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               From CEO’s Desk
                              In the first half of the current           As a result, several new FIIs from different geographies have
                              financial year, the Sensex has             taken the “great leap of faith” on India and have been investing
                              zoomed up by over 2500 points.             in Indian equities at all levels. Also the fact that GDP growth has
                              When this communication is being           not slipped despite higher oil prices and higher interest rates has
                              drafted, the Sensex is in a striking       contributed to positive sentiment among global investors.
                              distance of 9000, a level, which
                                                                         Valuation: India v/s Emerging Markets
                              several investors would not have
                              even imagined a few months                 Some people ask why is Indian Markets trading at higher multiple
                              back. We have a message for                than other emerging markets? It is important to understand the
                              these investors.                           composition of respective indices. Several emerging markets
                                                                         have a relatively higher representation to global commodities
                                                                         and commodity oriented businesses, which enjoy lower
                                                                         valuations. In contrast, India has a higher representation to
                                                                         growth-oriented businesses like technology, telecom, BFSI
 Is Indian equity overpriced?
                                                                         (banking, financial services & insurance), engineering and
 The stock market price of a company reflects the price that the         cement that are growing at a significantly higher rate and
 market is willing to pay for buying a part ownership of the             therefore enjoy higher valuations.
 company. This market price is broadly a function of the
                                                                         Further the premium valuations also reflect superior market and
 company's historic performance and its perceived growth
                                                                         corporate governance compared to some of the emerging
 potential.
                                                                         markets. One another factor to notice is that the current rally in
 There is a measure to define how much should be the price of a          Indian equity markets is a broad based rally, and not led by a few
 company - this measure should be used as a guiding principle            sectors.
 and not a gospel. The measure is PEG P/E to Earnings Growth.
                                                                         Current valuations are sustainable
 This means one has to pay the Price to Earnings ratio, which is
 equivalent to the sustainable Growth Rate of the underlying             Based on the following reasoning, we believe that well-managed
 company. Currently the P/E for FY06 of the Sensex is around             and competitive companies could grow at the rate of 18-20%.
 17, and we believe that the Indian corporate sector could               And hence the P/E of 17 is not a stretched one.
 sustain growth rate of 15% to 20% over the next few years.              ü GDP growth expected to be 7% (As per Standard and Poor's,
 Hence we believe that the equity markets are not unreasonably             the Indian economy is expected to grow at the rate of 7% p.a.
 priced.                                                                   for the next few years.)
 Ever-strong fundamentals                                                ü If we decompose the Agriculture sector from overall GDP, the
                                                                           Manufacturing and Service sectors (listed segment of GDP)
 Over the last decade, Indian corporates have reinvented                   likely to grow @ 8%
 themselves in terms of their productivity gains, balance sheet
 restructuring and redefinition of the marketplace. The same             ü Assume inflation of 5%
 effort was very well complemented by the structural decline in          ü Nominal growth of the listed segment to be around 13%
 interest rates and business-friendly government measures.               ü Such well-managed and competitive companies outperform
 Due to this, Indian corporates have emerged as highly                     the overall universe say by 5%. This takes the nominal growth
 competitive. It is interesting to know that they no more                  of top few companies to 18%
 demand protection for Swadeshi firms, but successfully
                                                                         Finally, active fund management could possibly generate returns
 compete foreign companies on foreign turfs. As a result,
                                                                         above this growth rate.
 •   The IIP - Index of Industrial Production - has been on the up
                                                                         We believe that the “all time high equity market” should not
     tick for the last 12 quarters, the longest-lived IIP growth in
                                                                         bother you because we have “all time high fundamentals”,
     the last 15 years.
                                                                         which are expected to further scale new heights going forward.
 •   Corporate profits, turnover, productivity, cash flow and            But before investing in equity, we sincerely recommend you to
     order backlogs are at all time high.                                have a long-term horizon.
 FII Flow: Confidence or Irrational exuberance                           If you have an investment horizon of over 3 years, we suggest you
                                                                         to consider ELSS mutual fund schemes, which not only allow you
 It is important to note that India is becoming globally relevant
                                                                         to unlock the potential of equity, but also enable you to save tax.
 as an economy and as an investment destination. India is
 amongst the fastest growing economies and is expected to
 remain so for the foreseeable future. This phenomenon has
 resulted in broadening of the global investor base for Indian
                                                                         Sandesh Kirkire
 equity markets.
                                                                         Chief Executive Officer.




Think Investments. Think Kotak.                                                                                                        2

                                                                      C M Y K
M = Special Red • K = Black




Foreword
   From the Debt Fund                                                               From the Equity Fund
   Management Team                                                                  Management Team
   Inflation starts upward journey……… base effect ends, fuel prices                 The BSE Sensex and the Nifty have once again touched their all time highs
   hiked                                                                            this month. The BSE Sensex and the Nifty Index gained 10.62% and 9.09%
   After touching a three year low of 3.01% for the week ended 27 Aug'05,           respectively, in the month of September, where as they gained 20.03% and
   the point-to-point Wholesale Price Index (WPI) inflation climbed up by 75        17.15% respectively during the quarter, July-September 2005.
   bps to 3.75% for week ended 17 Sep'05. Hike in fuel prices in the first week     FIIs continued to be buyers in September, to the tune of Rs. 4,646.80 Crore.
   of September and expensive food articles added significantly to India's WPI      Total investments made by FIIs for the quarter had been Rs. 17,632.1 Crore.
   during the month. At the same time, favorable base effect, which continued       Domestic funds were also net buyers of Rs. 3,206.54 Crore in September
   during July and Aug'05, started wearing off as the month progressed.             and approx Rs. 6,000 Crore for the quarter ended September '05.
   Key indices: WPI increased by 1.2% lead by increase in WPI for primary           Making Sense of the Sensex
   articles, fuel & power and manufactured articles by 1.9%, 3.3% and 0.20%
                                                                                    India's GDP, which grew at 8.1% for first quarter FY06, has not only beaten
   respectively.
                                                                                    the analyst expectations but also is the highest in the last five quarters. The
   Liquidity & Markets                                                              growth was led by Industry, which grew at 10.1% and Services, which had a
   Though liquidity was volatile but sufficient liquidity existed during the        whopping growth of 9.6%. Favorable demographics (leading to rising
   month with some tightness in the third week of the month, due to the             domestic demand), expectation of sustainable high agro-commodity prices
   impact of advance income tax outflows. Average cash balance with RBI was         (helping farm income) and rising exports (both in services as well as in
   around Rs. 22,000 crores in the last week of the month.                          manufacturing), will help India sustain the strong GDP growth rate seen in
   Bank Deposits witnessed slower growth during the month as compared to            the past two years. This coupled with the Long-term growth story of India is
   the previous month. India's foreign exchange reserve declined marginally by      attracting huge FII funds into the Indian equity markets.
   US$ 0.824 bn to US$ 143.017bn on 23rd Sep'05 from US$ 143.841 bn on              What should one watch out for?
   26th Aug'05.                                                                     We believe that in the short term, high oil prices, and in the long term, the
   GOI announced borrowing program for the 2nd half                                 country's under-investment in Infrastructure can lead to lower then
   The GOI set its borrowing program for the 2nd half of year at Rs. 58,000         expected GDP growth rates and can spoil the long-term equity story.
   crores, which was in line market expectations. GOI borrowing in the              However it is noticeable in the prime minister's recent promise to lower tariff
   corresponding period last year was substantially lower at Rs. 26,000 crores.     levels in Infrastructure comparable to other countries in the region while
   July'05 Industrial output slows…. strong GDP for Apr-June'05 (Q1)                seeking Foreign Direct Investment (FDI) in high growth areas, that
   period                                                                           investments in Infrastructure is the top agenda for the government at the
   India's annual industrial output growth slowed in July due to severe flooding    centre as well as the state, making the risk of under-investment in
   in two of the country's most industrialised states. Industrial production grew   infrastructure remote. We remain optimistic on sustenance of strong
   at 6.7% in July'05 after giving double-digit growth in the immediately           GDP growth rates.
   preceding two months.                                                            Proactive action by government and regulator, on rise in penny
   India's economy expanded with GDP growth at an annual 8.1% in Apri-              stocks
   June'05 quarter as compared to 7% in Jan-Mar'05 quarter. It was                  The Prime Minister had a meeting with SEBI, RBI, the Intelligence Bureau and
   contributed by robust manufacturing output, which expanded by 11.3% in           the Central Bureau of Investigation to check the phenomenal rally in penny
   this period and good growth in services that grew by over 8%                     stocks. Likewise exchanges moved and initiated actions like moving stocks
   Fed hikes rate by 25 bps, signaled further monetary tightening                   into the Trade-to-Trade segment, increasing broker margins etc. This created
   US Fed raised rates by 25 bps to 3.75%, its 11th consecutive hike since          some panic and lead to significant correction in these stocks. It should be
   Jun'04. Fed's statement signaled probability of more rate hikes ahead as it      noted that, in the month when frontline indices gained approx. 10%, the
   was concerned about the long-term effect of high asset prices, than the          CNX Midcap Index was down by 6.96% and the BSE Small cap Index was
   short-term effect of the recent Hurricanes.                                      down by 3.84% for September!
   Range bound Oil prices
   After touching a record high of US$ 70.8/barrel last month, crude oil prices      On Kotak Contra
   played in the range of US$ 62.5/bl to US$ 68/bl during the month. Fears of
   another stoppage of production lead by Hurricane Rita caused volatility          For the first time, we are sharing with you our Kotak Contra Portfolio. We are
   during the month. Nymex crude for Nov'05 deliveries ended at US$ 66.24/bl        very glad that in a short span of three months we have been able to build
   on 30th Sep'05.                                                                  portfolio of select stocks, which fits into our criteria of Contrarian investing.
   Outlook                                                                          We have bought fundamentally sound companies, having able
   The month gone by did not signal any surprise as GOI borrowings and the US       management and are significantly undervalued due to short-term reasons.
   Fed rate hike was almost in line with expectations. Fuel price hike was long     Also we are glad that though normally Contrarian bets are for the long haul,
   overdue and strong GDP numbers was an outcome of robust industrial               where returns are back ended, even in the short term our company choices
   growth in May-Jun'05. With no short to medium term threat to inflation,          have already generated wealth for the investors. However this is just the
   and adequate liquidity in the system, we maintain a stable outlook on            beginning! Having built this portfolio of selected undervalued companies,
   interest rates for now. We expect markets to trade range bound in coming         that have huge long-term growth potential, we are very confident that
   weeks before taking its cue from RBI's half-yearly policy announcement.          Kotak Contra is poised to create wealth for our investors. We would advice
   However, persisting uncertainties on the global economic front and crude oil     one to 'not time their investments', rather one should give 'time to
   prices could still be a concern. Recent spate of data from the US suggests       investments' to grow and create wealth in the long term.
   that the tightening interest rate cycle there is far from over. Based on the
   speeches of most Fed Governors, it seems very apparent that the key
   concern there is inflation and not growth.
   We expect 10 year to trade in the 6.80%-7.20% range.

                                                   Source of information :
         • www.rbi.org.in • www.sebi.gov.in • www.eaindustry.nic.in • Bloomberg • Moneyline telerate • Economic Times
                          Assets under Management as on September 30, 2005 - Rs. 8216.21 Crores
Think Investments. Think Kotak.                                                                                                                                3

                                                                                                                                         M = Special Red • K = Black
M = Special Red • K = Black




Contents
  Kotak 30                                                        5        Kotak Bond Short Term                                            17

  Kotak Midcap                                                    6        Kotak Gilt - Savings & Investment                                18

  Kotak Opportunities                                             7        Kotak Flexi Debt                                                 19

  Kotak Contra                                                    8        Kotak Floater Short Term                                         20

  Kotak Global India                                              9        Kotak Floater Long Term                                          21

  Kotak MNC                                                      10        Kotak Liquid                                                     22

  Kotak Tech                                                     11        Services & Facilities                                            23

  Kotak Equity FOF                                               12        Ready Reckoner                                                   24

  Kotak Dynamic FOF                                              13        Ready Reckoner                                                   25

  Kotak Balance                                                  14        Dividend History                                                 26

  Kotak Income Plus                                              15        Risk Factors                                                     27

  Kotak Bond - Deposit & Regular                                 16        Contact Details                                                  28




   Risk Return Stack Up


                                                                                                                               Kotak Tech
                                                                                                                       Kotak MNC
                                                                                                             Kotak Global India
                                                                                                              & Kotak Midcap
                                                                                                 Kotak Opportunities

                                                                                           Kotak Contra
                                                                                      Kotak 30
                                                                           Kotak Equity FOF
                                                                      Kotak Balance
                                                            Kotak Income Plus
                                                   Kotak Gilt Investment
                                        Kotak Bond Deposit & Regular
                                       Kotak Gilt Savings
                              Kotak Floater Long Term
                       Kotak Bond Short Term
                   Kotak Flexi Debt
         Kotak Floater Short Term
Risk




        Kotak Liquid


       Potential Return
       The above chart is meant only to show relative positioning and should not be construed
       as absolute risk return relationships among different products.

Think Investments. Think Kotak.                                                                                                             4

                                                                                                                         M = Special Red • K = Black
                                                            Size: 8.25x11.75
M = Special Red • K = Black




                                                                                                                             Equity Investment
                                                                                                                             Philosophy



Open-Ended Equity Growth Scheme



  About the Scheme
  A large cap diversified scheme, which                               Ideal Investment Horizon                             Ratios
  invests in companies with a medium to                               1-3 years                                            *Beta : 0.84
  long-term view. The scheme follows a                                Corpus                                               *Sharpe: 0.61
  bottom-up approach to stock selection.                              Rs. 173.61 crores                                    Portfolio P/E: 29.95
  The investment strategy is to take balanced                                                                              *Source: Value Research
  exposure across sectors while maintaining
  less than 30% exposure to mid-cap stocks.


     Performance as on Sept 30, 2005                                                Portfolio
             Kotak 30*       BSE Sensex           S&P CNX Nifty                    Name of the Instrument                      Industry / Rating                   % to
80
                                                                                                                                                                    Net
     69.2                                                                                                                                                         Assets
70
                      61.3                                                         Equity & Equity Related (Listed/Awaiting listing)
60        54.6                                                                     Larsen And Toubro Ltd.                    Industrial Capital Goods                7.18
             49.0                                                                  State Bank Of India                       Banks                                   7.03
50                          42.9
                                    39.6                                           Bharti Tele Ventures ltd                  Telecom - Services                      6.63
40
                                                           30.3                    Infosys Technologies Ltd.                 Software                                6.49
30                                         25.3                                    Bharat Heavy Electricals Ltd.             Industrial Capital Goods                5.76
20                                            16.115.4         16.7 17.5           ITC Ltd.                                  Consumer Non Durables                   4.96
                                                                                   Television Eighteen India Ltd.            Media & Entertainment                   4.20
10
                                                                                   I-Flex Solutions Limited                  Software                                3.54
 0
         1 year           3 years           5 years        Since allotment
                                                                                   EID Parry (India) Ltd.                    Consumer Non Durables                   3.31
                                                         (Dec 29, 1998)            Hindustan Lever Ltd.                      Consumer Non Durables                   3.09
Kotak 30 NAV: Rs. 26.020 (Div. Option)                                             Siemens Ltd.                              Industrial Capital Goods                3.00
* Returns assumed reinvestment of the tax free dividend declared.                  Reliance Energy Ltd.                      Power                                   2.89
Returns = 1 year : Absolute; Returns > 1 year : CAGR                               Deccan Chronicle Holdings Ltd.            Media & Entertainment                   2.84
(Compounded Annualised Growth Rate)
Past performance may or may not be sustained in future.
                                                                                   Oil & Natural Gas Corporation Ltd.        Oil                                     2.63
                                                                                   HDFC Ltd.                                 Finance                                 2.32
                                                                                   Navin Fluorine International Ltd.         Chemicals                               2.31
 SIP Returns                                                                       Procter & Gamble Hygiene and              Consumer Non Durables                   2.15
                                                                                   Health Care Ltd.
                      1 year                3 years               5 years          Sun Pharmaceuticals Industries Ltd.        Pharmaceuticals                        2.13
Investment                                                                         Tata Consultancy Services Ltd.             Software                               2.13
Amt.                 Rs. 12000               Rs. 36000              Rs. 60000      Grasim Industries Ltd.                     Cement                                 2.13
Investment                                                                         The Associated Cement Companies Ltd        Cement                                 2.05
Value                Rs. 16713               Rs. 83028            Rs. 175452       Tata Motors Ltd.                           Auto                                   2.02
                                                                                   Sterlite Industries (India) Ltd            Non - Ferrous Metals                   2.02
XIRR                      79.59%              62.46%                 44.46%        Lupin Ltd.                                 Pharmaceuticals                        2.01
                                                                                   Andhra Sugars Ltd                          Chemicals                              1.99
Assumptions :       1) Rs. 1000 investment done on the 5th or                      Reliance Industries Ltd.                   Petroleum Products                     1.79
                       the subsequent working day of the month.
                                                                                   Kochi Refineries Ltd.                      Petroleum Products                     1.59
                    2) Loads not considered.
                                                                                   Monnet Ispat Ltd.                          Ferrous Metals                         0.67
                                                                                   Indo Gulf Fertilizer Ltd.                  Fertilisers                            0.25
                                                                                   ICICI Bank Ltd.                            Banks                                  0.05
  Sector Allocation                                                                Total                                                                            91.16
                                                      Industrial Capital Goods
                                                                                   Futures
15.94%
                                                                                   ICICI Bank Ltd.-OCT2005                                                           4.43
13.51%                                        Consumer non Durables
                                                                                   Oil & Natural Gas Corporation Ltd. - OCT2005                                      0.91
12.16%                                     Software
                                                                                   Futures ( Market Value represents Notional Value) - Total                         5.34
 7.08%                      Banks
                                                                                   Money Market Instruments
 7.04%                      Media & Entertainment
                                                                                   Commercial Papers/Certificate of Deposits
 6.63%                     Telecom - Services                                      Public Sector Undertakings
 5.34%                Futures                                                      Power Finance Corporation Ltd.             A1+                                   0.57
  4.3%              Chemicals                                                      Total                                                                            0.57
 4.18%              Cement                                                         Collateral Borrowing & Lending obligation                                        1.15
 4.14%              Pharmaceuticals                                                Term Deposits                                                                    1.15
19.68%                                                        Rest                 Net Current Assets/(Liabilites)                                                  0.63
     0.00%        5.00%        10.00%        15.00%        20.00%      25.00%
                                                                                   GRAND TOTAL                                                                    100.00
                                                                                   Total NPAs provided for and percentage to NAV: Nil
                                                                                   Total value and percentage to Net Asset of IIIiquid Equity Shares : Nil

Think Investments. Think Kotak.                                                                                                                                         5

