September

MONTHLY FACTSHEET
September 30, 2011
Transact Online
Macro-economic Review
T he Index of Industrial Production (IIP) grew at a rate of only 3.3% in July 2011 compared to 9.9% in July 2010. This was also significantly lower than the consensus expectations of 6.0%-6.5% growth. IIP growth dropped from 8.8% in June 2011 primarily due to a substantial contraction in capital goods output and minor degrowth in intermediate goods output. Growth of basic goods and consumer goods showed an improvement in July 2011. The Wholesale price index (WPI) for August was higher than expected at 9.78% on the back of higher food and fuel prices. This was significantly higher than the July inflation of 9.22% and 8.87% seen in August 2010. Inflation in overall primary articles, which have a share of over 20 per cent in the wholesale price index basket, stood at 12.58% in August. Prices of manufactured products, which constitute over 65 per cent of WPI basket, went up by 7.79 per cent compared to last year. Inflation in the fuel and power segment was at 12.84 per cent in August compared to 12.04% in July. India s exports rose at a rate of 44.2% year-on-year in August to $24.3 billion, while imports for the month rose 41.8% to $38.4 billion. This translated into a trade deficit of $14 billion for India in August.
Equity Market:
Overview
In September, MSCI India outperformed emerging markets for the first time in three months. Indias performance ranking rose to 2nd position among emerging markets (from 16th position in the previous month). Year-to-date, India performance ranking has improved to15th position. Even as the MSCI India (in USD) posted a 7% fall MoM, in local currency terms, the index was down 0.7% MoM. Sensex/Sectors: The BSE Sensex closed the month down 1.34%. Technology was the best-performing sector, while Capital Goods was the worst during the month. Year-to-date, Telecoms and Materials are among the worst-performing sectors, and Consumer Staples and Discretionary are the best. Large/Mid/Small Cap: During the month, the small- and mid-cap indices underperformed the large-cap index, further aggravating their year-to-date underperformance. Flows: In September, FIIs remained sellers in the cash and derivatives market (of ~ US$140mn). Overall, domestic institutions remained buyers (at ~ US$0.3bn). Domestic mutual funds turned sellers for the first time in five months (at ~ US$160mn), while domestic insurance companies remained buyers (at ~US$479mn). Since the start of 2011, FIIs have sold US$87mn worth of stocks in the cash market, and domestic institutions have bought US$5.3bn worth of stocks. Equity market activity: Cash volumes fell to a three-month low, down 2.9% MoM, and turnover fell to a 30-month low, down 4.3% MoM. Derivatives market trading was down 9%. Interday and Intra-day volatility rose sharply. The VIX Index was up 28% MoM, and implied volatility rose 62% MoM. Valuation: MSCI Indias absolute valuations fell to a 29-month low, while relative valuations are at a 10-month high vs. emerging markets.
Outlook
Indian equity markets were down just 1.34% in September as measured by the BSE Sensex. But this number fails to reveal the extreme volatility seen during the month, which also witnessed the biggest fall in Indian equities in a day (on 22 September) in 2 years. The quarter ending September also recorded the biggest quarterly fall (BSE Sensex down 12.8%) since Dec 2008. Driven mainly by weak global and local sentiments, the markets swung between daily gains and losses, with 10 positive and 11 negative days in the month. On the global front, increasing concerns about an impending default in the Euro-zone and a weak US economy continued to haunt investors. Moodys downgrade of three major US banks added to the negative sentiment. Meanwhile in India rising interest rates and fears of slowing growth kept investors wary; the IIP growth for July was a mere 3.3% compared to 9.9% in the same period last year. RBI hiked the policy rate by 25 bps in September in its efforts to rein in inflation, but this did not have much impact on the markets as the hike was in line with expectations. Interest-rate sensitive sectors came under pressure after the government announced higher borrowings in the second half of this fiscal (Oct-Mar), leading to fears that private sector borrowing may be crowded-out. Currency was the other major worry in September with the US Dollar gaining 6.25% against the Rupee.
General Update:
Currency: The INR depreciated sharply by around 6% MoM against USD while appreciating by 1% MoM against the euro. Gold: Gold prices were down 11.52% month-on-month in September and ended the month at $1,623.97/ounce. Oil: WTI crude corrected by 10.91% in September to close the month at $79.20/barrel.
Source: Morgan Stanley Research, IIFL Research, Bloomberg, Internal as at September 30, 2011
Fixed Income Market:

Overview
The Benchmark 10 Yr government bond yield moved from 8.34% pa in the beginning of the month to 8.43% pa as on September 30, 2011. Money market rates came down marginally in September. 3M Bank CD changed from 9.13% pa to 9.05% pa at the end of the month. The 12M Bank CD yields moved from 9.57% pa to around 9.50% pa during the same period. In its efforts to rein in inflation, RBI hiked the policy rate by 25 bps in its quarterly review meeting on 16 September 2011, but this did not have much impact on the markets as the hike was in line with expectations. Systemic liquidity in the banking system during the month was on average Rs. 52,000cr (USD 10.5 bn) negative.
Outlook
Inflation pressures continue to remain strong in the economy. While we believe that moderating credit growth and high interest rate may be successful in curbing demand side pressures, recent weakness in INR currency is likely to put upward pressure on the inflation. While walking the tight rope between slowing growth and sticky inflation, we expect RBI to hike the policy rate by 25 basis points in its 25th October meeting. This could likely be the last step in the current monetary tightening cycle. Increased Government borrowing and subsequent supply of bonds has caused 10Y benchmark yield to trade above 8.5%, a level significantly above market consensus. As market digests the supply pressure and continues to cut losses, 10Y benchmark could touch 8.60-65% levels. Strength in credit growth remains a key factor weighing on the yields. As such, the current level of excess Statutory Liquidity Ratio (SLR) in the system is 28%. Sharp credit growth could keep yields under pressure but this does not appear sustainable given contagion of weak growth prospects globally. At the same time, prospects of Open Market Operations (OMO) will ease pressure on the yields. We do not think RBI will conduct OMO right away as it is clearly at odds with its anti-inflationary stance. In a nutshell, money market rates are likely to harden from the current levels in wake of tightening liquidity. While additional borrowing also puts upward pressure on 4.6% fiscal deficit target , we believe that positive surprises brought forward by buoyant tax collection numbers as well as savings from curtailed social spending initiatives such as NREGA (National Rural Employment Guarantee Act) will help contain this pressure. Most recent manufacturing PMI print indicates slowdown in growth, however it still remains in expansionary phase (above 50) and further supports our view that RBI is not killing the growth in its efforts to achieve price stability and inflation control. Credit spreads are likely to widen from current levels and currency is likely to remain range bound at current weakened levels
Source: Bloomberg, Internal as at September 30, 2011
AUM AS ON LAST BUSINESS DAY OF SEPTEMBER (IN ` CRORE)
AUM SNAPSHOT
2,517.16 2,991.40 656.60 1,762.47 51.68
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) 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 DSP BlackRock Focus 25 Fund 1,213.97 722.52 449.88 134.95 562.92
FUND OF FUND SCHEMES

DSP BlackRock World Gold Fund DSP BlackRock World Energy Fund 991.70 177.58 DSP BlackRock World Mining Fund 110.74
HYBRID SCHEMES
DSP BlackRock Balanced Fund 707.89 DSP BlackRock MIP Fund* 215.11
FIXED INCOME SCHEMES

DSP BlackRock Liquidity Fund DSP BlackRock Floating Rate Fund DSP BlackRock Money Manager Fund DSP BlackRock Short Term Fund 3,437.96 451.64 2,591.09 686.32 DSP BlackRock Bond Fund DSP BlackRock Strategic Bond Fund DSP BlackRock Government Securities Fund DSP BlackRock Treasury Bill Fund 44.14 661.53 134.47 2.48
*Monthly income is not assured and is subject to availability of distributable surplus.
CRISIL MUTUAL FUND RANK 1*
DSP BlackRock Equity Fund

Portfolio
Sr. Name of Instrument No. Rating/Industry Quantity Market value (` In lakhs) % to Net Assets EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges HDFC Bank Banks State Bank of India Banks Hindustan Unilever Diversified Bharat Petroleum Corpn. Petroleum Products Idea Cellular Telecom - Services Kotak Mahindra Bank Banks Lupin Pharmaceuticals Eicher Motors Auto Arvind Textile Products Siemens Industrial Capital Goods Tata Chemicals Fertilisers Hindalco Industries Non - Ferrous Metals Godrej Industries Chemicals Info Edge (India) Software Godrej Properties Construction Bajaj Auto Auto Trent Retailing EID Parry India Consumer Non Durables Tata Power Co. Power Chambal Fertilizers & Fertilisers Chemicals Gujarat Pipavav Port Transportation Tata Global Beverages Consumer Non Durables Bayer Cropscience Pesticides Tata Motors Auto Bata India Consumer Non Durables Power Grid Corporation of India Power Hindustan Petroleum Petroleum Products Corporation Wipro Software Grasim Industries Textile Products Apollo Tyres Auto Ancillaries Redington (India) Hardware Gujarat Mineral Development Minerals / Mining Corporation GlaxoSmithKline Pharmaceuticals Pharmaceuticals Jaiprakash Associates Construction Hero MotoCorp Auto Bharti Airtel Telecom - Services Cadila Healthcare Pharmaceuticals Mahindra & Mahindra Auto SRF Auto Ancillaries Nagarjuna Construction Co. Construction Project Sun Pharmaceuticals Pharmaceuticals Industries Lakshmi Machine Works Industrial Capital Goods CMC Hardware Zuari Industries Fertilisers Areva T&D India Industrial Capital Goods Gujarat State Petronet Gas Torrent Pharmaceuticals Pharmaceuticals Dr. Reddy's Laboratories Pharmaceuticals Bajaj Finserv Finance NMDC Minerals / Mining Bajaj Auto Finance Finance Tata Motors - A Class Auto Praj Industries Industrial Capital Goods Axis Bank Banks Alstom Projects India Industrial Capital Goods Canara Bank Banks ING Vysya Bank Banks Bharat Forge Industrial Products KPIT Cummins Infosystems Software Sintex Industries Industrial Products Radico Khaitan Consumer Non Durables Indian Oil Corporation Petroleum Products Vardhman Textiles Textiles - Cotton L&T Finance Holdings Finance NIIT Software Tecpro Systems Industrial Capital Goods Monnet Ispat Ferrous Metals Monsanto India Pesticides SKS Microfinance Finance Vardhman Special Steel # Ferrous Metals Bharat Forge - Warrant Industrial Products Total PREFERENCE SHARES Listed / awaiting listing on the stock exchanges 74 Trent Series B - CCPS Retailing Total DERIVATIVES 75 Index Derivatives Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL Index Derivatives 76,122 791.67 791.67 6,173.28 6,173.28 12,597.60 12,597.60 0.31% 0.31% 2.45% 2.45% 5.00% 5.00%
FUND MANAGER
Apoorva Shah Total work experience of 24 years. Managing this Scheme since June 2006
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.
INVESTMENT OBJECTIVE
ASSET ALLOCATION
Equity & Equity related securities: 90% to 100% & Debt* & Money market securities: 0% to 10%. * Debt securities/instruments are deemed to include securitised debts
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 68 69 70 71
2,982,055 595,860 2,992,423 1,443,377 8,146,117 1,461,088 1,154,460 337,762 5,247,454 577,549 1,474,008 3,523,605 2,321,058 630,967 653,946 281,887 382,402 1,817,660 4,082,316 4,136,624 5,865,352 4,279,321 432,330 2,134,428 508,249 3,221,093 822,311 851,298 120,185 5,015,247 2,950,000 1,598,108 129,538 3,704,936 136,943 690,140 341,177 318,306 814,999 4,155,278 539,024 126,981 295,336 439,242 1,019,812 2,064,484 402,310 139,520 391,007 880,051 309,575 2,217,650 2,755,304 184,126 347,716 406,527 601,336 642,418 1,096,648 1,265,925 1,290,690 507,038 811,509 3,208,262 3,355,580 650,431 277,031 78,250 546,391 112,290 145,000
13,945.58 11,387.18 10,192.19 9,350.20 8,023.93 6,716.62 5,476.18 5,423.95 5,166.12 4,838.42 4,660.08 4,631.78 4,539.99 4,369.45 4,334.03 4,329.64 4,205.27 4,105.19 4,076.19 3,878.08 3,833.01 3,671.66 3,568.24 3,330.77 3,300.31 3,171.17 3,014.18 2,901.22 2,814.49 2,770.92 2,714.00 2,709.59 2,708.64 2,695.34 2,659.09 2,608.73 2,589.53 2,561.57 2,529.76 2,507.71 2,492.99 2,469.02 2,449.96 2,404.85 2,227.78 2,179.06 2,168.65 2,069.29 2,050.44 1,999.04 1,964.87 1,950.42 1,946.62 1,876.06 1,807.78 1,805.18 1,798.30 1,722.64 1,654.84 1,610.26 1,606.26 1,579.17 1,559.72 1,544.78 1,476.46 1,457.29 1,363.13 1,359.52 1,344.40 24.14 - 236,272.92 - - -
5.54% 4.52% 4.05% 3.71% 3.19% 2.67% 2.18% 2.15% 2.05% 1.92% 1.85% 1.84% 1.80% 1.74% 1.72% 1.72% 1.67% 1.63% 1.62% 1.54% 1.52% 1.46% 1.42% 1.32% 1.31% 1.26% 1.20% 1.15% 1.12% 1.10% 1.08% 1.08% 1.08% 1.07% 1.06% 1.04% 1.03% 1.02% 1.01% 1.00% 0.99% 0.98% 0.97% 0.96% 0.89% 0.87% 0.86% 0.82% 0.81% 0.79% 0.78% 0.77% 0.77% 0.75% 0.72% 0.72% 0.71% 0.68% 0.66% 0.64% 0.64% 0.63% 0.62% 0.61% 0.59% 0.58% 0.54% 0.54% 0.53% 0.01% 0.00% 93.87% 0.00% 0.00% 0.00%
410,300
(4,119.13) (1.63%) (4,119.13) (1.63%) 251,716.34 100.00%
REDEMPTION PROCEEDS
Notes: 1. Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. ` 0.00 lakh. 2. Portfolio Turnover Ratio : For Purchase 1.99 times and For Sale 1.78 times. 3. Total Expense Ratio (F.Y. beginning to date): IP: 1.45% RP: 1.87% 4. Net dividend declared during the half-year is Nil. 5. No investment in foreign securities/ADRs/GDRs at the end of the half year. 6. Total exposure to derivatives is 2.45% of the portfolio, i.e. ` 6,173.28 lakhs. 7. No NPAs provided for during the half year 8. ~ Less than 0.00%. 9. ** Non Traded / Thinly Traded in accordance with SEBI Regulations/ Guidelines. Since Inception Ratios: 1. Standard Deviation: 24.59% 2. Beta: 0.81 3. R-Squared: 82.84% 4. Sharpe Ratio: 0.61
Normally within 3 Business Days from acceptance of redemption request.
Sectoral Allocation
BANKS 14.91% AUTO 8.04% PHARMACEUTICALS 6.96% INDUSTRIAL CAPITAL GOODS 5.86% PETROLEUM PRODUCTS 5.54% CONSUMER NON DURABLES 5.04% FERTILISERS 4.35% TELECOM - SERVICES 4.23% SOFTWARE 4.14% DIVERSIFIED 4.05% TEXTILE PRODUCTS 3.17% POWER 2.88% CONSTRUCTION 2.79% FINANCE 2.73% AUTO ANCILLARIES 2.11% HARDWARE RETAILING PESTICIDES MINERALS / MINING NON - FERROUS METALS CHEMICALS TRANSPORTATION INDUSTRIAL PRODUCTS CONSTRUCTION PROJECT GAS TEXTILES - COTTON FERROUS METALS INDEX DERIVATIVES CASH & EQUIVALENT 2.05% 1.98% 1.96% 1.87% 1.84% 1.80% 1.52% 1.32% 1.00% 0.87% 0.62% 0.55% 2.45% 3.37%
FEATURES
Minimum investment and minimum additional purchase

- Regular Plan (RP): ` 5,000/- and ` 1,000/- thereafter. - Institutional Plan (IP): ` 1 crore and ` 1,000/- thereafter.
Options available (for both plans): Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load (both plans): Holding Period: < 12 months: 1% >= 12 months: Nil
no guarantee of future results.
*Open End Consistent Equity category, ranks within Top 10 percentile of the 52 schemes considered, 5 year period ending Jun 30, 2011. Past performance is Please refer page no. 31 for details on the Ranking Methodology.
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Regular Plan Growth: ` 16.571 Dividend: ` 48.681 Institutional Plan Growth: ` 13.123 End of Half Year (Sep 30, 2011) Regular Plan Growth: ` 15.076 Dividend: ` 44.288 Institutional Plan Growth: ` 11.965
Unlisted 72 Magnasound (India) **~ Media & Entertainment 73 SIP Technologies & Export **~ Software Total
25,000 122,549
DSP BlackRock Top 100 Equity Fund

Portfolio
Sr. Name of Instrument No. Rating/Industry Quantity Market value (` In lakhs) % to Net Assets
FUND MANAGER
Sectoral Allocation
BANKS 18.05% AUTO 9.48% PHARMACEUTICALS 8.74% DIVERSIFIED 7.67% SOFTWARE 6.24% PETROLEUM PRODUCTS 6.06% INDUSTRIAL CAPITAL GOODS 4.98% TELECOM - SERVICES 4.49% POWER 4.35% CONSTRUCTION 3.26% CONSTRUCTION PROJECT NON - FERROUS METALS TEXTILE PRODUCTS OIL FINANCE CONSUMER NON DURABLES FERROUS METALS MINERALS / MINING INDEX DERIVATIVES CASH & EQUIVALENT 2.54% 1.92% 1.78% 1.41% 1.27% 0.89% 0.81% 0.79% 12.16% 3.11%
Apoorva Shah Total work experience of 24 years. Managing this Scheme since April 2006
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
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges HDFC Bank Banks Hindustan Unilever Diversified State Bank of India Banks Bharat Petroleum Corpn. Petroleum Products Kotak Mahindra Bank Banks Idea Cellular Telecom - Services Tata Motors Auto Wipro Software Siemens Industrial Capital Goods Tata Consultancy Services Software Lupin Pharmaceuticals Larsen & Toubro Construction Project Power Grid Corporation Power of India Bajaj Auto Auto Mahindra & Mahindra Auto Tata Power Co. Power Hindalco Industries Non - Ferrous Metals GlaxoSmithKline Pharmaceuticals Pharmaceuticals Grasim Industries Textile Products ABB Industrial Capital Goods Oil & Natural Gas Corpn Oil Housing Development Finance Finance Corporation Hindustan Petroleum Petroleum Products Corporation Dr. Reddy's Laboratories Pharmaceuticals Cadila Healthcare Pharmaceuticals Jaiprakash Associates Construction Hero MotoCorp Auto Cipla Pharmaceuticals Bharti Airtel Telecom - Services Sun Pharmaceuticals Pharmaceuticals Industries Dabur India Consumer Non Durables Steel Authority of India Ferrous Metals NMDC Minerals / Mining Tata Motors - A Class Auto Axis Bank Banks Canara Bank Banks Indian Oil Corporation Petroleum Products Cairn India Oil Total
4,986,790 6,733,713 778,580 1,937,924 2,482,881 10,593,794 6,353,110 2,898,744 1,137,171 848,348 1,724,039 559,269 7,327,776 458,341 751,931 5,799,839 4,371,636 261,987 226,790 660,849 1,444,947 591,668 988,694 239,392 423,901 4,368,663 160,715 1,087,102 793,827 578,380 2,582,657 2,281,881 1,035,934 2,587,170 217,686 481,791 627,889 136,723
23,320.72 22,935.03 14,879.05 12,553.87 11,413.80 10,434.89 9,914.03 9,878.92 9,526.65 8,799.91 8,177.98 7,592.64 7,214.20 7,039.89 6,051.16 5,791.14 5,746.52 5,478.15 5,310.97 4,581.01 3,845.00 3,792.00 3,624.06 3,550.54 3,217.41 3,178.20 3,120.68 3,058.56 3,000.67 2,675.01 2,660.14 2,410.81 2,353.12 2,275.42 2,218.00 2,139.39 1,955.56 372.57 246,087.67
7.80% 7.67% 4.97% 4.20% 3.82% 3.49% 3.31% 3.30% 3.18% 2.94% 2.73% 2.54% 2.41% 2.35% 2.02% 1.94% 1.92% 1.83% 1.78% 1.53% 1.29% 1.27% 1.21% 1.19% 1.08% 1.06% 1.04% 1.02% 1.00% 0.89% 0.89% 0.81% 0.79% 0.76% 0.74% 0.72% 0.65% 0.12% 82.26%
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 and Equity related securities - 90% - 100% Debt, Securitised Debt and Money market securities - 0% - 10%
REDEMPTION PROCEEDS
FEATURES

Options available (for both plans) Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load (both plans): Holding Period: < 12 months: 1% >= 12 months: Nil
DERIVATIVES 39 Index Derivatives 40 DLF Oct 2011 41 ABB Oct 2011 Total
Index Derivatives Construction Industrial Capital Goods
1,072,450 3,098,000 115,000
36,364.01 6,573.96 801.61 43,739.58 28,774.10 28,774.10
12.16% 2.20% 0.27% 14.63% 9.62% 9.62%
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Regular Plan Growth - ` 101.582 Dividend - ` 21.552 Institutional Plan Growth - ` 13.943 Dividend - ` 13.943 End of Half Year (Sep 30, 2011) Regular Plan Growth - ` 91.245 Dividend - ` 19.359 Institutional Plan Growth - ` 12.550 Dividend - ` 12.550
CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL
(19,461.57) (6.51%) (19,461.57) (6.51%) 299,139.78 100.00%
Notes: 1. Portfolio Turnover Ratio : For Purchase 2.40 times and For Sale 2.34 times. 2. Total Expense Ratio (F.Y. beginning to date): IP: 1.45% RP: 1.85% 3. Net dividend declared during the half-year is Nil. 4. No NPAs provided for during the half year 5. Total exposure to derivatives is 14.63% of the portfolio, i.e. ` 43,739.58 lakhs. 6. No investment in foreign securities/ADRs/GDRs at the end of the half year. 7. Total Exposure to illiquid securities is 0.00% of the portfolio,i.e. ` 0.00 lakh. 8. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. Since Inception Ratios: 1. Standard Deviation: 23.69% 2. Beta: 0.83 3. R-Squared: 92.84% 4. Sharpe Ratio: 0.92
DSP BlackRock Opportunities Fund

