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									                                      DSP BlackRock Cash Plus Fund
FUND MANAGER
Dhawal Dalal
                                      Portfolio                                                                               Comparative performance
Managing this scheme since 1           Sr.                                                       Market value     % to Net                                            COMPOUNDED ANNUALISED RETURN
year and 1 month and total work              Name of Instrument                         Rating
                                       No.                                                       (Rs. In lakhs)   Assets
experience of 12 years.                                                                                                                PERIOD                                  CRISIL                    CRISIL
                                                                                                                                                            DSPBRCPF                     DSPBRCPF -
                                                                                                                                                                           LIQUID FUND               LIQUID FUND
                                                                                                                                                            - REGULAR                  INSTITUTIONAL
                                                                                                                                                                              INDEX^                    INDEX^
                                             MONEY MARKET INSTRUMENTS
                                             Certificate of Deposit                                                           Last 7 days                     0.13%           0.15%          0.13%        0.15%
INVESTMENT OBJECTIVE                                                                                                          Last 15 days                    0.27%           0.34%          0.27%        0.34%
An Open Ended income scheme             1    ICICI Bank                                  A1+          4,836.52      12.02%
whose investment objective is to                                                                                              Last 30 days                    0.57%           0.81%          0.57%        0.81%
                                        2    ICICI Bank                                  A1+          1,494.20       3.71%
seek to generate reasonable returns                                                                                           Last 3 months                   2.02%           2.59%          2.03%        2.59%
commensurate with low risk from         3    HSBC Bank                                    F1+         1,096.17       2.72%    Last 6 months                   4.39%           4.81%          4.42%        4.81%
a portfolio constituted of money        4    ICICI Bank                                  A1+            693.36       1.72%    Last 1 year                     8.86%           8.76%          8.93%        8.76%
market and debt securities.
                                        5    Exim Bank                                   AAA            560.59       1.39%    Since Inception                 8.90%           8.24%          8.96%        8.24%
                                        6    Exim Bank                                   P1+            284.21       0.71%    NAV / Index Value (Jan 30)   Rs. 1114.1887     1,486.23    Rs. 1114.9936   1,486.23
                                                                                                                              Date of allotment                                25th October, 2007
                                        7    Kotak Mahindra Bank                         P1+             94.76       0.24%
ASSET ALLOCATION                        8    State Bank of Bikaner & Jaipur              P1+             23.31       0.06%    ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
Money Market securities: 0% - 100%                                                                                            calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are
                                             Total                                                    9,083.12      22.57%
                                                                                                                              for Growth Option. Past performance may or may not be sustained in future and
Debt securities: 0% - 10%
                                                                                                                              should not be used as a basis for comparison with other investments.
Debt securities may include                  Treasury Bill
securitised debts up to 75% of the
net assets.
                                        9    TBILL 91 DAY 2009                           SOV          2,990.42       7.43%
                                                                                                                              Rating Profile
                                             Total                                                    2,990.42       7.43%
                                                                                                                                AAA	                              10.06%         A1+	/	P1+	/	F1+	        28.46%
                                                                                                                                AA+	                              22.09%         CASH	&	CASH	EQUIVALENT	 23.98%
                                             Securitised Assets                                                                 LAA	                              15.41%
REDEMPTION
                                             Corporate Loan Securitisation Trust
PROCEEDS                               10
                                             Series XXVI B2 (STFL)
                                                                                       P1+(SO)        2,932.31       7.28%
Normally within 1 Business Day
from acceptance of redemption                Total                                                    2,932.31       7.28%
request

                                             BONDS & NCD’s
                                             Listed / awaiting listing on the stock exchanges
FEATURES
• Minimum investment and               11    Citi Financial Consumer Finance FRN         AA+          7,000.00      17.39%
  minimum additional purchase          12    Kotak Mahindra Prime FRN                    LAA          4,000.00       9.94%
 -   Regular Plan (RP): Rs. 5,000/-    13    Kotak Mahindra Prime FRN                    LAA          2,200.00       5.47%
     and Rs. 1,000/- thereafter.
 -   Institutional Plan (IP):          14    IDBI Bank FRB                               AA+          1,500.00       3.73%
     Rs. 5 crore                       15    HDFC                                        AAA            497.99       1.24%
     and Rs. 1 lakh thereafter.
                                       16    Citi Financial Consumer Finance             AA+            388.68       0.97%
• Options available:
  • Growth                                   Total                                                  15,586.67       38.74%
  • Weekly Dividend Reinvest
  • Daily Dividend Reinvest
    (only in IP)                             CBLO / Reverse Repo Investments                         12,830.22      31.87%
• Entry load: Nil                            Total                                                  12,830.22       31.87%
• Exit load: Nil

                                             Cash & Cash Equivalent
                                             Net Receivables/Payables                                (3,169.78)     (7.89)%
NAV AS ON                                    Total                                                  (3,169.78)     (7.89)%
January 30, 2009                             Grand Total                                            40,252.96     100.00%
Regular Plan                          Notes: 1. Modified Duration 0.06 years. 2. Average Maturity 0.29 years. 3. All
Growth - Rs. 1114.1887                corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.
Weekly Dividend - Rs. 1000.3700       4. Total Expense Ratio (April 01, 2008 to January 31, 2009): IP: 0.34% RP: 0.39%

Institutional Plan
Growth - Rs. 1114.9936
Daily Dividend - Rs. 1000.1000
Weekly Dividend - Rs. 1000.3700




             4
DSP BlackRock Liquidity Fund

Portfolio                                                                                Comparative performance                                                              FUND MANAGER
                                                                                                                                                                              Dhawal Dalal
                                                                                                                                                                              Managing this scheme since 10
 Sr.                                                         Market value     % to Net                                        COMPOUNDED ANNUALISED RETURN                    years and 1 month & total work
       Name of Instrument                           Rating                                                                                                                    experience of 12 years.
 No.                                                         (Rs. In lakhs)   Assets                                                 CRISIL                      CRISIL
                                                                                                  PERIOD               DSPBRLF       LIQUID      DSPBRLF -       LIQUID
                                                                                                                      - REGULAR      FUND      INSTITUTIONAL     FUND
       MONEY MARKET INSTRUMENTS
                                                                                                                                    INDEX^                      INDEX^        INVESTMENT OBJECTIVE
       Certificate of Deposit
                                                                                         Last 7 days                    0.11%        0.15%         0.12%         0.15%        An Open Ended income Scheme,
  1    NABARD                                        AAA            489.20      3.42%                                                                                         seeking to generate a reasonable
                                                                                         Last 15 days                   0.25%        0.34%         0.25%         0.34%
  2    IDBI Bank                                     P1+            284.98      1.99%                                                                                         return commensurate with low risk
                                                                                         Last 30 days                   0.52%        0.81%         0.54%         0.81%        and a high degree of liquidity, from a
       Total                                                       774.18       5.41%                                                                                         portfolio constituted of money market
                                                                                         Last 3 months                  1.84%        2.59%         1.90%         2.59%
                                                                                         Last 6 months                  4.10%        4.81%         4.22%         4.81%        securities and high quality debt
       Securitised Assets                                                                                                                                                     securities.
                                                                                         Last 1 year                    8.36%        8.76%         8.62%         8.76%
       Corporate Loan Securitisation Trust                                               Last 3 years                   7.26%        7.43%         7.50%         7.43%
  3                                                P1+(SO)        1,954.88     13.68%
       Series XXVI B2 (STFL)
                                                                                         Last 5 years                   6.39%        6.21%           ---          ---
       Corporate Loan Securitisation Trust
  4
       Series XXVI B1 (STFL)
                                                   P1+(SO)          195.08      1.37%    Since Inception                7.01%        NA#           7.42%         7.29%        ASSET ALLOCATION
                                                                                         NAV / Index Value (Jan 30)   Rs. 20.9360   1,486.23    Rs. 1256.4162   1,486.23      Money market securities and/or
  5    Corporate Debt Trust Series 4 A2 (HPCL)     P1+(SO)          173.58      1.21%                                                                                         debt securities* which at the
                                                                                         Date of allotment               11th March, 1998         23rd November, 2005         time of purchase have residual
       Corporate Loan Securitisation Trust                                                                                                                                    or average maturity of less than
  6                                                  AAA            143.56      1.00% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns
       Series 60 A1 (LICHF)                                                                                                                                                   or equal to 367 days or have
                                                                                      are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns   put options within a period not
       Corporate Loan Securitisation Trust                                                                                                                                    exceeding 367 days. : 80 - 100%
  7                                                A1(SO)            69.21      0.48% are for Growth Option. #Since historical data for the benchmark is not available,
       Series 94 A1 (DLF)
       Corporate Loan Securitisation Trust                                            performance has not been compared. Past performance may or may not be                   Debt securities* which at the
  8                                                A1(SO)            39.90      0.28% sustained in future and should not be used as a basis for comparison with other         time of purchase have residual or
       Series 95 A1 (DLF)
                                                                                                                                                                              average maturity of more than 367
       Corporate Loan Securitisation Trust                                            investments.                                                                            days : 0 - 20%
  9                                                A1(SO)            27.69      0.19%
       Series 93 A1 (DLF)
                                                                                                                                                                              *Debt securities may include
       Total                                                      2,603.90     18.21%
                                                                                         Rating Profile                                                                       securitised debts upto 30% of the
                                                                                                                                                                              net assets

       BONDS & NCD’s                                                                       AAA	                          32.42%       A1	                      0.95%
                                                                                           AA+	                          14.00%       P1+	                    18.25%
       Listed / awaiting listing on the stock exchanges                                    LAA	                           2.10%       CASH	&	CASH	EQUIVALENT	 28.80%
 10    Citi Financial Consumer Finance FRN           AA+          2,000.00     14.00%      A	                             3.48%                                               REDEMPTION
 11    Tata Motors Finance                            A             496.61      3.48%                                                                                         PROCEEDS
 12    Kotak Mahindra Prime FRN                      LAA            300.00      2.10%                                                                                         Normally within 1 Business Day
                                                                                                                                                                              from the date of Applicable NAV.
       Total                                                      2,796.61     19.58%


       Unlisted
 13    GE Money Financial Services FRN               AAA          2,000.00     14.00%                                                                                         FEATURES
 14    Tata Sons FRN                                 AAA          2,000.00     14.00%                                                                                         • Minimum investment and minimum
                                                                                                                                                                                additional purchase
       Total                                                      4,000.00     28.00%                                                                                           - Regular Plan (RP): Rs. 5,000/-
                                                                                                                                                                                  and Rs. 1,000/- thereafter.
                                                                                                                                                                                - Institutional Plan (IP):
       CBLO / Reverse Repo Investments                            3,684.51     25.79%
                                                                                                                                                                                  Rs. 5 crore and Rs. 1 lakh
       Total                                                      3,684.51     25.79%                                                                                             thereafter.
                                                                                                                                                                              • Options/ Sub Options available:
       Cash & Cash Equivalent                                                                                                                                                   • Growth
       Net Receivables/Payables                                     429.17      3.01%                                                                                           • Weekly Dividend
                                                                                                                                                                                  - Reinvest Dividend
       Total                                                       429.17       3.01%                                                                                             - Payout Dividend
       Grand Total                                              14,288.37     100.00%                                                                                               (available only in IP)
                                                                                                                                                                                • Daily Dividend Reinvest
Notes: 1. Modified Duration 0.06 years. 2. Average Maturity 0.55 years. 3. All
                                                                                                                                                                              • Entry load: Nil
corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.
                                                                                                                                                                              • Exit load: Nil
4. Total Expense Ratio (April 01, 2008 to January 31, 2009): IP: 0.20% RP: 0.53%



                                                                                                                                                                              NAV AS ON
                                                                                                                                                                              January 30, 2009
                                                                                                                                                                              Regular Plan
                                                                                                                                                                              Growth - Rs. 20.9360
                                                                                                                                                                              Weekly Dividend - Rs. 12.4020
                                                                                                                                                                              Daily Dividend - Rs. 10.0100

                                                                                                                                                                              Institutional Plan
                                                                                                                                                                              Growth - Rs. 1256.4162
                                                                                                                                                                              Weekly Dividend - 1000.3628
                                                                                                                                                                              Daily Dividend - Rs. 1000.2000




                                                                                                                                                                                                     5
                                             DSP BlackRock Floating Rate Fund
FUND MANAGER
Dhawal Dalal
                                             Portfolio                                                                               Comparative performance
Managing this scheme since 5
                                                                                                             Market                                                          COMPOUNDED ANNUALISED RETURN
years and 1 month & total work                Sr.                                                                         % to Net
                                                    Name of Instrument                           Rating   value (Rs. In                                                           CRISIL                        CRISIL
experience of 12 years.                       No.                                                                         Assets
                                                                                                             lakhs)                           PERIOD               DSPBRFRF       LIQUID      DSPBRFRF -        LIQUID
                                                                                                                                                                   - REGULAR      FUND      INSTITUTIONAL       FUND
                                                                                                                                                                                 INDEX^                        INDEX^
                                                    MONEY MARKET INSTRUMENTS
INVESTMENT OBJECTIVE                                Certificate of Deposit
                                                                                                                                      Last 6 months                  4.86%        4.81%          4.98%          4.81%
An Open Ended Income Scheme,                                                                                                          Last 1 year                    9.05%        8.76%          9.33%          8.76%
                                               1    Kotak Mahindra Bank                           P1+          1,217.69     5.28%
seeking to generate interest income                                                                                                   Last 3 years                   6.73%        7.43%          7.08%          7.43%
through investments in acceptable              2    ICICI Bank                                    A1+           996.14      4.32%
                                                                                                                                      Last 5 years                   6.15%        6.21%           ---             ---
floating rate assets commensurate              3    IDBI Bank                                     P1+           469.91      2.04%
with the credit risk. The Scheme                                                                                                      Since Inception                6.01%        5.94%          6.96%          7.21%
                                                    Total                                                     2,683.74     11.64%
may also invest in fixed rate debt                                                                                                    NAV / Index Value (Jan 30)   Rs. 13.9692   1,486.23    Rs. 1247.7544     1,486.23
securities.                                                                                                                           Date of allotment                13th May, 2003            18th October, 2005
                                                    BONDS & NCD’s
                                                                                                                                     ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
                                                    Listed / awaiting listing on the stock exchanges                                 calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are
                                               4    HDFC FRN                                      AAA          4,976.81    21.59%    for Growth Option. Past performance may or may not be sustained in future and
ASSET ALLOCATION                               5    National Housing Bank FRN                     AAA          2,492.14    10.81%    should not be used as a basis for comparison with other investments.
Floating rate debt securities* or
money market securities: 65% to                6    Citi Financial Consumer Finance               AA+          2,365.99    10.26%
100%; Fixed rate debt securities: 0%           7    Shriram Transport Finance Company           AA(ind)        1,418.59     6.15%    Rating Profile
to 35% (Debt securities may include            8    Kotak Mahindra Prime FRN                      LAA          1,000.00     4.34%
securitized debts upto 60% of the net                                                                                                   AAA	                         34.59%         A1+	/	P1+	              11.64%
                                               9    NABARD                                        AAA           505.40      2.19%       AA+	                         10.68%         CASH	&	CASH	EQUIVALENT	 30.00%
assets).
                                              10    Shriram Transport Finance Company           AA(ind)         499.97      2.17%       AA(IND)	                     13.09%
                                              11    Kotak Mahindra Prime                          LAA             99.56     0.43%
                                              12    Citi Financial Consumer Finance               AA+             97.17     0.42%
REDEMPTION                                          Total                                                    13,455.63     58.36%
PROCEEDS
Normally within 2 Business Days                     CBLO / Reverse Repo Investments                            6,225.60    27.01%
from the date of Applicable NAV.
                                                    Total                                                     6,225.60     27.01%


                                                    Cash & Cash Equivalent

FEATURES                                            Net Receivables/Payables                                    686.10      2.99%
• Minimum investment and minimum                    Total                                                       686.10      2.99%
  additional purchase                               Grand Total                                              23,051.07    100.00%
 - Regular Plan (RP): Rs. 5,000/-            Notes: 1. Modified duration 0.28 years. 2. Average Maturity 0.37 years. 3. All
   and Rs. 1,000/- thereafter.               corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.
    - Institutional Plan (IP): Rs. 5 crore
                                             4. Total Expense Ratio (April 01, 2008 to January 31, 2009): IP: 0.49% RP: 0.81%
    and Rs. 1 lakh thereafter.
• Options available: (for both plans)
  • Growth
  • Dividend
    - Reinvest Dividend
    - Payout Dividend
  • Daily Dividend Reinvest
  • Weekly Dividend
    - Reinvest Dividend
    - Payout Dividend (Only in IP)

• Entry load: Nil
• Exit load: Nil



NAV AS ON
January 30, 2009
Regular Plan
Growth - Rs. 13.9692
Dividend - Rs. 10.5519
Weekly Dividend - Rs. 10.0371
Daily Dividend - Rs. 10.0312

Institutional Plan
Growth - Rs. 1247.7544
Daily Dividend - Rs. 1000.0000




             6
DSP BlackRock Liquid Plus Fund
Portfolio                                                                                                                                                                        FUND MANAGER
                                                                                                                                                                                 Dhawal Dalal
                                                                Market                         Unlisted                                                                          Managing this scheme since 2
 Sr.                                                                         % to Net                                                                                            years and 1 month & total work
       Name of Instrument                          Rating    value (Rs. In
 No.                                                                         Assets       32   Sobha Developers                           LBB-             7,500.00      5.02%   experience of 12 years.
                                                                lakhs)
                                                                                          33   GE Money Financial Services FRN             AAA             3,000.00      2.01%
                                                                                          34   GE Capital Services India                   AAA             2,489.98      1.67%
       MONEY MARKET INSTRUMENTS                                                                                                                                                  INVESTMENT OBJECTIVE
                                                                                          35   Sobha Developers                           LBB-             2,473.28      1.66%   An Open ended income Scheme,
       Certificate of Deposit
                                                                                          36   Tata Sons FRN                               AAA             1,000.00      0.67%   seeking to generate reasonable
 1     NABARD                                       AAA          6,163.92      4.13%                                                                                             returns commensurate with low
                                                                                          37   Sobha Developers                          Unrated             900.00      0.60%   risk and a high degree of liquidity,
 2     ICICI Bank                                    A1+           493.59      0.33%
                                                                                               Total                                                      17,363.26    11.63%    from a portfolio constituted of
 3     ICICI Bank                                    A1+            49.53      0.03%                                                                                             money market securities and high
       Total                                                     6,707.04      4.49%                                                                                             quality debt securities.
                                                                                               CBLO / Reverse Repo Investments                            22,335.85     14.96%
                                                                                               Total                                                      22,335.85    14.96%
       Treasury Bill                                                                                                                                                             ASSET ALLOCATION
                                                                                                                                                                                 Money market securities and/or
 4     TBILL 91 DAY 2009                            SOV          9,905.39      6.63%                                                                                             debt securities* which have residual
                                                                                               Cash & Cash Equivalent                                                            or average maturity of less than
       Total                                                     9,905.39      6.63%                                                                                             or equal to 367 days or have
                                                                                               Net Receivables/Payables                                    4,150.22      2.78%   put options within a period not
                                                                                                                                                                                 exceeding 367 days. : 65% - 100%
                                                                                               Total                                                       4,150.22     2.78%
       Securitised Assets                                                                                                                                                        Debt securities* which have residual
                                                                                               Grand Total                                             149,333.09 100.00%        or average maturity of more than
 5     UBL Trust Series 50 (DLF)                   F1(SO)       10,366.33      6.94%
                                                                                                                                                                                 367 days : 0% - 50%
                                                                                        Notes: 1. Modified duration 0.20 years. 2. Average Maturity 0.35 years. 3. All
 6     UBL Trust Series 56 (DLF)                   F1(SO)        7,638.40      5.12%
                                                                                        corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.        *Debt securities may include
       Corporate Loan Securitisation Trust                                              4. Total Expense Ratio (April 01, 2008 to January 31, 2009): IP: 0.44% RP: 0.83%         securitised debts upto 75% of the
 7                                                 A1(SO)        4,980.08      3.33%                                                                                             net assets
       Series 94 A2 (DLF)
 8     Corporate Debt Trust Series 4 A1 (HPCL)    P1+(SO)        4,834.90      3.24%
                                                                                        Comparative performance
       Corporate Loan Securitisation Trust                                                                                                                                       REDEMPTION
 9                                                 A1(SO)        2,487.78      1.67%                                           COMPOUNDED ANNUALISED RETURN
       Series 95 A2 (DLF)                                                                                                                                                        PROCEEDS
       Corporate Loan Securitisation Trust                                                                                            CRISIL                           CRISIL    Normally within 3 Business Days
 10                                                A1(SO)        1,693.23      1.13%            PERIOD               DSPBRLPF         LIQUID       DSPBRLPF -          LIQUID    from acceptance of redemption
       Series 93 A2 (DLF)
                                                                                                                     - REGULAR        FUND       INSTITUTIONAL         FUND      request.
       Corporate Loan Securitisation Trust                                                                                           INDEX^                           INDEX^
 11                                                 AAA            449.49      0.30%
       Series 60 A2 (LICHF)
                                                                                         Last 6 months                     4.47%      4.86%          4.68%             4.86%
       Royal Trust PTC Series A1 - May2004
 12
       - (Citibank N.A.)
                                                  AAA(SO)          395.75      0.27%     Last 1 year                       8.66%      8.76%          9.09%             8.76%     FEATURES
                                                                                         Since Inception                   7.77%      7.70%          8.18%             7.70%     • Minimum investment and minimum
       Total                                                    32,845.96     22.00%                                                                                               additional purchase
                                                                                         NAV / Index Value (Jan 30) Rs. 1206.1920    1,486.23     Rs. 1217.6356       1,486.23     - Regular Plan (RP): Rs. 5,000/-
                                                                                         Date of allotment                              31st July, 2006                              and Rs. 1,000/- thereafter.
       BONDS & NCD’s                                                                                                                                                               - Institutional Plan (IP): Rs. 5 crore
                                                                                     ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are                and Rs. 1 lakh thereafter.
       Listed / awaiting listing on the stock exchanges                              calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are
                                                                                                                                                                                 • Options/ Sub Options available:
 13    Citi Financial Consumer Finance              AA+         11,174.67      7.48% for Growth Option. Past performance may or may not be sustained in future and
                                                                                     should not be used as a basis for comparison with other investments.                          • Growth
 14    Citi Financial Consumer Finance FRN          AA+          6,000.00      4.02%                                                                                               • Weekly Dividend
                                                                                                                                                                                     - Reinvest Dividend
 15    Axis Bank FRN                                LAA+         5,201.35      3.48%    Rating Profile                                                                               - Payout Dividend (available

