Factsheet: Opportunity Favours The Prepared Mind

FACTSHEET
FEBRUARY 28, 2009
OPPORTUNITY FAVOURS THE PREPARED MIND
Macro-economic Review:
quarter. The negative surprise was agricultural output which contracted by 2.2%. Manufacturing growth moderated while the services sector performance for the quarter was robust. l The Index of Industrial Production (IIP) for December 2008 fell 2.0% Y-o-Y due to a significant fall in manufacturing activity and base effects. Consumer durables fell 12.8% while intermediate goods fell 8.5%. l WPI based inflation fell to 3.36% for the week ended February 14, 2009 on the back of lower oil and manufactured goods prices, stemming from a slowdown in demand. The inflation for the previous month was higher at 5.60%. l Trade deficit narrowed in January 2009 as export growth fell by 15.9% Y-o-Y while import growth fell faster by 18.2% primarily on account of the decline in oil prices. The trade deficit narrowed to an 11 month low of US$ 6.1 billion compared to US$ 7.6 billion a month ago. l Credit growth rose to 19.5% while deposit growth was 21.4% for the second week of February 2009. This is the first time in 11 months that the deposit growth is more than the credit growth. l On February 16, 2009, the interim budget was announced, which did not contain any major initiatives. While an interim budget by design does not contain any major initiatives, the market expected some sector-specific policy changes. l The Government of India (GoI) announced a third stimulus package of INR 300 billion envisaging cuts in excise and customs duties, and service tax. l The GoI revised its fiscal deficit estimate for FY09 to 6.0% of GDP from a budgeted 2.5% while gross market borrowings for the government are likely to be to the tune of INR 3.1 trillion for FY09. Source: Internal
l The GDP grew by 5.3% for the third quarter, the slowest quarterly growth this fiscal, down sharply from 7.6% in the previous
Equity Markets:
Overview
BSE Sensex Index closed the month at 8,892, down 5.7% from its previous month close while the Nifty Index closed the month at 2,764, down by 3.9%. l The large cap index outperformed the small and mid cap index for the second month in a row. The BSE Mid-cap Index closed the month down 6.2%, while the BSE Small-cap closed the month down 7.0%. l February saw relatively lesser sector rotation, with Realty again being the worst performing sector; its BSE Sectoral index closing 15.3% down. Autos and FMCG were the best performing sectors, their respective BSE indices closing the month up by 7.3% and 0.5% respectively. l Foreign institutions were net sellers in the cash segment for the second month in a row, albeit at a slower pace. They sold equities worth US$486 million compared to US$866 million in January 2009. On the derivatives side, FIIs continued to be net buyers, for the eighth consecutive month, to the tune of US$200 million. Domestic institutions followed overseas investors, net selling US$361 million worth of stocks and derivatives. l In the cash segment, there was reduced market participation in February 2009, with trading volumes and value both falling by 23% M-o-M. Trading value is 75% below its October 2007 peak, while volumes are 44% down from its December 2007 peak. In the futures market, volumes were down 9% M-o-M, and 69% off the October 2007 peak. Average open interest was up 7% for February 2009, 62% off the January 2008 peak.
l The equity market underperformed most of the global markets in February 2009, after having outperformed in the last two months.
Outlook:
Equities reacted negatively to the interim budget presented by the Government of India (GoI), which was void of the expected industry specific policy changes. The sentiment was exacerbated by a 2% decline in the Index of Industrial Production. Both domestic and overseas institutions contributed to the sell-off in the market. With the timetable for the upcoming general elections getting announced, we believe the GoI will withhold from using fiscal measures to boost the economy. However, with inflation coming off its highs of last year, below Reserve Bank of India's long term target, we expect them to continue reducing interest rates to spur demand. The continuous FII selling has put pressure on the Rupee, taking it to an all time low against the US Dollar. In healthier times, the low currency might have led to an increase in revenue, but in view of the current global environment, even exports seem to be coming down. Going forward, outsourcing as a theme might get marginally negatively impacted with the US adopting a protectionist policy. We believe that the domestic consumption will continue to be the key driver of the economy. India continues to be a largely domestic economy strengthened by a large base of public sector employees, beneficiaries of a pay rise, and the rural population which has gained from high food prices. Recent consumer discretionary demand has shown a marginal improvement. While this does not necessarily point to a reversal in trend, we believe that equity markets will cautiously track this and other global macroeconomic data in the near term. Equities are currently trading at valuations close to their historic lows (approximately 10x estimated FY2009 earnings). However, corporate earnings growth could see a cyclical compression over the next 1-2 years. Once the current global capital crisis eases, we believe corporate access to credit will increase, driving up earnings growth in the longer-term. GDP growth for the third quarter came in at 5.3%. While economies across the globe are slowing given the current credit and growth concerns, India's expected GDP growth of approximately 6.0% p.a. over the next two years continues to be attractive, and should be a major contributor to global GDP growth. While equity markets could see a phase of consolidation in the near term, the trend of reducing interest rates should have a positive impact from a long term perspective. Source: Internal
Fixed Income Markets:

Overview:
l According to the interim budget for 2009-2010 that was unveiled on 16 February 2009, Government spending is set to rise 6% to Rs l The acting Finance Minister, Pranab Mukherjee also suggested that the gross market borrowing of the government, which jumped l The government also decided to relax the provisions of Fiscal Responsibility and Budget Management Act (FRBM) in order to allow l Expectations of elevated levels of government borrowing in the next financial year sent the yield on the highly traded 8.24%
9.53 trillion in FY2010. This will result in a budget gap of 5.5% of gross domestic product by 31 March 2010, compared with a 3% target. 82% to INR 3.06 trillion for 2008-09, was likely to increase further by 18% to INR 3.62 trillion during 2009-10. government to borrow more, if required.
G-sec (maturing in 2018) up 26 bps to close at 6.41% post budget. The yield on the 6.05% bond maturing in February 2019 also increased to close at 6.12%. l Both these bonds closed the month with lower yields on the news of dismal GDP growth figures of 5.3% for the third quarter of 2008-09. l Headline inflation for the week ended 14th February 2009 was at 3.36% compared to 3.92% a week earlier. This 14 month low level was on account of the cut in fuel prices by the government. Manufacturing and primary articles were costlier by 4.67% and 7.31%, respectively. This has led some market participants to expect a cut in benchmark rates. l RBI kept the Repo rate, CRR and the SLR rates unchanged during the month. However, it put pressure on PSU and the other banks to cut lending rates.
Outlook:
l The Government bond market is bracing up for further borrowing by the government to bridge the gap in the revenue collection. l We expect bond yields to trend up due to the government borrowings, if the RBI delays its rate cut announcements. The Government l Money market rates have come down by 15-25 basis points in the last fortnight. However, we expect them to firm up towards the l Corporate bond spreads have narrowed to 245 basis points from around 300 basis points primarily due to upward movement in the
Judging by the interim budget the government is going to borrow Rs. 1,000 crore a day on an average over next 13 months.
bond yield curve is likely to steepen as heavy supply at the long-end of the curve may keep long bond yields elevated.
middle of next month on account of advance tax outflows and redemption pressures in the mutual funds. government bond yields amid thin trading activity.
Source: Internal
AUM AS ON THE LAST BUSINESS DAY OF FEBRUARY (IN RS. CRORE)
SNAPSHOT
283.63 149.34 1,670.30 349.54 29.80
FIXED INCOME SCHEMES

DSP BlackRock Cash Plus Fund DSP BlackRock Liquidity Fund DSP BlackRock Money Manager Fund DSP BlackRock Floating Rate Fund DSP BlackRock Short Term Fund DSP BlackRock Strategic Bond Fund DSP BlackRock Bond Fund DSP BlackRock G Sec Fund- Plan A DSP BlackRock G Sec Fund- Plan B 479.21 939.24 403.68 13.70
EQUITY ORIENTED SCHEMES

DSP BlackRock Equity Fund DSP BlackRock Top 100 Equity Fund DSP BlackRock Opportunities Fund DSP BlackRock India T.I.G.E.R. Fund (The Infrastructure Growth and Economic Reforms Fund) 825.30 994.00 645.67 2,177.07 DSP BlackRock Technology.com Fund DSP BlackRock Small and Mid Cap Fund DSP BlackRock Tax Saver Fund DSP BlackRock Micro Cap Fund DSP BlackRock Natural Resources & New Energy Fund 50.58 400.11 335.95 130.86 169.83
HYBRID SCHEMES
DSP BlackRock Savings Plus Fund - Conservative 3.15 DSP BlackRock Savings Plus Fund - Moderate 64.32 DSP BlackRock Savings Plus Fund - Aggressive 61.92 DSP BlackRock Balanced Fund 409.59
FUND OF FUNDS SCHEME

DSP BlackRock World Gold Fund 1,699.18
DSP BlackRock Cash Plus Fund

FUND MANAGER
Dhawal Dalal Managing this scheme since 1 year and 2 months and total work experience of 12 years.
Portfolio
Sr. No. Name of Instrument Rating Market value (Rs. In lakhs) % to Net Assets
Comparative performance
COMPOUNDED ANNUALISED RETURN PERIOD DSPBRCPF - REGULAR 0.14% 0.27% 0.54% 1.84% 4.24% 8.72% 8.78% Rs. 1119.8205 CRISIL CRISIL DSPBRCPF LIQUID FUND LIQUID FUND INSTITUTIONAL INDEX^ INDEX^ 0.18% 0.38% 0.72% 2.41% 4.89% 9.00% 8.29% 1,496.11 0.14% 0.27% 0.54% 1.86% 4.27% 8.78% 8.84% Rs. 1120.6706 0.18% 0.38% 0.72% 2.41% 4.89% 9.00% 8.29% 1,496.11
INVESTMENT OBJECTIVE
An Open Ended income scheme whose investment objective is to seek to generate reasonable returns commensurate with low risk from a portfolio constituted of money market and debt securities. 1 2 3 4 5
MONEY MARKET INSTRUMENTS Certificate of Deposit HSBC Bank ICICI Bank Exim Bank Exim Bank Kotak Mahindra Bank State Bank of Bikaner & Jaipur Total F1+ A1+ AAA P1+ P1+ P1+ 1,108.22 698.01 566.37 287.04 95.52 23.51 2,778.67 3.91% 2.46% 2.00% 1.01% 0.34% 0.08% 9.80%
Last 7 days Last 15 days Last 30 days Last 3 months Last 6 months Last 1 year Since Inception NAV / Index Value (Feb 27) Date of allotment
25th October, 2007
ASSET ALLOCATION
Upto April 30, 2009: Money market securities and/or Debt securities* with maturity of 182 days 0% 100%; From May 1, 2009: Money market securities and/or Debt securities* with maturity of 91 days. 0% 100%; Upto October 31, 2009: Money market securities and/or Debt securities* with maturity of 365 days and held in other schemes as on February 1, 2009, purchased by way of inter-scheme transfers. 0% - 100%; (*Debt securities may include securitised debts upto 75% of the net assets.) .
^Benchmark. Returns < 1 year are absolute returns. Since inception returns are calculated on Rs. 1000/- invested at inception, viz. date of allotment. All returns are 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.
Securitised Assets 7 Corporate Loan Securitisation Trust Series XXVI B2 (STFL) Total P1+(SO) 2,956.43 2,956.43 10.42% 10.42%
Rating Profile
AAA AA+ AA 3.76% 31.35% 21.86% A1+/P1+ / F1+ 18.22% CASH & CASH EQUIVALENT 24.81%
BONDS & NCD's Listed / awaiting listing on the stock exchanges 8 9 10 11 Citi Financial Consumer Finance FRN Kotak Mahindra Prime FRN Kotak Mahindra Prime FRN IDBI Bank FRB HDFC Citi Financial Consumer Finance Total AA+ LAA LAA AA+ AAA AA+ 7,000.00 4,000.00 2,200.00 1,500.00 500.00 392.09 15,592.09 24.68% 14.10% 7.76% 5.29% 1.76% 1.38% 54.97%
REDEMPTION PROCEEDS
12 13
Normally within 1 Business Day from acceptance of redemption request
CBLO / Reverse Repo Investments
10,955.26 10,955.26
38.63% 38.63%
FEATURES
-
Total
Minimum investment and minimum additional purchase Regular Plan (RP): Rs. 5,000/and Rs. 1,000/- thereafter. Institutional Plan (IP): Rs. 5 crore and Rs. 1 lakh thereafter.
Cash & Cash Equivalent Net Receivables/Payables Total Grand Total (3,919.38) (3,919.38) 28,363.07 (13.82)% (13.82)% 100.00%
Options available: Growth Weekly Dividend Reinvest Daily Dividend Reinvest (only in IP) Entry load: Nil Exit load: Nil
Notes: 1. Modified Duration 0.03 years. 2. Average Maturity 0.32 years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (April 01, 2008 to February 28, 2009): IP: 0.35% RP: 0.40%
NAV AS ON February 27, 2009

Regular Plan Growth - Rs. 1119.8205 Weekly Dividend - Rs. 1000.3624 Institutional Plan Growth - Rs. 1120.6706 Daily Dividend - Rs. 1000.1000 Weekly Dividend - Rs. 1000.3638
DSP BlackRock Liquidity Fund

Portfolio
COMPOUNDED ANNUALISED RETURN PERIOD DSPBRLF - REGULAR 0.13% 0.24% 0.49% 1.70% 3.91% 8.23% 7.25% 6.42% 7.01% Rs. 21.0315 CRISIL LIQUID FUND INDEX^ 0.18% 0.38% 0.72% 2.41% 4.89% 9.00% 7.54% 6.28% NA# 1,496.11 DSPBRLF INSTITUTIONAL 0.13% 0.25% 0.51% 1.76% 4.03% 8.49% 7.50% --7.40% Rs. 1262.3814 CRISIL LIQUID FUND INDEX^ 0.18% 0.38% 0.72% 2.41% 4.89% 9.00% 7.54% --7.33% 1,496.11
FUND MANAGER
Dhawal Dalal Managing this scheme since 10 years and 2 months & total work experience of 12 years.
MONEY MARKET INSTRUMENTS Certificate of Deposit 1 2 NABARD IDBI Bank Total AAA P1+ 492.45 287.25 779.70 3.30% 1.92% 5.22% Last 7 days Last 15 days Last 30 days Last 3 months Last 6 months Last 1 year Last 3 years Securitised Assets 3 4 5 6 Corporate Loan Securitisation Trust Series XXVI B2 (STFL) Corporate Loan Securitisation Trust Series XXVI B1 (STFL) Corporate Debt Trust Series 4 A2 (HPCL) Corporate Loan Securitisation Trust Series 60 A1 (LICHF) Total P1+(SO) P1+(SO) P1+(SO) AAA 1,970.96 140.87 135.29 117.29 2,364.41 13.20% Last 5 years Since Inception NAV / Index Value (Feb 27)
An Open Ended income Scheme, seeking to generate a reasonable return commensurate with low risk and a high degree of liquidity, from a portfolio constituted of money market securities and high quality debt securities.
ASSET ALLOCATION
Date of allotment 11th March, 1998 23rd November, 2005 0.94% ^Benchmark. Returns < 1 year are absolute returns. Since inception returns are calculated on Rs. 1000/- invested at inception, viz. date of allotment. All returns 0.91% are for Growth Option. #Since historical data for the benchmark is not available, 0.79% performance has not been compared. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other 15.84% investments.
BONDS & NCD's Listed / awaiting listing on the stock exchanges 7 8 9 Citi Financial Consumer Finance FRN Tata Motors Finance Kotak Mahindra Prime FRN Total AA+ A LAA 2,000.00 497.48 300.00 2,797.48 13.39% 3.33% 2.01% 18.73%
Rating Profile
AAA AA+ AA 30.87% 13.39% 2.01% A 3.33% P1+ 16.97% CASH & CASH EQUIVALENT 33.43%
Upto April 30, 2009: Money market securities and/or Debt securities* with maturity of 182 days 80% 100%; From May 1, 2009: Money market securities and/or Debt securities* with maturity of 91 days 80% 100%; Upto October 31, 2009: Money market securities and/or Debt securities* with maturity of 365 days and held in other schemes as on February 1, 2009, purchased by way of inter-scheme transfers. 80% - 100%; (*Debt securities may include securitised debts upto 30% of the net assets.)
REDEMPTION PROCEEDS
Unlisted 10 11 GE Money Financial Services FRN Tata Sons FRN Total AAA AAA 2,000.00 2,000.00 4,000.00 13.39% 13.39% 26.78%
Normally within 1 Business Day from acceptance of redemption request.
FEATURES
CBLO / Reverse Repo Investments Total
4,870.79 4,870.79
32.62% 32.62%
Minimum investment and minimum additional purchase - Regular Plan (RP): Rs. 5,000/and Rs. 1,000/- thereafter. - Institutional Plan (IP): Rs. 5 crore and Rs. 1 lakh thereafter. Options/ Sub Options available: Growth Weekly Dividend - Reinvest Dividend - Payout Dividend (available only in IP) Daily Dividend Reinvest Entry load: Nil Exit load: Nil
Cash & Cash Equivalent Net Receivables/Payables Total Grand Total 121.46 121.46 14,933.84 0.81% 0.81% 100.00%
Notes: 1. Modified Duration 0.04 years. 2. Average Maturity 0.42 years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (April 01, 2008 to February 28, 2009): IP: 0.20% RP: 0.53%

Regular Plan Growth - Rs. 21.0315 Weekly Dividend - Rs. 12.4019 Daily Dividend - Rs. 10.0100 Institutional Plan Growth - Rs. 1262.3814 Weekly Dividend - 1000.3580 Daily Dividend - Rs. 1000.2000
DSP BlackRock Floating Rate Fund

FUND MANAGER
Portfolio
COMPOUNDED ANNUALISED RETURN PERIOD DSPBRFRF - REGULAR 4.85% 9.16% 6.82% 6.21% 6.05% Rs. 14.0592 CRISIL LIQUID FUND INDEX^ 4.89% 9.00% 7.54% 6.28% 5.98% 1,496.11 DSPBRFRF INSTITUTIONAL 4.98% 9.44% 7.16% --7.01% Rs. 1256.0379 CRISIL LIQUID FUND INDEX^ 4.89% 9.00% 7.54% --7.25% 1,496.11
MONEY MARKET INSTRUMENTS Certificate of Deposit 1 2 3 ICICI Bank Kotak Mahindra Bank IDBI Bank Total A1+ P1+ P1+ 4,870.70 1,230.26 473.87 6,574.83 13.93% 3.52% 1.36% 18.81%
Last 6 months Last 1 year Last 3 years Last 5 years Since Inception NAV / Index Value (Feb 27) Date of allotment
An Open Ended Income Scheme, seeking to generate interest income through investments in acceptable floating rate assets commensurate with the credit risk. The Scheme may also invest in fixed rate debt securities.
13th May, 2003
18th October, 2005
ASSET ALLOCATION
Treasury Bill 4 TBILL 91 DAY 2009 Total SOV 4,970.88 4,970.88 14.22% 14.22%
Floating rate debt securities* or money market securities: 65% to 100%; Fixed rate debt securities: 0% to 35% (Debt securities may include securitized debts upto 60% of the net assets).
Rating Profile
AAA AA+ AA 37.05% 18.55% 3.15% A1+ / P1+ 18.81% CASH & CASH EQUIVALENT 22.44%
BONDS & NCD's Listed / awaiting listing on the stock exchanges
REDEMPTION PROCEEDS
5 6 7 8 9 10
HDFC FRN IDBI Bank FRB National Housing Bank FRN Citi Financial Consumer Finance Kotak Mahindra Prime FRN NABARD Kotak Mahindra Prime Citi Financial Consumer Finance Total
AAA AA+ AAA AA+ LAA AAA LAA AA+
4,980.23 4,000.00 2,493.67 2,385.76 1,000.00 507.01 99.66 98.02 15,564.35
14.25% 11.44% 7.13% 6.83% 2.86% 1.45% 0.29% 0.28% 44.53%
Normally within 2 Business Days from acceptance of redemption request.
FEATURES
-
11 12
Minimum investment and minimum additional purchase Regular Plan (RP): Rs. 5,000/and Rs. 1,000/- thereafter. - Institutional Plan (IP): Rs. 5 crore and Rs. 1 lakh thereafter. Options available: (for both plans) Growth Dividend - Reinvest Dividend - Payout Dividend Daily Dividend Reinvest Weekly Dividend - Reinvest Dividend - Payout Dividend (Only in IP) Entry load: Nil Exit load: Nil
5,215.68 5,215.68
14.92% 14.92%
Cash & Cash Equivalent Net Receivables/Payables Total Grand Total 2,628.60 2,628.60 34,954.34 7.52% 7.52% 100.00%
Notes: 1. Modified duration 0.27 years. 2. Average Maturity 0.26 years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (April 01, 2008 to February 28, 2009): IP: 0.48% RP: 0.81%

