals of these companies. 3. Details of large holdings (over 25% of the NAV of the respective Schemes/Plans) as on March 31, 2009: Nil 4. Unit Capital movement during the year / period ended March 31, 2009 : Refer Annexure 3 5. Previous Year s Figures Previous year s / period s figures have been shown in italics below the current year / period figures and have been re-grouped / rearranged wherever appropriate. As these are the first financial statements for Kotak Sensex ETF, Kotak FMP 3M Series 29, Kotak FMP 12M Series 3, Kotak FMP 12M Series 5, Kotak FMP 3M Series 30, Kotak FMP 15M Series, Kotak FMP 12M Series 6, Kotak FMP 12M Series 7, Kotak FMP 1M Series 1, Kotak FMP 3M Series 31, Kotak FMP 1M Series 2, Kotak FMP 3M Series 32, Kotak FMP 3M Series 33, Kotak FMP 12M Series 8, Kotak FMP 1M Series 3, Kotak Quarterly interval plan series 8, Kotak FMP 6M Series 7, Kotak Monthly interval plan series 2, Kotak Quarterly interval plan Series 7, Kotak FMP 12M Series 9, Kotak Monthly interval plan Series 3, Kotak Quarterly interval plan Series 9, Kotak Quarterely interval plan Series 10, Kotak FMP 19M Series 1, Kotak FMP 12M Series 10, Kotak FMP 12M Series 11, Kotak FMP Kotak FMP 18M Series 1 and Kotak FMP 13M Series 5since the date of commencement, there are no comparative figures for the previous year for these Schemes. 6. Contingent Liability as on March 31, 2009 : Nil 7. Expenses includes Service Tax wherever applicable. 8. Investment in Securities of Real Estate Companies As at March 31, 2009, Kotak Mahindra Mutual Fund Schemes had invested in (a) Secured redeemable debentures of Unitech Limited aggregating Rs crores (Kotak Flexi Debt Scheme Rs crores, Kotak Mahindra Bond Short Term Plan Rs crores, Kotak FMP 13M Series 4 Rs crores and Kotak FMP 15M Series 5 Rs crores) which were rescheduled for payment on April 18, Subsequent, to the year end the terms and conditions of the said debentures were mutually extended in the interest of unit holders, such that 50% of the principal amount of the debentures would be payable in two equal installments before April 30, 2009 and June 30, 2009 and the balance 50% payable in April Kotak FMP 13M Series 4 and Kotak Mahindra Bond Short Term Plan has received the entire principal outstanding of Rs crores and Rs crores respectively and Kotak FMP 15M Series 5 has received Rs crores in April The interest on the debentures has been serviced for all the schemes. The debenture holders are secured against immovable property mortgaged by the company. In view of the above, in the opinion of the management, no provision is considered necessary as at March 31, (b) Secured redeemable debentures of Shobha Developers Limited in Kotak Flexi Debt Scheme aggregating Rs crores. KMMF has modified the terms and conditions (extension of due date) for the said debentures in the interest of the unit holders after obtaining adequate security / guarantees. The company has been servicing the interest as per the modified terms and conditions and paying the principal outstanding in installments. For the identification of non performing assets in terms of SEBI Regulations, the extended due date has been considered. Based on the facts stated above in the opinion of the management the said securities have not been classified as non performing assets as on March 31, The Annual Accounts of the Schemes prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 has been approved by the Board of Directors of AMC and Trustee Company at their meeting held on June, 08, The audit report attached herewith refers to the said annual accounts. The aforesaid abridged accounts are an extract of the Annual Accounts in accordance with SEBI Circular No. IMD/Cir8/132968/2008 dated July 24,

42 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Annexure I March 31, 2009 March 31, 2008 Scheme Appreciation Percentage Deprecia- Percentage Appreciation Percentage Depreciation Percentage to Net tion to Net to Net to Net Assets Assets Assets Assets Kotak 30 - Equity Shares , , , Commercial Paper / Certificate of Deposits Equity Futures Kotak Balance - Equity Shares / Preference Shares Debentures and Bonds Equity Futures Kotak Tech - Equity Shares Kotak MNC - Equity Shares Equity Futures Kotak Global India - Equity Shares , , Equity Futures Index Options Kotak Opportunities - Equity Shares 1, , , Equity Futures Kotak Midcap - Equity Shares , Equity Futures Index Options Kotak Contra - Equity Shares , , Kotak Tax Saver - Equity Shares , , , Kotak Lifestyle - Equity Shares / Preference Shares , , , Equity Futures Kotak Income Plus - Equity Shares Debentures and Bonds Government Dated Securities Equity Futures Index Options # Kotak Equity FOF - Mutual Fund Units , Kotak Flexi FOF - Mutual Fund Units Kotak Equity Arbitrage Fund - Equity Shares , , Equity Futures Kotak Flexi FOF Series I - Mutual Fund Units # Less than 0.005% 40

43 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Appreciation Percentage Deprecia- Percentage Appreciation Percentage Depreciation Percentage to Net tion to Net to Net to Net Assets Assets Assets Assets Kotak Twin Advantage Series II - Debentures and Bonds Index Options Kotak Flexi FOF Series II - Mutual Fund Units Kotak Twin Advantage Series III - Debentures and Bonds Index Options Kotak Dynamic Asset Allocation Scheme - Equity Shares Debentures and Bonds Equity Futures 1, Kotak Wealth Builder Series I - Debentures and Bonds Equity Futures Index Options Kotak Emerging Equity Scheme - Equity Shares , , , Equity Futures Kotak Gold ETF - Gold 1, Kotak Global Emerging Market Fund - Mutual Fund Units (Foreign Securities) , Kotak Blended FOF - Mutual Fund Units Kotak PSU Bank ETF - Equity Shares - - 2, , Kotak Indo World Infrastructure Fund - Equity Shares , , Equity Futures Index Options Mutual Fund Units (Foreign Securities) - - 2, Kotak Sensex ETF - Equity Shares Kotak Bond - Debentures and Bonds # Government Dated Securities Kotak Bond Short Term - Debentures and Bonds # Government Dated Securities Kotak Gilt Savings - Government Dated Securities Kotak Gilt Investment - Government Dated Securities # Less than 0.005% 41

44 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Appreciation Percentage Deprecia- Percentage Appreciation Percentage Depreciation Percentage to Net tion to Net to Net to Net Assets Assets Assets Assets Kotak Liquid - Debentures and Bonds # - Commercial Paper / Certificate of Deposits 8.73 # Kotak Floater Short Term - Debentures and Bonds Commercial Paper / Certificate of Deposits # Kotak Floater Long Term - Debentures and Bonds # Commercial Paper / Certificate of Deposits Kotak Flexi Debt - Debentures and Bonds # Commercial Paper / Certificate of Deposits # # - Interest Rate Swaps Kotak FMP 16M Series 1 - Debentures and Bonds Kotak FMP 15M Series 2 - Debentures and Bonds Kotak FMP 14M Series 1 - Debentures and Bonds Kotak FMP 13M Series 1 - Debentures and Bonds Kotak FMP 14M Series 2 - Debentures and Bonds Kotak FMP 13M Series 2 - Debentures and Bonds Kotak FMP 15M Series 3 - Debentures and Bonds Kotak FMP 12M Series 1 - Debentures and Bonds Kotak FMP 12M Series 2 - Debentures and Bonds Kotak FMP 12M Series 4 - Debentures and Bonds Kotak FMP 17M Series 1 - Debentures and Bonds Commercial Paper / Certificate of Deposits # Kotak FMP 16M Series 2 - Debentures and Bonds Kotak Quarterly Interval Plan Series 5 - Commercial Paper / Certificate of Deposits Kotak Quarterly Interval Plan Series 6 - Commercial Paper / Certificate of Deposits Kotak FMP 14M Series 3 - Debentures and Bonds Commercial Paper / Certificate of Deposits # # Less than 0.005% 42

45 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) March 31, 2009 March 31, 2008 Scheme Appreciation Percentage Deprecia- Percentage Appreciation Percentage Depreciation Percentage to Net tion to Net to Net to Net Assets Assets Assets Assets Kotak FMP 14M Series 4 - Debentures and Bonds Commercial Paper / Certificate of Deposits # Kotak FMP 13M Series 4 - Debentures and Bonds 0.18 # Commercial Paper / Certificate of Deposits Kotak FMP 15M Series 4 - Debentures and Bonds Commercial Paper / Certificate of Deposits # Kotak FMP 12M Series 3 - Debentures and Bonds Kotak FMP 12M Series 5 - Debentures and Bonds Commercial Paper / Certificate of Deposits Kotak FMP 15M Series 5 - Debentures and Bonds Commercial Paper / Certificate of Deposits Kotak FMP 12M Series 6 - Debentures and Bonds Kotak FMP 12M Series 7 - Commercial Paper / Certificate of Deposits Kotak FMP 12M Series 8 - Debentures and Bonds Commercial Paper / Certificate of Deposits Kotak Quarterly Interval Plan Series 8 - Commercial Paper / Certificate of Deposits Kotak Quarterly Interval Plan Series 7 - Commercial Paper / Certificate of Deposits Kotak FMP 12M Series 9 - Commercial Paper / Certificate of Deposits Kotak Quarterly Interval Plan Series 9 - Commercial Paper / Certificate of Deposits Kotak Quarterly Interval Plan Series 10 - Commercial Paper / Certificate of Deposits Kotak FMP 19M Series 1 - Commercial Paper / Certificate of Deposits Kotak FMP 12M Series 10 - Commercial Paper / Certificate of Deposits Kotak FMP 12M Series 11 - Commercial Paper / Certificate of Deposits Kotak FMP 18M Series 1 - Debentures and Bonds Kotak FMP 13M Series 5 - Debentures and Bonds # Less than 0.005% 43

46 SCHEDULES FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Annexure 2 Disclosure under Regulation 25 (8) of the Securities and Exchange Board of India (mutual funds) regulations, 1996, as amended (i) The following transactions occurred with related parties during the year in the ordinary course of Business Name of Nature of transaction Kotak 30 Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak the party Balance Tech MNC Global Opportunities Midcap Contra Tax Lifestyle Income Equity Flexi Equity India Saver Plus FOF FOF Arbitrage Fund KSL Commission / promotional expenses for distribution of units KSL Brokerage on purchase / sale of investments KMBL Commission / promotional expenses for distribution of units KMBL Charges for services provided by the bank # KMI Commission / promotional expenses for distribution of units 0.00 # Name of Nature of transaction Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak the party Twin Flexi Twin Dynamic Wealth Emerging Gold Global Blended PSU Indo Sensex Advan- FOF - Advan- Asset Builder Equity ETF Emerging FOF Bank World ETF tage Series II tage Alloca- Series I Market ETF Infrastru- Series II Series III tion cture Fund KSL Commission / promotional expenses for distribution of units KSL Brokerage on purchase / sale of investments KMBL Commission / promotional expenses for distribution of units , KMBL Charges for services provided by the bank # # 0.00 # 0.00 # # KMI Commission / promotional expenses for distribution of units # indicates less than Lacs KLS : Kotak Securities Limited, KMBL : Kotak Mahindra Bank Limited, KMI : Kotak Mahindra Inc. 44

47 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Annexure 2 (Contd.) Disclosure under Regulation 25(8) of the securities and Exchange Board of India (Mutual Funds) regulations, 1996 as amended (i) The following transactions occured with related parties during the year in the Ordinary Course of Business Name of Nature of transaction Kotak Kotak Bond Kotak Gilt Kotak Gilt Kotak Kotak Floater Kotak Floater Kotak Flexi the party Bond Short Term Savings Investment Liquid Short Term Long Term Debt KSL KMBL Commission / promotional expenses for distribution of units Commission / promotional expenses for distribution of units KMBL Charges for services provided by the bank # 0.01 # # KMI KMCC Commission / promotional expenses for distribution of units Commission / promotional expenses for distribution of units # Less than Rs Lacs KSL : Kotak Securities Ltd., KMBL : Kotak Mahindra Bank Ltd., KMI : Kotak Mahindra Inc, KMCC : Kotak Mahindra Capital Company Ltd. 45

