MONTHLY UPDATE

JULY 2009
MARKET OUTLOOK

Equity Market Outlook

The improved progression of the monsoon in the July month has considerably allayed the fears of a widespread drought in the
country. However, the market wariness with respect to the eventual impact of below-average-rainfall on the agricultural growth
remains. Notwithstanding that, the market is considerably sanguine about the quarter-one corporate performances, and as
such remains hopeful that result numbers will continue to delight the market.

Added to that, the recuperation of the business optimism in the developed economies, coupled with the moderation in the rate
of slowdown, has significantly contributed in further lowering the risk premium on the international capital. Consequently, the
'near-eight' billion dollar FII surge witnessed in the Apr-July period in India, is expected to continue to strengthen further. Given
the interplay of these factors, it is expected that the market may continue to test the upper-limit of the current trading range in
the next month - with occasional bouts of volatility.

It is therefore recommended that the investors allocate their investible corpus in accordance with prudent risk management
practices, and with a long term investment horizon. Also, to mitigate the possibilities of short term pricing volatility, regular and
systematic investments to obtain 'competitive risk adjusted return' on their investments is advisable.

Debt Market Outlook

The change in the priority policy stance by RBI in the first quarter monetary policy was a long expected possibility. And as such,
hasn't surprised the market! The policy statement has only confirmed the market belief, that declining phase of the interest-
rate-cycle may be over. But that does not imply a possible interest rate hike any time soon.

The surplus liquidity in the system has only now started to contribute to the velocity of economic growth - and central banker
does not really intend to be a spanner in the works. Furthermore, the late-catching up of the monsoon has acelerated the
sowing trend in agriculture sector, which ameliorates the status of agri-supply in the economy. We therefore believe that the
yield curve may largely trade in the present band.

Page 1
 MONTHLY UPDATE
JULY 2009
FUND PERFORMANCE OF ULIP FUNDS AS ON 31ST JULY 2009

Returns as on Aggressive Dynamic Dynamic Dynamic Dynamic Dynamic Dynamic

31st July 09 Growth Growth Floor Balanced Bond Gilt Floating
Fund Fund Fund Fund Fund Fund Rate Fund

Since Inception 24.5% 20.2% 17.5% 17.7% 8.7% 6.7% 7.2%

3 years 16.2% 11.2% n/a 11.7% 11.4% 9.2% 7.9%
2 years 1.6% -1.2% 16.3% 2.8% 12.4% 10.1% 8.0%
1 year 9.4% 2.1% 30.3% 6.4% 21.2% 18.2% 9.3%
6 months 56.3% 30.9% 16.9% 25.7% 6.0% 1.8% 2.5%
3 months 33.9% 19.2% 10.7% 15.2% 1.2% -1.1% 1.0%
1 month 8.7% 5.4% 2.0% 4.0% 0.6% 0.1% 0.5%
Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised.

Returns as on Guaranteed Guaranteed Guaranteed Guaranteed Guaranteed Guaranteed

31st July 09 Growth Balanced Bond Gilt Floating Money Market
Fund Fund Fund Fund Rate Fund Fund

Since Inception 19.1% 16.5% 8.5% 6.6% 7.2% 8.6%

3 years 9.2% 10.4% 11.2% 8.9% 7.9% 11.0%
2 years -1.5% 2.2% 12.0% 9.6% 8.0% 12.1%
1 year -1.4% 4.2% 20.3% 17.3% 9.5% 12.2%
6 months 18.3% 16.2% 5.8% 1.3% 2.5% 5.9%
3 months 10.4% 9.2% 1.4% -0.9% 0.8% 2.9%
1 month 3.7% 3.0% 0.5% 0.0% 0.6% 1.0%
Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised.

Returns as Pension
Pension Pension Pension Floating Group Group Group Group
Group Group Group Floating
on 31st Balanced Bond Gilt Aggressive Growth Balanced Bond Gilt Money
July 09 Fund Fund Fund Rate Growth Fund Fund Fund Fund Rate Market
Fund Fund Fund Fund
Since Inception 16.9% 8.7% 7.0% 7.3% 35.7% 3.27% 17.7% 8.8% 7.1% 7.6% 8.5%
3 years 10.7% 11.5% 9.8% 8.0% n/a n/a 12.1% 11.8% 9.7% 8.4% 10.8%
2 years 2.8% 12.7% 10.9% 8.1% n/a 2.2% 3.2% 12.8% 10.7% 8.4% 11.8%
1 year 4.5% 21.8% 18.1% 9.3% 66.9% -3.0% 6.0% 21.7% 19.2% 9.7% 11.9%
6 months 15.7% 6.2% 1.6% 2.6% 53.6% 27.9% 25.4% 6.5% 1.9% 2.8% 5.7%
3 months 8.6% 1.7% -0.6% 0.7% 33.4% 18.9% 15.6% 2.2% -1.1% 1.1% 2.8%
1 month 3.0% 0.5% 0.1% 0.3% 9.0% 4.9% 4.4% 0.9% 0.1% 0.6% 0.9%
Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised.

KOTAK PRIVILEGED ASSURANCE PLAN - FUND PERFORMANCE

Returns as on Advantage Advantage Advantage Advantage Advantage

31st July 09 Plus Plus II Multiplier Multiplier II

Since Inception 7.1% 6.4% 6.7% 6.4% 6.6%

3 years 9.5% 7.3% 6.9% 7.2% 6.9%
2 years 5.7% 3.2% 3.3% 2.7% 2.9%
1 year 17.4% 17.4% 17.0% 17.4% 16.6%
6 months 11.0% 12.6% 11.5% 13.8% 13.4%
3 months 5.9% 7.1% 7.1% 8.0% 8.0%
1 month 2.3% 2.7% 2.7% 2.9% 2.9%
Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised.

Page 2
 KOTAK AGGRESSIVE GROWTH FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility
(downside risk).

Performance Meter Aggressive Assets Under Management (in Rs. Lakhs)

Growth Fund
Since Inception (13-Sep-04) 24.5%
27,649.82
3 years 16.2%
2 years 1.6%
1 year 9.4%
6 months 56.3% Asset Class % to Fund
3 months 33.9%
1 month 8.7% FD, CD, CP, Current
NCD, Assets
Floaters, 1.01%
1.09%
Equity
Equity % to Fund 97.41%
G Sec., GGB,
Reliance Industries Ltd 6.29% T Bills
Infosys Technologies Ltd. 5.93% 0.49%

ICICI Bank Ltd 5.42%

Larsen & Toubro Limited 4.17%
Housing Development Finance Corporation Ltd. 4.14%
State Bank of India 4.08%
Oil & Natural Gas Corpn Ltd 3.99%
ITC Ltd. 3.90% Allocation by Sector
Bharat Heavy Electricals Ltd 3.79%
Bharti Airtel Limited 3.19%
Tata Power Co. Ltd. 2.07% Transport Equipments 4.57%
Hindustan Unilever Limited 2.05% Telecom 4.99%
Tata Consultancy Services Limited 2.04% Housing Related 5.40%
Hindustan Petroleum Corporation Ltd. 2.03% Power 6.64%
GAIL (India) Limited 1.95% Metal,Metal Products & Mining 6.81%
Reliance Infrastructure Limited 1.94% FMCG 8.10%
Sterlite Industries ( India ) Limited 1.92% Others 8.97%
HDFC Bank Ltd 1.92% Capital Goods 9.12%
Hero Honda Motors Ltd. 1.89% Information Technology 9.27%
Jindal Steel & Power Ltd. 1.85% Oil & Gas 15.52%
Others 32.87% Finance 20.60%
Total 97.41%

Debt Portfolio % to Fund Debt Ratings Profile

Bank of Baroda -12.07.10 0.69% P1+

9.39% GOI 02-July-2011 0.43% 25.54%
7.00% IOC 2012 - 24.07.2012 0.36%
9.33% PGC - 15.12.15. 0.30%
AAA Fixed Deposits
9.33% PGC - 15.12.12 0.30% 40.53% 15.80%
9.40% ICICI 28th December 2011 0.22%
9.50% Kotak Bank FD 31.01.2012 0.16% Govt & Govt
8.50% Exim Bank Bonds 2011 0.06% Guaranteed Bonds
18.13%
9.45% LIC Hsg Fin - 01.01.12 0.05%
10.50% SBI 12042007 0.04%
7.27% GOI - 03.09.13 0.03%
10.85% PNB Tier II Bond - 29.09.23 0.02%
Debt Maturity Profile
8.20% GOI - 15.02.22 0.02%
9.35% IIFCL - 17.11.23 0.01%
8.24% GOI - 15.02.27 0.00% 80%

8.20% OMC GOI Special Bond - 12.02.24 0.00% 70%

7.56% GOI 2014 - 03.11.14 0.00% 60%

8.35% GOI - 14.05.22 0.00% 50%

10% Citi Fin Con Fin India Ltd - 27.09.10 0.00% 40%

47.46%
10% HDFC - 19.03.10 0.00% 30%

Current Asset/Liab -0.11% 20% 27.18% 23.52%

Others 0.00% 10%
1.84%
Grand Total 2.59% 0%
<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page
Page 33
 KOTAK DYNAMIC GROWTH FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility
(downside risk).

Performance Meter Dynamic 58,841

Assets Under Management (in Rs. Lakhs)
Growth Fund
Since Inception (1-Jul-03) 20.2%
7,617.16
3 years 11.2%
2 years -1.2%
1 year 2.1%
6 months 30.9% Asset Class % to Fund
3 months 19.2%
1 month 5.4% G Sec., GGB,
T Bills
10.06%

Equity % to Fund NCD,

Floaters,
Equity 19.93%
Reliance Industries Ltd 3.89% 58.81%
Infosys Technologies Ltd. 3.53%
ICICI Bank Ltd 3.22% FD, CD, CP,
Larsen & Toubro Limited 2.54% Current Assets
Housing Development Finance Corporation Ltd. 2.47% 11.21%

State Bank of India 2.44%

Oil & Natural Gas Corpn Ltd 2.38%
ITC Ltd. 2.31% Allocation by Sector
Bharat Heavy Electricals Ltd 2.26%
Bharti Airtel Limited 1.90%
Tata Power Co. Ltd. 1.26% Transport Equipments 4.61%
Hindustan Petroleum Corporation Ltd. 1.24% Telecom 4.96%
Tata Consultancy Services Limited 1.22% Housing Related 5.54%
Hindustan Unilever Limited 1.22% Power 6.63%
Sterlite Industries ( India ) Limited 1.17% Metal,Metal Products & Mining 6.68%
Hero Honda Motors Ltd. 1.17% FMCG 7.98%
GAIL (India) Limited 1.16% Capital Goods 9.12%
Reliance Infrastructure Limited 1.16% Others 9.15%
HDFC Bank Ltd 1.14% Information Technology 9.19%
Jindal Steel & Power Ltd. 1.10% Oil & Gas 15.75%
Others 20.03% Finance 20.40%
Total 58.81%

