€¦ · Continuous Office of Units at NAV based prices Name of Mutual Fund : DSP BlackRock Mutual...

Continuous Office of Units at NAV based pricesName of Mutual Fund : DSP BlackRock Mutual FundName of Asset Management Company : DSP BlackRock Investment Managers Pvt. Ltd.Name of Trustee Company : DSP BlackRock Trustee Company Pvt. Ltd.Address of the entities : Mafatlal Centre, 10th Floor, Nariman Point, Mumbai - 400021Website : www.dspblackrock.com

The particulars of the Scheme have been prepared in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations 1996, (herein after referred to as SEBI (MF) Regulations) as amended till date, and filed with SEBI, along with a Due Diligence Certificate from the AMC. The units being offered for public subscription have not been approved or recommended by SEBI nor has SEBI certified the accuracy or adequacy of the Scheme Information Document. The Scheme Information Document sets forth concisely the information about the scheme that a prospective investor ought to know before investing. Before investing, investors should also ascertain about any further changes to this Scheme Information Document after the date of this Document from the Mutual Fund / Investor Service Centres / Website / Distributors or Brokers. The investors are advised to refer to the Statement of Additional Information (SAI) for details of DSP BlackRock Mutual Fund, Tax and Legal issues and general information on www.dspblackrock.com. SAI is incorporated by reference (is legally a part of the Scheme Information Document). For a free copy of the current SAI, please contact your nearest Investor Service Centre or log on to our website. The Scheme Information Document should be read in conjunction with the SAI and not in isolation.

This Scheme Information Document is dated -----------

SCHEME INFORMATION DOCUMENT

PRODUCT LABELINGJune 29, 2015

2

SCHEME PRODUCT SUITABILITY RISKOMETER

DSP BlackRock Equity Fund

This Scheme is suitable for investors who are seeking*

•Long-term capital growth•Investmentinequityandequity-relatedsecuritiestoformadiversifiedportfolio

DSP BlackRock Opportunities Fund


•Long-term capital growth•Investmentinequityandequity-relatedsecuritiestoformadiversifiedportfolio

DSP BlackRock Top 100 Equity Fund


•Long-term capital growth•Investment in equity and equity-related securities of large cap companies (top 100 companies by market

capitalization)

DSP BlackRock Small and Mid Cap Fund


•Long-term capital growth•Investment in equity and equity-related securities in companies beyond top 100 companies by market

capitalization

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


•Long-term capital growth•Investmentinequityandequity-relatedsecuritiesofcorporates,whichcouldbenefitfromstructuralchanges

brought about by continuing liberalization in economic policies by the Government and/or from continuing investments in infrastructure, both by the public and private sector

DSP BlackRock Technology.com Fund


•Long-term capital growth•Investment in equity and equity-related securities of companies in media, telecom and information technology

sectors

DSP BlackRock Micro Cap Fund


•Long-term capital growth•Investment in equity and equity-related securities in micro cap companies (beyond top 300 companies by market

capitalization)

DSP BlackRock Focus 25 Fund


•Long-term capital growth with exposure limited to a maximum of 25 stocks from an investment universe of top 200 companies by market capitalization

•Investment in equity and equity-related securities to form a concentrated portfolio

DSP BlackRock Natural Resources and New Energy Fund


•Long-term capital growth•Investment in equity and equity-related securities of natural resources companies in sectors like mining, energy,

etc. and companies involved in alternative energy and energy technology and also, investment in units of overseas funds which invest in such companies overseas

PRODUCT LABELLING: OPEN ENDED GROWTH SCHEMES

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW

Investors understand that theirprincipal will be at moderately high risk

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW

Investors understand that theirprincipal will be at high risk

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


MODERATE

MODERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


3


DSP BlackRock Tax Saver Fund


•Long-term capital growth with a three-year lock-in•Investmentinequityandequity-relatedsecuritiestoformadiversifiedportfolio

PRODUCT LABELLING: OPEN ENDED EQUITY LINKED SAVING SCHEME

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


PRODUCT LABELLING: OPEN ENDED INCOME SCHEMES


DSP BlackRock Bond Fund


•Income over a long-term investment horizon•Investment in money market and debt securities

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW

Investors understand that theirprincipal will be at moderate risk

DSP BlackRock Constant Maturity 10Y G-Sec Fund


•Income over a long-term investment horizon•Investment in Government Securities with weighted average maturity of around 10 years

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock Short Term Fund


•Income over a medium-term investment horizon•Investment in money market and debt securities

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock Income Opportunities Fund


•Income over a medium-term investment horizon•Investment in money market and debt securities

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock Strategic Bond Fund


•Income over a medium to long term investment horizon•Investment in actively managed portfolio of money market and debt securities

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock Money Manager Fund


•Income over a short-term investment horizon•Investment in money market and debt securities

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW

Investors understand that theirprincipal will be at moderately low risk

DSP BlackRock Government Securities Fund


•Income over a long-term investment horizon•Investment in Central government securities

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock Ultra Short Term Fund


•Income over a short-term investment horizon.•Investments in money market and debt securities

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


4

PRODUCT LABELLING: OPEN ENDED INCOME SCHEMES

PRODUCT LABELLING: FUND OF FUNDS SCHEMES


DSP BlackRock Banking & PSU Debt Fund


•Income over a short-term investment horizon •Investment in money market and debt securities issued by banks and public sector entities/undertakings

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock MIP~ Fund

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


•Income and capital growth over a medium-term investment horizon•Investment primarily in money market and debt securities, with balance exposure in equity/equity-related

securities

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


PRODUCT LABELLING: OPEN ENDED BALANCED SCHEME


DSP BlackRock Balanced Fund


•Capital growth and income over a long-term investment horizon•Investment primarily in equity/equity-related securities, with balance exposure in money market and debt

securities

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


PRODUCT LABELLING: OPEN ENDED LIQUID SCHEME


DSP BlackRock Liquidity Fund


•Income over a short-term investment horizon•Investment in money market and debt securities, with maturity not exceeding 91 days

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW

Investors understand that theirprincipal will be at low risk

PRODUCT LABELLING: OPEN ENDED MONEY MARKET MUTUAL FUND SCHEME IN INCOME CATEGORY


DSP BlackRock Treasury Bill Fund


•Income over a short-term investment horizon•Investment in Treasury Bills & other Central government securities maturing within one year

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


5

PRODUCT LABELLING: OPEN ENDED FUND OF FUNDS SCHEMES


DSP BlackRock World Gold Fund


•Long-term capital growth•Investment in units of overseas funds which invest primarily in equity and equity related securities of gold mining

companies

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock World Energy Fund


•Long-term capital growth•Investment in units of overseas funds which invest primarily in equity and equity related securities of companies

in the energy and alternative energy sectors

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock World Mining Fund


•Long-term capital growth•Investment in units of overseas funds which invest primarily in equity and equity related securities of mining

companies

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock World Agriculture Fund


•Long-term capital growth•Investment in units of overseas funds which invest primarily in equity and equity related securities of companies

in the agriculture value chain

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock US Flexible^ Equity Fund


•Long-term capital growth•Investment in units of overseas funds which invest primarily in equity and equity related securities of companies domiciled

in, or exercising the predominant part of their economic activity in the USA ^Theterm“Flexible”inthenameoftheSchemesignifiesthattheInvestmentManageroftheUnderlyingFundcaninvesteitherin

growth or value investment characteristic securities placing an emphasis as the market outlook warrants.

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock Dynamic Asset Allocation Fund


•Long-term capital growth•Investments in units of one or more equity mutual funds and debt mutual funds of DSP BlackRock Mutual Fund

MODERATEMO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


DSP BlackRock Global Allocation Fund


•Long-term capital growth•Investments in units of overseas funds which invest in equity, debt and short term securities of issuers around the

world

MODERATE

MO

DERATEL

Y

LOW

MODERATELY

HIGH

HIGHLOW


*Investorsshouldconsulttheirfinancialadvisorsifindoubtaboutwhethertheproductissuitableforthem.

SPONSORSPONSOR

DSP HMK HOLDINGS PVT. LTD.andDSP ADIKO HOLDINGS PVT. LTD. (Collectively)Mafatlal Centre, 11th Floor, Nariman Point, Mumbai - 400 021.Telephone No.: 022 2272 2731 Fax No.: 022 2272 2732

DSP BlackRockInvestment Managers Pvt. Ltd.Mafatlal Centre, 10th Floor, Nariman Point Mumbai - 400 021 Tel: 022- 6657 8000Fax: 022-6657 8181

DSP BlackRock TrusteeCompany Pvt. Ltd.Mafatlal Centre, 10th Floor, Nariman Point Mumbai - 400 021 Tel: 022- 6657 8000Fax: 022-6657 8181

Computer Age Management Services Pvt. Ltd.Unit : DSP BlackRock Mutual Fund, VII Floor, Tower I,Rayala Towers, 158, Anna Salai,Chennai - 600 002.Tel.: 044-28432771 Fax: 044-30212755

AUDITORS TO THE MUTUAL FUNDS. R. Batliboi & Co. LLP12th Floor, The Ruby,29 Senapati Bapat Marg,Dadar (West)Mumbai – 400 028Tel No : 022 6192 2268

Citibank N.A.Securities & Funds ServicesFirst International Financial Centre (FIFC), 11th Floor, Plot Nos. C 54 and C55, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400051Tel: 022- 61756908 Fax: 022- 26532205/26532347/66940766

ASSET MANAGEMENT COMPANY

BlackRock Inc.40 East 52nd Street, New York, NY 10022, USA.

TRUSTEE

CUSTODIAN REGISTRAR

TABLE OF CONTENTS

SECTION I – HIGHLIGHTS/SUMMARY OF THE SCHEME(S) 2

SECTION II – DEFINITIONS 13

SECTION III – ABBREVIATIONS & INTERPRETATION 15

SECTION IV – INTRODUCTION 16

A. RISK FACTORS 16

B. RISK MANAGEMENT STRATEGIES 24

C. REQUIREMENT OF MINIMUM INVESTORS IN THE SCHEME(S) 27

D. SPECIAL CONSIDERATIONS 27

E. DUE DILIGENCE BY THE AMC 28

SECTION V - INFORMATION ABOUT THE SCHEME(S) 29

A. TYPE OF SCHEME(S) 29

B. WHAT IS THE INVESTMENT OBJECTIVES OF THE SCHEME(S)? 30

C. HOW WILL THE SCHEME(S) ALLOCATE ITS ASSETS? 32

D. WHERE WILL THE SCHEME(S) INVEST? 38

E. WHAT ARE THE INVESTMENT STRATEGIES? 49

F. FUNDAMENTAL ATTRIBUTES 71

G. HOW WILL THE SCHEME(S) BENCHMARK ITS PERFORMANCE? 72

H. WHO MANAGES THE SCHEME(S)? 75

I. WHAT ARE THE INVESTMENT RESTRICTIONS? 77

J. HOW HAS THE SCHEME(S) PERFORMED? 79

K. COMPARISON BETWEEN THE SCHEMES(S) 90

SECTION VI – UNITS AND OFFER 94

A. NFO DETAILS 94

B. CONTINOUS/ONGOING OFFER DETAILS 94

C. PERIODIC DISCLOSURES 111

D. COMPUTATION OF NAV 113

SECTION VII – FEES AND EXPENSES 114

A. NFO EXPENSES 114

B. ANNUAL SCHEME RECURRING EXPENSES 114

C. LOAD STRUCTURE 116

D. TRANSACTION CHARGES 117

SECTION VIII – RIGHTS OF UNITHOLDERS 117

SECTION IX – PENALTIES AND PENDING LITIGATIONS 117

2

SECTION I – HIGHLIGHTS/SUMMARY OF THE SCHEME(S)Sr. No. HIGHLIGHTS OF THE SCHEME DSP BLACKROCK BOND FUND DSP BLACKROCK STRATEGIC

BOND FUNDDSP BLACKROCK SHORT TERM

FUND

1. Investment Objective The primary investment objective of the Scheme is to seek to generate an attractive return, consistent with prudent risk, from a portfolio which is substantially constituted of high quality debt securities, predominantly of issuers domiciled in India. This shall be the fundamental attribute of the Scheme. As a secondary objective, the Scheme will seek capital appreciation.

The primary investment objective of the Scheme is to seek to generate optimal returns with high liquidity through active management of the portfolio by investing in high quality debt and money market securities.

The primary investment objective of the Scheme is to seek to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities.

2. Plans Available under the Scheme

• Regular Plan• Direct Plan

• Institutional Plan• Direct Plan


3. Options Available under both the plans

•Growth•Dividend-Payout Dividend-Reinvest Dividend•Monthly Dividend-Payout Dividend-Reinvest Dividend

•Growth•Dividend- Payout Dividend- Reinvest Dividend•DailyDividendReinvest•WeeklyDividend- Payout Dividend- Reinvest Dividend•MonthlyDividend- Payout Dividend- Reinvest Dividend

•Growth•Dividend -Reinvest Dividend-Payout Dividend•Weekly Dividend Reinvest•Monthly Dividend-Payout Dividend-Reinvest Dividend

4. Minimum Application Amount(First Purchase)

Rs. 1,000/- and any amount thereafter

5. Minimum Application Amount(Subsequent Purchase)


6. Minimum installment for Systematic Investment Plan (SIP)

Rs. 500/-

7. Minimum installment for Systematic Withdrawal Plan (SWP) and Systematic Transfer Plan (STP)

Rs. 500/-

8. Entry Load Not Applicable

The upfront commission on investment made by the investor shall be paid to the ARN Holder directly by the investor, based on the investor’s assessment of various factors including service rendered by the ARN Holder

9. Exit Load Holding period from date of allotment:<= 12 months - 1%> 12 months - Nil

Holding period from date of allotment:<= 7 calendar days - 0.10%> 7 calendar days - Nil

Holding period from date of allotment:<= 3 months: 0.25%> 3 months: Nil

10. Liquidity The Mutual Fund will endeavor to dispatch redemption proceeds within 3 Business Days from the date of the acceptance of redemption request.

The Mutual Fund will endeavor to dispatch redemption proceeds within 1 Business Day from the date of the acceptance of redemption request.

11. Benchmark Index CRISIL Composite Bond Fund Index CRISIL Short Term Bond Fund Index

12. Transparency/NAV Disclosure AMC will declare separate NAV under Institutional Plan, Regular Plan and Direct Plan of the concern Schemes. NAV will be determined for every Business Day, except in special circumstances described under ‘Suspension of Sale and Redemption of Units’ in the SAI. Also, full portfolio in the prescribed format will be disclosed by publishing in the newspapers or by sending to the Unit Holders within 1 month from the end of each half-year. The portfolio will also be displayed on the website of the Mutual Fund. The monthly portfolio of the Schemes shall be available in a user-friendly and downloadable format on the website viz. www.dspblackrock.com on or before the tenth day of succeeding month.

3

Sr. No. HIGHLIGHTS OF THE SCHEME DSP BLACKROCK

LIQUIDITY FUNDDSP BLACKROCK INCOME

OPPORTUNITIES FUND

DSP BLACKROCK GOVERNMENT

SECURITIES FUND

DSP BLACKROCK TREASURY BILL FUND

1. Investment Objective The primary investment objective of the Scheme is to seek to generate a reasonable return commensurate with low risk and a high degree of liquidity, from a portfolio constituted of money market securities and high quality debt securities.

The primary investment objective of the Scheme is to seek to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities.

The primary objective of the Scheme is to generate income through i n v e s t m e n t in Central G o v e r n m e n t Securities of various maturities.

The primary objective of the Scheme is to generate income through investment in a portfolio comprising of Treasury Bills and other Central Government Securities with a residual maturity less than or equal to 1 year.


• Institutional Plan• Direct Plan



• Growth• Daily Dividend

Reinvest• Weekly Dividend- Reinvest Dividend- Payout Dividend

• Growth• Dividend - Reinvest Dividend- Payout Dividend• Daily Dividend Reinvest• Weekly Dividend - Reinvest Dividend- Payout Dividend• Monthly Dividend - Reinvest

Dividend- Payout Dividend• Quarterly Dividend - Reinvest

Dividend - Payout Dividend

• Growth• Dividend- Reinvest

Dividend- Payout Dividend• Monthly

Dividend- Reinvest

Dividend- Payout Dividend

• Growth• Daily DividendReinvest• Dividend- Reinvest Dividend- Payout Dividend• Monthly Dividend- Reinvest Dividend- Payout Dividend

4. Minimum Application Amount (First Purchase)


5. Minimum Application Amount (Subsequent Purchase)


6. Minimum installment for SIP Not Available Rs. 500/-

7. Minimum installment for SWP and STP

Rs. 500/-


The upfront commission on investment made by the investor shall be paid to the ARN Holder directly by the investor, based on the investor’s assessment of various factors including service rendered by the ARN Holder.

9. Exit Load Nil Holding period from the date of allotment:<= 12 months: 1%> 12 months: Nil

Holding period from date of allotment:<= 7 calendar days - 0.10%> 7 calendar days - Nil

Nil

10. Liquidity The Mutual Fund will endeavor to dispatch redemption proceeds within 1 Business Day from the date of the acceptance of redemption request.

The Mutual Fund will endeavor to dispatch redemption proceeds within 2 Business Days from the date of the acceptance of redemption request.

11. Benchmark Index CRISIL Liquid Fund Index 50% of CRISIL Short Term Bond Fund Index + 50% of CRISIL Composite Bond Fund Index

CRISIL Long Term Gilt Index

CRISIL Composite T-Bill Index

12. Transparency/NAVDisclosure

AMC will declare separate NAV under Institutional Plan, Regular Plan and Direct Plan of the concerned Schemes. NAV will be determined for every Business day (everyday in the case of DSP BlackRock Liquidity Fund), except in special circumstances described under ‘Suspension of Sale and Redemption of Units’ in the SAI. Also, full portfolio in the prescribed format will be disclosed by publishing in the newspapers or by sending to the Unit Holders within 1 month from the end of each half-year. The portfolio will also be displayed on the website of the Mutual Fund. The monthly portfolio of the Schemes shall be available in a user-friendly and downloadable format on the website viz. www.dspblackrock.com on or before the tenth day of succeeding month.

4

Sr. No.

HIGHLIGHTS OF THE SCHEME DSP BLACKROCK MONEY MANAGER FUND

DSP BLACKROCK BALANCED FUND

DSP BLACKROCK MIP FUND^

1. Investment Objective The primary investment objective of the Scheme is to seek to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities.

The primary investment objective of the Scheme is to seek to generate long term capital appreciation and current income from a portfolio constituted of equity and equity relatedsecuritiesaswellasfixedincome securities (debt and money market securities).

The primary Investment objective of the scheme is to seek to generate income, consistent with prudent risk, from a portfolio which is substantially constituted of quality debt securities. The Scheme will also seek to generate capital appreciation by investing a smaller portion of its corpus in equity and equity related securities of issuers domiciled in India.




• Growth• Dividend-Reinvest Dividend-Payout Dividend• Daily Dividend Reinvest• Weekly Dividend-Reinvest Dividend-Payout Dividend• Monthly Dividend-Reinvest Dividend-Payout Dividend

• Growth• Dividend-Reinvest Dividend-Payout Dividend• Quarterly Dividend-Reinvest Dividend-Payout Dividend

• Growth• Monthly Dividend-Payout Dividend-Reinvest Dividend• Quarterly Dividend -Payout Dividend-Reinvest Dividend





6. Minimum installment for SIP Rs. 500/-


Rs. 500/-



9. Exit Load Nil Holding Period from date of allotment:< 12 months - 1%>= 12 months - Nil

Holding Period from date of allotment:< 12 months: 2%>= 12 months and < 24 months: 1%>= 24 months and < 36 months: 0.50%>= 36 months: Nil


The Mutual Fund will endeavor to dispatch redemption proceeds within 2 Business Days from the date of the acceptance of redemption request.

11. Benchmark Index CRISIL Liquid Fund Index CRISIL Balanced Fund Index CRISIL MIP Blended Index

12. Transparency/NAV Disclosure AMC will declare separate NAV under Regular Plan and Direct Plan of Schemes. NAV will be determined for every Business Day, except in special circumstances described under ‘Suspension of Sale and Redemption of Units’ in the SAI.

Also, full portfolio in the prescribed format will be disclosed by publishing in the newspapers or by sending to the Unit Holders within 1 month from the end of each half-year. The portfolio will also be displayed on the website of the Mutual Fund.

The monthly portfolio of the Schemes shall be available in a user-friendly and downloadable format on the website viz. www.dspblackrock.com on or before the tenth day of succeeding month.

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

5

Sr. No. HIGHLIGHTS OF THE SCHEME DSP BLACKROCK EQUITY FUND DSP BLACKROCK

OPPORTUNITIES FUNDDSP BLACKROCK TOP 100

EQUITY FUND

1. Investment Objective The primary investment objective of the Scheme is to seek to generate long term capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of issuers domiciled in India. This shall be the fundamental attribute of the Scheme.

The primary investment objective of the Scheme is to seek to generate long term capital appreciation and the secondary objective is income generation and the distribution of dividend from a portfolio constituted of equity and equity related securities concentrating on the investment focus of the Scheme.

The primary investment objective of the Scheme is to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the 100 largest corporates, by market capitalisation, listed in India. This shall be the fundamental attribute of the Scheme.




• Growth• Dividend-Payout Dividend-Reinvest Dividend





6. Minimum installment for SIP Rs. 500/-7. Minimum installment for SWP

and STP Rs. 500/-



9. Exit Load Holding Period from date of allotment:< 12 months - 1%>= 12 months - Nil


11. Benchmark Index CNX 500 Index S&P BSE 100 Index12. Transparency/NAV Disclosure AMC will declare separate NAV under Regular Plan and Direct Plan of Schemes. NAV will be determined for

every Business Day, except in special circumstances described under ‘Suspension of Sale and Redemption of Units’ in the SAI. Also, full portfolio in the prescribed format will be disclosed by publishing in the newspapers or by sending to the Unit Holders within 1 month from the end of each half-year. The portfolio will also be displayed on the website of the Mutual Fund.The monthly portfolio of the Schemes shall be available in a user-friendly and downloadable format on the website viz. www.dspblackrock.com on or before the tenth day of succeeding month.

Sr. No.

HIGHLIGHTS OF THE SCHEME DSP BLACKROCK TECHNOLOGY.COM FUND

DSP BLACKROCK INDIA T.I.G.E.R. FUND (THE INFRASTRUCTURE

GROWTH AND ECONOMIC REFORMS FUND)

DSP BLACKROCK SMALL AND MID CAP FUND

1. Investment Objective The primary investment objective of the Scheme is to seek to generate long term capital appreciation and the secondary objective is income generation and the distribution of dividend from a portfolio constituted of equity and equity related securities concentrating on the investment focus of the Scheme.

The primary investment objective of the Scheme is to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of corporates, which could benefit from structural changesbrought about by continuing liberalization in economic policies by the Government and/or from continuing investments in infrastructure, both by the public and private sector.

The primary investment objective is to seek to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities which are not part of the top 100 stocks by market capitalization. From time to time, the fund manager will also seek participation in other equity and equity related securities to achieve optimal portfolio construction.



6

Sr. No.

HIGHLIGHTS OF THE SCHEME DSP BLACKROCK TECHNOLOGY.COM FUND

DSP BLACKROCK INDIA T.I.G.E.R. FUND (THE INFRASTRUCTURE

GROWTH AND ECONOMIC REFORMS FUND)









and STPRs. 500/-



9. Exit Load Holding Period from date of allotment: < 12 months - 1%>= 12 months - Nil

Holding Period from date of allotment: < 24 months - 1%>= 24 months - Nil

Holding Period from date of allotment: < 18 months - 1%>= 18 months - Nil


11. Benchmark Index S&P BSE TECk Index S&P BSE 100 Index CNX Mid Cap Index12. Transparency/NAV Disclosure AMC will declare separate NAV under Regular Plan and Direct Plan of Schemes. NAV will be determined for

every Business Day, except in special circumstances described under ‘Suspension of Sale and Redemption of Units’ in the SAI.

Also, full portfolio in the prescribed format will be disclosed by publishing in the newspapers or by sending to the Unit Holders within 1 month from the end of each half-year. The portfolio will also be displayed on the website of the Mutual Fund.

The monthly portfolio of the Schemes shall be available in a user-friendly and downloadable format on the website viz. www.dspblackrock.com on or before the tenth day of succeeding month.

Sr. No.

HIGHLIGHTS OF THE SCHEME DSP BLACKROCK NATURAL RESOURCES AND NEW ENERGY FUND

DSP BLACKROCK WORLD GOLD FUND

DSP BLACKROCK TAX SAVER FUND

1. Investment Objective The primary investment objective of the Scheme is to seek to generate capital appreciation and provide long term growth opportunities by investing in equity and equity related securities of companies domiciled in India whose pre-dominant economic activity is in the:(a) discovery, development, produc-

tion, or distribution of natural re-sources, viz., energy, mining etc.;

(b) alternative energy and energy technology sectors, with emphasis given to renewable energy, automotive and on-site power generation, energy storage and enabling energy technologies.

The Scheme will also invest a certain portion of its corpus in the equity and equity related securities of companies domiciled overseas, which are principally engaged in the discovery, development, production or distribution of natural resources and alternative energy and/or the units/shares of BlackRock Global Funds – New Energy Fund, BlackRock Global Funds – World Energy Fund and similar other overseas mutual fund schemes.

The primary investment objec-tive of the Scheme is to seek capital appreciation by investing predominantly in units of Black-Rock Global Funds - World Gold Fund (BGF - WGF). The Scheme may, at the discretion of the Investment Manager, also in-vest in the units of other similar overseas mutual fund schemes, which may constitute a signifi-cant part of its corpus.

The primary investment objective of the Scheme is to seek to generate medium to long-term capital appreciation from a diversified portfoliothat is substantially constituted of equity and equity related securities of corporates, and to enable investors avail of a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time.

7

Sr. No.








• Growth• Dividend-Payout Dividend


Rs. 1,000/- and any amount thereafter Rs. 500/- and any amount thereafter


Rs. 1,000/- and any amount thereafter Rs. 500/- and any amount thereafter


and STPRs. 500/- Rs. 500/-

(subject to completion of 3 years Lock-in Period)

8. Entry Load Not ApplicableThe upfront commission on investment made by the investor shall be paid to the ARN Holder directly by the investor, based on the investor’s assessment of various factors including service rendered by the ARN Holder.

9. Exit Load Holding Period from date of allotment:< 12 months - 1%>= 12 months - Nil

Holding Period from date of allotment:< 24 months - 1%>= 24 months - Nil

Not Applicable

10. Liquidity The Mutual Fund will endeavor to dispatch redemption proceeds within 3 Business Days from the date of acceptance of redemption request.

The Mutual Fund will endeavor to dispatch redemption proceeds within 5 Business Days from the date of acceptance of redemption request.

The Mutual Fund will enable redemption of Units after 3 years from the date of allotment of Units. The Mutual Fund will endeavor to dispatch redemption proceeds within 3 Business Days from the date of acceptance of redemption request.

11. Temporary suspension of subscription

The AMC/Trustee reserves the right to temporarily suspend subscriptions in/switches into the Scheme, if the limits prescribed by SEBI for overseas investments for the Mutual Fund (currently equivalent to US$ 600 mn) are exceeded/expected to be exceeded.

-

12. Benchmark Index 35% S&P BSE Oil & Gas Index, 30% S&P BSE Metal Index, 35% MSCI World Energy (net as expressed in INR)

FTSE Gold Mines (cap) (in INR terms)

CNX 500

13. Lock-in Period - - DSPBRTSF is open for continuous redemption subject to the completion of a Lock-in Period of 3 years from the date of allotment, as prescribed in the ELSS Guidelines. Currently, the tax benefits are restricted to aninvestment amount as described in the section, “Taxation on investing in Mutual Funds” in the SAI. However, any investment amountinexcessofthespecifiedamount will also be subject to the Lock-in Period of 3 years. It may, however, be noted that, in the event of the death of the Unit Holder, the nominee or legal heir, (subject to production of requisite documentary evidence to the satisfaction of the AMC) as the case may be, shall be able to redeem the investment only after the completion of one year, or any time thereafter, from the Date of Allotment of Units to the deceased Unit Holder.The Trustee reserves the right to change the Lock-in Period prospectively from time to time, in the event of amendment(s) in the ELSS Guidelines with respect to the Lock-in Period.

8

Sr. No.




14. Transparency/NAV Disclosure AMC will declare separate NAV under Regular Plan and Direct Plan of Schemes. NAV will be determined for every Business Day, except in special circumstances described under ‘Suspension of Sale and Redemption of Units’ in the SAI. Also, full portfolio in the prescribed format will be disclosed by publishing in the newspapers or by sending to the Unit Holders within 1 month from the end of each half-year. The portfolio will also be displayed on the website of the Mutual Fund.The monthly portfolio of the Schemes shall be available in a user-friendly and downloadable format on the website viz. www.dspblackrock.com on or before the tenth day of succeeding month.

Sr No.

HIGHLIGHTS OF THE SCHEME

DSP BLACKROCK WORLD ENERGY FUND

DSP BLACKROCK WORLD MINING FUND

DSP BLACKROCK MICRO CAP FUND

DSP BLACKROCK FOCUS 25 FUND

1. Investment Objective

The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in the units of BlackRock Global Funds – World Energy Fund and BlackRock Global Funds – New Energy Fund. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constituteasignificantpartof its corpus. The Scheme may also invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in the units of BlackRock Global Funds – World Mining Fund. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constituteasignificantpartof its corpus. The Scheme may also invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

The primary investment objective is to seek to generate long term capitalappreciation from a portfolio that is substantially constituted of equity and equity related securities, which are not part of the top 300 companies by market capitalization. From time to time, the Investment Manager will also seek participation in other equity and equity related securities to achieve optimal portfolio construction. This shall be the fundamental attribute of the Scheme.

The primary investment objective of the Scheme is to generate long-term capital growth from a portfolio of equity and equity-related securities including equity derivatives. The portfolio will largely consist of companies, which are amongst the top 200 companies by market capitalisation. The portfolio will limit exposure to companies beyond the top 200 companies by market capitalization upto 20% of the net asset value. The Scheme will normally hold equity and equity-related securities including equity derivatives, of upto 25 companies. Further, the Scheme will also have at least 95% of the invested amount (excluding investments in debt securities, money market securities and cash and cash equivalents) across the top 25 holdings in the portfolio. The Scheme may also invest in debt and money market securities, for defensive considerations and/or for managing liquidity requirements. There can be no assurance that the investment objective of the Scheme will be realized.


•RegularPlan•DirectPlan


•Growth•Dividend-Payout Dividend-Reinvest Dividend





6. Minimum installment for SIP

Rs. 500/-


Rs. 500/-


9. Exit Load Holding Period from the date of allotment:< 24 months – 1%>= 24 months – Nil

9

Sr No.






10. Liquidity The Mutual Fund will endeavor to despatch redemption proceeds within 5 Business Days from the date of acceptance of redemption request.

The Mutual Fund will endeavor to despatch redemption proceeds within 10 Business Days from the date of acceptance of redemption request.



The AMC/Trustee reserves the right to temporarily suspend subscriptions in/switches into the Scheme or terminate the SIP/STP into the Scheme if the limits prescribed by SEBI for overseas investments by the Mutual Fund are exceeded/expected to be exceeded (currently the limit for the Mutual Fund is equivalent to US$ 600 mn.).

- -

12. Benchmark Index 70% MSCI World Energy (Net) 30% MSCI World (Net)

Euromoney Global Mining (cap) Index (in INR terms) (Erstwhile known as HSBC Global Mining (cap) Index

S&P BSE Small Cap Index S&P BSE 200

13. Transparency/NAV Disclosure

AMC will declare separate NAV under Regular Plan and Direct Plan of Schemes. NAV will be determined for every Business Day, except in special circumstances described under ‘Suspension of Sale and Redemption of Units’ in the SAI. Also, full portfolio in the prescribed format will be disclosed by publishing in the newspapers or by sending to the Unit Holders within 1 month from the end of each half-year. The portfolio will also be displayed on the website of the Mutual Fund.The monthly portfolio of the Schemes shall be available in a user-friendly and downloadable format on the website viz. www.dspblackrock.com on or before the tenth day of succeeding month.

Sr No.


DSP BLACKROCK WORLD AGRICULTURE FUND DSP BLACKROCK US FLEXIBLE* EQUITY FUND


The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BlackRock Global Funds - World Agriculture Fund (BGF - WAF). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. The Scheme mayalso invest a certain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized.It shall be noted ‘similar overseas mutual fund schemes’ shall have investment objective, investmentstrategyandriskprofile/considerationsimilar to those of BGF – WAF.

The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BlackRock Global Funds US Flexible Equity Fund (BGF - USFEF). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes,whichmayconstituteasignificantpartofitscorpus.The Scheme may also invest a certain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized. It shall be noted ‘similar overseas mutual fund schemes’ shall have investment objective, investment strategy andriskprofile/considerationsimilartothoseofBGF–USFEF.*Theterm“Flexible”inthenameoftheSchemesignifiesthatthe Investment Manager of the Underlying Fund can invest either in growth or value investment characteristic securities placing an emphasis as the market outlook warrants.




•Growth•Dividend-PayoutDividend-ReinvestDividend






Rs. 500/-


Rs. 500/-


9. Exit Load Holding Period from date of allotment:< 24 months: 1%>= 24 months: Nil


10


The AMC/Trustee reserves the right to temporarily suspend subscriptions in/switches into the Scheme or terminate the SIP/STP into the Scheme, if the limits prescribed by SEBI for overseas investments are exceeded/expected to be exceeded (currently the limit for the Mutual Fund is equivalent to US$ 600 mn.).

12. Benchmark Index DAX Global Agribusiness Index Russell 1000 Index13. Transparency/NAV

DisclosureAMC will declare separate NAV under Regular Plan and Direct Plan of Schemes. NAV will be determined for every Business Day, except in special circumstances described under ‘Suspension of Sale and Redemption of Units’ in the SAI.Also, full portfolio in the prescribed format will be disclosed by publishing in the newspapers or by sending to the Unit Holders within 1 month from the end of each half-year. The portfolio will also be displayed on the website of the Mutual Fund.The monthly portfolio of the Schemes shall be available in a user-friendly and downloadable format on the website viz. www.dspblackrock.com on or before the tenth day of succeeding month.

Sr No.


DSP BLACKROCK BANKING & PSU DEBT FUND DSP BLACKROCK DYNAMIC ASSET ALLOCATION FUND


The primary investment objective of the Scheme is to seek to generate income and capital appreciation by primarily investing in a portfolio of high quality debt and money market securities that are issued by banks and public sector entities/undertakings. There is no assurance that the investment objective of the Scheme will be realized.

The investment objective of the Scheme is to seek capital appreciation by managing the asset allocation between specifiedequitymutualfundsschemesanddebtmutualfunds schemes of DSP BlackRock Mutual Fund.The Scheme will dynamically manage the asset allocation betweenthespecifiedequitymutualfundsschemesanddebt mutual funds schemes of DSP BlackRock Mutual Fund based on the relative valuation of equity and debt markets. The Scheme may also invest a certain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized.

2. Underlying Funds/Schemes

- The Underlying Schemes for equity allocation would be DSPBREF and/or DSPBRTEF and/or DSPBRF25F and/or DSPBROF and/or DSPBRITF whereas the Underlying Schemes for debt allocation would be DSPBRSBF and/or DSPBRSTF and/or DSPBRMMF and/or DSPBRBPDF and/or DSPBRIOF.


•Regular Plan•Direct Plan


•Growth•DailyDividendReinvest•WeeklyDividend - Payout Dividend - Reinvest Dividend•MonthlyDividend - Payout Dividend - Reinvest Dividend•QuarterlyDividend - Payout Dividend - Reinvest Dividend•Dividend - Payout Dividend - Reinvest Dividend

•Growth•MonthlyDividend - Payout Dividend - Reinvest Dividend






Rs. 500/-


Rs. 500/-


10. Exit Load Holding period from date of allotment:<= 1 month: 0.25%> 1 month: Nil

Holding Period from date of allotment:•<=1year:1%•>1yearand<=2years:0.5%•>2years:Nil

11


The Mutual Fund will, not later than 5 Business Days from the date of allotment, commence redemption of Units of the Scheme, on an on–going basis. The Mutual Fund will endeavor to dispatch redemption proceeds within 5 Business Days from the date of acceptance of redemption request.

12. Benchmark Index CRISIL Short Term Bond Fund Index CRISIL Balanced Fund Index13. Transparency/NAV

DisclosureAMC will declare separate NAV under Regular Plan and Direct Plan of Scheme. NAV will be determined for every Business Day, except in special circumstances described under ‘Suspension of Sale and Redemption of Units’ in the SAI.Also, full portfolio in the prescribed format will be disclosed by publishing in the newspapers or by sending to the Unit Holders within 1 month from the end of each half-year. The portfolio will also be displayed on the website of the Mutual Fund.The monthly portfolio of the Schemes shall be available in a user-friendly and downloadable format on the website viz. www.dspblackrock.com on or before the tenth day of succeeding month.

Sr. No.

HIGHLIGHTS OF THE SCHEME DSP BLACKROCK GLOBAL ALLOCATION FUND

DSP BLACKROCK CONSTANT MATURITY 10Y G-SEC FUND

DSP BLACKROCK ULTRA SHORT TERM FUND

1. Type of Scheme Open ended fund of funds scheme Open ended gilt Scheme Open ended income (debt) scheme

2. Investment Objective The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BlackRock Global Funds - Global Allocation Fund (BGF - GAF). The Scheme may also invest in the units of other similar overseas mutual fund schemes which may constitute a significant part ofits corpus. The Scheme may also invest a certain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized. It shall be noted ‘similar overseas mutual fund schemes’ shall have investment objective, investmentstrategyandriskprofile/consideration similar to those of BGF – GAF.

The investment objective of the Scheme is to seek to generate returns commensurate with risk from a portfolio of Government Securities with weighted average maturity of around 10 years. There is no assurance that the investment objective of the Scheme will be realized.

The investment objective of the Scheme is to seek to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities. There is no assurance that the investment objective of the Scheme will be realized.




• Growth • Dividend-Payout Dividend-Reinvest Dividend

• Growth • Dividend -Payout Dividend-Reinvest Dividend• Monthly Dividend-Payout Dividend-Reinvest Dividend• Quarterly Dividend-Payout Dividend-Reinvest Dividend

• Growth • Daily Dividend-Reinvest Dividend• Weekly Dividend-Payout Dividend-Reinvest Dividend• Monthly Dividend-Payout Dividend-Reinvest Dividend• Quarterly Dividend-Payout Dividend-Reinvest Dividend


Rs. 1,000/- and multiples of Re. 1/- thereafter



Rs. 1,000/- and multiples of Re. 1/- thereafter



and STPRs. 500/-

12

Sr. No.

HIGHLIGHTS OF THE SCHEME DSP BLACKROCK GLOBAL ALLOCATION FUND




10. Exit Load Holding Period from date of allotment: < 24 months: 1%>= 24 months: Nil

Holding Period from date of allotment: <=7 calendar days – 0.10%> 7 calendar days – Nil

Nil

11. Liquidity The Mutual Fund will endeavor to dispatch redemption proceeds within 5 Business Days from the date of acceptance of redemption request.



12. Benchmark Index 36% S&P 500 Index, 24% FTSE World ex-US Index, 24% BofA ML Current 5-Year US Treasury Index, 16% Citigroup Non-USD World Government Bond Index

CRISIL 10 Year Gilt Index 50% of CRISIL Composite CP Index + 50% of CRISIL Composite CD Index

13. Transparency/NAV Disclosure AMC will declare separate NAV under Regular Plan and Direct Plan of Scheme. NAV will be determined for every Business Day, except in special circumstances described under ‘Suspension of Sale and Redemption of Units’ in the SAI.Also, full portfolio in the prescribed format will be disclosed by publishing in the newspapers or by sending to the Unit Holders within 1 month from the end of each half-year. The portfolio will also be displayed on the website of the Mutual Fund.The monthly portfolio of the Schemes shall be available in a user-friendly and downloadable format on the website viz. www.dspblackrock.com on or before the tenth day of succeeding month.

14. Temporary suspension of subscription/ Winding up of the Scheme in case exposure to India equity by Underlying Fund exceeds 15% of the net asset of Underlying Fund

(i) In case the exposure to Indian equities through BGF-GAF or through other similar funds (Underlying schemes) in which the Scheme invest exceeds 15 % of the net assets of Underlying schemes as the case may then a rebalancing period of three months from the date in initial breach shall be allowed so as to bring back the exposure to Indian equities within the said 15% limit.

(ii) In case this breach exceeds beyond the said three (3) months, the Scheme shall stop fresh subscription (including switch-in and future installments of Systematic transactions (SIP/STP) in the Scheme for the next nine (9) months.

(iii) In case the breach as mentioned in point (i) still continues after a period of twelve (12) months since the initial breach, the Scheme shall be would up after providing intimation of the same to the unitholders with an exit option for a period of thirty (30) days at the then prevailing NAV without any exit load.

Note:1. SIP/SWP/STP facility is available only in the Direct & Regular Plan of the Schemes and Institutional Plan of DSP BlackRock Strategic Bond Fund. 2. Switch facility and the facility of SWP/STP are currently not available for transactions carried out through the stock exchange mechanism.3. No fresh purchase/additional purchase/switch-ins/STP-ins shall be accepted in the Institutional Plan (‘Discontinued plan’) under DSP BlackRock

Equity Fund, DSP BlackRock Top 100 Equity Fund, DSP BlackRock Opportunities Fund, DSP BlackRock India T.I.G.E.R Fund (The Infrastructure Growth and Economic Reforms Fund), DSP BlackRock Technology.com Fund, DSP BlackRock Small and Midcap Fund, DSP BlackRock Micro Cap Fund, DSP BlackRock Natural Resource New Energy Fund, DSP BlackRock World Gold Fund, DSP BlackRock World Energy Fund, DSP World Mining Fund, DSP BlackRock Income Opportunities Fund and DSP BlackRock Money Manager Fund and Regular Plan (‘Discontinued plan’) under DSP BlackRock Liquidity Fund and DSP BlackRock Strategic Bond Fund. However, the redemption/switch-out/ SWP/ STP - out from Discontinued plan shall be processed.

4. w.e.fJanuary1,2013,theexistinginvestmentintheSchemeswithnoplans,arebeingidentifiedunderRegularPlanoftheconcernedSchemes.5. AMC will declare separate NAV for Discontinued plan of the concerned Schemes on every Business Day and everyday incase of DSP BlackRock

Liquidity Fund, except in special circumstances described under ‘Suspension of Sale and Redemption of Units’ in the SAI.

13

SECTION II – DEFINITIONSInthisSID,thefollowingwordsandexpressionshallhavethemeaningspecifiedunlessthecontextotherwiserequire.

Applicable NAV The NAV applicable for purchase or redemption based on the time of the Business Day on which the subscription/redemption request is accepted.

Application Supported by Blocked Amount (ASBA)

ASBAisanapplicationcontaininganauthorizationtoaSelfCertifiedSyndicateBank(SCSB)toblocktheapplicationmoney in the bank account maintained with the SCSB, for subscribing to a New Fund Offer.

AMC or Investment Managers or DSPBRIM

DSP BlackRock Investment Managers Pvt. Ltd., the asset management company, set up under the Companies Act, 1956, and authorised by SEBI to act as the asset management company to the schemes of DSP BlackRock Mutual Fund.

Bank Abankisafinancialinstitutionandafinancialintermediarythatacceptsdepositsandchannelsthosedepositsintolending activities, either directly by loaning or indirectly through capital markets.

Banking as per Banking Regulation Act, 1949

As per Section 5(b) of Banking Regulation Act, 1949, banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise.As per Section 5(c) of Banking Regulation Act, 1949 a “Banking Company” means any company which transacts the business of banking in India.

Beneficial owner BeneficialOwnerasdefinedintheDepositoriesAct,1996meansapersonwhosenameisrecordedassuchwithadepository.Business Day DSPBREF, DSPBRBalF, DSPBRTF, DSPBROF, DSPBRITF, DSPBRSMF, DSPBRTSF DSPBRTEF, DSPBRF25F and DSPBRMCF: A

day other than (i) Saturday and Sunday, (ii) a day on which the National Stock Exchange is closed and (iii) a day on which Sale and Redemption of Units are suspended.DSPBRLF: A day other than (i) Saturday and Sunday, (ii) a day on which the banks in Mumbai are closed, (iii) a day on which the Sale and Redemption of Units are suspended and (iv) a day on which the money markets are closed/not accessible.DSPBRBF, DSPBRSTF, DSPBRIOF, DSPBRMMF and DSPBRSBF: A day other than (i) Saturday and Sunday, (ii) a day on which the banks in Mumbai are closed, (iii) a day on which money markets are closed/not accessible (iv) a day on which the Sale and Redemption of Units are suspended.DSPBRMIPF: A day other than (i) Saturday and Sunday, (ii) a day on which either the National Stock Exchange or the banks in Mumbai are closed, (iii) a day on which money markets are closed/not accessible and (iv) a day on which the Sale and Redemption of Units are suspended.DSPBRBPDF, DSPBRCM10YGF, DSPBRGF, DSPBRTBF and DSPBRUSTF: A day other than (i) Saturday and Sunday, (ii) a day on which the Reserve Bank of India or the banks in Mumbai are closed, (iii) a day on which there is no Reserve Bank of India clearing/settlement of securities, (iv) a day on which money markets are closed/not accessible and (v) a day on which the Sale and Redemption of Units are suspended.DSPBRWGF: A day other than (i) Saturday and Sunday, (ii) a day on which the banks in Mumbai are closed, (iii) a day on which the Reserve Bank of India is closed, (iv) a day when BGF – WGF is closed for subscription/redemption, (v) a day on which the sale and redemption of Units are suspended.DSPBRWEF: A day other than (i) Saturday and Sunday, (ii) a day on which the banks in Mumbai are closed, (iii) a day on which the Reserve Bank of India is closed, (iv) a day when BGF – WEF and BGF – NEF are/is closed for subscription/redemption, (v) a day on which the sale and redemption of Units are suspended.

DSPBRWMF: A day other than (i) Saturday and Sunday, (ii) a day on which the banks in Mumbai are closed, (iii) a day on which the Reserve Bank of India is closed, (iv) a day when BGF – WMF is closed for subscription/redemption, (v) a day on which the sale and redemption of Units are suspended.

DSPBRNRNEF: A day other than (i) Saturday and Sunday, (ii) a day on which the National Stock Exchange is closed, (iii) a day when BGF – NEF and/or BGF – WEF are/is closed for subscription/redemption, (iv) a day on which the sale and redemption of Units is suspended.

DSPBRWAF: A day other than (i) Saturday and Sunday, (ii) a day on which the banks in Mumbai are closed, (iii) a day when BGF – WAF is closed for subscription/redemption, (iv) a day on which the sale and redemption of Units are suspended and (v) a day on which Reserve Bank of India is closed.DSPBRUSFEF: A day other than (i) Saturday and Sunday, (ii) a day on which the banks in Mumbai are closed, (iii) a day when BGF – USFEF is closed for subscription/redemption, (iv) a day which is a non business day for the U.S (v) a day on which the sale and redemption of Units are suspended and (vi) a day on which Reserve Bank of India is closed.DSPBRDAAF: A day other than (i) Saturday and Sunday, (ii) a day on which the banks in Mumbai are closed, (iii) a day when the Underlying Scheme(s) is(are) closed for subscription/redemption, (iv) a day on which the sale and redemption of Units are suspended and (v) a day on which Reserve Bank of India is closed.DSPBRGAF: A day other than (i) Saturday and Sunday, (ii) a day on which the banks in Mumbai are closed, (iii) a day when BGF – GAF is closed for subscription/redemption, (iv) a day on which the sale and redemption of Units are suspended and (v) a day on which Reserve Bank of India is closed.

BlackRock Global Funds – World Agriculture Fund/ BGF – World Agriculture Fund/BGF – WAF, BlackRock Global Funds - World Gold Fund/BGF - World Gold Fund/BGF - WGF, BlackRock Global Funds - New Energy Fund/BGF - New Energy Fund/BGF - NEF, BlackRock Global Funds - World Energy Fund/BGF - World Energy Fund/BGF - WEF, BlackRock Global Funds - World Mining Fund/BGF - World Mining Fund/ BGF-WMF/ BlackRock Global Funds – US Flexible Equity Fund/ BGF - US Flexible Equity Fund/BGF - USFEF / BlackRock Global Funds – Global Allocation Fund/BGF – GAF/BGF – Global Allocation Fund.

Undertaking for Collective Investment in Transferable Securities (UCITS) III Fund approved by Commission for the Supervision of the Financial Sector, Luxembourg, with BlackRock (Luxembourg) S.A. as the management company.

Central Government Securities SecuritiescreatedandissuedbytheCentralGovernment,assuchGovernmentSecuritiesdefinedunderSection(2) of the Public Debt Act, 1944 (18 of 1944)

Custodian Citibank N.A., Mumbai branch, acting as a custodian to the Schemes, or any other Custodian who is approved by the Trustee.Depository ADepositoryasdefinedintheDepositoriesAct,1996andincludesNationalSecuritiesDepositoryLimited(NSDL)

and Central Depository Services Limited (CDSL).

14

Depository Participant (DP) Depository Participant (DP) is an agent of the Depository which acts like an intermediary between the Depository and the investors. DP is an entity which is registered with SEBI to offer depository-related services.

Direct Plan Direct Plan is a separate plan for direct investments i.e. investments not routed through a distributor.DSPBRBalF DSP BlackRock Balanced FundDSPBRBF DSP BlackRock Bond FundDSPBRBPDF DSP BlackRock Banking & PSU Debt FundDSPBRCM10YGF DSP BlackRock Constant Maturity 10Y G-Sec FundDSPBRDAAF DSP BlackRock Dynamic Asset Allocation FundDSPBREF DSP BlackRock Equity FundDSPBRF25F DSP BlackRock Focus 25 FundDSPBRIOF DSP BlackRock Income Opportunities FundDSPBRGF DSP BlackRock Government Securities FundDSPBRGAF DSP BlackRock Global Allocation FundDSPBRITF DSP BlackRock India T.I.G.E.R. Fund (The Infrastructure Growth and Economic Reforms Fund)DSPBRLF DSP BlackRock Liquidity FundDSPBRMCF DSP BlackRock Micro Cap FundDSPBRMIPF DSP BlackRock MIP Fund DSPBRMMF DSP BlackRock Money Manager FundDSPBRNRNEF DSP BlackRock Natural Resources and New Energy FundDSPBROF DSP BlackRock Opportunities FundDSPBRSBF DSP BlackRock Strategic Bond FundDSPBRSMF DSP BlackRock Small and Mid Cap FundDSPBRSTF DSP BlackRock Short Term FundDSPBRTBF DSP BlackRock Treasury Bill FundDSPBRTEF DSP BlackRock Top 100 Equity FundDSPBRTF DSP BlackRock Technology.com FundDSPBRTSF DSP BlackRock Tax Saver FundDSPBRWAF DSP BlackRock World Agriculture FundDSPBRWEF DSP BlackRock World Energy FundDSPBRWGF DSP BlackRock World Gold FundDSPBRWMF DSP BlackRock World Mining FundDSPBRUSFEF DSP BlackRock US Flexible Equity FundDSPBRUSTF DSP BlackRock Ultra Short Term FundEntry Load Load on purchase of Units.Exit Load Load on redemption of Units.First time mutual fund investor Aninvestorwhoinvestsforthefirsttimeeverinanymutualfundeitherbywayofsubscriptionorsystematicinvestmentplan.FII Foreign Institutional Investor, registered with SEBI under the Securities and Exchange Board of India (Foreign

Institutional Investors) Regulations, 1995.Fund of Funds/FOF A mutual fund scheme that invests primarily in other schemes of the same mutual fund or other mutual funds.Investment Management Agreement

The Agreement dated December 16, 1996, entered into between DSP BlackRock Trustee Company Pvt. Ltd. and DSP BlackRock Investment Managers Pvt. Ltd., as amended from time to time.

Mutual Fund/ Fund

DSP BlackRock Mutual Fund, a trust set up under the provisions of the Indian Trusts Act, 1882, and registered with SEBI vide Registration No. MF/036/97/7.

NAV

Net Asset Value of the Units of the Schemes (and Plans and Options, if any, therein) calculated in the manner provided in this SID or as may be prescribed by the SEBI (MF) Regulations from time to time.