FUND MANAGER
Anup Maheshwari Total work experience of 19 years. Managing this Scheme since November 2006 Harsha Upadhyaya Total work experience of 16 years. Managing this Scheme since September 2011
Portfolio
Sr. Name of Instrument No. Rating/Industry Quantity Market value % to Net (` In lakhs) Assets EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges Bharti Airtel Telecom - Services HDFC Bank Banks ITC Consumer Non Durables Housing Development Finance Finance Corporation Bharat Petroleum Corpn. Petroleum Products Karur Vysya Bank Banks Reliance Industries Petroleum Products State Bank of India Banks Infosys Software Software Nestle India Consumer Non Durables Indraprastha Gas Gas Bajaj Auto Auto Dish TV India Media & Entertainment Idea Cellular Telecom - Services ACC Cement Lupin Pharmaceuticals Bharat Electronics Industrial Capital Goods Sun Pharmaceuticals Industries Pharmaceuticals Oracle Financial Software Services Software Dr. Reddy's Laboratories Pharmaceuticals Cadila Healthcare Pharmaceuticals Chambal Fertilizers Fertilisers & Chemicals Hindustan Unilever Diversified GlaxoSmithKline Pharmaceuticals Pharmaceuticals Indian Oil Corporation Petroleum Products Motherson Sumi Systems Auto Ancillaries Oil India Oil Tata Motors - A Class Auto NIIT Technologies Software Titan Industries Consumer Non Durables IndusInd Bank Banks 3M India Trading Gujarat State Petronet Gas Mahindra & Mahindra Auto Pidilite Industries Chemicals Cummins India Industrial Products Bank of Baroda Banks IPCA Laboratories Pharmaceuticals Gujarat State Fertilizers & Fertilisers Chemicals eClerx Services Software Coal India Minerals / Mining Divi's Laboratories Pharmaceuticals NTPC Power Jubilant Organosys Pharmaceuticals ING Vysya Bank Banks ICICI Bank Banks Crompton Greaves Industrial Capital Goods Hindustan Zinc Non - Ferrous Metals Arvind Textile Products Ambuja Cement Cement Gujarat Pipavav Port Transportation Rallis India Pesticides Axis Bank Banks Grasim Industries Textile Products Power Grid Corporation of India Power Wyeth Pharmaceuticals Oil & Natural Gas Corpn Oil UTV Software Communications Media & Entertainment Mahindra & Mahindra Financial Finance Services Larsen & Toubro Construction Project Bajaj Auto Finance Finance Emami Consumer Non Durables United Breweries Consumer Non Durables L&T Finance Holdings Finance Kotak Mahindra Bank Banks Sterlite Industries ( India ) Non - Ferrous Metals Voltas Construction Project IL&FS Engineering and Construction Construction Company 70 71 72 73 74 Nagarjuna Construction Co. Hero MotoCorp Britannia Industries CMC Pantaloon Retail (India) Total DERIVATIVES 75 Index Derivatives Total DEBT INSTRUMENTS BOND & NCD s Listed / awaiting listing on the stock exchanges** 76 Britannia Industries AAA Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL Index Derivatives 47,300 20.91 20.91 0.03% 0.03% Construction Project Auto Consumer Non Durables Hardware Retailing 287,407 6,846 26,989 10,998 16,631 173.45 0.26% 132.93 0.20% 126.79 0.19% 91.23 0.14% 27.57 0.04% 63,174.60 96.24%
1 2 3 4 5 6 7 8 9 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 68 69
823,029 585,360 1,253,745 376,067 364,466 609,717 248,678 104,485 70,342 159,971 33,218 330,045 85,120 1,688,510 1,168,816 98,674 222,793 67,258 222,234 53,350 67,224 129,447 999,977 275,162 42,570 272,510 475,105 60,391 859,240 383,153 351,635 272,516 16,796 639,062 82,977 400,000 157,978 85,747 251,570 144,128 87,274 189,193 82,634 360,952 298,624 198,813 66,937 354,850 438,425 528,832 339,357 715,000 257,891 43,015 17,721 417,523 40,700 147,623 38,221 52,130 25,284 53,739 70,349 78,685 611,700 58,123 206,789 185,828 222,737
3,111.05 2,737.44 2,482.42 2,410.21 2,361.01 2,288.27 2,010.19 1,996.76 1,781.80 1,659.38 1,412.46 1,403.85 1,307.40 1,304.37 1,151.28 1,083.98 1,056.82 1,031.80 1,027.83 1,013.86 997.03 982.50 937.48 937.20 890.14 848.73 839.51 814.89 755.70 752.90 734.74 714.67 698.11 674.53 667.76 656.20 654.50 653.65 647.04 637.33 636.71 630.39 607.77 605.14 597.99 594.55 585.97 541.15 520.85 520.64 505.30 467.25 446.54 438.28 414.99 411.05 393.79 392.82 362.32 343.56 343.26 341.08 298.91 294.68 294.53 267.19 235.12 206.55 197.46
4.74% 4.17% 3.78% 3.67% 3.60% 3.49% 3.06% 3.04% 2.71% 2.53% 2.15% 2.14% 1.99% 1.99% 1.75% 1.65% 1.61% 1.57% 1.57% 1.54% 1.52% 1.50% 1.43% 1.43% 1.36% 1.29% 1.28% 1.24% 1.15% 1.15% 1.12% 1.09% 1.06% 1.03% 1.02% 1.00% 1.00% 1.00% 0.99% 0.97% 0.97% 0.96% 0.93% 0.92% 0.91% 0.91% 0.89% 0.82% 0.79% 0.79% 0.77% 0.71% 0.68% 0.67% 0.63% 0.63% 0.60% 0.60% 0.55% 0.52% 0.52% 0.52% 0.46% 0.45% 0.45% 0.41% 0.36% 0.31% 0.30%
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.
10 Tata Consultancy Services
39,500
65.20 65.20 299.73 299.73
0.10% 0.10% 0.46% 0.46%
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
2,099.50 3.17% 2,099.50 3.17% 65,659.94 100.00%
REDEMPTION PROCEEDS
Notes: 1. Portfolio Turnover Ratio : For Purchase 0.91 times and For Sale 0.99 times. 2. Total Expense Ratio (F.Y. beginning to date): RP: 2.16% 3. Net dividend declared during the half-year is Nil. 4. Total exposure to derivatives is 0.03% of the portfolio, i.e. ` 20.91 lakhs. 5. No investment in foreign securities/ADRs/GDRs at the end of the half year. 6. Total Exposure to illiquid securities is 0.00% of the portfolio,i.e. ` 0.00 lakh 7. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. Since Inception Ratios: 1. Standard Deviation: 25.27% 2. Beta: 0.87 3. R-Squared: 86.29% 4. Sharpe Ratio: 0.47
Sectoral Allocation
BANKS PHARMACEUTICALS SOFTWARE CONSUMER NON DURABLES PETROLEUM PRODUCTS TELECOM - SERVICES FINANCE AUTO GAS MEDIA & ENTERTAINMENT CEMENT FERTILISERS INDUSTRIAL CAPITAL GOODS OIL POWER DIVERSIFIED 15.67% 10.99% 8.90% 8.15% 7.95% 6.49% 5.16% 4.36% 3.17% 2.54% 2.42% 2.40% 2.39% 1.84% 1.55% 1.43% TEXTILE PRODUCTS AUTO ANCILLARIES NON - FERROUS METALS CONSTRUCTION PROJECT TRADING CHEMICALS INDUSTRIAL PRODUCTS MINERALS / MINING TRANSPORTATION PESTICIDES CONSTRUCTION HARDWARE RETAILING INDEX DERIVATIVES DEBT INSTRUMENTS CASH & EQUIVALENT 1.42% 1.28% 1.15% 1.09% 1.06% 1.00% 1.00% 0.96% 0.71% 0.68% 0.30% 0.14% 0.04% 0.03% 0.10% 3.63%
FEATURES
Minimum investment and minimum additional purchase - Regular Plan (RP): ` 5,000/- and ` 1,000/- thereafter. - Institutional Plan (IP): ` 1 crore and ` 1,000/- thereafter. Options available (for both plans) Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load (both plans): Holding Period: < 12 months: 1% >= 12 months: Nil
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Regular Plan Growth - ` 86.178 Dividend - ` 27.978 End of Half Year (Sep 30, 2011) Regular Plan Growth - ` 77.478 Dividend - ` 25.154
As there were no investors in the Institutional Plan, NAVs have not been shown.
DSP BlackRock India T.I.G.E.R. Fund

Portfolio
Sr. Name of Instrument No. Rating/Industry Quantity Market value % to Net (` In lakhs) Assets EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges Reliance Industries Petroleum Products Bharti Airtel Telecom - Services ICICI Bank Banks Indraprastha Gas Gas State Bank of India Banks Cummins India Industrial Products ING Vysya Bank Banks Bharat Heavy Electricals Industrial Capital Goods HDFC Bank Banks Larsen & Toubro Construction Project Grasim Industries Textile Products Idea Cellular Telecom - Services Havells India Consumer Durables Tata Power Co. Power Sterlite Industries ( India ) Non - Ferrous Metals Mahindra & Mahindra Financial Finance Services Siemens Industrial Capital Goods Oil & Natural Gas Corpn Oil Jaiprakash Associates Construction Indian Oil Corporation Petroleum Products Oil India Oil GAIL (India) Gas IndusInd Bank Banks Bharat Electronics Industrial Capital Goods IL & FS Transportation Networks Transportation Coal India Minerals / Mining Jindal Steel & Power Ferrous Metals Bharat Petroleum Corpn. Petroleum Products NTPC Power GlaxoSmithKline Pharmaceuticals Pharmaceuticals Hindustan Petroleum Petroleum Products Corporation Bajaj Electricals Consumer Durables Engineers India Engineering Services KEC International Power NHPC Power Cairn India Oil Bayer Cropscience Pesticides Torrent Power Power Ambuja Cement Cement Gateway Distriparks Transportation AstraZeneca Pharma India Pharmaceuticals Bosch Auto Ancillaries Hindustan Zinc Non - Ferrous Metals Axis Bank Banks Sadbhav Engineering Construction Thermax Industrial Capital Goods Ashok Leyland Auto Bank of Baroda Banks Power Grid Corporation of India Power Crompton Greaves Industrial Capital Goods Mundra Port and Special Transportation Economic Zone Hathway Cable & Datacom Media & Entertainment IRB Infrastructure Developers Transportation GVK Power & Infrastructure Power Power Finance Corporation Finance Jyoti Structures Power L&T Finance Holdings Finance Century Textiles & Industries Cement Ashoka Buildcon Construction Project IL&FS Engineering and Construction Construction Company CESC Power Alstom Projects India Industrial Capital Goods Housing Development Finance Finance Corporation - Warrant AIA Engineering Industrial Capital Goods Voltas Construction Project PTC India Power Spicejet Transportation Ador Welding Industrial Products 69 UltraTech Cement 70 Gujarat Gas Co. 71 Pantaloon Retail (India) Total DERIVATIVES 72 State Bank of India Oct 2011 73 Index Derivatives Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL
(The Infrastructure Growth and Economic Reforms Fund)
FUND MANAGER
Cement Gas Retailing 41,390 89,399 38,807 472.51 385.35 64.32 172,905.30 0.27% 0.22% 0.04% 98.12%
Anup Maheshwari Total work experience of 19 years. Managing this Scheme since March 2008 Rohit Singhania Total work experience of 11 years. Managing this Scheme since June 2010
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 68
816,087 1,652,808 694,504 1,403,286 305,008 1,343,020 1,858,502 326,683 1,010,857 341,519 195,666 4,538,998 1,152,955 3,971,500 3,319,041 542,334 422,471 1,247,916 4,369,919 1,018,845 231,124 750,302 1,153,938 193,463 1,443,344 852,517 549,050 406,463 1,513,834 119,062 649,253 1,204,118 886,391 3,530,186 9,023,508 754,569 239,720 871,499 1,240,976 1,300,998 144,164 25,000 1,410,522 160,396 1,120,658 271,493 4,485,418 150,276 1,133,675 727,018 673,562 1,224,130 626,382 5,987,511 622,914 1,399,398 1,885,700 291,459 364,353 950,164 288,580 138,500 675,000 206,950 573,574 782,640 2,365,047 321,399
6,596.84 6,247.61 6,079.69 5,968.88 5,828.86 5,564.13 5,557.85 5,356.46 4,727.27 4,636.46 4,582.11 4,470.91 4,213.47 3,965.54 3,773.75 3,539.25 3,320.70 3,179.12 3,173.19 3,118.67 3,080.36 3,026.20 2,967.92 2,878.75 2,840.59 2,778.19 2,633.07 2,537.94
3.74% 3.54% 3.45% 3.39% 3.31% 3.16% 3.15% 3.04% 2.68% 2.63% 2.60% 2.54% 2.39% 2.25% 2.14% 2.01% 1.88% 1.80% 1.80% 1.77% 1.75% 1.72% 1.68% 1.63% 1.61% 1.58% 1.49% 1.44%
Banks Index Derivatives
22,625 63,500
430.33 0.24% 28.07 0.02% 458.40 0.26% 799.32 0.45% 799.32 0.45%
2,083.98 1.17% 2,083.98 1.17% 176,247.00 100.00%
3,574.25 2.03%
Notes: 1. Portfolio Turnover Ratio : For Purchase 0.66 times and For Sale 0.85 times. 2. Total Expense Ratio (F.Y. beginning to date): IP: 1.45% RP: 1.89% 3. Net dividend declared during the half-year is Nil. 4. No NPAs provided for during the half year 5. Total exposure to derivatives is 0.26% of the portfolio, i.e. ` 458.40 lakhs. 6. No investment in foreign securities/ADRs/GDRs at the end of the half year. 7. Total Exposure to illiquid securities is 0.00% of the portfolio,i.e. ` 0.00 lakh. Since Inception Ratios: 1. Standard Deviation: 25.71% 2. Beta: 0.90 3. R-Squared: 93.17% 4. Sharpe Ratio: 0.50
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
Sectoral Allocation
BANKS POWER INDUSTRIAL CAPITAL GOODS PETROLEUM PRODUCTS TELECOM - SERVICES GAS OIL TRANSPORTATION CONSUMER DURABLES CONSTRUCTION PROJECT FINANCE INDUSTRIAL PRODUCTS CONSTRUCTION NON - FERROUS METALS 16.13% 9.66% 8.82% 8.38% 6.08% 5.36% 4.82% 4.17% 3.65% 3.49% 3.46% 3.43% 3.12% 3.09%
Equity and Equity related securities - 90% - 100% Debt, Securitised Debt and Money market securities - 0% - 10% ADR, GDR and Foreign securities - 0% - 25%
2,489.59 1.41% 2,379.84 1.35% 2,222.80 2,182.74 2,128.70 2,120.52 2,056.20 1,978.53 1,949.98 1,847.81 1,828.55 1,779.34 1,762.80 1,675.70 1,634.27 1,479.27 1,200.95 1,170.69 1,145.55 1,116.10 1,108.70 1,060.71 1,020.69 946.03 934.37 928.50 907.96 893.76 884.65 1.26% 1.24% 1.21% 1.20% 1.17% 1.12% 1.11% 1.05% 1.04% 1.01% 1.00% 0.95% 0.93% 0.84% 0.68% 0.66% 0.65% 0.63% 0.63% 0.60% 0.58% 0.54% 0.53% 0.53% 0.52% 0.51% 0.50%
TEXTILE PRODUCTS PHARMACEUTICALS CEMENT MINERALS / MINING FERROUS METALS ENGINEERING SERVICES PESTICIDES AUTO ANCILLARIES AUTO MEDIA & ENTERTAINMENT RETAILING INDEX DERIVATIVES CASH & EQUIVALENT
2.60% 2.42% 1.83% 1.61% 1.58% 1.24% 1.12% 1.00% 0.66% 0.60% 0.04% 0.02% 1.62%
REDEMPTION PROCEEDS
FEATURES
Minimum investment and minimum additional purchase - Regular Plan (RP): ` 5,000/- and ` 1,000/- thereafter. - Institutional Plan (IP): ` 1 crore and ` 1,000/- thereafter. Options available (for both plans): Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load (both plans): Holding Period: < 12 months: 1% >= 12 months: Nil
1,107.00 0.63%
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Regular Plan Growth - ` 45.035 Dividend - ` 17.287 Institutional Plan Growth - ` 12.916 Dividend - ` 9.200 End of Half Year (Sep 30, 2011) Regular Plan Growth - ` 39.243 Dividend - ` 15.064 Institutional Plan Growth - ` 11.280 Dividend - ` 8.0350
842.32 0.48% 801.10 0.45% 720.06 0.41% 664.88 0.38% 646.41 637.53 533.37 502.57 474.55 0.37% 0.36% 0.30% 0.29% 0.27%
DSP BlackRock Technology.com Fund

FUND MANAGER
Harsha Upadhyaya Total work experience of 16 years. Managing this Scheme since September 2011
Portfolio
Sectoral Allocation
SOFTWARE
72.02% TELECOM - SERVICES 19.00% MEDIA & ENTERTAINMENT 7.32% HARDWARE CASH & EQUIVALENT 0.76% 0.90%
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.
1 2 3 4 5 6 7 8
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
9 10 11 12 13 14 15 16 17 18
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges Infosys Software Tata Consultancy Services Software Bharti Airtel Telecom - Services Idea Cellular Telecom - Services NIIT Technologies Software HCL Technologies Software Wipro Software Oracle Financial Services Software Software Take Solutions Software KPIT Cummins Infosystems Software Media & Dish TV India Entertainment Info Edge (India) Software
65,201 75,302 168,066 335,519 130,045 62,395 53,942 8,186 352,821 69,364 130,465 13,929 35,424 53,928 10,395 44,393 4,721 2,901 38,785 6,985 10,253 17,289 27,739
1,651.57 781.11 635.29 330.49 255.54 255.29 183.83 155.57 110.79 104.67 100.78 96.46 92.23 79.73 75.84 57.71 39.16 27.50 27.31 24.01 16.33 14.98 5.42 5,121.61
31.95% 15.11% 12.29% 6.39% 4.94% 4.94% 3.56% 3.01% 2.14% 2.03% 1.95% 1.87% 1.78% 1.54% 1.47% 1.12% 0.76% 0.53% 0.53% 0.47% 0.32% 0.29% 0.10% 99.10%
REDEMPTION PROCEEDS
Minimum investment and minimum additional purchase - Regular Plan (RP): ` 5,000/- and ` 1,000/- thereafter. - Institutional Plan (IP): ` 1 crore and ` 1,000/- thereafter. Options available (for both plans) Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load (both plans): Holding Period: < 12 months: 1% >= 12 months: Nil
FEATURES
19 20 21 22 23
Media & Entertainment Network (India) Entertainment Media & HT Media Entertainment eClerx Services Software Media & Hindustan Media Ventures Entertainment CMC Hardware UTV Software Media & Communications Entertainment Satyam Computer Services Software MphasiS Software Tulip Telecom Telecom - Services Media & Hathway Cable & Datacom Entertainment Media & Zee Learn Entertainment Total Unlisted City Online Services **~ Total
24
ISP
200,000
- 99.91 99.91
0.00% 0.00% 1.93% 1.93%
NAV AS ON
(53.05) (53.05) 5,168.47
(1.03%) (1.03%) 100.00%
Notes: 1. Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. ` 0.00 lakh 2. Portfolio Turnover Ratio : For Purchase 0.64 times and For Sale 0.78 times. 3. Total Expense Ratio (F.Y. beginning to date): RP: 2.48% 4. Net dividend declared during the half-year is Nil. 5. No investment in foreign securities/ADRs/GDRs at the end of the half year. 6. ~Less than 0.01%. 7. No NPAs provided for during the half year. 8. ** Non Traded / Thinly Traded in accordance with SEBI Regulations/ Guidelines. Since Inception Ratios: 1. Standard Deviation: 30.55% 2. Beta: 0.79 3. R-Squared: 82.38% 4. Sharpe Ratio: 0.06
DSP BlackRock Small and Mid Cap Fund