48 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Annexure 2 (Contd.) Disclosure under Regulation 25(8) of the securities and Exchange Board of India (Mutual Funds) regulations, 1996 as amended (i) The following transactions occured with related parties during the year in the Ordinary Course of Business. (Rs. In Lacs) Name of Nature of transaction Kotak Kotak Kotak Kotak Kotak Kotak the party Quarterly Quarterly Quarterly Quarterly Quarterly Quarterly Interval Plan Interval Plan Interval Plan Interval Plan Interval Plan Interval Plan - Series I - Series 2 - Series 3 - Series 4 - Series 5 - Series 6 KSL Commission / promotional expenses for distribution of units # KMBL Commission / promotional expenses for distribution of units KMBL Charges for services provided by the bank # # # # # # KMI Commission / promotional expenses for distribution of units KMPL Commission / promotional expenses for distribution of units # Less than Rs Lacs Name of Nature of transaction Kotak Kotak Kotak Kotak Kotak Kotak the party FMP 3M FMP 3M FMP 3M FMP 3M FMP 1M FMP 3M Series 27 Series 28 Series 29 Series 30 Series 1 Series 31 KSL Commission / promotional expenses for distribution of units # 0.01 # KMBL Commission / promotional expenses for distribution of units KMBL Charges for services provided by the bank KMI Commission / promotional expenses for distribution of units KMPL Commission / promotional expenses for distribution of units # Less than Rs Lacs Name of Nature of transaction Kotak Kotak Kotak Kotak Kotak Kotak the party FMP 1M FMP 3M FMP 3M FMP 1M Quarterly Monthly Series 2 Series 32 Series 33 Series 3 Interval Plan Interval Plan Series 8 Series 2 KSL Commission / promotional expenses for distribution of units KMBL Commission / promotional expenses for distribution of units KMBL Charges for services provided by the bank # # KMI Commission / promotional expenses for distribution of units KMPL Commission / promotional expenses for distribution of units # Less than Rs Lacs Name of Nature of transaction Kotak Kotak Kotak Kotak Kotak Kotak the party Quarterly Monthly Quarterly Quarterly FMP 12M FMP 12M Interval Plan Interval Plan Interval Plan Interval Plan Series 10 Series 11 - Series 7 Series 3 - Series 9 - Series 10 KSL Commission / promotional expenses for distribution of units # # KMBL Commission / promotional expenses for distribution of units KMBL Charges for services provided by the bank # # # # # # KMI Commission / promotional expenses for distribution of units KMPL Commission / promotional expenses for distribution of units # Less than Rs Lacs KSL : Kotak Securities Ltd., KMBL : Kotak Mahindra Bank Ltd., KMI : Kotak Mahindra Inc, KMCC : Kotak Mahindra Capital Company Ltd., KMPL : Kotak Mahindra Prime Ltd. 46

49 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Annexure 3 Unit Capital movement during the year / period ended March 31,2009 Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Outstanding (Units of Rs. 10 each) Kotak 30 Unit Scheme Growth Option 34,167, ,207, (17,811, ) 63,564, ,567, ,242, (45,643, ) 34,167, Dividend Option 95,401, ,545, (23,253, ) 148,692, ,267, ,783, (45,650, ) 95,401, Kotak Balance Unit Scheme 99 32,079, ,654, (6,088, ) 34,645, ,540, ,171, (20,631, ) 32,079, Kotak Technology Scheme 31,348, ,272, (1,579, ) 31,042, ,757, ,291, (16,700, ) 31,348, Kotak MNC Scheme 11,336, , (765, ) 10,690, ,146, ,128, (6,938, ) 11,336, Kotak Global India Scheme Growth Option 10,175, , (2,057, ) 8,454, ,044, , (4,805, ) 10,175, Dividend Option 29,439, , (4,291, ) 25,623, ,605, ,233, (12,399, ) 29,439, Kotak Opportunities Growth Option 97,548, ,777, (25,698, ) 156,627, ,934, ,454, (38,839, ) 97,548, Dividend Option 227,897, ,262, (64,337, ) 291,822, ,566, ,162, (53,831, ) 227,897, Kotak Midcap Scheme Growth Option 30,229, ,140, (3,969, ) 28,400, ,955, ,580, (54,305, ) 30,229, Dividend Option 66,373, ,391, (13,351, ) 54,412, ,506, ,702, (50,835, ) 66,373, Kotak Contra Scheme Growth Option 28,856, , (2,517, ) 27,222, ,310, ,601, (16,055, ) 28,856, Dividend Option 36,351, , (4,099, ) 32,842, ,685, ,890, (27,225, ) 36,351, Kotak Tax Saver Scheme Growth Option 149,369, ,973, (3,361, ) 184,982, ,697, ,685, (13, ) 149,369, Dividend Option 175,700, ,151, (3,081, ) 233,770, ,351, ,363, (13, ) 175,700, Kotak Lifestyle Fund Growth Option 80,563, ,360, (11,333, ) 74,591, ,876, ,203, (134,517, ) 80,563, Dividend Option 82,685, ,579, (14,485, ) 69,779, ,145, ,432, (149,892, ) 82,685, Kotak Income Plus Scheme Growth Option 9,395, ,424, (4,866, ) 6,952, ,275, ,000, (34,881, ) 9,395, Monthly Dividend Option 6,444, ,526, (3,057, ) 4,913, ,239, ,651, (4,445, ) 6,444, Quarterly Dividend Option 7,290, ,351, (8,179, ) 6,462, ,822, ,316, (4,847, ) 7,290,

50 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak Equity FOF Growth Option 11,609, , (1,640, ) 10,289, ,120, , (6,463, ) 11,609, Dividend Option 8,754, , (1,506, ) 7,495, Kotak Flexi Fund of Funds 12,694, , (4,270, ) 8,754, Growth Option 17,113, (17,113, ) - 55,338, (38,224, ) 17,113, Dividend Option 2,475, (2,475, ) - Kotak Equity Arbitrage Fund 8,116, (5,640, ) 2,475, Growth Option 47,210, ,972, (119,118, ) 106,063, ,071, ,567, (39,429, ) 47,210, Dividend Option 214,045, ,065, (256,547, ) 72,564, Kotak Flexi Fund of Funds Series I 19,755, ,325, (340,035, ) 214,045, Growth Option 5,406, (816, ) 4,590, ,997, (22,591, ) 5,406, Dividend Option 1,064, (804, ) 259, Kotak Twin Advantage Series II 6,924, (5,860, ) 1,064, Growth Option 11,709, (4,122, ) 7,587, ,023, (12,313, ) 11,709, Dividend Option 27,782, (8,609, ) 19,173, Kotak Flexi Fund of Funds Series II 62,734, (34,951, ) 27,782, Dividend Option 60,658, (30,236, ) 30,422, Kotak Twin Advantage Series III 287,191, (226,532, ) 60,658, Growth Option 64,014, , (17,203, ) 46,815, ,973, (98,958, ) 64,014, Dividend Option 42,317, (11,100, ) 31,217, Kotak Dynamic Asset Allocation 117,663, (75,345, ) 42,317, Dividend Option 528,308, (277,489, ) 250,819, Kotak Wealth Builder Series I 670,903, , (142,604, ) 528,308, Growth Option 96,431, (35,380, ) 61,050, ,574, (110,142, ) 96,431, Dividend Option 40,745, (14,030, ) 26,715, Kotak Emerging Equity Scheme 76,796, , (36,407, ) 40,745, Growth Option 118,028, , (14,585, ) 103,552, ,474, ,266, (39,713, ) 118,028, Dividend Option 70,374, , (10,573, ) 59,858, Kotak Global Emerging Equity Scheme 94,331, (23,956, ) 70,374, Growth Option 317,929, , (98,690, ) 219,251, ,917, (23,988,318.92) 317,929, Dividend Option 148,897, ,040, (48,446,561.09) 102,491, Kotak Blended FOF - 168,921, (20,024, ) 148,897, Dividend Option 161,933, (68,889,060.86) 93,044, ,058, (14,124, ) 161,933,

51 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak PSU Bank ETF Dividend Option 2,327, (750, ) 1,577, Kotak Indo World Infrastructure Fund - 2,327, ,327, Growth Option 700,293, ,752, (43,973, ) 658,072, ,293, ,293, Dividend Option 261,463, ,201, (35,632, ) 230,032, Kotak Gold ETF Outstanding (Units of Rs. 100 each) - 261,463, ,463, Dividend Option 276, , (132, ) 348, Kotak Sensex ETF - 643, (367, ) 276, Dividend Option - 2,202, (1,570, ) 632, Kotak Mahindra Bond Unit Scheme 99 Regular Plan Growth Option 21,018, ,057, (76,059, ) 82,016, ,772, ,057, (26,811, ) 21,018, Regular Plan Quarterly Dividend Option 89,368, ,447, (229,132, ) 234,682, ,498, ,193, (26,323, ) 89,368, Regular Plan Annual Dividend Option 282, , (6, ) 931, , , (172, ) 282, Regular Plan Bonus Option 357, , (21, ) 394, , , (14, ) 357, Deposit Growth Option 3,675, ,907, (4,400, ) 24,182, ,733, ,235, (1,293, ) 3,675, Deposit Dividend Option 17,094, ,499, (22,292, ) 86,301, ,634, ,270, (810, ) 17,094, Bond Short Term Growth Option 73,633, ,755, (106,272, ) 47,117, ,311, ,571, (278,249, ) 73,633, Bond Short Term Dividend Option 271,361, ,092, (384,096, ) 101,356, Kotak Mahindra Gilt Unit Scheme 98 11,368, ,066, (437,073, ) 271,361, Savings Plan Growth Option 6,670, ,033,946, (1,015,669, ) 24,947, ,153, ,374, (5,856, ) 6,670, Savings Plan Monthly Dividend Option 140, ,932, (77,423, ) 21,650, , ,274, (10,314, ) 140, Savings Plan Annual Dividend Option 383, , (390, ) 23, , , (94, ) 383, Investment Regular Plan Growth Option 5,708, ,934, (16,948, ) 19,694, ,123, ,742, (12,157, ) 5,708, Investment Regular Plan Dividend Option 3,799, ,671, (83,338, ) 63,132, ,821, ,311, (22,334, ) 3,799, Investment Providend Fund & Trust Plan Growth Option 3,984, , (2,270, ) 2,387, ,413, ,337, (765, ) 3,984, Investment Providend Fund & Trust Plan Dividend Option 779, , (228, ) 796, , (45, ) 779,