Non Business Day A day other than a Business Day.Offer Document This Scheme Information Document (SID) and Statement of Additional Information (SAI) (collectively).RBI Reserve Bank of India, established under the Reserve Bank of India Act, 1934.Registrar and Transfer Agent or RTA Computer Age Management Services Pvt. Ltd.Scheme Information Document/Combined Scheme Information Document/SID/Combined SID

This document issued by DSP BlackRock Mutual Fund, offering Units of DSPBRBF, DSPBRBalF, DSPBRBPDF, DSPBRCM10YGF, DSPBRDAAF, DSPBREF, DSPBRF25F, DSPBRGF, DSPBRGAF, DSPBRIOF, DSPBRITF, DSPBRLF, DSPBRMCF, DSPBRMIPF, DSPBRMMF, DSPBRNRNEF, DSPBROF, DSPBRSBF, DSPBRSMF, DSPBRSTF, DSPBRTBF, DSPBRTEF, DSPBRTF, DSPBRTSF, DSPBRWAF, DSPBRWGF, DSPBRWEF, DSPBRWMF, DSPBRUSFEF and DSPBRUSTF.

Self Certified Syndicate Banks ThelistofbanksthathavebeennotifiedbySEBItoactasaSCSBfortheASBAprocessasprovidedonwww.sebi.gov.in.Statement of Additional Information/SAI

A document containing details of the Mutual Fund, its constitution, and certain tax, legal and general information and legally forming a part of the SID.

Scheme/Schemes DSPBRBF, DSPBRBalF, DSPBRBPDF, DSPBRCM10YGF, DSPBRDAAF, DSPBREF, DSPBRF25F, DSPBRGF, DSPBRGAF, DSPBRIOF, DSPBRITF, DSPBRLF, DSPBRMCF, DSPBRMIPF, DSPBRMMF, DSPBRNRNEF, DSPBROF, DSPBRSBF, DSPBRSMF, DSPBRSTF, DSPBRTBF, DSPBRTEF, DSPBRTF, DSPBRTSF, DSPBRWAF, DSPBRWGF, DSPBRWEF , DSPBRWMF, DSPBRUSFEF and DSPBRUSTF collectively or individually as the context permits, referred to as “the Schemes” and “the Scheme” respectively.

SEBI Securities and Exchange Board of India, established under the Securities and Exchange Board of India Act, 1992.Sponsors or Settlors DSP ADIKO Holdings Pvt. Ltd. & DSP HMK Holdings Pvt. Ltd. (collectively) and BlackRock Inc. Stock Exchange/Exchange BSE Ltd., NSE or any other recognized stock exchange in India, as may be approved by the Trustee.Stock Exchange mechanism/Trading Platforms

MFSS (platform offered by NSE), BSE StAR MF (platform offered by BSE) or any other recognised stock exchange trading platform, with whom the AMC registers itself to facilitate transactions in mutual fund units.

T.I.G.E.R. The Infrastructure Growth and Economic Reforms.Trust Deed Trust Deed dated December 16, 1996 and all supplemental Trust Deed to the original Trust Deed executed on

December 16, 1996.Trustee DSP BlackRock Trustee Company Pvt. Ltd., a company set up under the Companies Act, 1956 and approved by

SEBI to act as the Trustee to the Schemes of DSP BlackRock Mutual Fund.Unit The interest of an investor which consists of one undivided share in the Unit Capital of the relevant Option in

each of the Plans under the Schemes offered by this SID.Unit Holder/Unitholder/ Investor A participant/holder of Units in the Schemes offered under this SID.

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SECTION III – ABBREVIATIONS & INTERPRETATIONIn this SID the following abbreviations have been used:

AMC: Asset Management Company LTV: Loan to Value Ratio

AMFI : Association of Mutual Funds in India MBS: Mortgaged Backed Securities

AML: Anti-Money Laundering MFSS: Mutual Fund Service System

ABS: Asset Backed Securities NAV: Net Asset Value

ASBA: Application Supported by Blocked Amount NEFT: National Electronic Funds Transfer

AOP: Association of Person NFO: New Fund Offer

BSE: BSE Ltd. NRI: Non-Resident Indian

BSE StAR MF: BSE Stock Exchange Platform for Allotment and Repurchase of Mutual Funds

NRE: Non Resident External

CAS: Consolidated Account Statement NRO: Non Resident Ordinary

CAMS: Computer Age Management Services Pvt. Ltd. NSE / National Stock Exchange:

National Stock Exchange of India Ltd.

CDSL: Central Depository Services (India) Limited NSDL: National Securities Depository Limited

CBLO: Collateralised Borrowing and Lending Obligation OTC: Over the Counter

DFI: Development Financial Institutions OTM: One Time Mandate

DTP: Dividend Transfer Plan POA: Power of Attorney

DP: Depository Participant PIO: Person of Indian Origin

DFI: Development Financial Institutions PMLA: Prevention of Money Laundering Act, 2002

ECS: Electronic Clearing System POS: Points of Service

EFT: Electronic Funds Transfer PSU: Public Sector Undertaking

FII: Foreign Institutional Investor RBI: Reserve Bank of India

FRA: Forward Rate Agreement RTGS: Real Time Gross Settlement

FIRC: ForeignInwardRemittanceCertificate SEBI: Securities and Exchange Board of India

FOF: Fund of Funds SI: Standing Instructions

FPI: Foreign Portfolio Investor SIP: Systematic Investment Plan

HUF: Hindu Undivided Family SWP: Systematic Withdrawal Plan

IMA: Investment Management Agreement STP: Systematic Transfer Plan

IRS: Interest Rate Swap STT: Securities Transaction Tax

ISC: Investor Service Centre SCSB: SelfCertifiedSyndicateBank

KYC: Know Your Customer SLR: Statutory Liquidity Ratio

INTERPRETATION

For all purposes of this SID, except as otherwise expressly provided or unless the context otherwise requires:

l TheTermsdefinedinthisSIDincludethepluralaswellasthesingular.l Pronouns having a masculine or feminine gender shall be deemed to include the other.l All references to “US$” refer to United States Dollars and “Rs./INR” refer to Indian Rupees. A “Crore” means “ten million” and a “Lakh” means a

“hundred thousand”.

l References to times of day (i.e. a.m. or p.m.) are to Mumbai (India) times and references to a day are to a calendar day including non-Business Day.

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SECTION IV – INTRODUCTION

A. RISK FACTORS

Standard Risk Factors:• Investment in mutual fund Units involves investment risks such

as trading volumes, settlement risk, liquidity risk, default risk, including the possible loss of principal.

• As the price / value / interest rates of the securities in which the Schemesinvestfluctuates,thevalueofinvestors’investmentsinthe Schemes may go up or down. In addition to the factors that affect the value of individual securities, the NAV of the Schemes canbeexpectedtofluctuatewithmovementsinthebroaderequityand bond markets and may be influenced by factors affectingcapital markets in general, such as, but not limited to, changes in interest rates, currency exchange rates, changes in governmental policies, taxation, political, economic or other developments and increased volatility in the stock and bond markets.

• Past performance of the Sponsor/AMC/Mutual Fund does not guarantee future performance of the Schemes.

• The names of the Schemes do not in any manner indicate either the quality of the Schemes or its future prospects and returns.

• The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes beyond the initial contribution of Rs. 1 lakh made by them towards setting up the Mutual Fund.

• The present Schemes are not guaranteed or assured return Schemes.

Specific Risk Factors

1. Risks Associated With Investment in Equity and Fixed Income Securities.

• Market Liquidity Risk: The liquidity of investments made in the Schemes may be restricted by trading volumes, settlement periods and transfer procedures.

Different segments of the Indian financial markets havedifferent settlement periods and such periods may be extended significantly by unforeseen circumstances. Therehave been times in the past, when settlements have been unable to keep pace with the volume of securities transactions, makingitdifficulttoconductfurthertransactions.Delaysorother problems in settlement of transactions could result in temporary periods when the assets of the Schemes are uninvested and no return is earned thereon. The inability of the Schemes to make intended securities purchases, due to settlement problems, could cause the Schemes to miss certain investment opportunities. By the same token, the inability to sell securities held in the Schemes’ portfolios, due to the absence of a well developed and liquid secondary market for debt securities, would result at times, in potential losses to the Schemes, should there be a subsequent decline in the value of securities held in the Schemes’ portfolios.

Money market securities, while fairly liquid, lack a well-developed secondary market, which may restrict the selling ability of the Schemes and may lead to the Schemes incurring lossestillthesecurityisfinallysold.

• Market Liquidity Risk with fixed rate Government securities: Even though the Government securities market is more liquid compared to other debt instruments, on occasion, there could be difficulties in transacting in themarket due to extremevolatility leading to constriction in market volumes. Liquidity of the Scheme may suffer in case any relevant guideline issued by RBI undergoes any adverse changes.

• Liquidity Risk on account of unquoted and unlisted securities: The liquidity and valuation of the Schemes’ investments due to their holdings of unlisted securities may be affected if they have to be sold prior to their target date of divestment.

Securities, which are not quoted on the stock exchanges, are inherently illiquid in nature and carry a larger amount of liquidity risk, in comparison to securities that are listed on the exchanges or offer other exit options to the investor, including a put option. Within the Regulatory limits, the AMC may choose to invest in unlisted securities that offer attractive yields. This may increase the risk of the portfolio.

• Credit Risk : Fixed income securities (government, debt and money market securities) are subject to the risk of an issuer’s inability to meet interest and principal payments on its debt obligations. The Investment Manager will endeavour to manage credit risk through in-house credit analysis.

Different types of securities in which the Schemes would invest as given in the SID carry different levels of credit risk. Accordingly the Schemes’ risk may increase or decrease depending upon their investment patterns. E.g. corporate bonds carry a higher amount of risk than Government securities. Further, even among corporate bonds, bonds which are rated AAA are comparatively less risky than bonds which are AA rated.

• Risks associated with banks and PSUs: The risks associated with debt and money market securities issued by banks and PSUs are perceived to be lower compared to other fixedincome instruments. However, these entities are unique in terms of being heavily regulated and affected by government policies,whichcouldimpactthecreditprofileoftheseissuers.

• Rating Migration Risk: Fixed income securities are exposed to rating migration risk, which could impact the price on account of change in the credit rating. For example: One notch downgrade of a AAA rated issuer to AA+ will have an adverse impact on the price of the security and vice-versa for an upgrade of a AA+ issuer.

• Term Structure of Interest Rates (TSIR) Risk : The NAV of the Schemes’ Units, to the extent that the Schemes are invested infixedincomesecurities,willbeaffectedbychangesinthegeneral level of interest rates. When interest rates decline, the value of a portfolio of fixed income securities can beexpected to rise. Conversely, when interest rates rise, the valueofaportfoliooffixedincomesecuritiescanbeexpectedto decline.

• Re-investment Risk: The investments made by the Schemes are subject to reinvestment risk. This risk refers to the interest rate levelsatwhichcashflows received fromthe securitiesin the Schemes are reinvested. The additional income from reinvestment is the ‘interest on interest’ component. The risk isthattherateatwhichinterimcashflowscanbereinvestedmay be lower than that originally assumed.

• Market Risk related to equity and equity related securities: Equity shares and equity related instruments are volatile and prone to price fluctuations on a daily basis. Investments inequity shares and equity related instruments involve a degree of risk and investors should not invest in the Scheme unless they can afford to take the risks.

• Risk associated with floating rate securities: To the extent theSchemes’investmentsareinfloatingratedebtinstrumentsor fixed debt instruments swapped for floating rate return,they will be affected by: Interest rate movement (Basis Risk) - Couponratesonfloatingratesecuritiesareresetperiodicallyin line with the benchmark index movement. Normally, the interest rate risk inherent in a floating rate instrument islimitedcomparedtoafixedrate instrument.Changes intheprevailing level of interest rates will likely affect the value of the Schemes’ holdings until the next reset date and thus the value of the Schemes’ Units. The value of securities held by the Schemes generally will vary inversely with changes in prevailing interest rates. The Mutual Fund could be exposed to

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interest rate risk (i) to the extent of time gap in the resetting of the benchmark rates, and (ii) to the extent the benchmark index fails to capture interest rate changes appropriately; Spread Movement (Spread Risk) - Though the basis (i.e. benchmark) gets readjusted on a regular basis, the spread (i.e. markup) over benchmark remains constant. This can result in some volatility to the holding period return of floating rateinstruments; Settlement Risk (Counterparty Risk) - Specificfloatingrateassetsmayalsobecreatedbyswappingafixedreturnintoafloatingratereturn.Insuchaswap,thereistherisk that thecounterparty (whowill payfloating rate returnandreceivefixedratereturn)maydefault;LiquidityRisk:Themarket for floating rate securities is still in its evolutionarystage and therefore may render the market illiquid from time to time, for such securities that the Schemes are invested in.

2. Applicable to DSPBRBalF, DSPBRMIPF, DSPBROF, DSPBRITF, DSPBREF, DSPBRTF, DSPBRTSF, DSPBRNRNEF, DSPBRMCF, DSPBRF25F and DSPBRSMF

• Risks associated with mid-cap, small-cap and micro-cap companies:TheInvestmentManagerhasdefinedthemarketcapitalization spectrum as follows:

• Large-Cap Stocks: Top 100 companies by total marketcapitalization

• Mid-CapStocks:Companieswhichareraked101to200bytotal market capitalization

• Small-CapStocks:Companieswhichareraked201to300bytotal market capitalization

• Micro-CapStocks:Allcompanies,whicharenotintop300companies by total market capitalization

Investment in mid-cap, small-cap and micro-cap companies are based on the premise that these companies have the ability to increase their earnings at a faster pace as compared to large-cap companies and grow into larger, more valuable companies. However, as with all equity investments, there is a risk that such companies may not achieve their expected earnings results, or there could be an unexpected change in the market, both of which may adversely affect investment results.

Historically, it has been observed that as you go down the capitalization spectrum i.e. from large-cap stocks to mid-cap stocks and beyond, there are higher risks in terms of volatility and market liquidity. DSPBRBalF, DSPBRMIPF, DSPBROF, DSPBRITF, DSPBREF, DSPBRTF, DSPBRTSF, DSPBRNRNEF, DSPBRMCF, DSPBRF25F also invest in mid-cap, small-cap and micro-cap companies and hence are exposed to associated risks.

3. Applicable to DSPBRF25F

• Security Concentration Risk: The relatively high percentage of Scheme’s assets invested in a limited number of equity and equity related securities may expose the portfolio to higher levels of volatility vis-à-vis other equity oriented schemes. However as observed in various research under modern portfolio theory and investment analysis, while the first 20stocksreducetheportfolio’srisksignificantly,theadditionalstocks between 20 and 1,000 reduce the portfolio’s risk very marginally. This indicates that the portfolio risk with 25 securities would be only marginally higher than a portfolio with say 80-100 stocks. Besides number of stocks, the portfolio has flexibilityofinvestingindiversesectorswhichwouldprovidediversificationacrosssectors.Suchaschemeisalsoexpectedto have higher market liquidity risk. Although the investment universe constitutes securities which will have high market liquidity, there is a possibility that market liquidity could get impacted on account of company/sector/general market related events and there could be a price impact on account of portfolio rebalancing and/or liquidity demands on account of redemptions.

4. Applicable to DSPBROF

• Sector Concentration Risk: Since DSPBROF’s investment

focus is on selected sectors of the market, the portfolio will be concentrated in selected companies across these sectors. This may make the portfolios vulnerable to factors that may affect these sectors in general, thereby leading to increased volatility in the movement of the Scheme’s NAV.

5. Applicable to DSPBRITF

• Risks associated with companies operating in Infrastructure sector and/or where economic reforms are expected: DSPBRITF will focus on companies which will benefit fromstructural changes brought about by continuing liberalization in economic policies by the Government and/or from continuing investments in infrastructure, both by the public and private sector. It is possible that such policies may not fructify or crystalize in a manner commensurate with expectations thereby affecting the prospects of companies held in the portfolio of the Scheme. Since, the NAV of the scheme is linked to the share price performance of such companies, they may outperform or underperform the benchmark index and/or the constituents of the said benchmark index.

6. Applicable to DSPBRTF

• Technology, Media and Telecom Sector Concentration Risk: DSPBRTF will predominately focus in equities of selected companies in technology intensive sectors. Consequently, the NAV of the Scheme is linked to the equity performance of such companiesandmaybemorevolatilethanamorediversifiedportfolio of equities.

• Intellectual Property and Individual Risk in Technology, Media and Telecom Sectors: Technology industries’ key asset is often the personnel who run the business, i.e. intellectual properties of the key employees of the respective companies. Given the ever-changing complexion of the technology sector and the high obsolescence levels, availability of qualified,trained and motivated personnel is very critical for the success of industries in the said sector. It is, therefore, necessary to attract key personnel and also to retain them to meet the changing environment and challenges the sector offers.Failureorinabilitytoattract/retainsuchqualifiedkeypersonnel may impact the prospects of the companies in the technology sector in which the Scheme invests.

7. Risks associated with trading in derivatives (Applicable to all Schemes except DSPBRCM10YGF, DSPBRDAAF, DSPBRGAF, DSPBRTSF, DSPBRWAF, DSPBRWGF, DSPBRWEF, DSPBRWMF, DSPBRUSFEF and DSPBRUSTF)The use of derivatives may expose Schemes to a higher degree of risk. In particular, derivative contracts can be highly volatile, and the amount of initial margin is generally small relative to the size of the contract so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard bonds or equities. Leveraged derivative positions can therefore increase Scheme volatility.

Derivatives require the maintenance of adequate controls to monitor the transactions and the embedded market risks that they add to the portfolio. Besides the price of the underlying asset, the volatility, tenor and interest rates affect the pricing of derivatives. Other risks in using derivatives include but are not limited to:

(a) Counterparty Risk - this occurs when a counterparty fails to abide by its contractual obligations and therefore, the Schemes are compelled to negotiate with another counter party, at the then prevailing (possibly unfavourable) market price. For exchange traded derivatives, the risk is mitigated as the exchange provides the guaranteed settlement but one takes the performance risk on the exchange.

(b) Market Liquidity Risk - this occurs where the derivatives cannot be transacted due to limited trading volumes and/or the transaction is completed with a severe price impact.

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(c) Model Risk - the risk of mis-pricing or improper valuation of derivatives.

(d) Basis Risk - arises due to a difference in the price movement of the derivative vis-à-vis that of the security being hedged.

Derivative products are leveraged instruments and can provide disproportionate gains as well as disproportionate losses to the investor. Execution of such strategies depends upon the ability of the fund manager to identify such opportunities. Identification and execution of the strategies to be pursuedinvolve uncertainty and decision of the Investment Manager may not always be profitable. No assurance can be given thatthe Investment Manager will be able to identify or execute such strategies. Some other risks investors must read carefully before making any investments in this Scheme, as it is expected to make investments in equity derivatives are as follows:

Derivative trades involve execution risks, whereby the rates seen on the screen may not be the rate at which ultimate execution takes place.

• Theoptionbuyer’sriskislimitedtothepremiumpaid,whilethe risk of an option writer is unlimited.

• Investmentsinindex/stockfuturesfacethesimilarriskastheinvestments in the underlying stock or index.

• Riskoflossintradinginfuturescontractscanbesubstantial,because of the low margin deposits required, the extremely high degree of leverage involved in futures pricing and potentially high volatility of the futures markets.

• Thederivativesmarketmaynothavethevolumesthatmaybe seen in other developed markets, which may result in volatility in the values.

• Therisksassociatedwiththeuseofderivativesaredifferentfrom or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

8. Risk associated with investments in repo of corporate debt securities (applicable to DSPBRBPDF, DSPBRIOF, DSPBRMMF & DSPBRSTF)

In repo transactions, also known as a repo or sale repurchase agreement, securities are sold with the seller agreeing to buy them back at later date. The repurchase price should be greater than the

original sale price, the difference effectively representing interest. A repo is economically similar to a secured loan, with the buyer receiving corporate debt securities as collateral to protect against default. The Scheme may invest in repo of corporate debt securities which are subject to the following risks:

a. Counterparty Risk: This refers to the inability of the seller to meet the obligation to buy back securities at the contracted price. The Investment Manager will endeavour to manage counterparty risk by dealing only with counterparties having strongcreditprofilesassessedthroughin-housecreditanalysisor with entities regulated by SEBI/RBI/IRDA

b. Collateral Risk: In the event of default by the repo counterparty, the scheme have recourse to the corporate debt securities. Collateral risk arises when the market value of the securities is inadequate to meet the repo obligations. This risk is mitigated by restricting participation in repo transactions only in AA and above rated money market and corporate debt securities. In addition, appropriate haircuts are applied on the market value of the underlying securities to adjust for the illiquidity and interest rate risk on the underlying instrument.

9. Applicable to DSPBRGAF, DSPBRWGF, DSPBRWEF, DSPBRWMF, DSPBRWAF and DSPBRUSFEF - Risk associated with underlying BGF schemes

• Liquidity Risk on account of investments in international funds: The liquidity of the Scheme’s investments may be inherently restricted by the liquidity of the underlying schemes in which it has invested.

• Expense Risks associated with investments in international funds: The Investors shall bear the recurring expenses of the Scheme in addition to those of the underlying schemes. Therefore, the returns that they may receive may be materially impacted or may, at times, be lower than the returns that the investors directly investing in the underlying schemes could obtain.

• Portfolio Disclosure Risks associated with investments in international funds: The disclosures of portfolio for the Scheme will be limited to the particulars of the underlying schemes and money market securities where the Scheme has invested. Investors may, therefore, not be able to obtain specificdetailsoftheinvestmentsoftheunderlyingschemes.

• Investment Policy and/or fundamental attribute change risks associated with investments in international funds: Any change in the investment policies or fundamental attributes of any underlying scheme is likely to affect the performance of the Scheme.

• Risks associated with investments in BGF-GAF/ BGF-WAF/ BGF-NEF/ BGF- WGF/ BGF-WEF/ BGF-WMF/ BGF-USFEF: DSPBRWAF intends to predominantly invest in BGF - WAF. DSPBRWGF intends to predominantly invest in BGF - WGF, BGF-WGF, which invests primarily in the equity securities of companies whose predominant economic activity is gold mining. DSPBRWEF and DSPBRWMF intend to predominantly invest in BGF-WEF/BGF-NEF and BGF-WMF respectively. DSPBRUSFEF intends to predominantly invest in BGF - USFEF. DSPBRGAF intends to predominantly invest in BGF – GAF. The Schemes may also invest, at the discretion of the Investment Manager, in the units of other similar overseas mutual fund schemes,whichmayconstituteasignificantpartofitscorpus,and a certain portion of its corpus in the liquid schemes of DSP BlackRock Mutual Fund. Hence scheme specific riskfactors of such underlying schemes will be applicable. All risks associated with such schemes, including performance of their underlying stocks, derivative instruments, stock-lending, off-shore investments etc., will therefore be applicable in the case of the Schemes. Investors who intend to invest in the Schemes are required to and deemed to have understood the risk factors of the underlying schemes.

DSPBRGAF/DSPBRWGF/DSPBRWEF/DSPBRWMF/DSPBRWAF/DSPBRUSFEF shall endeavor to track the performance of the respective underlying funds subject to foreign exchange movement, total expense ratio and returns from investments made in money market securities or units of money market/liquid schemes of DSP BlackRock Mutual Fund.

10. Applicable to DSPBRNRNEF

• Expense Risks associated with investments in international funds: In respect of the corpus of the Scheme that is invested in BGF - NEF, BGF - WEF and similar other overseas mutual fund schemes, investors shall bear the proportionate recurring expenses of such underlying scheme(s), in addition to the recurring expenses of the Scheme. Therefore, the returns attributable to such investments by the Scheme may be impacted or may, at times, be lower than the returns that the investors could obtain by directly investing in the said underlying scheme(s).

• Risks associated with investments in BGF-NEF and BGF-WEF: DSPBRNRNEF intends to invest a part of its corpus in BGF - NEF and BGF - WEF. BGF - NEF which invests primarily in the equity securities of companies whose predominant economic activity is in the alternative energy and energy technology sectors with emphasis given to renewable energy, automotive and on-site power generation, energy storage and enabling energy technologies. BGF- WEF invests primarily in the equity securities of companies whose predominant economic activity is in the exploration, development, production and distribution of energy, and additionally, in companies seeking

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to develop and exploit new energy technologies. The Scheme may also invest, at the discretion of the fund manager, in the units of similar other overseas mutual fund schemes, within the limit mentioned for such investments in the Investment PatternoftheScheme.Henceschemespecificriskfactorsofsuch underlying scheme(s) will also be applicable. All risks associated with such scheme(s), including performance of their underlying stocks, derivative instruments, stock-lending, off-shore investments etc., will therefore be applicable in the case of the Scheme to such extent. Investors who intend to invest in the Scheme are required to and deemed to have understood the risk factors of the underlying scheme(s).

11. Applicable to DSPBRGAF, DSPBRNRNEF, DSPBRWGF, DSPBRWEF DSPBRWMF and DSPBRWAF

(i) Special Risk Considerations related to International Funds Investors must read these “Special Risk Considerations”. This section contains explanations of some of the risks that apply to BGF – GAF, BGF - NEF, BGF-WGF, BGF – WEF, BGF-WMF and BGF-WAF.

(a) Emerging Markets The following considerations, which apply to some extent to

allinternationalinvestments,areofparticularsignificancein certain smaller and emerging markets. Investments by BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF in equities may include investments in certain smaller and emerging markets, which are typically those of poorer or lesser developed countries which exhibit lower levels of economic and/or capital market development, and higher levels of share price and currency volatility. The prospects for economic growth in a number of these markets are considerable and equity returns have the potential to exceed those in mature markets as growth is achieved. However, share price and currency volatility are generally higher in emerging markets.

Some governments exercise substantial influence overthe private economic sector, and the political and social uncertainties that exist for many developing countries are particularlysignificant.Anotherriskcommontomostsuchcountries is that the economy is heavily export oriented and, accordingly, is dependent upon international trade. The existence of overburdened infrastructures and obsolete financial systemsalsopresents risks in certain countries,as do environmental problems. Certain economies also depend, toa significantdegree,uponexportsofprimarycommodities and, therefore, are vulnerable to changes in commodity prices, which, in turn, may be affected by a variety of factors.

In adverse social and political circumstances, governments havebeeninvolvedinpoliciesofexpropriation,confiscatorytaxation, nationalisation, intervention in the securities market and trade settlement, and imposition of foreign investment restrictions and exchange controls, and these could be repeated in the future. In addition to withholding taxes on investment income, some emerging markets may impose different capital gains taxes on foreign investors.

Generally accepted accounting, auditing and financialreporting practices in emerging markets may be significantly different from those in developed markets.Compared to mature markets, some emerging markets may have a low level of regulation, enforcement of regulations and monitoring of investors’ activities. Those activities may include practices such as trading on material non-public information by certain categories of investor.

Securities markets of developing countries are not as large as the more established securities markets and have substantially less trading volume, resulting in a lack of liquidity and high price volatility. There may be a high concentration of market capitalisation and trading volume in a small number of issuers representing a limited number of industries as well as a high concentration of investors

andfinancialintermediaries.Thesefactorsmayadverselyaffect the timing and pricing of BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF’s acquisition or disposal of securities.

Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF will need to use brokers and counterparties which are less well capitalised, and custody and registration of assets in some countries may be unreliable. Delays in settlement could result in investment opportunities being missed if BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF is unable to acquire or dispose of a security. The custodian of of BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF is responsible for the proper selection and supervision of its correspondent banks in all relevant markets in accordance with Luxembourg law and regulation.

In certain emerging markets, registrars are not subject to effective government supervision nor are they always independent from issuers. The possibility of fraud, negligence, undue influence being exerted by the issueror refusal to recognise ownership exists, which, along with other factors, could result in the registration of a shareholding being completely lost. Investors should therefore be aware that BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF could suffer losses arising from these registration problems, and as a result of archaic legal systems, BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF may be unable to make a successful claim for compensation. While the factors described above may result in a generally higher level of risk with respect to the individual smaller and emerging markets, these may be reduced when there is a low correlation between the activities of those markets and/or bythediversificationofinvestmentswithintheBGF–GAF,BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF.

Investments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities. In Russia, this is evidenced by entries in the books of a company or its registrar which is neither an agent nor responsible to the custodian of BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF. No certificates representing ownership of Russian companieswill be held by the custodian of BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF- WGF and BGF-WMF or any correspondent or in an effective central depositary system. As a result of this system and the lack of state regulation and enforcement, BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF could lose their registration and ownership of Russian securities through fraud, negligence or even mere oversight. If BGF – GAF, BGF - NEF, BGF - WAF, BGF - WEF, BGF – WGF and BGF-WMF invest directly in local Russian stock, it will limit its exposure to no more than 10% of its Net Asset Value, except for investment in securities listed on either the Russian Trading Stock Exchange or the Moscow Interbank Currency Exchange, which have been recognized as regulated markets.

(b) Sovereign Debt Certain developing countries are especially large debtors

to commercial banks and foreign governments. Investment in debt obligations (‘Sovereign Debt’) issued or guaranteed by developing governments or their agencies and instrumentalities (‘Governmental Entities’) involves a high degree of risk. The Governmental Entity that controls the repayment of Sovereign Debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A Governmental Entity’s willingness or ability to repay principal and interest due in

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a timely manner may be affected by, among other factors, itscashflowsituation,theextentofitsforeignreserves,theavailabilityofsufficientforeignexchangeonthedatea payment is due, the relative size of the debt service burden to the economy as a whole, the Governmental Entity’s policy towards the International Monetary Fund and the political constraints to which a Governmental Entity may be subject. Governmental Entities may also be dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearage on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a Governmental Entity’s implementation of economic reforms and/or economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties’ commitments to lend funds to the Governmental Entity, which may further impair such debtor’s ability or willingness to service its debt on a timely basis. Consequently, Governmental Entities may default on their Sovereign Debt. Holders of Sovereign Debt, including BGF – GAF, BGF - NEF, BGF - WEF, BGF – WGF, BGF-WMF and BGF-WAF may be requested to participate in the rescheduling of such debt and to extend further loans to Governmental Entities. There is no bankruptcy proceeding by which Sovereign Debt on which a Governmental Entity has defaulted may be collected in whole or in part.

(c) Restrictions on Foreign Investment Some countries prohibit or impose substantial restrictions

on investments by foreign entities such as BGF - GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF. As illustrations, certain countries require governmental approval prior to investments by foreign persons, or limit the amount of investment by foreign persons in a particular company, or limit the investment by foreign persons in a companytoonlyaspecificclassofsecuritieswhichmayhaveless advantageous terms than securities of the company available for purchase by nationals. Certain countries may restrict investment opportunities in issuers or industries deemed important to national interests. The manner in which foreign investors may invest in companies in certain countries, as well as limitations on such investments, may have an adverse impact on the operations of BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF. For example, BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF may be required in certain such countries to invest initially through a local broker or other entity and then have the share purchases re-registered in the name of BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF. Re-registration may, in some instances, not be able to occur on a timely basis, resulting in a delay during which BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF may be denied some of its rights as an investor, including rights to dividends or to be made aware of certain corporate actions. There also may be instances where BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF place a purchase order but are subsequently informed, at the time of re-registration, that the permissible allocation to foreign investors has beenfilled,deprivingBGF–GAF,BGF-NEF,BGF-WAF,BGF- WEF, BGF - WGF and BGF-WMF of the ability to make their desired investment at the time. Substantial limitations may exist in certain countries with respect to BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF’s ability to repatriate investment income, capital or the proceeds of sales of securities by foreign investors. BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF could be adversely affected by delays in, or a refusal to grant any required governmental approval for repatriation of capital, as well as by the application to BGF – GAF,

BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF of any restriction on investments. A number of countries have authorised the formation of closed-end investment companies to facilitate indirect foreign investment in their capital markets. Shares of certain closed-end investment companies may at times be acquired only at market prices representing premia to their net asset values. If BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF acquire shares in closed-end investment companies, shareholders will bear both their proportionate share of expenses in BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF (including management fees) and, indirectly, the expenses of such closed-end investment companies. BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF - WGF and BGF-WMF also may seek, at their own cost, to create its own investment entities under the laws of certain countries.

(d) Smaller Capitalisation Companies Securities of smaller capitalisation companies may, from

time to time, and especially in falling markets, become illiquid and experience short-term price volatility and wide spreads between bid and offer prices. Investment in smaller capitalisation companies may involve higher risk than investment in larger companies. Securities of smaller companies may be subject to more abrupt or erratic market movements than larger, more established companies or the market average in general. These companies may have limited product lines, markets or financial resources, orthey may be dependent on a limited management group. Full development of those companies takes time. In addition, many small company stocks trade less frequently and in smaller volume, and may be subject to more abrupt or erratic price movements than stocks of large companies. Securities of small companies may also be more sensitive to market changes than securities of large companies. These factorsmayresultinaboveaveragefluctuationsintheNetAsset Value of BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF, BGF-WMF’s Shares.

(e) Derivatives - General BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF

and BGF-WMF may use derivatives to hedge market and currency risk, and for the purposes of efficient portfoliomanagement. The use of derivatives may expose BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF to a higher degree of risk. In particular, derivative contracts can be highly volatile, and the amount of initial margin is generally small relative to the size of the contract so that transactions are geared. A relatively small market movement may have a potentially larger impact on derivatives than on standard bonds or equities.

(ii) Country Risks associated with investments in international funds: Country risk arises from the inability of a country to meet its financial obligations. It is the risk encompassingeconomic, social and political conditions in a foreign country which might adversely affect the interests of the Scheme.

(iii) Currency Risk in funds investing in international funds: – Investments in BGF – GAF, BGF - NEF, BGF-WAF, BGF - WEF, BGF – WGF and BGF-WMF and similar other overseas mutual fund schemes are subject to currency risk. Returns to investors are the result of a combination of returns from investments and from movements in exchange rates. For example, if the Rupee appreciates vis-ˆ-vis the US$, the extent of appreciation will lead to a reduction in the yield to the investor. However, if the Rupee appreciates against the US$ by an amount in excess of the interest earned on the investment, the returns can even be negative. Again, in case the Rupee depreciates vis-ˆ-vis the US$, the extent of depreciation will lead to a corresponding increase in the yield to the investor. Going forward, the Rupee may depreciate (lose value) or appreciate (increase value) against the currencies of the countries where the Scheme will invest.

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12. Applicable to DSPBRUSFEF

• Risks associated with mid-cap and small-cap companies: The investment universe and benchmark of the underlying fund is the Russell 1000 Index which comprises of the largest 1000 companies by market capitalisation in the US equity segment. Whilethesecompaniesareclassifiedaslarge-capbyRussell,these could be classified as mid-cap or small-cap by otherindex providers and/or market participants.

Composition of Russell 1000 Index (as of May 31, 2015)

Market Capitalisation(US$ billion)

Number of Securities

% Weight

>50 97 55.09

25-50 108 15.89

10-25 236 15.92

5-10 288 8.85

2-5 278 4.08

<2 27 0.16

The securities of such mid-cap and small-cap companies may be subject to more volatile market movements than large-cap companies within the investment universe. In addition, mid-cap and small-cap company stocks may trade less frequently and in smaller volume. Mid-cap and small-cap securities may also be more sensitive to market changes than the securities of large-cap companies.

• Risks associated with US equity markets: The value of the underlying scheme(s) will be affected by economic, political, market, exchange and issuer specific changes in the US.Such changes may adversely affect securities, regardless of companyspecificperformance.Additionally,differentsectorsand securities can react differently to these changes. Such fluctuations of the underlying scheme(s)’s value are oftenexacerbated in the short term as well. The risk that one or more companies in the underlying scheme(s)’s portfolio will fall, or fail to rise, can adversely affect the overall performance of the Scheme in any given period.

• Currency Risk: : Investments in BGF – USFEF and other similar overseas mutual fund schemes are subject to currency risk. Returns to investors are the result of a combination of returns from investments and from movements in exchange rates. For example, if the Rupee appreciates vis-à-vis the US$, the extent of appreciation will lead to reduction in the yield to the investor. However, if the Rupee appreciates against the US Dollar by an amount in excess of the interest earned on the investment, the returns can even be negative. Again, in case the Rupee depreciates vis-à-vis the US$, the extent of depreciation will lead to a corresponding increase in the yield to the investor. Going forward, the Rupee may depreciate (lose value) or appreciate (increase value) against the currencies of the countries where the Scheme will invest.

• Country Risk: Country risk arises from the inability of a country tomeet itsfinancialobligations. It is the riskencompassingeconomic, social and political conditions in a foreign country which might adversely affect the interests of the Scheme.

• Derivatives – General: BGF – USFEF may use derivatives to hedge market and currency risk, and for the purposes of efficient portfoliomanagement.The use of derivativesmayexpose BGF – USFEF to a higher degree of risk. In particular, derivative contracts can be highly volatile, and the amount of initial margin is generally small relative to the size of the contract so that transactions are geared. A relatively small market movement may have a potentially larger impact on derivatives than on standard bonds or equities.

13. Applicable to DSPBRGAF• Asset class risks: Fixed Income Transferable Securities: Debt

securities are subject to both actual and perceived measures of

creditworthiness. The “downgrading” of a rated debt security or adverse publicity and investor perception, which may not be based on fundamental analysis, could decrease the value and liquidity of the security, particularly in a thinly traded market. A Fund may be affected by changes in prevailing interest rates and by credit quality considerations. Changes in market rates of interest will generally affect a Fund’s asset valuesasthepricesoffixedratesecuritiesgenerallyincreasewhen interest rates decline and decrease when interest rates rise.

Prices of shorter-term securities generally fluctuate lessin response to interest rate changes than do longer-term securities. An economic recession may adversely affect an issuer’sfinancialconditionandthemarketvalueofhighyielddebt securities issued by such entity. The issuer’s ability to service its debt obligations may be adversely affected by specificissuerdevelopments,ortheissuer’sinabilitytomeetspecificprojectedbusinessforecasts,ortheunavailabilityofadditionalfinancing.Intheeventofbankruptcyofanissuer,aFund may experience losses and incur costs. Non-investment grade debt may be highly leveraged and carry a greater risk of default. In addition, non-investment grade securities tend tobemorevolatilethanhigherratedfixedincomesecurities,so that adverse economic events may have a greater impact on the prices of non-investment grade debt securities than on higherratedfixed-incomesecurities.

• Distressed Securities Investment in a security issued by a company that is either

in default or in high risk of default (“Distressed Securities”) involvessignificantrisk.Suchinvestmentswillonlybemadewhen the Investment Adviser believes it is reasonably likely that the issuer of the securities will make an exchange offer or will be the subject of a plan of reorganisation; however, there can be no assurance that such an exchange offer will be made or that such a plan of reorganisation will be adopted or that any securities or other assets received in connection with such an exchange offer or plan of reorganisation will not have a lower value or income potential than anticipated when the investment was made. In addition, a significant periodof time may pass between the time at which the investment in Distressed Securities is made and the time that any such exchange offer or plan of reorganisation is completed. During this period, it is unlikely that any interest payments on the DistressedSecuritieswillbereceived,therewillbesignificantuncertainty as to whether or not the exchange offer or plan of reorganisation will be completed, and there may be a requirement to bear certain expenses to protect the investing Fund’s interest in the course of negotiations surrounding any potential exchange or plan of reorganisation. In addition, as a result of participation in negotiations with respect to any exchange offer or plan of reorganisation with respect to an issuer of Distressed Securities, the investing Fund may be precluded from disposing of such securities. Furthermore, constraints on investment decisions and actions with respect to Distressed Securities due to tax considerations may affect the return realised on the Distressed Securities. Some Funds may invest in securities of issuers that are encountering a variety of financial or earnings problems and representdistincttypesofrisks.AFund’sinvestmentsinequityorfixedincome transferable securities of companies or institutions in weakfinancialconditionmayincludeissuerswithsubstantialcapital needs or negative net worth or issuers that are, have been or may become, involved in bankruptcy or reorganisation proceedings.

• Credit Risk & Market Risk: To the extent that the underlying schemes invest in corporate debt securities, they are subject to the risk of an issuer’s inability to meet interest and principal payments on its debt obligations (credit risk). Debt securities

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may also be subject to price volatility due to factors such as changes in credit rating, interest rates, general level of market liquidity and market perception of the creditworthiness of the issuer among others (market risk).

• Term Structure of Interest Rates (TSIR) Risk: To the extent that the underlying schemes are invested in fixed incomesecurities, the NAV of the Units issued under the Scheme is likely to be affected by changes in the general level of interest rates. When interest rates decline, the value of a portfolio of fixed incomesecuritiescanbeexpectedtorise.Conversely,when interest rates rise, the value of a portfolio of fixedincome securities can be expected to decline.

• Temporary suspension of subscription/ Winding up of the Scheme in case exposure to India equity by Underlying Fund exceeds 15% of the net asset of Underlying Fund

In following circumstances the Scheme will temporary suspend subscription/will wind-up the Scheme:

1. In case the exposure to Indian equities through BGF-GAF or through other similar funds (Underlying schemes) in which the Scheme invest exceeds 15 % of the net assets of Underlying schemes as the case may then a rebalancing period of three months from the date in initial breach shall be allowed so as to bring back the exposure to Indian equities within the said 15% limit.

2. In case this breach exceeds beyond the said three (3) months, the Scheme shall stop fresh subscription (including switch-in and future installments of Systematic transactions (SIP/STP) in the Scheme for the next nine (9) months.

3. In case the breach as mentioned in point 1 still continues after a period of twelve (12) months since the initial breach, the Scheme shall be would up after providing intimation of the same to the unitholders with an exit option for a period of thirty (30) days at the then prevailing NAV without any exit load.

14. Applicable to DSPBRDAAF• In accordance with the investmentmanagement strategies,

the Scheme intends to invest in DSPBREF, DSPBRTEF, DSPBRF25F, DSPBROF, DSPBRITF, DSPBRSTF, DSPBRSBF, DSPBRMMF, DSPBRBPDF and DSPBRIOF. A certain portion of its corpus may also be invested in money market securities and or units of money market/liquid schemes of DSP BlackRock Mutual Fund. Hence, scheme specific risk factors of suchUnderlying Schemes will be applicable. All risks associated with Underlying Schemes, including performance of their underlying stocks, derivative instruments, stock-lending, off-shore investments etc., will therefore be applicable in the case of the Scheme. Investors who intend to invest in the Scheme are required to and deemed to have understood the risk factors of the Underlying Schemes.

• The Scheme will invest primarily in a combination of DSPBlackRock Mutual Fund’s equity and income schemes. Hence, movements in the NAV of the Underlying Schemes may impact the performance of the Scheme. Any change in the investment policies or fundamental attributes of the Underlying Schemes will affect the performance of the Scheme.

• TheinvestorsoftheSchemeshallbeartherecurringexpensesof the Scheme in addition to the expenses of the Underlying Schemes. Hence the investor under the Scheme may receive lower pre-tax returns than what they may receive if they had invested directly in the Underlying Schemes in the same proportions.

• The Portfolio disclosure of the Scheme will be limited toproviding the particulars of the allocation to the Underlying Schemes where the scheme has invested and will not include the investments made by the Underlying Schemes.

• TheinvestmentstrategyoftheSchemeinvolvesperiodicassetallocation changes that entail investing into or redeeming out of the Underlying Schemes. The Scheme’s performance

may be impacted by exit loads or other redemption charges that may be charged at the time of redemption from the Underlying Schemes. Since the incidence of exit loads/redemption charges on investments made by the Scheme in UnderlyingSchemesoftheFundisbasedonfirst-in,firstoutprinciple, it is anticipated that the impact of such exit loads/redemption charges could be minimal during the normal course of functioning of the Scheme.

• TheUnderlyingSchemesmaysuspendorrestrictthepurchase/redemption of units due to occurrence of certain events as specified in the respective Scheme Information Document.The periodic asset allocation changes of the Scheme could get delayed as a result of such suspension/restriction of purchase/redemption of units.

• The Scheme investments in the Underlying Schemes of theFund are subject to 20-25 rules as envisaged in SEBI circular no. SEBI/IMD/CIR No. 5/126096/08 dated May 23, 2008.

• ThisSchemeismeantforinvestorswhopreferaninvestmentthat incorporates model-based asset allocation approach; it is expected that the investors of the Scheme will be predominantly retail investors. Hence, the Scheme may not be exposed to large-scale redemptions at a given point in time. The impact on Underlying Schemes will be on account of portfolio rebalancing i.e. an increase in allocation from equity-oriented schemes to debt-oriented schemes. Based on the historical data, the Investment Manager does not anticipate such redemptions to be more that 5% of net assets of the Underlying equity-oriented scheme. However, due to portfolio rebalancing, should the redemptions in Underlying equity-oriented schemes exceeds 5% of the net asset of each Underlying equity-oriented scheme, then the Investment Manager will stagger redemptions over few days, so that redemptions in any Underlying equity-oriented scheme do not constitute more than 5% of the net asset of the Underlying equity-oriented schemes’ on any given business day.

A similar approach would be followed by the Investment Manager even in the case of redemptions from any Underlying debt-oriented schemes that occur due to portfolio rebalancing from debt-oriented schemes to equity-oriented schemes.

Additionally, the aforesaid cap of 5% on redemption would also be adhered to, at the time of redemption from each Underlying equity oriented schemes and Underlying debt – oriented schemes for the purpose of portfolio rebalancing or otherwise.

15. Risks associated with Overseas Investments Subject to necessary approvals, in terms of all applicable

guidelines issued by SEBI and RBI from time to time and within the investment objectives of the Schemes, the Schemes may invest in overseas markets and securities which carry a risk on account of fluctuations in the foreign exchange rates, natureof securities market of the country concerned, repatriation of capital due to exchange controls and political circumstances. This risk factor applies to all Schemes covered under this SID, which are permitted to invest in overseas securities, as mentioned in “Section IV. Information about the Schemes”.

16. Risks associated with investments in Securitised Assets A securitization transaction involves sale of receivables by the

originator(abank,non-bankingfinancecompany,housingfinancecompany, or a manufacturing/service company) to a Special Purpose Vehicle (SPV), typically set up in the form of a trust. Investorsare issuedratedPassThroughCertificates(PTCs),theproceeds of which are paid as consideration to the originator. In this manner, the originator, by selling his loan receivables to an SPV, receives consideration from investors much before the maturity of the underlying loans. Investors are paid from the collections of the underlying loans from borrowers. Typically, the transaction is provided with a limited amount of credit enhancement (as stipulated by the rating agency for a target

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rating), which provides protection to investors against defaults by the underlying borrowers.

Some of the risk factors typically analyzed for any securitization transaction are as follows:• Risks associated with asset class: Underlying assets in

securitised debt may assume different forms and the general types of receivables include commercial vehicles, auto finance,creditcards,homeloansoranysuchreceipts.Creditrisks relating to these types of receivables depend upon various factors including macro economic factors of these industries and economies. Specific factors like nature andadequacy of collateral securing these receivables, adequacy ofdocumentationincaseofautofinanceandhomeloansandintentionsandcreditprofileoftheborrowerinfluencetherisksrelating to the asset borrowings underlying the securitised debt.

• Risks associated with pool characteristics: (a) Size of the loan : This generally indicates the kind of assets

financedwithloans.Whileapoolofloanassetscomprisingofsmallerindividualloansprovidesdiversification,ifthereis excessive reliance on very small ticket size, it may result indifficultandcostlyrecoveries.

(b) Loan to Value Ratio : This Indicates how much percentage value of the asset is financed by borrower’s own equity.The lower LTV, the better it is. This ratio stems from the principle that where the borrowers own contribution of the asset cost is high, the chances of default are lower. To illustrate for a Truck costing Rs. 20 lakh, if the borrower has himself contributed Rs.10 lakh and has taken only Rs. 10 lakh as a loan, he is going to have lesser propensity to default as he would lose an asset worth Rs. 20 lakh if he defaults in repaying an installment. This is as against a borrower who may meet only Rs. 2 lakh out of his own equity for a truck costing Rs. 20 lakh. Between the two scenarios given above, the later would have higher risk of default than the former.

(c) Original maturity of loans and average seasoning of the pool : Original maturity indicates the original repayment period and whether the loan tenors are in line with industry averages and borrower’s repayment capacity. Average seasoning indicates whether borrowers have already displayed repayment discipline. To illustrate, in the case of a personal loans, if a pool of assets consist of those who have already repaid 80% of the installments without default, this certainly is a superior asset pool than one where only 10% of installments have been paid. In the former case, the portfolio has already demonstrated that the repayment discipline is far higher.

(d) Default rate distribution : This indicates how much % of the pool and overall portfolio of the originator is current, how much is in 0-30 DPD (days past due), 30-60 DPD, 60-90 DPD and so on. The rationale here is very obvious, as against 0-30 DPD, the 60-90 DPD is certainly a higher risk category

• Credit Rating and Adequacy of Credit Enhancement: Unlike in plain vanilla instruments, in securitisation transactions, it is possible to work towards a target credit rating, which could be much higher than the originator’s own credit rating. This is possible through a mechanism called “Credit enhancement”. Theprocessof“Creditenhancement” isfulfilledbyfilteringthe underlying asset classes and applying selection criteria, which further diminishes the risks inherent for a particular asset class. The purpose of credit enhancement is to ensure timely payment to the investors, if the actual collection from the pool of receivables for a given period is short of the contractual payout on securitisation. Securitisation is normally non-recourse instruments and therefore, the repayment on securitisation would have to come from the underlying assets and the credit enhancement. Therefore the rating criteria

centrally focus on the quality of the underlying assets.

The Schemes will predominantly invest in those securitisation issuances which have AA and above rating indicating high level of safety from credit risk point of view at the time of making an investment. However, there is no assurance by the rating agency either that the rating will remain at the same level for any given period of time or that the rating will not be lowered or withdrawn entirely by the rating agency.

• Limited Liquidity & Price Risk: Presently, the secondary market for securitised papers is not very liquid. There is no assurance that a deep secondary market will develop for such securities. This could limit the ability of the investor to resell them. Even if a secondary market develops and sales were to take place, these secondary transactions may be at a discount to the initial issue price due to changes in the interest rate structure.

• Limited Recourse to Originator & Delinquency: Securitised transactions are normally backed by pool of receivables and credit enhancement as stipulated by the rating agency, which differ from issue to issue. The Credit Enhancement stipulated represents a limited loss cover to the Investors. TheseCertificatesrepresentanundividedbeneficial interestin the underlying receivables and there is no obligation of either the Issuer or the seller or the originator, or the parent oranyaffiliateoftheseller,issuerandoriginator.Nofinancialrecourse is available to the Certificate Holders against theInvestors” Representative. Delinquencies and credit losses may cause depletion of the amount available under the credit enhancement and thereby the investor payouts may get affected if the amount available in the credit enhancement facility is not enough to cover the shortfall. On persistent default of an obligor to repay his obligation, the servicer may repossess and sell the underlying Asset. However many factors may affect, delay or prevent the repossession of such asset or the length of time required to realize the sale proceeds on such sales. In addition, the price at which such asset may be sold may be lower than the amount due from that Obligor.

• Risks due to possible prepayments: Weighted Tenor / Yield: Asset securitisation is a process whereby commercial or consumercreditsarepackagedandsoldintheformoffinancialinstruments Full prepayment of underlying loan contract may arise under any of the following circumstances;

a. Obligor pays the receivable due from him at any time prior to the scheduled maturity date of that receivable; or

b. Receivable is required to be repurchased by the seller consequent to its inability to rectify a material misrepresentation with respect to that Receivable; or

c. The servicer recognizing a contract as a defaulted contract and hence repossessing the underlying asset and selling the same.

d. In the event of prepayments, investors may be exposed to changes in tenor and yield.

• Bankruptcy of the Originator or Seller: If originator becomes subject to bankruptcy proceedings and the court in the bankruptcy proceedings concludes that the sale from originator to trust was not a sale then an Investor could experience losses or delays in the payments due. All possible care is generally taken in structuring the transaction so as to minimize the risk of the sale to Trust not being construed as a ‘True Sale’. Legal opinion is normally obtained to the effect that the assignment of Receivables to Trust in trust for and for thebenefitof the Investors,asenvisagedherein,wouldconstitute a true sale.