Portfolio
Sr. No. Name of Instrument Rating/Industry Quantity Market value % to Net (` In lakhs) Assets EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges Trent Retailing Gujarat Mineral Development Minerals / Mining Corporation Chambal Fertilizers & Fertilisers Chemicals Hindustan Petroleum Petroleum Products Corporation Consumer Non EID Parry India Durables Arvind Textile Products Eicher Motors Auto Godrej Industries Chemicals Biocon Pharmaceuticals Bombay Dyeing & Mfg Co. Textiles - Cotton Consumer Non Bata India Durables Godrej Properties Construction Tata Chemicals Fertilisers Info Edge (India) Software Bayer Cropscience Pesticides Gruh Finance Finance Gujarat Pipavav Port Transportation Bajaj Finserv Finance Consumer Non Tata Global Beverages Durables SRF Auto Ancillaries Industrial Capital Areva T&D India Goods Apollo Tyres Auto Ancillaries Kajaria Ceramics Construction CMC Hardware KPIT Cummins Infosystems Software Consumer Non Tata Coffee Durables Bharat Forge Industrial Products Industrial Capital Lakshmi Machine Works Goods KEC International Power ING Vysya Bank Banks IRB Infrastructure Developers Transportation Industrial Capital Alstom Projects India Goods Zuari Industries Fertilisers Redington (India) Hardware Industrial Capital Praj Industries Goods Nagarjuna Construction Co. Construction Project IL & FS Transportation Transportation Networks NIIT Software Industrial Capital Titagarh Wagons Goods Fresenius Kabi Oncology Pharmaceuticals Bajaj Auto Finance Finance Torrent Pharmaceuticals Pharmaceuticals Pfizer Pharmaceuticals Consumer Non Radico Khaitan Durables CESC Power Sintex Industries Industrial Products Monsanto India Pesticides Unichem Laboratories Pharmaceuticals Vardhman Textiles Textiles - Cotton Gujarat State Petronet Gas Industrial Capital Tecpro Systems Goods Consumer Non Britannia Industries Durables SKS Microfinance Finance L&T Finance Holdings Finance Shoppers Stop Retailing Monnet Ispat Ferrous Metals Industrial Capital TRF Goods Industrial Capital Thermax Goods Bajaj Electricals Consumer Durables Vardhman Special Steel # Ferrous Metals Bharat Forge - Warrant Industrial Products Total PREFERENCE SHARES Listed / awaiting listing on the stock exchanges 62 Trent Series B - CCPS Retailing Total DERIVATIVES 63 Index Derivatives Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL Index Derivatives 95,614 994.39 994.39 108.78 108.78 3,447.05 3,447.05 0.82% 0.82% 0.09% 0.09% 2.84% 2.84%
FUND MANAGER
Apoorva Shah Total work experience of 24 years. Managing this Scheme since March 2008 Anup Maheshwari Total work experience of 19 years. Managing this Scheme since March 2008
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
463,291 2,717,452 4,442,048 1,047,026 1,682,198 3,653,318 222,787 1,702,260 952,878 796,079 450,000 436,730 909,711 413,302 325,580 525,754 3,834,703 472,761 2,561,753 696,696 956,842 3,676,648 1,713,246 234,243 1,260,690 222,729 670,222 91,321 2,939,491 579,850 1,041,076 325,917 308,164 1,820,965 2,122,867 2,299,012 694,965 3,123,831 330,977 1,139,925 202,401 235,651 93,162 990,946 425,000 901,864 63,598 806,642 564,892 1,012,273 399,901 190,302 333,822 1,559,457 213,517 129,339 173,894 86,114 180,527 74,752 65,500
5,094.81 4,607.44 4,164.42 3,837.87 3,799.24 3,596.69 3,577.63 3,329.62 3,216.44 2,931.16 2,922.08 2,894.43 2,876.05 2,862.12 2,687.17 2,591.70 2,505.98 2,479.16 2,197.98 2,162.54 2,090.22 2,031.35 1,980.51 1,943.16 1,902.38 1,797.31 1,797.20 1,775.65 1,772.51 1,734.04 1,696.43 1,694.44 1,687.20 1,675.29 1,499.81 1,387.45 1,386.11 1,374.49 1,359.49 1,294.38 1,284.64 1,270.28 1,258.25 1,233.23 1,179.80 1,147.17 1,104.95 1,098.24 1,085.72 1,068.45 895.98 894.04 821.37 750.88 746.78 636.41 555.42 380.93
4.20% 3.80% 3.43% 3.16% 3.13% 2.96% 2.95% 2.74% 2.65% 2.41% 2.41% 2.38% 2.37% 2.36% 2.21% 2.13% 2.06% 2.04% 1.81% 1.78% 1.72% 1.67% 1.63% 1.60% 1.57% 1.48% 1.48% 1.46% 1.46% 1.43% 1.40% 1.40% 1.39% 1.38% 1.24% 1.14% 1.14% 1.13% 1.12% 1.07% 1.06% 1.05% 1.04% 1.02% 0.97% 0.94% 0.91% 0.90% 0.89% 0.88% 0.74% 0.74% 0.68% 0.62% 0.62% 0.52% 0.46% 0.31%
140,100
870.71 0.73% 870.71 0.73% 121,396.74 100.00%
Note: 1. Classification of % of holdings based on Market Capitalisation: Large-Cap 3.25%, Mid-Cap 33.81%, Small-Cap 31.43%, Micro-Cap 27.95% 2. Portfolio Turnover Ratio : For Purchase 1.20 times and For Sale 0.95 times. 3. Total Expense Ratio (F.Y. beginning to date): RP: 1.99% 4. Net dividend declared during the half-year is Nil. 5. Total exposure to derivatives is 0.09% of the portfolio, i.e. ` 108.78 lakhs. 6. No investment in foreign securities/ADRs/GDRs at the end of the half year. 7. No NPAs provided for during the half-year. 8. Total Exposure to illiquid securities is Nil. 9. #Pending Listing on Stock Exchange. Since Inception Ratios: 1. Standard Deviation: 23.50% 2. Beta: 0.81 3. R-Squared: 90.63% 4. Sharpe Ratio: 0.13
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 Investment 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%;
Sectoral Allocation
CONSUMER NON DURABLES 10.59% INDUSTRIAL CAPITAL GOODS 8.45% FERTILISERS 7.19% PHARMACEUTICALS 6.71% FINANCE 6.53% RETAILING 5.64% SOFTWARE 5.06% TRANSPORTATION 4.60% CONSTRUCTION 4.01% MINERALS / MINING 3.80% AUTO ANCILLARIES 3.45% TEXTILES - COTTON 3.30% PETROLEUM PRODUCTS 3.16% PESTICIDES 3.12% HARDWARE TEXTILE PRODUCTS AUTO CHEMICALS POWER INDUSTRIAL PRODUCTS BANKS CONSTRUCTION PROJECT GAS FERROUS METALS CONSUMER DURABLES INDEX DERIVATIVES CASH & EQUIVALENT 2.98% 2.96% 2.95% 2.74% 2.43% 2.42% 1.43% 1.14% 0.88% 0.53% 0.27% 0.09% 3.57%
2. Debt and Money Market Securities: 0% - 10%.
REDEMPTION PROCEEDS
FEATURES
Minimum investment and minimum additional purchase - Regular Plan (RP): ` 5,000/- and ` 1,000/- thereafter. - Institutional Plan (IP): ` 1 crore and ` 1,000/- thereafter. Options available (for both plans): Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load (both plans): Holding Period: < 12 months: 1% >= 12 months: Nil
NAV AS ON
333.25 0.27% 16.07 0.01% - 0.00% 115,975.81 95.52%
DSP BlackRock Tax Saver Fund

FUND MANAGER
Anup Maheshwari Total work experience of 19 years. Managing this Scheme since January 2007
Portfolio
Sr. Name of Instrument No. Rating/Industry Quantity Market value % to Net (` In lakhs) Assets EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges Infosys Software HDFC Bank Banks State Bank of India Banks Reliance Industries Petroleum Products Tata Consultancy Services Software Kajaria Ceramics Construction ICICI Bank Banks CRISIL Finance Nestle India Consumer Non Durables Oil India Oil Bharti Airtel Telecom - Services Siemens Industrial Capital Goods Bharat Petroleum Corpn. Petroleum Products Lupin Pharmaceuticals Karur Vysya Bank Banks Idea Cellular Telecom - Services IPCA Laboratories Pharmaceuticals Bank of Baroda Banks Gujarat State Petronet Gas ITC Consumer Non Durables Bajaj Auto Auto NTPC Power Dr. Reddy's Laboratories Pharmaceuticals Cadila Healthcare Pharmaceuticals Jyothy Laboratories Consumer Non Durables Larsen & Toubro Construction Project Biocon Pharmaceuticals Tata Motors - A Class Auto Hindustan Unilever Diversified Bajaj Electricals Consumer Durables Axis Bank Banks Hindustan Petroleum Petroleum Products Corporation Housing Development Finance Finance Corporation Eicher Motors Auto Sterlite Industries ( India ) Non - Ferrous Metals CMC Hardware India Cements Cement ING Vysya Bank Banks Jubilant Organosys Pharmaceuticals Emami Consumer Non Durables Sun Pharmaceuticals Pharmaceuticals Industries Rallis India Pesticides Procter & Gamble Hygiene Consumer Non Durables and Health Care Cipla Pharmaceuticals Oil & Natural Gas Corpn Oil Coal India Minerals / Mining Jindal Steel & Power Ferrous Metals Gujarat Pipavav Port Transportation Redington (India) Hardware Gateway Distriparks Transportation HCL Technologies Software Ambuja Cement Cement Prestige Estate Project Construction Power Finance Corporation Finance Mahindra & Mahindra Auto Hindalco Industries Non - Ferrous Metals GlaxoSmithKline Pharmaceuticals Pharmaceuticals Infrastructure Development Finance Finance Company Tata Power Co. Power Jaiprakash Associates Construction Crompton Greaves Industrial Capital Goods Deep Industries Gas MphasiS Software Gujarat Mineral Development Minerals / Mining Corporation Arvind Textile Products 66 67 68 69 70 71 72 73 74 75 76 77 78 79 L&T Finance Holdings ACC IndusInd Bank Zuari Industries Hindustan Dorr-Oliver Voltas Grasim Industries Mount Everest Mineral Water Pidilite Industries South Indian Bank Zee Entertainment Enterprises Atul Britannia Industries Shoppers Stop Total Finance Cement Banks Fertilisers Industrial Capital Goods Construction Project Textile Products Consumer Non Durables Chemicals Banks Media & Entertainment Chemicals Consumer Non Durables Retailing 685,100 28,886 118,449 54,523 779,196 249,970 8,625 273,710 113,920 806,126 127,183 45,282 19,734 13,341 329.88 317.33 310.63 298.51 294.93 277.84 201.98 195.29 186.89 179.36 149.50 94.78 92.71 46.66 70,790.79 0.46% 0.44% 0.43% 0.41% 0.41% 0.38% 0.28% 0.27% 0.26% 0.25% 0.21% 0.13% 0.13% 0.06% 97.94%
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.
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
139,317 678,910 143,841 306,511 201,697 1,690,500 216,627 214,560 41,341 119,460 420,243 188,942 242,498 325,570 389,705 1,422,119 520,950 169,361 1,201,800 640,586 80,485 721,560 79,459 140,994 674,641 76,558 283,495 1,042,963 266,838 483,643 84,428 232,557 129,100 49,666 692,417 94,636 1,059,600 242,462 356,945 166,376 152,832 402,151 36,397 230,537 231,205 184,518 115,297 838,947 575,000 365,878 119,113 325,708 504,912 296,630 54,766 330,612 20,000 350,189 364,708 500,000 232,216 452,489 100,000 202,300 345,305
3,528.97 3,174.92 2,748.87 2,477.68 2,092.20 1,954.22 1,896.35 1,806.17 1,757.86 1,611.93 1,588.52 1,582.86 1,570.90 1,544.34 1,462.56 1,400.79 1,339.88 1,291.04 1,268.50 1,268.36 1,236.21 1,209.70 1,178.50 1,070.14 1,042.99 1,039.35 956.94 917.29 908.85 892.80 860.24 852.44 827.40 797.56 787.28 785.05 768.74 725.08 714.78 706.93 706.85 696.32 693.44 648.62 615.24 614.81 583.40 548.25 529.00 514.24 487.35 484.98 464.77 444.94 440.73 434.59 418.20 388.01 364.16 363.75 354.13 346.83 343.75 343.00 339.95
4.88% 4.39% 3.80% 3.43% 2.90% 2.70% 2.62% 2.50% 2.43% 2.23% 2.20% 2.19% 2.17% 2.14% 2.02% 1.94% 1.85% 1.79% 1.76% 1.76% 1.71% 1.67% 1.63% 1.48% 1.44% 1.44% 1.32% 1.27% 1.26% 1.24% 1.19% 1.18% 1.15% 1.10% 1.09% 1.09% 1.06% 1.00% 0.99% 0.98% 0.98% 0.96% 0.96% 0.90% 0.85% 0.85% 0.81% 0.76% 0.73% 0.71% 0.67% 0.67% 0.64% 0.62% 0.61% 0.60% 0.58% 0.54% 0.50% 0.50% 0.49% 0.48% 0.48% 0.47% 0.47%
DEBT INSTRUMENTS BOND & NCD's Listed / awaiting listing on the stock exchanges** 80 Britannia Industries AAA Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL
40,000
66.03 66.03 1,348.85 1,348.85
0.09% 0.09% 1.87% 1.87%
45.89 0.10% 45.89 0.10% 72,251.56 100.00%
REDEMPTION PROCEEDS
Normally within 3 Business Days from acceptance of redemption request (subject to completion of the 3 year Lock-in Period).
Note: 1. Portfolio Turnover Ratio : For Purchase 0.76 times and For Sale 0.81 times. 2. Total Expense Ratio (F.Y. beginning to date): 2.11% 3. Net dividend declared during the half-year is Nil. 4. No investment in derivatives/foreign securities/ADRs/GDRs at the end of the half year. 5. Net dividend declared during the half-year is Nil. 6. Total Exposure to illiquid securities is 0.00% of the portfolio,i.e. ` 0.00 lakh 7. No NPAs provided for during the half-year. 8.** Non Traded / Thinly Traded in accordance with SEBI Regulations/Guidelines 9. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH Since Inception Ratios: 1. Standard Deviation: 25.20% 2. Beta: 0.83 3. R-Squared: 92.57% 4. Sharpe Ratio: 0.04
FEATURES
Sectoral Allocation
BANKS PHARMACEUTICALS SOFTWARE CONSUMER NON DURABLES PETROLEUM PRODUCTS FINANCE AUTO TELECOM - SERVICES CONSTRUCTION INDUSTRIAL CAPITAL GOODS OIL GAS CEMENT POWER CONSTRUCTION PROJECT 17.49% 11.87% 8.93% 7.97% 6.78% 5.27% 4.69% 4.14% 3.84% 3.09% 3.08% 2.24% 2.17% 2.17% 1.82% HARDWARE NON - FERROUS METALS TRANSPORTATION MINERALS / MINING DIVERSIFIED CONSUMER DURABLES PESTICIDES FERROUS METALS TEXTILE PRODUCTS FERTILISERS CHEMICALS MEDIA & ENTERTAINMENT RETAILING DEBT INSTRUMENTS CASH & EQUIVALENT 1.82% 1.69% 1.47% 1.32% 1.26% 1.24% 0.96% 0.81% 0.75% 0.41% 0.39% 0.21% 0.06% 0.09% 1.97%
Repurchase of Units only after completion of 3 year lock-in period Minimum investment ` 500/ Minimum additional purchase ` 500/ Options available: Growth Dividend - Payout Dividend - Reinvest Dividend Entry load : Nil Exit load: N.A.
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Growth - ` 16.933 Dividend - ` 12.082 End of Half Year (Sep 30, 2011) Growth - ` 14.902 Dividend - ` 10.633
10
DSP BlackRock Micro Cap Fund

Portfolio
Sr. Name of Instrument No. Rating/Industry Quantity Market value % to Net (` In lakhs) Assets
FUND MANAGER
Sectoral Allocation
SOFTWARE PHARMACEUTICALS PESTICIDES INDUSTRIAL CAPITAL GOODS INDUSTRIAL PRODUCTS FERROUS METALS CONSUMER NON DURABLES BANKS 12.89% 11.45% 9.72% 8.77% 7.02% 6.91% 6.13% 5.92% FINANCE CONSTRUCTION TEXTILE PRODUCTS AUTO ANCILLARIES FERTILISERS CHEMICALS POWER CASH & EQUIVALENT 5.55% 4.62% 4.46% 3.79% 3.29% 1.98% 1.09% 6.41%
Apoorva Shah Total work experience of 24 years. Managing this Scheme since March 2008 Vinit Sambre Total work experience of 12 years. Managing this Scheme since June 2010. Mehul Jani (Dedicated fund manager for overseas investment) Total work experience of 7 years. Managing this Scheme since June 2010. An open ended diversified equity growth scheme 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 t o a c h i e v e o p t i m a l p o r t f o l i o construction.
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges 1 Rallis India Pesticides 2 Indoco Remedies Pharmaceuticals 3 eClerx Services Software 4 Kennametal India Ferrous Metals 5 Karur Vysya Bank Banks 6 Sadbhav Engineering Construction 7 TTK Prestige Consumer Non Durables 8 Bayer Cropscience Pesticides 9 KPIT Cummins Infosystems Software 10 Bajaj Auto Finance Finance 11 APL Apollo Tubes 12 Timken India 13 Strides Arcolab 14 Tecpro Systems Cholamandalam Investment 15 and Finance Company 16 Supreme Industries 17 Unichem Laboratories 18 Zydus Wellness 19 Jubilant Organosys 20 Zuari Industries 21 City Union Bank 22 Take Solutions Chambal Fertilizers & 23 Chemicals 24 Alstom Projects India 25 Kewal Kiran Clothing 26 K.P.R. Mill 27 Titagarh Wagons 28 Wabco India 29 JMC Projects (India) 30 Tata Elxsi (India) 31 Hindustan Dorr-Oliver 32 Career Point Infosystems 33 Steel Strips Wheels 34 NIIT Technologies 35 Nilkamal 36 Lovable Lingerie 37 Vivimed Labs 38 Navneet Publications India 39 Kirloskar Pneumatic Co. 40 Sanghvi Movers 41 PTC India 42 Bharat Bijlee 43 Wyeth 44 Rane (Madras) 45 Binani Industries 46 India Glycols 47 Sabero Organics Gujarat 48 Jyothy Laboratories Total Ferrous Metals Industrial Products Pharmaceuticals Industrial Capital Goods Finance Industrial Products Pharmaceuticals Consumer Non Durables Pharmaceuticals Fertilisers Banks Software Fertilisers Industrial Capital Goods Textile Products Textile Products Industrial Capital Goods Auto Ancillaries Construction Software Industrial Capital Goods Software Auto Ancillaries Software Industrial Products Textile Products Chemicals Consumer Non Durables Industrial Products Industrial Capital Goods Power Industrial Capital Goods Pharmaceuticals Auto Ancillaries Finance Chemicals Pesticides Consumer Non Durables
1,752,197 528,520 272,053 244,186 508,640 1,068,232 51,206 145,639 792,638 187,036 898,102 556,076 302,011 408,428 617,148 443,272 584,022 144,414 384,269 138,418 1,711,322 2,326,548 770,449 138,838 86,493 689,801 169,442 53,060 523,597 326,135 1,692,135 239,290 281,479 308,898 229,370 131,321 242,142 911,980 108,094 416,650 721,395 70,085 48,135 350,274 314,329 238,454 112,854 50,000
3,033.93 2,051.45 1,984.76 1,921.50 1,908.93 1,410.07 1,323.65 1,202.03 1,196.09 1,187.12 1,186.39 1,171.65 1,068.21 915.08 909.06 837.34 795.15 780.34 769.50 757.84 756.40 730.54 722.30 721.82 708.59 701.18 695.98 677.89 668.37 653.74 640.47 628.73 610.25 606.98 598.20 595.48 592.28 580.02 551.23 494.36 491.63 483.59 465.73 415.60 400.46 296.64 137.46 77.30 42,113.31 2,997.44 2,997.44
6.74% 4.56% 4.41% 4.27% 4.24% 3.13% 2.94% 2.67% 2.66% 2.64% 2.64% 2.60% 2.37% 2.03% 2.02% 1.86% 1.77% 1.73% 1.71% 1.68% 1.68% 1.62% 1.61% 1.60% 1.58% 1.56% 1.55% 1.51% 1.49% 1.45% 1.42% 1.40% 1.36% 1.35% 1.33% 1.32% 1.32% 1.29% 1.23% 1.10% 1.09% 1.07% 1.04% 0.92% 0.89% 0.66% 0.31% 0.17% 93.59% 6.66% 6.66%
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.
REDEMPTION PROCEEDS
Normally within 10 Business Days from acceptance of redemption request during the specified redemption period.
Minimum investment and minimum additional purchase - Regular Plan (RP): ` 5,000/- and ` 1,000/- thereafter. - Institutional Plan (IP): ` 1 crore and ` 1,000/- thereafter. Options available (for both plans): Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load: (for both plans) Holding period <24 months: 1% Holding period >=24 months: Nil
FEATURES
(123.20) (0.25%) (123.20) (0.25%) 44,987.55 100.00%
NAV AS ON
Note: 1. Total Exposure to illiquid securities is 0.00% of the portfolio,i.e. ` 0.00 lakh 2. Portfolio Turnover Ratio : For Purchase 0.95 times and For Sale 0.66 times. 3. Total Expense Ratio (F.Y. beginning to date): RP: 2.26% 4. Classification of % of holdings based on Market Capitalisation: Large-Cap 0.00% Mid-Cap 4.24%, Small-Cap 20.63%, Micro-Cap 68.67% 5. Net dividend declared during the half-year is Nil. 6. No investment in foreign securities/ADRs/GDRs at the end of the half year. 7. No NPAs provided for during the half-year. Since Inception Ratios: 1. Standard Deviation: 44.00% 2. Beta: 0.86 3. R-Squared: 93.56% 4. Sharpe Ratio: 0.03
11
DSP BlackRock Natural Resources and New Energy Fund