                                                                                                                                                      M = Special Red • K = Black
                                                                                 Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                                                            Equity Investment
                                                                                                                            Philosophy



 Open-Ended Equity Growth Scheme


  About the Scheme
  A scheme that invests predominantly in                            companies, 5%-35% in debt and money                    Corpus
  midcap companies, which are expected to be                        market securities with a portfolio diversified         Rs. 345.61 crores
  tomorrow's large cap companies. The                               across sectors.                                        Ratio
  Scheme follows a bottom up approach to                            Ideal Investment Horizon                               Portfolio P/E: 28.26
  stock selection. The investment strategy is to                    2 - 3 years
  have 65%-95% investments in midcap
  companies, upto 30% in large cap / small cap


      Performance as on Sept 30, 2005                                            Portfolio
                                                                                Name of the Instrument                       Industry / Rating                        % to
               Kotak Midcap                    CNX Nifty Junior                                                                                                        Net
                                                                                                                                                                     Assets
45                                                                              Equity & Equity Related (Listed/Awaiting listing)
                            40.2
40                                                                              Television Eighteen India Ltd.                   Media & Entertainment                 5.95
                                                                                Areva T and D India Ltd.                         Industrial Capital Goods              5.30
35
                                                                                MRF Limited                                      Auto Ancillaries                      4.93
30                                                                              Britannia Industries Ltd.                        Consumer Non Durables                 4.60
25                                                                              Bharat Earth Movers Ltd.                         Industrial Capital Goods              4.34
                                                 22.3                           Hindustan Sanitaryware & Industries Ltd.         Consumer Non Durables                 4.07
20
                                                                                Deccan Chronicle Holdings Ltd.                   Media & Entertainment                 3.68
15                                                                              Automotive Axles Ltd.                            Auto Ancillaries                      3.45
10                                                                              Alfa Laval (India) Ltd                           Industrial Capital Goods              3.38
                                                                                Maharashtra Seamless Ltd.                        Ferrous Metals                        3.38
 5
                                                                                Aban Loyd Chiles Offshore Ltd.                   Industrial Capital Goods              3.24
 0                                                                              IVRCL Infrastructures & Projects Ltd.            Construction                          3.18
                     Since Allotment (Feb 24, 2005)
                                                                                Aventis Pharma Ltd.                              Pharmaceuticals                       3.14
Kotak Midcap NAV: Rs. 14.2180 (Growth Option)                                   I-Flex Solutions Limited                         Software                              3.11
Returns < =1 year : Absolute                                                    Madras Cements Ltd.                              Cement                                2.99
The Annualised Return is not shown as Scheme has not completed                  SKF India Ltd                                    Industrial Products                   2.95
one year.                                                                       Kirloskar Oil Engines Ltd.                       Industrial Products                   2.85
Past performance may or may not be sustained in future.
                                                                                Siemens Ltd.                                     Industrial Capital Goods              2.80
                                                                                Pantaloon Retail (india) Ltd.                    Retailing                             2.52
                                                                                EIH Ltd.                                         Hotels                                2.29
                                                                                Gujarat Gas Company Ltd                          Gas                                   2.20
  SIP Returns
                                                                                Syndicate Bank                                   Banks                                 2.19
                                                                                Bank Of Baroda                                   Banks                                 2.16
                                               7 months
                                                                                EID Parry (India) Ltd.                           Consumer Non Durables                 2.15
 Investment Amount                              Rs. 7000                        Mid-Day Multimedia Ltd.                          Media & Entertainment                 1.72
 Investment Value                                Rs. 8945                       Jindal Steel & Power Ltd.                        Ferrous Metals                        1.61
                                                                                Unichem Laboratories Ltd.                        Pharmaceuticals                       1.16
 XIRR                                            103.68%                        Allahabad Bank.                                  Banks                                 1.06
                                                                                Gujarat Mineral Development                     Minerals/Mining                        1.06
Assumptions:     1) Rs. 1000 investment done on the 5th or the                  Corporation Ltd.
                    subsequent working day of the month.                        Z F Steering Gear (India) Ltd                    Auto Ancillaries                      1.02
                 2) Loads not considered. Scheme has completed                  Birla Corporation Ltd.                           Cement                                1.00
                    7 months since inception.                                   Vimta Labs Ltd.                                  Healthcare Services                   0.97
                                                                                Avaya GlobalConnect Ltd.                         Telecom - Equipment & Accessories     0.97
                                                                                Hindustan Dorr-Oliver Ltd.                       Industrial Capital Goods              0.64
                                                                                Balrampur Chini Mills Ltd                        Consumer Non Durables                 0.25
  Sector Allocation                                                             Total                                                                                 92.31
                                                                                Debt Instruments
19.70%                                               Industrial Capital Goods   Debentures & Bonds
11.35%                             Media & Entertainment                        Corporate Debt / Financial Institutions
11.07%                           Consumer Non Durables                          Electrosteel Castings Ltd.                       P1+                                   2.89
 9.40%                       Auto Ancilliaries                                  Total                                                                                  2.89
 5.80%               Industrial Products                                        Money Market Instruments
 5.41%            Banks                                                         Commercial Papers/Certificate of Deposits
 4.99%           Ferrous Metals                                                 Public Sector Undertakings
 4.30%         Pharmaceuticals                                                  Power Finance Corporation Ltd.                   A1+                                   0.86
 3.99%         Cement                                                           Total                                                                                  0.86
 3.18%       Construction                                                       Collateral Borrowing & Lending obligation                                              1.45
20.81%                                                  Rest                    Net Current Assets/(Liabilites)                                                        2.49
     0.00%   5.00%        10.00%      15.00%      20.00%       25.00%           Grand Total                                                                          100.00
                                                                                Total NPAs provided for and percentage to NAV : Nil
                                                                                Total value and percentage to Net Asset of IIIiquid Equity Shares : Nil

Think Investments. Think Kotak.                                                                                                                                          6

                                                                                                                                                     M = Special Red • K = Black
                                                                            Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                                                                 Equity Investment
                                                                                                                                 Philosophy



 Open-Ended Equity Growth Scheme


  About the Scheme
  A diversified aggressive equity scheme that                               Ideal Investment Horizon                            Ratio
  has a flexibility to invest across market                                 more than 1 year                                    Portfolio P/E: 25.91
  capitalisation and sectors. The investment                                Corpus
  strategy is to make strategic use of debt                                 Rs. 88.54 crores
  and money market securities, upto 35%
  with flexibility for large exposure in select
  sectors.


     Performance as on Sept 30, 2005                                                    Portfolio
                Kotak Opportunities                  S&P CNX 500                       Name of the Instrument                      Industry / Rating                   % to
                                                                                                                                                                        Net
                                                                                                                                                                      Assets
                                                                                       Equity & Equity Related (Listed/Awaiting listing)
             76.6                                       73.9                           Television Eighteen India Ltd.            Media & Entertainment                   4.19
80
                                                                                       Dabur India Ltd                           Consumer Non Durables                   4.15
                        53.8                                         58.4
60                                                                                     Areva T and D India Ltd.                  Industrial Capital Goods                4.05
40                                                                                     Punjab National Bank                      Banks                                   3.97
                                                                                       Cipla Ltd.                                Pharmaceuticals                         3.86
20
                                                                                       Aban Loyd Chiles Offshore Ltd.            Industrial Capital Goods                3.69
 0                                                                                     The Associated Cement Companies Ltd Cement                                        3.69
                1 year                               Since Allotment
                                                     (Sept 09, 2004)                   Procter & Gamble Hygiene and              Consumer Non Durables                   3.61
                                                                                       Health Care Ltd.
Kotak Opportunities NAV: Rs. 17.955 (Growth Option)                                    Jindal Steel & Power Ltd.                 Ferrous Metals                         3.53
Returns =1 year : Absolute. Returns > 1year: CAGR (Compounded
                                                                                       Madras Cements Ltd.                       Cement                                 3.44
Annualised Growth Rate)
Past performance may or may not be sustained in future.                                Britannia Industries Ltd.                 Consumer Non Durables                  3.27
                                                                                       Bank Of Baroda                            Banks                                  3.23
                                                                                       Atlas Copco (India) Ltd                   Industrial Products                    3.08
                                                                                       Mahindra & Mahindra Ltd.                  Auto                                   3.07
                                                                                       Nahar Spinning Mills Ltd.                 Textiles - Synthetic                   2.98
                                                                                       Alembic Ltd.                              Pharmaceuticals                        2.79
  SIP Returns                                                                          Visualsoft Technologies Ltd.              Software                               2.53
                                                                                       Colgate Palmolive (India ) Ltd.           Consumer Non Durables                  2.52
                                                      1 Year                           I-Flex Solutions Limited                  Software                               2.21
                                                                                       Automotive Axles Ltd.                     Auto Ancillaries                       2.19
 Investment Amount                                Rs. 12000
                                                                                       Videsh Sanchar Nigam Ltd.                 Telecom - Services                     2.14
 Investment Value                                 Rs. 16477                            Aventis Pharma Ltd.                       Pharmaceuticals                        2.13
 XIRR                                                75.30%                            Igarashi Motors India Ltd.                Auto Ancillaries                       2.12
                                                                                       Industrial Development Bank of India      Banks                                  2.09
Assumptions :       1) Rs. 1000 investment done on the 5th or the                      Coromandel Fertilisers Ltd.               Fertilisers                            2.06
                       subsequent working day of the month.                            Larsen And Toubro Ltd.                    Industrial Capital Goods               2.06
                    2) Loads not considered.                                           Jaiprakash Associates Ltd                 Construction                           2.04
                                                                                       Wyeth Ltd                                 Pharmaceuticals                        1.97
                                                                                       Dynamatic Technologies Ltd.               Industrial Products                    1.93
                                                                                       Force Motors Ltd.                         Auto                                   1.92
                                                                                       Bharti Tele Ventures ltd                  Telecom - Services                     1.38
  Sector Allocation                                                                    Simbhaoli Sugar Mills Ltd.                Consumer Non Durables                  1.37
                                                                                       Andhra Sugars Ltd                         Chemicals                              1.17
15.21%
                                                                                       ICICI Bank Ltd.                           Banks                                  0.54
                                                       Consumer Non Durables
10.75%                                    Pharmaceuticals
                                                                                       Simbhaoli Sugar Mills Ltd. Right Shares. Consumer Non Durables                   0.29
10.16%                                  Collateral Borrowing & Lending Obligation      Total                                                                           91.26
9.83%                                   Banks
                                                                                       Futures
9.80%                                   Industrial Capital Goods                       ICICI Bank Ltd.-OCT2005                                                          2.24
7.13%                        Cement                                                    Futures (Market Value represents Notional Value) - Total                         2.24
5.01%                 Industrial Products                                              Collateral Borrowing                                                            10.16
4.99%                 Auto
                                                                                       & Lending Obligation
4.74%                Software
                                                                                       Term Deposits                                                                    0.28
4.31%               Auto Ancilliaries                                                  Net Current Assets/(Liabilites)                                                 -3.94
18.07%                                                             Rest                Grand Total                                                                    100.00
                                                                                       Total NPAs provided for and percentage to NAV: Nil
     0.00%      5.00%           10.00%            15.00%           20.00%
                                                                                       Total value and percentage to Net Asset of IIIiquid Equity Shares : Nil


Think Investments. Think Kotak.                                                                                                                                             7

                                                                                                                                                          M = Special Red • K = Black
                                                                                    Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                                                                    Equity Investment
                                                                                                                                    Philosophy
 KOTAK CONTRA
Open-Ended Equity Growth Scheme


  About the Scheme
  A diversified equity scheme that invest in                      Ideal Investment Horizon                                         Ratio
  fundamentally strong companies which are                        2 - 3 years                                                      Portfolio P/E: 12.08
  currently under-valued due to temporary/non-
  recurring reasons, thus following the Contrarian                Corpus
  Style of Investing. The Investment Strategy is to               Rs. 593.30 crores
  have 65% - 100% in Equity and equity related
  securities, 0%- 35% in Debt & Money market
  securities.


     Performance as on Sept 30, 2005                                           Portfolio
                    Kotak Contra             S&P CNX 500                      Name of the Instrument                                  Industry / Rating                           % to
                                                                                                                                                                                   Net
                                                                                                                                                                                 Assets
14                                                                            Equity & Equity Related (Listed/Awaiting listing)
                                               12.2                           I-Flex Solutions Limited                                  Software                                 3.89%
                                                                              Punjab National Bank                                      Banks                                    3.46%
12
                                                                              EID Parry (India) Ltd.                                    Consumer Non Durables                    3.12%
                           10.1                                               Tata Steel Limited.                                       Ferrous Metals                           2.98%
10                                                                            Steel Authority of India Ltd.                             Ferrous Metals                           2.48%
                                                                              Coromandel Fertilisers Ltd.                               Fertilisers                              2.47%
 8                                                                            Tata Consultancy Services Ltd.                            Software                                 2.35%
                                                                              Hindustan Lever Ltd.                                      Consumer Non Durables                    2.32%
 6                                                                            Tata Chemicals Ltd.                                       Fertilisers                              2.29%
                                                                              Grasim Industries Ltd.                                    Cement                                   2.27%
 4                                                                            Indo Gulf Fertilizer Ltd.                                 Fertilisers                              2.20%
                                                                              Industrial Development Bank of Indi                       Banks                                    2.08%
                                                                              Mastek Ltd.                                               Software                                 2.02%
 2
                                                                              Asian Paints (India) Ltd.                                 Consumer Non Durables                    1.94%
                                                                              Alembic Ltd.                                              Pharmaceuticals                          1.90%
 0                                                                            Alfa Laval (India) Ltd                                    Industrial Capital Goods                 1.81%
                  Since Allotment (July 29, 2005)                             Mahanagar Telephone Nigam Ltd.                            Telecom - Services                       1.78%
                                                                              Mahindra & Mahindra Ltd.                                  Auto                                     1.71%
Kotak Contra NAV: Rs. 10.8930 (Growth Option)                                 Raymond Limited                                           Textile Products                         1.69%
Returns < =1 year : Absolute                                                  Monsanto India Ltd.                                       Pesticides                               1.67%
The Annualised Return is not shown as Scheme has not completed                United Phosphorus Ltd                                     Pesticides                               1.67%
one year.                                                                     Monnet Ispat Ltd.                                         Ferrous Metals                           1.65%
Past performance may or may not be sustained in future.                       Jaiprakash Associates Ltd                                 Construction                             1.62%
                                                                              Gujarat Gas Company Ltd                                   Gas                                      1.62%
                                                                              Punjab Tractors Ltd.                                      Auto                                     1.54%
                                                                              Gujarat Alkalies & Chemicals Ltd.                         Chemicals                                1.52%
                                                                              Navin Fluorine International Ltd.                         Chemicals                                1.52%
  Sector Allocation                                                           Videsh Sanchar Nigam Ltd.                                 Telecom - Services                       1.46%
                                                                              Hindalco Industries Ltd                                   Non - Ferrous Metals                     1.45%
                                                                              Nahar Spinning Mills Ltd.                                 Textiles - Synthetic                     1.41%
16.27%                                       Debt Instruments                 Bajaj Hindusthan Limited                                  Consumer Non Durables                    1.39%
                                                                              Micro Inks Ltd.                                           Chemicals                                1.31%
12.04%                              Consumer Non Durables                     Upper Ganges Sugar & Industries Ltd.                      Consumer Non Durables                    1.30%
                                                                              Apollo Tyres Ltd.                                         Auto Ancillaries                         1.28%
8.26%                      Software
                                                                              Alstom Projects India Ltd.                                Industrial Capital Goods                 1.27%
 7.11%                Ferrous Metals                                          Vardhman Spinning & General Mills Ltd.                    Textiles - Cotton                        1.16%
                                                                              Abbott India Ltd.                                         Pharmaceuticals                          1.15%
6.96%                 Fertilisers                                             Assam Company Ltd.                                        Consumer Non Durables                    1.03%
                                                                              Power Trading Corporation of India Ltd.                   Electric Utilities                       1.02%
5.54%             Banks
                                                                              Revathi Equipment Ltd.                                    Industrial Products                      1.01%
 4.51%          Industrial Capital Goods                                      Nestle India Ltd.                                         Consumer Non Durables                    0.94%
                                                                              ABG Heavy Industries Ltd.                                 Industrial Capital Goods                 0.89%
 4.35%          Chemicals                                                     Torrent Pharmaceuticals Ltd.                              Pharmaceuticals                          0.72%
                                                                              Hindustan Dorr-Oliver Ltd.                                Industrial Capital Goods                 0.54%
 3.77%         Pharmaceuticals
                                                                              Castrol (India ) Ltd.                                     Petroleum Products                       0.36%
3.34%         Pesticides                                                      Total                                                                                               77.26
                                                                              Debt Instruments
27.85%                                                              Rest      Debentures & Bonds
                                                                              Corporate Debt / Financial Institutions
     0%        5%          10%         15%       20%        25%       30%     ICICI Bank Ltd.                                           AAA                                      7.67%
                                                                              Sterlite Industries (India) Ltd                           P1+                                      1.85%
                                                                              Crompton Greaves Ltd.                                     F1+(ind)                                 1.69%
                                                                              DCM Shriram Consolidated Ltd.                             A1+                                      1.69%
                                                                              HDFC Ltd.                                                 AAA                                      1.69%
                                                                              Citicorp Maruti Finance Ltd.                              P1+                                      0.84%
                                                                              Indian Oil Tanking Limited                                F1+(ind)                                 0.84%
                                                                              Total                                                                                             16.27%
                                                                              Money Market Instruments
                                                                              Commercial Papers/Certificate of Deposits
                                                                              Corporate Debt / Financial Institutions
                                                                              Indian Bank                                               F1+(ind)                                 0.98%
                                                                              United Phosphorus Ltd.                                    PR1+                                     0.84%
                                                                              Allahabad Bank                                            PR1+                                     0.32%
                                                                              Total                                                                                              2.14%
                                                                              Collateral Borrowing & Lending obligation                                                          2.75%
                                                                              Net Current Assets/(Liabilites)                                                                    1.58%
                                                                              Grand Total                                                                                        100.00
                                                                              Total NPAs provided for and percentage to NAV: Nil
                                                                              Total value and percentage to Net Asset of IIIiquid Equity Shares : Nil

Think Investments. Think Kotak.                                                                                                                                                      8

                                                                                                                                                                   M = Special Red • K = Black
                                                                           Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                                                                Equity Investment
                                                                                                                                Philosophy



Open-Ended Equity Growth Scheme



  About the Scheme
  A diversified equity scheme which aims at                              strategy for incremental growth. The                 Corpus
  capturing the growth potential of globally                             investment strategy is to have a portfolio           Rs. 172.26 crores
  competitive Indian companies. The scheme                               diversified across sectors.                          Ratio
  follows a bottom up approach to stock                                  Ideal Investment Horizon                             Portfolio P/E: 22.69
  selection with focus on Indian companies                               2-3 years
  with a clear global expansion / export