 16    LIC Housing Finance FRN                      AAA          3,979.12      2.66%                                                                                                   only in Inst. Plan)
                                                                                           AAA	                            23.06%    A1+	/	P1+	                    3.60%           • Daily Dividend Reinvest
 17    Shriram Transport Finance Company           AA(ind)       3,310.04      2.22%       AA+	                            21.25%    F1(SO)	                      12.06%
                                                                                                                                                                                 • Entry load: Nil
                                                                                           AA	                              8.68%    LBB-	                         6.68%
 18    HDFC                                         AAA          3,000.00      2.01%                                                                                             • Exit load: Nil
                                                                                           A	                               0.20%    UNRATED	                      0.60%
 19    Shriram Transport Finance Company           AA(ind)       2,444.79      1.64%       A1(SO)	                          6.13%    CASH	&	CASH	EQUIVALENT	      17.74%
 20    Shriram Transport Finance Company           AA(ind)       2,438.08      1.63%                                                                                             NAV AS ON
 21    Sundaram Finance                             AA+          2,419.93      1.62%                                                                                             January 30, 2009
 22    Citi Financial Consumer Finance              AA+          2,365.99      1.58%
                                                                                                                                                                                 Regular Plan
 23    IDBI Bank FRB                                AA+          2,100.00      1.41%                                                                                             Growth - Rs. 1206.1920
 24    National Housing Bank FRN                    AAA          2,093.40      1.40%                                                                                             Weekly Dividend - Rs. 1001.0312
                                                                                                                                                                                 Daily Dividend - Rs. 1000.8000
 25    Shriram Transport Finance Company           AA(ind)       1,999.88      1.34%
                                                                                                                                                                                 Institutional Plan
 26    Citi Financial Consumer Finance              AA+          1,991.97      1.33%
                                                                                                                                                                                 Growth - Rs. 1217.6356
 27    LIC Housing Finance FRN                      AAA          1,950.15      1.31%                                                                                             Weekly Dividend - 1001.0441
                                                                                                                                                                                 Daily Dividend - Rs. 1000.8000
 28    Kotak Mahindra Prime                         LAA          1,792.06      1.20%
 29    Shriram Transport Finance Company           AA(ind)         977.28      0.65%
 30    Sundaram Finance                             LAA+           491.33      0.33%
 31    Tata Motors Finance                            A            295.33      0.20%
       Total                                                    56,025.37     37.51%


                                                                                                                                                                                                        7
                                          DSP BlackRock Short Term Fund
FUND MANAGER
Dhawal Dalal
                                          Portfolio                                                                           Comparative performance
Managing this scheme since over
                                           Sr.                                                    Market value     % to Net                                       COMPOUNDED ANNUALISED RETURN
5 years and 1 month & total work                 Name of Instrument                    Rating
                                           No.                                                    (Rs. In lakhs)   Assets              PERIOD                                                 CRISIL LIQUID
experience of 12 years.                                                                                                                                           DSPBRSTF
                                                                                                                                                                                              FUND INDEX^
                                                                                                                               Last 6 months                        4.49%                         4.86%
                                                 Securitised Assets                                                            Last 1 year                          8.87%                         8.76%
INVESTMENT OBJECTIVE                                                                                                           Last 3 years                         7.45%                         7.43%
An Open Ended income Scheme, seeking             Royal Trust PTC Series A2 - May2004
                                            1                                          AAA(SO)         1,027.82      37.09%    Last 5 years                         6.36%                         6.21%
to generate income commensurate with             - (Citibank N.A.)
prudent risk, from a portfolio                                                                                                 Since Inception                      6.51%                         5.88%
constituted of money market securities,          Corporate Loan Securitisation Trust                                           NAV / Index Value (Jan 30)         Rs. 14.9673                   1,486.23
                                            2                                          A1(SO)            796.81      28.75%
floating rate debt securities and debt           Series 93 A2 (DLF)                                                            Date of allotment                            9th September, 2002
securities.                                      Royal Trust PTC Series A1 - May2004
                                            3                                          AAA(SO)           158.30       5.71%   ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
                                                 - (Citibank N.A.)
                                                                                                                              calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are
ASSET ALLOCATION                                 Total                                                 1,982.93     71.55%    for Growth Option. Past performance may or may not be sustained in future and
50% - 100%.: Money Market                                                                                                     should not be used as a basis for comparison with other investments.
Securities, Floating rate debt
securities** whose coupon(s) are                 CBLO / Reverse Repo Investments                         759.41      27.40%
reset at least once a year, fixed rate
debt securities** having an average              Total                                                   759.41     27.40%    Rating Profile
or residual maturity of less than                                                                                               AAA(SO)	                      42.80%       CASH	&	CASH	EQUIVALENT	      28.45%
or equal to 367 days or having put                                                                                              A1(SO)	                       28.75%
options within a period not exceeding            Cash & Cash Equivalent
367 days.
0% - 50%.: Fixed rate debt                       Net Receivables/Payables                                 28.80       1.05%
securities** having residual or                  Total                                                    28.80      1.05%
average maturity of more than 367
days and floating rate debt security             Grand Total                                           2,771.14    100.00%
where the next reset date is more than
367 days from the date of purchase.       Notes: 1. Modified Duration 0.03 years. 2. Average Maturity 4.34 years. 3. All
*Floating rate debt securities            corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.
will include fixed rate debt              4. Total Expense Ratio (April 01, 2008 to January 31, 2009): 1.05%
securities swapped for floating
rate returns by using derivatives
**Debt securities may include
securitised debts up to 60% of the
net assets



REDEMPTION
PROCEEDS
Normally within 1 Business Day
from the date of Applicable NAV.



FEATURES
• Minimum first purchase: Rs. 5,000
• Minimum additional purchase:
  Rs. 1,000
• Entry load: Nil
• Exit load: Nil
• Options available:
  • Growth
  • Weekly Dividend Reinvest
  • Monthly Dividend
    - Payout Dividend
    - Reinvest Dividend
  • Dividend
    - Payout Dividend
    - Reinvest Dividend



 NAV AS ON
 January 30, 2009
 Growth - Rs. 14.9673
 Weekly Dividend - Rs. 10.1821
 Dividend - Rs. 10.8041
 Monthly Dividend - Rs. 10.6592




            8
DSP BlackRock Bond Fund

Portfolio                                                                               Comparative performance                                                                 FUND MANAGER
                                                                                                                                                                                Dhawal Dalal
                                                                                                                                                                                Managing this scheme since 10
                                                                Market                                                      COMPOUNDED ANNUALISED RETURN
 Sr.                                                                         % to Net                                                                                           years and 1 month & total work
       Name of Instrument                           Rating   value (Rs. In                         PERIOD                                 CRISIL COMPOSITE BOND
 No.                                                                         Assets                                        DSPBRBF                                              experience of 12 years.
                                                                lakhs)                                                                         FUND INDEX^
                                                                                         Last 6 months                      14.15%                 8.77%
       MONEY MARKET INSTRUMENTS                                                          Last 1 year                         12.63%                          7.30%
                                                                                         Last 3 years                        7.80%                           6.37%
       Certificate of Deposit                                                                                                                                                   INVESTMENT OBJECTIVE
                                                                                         Last 5 years                        5.67%                           4.73%              An Open Ended income Scheme,
  1    HSBC Bank                                     F1+           194.87      0.23%
                                                                                         Since Inception                     9.72%                           NA#                seeking to generate an attractive
  2    IDBI Bank                                     P1+            94.99      0.11%                                                                                            return, consistent with prudent risk,
                                                                                         NAV / Index Value (Jan 30)        Rs. 29.7850                      1,504.76
       Total                                                       289.86      0.34%                                                                                            from a portfolio which is substantially
                                                                                         Date of allotment                               29th April, 1997                       constituted of high quality debt
                                                                                        ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns            securities, predominantly of issuers
       CENTRAL GOVERNMENT SECURITIES                                                                                                                                            domiciled in India. As a secondary
                                                                                        are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns
  3    8.24% CGL 2018                                SOV        12,012.00     13.99%                                                                                            objective, the Scheme will seek
                                                                                        are for Growth Option. #Since historical data for the benchmark is not available,       capital appreciation.
  4    07.56% CGL 2014                               SOV        10,234.83     11.92%    performance has not been compared. Past performance may or may not be
  5    07.95% CGL 2032                               SOV         8,152.50      9.50%    sustained in future and should not be used as a basis for comparison with other
  6    6.83% CGL 2039                                SOV         6,272.50      7.31%    investments.
       Total                                                    36,671.83     42.72%                                                                                            ASSET ALLOCATION
                                                                                                                                                                                *Debt & Money market securities :
       Securitised Assets
                                                                                        Rating Profile                                                                          Entire 100%.

  7    India MBS PTC Series 1D (LICHF)             AAA(SO)          94.06      0.11%       AAA	                        63.49%         F1+	/	P1+	               0.34%
                                                                                                                                                                                * Debt securities may include
                                                                                           LAA+	                        0.23%         CASH	&	CASH	EQUIVALENT	 35.94%
       Total                                                        94.06      0.11%                                                                                            securitised debts up to 50% of the
                                                                                                                                                                                net assets

       BONDS & NCD’s
       Listed / awaiting listing on the stock exchanges
  8    Exim Bank                                     AAA         5,101.34      5.94%
                                                                                                                                                                                REDEMPTION
  9    Rural Electrification Corporation             AAA         3,299.68      3.84%
                                                                                                                                                                                PROCEEDS
                                                                                                                                                                                Normally within 3 Business Days
 10    Rural Electrification Corporation             AAA         2,427.14      2.83%                                                                                            from acceptance of redemption
 11    LIC Housing Finance FRN                       AAA           539.70      0.63%                                                                                            request.
 12    Power Grid Corporation of India               AAA           519.00      0.60%
 13    Power Grid Corporation of India               AAA           515.48      0.60%
 14    Power Grid Corporation of India               AAA           514.33      0.60%                                                                                            FEATURES
 15    Power Grid Corporation of India               AAA           513.12      0.60%                                                                                            • Minimum first purchase: Rs. 5,000
 16    Power Grid Corporation of India               AAA           509.52      0.59%                                                                                            • Minimum additional purchase:
                                                                                                                                                                                  Rs. 1,000
 17    HDFC                                          AAA           500.00      0.58%
                                                                                                                                                                                • Options available:
 18    Power Grid Corporation of India               AAA           481.59      0.56%
                                                                                                                                                                                • Growth
 19    Power Grid Corporation of India               AAA           479.66      0.56%                                                                                            • Monthly Dividend
 20    Power Grid Corporation of India               AAA           477.15      0.56%                                                                                              - Payout Dividend
                                                                                                                                                                                  - Reinvest Dividend
 21    Power Grid Corporation of India               AAA           471.00      0.55%
                                                                                                                                                                                • Dividend
 22    Power Grid Corporation of India               AAA           466.65      0.54%                                                                                              - Payout Dividend
 23    Power Grid Corporation of India               AAA           464.78      0.54%                                                                                              - Reinvest Dividend
 24    Power Grid Corporation of India               AAA           461.51      0.54%                                                                                            • Entry load: Nil
 25    Axis Bank FRN                                LAA+           200.05      0.23%                                                                                            • Exit Load : (For Regular &
                                                                                                                                                                                  SIP Investors)
       Total                                                    17,941.70     20.89%                                                                                              - For investments >= Rs 50 lakhs : Nil
                                                                                                                                                                                  - For investments < Rs. 50 Lakh,

       CBLO / Reverse Repo Investments                          25,636.16     29.86%                                                                                                if holding period from Date of
                                                                                                                                                                                    Allotment is: < 12 months - 1%
       Total                                                    25,636.16     29.86%                                                                                                >= 12 months - NIL


       Cash & Cash Equivalent
       Net Receivables/Payables                                  5,221.84      6.08%                                                                                            NAV AS ON
       Total                                                     5,221.84      6.08%                                                                                            January 30, 2009
       Grand Total                                              85,855.45    100.00%                                                                                            Growth - Rs. 29.7850
                                                                                                                                                                                Dividend - Rs. 10.8178
Notes: 1. Modified Duration 4.42 years. 2. Average Maturity 8.18 years. 3. All                                                                                                  Monthly Dividend - Rs. 11.0910
corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.
4. Total Expense Ratio (April 01, 2008 to January 31, 2009): 2.14%




                                                                                                                                                                                                       9
                                              DSP BlackRock Strategic Bond Fund
FUND MANAGER
Dhawal Dalal
                                              Portfolio                                                                           Comparative performance
Managing this scheme since 1                                                                                                                                               COMPOUNDED ANNUALISED RETURN
year and 3 months & total work                                                                              Market
                                               Sr.                                                                     % to Net
experience of 12 years.                               Name of Instrument                         Rating   value (Rs.                                                               CRISIL                  CRISIL
                                               No.                                                                     Assets                                                               DSPBRSBF -
                                                                                                           In lakhs)                       PERIOD               DSPBRSBF        COMPOSITE               COMPOSITE
                                                                                                                                                                                          INSTITUTIONAL
                                                                                                                                                                - REGULAR       BOND FUND               BOND FUND
                                                                                                                                                                                                #
INVESTMENT OBJECTIVE                                                                                                                                                              INDEX^                  INDEX^
An Open ended income Scheme,                          MONEY MARKET INSTRUMENTS
                                                                                                                                   Last 6 months                   5.48%          8.77%             -              -
seeking to generate optimal returns
with high liquidity through active                    Certificate of Deposit                                                       Last 1 year                     6.45%          7.30%             -              -
management of the portfolio by                                                                                                     Since Inception                 7.16%          8.67%         1.74%           6.47%
                                                1     State Bank Of Mysore                        A1+       4,948.97     9.96%
investing in high quality debt and
money market securities.                        2     IDBI Bank                                   A1+       2,483.47     5.00%     NAV / Index Value (Jan 30)   Rs. 1127.2512    1,504.76     1017.3921        1,504.76
                                                                                                                                   Date of allotment                                9th May, 2007
                                                3     HSBC Bank                                   F1+       1,802.59     3.63%
                                                                                                                                  ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
ASSET ALLOCATION                                4     HSBC Bank                                   F1+       1,065.03     2.14%    calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for
Money market securities and/or
debt securities* which have residual                                                                                              Growth Option. #There was no investor for a significant period prior to November
                                                5     Exim Bank                                   AAA         560.59     1.13%
or average maturity of less than                                                                                                  12, 2008. Hence last 6 months and last 1 year returns are not shown and the since
or equal to 367 days or have                    6     IDBI Bank                                   P1+         469.91     0.95%    inception returns are absolute returns. Past performance may or may not be
put options within a period not                                                                                                   sustained in future and should not be used as a basis for comparison with other
exceeding 367 days. : 0% - 100%                 7     Oriental Bank of Commerce                   P1+         376.58     0.76%    investments.
Debt securities* which have residual
or average maturity of more than
367 days : 0% - 100%
                                                8     IDBI Bank                                   P1+          94.99     0.19%
                                                                                                                                  Rating Profile
                                                      Total                                                11,802.13    23.76%
                                                                                                                                     AAA	                              7.95%     A1+	/	P1+	/	F1+	            22.63%
*Debt securities may include
securitised debts upto 75% of the                                                                                                    LAA+	                            10.08%     CASH	&	CASH	EQUIVALENT	     59.34%
net assets                                            BONDS & NCD’s

                                                      Listed / awaiting listing on the stock exchanges
REDEMPTION
PROCEEDS                                        9     Axis Bank FRN                               LAA+      5,004.51    10.08%
Normally within 3 Business Days                 10    National Housing Bank FRN                   AAA       3,389.32     6.82%
from acceptance of redemption
request.                                              Total                                                 8,393.83    16.90%



FEATURES                                              CBLO / Reverse Repo Investments                      27,275.38    54.92%
• Minimum investment and
                                                      Total                                                27,275.38    54.92%
  minimum additional purchase
  - Regular Plan (RP): Rs. 5,000/- and
    Rs. 1,000/- thereafter.
  - Institutional Plan (IP): Rs. 5 crore              Cash & Cash Equivalent
    and Rs. 1 lakh thereafter.
                                                      Net Receivables/Payables                              2,192.62     4.42%
• Options available:
                                                      Total                                                 2,192.62     4.42%
 • Growth
 • Weekly Dividend Reinvest                           Grand Total                                          49,663.96   100.00%
 • Monthly Dividend
   - Payout Dividend (available only
    in Inst. Plan)                            Notes: 1. Modified duration 0.05 years. 2. Average Maturity 0.09 years. 3. All
   - Reinvest Dividend                        corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.
 • Dividend                                   4. Total Expense Ratio (April 01, 2008 to January 31, 2009): IP: 0.57% RP: 1.01%
   - Payout Dividend
   - Reinvest Dividend

 • Entry load: Nil
 • Exit load:
 Regular Plan
   - For investments >= Rs 10 lakhs : Nil
   - For investments < Rs. 10 Lakh,
     if holding period from Date of
     Allotment is: < 6 months - 0.50%
     >= 6 months - NIL
 Institutional Plan:
 - Holding period <= 7 calendar days: 0.10%
 - Holding period > 7 calendar days: Nil

NAV AS ON
January 30, 2009
Regular Plan
Growth - Rs. 1127.2512
Monthly Dividend - Rs. 1016.5105
Dividend - Rs. 1030.0752
Weekly Dividend - Rs. 1003.2516

Institutional Plan
Growth - Rs. 1017.3921
Dividend - Rs. 1010.1979
Monthly Dividend - Rs. 1017.7026
Weekly Dividend - Rs. 1003.2641




           10
DSP BlackRock Government Securities Fund
Portfolio                                                                           Comparative performance                                                                 FUND MANAGER
                                                                                                                                                                            Dhawal Dalal
LONGER DURATION PLAN - PLAN A                                                                                                                                               Managing this scheme since 10
                                                                                                                             COMPOUNDED ANNUALISED RETURN
                                                                                                                                                                            years and 1 month & total work
 Sr.                                                  Market value     % to Net                                                 LONG ICICI                   SHORT ICICI    experience of 12 years.
       Name of Instrument                    Rating
 No.                                                  (Rs. In lakhs)   Assets                                                   SECURITIES                   SECURITIES
                                                                                             PERIOD               DSPBRGF                       DSPBRGF
                                                                                                                                SOVEREIGN                    SOVEREIGN
                                                                                                                  - PLAN A                      - PLAN B
                                                                                                                                BOND FUND                    BOND FUND
       CENTRAL GOVERNMENT SECURITIES                                                                                              INDEX^                       INDEX^       INVESTMENT OBJECTIVE
                                                                                                                                                                            An Open Ended income Scheme,
                                                                                     Last 6 months                  32.42%        29.91%          3.38%        11.63%       seeking to generate income through
  1    07.95% CGL 2032                        SOV         10,326.50      31.84%
                                                                                     Last 1 year                    28.76%        18.28%          6.31%        13.96%       investment in Central Government
  2    8.24% CGL 2018                         SOV           4,576.00     14.11%                                                                                             Securities of various maturities.
                                                                                     Last 3 years                   13.48%        11.48%          6.03%        9.47%
  3    6.83% CGL 2039                         SOV           1,930.00      5.95%      Last 5 years                   9.21%          7.61%          5.38%        7.36%
  4    07.56% CGL 2014                        SOV            148.89       0.46%      Since Inception                13.43%        14.24%          7.06%        8.83%
       Total                                              16,981.39     52.36%       NAV / Index Value (Jan 30)   Rs. 32.4429     6,503.30     Rs. 18.9212    3,539.23      ASSET ALLOCATION
                                                                                     Date of allotment                                30th Sept. 1999                       Central Government Securities,
                                                                                                                                                                            repos / reverse repos in Central
                                                                                    ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
       CBLO / Reverse Repo Investments                    11,209.73      34.57%                                                                                             Government Securities as may be
                                                                                    calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are   permitted by Reserve Bank of India
       Total                                              11,209.73     34.57%      for Growth Option. Past performance may or may not be sustained in future and           : 80% - 100%
                                                                                    should not be used as a basis for comparison with other investments.
                                                                                                                                                                            Call money market or alternative
                                                                                                                                                                            investment for call money market
       Cash & Cash Equivalent
                                                                                                                                                                            as may be provided by the Reserve
       Net Receivables/Payables                             4,237.99     13.07%                                                                                             Bank of India : 0% - 20%

       Total                                               4,237.99     13.07%

       Grand Total                                        32,429.11    100.00%
                                                                                                                                                                            REDEMPTION
SHORTER DURATION PLAN - PLAN B                                                                                                                                              PROCEEDS
                                                                                                                                                                            Normally within 2 Business Days
       Treasury Bill                                                                                                                                                        from acceptance of redemption
                                                                                                                                                                            request
 1     TBILL 91 DAY 2009                      SOV          1,993.61      97.34%

       Total                                               1,993.61      97.34%

                                                                                                                                                                            FEATURES
                                                                                                                                                                            • Minimum first purchase: Rs. 5,000
       CBLO / Reverse Repo Investments                        45.23       2.21%                                                                                             • Minimum additional purchase:
       Total                                                  45.23       2.21%                                                                                               Rs. 1,000
                                                                                                                                                                            Options available: (for both plans)
                                                                                                                                                                            • Growth
       Cash & Cash Equivalent                                                                                                                                               • Dividend
                                                                                                                                                                              - Payout Dividend
       Net Receivables/Payables                                 9.16      0.45%                                                                                               - Reinvest Dividend
                                                                                                                                                                            • Monthly Dividend
       Total                                                   9.16       0.45%
                                                                                                                                                                              - Payout Dividend
       Grand Total                                         2,048.00     100.00%                                                                                               - Reinvest Dividend
                                                                                                                                                                            • Entry load: Nil (for both plans)
Notes: Plan A: 1. Modified Duration 5.08 years. 2. Average Maturity 11.05 years.
Plan B: 1. Modified Duration 0.07 years. 2. Average Maturity 0.07 years. 3. Total                                                                                           • Exit Load : Nil (for Plan B)
Expense Ratio (April 01, 2008 to January 31, 2009): 0.85%.                                                                                                                    For Plan A
                                                                                                                                                                              - For investments >= Rs 50 lakhs : Nil
                                                                                                                                                                              - For investments < Rs. 50 Lakh,
                                                                                                                                                                                if holding period from Date of
                                                                                                                                                                                Allotment is: < 6 months - 1%
                                                                                                                                                                                >= 6 months - NIL




                                                                                                                                                                            NAV AS ON
                                                                                                                                                                            January 30, 2009
                                                                                                                                                                            Plan A
                                                                                                                                                                            Growth - Rs. 32.4429
                                                                                                                                                                            Dividend - Rs. 11.9025
                                                                                                                                                                            Monthly Dividend - Rs. 11.1187

                                                                                                                                                                            Plan B
                                                                                                                                                                            Growth - Rs. 18.9212
                                                                                                                                                                            Dividend - Rs. 11.1426
                                                                                                                                                                            Monthly Dividend - Rs. 10.0963