FUND MANAGER
Anup Maheshwari Total work experience of 19 years. Managing this Scheme since April 2008 Mehul Jani (Dedicated fund manager for overseas investment) Total work experience of 7 years. Managing this Scheme since June 2010.
Portfolio
Sr. Name of Instrument No. Rating/Industry Quantity Market value (` In lakhs) % to Net Assets CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL 99.92 99.92 0.74% 0.74% EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges Castrol India Petroleum Products Reliance Industries Petroleum Products Gujarat Mineral Minerals / Mining Development Corporation Bharat Petroleum Corpn. Petroleum Products Hindustan Petroleum Petroleum Products Corporation Petronet LNG Gas Gujarat Gas Co. Gas SRF Auto Ancillaries Gujarat Fluorochemicals Gas Oil India Oil Indraprastha Gas Gas Gujarat State Fertilizers & Fertilisers Chemicals Rallis India Pesticides Phillips Carbon Black Auto Ancillaries GAIL (India) Gas Hindalco Industries Non - Ferrous Metals EID Parry India Consumer Non Durables Sterlite Industries ( India ) Non - Ferrous Metals Coal India Minerals / Mining Coromandel International Fertilisers Hindustan Zinc Non - Ferrous Metals Indian Oil Corporation Petroleum Products Jindal Steel & Power Ferrous Metals Gujarat State Petronet Gas Tata Chemicals Fertilisers Oil & Natural Gas Corpn Oil Tata Steel Ferrous Metals Zuari Industries Fertilisers NMDC Minerals / Mining Deep Industries Gas Cairn India Oil Shiv-Vani Oil & Gas Oil Exploration Services Selan Exploration Oil Technology Steel Authority of India Ferrous Metals Adhunik Metaliks Ferrous Metals Bharat Earth Movers Industrial Capital Goods Gujarat NRE Coke - B Class Minerals / Mining Total
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
204,518 113,007 378,319 87,600 154,259 346,794 124,644 169,748 97,896 36,271 113,214 107,289 262,696 276,189 90,050 275,954 151,233 296,442 93,458 95,678 243,860 91,538 53,154 226,075 60,554 51,308 28,356 20,539 47,632 140,210 38,387 48,891 23,000 58,750 127,806 9,474 29,103
976.27 913.49 641.44 567.47 565.44 554.52 537.28 526.90 526.88 489.42 481.56 474.43 454.86 387.63 369.70 362.74 341.56 337.05 311.40 291.77 289.71 285.10 268.96 238.62 191.44 136.53 117.78 112.45 108.20 107.47 104.60 95.66 68.56 62.07 60.20 43.37 4.71 12,407.24
7.23% 6.77% 4.75% 4.21% 4.19% 4.11% 3.98% 3.90% 3.90% 3.63% 3.57% 3.52% 3.37% 2.87% 2.74% 2.69% 2.53% 2.50% 2.31% 2.16% 2.15% 2.11% 1.99% 1.77% 1.42% 1.01% 0.87% 0.83% 0.80% 0.80% 0.78% 0.71% 0.51% 0.46% 0.45% 0.32% 0.03% 91.94%
181.03 1.34% 181.03 1.34% 13,494.77 100.00%
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 onsite 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. 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 Exposure to illiquid securities is 0.00% of the portfolio, i.e. ` 0.00 lakh 3. Total investments in foreign securities as on Sep 30, 2011 - ` 273.51 lakhs 4. Portfolio Turnover Ratio : For Purchase 0.48 times and For Sale 0.64 times. 5. Total Expense Ratio (F.Y. beginning to date): RP: 2.31%. 6. Total exposure to derivatives is 3.95% of the portfolio, i.e. ` 533.07 lakhs. 7. Net dividend declared during the half-year is Nil. 8. No NPAs provided for during the half-year. Since Inception Ratios: 1. Standard Deviation: 22.85% 2. Beta: 0.64 3. R-Squared: 70.55% 4. Sharpe Ratio: 0.13
Sectoral Allocation
PETROLEUM PRODUCTS GAS OIL NON - FERROUS METALS FERTILISERS MINERALS / MINING AUTO ANCILLARIES 24.93% 20.87% 9.47% 8.04% 7.93% 7.89% 6.77% FERROUS METALS PESTICIDES CONSUMER NON DURABLES FOREIGN SECURITIES INDUSTRIAL CAPITAL GOODS CASH & EQUIVALENT 3.77% 3.37% 2.53% 2.03% 0.32% 2.08%
ASSET ALLOCATION
REDEMPTION PROCEEDS FEATURES
Normally within 3 Business Days from acceptance of redemption request. Minimum investment and minimum additional purchase - Regular Plan: ` 5,000/- and ` 1000/- thereafter. - Institutional Plan: ` 1 crore and ` 1000/- thereafter. Options available: Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load (both plans): Holding Period: < 12 months: 1% >= 12 months: Nil
DERIVATIVES Oil & Natural Gas Corpn Oil Oct 2011 39 Hindalco Industries Oct 2011 Non - Ferrous Metals 40 Reliance Industries Oct 2011 Petroleum Products Total 38 Investment in Foreign Securities BlackRock Global Funds - 41 World Energy Fund (Class I2 N. A. USD Shares)^^ Total
143,000 72,000 7,000
381.81 94.64 56.62 533.07
2.83% 0.70% 0.42% 3.95%
26,709
273.51 273.51
2.03% 2.03%
NAV AS ON
12
DSP BlackRock World Gold Fund

An open ended Fund of Funds scheme seeking to generate capital appreciation by investing predominantly in units of BlackRock Global Funds - World Gold Fund (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.
FUND MANAGER
(for both Schemes) Mehul Jani (Dedicated fund manager for overseas investment) Total work experience of 7 years. Managing this Scheme since June 2010.
Portfolio
Sr. Name of Instrument No. Investment in Foreign Securities BlackRock Global Funds - World Gold Fund (Class I2 USD Shares)^^ Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL Rating/Industry Quantity Market value (` In lakhs) % to Net Assets
NAV AS ON
ASSET ALLOCATION
End of Half Year (Sep 30, 2011) Regular Plan Growth - ` - 17.9769 Dividend - ` - 14.7206
N. A.
3,454,885
98,529.90 98,529.90 1,198.98 1,198.98 (559.25) (559.25) 99,169.63
99.35% 99.35% 1.21% 1.21% (0.56%) (0.56%) 100.00%
Beginning of Half Year (Mar 31, 2011) Regular Plan Growth - ` 18.5421 Dividend - ` 15.1835
As there were no investors in the Institutional Plan, NAVs have not been shown
DSPBRWGF: 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%. the shares of BGF-WGF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III Fund. DSPBRWEF: Units of BGF WEF# or other similar overseas mutual fund scheme(s): 50% to 100% 2. Units of BGF NEF# or other similar overseas mutual fund scheme(s): 0% to 30% 3. Money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund: 0% to 20% in the shares of BGF WEF and BGF NEF, Undertaking for Collective Investment in Transferable Securities (UCITS) III fund
# #In
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 Sep 30, 2011 - ` 98,529.90 lakhs 4. Total Expense Ratio (F.Y. beginning to date): RP: 1.40%. 5. No NPAs provided for during the half-year.
DSP BlackRock World Energy Fund

An open ended Fund of Funds Scheme seeking to generate capital appreciation by investing predominantly in the units of BlackRock Global Funds- World Energy Fund (BGF-WEF) and BlackRock Global Funds- New Energy Fund (BGF-NEF). 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.
Normally within 5 Business Days from acceptance of redemption request
REDEMPTION PROCEEDS (for both Schemes)
FEATURES (for both Schemes) Minimum investment and minimum additional purchase
Portfolio
Sr. Name of Instrument No. Investment in Foreign Securities BlackRock Global Funds - World Energy Fund (Class I2 USD Shares)^^ BlackRock Global Funds - New Energy Fund (Class I2 USD Shares)^^ Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL Rating/Industry Quantity Market value (` In lakhs) % to Net Assets
NAV AS ON
1 2
N. A. N. A.
1,613,568 376,700
16,523.31 1,105.83 17,629.14 199.83 199.83 (71.42) (71.42) 17,757.55
93.05% 6.23% 99.28% 1.13% 1.13% (0.41%) (0.41%) 100.00%
Beginning of Half Year (Mar 31, 2011) Regular Plan Growth - ` 12.6610 Dividend - ` 12.6610
End of Half Year (Sep 30, 2011) Regular Plan Growth - ` 9.6417 Dividend - ` 9.6417
Options available: (for both plans): Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load (both plans): Holding Period: < 12 months: 1% >= 12 months: Nil
As there were no investors in the Institutional Plan, NAVs have not been shown (for End of half year)
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 Sep 30, 2011 - ` 17,629.14 lakhs 4. Total Expense Ratio (F.Y. beginning to date): RP: 1.41%. 5. Net dividend declared during the half-year is Nil. 6. No NPAs provided for during the half-year.
13
DSP BlackRock World Mining Fund

FUND MANAGER
Mehul Jani (Dedicated fund manager for overseas investment) Total work experience of 7 years. Managing this Scheme since June 2010.
The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in the units of BlackRock Global Funds World Mining Fund (BGF-WMF). 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. The Scheme may also invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. There is no assurance that the investment objective of the Scheme will be realised.
ASSET ALLOCATION
Units of BGF WMF# or other similar overseas mutual fund scheme(s): 80% to 100%; Money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund: 0% to 20%. the shares of BGF WMF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.
#In
Portfolio
Sr. Name of Instrument No. Investment in Foreign Securities BlackRock Global Funds - World Mining Fund (Class I2 USD Shares)^^ Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL Rating/Industry Quantity Market value (` In lakhs) % to Net Assets
N. A.
378,629
10,911.13 10,911.13 199.83 199.83
98.53% 98.53% 1.80% 1.80%
REDEMPTION PROCEEDS
(37.18) (37.18) 11,073.78
(0.33%) (0.33%) 100.00%
FEATURES

Notes: 1. ^^Fund domiciled in Luxembourg 2. Total investments in foreign securities as on Sep 30, 2011 - ` 10,911.13 lakhs 3. Total Expense Ratio (F.Y. beginning to date): RP: 1.41%. 4. Net dividend declared during the half-year is Nil. 5. No NPAs provided for during the half-year. 6. Total value and percentage of illiquid equity shares - N.A.
Options available: (for both plans): Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load (both plans): Holding Period: < 12 months: 1% >= 12 months: Nil
NAV AS ON
14
DSP BlackRock Focus 25 Fund

The primary investment objective of the Scheme is to generate long-term capital growth from a portfolio of equity and equity-related securities including equity derivatives. The portfolio will largely consist of companies, which are amongst the top 200 companies by market capitalisation. The portfolio will limit exposure to companies beyond the top 200 companies by market capitalization upto 20% of the net asset value. The Scheme will normally hold equity and equity-related securities including equity derivatives, of upto 25 companies. Further, the Scheme will also have at least 95% of the invested amount (excluding investments in debt securities, money market securities and cash and cash equivalents) across the top 25 holdings in the portfolio. The Scheme may also invest in debt and money market securities, for defensive considerations and/or for managing liquidity requirements. There can be no assurance that the investment objective of the Scheme will be realized.
FUND MANAGER
Harsha Upadhyaya Total work experience of 16 years. Managing this Scheme since September 2011 Mehul Jani (dedicated fund manager for managing overseas investments) Total work experience of 7 years. Managing this Scheme since June 2010
Portfolio
Sectoral Allocation
BANKS TELECOM - SERVICES FINANCE CONSUMER NON DURABLES PETROLEUM PRODUCTS PHARMACEUTICALS DIVERSIFIED INDUSTRIAL CAPITAL GOODS CHEMICALS 16.47% 9.94% 9.09% 8.84% 7.35% 7.25% 6.99% 6.25% 5.86% FERTILISERS MEDIA & ENTERTAINMENT TEXTILE PRODUCTS AUTO PESTICIDES CONSTRUCTION PROJECT CASH & EQUIVALENT 4.52% 3.85% 2.94% 2.55% 1.17% 0.82% 6.11%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges HDFC Bank Banks Housing Development Finance Finance Corporation Hindustan Unilever Diversified Godrej Industries Chemicals Idea Cellular Telecom - Services Bharat Petroleum Corpn. Petroleum Products ITC Consumer Non Durables Tata Chemicals Fertilisers Bharti Airtel Telecom - Services Lupin Pharmaceuticals Dish TV India Media & Entertainment Siemens Industrial Capital Goods ING Vysya Bank Banks EID Parry India Consumer Non Durables IndusInd Bank Banks Cadila Healthcare Pharmaceuticals Arvind Textile Products Bajaj Auto Auto Lakshmi Machine Works Industrial Capital Goods Hindustan Petroleum Petroleum Products Corporation Larsen & Toubro Construction Project Rallis India Pesticides Titan Industries Consumer Non Durables Total
1,170,252 798,069 1,155,460 1,687,356 3,161,523 438,571 1,374,600 804,908 657,397 500,407 2,803,094 256,281 700,000 896,974 650,000 224,465 1,680,723 93,364 70,677 353,048 70,222 380,697 111,418
5,472.68 5,114.82 3,935.50 3,300.47 3,114.10 2,841.06 2,721.71 2,544.72 2,484.96 2,373.68 2,165.39 2,146.99 2,093.35 2,025.82 1,704.62 1,703.69 1,654.67 1,434.02 1,374.24 1,294.10 953.33 659.18 232.81 53,345.91
9.72% 9.09% 6.99% 5.86% 5.53% 5.05% 4.83% 4.52% 4.41% 4.22% 3.85% 3.81% 3.72% 3.60% 3.03% 3.03% 2.94% 2.55% 2.44% 2.30% 1.69% 1.17% 0.41% 94.76%
1(a) Equity and equity related securities, which are amongst the top 200 companies by market capitalization* - 65% - 100%; 1(b) Equity and equity related securities, which are beyond the top 200 companies by market capitalization 0% - 20%; Of 1(a) and 1(b) above, investments in ADRs, GDRs and foreign securities 0% - 25%; 2. Debt securities, money market securities and cash and cash equivalents 0% - 35%. *The portfolio will largely consist of companies, which are amongst the top 200 companies by market capitalisation. The portfolio will limit exposure to companies beyond the top 200 companies by market capitalization to 20% of the net asset value. The Scheme will also have at least 95% of the invested amount (excluding investments in debt securities, money market securities and cash and cash equivalents) across the top 25 holdings in the portfolio.
ASSET ALLOCATION
REDEMPTION PROCEEDS
DERIVATIVES 24 Larsen & Toubro Oct 2011 Total
Construction Project
(36,000)
(490.19) (490.19) 2,797.69 2,797.69
(0.87%) (0.87%) 4.97% 4.97%
FEATURES
639.02 639.02 56,292.43
1.14% 1.14% 100.00%
Notes: 1. Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. ` 0.00 lakh 2. Portfolio Turnover Ratio : For Purchase 2.32 times and For Sale 2.37 times. 3. Total Expense Ratio (F.Y. beginning to date): 2.18%. 4. Net dividend declared during the half-year is Nil. 5. No NPAs provided for during the half-year. 6. Total exposure to derivatives is (0.87%) of the portfolio, i.e. ` (490.19) lakhs. Since Inception Ratios: 1. Standard Deviation: 15.44% 2. Beta: 0.77 3. R-Squared: 82.55% 4. Sharpe Ratio: (0.63)
Minimum investment and minimum additional purchase ` 5,000/- and ` 1,000/- thereafter. Options available Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load: Holding period <12 months: 1% Holding period >=12 months: Nil
NAV AS ON
15
CRISIL MUTUAL FUND RANK 1*
DSP BlackRock Balanced Fund

Portfolio
Sr. Name of Instrument No. Rating/Industry Quantity Market value % to Net (` In lakhs) Assets EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges HDFC Bank Banks State Bank of India Banks Hindustan Unilever Diversified Bharat Petroleum Corpn. Petroleum Products Idea Cellular Telecom - Services Kotak Mahindra Bank Banks Lupin Pharmaceuticals Eicher Motors Auto Arvind Textile Products Siemens Industrial Capital Goods Tata Chemicals Fertilisers Hindalco Industries Non - Ferrous Metals Info Edge (India) Software Godrej Industries Chemicals Trent Retailing Godrej Properties Construction Bajaj Auto Auto EID Parry India Consumer Non Durables Tata Power Co. Power Chambal Fertilizers & Fertilisers Chemicals Gujarat Pipavav Port Transportation Tata Global Beverages Consumer Non Durables Bayer Cropscience Pesticides Tata Motors Auto Bata India Consumer Non Durables Power Grid Corporation of India Power Hindustan Petroleum Petroleum Products Corporation Wipro Software Grasim Industries Textile Products Gujarat Mineral Development Minerals / Mining Corporation Apollo Tyres Auto Ancillaries GlaxoSmithKline Pharmaceuticals Pharmaceuticals CMC Hardware Redington (India) Hardware Jaiprakash Associates Construction Hero MotoCorp Auto Bharti Airtel Telecom - Services Lakshmi Machine Works Industrial Capital Goods Cadila Healthcare Pharmaceuticals SRF Auto Ancillaries Sun Pharmaceuticals Pharmaceuticals Industries Mahindra & Mahindra Auto Nagarjuna Construction Co. Construction Project Zuari Industries Fertilisers Areva T&D India Industrial Capital Goods Torrent Pharmaceuticals Pharmaceuticals Gujarat State Petronet Gas Dr. Reddy's Laboratories Pharmaceuticals Bajaj Finserv Finance NMDC Minerals / Mining Tata Motors - A Class Auto Bajaj Auto Finance Finance Praj Industries Industrial Capital Goods Axis Bank Banks Alstom Projects India Industrial Capital Goods ING Vysya Bank Banks Canara Bank Banks Bharat Forge Industrial Products KPIT Cummins Infosystems Software Vardhman Textiles Textiles - Cotton Sintex Industries Industrial Products Radico Khaitan Consumer Non Durables Indian Oil Corporation Petroleum Products L&T Finance Holdings Finance NIIT Software Tecpro Systems Industrial Capital Goods Monnet Ispat Ferrous Metals Monsanto India Pesticides SKS Microfinance Finance Vardhman Special Steel # Ferrous Metals Bharat Forge - Warrant Industrial Products Total DERIVATIVES 74 Index Derivatives Total CENTRAL GOVERNMENT SECURITIES 75 07.80% CGL 2021 Total Index Derivatives 85,150 1,282.69 1.82% 1,282.69 1.82%
FUND MANAGER
Apoorva Shah Total work experience of 24 years. Managing this Scheme since June 2006 Kushal M. Choksi Total work experience of 10 years. Managing this Scheme since March 2011
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%. Fixed income securities (Debt securities, Securitised debt & Money market securities): 25% - 35%.
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 68 69 70 71
629,140 124,382 631,311 304,544 1,716,949 307,765 243,619 71,107 1,107,131 121,884 310,991 742,637 140,005 489,321 84,648 137,972 59,322 383,498 860,560 871,872 1,236,605 902,124 90,687 446,729 105,831 681,364 173,393 178,707 25,301 348,432 1,057,978 27,460 68,863 620,000 776,186 28,950 146,375 28,353 71,906 171,952 115,326 66,203 874,020 92,478 215,161 84,670 431,391 29,462 82,451 185,588 468,385 64,896 581,106 38,624 73,363 126,854 84,374 135,524 231,376 178,645 267,091 272,337 107,420 670,213 707,856 137,231 58,449 16,510 114,874 25,026 39,500
2,942.17 2,377.00 2,150.25 1,972.84 1,691.19 1,414.80 1,155.61 1,141.87 1,089.97 1,021.08 983.20 976.20 969.53 957.11 930.87 914.41 911.16 866.13 859.27 817.38 808.12 774.02 748.49 697.12 687.21 670.80 635.57 609.03 592.50 590.77 584.53 574.19 571.25 570.40 564.68 562.14 553.30 551.30 545.77 533.74 533.38 532.77 527.47 506.32 470.02 456.41 455.33 436.97 432.37 421.56 411.94 411.89 410.55 393.54 381.41 379.36 374.66 363.41 349.15 343.36 339.74 338.92 334.56 322.71 311.46 307.47 287.60 286.84 282.65 5.38 - 49,976.17
4.16% 3.36% 3.04% 2.79% 2.39% 2.00% 1.63% 1.61% 1.54% 1.44% 1.39% 1.38% 1.37% 1.35% 1.31% 1.29% 1.29% 1.22% 1.21% 1.15% 1.14% 1.09% 1.06% 0.98% 0.97% 0.95% 0.90% 0.86% 0.84% 0.83% 0.83% 0.81% 0.81% 0.81% 0.80% 0.79% 0.78% 0.78% 0.77% 0.75% 0.75% 0.75% 0.75% 0.72% 0.66% 0.64% 0.64% 0.62% 0.61% 0.60% 0.58% 0.58% 0.58% 0.56% 0.54% 0.54% 0.53% 0.51% 0.49% 0.49% 0.48% 0.48% 0.47% 0.46% 0.44% 0.43% 0.41% 0.41% 0.40% 0.01% 0.00% 70.60%
SOV
1,000,000
958.50 1.35% 958.50 1.35%
76 77 78 79 80 81 82
DEBT INSTRUMENTS BOND & NCD's Listed / awaiting listing on the stock exchanges** LIC Housing Finance FRN CRISIL AAA Tata Capital CARE AA+ Axis Bank FRN LAAA Reliance Ports And Terminals CRISIL AAA Kotak Mahindra Prime LAA+ Shriram Transport Finance FITCH A1+ (ind) Company Sundaram Finance LAA+ Total
25 200 200 150 100 100 100
2,487.80 1,996.12 1,985.11 1,511.60 1,001.27 1,000.12
3.51% 2.82% 2.80% 2.14% 1.41% 1.41%
983.27 1.39% 10,965.29 15.48%
MONEY MARKET INSTRUMENTS Certificate of Deposit** 83 Axis Bank CRISIL A1+ 84 HDFC Bank CARE A1+ Total Commercial Paper** 85 Sundaram BNP Home Finance CRISIL A1+ 86 Fullerton India Credit Company A1+ Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL
2,500 1,500
2,324.06 3.28% 1,395.57 1.97% 3,719.63 5.25% 2,282.07 3.22% 479.54 0.68% 2,761.61 3.90% 1,049.05 1.48% 1,049.05 1.48% (132.56) (0.17%) (132.56) (0.17%) 70,788.67 100.00%
REDEMPTION PROCEEDS
500 100
Minimum first purchase: ` 5,000 Minimum additional purchase: ` 1,000 Options available: Growth Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load: Holding Period: < 12 months: 1% >= 12 months: Nil
FEATURES
Notes: 1. Modified Duration (Debt Securities) 1.41 years 2. Average Maturity 2.07 years. 3. Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. ` 0.00 lakh 4. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 5. Total Expense Ratio (F.Y. beginning to date): 2.08% 6. Net dividend declared during the half-year is Nil. 7. No NPAs provided for during the half year 8. No investment in foreign securities/ADRs/GDRs at the end of the half year. 9. Portfolio Turnover Ratio : For Purchase 1.98 times and For Sale 1.93 times. 10. Total exposure to derivatives is 1.82% of the portfolio, i.e. ` 1,282.69 lakhs. 11. ** Thinly traded/ non traded securities and illiquid securities as defined in SEBI Regulations and guidelines 12. ~ Less than 0.00% 13. #Pending Listing on Stock Exchange
Sectoral Allocation
BANKS AUTO PHARMACEUTICALS INDUSTRIAL CAPITAL GOODS PETROLEUM PRODUCTS CONSUMER NON DURABLES FERTILISERS TELECOM - SERVICES SOFTWARE DIVERSIFIED TEXTILE PRODUCTS POWER CONSTRUCTION FINANCE HARDWARE 11.15% 6.00% 5.22% 4.43% 4.16% 3.76% 3.26% 3.17% 3.16% 3.04% 2.38% 2.16% 2.09% 2.05% 1.62% RETAILING AUTO ANCILLARIES PESTICIDES MINERALS / MINING NON - FERROUS METALS CHEMICALS TRANSPORTATION INDUSTRIAL PRODUCTS CONSTRUCTION PROJECT GAS TEXTILES - COTTON FERROUS METALS INDEX DERIVATIVES DEBT INSTRUMENTS CASH & EQUIVALENT 1.60% 1.58% 1.47% 1.43% 1.38% 1.35% 1.14% 0.99% 0.75% 0.64% 0.49% 0.42% 1.82% 25.98% 1.31%
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Growth - ` 66.140 Dividend - ` 21.751 End of Half Year (Sep 30, 2011) Growth - ` 62.222 Dividend - ` 20.462
*Open End Consistent Balanced Schemes category, ranks within Top 10 percentile of the 14 schemes considered, 5 year period ending Jun 30, 2011.
Past performance is no guarantee of future results.