     Performance as on Sept 30, 2005                                                   Portfolio
                     Kotak Global India                BSE Sensex                     Name of the Instrument                      Industry / Rating                   % to
                                                                                                                                                                       Net
              56.9                                                                                                                                                   Assets
60                          54.6
                                                        42.6                          Equity & Equity Related (Listed/Awaiting listing)
40                                                                                    Siemens Ltd.                               Industrial Capital Goods              9.12
                                                                  28.3
20                                                                                    Thermax Ltd.                               Industrial Capital Goods              8.08
 0                                                                                    Mahavir Spinning Mills Ltd.                Textiles - Cotton                     4.45
                  1 year                               Since Allotment                Larsen And Toubro Ltd.                     Industrial Capital Goods              4.31
                                                        (Jan 30, 2004)
                                                                                      United Phosphorus Ltd                      Pesticides                            4.20
Kotak Global India NAV: Rs. 18.083 (Growth Option)                                    Welspun Gujarat Stahl Rohren Ltd.          Ferrous Metals                        3.88
Returns = 1 year : Absolute; Returns > 1 year : CAGR                                  Sundaram Fasteners Ltd.                    Auto Ancillaries                      3.73
(Compounded Annualised Growth Rate)
Past performance may or may not be sustained in future.                               Videsh Sanchar Nigam Ltd.                  Telecom - Services                    3.65
                                                                                      ABB Ltd.                                   Industrial Capital Goods              3.52
                                                                                      Raymond Limited                            Textile Products                      3.45
                                                                                      Infosys Technologies Ltd.                  Software                              3.39
  SIP Returns                                                                         Sun Pharmaceuticals Industries Ltd.        Pharmaceuticals                       3.35
                                                                                      Subex Systems Ltd.                         Software                              3.25
                                                       1 year
                                                                                      Mahindra & Mahindra Ltd.                   Auto                                  3.23
Investment Amount                                  Rs. 12000
                                                                                      Cummins India Ltd.                         Industrial Products                   3.20
Investment Value                                   Rs. 15620                          Bharat Forge Ltd.                          Industrial Products                   3.19
XIRR                                                   59.97%                         Tata Tea Ltd.                              Consumer Non Durables                 3.05
                                                                                      Asian Paints (India) Ltd.                  Consumer Non Durables                 2.99
Assumptions :        1) Rs. 1000 investment done on the 5th or
                                                                                      Tata Motors Ltd.                           Auto                                  2.95
                        the subsequent working day of the month.
                     2) Loads not considered.
                                                                                      Visualsoft Technologies Ltd.               Software                              2.95
                                                                                      Wockhardt Ltd.                             Pharmaceuticals                       2.84
                                                                                      Allsec Technologies Ltd.                   Software                              2.71
                                                                                      SPL Industries Ltd.                        Consumer Non Durables                 2.65
                                                                                      Cipla Ltd.                                 Pharmaceuticals                       1.89
  Sector Allocation
                                                                                      Nahar Industrial Enterprises Ltd.          Textiles - Cotton                     1.87
25.03%                                                     Industrial Capital Goods
                                                                                      Ipca Laboratories Ltd.                     Pharmaceuticals                       1.54
12.30%                             Software                                           Total                                                                           93.44
 9.62%                       Pharmaceuticals                                          Warrants
 8.69%                   Consumer Non Durables                                        Bharat Forge Ltd. Detachable Warrants      Industrial Products                    0.07
 6.46%               Industrial Products
                                                                                      Total                                                                             0.07
 6.32%               Textiles - Cotton
                                                                                      Collateral Borrowing &
 6.18%               Auto
 4.20%
                                                                                      Lending Obligation                                                               2.90
                Pesticides
 3.88%        Ferrous Metals                                                          Net Current Assets/(Liabilites)                                                  3.59
 3.73%        Auto Ancilliaries                                                       GRAND TOTAL                                                                    100.00
13.59%                               Rest                                             Total NPAs provided for and percentage to NAV: Nil
     0.00%   5.00%     10.00%      15.00%     20.00%   25.00%   30.00%                Total value and percentage to Net Asset of IIIiquid Equity Shares : Nil




Think Investments. Think Kotak.                                                                                                                                            9

                                                                                 Size: 8.25x11.75in                                                      M = Special Red • K = Black
M = Special Red • K = Black




                                                                                                                                            Equity Investment
                                                                                                                                            Philosophy



Open-Ended Equity Growth Scheme



  About the Scheme
  A scheme diversified across sectors, that                                         Ideal Investment Horizon                              Ratios
  invests in Multinational companies having                                         2-3 years                                             *Beta : 0.65
  business in India. The scheme follows a                                           Corpus                                                *Sharpe: 0.52
  bottom-up approach to stock selection and                                         Rs. 59.27 crores                                      Portfolio P/E: 27.12
  the investment strategy is to make                                                                                                      *Source: Value Research
  aggressive allocation across select sectors.



      Performance as on Sept 30, 2005                                                             Portfolio
              Kotak MNC*               BSE Sensex             S&P CNX Nifty                       Name of the Instrument                      Industry / Rating                   % to
                                                                                                                                                                                   Net
60    54.0 54.6                                                                                                                                                                  Assets
                                51.5
                  49.0
50                                     42.9
                                                                                                  Equity & Equity Related (Listed/Awaiting listing)
                                              39.6
40                                                                                                ABB Ltd.                                    Industrial Capital Goods             7.21
30                                                                                                Atlas Copco (India) Ltd                     Industrial Products                  6.98
                                                      22.0
                                                                            19.2
20                                                           16.1
                                                                    15.4
                                                                                                  Astrazeneca Pharma (I) Ltd.                 Pharmaceuticals                      6.85
                                                                                   11.7 11.5
10                                                                                                Aventis Pharma Ltd.                         Pharmaceuticals                      6.36
 0                                                                                                Syngenta India Ltd.                         Pesticides                           5.97
             1 year                3 years                5 years          Since Allotment
                                                                                                  Glaxosmithkline Pharma. Ltd.                Pharmaceuticals                      5.85
                                                                            (Apr 04, 2000)
                                                                                                  Gillette India Ltd                          Consumer Non Durables                5.38
Kotak MNC NAV: Rs. 20.521
* Returns assumed reinvestment of the tax free dividend declared.                                 Glaxosmithkline Beecham                     Consumer Non Durables                5.14
Returns = 1 year : Absolute; Returns > 1 year : CAGR                                              Cons. Healthcare Ltd.
(Compounded Annualised Growth Rate)
Past performance may or may not be sustained in future.                                           Pfizer Ltd.                                 Pharmaceuticals                      4.85
                                                                                                  I-Flex Solutions Limited                    Software                             3.95
                                                                                                  Ciba Speciality Chemicals Ltd.              Chemicals                            3.78
 SIP Returns
                                                                                                  Monsanto India Ltd.                         Pesticides                           3.72
                             1 year                  3 years                 5 years              Z F Steering Gear (India) Ltd               Auto Ancillaries                     3.49
Investment                                                                                        3M India Ltd.                               Trading                              3.45
Amt.                         Rs. 12000               Rs. 36000                 Rs. 60000
                                                                                                  Kennametal Widia India Ltd.                 Industrial Products                  3.33
Investment
Value                        Rs. 15195               Rs. 77616               Rs. 154632           Procter & Gamble Hygiene and                Consumer Non Durables                3.08
                                                                                                  Health Care Ltd.
XIRR                           52.53%                     56.74%                   38.93%
                                                                                                  KSB Pump Ltd                                Industrial Products                  2.96

Assumptions :            1) Rs. 1000 investment done on the 5th or                                Igarashi Motors India Ltd.                  Auto Ancillaries                     2.53
                            the subsequent working day of the month.                              Thomas Cook (India) Ltd.                    Travel                               2.52
                         2) Loads not considered.
                                                                                                  SKF India Ltd                               Industrial Products                  2.49
                                                                                                  Solectron Centum Electronics Ltd.           Industrial Capital Goods             2.26
                                                                                                  Disa India Ltd.                             Industrial Capital Goods             1.34
  Sector Allocation
                                                                                                  Total                                                                           93.49
23.91%                                                                      Pharmaceuticals       Collateral Borrowing
15.76%                                                Industrial Products                         & Lending Obligation                                                             5.06
13.60%                                           Consumer Non Durables
                                                                                                  Term Deposits                                                                    1.69
10.81%                                   Industrial Capital Goods
                                                                                                  Net Current Assets/(Liabilites)                                                 -0.24
9.69%                                  Pesticides

6.02%                        Auto Ancilliaries                                                    GRAND TOTAL                                                                    100.00
5.06%                    Collateral Borrowing & Lending obligation                                Total NPAs provided for and percentage to NAV: Nil
3.95%                 Software
                                                                                                  Total value and percentage to Net Asset of IIIiquid Equity Shares : Nil
3.78%                 Chemicals

3.45%             Trading

3.97%                 Rest

     0.00%        5.00%           10.00%         15.00%      20.00%        25.00%       30.00%




Think Investments. Think Kotak.                                                                                                                                                     10

                                                                                               Size: 8.25x11.75in                                                   M = Special Red • K = Black
M = Special Red • K = Black




                                                                                                                                    Equity Investment
                                                                                                                                    Philosophy



 Open-Ended Equity Growth Scheme


  About the Scheme
  A sector scheme, investing only in IT sector                                Ideal Investment Horizon                             Ratios
  companies. The scheme follows a bottom-                                     2 - 3 years                                          *Beta : 0.78
  up approach to stock selection. The                                         Corpus                                               *Sharpe: 0.31
  investment strategy is to invest with                                       Rs. 49.52 crores                                     Portfolio P/E: 25.85
  medium to long term view on companies.                                                                                           *Source: Value Research



       Performance as on Sept 30, 2005                                                     Portfolio
                                 Kotak Tech                 BSE IT                         Name of the Instrument                       Industry / Rating                % to
                                                                                                                                                                          Net
50                                                                                                                                                                      Assets
                     42.2
                                                                                           Equity & Equity Related (Listed/Awaiting listing)
40
              36.1               34.0 32.3                                                 Infosys Technologies Ltd.                      Software                       29.46
30                                                                                         Wipro Ltd.                                     Software                       11.55
                                                                                           Tata Consultancy Services Ltd.                 Software                        7.78
20
                                                                                           I-Flex Solutions Limited                       Software                        7.69
10                                                                                         Visualsoft Technologies Ltd.                   Software                        5.77
                                                      -0.9 -0.9          -6.9 -7.9         Subex Systems Ltd.                             Software                        4.89
 0
               1 year             3 years                                                  Geometric Software Solutions Co Ltd            Software                        4.68
                                                      5 years
-10                                                                                        Allsec Technologies Ltd.                       Software                        4.17
                                                                     Since Allotment
                                                                     (April 04, 2000)      Sasken Communication Technologies Ltd.         Software                        4.10
-20                                                                                        Mastek Ltd.                                    Software                        3.04
Kotak Tech NAV: Rs. 6.7580                                                                 Ramco Systems Ltd.                             Software                        3.02
Returns = 1 year : Absolute; Returns > 1 year : CAGR                                       Satyam Computer Services Ltd.                  Software                        2.94
(Compounded Annualised Growth Rate)
Past performance may or may not be sustained in future.                                    Infotech Enterprises Ltd.                      Software                        2.58
                                                                                           Patni Computers Systems Ltd.                   Software                        1.69
                                                                                           Mphasis Bfl Ltd.                               Software                        1.13
                                                                                           Saksoft Ltd.                                   Software                        0.49
  SIP Returns                                                                              Total                                                                         94.98
                                                                                           Privately placed / Unlisted
                             1 year                3 years               5 years
                                                                                           Federal Technologies Ltd.                      Software                        0.14
 Investment                                                                                Virtual Dynamics Software Ltd. @               Software                           #
 Amt.                        Rs. 12000             Rs. 36000              Rs. 60000
                                                                                           SRM Radiant Infotech Ltd. @                    Software                           #
 Investment                                                                                Total                                                                          0.14
 Value                       Rs. 14206             Rs. 61496            Rs. 111477
                                                                                           Term Deposits                                                                  0.50
 XIRR                           35.59%               37.98%                  25.02%        Net Current Assets/(Liabilites)                                                4.38
                                                                                           GRAND TOTAL                                                                  100.00
Assumptions : Rs. 1000 investment done on the 5th or the                                   Total NPAs provided for and percentage to NAV: Nil
              subsequent working day of the month.                                         Total percentage to Net Asset of Illiquid Equity Shares: 0.14%
              Loads not considered.                                                        @ Privately Placed Securities.
                                                                                           # Indicates % to net assets less than 0.01%


  Sector Allocation

  95.12%                                                          Software



      0.50%      Term Deposits




      4.38%          Net Current Assets / (Liabilities)


          0.00%        20.00%     40.00%    60.00%        80.00% 100.00% 120.00%




Think Investments. Think Kotak.                                                                                                                                              11

                                                                                        Size: 8.25x11.75in                                                  M = Special Red • K = Black
 M = Special Red • K = Black




                                                                                                                                       Equity Investment
                                                                                                                                       Philosophy



Open-Ended Equity Fund of Funds Scheme



  About the Scheme
  A multi manager FOF scheme that invests                                     65%-75% of their portfolio in diversified               Ideal Investment Horizon
  90-100% in diversified equity schemes and                                   large cap schemes and 15%-25% in                        more than 1year
  rest in liquid schemes. The Scheme invests                                  diversified aggressive equity schemes.                  Corpus
  across multiple fund houses which invests                                                                                           Rs. 91.30 crores




        Performance as on Sept 30, 2005                                                       Portfolio

                  Kotak Equity FOF                    S&P CNX Nifty                          Issuer / Instrument                     Industry /                               % to
                                                                                                                                     Rating                                    Net
80                                                                                                                                                                           Assets
                                                            61.3
                 58.3        49.0
60
                                                                       49.5                  Equity & Equity Related
40                                                                                           Kotak 30 - Growth                        Diversified Equity Scheme                24.79

20                                                                                           HDFC Equity Fund - Growth                Diversified Equity Scheme                16.55

  0
                                                                                             Principal Growth Fund - Growth           Diversified Equity Scheme                16.32
                     1 year                              Since Allotment                     Prudential ICICI Power Plan - Growth     Diversified Equity Scheme                16.28
                                                          (Aug 09, 2004)
                                                                                             HDFC Growth Fund - Growth                Diversified Equity Scheme                 8.19
Kotak Equity FOF NA V: Rs. 17.2660 (Gr owth Option)
Returns = 1 year : Absolute; Retur ns > 1 year : CAGR                                        Birla Midcap Fund - Growth               Diversified Equity Scheme                 8.02
(Compounded Annualised Gr owth Rate)
Past performance may or may not be sustained in futur                  e.                    Franklin India Prima Fund - Growth       Diversified Equity Scheme                 7.92
                                                                                             Kotak Liquid Institutional              Short Term Debt Scheme                     0.01
                                                                                             Premium Growth Option
  SIP Returns
                                                                                             Total                                                                             98.08
                                                          1year                              Net Current Assets/(Liabilites)                                                    1.92
 Investment Amount                                    Rs. 12000                              Grand Total                                                                     100.00
 SIP Return                                           Rs. 15843                              Total NPAs provided for and percentage to NAV: Nil
 XIRR                                                    63.92%                              Total value and percentage to Net Asset of IIIiquid Equity Shares : Nil
 Assumptions :          1) Rs. 1000 investment done on the 5th or
                           the subsequent working day of the month.
                        2) Loads not considered.


  Sector Allocation
  24.79%                                                              Kotak 30 - Growth

  16.55%                                           HDFC Equity Fund - Growth

  16.32%                                           Principal Growth Fund - Growth

  16.28%                                           Prudential ICICI Power Plan - Growth

     8.19%                    HDFC Growth Fund - Growth

     8.02%                    Birla Midcap Fund - Growth

     7.92%                   Franklin India Prima Fund - Growth

     0.01% Kotak Liquid Institutional Premium - Growth

     1.92%      Net Current Assets / Liabilities

        0.00%      5.00%     10.00%      15.00%       20.00%     25.00%     30.00%


Specific Risk Factors : The investors of the scheme shall bear the recurring expenses of the Scheme in addition to the expenses of the underlying
schemes. Hence the investor under the Scheme may receive lower pre-tax returns than what they may receive if they had invested directly in the
underlying schemes in the same proportions. • The portfolio disclosure of the Scheme will be limited to providing the particulars of the underlying
schemes where the Scheme has invested and will not include the investments made by the underlying schemes. • The portfolio of the Scheme will
normally be comprised of schemes of Kotak Mahindra Mutual Fund and other schemes from the recommended list provided by the Designated
Agency. Thought adequate care will be taken to ensure that the methodology adopted by the Designated Agency is proper, there may be any
analytical error (like assigning overweightage or underweightage to various risk-returns parameters), execution error etc. by the Designated Agency,
which may result in the sub-optimal performance of the Scheme. • Since the Scheme proposes to invest at least in 5 underlying schemes, the
significant underperformance in even one of the underlying schemes may adversely affect the performance of the Scheme. Investments in underlying
equity/debt schemes will have all the risks associated with such schemes.


Think Investments. Think Kotak.                                                                                                                                                  12

                                                                                          Size: 8.25x11.75in                                                    M = Special Red • K = Black
M = Special Red • K = Black




                                                                                                                                           Equity Investment
                                                                                                                                           Philosophy



  Close-Ended Fund of Funds Scheme


   About the Scheme
       A close-ended multi-managers FOF                                          schemes in a specific proportion, based on                Corpus
       scheme, with a maturity period of three                                   the recommendation received by the                        Rs. 72.65 crores
       years. The scheme allocates assets across                                 designated advisor*.
       the diversified large cap schemes and liquid



         Performance as on Sept 30, 2005                                                          Portfolio
          Kotak Dynamic FOF                         CRISIL Balanced Fund Index                   Issuer / Instrument                     Industry /                                % to
                                                                                                                                         Rating                                     Net
30                                25.9
                                                                                                                                                                                  Assets
                                                                                                 Equity & Equity Related
25
                                                                                                 HDFC Top 200 Fund - Growth               Diversified Equity Scheme                20.33
                                                          17.3
20
                                                                                                 Kotak 30 - Growth                        Diversified Equity Scheme                20.21
15                                                                                               Birla Advantage Fund - Growth            Diversified Equity Scheme                20.00

10                                                                                               HSBC Equity Fund - Growth                Diversified Equity Scheme                19.87
                                                                                                 Tata Pure Equity Fund - Growth           Diversified Equity Scheme                19.63
  5
                                                                                                 Kotak Liquid Institutional              Short Term Debt Scheme                     0.01
  0                                                                                              Growth Option
                      Since Allotment ( March 31, 2005)
                                                                                                 Total                                                                            100.05
Kotak Dynamic FOF NAV: Rs. 12.5880 (Growth Option)
Returns < = 1 year : Absolute                                                                    Net Current Assets/(Liabilites)                                                    -0.05
The Annualised Return is not shown as Scheme has not completed                                   Grand Total                                                                      100.00
one year.
Past performance may or may not be sustained in future.                                          Total NPAs provided for and percentage to NAV: Nil
                                                                                                 Total value and percentage to Net Asset of IIIiquid Equity Shares : Nil
   Sector Allocation
   20.33%                                                   HDFC Top 200 Fund - Growth Plan      * Designated Advisor : Kotak Securities Limited
   20.21%                                                   Kotak 30 Growth

   20.00%                                                   Birla Advantage Fund - Growth Plan

   19.87%                                                   HSBC Equity Fund - Growth

   19.63%                                                   Tata Pure Equity Fund - Growth

      0.01%    Kotak Liquid Institutional Growth Option

      -0.05%   Net Current Assets / (Liabilities)


-5.00%     0.00%     5.00%       10.00%       15.00%     20.00%   25.00%


The chart shows Mutual Fund investments which total to
100.05%. The portfolio also consists of Net current Liabilities
which are -0.05% making the entire portfolio 100% to Net Assets.