Regular Plan Growth - Rs. 14.0592 Dividend - Rs. 10.6200 Weekly Dividend - Rs. 10.0364 Daily Dividend Reinvest- Rs. 10.0312 Institutional Plan Growth - Rs. 1256.0379 Weekly Dividend - Rs. 1000.1428 Daily Dividend Reinvest - Rs. 1000.0000
DSP BlackRock Money Manager Fund

Portfolio
Sr. No. Name of Instrument Rating Market % to Net value (Rs. In Assets lakhs) Unlisted 30 31 MONEY MARKET INSTRUMENTS Certificate of Deposit 1 2 3 NABARD ICICI Bank ICICI Bank Total AAA A1+ A1+ 6,204.89 497.76 49.86 6,752.51 3.71% 0.30% 0.03% 4.04% CBLO / Reverse Repo Investments Total Treasury Bill 4 5 6 TBILL 91 DAY 2009 TBILL 91 DAY 2009 TBILL 91 DAY 2009 Total SOV SOV SOV 9,993.98 9,905.80 4,970.88 24,870.66 5.98% 5.93% 2.98% 14.89% Cash & Cash Equivalent Net Receivables/Payables Total Grand Total 13,463.99 13,463.99 8.07% 8.07% 25,689.45 25,689.45 15.38% 15.38% 32 33 34 Sobha Developers GE Money Financial Services FRN GE Capital Services India Sobha Developers Tata Sons FRN Total LBBAAA AAA LBBAAA 7,500.00 3,000.00 2,494.11 2,479.68 1,000.00 16,473.79 4.49% 1.80% 1.49% 1.48% 0.60% 9.86%
FUND MANAGER
An Open ended income Scheme, seeking to generate reasonable returns commensurate with low risk and a high degree of liquidity, from a portfolio constituted of money market securities and high quality debt securities.
ASSET ALLOCATION
Money market securities and/or debt securities* which have residual or average maturity of less than or equal to 367 days or have put options within a period not exceeding 367 days. : 65% - 100% Debt securities* which have residual or average maturity of more than 367 days : 0% - 50% *Debt securities may include securitised debts upto 75% of the net assets
167,029.71 100.00%
Securitised Assets 7 8 9 10 11 UBL Trust Series 50 (DLF) UBL Trust Series 56 (DLF) Corporate Debt Trust Series 4 A1 (HPCL) Corporate Loan Securitisation Trust Series 60 A2 (LICHF) Royal Trust PTC Series A1 - May2004 (Citibank N.A.) Total F1(SO) F1(SO) P1+(SO) AAA AAA(SO) 10,447.55 7,698.25 4,876.79 453.72 380.40 23,856.71 6.25% 4.61% 2.92% 0.27% 0.23% 14.28%
COMPOUNDED ANNUALISED RETURN PERIOD DSPBRMMF REGULAR 4.46% 8.67% 7.79% CRISIL LIQUID FUND INDEX^ 4.89% 9.00% 7.74% 1,496.11 DSPBRMMF INSTITUTIONAL 4.67% 9.10% 8.20% Rs. 1225.44 58 CRISIL LIQUID FUND INDEX^ 4.89% 9.00% 7.74% 1,496.11
REDEMPTION PROCEEDS
Last 6 months Last 1 year Since Inception
FEATURES
BONDS & NCD's Listed / awaiting listing on the stock exchanges 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Citi Financial Consumer Finance Citi Financial Consumer Finance FRN Axis Bank FRN HDFC LIC Housing Finance FRN Shriram Transport Finance Company Shriram Transport Finance Company Shriram Transport Finance Company Sundaram Finance Citi Financial Consumer Finance IDBI Bank FRB National Housing Bank FRN Citi Financial Consumer Finance LIC Housing Finance FRN Kotak Mahindra Prime Shriram Transport Finance Company Sundaram Finance Tata Motors Finance Total AA+ AA+ LAA+ AAA AAA AA(ind) AA(ind) AA(ind) AA+ AA+ AA+ AAA AA+ AAA LAA AA(ind) LAA+ A 11,272.62 6,000.00 5,201.32 4,700.00 3,981.57 3,337.90 2,455.35 2,449.14 2,432.62 2,385.76 2,100.00 2,094.68 1,994.58 1,952.66 1,793.86 981.54 492.86 296.14 55,922.60
NAV / Index Value (Feb 27) Rs. 1213.5655 Date of allotment
31st July, 2006
^Benchmark. Returns < 1 year are absolute returns. Since inception returns are 6.75% calculated on Rs. 1000/- invested at inception, viz. date of allotment. All returns are 3.59% 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. 3.11% 2.81% 2.38% 2.00% 1.47% 1.47% 1.46% 1.43% 1.26% 1.25% 1.19% 1.17% 1.07% 0.59% 0.30% 0.18% 33.48%
Minimum investment and minimum additional purchase - Regular Plan (RP): Rs. 5,000/and Rs. 1,000/- thereafter. - Institutional Plan (IP): Rs. 5 crore and Rs. 1 lakh thereafter. Options/ Sub Options available: Growth Weekly Dividend - Reinvest Dividend - Payout Dividend (available only in Inst. Plan) Daily Dividend Reinvest Entry load: Nil Exit load: Nil
Rating Profile
AAA AA+ AA A 30.60% 19.09% 6.60% 0.18% F1 BB- P1+/A1+ CASH & CASH EQUIVALENT 10.86% 5.97% 3.25% 23.45%

Regular Plan Growth - Rs. 1213.5655 Weekly Dividend - Rs. 1000.9999 Daily Dividend - Rs. 1000.8000 Institutional Plan Growth - Rs. 1225.4458 Weekly Dividend - 1001.0108 Daily Dividend - Rs. 1000.8000
DSP BlackRock Short Term Fund

FUND MANAGER
Dhawal Dalal Managing this scheme since over 5 years and 2 months & total work experience of 12 years.
Portfolio
PERIOD Last 6 months Last 1 year Last 3 years Last 5 years Since Inception NAV / Index Value (Feb 27) Date of allotment DSPBRSTF COMPOUNDED ANNUALISED RETURN CRISIL LIQUID FUND INDEX^ 4.35% 4.89% 8.79% 9.00% 7.50% 7.54% 6.42% 6.28% 6.51% 5.92% Rs. 15.0470 1,496.11 9th September, 2002
An Open Ended income Scheme, seeking to generate income commensurate with prudent risk, from a portfolio constituted of money market securities, floating rate debt securities and debt securities.
Securitised Assets 1 2 Royal Trust PTC Series A2 - May2004 (Citibank N.A.) Royal Trust PTC Series A1 - May2004 (Citibank N.A.) Total AAA(SO) AAA(SO) 1,015.43 152.16 1,167.59 34.08% 5.11% 39.19%
ASSET ALLOCATION
50% - 100%.: Money Market Securities, Floating rate debt securities** whose coupon(s) are reset at least once a year, fixed rate debt securities** having an average or residual maturity of less than or equal to 367 days or having put options within a period not exceeding 367 days. 0% - 50%.: Fixed rate debt securities** having residual or average maturity of more than 367 days and floating rate debt security where the next reset date is more than 367 days from the date of purchase. *Floating rate debt securities will include fixed rate debt securities swapped for floating rate returns by using derivatives **Debt securities may include securitised debts up to 60% of the net assets
1,664.53 1,664.53
55.86% 55.86%
Rating Profile
AAA 39.19% CASH & CASH EQUIVALENT 60.81%
Notes: 1. Modified Duration 1.56 years. 2. Average Maturity 3.96 years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (April 01, 2008 to February 28, 2009): 1.06%
REDEMPTION PROCEEDS
Normally within 1 Business Day from acceptance of redemption request.
FEATURES
Minimum first purchase: Rs. 5,000 Minimum additional purchase: Rs. 1,000 Entry load: Nil Exit load: Nil Options available: Growth Weekly Dividend Reinvest Monthly Dividend - Payout Dividend - Reinvest Dividend Dividend - Payout Dividend - Reinvest Dividend

Growth - Rs. 15.0470 Weekly Dividend Reinvest - Rs. 10.1815 Dividend - Rs. 10.8617 Monthly Dividend - Rs. 10.7160
DSP BlackRock Bond Fund

Portfolio
PERIOD Last 6 months COMPOUNDED ANNUALISED RETURN CRISIL COMPOSITE BOND DSPBRBF FUND INDEX^ 12.65% 8.37% 11.57% 7.50% 5.55% 9.59% Rs. 29.5655 29th April, 1997 7.82% 6.50% 4.84% NA# 1,510.38
FUND MANAGER
MONEY MARKET INSTRUMENTS Certificate of Deposit 1 2 HSBC Bank IDBI Bank Total CENTRAL GOVERNMENT SECURITIES 3 4 5 6 7 8.24% CGL 2018 7.46% CGL 2017 07.95% CGL 2032 6.83% CGL 2039 07.56% CGL 2014 Total Securitised Assets 8 India MBS PTC Series 1D (LICHF) Total BONDS & NCD's Listed / awaiting listing on the stock exchanges 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Exim Bank Rural Electrification Corporation Rural Electrification Corporation Shriram Transport Finance Company LIC Housing Finance FRN Power Grid Corporation of India Power Grid Corporation of India Power Grid Corporation of India Power Grid Corporation of India Power Grid Corporation of India Power Grid Corporation of India Power Grid Corporation of India HDFC Power Grid Corporation of India Power Grid Corporation of India Power Grid Corporation of India Power Grid Corporation of India Power Grid Corporation of India Axis Bank FRN Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total Grand Total 3,713.39 3,713.39 93,924.06 3.97% 3.97% 100.00% AAA AAA AAA AA(ind) AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA LAA+ 5,176.15 3,342.40 2,433.12 1,430.53 538.86 516.00 515.79 508.70 508.21 507.76 504.04 503.67 500.00 473.03 469.83 464.91 459.37 457.10 200.05 19,509.52 23,179.02 23,179.02 5.51% 3.56% 2.59% 1.52% 0.57% 0.55% 0.55% 0.54% 0.54% 0.54% 0.54% 0.54% 0.53% 0.50% 0.50% 0.49% 0.49% 0.49% 0.21% 20.76% 24.68% 24.68% AAA(SO) 94.36 94.36 0.10% 0.10% SOV SOV SOV SOV SOV 19,775.00 10,555.00 7,800.00 6,846.00 2,159.00 47,135.00 21.05% 11.24% 8.30% 7.29% 2.30% 50.18% F1+ P1+ 197.02 95.75 292.77 0.21% 0.10% 0.31%
Last 1 year Last 3 years Last 5 years Since Inception NAV / Index Value (Feb 27) Date of allotment
^Benchmark. Returns < 1 year are absolute returns. Since inception returns are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for Growth Option. #Since historical data for the benchmark is not available, performance has not been compared. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
An Open Ended income Scheme, seeking to generate an attractive return, consistent with prudent risk, from a portfolio which is substantially constituted of high quality debt securities, predominantly of issuers domiciled in India. As a secondary objective, the Scheme will seek capital appreciation.
Rating Profile
AAA AA+ AA 69.31% 0.21% 1.52% P1+ / F1+ 0.31% CASH & CASH EQUIVALENT 28.65%
ASSET ALLOCATION
*Debt & Money market securities : Entire 100%. * Debt securities may include securitised debts up to 50% of the net assets
REDEMPTION PROCEEDS
FEATURES
Minimum first purchase: Rs. 5,000 Minimum additional purchase: Rs. 1,000 Options available: Growth Monthly Dividend - Payout Dividend - Reinvest Dividend Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit Load : (For Regular & SIP Investors) - For investments >= Rs 50 lakhs : Nil - For investments < Rs. 50 Lakh, if holding period from Date of Allotment is: < 12 months - 1% >= 12 months - NIL

Growth - Rs. 29.5655 Dividend - Rs. 10.7380 Monthly Dividend - Rs. 11.0093
Notes: 1. Modified Duration 5.51 years. 2. Average Maturity 8.82 years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (April 01, 2008 to February 28, 2009): 2.10%
DSP BlackRock Strategic Bond Fund

FUND MANAGER
Dhawal Dalal Managing this scheme since 1 year and 4 months & total work experience of 12 years.
Portfolio
COMPOUNDED ANNUALISED RETURN PERIOD DSPBRSBF - REGULAR 5.18% 6.81% 7.09% Rs. 1131.9397 CRISIL CRISIL DSPBRSBF COMPOSITE COMPOSITE INSTITUTIONAL BOND FUND BOND FUND # INDEX^ INDEX^ 8.37% 7.82% 8.51% 1,510.38 2.20% 1021.9742 6.87% 1,510.38
An Open ended income Scheme, seeking to generate optimal returns with high liquidity through active management of the portfolio by investing in high quality debt and money market securities.
MONEY MARKET INSTRUMENTS Certificate of Deposit 1 2 3 4 5 6 7 8 State Bank Of Mysore IDBI Bank HSBC Bank HSBC Bank Exim Bank IDBI Bank Oriental Bank of Commerce IDBI Bank Total A1+ A1+ F1+ F1+ AAA P1+ P1+ P1+ 4,993.62 2,499.43 1,822.40 1,072.12 566.37 473.87 379.73 95.75 11,903.29 10.42% 5.22% 3.80%
Last 6 months Last 1 year Since Inception NAV / Index Value (Feb 27) Date of allotment
9th May, 2007
ASSET ALLOCATION
Money market securities and/or debt securities* which have residual or average maturity of less than or equal to 367 days or have put options within a period not exceeding 367 days. : 0% - 100% Debt securities* which have residual or average maturity of more than 367 days : 0% - 100% *Debt securities may include securitised debts upto 75% of the net assets
^Benchmark. Returns < 1 year are absolute returns. Since inception returns are 2.24% calculated on Rs. 1000/- invested at inception, viz. date of allotment. All returns are for Growth Option. #There was no investor for a significant period prior to November 1.18% 12, 2008. Hence last 6 months and last 1 year returns are not shown and the since 0.99% inception returns are absolute returns. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other 0.79% investments. 0.20% 24.84%
Rating Profile
AAA AA+ 60.15% 10.44% A1+ / P1+ / F1+ CASH & CASH EQUIVALENT 23.66% 5.75%
Treasury Bill 9 10 11 TBILL 91 DAY 2009 TBILL 364 DAY 2009 TBILL 91 DAY 2009 Total SOV SOV SOV 9,905.80 4,993.08 2,968.62 17,867.50 20.67% 10.42% 6.19% 37.28%
REDEMPTION PROCEEDS
Minimum investment and minimum additional purchase - Regular Plan (RP): Rs. 5,000/- and Rs. 1,000/- thereafter. - Institutional Plan (IP): Rs. 5 crore and Rs. 1 lakh thereafter. Options available: Growth Weekly Dividend Reinvest Monthly Dividend - Payout Dividend (available only in Inst. Plan) - Reinvest Dividend Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load: Regular Plan - For investments >= Rs 10 lakhs : Nil - For investments < Rs. 10 Lakh, if holding period from Date of Allotment is: < 6 months - 0.50% >= 6 months - NIL Institutional Plan: - Holding period <= 7 calendar days: 0.10% - Holding period > 7 calendar days: Nil
FEATURES
BONDS & NCD's Listed / awaiting listing on the stock exchanges 12 13 14 HDFC Axis Bank FRN National Housing Bank FRN Total AAA LAA+ AAA 7,000.00 5,004.26 3,391.39 15,395.65 14.61% 10.44% 7.08% 32.13%
2,105.17 2,105.17
4.39% 4.39%

Regular Plan Growth - Rs. 1131.9397 Monthly Dividend - Rs. 1015.7935 Dividend - Rs. 1034.3573 Weekly Dividend Reinvest - Rs. 1003.2611 Institutional Plan Growth - Rs. 1021.9742 Dividend - Rs. 1014.7479 Monthly Dividend - Rs. 1017.0100 Weekly Dividend Reinvest - Rs. 1003.2725
10
DSP BlackRock Government Securities Fund

Portfolio
LONGER DURATION PLAN - PLAN A Sr. No. Name of Instrument Rating Market value (Rs. In lakhs) % to Net Assets
COMPOUNDED ANNUALISED RETURN PERIOD DSPBRGF - PLAN A 26.49% 24.88% 12.30% 8.65% 12.98% LONG ICICI SECURITIES SOVEREIGN BOND FUND INDEX^ 23.30% 15.62% 10.51% 7.14% 13.83% 6,351.56 DSPBRGF - PLAN B 3.02% 6.05% 5.98% 5.39% 7.04% Rs. 18.9733 SHORT ICICI SECURITIES SOVEREIGN BOND FUND INDEX^ 10.96% 13.86% 9.65% 7.41% 8.81% 3,555.87
FUND MANAGER
CENTRAL GOVERNMENT SECURITIES 1 2 3 4 5 8.24% CGL 2018 07.95% CGL 2032 6.83% CGL 2039 7.46% CGL 2017 07.56% CGL 2014 Total SOV SOV SOV SOV SOV 13,560.00 9,880.00 7,758.80 2,111.00 149.19 33,458.99 33.59% 24.47% 19.22% 5.23% 0.37% 82.88%
Last 6 months Last 1 year Last 3 years Last 5 years Since Inception Date of allotment
An Open Ended income Scheme, seeking to generate income through investment in Central Government Securities of various maturities.
NAV / Index Value (Feb 27) Rs. 31.5671
ASSET ALLOCATION
30th Sept. 1999
5,595.62 5,595.62
13.86% 13.86%
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%
Cash & Cash Equivalent Net Receivables/Payables Total Grand Total SHORTER DURATION PLAN - PLAN B CBLO / Reverse Repo Investments Total 1,345.68 1,345.68 98.20% 98.20% 1,313.50 1,313.50 40,368.11 3.26% 3.26% 100.00%
REDEMPTION PROCEEDS
Normally within 2 Business Days from acceptance of redemption request
FEATURES
Minimum first purchase: Rs. 5,000 Minimum additional purchase: Rs. 1,000 Options available: (for both plans) Growth Dividend - Payout Dividend - Reinvest Dividend Monthly Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil (for both plans) Exit Load : Nil (for Plan B) For Plan A - For investments >= Rs 50 lakhs : Nil - For investments < Rs. 50 Lakh, if holding period from Date of Allotment is: < 6 months - 1% >= 6 months - NIL
Notes: Plan A: 1. Modified Duration 9.04 years. 2. Average Maturity 15.06 years. Plan B: 1. Modified Duration 0.00 years. 2. Average Maturity 0.00 years.