                                                                                                                                                                                                  11
                                           DSP BlackRock Savings Plus Fund
FUND MANAGER                               Portfolio - Conservative                                                                   Portfolio - Aggressive
Dhawal Dalal
Managing this scheme since 2
years and 3 months & total work             Sr.                                                           Market value     % to Net   Sr.                                                              Market value     % to Net
experience of 12 years.                           Name of Instrument               Industry                                                  Name of Instrument             Industry
                                            No.                                                           (Rs. In lakhs)   Assets     No.                                                              (Rs. In lakhs)   Assets
& Apoorva Shah
Managing Aggressive & Conservative                EQUITY & EQUITY RELATED                                                                    EQUITY & EQUITY RELATED
since 4 years and 3 months & total                 Listed / awaiting listing on the stock exchanges                                           Listed / awaiting listing on the stock exchanges
work experience of 21 years.                                                                                                                 GlaxoSmithKline
                                                  GlaxoSmithKline                                                                      1                                      Pharmaceuticals                 176.61       2.71%
                                             1                                       Pharmaceuticals               3.37      1.06%           Pharmaceuticals
                                                  Pharmaceuticals
INVESTMENT OBJECTIVE                         2    Indian Oil Corporation             Petroleum Products            2.73      0.86%
                                                                                                                                       2     Indian Oil Corporation           Petroleum Products              156.02       2.40%
An Open ended income Scheme,                                                                                                           3     NTPC                             Power                           133.78       2.06%
seeking to generate an attractive            3    Reliance Industries                Petroleum Products            2.28      0.72%                                            Consumer Non
return, consistent with prudent risk,        4    NTPC                               Power                         2.26      0.71%     4     Nestle India                                                     121.58       1.87%
                                                                                                                                                                              Durables
from a portfolio which is substantially                                              Consumer Non                                     5      Reliance Industries              Petroleum Products              106.06       1.63%
constituted of quality debt securities.      5    Nestle India                                                     1.95      0.62%
                                                                                     Durables                                         6      HDFC Bank                        Banks                           102.61       1.58%
The Scheme will also seek to generate
capital appreciation by investing a          6    HDFC Bank                          Banks                         1.85      0.58%    7      HCL Technologies                 Software                         71.13       1.09%
smaller portion of its corpus in equity      7    Cipla                              Pharmaceuticals               1.17      0.37%    8      Hindustan Zinc                   Non - Ferrous Metals             63.40       0.97%
and equity related securities of the         8    HCL Technologies                   Software                      1.15      0.36%    9      Cipla                            Pharmaceuticals                  57.57       0.88%
100 largest corporates, by market                                                                                                     10     Larsen & Toubro                  Diversified                      52.69       0.81%
capitalization, listed in India.                                                     Non - Ferrous
                                             9    Hindustan Zinc                                                   1.02      0.32%                                            Consumer Non
                                                                                     Metals                                           11     Asian Paints                                                      47.30       0.73%
                                            10    Larsen & Toubro                    Diversified                   0.85      0.27%                                            Durables
ASSET ALLOCATION                                                                     Consumer Non                                     12     United Spirits
                                                                                                                                                                              Consumer Non
                                                                                                                                                                                                               47.06       0.72%
Conservative:                               11    Asian Paints                                                     0.77      0.24%                                            Durables
                                                                                     Durables
*Debt and Money Market Securities                                                                                                     13     State Bank of India              Banks                            46.11       0.71%
90% - 100%                                                                           Consumer Non                                            Power Grid Corporation
                                            12    United Spirits                                                   0.75      0.24%    14                                      Power                            44.17       0.68%
Equity and Equity Related Securities                                                 Durables                                                of India
0% - 10%                                          Power Grid Corporation of
                                            13                                       Power                         0.74      0.23%    15     Neyveli Lignite Corporation Power                                 38.84       0.60%
Aggressive:                                       India                                                                                                                       Industrial Capital
*Debt and Money Market Securities           14    State Bank of India                Banks                         0.74      0.23%    16     Crompton Greaves                                                  38.71       0.59%
                                                                                                                                                                              Goods
70% - 100%                                  15    Dr. Reddy’s Laboratories           Pharmaceuticals               0.67      0.21%    17     Dr. Reddy’s Laboratories         Pharmaceuticals                  37.74       0.58%
Equity and Equity Related Securities
0% - 30%                                    16    Neyveli Lignite Corporation        Power                         0.67      0.21%           Hindustan Petroleum
                                                                                                                                      18                                      Petroleum Products               36.08       0.55%
                                                                                     Industrial Capital                                      Corporation
*Debt securities may include                17    Crompton Greaves                                                 0.62      0.20%    19     GAIL (India)                     Gas                              29.22      0.45%
                                                                                     Goods
securitised debts upto 50% of the                                                                                                     20     ICICI Bank                       Banks                            20.08      0.31%
net assets                                        Hindustan Petroleum
                                            18                                       Petroleum Products            0.59      0.19%           Total                                                          1,426.76     21.92%
                                                  Corporation
                                            19    GAIL (India)                       Gas                           0.53      0.17%
REDEMPTION PROCEEDS                         20    ICICI Bank                         Banks                         0.32      0.10%           DERIVATIVES
Normally within 2 Business Days                                                                                                       21     DLF Feb 2009                   Construction                       54.65      0.84%
                                                  Total                                                           25.03      7.89%
from acceptance of redemption                                                                                                                Total                                                             54.65      0.84%
request                                           DERIVATIVES                                                                                BONDS & NCD’s
                                            21    DLF Feb 2009                    Construction                     0.70      0.22%            Listed / awaiting listing on the stock exchanges
FEATURES                                          Total                                                            0.70      0.22%    22     HDFC                             AAA                           1,500.00     23.05%
• Minimum first purchase:                                                                                                             23     IDBI Bank FRB                    AA+                           1,500.00     23.05%
  Rs. 5,000                                       BONDS & NCD’s                                                                       24     LIC Housing Finance FRN          AAA                             934.66     14.36%
• Minimum additional purchase:                                                                                                               Total                                                          3,934.66     60.46%
                                                  Listed / awaiting listing on the stock exchanges
  Rs. 1,000
                                            22    LIC Housing Finance FRN           AAA                          103.85     32.75%
• Options available: (in both schemes)                                                                                                       Fixed Deposit
                                            23    Axis Bank FRN                     LAA+                         100.03     31.55%
• Growth                                                                                                                              25     Bank of Baroda                 Unrated                          500.00       7.68%
                                                  Total                                                          203.88     64.30%
• Monthly Income Payment* (MIP)                                                                                                              Total                                                           500.00       7.68%
  - Payout Dividend - Reinvest Dividend
                                                  CBLO / Reverse Repo Investments                                 24.52      7.73%           CBLO / Reverse Repo Investments                                 214.81       3.30%
• Quarterly Income Payment (QIP)
  - Payout Dividend - Reinvest Dividend           Total                                                           24.52      7.73%           Total                                                           214.81       3.30%
• Entry load: Nil                                                                                                                            Cash & Cash Equivalent
                                                  Cash & Cash Equivalent
• Exit Load : Aggressive                          Net Receivables/Payables                                        62.93     19.86%           Net Receivables/Payables                                         376.63      5.80%
  (For Regular and SIP Investors)                                                                                                            Total                                                            376.63      5.80%
  For investments >= Rs 5 crore: Nil              Total                                                           62.93     19.86%
  For investments < Rs. 5.0 crore:                Grand Total                                                    317.06    100.00%           Grand Total                                                    6,507.51    100.00%
  Holding Period < 12 months: 1%
  Holding Period >= 12 months: Nil        Notes: 1. Modified Duration (Debt Securities) 0.04 years 2. Average Maturity 0.19 years Notes: 1. Modified Duration (Debt Securities) 0.06 years 2. Average Maturity 0.18 years
                                          3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA,
• Exit Load : Conservative                FITCH.                                                                                  FITCH 4. Total Expense Ratio (April 01, 2008 to January 31, 2009): 2.25%
  (For Regular and SIP Investors)
  For investments >= Rs 50 lakhs : Nil
  For investments < Rs. 50 Lakh,
  if holding period from Date of
  Allotment is: < 12 months - 1%
                                                                                                     Comparative performance
  >= 12 months - NIL                                                                                                         COMPOUNDED ANNUALISED RETURN
                                                            PERIOD
                                                                                        DSPBRSPF - CONSERVATIVE                             DSPBRSPF - AGGRESSIVE                   CRISIL MIP BLENDED INDEX^
NAV AS ON                                          Last 6 months                                     1.66%                                          0.25%                                        (1.24)%
January 30, 2009                                   Last 1 year                                       3.28%                                          1.69%                                        (4.18)%
Conservative:                                      Last 3 years                                      5.14%                                          7.41%                                         4.96%
Growth - Rs. 13.0226
MIP - Rs. 10.4677                                  Since Inception                                   5.86%                                          9.44%                                         6.25%
QIP - Rs. 10.6821                                  NAV / Index Value (Jan 30)                    Rs. 13.0226                                     Rs. 15.2012                                     1,638.32
Aggressive:                                        Date of allotment                                                                   11th June, 2004
Growth - Rs. 15.2012
MIP - Rs. 10.5102                                 ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are calculated on Rs. 10/- invested at inception, viz. date of allotment. All
QIP - Rs. 11.0500                                 returns are for Growth Option. Performance of MIP/QIP Option will be net of Dividend Distribution Tax. Past performance may or may not be sustained
                                                  in future and should not be used as a basis for comparison with other investments. *Monthly income is not assured and is subject to availability of
                                                  distributable surplus.




           12
DSP BlackRock Savings Plus Fund
Portfolio - Moderate                                                                     Comparative performance                                                         FUND MANAGER
                                                                                                                                                                         Dhawal Dalal
                                                                                                                          COMPOUNDED ANNUALISED RETURN                   Managing this scheme since 2
 Sr.                                                         Market value     % to Net           PERIOD                                         CRISIL MIP               years and 3 months & total work
        Name of Instrument               Industry                                                                     DSPBRSPF - MODERATE
 No.                                                         (Rs. In lakhs)   Assets                                                         BLENDED INDEX^              experience of 12 years.
                                                                                          Last 6 months                      1.11%               (1.24)%
                                                                                                                                                                         & Apoorva Shah
       EQUITY & EQUITY RELATED                                                            Last 1 year                       2.40%                      (4.18)%           Managing Moderate since 5 years and
        Listed / awaiting listing on the stock exchanges                                  Last 3 years                      6.41%                       4.96%            3 months & total work experience of
       GlaxoSmithKline                                                                    Last 5 years                      7.39%                       5.53%            21 years.
  1                                     Pharmaceuticals             117.01      1.80%
       Pharmaceuticals                                                                    Since Inception                   9.00%                       7.58%
  2    Indian Oil Corporation           Petroleum Products          109.69      1.69%    NAV / Index Value (Jan 30)       Rs. 16.6255                  1,638.32
  3    NTPC                             Power                        88.44      1.36%     Date of allotment                         10th March, 2003
                                                                                                                                                                         INVESTMENT OBJECTIVE
                                                                                                                                                                         An Open ended income Scheme,
  4    Reliance Industries              Petroleum Products           70.35      1.08%    ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns    seeking to generate an attractive
  5    HDFC Bank                        Banks                        66.87      1.03%    are calculated on Rs. 10/- invested at inception, viz. date of allotment. All   return, consistent with prudent risk,
                                                                                         returns are for Growth Option. Past performance may or may not be sustained     from a portfolio which is substantially
                                        Consumer Non
  6    Nestle India                                                  61.40      0.95%    in future and should not be used as a basis for comparison with other           constituted of quality debt securities.
                                        Durables
                                                                                         investments. *Monthly income is not assured and is subject to availability of   The Scheme will also seek to generate
  7    HCL Technologies                 Software                     47.38      0.73%    distributable surplus.                                                          capital appreciation by investing a
                                        Non - Ferrous                                                                                                                    smaller portion of its corpus in equity
  8    Hindustan Zinc                                                42.11      0.65%

  9    Larsen & Toubro
                                        Metals
                                        Diversified                  34.92      0.54%
                                                                                         Sectoral Allocation                                                             and equity related securities of the
                                                                                                                                                                         100 largest corporates, by market
                                                                                                                                                                         capitalization, listed in India.
  10   Cipla                            Pharmaceuticals              34.55      0.53%     Conservative
                                        Consumer Non
  11   Asian Paints                                                  31.51      0.49%
                                        Durables                                            PETROLEUM	PRODUCTS	          1.77%   DIVERSIFIED	              0.27%         ASSET ALLOCATION
                                        Consumer Non                                        PHARMACEUTICALS	             1.64%   INDUSTRIAL	CAPITAL	GOODS	 0.20%         *Debt and Money Market Securities
  12   United Spirits                                                31.20      0.48%       POWER	                       1.15%   GAS	                      0.17%
                                        Durables                                                                                                                         80% - 100%
                                                                                            CONSUMER	NON	DURABLES	       1.10%   DERIVATIVES	              0.22%         Equity and Equity Related Securities
  13   State Bank of India              Banks                        30.58      0.47%       BANKS	                       0.91%   DEBT	INSTRUMENTS	        64.30%         0% - 20%
       Power Grid Corporation of                                                            SOFTWARE	                    0.36%   CASH	AND	CASH		
  14                                    Power                        30.58      0.47%
       India                                                                                NON	-	FERROUS	METALS	        0.32%   EQUIVALENT	              27.59%         *Debt securities may include
                                                                                                                                                                         securitised debts upto 50% of the
                                        Industrial Capital                                                                                                               net assets
  15   Crompton Greaves                                              25.66      0.40%
                                        Goods
  16   Dr. Reddy’s Laboratories         Pharmaceuticals              25.59      0.39%     Aggressive
  17   Neyveli Lignite Corporation      Power                        25.44      0.39%                                                                                    REDEMPTION PROCEEDS
                                                                                            PETROLEUM	PRODUCTS	          4.58%   DIVERSIFIED	              0.81%         Normally within 2 Business Days
       Hindustan Petroleum
  18                                    Petroleum Products           23.97      0.37%       PHARMACEUTICALS	             4.17%   INDUSTRIAL	CAPITAL	GOODS	 0.59%         from acceptance of redemption
       Corporation
                                                                                            POWER	                       3.34%   GAS	                      0.45%         request
  19   GAIL (India)                     Gas                          23.85      0.37%       CONSUMER	NON	DURABLES	       3.32%   DERIVATIVES	              0.84%
  20   ICICI Bank                       Banks                        13.30      0.20%       BANKS	                       2.60%   DEBT	INSTRUMENTS	        68.14%
       Total                                                        934.40     14.39%       SOFTWARE	                    1.09%   CASH	AND	CASH	EQUIVALENT	 9.10%
                                                                                            NON	-	FERROUS	METALS	        0.97%                                           FEATURES
                                                                                                                                                                         • Minimum first purchase:
       DERIVATIVES                                                                                                                                                         Rs. 5,000
  21   DLF Feb 2009                     Construction                 36.43      0.56%                                                                                    • Minimum additional purchase:
                                                                                          Moderate                                                                         Rs. 1,000
       Total                                                         36.43      0.56%                                                                                    • Options available:
                                                                                            PETROLEUM	PRODUCTS	          3.14%   DIVERSIFIED	              0.54%
                                                                                            PHARMACEUTICALS	             2.72%   INDUSTRIAL	CAPITAL	GOODS	 0.40%         • Growth
       BONDS & NCD’s                                                                        POWER	                       2.22%   GAS	                      0.37%         • MIP*
                                                                                                                                                                           - Payout Dividend - Reinvest Dividend
        Listed / awaiting listing on the stock exchanges                                    CONSUMER	NON	DURABLES	       1.92%   DERIVATIVES	              0.56%
                                                                                            BANKS	                       1.70%   DEBT	INSTRUMENTS	        74.19%         • QIP
  22   HDFC                             AAA                        2,200.00    33.88%                                                                                      - Payout Dividend - Reinvest Dividend
                                                                                            SOFTWARE	                    0.73%   CASH	AND	CASH	
  23   LIC Housing Finance FRN          AAA                        1,079.41    16.62%       NON	-	FERROUS	METALS	        0.65%   EQUIVALENT	              10.86%         • Entry load: Nil
  24   LIC Housing Finance FRN          AAA                        1,038.51    15.99%                                                                                    • Exit Load : Moderate
       Total                                                      4,317.92     66.49%                                                                                      (For Regular and SIP Investors)
                                                                                                                                                                           For investments >= Rs 5 crore: Nil
                                                                                                                                                                           For investments < Rs. 5.0 crore:
                                                                                                                                                                         Holding Period < 12 months: 1%
       Fixed Deposit                                                                                                                                                     Holding Period >= 12 months: Nil
  25   Bank of Baroda                   Unrated                     500.00      7.70%
       Total                                                        500.00      7.70%

                                                                                                                                                                         NAV AS ON
       CBLO / Reverse Repo Investments                              579.62      8.93%
                                                                                                                                                                         January 30, 2009
       Total                                                        579.62      8.93%
                                                                                                                                                                         Moderate:
                                                                                                                                                                         Growth - Rs. 16.6255
       Cash & Cash Equivalent                                                                                                                                            MIP - Rs. 11.1050
                                                                                                                                                                         QIP - Rs. 11.5267
       Net Receivables/Payables                                     125.15      1.93%
       Total                                                        125.15      1.93%
       Grand Total                                                6,493.52    100.00%
Notes: 1. Modified Duration (Debt Securities) 0.07 years 2. Average Maturity 0.85
years 3. All corporate ratings are assigned by rating agencies like CRISIL, CARE,
ICRA, FITCH. 4. Total Expense Ratio (April 01, 2008 to January 31, 2009): 2.18%




                                                                                                                                                                                              13
                                         DSP BlackRock Balanced Fund
FUND MANAGER
Apoorva Shah
                                         Portfolio
Managing this scheme since 2             Sr.                                                                 Market value     % to Net           PREFERENCE SHARES
years and 3 months & total work                Name of Instrument                  Industry
                                         No.                                                                 (Rs. In lakhs)   Assets             Listed / awaiting listing on the stock exchanges
experience of 21 years.                                                                                                                    76    Tata Steel                        Ferrous Metals                   9.69      0.02%
                                               EQUITY & EQUITY RELATED                                                                           Total                                                              9.69      0.02%
                                                Listed / awaiting listing on the stock exchanges
                                          1    Hindustan Unilever                 Diversified                     2,251.91      5.39%            DERIVATIVES
                                           2   Bharti Airtel                      Telecom - Services              1,684.50      4.03%      77    DLF Feb 2009                        Construction                  84.07        0.20%
INVESTMENT OBJECTIVE                       3   GlaxoSmithKline Pharmaceuticals Pharmaceuticals                    1,452.53      3.48%      78    NIFTY Index Call Option Feb 2009    Index Option                (10.41)      (0.02)%
An Open Ended balanced Scheme,             4   Reliance Industries                Petroleum Products              1,213.11      2.90%            Infosys Technologies Call
                                                                                                                                           79                                        Software                    (12.54)      (0.03)%
seeking to generate long term capital      5   Indian Oil Corporation             Petroleum Products              1,177.15      2.82%            Option Feb 2009
appreciation and current income            6   Nestle India                       Consumer Non Durables           1,056.67      2.53%      80    Punj Lloyd Feb 2009                 Construction               (213.26)      (0.51)%
                                           7   Cairn India                        Oil                               990.66      2.37%            Sun Pharmaceuticals
from a portfolio constituted of equity                                                                                                     81                                        Pharmaceuticals            (252.36)      (0.60)%
                                           8   Infosys Technologies               Software                          984.60      2.36%            Industries Feb 2009
and equity related securities as well      9   Reliance Natural Resources Gas                                       976.96      2.34%      82    Reliance Communications Feb 2009    Telecom - Services         (561.60)      (1.34)%
as fixed income securities (debt and      10   State Bank of India                Banks                             929.48      2.22%            Reliance Natural Resources
money market securities).                 11   Bharat Petroleum Corpn.            Petroleum Products                916.39      2.19%      83                                        Gas                        (980.76)      (2.35)%
                                                                                                                                                 Feb 2009
                                          12   NTPC                               Power                             892.36      2.14%      84    Bharti Airtel Feb 2009              Telecom - Services        (1,235.32)     (2.96)%
                                          13   Bharat Electronics                 Industrial Capital Goods          861.84      2.06%            Total                                                        (3,182.18)     (7.61)%
                                          14   Hindustan Petroleum Corporation Petroleum Products                   740.63      1.77%
                                          15   Reliance Communications            Telecom - Services                559.46      1.34%            CENTRAL GOVERNMENT SECURITIES
ASSET ALLOCATION                          16
                                               GlaxoSmithKline Consumer           Consumer Non
                                                                                                                    538.00      1.29%      85    07.56% CGL 2014        SOV                                      538.67       1.29%
Equity & equity related securities :           Healthcare                         Durables                                                       Total                                                           538.67       1.29%
                                          17   HDFC                               Finance                           535.68      1.28%
65% - 75%.
                                          18   Hindustan Zinc                     Non - Ferrous Metals              530.63      1.27%            BONDS & NCD’s
                                          19   Britannia Industries               Consumer Non Durables             471.40      1.13%             Listed / awaiting listing on the stock exchanges
Fixed income securities (Debt             20   Dr. Reddy’s Laboratories           Pharmaceuticals                   457.75      1.10%
securities, Securitised debt &                                                                                                             86    LIC Housing Finance FRN            AAA                        2,698.52       6.46%
                                          21   ICICI Bank                         Banks                             422.43      1.01%      87    IDBI Bank FRB                      AA+                        2,000.00       4.79%
Money market securities): 25%             22   Cipla                              Pharmaceuticals                   421.20      1.01%      88    HDFC                               AAA                        1,000.00       2.39%
- 35%.                                    23   Power Grid Corporation of India    Power                             416.82      1.00%      89    LIC Housing Finance FRN            AAA                          519.26       1.24%
                                          24   HDFC Bank                          Banks                             404.87      0.97%            Total                                                         6,217.78      14.88%
                                          25   Maruti Suzuki India                Auto                              384.72      0.92%
                                          26   Chambal Fertilizers & Chemicals    Fertilisers                       365.06      0.87%
                                                                                                                                                 Fixed Deposit
                                          27   Balrampur Chini Mills              Consumer Non Durables             359.51      0.86%
                                                                                                                                           90    Axis Bank                           Unrated                   1,000.00       2.39%
                                          28   Madras Cements                     Cement                            346.72      0.83%
REDEMPTION                                29   Cadila Healthcare                  Pharmaceuticals                   343.98      0.82%
                                                                                                                                           91    Bank of Baroda
                                                                                                                                                 Total
                                                                                                                                                                                     Unrated                     500.00
                                                                                                                                                                                                               1,500.00
                                                                                                                                                                                                                              1.20%
                                                                                                                                                                                                                              3.59%
PROCEEDS                                  30   Fortis Healthcare                  Healthcare Services               337.95      0.81%
                                          31   EID Parry India                    Consumer Non Durables             337.20      0.81%
Normally within 3 Business Days                                                                                                                  CBLO / Reverse Repo Investments                               2,465.05       5.90%
                                          32   Asian Paints                       Consumer Non Durables             335.06      0.80%
from acceptance of redemption             33   Larsen & Toubro                    Diversified                       322.63      0.77%            Total                                                         2,465.05       5.90%
request                                   34   Trent                              Retailing                         305.28      0.73%
                                          35   Torrent Pharmaceuticals            Pharmaceuticals                   299.53      0.72%            Cash & Cash Equivalent
                                                                                  Telecom - Equipment &                                          Net Receivables/Payables                                      3,010.11       7.17%
                                          36   HCL Infosystems                                                      299.08      0.72%            Total                                                         3,010.11       7.17%
                                                                                  Accessories
                                                                                                                                                 Grand Total                                                  41,793.37     100.00%
                                          37   Tata Motors                        Auto                              288.55      0.69%
                                          38   Bayer Cropscience                  Pesticides                        253.94      0.61%    Notes: 1. Modified Duration 0.08 years 2. Average Maturity 0.34 years. 3. *Total
FEATURES                                  39   Praj Industries                    Industrial Capital Goods          251.82      0.60%    Exposure to illiquid securities is 0.00% of the portfolio, i.e. Rs. 0.00 lakh 4. All
• Minimum first purchase: Rs. 5,000       40   Sun Pharmaceuticals Industries     Pharmaceuticals                   251.42      0.60%    corporate ratings are assigned by rating agencies like CRISIL, CARE, ICRA, FITCH.
• Minimum additional purchase:            41   PTC India                          Power                             239.12      0.57%    5. Portfolio Turnover Ratio (February 2008 to January 2009): 4.76 times
  Rs. 1,000                               42   GAIL (India)                       Gas                               239.06      0.57%
                                          43   United Spirits                     Consumer Non Durables             231.72      0.55%
• Options available:
  • Growth
                                          44   HT Media                           Media & Entertainment             225.01      0.54%    Comparative performance
                                          45   KEC International                  Power                             219.57      0.53%
  • Dividend                              46   MphasiS                            Software                          215.77      0.52%                                               COMPOUNDED ANNUALISED RETURN
  - Payout Dividend
                                          47   STFC                               Finance                           215.26      0.52%             PERIOD
  - Reinvest Dividend                                                                                                                                                        DSPBRBalF                CRISIL BALANCED FUND INDEX^
                                          48   Punj Lloyd                         Construction                      212.36      0.51%
                                          49   Eicher Motors                      Auto                              204.98      0.49%    Last 6 months                        (21.61)%                           (21.00)%
• Entry load: (For Regular and            50   Biocon                             Pharmaceuticals                   200.69      0.48%    Last 1 year                          (29.13)%                           (28.25)%
  SIP Investors) Nil                      51   IBN18 Broadcast                    Media & Entertainment             190.41      0.46%    Last 3 years                           5.23%                             2.09%
                                          52   UTV Software Communications        Media & Entertainment             180.12      0.43%    Last 5 years                          14.72%                             8.48%
• Exit load: (For Regular and             53   Neyveli Lignite Corporation        Power                             177.29      0.42%    Since Inception                       13.98%                              NA#
  SIP Investors)                          54   Tata Power Co.                     Power                             176.25      0.42%
                                          55   Gruh Finance                       Finance                           164.86      0.39%    NAV / Index Value (Jan 30)          Rs. 35.536                          2,143.94
Holding period < 6 months: 1%                                                                                                            Date of allotment                                      27th May, 1999
                                          56   ING Vysya Bank                     Banks                             163.66      0.39%
Holding Period >= 6 months                57   Jagran Prakashan                   Media & Entertainment             162.98      0.39%    ^Benchmark. Returns <1 year are absolute returns. “Since inception” returns
but < 12 months: 0.50%                    58   Axis Bank                          Banks                             158.50      0.38%    are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns
Holding Period >= 12 months: Nil          59   Zuari Industries                   Fertilisers                       155.50      0.37%    are for Growth Option. #Since historical data for the benchmark is not available,
                                          60   Tata Consultancy Services          Software                          154.70      0.37%    performance has not been compared. Past performance may or may not be
                                          61   Ballarpur Industries               Paper                             147.00      0.35%    sustained in future and should not be used as a basis for comparison with other
                                          62   ISMT                               Ferrous Metals                    144.27      0.35%    investments.
                                          63   Jaiprakash Associates              Construction                      141.59      0.34%
NAV AS ON                                 64
                                          65
                                               Allied Digital Services
                                               B. L. Kashyap and Sons
                                                                                  Hardware
                                                                                  Construction
                                                                                                                    135.16
                                                                                                                    122.82
                                                                                                                                0.32%
                                                                                                                                0.29%
                                                                                                                                         Sectoral Allocation
January 30, 2009                          66   Bajaj Auto Finance                 Finance                           110.42      0.26%      PETROLEUM	PRODUCTS	                      9.68%   FERTILISERS	                     1.24%
                                          67   Tata Steel                         Ferrous Metals                    107.94      0.26%      PHARMACEUTICALS	                         8.21%   CONSTRUCTION	                    1.14%
                                          68   Atlas Copco India                  Industrial Capital Goods          100.12      0.24%      CONSUMER	NON	DURABLES	                   8.10%   CEMENT	                          0.83%
Growth - Rs. 35.536                                                                                                                        DIVERSIFIED	                             6.23%   HEALTHCARE	SERVICES	             0.81%
                                          69   PVR                                Media & Entertainment              82.79      0.20%
Dividend - Rs. 14.599                     70   Tata Communications                Telecom - Services                 82.49      0.20%      TELECOM	-	SERVICES	                      5.57%   RETAILING	                       0.73%
                                          71   Sterlite Industries ( India )      Non - Ferrous Metals               75.21      0.18%      POWER	                                   5.08%   TELECOM	-	EQUIPMENT	&		
                                          72   Tata Coffee                        Consumer Non Durables              54.43      0.13%      BANKS	                                   4.97%   ACCESSORIES	                      0.72%
                                          73   Gujarat Fluorochemicals            Gas                                45.15      0.11%      SOFTWARE	                                3.25%   FERROUS	METALS	                   0.63%
                                          74   Zydus Wellness                     Diversified                        27.57      0.07%      GAS	                                     3.02%   PESTICIDES	                       0.61%
                                               Total                                                             31,234.25     74.76%      INDUSTRIAL	CAPITAL	GOODS	                2.90%   PAPER	                            0.35%
                                                                                                                                           FINANCE	                                 2.45%   HARDWARE	                         0.32%
                                                                                                                                           OIL	                                     2.37%   DERIVATIVES	                    (7.61)%
                                               Unlisted                                                                                    AUTO	                                    2.10%   DEBT	                           19.76%
                                          75   SIP Technologies & Export *        Software                                -     0.00%      MEDIA	&	ENTERTAINMENT	                   2.02%   CASH	&	CASH	EQUIVALENT	         13.07%
                                               Total                                                                      -     0.00%      NON	-	FERROUS	METALS	                    1.45%