Debt Portfolio % to Fund Debt Ratings Profile

Bank of Baroda -12.07.10 2.86%

6.35% GOI 2020 - 02.01.20 2.06% Govt & Govt
P1+ Guaranteed Bonds
8.24% GOI - 15.02.27 2.04% 19.25% 28.91%
8.10% IIFCL - 08.04.24 1.71% A1+
REC Ltd CP - 20.04.10 1.68% 1.15%
9.50% Exim - 12.12.13 1.55% AA
0.91%
National Housing Bank CD - 19.11.09 1.33%
8.83% Neyveli Lignite Corp Ltd - 23.01.19 1.32% AAA AA+
41.13% 8.65%
7.09% FCI 2010 1.32%
9.25% Citi Fin Con Fin India Ltd - 18.01.11 1.31%
182 day T Bill - 04.09.09 1.31%
9.20% PGC 2018 1.22%
Debt Maturity Profile
State Bank of Mysore CD - 26.02.10 1.19%
7.94% GOI - 24.05.21 1.00%
80%
7.80% Sundaram Finance 2011 - 28.07.2011 0.93%
70%
10.25% Tech Mahindra - 17.04.14 0.92%
60%
10% Citi Fin Con Fin India Ltd - 27.09.10 0.84%
50%
7.00% IOC 2012 - 24.07.2012 0.78%
40%
HDFC ZCB- 08.10.2010 0.75% 29.61%
30% 28.60% 24.31%
9.39% GOI 02-July-2011 0.68%
20% 17.49%
Current Asset/Liab 1.88%
10%
Others 12.51%
0%
Grand Total 41.19% <1 yr 1-3 Yrs 3-7 Yrs 7 Years & Above

Page 4
 KOTAK DYNAMIC BALANCED FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May also be susceptible to moderate
levels of shorter-term volatility (downside risk).

Dynamic Assets Under Management (in Rs. Lakhs)

Performance Meter Balanced Fund
Since Inception (1-Jul-03) 17.7% 2,391.91
3 years 11.7%
2 years 2.8%
1 year 6.4%
6 months 25.7% Asset Class % to Fund
3 months 15.2%
1 month 4.0% FD, CD ,CP, Current Assets
10.41%
Equity
49.41%
Equity % to Fund NCD,
Floaters,
28.82%
Reliance Industries Ltd 3.29%
Infosys Technologies Ltd. 2.99%
ICICI Bank Ltd 2.70%
Larsen & Toubro Limited 2.16% G Sec., GGB,T Bills
Housing Development Finance Corporation Ltd. 2.06% 11.36%

State Bank of India 2.03%

Oil & Natural Gas Corpn Ltd 2.02%
ITC Ltd. 1.93% Allocation by Sector
Bharat Heavy Electricals Ltd 1.89%
Bharti Airtel Limited 1.62%
Tata Power Co. Ltd. 1.07% Transport Equipments 4.64%
Hindustan Petroleum Corporation Ltd. 1.04% Telecom 5.00%
Hindustan Unilever Limited 1.03% Housing Related 5.35%
Tata Consultancy Services Limited 1.03% Power 6.63%
Sterlite Industries ( India ) Limited 0.99% Metal,Metal Products & Mining 6.70%
Hero Honda Motors Ltd. 0.99% FMCG 7.96%
GAIL (India) Limited 0.98% Capital Goods 9.16%
HDFC Bank Ltd 0.97% Information Technology 9.23%
Reliance Infrastructure Limited 0.97% Others 9.29%
Jindal Steel & Power Ltd. 0.92% Oil & Gas 15.78%
Others 16.75% Finance 20.27%
Total 49.41%

Debt Portfolio % to Fund Debt Ratings Profile

8.40% IRFC 2013 - 26.12.2013 3.07% Fixed Deposits P1+

Bank of Baroda -12.07.10 2.28% 1.98% 13.98%
8.24% GOI - 15.02.27 2.25%
9.20% PGC 2016 2.17% Govt & Govt
Guaranteed Bonds
10.10% PGC - 12.06.12 2.08%
23.76%
8.10% IIFCL - 08.04.24 1.94% AAA
52.04%
6.35% GOI 2020 - 02.01.20 1.87%
AA
7.94% GOI - 24.05.21 1.57% 1.36%
8.20% GOI - 15.02.22 1.44% AA+
6.88%
State Bank of Mysore CD - 27.04.10 1.27%
6.84% HDFC 2011 - 22.04.2011 1.26%
8.20% IRFC 2016 - 27.04.2016 1.22%
Debt Maturity Profile
9.15% LIC Hsg Fin - 22.10.10 1.22%
9.50% Exim - 12.12.13 1.15%
12.00% Tata Capital Ltd - 05.03.14 1.10% 80%

10.00% NTPC - 05.09.10 1.09% 70%

9.25% IDBI 2014 - 26.03.14 1.06% 60%

State Bank of Mysore CD - 02.06.10 1.00% 50%

10.50% SBI 12042007 0.95% 40%

30.27%
Canara Bank CD - 17.09.09 0.86% 30% 27.35% 24.76%
Current Asset/Liab 2.78% 20% 17.62%
Others 16.93% 10%

0%
Grand Total 50.59% <1 yr 1-3 Yrs 3-7 Yrs 7 Years & Above

Page 5
 KOTAK DYNAMIC FLOOR FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to provide stable long term inflation beating growth over the medium to longer term and defend capital against short term capital
shocks. Is likely to out-perform traditional balanced or equity funds during sideways or falling markets and shadow the rising equity markets.

Performance Meter Kotak Dynamic Assets Under Management (in Rs. Lakhs)
Floor Fund
Since Inception (14-Nov-06) 17.5%
21,048.00
3 years n/a
2 years 16.3%
1 year 30.3%
6 months 16.9% Asset Class % to Fund
3 months 10.7%
1 month 2.0%
FD, CD, CP, Current
Assets
8.72%

Equity % to Fund Equity

43.35%

Reliance Industries Ltd 4.74%

NCD,
Infosys Technologies Ltd. 3.15% Floaters, G-Sec, Govt.
Larsen & Toubro Limited 2.68% 29.82%
Guaranteed
ICICI Bank Ltd 2.60% Bonds & T bills
18.11%
ITC Ltd. 2.09%
Housing Development Finance Corporation Ltd. 2.02%
Bharti Airtel Limited 1.93%
Oil & Natural Gas Corpn Ltd 1.78% Allocation by Sector
State Bank of India 1.66%
HDFC Bank Ltd 1.61%
Bharat Heavy Electricals Ltd 1.32% Housing Related 2.74%
NTPC Limited 1.08% Others 3.19%
Hindustan Unilever Limited 1.04% Transport Equipments 4.51%
Tata Consultancy Services Limited 0.97% Power 6.70%
Reliance Communications Limited 0.71% Metal,Metal Products & Mining 7.03%
Tata Steel Limited 0.71% FMCG 7.22%
Jindal Steel & Power Ltd. 0.70% Telecom 7.42%
Sterlite Industries ( India ) Limited 0.65% Capital Goods 10.72%
Tata Power Co. Ltd. 0.63% Information Technology 11.47%
Wipro Ltd 0.61% Oil & Gas 17.88%
Others 10.66% Finance 21.11%
Total 43.35%

Debt Portfolio % to Fund Debt Ratings Profile

7.35% GOI 2024- 22.06.24 4.72% Govt & Govt

Fixed Deposits
8.60% IRFC 2019 - 11.06.2019 3.18% 0.17% Guaranteed Bonds
7.00% REC 2012 - 02.06.2012 2.91% 30.75%

9.15% LIC Hsg Fin - 22.10.10 2.75%

AAA
11.25% PFC - 28.11.18 2.60% 54.64%
7.09% FCI 2010 2.39% A1+
8.24% GOI - 15.02.27 2.08% 0.40%
9.50% Exim - 12.12.13 1.86% P1+
12% PFC SLR - 10.02.2012 1.85% AA+ AA 8.78%
12.00% Tata Capital Ltd - 05.03.14 1.85% 4.57% 0.70%
State Bank of Bikaner & Jaipur CD - 15.04.10 1.84%
8.55% IRFC 2019-15.01.2019 1.60%
Debt Maturity Profile
8.50% Exim Bank Bonds 2011 1.48%
9.20% PGC 2020 1.47%
80%
7.40% GOI 2035 - 09.09.35 1.44%
70%
9.39% GOI 02-July-2011 1.34%
60%
Bank of Baroda -12.07.10 1.22%
50%
6.35% GOI 2020 - 02.01.20 1.07% 40.41%
40%
8.20% GOI - 15.02.22 0.75%
30% 29.97%
National Housing Bank CD - 19.11.09 0.75%
20% 15.90% 13.72%
Current Asset/Liab 3.78%
10%
Others 13.72%
0%
Grand Total 56.65% <1 yr 1-3 Yrs 3-7 Yrs 7 Years & Above

Page 6
 KOTAK GUARANTEED GROWTH FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility
(downside risk).

Guaranteed Assets Under Management (in Rs. Lakhs)

Performance Meter Growth Fund
Since Inception (1-Jul-03) 19.1%
192,579.92
3 years 9.2%
2 years -1.5%
1 year -1.4%
6 months 18.3% Asset Class % to Fund
3 months 10.4%
1 month 3.7%
FD, CD ,CP, Current Assets
12.25%
Equity
34.71%
Equity % to Fund
Infosys Technologies Ltd. 2.14%
Reliance Industries Ltd 1.96%
Oil & Natural Gas Corpn Ltd 1.80% G Sec., GGB,
NCD, T Bills
ICICI Bank Ltd 1.76% Floaters, 15.56%
Larsen & Toubro Limited 1.76% 37.47%
Bharat Heavy Electricals Ltd 1.58%
Bharti Airtel Limited 1.53%
Housing Development Finance Corporation Ltd. 1.47% Allocation by Sector
State Bank of India 1.30%
Hindustan Unilever Limited 1.28%
ITC Ltd. 1.25% Others 2.97%
NTPC Limited 1.05% Healthcare 2.98%
GAIL (India) Limited 0.94% Transport Equipments 3.91%
Tata Power Co. Ltd. 0.93% Telecom 4.91%
Hindustan Petroleum Corporation Ltd. 0.90% Metal,Metal Products & Mining 5.57%
HDFC Bank Ltd 0.89% Power 6.72%
Tata Consultancy Services Limited 0.74% Information Technology 9.32%
Reliance Petroleum Limited 0.74% Capital Goods 9.64%
Maruti Suzuki India Limited 0.72% FMCG 13.17%
Jindal Steel & Power Ltd. 0.65% Oil & Gas 20.27%
Others 9.32% Finance 20.55%
Total 34.71%

Debt Portfolio % to Fund Debt Ratings Profile

11.25% PFC - 28.11.18 3.06% Govt & Govt

Guaranteed Bonds
8.24% GOI - 15.02.27 2.23% 25.36%
Fixed Deposits
9.50% Exim - 12.12.13 2.13% 0.69%
8.46% IRFC - 15.01.14 1.41%
National Housing Bank CD - 16.02.10 1.26% AAA P1+
53.35% 14.21%
6.70% KMPL - 22.07.2010 1.26%
7.56% GOI 2014 - 03.11.14 1.20% A1+
1.36%
8.00% GOI Oil Bond - 23.03.26 1.19% AA
7.50% GOI - 10.08.34 1.11% AA+ 0.47%
4.56%
6.84% HDFC 2011 - 22.04.2011 1.08%
7% Oil Bond - 09.09.12 1.06%
8.55% IRFC 2019-15.01.2019 1.05%
Debt Maturity Profile
7.00% IOC 2012 - 24.07.2012 1.01%
10% Citi Fin Con Fin India Ltd - 27.09.10 0.91%
7.09% FCI 2010 0.90% 80%

Aditya Birla Nuvo CP - 01.12.09 0.85% 70%

9.85% HDFC Bank 2019 - 17.03.2024 0.83% 60%

State Bank of Mysore CD - 27.04.10 0.81% 50%

HDFC ZCB- 08.10.2010 0.80% 40%

State Bank of Bikaner & Jaipur CD - 15.04.10 0.80% 30%

21.16% 25.70% 27.57% 25.57%
Current Asset/Liab 2.85% 20%

Others 37.46% 10%

Grand Total 65.29% 0%

<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 7
 KOTAK GUARANTEED BALANCED FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May also be susceptible to moderate
levels of shorter-term volatility (downside risk).