Please refer page no. 31 for details on the Ranking Methodology
Unlisted 72 SIP Technologies & Export **~ Software Total PREFERENCE SHARES Listed / awaiting listing on the stock exchanges 73 Trent Series B - CCPS Retailing Total
52,521
- 0.00% - 0.00%
20,028
208.29 0.29% 208.29 0.29%
16
DSP BlackRock MIP Fund*

Portfolio
Sr. Name of Instrument No. EQUITY & EQUITY RELATED Listed / awaiting listing on the stock exchanges 1 Idea Cellular 2 Hindustan Unilever 3 Wipro UTV Software 4 Communications 5 Bharat Petroleum Corpn. Telecom - Services Diversified Software Media & Entertainment Petroleum Products 748,306 207,916 200,000 60,743 65,424 107,195 51,535 49,481 58,950 169,756 28,123 44,044 68,906 85,565 32,096 10,000 737.08 708.16 681.60 575.81 423.82 225.86 188.90 182.19 174.29 169.50 146.21 92.18 78.24 73.41 50.09 30.52 4,537.86 3.43% 3.29% 3.17% 2.68% 1.97% 1.05% 0.88% 0.85% 0.81% 0.79% 0.68% 0.43% 0.36% 0.34% 0.23% 0.14% 21.10% TELECOM - SERVICES DIVERSIFIED SOFTWARE PETROLEUM PRODUCTS MEDIA & ENTERTAINMENT INDUSTRIAL PRODUCTS TEXTILES - COTTON AUTO ANCILLARIES POWER 3.43% 3.29% 3.17% 2.85% 2.68% 1.05% 0.85% 0.81% 0.79% INDUSTRIAL CAPITAL GOODS 0.68% CHEMICALS 0.43% PHARMACEUTICALS 0.36% CONSUMER NON DURABLES 0.34% AUTO 0.23% GAS 0.14% INDEX DERIVATIVES 0.06% DEBT INSTRUMENTS 72.19% CASH & EQUIVALENT 6.65% Rating/Industry Quantity Market value (` In lakhs) % to Net Assets CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL 735.06 735.06 21,510.59 3.40% 3.40% 100.00% An Open Ended Income Scheme, seeking to generate income, 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 issuers domiciled in India. 699.37 699.37 3.25% 3.25%
FUND MANAGER
Kushal M. Choksi Total work experience of 10 years. Managing this Scheme since March 2011 Apoorva Shah Total work experience of 24 years. Managing this Scheme since April 2006
6 Timken India Industrial Products Hindustan Petroleum 7 Petroleum Products Corporation 8 Bombay Dyeing & Mfg Co. Textiles - Cotton 9 Goodyear India 10 Tata Power Co. 11 Alstom Projects India 12 Atul 13 Fresenius Kabi Oncology 14 Tata Global Beverages 15 Tata Motors 16 BOC India Total DERIVATIVES 17 Index Derivatives Total CENTRAL GOVERNMENT SECURITIES 18 07.80% CGL 2021 Total DEBT INSTRUMENTS BOND & NCD's 19 20 21 22 23 Listed / awaiting listing on the stock exchanges** Mahindra & Mahindra CRISIL AA+ Financial Services Kotak Mahindra Prime LAA+ Reliance Ports And CRISIL AAA Terminals Shriram Transport Finance FITCH A1+ (ind) Company LIC Housing Finance FRN CRISIL AAA CARE AA+ LAAA SOV Index Derivatives Auto Ancillaries Power Industrial Capital Goods Chemicals Pharmaceuticals Consumer Non Durables Auto Gas
Notes: 1. Modified Duration (Debt Securities) 1.46 years 2. Average Maturity 2.04 years 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH 4. Total Expense Ratio (F.Y. beginning to date): 2.10% 5. Total exposure to derivatives is 0.06% of the portfolio, i.e. ` 12.50 lakhs. 6. Net dividend declared during the half-year under the Monthly Dividend Option is ` 0.360000 (Individuals/HUF), ` 0.317702 (Others) and under the Quaterly Dividend Option is ` 0.360000 (Individual/HUF) and ` 0.308558 (Others) per unit 7. ** Non Traded / Thinly Traded in accordance with SEBI Regulations/Guidelines 8. No NPAs provided for during the half year 9. No investment in foreign securities/ADRs/ GDRs at the end of the half year.
Sectoral Allocation
ASSET ALLOCATION
*Debt and Money Market Securities 75% - 100% Equity and Equity Related Securities 0% - 25% *Debt securities may include securitised debts upto 50% of the net assets
17,200
12.50 12.50
0.06% 0.06%
REDEMPTION PROCEEDS
1,000,000
958.50 958.50
4.46% 4.46%
FEATURES
250 250 100 100 10 50 50
2,489.74 2,471.27 1,007.73 1,000.12 995.12 499.03 496.28 8,959.29
11.57% 11.49% 4.68% 4.65% 4.63% 2.32% 2.31% 41.65%
Minimum first purchase: ` 5,000 Minimum additional purchase: ` 1,000 Options available: Growth Monthly Dividend - Payout Dividend - Reinvest Dividend Quarterly Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load: Holding Period: < 12 months: 1% >= 12 months: Nil
24 Tata Capital 25 Axis Bank FRN Total
MONEY MARKET INSTRUMENTS Commercial Paper** Fullerton India Credit 26 Company 27 Bajaj Finance Total A1+ CRISIL A1+ 900 300 4,225.25 1,382.76 5,608.01 19.65% 6.43% 26.08%
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Growth - ` 19.1439 Monthly Dividend - ` 11.0298 Quarterly Dividend - ` 11.6320 End of Half Year (Sep 30, 2011) Growth - ` - 19.4576 Monthly Dividend - ` - 10.7975 Quarterly Dividend - ` - 11.4108 *Monthly income is not assured and is subject to availability of distributable surplus.
17
RATED RATED AAAf AAAf by by CRISIL* CRISIL*
DSP BlackRock Liquidity Fund

Portfolio
Sr. Name of Instrument No. DEBT INSTRUMENTS Fixed Deposit 1 Corporation Bank Total MONEY MARKET INSTRUMENTS Certificate of Deposit** UCO Bank Allahabad Bank Central Bank of India Axis Bank Oriental Bank of Commerce Vijaya Bank Canara Bank Central Bank of India Punjab National Bank Kotak Mahindra Bank Central Bank of India South Indian Bank HDFC Bank IndusInd Bank Canara Bank Vijaya Bank Bank of India ICICI Bank State Bank of Bikaner & Jaipur Allahabad Bank Punjab & Sind Bank ING Vysya Bank Yes Bank Total Rating/Industry Quantity Market value (` In lakhs) % to Net Assets CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL 2,697.52 2,697.52 (28,309.13) (28,309.13) 343,796.33 0.78% 0.78% (8.25%) (8.25%) 100.00%
FUND MANAGER
Dhawal Dalal Total work experience of 14 years. Managing this Scheme since September 2007 Laukik Bagwe Total work experience of 9 years. Managing this Scheme since June 2010.
FAAA
20,000
20,000.00 20,000.00
5.82% 5.82%
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
Money market securities and/or Debt securities* with maturity of 91 days 80% - 100%; (*Debt securities may include securitised debts upto 30% of the net assets.)
REDEMPTION PROCEEDS
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
CRISIL A1+ ICRA A1+ ICRA A1+ CRISIL A1+ CRISIL A1+ CARE A1+ CRISIL A1+ CARE A1+ CARE A1+ A1+ A1+ CARE A1+ CARE A1+ CRISIL A1+ A1+ CRISIL A1+ CRISIL A1+ ICRA A1+ CRISIL A1+ A1+ A1+ CRISIL A1+ CRISIL A1+
20,000 18,000 17,000 10,475 10,000 10,000 10,000 10,000 8,100 8,000 5,000 5,000 4,400 3,800 2,860 2,575 2,500 2,500 2,500 2,150 500 500 100
19,599.22 17,631.15 16,669.81 10,319.28 9,883.67 9,849.76 9,822.42 9,783.72 7,949.42 7,870.94 4,921.54 4,917.57 4,340.42 3,735.56 2,822.75 2,535.58 2,455.34 2,454.13 2,446.36 2,115.20 498.00 493.40 99.76 153,215.00 26,947.07 16,309.35 14,757.49 12,300.94 11,765.13 9,836.71 9,834.69 9,833.29 9,829.98 9,799.47 9,793.29 7,386.10 4,988.91 4,975.76 4,970.74 4,956.30 4,950.52 4,944.86 3,620.74 3,434.25 2,490.24 2,458.06 2,448.13 1,965.76 1,595.16 196,192.94
5.71% 5.13% 4.85% 3.01% 2.87% 2.86% 2.86% 2.85% 2.32% 2.29% 1.43% 1.43% 1.26% 1.09% 0.82% 0.74% 0.71% 0.71% 0.71% 0.62% 0.14% 0.14% 0.03% 44.58% 7.84% 4.75% 4.29% 3.58% 3.43% 2.86% 2.86% 2.86% 2.86% 2.85% 2.85% 2.15% 1.45% 1.45% 1.45% 1.44% 1.44% 1.44% 1.05% 1.00% 0.72% 0.71% 0.71% 0.57% 0.46% 57.07%
Notes: 1. Modified Duration 0.18 years. 2. Average Maturity 0.20 years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (F.Y. beginning to date): IP: 0.32% RP: 0.52% 5. Aggregate dividend declared during the half-year (Regular Plan) under the Daily Dividend Option is ` 0.329461 (Individual/HUF), ` 0.320372 (Others), under the Weekly Dividend Option is ` 0.408745 (Individual/HUF) and ` 0.397016 (Others) per Unit. Aggregate dividend declared during the half-year (Institutional Plan) under the Daily Dividend Option is ` 33.680921 (Individual/HUF), ` 32.752595 (Others), under the Weekly Dividend Option is ` 33.772365 (Individual/HUF) and ` 32.802994 (Others) per Unit. 6. ** Non Traded / Thinly Traded in accordance with SEBI Regulations/ Guidelines 7. No NPAs provided for during the half year 8. No investment in derivative instruments/foreign securities at the end of the half year.
Rating Profile
A1+ 107.47% CASH & EQUIVALENT (7.47%)
Normally within 1 Business Day from acceptance of redemption request.
*The rating indicates that the Schemes portfolio holdings provide very strong protection against losses from credit defaults. Past performance
is no guarantee of future results.
Please refer page no. 31 for details on the Rating Methodology.
Minimum investment and minimum additional purchase - Regular Plan (RP): ` 5,000/- and ` 1,000/- thereafter. - Institutional Plan (IP): ` 1 crore and ` 1,000/ thereafter. Options available: Growth Weekly Dividend - Reinvest Dividend - Payout Dividend (available only in IP) Daily Dividend Reinvest Entry load: Nil Exit load: Nil
FEATURES
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Regular Plan Growth - ` 23.2682 Weekly Dividend - ` 12.4104 Daily Dividend - ` 10.0100 Institutional Plan Growth - ` 1403.8282 Weekly Dividend - ` 1000.2000 Daily Dividend - ` 1000.3161 End of Half Year (Sep 30, 2011) Regular Plan Growth - ` 24.2665 Weekly Dividend - ` 12.4134 Daily Dividend - ` 10.0124 Institutional Plan Growth - ` 1465.5223 Weekly Dividend - ` 1000.4469 Daily Dividend - ` 1000.5630
Commercial Paper** 25 Exim Bank Hindustan Petroleum 26 Corporation 27 ICICI Securities India Infoline Investment 28 Services 29 JM Financial Products 30 L&T Finance 31 Coromandel International Bharat Petroleum 32 Corporation Housing Development 33 Finance Corporation 34 Indian Oil Corporation 35 Sesa Goa Morgan Stanley India 36 Capital 37 Jindal Steel & Power Cholamandalam 38 Investment and Finance Company 39 Nomura Capital India 40 Aditya Birla Finance Century Textiles and 41 Industries 42 Indian Oil Corporation Small Industries 43 Development Bank of India 44 EID Parry India 45 Raymond 46 Sundaram Finance 47 TGS Investment and Trade 48 Apollo Tyres 49 Exim Bank Total
CRISIL A1+ CRISIL A1+ CRISIL A1+ A1+ CRISIL A1+ ICRA A1+ CRISIL A1+ A1+ A1+ CRISIL A1+ CRISIL A1+ FITCH A1+ (ind) A1+ A1+ FITCH A1+ (ind) A1+ CARE A1+ A1+ CARE A1+ CRISIL A1+ CARE A1+ A1+ A1+ CRISIL A1+ A1+
5,500 3,300 3,000 2,500 2,400 2,000 2,000 2,000 2,000 2,000 2,000 1,500 1,000 1,000 1,000 1,000 1,000 1,000 740 700 500 500 500 400 320
18
DSP BlackRock Floating Rate Fund

Portfolio
RATED AAAf by CRISIL*
FUND MANAGER
Rating Profile
A1+ AAA 69.89% AA22.15% CASH & EQUIVALENT 5.48% 2.48%
Dhawal Dalal Total work experience of 14 years. Managing this Scheme since May 2003 Laukik Bagwe Total work experience of 9 years. Managing this Scheme since March 2011
1 2 3 4 5 6 7 8
DEBT INSTRUMENTS BOND & NCD s Listed / awaiting listing on the stock exchanges ** Housing Development CRISIL AAA Finance Corporation Cholamandalam Investment LAAand Finance Company Infrastructure Development LAAA Finance Company LIC Housing Finance CRISIL AAA Shriram Transport Finance FITCH A1+ (ind) Company National Housing Bank FITCH AAA (ind) NABARD CRISIL AAA Small Industries CRISIL AAA Development Bank of India Total CRISIL AAA
400 250 120 110 100 100 60 60
4,058.36 2,472.82 1,197.40 1,095.47 1,000.12 972.22 599.73 596.93 11,993.05
8.99% 5.48% 2.66% 2.43% 2.21% 2.15% 1.33% 1.32% 26.57% 3.27% 3.27%
guarantee of future results.
*The rating indicates that the Schemes portfolio holdings provide very strong protection against losses from credit defaults. Past performance is no Please refer page no. 31 for details on the Rating Methodology.
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. 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).
ASSET ALLOCATION
Unlisted** 9 Tata Sons Total MONEY MARKET INSTRUMENTS Certificate of Deposit** Central Bank of India Canara Bank IDBI Bank Bank of Baroda HDFC Bank IDBI Bank Oriental Bank of Commerce Bank of India Punjab National Bank Kotak Mahindra Bank State Bank of Travancore State Bank of Hyderabad Total
150
1,478.08 1,478.08
REDEMPTION PROCEEDS
CARE A1+ CRISIL A1+ CRISIL A1+ CRISIL A1+ CARE A1+ A1+ CRISIL A1+ CRISIL A1+ CARE A1+ CRISIL A1+ CARE A1+ A1+ 5,700 5,285 4,700 3,000 2,300 2,100 2,100 1,500 1,500 1,400 700 700 5,444.46 5,031.80 4,495.25 2,870.96 2,155.16 1,969.98 1,967.60 1,435.61 1,405.88 1,307.51 661.96 661.81 29,407.98 12.06% 11.14% 9.95% 6.36% 4.77% 4.36% 4.36% 3.18% 3.11% 2.90% 1.47% 1.47% 65.13% Normally within 2 Business Days from acceptance of redemption request.
10 11 12 13 14 15 16 17 18 19 20 21
FEATURES
22
Commercial Paper** Housing Development Finance Corporation 23 Sesa Goa Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL
CRISIL A1+ CRISIL A1+
160 80
769.21 382.84 1,152.05 729.34 729.34 403.14 403.14 45,163.64
1.70% 0.85% 2.55% 1.61% 1.61% 0.87% 0.87% 100.00%
Minimum investment and minimum additional purchase - Regular Plan (RP): ` 5,000/- and ` 1,000/- thereafter. - Institutional Plan (IP): ` 1 crore and ` 1,000/- 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
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Regular Plan Growth - ` 15.7033 Dividend - ` 10.6408 Weekly Dividend - ` 10.0350 Daily Dividend - ` 10.0312 Institutional Plan Growth - ` 1410.8447 Dividend - ` 1012.2040 Weekly Dividend - ` 1000.6014 Daily Dividend - ` 1000.5452 End of Half Year (Sep 30, 2011) Regular Plan Growth - ` 16.3882 Dividend - ` 10.6911 Weekly Dividend - ` 10.0377 Daily Dividend - ` 10.0339 Institutional Plan Growth - ` 1474.5690 Dividend - ` 1017.1369 Weekly Dividend - ` 1000.8739 Daily Dividend - ` 1000.9330
Notes: 1. Modified duration 0.55 years. 2. Average Maturity 0.60 years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (F.Y. beginning to date): IP: 0.54% RP: 0.83% 5. Aggregate dividend declared during the half-year (Regular Plan) under the Dividend Option is ` 0.360909 (Individual/HUF), ` 0.309336 (Others), under the Daily Dividend Option is ` 0.375744 (Individual/HUF), ` 0.330358 (Others), under the Weekly Dividend Option is ` 0.375837 (Individual/HUF), ` 0.329747 (Others), Aggregate dividend declared during the half-year (Institutional Plan) under the Dividend Option is ` 35.520916 (Individual/HUF) and ` 30.445015 (Others) per Unit, under the Daily Dividend Option is ` 38.866935 (Individual/HUF) and ` 34.168307 (Others) per Unit, under the Weekly Dividend Option is ` 38.851880 (Individual/HUF) and ` 34.090303 (Others) per Unit. 6. ** Non Traded / Thinly Traded in accordance with SEBI Regulations/Guidelines 7. No NPAs provided for during the half year. 8. No investment in derivative instruments/foreign securities at the end of the half year.
19
RATED mfAAA by ICRA^ & CRISIL MUTUAL FUND RANK 1*
DSP BlackRock Money Manager Fund