Plan A Growth - Rs. 31.5671 Dividend - Rs. 11.5809 Monthly Dividend - Rs. 10.8180 Plan B Growth - Rs. 18.9733 Dividend - Rs. 11.1733 Monthly Dividend - Rs. 10.1241
11
DSP BlackRock Savings Plus Fund

FUND MANAGER
Dhawal Dalal Managing this scheme since 2 years and 4 months & total work experience of 12 years. & Apoorva Shah Managing this scheme since 4 years and 4 months & total work experience of 21 years.
Portfolio - Conservative
Sr. No. Name of Instrument Industry Market value (Rs. In lakhs) % to Net Assets
Portfolio - Aggressive
Sr. No. Name of Instrument EQUITY & EQUITY RELATED 1 3.47 2.05 1.99 1.92 1.44 1.36 0.96 0.76 0.48 0.33 0.31 15.07 1.10% 0.65% 0.63% 0.61% 0.46% 0.43% 0.30% 0.24% 0.15% 0.10% 0.10% 4.77% 12 DERIVATIVES NIFTY Index Future Mar 2009 Total BONDS & NCD's 13 14 15 Listed / awaiting listing on the stock exchanges IDBI Bank FRB AA+ HDFC AAA LIC Housing Finance FRN AAA Total Fixed Deposit Bank of Baroda Total CBLO / Reverse Repo Investments 1,500.00 1,300.00 932.26 3,732.26 24.23% 21.00% 15.06% 60.29% Index Future 168.23 168.23 2.72% 2.72% 2 3 4 5 6 7 8 9 10 11 Listed / awaiting listing on the stock exchanges GlaxoSmithKline Pharmaceuticals Pharmaceuticals Consumer Non Nestle India Durables Bajaj Auto Auto Grasim Industries Cement Hindustan Unilever Diversified GAIL (India) Gas Housing Development Finance Finance Corporation Consumer Non Asian Paints Durables Oil & Natural Gas Corpn Oil Tata Steel Ferrous Metals Sesa Goa Minerals / Mining Total 181.92 123.83 121.88 114.74 84.97 84.67 56.54 47.16 28.12 19.71 18.30 881.84 2.94% 2.00% 1.97% 1.85% 1.37% 1.37% 0.91% 0.76% 0.45% 0.32% 0.30% 14.24% Industry Market value (Rs. In lakhs) % to Net Assets
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges 1 2 3 4 5 6 7 8 9 10 11 GlaxoSmithKline Pharmaceuticals Bajaj Auto Nestle India Grasim Industries GAIL (India) Hindustan Unilever Pharmaceuticals Auto Consumer Non Durables Cement Gas Diversified
An Open ended income Scheme, seeking to generate an attractive return, consistent with prudent risk, from a portfolio which is substantially constituted of quality debt securities. The Scheme will also seek to generate capital appreciation by investing a smaller portion of its corpus in equity and equity related securities of the 100 largest corporates, by market capitalization, listed in India.
ASSET ALLOCATION
Conservative: *Debt and Money Market Securities 90% - 100% Equity and Equity Related Securities 0% - 10% Aggressive: *Debt and Money Market Securities 70% - 100% Equity and Equity Related Securities 0% - 30% *Debt securities may include securitised debts upto 50% of the net assets
Housing Development Finance Finance Corporation Asian Paints Oil & Natural Gas Corpn Tata Steel Sesa Goa Total Consumer Non Durables Oil Ferrous Metals Minerals / Mining
REDEMPTION PROCEEDS
Normally within 2 Business Days from acceptance of redemption request 12 13
BONDS & NCD's Listed / awaiting listing on the stock exchanges LIC Housing Finance FRN Axis Bank FRN Total AAA LAA+ 103.58 100.03 203.61 32.88% 31.75% 64.63% 16
FEATURES
Minimum first purchase: Rs. 5,000 Minimum additional purchase: Rs. 1,000 Options available: (in both schemes) Growth Monthly Income Payment* (MIP) - Payout Dividend - Reinvest Dividend Quarterly Income Payment (QIP) - Payout Dividend - Reinvest Dividend Entry load: Nil Exit Load : Aggressive (For Regular and SIP Investors) For investments >= Rs 5 crore: Nil For investments < Rs. 5.0 crore: Holding Period < 12 months: 1% Holding Period >= 12 months: Nil Exit Load : Conservative (For Regular and SIP Investors) For investments >= Rs 50 lakhs : Nil For investments < Rs. 50 Lakh, if holding period from Date of Allotment is: < 12 months - 1% >= 12 months - NIL
24.76 24.76
7.86% 7.86%
Unrated
500.00 500.00 482.23 482.23
8.08% 8.08% 7.79% 7.79%
Cash & Cash Equivalent Net Receivables/Payables Total Grand Total 71.61 71.61 22.74% 22.74%
Total Cash & Cash Equivalent Net Receivables/Payables Total Grand Total
427.16 427.16 6,191.72
6.88% 6.88% 100.00%
315.05 100.00%
Notes: 1. Modified Duration (Debt Securities) 0.01 years 2. Average Maturity 0.14 years Notes: 1. Modified Duration (Debt Securities) 0.23 years 2. Average Maturity 0.12 years 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH 4. Total Expense Ratio (April 01, 2008 to February 28, 2009): 2.24% FITCH.
PERIOD Last 6 months Last 1 year Last 3 years Since Inception NAV / Index Value (Feb 27) Date of allotment COMPOUNDED ANNUALISED RETURN DSPBRSPF - CONSERVATIVE 1.22% 3.51% 5.04% 5.80% Rs. 13.0490 DSPBRSPF - AGGRESSIVE (0.79)% 2.19% 7.12% 9.26% Rs. 15.1848 11th June, 2004 CRISIL MIP BLENDED INDEX^ 0.88% (2.06)% 5.74% 6.73% 1,681.37

Conservative: Growth - Rs. 13.0490 MIP - Rs. 10.4889 QIP - Rs. 10.7038 Aggressive: Growth - Rs. 15.1848 MIP - Rs. 10.4987 QIP - Rs. 11.0379
^Benchmark. Returns < 1 year are absolute returns. Since inception returns are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are 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. *Monthly income is not assured and is subject to availability of distributable surplus.
12
DSP BlackRock Savings Plus Fund

Portfolio - Moderate
PERIOD Last 6 months COMPOUNDED ANNUALISED RETURN CRISIL MIP DSPBRSPF - MODERATE BLENDED INDEX^ 0.37% 0.88% 2.65% 6.22% 7.33% 8.89% Rs. 16.6308 10th March, 2003 (2.06)% 5.74% 5.99% 7.95% 1,681.37
FUND MANAGER
Dhawal Dalal Managing this scheme since 2 years and 4 months & total work experience of 12 years. & Apoorva Shah Managing this scheme since 5 years and 4 months & total work experience of 21 years.
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges 1 2 3 4 5 6 7 8 9 10 11 GlaxoSmithKline Pharmaceuticals Bajaj Auto Grasim Industries Nestle India GAIL (India) Hindustan Unilever Pharmaceuticals Auto Cement Consumer Non Durables Gas Diversified 120.53 83.87 78.95 62.53 60.98 56.18 39.29 31.42 19.50 13.67 12.70 579.62 1.87% 1.30% 1.23% 0.97% 0.95% 0.87% 0.61% 0.49% 0.30% 0.21% 0.20% 9.00%
Last 1 year Last 3 years Last 5 years Since Inception NAV / Index Value (Feb 27) Date of allotment
Housing Development Finance Finance Corporation Asian Paints Oil & Natural Gas Corpn Tata Steel Sesa Goa Total Consumer Non Durables Oil Ferrous Metals Minerals / Mining
Sectoral Allocation
Conservative
PHARMACEUTICALS CONSUMER NON DURABLES AUTO CEMENT GAS DIVERSIFIED 1.10% 0.87% 0.65% 0.61% 0.46% 0.43% FINANCE 0.30% OIL 0.15% FERROUS METALS 0.10% MINERALS / MINING 0.10% DEBT INSTRUMENTS 72.49% CASH & CASH EQUIVALENT 22.74%
An Open ended income Scheme, seeking to generate an attractive return, consistent with prudent risk, from a portfolio which is substantially constituted of quality debt securities. The Scheme will also seek to generate capital appreciation by investing a smaller portion of its corpus in equity and equity related securities of the 100 largest corporates, by market capitalization, listed in India.
ASSET ALLOCATION
*Debt and Money Market Securities 80% - 100% Equity and Equity Related Securities 0% - 20% *Debt securities may include securitised debts upto 50% of the net assets
DERIVATIVES 12 NIFTY Index Future Mar 2009 Total Index Future 142.25 142.25 2.21% 2.21%
Aggressive
PHARMACEUTICALS CONSUMER NON DURABLES AUTO CEMENT DIVERSIFIED GAS FINANCE 2.94% 2.76% 1.97% 1.85% 1.37% 1.37% 0.91% OIL 0.45% FERROUS METALS 0.32% MINERALS / MINING 0.30% DEBT INSTRUMENTS 76.16% DERIVATIVES 2.72% CASH & CASH EQUIVALENT 6.88%
REDEMPTION PROCEEDS
BONDS & NCD's Listed / awaiting listing on the stock exchanges 13 14 15 HDFC LIC Housing Finance FRN LIC Housing Finance FRN Total AAA AAA AAA 2,200.00 1,077.72 1,035.84 4,313.56 34.20% 16.76% 16.10% 67.06%
FEATURES
Moderate
AUTO CEMENT CONSUMER NON DURABLES DIVERSIFIED FERROUS METALS FINANCE GAS 1.30% 1.23% 1.46% 0.87% 0.21% 0.61% 0.95% MINERALS / MINING 0.20% OIL 0.30% PHARMACEUTICALS 1.87% DEBT INSTRUMENTS 86.18% DERIVATIVES 2.21% CASH & CASH EQUIVALENT 2.61%
Fixed Deposit 16 Bank of Baroda Total Unrated 500.00 500.00 7.77% 7.77%
Minimum first purchase: Rs. 5,000 Minimum additional purchase: Rs. 1,000 Options available: Growth MIP* - Payout Dividend - Reinvest Dividend QIP - Payout Dividend - Reinvest Dividend Entry load: Nil Exit Load : Moderate (For Regular and SIP Investors) For investments >= Rs 5 crore: Nil For investments < Rs. 5.0 crore: Holding Period < 12 months: 1% Holding Period >= 12 months: Nil
729.78 729.78
11.35% 11.35%

Moderate: Growth - Rs. 16.6308 MIP - Rs. 11.1090 QIP - Rs. 11.5303
Notes: 1. Modified Duration (Debt Securities) 0.18 years 2. Average Maturity 0.80 years 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (April 01, 2008 to February 28, 2009): 2.17%
*Monthly income is not assured and is subject to availability of distributable surplus.
13
DSP BlackRock Balanced Fund

FUND MANAGER
Apoorva Shah Managing this scheme since 2 years and 4 months & total work experience of 21 years.
Portfolio
Sr. No. Name of Instrument Industry Market value (Rs. In lakhs) % to Net Assets 69 70 2,281.40 1,933.12 1,496.22 1,167.71 1,154.85 1,076.16 902.84 895.23 887.36 861.54 724.95 688.26 648.66 614.58 554.91 505.36 457.67 453.35 446.81 445.79 403.62 398.77 391.84 370.36 367.69 354.49 343.86 336.39 328.74 325.47 322.65 298.74 297.48 274.89 259.67 247.34 236.20 234.14 229.05 227.98 213.95 212.34 206.61 201.58 195.88 192.34 184.05 177.95 172.97 168.36 159.25 151.43 146.70 145.37 142.67 137.54 132.93 123.98 99.79 91.74 89.61 88.28 84.50 78.07 72.35 53.61 28,169.99 5.57% 4.72% 3.65% 2.85% 2.82% 2.63% 2.20% 2.19% 2.17% 2.10% 1.77% 1.68% 1.58% 1.50% 1.35% 1.23% 1.12% 1.11% 1.09% 1.09% 0.99% 0.97% 0.96% 0.90% 0.90% 0.87% 0.84% 0.82% 0.80% 0.79% 0.79% 0.73% 0.73% 0.67% 0.63% 0.60% 0.58% 0.57% 0.56% 0.56% 0.52% 0.52% 0.50% 0.49% 0.48% 0.47% 0.45% 0.43% 0.42% 0.41% 0.39% 0.37% 0.36% 0.35% 0.35% 0.34% 0.32% 0.30% 0.24% 0.22% 0.22% 0.22% 0.21% 0.19% 0.18% 0.13% 68.76% 0.00% 0.00% 71 72 73 74 75 76 77 78 79 80 81 EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges Hindustan Unilever Diversified Reliance Industries Petroleum Products GlaxoSmithKline Pharmaceuticals Pharmaceuticals Infosys Technologies Software Indian Oil Corporation Petroleum Products Consumer Non Durables Nestle India Industrial Capital Goods Bharat Electronics Bharat Petroleum Corpn. Petroleum Products Maruti Suzuki India Auto Cairn India Oil Hindustan Petroleum Corporation Petroleum Products State Bank of India Banks NTPC Power Tata Consultancy Services Software GlaxoSmithKline Consumer Consumer Non Healthcare Durables HDFC Finance Power Grid Corporation of India Power Chambal Fertilizers & Chemicals Fertilisers Larsen & Toubro Diversified Consumer Non Durables Britannia Industries Bharti Airtel Telecom - Services Dr. Reddy's Laboratories Pharmaceuticals GAIL (India) Gas Consumer Non Durables Asian Paints Cipla Pharmaceuticals Cadila Healthcare Pharmaceuticals MphasiS Software Fortis Healthcare Healthcare Services Idea Cellular Telecom - Services Consumer Non Durables EID Parry India Madras Cements Cement Torrent Pharmaceuticals Pharmaceuticals Trent Retailing Sesa Goa Minerals / Mining Consumer Non Durables Balrampur Chini Mills Bayer Cropscience Pesticides Eicher Motors Auto Telecom - Equipment & HCL Infosystems Accessories Oil & Natural Gas Corpn Oil Industrial Capital Goods Praj Industries PTC India Shriram Transport Finance Company Zuari Industries Biocon Bharat Earth Movers HT Media Grasim Industries Jagran Prakashan KEC International IBN18 Broadcast Neyveli Lignite Corporation Gruh Finance ING Vysya Bank Tata Power Co. UTV Software Communications Ballarpur Industries ISMT Jaiprakash Associates Tata Steel Atlas Copco India Bajaj Auto Allied Digital Services B. L. Kashyap and Sons Bajaj Auto Finance PVR Tata Coffee Total Unlisted SIP Technologies & Export * Total Power Finance Fertilisers Pharmaceuticals Industrial Capital Goods Media & Entertainment Cement Media & Entertainment Power Media & Entertainment Power Finance Banks Power Media & Entertainment Paper Ferrous Metals Construction Ferrous Metals Industrial Capital Goods Auto Hardware Construction Finance Media & Entertainment Consumer Non Durables DERIVATIVES NIFTY Index Future Mar 2009 Housing Development Finance Corporation 1440 Call Mar09 Housing Development Finance Corporation 1410 Call Mar09 Reliance Industries 1470 Call Mar09 Maruti Suzuki India 640 Call Mar09 Hindustan Unilever 255 Call Mar09 Maruti Suzuki India 660 Call Mar09 Jaiprakash Associates Mar 2009 Tata Power Co. Mar 2009 Larsen & Toubro Mar 2009 State Bank of India Mar 2009 Infosys Technologies Mar 2009 Reliance Industries Mar 2009 Total Index Future Finance Finance Petroleum Products Auto Diversified Auto Construction Power Diversified Banks Software Petroleum Products 1,065.48 (0.33) (0.42) (0.57) (6.44) (6.56) (11.97) (125.02) (144.35) (443.86) (622.31) (871.49) (948.15) (2,115.99) 539.75 539.75 2.60% 0.00% 0.00% 0.00% (0.02)% (0.02)% (0.03)% (0.31)% (0.35)% (1.08)% (1.52)% (2.13)% (2.31)% (5.17)% 1.32% 1.32%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66
An Open Ended balanced Scheme, seeking to generate long term capital appreciation and current income from a portfolio constituted of equity and equity related securities as well as fixed income securities (debt and money market securities).
ASSET ALLOCATION
82
Equity & equity related securities : 65% - 75%. Fixed income securities (Debt securities, Securitised debt & Money market securities): 25% - 35%.
CENTRAL GOVERNMENT SECURITIES 07.56% CGL 2014 SOV Total BONDS & NCD's Listed / awaiting listing on the stock exchanges LIC Housing Finance FRN AAA IDBI Bank FRB AA+ HDFC AAA LIC Housing Finance FRN AAA Total Fixed Deposit Axis Bank Bank of Baroda Total Unrated Unrated
83 84 85 86
2,694.30 2,000.00 1,000.00 517.92 6,212.22 1,000.00 500.00 1,500.00 3,074.57 3,074.57 3,569.00 3,569.00 40,958.95
6.58% 4.88% 2.44% 1.26% 15.16% 2.44% 1.22% 3.66% 7.51% 7.51% 8.74% 8.74% 100.00%
REDEMPTION PROCEEDS
87 88
CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total Grand Total
FEATURES
Minimum first purchase: Rs. 5,000 Minimum additional purchase: Rs. 1,000 Options available: Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: (For Regular and SIP Investors) Nil Exit load: (For Regular and SIP Investors) Holding period < 6 months: 1% Holding Period >= 6 months but < 12 months: 0.50% Holding Period >= 12 months: Nil
Notes: 1. Modified Duration 0.10 years 2. Average Maturity 0.34 years. 3. *Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. Rs. 0.00 lakh 4. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 5. Portfolio Turnover Ratio (March 2008 to February 2009): 4.60 times
PERIOD Last 6 months Last 1 year Last 3 years Last 5 years Since Inception NAV / Index Value (Feb 27) Date of allotment COMPOUNDED ANNUALISED RETURN DSPBRBalF (24.06)% (31.62)% 3.11% 14.00% 13.58% Rs. 34.677 CRISIL BALANCED FUND INDEX^ (22.06)% (30.90)% 0.98% 7.64% NA# 2,104.97 27th May, 1999
^Benchmark. Returns <1 year are absolute returns. Since inception returns are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for Growth Option. #Since historical data for the benchmark is not available, performance has not been compared. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Growth - Rs. 34.677 Dividend - Rs. 14.246
Sectoral Allocation
AUTO BANKS CEMENT CONSTRUCTION CONSUMER NON DURABLES DIVERSIFIED FERROUS METALS FERTILISERS FINANCE GAS HARDWARE HEALTHCARE SERVICES INDUSTRIAL CAPITAL GOODS MEDIA & ENTERTAINMENT MINERALS / MINING 2.97% 2.04% 1.24% 0.51% 7.52% 6.66% 0.58% 1.61% 2.31% 0.96% 0.22% 0.82% 3.46% 1.84% 0.67% OIL PAPER PESTICIDES PETROLEUM PRODUCTS PHARMACEUTICALS POWER RETAILING SOFTWARE TELECOM - EQUIPMENT & ACCESSORIES TELECOM - SERVICES DEBT INSTRUMENTS DERIVATIVES CASH & CASH EQUIVALENT 2.66% 0.34% 0.60% 11.50% 7.61% 4.38% 0.73% 5.19% 0.57% 1.79% 20.14% (5.17)% 16.25%
67
Software
68
PREFERENCE SHARES Listed / awaiting listing on the stock exchanges Tata Steel Ferrous Metals Total
9.41 9.41
0.02% 0.02%
14
DSP BlackRock Equity Fund