Performance Meter Guaranteed Assets Under Management (in Rs. Lakhs)

Balanced Fund
Since Inception (1-Jul-03) 16.5%
16,629.43
3 years 10.4%
2 years 2.2%
1 year 4.2%
6 months 16.2% Asset Class % to Fund
3 months 9.2%
1 month 3.0% FD, CD ,CP, Current
Assets
17.19%

Equity
Equity % to Fund 27.57%
NCD,
1.69% Floaters,
IInfosys Technologies Ltd.
41.02%
Reliance Industries Ltd 1.55%
Oil & Natural Gas Corpn Ltd 1.42%
Larsen & Toubro Limited 1.40% G Sec., GGB, T Bills
ICICI Bank Ltd 1.39% 14.21%
Bharat Heavy Electricals Ltd 1.25%
Bharti Airtel Limited 1.20%
Housing Development Finance Corporation Ltd. 1.16% Allocation by Sector
State Bank of India 1.03%
Hindustan Unilever Limited 1.01%
ITC Ltd. 0.99% Healthcare 3.00%
NTPC Limited 0.83% Others 3.06%
Tata Power Co. Ltd. 0.77% Transport Equipments 3.89%
GAIL (India) Limited 0.74% Telecom 4.88%
Hindustan Petroleum Corporation Ltd. 0.72% Metal,Metal Products & Mining 5.58%
HDFC Bank Ltd 0.71% Power 6.82%
Tata Consultancy Services Limited 0.59% Information Technology 9.28%
Reliance Petroleum Limited 0.59% Capital Goods 9.62%
Maruti Suzuki India Limited 0.57% FMCG 13.14%
Jindal Steel & Power Ltd. 0.51% Oil & Gas 20.21%
Others 7.44% Finance 20.53%
Total 27.57%

Debt Portfolio % to Fund Debt Ratings Profile

8.24% GOI - 15.02.27 2.90% Fixed Deposits Govt & Govt

Guaranteed Bonds
10.50% Kotak Mahindra Prime Ltd - 26.08.09 2.84% 2.48% 22.60%
10.05% NABARD - 11.06.14 2.58%
7.94% GOI - 24.05.21 2.53%
AAA P1+
Bank of Baroda -12.07.10 2.35% 51.87% 13.54%
9.20% PGC 2016 2.18%
11.25% PFC - 28.11.18 2.06%
A1+
9.50% Exim - 12.12.13 1.93%
AA+ 1.06%
10.25% Tech Mahindra - 17.04.14 1.85% 4.26% AA
4.17%
8.20% GOI - 15.02.22 1.69%
8.10% IIFCL - 08.04.24 1.68%
7.00% REC 2012 - 02.06.2012 1.61%
Debt Maturity Profile
9.15% LIC Hsg Fin - 22.10.10 1.59%
State Bank of Mysore CD - 27.04.10 1.52%
National Housing Bank CD - 19.11.09 1.45% 80%

8.90% SAIL 2019 - 01.07.19 1.22% 70%

9.50% Nabard - 15.10.12 1.21% 60%

Canara Bank CD - 17.09.09 1.12% 50%

9.50% Kotak Bank FD 31.01.2012 1.07% 40%

30.21%
REC Ltd CP - 20.04.10 1.06% 30%
23.47% 23.56% 22.76%
Current Asset/Liab 4.40% 20%

Others 31.58% 10%

0%
Grand Total 72.43% <1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 8
 KOTAK PENSION BALANCED FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May also be susceptible to moderate
levels of shorter-term volatility (downside risk).

Performance Meter Pension Balanced Assets Under Management (in Rs. Lakhs)
Fund
Since Inception (1-Jul-03) 16.9%
47,721.37
3 years 10.7%
2 years 2.8%
1 year 4.5%
6 months 15.7% Asset Class % to Fund
3 months 8.6%
1 month 3.0%
FD, CD ,CP, Current
Assets
14.21% Equity
27.39%
Equity % to Fund
IInfosys Technologies Ltd. 1.69%
Reliance Industries Ltd 1.54% NCD, G Sec., GGB,
Oil & Natural Gas Corpn Ltd 1.42% Floaters, T Bills
41.45% 16.94%
Larsen & Toubro Limited 1.39%
ICICI Bank Ltd 1.39%
Bharat Heavy Electricals Ltd 1.25%
Bharti Airtel Limited 1.20%
Housing Development Finance Corporation Ltd. 1.16% Allocation by Sector
State Bank of India 1.02%
Hindustan Unilever Limited 1.01%
ITC Ltd. 0.99% Others 2.96%
NTPC Limited 0.82% Healthcare 2.98%
Tata Power Co. Ltd. 0.76% Transport Equipments 3.91%
GAIL (India) Limited 0.74% Telecom 4.90%
Hindustan Petroleum Corporation Ltd. 0.71% Metal,Metal Products & Mining 5.56%
HDFC Bank Ltd 0.70% Power 6.80%
Tata Consultancy Services Limited 0.58% Information Technology 9.31%
Reliance Petroleum Limited 0.58% Capital Goods 9.64%
Maruti Suzuki India Limited 0.57% FMCG 13.17%
Jindal Steel & Power Ltd. 0.51% Oil & Gas 20.25%
Others 7.35% Finance 20.52%
Total 27.39%

Debt Portfolio % to Fund Debt Ratings Profile

8.24% GOI - 15.02.27 3.47% Fixed Deposits P1+

0.53% 12.57%
9.50% Exim - 12.12.13 3.44%
11.25% PFC - 28.11.18 2.67%
7.00% REC 2012 - 02.06.2012 2.33%
7.94% GOI - 24.05.21 2.09% AAA Govt & Govt
52.15% Guaranteed Bonds
7.09% FCI 2010 1.82% 26.27%
Bank of Baroda -12.07.10 1.68% A1+
National Housing Bank CD - 19.11.09 1.48% 0.74%
AA
10.50% Kotak Mahindra Prime Ltd - 26.08.09 1.46% AA+ 2.12%
5.62%
REC Ltd CP - 20.04.10 1.37%
9.25% Exim - 18.12.13 1.24%
9.15% LIC Hsg Fin - 22.10.10 1.21%
Debt Maturity Profile
2.00% Tata Motors 2014 - 31.03.2014 1.15%
8.55% IRFC 2019-15.01.2019 1.15%
6.35% GOI 2020 - 02.01.20 1.13% 80%

10.25% Tech Mahindra - 17.04.14 1.13% 70%

9.40% NHB - 17.12.2013 1.10% 60%

9.50% Nabard - 15.10.12 1.09% 50%

9.20% PGC 2017 1.08% 40%

32.84%
7.27% GOI - 03.09.13 1.07% 30%
22.31% 21.67% 23.18%
Current Asset/Liab 3.74% 20%

Others 35.69% 10%

Grand Total 72.61% 0%

<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 9
 KOTAK GROUP GROWTH FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility
(downside risk).

Performance Meter Group Growth Assets Under Management (in Rs. Lakhs)
Fund
Since Inception (5-Apr-07) 3.27%
3 years n/a
46.61
2 years 2.2%
1 year -3.0%
6 months 27.9% Asset Class % to Fund
3 months 18.9%
1 month 4.9%
NCD,
Floaters,
16.29%
FD, CD ,CP, Current
Equity % to Fund Assets
2.53%
Reliance Industries Ltd 3.82% Equity
Infosys Technologies Ltd. 3.63% G Sec., GGB, 59.58%
ICICI Bank Ltd 3.25% T Bills
21.60%
Housing Development Finance Corporation Ltd. 2.72%
Larsen & Toubro Limited 2.59%
Oil & Natural Gas Corpn Ltd 2.52%
State Bank of India 2.49%
ITC Ltd. 2.30% Allocation by Sector
Bharat Heavy Electricals Ltd 2.15%
Bharti Airtel Limited 1.94%
Transport Equipments 4.73%
Reliance Infrastructure Limited 1.29%
Telecom 4.94%
HDFC Bank Ltd 1.29%
Housing Related 5.20%
Tata Power Co. Ltd. 1.28%
Power 6.73%
Jindal Steel & Power Ltd. 1.26%
Metal,Metal Products & Mining 7.00%
Hindustan Unilever Limited 1.25%
FMCG 7.74%
Tata Consultancy Services Limited 1.24%
Capital Goods 8.91%
Hindustan Petroleum Corporation Ltd. 1.20%
Information Technology 9.21%
Sterlite Industries ( India ) Limited 1.19%
Others 9.25%
Hero Honda Motors Ltd. 1.17%
Oil & Gas 15.47%
GAIL (India) Limited 1.16%
Finance 20.82%
Others 19.83%
Total 59.58%

Debt Portfolio % to Fund Debt Ratings Profile

9.39% GOI 02-July-2011 7.36% AA

0.21% Fixed Deposits
8.24% GOI - 15.02.27 4.36% A1+
0.31%
0.46%
8.40% IRFC 2013 - 26.12.2013 4.20% P1+
7.94% GOI - 24.05.21 3.99% 2.99%

7.00% REC 2012 - 02.06.2012 2.54%

Govt & Govt AAA
7.80% Sundaram Finance 2011 - 28.07.2011 2.17% Guaranteed Bonds 35.63%
7.56% GOI 2014 - 03.11.14 2.09% 54.86%

7.27% GOI - 03.09.13 1.62%

8.28 IDFC 2011 1.25% AA+
5.54%
8.46% IRFC - 15.01.14 1.16%
7.40% GOI 2035 - 09.09.35 1.12%
Axis Bank CD - 10.10.09 0.92%
Debt Maturity Profile
8.10% IIFCL - 08.04.24 0.80%
HDFC ZCB- 08.10.2010 0.67%
11.75% REC - 03.11.11 0.51% 80%

8.95% HDFC - 16.01.11 0.48% 70%

9.50% Exim - 12.12.13 0.45% 60%

8.50% Exim Bank Bonds 2011 0.44% 50%

41.63%
9.50% Nabard - 15.10.12 0.44% 40%

9.15% LIC Hsg Fin - 22.10.10 0.42% 30% 26.58% 27.83%

Current Asset/Liab 1.05% 20%

Others 2.39% 10%

3.96%
Grand Total 40.42% 0%
<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 10
 KOTAK GROUP BALANCED FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May also be susceptible to moderate
levels of shorter-term volatility (downside risk).