Portfolio
Sr. Name of Instrument No. Rating/Industry Quantity Market value (` In lakhs) % to Net Assets Treasury Bill 47 TBILL 91 DAY 2011 Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL SOV 4,170,000 4,100.25 4,100.25 6,319.19 6,319.19 1,540.74 1,540.74 259,108.97 1.58% 1.58% 2.44% 2.44% 0.60% 0.60% 100.00% DEBT INSTRUMENTS BOND & NCD s Listed / awaiting listing on the stock exchanges ** LIC Housing Finance CRISIL AAA Rural Electrification CRISIL AAA Corporation Infrastructure Development CRISIL AAA Finance Company Housing Development CRISIL AAA Finance Corporation LIC Housing Finance CARE AAA Axis Bank FRN LAAA National Housing Bank CRISIL AAA LIC Housing Finance FRN CRISIL AAA Total CRISIL AAA
FUND MANAGER
Dhawal Dalal Total work experience of 14 years. Managing this Scheme since September 2007
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.
1 2 3 4 5 6 7 8
650 550 500 500 440 300 250 4
6,457.76 5,505.60 4,997.76 4,990.94 4,387.22 2,977.66 2,492.45 398.05 32,207.44 985.39 985.39
2.49% 2.13% 1.93% 1.92% 1.69% 1.15% 0.96% 0.15% 12.42% 0.38% 0.38%
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
Unlisted** 9 Tata Sons Total
100
Securitised Debt Instruments** Royal Trust PTC Series A1 - 10 CRISIL AAA (ind) (SO) May2004 - (Citibank N.A.) Total Fixed Deposit 11 The Federal Bank Total MONEY MARKET INSTRUMENTS Certificate of Deposit** Andhra Bank IDBI Bank Axis Bank HDFC Bank Punjab National Bank State Bank of Patiala Bank of Baroda Bank of India Central Bank of India ICICI Bank Canara Bank Indian Overseas Bank Oriental Bank of Commerce Canara Bank Bank of Baroda Indian Bank State Bank of Travancore Corporation Bank Allahabad Bank Total Commercial Paper** Housing Development Finance Corporation Indian Oil Corporation Rashtriya Ispat Nigam ICICI Securities Primary Dealership SBI Global Factors Sterlite Energy JM Financial Products Gruh Finance GIC Housing Finance Hindustan Petroleum Corporation Morgan Stanley India Capital Kotak Mahindra Prime HDB Financial Services NABARD Tata Motors Finance Bajaj Finance Total Unrated
25
15.41 15.41
0.01% 0.01% 1.93% 1.93%
Notes: 1. Modified duration 0.19 years. 2. Average Maturity 0.21 years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (F.Y. beginning to date): IP: 0.40% RP: 0.76% 5. Aggregate dividend declared during the half-year (Regular Plan) under the Daily Dividend Option is ` 36.319788 (Individual/HUF), ` 32.040666 (Others), under the Weekly Dividend Option is ` 36.292567 (Individual/HUF) and ` 31.939494 (Others) per Unit. Aggregate dividend declared during the half-year (Institutional Plan) under the Daily Dividend Option is ` 37.791086 (Individual/HUF), ` 33.333190 (Others), under the Weekly Dividend Option is ` 37.819505 (Individual/HUF) and ` 33.278912 (Others) per Unit. 6. ** Non Traded / Thinly Traded in accordance with SEBI Regulations/Guidelines 7. No investment in derivative instruments/foreign securities at the end of the half year. 8. No NPAs provided for during the half year.
Rating Profile
A1+ AAA 80.64% 12.81% SOV CASH & EQUIVALENT 1.58% 4.97%
REDEMPTION PROCEEDS
5,000
5,000.00 5,000.00
FEATURES
Minimum investment and minimum additional purchase - Regular Plan (RP): ` 5,000/- and ` 1,000/- thereafter. - Institutional Plan (IP): ` 1crore and ` 1,000/- 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
12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
CARE A1+ CRISIL A1+ CRISIL A1+ CRISIL A1+ CARE A1+ A1+ A1+ CRISIL A1+ CARE A1+ A1+ CRISIL A1+ A1+ CRISIL A1+ ICRA A1+ CRISIL A1+ FITCH A1+ (ind) CRISIL A1+ CARE A1+ A1+
10,010 10,000 8,540 7,500 6,100 5,020 5,000 5,000 5,000 4,085 3,620 3,400 2,715 2,500 2,000 1,200 1,000 850 500
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Regular Plan Growth - ` 1345.2912 Weekly Dividend - ` 1000.8000 Daily Dividend - ` 1002.2851 Institutional Plan Growth - ` 1365.6947 Weekly Dividend - ` 1000.8000 Daily Dividend - ` 1000.8000 End of Half Year (Sep 30, 2011) Regular Plan Growth - ` 1402.0786 Weekly Dividend - ` 1001.0338 Daily Dividend - ` 1002.5175 Institutional Plan Growth - ` 1425.8270 Weekly Dividend - ` 1001.0462 Daily Dividend - ` 1001.0462 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46
9,622.02 9,562.91 8,346.31 7,348.21 5,904.38 4,931.13 4,896.94 4,896.94 4,781.46 3,980.75 3,515.67 3,285.02 2,620.35 2,446.96 1,913.98 1,194.96 974.96 812.68 491.04 81,526.67
3.71% 3.69% 3.22% 2.84% 2.28% 1.91% 1.89% 1.89% 1.85% 1.54% 1.35% 1.27% 1.01% 0.94% 0.74% 0.46% 0.38% 0.31% 0.19% 31.47%
^The rating indicates that the underlying portfolio has the lowest credit risk and highest degree of safety from credit losses. The ratings should, however, not be construed as an indication of the prospective performance of the Mutual Fund scheme or of volatility in its returns. Past performance is no guarantee of future results. *DSP BlackRock Money Manager Fund - Growth. Open End Ultra Short Term Debt Schemes category, ranks within Top 10 percentile of the 40 schemes considered, 1 year period ending Jun 30, 2011. Past performance is no guarantee of future results. Please refer page no. 31 for details on the Rating Methodology.
A1+ CRISIL A1+ CRISIL A1+ CRISIL A1+ CRISIL A1+ CRISIL A1+ CRISIL A1+ CRISIL A1+ A1+ A1+ FITCH A1+ (ind) CRISIL A1+ CARE A1+ CRISIL A1+ A1+ A1+
4,200 3,000 3,000 2,500 2,000 2,000 1,600 1,500 1,000 1,000 1,000 900 620 500 500 500
20,679.47 14,872.90 14,794.41 12,446.20 9,959.35 9,952.23 7,827.81 7,434.04 4,995.17 4,936.15 4,886.22 4,415.74 2,989.33 2,449.44 2,447.86 2,327.56 127,413.88
7.98% 5.74% 5.71% 4.80% 3.84% 3.84% 3.02% 2.87% 1.93% 1.91% 1.89% 1.70% 1.15% 0.95% 0.94% 0.90% 49.17%
20
DSP BlackRock Short Term Fund

Portfolio
Sr. Name of Instrument No. Rating/Industry Quantity Market value (` In lakhs) % to Net Assets DEBT INSTRUMENTS BOND & NCD s Listed / awaiting listing on the stock exchanges ** Shriram Transport Finance CRISIL AA Company** Sundaram BNP Home CARE AA+ Finance** Bajaj Finance** LAA+ Sundaram Finance** LAA+ Housing Development CRISIL AAA Finance Corporation** Kotak Mahindra Prime** LAA+ Tata Capital** CARE AA+ Prism Cement** LAAShriram Transport Finance FITCH A1+ (ind) Company** Mahindra & Mahindra CRISIL AA+ Financial Services** Sundaram Finance** CRISIL A1+ Rural Electrification CRISIL AAA Corporation Power Grid Corporation CRISIL AAA of India** NABARD** CRISIL AAA LIC Housing Finance FRN** CRISIL AAA Total CRISIL AAA Commercial Paper** Housing Development 34 Finance Corporation Fullerton India Credit 35 Company Sundaram BNP Home 36 Finance Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL A1+ A1+ CRISIL A1+ 800 500 500 3,894.70 2,307.07 2,282.07 8,483.84 4,938.25 4,938.25 5.67% 3.36% 3.33% 12.36% 7.20% 7.20%
FUND MANAGER
Dhawal Dalal Total work experience of 14 years. Managing this Scheme since September 2007
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
400,000 250 25 250 250 200 150 100 100 100 50 50 40 10 1
4,036.71 2,509.06 2,494.66 2,492.87 2,490.09 1,984.42 1,497.09 1,016.45 1,000.12 995.90 500.62 497.20 496.77 99.95 99.51 22,211.42 2,497.53 2,497.53
5.88% 3.66% 3.63% 3.63% 3.63% 2.89% 2.18% 1.48% 1.46% 1.45% 0.73% 0.72% 0.72% 0.15% 0.14% 32.35% 3.64% 3.64%
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.
2,176.31 3.17% 2,176.31 3.17% 68,631.51 100.00%
Notes: 1. Modified Duration 1.02 years. 2. Average Maturity 1.22 years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (F.Y. beginning to date): 0.95% 5. Aggregate dividend declared during the half-year under the Weekly Dividend Option is ` 0.389620 (Individuals/HUF), 0.342091 (Others) under the Monthy Dividend Option is ` 0.401960 (Individuals/HUF), ` 0.353698 (Others) and under the Quarterly Dividend Option is ` 0.387777 (Individual/HUF) and ` 0.332365 (Others) per unit 6. ** Non Traded / Thinly Traded in accordance with SEBI Regulations/Guidelines 7. No NPAs provided for during the half year 8. No investment in derivative instruments/ foreign securities at the end of the half year.
Unlisted ** 16 Tata Sons Total
250
Rating Profile
A1+ AA+ 54.93% 24.80% AAA CASH & EQUIVALENT 9.90% 10.37%
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
ASSET ALLOCATION
REDEMPTION PROCEEDS
Securitised Debt Instruments** Royal Trust PTC Series A2 - 17 CRISIL AAA (ind) (SO) May2004 - (Citibank N.A.) Royal Trust PTC Series A1 - 18 CRISIL AAA (ind) (SO) May2004 - (Citibank N.A.) Total MONEY MARKET INSTRUMENTS Certificate of Deposit** IDBI Bank Central Bank of India ICICI Bank State Bank of Patiala Canara Bank Bank of India Oriental Bank of Commerce Andhra Bank State Bank of Hyderabad State Bank of Mysore Dena Bank HDFC Bank Punjab & Sind Bank State Bank of Patiala Corporation Bank Total
Normally within 1 Business Day from acceptance of redemption request.
24 10
613.25 6.16 619.41
0.89% 0.01% 0.90%
FEATURES
Minimum first purchase: ` 5,000 Minimum additional purchase: ` 1,000 Options available: Growth Weekly Dividend Reinvest Monthly Dividend - Payout Dividend - Reinvest Dividend Dividend Reinvest - Reinvest Dividend - Payout Dividend Entry load: Nil Exit load: Holding Period: <=6 months: 0.5% >6 months: Nil
19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
CRISIL A1+ CARE A1+ A1+ CRISIL A1+ CRISIL A1+ CRISIL A1+ CRISIL A1+ CARE A1+ CRISIL A1+ CRISIL A1+ CARE A1+ CARE A1+ CRISIL A1+ A1+ CARE A1+
7,000 5,000 4,935 2,000 1,835 1,500 1,270 1,085 1,000 1,000 1,000 700 600 20 10
6,695.02 4,781.46 4,778.50 1,914.44 1,746.79 1,445.56 1,198.01 1,019.53 960.70 960.21 957.56 655.92 561.76 19.73 9.56 27,704.75
9.75% 6.97% 6.96% 2.79% 2.55% 2.11% 1.75% 1.48% 1.40% 1.40% 1.40% 0.96% 0.82% 0.03% 0.01% 40.38%
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Growth - ` 16.7506 Weekly Dividend - ` 10.1800 Monthly Dividend - ` 10.8043 Quarterly Dividend - ` 10.9164 End of Half Year (Sep 30, 2011) Growth - ` 17.4974 Weekly Dividend - ` 10.1825 Monthly Dividend - ` 10.8211 Quarterly Dividend - ` 10.9576
21
DSP BlackRock Bond Fund

FUND MANAGER
Dhawal Dalal Total work experience of 14 years. Managing this Scheme since April 1997
Portfolio
Rating Profile
AA+ AAA AA22.62% 32.88% 11.51% SOV CASH & EQUIVALENT 26.19% 6.80%
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.
1 2
CENTRAL GOVERNMENT SECURITIES 07.80% CGL 2021 SOV 07.83% CGL 2018 SOV Total DEBT INSTRUMENTS BOND & NCD's Listed / awaiting listing on the stock exchanges** Prism Cement Reliance Ports And Terminals Kotak Mahindra Prime Mahindra & Mahindra Financial Services Power Grid Corporation of India LIC Housing Finance Total Securitised Debt Instruments** India MBS PTC Series 1D (LIC Housing Finance) Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL
700,000 500,000
670.95 484.90 1,155.85
15.20% 10.99% 26.19%
3 4 5 6 7 8
LAACRISIL AAA LAA+ CRISIL AA+ CRISIL AAA CRISIL AAA
50 50 50 50 40 40
508.22 503.87 500.63 497.95 479.89 401.54 2,892.10
11.51% 11.42% 11.34% 11.28% 10.87% 9.10% 65.52%
ASSET ALLOCATION
*Debt & Money market securities : Entire 100%. * Debt securities may include securitised debts up to 50% of the net assets
REDEMPTION PROCEEDS
CRISIL AAA (SO)
65.98 65.98 229.79 229.79
1.49% 1.49% 5.21% 5.21%
FEATURES
Minimum first purchase: ` 5,000 Minimum additional purchase: ` 1,000 Options available: Growth Monthly Dividend - Payout Dividend - Reinvest Dividend Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit Load: Holding Period: <=6 months: 0.5% >6 months: Nil
69.88 69.88 4,413.60
1.59% 1.59% 100.00%
Notes: 1. Modified Duration 3.49 years. 2. Average Maturity 5.02 years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (F.Y. beginning to date): 2.23% 5. Aggregate dividend declared during the half-year under the Dividend Option is ` 0.316953 (Individuals/ HUF), 0.271660 (Others) and under the Monthly Dividend Option is ` 0.341266 (Individuals/HUF), 0.294264 (Others) 6. ** Non Traded / Thinly Traded in accordance with SEBI Regulations/Guidelines 7. No NPAs provided for during the half year 8. No investment in derivative instruments/foreign securities at the end of the half year.
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Growth - ` 31.6665 Dividend - ` 10.9250 Monthly Dividend - ` 11.1418 End of Half Year (Sep 30, 2011) Growth - ` 32.7418 Dividend - ` 10.9335 Monthly Dividend - ` 11.1420
22
DSP BlackRock Strategic Bond Fund

Portfolio
Sr. Name of Instrument No. Rating/Industry Quantity Market value (` In lakhs) % to Net Assets CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL 819.26 819.26 1.24% 1.24% CENTRAL GOVERNMENT SECURITIES 07.80% CGL 2021 SOV Total DEBT INSTRUMENTS BOND & NCD's Listed / awaiting listing on the stock exchanges** LIC Housing Finance CRISIL AAA Kotak Mahindra Prime LAA+ Sundaram BNP Home CARE AA+ Finance Bajaj Finance LAA+ Reliance Ports And CRISIL AAA Terminals Hindustan Petroleum CRISIL AAA Corporation Reliance Gas Transportation CRISIL AAA Infrastructure NABARD CRISIL AAA Prism Cement LAAShriram Transport Finance FITCH A1+ (ind) Company Shriram Transport Finance CARE AA+ Company Mahindra & Mahindra CRISIL AA+ Financial Services LIC Housing Finance FRN CRIISL AAA LIC Housing Finance CARE AAA Power Finance Corporation CRISIL AAA Total MONEY MARKET INSTRUMENTS Certificate of Deposit** Dena Bank Bank of India Corporation Bank Punjab National Bank Vijaya Bank State Bank of Bikaner & Jaipur Kotak Mahindra Bank Yes Bank ICICI Bank The Federal Bank Indian Overseas Bank Total
RATED mfAAA by ICRA^
FUND MANAGER
Dhawal Dalal Total work experience of 12 years. Managing this Scheme since May 2007 Kushal M. Choksi Total work experience of 10 years. Managing this Scheme since March 2011 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.
5,300,000
5,080.05 5,080.05
7.68% 7.68%
2,054.31 2,054.31 66,152.60
3.11% 3.11% 100.00%
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
410 400 250 25 200 200 150 105 100 100 100 100 10 60 50
4,097.78 3,971.73 2,509.06 2,494.66 2,015.46 1,949.93 1,493.91 1,050.74 1,016.45 1,000.12 998.52 995.90 995.12 598.26 495.72 25,683.36
6.19% 6.00% 3.79% 3.77% 3.05% 2.95% 2.26% 1.59% 1.54% 1.51% 1.51% 1.51% 1.50% 0.90% 0.75% 38.82%
Notes: 1. Modified duration 1.58 years. 2. Average Maturity 2.22 years. 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH. 4. Total Expense Ratio (F.Y. beginning to date): IP: 0.61% RP: 0.94% 5. Aggregate dividend declared during the half-year (Regular Plan) under the Dividend Option is ` 36.436624 (Individual/HUF), ` 31.229869 (Others), under the Daily Dividend Option is ` 37.052576 (Individual/HUF) and ` 32.519316 (Others) per Unit, under the Weekly Dividend Option is ` 36.936760 (Individual/HUF) and ` 32.353892 (Others) per Unit, under the Monthly Dividend Option is ` 38.126644 (Individual/HUF) and ` 33.468950 (Others) per Unit. Aggregate dividend declared during the half-year (Institutional Plan) under the Dividend Option is ` 37.221957 (Individual/HUF), ` 31.902979 (Others), under the Daily Dividend Option is ` 38.501333 (Individual/ HUF) and ` 33.806588 (Others) per Unit, under the Weekly Dividend Option is ` 38.252258 (Individual/HUF) and ` 33.522160 (Others) per Unit, under the Monthly Dividend Option is ` 42.714759 (Individual/HUF) and ` 37.444702 (Others) per Unit, 6. ** Non Traded / Thinly Traded in accordance with SEBI Regulations/Guidelines 7. No investment in derivative instruments/foreign securities at the end of the half year. 8. No NPAs provided for during the half year.
ASSET ALLOCATION
Rating Profile
A1+ AA+ AAA 50.66% 16.58% 19.19% AASOV CASH & EQUIVALENT 1.54% 7.68% 4.35%
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
REDEMPTION PROCEEDS
^The rating indicates that the underlying portfolio has the lowest credit risk and highest degree of safety from credit losses. The ratings should, however, not be construed as an indication of the prospective performance of the Mutual Fund scheme or of volatility in its returns. Past performance is no guarantee
FEATURES

- Regular Plan (RP): ` 5,000/- and ` 1,000/- thereafter. - Institutional Plan (IP): ` 1 crore and ` 1,000/- thereafter
17 18 19 20 21 22 23 24 25 26 27
CARE A1+ CRISIL A1+ CARE A1+ CARE A1+ CARE A1+ CRISIL A1+ CRISIL A1+ A1+ A1+ CRISIL A1+ A1+
6,800 6,000 5,000 4,300 4,200 2,500 1,000 1,000 500 150 100
6,504.68 5,760.70 4,780.50 4,104.72 4,009.19 2,307.58 964.69 964.69 484.03 140.91 96.21 30,117.90
9.83% 8.71% 7.23% 6.20% 6.06% 3.49% 1.46% 1.46% 0.73% 0.21% 0.15% 45.53%
of future results.
Please refer page no. 31 for details on the Rating Methodology.
NAV AS ON
Beginning of Half Year (Mar 31, 2011) Regular Plan Growth - ` 1241.9745 Monthly Dividend - ` 1027.8443 Dividend - ` 1038.6486 Weekly Dividend - ` 1003.8804 Daily Dividend - ` 1001.5000 Institutional Plan Growth - ` 1133.5232 Monthly Dividend - ` 1030.1408 Dividend - ` 1019.8487 Weekly Dividend - ` 1003.1000 Daily Dividend - ` 1002.1450 End of Half Year (Sep 30, 2011) Regular Plan Growth - ` 1294.9410 Monthly Dividend - ` 1028.1151 Dividend - ` 1041.1255 Weekly Dividend - ` 1004.1399 Daily Dividend - ` 1001.3632 Institutional Plan Growth - ` 1183.8841 Monthly Dividend - ` 1030.4108 Dividend - ` 1022.4333 Weekly Dividend - ` 1003.3661 Daily Dividend - ` 1002.0287
Commercial Paper** Fullerton India Credit 28 Company Total
A1+
500
2,397.72 2,397.72
3.62% 3.62%
Options available: Growth Weekly Dividend - Payout Dividend (available only in IP) - Reinvest Dividend Daily Dividend Reinvest Monthly Dividend - Payout Dividend (available only in IP) - Reinvest Dividend Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit load: Holding Period: <=7 calendar days: 0.1% >7 calendar days: Nil
23
DSP BlackRock Government Securities Fund

FUND MANAGER
DSPBRGF: Dhawal Dalal Total work experience of 14 years. Managing this Scheme since May 2003 DSPBRTBF: Dhawal Dalal & Vivek Ved: Total work experience of 12 years. Managing this Scheme since March 2011
Portfolio
NAV AS ON
1 2
CENTRAL GOVERNMENT SECURITIES 07.80% CGL 2021 SOV 07.83% CGL 2018 SOV Total CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL
8,500,000 1,000,000
8,147.25 969.80 9,117.05 1,298.82 1,298.82
60.59% 7.21% 67.80% 9.66% 9.66%
DSPBRGF: An Open Ended income Scheme, seeking to generate income through investment in Central Government Securities of various maturities. DSPBRTBF: An Open ended income Scheme, seeking to generate income through investment in Treasury Bills and other Central Government Securities having maturities of less than or equal to 1 year.
3,031.06 3,031.06 13,446.93
22.54% 22.54% 100.00%
Notes: 1. Modified Duration 4.32 years. 2. Average Maturity 6.49 years.3. No investment in derivative instruments/foreign securities at the end of the half year. 4. Total Expense Ratio: (F.Y. beginning to date) 1.25% 5. Aggregate dividend declared during the half-year under the Dividend Option is ` 0.112845 (Individuals/HUF), 0.096719 (Others) and under the Monthly Dividend Option is ` 0.114430 (Individuals/HUF), 0.098078 (Others).
ASSET ALLOCATION
DSPBRGF: Central Government Securities, repos / reverse repos in Central Government Securities as may be permitted by Reserve Bank of India : 80% - 100% Call money market or alternative investment for call money market as may be provided by the Reserve Bank of India : 0% - 20% DSPBRTBF: Treasury Bills issued by the Government of India, Repo, Reverse Repo, CBLO, and any other money market instrument permitted by the RBI for deploying surplus liquidity: 0% - 100%
DSP BlackRock Treasury Bill Fund

Portfolio
REDEMPTION PROCEEDS (for both Schemes)

NAV AS ON
MONEY MARKET INSTRUMENTS Treasury Bill CBLO / Reverse Repo Investments Total Cash & Cash Equivalent Net Receivables/Payables Total GRAND TOTAL 242.78 242.78 97.75% 97.75%
FEATURES (for both Schemes)

Minimum first purchase: ` 5,000 Minimum additional purchase: ` 1,000 Options available: Growth Dividend - Payout Dividend - Reinvest Dividend Monthly Dividend - Payout Dividend - Reinvest Dividend Entry load: Nil Exit Load : Nil for DSPBRTBF For DSPBRGF Holding Period: <=7 calendar days: 0.10% >7 calendar days: Nil
5.58 5.58 248.36
2.25% 2.25% 100.00%
Notes: 1. Modified Duration 0.00 years. 2. Average Maturity 0.00 years. 3. Net dividend declared during the half-year under the Dividend Option is ` 0.319066 (Individuals/HUF), ` 0.273472 (Others) and under the Monthly Dividend Option is ` 0.306029 (Individual/HUF) and ` 0.268735 (Others) per unit 4. No investment in derivative instruments/foreign securities at the end of the half year. 5. Total Expense Ratio: (F.Y. beginning to date) 0.50%
24
Comparative Performance of all schemes