Specific Risk Factors :
• The Scheme may invest predominantly in diversified Large Cap Equity or Liquid Schemes of Mutual Fund registered with SEBI. Hence the Scheme's
performance may depend upon the performance of the underlying equity schemes. Any change in the investment policies or the fundamental
attributes of the underlying schemes could affect the performance of the Scheme. • Investments in underlying equity schemes will have all the risks
associated with the underlying equity schemes including performance of underlying stocks, derivative investments, off shore investments, security
lending etc. • Investments in underlying liquid schemes, will have all the risks associated with such underlying schemes including changes in credit
rating, trading volumes, settlement periods and transfer procedures; Price/Interest-Rate Risk and credit risk, volatility and liquidity in the money
markets, pressure on the exchange rate of the rupee, Basis Risk, Spread Risk and Reinvestment Risk, off shore investments, derivative investments,
security lending, etc. • The investors of the Scheme will bear dual recurring expenses and possibly dual loads, those of the Scheme and those of the
underlying Schemes. Hence the investor under the Scheme may receive lower pre-tax returns than what they could have received if they had invested
directly in the underlying Schemes in the same proportions. • The Portfolio disclosure of the Scheme will be limited to providing the particulars of the
underlying schemes where the Scheme has invested and will not include the investments made by the underlying Schemes. • The dynamic asset
allocation may result in higher transaction costs. • The Scheme is a close-ended scheme and the investors can redeem the units held in the scheme
only during the last three working days of every third month from the date of allotment of units, at prices related to Applicable NAV.


Think Investments. Think Kotak.                                                                                                                                                      13

                                                                                             Size: 8.25x11.75in                                                     M = Special Red • K = Black
M = Special Red • K = Black




                                                                                         Equity Investment                              Debt Investment
                                                                                         Philosophy                                     Philosophy



       Open-Ended Balanced Scheme


  About the Scheme
  A Scheme, investing in equity, debt and                                    Ideal Investment Horizon                           Ratios
  money market instruments. The                                              more than 1 year                                   *Sharpe: 0.56
  investment strategy is to have 50%-70%                                     Corpus                                             Portfolio P / E: 13.62
  in equity portion and 30%-50% in non-                                      Rs. 81.62 crores                                   *Source: Value Research
  equity portion.



     Performance as on Sept 29, 2005*                                                     Portfolio
            Kotak Balance#                     Crisil Balanced Fund Index
                                                                                         Issuer/ Instrument                             Industry / Rating                % to
                                                                                                                                                                          Net
70                                                                                                                                                                      Assets
          58.2
60                                                                                       Equity & Equity related (Listed/Awaiting listing)
50                               43.1
                                                                                         Bharat Heavy Electricals Ltd.                    Industrial Capital Goods        5.08
40                                                                                       Dabur India Ltd                                  Consumer Non Durables           4.27
30               29.6                   25.6                                             Nahar Industrial Enterprises Ltd.                Textiles - Cotton               3.43
                                                       22.4                 20.7
20                                                                                       State Bank Of India                              Banks                           3.42
10                                                                                       Television Eighteen India Ltd.                   Media & Entertainment           3.19
                                                                                         Hindustan Lever Ltd.                             Consumer Non Durables           3.16
 0
          1 year                  3 years             5 years      Since Allotment       Mahindra & Mahindra Ltd.                         Auto                            3.02
                                                                    (Nov 25, 1999)
                                                                                         Coromandel Fertilisers Ltd.                      Fertilisers                     2.99
Kotak Balance NAV: Rs. 21.279                                                            Punjab National Bank                             Banks                           2.88
* Sept 30, 2005 being a non-business day.                                                Infosys Technologies Ltd.                        Software                        2.79
Returns = 1 year : Absolute; Returns > 1 year : CAGR                                     Bank Of Baroda                                   Banks                           2.75
(Compounded Annualised Growth Rate)
# Returns assumed reinvestment of the tax free dividend declared.                        Jaiprakash Associates Ltd                        Construction                    2.68
Past performance may or may not be sustained in future.                                  Hindustan Sanitaryware & Industries Ltd.         Consumer Non Durables           2.49
                                                                                         Mahavir Spinning Mills Ltd.                      Textiles - Cotton               2.38
                                                                                         Navin Fluorine International Ltd.                Chemicals                       2.34
                                                                                         Lupin Ltd.                                       Pharmaceuticals                 2.19
                                                                                         I-Flex Solutions Limited                         Software                        2.19
  SIP Returns                                                                            Areva T and D India Ltd.                         Industrial Capital Goods        2.18
                                                                                         Tata Steel Limited.                              Ferrous Metals                  2.02
                                  1 year             3 years                5 years      Cipla Ltd.                                       Pharmaceuticals                 1.99
Investment                                                                               Hindalco Industries Ltd                          Non - Ferrous Metals            1.96
Amt.                        Rs. 12000               Rs. 36000          Rs. 60000         Gujarat Gas Company Ltd                          Gas                             1.94
Investment                                                                               Deccan Chronicle Holdings Ltd.                   Media & Entertainment           1.83
Value                       Rs. 15510               Rs. 68305         Rs. 139559         Simbhaoli Sugar Mills Ltd.                       Consumer Non Durables           1.75
XIRR                            58.04%               46.26%               34.51%
                                                                                         Andhra Sugars Ltd                                Chemicals                       1.27
                                                                                         Assam Company Ltd.                               Consumer Non Durables           0.80
                                                                                         Simbhaoli Sugar Mills Ltd. Right Shares.         Consumer Non Durables           0.32
Assumptions :             1) Rs. 1000 investment done on the 5th or                      Total                                                                           67.31
                             the subsequent working day of the                           Debt Instruments
                             month.
                                                                                         Debentures & Bonds
                          2) Loads not considered.
                                                                                         Corporate Debt / Financial Institutions
                                                                                         Tata Steel Limited                               AAA                             6.35
                                                                                         DCM Shriram Consolidated Ltd.                    A1+                             6.13
                                                                                         Electrosteel Castings Ltd.                       P1+                             6.13
                                                                                         Total                                                                           18.61
 Sector Allocation                                                                       Money Market Instruments
                                                                                         Commercial Papers/Certificate of Deposits
18.61%                                                              Debt Instruments
                                                        Money Market Instruments
                                                                                         Corporate Debt / Financial Institutions
13.88%
                                                                                         IDBI Home Finance                                A1+                             6.10
12.79%                                               Consumer Non Durables
                                                                                         Reliance Energy Ltd.                             F1+(ind)                        4.78
  9.05%                                   Banks
                                     Industrial Capital Goods
                                                                                         Indian Bank                                      F1+(ind)                        1.79
  7.26%
  5.81%
                                                                                         Total                                                                           12.67
                                Textiles - Cotton
  5.02%                     Media & Entertainment
                                                                                         Public Sector Undertakings
  4.98%                     Software
                                                                                         Power Finance Corporation Ltd.                   A1+                             1.21
  4.18%                   Pharmaceuticals
                                                                                         Total                                                                            1.21
  3.61%                 Chemicals
                                                                                         Collateral Borrowing & Lending Obligation                                        1.59
14.81%                                                     Rest
                                                                                         Net Current Assets/(Liabilites)                                                 -1.39
                                                                                         Grand Total                                                                    100.00
     0.00%              5.00%           10.00%        15.00%       20.00%
                                                                                         Total NPAs provided for and percentage to NAV: Nil
                                                                                         Total value and percentage to Net Asset of Illiquid Equity Shares : Nil
                                                                                         All ratings other than by CRISIL are by ICRA or CARE or Fitch


Think Investments. Think Kotak.                                                                                                                                            14

                                                                                                                                                          M = Special Red • K = Black
                                                                                       Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                         Debt Investment                                     Equity Investment
                                                                                         Philosophy                                          Philosophy



         Open-Ended Income Scheme


  About the Scheme
  A Scheme, investing in equity, debt and                                     Ideal Investment Horizon                              Ratio
  money market instruments. The                                               more than 1 year                                      YTM : 5.8
  investment strategy is to have 80%-100%                                     Corpus                                                Source: Value Research
  in debt and money market instruments and                                    Rs. 55.81 crores
  0%-20% in equities and equity related
  instruments.

                                                                                          Portfolio
     Performance as on Sept 29, 2005*                                                    Issuer/ Instrument                                     Industry / Rating                % to
                                                                                                                                                                            Net Assets
                                                                                         Equity & Equity related (Listed/Awaiting listing)
             Kotak Income Plus               Crisil MIP Blended Index
                                                                                         Nahar Industrial Enterprises Ltd.                       Textiles - Cotton                0.86
                                                                                         Larsen And Toubro Ltd.                                  Industrial Capital Goods         0.84
20
              14.9                                                                       Siemens Ltd.                                            Industrial Capital Goods         0.79
15                                                                                       State Bank Of India                                     Banks                            0.79
                            10.7                                                         EID Parry (India) Ltd.                                  Consumer Non Durables            0.75
                                                            9.3                          Cipla Ltd.                                              Pharmaceuticals                  0.75
10
                                                                      6.8                Mahindra & Mahindra Ltd.                                Auto                             0.73
 5                                                                                       Glaxosmithkline Beecham Cons. Healthcare Ltd.           Consumer Non Durables            0.72
                                                                                         Punjab National Bank                                    Banks                            0.72
 0                                                                                       MRF Limited                                             Auto Ancillaries                 0.68
                    1 year                             Since Allotment
                                                                                         Bharat Heavy Electricals Ltd.                           Industrial Capital Goods         0.66
                                                        (Dec 02, 2003)
                                                                                         Hindustan Lever Ltd.                                    Consumer Non Durables            0.65
Kotak Income Plus NAV: Rs. 11.7676 (Growth Option)                                       Container Corporation of India Ltd.                     Transportation                   0.64
*Sept 30, 2005 being a non-business day.                                                 Emami Ltd.                                              Consumer Non Durables            0.63
Returns = 1 year : Absolute; Returns > 1 year : CAGR                                     Infosys Technologies Ltd.                               Software                         0.61
(Compounded Annualised Growth Rate)                                                      Mahanagar Telephone Nigam Ltd.                          Telecom - Services               0.57
Past performance may or may not be sustained in future.                                  Nahar Spinning Mills Ltd.                               Textiles - Synthetic             0.57
                                                                                         Television Eighteen India Ltd.                          Media & Entertainment            0.57
                                                                                         Bharti Tele Ventures ltd                                Telecom - Services               0.56
                                                                                         Force Motors Ltd.                                       Auto                             0.50
                                                                                         ITC Ltd.                                                Consumer Non Durables            0.50
                                                                                         Subex Systems Ltd.                                      Software                         0.44
                                                                                         Hindustan Sanitaryware & Industries Ltd.                Consumer Non Durables            0.41
 SIP Returns                                                                             Aventis Pharma Ltd.                                     Pharmaceuticals                  0.39
                                                                                         Glaxosmithkline Pharma. Ltd.                            Pharmaceuticals                  0.38
                                                         1 year                          Oil & Natural Gas Corporation Ltd.                      Oil                              0.38
Investment Amount                                    Rs. 12000                           ICICI Bank Ltd.                                         Banks                            0.01
                                                                                         Total                                                                                   16.10
Investment Value                                     Rs. 12974                           Futures
                                                                                         ICICI Bank Ltd.-OCT2005                                                                  0.51
XIRR                                                    15.32%                           Futures (Market Value represents Notional Value) - Total                                 0.51
                                                                                         Debt Instruments
Assumptions : 1) Rs. 1000 investment done on the 5th or                                  Debentures & Bonds
                 every subsequent working day of the                                     Corporate Debt / Financial Institutions
                 month.                                                                  Citicorp Maruti Finance Ltd.                             P1+                             8.96
                                                                                         Citifinancial Consumer Finance India Ltd.                AAA                             8.96
              2) Loads not considered.                                                   Electrosteel Castings Ltd.                               P1+                             8.96
                                                                                         Total                                                                                   26.88
                                                                                         Public Sector Undertakings
                                                                                         Punjab National Bank                                     LAAA                            9.37
                                                                                         Total                                                                                    9.37
                                                                                         Government Dated Securities
                                                                                         11.00% Government Stock - 2006                           SOV                             0.22
                                                                                         Total                                                                                    0.22
 Sector Allocation                                                                       Money Market Instruments
                                                                                         Commercial Papers/Certificate of Deposits
16.10%                          Equities                                                 Corporate Debt / Financial Institutions
                                                                                         H & R Johnson (India) Ltd.                               A1+                             8.95
0.51%    Futures                                                                         United Phosphorus Ltd.                                   PR1+                            8.90
                                                                                         Allahabad Bank                                           PR1+                            6.87
36.47%                                                            Debt Instruments       Total                                                                                   24.72
                                                                                         Treasury Bills
33.32%                                                      Money Market Instruments     364 Days Treasury Bill 04/08/2006                       SOV                              3.42
                                                                                         364 Days Treasury Bill 18/08/2006                       SOV                              3.42
8.96%                Term Deposits                                                       364 Days Treasury Bill 17/02/2006                       SOV                              1.76
                                                                                         Total                                                                                    8.60
4.64%         Net Current Assets / (Liabilities)                                         Term Deposits                                                                            8.96
                                                                                         Net Current Assets/(Liabilites)                                                          4.64
     0.00%         10.00%          20.00%          30.00%         40.00%                 Grand Total                                                                            100.00
                                                                                         Average Maturity of the portfolio : 0.61 years
                                                                                         Total NPAs provided for and percentage to NAV: Nil
                                                                                         Total value and percentage to Net Asset of Illiquid Equity Shares : Nil
                                                                                         All ratings other than by CRISIL are by ICRA or CARE or Fitch


Think Investments. Think Kotak.                                                                                                                                                   15

                                                                                                                                                                 M = Special Red • K = Black
                                                                                       Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                                                                    Debt Investment
                                                                                                                                    Philosophy



          Open-Ended Debt Scheme


  About the Scheme
  The portfolio of the scheme consists of                                     between 30% to 50% and it generally                   Ratios (For Bond Regular Plan)
  debt and money market securities, having                                    does not invest in corporate bonds with less          *Sharpe: -0.12
  two plans: Deposit Plan and Regular Plan.                                   than AA rating.                                       *Standard Deviation: 0.28
  The investment strategy is to invest across                                 Ideal Investment Horizon                              YTM: 6.5
  wide maturity horizons and different kinds                                  1-2 years                                             *Source: Value Research
  of issuers in the debt market, the G-Sec                                    Corpus:
  component is normally maintained                                            Rs. 58.48 crores


     Performance as on Sept 29, 2005*                                                      Portfolio - Deposit & Regular Plans
         Deposit Plan         Regular Plan         Crisil Composite Bond Index
                                                                                          Issuer/ Instrument                                       Industry /             % to
                                                                                                                                                   Rating                  Net
12                                                       10.6                                                                                                            Assets
                                                                             10.6
                                                  10.0                10.0
10
                                                                                          Debt Instruments
8                                     6.8
                                6.3
                 5.3                                                                      Debentures & Bonds
 6         4.9         4.9                  4.8
4                                                                                         Corporate Debt / Financial Institutions
 2                                                                                        LIC Housing Finance Ltd.                                  AAA                  8.77%
0                                                                                         Associated Cement Companies Ltd.                          LAA+                 8.71%
             1 year              3 Years          5 Years         Since Allotment
                                                                   (Nov 25, 1999)
                                                                                          Reliance Industries Ltd.                                  AAA                  8.67%
Kotak Bond Deposit Plan NAV: Rs. 17.4234 (Growth options)
Kotak Bond Regular Plan NAV: Rs. 18.0187 (Growth options)                                 L&T Finance limited                                       PR1+                 8.55%
* Sept 30, 2005 being a non - business day.
Returns = 1 year : Absolute; Returns > 1 year : CAGR                                      Tata Motors Ltd.                                          LAAA                 8.49%
(Compounded Annualised Growth Rate)
Past performance may or may not be sustained in future.                                   Total                                                                           43.19

                                                                                          Public Sector Undertakings
                                                                                          Indian Railway Finance Corporation Ltd.                   AAA                  8.55%
 Rating Profile
                                                                                          Power Finance Corporation Ltd.                            AAA                  8.53%
                                                      Net Current                         Total                                                                           17.08
                                                      Assets / (Liabilities)
                                                      19.83%                              Government Dated Securities
                                                                                          7.55% Government Stock - 2010                             SOV                  8.85%
                                                                                          7.37% Government Stock - 2014                             SOV                  5.24%
AA+
8.71%                                                             AAA, PR1+,F1+ &         Total                                                                           14.09
                                                                  SOV 71.46%
                                                                                          Money Market Instruments

                                                                                          Commercial Papers/Certificate of Deposits

                                                                                          Corporate Debt / Financial Institutions

                                                                                          Indian Bank                                               F1+(ind)                5.81
 Sector Allocation                                                                        Total                                                                             5.81

                                                                                          Net Current Assets/(Liabilites)                                                 19.83
60.27%                                                            Debentures & Bonds
                                                                                          Grand Total                                                                    100.00

14.09%                 Govt. Securities                                                   Average Maturity of the Portfolio : 2.13 years
                                                                                          Total NPA provided for and percentage to NAV : Nil
 5.81%       Money Market Instruments
                                                                                          All ratings other than by CRISIL are by ICRA or CARE or Fitch.

