Dspbrmf monthly factsheet_jul_312011

MONTHLY FACTSHEET
July 31, 2011

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Macro-economic Review
• he Industrial Production (IP) growth growth (new base) decelerated to 5.6% in May (vs.5.8% growth in April). As per the old index, the IP growth decelerated to 3.6% YoY in May (vs.
T
4.4% growth in April).
• he WPI headline inflation rose an annual 9.44 per cent in June, driven by higher manufactured goods and fuel prices. The manufactured products index, the largest constituent of
T
the wholesale price index inched up 0.1 percent, while the primary articles index rose by 2.8 percent. The index of food articles too increased by 8.38 percent in June, while that for fuels
rose by 12.85 percent
• India’s exports rose by 46.45 per cent to $29.21 billion during June 2011. Though imports grew by 42.46 per cent to $36.8 billion in June, the trade deficit of $7.6 billion was almost half
the level of $14.9 billion seen in May.

Equity Market:

Overview
• MSCI India underperformed emerging markets in July,. India’s performance ranking slipped among emerging markets, having risen in the previous month. Year to
date, India continues to rank among the bottom four.
Sensex/Sectors: The BSE Sensex closed the month down 3.4%. Telecoms was the best performing sector (for the second month running) while Energy was the worst during the
•
month. Year-to-date, Telecoms remains the worst performing sector and Consumer Staples, the best.
Large/Mid/Small Cap: The small and mid-cap indices outperformed the large-cap index by significant margins, even as they continue to under perform the large-cap index year-to-
•
date.
Flows: In July, FIIs remained buyers (worth USD1.2 bn) in the cash market for the 2nd consecutive month. FIIs sold in the derivatives segment. Options activity touched an all-time high
•
and, now accounts for 59% of total derivatives volumes. Overall domestic institutions remained buyers (at ~ USD 60mn). Domestic mutual funds were buyers for the 3rd consecutive
month (at ~ USD120 mn) while domestic insurance companies remained sellers (at ~USD60 mn). Since the start of 2011, FIIs have bought ~ USD 2.3 bn worth of stocks in the cash
market and domestic institutions have bought ~ USD 3.2bn worth of stocks.
• Equity market activity: Market activity recovered MoM. Cash volumes and turnover rose 3.4% MoM. Cash turnover was off its 28-month low. Volumes in the derivatives market were up
6% MoM.
Valuation: MSCI India’s absolute valuations fell to a 27-month low while relative valuations stood at 41% premium at the end of July.
•

Outlook
• Equity market performance during July remained lackluster on the back of weak global cues. Further, the concerns over domestic inflation and its impact on
consumption and the resulting RBI policy action have continued to be an overhang for the Indian stock market dragging the Benchmark BSE Sensex by 3.44% over
the month. However in what can be termed as a sign delinking with global markets, Indian equities saw strong inflows of USD1.2bn during the same period.
• The Reserve Bank of India (RBI) hiked both repo and reverse repo rates by 50 basis points clearly indicating their intention of controlling inflation at the cost of lower
growth going forward. But with softening of commodity prices globally and expectations that the interest rate cycle is peaking out, there could be some respite. We
could see one more round of rate hikes (25 BPS) in September which should be the last one for this calendar year
• Corporate earnings released so far for April to June quarter have been mixed, and largely as per expectations, showing a 15% growth in earnings. The consensus
earnings growth expectations for FY12 stand at 17-18%. On the back of higher input costs and high wage growth Indian companies are showing signs of margin
pressure.
• Global economic news, foreign fund flows and monsoon are the other key variables that could influence the direction of the market in the near to medium term.
Additionally, an improvement in the fiscal situation and correction in commodity prices on the back of global concerns should augur well for domestic economic
growth.

General Update:
• Currency: The INR appreciated vs. USD as well as Euro this month for the 2nd month running. Over the past 12-months INR has appreciated by 5.2% against the

USD while it has depreciated 4.6% vs. the Euro.
• Gold: Gold prices rallied by 8.5% in July to close the month at USD 1,627.9/ounce.

• Oil: WTI crude rallied by 2.9% to close the month at USD 95.7/barrel.

Source: Morgan Stanley Research, IIFL Research, Bloomberg, Internal as at July 31, 2011

Fixed Income Market:

Overview
• The Benchmark 10 Yr government bond yield moved from 8.33% pa in the beginning of the month to 8.45% pa as on July 31, 2011.
• Money market rates moved up over the month. 3M Bank CD yields moved from 8.38% pa at the beginning of the month to around 9.13% pa as of July 31, 2011. The 12M Bank CD yields
moved from 9.73% pa to around 9.80% pa during the same period.
• Systemic liquidity in the banking system at the end of the month was on average Rs. 45,000cr (USD 10bn) negative.

Outlook
• The RBI has sent a clear and unambiguous signal to watch the headline inflation for any change in the stance and has surprised the market with a 50 basis-point
rate hike. The RBI has kept the door open for more rate hikes even if it results in some economic slowdown. Considering the fact that headline inflation is likely to
remain elevated (Headline Inflation target for March 2012 is increased from 6% to 7% YOY), market participants will begin to factor in possibility of more rate hikes
as against the earlier expectations of no more rate hikes.
• The RBI has also cautioned regarding the likely fiscal slippage in FY2012. We expect government bond yields to remain range-bound for some time and RBI will
support the market by way of doing Open market operations as and when required. The Market will react negatively, if there is any extra borrowing above the
scheduled borrowing for FY2011-12.
• Systemic liquidity is likely to worsen from its current level by the beginning of second-half of the year on account of festival-related cash withdrawals and busy
season credit off-take. Money market yields have inched up by 15-30 basis points across the curve. We expect money market curve will flatten as there will be more
supply in 3M category than long term(1y).

Source: Bloomberg, Internal as at July 31, 2011

AUM SNAPSHOT
AUM AS ON LAST BUSINESS DAY OF JULY (IN ` CRORE)

EQUITY ORIENTED SCHEMES

DSP BlackRock Equity Fund 2,640.92 DSP BlackRock Small and Mid Cap Fund 1,294.72
DSP BlackRock Top 100 Equity Fund 3,005.69 DSP BlackRock Tax Saver Fund 809 .45
DSP BlackRock Opportunities Fund 728.62
DSP BlackRock Micro Cap Fund 483.79
DSP BlackRock India T.I.G.E.R. Fund 1,992.98 DSP BlackRock Natural Resources & New Energy Fund 144.76
(The Infrastructure Growth and Economic Reforms Fund) DSP BlackRock Focus 25 Fund 636.97
DSP BlackRock Technology.com Fund 60.21

FUND OF FUND SCHEMES

DSP BlackRock World Gold Fund 1,040.36 DSP BlackRock World Mining Fund 147.38
DSP BlackRock World Energy Fund 264.09

HYBRID SCHEMES

DSP BlackRock Balanced Fund 751.23 DSP BlackRock Savings Manager Fund 230.00

FIXED INCOME SCHEMES

DSP BlackRock Liquidity Fund 4,251.08 DSP BlackRock Bond Fund 40.98
DSP BlackRock Floating Rate Fund 467.29 DSP BlackRock Strategic Bond Fund 597.80
DSP BlackRock Money Manager Fund 2,595.79 DSP BlackRock Government Securities Fund 95.52
DSP BlackRock Short Term Fund 546.54 DSP BlackRock Treasury Bill Fund 2.43

CRISIL
MUTUAL FUND
RANK 1* DSP BlackRock Equity Fund

FUND MANAGER
Apoorva Shah
Portfolio
Total work experience of 24 years. Sr. Name of Instrument Rating/Industry Market value % to Net PREFERENCE SHARES
Managing this Scheme since No. (` lakh) Assets Listed / awaiting listing on the stock exchanges
June 2006 74 Trent Series A - CCPS Retailing 884.54 0.33%
EQUITY & EQUITY RELATED 75 Trent Series B - CCPS Retailing 852.57 0.32%
Listed / awaiting listing on the stock exchanges Total 1,737.10 0.65%
1 HDFC Bank Banks 14,375.47 5.44%
INVESTMENT OBJECTIVE Housing Development Finance CBLO / Reverse Repo Investments 9,179.15 3.47%
An Open Ended growth Scheme, 2 Finance 12,485.09 4.73% Total 9,179.15 3.47%
Corporation
seeking to generate long term
3 Bharat Petroleum Corpn. Petroleum Products 9,391.61 3.56%
capital appreciation, from a portfolio 4 Hindalco Industries Non - Ferrous Metals 6,365.00 2.41% Cash & Cash Equivalents
that is substantially constituted of 5 Hindustan Unilever Diversified 6,158.81 2.33% Net Receivable/Payable 5,603.19 2.16%
equity securities and equity related 6 Oil & Natural Gas Corpn Oil 5,862.50 2.22% Total 5,603.19 2.16%
securities of issuers domiciled in 7 Larsen & Toubro Construction Project 5,760.09 2.18% Grand Total 264,091.94 100.00%
India. 8 ITC Consumer Non Durables 5,614.56 2.13% Notes: 1. Portfolio Turnover Ratio (Last 12 months): 1.85 times. 2. Total Expense
9 Siemens Industrial Capital Goods 5,479.60 2.07% Ratio (F.Y. beginning to date): IP: 1.44% RP: 1.86% Since Inception Ratios: 1. Standard
10 Lupin Pharmaceuticals 5,360.07 2.03%
ASSET ALLOCATION 11 Tata Power Company Power 5,294.99 2.00%
Deviation: 24.66% 2. Beta: 0.81 3. R-Squared: 82.78% 4. Sharpe Ratio: 0.67
Equity & Equity related securities: 12 Tata Chemicals Fertilisers 5,225.36 1.98%
90% to 100% & Debt* & Money 13 Godrej Properties Construction 5,047.81 1.91%
market securities: 0% to 10%. 14 EID Parry India Consumer Non Durables 4,904.96 1.86% Comparative performance
15 Info Edge (India) Software 4,729.10 1.79%
* Debt securities/instruments are 16 Arvind Textile Products 4,596.77 1.74% COMPOUNDED ANNUALISED RETURN
PERIOD
deemed to include securitised debts 17 GlaxoSmithKline Pharmaceuticals Pharmaceuticals 4,226.64 1.60% DSPBREF (REGULAR PLAN) S&P CNX 500^
18 Tata Motors Auto 4,177.25 1.58% Last 6 months 2.88% (0.01%)
19 Bayer Cropscience Pesticides 3,953.99 1.50% Last 1 Year 3.76% (1.14%)
20 Sun Pharmaceuticals Industries Pharmaceuticals 3,792.08 1.44%
REDEMPTION 21 Godrej Industries Chemicals 3,741.18 1.42%
Last 3 Years 16.49% 8.59%
Last 5 Years 19.65% 11.55%
PROCEEDS 22 Trent Retailing 3,708.74 1.40%
Since Inception 23.87% 13.90%
Normally within 3 Business Days 23 Cairn India Oil 3,526.28 1.34%
NAV / Index Value (July 29) ` 48.448 4424.05
from acceptance of redemption 24 Eicher Motors Auto 3,497.61 1.32%
25 Apollo Tyres Auto Ancillaries 3,490.34 1.32% Date of allotment 29th April, 1997
request.
26 Suzlon Energy Industrial Capital Goods 3,416.61 1.29%
27 CMC Hardware 3,329.32 1.26% SIP PERFORMANCE*
28 Cadila Healthcare Pharmaceuticals 3,306.53 1.25% INVEST- DSPBREF (REGULAR PLAN) S&P CNX 500^
FEATURES 29 ICICI Bank Banks 3,292.20 1.25% PERIOD
MENT (`)
• Minimum investment and minimum 30 Chambal Fertilizers & Chemicals Fertilisers 3,277.02 1.24% VALUE (`) CAGR (%) VALUE (`) CAGR (%)
additional purchase 31 Kotak Mahindra Bank Banks 3,094.90 1.17% Last 1 Year 12,000 11,808 (2.95%) 11,396 (9.18%)
- Regular Plan (RP): ` 5,000/- and
32 Tata Global Beverages Consumer Non Durables 3,012.49 1.14% Last 3 Years 36,000 48,921 20.97% 44,332 14.00%
33 Gujarat Pipavav Port Transportation 2,897.33 1.10%
` 1,000/- thereafter. 34 Redington (India) Hardware 2,874.78 1.09% Last 5 Years 60,000 88,861 15.71% 74,023 8.33%
- Institutional Plan (IP): ` 1 crore
35 Hindustan Petroleum Corporation Petroleum Products 2,832.88 1.07% Since Inception 1,71,000 12,40,446 24.89% 6,01,816 16.17%
and ` 1,000/- thereafter. 36 Lakshmi Machine Works Industrial Capital Goods 2,739.42 1.04% Start date of SIP 29th April, 1997
37 Torrent Pharmaceuticals Pharmaceuticals 2,708.61 1.03%
• Options available (for both plans): ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
38 GlaxoSmithKline Consumer Healthcare Consumer Non Durables 2,706.56 1.02%
• Growth calculated on ` 10/- invested at inception, viz. date of allotment. All returns are
39 SRF Auto Ancillaries 2,597.40 0.98% for Regular Plan - Reinvest Dividend Option, assuming reinvestment of dividend.
• Dividend 40 Zuari Industries Fertilisers 2,594.31 0.98% DSPBREF, which is benchmarked to the S&P CNX 500 Index, is not sponsored,
- Payout Dividend 41 Areva T&D India Industrial Capital Goods 2,498.64 0.95% endorsed, sold or promoted by India Index Services & products Limited (IISL).
IISL is not responsible for any errors or omissions or the results obtained from
- Reinvest Dividend 42 Praj Industries Industrial Capital Goods 2,230.94 0.84% the use of such index and in no event shall IISL have any liability to any party for
43 Sintex Industries Industrial Products 2,230.56 0.84% any damages of whatsoever nature (including lost profits)resulted to such party
• Entry load: Nil due to purchase or sale or otherwise of DSPBREF marked to such index. *The SIP
44 Grasim Industries Textile Products 2,229.09 0.84%
investment returns table assumes monthly investments of ` 1,000 being invested
45 Bharat Forge Industrial Products 2,218.67 0.84% since the Date of Allotment. The SIP returns are computed on the assumption that
• Exit load (both plans): 46 Dr. Reddy's Laboratories Pharmaceuticals 2,212.86 0.84% the monthly installments were received across time periods from the start date of
Holding Period: 47 Thermax Industrial Capital Goods 2,184.84 0.83% SIP. The CAGR is computed based on IRR since the SIP instalments are received at
< 12 months: 1% 48 Fortis Healthcare Healthcare Services 2,135.40 0.81% different intervals across the SIP period. XIRR calculates internal rate of return for
a series of cash flows. The benchmark returns are computed on the assumption
>= 12 months: Nil 49 Power Finance Corporation Finance 2,126.03 0.81% that the value of the benchmark index is the price of one unit and “Since inception”
50 Gujarat State Petronet Gas 2,110.93 0.80% returns are computed from the “Start date of SIP”. Past performance may or may
51 ING Vysya Bank Banks 2,110.69 0.80% not be sustained in future and should not be used as a basis for comparison with
other investments.
52 Power Grid Corporation of India Power 2,103.56 0.80%
NAV AS ON
July 29, 2011
53
54
KPIT Cummins Infosystems
Alstom Projects India
Software
Industrial Capital Goods
2,086.37
1,988.24
0.79%
0.75% Sectoral Allocation
55 Bajaj Finserv Finance 1,979.04 0.75% BANKS 9.39% AUTO ANCILLARIES 2.30%
Regular Plan 56 Punjab National Bank Banks 1,938.41 0.73% INDUSTRIAL CAPITAL GOODS 8.47% RETAILING 2.28%
57 Bajaj Finance Finance 1,928.75 0.73% PHARMACEUTICALS 8.19% PESTICIDES 2.02%
Growth: ` 16.491 FINANCE 7.90% CONSTRUCTION 1.91%
Dividend: ` 48.448 58 Jet Airways (India) Transportation 1,880.95 0.71% CONSUMER NON DURABLES 6.80% TRANSPORTATION 1.81%
59 NIIT Software 1,853.96 0.70% PETROLEUM PRODUCTS 4.63% INDUSTRIAL PRODUCTS 1.74%
60 NMDC Minerals/Mining 1,852.50 0.70% FERTILISERS 4.20% CHEMICALS 1.42%
Institutional Plan SOFTwARE 3.78% MINERALS/MINING 1.39%
61 Tecpro Systems Industrial Capital Goods 1,842.02 0.70%
Growth: ` 13.079 OIL 3.56% HEALTHCARE SERVICES 0.81%
62 Gujarat Mineral Development Corporation Minerals/Mining 1,831.96 0.69%
AUTO 3.51% GAS 0.80%
63 Nagarjuna Construction Co. Construction Project 1,780.38 0.67% CONSTRUCTION PROJECT 3.06% TEXTILES - COTTON 0.63%
64 Radico Khaitan Consumer Non Durables 1,711.45 0.65% POwER 2.80% TELECOM - SERVICES 0.54%
65 Vardhman Textiles Textiles - Cotton 1,662.36 0.63% NON - FERROUS METALS 2.64% FERROUS METALS 0.53%
66 Tata Motors - A Class Auto 1,608.95 0.61% TEXTILE PRODUCTS 2.58% MEDIA & ENTERTAINMENT 0.00%
67 Idea Cellular Telecom - Services 1,430.64 0.54% HARDwARE 2.35% CASH & EQUIVALENT 5.63%
DIVERSIFIED 2.33%
68 Monsanto India Pesticides 1,380.88 0.52%
69 Monnet Ispat Ferrous Metals 1,375.32 0.52%
70 Tata Consultancy Services Software 1,315.49 0.50% *‘Open End Consistent Equity’ category, ranks within Top 10 percentile of the 52
Cumulative value of securities with holdings less than 0.5% (as a %age
71 4,286.35 1.62% schemes considered, 5 year period ending Jun 30, 2011. Past performance is
to net assets)
Total 247,572.50 93.72% no guarantee of future results.
Please refer page no. 27 for details on the Ranking Methodology.
Unlisted
72 Magnasound (India) Media & Entertainment 0.00 0.00%
73 SIP Technologies & Export Software 0.00 0.00%
Total 0.00 0.00%

4

DSP BlackRock Top 100 Equity Fund

Portfolio Comparative performance FUND MANAGER
Apoorva Shah
Sr. Name of Instrument Rating/Industry Market value % to Net COMPOUNDED ANNUALISED RETURN Total work experience of 24 years.
No. (` lakh) Assets PERIOD Managing this Scheme since
DSPBRTEF (REGULAR PLAN) BSE 100^
April 2006
Last 6 months (0.00%) (0.33%)
EQUITY & EQUITY RELATED
Last 1 Year 4.86% (0.20%)
Listed / awaiting listing on the stock exchanges
1 HDFC Bank Banks 24,114.17 8.02% Last 3 Years 14.14% 8.41% INVESTMENT OBJECTIVE
Housing Development Finance Last 5 Years 17.56% 11.96% An Open Ended growth Scheme,
2 Finance 24,071.22 8.01% seeking to generate capital
Corporation Since Inception 31.36% 24.21%
appreciation, from a portfolio
3 Larsen & Toubro Construction Project 18,498.74 6.15% NAV/Index Value (July 29) ` 98.647 9,537.41 that is substantially constituted
4 ITC Consumer Non Durables 16,395.85 5.45% of equity securities and equity
Date of allotment 10th March, 2003
5 Tata Consultancy Services Software 14,727.25 4.90% related securities of the 100 largest
6 Oil & Natural Gas Corpn Oil 14,719.09 4.90% SIP PERFORMANCE* corporates, by market capitalisation,
7 Hindustan Unilever Diversified 13,952.27 4.64% DSPBRTEF (REGULAR listed in India.
8 Bharat Petroleum Corpn. Petroleum Products 12,416.21 4.13% INVEST- BSE 100^
PERIOD PLAN)
9 Tata Motors Auto 12,089.18 4.02% MENT (`) VALUE (`) CAGR (%) VALUE (`) CAGR (%)
10 Siemens Industrial Capital Goods 10,980.39 3.65% ASSET ALLOCATION
Last 1 Year 12,000 11,742 (3.95%) 11,393 (9.22%) Equity and Equity related securities
11 Lupin Pharmaceuticals 8,583.20 2.86% Last 3 Years 36,000 45,980 16.56% 44,225 13.83% - 90% - 100%
12 Hindalco Industries Non - Ferrous Metals 7,792.22 2.59%
Last 5 Years 60,000 83,471 13.17% 74,330 8.50%
13 GAIL (India) Gas 7,670.07 2.55% Debt, Securitised Debt and Money
14 GlaxoSmithKline Pharmaceuticals Pharmaceuticals 7,548.82 2.51% Since Inception 1,00,000 2,62,079 22.33% 1,99,744 16.10%
market securities - 0% - 10%
15 Tata Power Company Power 7,494.37 2.49% Start date of SIP 10th March, 2003
16 Kotak Mahindra Bank Banks 7,000.29 2.33%
^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns
17 Dabur India Consumer Non Durables 6,836.24 2.27% are calculated on ` 10/- invested at inception, viz. date of allotment. All returns REDEMPTION
18 Power Grid Corporation of India Power 6,499.48 2.16% are for Regular Plan - Growth Option. *The SIP investment returns table assumes
19 ABB Industrial Capital Goods 5,533.58 1.84% monthly investments of ` 1,000 being invested since the Date of Allotment. The
PROCEEDS
SIP returns are computed on the assumption that the monthly installments were Normally within 3 Business Days
20 ICICI Bank Banks 4,666.72 1.55% from acceptance of redemption
received across time periods from the start date of SIP. The CAGR is computed
21 Grasim Industries Textile Products 4,491.96 1.49% request.
based on IRR since the SIP instalments are received at different intervals across
22 Cairn India Oil 4,453.63 1.48% the SIP period. XIRR calculates internal rate of return for a series of cash flows.
23 Power Finance Corporation Finance 4,220.63 1.40% The benchmark returns are computed on the assumption that the value of the
24 Sun Pharmaceuticals Industries Pharmaceuticals 4,199.35 1.40% benchmark index is the price of one unit and “Since inception” returns are FEATURES
25 Cadila Healthcare Pharmaceuticals 4,090.02 1.36% computed from the “Start date of SIP”. Past performance may or may not be • Minimum investment and
sustained in future and should not be used as a basis for comparison with other minimum additional purchase
26 DLF Construction 3,881.42 1.29%
investments. - Regular Plan (RP): ` 5,000/-
27 Wipro Software 3,586.66 1.19%
28 Punjab National Bank Banks 2,877.20 0.96% and ` 1,000/- thereafter.
29
30
Dr. Reddy's Laboratories
NTPC
Pharmaceuticals
Power
2,607.34
2,599.44
0.87%
0.86%
Sectoral Allocation and ` 1,000/- thereafter.
31 Cipla Pharmaceuticals 2,589.92 0.86% BANKS 13.11% DIVERSIFIED 4.64% • Options available (for both plans)
32 NMDC Minerals/Mining 2,189.13 0.73% PHARMACEUTICALS 9.86% AUTO 4.64% • Growth
33 Indian Oil Corporation Petroleum Products 2,185.44 0.73% FINANCE 9.41% NON - FERROUS METALS 2.82% • Dividend
34 Tata Motors - A Class Auto 1,872.04 0.62% CONSUMER NON DURABLES 7.72% GAS 2.55% - Payout Dividend
35 Idea Cellular Telecom - Services 1,633.99 0.54% OIL 6.38% TEXTILE PRODUCTS 1.49% - Reinvest Dividend