           14
DSP BlackRock Equity Fund
Portfolio                                                                                                                                                                            FUND MANAGER
 Sr.                                                               Market value % to Net           Unlisted                                                                          Apoorva Shah
       Name of Instrument                Industry                                                                                                                                    Managing this scheme since 2
 No.                                                               (Rs. In lakhs) Assets     71    Magnasound (India) *               Media & Entertainment        -      0.00%      years and 3 months & total work
                                                                                             72    SIP Technologies & Export *        Software                     -      0.00%      experience of 21 years.
       EQUITY & EQUITY RELATED                                                                     Total                                                           -      0.00%
        Listed / awaiting listing on the stock exchanges
  1    Hindustan Unilever               Diversified                    6,207.33    7.22%           PREFERENCE SHARES
  2    GlaxoSmithKline Pharmaceuticals Pharmaceuticals                 4,283.32    4.98%           Listed / awaiting listing on the stock exchanges
                                                                                                                                                                                     INVESTMENT OBJECTIVE
                                                                                                                                                                                     An Open Ended growth Scheme,
  3    Reliance Industries              Petroleum Products             3,353.59    3.90%     73    Tata Steel                       Ferrous Metals             30.81      0.04%
                                                                                                                                                                                     seeking to generate long term
  4    Indian Oil Corporation           Petroleum Products             3,200.97    3.72%           Total                                                       30.81      0.04%      capital appreciation, from a portfolio
  5    Nestle India                     Consumer Non Durables          2,956.36    3.44%
                                                                                                                                                                                     that is substantially constituted of
  6    Cairn India                      Oil                            2,745.61    3.19%           DERIVATIVES                                                                       equity securities and equity related
  7    Infosys Technologies             Software                       2,742.14    3.19%     74    DLF Feb 2009                       Construction            236.10       0.27%     securities of issuers domiciled in
  8    State Bank of India              Banks                          2,563.06    2.98%     75    NIFTY Index Call Option Feb 2009   Index Option            (27.76)    (0.03)%     India.
  9    NTPC                             Power                          2,513.66    2.92%           Infosys Technologies Call
 10    Bharat Petroleum Corpn.          Petroleum Products             2,467.48    2.87%     76                                       Software                (34.82)    (0.04)%
                                                                                                   Option Feb 2009
 11    Bharat Electronics               Industrial Capital Goods       2,391.42    2.78%           Total                                                      173.52      0.20%      ASSET ALLOCATION
 12    Hindustan Petroleum Corporation Petroleum Products              1,964.07    2.28%                                                                                             Equity & Equity related securities:
       GlaxoSmithKline Consumer Consumer Non                                                       BONDS & NCD’s                                                                     90% to 100% & Debt* & Money
 13                                                                    1,492.66    1.74%
       Healthcare                       Durables                                                    Listed / awaiting listing on the stock exchanges                                 market securities: 0% to 10%.
 14    Hindustan Zinc                   Non - Ferrous Metals           1,442.31    1.68%   77      IDBI Bank FRB                    AA+                       400.00       0.47%
 15    HDFC                             Finance                        1,436.44    1.67%           Total                                                      400.00       0.47%     * Debt securities/instruments are
 16    Britannia Industries             Consumer Non Durables          1,307.57    1.52%                                                                                             deemed to include securitised debts
 17    Bharti Airtel                    Telecom - Services             1,286.91    1.50%         Fixed Deposit
 18    Dr. Reddy’s Laboratories         Pharmaceuticals                1,274.01    1.48%   78 Bank of Baroda                    Unrated                     2,000.00       2.33%
 19    Cipla                            Pharmaceuticals                1,181.74    1.37%   79 Bank of Baroda                    Unrated                     1,000.00       1.16%
 20    ICICI Bank                       Banks                          1,167.74    1.36%   80 Axis Bank                         Unrated                     1,000.00       1.16%
                                                                                                                                                                                     REDEMPTION
 21    HDFC Bank                        Banks                          1,124.62    1.31%         Total                                                     4,000.00        4.65%     PROCEEDS
 22    Maruti Suzuki India              Auto                           1,113.95    1.30%                                                                                             Normally within 3 Business Days
 23    Balrampur Chini Mills            Consumer Non Durables          1,018.44    1.18%         CBLO / Reverse Repo Investments                              799.81       0.93%     from acceptance of redemption
 24    Chambal Fertilizers & Chemicals Fertilisers                     1,003.48    1.17%                                                                                             request.
                                                                                                 Total                                                        799.81       0.93%
 25    EID Parry India                  Consumer Non Durables            964.73    1.12%
 26    Cadila Healthcare                Pharmaceuticals                  963.50    1.12%
                                                                                                 Cash & Cash Equivalent
 27    Asian Paints                     Consumer Non Durables            953.40    1.11%
 28    Madras Cements                   Cement                           945.05    1.10%
                                                                                                 Net Receivables/Payables                                   3,153.88       3.65%     FEATURES
                                                                                                 Total                                                     3,153.88        3.65%     • Minimum investment and minimum
 29    Fortis Healthcare                Healthcare Services              934.18    1.09%
                                                                                                 Grand Total                                              85,993.82 100.00%            additional purchase
 30    Power Grid Corporation of India  Power                            932.34    1.08%
 31    Larsen & Toubro                  Diversified                      893.76    1.04% Notes: 1. * Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. Rs.0.00     -   Regular Plan (RP): Rs. 5,000/- and
 32    Torrent Pharmaceuticals          Pharmaceuticals                  840.68    0.98% lakh. 2. Portfolio Turnover Ratio (February 2008 to January 2009): 5.81 times 3.                  Rs. 1,000/- thereafter.
 33    Trent                            Retailing                        814.04    0.95% Total Expense Ratio (April 01, 2008 to January 31, 2009): RP: 1.98% Since Inception:          -   Institutional Plan (IP): Rs. 5 crore
                                        Telecom - Equipment                              1. Standard Deviation: 24.33% 2. Beta: 0.83 3. R-Squared: 84.99% 4. Sharpe Ratio:                 and Rs. 1,000/- thereafter.
 34    HCL Infosystems                                                   792.72    0.92% 0.56
                                        & Accessories
                                                                                                                                                                                     • Options available (for both plans):
 35    Tata Motors                      Auto                             786.96    0.92%
                                                                                           Comparative performance                                                                         Growth
                                                                                                                                                                                       -
 36    Bayer Cropscience                Pesticides                       706.51    0.82%
 37    Praj Industries                  Industrial Capital Goods         692.97    0.81%
                                                                                                                                                                                       -   Dividend
 38    PTC India                        Power                            652.96    0.76%                                      COMPOUNDED ANNUALISED RETURN                           • Entry load:
 39    United Spirits                   Consumer Non Durables            645.07    0.75%          PERIOD                                                                               Regular Plan (For Regular &
                                                                                                                    DSPBREF (REGULAR PLAN)              S&P CNX NIFTY^
 40    HT Media                         Media & Entertainment            639.39    0.74%                                                                                               SIP Purchase)
       Shriram Transport Finance                                                          Last 6 months                     (28.82)%                       (34.86)%                    For investments
 41                                     Finance                          613.27    0.71%                                                                                               < Rs. 5.0 crore: 2.25%
       Company                                                                            Last 1 year                       (38.51)%                       (44.04)%
 42    KEC International                Power                            593.85    0.69% Last 3 years                                                                                  For investments >= Rs 5.0 crore: Nil
                                                                                                                              4.99%                         (1.42)%
 43    Eicher Motors                    Auto                             586.66    0.68%
                                                                                          Last 5 years                       20.44%                          9.69%                   Institutional Plan: Nil
 44    MphasiS                          Software                         580.39    0.67%
 45    GAIL (India)                     Gas                              575.18    0.67% Since Inception                     21.29%                          8.87%
                                                                                                                                                                                     • Exit load :
 46    Biocon                           Pharmaceuticals                  560.16    0.65% NAV / Index Value (Jan 30)        Rs. 28.847                      2,874.80                    Regular Plan (For Regular &
 47    IBN18 Broadcast                  Media & Entertainment            534.18    0.62% Date of allotment                               29th April, 1997                              SIP Purchase)
 48    UTV Software Communications      Media & Entertainment            497.66    0.58%                                                                                               For holding period:
                                                                                         ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are              < 6 months: 1%
 49    Neyveli Lignite Corporation Power                                 494.81    0.58% calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are
 50    Gruh Finance                     Finance                          492.43    0.57% for Dividend Option, without considering entry load and assuming Reinvestment of              >= 6 months but < 12 months: 0.50%
                                                                                                                                                                                       >= 12 months: Nil
 51    Tata Power Co.                   Power                            485.01    0.56% Dividend. Performance of the Dividend Option is net of Dividend Distribution Tax.
 52    ING Vysya Bank                   Banks                            462.74    0.54% Past performance may or may not be sustained in future and should not be used               Institutional Plan: Nil
 53    Axis Bank                        Banks                            437.00    0.51% as a basis for comparison with other investments.
 54    Jagran Prakashan                 Media & Entertainment            436.19    0.51%
 55    Tata Consultancy Services        Software                         425.46    0.49%   Sectoral Allocation
 56    Ballarpur Industries             Paper                            417.05    0.48%
 57    Zuari Industries                 Fertilisers                      416.64    0.48%    PETROLEUM	PRODUCTS	           12.77%        CEMENT	                          1.10%       NAV AS ON
                                                                                            CONSUMER	NON	DURABLES	 11.03%               HEALTHCARE	SERVICES	             1.09%
 58    ISMT                             Ferrous Metals                   400.27    0.47%
                                                                                            PHARMACEUTICALS	              10.58%        RETAILING	                       0.95%       January 30, 2009
 59    Jaiprakash Associates            Construction                     387.24    0.45%
                                                                                            DIVERSIFIED	                    8.35%       TELECOM	-	EQUIPMENT	&	
 60    Allied Digital Services          Hardware                         386.17    0.45%    BANKS	                          6.70%       ACCESSORIES	                     0.92%       Regular Plan
 61    B. L. Kashyap and Sons           Construction                     331.38    0.39%    POWER	                          6.59%       FERROUS	METALS	                  0.86%       Growth: Rs. 7.545
 62    Bajaj Auto Finance               Finance                          311.76    0.36%    SOFTWARE	                       4.35%       CONSTRUCTION	                    0.84%
                                                                                            INDUSTRIAL	CAPITAL	GOODS	 3.92%             GAS	                             0.82%       Dividend: Rs. 28.847
 63    Tata Steel                       Ferrous Metals                   301.92    0.35%
 64    Atlas Copco India                Industrial Capital Goods         281.34    0.33%    FINANCE	                        3.31%       PESTICIDES	                      0.82%
                                                                                            OIL	                            3.19%       PAPER	                           0.48%       Institutional Plan
 65    Tata Communications              Telecom - Services               238.09    0.28%    AUTO	                           2.90%       HARDWARE	                        0.45%       Dividend: Rs. 7.561
 66    PVR                              Media & Entertainment            232.63    0.27%    MEDIA	&	ENTERTAINMENT	          2.72%       DERIVATIVES	                     0.20%
 67    Sterlite Industries ( India )    Non - Ferrous Metals             211.85    0.25%    NON	-	FERROUS	METALS	           1.93%       DEBT	                            5.12%
 68    Tata Coffee                      Consumer Non Durables            143.85    0.17%    TELECOM	-	SERVICES	             1.78%       CASH	&	CASH	EQUIVALENT	          4.58%
 69    Gujarat Fluorochemicals          Gas                              126.26    0.15%    FERTILISERS	                    1.65%
 70    Zydus Wellness                   Diversified                       77.22    0.09%
       Total                                                          77,435.80   90.06%


                                                                                                                                                                                                               15
                                              DSP BlackRock Top 100 Equity Fund
FUND MANAGER
Apoorva Shah
                                              Portfolio
Managing this scheme since 2
years and 3 months & total work               Sr.                                                                Market value % to Net            BONDS & NCD’s
                                                    Name of Instrument                Industry
experience of 21 years.                       No.                                                                (Rs. In lakhs) Assets             Listed / awaiting listing on the stock exchanges
                                                                                                                                            44    IDBI Bank FRB                    AA+                           4,000.00        4.07%
INVESTMENT OBJECTIVE                                EQUITY & EQUITY RELATED                                                                 45    HDFC                             AAA                           2,400.00        2.44%
An Open Ended growth Scheme,                        Listed / awaiting listing on the stock exchanges                                              Total                                                          6,400.00        6.51%
seeking to generate capital                    1    Hindustan Unilever                Diversified                    6,981.93     7.11%
appreciation, from a portfolio
                                               2    GlaxoSmithKline Pharmaceuticals   Pharmaceuticals                5,607.94     5.71%           Fixed Deposit
that is substantially constituted
of equity securities and equity                3    Reliance Industries               Petroleum Products             3,856.19     3.93%     46    Bank of Baroda                   Unrated                       3,000.00        3.05%
related securities of the 100 largest          4    Indian Oil Corporation            Petroleum Products             3,448.07     3.51%     47    Bank of Baroda                   Unrated                       2,000.00        2.04%
corporates, by market capitalisation,
                                               5    State Bank of India               Banks                          3,436.39     3.50%     48    Axis Bank                        Unrated                       2,000.00        2.04%
listed in India.
                                               6    Infosys Technologies              Software                       3,350.73     3.41%           Total                                                          7,000.00        7.13%
                                               7    Nestle India                      Consumer Non Durables          3,179.69     3.24%
ASSET ALLOCATION                               8    Cairn India                       Oil                            2,967.48     3.02%
Equity and Equity related securities                                                                                                              CBLO / Reverse Repo Investments                                5,498.86        5.60%
- 90% - 100%                                   9    NTPC                              Power                          2,904.73     2.96%           Total                                                          5,498.86        5.60%
                                               10   Bharat Petroleum Corpn.           Petroleum Products             2,660.77     2.71%
Debt, Securitised Debt and Money
                                               11   Bharat Electronics                Industrial Capital Goods       2,568.41     2.61%           Cash & Cash Equivalent
market securities - 0% - 10%
                                               12   HDFC Bank                         Banks                          2,478.55     2.52%           Net Receivables/Payables                                      (8,572.11)      (8.78)%
                                               13   HDFC                              Finance                        2,437.59     2.48%           Total                                                         (8,572.11)     (8.78)%
REDEMPTION                                     14   Cipla                             Pharmaceuticals                2,344.64     2.39%
                                                                                                                                                  Grand Total                                                   98,225.97     100.00%
PROCEEDS                                       15   ICICI Bank                        Banks                          2,187.66     2.23%
Normally within 3 Business Days                                                                                                            Notes: 1. Portfolio Turnover Ratio (February 2008 to January 2009): 8.11 times
                                               16   Hindustan Petroleum Corporation   Petroleum Products             2,117.08     2.16%    2. Total Expense Ratio (April 01, 2008 to January 31, 2009): IP: 1.45% RP: 2.09%
from acceptance of redemption
request.                                       17   Larsen & Toubro                   Diversified                    1,812.66     1.85%    Since Inception: 1. Standard Deviation: 25.71% 2. Beta: 0.84 3. R-Squared: 94.06%
                                               18   Maruti Suzuki India               Auto                           1,766.58     1.80%    4. Sharpe Ratio: 0.94

FEATURES                                       19   Dr. Reddy’s Laboratories          Pharmaceuticals                1,750.27     1.78%
• Minimum investment and minimum               20   Hindustan Zinc                    Non - Ferrous Metals           1,566.90     1.60%
                                                                                                                                           Comparative performance
  additional purchase                                                                                                                                                           COMPOUNDED ANNUALISED RETURN
                                               21   Bharti Airtel                     Telecom - Services             1,478.97     1.51%            PERIOD
 -     Regular Plan (RP): Rs. 5,000/-          22   Crompton Greaves                  Industrial Capital Goods       1,322.02     1.35%                                 DSPBRTEF (REGULAR PLAN)                  BSE 100^
      and Rs. 1,000/- thereafter.                                                                                                          Last 6 months                       (24.71)%                          (37.48)%
 -     Institutional Plan (IP): Rs. 5 crore    23   Asian Paints                      Consumer Non Durables          1,255.34     1.28%
                                                                                                                                           Last 1 year                          (34.61)%                         (49.26)%
      and Rs. 1,000/- thereafter.              24   Tata Motors                       Auto                           1,149.03     1.17%
                                                                                                                                           Last 3 years                          6.93%                            (2.85)%
• Options available (for both plans)           25   Power Grid Corporation of India   Power                            982.13     1.00%
                                                                                                                                           Last 5 years                         18.71%                            10.20%
 • Growth                                      26   United Spirits                    Consumer Non Durables            965.53     0.98%
 • Dividend                                                                                                                                Since Inception                      31.82%                           21.12%
                                               27   Zee Entertainment Enterprises     Media & Entertainment            882.72     0.90%
   - Payout Dividend - Reinvest Dividend                                                                                                   NAV / Index Value (Jan 30)          Rs. 51.017                        4,790.32
                                               28   Jaiprakash Associates             Construction                     879.68     0.90%
• Entry load:                                                                                                                              Date of allotment                                 10th March, 2003
                                               29   Tata Power Co.                    Power                            860.29     0.88%
  Regular Plan (For Regular &                                                                                                           ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
  SIP Purchase)                                30   Tata Consultancy Services         Software                         724.26     0.74% calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are
  For investments                              31   Axis Bank                         Banks                            689.23     0.70% for Growth Option, without considering entry load. Past performance may or may
  < Rs. 5.0 crore: 2.25%
  For investments >= Rs 5.0 crore: Nil         32   GAIL (India)                      Gas                              643.87     0.66% not be sustained in future and should not be used as a basis for comparison with
                                                                                                                                        other investments.
                                               33   Neyveli Lignite Corporation       Power                            536.42     0.55%
 Institutional Plan: Nil
                                               34   Tata Steel                        Ferrous Metals                   457.24     0.47%
• Exit load :
  Regular Plan (For Regular &
                                               35   Tata Communications               Telecom - Services               253.81     0.26%    Sectoral Allocation
  SIP Purchase)                                36   Sterlite Industries ( India )     Non - Ferrous Metals             236.48     0.24%      PETROLEUM	PRODUCTS	       12.31%               FINANCE	                           2.48%
  For holding period:                          37   Idea Cellular                     Telecom - Services               219.62     0.22%      PHARMACEUTICALS	           9.88%               TELECOM	-	SERVICES	                1.99%
  < 6 months: 1%
  >= 6 months but < 12 months: 0.50%                Total                                                           72,960.90    74.33%      DIVERSIFIED	               8.96%               NON	-	FERROUS	METALS	              1.84%
  >= 12 months: Nil                                                                                                                          BANKS	                     8.95%               CONSTRUCTION	                      0.90%
                                                                                                                                             CONSUMER	NON	DURABLES	 5.50%                   MEDIA	&	ENTERTAINMENT	             0.90%
     Institutional Plan: Nil                        PREFERENCE SHARES                                                                        POWER	                     5.39%               GAS	                               0.66%
                                                    Listed / awaiting listing on the stock exchanges                                         SOFTWARE	                  4.15%               FERROUS	METALS	                    0.50%
                                               38   Tata Steel                        Ferrous Metals                    28.01     0.03%      INDUSTRIAL	CAPITAL	GOODS	 3.96%                DERIVATIVES	                     15.18%
NAV AS ON                                                                                                                                    OIL	                       3.02%               DEBT	                            13.64%
                                                    Total                                                              28.01     0.03%
January 30, 2009                                                                                                                             AUTO	                      2.97%               CASH	&	CASH	EQUIVALENT	          (3.18)%