19.83%                       Net Current Assets / (Liabilities)



     0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%




Think Investments. Think Kotak.                                                                                                                                             16

                                                                                                                                                           M = Special Red • K = Black
                                                                                       Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                                                                        Debt Investment
                                                                                                                                        Philosophy
    KOTAK BOND SHORT TERM PLAN
                       Open-Ended Debt Scheme


    About the Scheme
    A short-term income scheme that invests in                                    The average maturity of the scheme is                Ratios
    debt and money market securities. The                                         capped at 3 years.                                   *Sharpe : 0.2
    investment strategy involves investments in                                   Ideal Investment Horizon                             *Standard Deviation: 0.05
    CPs, T-Bills, Corporate Bonds and Gilts with                                  1 month and above                                    YTM: 6.3
    a dynamic approach to duration                                                Corpus:                                              *Source: Value Research
    management within the prescribed limit.                                       Rs. 322.45 crores


      Performance as on Sept 29, 2005*                                                            Portfolio - Short Term Plan
                  Short Term Plan                  Crisil Liquid Fund Index                      Issuer/ Instrument                                     Industry /             % to
                                                                                                                                                        Rating                  Net
7                                                                                                                                                                             Assets
                                            5.9                         6.2
6           5.6                                                                                  Debt Instruments
                    4.6                                                        4.8
5                                                   4.5                                          Debentures & Bonds
4                                                                                                Corporate Debt / Financial Institutions
3                                                                                                Mahindra & Mahindra Fin Services Ltd.                   AA+                     7.44
                                                                                                 Reliance Industries Ltd.                                AAA                     4.64
2
                                                                                                 Citicorp Maruti Finance Ltd.                            AAA                     3.11
1
                                                                                                 Citicorp Finance (India) Ltd.                           AAA                     3.10
0                                                                                                GE Countrywide Consumer Financial Services Ltd.         AAA                     3.10
              1 year                         3 Years                Since Allotment
                                                                    (May 02, 2002)               Tata Motors Ltd.                                        LAAA(SO)                2.95
                                                                                                 Associated Cement Companies Ltd.                        LAA+                    1.63
Kotak Bond Short Term NAV: Rs. 12.2896 (Growth Option)                                           Tata Motors Ltd.                                        AAA(so)                 1.61
* Sept 30, 2005 being a non - business day.                                                      Citifinancial Consumer Finance India Ltd.               AAA                     1.56
Returns = 1 year : Absolute; Returns > 1 year : CAGR (Compounded                                 Ballarpur Industries Ltd.                               F1+(ind)                1.55
Annualised Growth Rate)                                                                          L&T Finance limited                                     PR1+                    1.55
Past performance may or may not be sustained in future.
                                                                                                 LIC Housing Finance Ltd.                                AAA                     1.55
                                                                                                 Sundaram Finance Ltd.                                   A1+                     1.55
                                                                                                 Sundaram Finance Ltd.                                   MAAA                    1.55
                                                                                                 Rabo India Finance Pvt Ltd.                             P1+                     1.55
                                                                                                 Tata Motors Ltd.                                        LAAA                    1.54
    Rating Profile                                                                               ICICI Bank Ltd.                                         AAA(so)                 0.99
                                                                                                 Total                                                                          40.97
                                                                                                 Public Sector Undertakings
                                                                   Net Current
                                                                   Assets / (Liabilities)        Export-Import Bank of India.                            AAA                     9.31
                                                                   0.97%                         Indian Railway Finance Corporation Ltd.                 AAA                     6.21
    A1+                                                                                          Indian Oil Corporation Ltd.                             LAAA                    4.34
    7.56%                                                                                        Union Bank of India                                     AA+                     3.10
AA+                                                                                              Power Finance Corporation Ltd.                          AAA                     3.09
13.72%                                                                                           Industrial Development Bank Of India.                   AA+                     1.55
                                                                                                 National Bank for Agriculture and Rural Development     AAA                     1.55
                                                                   AAA, P1+, PR1+,               Total                                                                          29.15
                                                                   F1+, SOV 77.75%               Government Dated Securities
                                                                                                 12.00% Government Stock - 2008                          SOV                     2.81
                                                                                                 11.90% Government Stock - 2007                          SOV                     2.70
                                                                                                 Total                                                                           5.51
                                                                                                 Money Market Instruments
                                                                                                 Commercial Papers/Certificate of Deposits
                                                                                                 Corporate Debt / Financial Institutions
                                                                                                 Indian Bank                                             F1+(ind)                7.53
    Sector Allocation                                                                            Jindal Steel & Power Ltd                                A1+                     2.97
                                                                                                 Sundaram Finance Ltd.                                   P1+                     2.96
                                                                                                 Allahabad Bank                                          PR1+                    2.38
70.12%                                                                   Debentures & Bonds
                                                                                                 HDFC Ltd.                                               A1+                     1.54
                                                                                                 SREI Infrastructure Finance Ltd                         PR1+                    1.53
 5.51%        Govt. Securities                                                                   Jammu & Kashmir Bank                                    P1+                     1.51
                                                                                                 Jindal Saw Ltd                                          A1+                     1.50
                                                                                                 Federal Bank Ltd.                                       P1+                     1.48
23.40%                           Commercial Papers / Certificate Of Deposits
                                                                                                 Total                                                                          23.40
                                                                                                 Net Current Assets/(Liabilites)                                                 0.97
 0.97% Net Current Assets / (Liabilities)                                                        Grand Total                                                                   100.00
                                                                                                 Average Maturity of the Portfolio :
     0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00%                               a) Based on total maturity of fixed and floating rate instruments : 2.15 years
                                                                                                 b) Based on total maturity of fixed rate and immediate reset date of floating rate
                                                                                                 instruments : 1.10 years
                                                                                                 Total NPA provided for and percentage to NAV : NIL
                                                                                                 All ratings other than by CRISIL, ICRA, CARE or FITCH



Think Investments. Think Kotak.                                                                                                                                                 17

                                                                                                                                                               M = Special Red • K = Black
                                                                                              Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                                                                                     Debt Investment
                                                                                                                                                     Philosophy
 KOTAK GILT - SAVINGS & INVESTMENT
                 Open-Ended Dedicated Gilt Scheme


 About the Scheme
 India's first dedicated gilt schemes Savings                                  Ideal Investment Horizon                                             Ratios (For Gilt Investment Regular Plan)
 and Investment, with an objective to                                          Savings: 6 months & above                                            Savings:
 generate risk free returns through                                            Investment: More than 1 year                                         *Sharpe : 0.16 *Standard Deviation : 0.08
 investments in Government of India                                                                                                                 YTM: 6.25
                                                                               Corpus                                                               Investment:
 securities.
                                                                               Savings: Rs. 27.82 crores                                            *Sharpe : -0.13 *Standard Deviation : 0.46
                                                                               Investment: Rs. 129.54 crores                                        YTM: 6.5
                                                                                                                                                    *Source: Value Research


         Performance as on Sept 29, 2005*                                                                                  Performance as on Sept 29, 2005*
                               Savings Plan               ISEC SIBEX                                                        Regular Plan             PF & Trust Plan          ISEC Composite Index
                                                                                                                      16
    9                                                                        8.0                                      14                                              13.2                12.7
    8                                                     7.1                                                         12
    7                                                                                                                 10                            8.5
              5.8                  5.4 5.6                                                                             8                                     7.2
    6                                                                                                                  6
                                                                                                                                  5.0 5.5
                      4.9                                                                                                   4.5
    5                                                                                                                  4
                                                                                                                                                                                                 2.4 2.4$
    4                                                                                                                  2
                                                                                                                       0
    3                                                                                                                        1 Year                  3 Years            5 Years          Since Allotment
    2                                                                                                                                                                                (Inv Plan - Dec 29, '98;
    1                                                                                                                                                                                  Inv PF & Trust Plan-
                                                                                                                                                                                           Nov 11, '03)
    0
             1 Year                 3 Years               5 Years       Since Allotment                            Kotak Gilt Investment Regular Plan NAV : Rs. 22.4641 (Growth Option)
                                   (CAGR*)               (CAGR*)         (Dec 29, 1998)
                                                                                                                   Kotak Gilt Investment PF & Trust Plan NAV : Rs. 22.6231 (Growth Option)
    Kotak Gilt Savings Plan NAV: Rs. 16.8639 (Growth Option)                                                       * Sept 30, 2005 being a non- business day.
                                                                                                                   Returns = 1 year : Absolute; Returns > 1 year : CAGR (Compounded
    * Sept 30, 2005 being a non - business day.                                                                    Annualised Growth Rate)
    Returns = 1 year : Absolute; Returns > 1 year : CAGR                                                           $ The benchmark return corresponds only to Investment - PF and Trust Plan
    (Compounded Annualised Growth Rate)                                                                            Past performance may or may not be sustained in future.
    Past performance may or may not be sustained in future.



  Portfolio - Savings Plan                                                                                     Portfolio-Investment-Regular, Provident Fund & Trust Plans

                                                                                                              Issuer / Instrument                                               Industry /                   % to
  Issuer / Instrument                                       Industry /                       % to                                                                               Rating                        Net
                                                            Rating                            Net                                                                                                           Assets
                                                                                            Assets            Debt Instruments
  Debt Instruments                                                                                            Government Dated Securities
  Government Dated Securities                                                                                 10.25% Government Stock - 2021                   SOV                                              19.38
  11.90% Government Stock - 2007                             SOV                             28.16            7.37% Government Stock - 2014                    SOV                                              13.39
  12.00% Government Stock - 2008                             SOV                             24.45            12.00% Government Stock - 2008                   SOV                                               7.00
  Total                                                                                      52.61            6.85% Government Stock - 2012                    SOV                                               3.86
  Money Market Instruments                                                                                    11.90% Government Stock - 2007                   SOV                                               1.94
  Treasury Bills                                                                                              Total                                                                                             45.57
  364 Days Treasury Bill 15/09/2006                         SOV                              27.31            Money Market Instruments
  364 Days Treasury Bill 04/08/2006                         SOV                               4.92            Treasury Bills
  364 Days Treasury Bill 18/08/2006                         SOV                               0.35            364 Days Treasury Bill 18/08/2006                SOV                                            5.15
  Total                                                                                      32.58            364 Days Treasury Bill 15/09/2006                SOV                                            3.67
  Collateral Borrowing & Lending Obligation                                                   5.39            Total                                                                                           8.82
  Net Current Assets/(Liabilites)                                                             9.42            Collateral Borrowing & Lending Obligation                                                       6.56
  Grand Total                                                                               100.00            Net Current Assets/(Liabilites)                                                                39.05
  Average Maturity of the Portfolio : 1.41 years                                                              Grand Total                                                                                   100.00
  Total NPA provided for and percentage to NAV : NIL                                                          Average Maturity of the Portfolio : 4.73 years
                                                                                                              Total NPA provided for and percentage to NAV : NIL


  Sector Allocation                                                                                             Sector Allocation
52.61%                                                              Government Securities
                                                                                                              45.57%                                                         Government Securities


32.58%                                      Treasury Bills
                                                                                                              8.82%                Treasury Bills



 5.39%        Collateral Borrowing & Lending Obligation                                                       6.56%          Collateral Borrowing & Lending Obligation



 9.42%              Net Current Assets / (Liabilities)                                                        39.05%                                                 Net Current Assets / (Liabilities)


        0%       10%         20%        30%       40%           50%      60%                                      0.00%      10.00%         20.00%        30.00%   40.00%    50.00%



Think Investments. Think Kotak.                                                                                                                                                                                 18

                                                                                                                                                                                      M = Special Red • K = Black
                                                                                      Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                                                              Debt Investment
                                                                                                                              Philosophy



               Open-Ended Debt Scheme


    About the Scheme
    An income scheme, which invests dynamically,                          with active arbitrage across asset classes and      Corpus
    moves the portfolio maturity across the maturity                      yield curve. The internal average maturity is       Rs. 263.81 crores
    spectrum so as to maximise return. The                                capped at 2 years and 10-20 % of the portfolio is   Ratio
    investment strategy involves investing in                             traded with the rest in assets carrying higher      YTM: 6.3
    Corporate Bonds, Gilts, cash and cash                                 yields.
    equivalents etc. The scheme endeavors to                              Ideal Investment Horizon
    capitalize on trading opportunities in the market                     3 months & above

                                                                                         Portfolio
       Performance as on Sept 29, 2005*                                                 Issuer/ Instrument                                        Industry /        % to Net
                                                                                                                                                  Rating              Assets
           Kotak Flexi Debt            CRISIL Composite Bond Fund Index
                                                                                        Debt Instruments
                                                                                        Debentures & Bonds
6                                                                                       Corporate Debt / Financial Institutions
                                5.1                   5.0                               Mahindra & Mahindra Fin Services Ltd.                     AA+               7.61
5                                                                                       UTI Bank Ltd.                                             LAA+              5.72
4                                                                                       Citicorp Maruti Finance Ltd.                              AAA               3.81
                                                                                        Citicorp Finance (India) Ltd.                             AAA               3.80
3                                                                                       L&T Finance limited                                       PR1+              3.80
                                                                                        Tata Motors Ltd.                                          AAA(so)           3.78
2
                                                                                        ICICI Bank Ltd.                                           LAAA(SO)          3.77
1                                                                                       Tata Motors Ltd.                                          LAAA              3.40
                 Since Allotment (December 06, 2004)                                    Associated Cement Companies Ltd.                          LAA+              1.99
Kotak Flexi Debt NAV: Rs. 10.5106 (Growth Option)                                       Reliance Industries Ltd.                                  AAA               1.95
* Sept 30, 2005 being a non - business day.                                             Tata Motors Ltd.                                          LAAA(SO)          1.94
The Annualised Return is not shown as Scheme has not completed                          Grasim Industries Ltd.                                    CARE AAA          1.92
one year.
Past performance may or may not be sustained in future.                                 Mahindra & Mahindra Fin Services Ltd.                     P1+               1.92
                                                                                        Ballarpur Industries Ltd.                                 F1+(ind)          1.90
                                                                                        Sundaram Finance Ltd.                                     A1+               1.90
    Rating Profile                                                                      Sundaram Finance Ltd.                                     MAAA              1.90
                                                                                        Rabo India Finance Pvt Ltd.                               P1+               1.90
                                                  Collateral Borrowing &
                                                  Lending Obligation 0.19%              Cholamandalam Investment and Finance Co Ltd.              MAA+              1.90
    Term Deposits 7.60%                                  Net Current Assets /           Total                                                                      54.91
                                                         (Liabilities) 2.00%            Public Sector Undertakings
       A1+ 5.54%                                                                        Indian Railway Finance Corporation Ltd.                   AAA               7.66
                                                                                        Export-Import Bank of India.                              AAA               5.70
     AA+ 17.22%                                                 AAA, P1+,               Power Finance Corporation Ltd.                            AAA               3.79
                                                                PR1+, F1+
                                                                & SOV 67.45%            Total                                                                      17.15
                                                                                        Government Dated Securities
                                                                                        11.90% Government Stock - 2007                            SOV               6.21
                                                                                        12.00% Government Stock - 2008                            SOV               1.29
    Sector Allocation                                                                   Total                                                                       7.50
                                                                                        Money Market Instruments
72.06%                                                          Debentures & Bonds      Commercial Papers/Certificate of Deposits
                                                                                        Corporate Debt / Financial Institutions
 7.50%          Government Securities
                                                                                        Indian Bank                                               F1+(ind)          7.01
10.65%            Commercial Papers / Certificate Of Deposits                           Jindal Steel & Power Ltd                                  A1+               3.64
                Term Deposits
                                                                                        Total                                                                      10.65
 7.60%
                                                                                        Term Deposits                                                               7.60
 0.19%    Collateral Borrowing & Lending Obligation                                     Collateral Borrowing & Lending Obligation                                   0.19
 2.00%     Net Current Assets / (Liabilities)
                                                                                        Net Current Assets/(Liabilites)                                             2.00
                                                                                        Grand Total                                                               100.00
       0.00%        20.00%            40.00%      60.00%        80.00%
                                                                                        Average Maturity of the Portfolio
                                                                                        a) Based on total maturity of fixed and floating rate instruments : 2.25 years
                                                                                        b) Based on total maturity of fixed rate and immediate reset date of floating
                                                                                        rate instruments : 0.81 years
                                                                                        Total NPA provided for and percentage to NAV: Nil
                                                                                        All ratings other than by CRISIL are by ICRA or CARE or Fitch.