Group Balanced Assets Under Management (in Rs. Lakhs)

Performance Meter Fund
Since Inception (1-Jul-03) 17.7%
7,089.20
3 years 12.1%
2 years 3.2%
1 year 6.0%
6 months 25.4% Asset Class % to Fund
3 months 15.6%
1 month 4.4%
FD, CD,CP,
Current
Assets
12.69%
Equity % to Fund Equity
48.98%
Reliance Industries Ltd 3.28% NCD,
Floaters
Infosys Technologies Ltd. 2.99% 22.45% G-Sec, Govt.
ICICI Bank Ltd 2.69% Guaranteed
Bonds & T bills
Larsen & Toubro Limited 2.17% 15.87%
Housing Development Finance Corporation Ltd. 2.05%
State Bank of India 2.03%
Oil & Natural Gas Corpn Ltd 2.02%
ITC Ltd. 1.91% Allocation by Sector
Bharat Heavy Electricals Ltd 1.88%
Bharti Airtel Limited 1.62%
Tata Power Co. Ltd. 1.07% Transport Equipments 4.63%
Hindustan Unilever Limited 1.03% Telecom 4.99%
Tata Consultancy Services Limited 1.02% Housing Related 5.33%
Hindustan Petroleum Corporation Ltd. 1.01% Power 6.59%
Sterlite Industries ( India ) Limited 0.99% Metal,Metal Products & Mining 6.86%
Hero Honda Motors Ltd. 0.99% FMCG 7.95%
GAIL (India) Limited 0.97% Others 9.00%
HDFC Bank Ltd 0.97% Capital Goods 9.26%
Reliance Infrastructure Limited 0.97% Information Technology 9.27%
Jindal Steel & Power Ltd. 0.92% Oil & Gas 15.78%
Others 16.40% Finance 20.35%
Total 48.98%

Debt Portfolio % to Fund Debt Ratings Profile

7.56% GOI 2014 - 03.11.14 4.71%

11.25% PFC - 28.11.18 4.58% Govt & Govt
Guaranteed Bonds
Bank of Baroda -12.07.10 2.55% 32.45%
2.25% P1+
9.39% GOI 02-July-2011 20.44%
Fixed Deposits
8.24% GOI - 15.02.27 2.19% 1.20%
National Housing Bank CD - 19.11.09 2.14%
AA
7.27% GOI - 03.09.13 2.05% 1.13%
REC Ltd CP - 20.04.10 1.89% AAA AA+
8.90% SAIL 2019 - 01.07.19 1.86% 40.66% 4.12%
8.10% IIFCL - 08.04.24 1.84%
8.20% IRFC 2016 - 27.04.2016 1.38%
State Bank of Mysore CD - 02.06.10 1.35%
Debt Maturity Profile
7.94% GOI - 24.05.21 1.32%
Axis Bank CD - 10.10.09 1.15%
8.20% GOI - 15.02.22 0.80% 80%

9.25% Exim - 18.12.13 0.67% 70%

7.80% Sundaram Finance 2011 - 28.07.2011 0.63% 60%

10.00% NTPC - 05.09.10 0.59% 50%

10.50% SBI 12042007 0.58% 40%

31.29%
27.21%
9.40% Tata Sons - 04.04.13 0.58% 30% 22.89%
18.62%
Current Asset/Liab 2.11% 20%

Others 13.81% 10%

Grand Total 51.02% 0%

<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 11
 KOTAK ADVANTAGE FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for moderate growth and preservation of capital.

Kotak Advantage Assets Under Management (in Rs. Lakhs)

Performance Meter Fund
Since Inception (22-Feb-06) 7.1%
3 years 9.5%
36.34
2 years 5.7%
1 year 17.4%
6 months 11.0% Asset Class % to Fund
3 months 5.9%
1 month 2.3%
FD, CD, CP,
Current Assets
13.85%
Equity
Equity 40.00%
% to Fund
4.30% NCD,
Reliance Industries Ltd Floaters,
Infosys Technologies Ltd. 3.35% 31.88%
G-Sec, Govt.
Larsen & Toubro Limited 2.86% Guaranteed
ICICI Bank Ltd 2.73% Bonds & T bills
14.28%
Housing Development Finance Corporation Ltd. 2.09%
ITC Ltd. 2.09%
Bharti Airtel Limited 1.66%
HDFC Bank Ltd 1.65% Allocation by Sector
State Bank of India 1.45%
Oil & Natural Gas Corpn Ltd 1.25%
Bharat Heavy Electricals Ltd 1.10% Housing Related 2.62%
Hindustan Unilever Limited 1.01% Others 3.44%
Tata Consultancy Services Limited 0.81% Transport Equipments 4.90%
Tata Steel Limited 0.80% Power 5.14%
Tata Power Co. Ltd. 0.64% Metal,Metal Products & Mining 6.57%
Axis Bank Limited 0.61% Telecom 6.97%
Grasim Industries Ltd. 0.60% FMCG 7.76%
Reliance Communications Limited 0.60% Capital Goods 11.49%
Maruti Suzuki India Limited 0.58% Information Technology 12.02%
Jindal Steel & Power Ltd. 0.57% Oil & Gas 16.37%
Others 9.23% Finance 22.73%
Total 40.00%

Debt Portfolio % to Fund Debt Ratings Profile

9.39% GOI 02-July-2011 4.11% Fixed Deposits

8.24% GOI - 15.02.27 2.78% 6.13% Govt & Govt
Guaranteed Bonds
9.50% Kotak Bank FD 31.01.2012 2.70% 27.60%
8.40% IRFC 2013 - 26.12.2013 2.69%
AAA
11.25% PFC - 28.11.18 2.45% 50.52%
State Bank of Bikaner & Jaipur CD - 02.02.10 2.28%
7.56% GOI 2014 - 03.11.14 2.01% P1+
7.40% GOI 2012 - 03.05.12 1.92% 9.35%
8.65 % NTPC -04.02.19 1.80% A1+
AA+ 1.67%
91 Days T Bill - 16.10.09 1.64% 4.74%

10.25% HDFC 2012 - 29.05.12 1.45%

11.40% PFC - 28.11.13 1.36%
Debt Maturity Profile
Bank of Baroda -12.07.10 1.24%
Canara Bank CD - 17.09.09 1.14%
7% Oil Bond - 09.09.12 1.14% 80%

8.65% NHB - 01.01.2012 1.13% 70%

6.35% GOI 2020 - 02.01.20 1.10% 60%

10.25% Tech Mahindra - 17.04.14 1.10% 50%

9.40% Tata Sons - 04.04.13 1.09% 40% 37.10%

11.10% IDBI - 26.09.13 1.04% 30% 24.53% 21.70%
Current Asset/Liab 2.32% 20% 16.68%
Others 21.49% 10%

Grand Total 60.00% 0%

<1 Year 1 -3 Years 3-7 Years 7 Years & Above

Page 12
 KOTAK ADVANTAGE PLUS FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May be susceptible to
moderate levels of shorter-term volatility (downside risk)

Performance Meter Kotak Advantage Assets Under Management (in Rs. Lakhs)
Plus Fund
Since Inception (22-Feb-06) 6.4%
7,624.59
3 years 7.3%
2 years 3.2%
1 year 17.4%
6 months 12.6% Asset Class % to Fund
3 months 7.1%
1 month 2.7%
FD, CD, CP, Current Equity
Assets 43.19%
13.45%
Equity % to Fund
Reliance Industries Ltd 4.73%
Infosys Technologies Ltd. 3.56% NCD, G-Sec, Govt.
Larsen & Toubro Limited 3.11% Floaters, Guaranteed
27.21% Bonds & T bills
ICICI Bank Ltd 2.97% 16.14%
Housing Development Finance Corporation Ltd. 2.28%
ITC Ltd. 2.27%
Bharti Airtel Limited 1.80%
HDFC Bank Ltd 1.79% Allocation by Sector
State Bank of India 1.59%
Oil & Natural Gas Corpn Ltd 1.34%
Bharat Heavy Electricals Ltd 1.21% Housing Related 2.53%
Hindustan Unilever Limited 1.07% Others 3.37%
Tata Consultancy Services Limited 0.88% Transport Equipments 4.96%
Tata Steel Limited 0.77% Power 5.17%
Tata Power Co. Ltd. 0.68% Metal,Metal Products & Mining 6.41%
Grasim Industries Ltd. 0.67% Telecom 7.00%
Reliance Communications Limited 0.66% FMCG 7.72%
Maruti Suzuki India Limited 0.65% Capital Goods 11.60%
Axis Bank Limited 0.63% Information Technology 11.89%
Jindal Steel & Power Ltd. 0.62% Oil & Gas 16.50%
Others 9.93% Finance 22.87%
Total 43.19%

Debt Portfolio % to Fund Debt Ratings Profile

9.39% GOI 02-July-2011 3.66% Fixed Deposits

6.20% GOI UTI SPL Bonds - 03.02.10 2.65% 5.60% Govt & Govt
Guaranteed Bonds
91 Days T Bill - 16.10.09 2.61% 35.30%
8.95% HDFC - 16.01.11 2.40%
AAA
7.56% GOI 2014 - 03.11.14 2.29% 47.52%
8.20% GOI - 15.02.22 1.91%
10.50% SBI 12042007 1.82%
7.27% GOI - 03.09.13 1.81% P1+
AA+
11.25% PFC - 28.11.18 1.77% 3.74% A1+ 5.79%
2.05%
8.40% IRFC 2013 - 26.12.2013 1.61%
Bank of Baroda -12.07.10 1.51%
9.08% HDFC - 18.01.13 1.39%
Debt Maturity Profile
9.00% IDFC - 24.10.10 1.39%
8.00% GOI Oil Bond - 23.03.26 1.32%
State Bank of Bikaner & Jaipur CD - 02.02.10 1.28% 80%

6.35% GOI 2020 - 02.01.20 1.23% 70%

8.20% Nabard 2009 - 08.12.09 1.15% 60%

9.90% Tata Sons - 20.05.11 1.11% 50%

Aditya Birla Nuvo CP - 01.12.09 1.09% 40%

30.14%
7.80% Sundaram Finance 2011 - 28.07.2011 1.06% 30% 24.61% 25.65%
19.60%
Current Asset/Liab 3.71% 20%