Regular Plan                                        DERIVATIVES
Growth - Rs. 51.017                            39   NIFTY Index Future Feb 2009       Index Future                  14,732.25    15.00%
Dividend - Rs. 12.785                          40   DLF Feb 2009                      Construction                     267.63     0.27%
Institutional Plan                                  Infosys Technologies Call
                                               41                                     Software                         (16.10)   (0.02)%
Growth - Rs. 6.930                                  Option Feb 2009
Dividend - Rs. 6.930                                NIFTY Index Call Option Feb
                                               42                                     Index Option                     (31.23)   (0.03)%
                                                    2009
                                                    Infosys Technologies Call
                                               43                                     Software                         (42.24)   (0.04)%
                                                    Option Feb 2009
                                                    Total                                                           14,910.31    15.18%




              16
DSP BlackRock Opportunities Fund

Portfolio                                                                                                                                                                                       FUND MANAGER
                                                                                                                                                                                                Anup Maheshwari
Sr.                                                                 Market value     % to Net            PREFERENCE SHARES                                                                      Managing this scheme since 1
      Name of Instrument                 Industry
No.                                                                 (Rs. In lakhs)   Assets              Listed / awaiting listing on the stock exchanges                                       year and 10 months & total work
                                                                                                  71     Tata Steel                        Ferrous Metals                    2.17       0.00%   experience of 14 years.
      EQUITY & EQUITY RELATED                                                                            Total                                                               2.17       0.00%
       Listed / awaiting listing on the stock exchanges                                                                                                                                         INVESTMENT OBJECTIVE
  1   Hindustan Unilever                 Diversified                     3,514.87      5.20%             DERIVATIVES                                                                            An Open Ended growth Scheme,
  2   Reliance Industries                Petroleum Products              2,830.16      4.19%      72     NIFTY Index Future Feb 2009              Index Future            9,778.96     14.47%   seeking to generate long term capital
  3   State Bank of India                Banks                           2,756.52      4.08%      73     Sterlite Industries ( India ) Feb 2009   Non - Ferrous Metals      444.81      0.66%   appreciation and whose secondary
  4   Infosys Technologies               Software                        2,413.93      3.57%      74     Bharat Petroleum Corpn. Feb 2009         Petroleum Products        181.15      0.27%   objective is income generation and the
  5   ITC                                Consumer Non Durables           1,897.72      2.81%      75     DLF Feb 2009                             Construction               57.45      0.09%   distribution of dividend from a portfolio
  6   Oil & Natural Gas Corpn            Oil                             1,846.85      2.73%             Total                                                           10,462.37     15.49%   constituted of equity and equity
  7   Bharti Airtel                      Telecom - Services              1,840.36      2.72%                                                                                                    related securities concentrating on
  8   Hero Honda Motors                  Auto                            1,668.00      2.47%             BONDS & NCD’s                                                                          the investment focus of the Scheme.
  9   Karur Vysya Bank                   Banks                           1,475.88      2.18%             Listed / awaiting listing on the stock exchanges
 10   Colgate Palmolive (India)          Consumer Non Durables           1,260.44      1.87%      76     HDFC                             AAA                             1,500.00      2.22%
 11   Bharat Petroleum Corpn.            Petroleum Products              1,248.00      1.85%
 12   Hindustan Petroleum Corporation Petroleum Products                 1,166.46      1.73%
                                                                                                         Total                                                            1,500.00      2.22%   ASSET ALLOCATION
                                                                                                                                                                                                Equity & Equity related securities:
 13   HDFC Bank                          Banks                           1,079.39      1.60%             Fixed Deposit                                                                          80% - 100%
 14   Nestle India                       Consumer Non Durables           1,074.51      1.59%      77     Bank of Baroda                           Unrated                 1,500.00      2.22%   Fixed Income securities (Debt* &
 15   Indian Oil Corporation             Petroleum Products              1,066.73      1.58%      78     Bank of Baroda                           Unrated                 1,000.00      1.48%   Money market securities):
 16   Piramal Healthcare                 Pharmaceuticals                 1,051.77      1.56%      79     Axis Bank                                Unrated                 1,000.00      1.48%   0% - 20%.
 17   Bharat Electronics                 Industrial Capital Goods          981.94      1.45%             Total                                                            3,500.00      5.18%   * Debt securities/ instruments are
 18   Cipla                              Pharmaceuticals                   929.07      1.38%                                                                                                    deemed to include securitised debts
 19   GlaxoSmithKline Pharmaceuticals Pharmaceuticals                      885.88      1.31%             CBLO / Reverse Repo Investments                                 11,897.06     17.61%
 20   Dr. Reddy’s Laboratories           Pharmaceuticals                   846.02      1.25%             Total                                                           11,897.06     17.61%
 21   Bharat Heavy Electricals           Industrial Capital Goods          832.46      1.23%                                                                                                    REDEMPTION
 22   ICICI Bank                         Banks                             818.79      1.21%
 23   Crompton Greaves                   Industrial Capital Goods          817.15      1.21%
                                                                                                        Cash & Cash Equivalent                                                                  PROCEEDS
                                                                                                        Net Receivables/Payables                              (9,251.93) (13.66)%               Normally within 3 Business Days
 24   Tata Steel                         Ferrous Metals                    793.02      1.17%            Total                                                (9,251.93) (13.66)%
 25   United Phosphorous                 Pesticides                        749.54      1.11%                                                                                                    from acceptance of redemption
                                                                                                        Grand Total                                          67,561.30 100.00%                  request.
 26   Grasim Industries                  Cement                            710.60      1.05%
 27   HDFC                               Finance                           674.36      1.00%    Notes: 1. Portfolio Turnover Ratio (February 2008 to January 2009): 1.95 times
 28   Voltas                             Consumer Durables                 595.62      0.88%    2. Total Expense Ratio (April 01, 2008 to January 31, 2009): IP: 1.45% RP: 2.04%
 29   Sun Pharmaceuticals Industries     Pharmaceuticals                   558.03      0.83%    Since Inception: 1. Standard Deviation: 25.73% 2. Beta: 0.89 3. R-Squared: 88.05%               FEATURES
 30   Sterlite Industries ( India )      Non - Ferrous Metals              556.96      0.82%    4. Sharpe Ratio: 0.37                                                                           • Minimum investment and minimum
 31   Britannia Industries               Consumer Non Durables             549.31      0.81%                                                                                                      additional purchase
 32   Century Textiles & Industries Cement                                 527.86      0.78%                                                                                                      - Regular Plan (RP): Rs. 5,000/-

 33
 34
      United Spirits
      Tata Consultancy Services
                                         Consumer Non Durables
                                         Software
                                                                           474.72
                                                                           470.37
                                                                                       0.70%
                                                                                       0.70%
                                                                                                Comparative performance                                                                             and Rs. 1,000/- thereafter.
                                                                                                                                                                                                  - Institutional Plan (IP): Rs. 5 crore

      Dishman Pharmaceuticals                                                                                                                                                                       and Rs. 1,000/- thereafter.
 35                                      Pharmaceuticals                   462.96      0.69%                                                  COMPOUNDED ANNUALISED RETURN
      and Chemicals                                                                                     PERIOD                                                                                  • Options available (for both plans)
                                                                                                                                DSPBROF (REGULAR PLAN)           S&P CNX NIFTY^
 36   Aditya Birla Nuvo                  Textile Products                  461.29      0.68%                                                                                                      • Growth
 37   Oracle Financial Services Software Software                          452.08      0.67%    Last 6 months                          (31.73)%                     (34.86)%
                                                                                                                                                                                                  • Dividend
 38   Larsen & Toubro                    Diversified                       451.06      0.67%    Last 1 year                            (47.97)%                     (44.04)%                        - Payout Dividend
 39   Glenmark Pharmaceuticals Pharmaceuticals                             411.75      0.61%    Last 3 years                            (2.13)%                      (1.42)%                        - Reinvest Dividend
 40   Deccan Chronicle Holdings          Media & Entertainment             410.62      0.61%    Last 5 years                            15.07%                        9.69%
 41   Mahindra & Mahindra                Auto                              401.01      0.59%    Since Inception                         16.97%                        9.47%                     • Entry load:
 42   Jindal Saw                         Ferrous Metals                    360.09      0.53%                                                                                                      Regular Plan (For Regular &
                                                                                                NAV / Index Value (Jan 30)            Rs. 39.210                    2,874.80                      SIP Purchase)
 43   Rural Electrification Corporation  Finance                           358.09      0.53%
                                                                                                Date of allotment                                 16th May, 2000                                  For investments
 44   Tata Power Co.                     Power                             338.61      0.50%
                                                                                                                                                                                                  < Rs. 5.0 crore: 2.25%
 45   Reliance Communications            Telecom - Services                333.16      0.49%    ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
                                                                                                                                                                                                  For investments >= Rs 5.0 crore: Nil
 46   3M India                           Trading                           332.85      0.49%    calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are
 47   Divi’s Laboratories                Pharmaceuticals                   331.02      0.49%    for Growth Option, without considering entry load. Past performance may or may                  Institutional Plan: Nil
 48   KEC International                  Power                             323.18      0.48%    not be sustained in future and should not be used as a basis for comparison with
 49   Ambuja Cement                      Cement                            317.46      0.47%    other investments.                                                                              • Exit load :
 50   Kotak Mahindra Bank                Banks                             315.96      0.47%                                                                                                      Regular Plan (For Regular &
 51
 52
      Cairn India
      B. L. Kashyap and Sons
                                         Oil
                                         Construction
                                                                           293.16
                                                                           291.34
                                                                                       0.43%
                                                                                       0.43%    Sectoral Allocation                                                                               SIP Purchase)
                                                                                                                                                                                                  For holding period:
 53   MphasiS                            Software                          284.57      0.42%                                                                                                      < 6 months: 1%
                                                                                                BANKS	                                       9.54%     CONSUMER	DURABLES	            0.88%        >= 6 months but < 12 months: 0.50%
 54   Zee Entertainment Enterprises      Media & Entertainment             232.00      0.34%
                                                                                                PETROLEUM	PRODUCTS	                          9.35%     NON	-	FERROUS	METALS	         0.82%        >= 12 months: Nil
 55   DCM Shriram Consolidated Diversified                                 178.54      0.26%
                                                                                                PHARMACEUTICALS	                             8.12%     TEXTILE	PRODUCTS	             0.68%
 56   Take Solutions                     Software                          150.57      0.22%    CONSUMER	NON	DURABLES	                       7.78%     TRADING	                      0.49%      Institutional Plan: Nil
 57   Idea Cellular                      Telecom - Services                121.40      0.18%    DIVERSIFIED	                                 6.13%     CONSTRUCTION	                 0.43%
 58   Television Eighteen India          Media & Entertainment             119.62      0.18%    SOFTWARE	                                    5.80%     INDUSTRIAL	PRODUCTS	          0.11%
 59   Hinduja Ventures                   Software                           90.60      0.13%    INDUSTRIAL	CAPITAL	GOODS	                    3.89%     TELECOM	-	EQUIPMENT		
 60   Bajaj Auto Finance                 Finance                            88.35      0.13%    TELECOM	-	SERVICES	                          3.39%     &	ACCESSORIES	                 0.10%
                                                                                                                                                                                                NAV AS ON
 61   Sintex Industries                  Industrial Products                76.50      0.11%    AUTO	                                        3.17%     HOTELS	                        0.09%     January 30, 2009
 62   Maruti Suzuki India                Auto                               71.44      0.11%    OIL	                                         3.16%     AUTO	ANCILLARIES	              0.07%
 63   Dish TV India                      Media & Entertainment              68.68      0.10%    CEMENT	                                      2.30%     GAS	                           0.07%     Regular Plan
                                         Telecom - Equipment                                    FERROUS	METALS	                              1.77%     RETAILING	                     0.04%     Growth - Rs. 39.210
 64   MIC Electronics                                                       66.03      0.10%    FINANCE	                                     1.66%     DERIVATIVES	                  15.49%     Dividend - Rs. 15.285
                                         & Accessories
 65   Country Club India                 Hotels                            63.59       0.09%    MEDIA	&	ENTERTAINMENT	                       1.23%     DEBT	                          7.40%
                                                                                                PESTICIDES	                                  1.11%     CASH	&	CASH	EQUIVALENT	        3.95%     Institutional Plan
 66   EClerx Services                    Software                          57.78       0.09%
                                                                                                POWER	                                       0.98%                                              Growth - Rs. 4.740
 67   Jai Corp                           Ferrous Metals                    50.58       0.07%
                                                                                                                                                                                                Dividend - Rs. 4.740
 68   Amtek Auto                         Auto Ancillaries                  50.17       0.07%
 69   GAIL (India)                       Gas                               48.25       0.07%
 70   Pantaloon Retail (India)           Retailing                         23.98       0.04%
      Total                                                            49,451.63      73.16%




                                                                                                                                                                                                                       17
                                            DSP BlackRock India T.I.G.E.R. Fund
                                                                                                                                                                             (The Infrastructure Growth and
                                                                                                                                                                             Economic Reforms Fund)


FUND MANAGER
Anup Maheshwari                             Portfolio
Managing this scheme since 9
months & total work experience of           Sr.                                                                 Market value     % to Net         PREFERENCE SHARES
                                                  Name of Instrument                  Industry
14 years.                                   No.                                                                 (Rs. In lakhs)   Assets           Listed / awaiting listing on the stock exchanges
                                                                                                                                             64   Tata Steel                         Ferrous Metals                      96.66      0.04%
INVESTMENT OBJECTIVE                              EQUITY & EQUITY RELATED                                                                         Total                                                                  96.66      0.04%
An open ended diversified equity                   Listed / awaiting listing on the stock exchanges
Scheme, seeking to generate capital           1   Reliance Industries                Petroleum Products             10,283.04      4.53%          DERIVATIVES
appreciation, from a portfolio that is
substantially constituted of equity           2   State Bank of India                Banks                           9,321.36      4.11%     65   NIFTY Index Future Feb 2009          Index Future                 30,618.94      13.49%
securities and equity related securities      3   Larsen & Toubro                    Diversified                     7,096.50      3.13%     66   DLF Feb 2009                         Construction                  1,327.64        0.58%
of corporates, which could benefit            4   Bharat Heavy Electricals           Industrial Capital Goods        5,882.70      2.59%     67   State Bank of India Feb 2009         Banks                         1,072.83        0.47%
from structural changes brought               5   Oil & Natural Gas Corpn            Oil                             5,755.64      2.54%
about by continuing liberalization in                                                                                                        68   Larsen & Toubro Feb 2009             Diversified                     686.30        0.30%
economic policies by the Government           6   Tata Power Co.                     Power                           5,213.51      2.30%     69   Punjab National Bank Feb 2009        Banks                           521.12        0.23%
and/or from continuing investments            7   Bharti Airtel                      Telecom - Services              5,049.69      2.22%     70   Axis Bank Feb 2009                   Banks                           430.82        0.19%
in infrastructure, both by the public         8   Jindal Steel & Power               Ferrous Metals                  4,955.38      2.18%     71   Bank Of Baroda Feb 2009              Banks                           233.00        0.10%
and private sector.
                                              9   Indian Oil Corporation             Petroleum Products              4,932.18      2.17%     72   NIFTY Index Call Option Feb 2009     Index Option                     (4.03)       0.00%
                                             10   Bharat Electronics                 Industrial Capital Goods        4,574.31      2.02%     73   Nagarjuna Construction Co Feb 2009   Construction                    (75.11)     (0.03)%
ASSET ALLOCATION                             11   GAIL (India)                       Gas                             4,422.71      1.95%          Total                                                             34,811.51      15.33%
Equity and Equity related securities         12   Cairn India                        Oil                             3,669.94      1.62%
- 90% - 100%                                 13   HDFC Bank                          Banks                           3,440.77      1.52%          BONDS & NCD’s
Debt Securitised Debt and Money              14   Bharat Petroleum Corpn.            Petroleum Products              3,436.01      1.51%          Listed / awaiting listing on the stock exchanges
market securities - 0% - 10%                 15   Hindustan Petroleum Corporation    Petroleum Products              3,360.28      1.48%     74   HDFC                              AAA                              3,400.00       1.50%
ADR, GDR and Foreign securities              16   HDFC                               Finance                         3,239.13      1.43%     75   LIC Housing Finance FRN           AAA                              1,079.41       0.48%
- 0% - 25%
                                             17   Rural Electrification Corporation  Finance                         3,161.64      1.39%          Total                                                              4,479.41       1.98%
                                             18   The Great Eastern Shipping Co.     Transportation                  2,850.69      1.26%
                                             19   ICICI Bank                         Banks                           2,836.74      1.25%
REDEMPTION                                   20   Sterlite Industries ( India )      Non - Ferrous Metals            2,784.46      1.23%
                                                                                                                                                  Fixed Deposit
                                                                                                                                             76   Bank of Baroda                       Unrated                       5,000.00       2.20%
PROCEEDS                                     21   Pfizer                             Pharmaceuticals                 2,647.51      1.17%     77   Axis Bank                            Unrated                       5,000.00       2.20%
Normally within 3 Business Days              22   Power Grid Corporation of India    Power                           2,643.66      1.16%
from acceptance of redemption                                                                                                                     Total                                                             10,000.00       4.40%
                                             23   Reliance Communications            Telecom - Services              2,630.89      1.16%
request.
                                             24   GlaxoSmithKline Pharmaceuticals    Pharmaceuticals                 2,613.21      1.15%          CBLO / Reverse Repo Investments                                   59,917.42      26.40%
                                             25   IVRCL Infrastructures & Projects   Construction                    2,450.46      1.08%          Total                                                             59,917.42      26.40%
FEATURES                                     26
                                                  Infrastructure Development
                                                                                     Finance                         2,437.37      1.07%
• Minimum investment and minimum                  Finance Company
                                                                                                                                                  Cash & Cash Equivalent
  additional purchase                        27   Century Textiles & Industries Cement                               2,400.96      1.06%
                                                                                                                                                  Net Receivables/Payables                                          (29,026.09)    (12.79)%
  - Regular Plan (RP): Rs. 5,000/-           28   Jaiprakash Associates              Construction                    2,259.48      1.00%
                                                                                                                                                  Total                                                            (29,026.09)    (12.79)%
    and Rs. 1,000/- thereafter.              29   Tata Steel                         Ferrous Metals                  2,060.93      0.91%
  - Institutional Plan (IP): Rs. 5 crore                                                                                                          Grand Total                                                      226,998.19     100.00%
                                                  Mundra Port and Special            Travel And
    and Rs. 1,000/- thereafter.              30                                                                      1,978.86      0.87% Notes: 1. Portfolio Turnover Ratio (February 2008 to January 2009): 2.40 times
                                                  Economic Zone                      Transportation
• Options available (for both plans):        31   Axis Bank                          Banks                           1,953.97      0.86% 2. Total Expense Ratio (April 01, 2008 to January 31, 2009): IP: 1.45% RP: 1.84%
  • Growth                                   32   NTPC                               Power                           1,772.41      0.78% Since Inception: 1. Standard Deviation: 32.44% 2. Beta: 0.92 3. R-Squared: 94.40%
  • Dividend                                                                                                                             4. Sharpe Ratio: 0.41
    - Payout Dividend - Reinvest Dividend
                                             33   India Cements                      Cement                          1,636.52      0.72%
                                             34   Idea Cellular                      Telecom - Services              1,458.15      0.64%
• Entry load:                                35   Punjab National Bank               Banks                           1,319.98      0.58%
  Regular Plan (For Regular &                36   Hindalco Industries                Non - Ferrous Metals            1,275.86      0.56%    Comparative performance
  SIP Purchase)
  For investments                            37   ACC                                Cement                          1,247.33      0.55%
  < Rs. 5.0 crore: 2.25%                     38   Hindustan Construction Co.         Construction                    1,233.00      0.54%                                     COMPOUNDED ANNUALISED RETURN
                                                                                                                                                  PERIOD
  For investments >= Rs 5.0 crore: Nil       39   Mahindra Lifespace Developers      Construction                    1,161.82      0.51%                            DSPBRITF (REGULAR PLAN)             BSE 100^
                                             40   KEC International                  Power                           1,043.69      0.46% Last 6 months                      (34.66)%                     (37.48)%
Institutional Plan: Nil                      41   Jyoti Structures                   Power                             997.09      0.44% Last 1 year                        (51.64)%                     (49.26)%
• Exit load :                                42   Nagarjuna Construction Co.         Construction                      983.05      0.43%
                                                                                                                                          Last 3 years                       0.59%                        (2.85)%
  Regular Plan (For Regular &                43   Ambuja Cement                      Cement                            955.64      0.42%
  SIP Purchase)                              44   Great Offshore                     Oil                               900.01      0.40% Since Inception                     20.81%                       14.32%
  For holding period:                        45   Engineers India                    Engineering                       871.17      0.38% NAV / Index Value (Jan 30)        Rs. 24.043                    4,790.32
  < 6 months: 1%                             46   AstraZeneca Pharma India           Pharmaceuticals                   844.56      0.37%    Date of allotment                                    11th June, 2004
  >= 6 months but < 12 months: 0.50%
  >= 12 months: Nil                               Consolidated Construction
                                             47                                      Construction                      793.16      0.35% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
                                                  Consortium
                                                                                                                                         calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are
Institutional Plan: Nil                      48   Television Eighteen India          Media & Entertainment            633.39       0.28%
                                                                                                                                         for Growth Option, without considering entry load. Past performance may or may
                                             49   Bharat Earth Movers                Industrial Capital Goods         559.13       0.25% not be sustained in future and should not be used as a basis for comparison with
                                             50   Tata Chemicals                     Fertilisers                      510.37       0.22% other investments.
NAV AS ON                                    51   Pantaloon Retail (India)           Retailing                        481.68       0.21%
January 30, 2009                             52   Welspun Gujarat Stahl Rohren Ferrous Metals                         472.41       0.21%
                                                                                                                                            Sectoral Allocation
                                             53   UltraTech Cement                   Cement                           441.25       0.19%
Regular Plan
                                             54   BGR Energy Systems                 Industrial Capital Goods         423.77       0.19%    PETROLEUM	PRODUCTS	            9.69%     NON	-	FERROUS	METALS	            1.79%
Growth - Rs. 24.043
                                             55   Lanco Infratech                    Power                            356.81       0.16%    BANKS	                         8.32%     TRANSPORTATION	                  1.38%
Dividend - Rs. 11.101
                                             56   Bajaj Electricals                  Consumer Durables                345.31       0.15%    POWER	                         5.30%     TRAVEL	AND	TRANSPORTATION	 0.87%
Institutional Plan                           57   Tata Teleservices (Maharashtra)    Telecom - Services               339.75       0.15%    INDUSTRIAL	CAPITAL	GOODS	      5.13%     ENGINEERING	                     0.38%
Growth - Rs. 6.803                                                                                                                          OIL	                           4.56%     MEDIA	&	ENTERTAINMENT	           0.28%
                                             58   Sesa Goa                           Minerals / Mining                298.83       0.13%
Dividend - Rs. 4.859                                                                                                                        TELECOM	-	SERVICES	            4.17%     RETAILING	                       0.23%
                                             59   Ador Welding                       Industrial Products              296.65       0.13%    CONSTRUCTION	                  3.91%     FERTILISERS	                     0.22%
                                             60   Mercator Lines                     Transportation                   270.77       0.12%    FINANCE	                       3.89%     CONSUMER	DURABLES	               0.15%
                                             61   Jai Corp                           Ferrous Metals                   228.27       0.10%    FERROUS	METALS	                3.44%     INDUSTRIAL	PRODUCTS	             0.13%
                                             62   Siemens                            Industrial Capital Goods         174.82       0.08%    DIVERSIFIED	                   3.13%     MINERALS	/	MINING	               0.13%
                                             63   Pantaloon Retail (India)           Retailing                         48.65       0.02%    CEMENT	                        2.94%     DERIVATIVES	                    15.33%
                                                  Total                                                           146,719.28      64.64%    PHARMACEUTICALS	               2.69%     DEBT	                            6.38%
                                                                                                                                            GAS	                           1.95%     CASH	&	CASH	EQUIVALENT	         13.61%