52 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak Liquid Scheme Regular Plan Growth Option 52,092, ,425, (541,187, ) 23,331, ,979, ,082,537, (1,132,424, ) 52,092, Regular Plan Dividend Option 140,023, ,298, (730,270, ) 34,051, ,571, ,436,465, (1,473,013, ) 140,023, Institutional Plan Growth Option 118,721, ,208,242, (1,280,703, ) 46,260, ,983, ,095,076, (1,061,338, ) 118,721, Institutional Plan Daily Dividend Option 20,817, ,044, (561,370, ) 5,491, ,127, ,225, (315,536, ) 20,817, Institutional Plan Weekly Dividend Option 105,061, ,516, (647,660, ) 12,917, ,635, ,194,201, (1,255,775, ) 105,061, Institutional Premium Plan Growth Option 776,141, ,963,400, (73,728,354, ) 1,011,187, ,624, ,932,539, (40,821,022, ) 776,141, Institutional Premium Plan Daily Dividend Option 483,014, ,268,227, (33,647,967, ) 103,274, ,557, ,308,002, (111,550,545, ) 483,014, Institutional Premium Plan Weekly Dividend Option 28,166, ,860,964, (4,878,418, ) 10,712, ,102, ,445,336, (7,518,271, ) 28,166, Kotak Floater Short Term Growth Option 63,537, ,687,094, (1,430,067, ) 320,565, ,552, ,260,548, (5,237,563, ) 63,537, Monthly Dividend Option 15,096, ,949, (141,341, ) 2,704, ,767, ,615, (38,285, ) 15,096, Weekly Dividend Option 50,507, ,641, (83,248, ) 34,900, ,759, ,646, (637,898, ) 50,507, Daily Dividend Option 188,531, ,311,691, (1,492,457, ) 7,764, ,607,095, (1,418,564, ) 188,531, Kotak Floater Long Term Growth Option 12,716, ,595,013, (1,492,621, ) 1,115,107, ,325, ,730, (120,339, ) 12,716, Monthly Dividend Option 13,052, ,430, (99,801, ) 13,681, ,202, ,310, (83,460, ) 13,052, Weekly Dividend Option 19,475, ,722, (664,522, ) 234,676, ,382, ,757, (145,663, ) 19,475, Daily Dividend Option - 4,324,158, (3,046,516, ) 1,277,642, Kotak Flexi Debt Scheme Regular Growth Option 250,975, ,558,765, (2,759,694, ) 50,047, ,291, ,458,685, (8,250,001, ) 250,975, Regular Quarterly Dividend Option 88,995, ,818, (312,339, ) 39,474, ,138, ,833, (280,976, ) 88,995, Regular Weekly Dividend Option - 1,421,404, (1,388,242, ) 33,161, Regular Daily Dividend Option 1,854,939, ,435,833, (10,043,007, ) 247,765, ,563, ,753,521, (24,053,145, ) 1,854,939, Institutional Growth Option - 5,772,342, (5,495,477, ) 276,864, Institutional Weekly Dividend Option - 2,594,285, (2,581,680, ) 12,604, Institutional Daily Dividend Option - 9,100,848, (8,758,299, ) 342,548, Kotak FMP 16M Series 1 Growth Option 76,021, (76,021, ) - 76,926, (905, ) 76,021, Dividend Option 1,853, (1,853, ) - 1,853, ,853, Kotak FMP 15M Series 2 Growth Option 60,565, (60,565, ) - 70,397, , (10,129, ) 60,565, Dividend Option 146, (146, ) - 446, (300, ) 146,

53 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak FMP 14M Series 1 Retail Growth Option 5,269, (5,269, ) - 5,269, ,269, Retail Dividend Option 261, (262, ) - 253, , , Institutional Growth Option 11,000, (11,000, ) - Kotak FMP 13M Series 1 16,000, (5,000, ) 11,000, Retail Growth Option 26,468, (26,468, ) - 27,622, (1,153, ) 26,468, Retail Dividend Option 770, , (772, ) - 1,421, , (660, ) 770, Institutional Growth Option 261,161, (261,161, ) - 379,801, , (119,240, ) 261,161, Institutional Dividend Option 3,000, (3,000, ) - Kotak FMP 14M Series 2 3,000, ,000, Retail Growth Option 8,135, (8,135, ) - 8,567, (432, ) 8,135, Retail Dividend Option 1,183, , (1,197, ) - 2,119, , (1,000, ) 1,183, Institutional Growth Option 225,650, (225,650, ) - 290,650, (65,000, ) 225,650, Institutional Dividend Option 1,000, (1,000, ) - Kotak FMP 13M Series 2-1,000, ,000, Retail Growth Option 25,571, (25,571, ) - 25,471, , (406, ) 25,571, Retail Dividend Option 155, , (157, ) - 373, , (224, ) 155, Institutional Growth Option 285,914, (285,914, ) - 300,914, (15,000, ) 285,914, Institutional Dividend Option 5,433, , (5,481, ) Kotak FMP 15M Series 3 5,000, , ,433, Retail Growth Option 22,595, (22,595, ) ,352, (757, ) 22,595, Retail Dividend Option 3,654, , (3,734, ) - - 3,859, (204, ) 3,654, Institutional Growth Option 78,972, (78,972, ) - Kotak FMP 12M Series 1-79,972, (1,000, ) 78,972, Retail Growth Option 6,716, (6,716, ) - - 6,742, (26, ) 6,716, Retail Dividend Option 1,352, , (1,358, ) - - 1,455, (103, ) 1,352, Institutional Growth Option 120,128, (120,128, ) ,710, (7,581, ) 120,128, Institutional Dividend Option 10,577, , (10,784, ) ,577, ,577,

54 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak FMP 12M Series 2 Retail Growth Option 5,019, ,027, (6,047, ) - - 5,586, (566, ) 5,019, Retail Dividend Option 4,847, , (4,924, ) - - 4,847, ,847, Institutional Growth Option 127,535, (127,535, ) ,535, ,535, Institutional Dividend Option 2,100, (2,100, ) - - 2,100, ,100, Kotak Quarterly Interval Plan Series 1 Growth Option 5,297, ,691, (18,684, ) 304, ,625, (327, ) 5,297, Dividend Option 37,202, ,887, (239,189, ) 900, ,918, (315,716, ) 37,202, Kotak Quarterly Interval Plan Series 2 Growth Option 6,509, ,272, (35,772, ) 23,010, ,110, (4,601, ) 6,509, Dividend Option 94,124, ,568, (488,157, ) 322,535, ,471, (96,347, ) 94,124, Kotak FMP 12M Series 4 Retail Growth Option 3,003, (3,003, ) - - 3,003, ,003, Retail Dividend Option 263, , (274, ) , , Institutional Growth Option 138,659, (138,659, ) ,659, ,659, Institutional Dividend Option 5,635, , (5,881, ) - - 5,635, ,635, Kotak Quarterly Interval Plan Series 3 Growth Option 9,313, ,502, (76,183, ) 632, ,784, (37,471, ) 9,313, Dividend Option 299,812, ,123, (1,072,218, ) 3,716, ,103, (225,291, ) 299,812, Kotak FMP 17M Series 1 Retail Growth Option 4,963, (1,124, ) 3,839, ,003, (40, ) 4,963, Retail Dividend Option 569, , (7, ) 581, , , Institutional Growth Option 66,119, (40,019, ) 26,100, ,119, ,119, Institutional Dividend Option 1,000, ,000, ,000, ,000, Kotak Quarterly Interval Plan Series 4 Growth Option 12,750, ,321, (49,824, ) 247, ,700, (20,950, ) 12,750, Dividend Option 356,554, ,725, (921,962, ) 8,317, ,315, (218,760, ) 356,554, Kotak FMP 16M Series 2 Retail Growth Option 6,923, (2,689, ) 4,234, ,923, ,923, Retail Dividend Option 161, , , , , Institutional Growth Option 72,474, (22,500, ) 49,974, ,474, ,474, Institutional Dividend Option 15,681, ,036, (500, ) 16,218, ,681, ,681,

55 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak Quarterly Interval Plan Series 5 Growth Option 30,707, ,662, (118,602, ) 768, ,707, ,707, Dividend Option 644,276, ,686, (783,339, ) 623, ,324, (20,047, ) 644,276, Kotak Quarterly Interval Plan Series 6 Growth Option 67,122, ,211, (100,727, ) 605, ,172, (50, ) 67,122, Dividend Option 397,414, ,312, (728,671, ) 2,054, ,414, ,414, Kotak FMP 14M Series 3 Retail Growth Option 14,492, (2,682, ) 11,810, ,492, ,492, Retail Dividend Option 891, , (170, ) 742, , (20, ) 891, Institutional Growth Option 94,987, , (16,909, ) 78,877, ,987, ,987, Institutional Dividend Option 14,887, , (1,000, ) 14,828, ,887, ,887, Kotak FMP 14M Series 4 Retail Growth Option 6,199, (287, ) 5,912, ,199, ,199, Retail Dividend Option 1,305, , (460, ) 846, ,305, ,305, Institutional Growth Option 96,446, (11,446, ) 85,000, ,446, ,446, Institutional Dividend Option 1,750, ,293, ,043, ,750, ,750, Kotak FMP 3M Series 27 Growth Option 389, (389, ) , , Dividend Option 42,777, , (43,275, ) ,777, ,777, Kotak FMP 13M Series 3 Retail Growth Option 11,795, (1,482, ) 10,312, ,795, ,795, Retail Dividend Option 398, , , , , Institutional Growth Option 213,981, (16,250, ) 197,731, ,981, ,981, Institutional Dividend Option - 15,000, ,000, Kotak FMP 3M Series 28 Growth Option 8,320, (8,320, ) - - 8,320, ,320, Dividend Option 110,567, ,074, (111,641, ) ,567, ,567, Kotak FMP 13M Series 4 Retail Growth Option 60,791, (21,935, ) 38,856, ,791, ,791, Retail Dividend Option 2,924, , (454, ) 2,513, ,924, ,924, lnstitutional Growth Option 229,325, ,067, (95,259, ) 139,133, ,325, ,325, lnstitutional Dividend Option 11,000, , (6,500, ) 4,616, ,000, ,000,

56 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak FMP 15M Series 4 Retail Growth Option 9,329, , (2,063, ) 7,466, ,329, ,329, Retail Dividend Option 1,503, , (199, ) 1,343, ,503, ,503, lnstitutional Growth Option 241,995, ,000, (31,855, ) 215,140, ,995, ,995, lnstitutional Dividend Option 29,000, (3,355, ) 25,644, Kotak FMP 3M Series 29-29,000, ,000, Growth Option - 18,922, (18,922, ) - Dividend Option - 66,326, (66,326, ) - Kotak FMP 12M Series 3 Retail Growth Option - 43,073, (8,940, ) 34,133, Retail Dividend Option - 3,502, (835, ) 2,667, lnstitutional Growth Option - 229,683, (62,581, ) 167,102, lnstitutional Dividend Option - 5,643, (1,000, ) 4,643, Kotak FMP 12M Series 5 Retail Growth Option - 11,619, (2,264, ) 9,354, Retail Dividend Option - 1,155, (54, ) 1,101, lnstitutional Growth Option - 45,630, (17,000, ) 28,630, Kotak FMP 3M Series 30 Growth Option - 13,768, (13,768, ) - Dividend Option - 79,866, (79,866, ) - Kotak FMP 15M Series 5 Retail Growth Option - 75,923, (11,013, ) 64,909, Retail Dividend Option - 9,246, (2,399, ) 6,847, lnstitutional Growth Option - 148,357, (47,634, ) 100,723, lnstitutional Dividend Option - 24,065, (9,239, ) 14,826, Kotak FMP 12M Series 6 Retail Growth Option - 4,001, (2,244, ) 1,757, Retail Dividend Option - 604, , lnstitutional Growth Option - 98,500, (17,500, ) 81,000, Kotak FMP 12M Series 7 Retail Growth Option - 58,349, (4,596, ) 53,753, Retail Dividend Option - 8,618, (1,610, ) 7,007, lnstitutional Growth Option - 136,618, (40,744, ) 95,873, lnstitutional Dividend Option - 42,681, (5,250, ) 37,431, Kotak FMP 1M Series 1 Growth Option - 79,458, (79,458, ) - Dividend Option - 300,093, (300,093, ) - Kotak FMP 3M Series 31 Growth Option - 4,846, (4,846, ) - Dividend Option - 146,923, (146,923, ) - Kotak FMP 1M Series 2 Growth Option - 113,015, (113,015, ) - Dividend Option - 209,088, (209,088, ) - Kotak FMP 3M Series 32 Growth Option - 38,132, (38,132, ) - Dividend Option - 298,825, (298,825, ) - Kotak FMP 3M Series 33 Growth Option - 28,533, (28,533, ) - Dividend Option - 232,524, (232,524, ) - 54