• Bankruptcy of the Investor’s Agent: If Investor’s agent, becomes subject to bankruptcy proceedings and the court in the bankruptcy proceedings concludes that the recourse of Investor’s Agent to the assets/receivables is not in its capacity as agent/Trustee but in its personal capacity, then an Investor could experience losses or delays in the payments

24

due under the agreement. All possible care is normally taken in structuring the transaction and drafting the underlying documents so as to provide that the assets/receivables if and when held by Investor’s Agent is held as agent and in Trust for the Investors and shall not form part of the personal assets of Investor’s Agent. Legal opinion is normally obtained to the effect that the Investors Agent’s recourse to assets/receivables is restricted in its capacity as agent and trustee and not in its personal capacity.

• Risk of co-mingling: The servicers normally deposit all payments received from the obligors into the collection account. However, there could be a time gap between collection by a servicer and depositing the same into the collection account especially considering that some of the collections may be in the form of cash. In this interim period, collections from the loan agreements may not be segregated from other funds of the servicer. If the servicer fails to remit such funds due to Investors, the Investors may be exposed to a potential loss. Due care is normally taken to ensure that the Servicer enjoys highest credit rating on standalone basis to minimize co-mingling risk.

• Risks relating to tax incidence on securitization Special Purpose Vehicles: In October 2011, the income tax authorities issued a claim on certain securitisation SPVs, stating that the gross income of such SPVs was liable to tax. The matter is presently under sub judice with the Bombay High Court. Several industry participants approached the Ministry of Finance (MoF) to seek clarity and reinforce the “pass through” status of a securitisation SPV. The Finance Bill, 2013, has sought to clarify the tax position by stating that securitisation SPVs are not liable to pay income tax. However, any tax incidence on gross income of SPVs could result in dilution of payouts to investors.

17. Risk associated with favourable taxation of equity-oriented Schemes

In the event that investible funds of more than 65% of the total proceeds in each Scheme are not invested in the equity shares of domestic companies, the tax exemption, if any, on income distribution will not be available to the Unit Holders.

18. Risk associated with Stock Lending Risks associated with stock lending may include counter party

risk, liquidity risk and other market risks.

19. Risks Associated With Transaction In Units Through Stock Exchange Mechanism

In respect of transactions in Units of the Scheme through NSE and/or BSE or any other recognised stock exchange, allotment and redemption of Units on any Business Day will depend upon the order processing/settlement by NSE, BSE or such other exchange and their respective clearing corporations on which the Fund has no control. Further, transactions conducted through the stock exchange mechanism shall be governed by the operating guidelines and directives issued by NSE, BSE or such other recognised exchange in this regard.

Additional Risk Factors for Foreign Portfolio Investors:1. Political Risk Investments in mutual fund Units in India may be materially

adversely impacted by Indian politics and changes in the political scenario in India either at the central, state or local level. Actions of the central government or respective state governments in the future could have a significant effect on the Indian economy,which could affect companies, general business and market conditions, prices and yields of securities in which the Schemes invest.

The occurrence of selective unrest or external tensions could adversely affect the political and economic stability of India and consequently have an impact on the securities in which the Schemes invest. Delays or changes in the development of conducive policy frameworks could also have an impact on the securities in which the Schemes invest.

2. Economic Risk A slowdown in economic growth or macro-economic imbalances

suchastheincreaseincentralandstatelevelfiscaldeficitsmayadversely affect investments in the country. The underlying growth in the economy is expected to have a direct impact on the volume of new investments in the country.

3. Foreign Currency Risk The Schemes are denominated in Indian Rupees (INR) which is

different from the home currency for Foreign Portfolio Investors in the mutual fund Units. The INR value of investments when translated into home currency by Foreign Portfolio Investors could be lower because of the currency movements. The AMC does not manage currency risk for Foreign Portfolio Investors and it is the sole responsibility of the Foreign Portfolio Investors to manage or reduce currency risk on their own. The Sponsor/Fund/Trustees/AMC are not liable for any loss to Foreign Investors arising from such changes in exchange rates.

4. Convertibility and Transferability Risk In the event capital and exchange controls are imposed by the

government authorities, it would prevent Foreign Portfolio Investors’ ability to convert INR into home currency and/or transfer funds outside India. The convertibility and transferability of INR proceeds into home currency is the responsibility of the Foreign Portfolio Investors.

B. RISK MANAGEMENT STRATEGIES DSPBRIM is committed to a strong control and compliance

environment and ensuring that the management structure is appropriate to the scale of the business. DSPBRIM’s fiduciarybusiness is managed according to the rules and a regulation stipulated for Asset Management Companies by the Securities & Exchange Board of India (SEBI) and also incorporates DSPBRIM’s internal policies.

The AMC has systems and processes to monitor all the investment restrictionsspecifiedbySEBIandinthisdocumentonaregularbasis.

1. Risks Associated With Investment in Equity and Fixed Income Securities.• Market Liquidity Risk and Liquidity Risk on account of

unquoted and unlisted securities: The liquidity risk will be managed and/or sought to be addressed by creating a portfolio which has adequate access to liquidity. The Investment Manager will select fixed income securities,which have or are expected to have high secondary market liquidity. There is good secondary market liquidity in government securities.As farasother longdatedfixedincome securities are concerned, the endeavour will be to invest in high quality names example bonds issued by public sector entities. Market Liquidity Risk will be managed activelywithintheportfolioliquiditylimits.Thefirstaccesstoliquidityisthroughcashandfixedincomesecurities.Theinvestment in unlisted securities will be minimal.

• Credit Risk: Credit Risk associated with Fixed Income securities will be managed by making investments in securities issued by borrowers, which have a very good credit profile. The Risk and Quantitative Analysis (RQA)team assigns limits for each of the issuer (other than government of India); these limits are for the amount as well as maximum permissible tenor for each issuer. The credit process ensures that issuer level review is done at inception as well as periodically by taking into consideration the balance sheet and operating strength of the issuer.

• Risks associated with bank and PSU debt: The endeavor will be to invest in debt securities of banks having sound credit profiles with strong balance sheets, healthy assetquality and managements having a proven track record of managing growth. Moreover, banks in India have typically

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enjoyed some degree of systemic support, especially public sector banks which receive periodic equity capital infusion from the GoI. Hence, banks typically enjoy high credit ratings. Similarly, the schemes would invest in PSU’s which eitherhavehealthystandaloneprofitablebusinessmodels,or perform critical functions for the GoI ensuring continued support through equity infusions, guarantees etc.

• Term Structure of Interest Rates (TSIR) Risk: The Investment Manager will endeavour to actively manage the duration based on the ensuing market conditions. In the case of DSPBRCM10YGF, the Scheme is expected to have duration based on the underlying securities. The interest rate risk cannot be eliminated and it exists as it is the primary feature of the scheme by providing investors access to a higher interest rate risk portfolio, which would benefitinadeclininginterestrateenvironment.

• Rating Migration Risk: The endeavour is to invest in high grade/quality securities. The due diligence performed by the Risk and Quantitative Analysis (RQA) team before assigning credit limits should mitigate company-specificissues. The RQA team also monitors these limits after they have been assigned, on an ongoing basis.

• Re-investment Risk: The Investment Manager will endeavour that besides the tactical and/or strategic interest rate calls, the portfolio is fully invested.

• Market Risk related to equity and equity related securities

The Investment Manager endeavours to invest in companies, where adequate due diligence and research has been performed by the Investment Manager. As not all these companies are very well researched by third-party research companies, the Investment Manager also relies on its own research. This involves one-to-one meetings with the management of companies, attending conferences and analyst meets and also tele-conferences. The company–wise analysis will focus, amongst others, on the historical andcurrentfinancialconditionofthecompany,potentialvalue creation/unlocking of value and its impact on earnings growth, capital structure, business prospects, policy environment, strength of management, responsiveness to businessconditions,productprofile,brandequity,marketshare, competitive edge, research, technological know-how and transparency in corporate governance.

• Risk associated with floating rate securities: The price discoveryprocessinfloatingratesecuritiesisverylimited,which leads to restricted market liquidity as market participants are not able to price these securities properly. One of the main reasons for lack of price discovery is the valuation of basis risk embedded in these securities. Besides this the current guidelines for valuation of floating ratesecurities treat such securities at par with fixed incomesecurities with the same terminal maturity. Incremental investmentsinfloatingratesecuritiesaregoingtobeverylimited.

2. Applicable to DSPBRBalF, DSPBRMIPF, DSPBROF, DSPBRITF, DSPBREF, DSPBRTF, DSPBRTSF, DSPBRNRNEF, DSPBRMCF, DSPBRF25F and DSPBRSMF• Risks associated with mid-cap, small-cap and micro-

cap companies: The Investment Manager endeavours to invest in companies, where adequate due diligence has been performed by the Investment Manager. As these companies are not very well researched by third party research companies, the Investment Manager relies on its own research. This involves one to one meetings with the management of companies, attending conferences and analyst meets and also tele-conferences. The company-wise analysis will focus, amongst others, on the historical andcurrentfinancialconditionofthecompany,potentialvalue creation/unlocking of value and its impact on earnings

growth, capital structure, business prospects, policy environment, strength of management, responsiveness to businessconditions,productprofile,brandequity,marketshare, competitive edge, research, technological know-how and transparency in corporate governance.

3. Applicable to DSPBRF25F• Risk factor associated with security concentration: This

Scheme has a security concentration risk as it will normally hold equity and equity-related securities including equity derivatives, of upto 25 companies. The intrinsic nature of the portfolio will represent high conviction portfolio weights. The primary nature of the Scheme is to have high conviction portfolio, which may introduce higher security concentrationrisk.AlthoughtheSchemeislessdiversifiedin terms of the number of securities, the Scheme has the flexibility of investing in diverse sectors. Thiswouldprovide diversification across sectors and the InvestmentManagerwouldhavetheflexibilitytodiversifytheholdingsand mitigate risks. The Investment Manager will endeavour toachievediversificationthroughnon-similarstocksand/or factors that could impact the underlying portfolio.

4. Applicable to DSPBROF• Sector Concentration Risk: In the case of DSPBROF, the

investment objective is to have portfolio, which has high concentration in select sectors. The sector selection process of the Investment Manager will seek investments in sectors, where there is visibility in earnings. The investors need to be aware of the sector concentration risk as this is the investment objective of the Scheme.

5. Applicable to DSPBRITF• Risks associated with companies operating in

Infrastructure sector and/or where economic reforms are expected: This is the primary risk in the Scheme as the investment objective is to invest in companies operating in the infrastructure sector and/or where economic reformsareexpected.Asgovernmentpolicydefinesbothinvestments in the infrastructure sector as well as policy reforms, there exists a very high policy related risk. On its part, the endeavour would be to invest in companies, where adequate due diligence has been performed by the Investment Manager. Besides using research inputs from third party research companies, the Investment Manager will also rely on its own research. This involves one to one meetings with the management of companies, attending conferences and analyst meets and also tele-conferences. The company-wise analysis will focus, amongst others, on the historical and current financial condition of thecompany, potential value creation/unlocking of value and its impact on earnings growth, capital structure, business prospects, policy environment, strength of management, responsiveness to business conditions, product profile,brand equity, market share, competitive edge, research, technological know-how and transparency in corporate governance.

6. Applicable to DSPBRTF• Technology, Media and Telecom Sector Concentration

Risk: DSPBRTF has primary investment objective to invest in Technology, Media and Telecommunications sectors. Being a sector fund, it will have higher risk as compared to a diversifiedequityfund.Besidesthis,theallocationamongstthethreesub-sectorswillalsoinfluencetheperformanceof the fund. The sector selection process of the Investment Manager will seek investments in sectors, where there is visibility in earnings. The Investment Manager will endeavour due diligence in the sector allocation and stock selection. The investors are informed that a pure sector fund will have high volatility. This risk cannot be defeased and is the primary feature of the Scheme.

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• Intellectual Property and Individual Risk in Technology, Media and Telecom Sectors: All the three sub-sector are new age sectors and are exposed to disruptive technologies as well as human resources risk. Most of these companies are operating in high growth areas where the future growth and expected scalability drives the price performance. The Investment Manager will focus on companies with strong managements, responsiveness to business conditions, product profile, brand equity,market share, competitiveedge, research, technological know-how and transparency incorporategovernancebesidesfinancialconditionofthecompany, potential value creation/unlocking of value and its impact on earnings growth, capital structure, business prospects and policy environment. The Investment Manager believes the good managements create good and sustainable companies and hence management quality will be a key differentiator.

7. Risk associated with investments in repo of corporate debt securities (applicable to DSPBRBPDF, DSPBRIOF, DSPBRMMF & DSPBRSTF)

The Investment Manager will endeavor to manage counterparty risk in corporate debt repos by dealing only with counterparties havingstrongcreditprofiles.ThesecouldincludeSEBIregulatedmutual funds, RBI regulated Banks, Non-Banking Finance Companies, Primary Dealers and IRDA regulated Insurance companies. Corporates for whom credit limits have been assigned are eligible counterparties. These corporates should have a minimum investment grade credit rating. For new counterparties, approval from Head – Risk will be taken and an assessment will be done by the Risk & Quantitative Analysis team.

The collateral risk is mitigated by restricting participation in repo transactions only in AA and above rated money market and corporate debt securities, where potential for downgrade/default is low. In addition, appropriate haircuts are applied on the market value of the underlying securities to adjust for the illiquidity and interest rate risk on the underlying instrument.

8. Applicable to DSPBRGAF, DSPBRWAF, DSPBRWEF, DSPBRWGF, DSPBRWMF and DSPBRUSFEFRisk associated with underlying schemes• Credit Risk & Market Risk associated with Fixed Income

securities: will be managed by making investments for cashmanagement purposes, in very short duration fixedincome securities (including Collateralised Borrowing & Lending Obligation, also known as CBLO), which have high credit quality and are preferably rated A1+ or equivalent by approved rating agencies.

• Term Structure of Interest Rates (TSIR) Risk: Term Structure of Interest Rates (TSIR) Risk will be managed by making investments for cash management purposes, in very short duration fixed income securities (includingCollateralised Borrowing & Lending Obligation, also known as CBLO), which have low probability of negative returns on account of increase in interest rates.

• Liquidity Risk on account of investments in international funds: The investments are made in international funds, which provide daily liquidity. However there exists a possibility that different settlement cycles and foreign exchange conversion could leads to delay in receipt of redemption proceeds. To mitigate this risk, daily cash management monitoring is performed by the Risk and Quantitative Analysis (RQA) team by taking into considerationfuturecashflowsonaccountofredemptionsas well as subscriptions into/from the domestic fund. The endeavor is to maintain an adequate liquidity cushion in Indian Rupee terms by making investments in very short term money market instruments and/or liquid schemes in India.

• Expense Risks associated with investments in international funds: Any increase in the expense structure

of the international funds is not expected to have any impact as the aggregate of expenses incurred by the Indian Fund-of-Funds scheme and the underlying international funds is subject to limits prescribed by SEBI.

• Portfolio Disclosure Risks associated with investments in international funds: Although full portfolio disclosure is not available at the end of each month, top ten holdings as well as sector holdings are made available at the end of each month for the international fund. Full portfolio holdings can be obtained from underlying international funds with a three month lag i.e. March portfolio can be obtained at the end of June.

• Investment Policy and/or fundamental attribute change risks associated with investments in international funds: Investments are made in such international funds, which have similar investment objectives to the domestic fund in India. However there exists possibility that there is a change in the fundamental attributes of the international fund. In such circumstances, the Investment Manager will seek to invest in other international funds, which have the same investment objective as the domestic fund.

• Risks associated with investments in BGF – GAF/ BGF - WAF/BGF- WGF/BGF-NEF/BGF-WEF/BGF-WMF/ BGF - USFEF: To the extent of the investments in BGF – GAF, BGF-WAF, BGF-WGF, BGF-NEF, BGF-WEF, BGF-WMF and BGF - USFEF by the respective Schemes, the risks of BGF – GAF, BGF-WAF, BGF-WGF, BGF-NEF,BGF-WEF, BGF-WMF and BGF - USFEF respectively will exist. The investors should note that these risks cannot be defeased as these are international funds managed by BlackRock. However, as part of our due diligence, we have chosen funds, which have long term performance track record, stability of fund management team and are accredited by third party funds evaluators like S&P, Morningstar etc.

9. Applicable to DSPBRNRNEF• Expense Risks associated with investments in

international funds: Any increase in the expense structure of the international funds is not expected to have any impact as the aggregate of expenses incurred by the Indian Fund-of-Funds scheme and the underlying international funds is subject to limits prescribed by SEBI.

• Risks associated with investments in BGF-NEF and BGF-WEF: To the extent of the investments in BGF-NEF and BGF-WEF by DSPBRNRNEF, the risks of BGF-NEF and BGF-WEF will exist. The investors should note that these risks cannot be defeased as these are international funds managed by BlackRock. However, as part of our due diligence, we have chosen funds, which have long term performance track record, stability of fund management team and are accredited by third party funds evaluators like S&P, Morningstar and OBSR.

10. Applicable to DSPBRGAF, DSPBRNRNEF, DSPBRWAF, DSPBRWGF, DSPBRWEF and DSPBRWMF• Special Risk Considerations related to International

Funds: To the extent of the investments in BGF-GAF, BGF-WAF, BGF-WGF, BGF-NEF and BGF-WEF the risks of BGF – GAF, BGF-WAF, BGF-WGF, BGF-NEF and BGF-WEF respectively will exist. The investors should note that these risks cannot be defeased as these are international funds managed by BlackRock. However, as part of our due diligence, we have chosen funds, which have long term performance track record, stability of fund management team and are accredited by third party funds evaluators like S&P, Morningstar etc.

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11. Risks associated with trading in derivatives (Applicable to all Schemes except DSPBRGAF, DSPBRTSF, DSPBRWAF, DSPBRWGF, DSPBRWEF, DSPBRWMF, and DSPBRUSFEF and DSPBRDAAF)

Equity derivatives have been used actively and we envisage this Scheme will also use equity derivatives, both for directional (including equitisation of cash) and yield enhancement strategies. The credit risk associated with equity derivatives is defeased as only exchange traded equity derivatives are permitted. On the performance, portfolio and regulatory limits, there is an established daily monitoring process. As limits could be breached because of changes in the open interest, which is a function of market-wide activity andnotspecifictotheSchemeandarenotincontrol,thereare hard and soft limits. Any breach beyond the soft limit is immediatelyrectifiedandbroughtwithinthelimitspecified.

12. Risks Associated With Overseas Investments The portfolio is predominantly in INR denominated securities.

Should there be investments in ADRs/GDRs of Indian companies or foreign securities, the investment process of the fund managerwillensurethatacomprehensivecompanyspecificdue diligence is performed.

13. Risk associated with favourable taxation of equity-oriented Schemes

This risk is mitigated as there is a regular monitoring of equity exposure of each of the equity oriented Schemes of the Fund.

14. Risk associated with Stock Lending

At present, there is no significant activity in the SecuritiesBorrowing and Lending market. The Mutual Fund has so far not participated in Securities Lending market. However, we understand the risks associated with the securities lending business and the AMC will have appropriate controls (including limits) before initiating any such transactions.

C. REQUIREMENT OF MINIMUM INVESTORS IN THE SCHEME(S)

The Schemes/Plans shall have a minimum of 20 investors each and no single investor shall account for more than 25% of the corpus of the Scheme(s)/Plan(s). These conditions shall be complied with,ineachcalendarquarteronanaveragebasis,asspecifiedbySEBI.Incaseofnon-fulfillmentoftheconditionof20investorsin a calendar quarter, the provisions of Regulation 39(2)(c) of the SEBI (MF) Regulations shall become applicable automatically without any reference from SEBI, and accordingly the Scheme(s) / Plan(s) shall be wound up and the units redeemed at the relevant applicable NAV. If there is breach of the 25% limit by any investor over the quarter, a rebalancing period of one month would be available and thereafter, the investor who is in breach of the rule, shall be given 15 days notice to redeem his exposure over the 25% limit. Failure on the part of the said investor to redeem his exposure over the 25 % limit within the aforesaid 15 days would lead to automatic redemption on the applicable Net Asset Value on the 15th day of the notice period.

D. SPECIAL CONSIDERATIONS• Subject to the SEBI (MF) Regulations, funds managed by the

affiliates/associatesoftheSponsorsmayinvesteitherdirectlyor indirectly in the Schemes and may acquire a substantial portion of the Schemes’ Units and collectively constitute a majority investor in the Schemes. Accordingly, redemption of Units held by such funds may have an adverse impact on the value of the Units of the Schemes because of the timing of any such redemptions and may impact the ability of other Unit Holders to redeem their respective Units.

• As the liquidity of the Schemes’ investments may sometimes be restricted by trading volumes and settlement periods, the

time taken by the Mutual Fund for redemption of Units may be significant in the event of an inordinately large numberof redemption requests or of a restructuring of the Schemes’ portfolios. In view of this, the Trustee has the right, in its sole discretion, to limit redemptions under certain circumstances.

• Neither the SID and SAI, nor the Units have been registered in any jurisdiction. The distribution of this SID in certain jurisdictions may be restricted or subject to registration requirements and, accordingly, persons who come into possession of this SID and the SAI in such jurisdictions are required to inform themselves about, and to observe, any such restrictions. No person receiving a copy of this SID or any accompanying application form in such jurisdiction may treat this SID or such application form as constituting an invitation to them to subscribe for Units, nor should they in any event use any such application form, unless in the relevant jurisdiction such an invitation could lawfully be made to them and such application form could lawfully be used without compliance of any registration or other legal requirements.

• Investment decisions made by the Investment Manager may notalwaysbeprofitable.

• The AMC offers non-binding investment advisory services to BlackRock India Equities Fund (Mauritius) Limited and BlackRock Asset Management North Asia Limited for investment in Indian securities in terms of approval granted by SEBI. The AMC also offers investment advisory services to DSP BlackRock Investment Managers (Mauritius) Limited, a wholly owned subsidiary of the AMC, which is an asset management company to an offshore fund based in Mauritius. The AMC also serves as Sponsor to DSP BlackRock Pension Fund Managers Pvt. Ltd. (DSPBRPFMC) as per Pension Fund Regulatory & Development Authority of India (PFRDA) (Registration of Pension Funds for Private Sector) Guidelines 2012. The AMC shall, in accordance with SEBI approval, act as Investment Managers to DSP BlackRock Alternative Investment Fund - Category III (DSPBRAIF – C - III) (SEBI registration no. IN/AIF3/13-14/0059). Further, DSP BlackRock Trustee Company Pvt. Ltd., act as Trustees to the DSPBRAIF - C - III. The AMC has systems in place to ensure that there is no conflict of interest between the aforesaid activities.

• The Mutual Fund/AMC have not authorized any person to give any information or make any representations, either oral or written, not stated in this SID in connection with issue of Units under the Scheme. Prospective investors are advised not to rely upon any information or representations not incorporated in this SID as the same have not been authorized by the Mutual Fund or the AMC. Any subscription, purchase or sale made by any person on the basis of statements or representations which are not contained in this SID or which are inconsistent with the information contained herein shall be solely at the risk of the investor.

• Suspicious Transaction Reporting: If after due diligence, the AMC believes that any transaction is suspicious in nature as regards money laundering, the AMC shall report any such suspicious transactions to competent authorities under PMLA and rules / guidelines issued thereunder by SEBI and / or RBI, furnish any such information in connection therewith to such authorities and take any other actions as may be required for thepurposesoffulfillingitsobligationsunderPMLAandrules/ guidelines issued thereunder by SEBI and / or RBI without obtaining the prior approval of the investor / Unit Holder / any other person.

• The AMC and its Registrar reserve the right to disclose/share investors’ personal information with the following third parties:

1. Registrar, Banks and / or authorised external third parties who are involved in transaction processing, dispatches,etc., of investors’ investment in the Scheme;

2. Distributors or Sub-brokers through whom applications of investors are received for the Scheme; or

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3. Any other organisations for compliance with any legal or regulatory requirements or to verify the identity of investors for complying with anti-money laundering requirements.

Accountstatementsorfinancialinformationpertainingtotheinvestor, if it is to be sent over the internet to the Unitholder, distributors or any other entity as indicated above, will be sent only through a secure means and / or through encrypted electronic mail.

•Non-Individual Investors should take note of the following :

1. A list of specimen signatures of the authorized officials,duly certified / attested should also be attached to theApplication Form

2. In case of application for any transaction, the authorised signatories/officialsshouldsignsuchapplicationundertheirofficialdesignationandaspertheauthoritygrantedtothemunder their constitutional documents/board resolutions etc.

3. In case a generic board resolution authoring investment has been submitted, the AMC/Fund reserves the right to consider such generic resolution as a valid authorisation for allotherfinancialandnon-financial transactions includingbut not limited to redemption/switches etc. Accordingly all transactionsexecutedbytheofficialsnamedinsuchgenericresolution would be processed by the AMC/Fund.

• ThetaxbenefitsdescribedinthisSchemeInformationDocumentand Statement of Additional Information are as available under the present taxation laws and are available subject to relevant conditions. The information given is included only for general purpose and is based on advise received by the AMC regarding the law and practice currently in force in India and the Unit holders shouldbeawarethat the relevantfiscal rulesor theirinterpretation may change. As is the case with any investment,

there can be no guarantee that the tax position or the proposed tax position prevailing at the time of an investment in the Schemewillendureindefinitely.Inviewoftheindividualnatureof tax consequences, each Unit holder is advised to consult his/her own professional tax advisor.

• Investors should study this Scheme InformationDocument andthe Statement of Additional Information carefully in its entirety and should not construe the contents as advise relating to legal, taxation, investment or any other matters. Investors are advised to consult their legal, tax, investment and other professional advisors to determine possible legal, tax, financial or otherconsiderations of subscribing to or redeeming units, before making a decision to invest / redeem Units.

• AnydisputearisingoutoftheScheme(s)shallbesubjecttotheexclusive jurisdiction of the Courts in India. Statements in this Scheme Information Document are, except where otherwise stated, based on the law, practice currently in force in India, and are subject to changes therein.

• TheMutualFundmaydisclosedetailsoftheinvestor’saccountand transactions there under to those intermediaries whose stamp appears on the application form. In addition, the Mutual Fund may disclose such details to the bankers / its agents, as may be necessary for the purpose of effecting payments to the investor. Further, the Mutual Fund may disclose details of the investor’s account and transactions thereunder to any Regulatory/Statutory entities as per the provisions of law.

Investors are urged to study the terms of the offer carefully before investing in the Schemes and retain this SID and the SAI for future reference.

E. DUE DILIGENCE BY THE AMC Itisconfirmedthat:

(i) the SID forwarded to SEBI is in accordance with the SEBI (MF) Regulations, and the guidelines and directives issued by SEBI from time to time.

(ii) all legal requirements connected with the launching of the Schemes as also the guidelines, instructions, etc., issued by the Government and any other competent authority in this behalf, have been duly complied with.

(iii) the disclosures made in the SID are true, fair and adequate to enable the investors to make a well informed decision regarding investment in the Scheme.

(iv) the intermediaries named in the SID and SAI are registered with SEBI and their registration is valid, as on date.

Place : Mumbai Signed : Sd/- Date : 29 June, 2015 Name : Dr. Pritesh Majmudar (ComplianceOfficer)

TheaforesaidDueDiligenceCertificatewassubmittedtotheSecuritiesandExchangeBoardofIndia.

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SECTION V - INFORMATION ABOUT THE SCHEME(S)A. TYPE OF SCHEME(S)

Scheme Type of Scheme

DSPBRBalF Open ended balanced Scheme, seeking to generate long-term capital appreciation as well as current income.

DSPBRBF Open ended income Scheme, seeking to generate an attractive return consistent with prudent risk.

DSPBRBPDF Open ended income Scheme, seeking to generate income and capital appreciation by primarily investing in a portfolio of high quality debt and money market securities that are issued by banks and public sector entities/undertakings.

DSPBRCM10YGF Open ended gilt Scheme

DSPBRDAAF OpenendedfundoffundsScheme,seekingtogeneratecapitalappreciationbymanagingtheassetallocationbetweenspecifiedequity mutual funds schemes and debt mutual funds schemes of DSP BlackRock Mutual Fund.

DSPBREF Open ended growth Scheme, seeking to generate long term capital appreciation.

DSPBRF25F Open ended equity growth Scheme seeking to generate long-term capital growth from portfolio of equity and equity-related securities including equity derivatives.

DSPBRGF Open ended income Scheme, dedicated to investing in Central Government Securities.

DSPBRGAF Open ended Fund of Funds Scheme, investing in international fund.

DSPBRIOF Open ended income Scheme, aiming to generate returns commensurate with risk from a portfolio constituted of money market securities and / or debt securities.

DSPBRITF OpenendeddiversifiedequityScheme,seekingtogeneratelongtermcapitalappreciation.

DSPBRLF Open ended income (liquid) Scheme, seeking to generate reasonable returns commensurate with low risk from a portfolio constituted of money market and high quality debt securities.

DSPBRMCF OpenendeddiversifiedequitygrowthScheme,seekingtogeneratelongtermcapitalappreciationfromaportfoliothat issubstantially constituted of equity and equity related securities which are not part of the top 300 companies by market capitalisation.

DSPBRMIPF Open ended income Scheme, seeking to generate long term capital appreciation as well as current income. (Monthly income is not assured and is subject to the availability of distributable surplus)

DSPBRMMF Open ended income Scheme, seeking to generate reasonable returns commensurate with risk from a portfolio constituted of money market securities and / or debt securities.

DSPBRNRNEF Open ended equity growth Scheme, seeking to generate long term capital appreciation.

DSPBROF Open Ended growth Scheme, seeking to generate long term capital appreciation as well as current income.

DSPBRSBF Open ended income Scheme, seeking to generate optimal returns with high liquidity through active management of the portfolio by investing in debt and money market securities.

DSPBRSMF Open ended equity growth Scheme, seeking to generate long term capital appreciation.

DSPBRSTF Open ended income Scheme, aiming to generate returns commensurate with risk from a portfolio constituted of money market securities and / or debt securities.

DSPBRTBF Open ended money market mutual fund Scheme in income category, seeking to generate income through investment in Treasury Bills and other Central Government Securities having maturities of less than or equal to 1 year.

DSPBRTEF Open ended growth Scheme, seeking to generate long term capital appreciation.

DSPBRTF Open ended growth Scheme, seeking to generate long term capital appreciation as well as current income.

DSPBRTSF Open ended equity linked savings scheme. This Scheme is for investors who seek capital appreciation and are interested in availing a deduction from total income, of the amount invested in the Units of the Scheme as per prevailing guidelines and/or circulars. Currently, investors can avail deduction from total income, of the amount invested in the Units of the Scheme, subject to a maximum of Rs. 150,000 under and in terms of Section 80C (2) (xiii) of the Income Tax Act, 1961.

DSPBRWAF Open ended fund of funds Scheme, investing in international funds

DSPBRWEF Open ended fund of funds Scheme investing in international funds.

DSPBRWGF Open ended fund of funds Scheme, seeking to generate capital appreciation.

DSPBRWMF Open ended fund of funds Scheme, investing in international funds.

DSPBRUSFEF Open ended fund of funds scheme, investing in a US Equity Fund.

DSPBRUSTF Open Ended Income (Debt) Scheme.

The Regular Plan/ Institutional Plan and Direct Plan under respective Schemes will have a common portfolio, however, their returns are expected tovaryinlinewiththespecifiedexpenseratioundertherelevantPlan.

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B. WHAT IS THE INVESTMENT OBJECTIVES OF THE SCHEME(S)?

Scheme Investment ObjectiveDSPBRBalF The primary investment objective of the Scheme is to seek to generate long term capital appreciation and current income from a

portfolioconstitutedofequityandequityrelatedsecuritiesaswellasfixedincomesecurities(debtandmoneymarketsecurities).DSPBRBF The primary investment objective of the Scheme is to seek to generate an attractive return, consistent with prudent risk, from a

portfolio which is substantially constituted of high quality debt securities, predominantly of issuers domiciled in India. This shall be the fundamental attribute of the Scheme. As a secondary objective, the Scheme will seek capital appreciation. The Scheme will also invest a certain portion of its corpus in money market securities, in order to meet liquidity requirements from time to time.

DSPBRBPDF The primary investment objective of the Scheme is to seek to generate income and capital appreciation by primarily investing in a portfolio of high quality debt and money market securities that are issued by banks and public sector entities/undertakings.

DSPBRCM10YGF The investment objective of the Scheme is to seek to generate returns commensurate with risk from a portfolio of Government Securities with weighted average maturity of around 10 years. There is no assurance that the investment objective of the Scheme will be realized.

DSPBRDAAF TheinvestmentobjectiveoftheSchemeistoseekcapitalappreciationbymanagingtheassetallocationbetweenspecifiedequitymutual fund schemes and debt mutual fund schemes of DSP BlackRock Mutual Fund. The Underlying Schemes for equity allocation would be DSP BlackRock Equity Fund (DSPBREF) and/or DSP BlackRock Top 100 Equity Fund (DSPBRTEF) and/or DSP BlackRock Focus 25 Fund (DSPBRF25F) and/or DSP BlackRock Opportunities Fund (DSPBROF) and/or DSP BlackRock India T.I.G.E.R Fund (The Infrastructure Growth and Economic Reforms Fund) (DSPBRITF) whereas the Underlying Schemes for debt allocation would be DSP BlackRock Strategic Bond Fund (DSPBRSBF) and/or DSP BlackRock Short Term Fund (DSPBRSTF) and/or DSP BlackRock Money Manager Fund (DSPBRMMF) and/or DSP BlackRock Banking & PSU Debt Fund (DSPBRBPDF) and/or DSP BlackRock Income Opportunities Fund (DSPBRIOF). The Schemewilldynamicallymanagetheassetallocationbetweenthespecifiedequitymutualfundsschemesanddebtmutualfundsschemes of DSP BlackRock Mutual Fund based on the relative valuation of equity and debt markets.The Scheme may also invest a certain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized.

DSPBREF The primary investment objective of the Scheme is to seek to generate long term capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of issuers domiciled in India. This shall be the fundamental attribute of the Scheme. Equity related securities include, but are not limited to, fully convertible debentures, partly convertible debentures, convertible preferred shares and warrants converting into equity securities. The Scheme may also invest a certain portion of its corpus in debt and money market securities, in order to meet liquidity requirements from time to time.

DSPBRF25F The primary investment objective of the Scheme is to generate long-term capital growth from a portfolio of equity and equity-related securities including equity derivatives. The portfolio will largely consist of companies, which are amongst the top 200 companies by market capitalisation. The portfolio will limit exposure to companies beyond the top 200 companies by market capitalization upto 20% of the net asset value. The Scheme will normally hold equity and equity-related securities including equity derivatives, of upto 25 companies. Further, the Scheme will also have at least 95% of the invested amount (excluding investments in debt securities, money market securities and cash and cash equivalents) across the top 25 holdings in the portfolio. The Scheme may also invest in debt and money market securities, for defensive considerations and/or for managing liquidity requirements. There can be no assurance that the investment objective of the Scheme will be realized.

DSPBRGF The primary objective of the Scheme is to generate income through investment in Central Government Securities of various maturities. DSPBRGAF The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BlackRock Global

Funds - Global Allocation Fund (BGF - GAF). The Scheme may also invest in the units of other similar overseas mutual fund schemes, whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvestacertainportionofitscorpusinmoneymarketsecurities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized.It shall be noted ‘similar overseasmutual fund schemes’ shall have investment objective, investment strategy and risk profile/consideration similar to those of BGF – GAF.

DSPBRIOF The primary investment objective of the Scheme is to seek to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities.

DSPBRITF The primary investment objective of the Scheme is to seek to generate capital appreciation, from a portfolio that is substantially constitutedofequitysecuritiesandequityrelatedsecuritiesofcorporates,whichcouldbenefitfromstructuralchangesbroughtaboutby continuing liberalization in economic policies by the Government and/or from continuing investments in infrastructure, both by the public and private sector. This shall be the fundamental attribute of the Scheme.

DSPBRLF The primary investment objective of the Scheme is to seek to generate a reasonable return commensurate with low risk and a high degree of liquidity, from a portfolio constituted of money market securities and high quality debt securities.

DSPBRMCF The primary investment objective is to seek to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities which are not part of the top 300 companies by market capitalization. From time to time, the Investment Manager will also seek participation in other equity and equity related securities to achieve optimal portfolio construction. This shall be the fundamental attribute of the Scheme. Equity related securities include, but are not limited to, fully convertible debentures, partly convertible debentures, optionally convertible debentures, unlisted securities, convertible preference shares, initial public offerings, private placements and warrants converting into equity securities. The Scheme may also invest a certain portion of its corpus in debt and money market securities while waiting for expected investment opportunities. Investments in debt and money market securities will also be used to meet liquidity requirements from time to time. There can be no assurance that the investment objective of the Scheme will be realized.

DSPBRMIPF The primary investment objective of the scheme is to seek to generate income, consistent with prudent risk, from a portfolio which is substantially constituted of quality debt securities. The scheme will also seek to generate capital appreciation by investing a smaller portion of its corpus in equity and equity related securities of issuers domiciled in India.

DSPBRMMF The primary investment objective of the Scheme is to seek to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities.

DSPBRNRNEF The primary investment objective of the Scheme is to seek to generate capital appreciation and provide long term growth opportunities by investing in equity and equity related securities of companies domiciled in India whose pre-dominant economic activity is in the:(a) discovery, development, production, or distribution of natural resources, viz., energy, mining etc.;(b) alternative energy and energy technology sectors, with emphasis given to renewable energy, automotive and on-site power generation, energy storage and enabling energy technologies.The Scheme will also invest a certain portion of its corpus in the equity and equity related securities of companies domiciled overseas, which are principally engaged in the discovery, development, production or distribution of natural resources and alternative energy and/or the units/shares of BGF - NEF, BGF - WEF and similar other overseas mutual fund schemes. The secondary objective is to generate consistent returns by investing in debt and money market securities.

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Scheme Investment ObjectiveDSPBROF The primary investment objective of the Scheme is to seek to generate long term capital appreciation and the secondary objective is

income generation and the distribution of dividend from a portfolio constituted of equity and equity related securities concentrating on the investment focus of the Scheme.

DSPBRSBF The primary investment objective of the Scheme is to seek to generate optimal returns with high liquidity through active management of the portfolio by investing in high quality debt and money market securities.

DSPBRSMF The primary investment objective is to seek to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities which are not part of the top 100 stocks by market capitalization. From time to time, the Investment Manager will also seek participation in other equity and equity related securities to achieve optimal portfolio construction. This shall be the fundamental attribute of the Scheme. The Scheme may also invest a certain portion of its corpus in debt and money market securities, in order to meet liquidity requirements from time to time.

DSPBRSTF The primary investment objective of the Scheme is to seek to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities.

DSPBRTBF The primary investment objective of the Scheme is to generate income through investment in a portfolio comprising of Treasury Bills and other Central Government Securities with a residual maturity less than or equal to 1 year. It is envisaged that the average maturity of this portfolio will not exceed 1 year. Investors with a short term investment horizon may select this scheme. The risk and return profileofthisportfolioisexpectedtobecommensuratewiththeinvestmentpatternoftheScheme.

DSPBRTEF The primary investment objective of the Scheme is to seek to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the 100 largest corporates, by market capitalisation, listed in India. This shall be the fundamental attribute of the Scheme. The Scheme may also invest a certain portion of its corpus in debt and money market securities, in order to meet liquidity requirements from time to time.

DSPBRTF The primary investment objective of the Scheme is to seek to generate long term capital appreciation and the secondary objective is income generation and the distribution of dividend from a portfolio constituted of equity and equity related securities concentrating on the investment focus of the Scheme.

DSPBRTSF TheprimaryinvestmentobjectiveoftheSchemeistoseektogeneratemediumtolong-termcapitalappreciationfromadiversifiedportfolio that is substantially constituted of equity and equity related securities of corporates, and to enable investors avail of a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time.The Scheme shall invest in equities, cumulative convertible preference shares and fully convertible debentures and bonds of companies. Investment may be made in partly convertible debentures and bonds including those issued on a rights basis, subject to the condition that, as far as possible, the non convertible portion of the debenture so acquired or subscribed shall be disinvested within a period of 12 months.TheSchemeshallremaininvestedtotheextentofatleast80%intheequityandequitysecuritiesspecifiedabove.TheSchemewillstrive to invest funds in the manner stated above within a period of 6 months from the date of closure of the NFO. In exceptional circumstances, this requirement may be dispensed with by the Mutual Fund, in order that the interest of the Unit holders is protected.Pending investment of funds of the Scheme in the required manner, the Scheme may invest its funds in short term money market instruments or other liquid instruments or both. After 3 years from the Date of Allotment of Units during the NFO, the Scheme may hold upto 20% of the net assets of the Scheme in short term money market instruments and other liquid instruments to enable the redemption of Units of Unit Holders who seek redemption.

DSPBRWAF The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BGF – WAF. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which mayconstituteasignificantpartofitscorpus.TheSchememayalsoinvestacertainportionofitscorpusinmoneymarketsecuritiesand/or money market/ liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized.

DSPBRWEF The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BGF – WEF and BGF - NEF. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvestacertainportionofitscorpusinmoneymarket securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized.

DSPBRWGF The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BGF - WGF. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvestacertainportionofitscorpusinmoneymarketsecurities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

DSPBRWMF The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BGF – WMF. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvestacertainportionofitscorpusinmoneymarketsecurities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized.

DSPBRUSFEF The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BlackRock Global Funds US Flexible Equity Fund (BGF - USFEF). The Scheme may, at the discretion of the Investment Manager, also invest in the units ofothersimilaroverseasmutualfundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvestacertain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized. It shall be noted ‘similar overseas mutual fund schemes’ shall have investment objective, investment strategy and risk profile/considerationsimilartothoseofBGF–USFEF.Theterm“Flexible”inthenameoftheSchemesignifiesthattheInvestmentManageroftheUnderlyingFundcaninvesteitheringrowth or value investment characteristic securities placing an emphasis as the market outlook warrants.

DSBRUSTF The investment objective of the Scheme is to seek to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities. There is no assurance that the investment objective of the Scheme will be realized.

There is no assurance that the investment objective of the Schemes will be realized.

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C. HOW WILL THE SCHEME(S) ALLOCATE ITS ASSETS?

Under normal circumstances, it is anticipated that the asset allocation of the Schemes shall be as follows:

InstrumentsIndicative Allocation

(% of total assets) Risk ProfileMinimum Maximum

1. DSPBRBalFEquity and equity related securities 65% 75% Medium to HighFixed income securities(Debt, securitized debt and money market securities)

25% 35% Low to Medium

2. DSPBRBF*Debt and Money Market Securities Entire 100% Low to Medium*Debt securities may include securitised debts up to 50% of the net assets.The weighted average maturity of the Scheme will remain between one year and twenty years.The weighted average maturity will be reckoned on:(a)Maturitydateforfixedratesecurities(b)Interestresetdateorrepricingdateforfloatingratesecurities

3. DSPBRBPDFMoney market and debt securities issued by banks and public sector entities/undertakings 80% 100% Low to MediumOther debt and money market securities 0% 20% Low to MediumInvestments in derivatives will be upto 10% of the net assets of the Scheme.In line with SEBI circular no. Cir/IMD/DF/11/2010 dated August 18, 2010 the cumulative gross exposure through debt securities, money market securities/instruments and derivatives will not exceed 100% of the net assets of the Scheme.The Scheme shall not invest in securitized debt.The Scheme will not engage in short selling of securities and securities lending and borrowing.The Scheme will participate in repo of corporate debt securities.The Scheme will not invest in foreign securities and credit default swaps.TheSchemewillnotinvestininstruments/securitiesissuedbyNon-bankfinancialcompanies(NBFCs).Public sector entities/undertakings to include those entities,•inwhichtheGovernmentofIndia/aStateGovernmenthasatleast51%shareholding.•notified/qualifiesaspublicsectorentities,inaccordancewithnorms/notifiedbyGovernmentofIndia/aStateGovernment.•thedebtofwhichisguaranteedbyGovernmentofIndia/aStateGovernment.Banks will include all scheduled commercial banks which are regulated by Reserve Bank of India.TheSchememayinvestinfixedincomederivativesforhedgingandportfoliorebalancingoranyotherpurposesasmaybepermittedunderregulatoryguidelines.ThetypeandextentofderivativeexposureoftheSchemewillbesubjecttoapplicableregulatoryguidelinesspecifiedbySEBI/RBI/suchother Regulatory Authority from time to time.

4. DSPBRCM10YGFGovernment Securities 95% 100% Low to MediumCBLO/repo or any other alternatives as may be provided by RBI 0% 5% LowTheSchemeshallnotinvestinfixedincomederivativesinstruments.The Scheme will not engage in short selling of securities and securities lending and borrowing.The Scheme will not participate in repos/reverse repo in corporate debt securitiesThe Scheme shall not invest in securitized debt.Government Securities include securities issued by the Central and State Governments or any other instruments eligible to be SLR securities as may be permitted by RBI from time to time. The Central Government issues both, treasury bills and bonds or dated securities while the State Governments issue only bonds or dated securities, which are called the State Development Loans (SDLs).G-Sec/G-Secs: Government securities; Government securities include securities issued by the Central and State Governments or any other instruments eligible to be SLR securities as may be permitted by RBI from time to time.Liquidity Support from RBI:Being a Scheme dedicated exclusively to investments in Government securities, the Mutual Fund will be eligible to avail on any day from RBI, liquidity support upto 20% of the outstanding value of its investments in Government securities (as at the close of business on the previous working day), under its Guidelines issued vide letter IDMC.No.2741/03.01.00/95-96 dated April 20, 1996. Liquidity support under these guidelines is available through reverse repurchase agreements in eligible Central Government dated securities and treasury bills of all maturities.The Scheme may review the above pattern of investments based on views on the market conditions, market opportunities, applicable regulations, political and economic factors and asset liability management needs and the portfolio shall be reviewed and rebalanced by the Investment Manager. It must be clearly understood that the percentage/range stated above is only indicative and not absolute.

5. DSPBRDAAF1. Units of DSP BlackRock Equity Fund (‘DSPBREF’) and/or DSP BlackRock Top 100 EquityFund(‘DSPBRTEF’)and/orotherspecifiedschemesofDSPBlackRockMutualFund

10% 90% High

2. Units of DSP BlackRock Strategic Bond Fund (‘DSPBRSBF’) and/or DSP BlackRock ShortTermFund(‘DSPBRSTF’)and/orotherspecifiedschemesofDSPBlackRockMutual Fund

10% 90% Medium

3. Money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund


The Scheme will not participate in repo of corporate debt securities.The Scheme will not invest in derivative instruments.Forthecompletelistofotherspecifiedschemesinvestorsarerequestedtoreferthesection‘E.WHATARETHEINVESTMENTSTRATEGIES?’inthisdocument. Further for asset allocation of underlying schemes refer relevent table under this document.

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6. DSPBREFEquity and equity related securities 90% 100% Medium to High*Debt and Money Market Securities 0% 10% Medium to High*Debt securities/instruments are deemed to include securitized debts.

7. DSPBRF25F1(a) Equity and equity related securities, which are amongst the top 200 companies

by market capitalization*65% 100% High

1(b) Equity and equity related securities, which are beyond the top 200 companies by market capitalisation

0% 20% High

Of 1(a) and 1(b) above, investments in ADRs, GDRs and foreign securities 0% 25% High2. Debt securities, money market securities and cash & cash equivalents 0% 35% Low to Medium*The portfolio will largely consist of companies, which are amongst the top 200 companies by market capitalisation. The portfolio will limit exposure to companies beyond the top 200 companies by market capitalization to 20% of the net asset value. The Scheme will also have at least 95% of the invested amount (excluding investments in debt securities, money market securities and cash & cash equivalents) across the top 25 holdings in the portfolio.

Total gross derivative exposure, investment in equity and equity related securities and investment in debt and money market securities in the Scheme shall not exceed 100% of the net assets of the Scheme. However, security wise hedge position will not be considered in calculating the above exposure.

8. DSPBRGFCentral Government Securities, repos/ reverse repos in Central Government Securities as may be permitted by RBI

80% 100% Medium

Call money market or alternative investment for call money market as may be provided by the Reserve Bank of India

0% 20% Low

The Scheme aims at generating returns by investing in Central Government Securities and/or repos/reverse repos in Central Government Securities as may be permitted by the Reserve Bank of India. The Scheme may also invest a portion of the corpus in debt and money market securities to manage the liquidity requirements of the Scheme.

Liquidity Support from RBIBeing a Scheme dedicated exclusively to investments in Government securities, the Mutual Fund will be eligible to avail on any day from RBI, liquidity support upto 20% of the outstanding value of its investments in Government securities (as at the close of business on the previous working day), under its Guidelines issued vide letter IDMC.No.2741/03.01.00/95-96 dated April 20, 1996. Liquidity support under these guidelines is available through reverse repurchase agreements in eligible Central Government dated securities and treasury bills of all maturities.

9. DSPBRGAF1. Units of BGF – GAF# or other similar overseas mutual fund scheme(s) 95% 100% High

2. Money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund

0% 5% Low to Medium

#in the shares of BGF – GAF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.The Scheme intends to invest in the I2 (USD) share class of BGF – GAF. Please refer ‘Overview of the underlying fund - BGF – GAF’ for more details.

10. DSPBRIOFMoney market securities and/or debt securities* with residual maturity of less than or equal to 5 years


Debt securities* which have residual maturity of greater than 5 years 0% 20% Low to Medium*Debt securities may include securitised debts up to 50% of the net assets. The weighted average maturity of the Scheme will be between 3 years and 5 years. The weighted average maturity will be reckoned on:(a)Maturitydateforfixedratesecurities(b)InterestresetdateorrepricingdateforfloatingratesecuritiesThe cumulative gross exposure through debt securities, money market securities/ instruments and derivatives will not exceed 100% of the net assets of the Scheme.The Scheme shall not invest in foreign debt securities.The Scheme will participate in repo of money market and corporate debt securities.The Scheme will not engage in short selling of securities and securities lending and borrowing.

11. DSPBRITFEquity and equity related securities 90% 100% Medium to HighDebt, securitized debt and Money Market Securities 0% 10% Low to MediumADR, GDR and foreign securities 0% 25% Medium to High

12. DSPBRLFMoney market securities and/or Debt securities* with maturity of upto 91 days. 80% 100% Low

*Debt securities may include securitised debts up to 30% of the net assets.This is not a Money Market Mutual Fund Scheme.

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13. DSPBRMCF1. (a) Equity and equity related securities which are not part of the top 300 stocks by

market capitalization65% 100% High

1. (b) Equity and equity related securities which are in the top 300 stocks by market capitalization

0% 35% High

of 1 (a) & (b) above, investments in ADRs, GDRs and foreign securities 0% 25% High2. Debt* and Money Market Securities 0% 35% Low to Medium*Debt instruments may include securitised debt upto 10% of the net assets of the Scheme. Total gross derivative exposure, investment in equity and equity related securities and investment in debt and money market securities in the Scheme shall not exceed 100% of the net assets of the Scheme. However, security wise hedge position will not be considered in calculating the above exposure.

14. DSPBRMIPF

*Debt and Money Market Securities 75% 100% Low to Medium

Equity and equity related securities 0% 25% Medium to High

* Debt securities may include securitized debts upto 50% of the net assets.

15. DSPBRMMF

Money market securities and/or debt securities* with residual maturity of less than or equal to 6 months

80% 100% Low

Money market and/or debt securities* with residual maturity of greater than 6 months 0% 20% Low to Medium*Debt securities may include securitised debts up to 50% of the net assets.The weighted average maturity of the Scheme will be less than or equal to 6 months. The weighted average maturity will be reckoned on:(a)Maturitydateforfixedratesecurities(b)InterestresetdateorrepricingdateforfloatingratesecuritiesThe cumulative gross exposure through debt securities, money market securities/ instruments and derivatives will not exceed 100% of the net assets of the Scheme. The Scheme shall not invest in foreign debt securities.The Scheme will participate in repo of money market and corporate debt securities.The Scheme will not engage in short selling of securities and securities lending and borrowing.

16. DSPBRNRNEF1. Equity and Equity related Securities of companies domiciled in India, and

principally engaged in the discovery, development, production or distribution of Natural Resources and Alternative Energy.

65% 100% High

2. (a) Equity and Equity related Securities of companies domiciled overseas and principally engaged in the discovery, development, production or distribution of Natural Resources and Alternative Energy.