FUND MANAGER - Apoorva Shah DSP BlackRock Equity Fund
Period 30 September 2010 to 30 September 2011 30 September 2009 to 30 September 2010 30 September 2008 to 30 September 2009 Since Inception (CAGR) Since Inception (Value *) (`) NAV/Index Value ( as of 30-Sep-11) Date of allotment DSPBR Equity Fund (15.33%) 31.54% 40.25% 22.79% 193,470 ` 44.288 S&P CNX 500^ (19.22%) 19.58% 34.66% 12.89% 57,517 3,978.35 Apr 29, 1997 S&P Nifty# (18.02%) 18.61% 29.65% 11.28% 46,747 4,943.25 Period 30 September 2010 to 30 September 2011 30 September 2009 to 30 September 2010 30 September 2008 to 30 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 30-Sep-11) Date of allotment
FUND MANAGER - Apoorva Shah, Anup Maheshwari DSP BlackRock Small and Midcap Fund
DSPBR Small and Midcap Fund (13.85%) 47.74% 49.38% 10.86% 16,540 ` 16.540 CNX Midcap^ (22.59%) 36.51% 37.27% 7.33% 14,122 7,094.00 Nov 14, 2006 S&P Nifty# (18.02%) 18.61% 29.65% 5.17% 12,787 4,943.25
^Scheme Benchmark. #Standard Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Regular Plan - Reinvest Dividend Option, assuming reinvestment of dividend. Since inception returns have been calculated from the date of allotment till Sep 30, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
^Scheme Benchmark. #Standard Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Regular Plan - Growth Option. Since inception returns have been calculated from the date of allotment till Sep 30, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
FUND MANAGER - Apoorva Shah DSP BlackRock Top 100 Equity Fund
Period 30 September 2010 to 30 September 2011 30 September 2009 to 30 September 2010 30 September 2008 to 30 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 30-Sep-11) Date of allotment DSPBR Top 100 Equity Fund (13.84%) 22.13% 37.33% 29.45% 91,245 ` 91.245 BSE100^ (18.95%) 19.00% 33.46% 22.20% 55,687 8,613.22 Mar 10, 2003 S&P Nifty# (18.02%) 18.61% 29.65% 20.42% 49,104 4,943.25
FUND MANAGER - Harsha Upadhyaya DSP BlackRock Technology.com Fund

Period 30 September 2010 to 30 September 2011 30 September 2009 to 30 September 2010 30 September 2008 to 30 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 30-Sep-11) Date of allotment DSPBR Technology.com Fund (19.28%) 22.23% 38.93% 9.53% 28,191 ` 28.191 BSE Teck^ (12.51%) 13.97% 28.08% 3.61% 14,971 3,251.55 May 16, 2000 S&P Nifty# (18.02%) 18.61% 29.65% 12.40% 37,826 4,943.25
FUND MANAGER - Apoorva Shah, Vinit Sambre, Mehul Jani DSP BlackRock Micro Cap Fund
Period 30 September 2010 to 30 September 2011 30 September 2009 to 30 September 2010 24 September 2008 to 30 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 30-Sep-11) Date of allotment DSPBR Micro Cap Fund (17.96%) 64.67% 29.84% 9.12% 14,550 ` 14.550 BSE Smallcap^ (32.84%) 34.99% 24.40% (1.43%) 9,399 6,881.08 Jun 14, 2007 S&P Nifty# (18.02%) 18.61% 22.17% 4.04% 11,854 4,943.25 Period 30 September 2010 to 30 September 2011 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 30-Sep-11) Date of allotment
FUND MANAGER - Harsha Upadhyaya, Mehul Jani DSP BlackRock Focus 25 Fund
DSPBR Focus 25 Fund (13.87%) (1.99%) 9,741 ` 9.741 BSE Sensex^ (18.01%) (2.12%) 9,723 16,453.76 Jun 10, 2010 S&P Nifty# (18.02%) (2.05%) 9,733 4,943.25
^Scheme Benchmark. #Standard Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Growth Option. Since inception returns have been calculated from the date of allotment till Sep 30, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
FUND MANAGER - Anup Maheshwari, Harsha Upadhyaya DSP BlackRock Opportunities Fund
Period 30 September 2010 to 30 September 2011 30 September 2009 to 30 September 2010 30 September 2008 to 30 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 30-Sep-11) Date of allotment DSPBR Opportunities Fund (17.64%) 32.25% 39.20% 19.71% 77,478 ` 77.478 S&P CNX 500^ (19.22%) 19.58% 34.66% 13.53% 42,378 3,978.35 May 16, 2000 S&P Nifty# (18.02%) 18.61% 29.65% 12.40% 37,826 4,943.25
FUND MANAGER - Apoorva Shah, Kushal Choksi DSP BlackRock Balanced Fund
Period 30 September 2010 to 30 September 2011 30 September 2009 to 30 September 2010 30 September 2008 to 30 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 30-Sep-11) Date of allotment DSPBR Balanced Fund (10.29%) 24.26% 31.76% 15.95% 62,222 ` 62.222 CRISIL Balanced S&P CNX Nifty# Fund Index^ (10.05%) 14.21% 25.75% NA1 NA1 3,268.64 May 27, 1999 (18.02%) 18.61% 29.65% 13.01% 45,291 4,943.25
^Scheme Benchmark. #Standard Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Growth Option. 1Since historical data is not available, performance has not been compared. Since inception returns have been calculated from the date of allotment till Sep 30, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
25

FUND MANAGER - Anup Maheshwari, Rohit Singhania DSP BlackRock India T.I.G.E.R. Fund (The Infrastructure Growth and Economic Reforms Fund)
Period 30 September 2010 to 30 September 2011 30 September 2009 to 30 September 2010 30 September 2008 to 30 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 30-Sep-11) Date of allotment DSPBR India T.I.G.E.R. Fund (25.32%) 22.90% 33.80% 20.58% 39,243 ` 39.243 BSE100^ (18.95%) 19.00% 33.46% 17.97% 33,455 8,613.22 Jun 11, 2004 S&P Nifty# (18.02%) 18.61% 29.65% 17.64% 32,770 4,943.25 Period 30 September 2010 to 30 September 2011 30 September 2009 to 30 September 2010 30 September 2008 to 30 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 30-Sep-11) Date of allotment
FUND MANAGER - Anup Maheshwari DSP BlackRock Tax Saver Fund

DSPBR Tax Saver Fund (20.09%) 32.20% 35.96% 8.86% 14,902 ` 14.902 S&P CNX 500^ (19.22%) 19.58% 34.66% 3.30% 11,649 3,978.35 Jan 18, 2007 S&P Nifty# (18.02%) 18.61% 29.65% 4.01% 12,030 4,943.25
^Scheme Benchmark. #Standard Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Growth Option. Since inception returns have been calculated from the date of allotment till Sep 30, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
FUND MANAGER - Anup Maheshwari, Mehul Jani DSP BlackRock Natural Resources & New Energy Fund
Period 30 Sept 2010 to 30 Sept 2011 30 Sept 2009 to 30 Sept 2010 30 Sept 2008 to 30 Sept 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 30-Sep-11) Date of allotment DSPBR Natural Resources & New Nergy Fund (7.78%) 27.30% 45.35% 10.53% 14,103 ` 14.103 Composite Benchmark^ (15.64%) 3.90% 17.19% (7.07%) 7,774 77.74 Apr 25, 2008 S&P Nifty# (18.02%) 18.61% 29.65% (0.97%) 9,670 4,943.25
FUND MANAGER - Mehul Jani DSP BlackRock World Gold Fund

Period 29 September 2010 to 29 September 2011 29 September 2009 to 29 September 2010 29 September 2008 to 29 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment DSPBR World Gold Fund 4.42% 21.76% 27.22% 16.24% 18,376 ` 18.3759 FTSE Gold Mine^ 3.21% 17.41% 26.77% 13.30% 16,571 172,709.54 Sep 14, 2007 S&P CNX Nifty# (16.29%) 19.66% 30.05% 2.62% 11,101 5,015.45
^Scheme Benchmark (Composite Benchmark = 30% BSE Metals + 35% BSE Oil & Gas + 35% MSCI World Energy Index - Net & Expressed in INR; Normalised Values) #Standard Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Regular Plan - Growth Option. Since inception returns have been calculated from the date of allotment till Sep 30, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
FUND MANAGER - Mehul Jani DSP BlackRock World Energy Fund

Period 29 September 2010 to 29 September 2011 29 September 2009 to 29 September 2010 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment DSPBR World Energy Fund 4.45% (9.57%) (0.05%) 9,990 ` 9.9902 Composite Benchmark^ 10.22% 2.89% 9.52% 12,132 121.32 Aug 14, 2009 S&P CNX Nifty# (16.29%) 19.66% 4.36% 10,951 5,015.45
FUND MANAGER - Mehul Jani DSP BlackRock World Mining Fund

Period 29 September 2010 to 29 September 2011 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment DSPBR World Mining Fund (7.47%) (2.32%) 9,598 ` 9.5976 HSBC Mining Index^ (5.68%) (1.52%) 9,735 26,842.35 Dec 29, 2009 S&P Nifty# (16.29%) (1.91%) 9,667 5,015.45
^Scheme Benchmark (Composite Benchmark = 30% MSCI World Index + 70% MSCI World Energy Index - Net & Expressed in INR; Normalised Values) #Standard Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Regular Plan - Growth Option. Since inception returns have been calculated from the date of allotment till Sep 29, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
FUND MANAGER - Dhawal Dalal , Laukik Bagwe DSP BlackRock Floating Rate Fund - RP
Period DSPBR Floating Rate Fund - RP 8.00% 4.72% 7.12% 6.06% 16,384 16.3839 Crisil Liquid Fund Index^ 7.76% 4.04% 6.82% 5.86% 16,120 1,721.60 May 13, 2003 Not Available Standard Benchmark
FUND MANAGER - Kushal Choksi, Apoorva Shah DSP BlackRock MIP Fund~
Period 29 September 2010 to 29 September 2011 29 September 2009 to 29 September 2010 29 September 2008 to 29 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment CRISIL MIP Blended Index^ 2.21% 7.68% 14.34% 7.32% 16,753 2,071.51 Jun 11, 2004 Not Available Standard Benchmark
DSPBR MIP Fund

3.52% 6.86% 15.43% 9.57% 19,492 ` 19.4922
29 September 2010 to 29 September 2011 29 September 2009 to 29 September 2010 30 September 2008 to 29 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment
^Scheme Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Growth Option. Since inception returns have been calculated from the date of allotment till Sep 29, 2011. 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.
^Scheme Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Regular Plan - Growth Option. Since inception returns have been calculated from the date of allotment till Sep 29, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
26

FUND MANAGER - Dhawal Dalal, Laukik Bagwe DSP BlackRock Liquidity Fund - RP
Period Last 7 days till 29 September 2011 Last 15 days till 29 September 2011 Last 30 days till 29 September 2011 30 September 2010 to 29 September 2011 30 September 2009 to 30 September 2010 30 September 2008 to 30 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment DSPBR Liquidity Fund - RP 0.17% 0.36% 0.71% 8.14% 4.32% 5.43% 6.43% 20,328 ` 24.2607 Crisil Liquid Fund Index^ 0.15% 0.33% 0.66% 7.75% 4.05% 6.82% NA1 NA1 1,721.60 Mar 11, 1998 Not Available Standard Benchmark Period Last 7 days till 29 September 2011 Last 15 days till 29 September 2011 Last 30 days till 29 September 2011 30 September 2010 to 29 September 2011 30 September 2009 to 30 September 2010 30 September 2008 to 30 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment
FUND MANAGER - Dhawal Dalal , Laukik Bagwe DSP BlackRock Liquidity Fund - IP
DSPBR Liquidity Fund - IP 0.17% 0.37% 0.73% 8.37% 4.58% 5.68% 6.74% 14,652 ` 1,465.1606 Crisil Liquid Fund Index^ 0.15% 0.33% 0.66% 7.75% 4.05% 6.82% 6.55% 14,498 1,721.60 Nov 23, 2005 Not Available Standard Benchmark
^Scheme Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Regular Plan - Growth Option. 1Since historical data is not available, performance has not been compared. Since inception returns have been calculated from the date of allotment till Sep 29, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
^Scheme Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Institutional Plan - Growth Option. Since inception returns have been calculated from the date of allotment till Sep 29, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
FUND MANAGER - Dhawal Dalal FUND MANAGER - Dhawal Dalal , Laukik Bagwe DSP BlackRock Floating Rate Fund - IP
Period 29 September 2010 to 29 September 2011 29 September 2009 to 29 September 2010 30 September 2008 to 29 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment DSPBR Floating Rate Fund - IP 8.35% 4.98% 7.38% 6.74% 14,742 ` 1,474.1675 Crisil Liquid Fund Index^ 7.76% 4.04% 6.82% 6.52% 14,562 1,721.60 Oct 18, 2005 Not Available Standard Benchmark Period 29 September 2010 to 29 September 2011 29 September 2009 to 29 September 2010 29 September 2008 to 29 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment
DSP BlackRock Money Manager Fund - RP

DSPBR Money Manager Fund - RP 8.04% 4.13% 6.54% 6.75% 14,018 ` 1,401.7510 Crisil Liquid Fund Index^ 7.76% 4.04% 6.85% 6.65% 13,948 1,721.60 Jul 31, 2006 Not Available Standard Benchmark
FUND MANAGER - Dhawal Dalal FUND MANAGER - Dhawal Dalal DSP BlackRock Money Manager Fund - IP
Period 29 September 2010 to 29 September 2011 29 September 2009 to 29 September 2010 29 September 2008 to 29 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment DSPBR Money Manager Crisil Liquid Fund Fund - IP Index^ 8.40% 4.34% 6.89% 7.10% 14,255 ` 1,425.4764 7.76% 4.04% 6.85% 6.65% 13,948 1,721.60 Jul 31, 2006 Not Available Standard Benchmark Period 29 September 2010 to 29 September 2011 29 September 2009 to 29 September 2010 29 September 2008 to 29 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment
DSP BlackRock Short Term Fund

DSPBR Short Term Fund 8.07% 5.32% 5.81% 6.37% 17,493 ` 17.4932 Crisil Liquid Fund Index^ 7.76% 4.04% 6.85% 5.82% 16,699 1,721.60 Sep 09, 2002 Not Available Standard Benchmark
^Scheme Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Growth Option. Since inception returns have been calculated from the date of allotment till Sep 29, 2011. 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.
27

FUND MANAGER - Dhawal Dalal DSP BlackRock Bond Fund
Period 29 Sept 2010 to 29 Sept 2011 29 Sept 2009 to 29 Sept 2010 29 Sept 2008 to 29 Sept 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment DSPBR Bond Fund 4.77% 4.67% 11.95% 8.57% 32,735 ` 32.7347 Crisil Composite Bond Fund Index^ 5.58% 5.47% 10.02% NA1 NA1 1,718.55 Apr 29, 1997 Not Available Standard Benchmark Period 29 Sept 2010 to 29 Sept 2011 29 Sept 2009 to 29 Sept 2010 29 Sept 2008 to 29 Sept 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment
FUND MANAGER - Dhawal Dalal, Kushal Choksi DSP BlackRock Strategic Bond Fund - RP
DSPBR Strategic Bond Fund - RP 7.30% 4.11% 5.28% 6.05% 12,946 ` 1,294.6064 Crisil Composite Bond Fund Index^ 5.58% 5.47% 10.02% 6.50% 13,189 1,718.55 May 09, 2007 Not Available Standard Benchmark
^Scheme Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Growth Option. 1Since historical data is not available, performance has not been compared. Since inception returns have been calculated from the date of allotment till Sep 29, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
FUND MANAGER - Dhawal Dalal, Kushal Choksi

DSP BlackRock Strategic Bond Fund - IP
Period 29 Sept 2010 to 29 Sept 2011 29 Sept 2009 to 29 Sept 2010 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment DSPBR Strategic Bond Fund - IP 7.72% 4.68% 6.03% 11,836 ` 1,183.5701 Crisil Composite Bond Fund Index^ 5.58% 5.47% 7.03% 12,160 1,718.55 May 09, 2007 Not Available Standard Benchmark
FUND MANAGER - Dhawal Dalal

DSP BlackRock Government Securities Fund
Period 29 September 2010 to 29 September 2011 29 September 2009 to 29 September 2010 29 September 2008 to 29 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment DSPBR Government Securities Fund 2.96% 5.20% 21.86% 10.67% 33,786 ` 33.7861 I-Sec Li-BEX^ 6.84% 5.92% 17.99% 11.71% 37,773 7,082.36 Sep 30, 1999 Not Available Standard Benchmark
^Scheme Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Institutional Plan - Growth Option. Between June 2008 to June 2009, there were no investors in this plan for a significant period, hence returns have not been shown. Since inception returns have been calculated from the date of allotment till Sep 29, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
^Scheme Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Growth Option. Since inception returns have been calculated from the date of allotment till Sep 29, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. DSPBREF, DSPBROF and DSPBRTSF, which are benchmarked to the S&P CNX 500 Index, are 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 DSPBREF, DSPBROF or DSPBRTSF marked to such index. DSPBRSMF, which is benchmarked to the CNX Midcap 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 DSPBRSMF marked to such index. Note: All returns are absolute unless otherwise mentioned.
FUND MANAGER - Dhawal Dalal,

Period
Vivek Ved
Standard Benchmark
DSP BlackRock Treasury Bill Fund DSPBR Treasury Bill I-Sec Si-BEX^ Fund
6.81% 3.04% 3.67% 6.44% 21,147 ` 21.1468 5.84% 5.51% 11.08% 7.97% 25,117 4,033.06 Sep 30, 1999
29 September 2010 to 29 September 2011 29 September 2009 to 29 September 2010 29 September 2008 to 29 September 2009 Since Inception (CAGR) Since Inception (Value*) (`) NAV/Index Value ( as of 29-Sep-11) Date of allotment
Not Available
^Scheme Benchmark. *Based on investment of ` 10,000 made at inception. All returns are for Growth Option. Since inception returns have been calculated from the date of allotment till Sep 29, 2011. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
28
Dividend History
DSPBRMIPF# Record Date Dividend per Unit (`) Individuals/HUF 0.060000 0.060000 0.060000 0.180000 0.180000 0.131763 Others 0.051426 0.051426 0.051426 0.154279 0.154279 0.122805 DSPBRGF Record Date Dividend per Unit (`) Individuals/HUF 0.038760 0.075670 0.071503 0.112438 0.052178 0.099789 0.270114 1.994963 0.424833 0.271543 Others 0.033221 0.064857 0.066642 0.104793 0.048631 0.093004 0.251750 1.856759 0.395402 0.252731 DSPBRTBF Record Date Dividend per Unit (`) Individuals/HUF 0.054352 0.071090 0.048274 0.178032 0.141034 0.042812 0.145027 0.045151 0.045854 0.126141 0.087754 0.061050 0.056323 0.048878 0.042483 Others 0.046585 0.060931 0.041376 0.152592 0.120880 0.039957 0.135167 0.042081 0.042736 0.117565 0.081788 0.056900 0.052421 0.045492 0.039540 Face Value 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 NAV (`) Record Date Face Value 10 10 10 10 10 10 10 10 10 10 NAV (`) Face Value 10 10 10 10 10 10 NAV (`) Record Date DSPBRBF Dividend per Unit (`) Individuals/HUF Others Face Value 0.048010 0.098838 0.084744 0.205341 0.111612 0.080288 0.005534 0.224524 0.059564 0.059652 0.029695 0.041149 0.084714 0.072634 0.175998 0.095662 0.074829 0.005158 0.209259 0.055438 0.055519 0.027637 10 10 10 10 10 10 10 10 10 10 10 NAV (`) 03-Sep-10 24-Jul-09 23-May-08 15-Jun-07 10-Apr-06 DSPBRTEF (Regular Plan) Record Date Dividend per Unit (`) Face Value 1.25 2.00 5.00 5.00 7.50 10 10 10 10 10 NAV (`) 21.991 19.339 23.8800 24.896 27.43
Monthly Dividend# (during the last quarter) 29-Sep -11 26-Aug-11 28-Jun -11 29-Sep-11 28-Jun-11 28-Sep-10 10.8167 10.8305 10.9465 11.4312 11.6884 11.7928
Monthly Dividend Option (during the last quarter) 29-Sep-11 26-Aug-11 28-Jul-11 29-Sep -11 28-Jun-11 28 Mar-11 28-Feb-11 28-Jun-10 26-Mar-10 28-Dec-09 28-Sep-09 11.1396 11.2731 11.2553 10.9311 11.0630 11.0080 10.9110 11.1418 10.9103 10.9096 10.8561
Quarterly Dividend# (during the last 3 quarters)
Dividend Option (during the last 3 years) 11-Feb-11 26-Feb-10 28-Mar-08 8-Mar-07 24-Jan-06
DSPBROF (Regular Plan) Record Date Dividend per Unit (`) Face Value 2.00 3.00 4.00 5.00 5.00 10 10 10 10 10 NAV (`) 28.297 27.829 29.4860 28.219 27.60
Monthly Dividend Option (during the last quarter) 29-Sep -11 26-Aug-11 28-Mar-11 28-Mar-11 28-Feb-11 28-Dec-10 28-Jun-10 26-Dec-08 26-Sep-08 28-Mar-08 10.5724 10.7140 10.7167 11.8873 11.7851 11.8310 11.9948 13.7825 11.7085 11.6683 Record Date
DSPBRFRF (Regular Plan) Dividend per Unit (`) Individuals/HUF 0.187898 0.173011 0.161366 0.130358 0.108599 0.095221 0.086456 0.089872 0.079711 0.105113 0.157670 0.000781 Others 0.161048 0.148288 0.150395 0.121495 0.101216 0.088747 0.080466 0.083646 0.074189 0.097831 0.146747 0.000727 Face Value 10 10 10 10 10 10 10 10 10 10 10 10 Dividend Option (during the last 3 years) 29-Sep-11 28-Jun-11 28-Mar-11 28-Dec-10 28-Sep-10 28-Jun-10 26-Mar-10 28-Dec-09 28-Sep-09 26-Jun-09 26-Mar-09 16-Feb-09 10.6883 10.8542 10.8148 10.7639 10.7246 10.6941 10.6540 10.6519 10.6303 10.6427 10.6750 10.5936 NAV (`)
DSPBRITF (Regular Plan) Record Date Dividend per Unit (`) Face Value 09-Sep-10 19-Jun-09 22-Feb-08 21-Mar-07 27-Feb-06 1.25 2.00 5.00 4.50 4.50 DSPBRTSF Record Date Dividend per Unit (`) Face Value 4-Mar-11 29-Feb-08 0.50 3.60 10 10 NAV (`) 12.096 14.755 10 10 10 10 10 NAV (`) 21.035 17.299 26.965 21.964 21.72
Dividend Option (during the last 3 years)
DSPBRTF (Regular Plan) Record Date Dividend per Unit (`) Face Value 04-Jan-08 10.00 10 NAV (`) 37.138
Monthly Dividend Option (during the last 3 months) 29-Sep-11 26-Aug-11 28-Jul-11 29-Sep -11 28-Jun-11 30-May-11 28-Mar-11 28-Feb-11 28 -Jan-11 28-Dec-10 28-Sep-10 28-Jun-10 26-Mar-10 28-Dec-09 28-Sep-09 10.1898 10.2620 10.2342 11.2546 11.3911 11.3307 11.3763 11.3214 11.2620 11.3418 11.2824 11.2371 11.2092 11.1964 11.1837
DSPBRSTF Dividend per Unit (`) Individuals/HUF 0.064218 0.063514 0.073732 0.193272 0.194505 0.054705 0.151879 0.048313 0.128425 0.125439 0.040934 0.104356 0.098544 0.111070 0.055009 0.061316 0.140510 Others 0.055042 0.054438 0.063196 0.165654 0.166711 0.051056 0.141553 0.045028 0.119694 0.116910 0.038151 0.097261 0.091717 0.103375 0.051198 0.057068 0.130442 Face Value 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 NAV (`)
DSPBRWGF (Regular Plan) Record Date 19-Nov-10 10-Jul-09 Dividend per Unit (`) Individuals/HUF Others 0.878421 1.313917 0.818699 1.222893 Face NAV (`) Value 10 10 16.2184 11.8014
Monthly Dividend Option (during the last 3 months) 29-Sep-11 26-Aug-11 28-Jul-11 29-Sep-11 28-Jun-11 30-May-11 28-Mar-11 28-Feb-11 28-Dec-10 28-Sep-10 28-Jul-10 28-Jun-10 26-Mar-10 28-Dec-09 28-Sep-09 26-Jun-09 26-Mar-09 10.8185 10.8842 10.8931 10.9550 11.1486 11.0555 11.0701 10.9938 11.0180 11.0012 10.8934 10.9619 10.9211 10.9284 10.8539 10.8435 10.9067
Dividend Option (during the last 3 years) DSPBRSMF Record Date Dividend per Unit (`) Face Value NAV (`) 18-Mar-11 1.25 DSPBRNRNEF Record Date Dividend per Unit (`) Face Value 25-Mar-11 1.50 10 NAV (`) 14.1130 10 14.799
DSPBRSBF (Regular Plan) Dividend per Unit (`) Record Date Individuals/HUF Others Face Value 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 NAV (`)
Investors may note that the difference in dividend per unit for 'Individuals' and 'Others', in the case of debt oriented Schemes, is due to differential rate of applicable Dividend Distribution Tax (DDT). Pursuant to payments of dividend, the NAV of the Schemes would fall to the extent of payout, and statutory levy, if any # Monthly income is not assured and is subject to availability of distributable surplus.
Monthly Dividend Option (during the last quarter) 5-Sep-11 5-Aug-11 5-May-11 29-Sep-11 28-Jun-11 28-Mar-11 28-Dec-10 28-Sep-10 28-Jun-10 26-Mar-10 28-Dec-09 28-Sep-09 26-Jun-09 26-Mar-09 6.772185 7.781446 3.926752 19.303155 17.133469 14.400747 8.080771 9.324615 7.419935 7.685010 10.055141 4.144706 8.890835 10.949305 5.804447 6.669485 3.664885 16.544754 14.685115 13.421671 7.531377 8.690655 6.915469 7.152617 9.358552 3.857574 8.274906 10.190771 1,031.5900 1,031.2000 1,026.1688 1,040.8600 1,058.7000 1,053.2100 1,044.2000 1,044.5355 1,041.0947 1,038.8276 1,040.9729 1,033.4370 1,037.6587 1,038.3198
DSPBRBalF Record Date Dividend per Unit (`) Face Value 11-Mar-11 5-Mar-10 12-Dec-08 21-Sept-07 22-Aug-06 2.00 3.00 1.50 6.00 4.00 10 10 10 10 10 10 NAV (`) 22.771 23.445 15.861 27.1880 23.39
DSPBREF (Regular Plan) Record Date Dividend per Unit (`) 4-Feb-11 19-Mar-10 20-Nov-09 25-Jan-08 25-Jan-07 19-Dec-05 3.50 6.50 3.00 7.00 7.00 6.00 Face Value 10 10 10 10 10 10 NAV (`) 49.7970 52.112 53.082 56.408 47.722 37.29
Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
For complete list of dividends, visit www.dspblackrock.com.
29
List of Official Points of Acceptance of Transactions*