Think Investments. Think Kotak.                                                                                                                                           19

                                                                                                                                                         M = Special Red • K = Black
                                                                                     Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                                                                        Debt Investment
                                                                                                                                        Philosophy



              Open-Ended Debt Scheme


    About the Scheme                                                                            Portfolio - Short Term
    A liquid scheme, which invests predominantly in floating                                   Issuer/ Instrument                                     Industry /                 % to
    rate securities and money market instruments to contain                                                                                           Rating                      Net
                                                                                                                                                                                Assets
    the interest rate risk. Not more than 10% of the portfolio
                                                                                               Debt Instruments
    is exposed to market risk.
                                                                                               Debentures & Bonds
    Ideal Investment Horizon                                                                   Corporate Debt / Financial Institutions
    1 month to 3 months                                                                        HDFC Ltd.                                               AAA                        5.61
                                                                                               Rabo India Finance Pvt Ltd.                             P1+                        4.58
    Corpus:                                                                                    LIC Housing Finance Ltd.                                AAA                        4.18
    Rs. 1199.74 crores                                                                         GE Countrywide Consumer Financial Services Ltd.         AAA                        3.33
                                                                                               Sundaram Finance Ltd.                                   MAAA                       2.91
    Ratios
                                                                                               Raymonds Ltd.                                           PR1+                       2.66
    *Sharpe : 1.29                                                                             Infrastructure Development Finance Co. Ltd              AAA                        2.30
    *Standard Deviation: 0.01                                                                  Citicorp Finance (India) Ltd.                           AAA                        1.67
    YTM: 5.95                                                                                  Mahindra & Mahindra Fin Services Ltd.                   P1+                        1.67
                                                                                               Tata Motors Ltd.                                        AAA(so)                    1.53
    *Source: Value Research                                                                    ICICI Bank Ltd.                                         AAA(so)                    1.36
                                                                                               Reliance Industries Ltd.                                AAA                        1.28
                                                                                               Cholamandalam Investment and Finance Co Ltd.            LAA                        1.25
                                                                                               Housing & Urban Development Corporation Ltd.            AA-                        1.25
      Performance as on Sept 29, 2005*                                                         Gruh Finance Ltd                                        AA                         1.25
                                                                                               Mahindra & Mahindra Fin Services Ltd.                   AA+                        0.92
              Kotak Floater Short Term             CRISIL Liquid Fund Index                    Ballarpur Industries Ltd.                               F1+(ind)                   0.83
                                                                                               Sundaram Finance Ltd.                                   A1+                        0.83
6                 5.4                                                                          ICICI Bank Ltd.                                         CARE AAA                   0.83
                              4.6                        5.2
                                                                     4.2                       ICICI Securities & Finance Co. Ltd.                     P1+                        0.83
4                                                                                              Cholamandalam Investment and Finance Co Ltd.            MAAA                       0.42
                                                                                               Tata Industries Ltd                                     AA                         0.42
2                                                                                              Total                                                                             41.91
                                                                                               Public Sector Undertakings
0                                                                                              Indian Railway Finance Corporation Ltd.                 AAA                        8.76
                      1 year                         Since Allotment                           Industrial Development Bank Of India.                   AA+                        7.18
                                                      (July 14, 2003)                          Export-Import Bank of India.                            AAA                        6.67
Kotak Floater Short Term NAV: Rs. 11.1821 (Growth Option)                                      Power Finance Corporation Ltd.                          AAA                        1.24
* Sept 30, 2005 being a non - buisness day.
                                                                                               National Bank for Agriculture and Rural Development     AAA                        0.83
                                                                                               Bank Of Baroda                                          AAA                        0.43
Returns = 1 year : Absolute; Returns > 1 year : CAGR
(Compounded Annualised Growth Rate)                                                            Total                                                                             25.11
Past performance may or may not be sustained in future
                                                                                               Money Market Instruments
                                                                                               Commercial Papers/Certificate of Deposits
                                                                                               Corporate Debt / Financial Institutions
                                                                                               Jammu & Kashmir Bank                                    P1+                        4.83
    Rating Profile                                                                             Reliance Energy Ltd.                                    F1+(ind)                   3.34
                                                                                               HDFC Ltd.                                               A1+                        3.22
                                                   Term Deposits and                           State Bank of Patiala                                   A1+                        3.16
            AA- 1.25%                              Collateral Borrowing &
                                                   Lending Obligation 3.08%                    Allahabad Bank                                          PR1+                       2.24
                                                                                               ICICI Bank Ltd.                                         A1+                        2.01
 A1+ 11.33%                                            Net Current Assets / (Liabilities)      Allahabad Bank                                          P1+                        1.58
                                                       1.40%                                   Bharat Overseas Bank Ltd                                A1+                        1.20
AA 2.92%
                                                                                               Hindustan Sanitaryware & Industries Ltd.                A1+                        0.83
    AA+ 8.10%                                                                                  Citifinancial Consumer Finance India Ltd.               P1+                        0.81
                                                                                               GE Countrywide Consumer Financial Services Ltd.         P1+                        0.80
                                                         AAA, P1+,                             Standard Chartered Investment & Loan India Ltd.         P1+                        0.80
                                                         PR1+, F1+                             Sundaram Finance Ltd.                                   P1+                        0.80
                                                         & SOV 71.92%
                                                                                               Federal Bank Ltd.                                       P1+                        0.79
                                                                                               Total                                                                             26.41
                                                                                               Public Sector Undertakings
                                                                                               UCO Bank                                                P1+                        1.20
    Sector Allocation                                                                          Industrial Development Bank Of India.                   P1+                        0.81
                                                                                               Power Finance Corporation Ltd.                          A1+                        0.08
                                                                                               Total                                                                              2.09
 67.02%                                                          Debentures & Bonds
                                                                                               Term Deposits                                                                      2.75
                                                                                               Collateral Borrowing & Lending Obligation                                          0.33
                                                                                               Net Current Assets/(Liabilites)                                                    1.40
 28.50%                              Money Market Instruments
                                                                                               Grand Total                                                                      100.00
                                                                                               Average Maturity of the Portfolio
    3.08%      Term Deposits & Collateral Borrowing & Lending Obligation                       a) Based on total maturity of fixed and floating rate instruments : 1.76 years
                                                                                               b) Based on total maturity of fixed rate and immediate reset date of floating
                                                                                               rate instruments : 0.48 years
    1.40%     Net Current Assets / (Liabilities)                                               Total NPA provided for and percentage to NAV : Nil
                                                                                               All ratings other than by CRISIL are by ICRA or CARE or Fitch.
       0.00%            20.00%           40.00%       60.00%           80.00%




Think Investments. Think Kotak.                                                                                                                                                   20

                                                                                                                                                              M = Special Red • K = Black
                                                                                            Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                                                                     Debt Investment
                                                                                                                                     Philosophy



            Open-Ended Debt Scheme


    About the Scheme
    An income scheme, which invests                                                 outstanding maturity above 1 year. The           Corpus
    predominantly in floating rate securities                                       floating rate debt securities include floating   Rs. 463.12 crores
    and money market instruments to contain                                         rate debt securities and fixed rate debt         Ratio
    the interest rate risk. The investment                                          securities with interest rate swap.              YTM: 6.05
    strategy provides flexibility to invest up to                                   Ideal Investment Horizon
    35% in fixed debt securities with                                               3 months & above



     Performance as on Sept 29, 2005*                                                            Portfolio - Long Term
                                                                                               Issuer/ Instrument                                    Industry /            % to
            Kotak Floater Long Term                  CRISIL Liquid Fund Index
                                                                                                                                                     Rating                 Net
                5.5                                        5.5                                                                                                            Assets
6                                                                                              Debt Instruments
                              4.6                                        4.5
                                                                                               Debentures & Bonds
4
                                                                                               Corporate Debt / Financial Institutions
                                                                                               ICICI Bank Ltd.                                           AAA(so)         8.68%
2
                                                                                               HDFC Bank Ltd.                                            AAA(so)         6.41%
0                                                                                              Mahindra & Mahindra Fin Services Ltd.                     AA+             5.42%
                    1 year                             Since Allotment                         Citifinancial Consumer Finance India Ltd.                 AAA             5.40%
                                                      (August 13, 2004)                        Tata Motors Ltd.                                          AAA(so)         4.34%
                                                                                               ICICI Bank Ltd.                                           LAAA(SO)        4.28%
Kotak Floater Long Term NAV: Rs. 10.6181 (Growth Option)
                                                                                               UTI Bank Ltd.                                             LAA+            3.25%
* Sept 30, 2005 being a non - business day.
                                                                                               Gruh Finance Ltd                                          AA              2.16%
Returns = 1 year : Absolute; Returns > 1 year : CAGR
(Compounded Annualised Growth Rate)
                                                                                               L&T Finance limited                                       PR1+            2.16%
                                                                                               Tata Motors Ltd.                                          LAAA(SO)        1.91%
Past performance may or may not be sustained in future
                                                                                               Citicorp Finance (India) Ltd.                             AAA             1.10%
                                                                                               Ballarpur Industries Ltd.                                 F1+(ind)        1.08%
                                                                                               Tata Industries Ltd                                       AA              1.08%
    Rating Profile                                                                             Housing & Urban Development Corporation Ltd.              AA-             1.08%
                                                                                               ICICI Bank Ltd.                                           CARE AAA        1.08%
 Term Deposits 3.24%
                                                                                               ICICI Securities & Finance Co. Ltd.                       P1+             1.08%
                                                 Collateral Borrowing                          Sundaram Finance Ltd.                                     A1+             1.08%
A1+ 2.11%                                        & Lending Obligation 0.28%
                                                                                               Rabo India Finance Pvt Ltd.                               P1+             1.08%
AA- 1.08%                                              Net Current Assets / (Liabilities)      Citicorp Maruti Finance Ltd.                              AAA             1.07%
                                                       7.80%
AA 3.24%                                                                                       Tata Motors Ltd.                                          LAAA            1.07%
                                                                                               Infrastructure Development Finance Co. Ltd                AAA             0.54%
AA+ 14.13%
                                                                                               Total                                                                      55.35
                                                                                               Public Sector Undertakings
                                                       AAA, P1+, PR1+,
                                                       F1+ and SOV                             Export-Import Bank of India.                              AAA              12.96
                                                       68.12%                                  Industrial Development Bank Of India.                     AA+               5.46
                                                                                               Indian Railway Finance Corporation Ltd.                   AAA               5.43
                                                                                               Indian Oil Corporation Ltd.                               LAAA              3.24
                                                                                               Power Finance Corporation Ltd.                            AAA               1.07
                                                                                               Total                                                                      28.16
    Sector Allocation                                                                          Money Market Instruments
                                                                                               Commercial Papers/Certificate of Deposits
                                                                                               Corporate Debt / Financial Institutions
 83.51%                                                              Debentures & Bonds        Allahabad Bank                                            PR1+              3.10
                                                                                               Jindal Saw Ltd                                            PR1+              1.04
    5.17%      Money Market Instruments                                                        Bharat Overseas Bank Ltd                                  A1+               1.03
                                                                                               Total                                                                       5.17
                                                                                               Term Deposits                                                               3.24
    3.24%     Term Deposits
                                                                                               Collateral Borrowing & Lending Obligation                                   0.28
                                                                                               Net Current Assets/(Liabilites)                                             7.80
    0.28%      Collateral Borrowing & Lending Obligation                                       Grand Total                                                               100.00
                                                                                               Average Maturity of the Portfolio
    7.80%       Net Current Assets / (Liabilities)                                             a) Based on total maturity of fixed and floating rate instruments : 1.80 years
                                                                                               b) Based on total maturity of fixed rate and immediate reset date of floating
      0.00%        20.00%       40.00%       60.00%        80.00%         100.00%              rate instruments : 0.82 years
                                                                                               Total NPA provided for and percentage to NAV : Nil
                                                                                               All ratings other than by CRISIL are by ICRA or CARE or Fitch.




Think Investments. Think Kotak.                                                                                                                                              21

                                                                                                                                                            M = Special Red • K = Black
                                                                                            Size: 8.25x11.75in
M = Special Red • K = Black




                                                                                                                                                                    Debt Investment
                                                                                                                                                                    Philosophy



                Open-Ended Debt Scheme


     About the Scheme                                                                                         Portfolio-Regular, Sweep, Institutional & Institutional Premium Plans
                                                                                                              Issuer/ Instrument                                                          Industry / Rating       % to Net Assets
     A liquid scheme, which predominantly invests in money                                                    Debt Instruments
     market securities and endeavors to provide reasonable                                                    Debentures & Bonds
                                                                                                              Corporate Debt / Financial Institutions
     returns and high level of liquidity. The scheme has four                                                 Citifinancial Consumer Finance India Ltd.                                    AAA                               2.07
     plans: Regular Plan, Sweep Plan, Institutional Plan and                                                  HDFC Ltd.                                                                    AAA                               2.01
     Institutional Premium Plan. The investment strategy                                                      Rabo India Finance Pvt Ltd.                                                  P1+                               1.78
                                                                                                              GE Capital Services India.                                                   AAA                               1.48
     reduces the interest rate/price risk to minimal levels and                                               JM Financial limited                                                         P1+                               1.48
     normally the average portfolio maturity is not more than                                                 ICICI Bank Ltd.                                                              AAA(so)                           1.45
                                                                                                              Tata Motors Ltd.                                                             LAAA(SO)                          1.18
     6 months.                                                                                                LIC Housing Finance Ltd.                                                     AAA                               1.04
     Ideal Investment Horizon                                                                                 Citicorp Finance (India) Ltd.                                                AAA                               1.03
                                                                                                              Sterlite Industries (India) Ltd                                              P1+                               0.95
     7 days to 15 days                                                                                        ICICI Bank Ltd.                                                              AAA                               0.90
     Corpus:                                                                                                  Mahindra & Mahindra Fin Services Ltd.                                        AA+                               0.90
                                                                                                              Standard Chartered Bank Ltd                                                  AAA(so)                           0.83
     Rs. 3371.42 crores                                                                                       GE Countrywide Consumer Financial Services Ltd.                              AAA                               0.74
     Ratios (For Liquid Institutional Premium Plan)                                                           Raymonds Ltd.                                                                PR1+                              0.65
                                                                                                              Canbank Factors Ltd.                                                         PR1+                              0.59
     *Sharpe : 1.55             *Standard Deviation: 0.01                                                     Cholamandalam Investment and Finance Co Ltd.                                 P1+                               0.59
     YTM: 5.8                                                                                                 Tata Motors Ltd.                                                             AAA(so)                           0.55
                                                                                                              ICICI Securities & Finance Co. Ltd.                                          P1+                               0.44
     *Source : Value Research                                                                                 Sundaram Finance Ltd.                                                        MAAA                              0.44
                                                                                                              Sundaram Finance Ltd.                                                        A1+                               0.44
                                                                                                              Citicorp Finance (India) Ltd.                                                AAA(ind)                          0.42
                                                                                                              ABN Amro Securities (India) Pvt.Ltd                                          P1+                               0.30
      Performance as on Sept 29, 2005*                                                                        Jindal Steel & Power Ltd                                                     A1+                               0.30
                                                                                                              Lakshmi General Finance Ltd.                                                 MAAA                              0.18
                                                                                                              Associated Cement Companies Ltd.                                             LAA+                              0.15
             Kotak Liquid Regular Plan            Kotak Liquid Institutional Plan                             Citicorp Maruti Finance Ltd.                                                 P1+                               0.15
             Kotak Liquid Institutional Premium Plan              Kotak Liquid Sweep Plan                     Reliance Industries Ltd.                                                     AAA                               0.15
                                                                                                              BHPC Auto Securitisation Trust Sep 2004                                      MAAA(SO)                          0.14
             CRISIL Liquid Fund Index                                                                         Infrastructure Development Finance Co. Ltd                                   LAAA                              0.13
                                                                                                              ICICI Bank Ltd.                                                              P1+(so)                           0.06
7                                                                        6.5                                  Total                                                                                                         23.52
                                                         6.3
                                                                                                              Public Sector Undertakings
6
            5.3 5.4 5.0                                                                                       National Bank for Agriculture and Rural Development                          AAA                               3.44
      4.8                          4.9                         5.0 5.0
5                                           4.5
                                                                                                              Export-Import Bank of India.                                                 AAA                               2.22
                          4.6                                                  4.4**
                                                                                   4.3$                       Industrial Development Bank Of India.                                        AA+                               1.96
4                                                                                                             Power Finance Corporation Ltd.                                               AAA                               1.18
3                                                                                                             Indian Railway Finance Corporation Ltd.                                      AAA                               1.04
                                                                                                              National Housing Bank                                                        AAA                               1.04
2                                                                                                             Bank Of Baroda                                                               AAA                               0.76
                                                                                                              Nuclear Power Corporation Of India Ltd.                                      AAA                               0.30
1
                                                                                                              State Bank Of India.                                                         AAA                               0.11
0                                                                                                             Total                                                                                                         12.05
              1 year                 3 years                Since Allotment                                   Money Market Instruments
                                                          (Reg. - Oct ‘05, '00;                               Commercial Papers/Certificate of Deposits
                                                           Instl - Mar 14, '03,
                                                                                                              Corporate Debt / Financial Institutions
                                                       Instl Prem - Nov ‘04,'03,
                                                         Sweep-Aug ’02, ‘04)
                                                                                                              ING Vysya Bank Ltd                                                           P1+                               4.08
                                                                                                              Jammu & Kashmir Bank                                                         P1+                               3.43
Kotak Liquid Regular Plan NAV: Rs. 13.5411 (Growth option)                                                    HDFC Bank Ltd.                                                               PR1+                              2.83
Kotak Liquid Institutional Plan NAV : Rs. 13.6707 (Growth option)                                             State Bank of Patiala                                                        A1+                               2.81
Kotak Liquid Institutional Premium Plan NAV: Rs. 13.7058 (Growth option)                                      Allahabad Bank                                                               PR1+                              2.79
Kotak Liquid Sweep Plan NAV : 10.0071(Daily Dividend)                                                         Reliance Energy Ltd.                                                         F1+(ind)                          2.61
* Sept 30, 2005 being a non-business day.                                                                     American Express Bank Ltd                                                    A1+                               2.39
Returns = 1 year : Absolute; Returns > 1 year : CAGR (Compounded Annualised                                   Allahabad Bank                                                               P1+                               1.82
Growth Rate)                                                                                                  Hongkong & Shanghai Banking Corporation                                      F1+(ind)                          1.41
** The Benchmark Return corresponds only to Liquid - Institutional and Sweep Plan                             Indian Bank                                                                  F1+(ind)                          1.30
                                                                                                              Bharat Overseas Bank Ltd                                                     A1+                               1.27
$ The Benchmark Return corresponds only to Liquid - Institutional Premium Plan
                                                                                                              Citifinancial Consumer Finance India Ltd.                                    P1+                               1.14
Past performance may or may not be sustained in future.
                                                                                                              State Bank of Travancore                                                     P1+                               0.98
                                                                                                              Citicorp Finance (India) Ltd.                                                P1+                               0.87
                                                                                                              HDFC Ltd.                                                                    A1+                               0.87
                                                                                                              Federal Bank Ltd.                                                            P1+                               0.71
    Rating Profile                                                                                            State Bank of Indore                                                         P1+                               0.70
                                                                                                              Hindustan Construction Company Ltd.                                          PR1+                              0.58
                                                                         Net Current Assets /                 United Phosphorus Ltd.                                                       PR1+                              0.58
     Term Deposits, and Collateral                                       (Liabilities) 2.95%                  Standard Chartered Investment & Loan India Ltd.                              P1+                               0.57
     Borrowing & Lending                                                                                      Sundaram Finance Ltd.                                                        P1+                               0.57
     Obligation                                                                                               Exide Industries Ltd.                                                        A1+                               0.44
     17.04%                                                                                                   GE Countrywide Consumer Financial Services Ltd.                              P1+                               0.43
                                                                                                              UTI Bank Ltd.                                                                A1+                               0.43
                                                                                                              Hindustan Sanitaryware & Industries Ltd.                                     A1+                               0.30
             A1+ 10.77%                                                            AAA, P1+,                  Orissa Cement Ltd.                                                           A1+                               0.30
                                                                                   PR1+, F1+                  Redington (India) Ltd.                                                       P1+                               0.30
                                                                                   & SOV 66.23%               Bajaj Auto Finance Limited                                                   P1+                               0.29
            AA+ 3.01%                                                                                         Jindal Saw Ltd                                                               PR1+                              0.29
                                                                                                              Shree Cement Ltd.                                                            PR1+                              0.29
                                                                                                              H & R Johnson (India) Ltd.                                                   A1+                               0.15
                                                                                                              IDBI Home Finance                                                            A1+                               0.15
                                                                                                              SREI Infrastructure Finance Ltd                                              PR1+                              0.15
                                                                                                              YES Bank Ltd.                                                                A1+                               0.09
     Sector Allocation                                                                                        Total
                                                                                                              Public Sector Undertaking
                                                                                                                                                                                                                            37.92

                                                                                                              UCO Bank                                                                     P1+                               3.28
                                                                                                              Export-Import Bank of India.                                                 P1+                               1.14
35.57%                                                             Debentures & Bonds                         Industrial Development Bank Of India.                                        P1+                               0.57
                                                                                                              Punjab National Bank                                                         A1+                               0.42
                                                                                 Commercial Papers /          Power Finance Corporation Ltd.                                               A1+                               0.41
43.74%                                                                                                        Total                                                                                                          5.82
                                                                                 Certificate of Deposits
                                                                                                              Treasury Bills
                                                                                                              364 Days Treasury Bill 17/02/2006                                            SOV                               0.70
    0.70% Treasury Bills
                                                                                                              Total                                                                                                          0.70
                                                                                                              Term Deposits                                                                                                 16.91
                                      Term Deposits And Collateral Borrowing                                  Collateral Borrowing & Lending obligation                                                                      0.13
17.04%                                & Lending Obligation                                                    Net Current Assets/(Liabilites)                                                                                2.95
                                                                                                              Grand Total                                                                                                  100.00
    2.95%       Net Current Assets / (Liabilities)                                                            Average Maturity of the Portfolio
                                                                                                              a) Based on total maturity of fixed and floating rate instruments : 0.80 years
                                                                                                              b) Based on total maturity of fixed rate and immediate reset date of floating rate instruments : 0.48 years
       0.00%           10.00%       20.00%           30.00%         40.00%           50.00%
                                                                                                              Total NPA provided for and percentage to NAV : Nil
                                                                                                              All ratings other than by CRISIL are by ICRA or CARE or Fitch.