(b) Units/shares of (i) BGF - NEF (ii) BGF - WEF and (iii) Similar other overseas mutual fund schemes

0% 35% High

3. Debt and Money Market Securities 0% 20% Low to Medium17. DSPBROF

Equity and equity related securities 80% 100% Medium to HighFixed income securities (Debt* and money market securities) 0% 20% Low to Medium*Debt securities/instruments are deemed to include securitised debts.

18. DSPBRSBFMoney market securities and/or Debt Securities* which have residual or average maturity of less than or equal to 367 days or have put options within a period not exceeding 367 days

0% 100% Low

Debt securities* which have residual or average maturity of more than 367 days 0% 100% Low to Medium*Debt securities may include securitised debts up to 75% of the net assets. This is not a Money Market Mutual Fund Scheme.

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19. DSPBRSMF1. (a) Equity and equity related securities which are not part of the top 100

stocks by market capitalization65% 100% High

(b) Equity and equity related securities which are in the top 100 stocks by market capitalization

0% 35% High

of 1 (a) & (b) above, investments in ADRs, GDRs and foreign securities 0% 25% High2. Debt and Money Market Securities 0% 10% Low to Medium

20. DSPBRSTFMoney market securities and/or debt securities* with residual maturity of less than or equal to 3 years


Debt securities* with residual maturity of greater than 3 years 0% 20% Low to Medium*Debt securities may include securitised debts up to 50% of the net assets.The weighted average maturity of the Scheme will be between 1 year and 3 years. The weighted average maturity will be reckoned on:(a)Maturitydateforfixedratesecurities(b)Interestresetdateorrepricingdateforfloatingratesecurities.The cumulative gross exposure through debt securities, money market securities/ instruments and derivatives will not exceed 100% of the net assets of the Scheme.The Scheme shall not invest in foreign debt securities.The Scheme will participate in repo of money market and corporate debt securities.The Scheme will not engage in short selling of securities and securities lending and borrowing.

21. DSPBRTBFTreasury Bills issued by the Government of India, repo/reverse repo, CBLO, and any other money market instrument permitted by the RBI for deploying surplus liquidity

0% 100% Low

22. DSPBRTEFEquity and equity related securities 90% 100% Medium to HighDebt, securitized debt and Money Market Securities 0% 10% Low to Medium

23. DSPBRTFEquity and equity related securities 80% 100% Medium to HighFixed income securities (Debt* and money market securities) 0% 20% Low to Medium*Debt securities/instruments are deemed to include securitised debts.

24. DSPBRTSFEquity and equity related securities 80% 100% Highof which Investments in ADRs, GDRs and foreign equity securities 0% 20% HighDebt, securitised debt* and money market securities 0% 20% Low to Medium*Exposure to securitized debt will not exceed 10% of the net assets of the Scheme

25. DSPBRWAF1. Units of BGF – WAF# or other similar overseasmutual fund scheme(s) 95% 100% High2. Money market securities and/or units of money market/ liquid schemes of

DSP BlackRock Mutual Fund0% 5% Low to Medium

#in the shares of BGF – WAF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.26. DSPBRWEF

1. Units of BGF – WEF# or other similar overseas mutual fund scheme(s) 50% 100% High2. Units of BGF – NEF# or other similar overseas mutual fund scheme(s) 0% 30% High3. Money market securities and/or units of money market/liquid schemes of

DSP BlackRock Mutual Fund0% 20% Low to Medium

#in the shares of BGF – WEF and BGF - NEF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.

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27. DSPBRWGF1. Units of BGF – WGF# or other similar overseas mutual fund scheme(s) 90% 100% High2. Money market securities and/or units of money market/liquid schemes of DSP

BlackRock Mutual Fund 0% 10% Low to medium

#in the shares of BGF-WGF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III Fund.28. DSPBRWMF

1. Units of BGF – WMF# or other similar overseas mutual fund scheme(s) 80% 100% High2. Money market securities and/or units of money market/liquid schemes of DSP

BlackRock Mutual Fund0% 20% Low to Medium

#in the shares of BGF – WMF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.29. DSPBRUSFEF

1. Units of BGF – USFEF# or other similar overseas mutual fund scheme(s) 95% 100% High2. Money market securities and/or units of money market/liquid schemes of DSP

BlackRock Mutual Fund0% 5% Low to Medium

#in the shares of BGF – USFEF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.30. DSPBRUSTF

Money market securities and/or debt securities with residual maturity of less than or equal to 1 year


Debt securities with residual maturity of greater than 1 year 0% 20% Low to MediumThe weighted average maturity of the Scheme will be between 6 months and 1 year. The weighted average maturity will be reckoned on:1)Maturitydateforfixedratesecurities2)InterestresetdateorrepricingdateforfloatingratesecuritiesTheSchemeshallnotinvestinsecuritizeddebt,fixedincomederivativeinstruments,foreignsecuritiesandrepurchaseandreverserepurchaseagreements of corporate debt securities.The Scheme will not engage in short selling of securities and securities lending and borrowing.The cumulative gross exposure through Debt and Money Market securities will not exceed 100% of the net assets the Scheme.

• Stock lending (Applicable to all schemes that invest in equity and equity related

securities) Subject to SEBI (MF) Regulations and the applicable guidelines issued

by SEBI, the Mutual Fund may engage in stock lending. The AMC shall comply with all reporting requirements and the Trustee shall carry out periodic review as required by SEBI guidelines. Stock lending meansthe lendingofstocktoanotherpersonorentity forafixedperiod of time, at a negotiated compensation. The securities lent will be returned by the borrower on expiry of the stipulated period.

The Investment Manager will apply the following limits, should it desire to engage in Stock Lending:

1. Not more than 20% of the net assets of a Scheme can generally be deployed in Stock Lending.

2. Not more than 5% of the net assets of a Scheme can generally be deployed in Stock Lending to any single counter party.

• Overseas Investments Under normal circumstances the Schemes shall not have an exposure

of more than the following percentages of their net assets in foreign securities, subject to applicable regulatory limits:

SchemeMaximum investment contemplated in Overseas Financial assets/Foreign

Securities (% of Net Assets)DSPBRITF 25%DSPBRSMF 25%DSPBRTSF 20%DSPBRSBF 35%DSPBRNRNEF 35%DSPBRGAF, DSPBRWAF, DSPBRWGF, DSPBRWEF, DSPBRWMF & DSPBRUSFEF

100%

DSPBRF25F 25%DSPBRMCF 25%

• Trading in Derivatives The net derivative position in the Schemes may be upto the following

percentage of each Scheme’s net assets, subject to applicable regulatory limits, as mentioned in, “Where will the Scheme(s) Invest?”.(a) All Schemes except DSPBRCM10YGF, DSPBRDAAF, DSPBRGAF,

DSPBRTSF, DSPBRWAF, DSPBRWGF, DSPBRWEF DSPBRWMF, DSPBRWAF, DSPBRUSFEF and DSPBRUSTF: 100% of net assets.

(b) DSPBRNRNEF, DSPBRMCF & DSPBRF25F : 50% of net assets.(c) DSPBRBPDF : 10% of net assets.

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The AMC retains the option to alter the asset allocation of the Schemes as under:

Scheme Review/RebalancingDSPBRBalF ThepercentageoftheScheme’scorpusinvestedinequitysecuritiesandfixedincomesecuritiesmayincreasesubjecttoamaximum

of 75% and 35% respectively and in the event of the same rising above 75% and 35% respectively, a review and rebalancing of the asset allocation will be called for by the Investment Manager. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRBF The percentage of the Scheme’s corpus invested in debt securities may decrease subject to a minimum of 60% and in the event of the same falling below 60%, a review and rebalancing of the asset allocation will be called for by the Investment Manager. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRBPDF The Scheme may review the above pattern of investments based on views on interest rates and asset liability management needs. However, at all times the portfolio will adhere to the overall investment objectives of the Scheme. Subject to the Regulations, the asset allocation pattern indicated above may change from time to time, keeping in view market conditions, market opportunities, applicable regulations, legislative amendments and political and economic factors. It must be clearly understood that the percentages stated above are only indicative and not absolute. These proportions can vary substantially depending upon the perception of the fund manager; the intention being at all times to seek to protect the interests of the Unit holders. Such changes in the investment pattern will be for short term and for defensive considerations only. The rebalancing of the portfolio in accordance with the asset allocation pattern indicated above shall be done within a period of 30 days.

DSPBRCM10YGF In the event of any deviation below the minimum limits or beyond the maximum limits, the Investment Manager will rebalance the portfolio within 30 days from such deviation. Such changes in the investment pattern will be for short term and defensive considerations and the intention being all times to seek to protect the interest of the unitholder. It may be noted that no prior intimation/indication will be given to investors when the composition/asset allocation pattern under the Scheme undergoes changes within the permitted band as indicated in the section, ‘C. How will the Schemes allocate their assets?’.

DSPBRDAAF In the event of the asset allocation falling outside the range as indicated above, a review and rebalancing will be called for by the Investment Manager within 30 calendar days. Any alteration in the investment pattern will be for a short term on defensive considerations; the intention being at all times to protect the interests of the Unit Holders.

DSPBREF The percentage of the Scheme’s corpus invested in equity and equity related securities may decrease subject to a minimum of 65% and in the event of the same falling below 65%, a review and rebalancing of the asset allocation will be called for by the Investment Manager. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRF25F In the event of any deviations below the minimum limits or beyond the maximum limits, a review and rebalancing of the asset allocation will be called for by the Fund Manager within 30 days from the date of the said deviation. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRGF & DSPBRTBF

The percentage of the Scheme’s corpus invested in Central Government Securities may decrease subject to a minimum of 65% and in the event of the same falling below 65%, a review and rebalancing of the asset allocation will be called for by the Investment Manager. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRGAF In the event of the asset allocation falling outside the range as indicated in the section, ‘C. How will the Schemes allocate their assets?’, a review and rebalancing will be called for by the Investment Manager within 30 calendar days. Any alteration in the investment pattern will be for a short term on defensive considerations; the intention being at all times to protect the interests of the Unit Holders.BGF – GAF and the other underlying overseas mutual fund schemes where the Scheme will invest shall be compliant with all provisions of SEBI Circular SEBI/IMD/CIR No7/104753/07 dated September 26, 2007 and SEBI Circular Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010. Further the Risk & Quantitative Analysis Team of the Investment Manager shall monitor the compliance of the said circulars on periodic basis.

DSPBRIOF The Scheme shall rebalance the portfolio in case of any deviation to the asset allocation. Such rebalancing shall be done within 30 days from the date of occurrence of deviation.

DSPBRITF The percentage of the Scheme’s corpus invested in equity and equity related securities may decrease subject to a minimum of 65% and in the event of same falling below 65% a review and rebalancing of the asset allocation will be called for by the Investment Manager. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRLF The AMC retains the option to alter the asset allocation for a short-term period not exceeding 90 days for liquidity considerations or on account of high levels of subscriptions or redemptions relative to fund size, or upon considerations that optimize returns of the Scheme through investment opportunities or upon various defensive considerations. In such an eventuality, the percentage of the Scheme’ s corpus invested in money market and/or debt securities may decrease subject to minimum of 65% and in the event of the same falling below 65%, a review and rebalancing of the asset allocation will be called for by the Investment Manager.

DSPBRMCF The AMC retains the option to alter the asset allocation so that the percentage of the Scheme’s corpus invested in “securities, which are not part of the top 300 stocks by market capitalization” may decrease subject to a minimum of 65%, and in the event of the same falling below 65%, a review and rebalancing of the asset allocation will be called for by the Investment Manager within 30 days from the date of said deviation. Such changes in the investment pattern will be for a short term and for defensive considerations, the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRMIPF AMC retains the option to alter the asset allocation so that the percentage of DSPBRMIPF corpus invested in debt securities may decrease subject to a minimum of 50% and in the event of same falling below 50% a review and rebalancing of the asset allocation will be called for by the Investment Manager. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRMMF The Scheme shall rebalance the portfolio in case of any deviation to the asset allocation. Such rebalancing shall be done within 30 days from the date of occurrence of deviation.

DSPBRNRNEF The percentage of the Scheme’s corpus invested in “Equity and Equity related Securities of companies domiciled in India, and principally engaged in the discovery, development, production or distribution of Natural Resources and Alternative Energy” may decrease, subject to a minimum of 65% and in the event of the same falling below 65%, a review and rebalancing of the asset allocation will be called for by the Investment Manager within 90 calendar days. Such changes in the investment pattern will be for a short term and for defensive considerations, the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBROF The percentage of the Scheme’s corpus invested in equity and equity related securities may decrease subject to a minimum of 70% and in the event of the same falling below 70%, a review and rebalancing of the asset allocation will be called for by the Investment Manager. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

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Scheme Review/RebalancingDSPBRSBF It may be noted that no prior intimation/indication will be given to investors when the composition/asset allocation pattern under

the scheme undergo changes within the permitted band as indicated above. The investors/Unit Holders can ascertain details of asset allocation of the scheme as on the last date of each month on AMC’s website at www.dspblackrock.com that will display the asset allocation of the scheme as on the given day.

DSPBRSMF The percentage of the Scheme’s corpus invested in securities, which are not part of the top 100 stocks by market capitalization, may decrease subject to a minimum of 65% and in the event of the same falling below 65%, a review and rebalancing of the asset allocation will be called for by the Investment Manager. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRSTF The Scheme shall rebalance the portfolio in case of any deviation to the asset allocation. Such rebalancing shall be done within 30 days from the date of occurrence of deviation.

DSPBRTEF The percentage of the Scheme’s corpus invested in equity and equity related securities may decrease subject to a minimum of 65% and in the event of the same falling below 65%, a review and rebalancing of the asset allocation will be called for by the Investment Manager. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRTF The percentage of the Scheme’s corpus invested in equity and equity related securities may decrease subject to a minimum of 70% and in the event of the same falling below 70%, a review and rebalancing of the asset allocation will be called for by the Investment Manager. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRTSF It shall be ensured that funds of the Scheme shall remain invested to the extent of at least 80% in equity and equity related securities as specifiedabove.Inexceptionalcircumstances,thisrequirementmaybedispensedwithbytheMutualFund,inorderthattheinterestof the Unit holders is protected. Such changes in the investment pattern will be for a short term and for defensive considerations, the intention being at all times to seek to protect the interests of the Unit Holders.

DSPBRWAF In the event of the asset allocation falling outside the range as indicated above, a review and rebalancing will be called for by the Investment Manager within 30 calendar days. Any alteration in the investment pattern will be for a short term on defensive considerations; the intention being at all times to protect the interests of the Unit Holders.

DSPBRWEF In the event of the asset allocation falling outside the range as indicated in the section, ‘C. How will the Schemes allocate their assets?’, a review and rebalancing will be called for by the Investment Manager within 90 calendar days. Any alteration in the investment pattern will be for a short term on defensive considerations; the intention being at all times to protect the interests of the Unit Holders.

DSPBRWGF In the event of the asset allocation falling outside the range indicated for DSPBRWGF, a review and rebalancing will be called for by the Investment Manager. Any alteration in the investment pattern will be for a short term on defensive considerations; the intention being at all times to protect the interests of the Unit Holders.

DSPBRWMF In the event of the asset allocation falling outside the range as indicated in the section, ‘C. How will the Schemes allocate their assets?’, a review and rebalancing will be called for by the Investment Manager within 90 calendar days. Any alteration in the investment pattern will be for a short term on defensive considerations; the intention being at all times to protect the interests of the Unit Holders.

DSPBRUSFEF In the event of the asset allocation falling outside the range as indicated in the section, ‘C. How will the Schemes allocate their assets?’, a review and rebalancing will be called for by the Investment Manager within 30 calendar days. Any alteration in the investment pattern will be for a short term on defensive considerations; the intention being at all times to protect the interests of the Unit Holders.

DSPBRUSTF Intheeventofanydeviationsbelowtheminimumlimitsorbeyondthemaximumlimitsasspecifiedinthesection,‘C.HowwilltheSchemes allocate their assets?’ and subject to the notes mentioned therein, the Investment Manager shall rebalance the portfolio within30daysfromthedateofsaiddeviation.Wheretheportfolioisnotrebalancedwithin30Days,justificationforthesameshallbeplaced before the Investment Committee and reasons for the same shall be recorded in writing. The Investment committee shall then decide on the course of action. However, at all times the portfolio will adhere to the overall investment objectives of the Schemes. Such changes in the investment pattern will be for a short term and for defensive considerations and the intention being at all times to seek to protect the interests of the Unit Holders.

D. WHERE WILL THE SCHEME(S) INVEST?

Scheme(s) Where will the Scheme(s) invest?DSPBRBalF DSPBRBalFwillhaveanappropriatemixofequitysecuritiesandfixedincomesecuritiesdependingupontheprevailingmarketoutlook

for each asset class. The objective is to generate a combination of long term capital appreciation and current income from a portfolio containingamixofequityandequityrelatedsecuritiesandfixedincomesecurities.In order to avail of the tax concessions it is envisaged that investible funds of more than 65% of the total proceeds of the Scheme will be invested in equity shares of domestic companies. However, if the tax concessions are subsequently withdrawn or if the Investment Manager believes, it is in the best interests of the Unit Holders, the Investment Manager may choose not to adhere to the weightage accorded to equity shares, as envisaged above. Under normal circumstances, equity and equity related securities will be accorded a minimumweightageof65%ofthenetassetsoftheScheme;fixedincomesecuritieswillbeaccordedaminimumweightageof25%,andtheremaining10%willbeinvestedineitherfixedincomeorequityandequityrelatedsecuritiesdependingupontheInvestmentManager’s outlook for each of the above asset classes. Equity related securities include, but are not limited to, fully convertible debentures, partly convertible debentures, convertible preference shares and warrants converting into equity securities.

DSPBRBF Under normal market conditions, approximately 75% of the Scheme’s corpus will be invested in debt securities that include, but are not limited to, debt obligations of the Government of India, state and local Governments, Government agencies, statutory bodies, public sectorundertakings,publicsectorbanks,developmentfinancial institutions,privatesectorbanksandcorporateentities.Thedebtsecurities referred to above could be listed, unlisted, privately placed or securitised debt securities, among others. The Investment Manager will invest in securities of shorter or longer maturity, at its discretion. However, given the lack of depth in the domestic debt market, the emphasis is likely to be in favour of shorter maturities.Under normal market conditions, approximately 15% of the Scheme’s corpus will be invested in money market securities having maturities of one year or less. This component of the portfolio will provide the necessary liquidity to meet redemption needs and other liquidity requirements of the Scheme.

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Scheme(s) Where will the Scheme(s) invest?DSPBRBPDF The Scheme will invest primarily in debt and money market securities that are issued by banks and public sector entities/undertakings.

Subject to the asset allocation pattern indicated in section V., the Scheme may also invest in the following securities/instruments.● Debt issuances of theGovernment of India, state and local governments, government agencies, statutory bodies, development

financialinstitutionsandcorporateentities.● Moneymarket instruments including but not limited to, treasury bills, commercial paper of private sector corporate entities,

reverse repurchase agreements with respect to government securities and treasury bill, CBLOs (Collateralized Borrowing and Lending Obligation),certificatesofdepositofdevelopmentfinancialinstitutions,governmentsecuritieswithunexpiredmaturityofoneyearor less and other money market securities as may be permitted by SEBI/RBI Regulations.

● Unitsofmoneymarket/liquidschemesofDSPBlackRockMutualFundoranyothermutualfund.SuchinvestmentswillbewithinthelimitsspecifiedunderSEBI(MF)Regulations.AMCshallnotchargeanyinvestmentmanagementfeeswithrespecttosuchinvestment.

● TheSchememayparticipateinrepoofcorporatedebtsecurities.● FixedIncomeDerivativeinstrumentslikeExchangeTradedInterestRateFutures,InterestRateSwaps,ForwardRateAgreementsand

such other derivative instruments as permitted by SEBI/ RBI.DSPBRCM10YGF The corpus of the Scheme will be invested in Government Securities, CBLO, Repo or any other alternatives as may be provided by RBI.

Government Securities include securities issued by the Central and State Governments or any other instruments eligible to be SLR securities as may be permitted by RBI from time to time. The Central Government issues both, treasury bills and bonds or dated securities while the State Governments issue only bonds or dated securities, which are called the State Development Loans (SDLs).

DSPBRDAAF In line with the investment management strategies the Scheme will invest in units of DSPBREF, DSPBRTEF, DSPBRF25F, DSPBROF, DSPBRITF, DSPBRSBF,DSPBRSTF, DSPBRMMF, DSPBRBPDF and DSPBRIOF. The Scheme may also invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.The Scheme shall invest in Direct Plan of Underlying Funds/Schemes.Money market securities include, but are not limited to, treasury bills, commercial paper of public sector undertakings and private sector corporateentities,reverserepurchaseagreements,CBLOs,certificatesofdepositofscheduledcommercialbanksanddevelopmentfinancialinstitutions,billsofexchange/promissorynotesofpublicsectorandprivatesectorcorporateentities(co-acceptedbybanks),government securities with unexpired maturity of one year or less and other money market securities as may be permitted by SEBI/RBI regulations.

DSPBREF The Investment Manager’s primary goal is to seek to generate long term capital appreciation by investing in equity and equity related securities of issuers domiciled in India. It is the Investment Manager’s belief that the Indian economy is capable of robust economic growthinthefuture,onthebackofasignificantincreaseinforeigndirectinvestment.Goingforward,thegradualliberalisationoftheeconomywouldspurgreatercompetitionandencourageefficientutilisationofcapital.ManyIndiancompaniesareeithergearingup internally or forging alliances with foreign companies, in order to effectively meet the challenges of the future. Clarity in business objectives, a focused approach to achieving them and greater transparency and accountability in corporate governance are visible indicatorsofchangeintheIndianbusinessenvironment.Suchchanges,whilegradualintheirevolution,instillgreatconfidenceinthemindsofinvestors,whetherdomesticorforeign.Suchbeneficialchangesarecatalysts,amongothers,forincreasedinvestorinterestin the stock market.Under normal market conditions, approximately 90% of the portfolio of the Scheme will be invested in equity and equity related securities. The Investment Manager may also invest in unlisted stocks, subject to a limitation of 5% of the assets of the Scheme.Under normal market conditions, approximately 10% of the portfolio of the Scheme will be invested in debt securities and money market securities, the latter having maturities of one year or less. This component of the portfolio will provide the necessary liquidity to meet redemption needs and other liquidity requirements of the Scheme. Debt securities include, but are not limited to, non-convertibledebentures,zerocouponsecurities,nonconvertibleportionofconvertibledebentures,floatingratebondsandothershortterm debt instruments.

DSPBRF25F Under normal market conditions, approximately 90% of the portfolio of the Scheme will be invested in equity and equity related securities. Under normal market conditions, approximately 10% of the portfolio of the Scheme will be invested in debt securities and money market securities. This component of the portfolio will provide the necessary liquidity to meet redemption needs and other liquidity requirements of the Scheme. Equity related securities means and includes convertible/optionally convertible/compulsory convertible debentures, convertible/optionally convertible/compulsory convertible preference shares, share warrants and any other securities which has equity component embedded in it. Debt securities include, but are not limited to, non–convertible debentures, zerocouponsecurities,nonconvertibleportionofconvertibledebentures,floatingratebonds,debtinstruments,andanyothersuchinstruments as may be permitted by RBI/SEBI/ such other Regulatory Authority from time to time.Money market instruments include, but are not limited to, treasury bills, commercial paper of public sector undertakings and private sector corporateentities,fixeddepositswith scheduledcommercialbanks, certificatesofdepositof scheduledcommercialbanksanddevelopmentfinancialinstitutions,billsofexchange/promissorynotesofpublicsectorandprivatesectorcorporateentities(co–accepted by banks), government securities with unexpired maturity of one year or less, repurchase and reverse repurchase obligations as per the guidelines and regulations applicable in this regard from time to time and other money market securities as may be permitted by SEBI/RBI from time to time. From time to time, it is possible that the Fund Manager may decide to invest a higher proportion in debt and money market securities, depending on prevailing economic and market conditions and the need to adopt a defensive posture on the portfolio of the Scheme.

DSPBRGF Securitiespurchasedmayincludecouponbearing,floatingrate,deepdiscountorzerocouponsecurities,Governmentsecuritieswithput / call options, strip securities (interest only/principal only) among others. The Scheme may purchase securities through secondary market transactions, on tap sales by the RBI and auctions, among others. The Scheme will not invest in any other securities such as shares, debentures or bonds issued by any other entity other than the Central Government.The Mutual Fund may seek to underwrite issuance of Government securities if and to the extent permitted by SEBI / RBI and subject to theprevailingrulesandregulationsspecifiedinthisrespectandmayalsoparticipateinauctionsofGovernmentSecuritiesfromtimeto time.

DSPBRGAF The Scheme will invest predominantly in units of BGF – GAF. The Scheme may also invest in the units of other similar overseas mutual fundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvestacertainportionofitscorpusinmoneymarket securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. Money market securities include, but are not limited to, treasury bills, commercial paper of public sector undertakings and private sector corporateentities,reverserepurchaseagreements,CBLOs,certificatesofdepositofscheduledcommercialbanksanddevelopmentfinancialinstitutions,billsofexchange/promissorynotesofpublicsectorandprivatesectorcorporateentities(co-acceptedbybanks),government securities with unexpired maturity of one year or less and other money market securities as may be permitted by SEBI/RBI regulations.

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Scheme(s) Where will the Scheme(s) invest?DSPBRIOF The Scheme will invest in debt and money market securities, which include, but are not limited to:

• DebtobligationsoftheGovernmentofIndia,stateandlocalgovernments,governmentagencies,statutorybodies,publicsectorundertakings,scheduledcommercialbanks,non-bankingfinancecompanies,developmentfinancialinstitutions,corporateentitiesand trusts (securitised debt)

• InterestrateandcreditderivativesaspermittedbySEBI• Moneymarketsecuritiesincludecommercialpapers,commercialbills,treasurybills,Governmentsecuritieshavinganunexpired

maturityuptooneyear,callornoticemoney,certificateofdeposit,usancebills,CollateralizedBorrowingandLendingObligation(CBLO), repurchase agreement (repo), reverse repurchase agreement (rev-repo), Bills Rediscounting Scheme (BRDS) and any other likeinstrumentsasspecifiedbytheReserveBankofIndiafromtimetotime

• Passthrough,PaythroughorotherParticipationCertificates,representinginterestinapoolofassetsincludingreceivables• Thenon-convertiblepartofconvertiblesecuritiesAny other instruments/securities as may be permitted by RBI/SEBI/such other Regulatory Authority from time to time.

DSPBRITF The Investment Manager’s primary goal is to seek to generate capital appreciation by investing in equity and equity related securities ofcorporates,whosefundamentalsandfuturegrowthcouldbeinfluencedby:•The ongoing process of economic reforms and/or•Infrastructure developmentThe sectors that the Scheme will broadly be focusing on would be Power, Banking & Finance, Telecom, Oil & Gas, Pharmaceuticals, Media, Fertilizers, Travel & Tourism, Cement, Engineering, Metals and Auto. The above mentioned sectors are only indicative and this could undergo change based on future reforms and developments.Under normal market conditions, approximately 90% of the portfolio of the Scheme will be invested in equity and equity related securities. Equity related securities include, but are not limited to, fully convertible debentures, partly convertible debentures, optionally convertible debentures, unlisted securities, convertible preference shares, Initial Public Offerings, private placements and warrants converting into equity securities. Under normal market conditions, approximately 10% of the portfolio of the Scheme will be invested in debt securities and money market securities. This component of the portfolio will provide the necessary liquidity to meet redemption needs and other liquidity requirements of the Scheme. Debt securities include, but are not limited to, non-convertible debentures,securitizeddebt,zerocouponsecurities,non-convertibleportionofconvertibledebentures,floatingratebonds,debtinstruments, and any other such instruments as may be permitted by RBI/SEBI/ such other Regulatory Authority from time to time.

DSPBRLF The portfolio of the Scheme shall adhere to the following conditions:The Scheme will make investment in/purchase debt and money market securities with maturity of upto 91 days only. In case of securities with put and call options (daily or otherwise), the residual maturity shall not be greater than 91 days.Explanation:a. In case of securities where the principal is to be repaid in a single payout, the maturity of the securities shall mean residual maturity.

In case the principal is to be repaid in more than one payout, then the maturity of the securities shall be calculated on the basis of weighted average maturity of security.

b. In case the maturity of the security falls on a non-business day, then the settlement of securities will take place on the next business day

c. Inter-scheme transfers of securities held in other schemes having maturity of upto 91 days only be permitted in the Scheme.DSPBRMCF The Scheme will invest primarily in stocks, which are not part of the top 300 stocks by market capitalisation and which the Investment

Manager determines as having strong or improving fundamentals and have been overlooked or under priced relative to other stocks. (300th company had a market capitalization of approximately Rs. 3980 Crores as at May, 2015). Under normal market conditions, approximately 90% of the portfolio of the Scheme will be invested in equity and equity related securities. Equity related securities include, but are not limited to, fully convertible debentures, partly convertible debentures, optionally convertible debentures, unlisted securities, convertible preference shares, initial public offerings, private placements and warrants converting into equity securities. Under normal market conditions, approximately 10% of the portfolio of the Scheme will be invested in debt securities and money market securities. This component of the portfolio will provide the necessary liquidity to meet redemption needs and other liquidity requirements of the Scheme. Debt securities include, but are not limited to, non convertible debentures, zero coupon securities, non-convertibleportionofconvertibledebentures,floatingratebonds,debtinstruments,andanyothersuchinstrumentsasmaybepermitted by RBI/SEBI/such other Regulatory Authority from time to time. Money market securities include, but are not limited to, treasury bills, commercial paper of public sector undertakings and private sector corporate entities, reverse repurchase agreements, CBLOs,certificatesofdepositofscheduledcommercialbanksanddevelopmentfinancial institutions,billsofexchange/promissorynotes of public sector and private sector corporate entities (co accepted by banks), government securities with unexpired maturity of one year or less and other money market securities as may be permitted by SEBI/RBI regulations from time to time. The securities mentioned above could be listed, unlisted, privately placed, secured, unsecured, rated or unrated (subject to the rating or equivalency requirements discussed above) and of any maturity. The securities maybe acquired through Initial Public Offerings (IPOs), secondary market operations, private placements, rights offers or through negotiated deals.

DSPBRMIPF The Investment Manager’s primary goal is to seek to generate income over a long period while assuming prudent risk by investing a substantial portion of the Scheme in debt securities. The achievement of this goal depends, among others things, on the prevailing and future trends in the Indian debt market and the Indian corporate debt market in particular. The Scheme also seeks to generate long term capital appreciation by investing in equity and equity related securities. For ranking these corporates, only those corporates which are either listed on the National Stock Exchange or the Bombay Stock Exchange will be considered.** These corporates will be ranked using the data available on Bloomberg or such other sources as may be deemed appropriate from time to time.Under normal market conditions, between 75% to 100% of the Scheme’s corpus will be of the Government of India, state and local governments,governmentagencies, statutorybodies,public sectorundertakings,banks,financial institutionsandothercorporateentities and money market securities. Under normal market conditions, between 0% to 25% of the Scheme’s corpus will be invested in equity securities as detailed above. Equity related securities include, but are not limited to, fully convertible debentures, partly convertible debentures, convertible preferred shares and warrants converting into equity securitiesinvested in debt securities that include, but are not limited to, debt obligations

DSPBRMMF The Scheme will invest in debt and money market securities, which include, but are not limited to:• DebtobligationsoftheGovernmentofIndia,stateandlocalgovernments,governmentagencies,statutorybodies,publicsector

undertakings,scheduledcommercialbanks,non-bankingfinancecompanies,developmentfinancialinstitutions,corporateentitiesand trusts (securitised debt)

• Moneymarketsecuritiesincludecommercialpapers,commercialbills,treasurybills,Governmentsecuritieshavinganunexpiredmaturityuptooneyear,callornoticemoney,certificateofdeposit,usancebills,CollateralizedBorrowingandLendingObligation(CBLO),repurchase agreement (repo), reverse repurchase agreement (rev-repo), Bills Rediscounting Scheme (BRDS) and any other likeinstrumentsasspecifiedbytheReserveBankofIndiafromtimetotime

• InterestrateandcreditderivativesaspermittedbySEBI• Passthrough,PaythroughorotherParticipationCertificates,representinginterestinapoolofassetsincludingreceivables• Thenon-convertiblepartofconvertiblesecuritiesAny other instruments/securities as may be permitted by RBI/SEBI/such other Regulatory Authority from time to time.

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Scheme(s) Where will the Scheme(s) invest?DSPBRNRNEF The Scheme will invest primarily in the equity and equity related securities of companies domiciled in India, whose pre-dominant

economic activity is in the: (a) discovery, development, production, or distribution of natural resources, viz., energy, mining etc.; (b) alternative energy and energy technology sectors, with emphasis given to renewable energy, automotive and on-site power

generation, energy storage and enabling energy technologies. Under normal market conditions, at least 65% of the portfolio of the Scheme will be invested in equity and equity related securities of companies domiciled in India, as mentioned in the investment Pattern. Likewise, under normal market conditions, not more than 35% of the portfolio of the Scheme will be invested in the equity and equity related securities of companies domiciled overseas, which are principally engaged in the discovery, development, production or distribution of Natural Resources and alternative energy and/or the units/shares of BGF - NEF, BGF - WEF and similar other overseas mutual fund schemes. BGF - NEF, BGF - WEF and the other underlying overseas mutual fund schemes where the Scheme will invest shall be compliant with all provisions of SEBI Circular SEBI/IMD/CIR No. 7/104753/07 dated September 26, 2007. Not more than 20% of the portfolio will be invested in debt and money market instruments. The last mentioned component of the portfolio will provide the necessary liquidity to meet redemption needs and other liquidity requirements of the Scheme.

DSPBROF The principal feature of this Scheme is to respond to the dynamically changing Indian economy by moving its investments amongst different sectors as prevailing trends change. This Scheme will allow the Investment Manager to be highly concentrated in any two or more sectors such as the Lifestyle sector, Pharmaceuticals sector, Cyclical sector, Technology sector, as described in, “E. What are the investment strategies?” The Investment Manager may at any given time have a zero weightage in any one or more of the sectors. The Investment Manager will identify opportunities in sectors such as the Lifestyle sector, Pharmaceuticals sector, Cyclical sector, Technology sector. The Lifestyle sector would include companies that have established brands and are servicing large and stable consumer groups. It would also include fast moving consumer goods, food, beverages, edible oils, tobacco, personal care products, white goods, retailing and related industries such as ready made clothing and accessories, service and leisure industry. The Pharmaceuticals sector would include, but is not limited to, pharmaceuticals, OTC medicine, ayurved / herbal product, hospitals, drug intermediaries,bio-technology,finechemicalsandagrochemicals.TheCyclicalsectorwouldincludecompaniescharacterisedbyhighcapital requirements and business driven by demand-supply imbalances. This sector would include, but is not limited to, automobiles andautoancillaries,engineering,banking&finance,cement,infrastructure,construction,metals,mining,utilities,transportation,steel and paper. The Technology sector would include businesses driven by technology changes. This would include, but is not limited to, software, hardware, telecom, media & entertainment, e-commerce, internet business companies.Equity related securities include, but are not limited to, fully convertible debentures, partly convertible debentures, convertible preference shares and warrants converting into equity securities. Fixed income securities encompass both debt and money market securities.The Scheme may also enter into repurchase and reverse repurchase obligations in all securities held by them as per the guidelines and regulations applicable to such transaction. Further, the Scheme intends to participate in securities lending as permitted under SEBI (MF) Regulations. It is the intention of each Scheme to trade in the derivatives market as and when SEBI (MF) Regulations permit mutual funds to participate in the derivatives market. The Scheme also intends to invest in foreign equity and debt securities (i.e. offshore investments) as and when permitted by SEBI and in accordance with SEBI (MF) Regulations then prevailing.

DSPBRSBF The investment focus will be on debt securities, which include, but are not limited to:• DebtobligationsoftheGovernmentofIndia,stateandlocalgovernments,governmentagencies,statutorybodies,publicsector

undertakings, scheduled commercial banks, non-banking finance companies, development financial institutions, supranationalfinancialinstitutions,corporateentitiesandtrusts(securitiseddebt).

• DebtandMoneyMarketsecuritiesandsuchothersecuritiesasmaybepermittedbySEBIandRBIregulationsfromtimetotime.• Passthrough,PaythroughorotherParticipationCertificates,representinginterestinapoolofassetsincludingreceivables.• Thenon-convertiblepartofconvertiblesecurities.• UnitsofMutualfundsasmaybepermittedbyregulations.• StructuredNotes.• AnyotherlikeinstrumentsasmaybepermittedbyRBI/SEBI/suchotherRegulatoryAuthorityfromtimetotime.

DSPBRSMF The Scheme will invest primarily in stocks, which are not part of the top 100 stocks by market capitalisation, that the Investment Manager determines as having strong or improving fundamentals and have been overlooked or under priced, relative to other stocks.Under normal market conditions, approximately 90% of the portfolio of the Scheme will be invested in equity and equity related securities. Equity related securities include, but are not limited to, fully convertible debentures, partly convertible debentures, optionally convertible debentures, unlisted securities, convertible preference shares, initial public offerings, private placements and warrants converting into equity securities. Under normal market conditions, approximately 10% of the portfolio of the Scheme will be invested in debt securities and money market securities. This component of the portfolio will provide the necessary liquidity to meet redemption needs and other liquidity requirements of the Scheme. Debt securities include, but are not limited to, non–convertible debentures,zerocouponsecurities,non-convertibleportionofconvertibledebentures,floatingratebonds,debtinstruments,andanyother such instruments as may be permitted by RBI/SEBI/ such other Regulatory Authority from time to time.

DSPBRSTF The Scheme will invest in debt and money market securities, which include, but are not limited to:• DebtobligationsoftheGovernmentofIndia,stateandlocalgovernments,governmentagencies,statutorybodies,publicsector

undertakings,scheduledcommercialbanks,non-bankingfinancecompanies,developmentfinancialinstitutions,corporateentitiesand trusts (securitised debt)

• InterestrateandcreditderivativesaspermittedbySEBI• Moneymarketsecuritiesincludecommercialpapers,commercialbills,treasurybills,Governmentsecuritieshavinganunexpired

maturityuptooneyear,callornoticemoney,certificateofdeposit,usancebills,CollateralizedBorrowingandLendingObligation(CBLO), repurchase agreement (repo), reverse repurchase agreement (rev-repo), Bills Rediscounting Scheme (BRDS) and any other like instruments as specified by the Reserve Bank of India from time to time Pass through, Pay through or other ParticipationCertificates,representinginterestinapoolofassetsincludingreceivables

• Thenon-convertiblepartofconvertiblesecuritiesAny other instruments/securities as may be permitted by RBI/SEBI/such other Regulatory Authority from time to time.

DSPBRTBF Securitiespurchasedmayincludetreasurybills,couponbearing,floatingrate,deepdiscountorzerocouponsecurities,Governmentsecurities with put / call options, strip securities (interest only/principal only) among others. The Scheme may purchase securities through secondary market transactions, on tap sales by the RBI and auctions, among others. The Scheme will not invest in any other securities such as shares, debentures or bonds issued by any other entity other than the Central Government.The Mutual Fund may seek to underwrite issuance of Government securities if and to the extent permitted by SEBI / RBI and subject to theprevailingrulesandregulationsspecifiedinthisrespectandmayalsoparticipateinauctionsofGovernmentSecuritiesfromtimeto time.

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Scheme(s) Where will the Scheme(s) invest?DSPBRTEF The Investment Manager’s primary goal is to seek to generate capital appreciation by investing in equity and equity related securities

of the 100 largest corporates, by market capitalisation, listed in India. For ranking these corporates, only those corporates, which are either listed on the National Stock Exchange or the Bombay Stock Exchange will be considered*.*These corporates will be ranked using the data available on Bloomberg or such other sources as may be deemed appropriate by the Investment Manager from time to time with a periodicity of at least once a month. Accordingly, if any company out of the existing portfolio falls outside the top 100 ranking, the Investment Manager will take measures within reasonable time to disinvest the equity shares of that company.Under normal market conditions, approximately 90% of the portfolio of the Scheme will be invested in equity and equity related securities. Equity related securities include, but are not limited to, fully convertible debentures, partly convertible debentures, convertible preferred shares and warrants converting into equity securities.Under normal market conditions, approximately 10% of the portfolio of the Scheme will be invested in debt securities and money market securities. This component of the portfolio will provide the necessary liquidity to meet redemption needs and other liquidity requirements of the Scheme. Debt securities include, but are not limited to, non-convertible debentures, zero coupon securities, non-convertibleportionofconvertibledebentures,floatingratebondsandotherdebtinstruments.

DSPBRTF This Scheme will focus on investing in technology and technology dependent companies. Hardware, peripherals and components, software (products and services), telecom, telecommunications and media and entertainment, internet and E-commerce, and other technologyenabledcompanies(e.g.transactionprocessingandcallcenters).Thesesectorsareclassifiedashighgrowthareasandareoften characterised as being largely insulated from economic cycles but the companies in which the Scheme invests could be adversely affected by technological change and obsolescence or by a lack of commercial acceptance of their new product or process.Equity related securities include, but are not limited to, fully convertible debentures, partly convertible debentures, convertible preference shares and warrants converting into equity securities. Fixed income securities encompass both debt and money market securities.The Scheme may also enter into repurchase and reverse repurchase obligations in all securities held by them as per the guidelines and regulations applicable to such transaction. Further, the Scheme intends to participate in securities lending as permitted under SEBI (MF) Regulations. It is the intention of each Scheme to trade in the derivatives market as and when SEBI (MF) Regulations permit mutual funds to participate in the derivatives market. The Scheme also intends to invest in foreign equity and debt securities (i.e. offshore investments) as and when permitted by SEBI and in accordance with SEBI (MF) Regulations then prevailing.The securities mentioned above could be listed, unlisted, privately placed, secured, unsecured, rated or unrated (subject to the rating or equivalency requirements discussed above) and of any maturity. The securities may be acquired through Initial Public Offerings (IPOs), secondary market operations, private placement rights offers or through negotiated deals.

DSPBRTSF TheSchemewillprimarilyseektogeneratemediumtolong-termcapitalappreciationbyinvestingindiversifiedequityandequityrelated securities that the Investment Manager determines as having strong or improving fundamentals and have been overlooked or under priced relative to other stocks.

DSPBRWAF The scheme will invest predominantly in units of BGF – WAF. The Scheme may, at the discretion of the Investment Manager, also invest intheunitsofothersimilaroverseasmutualfundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.Money market securities include, but are not limited to, treasury bills, commercial paper of public sector undertakings and private sector corporateentities,reverserepurchaseagreements,CBLOs,certificatesofdepositofscheduledcommercialbanksanddevelopmentfinancialinstitutions,billsofexchange/promissorynotesofpublicsectorandprivatesectorcorporateentities(co-acceptedbybanks),government securities with unexpired maturity of one year or less and other money market securities as may be permitted by SEBI/ RBI regulations.

DSPBRWEF The Scheme will invest predominantly in units of BGF – WEF and BGF - NEF. The Scheme may, at the discretion of the Investment Manager,alsoinvestintheunitsofothersimilaroverseasmutualfundschemes,whichmayconstituteasignificantpartofitscorpus.The Scheme may also invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. Money market securities include, but are not limited to, treasury bills, commercial paper of public sector undertakings and private sector corporate entities, reverse repurchase agreements,CBLOs,certificatesofdepositofscheduledcommercialbanksanddevelopmentfinancialinstitutions,billsofexchange/promissory notes of public sector and private sector corporate entities (co-accepted by banks), government securities with unexpired maturity of one year or less and other money market securities as may be permitted by SEBI/RBI regulations.

DSPBRWGF The Scheme will invest predominantly in units of BGF - WGF. The Scheme may, at the discretion of the Investment Manager, also invest intheunitsofothersimilaroverseasmutualfundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvest a certain portion of its corpus in money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

DSPBRWMF The Scheme will invest predominantly in units of BGF – WMF. The Scheme may, at the discretion of the Investment Manager, also invest intheunitsofothersimilaroverseasmutualfundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalso invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. Money market securities include, but are not limited to, treasury bills, commercial paper of public sector undertakings and private sector corporate entities, reverse repurchase agreements, CBLOs, certificatesofdepositofscheduledcommercialbanksanddevelopmentfinancialinstitutions,billsofexchange/promissorynotesofpublic sector and private sector corporate entities (co-accepted by banks), government securities with unexpired maturity of one year or less and other money market securities as may be permitted by SEBI/RBI regulations.

DSPBRUSFEF The scheme will invest predominantly in units of BGF – USFEF. The Scheme may, at the discretion of the Investment Manager, also invest intheunitsofothersimilaroverseasmutualfundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. Money market securities include, but are not limited to, treasury bills, commercial paper of public sector undertakings and private sector corporateentities,reverserepurchaseagreements,CBLOs,certificatesofdepositofscheduledcommercialbanksanddevelopmentfinancialinstitutions,billsofexchange/promissorynotesofpublicsectorandprivatesectorcorporateentities(co-acceptedbybanks),government securities with unexpired maturity of one year or less and other money market securities as may be permitted by SEBI/RBI regulations.

DSPBRUSTF The Scheme will invest in debt and money market securities, which include, but are not limited to:• Debt obligations of the Government of India, state and local governments, government agencies, statutory bodies, public sector

undertakings,scheduledcommercialbanks,non-bankingfinancecompanies,developmentfinancialinstitutions,financialinstitutions,corporate entities.

• Money market securities include commercial papers, commercial bills, treasury bills, Government securities having an unexpired maturityuptooneyear,callornoticemoney,certificateofdeposit,usancebills,CollateralizedBorrowingandLendingObligation(CBLO), repurchase agreement (repo), reverse repurchase agreement (rev-repo), Bills Rediscounting Scheme (BRDS) and any other likeinstrumentsasspecifiedbytheReserveBankofIndiafromtimetotime

• Units of Mutual funds for cash and liquidity management.Any other instruments/securities as may be permitted by RBI/SEBI/such other Regulatory Authority from time to time.

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Applicable to all schemes which invest in debt and money market securities:Debt and money market securities include, but are not limited to:

• Debt obligations of the Government of India, state and localgovernments, government agencies, statutory bodies, public sector undertakings, scheduled commercial banks, non-banking financecompanies, development financial institutions, supranationalfinancialinstitutions,corporateentitiesandtrusts(securitiseddebt)

• Pass through, Pay through or other Participation Certificates,representing interest in a pool of assets including receivables

• Thenon-convertiblepartofconvertiblesecurities

• UnitsofMutualfundsasmaybepermittedbyregulations

• StructuredNotes

Any other like instruments as may be permitted by RBI/SEBI from time to time.

From time to time, it is possible that the Investment Manager may decide to invest a higher proportion in debt and money market securities, depending on prevailing economic and market conditions and the need to adopt a defensive posture on the portfolio of the Scheme.

The securities mentioned in, “Where will the Scheme(s) invest?”, could be listed, unlisted, privately placed, secured, unsecured, rated or unrated (subject to the rating or equivalency requirements discussed above) and of any maturity. The securities may be acquired through secondary market operations, primary issues/offerings, other public offers, Private Placement and negotiated deals amongst other mechanisms.

• Collateralized Borrowing and Lending Obligations (CBLO): Collateralized Borrowing and Lending Obligations (CBLO) is a money

market instrument that enables entities to borrow and lend against sovereign collateral security. The maturity ranges from 1 day to 90 days and can also be made available upto 1 year. Central Government securities including T-bills are eligible securities that can be used as collateral for borrowing through CBLO.

• Repos: Repo (Repurchase Agreement) or Reverse Repo is a transaction in

which two parties agree to sell and purchase the same security with an agreement to purchase or sell the same security at a mutually decided future date and price. The transaction results in collateral-ized borrowing or lending of funds.

• Investment in Short-Term Deposits Pending deployment of the funds of the Schemes, the AMC may

invest funds of the Schemes in short term deposits of scheduled commercial banks, subject to following conditions issued by SEBI vide its circular SEBI/IMD/CIR No. 1/ 91171 /07 dated April 16, 2007:a. Each Scheme shall not park more than 15% of its net assets

in the short term deposit(s) of all the scheduled commercial banks put together. However, it may be raised to 20% with the prior approval of the Trustee. Also, parking of funds in short term deposits of associate and sponsor scheduled commercial banks together shall not exceed 20% of total deployment by the Mutual Fund in short term deposits.

b. Each Scheme shall not park more than 10% of its net assets in short term deposit(s) with any one scheduled commercial bank including its subsidiaries.

c. The Trustee shall ensure that the funds of each Scheme are not parked in the short term deposits of a bank which has invested in that Scheme.

d. AMC will not charge any investment management and advisory fees for parking of funds in short term deposits of scheduled commercial banks.

e. The term ‘short term’ for parking of funds shall be treated as a period not exceeding 91 days.

f. Such deposits shall be held in the name of the Scheme.

• Investment in domestic Securitized Debt (Applicable to all Schemes except DSPBRCM10YGF, DSPBRDAAF, DSPBRGAF, DSPBRWAF, DSPBRWGF, DSPBRWEF, DSPBRWMF, DSPBRUSFEF and DSPBRUSTF)

Depending upon the Investment Manager’s views, the Schemes

may invest in domestic securitized debt such as ABS or MBS. The investments in domestic securitized debt will be made only after giving due consideration to factors such as but not limited to the securitization structure, quality of underlying receivables, credentials of the servicing agent, level of credit enhancement, liquidity factor, returns provided by the securitized paper vis-a-vis other comparable investment alternatives.

Although the returns provided by securitized debt could be higher, one must not lose sight of the fact that risks also exist with regard to investments in securitized debt. Investments in pass-through certificates of a securitization transaction represent an undividedbeneficialinterestintheunderlyingreceivablesanddonotrepresentan obligation of either the issuer or the seller, or the parent of the seller,oranyaffiliateofthesellerortheissuerorthetrusteeinitspersonal capacity, save to the extent of credit enhancement to be provided by the credit enhancer. The trust’s principal asset will be the pool of underlying receivables. The ability of the trust to meet its obligations will be dependent on the receipt and transfer to the designated account of collections made by the servicing agent from the pool, the amount available in the cash collateral account, and any other amounts received by the trust pursuant to the terms of the transaction documents. However, the credit enhancement stipulated in a securitization transaction represents a limited loss cover only. Delinquencies and credit losses may cause depletion of the amount available under the cash collateral account and thereby the scheduled payouts to the investors may get affected if the amount available in the cash collateral account is not enough to cover the shortfall.

Further Unit holders are requested to refer below the disclosure relating to investments in securitized debt, in the SEBI prescribed format:

(i) How the risk profile of securitized debt fits into the risk appetite of the schemeThe scheme seeks to generate an attractive return, consistent with prudent risk, from a portfolio which is substantially constituted of quality debt securities. The scheme also seeks to generate capital appreciation by investing a smaller portion of its corpus in equity and equity related securities of issuers domiciled in India.In line with the investment objective, securitised debt instruments having a high credit quality commensurate with other debt instruments in the portfolio will be considered for investment. (ii) Policy relating to originators based on nature of originator, track record, NPAs, losses in earlier securitized debt, etcThe parameters used to evaluate originators are• Trackrecord• Willingness to pay, through credit enhancement facilitiesetc. • Abilitytopay• Business risk assessment, wherein following factors are considered: - Outlook for the economy (domestic and global) - Outlook for the industry -CompanyspecificfactorsIn addition a detailed review and assessment of rating rationale is done including interactions with the originator as well as rating agency.Critical Evaluation Parameters (for pool loan) regarding the originator / underlying issuer: • Default track record/ frequent alteration of redemption conditions / covenants• High leverage ratiosof theultimateborrower -bothona standalone basis as well on a consolidated level/ group level• Higher proportion of re-schedulement of underlying assets of the pool or loan, as the case may be • Higher proportion of overdue assets of the pool or the underlying loan, as the case may be• Poorreputationinmarket• Insufficienttrackrecordofservicingofthepoolortheloan, as the case may be.