Portfolio
Sr. No. Name of Instrument Industry Market value (Rs. In lakhs) % to Net Assets 69 70 71 6,330.07 4,412.17 3,140.34 3,066.67 3,010.90 2,520.95 2,505.19 2,410.50 2,393.27 1,993.69 1,922.50 1,896.99 1,844.36 1,670.52 1,539.58 1,358.02 1,263.08 1,244.68 1,236.54 1,116.01 1,109.88 1,049.69 1,035.35 1,023.72 992.96 989.93 934.07 931.15 929.88 909.28 879.45 838.46 793.24 747.58 736.56 688.16 672.52 627.36 626.29 617.60 604.96 584.22 562.65 557.97 547.73 542.53 508.68 476.25 472.33 467.84 452.30 444.46 414.78 404.13 394.21 390.19 368.81 348.11 257.79 252.23 247.66 227.98 221.81 203.27 141.70 74,103.75 7.64% 5.32% 3.79% 3.70% 3.63% 3.04% 3.02% 2.91% 2.89% 2.41% 2.32% 2.29% 2.23% 2.02% 1.86% 1.64% 1.52% 1.50% 1.49% 1.35% 1.34% 1.27% 1.25% 1.24% 1.20% 1.19% 1.13% 1.12% 1.12% 1.10% 1.06% 1.01% 0.96% 0.90% 0.89% 0.83% 0.81% 0.76% 0.76% 0.75% 0.73% 0.70% 0.68% 0.67% 0.66% 0.65% 0.61% 0.57% 0.57% 0.56% 0.55% 0.54% 0.50% 0.49% 0.48% 0.47% 0.45% 0.42% 0.31% 0.30% 0.30% 0.28% 0.27% 0.25% 0.17% 89.44% 0.00% 0.00% 0.00% 72 73 74 75 76 77 78 79 80 81 EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges Hindustan Unilever Diversified GlaxoSmithKline Pharmaceuticals Pharmaceuticals Indian Oil Corporation Petroleum Products Infosys Technologies Software Nestle India Consumer Non Durables Maruti Suzuki India Auto Bharat Electronics Industrial Capital Goods Bharat Petroleum Corpn. Petroleum Products Cairn India Oil Reliance Industries Petroleum Products Hindustan Petroleum Corporation Petroleum Products State Bank of India Banks NTPC Power Tata Consultancy Services Software GlaxoSmithKline Consumer Consumer Non Healthcare Durables HDFC Finance Chambal Fertilizers & Fertilisers Chemicals Larsen & Toubro Diversified Britannia Industries Consumer Non Durables Bharti Airtel Telecom - Services Dr. Reddy's Laboratories Pharmaceuticals Asian Paints Consumer Non Durables Cipla Pharmaceuticals Power Grid Corporation of India Power Cadila Healthcare Pharmaceuticals GAIL (India) Gas MphasiS Software EID Parry India Consumer Non Durables Fortis Healthcare Healthcare Services Idea Cellular Telecom - Services Madras Cements Cement Torrent Pharmaceuticals Pharmaceuticals Trent Retailing Sesa Goa Minerals / Mining Balrampur Chini Mills Consumer Non Durables Bayer Cropscience Pesticides Eicher Motors Auto Praj Industries Industrial Capital Goods Oil & Natural Gas Corpn Oil Telecom - Equipment HCL Infosystems & Accessories Shriram Transport Finance Finance Company PTC India Power Biocon Pharmaceuticals Zuari Industries Fertilisers HT Media Media & Entertainment Bharat Earth Movers Industrial Capital Goods Grasim Industries Cement Jagran Prakashan Media & Entertainment IBN18 Broadcast Media & Entertainment KEC International Power Gruh Finance Finance Neyveli Lignite Corporation Power ING Vysya Bank Banks Tata Power Co. Power UTV Software Communications Media & Entertainment Ballarpur Industries Paper ISMT Ferrous Metals Jaiprakash Associates Construction Atlas Copco India Industrial Capital Goods Allied Digital Services Hardware Bajaj Auto Auto B. L. Kashyap and Sons Construction Bajaj Auto Finance Finance PVR Media & Entertainment Tata Coffee Consumer Non Durables Total Unlisted Magnasound (India) * SIP Technologies & Export * Total Media & Entertainment Software DERIVATIVES NIFTY Index Future Mar 2009 Tata Steel Mar 2009 Housing Development Finance Corporation 1410 Call Mar09 Housing Development Finance Corporation 1440 Call Mar09 Reliance Industries 1470 Call Mar09 Maruti Suzuki India 640 Call Mar09 Hindustan Unilever 255 Call Mar09 Maruti Suzuki India 660 Call Mar09 Jaiprakash Associates Mar 2009 Tata Power Co. Mar 2009 Larsen & Toubro Mar 2009 State Bank of India Mar 2009 Infosys Technologies Mar 2009 Total Fixed Deposit Bank of Baroda Bank of Baroda Axis Bank Total Index Future Ferrous Metals Finance Finance Petroleum Products Auto Diversified Auto Construction Power Diversified Banks Software 2,917.41 269.28 (0.21) (0.87) (1.59) (17.83) (17.98) (33.00) (348.28) (401.29) (1,236.47) (1,732.23) (2,195.86) (2,798.92) 2,000.00 1,000.00 1,000.00 4,000.00 3,598.91 3,598.91 3.52% 0.32% 0.00% 0.00% 0.00% (0.02)% (0.02)% (0.04)% (0.42)% (0.48)% (1.49)% (2.09)% (2.65)% (3.37)% 2.41% 1.21% 1.21% 4.83% 4.34% 4.34%
FUND MANAGER
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65
An Open Ended growth Scheme, seeking to generate long term capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of issuers domiciled in India.
ASSET ALLOCATION
82 83 84
Unrated Unrated Unrated
Equity & Equity related securities: 90% to 100% & Debt* & Money market securities: 0% to 10%. * Debt securities/instruments are deemed to include securitised debts
Cash & Cash Equivalent Net Receivables/Payables 3,944.54 4.72% Total 3,944.54 4.72% Grand Total 82,529.70 100.00% Notes: 1. * Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. Rs.0.00 lakh. 2. Portfolio Turnover Ratio (March 2008 to February 2009): 5.51 times 3. Total Expense Ratio (April 01, 2008 to February 28, 2009): IP: 1.41% RP: 1.98% Since Inception: 1. Standard Deviation: 25.64% 2. Beta: 0.83 3. R-Squared: 79.06% 4. Sharpe Ratio: 0.52
REDEMPTION PROCEEDS
FEATURES
-
Minimum investment and minimum additional purchase Regular Plan (RP): Rs. 5,000/- and Rs. 1,000/- thereafter. Institutional Plan (IP): Rs. 5 crore and Rs. 1,000/- thereafter. Growth Dividend
PERIOD Last 6 months Last 1 year Last 3 years Last 5 years Since Inception NAV / Index Value (Feb 27) Date of allotment COMPOUNDED ANNUALISED RETURN DSPBREF (REGULAR PLAN) (31.77)% (41.83)% 2.57% 19.69% 20.79% Rs. 27.900 29th April, 1997 S&P CNX NIFTY^ (36.61)% (47.71)% (3.49)% 8.94% 8.45% 2,763.65
Options available (for both plans):

-
^Benchmark. Returns < 1 year are absolute returns. Since inception returns are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for Dividend Option, without considering entry load and assuming Reinvestment of Dividend. Performance of the Dividend Option is net of Dividend Distribution Tax. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
Entry load: Regular Plan (For Regular & SIP Purchase) For investments < Rs. 5.0 crore: 2.25% For investments >= Rs 5.0 crore: Nil Institutional Plan: Nil Exit load : Regular Plan (For Regular & SIP Purchase) For holding period: < 6 months: 1% >= 6 months but < 12 months: 0.50% >= 12 months: Nil Institutional Plan: Nil
Sectoral Allocation
PETROLEUM PRODUCTS PHARMACEUTICALS CONSUMER NON DURABLES DIVERSIFIED SOFTWARE POWER INDUSTRIAL CAPITAL GOODS AUTO OIL FINANCE BANKS MEDIA & ENTERTAINMENT TELECOM - SERVICES FERTILISERS CEMENT 11.43% 10.80% 10.43% 9.14% 6.85% 5.76% 4.74% 4.15% 3.65% 3.19% 2.79% 2.53% 2.45% 2.19% 1.67% GAS HEALTHCARE SERVICES RETAILING MINERALS / MINING PESTICIDES TELECOM - EQUIPMENT & ACCESSORIES CONSTRUCTION FERROUS METALS PAPER HARDWARE DEBT INSTRUMENTS DERIVATIVES CASH & CASH EQUIVALENT 1.19% 1.12% 0.96% 0.90% 0.83% 0.75% 0.70% 0.49% 0.47% 0.30% 4.83% (3.37)% 9.06%

Regular Plan Growth: Rs. 7.297 Dividend: Rs. 27.900 Institutional Plan Dividend: Rs. 7.316
66 67
68
PREFERENCE SHARES Listed / awaiting listing on the stock exchanges Tata Steel Ferrous Metals Total
29.91 29.91
0.04% 0.04%
15
DSP BlackRock Top 100 Equity Fund

FUND MANAGER
Portfolio
Sr. No. Name of Instrument Industry Market value (Rs. In lakhs) % to Net Assets 38 39 Housing Development Finance Corporation 1440 Call Mar09 Finance (2.73) (20.30) (20.59) (37.67) (407.81) (464.81) (1,755.94) (1,899.26) (2,577.74) 15,174.47 0 (0.02)% (0.02)% (0.04)% (0.41)% (0.47)% (1.77)% (1.91)% (2.59)% 15.27% Maruti Suzuki India 640 Call Mar09 Auto Hindustan Unilever 255 Call Mar09 Diversified Maruti Suzuki India 660 Call Mar09 Auto Jaiprakash Associates Mar 2009 Tata Power Co. Mar 2009 Larsen & Toubro Mar 2009 State Bank of India Mar 2009 Infosys Technologies Mar 2009 Total Fixed Deposit 47 48 49 Bank of Baroda Bank of Baroda Axis Bank Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total Grand Total (10,592.74) 99,399.61 (10.66)% 100.00% (10,592.74) (10.66)% Unrated Unrated Unrated 3,000.00 2,000.00 2,000.00 7,000.00 17,994.96 17,994.96 3.02% 2.01% 2.01% 7.04% 18.10% 18.10% Construction Power Diversified Banks Software
An Open Ended growth Scheme, seeking to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the 100 largest corporates, by market capitalisation, listed in India.
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Hindustan Unilever GlaxoSmithKline Pharmaceuticals Infosys Technologies Maruti Suzuki India Indian Oil Corporation Larsen & Toubro State Bank of India Nestle India HDFC Tata Consultancy Services Bharat Electronics Reliance Industries Bharat Petroleum Corpn. Cairn India NTPC Hindustan Petroleum Corporation Asian Paints Grasim Industries Cipla Bharti Airtel Dr. Reddy's Laboratories GAIL (India) Power Grid Corporation of India Idea Cellular Sun Pharmaceuticals Industries Sesa Goa Oil & Natural Gas Corpn Neyveli Lignite Corporation Tata Power Co. Jaiprakash Associates Bajaj Auto Tata Steel Total PREFERENCE SHARES Listed / awaiting listing on the stock exchanges 33 Tata Steel Total DERIVATIVES 34 35 36 37 NIFTY Index Future Mar 2009 Index Future Tata Steel Mar 2009 Housing Development Finance Corporation 1410 Call Mar09 Reliance Industries 1470 Call Mar09 Ferrous Metals Finance Petroleum Products 22,053.60 311.11 (1.55) (1.84) 0.2219 0.31% 0.00% 0 Ferrous Metals 27.19 27.19 0.03% 0.03% Diversified Pharmaceuticals Software Auto Petroleum Products Diversified Banks Consumer Non Durables Finance Software Industrial Capital Goods Petroleum Products Petroleum Products Oil Power Petroleum Products Consumer Non Durables Cement Pharmaceuticals Telecom - Services Pharmaceuticals Gas Power Telecom - Services Pharmaceuticals Minerals / Mining Oil Power Power Construction Auto Ferrous Metals 7,273.20 5,776.64 4,074.51 3,778.56 3,382.76 3,347.13 3,254.97 3,238.34 3,107.54 2,714.09 2,690.60 2,622.56 2,599.34 2,553.92 2,136.50 2,072.27 1,839.66 1,685.11 1,618.44 1,287.24 1,184.07 1,117.33 1,078.39 1,056.47 1,017.50 882.73 747.45 481.84 468.09 402.94 294.08 11.46 69,795.73 7.32% 5.81% 4.10% 3.80% 3.40% 3.37% 3.27% 3.26% 3.13% 2.73% 2.71% 2.64% 2.62% 2.57% 2.15% 2.08% 1.85% 1.70% 1.63% 1.30% 1.19% 1.12% 1.08% 1.06% 1.02% 0.89% 0.75% 0.48% 0.47% 0.41% 0.30% 0.01% 70.22%
40 41 42 43 44 45 46
ASSET ALLOCATION
Equity and Equity related securities - 90% - 100% Debt, Securitised Debt and Money market securities - 0% - 10%
REDEMPTION PROCEEDS
FEATURES
-
Minimum investment and minimum additional purchase Regular Plan (RP): Rs. 5,000/and Rs. 1,000/- thereafter. - Institutional Plan (IP): Rs. 5 crore and Rs. 1,000/- thereafter. Options available (for both plans) Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Regular Plan (For Regular & SIP Purchase) For investments < Rs. 5.0 crore: 2.25% For investments >= Rs 5.0 crore: Nil Institutional Plan: Nil Exit load : Regular Plan (For Regular & SIP Purchase) For holding period: < 6 months: 1% >= 6 months but < 12 months: 0.50% >= 12 months: Nil Institutional Plan: Nil
Notes: 1. Portfolio Turnover Ratio (March 2008 to February 2009): 8.06 times 2. Total Expense Ratio (April 01, 2008 to February 28, 2009): IP: 1.45% RP: 2.08% Since Inception: 1. Standard Deviation: 25.25% 2. Beta: 0.84 3. R-Squared: 92.44% 4. Sharpe Ratio: 0.92
PERIOD Last 6 months Last 1 year Last 3 years Last 5 years Since Inception NAV / Index Value (Feb 27) Date of allotment COMPOUNDED ANNUALISED RETURN DSPBRTEF (REGULAR PLAN) (27.78)% (36.77)% 4.52% 17.50% 30.61% Rs. 49.316 10th March, 2003 BSE 100^ (40.74)% (52.51)% (5.91)% 9.07% 19.64% 4,516.38

Regular Plan
Growth - Rs. 49.316 Dividend - Rs. 12.359 Institutional Plan Growth - Rs. 6.701 Dividend - Rs. 6.701
^Benchmark. Returns < 1 year are absolute returns. Since inception returns are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for Growth Option, without considering entry load. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
Sectoral Allocation
PETROLEUM PRODUCTS DIVERSIFIED PHARMACEUTICALS SOFTWARE CONSUMER NON DURABLES POWER AUTO OIL BANKS FINANCE 10.74% 10.69% 9.65% 6.83% 5.11% 4.18% 4.10% 3.32% 3.27% 3.13% INDUSTRIAL CAPITAL GOODS 2.71% TELECOM - SERVICES 2.36% CEMENT 1.70% GAS 1.12% MINERALS / MINING 0.89% CONSTRUCTION 0.41% FERROUS METALS 0.04% DEBT INSTRUMENTS 7.04% DERIVATIVES 15.27% CASH & CASH EQUIVALENT 7.44%
16
DSP BlackRock Opportunities Fund

Portfolio
Sr. No. Name of Instrument Industry Market value % to Net (Rs. In lakhs) Assets 68 Pantaloon Retail (India) Total Retailing 15.53 46,859.07 0.02% 72.53%
FUND MANAGER
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges Hindustan Unilever Diversified Reliance Industries Petroleum Products State Bank of India Banks Bharti Airtel Telecom - Services ITC Consumer Non Durables Infosys Technologies Software Oil & Natural Gas Corpn Oil Karur Vysya Bank Banks Bharat Petroleum Corpn. Petroleum Products Colgate Palmolive (India) Consumer Non Durables Hindustan Petroleum Corporation Petroleum Products Piramal Healthcare Pharmaceuticals Nestle India Consumer Non Durables Hero Honda Motors Auto Indian Oil Corporation Petroleum Products Bharat Electronics Industrial Capital Goods Cipla Pharmaceuticals GlaxoSmithKline Pharmaceuticals Pharmaceuticals Larsen & Toubro Diversified Grasim Industries Cement HDFC Bank Banks Crompton Greaves Industrial Capital Goods Tata Consultancy Services Software Bharat Heavy Electricals Industrial Capital Goods Dr. Reddy's Laboratories Pharmaceuticals ICICI Bank Banks United Phosphorous Pesticides Century Textiles & Industries Cement Oracle Financial Services Software Software Sun Pharmaceuticals Industries Pharmaceuticals Britannia Industries Consumer Non Durables Voltas Consumer Durables Sterlite Industries ( India ) Non - Ferrous Metals Tata Steel Ferrous Metals Dishman Pharmaceuticals and Pharmaceuticals Chemicals Mahindra & Mahindra Auto Aditya Birla Nuvo Textile Products Rural Electrification Corporation Finance Deccan Chronicle Holdings Media & Entertainment HDFC Finance Divi's Laboratories Pharmaceuticals Tata Power Co. Power MphasiS Software 3M India Trading United Spirits Consumer Non Durables Reliance Communications Telecom - Services Jindal Saw Ferrous Metals Cairn India Oil Kotak Mahindra Bank Banks Ambuja Cement Cement Glenmark Pharmaceuticals Pharmaceuticals KEC International Power Zee Entertainment Enterprises Media & Entertainment B. L. Kashyap and Sons Construction DCM Shriram Consolidated Diversified Idea Cellular Telecom - Services Take Solutions Software Amtek Auto Auto Ancillaries Dish TV India Media & Entertainment Hinduja Ventures Software Bajaj Auto Finance Finance Jai Corp Ferrous Metals EClerx Services Software GAIL (India) Gas Sintex Industries Industrial Products Telecom - Equipment & MIC Electronics Accessories Country Club India Hotels
Anup Maheshwari Managing this scheme since 1 year and 11 months & total work experience of 14 years.
3,405.38 2,630.24 2,455.48 2,364.37 2,093.54 2,028.39 1,948.51 1,423.45 1,219.18 1,149.75 1,141.77 1,110.62 1,094.33 1,071.26 1,046.53 1,028.65 926.89 912.53 830.69 815.96 801.57 783.72 764.81 744.42 737.03 707.68 705.66 564.75 539.19 528.45 519.46 506.69 494.90 483.13 448.71 363.67 359.28 352.06 335.86 326.37 324.89 322.63 319.98 318.12 311.38 304.56 300.92 297.43 288.90 284.75 267.79 254.60 224.64 200.43 146.82 144.90 141.67 85.85 82.89 81.09 62.67 59.70 57.99 50.30 49.63 47.81 46.27
5.27% 4.07% 3.80% 3.66% 3.24% 3.14% 3.02% 2.20% 1.89% 1.78% 1.77% 1.72% 1.69% 1.66% 1.62% 1.59% 1.44% 1.41% 1.29% 1.26% 1.24% 1.21% 1.18% 1.15% 1.14% 1.10% 1.09% 0.87% 0.84% 0.82% 0.80% 0.78% 0.77% 0.75% 0.69% 0.56% 0.56% 0.55% 0.52% 0.51% 0.50% 0.50% 0.50% 0.49% 0.48% 0.47% 0.47% 0.46% 0.45% 0.44% 0.41% 0.39% 0.35% 0.31% 0.23% 0.22% 0.22% 0.13% 0.13% 0.13% 0.10% 0.09% 0.09% 0.08% 0.08% 0.07% 0.07%
69
PREFERENCE SHARES Listed / awaiting listing on the stock exchanges Tata Steel Ferrous Metals Total DERIVATIVES NIFTY Index Future Mar 2009 Hero Honda Motors Mar 2009 Sterlite Industries ( India ) Mar 2009 Idea Cellular Mar 2009 United Spirits Mar 2009 Bharat Petroleum Corpn. Mar 2009 Tata Steel Mar 2009 Bharti Airtel Mar 2009 Hindalco Industries Mar 2009 Total Fixed Deposit Bank of Baroda Bank of Baroda Axis Bank Total
2.11 2.11 0.00% 0.00%
70 71 72 73 74 75 76 77 78
Index Future Auto Non - Ferrous Metals Telecom - Services Consumer Non Durables Petroleum Products Ferrous Metals Telecom - Services Non - Ferrous Metals
7,164.27 689.54 332.83 281.12 186.64 177.43 169.94 85.86 (192.83) 8,894.80
11.10% 1.07% 0.52% 0.44% 0.29% 0.27% 0.26% 0.13% (0.30)% 13.78%
An Open Ended growth Scheme, seeking to generate long term capital appreciation and whose secondary objective is income generation and the distribution of dividend from a portfolio constituted of equity and equity related securities concentrating on the investment focus of the Scheme.
ASSET ALLOCATION
79 80 81
Unrated Unrated Unrated
1,500.00 1,000.00 1,000.00 3,500.00 12,796.11 12,796.11
2.32% 1.55% 1.55% 5.42% 19.82% 19.82%
Equity & Equity related securities: 80% - 100% Fixed Income securities (Debt* & Money market securities): 0% - 20%. * Debt securities/ instruments are deemed to include securitised debts
REDEMPTION PROCEEDS
(7,484.94) (11.55)% (7,484.94) (11.55)% 64,567.15 100.00%
FEATURES
Notes: 1. Portfolio Turnover Ratio (March 2008 to February 2009): 2.07 times 2. Total Expense Ratio (April 01, 2008 to February 28, 2009): IP: 1.44% RP: 2.05% Since Inception: 1. Standard Deviation: 26.75% 2. Beta: 0.91 3. R-Squared: 84.21% 4. Sharpe Ratio: 0.34
Minimum investment and minimum additional purchase - Regular Plan (RP): Rs. 5,000/and Rs. 1,000/- thereafter. - Institutional Plan (IP): Rs. 5 crore and Rs. 1,000/thereafter. Options available (for both plans) Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Regular Plan (For Regular & SIP Purchase) For investments < Rs. 5.0 crore: 2.25% For investments >= Rs 5.0 crore: Nil Institutional Plan: Nil Exit load : Regular Plan (For Regular & SIP Purchase) For holding period: < 6 months: 1% >= 6 months but < 12 months: 0.50% >= 12 months: Nil Institutional Plan: Nil
PERIOD Last 6 months Last 1 year Last 3 years Last 5 years Since Inception NAV / Index Value (Feb 27) Date of allotment COMPOUNDED ANNUALISED RETURN DSPBROF (REGULAR PLAN) S&P CNX NIFTY^ (33.59)% (36.61)% (47.96)% (47.71)% (4.35)% (3.49)% 13.88% 8.94% 16.42% 8.89% Rs. 38.063 2,763.65 16th May, 2000
^Benchmark. Returns < 1 year are absolute returns. Since inception returns are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for Growth Option, without considering entry load. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
Sectoral Allocation
PETROLEUM PRODUCTS BANKS PHARMACEUTICALS CONSUMER NON DURABLES DIVERSIFIED SOFTWARE TELECOM - SERVICES INDUSTRIAL CAPITAL GOODS OIL CEMENT AUTO FERROUS METALS FINANCE PESTICIDES MEDIA & ENTERTAINMENT POWER 9.35% 8.79% 8.13% 7.99% 6.79% 6.10% 4.35% 3.95% 3.48% 2.57% 2.22% 1.31% 1.16% 1.09% 1.00% 0.89% CONSUMER DURABLES NON - FERROUS METALS TEXTILE PRODUCTS TRADING CONSTRUCTION AUTO ANCILLARIES GAS INDUSTRIAL PRODUCTS HOTELS TELECOM - EQUIPMENT & ACCESSORIES RETAILING DEBT INSTRUMENTS DERIVATIVES CASH & CASH EQUIVALENT 0.78% 0.77% 0.56% 0.49% 0.31% 0.13% 0.08% 0.08% 0.07% 0.07% 0.02% 5.42% 13.78% 8.27%