Cumulative value of securities with holdings less than 0.5% (as a %age CONSTRUCTION PROJECT 6.15% CONSTRUCTION 1.29% • Entry load: Nil
36 1,439.85 0.48% SOFTwARE 6.09% MINERALS/MINING 0.73%
to net assets)
INDUSTRIAL CAPITAL GOODS 5.89% TELECOM - SERVICES 0.54% • Exit load (both plans):
Total 280,507.38 93.28%
POwER 5.51% CASH & EQUIVALENT 6.32% Holding Period:
PETROLEUM PRODUCTS 4.86% < 12 months: 1%
DERIVATIVES
37 ABB Aug 2011 Industrial Capital Goods 1,207.49 0.40% >= 12 months: Nil
Total 1,207.49 0.40%

CBLO / Reverse Repo Investments 12,192.53 4.05% NAV AS ON
Total 12,192.53 4.05%
July 29, 2011
Cash & Cash Equivalents Regular Plan
Net Receivable/Payable 6,661.56 2.27% Growth - ` 98.647
Total 6,661.56 2.27% Dividend - ` 20.928
Grand Total 300,568.96 100.00%
Institutional Plan
Notes: 1. Portfolio Turnover Ratio (Last 12 months): 2.53 times. 2. Total Expense Growth - ` 13.557
Ratio (F.Y. beginning to date): IP: 1.44% RP: 1.84% Since Inception Ratios: 1. Dividend - ` 13.557
Standard Deviation: 23.79% 2. Beta: 0.83 3. R-Squared: 92.83% 4. Sharpe Ratio: 1.01

5

DSP BlackRock Opportunities Fund

FUND MANAGER
Anup Maheshwari
Portfolio
Total work experience of 19 years. Sr. Name of Instrument Rating/Industry Market value % to Net 67 Bajaj Auto Aug 2011 Auto 529.13 0.73%
Managing this Scheme since No. (` lakh) Assets 68 Titan Industries Aug 2011 Consumer Non Durables 376.28 0.52%
November 2006 69 Index Derivatives Index Derivatives 6.57 0.01%
EQUITY & EQUITY RELATED Total 1,931.97 2.66%
INVESTMENT OBJECTIVE 1 Bharti Airtel Telecom - Services 3,908.49 5.36% BONDS & NCDs
An Open Ended growth Scheme, 2 HDFC Bank Banks 2,849.53 3.91% Listed / awaiting listing on the stock exchanges
seeking to generate long term
capital appreciation and whose 3 ITC Consumer Non Durables 2,782.55 3.82% 70 Britannia Industries AAA 65.06 0.09%
secondary objective is income 4 Karur Vysya Bank Banks 2,508.68 3.44% Total 65.06 0.09%
generation and the distribution of 5 Tata Consultancy Services Software 2,480.87 3.40%
dividend from a portfolio constituted 6 Bharat Petroleum Corpn. Petroleum Products 2,397.64 3.29% CBLO / Reverse Repo Investments 719.73 0.98%
of equity and equity related
securities concentrating on the 7 ICICI Bank Banks 2,334.53 3.20% Total 719.73 0.98%
investment focus of the Scheme. Housing Development Finance
8 Finance 2,243.47 3.08%
Corporation Cash & Cash Equivalents
9 Reliance Industries Petroleum Products 2,184.99 3.00% Net Receivable/Payable 78.02 0.11%
ASSET ALLOCATION 10 Infosys Software 2,082.51 2.86% Total 78.02 0.11%
Equity & Equity related securities: 11 Nestle India Consumer Non Durables 1,448.34 1.99% Grand Total 72,862.44 100.00%
80% - 100% 12 Larsen & Toubro Construction Project 1,447.60 1.99%
Fixed Income securities (Debt* & 13 Bharat Electronics Industrial Capital Goods 1,180.58 1.62% Notes: 1. Portfolio Turnover Ratio : (Last 12 months): 0.79 times. 2. Total Expense
Money market securities): 14 Cadila Healthcare Pharmaceuticals 1,165.47 1.60% Ratio (F.Y. beginning to date): RP: 2.14%. Since Inception Ratios: 1. Standard
0% - 20%. 15 Oracle Financial Services Software Software 1,130.41 1.55% Deviation: 25.36% 2. Beta: 0.87 3. R-Squared: 86.22% 4. Sharpe Ratio: 0.54
* Debt securities/ instruments are 16 GAIL (India) Gas 1,095.01 1.50%
deemed to include securitised debts 17
18
Motherson Sumi Systems
Dr. Reddy's Laboratories
Auto Ancillaries
Pharmaceuticals
1,088.47
1,066.21
1.49%
1.46%
Comparative performance
19 Chambal Fertilizers & Chemicals Fertilisers 1,060.77 1.46% COMPOUNDED ANNUALISED RETURN
REDEMPTION 20 Lupin Pharmaceuticals 1,013.15 1.39% PERIOD
DSPBROF (REGULAR PLAN) S&P CNX 500^
PROCEEDS 21 GlaxoSmithKline Pharmaceuticals Pharmaceuticals 998.22 1.37%
Last 6 months 0.26% (0.01%)
Normally within 3 Business Days 22 Oil & Natural Gas Corpn Oil 995.71 1.37%
23 Bank of Baroda Banks 975.12 1.34% Last 1 Year 1.50% (1.14%)
from acceptance of redemption
24 Tata Steel Ferrous Metals 970.50 1.33% Last 3 Years 14.73% 8.59%
request.
25 Sterlite Industries ( India ) Non - Ferrous Metals 946.48 1.30% Last 5 Years 14.52% 11.55%
26 Tata Motors - A Class Auto 938.81 1.29% Since Inception 21.06% 14.83%
27 Indian Oil Corporation Petroleum Products 858.54 1.18% NAV/Index Value (July 29) ` 85.189 4,424.05
FEATURES 28 Dish TV India Media & Entertainment 854.98 1.17% Date of allotment 16th May, 2000
• Minimum investment and minimum 29 NIIT Technologies Software 853.66 1.17%
additional purchase 30 Oil India Oil 794.78 1.09% SIP PERFORMANCE*
- Regular Plan (RP): ` 5,000/-
31 Voltas Construction Project 790.88 1.09% INVEST- DSPBROF (REGULAR PLAN) S&P CNX 500^
and ` 1,000/- thereafter. PERIOD
- Institutional Plan (IP): ` 1 crore 32 IPCA Laboratories Pharmaceuticals 790.64 1.09% MENT (`) VALUE (`) CAGR (%) VALUE (`) CAGR (%)
and ` 1,000/- thereafter. 33 3M India Trading 756.02 1.04%
34 Jubilant Organosys Pharmaceuticals 741.94 1.02% Last 1 Year 12,000 11,618 (5.84%) 11,396 (9.18%)
• Options available (for both plans) 35 Coal India Minerals/Mining 734.54 1.01% Last 3 Years 36,000 48,120 19.79% 44,332 14.00%
• Growth 36 Sun Pharmaceuticals Industries Pharmaceuticals 707.80 0.97% Last 5 Years 60,000 82,421 12.66% 74,023 8.33%
• Dividend 37 eClerx Services Software 706.66 0.97%
- Payout Dividend Since Inception 1,34,000 6,24,159 25.59% 3,85,045 17.77%
- Reinvest Dividend 38 ING Vysya Bank Banks 697.83 0.96%
Start date of SIP 16th May, 2000
39 Divi's Laboratories Pharmaceuticals 681.28 0.94%
• Entry load: Nil 40 Crompton Greaves Industrial Capital Goods 668.42 0.92% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
41 Cipla Pharmaceuticals 650.46 0.89% calculated on ` 10/- invested at inception, viz. date of allotment. All returns are for
• Exit load (both plans): Regular Plan - Growth Option. DSPBROF, which is benchmarked to the S&P CNX
42 United Phosphorus Pesticides 647.51 0.89% 500 Index, is not sponsored, endorsed, sold or promoted by India Index Services &
Holding Period: 43 Hindustan Zinc Non - Ferrous Metals 624.97 0.86% products Limited (IISL). IISL is not responsible for any errors or omissions or the
< 12 months: 1% 44 Emami Consumer Non Durables 624.61 0.86% results obtained from the use of such index and in no event shall IISL have any
>= 12 months: Nil 45 CMC Hardware 573.30 0.79% liability to any party for any damages of whatsoever nature (including lost profits)
resulted to such party due to purchase or sale or otherwise of DSPBROF marked
46 United Breweries Consumer Non Durables 545.07 0.75% to such index.*The SIP investment returns table assumes monthly investments of
47 Cummins India Industrial Products 535.92 0.74% ` 1,000 being invested since the Date of Allotment. The SIP returns are computed
NAV AS ON 48 Suzlon Energy Industrial Capital Goods 513.62 0.70% on the assumption that the monthly installments were received across time
periods from the start date of SIP. The CAGR is computed based on IRR since the
49 IndusInd Bank Banks 507.40 0.70%
July 29, 2011 50 Power Finance Corporation Finance 488.94 0.67%
SIP instalments are received at different intervals across the SIP period. XIRR
calculates internal rate of return for a series of cash flows. The benchmark returns
51 Britannia Industries Consumer Non Durables 474.67 0.65% are computed on the assumption that the value of the benchmark index is the price
Regular Plan
52 Arvind Textile Products 463.26 0.64% of one unit and “Since inception” returns are computed from the “Start date of SIP”.
Growth - ` 85.189 Past performance may or may not be sustained in future and should not be used
Dividend - ` 27.657 53 HCL Technologies Software 450.19 0.62%
as a basis for comparison with other investments.
54 Power Grid Corporation of India Power 438.82 0.60%
As there were no investors in the
55 KEC International Power 438.80 0.60% Sectoral Allocation
Institutional Plan, NAVs have not 56 Cairn India Oil 433.08 0.59%
been shown. 57 Kotak Mahindra Bank Banks 427.98 0.59% BANKS 15.84% GAS 1.85%
58 Godrej Industries Chemicals 423.83 0.58% PHARMACEUTICALS 11.30% POwER 1.69%
59 Wyeth Pharmaceuticals 416.83 0.57% SOFTwARE 10.75% PESTICIDES 1.68%
60 Apollo Tyres Auto Ancillaries 415.21 0.57% CONSUMER NON DURABLES 9.40% FERROUS METALS 1.60%
61 Grasim Industries Textile Products 389.15 0.53% PETROLEUM PRODUCTS 7.47% TEXTILE PRODUCTS 1.17%
62 Rallis India Pesticides 370.91 0.51% TELECOM - SERVICES 5.36% HARDwARE 1.06%
FINANCE 5.11% TRADING 1.04%
63 UTV Software Communications Media & Entertainment 367.76 0.50%
CONSTRUCTION PROJECT 3.37% MINERALS/MINING 1.01%
64 Mahindra & Mahindra Financial Services Finance 366.59 0.50% INDUSTRIAL CAPITAL GOODS 3.24% INDUSTRIAL PRODUCTS 0.74%
Cumulative value of securities with holdings less than 0.5% (as a %age OIL 3.05% CHEMICALS 0.58%
65 4,546.70 6.23%
to net assets) MEDIA & ENTERTAINMENT 2.42% CONSTRUCTION 0.55%
Total 70,067.66 96.16% NON - FERROUS METALS 2.16% RETAILING 0.29%
AUTO ANCILLARIES 2.06% DEBT INSTRUMENTS 0.09%
DERIVATIVES AUTO 2.02% INDEX DERIVATIVES 0.01%
FERTILISERS 2.00% CASH & EQUIVALENT 1.09%
66 State Bank of India Aug 2011 Banks 1,019.98 1.40%

6

DSP BlackRock India T.I.G.E.R. Fund
(The Infrastructure Growth and
Economic Reforms Fund)

Portfolio FUND MANAGER
Anup Maheshwari
Sr. Name of Instrument Rating/Industry Market value % to Net Cash & Cash Equivalents Total work experience of 19 years.
No. (` lakh) Assets Net Receivable/Payable 5,082.31 2.53% Managing this Scheme since
Total 5,082.31 2.53% March 2008
EQUITY & EQUITY RELATED Grand Total 199,297.66 100.00%
Rohit Singhania
Notes: 1. Portfolio Turnover Ratio (Last 12 months): 0.63 times. 2. Total Total work experience of 11 years.
1 Larsen & Toubro Construction Project 7,371.93 3.70%
Expense Ratio (F.Y. beginning to date): IP: 1.44% RP: 1.88% Since Inception Managing this Scheme since June
2 Reliance Industries Petroleum Products 7,305.68 3.67% Ratios: 1. Standard Deviation: 25.86% 2. Beta: 0.91 3. R-Squared: 93.21% 2010
3 ICICI Bank Banks 6,683.34 3.35% 4. Sharpe Ratio: 0.59
4 Bharti Airtel Telecom - Services 6,582.94 3.30%
5 ING Vysya Bank Banks 6,523.34 3.27% INVESTMENT OBJECTIVE
An open ended diversified equity
6
7
State Bank of India
Indraprastha Gas
Banks
Gas
6,330.68
6,157.66
3.18%
3.09%
Comparative performance Scheme, seeking to generate capital
appreciation, from a portfolio
8 Cummins India Industrial Products 6,149.59 3.09% COMPOUNDED ANNUALISED RETURN that is substantially constituted
PERIOD of equity securities and equity
9 Bharat Heavy Electricals Industrial Capital Goods 6,009.66 3.02% DSPBRITF (REGULAR PLAN) BSE 100^ related securities of corporates,
10 Sterlite Industries ( India ) Non - Ferrous Metals 5,452.47 2.74% Last 6 months (2.81%) (0.33%) which could benefit from structural
11 Havells India Consumer Durables 5,274.95 2.65% changes brought about by
Last 1 Year (9.54%) (0.20%) continuing liberalization in economic
12 HDFC Bank Banks 4,759.49 2.39%
Last 3 Years 6.15% 8.41% policies by the Government and/
13 GAIL (India) Gas 4,628.59 2.32% or from continuing investments in
14 Grasim Industries Textile Products 4,543.26 2.28% Last 5 Years 12.67% 11.96% infrastructure, both by the public and
15 Idea Cellular Telecom - Services 4,282.54 2.15% private sector.
16 Siemens Industrial Capital Goods 3,905.11 1.96% NAV / Index Value (July 29) ` 43.247 9,537.41
17 Coal India Minerals/Mining 3,753.02 1.88%
18 Tata Power Company Power 3,567.83 1.79%
Date of allotment 11th June, 2004 ASSET ALLOCATION
19 Mahindra & Mahindra Financial Services Finance 3,454.67 1.73% Equity and Equity related securities
- 90% - 100%
20 Bharat Electronics Industrial Capital Goods 3,395.86 1.70% SIP PERFORMANCE*
Debt, Securitised Debt and Money
21 Oil & Natural Gas Corpn Oil 3,296.95 1.65% INVEST- DSPBRITF (REGULAR PLAN) BSE 100^
PERIOD market securities - 0% - 10%
22 Indian Oil Corporation Petroleum Products 3,209.87 1.61% MENT (`) VALUE (`) CAGR (%) VALUE (`) CAGR (%) ADR, GDR and Foreign securities
23 IndusInd Bank Banks 3,129.48 1.57% - 0% - 25%
Last 1 Year 12,000 10,962 (15.60%) 11,393 (9.22%)
24 IL & FS Transportation Networks Transportation 3,043.12 1.53%
25 Oil India Oil 3,041.71 1.53% Last 3 Years 36,000 41,257 9.06% 44,225 13.83%
26 Cairn India Oil 3,023.99 1.52% Last 5 Years 60,000 69,600 5.87% 74,330 8.50% REDEMPTION
27 KEC International Power 2,792.38 1.40% Since Inception 85,000 1,38,361 13.50% 1,35,735 12.98% PROCEEDS
28 GlaxoSmithKline Pharmaceuticals Pharmaceuticals 2,791.88 1.40% Start date of SIP 11th June, 2004 Normally within 3 Business Days
29 Bajaj Electricals Consumer Durables 2,628.59 1.32% from acceptance of redemption
30 Engineers India Engineering 2,538.18 1.27% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns request.
are calculated on ` 10/- invested at inception, viz. date of allotment. All returns
31 Tata Steel Ferrous Metals 2,506.78 1.26%
are for Regular Plan - Growth Option.*The SIP investment returns table assumes
32 Bharat Petroleum Corpn. Petroleum Products 2,423.93 1.22% monthly investments of ` 1,000 being invested since the Date of Allotment. The FEATURES
33 Jindal Steel & Power Ferrous Metals 2,182.98 1.10% SIP returns are computed on the assumption that the monthly installments were • Minimum investment and minimum
34 Torrent Power Power 2,095.96 1.05% received across time periods from the start date of SIP. The CAGR is computed additional purchase
35 Power Grid Corporation of India Power 2,049.82 1.03% based on IRR since the SIP instalments are received at different intervals across - Regular Plan (RP): ` 5,000/-
the SIP period. XIRR calculates internal rate of return for a series of cash flows. and ` 1,000/- thereafter.
36 AstraZeneca Pharma India Pharmaceuticals 2,034.66 1.02%
The benchmark returns are computed on the assumption that the value of the - Institutional Plan (IP): ` 1 crore
37 Hindustan Petroleum Corporation Petroleum Products 2,028.11 1.02% benchmark index is the price of one unit and “Since inception” returns are
38 NHPC Power 2,026.58 1.02% computed from the “Start date of SIP”. Past performance may or may not be and ` 1,000/- thereafter.
39 Adani Power Power 1,993.56 1.00% sustained in future and should not be used as a basis for comparison with other • Options available (for both plans):
40 Pantaloon Retail (India) Retailing 1,850.28 0.93% investments.
• Growth
41 Gateway Distriparks Transportation 1,780.42 0.89% • Dividend
42
43
Bosch
Hindustan Zinc
Auto Ancillaries
Non - Ferrous Metals
1,772.23
1,748.35
0.89%
0.88% Sectoral Allocation - Payout Dividend
- Reinvest Dividend
44 Voltas Construction Project 1,690.23 0.85% BANKS 15.00% PHARMACEUTICALS 2.42% • Entry load: Nil
45 NTPC Power 1,623.71 0.81% POwER 10.02% FERROUS METALS 2.36%
46 Thermax Industrial Capital Goods 1,617.82 0.81% INDUSTRIAL CAPITAL GOODS 8.91% TEXTILE PRODUCTS 2.28%
PETROLEUM PRODUCTS 7.52% MINERALS/MINING 2.24% • Exit load (both plans):
47 Union Bank of India Banks 1,564.92 0.79% GAS 5.60% RETAILING 1.35% Holding Period:
48 Bayer Cropscience Pesticides 1,511.07 0.76% TELECOM - SERVICES 5.45% ENGINEERING 1.27% < 12 months: 1%
49 Hathway Cable & Datacom Media & Entertainment 1,361.22 0.68% CONSTRUCTION PROJECT 5.04% CEMENT 0.93% >= 12 months: Nil
OIL 4.70% CONSTRUCTION 0.92%
50 Crompton Greaves Industrial Capital Goods 1,231.93 0.62% CONSUMER DURABLES 3.97% AUTO ANCILLARIES 0.89%
51 Jyoti Structures Power 1,183.19 0.59% NON - FERROUS METALS 3.62% PESTICIDES 0.76%
TRANSPORTATION 3.49% MEDIA & ENTERTAINMENT 0.68%
52 Spicejet Transportation 1,151.07 0.58%
INDUSTRIAL PRODUCTS 3.38% AUTO 0.50% NAV AS ON
53 GVK Power & Infrastructure Power 1,080.75 0.54%
54 L&T Finance Holdings # Finance 1,055.99 0.53%
FINANCE 3.02% CASH & EQUIVALENT 3.68% July 29, 2011
55 Sadbhav Engineering Construction 1,032.02 0.52% Regular Plan
56 Century Textiles & Industries Cement 1,005.10 0.50% Growth - ` 43.247
57 Ashok Leyland Auto 1,002.47 0.50% Dividend - ` 16.601
Cumulative value of securities with holdings
58 11,682.12 5.87% Institutional Plan
less than 0.5% (as a %age to net assets)
Growth - ` 12.421
Total 191,916.05 96.32% Dividend - ` 8.848