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(iii) Risk mitigation strategies for investments with each kind of originatorAnalysis of originator: An independent Risk and Quantitative Analysis (RQA) team analyses and evaluates each originator and sets up limits specifying both the maximum quantum and maximum tenor for investments and investments are considered only within these limits.Originator analysis typically encompasses: • Sizeandreachoftheoriginator• Collectionprocess,infrastructureandfollow-upmechanism• QualityofMIS• Creditenhancementfordifferenttypeoforiginator(iv) The level of diversification with respect to the underlying assets, and risk mitigation measures for less diversified investments

Eligible assets: Only assets with an established track record of low delinquencies and high credit quality over several business cycles will be considered for investment. Analysis of pool: Characteristics such as average pool maturity (in months), average loan to value ratio, average seasoning of the pool, maximum single exposure, geographical distribution and average single exposure are studied to determine pool qualityRisk mitigating measures: Credit enhancement facilities (including cash, guarantees, excess interest spread, subordinate tranches), liquidity facilities and payment structure are studied in relation to historical collection and default behavior of the asset class to ensure adequacy of credit enhancement in a stress scenario.

Framework that is applied while evaluating investment decision relating to a pool securitization transaction:

Characteristics/ Type of Pool Mortgage Loan

Commercial Vehicle and Construction Equipment CAR 2 wheelers Others

A p p r o x i m a t e Average maturity (in Months)

In line with average maturity of mortgage loans as per industry norms. Typically less than 10 years.

In line with average maturity of Commercial Vehicle and Construction Equipment loans as per industry norms. Typically less than 4 years.

In line with average maturity of car loans as per industry norms. Typically less than 4 years.

In line with average maturity of two-wheeler loans as per industry norms. Typically less than 4 years.

In line with average maturity of the asset class as per industry norms.

Collateral margin (including cash,guarantees, excess interest spread , subordinate tranche)

The collateral margin will be adequate for the pool to achieve a rating in the high safety category at the time of initial rating. The collateral margin will ensure at least a 3 times cover over historical losses observed in the asset class.




The collateral margin will be adequate for the pool to achieve a rating in the high safety category at the time of initial rating.The collateral margin will ensure at least a 3 times cover over historical losses observed in the asset class.

Average Loan to Value Ratio

In line with average Loan to Value ratio of mortgage loans as per industry norms. Typically less than 80 per cent.

In line with average Loan to Value ratio of Commercial Vehicle and Construction Equipment loans as per industry norms. Typically less than 85 per cent.

In line with average Loan to Value ratio of car loans as per industry norms. Typically less than 85 per cent.

In line with average Loan to Value ratio of two-wheeler loans as per industry norms. Typically less than 85 per cent.

In line with average Loan to Value ratio of the asset class loans as per industry norms.

Average seasoning of the Pool

In line with industry norms and guidelines laid down by RBI/SEBI from time to time. Typically, more than 3 months




In line with industry norms and guidelines laid down by RBI/SEBI from time to time.

Maximum single exposure range

Not more than 10% Not more than 10% Not more than 10% Not more than 10% Not more than 10%

Average single exposure range %

Not more than 10% Not more than 10% Not more than 10% Not more than 10% Not more than 10%

* Kindly note that all references to single loan securitization has been removed as securitization of single corporate loans are no longer envisaged under revised RBI guidelines on securitization

(v) Minimum retention period of the debt by originator prior to securitizationWe will follow the guidelines on minimum holding period requirements as laid down by SEBI and RBI from time to time.(vi) Minimum retention percentage by originator of debts to be securitizedWe will follow the guidelines on minimum holding period requirements as laid down by SEBI and RBI from time to time.(vii) The mechanism to tackle conflict of interest when the Mutual Fund invests in securitized debt of an originator and the originator in turn makes investments in that particular scheme of the FundThe AMC has an independent RQA team which is distinct from the Sales function and the Investments function and has a separate reporting and appraisal structure designed to avoidconflictofinterest.Investmentscanbeinitiatedbythe

fund managers only after the RQA team has assigned limits for the originator. The originator wise limits specify both the maximum quantum and maximum tenor for investments. (viii) The resources and mechanism of individual risk assessment with the AMC for monitoring investment in securitized debtTheAMChasarigorousriskmanagementprocessforallfixedincome investments, which also encompasses securitized debt. A dedicated RQA team is responsible for monitoring risks including credit and liquidity risk. The functions of the RQA team include:• Detailedcreditanalysisofissuers:basedonthemanagement

evaluation, operating strength and financial strength to determine suitability for investment. Periodic reviews on a quarterly/annual basis are under taken for eligible issuers. Ratings are monitored on a daily basis and any changes are immediately recorded and suitable action taken.

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• RQA teammonitors adherence to single and group levelexposure norms, minimum rating requirements, liquidity requirements, and ensures that only eligible securities are included in the fund, in line with the scheme information document/internal templates.

For securitized pool loan exposures, the analysis includes pool seasoning, pool asset quality, diversification, collateralmargin, originator analysis and credit enhancement mechanisms. Pool performance statistics published by rating agencies are analyzed for performance of other securitised pools of the same originator as well as for the performance of the asset class as a whole. Regular interactions with the rating agencies are done to discuss performance trends. Documents are vetted by the legal and compliance team. In addition, monthly payout reports from the trustees are analysed for collection performance and adequacy of cash collateral.

The Schemes will not be investing in foreign securitized debt.• Investment in Overseas Financial Assets/Foreign Securities

According to SEBI circular no. SEBI/IMD/CIR No. 7/104753/07 dated September 26, 2007 mutual funds can invest in ADRs/GDRs/other specifiedforeignsecuritiesandasperSEBIcircularno.SEBI/IMD/CIR No. 2/122577/08 dated April 08, 2008, such investments are subject to an overall limit of US$ 7 bn. for all mutual funds put together. The Mutual Fund has been allowed an individual limit of US$ 600 mn. The overall ceiling for investment in overseas ETFs that invest in securities is US$ 1 billion subject to a maximum of US$ 50 million per mutual fund.The dedicated fund manager appointed for making overseas investments by the Mutual Fund will be in accordance with the applicable requirements of SEBI.Depending upon the Investment Manager’s views, DSPBRITF, DSPBRSMF, DSPBRTSF, DSPBRMCF and DSPBRF25F would like to seek investment opportunities in the ADR/GDR/overseas market.DSPBRNRNEF would like to invest in the equity and equity related securities of companies domiciled overseas, which are principally engaged in the discovery, development, production or distribution of natural Resources and alternative energy and/or the units/shares of BGF - NEF, BGF - WEF and similar other Overseas Mutual Fund Schemes, in accordance with guidelines stipulated in this regard by SEBI and RBI from time to time Investing in overseas securities could be both rewarding as well as challenging.DSPBRGAF, DSPBRWAF, DSPBRWEF, DSPBRWGF, DSPBRWMF and DSPBRUSFEF will invest in the units of of BGF – GAF, BGF - WAF, BGF - NEF / BGF - WEF, BGF – WGF, BGF – WMF and BGF–USFEF respectively and, at the discretion of the Investment Manager, in the units of similar overseas mutual funds, subject to all approvals vide SEBI circular no. SEBI/IMD/CIR No. 7/104753/07 dated September 26, 2007 and all applicable regulations/guidelines/directives/notifications,asmaybestipulatedbySEBIfromtimetotime.

Applicable to DSPBRGAF and DSPBRUSFEF: Investors may also note that the DSPBRGAF and DSPBRUSFEF also retains an option to invest into the units of other similar overseas mutual fund schemes having similar asset allocation as BGF - GAF and BGF-USFEF, respectively in order to ensure that investments by the DSPBRGAF and DSPBRUSFEF is not inhibited by any changes that may affect subscription into BGF – GAF and BGF-USFEF, respectively. Some of the possible scenarios under which the Investment Manager would look at investing into other funds include (but not limited to) closure of BGF – GAF/BGF-USFEF to further subscriptions, merger of the BGF – GAF/ BGF-USFEF with any another fund, change in the investment objective/theme of the BGF – GAF/ BGF-USFEF.In selecting a similar fund as an alternative to the BGF – GAF/ BGF-USFEF, the Investment Manager will primarily look at the investment objective; the endeavor would be to identity a fund that is as similar in its objective and strategy as possible to BGF – GAF/ BGF-USFEF. Apart from this, the Investment Manager would also consider other common evaluation parameters like performance, risk management, fund house assessment and fund manager background, with the sole motive of acting in the best interests of the investors. Performance evaluation would be carried out on the basis of risk-adjusted returns, and active returns versus the benchmark.There has been no alternative underlying fund that has been identifiedasofnow,astheInvestmentManagerisworkingcloselywith BlackRock Inc., and there are no imminent circumstances that

would necessitate a search for an alternative to BGF – GAF/ BGF - USFEF in the short to medium term. Investors may further note that in case investments is made DSPBRGAF and DSPBRUSFEF in the units of other similar overseas mutual fund schemes having similar asset allocation as BGF – GAF/BGF - USFEF, an addendum and a public notice shall be issued in one English daily newspaper having nationwide circulation.DSPBRSBFmay also look to investing in permissible foreign fixedincome assets, in accordance with guidelines stipulated in this regard by SEBI and RBI from time to time. Investing in overseas markets could be both rewarding as well as challenging.It is the Investment Manager’s belief that the investment in ADRs/GDRs/overseas securities offers new investment and portfolio diversificationopportunities intomulti-marketandmulti-currencyproducts. However, such investments also entail additional risks. Such investment opportunities may be pursued by the AMC provided they are considered appropriate in terms of the overall investment objectives of the Scheme. Since the Scheme would invest only a portion of its Net Assets in ADRs/ GDRs/overseas securities, there may not be readily available and widely accepted benchmarks to measure the performance of the Scheme’s investments to the extent of exposure to ADRs/GDRs/overseas securities.Easy access, transparent regulations and a breadth of variety in termsofclassesofinvestorshavecontributedtoinvestorconfidencein the stability and functioning of global markets. Besides, better access to information on the financial health of many foreigncompanies helps portfolio managers make informed investment decisions.Although these benefits are very attractive, one must not losesight of the fact that risks also exist with regard to investments in foreignmarkets.Theseincludefluctuatingcurrencyprices,relevantregulations of exchanges/countries, financial reporting standards,liquidity and political instability among others. The Investment Manager, with a view to protecting the interests of the unitholders, may also invest in foreign debt securities, as deemed appropriate and in accordance with guidelines stipulated in this regard by SEBI and RBI from time to time.

• Trading in Derivatives (Applicable to all Schemes except DSPBRCM10YGF, DSPBRDAAF, DSPBRGAF, DSPBRTSF, DSPBRWAF, DSPBRWGF, DSPBRWEF, DSPBRWMF, DSPBRUSFEF and DSPBRUSTF)

The Mutual Fund may use various derivatives and hedging products/ techniques, in order to seek to generate better returns for the Scheme. Derivatives are financial contracts of pre-determinedfixed duration, whose values are derived from the value of anunderlying primary financial instrument, commodity or index.The Schemes which invest in equities shall transact in exchange traded equity derivatives only and these instruments may take the form of Index Futures, Index Options, Futures and Options on individual equities/securities and such other derivative instruments as may be appropriate and permitted under the SEBI Regulations and guidelines from time to time. The income schemes shall use fixedincomederivativesasriskmanagementtoolsforhedgingandportfolio balancing.

• Advantages of Trading in Derivatives Advantages of derivatives are many. The use of derivatives provides

flexibilitytotheSchemestohedgewholeorpartoftheportfolio.The following section describes some of the more common derivativestransactionsalongwiththeirbenefits:

Derivativesarefinancialcontractsofpre-determinedfixedduration,whose values are derived from the value of an underlying primary financial instrument, commodityor index, suchas interest rates,exchange rates, commodities and equities.

1. Futures A futures contract is a standardized contract between two parties

where one of the parties commits to sell, and the other to buy, a stipulated quantity of a security at an agreed price on or before a given date in future.

Currently, futures contracts have a maximum expiration cycle of 3 months. Three contracts are available for trading, with 1 month, 2 months and 3 months expiry respectively. A new contract is introduced on the next trading day following the expiry of the relevant monthly contract. Futures contracts typically expire on the last Thursday of the month. For example a contract with the

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June 2015 expiration expires on the last Thursday of June 2015 (June 25, 2015). Basic Structure of an Index Future The Stock Index futures are instruments designed to give exposure to the equity markets indices. The Stock Exchange, Mumbai (BSE) and The National Stock Exchange (NSE) have trading in index futures of 1, 2 and 3 month maturities. The pricing of an index future is the function of the underlying index and short-term interest rates. Index futures are cash settled, there is no delivery of the underlying stocks.Example using hypothetical figures:1 month ABC Index FutureIf the Scheme buys 2,000 futures contracts, each contract value is 50 times the futures index price.Purchase Date : June 01, 2015Spot Index : 8400.00Future Price : 8500.00Date of Expiry : June 25, 2015Margin : 10%Assuming the exchange imposes a total margin of 10%, the Investment Manager will be required to provide a total margin of approx. Rs. 85,000,000 (i.e. 10%*8500*2000*50) through eligible securities and cash.Assuming on the date of expiry, i.e. June 25 , 2015, ABC Index closes at 8525, thenet impactwill beaprofitofRs. 2,500,000 for theScheme, i.e. (8525-8500) * 2000 * 50 (Futures price = Closing spot price = Rs. 8525.00) ProfitsfortheScheme=(8525-8500)*2000*500=Rs.2,500,000.Please note that the above example is given for illustration purposes only. Some assumptions have been made for the sake of simplicity. The net impact for the Scheme will be in terms of the difference of the closing price of the index and cost price. Thus, it is clear fromtheaboveexamplethattheprofitorlossfortheSchemewillbe the difference between the closing price (which can be higher or lower than the purchase price) and the purchase price. The risks associated with index futures are similar to those associated with equity investments. Additional risks could be on account of illiquidity and potential mis-pricing of the futures.

Basic Structure of a Stock Future A futures contract on a stock gives its owner the right and obligation to buy or sell stocks. Single Stock Futures traded on NSE (National Stock Exchange) are cash settled; there is no delivery of the underlying stocks on the expiration date. A purchase or sale of futures on a security gives the trader essentially the same price exposure as a purchase or sale of the security itself. In this regard, trading stock futures is no different from trading the security itself. Exampleusinghypotheticalfigures:The Scheme holds shares of XYZ Ltd., the current price of which is Rs. 500 per share. The Scheme sells one month futures on the shares of XYZ Ltd. at the rate of Rs. 540.If the price of the stock falls, the Mutual Fund will suffer losses on the stock position held. However, in such a scenario, there will be a profitontheshortfuturesposition.At the end of the period, the price of the stock falls to Rs. 450 and this fall in the price of the stock results in a fall in the price of futures to Rs. 470. There will be a loss of Rs. 50 per share (Rs. 500 - Rs. 450) on the holding of the stock, which will be offset by theprofitsofRs.70(Rs.540-Rs.470)madeontheshortfuturesposition. Please note that the above example is given for illustration purposes only. Some assumptions have been made for the sake of simplicity. Certain factors like margins and other related costs have been ignored. The risks associated with stock futures are similar to those associated with equity investments. Additional risks could be on account of illiquidity and potential mis-pricing of the futures.

2. OptionsAn option gives a person the right but not an obligation to buy or sell something. An option is a contract between two parties wherein the buyer receives a privilege for which he pays a fee (premium) and the seller accepts an obligation for which he receives a fee. The premium is the price negotiated and set when the option is

bought or sold. A person who buys an option is said to be long in the option. A person who sells (or writes) an option is said to be short in the option.

An option contract may be of two kinds:1) Call option An option that provides the buyer the right to buy is a call option.

The buyer of the call option can call upon the seller of the option and buy from him the underlying asset at the agreed price. The selleroftheoptionhastofulfilltheobligationuponexerciseoftheoption.

2) Put option The right to sell is called a put option. Here, the buyer of the option

can exercise his right to sell the underlying asset to the seller of the option at the agreed price. Option contracts are classified into two styles: (a) European Style

In a European option, the holder of the option can only exercise his right on the date of expiration only.

(b) American Style In an American option, the holder can exercise his right anytime

between the purchase date and the expiration date. Basic Structure of an Equity Option In India, options contracts on indices are European style and cash settled whereas, option contracts on individual securities are American style and cash settled. Example using hypothetical figures: Market type : N Instrument Type : OPTSTK Underlying : XYZ Ltd. (XYZ) Purchase date : June 1, 2015 Expiry date : June 25, 2015Option Type : Put Option (Purchased) Strike Price : Rs. 5,750.00 Spot Price : Rs. 5,800.00 Premium : Rs. 200.00 Lot Size : 100 No. of Contracts : 50 Say, the Mutual Fund purchases on June 1, 2015, 1 month Put Options on XYZ Ltd. (XYZ) on the NSE i.e. put options on 5000 shares (50 contracts of 100 shares each) of XYZ. As these are American style options, they can be exercised on or before the exercise date i.e. June 25, 2015. If the share price of XYZ Ltd. falls to Rs. 5,500/- on June 25, 2015, and the Investment Manager decides to exercise the option, the net impact will be as Follows:Premium Expense = Rs. 200 * 50 * 100 = Rs. 10,00,000/- Option Exercised at = Rs. 5,500/-ProfitsfortheMutualFund= (5,750.00-5,500.00)*50*100 = Rs. 12,50,000/-NetProfit=Rs.12,50,000-Rs.10,00,000=Rs.2,50,000/-IIn the above example, the Investment Manager hedged the market risk on 5000 shares of XYZ Ltd. by purchasing put options.Please note that the above example is given for illustration purposes only. Some assumptions have been made for the sake of simplicity. Certain factors like margins have been ignored. The purchase of Put Options does not increase the maket risk in the Mutual Fund as the risk is already in the Mutual Fund’s portfolio on account of the underlying asset position (in his example shares of XYZ Ltd.). The Premium paid for the option is treated as an expense and added to the holding cost of the relevant security. Additional risks could be on account of illiquidity and potential mis-pricing of the options.Exposure to Equity Derivatives i. Position limit for the Mutual Fund in index options contracts:

a. The Mutual Fund position limit in all index options contracts on a particular underlying index shall be Rs. 500 crore or 15% of the total open interest in the market in index options, whichever is higher, per Stock Exchange.

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b. This limit would be applicable on open positions in all options contracts on a particular underlying index.

ii. Position limit for the Mutual Fund in index futures contracts: a. The Mutual Fund position limit in all index futures contracts

on a particular underlying index shall be Rs. 500 crore or 15% of the total open interest in the market in index futures, whichever is higher, per Stock Exchange.

b. This limit would be applicable on open positions in all futures contracts on a particular underlying index.

iii. Additional position limit for hedging: In addition to the position limits at point (i) and (ii) above, Fund may take exposure in equity index derivatives subject to the following limits: a. Short positions in index derivatives (short futures, short

calls and long puts) shall not exceed (in notional value) the Mutual Fund’s holding of stocks.

b. Long positions in index derivatives (long futures, long calls and short puts) shall not exceed (in notional value) the Mutual Fund’s holding of cash, government securities, T-Bills and similar instruments.

iv. Position limit for the Mutual Fund for stock based derivative contracts: The Mutual Fund position limit in a derivative contract on a particular underlying stock, i.e. stock option contracts and stock futures contracts:a. For stocks having applicable market-wise position limit

(MWPL) of Rs. 500 crores or more, the combined futures and options position limit shall be 20% of applicable MWPL or Rs. 300 crores, whichever is lower and within which stock futures position cannot exceed 10% of applicable MWPL or Rs. 150 crores, whichever is lower.

b. For stocks having applicable market-wise position limit (MWPL) less than Rs. 500 crores, the combined futures and options position limit would be 20% of applicable MWPL and futures position cannot exceed 20% of applicable MWPL or Rs. 50 crore whichever is lower.

v. Position limit for the Scheme:The position limits for the Scheme and disclosure requirements are as follows:a. For stock option and stock futures contracts, the gross

open position across all derivative contracts on a particular underlying stock of a scheme of a Fund shall not exceed the higherof1%offreefloatmarketcapitalization(intermsofnumber of shares).

Or 5% of the open interest in the derivative contracts on

a particular underlying stock (in terms of number of contracts).

b. This position limit shall be applicable on the combined position in all derivative contracts on a underlying stock at a Stock Exchange.

c. For index based contracts, the Mutual Fund shall disclose the total open interest held by its scheme or all schemes put together in a particular underlying index, if such open interest equals to or exceeds 15% of the open interest of all derivative contracts on that underlying index.

As and when SEBI notifies amended limits in position limits for exchange traded derivative contracts in future, the aforesaid position limits, to the extent relevant, shall be read as if they were substituted with the SEBI amended limits.

Exposure Limits:With respect to investments made in derivative instruments, the Schemes shall comply with the following exposure limits in line with SEBI Circular Cir/IMD/DF/11/2010 dated August 18, 2010:

1. The cumulative gross exposure through equity, debt and derivative positions will not exceed 100% of the net assets of the respective Scheme. However, the following shall not be considered while calculating the gross exposure:a. Security-wise hedged position andb. Exposure in cash or cash equivalents with residual maturity of

less than 91 days

2. The total exposure related to option premium must not exceed 20% of the net assets of the Scheme.

3. The Mutual Fund shall not write options or purchase instruments with embedded written options.

4. Exposure due to hedging positions may not be included in the above mentioned limits subject to the following:a. Hedging positions are the derivative positions that reduce

possible losses on an existing position in securities and till the existing position remains.

b. Hedging positions cannot be taken for existing derivative positions. Exposure due to such positions shall have to be added and treated under limits mentioned in Point 1.

c. Any derivative instrument used to hedge has the same underlying security as the existing position being hedged.

d. The quantity of underlying associated with the derivative position taken for hedging purposes does not exceed the quantity of the existing position against which hedge has been taken.

5. The Mutual Fund may enter into plain vanilla interest rate swaps for hedging purposes. The counter party in such transactions has to be an entity recognized as a market maker by RBI. Further, the value of the notional principal in such cases must not exceed the value of respective existing assets being hedged by the scheme. Exposure to a single counterparty in such transactions should not exceed 10% of the net assets of the scheme.

6. Exposure due to derivative positions taken for hedging purposes in excess of the underlying position against which the hedging position has been taken, shall be treated under the limits mentioned in point 1.

7. DefinitionofExposureincaseofDerivativePositions: Each position taken in derivatives shall have an associated exposure

asdefinedunder.Exposureisthemaximumpossiblelossthatmayoccur on a position. However, certain derivative positions may theoretically have unlimited possible loss. Exposure in derivative positions shall be computed as follows:

Position Exposure

Long Future Futures Price * Lot Size * Number of Contracts

Short Future Futures Price * Lot Size * Number of Contracts

Option Bought Option Premium Paid * Lot Size * Number of Contracts

3. Interest Rate Swap (IRS) Any swap is effectively an exchange of one set of cash-flows foranother considered to be of equal value. If the exchange of cash flowsislinkedtointerestrates,itbecomesaninterestrateswap.An interest rate swap is an agreement between two parties to exchange future payment streams based on a notional amount. Only the interest on the notional amount is swapped, and the principal amount is never exchanged. Inatypicalinterestrateswap,onepartyagreestopayafixedrateoverthetermoftheagreementandtoreceiveavariableorfloatingrateofinterest.Thecounterpartyreceivesastreamoffixedratepayments at regular intervals as described in the agreement and pays the floating rate of interest.A fixed/ floating interest rateswap is characterized by: 1. Fixed interest rate;2. Variableorfloatinginterestrate,whichisperiodicallyreset;3. Notional principal amount upon which total interest payments

are based; and4. The terms of the agreement, including a schedule of interest

rate reset dates, payment dates and termination date.The primary reason for engaging in an interest rate swap is to hedge the interest rate exposure. An illustration could be an institution havinglong-termfixedrateassets(longertenorsecuritiesreceivingfixedrate)inarisinginterestrateenvironment;itcanhedgetheinterest rate exposure by purchasing an interest rate swap where theinstitutionreceivesfloatinginterestrateandpaysfixedrate.Inthis case, an interest rate swap is likely to reduce the duration and interest rate volatility of the fund. Example:

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FIXED-RATEPAYER

Fixed rate payments

MARKETMAKER

FLOATING-RATEPAYER

NSEMIBOR

Fixed ratepayments

NSE MIBOR

Terms:Fixed Interest Rate : 7.50% p.a.Variable Interest Rate : NSE Over-Night MIBOR reset daily

and compounded dailyNotional Principal Amount : Rs.100 CrorePeriod of Agreement : 1 yearPayment Frequency : Semi-annualNow, suppose the six-month period from the effective date of the swap to the first payment date comprises 182 days and the daily compounded NSE Over-Night MIBOR is 7.05% p.a. on the first payment date, then the fixed and variable rate payment on the first payment date would be as follows:Fixed rate payment:Rs. 3,73,97,260 = (Rs.100,00,00,000) x (7.50%) x (182 Days / 365 Days)Variable rate payment:Rs. 3,51,53,425 = (Rs.100,00,00,000) x (7.50%) x (182 Days / 365 Days)Often, a swap agreement will call for only the exchange of net amount between the counterparties. In the above example, the fixed-ratepayerwillpaythevariable-ratepayeranetamountofRs. 22,43,836 = Rs. 3,73,97,260 - Rs. 3,51,53,425. ThesecondandfinalpaymentwilldependonthedailyNSEMIBORcompounded daily for the remaining 183 days. The fixed ratepaymentwill also change to reflect thechange inholdingperiodfrom 182 days to 183 days.

4. Forward Rate Agreement (FRA)An FRA is an off balance sheet agreement to pay or receive on an agreed future date, the difference between an agreed interest rate and the interest rate actually prevailing on that future date, calculated on an agreed notional principal amount. It is settled against the actual interest rate prevailing at the beginning of the period to which it relates rather than paid as a gross amount.An FRA is referred to by the beginning and end dates of the period covered. Thus a 5x8 FRA is one that covers a 3-month period beginning in 5-months and ending in 8-months. FRAs are purchased to hedge the interest rate risk; an investor facing uncertainty of the interest ratemovements can fix the interest costs by purchasingan FRA.Anillustrationcouldbeacorporationhavingfloatingratedebtlinkedto an index such as say, 3-Month MIBOR. If the existing interest cost is at 7% on Rs.100 Crore for the next three months, the corporation [email protected]%onRs.100Croreandfixtheinterestcost for the 3-6 months period. If the actual 3-Month MIBOR after 3-months is at 7.25%, the corporation has saved 15 bps in interest cost. As the settlement is done at the beginning of the period, the savings in interest expense are discounted to a present value using a 3-month rate to calculate the actual settlement amount.Theflowsfortheinstitutionwillbe,asfollows:IInterest Savings = Rs. 100 Crore * 15 bps * 92/365 (assuming 92 days in the 3 month FRA period and 365 days in the conventional year) = Rs.3,78,082.19Settlement Amount = Rs.3,78,082.19/ (1+7.25%*92/365)Please note that the above examples are hypothetical in nature and thefiguresareassumed.

• Investments in repo of corporate debt securities (applicable to DSPBRBPDF, DSPBRIOF, DSPBRMMF & DSPBRSTF).

Guidelines for participation of mutual funds in Repo in money market and corporate debt securities.SEBI has vide circular no. CIR / IMD / DF / 19 / 2011 dated November 11, 2011 enabled mutual funds to participate in repos in corporate debt securities as per the guidelines issued by RBI from time to time and subject to few conditions listed in the circular. Accordingly, the Scheme may participate in Repo in money market and corporate debt securities in accordance with directions issued by RBI and SEBI from time to time and in accordance with guidelines framed by the Board of AMC and Trustee Company in this regard.Conditions applicable: -•ThenetexposureofanyMutualFundschemetorepotransactionsin money market (except for Repo in Government Securities & Treasury Bills) and corporate debt securities shall not be more than 10 % of the net assets of the Scheme.•Thecumulativegrossexposurethroughrepotransactionsinmoneymarket securities (except for Repo in Government Securities & Treasury Bills) and corporate debt securities along with debt and derivatives shall not exceed 100% of the net assets of the Scheme.•MutualfundsshallparticipateinrepotransactionsonlyinAAandabove rated money market and corporate debt securities.These conditions will be subject to any revisions announced by SEBI from time to time.Other Guidelinesi. Category and credit rating of counter party:1. SEBI regulated mutual funds2. RBI regulated Banks, Non-Banking Finance Companies, Primary Dealers3. IRDA regulated Insurance companies4. Corporates for whom credit limits have been assigned are eligible counterparties. These corporates should have a minimum investment grade credit rating. For new counterparties, approval from Head – Risk will be taken and an assessment will be done bythe Risk & Quantitative Analysis team. ii. Tenor of collateral: <=20 years for corporate debt securities.iii. Applicable haircuts: RBI, in its circular no. IDMD.PCD. 09 /14.03.02 /2012-13 dated January 7, 2013 prescribed the following minimum haircuts on the market value of the underlying security:a. AAA rated: 7.5%b. AA+ rated: 8.5%c. AA rated: 10%The above haircuts are subject to change based on how market practice evolves with respect to corporate bond repo. Prior approval of the Investment committee shall be sought for change in thehaircutfromexisting%tosuchother%asdeemedfit.iv. Valuation of repo assets: At cost.

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E. WHAT ARE THE INVESTMENT STRATEGIES?

Scheme StrategyDSPBRBalF Equity Securities

The Investment Manager prefers adopting a top-down approach with regard to investment in equity and equity related securities. This approach encompasses an evaluation of key economic trends, an analysis of various sectors in the economy leading to an outlook on their future prospects and a diligent study of various investment opportunities within the favoured sectors. In picking out individual investment opportunities for the portfolio, the Investment Manager will seek both value and growth. Value is discerned when the InvestmentManagerbelievesthattheinherentworthorlong-termgrowthpotentialofacompanyisnotfullyreflectedintheshareprice of the company. Growth stocks, as the term suggests, are those stocks that are currently in the growth phase. Such growth in earnings could be due to a new product, a new process, growing market share, stronger brand equity, technological breakthrough and unique or predominant position in a market, among other factors.The Investment Manager will conduct in-house research in order to identify value and growth stocks. The analysis will focus, among other things, on thehistorical and currentfinancial conditionof the company, capital structure, business prospects, strength ofmanagement,responsivenesstobusinessconditions,productprofile,brandequity,marketshare,competitiveedge,researchandtechnological know-how and transparency in corporate governance. The quality or strength or management would be a key focus area.Fixed Income SecuritiesFixed income securities encompass both debt and money market securities.The Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE etc. or in unrated debt securities, which the Investment Manager believes to be of equivalent quality. Whereinvestmentinunrateddebtsecuritiesissoughttobemade,specificapprovaloftheBoardofdirectorsoftheAMCandTrusteeshall be obtained prior to investment.Fixed Income research by the Investment Manager will emphasise credit analysis, in order to determine credit risk. Credit analysis will focusontheissuer’shistoricalandcurrentfinancialcondition,currentandanticipatedcashflowandborrowingrequirements,valueof assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing, future business prospects as well as current and anticipated operating results, among other things. The Investment Manager will also analyse various economic trends in seeking to determine the likely future course of interest rates.

DSPBRBF In line with the asset allocation pattern, the Investment Manager may invest in both rated as well as unrated debt securities after conducting credit analysis. The investment process follows a Top-Down approach of investment by taking into account important factors affecting interest rate environment over the medium-term in India. Some of these factors are term structure of interest rates, RBI’s monetary policy stance,inflationaryexpectations,demand-supplydynamics,keyeconomicindicators,government’sfiscalpolicy,globalinterestrateenvironment,FIIflows,currencymovements,sentiment,relativespreadsamongvariousassetclassesaswellassystemicliquidity.The schemewill manage the asset allocation of fixed income assets and portfolio duration based on the Investment Manager’smedium-term outlook on interest rates and credit spreads.Accordingly, the weighted average maturity of the Scheme will remain between one year and twenty years based on the medium-term interest rate outlook of the Investment Manager.

DSPBRBPDF The investment objective of the Scheme is to seek to generate income and capital appreciation by primarily investing in a portfolio of high quality debt and money market securities that are issued by banks and public sector entities/undertakings.Fixed Income research by the Investment Manager will emphasizes credit analysis, in order to determine credit risk. Credit analysis willfocusontheissuer’shistoricalandcurrentfinancialcondition,currentandanticipatedcashflowandborrowingrequirements,value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing, future business prospects as well as current and anticipated operating results, among other things. The Investment Manager will also analyse various economic trends in seeking to determine the likely future course of interest rates.The Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency authorised to carry out such activity, such as CRISIL, ICRA, CARE, India Ratings, etc. In-house research by the Investment Manager will emphasize on credit analysis, in order to determine credit risk.

DSPBRCM10YGF TheSchemewillendeavourtomaintainanweightedaveragematurityprofileoftheportfolioofaround10yearsthroughinvestmentsprimarily in the range of Government Securities as per investment objectives of the Scheme and as per the SEBI Regulations. The normal range of weighted average maturity for the Scheme would be between 9 and 11 years. The residual maturity of the securities shall range between 8 to 12 years.By investing predominantly in Government Securities, the scheme aims to maintain a high degree of credit quality and liquidity. The objective is to enhance the returns and minimize the price risk and loss of capital even on a daily basis. The AMC will endeavour to meet the investment objective of the Scheme while maintaining a balance between safety, liquidity and return on investments. The Scheme will try to identify securities that yield relative value over others for similar risk and liquidity level. The Scheme does not intend to actively manage the duration of the portfolio.

DSPBRDAAF The key value proposition of the Scheme is to provide an asset allocation overlay to investors. The Scheme will invest in the Underlying Schemes, which have a long-term performance track record. The Scheme will dynamically manage the asset allocation between the specifiedequityanddebtschemesbasedontherelativevaluationofequityanddebtmarkets.The Scheme will dynamically manage the asset allocation between the equity mutual funds and debt mutual funds of DSP BlackRockMutual Fund based on the relative valuation of equity and debt markets. The factor that would be used for determining the asset allocation is the yield gap ratio, which is the ratio of debt market yield to equity market yield.

Yield gap = (10Y GSec yield) _____________________ (Earnings yield of Nifty)

10Y G-Sec is used as the proxy for debt market yield, while earnings yield of equity markets is simply the reciprocal of Price/Earnings ratio. So by looking at the ratio of these two yields, one can assessw hether equity markets are overpriced or underpriced relative to debt markets• If the ratio is <= 1, one can deduce that return expectations from equity markets are higher than from debt and hence one should

be invested more in equity.• Similarly, if the ratio is >1, the return from equity is expected to be less than from debt and hence debt allocation should be

gradually increased.The actual or current values of these parameters will be compared against the historical trend to determine the relative attractiveness of equity versus debt markets. The asset allocation table based on the yield gap bands would be as follows:

Yield Gap Ratio Equity Allocation Yield Gap Ratio Equity Allocation<1.10 90% 1.50 - 1.60 40%

1.10 - 1.20 80% 1.60 - 1.70 30%1.20 - 1.30 70% 1.70 - 1.80 20%1.30 - 1.40 60% >1.80 10%1.40 - 1.50 50%

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Scheme StrategyThemodelalsoconsidersthemodifiedyieldgap,whichuses1YG-Secyieldinthenumerator.

Modified Yield gap = (1Y GSec yield) _____________________ (Earnings yield of Nifty)

Ifthedifferencebetweentheyieldgapratioandthemodifiedyieldgapratioislessthan0.05,whichisanindicatorofaflatyieldcurve,thefollowingassetallocationbandsbasedonthemodifiedyieldgapratiowouldbeused.

ModifiedYieldGapRatio Equity Allocation ModifiedYieldGapRatio Equity Allocation<0.7 90% 1.1 - 1.2 40%

0.7 - 0.8 80% 1.2 - 1.3 30%0.8 - 0.9 70% 1.3 - 1.4 20%0.9 - 1 60% >1.4 10%1 - 1.1 50%

In accordance with the aforesaid Yield Gap Ratio Model, the asset allocation of the Scheme will be as follows:

A. Equity Allocation:1. The Scheme will primarily allocate its fund in the units of DSPBREF and DSPBRTEF.2. In case the allocation of the Scheme reaches 20% of the net asset value of DSPBREF and 20 % of the net asset value of DSPBRTEF, then the Scheme will allocate the remaining funds in units of DSPBRF25F and/or DSPBROF and/or DSPBRITF in such a manner that allocation to these schemes do not exceed 20 % of the net asset value of each of the respective schemes.3. In case allocation to each of the schemes (referred in point 1 and 2) reaches 20 % of the respective net asset value, then fresh subscription/switches into the Scheme would be suspended.B. Debt Allocation:1. The Scheme will primarily allocate its fund in the units of DSPBRSBF and DSPBRSTF.2. In case the allocation of the Scheme reaches 20% of the net asset value of DSPBRSBF and 20 % of the net asset value of DSPBRSTF, then the Scheme will allocate the remaining funds in the units of DSPBRMMF and/or DSPBRBPDF and/or DSPBRIOF in such a manner that allocation to these schemes do not exceed 20 % of the net asset value of each of the respective schemes.3. In case allocation to each of the schemes (referred in point 1 and 2) reaches 20 % of the respective net asset value, then fresh subscription/switches into the Scheme would be suspended.Investors can get updated information on the yield gap level and the Scheme’s asset allocation between equity and debt schemesthrough monthly factsheets and updates on the website, www.dspblackrock.com

DSPBREF Equity SecuritiesThe Investment Manager will be adopting a top down approach, which will encompass an evaluation of key economic trends, the analysis of various sectors in the economy leading to an outlook on their future prospects and a diligent study of various investment opportunities within the favoured sectors. In picking out individual investment opportunities for the portfolio, the Investment Manager will seek both value and growth. Value is discerned when the Investment Manager believes that the long-term growth potential of acompanyisnotfullyreflectedinthemarketpriceofthecompany’ssecuritiesandwhichpotentialitseekstobettereveryyearcapitalising on its various strengths, which could mean strong brand equity, high market share, strong management and technological excellence among others. Such companies are core holdings in any equity portfolio since they seldom fail to deliver good returns over the long term. Growth stocks, as the term suggests, are those stocks that are currently in the growth phase. The super-normal growth could be due to a new product, a new process, growing market share, stronger brand equity, technological breakthrough and unique or predominant position in a market, among other factors.The Investment Manager will conduct in-house research in order to identify value and growth stocks. The analysis will focus, among others,onthehistoricalandcurrentfinancialconditionofthecompany,capitalstructure,businessprospects,strengthofmanagement,responsiveness tobusinessconditions,productprofile,brandequity,market share,competitiveedge, researchandtechnologicalknow-how and transparency in corporate governance. The quality or strength of management would be a key focus area.Fixed Income SecuritiesThe Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE etc. or in unrated debt securities which the Investment Manager believes to be of equivalent quality. In the case of unrated debt securities, the approval of the Board of Directors of the AMC and Trustee, shall be obtained prior to investment.

DSPBRF25F TheSchemewillhavea“non-diversified”portfolioandwillinvestprimarilyinthecommonstocksofcompaniesthatareselectedfortheir growth potential and which are valued at a reasonable price. The Fund Manager will use a combination of top-down and bottom-up analysis to identify sector and stock weightages in the portfolio. Top down analysis involves an analysis of the macro-environment in order to understand the business cycle that various sectors are exposed to. It also involves understanding sector trends such as scale of opportunity, pricing power, volume changes, government policy, international trends etc. Bottom-up analysis involves an analysis of company specific factors such as size, competitive position, scalability,management quality, operational efficiency, financialparameters, valuation, etc. The Fund Manager will also consider the prevailing stock market conditions in the overall portfolio construction process. The Fund Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE, FITCH etc. or in unrated debt securities which the Fund Manager believes to be of equivalent quality. In the case of unrated debt securities, the approval of the Board of Directors of the AMC and Trustee shall be obtained prior to investment.The securities mentioned above could be listed, unlisted, privately placed, secured, unsecured, rated or unrated (subject to the rating or equivalency requirements discussed above) and of any maturity. The securities maybe acquired through Initial Public Offerings (IPOs), secondary market operations, private placements, rights offers or through negotiated deals.At the discretion of the Fund Manager, the Scheme may also make investments in ADR/GDR and Foreign Securities in accordance withanduptothelimitsspecifiedbyRBIandSEBIfromtimetotime,subjecttoallapprovalsvideSEBIcircularno.SEBI/IMD/CIRNo.7/104753/07datedSeptember26,2007andallapplicableregulations/guidelines/directives/notifications,asmaybestipulatedbySEBI from time to time.

DSPBRGF and DSPBRTBF

The Investment Manager’s primary goal is to seek to generate returns commensurate with minimal credit risk by investing in a portfolio comprising of Central Government Securities. The achievement of this goal depends, among other factors, on the magnitude of Governmentborrowinginagivenfiscalyear,thelevelofliquidityinthebankingsystemandthegeneraloutlookforinterestrates.Being sovereign debt, Central Government Securities carry minimal credit risk. However, Central Government Securities carry riskarisingfromthepricemovements inthemarket.Generally,pricesofallfixedincomesecuritieshavean inverserelationshipwithinterestratemovements.Thepricesoffixedincomesecuritiesincreasewheninterestratesdeclineandviceversa.Thepricemovement is also dependent on factors such as magnitude of change in interest rates, residual maturity of security and coupon rates. Normally, the price of longer maturity instruments will rise or fall more in relation to interest rate movements than shorter maturity instruments.

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Scheme StrategyDSPBRGAF The Scheme will invest predominantly in units of BGF – GAF. The Scheme may also invest in the units of other similar overseas mutual

fundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvestacertainportionofitscorpusinmoney market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

DSPBRIOF The Investment Manager will invest in those debt securities that are rated investment grade by credit rating agencies or in unrated debt securities, which the Investment Manager believes to be of equivalent quality. In-house research by the Investment Manager will emphasize on credit analysis, in order to determine credit risk.The investment process follows a top down approach taking into account aspects like interest rate view, term structure of interest rates,systemicliquidity,RBI’spolicystance,inflationaryexpectations,Governmentborrowingprogram,fiscaldeficit,globalinterestrates, currency movements, etc.

DSPBRITF Equity SecuritiesItistheInvestmentManager’sbeliefthatIndia’sfutureGDPgrowthwillbestronglyinfluencedbytheongoingprocessofeconomicreforms. The economic reforms process involves structural changes in various sectors and companies, including but not restricted to, encouraging private investment, de-regulation of pricing, government aided programs and change towards private ownership. The primary objective of these initiatives is to accelerate the pace of investment and therefore attract investment capital. Increase in investment capital may result in value creation out of new investments and value unlocking out of existing investments. Such value creationcouldbereflectedthroughincreasedcorporateprofitsandbettermarketcapitalisation.TheMutualFundseekstocapturethis value creation potential and therefore will endeavor to participate in the likely upside to market capitalisation. With regard to economic reforms, the focus will be on companies/sectors which are likely to be affected by policy change in ownership patterns (egs. Disinvestment, increase in FDI limits, opening of business to private sector), policy change in pricing (eg. De-regulation of price control),policychangeinfunding(eg.Governmentfundingprogrammesforupgradationofspecificsectors)andanyotherchangethatmay be initiated in future as a part of economic reforms.The Government isalso liningup significant spendingon infrastructure,ata scaleunprecedented in India’shistory.Theplannedinvestments are expected to increase the pace of GDP growth going forward. The Golden Quadrilateral and North South East West Corridor is the single largest example of infrastructure development, which could scale up economic growth substantially. Here the focuswillbeoncompanies/sectorswhichwillbenefitfromlargescaleinvestmentsintoinfrastructureprojects.Suchchanges,thoughgradualintheirevolution,instillgreaterconfidenceinthemindsoftheinvestor,domesticorforeign.Suchbeneficialchangesarecatalysts,amongothers,forincreasedinvestorinterestinthestockmarketaswell.The Investment Manager will be adopting a combination of the top down approach and bottom up stock selection approach. From a top down perspective, the focus would be on an analysis of key policy changes, infrastructure spending, economic trends, and a sector-wiseimpactassessment.Fromabottomupperspective,thefocuswouldbeonananalysisofcorporateprofitabilityandtheimpactof policy changes and infrastructure spending at a micro-level. The focus would be on sectors and corporates which could witness significantvaluecreationandunlockingofvalueonthebackofpolicychangesandinfrastructurespending.Inpickingoutindividualinvestmentopportunitiesfortheportfolio,amongthedefineduniverseeligibleforinvestment,theInvestmentManager will seek both value and growth, which are likely to emanate from the ongoing structural changes in government policy and infrastructure development.The Investment Manager will conduct in-house research in order to identify various investment opportunities. The analysis of companies will focus, amongst others, on the historical and current financial condition of the company, potential value creation/unlockingof value and its impact on earnings growth, capital structure, business prospects, policy environment, strength of management, responsivenesstobusinessconditions,productprofile,marketshare,competitiveedge,researchandtechnologicalknow-how.Fixed Income SecuritiesThe Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE, FITCH etc. or in unrated debt securities which the Investment Manager believes to be of equivalent quality. In the case of unrated debt securities, the approval of the Board of Directors of the AMC and Trustee shall be obtained prior to investment.

DSPBRLF The Investment Manager’s primary goal is to seek to generate a reasonable return while assuming low risk and concurrently ensuring a high degree of liquidity in the portfolio of the Scheme.The Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency authorised to carry out such activity, such as CRISIL, ICRA, CARE etc. or in unrated debt securities, which the Investment Manager believestobeofequivalentquality.Whereinvestmentinunrateddebtsecuritiesissoughttobemade,thespecificapprovaloftheBoard of Directors of the AMC and Trustee shall be obtained prior to investment.

DSPBRMCF TheInvestmentManagerwilluseadisciplinedquantitativeanalysisoffinancialoperatingstatistics.Inpickingoutindividualinvestmentopportunitiesfortheportfolio,amongthedefineduniverseeligibleforinvestment,theInvestmentManagerwillseekbothvalueandgrowth. Value is discerned when the Investment Manager believes that the long term growth potential of a company is not fully reflectedinthemarketpriceofthecompany’ssecuritiesandwhichpotentialitseekstobettereveryyearcapitalisingonitsvariousstrengths, which could mean strong brand equity, growing market share, strong management and technological excellence, among others. Growth stocks, as the term suggests, are those stocks that are currently in the growth phase. The super-normal growth could be due to a new product, a new process, growing market share, stronger brand equity, technological breakthrough and unique position in a market, among other factors.The Investment Manager will conduct in-house research in order to identify various investment opportunities. The company-wise analysiswillfocus,amongstothers,onthehistoricalandcurrentfinancialconditionofthecompany,potentialvaluecreation/unlockingof value and its impact on earnings growth, capital structure, business prospects, policy environment, strength of management, responsivenesstobusinessconditions,productprofile,brandequity,marketshare,competitiveedge,research,technologicalknow-how and transparency in corporate governance. The Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency authorised to carry out such activity, such as CRISIL, ICRA, CARE etc. or in unrated debt securities, which the Investment Manager believestobeofequivalentquality.Whereinvestmentinunrateddebtsecuritiesissoughttobemade,thespecificapprovaloftheBoard of Directors of the AMC and Trustee shall be obtained prior to investment. In-house research by the Investment Manager will emphasize on credit analysis, in order to determine credit risk.

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Scheme StrategyDSPBRMIPF Fixed Income Securities

The Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE, FITCH etc. or in unrated debt securities, which the Investment Manager believes to be of equivalent quality.Whereinvestmentinunrateddebtsecuritiesissoughttobemade,thespecificapprovaloftheBoardofDirectorsoftheAMCand Trustee shall be obtained prior to investment.Fixed Income research by the Investment Manager will emphasise credit analysis, in order to determine credit risk. Credit analysis willfocusontheissuer’shistoricalandcurrentfinancialcondition,currentandanticipatedcashflowandborrowingrequirements,value of assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing, future business prospects as well as current and anticipated operating results, among others. The Investment Manager will also analyse various economic trends in seeking to determine the likely future course of interest rates.Equity SecuritiesThe Investment Manager will be adopting a combination of the top down approach and bottom up stock selection, which will encompass an evaluation of key economic trends, the analysis of various sectors in the economy leading to an outlook on their future prospects and a diligent study of various investment opportunities within the favoured sectors. In picking out individual investment opportunities for the portfolio, the Investment Manager will seek both value and growth. Value is discerned when the Investment Manager believes thatthelong-termgrowthpotentialofacompanyisnotfullyreflectedinthemarketpriceofthecompany’ssecuritiesandwhichpotential it seeks to better every year capitalising on its various strengths, which could mean strong brand equity, growing market share, strong management and technological excellence, among others. Growth stocks, as the term suggests, are those stocks that are currently in the growth phase. The super-normal growth could be due to a new product, a new process, growing market share, stronger brand equity, technological breakthrough and unique or predominant position in a market, among other factors.The Investment Manager will conduct in-house research in order to identify various investment opportunities. The analysis will focus, amongothers,onthehistoricalandcurrentfinancialconditionofthecompany,capitalstructure,businessprospects,strengthofmanagement,responsivenesstobusinessconditions,productprofile,brandequity,marketshare,competitiveedge,researchandtechnological know-how and transparency in corporate governance. The quality or strength of management would be a key focus area.

DSPBRMMF The Investment Manager will invest in those debt securities that are rated investment grade by credit rating agencies or in unrated debt securities, which the Investment Manager believes to be of equivalent quality. In-house research by the Investment Manager will emphasize on credit analysis, in order to determine credit risk.The investment process follows a top down approach taking into account aspects like interest rate view, term structure of interest rates,systemicliquidity,RBI’spolicystance,inflationaryexpectations,Governmentborrowingprogram,fiscaldeficit,globalinterestrates, currency movements, etc.

DSPBRNRNEF Equity SecuritiesIn respect of the investments envisaged by the scheme in equity and equity related securities, as mentioned in, “C. How Will the Scheme(s) allocate its Assets?”, the Investment Manager will generally adhere to the following policies: (i) The Investment Manager will select equity securities on a bottom-up, stock-by-stock basis, with consideration given to low price-

to-earnings,price-to-bookandprice-to-salesratios,aswellasgrowth,improvingmargins,assetturnsandcashflows,amongstothers.

(ii) The InvestmentManagerwilluseadisciplinedquantitativeanalysisoffinancialoperatingstatistics. Inpickingout individualinvestmentopportunities for theportfolio,amongthedefineduniverseeligible for investment, the InvestmentManagerwillseek both value and growth. Value is discerned when the Investment Manager believes that the long term growth potential of acompanyisnotfullyreflectedinthemarketpriceofthecompany’ssecuritiesandwhichpotentialitseekstobettereveryyear, capitalizing on its various strengths, which could mean strong brand equity, growing market share, strong management and technological excellence, among others. Growth stocks, as the term suggests, are those stocks that are currently in the growth phase. The super–normal growth could be due to a new product, a new process, growing market share, stronger brand equity, technological breakthrough and unique position in a market, among other factors. The endeavor of the investment Manager will betopickstockswhichcouldbecomepotentialleadersintheirrespectivefieldsinthefuture.

(iii) The Investment Manager will conduct in-house research in order to identify various investment opportunities. The company-wise analysiswillfocus,amongothers,onthehistoricalandcurrentfinancialconditionofthecompany,potentialvaluecreation/unlocking of value and its impact on earning growth, capital structure, business prospects, policy environment, strength of management,responsivenesstobusinessconditions,productprofile,brandequity,marketshare,competitiveedge,research,technological know-how and transparency in corporate governance.

Fixed Income SecuritiesThe Investment Manager will invest only in those debt securities which are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE, FITCH etc., or in unrated debt securities which the Investment Manager believes to be of equivalent quality. In the case of unrated debt securities, the approval of the Board of Directors of the AMC and Trustee shall be obtained prior to the investment.

DSPBROF Equity SecuritiesThe investment direction will be in line with the Investment Manager’s views on the macro economy with a particular focus on the micro impact of economic reforms, restructuring and mergers & acquisition activity. TheaimofthisSchemeistostronglyoutperformplainvanillaequityfundswhicharefarmorediversifiedintheirportfolioweightage,to minimise risk. It is the Investment Manager’s belief that though such concentrated investments could be subject to considerable risks, they present attractive long term investment opportunity.The Investment Manager prefers adopting a top-down approach with regard to investment in equity and equity related securities. This approach encompasses an evaluation of key economic trends and a diligent study of various investment opportunities within the specifiedsectorsineachScheme.Inpickingoutindividualinvestmentopportunitiesfortheportfolio,theInvestmentManagerwillseek both value and growth. Value is discerned when the Investment Manager believes that the inherent worth or long-term growth potentialofacompanyisnotfullyreflectedinthesharepriceofthecompany.Growthstocks,asthetermsuggests,arethosestocksthat are currently in the growth phase. Such growth in earnings could be due to a new product, a new process, growing market share, stronger brand equity, technological breakthrough and unique or predominant position in a market, among other factors.The Investment Manager will conduct in-house research in order to identify value and growth stocks. The analysis will focus, among other things, on thehistorical and currentfinancial conditionof the company, capital structure, business prospects, strength ofmanagement,responsivenesstobusinessconditions,productprofile,brandequity,marketshare,competitiveedge,researchandtechnological know-how and transparency in corporate governance. The quality or strength or management would be a key focus area.Fixed Income SecuritiesThe Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE etc. or in unrated debt securities, which the Investment Manager believes to be of equivalent quality. Whereinvestmentinunrateddebtsecuritiesissoughttobemade,specificapprovaloftheCommittee/BoardofDirectorsoftheAMCand the Trustee shall be obtained prior to investment. Fixed Income research by the Investment Manager will emphasise credit analysis, in order to determine credit risk. Credit analysis will focusontheissuer’shistoricalandcurrentfinancialcondition,currentandanticipatedcashflowandborrowingrequirements,valueof assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing, future business prospects as well as current and anticipated operating results, among other things. The Investment Manager will also analyse various economic trends in seeking to determine the likely future course of interest rates.