Regular Plan Growth - Rs. 38.063 Dividend - Rs. 14.837 Institutional Plan Growth - Rs. 4.603 Dividend - Rs. 4.603
17
DSP BlackRock India T.I.G.E.R. Fund

FUND MANAGER
Anup Maheshwari Managing this scheme since 10 months & total work experience of 14 years.
(The Infrastructure Growth and Economic Reforms Fund)
Portfolio
Sr. No. Name of Instrument Industry Market value (Rs. In lakhs) % to Net Assets 63 EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges Reliance Industries Petroleum Products State Bank of India Banks Larsen & Toubro Diversified Oil & Natural Gas Corpn Oil Bharat Heavy Electricals Industrial Capital Goods Bharti Airtel Telecom - Services HDFC Bank Banks Jindal Steel & Power Ferrous Metals Tata Power Co. Power Indian Oil Corporation Petroleum Products Bharat Electronics Industrial Capital Goods GAIL (India) Gas Cairn India Oil Bharat Petroleum Corpn. Petroleum Products Hindustan Petroleum Corporation Petroleum Products Rural Electrification Corporation Finance Power Grid Corporation of India Power GlaxoSmithKline Pharmaceuticals Pharmaceuticals The Great Eastern Shipping Co. Transportation Pfizer Pharmaceuticals IVRCL Infrastructures & Projects Construction Reliance Communications Telecom - Services Sterlite Industries ( India ) Non - Ferrous Metals Infrastructure Development Finance Finance Company Housing Development Finance Finance Corporation Jaiprakash Associates Construction Tata Steel Ferrous Metals ICICI Bank Banks Mundra Port and Special Travel And Economic Zone Transportation NTPC Power Idea Cellular Telecom - Services India Cements Cement Century Textiles & Industries Cement ACC Cement Punjab National Bank Banks Hindustan Construction Co. Construction Great Offshore Oil AstraZeneca Pharma India Pharmaceuticals Engineers India Engineering Ambuja Cement Cement Mahindra Lifespace Developers Construction Jyoti Structures Power KEC International Power Axis Bank Banks Nagarjuna Construction Co. Construction Consolidated Construction Construction Consortium Bharat Earth Movers Industrial Capital Goods UltraTech Cement Cement Television Eighteen India Media & Entertainment Tata Chemicals Fertilisers BGR Energy Systems Industrial Capital Goods Siemens Industrial Capital Goods Lanco Infratech Power Bajaj Electricals Consumer Durables Ador Welding Industrial Products Sesa Goa Minerals / Mining Mercator Lines Transportation Jai Corp Ferrous Metals Pantaloon Retail (India) Retailing Welspun Gujarat Stahl Rohren Ferrous Metals Alstom Projects India Industrial Capital Goods Pantaloon Retail (India) 'B' Class Retailing Total PREFERENCE SHARES Listed / awaiting listing on the stock exchanges Tata Steel Ferrous Metals Total DERIVATIVES NIFTY Index Future Mar 2009 DLF Mar 2009 Tata Steel Mar 2009 Larsen & Toubro Mar 2009 NTPC Mar 2009 State Bank of India Mar 2009 Punjab National Bank Mar 2009 Bharti Airtel Mar 2009 Total 93.83 93.83 0.04% 0.04%
An open ended diversified equity Scheme, seeking to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of corporates, which could benefit from structural changes brought about by continuing liberalization in economic policies by the Government and/or from continuing investments in infrastructure, both by the public and private sector.
ASSET ALLOCATION
Equity and Equity related securities - 90% - 100% Debt Securitised Debt and Money market securities - 0% - 10% ADR, GDR and Foreign securities - 0% - 25%
REDEMPTION PROCEEDS
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62
9,790.54 7,872.76 7,230.63 6,072.45 5,697.43 5,245.56 5,072.23 5,004.32 4,967.47 4,838.77 4,791.92 4,610.67 3,723.43 3,356.68 3,289.16 3,108.35 2,902.79 2,691.81 2,584.46 2,519.48 2,434.81 2,405.01 2,326.57 2,228.81 2,156.33 1,955.75 1,929.19 1,785.43 1,750.81 1,728.95 1,619.61 1,564.32 1,362.53 1,330.21 1,112.40 973.86 928.84 886.44 860.20 857.18 853.47 826.46 822.22 819.42 762.22 696.01 595.99 523.89 424.56 413.56 387.89 369.12 343.61 311.02 296.82 284.94 272.24 269.43 188.78 183.42 46.42 31.51 137,291.16
4.50% 3.62% 3.32% 2.79% 2.62% 2.41% 2.33% 2.30% 2.28% 2.22% 2.20% 2.12% 1.71% 1.54% 1.51% 1.43% 1.33% 1.24% 1.19% 1.16% 1.12% 1.10% 1.07% 1.02% 0.99% 0.90% 0.89% 0.82%
64 65 66 67 68 69 70 71
Index Future Construction Ferrous Metals Diversified Power Banks Banks Telecom - Services
27,821.40 2,071.95 1,024.85 609.70 556.98 474.14 434.22 228.96 33,222.20
12.78% 0.95% 0.47% 0.28% 0.26% 0.22% 0.20% 0.11% 15.27%
72 73
BONDS & NCD's Listed / awaiting listing on the stock exchanges LIC Housing Finance FRN AAA HDFC AAA Total Fixed Deposit Bank of Baroda Axis Bank Total
1,077.72 300.00 1,377.72
0.50% 0.14% 0.64%
74 75
Unrated Unrated
5,000.00 5,000.00 10,000.00 65,213.80 65,213.80
2.30% 2.30% 4.60% 29.95% 29.95%
FEATURES
Minimum investment and minimum additional purchase - Regular Plan (RP): Rs. 5,000/and Rs. 1,000/- thereafter. - Institutional Plan (IP): Rs. 5 crore and Rs. 1,000/- thereafter. Options available (for both plans): Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Regular Plan (For Regular & SIP Purchase) For investments < Rs. 5.0 crore: 2.25% For investments >= Rs 5.0 crore: Nil Institutional Plan: Nil Exit load : Regular Plan (For Regular & SIP Purchase) For holding period: < 6 months: 1% >= 6 months but < 12 months: 0.50% >= 12 months: Nil Institutional Plan: Nil
(29,492.16) (29,492.16) 217,706.55
(13.58)% (13.58)% 100.00%
Notes: 1. Portfolio Turnover Ratio (March 2008 to February 2009): 2.59 times 0.80% 2. Total Expense Ratio (April 01, 2008 to February 28, 2009): IP: 1.44% RP: 1.84% 0.79% Since Inception: 1. Standard Deviation: 27.57% 2. Beta: 0.92 3. R-Squared: 93.11% 0.74% 4. Sharpe Ratio: 0.44

Regular Plan Growth - Rs. 23.195 Dividend - Rs. 10.710 Institutional Plan Growth - Rs. 6.565 Dividend - Rs. 4.689
0.72% 0.63% 0.61% COMPOUNDED ANNUALISED RETURN 0.51% PERIOD DSPBRITF (REGULAR PLAN) BSE 100^ 0.45% 0.43% Last 6 months (35.51% (40.74)% 0.41% Last 1 year (52.79)% (52.51)% 0.40% Last 3 years (1.75)% (5.91)% 0.39% Since Inception 19.52% 12.65% 0.39% NAV / Index Value (Feb 27) Rs. 23.195 4,516.38 0.38% 11th June, 2004 0.38% Date of allotment 0.38% ^Benchmark. Returns < 1 year are absolute returns. Since inception returns are 0.35% calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are 0.32% for Growth Option, without considering entry load. Past performance may or may not be sustained in future and should not be used as a basis for comparison with 0.27% other investments. 0.24% 0.20% 0.19% BANKS 7.66% MINERALS / MINING 0.13% 0.18% CEMENT 2.59% NON - FERROUS METALS 1.07% 0.17% CONSTRUCTION 3.53% OIL 4.93% 0.16% CONSUMER DURABLES 0.14% PETROLEUM PRODUCTS 9.77% 0.14% DIVERSIFIED 3.32% PHARMACEUTICALS 2.81% 0.14% ENGINEERING 0.40% POWER 5.32% 0.13% FERROUS METALS 3.43% RETAILING 0.10% 0.13% FERTILISERS 0.19% TELECOM - SERVICES 4.25% FINANCE 3.44% TRANSPORTATION 1.32% 0.12% GAS 2.12% TRAVEL AND TRANSPORTATION 0.80% 0.09% INDUSTRIAL CAPITAL GOODS 5.46% DEBT INSTRUMENTS 5.24% 0.08% INDUSTRIAL PRODUCTS 0.14% DERIVATIVES 15.27% 0.02% MEDIA & ENTERTAINMENT 0.20% CASH & CASH EQUIVALENT 16.37% 0.01% 63.08%
Sectoral Allocation
18
DSP BlackRock Technology.com Fund

Portfolio
COMPOUNDED ANNUALISED RETURN PERIOD Last 6 months DSPBRTF (47.34)% (54.61)% (6.85)% 10.94% 3.07% Rs. 13.046 BSE TECk^ (43.50)% (47.96)% (10.84)% 7.68% (2.51)% 1,736.47
FUND MANAGER
Apoorva Shah Managing this scheme since 10 months & total work experience of 21 years. & Aseem Gupta Managing this scheme since 10 months & total work experience of 4 years.
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Bharti Airtel Infosys Technologies Allied Digital Services HCL Technologies Tata Consultancy Services MphasiS Geodesic Information Systems Sun TV Network Tanla Solutions Tulip Telecom OnMobile Global MIC Electronics Oracle Financial Services Software Jagran Prakashan Sterlite Technologies Zee News Rolta India Infotech Entereprises Tata Elxsi (India) City Online Services * Total DERIVATIVES 21 22 Infosys Technologies 1260 Call Mar09 Infosys Technologies 1230 Call Mar09 Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total Grand Total 1,153.78 1,153.78 5,057.75 22.83% 22.83% 100.00% Software Software (2.92) (4.32) (7.24) 299.91 299.91 (0.06)% (0.09)% (0.15)% 5.93% 5.93% Telecom - Services Software Hardware Software Software Software Software Media & Entertainment Software Telecom - Services Telecom - Equipment & Accessories Telecom - Equipment & Accessories Software Media & Entertainment Telecom - Equipment & Accessories Media & Entertainment Software Software Software ISP 1,029.40 958.13 263.84 215.75 207.78 192.35 112.28 93.60 81.62 77.68 62.34 58.58 56.15 46.16 43.52 42.66 39.11 15.55 14.80 3,611.30 20.35% 18.94% 5.22%
Last 1 year Last 3 years Last 5 years Since Inception NAV / Index Value (Feb 27)
16th May, 2000 4.27% Date of allotment 4.11% ^Benchmark. Returns < 1 year are absolute returns. Since inception returns are 3.80% calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for Regular Plan - Growth Option, without considering entry load. Past performance 2.22% may or may not be sustained in future and should not be used as a basis for comparison with other investments. 1.85% 1.61% 1.54% 1.23% 1.16% 1.11% 0.91% 0.86% 0.84% 0.77% 0.31% 0.29% 0.00% 71.39%
An Open Ended growth Scheme, seeking to generate long term capital appreciation, and whose secondary objective is income generation and the distribution of dividend from a portfolio constituted of equity and equity related securities concentrating on the investment focus of the Scheme.
Sectoral Allocation
SOFTWARE 37.43% TELECOM - SERVICES 21.89% HARDWARE 5.22% MEDIA & ENTERTAINMENT 3.60% TELECOM - EQUIPMENT & ACCESSORIES 3.25% ISP 0.00% DERIVATIVES (0.15)% CASH & CASH EQUIVALENT 28.76%
ASSET ALLOCATION
Equity & Equity related securities: 80% - 100% Fixed Income securities (Debt* & Money market securities) : 0% - 20%. * Debt securities/instruments are deemed to include securitised debts
REDEMPTION PROCEEDS
FEATURES
Minimum investment and minimum additional purchase - Regular Plan (RP): Rs. 5,000/and Rs. 1,000/- thereafter. - Institutional Plan (IP): Rs. 5 crore and Rs. 1,000/- thereafter. Options available (for both plans) Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Regular Plan (For Regular & SIP Purchase) For investments < Rs. 5.0 crore: 2.25% For investments >= Rs 5.0 crore: Nil Institutional Plan: Nil Exit load : Regular Plan (For Regular & SIP Purchase) For holding period: < 6 months: 1% >= 6 months but < 12 months: 0.50% >= 12 months: Nil Institutional Plan: Nil
Notes: 1. * Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. Rs.0.00 lakh 2. Portfolio Turnover Ratio (March 2008 to February 2009): 3.11 times 3. Total Expense Ratio (April 01, 2008 to February 28, 2009): RP: 2.46% Since Inception: 1. Standard Deviation: 32.91% 2. Beta: 0.79 3. R-Squared: 82.51% 4. Sharpe Ratio: (0.13)

Regular Plan Growth - Rs. 13.046 Dividend - Rs. 9.525
19
DSP BlackRock Small and Mid Cap Fund