57 SCHEDULE FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2009 AND THE REVENUE ACCOUNT FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme At the beginning of the year Issued during the year Redeemed during the year At the end of the year Kotak FMP 12M Series 8 Retail Growth Option - 86,418, (11,555, ) 74,862, Retail Dividend Option - 15,095, (1,205, ) 13,889, lnstitutional Growth Option - 395,974, (130,242, ) 265,732, lnstitutional Dividend Option - 97,810, (18,120, ) 79,690, Kotak FMP 1M Series 3 Growth Option - 128,619, (128,619, ) - Dividend Option - 337,133, (337,133, ) - Kotak Quarterly Interval Plan Series 8 Growth Option - 36,861, (36,542, ) 319, Dividend Option - 362,479, (359,421, ) 3,058, Kotak FMP 6M Series 7 Growth Option - 12,396, (12,396, ) - Dividend Option - 61,400, (61,400, ) - Kotak FMP Monthly Interval Plan Series 2 Growth Option - 18,917, (16,317, ) 2,600, Dividend Option - 242,553, (239,009, ) 3,543, Kotak Quarterly Interval Plan Series 7 Growth Option - 20,316, (19,713, ) 603, Dividend Option - 167,879, (165,653, ) 2,226, Kotak FMP 12M Series 9 Retail Growth Option - 72,145, (10,019, ) 62,126, Retail Dividend Option - 18,941, (1,733, ) 17,208, lnstitutional Growth Option - 116,248, (6,091, ) 110,156, lnstitutional Dividend Option - 2,000, ,000, Kotak FMP Monthly Interval Plan Series 3 Growth Option - 138,422, (138,368, ) 54, Dividend Option - 802,407, (801,715, ) 692, Kotak Quarterly Interval Plan Series 9 Growth Option - 54,357, (52,626, ) 1,731, Dividend Option - 224,160, (209,893, ) 14,266, Kotak Quarterly Interval Plan Series 10 Growth Option - 15,943, (13,825, ) 2,118, Dividend Option - 97,048, (91,413, ) 5,635, Kotak FMP 19M Series 1 Retail Growth Option - 15,868, (906, ) 14,962, Retail Dividend Option - 1,989, (220, ) 1,769, lnstitutional Growth Option - 13,312, ,312, lnstitutional Dividend Option - 975, (500, ) 475, Kotak FMP 12M Series 10 Retail Growth Option - 46,248, (1,205, ) 45,042, Retail Dividend Option - 11,096, (584, ) 10,512, lnstitutional Growth Option - 1,064,692, ,064,692, lnstitutional Dividend Option - 7,166, ,166, Kotak FMP 12M Series 11 Retail Growth Option - 6,440, (100, ) 6,340, Retail Dividend Option - 910, , lnstitutional Growth Option - 324,957, ,957, Kotak FMP 18M Series 1 Retail Growth Option - 25,276, ,276, Kotak FMP 13M Series 5 Growth Option - 323,371, ,371, Dividend Option - 28, ,

58 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK INDO WORLD INFRASTRUCTURE FUND Foreign Securities (13.59%) MUTUAL FUND UNITS T Rowe Price Asia Ex-Japan Fund Class A 4, (Cost Rs. 6, Lacs) 4, EQUITY SHARES ( 79.8 % ) Power 3, Banks 3, Petroleum Products 3, Telecom - Services 2, Industrial Capital Goods 2, Construction 1, Finance 1, Oil 1, Diversified Ferrous Metals Gas Travel & Transportation Non - Ferrous Metals Cement Auto (Cost Rs. 36, Lacs) 24, DEBENTURES AND BONDS ( 3.03 % ) * Cement Finance (Cost Rs Lacs) COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 0.33 % ) * (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( 3.26 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 30, (Total Cost Rs. 45, Lacs) EQUITY DERIVATIVES Short / Long Futures Short Options Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 2, Kotak Mahindra Bank Ltd. 365 Days 1, Kotak Mahindra Bank Ltd. 272 Days Kotak Mahindra Bank Ltd. 390 Days , is Rs. 1, Lacs. KOTAK GLOBAL EMERGING MARKET FUND MUTUAL FUND UNITS ( % ) T Rowe Price Global Emerging Fund Class A 17, (Cost Rs. 30, Lacs) 17, COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.69 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 17, (Total Cost Rs. 30, Lacs) KOTAK GOLD ETF GOLD (100%) 5, (Total Cost Rs. 3, Lacs) 5, Total investment at Market / Fair Value 5, (Total Cost Rs. 3, Lacs) KOTAK EMERGING EQUITY SCHEME EQUITY SHARES ( % ) Consumer Non Durables 1, Banks 1, Petroleum Products Power Finance Auto Auto Ancillaries Software Gas Media and Entertainment Industrial Capital Goods Pharmaceuticals Cement Construction Paper Travel & Transportation Trading Textile Products Industrial Products Chemicals Telecom - Equipment & Accessories Transportation (Cost Rs. 8, Lacs) 7, COLLATERALISED BORROWING & LENDING OBLIGATION ( % ) 1, (Cost Rs. 1, Lacs) 1, Total investment at Market / Fair Value 8, (Total Cost Rs. 10, Lacs) EQUITY DERIVATIVES Short Futures Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 464 Days

59 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK DYNAMIC ASSET ALLOCATION SCHEME EQUITY SHARES ( 4.92 % ) Petroleum Products Power Oil Telecom - Services Software Banks Industrial Capital Goods Diversified Consumer Non Durables Auto Ferrous Metals Non - Ferrous Metals Pharmaceuticals Finance Gas Cement Construction Media and Entertainment (Cost Rs Lacs) DEBENTURES AND BONDS ( % ) * Diversified Financial Services 3, Banks (Cost Rs. 4, Lacs) 4, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 28.7 % ) * Banks 3, (Cost Rs. 3, Lacs) 3, COLLATERALISED BORROWING & LENDING OBLIGATION ( 30 % ) 3, (Cost Rs. 3, Lacs) 3, Total investment at Market / Fair Value 11, (Total Cost Rs. 11, Lacs) EQUITY DERIVATIVES Long Futures 19, , Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 298 Days 3, Kotak Mahindra Bank Ltd. 367 Days 2, Kotak Mahindra Bank Ltd. 295 Days , is Rs. 7, Lacs. KOTAK MAHINDRA FLEXI FUND OF FUNDS - SERIES II SCHEME Mutual Fund Units( 100 % ) 3, Total investment at Market / Fair Value (Total Cost Rs. 3, Lacs) 3, KOTAK FLEXI FOF- SERIES - 1 Mutual Fund Units( 100 % ) Total investment at Market / Fair Value (Total Cost Rs Lacs) KOTAK EQUITY ARBITRAGE FUND EQUITY SHARES ( % ) Consumer Non Durables 1, Cement 1, Pharmaceuticals 1, Finance 1, Telecom - Equipment & Accessories 1, Banks 1, Construction Industrial Products Petroleum Products Ferrous Metals Software Power Oil Fertilisers Gas Telecom - Services Diversified Transportation Auto Minerals/Mining Industrial Capital Goods Media and Entertainment Hotels Textile Products Consumer Durables Chemicals (Cost Rs. 14, Lacs) 13, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 9.72 % ) * Banks 1, (Cost Rs. 1, Lacs) 1, COLLATERALISED BORROWING & LENDING OBLIGATION ( 1.31 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 15, (Total Cost Rs. 16, Lacs) EQUITY DERIVATIVES Short Futures -13, , Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 5, Kotak Mahindra Bank Ltd. 390 Days Kotak Mahindra Bank Ltd. 750 Days , is Rs. 1, Lacs. 57

60 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK EQUITY FOF SCHEME Mutual Fund Units ( 100 % ) 3, Total investment at Market / Fair Value 3, (Total Cost Rs. 2, Lacs) KOTAK MAHINDRA INCOME PLUS SCHEME GOVERNMENT DATED SECURITIES ( % ) GOVERNMENT (Cost Rs Lacs) EQUITY SHARES ( % ) Banks Consumer Non Durables Petroleum Products Power Telecom - Services Software Auto Pharmaceuticals Diversified Industrial Capital Goods Oil Auto Ancillaries Gas Construction Finance (Cost Rs Lacs) DEBENTURES AND BONDS ( % ) * Diversified Financial Services (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( % ) (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) EQUITY DERIVATIVES Long / Short Futures Short Options Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 390 Days is Rs Lacs. KOTAK LIFESTYLE SCHEME PREFERENCE SHARES ( 0.17 % ) Finance (Cost Rs Lacs) EQUITY SHARES ( % ) Consumer Non Durables 2, Banks 1, Auto 1, Telecom - Services Diversified Finance Media and Entertainment Textile Products Hotels (Cost Rs. 8, Lacs) 6, DEBENTURES AND BONDS ( 8.78 % ) * Diversified Financial Services Finance Cement Telecom - Services (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( % ) 1, (Cost Rs. 1, Lacs) 1, Total investment at Market / Fair Value 9, (Total Cost Rs. 10, Lacs) EQUITY DERIVATIVES Long Futures Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 276 Days Kotak Mahindra Bank Ltd. 700 Days is Rs Lacs. KOTAK TAX SAVER SCHEME EQUITY SHARES ( % ) Banks 3, Consumer Non Durables 2, Petroleum Products 2, Software 2, Power 2, Pharmaceuticals 1, Auto 1, Telecom - Services 1, Diversified 1, Oil 1, Finance Industrial Capital Goods

61 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK TAX SAVER SCHEME (Contd.) Ferrous Metals Construction Pesticides Travel & Transportation Gas Transportation Auto Ancillaries Media and Entertainment Textile Products Paper Industrial Products Chemicals (Cost Rs. 29, Lacs) 24, DEBENTURES AND BONDS ( 5.74 % ) * Banks Diversified Financial Services Cement (Cost Rs. 1, Lacs) 1, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 4.90 % ) * Banks 1, (Cost Rs. 1, Lacs) 1, COLLATERALISED BORROWING & LENDING OBLIGATION ( 8.30 % ) 2, (Cost Rs. 2, Lacs) 2, Total investment at Market / Fair Value 30, (Total Cost Rs. 35, Lacs) is Rs. 3, Lacs. KOTAK CONTRA SCHEME EQUITY SHARES ( % ) Banks Petroleum Products Consumer Non Durables Power Software Industrial Capital Goods Diversified Gas Telecom - Services Oil Fertilisers Auto Ancillaries Auto Cement Ferrous Metals Pharmaceuticals Finance Construction Travel & Transportation Transportation (Cost Rs. 5, Lacs) 4, KOTAK CONTRA SCHEME (Contd.) DEBENTURES AND BONDS ( 1.70 % ) * Cement (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( 14.5 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 5, (Total Cost Rs. 6, Lacs) Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days Kotak Mahindra Bank Ltd. 694 Days is Rs Lacs. KOTAK MIDCAP SCHEME EQUITY SHARES ( % ) Consumer Non Durables 1, Banks 1, Pharmaceuticals Petroleum Products Software Cement Auto Ancillaries Construction Finance Gas Pesticides Auto Power Transportation Industrial Capital Goods Travel & Transportation (Cost Rs. 6, Lacs) 6, DEBENTURES AND BONDS ( 4.15 % ) * Diversified Financial Services (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( % ) (Cost Rs Lacs) Total investment at Market / Fair Value 7, (Total Cost Rs. 7, Lacs) EQUITY DERIVATIVES Long / Short Futures Short Options