Think Investments. Think Kotak.                                                                                                                                                                                             22

                                                                                                                                                                                                   M = Special Red • K = Black
                                                                                                           Size: 8.25x11.75in
M = Special Red • K = Black




Services & Facilities
1
    Network of
                                  2
    Transaction
    Acceptance Points:                    Electronic Credit of
                                                                             3
                                          Dividends and
    Submit transaction                                                           Systematic Investments,
    requests at your
                                          Redemption Proceeds:
                                          Have your dividend payouts and
                                                                                 Withdrawals and
    convenience across our 24
    Investor Service Centres              redemption proceeds paid               Transfers:
    and 48 Transaction Points             directly into your bank                Our Systematic Investment Facility
    of CAMS.(To locate these,             account*. No more worrying             provides you with the option of
    visit the "Locate Us"                 about cheques lost in transit or       investing a fixed amount over a
    section on our website,               queuing at a bank to deposit           period of time, in a disciplined
    www.kotakmutual.com)                  cheques.                               manner. Through this process, you
                                          *Available for accounts in the         benefit from Rupee Cost Averaging
                                          following banks only:                  (buying more Units at lower NAV
                                          • ABN Amro Bank                        and less Units at higher NAV), and
                                          • ICICI Bank                           avoid the uncertainities involved
                                          • Citibank                             with trying to time the market.
                                          • IDBI Bank                            Through our Systematic Withdrawal
                                          • Deutsche Bank                        Facility, withdraw fixed amounts, or
                                          • Kotak Mahindra Bank                  the enitre appreciation on your
                                          • HDFC Bank                            investment, in any scheme
                                          • Standard Chartered Bank              periodically and benefit by
                                          • HSBC                                 averaging out on market
                                          • UTI Bank                             fluctuations.
                                                                                 To systematically transfer
                                                                                 investments from one Kotak scheme
                                                                                 to another, try our Systematic
4                                                                                Transfer Facility. This tool also helps
                                                                                 you manage your investment
    Internet                                                                     portfolio among Kotak Mutual
    Transactions:                     5
                                                                                 schemes, in line with your asset
                                                                                 allocation plan.
    Switch investments across
                                           E-mail
    our schemes, or redeem your
    investments electronically,
                                           Communication:
                                                                             6
    through our Internet                   Opt in to value-added
    Transaction Facility.                  information through e-mail:           Website Utilities:
    You can also invest in our             Daily NAV and Dividend
    schemes online, through                Updates, Monthly Updates,             Plan and track your
    Kotakstreet                            weekly and more.                      investments better.
    (www.kotakstreet.com),                                                       Use our Risk Profiler to assess
    ICICI Direct                                                                 your risk appetite, our Financial
    (www.icicidirect.com), and                                                   Planner to plan investments
    Times of Money                                                               and financial goals and our
    (www.timesofmoney.com)                                                       Returns Calculator to measure
                                                                                 your earnings from Kotak
                                                                                 Mutual schemes.
                                                                                 Just register, free, at
                                                                                 www.kotakmutual.com, and
                                                                                 access all these facilities.




Think Investments. Think Kotak.                                                                                           23

                                                                                                        M = Special Red • K = Black
 M = Special Red • K = Black




Ready Reckoner
   Scheme                                  Investment                      Options                                                                          Loads
   (Allotment Date)                         Objective                      Available

 EQUITY
                                                                                            Entry: (A) For: (1) Switch-in made from another Equity / Balanced / FOF scheme of the fund; 2) Purchase/switch-in amount > /= Rs.3 cr
 Kotak 30                    To generate capital appreciation             DP, DR & G        (switch-ins being from schemes other than those indicated in (1) above). 3) Units allotted on reinvestment of dividends 4) Investments
 (December 29, 1998)         from a portfolio of predominantly                              made by a FOF investor as defined under SEBI Regulations. 5) Investments made by FIIs or sub - a/c of FIIs:Nil (B) For : investments made
                                                                                            through SIP/STP (investors other than FII or sub - a/c of FII) upto Rs. 25 lacs per investment (per installment): 2.00% (C) For: (1) Purchase/
                             equity and equity related securities
 Fund Manager                                                                               switch-in otherwise than as is mentioned above where purchase/ switch-in amount < Rs. 3 cr. (2) SIP/STP ( from investors other than
                             with investment in, generally, not                             FII/sub-a/c of FII) of more than Rs. 25 lacs but below Rs. 3 cr per investment and (3) Cases not covered above:2.25%
 Anand Shah                                                                                 Exit: For SIP / STP upto Rs. 25 lacs per investment, (investors other than FII/sub-a/c of FII) for exit before 18 months (calculated as date to
                             more than 30 stocks.                                           date): 1%


 Kotak Dynamic FOF* To generate long term Capital                               G           Exit: Nil
 (March 31, 2005)   appreciation by investing in a                                          During Liquidity window: Unit holders of the Schemes have the option of switch-in out all
 Fund Manager       portfolio of diversified large cap                                      or part of their investment in the Scheme/Plan/Option of the Fund, during the Liquidity
                    Equity Schemes and Liquid Schemes                                       window. However, no switch-in is allowed in the Scheme.
 Sajit Pisharodi
                    of mutual funds registered with SEBI.

 Kotak Equity FOF            To generate long term Capital                DP, DR & G        Entry: (A) For : (i) units allotted on re - investment of dividends, (ii) purchase by FII or sub a/c of FII : Nil (B) For : (i)
                                                                                            Investments made through SIP / STP (investors other than FII / sub a/c of FII) upto Rs. 25 lakhs per investment (per
 (August 9, 2004)            appreciation from a portfolio created                          instalment) : 2.00% (C) For cases not covered in (A) and (B) above 2.25%
 Fund Manager                by investing predominantly in open -                           Exit: For SIP / STP (investors other than FIIs / their sub a/cs ) for exit before 18 months : 1.00%.
                             ended diversified equity schemes of
 Sajit Pisharodi
                             Mutual Funds registered with SEBI.
                                                                                            Entry: (A) For: (1) Switch-in made from another Equity / Balanced / FOF scheme of the fund; 2) Purchase/switch-in amount > /= Rs.3 cr
 Kotak Global India          To generate capital appreciation             DP, DR & G        (switch-ins being from schemes other than those indicated in (1) above). 3) Units are allotted on reinvestment of dividends 4)
 (January 30, 2004)          from a diversified portfolio of                                Investments made by a FOF investor as defined under SEBI Regulations. 5) Investments made by FIIs or sub - a/c of FIIs:Nil (B) For :
                                                                                            investments made through SIP/STP (investors other than FII or sub - a/c of FII) upto Rs. 25 lacs per investment (per installment): 2.00%
                             predominantly equity and equity
 Fund Manager                                                                               (C) For: (1) Purchase / switch-in otherwise than as is mentioned above where purchase/ switch-in amount < Rs. 3 cr. (2) SIP/STP (from
                             related securities issued by globally                          investors other than FII/sub-a/c of FII) of more than Rs. 25 lacs but below Rs. 3 cr per investment and (3) Cases not covered
 Sajit Pisharodi             competitive Indian companies.
                                                                                            above:2.25%
                                                                                            Exit: For SIP / STP upto Rs. 25 lacs per investment, (investors other than FII/sub-a/c of FII) For exit before 18 months (calculated as date to
                                                                                            date): 1%


                                                                                            Entry: (A) For: (1) Switch-in made from another Equity / Balanced / FOF scheme of the fund; 2) Purchase/switch-in amount > /= Rs.3
 Kotak MidCap                To generate capital appreciation             DP, DR & G        crores (switch-ins being from schemes other than those indicated in (1) above). 3) Units are allotted on reinvestment of dividends 4)
 (February 24, 2005)         from a diversified portfolio of equity                         Investments made by a FOF investor as defined under SEBI Regulations. 5) Investments made by FIIs or sub - a/c of FII’s:Nil (B) For :
                                                                                            investments made through SIP/STP (investors other than FII or sub - a/c of FII) upto Rs. 25 lacs per investment (per installment): 2.00%
                             and equity related securities.
 Fund Manager                                                                               (C) For: (1) Purchase/ switch-in otherwise than as is mentioned above where purchase/ switch-in amount < Rs. 3 cr. (2) SIP/STP ( from
                                                                                            investors other than FII/sub-a/c of FII) of more than Rs. 25 lacs but below Rs. 3 cr per investment and (3) Cases not covered above:2.25%
 Anand Shah                                                                                 Exit: For SIP / STP upto Rs. 25 lacs per investment, (investors other than FII/sub-a/c of FII) For exit before 18 months (calculated as date to
                                                                                            date): 1%


                                                                                            Entry: (A) For: (1) Switch-in made from another Equity / Balanced / FOF scheme of the fund; 2) Purchase/switch-in amount > /= Rs.3 cr
 Kotak MNC                   To generate capital appreciation               DP & DR         (switch-ins being from schemes other than those indicated in (1) above). 3) Units are allotted on reinvestment of dividends 4)
 (April 4, 2000)             from a portfolio of predominantly                              Investments made by a FOF investor as defined under SEBI Regulations. 5) Investments made by FIIs or sub - a/c of FIIs:Nil (B) For :
                                                                                            investments made through SIP/STP (investors other than FII or sub - a/c of FII) upto Rs. 25 lacs per investment (per installment): 2.00%
                             equity and equity related securities
 Fund Manager                                                                               (C) For: (1) Purchase/ switch-in otherwise than as is mentioned above where purchase/ switch-in amount < Rs. 3 cr. (2) SIP/STP ( from
                             issued by multinational companies                              investors other than FII/sub-a/c of FII) of more than Rs. 25 lacs but below Rs. 3 cr per investment and (3) Cases not covered above:2.25%
 Sajit Pisharodi                                                                            Exit: For SIP / STP upto Rs. 25 lacs per investment, (investors other than FII/sub-a/c of FII) For exit before 18 months (calculated as date to
                                                                                            date): 1%

                                                                                            Entry: (A) For: (1) Switch-in made from another Equity / Balanced / FOF scheme of the fund; 2) Purchase/switch-in amount > /= Rs.3 cr
 Kotak Opportunities To generate capital appreciation                     DP, DR & G        (switch-ins being from schemes other than those indicated in (1) above). 3) Units are allotted on reinvestment of dividends 4)
 (September 9, 2004) from a diversified portfolio of equity                                 Investments made by a FOF investor as defined under SEBI Regulations. 5) Investments made by FIIs or sub - a/c of FIIs:Nil (B) For :
                                                                                            investments made through SIP/STP (investors other than FII or sub - a/c of FII) upto Rs. 25 lacs per investment (per installment): 2.00%
 Fund Manager        and equity related securities.                                         (C) For: (1) Purchase/ switch-in otherwise than as is mentioned above where purchase/ switch-in amount < Rs. 3 cr. (2) SIP/STP ( from
                                                                                            investors other than FII/sub-a/c of FII) of more than Rs. 25 lacs but below Rs. 3 cr per investment and (3) Cases not covered above:2.50%
 Anand Shah                                                                                 Exit: For: (1) SIP / STP upto Rs. 25 lacs per investment, (investors other than FII/sub-a/c of FII) For exit before 18 months (calculated as
                                                                                            date to date): 1% (2) Investments (non SIP/non STP) < Rs. 3 cr. redeemed within 6 months of investment: 1%

                                                                                            Entry: (A) For: (1) Switch-in made from another Equity / Balanced / FOF scheme of the fund; 2) Purchase/switch-in amount > /= Rs.3 cr
 Kotak Contra                To Generate capital appreciation             DP, DR & G        (switch-ins being from schemes other than those indicated in (1) above). 3) Units are allotted on reinvestment of dividends 4)
 (July 29, 2005)             from a diversified portfolio of equity                         Investments made by a FOF investor as defined under SEBI Regulations. 5) Investments made by FIIs or sub - a/c of FIIs:Nil (B) For :
                                                                                            investments made through SIP/STP (investors other than FII or sub - a/c of FII) upto Rs. 25 lacs per investment (per installment): 2.00%
 Fund Manager                and equity related securities.                                 (C) For: (1) Purchase/ switch-in otherwise than as is mentioned above where purchase/ switch-in amount < Rs. 3 cr. (2) SIP/STP ( from
                                                                                            investors other than FII/sub-a/c of FII) of more than Rs. 25 lacs but below Rs. 3 cr per investment and (3) Cases not covered above:2.50%
 Anand Shah                                                                                 Exit: For: (1) SIP / STP upto Rs. 25 lacs per investment, (investors other than FII/sub-a/c of FII) For exit before 18 months (calculated as
                                                                                            date to date): 1% (2) Investments (non SIP/non STP) < Rs. 3 cr. redeemed within 6 months of investment: 1%

                                                                                            Entry: (A) For: (1) Switch-in made from another Equity / Balanced / FOF scheme of the fund; 2) Purchase/switch-in amount > /= Rs.3 cr
 Kotak Tech                  To generate capital appreciation               DP & DR         (switch-ins being from schemes other than those indicated in (1) above). 3) Units are allotted on reinvestment of dividends 4)
 (April 4, 2000)             from a portfolio of predominantly                              Investments made by a FOF investor as defined under SEBI Regulations. 5) Investments made by FIIs or sub - a/c of FIIs:Nil (B) For :
                                                                                            investments made through SIP/STP (investors other than FII or sub - a/c of FII) upto Rs. 25 lacs per investment (per installment): 2.00%
                             equity and equity related securities in
 Fund Manager                                                                               (C) For: (1) Purchase/ switch-in otherwise than as is mentioned above where purchase/ switch-in amount < Rs. 3 cr. (2) SIP/STP ( from
                             the information technology sector.                             investors other than FII/sub-a/c of FII) of more than Rs. 25 lacs but below Rs. 3 cr per investment and (3) Cases not covered above:2.25%
 Sajit Pisharodi                                                                            Exit: For SIP / STP upto Rs. 25 lacs per investment, (investors other than FII/sub-a/c of FII) For exit before 18 months (calculated as date to
                                                                                            date): 1%


 HYBRID
                             To achieve growth by investing in              DP & DR         Entry: (A) For: (1) Switch-in made from another Equity / Balanced / FOF scheme of the fund; 2) Purchase/switch-in amount
 Kotak Balance                                                                              > /= Rs.3 cr (switch-ins being from schemes other than those indicated in (1) above). 3) Units are allotted on reinvestment of
 (November 25, 1999)         equity & equity related instruments,                           dividends 4) Investments made by a FOF investor as defined under SEBI Regulations. 5) Investments made by FIIs or sub - a/c
                             balanced with income generation by                             of FIIs:Nil (B) For : investments made through SIP/STP (investors other than FII or sub - a/c of FII) upto Rs. 25 lacs per
 Fund Manager                                                                               investment (per installment): 2.00% (C) For: (1) Purchase/ switch-in otherwise than as is mentioned above where purchase/
                             investing in debt & money market                               switch-in amount < Rs. 3 cr. (2) SIP/STP ( from investors other than FII/sub-a/c of FII) of more than Rs. 25 lacs but below
 Anand Shah &
                             instruments.                                                   Rs. 3 cr per investment and (3) Cases not covered above:2.25%
 Ritesh Jain                                                                                Exit: For SIP / STP upto Rs. 25 lacs per investment, (investors other than FII/sub-a/c of FII) For exit before 18 months
                                                                                            (calculated as date to date): 1%


 Kotak Income Plus           To enhance returns over a portfolio          DP, DR & G        Entry: Nil
 (December 2, 2003)          of debt instruments with a moderate                            Exit: 0.5% for redemptions within 6 months where investment amount </= Rs. 10 lacs Nil
                             exposure to equity and equity related                          for investment amount > Rs. 10 lacs
 Fund Managers
                             instruments.
 Sajit Pisharodi &
 Ritesh Jain
Minimum Initial Investment : Rs. 5000 • Additional Investment : In Multiples of Rs. 1000. * No additional investment is permissible in Kotak Dynamic FOF as it is a close ended scheme

Think Investments. Think Kotak.                                                                                                                                                                                                   24

                                                                                                                                                                                                M = Special Red • K = Black
                                                                               Size: 8.25x11.75
 M = Special Red • K = Black




Ready Reckoner
   Scheme                                   Investment                            Plan                Options                                           Loads
   (Allotment Date)                          Objective                                               Available

 DEBT
 Kotak Bond          To create a portfolio of debt and                         Deposit              DP, DR & G
 (November 25, 1999) money market instruments of
                                                                                                                        Entry: Nil
                             different maturities so as to spread
                             the risk across a wide maturity                                                            Exit: 0.5% for redemptions within 6 months where
                             horizon & different kinds of issuers in                                                    investment amount </= Rs. 10 lacs. Nil for investment
                                                                                                                        amount > Rs. 10 lacs
                             the debt market.
                                                                               Regular            DP, DR, G & B

 Kotak Bond                  To provide reasonable returns and               Short Term               DR & G            Entry: Nil
 (May 2, 2002)               high level of liquidity by investing in
                             debt & money market instruments of                                                         Exit: Nil
                             different maturities, so as to spread
                             the risk across different kinds of
                             issuers in the debt market.


 Kotak Floater               To reduce the interest rate risk associated         ****                 DR & G            Entry: Nil
                             with investments in fixed rate instruments
 Long Term                                                                                                              Exit: 0.5% for redemptions within 6 months where investment
                             by investing predominantly in floating rate
 (August 13, 2004)           securities, money market instrument and                                                    amount </= Rs. 10 lacs. Nil for investment amount > Rs. 10 lacs
                             using appropriate derivatives

 Kotak Floater               To reduce the interest rate risk                    ****                 DR & G           Entry: Nil
 Short Term                  associated with investments in fixed
                                                                                                                       Exit: NIL
 (July 14, 2003)             rate instruments by investing
                             predominantly in floating rate
                             securities, money market
                             instruments and using appropriate
                             derivatives.