CBLO / Reverse Repo Investments 2,299.30 1.15%
Total 2,299.30 1.15%

7

DSP BlackRock Technology.com Fund
FUND MANAGER
Apoorva Shah
Portfolio Comparative performance
Total work experience of 24 years. Sr. Name of Instrument Rating/Industry Market value % to Net COMPOUNDED ANNUALISED RETURN
Managing this Scheme since No. (` lakh) Assets PERIOD
April 2006 DSPBRTF (REGULAR PLAN) BSE TECk^
EQUITY & EQUITY RELATED Last 6 months (3.87%) (2.43%)
INVESTMENT OBJECTIVE Listed / awaiting listing on the stock exchanges Last 1 Year (4.42%) 7.14%
An Open Ended growth Scheme, 1 Infosys Software 1,766.47 29.34%
seeking to generate long term Last 3 Years 9.44% 6.69%
2 Tata Consultancy Services Software 969.43 16.10%
capital appreciation, and whose Last 5 Years 14.94% 6.89%
secondary objective is income 3 HCL Technologies Software 372.58 6.19%
generation and the distribution of 4 CMC Hardware 332.22 5.52% Since Inception 10.89% 4.72%
dividend from a portfolio constituted 5 NIIT Technologies Software 289.74 4.81% NAV/Index Value (July 29) ` 31.843 3,642.86
of equity and equity related securities 6 Bharti Airtel Telecom - Services 275.56 4.58% Date of allotment 16th May, 2000
concentrating on the investment
focus of the Scheme. 7 Take Solutions Software 232.90 3.87%
8 Entertainment Network (India) Media & Entertainment 210.56 3.50% SIP PERFORMANCE*
9 Wipro Software 210.29 3.49% INVEST- DSPBRTF (REGULAR PLAN) BSE TECk^
ASSET ALLOCATION 10 KPIT Cummins Infosystems Software 179.53 2.98%
PERIOD
MENT (`)
Equity & Equity related securities: VALUE (`) CAGR (%) VALUE (`) CAGR (%)
11 Oracle Financial Services Software Software 173.45 2.88% Last 1 Year 12,000 11,582 (6.38%) 11,828 (2.64%)
80% - 100%
Fixed Income securities (Debt* & 12 Idea Cellular Telecom - Services 168.73 2.80%
Last 3 Years 36,000 47,356 18.65% 45,382 15.64%
Money market securities) : 13 Tulip Telecom Telecom - Services 124.84 2.07%
Last 5 Years 60,000 77,932 10.40% 70,856 6.59%
0% - 20%. 14 Info Edge (India) Software 104.40 1.73%
* Debt securities/instruments are 15 HT Media Media & Entertainment 86.31 1.43% Since Inception 1,34,000 4,60,429 20.67% 2,97,400 13.55%
deemed to include securitised debts 16 Allied Digital Services Hardware 82.15 1.36% Start date of SIP 16th May, 2000
17 Hindustan Media Ventures Media & Entertainment 74.15 1.23% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
18 eClerx Services Software 63.93 1.06%
REDEMPTION calculated on ` 10/- invested at inception, viz. date of allotment. All returns are for
19 UTV Software Communications Media & Entertainment 62.87 1.04% Regular Plan - Growth Option. *The SIP investment returns table assumes monthly
PROCEEDS 20 Hathway Cable & Datacom Media & Entertainment 42.06 0.70% investments of ` 1,000 being invested since the Date of Allotment. The SIP returns
Normally within 3 Business Days are computed on the assumption that the monthly installments were received
21 NIIT Software 32.87 0.55% across time periods from the start date of SIP. The CAGR is computed based on IRR
request. 22 Satyam Computer Services Software 32.70 0.54% since the SIP instalments are received at different intervals across the SIP period.
Cumulative value of securities with holdings less than 0.5% (as a XIRR calculates internal rate of return for a series of cash flows. The benchmark
23 48.99 0.81% returns are computed on the assumption that the value of the benchmark index is
%age to net assets)
FEATURES Total 5,936.71 98.58% the price of one unit and “Since inception” returns are computed from the “Start
• Minimum investment and minimum date of SIP”. Past performance may or may not be sustained in future and should
not be used as a basis for comparison with other investments.
additional purchase CBLO / Reverse Repo Investments 69.97 1.16%
Total 69.97 1.16%
and ` 1,000/- thereafter.
and ` 1,000/- thereafter. Cash & Cash Equivalents
Sectoral Allocation

• Options available (for both plans)
Net Receivable/Payable 13.97 0.26% SOFTwARE 73.92% HARDwARE 6.88%
Total 13.97 0.26% TELECOM - SERVICES 9.45% ISP 0.00%
• Growth
Grand Total 6,020.65 100.00% MEDIA & ENTERTAINMENT 8.33% CASH & EQUIVALENT 1.42%
• Dividend
- Payout Dividend Notes: 1. Portfolio Turnover Ratio (Last 12 months): 0.61 times. 2. Total Expense
- Reinvest Dividend Ratio (F.Y. beginning to date): RP: 2.48% Since Inception Ratios: 1. Standard
• Entry load: Nil Deviation: 30.55% 2. Beta: 0.79 3. R-Squared: 82.18% 4. Sharpe Ratio: 0.11

• Exit load (both plans):
Holding Period:
< 12 months: 1%
>= 12 months: Nil

NAV AS ON
July 29, 2011
Regular Plan
Growth - ` 31.843
Dividend - ` 23.238
Institutional Plan, NAVs have not
been shown.

8

DSP BlackRock Small and Mid Cap Fund

Apoorva Shah
CBLO / Reverse Repo Investments 2,234.33 1.73% Total work experience of 24 years.
Sr. Name of Instrument Rating/Industry Market value % to Net
Total 2,234.33 1.73% Managing this Scheme since
No. (` lakh) Assets
March 2008
EQUITY & EQUITY RELATED Cash & Cash Equivalents Anup Maheshwari
Listed / awaiting listing on the stock exchanges Net Receivable/Payable 991.80 0.77% Total work experience of 19 years.
1 Trent Retailing 4,796.51 3.70% Total 991.80 0.77% Managing this Scheme since
2 EID Parry India Consumer Non Durables 4,539.41 3.51% Grand Total 129,472.21 100.00% March 2008
3 Hindustan Petroleum Corporation Petroleum Products 4,017.96 3.10% Notes: 1. Classification of % of holdings based on Market Capitalisation: Large-
4
Gujarat Mineral Development
Minerals/Mining 3,958.48 3.06% Cap 4.36%, Mid-Cap 34.13%, Small-Cap 25.13%, Micro-Cap 33.38% 2. Portfolio INVESTMENT OBJECTIVE
Corporation Turnover Ratio (Last 12 months): 1.15 times. 3. Total Expense Ratio (F.Y. beginning An Open ended equity growth scheme,
5 Chambal Fertilizers & Chemicals Fertilisers 3,687.39 2.85% to date): RP: 1.98%. Since Inception Ratios: 1. Standard Deviation: 23.66% primarily seeking to generate long
6 Godrej Properties Construction 3,371.12 2.60% 2. Beta: 0.81 3. R-Squared: 90.61% 4. Sharpe Ratio: 0.26 term capital appreciation from a
7 Bayer Cropscience Pesticides 3,325.72 2.57% portfolio substantially constituted of
equity and equity related securities,
8
9
Tata Chemicals
Arvind
Fertilisers
Textile Products
3,224.93
3,200.31
2.49%
2.47% Comparative performance which are not part of top 100 stocks
by market capitalization. From time
10 Biocon Pharmaceuticals 3,101.49 2.40% COMPOUNDED ANNUALISED RETURN to time, the Investment Manager
11 Info Edge (India) Software 3,097.70 2.39% will also seek participation in other
PERIOD equity and equity related securities
12 Bharat Forge Industrial Products 2,920.60 2.26% DSPBRSMF (REGULAR PLAN) CNX MID CAP^
13 Godrej Industries Chemicals 2,828.55 2.18% to achieve optimal portfolio
Last 6 months 7.71% 1.20% construction.
14 CMC Hardware 2,640.62 2.04%
15 Apollo Tyres Auto Ancillaries 2,603.28 2.01% Last 1 year 5.18% (4.74%)
16 Eicher Motors Auto 2,473.69 1.91% ASSET ALLOCATION
17 Bombay Dyeing & Mfg Co. Textiles - Cotton 2,442.44 1.89% Last 3 Year 22.59% 13.16% Equity and equity related securities
18 KPIT Cummins Infosystems Software 2,398.46 1.85% Since Inception 13.55% 10.44% which are:
19 Areva T&D India Industrial Capital Goods 2,348.72 1.81% 1. (A) not part of top 100 stocks by
NAV / Index Value (July 29) ` 18.186 8,017.35
20 Bajaj Finserv Finance 2,342.47 1.81% market cap: 65% - 100%,
21 KEC International Power 2,325.14 1.80% Date of allotment 14th Nov. 2006 (B) in the top 100 stocks by market
22 Gruh Finance Finance 2,286.50 1.77% cap: 0% - 35%;
23 SRF Auto Ancillaries 2,220.37 1.71% SIP PERFORMANCE*
24 TTK Prestige Consumer Non Durables 2,105.24 1.63% Of 1(A) & 1(B), investments in
DSPBRSMF (REGULAR ADRs, GDRs & foreign securities:
25 Gujarat Pipavav Port Transportation 2,083.45 1.61% INVEST- CNX MID CAP^
PERIOD PLAN) 0% - 25%;
26 ING Vysya Bank Banks 2,035.27 1.57% MENT (`) VALUE (`) CAGR (%) VALUE (`) CAGR (%)
27 Lakshmi Machine Works Industrial Capital Goods 1,970.11 1.52% 2. Debt and Money Market
28 Kajaria Ceramics Construction 1,928.26 1.49% Last 1 year 12,000 12,117 1.81% 11,385 (9.35%)
Securities: 0% - 10%.
29 Tata Coffee Consumer Non Durables 1,903.22 1.47% Last 3 Year 36,000 56,463 31.54% 48,356 20.14%
30 Tata Global Beverages Consumer Non Durables 1,902.90 1.47% Since Inception 56,000 88,222 19.63% 74,821 12.40%
31 Zuari Industries Fertilisers 1,898.88 1.47%
Start date of SIP 14th Nov. 2006
REDEMPTION
32 Alstom Projects India Industrial Capital Goods 1,863.59 1.44% PROCEEDS
33 Redington (India) Hardware 1,774.53 1.37% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
calculated on ` 10/- invested at inception, viz. date of allotment. All returns are Normally within 3 Business Days
34 Suzlon Energy Industrial Capital Goods 1,759.91 1.36%
for Growth Option. DSPBRSMF, which is benchmarked to the CNX Midcap Index, from acceptance of redemption
35 Torrent Pharmaceuticals Pharmaceuticals 1,752.80 1.35% is not sponsored, endorsed, sold or promoted by India Index Services & products request.
36 GlaxoSmithKline Consumer Healthcare Consumer Non Durables 1,737.33 1.34% Limited (IISL). IISL is not responsible for any errors or omissions or the results
37 Praj Industries Industrial Capital Goods 1,735.85 1.34% obtained from the use of such index and in no event shall IISL have any liability to
any party for any damages of whatsoever nature (including lost profits)resulted to
38 NIIT Software 1,725.92 1.33% such party due to purchase or sale or otherwise of DSPBRSMF marked to such FEATURES
39 Bharat Electronics Industrial Capital Goods 1,625.41 1.26% index. *The SIP investment returns table assumes monthly investments of ` 1,000 • Minimum investment and minimum
40 Sintex Industries Industrial Products 1,589.08 1.23% being invested since the Date of Allotment. The SIP returns are computed on the additional purchase
41 Thermax Industrial Capital Goods 1,485.50 1.15% assumption that the monthly installments were received across time periods from - Regular Plan (RP): ` 5,000/-
the start date of SIP. The CAGR is computed based on IRR since the SIP instalments
42 Fresenius Kabi Oncology Pharmaceuticals 1,450.55 1.12% are received at different intervals across the SIP period. XIRR calculates internal and ` 1,000/- thereafter.
43 Radico Khaitan Consumer Non Durables 1,313.99 1.01% rate of return for a series of cash flows. The benchmark returns are computed - Institutional Plan (IP): ` 1 crore
44 Bajaj Finance Finance 1,312.63 1.01% on the assumption that the value of the benchmark index is the price of one unit
and “Since inception” returns are computed from the “Start date of SIP”. Past and ` 1,000/- thereafter.
45 Vardhman Textiles Textiles - Cotton 1,169.21 0.90% performance may or may not be sustained in future and should not be used as a
basis for comparison with other investments. • Options available (for both plans):
46 Unichem Laboratories Pharmaceuticals 1,159.14 0.90%
47 Titagarh Wagons Industrial Capital Goods 1,153.91 0.89% • Growth
48
49
Tecpro Systems
Mcleod Russel India
Consumer Non Durables
1,132.52
1,124.47
0.87%
0.87% Sectoral Allocation • Dividend
- Payout Dividend - Reinvest Dividend
50 Nagarjuna Construction Co. Construction Project 1,072.97 0.83% INDUSTRIAL CAPITAL GOODS 12.15% MINERALS/MINING 3.06%
51 Monsanto India Pesticides 1,058.33 0.82% CONSUMER NON DURABLES 11.30% TEXTILES - COTTON 2.79% • Entry load: Nil
52 Pfizer Pharmaceuticals 1,051.10 0.81% FERTILISERS 6.81% TEXTILE PRODUCTS 2.47%
53 Gujarat State Petronet Gas 1,035.05 0.80% PHARMACEUTICALS 6.58% POwER 2.32% • Exit load (both plans):
54 IL & FS Transportation Networks Transportation 1,003.72 0.78% FINANCE 5.76% CHEMICALS 2.18% Holding Period:
55 Fortis Healthcare Healthcare Services 978.03 0.76% SOFTwARE 5.57% AUTO 1.91% < 12 months: 1%
RETAILING 5.35% BANKS 1.57% >= 12 months: Nil
56 Jet Airways (India) Transportation 915.40 0.71% CONSTRUCTION 4.09% CONSTRUCTION PROJECT 0.83%
57 SKS Microfinance Finance 910.47 0.70% AUTO ANCILLARIES 3.72% GAS 0.80%
58 CESC Power 675.30 0.52% INDUSTRIAL PRODUCTS 3.54% HEALTHCARE SERVICES 0.76%
59 TRF Industrial Capital Goods 660.71 0.51% HARDwARE
PESTICIDES
3.41%
3.39%
FERROUS METALS 0.51% NAV AS ON
60 Monnet Ispat Ferrous Metals 642.10 0.50% CONSUMER DURABLES 0.27%
Cumulative value of securities with PETROLEUM PRODUCTS 3.10% MEDIA & ENTERTAINMENT 0.16% July 29, 2011
61 holdings less than 0.5% (as a %age to 1,545.83 1.18% TRANSPORTATION 3.10% CASH & EQUIVALENT 2.50%
Regular Plan
net assets) Growth - ` 18.186
Total 124,394.57 96.07% Dividend - ` 15.268

PREFERENCE SHARES
Listed / awaiting listing on the stock exchanges As there were no investors in the
62 Trent Series B - CCPS Retailing 1,070.88 0.83%
been shown.
63 Trent Series A - CCPS Retailing 780.63 0.60%
Total 1,851.51 1.43%

9

DSP BlackRock Tax Saver Fund

FUND MANAGER
Anup Maheshwari
Portfolio
Total work experience of 19 years. Sr. Name of Instrument Rating/Industry Market value % to Net CBLO / Reverse Repo Investments 1,979.44 2.45%
Managing this Scheme since No. (` lakh) Assets Total 1,979.44 2.45%
January 2007
EQUITY & EQUITY RELATED Cash & Cash Equivalents
Mayana Sobti Rajani Listed / awaiting listing on the stock exchanges Net Receivable/Payable 442.61 0.55%
Total work experience of 8 years.
1 ITC Consumer Non Durables 3,822.61 4.72% Total 442.61 0.55%
Managing this Scheme since
2 HDFC Bank Banks 3,304.93 4.08% Grand Total 80,944.81 100.00%
June 2009 (till July 04, 2011)
3 Tata Consultancy Services Software 3,025.70 3.74%
4 ICICI Bank Banks 2,864.66 3.54% Note: 1. Portfolio Turnover Ratio (Last 12 months): 0.64 times. 2. Total Expense
5 Reliance Industries Petroleum Products 2,863.19 3.54% Ratio (F.Y. beginning to date): 2.09% Since Inception Ratios: 1. Standard Deviation:
INVESTMENT OBJECTIVE 6 Infosys Software 2,627.44 3.25% 25.41 % 2. Beta: 0.83 3. R-Squared: 92.48% 4. Sharpe Ratio: 0.17
An Open ended equity linked savings 7 Cadila Healthcare Pharmaceuticals 2,206.10 2.73%
scheme, whose primary investment
objective is to seek to generate
8
9
Larsen & Toubro
Tata Steel
Construction Project
Ferrous Metals
2,006.99
1,872.95
2.48%
2.31%
Comparative performance
medium to long-term capital 10 Sterlite Industries ( India ) Non - Ferrous Metals 1,833.05 2.26% COMPOUNDED ANNUALISED RETURN
appreciation from a diversified 11 State Bank of India Banks 1,812.88 2.24% PERIOD
portfolio that is substantially DSPBRTSF S&P CNX 500^
12 Nestle India Consumer Non Durables 1,802.51 2.23%
constituted of equity and equity 13 IPCA Laboratories Pharmaceuticals 1,797.33 2.22% Last 6 months 0.23% (0.01%)
related securities of corporates, 14 CRISIL Finance 1,776.41 2.19% Last 1 year (2.50%) (1.14%)
and to enable investors avail of a
15 Kajaria Ceramics Construction 1,705.70 2.11% Last 3 years 12.21% 8.59%
deduction from total income, as
16 Karur Vysya Bank Banks 1,603.44 1.98%
permitted under the Income Tax Since Inception 11.86% 5.88%
17 Siemens Industrial Capital Goods 1,592.16 1.97%
Act,1961 from time to time. NAV / Index Value (July 29) ` 16.612 4,424.05
18 Oil India Oil 1,572.15 1.94%
19 Bank of Baroda Banks 1,562.44 1.93% Date of allotment 18th Jan. 2007
20 Bharat Petroleum Corpn. Petroleum Products 1,472.22 1.82%
ASSET ALLOCATION 21 Bajaj Electricals Consumer Durables 1,399.49 1.73% SIP PERFORMANCE*
Equity and equity related securities:
Procter & Gamble Hygiene and Health INVEST- DSPBRTSF S&P CNX 500^
80% to 100% 22 Consumer Non Durables 1,385.23 1.71% PERIOD
Care MENT (`) VALUE (`) CAGR (%) VALUE (`) CAGR (%)
23 Bharti Airtel Telecom - Services 1,263.20 1.56%
Of above, investments in ADRs, Last 1 year 12,000 11,441 (8.50%) 11,396 (9.18%)
24 Dr. Reddy's Laboratories Pharmaceuticals 1,260.26 1.56%
GDRs and foreign equity securities:
25 Jyothy Laboratories Consumer Non Durables 1,239.68 1.53% Last 3 year 36,000 46,956 18.04% 44,332 14.00%
0% to 20%
26 Gujarat State Petronet Gas 1,228.84 1.52% Since Inception 54,000 71,073 12.20% 65,171 8.30%
Debt, securitised debt* and money 27 Axis Bank Banks 1,227.29 1.52% Start date of SIP 18th Jan. 2007
market securities: 0% to 20% 28 Oil & Natural Gas Corpn Oil 1,182.15 1.46%
29 Lupin Pharmaceuticals 1,100.43 1.36% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
30 Jindal Steel & Power Ferrous Metals 1,082.71 1.34% calculated on ` 10/- invested at inception, viz. date of allotment. All returns are for
* Exposure to securitised debt will
Growth Option. DSPBRTSF, which is benchmarked to the S&P CNX 500 Index, is not
not exceed 10% of the net assets of 31 CMC Hardware 1,066.83 1.32%
sponsored, endorsed, sold or promoted by India Index Services & products Limited
the Scheme. 32 Voltas Construction Project 1,056.92 1.31% (IISL). IISL is not responsible for any errors or omissions or the results obtained
33 HCL Technologies Software 1,048.86 1.30% from the use of such index and in no event shall IISL have any liability to any party
34 Biocon Pharmaceuticals 1,030.93 1.27% for any damages of whatsoever nature (including lost profits)resulted to such party
REDEMPTION 35 Tata Motors - A Class Auto 997.23 1.23% due to purchase or sale or otherwise of DSPBRTSF marked to such index. *The SIP
36 Prestige Estate Project Construction 949.67 1.17% investment returns table assumes monthly investments of ` 1,000 being invested
PROCEEDS 37 Hindustan Petroleum Corporation Petroleum Products 892.44 1.10%
since the Date of Allotment. The SIP returns are computed on the assumption that
Normally within 3 Business Days the monthly installments were received across time periods from the start date of
from acceptance of redemption Housing Development Finance SIP. The CAGR is computed based on IRR since the SIP instalments are received
38 Finance 889.50 1.10%
request (subject to completion of Corporation at different intervals across the SIP period. XIRR calculates internal rate of return
the 3 year Lock-in Period). 39 ING Vysya Bank Banks 851.04 1.05% for a series of cash flows. The benchmark returns are computed on the assumption
40 Suzlon Energy Industrial Capital Goods 832.70 1.03% that the value of the benchmark index is the price of one unit and “Since inception”
41 Emami Consumer Non Durables 821.48 1.01% returns are computed from the “Start date of SIP”. Past performance may or may
not be sustained in future and should not be used as a basis for comparison with
FEATURES 42 Yes Bank Banks 812.37 1.00%
other investments.
• Repurchase of Units only after 43 Tilaknagar Industries Consumer Non Durables 783.25 0.97%
completion of 3 year lock-in period 44 NTPC Power 776.08 0.96%
45 Jubilant Organosys Pharmaceuticals 761.36 0.94%
• Minimum investment ` 500/-
• Minimum additional purchase 46 Crompton Greaves Industrial Capital Goods 722.43 0.89% Sectoral Allocation
` 500/- 47 Cipla Pharmaceuticals 706.83 0.87%
48 Zuari Industries Fertilisers 703.19 0.87% BANKS 17.83% HARDwARE 1.65%
• Options available:
CONSUMER NON DURABLES 13.36% TELECOM - SERVICES 1.56%
• Growth 49 India Cements Cement 633.99 0.78%
PHARMACEUTICALS 11.37% AUTO 1.23%
• Dividend 50 Power Finance Corporation Finance 546.24 0.67% SOFTwARE 8.29% POwER 0.96%
- Payout Dividend 51 Adhunik Metaliks Ferrous Metals 512.40 0.63% PETROLEUM PRODUCTS 6.46% FERTILISERS 0.87%
- Reinvest Dividend 52 Britannia Industries Consumer Non Durables 490.94 0.61% FINANCE 4.98% CEMENT 0.78%
Infrastructure Development Finance INDUSTRIAL CAPITAL GOODS 4.36% TRANSPORTATION 0.53%
• Entry load : Nil 53 Finance 441.41 0.55%
Company FERROUS METALS 4.28% MINERALS/MINING 0.53%
54 Gateway Distriparks Transportation 428.90 0.53% CONSTRUCTION PROJECT 3.79% RETAILING 0.39%
• Exit load: N.A.
55 Coal India Minerals/Mining 425.39 0.53% CONSTRUCTION 3.54% TEXTILE PRODUCTS 0.37%
Cumulative value of securities with OIL 3.40% CHEMICALS 0.24%
56 holdings less than 0.5% (as a %age to 3,780.32 4.66% NON - FERROUS METALS 2.26% MEDIA & ENTERTAINMENT 0.21%
NAV AS ON net assets) GAS 1.95% DEBT INSTRUMENTS 0.08%
CONSUMER DURABLES 1.73% CASH & EQUIVALENT 3.00%
July 29, 2011 Total 78,456.88 96.92%