            18
DSP BlackRock Technology.com Fund
Portfolio                                                                                   Comparative performance                                                                 FUND MANAGER
                                                                                                                                                                                    Apoorva Shah
                                                                                                                                                                                    Managing this scheme since 9
                                                                 Market                                                       COMPOUNDED ANNUALISED RETURN                          months & total work experience of
 Sr.                                                                           % to Net                                                                                             21 years.
        Name of Instrument             Industry               value (Rs. In                          PERIOD
 No.                                                                           Assets                                            DSPBRTF                        BSE TECk^
                                                                 lakhs)                                                                                                             & Aseem Gupta
                                                                                            Last 6 months                         (44.11)%                       (39.76)%           Managing this scheme since 9
                                                                                                                                                                                    months & total work experience of
        EQUITY & EQUITY RELATED                                                             Last 1 year                           (51.76)%                       (44.57)%           4 years.
        Listed / awaiting listing on the stock exchanges                                    Last 3 years                          (5.63)%                         (9.59)%
  1     Bharti Airtel                  Telecom - Services          1,230.00      22.55%     Last 5 years                           11.86%                         8.32%
                                                                                            Since Inception                        3.68%                          (2.02)%
                                                                                                                                                                                    INVESTMENT OBJECTIVE
  2     Infosys Technologies           Software                    1,073.47      19.68%                                                                                             An Open Ended growth Scheme,
  3     Allied Digital Services        Hardware                      403.93       7.41%     NAV / Index Value (Jan 30)           Rs. 13.701                      1,818.69           seeking to generate long term
                                                                                            Date of allotment                                16th May, 2000                         capital appreciation, and whose
  4     Tata Consultancy Services      Software                      337.71       6.19%                                                                                             secondary objective is income
  5     HCL Technologies               Software                      296.01       5.43% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are            generation and the distribution of
                                                                                        calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for   dividend from a portfolio constituted
                                       Media &                                                                                                                                      of equity and equity related securities
  6     Sun TV Network                                               136.86       2.51% Regular Plan - Growth Option, without considering entry load. Past performance
                                       Entertainment                                                                                                                                concentrating on the investment
                                                                                        may or may not be sustained in future and should not be used as a basis for                 focus of the Scheme.
  7     Tanla Solutions                Software                      127.05       2.33% comparison with other investments.
  8     Tulip Telecom                  Telecom - Services             97.24       1.78%

  9
        Geodesic Information
                                       Software                       73.35       1.34%     Sectoral Allocation                                                                     ASSET ALLOCATION
        Systems                                                                                                                                                                     Equity & Equity related securities:
                                       Telecom - Equipment                                  SOFTWARE	              37.72%             TELECOM	-	EQUIPMENT	&	                        80% - 100%
  10    MIC Electronics                                               70.45       1.29%                                                                                             Fixed Income securities (Debt* &
                                       & Accessories                                        TELECOM	-	SERVICES	    24.33%             ACCESSORIES	              3.39%
                                       Media &                                                                                                                                      Money market securities) :
                                                                                            HARDWARE	               7.41%             DERIVATIVES	            (1.87)%
  11    Jagran Prakashan                                              64.33       1.18%                                                                                             0% - 20%.
                                       Entertainment                                        MEDIA	&	ENTERTAINMENT	 4.54%              CASH	&	CASH	EQUIVALENT	 24.48%
                                                                                                                                                                                    * Debt securities/instruments are
        Oracle Financial Services                                                                                                                                                   deemed to include securitised debts
  12                                   Software                       62.75       1.15%
        Software
  13    MphasiS                        Software                       58.67       1.08%
                                       Telecom - Equipment
                                                                                                                                                                                    REDEMPTION
  14    OnMobile Global                                               58.34       1.07%
                                       & Accessories                                                                                                                                PROCEEDS
                                       Telecom - Equipment                                                                                                                          Normally within 3 Business Days
  15    Sterlite Technologies                                         56.44       1.03%                                                                                             from acceptance of redemption
                                       & Accessories
                                                                                                                                                                                    request.
                                       Media &
  16    Zee News                                                      46.14       0.85%
                                       Entertainment
  17    Infotech Entereprises          Software                       28.42       0.52%                                                                                             FEATURES
  18    City Online Services *         ISP                                -       0.00%                                                                                             • Minimum investment and minimum
                                                                                                                                                                                      additional purchase
        Total                                                     4,221.16      77.39%                                                                                                - Regular Plan (RP): Rs. 5,000/-
                                                                                                                                                                                        and Rs. 1,000/- thereafter.
                                                                                                                                                                                      - Institutional Plan (IP): Rs. 5 crore
        DERIVATIVES
                                                                                                                                                                                        and Rs. 1,000/- thereafter.
        Infosys Technologies Feb
  19                                   Software                      101.96       1.87%                                                                                             • Options available (for both plans)
        2009
  20    Educomp Solutions Feb 2009 Software                           48.27       0.88%                                                                                               • Growth
                                                                                                                                                                                      • Dividend
        Infosys Technologies Call                                                                                                                                                       - Payout Dividend
  21                                   Software                       (5.24)     (0.10)%
        Option Feb 2009                                                                                                                                                                 - Reinvest Dividend
  22    Idea Cellular Feb 2009         Telecom - Services            (56.07)     (1.03)%                                                                                            • Entry load:
  23    Wipro Feb 2009                 Software                    (190.50)      (3.49)%                                                                                              Regular Plan (For Regular &
                                                                                                                                                                                      SIP Purchase)
        Total                                                      (101.58)     (1.87)%                                                                                               For investments
                                                                                                                                                                                      < Rs. 5.0 crore: 2.25%
                                                                                                                                                                                      For investments >= Rs 5.0 crore: Nil
        CBLO / Reverse Repo Investments                              399.90       7.33%
        Total                                                       399.90       7.33%                                                                                              Institutional Plan: Nil

                                                                                                                                                                                    • Exit load :
        Cash & Cash Equivalent                                                                                                                                                        Regular Plan (For Regular &
                                                                                                                                                                                      SIP Purchase)
        Net Receivables/Payables                                     935.16      17.15%                                                                                               For holding period:
        Total                                                       935.16      17.15%                                                                                                < 6 months: 1%
                                                                                                                                                                                      >= 6 months but < 12 months: 0.50%
        Grand Total                                               5,454.64     100.00%                                                                                                >= 12 months: Nil
Notes: 1. * Total Exposure to illiquid securities is 0.00% of the portfolio, i.e. Rs.0.00                                                                                           Institutional Plan: Nil
lakh 2. Portfolio Turnover Ratio (February 2008 to January 2009): 3.46 times 3. Total
Expense Ratio (April 01, 2008 to January 31, 2009): RP: 2.46% Since Inception: 1.
Standard Deviation: 31.26% 2. Beta: 0.79 3. R-Squared: 84.17% 4. Sharpe Ratio:                                                                                                      NAV AS ON
(0.12)
                                                                                                                                                                                    January 30, 2009
                                                                                                                                                                                    Regular Plan
                                                                                                                                                                                    Growth - Rs. 13.701
                                                                                                                                                                                    Dividend - Rs. 10.004




                                                                                                                                                                                                         19
                                            DSP BlackRock Small and Mid Cap Fund
FUND MANAGER                                Portfolio
Apoorva Shah
Managing this scheme since 9                 Sr.                                                                Market value     % to Net     65     Tata Communications            Telecom - Services               127.95     0.30%
months & total work experience of                  Name of Instrument                Industry
                                             No.                                                                (Rs. In lakhs)   Assets       66     Zydus Wellness                 Diversified                      112.10     0.26%
21 years.
                                                                                                                                              67     Neyveli Lignite Corporation    Power                             39.60     0.09%
& Anup Maheshwari                                  EQUITY & EQUITY RELATED                                                                    68     Crompton Greaves               Industrial Capital Goods          33.30     0.08%
Managing this scheme since 9                        Listed / awaiting listing on the stock exchanges                                                 Total                                                        37,431.18    88.14%
months & total work experience of            1     Cadila Healthcare                 Pharmaceuticals                 1,402.90      3.30%
14 years.
                                             2     Marico                            Consumer Non Durables           1,244.01      2.93%             DERIVATIVES
                                             3     Britannia Industries              Consumer Non Durables           1,207.96      2.84%      69     DLF Feb 2009                   Construction                    117.00      0.28%
INVESTMENT OBJECTIVE                         4     Bharat Petroleum Corpn.           Petroleum Products              1,178.23      2.77%             Total                                                          117.00      0.28%
An Open ended equity growth scheme,          5     EID Parry India                   Consumer Non Durables           1,163.72      2.74%
primarily seeking to generate long           6     Cairn India                       Oil                             1,092.54      2.57%             BONDS & NCD’s
term capital appreciation from a             7     Balrampur Chini Mills             Consumer Non Durables           1,047.37      2.47%             Listed / awaiting listing on the stock exchanges
portfolio substantially constituted of       8     Hindustan Petroleum Corporation Petroleum Products                1,025.46      2.41%      70     HDFC                             AAA                          1,500.00     3.53%
equity and equity related securities,        9     Jyothy Laboratories               Consumer Non Durables             949.61      2.24%             Total                                                         1,500.00     3.53%
which are not part of top 100 stocks         10    Bata India                        Consumer Non Durables             936.68      2.20%
by market capitalization. From time          11    Nestle India                      Consumer Non Durables             920.93      2.17%
to time, the fund manager will also                                                                                                                  Fixed Deposit
                                             12    Indian Oil Corporation            Petroleum Products                908.88      2.14%      71     Bank of Baroda                 Unrated                        1,500.00     3.53%
seek participation in other equity and
                                             13    Torrent Pharmaceuticals           Pharmaceuticals                   835.84      1.97%             Total                                                         1,500.00     3.53%
equity related securities to achieve
optimal portfolio construction.              14    Fortis Healthcare                 Healthcare Services               816.26      1.92%
                                             15    Chambal Fertilizers & Chemicals Fertilisers                         802.15      1.89%             CBLO / Reverse Repo Investments                               1,449.70     3.41%
                                             16    Bayer Cropscience                 Pesticides                        790.17      1.86%             Total                                                         1,449.70     3.41%
ASSET ALLOCATION                             17    Trent                             Retailing                         751.11      1.77%
Equity and equity related securities         18    MphasiS                           Software                          736.56      1.73%
which are:                                                                                                                                           Cash & Cash Equivalent
                                             19    Madras Cements                    Cement                            733.80      1.73%             Net Receivables/Payables                                        484.80     1.11%
1. (A) not part of top 100 stocks by         20    PTC India                         Power                             701.28      1.65%
market cap: 65% - 100%,                                                                                                                              Total                                                           484.80     1.11%
                                             21    HT Media                          Media & Entertainment             674.34      1.59%
(B) in the top 100 stocks by market                                                                                                                  Grand Total                                                  42,482.68   100.00%
                                                                                     Telecom - Equipment
cap: 0% - 35%;                               22    HCL Infosystems                                                     645.37      1.52%    Note: 1. Classification of % of holdings based on Market Capitalisation: Large-Cap
                                                                                     & Accessories
Of 1(A) & 1(B), investments in               23    Praj Industries                   Industrial Capital Goods          626.06      1.47%    22.29%, Mid-Cap 21.26%, Small-Cap 24.80%, Micro-Cap 19.97% 2. Portfolio Turnover
ADRs, GDRs & foreign securities:                                                                                                            Ratio (February 2008 to January 2009): 3.65 times 3. Total Expense Ratio (April 01,
                                             24    Gruh Finance                      Finance                           620.13      1.46%
0% - 25%;                                                                                                                                   2008 to January 31, 2009): RP: 2.01% Since Inception: 1. Standard Deviation: 27.42%
                                             25    Biocon                            Pharmaceuticals                   612.43      1.44%
                                                                                                                                            2. Beta: 0.79 3. R-Squared: 93.36% 4. Sharpe Ratio: (0.96)
2. Debt and Money Market                           GlaxoSmithKline Consumer Consumer Non
                                             26                                                                        563.28      1.33%
Securities: 0% - 10%.                              Healthcare                        Durables
                                             27
                                             28
                                                   ICICI Bank                        Banks
                                                   GlaxoSmithKline Pharmaceuticals Pharmaceuticals
                                                                                                                       558.39
                                                                                                                       558.08
                                                                                                                                   1.31%
                                                                                                                                   1.31%
                                                                                                                                            Comparative performance
REDEMPTION                                   29    Petronet LNG                      Gas                               555.80      1.31%                                           COMPOUNDED ANNUALISED RETURN
PROCEEDS                                     30    KEC International                 Power                             553.48      1.30%             PERIOD
                                                                                                                                                                             DSPBRSMF (REGULAR PLAN)                  CNX MID CAP^
Normally within 3 Business Days              31    CEAT                              Auto Ancillaries                  547.00      1.29%
from acceptance of redemption                32    Allied Digital Services           Hardware                          491.30      1.16%     Last 6 months                              (36.89)%                         (40.45)%
request.                                           Shriram Transport Finance
                                             33                                      Finance                           488.52      1.15%     Last 1 year                                (53.05)%                         (54.06)%
                                                   Company
                                                                                                                                             Since Inception                            (18.64)%                         (16.64)%
FEATURES                                     34    Hindustan Zinc                    Non - Ferrous Metals              486.68      1.15%
• Minimum investment and minimum             35    United Spirits                    Consumer Non Durables             480.48      1.13%     NAV / Index Value (Jan 30)                Rs. 6.334                         3,357.35
  additional purchase                        36    ING Vysya Bank                    Banks                             478.09      1.13%     Date of allotment                                   14th Nov. 2006
  - Regular Plan (RP): Rs. 5,000/-
                                             37    Oriental Bank of Commerce Banks                                     458.58      1.08%
  and Rs. 1,000/- thereafter.                                                                                                               ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
  - Institutional Plan (IP): Rs. 5 crore     38    Jet Airways (India)               Transportation                    458.37      1.08%    calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for
    and Rs. 1,000/- thereafter.              39    HDFC Bank                         Banks                             448.84      1.06%    Growth Option, without considering entry load. DSPBRSMF, which is benchmarked
• Options available (for both plans):        40    Indraprastha Gas                  Gas                               431.20      1.02%    to the CNX Midcap Index, is not sponsored, endorsed, sold or promoted by India Index
  • Growth                                   41    Fresenius Kabi Oncology           Pharmaceuticals                   423.97      1.00%    Services & products Limited (IISL). IISL is not responsible for any errors or omissions
  • Dividend                                 42    IBN18 Broadcast                   Media & Entertainment             415.41      0.98%    or the results obtained from the use of such index and in no event shall IISL have
    - Payout Dividend - Reinvest Dividend                                                                                                   any liability to any party for any damages of whatsoever nature (including lost profits)
                                             43    Zuari Industries                  Fertilisers                       409.02      0.96%
• Entry load:                                44    ISMT                              Ferrous Metals                    392.50      0.92%    resulted to such party due to purchase or sale or otherwise of DSPBRSMF marked
  Regular Plan (For Regular &                                                                                                               to such index. Past performance may or may not be sustained in future and should
                                             45    NTPC                              Power                             391.39      0.92%
  SIP Purchase)                                                                                                                             not be used as a basis for comparison with other investments.
  For investments                            46    Tata Teleservices (Maharashtra)   Telecom - Services                369.33      0.87%
                                             47    Jagran Prakashan                  Media & Entertainment             367.85      0.87%
  < Rs. 5.0 crore: 2.25%
  For investments >= Rs 5.0 crore: Nil       48    UTV Software Communications       Media & Entertainment             355.78      0.84%    Sectoral Allocation
                                             49    Ballarpur Industries              Paper                             342.44      0.81%
Institutional Plan: Nil                                                                                                                        CONSUMER	NON	DURABLES	 20.38%                TELECOM	-	EQUIPMENT		
                                             50    Titagarh Wagons                   Industrial Capital Goods          324.12      0.76%
                                                                                                                                               PHARMACEUTICALS	          9.67%              &	ACCESSORIES	                    1.52%
• Exit load :                                51    Chennai Petroleum Corporation     Petroleum Products                323.89      0.76%       PETROLEUM	PRODUCTS	       8.08%              FERROUS	METALS	                   1.33%
  Regular Plan (For Regular &                52    Navin Fluorine International Chemicals                              312.47      0.74%       BANKS	                    5.85%              AUTO	ANCILLARIES	                 1.29%
  SIP Purchase)                              53    State Bank of India               Banks                             304.96      0.72%       MEDIA	&	ENTERTAINMENT	    4.85%              TELECOM	-	SERVICES	               1.17%
  For holding period:                        54    Bajaj Auto Finance                Finance                           301.63      0.71%       POWER	                    3.96%              HARDWARE	                         1.16%
  < 6 months: 1%                                                                                                                               FINANCE	                  3.92%              NON	-	FERROUS	METALS	             1.15%
                                             55    Glenmark Pharmaceuticals Pharmaceuticals                            274.50      0.65%       FERTILISERS	              2.85%              TRANSPORTATION	                   1.08%
  >= 6 months but < 12 months: 0.50%
  >= 12 months: Nil                          56    B. L. Kashyap and Sons            Construction                      260.28      0.61%       GAS	                      2.74%              CONSTRUCTION	                     0.95%
                                             57    HDFC                              Finance                           253.94      0.60%       OIL	                      2.57%              PAPER	                            0.81%
Institutional Plan: Nil                      58    PVR                               Media & Entertainment             242.52      0.57%       INDUSTRIAL	CAPITAL	GOODS	 2.31%              CHEMICALS	                        0.74%
                                                                                                                                               HEALTHCARE	SERVICES	      1.92%              INDUSTRIAL	PRODUCTS	              0.49%
                                             59    Axis Bank                         Banks                             233.21      0.55%
                                                                                                                                               PESTICIDES	               1.86%              DIVERSIFIED	                      0.26%
                                             60    Kirloskar Brothers                Industrial Products               206.38      0.49%       RETAILING	                1.77%              DERIVATIVES	                      0.28%
NAV AS ON                                    61    Tata Steel                        Ferrous Metals                    174.05      0.41%       CEMENT	                   1.73%              DEBT	                             7.06%
January 30, 2009                             62    Gujarat Fluorochemicals           Gas                               173.53      0.41%       SOFTWARE	                 1.73%              CASH	&	CASH	EQUIVALENT	           4.52%
                                             63    Jaiprakash Associates             Construction                      143.51      0.34%
Regular Plan
                                             64    Tata Coffee                       Consumer Non Durables             139.67      0.33%
Growth - Rs. 6.334
Dividend - Rs. 6.334