 Kotak Flexi Debt            To maximise returns through an                      ****               DP, DR & G         Entry: Nil
 (December 6, 2004)          active management of a portfolio                                                          Exit: 0.5% for redemptions within 6 months where investment
                             of debt and money securities.                                                             amount </= Rs. 10 lacs. Nil for investment amount > Rs. 10 lacs

 Kotak Gilt          To generate risk-free returns through                     Regular              DP, DR & G         Entry: Nil
 Investment          investments in sovereign securities
                                                                                                                       Exit: Nil
 (December 29, 1998) issued by the Central Government
                             and/or State Governments and/or
                             reverse repos in such securities.


 Kotak Gilt          - do -                                                   Providend             DP, DR & G         Entry: Nil
 Investment                                                                    Fund &                                  Exit: Nil
 (November 11, 2003)                                                             Trust


 Kotak Gilt Savings - do -                                                       ****               DP, DR & G         Entry: Nil
 (December 29, 1998)                                                                                                   Exit: Nil
 Kotak Liquid                To provide reasonable returns and                 Regular                DR & G           Entry: Nil
 (October 5, 2000)           high level of liquidity by investing in
                                                                                                                       Exit: Nil
                             debt and money market instruments
                             of different maturities so as to spread
                             the risk across different kinds of
                             issuers in the debt markets.


 Kotak Liquid                - do -                                        Institutional #            DR & G           Entry: Nil
 (March 14, 2003)                                                                                                      Exit: Nil

 Kotak Liquid                - do -                                          Institutional          DP, DR & G         Entry: Nil
 (November 4, 2003)                                                           Premium $                                Exit: Nil

 Kotak Liquid                - do -                                             Sweep                    DR            Entry: Nil
 (August 2, 2004)                                                                                                      Exit: Nil
 Fund Managers (To all the above schemes): Ritesh Jain & Lakshmi Iyer
Minimum Initial Investment : Rs. 5000 (# Rs. 1 crore, $ Rs. 5 crores) • Additional Investment : In Multiples of Rs. 1000 except for Kotak Liquid Sweep which is not permissible
# DP - Dividend Payout; DR-Dividend Reinvestment; G-Growth; B-Bonus.

Think Investments. Think Kotak.                                                                                                                                                   25

                                                                                                                                                               M = Special Red • K = Black
                                                                                Size: 8.25x11.75
M = Special Red • K = Black




Dividend History
                                                        EQUITY SCHEMES                                                                              DEBT SCHEMES
Record Date     Cum Dividend NAV             Rs/Unit                              Record Date       Cum Dividend NAV                    Rs/Unit
Kotak 30-Dividend                                                                Kotak Floater Long Term - Monthly
JJun-03-05            20.345        1.00                                          Sep-12-05               10.0463             Individual / HUF : 0.0405 Others : 0.0377
Nov-05-04             18.060        1.50                                          Aug-12-05               10.0470             Individual / HUF : 0.0411 Others : 0.0383
Jan-31-04             21.093        5.00                                          Jul-12-05               10.0427             Individual / HUF : 0.0373 Others : 0.0347
Oct-20-03             18.983        2.00                                          Jun-13-05               10.0487             Individual / HUF : 0.0426 Others : 0.0396
Dec-28-01             11.036        1.00
Oct-09-00             17.556        2.00                                         Kotak Floater Long term - Weekly
Dec-11-99             22.954        2.00
                                                                                  Sep-26-05               10.0174             Individual / HUF : 0.0086 Others : 0.0080
Kotak Global India                                                                Sep-19-05               10.0172             Individual / HUF : 0.0085 Others : 0.0080
Feb-04-05             13.708        1.50                                          Sep-12-05               10.0171             Individual / HUF : 0.0090 Others : 0.0084
                                                                                  Sep-05-05               10.0174             Individual / HUF : 0.0092 Others : 0.0086
Kotak MNC
Feb-11-05             20.600        4.50                                         Kotak Gilt Investment PF & Trust Plan
Kotak Opportunities                                                               Sep/20/05                10.888             Individual / HUF : 0.1027 Others : 0.0957
Feb-25-05             12.852        0.75                                          Jun/20/05               10.9314             Individual / HUF : 0.1408 Others : 0.1311
                                                                                  Mar/21/05               10.7760             Individual / HUF : 0.0357 Others : 0.0334
Sept-28-05            16.816        1.00
                                                                                  Jun/25/04               10.5974             0.0600
Kotak Midcap
                                                                                 Kotak Gilt Investment Regular Plan - Dividend
Aug-24-05            13.0267        0.50
                                                                                  Mar-25-04              10.5848              0.0909
                                                                                  Dec-26-03              10.7693              0.2050
                                                        HYBRID SCHEMES            Sep-25-03              10.9273              0.3450
Record Date     Cum Dividend NAV             Rs/Unit
                                                                                 Kotak Gilt Savings Plan - Annual Dividend
Kotak Balance
                                                                                  Sep-21-03              15.3239              4.5000
May-16-05             18.129        0.75
Dec-13-04             16.175        0.50                                         Kotak Gilt Savings Plan - Monthly Dividend
Dec-12-03             15.559        2.75
Mar-13-00             13.471        1.00                                          Sep-12-05               10.5068            Individual / HUF : 0.0373 Others : 0.0347
                                                                                  Aug-12-05               10.5174            Individual / HUF : 0.0466 Others : 0.0434
Kotak Income Plus - Monthly Dividend                                              Jul-12-05               10.4737            Individual / HUF : 0.0327 Others : 0.0304
Sept-12-05           10.7758        Individual / HUF : 0.0554 Others : 0.0516     Jun-13-05               10.4907            Individual / HUF : 0.0476 Others : 0.0443
Aug-12-05            10.6966        Individual / HUF : 0.0547 Others : 0.0509
Jul-12-05            10.5419        Individual / HUF : 0.0438 Others : 0.0408    Kotak Flexi Debt - Quarterly
Jun-13-05            10.4225        Individual / HUF : 0.0438 Others : 0.0408     Sep-20-05               10.1668            Individual / HUF : 0.1295 Others : 0.1206
Kotak Income Plus - Quarterly Dividend                                            Jun-20-05               10.1574            Individual / HUF : 0.1212 Others : 0.1129
                                                                                  Mar-28-05               10.1768            Individual / HUF : 0.1426 Others : 0.1334
Sep-20-05            10.9693        Individual / HUF : 0.1604 Others : 0.1494
Jun-20-05            10.5243        Individual / HUF : 0.1315 Others : 0.1225    Kotak Liquid Sweep Plan
Jun-20-05            10.5243        Individual / HUF : 0.1315 Others : 0.1225
                                                                                  Sep-30-05               10.0071            Individual / HUF : 0.002457 Others : 0.002288
Mar-21-05            10.4656        Individual / HUF : 0.1326 Others : 0.1240
                                                                                  Sep-29-05               10.0071            Individual / HUF : 0.001249 Others : 0.001163
                                                        DEBT SCHEMES              Sep-28-05               10.0071            Individual / HUF : 0.001237 Others : 0.001152
                                                                                  Sep-27-05               10.0071            Individual / HUF : 0.001271 Others : 0.001184
Record Date     Cum Dividend NAV             Rs/Unit
                                                                                 Kotak Liquid Regular Plan
Kotak Bond Deposit Plan
                                                                                  Sep-26-05               10.0276            Individual / HUF : 0.0081 Others : 0.0075
Jun-25-04            10.5647        0.0600                                        Sep-19-05               10.0278            Individual / HUF : 0.0083 Others : 0.0077
Mar-25-04            10.7807        0.1058                                        Sep-12-05               10.0276            Individual / HUF : 0.0081 Others : 0.0075
Dec-26-03            10.9167        0.1650                                        Sep-05-05               10.0277            Individual / HUF : 0.0082 Others : 0.0076
Sep-25-03            11.0101        0.2475
                                                                                 Kotak Liquid Institutional Plan - Daily
Kotak Bond Short Term Plan
                                                                                  Sep-30-05              12.2281             Individual / HUF : 0.003120 Others : 0.002907
Sep-12-05            10.1011        Individual / HUF : 0.0415 thers : 0.0387      Sep-29-05              12.2281             Individual / HUF : 0.001588 Others : 0.001480
Aug-12-05            10.1049        Individual / HUF : 0.0449 thers : 0.0418      Sep-28-05              12.2281             Individual / HUF : 0.001566 Others : 0.001459
Jul-12-05            10.0994        Individual / HUF : 0.0410 thers : 0.0382      Sep-27-05              12.2281             Individual / HUF : 0.001612 Others : 0.001501
Jun-13-05            10.1054        Individual / HUF : 0.0463 thers : 0.0431
                                                                                 Kotak Liquid Institutional Plan - Weekly
Kotak Bond Regular Plan - Annual
                                                                                  Sep-26-05               10.0290            Individual / HUF : 0.0089 Others : 0.0083
Mar-12-04          12.2306          0.7798                                        Sep-19-05               10.0290            Individual / HUF : 0.0089 Others : 0.0083
Mar-12-03          11.8021          0.7500                                        Sep-12-05               10.0289            Individual / HUF : 0.0088 Others : 0.0082
Mar-13-02          13.8500          3.0000                                        Sep-05-05               10.0291            Individual / HUF : 0.0090 Others : 0.0084
Kotak Bond Regular Plan - Quarterly
                                                                                 Kotak Liquid Institutional Premium Plan - Daily
Sep-20-05            10.4191        Individual / HUF : 0.1084 Others : 0.1010
Jun-20-05            10.4493        Individual / HUF : 0.1349 Others : 0.1256     Sep-30-05              12.2281             Individual / HUF : 0.003194 Others : 0.002975
Mar-21-05            10.4012        Individual / HUF : 0.1017 Others : 0.0951     Sep-29-05              12.2281             Individual / HUF : 0.001627 Others : 0.001515
Dec-20-04            10.2739        Individual / HUF : 0.1094 Others : 0.1023     Sep-28-05              12.2281             Individual / HUF : 0.001605 Others : 0.001495
                                                                                  Sep-27-05              12.2281             Individual / HUF : 0.001648 Others : 0.001535
Kotak Floater Short Term- Monthly
                                                                                 Kotak Liquid Institutional Premium Plan - Weekly
Sep-12-05            10.0473        Individual / HUF : 0.0401 Others : 0.0374
                                                                                  Sep-26-05               10.0371            Individual / HUF : 0.0092 Others : 0.0085
Aug-12-05            10.0482        Individual / HUF : 0.0409 Others : 0.0381
                                                                                  Sep-19-05               10.0371            Individual / HUF : 0.0092 Others : 0.0085
Aug-12-05            10.0482        Individual / HUF : 0.0409 Others : 0.0381
                                                                                  Sep-12-05               10.0370            Individual / HUF : 0.0091 Others : 0.0084
Jul-12-05            10.0446        Individual / HUF : 0.0377 Others : 0.0352
                                                                                  Sep-05-05               10.0371            Individual / HUF : 0.0092 Others : 0.0085
Kotak Floater Short term - Weekly
                                                                                Face value : Rs. 10/Unit
Sep-26-05            10.0135        Individual / HUF : 0.0088 Others : 0.0082
                                                                                Dividend distribution is subject to availability and adequacy of distributable surplus.
Sep-19-05            10.0136        Individual / HUF : 0.0089 Others : 0.0083
Sep-12-05            10.0136        Individual / HUF : 0.0089 Others : 0.0083   After dividend is distributed, the NAV falls to the extent of the dividend and distribution
Sep-05-05            10.0136        Individual / HUF : 0.0089 Others : 0.0083   taxes, if any.



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                                                                                                                                                M = Special Red • K = Black
                                                                         C M Y K




Risk Factors

We declare that we, Kotak Mahindra Asset Management Company Limited, and / or are employees, have short / long positions in the security(ies) in
respect of which investment advice is being rendered.
Risk Factors :
• Mutual Funds and securities 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 Gilt Unit Scheme ’98 (Kotak Gilt), Kotak Mahindra Bond Unit Scheme 99 (Kotak Bond), Kotak
Mahindra Liquid Scheme (Kotak Liquid), Kotak Mahindra 30 Unit Scheme (Kotak 30), Kotak Mahindra Balance Unit Scheme 99 (Kotak Balance),
Kotak Mahindra Technology Scheme (Kotak Tech), Kotak Mahindra MNC Scheme (Kotak MNC), Kotak Mid-Cap Scheme (Kotak Mid-Cap), Kotak
Floater Short Term Scheme, Kotak Mahindra Global India Scheme (Kotak Global India), Kotak Mahindra Income Plus Scheme (Kotak Income Plus),
Kotak Equity FOF, Kotak Opportunities, Kotak Floater Long Term Scheme, Kotak Flexi Debt Scheme (Kotak Flexi Debt), Kotak Dynamic Fund of Funds
and Kotak Contra Scheme are only the names of the Schemes and do not in any manner indicate the quality of the Schemes, future prospects or
returns. • Appreciation of the value of the Units issued under Kotak 30, Kotak Tech and Kotak MNC can be restricted in the event of a high asset
allocation to cash, when stock appreciates. • Investments by Kotak Tech in the Information Technology Sector will restrict the diversification of the
Scheme due to which the NAV of the Units issued under the Scheme runs the risk of high volatility. • Technology stocks particularly run the risk of high
volatility, high valuation and obsolescence. • The NAV of the Schemes may be affected, interalia, by changes in the NAV / performance of the
underlying schemes, market, market interest rates, Price/Interest-rate Risk and Credit Risk, Concentration or Sectoral Risk associated with derivatives
trading pertaining to Equity Markets, changes in credit rating, Government policy, volatility and liquidity in the money markets, pressure on the
exchange rate of the rupee, trading volumes, performance of individual stocks, settlement periods and transfer procedures, Basis Risk, Spread Risk
and Re-investment Risk. • Tax laws may change, affecting the return on investment in Units. • In the event of receipt of a very large number of
redemption requests or very large value redemption requests or of restructuring of the Schemes’ portfolios or in case of limitation or suspension of
redemption in the underlying schemes, there may be delays in the redemption of Units. Please refer to the paragraph on “Right to limit Redemption”
in the Offer Documents.

Specific Risk Factors For Kotak ELSS:
Amount invested in the Scheme shall be subject to a lock-in of 3 years irrespective of whether the investments would be eligible for tax benefits or not.
The above does not constitute an advice or a representation. Investors are requested to seek professional advice in this regard. Other risks include-risks
related to Equity & Equity Related Securities, Derivatives, Interest rate, Liquidity / Marketability, Credit, Redemption and Securitised Debt. The scheme
& each of its plans to have >/= 20 investors; no investor to account for >25% of its corpus, within 3 months / end of next calendar quarter, whichever is
earlier, from close of NFO of open-ended schemes / on ongoing basis for each calendar quarter. Failing this, scheme / plan to be wound up as per SEBI
guidelines, & investor money redeemed at applicable NAV. If an investor breaches the 25% limit, a rebalancing period of 1 month would be allowed;
thereafter he would be given 15 days notice to redeem his excess exposure. Failing which would lead to automatic redemption on the applicable NAV
on the 15th day. Kotak Mahindra Bank Limited is not liable or responsible for any loss or shortfall resulting from the operations of the Scheme

Statutory :
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. Kotak Mahindra Bank Limited is not liable or responsible for any loss or shortfall resulting from the operations of the Scheme. Before
investing, please read the Offer Documents.



                                                               Kotak ELSS Details:
An open-ended Equity Linked Savings Scheme. Investment Objective: 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. Investment Pattern: 80-100% in
equity / equity related instruments; 0-20% in debt & money market securities. Options: Growth, Dividend. Units at Rs. 10 (with applicable load)
during NFO; at applicable NAV thereafter. Entry Load: a) For switch-in from Equity/Balanced/FOF Schemes; purchase/switch-in >/= Rs. 3 Crores; all
purchase by Fund-of-Funds, FII or their sub accounts, reinvestment of Dividends: Nil. b) Else: 2.25% Exit: NIL




Think Investments. Think Kotak.                                                                                                                     27

                                                                         C M Y K
                                                      C M Y K




Contact Details

                                   Relocation of Services Team
          Our Services team has relocated to the below address w.e.f. 5th September, 2005

             KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED
           91/92, 9th Floor, Sakhar Bhavan, 230, Nariman Point, Mumbai - 400 021.
                        Tel.: 91-22-5638 4444 • Fax: 91-22-5638 4455
   Resultantly, the above office would become our Office Acceptance Point at Mumbai for acceptance of
                                  transactions and other investor requests.


                                          For details contact us at:
                KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LIMITED
              91/92, 9th Floor, Sakhar Bhavan, 230, Nariman Point, Mumbai - 400 021.
                           Tel.: 91-22-5638 4444 • Fax: 91-22-5638 4455
                  E-mail: mutual@kotak.com • Website: www.kotakmutual.com

    • Agra: 9719222156                                       • Ludhiana: 9814818980
    • Ahmedabad: (079) 26574992 / 93                         • Madurai: 9894763298
    • Bangalore: (080) 22863524 / 3525                       • Mangalore: (0824) 5283834 / 3835
    • Baroda: 9879216278                                     • Meerut: 9719459071
    • Bhubaneshwar: 9861126118                               • Mumbai: (022) 56384444 (Mr. Vinod Venkateswaran)
    • Chandigarh: (0172) 2727598                             • Mysore: 9886315187
    • Chennai: (044) 52146753, 28517686                      • Nagpur: 9822747585
    • Coimbatore: (0422) 5377125 / 26                        • Nellore: 9247160465
    • Cochin: (0484) 2333358                                 • New Delhi: (011) 55306900 / 01/02/03
    • Dehradun: 9897205575                                   • Pune: (020) 26053338 / 9053
    • Goa: 9850471642                                        • Rajkot: 9824294527
    • Guwahati: 964075221                                    • Secunderabad: (040) 5568 2308 / 09
    • Hubli: 9886642994                                      • Surat: (0261) 2210596
    • Indore: 9827240411                                     • Trichy: 9842995983
    • Jamshedpur: 9835341494                                 • Varanasi: (0542) 2227309
    • Kanpur: 9415040374                                     • Vijayawada: 9885089780
    • Kolkata: (033) 22093000, 22093043                      • Visakhapatnam: 9885714419
    • Lucknow: (0522) 2236739, 223 9626




                                           Think Investments. Think Kotak.



                                                                      For daily NAVs : Call 022-5638 4400
        visit www.kotakmutual.com


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DOCUMENT INFO