Growth - ` 16.612 BONDS & NCDs
Dividend - ` 11.853 Listed / awaiting listing on the stock
exchanges
57 Britannia Industries AAA 65.88 0.08%
Total 65.88 0.08%

10

DSP BlackRock Micro Cap Fund

Apoorva Shah
Sr. Name of Instrument Rating/Industry Market value % to Net COMPOUNDED ANNUALISED RETURN Managing this Scheme since
No. (` lakh) Assets PERIOD March 2008
DSPBRMCF - REGULAR PLAN BSE SMALL CAP^
Vinit Sambre
EQUITY & EQUITY RELATED Total work experience of 12 years.
Last 6 months 5.26% (2.03%) Managing this Scheme since June
Last 1 Year (4.15%) (11.16%) 2010.
1 Rallis India Pesticides 2,887.09 5.97%
2 Indoco Remedies Pharmaceuticals 2,210.45 4.57% Last 3 Year 20.11% 6.24% Mehul Jani (Dedicated fund
manager for overseas investment)
3 eClerx Services Software 2,182.57 4.51% Since Inception 11.60% 3.11% Total work experience of 7 years.
4 Chambal Fertilizers & Chemicals Fertilisers 2,054.98 4.25% NAV / Index Value (July 29) ` 15.727 8,305.58 Managing this Scheme since June
5 Kennametal India Ferrous Metals 1,750.78 3.62% 2010.
Date of allotment 14th June, 2007
6 TTK Prestige Consumer Non Durables 1,647.84 3.41%
7 Karur Vysya Bank Banks 1,587.88 3.28% INVESTMENT OBJECTIVE
SIP PERFORMANCE* An open ended diversified equity
8 Sadbhav Engineering Construction 1,528.11 3.16% growth scheme seeking to generate
9 KPIT Cummins Infosystems Software 1,497.01 3.09% DSPBRMCF - REGULAR long term capital appreciation from
INVEST- BSE SMALL CAP^
10 APL Apollo Tubes Ferrous Metals 1,370.65 2.83% PERIOD PLAN a portfolio that is substantially
MENT (`) VALUE (`) CAGR (%) VALUE (`) CAGR (%) constituted of equity and equity
11 Timken India Industrial Products 1,285.93 2.66% related securities, which are not
12 Bayer Cropscience Pesticides 1,271.33 2.63% Last 1 Year 12,000 11,739 (4.00%) 10,978 (15.36%) part of the top 300 companies by
13 Bajaj Finance Finance 1,244.89 2.57% Last 3 Years 36,000 58,011 33.69% 46,846 17.93% market capitalisation. From time
to time, the Investment Manager
14 Tecpro Systems Industrial Capital Goods 1,156.67 2.39% Since Inception 49,000 76,211 22.07% 59,170 9.22% will also seek participation in other
15 Take Solutions Software 993.69 2.05% equity and equity related securities
Start date of SIP 14th June, 2007 t o a c h i e v e o p t i m a l p o r t f o l i o
16 Supreme Industries Industrial Products 936.19 1.94% construction.
17 Zuari Industries Fertilisers 929.48 1.92% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns
are calculated on ` 10/- invested at inception, viz. date of allotment. All returns
18 IPCA Laboratories Pharmaceuticals 926.09 1.91%
are for Regular Plan - Growth Option. *The SIP investment returns table assumes ASSET ALLOCATION
19 Unichem Laboratories Pharmaceuticals 836.01 1.73% monthly investments of ` 1,000 being invested since the Date of Allotment. The 1 (a) Equity and equity related
20 K.P.R. Mill Textile Products 833.40 1.72% SIP returns are computed on the assumption that the monthly installments were securities which are not part of
21 Hindustan Dorr-Oliver Industrial Capital Goods 829.15 1.71% received across time periods from the start date of SIP. The CAGR is computed the top 300 stocks by market
based on IRR since the SIP instalments are received at different intervals across capitalization: 65% - 100%,
22 JMC Projects (India) Construction 811.78 1.68% 1 (b) Equity and equity related
23 Tata Elxsi (India) Software 772.12 1.60% the SIP period. XIRR calculates internal rate of return for a series of cash flows.
The benchmark returns are computed on the assumption that the value of the securities which are in the top 300
24 Steel Strips Wheels Auto Ancillaries 769.56 1.59% benchmark index is the price of one unit and “Since inception” returns are stocks by market capitalization:
25 Career Point Infosystems Software 764.89 1.58% computed from the “Start date of SIP”. Past performance may or may not be 0% - 35%
26 Vivimed Labs Chemicals 737.69 1.52% sustained in future and should not be used as a basis for comparison with other of 1 (a) & (b) above, investments in
investments. ADRs, GDRs and foreign securities:
Cholamandalam Investment and 0% - 25%
27 Finance 731.06 1.51%
Finance Company 2. Debt* and Money Market
28 Titagarh Wagons Industrial Capital Goods 715.55 1.48% Securities: 0% - 35%
29
30
Alstom Projects India
Suzlon Energy
679.52
659.99
1.40%
1.36%
Sectoral Allocation *Debt Instruments may include
securitised debts up to 10% of the
net assets of the Scheme.
31 Navneet Publications India Consumer Non Durables 611.94 1.26% SOFTwARE 13.80% CONSTRUCTION 4.84%
32 City Union Bank Banks 609.98 1.26% INDUSTRIAL CAPITAL GOODS 10.91% BANKS 4.54%
33 Jubilant Organosys Pharmaceuticals 606.35 1.25% PHARMACEUTICALS 10.48% TEXTILE PRODUCTS 3.58% REDEMPTION
34 Nilkamal Industrial Products 591.17 1.22% PESTICIDES 9.29% AUTO ANCILLARIES 2.55% PROCEEDS
35 Kirloskar Pneumatic Co. Industrial Products 565.39 1.17% INDUSTRIAL PRODUCTS 6.99% CHEMICALS 2.25% Normally within 10 Business Days
FERROUS METALS 6.45% POwER 1.15%
36 PTC India Power 556.92 1.15% from acceptance of redemption
FERTILISERS 6.17% TEXTILES - COTTON 0.84%
37 Bharat Bijlee Industrial Capital Goods 556.19 1.15% CONSUMER NON DURABLES 6.02% CASH & EQUIVALENT 4.17% request during the specified
38 Kewal Kiran Clothing Textile Products 551.51 1.14% FINANCE 5.97% redemption period.
39 Zydus Wellness Consumer Non Durables 533.38 1.10%
40 Binani Industries Finance 521.16 1.08% FEATURES
41 Wyeth Pharmaceuticals 492.97 1.02% • Minimum investment and minimum
42 NIIT Technologies Software 467.91 0.97% additional purchase
43 Rane (Madras) Auto Ancillaries 465.16 0.96%
44 Sanghvi Movers Industrial Capital Goods 464.07 0.96% and ` 1,000/- thereafter.
- Institutional Plan (IP): ` 1
45 Bombay Dyeing & Mfg Co. Textiles - Cotton 407.10 0.84%
crore and ` 1,000/- thereafter.
46 GIC Housing Finance Finance 392.88 0.81%

• Options available (for both plans):
47 India Glycols Chemicals 353.03 0.73%
• Growth
48 Lovable Lingerie Textile Products 349.65 0.72%
• Dividend
Cumulative value of securities with - Payout Dividend
49 holdings less than 0.5% (as a %age to 676.42 1.40% - Reinvest Dividend
net assets)
• Entry load: Nil
Total 46,375.52 95.83%
• Exit load: (for both plans)
CBLO / Reverse Repo Investments 1,579.56 3.26% Holding period <24 months: 1%
Holding period >=24 months: Nil
Total 1,579.56 3.26%

Cash & Cash Equivalents
Net Receivable/Payable 423.60 0.91% NAV AS ON
Total 423.60 0.91% July 29, 2011
Grand Total 48,378.68 100.00%

Note: 1. Portfolio Turnover Ratio (Last 12 months): 0.75 times. 2. Total Expense Regular Plan
Ratio (F.Y. beginning to date): RP: 2.25% 3. Classification of % of holdings based Growth - ` 15.727
on Market Capitalisation: Large-Cap 4.36% Mid-Cap 34.13%, Small-Cap 25.13%, Dividend - ` 9.551
Micro-Cap 65.81% Since Inception Ratios: 1. Standard Deviation: 45.49% 2. Beta: 0.86 As there were no investors in the
3. R-Squared: 93.64% 4. Sharpe Ratio: 0.09 Institutional Plan, NAVs have not
been shown.

11

CRISIL
MUTUAL FUND
RANK 1* DSP BlackRock Natural Resources and New Energy Fund

FUND MANAGER
Anup Maheshwari
Managing this Scheme since Sr. Name of Instrument Rating/Industry Market value (` % to Net COMPOUNDED ANNUALISED RETURN
April 2008 No. lakh) Assets PERIOD DSPBRNRNEF COMPOSITE
Mehul Jani (Dedicated fund - REGULAR PLAN BENCHMARK^
manager for overseas investment) EQUITY & EQUITY RELATED Last 6 months 6.86% (6.98%)
Total work experience of 7 years. Listed / awaiting listing on the stock exchanges
Managing this Scheme since June 1 Castrol India Petroleum Products 1,366.76 9.44% Last 1 year 8.14% 0.94%
2010. 2 Reliance Industries Petroleum Products 728.65 5.03% Last 3 years 15.31% 0.33%
3 Gujarat Fluorochemicals Gas 671.38 4.64%
Since Inception 13.16% (3.60%)
4 SRF Auto Ancillaries 616.19 4.26%
INVESTMENT OBJECTIVE 5 Petronet LNG Gas 595.62 4.11% NAV / Index Value (July 29) ` 14.964 88.73
An Open ended equity growth Scheme 6 Hindustan Petroleum Corporation Petroleum Products 591.97 4.09%
seeking to generate long term capital Date of allotment 25th April, 2008
appreciation and provide long term growth 7 Bharat Petroleum Corpn. Petroleum Products 576.28 3.98%
opportunities by investing in equity and 8 Gujarat Gas Company Gas 521.88 3.61%
equity related securities of companies SIP PERFORMANCE*
domiciled in India whose pre-dominant 9 Oil India Oil 477.34 3.30%
economic activity is in the: (a) discovery, 10 Sterlite Industries ( India ) Non - Ferrous Metals 473.57 3.27% DSPBRNRNEF COMPOSITE
INVEST- - REGULAR PLAN BENCHMARK^
development, production, or distribution 11 Indraprastha Gas Gas 461.74 3.19% PERIOD
of natural resources, viz., energy, mining MENT (`) VALUE (`) CAGR (%) VALUE (`) CAGR (%)
etc; (b) alternative energy and energy 12 Gujarat State Fertilizers & Chemicals Fertilisers 430.66 2.98%
technology sectors, with emphasis given 13 GAIL (India) Gas 415.22 2.87% Last 1 year 12,000 12,221 3.43% 12,894 14.09%
to renewable energy, automotive and on- 14 EID Parry India Consumer Non Durables 408.10 2.82%
site power generation, energy storage Last 3 years 36,000 50,042 22.61% 43,226 12.25%
and enabling energy technologies. The 15 Chambal Fertilizers & Chemicals Fertilisers 391.72 2.71%
Scheme will also invest a certain portion Since Inception 39,000 54,484 21.07% 46,026 10.19%
16 Jindal Steel & Power Ferrous Metals 375.76 2.60%
of its corpus in the equity and equity 17 Hindustan Zinc Non - Ferrous Metals 347.62 2.40% Start date of SIP 25th April, 2008
related securities of companies domiciled
overseas, which are principally engaged 18 Tata Steel Ferrous Metals 319.82 2.21%
in the discovery, development, production Returns < 1 year are absolute returns. ^Composite Benchmark = 30% BSE Metals
19 Coromandel International Fertilisers 313.25 2.16%
or distribution of natural resources and + 35% BSE Oil & Gas + 35% MSCI World Energy Index (Net & Expressed in INR;
alternative energy and/or the units/shares Gujarat Mineral Development Normalised Values). “Since inception” returns are calculated on ` 10/- invested
20 Minerals/Mining 313.22 2.16%
of BlackRock Global Funds – New Energy Corporation at inception, viz. date of allotment. All returns are for Growth Option. *The SIP
Fund, BlackRock Global Funds – World 21 Coal India Minerals/Mining 305.27 2.11%
Energy Fund and similar other overseas investment returns table assumes monthly investments of ` 1,000 being invested
mutual fund schemes. 22 Phillips Carbon Black Auto Ancillaries 302.84 2.09% since the Date of Allotment. The SIP returns are computed on the assumption that
23 Indian Oil Corporation Petroleum Products 288.39 1.99% the monthly installments were received across time periods from the start date of
24 Rallis India Pesticides 257.70 1.78% SIP. The CAGR is computed based on IRR since the SIP instalments are received at
ASSET ALLOCATION 25 Suzlon Energy Industrial Capital Goods 242.74 1.68% different intervals across the SIP period. XIRR calculates internal rate of return for
1. Equity and Equity related Securities
of companies domiciled in India, and 26 Gujarat State Petronet Gas 231.16 1.60% a series of cash flows. The benchmark returns are computed on the assumption
principally engaged in the discovery, 27 Tata Chemicals Fertilisers 214.66 1.48% that the value of the benchmark index is the price of one unit and “Since inception”
development, production or distribution returns are computed from the “Start date of SIP”. Past performance may or may
of Natural Resources and Alternative 28 Hindalco Industries Non - Ferrous Metals 181.39 1.25%
Energy: 65% - 100%, 2. (a) Equity and not be sustained in future and should not be used as a basis for comparison with
29 Zuari Industries Fertilisers 171.39 1.18%
Equity related Securities of companies other investments.
domiciled overseas, and principally 30 JSW Steel Ferrous Metals 126.77 0.88%
engaged in the discovery, development, 31 Cairn India Oil 118.35 0.82%
production or distribution of Natural 32 NMDC Minerals/Mining 114.29 0.79%
Resources and Alternative Energy (b)
Units/Shares of (i) BGF – New Energy 33 Deep Industries Gas 108.73 0.75% Sectoral Allocation
Fund (ii) BGF – World Energy Fund and Shiv-Vani Oil & Gas Exploration
(iii) Similar other overseas mutual fund 34 Oil 104.58 0.72%
Services PETROLEUM PRODUCTS 24.93% MINERALS/MINING 5.78%
schemes: 0% - 35% 3. Debt and Money
Market Securities: 0% - 20% 35 Sesa Goa Minerals/Mining 97.27 0.67% GAS 20.77% CONSUMER NON DURABLES 2.82%
36 Adhunik Metaliks Ferrous Metals 95.28 0.66% FERTILISERS 10.51% FOREIGN SECURITIES 2.29%
37 Selan Exploration Technology Oil 79.91 0.55%
REDEMPTION Cumulative value of securities with holdings less than 0.5% (as a %age
OIL 8.05% INDUSTRIAL CAPITAL GOODS 2.04%
38 59.16 0.41% NON - FERROUS METALS 6.92% PESTICIDES 1.78%
PROCEEDS to net assets) AUTO ANCILLARIES 6.35% CASH & EQUIVALENT 1.41%
Normally within 3 Business Days from Total 13,496.65 93.24% FERROUS METALS 6.35%
acceptance of redemption request.
DERIVATIVES
FEATURES 39 Oil & Natural Gas Corpn Aug 2011 Oil 385.60 2.66%
• Minimum investment and minimum 40 Reliance Industries Aug 2011 Petroleum Products 58.11 0.40%
additional purchase Total 443.71 3.06% *‘Open End Infrastructure Equity’ category, ranks within Top 10 percentile of the
- Regular Plan: ` 5,000/- 18 schemes considered, 2 year period ending Jun 30, 2011. Past performance
and ` 1000/- thereafter. Investment in Foreign Securities is no guarantee of future results.
- Institutional Plan: ` 1 crore
and ` 1000/- thereafter. BlackRock Global Funds - World
41 NA 330.81 2.29% Please refer page no. 27 for details on the Ranking Methodology.
• Options available: Energy Fund (Class I2 USD Shares)^^
• Growth Total 330.81 2.29%
• Dividend
- Payout Dividend CBLO / Reverse Repo Investments 249.91 1.73%
- Reinvest Dividend
Total 249.91 1.73%
• Entry load: Nil
Holding Period:
Net Receivable/Payable (45.41) (0.32%)
< 12 months: 1%
Total (45.41) (0.32%)
>= 12 months: Nil
Grand Total 14,475.67 100.00%
NAV AS ON
Notes: 1. ^^Fund domiciled in Luxembourg 2. Portfolio Turnover Ratio (Last 12
July 29, 2011 months): 0.50 times. 3. Total Expense Ratio (F.Y. beginning to date): RP: 2.30%.
Since Inception Ratios: 1. Standard Deviation: 23.10% 2. Beta: 0.65 3. R-Squared:
Regular Plan
70.81% 4. Sharpe Ratio: 0.28
Growth - ` 14.964
Dividend - ` 13.369
Investors in DSPBRNRNEF shall bear the proportionate recurring expenses of
As there were no investors in the underlying schemes in addition to the expenses of the Scheme.
been shown.

12

DSP BlackRock world Gold Fund

INVESTMENT OBJECTIVE Comparative performance FUND MANAGER
An open ended Fund of Funds scheme seeking to generate capital (for both Schemes)
appreciation by investing predominantly in units of BlackRock Global COMPOUNDED ANNUALISED RETURN Mehul Jani (Dedicated fund
Funds - World Gold Fund (BGF-WGF). The Scheme may, at the discretion PERIOD manager for overseas investment)
DSPBRwGF (REGULAR PLAN) FTSE GOLD MINES (CAP)^ Total work experience of 7 years.
of the Investment Manager, also invest in the units of other similar Managing this Scheme since June
overseas mutual fund schemes, which may constitute a significant part Last 6 months 4.32% 2.01% 2010.
of its corpus. Last 1 Year 19.21% 11.45%
Last 3 Year 11.55% 11.18%
ASSET ALLOCATION
Portfolio Since Inception 16.88% 12.41% DSPBRwGF: Units of BGF – WGF# or
Sr. Name of Instrument Rating/Industry Market value % to Net NAV / Index Value (July 29) ` 18.2962 164,004.99 other similar overseas mutual fund
No. (` lakh) Assets scheme(s): 90% to 100%; Money
Date of allotment 14th September, 2007 market securities and/or units of
Investment in Foreign Securities money market/liquid schemes of
BlackRock Global Funds - World Gold DSP BlackRock Mutual Fund: 0%
1 NA 102,557.83 98.58% SIP PERFORMANCE*
Fund (Class I2 USD Shares)^^ to 10%.
DSPBRwGF
Total 102,557.83 98.58% INVEST- FTSE GOLD MINES (CAP)^
PERIOD (REGULAR PLAN) #In
MENT (`) the shares of BGF-WGF,
VALUE (`) CAGR (%) VALUE (`) CAGR (%)
CBLO / Reverse Repo Investments 2,029.42 1.95% an Undertaking for Collective
Last 1 Year 12,000 12,162 2.52% 11,808 (2.95%) Investment in Transferable
Total 2,029.42 1.95%
Last 3 Years 36,000 47,137 18.33% 43,806 13.18% Securities (UCITS) III Fund.
Cash & Cash Equivalents Since Inception 46,000 60,137 14.07% 57,074 11.27%
DSPBRwEF: Units of BGF – WEF#
Net Receivable/Payable (550.99) (0.53%) Start date of SIP 14th September, 2007 or other similar overseas mutual
Total (550.99) (0.53%)
^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are calculated on fund scheme(s): 50% to 100% 2.
Grand Total ` 10/- invested at inception, viz. date of allotment. All returns are for Growth Option. *The SIP
104,036.26 100.00% Units of BGF – NEF# or other similar
investment returns table assumes monthly investments of ` 1,000 being invested since the Date overseas mutual fund scheme(s): 0%
of Allotment. The SIP returns are computed on the assumption that the monthly installments
Notes: 1. ^^Fund domiciled in Luxembourg 2. Total Expense Ratio (F.Y. beginning were received across time periods from the start date of SIP. The CAGR is computed based to 30% 3. Money market securities
to date): RP: 1.38%. on IRR since the SIP instalments are received at different intervals across the SIP period. and/or units of money market/liquid
XIRR calculates internal rate of return for a series of cash flows. The benchmark returns are schemes of DSP BlackRock Mutual
computed on the assumption that the value of the benchmark index is the price of one unit
Investors in DSPBRWGF shall bear the recurring expenses of the Scheme in and “Since inception” returns are computed from the “Start date of SIP”. Past performance Fund: 0% to 20%
addition to the expenses of the underlying scheme(s) in which the Scheme will make may or may not be sustained in future and should not be used as a basis for
investment. comparison with other investments. #
in the shares of BGF – WEF and BGF
– NEF, Undertaking for Collective
Investment in Transferable
NAV AS ON July 29, 2011 Securities (UCITS) III fund
Regular Plan As there were no investors in the Institutional Plan, NAVs have not
Growth - ` 18.2962 been shown.
Dividend - ` 14.9821 REDEMPTION
PROCEEDS (for both Schemes)
Normally within 5 Business Days
DSP BlackRock world Energy Fund from acceptance of redemption
request

INVESTMENT OBJECTIVE Comparative performance FEATURES (for both Schemes)
An open ended Fund of Funds Scheme seeking to generate capital • Minimum investment and minimum
ABSOLUTE RETURN
appreciation by investing predominantly in the units of BlackRock Global additional purchase
PERIOD DSPBRwEF COMPOSITE
Funds- World Energy Fund (BGF-WEF) and BlackRock Global Funds- - Regular Plan (RP): ` 5,000/- and
(REGULAR PLAN) BENCHMARK^
New Energy Fund (BGF-NEF). The Scheme may, at the discretion of the ` 1,000/- thereafter.
Investment Manager, also invest in the units of other similar overseas Last 6 months (3.08%) (1.94%) - Institutional Plan (IP): ` 1 crore
mutual fund schemes, which may constitute a significant part of its corpus. Last 1 Year 22.86% 26.99% and ` 1,000/- thereafter.
Since Inception 7.82% 15.44% • Options available: (for both plans):
Portfolio NAV / Index Value (July 29) ` 11.5865 132.42 • Growth
• Dividend
Date of allotment 14th August, 2009
Sr. Market value % to Net - Payout Dividend
Name of Instrument Rating/Industry
No. (` lakh) Assets SIP PERFORMANCE* - Reinvest Dividend
DSPBRwEF COMPOSITE • Entry load: Nil
Investment in Foreign Securities INVEST- (REGULAR PLAN) BENCHMARK^
PERIOD
BlackRock Global Funds - World MENT (`) VALUE (`) CAGR (%) VALUE (`) CAGR (%) • Exit load (both plans):
1 NA 24,408.13 92.43%
Energy Fund (Class I2 USD Shares)^^ Last 1 Year 12,000 12,597 9.37% 12,640 10.05% Holding Period:
BlackRock Global Funds - New Energy < 12 months: 1%
2 NA 1,505.86 5.70% Since Inception 23,000 25,427 10.42% 26,212 13.73%
Fund (Class I2 USD Shares)^^ >= 12 months: Nil
Total 25,913.99 98.13% Start date of SIP 14th August, 2009
^Composite Benchmark = 30% MSCI World Index + 70% MSCI World Energy Index
CBLO / Reverse Repo Investments (Net & Expressed in INR; Normalised Values). ^Benchmark. Returns < 1 year
584.80 2.22%
are absolute returns. “Since inception” returns are calculated on ` 10/- invested
Total at inception, viz. date of allotment. All returns are for Growth Option. *The SIP
584.80 2.22%
investment returns table assumes monthly investments of ` 1,000 being invested
since the Date of Allotment. The SIP returns are computed on the assumption that
Cash & Cash Equivalents the monthly installments were received across time periods from the start date of
Net Receivable/Payable (90.24) SIP. The CAGR is computed based on IRR since the SIP instalments are received at
(0.35%) different intervals across the SIP period. XIRR calculates internal rate of return for
Total (90.24) (0.35%) a series of cash flows. The benchmark returns are computed on the assumption
that the value of the benchmark index is the price of one unit and “Since inception”
Grand Total 26,408.55 100.00% returns are computed from the “Start date of SIP”. Past performance may or may
not be sustained in future and should not be used as a basis for comparison with
Notes: 1. ^^Fund domiciled in Luxembourg 2. Total Expense Ratio (F.Y. beginning other investments.
to date): RP: 1.40%.