            20
DSP BlackRock Tax Saver Fund
Portfolio                                                                                                                                                                                FUND MANAGER
                                                                                                                                                                                         Anup Maheshwari
 Sr.                                                             Market value % to Net      66    Gujarat Fluorochemicals          Gas                                84.54      0.25%   Managing this scheme since
       Name of Instrument              Industry                                                                                                                                          2 years and 1 month & total work
 No.                                                             (Rs. In lakhs) Assets      67    Time Technoplast                 Industrial Products                78.51      0.23%   experience of 14 years.
                                                                                            68    Godawari Power And Ispat         Ferrous Metals                     76.06      0.22%
       EQUITY & EQUITY RELATED                                                              69    Saregama India                   Media & Entertainment              70.80      0.21%
        Listed / awaiting listing on the stock exchanges                                    70    Asahi Songwon Colors             Chemicals                          68.59      0.20%   INVESTMENT OBJECTIVE
 1     Reliance Industries               Petroleum Products          1,993.16    5.81%      71    Sujana Towers                    Engineering                        59.87      0.17%   An Open ended equity linked savings
 2     Hindustan Unilever                Diversified                 1,724.07    5.03%      72    Arshiya International            Transportation                     49.08      0.14%   scheme, whose primary investment
 3     State Bank of India               Banks                       1,583.05    4.62%      73    Country Club India               Hotels                             40.32      0.12%   objective is to seek to generate
 4     Oil & Natural Gas Corpn           Oil                         1,030.40    3.01%      74    ABG Shipyard                     Industrial Capital Goods           38.60      0.11%   medium to long-term capital
 5     Piramal Healthcare                Pharmaceuticals               954.82    2.79%      75    Ashapura Minechem                Minerals / Mining                  33.44      0.10%   appreciation from a diversified
 6     HDFC Bank                         Banks                         900.55    2.63%      76    India Glycols                    Chemicals                          33.09      0.10%   portfolio that is substantially
                                                                                                  GlaxoSmithKline                                                                        constituted of equity and equity
 7     Infosys Technologies              Software                      698.48    2.04%
                                                                                            77                                     Consumer Non Durables              26.28      0.08%   related securities of corporates,
 8     Britannia Industries              Consumer Non Durables         695.32    2.03%            Consumer Healthcare
                                                                                                                                                                                         and to enable investors avail of a
 9     Godrej Consumer Products Consumer Non Durables                  659.10    1.92%      78    New Delhi Television             Media & Entertainment              25.66     0.07%
                                                                                                                                                                                         deduction from total income, as
       Hindustan Petroleum                                                                  79    Kirloskar Electric Company       Industrial Capital Goods           21.89     0.06%
 10                                      Petroleum Products            640.76    1.87%                                                                                                   permitted under the Income Tax
       Corporation                                                                          80    Renaissance Jewellery            Consumer Non Durables              17.44     0.05%
                                                                                                                                                                                         Act,1961 from time to time.
 11    HCL Technologies                  Software                      584.75    1.71%      81    Zydus Wellness                   Diversified                        14.88     0.04%
 12    ITC                               Consumer Non Durables         561.32    1.64%      82    Renaissance Jewellery Warrant    Consumer Non Durables               0.63     0.00%
 13    IVRCL Infrastructures & Projects Construction                   532.67    1.55%            Total                                                           26,413.74    77.01%
                                                                                                                                                                                         ASSET ALLOCATION
 14    ING Vysya Bank                    Banks                         521.80    1.52%                                                                                                   Equity and equity related securities:
 15    Sterlite Industries ( India )     Non - Ferrous Metals          503.06    1.47%          CBLO / Reverse Repo Investments                        7,798.40 22.75%                   80% to 100%
 16    United Spirits                    Consumer Non Durables         474.72    1.38%          Total                                                  7,798.40 22.75%
 17    NTPC                              Power                         457.06    1.33%                                                                                                   Of above, investments in ADRs,
 18    Bharti Airtel                     Telecom - Services            450.10    1.31%          Cash & Cash Equivalent                                                                   GDRs and foreign equity securities:
 19    Nestle India                      Consumer Non Durables         444.94    1.30%          Net Receivables/Payables                                  66.16    0.24%                 0% to 20%
 20    Allied Digital Services           Hardware                      442.36    1.29%          Total                                                     66.16   0.24%
 21    Jindal Steel & Power              Ferrous Metals                432.06    1.26%          Grand Total                                           34,278.30 100.00%                  Debt, securitised debt* and money
 22    Sun Pharmaceuticals Industries Pharmaceuticals                  416.46    1.21% Note: 1. Portfolio Turnover Ratio (February 2008 to January 2009): 2.44 times 2.                  market securities: 0% to 20%
 23    Hero Honda Motors                 Auto                          407.49    1.19% Total Expense Ratio (April 01, 2008 to January 31, 2009): 2.29% Since Inception: 1.
 24    Shree Renuka Sugars               Consumer Non Durables         381.60    1.11% Standard Deviation: 30.94% 2. Beta: 0.82 3. R-Squared: 91.69% 4. Sharpe Ratio:                    * Exposure to securitised debt will
       Shriram Transport Finance                                                                                                                                                         not exceed 10% of the net assets of
 25                                      Finance                       376.30    1.10% (0.64)                                                                                            the Scheme.
       Company
 26
 27
       Dr. Reddy’s Laboratories
       ICICI Bank
                                         Pharmaceuticals
                                         Banks
                                                                       371.39
                                                                       361.91
                                                                                 1.08%
                                                                                 1.06%
                                                                                         Comparative performance
 28    Rural Electrification Corporation Finance                       353.25    1.03%                                            COMPOUNDED ANNUALISED RETURN                           REDEMPTION
                                                                                                  PERIOD
 29    HDFC                              Finance                       338.30    0.99%                                            DSPBRTSF                        S&P CNX 500^           PROCEEDS
 30    Ranbaxy Laboratories              Pharmaceuticals               325.34    0.95%                                                                                                   Normally within 3 Business Days
                                                                                          Last 6 months                           (35.39)%                          (37.32)%
 31    Indian Overseas Bank              Banks                         304.50    0.89%                                                                                                   from acceptance of redemption
 32    J.Kumar Infraprojects             Construction                  273.93    0.80%    Last 1 year                             (50.06)%                          (49.21)%             request (subject to completion of
 33    Larsen & Toubro                   Diversified                   265.35    0.77%    Since Inception                         (12.14)%                          (19.27)%             the 3 year Lock-in Period).
       Dishman Pharmaceuticals                                                           NAV / Index Value (Jan 30)               Rs. 7.683                         2,209.05
 34                                      Pharmaceuticals               261.45    0.76%
       and Chemicals                                                                      Date of allotment                                      18th Jan. 2007
 35    Nagarjuna Construction Co.        Construction                  255.20    0.74%                                                                                                   FEATURES
 36    Bharat Petroleum Corpn.           Petroleum Products            254.77    0.74%   ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are                • Repurchase of Units only after
 37    Cairn India                       Oil                           251.47    0.73%   calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are for         completion of 3 year lock-in period
 38    Cipla                             Pharmaceuticals               250.57    0.73%   Growth Option, without considering entry load. DSPBRTSF, which is benchmarked                   • Minimum investment Rs. 500/-
 39    Century Textiles & Industries     Cement                        234.66    0.68%   to the S&P CNX 500 Index, is not sponsored, endorsed, sold or promoted by India                 • Minimum additional purchase
 40    Biocon                            Pharmaceuticals               208.65    0.61%   Index Services & products Limited (IISL). IISL is not responsible for any errors or               Rs. 500/-
                                                                                         omissions or the results obtained from the use of such index and in no event shall              • Options available:
 41    Divi’s Laboratories               Pharmaceuticals               202.80    0.59%
                                                                                         IISL have any liability to any party for any damages of whatsoever nature (including              • Growth
 42    Lloyd Electric & Engineering      Consumer Durables             193.25    0.56%
                                                                                         lost profits) resulted to such party due to purchase or sale or otherwise of DSPBRTSF             • Dividend
 43    Mount Everest Mineral Water       Consumer Non Durables         191.46    0.56%                                                                                                       - Payout Dividend
                                                                                         marked to such index. Past performance may or may not be sustained in future
 44    Cadila Healthcare                 Pharmaceuticals               185.63    0.54%                                                                                                       - Reinvest Dividend
                                                                                         and should not be used as a basis for comparison with other investments.
       Gujarat State Fertilizers &
 45                                      Fertilisers                   173.75    0.51%
       Chemicals
 46    Arvind                            Textile Products              173.16    0.51%   Sectoral Allocation                                                                             • Entry load:
                                                                                                                                                                                           For investments
 47    Blue Star                         Consumer Durables             168.09    0.49%
 48    Deep Industries                   Gas                           159.27    0.46%      BANKS	                            10.72%       MEDIA	&	ENTERTAINMENT	     1.07%                < Rs. 5.0 crore: 2.25%
       Procter & Gamble Hygiene Consumer Non                                                CONSUMER	NON	DURABLES	            10.52%       CONSUMER	DURABLES	         1.05%                For investments >= Rs 5.0 crore: Nil
 49                                                                    155.00    0.45%      PHARMACEUTICALS	                   9.97%       TEXTILE	PRODUCTS	          0.87%              • Exit load: N.A.
       and Health Care                   Durables
 50    Prithvi Information Solutions     Software                      144.43    0.42%      PETROLEUM	PRODUCTS	                8.42%       FERTILISERS	               0.78%
 51    IBN18 Broadcast                   Media & Entertainment         143.52    0.42%      DIVERSIFIED	                       5.84%       GAS	                       0.71%
                                                                                            SOFTWARE	                          5.03%       CEMENT	                    0.68%
 52    Max India                         Industrial Products           137.77    0.40%
 53    United Phosphorous                Pesticides                    133.41    0.39%
                                                                                            OIL	                               3.74%       INDUSTRIAL	PRODUCTS	       0.63%              NAV AS ON
                                                                                            CONSTRUCTION	                      3.43%       PESTICIDES	                0.39%
 54    Zee News                          Media & Entertainment         127.98    0.37%      FINANCE	                           3.12%       CHEMICALS	                 0.30%              January 30, 2009
 55    Steel Authority of India          Ferrous Metals                124.58    0.36%      FERROUS	METALS	                    2.17%       INDUSTRIAL	CAPITAL	GOODS	 0.17%
 56    Aditya Birla Nuvo                 Textile Products              122.85    0.36%      POWER	                             1.61%       ENGINEERING	               0.17%              Growth - Rs. 7.683
 57    Jubilant Organosys                Pharmaceuticals               122.24    0.36%      NON	-	FERROUS	METALS	              1.47%       TRANSPORTATION	            0.14%              Dividend - Rs. 5.721
 58    Piramal Life Sciences             Pharmaceuticals               120.58    0.35%      TELECOM	-	SERVICES	                1.31%       HOTELS	                    0.12%
 59    B. L. Kashyap and Sons            Construction                  117.86    0.34%      HARDWARE	                          1.29%       MINERALS	/	MINING	         0.10%
 60    Adhunik Metaliks                  Ferrous Metals                114.46    0.33%      AUTO	                              1.19%       CASH	&	CASH	EQUIVALENT	   22.99%
 61    Tata Consultancy Services Software                              104.63    0.31%
 62    Tanla Solutions                   Software                      103.85    0.30%
 63    Indo Tech Transformers            Power                          96.51    0.28%
 64    Tata Chemicals                    Fertilisers                    92.89    0.27%
 65    Geodesic Information Systems      Software                       86.95    0.25%



                                                                                                                                                                                                              21
                                        DSP BlackRock Micro Cap Fund
FUND MANAGER
Apoorva Shah
                                        Portfolio
Managing this scheme since 9
months & total work experience of                                                                      Market                  41     Taj GVK Hotels & Resorts          Hotels                          64.85       0.45%
                                         Sr.                                                                      % to Net
21 years.                                      Name of Instrument             Industry              value (Rs. In              42     Gujarat Industries Power Co       Power                           48.53       0.34%
                                         No.                                                                      Assets
                                                                                                       lakhs)
                                                                                                                                                                        Consumer Non
& Aniruddha Naha                                                                                                               43     VIP Industries                                                    46.02       0.32%
Managing this scheme since 9                                                                                                                                            Durables
months & total work experience                 EQUITY & EQUITY RELATED                                                         44     Pratibha Industries               Construction                    35.30       0.24%
of 8 years.                                    Listed / awaiting listing on the stock exchanges                                       Total                                                         10,857.44      75.15%
                                         1     Orient Paper & Industries      Cement                     617.93     4.28%
INVESTMENT OBJECTIVE                                                          Consumer Non                                            DERIVATIVES
A close ended diversified equity         2     TTK Prestige                                              574.74     3.98%
                                                                              Durables
growth scheme for a period of 3                                                                                                       Jaiprakash Associates Feb
                                         3     Aptech                         Software                   510.98     3.54%      45                                       Construction                   306.61       2.12%
years from the date of allotment                                                                                                      2009
seeking to generate long term                                                 Telecom - Equipment                                     Chambal Fertilizers &
                                         4     MIC Electronics                                           485.52     3.36%      46                                       Fertilisers                    179.37       1.24%
capital appreciation from a portfolio                                         & Accessories                                           Chemicals Feb 2009
that is substantially constituted of                                          Consumer Non
equity and equity related securities,    5     Bata India                                                459.38     3.18%      47     State Bank of India Feb 2009      Banks                          115.49       0.80%
                                                                              Durables
which are not part of the top 300                                                                                                     Total                                                           601.47        4.16%
companies by market capitalisation.            Procter & Gamble Hygiene       Consumer Non
                                         6                                                               457.74     3.17%
From time to time, the Investment              and Health Care                Durables
Manager will also seek participation                                          Industrial Capital                                      Fixed Deposit
in other equity and equity related       7     TRF                                                       415.45     2.88%
                                                                              Goods                                            48     Bank of Baroda                    Unrated                        500.00       3.46%
securities to achieve optimal
portfolio construction.                                                       Consumer Non                                            Total                                                           500.00        3.46%
                                         8     Emami                                                     407.50     2.82%
                                                                              Durables
                                               Nagarjuna Fertilizer &                                                                 CBLO / Reverse Repo Investments                                2,629.49      18.20%
ASSET ALLOCATION                         9
                                               Chemicals
                                                                              Fertilisers                406.25     2.81%
1 (a) Equity and equity related                                                                                                       Total                                                          2,629.49      18.20%
                                         10    Allied Digital Services        Hardware                   380.39     2.63%
securities which are not part of
the top 300 stocks by market                                                  Industrial Capital
                                         11    Bilpower                                                  371.23     2.57%             Cash & Cash Equivalent
capitalization: 65% - 100%,                                                   Goods
1 (b) Equity and equity related                Kalindee Rail Nirman                                                                   Net Receivables/Payables                                        (141.44)     (0.97)%
securities which are in the top 300      12                                   Construction               366.60     2.54%
                                               (Engineers)                                                                            Total                                                          (141.44)      (0.97)%
stocks by market capitalization:
                                         13    Kennametal India               Ferrous Metals             359.11     2.49%             Grand Total                                                   14,446.96     100.00%
0% - 35%
of 1 (a) & (b) above, investments in     14    Torrent Pharmaceuticals        Pharmaceuticals            356.31     2.47% Note: 1.* Total Exposure to illiquid securities is 0.68% of the portfolio,i.e. Rs. 98.29
ADRs, GDRs and foreign securities:                                            Telecom - Equipment                         lakhs 2. @ Thinly traded/Non traded securities and illiquid securities as defined
                                         15    Sterlite Technologies                                     352.89     2.44% in SEBI Regulations and Guidelines. 3. Portfolio Turnover Ratio (February 2008
0% - 25%                                                                      & Accessories
2. Debt* and Money Market                                                                                                 to January 2009): 3.82 times 4. Total Expense Ratio (April 01, 2008 to January 31,
                                         16    NIIT                           Software                   349.18     2.42%
Securities: 0% - 35%                                                                                                      2009): RP: 2.32% 5. Classification of % of holdings based on Market Capitalisation:
*Debt Instruments may include            17    KCP                            Cement                     341.35     2.36% Large-Cap 4.43% Mid-Cap 4.75%, Small-Cap 9.70%, Micro-Cap 66.57%
securitised debts up to 10% of the       18    Dena Bank                      Banks                      322.25     2.23%
net assets of the Scheme.                19    Gayatri Projects               Construction               305.42     2.11%
                                         20    J.Kumar Infraprojects          Construction               233.59     1.62%
                                                                                                                             Comparative performance
REDEMPTION                               21    Dwarikesh Sugar Industries
                                                                              Consumer Non
                                                                                                         174.10     1.21%                                            COMPOUNDED ANNUALISED RETURN
PROCEEDS                                                                      Durables
                                                                                                                                     PERIOD
Normally within 10 Business Days               Transformers And Rectifiers    Industrial Capital                                                            DSPBRMCF - REGULAR                  BSE SMALL CAP^
                                         22                                                              172.33     1.19%
from acceptance of redemption                  (India)                        Goods
                                                                                                                             Last 6 months                           (45.16)%                         (52.29)%
request during the specified                                                  Consumer Non
                                         23    United Spirits                                            172.09     1.19%    Last 1 year                             (61.32)%                         (67.70)%
redemption period.                                                            Durables
                                         24    Esab India                     Industrial Products        170.37     1.18%    Since Inception                         (34.84)%                         (38.66)%
                                                                              Industrial Capital                             NAV / Index Value (Jan 28)           Rs. 4.980                           3,304.98
FEATURES                                 25    Elecon Engineering Co
                                                                              Goods
                                                                                                         169.20     1.17%
• Minimum investment and minimum                                                                                             Date of allotment                                    14th June, 2007
  additional purchase                    26    KEC International              Power                      160.70     1.11% ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are
  - Regular Plan (RP): Rs. 10,000/-
                                         27    Jyoti Structures               Power                      153.40     1.06% calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are
    and Rs. 1,000/- thereafter.
  - Institutional Plan (IP): Rs. 5                                            Consumer Non                                for Growth Option, without considering entry load. Past performance may or may
    crore and Rs. 5 lakh thereafter.     28    CCL Products (India)                                      139.33     0.96% not be sustained in future and should not be used as a basis for comparison with
                                                                              Durables
                                                                                                                          other investments.
• Options available (for both plans):    29    Salora International           Consumer Durables          138.05     0.96%
  • Growth                                                                    Industrial Capital
• Entry load: N.A.                       30    Eimco Elecon (India)                                      136.47     0.94%

                                         31    Ankur Drugs And Pharma
                                                                              Goods
                                                                              Pharmaceuticals            136.32     0.94%
                                                                                                                             Sectoral Allocation
• Exit load: (for both plans)
  Holding period <36 months: 0.50%                                            Industrial Capital                              CONSUMER	NON	DURABLES	             16.83%     POWER	                                2.51%
  Holding period >=36 months: Nil        32    Texmaco                                                   128.51     0.89%     INDUSTRIAL	CAPITAL	GOODS	          10.51%     BANKS	                                2.23%
                                                                              Goods
                                                                              Industrial Capital                              CEMENT	                             7.17%     INDUSTRIAL	PRODUCTS	                  2.02%
                                         33    Bharat Earth Movers                                       125.11     0.87%     CONSTRUCTION	                       7.13%     TRANSPORTATION	                       1.10%
NAV AS ON                                                                     Goods
                                                                                                                              SOFTWARE	                           5.96%     CONSUMER	DURABLES	                    0.96%
                                         34    Graphite India                 Industrial Products        122.01     0.84%
January 28, 2009                                                                                                              TELECOM	-	EQUIPMENT		                         CHEMICALS	                            0.46%
                                         35    Modison Metals * @             Ferrous Metals              98.29     0.68%     &	ACCESSORIES	                      5.80%     HOTELS	                               0.45%
Regular Plan
                                         36    Jet Airways (India)            Transportation              90.09     0.62%     PHARMACEUTICALS	                    3.41%     DERIVATIVES	                          4.16%
Growth - Rs. 4.980
                                         37    Tantia Constructions           Construction                89.64     0.62%     FERROUS	METALS	                     3.17%     DEBT	                                 3.46%
                                         38    Hyderabad Industries           Cement                      77.02     0.53%     FERTILISERS	                        2.81%     CASH	&	CASH	EQUIVALENT	              17.23%
                                                                                                                              HARDWARE	                           2.63%
                                         39    Mercator Lines                 Transportation              69.00     0.48%
                                               Gujarat Alkalies and
                                         40                                   Chemicals                   66.90     0.46%
                                               Chemicals



           22
DSP BlackRock World Gold Fund
INVESTMENT OBJECTIVE                                                                       Comparative performance                                                              FUND MANAGER
An open ended Fund of Funds scheme seeking to generate capital                                                                                                                  Aditya Merchant
appreciation by investing predominantly in units of BGF-WGF. The                                                                COMPOUNDED ANNUALISED RETURN                    - Dedicated Fund Manager
Scheme may, at the discretion of the Investment Manager, also invest                               PERIOD                                                                       Managing the overseas investments
in the units of other similar overseas mutual fund schemes, which may                                                   DSPBRWGF (REGULAR PLAN) FTSE GOLD MINES (CAP)^          of the scheme since 9 months &
constitute a significant part of its corpus.                                                                                                                                    total work experience of 4 years.
                                                                                           Last 6 months                        (16.29)%                          (4.17)%
                                                                                           Last 1 Year                          (23.34)%                          (12.53)%

Portfolio                                                                                  Since Inception                       5.29%                             7.05%
                                                                                           NAV / Index Value (Jan 30)          Rs. 10.7374                    114,501.39
                                                                  Market                   Date of allotment                               14th September, 2007
                                                                                                                                                                                ASSET ALLOCATION
 Sr.                                                                           % to Net                                                                                         Units of BGF – WGF or other similar
        Name of Instrument                  Industry           value (Rs. In
 No.                                                                           Assets   ^Benchmark. Returns < 1 year are absolute returns. “Since inception” returns are        overseas mutual fund scheme(s):
                                                                  lakhs)
                                                                                        calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are   90% to 100%; Money market
                                                                                        for Growth Option, without considering entry load. Past performance may or may          securities and/or units of money
        Investment in Foreign Securities                                                                                                                                        market/liquid schemes of DSP
                                                                                        not be sustained in future and should not be used as a basis for comparison with        BlackRock Mutual Fund: 0% to 10%.
       BlackRock Global Funds - World
  1                                         Foreign Security     165,490.46      98.55% other investments.
       Gold Fund (Class A USD Shares) *
       Total                                                    165,490.46      98.55%


       Investment in units of Mutual Fund                                                                                                                                       REDEMPTION
  2    DSP BlackRock Cash Plus Fund         Mutual Funds            2,734.51      1.63%                                                                                         PROCEEDS
                                                                                                                                                                                Normally within 5 Business Days
       Total                                                       2,734.51       1.63%
                                                                                                                                                                                from acceptance of redemption
                                                                                                                                                                                request
       CBLO / Reverse Repo Investments                               799.86       0.48%
       Total                                                         799.86       0.48%


       Cash & Cash Equivalent                                                                                                                                                   FEATURES
       Net Receivables/Payables                                   (1,097.36)     (0.66)%                                                                                        • Minimum investment and minimum
                                                                                                                                                                                  additional purchase
       Total                                                      (1,097.36)    (0.66)%
       Grand Total                                              167,927.47     100.00%
                                                                                                                                                                                  -   Regular Plan (RP): Rs. 5,000/- and
                                                                                                                                                                                      Rs. 1,000/- thereafter.
Notes: 1. *Fund domiciled in Luxembourg 2. Total value and percentage of illiquid                                                                                                 -   Institutional Plan (IP): Rs. 5 crore
equity shares - N.A. 3. Total investments in foreign securities as on January 31,                                                                                                     and Rs. 1,000/- thereafter.
2009 - Rs. 165,490.46 lakhs 4. Total Expense Ratio (April 01, 2008 to January 31,                                                                                               • Options available: (for both plans):
2009): RP: 0.71%.
                                                                                                                                                                                • Growth
Investors in DSPBRWGF shall bear the recurring expenses of the Scheme in                                                                                                        • Dividend
addition to the expenses of the underlying scheme(s) in which the Scheme will make                                                                                                - Payout Dividend

investment.                                                                                                                                                                       - Reinvest Dividend

                                                                                                                                                                                • Entry load:
                                                                                                                                                                                  Regular Plan (For Regular &
                                                                                                                                                                                  SIP Purchase)
                                                                                                                                                                                  For investments
                                                                                                                                                                                  < Rs. 5.0 crore: 2.25%
                                                                                                                                                                                  For investments >= Rs 5.0 crore: Nil

                                                                                                                                                                                Institutional Plan: Nil

                                                                                                                                                                                • Exit load :
                                                                                                                                                                                  Regular Plan (For Regular &
                                                                                                                                                                                  SIP Purchase)
                                                                                                                                                                                  For holding period:
                                                                                                                                                                                  < 6 months: 1%
                                                                                                                                                                                  >= 6 months but < 12 months: 0.50%
                                                                                                                                                                                  >= 12 months: Nil

                                                                                                                                                                                Institutional Plan: Nil



                                                                                                                                                                                NAV AS ON
                                                                                                                                                                                January 30, 2009
                                                                                                                                                                                Growth - Rs. 10.7374
                                                                                                                                                                                Dividend - Rs. 10.7374