FUND MANAGER
Apoorva Shah Managing this scheme since 10 months & total work experience of 21 years. & Anup Maheshwari Managing this scheme since 10 months & total work experience of 14 years.
Portfolio
Sr. No. Name of Instrument Industry Market value (Rs. In lakhs) % to Net Assets 54 55 56 Jaiprakash Associates Tata Coffee Tata Steel Total 1,445.79 1,288.05 1,235.46 1,151.02 1,142.34 1,123.22 1,082.27 1,004.49 1,003.76 937.92 917.03 891.66 880.99 833.63 827.06 812.51 769.64 731.91 682.86 627.46 615.15 580.99 578.69 574.87 569.60 566.79 537.61 517.03 506.31 481.90 436.03 428.54 414.99 409.20 408.76 401.63 386.29 367.31 361.66 320.90 320.39 308.08 290.88 281.82 277.26 246.49 241.96 211.92 209.95 209.12 203.88 179.32 179.07 3.61% 3.22% 3.09% 2.88% 2.86% 2.81% 2.70% 2.51% 2.51% 2.34% 2.29% 2.23% 2.20% 2.08% 2.07% 2.03% 1.92% 59 57 58 DERIVATIVES NIFTY Index Future Mar 2009 Index Future Jaiprakash Associates Mar 2009 Total Fixed Deposit Bank of Baroda Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total Grand Total (665.10) (665.10) 40,011.04 (1.64)% (1.64)% 100.00% Unrated 1,500.00 1,500.00 5,698.83 5,698.83 3.75% 3.75% 14.24% 14.24% Construction 1,198.15 (172.65) 1,025.50 2.99% -0.43% 2.56% Construction Consumer Non Durables Ferrous Metals 169.25 137.58 131.52 32,451.81 0.42% 0.34% 0.33% 81.09%
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Cadila Healthcare MphasiS Marico Bharat Petroleum Corpn. Britannia Industries EID Parry India Jyothy Laboratories Chambal Fertilizers & Chemicals Hindustan Petroleum Corporation Nestle India Cairn India Indian Oil Corporation Bata India Torrent Pharmaceuticals Balrampur Chini Mills Fortis Healthcare Bayer Cropscience Trent Madras Cements PTC India Biocon GlaxoSmithKline Consumer Healthcare HT Media GlaxoSmithKline Pharmaceuticals Gruh Finance Praj Industries Eicher Motors HCL Infosystems CEAT Shriram Transport Finance Company KEC International ING Vysya Bank Fresenius Kabi Oncology Indraprastha Gas Bharat Earth Movers Jagran Prakashan Zuari Industries IBN18 Broadcast ISMT Allied Digital Services Ballarpur Industries Idea Cellular Sesa Goa UTV Software Communications NTPC Navin Fluorine International Kirloskar Brothers PVR Titagarh Wagons Bajaj Auto Finance HDFC Chennai Petroleum Corporation B. L. Kashyap and Sons Pharmaceuticals Software Consumer Non Durables Petroleum Products Consumer Non Durables Consumer Non Durables Consumer Non Durables Fertilisers Petroleum Products Consumer Non Durables Oil Petroleum Products Consumer Non Durables Pharmaceuticals Consumer Non Durables Healthcare Services Pesticides Retailing Cement Power Pharmaceuticals Consumer Non Durables Media & Entertainment Pharmaceuticals Finance Industrial Capital Goods Auto Telecom - Equipment & Accessories Auto Ancillaries Finance Power Banks Pharmaceuticals Gas Industrial Capital Goods Media & Entertainment Fertilisers Media & Entertainment Ferrous Metals Hardware Paper Telecom - Services Minerals / Mining Media & Entertainment Power Chemicals Industrial Products Media & Entertainment Industrial Capital Goods Finance Finance Petroleum Products Construction
An Open ended equity growth scheme, primarily seeking to generate long term capital appreciation from a portfolio substantially constituted of equity and equity related securities, which are not part of top 100 stocks by market capitalization. From time to time, the fund manager will also seek participation in other equity and equity related securities to achieve optimal portfolio construction.
ASSET ALLOCATION
Equity and equity related securities which are: 1. (A) not part of top 100 stocks by market cap: 65% - 100%, (B) in the top 100 stocks by market cap: 0% - 35%; Of 1(A) & 1(B), investments in ADRs, GDRs & foreign securities: 0% - 25%; 2. Debt and Money Market Securities: 0% - 10%.
1.83% Note: 1. Classification of % of holdings based on Market Capitalisation: Large1.71% Cap 16.69%, Mid-Cap 21.48%, Small-Cap 19.86%, Micro-Cap 22.56% 2. Portfolio Turnover Ratio (March 2008 to February 2009): 4.05 times 3. Total Expense Ratio 1.57% (April 01, 2008 to February 28, 2009): RP: 2.02% Since Inception: 1. Standard 1.54% Deviation: 26.12% 2. Beta: 0.78 3. R-Squared: 91.91% 4. Sharpe Ratio: (1.04) 1.45% 1.45% 1.44% 1.42% 1.42% 1.34% 1.29% 1.27% 1.20%
REDEMPTION PROCEEDS
COMPOUNDED ANNUALISED RETURN PERIOD Last 6 months Last 1 year Since Inception NAV / Index Value (Feb 27) Date of allotment DSPBRSMF (REGULAR PLAN) (40.07)% (53.38)% (19.72)% Rs. 6.046 14th Nov. 2006 CNX MID CAP^ (44.28)% (56.01)% (18.14)% 3,175.70
FEATURES
Minimum investment and minimum additional purchase - Regular Plan (RP): Rs. 5,000/and Rs. 1,000/- thereafter. - Institutional Plan (IP): Rs. 5 crore and Rs. 1,000/- thereafter. Options available (for both plans): Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Regular Plan (For Regular & SIP Purchase) For investments < Rs. 5.0 crore: 2.25% For investments >= Rs 5.0 crore: Nil Institutional Plan: Nil Exit load : Regular Plan (For Regular & SIP Purchase) For holding period: < 6 months: 1% >= 6 months but < 12 months: 0.50% >= 12 months: Nil Institutional Plan: Nil
^Benchmark. Returns < 1 year are absolute returns. Since inception returns are 1.09% calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for Growth Option, without considering entry load. DSPBRSMF, which is benchmarked 1.07% to the CNX Midcap Index, is not sponsored, endorsed, sold or promoted by India Index 1.04% Services & products Limited (IISL). IISL is not responsible for any errors or omissions 1.02% or the results 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) 1.02% resulted to such party due to purchase or sale or otherwise of DSPBRSMF marked 1.00% to such index. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. 0.97% 0.92% 0.90% 0.80% 0.80% 0.77% 0.73% 0.70% 0.69% 0.62% 0.60% 0.53% 0.52% 0.52% 0.51% 0.45% 0.45%
Sectoral Allocation
CONSUMER NON DURABLES 19.86% PHARMACEUTICALS 9.71% PETROLEUM PRODUCTS 8.07% MEDIA & ENTERTAINMENT 4.60% FINANCE 3.65% FERTILISERS 3.48% POWER 3.35% SOFTWARE 3.22% INDUSTRIAL CAPITAL GOODS 2.96% OIL 2.29% HEALTHCARE SERVICES 2.03% PESTICIDES 1.92% RETAILING 1.83% CEMENT 1.71% AUTO 1.34% TELECOM - EQUIPMENT & ACCESSORIES 1.29% AUTO ANCILLARIES FERROUS METALS BANKS GAS CONSTRUCTION HARDWARE PAPER TELECOM - SERVICES MINERALS / MINING CHEMICALS INDUSTRIAL PRODUCTS DEBT INSTRUMENTS DERIVATIVES CASH & CASH EQUIVALENT 1.27% 1.23% 1.07% 1.02% 0.87% 0.80% 0.80% 0.77% 0.73% 0.62% 0.60% 3.75% 2.56% 12.60%

Regular Plan Growth - Rs. 6.046 Dividend - Rs. 6.046
20
DSP BlackRock Tax Saver Fund

Portfolio
Sr. No. Name of Instrument Industry Market value (Rs. In lakhs) % to Net Assets 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 Time Technoplast Tata Chemicals Gujarat Fluorochemicals Asahi Songwon Colors Godawari Power And Ispat Saregama India Indo Tech Transformers ABG Shipyard Arshiya International Sujana Towers Ashapura Minechem Country Club India India Glycols GlaxoSmithKline Consumer Healthcare New Delhi Television Kirloskar Electric Company Renaissance Jewellery Zydus Wellness Renaissance Jewellery Warrant * @ Total Industrial Products Fertilisers Gas Chemicals Ferrous Metals Media & Entertainment Power Industrial Capital Goods Transportation Engineering Minerals / Mining Hotels Chemicals Consumer Non Durables Media & Entertainment Industrial Capital Goods Consumer Non Durables Diversified Consumer Non Durables 77.41 75.27 74.85 64.67 64.44 60.30 50.08 45.70 37.04 36.11 31.84 29.34 28.74 27.11 22.20 21.74 15.88 13.04 26,531.45 6,398.97 6,398.97 0.23% 0.22% 0.22% 0.19% 0.19% 0.18% 0.15% 0.14% 0.11% 0.11% 0.09% 0.09% 0.09% 0.08% 0.07% 0.06% 0.05% 0.04% 0.00% 78.96% 19.05% 19.05%
FUND MANAGER
Anup Maheshwari Managing this scheme since 2 years and 2 months & total work experience of 14 years.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges Reliance Industries Petroleum Products Hindustan Unilever Diversified Oil & Natural Gas Corpn Oil State Bank of India Banks Bharti Airtel Telecom - Services Consumer Non Durables ITC Piramal Healthcare Pharmaceuticals NTPC Power HDFC Bank Banks Hero Honda Motors Auto Infosys Technologies Software Consumer Non Durables Britannia Industries Godrej Consumer Products Consumer Non Durables Hindustan Petroleum Petroleum Products Corporation Jindal Steel & Power Ferrous Metals ING Vysya Bank Banks Consumer Non Durables Nestle India Tata Motors Auto Tata Consultancy Services Software Non - Ferrous Metals Sterlite Industries ( India ) Sun Pharmaceuticals Industries Pharmaceuticals ICICI Bank Banks Shriram Transport Finance Finance Company Tata Steel Ferrous Metals Rural Electrification Finance Corporation Dr. Reddy's Laboratories Pharmaceuticals Consumer Non Shree Renuka Sugars Durables GVK Power & Infrastructure Power Allied Digital Services Hardware IVRCL Infrastructures & Construction Projects J.Kumar Infraprojects Construction Cairn India Oil HCL Technologies Software Dishman Pharmaceuticals Pharmaceuticals and Chemicals Cipla Pharmaceuticals Bharat Petroleum Corpn. Petroleum Products Larsen & Toubro Diversified Indian Overseas Bank Banks Nagarjuna Construction Co. Construction Biocon Pharmaceuticals Divi's Laboratories Pharmaceuticals Cadila Healthcare Pharmaceuticals Piramal Life Sciences Pharmaceuticals Lloyd Electric & Engineering Consumer Durables Century Textiles & Industries Cement Blue Star Consumer Durables Gujarat State Fertilizers & Fertilisers Chemicals Procter & Gamble Hygiene Consumer Non and Health Care Durables Deep Industries Gas Media & Entertainment IBN18 Broadcast United Phosphorous Pesticides Max India Industrial Products Prithvi Information Solutions Software Mount Everest Mineral Water Consumer Non Durables Media & Entertainment Zee News Jubilant Organosys Pharmaceuticals Aditya Birla Nuvo Textile Products Geodesic Information Systems Software Adhunik Metaliks Ferrous Metals Ranbaxy Laboratories Pharmaceuticals Arvind Textile Products B. L. Kashyap and Sons Construction Tanla Solutions Software
2,249.66 1,670.37 1,432.62 1,410.17 900.28 845.09 828.55 797.35 758.69 757.45 677.06 657.55 640.28 627.20 540.62 467.72 453.14 447.90 425.46 410.28 394.38 373.23 371.20 355.88 347.30 323.54 302.10 300.75 288.94 264.64 255.15 255.14 254.16 253.40 249.98 248.88 235.94 231.75 214.19 209.58 199.04 191.31 171.03 163.94 161.51 158.34 156.56 155.90 151.08 126.90 125.60 124.77 121.26 120.30 118.32 110.25 108.91 108.56 106.32 98.25 90.05 81.08 78.84
6.70% 4.97% 4.26% 4.20% 2.68% 2.52% 2.47% 2.37% 2.26% 2.25% 2.02% 1.96% 1.91% 1.87% 1.61% 1.39% 1.35% 1.33% 1.27% 1.22% 1.17% 1.11% 1.10% 1.06%
An Open ended equity linked savings scheme, whose primary investment objective is to seek to generate medium to long-term capital appreciation from a diversified portfolio that is substantially constituted of equity and equity related securities of corporates, and to enable investors avail of a deduction from total income, as permitted under the Income Tax Act,1961 from time to time.
ASSET ALLOCATION
Equity and equity related securities: 80% to 100% Of above, investments in ADRs, GDRs and foreign equity securities: 0% to 20% Debt, securitised debt* and money market securities: 0% to 20% * Exposure to securitised debt will not exceed 10% of the net assets of the Scheme.
665.01 665.01 33,595.43
1.99% 1.99% 100.00%
Note: 1. Portfolio Turnover Ratio (March 2008 to February 2009): 2.36 times 2. 1.03% Total Expense Ratio (April 01, 2008 to February 28, 2009): 2.29% Since Inception: 1. Standard Deviation: 30.53% 2. Beta: 0.82 3. R-Squared: 90.92% 4. Sharpe Ratio: 0.96% (0.68) 0.90% 0.90% 0.86% 0.79% 0.76% 0.76% 0.76% 0.75% 0.74% 0.74% 0.70% 0.69% 0.64% 0.62% 0.59% 0.57% 0.51% 0.49% 0.48% 0.47% 0.47% 0.46% 0.45% 0.38% 0.37% 0.37% 0.36% 0.36% 0.35% 0.33% 0.32% 0.32% 0.32% 0.29% 0.27% 0.24% 0.23%
PERIOD Last 6 months Last 1 year Since Inception NAV / Index Value (Feb 27) Date of allotment DSPBRTSF (37.83)% (50.35)% (13.55)% Rs. 7.353
REDEMPTION PROCEEDS
COMPOUNDED ANNUALISED RETURN S&P CNX 500^ (39.44)% (52.03)% (20.33)% 2,112.85 18th Jan. 2007
Normally within 3 Business Days from acceptance of redemption request (subject to completion of the 3 year Lock-in Period).
FEATURES
^Benchmark. Returns < 1 year are absolute returns. Since inception returns are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for Growth Option, without considering entry load. DSPBRTSF, which is benchmarked to the S&P CNX 500 Index, is not sponsored, 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 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 such party due to purchase or sale or otherwise of DSPBRTSF marked to such index. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
Repurchase of Units only after completion of 3 year lock-in period Minimum investment Rs. 500/ Minimum additional purchase Rs. 500/ Options available: Growth Dividend - Payout Dividend - Reinvest Dividend Entry load (For Regular & SIP Purchase) For investments < Rs. 5.0 crore: 2.25% For investments >= Rs 5.0 crore: Nil Exit load: N.A.
Sectoral Allocation
BANKS CONSUMER NON DURABLES PETROLEUM PRODUCTS PHARMACEUTICALS DIVERSIFIED OIL SOFTWARE AUTO POWER FERROUS METALS TELECOM - SERVICES CONSTRUCTION FINANCE NON - FERROUS METALS MEDIA & ENTERTAINMENT 9.65% 9.59% 9.31% 9.00% 5.71% 5.02% 4.96% 3.58% 3.42% 3.18% 2.68% 2.43% 2.13% 1.22% 0.98% CONSUMER DURABLES 0.96% HARDWARE 0.86% FERTILISERS 0.69% GAS 0.67% INDUSTRIAL PRODUCTS 0.60% TEXTILE PRODUCTS 0.59% CEMENT 0.48% PESTICIDES 0.37% CHEMICALS 0.28% INDUSTRIAL CAPITAL GOODS 0.20% ENGINEERING 0.11% TRANSPORTATION 0.11% HOTELS 0.09% MINERALS / MINING 0.09% CASH & CASH EQUIVALENT 21.04%

21
DSP BlackRock Micro Cap Fund

FUND MANAGER
Apoorva Shah Managing this scheme since 10 months & total work experience of 21 years. & Aniruddha Naha Managing this scheme since 10 months & total work experience of 8 years.
Portfolio
Sr. No. Name of Instrument Industry Market value (Rs. In lakhs) % to Net Assets 47 48 VIP Industries Graphite India Total EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Procter & Gamble Hygiene and Health Care TTK Prestige Aptech Emami TRF Nagarjuna Fertilizer & Chemicals Torrent Pharmaceuticals Kennametal India KCP Zuari Industries Bilpower Sterlite Technologies Bata India Oracle Financial Services Software Bharat Earth Movers NIIT Allied Digital Services MIC Electronics J.Kumar Infraprojects Kalindee Rail Nirman (Engineers) Zydus Wellness Orient Paper & Industries Ankur Drugs And Pharma Dwarikesh Sugar Industries Esab India Jyoti Structures Transformers And Rectifiers (India) Dena Bank KEC International Elecon Engineering Co Eimco Elecon (India) CCL Products (India) Taj GVK Hotels & Resorts Gayatri Projects Texmaco Modison Metals * @ Gujarat Alkalies and Chemicals Salora International Tata Elxsi (India) Tantia Constructions Pratibha Industries Balrampur Chini Mills Hyderabad Industries Dish TV India Gujarat Industries Power Co Alstom Projects India Consumer Non Durables Consumer Non Durables Software Consumer Non Durables Industrial Capital Goods Fertilisers Pharmaceuticals Ferrous Metals Cement Fertilisers Industrial Capital Goods Telecom - Equipment & Accessories Consumer Non Durables Software Industrial Capital Goods Software Hardware Telecom - Equipment & Accessories Construction Construction Diversified Cement Pharmaceuticals Consumer Non Durables Industrial Products Power Industrial Capital Goods Banks Power Industrial Capital Goods Industrial Capital Goods Consumer Non Durables Hotels Construction Industrial Capital Goods Ferrous Metals Chemicals Consumer Durables Software Construction Construction Consumer Non Durables Cement Media & Entertainment Power Industrial Capital Goods 460.41 450.43 440.17 406.00 397.21 385.00 380.41 378.44 376.96 343.07 331.58 308.95 274.22 272.91 261.94 248.74 248.46 233.46 217.56 192.49 190.03 187.29 167.20 162.55 159.92 152.69 150.03 140.92 126.60 124.93 119.51 106.46 104.94 103.77 100.66 95.55 94.12 93.92 88.01 83.70 76.47 70.95 68.91 61.25 54.49 44.20 3.52% 3.44% 3.36% 3.10% 3.04% 2.94% 2.91% 2.89% 2.88% 2.62% 2.53% 2.36% 2.10% 2.09% 2.00% 1.90% Cash & Cash Equivalent Net Receivables/Payables Total Grand Total 409.55 409.55 13,085.94 3.14% 3.14% 100.00% 52 49 50 51 DERIVATIVES Chambal Fertilizers & Chemicals Mar 2009 Mercator Lines Mar 2009 Nagarjuna Fertilizer & Chemicals Mar 2009 Total Fixed Deposit Bank of Baroda Total CBLO / Reverse Repo Investments Total Unrated 500.00 500.00 2,099.69 2,099.69 3.82% 3.82% 16.05% 16.05% Fertilisers Transportation Fertilisers 226.99 139.69 100.90 467.58 1.73% 1.07% 0.77% 3.57% Consumer Non Durables Industrial Products 42.00 29.64 9,609.12 0.32% 0.23% 73.42%
A close ended diversified equity growth scheme for a period of 3 years from the date of allotment seeking to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities, which are not part of the top 300 companies by market capitalisation. From time to time, the Investment Manager will also seek participation in other equity and equity related securities to achieve optimal portfolio construction.
ASSET ALLOCATION
1 (a) Equity and equity related securities which are not part of the top 300 stocks by market capitalization: 65% - 100%, 1 (b) Equity and equity related securities which are in the top 300 stocks by market capitalization: 0% - 35% of 1 (a) & (b) above, investments in ADRs, GDRs and foreign securities: 0% - 25% 2. Debt* and Money Market Securities: 0% - 35% *Debt Instruments may include securitised debts up to 10% of the net assets of the Scheme.
1.90% Note: 1.* Total Exposure to illiquid securities is 0.68% of the portfolio,i.e. Rs. 98.29 lakhs 2. @ Thinly traded/Non traded securities and illiquid securities as defined 1.78% in SEBI Regulations and Guidelines. 3. Portfolio Turnover Ratio (March 2008 to February 2009): 4.34 times 4. Total Expense Ratio (April 01, 2008 to February 28, 1.66% 2009): RP: 2.32% 5. Classification of % of holdings based on Market Capitalisation: 1.47% Large-Cap 10.60% Mid-Cap 6.60%, Small-Cap 7.96%, Micro-Cap 55.23% 1.45% 1.43% 1.28% 1.24% 1.22% 1.17% 1.15% 1.08% 0.97% 0.95% Last 6 months Last 1 year Since Inception NAV / Index Value (Feb 25) Date of allotment PERIOD
COMPOUNDED ANNUALISED RETURN DSPBRMCF - REGULAR (50.09)% (61.90)% (36.80)% Rs. 4.575 14th June, 2007 BSE SMALL CAP^ (54.30)% (66.86)% (39.21)% 3,314.69
REDEMPTION PROCEEDS
Normally within 10 Business Days from acceptance of redemption request during the specified redemption period.
FEATURES
Minimum investment and minimum additional purchase - Regular Plan (RP): Rs. 10,000/and Rs. 1,000/- thereafter. - Institutional Plan (IP): Rs. 5 crore and Rs. 5 lakh thereafter. Options available (for both plans): Growth Entry load: N.A. Exit load: (for both plans) Holding period <36 months: 0.50% Holding period >=36 months: Nil
0.91% ^Benchmark. Returns < 1 year are absolute returns. Since inception returns are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are 0.81% for Growth Option, without considering entry load. Past performance may or may 0.80% not be sustained in future and should not be used as a basis for comparison with other investments. 0.79% 0.77% 0.73% 0.72% 0.72% 0.67% 0.64% 0.58% 0.54% 0.53% 0.47% 0.42% 0.34%
Sectoral Allocation
CONSUMER NON DURABLES INDUSTRIAL CAPITAL GOODS SOFTWARE FERTILISERS CONSTRUCTION CEMENT PHARMACEUTICALS TELECOM - EQUIPMENT & ACCESSORIES FERROUS METALS POWER 15.07% 11.69% 8.02% 5.56% 5.14% 4.84% 4.19% 4.14% 3.62% 2.56% HARDWARE DIVERSIFIED INDUSTRIAL PRODUCTS BANKS HOTELS CHEMICALS CONSUMER DURABLES MEDIA & ENTERTAINMENT DEBT INSTRUMENTS DERIVATIVES CASH & CASH EQUIVALENT 1.90% 1.45% 1.45% 1.08% 0.80% 0.72% 0.72% 0.47% 3.82% 3.57% 19.19%