62 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK MIDCAP SCHEME (Contd.) Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days Kotak Mahindra Bank Ltd. 362 Days Kotak Mahindra Bank Ltd. 367 Days is Rs Lacs. KOTAK OPPORTUNITIES EQUITY SHARES ( % ) Banks 8, Petroleum Products 5, Software 4, Consumer Non Durables 3, Telecom - Services 3, Industrial Capital Goods 3, Auto 2, Power 2, Diversified 2, Pharmaceuticals 1, Oil 1, Construction 1, Finance 1, Ferrous Metals 1, Travel & Transportation 1, Cement 1, Gas Textile Products Auto Ancillaries Media and Entertainment Non - Ferrous Metals Fertilisers Transportation (Cost Rs. 57, Lacs) 50, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 2.39 % ) * Banks 1, (Cost Rs. 1, Lacs) 1, COLLATERALISED BORROWING & LENDING OBLIGATION ( 7.4 % ) 4, (Cost Rs. 4, Lacs) 4, Total investment at Market / Fair Value 55, (Total Cost Rs. 62, Lacs) EQUITY DERIVATIVES Long / Short Futures Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 2, Kotak Mahindra Bank Ltd. 390 Days Kotak Mahindra Bank Ltd. 365 Days Kotak Mahindra Bank Ltd. 272 Days Kotak Mahindra Bank Ltd. 500 Days Kotak Mahindra Bank Ltd. 364 Days Kotak Mahindra Bank Ltd. 392 Days , KOTAK OPPORTUNITIES (Contd.) is Rs. 1, Lacs. KOTAK GLOBAL INDIA SCHEME EQUITY SHARES ( % ) Pharmaceuticals Petroleum Products Software Consumer Non Durables Oil Power Banks Pesticides Auto Construction Diversified Industrial Capital Goods Non - Ferrous Metals Media and Entertainment Ferrous Metals (Cost Rs. 3, Lacs) 2, DEBENTURES AND BONDS ( 3.00 % ) * Diversified Financial Services (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( % ) (Cost Rs Lacs) Total investment at Market / Fair Value 3, (Total Cost Rs. 4, Lacs) EQUITY DERIVATIVES Short Futures Long Options Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days Kotak Mahindra Bank Ltd. 364 Days Kotak Mahindra Bank Ltd. 390 Days Kotak Mahindra Bank Ltd. 393 Days is Rs Lacs. 60

63 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK MAHINDRA MNC SCHEME EQUITY SHARES ( % ) Consumer Non Durables Industrial Products Industrial Capital Goods Auto Software Telecom - Services Diversified Trading Auto Ancillaries Banks Pesticides Cement Petroleum Products Chemicals (Cost Rs. 1, Lacs) 1, DEBENTURES AND BONDS ( 5.15 % ) * Diversified Financial Services (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( 15.3 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 1, (Total Cost Rs. 2, Lacs) EQUITY DERIVATIVES Long / Short Futures Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 390 Days is Rs Lacs. KOTAK MAHINDRA BALANCE SCHEME PREFERENCE SHARES ( 0.06 % ) Finance (Cost Rs Lacs) EQUITY SHARES ( % ) Petroleum Products Consumer Non Durables Banks Power Software Industrial Capital Goods Oil Telecom - Services Auto Pharmaceuticals Diversified Construction Gas Ferrous Metals Cement Auto Ancillaries Finance Travel & Transportation Media and Entertainment Transportation Fertilisers Consumer Durables (Cost Rs. 3, Lacs) 3, DEBENTURES AND BONDS ( 7.35 % ) * Diversified Financial Services (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( 7.55 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 4, (Total Cost Rs. 4, Lacs) EQUITY DERIVATIVES Long / Short Futures Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days Kotak Mahindra Bank Ltd. 364 Days is Rs Lacs. 61

64 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK MAHINDRA 30 UNIT SCHEME EQUITY SHARES ( % ) Banks 8, Petroleum Products 8, Software 4, Diversified 4, Telecom - Services 3, Consumer Non Durables 3, Power 3, Pharmaceuticals 3, Oil 3, Industrial Capital Goods 2, Ferrous Metals 1, Auto 1, Finance Textile Products Non - Ferrous Metals Construction Gas (Cost Rs. 58, Lacs) 51, DEBENTURES AND BONDS ( 0.16 % ) * Finance (Cost Rs Lacs) COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 9.52 % ) * Banks 5, (Cost Rs. 5, Lacs) 5, COLLATERALISED BORROWING & LENDING OBLIGATION ( 5.96 % ) 3, (Cost Rs. 3, Lacs) 3, Total investment at Market / Fair Value 61, (Total Cost Rs. 67, Lacs) EQUITY DERIVATIVES Long / Short Futures 2, , Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days 2, Kotak Mahindra Bank Ltd. 500 Days Kotak Mahindra Bank Ltd. 366 Days Kotak Mahindra Bank Ltd. 364 Days Kotak Mahindra Bank Ltd. 402 Days Kotak Mahindra Bank Ltd. 390 Days Kotak Mahindra Bank Ltd. 392 Days Kotak Mahindra Bank Ltd. 365 Days , is Rs. 5, Lacs. KOTAK PSU BANK ETF SCHEME EQUITY SHARES ( 100 % ) Banks 2, Total investment at Market / Fair Value 2, (Total Cost Rs. 4, Lacs) KOTAK BLENDED FOF Mutual Fund Units ( 100 % ) 9, Total investment at Market / Fair Value 9, (Cost Rs. 8, Lacs) KOTAK MAHINDRA TECHNOLOGY SCHEME EQUITY SHARES (100 %) Software Telecom - Services Media and Entertainment (Cost Rs. 1, Lacs) 1, Total investment at Market / Fair Value 1, (Total Cost Rs. 1, Lacs) Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 390 Days Kotak Mahindra Bank Ltd. 370 Days Kotak Mahindra Bank Ltd. 367 Days Kotak Mahindra Bank Ltd. 364 Days Kotak Mahindra Bank Ltd. 700 Days is Rs. Nil Lacs. KOTAK SENSEX ETF EQUITY SHARES (100 %) Petroleum Products Banks Software Diversified Telecom - Services Consumer Non Durables Power Finance Oil Industrial Capital Goods Auto Cement Non - Ferrous Metals Pharmaceuticals Ferrous Metals Construction (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) 62

65 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK TWIN ADVANTAGE SR II SCHEME DEBENTURES AND BONDS ( % ) * Diversified Financial Services Banks Finance (Cost Rs. 1, Lacs) 1, COLLATERALISED BORROWING & LENDING OBLIGATION (32.99 %) (Cost Rs Lacs) Total investment at Market / Fair Value 2, (Total Cost Rs. 2, Lacs) EQUITY DERIVATIVES Long Options Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 201 Days is Rs. 1, Lacs. KOTAK TWIN ADVANTAGE SR III SCHEME DEBENTURES AND BONDS (87.41 %) * Diversified Financial Services 4, Finance 2, Banks (Cost Rs. 6, Lacs) 6, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) (12.59 %) * Diversified Financial Services (Cost Rs Lacs) Total investment at Market / Fair Value 7, (Total Cost Rs. 7, Lacs) EQUITY DERIVATIVES Long Options Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 374 Days Aggregate fair value of non-traded/thinly traded investments as at March 31, 2009 is Rs. 7, Lacs. KOTAK WEALTH BUILDER SERIES I DEBENTURES AND BONDS (76.54 %) * Diversified Financial Services 4, Banks 1, Finance (Cost Rs. 6, Lacs) 6, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) (18.49 %) * Diversified Financial Services 1, (Cost Rs. 1, Lacs) 1, COLLATERALISED BORROWING & LENDING OBLIGATION (4.97 %) (Cost Rs Lacs) Total investment at Market / Fair Value 8, (Total Cost Rs. 8, Lacs) EQUITY DERIVATIVES Long Futures 1, , Long Options Duration Amount Percentage Placed of NAV TERM DEPOSITS Kotak Mahindra Bank Ltd. 700 Days Kotak Mahindra Bank Ltd. 365 Days Kotak Mahindra Bank Ltd. 370 Days , Aggregate fair value of non-traded/thinly traded investments as at March 31, 2009 is Rs. 7, Lacs. 63

66 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK FMP 12M SERIES 3 SCHEME DEBENTURES AND BONDS( 87.3 % ) * Diversified Financial Services 9, Finance 4, Banks 3, Telecom - Services 1, Auto Ancillaries (Cost Rs. 18, Lacs) 18, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Finance 1, Diversified Financial Services (Cost Rs. 2, Lacs) 2, COLLATERALISED BORROWING & LENDING OBLIGATION ( 2.31 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 21, (Total Cost Rs. 21, Lacs) is Rs. 21, Lacs. KOTAK FMP 12M SERIES 5 SCHEME DEBENTURES AND BONDS( % ) * Finance Telecom - Services Banks Diversified Financial Services (Cost Rs. 1, Lacs) 1, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Finance 1, Banks (Cost Rs. 2, Lacs) 2, COLLATERALISED BORROWING & LENDING OBLIGATION ( 5.52 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 4, (Total Cost Rs. 4, Lacs) is Rs. 3, Lacs. KOTAK FMP 12M SERIES 6 SCHEME DEBENTURES AND BONDS ( % ) * Finance 1, Banks (Cost Rs. 1, Lacs) 1, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( % ) Banks 6, (Cost Rs. 6, Lacs) 6, COLLATERALISED BORROWING & LENDING OBLIGATION ( 1.72 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 8, (Total Cost Rs. 8, Lacs) is Rs. 8, Lacs. KOTAK FMP 12M SERIES 7 SCHEME DEBENTURES AND BONDS ( 7.93 % ) * Finance 1, (Cost Rs. 1, Lacs) 1, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( % ) Banks 15, Diversified Financial Services 2, Finance Telecom - Services (Cost Rs. 18, Lacs) 18, Total investment at Market / Fair Value 20, (Total Cost Rs. 20, Lacs) * fair valued as per procedures determined by Kotak Mahindra Asset management is Rs. 20, Lacs. 64

67 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK FMP 12M SERIES 8 SCHEME DEBENTURES AND BONDS** ( % ) Finance 11, Petroleum Products 10, Diversified Financial Services 9, Banks 1, Telecom - Services (Cost Rs. 33, Lacs) 33, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * (23.33 %) Finance 4, Banks 3, Diversified Financial Services 1, Telecom - Services (Cost Rs. 10, Lacs) 10, COLLATERALISED BORROWING & LENDING OBLIGATION (0.52 %) (Cost Rs Lacs) Total investment at Market / Fair Value 44, (Total Cost Rs. 44, Lacs) is Rs. 44, Lacs. KOTAK FMP 12M SERIES 9 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * (100 %) Banks 19, (Cost Rs. 19, Lacs) 19, Total investment at Market / Fair Value 19, (Total Cost Rs. 19, Lacs) is Rs.19, Lacs. KOTAK FMP 12M SERIES 10 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 100 % ) Banks 117, (Cost Rs. 117, Lacs) 117, Total investment at Market / Fair Value 117, (Total Cost Rs. 117, Lacs) is Rs. 1,17, Lacs. KOTAK FMP 12M SERIES 11 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( % ) Banks 29, Diversified Financial Services 5, (Cost Rs. 34, Lacs) 34, COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.14 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 34, (Total Cost Rs. 34, Lacs) is Rs. 34, Lacs. KOTAK FMP 13M SERIES 3 SCHEME DEBENTURES AND BONDS ( % ) * Finance 9, Banks 2, (Cost Rs. 11, Lacs) 12, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Banks 6, Diversified Financial Services 4, Finance 1, (Cost Rs. 12, Lacs) 12, COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.21 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 24, (Total Cost Rs. 24, Lacs) is Rs. 24, Lacs. KOTAK FMP 13M SERIES 4 SCHEME DEBENTURES AND BONDS ( % ) * Diversified Financial Services 5, Auto Ancillaries 2, Construction 2, Finance 1, Telecom - Services (Cost Rs. 11, Lacs) 11, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Banks 7, Finance (Cost Rs. 8, Lacs) 8,