                                                                                                                                                                                                       23
                                              DSP BlackRock Natural Resources and New Energy Fund
FUND MANAGER
Anup Maheshwari
                                              Portfolio
Managing this scheme since inception &
total work experience of 14 years.            Sr.                                                                   Market value      % to Net     38    Hindalco Industries Feb 2009              Non - Ferrous Metals             (336.83)      (1.90)%
                                                  Name of Instrument                     Industry
Aditya Merchant                               No.                                                                   (Rs. In lakhs)    Assets
- Dedicated Fund Manager                                                                                                                           39    Sterlite Industries ( India ) Feb 2009    Non - Ferrous Metals             (732.34)      (4.13)%
Managing the overseas investments of
the scheme since 7 months & total work                                                                                                                   Total                                                                     (936.30)      (5.28)%
experience of 4 years.                              EQUITY & EQUITY RELATED

                                                    Listed / awaiting listing on the stock exchanges
INVESTMENT OBJECTIVE                                                                                                                                     Investment Funds/Mutual Funds
An Open ended equity growth Scheme             1    Reliance Industries                  Petroleum Products               1,535.97       8.67%
seeking to generate long term capital                                                                                                                    BlackRock Global Funds
appreciation and provide long term growth                                                                                                          40                                              Foreign Security                  760.11        4.29%
opportunities by investing in equity and       2    Castrol India                        Petroleum Products               1,459.81       8.24%           - World Energy Fund *
equity related securities of companies
domiciled in India whose pre-dominant          3    Sterlite Industries ( India )        Non - Ferrous Metals             1,256.54       7.09%           Total                                                                      760.11        4.29%
economic activity is in the: (a) discovery,
development, production, or distribution
of natural resources, viz., energy, mining     4    Indian Oil Corporation               Petroleum Products               1,153.71       6.51%
etc; (b) alternative energy and energy
technology sectors, with emphasis given        5    Jindal Steel & Power                 Ferrous Metals                     865.70       4.89%           Fixed Deposit
to renewable energy, automotive and
on-site power generation, energy storage
and enabling energy technologies. The          6    Bharat Petroleum Corpn.              Petroleum Products                 732.31       4.13%     41    Bank of Baroda                            Unrated                         1,000.00        5.65%
Scheme will also invest a certain portion
of its corpus in the equity and equity         7    Steel Authority of India             Ferrous Metals                     679.13       3.83%           Total                                                                     1,000.00       5.65%
related securities of companies domiciled
overseas, which are principally engaged
in the discovery, development, production      8    Cairn India                          Oil                                568.58       3.21%
or distribution of natural resources and
alternative energy and/or the units/shares     9    Oil & Natural Gas Corpn              Oil                                563.88       3.18%           CBLO / Reverse Repo Investments                                           1,299.77        7.34%
of BlackRock Global Funds – New Energy
Fund, BlackRock Global Funds – World
Energy Fund and similar other overseas         10   Shree Renuka Sugars                  Consumer Non Durables              541.76       3.06%           Total                                                                     1,299.77       7.34%
mutual fund schemes.
                                               11   Hindustan Petroleum Corporation      Petroleum Products                 487.35       2.75%
ASSET ALLOCATION                               12   Hindalco Industries                  Non - Ferrous Metals               400.39       2.26%           Cash & Cash Equivalent
1. Equity and Equity related Securities
of companies domiciled in India, and           13   Chambal Fertilizers & Chemicals      Fertilisers                        387.43       2.19%
principally engaged in the discovery,                                                                                                                    Net Receivables/Payables                                                  1,704.09        9.63%
development, production or distribution        14   GAIL (India)                         Gas                                380.19       2.15%
of Natural Resources and Alternative                                                                                                                     Total                                                                     1,704.09       9.63%
Energy: 65% - 100%, 2. (a) Equity and          15   Neyveli Lignite Corporation          Power                              308.02       1.74%
Equity related Securities of companies                                                                                                                   Grand Total                                                              17,711.99     100.00%
domiciled overseas, and principally
engaged in the discovery, development,         16   Bharat Earth Movers                  Industrial Capital Goods           274.39       1.55% Notes: 1. *Fund domiciled in Luxembourg 2. Total NPA provided for and its
production or distribution of Natural                                                                                                          percentage to NAV - Nil; Total value and percentage of illiquid equity shares - N.A.
Resources and Alternative Energy (b)           17   United Phosphorous                   Pesticides                         268.95       1.52%
                                                                                                                                               3. Total investments in foreign securities as on January 31, 2009 - Rs. 760.11
Units/Shares of (i) BGF – New Energy
Fund (ii) BGF – World Energy Fund and          18   Praj Industries                      Industrial Capital Goods           249.35       1.41% lakhs 4. Portfolio Turnover Ratio (February 2008 to January 2009): 4.10 times
(iii) Similar other overseas mutual fund                                                                                                       5. Total Expense Ratio (April 01, 2008 to January 31, 2009): IP: 0.96% RP: 1.85%.
schemes: 0% - 35% 3. Debt and Money            19   Gujarat Fluorochemicals              Gas                                202.29       1.14%
Market Securities: 0% - 20%                                                                                                                    Investors in DSPBRNRNEF shall bear the proportionate recurring expenses of
                                               20   Tata Chemicals                       Fertilisers                        189.21       1.07%
                                                                                                                                               underlying schemes in addition to the expenses of the Scheme.
REDEMPTION                                     21   Tata Steel                           Ferrous Metals                     185.79       1.05%
PROCEEDS                                       22   Gujarat State Fertilizers & Chemicals Fertilisers                       174.80       0.99%    Comparative performance
Normally within 3 Business Days from
acceptance of redemption request.                   Gujarat Mineral Development
                                               23                                        Minerals / Mining                  152.40       0.86%                                                                ABSOLUTE RETURN
                                                    Corporation
FEATURES                                       24   Mcleod Russel India
                                                                                         Consumer Non
                                                                                                                            145.56       0.82%
                                                                                                                                                          PERIOD                              DSPBRNRNEF                           COMPOSITE
• Minimum investment and minimum                                                         Durables                                                                                           - REGULAR PLAN                        BENCHMARK^
   additional purchase
    - Regular Plan: Rs. 5,000/-                25   Nagarjuna Fertilizer & Chemicals     Fertilisers                        143.97       0.81%    Last 6 months                                   (31.36)%                          (39.27)%
      and Rs. 1000/- thereafter.               26   Adhunik Metaliks                     Ferrous Metals                     121.88       0.69%    Since Inception                                 (33.66)%                          (46.77)%
    - Institutional Plan: Rs. 5 crore
                                                                                                                                                  NAV / Index Value (Jan 30)                      Rs. 6.634                          53.23
      and Rs. 1000/- thereafter.               27   Tata Power Co.                       Power                              115.24       0.65%
• Options available:                                                                                                                              Date of allotment                                            25th April, 2008
• Growth                                       28   Gujarat NRE Coke                     Minerals / Mining                  108.03       0.61%
                                                                                                                                               ^Composite Benchmark = 30% BSE Metals + 35% BSE Oil & Gas + 35% MSCI World
• Dividend
   - Payout Dividend                           29   Deep Industries                      Gas                                 76.77       0.43% Energy Index (Net & Expressed in INR; Normalised Values) “Since inception” returns
  - Reinvest Dividend                                                                                                                          are calculated on Rs. 10/- invested at inception, viz. date of allotment. All returns are
                                               30   Balrampur Chini Mills                Consumer Non Durables               59.90       0.34% for Growth Option, without considering entry load. Past performance may or may
• Entry load:
                                                    Shiv-Vani Oil & Gas Exploration                                                            not be sustained in future and should not be used as a basis for comparison with
Regular Plan: (For Regular & SIP Purchase)     31                                   Oil                                      51.80       0.29% other investments.
  For investments < Rs 5.0 crore : 2.25%            Services
  For investments >= Rs 5.0 crore : Nil
                                               32   Reliance Natural Resources           Gas                                 43.22       0.24%
Institutional Plan: Nil                                                                                                                           Sectoral Allocation
• Exit load:                                        Total                                                               13,884.32       78.37%
Regular Plan: (For Regular & SIP Purchase)                                                                                                         CONSUMER	NON	DURABLES	                      4.22%      OIL	                                   6.68%
   For holding period: < 6 months: 1%                                                                                                              FERROUS	METALS	                            10.46%      PESTICIDES	                            1.52%
   >= 6 months but < 12 months: 0.50%                                                                                                              FERTILISERS	                                5.06%      PETROLEUM	PRODUCTS	                  30.30%
   >= 12 months: Nil                                DERIVATIVES
                                                                                                                                                   FOREIGN	SECURITY	                           4.29%      POWER	                                 2.39%
Institutional Plan: Nil                        33   NIFTY Index Future Feb 2009          Index Future                       271.04       1.53%     GAS	                                        3.96%      DERIVATIVES	                         (5.28)%
                                               34   Cairn India Feb 2009                 Oil                                 90.83       0.51%     INDUSTRIAL	CAPITAL	GOODS	                   2.96%      DEBT	                                  5.65%
NAV AS ON                                                                                                                                          MINERALS	/	MINING	                          1.47%      CASH	&	CASH	EQUIVALENT	              16.97%
January 30, 2009                               35   Suzlon Energy Feb 2009               Industrial Capital Goods            78.21       0.44%     NON	-	FERROUS	METALS	                       9.35%
Regular Plan                                   36   Praj Industries Feb 2009             Industrial Capital Goods           (53.76)     (0.30)%
Growth - Rs. 6.634
Dividend - Rs. 6.634                           37   GAIL (India) Feb 2009                Gas                              (253.45)      (1.43)%

Institutional Plan
Growth - Rs. 6.685


            24
Dividend History*

                       DSPBRSPF - Conservative^                                                                                              DSPBRBalF ~
                                   Dividend per Unit (Rs.)                                                      Record Date                  Dividend per Unit (Rs.)                 NAV (Rs.)
    Record Date                                                           NAV (Rs.)
                                                                                                                12-Dec-08                             1.50                             15.544
                             Individuals/HUF                 Others
                                                                                                                21-Sept-07                            6.00                            27.1880
                               #
                           MIP (during the last 6 months)                                                       22-Aug-06                             4.00                             23.39
     28-Jan-09                     0.029782               0.027719         12.6430                              15-Dec-04                              2.5                             17.51
     26-Dec-08                     0.021899               0.020382         10.4646                               7-Oct-03                             1.15                             13.20
     26-Sep-08                     0.021899               0.020382         10.4722                              17-Mar-00                             1.40                              13.28*
                           QIP (during the last 12 months)                                            * The NAV is as of 16-Mar-00 on account of a holiday on the actual Record Date, i.e. 17-Mar-00.
     26-Dec-08                     0.020147               0.018751        10.6418
     26-Sep-08                     0.076207               0.070928        10.7112                                                              DSPBREF ~
     28-Dec-07                     0.087594               0.081526        12.7704
                                                                                                              Record Date                Dividend per Unit (Rs.)                    NAV (Rs.)
                          DSPBRSPF - Moderate^                                                                25-Jan-08                            7.00                              56.408
                                                                                                              25-Jan-07                            7.00                              47.722
                               Dividend per Unit (Rs.)                                                        19-Dec-05                            6.00                               37.29
    Record Date                                                         NAV (Rs.)                             14-Jun-05                            4.00                               30.58
                          Individuals/HUF            Others                                                   26-Mar-04                            4.00                               24.41
                                                                                                              19-Dec-03                            4.00                               28.28
                           MIP# (during the last 6 months)                                                    30-Jun-03                            0.80                               17.00
                                                                                                              17-Mar-00                            3.50                               32.24*
     28-Dec-07                0.078835              0.073374             11.1899                              18-Jun-99                            2.00                               18.36
     26-Oct-07                0.105113              0.097831             11.1561
    28-Sept-07                0.157670              0.146747             11.1476                      * The above NAV is as of 16-Mar-00 on account of a holiday on the actual Record Date, i.e. 17-Mar-00.
      27-Jul-07               0.052557              0.048916             10.9438
                           QIP (during the last 12 months)
                                                                                                                                             DSPBRTEF ~
     28-Dec-07                0.192708              0.179358             11.7404                               Record Date                 Dividend per Unit (Rs.)                   NAV (Rs.)
    28-Sept-07                0.157670              0.146747             11.5641
     27-Jun-07                0.280302              0.260884             11.5869                                23-May-08                              5.00                            23.8800
    28-Mar-07                 0.087700              0.081673             11.2614                                15-Jun-07                              5.00                             24.896
                                                                                                                10-Apr-06                              7.50                             27.43
     28-Dec-06                0.166630              0.155178             11.4355                                30-Nov-04                              2.25                             15.98
                                                                                                                10-Feb-04                              3.00                             17.41
                                                                                                                10-Nov-03                              3.00                             17.37
                          DSPBRSPF - Aggressive ^                                                               30-Jun-03                              0.80                             12.25
                                   Dividend per Unit (Rs.)
    Record Date                                                          NAV (Rs.)                                                           DSPBROF ~
                          Individuals/HUF              Others
                           MIP# (during the last 6 months)                                                     Record Date                   Dividend per Unit (Rs.)                   NAV (Rs.)

     28-Dec-07                0.065696                 0.061145           10.8312                               28-Mar-08                                 4.00                          29.4860
     26-Oct-07                0.122632                 0.114137           10.8180                               8-Mar-07                                  5.00                           28.219
                                                                                                                24-Jan-06                                 5.00                            27.60
    28-Sept-07                0.210227                 0.195663           10.8242                               23-Mar-05                                 2.5                             20.00
      27-Jul-07               0.087594                 0.081521           10.5838                               16-Jan-04                                 3.00                            18.80
                                                                                                                 7-Oct-03                                 1.3                             14.87
                           QIP (during the last 12 months)
     28-Dec-07                0.192708                 0.179358           11.5272                                                               DSPBRITF
    28-Sept-07                0.218986                 0.203815           11.3688
     27-Jun-07                0.350378                 0.326105           11.3683                              Record Date                   Dividend per Unit (Rs.)                   NAV (Rs.)
    28-Mar-07                 0.131550                 0.122509           10.9695
     28-Dec-06                0.175400                 0.163345           11.0929                                22-Feb-08                                5.00                           26.965
                                                                                                                 21-Mar-07                                4.50                           21.964
                                                                                                                 27-Feb-06                                4.50                            21.72
                                      DSPBRGF^                                                                   11-Apr-05                                1.50                            13.85

                               Dividend per Unit (Rs.)
    Record Date                                                         NAV (Rs.)                                                        DSPBRTSF ~
                          Individuals/HUF            Others
                                                                                                               Record Date                   Dividend per Unit (Rs.)                   NAV (Rs.)
             Monthly Dividend Option PLAN A (during the last 3 months)
                                                                                                                 29-Feb-08                                3.6                            14.755
     26-Dec-08                0.353006              0.328550             11.4586
     28-Nov-08                0.287310              0.267406             10.7172
     27-Oct-08                0.534326              0.497310             10.9225                                                              DSPBRTF ~
             Monthly Dividend Option PLAN B (during the last 3 months)
                                                                                                               Record Date                   Dividend per Unit (Rs.)                   NAV (Rs.)
     26-Dec-08                0.042483              0.039540             10.1383
     28-Nov-08                0.041607              0.038725             10.1222                                 04-Jan-08                              10.00                            37.138
     27-Oct-08                0.033724              0.031388             10.1140
                                                                                                                                                DSPBRSTF^
                                   DSPBRSBF^                                                                                              Dividend per Unit (Rs.)
                                                                                                           Record Date                                                                  NAV (Rs.)
                                Dividend per Unit (Rs.)                                                                            Individuals/HUF               Others
    Record Date                                                         NAV (Rs.)
                          Individuals/HUF            Others                                                              Monthly Dividend Option (during the last 3 months)
                  Monthly Dividend Option (during the last 3 months)                                        28-Jan-09                   0.060440                 0.056253                10.7995
      5-Jan-09                5.036680              4.687755           1,017.5590                           26-Dec-08                   0.052557                 0.048916                10.7008
      5-Dec-08                4.747619              4.418718           1,015.7393                           28-Nov-08                   0.067886                 0.063183                10.7016
      5-Nov-08                3.985547              3.709441           1,014.7031

^ Post declaration of the dividend, the NAV of the scheme will fall to the extent of the dividend pay out and distribution tax, surcharge and cess. ~ Post declaration of the dividend, the NAV
  of the scheme will fall to the extent of the dividend pay out. * For complete list of dividends, visit www.dspblackrock.com. # Monthly income is not assured and is subject to availability of
  distributable surplus.
                                                Summary: Key Features of the existing schemes

                                               GROWTH             DIVIDEND                MONTHLY DIVIDEND             QUARTERLY DIVIDEND             WEEKLY DIVIDEND           DAILY DIV
          FUND NAME             OPTION\PLAN                                                                                                                                                  PURCHASE             ENTRY LOAD#                                     EXIT LOAD
                                                                                                                                                                                REINVEST
                                                            PAYOUT       REINVEST       PAYOUT        REINVEST        PAYOUT       REINVEST        PAYOUT        REINVEST

 DSPBRLF,                            RP           ü                                                                                                                 ü              ü            5000                    Nil                  Nil
 DSPBRLPF                            IP                                                                                                                                                         5 cr                    Nil                  Nil
                                                  ü                                                                                                  ü              ü              ü
                                     RP           ü           ü              ü                                                                                      ü              ü            5000                    Nil                  Nil
 DSPBRFRF
                                     IP           ü           ü              ü                                                                        ü             ü              ü            5 cr                    Nil                  Nil
 DSPBRSTF                                         ü           ü              ü            ü              ü                                                          ü                           5000                    Nil                  Nil
                                                                                                                                                                                                                        Nil                  Investments >= Rs. 10 lakhs: Nil
                                                                                                                                                                                                                                             Investments < Rs. 10 lakhs :-
                                    RP*           ü           ü              ü                           ü                                                          ü                           5000
                                                                                                                                                                                                                                             Holding Period < 6 months: 0.50%
 DSPBRSBF                                                                                                                                                                                                                                    Holding Period >= 6 months: Nil
                                                                                                                                                                                                                                             Holding Period <=7 days: 0.10%
                                     IP           ü           ü              ü            ü              ü                                                          ü                           5 cr                    Nil
                                                                                                                                                                                                                                             Holding Period > 7 days: Nil
                                                                                                                                                                                                                                             Investments >= Rs. 50 lakhs: Nil
                                                                                                                                                                                                                                             Investments < Rs. 50 lakhs :-
 DSPBRBF*                                         ü           ü              ü            ü              ü                                                                                      5000                    Nil
                                                                                                                                                                                                                                             Holding Period < 12 months: 1%
                                                                                                                                                                                                                                             Holding Period >= 12 months: Nil
                                                                                                                                                                                                                                             Investments >= Rs. 50 lakhs: Nil
                                                                                                                                                                                                                                             Investments < Rs. 50 lakhs :-
                                   Plan A         ü           ü              ü            ü              ü                                                                                      5000                    Nil
 DSPBRGF*                                                                                                                                                                                                                                    Holding Period < 6 months: 1%
                                                                                                                                                                                                                                             Holding Period >= 6 months: Nil
                                   Plan B         ü           ü              ü            ü              ü                                                                                      5000                    Nil                  Nil

 DSPBRCPF                            RP           ü                                                                                                                 ü                           5000                    Nil                  Nil
                                     IP           ü                                                                                                                 ü              ü            5 cr                    Nil                  Nil
                                                                                                                                                                                                                                             Investments >= Rs. 50 lakhs: Nil
                                                                                                                                                                                                                                             Investments < Rs. 50 lakhs :-
 DSPBRSPF - CONSERVATIVE*                         ü                                       ü              ü              ü             ü                                                         5000                    Nil
                                                                                                                                                                                                                                             Holding Period < 12 months: 1%
                                                                                                                                                                                                                                             Holding Period >= 12 months: Nil
                                                                                                                                                                                                                                             Investments >= Rs. 5 Crs.: Nil
 DSPBRSPF - AGGRESSIVE* &                                                                                                                                                                                                                    Investments < Rs. 5 Crs. :-
                                                  ü                                       ü              ü              ü             ü                                                         5000                    Nil
 MODERATE*                                                                                                                                                                                                                                   Holding Period < 12 months: 1%
                                                                                                                                                                                                                                             Holding Period >= 12 months: Nil
                                                                                                                                                                                                                                             Holding Period < 6 months:1%
 DSPBRBalF*                                       ü           ü              ü                                                                                                                  5000                    Nil                  Holding Period >= 6 months but < 12 months: 0.5%
                                                                                                                                                                                                                                             Holding Period >=12 months: Nil
                                                                                                                                                                                                                                             Holding Period < 6 months:1%
                                                                                                                                                                                                          Investments < Rs. 5 Crs: 2.25%
 DSPBREF, DSPBRTEF, DSPBROF,        RP*           ü           ü              ü                                                                                                                  5000                                         Holding Period >= 6 months but < 12 months: 0.5%
                                                                                                                                                                                                           Investments > = Rs 5.0 cr: Nil
 DSPBRITF, DSPBRSMF, DSPBRTF                                                                                                                                                                                                                 Holding Period >=12 months: Nil
                                     IP           ü           ü              ü                                                                                                                  5 cr                    Nil                  Nil
                                                                                                                                                                                                                                             Holding Period < 6 months:1%
                                                                                                                                                                                                          Investments < Rs. 5 Crs: 2.25%
                                    RP*           ü           ü              ü                                                                                                                  5000                                         Holding Period >= 6 months but < 12 months: 0.5%
 DSPBRWGF                                                                                                                                                                                                 Investments >= to Rs 5.0 cr: Nil
                                                                                                                                                                                                                                             Holding Period >=12 months: Nil
                                     IP           ü           ü              ü                                                                                                                  5 cr                    Nil                  Nil
                                                                                                                                                                                                          Investments < Rs. 5 Crs: 2.25%     Holding Period < 6 months:1%
                                    RP*           ü           ü              ü                                                                                                                  5000      Investments >= to Rs 5.0 cr: Nil   Holding Period >= 6 months but < 12 months: 0.5%
 DSPBRNRNEF                                                                                                                                                                                                                                  Holding Period >=12 months: Nil
                                     IP           ü           ü              ü                                                                                                                  5 cr                    Nil                  Nil
                                                                                                                                                                                                 500      Investments < Rs. 5 Crs: 2.25%     N.A.
 DSPBRTSF^*                                       ü           ü              ü                                                                                                                            Investments >= to Rs 5.0 cr: Nil
                                     RP           ü                                                                                                                                             10000                  N.A.                  Holding Period < 36 months: 0.50%
 DSPBRMCF
                                     IP                                                                                                                                                         5 cr                   N.A.                  Holding Period >= 36 months: Nil
                                                  ü
For DSPBRSPF, please read Monthly Dividend as Monthly Income Payment and Quarterly Dividend as Quarterly Income Payment. #No Entry Load on direct investments. ^Redemptions in DSPBRTSF are subject to a lock-in period of 3 years from date of allotment. Minimum amount for SIP Rs.
1,000 with a minimum of 12 installments. In this document RP = Regular Plan and IP = Institutional Plan. All scheme features are as of January 30, 2009. *SIP available in these schemes only; STP/ SWP available in all schemes except for DSPBRMCF.

								
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