Others 18.03% 10%

Grand Total 56.81% 0%

<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 13
 KOTAK ADVANTAGE PLUS FUND II AS ON 31ST JULY 2009

Fund Strategy : Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. May be susceptible to
moderate levels of shorter-term volatility (downside risk)

Kotak Assets Under Management (in Rs. Lakhs)

Performance Meter Advantage Plus Fund II
Since Inception (20-Apr-06) 6.7%
7,199.66
3 years 6.9%
2 years 3.3%
1 year 17.0%
6 months 11.5% Asset Class % to Fund
3 months 7.1%
1 month 2.7%
FD, CD, CP, Current
Assets
11.61% Equity
42.80%
Equity % to Fund
Reliance Industries Ltd 4.70% NCD,
Infosys Technologies Ltd. 3.49% Floaters, G-Sec, Govt.
33.65%
Larsen & Toubro Limited 3.09% Guaranteed
Bonds & T bills
ICICI Bank Ltd 2.95% 11.94%
Housing Development Finance Corporation Ltd. 2.27%
ITC Ltd. 2.25%
Bharti Airtel Limited 1.78%
HDFC Bank Ltd 1.78% Allocation by Sector
State Bank of India 1.58%
Oil & Natural Gas Corpn Ltd 1.33%
Bharat Heavy Electricals Ltd 1.20% Housing Related 2.51%
Hindustan Unilever Limited 1.05% Others 3.35%
Tata Consultancy Services Limited 0.87% Transport Equipments 4.92%
Tata Steel Limited 0.76% Power 5.18%
Tata Power Co. Ltd. 0.68% Metal,Metal Products & Mining 6.40%
Grasim Industries Ltd. 0.67% Telecom 7.01%
Reliance Communications Limited 0.65% FMCG 7.71%
Maruti Suzuki India Limited 0.64% Capital Goods 11.63%
Axis Bank Limited 0.62% Information Technology 11.82%
Jindal Steel & Power Ltd. 0.62% Oil & Gas 16.54%
Others 9.82% Finance 22.93%
Total 42.80%

Debt Portfolio % to Fund Debt Ratings Profile

9.39% GOI 02-July-2011 4.20% A1+ Fixed Deposits

9.20% PGC 2020 2.87% 1.64% 6.07%
9.25% Exim - 18.12.13 2.63%
8.65 % NTPC -04.02.19 2.58% Govt & Govt
Guaranteed Bonds
8.46% IRFC - 15.01.14 2.41% AAA 24.89%
58.25%
8.40% IRFC 2013 - 26.12.2013 2.24%
8.20% GOI - 15.02.22 1.99%
11.25% PFC - 28.11.18 1.67%
10.50% SBI 12042007 1.65% AA+ P1+
4.62% 4.54%
7.27% GOI - 03.09.13 1.52%
9.40% ICICI 28th December 2011 1.50%
8.95% HDFC - 16.01.11 1.41%
Debt Maturity Profile
7.80% Sundaram Finance 2011 - 28.07.2011 1.41%
7.56% GOI 2014 - 03.11.14 1.40%
8.60% IRFC 2019 - 11.06.2019 1.39% 80%

91 Days T Bill - 16.10.09 1.38% 70%

10.25% Tech Mahindra - 17.04.14 1.37% 60%

State Bank of Bikaner & Jaipur CD - 02.02.10 1.36% 50%

6.35% GOI 2020 - 02.01.20 1.04% 40% 32.12%

9.45% LIC Hsg Fin - 01.01.12 0.91% 30% 27.16% 26.26%
Current Asset/Liab 3.67% 20% 14.45%
Others 16.62% 10%

0%
Grand Total 57.20% <1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 14
 KOTAK ADVANTAGE MULTIPLIER FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility
(downside risk)

Kotak Advantage Assets Under Management (in Rs. Lakhs)

Performance Meter Multiplier Fund
Since Inception (22-Feb-06) 6.4%
3 years 7.2%
687.95
2 years 2.7%
1 year 17.4%
6 months 13.8% Asset Class % to Fund
3 months 8.0%
1 month 2.9%
FD, CD, CP, Current Equity
Assets 46.10%
14.62%
Equity % to Fund
Reliance Industries Ltd 5.08% G-Sec, Govt.
Guaranteed
Infosys Technologies Ltd. 3.78% NCD, Bonds & T bills
Floaters, 16.63%
Larsen & Toubro Limited 3.34% 22.64%
ICICI Bank Ltd 3.18%
Housing Development Finance Corporation Ltd. 2.44%
ITC Ltd. 2.42%
HDFC Bank Ltd 1.92%
Bharti Airtel Limited 1.92% Allocation by Sector
State Bank of India 1.70%
Oil & Natural Gas Corpn Ltd 1.44%
Bharat Heavy Electricals Ltd 1.29% Housing Related 2.47%
Hindustan Unilever Limited 1.13% Others 3.36%
Tata Consultancy Services Limited 0.94% Transport Equipments 4.95%
Tata Steel Limited 0.76% Power 5.16%
Tata Power Co. Ltd. 0.73% Metal,Metal Products & Mining 6.28%
Grasim Industries Ltd. 0.72% Telecom 7.01%
Reliance Communications Limited 0.71% FMCG 7.70%
Maruti Suzuki India Limited 0.69% Capital Goods 11.66%
Axis Bank Limited 0.67% Information Technology 11.87%
Jindal Steel & Power Ltd. 0.66% Oil & Gas 16.59%
Others 10.56% Finance 22.95%
Total 46.10%

Debt Portfolio % to Fund Debt Ratings Profile

8.24% GOI - 15.02.27 3.84%

P1+
9.39% GOI 02-July-2011 2.90% 8.33% A1+
State Bank of Bikaner & Jaipur CD - 02.02.10 2.84% 1.63%

7.40% GOI 2012 - 03.05.12 2.42% AA+

AAA 5.65%
7.27% GOI - 03.09.13 2.25% 39.38%
9.40% ICICI 28th December 2011 1.81%
9.50% Kotak Bank FD 31.01.2012 1.60% Govt & Govt
Guaranteed Bonds
8.40% IRFC 2013 - 26.12.2013 1.57% 35.96%
Fixed Deposits
7.80% Sundaram Finance 2011 - 28.07.2011 1.47% 9.06%
7.56% GOI 2014 - 03.11.14 1.47%
8.00% GOI Oil Bond - 23.03.26 1.46%
91 Days T Bill - 16.10.09 1.44%
Debt Maturity Profile
10.25% Tech Mahindra - 17.04.14 1.44%
State Bank of Mysore CD - 26.02.10 1.35%
11.25% PFC - 28.11.18 1.34% 80%

11.10% IDBI - 26.09.13 1.24% 70%

8.20% Nabard 2009 - 08.12.09 1.20% 60%

8.73% PGC 2011 1.16% 50%

8.60% IRFC 2019 - 11.06.2019 1.16% 40%

33.86%
10.50% SBI 12042007 1.15% 30% 24.78% 23.75%
Current Asset/Liab 3.62% 20% 17.62%

Others 15.17% 10%

Grand Total 53.90% 0%

<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 15
 KOTAK ADVANTAGE MULTIPLIER FUND II AS ON 31ST JULY 2009

Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term
volatility (downside risk)

Kotak Advantage Assets Under Management (in Rs. Lakhs)

Performance Meter Multiplier Fund II
Since Inception (20-Apr-06) 6.6%
6.9%
541.36
3 years
2 years 2.9%
1 year 16.6%
6 months 13.4% Asset Class % to Fund
3 months 8.0%
1 month 2.9%
FD, CD, CP, Current
Assets
11.71%
Equity
45.43%
Equity % to Fund
Reliance Industries Ltd 5.04%
Infosys Technologies Ltd. 3.65% G-Sec, Govt.
NCD, Guaranteed
Larsen & Toubro Limited 3.32% Floaters, Bonds & T bills
24.99% 17.87%
ICICI Bank Ltd 3.15%
Housing Development Finance Corporation Ltd. 2.42%
ITC Ltd. 2.40%
HDFC Bank Ltd 1.91%
Bharti Airtel Limited 1.89% Allocation by Sector
State Bank of India 1.69%
Oil & Natural Gas Corpn Ltd 1.42%
Bharat Heavy Electricals Ltd 1.28% Housing Related 2.41%
Hindustan Unilever Limited 1.09% Others 3.33%
Tata Consultancy Services Limited 0.93% Transport Equipments 4.88%
Tata Steel Limited 0.74% Power 5.19%
Grasim Industries Ltd. 0.71% Metal,Metal Products & Mining 6.27%
Tata Power Co. Ltd. 0.71% Telecom 7.04%
Reliance Communications Limited 0.70% FMCG 7.66%
Maruti Suzuki India Limited 0.68% Information Technology 11.72%
Axis Bank Limited 0.66% Capital Goods 11.74%
Jindal Steel & Power Ltd. 0.66% Oil & Gas 16.68%
Others 10.39% Finance 23.07%
Total 45.43%

Debt Portfolio % to Fund Debt Ratings Profile

8.24% GOI - 15.02.27 4.99% P1+

5.21%
7.27% GOI - 03.09.13 3.52%
10.25% Tech Mahindra - 17.04.14 2.92% AAA
Govt & Govt 42.31%
7.40% GOI 2012 - 03.05.12 2.74%
Guaranteed Bonds
State Bank of Bikaner & Jaipur CD - 02.02.10 2.71% 37.95%
9.39% GOI 02-July-2011 2.65%
8.65 % NTPC -04.02.19 2.49% Fixed Deposits
6.96%
8.40% IRFC 2013 - 26.12.2013 2.17% A1+
91 Days T Bill - 16.10.09 1.84% AA+ 1.73%
5.83%
9.50% Kotak Bank FD 31.01.2012 1.66%
7.56% GOI 2014 - 03.11.14 1.57%
11.25% PFC - 28.11.18 1.50%
Debt Maturity Profile
8.65% NHB - 01.01.2012 1.30%
8.60% IRFC 2019 - 11.06.2019 1.21%
9.40% ICICI 28th December 2011 1.12% 80%

11.10% IDBI - 26.09.13 0.98% 70%

7.80% Sundaram Finance 2011 - 28.07.2011 0.96% 60%

Aditya Birla Nuvo CP - 01.12.09 0.90% 50%

9.90% Tata Sons - 20.05.11 0.89% 40%

32.08%
6.35% GOI 2020 - 02.01.20 0.85% 30% 28.48% 26.43%
Current Asset/Liab 2.66% 20%
13.01%
Others 12.96% 10%

Grand Total 54.57% 0%

<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 16
 KOTAK GROUP AGGRESIVE GROWTH FUND AS ON 31ST JULY 2009

Fund Strategy : Aims for a high level of capital growth by holding a significant portion in equities. May experience high levels of shorter term volatility
(downside risk).