68 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK FMP 13M SERIES 4 SCHEME (Contd.) COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.3 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 20, (Total Cost Rs. 20, Lacs) is Rs. 19, Lacs. KOTAK FMP 13M SERIES 5 SCHEME DEBENTURES AND BONDS ( % ) Finance 2, Banks 2, (Cost Rs. 4, Lacs) 4, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( % ) Banks 25, (Cost Rs. 25, Lacs) 25, COLLATERALISED BORROWING & LENDING OBLIGATION ( 7.11 % ) 2, (Cost Rs. 2, Lacs) 2, Total investment at Market / Fair Value 32, (Total Cost Rs. 32, Lacs) is Rs. 25, Lacs. KOTAK FMP 14M SERIES 3 SCHEME DEBENTURES AND BONDS ( % ) * Finance 6, (Cost Rs. 6, Lacs) 6, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Banks 4, Finance (Cost Rs. 4, Lacs) 4, COLLATERALISED BORROWING & LENDING OBLIGATION ( 2.38 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 11, (Total Cost Rs. 11, Lacs) is Rs. 11, Lacs. KOTAK FMP 14M SERIES 4 SCHEME DEBENTURES AND BONDS ( % ) * Finance 2, Banks 2, Diversified Financial Services 1, (Cost Rs. 6, Lacs) 6, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * 2, Banks 1, (Cost Rs. 4, Lacs) 4, COLLATERALISED BORROWING & LENDING OBLIGATION ( 1.04 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 10, (Total Cost Rs. 10, Lacs) * fair valued as per procedures determined by Kotak Mahindra Asset management for valuation of securities for mutual funds issued by the Securities and Exchange is Rs. 10, Lacs. KOTAK FMP 15M SERIES 4 SCHEME DEBENTURES AND BONDS( % ) * Finance 8, Diversified Financial Services (Cost Rs. 9, Lacs) 9, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Banks 14, Diversified Financial Services 2, (Cost Rs. 16, Lacs) 16, COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.38 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 26, (Total Cost Rs. 26, Lacs) * fair valued as per procedures determined by Kotak Mahindra Asset management is Rs. 26, Lacs. 66

69 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK FMP 15M SERIES 5 SCHEME DEBENTURES AND BONDS ( % ) * Finance 3, Printing and Stationary 2, Construction 2, Diversified Financial Services 2, Banks (Cost Rs. 9, Lacs) 9, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Banks 7, Diversified Financial Services 1, Finance (Cost Rs. 10, Lacs) 10, COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.75 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 19, (Total Cost Rs. 19, Lacs) is Rs. 19, Lacs. KOTAK FMP 16M SERIES 2 SCHEME DEBENTURES AND BONDS ( 55.5 % ) * Finance 3, Diversified Financial Services 1, (Cost Rs. 4, Lacs) 4, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Banks 3, (Cost Rs. 3, Lacs) 3, COLLATERALISED BORROWING & LENDING OBLIGATION ( 2.68 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 7, (Total Cost Rs. 7, Lacs) is Rs. 7, Lacs. KOTAK FMP 17M SERIES 1 SCHEME DEBENTURES AND BONDS ( % ) * Finance 1, Banks (Cost Rs. 1, Lacs) 1, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * 1, Diversified Financial Services (Cost Rs. 1, Lacs) 1, KOTAK FMP 17M SERIES 1 SCHEME (Contd.) COLLATERALISED BORROWING & LENDING OBLIGATION ( 4.6 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 3, (Total Cost Rs. 3, Lacs) is Rs. 3, Lacs. KOTAK FMP 18M SERIES 1 SCHEME DEBENTURES AND BONDS ( % ) Finance Diversified Financial Services Petroleum Products (Cost Rs. 1, Lacs) 1, COLLATERALISED BORROWING & LENDING OBLIGATION ( % ) GOVERNMENT (Cost Rs Lacs) Total investment at Market / Fair Value 2, (Total Cost Rs. 2, Lacs) is Rs. 1, Lacs. KOTAK FMP 19M SERIES 1 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 100 % ) * Banks 3, (Cost Rs. 3, Lacs) 3, Total investment at Market / Fair Value 3, (Total Cost Rs. 3, Lacs) is Rs. 3, Lacs. 67

70 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK BOND UNIT SCHEME 99 KOTAK BOND REGULAR AND DEPOSIT PLAN GOVERNMENT DATED SECURITIES ( % ) 35, (Cost Rs. 36, Lacs) 35, DEBENTURES AND BONDS ( % ) Finance 9, Diversified Financial Services 4, Banks 2, Petroleum Products 2, (Cost Rs. 18, Lacs) 18, COLLATERALISED BORROWING & LENDING OBLIGATION ( 2.07 % ) 1, (Cost Rs. 1, Lacs) 1, Total investment at Market / Fair Value 55, (Total Cost Rs. 56, Lacs) is Rs. 11, Lacs. KOTAK MAHINDRA BOND SHORT TERM SCHEME GOVERNMENT DATED SECURITIES ( % ) 3, (Cost Rs. 3, Lacs) 3, DEBENTURES AND BONDS ( % ) Finance 5, Diversified Financial Services 3, Petroleum Products 1, Chemicals 1, Construction (Cost Rs. 11, Lacs) 11, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 8.15 % ) * Banks 1, (Cost Rs. 1, Lacs) 1, COLLATERALISED BORROWING & LENDING OBLIGATION ( 6.39 % ) 1, (Cost Rs. 1, Lacs) 1, Total investment at Market / Fair Value 17, (Total Cost Rs. 16, Lacs) is Rs. 9, Lacs. KOTAK FLOATER SHORT TERM SCHEME DEBENTURES AND BONDS ( % ) * Finance 1, Diversified Financial Services 1, Ferrous Metals 1, Banks Cement (Cost Rs. 5, Lacs) 5, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Banks 29, Diversified Financial Services 7, Finance 4, (Cost Rs. 42, Lacs) 42, COLLATERALISED BORROWING & LENDING OBLIGATION ( 5.50 % ) 2, (Cost Rs. 2, Lacs) 2, Total investment at Market / Fair Value 50, (Total Cost Rs. 50, Lacs) * fair valued as per procedures determined by Kotak Mahindra Asset management is Rs. 47, Lacs. KOTAK FLOATER LONG TERM SCHEME DEBENTURES AND BONDS ( % ) Finance 19, Diversified Financial Services 16, Petroleum Products 2, Banks (Cost Rs. 39, Lacs) 40, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * 218, Finance 9, Diversified Financial Services 8, Oil & Gas Exploration & Production 7, (Cost Rs. 244, Lacs) 244, COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.03 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 284, (Total Cost Rs. 283, Lacs) * fair valued as per procedures determined by Kotak Mahindra Asset management is Rs. 2,81, Lacs. KOTAK FLEXI DEBT SCHEME DEBENTURES AND BONDS ( % ) Diversified Financial Services 27, Finance 19, Banks 9, Telecom - Services 7, Construction 7, INFORMATION TECHNOLOGY 5, Cement 1, (Cost Rs. 77, Lacs) 78, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Banks 23, Finance (Cost Rs. 24, Lacs) 24, COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.34 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 103, (Total Cost Rs. 102, Lacs) is Rs. 1,02, Lacs. 68

71 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK QUARTERLY INTERVAL PLAN-SERIES I SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 100 % ) * Banks (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) is Rs Lacs. KOTAK MAHINDRA GILT UNIT SCHEME 98 INVESTMENT PLAN GOVERNMENT DATED SECURITIES ( % ) 10, (Cost Rs. 11, Lacs) 10, COLLATERALISED BORROWING & LENDING OBLIGATION ( 7.51 % ) (Cost Rs Lacs) Total investment at Market / Fair Value 11, (Total Cost Rs. 12, Lacs) SAVINGS SCHEME GOVERNMENT DATED SECURITIES ( % ) 3, (Cost Rs. 3, Lacs) 3, COLLATERALISED BORROWING & LENDING OBLIGATION ( % ) (Cost Rs Lacs) Total investment at Market / Fair Value 4, (Total Cost Rs. 4, Lacs) KOTAK MAHINDRA LIQUID SCHEME DEBENTURES AND BONDS ( % ) * Finance 47, Diversified Financial Services 41, Telecom - Services 11, Banks 10, Ferrous Metals 9, Petroleum Products 4, Cement (Cost Rs. 125, Lacs) 125, COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Banks 95, Finance 11, Diversified Financial Services (Cost Rs. 107, Lacs) 107, COLLATERALISED BORROWING & LENDING OBLIGATION ( 0.68 % ) 1, (Cost Rs. 1, Lacs) 1, Total investment at Market / Fair Value 234, (Total Cost Rs. 234, Lacs) is Rs. 2,32, Lacs. KOTAK MONTHLY INTERVAL PLAN SERIES 2 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( % ) Banks (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( % ) (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) is Rs Lacs. KOTAK MONTHLY INTERVAL PLAN SERIES 3 SCHEME COLLATERALISED BORROWING & LENDING OBLIGATION ( 100 % ) (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) KOTAK QUARTERLY INTERVAL PLAN-SERIES 3 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 2.43 % ) * Banks (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( % ) (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) is Rs.9.94 Lacs. KOTAK QUARTERLY INTERVAL PLAN-SERIES 4 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 100 % ) * Banks (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) is Rs Lacs. 69

72 STATEMENT OF PORTFOLIO HOLDING AS AT MARCH 31, 2009 (Contd.) (Referred to in Schedule 1 to the Balance Sheet as at March 31, 2009) KOTAK QUARTERLY INTERVAL PLAN-SERIES 5 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( 100 % ) * Banks (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) is Rs Lacs. KOTAK QUARTERLY INTERVAL PLAN-SERIES 6 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) ( % ) * Banks (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( % ) (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) is Rs Lacs. KOTAK QUARTERLY INTERVAL PLAN SERIES 7 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 81.4 % ) Banks (Cost Rs Lacs) COLLATERALISED BORROWING & LENDING OBLIGATION ( 18.6 % ) (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) is Rs Lacs. KOTAK QUARTERLY INTERVAL PLAN SERIES 8 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 100 % ) Banks (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) is Rs Lacs. KOTAK QUARTERLY INTERVAL PLAN SERIES 9 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 100 % ) Banks 1, (Cost Rs. 1, Lacs) 1, Total investment at Market / Fair Value 1, (Total Cost Rs. 1, Lacs) is Rs. 1, Lacs. KOTAK QUARTERLY INTERVAL PLAN SERIES 10 SCHEME COMMERCIAL PAPERS(CP) /CERTIFICATE OF DEPOSITS(CD) * ( 100 % ) Banks (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs Lacs) is Rs Lacs. KOTAK QUARTERLY INTERVAL PLAN-SERIES II SCHEME Company s Name / Security Market/Fair Percentage DEBENTURES AND BONDS (13.61%) * Diversified Financial Services 4, (Cost Rs. 4, Lacs) 4, COMMERCIAL PAPERS (CP) / CERTIFICATE OF DEPOSITS (CD) (85.03 %) * Banks 17, Diversified Financial Services 12, (Cost Rs. 29, Lacs) 29, COLLATERALISED BORROWING & LENDING OBLIGATION (1.36 %) (Cost Rs Lacs) Total investment at Market / Fair Value (Total Cost Rs. 34, Lacs) Aggregate fair value of non-traded/thinly traded investments as at March 31, 2009 is Rs.34, Lacs. 70