Investors in DSPBRWEF shall bear the recurring expenses of the Scheme in
addition to the expenses of the underlying scheme(s) in which the Scheme will make NAV AS ON July 29, 2011
Regular Plan As there were no investors in the Institutional Plan, NAVs have not
investment.
Growth - ` 11.5865 been shown.
Dividend - ` 11.5865

13

DSP BlackRock world Mining Fund

FUND MANAGER INVESTMENT OBJECTIVE
Mehul Jani (Dedicated fund The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in the units of BlackRock Global Funds
manager for overseas investment)
Total work experience of 7 years. – World Mining Fund (BGF-WMF). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas
Managing this Scheme since June mutual fund schemes, which may constitute a significant part of its corpus. The Scheme may also invest a certain portion of its corpus in money
2010. market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.
There is no assurance that the investment objective of the Scheme will be realised.

ASSET ALLOCATION Portfolio Comparative performance
Units of BGF – WMF# or other
similar overseas mutual fund Sr. Name of Instrument Rating/Industry Market value (` % to Net COMPOUNDED ANNUALISED RETURN
scheme(s): 80% to 100%; Money No. lakh) Assets PERIOD
DSPBRwMF (REGULAR PLAN) HSBC MINING INDEX^
market securities and/or units of
money market/liquid schemes of Investment in Foreign Securities Last 6 months (4.15%) (3.43%)
DSP BlackRock Mutual Fund: 0% BlackRock Global Funds - World Mining
1 NA 14,400.00 97.71% Last 1 Year 21.98% 22.71%
to 20%. Fund (Class I2 USD Shares)^^
#In the shares of BGF – WMF, Total 14,400.00 97.71%
an Undertaking for Collective NAV / Index Value (July 29) ` 11.6853 32,140.25
Investment in Transferable CBLO / Reverse Repo Investments 454.83 3.09% Date of allotment 29th December, 2009
Securities (UCITS) III fund. Total 454.83 3.09%

SIP PERFORMANCE*
DSPBRwMF (REGULAR HSBC GLOBAL MINING
REDEMPTION Net Receivable/Payable (116.79) (0.80%)
PERIOD
INVEST- PLAN) INDEX^
Total (116.79) (0.80%) MENT (`)
PROCEEDS Grand Total 14,738.04 100.00%
VALUE (`) CAGR (%) VALUE (`) CAGR (%)
Normally within 5 Business Days Last 1 year 12,000 12,153 2.41% 12,233 3.68%
from acceptance of redemption Notes: 1. ^^Fund domiciled in Luxembourg 2. Total Expense Ratio (F.Y. beginning Since Inception 18,000 19,507 10.72% 19,683 11.96%
request to date): RP: 1.40%.
Start date of SIP 29th December, 2009
Investors in DSPBRWMF shall bear the recurring expenses of the Scheme in ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
addition to the expenses of the underlying scheme(s) in which the Scheme will calculated on ` 10/- invested at inception, viz. date of allotment. All returns are for
FEATURES make investment. Growth Option. *The SIP investment returns table assumes monthly investments of
• Minimum investment and minimum ` 1,000 being invested since the Date of Allotment. The SIP returns are computed
additional purchase on the assumption that the monthly installments were received across time
periods from the start date of SIP. The CAGR is computed based on IRR since the
SIP instalments are received at different intervals across the SIP period. XIRR
` 1,000/- thereafter. calculates internal rate of return for a series of cash flows. The benchmark returns
- Institutional Plan (IP): ` 1 crore are computed on the assumption that the value of the benchmark index is the price
and ` 1,000/- thereafter. of one unit and “Since inception” returns are computed from the “Start date of SIP”.
Past performance may or may not be sustained in future and should not be used
• Options available: (for both plans): as a basis for comparison with other investments.
• Growth
• Dividend
- Payout Dividend
- Reinvest Dividend
• Entry load: Nil

Holding Period:
< 12 months: 1%
>= 12 months: Nil

NAV AS ON
July 29, 2011
Regular Plan
Growth - ` 11.6853

been shown.

14

DSP BlackRock Focus 25 Fund

INVESTMENT OBJECTIVE FUND MANAGER
The primary investment objective of the Scheme is to generate long-term capital growth from a portfolio of equity and equity-related securities Apoorva Shah
including equity derivatives. The portfolio will largely consist of companies, which are amongst the top 200 companies by market capitalisation. The Total work experience of 24
portfolio will limit exposure to companies beyond the top 200 companies by market capitalization upto 20% of the net asset value. The Scheme will years. Managing this Scheme
normally hold equity and equity-related securities including equity derivatives, of upto 25 companies. Further, the Scheme will also have at least since June 2010
95% of the invested amount (excluding investments in debt securities, money market securities and cash and cash equivalents) across the top
Mehul Jani (dedicated fund
25 holdings in the portfolio. The Scheme may also invest in debt and money market securities, for defensive considerations and/or for managing
manager for managing overseas
liquidity requirements. There can be no assurance that the investment objective of the Scheme will be realized.
investments)
Portfolio Comparative performance Managing this Scheme since
June 2010
Sr. Market value ABSOLUTE RETURN
Name of Instrument Rating/Industry % to Net Assets PERIOD
No. (` lakh) DSPBRF25F BSE SENSEX^
ASSET ALLOCATION
Last 6 months 3.67% (0.71%) 1(a) Equity and equity related
EQUITY & EQUITY RELATED
Listed / awaiting listing on the stock exchanges Last 1 Year 2.08% 1.85% securities, which are amongst
1 HDFC Bank Banks 5,835.95 9.16% Since Inception 5.14% 6.61% the top 200 companies by market
Housing Development Finance capitalization* - 65% - 100%;
2 Finance 5,498.70 8.63% NAV / Index Value (July 29) ` 10.585 18,197.20 1(b) Equity and equity related
Corporation
Date of allotment 10th June, 2010 securities, which are beyond the
3 Larsen & Toubro Construction Project 4,264.66 6.70%
top 200 companies by market
4 Tata Chemicals Fertilisers 3,967.71 6.23%
SIP PERFORMANCE* capitalization – 0% - 20%; Of 1(a)
Consumer Non
5 ITC 3,630.99 5.70% and 1(b) above, investments in
Durables INVEST- DSPBRF25F BSE SENSEX^
PERIOD ADRs, GDRs and foreign securities
6 Godrej Industries Chemicals 3,617.60 5.68% MENT(`) VALUE (`) CAGR (%) VALUE (`) CAGR (%) – 0% - 25%; 2. Debt securities,
7 Hindustan Unilever Diversified 3,107.92 4.88% money market securities and cash
Last 1 Year 12,000 11,885 (1.77%) 11,428 (8.70%)
8 Bharat Petroleum Corpn. Petroleum Products 2,885.14 4.53% and cash equivalents – 0% - 35%.
9 Tata Motors Auto 2,466.96 3.87% Since Inception 13,000 12,917 (1.09%) 12,467 (6.98%)
*The portfolio will largely consist
10 ING Vysya Bank Banks 2,457.00 3.86% Start date of SIP 10th June, 2010 of companies, which are amongst
Consumer Non ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are the top 200 companies by market
11 EID Parry India 2,420.48 3.80%
Durables calculated on ` 10/- invested at inception, viz. date of allotment. All returns are for capitalisation. The portfolio will
12 Siemens Industrial Capital Goods 2,368.93 3.72% Growth Option. *The SIP investment returns table assumes monthly investments limit exposure to companies
13 Lupin Pharmaceuticals 2,275.60 3.57% of ` 1,000 being invested since the Date of Allotment. The SIP returns are beyond the top 200 companies by
14 Apollo Tyres Auto Ancillaries 2,025.68 3.18% computed on the assumption that the monthly installments were received across market capitalization to 20% of
time periods from the start date of SIP. The CAGR is computed based on IRR the net asset value. The Scheme
15 Cadila Healthcare Pharmaceuticals 1,987.30 3.12%
since the SIP instalments are received at different intervals across the SIP period. will also have at least 95% of
16 Power Finance Corporation Finance 1,659.31 2.61% XIRR calculates internal rate of return for a series of cash flows. The benchmark the invested amount (excluding
17 Lakshmi Machine Works Industrial Capital Goods 1,589.75 2.50% returns are computed on the assumption that the value of the benchmark index
investments in debt securities,
18 Suzlon Energy Industrial Capital Goods 1,513.66 2.38% is the price of one unit and “Since inception” returns are computed from the
“Start date of SIP”. Past performance may or may not be sustained in future and money market securities and cash
19 Arvind Textile Products 1,472.31 2.31% and cash equivalents) across the
should not be used as a basis for comparison with other investments.
20 Hindustan Petroleum Corporation Petroleum Products 1,354.82 2.13% top 25 holdings in the portfolio.
21 Areva T&D India Industrial Capital Goods 1,221.84 1.92%
22
23
Zuari Industries
SKS Microfinance
Fertilisers
Finance
1,011.97
968.13
1.59%
1.52%
Sectoral Allocation REDEMPTION
Total 59,602.41 93.59%
BANKS 13.02% PETROLEUM PRODUCTS 6.66%
PROCEEDS
FINANCE 12.76% CHEMICALS 5.68%
CBLO / Reverse Repo Investments 1,474.56 2.32% from acceptance of redemption
INDUSTRIAL CAPITAL GOODS 10.52% DIVERSIFIED 4.88% request.
Total 1,474.56 2.32% CONSUMER NON DURABLES 9.50% AUTO 3.87%
FERTILISERS 7.82% AUTO ANCILLARIES 3.18%
Net Receivable/Payable 2,619.74 4.09%
CONSTRUCTION PROJECT 6.70% TEXTILE PRODUCTS 2.31% FEATURES
PHARMACEUTICALS 6.69% CASH & EQUIVALENT 6.41% • Minimum investment and minimum
Total 2,619.74 4.09% additional purchase
Grand Total 63,696.72 100.00% ` 5,000/- and ` 1,000/- thereafter.
Note: 1. Portfolio Turnover Ratio (Last 12 months): 2.61 times. 2. Total Expense Ratio • Options available
(F.Y. beginning to date): 2.17% Since Inception Ratios: 1. Standard Deviation: 14.98% • Growth
2. Beta: 0.80 3. R-Squared: 81.52% 4. Sharpe Ratio: (0.15) • Dividend
- Payout Dividend
- Reinvest Dividend
• Entry load: Nil

• Exit load:
Holding period <12 months: 1%
Holding period >=12 months: Nil

NAV AS ON
July 29, 2011
Growth - ` 10.585
Dividend - ` 10.585

15

CRISIL
MUTUAL FUND
RANK 1* DSP BlackRock Balanced Fund

FUND MANAGER
Apoorva Shah
Portfolio
Total work experience of 24 years. Sr. Name of Instrument Rating/Industry Market value % to Net MONEY MARKET INSTRUMENT
Managing this Scheme since No. (` lakh) Assets Certificate of Deposit
June 2006 68 Axis Bank P1+ 2,285.38 3.04%
EQUITY & EQUITY RELATED 69 HDFC Bank PR1+ 1,372.55 1.83%
Kushal M. Choksi Listed / awaiting listing on the stock exchanges Total 3,657.94 4.87%
Total work experience of 10 years. 1 HDFC Bank Banks 3,032.92 4.04%
Managing this Scheme since Housing Development Finance Commercial Paper
2 Finance 2,634.50 3.51% 70 Fullerton India Credit Company A1+ 470.75 0.63%
March 2011 Corporation
3 Bharat Petroleum Corpn. Petroleum Products 1,981.46 2.64% Total 470.75 0.63%
4 Hindalco Industries Non - Ferrous Metals 1,342.83 1.79%
INVESTMENT OBJECTIVE 5 Hindustan Unilever Diversified 1,299.74 1.73% CENTRAL GOVERNMENT SECURITIES
An Open Ended balanced Scheme, 6 Oil & Natural Gas Corpn Oil 1,236.89 1.65% 71 07.80% CGL 2021 SOV 957.10 1.27%
seeking to generate long term capital 7 Larsen & Toubro Construction Project 1,214.55 1.62% Total 957.10 1.27%
appreciation and current income 8 ITC Consumer Non Durables 1,183.76 1.58%
from a portfolio constituted of equity 9 Siemens Industrial Capital Goods 1,155.91 1.54% BONDS & NCDs
and equity related securities as well 10 Lupin Pharmaceuticals 1,130.89 1.51% Listed / awaiting listing on the stock
as fixed income securities (debt and 11 Tata Power Company Power 1,117.17 1.49% exchanges
12 Tata Chemicals Fertilisers 1,102.46 1.47% 72 LIC Housing Finance FRN AAA 2,486.85 3.31%
money market securities).
13 Godrej Properties Construction 1,065.01 1.42% 73 Tata Capital AA+ 1,999.21 2.66%
14 Info Edge (India) Software 1,049.34 1.40% 74 Axis Bank FRN LAAA 1,983.62 2.64%
ASSET ALLOCATION 15 EID Parry India Consumer Non Durables 1,034.87 1.38% 75 Hindustan Petroleum Corporation AAA 1,944.87 2.59%
Equity & equity related securities : 16 Arvind Textile Products 969.85 1.29% 76 Reliance Ports And Terminals AAA 1,518.65 2.02%
65% - 75%. 17 GlaxoSmithKline Pharmaceuticals Pharmaceuticals 891.77 1.19% 77 Kotak Mahindra Prime LAA 1,490.54 1.98%
18 Tata Motors Auto 881.33 1.17% 78 Shriram Transport Finance Company F1+ 1,000.59 1.33%
19 Bayer Cropscience Pesticides 834.23 1.11% 79 Power Finance Corporation @ AAA 1,000.00 1.33%
Fixed income securities (Debt
20 Sun Pharmaceuticals Industries Pharmaceuticals 805.48 1.07% 80 Sundaram Finance LAA+ 980.32 1.30%
securities, Securitised debt & 21 Godrej Industries Chemicals 789.33 1.05% Total 14,404.64 19.16%
Money market securities): 25% 22 Trent Retailing 782.48 1.04%
- 35%. 23 CMC Hardware 776.29 1.03% CBLO / Reverse Repo Investments 1,404.56 1.87%
24 Cairn India Oil 743.94 0.99% Total 1,404.56 1.87%
25 Eicher Motors Auto 737.94 0.98%
REDEMPTION 26 Apollo Tyres Auto Ancillaries 736.42 0.98% Cash & Cash Equivalents
27 Suzlon Energy Industrial Capital Goods 720.59 0.96% Net Receivable/Payable 1,347.53 1.75%
PROCEEDS 28 Cadila Healthcare Pharmaceuticals 696.18 0.93% Total 1,347.53 1.75%
Normally within 3 Business Days 29 ICICI Bank Banks 695.83 0.93% Grand Total 75,123.39 100.00%
from acceptance of redemption 30 Chambal Fertilizers & Chemicals Fertilisers 690.71 0.92%
request 31 Kotak Mahindra Bank Banks 652.43 0.87% Notes: 1. Modified Duration (Debt Securities) 0.47 years 2. Average Maturity 0.72
32 Tata Global Beverages Consumer Non Durables 635.59 0.85% years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE,
33 Lakshmi Machine Works Industrial Capital Goods 611.67 0.81% ICRA, FITCH. 4. Total Expense Ratio (F.Y. beginning to date): 2.08% 5. Portfolio
FEATURES 34 Gujarat Pipavav Port Transportation 611.29 0.81% Turnover Ratio (Last 12 months): 2.00 times. 5. @Pending Allotment
• Minimum first purchase: ` 5,000 35 Redington (India) Hardware 604.19 0.80%
• Minimum additional purchase: 36 Hindustan Petroleum Corporation Petroleum Products 597.59 0.80%
37 GlaxoSmithKline Consumer Healthcare Consumer Non Durables 571.04 0.76%
` 1,000
• Options available: 38 Torrent Pharmaceuticals Pharmaceuticals 569.93 0.76% Comparative performance
• Growth 39 SRF Auto Ancillaries 548.01 0.73%
• Dividend 40 Zuari Industries Fertilisers 547.36 0.73% COMPOUNDED ANNUALISED RETURN
41 Areva T&D India Industrial Capital Goods 527.17 0.70% PERIOD
- Payout Dividend DSPBRBalF CRISIL BALANCED FUND INDEX^
42 Thermax Industrial Capital Goods 484.08 0.64%
- Reinvest Dividend 43 Praj Industries Industrial Capital Goods 470.69 0.63% Last 6 months 3.16% 1.09%
44 Sintex Industries Industrial Products 470.61 0.63% Last 1 Year 4.30% 3.60%
• Entry load: Nil 45 Grasim Industries Textile Products 470.30 0.63% Last 3 Years 13.98% 9.08%
46 Bharat Forge Industrial Products 468.10 0.62% Last 5 Years 16.05% 10.66%
• Exit load: 47 Dr. Reddy's Laboratories Pharmaceuticals 467.28 0.62%
Since Inception 16.81% NA#
Holding Period: 48 Fortis Healthcare Healthcare Services 450.54 0.60%
49 Power Finance Corporation Finance 447.51 0.60% NAV / Index Value (July 29) ` 66.350 3,478.18
< 12 months: 1%
50 ING Vysya Bank Banks 445.26 0.59% Date of allotment 27th May, 1999
>= 12 months: Nil
51 Power Grid Corporation of India Power 444.35 0.59%
52 Gujarat State Petronet Gas 441.10 0.59% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
calculated on ` 10/- invested at inception, viz. date of allotment. All returns are for
NAV AS ON 53 KPIT Cummins Infosystems Software 440.19 0.59%
Growth Option.#Since historical data for the benchmark is not available,performance
54 Alstom Projects India Industrial Capital Goods 419.49 0.56%
July 29, 2011 55 Bajaj Finserv Finance 417.56 0.56% has not been compared. Past performance may or may not be sustained in future
56 Punjab National Bank Banks 408.52 0.54% and should not be used as a basis for comparison with other investments.
Growth - ` 66.350 57 Bajaj Finance Finance 406.94 0.54%
58 Jet Airways (India) Transportation 396.11 0.53%
Dividend - ` 21.820
59 NIIT Software 391.09 0.52% Sectoral Allocation
60 NMDC Minerals/Mining 390.66 0.52%
61 Tecpro Systems Industrial Capital Goods 388.64 0.52% BANKS 6.97% RETAILING 1.82%
*‘Open End Consistent 62 Gujarat Mineral Development Corporation Minerals/Mining 386.64 0.51% INDUSTRIAL CAPITAL GOODS 6.36% DIVERSIFIED 1.73%
63 Nagarjuna Construction Co. Construction Project 375.63 0.50% PHARMACEUTICALS 6.08% AUTO ANCILLARIES 1.71%
Balanced Schemes
Cumulative value of securities with holdings less than 0.5% (as a %age FINANCE 5.86% PESTICIDES 1.50%
category, ranks within Top 64 3,131.64 4.18%
to net assets) CONSUMER NON DURABLES 5.05% CONSTRUCTION 1.42%
10 percentile of the 14 Total 52,423.84 69.84%
schemes considered, 5 year PETROLEUM PRODUCTS 3.44% TRANSPORTATION 1.34%
period ending Jun 30, 2011. FERTILISERS 3.12% INDUSTRIAL PRODUCTS 1.31%
Unlisted SOFTwARE 2.89% CHEMICALS 1.05%
Past performance is 65 SIP Technologies & Export Software 0.00 0.00% OIL 2.64% MINERALS/MINING 1.03%
no guarantee of future Total 0.00 0.00% LAAA 2.64% HEALTHCARE SERVICES 0.60%
results. AUTO 2.60% GAS 0.59%
PREFERENCE SHARES
CONSTRUCTION PROJECT 2.28% TEXTILES - COTTON 0.49%
Please refer page no. 27 Listed / awaiting listing on the stock exchanges
POwER 2.08% TELECOM - SERVICES 0.40%
for details on the Ranking 66 Trent Series A - CCPS Retailing 232.73 0.31%
67 Trent Series B - CCPS Retailing 224.31 0.30% NON - FERROUS METALS 1.94% FERROUS METALS 0.40%
Methodology TEXTILE PRODUCTS 1.92% DEBT INSTRUMENTS 23.29%
Total 457.04 0.61%
HARDwARE 1.83% CASH & EQUIVALENT 3.62%