Performance Meter Kotak Group Aggresive Assets Under Management (in Rs. Lakhs)
Growth Fund
Since Inception (27-Aug-07) 35.7%
3 years n/a
19.71
2 years n/a
1 year 66.9%
6 months 53.6% Asset Class % to Fund
3 months 33.4%
1 month 9.0%
NCD,
Floaters, FD, CD, CP, Current
3.59% Assets
4.79%
G-Sec, Govt.
Equity % to Fund Guaranteed
Bonds & T bills
0.57% Equity
Reliance Industries Ltd 5.95% 91.05%
Infosys Technologies Ltd. 5.55%
ICICI Bank Ltd 5.39%
Larsen & Toubro Limited 4.36%
Oil & Natural Gas Corpn Ltd 4.13%
Housing Development Finance Corporation Ltd. 3.99%
State Bank of India 3.77%
ITC Ltd. 3.60% Allocation by Sector
Bharat Heavy Electricals Ltd 3.39%
Bharti Airtel Limited 2.91%
Tata Consultancy Services Limited 2.13% Transport Equipments 4.59%
GAIL (India) Limited 2.02% Telecom 4.97%
Hindustan Unilever Limited 1.92% Housing Related 5.59%
Hindustan Petroleum Corporation Ltd. 1.86% Metal,Metal Products & Mining 6.44%
Reliance Infrastructure Limited 1.83% Power 6.48%
Hero Honda Motors Ltd. 1.79% Others 8.02%
Tata Power Co. Ltd. 1.72% FMCG 8.12%
Sterlite Industries ( India ) Limited 1.70% Capital Goods 9.50%
Reliance Communications Limited 1.61% Information Technology 9.56%
HDFC Bank Ltd 1.52% Oil & Gas 16.22%
Others 29.90% Finance 20.52%
Total 91.05%

Debt Portfolio % to Fund Debt Ratings Profile

10% Citi Fin Con Fin India Ltd - 27.09.10 0.73% P1+
11.45% RIL - 25.11.13 0.62% Govt & Govt 5.11%
Guaranteed Bonds AA
8.95% HDFC - 16.01.11 0.57% 13.08% 6.60%
11.65% HDFC - 09.09.10 0.38%
10.50% Kotak Mahindra Prime Ltd - 26.08.09 0.29% AA+
AAA 16.75%
9.50% Nabard - 15.10.12 0.27% 58.47%
10.90% REC - 30.09.13 0.25%
PFC CP - 01.10.09 0.22%
8.24% GOI - 15.02.27 0.22%
9.85% NABARD 2012 0.21%
8.20% GOI - 15.02.22 0.16%
7.10% PGC Ltd - 18.02.11 0.11%
Debt Maturity Profile
7.56% GOI 2014 - 03.11.14 0.11%
8.88% IDFC - 07.01.11 0.10%
9.35% IIFCL - 17.11.23 0.04% 80%

9.15% LIC Hsg Fin - 22.10.10 0.04% 70%

8.35% GOI - 14.05.22 0.03% 60%

8.75% IRFC - 07.01.13 0.02% 50% 48.87%

9.40% NHB - 17.12.2013 0.01% 40%

29.34%
7.27% GOI - 03.09.13 0.01% 30%

Current Asset/Liab 4.57% 20%

11.70% 10.09%
Others 0.02% 10%

Grand Total 8.95% 0%

<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 17
 KOTAK DYNAMIC BOND FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter Dynamic Assets Under Management (in Rs. Lakhs)

Bond Fund
Since Inception (16-Apr-04) 8.7%
3 years
1,926.33
11.4%
2 years 12.4%
1 year 21.2%
6 months 6.0%
3 months 1.2%
1 month 0.6%
Asset Class % to Fund

Debt Portfolio % to Fund

FD, CD, CP,
8.24% GOI - 15.02.27 7.59% Current Assets
12.75%
8.90% SAIL 2019 - 01.07.19 7.37%
7.59% GOI 2016 6.54%
2.00% Tata Motors 2014 - 31.03.2014 5.26% NCD,
7.94% GOI - 24.05.21 4.88% G-Sec, Govt. Guaranteed Floaters,
Bonds & T bills 61.38%
10.90% PGC 2015 - 21.06.15 4.17% 25.88%
9.40% NABARD 2011- 05.05.2011 3.26%
10.25% Tech Mahindra - 17.04.14 3.08%
8.40% IRFC 2013 - 26.12.2013 2.63%
Bank of Baroda -12.07.10 2.60%
6.07% GOI 2014 - 15.05.14 2.53%
9.20% PGC 2015 2.52%
8.83% Neyveli Lignite Corp Ltd - 23.01.19 2.51%
7.80% Sundaram Finance 2011 - 28.07.2011 2.37%
11.00% TCL - 23.07.14 2.31%
REC Ltd CP - 20.04.10 2.01% Debt Ratings Profile
9.39% GOI 02-July-2011 1.97%
Aditya Birla Nuvo CP - 01.12.09 1.66%
HDFC ZCB- 08.10.2010 1.61%
8.20% OMC GOI 2023-10.11.23 1.60%
Govt & Govt
Current Asset/Liab 4.24% Guaranteed Bonds
28.37%
Others 27.30%
Grand Total 100.00%
AAA
60.63%
P1+
5.80%
A1+
1.74%
AA+
2.87% AA
0.60%

Debt Maturity Profile

100%

90%

80%

70%

60%

50% 47.83%
40%

30% 22.37%
20% 19.42%
10.38%
10%

0%
<1 yr 1-3 Yrs 3-7 Yrs 7 Years & Above

Page 18
 KOTAK GUARANTEED BOND FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter Guaranteed Assets Under Management (in Rs. Lakhs)

Bond Fund
Since Inception (16-Apr-04) 8.5%
11.2%
2,832.00
3 years
2 years 12.0%
1 year 20.3%
6 months 5.8%
3 months 1.4%
1 month 0.5%
Asset Class % to Fund

Debt Portfolio % to Fund

G-Sec, Govt. Guaranteed
Bonds & T bills
FD, CD,CP, 20.46%
8.90% SAIL 2019 - 01.07.19 7.51% Current Assets
16.65%
7.94% GOI - 24.05.21 3.86%
8.24% GOI - 15.02.27 3.69%
REC Ltd CP - 20.04.10 3.60%
2.00% Tata Motors 2014 - 31.03.2014 3.58%
7.80% Sundaram Finance 2011 - 28.07.2011 3.22%
10.25% Tech Mahindra - 17.04.14 2.86%
10.90% PGC 2015 - 21.06.15 2.83% NCD,
Bank of Baroda -12.07.10 2.83% Floaters,
62.90%
6.84% HDFC 2011 - 22.04.2011 2.83%
8.83% Neyveli Lignite Corp Ltd - 23.01.19 2.73%
National Housing Bank CD - 19.11.09 2.68%
9.20% PGC 2015 2.55%
7.40% GOI 2012 - 03.05.12 2.43%
10.85% PNB Tier II Bond - 29.09.23 2.39%
9.40% NABARD 2011- 05.05.2011 2.33%
Debt Ratings Profile
9.65% Exim - 06.09.10 2.20%
10.90% REC - 30.09.13 1.95%
7.59% GOI 2016 1.95%
6.07% GOI 2014 - 15.05.14 1.92% Govt & Govt
Guaranteed Bonds
Current Asset/Liab 2.73% 22.48%
Others 37.32%
Grand Total 100.00%
AAA
59.46%

P1+
12.37%

AA
AA+ 1.57%
3.63%
A1+
0.49%

Debt Maturity Profile

80%

70%

60%

50%

40% 37.27%
30%
27.19%
20% 17.65% 17.89%
10%

0%
<1 year 1-3 Years 3-7 Years 7 Years & Above

Page 19
 KOTAK GROUP BOND FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Group Assets Under Management (in Rs. Lakhs)

Performance Meter Bond Fund
Since Inception (16-Apr-04) 8.8%
3 years 11.8% 9,725.55
2 years 12.8%
1 year 21.7%
6 months 6.5%
3 months 2.2%
1 month 0.9%
Asset Class % to Fund

Debt Portfolio % to Fund

FD, CD,CP
Current
8.24% GOI - 15.02.27 10.20% Assets
13.19%
8.90% SAIL 2019 - 01.07.19 6.25%
2.00% Tata Motors 2014 - 31.03.2014 6.04% G-Sec, Govt.
7.59% GOI 2016 5.40% Guaranteed
Bonds & T bills
8.65% NHB - 01.01.2012 5.31% 26.93%
10.25% Tech Mahindra - 17.04.14 3.15%
12.40% Sundaram Fin - 02.08.10 3.02%
NCD,
Bank of Baroda -12.07.10 2.84% Floaters,
59.88%
7.56% GOI 2014 - 03.11.14 2.13%
8.20% OMC GOI 2023-10.11.23 2.11%
State Bank of Mysore CD - 02.06.10 2.09%
8.40% IRFC 2013 - 26.12.2013 2.09%
7.09% FCI 2010 2.07%
8.83% Neyveli Lignite Corp Ltd - 23.01.19 2.05%
6.07% GOI 2014 - 15.05.14 2.05%
10.85% PNB Tier II Bond - 29.09.23 1.74%
Debt Ratings Profile
10.90% PGC 2015 - 21.06.15 1.65%
9.40% PFC - 25.03.13 1.63%
9.20% PGC 2015 1.59%
7.80% Sundaram Finance 2011 - 28.07.2011 1.51%
Current Asset/Liab 5.65%
Govt & Govt
Others 29.43% Guaranteed Bonds
29.08%
Grand Total 100.00%
AAA
57.50%

P1+
6.99%

AA
0.52%
AA+ A1+
5.44% 0.47%

Debt Maturity Profile

80%

70%

60%

50%
42.80%
40%

30%
25.25%
20.87%
20%
11.08%
10%

0%
<1Year 1-3 Years 3-7 Years 7 Years & Above

Page 20
 KOTAK PENSION BOND FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter Pension Assets Under Management (in Rs. Lakhs)

Bond Fund
Since Inception (16-Apr-04) 8.7%
11.5%
3,270.36
3 years
2 years 12.7%
1 year 21.8%
6 months 6.2%
3 months 1.7%
1 month 0.5%
Asset Class % to Fund

Debt Portfolio % to Fund

G-Sec, Govt.
Guaranteed
8.90% SAIL 2019 - 01.07.19 7.75% Bonds & T bills
FD, CD, CP
12.40% Sundaram Fin - 02.08.10 7.15% Current Assets 23.10%
13.38%
7.27% GOI - 03.09.13 4.71%
8.24% GOI - 15.02.27 4.53%
6.20% GOI UTI SPL Bonds - 03.02.10 4.28%
9.20% PGC 2015 3.66%
9.35% LIC Hsg Fin - 23.11.14 3.38% NCD,
Floaters,
10.25% Tech Mahindra - 17.04.14 3.30% 63.52%
8.40% IRFC 2013 - 26.12.2013 3.10%
2.00% Tata Motors 2014 - 31.03.2014 3.10%
National Housing Bank CD - 19.11.09 3.05%
7.40% GOI 2012 - 03.05.12 2.93%
10.10% RIL - 12.12.11 2.93%
10.90% PGC 2015 - 21.06.15 2.45%
10.90% REC - 30.09.13 2.41%
7.94% GOI - 24.05.21 2.10%
Debt Ratings Profile
9.40% NABARD 2011- 05.05.2011 2.08%
6.84% HDFC 2011 - 22.04.2011 1.99%
8.20% Nabard 2009 - 08.12.09 1.86%
7.59% GOI 2016 1.76%
Current Asset/Liab 4.42% A1+
1.00% Govt & Govt
Others 27.06% Guaranteed Bonds
25.13%
Grand Total 100.00%