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Scheme StrategyDSPBRSBF In line with the asset allocation pattern, the Investment Manager may invest in both rated as well as unrated debt securities after

conducting credit analysis.The investment process follows a Top-Down approach of investment by taking into account important factors affecting interest rateenvironment in India. Someof these factorsare term structureof interest rates,RBI’smonetarypolicy stance, inflationaryexpectations,demandsupplydynamics,keyeconomic indicators,government’sfiscalpolicy,global interestrateenvironment,FIIflows,currencymovements,sentiment,relativespreadsamongvariousassetclassesaswellassystemicliquidity.The scheme will follow active portfolio management style based on the Investment Manager’s near-term outlook on interest rates. This scheme will aim to generate optimal risk-adjusted returns by periodically reviewing the interest rate environment and suitably rebalancing its asset allocation as well as portfolio duration based on the Investment Manager’s near-term outlook on interest rates & credit spreads.Accordingly, the weighted average maturity of the scheme could vary from short-term to long-term based on the interest rate outlook of the Investment Manager

DSPBRSMF Equity SecuritiesThe Investment Manager will select equity securities on a bottom–up, stock–by–stock basis, with consideration given to low price–to–earnings,price–to–book,andprice–to–salesratios,aswellasgrowth,improvingmargins,assetturns,andcashflows,amongstothers.TheInvestmentManagerwilluseadisciplinedquantitativeanalysisoffinancialoperatingstatistics.Inpickingoutindividualinvestmentopportunitiesfortheportfolio,amongthedefineduniverseeligibleforinvestment,theInvestmentManagerwillseekbothvalueandgrowth. Value is discerned when the Investment Manager believes that the long term growth potential of a company is not fully reflectedinthemarketpriceofthecompany’ssecuritiesandwhichpotentialitseekstobettereveryyearcapitalisingonitsvariousstrengths, which could mean strong brand equity, growing market share, strong management and technological excellence, among others. Growth stocks, as the term suggests, are those stocks that are currently in the growth phase. The super–normal growth could be due to a new product, a new process, growing market share, stronger brand equity, technological breakthrough and unique position in a market, among other factors. The endeavor of the Investment Manager will be to pick stocks which could become potential leadersintheirrespectivefieldsinthefuture.Fixed Income SecuritiesThe Investment Manager will conduct in-house research in order to identify various investment opportunities. The company-wise analysiswillfocus,amongstothers,onthehistoricalandcurrentfinancialconditionofthecompany,potentialvaluecreation/unlockingof value and its impact on earnings growth, capital structure, business prospects, policy environment, strength of management, responsivenesstobusinessconditions,productprofile,brandequity,marketshare,competitiveedge,research,technologicalknow-how and transparency in corporate governance . The Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE, FITCH etc. or in unrated debt securities which the Investment Manager believes to be of equivalent quality. In the case of unrated debt securities, the approval of the Board of Directors of the AMC and Trustee shall be obtained prior to investment.

DSPBRSTF The Investment Manager will invest in those debt securities that are rated investment grade by credit rating agencies or in unrated debt securities, which the Investment Manager believes to be of equivalent quality. In-house research by the Investment Manager will emphasize on credit analysis, in order to determine credit risk.The investment process follows a top down approach taking into account aspects like interest rate view, term structure of interest rates,systemicliquidity,RBI’spolicystance,inflationaryexpectations,Governmentborrowingprogram,fiscaldeficit,globalinterestrates, currency movements, etc.

DSPBRTEF Equity SecuritiesThe Investment Manager will be adopting a combination of the top down approach and bottom up stock selection, which will encompass an evaluation of key economic trends, the analysis of various sectors in the economy leading to an outlook on their future prospects and a diligent study of various investment opportunities within the favoured sectors. In picking out individual investment opportunities for the portfolio, among the Top 100 corporates eligible for investment, the Investment Manager will seek both value and growth. Value is discerned whentheInvestmentManagerbelievesthatthelong-termgrowthpotentialofacompanyisnotfullyreflectedinthemarketpriceofthecompany’s securities and which potential it seeks to better every year capitalising on its various strengths, which could mean strong brand equity, growing market share, strong management and technological excellence, among others. Growth stocks, as the term suggests, are those stocks that are currently in the growth phase. The super-normal growth could be due to a new product, a new process, growing market share, stronger brand equity, technological breakthrough and unique or predominant position in a market, among other factors.The Investment Manager will conduct in-house research in order to identify various investment opportunities. The analysis will focus, among others,onthehistoricalandcurrentfinancialconditionofthecompany,capitalstructure,businessprospects,strengthofmanagement,responsivenesstobusinessconditions,productprofile,brandequity,marketshare,competitiveedge,researchandtechnologicalknow-howand transparency in corporate governance. The quality or strength of management would be a key focus area.Fixed Income SecuritiesThe Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE, FITCH etc. or in unrated debt securities which the Investment Manager believes to be of equivalent quality. In the case of unrated debt securities, the approval of the Board of Directors of the AMC and Trustee, shall be obtained prior to investment.

DSPBRTF Equity SecuritiesThe Investment Manager prefers adopting a top-down approach with regard to investment in equity and equity related securities. This approach encompasses an evaluation of key economic trends and a diligent study of various investment opportunities within the specifiedsectorsineachScheme.Inpickingoutindividualinvestmentopportunitiesfortheportfolio,theInvestmentManagerwillseek both value and growth. Value is discerned when the Investment Manager believes that the inherent worth or long-term growth potentialofacompanyisnotfullyreflectedinthesharepriceofthecompany.Growthstocks,asthetermsuggests,arethosestocksthat are currently in the growth phase. Such growth in earnings could be due to a new product, a new process, growing market share, stronger brand equity, technological breakthrough and unique or predominant position in a market, among other factors.The Investment Manager will conduct in-house research in order to identify value and growth stocks. The analysis will focus, among other things, on thehistorical and currentfinancial conditionof the company, capital structure, business prospects, strength ofmanagement,responsivenesstobusinessconditions,productprofile,brandequity,marketshare,competitiveedge,researchandtechnological know-how and transparency in corporate governance. The quality or strength or management would be a key focus area.Fixed Income SecuritiesFixed Income research by the Investment Manager will emphasise credit analysis, in order to determine credit risk. Credit analysis will focusontheissuer’shistoricalandcurrentfinancialcondition,currentandanticipatedcashflowandborrowingrequirements,valueof assets in relation to historical cost, strength of management, responsiveness to business conditions, credit standing, future business prospects as well as current and anticipated operating results, among other things. The Investment Manager will also analyse various economic trends in seeking to determine the likely future course of interest rates. The Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE etc. or in unrated debt securities, which the Investment Manager believes to be of equivalent quality. Whereinvestmentinunrateddebtsecuritiesissoughttobemade,specificapprovaloftheCommittee/BoardofDirectorsoftheAMCand the Trustee shall be obtained prior to investment.

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Scheme StrategyRepresentative IndexDSPBRTF,asectorspecificScheme,shallfocusoninvestingintechnologyandtechnologydependentcompaniesasmentionedearlier,keeping ‘BSETECk Index’ (the Index) as the representative index.The Scheme shall have theflexibility to invest in stocks thatare outside the composition of the Index but are within the investment focus of the Scheme. The Scheme may broadly follow the composition of the Index without necessarily tracking it. In accordance with SEBI Circular MF/CIR/09/014/2000 dated January 05, 2000,theSchemebeingasectorspecificScheme,theupperceilingonequityinvestmentsinacompanybytheSchemeshallbetheweightage of the company in the representative sectoral index i.e., the Index as disclosed above or 10% of the NAV of the Scheme, whichever is higher.The Trustees reserves the right to change the Index, if any other appropriate/suitable index is available at a future date, in accordance with SEBI (MF) Regulations.The composition of the Index as on May 29, 2015 is given below for reference. Investors are requested to note that the composition andweightageofthescripsintheindexmaybemodifiedbyTheStockExchange,Mumbai,fromtimetotime.

Sr. No. Name Sector1 Bharti Airtel Ltd Telecommunication Services2 Bharti Infratel Ltd. Telecommunication Services3 DB Corp Ltd Media4 Den Networks Ltd Media5 Dish TV India Ltd Media6 Finolex Cables Ltd Capital Goods7 HCL Technologies Ltd Software & Services8 HT Media Media9 Himachal Futuristic Communications Ltd Technology Hardware & Equipmen10 Idea Cellular Ltd Telecommunication Services11 Infosys Ltd Software & Services12 Jagran Prakashan Ltd Media13 Just Dial Ltd Telecommunication Services14 KPIT Technologies Ltd Software & Services15 Mahanagar Telephone Nigam Telecommunication Services16 MindTree Ltd Software & Services17 MphasiS Ltd Software & Services18 Oracle Financial Services Software Ltd Software & Services19 PVR Ltd Media20 Persistent Systems Ltd Software & Services21 Reliance Communications Ltd Telecommunication Services22 Sun TV Network Ltd Media23 TV18 Broadcast Ltd Media24 Tata Communications Ltd Telecommunication Services25 Tata Consultancy Services Ltd Software & Services26 Tata Teleservices Maharashtra Ltd Telecommunication Services27 Tech Mahindra Ltd Software & Services28 Wipro Ltd Software & Services29 Zee Entertainment Enterprises Ltd Media

DSPBRTSF Equity SecuritiesThe Investment Manager will select equity securities on a bottom-up, stock-by-stock basis, with consideration given to low price-to-earnings, price-to-book,andprice-to-salesratios,aswellasimprovingmargins,assetturns,andcashflows,amongstothers.TheInvestmentManagerwilluseadisciplinedquantitativeanalysisoffinancialoperatingstatistics.Inpickingoutindividualinvestmentopportunitiesfortheportfolio,amongthedefineduniverseeligibleforinvestment,theInvestmentManagerwillseekbothvalueandgrowth.ValueisdiscernedwhentheInvestmentManagerbelievesthatthelongtermgrowthpotentialofacompanyisnotfullyreflectedinthemarketpriceofthecompany’ssecurities and which potential it seeks to better every year capitalising on its various strengths, which could mean strong brand equity, growing market share, strong management and technological excellence, among others. Growth stocks, as the term suggests, are those stocks that are currently in the growth phase. The super–normal growth could be due to a new product, a new process, growing market share, stronger brand equity, technological breakthrough and unique or predominant position in a market, among other factors.The Investment Manager will conduct in-house research in order to identify various investment opportunities. The company-wise analysis will focus,amongstothers,onthehistoricalandcurrentfinancialconditionofthecompany,potentialvaluecreation/unlockingofvalueanditsimpacton earnings growth, capital structure, business prospects, policy environment, strength of management, responsiveness to business conditions, productprofile,brandequity,marketshare,competitiveedge,research,technologicalknow-howandtransparencyincorporategovernance.Under normal market conditions, at least 80% of the portfolio of the Scheme will be invested in equity and equity related securities. The remaining portion of the portfolio of the Scheme will be invested in debt securities and money market securities. This component of the portfolio will provide the necessary liquidity to meet redemption needs and other liquidity requirements of the Scheme. Debt securities include, but are not limited to, non-convertibledebentures,zerocouponsecurities,non-convertibleportionofconvertibledebentures,floatingratebonds,debtinstruments,andany other such instruments as may be permitted by RBI/SEBI/ such other Regulatory Authority from time to time.Fixed Income SecuritiesThe Investment Manager will invest only in those debt securities that are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE, FITCH etc. or in unrated debt securities which the Investment Manager believes to be of equivalent quality. In the case of unrated debt securities, the approval of the Board of Directors of the AMC and Trustee shall be obtained prior to investment.

DSPBRWAF The scheme will invest predominantly in units of BGF – WAF. The Scheme may, at the discretion of the Investment Manager, also invest in theunitsofothersimilaroverseasmutualfundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvesta certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

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Scheme StrategyDSPBRWEF The Scheme will invest predominantly in units of BGF – WEF and BGF - NEF. The Scheme may, at the discretion of the Investment Manager,

alsoinvestintheunitsofothersimilaroverseasmutualfundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalso invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

DSPBRWGF The Scheme will invest predominantly in units of BGF - WGF. The Scheme may, at the discretion of the Investment Manager, also invest in theunitsofothersimilaroverseasmutualfundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvesta certain portion of its corpus in money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

DSPBRWMF The Scheme will invest predominantly in units of BGF – WMF. The Scheme may, at the discretion of the Investment Manager, also invest in theunitsofothersimilaroverseasmutualfundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvesta certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

DSPBRUSFEF The scheme will invest predominantly in units of BGF – USFEF. The Scheme may, at the discretion of the Investment Manager, also invest in theunitsofothersimilaroverseasmutualfundschemes,whichmayconstituteasignificantpartofitscorpus.TheSchememayalsoinvesta certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

DSPBRUSTF The Investment Manager will invest in those debt securities that are rated investment grade by credit rating agencies or in unrated debt securities, which the Investment Manager believes to be of equivalent quality. In-house research by the Investment Manager will emphasize on credit analysis, in order to determine credit risk.The investment process follows a top down approach taking into account aspects like interest rate view, term structure of interest rates, systemic liquidity, RBI’s policy stance, inflationary expectations, Government borrowing program, fiscal deficit, global interest rates,currency movements, etc.

• Strategies for trading in equity derivatives (Applicable to all equity derivatives)The Mutual Fund may use the following strategies while trading in derivativesforthepurposeofefficientportfoliomanagement:

(a) Reverse Arbitrage: This strategy will be adopted if the cash price of a stock (say “XYZ”) is reasonably greater than single stock futures of XYZ, then the Investment Manager may sell cash position in XYZ and buy single stock futures of XYZ. In this case the Investment Manager will still be having a long-term view on the stock XYZ but is able to minimize the cost of holding of XYZ.

(b) Arbitrage: This strategy will be adopted if the single stock future of XYZ is reasonably greater than the cash price of XYZ, then the Investment Manager will buy the shares of XYZ in the cash market and sell equivalent numbers of single stock futures of XYZ. In this case the Investment Manager may not have an investment view of the stock XYZ but would like to enhance the portfolio value.

(c) Portfolio Hedging: This strategy will be adopted:

(i) If in an already invested portfolio of a Scheme, the Investment Manager is expecting a market correction, the Investment Manager may sell Index Futures to insulate the portfolio from the market related risks.

(ii) If there are significant inflows to the Scheme and themarket expectations are bullish, the Investment Manager may buy Index Futures to continue participation in the equity markets. This strategy is used to reduce the time to achieve the desired invested levels.

• Portfolio Turnover In respect of each Scheme (except DSPBRGAF), portfolio turnover is definedastheloweroftheaggregatevalueofpurchasesorsales,asapercentageoftheaveragecorpusoftheSchemeduringaspecifiedperiod of time. This will exclude purchases and sales of money market securities.

The portfolio turnover in the Scheme will be a function of the inflowsintheformofsubscriptionsintotheSchemeandoutflowsin the form of redemptions from the Scheme, as well as the market opportunities available to the Investment Manager. Consequently, itisdifficulttoestimatewithanyreasonablemeasureofaccuracy,the likely turnover in the portfolio(s). It will be the endeavor of the Investment Manager to keep portfolio turnover rates as low as possible. However, there are trading opportunities that present themselves from time to time, where in the opinion of the

Investment Manager, there is an opportunity to enhance the total returns of the portfolio. The Investment Manager will endeavor to balance the increased cost on account of higher portfolio turnover withthebenefitsderivedtherefrom.Althoughtheexchange-tradedequity derivatives contracts in India are available upto 3 months, the liquidity is predominantly in the one month contracts (near month contracts). With respect to DSPBRF25F the portfolio turnover is expected to be high as the Scheme will be making investments using equity derivatives, which would require frequent transactions (including rollovers) on account of the tenor of contracts. There is howevernospecifictargetrelatingtoportfolioturnover.

ForDSPBGAFportfolioturnoverisdefinedasthelowerofaggregatevalue of purchases or sales as a percentage of the corpus of a scheme duringaspecifiedperiodoftime.TheSchemeisopenended,withsubscriptions and redemptions expected on a daily basis, resulting innetinflow/outflowoffunds,andonaccountofthevariousfactorsthataffectportfolioturnover,itisdifficulttogiveanestimate,withany reasonable amount of accuracy. Therefore, the Scheme has no specifictargetrelatingtoportfolioturnover.

• Overview of BGF – GAF, BGF - NEF, BGF - WAF, BGF – WEF, BGF – WGF, BGF – WMF and BGF–USFEF :

BGF – GAF, BGF - NEF, BGF - WAF, BGF -WEF, BGF – WGF, BGF – WAF and BGF–USFEF are Undertakings for Collective Investment in Transferable Securities (UCITS) III Fund approved by the Commission for the Supervision of the Financial Sector, Luxembourg, with BlackRock (Luxembourg) S.A. as the management company.

BGF – GAF seeks to maximise total return. The Fund invests globally in equity, debt and short term securities, of both corporate and governmental issuers, with no prescribed limits. In normal market conditions the Fund will invest at least 70% of its total assets in the securities of corporate and governmental issuers. The Fund generally will seek to invest in securities that are, in the opinion of the Investment Adviser, undervalued. The Fund may also invest in the equity securities of small and emerging growth companies. The Fund may also invest a portion of its debt portfolio in high yield fixedincometransferablesecurities.Currencyexposureisflexiblymanaged.

BGF-NEF seek to maximise capital growth expressed in US dollars. BGF - NEF seeks to maximise total return by investing mostly in the equity securities of companies whose predominant economic activity is in the alternative energy and energy technology sectors with emphasis given to renewable energy, automotive and on-site power generation, energy storage and enabling energy technologies.

BGF-WEF seek to maximise capital growth expressed in US dollars. BGF - WEF seeks to maximise total return by investing mostly in the equity securities of companies whose predominant economic activity is in the exploration, development, production and

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distribution of energy, and additionally, in companies seeking to develop and exploit new energy technologies.

BGF - WGF seeks to maximise total return by investing mostly in the equity securities of companies worldwide whose main business activity is gold mining. It may also invest in the equity securities of companies whose predominant economic activity is other precious metal or mineral and base metal or mineral mining. BGF - WGF does not hold physical gold or metal.

BGF - WMF seeks to maximize capital growth expressed in US dollars. BGF - WMF seeks to maximize total return by investing mostly in the equity securities of mining and metals companies whose predominant economic activity is the production of base metals and industrial minerals such as iron ore and coal. The fund may also hold the equity securities of companies whose predominant economic activity is in gold or other precious metal or mineral mining. The fund does not hold physical gold or metal.

BGF - WAF seek to maximize capital growth expressed in US dollars. The fund has a flexible investment style, which captures thebroadest possible opportunities. Apartfrom leveraging on the global expertise and backing of a strong team of investment professionals at BlackRock, the predominant reason for our selecting the underlying fundistheinvestmentphilosophyofidentificationofattractiveandstructural investment themes on a global basis through detailed analysis.

BGF-USFEF seeks to maximize total return. BGF-USFEF invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, the US. BGF-USFEF normally invests in securities that, in the opinion of the Investment Adviser, exhibit either growth or value investment characteristics, placing an emphasis as the market outlook warrants.

The performance of BGF – GAF, BGF - NEF, BGF - WAF, BGF - WEF, BGF – WGF, BGF - WMF and BGF-USFEF (in INR terms) upto May 31, 2015 was as under:

Period Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark

BGF – WEF

MSCI World Energy (net)

BGF – NEF

MSCI World (net)

BGF – WGF

FTSE Gold Mines (cap)

BGF – WMF

EUROMONEY Global Mining

BGF – WAF

DAXglobal Agribusiness

Index

BGF – USFEF

Russell1000Index

BGF – GAF

Composite

Index*

Compounded Annualized Growth Rate

1-year (16.8%) (13.5%) 3.5% 13.6% (3.1%) (7.0%) (19.0%) (16.7%) 11.3% 10.9% 17.9% 20.3% 11.9% 10.6%

3-year 4.4% 9.4% 17.7% 21.9% (14.7%) (21.0%) (10.3%) (8.9%) 13.4% 13.3% 22.9% 24.9% 13.8% 14.3%

5-year 6.6% 12.7% 9.7% 20.2% (7.2%) (12.6%) (5.1%) (4.4%) 16.1% 17.4% 19.7% 24.3% 14.1% 16.2%

Since Inception

7.6% 9.5% 0.9% 8.2% 8.6% 1.1% 10.1% 7.5% 12.3% 14.4% 10.3% 12.2% 10.8% 9.9%

Inception dates

6-Apr-01 6-Apr-01 30-Dec-94 21-Mar-97 5-Feb-10 31-Oct-02 03-01-1997

*36% S&P 500 Composite; 24% FTSE World (ex-US); 24% ML US Treasury Current 5 Year; 16% Citigroup Non-USD World Government Bond Index

Source: BlackRock

Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

57

Overview of the underlying fund - BGF – GAF

Basis of selection of the underlying fund

BGF – GAF is Undertaking for Collective Investment in Transferable Securities (UCITS) III Fund approved by Commission for the Supervision of the Financial Sector, Luxembourg, with BlackRock (Luxembourg) S.A. as the management company.BGF –GAF seek tomaximizecapitalgrowthexpressed inUSdollars.The fundhasaflexibleapproach toinvestment.Ittypicallyholdssecuritiesdiversifiedacrossassetclass,geographies,sectorsandmarketcapitalization.Apart from leveraging on the global expertise and backing of a strong team of investment professionals at BlackRock, thepredominantreasonforourselectingtheunderlyingfundistheinvestmentphilosophyofidentificationofattractiveand structural investment themes on a global basis through detailed analysis.

Investment Objective The BlackRock Global Funds - Global Allocation Fund seeks to maximise total return. The Fund invests globally in equity, debt and short term securities, of both corporate and governmental issuers, with no prescribed limits. In normal market conditions the Fund will invest at least 70% of its total assets in the securities of corporate and governmental issuers. The Fund generally will seek to invest in securities that are, in the opinion of the Investment Adviser, undervalued. The Fund may also invest in the equity securities of small and emerging growth companies. The Fund may also invest a portionofitsdebtportfolioinhighyieldfixedincometransferablesecurities.Currencyexposureisflexiblymanaged.

Investment Strategy of the BGF – GAF

Our philosophy is to bring together the specialist skills of our analysts within an active, risk-controlled asset allocation process combined with research intensive, fundamental, bottom-up security selection. The types of securities and markets the fund invests in will vary in response to changing market and economic trends. For example, the fund may be substantially invested in US equities when they appear undervalued relative to other world equity markets, while greateremphasismaybeplacedonfixed incomesecuritieswhentheriskofowningequities isaboveaverage.Theapproach strives to achieve attractive total returns, while seeking to diversify the risks associated with investing in only one asset class or market. The philosophy of the fund has been in place with no material changes since the inception of the strategy in 1989.While the portfolio does not have style constraints, the BGF Global Allocation Fund’s style position tends to be towards avalue-drivenapproachfortheequityportionandariskadjustedyield-drivenapproachforthefixedincomeportion.Theteamhastheabilitytomoveintoanystyle,creditqualityandmarketcaprangetheyseefitaccordingtothecurrentmarket environment and have done so since inception of the fund.

Long Term drivers of the BGF – GAF

The team aims to achieve small amounts of alpha over a wide range of securities, in order to attempt to gain large amountsofalphawithoutdependenceonafewsecurities.Thefundisdiversifiedacrossgeographicregions,sectors,market caps and securities (400 - 600) and hence can take part in investment themes across the world.

Investment Process The investment process of BGF-GAF can be summarised as follows:1. Research

• TheGlobalAllocationteamemploysaprocessthatisprimarilybottom-up,withatopdownoverlay.Whilethereare an enormous number of factors considered in the team’s investment decisions (e.g., projected growth rates, currency outlook, central bank policies, etc.), valuation is the key factor that serves as the basis for most investment choices. The top-down asset allocation strategy focuses on areas that offer value and avoiding areas that are overvalued or pose near-term risks to the portfolio.

• Onthefixedincomesideweundertakeintensivecreditresearch,yield/spreadanalysis,currencyanalysis.• Theuniversecomprisesallglobalstocksandbondsinallsectorsandfromallissuers.

2. Asset allocation• Combinetop-downregion,sector,andcurrencyallocationwithbottom-upsecurityselection• Comparerelativevaluationsamongandwithinregions,sectors,andindustries• Ensureconsistencybetweenmacroviewpointsandportfolioallocations

3. Portfolio construction• Whiletheportfoliodoesnothaveconstraintsastothecapitalisationsizeofequities,itcurrentlyhasafocusin

large cap equities. There are no restrictions in terms of investment grade for bonds, however, the fund is limited to 35% in non-investment grade debt as a portion of the fund.

Asset Allocation Flexible allocation - stocks, bonds, short term securities

Asset Allocation (as at May 31, 2015)

Asset Exposure

Equities 63.15%

Fixed Income 18.49%

Cash 18.36%

% of Equity/Debt Securities (as at May 31, 2015)

Equities 63.15%

Fixed Income 18.49%

Cash 18.36%

Country/Region exposure (as at May 31, 2015)

Equities

US 26.90%

Developed ex-US 29.70%

Canada 1.10%

Europe 13.40%

Asia ex-Japan 1.70%

Japan 13.50%

Emerging markets 5.70%

Fixed income

US 7.30%

58

Developed ex-US 5.60%

Canada 0.00%

Europe 4.70%

Asia ex-Japan 0.70%

Japan 0.20%

Emerging markets 5.60%

Exposure to unlisted securities (as at May 31, 2015)

Max up to 10% of NAV by UCITs guidelines. As at end May 2015, the exposure to unlisted securities is 2.23%

Exposure to Derivatives (as at May 31, 2015)

Gross exposure: 2.75%; Net exposure: 1.45%

Risk Profile and Risk Control

Pleaserefersection‘A.RiskFactors’under‘IV–Introduction’fordetailsonriskprofileandriskmanagementstrategies pertaining to the underlying fund.

Category of eligible investors

Retail and Institutional

Performance of A2 Share Class (in INR terms) (as at June 30, 2014)

Period Fund Benchmark

BGF - GAF 36% S&P 500 Composite; 24% FTSE World (ex-US)24% ML US Treasury Current 5 Year16% Citigroup Non-USD World Government Bond Index

(CAGR %)

1 year 11.9% 10.6%

3 years 13.8% 14.3%

5 years 14.1% 16.2%

Since inception 10.8% 9.9%

CAGR performance (as at 31 May 2015) of the BGF - GAF in USD terms.

1 year 3 years 5 years 10 years Since inception

BGF - GAF 4.1% 9.3% 7.1% 6.3% 7.5%

Source: Bloomberg**Inception Date: (Date on which BGF-GAF originated – January 03, 1997)CAGR - Compounded Annualized Growth RatePast Performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Performance of I2 (USD) Share Class (as at May 31, 2015)

Performance of the I2 (USD) share class in ` a nd $ terms:

Performance of I2 Share Class ` Terms $ Terms

1 Yr 12.9% 5.1%

3 Yr 14.9% 10.3%

5 Yr N.A. N.A.

Since Inception** N.A. N.A.

Source: Bloomberg**Inception Date: I2 share class was originally introduced on 20th June, 2008 but was later discontinued and reintroduced on 15th September, 2010CAGR - Compounded Annualized Growth RatePast Performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Total Expense Ratio (A2 Share class)

31-May-15 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12

1.76% 1.78% 1.78% 1.79% 1.78%

Total Expense Ratio (I2 Share class)

31-May-15 31-Mar-15 31-Mar-14 31-Mar-13 31-Mar-12

0.82% 0.81% 0.81% 0.86% 0.81%

59

Top ten holdings (as at May 31, 2015)

Company % of fundItaly (Republic of) 1.5 06/01/2025 1.6UK Conv Gilt RegS 2.25 09/07/2023 1.3Treasury Note (2Old) 2.25 11/15/2024 1.2Treasury Note (2Old) 1.375 03/31/2020 1.1Mexico (United Mexican States) 10 12/05/2024 1JPMorgan Chase 0.7Anadarko Petroleum 0.7Procter & Gamble 0.6Google 0.6Phillips 66 0.6

Ten Largest equity Holdings (as at May 31, 2015)

Company % of fundJP Morgan Chase 0.7Anadarko Petroleum 0.7Procter & Gamble 0.6Google 0.6Phillips 66 0.6Bank of America 0.6Wells Fargo 0.5Fuji Heavy Industries 0.5Nestle 0.5Apple 0.5

Geographic Breakdown (as at May 31, 2015)

EquitiesUS 26.90%Developed ex-US 29.70%Emerging markets 5.70%Fixed incomeUS 7.30%Developed ex-US 5.60%Emerging markets 5.60%

India Exposure (as at May 31, 2015)

Asset % of fundEquities 0.45%Fixed Income 0.35%

Sector wise Equity Exposure (as at May 31, 2015)

Sector % of fundFinancials 11.00%Healthcare 9.90%Information Technology 8.50%Industrials 7.50%Consumer Discretionary 6.10%Energy 5.10%Materials 4.60%Consumer Staples 3.40%Index Related 2.40%Telecom Services 2.10%Utilities 1.80%

Sector wise Fixed Income Exposure (as at May 31, 2015)

Sector % of fundGovernment 9.00%Corporates 8.00%Convertibles 1.10%Other 0.50%

BGF – GAF and the other underlying overseas mutual fund schemes where the Scheme will invest shall be compliant with all provisions of SEBI Circular SEBI/IMD/CIR No7/104753/07 dated September 26, 2007.

Overview of the underlying fund - BGF-WGF


BGF - WGF is Undertaking for Collective Investment in Transferable Securities (UCITS) III Fund approved by Commission for the Supervision of the Financial Sector, Luxembourg, with BlackRock (Luxembourg) S.A. as the management company. BGF-WGFseektomaximizecapitalgrowthexpressedinUSdollars.Thefundhasaflexibleinvestmentstyle,whichcaptures the broadest possible opportunities. Apart from leveraging on the global expertise and backing of a strong team of investment professionals at BlackRock, the predominant reason for our selecting the underlying fund is the investment philosophyofidentificationofattractiveandstructuralinvestmentthemesonaglobalbasisthroughdetailedanalysis.

60

Investment Objective The fund seeks to maximise total return. The fund invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is gold-mining. It may also invest in the equity securities of companies whose predominant economic activity is other precious metal or mineral and base metal or mineral mining. The fund does not hold physical gold or metal.

Investment Strategy of the BGF - WGF

The team’s investment philosophy is summarised as follows:• Seekinvestmentsingoldcompaniesthatofferthebestexposuretogoldpriceswithinanacceptablerisklevel• Investingoldcompanieswithgrowthpotential,bothatexistingoperationsandviagreenfieldexploration• Strongmanagementtrackrecordintegraltoallinvestments• Lowinvolvementin“pure”explorationplays• LimitedexposuretoproducerswithcomplexhedgingThe team’s investment philosophy is driven by ‘value investment’ in natural resource companies that offer the best exposure to metals and minerals prices within an acceptable risk level. However, they look to invest in companies with growth potential and would not therefore categorise the fund as having a particular style bias.

Long Term drivers of the BGF - WGF

• Goldsharestypicallyperformdifferentlytoothersectorswithinthestockmarketbecause it is thepriceofgoldbullion (and not mainstream economic activity) which is their main earnings driver. Many people view gold as a ‘safe haven’ and during periods of capital market volatility or political uncertainty its physical attributes become more highly valued.

• Commoditiescanhelptoprovidediversificationwithinthecontextofalargerinvestmentportfolio.• Themanagers’abilitytogeneratesuperiorreturnsliesintheirstockpickingabilityandthefactthattheteamarelong

standing specialists within the sector and have unparalleled access to industry research and company management. • Theteamhastheresourcestotravelextensivelyandconductonthegroundresearchandoperatesatriedandtested

valuation and investment approach.

Investment Process The investment process for the BGF - World Gold Fund is similar to that used for other funds managed by the Natural Resources team.• Investmentuniverse• Topdownmacrooverlay• Initialscreening&company-specificresearch• Portfolioconstruction• SelldisciplinesThe team follows approximately 500 stocks and follows approximately 150 companies closely. The team focuses on better quality companies which invest in the production of gold, rather than exploration companies, which tend to be the smaller capitalisation companies.The portfolio typically holds 50-80 companies, the vast majority of which are established “producers” of gold. Exposure to “pure exploration” stocks is typically very low. Country and sector weightings are predominantly driven by stock selection however we do also take into consideration our view on the macro environment.The team aims to assemble a balanced portfolio that has been carefully constructed evaluating the risks and rewards of each individual stock and how these will affect the overall characteristics of the fund. The team also incorporates their views on the macro environment enabling them to adjust the portfolio based on how this aligns to the individual commodities.

Asset Allocation Equities

% of Equity/Debt Securities (May 31, 2015)

Equities: 97.93% ; Debt: 0.00%; Cash equivalents: 2.07%

Exposure to Derivatives

NIL

Country/Region exposure (excl. cash)

Canada 44.7%; United Kingdom 21.2%; USA 19.4%; Australasia; 8.7%; Latin America 2.4%; Europe ex UK 1.4%; China 1.3%; Russia 0.9%

Exposure to unlisted securities

Max up to 10% of NAV by UCITs guidelines. As at May 31, 2015 the exposure to unlisted securities is 0.95%


Pleaserefersection‘A.RiskFactors’under‘IV-Introduction’fordetailsonriskprofileandriskmanagementstrategies pertaining to the underlying fund.



Total Expense Ratio May 31, 2015 March 31, 2015

1.05% 1.05%

Top ten holdings as of May 31, 2015

Company % of fundRandgold Resources Limited 8.7%Franco Nevada Corp 8.4%Newcrest Mining Ltd 6.1%Goldcorp Inc 5.7%Eldorado Gold Corporation 5.4%Fresnillo Plc 4.9%Agnico Eagle Mines Limited 4.3%Royal Gold Inc 4.0%Source Physical Markets Gold 2.7%Silver Wheaton Corp 2.4%

61

Sector wise break up as of May 31, 2015

Sector % of fundGold 75.1%Silver 13.3%Platinum Group Metals 2.6%Diamonds 2.5%Diversified 2.4%Cash 2.1%Copper 1.7%Tin 0.2%

Overview of the underlying fund - BGF-WEF


BGF - WEF is Undertaking for Collective Investment in Transferable Securities (UCITS) III Fund approved by Commission for the Supervision of the Financial Sector, Luxembourg, with BlackRock (Luxembourg) S.A. as the management company. BGF-WEFseektomaximizecapitalgrowthexpressedinUSdollars.Thefundhasaflexibleinvestmentstyle,whichcaptures the broadest possible opportunities. Apart from leveraging on the global expertise and backing of a strong team of investment professionals at BlackRock, the predominant reason for our selecting the underlying fund is the investment philosophyofidentificationofattractiveandstructuralinvestmentthemesonaglobalbasisthroughdetailedanalysis.

Investment Objective The fund seeks to maximise total return expressed in US dollars by investing primarily in the equity securities of companies worldwide whose predominant economic activity is in the exploration, development, production and distribution of energy. Additionally, the fund may invest in companies seeking to develop and exploit new energy technologies.

Investment Strategy of the BGF - WEF

Theteam’sphilosophy isthatmarketsarenotwhollyefficientandtheirstrategy istousefundamentalresearchtouncover opportunities to add value by rigorously exploiting these anomalies. The team believes they can add value because of their detailed knowledge of resource companies and a valuation approach that is suited for this sector.• Team-basedinvestmentapproach• Portfoliosareactivelymanagedandinvestglobally• Bottom-upapproach,combinedwithamacrooverlay• Norestrictiononmarketcapitalisationandinvestmentstyle

Long Term drivers of the BGF - WEF

• Energyconsumptionpercapitainemergingeconomiesisfarbehindthatfoundindevelopedcountries;non-OECDcountries currently make up less than half of global oil demand but should provide almost all expected demand growth. The energy industry is undergoing a series of structural changes, not least with the rapid onset of shale production. These changes are creating plenty of investment opportunities

• Commoditiescanhelptoprovidediversificationwithinthecontextofalargerinvestmentportfolio• Themanagers’abilitytogeneratesuperiorreturnsliesintheirstockpickingabilityandthefactthattheteamarelong



Investment Process The investment process for the BGF - WEF is similar to that used for other funds managed by the Natural Resources team.

• Investmentuniverse

• Topdownmacrooverlay

• Initialscreening&company-specificresearch

• Portfolioconstruction

• Selldisciplines

The investment universe for the fund comprises any companies in the world involved in the energy industry (exploration, production,oil services, transportation, refining, alternativeenergyetc.).A crucial stepofour investmentprocessis “top-down” analysis to frame our view of oil and gas prices, political risks and industry cost trends. This analysis determines the positioning of the fund with respect to:

• Commodityexposurei.e.oilversusgasexposure

• Geographicexposureofreservesandproduction

• Sub-sectorexposure(e.g.oilservices,exploration&productionetc.)

The fund typically has between 50 and 80 holdings. The team aims to assemble a balanced portfolio that has been carefully constructed evaluating the risks and rewards of each individual stock and how these will affect the overall characteristics of the fund. The team also incorporates their views on the macro environment enabling them to adjust the portfolio based on how this aligns to the individual commodities.





NIL

62


USA 74.6%; United Kingdom 9.1%; Canada 8.1%; Europe ex UK 6.1%; Australasia 2.0%


Max up to 10% of NAV by UCITs guidelines. As at May 31, 2015 the exposure to unlisted securities is 0.18%.






1.05% 1.05%


Company % of fundExxon Mobil Corp 8.7%Chevron Corp 6.6%Conocophillips 6.1%Schlumberger NV 5.4%Anadarko Petroleum Corporation 5.0%BP PLC 4.8%Devon Energy Corporation 4.5%Marathon Oil Corp 4.4%Total S.A. 4.1%Pioneer Natural Resources Company 3.8%


Sector % of fundIntegrated 28.8%E&P 51.4%Refining&Marketing 2.9%Oil Services 9.7%Coal & Uranium 0.0%Distribution 3.5%Cash 3.8%

Overview of the underlying fund - BGF-WMF


BGF - WMF is Undertaking for Collective Investment in Transferable Securities (UCITS) III Fund approved by Commission for the Supervision of the Financial Sector, Luxembourg, with BlackRock (Luxembourg) S.A. as the management company. BGF-WMFseektomaximizecapitalgrowthexpressedinUSdollars.Thefundhasaflexibleinvestmentstyle,whichcaptures the broadest possible opportunities. Apart from leveraging on the global expertise and backing of a strong team of investment professionals at BlackRock, the predominant reason for our selecting the underlying fund is the investment philosophyofidentificationofattractiveandstructuralinvestmentthemesonaglobalbasisthroughdetailedanalysis.

Investment Objective The fund seeks to maximise total return expressed in US dollars by investing in the equity securities of mining and metals companies worldwide whose predominant economic activity is the production of base metals and industrial minerals such as iron ore and coal. The fund may also invest in gold or other precious metal or mineral mining companies. The fund does not hold physical gold or metal.

Investment Strategy of the BGF - WMF

The team’s investment philosophy is summarised as follows:• Seek investments in natural resources companies that offer the best exposure to commodity prices within an

acceptable risk level• Investinnaturalresourcescompanieswithgrowthpotential,bethatatexistingoperations,throughdevelopmentof

newprojectsand/orviagreenfieldexploration• Strongmanagementtrackrecordintegraltoallinvestments• Lowinvolvementin“pure”explorationplays• LimitedexposuretoproducerswithcomplexhedgingThe team’s investment philosophy is driven by ‘value investment’ in natural resource companies that offer the best exposure to metals and minerals prices within an acceptable risk level. However, the team looks to invest in companies with growth potential and would not therefore categorise the fund as having a particular style bias. Style consistency is not an issue which is particularly focused on.

Long Term drivers of the BGF - WMF

• Asnewminediscoveriescontinuetodeclineandthegapbetweendemandandsupplyisexpectedtocontinuetoincrease in the coming years. The growth in developing economies is also expected to further drive up the demand for commodities.

• Commoditiescanhelptoprovidediversificationwithinthecontextofalargerinvestmentportfolio• Themanagers’abilitytogeneratesuperiorreturnsliesintheirstockpickingabilityandthefactthattheteamarelong



63

Investment Process The investment process for the BGF - WMF is similar to that used for other funds managed by the Natural Resources team.

• Investmentuniverse

• Topdownmacrooverlay


• Portfolioconstruction

• Selldisciplines

The team aims to assemble a balanced portfolio that has been carefully constructed evaluating the risks and rewards of each individual stock and how these will affect the overall characteristics of the fund. The team also incorporates their views on the macro environment enabling them to adjust the portfolio based on how this aligns to the individual commodities. Individual security weightings are determined with reference to the conviction of the investment idea, its position within the portfolio as well as the size and liquidity of the company. The fund typically holds between 50 and 80 stocks.



Equities: 98.32% ; Debt: 0.0% : Cash equivalents: 1.68%


NIL


United Kingdom 40.3%; Canada 23.8%; USA 16.5%; Australasia 6.9%; Europe ex UK 5.1%; Latin America 4.6%; South Africa 1.7%; China 1.1%








1.05% 1.06%


Company % of fundRio Tinto PLC 9.5%BHP Billiton PLC 9.5%Glencore PLC 9.2%First Quantum Minerals Ltd 6.1%Randgold Resources Limited 4.6%MMC Norilsk Nickel OJSC 3.5%Freeport-McMoran Inc 3.3%Lundin Mining Corporation 3.3%Southern Copper Corp 2.9%Boliden AB 2.8%


Sector % of fundDiversified 46.1%Copper 18.0%Gold 17.0%Industrial Minerals 5.7%Silver 4.0%Diamonds 1.8%Cash 1.7%Aluminium 1.5%Coal 1.0%Platinum Group Metals 1.0%Iron 0.9%Zinc 0.5%Nickel 0.4%Tin 0.3%

64

Overview of the underlying fund - BGF-WAF


BGF - WAF is Undertaking for Collective Investment in Transferable Securities (UCITS) III Fund approved by Commission for the Supervision of the Financial Sector, Luxembourg, with BlackRock (Luxembourg) S.A. as the management company. BGF-WAFseektomaximizecapitalgrowthexpressedinUSdollars.Thefundhasaflexibleinvestmentstyle,whichcaptures the broadest possible opportunities. Apart from leveraging on the global expertise and backing of a strong team of investment professionals at BlackRock, the predominant reason for our selecting the underlying fund is the investment philosophyofidentificationofattractiveandstructuralinvestmentthemesonaglobalbasisthroughdetailedanalysis.

Investment Objective The fund seeks to maximize total return. The fund invests globally at least 70% of its total assets in the equity securities of agricultural companies. Agricultural companies are those which are engaged in agriculture, agricultural chemicals, equipment and infrastructure, agricultural commodities and food, bio-fuels, crop sciences, farm land and forestry.

Investment Strategy of the BGF – WAF

The Fund’s investment philosophy is based on the thesis that with the improvement in farm economics, global farm incomewouldimprovewhichwouldencourageinvestmentinthesectorandbenefitagriculturalcompanies.

The BGF - World Agriculture Fund aims to take advantage of the timing of the upswing in the Agriculture cycle. The fund capitalises on the depth and breadth of the BlackRock Natural

Long Term drivers of the BGF – WAF

Rise in grain prices as a result of tight supply and low inventories against growth in global food demand may represent a long-term “re-rating” of the sector. Urbanisation in the emerging markets and the wealth effect that follows are drivers for sustainable food demand growth. That is further reinforced by global demand for biofuels that compete for food crops, as well as supply challenges arising from both the decline of agricultural land availability and the time and capital investment required for expanding global cultivation area. This means that growth of supply is lagging that of demand.

Investment Process The investment process for the BGF - WAF is similar to that used on other funds managed by the Natural Resources team.

• Investment universe

• Top down macro overlay


• Portfolio construction

• Sell disciplines

The Fund’s investment universe includes all agricultural related companies around the world. The total market capitalisation of companies in the agricultural space is over US$500 billion with over 400 stocks globally. Agricultural companies are those which are engaged in agriculture, agricultural chemicals, equipment and infrastructure, agricultural commodities and food, bio-fuels, crop sciences, farm land and forestry.





NIL


USA 58%; Europe ex UK 20%; Asia ex China 9%; United Kingdom 5%; Canada 3%; Australasia 3%; Middle East 1%; China 1%; Latin America 0.70%








1.07% 1.05%


Company % of fundSyngenta AG 9.7%Monsanto Company 8.1%Archer-Daniels-Midland Company 7.2%Tyson Foods Inc 6.6%Bunge Limited 6.0%BRF SA 4.1%Mosaic Co 3.5%Ingredion Inc 3.5%Cf Industries Holdings Inc 3.4%Wilmar International Ltd 2.7%

65


Sector % of fundAgriculture Science 23.2%Agribusiness 19.4%Animal Protein 15.3%Fertilizer 14.3%Edible Oil 6.7%Food Processing 6.1%Forestry 5.2%Cash 3.7%Farming & Land 2.9%Agriculture Equipment 2.5%Sugar & Ethanol 0.7%

Overview of the underlying fund - BGF – USFEF


BGF – USFEF is Undertaking for Collective Investment in Transferable Securities (UCITS) III Fund approved by Commission for the Supervision of the Financial Sector, Luxembourg, with BlackRock (Luxembourg) S.A. as the management company. BGF – USFEF seek to maximize capital growth expressed in US dollars. BGF-USFEF has a flexibleinvestmentstyle,whichcapturesthebroadestpossibleopportunitiesintheUSequitymarkets.Apartfrom leveraging on the global expertise and backing of a strong team of investment professionals at BlackRock, the predominant reason for our selecting the underlying fund is the opportunity to participate in the strong growth potential of US corporate.

Investment Objective BGF-USFEF seeks to maximize total return. BGF-USFEF invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, the US. BGF-USFEF normally invests in securities that, in the opinion of the Investment Adviser, exhibit either growth or value investment characteristics, placing an emphasis as the market outlook warrants.

Investment Strategy of the BGF – USFEF

The fund is not limited to one investment style. It is effectively an “all weather” fund, which can capture opportunities in both growth and value markets.

Long Term drivers of the BGF – USFEF

• Strong returns with less volatility - Historically, larger companies have provided solid returns while contributing relativelylowlevelsofvolatility,makingthemavitalpartofanydiversifiedinvestmentportfolio.

• Highly regarded team - The fund management team have an excellent, proven long-term investment philosophy and process and a well-established investment track record.

• US research presence - Based in BlackRock’s Princeton office, the team conducts rigorous fundamentalresearch, supported by BlackRock’s extensive research capabilities, and has regular contact with company management.

• RiskManagement-Disciplinedriskmanagementtoefficientlymeasureandmanageportfoliorisk.

Investment Process The team follows a time-tested, balanced and disciplined investment process which can be summarized as follows:

1. Quantitative analysis

• Quantitative models add focus and discipline allowing for increased probability of consistent out performance.

• Rank stocks in the investment universe (Russell 1000 Index) from 1 to 1000.

2. Fundamental Research

• Fundamental research drives alpha generation in providing conviction for portfolio decisions.

• Systematic approach, enabling focus on value-added analysis.

3. Portfolio construction

• Reducingcompanyspecificrisk throughstrictdiversificationrequirementsonthestock levelhelps toavoid behavioral traps and increase the consistency of returns - i.e. the team prefers to own more than one company in an attractive industry rather.



Max up to 10% of NAV by UCITs guidelines. As at October 31, 2015 the exposure to unlisted securities is Nil.

% of Asset May 31, 2015 March 31, 2015 March 31, 2014 Dec 31, 2013

Equity – 99.01%Cash & Receivables - 0.99%

Equity - 98.46%Cash & Receivables - 1.54%

Equity - 98.74%Cash & Receivables - 1.26%

Equity - 95.77%Cash & Receivables - 4.23%)

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Country/Region exposure May 31, 2015 March 31, 2015 March 31, 2014 Dec 31, 2013

US 93.30%UK 2.21%Israel 1.97%Canada 1.95%Switzerland 0.47%Ireland 0.10%

US - 93.62%UK – 3.07%Israel – 2.07%Canada - 1.24%

US - 93.41%Canada - 2.99%Switzerland – 1.53%UK – 1.01%Ireland - 0.68%Brazil - 0.38%

US - 94.8%Canada – 2.8%Switzerland - 1.4%Ireland - 1.0%

Exposure to Derivatives May 31, 2015 March 31, 2015 March 31, 2014 Dec 31, 2013

Nil Nil Nil Nil

Risk Profile and Risk Control Pleaserefersection‘A.RiskFactors’under‘IV-Introduction’fordetailsonriskprofileandriskmanagementstrategies pertaining to the underlying fund.



Performance (in INR terms) (as at May 31, 2015)

Period Fund BenchmarkBGF - USFEF Russell 1000 Index

(CAGR %)1-Year 17.9% 20.3%3-Years 22.9% 24.9%5-Years 19.7% 24.3%Since Inception** 10.3% 12.2%

Source: Bloomberg

**Inception Date: (Date on which BGF-USFEF originated – October 31, 2002)

CAGR - Compounded Annualized Growth Rate

Past Performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Total Expense Ratio May 31, 2015 March 31, 2015 October 31, 2014 December 31, 2013

0.80% 0.80% 0.80% 0.80%

CVS Health Corporation 3.22

JPMorgan Chase & Co. 3.09

Bank of America Corporation 2.62

Comcast Corporation Class A 2.61

Lowe's Companies, Inc. 2.49

Google Inc. * 2.46

U.S. Bancorp 2.46

American International Group, Inc. 2.43

3M Company 2.40

Aetna Inc. 2.37

Sector wise break up (as at May 31, 2015)

Sector % of fund

Information Technology 24.13

Financials 19.42

Health Care 17.57

Consumer Discretionary 12.62

Industrials 8.34

Consumer Staples 7.18

Energy 7.02

Materials 1.97

Cash 0.99

Utilities 0.77

BGF – USFEF and the other underlying overseas mutual fund schemes where the Scheme will invest shall be compliant with all provisions of SEBI Circular SEBI/IMD/CIR No7/104753/07 dated September 26, 2007.

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Overview of the underlying fund - BGF - NEF


BGF - NEF is Undertaking for Collective Investment in Transferable Securities (UCITS) III Fund approved by Commission for the Supervision of the Financial Sector, Luxembourg, with BlackRock (Luxembourg) S.A. as the management company. BGF-NEFseektomaximizecapitalgrowthexpressedinUSdollars.Thefundhasaflexibleinvestmentstyle,whichcaptures the broadest possible opportunities. Apart from leveraging on the global expertise and backing of a strong team of investment professionals at BlackRock, the predominant reason for our selecting the underlying fund is the investment philosophyofidentificationofattractiveandstructuralinvestmentthemesonaglobalbasisthroughdetailedanalysis.

Investment Objective The New Energy Fund seeks to maximise total return. The Fund invests globally at least 70% of its total assets in the equity securities of new energy companies. New energy companies are those which are engaged in alternative energy and energy technologies including: renewable energy technology; renewable energy developers; alternative fuels; energyefficiency;enablingenergyandinfrastructure.

Investment Strategy of the BGF - NEF

Theteam’sphilosophy isthatmarketsarenotwhollyefficientandtheirstrategy istousefundamentalresearchtouncover opportunities to add value by rigorously exploiting these anomalies. The team believes they can add value because of their detailed knowledge of resource companies and a valuation approach that is suited for this sector.•Team-basedinvestmentapproach•Portfoliosareactivelymanagedandinvestglobally•Bottom-upapproach,combinedwithamacrooverlay•Norestrictiononmarketcapitalisationandinvestmentstyle

Long Term drivers of the BGF - NEF

• BasedontheinformationavailablewithInternationalEnergyAgency(IEA),approximately20%oftheworld’selectricityproduction comes from alternate energy sources. However, alternate energy space is a growth sector as conventional energysourcesarefinite.