73 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 Scheme Kotak 30 Kotak Balance Kotak Tech Kotak MNC Kotak Global India Period NAV per unit (Rs.) Open : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option High : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option Law : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option End : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option 2. Closing Assets Under Management (Rs. In Lacs) End 63, , , , , , , , , , Average (AAuM) 64, , , , , , , , , , Gross income as % of AAuM (40.33) (34.22) (55.31) (10.46) (34.95) Expense Ratio a. Total Expenses as a % of AAuM (plan wise) b. Management Fees as % of AAuM (plan wise) Net Income as a percentage of AAuM (42.52) (36.72) (57.56) (12.96) (40.38) Portfolio turnover Ratio Total Dividend per unit distributed during the year / period (plan wise) Monthly Dividend Option Quarterly Dividend Option 8. Returns a. Last One Year Scheme (35.21) (27.43) (43.32) (25.91) (27.88) 7.04 (48.88) 4.84 Benchmark (36.19) (21.53) (38.93) (14.22) BSE Sensex - (37.94) BSE Sensex (40.02) S&P Nifty - (36.19) S&P Nifty b. Since Inception Scheme * (9.00) (3.44) Benchmark N.A. N.A. (5.01) 0.38 BSE Sensex BSE Sensex S&P Nifty S&P Nifty Benchmark : As per Offer Document * Kotak 30 Dividend Option 71

74 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Opportunities Kotak Midcap Kotak Contra Kotak Tax Saver Kotak Lifestyle Period NAV per unit (Rs.) Open : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option High : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option Law : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option End : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option 2. Closing Assets Under Management (Rs. In Lacs) End 60, , , , , , , , , , Average (AAuM) 70, , , , , , , , , , Gross income as % of AAuM (57.64) (77.89) (40.15) (57.97) (52.27) Expense Ratio a. Total Expenses as a % of AAuM (plan wise) b. Management Fees as % of AAuM (plan wise) Net Income as a percentage of AAuM (-59.80) (-80.33) (-43.38) (-60.49) (-60.70) Portfolio turnover Ratio Total Dividend per unit distributed during the year / period (plan wise) Monthly Dividend Option Quarterly Dividend Option 8. Returns a. Last One Year Scheme (40.66) (47.99) 6.97 (30.76) (44.17) (42.14) (0.30) Benchmark (40.02) (45.40) (40.02) (40.02) (40.02) b. Since Inception Scheme (2.70) (12.32) 7.60 Benchmark (6.46) Benchmark : As per Offer Document 72

75 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Income Plus Kotak Equity FOF Kotak Equity Kotak Flexi FOF Kotak Twin Arbitrage Fund Series I Advantage Series II Period NAV per unit (Rs.) Open : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option High : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option Law : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option End : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option Closing Assets Under Management (Rs. In Lacs) End 1, , , , , , , , Average (AAuM) 2, , , , , , , , , Gross income as % of AAuM (7.16) (39.73) Expense Ratio a. Total Expenses as a % of AAuM (plan wise) b. Management Fees as % of AAuM (plan wise) Net Income as a percentage of AAuM (-10.86) (-40.48) (-0.01) (-0.53) Portfolio turnover Ratio Total Dividend per unit distributed during the year / period (plan wise) Monthly Dividend Option Quarterly Dividend Option Returns a. Last One Year Scheme (8.14) 7.62 (34.84) N.A Benchmark (36.19) N.A b. Since Inception Scheme N.A Benchmark N.A Benchmark : As per Offer Document 73

76 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Flexi FOF Kotak Twin Advantage Kotak Dynamic Asset Kotak Wealth Kotak Emerging Series II Series III Allocation Builder Series I Equity Scheme Period NAV per unit (Rs.) Open : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option High : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option Law : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option End : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option 2. Closing Assets Under Management (Rs. In Lacs) End 3, , , , , , , , , , Average (AAuM) 4, , , , , , , , , , Gross income as % of AAuM (59.46) (78.79) Expense Ratio a. Total Expenses as a % of AAuM (plan wise) b. Management Fees as % of AAuM (plan wise) 5. Net Income as a percentage of (62.25) (83.87) AAuM 6. Portfolio turnover Ratio Total Dividend per unit distributed during the year / period (plan wise) Monthly Dividend Option Quarterly Dividend Option 8. Returns a. Last One Year Scheme 6.86 N.A (41.60) (49.34) N.A. Benchmark (21.53) (21.53) (54.01) b. Since Inception Scheme (11.22) (25.87) 7.93 Benchmark (3.87) (25.67) Benchmark : As per Offer Document 74

77 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Gold ETF Kotak Global Emerging Kotak Blended Kotak PSU Bank Kotak Indo World Kotak PSU market Fund FOF ETF Infrastructure Fund Bank ETF Period NAV per unit (Rs.) Open : Growth Option 1, N.A N.A N.A. Dividend Option N.A N.A N.A. Monthly Dividend Option Quarterly Dividend Option High : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option Law : Growth Option Dividend Option Monthly Dividend Option Quarterly Dividend Option End : Growth Option 1, , Dividend Option Monthly Dividend Option Quarterly Dividend Option 2. Closing Assets Under Management (Rs. In Lacs) End 5, , , , , , , , , , Average (AAuM) 4, , , , , , , , , , , Gross income as % of (3.46) (27.09) 0.13 (76.08) (1.86) (29.65) AAuM 4. Expense Ratio a. Total Expenses as a % of AAuM (plan wise) b. Management Fees as % # of AAuM (plan wise) 5. Net Income as a percentage (6.33) (0.47) 4.02 (3.84) (27.74) 0.03 (82.34) (2.23) (30.06) of AAuM 6. Portfolio turnover Ratio Total Dividend per unit distributed during the year / period (plan wise) Monthly Dividend Option Quarterly Dividend Option 8. Returns a. Last One Year Scheme N.A. (43.73) N.A N.A. (29.20) N.A. (42.38) N.A. N.A. Benchmark N.A. (38.31) (21.53) (30.37) N.A. (39.48) N.A. b. Since Inception Scheme * (32.00) (0.81) 0.22 N.A. (35.25) N.A. (53.05) (28.93) (37.61) Benchmark (31.01) (7.54) (22.39) (9.26) (35.48) N.A. (44.24) (28.93) (37.65) Benchmark : As per Offer Document # less than 0.005% 75

78 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak Mahindra Bond Unit Scheme 99 Kotak Mahindra Gilt Unit Scheme 98 Scheme Kotak Bond Regular Kotak Bond Short Saving Plan Investment Plan Kotak Liquid Scheme & Deposit Plan Term Plan Period NAV per unit (Rs.) Open : Growth Option Dividend Option Regular Annual Dividend Regular Bonus Option Deposit Growth Option Deposit Dividend Option Institutional Growth Option Institutional Dividend Option Institutional Weekly Dividend Option Institutional Daily Dividend Option Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Sweep Daily Dividend Monthly Dividend Option Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option High : Growth Option Dividend Option Regular Annual Dividend Regular Bonus Option Deposit Growth Option Deposit Dividend Option Institutional Growth Option Institutional Dividend Option Institutional Weekly Dividend Option Institutional Daily Dividend Option Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Sweep Daily Dividend Monthly Dividend Option Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option Low : Growth Option Dividend Option Regular Annual Dividend Regular Bonus Option Deposit Growth Option Deposit Dividend Option Institutional Growth Option Institutional Dividend Option Institutional Weekly Dividend Option Institutional Daily Dividend Option Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Sweep Daily Dividend Monthly Dividend Option Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option End : Growth Option Dividend Option Regular Annual Dividend

79 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Kotak Mahindra Bond Unit Scheme 99 Kotak Mahindra Gilt Unit Scheme 99 Scheme Kotak Bond Regular Kotak Bond Short Saving Plan Investment Plan Kotak Liquid Scheme & Deposit Plan Term Plan Period Regular Bonus Option Deposit Growth Option Deposit Dividend Option Institutional Growth Option Institutional Dividend Option Institutional Weekly Dividend Option Institutional Daily Dividend Option Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Sweep Daily Dividend Monthly Dividend Option Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option Closing Assets Under Management (Rs. In Lacs) End 62, , , , , , , , , , Average (AAuM) 22, , , , , , , , , , Gross income as % of AAuM (0.62) Expense Ratio a. Total Expenses as a % of AAuM (plan wise) Regular Plan Deposit Plan Provident Fund & Trust Plan Institutional Plan Institutional Premium Plan Sweep Plan b. Management Fees as % of AAuM (plan wise) Regular Plan Deposit Plan Provident Fund & Trust Plan Institutional Plan Institutional Premium Plan Sweep Plan Net Income as a percentage of AAuM (0.49) Portfolio turnover Ratio Total Dividend per unit distributed during the year / period (plan wise) Retail Plan Institutional Plan Daily Dividend Option Institutional Plan $^ $ & ^ Institutional Premium Plan $^ $ & ^ Sweep Plan - $ & ^ Weekly Dividend Option Regular Plan $^ $ & ^ Institutional Plan $^ $ & ^ Institutional Premium Plan $^ $ & ^ Monthly Dividend Option $ & $ & $ & $ & ^ ^ ^ ^ Quarterly Dividend Option Regular Plan $ & $ & $ & ^ ^ ^ Deposit Plan $ & $ & ^ ^ Provident Fund & Trust Plan ^ ^ Returns a. Last One Year Scheme 14.42, , & & ,8.43, ,7.60 & 8.01 Benchmark b. Since Inception Scheme 10.09, , , , , ,5.99 & 6.34 Benchmark N.A N.A N.A N.A 6.18 N.A, * $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 77

80 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Floater Kotak Floater Kotak Flexi Kotak Quarterly Kotak Quarterly Short Term Long Term Debt Scheme Interval Plan Series 1 Interval Plan Series 2 Period NAV per unit (Rs.) Open : Growth Option Dividend Option Regular Annual Dividend Regular Bonus Option Deposit Growth Option Deposit Dividend Option Institutional Growth Option Institutional Dividend Option Institutional Weekly Dividend Option Institutional Daily Dividend Option Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Sweep Daily Dividend Monthly Dividend Option Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option High : Growth Option Dividend Option Regular Annual Dividend Regular Bonus Option Deposit Growth Option Deposit Dividend Option Institutional Growth Option Institutional Dividend Option Institutional Weekly Dividend Option Institutional Daily Dividend Option Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Regular Quarterly Dividend Monthly Dividend Option Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option Low : Growth Option Dividend Option Regular Annual Dividend Regular Bonus Option Deposit Growth Option Deposit Dividend Option Institutional Growth Option Institutional Dividend Option Institutional Weekly Dividend Option Institutional Daily Dividend Option Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Sweep Daily Dividend Monthly Dividend Option Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option End : Growth Option Dividend Option Regular Annual Dividend Regular Bonus Option 78

81 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Floater Kotak Floater Kotak Flexi Kotak Quarterly Kotak Quarterly Short Term Long Term Debt Scheme Interval Plan Series 1 Interval Plan Series 2 Period Deposit Growth Option Deposit Dividend Option Institutional Growth Option Institutional Dividend Option Institutional Weekly Dividend Option Institutional Daily Dividend Option Institutional Premium Growth Option Institutional Premium Weekly Dividend Option Institutional Premium Daily Dividend Option Regular Quarterly Dividend Monthly Dividend Option Weekly Dividend Option Daily Dividend Option Provident Fund and Trust Growth Option Provident Fund and Trust Dividend Option 2. Closing Assets Under Management (Rs. In Lacs) End 51, , , , ,04, , , , , Average (AAuM) 26, , , , ,65, , , , , , Gross income as % of AAuM Expense Ratio a. Total Expenses as a % of AAuM (plan wise) Regular Plan Deposit Plan Provident Fund & Trust Plan Institutional Plan 0.85 Institutional Premium Plan Sweep Plan b. Management Fees as % of AAuM (plan wise) # NIL NIL NIL Regular Plan 0.31 Deposit Plan Provident Fund & Trust Plan Institutional Plan 6.59 Institutional Premium Plan Sweep Plan 5. Net Income as a percentage of AAuM Portfolio turnover Ratio Total Dividend per unit distributed during the year / period (plan wise) $ & $ & $ & $ & ^ ^ ^ ^ Retail Plan $ & ^ Institutional Plan Daily Dividend Option $ ^ $ & $ & $ & ^ ^ ^ Institutional Plan $ & ^ Institutional Premium Plan Sweep Plan Weekly Dividend Option $ ^ $ & $ & $ & $ & ^ ^ ^ ^ Regular Plan Institutional Plan Institutional Premium Plan Monthly Dividend Option $ ^ $ & $ & $ & ^ ^ ^ Quarterly Dividend Option Regular Plan $ & ^ $ & ^ $ & ^ Deposit Plan Provident Fund & Trust Plan 8. Returns a. Last One Year Scheme ,N.A N.A N.A Benchmark b. Since Inception Scheme , Benchmark $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 79