P1+
AAA 7.41%
57.86%

AA
0.29%
AA+
8.31%

Debt Maturity Profile

80%

70%

60%

50%
44.91%
40%

30% 27.35%
20%
16.41%
11.33%
10%

0%
<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 21
 KOTAK DYNAMIC GILT FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter Dynamic Assets Under Management (in Rs. Lakhs)

Gilt Fund
Since Inception (1-Jul-03) 6.7%
3 years 9.2%
1,444.92
2 years 10.1%
1 year 18.2%
6 months 1.8%
3 months -1.1%
1 month 0.1%
Asset Class % to Fund

Debt Portfolio % to Fund

FD, CD CP, G-Sec, Govt. Guaranteed
7.94% GOI - 24.05.21 17.35% Current Assets Bonds & T bills
15.08% 84.92%
7.27% GOI - 03.09.13 16.61%
7.56% GOI 2014 - 03.11.14 14.31%
6.07% GOI 2014 - 15.05.14 8.89%
8.24% GOI - 15.02.27 7.76%
9.39% GOI 02-July-2011 4.61%
National Housing Bank CD - 19.11.09 3.36%
8.20% GOI - 15.02.22 3.11%
6.35% GOI 2020 - 02.01.20 3.10%
Bank of Baroda -12.07.10 2.78%
Axis Bank CD - 10.10.09 2.20%
8.20% OMC GOI 2023-10.11.23 1.80%
7% Oil Bond - 09.09.12 1.41%
8.35% GOI - 14.05.22 1.27%
7.40% GOI 2035 - 09.09.35 1.08%
Canara Bank CD - 17.09.09 1.07%
Debt Ratings Profile
6.20% GOI UTI SPL Bonds - 03.02.10 1.05%
7.59% GOI 2016 0.97%
8.20% OMC GOI Special Bond - 12.02.24 0.87%
8.00% GOI Oil Bond - 23.03.26 0.70% A1+
0.69%
Current Asset/Liab 4.86% P1+ Fixed Deposits
Others 0.86% 9.88% 0.17%
Grand Total 100.00%

Govt & Govt

Guaranteed Bonds
89.26%

Debt Maturity Profile

80%

70%

60%

50% 44.34%
40%
38.93%
30%

20%
11.89%
10% 4.85%
0%
<1 yr 1-3 Yrs 3-7 Yrs 7 Years & Above

Page 22
 KOTAK GUARANTEED GILT FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter Guaranteed Assets Under Management (in Rs. Lakhs)

Gilt Fund
Since Inception (1-Jul-03) 6.6%
3 years 8.9%
3,900.28
2 years 9.6%
1 year 17.3%
6 months 1.3%
3 months -0.9%
1 month 0.0%
Asset Class % to Fund

Debt Portfolio % to Fund

G-Sec, Govt. Guaranteed
FD, CD, CP, Bonds & T bills
7.27% GOI - 03.09.13 20.64% Current Assets 85.60%
7.56% GOI 2014 - 03.11.14 15.91% 14.40%

7.94% GOI - 24.05.21 12.08%

6.07% GOI 2014 - 15.05.14 7.98%
8.24% GOI - 15.02.27 4.83%
7.40% GOI 2012 - 03.05.12 4.58%
9.39% GOI 02-July-2011 4.34%
6.20% GOI UTI SPL Bonds - 03.02.10 3.66%
Bank of Baroda -12.07.10 2.57%
6.35% GOI 2020 - 02.01.20 2.14%
Canara Bank CD - 17.09.09 1.97%
364 Days T Bill - 12.02.10 1.75%
8.20% GOI - 15.02.22 1.70%
8.20% OMC GOI 2023-10.11.23 1.34%
8.00% GOI Oil Bond - 23.03.26 1.29%
7.50% GOI - 10.08.34 1.11%
Debt Ratings Profile
8.35% GOI - 14.05.22 1.11%
Axis Bank CD - 10.10.09 1.10%
7.59% GOI 2016 0.76% Fixed Deposits
7% Oil Bond - 09.09.12 0.75% 0.01%
P1+
Current Asset/Liab 5.84% 6.72%
Others 2.54% A1+
Grand Total 100.00% 0.49%

Govt & Govt

Guaranteed Bonds
92.78%

Debt Maturity Profile

80%

70%

60%

50% 48.89%
40%

30% 28.63%
20%
13.01%
10% 9.47%
0%
<1 year 1-3 Years 3-7 Years 7 Years & Above

Page 23
 KOTAK GROUP GILT FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Group Assets Under Management (in Rs. Lakhs)

Performance Meter Gilt Fund
Since Inception (1-Jul-03) 7.1%
3 years 9.7%
697.42
2 years 10.7%
1 year 19.2%
6 months 1.9%
3 months -1.1%
1 month 0.1%
Asset Class % to Fund

Debt Portfolio % to Fund

FD, CD, CP G-Sec, Govt.
7.94% GOI - 24.05.21 21.31% Current Assets Guaranteed
12.62% Bonds & T bills
7.56% GOI 2014 - 03.11.14 14.83% 87.38%
7.27% GOI - 03.09.13 10.73%
8.24% GOI - 15.02.27 7.95%
9.39% GOI 02-July-2011 5.79%
6.07% GOI 2014 - 15.05.14 5.72%
6.35% GOI 2020 - 02.01.20 4.27%
8.20% OMC GOI 2023-10.11.23 3.84%
8.00% GOI Oil Bond - 23.03.26 3.61%
National Housing Bank CD - 19.11.09 3.05%
Bank of Baroda -12.07.10 2.88%
8.20% GOI - 15.02.22 2.81%
7.40% GOI 2035 - 09.09.35 1.48%
Canara Bank CD - 17.09.09 1.47%
7.50% GOI - 10.08.34 1.38%
Axis Bank CD - 10.10.09 1.05%
Debt Ratings Profile
8.35% GOI - 14.05.22 1.00%
7% Oil Bond - 09.09.12 0.78%
6.20% GOI UTI SPL Bonds - 03.02.10 0.73%
7.59% GOI 2016 0.62% Fixed Deposits
Current Asset/Liab 3.27% 0.51% A1+
0.42%
Others 1.45% P1+
8.73%
Grand Total 100.00%

Govt & Govt

Guaranteed Bonds
90.33%

Debt Maturity Profile

80%

70%

60%

50% 49.81%
40%
33.78%
30%

20%
10.43%
10% 5.98%
0%
<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 24
 KOTAK PENSION GILT FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter Pension Assets Under Management (in Rs. Lakhs)

Gilt Fund
Since Inception (1-Jul-03) 7.0%
3 years 9.8%
2,096.62
2 years 10.9%
1 year 18.1%
6 months 1.6%
3 months -0.6%
1 month 0.1%
Asset Class % to Fund

Debt Portfolio % to Fund

FD, CD, CP, G-Sec, Govt. Guaranteed
7.27% GOI - 03.09.13 20.56% Current Assets Bonds & Tbills
11.90% 88.10%
7.94% GOI - 24.05.21 10.68%
6.20% GOI UTI SPL Bonds - 03.02.10 10.07%
7.56% GOI 2014 - 03.11.14 9.86%
6.07% GOI 2014 - 15.05.14 8.63%
7.40% GOI 2012 - 03.05.12 7.50%
8.24% GOI - 15.02.27 5.78%
9.39% GOI 02-July-2011 5.59%
6.35% GOI 2020 - 02.01.20 2.14%
Bank of Baroda -12.07.10 1.91%
8.20% GOI - 15.02.22 1.69%
8.20% OMC GOI 2023-10.11.23 1.59%
364 Days T Bill - 12.02.10 1.40%
7.50% GOI - 10.08.34 1.38%
State Bank of Mysore CD - 27.04.10 1.21%
8.35% GOI - 14.05.22 0.99%
Debt Ratings Profile
Canara Bank CD - 17.09.09 0.73%
7.40% GOI 2035 - 09.09.35 0.72%
State Bank of Mysore CD - 26.02.10 0.54%
8.20% OMC GOI Special Bond - 12.02.24 0.33% Fixed Deposits
0.01% P1+
Current Asset/Liab 5.74% 4.88%
A1+
Others 0.94% 0.17%
Grand Total 100.00%

Govt & Govt

Guaranteed Bonds
94.95%

Debt Maturity Profile

80%

70%

60%

50%
42.04%
40%

30%
26.85%
20% 17.22%
13.89%
10%

0%
<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 25
 KOTAK DYNAMIC FLOATING RATE FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Dynamic Assets Under Management (in Rs. Lakhs)

Performance Meter Floating Rate Fund
Since Inception (7-Dec-04) 7.2%
3 years 7.9%
1,166.78
2 years 8.0%
1 year 9.3%
6 months 2.5%
3 months 1.0%
1 month 0.5%
Asset Class % to Fund

Debt Portfolio % to Fund

FD, CD ,CP,
Current Assets G-Sec, Govt. Guaranteed
9.39% GOI 02-July-2011 22.02% 16.86% Bonds & Tbills
55.87%
7.09% FCI 2010 21.57%
HDFC Ltd Floater Mibor +195 bps 9.65%
PFC Floater Mibor +215 bps - 29.05.11 9.24%
6.20% GOI UTI SPL Bonds - 03.02.10 8.49%
LIC Housing Finance Ltd. Floater 2010 (IBMK +.55) 8.38%
REC Ltd CP - 20.04.10 4.83%
NCD,
7.27% GOI - 03.09.13 2.41% Floaters,
27.28%
Axis Bank CD - 10.10.09 2.15%
IDBI Bank CD - 02.09.09 1.71%
91 Days T Bill - 16.10.09 1.70%
Bank of Baroda -12.07.10 1.46%
7% Oil Bond - 09.09.12 1.21%
10.50% SBI 12042007 1.15%
Aditya Birla Nuvo CP - 01.12.09 0.58%
State Bank of Mysore CD - 27.04.10 0.52%
Debt Ratings Profile
IDBI Bank CD - 29.12.09 0.42%
8.20% OMC GOI Special Bond - 12.02.24 0.17%
10% Citi Fin Con Fin India Ltd - 27.09.10 0.00%
10% HDFC - 19.03.10 0.00%
P1+
Current Asset/Liab 2.33% 11.36%
Others 0.00% A1+
0.59%
Grand Total 100.00%