16

DSP BlackRock Savings Manager Fund

Kushal M. Choksi
No. (` lakh) Assets PERIOD Managing this Scheme since
CRISIL MIP
DSPBRSF March 2011
BLENDED INDEX^
EQUITY & EQUITY RELATED Apoorva Shah
Last 6 months 2.56% 2.96%
Listed / awaiting listing on the stock exchanges Total work experience of 24 years.
1 Indian Oil Corporation Petroleum Products 656.96 2.86% Last 1 Year 5.77% 5.05%
2 Chambal Fertilizers & Chemicals Fertilisers 485.08 2.11% Last 3 Years 8.80% 7.94% April 2006
3 ABB Industrial Capital Goods 367.36 1.60% Last 5 Years 9.01% 7.50%
4 Gujarat Alkalies and Chemicals Chemicals 339.80 1.48%
5 Fortis Healthcare Healthcare Services 317.40 1.38%
INVESTMENT OBJECTIVE
6 Indian Hotels Co. Hotels 299.89 1.30% An Open Ended Income Scheme,
7 Areva T&D India Industrial Capital Goods 218.76 0.95% Date of allotment 11th June, 2004 seeking to generate income, consistent
8 Hindustan Petroleum Corporation Petroleum Products 197.77 0.86% with prudent risk, from a portfolio which
9 Nagarjuna Fertilizer & Chemicals Fertilisers 133.34 0.58% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
calculated on ` 10/- invested at inception, viz. date of allotment. All returns are is substantially constituted of quality
10 Tata Global Beverages Consumer Non Durables 116.41 0.51% debt securities. The scheme will also
11 Divi's Laboratories Pharmaceuticals 116.26 0.51% for Growth Option. Past performance may or may not be sustained in future and
should not be used as a basis for comparison with other investments. seek to generate capital appreciation by
Cumulative value of securities with holdings less than 0.5% (as a %age investing a smaller portion of its corpus
12 415.03 1.81%
to net assets) in equity and equity related securities of
Total 3,664.05 15.95% issuers domiciled in India.
MONEY MARKET INSTRUMENT
Sectoral Allocation
Certificate of Deposit
PETROLEUM PRODUCTS 3.72% PHARMACEUTICALS 0.51%
ASSET ALLOCATION
13 IndusInd Bank P1+ 496.22 2.16% *Debt and Money Market Securities
INDUSTRIAL CAPITAL GOODS 3.18% PESTICIDES 0.39%
Total 496.22 2.16% 75% - 100%
FERTILISERS 2.69% AUTO ANCILLARIES 0.33%
Equity and Equity Related Securities
CHEMICALS 1.48% FINANCE 0.30%
Commercial Paper 0% - 25%
HEALTHCARE SERVICES 1.38% BANKS 0.16%
14 Fullerton India Credit Company A1+ 4,146.28 18.03%
HOTELS 1.30% DEBT INSTRUMENTS 69.78% *Debt securities may include
Total 4,146.28 18.03%
CONSUMER NON DURABLES 0.51% CASH & EQUIVALENT 14.27% securitised debts upto 50% of the
net assets
CENTRAL GOVERNMENT SECURITIES
15 07.80% CGL 2021 SOV 957.10 4.16%
Total 957.10 4.16% REDEMPTION PROCEEDS
BONDS & NCDs from acceptance of redemption
Listed / awaiting listing on the stock exchanges request
16 Kotak Mahindra Prime LAA 2,953.65 12.84%
17 Mahindra & Mahindra Financial Services AA+ 2,493.00 10.84%
18 Reliance Ports And Terminals AAA 1,012.43 4.40% FEATURES
19 Shriram Transport Finance Company F1+ 1,000.59 4.35% • Minimum first purchase:
20 Power Finance Corporation @ AAA 1,000.00 4.35% ` 5,000
21 LIC Housing Finance FRN AAA 994.74 4.32% • Minimum additional purchase:
22 Tata Capital AA+ 499.80 2.17% ` 1,000
23 Axis Bank FRN LAAA 495.90 2.16% • Options available:
Total 10,450.11 45.43%
• Growth
• MIP*
CBLO / Reverse Repo Investments 809.71 3.52%
- Payout Dividend
Total 809.71 3.52%
- Reinvest Dividend
• QIP
- Payout Dividend
Net Receivable/Payable 2,476.51 10.75%
- Reinvest Dividend
Total 2,476.51 10.75%
Grand Total 22,999.97 100.00% • Entry load: Nil

Notes: 1. Modified Duration (Debt Securities) 1.34 years 2. Average Maturity 1.97 • Exit load:
years 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, Holding Period:
ICRA, FITCH. 4. Total Expense Ratio (F.Y. beginning to date): 2.09% 5. @Pending < 12 months: 1%
Allotment >= 12 months: Nil

NAV AS ON
July 29, 2011
Growth - ` 19.4377
MIP - ` 10.9228
QIP - ` 11.6029

*Monthly income is not assured
and is subject to availability of
distributable surplus.

17

RATED
RATED
AAAf
AAAf
by CRISIL*
by CRISIL* DSP BlackRock Liquidity Fund
FUND MANAGER Portfolio
Dhawal Dalal
Sr. Name of Instrument Rating/Industry Market value % to Net Cash & Cash Equivalents
No. (` lakh) Assets Net Receivable/Payable 201.60 0.02%
September 2007
Total 201.60 0.02%
Laukik Bagwe MONEY MARKET INSTRUMENT Grand Total 425,107.88 100.00%
Total work experience of 9 years. Certificate of Deposit
Managing this Scheme since June Notes: 1. Modified Duration 0.09 years. 2. Average Maturity 0.10 years. 3. All
2010. 1 Central Bank of India PR1+ 17,306.32 4.08%
2 IndusInd Bank P1+ 17,097.60 4.02% corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.
4. Total Expense Ratio (F.Y. beginning to date): IP: 0.35% RP: 0.55%
3 UCO Bank P1+ 14,832.60 3.49%
4 Vijaya Bank PR1+ 10,691.51 2.51%
INVESTMENT OBJECTIVE 5 Canara Bank P1+ 9,980.47 2.35%
An Open Ended income Scheme,
seeking to generate a reasonable 6 State Bank of Travancore P1+ 9,873.22 2.32% Comparative performance
return commensurate with low risk 7 HDFC Bank PR1+ 9,250.21 2.18%
and a high degree of liquidity, from 8 South Indian Bank PR1+ 6,946.57 1.63%
a portfolio constituted of money COMPOUNDED ANNUALISED RETURN
market securities and high quality 9 Corporation Bank P1+ 4,990.26 1.17% CRISIL
debt securities. 10 Vijaya Bank P1+ 4,949.53 1.16% PERIOD CRISIL
DSPBRLF - DSPBRLF - LIQUID
11 State Bank of Hyderabad A1+ 4,942.12 1.16% LIQUID FUND
REGULAR INSTITUTIONAL FUND
12 Axis Bank P1+ 4,924.28 1.16% INDEX^
ASSET ALLOCATION 13 Allahabad Bank P1+ 4,820.04 1.13%
INDEX^
Money market securities and/or Last 7 days 0.17% 0.14% 0.17% 0.14%
Debt securities* with maturity of 91 14 Allahabad Bank A1+ 4,469.13 1.05%
days – 80% - 100%; Last 15 days 0.35% 0.30% 0.36% 0.30%
15 Punjab National Bank PR1+ 4,145.41 0.98%
16 IDBI Bank A1+ 3,983.95 0.94% Last 30 days 0.68% 0.58% 0.70% 0.58%
(*Debt securities may include
securitised debts upto 30% of the 17 State Bank of Mysore A1+ 3,485.96 0.82% Last 3 Months 2.11% 1.92% 2.16% 1.92%
net assets.) 18 ICICI Bank A1+ 3,440.72 0.81% Last 6 Months 4.11% 3.87% 4.21% 3.87%
19 Canara Bank A1+ 2,967.58 0.70% Last 1 Year 7.62% 7.36% 7.87% 7.36%
20 Bank of India P1+ 2,967.08 0.70%
REDEMPTION 21 ING Vysya Bank P1+ 2,949.58 0.69%
Last 3 Years 5.97% 6.24% 6.23% 6.24%
Last 5 Years 6.44% 6.60% 6.70% 6.60%
PROCEEDS 22 Kotak Mahindra Bank P1+ 2,494.65 0.59%
Normally within 1 Business Day 23 State Bank of Patiala A1+ 1,453.33 0.34% Since Inception 6.73% NA# 6.67% 6.50%
from acceptance of redemption 24 Indian Bank F1+(ind) 1,177.90 0.28% NAV / Index Value (July 29) ` 23.9111 ` 1,698.62 ` 1,443.5641 1,698.62
request. 25 Andhra Bank PR1+ 1,177.78 0.28% Date of allotment 11th March, 1998 23rd November, 2005
26 Punjab & Sind Bank A1+ 985.87 0.24%
^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns
27 Yes Bank P1+ 491.62 0.12%
FEATURES are calculated on ` 10/- invested at inception, viz. date of allotment. All returns
Total 156,795.28 36.90%
• Minimum investment and minimum are for Growth Option. #Since historical data for the benchmark is not available,
additional purchase Commercial Paper performance has not been compared. Past performance may or may not be
- Regular Plan (RP): ` 5,000/- sustained in future and should not be used as a basis for comparison with other
28 ICICI Securities Primary Dealership P1+ 14,719.92 3.46%
- Institutional Plan (IP): 29 ICICI Securities P1+ 12,355.20 2.91% investments.
` 1 crore and ` 1,000/- 30 Indian Oil Corporation P1+ 9,982.83 2.35%
thereafter. 31 Hindustan Petroleum Corporation P1+ 9,975.43 2.35%
32
Cholamandalam Investment and Finance
A1+ 9,891.42 2.32%
Rating Profile
• Growth Company
• Weekly Dividend A1+ / F1+ / P1+ / PR1+ 65.36% CASH & EQUIVALENT/ FDS 34.64%
Housing Development Finance
- Reinvest Dividend 33 A1+ 9,823.74 2.31%
Corporation
- Payout Dividend
(available only in IP) 34 SBI Global Factors P1+ 9,813.48 2.31%
• Daily Dividend Reinvest 35 Sterlite Energy P1+ 9,806.55 2.31% *The rating indicates that the ‘Scheme’s’ portfolio holdings provide very
• Entry load: Nil 36 India Infoline Investment Services P1+ 4,963.86 1.17% strong protection against losses from credit defaults. Past performance
• Exit load: Nil 37 GIC Housing Finance A1+ 4,921.53 1.16% is no guarantee of future results.
38 Jindal Steel & Power A1+ 4,913.76 1.16%
Please refer page no. 27 for details on the Rating Methodology.
39 Nomura Capital India F1+(ind) 4,896.37 1.15%
NAV AS ON 40 Sundaram BNP Home Finance A1+ 2,498.01 0.59%
July 29, 2011 41 Aditya Birla Finance A1+ 2,494.15 0.59%
42 Blue Star PR1+ 2,487.59 0.58%
Regular Plan 43 TGS Investment and Trade A1+ 2,481.16 0.58%
Growth - ` 23.9111
44 Apollo Tyres P1+ 2,476.65 0.58%
Weekly Dividend - ` 12.4134
Daily Dividend 45 Raymond PR1+ 2,453.06 0.58%
Reinvest - ` 10.0100 Total 120,954.69 28.46%

Institutional Plan Fixed Deposit
Growth - ` 1,443.5641
Weekly Dividend - ` 1,000.4504 46 Central Bank of India Unrated 10,000.00 2.35%
Daily Dividend 47 Bank of India Unrated 10,000.00 2.35%
Reinvest- ` 1,000.3161 48 Canara Bank Unrated 5,000.00 1.18%
49 The Federal Bank Unrated 5,000.00 1.18%
Total 30,000.00 7.06%

Total 117,156.32 27.56%

18

RATED
AAAf
DSP BlackRock Floating Rate Fund by CRISIL*

Dhawal Dalal
No. (` lakh) Assets Managing this Scheme since
CRISIL CRISIL
May 2003
PERIOD DSPBRFRF - LIQUID DSPBRFRF - LIQUID
MONEY MARKET INSTRUMENT REGULAR FUND INSTITUTIONAL FUND
Laukik Bagwe
Certificate of Deposit INDEX^ INDEX^
1 Central Bank of India PR1+ 5,359.09 11.46% Last 6 months 4.05% 3.87% 4.20% 3.87% Managing this Scheme since
2 IDBI Bank P1+ 4,424.96 9.47% March 2011
Last 1 Year 7.37% 7.36% 7.70% 7.36%
3 Canara Bank P1+ 3,863.07 8.27%
Last 3 Years 6.64% 6.24% 6.93% 6.24%
4 Bank of Baroda P1+ 2,823.53 6.04% INVESTMENT OBJECTIVE
5 State Bank of Mysore A1+ 2,629.07 5.62% Last 5 Years 6.45% 6.60% 6.77% 6.60% An Open Ended Income Scheme,
6 HDFC Bank PR1+ 2,119.86 4.54% Since Inception 6.00% 5.81% 6.66% 6.47% seeking to generate interest income
7 IDBI Bank A1+ 1,937.13 4.14% NAV / Index Value (July 29) ` 16.1395 ` 1,698.62 ` 1,451.4552 ` 1,698.62 through investments in acceptable
8 Oriental Bank of Commerce P1+ 1,935.33 4.14% Date of allotment 13th May, 2003 18th October, 2005 floating rate assets commensurate
9 Bank of India P1+ 1,411.94 3.02% with the credit risk. The Scheme
10 Punjab National Bank PR1+ 1,382.71 2.96% may also invest in fixed rate debt
^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
11 Kotak Mahindra Bank P1+ 918.37 1.97% securities.
calculated on ` 10/- invested at inception, viz. date of allotment. All returns are
12 State Bank of Travancore PR1+ 650.87 1.39%
13 State Bank of Hyderabad A1+ 650.68 1.39%
for Growth Option. Past performance may or may not be sustained in future and ASSET ALLOCATION
should not be used as a basis for comparison with other investments. Floating rate debt securities* or
14 State Bank of Patiala A1+ 321.83 0.68% money market securities: 65% to
Total 30,428.41 65.09% 100%; Fixed rate debt securities: 0%
to 35% (*Debt securities may include
Commercial Paper Rating Profile securitized debts upto 60% of the net
15 Housing Development Finance Corporation A1+ 2,397.43 5.13% assets).
16 Housing Development Finance Corporation P1+ 756.40 1.62% AAA 24.40% CASH & EQUIVALENT 0.81%
17 Sesa Goa P1+ 376.48 0.81% A1+ / P1+ / PR1 +/ F1+ 74.79% REDEMPTION PROCEEDS
Total 3,530.31 7.56% Normally within 2 Business Days
*The rating indicates that the ‘Scheme’s’ portfolio holdings provide very strong request.
BONDS & NCDs
protection against losses from credit defaults. Past performance is no
guarantee of future results.
FEATURES
18 Housing Development Finance Corporation AAA 4,021.09 8.61% • Minimum investment and minimum
19 Rural Electrification Corporation AAA 1,959.79 4.19% Please refer page no. 27 for details on the Rating Methodology. additional purchase
20 Infrastructure Development Finance Company LAAA 1,196.20 2.56% - Regular Plan (RP): ` 5,000/-
21 LIC Housing Finance AAA 1,093.24 2.34% and ` 1,000/- thereafter.
22 Shriram Transport Finance Company F1+ 1,000.59 2.14% - Institutional Plan (IP): ` 1 crore

23 National Housing Bank AAA 968.43 2.07% and ` 1,000/- thereafter.
24 Small Industries Development Bank of India AAA 594.41 1.27% • Options available: (for both plans)
25 NABARD AAA 99.74 0.21% • Growth
Total 10,933.49 23.39% • Dividend
- Reinvest Dividend
Unlisted - Payout Dividend
26 Tata Sons AAA 1,471.41 3.15% • Daily Dividend Reinvest
Total 1,471.41 3.15% • Weekly Dividend
- Reinvest Dividend
- Payout Dividend (Only in IP)
Total 184.91 0.40% • Entry load: Nil
• Exit load: Nil
Net Receivable/Payable 180.70 0.41% NAV AS ON
Total 180.70 0.41%
Grand Total 46,729.23 100.00%
July 29, 2011
Notes: 1. Modified duration 0.68 years. 2. Average Maturity 0.75 years. 3. All Regular Plan
corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. Growth - ` 16.1395
4. Total Expense Ratio (F.Y. beginning to date): IP: 0.50% RP: 0.80% Dividend - ` 10.7389
Daily Dividend
Reinvest- ` 10.0312

Institutional Plan
Growth - ` 1,451.4552
Dividend - ` 1,021.8518
Daily Dividend
Reinvest - ` 1000.8475
Weekly Dividend - ` 1,000.6474

19

RATED mfAAA by
ICRA^ & CRISIL
MUTUAL FUND
RANK 1* DSP BlackRock Money Manager Fund

FUND MANAGER
Dhawal Dalal
Portfolio
Total work experience of 14 years. Sr. Name of Instrument Rating/Industry Market value % to Net 46 National Housing Bank AAA 2,484.00 0.96%
Managing this Scheme since No. (` lakh) Assets 47 Rural Electrification Corporation AAA 1,500.58 0.58%
September 2007 48 Bajaj Auto Finance AA+ 499.41 0.19%
MONEY MARKET INSTRUMENT 49 Sundaram Finance AA+(ind) 498.70 0.19%
Certificate of Deposit 50 NABARD AAA 498.33 0.19%
INVESTMENT OBJECTIVE 51 LIC Housing Finance FRN AAA 397.90 0.15%
An Open ended income Scheme, 1 Axis Bank P1+ 14,515.35 5.59%
seeking to generate reasonable 2 IDBI Bank P1+ 9,414.54 3.63% Total 33,878.85 13.05%
returns commensurate with low 3 Oriental Bank of Commerce P1+ 8,415.53 3.24%
risk and a high degree of liquidity,
from a portfolio constituted of 4 Andhra Bank PR1+ 8,167.88 3.15% Unlisted
money market securities and high 5 State Bank of Patiala A1+ 7,236.26 2.79% 52 Tata Sons AAA 980.94 0.38%
quality debt securities. 6 Bank of India P1+ 7,186.78 2.77% Total 980.94 0.38%
7 Canara Bank P1+ 5,997.46 2.30%
8 Allahabad Bank P1+ 5,943.26 2.29% CBLO / Reverse Repo Investments 43,788.99 16.88%
ASSET ALLOCATION 9 Yes Bank A1+ 5,942.44 2.29%
Money market securities and/ Total 43,788.99 16.88%
or debt securities* which have 10 Punjab National Bank PR1+ 5,855.64 2.25%
residual or average maturity of 11 Central Bank of India PR1+ 5,694.08 2.19% Cash & Cash Equivalents
less than or equal to 367 days or
have put options within a period not 12 The Federal Bank P1+ 4,987.57 1.92% Net Receivable/Payable (4,390.57) (1.69%)
exceeding 367 days. : 65% - 100% 13 Bank of Baroda A1+ 4,819.73 1.86% Total (4,390.57) (1.69%)
14 HDFC Bank PR1+ 4,757.20 1.83% Grand Total 259,578.72 100.00%
Debt securities* which have residual 15 Kotak Mahindra Bank P1+ 4,353.18 1.67%
or average maturity of more than
367 days : 0% - 50% 16 ICICI Bank A1+ 3,493.41 1.34% Notes: 1. Modified duration 0.26 years. 2. Average Maturity 0.29 years. 3. All
17 Indian Overseas Bank A1+ 3,232.21 1.25% corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.
*Debt securities may include 18 Union Bank of India A1+ 2,483.75 0.96% 4. Total Expense Ratio (F.Y. beginning to date): IP: 0.40% RP: 0.70%
securitised debts upto 75% of the
net assets 19 Bank of Baroda P1+ 1,882.35 0.73%
20 State Bank of Travancore P1+ 1,696.49 0.65% Comparative performance
21 HDFC Bank P1+ 1,436.15 0.55%
REDEMPTION 22 Allahabad Bank A1+ 986.80 0.38% COMPOUNDED ANNUALISED RETURN
PROCEEDS 23 Corporation Bank PR1+ 799.22 0.31%
CRISIL CRISIL
Normally within 3 Business Days 24 State Bank of Mysore A1+ 796.79 0.31% PERIOD DSPBRMMF - LIQUID DSPBRMMF - LIQUID
from acceptance of redemption 25 IDBI Bank A1+ 497.99 0.19% REGULAR FUND INSTITUTIONAL FUND
request. Total 120,592.06 46.44% INDEX^ INDEX^
Last 6 months 4.08% 3.87% 4.23% 3.87%
Commercial Paper
FEATURES 26 Housing Development Finance Corporation A1+ 12,946.14 4.99% Last 1 Year 7.56% 7.36% 7.87% 7.36%
• Minimum investment and minimum 27 India Infoline Investment Services A1+ 7,430.98 2.86% Last 3 Year 6.20% 6.24% 6.50% 6.24%
additional purchase 28 Gruh Finance P1+ 7,321.99 2.82%
- Regular Plan (RP): ` 5,000/- Since Inception 6.69% 6.60% 7.03% 6.60%
29 JM Financial Products P1+ 6,953.94 2.68%
and ` 1,000/- thereafter. NAV / Index Value (July 29) ` 1,382.0552 ` 1,698.62 ` 1,404.3974 ` 1,698.62
- Institutional Plan (IP): ` 1crore
30 Power Finance Corporation A1+ 4,979.21 1.92%
31 Morgan Stanley India Capital F1+(ind) 4,808.80 1.85% Date of allotment 31st July, 2006
32 Kotak Mahindra Prime P1+ 4,342.50 1.67%
• Options/ Sub Options available: ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
33 Indian Oil Corporation P1+ 2,495.71 0.96%
• Growth calculated on ` 10/- invested at inception, viz. date of allotment. All returns are
34 Turquoise Investment and Finance P1+ 2,465.74 0.95%
• Weekly Dividend for Growth Option. Past performance may or may not be sustained in future and
35 NABARD P1+ 2,465.43 0.95%
- Reinvest Dividend should not be used as a basis for comparison with other investments.
36 Tata Motors Finance A1+ 2,410.22 0.93%
- Payout Dividend
37 Bajaj Finance A1+ 2,288.93 0.88%
(available only in IP)
Total 60,909.57 23.46%
• Daily Dividend Reinvest
• Entry load: Nil
Rating Profile
• Exit load: Nil Treasury Bill
SOV 1.47% A1+/ P1+/PR1+/F1+ 69.90%
38 TBILL 91 DAY 2011 SOV 791.93 0.31%
AAA 13.06% CASH & EQUIVALENT 15.19%
Total 791.93 0.31% AA+ 0.38%
NAV AS ON CMB
July 29, 2011 39 CMB 35 Day 2011 SOV 2,998.72 1.16%
^The rating indicates that the underlying portfolio has the lowest credit risk
Total 2,998.72 1.16%
and highest degree of safety from credit losses. The ratings should, however,
Regular Plan
not be construed as an indication of the prospective performance of the
Growth - ` 1,382.0552 SECURITISED DEBT INSTRUMENTS Mutual Fund scheme or of volatility in its returns. Past performance is no
Weekly Dividend - ` 1001.0111 Royal Trust PTC Series A1 - May2004 -
40 AAA(ind)(SO) 28.22 0.01% guarantee of future results.
Daily Dividend (Citibank N.A.)
Reinvest - ` 1,002.2851 Total 28.22 0.01% *DSP BlackRock Money Manager Fund - Growth. ‘Open End Ultra Short Term
Debt Schemes’ category, ranks within Top 10 percentile of the 40 schemes
Institutional Plan
BONDS & NCDs considered, 1 year period ending Jun 30, 2011. Past performance is no
Growth - ` 1,404.3974
Listed / awaiting listing on the stock guarantee of future results.
Weekly Dividend `- 1,001.0234
Daily Dividend exchanges
41 Housing Development Finance Corporation AAA 10,696.81 4.12% Please refer page no. 27 for details on the Rating Methodology.
Reinvest- ` 1,000.8000
Infrastructure Development Finance
42 AAA 6,893.31 2.66%
Company
43 LIC Housing Finance AAA 4,938.97 1.90%
44 Axis Bank FRN LAAA 2,975.42 1.15%
45 Small Industries Development Bank of India AAA 2,495.43 0.96%