82 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Quarterly Kotak FMP 17M Kotak Quarterly Kotak FMP 16M Kotak Quarterly Interval Plan Series 3 Series 1 Interval Plan Series 4 Series 2 Interval Plan Series 5 Period NAV per unit (Rs.) Open : Growth Option Dividend Option Deposit Dividend Option Institutional Growth Option Institutional Dividend Option High : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option Low : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option End : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option Closing Assets Under Management (Rs. In Lacs) End , , , , , , , Average (AAuM) 43, , , , , , , , , , Gross income as % of AAuM Expense Ratio a. Total Expenses as a % of AAuM (plan wise) # # Institutional Plan b. Management Fees as % of AAuM (plan wise) NIL NIL NIL NIL NIL NIL Institutional Plan 5. Net Income as a percentage of AAuM Portfolio turnover Ratio Total Dividend per unit distributed during the year / period (plan wise) $ & $ & $ & $ & $ & $ & ^ ^ ^ ^ ^ ^ Retail Plan $ $ $ $ Institutional Plan ^ ^ ^ ^ Returns a. Last One Year Scheme N.A 7.36,7.67 N.A 9.65 N.A 8.55,8.99 N.A 9.33 N.A Benchmark b. Since Inception Scheme , , Benchmark $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 80

83 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Quarterly Kotak FMP 14M Series 3 Kotak FMP 14M Series 4 Kotak FMP 13M Series 3 Kotak FMP 13M Series 4 Interval Plan Series 6 Period NAV per unit (Rs.) Open : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option High : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option Low : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option End : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option Closing Assets Under Management (Rs. In Lacs) End , , , , , , , , , Average (AAuM) 33, , , , , , , , , , Gross income as % of AAuM Expense Ratio a. Total Expenses as a % of AAuM (plan wise) Institutional Plan b. Management Fees as % of AAuM (plan wise) NIL NIL Institutional Plan 5. Net Income as a percentage of AAuM Portfolio turnover Ratio Total Dividend per unit distributed during the year / period (plan wise) $ & $ & ^ ^ Retail Plan $ $ $ & ^ Institutional Plan $ & $ & $ $ ^ ^ Returns a. Last One Year Scheme 9.65 N.A 8.04,8.51 N.A 7.82,8.30 N.A 9.76,10.17 N.A N.A N.A Benchmark N.A 8.26 b. Since Inception Scheme , , ,10.22 N.A N.A N.A Benchmark (0.30) 6.89 (0.18) 6.91 (0.07) N.A (0.12) $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 81

84 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak FMP 15M Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak FMP Kotak Kotak Series 4 12M Series 3 12M Series 5 15M Series 5 12M Series 6 12M Series 7 12M Series 8 Quarterly Monthly Interval Interval Plan Series 8 Plan Series 2 Period NAV per unit (Rs.) Open : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option High : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option Low : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option End : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option Closing Assets Under Management (Rs. In Lacs) End 27, , , , , , , , Average (AAuM) 27, , , , , , , , , , Gross income as % of AAuM Expense Ratio a. Total Expenses as a % of AAuM (plan wise) Institutional Plan b. Management Fees as % of AAuM (plan wise) 0.10 # NIL # Institutional Plan 5. Net Income as a percentage of AAuM Portfolio turnover Ratio - 7 Total Dividend per unit distributed during the year / period (plan wise) - $ & $ & ^ ^ Retail Plan $ $ & - $ & - $ & $ & ^ ^ ^ ^ Institutional Plan ^ $ & - $ & - $ & $ & ^ ^ ^ ^ Returns a. Last One Year Scheme N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A Benchmark N.A 8.26 N.A N.A N.A N.A N.A N.A N.A N.A b. Since Inception Scheme N.A 8.69 N.A N.A N.A N.A N.A N.A N.A N.A Benchmark N.A (0.06) N.A N.A N.A N.A N.A N.A N.A N.A $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 82

85 KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2009 (Contd.) Scheme Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Kotak Quarterly FMP 12M Monthly Quarterly Quarterly FMP 19M FMP 12M FMP 12M FMP 18M FMP 13M Interval Series 9 Interval Interval Interval Series 1 Series 10 Series 11 Series 1 Series 5 Plan Series 7 Plan Series 3 Plan Series 9 Plan Series 10 Period NAV per unit (Rs.) Open : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option High : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option Low : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option End : Growth Option Dividend Option Institutional Growth Option Institutional Dividend Option Closing Assets Under Management (Rs. In Lacs) End , , , , , , , Average (AAuM) 8, , , , , , , , , , Gross income as % of AAuM Expense Ratio a. Total Expenses as a % of AAuM (plan wise) Institutional Plan b. Management Fees as % of AAuM (plan wise) NIL 0.64 NIL Institutional Plan 5. Net Income as a percentage of AAuM Portfolio turnover Ratio 7 Total Dividend per unit distributed during the year / period (plan wise) $ & $ & $ & $ & ^ ^ ^ ^ Retail Plan $ & - $ & - - ^ ^ Institutional Plan ^ $ & - - ^ Returns a. Last One Year Scheme N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A Benchmark N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A b. Since Inception Scheme N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A Benchmark N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A $ - Individual, ^ Others Benchmark : As per Offer Document *the banckmark returns corresponds to kotak liquid institutional plan Kotak Quarterly Interval Plan - Crisil Liquid Fund index, Kotak FMP 12M - Crisil Composite Bond Fund index, Kotak FMP 6M - Crisil Liquid Fund Index, Kotak FMP 3M - Crisil Liquid fund index, Kotak FMP 16M - Crisil Composite Bond Index, Kotak FMP 17M - Crisil Composite Bond index, Kotak FMP 14M - Crisil Composite Bond Fund index, Kotak FMP 13M - Crisil Composite Bond Index, Kotak FMP 15M - Crisil Composite Bond Index 83

86 Combined Risk Factors: * Mutual Funds investments are subject to market risks and there is no assurance or guarantee that the objectives of the Schemes will be achieved * As with any securities investment, the NAV of the Units issued under the Schemes can go up or down depending on the factors and forces affecting the capital and money markets. * Past performance of the Sponsor/ AMC/ Fund or that of existing Schemes of the Fund does not indicate the future performance of the Schemes * Kotak Mahindra 30 Unit Scheme, Kotak Mahindra Balance Unit Scheme 99, Kotak Mahindra Technology Scheme, Kotak Mahindra MNC Scheme, Kotak Mahindra Global India Scheme, Kotak Opportunities, Kotak Midcap Scheme, Kotak Contra Scheme, Kotak Tax Saver Scheme, Kotak Lifestyle, Kotak Mahindra Income Plus, Kotak Equity FOF, Kotak Flexi Fund Of Funds, Kotak Equity Arbitrage Fund, Kotak Flexi FOF - Series I, Kotak Twin Advantage Series II, Kotak Flexi FOF - Series II, Kotak Twin Advantage Series III, Kotak Dynamic Asset Allocation, Kotak Wealth Builder Series I, Kotak Emerging Equity Scheme, Kotak Gold ETF, Kotak Global Emerging Market Fund, Kotak PSU Bank ETF, Kotak Blended FOF, Kotak Indo World Infrastructure Fund, Kotak Sensex ETF, Kotak Mahindra Bond Unit Scheme 99, Kotak Mahindra Bond Short Term Plan, Kotak Mahindra Gilt Savings Plan, Kotak Mahindra Gilt Investment Plan, Kotak Mahindra Liquid Scheme, Kotak Floater Short Term Scheme, Kotak Floater Long Term Scheme, Kotak Flexi Debt Scheme, Kotak FMP 16M Series 1, Kotak FMP 15M Series 2, Kotak FMP 14M Series 1, Kotak FMP 13M Series 1, Kotak FMP 14M Series 2, Kotak FMP 13M Series 2, Kotak FMP 15M Series 3, Kotak FMP 12M Series 1, Kotak FMP 12M Series 2, Kotak Quarterly Interval Plan Series 1, Kotak Quarterly Interval Plan Series 2, Kotak FMP 12M Series 4, Kotak Quarterly Interval Plan Series 3, Kotak FMP 17M Series 1, Kotak Quarterly Interval Plan Series 4, Kotak FMP 16M Series 2, Kotak Quarterly Interval Plan Series 5, Kotak Quarterly Interval Plan Series 6, Kotak FMP14M Series 3, Kotak FMP 14M Series 4, Kotak FMP 3M Series 27, Kotak FMP 13M Series 3, Kotak FMP 3M Series 28, Kotak FMP 13M Series 4, Kotak FMP 15M Series 4, Kotak FMP 3M Series 29, Kotak FMP 12M Series 3, Kotak FMP 12M Series 5, Kotak FMP 3M Series 30, Kotak FMP 15M Series 5, Kotak FMP 12M Series 6, Kotak FMP 12M Series 7, Kotak FMP 1M Series 1, Kotak FMP 3M Series 31, Kotak FMP 1M Series 2, Kotak FMP 3M Series 32, Kotak FMP 3M Series 33, Kotak FMP 12M Series 8, Kotak FMP 1M Series 3, Kotak Quarterly Interval Plan Series 8, Kotak FMP 6M Series 7, Kotak Monthly Interval Plan Series 2, Kotak Quarterly Interval Plan Series 7, Kotak FMP 12M Series 9, Kotak Monthly Interval Plan Series 3, Kotak Quarterly Interval Plan Series 9, Kotak Quarterly Interval Plan Series 10, Kotak FMP 19M Series 1, Kotak FMP 12M Series 10, Kotak FMP 12M Series 11, Kotak FMP 18M Series 1 and Kotak FMP 13M Series 5 are only the names of the Schemes and do not in any manner indicate the quality of the Schemes, future prospects or returns. * For scheme wise investment objectives, investment strategy, suitability, scheme specific risk factors and such other information on the scheme please refer Scheme Information Document and Statement of Additional Information available on our website The above information should not be considered as an advertisement for promoting investments into any of the schemes. Statutory Information: Kotak Mahindra Mutual Fund has been established as a trust under the Indian Trusts Act, 1882, by Kotak Mahindra Bank Limited (liability Rs. NIL) with Kotak Mahindra Trustee Company Limited as the Trustee and with Kotak Mahindra Asset Management Company Limited as the Investment Manager. On written request, present and prospective Unitholders/ investors can obtain a copy of the Trust Deed, supplemental trust deed, the Annual Report at a price and the text of the relevant scheme. Unit holders may obtain, on request, a copy of the Annual Report of the scheme in which he or she has invested, from Kotak Mahindra Mutual Fund at its office at 5A, 5th Floor, Bakhtawar, 229, Nariman Point, Mumbai Unit holders may also obtain, on request, a copy each of the Annual Report of Kotak Mahindra Asset Management Company Limited and the Trust Deed. Before investing, please read the Scheme Information Document and Statement of Additional Information. The financial statements including Cash Flows Statements for the period ended on that date, together with the notes thereto, were approved by the Board of Kotak Mahindra Asset Management Company Limited at its meeting held on June 8, 2009 and by the Board of Kotak Mahindra Trustee Company Limited at its meeting held on June 8,

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