Govt & Govt AAA

Guaranteed Bonds 27.93%
58.94%

Fixed Deposits
1.18%

Debt Maturity Profile

80%

70%
64.11%
60%

50%

40%
32.01%
30%

20%

10%
3.70% 0.18%
0%
<1 yr 1-3 Yrs 3-7 Yrs 7 Years & Above

Page 26
 KOTAK GUARANTEED FLOATING RATE FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Guaranteed Assets Under Management (in Rs. Lakhs)

Performance Meter Floating Rate Fund
Since Inception (7-Dec-04) 7.2%
3 years 7.9%
2,767.09
2 years 8.0%
1 year 9.5%
6 months 2.5%
3 months 0.8%
1 month 0.6%
Asset Class % to Fund

Debt Portfolio % to Fund

FD, CD ,CP,
Current Assets
15.94%
7.09% FCI 2010 24.79%
9.39% GOI 02-July-2011 23.30%
G-Sec, Govt.
PFC Floater Mibor +215 bps - 29.05.11 9.94% Guaranteed
HDFC Ltd Floater Mibor +195 bps 9.89% Bonds & Tbills
56.14%
LIC Housing Finance Ltd. Floater 2010 (IBMK +.55) 8.08% NCD,
Floaters,
6.20% GOI UTI SPL Bonds - 03.02.10 3.58% 27.91%
State Bank of Mysore CD - 27.04.10 2.93%
Bank of Baroda -12.07.10 2.90%
7.27% GOI - 03.09.13 2.75%
IDBI Bank CD - 02.09.09 2.12%
REC Ltd CP - 20.04.10 1.88%
7% Oil Bond - 09.09.12 1.42%
Aditya Birla Nuvo CP - 01.12.09 0.94%
91 Days T Bill - 16.10.09 0.90%
10.50% SBI 12042007 0.68%
Axis Bank CD - 10.10.09 0.52%
Debt Ratings Profile
IDBI Bank CD - 29.12.09 0.36%
8.20% OMC GOI Special Bond - 12.02.24 0.31%
10% Citi Fin Con Fin India Ltd - 27.09.10 0.00%
10% HDFC - 19.03.10 0.00% P1+ A1+
2.71% 11.02% 0.97%
Current Asset/Liab
Others 0.00%
Grand Total 100.00% AAA
28.69%

Fixed Deposits
0.70%
Govt & Govt
Guaranteed Bonds
58.63%

Debt Maturity Profile

80%

70%
61.23%
60%

50%

40%
34.16%
30%

20%

10%
4.29% 0.32%
0%
<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 27
 KOTAK GROUP FLOATING RATE FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Performance Meter Group Floating Assets Under Management (in Rs. Lakhs)
Rate Fund
Since Inception (7-Dec-04) 7.6%
3 years 8.4%
1,320.50
2 years 8.4%
1 year 9.7%
6 months 2.8%
3 months 1.1%
1 month 0.6%
Asset Class % to Fund

Debt Portfolio % to Fund

FD, CD ,CP,
7.09% FCI 2010 22.27% Current Assets
21.79% 17.25%
9.39% GOI 02-July-2011
PFC Floater Mibor +215 bps - 29.05.11 9.82%
HDFC Ltd Floater Mibor +195 bps 9.65% G-Sec, Govt.
Guaranteed
6.20% GOI UTI SPL Bonds - 03.02.10 8.74% Bonds & Tbills
LIC Housing Finance Ltd. Floater 2010 (IBMK +.55) 6.83% NCD, 56.45%
Floaters,
Canara Bank CD - 17.09.09 2.98% 26.30%
Bank of Baroda -12.07.10 2.66%
7.27% GOI - 03.09.13 2.45%
State Bank of Mysore CD - 27.04.10 2.30%
91 Days T Bill - 16.10.09 1.88%
Axis Bank CD - 10.10.09 1.65%
IDBI Bank CD - 02.09.09 1.30%
7% Oil Bond - 09.09.12 1.11%
Aditya Birla Nuvo CP - 01.12.09 0.72%
REC Ltd CP - 20.04.10 0.39%
Debt Ratings Profile
IDBI Bank CD - 29.12.09 0.33%
10.50% SBI 12042007 0.20%
8.20% OMC GOI Special Bond - 12.02.24 0.08%
10% Citi Fin Con Fin India Ltd - 27.09.10 0.00%
Current Asset/Liab 2.84% P1+
11.95% A1+
Others 0.00%
0.74%
Grand Total 100.00%
Fixed Deposits
0.20%

Govt & Govt AAA

Guaranteed Bonds 27.07%
60.03%

Debt Maturity Profile

80%

70%
63.71%
60%

50%

40%
32.54%
30%

20%

10%
3.67% 0.08%
0%
<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 28
 KOTAK PENSION FLOATING RATE FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. Returns will be in line
with those of fixed interest instruments, and may provide little protection against unexpected inflation increases.

Pension Assets Under Management (in Rs. Lakhs)

Performance Meter Floating Rate Fund
Since Inception (7-Dec-04) 7.3%
3 years 8.0%
931.98
2 years 8.1%
1 year 9.3%
6 months 2.6%
3 months 0.7%
1 month 0.3%
Asset Class % to Fund

Debt Portfolio % to Fund

9.39% GOI 02-July-2011 26.52% FD, CD ,CP,

7.09% FCI 2010 17.04% Current Assets
11.21%
6.20% GOI UTI SPL Bonds - 03.02.10 11.53%
PFC Floater Mibor +215 bps - 29.05.11 9.68% G-Sec, Govt.
NCD, Guaranteed
HDFC Ltd Floater Mibor +195 bps 9.67% Bonds & Tbills
Floaters,
LIC Housing Finance Ltd. Floater 2010 (IBMK +.55) 8.38% 27.73% 61.06%
7% Oil Bond - 09.09.12 5.04%
National Housing Bank CD - 19.11.09 2.71%
REC Ltd CP - 20.04.10 2.50%
182 day T Bill - 04.09.09 1.07%
7.27% GOI - 03.09.13 0.89%
State Bank of Mysore CD - 26.02.10 0.77%
Axis Bank CD - 10.10.09 0.57%
IDBI Bank CD - 02.09.09 0.46%
Aditya Birla Nuvo CP - 01.12.09 0.27%
IDBI Bank CD - 29.12.09 0.14%
Debt Ratings Profile
10.50% SBI 12042007 0.08%
8.20% OMC GOI Special Bond - 12.02.24 0.05%
10% Citi Fin Con Fin India Ltd - 27.09.10 0.00%
10% HDFC - 19.03.10 0.00% P1+
Current Asset/Liab 2.65% 7.34%
A1+
Others 0.00% 0.28%
Grand Total 100.00%
AAA
28.48%

Fixed Deposits
Govt & Govt 0.08%
Guaranteed Bonds
63.82%

Debt Maturity Profile

80%

70%

60%
56.68%
50%

40% 37.18%
30%

20%

10%
6.09% 0.05%
0%
<1 Year 1-3 Years 3-7 Years 7 Years & Above

Page 29
 KOTAK GUARANTEED MONEY MARKET FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to protect capital and not have downside risks by investing in money market instruments.

Kotak Guaranteed Assets Under Management (in Rs. Lakhs)

Performance Meter Money Market
Since Inception (1-Jul-03) 8.6%
22.70
3 years 11.0%
2 years 12.1%
1 year 12.2%
6 months 5.9%
3 months 2.9%
1 month 1.0%
Asset Class % to Fund

Debt Portfolio % to Fund

FD, CD, CP,
Current Assets
Axis Bank CD - 10.10.09 100.13% 100%
Current Asset/Liab -0.13%
Grand Total 100.00%

Debt Ratings Profile

P1+
100.00%

Debt Maturity Profile

100.00%
100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%
<1 Year

Page 30
 KOTAK GROUP MONEY MARKET FUND AS ON 31ST JULY 2009

Fund Strategy : Aims to protect capital and not have downside risks by investing in money market instruments.

Group Money Assets Under Management (in Rs. Lakhs)

Performance Meter Market Fund
Since Inception (1-Jul-03) 8.5%
3 years 10.8% 0.57
2 years 11.8%
1 year 11.9%
6 months 5.7%
3 months 2.8%
1 month 0.9%
Asset Class % to Fund

Debt Portfolio % to Fund FD, CD, CP,

Current Assets
100.00%
Axis Bank CD - 10.10.09 99.38%
Current Asset/Liab 0.62%
Grand Total 100.00%

Debt Ratings Profile

P1+
100.00%

Debt Maturity Profile

100%
100.00%
90%

80%

70%

60%

50%

40%

30%

20%

10%

0%
<1 Year

Page 31
Disclaimer :
Though document is thoroughly researched & prepared by our fund experts. Kotak Life Insurance Ltd however makes no warranties, representations,
promises or statements that the information contained herein is clear, correct, precise or accurate. This document has been prepared for the purpose of
providing an overview of KLI funds without taking account of any particular investor's objectives, financial situation or needs. You are therefore requested
not to substitute this document with any professional opinion/advice and to use your discretion basis your financial objectives..

Risk factors :
• Unit Linked Life Insurance Products are different from traditional insurance products and are subject to the risk factors.
• The premium paid in Unit Linked Life Insurance Products are subject to investment risk associated with capital markets and the NAVs of the units may go
up or down based on the performance of the fund and factors influencing the capital market and insured is responsible for his/her decisions.
• Kotak Life Insurance is only the name of the Insurance Company and the specified Unit Linked funds do not in any way indicate the quality of the contract,
its future prospects or returns.
• Please know the associated risks and the applicable charges from your insurance agent or the intermediary or policy document of the insurer.
• Past performance of any of the funds is not indicative of their future prospects or returns.

About Us :
Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. The company is one of
the fastest growing insurance companies in India and has shown remarkable growth since its inception in 2001.

Kotak Mahindra Group believes in offering its customers a lifetime of value. A commitment that has made it a leading financial services group employing
around 17,100 people in its various businesses and has a distribution network of 1,250 branches, franchisees, representative offices and satellite offices
across 344 cities and towns in India and offices in New York, London, Dubai, Mauritius and Singapore. The Group services around 3.6 million customer
accounts.

Old Mutual plc is an international savings and wealth management company based in the UK. Originating in South Africa in 1845, it is among the top 50
largest companies in the FTSE100. The group has a balanced portfolio of businesses offering Asset Management, Life Assurance, Banking and General
Insurance Services in over 40 countries, with a focus on South Africa, Europe and the United States, and a growing presence in Asia Pacific. Old Mutual plc
employs approximately 53,000 employees worldwide and is listed on the London and Johannesburg stock exchanges.

* Numbers are as on March 31, 2008.

Kotak Mahindra Old Mutual Life Insurance Ltd., Regn. No.107, Regd. Office: 9th Floor, Godrej Coliseum, Behind Everard Nagar, Sion (East),
Mumbai - 400 022. Website: www.kotaklifeinsurance.com Email: lifeexpert@kotak.com. Insurance is the subject matter of the solicitation.