20

DSP BlackRock Short Term Fund

Dhawal Dalal
Sr. Name of Instrument
No.
Rating/Industry Market value
(` lakh)
% to Net
Assets
Comparative performance Total work experience of 14 years.
September 2007
COMPOUNDED ANNUALISED RETURN
MONEY MARKET INSTRUMENT PERIOD CRISIL LIQUID
Certificate of Deposit
DSPBRSTF
FUND INDEX^ INVESTMENT OBJECTIVE
1 IDBI Bank P1+ 6,590.36 12.06% Last 6 months 4.41% 3.87% An Open Ended income Scheme, seeking
to generate income commensurate with
2 Central Bank of India PR1+ 4,707.27 8.61% Last 1 Year 7.64% 7.36% prudent risk, from a portfolio
3 ICICI Bank A1+ 2,184.64 4.00% Last 3 Years 6.42% 6.24% constituted of money market securities,
4 Canara Bank P1+ 1,931.46 3.53% Last 5 Years 6.68% 6.60% floating rate debt securities and debt
5 State Bank of Patiala P1+ 1,883.12 3.45% Since Inception 6.33% 5.78% securities.
6 Andhra Bank PR1+ 1,002.65 1.83%
7 State Bank of Hyderabad P1+ 944.83 1.73%
Date of allotment 9th September, 2002 ASSET ALLOCATION
8 State Bank of Mysore P1+ 944.37 1.73% 50% - 100%.: Money Market
9 Dena Bank PR1+ 941.73 1.72% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are Securities, Floating rate debt
10 Oriental Bank of Commerce P1+ 848.28 1.55% securities** whose coupon(s) are
calculated on ` 10/- invested at inception, viz. date of allotment. All returns are reset at least once a year, *fixed rate
11 State Bank of Mysore A1+ 367.98 0.67% for Growth Option. Past performance may or may not be sustained in future and debt securities** having an average
12 State Bank of Patiala A1+ 19.41 0.04% or residual maturity of less than
should not be used as a basis for comparison with other investments.
13 Corporation Bank PR1+ 9.40 0.02% or equal to 367 days or having put
options within a period not exceeding
Total 22,375.51 40.94% 367 days.

Commercial Paper
Rating Profile 0% - 50%: Fixed rate debt securities**
having residual or average maturity
of more than 367 days and floating
14 Housing Development Finance Corporation A1+ 3,835.89 7.02% AAA 8.93% AA- 1.86% rate debt security where the
15 Fullerton India Credit Company A1+ 2,263.27 4.14% AA+ 18.31% A1+ / P1+ / PR1+ / F1+ 54.85% next reset date is more than 367
Total 6,099.16 11.16% AA 11.40% CASH & EQUIVALENT 4.65% days from the date of purchase.
*Floating rate debt securities
will include fixed rate debt
SECURITISED DEBT INSTRUMENTS securities swapped for floating
Royal Trust PTC Series A2 - May2004 - rate returns by using derivatives
16 AAA(ind)(SO) 665.88 1.22% **Debt securities may include
(Citibank N.A.)
securitised debts up to 60% of the
Royal Trust PTC Series A1 - May2004 - net assets
17 AAA(ind)(SO) 11.29 0.02%
(Citibank N.A.)
Total 677.17 1.24%
REDEMPTION PROCEEDS
Normally within 1 Business Day from
BONDS & NCDs
acceptance of redemption request.
Listed / awaiting listing on the stock
exchanges
18 Shriram Transport Finance Company AA 4,252.84 7.78% FEATURES
19 Sundaram BNP Home Finance AA+ 2,514.12 4.60% • Minimum first purchase: ` 5,000
20 Sundaram Finance LAA+ 2,500.89 4.58% • Minimum additional purchase:
` 1,000
21 Bajaj Finance LAA+ 2,498.54 4.57%
22 Kotak Mahindra Prime LAA 1,978.24 3.62% • Options available:
23 Tata Capital AA+ 1,499.41 2.74% • Growth
24 Prism Cement LAA- 1,018.12 1.86% • Weekly Dividend Reinvest
• Monthly Dividend
25 Shriram Transport Finance Company F1+ 1,000.59 1.83%
- Payout Dividend
26 Power Finance Corporation @ AAA 1,000.00 1.83%
- Reinvest Dividend
27 Mahindra & Mahindra Financial Services AA+ 997.20 1.82% • Dividend Reinvest
28 Sundaram Finance P1+ 500.96 0.92% - Reinvest Dividend
29 Power Grid Corporation of India AAA 496.67 0.91% - Payout Dividend
30 NABARD AAA 100.26 0.18% • Entry load: Nil
31 LIC Housing Finance FRN AAA 99.47 0.18% • Exit load:
Total 20,457.31 37.42% • Holding Period:
<=6 months: 0.5%
Unlisted >6 months: Nil
32 Tata Sons AAA 2,511.22 4.59%
Total 2,511.22 4.59%
NAV AS ON
CBLO / Reverse Repo Investments 1,524.28 2.79% July 29, 2011
Total 1,524.28 2.79%
Growth - ` 17.2512
Cash & Cash Equivalents Weekly Dividend
Net Receivable/Payable 1,009.33 1.86% Reinvest - ` 10.1825
Total 1,009.33 1.86% Dividend - ` 11.0198
Grand Total 54,653.98 100.00% Monthly Dividend - ` 10.8121

Notes: 1. Modified Duration 1.32 years. 2. Average Maturity 1.63 years. 3. All
corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.
4. Total Expense Ratio (F.Y. beginning to date): 0.94%. 5. @Pending Allotment

21

DSP BlackRock Bond Fund
FUND MANAGER
Dhawal Dalal
Total work experience of 14 years. Sr. Name of Instrument Rating/Industry Market value % to Net COMPOUNDED ANNUALISED RETURN
Managing this Scheme since No. (` lakh) Assets PERIOD CRISIL COMPOSITE BOND
April 1997 DSPBRBF
FUND INDEX^
MONEY MARKET INSTRUMENT Last 6 months 3.44% 3.44%
CENTRAL GOVERNMENT SECURITIES Last 1 Year 3.93% 5.34%
INVESTMENT OBJECTIVE 1 07.83% CGL 2018 SOV 483.45 11.80% Last 3 Years 7.49% 7.14%
An Open Ended income Scheme, 2 07.80% CGL 2021 SOV 478.55 11.68%
seeking to generate an attractive Last 5 Years 6.04% 6.05%
Total 962.00 23.48%
return, consistent with prudent risk, Since Inception 8.58% NA#
from a portfolio which is substantially
SECURITISED DEBT INSTRUMENTS NAV / Index Value (July 29) ` 32.3518 1,699.88
constituted of high quality debt
securities, predominantly of issuers 3 India MBS PTC Series 1D (LIC HF) AAA(SO) 68.37 1.67% Date of allotment 29th April, 1997
domiciled in India. As a secondary Total 68.37 1.67%
objective, the Scheme will seek ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns
capital appreciation. BONDS & NCDs are calculated on ` 10/- invested at inception, viz. date of allotment. All returns
Listed / awaiting listing on the stock exchanges are for Growth Option. #Since historical data for the benchmark is not available,
4 Prism Cement LAA- 509.06 12.42% performance has not been compared. Past performance may or may not be
ASSET ALLOCATION 5 Reliance Ports And Terminals AAA 506.22 12.35% sustained in future and should not be used as a basis for comparison with other
*Debt & Money market securities : 6 LIC Housing Finance AAA 502.92 12.27% investments.
Entire 100%. 7 Kotak Mahindra Prime LAA 499.70 12.19%
Mahindra & Mahindra Financial
* Debt securities may include 8
Services
AA+ 498.60 12.17% Rating Profile
securitised debts up to 50% of the 9 Power Grid Corporation of India AAA 480.67 11.73%
net assets SOV 23.48% AA 12.19%
Total 2,997.17 73.13% AAA 38.02% AA- 12.42%
AA+ 12.17% CASH & EQUIVALENT 1.72%
REDEMPTION Total 49.98 1.22%

PROCEEDS Cash & Cash Equivalents
from acceptance of redemption Net Receivable/Payable 20.09 0.50%
request. Total 20.09 0.50%
Grand Total 4,097.61 100.00%
Notes: 1. Modified Duration 3.59 years. 2. Average Maturity 5.09 years. 3. All
FEATURES corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.
• Minimum first purchase: ` 5,000 4. Total Expense Ratio (F.Y. beginning to date): 2.23%
• Minimum additional purchase:
` 1,000
• Growth
- Payout Dividend
- Reinvest Dividend
• Dividend
- Payout Dividend
- Reinvest Dividend
• Entry load: Nil
• Exit Load:
Holding Period:
<=6 months: 0.5%
>6 months: Nil

NAV AS ON
July 29, 2011
Growth - ` 32.3518
Monthly Dividend - ` 11.1609

22

RATED
mfAAA
DSP BlackRock Strategic Bond Fund by ICRA^

Dhawal Dalal
Sr. Name of Instrument Rating/Industry Market value % to Net Total work experience of 12 years.
COMPOUNDED ANNUALISED RETURN
No. (` lakh) Assets Managing this Scheme since
CRISIL CRISIL May 2007
PERIOD DSPBRSBF - COMPOSITE DSPBRSBF COMPOSITE
MONEY MARKET INSTRUMENT REGULAR BOND FUND - INSTITUTIONAL BOND FUND Kushal M. Choksi
Certificate of Deposit INDEX^ INDEX^ Total work experience of 10 years.
1 Bank of India P1+ 9,450.55 15.81% Managing this Scheme since
Last 6 months 4.07% 3.44% 4.28% 3.44%
2 Dena Bank PR1+ 6,397.40 10.70% March 2011
3 Corporation Bank PR1+ 4,701.27 7.86% Last 1 year 6.51% 5.34% 7.00% 5.34%
4 Punjab National Bank PR1+ 4,035.45 6.75% Last 3 year 6.09% 7.14% -- -- INVESTMENT OBJECTIVE
An Open ended income Scheme,
5 Vijaya Bank PR1+ 3,941.29 6.59% seeking to generate optimal returns
Since Inception 5.93% 6.50% 5.81% 7.05%
6 HDFC Bank P1+ 957.44 1.60% with high liquidity through active
NAV / Index Value (July 29) ` 1,275.2971 1,699.88 ` 1,165.4439 1,699.88 management of the portfolio by
7 Canara Bank P1+ 379.65 0.64% investing in high quality debt and
8 Oriental Bank of Commerce P1+ 329.90 0.55% Date of allotment 9th May, 2007 money market securities.
9 The Federal Bank P1+ 138.53 0.23%
10 Indian Overseas Bank A1+ 94.64 0.16%
^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are ASSET ALLOCATION
calculated on ` 10/- invested at inception, viz. date of allotment. All returns are for Money market securities and/
Total 30,426.12 50.89% Growth Option. ‘Since inception’ returns have been calculated from Nov 12, 2008 or debt securities* which have
residual or average maturity of
as there were no investors in this plan for a significiant period before this date. less than or equal to 367 days or
Commercial Paper #Since historical data for the benchmark is not available, performance has not have put options within a period not
11 Fullerton India Credit Company A1+ 2,353.76 3.94% been compared. Past performance may or may not be sustained in future and exceeding 367 days. : 0% - 100%

Total 2,353.76 3.94% should not be used as a basis for comparison with other investments. Debt securities* which have residual
or average maturity of more than
CENTRAL GOVERNMENT SECURITIES 367 days : 0% - 100%
12 07.80% CGL 2021 SOV 3,828.40 6.40% Rating Profile
*Debt securities may include
13 08.26% CGL 2027 SOV 1,928.96 3.23% securitised debts upto 75% of the
SOV 9.63% AA- 1.70% net assets
Total 5,757.36 9.63% AAA 14.51% A1+ / P1+ / PR1+ / F1+ 56.50%
AA+ 10.06% CASH & EQUIVALENT 2.62% REDEMPTION
BONDS & NCDs AA 4.98% PROCEEDS
Listed / awaiting listing on the stock exchanges Normally within 3 Business Days
14 Kotak Mahindra Prime LAA 2,977.65 4.98% from acceptance of redemption
15 Sundaram BNP Home Finance AA+ 2,514.12 4.21% *The rating indicates that the underlying portfolio has the lowest credit risk and request.
16 Power Finance Corporation @ AAA 2,500.00 4.19% highest degree of safety from credit losses. The ratings should, however, not be
17 Bajaj Finance LAA+ 2,498.54 4.18% construed as an indication of the prospective performance of the Mutual Fund FEATURES
scheme or of volatility in its returns. Past performance is no guarantee • Minimum investment and
18 LIC Housing Finance AAA 2,099.23 3.51% minimum additional purchase
19 Reliance Ports And Terminals AAA 2,024.87 3.39% of future results.
20 NABARD AAA 1,050.13 1.76% Please refer page no. 27 for details on the Rating Methodology. ` 1,000/- thereafter.
21 Prism Cement LAA- 1,018.12 1.70% - Institutional Plan (IP): ` 1 crore
22 Shriram Transport Finance Company F1+ 1,000.59 1.67% and ` 1,000/- thereafter
23 Mahindra & Mahindra Financial Services AA+ 997.20 1.67% • Options available:
24 LIC Housing Finance FRN AAA 994.74 1.66% • Growth
Total 19,675.18 32.92% • Weekly Dividend
- Payout Dividend (available
only in IP)
CBLO / Reverse Repo Investments 2,128.95 3.56% - Reinvest Dividend
Total 2,128.95 3.56% • Daily Dividend Reinvest
- Payout Dividend (available
Cash & Cash Equivalents only in IP)
Net Receivable/Payable (561.16) (0.94%) - Reinvest Dividend
• Dividend
Total (561.16) (0.94%) - Payout Dividend
Grand Total 59,780.21 100.00% - Reinvest Dividend
• Entry load: Nil
Notes: 1. Modified duration 1.88 years. 2. Average Maturity 2.82 years. 3. All • Exit load:
corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. Holding Period:
4. Total Expense Ratio (F.Y. beginning to date): IP: 0.51% RP: 0.90%. 5. @Pending <=7 calendar days: 0.1%
Allotment >7 calendar days: Nil

NAV AS ON
July 29, 2011
Regular Plan
Growth - ` 1,275.2971
Dividend - ` 1046.9305
Daily Dividend
Reinvest - ` 1000.7183

Institutional Plan
Growth - ` 1165.4439
Dividend - ` 1028.3777
Daily Dividend
Reinvest- ` 1001.3899

23

DSP BlackRock Government Securities Fund
FUND MANAGER Portfolio Comparative performance
DSPBRGF: Sr. Name of Instrument Rating/Industry Market value % to Net Assets COMPOUNDED ANNUALISED RETURN
Dhawal Dalal
Total work experience of 14 years. No. (` lakh) PERIOD LONG ICICI SECURITIES
Managing this Scheme since May DSPBRGF
SOVEREIGN BOND FUND INDEX^
2003 CENTRAL GOVERNMENT SECURITIES Last 6 months 0.57% 3.29%
1 07.80% CGL 2021 SOV 5,178.29 54.21%
DSPBRTBF: 2 08.08% CGL 2022 SOV 967.21 10.13% Last 1 Year 2.13% 5.60%
Dhawal Dalal &
Vivek Ved: Total work experience 3 07.83% CGL 2018 SOV 966.90 10.12% Last 3 Years 10.87% 11.50%
of 12 years. Managing this Scheme Total 7,112.40 74.46% Last 5 Years 8.36% 8.67%
since March 2011
Total 2,190.37 22.93% NAV / Index Value (July 29) ` 33.2425 6,917.95
INVESTMENT OBJECTIVE Date of allotment 30th Sept. 1999
DSPBRGF: An Open Ended income ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
Net Receivable/Payable 248.93 2.61%
Scheme, seeking to generate income calculated on ` 10/- invested at inception, viz. date of allotment. All returns are
through investment in Central Total 248.93 2.61%
Government Securities of various Grand Total 9,551.70 100.00% for Growth Option. Past performance may or may not be sustained in future and
maturities. should not be used as a basis for comparison with other investments.
Notes: 1. Modified Duration 4.84 years. 2. Average Maturity 7.29 years. 3. Total
DSPBRTBF: An Open ended income Expense Ratio: (F.Y. beginning to date) 1.24%
Scheme, seeking to generate income
through investment in Treasury NAV AS ON July 29, 2011
Bills and other Central Government Growth - ` 33.2425
Securities having maturities of less Dividend - ` 11.6429
than or equal to 1 year. Monthly Dividend - ` 10.5300

ASSET ALLOCATION
DSPBRGF: Central Government
Securities, repos / reverse repos in
Central Government Securities as
may be permitted by Reserve Bank
of India : 80% - 100%

Call money market or alternative
investment for call money market
as may be provided by the Reserve
Bank of India : 0% - 20%

DSPBRTBF: Treasury Bills issued
DSP BlackRock Treasury Bill Fund
by the Government of India, Repo,
Reverse Repo, CBLO, and any
other money market instrument
permitted by the RBI for deploying
surplus liquidity: 0% - 100% Portfolio Comparative performance
REDEMPTION Sr. Name of Instrument Rating/Industry Market value % to Net Assets COMPOUNDED ANNUALISED RETURN
No. (` lakh)
PROCEEDS (for both Schemes) PERIOD
DSPBRTBF
SHORT ICICI SECURITIES SOVEREIGN
Normally within 2 Business Days BOND FUND INDEX^
MONEY MARKET INSTRUMENT
Treasury Bill Last 6 months 3.24% 2.90%
request
1 TBILL 91 DAY 2011 SOV 197.98 81.32%
Last 1 Year 5.99% 5.71%
Total 197.98 81.32%
Last 3 Years 4.46% 7.97%
FEATURES (for both Schemes)
• Minimum first purchase: ` 5,000 CBLO / Reverse Repo Investments 79.96 32.84% Last 5 Years 5.08% 7.43%
• Minimum additional purchase: Total 79.96 32.84% Since Inception 6.40% 7.98%
` 1,000
• Options available: Cash & Cash Equivalents
Date of allotment 30th Sept. 1999
• Growth Net Receivable/Payable (34.47) (14.16%)
• Dividend Total (34.47) (14.16%)
^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
- Payout Dividend Grand Total 243.47 100.00%
calculated on ` 10/- invested at inception, viz. date of allotment. All returns are
- Reinvest Dividend
• Monthly Dividend Notes: 1. Modified Duration 0.08 years. 2. Average Maturity 0.09 years. 3. Total for Growth Option. Past performance may or may not be sustained in future and
- Payout Dividend Expense Ratio: (F.Y. beginning to date) 0.50% should not be used as a basis for comparison with other investments.
- Reinvest Dividend
• Entry load: Nil NAV AS ON July 29, 2011
• Exit Load : Nil for DSPBRTBF Growth - ` 20.8500
For DSPBRGF Dividend - ` 11.2957
Holding Period: Monthly Dividend - ` 10.1813
<=7 calendar days: 0.10%
>7 calendar days: Nil