Regular Plan Growth - Rs. 4.575
22
DSP BlackRock World Gold Fund

An open ended Fund of Funds scheme seeking to generate capital appreciation by investing predominantly in units of BGF-WGF. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus.
COMPOUNDED ANNUALISED RETURN PERIOD Last 6 months Last 1 Year Since Inception NAV / Index Value (Feb 27) DSPBRWGF (REGULAR PLAN) FTSE GOLD MINES (CAP)^ (4.56)% (28.05)% 7.43% Rs. 11.1013 14th September, 2007 9.38% (15.03)% 7.29% 115,484.86
FUND MANAGER
Aditya Merchant - Dedicated Fund Manager Managing the overseas investments of the scheme since 10 months & total work experience of 4 years.
Portfolio
Date of allotment
Investment in Foreign Securities 1 Black Rock Global Funds - World Gold Fund (Class A USD Shares) * Total Investment in units of Mutual Fund 2 DSP BlackRock Cash Plus Fund Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total Grand Total 4,339.88 4,339.88 169,917.80 Mutual Funds 3,345.57 3,345.57 599.91 599.91 Foreign Security 161,632.44 161,632.44
^Benchmark. Returns < 1 year are absolute returns. Since inception returns are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for Growth Option, without considering entry load. Past performance may or may not be sustained in future and should not be used as a basis for comparison with 95.12% other investments.
Units of BGF WGF# or other similar overseas mutual fund scheme(s): 90% to 100%; Money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund: 0% to 10%.
ASSET ALLOCATION
95.12%
#In
1.97% 1.97% 0.35% 0.35%
the shares of BGF-WGF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III Fund.
REDEMPTION PROCEEDS
2.56% 2.56% 100.00%
Notes: 1. *Fund domiciled in Luxembourg 2. Total value and percentage of illiquid equity shares - N.A. 3. Total investments in foreign securities as on February 28, 2009 - Rs. 161,632.44 lakhs 4. Total Expense Ratio (April 01, 2008 to February 28, 2009): RP: 0.71%. Investors in DSPBRWGF shall bear the recurring expenses of the Scheme in addition to the expenses of the underlying scheme(s) in which the Scheme will make investment.
FEATURES
-
Minimum investment and minimum additional purchase Regular Plan (RP): Rs. 5,000/- and Rs. 1,000/- thereafter. Institutional Plan (IP): Rs. 5 crore and Rs. 1,000/- thereafter.
Options available: (for both plans): Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Regular Plan (For Regular & SIP Purchase) For investments < Rs. 5.0 crore: 2.25% For investments >= Rs 5.0 crore: Nil Institutional Plan: Nil Exit load : Regular Plan (For Regular & SIP Purchase) For holding period: < 6 months: 1% >= 6 months but < 12 months: 0.50% >= 12 months: Nil Institutional Plan: Nil

23
DSP BlackRock Natural Resources and New Energy Fund

FUND MANAGER
Anup Maheshwari Managing this scheme since inception & total work experience of 14 years. Aditya Merchant - Dedicated Fund Manager Managing the overseas investments of the scheme since 8 months & total work experience of 4 years.
Portfolio
Sr. No. Name of Instrument Industry Market value (Rs. In lakhs) % to Net Assets 39 40 41 GAIL (India) Mar 2009 Sterlite Industries ( India ) Mar 2009 Total 1,305.39 1,131.86 1,116.55 988.09 900.33 767.67 715.40 697.98 515.99 477.03 396.35 368.45 362.30 343.07 315.73 311.21 310.70 255.18 225.74 179.11 172.80 157.50 153.32 147.37 136.44 132.56 113.22 102.06 92.82 72.83 50.87 13,015.92 7.69% 6.66% 6.57% 5.82% 5.30% 4.52% 4.21% 4.11% 3.04% 2.81% 2.33% 2.17% 2.13% 2.02% 1.86% 1.83% 1.83% 1.50% 1.33% 1.05% 1.02% 0.93% 0.90% 0.87% 0.80% 0.78% 0.67% 0.60% 0.55% 0.43% 0.30% 76.63% PERIOD Last 6 months Since Inception NAV / Index Value (Feb 27) Date of allotment CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total Grand Total 1,983.14 1,983.14 16,983.03 11.70% 11.70% 100.00% 1,299.81 1,299.81 7.65% 7.65% 43 Fixed Deposit Bank of Baroda Total Unrated 1,000.00 1,000.00 5.89% 5.89% 42 Investment in Foreign Securities Black Rock Global Funds World Energy Fund * Total Foreign Security 714.10 714.10 4.20% 4.20% Gas (263.15) (315.04) (360.56) (1,029.94) (1.55)% (1.86)% (2.12)% (6.07)% Hindalco Industries Mar 2009 Non - Ferrous Metals Non - Ferrous Metals
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Castrol India Indian Oil Corporation Sterlite Industries ( India ) Reliance Industries Jindal Steel & Power Oil & Natural Gas Corpn Bharat Petroleum Corpn. Cairn India Steel Authority of India Hindustan Petroleum Corporation GAIL (India) Neyveli Lignite Corporation Chambal Fertilizers & Chemicals Bharat Earth Movers Hindalco Industries Shree Renuka Sugars United Phosphorous Tata Power Co. Praj Industries Gujarat Fluorochemicals Tata Steel Gujarat State Fertilizers & Chemicals Tata Chemicals Mcleod Russel India Nagarjuna Fertilizer & Chemicals Petroleum Products Petroleum Products Non - Ferrous Metals Petroleum Products Ferrous Metals Oil Petroleum Products Oil Ferrous Metals Petroleum Products Gas Power Fertilisers Industrial Capital Goods Non - Ferrous Metals Consumer Non Durables Pesticides Power Industrial Capital Goods Gas Ferrous Metals Fertilisers Fertilisers Consumer Non Durables Fertilisers
An Open ended equity growth Scheme seeking to generate long term capital appreciation and provide long term growth opportunities by investing in equity and equity related securities of companies domiciled in India whose pre-dominant economic activity is in the: (a) discovery, development, production, or distribution of natural resources, viz., energy, mining etc; (b) alternative energy and energy technology sectors, with emphasis given to renewable energy, automotive and on-site power generation, energy storage and enabling energy technologies. The Scheme will also invest a certain portion of its corpus in the equity and equity related securities of companies domiciled overseas, which are principally engaged in the discovery, development, production or distribution of natural resources and alternative energy and/or the units/shares of BlackRock Global Funds New Energy Fund, BlackRock Global Funds World Energy Fund and similar other overseas mutual fund schemes.
ASSET ALLOCATION
1. Equity and Equity related Securities of companies domiciled in India, and principally engaged in the discovery, development, production or distribution of Natural Resources and Alternative Energy: 65% - 100%, 2. (a) Equity and Equity related Securities of companies domiciled overseas, and principally engaged in the discovery, development, production or distribution of Natural Resources and Alternative Energy (b) Units/Shares of (i) BGF New Energy Fund (ii) BGF World Energy Fund and (iii) Similar other overseas mutual fund schemes: 0% - 35% 3. Debt and Money Market Securities: 0% - 20%
Notes: 1. *Fund domiciled in Luxembourg 2. Total value and percentage of illiquid equity shares - N.A. 3. Total investments in foreign securities as on February 28, 2009 - Rs. 760.11 lakhs 4. Portfolio Turnover Ratio (March 2008 to February 2009): 4.41 times 5. Total Expense Ratio (April 01, 2008 to February 28, 2009): IP: 0.95% RP: 1.85%. Investors in DSPBRNRNEF shall bear the proportionate recurring expenses of underlying schemes in addition to the expenses of the Scheme.
REDEMPTION PROCEEDS FEATURES
ABSOLUTE RETURN DSPBRNRNEF - REGULAR PLAN (32.64)% (35.89)% Rs. 6.411 25th April, 2008 COMPOSITE BENCHMARK^ (41.11)% (48.72)% 51.28
Minimum investment and minimum additional purchase - Regular Plan: Rs. 5,000/and Rs. 1000/- thereafter. - Institutional Plan: Rs. 5 crore and Rs. 1000/- thereafter. Options available: Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Regular Plan: (For Regular & SIP Purchase) For investments < Rs 5.0 crore : 2.25% For investments >= Rs 5.0 crore : Nil Institutional Plan: Nil Exit load: Regular Plan: (For Regular & SIP Purchase) For holding period: < 6 months: 1% >= 6 months but < 12 months: 0.50% >= 12 months: Nil Institutional Plan: Nil
Gujarat Mineral Development Minerals / Mining Corporation Adhunik Metaliks Zuari Industries Gujarat NRE Coke Deep Industries Shiv-Vani Oil & Gas Exploration Services Total DERIVATIVES Ferrous Metals Fertilisers Minerals / Mining Gas Oil
^Composite Benchmark = 30% BSE Metals + 35% BSE Oil & Gas + 35% MSCI World Energy Index (Net & Expressed in INR; Normalised Values) Since inception returns are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for Growth Option, without considering entry load. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
Sectoral Allocation
PETROLEUM PRODUCTS FERROUS METALS OIL NON - FERROUS METALS FERTILISERS FOREIGN SECURITY GAS POWER 27.19% 10.03% 8.93% 8.43% 5.36% 4.20% 3.81% 3.67% INDUSTRIAL CAPITAL GOODS CONSUMER NON DURABLES PESTICIDES MINERALS / MINING DEBT INSTRUMENTS DERIVATIVES CASH & CASH EQUIVALENT 3.35% 2.70% 1.83% 1.33% 5.89% (6.07)% 19.35%
32 33 34 35 36 37 38
NIFTY 2500 Put Mar09 NIFTY 2400 Put Mar09 NIFTY 2300 Put Mar09 NIFTY 3000 Call Mar09 NIFTY 2900 Call Mar09 NIFTY Index Future Mar 2009 Praj Industries Mar 2009
Index Option Index Option Index Option Index Option Index Option Index Future Industrial Capital Goods
5.39 3.38 0.31 (0.20) (10.25) (41.03) (48.79)
0.03% 0.02% 0.00% 0.00% (0.06)% (0.24)% (0.29)%

Regular Plan Growth - Rs. 6.411 Dividend - Rs. 6.411 Institutional Plan Growth - Rs. 6.466
24
Dividend History*
DSPBRSPF - Conservative^ Record Date Dividend per Unit (Rs.) Individuals/HUF 0.029782 0.021899 0.020147 0.076207 Others 0.027719 0.020382 0.018751 0.070928 MIP# (during the last quarter) 28-Jan-09 26-Dec-08 26-Dec-08 26-Sep-08 10.4969 10.4646 10.6418 10.7112 NAV (Rs.) Record Date DSPBRSBF^ Dividend per Unit (Rs.) Individuals/HUF 4.315778 5.036680 4.747619 13.270995 14.650170 8.409066 8.365269 14.015110 8.759444 DSPBRBF^ Record Date --Dividend per Unit (Rs.) Individuals/HUF 0.032410 0.306581 0.919742 0.123508 0.148911 0.113873 0.218986 0.087700 0.087700 0.570050 0.087700 DSPBRFRF^ Record Date Dividend per Unit (Rs.) Individuals/HUF 0.000781 0.183948 0.137152 0.140269 0.113873 0.113873 0.131392 0.118395 0.118395 0.118395 0.087700 0.087700 DSPBRSTF^ Record Date Dividend per Unit (Rs.) Individuals/HUF 0.060440 0.052557 0.067886 0.185700 0.145407 0.167743 0.157670 0.148911 0.175189 0.140151 0.035080 0.157860 0.157860 0.157860 0.087700 Others 0.056253 0.048916 0.063183 0.172835 0.135333 0.156123 0.146747 0.138594 0.163052 0.130442 0.032669 0.147011 0.147011 0.147011 0.081673 NAV (Rs.) Others 0.000727 0.171205 0.137152 0.140269 0.105984 0.105984 0.122289 0.110258 0.110258 0.110258 0.081673 0.081673 NAV (Rs.) Record Date 29-Feb-08 Others 0.030165 0.285342 0.856025 0.114952 0.138594 0.105984 0.203815 0.081673 0.081673 0.530872 0.081673 NAV (Rs.) Others 4.016794 4.687755 4.418718 12.351622 13.635252 7.826512 7.785749 13.044187 8.152617 NAV (Rs.) Record Date 12-Dec-08 21-Sept-07 22-Aug-06 DSPBRBalF ~ Dividend per Unit (Rs.) 1.50 6.00 4.00 DSPBREF ~ Record Date 25-Jan-08 25-Jan-07 19-Dec-05 Dividend per Unit (Rs.) 7.00 7.00 6.00 DSPBRTEF ~ Record Date --23-May-08 15-Jun-07 10-Apr-06 Dividend per Unit (Rs.) 5.00 5.00 7.50 DSPBROF ~ Record Date 28-Mar-08 8-Mar-07 24-Jan-06 Dividend per Unit (Rs.) 4.00 5.00 5.00 DSPBRITF Record Date 22-Feb-08 21-Mar-07 27-Feb-06 Dividend per Unit (Rs.) 5.00 4.50 4.50 DSPBRTSF ~ Dividend per Unit (Rs.) 3.6 DSPBRTF ~ Record Date 04-Jan-08 Dividend per Unit (Rs.) 10.00 NAV (Rs.) 37.138 NAV (Rs.) 14.755 NAV (Rs.) 26.965 21.964 21.72 DSPBRBalF ~ NAV (Rs.) 29.4860 28.219 27.60 NAV (Rs.) 23.8800 24.896 27.43 NAV (Rs.) 56.408 47.722 37.29 NAV (Rs.) 15.861 27.1880 23.39
Monthly Dividend Option (during the last quarter) 5-Feb-09 5-Jan-09 5-Dec-08 26-Dec-08 26-Sep-08 27-Jun-08 28-Mar-08 28-Sep-07 27-Jun-07 1,017.3652 1,017.5590 1,015.7393 1,038.2028 1,036.9717 1,015.8597 1,020.2549 1,022.1533 1,012.7420
QIP (during the last 3 quarters)
Dividend Option (during the last 3 years)
DSPBRSPF - Moderate^ Record Date Dividend per Unit (Rs.) Individuals/HUF ----Others ----MIP# (during the last quarter) ----QIP (during the last 3 quarters) NAV (Rs.)
Monthly Dividend Option (during the last quarter) 28-Jan-09 26-Dec-08 11.1502 11.4267 11.8149 10.7598 10.7766 10.8205 10.8918 10.7238 10.7084 --11.1549
DSPBRSPF - Aggressive^ Record Date Dividend per Unit (Rs.) Individuals/HUF ----DSPBRGF^ Record Date Dividend per Unit (Rs.) Individuals/HUF 0.265411 0.353006 0.287310 1.994963 0.424833 0.271543 0.15767 0.394175 0.04385 0.2631 0.1754 0.029782 0.042483 0.041607 0.149786 0.134019 0.111245 0.157670 0.113873 0.262783 0.175400 0.306950 0.219250 Others 0.247024 0.328550 0.267406 1.856759 0.395402 0.252731 0.146747 0.366868 0.040836 0.245018 0.163345 0.027719 0.039540 0.038725 0.139410 0.124735 0.103538 0.146747 0.105984 0.244579 0.163345 0.285854 0.204182 NAV (Rs.) Others ----MIP# (during the last quarter) --------QIP (during the last 3 quarters) NAV (Rs.)
Dividend Option (during the last 3 years) 26-Dec-08 26-Sep-08 28-Mar-08 28-Dec-07 28-Sep-07 28-Mar-07 28-Dec-06 30-Sep-06 3-Jul-06
Monthly Dividend Option Plan A (during the last quarter) 28-Jan-09 26-Dec-08 28-Nov-08 26-Dec-008 26-Sep-08 28-Mar-08 28-Dec-07 28-Sep-07 28-Mar-07 30-Sep-06 28-Mar-06 28-Jan-09 26-Dec-08 28-Nov -08 26-Dec-08 26-Sep-08 27-Jun-08 28-Mar-08 28-Dec-07 28-Sep-07 28-Mar-07 30-Sep-06 28-Mar-06 11.4501 11.4586 10.7172 13.7825 11.7085 11.6683 11.6873 11.8751 11.4912 0 11.624 10.1296 10.1383 10.1222 11.2690 11.2302 11.1511 11.1791 11.1298 11.2686 11.1455 --11.1521
Dividend Option (during the last 3 years) 16-Feb-09 26-Dec-08 26-Sep-08 27-Jun-08 28-Mar-08 28-Dec-07 28-Sep-07 28-Mar-07 28-Dec-06 30-Sep-06 3-Jul-06 28-Mar-06 10.5936 10.6536 10.5845 10.5296 10.4675 10.4364 10.4384 10.3822 10.3555 10.3359 10.2868 10.2349
Dividend Option Plan A (during the last 3 years)
Monthly Dividend Option Plan B (during the last 3 months)
Dividend Option Plan B (during the last 3 years)
Monthly Dividend Option (during the last 3 months) 28-Jan-09 26-Dec-08 28-Nov-08 26-Dec-08 26-Sep-08 27-Jun-08 28-Mar-08 28-Dec-07 28-Sep-07 27-Jun-07 28-Mar-07 28-Dec-06 30-Sep-06 3-Jul-06 28-Mar-06 10.7237 10.7008 10.7016 10.9279 10.8509 10.8196 10.7766 10.7327 10.7225 10.6161 10.4439 10.6514 --10.6633 10.5392
Dividend Option (during the last 3 years)
^ Post declaration of the dividend, the NAV of the scheme will fall to the extent of the dividend pay out and distribution tax, surcharge and cess. ~ Post declaration of the dividend, the NAV of the scheme will fall to the extent of the dividend pay out. * For complete list of dividends, visit www.dspblackrock.com. # Monthly income is not assured and is subject to availability of distributable surplus.
Summary: Key Features of the existing schemes

DIVIDEND REINVEST 5000 5 cr 5000 5 cr 5000 Nil 5000 5 cr Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil PAYOUT REINVEST PAYOUT REINVEST PAYOUT REINVEST DAILY DIV REINVEST PURCHASE ENTRY LOAD# MONTHLY DIVIDEND QUARTERLY DIVIDEND WEEKLY DIVIDEND EXIT LOAD
FUND NAME
OPTION\PLAN
GROWTH
PAYOUT
DSPBRLF, DSPBRMMF
RP
IP