DSP BlackRock Investment Managers Private Limited - Investor Service Centres
Ahmedabad Bengaluru Bhopal Bhubneshwar Chandigarh Chennai Coimbatore Goa Guwahati Hyderabad Indore Jaipur Jamshedpur Jodhpur Kanpur Kochi Kolkata Lucknow Ludhiana Mangalore Mumbai Nagpur Nashik New Delhi Patna Pune Rajkot Raipur Surat Trivandrum Vadodara Vishakapatnam 3rd Eye one, Office No 301, 3rd Floor, Opposite Havmor Restaurant, CG Road, Ahmedabad - 380006 HM Geneva House, 1st Floor, Office No 104 to 107, # 14 Cunningham Road, Bangalore 560052 Star Arcade, 3rd Floor, Office No. 302, Plot No. 165-A, 166, Zone-1, M.P. Nagar, Bhopal - 462011. Lotus House, Office premises No. 3, 2nd Floor, Plot No. 108 A, Kharvel Nagar, Unit III, Master Canteen Square, Bhubneshwar 751001. SCO 2471 72, 1st Floor, Sector 22 C, Chandigarh 160022.. SPS Building No 185, 1st Floor, Anna Salai, Chennai - 600002. Tristar Towers, 1st Floor, East Wing, 657, Avinashi Road, Coimbatore - 641037. Mathias Plaza, 4th Floor, 18 th June Road, Panjim ,Goa - 403001. Mayur Gardens, Shop No-5, Upper Ground floor, G S Road, Guwahati - 781005. Mahavir Chambers, 1st Floor, Office No 103, Liberty Junction, Hyderabad - 500029. Starlit Tower, Office No 206, 2nd Floor, 29/1, Y N Road, Indore - 452001. Green House, Office No 201-204, O-15, Ashok Marg, C Scheme, Jaipur - 302001. ShantiNiketan, 2nd Floor, Main Road, P.O Bistupur, Jamshedpur - 831001 Keshav Bhawan, Ground Floor, Office No 2, 9th Chopasni Road, Near HDFC Bank, Jodhpur 342003. Kan Chambers, Office No 701-703, 7th Floor, 14/113, Civil Lines, Kanpur 208001. Office No 40 / 1045 H1, 6th Floor, Amrithaa Towers, M G Road, Kochi - 682001 Shagun Mall Building, 4th Floor, 10 A Shakespeare Sarani , 4th Floor , Kolkata-700 071 Speed Motors Building, 3rd Floor, 3 Shanazaf Road, Hazratganj, Lucknow - 226001. SCO-32, Regalia Heights, Ground Floor, Feroze Gandhi Market, Pakhowal Road, Ludhiana - 141001. Maximus Commercial Complex, Office No UGI- 5, Light House Hill Road, Mangalore - 575001. 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 - 440010. Bedmuthas Navkar Heights, Office No 1 & 2, 3rd Floor, New Pandit Colony, Sharanpur Road, Nasik - 422002. Dr Gopal Das Bhavan, Upper Ground Floor, Barakhamba Road, New Delhi - 110001. Dukhan Ram Plaza, Office No 304, 3rd Floor, Exhibition Road, Patna - 800001. City Mall, 1st Floor, Unit # 109 (A, B, C), University Square, University Road, Pune 411016.. Hem Arcade, Office No 303, Opposite Swami Vivekanand Statue, Dr Yagnik Road, Rajkot - 360001. Millennium Plaza, Office. 21, 3rd Floor, Behind Indian Coffee House, G.E. Road, Raipur - 492001. International Trade Centre, Office No G-28, Majura Gate Crossing, Ring Road, Surat - 395002. Menathotam Chambers, TC-2442(7), Pattom PO, Thiruvanathapuram 695004 Sakar, Office No 402, Opp ABS Tower, Old Padra Road, Vadodara - 390007. Eswar Arcade, Cabin No.11, 1st Floor, 47-11-1/5, Dwarka Nagar, 1 Lane, Vishakapatnam - 530016.
CAMS Investor Service Centres and Transaction Points* Visit www.camsonline.com for addresses
Agartala Agra Ahmedabad Ahmednagar Ajmer Akola Aligarh Allahabad Alleppley Alwar Amaravati Ambala Amritsar Anand Anantapur Angul Ankleshwar Asansol Aurangabad Bagalkot Balasore Bangalore Barnala Bareilly Basti Belgaum Bellary Berhampur Bhagalpur Bharuch Bhatinda Bhavnagar Bhilai Bhiwani Bhilwara Bhopal Bhubaneswar Bhuj Bhusawal Bikaner Bilaspur Bokaro Burdwan Calicut Chandigarh Chandrapur Chhindwara Chennai Chittorgarh Cochin Coimbatore Cuttack Darbhanga Davenegere Dehradun Deoghar Dhanbad Dharmapuri Dhule Durgapur Eluru Erode Faizabad Faridhabad Firozabad Gandhidham Ghaziabad Goa Gondia Gondal Gorakhpur Gulbarga Guntur Gurgaon Guwahati Gwalior Haldia Haldwani Hazaribag Himmatnagar Hisar Hoshiarpur Hosur Hubli Hyderabad Ichalkaranji Indore Itarsi Jabalpur Jaipur Jaipur Road Jalandhar Jalgaon Jalna Jammu Jamnagar Jamshedpur Jaunpur Jhansi Jodhpur Junagadh Kadapa Kakinada Kalyani Kanchipuram Kannur Kanpur Karimnagar Karnal Karur Katni Kestopur Khammam Kharagpur Khanna Kolhapur Kolkata: Main Kolkata: C.R.Avenue Kolkata: Howrah Kollam Kota Kottayam Kumbakonam Kurnool Latur Lucknow Ludhiana Madurai Malda Mangalore Manipal Mapusa Margao Mathura Meerut Mehsana Moga Moradabad Morbi Mumbai: Fort Mumbai: Andheri Mumbai: Thane Muzzafarpur Mysore Nadiad Nagpur Nalgonda Namakkal Nanded Nandyal Nasik Navsari Nellore New Delhi Noida Ongole Nizamabad Palakkad Palanpur Panipat Patiala Patna Phatankot Pondicherry Porbandar Proddatur Pune Rae Bareli Raichur Raipur Rajahmundry Rajapalayam Rajkot Ranchi Ratlam Ratnagiri Rohtak Roorkee Ropar Rourkela Sagar Saharanpur Salem Sambalpur Sangli Satara Satna Secunderabad Shahjahanpur Shillong Shimla Shimoga Siliguri Sirsa Sitapur Solan Sonepat Solapur Sriganganagar Srikakulam Surat Surendranagar Sultanpur Thiruppur Tirunelveli Tirupathi Tanjore Thiruvalla Tinsukia Trichur Trichy Trivandrum Tuticorin Udaipur Ujjain Unjha Vadodara Valsad Vapi Varanasi Vashi Vellore Veraval Vijayawada Visakhapatnam Warangal Wardha Yamuna Nagar Yavatmal
*Any new offices/centres opened will be included automatically.
For more information on DSP BlackRock Mutual Fund Visit www.dspblackrock.com or call Toll Free No.: 1800-200-4499
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 Pvt. Ltd. Risk Factors: Mutual funds, like securities investments, are subject to market and other risks and there can be no assurance that the Schemes objectives will be achieved. As with any investment in securities, the NAV of Units issued under the Schemes can go up or down depending on the factors and forces affecting capital markets. Past performance of the sponsor/ AMC/ mutual fund does not indicate 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 investors holding in excess of 25% of the corpus will be redeemed as per SEBI guidelines. The names of the Schemes do not in any manner indicate the quality of the Schemes, their future prospects or returns. For scheme specific risk factors, please refer the 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 Scheme Information Document and Statement of Additional Information carefully before investing.
30
Summary: Key Features of the schemes

DIVIDEND REINVEST 5000 1 cr 5000 1 cr 5000 5000 1 cr 5000 5000 5000 5000 5000 5000 1 cr 5000 500 5000 1 cr Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Holding Period < 12 months: 1% Holding Period >= 12 months: Nil Nil Nil Nil Nil Nil Holding Period <= 6 months: 0.50%* Holding Period > 6 months: Nil* Holding Period <= 7 calendar days: 0.10% Holding Period > 7 calendar days: Nil Holding Period <= 6 months: 0.50%* Holding Period > 6 months: Nil* Holding Period <= 7 calendar days: 0.10% Holding Period > 7 calendar days: Nil Nil Holding Period < 12 months: 1% Holding Period >= 12 months: Nil Holding Period < 12 months: 1% Holding Period >= 12 months: Nil Nil Nil Nil Nil Nil Nil PAYOUT REINVEST PAYOUT REINVEST PAYOUT REINVEST DAILY DIV REINVEST PURCHASE ENTRY LOAD EXIT LOAD MONTHLY DIVIDEND QUARTERLY DIVIDEND WEEKLY DIVIDEND
FUND NAME
OPTION\PLAN
GROWTH
PAYOUT
DSPBRLF, DSPBRMMF
RP
IP
DSPBRFRF
RP
IP
DSPBRSTF
DSPBRSBF
RP
IP
DSPBRBF
DSPBRGF
DSPBRTBF
DSPBRMIPF
DSPBRBalF
RP
DSPBREF, DSPBRTEF, DSPBROF, DSPBRITF, DSPBRSMF, DSPBRTF, DSPBRNRNEF, DSPBRWGF, DSPBRWEF, DSPBRWMF
IP
DSPBRF25F
DSPBRTSF^
Holding Period < 12 months: 1% Holding Period >= 12 months: Nil N.A. Holding Period < 24 months: 1% Holding Period >= 24 months: Nil
DSPBRMCF
RP
IP
For DSPBRSF, please read Monthly Dividend as Monthly Income Payment and Quarterly Dividend as Quarterly Income Payment. ^Redemptions in DSPBRTSF are subject to a lock-in period of 3 years from date of allotment. SIP is available in the Regular Plan of all schemes (wherever applicable) except DSPBRLF. SWP/STP is available in each plan of all schemes. Minimum installment for SIP/SWP/STP (all schemes) : ` 500/-. Minimum number of installment for SIP (all schemes except DSPBRTSF) : 12. Minimum number of installment for SIP (DSPBRTSF) : 6. Note: Investors are advised to refer to the Scheme Information Document, KIM and addenda issued from time to time, to know the terms and features of the schemes as prevailing on the date of submission of application for subscription/redemption/switch/non-financial transaction.
RANKINGS/ RATINGS DISCLAIMER: ICRA: ICRAs mutual fund rating methodology is based on evaluating the inherent credit quality of the funds portfolio. As a measure of the credit quality of a debt funds assets, ICRA uses the concept of credit scores. These scores are based on ICRAs estimates of credit risk associated with each exposure of the portfolio taking into account its maturity. To quantify the credit risk scores, ICRA uses its database of historical default rates for various rating categories for various maturity buckets. The credit risk ratings incorporate ICRAs assessment of a debt funds published investment objectives and policies, its management characteristics, and the creditworthiness of its investment portfolio. ICRA reviews relevant fund information on an ongoing basis to support its published rating opinions. If the portfolio credit score meets the benchmark of the assigned rating during the review, the rating is retained. In an event that the benchmark credit score is breached, ICRA gives a months time to the debt fund manager to bring the portfolio credit score within the benchmark credit score. If the debt fund manager is able to reduce the portfolio credit score within the benchmark credit score, the rating is retained. If the portfolio still continues to breach the benchmark credit score, the rating is revised to reflect the change in credit quality. The rating, as aforesaid, however, should not be treated as a recommendation to buy, sell or hold the units issued by DSP BlackRock Mutual Fund (DSPBRMF). The rating is restricted to the Debt Schemes only. ICRA does not assume any responsibility on its part, for any liability, that may arise consequent to DSPBRMF not complying with any guidelines or directives issued by SEBI or any other mutual fund regulatory body. ICRA reserves the right to suspend, withdraw or revise the above rating at any time on the basis of new information or unavailability of information or such circumstances, which ICRA believes, may have an impact on the aforesaid ratings. CRISIL: A CRISIL credit quality rating on a bond fund reflects CRISILs current opinion on the degree of protection offered by the rated instrument from losses related to credit defaults. It does not constitute an audit by CRISIL of the fund house, the scheme, or companies in the schemes portfolio. CRISIL ratings are based on information provided by the issued or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell or hold the related scheme: it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. CRISIL reserves the right to suspend, withdraw or revise its rating at any time, on the basis of any new information or unavailability of information or any other circumstances, which CRISIL believes may have an impact on the rating. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATlNG DESK at CRISILratingdesk@crisil.com or at (+91 22) 6691 3001- 09. *CRISIL Mutual Fund Rank: The composite performance of DSP BlackRock Balanced Fund is Very Good performance performance in the Open End Consistent Balanced category, and ranks within Top 10 percentile of the 14 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 5-year period ended Jun 30, 2011. The composite performance of DSP BlackRock Equity Fund is Very Good performance performance in the Open End Consistent Equity category, and ranks within Top 10 percentile of the 52 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score, based on NAVs over the 5-year period ended Jun 30, 2011. The composite performance of DSP BlackRock Money Manager Fund - Growth is Very Good performance performance in the Open End Ultra Short Term Debt Schemes category, and ranks within Top 10 percentile of the 40 schemes ranked in this category. The criteria used in computing the CRISIL Composite Performance Rank are Superior Return Score based on NAVs over the 1-year period ended Jun 30, 2011, Asset size, Downside Risk Probability, Company concentration, Liquidity & Asset Quality of the scheme. The methodology does not take into account the entry and exit loads levied by the scheme. The CRISIL Mutual Fund Rank is no indication of the performance that can be expected from the scheme in future. Ranking Source: CRISIL FundServices, CRISIL Limited. Past performance is no guarantee of future results.
31
MIP FUND
open ended income scheme
Investment objectives: DSP BlackRock MIP Fund (DSPBRMIPF)* is an open ended income scheme, seeking to generate income, 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 issuers domiciled in India. Entry Load: Not Applicable; Exit Load: Holding period < 12 months: 1%; Holding period >= 12 months: Nil. *Monthly income is not assured and is subject to the availability of distributable surplus. Statutory Details: DSP BlackRock Mutual Fund was set up as a trust and the settlers/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 Private Limited. 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 Scheme 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 Scheme. Investors in the Scheme are not being offered a guaranteed or assured rate of return. DSPBRMIPF is only the name of the scheme and does not in any manner indicate the quality of the Scheme, its future prospects or returns. For scheme specific risk factors, please refer the 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 Scheme Information Document and Statement of Additional Information carefully before investing.

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MONTHLY FACTSHEET

September 30, 2011

Fixed Income Market:

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

EQUITY ORIENTED SCHEMES

FUND OF FUND SCHEMES

FIXED INCOME SCHEMES

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

CRISIL MUTUAL FUND RANK 1*

DSP BlackRock Equity Fund

(4,119.13) (1.63%) (4,119.13) (1.63%) 251,716.34 100.00%

Normally within 3 Business Days from acceptance of redemption request.

Minimum investment and minimum additional purchase

no guarantee of future results.

DSP BlackRock Top 100 Equity Fund

Normally within 3 Business Days from acceptance of redemption request.

Minimum investment and minimum additional purchase

Index Derivatives Construction Industrial Capital Goods

1,072,450 3,098,000 115,000

36,364.01 6,573.96 801.61 43,739.58 28,774.10 28,774.10

12.16% 2.20% 0.27% 14.63% 9.62% 9.62%

(19,461.57) (6.51%) (19,461.57) (6.51%) 299,139.78 100.00%

DSP BlackRock Opportunities Fund

10 Tata Consultancy Services

65.20 65.20 299.73 299.73

0.10% 0.10% 0.46% 0.46%

2,099.50 3.17% 2,099.50 3.17% 65,659.94 100.00%

Normally within 3 Business Days from acceptance of redemption request.

DSP BlackRock India T.I.G.E.R. Fund

(The Infrastructure Growth and Economic Reforms Fund)

Banks Index Derivatives

2,083.98 1.17% 2,083.98 1.17% 176,247.00 100.00%

Normally within 3 Business Days from acceptance of redemption request.

DSP BlackRock Technology.com Fund

Normally within 3 Business Days from acceptance of redemption request.

0.00% 0.00% 1.93% 1.93%

(53.05) (53.05) 5,168.47

(1.03%) (1.03%) 100.00%

DSP BlackRock Small and Mid Cap Fund

870.71 0.73% 870.71 0.73% 121,396.74 100.00%

2. Debt and Money Market Securities: 0% - 10%.

Normally within 3 Business Days from acceptance of redemption request.

333.25 0.27% 16.07 0.01% - 0.00% 115,975.81 95.52%

DSP BlackRock Tax Saver Fund

66.03 66.03 1,348.85 1,348.85

0.09% 0.09% 1.87% 1.87%

45.89 0.10% 45.89 0.10% 72,251.56 100.00%

DSP BlackRock Micro Cap Fund

(123.20) (0.25%) (123.20) (0.25%) 44,987.55 100.00%

DSP BlackRock Natural Resources and New Energy Fund

181.03 1.34% 181.03 1.34% 13,494.77 100.00%

REDEMPTION PROCEEDS FEATURES

143,000 72,000 7,000

381.81 94.64 56.62 533.07

2.83% 0.70% 0.42% 3.95%

DSP BlackRock World Gold Fund

98,529.90 98,529.90 1,198.98 1,198.98 (559.25) (559.25) 99,169.63

99.35% 99.35% 1.21% 1.21% (0.56%) (0.56%) 100.00%

DSP BlackRock World Energy Fund

Normally within 5 Business Days from acceptance of redemption request

REDEMPTION PROCEEDS (for both Schemes)

16,523.31 1,105.83 17,629.14 199.83 199.83 (71.42) (71.42) 17,757.55

93.05% 6.23% 99.28% 1.13% 1.13% (0.41%) (0.41%) 100.00%

DSP BlackRock World Mining Fund