24

Dividend History
DSPBRSF^ DSPBRBF^ DSPBRTEF (Regular Plan)~
Dividend per Unit (`) Dividend per Unit (`) Record Date Dividend per Unit (`) NAV (`)
Record Date NAV (`) Record Date NAV (`)
Individuals/HUF Others Individuals/HUF Others 03-Sep-10 1.25 21.991
24-Jul-09 2.00 19.339
MIP# (during the last quarter) Monthly Dividend Option (during the last quarter) 23-May-08 5.00 23.8800
28-Jun -11 0.060000 0.051426 10.9465 28-Jul-11 0.084744 0.072634 11.2553 15-Jun-07 5.00 24.896
27-May-11 0.060000 0.055999 10.9063 28-Jun-11 0.086506 0.074144 11.2560 10-Apr-06 7.50 27.43
28-Apr-11 0.060000 0.055999 11.1333 28-Apr-11 0.023168 0.021623 11.1832
QIP (during the last 3 quarters) Dividend Option (during the last 3 years) DSPBROF (Regular Plan)~
28-Jun-11 0.180000 0.154279 11.6884 28-Jun-11 0.111612 0.095662 11.0630 Record Date Dividend per Unit (`) NAV (`)
28-Sep-10 0.131763 0.122805 11.7928 28 Mar-11 0.080288 0.074829 11.0080
28-Jun-10 0.088721 0.082689 11.6910 28-Feb-11 0.005534 0.005158 10.9110 11-Feb-11 2.00 28.297
28-Jun-10 0.224524 0.209259 11.1418 26-Feb-10 3.00 27.829
26-Mar-10 0.059564 0.055438 10.9103 28-Mar-08 4.00 29.4860
8-Mar-07 5.00 28.219
DSPBRGF^ 28-Dec-09 0.059652 0.055519 10.9096 24-Jan-06 5.00 27.60
28-Sep-09 0.029695 0.027637 10.8561
Dividend per Unit (`)
Record Date NAV (`)
Individuals/HUF Others DSPBRITF (Regular Plan)
DSPBRFRF (Regular Plan)^
Monthly Dividend Option (during the last quarter) Record Date Dividend per Unit (`) NAV (`)
Dividend per Unit (`)
28-Mar-11 0.071503 0.066642 10.7167 Record Date NAV (`) 09-Sep-10 1.25 21.035
28-Dec-10 0.059469 0.055426 10.6903 Individuals/HUF Others 19-Jun-09 2.00 17.299
26-Nov-10 0.025474 0.023742 10.6571 Dividend Option (during the last 3 years) 22-Feb-08 5.00 26.965
Dividend Option (during the last 3 years) 0.173011 0.148288 10.8542 21-Mar-07 4.50 21.964
28-Jun-11
28-Mar-11 0.112438 0.104793 11.8873 28-Mar-11 0.161366 0.150395 10.8148 27-Feb-06 4.50 21.72
28-Feb-11 0.052178 0.048631 11.7851 28-Dec-10 0.130358 0.121495 10.7639
28-Dec-10 0.099789 0.093004 11.8310 28-Sep-10 0.108599 0.101216 10.7246 DSPBRTSF ~
28-Jun-10 0.270114 0.251750 11.9948 28-Jun-10 0.095221 0.088747 10.6941
26-Dec-08 1.994963 1.856759 13.7825 26-Mar-10 0.086456 0.080466 10.6540 Record Date Dividend per Unit (`) NAV (`)
26-Sep-08 0.424833 0.395402 11.7085 28-Dec-09 0.089872 0.083646 10.6519 4-Mar-11 0.50 12.096
28-Mar-08 0.271543 0.252731 11.6683 28-Sep-09 0.079711 0.074189 10.6303
26-Jun-09 29-Feb-08 3.60 14.755
0.105113 0.097831 10.6427
26-Mar-09 0.157670 0.146747 10.6750
16-Feb-09 0.000781 0.000727 10.5936 DSPBRTF (Regular Plan)~
DSPBRTBF^
Dividend per Unit (`) Record Date Dividend per Unit (`) NAV (`)
Record Date NAV (`)
Individuals/HUF Others DSPBRSTF^ 04-Jan-08 10.00 37.138
Monthly Dividend Option (during the last 3 months) Dividend per Unit (`)
Record Date NAV (`) DSPBRwGF (Regular Plan)~
28-Jul-11 0.048274 0.041376 10.2342 Individuals/HUF Others
28-Jun-11 0.047834 0.040998 10.2318 Dividend per Unit (`)
27-May-11 0.042812 0.039957 10.2207 Monthly Dividend Option (during the last 3 months) Record Date NAV (`)
28-Jul-11 0.073732 0.063196 10.8931 Individuals/HUF Others
Dividend Option (during the last 3 years)
28-Jun-11 0.080075 0.068632 10.8959 19-Nov-10 0.878421 0.818699 16.2184
28-Jun-11 0.141034 0.120880 11.3911 27-May-11 0.054705 0.051056 11.8605
30-May-11 0.042812 0.039957 11.3307 10-Jul-09 1.313917 1.222893 11.8014
28-Mar-11 0.145027 0.135167 11.3763 Dividend Option (during the last 3 years)
28-Feb-11 0.045151 0.042081 11.3214 28-Jun-11 0.194505 0.166711 11.1486
28 -Jan-11 0.045854 0.042736 11.2620 0.054705 0.051056 11.0555 DSPBRSMF ~
30-May-11
28-Dec-10 0.126141 0.117565 11.3418 28-Mar-11 0.151879 0.141553 11.0701 Record Date Dividend per Unit (`) NAV (`)
28-Sep-10 0.087754 0.081788 11.2824 28-Feb-11 0.048313 0.045028 10.9938
0.061050 0.056900 11.2371 28-Dec-10 18-Mar-11 1.25 14.799
28-Jun-10 0.128425 0.119694 11.0180
26-Mar-10 0.056323 0.052421 11.2092 28-Sep-10 0.125439 0.116910 11.0012
28-Dec-09 0.048878 0.045492 11.1964 28-Jul-10 0.040934 0.038151 10.8934 DSPBRNRNEF ~
28-Sep-09 0.042483 0.039540 11.1837 28-Jun-10 0.104356 0.097261 10.9619
26-Jun-09 0.041607 0.038725 11.1742 26-Mar-10 0.098544 0.091717 10.9211 Record Date Dividend per Unit (`) NAV (`)
28-Dec-09 0.111070 0.103375 10.9284 25-Mar-11 1.50 14.1130
28-Sep-09 0.055009 0.051198 10.8539
DSPBRSBF (Regular Plan)^ 26-Jun-09 0.061316 0.057068 10.8435 Investors may note that the difference in dividend per unit for
26-Mar-09 0.140510 0.130442 10.9067
Dividend per Unit (`) 'Individuals' and 'Others', in the case of debt oriented Schemes,
Record Date NAV (`) is due to differential rate of applicable Dividend Distribution Tax
Individuals/HUF Others (DDT).
Monthly Dividend Option (during the last quarter) DSPBRBalF~
5-May-11 3.926752 3.664885 1,026.1688 Pursuant to payments of dividend, the NAV of the Schemes
Record Date Dividend per Unit (`) NAV (`)
5-Apr-11 6.558467 6.112571 1,029.0200 would fall to the extent of payout, and statutory levy, if any
7-Feb-11 2.947103 2.746735 1,024.3300 11-Mar-11 2.00 22.771
5-Mar-10 3.00 23.445 # Monthly income is not assured and is subject to availability of
Dividend Option (during the last 3 years)
12-Dec-08 1.50 15.861 distributable surplus.
28-Jun-11 17.133469 14.685115 1,058.7000 21-Sept-07 6.00 27.1880
28-Mar-11 14.400747 13.421671 1,053.2100 22-Aug-06
28-Dec-10 8.080771 7.531377 1,044.2000 4.00 23.39 Past performance may or may not be sustained
28-Sep-10 9.324615 8.690655 1,044.5355 in future and should not be used as a basis for
28-Jun-10 7.419935 6.915469 1,041.0947
26-Mar-10 7.685010 7.152617 1,038.8276 DSPBREF (Regular Plan)~ comparison with other investments.
28-Dec-09 10.055141 9.358552 1,040.9729
28-Sep-09 4.144706 3.857574 1,033.4370 Record Date Dividend per Unit (`) NAV (`)
For complete list of dividends, visit www.dspblackrock.com.
26-Jun-09 8.890835 8.274906 1,037.6587 4-Feb-11 3.50 49.7970
26-Mar-09 10.949305 10.190771 1,038.3198 19-Mar-10 6.50 52.112
20-Nov-09 3.00 53.082
25-Jan-08 7.00 56.408
25-Jan-07 7.00 47.722
19-Dec-05 6.00 37.29

25

List of Official Points of Acceptance of Transactions*
DSP BlackRock Investment Managers Private Limited - Investor Service Centres
Ahmedabad 3rdEyeone,OfficeNo301,3rdFloor,OppositeHavmorRestaurant,CGRoad,Ahmedabad-380006
Bengaluru HMGenevaHouse,1stFloor,OfficeNo104to107,#14CunninghamRoad,Bangalore560052
Bhubneshwar LotusHouse,OfficepremisesNo.3,2ndFloor,PlotNo.108–A,KharvelNagar,UnitIII,MasterCanteenSquare,Bhubneshwar–751001.
Chandigarh SCO40-41,GroundFloor,Sector9-D,MadhyaMarg,Chandigarh-160017.
Chennai SPSBuildingNo185,1stFloor,AnnaSalai,Chennai-600002.
Coimbatore TristarTowers,1stFloor,EastWing,657,AvinashiRoad,Coimbatore-641037.
Goa MathiasPlaza,4thFloor,18thJuneRoad,Panjim,Goa-403001.
Guwahati MayurGardens,ShopNo-5,UpperGroundfloor,GSRoad,Guwahati-781005.
Hyderabad MahavirChambers,1stFloor,OfficeNo103,LibertyJunction,Hyderabad-500029.
Indore StarlitTower,OfficeNo206,2ndFloor,29/1,YNRoad,Indore-452001.
Jaipur GreenHouse,OfficeNo201-204,O-15,AshokMarg,CScheme,Jaipur-302001.
Jamshedpur ShantiNiketan,2ndFloor,MainRoad,P.OBistupur,Jamshedpur-831001
Kanpur KanChambers,OfficeNo701-703,7thFloor,14/113,CivilLines,Kanpur–208001.
Kochi OfficeNo40/1045H1,6thFloor,AmrithaaTowers,MGRoad,Kochi-682001
Kolkata Lords,OfficeNo301&309,7/1,LordSinhaRoad,Kolkatta-700071.
Lucknow SpeedMotorsBuilding,3rdFloor,3ShanazafRoad,Hazratganj,Lucknow-226001.
Ludhiana SCO-32,RegaliaHeights,GroundFloor,FerozeGandhiMarket,PakhowalRoad,Ludhiana-141001.
Mangalore MaximusCommercialComplex,OfficeNoUGI-5,LightHouseHillRoad,Mangalore-575001.
Mumbai MakerChamberVI,OfficeNo.126/127,12thFloor,JamnalalBajajRoad,NarimanPoint,Mumbai-400021.
Nagpur Milestone,OfficeNo.108&109,1stFloor,RamdasPeth,WardhaRoad,Nagpur-440010.
Nashik Bedmutha’sNavkarHeights,OfficeNo1&2,3rdFloor,NewPanditColony,SharanpurRoad,Nasik-422002.
New Delhi DrGopalDasBhavan,UpperGroundFloor,BarakhambaRoad,NewDelhi-110001.
Patna DukhanRamPlaza,OfficeNo304,3rdFloor,ExhibitionRoad,Patna-800001.
Pune BusinessGuild,OfficeNo306,LawCollegeRoad,Erandawane,Pune-411004.
Rajkot HemArcade,OfficeNo303,OppositeSwamiVivekanandStatue,DrYagnikRoad,Rajkot-360001.
Surat InternationalTradeCentre,OfficeNoG-28,MajuraGateCrossing,RingRoad,Surat-395002.
Thiruvanathapuram MenathotamChambers,TC-2442(7),PattomPO,Thiruvanathapuram–695004.
Vadodara Sakar,OfficeNo402,OppABSTower,OldPadraRoad,Vadodara-390007.
Vishakapatnam EswarArcade,CabinNo.11,1stFloor,47-11-1/5,DwarkaNagar,1Lane,Vishakapatnam-530016.

CAMS Investor Service Centres and Transaction Points*
Visit www.camsonline.com for addresses
• Agartala • Bikaner • Hazaribag • Kolkata: • Ongole • Sitapur
• Agra • Bilaspur • Himmatnagar C.R.Avenue • Nizamabad • Solan
• Ahmedabad • Bokaro • Hisar • Kolkata:Howrah • Palakkad • Sonepat
• Ahmednagar • Burdwan • Hoshiarpur • Kollam • Palanpur • Solapur
• Ajmer • Calicut • Hosur • Kota • Panipat • Sriganganagar
• Akola • Chandigarh • Hubli • Kottayam • Patiala • Srikakulam
• Aligarh • Chandrapur • Hyderabad • Kumbakonam • Patna • Surat
• Allahabad • Chhindwara • Ichalkaranji • Kurnool • Phatankot • Surendranagar
• Alleppley • Chennai • Indore • Latur • Pondicherry • Sultanpur
• Alwar • Chittorgarh • Itarsi • Lucknow • Porbandar • Thiruppur
• Amaravati • Cochin • Jabalpur • Ludhiana • Proddatur • Tirunelveli
• Ambala • Coimbatore • Jaipur • Madurai • Pune • Tirupathi
• Amritsar • Cuttack • JaipurRoad • Malda • RaeBareli • Tanjore
• Anand • Darbhanga • Jalandhar • Mangalore • Raichur • Thiruvalla
• Anantapur • Davenegere • Jalgaon • Manipal • Raipur • Tinsukia
• Angul • Dehradun • Jalna • Mapusa • Rajahmundry • Trichur
• Ankleshwar • Deoghar • Jammu • Margao • Rajapalayam • Trichy
• Asansol • Dhanbad • Jamnagar • Mathura • Rajkot • Trivandrum
• Aurangabad • Dharmapuri • Jamshedpur • Meerut • Ranchi • Tuticorin
• Bagalkot • Dhule • Jaunpur • Mehsana • Ratlam • Udaipur
• Balasore • Durgapur • Jhansi • Moga • Ratnagiri • Ujjain
• Bangalore • Eluru • Jodhpur • Moradabad • Rohtak • Unjha
• Barnala • Erode • Junagadh • Morbi • Roorkee • Vadodara
• Bareilly • Faizabad • Kadapa • Mumbai:Fort • Ropar • Valsad
• Basti • Faridhabad • Kakinada • Mumbai:Andheri • Rourkela • Vapi
• Belgaum • Firozabad • Kalyani • Mumbai:Thane • Sagar • Varanasi
• Bellary • Gandhidham • Kanchipuram • Muzzafarpur • Saharanpur • Vashi
• Berhampur • Ghaziabad • Kannur • Mysore • Salem • Vellore
• Bhagalpur • Goa • Kanpur • Nadiad • Sambalpur • Veraval
• Bharuch • Gondia • Karimnagar • Nagpur • Sangli • Vijayawada
• Bhatinda • Gondal • Karnal • Nalgonda • Satara • Visakhapatnam
• Bhavnagar • Gorakhpur • Karur • Namakkal • Satna • Warangal
• Bhilai • Gulbarga • Katni • Nanded • Secunderabad • Wardha
• Bhiwani • Guntur • Kestopur • Nandyal • Shahjahanpur • YamunaNagar
• Bhilwara • Gurgaon • Khammam • Nasik • Shillong • Yavatmal
• Bhopal • Guwahati • Kharagpur • Navsari • Shimla
• Bhubaneswar • Gwalior • Khanna • Nellore • Shimoga
• Bhuj • Haldia • Kolhapur • NewDelhi • Siliguri
• Bhusawal • Haldwani • Kolkata:Main • Noida • Sirsa

*Anynewoffices/centresopenedwillbeincludedautomatically.

For more information on DSP BlackRock Mutual Fund
Visit www.dspblackrock.com or call Toll Free No.: 1800-200-4499
Statutory Details:DSPBlackRockMutualFundwassetupasatrustandthesettlors/sponsorsareDSPADIKOHoldingsPvt.Ltd.&DSPHMKHoldingsPvt.Ltd.(collectively)
andBlackRockInc.(CombinedliabilityrestrictedtoRs.1lakh).Trustee:DSPBlackRockTrusteeCompanyPvt.Ltd.Investment Manager:DSPBlackRockInvestmentManagers
Pvt.Ltd.Risk Factors: Mutual funds, like securities investments, are subject to market and other risks and there can be no assurance that the Schemes’ objectives will be
achieved. As with any investment in securities, the NAV of Units issued under the Schemes can go up or down depending on the factors and forces affecting capital markets.
Pastperformanceofthesponsor/AMC/mutualfunddoesnotindicatefutureperformanceoftheSchemes.InvestorsintheSchemesarenotbeingofferedaguaranteedor
assuredrateofreturn.EachScheme/Planisrequiredtohave(i)minimum20investorsand(ii)nosingleinvestorholding>25%ofcorpus.Iftheaforesaidpoint(i)isnotfulfilled
withintheprescribedtime,theScheme/Planconcernedwillbewoundupandincaseofbreachoftheaforesaidpoint(ii)attheendoftheprescribedperiod,theinvestor’s
holdinginexcessof25%ofthecorpuswillberedeemedasperSEBIguidelines.The names of the Schemes do not in any manner indicate the quality of the Schemes, their
future prospects or returns.Forschemespecificriskfactors,pleaserefertheSID.Formoredetails,pleaserefertheKeyInformationMemorandumcumApplicationForms,
which are available on the website, www.dspblackrock.com, and at the ISCs/ Distributors. Please read the Scheme Information Document and Statement of Additional
Information carefully before investing.

26

27
Summary: Key Features of the schemes
GROwTH DIVIDEND MONTHLY DIVIDEND QUARTERLY DIVIDEND wEEKLY DIVIDEND DAILY DIV
FUND NAME OPTIONPLAN PURCHASE ENTRY LOAD EXIT LOAD
REINVEST
PAYOUT REINVEST PAYOUT REINVEST PAYOUT REINVEST PAYOUT REINVEST

DSPBRLF, RP ü ü ü 5000 Nil Nil
DSPBRMMF IP 1 cr Nil Nil
ü ü ü ü
RP ü ü ü ü ü 5000 Nil Nil
DSPBRFRF
IP ü ü ü ü ü ü 1 cr Nil Nil
Holding Period <= 6 months: 0.50%*
DSPBRSTF ü ü ü ü ü ü 5000 Nil
Holding Period > 6 months: Nil*
RP ü ü ü ü ü ü 5000 Nil Holding Period <= 7 calendar days: 0.10%
DSPBRSBF
IP 1 cr Nil Holding Period > 7 calendar days: Nil
ü ü ü ü ü ü ü ü
Holding Period <= 6 months: 0.50%*
DSPBRBF ü ü ü ü ü 5000 Nil
Holding Period > 6 months: Nil*
Holding Period <= 7 calendar days: 0.10%
DSPBRGF ü ü ü ü ü 5000 Nil
Holding Period > 7 calendar days: Nil
DSPBRTBF ü ü ü ü ü 5000 Nil Nil
Holding Period < 12 months: 1%
DSPBRSF ü ü ü ü ü 5000 Nil
Holding Period >= 12 months: Nil
DSPBRBalF ü ü ü 5000 Nil
DSPBREF, DSPBRTEF, DSPBROF, RP ü ü ü 5000 Nil
DSPBRITF, DSPBRSMF,
DSPBRTF, DSPBRNRNEF,
IP 1 cr Nil Holding Period >= 12 months: Nil
DSPBRwGF, DSPBRwEF, ü ü ü
DSPBRwMF
DSPBRF25F ü ü ü 5000 Nil
DSPBRTSF^ ü ü ü 500 Nil N.A.
RP ü ü ü 5000 Nil Holding Period < 24 months: 1%
DSPBRMCF
IP 1 cr Nil Holding Period >= 24 months: Nil
ü ü ü
For DSPBRSF, please read Monthly Dividend as Monthly Income Payment and Quarterly Dividend as Quarterly Income Payment. ^Redemptions in DSPBRTSF are subject to a lock-in period of 3 years from date of allotment. SIP is available in the Regular Plan of all schemes (wherever applicable)
except DSPBRLF. SWP/STP is available in each plan of all schemes. Minimum installment for SIP/SWP/STP (all schemes) : ` 500/-. Minimum number of installment for SIP (all schemes except DSPBRTSF) : 12. Minimum number of installment for SIP (DSPBRTSF) : 6. Note: Investors are
advised to refer to the Scheme Information Document, KIM and addenda issued from time to time, to know the terms and features of the schemes as prevailing on the date of submission of application for subscription/redemption/switch/non-financial transaction.

RANKINGS/ RATINGS DISCLAIMER: ICRA: ICRA’s mutual fund rating methodology is based on evaluating the inherent credit quality of the funds portfolio. As a measure of the credit quality of a debt fund’s assets, ICRA uses the concept of ‘credit scores’. These scores are based
on ICRA’s estimates of credit risk associated with each exposure of the portfolio taking into account its maturity. To quantify the credit risk scores, ICRA uses its database of historical default rates for various rating categories for various maturity buckets. The credit risk ratings
incorporate ICRA’s assessment of a debt fund’s published investment objectives and policies, its management characteristics, and the creditworthiness of its investment portfolio. ICRA reviews relevant fund information on an ongoing basis to support its published rating opinions.
If the portfolio credit score meets the benchmark of the assigned rating during the review, the rating is retained. In an event that the benchmark credit score is breached, ICRA gives a month’s time to the debt fund manager to bring the portfolio credit score within the benchmark
credit score. If the debt fund manager is able to reduce the portfolio credit score within the benchmark credit score, the rating is retained. If the portfolio still continues to breach the benchmark credit score, the rating is revised to reflect the change in credit quality. The rating, as
aforesaid, however, should not be treated as a recommendation to buy, sell or hold the units issued by DSP BlackRock Mutual Fund (DSPBRMF). The rating is restricted to the Debt Schemes only. ICRA does not assume any responsibility on its part, for any liability, that may arise
consequent to DSPBRMF not complying with any guidelines or directives issued by SEBI or any other mutual fund regulatory body. ICRA reserves the right to suspend, withdraw or revise the above rating at any time on the basis of new information or unavailability of information
or such circumstances, which ICRA believes, may have an impact on the aforesaid ratings. CRISIL: A CRISIL credit quality rating on a bond fund reflects CRISIL’s current opinion on the degree of protection offered by the rated instrument from losses related to credit defaults. It
does not constitute an audit by CRISIL of the fund house, the scheme, or companies in the scheme’s portfolio. CRISIL ratings are based on information provided by the issued or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or
accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the related scheme: it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. CRISIL reserves the
right to suspend, withdraw or revise its rating at any time, on the basis of any new information or unavailability of information or any other circumstances, which CRISIL believes may have an impact on the rating. For the latest rating information on any instrument of any company
rated by CRISIL, please contact CRISIL RATlNG DESK at CRISILratingdesk@crisil.com or at (+91 22) 6691 3001- 09. *CRISIL Mutual Fund Rank: The composite performance of DSP BlackRock Balanced Fund is ‘Very Good performance’ performance in the Open End Consistent
Balanced category, and ranks within Top 10 percentile of the 14 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 5-year period ended Jun 30, 2011. The composite
performance of DSP BlackRock Equity Fund is ‘Very Good performance’ performance in the Open End Consistent Equity category, and ranks within Top 10 percentile of the 52 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance
Rank are Superior Return Score, based on NAVs over the 5-year period ended Jun 30, 2011. The composite performance of DSP BlackRock Natural Resources and New Energy Fund - Growth is ‘Very Good performance’ performance in the Open End Infrastructure Equity Schemes
category, and ranks within Top 10 percentile of the 18 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score based on NAVs over the 2-year period ended Jun 30, 2011, Sectoral concentration, Company
concentration and Liquidity of the scheme. The composite performance of DSP BlackRock Money Manager Fund - Growth is ‘Very Good performance’ performance in the Open End Ultra Short Term Debt Schemes category, and ranks within Top 10 percentile of the 40 schemes
ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score based on NAVs over the 1-year period ended Jun 30, 2011, Asset size, Downside Risk Probability, Company concentration, Liquidity & Asset Quality of
the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL Mutual Fund Rank is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited.
Past performance is no guarantee of future results.

Dspbrmf monthly factsheet_jul_312011

Dspbrmf monthly factsheet_jul_312011

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