5000
DSPBRFRF
RP
IP
DSPBRSTF

5000 5000 5000 5 cr 5000
RP*
DSPBRSBF
Investments >= Rs. 10 lakhs: Nil Investments < Rs. 10 lakhs :Holding Period < 6 months: 0.50% Holding Period >= 6 months: Nil Holding Period <=7 days: 0.10% Holding Period > 7 days: Nil Nil Investments >= Rs. 50 lakhs: Nil Investments < Rs. 50 lakhs :Holding Period < 12 months: 1% Holding Period >= 12 months: Nil Nil Nil Nil Nil Nil
IP
DSPBRBF*
DSPBRGF*
Plan A
Plan B
Investments >= Rs. 50 lakhs: Nil Investments < Rs. 50 lakhs :Holding Period < 6 months: 1% Holding Period >= 6 months: Nil Nil Nil Nil
DSPBRCPF
RP
IP
DSPBRSPF - CONSERVATIVE*
DSPBRSPF - AGGRESSIVE* & MODERATE*
5000
Nil
DSPBRBalF*
5000 5000 5 cr 5000 5 cr 500 10000 5 cr
Nil Investments < Rs. 5 Crs: 2.25% Investments > = Rs 5.0 cr: Nil Nil Investments < Rs. 5 Crs: 2.25% Investments >= to Rs 5.0 cr: Nil Nil
DSPBREF, DSPBRTEF, DSPBROF, DSPBRITF, DSPBRSMF, DSPBRTF, DSPBRNRNEF
RP*
IP
Investments >= Rs. 50 lakhs: Nil Investments < Rs. 50 lakhs :Holding Period < 12 months: 1% Holding Period >= 12 months: Nil Investments >= Rs. 5 Crs.: Nil Investments < Rs. 5 Crs. :Holding Period < 12 months: 1% Holding Period >= 12 months: Nil Holding Period < 6 months:1% Holding Period >= 6 months but < 12 months: 0.5% Holding Period >=12 months: Nil Holding Period < 6 months:1% Holding Period >= 6 months but < 12 months: 0.5% Holding Period >=12 months: Nil Nil
DSPBRWGF
RP*
IP
Holding Period < 6 months:1% Holding Period >= 6 months but < 12 months: 0.5% Holding Period >=12 months: Nil Nil N.A. Holding Period < 36 months: 0.50% Holding Period >= 36 months: Nil N.A.
DSPBRTSF^*
DSPBRMCF
RP
Investments < Rs. 5 Crs: 2.25% Investments >= to Rs 5.0 cr: Nil N.A.
IP
For DSPBRSPF, please read Monthly Dividend as Monthly Income Payment and Quarterly Dividend as Quarterly Income Payment. #No Entry Load on direct investments. ^Redemptions in DSPBRTSF are subject to a lock-in period of 3 years from date of allotment. Minimum amount for SIP Rs. 1,000 with a minimum of 12 installments. In this document RP = Regular Plan and IP = Institutional Plan. All scheme features are as of February 28, 2009. *SIP available in these schemes only; STP/ SWP available in all schemes except for DSPBRMCF.
List of Official Points of Acceptance of Transactions*

Ahmedabad Bangalore Bhubneshwar Chandigarh Chennai Coimbatore Goa Guwahati Hyderabad Indore Jaipur Jamshedpur Kanpur Kochi Kolkata Lucknow Ludhiana Mangalore Mumbai Nagpur Nashik New Delhi Patna Pune Rajkot Surat Vadodara Vishakapatnam 3rd Eye One, Office No. 301, 3rd Floor, Opp. Hovmor Restaurant, Nr Panchvati Circle, C.G. Road, Ahmedabad - 380 006. 19/5 & 19/6, Kareem Towers, Cunningham Road, Bangalore - 560 052. Lotus House, Office No 3, 2nd Floor, 108/A, Kharvel Nagar, Unit-3, Janpath, Bhubneshwar - 751 001. Ground Floor, SCO 40-41, Sector 9 D, Madhya Marg, Chandigarh - 160 017. 1st Floor, SPS Buildings, Door No. 185, Annasalai, Chennai - 600 002. 1st Floor, East Wing, Tristar Towers, 657, Avinashi Road, Coimbatore - 641 037. 4th Floor, Mathias Plaza, 18th June Road, Panaji, Goa - 403 001. Mayur Gardens, Shop No. 5, Upper Ground Floor, G. S. Road, Guwahati - 781 005. Mahavir Chambers, Office No. 103, Door No. 3-6-363 & 3-6-1/1, Himayathanagar Road, Basheerbagh, Hyderabad - 500 029. 206, 2nd Floor, Starlit Tower, 29/1 Y N Road, Indore - 452 001. 201 - 204, Green House, Above Axis Bank, O15, Ashok Marg, C Scheme, Jaipur - 302 001. Gayatri Enclave, Office No. 3-C, 3rd Floor, K Road, Bistupur, Jamshedpur - 831 001 Kan Chambers, Office No. 701-703, 7th Floor, 14/113, Civil Lines, Kanpur - 208 001. 40/1045 H1, 6th Floor, Amrithaa Towers, Opp. Maharajas College Ground, M.G Road, Cochin - 682 011. 301 & 309, Lords, 3rd Floor, 7/1 Lord Sinha Road, Kolkata - 700 071. Speed Motors Building, 3rd Floor, 3-Sahanajaf Road, Lucknow - 226 001. Regalia Heights, SCO No. 32, Ground Floor, Feroze Gandhi Market, Pakhowal Road, Ludhiana 141 001. Maximus Commercial Complex, Office No. UGI - 5, Light House Hill Road, Mangalore - 575 001. Maker Chamber VI, Office No. 126/127, 12th Floor, Jamnalal Bajaj Road, Nariman Point, Mumbai - 400 021. Milestone, Office No. 108 & 109, 1st Floor, Ramdas Peth, Wardha Road, Nagpur - 440 010. Bedmutha's Navkar Heights, Office No. 1 & 2, 3rd Floor, New Pandit Colony, Saharanpur Road, Nashik 422 002. Dr Gopal Das Bhavan, Upper Ground Floor, 28, Barakhamba Road, New Delhi - 110 001. Dukhan Ram Plaza, Office No. 304, 3rd Floor, Exhibition Road, Patna - 800 001. 306 Business Guild, Plot # 87/2, Law College Road, Erandawane, Pune - 411 004 Hem Arcade, Office No. 303, 3rd Floor, Kathiawad Gymkhana Road, Rajkot - 360 001. International Trade Center, Office No. G-28, Majura Gate Crossing, Ring Road, Surat - 395 002. 401, 4th Floor, Sakar Complex, Haribhakti Colony, Old Padra Road, Vadodara - 390 007. Cabin Premises No. 11, First Floor, Eswar Arcade, 1 Floor, 47-11-1/5, Dwarka Nagar, 1 Lane, Vishakapatnam - 530 016.
DSP BlackRock Investment Managers Limited - Investor Service Centres
CAMS - Investor Service Centres / Transaction Points (Call on 1901 425 12 34)
l Agra l Ahmed Nagar l Ahmedabad l Ajmer l Akola l Aligarh l Allahabad l Alwar l Amaravati l Amritsar l Anand l Anantapur l Angul l Ankleshwar l Asansol l Aurangabad l Balasore l Bangalore l Bareilly l Belgaum l Bellary l Berhampur l Bhagalpur l Bharuch l Bhatinda l Bhavnagar l Bhilai l Bhilwara l Bhopal l Bhubneshwar l Bhuj l Bokaro l Burdwan l Calicut l Chandigarh l Chennai l Cochin l Coimbatore l Cuttack l Davenegere l Dehradun l Deoghar l Dhanbad l Dhule l Durgapur l Erode l Faridhabad l Ghaziabad l Goa l Gorakhpur l Gulbarga l Guntur l Gurgoan l Guwahati l Gwalior l Hazaribagh l Himatnagar l Hisar l Hosur l Hubli l Hyderabad l Indore l Jabalpur l Jaipur l Jalandhar l Jalgaon l Jammu l Jamnagar l Jamshedpur l Jhansi l Jodhpur l Junagadh l Kadapa l Kalyani l Kannur l Kanpur l Karimnagar l Kestopur l Kolhapur l Kolkata l Kollam l Kota l Kottayam l Kumbakonam l Kurnool l Latur l Lucknow l Ludhiana l Madurai l Manglaore l Manipal l Margao l Mathura l Meerut l Mehsana l Moradabad l Mumbai (Fort) l Mumbai (Andheri) l Muzzafarpur l Mysore l Nagpur l Nasik l Navsari l Nellore l New Delhi l Palakkad l Panipat l Patiala l Patna l Pondicherry l Porbander l Pune l Raichur l Raipur l Rajahmundry l Rajkot l Ranchi l Ratnagiri l Ratlam l Rohtak l Rourkela l Sagar l Salem l Sambalpur l Sangli l Satara l Satna l Shimla l Siliguri l Solapur l Sri Ganganagar l Surat l Surendranagar l Thiruppur l Tirunelveli l Tirupathi l Trichur l Trichy l Trivandrum l Udaipur l Vadodara l Vasad l Varanasi l Vashi l Vellore l Vijayawada l Visakhapatnam l Vizianagaram l Warangal l Yamuna Nagar
*Any new offices/centres opened will be included automatically.
For more information on DSP Blackrock Mutual Fund visit www.dspblackrock.com

Statutory Details: DSP BlackRock Mutual Fund was set up as a Trust and the settlors/sponsors: DSP ADIKO Holdings Pvt. Ltd. & DSP HMK Holdings Pvt. Ltd. (collectively) and BlackRock Inc. (Combined liability restricted to Rs. 1 lakh). Trustee: DSP BlackRock Trustee Company Pvt. Ltd. Investment Manager: DSP BlackRock Investment Managers 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. Past performance of the sponsor/AMC/mutual fund does not indicate the future performance of the Schemes. Investors in the Schemes are not being offered a guaranteed or assured rate of return. Each Scheme/Plan is required to have (i) minimum 20 investors and (ii) no single investor holding>25% of corpus. If the aforesaid point (i) is not fulfilled within the prescribed time, the Scheme/Plan concerned will be wound up and in case of breach of the aforesaid point (ii) at the end of the prescribed period, the investor's holding in excess of 25% of the corpus will be redeemed as per SEBI guidelines. DSPBRLF, DSPBRCPF, DSPBRLPF, DSPBRSBF, DSPBRFRF, DSPBRSTF, DSPBRBF, DSPBRGF, DSPBRSPF Moderate, DSPBRSPF Aggressive, DSPBRSPF Conservative, DSPBRBalF, DSPBREF, DSPBRTEF, DSPBROF, DSPBRITF (The Infrastructure Growth and Economic Reforms Fund), DSPBRSMF, DSPBRTSF, DSPBRWGF, DSPBRNRNEF, DSPBRMCF and DSPBRTF are the names of the Schemes and do not in any manner indicate the quality of the Schemes, their future prospects or returns. For risk factors related to trading in derivatives and overseas investments, and other scheme specific risk factors, please refer the Scheme Information Document (SID). For more details, please refer the Key Information Memorandum cum Application Forms, which are available on the website, www.dspblackrock.com, and at the ISCs/Distributors. Please read the SID and Statement of Additional Information carefully before investing.
Good to be in a team. Even better to be in a winning team.

Lipper Fund Awards 2009-India
Best Fund Group-Overall Best Equity Fund Group
Time Period: 3 year performance till December 31, 2008 Time Period: 3 year performance till December 31, 2008
ICRA Mutual Fund Awards-2009

DSP BlackRock Top 100 Equity Fund DSP BlackRock Balanced Fund
Category: Open Ended Diversified Equity-Defensive Time Period: 3 year performance till December 31, 2008 Category: Open Ended Balanced Time Period: 1 & 3 year performance till December 31, 2008
Best Fund: DSP BlackRock Balanced Fund

Asset Class-Mixed Asset INR Aggressive Time Period: 3 year performance till December 31, 2008
Both ranked 'Seven Star Funds' and given the Gold Award indicating best performance in their categories.
Past performance is no guarantee of future results.
For more information on DSP BlackRock Mutual Fund Call our Toll Free Number: 1800 345 4499 (MTNL/BSNL Lines or Alternative Line: 044-3048 2855 or visit at www.dspblackrock.com
LIPPER FUND AWARDS 2009: Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user's own risk. This is not an offer to buy or sell securities. Methodology: All calculations are based on Lipper's risk adjusted Consistent Return measure, before sales charge. Only the primary fund class is considered. Criteria (Cumulative): Funds registered for sale in India as of 31 December 2008. At least 36 months of performance history as of 31 December 2008. Performance of Growth Option for all Schemes has been considered. Best Fund Group - Over All 11 fund houses considered. Best Equity Fund Group - 23 fund houses considered. Best Fund: DSP BlackRock Balanced Fund 28 funds considered. Classification awards will be handed out to classifications with at least five distinct portfolios. To be eligible for an asset class group award, the groups will need to have at least three distinct portfolios in one of the asset classes: equity, bond, or mixed-asset. Lipper. www.lipperweb.com. ICRA Mutual Fund Awards - 2009: The rank is an outcome of an objective and comparative analysis against various parameters, including: risk adjusted return, fund size, company concentration, portfolio turnover and liquidity. The ranking methodology did not take into account entry and exit loads imposed by the Fund. Performance of Growth Option for all Schemes has been considered. There were 10 schemes considered in the 'Open Ended Balanced' (1 yr) category and 13 schemes considered in the 'Open Ended Balanced' (3 yrs) category for the ranking exercise. There were 55 schemes considered in the 'Open Ended Diversified Equity - Defensive' category for the ranking exercise. The ranks mentioned above are neither a certificate of statutory compliance nor any guarantee on the future performance of DSP BlackRock Balanced Fund and DSP BlackRock Top 100 Equity Fund. Ranking Source & Publisher: ICRA Online Limited. Statutory Details: DSP BlackRock Mutual Fund was set up as a Trust and the settlors/sponsors are DSP ADIKO Holdings Pvt. Ltd. & DSP HMK Holdings Pvt. Ltd. (collectively) and BlackRock Inc. (Combined liability restricted to Rs. 1 lakh). Trustee: DSP BlackRock Trustee Company Pvt. Ltd. Investment Manager: DSP BlackRock Investment Managers Ltd. DSP BlackRock Top 100 Equity Fund (DSPBRTEF) is an open ended growth Scheme, seeking to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the 100 largest corporates, by market capitalisation, listed in India. Asset Allocation: Equity & equity related securities: 90%-100%; Debt, securitised debt & money market securities: 0%-10%. DSP BlackRock Balanced Fund (DSPBRBalF) is an open ended balanced Scheme, seeking to generate long term capital appreciation and current income from a portfolio constituted of equity and equity related securities as well as fixed income securities (debt and money market securities). Asset Allocation: Equity & equity related securities: 65%-75%; Debt, Securitised Debt and Money market securities: 25% - 35%. Common Features: SIP only in Regular Plan of scheme(s) that offer a Regular and an Institutional Plan, SWP & STP available in each plan of the schemes(s).Nomination facility available, subject to applicable conditions as per the Statement of Additional Information (SAI) and Scheme Information Document (SID).Declaration of NAV on all Business Days. Redemption normally within 3 Business Days. Sale and Redemption of Units on all Business Days at Purchase Price and Redemption Price respectively. Specific Features- DSPBRTEF: Minimum investment: Rs. 5,000/- and Rs 1,000/- thereafter (Reg. Plan)/Rs. 5 crore and Rs. 1000/- thereafter (Inst. Plan). Entry load (Regular & SIP Purchase): Reg. Plan - 2.25% for investments < Rs. 5 crore. NIL for investments >= Rs. 5 crore, Direct investment: NIL; Inst. Plan. NIL. Exit load (Regular & SIP Purchase in Regular Plan): Holding Period < 6 months : 1%, Holding Period >= 6 months but < 12 months: 0.50%, Holding period >= 12 months: NIL; Inst. Plan NIL. DSPBRBalF: Minimum investment: Rs. 5,000/- and Rs 1,000/- thereafter. Entry load NIL. Exit load (Regular & SIP Purchase): Holding Period < 6 months: 1%, Holding Period >= 6 months but < 12 months: 0.50%, Holding period >= 12 months: NIL. 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. Past performance of the sponsor/AMC/mutual fund does not indicate the future performance of the Schemes. Investors in the Schemes are not being offered a guaranteed or assured rate of return. Each Scheme/Plan is required to have (i) minimum 20 investors and (ii) no single investor holding>25% of corpus. If the aforesaid point (i) is not fulfilled within the prescribed time, the Scheme/Plan concerned will be wound up and in case of breach of the aforesaid point (ii) at the end of the prescribed period, the investor's holding in excess of 25% of the corpus will be redeemed as per SEBI guidelines. DSPBRBalF and DSPBRTEF are the names of the Schemes and do not in any manner indicate the quality of the Schemes, their future prospects or returns. For scheme specific risk factors, please refer the Scheme Information Document. For more details, please refer the Key Information Memorandum cum Application Forms, which are available on the website, www.dspblackrock.com, and at the ISCs/Distributors. Please read the SID and SAI carefully before investing.

Factsheet: Opportunity Favours The Prepared Mind

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Factsheet: Opportunity Favours The Prepared Mind

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FACTSHEET

FEBRUARY 28, 2009

OPPORTUNITY FAVOURS THE PREPARED MIND

Fixed Income Markets:

AUM AS ON THE LAST BUSINESS DAY OF FEBRUARY (IN RS. CRORE)

FIXED INCOME SCHEMES

EQUITY ORIENTED SCHEMES

FUND OF FUNDS SCHEME

DSP BlackRock Cash Plus Fund

25th October, 2007

Normally within 1 Business Day from acceptance of redemption request

CBLO / Reverse Repo Investments

NAV AS ON February 27, 2009

DSP BlackRock Liquidity Fund

Normally within 1 Business Day from acceptance of redemption request.

CBLO / Reverse Repo Investments Total

NAV AS ON February 27, 2009

DSP BlackRock Floating Rate Fund

13th May, 2003

18th October, 2005

BONDS & NCD's Listed / awaiting listing on the stock exchanges

AAA AA+ AAA AA+ LAA AAA LAA AA+

4,980.23 4,000.00 2,493.67 2,385.76 1,000.00 507.01 99.66 98.02 15,564.35

14.25% 11.44% 7.13% 6.83% 2.86% 1.45% 0.29% 0.28% 44.53%

Normally within 2 Business Days from acceptance of redemption request.

CBLO / Reverse Repo Investments Total

NAV AS ON February 27, 2009

DSP BlackRock Money Manager Fund

Normally within 3 Business Days from acceptance of redemption request.

Last 6 months Last 1 year Since Inception

NAV / Index Value (Feb 27) Rs. 1213.5655 Date of allotment

31st July, 2006

NAV AS ON February 27, 2009

DSP BlackRock Short Term Fund

CBLO / Reverse Repo Investments Total

Normally within 1 Business Day from acceptance of redemption request.

NAV AS ON February 27, 2009

DSP BlackRock Bond Fund

Normally within 3 Business Days from acceptance of redemption request.

NAV AS ON February 27, 2009

DSP BlackRock Strategic Bond Fund

9th May, 2007

CBLO / Reverse Repo Investments Total

NAV AS ON February 27, 2009

DSP BlackRock Government Securities Fund

NAV / Index Value (Feb 27) Rs. 31.5671

30th Sept. 1999

CBLO / Reverse Repo Investments Total

Normally within 2 Business Days from acceptance of redemption request

NAV AS ON February 27, 2009

DSP BlackRock Savings Plus Fund

CBLO / Reverse Repo Investments Total

500.00 500.00 482.23 482.23

8.08% 8.08% 7.79% 7.79%

427.16 427.16 6,191.72

6.88% 6.88% 100.00%

NAV AS ON February 27, 2009

DSP BlackRock Savings Plus Fund

CBLO / Reverse Repo Investments Total

NAV AS ON February 27, 2009

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

DSP BlackRock Balanced Fund