• Governmentsaroundtheworldhaveputinplacepoliciesandincentiveprogramsthatsupportthesectorandnewmeasures continue to be introduced. Such initiatives are being driven by climate change, energy security concerns and the need to meet a rising demand for power, particularly in emerging markets.

• NewEnergyremainsapremiumlong-termgrowthsector.Importantly,though,itnolongercarriesapremiumpricetag.Industryparticipantsarelookingtocapitaliseandtherehasbeenasteadyflowofcorporateactivityinrecentmonths. M&A activity has historically been a good lead indicator of sector equity performance

• NewEnergytechnologiesareincreasinglycostcompetitive.Areasoftherenewableenergytechnologyindustryhavesuffered from overcapacity over recent years.

• Themanagers’abilitytogeneratesuperiorreturnsliesintheirstockpickingabilityandthefactthattheteamarelongstanding specialists within the sector and have unparalleled access to industry research and company management.

• Theteamhastheresourcestotravelextensivelyandconductonthegroundresearchandoperatesatriedandtestedvaluation and investment approach

Investment Process The investment process for the BGF - New Energy Fund is similar to that used for other funds managed by the Natural Resources team.

•Investmentuniverse

•Topdownmacrooverlay

•Initialscreening&company-specificresearch

•Portfolioconstruction

•Selldisciplines

The investment universe for the fund comprises any companies in the world involved in the new energy industry (renewableenergytechnology;renewableenergydevelopers;alternativefuels;energyefficiency;enablingenergyandinfrastructure.). The fund typically has between 60 and 90 holdings. The team aims to assemble a balanced portfolio that has been carefully constructed evaluating the risks and rewards of each individual stock and how these will affect the overall characteristics of the fund. The team also incorporates their views on the macro environment enabling them to adjust the portfolio based on how this aligns to the individual commodities.



Equity - 96.00%; Debt – 0.00%; Cash & Receivables - 4.00%


NIL


Europe ex UK 50.3%; USA 34.3%; United Kingdom 7.9%; China 3.6%; Canada 2.4%; Asia ex China 1.5%



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1.05% 1.05%

Top ten holdings (as at May 31, 2015)

Company % of fundVestas Wind Systems A/S 5.0%Edp Renovaveis SA 4.9%Johnson Controls Inc. 4.7%Novozymes A/S 4.6%Johnson Matthey PLC 4.6%Air Liquide SA 4.4%Schneider Electric 4.4%Trina Solar Ltd 4.3%Nextera Energy Inc 4.0%Gamesa Corp Tecnologica SA 3.9%

Sector wise break up (as at May 31, 2015)

Sector % of fundEnergyEfficiency 29.7%Renewable Energy Technology 21.8%Enabling Energy & Infrastructure 19.4%Renewable Energy Developers 16.7%Wind Technology 9.0%Alternative Fuels 8.3%Cash 4.0%

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Total Expense Ratio of the underlying schemes of DSPBRDAAF DSPBRTEF

Year Plan Expense Ratio

2013-2014 Direct Plan 1.73%

2013-2014 Regular Plan 1.73%

2013-2014 Institutional Plan 2.28%

2014-2015 Direct Plan 1.72%

2014-2015 Regular Plan 2.27%


DSPBREF


2013-2014 Direct Plan 1.78%

2013-2014 Regular Plan 2.33%


2014-2015 Direct Plan 1.74%

2014-2015 Regular Plan 2.32%


DSPBRF25F


2013-2014 Direct Plan 2.23%

2013-2014 Regular Plan 2.79%

2014-2015 Direct Plan 2.21%

2014-2015 Regular Plan 2.84%

DSPBROF


2013-2014 Direct Plan 2.18%

2013-2014 Regular Plan 2.71%

2014-2015 Direct Plan 2.05%

2014-2015 Regular Plan 2.60%

DSPBRITF


2013-2014 Direct Plan 1.97%

2013-2014 Regular Plan 2.45%


2014-2015 Direct Plan 1.87%

2014-2015 Regular Plan 2.41%


DSPBRSTF


2013-2014 Direct Plan 0.59%

2013-2014 Regular Plan 1.05%

2014-2015 Direct Plan 0.60%

2014-2015 Regular Plan 1.14%

DSPBRSBF


2013-2014 Direct Plan 1.02%

2013-2014 Regular Plan 1.11%


2014-2015 Direct Plan 0.80%

2014-2015 Regular Plan 1.10%


DSPBRMMF


2013-2014 Direct Plan 0.39%

2013-2014 Regular Plan 0.90%


2014-2015 Direct Plan 0.45%

2014-2015 Regular Plan 0.90%


DSPBRBPDF


2013-2014 Direct Plan 0.54%

2013-2014 Regular Plan 0.89%

2014-2015 Direct Plan 0.55%

2014-2015 Direct Plan 0.90%

DSPBRIOF


2013-2014 Direct Plan 1.15%

2013-2014 Regular Plan 1.63%


2014-2015 Direct Plan 1.20%

2014-2015 Regular Plan 1.70%


There is no exposure in derivatives in any of the underlying Schemes except in DSPBROF which is 0.94% as on May 31, 2015.

For details on investment objective, investment strategy, asset allocation, performance etc. of the underlying Schemes of DSPBRDAAF, investors may refer the relevant section in this document. For details on Top Ten holdings, Sector wise break up, % of Equity/Debt Securities, Exposure to unlisted securities, performance in SEBI prescribed format etc. of the underlying Schemes of DSPBRDAAF, investors may refer the monthly factsheet available on www.dspblackrock.com.

Overview of Debt Market in IndiaThe Indian bond market comprises mainly of Government securities; bonds issued by Public Sector Undertakings (PSU), Development Financial Institutions (DFI) and Infrastructure–related agencies; debentures and money market instruments issued by corporate sectors and banks. The Government of India routinely issues Government securitiesandTreasurybillsforliquidityandfiscalmanagement.Whilethe Government issues Treasury bills for 91 days, 182 days and 364 days in a discounted form, coupon-bearing Government securities are issued for maturity ranging from 1 year to as high as 30 years. Both Treasury

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bills and coupon-bearing securities are auctioned by the RBI on behalf of the Government of India. The Indian bond market has also witnessed increased issuance of bonds from Government-sponsored institutions, DFIs, and infrastructure-related agencies since 1995. These bonds are rated by credit rating agencies like CRISIL, ICRA, CARE and India Ratings. They are widely held by market participants because of their liquidity and reduced risk perception due to the government stake in some of them.

The Indian corporate sector has also been frequently raising capital through issuance of non-convertible debentures and commercial papers. Most of the money is raised through the “Private placement” route. These debentures are mostly rated by rating agencies. While some of them trade very actively, most of them are not very liquid. Because of this, they normally trade at a marginally higher yield than bonds issued by PSU and other government-sponsored agencies.

Overview of Money Market in IndiaMoney market assets comprise Treasury Bills, Cash Management Bills, Call Money, Collateralized Borrowing and Lending Obligations (CBLO), Repo,ClearcorpRepoOrderMatchingSystem(CROMS),fixeddeposits,CommercialPapers,CertificateofDeposits,BRDSandanyotherassetsapproved by the Reserve Bank of India from time to time. Money market assetsareliquidandactivelytradedsegmentoffixedincomemarkets.

•TreasurybillsandcashmanagementbillsareissuedbytheGovernmentof India through regular weekly auctions. They are mostly subscribed by banks, state governments and other entities. As on 22nd May 2015, total outstanding treasury bills are Rs. 460,930 crore*.

•CertificateofDepositsareissuedbyscheduledbanksfortheirshort-term funding needs. They are normally available for up to 364 days tenor.Certificateofdepositsissuedbypublicsectorbanksarenormallyrated A1+ (highest short-term rating) by various rating agencies. As on 1stMay2015,outstandingCertificateofDepositsareRs.290,820crore*.Certificateofdepositscurrentlytradeataspreadofaround15-20basispoints** over comparable treasury bills as on 4th June 2015, for a one year tenor.

•CommercialPapersare issuedbycorporateentities fortheir short-term cash requirements. Commercial Papers are normally rated A1+ (highest short-term rating) or A1 by various rating agencies. As on 15th May 2015, total outstanding Commercial Papers are Rs. 290,510 crore*. Commercial papers trade at around 30-40 basis points** over comparable treasury bills as on 4th May 2015, for a one year tenor.

•CallMoney,Repo,CBLOandCROMSaremainlyusedbytheborrowersto borrow a large sum of money on an over-night basis. While Call Money is an unsecured mode of borrowing, CBLO, Repo and CROMS are secured borrowing backed by collaterals approved by the Clearing Corporation of India.

*Source: Reserve Bank of India Bulletin, Weekly Statistical Supplement, 29 May 2015.

** Source: Bloomberg

Overview of Government Securities Market in IndiaThe Government of India is one of the most important market participants in the localfixed incomemarket.Thegovernment isa regular issuerof coupon-bearing government bonds of various maturities ranging between 5Y & 30Y through periodic scheduled auctions conducted by the Reserve Bank of India on behalf of the Government of India.

The Reserve Bank of India, in consultation with the Government of India, announces the borrowing calendar in the month of March. The borrowing calendar generally comprises auction dates, auction amount and approximate maturities of the securities to be auctioned. The borrowing calendar is generally broken into two-halves – one for the first-halfofthefinancialyearstartingApriltoSeptemberandotherforthe rest of the months. The auction calendar generally follows a weekly borrowing pattern. The auction calendar is normally based on the government’s gross budgeted borrowing announced in the Union Budget in the month of February, the government’s cash balance, maturity / coupon payment dates as well as advance tax payment dates.

The Government of India generally prefers to re-issue the same security multiple times through the auction process. This not only increases the amount outstanding for the same security but also creates sufficientamount of liquidity in the secondary market for market participants. Although the government can issue government bonds of various maturities, it generally prefers to issue government bonds with relatively longresidualmaturity.Thisisaimedatincreasingthematurityprofileofthe government’s debt stock. The government also generally auctions a fresh government bond with residual maturity of 10 years in the early part of the financial year and keeps on re-issuing the samemultipletimes depending on its need for cash until it reaches a threshold limit. This 10Y government bond becomes a benchmark bond and is widely followed by market participants for its relatively superior liquidity in the secondary market and interest rate views. Recently, the government hasalsoissuedaninflation-indexedgovernmentbondwhoseprincipaland coupons are linked with the Wholesale Price Index (WPI).

Government bonds are generally issued in demat form and pays coupons twice a year. They are widely owned and traded by banks, insurance companies, pension funds, trusts, mutual funds as well as the FIIs. According to the RBI, 88 different government bonds with face value of around Rs. 40.84 trillion are outstanding in the market place as on June 1, 2015.

Overview of Overseas Debt MarketThe nature and number of debt instruments available in international debt markets is very wide. In terms of diverse instruments as well as liquidity, overseas debt markets offer great depth and are extremely well developed. Investment in international debt greatly expands the universe of top quality debt, which is no longer restricted to the limited papers available in the domestic debt market. The higher rated overseas sovereign, quasi-government and corporate debt offer lower default risk in addition to offering a high degree of liquidity since these are traded across major international markets. Investments in rated international debtoffermultiplebenefitsofriskreduction,amuchwideruniverseof top quality debt and also potential gains from currency movements.

Investments in international markets are most often in U.S. dollars, though the Euro, Pound Sterling and the Yen are also major currencies. Thoughthismarketisgeographicallywell-spreadacrossglobalfinancialcentres, the markets in the U.S., European Union and London offer the most liquidity and depth of instruments.

Besides factors specific to the country / issuer, international bondpricesareinfluencedtoalargeextentbyanumberofotherfactors;chief among these are the international economic outlook, changes in interest rates in major economies, trading volumes in overseas markets, cross currency movements among major currencies, rating changes of countries / corporations and major political changes globally.

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F. FUNDAMENTAL ATTRIBUTES

Following are the Fundamental Attributes of the Schemes, in terms of Regulation 18(15A) of the SEBI (MF) Regulations:

(i) Type of Scheme

• Open ended Schemes

• For details on which schemes are equity/balanced/income/sector/Fund of Funds, please refer “Type of the Scheme(s)”.

(ii) Investment Objective

• Main Objective - Please refer “What are the investment objectives of the Scheme(s)?”.

• Investment pattern – Please refer “How will the Scheme(s) allocate its assets?”

(iii) Terms of Issue

• Liquidity provisions such as listing, repurchase, redemption. Please refer, “Section VI. Units and Offer.”

• Aggregate fees and expenses charged to the Scheme. Please refer, “Section VII. Fees and Expenses.”

• Any safety net or guarantee provided – Not applicable.

In accordance with Regulation 18(15A) of the SEBI (MF) Regulations, the Trustee shall ensure that no change in the fundamental attributes of the Scheme(s) and the Plan(s) / Option(s) thereunder or the trust or fee and expenses payable or any other change which would modify the Scheme(s) and the Plan(s) / Option(s) thereunder and affect the interests of Unit Holders is carried out unless:

• A written communication about the proposed change is sent to each Unit Holder and an advertisement is given in one English daily newspaper having nationwide circulation as well as in a newspaper published in the language of the region where the HeadOfficeoftheMutualFundissituated;and

• The Unit Holders are given an option for a period of 30 days to exit at the prevailing Net Asset Value without any exit load.

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G. HOW WILL THE SCHEME(S) BENCHMARK ITS PERFORMANCE?

The Board adopted Benchmarks for comparing the performance of the Schemes are as under:

Name of the Scheme Benchmark Justification

DSPBRBalF CRISIL Balanced Fund Index (BalanceEX)

The composition of the benchmark is such that they are most suited for comparing performance of the respective Scheme. The Trustee may change the benchmark for any of the Schemes in future, if a benchmark better suited to the investment objective of that Scheme is available at such time.

DSPBRBF CRISIL Composite Bond Fund Index (CompBEX)


DSPBRBPDF CRISIL Short Term Bond Fund Index

The composition of the aforesaid benchmarks is such that they are most suited for comparing performance of this Scheme. The Trustee may change the benchmark for the Scheme in future, if a benchmark better suited to the investment objective of the Scheme is available at such time.

DSPBRCM10YGF CRISIL 10 Year Gilt Index CRISIL 10-year Gilt Index seeks to track the performance of the on-the-run 10-year benchmark government security and provide a reliable and accurate measure of its market movement. As the Scheme intends to generate returns similar to 10 year government bonds, Crisil 10-year Gilt Index is an appropriate benchmark for the Scheme.

The composition of the aforesaid benchmark is such that it is most suited for comparing performance of the Scheme. The Trustee may change the benchmark of the Scheme in future, if a benchmark better suited to the investment objective of that Scheme is available at such time.

DSPBRDAAF CRISIL Balanced Fund Index


DSPBREF** CNX 500 Index The composition of the benchmark is such that they are most suited for comparing performance of the respective Scheme. The Trustee may change the benchmark for any of the Schemes in future, if a benchmark better suited to the investment objective of that Scheme is available at such time.

DSPBRF25F S&P BSE 200 Index The composition of the benchmark is such that they are most suited for comparing performance of the respective Scheme. The Trustee may change the benchmark for any of the Schemes in future, if a benchmark better suited to the investment objective of that Scheme is available at such time.

DSPBRGF CRISIL Long Term Gilt Index


DSPBRGAF 36% S&P 500; 24% FTSE World (ex-US); 24% BofA ML US Treasury Index; 16% Citigroup Non-USD World Government Bond Index

TheBGFGlobalAllocationFundtypicallyholdsover700securitiesdiversifiedacrossassetclass,geography, sector, and market capitalisation and hence is benchmarked against a composite index (an internal reference benchmark).• USEquitiesarerepresentedbytheS&P500 Index.This isa free-floatcapitalization-weighted

index published since 1957 of the prices of 500 large-cap common stocks actively traded in the United States.

• WorldEquitiesarerepresentedbytheFTSEWorld(ex-US)Index.Thisisafree-floatcapitalisation-weighted index that comprises Large (84%) and Mid (16%) cap stocks providing coverage of Developed and Emerging Markets excluding the US.

• US Fixed Income is represented by BofA ML US Treasury Current 5 Year. This is an unmanaged index that tracks the total return of the current coupon 5-year US Treasury bond.

• World Government Bonds are represented by the Citigroup Non-USD World Government Bond Index. This is an unmanaged market capitalization-weighted index that tracks 10 government bond indices, excluding the United States

The performance of the underlying scheme i.e., BGF – GAF is also benchmarked against the above-mentioned indices. The composition of the aforesaid benchmark is such that they are most suited for comparing performance of BGF - GAF. Therefore, the above-mentioned benchmarks are most appropriate for comparing the performance of the Scheme. The Trustee may change the benchmark for the Scheme in future, if benchmark(s) better suited to the investment objective of the Scheme is available at such time.

DSPBRIOF 50% of CRISIL Short Term Bond Fund Index + 50% of CRISIL Composite Bond Fund Index


DSPBRITF S&P BSE 100 Index The composition of the benchmark is such that they are most suited for comparing performance of the respective Scheme. The Trustee may change the benchmark for any of the Schemes in future, if a benchmark better suited to the investment objective of that Scheme is available at such time.

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DSPBRLF CRISIL Liquid Fund Index (LiquifEX)


DSPBRMCF S&P BSE Small Cap Index


DSPBRMIPF CRISIL MIP Blended Index


DSPBRMMF CRISIL Liquid Fund Index (LiquifEX)


DSPBRNRNEF 35% S&P BSE Oil & Gas Index, 30% S&P BSE Metal Index, 35% MSCI World Energy (net as expressed in INR)


DSPBROF** CNX 500 Index There composition of the benchmark is such that they are most suited for comparing performance of the respective Scheme. The Trustee may change the benchmark for any of the Schemes in future, if a benchmark better suited to the investment objective of that Scheme is available at such time.

DSPBRSBF CRISIL Composite Bond Fund Index (CompBEX)


DSPBRSMF* CNX Midcap Index The composition of the benchmark is such that they are most suited for comparing performance of the respective Scheme. The Trustee may change the benchmark for any of the Schemes in future, if a benchmark better suited to the investment objective of that Scheme is available at such time.

DSPBRSTF CRISIL Short Term Bond Fund Index


DSPBRTBF CRISIL Composite T-Bill Index


DSPBRTEF S&P BSE 100 Index The composition of the benchmark is such that they are most suited for comparing performance of the respective Scheme. The Trustee may change the benchmark for any of the Schemes in future, if a benchmark better suited to the investment objective of that Scheme is available at such time.

DSPBRTF S&P BSE TECk Index The composition of the benchmark is such that they are most suited for comparing performance of the respective Scheme. The Trustee may change the benchmark for any of the Schemes in future, if a benchmark better suited to the investment objective of that Scheme is available at such time.

DSPBRTSF** CNX 500 Index The composition of the benchmark is such that they are most suited for comparing performance of the respective Scheme. The Trustee may change the benchmark for any of the Schemes in future, if a benchmark better suited to the investment objective of that Scheme is available at such time.

DSPBRWAF DAX Global Agribusiness Index.

The composition of the benchmark is such that its is most suited for comparing performance of BGF - WAF. Therefore, the above-mentioned benchmark is most appropriate for comparing the performance of the Scheme. The Trustee may change the benchmark for the Scheme in future, if benchmark(s) better suited to the investment objective of the Scheme is available at such time.

DSPBRWEF 70.00% MSCI World Energy (Net)

30.00% MSCI World (Net)


DSPBRWGF FTSE Gold Mines (cap) (in INR terms)


DSPBRWMF EUROMONEY Global Mining (cap) Index {erstwhile known as HSBC Global Mining (cap) Index}


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DSPBRUSFEF Russell 1000 Index The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growingequitiesarereflected.(Source:Russell)

The investment universe and benchmark of the underlying fund is the Russell 1000 Index which comprises of the largest 1000 companies by market capitalisation in the US equity segment. While thesecompaniesareclassifiedaslarge-capbyRussell,thesecouldbeclassifiedasmid-caporsmall-cap by other index providers and/or market participants.

Composition of Russell 1000 Index (as of May 31, 2015)

Market Capitalisation (US$ billion) Number of Securities % Weight

>50 97 55.09

25-50 108 15.89

10-25 236 15.92

5-10 288 8.85

2-5 278 4.08

<2 27 0.16

The composition of the aforesaid benchmark is such that it is most suited for comparing performance of BGF - USFEF. Therefore, the above-mentioned benchmark is most appropriate for comparing the performance of the Scheme. The Trustee may change the benchmark for the Scheme in future, if benchmark(s) better suited to the investment objective of the Scheme is available at such time.

DSPBRUSTF 50% of CRISIL Composite CP Index + 50% of CRISIL Composite CD Index

The Investment Manager has selected 50% of CRISIL Composite CP Index + 50% of CRISIL Composite CD Index, as the relevant benchmark of the Scheme since the weighted average maturity of the Scheme is expected to be between 6 months and 1 year. The composition of the aforesaid benchmark is such that it is most suited for comparing the performance of the Scheme. The Trustee may change the benchmark of the Scheme in future, if a benchmark better suited to the investment objective of that Scheme, is available at such time.

*DSPBRSMF, which is benchmarked to the CNX Midcap Index, is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL is not responsible for any errors or omissions or the results obtained from the use of such index and in no event shall IISL have any liability toanypartyforanydamagesofwhatsoevernature(includinglostprofits)resultedtosuchpartyduetopurchaseorsaleorotherwiseofDSPBRSMFmarked to such index.

**DSPBRTSF, DSPBREF & DSPBROF which are benchmarked to the CNX 500 Index, is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL is not responsible for any errors or omissions or the results obtained from the use of such index and in no event shall IISLhaveanyliabilitytoanypartyforanydamagesofwhatsoevernature(includinglostprofits)resultedtosuchpartyduetopurchaseorsaleorotherwise of DSPBRTSF, DSPBREF & DSPBROF marked to such index.

The S&P BSE 100, S&P BSE 200, S&P BSE Small Cap, S&P BSE Teck, S&P BSE Metals, S&P BSE Oil and Gas & S&P BSE SENSEX are product of Asia IndexPrivateLimited,whichisajointventureofS&PDowJonesIndicesLLCoritsaffiliates(“SPDJI”)andBSE,andhasbeenlicensedforusebyDSP BlackRock Investment Managers Pvt. Ltd. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); BSE® is a registered trademark of BSE Limited (“BSE”); and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). © Asia Index Private Limited 2014. All rights reserved.

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H. WHO MANAGES THE SCHEME(S)?The following are the details of the fund managers within the AMC who will manage the investments of the Schemes under the supervision of the CIO:

Sr. No.

Scheme Name Fund Manager and Age Qualifications Brief Experience

1. DSPBRBF, DSPBRBPDF, DSPBRGF, DSPBRIOF, DSPBRSBF, DSPBRDAAF and DSBRSTF

Mr. Dhawal Dalal, 43 years B.E., MBA Over 16 years of experience in Fixed Income Fund Management, Research and Trading - details as under:From January 2012 to present: DSPBRIM - Executive Vice President and Head of Fixed Income.From January 2006 to December 2011: DSPBRIM - Sr. Vice President and Head of Fixed Income schemes;From May 1998 to December 2005: DSPBRIM - Joined as Asst. Vice Presidentforthefixedincomeproducts.From August 1996 to April 1998: Merrill Lynch Investment Managers - Assistant portfolio Manager - Assisted Portfolio Managers in managing Money Market Mutual Funds and Private Client Portfolios.

2. DSPBRTBF Mr. Dhawal Dalal, 43 years

FordetailsonqualificationsandexperienceofMr.DhawalDalalpleasereferrow1above.

Mr. Vivek Ved, 37 years

B.Com Over 17 years experience in the Indian Mutual Fund Industry. From 2006 to present: DSPBRIM - AVP Fixed Income, 4 years experienceonthefixedincometradingdeskFrom 1997 to 2006: DSPBRIM – Manager Marketing.

3. DSPBRLF & DSPBRMMF &DSPBRUSTF

Mr. Laukik Bagwe, 38 years

B.Com., PGDBA(Finance)

Over 14 years of experience in Fixed Income Market.From November 2007 to present: DSPBRIM - Vice - President Fixed Income. From November 2003 to October 2007: Derivium Capital & Securities Pvt. Ltd. - Head Fixed Income Trading - SLR & NONSLR Broking. From June 2000 to October 2003: Birla Sunlife Securities Ltd. - Manager - SLR & NONSLR Broking.

4. DSPBREF, DSPBRTEF, DSPBRTSF, and DSPBRDAAF

Mr. Apoorva Shah, 51 years

B.Com., PGDM(IIM Ahmedabad)

Over 24 years of experience in Banking and Investment as detailed under:From Jan 09 to present: Executive Vice President, Investments - DSPBRIMFrom Apr 06 to Dec 08: Sr. Vice President, Investments - DSPBRIMFrom 1998 to March 2006 – Portfolio Advisor and Head of Products, GPC India, DSP Merrill Lynch Ltd. From 1991 to 1998 - Institutional Equity Sales at DSP Merrill Lynch Ltd.

5. DSPBRITF & DSPBROF Mr. Rohit Singhania, 38 years

B.Com., MMS (Finance) Mumbai University

Over 15 years experience in Equity Research.From September, 2005 to present: Joined as Portfolio Analyst in firm’sPMSdivision.TransferredtoEquitiesInvestmentteaminJune2009 as Research AnalystPreviously, he was with HDFC Securities Limited as a part of its Institutional Equities Research Desk. He spent 13 months at HDFC Securities as Sr. Equity Analyst. Prior to HDFC securities, he was employed with IL&FS Investmart Limited as Equity Analyst.

6. DSPBRTF Mr. Vinit Sambre 40 years

B.Com, FCA Over 17 Years of experience as detailed under: From January 2010 to present: Vice President - DSPBRIM.From July 2007 - December 2009: Assistant Vice President - DSPBRIM.From November 2005 to June 2007: Assistant Vice President - Global Private Client with DSP Merrill Lynch Limited. From December 2002 to October 2005: Sr. Manager- Investment Advisory Services - IL & FS Investsmart Ltd. From June 2000 to December 2002 – Manager – Equity Research & Investment - Unit Trust of India Investment Advisory Services Ltd. From March 1999 to May 2000 Worked –Equity Research Analyst - Kisan Ratilal Choksey Shares & Securities Pvt. Ltd. From April 1998 to February 1999 - Analyst with Credit Rating Information Services of India Limited (CRISIL) on retainership basis.Advisory Services - IL & FS Investsmart Ltd.

7. DSPBRBalF Mr. Vinit Sambre, 40 years & Mr. Dhawal Dalal, 43 years

FordetailsonqualificationsandexperienceofMr.VinitSambre&Mr.DhawalDalalplease refer row 6 and row 1 above.

8. DSPBRSMF Mr. Apoorva Shah, 51 years and Mr. Vinit Sambre, 40 years

FordetailsonqualificationsandexperienceofMr.ApoorvaShahand Mr. Vinit Sambre please refer row 4 and row 6 respectively.

9. DSPBMIPF Mr. Dhawal Dalal, , 43 years and Mr. Vinit Sambre, 40 years

FordetailsonqualificationsandexperienceofMr.DhawalDalaland Mr. Vinit Sambre, please refer row 1 and row 6 above.

76

10. DSPBRNRNEF Equity and equity related securities

Mr. Rohit Singhania,38 years

Fordetails onqualificationsandexperienceofMr.Rohit Singhaniaplease refer row5above.

Dedicated Fund Manager for overseas investments

Mr. Jay Kothari, 34 years

Bachelor inManagementStudies (BMS)MumbaiUniversityMBA(Finance) -MumbaiUniversity

Over 11 years of experience as detailed under:From 2010 to present – Vice President in Equity Investments and a Product Strategist at DSPBRIMFrom 2005 to 2010 – Mumbai Banking Sales Head at DSPBRIM From 2002 to 2003 - Priority Banking division at Standard Chartered Bank.

11. DSPBRWAF, DSPBRWGF, DSPBRWMF and DSPBRWEF

Mr. Jay Kothari, 34 years - Dedicated Fund Manager for overseas investments

FordetailsonqualificationsandexperienceofMr.JayKothari,pleasereferrow10above.

12. DSPBRF25F Mr. Harish Zaveri, 48 years

B.Com & Diploma of Business Finance (ICFAI, Hyderabad).

Over 21 years of experience as detailed under: From July 11, 2011 to present: DSPBRIM – Senior Vice President From February 2007 to July 2011: Vice President – Research - Deutsche Bank AG - Equities From October, 2005 to February, 2007: Analyst - HSBC Securities and Capital Markets (India) Pvt. Ltd. From March, 2001 to October, 2005: Senior Vice President – Equity Research - Edelweiss Securities Ltd.

Mr. Jay Kothari, 34 years -Dedicated Fund Manager for overseas investments

FordetailsonqualificationsandexperienceofMr.JayKothari,pleasereferrow10above.

13. DSPBRMCF Mr. Vinit Sambre 40 years

FordetailsonqualificationsandexperienceofMr.VinitSambreandMr.JayKothari,please refer row 6 and row 10 above.

Mr. Jay Kothari, 34 years - Dedicated Fund Manager foroverseas investments

14. DSPBRGAF and DSPBRUSFEF

Debt Portion Mr. Laukik Bagwe, 38 years

FordetailsonqualificationsandexperienceofMr.LaukikBagweand Mr. Jay Kothari, please refer row 3 and row 10 above.

DedicatedFund Managerfor overseasinvestments

Mr. Jay Kothari, 34 years

15 DSPBRCM10YGF Mr. Marzban Irani,40 years

B.Com, PGDBMfrom ChetanaInstitute OfManagement

Over 14 years of experience - From June 2014 to present - Fund Manager, Fixed Income* – DSPBRIM.From June 2011 - May 2014 - Senior Fund Manager, Fixed Income - Tata Asset Management Limited.From August 2010 to June 2011 – Chief Manager, Fixed Income - PNB MetLife India Insurance Company Limited.From January 2008 – August 2010 – Fund Manager, Fixed Income - Mirae Asset Global Investments (India) Pvt. Ltd.From September 2000 - November 2007 - Fund Manager, Fixed Income - Tata Asset Management Limited.

* Joined as Vice President – Fixed Income from June 2014 and designated as Fund Manager since August 2014.

Other Schemes managed by the Fund ManagersMr. Vinit Sambre manages equity portion of all the Series of Dual Advantage Funds, close ended schemes and DSP BlackRock 3 Years Close Ended Equity Fund, a close ended equity scheme.

Mr. Dhawal Dalal manages debt portion of all the close ended income schemes of the Mutual Fund, being Fixed Maturity Plans, Fixed Term Plans and Dual Advantage Fund - Series. He also manages debt portion of DSP BlackRock RGESS* Fund – Series 1, a close ended equity scheme which shall invest in eligible securities as per *Rajiv Gandhi Equity Savings Scheme, 2012.

Mr. Apoorva Shah manages equity portion of DSP BlackRock RGESS* Fund – Series 1, a close ended equity scheme which shall invest in eligible securities as per *Rajiv Gandhi Equity Savings Scheme, 2012.

Mr. Laukik Bagwe also manages debt portion of DSP BlackRock 3 Years Close Ended Equity Fund, a close ended equity scheme.

Details of all the Schemes managed by the other Fund Managers are in the table above.

77

I. WHAT ARE THE INVESTMENT RESTRICTIONS?As per the Trust Deed read with the SEBI (MF) Regulations, the following investment restrictions apply in respect of the Schemes at the time of making investments. However, all investments by the Schemes will be made in accordance with the investment objective, asset allocation and where will the schemes invest, described earlier, as well as the SEBI (MF) Regulations, including Schedule VII thereof, as amended from time to time. 1. (i) No Scheme shall invest more than 15% of their NAV in debt

instruments issued by a single issuer rated not below investment grade by a credit rating agency authorized to carry out such activity under the Securities and Exchange Board of India Act, 1992 and this limit may be extended to 20% of the NAV of the Schemes, subject to prior approval of the Boards of the AMC and the Trustee. Investments within such limits can be made in mortgaged backed securitized debts which are rated not below investment grade by a credit rating agency registered with SEBI. This limit shall not be applicable for investments in government securities.

(ii) The Schemes shall not invest more than 10% of their NAV in unrated debt instruments issued by a single issuer and such total investments shall not exceed 25% of the NAV of the Schemes. All such investments shall be subject to the prior approval of the Boards of the AMC and the Trustee.

(iii) The Schemes shall not invest more than 30% of their NAV in money market instruments of an issuer. Such limit shall not be applicable for investments in Government securities, treasury bills and collateralized borrowing and lending obligations

2. The Mutual Fund under all its schemes shall not own more than 10% of any company’s paid up capital carrying voting rights.

3. Transfer of investments from one Scheme to another Scheme in the Mutual Fund shall be allowed only if:

(i) such transfer is done at the prevailing market price for quoted instruments on spot basis (spot basis shall have the same meaning as specified by a stock exchange for spottransactions); and transfer of unquoted securities will be made as per the policy laid down by the Trustee from time to time; and

(ii) the securities so transferred shall be in conformity with the investment objective of the Scheme to which such transfer has been made.

4. The Schemes may invest in another scheme (except fund of funds Schemes) under the AMC or any other mutual fund without charging any fees, provided that the aggregate inter-scheme investment made by all Schemes under the same management or in Schemes under the management of any other asset management company shall not exceed 5% of the Net Asset Value of the Mutual Fund. However, this clause shall not apply to fund of funds Schemes and investments in mutual funds in foreign countries.

5. The Mutual Fund shall buy and sell securities on the basis of deliveries and shall in all cases of purchases, take delivery of relevant securities and in all cases of sale, deliver the securities:

Provided that the Mutual Fund may engage in short selling of securities in accordance with the framework relating to short sellingandsecuritieslendingandborrowingspecifiedbySEBI.

Provided further that the Mutual Fund may enter into derivatives transactions in a recognized stock exchange, subject to the frameworkspecifiedbySEBI.

Provided further that sale of government security already contracted for purchase shall be permitted in accordance with the guidelines issued by the RBI in this regard.

6. The Mutual Fund shall get the securities purchased/transferred in the name of the Mutual Fund on account of the Schemes, wherever the instruments are intended to be of a long term nature.

7. Pending deployment of funds of the Schemes in terms of the investment objective of the Schemes, the Mutual Fund may invest them in short term deposits of scheduled commercial banks, in terms of SEBI circular no. SEBI/IMD/CIR No. 1/ 91171 /07 dated April 16, 2007, subject to the following conditions:

(i) “Short Term” for parking of funds shall be treated as a period not exceeding 91 days.

(ii) Such short-term deposits shall be held in the name of the Scheme.

(iii) The Schemes shall not park more than 15% of their net assets in the short term deposit(s) of all the scheduled commercial banks put together. However, it may be raised to 20% with the prior approval of the Trustee. Also, parking of funds in short term deposits of associate and sponsor scheduled commercial banks together shall not exceed 20% of total deployment by the Mutual Fund in short term deposits.

(iv) The Schemes shall not park more than 10% of their net assets in short term deposit(s) with any one scheduled commercial bank including its subsidiaries.

(v) The Trustee shall ensure that the funds of the Schemes are not parked in the short term deposits of a bank which has invested in the Schemes.

The above provisions do not apply to term deposits placed as margins for trading in cash and derivative market.

AMC will not charge any investment management and advisory fees for parking of funds in short term deposits of scheduled commercial banks.

8. No Scheme shall make any investment in: (i) any unlisted security of any associate or group company of the

Sponsors; or (ii) any security issued by way of private placement by an

associate or group company of the Sponsors; or (iii) the listed securities of group companies of the Sponsors, which

is in excess of 25% of the net assets. 9. The Schemes shall not make any investment in any fund of funds

scheme. 10. No Scheme shall invest more than 10% of its NAV in the equity

shares/equity related instruments of any company or listed securities or units of venture capital funds. Provided that the limit of 10% shall not be applicable for investments in the case of index fundorsectororindustryspecificscheme.

11. No Scheme, shall invest more than 5% of its NAV in the unlisted equity shares/equity related instruments or unlisted securities or units of venture capital funds.

12. No term loans for any purpose may be advanced by the Mutual Fund and the Mutual Fund shall not borrow except to meet temporary liquidity needs of the Schemes for the purpose of repurchase, redemption of Units or payment of interest or dividends to Unit Holders, provided that the Mutual Fund shall not borrow more than 20% of the net assets of each of the Schemes and the duration of such borrowing shall not exceed a period of six months.

13. If any company invests more than 5 percent of the NAV of any of the Schemes, investment made by that or any other Scheme of the Mutual Fund in that company or its subsidiaries will be disclosed in accordance with the SEBI (MF) Regulations.

14. The Mutual Fund may enter into short selling transactions and may lend and borrow securities in accordance with the framework relating to short selling and securities lending and borrowing specifiedbySEBI.

15. Investmentlimitation/restrictionspecifictoFundofFundsScheme a. A Fund of Funds scheme shall not invest into another Fund of

Funds Scheme b. The Scheme shall not invest its assets other than in schemes

of mutual funds, except to the extent of funds required for meeting the liquidity requirements for the purpose of repurchases or redemptions, as disclosed earlier.

c. DSPBRGAF will not invest in underlying schemes which invest more than 10% of their net assets in unlisted equity shares or equity related instruments.

16. The cumulative gross exposure through equity, debt and derivatives position shall not exceed 100% of the net assets of the respective scheme. However, the following shall not be considered while calculating the gross exposure:

a) Security-wise hedged position and b) Exposure in cash or cash equivalents with residual maturity of

less than 91 days. 17. The total exposure of the debt oriented schemes in a particular

sector (excluding investments in Bank CDs, CBLO, G-Secs, TBills, AAA rated securities issued by Public Financial Institutions and Public Sector Banks and short term deposits of scheduled commercial banks) shall not exceed 30% of the net assets. However, theSchemecanhaveanadditionalexposuretofinancialservices

78

sector (over and above the limit of 30%) not exceeding 10% of the net assets of the scheme in Housing Finance Companies (HFCs). The additional exposure to such securities issued by HFCs should be rated AA and above and these HFCs should be registered with National Housing Bank (NHB) and the total investment/ exposure in HFCs shall not exceed 30% of the net assets of the Scheme.

At the time of investment, the AMC would use Association of MutualFundsinIndia(AMFI)definedsectorcategory.

The list of sector/category of investment including rating and limits are subject to regulatory changes.

18. Additional Investment Restrictions applicable to DSPBRBPDF, DSPBRIOF, DSPBRMMF & DSPBRSTF

a. The net exposure of the Scheme to repo transactions in corporate debt securities shall not be more than 10 % of the net assets of the Scheme.

b. The cumulative gross exposure through repo transactions in money market and corporate debt securities along with debt and derivatives shall not exceed 100% of the net assets of the Scheme.

19. Additional Investment Restrictions applicable to DSPBRBPDF a. The Scheme shall not invest in securitized debt. b. The Scheme will not invest in foreign securities and credit

default swaps. c. The Scheme will not invest in instruments/securities issued by

Non-bankfinancialcompanies(NBFCs). 20. Additional Investment Restrictions applicable to DSPBRDAAF In accordance with the aforesaid Yield Gap Ratio Model, the asset

allocation of the Scheme will be as follows:A. Equity Allocation:

1. The Scheme will primarily allocate its fund in the units of DSPBREF and DSPBRTEF.

2. In case the allocation of the Scheme reaches 20% of the net asset value of DSPBREF and 20 % of the net asset value of DSPBRTEF, then the Scheme will allocate the remaining funds in the units of DSPBRF25F and/or DSPBROF and/or DSPBRITF in such a manner that allocation to these schemes do not exceed 20 % of the net asset value of each of the respective schemes.

3. In case allocation to each of the schemes (referred in point 1 and 2) reaches 20 % of the respective net asset value, then fresh subscription/switches into the Scheme would be suspended.

B. Debt Allocation:

1. The Scheme will primarily allocate its fund in the units of DSPBRSBF and DSPBRSTF.

2. In case the allocation of the Scheme reaches 20% of the net asset value of DSPBRSBF and 20 % of the net asset value of DSPBRSTF, then the Scheme will allocate the remaining funds in the units of DSPBRMMF and/or DSPBRBPDF and/or DSPBRIOF in such a manner that allocation to these schemes do not exceed 20 % of the net asset value of each of the respective schemes.

3. In case allocation to each of the schemes (referred in point 1 and 2) reaches 20 % of the respective net asset value, then fresh subscription/switches into the Scheme would be suspended.

21. The Schemes will comply with any other Regulations applicable to the investment of mutual funds from time to time.

These investment limitations/parameters as expressed (linked to the Net Asset/Net Asset Value/capital) shall, in the ordinary course, apply as at the date of the most recent transaction or commitment to invest, and changes do not have to be effected merely because, owing to appreciation or depreciation in value or by reason of the receipt of any rights,bonusesorbenefitsinthenatureofcapitalorofanySchemeofarrangement or for amalgamation, reconstruction or exchange, or at any repayment or redemption or other reason outside the control of the Mutual Fund, any such limits would thereby be breached. If these limits are exceeded for reasons beyond its control, the AMC shall adopt as a priority objective the remedying of that situation, taking due account of the interests of the Unit Holders.Apart from the Investment Restrictions prescribed under the SEBI (MF) Regulations, internal risk parameters for limiting exposure to a particular scheme may be prescribed from time to time to respond to the dynamic market conditions and market opportunities.The Trustee /AMC may alter the above stated limitations from time to time, and also to the extent the SEBI (MF) Regulations change, so as to permit the Schemes to make their investments in the full spectrum of permitted investments in order to achieve their investment objective.All the investment restrictions shall be applicable at the time of making investments.+

79

DSPBRIOF- DIRECT PLAN DSPBRIOF- REGULAR PLANCOMPOSITE BENCHMARK^^^

6.09%

5.09%

8.38% 7.99%

11.73%

11.17%

12.41%

9.14%8.54%

6.63%

2.06%

1.86%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%Returns

9.14%9.02%

FY11 FY12 FY13 FY14 FY15FY13(01/Jan-28/Mar)

J. HOW HAVE THE SCHEME(S) PERFORMED?

DSP BLACKROCK LIQUIDITY FUND

ReturnsarecomputedfromtheDateofAllotment/1stApril,asthecasemaybe,to31stMarchoftherespectivefinancialyear.

Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 1000/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the 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.

(b) Compounded Annualised Returns as of May 29, 2015


PERIODCOMPOUNDED ANNUALISED RETURN

DSPBRLF INSTITUTIONAL PLAN CRISIL LIQUID FUND INDEX DSPBRLF

DIRECT PLAN CRISIL LIQUID FUND INDEX

Last 1 Year 8.86% 8.81% 8.93% 8.81%

Last 3 Year 9.09% 8.85% NA NALast 5 Year 8.83% 8.42% NA NASince Inception 7.70% 7.44% 9.14% 9.06%NAV/ Index value (May 29) ` 2026.2402 2350.95 ` 2029.0185 2350.95Date of allotment 23rd November, 2005 31st December, 2012


DSPBRIOF REGULAR PLAN COMPOSITE BENCHMARK^^^ DSPBRIOF DIRECT PLAN COMPOSITE BENCHMARK^^^

Last 1 Year 10.35% 10.97% 10.90% 10.97%

Last 3 Year 9.51% 9.23% NA NALast 5 Year 8.74% 8.22% NA NASince Inception 7.03% 6.65% 10.15% 9.13%NAV/ Index value (May 29) ` 22.6781 217.27 ` 22.9789 217.27Date of allotment 13th May, 2003 01st January, 2013

(a) Absolute Returns

DSP BLACKROCK INCOME OPPORTUNITIES FUND

Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the 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. ^^^ 50% of CRISIL Short Term Bond Fund Index + 50% of CRISIL Composite Bond Fund Index.

Returns are computed from the Date of Allotment/1st April, as the case may be, to 31st March of the respective financialyear.


DSPBRLF- INSTITUTIONAL PLAN DSPBRLF- DIRECT PLAN CRISIL LIQUID FUND INDEX

0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%

10.00% 9.35%8.44%

2.06% 1.89%

9.27%8.17%

9.07%9.13% 9.06%9.29%9.35% 9.46%

6.60% 6.21%

Returns

FY12 FY13(31/Dec-28/Mar) FY14 FY15FY13FY11

80


DSPBRSTF- DIRECT PLAN DSPBRSTF- REGULAR PLANCRISIL SHORT TERM BOND FUND INDEX

6.30%5.12%

8.54% 8.28%9.71%

9.05%

11.16%10.55%

10.40%8.73%8.19% 8.78%

2.02%

1.92%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%Returns





DSPBRMMF REGULAR PLAN CRISIL LIQUID FUND INDEX DSPBRMMF

DIRECT PLAN CRISIL LIQUID FUND INDEX

Last 1 Year 8.45% 8.81% 8.95% 8.81%

Last 3 Year 8.79% 8.85% NA NALast 5 Year 8.45% 8.42% NA NASince Inception 7.62% 7.57% 9.41% 9.06%NAV/ Index value (May 29) ` 1912.9469 2350.95 ` 1936.2264 2350.95Date of allotment 31st July, 2006 01st January, 2013

PERIOD

COMPOUNDED ANNUALISED RETURN

DSPBRSTF REGULAR PLAN

CRISIL SHORT TERM BOND FUND INDEX

DSPBRSTF DIRECT PLAN

CRISIL SHORT TERM BOND FUND INDEX

Last 1 Year 9.84% 9.83% 10.47% 9.83%

Last 3 Year 9.37% 9.34% NA NALast 5 Year 8.74% 8.38% NA NASince Inception 7.18% 6.99% 9.72% 9.34%NAV/ Index value (May 29) ` 24.157 2464.4 ` 24.4681 2464.4Date of allotment 9th September, 2002 01st January, 2013


(a) Absolute ReturnsDSP BLACKROCK MONEY MANAGER FUND


DSP BLACKROCK SHORT TERM FUND



DSPBRMMF- DIRECT PLAN DSPBRMMF- REGULAR PLANCRISIL LIQUID FUND INDEX

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

FY11 FY12 FY13(01/Jan-28/Mar) FY13 FY14 FY15

2.06%

1.88%

6.21% 6.21%

8.69%

8.44% 8.17%

8.66%

9.95%9.39% 9.46%

9.19%8.70%

9.06%

Returns

81

5.62%5.06%

9.25%7.68%

6.59%6.21% 4.32%

2.10%1.80%

10.21% 9.24%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%Returns DSPBRSBF- DIRECT PLAN

DSPBRSBF- INSTITUTIONAL PLANCRISIL COMPOSITE BOND FUND INDEX


15.65%

15.24%14.67%

PERIOD


DSPBRBF REGULAR PLAN

CRISIL COMPOSITE BOND FUND INDEX

DSPBRBF DIRECT PLAN


Last 1 Year 12.50% 12.23% 13.23% 12.23%

Last 3 Year 8.84% 9.10% NA NALast 5 Year 7.37% 8.04% NA NASince Inception 8.59% NA# 9.04% 8.91%NAV/ Index value (May 29) ` 44.4473 2365.6 ` 45.1761 2365.6Date of allotment 29th April, 1997 01st January, 2013

Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the growth option. # Since historical data for the adopted benchmark (CRISIL Composite Bond Fund Index) is not available, performance has not been compared. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

DSP BLACKROCK BOND FUND



PERIOD


DSPBRSBF INSTITUTIONAL PLAN


DSPBRSBF DIRECT PLAN


Last 1 Year 12.53% 12.23% 12.93% 12.23%

Last 3 Year 10.06% 9.10% NA NALast 5 Year 9.18% 8.04% NA NASince Inception 8.22% 8.19% 10.22% 8.91%NAV/ Index value (May 29) ` 1676.6098 2365.6 ` 1691.3743 2365.6Date of allotment 12th November, 2008 01st January, 2013

DSP BLACKROCK STRATEGIC BOND FUND






DSPBRBF- DIRECT PLAN DSPBRBF- REGULAR PLANCRISIL COMPOSITE BOND FUND INDEX

4.06%5.06%

7.35% 7.68%

15.60% 14.84%

14.67%

3.68% 2.97%

4.32%2.25%

1.80%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%Returns

9.24%10.16%


82

DSPBRGF- DIRECT PLAN DSPBRGF- REGULAR PLANCRISIL LONG TERM GILT INDEX

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

2.10% 2.15%

5.94% 6.12% 4.19% 4.85%

9.81%

13.02%

16.33%16.04% 16.68%

0.87%0.65%

0.80%

Returns


DSPBRTBF- DIRECT PLAN DSPBRTBF- REGULAR PLAN CRISIL Composite T-Bill Index

4.90%

4.38%

7.35%

7.02%

7.78% 8.41%8.49%8.22%

8.90%

10.37%10.11%

7.81%

1.91%

1.91%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%Returns


DSPBRMIPF- DIRECT PLAN DSPBRMIPF- REGULAR PLANCRISIL MIP BLENDED INDEX

4.57% 6.17%

10.03%

5.24%

7.38% 9.06%

18.66%17.95%

16.54%

9.07%8.45%

6.44%

-1.08%

0.65%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

Returns


DSP BLACKROCK GOVERNMENT SECURITIES FUND

PERIOD


DSPBRGF REGULAR

PLAN

CRISIL LONG TERM GILT

INDEX

DSPBRGF DIRECT PLAN

CRISIL LONG

TERM GILT INDEX

Last 1 Year 12.94% 13.42% 13.22% 13.42%Last 3 Year 8.33% 9.11% NA NALast 5 Year 6.58% 7.86% NA NASince Inception 10.06% NA# 7.91% 8.15%NAV/ Index value (May 29) ` 44.8984 2072.59 ` 45.1754 2072.59Date of allotment 30th September, 1999 01st January, 2013

PERIOD


DSPBRMIPF* REGULAR

PLAN

CRISIL MIP BLENDED

INDEX

DSPBRMIPF* DIRECT PLAN

CRISIL MIP

BLENDED INDEX

Last 1 Year 13.13% 12.98% 13.83% 12.98%

Last 3 Year 11.40% 10.78% NA NALast 5 Year 9.57% 8.62% NA NASince Inception 10.20% 8.27% 11.02% 9.97%NAV/ Index value (May 29) ` 29.0275 2955.11 ` 29.4755 2955.11Date of allotment 11th June, 2004 02nd January, 2013

PERIOD


DSPBRTBF REGULAR

PLAN

CRISIL COMPOSITE

T-BILL INDEX

DSPBRTBF DIRECT PLAN

CRISIL COMPOSITE

T-BILL INDEX

Last 1 Year 7.92% 8.69% 8.19% 8.69%

Last 3 Year 8.61% 8.29% NA NA

Last 5 Year 7.79% 7.44% NA NASince Inception 6.90% NA# 9.14% 8.30%NAV/ Index value (May 29) ` 28.4516 1867.51 ` 28.6186 1867.51Date of allotment 30th September, 1999 01st January, 2013

Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the 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. #Since historical data for the adopted benchmark (CRISIL Long Term Gilt Index) is not available, performance has not been compared.

Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the 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. #Since historical data for the adopted benchmark (CRISIL Composite T-Bill Index) is not available, performance has not been compared.

Returns are computed from the Date of Allotment/1st April, as the case maybe,to31stMarchoftherespectivefinancialyear.



DSP BLACKROCK TREASURY BILL FUND




Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the growth option. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. * Monthly Income is not assured and subject to the availability of distributable surplus.

DSP BLACKROCK MIP FUND*


(a) Absolute Returns (b) Compounded Annualised Returns as of May 29, 2015

83

FY11

DSPBREF- DIRECT PLAN DSPBREF- REGULAR PLANCNX 500 INDEX

12.25%

7.26%

-4.07% -8.75%-0.04%

5.13%

51.20%50.33%

33.56%18.57%17.91%

17.72%

-11.84%-7.27%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%Returns

FY12 FY13 FY14 FY15FY13(01/Jan-28/Mar)

Note: The options under which the returns are calculated for Regular Plan is Dividend Reinvest Option, assuming reinvestment of dividend and for Direct Plan the returns are for Growth option. DSPBREF, which is benchmarked to the CNX 500 Index, is not sponsored, endorsed, sold or promoted by India Index Services & products Limited (IISL). IISL is not responsible for any errors or omissions or the results obtained from the use of such index and in no event shall IISL have any liability to any party for any damages of whatsoever nature (includinglostprofits)resultedtosuchpartyduetopurchaseorsaleorotherwiseofDSPBREFmarked to such index. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.


Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the growth option. #Since historical data for the adopted benchmark is not available, performance has not been compared. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

DSP BLACKROCK EQUITY FUND

DSP BLACKROCK TOP 100 EQUITY FUND

DSP BLACKROCK BALANCED FUND









PERIOD


DSPBRBalF REGULAR

PLAN

CRISIL BALANCED

FUND INDEX

DSPBRBalF DIRECT PLAN

CRISIL BALANCED

FUND INDEX

Last 1 Year 31.18% 15.31% 31.99% 15.31%

Last 3 Year 20.08% 16.14% NA NALast 5 Year 12.43% 10.06% NA NASince Inception 16.04% NA# 18.53% 13.50%NAV/ Index value (May 29) ` 108.313 5,225.17 ` 109.825 5,225.17Date of allotment 27th May, 1999 01st January, 2013

PERIOD


DSPBREF REGULAR

PLANCNX 500

DSPBREF DIRECT PLAN

CNX 500

Last 1 Year 24.59% 19.94% 25.32% 19.94%

Last 3 Year 22.24% 21.20% NA NALast 5 Year 12.96% 10.50% NA NASince Inception 21.71% 13.61% 19.35% 16.84%NAV/ Index value (May 29) ` 57.1100 6,959.85 ` 27.6190 6,959.85Date of allotment 29th April, 1997 01st January, 2013

PERIOD


DSPBRTEF REGULAR

PLANS&P BSE 100

DSPBRTEF DIRECT PLAN

S&P BSE 100

Last 1 Year 18.05% 16.41% 18.69% 16.41%

Last 3 Year 19.41% 20.09% NA NALast 5 Year 11.89% 10.28% NA NASince Inception 25.35% 20.25% 15.93% 15.63%NAV/ Index value (May 29) ` 158.381 8,550.51 ` 160.478 8,550.51Date of allotment 10th March, 2003 01st January, 2013

DSPBRBalF- DIRECT PLANDSPBRBalF- REGULAR PLANCRISIL BALANCED FUND INDEX

-8.46%

10.33%

9.37%

-1.21% -3.17%

2.06% 8.18%

44.35%43.48%

22.53%

12.62%12.02% 13.40%

-2.32%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%Returns


37.62%36.87%

28.32%

16.30%15.67% 18.11%

8.55%

10.99%

-9.23%-2.09%

-9.10% -5.81%

6.84%

2.64%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

DSPBRTEF- DIRECT PLANDSPBRTEF- REGULAR PLANS&P BSE 100 INDEX


84

DSPBRITF- DIRECT PLANDSPBRITF- REGULAR PLANS&P BSE 100

-14.64%

-0.11%

8.55%

-9.82%-9.23% -1.81%

6.84%

58.20%57.36%

28.32%

14.26%13.72% 18.11%

-5.81%-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

Returns


DSPBROF- DIRECT PLAN DSPBROF- REGULAR PLANCNX 500 INDEX

13.18%

7.26%

-9.52%

-8.75%

7.61%

5.13%

48.23%47.45%

33.56%

21.08%20.44%

17.72%

-8.24%

-7.27%-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%Returns


Note: All returns are for Growth Option. DSPBROF, which is benchmarked to the CNX 500 Index, is not sponsored, endorsed, sold or promoted by India Index Services & products Limited (IISL). IISL is not responsible for any errors or omissions or the results obtained from the use of such index and in no event shall IISL have any liability to any party for any damages of whatsoever nature(includinglostprofits)resultedtosuchpartyduetopurchaseorsaleorotherwiseofDSPBROF marked to such index. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.


DSP BLACKROCK OPPORTUNITIES FUND

DSP BLACKROCK INDIA T.I.G.E.R. FUND (THE INFRASTRUCTURE GROWTH AND ECONOMIC REFORMS FUND)

Returns are computed from the Date of Allotment/1st April, as the case may be, to 31st March oftherespectivefinancialyear.







DSP BLACKROCK TECHNOLOGY.COM FUND



PERIOD


DSPBROF REGULAR

PLANCNX 500

DSPBROF DIRECT PLAN

CNX 500

Last 1 Year 30.80% 19.94% 31.49% 19.94%

Last 3 Year 27.05% 21.20% NA NALast 5 Year 13.67% 10.50% NA NASince Inception 19.58% 14.24% 22.50% 16.84%NAV/ Index value (May 29) ` 147.326 6,959.85 ` 149.19 6,959.85Date of allotment 16th May, 2000 01st January, 2013

PERIOD


DSPBRITF REGULAR

PLANS&P BSE

100DSPBRITF DIRECT PLAN

S&P BSE 100

Last 1 Year 23.66% 16.41% 24.32% 16.41%

Last 3 Year 24.06% 20.09% NA NALast 5 Year 9.19% 10.28% NA NASince Inception 19.35% 17.24% 18.57% 15.63%NAV/ Index value (May 29) ` 69.621 8,550.51 ` 70.457 8,550.51Date of allotment 11th June, 2004 01st January, 2013

PERIOD


DSPBRTF REGULAR

PLANS&P BSE

TECkDSPBRTF DIRECT PLAN

S&P BSE TECk

Last 1 Year 27.18% 26.74% 27.86% 26.74%

Last 3 Year 24.34% 23.20% NA NALast 5 Year 10.44% 14.34% NA NASince Inception 11.55% 7.13% 27.71% 27.03%NAV/ Index value (May 29) ` 51.764 6,122.23 ` 52.433 6,122.23Date of allotment 16th May, 2000 02nd January, 2013

DSPBRTF- DIRECT PLANDSPBRTF- REGULAR PLANS&P BSE TECk INDEX

3.67%

17.56%

-10.75%-7.62%

11.30%

9.50%

32.12%31.42%

27.57%

24.62%23.94% 25.73%

11.47% 13.22%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

140.00%Returns


85

Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the growth option. DSPBRSMF, which is benchmarked to the CNX Midcap Index, is not sponsored, endorsed, sold or promoted by India Index Services & products Limited (IISL). IISL is not responsible for any errors or omissions or the results obtained from the use of such index and in no event shall IISL have any liability to anypartyforanydamagesofwhatsoevernature(includinglostprofits)resultedtosuchpartydue to purchase or sale or otherwise of DSPBRSMF marked to such index. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.





Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the growth option. DSPBRTSF, which is benchmarked to the CNX 500 Index, is not sponsored, endorsed, sold or promoted by India Index Services & products Limited (IISL). IISL is not responsible for any errors or omissions or the results obtained from the use of such index and in no event shall IISL have any liability to any partyforanydamagesofwhatsoevernature(includinglostprofits)resultedtosuchpartydueto purchase or sale or otherwise of DSPBRTSF marked to such index. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.








PERIOD


DSPBRSMF REGULAR

PLANCNX MID

CAPDSPBRSMF

DIRECT PLAN

CNX MID CAP

Last 1 Year 39.08% 29.97% 40.02% 29.97%

Last 3 Year 29.83% 24.14% NA NALast 5 Year 17.59% 11.20% NA NASince Inception 15.97% 11.95% 26.62% 19.41%NAV/ Index value (May 29) ` 35.458 13,180.75 ` 35.999 13,180.75Date of allotment 14th November, 2006 01st January, 2013

PERIOD


DSPBRTSF REGULAR

PLANCNX 500 INDEX

DSPBRTSF DIRECT PLAN

CNX 500 INDEX

Last 1 Year 30.56% 19.94% 31.36% 19.94%

Last 3 Year 28.38% 21.20% NA NALast 5 Year 15.14% 10.50% NA NASince Inception 14.91% 8.88% 24.33% 16.84%NAV/ Index value (May 29) ` 31.976 6,959.85 ` 32.275 6,959.85Date of allotment 18th January, 2007 01st January, 2013

PERIOD


DSPBRWGF REGULAR

PLAN

FTSE GOLD MINES (CAP)

DSPBRWGF DIRECT PLAN

FTSE GOLD MINES (CAP)

Last 1 Year (2.57%) (7.01%) (2.17%) (7.01%)

Last 3 Year (14.98%) (21.05%) NA NALast 5 Year (7.63%) (12.62%) NA NASince Inception 0.40% (3.87%) (21.07%) (25.70%)NAV/ Index value (May 29) ` 10.3124 76,905.74 ` 10.4089 76,905.74Date of allotment 14th September, 2007 02nd January, 2013

Returns

DSPBRWGF- DIRECT PLANDSPBRWGF- REGULAR PLANFTSE GOLD MINE (CAP) INDEX

-20.62%-18.61%

31.30%27.71%

-4.56%

-5.69%

-17.62%

-20.34%

-15.55%-15.90% -21.67%-21.65%

-21.94% -29.93%-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%


DSPBRTSF- DIRECT PLANDSPBRTSF- REGULAR PLANCNX 500 INDEX

8.17%

7.26%

-6.61% -8.75%10.47%

5.13%

51.25%50.32%

33.56%23.26%22.66%

17.72%

-8.84% -7.27%-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%Returns


12.51%

4.35%-1.46%-4.09%

1.62%

-4.02%

65.99%64.86%

50.96%

27.09%26.34%

16.36%

-15.21% -13.96%-40.00%-20.00%

0.00%20.00%40.00%60.00%80.00%

100.00%120.00%140.00%160.00%

DSPBRSMF- DIRECT PLANDSPBRSMF- REGULAR PLANCNX MIDCAP INDEX

Returns


86

7.22% 8.38%

FY13(03/Jan-28/Mar)

DSPBRUSFEF- DIRECT PLANDSPBRUSFEF- REGULAR PLANRussell 1000 Index

12.72% 13.74%

12.91%

12.29%

18.30%

32.47%

31.63%

33.40%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

FY11 FY12 FY13 FY14 FY15

Returns

Returns

14.47%

16.92%

7.94%

13.18%

2.37%

2.05%

2.71%

15.77%

15.38% 12.41%

-0.33% 1.34%

-2.00%0.00%2.00%4.00%6.00%8.00%

10.00%12.00%14.00%16.00%18.00%

FY11 FY12 FY13(02/Jan-28/Mar) FY13 FY14 FY15

DSPBRWAF- DIRECT PLANDSPBRWAF- REGULAR PLANDAX Global Agribusiness Index

Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the 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. ^Composite Benchmark = 35% S&P BSE Oil & Gas Index, 30% S&P BSE Metal Index, 35% MSCI World Energy (net as expressed in INR; Normalised Values)

DSP BLACKROCK NATURAL RESOURCES AND NEW ENERGY FUND








DSP BLACKROCK WORLD AGRICULTURE FUND




Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the 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.^ Theterm“Flexible” inthenameoftheSchemesignifiesthatthe InvestmentManager of the Underlying Fund can invest either in growth or value investment characteristic securities placing an emphasis as the market outlook warrants.

DSP BLACKROCK US FLEXIBLE^ EQUITY FUND

PERIOD


DSPBRNRNEF REGULAR

PLANCOMPOSITE

BENCHMARK^DSPBRNRNEF DIRECT PLAN

COMPOSITE BENCHMARK^

Last 1 Year 15.60% (14.36%) 16.16% -14.36%

Last 3 Year 15.47% 6.73% NA NALast 5 Year 7.58% 2.26% NA NASince Inception 9.06% (0.41%) 14.65% 3.18%NAV/ Index value (May 29) ` 18.502 97.15 ` 18.724 97.15Date of allotment 25th April, 2008 03rd January, 2013

PERIOD


DSPBRWAF REGULAR

PLAN

DAX GLOBAL

AGRIBUSINESSINDEX INR

DSPBRWAF DIRECT PLAN

DAX GLOBAL AGRIBUSINESS

INDEX INR

Last 1 Year 10.85% 10.92% 11.19% 10.92%

Last 3 Year 12.56% 13.37% NA NALast 5 Year NA NA NA NASince Inception 13.74% 15.43% 11.30% 11.02%NAV/ Index value (May 29) ` 15.9197 45,287.97 ` 16.0457 45,287.97Date of allotment 19th October, 2011 02nd January, 2013

PERIOD


DSPBRUSFEF REGULAR

PLAN Russell 1000

IndexDSPBRUSFEF

DIRECT PLAN

Russell 1000 Index

Last 1 Year 16.87% 20.25% 17.51% 20.25%

Last 3 Year NA NA NA NALast 5 Year NA NA NA NASince Inception 21.29% 24.91% 23.52% 27.27%NAV/ Index value (May 29) ` 17.2315 397,141.79 ` 17.4779 397,141.79Date of allotment 3rd August, 2012 03rd January, 2013

DSPBRNRNEF- DIRECT PLAN DSPBRNRNEF- REGULAR PLANCOMPOSITE BENCHMARK^

11.69%5.20%

34.50%33.86%19.31%

18.71% 19.92%

-14.62%-5.59%-7.21%

-14.24%-8.63%

-13.73%

-0.02%-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%Returns


87

Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the 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. ^^Composite Benchmark = 30% MSCI World Index + 70% MSCI World Energy Index (Net & Expressed in INR; Normalised Values)




Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the 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. HSBC Global Mining Index name has been changed to Euromoney Global Mning Index.










PERIOD


DSPBRWEF REGULAR

PLANCOMPOSITE

BENCHMARK^^DSPBRWEF

DIRECT PLANCOMPOSITE

BENCHMARK^^

Last 1 Year (7.20%) (4.97%) (6.95%) (4.97%)

Last 3 Year 7.66% 13.57% NA NALast 5 Year 8.16% 15.22% NA NASince Inception 5.56% 12.54% 8.29% 11.93%NAV/ Index value (May 29) ` 13.6805 198.27 ` 13.7636 198.27Date of allotment 14th August, 2009 03rd January, 2013

PERIOD


DSPBRWMF REGULAR

PLAN

EUROMONEY GLOBAL

MINING INDEX

DSPBRWMF DIRECT PLAN

EUROMONEY GLOBAL

MINING INDEX

Last 1 Year (18.45%) (16.70%) (18.03%) (16.70%)

Last 3 Year (10.36%) (8.89%) NA NALast 5 Year (5.37%) (4.45%) NA NASince Inception (6.48%) (5.71%) (16.59%) (15.81%)NAV/ Index value (May 29) ` 6.9578 20,053.24 ` 7.0403 20,053.24Date of allotment 29th December, 2009 03rd January, 2013

PERIOD


DSPBRMCF REGULAR

PLANS&P BSE

SMALL CAPDSPBRMCF

DIRECT PLAN

S&P BSE SMALL CAP

Last 1 Year 64.86% 25.12% 65.97% 25.12%

Last 3 Year 40.42% 21.66% NA NALast 5 Year 22.95% 6.28% NA NASince Inception 19.10% 5.58% 41.87% 18.80%NAV/ Index value (May 29) ` 40.223 11,280.57 ` 40.866 11,280.57Date of allotment 14th June, 2007 01st January, 2013

DSPBRWEF- DIRECT PLANDSPBRWEF- REGULAR PLANCOMPOSITE BENCHMARK^^

4.86%3.96%

26.18%23.10%

-8.96%

7.18%

3.37%

13.40%

-7.31%-7.57%

-5.31%

19.06%18.78%

26.69%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%Returns


FY10 FY11 FY12 FY13(01/Jan-28/Mar) FY13 FY14

DSPBRMCF- DIRECT PLANDSPBRMCF- REGULAR PLANS&P BSE SMALL CAP INDEX

9.30%

-3.78%

1.36%

-18.92%

99.18%97.83%

53.99%

35.99%35.14%

21.83%

-15.70%

-22.12%-50.00%

0.00%

50.00%

100.00%

150.00%

200.00%

-0.82% -12.44%

Returns

Returns

-24.16%-24.55% -23.05%

-1.66%-2.12% -4.60%

-25.00%

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%19.27%

22.42%

-13.29%-14.29%-18.19%

-15.89% -16.71%

-11.81%

DSPBRWMF- DIRECT PLANDSPBRWMF- REGULAR PLANEUROMONEY GLOBAL MINING INDEX


88




DSP BLACKROCK BANKING & PSU DEBT FUND

DSP BLACKROCK DYNAMIC ASSET ALLOCATION FUND








PERIOD


DSPBRF25F REGULAR

PLANS&P BSE 200

DSPBRF25F DIRECT PLAN

S&P BSE 200

Last 1 Year 39.96% 19.70% 40.84% 19.70%

Last 3 Year 26.59% 20.86% NA NALast 5 Year NA NA NA NASince Inception 12.27% 10.46% 21.66% 16.51%NAV/ Index value (May 29) ` 17.776 3,532.73 ` 18.027 3,532.73Date of allotment 10th June, 2010 01st January, 2013

PERIOD


DSPBRBPDF REGULAR

PLAN

CRISIL SHORT-TERM BOND FUND INDEX

DSPBRBPDF DIRECT PLAN

CRISIL SHORT-TERM BOND FUND INDEX

Last 1 Year 9.75% 9.83% 10.13% 9.83%

Last 3 Year NA NA NA NALast 5 Year NA NA NA NASince Inception 10.30% 10.36% 10.69% 10.36%NAV/ Index value (May 29) ` 11.8185 2464.4 ` 11.8889 2464.4Date of allotment 14th September, 2013

PERIOD


DSPBRDAAF REGULAR

PLAN

CRISIL BALANCED

FUND

DSPBRDAAF DIRECT PLAN

CRISIL BALANCED

FUND

Last 1 Year 9.46% 15.31% 10.46% 15.31%

Last 3 Year NA NA NA NALast 5 Year NA NA NA NASince Inception 11.70% 23.47% 12.71% 23.47%NAV/ Index value (May 29) ` 11.5563 5,225.17 ` 11.6926 5,225.17Date of allotment 6th February, 2014


Returns are computed from the Date of Allotment/1st April, as the casemaybe,to31stMarchoftherespectivefinancialyear.

14.08%

13.06%

22.66%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%


2.35%

2.22%

7.50%

DSPBRDAAF- DIRECT PLANDSPBRDAAF- REGULAR PLANCRISIL Balanced Fund Index

Returns

11.18%

10.79%

10.40%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%


5.89%5.69%

5.81%

DSPBRBPDF- DIRECT PLANDSPBRBPDF- REGULAR PLANCRISIL Short-Term Bond Fund Index

Returns

DSPBRF25F- DIRECT PLAN DSPBRF25F- REGULAR PLANS&P BSE 200

5.11%

10.37%

-7.69% -9.28%

3.91% 6.03%

13.54%12.95%

17.19%

56.674%55.66%

31.93%

-10.24%-6.47%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%Returns


89

9.19%

9.05%

8.86%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%


DSPBRCM10YGF- DIRECT PLANDSPBRCM10YGF- REGULAR PLANCRISIL 10 YEAR GILT INDEX

Returns

0.83%0.81% 0.63%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%


DSPBRUSTF- DIRECT PLANDSPBRUSTF- REGULAR PLANCOMPOSITE BENCHMARK*

Returns

4.11%

3.71% 2.50%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%


DSPBRGAF- DIRECT PLANDSPBRGAF- REGULAR PLANCOMPOSITE BENCHMARK#

Returns

Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the 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.# Composite Benchmark 36% S&P 500 Composite + 24% FTSE World (ex-US) + 24% BOFA ML US Treasury Index; 16% Citigroup Non-USD World Government Bond Index); Normalised Values

DSP BLACKROCK GLOBAL ALLOCATION FUND



PERIOD


DSPBRGAF REGULAR

PLANCOMPOSITE

BENCHMARK#DSPBRGAF

DIRECT PLAN

COMPOSITE BENCHMARK#

Last 1 Year NA NA NA NA

Last 3 Year NA NA NA NALast 5 Year NA NA NA NASince Inception 7.80% 5.84% 8.31% 5.84%NAV/ Index value (May 29) ` 10.7802 105.84 ` 10.831 105.84Date of allotment 21st August, 2014



Note: As per the SEBI standards for performance reporting, the “since inception” returns are calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the date of allotment. The “Returns” shown are for the 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.* Composite Benchmark: 50% CRISIL Composite CP Index + 50% CRISIL Composite CD Index



PERIOD


DSPBRUSTF REGULAR

PLANCOMPOSITE

BENCHMARK*DSPBRUSTF

DIRECT PLAN

COMPOSITE BENCHMARK*


Last 3 Year NA NA NA NALast 5 Year NA NA NA NASince Inception 9.65% 8.99% 10.01% 8.99%NAV/ Index value (May 29) ` 10.2115 1019.71 ` 10.2193 1019.71Date of allotment 10th March, 2015




PERIOD


DSPBRCM10YGF REGULAR PLAN

CRISIL 10 YEAR GILT

INDEX

DSPBRCM10YGF DIRECT PLAN

CRISIL 10 YEAR GILT

INDEX


Last 3 Year NA NA NA NALast 5 Year NA NA NA NASince Inception 14.14% 14.44% 14.41% 14.44%NAV/ Index value (May 29) ` 10.9489 2650.61 ` 10.9673 2650.61Date of allotment 26th September, 2014

Note:

The S&P BSE 100, S&P BSE 200, S&P BSE Small Cap, S&P BSE Teck, S&P BSE Metals, S&P BSE Oil and Gas & S&P BSE SENSEX are product of Asia Index Private Limited, whichisajointventureofS&PDowJonesIndicesLLCoritsaffiliates(“SPDJI”)andBSE,andhasbeenlicensedforusebyDSPBlackRockInvestmentManagersPvt.Ltd.Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); BSE® is a registered trademark of BSE Limited (“BSE”); and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). © Asia Index Private Limited 2014. All rights reserved.

90

K. COMPARISION BETWEEN THE SCHEME(S)

Scheme Name Investment Objective

Number of Folios (May 31, 2015)

AUM (May 31, 2015)(Rs. Crores)

Direct Plan

Regular Plan

Institutional Plan

Direct Plan

Regular Plan

Institutional Plan

DSPBRBF An open ended income Scheme, seeking to generate an attractive return, consistent with prudent risk, from a portfolio which is substantially constituted of high quality debt securities, predominantly of issuers domiciled in India. As a secondary objective, the Scheme will seek capital appreciation.

78 2,817 - 2.31 317.73 -

DSPBRBalF An open ended balanced Scheme, seeking to generate long term capital appreciation and current income from a portfolio constituted of equity andequityrelatedsecuritiesaswellasfixedincomesecurities(debtand money market securities).

591 19,295 - 19.07 660.55 -

DSPBRBPDF An open ended income Scheme, seeking to generate income and capital appreciation by primarily investing in a portfolio of high quality debt and money market securities that are issued by banks and public sector entities/undertakings. There is no assurance that the investment objective of the Scheme will be realized.

189 779 - 183.56 367.51 -

DSPBRCM10YGF An open ended income Scheme, seeking to generate returns commensurate with risk from a portfolio of Government Securities with weighted average maturity of around 10 years. There is no assurance that the investment objective of the Scheme will be realized.

56 88 - 60.35 4.01

DSPBRDAAF An open ended fund of funds scheme seeking to generate capital appreciation by managing the asset allocation between specifiedequity mutual fund schemes and debt mutual fund schemes of DSP BlackRock Mutual Fund. The Underlying Schemes for equity allocation would be DSP BlackRock Equity Fund (DSPBREF) and/or DSP BlackRock Top 100 Equity Fund (DSPBRTEF) and/or DSP BlackRock Focus 25 Fund (DSPBRF25F) and/or DSP BlackRock Opportunities Fund (DSPBROF) and/or DSP BlackRock India T.I.G.E.R Fund (The Infrastructure Growth and Economic Reforms Fund) (DSPBRITF) whereas the Underlying Schemes for debt allocation would be DSP BlackRock Strategic Bond Fund (DSPBRSBF) and/or DSP BlackRock Short Term Fund (DSPBRSTF) and/or DSP BlackRock Money Manager Fund (DSPBRMMF) and/or DSP BlackRock Banking & PSU Debt Fund (DSPBRBPDF) and/or DSP BlackRock Income Opportunities Fund (DSPBRIOF). The Scheme will dynamically managetheassetallocationbetweenthespecifiedequitymutualfundsschemes and debt mutual funds schemes of DSP BlackRock Mutual Fund based on the relative valuation of equity and debt markets.The Scheme may also invest a certain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized.

764 25,931 - 72.02 1126.01 -

DSPBREF An open ended growth Scheme, seeking to generate long term capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of issuers domiciled in India.

3,919 1,04,619 1 369.88 1996.96 77.35

DSPBRF25F An open ended equity growth scheme seeking to generate long-term capital growth from a portfolio of equity and equity-related securities including equity derivatives. The portfolio will largely consist of companies, which are amongst the top 200 companies by market capitalisation. The portfolio will limit exposure to companies beyond the top 200 companies by market capitalization upto 20% of the net asset value. The Scheme will normally hold equity and equity-related securities including equity derivatives, of upto 25 companies. Further, the Scheme will also have at least 95% of the invested amount (excluding investments in debt securities, money market securities and cash and cash equivalents) across the top 25 holdings in the portfolio. The Scheme may also invest in debt and money market securities, for defensive considerations and/or for managing liquidity requirements. There can be no assurance that the investment objective of the Scheme will be realized.

551 26,390 - 71.52 351.53 -

DSPBRGF An open ended income Scheme, seeking to generate income through investment in Central Government Securities of various maturities.

111 664 369.75 130.08 -

91




Direct Plan

Regular Plan

Institutional Plan

Direct Plan

Regular Plan

Institutional Plan

DSPBRGAF An open ended fund of funds Scheme seeking to generate capital appreciation by investing predominantly in units of BlackRock Global Funds - Global Allocation Fund (BGF - GAF). The Scheme may also invest in the units of other similar overseas mutual fund schemes whichmayconstituteasignificantpartofitscorpus.TheSchememayalso invest a certain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized. It shall be noted ‘similar overseas mutual fund schemes’ shallhaveinvestmentobjective,investmentstrategyandriskprofile/consideration similar to those of BGF – GAF.

170 1,193 - 6.93 48.58

DSPBRIOF An open ended income Scheme, seeking to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities.

249 9,227 7 91.75 1854.38 28.62

DSPBRITF AnopenendeddiversifiedequityScheme,seekingtogeneratecapitalappreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of corporates, which could benefit from structural changes brought about by continuingliberalization in economic policies by the Government and/or from continuing investments in infrastructure, both by the public and private sector.

2,428 1,41,693 - 130.61 1479.27 -

DSPBRLF An open ended income Scheme, seeking to generate a reasonable return commensurate with low risk and a high degree of liquidity, from a portfolio constituted of money market securities and high quality debt securities.

1,191 1,579 3,675 3228.68 40.98 1459.29

DSPBRMCF An open ended equity growth scheme seeking to generate long term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities, which are not part of the top 300 companies by market capitalization. From time to time, the Investment Manager will also seek participation in other equity and equity related securities to achieve optimal portfolio construction. This shall be the fundamental attribute of the Scheme.

7,045 90,485 - 103.57 1922.07 -

DSPBRMIPF An open ended income Scheme, seeking to generate income, consistent with prudent risk, from a portfolio which is substantially constituted of quality debt securities. The Scheme will also seek to generate capital appreciation by investing a smaller portion of its corpus in equity and equity related securities of issuers domiciled in India.

221 11,640 - 7.61 424.82 -

DSPBRMMF An open ended income Scheme, seeking to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities.

1,075 21,561 22 727.51 1411.35 49.27

DSPBRNRNEF An open ended equity growth scheme, whose primary investment objective is to seek to generate capital appreciation and provide long term growth opportunities by investing in equity and equity related securities of companies domiciled in India whose predominant economic activity is in the (a) discovery, development, production, or distribution of natural resources, viz., energy, mining etc; (b) alternative energy and energy technology sectors, with emphasis given to renewable energy, automotive and on-site power generation, energy storage and enabling energy technologies. The Scheme will also invest a certain portion of its corpus in the equity and equity related securities of companies domiciled overseas, which are principally engaged in the discovery, development, production or distribution of natural resources and alternative energy and/or the units/shares of BGF - NEF, BGF - WEF and similar other overseas mutual fund schemes. The secondary objective is to generate consistent returns by investing in debt and money market securities.

144 14,262 - 1.34 56.62 -

DSPBROF An open ended growth Scheme, seeking to generate long term capital appreciation and whose secondary objective is income generation and the distribution of dividend from a portfolio constituted of equity and equity related securities concentrating on the investment focus of the Scheme.

828 34,517 - 33.23 712.67 -

DSPBRSBF An open ended income scheme, seeking to generate optimal returns with high liquidity through active management of the portfolio by investing in high quality debt and money market securitites.

352 310 1,502 2247.37 37.97 1,417.76

DSPBRSMF An open ended equity growth scheme, primarily seeking to generate long term capital appreciation from a portfolio substantially constituted of equity and equity related securities, which are not part of top 100 stocks by market capitalization.

3,951 1,27,479 69.65 1739.76 -

92




Direct Plan

Regular Plan

Institutional Plan

Direct Plan

Regular Plan

Institutional Plan

DSPBRSTF An open ended income Scheme, seeking to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities.

236 3,197 - 223.68 595.62 -

DSPBRTBF An open ended money market mutual fund scheme in income catgeory, seeking to generate income through investment in a portfolio comprising of Treasury Bills and other Central Government Securities with a residual maturity less than or equal to 1 year.

96 246 - 2.95 20.32 -

DSPBRTSF An open ended equity linked savings scheme, whose primary investment objective is to seek to generate medium to long-term capitalappreciation fromadiversifiedportfolio that is substantiallyconstituted of equity and equity related securities of corporates, and to enable investors avail of a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time.

3,087 1,75,047 - 14.45 1103.39 -

DSPBRTF An open ended growth Scheme, seeking to generate long term capital appreciation, and whose secondary objective is income generation and the distribution of dividend from a portfolio constituted of equity and equity related securities concentrating on the investment focus of the Scheme.

229 7,029 - 27.15 54.01

DSPBRTEF An open ended growth Scheme, seeking to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the 100 largest corporates, by market capitalisation, listed in India.

9,175 2,00,690 2 567.43 2820.64 84.37

DSPBRWAF An open ended Fund of Funds Scheme investing in international funds and the primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BlackRock Global Funds World Agriculture Fund (BGF - WAF). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute asignificantpartofitscorpus.TheSchememayalsoinvestacertainportion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized.

It shall be noted ‘similar overseas mutual fund schemes’ shall have investment objective, investment strategy and risk profile/consideration similar to those of BGF - WAF.

119 1,433 - 0.96 33.46 -

DSPBRWEF An open ended Fund of Funds Scheme investing in international funds and the primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in the units of BlackRock Global Funds – World Energy Fund (BGF – WEF) and BlackRock Global Funds – New Energy Fund (BGF – NEF). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes,whichmayconstitutea significantpartof itscorpus. The Scheme may also invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. There is no assurance that the investment objective of the Scheme will be realized.

130 4,252 - 1.31 26.24 -

DSPBRWGF An open ended Fund of Funds Scheme, whose primary objective is to seek capital appreciation by investing predominantly in units of BlackRock Global Funds - World Gold Fund (BGF - WGF). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constituteasignificantpartofitscorpus.TheSchememayalsoinvestacertain portion of its corpus in money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.

618 36,893 - 7.96 210.87 -

DSPBRWMF An open ended Fund of Funds Scheme investing in international funds and the primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in the units of BlackRock Global Funds – World Mining Fund (BGF – WMF). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significantpartof its corpus.TheSchememayalso investacertainportion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund (Fund), in order to meet liquidity requirements from time to time. There is no assurance that the investment objective of the Scheme will be realized.

100 3,010 - 0.65 10.30 -

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Direct Plan

Regular Plan

Institutional Plan

Direct Plan

Regular Plan

Institutional Plan

DSPBRUSFEF An open ended Fund of Funds Scheme investing in international funds and the primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BlackRock Global Funds US Flexible Equity Fund (BGF - USFEF). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significantpartof its corpus.TheSchememayalso investacertainportion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time. However, there is no assurance that the investment objective of the Scheme will be realized. It shall be noted ‘similar overseas mutual fund schemes’ shall have investment objective, investment strategy and riskprofile/consideration similarto those of BGF - USFEF.

337 1,661 62.99 69.89 -

DSPBRUSTF The investment objective of the Scheme is to seek to generate returns commensurate with risk from a portfolio constituted of money market securities and/or debt securities. There is no assurance that the investment objective of the Scheme will be realized.

166 400 - 211.38 233.26 -

For details of asset allocation of the aforesaid schemes you may refer to “Section V - Information about the Scheme(s)”

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SECTION VI – UNITS AND OFFERThis section provides details an investor needs to know for investing in the Schemes.

A. NFO DETAILSThis section does not apply to the Schemes covered in this SID, as the ongoing offer of the Schemes has commenced after the NFO, and the Units are available for continuous subscription and redemption.

B. CONTINUOUS/ONGOING OFFER DETAILS

1. Continuous/Ongoing Offer Period(This is the date from which the Schemes reopened for subscriptions/redemptions after the closure of the NFO period)The Continuous Offer for the Schemes commenced from the following dates:

DSPBREF – Regular Plan and DSPBRBF April 30, 1997DSPBRBalF May 31, 1999DSPBRGF/DSPBRTBF October 01, 1999DSPBRTF – Regular Plan andDSPBROF – Regular Plan May 18, 2000

DSPBRSTF September 11, 2002DSPBRTEF – Regular Plan March 11, 2003DSPBRIOF – Regular Plan May 14, 2003DSPBRITF – Regular Plan June 14, 2004DSPBRMIPF June 14, 2004DSPBRLF – Institutional Plan November 23, 2005DSPBRMMF – Regular Plan August 03, 2006DSPBRSMF – Regular Plan November 16, 2006DSPBRTSF January 22, 2007DSPBRSBF - Institutional Plan May 09, 2007DSPBRWAF October 21, 2011

DSPBRWGF September 18, 2007DSPBRNRNEF – Regular Plan April 28, 2008DSPBRWEF August 18, 2009DSPBRWMF January 05, 2010DSPBRMCF* June 15, 2010DSPBRF25F June 15, 2010DSPBRUSFEF August 9, 2012All the above Schemes - Direct Plan January 1, 2013DSPBRBPDF - Regular & Direct Plan September 16, 2013DSPBRDAAF – Regular & Direct Plan February 11, 2014DSPBRGAF - Regular & Direct Plan August 25, 2014DSPBRCM10YGF - Regular & Direct Plan September 29, 2014DSPBRUSTF - Regular & Direct Plan March 11, 2015

Existing Unit Holders and new applicants can purchase additional Units at the Purchase Price or redeem their Units at the Redemption Price.*With effect from October 1, 2014, the following transactions shall be temporarily suspended into DSPBRMCF:1. Subscription/switch-in application(s) in DSPBRMCF amounting to

more than Rs. 2 Lakh (Rupees Two Lakh) and/or2. Registration of new Systematic Investment Plan (‘SIP’) in

DSPBRMCF of single installment amounting to more than Rs. 2 Lakh (Rupees Two Lakh) and/or

3. Registration of new Systematic Transfer Plan (‘STP’) into DSPBRMCF of single installment amounting to more than Rs. 2 Lakh (Rupees Two Lakh).

The AMC reserves the right to reject / compulsorily redeem units and without any notice to the investor at applicable NAV, in case of multiple applications/transactions by an investor(s) amounting to more than Rs. 2 lakh (Rupees Two Lakh).

The suspension of aforesaid transactions will continue till further notice.

2. Plans and Options offered under each Scheme

Scheme and Plans Options Available Sub-Options Dividend Frequency/Record DateDSPBRBalF – Regular and Direct Plan

Growth – Option A - -Dividend – Option B Payout Dividend & Reinvest Dividend At the discretion of TrusteeQuarterly Dividend – Option C Payout Dividend & Reinvest Dividend 28thofeachquarterofthefinancialyear#

DSPBRBF – Regular and Direct Plan

Growth – Option A - -Dividend – Option B Payout Dividend & Reinvest Dividend Annual^Monthly Dividend – Option C Payout Dividend & Reinvest Dividend -

DSPBRBPDF - Regular and Direct Plan

Growth - Option A - -Daily Dividend - Option B Reinvest Dividend DailyWeekly Dividend - Option C Payout Dividend & Reinvest Dividend At the discretion of TrusteeMonthly Dividend - Option D Payout Dividend & Reinvest Dividend At the discretion of TrusteeQuarterly Dividend - Option E Payout Dividend & Reinvest Dividend At the discretion of TrusteeDividend - Option F Payout Dividend & Reinvest Dividend At the discretion of Trustee

DSPBRCM10YGF - Regular and Direct Plan

Growth - Option A - -Dividend - Option B Payout Dividend & Reinvest Dividend Annual^Monthly Dividend - Option C Payout Dividend & Reinvest Dividend At the discretion of TrusteeQuarterly Dividend - Option D Payout Dividend & Reinvest Dividend At the discretion of Trustee

DSPBRDAAF – Regular Plan and Direct Plan

Growth – Option A - -

Monthly Dividend – Option B Payout Dividend & Reinvest Dividend 28th of each month#

DSPBREF – Regular and Direct Plan

Growth – Option A - -Dividend – Option B Payout Dividend & Reinvest Dividend At the discretion of Trustee

DSPBRF25F – Regular and Direct Plan


DSPBRIOF – Regular and Direct Plan

Growth – Option A - -Dividend Option – Option B Payout Dividend & Reinvest Dividend Annual^Weekly Dividend – Option C Payout Dividend & Reinvest Dividend Every WednesdayDaily Dividend Reinvest – Option D - DailyMonthly Dividend – Option E Payout Dividend & Reinvest Dividend 28th of each month#Quarterly Dividend – Option F Payout Dividend & Reinvest Dividend 28thofeachquarterofthefinancialyear#

95

Scheme and Plans Options Available Sub-Options Dividend Frequency/Record DateDSPBRGF – Regular and Direct Plan

Growth Option – Option A - -Dividend Option – Option B Payout Dividend & Reinvest Dividend Half-year – March & SeptemberMonthly Dividend – Option C Payout Dividend & Reinvest Dividend -

DSPBRGAF – Regular and Direct Plan

Growth Option – Option A - -Dividend Option – Option B Payout Dividend & Reinvest Dividend At the discretion of Trustee

DSPBRITF – Regular and Direct Plan

Growth Option – Option A - -Dividend Option – Option B Payout Dividend & Reinvest Dividend At the discretion of Trustee

DSPBRLF – Institutional and Direct Plan

Growth Option – Option A - -Weekly Dividend – Option B Payout Dividend & Reinvest Dividend Every WednesdayDaily Dividend Reinvest – Option C - Daily

DSPBRMCF – Regular and Direct Plan

Growth Option - Option A - -Dividend Option – Option B Payout Dividend & Reinvest Dividend At the discretion of Trustee

DSPBRMMF – Regular and Direct Plan

Growth Option – Option A - -Weekly Dividend – Option B Payout Dividend & Reinvest Dividend Every WednesdayDaily Dividend Reinvest – Option C - DailyMonthly Dividend – Option D Payout Dividend & Reinvest Dividend 28th of each month#Dividend – Option E Payout Dividend & Reinvest Dividend At the discretion of Trustee

DSPBRNRNEF – Regular and Direct Plan


DSPBROF - Regular Plan & Direct Plan


DSPBRSBF – Institutional Plan and Direct Plan

Growth – Option A - -Monthly Dividend – Option B Payout Dividend & Reinvest Dividend 5th calendar day of the succeeding month

of declaration of dividendDividend – Option C Payout Dividend & Reinvest Dividend Annual^Weekly Dividend – Option D Payout Dividend & Reinvest Dividend Every WednesdayDaily Dividend Reinvest - Option E - Daily

DSPBRSMF – Regular and Direct Plan


DSPBRSTF - Regular and Direct Plan

Growth – Option A - -Dividend – Option B Payout Dividend & Reinvest Dividend Annual^Weekly Dividend Reinvest – Option C - Every WednesdayMonthly Dividend – Option D Payout Dividend & Reinvest Dividend 28th of each month#

DSPBRMIPF* – Regular and Direct Plan

Growth – Option A - -Monthly Dividend – Option B Payout Dividend & Reinvest Dividend 28th of each month#

Quarterly Dividend – Option C Payout Dividend & Reinvest Dividend 28thofeachquarterofthefinancialyear#

DSPBRTF – Regular and Direct Plan

Growth Option - Option A - -Dividend Option - Option B Payout Dividend & Reinvest Dividend At the discretion of Trustee

DSPBRTBF – Regular and Direct Plan

Growth Option - Option A -Dividend Option - Option B Payout Dividend & Reinvest Dividend Half-year- March & SeptemberMonthly Dividend Option - Option C Payout Dividend & Reinvest Dividend -Daily Dividend Reinvest - Option D - Daily

DSPBRTEF – Regular and Direct Plan


DSPBRTSF – Regular and Direct Plan^^

Growth – Option A - -Dividend – Option B Payout Dividend At the discretion of Trustee

DSPBRWGF, DSPBRWEF and DSPBRWMF - Regular and Direct Plan


DSPBRWAF – Regular and Direct Plan


DSPBRUSFEF - Regular Plan and Direct Plan


DSPBRUSTF - Regular Plan and Direct Plan

Growth - Option A - -

Daily Dividend - Option B Reinvest Dividend DailyWeekly Dividend - Option C Payout Dividend & Reinvest Dividend At the discretion of TrusteeMonthly Dividend - Option D Payout Dividend & Reinvest Dividend At the discretion of TrusteeQuarterly Dividend - Option E Payout Dividend & Reinvest Dividend At the discretion of Trustee

*Monthly income is not assured and is subject to availability of distributable surplus. ^ The Trustee, in its sole discretion, may also declare interim dividends. # If 28th is not a Business Day, the record date shall be the immediately preceding Business Day. ~ If 5th is not a Business Day, then the record date shall be the immediately next Business Day for Unit Holders on record. ^^The reinvest dividend sub-option is discontinued wef February 6, 2015.

96

Notes:a) It should be noted that actual distribution of dividends and the

frequency of distribution indicated above are provisional and will be entirely at the discretion of the Trustees. The Trustee reserves the right to alter the Record Date as stated herein, at its discretion. To the extent the entire net income and realised gains are not distributed, the same will remain invested in the SchemesconcernedandbereflectedintheNAV.

b) There is no assurance or guarantee to the Unit Holders as to the rate of dividend distribution nor that dividends will be regularly paid, though it is the intention of the Schemes to make dividend distribution under the respective plan/options of the Scheme.

c) AninvestoronrecordoftheCAMS/StatementofBeneficiaryOwners maintained by the Depositories for the purpose of dividend distribution is an investor who is a Unit Holder/ BeneficialOwnersasontheRecordDate.InordertobeaUnitHolder, an investor has to be allocated Units representing receipt of clear funds by the Schemes.

d) Investors should indicate the Scheme / Plan and / or Option / Sub Option, wherever applicable, for which the subscription is made by mentioning the full name of Scheme/ Plan/ option or sub option in the appropriate space provided for this purpose in the application form. In case of valid applications received, without indicating the Scheme / Plan and / or Option etc. or where the details regarding Plan and/or Option are not clear or

ambiguous, the following defaults will be applied:

If no indication is given under the following

Default

Option - Growth/Dividend / Monthly Dividend / Weekly Dividend / Weekly Dividend Reinvest/Daily Dividend Reinvest / Quarterly Dividend

Growth Option

Sub-option - Payout Dividend/Reinvest Dividend

Payout Dividend

In case an investor/Unit Holder fails to mention the plan and broker details in the application form, then the application shall be processed under respective option/sub-option under Direct Plan of all the Scheme.

Processing of Application Form/Transaction Request: The below table summarizes the procedures which would be adopted while processing application form/transaction request by the AMC.

Sr. No.

AMFI Registration Number (ARN) Code/Direct/Blank as mentioned in the application form/ transaction request

Plan as selected in the application form/transaction request

Transaction shall be processed and Units shall be allotted under

1 Not mentioned Not mentioned Direct Plan

2 Not mentioned Direct Direct Plan

3 Not mentioned Regular Direct Plan

4 Mentioned Direct Direct Plan

5 Direct Not mentioned Direct Plan

6 Direct Regular Direct Plan

7 Mentioned Regular Regular Plan

8 Mentioned Not mentioned Regular Plan

In cases of wrong/ invalid/ incomplete ARN codes mentioned on the application form, the application shall be processed under Regular Plan. The AMC shall contact and obtain the correct ARN code within 30 calendar days of the receipt of the application form from the investor/ distributor. In case, the correct code is

not received within 30 calendar days, the AMC shall reprocess the transaction under Direct Plan from the date of application without any exit load.

e) Any change in dividend sub option due to additional investment or customer request will be applicable to all existing Units in the dividend option of the scheme concerned.

f) Investors shall note that once Units are allotted, AMC shall not entertain requests regarding change of Plan/Option, with a retrospective effect.

g) Applications not specifying Schemes/Plans/Options and/or accompanied by cheque/demand drafts/account to account transfer instructions favouring Schemes/Plans/Options other than thosespecifiedintheapplicationformareliabletoberejected.

h) Where the Scheme name as written on the application form and on the payment instrument differs, the proceeds may, at the discretion of the AMC be allotted in the Scheme as mentioned on the application form.

i) Dividend payments shall be made to the Unit Holders within 30 days of the date of declaration of the dividend.

j) No fresh purchase/additional purchase/switch ins shall be accepted in the Institutional Plan (‘Discontinued plan’) under DSPBREF, DSPBRTEF, DSPBROF, DSPBRITF, DSPBRTF, DSPBRSMF, DSPBRMCF, DSPBRNRNEF, DSPBRWGF, DSPBRWEF, DSPBRWMF, DSPBRIOF and DSPBRMMF and Regular Plan (‘Discontinued plan’) under DSPBRLF and DSPBRSBF. However, the redemption/switch out/Systematic Withdrawal Plan (‘SWP’)/ Systematic Transfer Plan (‘STP’) - out under Discontinued plan shall be processed.

k) Investors should provide details/instructions only in the space provided in the form. Any details/notings/information/ instruction provided at a non designated area of the standard form being used, or any additional details, for which space is not designated in the standard form, may not be executed and the AMC will not be liable for the same.

l) The AMC and its Registrar reserve the right to disclose the details of investors and their transactions to third parties viz. banks, distributors from whom applications of investors are received and any other organization for the purpose of compliance with legal and regulatory requirements or for complying with anti-money laundering requirements.

m) Returned cheques are liable not to be presented again for collection, and the accompanying application could also be rejected. In case returned cheques are presented, the necessary charges including returned charges may be debited to the investor.

3. Dividend Policy

(i) Growth OptionUnder this option, the Mutual Fund will not declare any dividend. The income earned by the Schemes will remain invested in theSchemesconcernedandwillbereflectedintheNAV.ThisOption is suitable for investors who are not looking for current income but who have invested only with the intention of capital appreciation. Moreover, if Units under this Option are held as a capital asset for a period of greater than 36 months from the dateofacquisition,UnitHoldersshouldgetthebenefitoflongterm capital gains tax. Please refer the section “A. Taxation on investing in Mutual Funds” under “Clause VIII. Tax & Legal & General Information” in the SAI.

(ii) Dividend Option / Monthly Dividend Option / Weekly Dividend Option / Quarterly Dividend Option

The above options are suited for investors seeking income through dividend declared by the Schemes. Only Unit Holders opting for such option(s) will receive dividends. Under these options, the Schemes envisage declaring dividends comprising substantially of net income and realized gains.

The options stated in point (ii) above, in turn offer two sub-options i.e. “Payout Dividend” or “Reinvest Dividend”

• Payout Dividend

As per the SEBI (MF) Regulations, the Mutual Fund shall

97

despatch to the Unit Holders, dividend warrants within 30 days of declaration of the Dividend. Dividends will be payable to those Unit Holders whose names appear in the Register of Unit Holders on the date (Record Date). Dividends will be paid by cheque, net of taxes as may be applicable. Unit Holders will also have the option of direct payment of dividend to the bank account. The cheques will be drawn inthenameofthesole/firstholderandwillbepostedtotheRegisteredaddressofthesole/firstholderasindicatedin the original application form entirely at the risk of the unitholders. To safeguard the interest of Unit Holders from loss or theft of dividend cheques, investors should provide the name of their bank, branch and account number in the application form. Dividend cheques will be sent to the Unit Holder after incorporating such information.• If the dividend amount payable (net of tax deducted at

source, wherever applicable) under the Dividend Payout sub-option of the Schemes (except DSPBRTSF) is for an amount equal to or less than (i) Rs. 250/- in the case of all equity oriented, balanced and fund of funds schemes of the Fund then such dividend will compulsorily and automatically reinvested in the respective Scheme/Plan by issuing additional Units of the Scheme under Regular Plan/ Direct Plan at the Applicable NAV on the next Business day after the Record Date. There shall be no load on dividend so reinvested.

• In the case of all income and liquid schemes of the Fund, if the dividend amount payable to Unit holders (net of tax deducted at source, wherever applicable) if for:

i. an amount less than Rs. 10, 000/- in case of Weekly Dividend Payout sub-option under Regular Plan/Institutional Plan (under which the subscription/switch in/SIP/STP-ins is available)/Direct Plan of DSPBRLF, DSPBRMMF, DSPBRIOF, DSPBRSBF, DSPBRBPDF and DSPBRUSTF;

ii. an amount equal to or less than Rs. 250/- in case of payout sub options of a) Monthly Dividend and Dividend option under

Regular Plan/Institutional Plan (under which the subscription/switch in/SIP/STP-ins is available)/Direct Plan of DSPBRSBF and DSPBRMMF,

b) Dividend, Monthly Dividend and Quarterly Dividend under Regular Plan/Institutional Plan (under which the subscription/switch in/SIP/STP-ins is available)/Direct Plan of DSPBRIOF

c) Dividend, Monthly Dividend and Quarterly Dividend under Regular Plan/Direct Plan of DSPBRBPDF, DSPBRCM10YGF and DSPBRUSTF.

d) Dividend and Monthly Dividend under Regular/ Direct Plan of DSPBRBF, DSPBRGF, DSPBTBF, DSPBSTF,

e) Monthly and Quarterly Dividend under Regular/Direct Plan of DSPBMIPF,

f) Quarterly Dividend under Regular/Direct Plan of DSPBRBalF,

g) Monthly Dividend under Regular/Direct Plan of DSPBRDAAF

The dividend amount payable will be compulsorily and automatically reinvested in the respective Scheme/Plan by issuing additional Units of the Scheme/Plan at the Applicable NAV on the next Business day after the Record Date. There shall be no load on dividend so reinvested.

• Reinvest Dividend Under this sub-option, dividends will be reinvested by way

of additional Units of the Schemes instead of being paid out. Such reinvestment will be at the applicable NAV on the next Business Day after the Record Date. There shall however, be no entry load/exit load, if any, on the dividends so re-invested. The dividends so reinvested shall be constructive

payment of dividends to the Unit Holders and constructive receipt of the same amount from each Unit Holder, for reinvestment in Units. The additional Units issued under thisoptionandheldascapitalassetwouldgetthebenefitof long term capital gains if sold after being held for greater than 36 months. For this purpose, 36 months will be computed from the date when such additional Units are issued/allotted.

Dividend reinvested under DSPBRTSF till February 5, 2015 would be subject to a lock in period of 3 years from the date of allotment of units.

(iii) Weekly Dividend Reinvest Option / Daily Dividend Reinvest OptionUnder these options, the Schemes envisage declaring dividends comprising substantially of net income and realised gains. The dividends declared would be compulsorily reinvested by way of additional Units in the Schemes instead of being paid out in cash. In the case of DSPBRBPDF, DSPBRSTF, DSPBRIOF, DSPBRMMF, DSPBRTBF and DSPBRSBF, such additional Units will be reinvested at the applicable NAV of the next Business Day after the Record Date. In the case of DSPBRLF such additional Units will be reinvested at the applicable NAV of the next day after the Record Date. When such additional Units are issued, account statements will be issued to the Unit Holders only upon receiptofaspecificrequestforthesamefromtheUnitHolder.The dividends so reinvested shall be constructive payment of dividends to the Unit Holders and constructive receipt of the same amount from each Unit Holder, for reinvestment in Units. The additional Units issued under this option and held as capital assetwouldget thebenefitof long termcapital gains if soldafter being held for greater than 36 months. For this purpose, 36 months will be computed from the date when such additional Units are issued/allotted. There shall however, be no entry load, if any, on the dividends so re-invested. All Units will rank pari passu, among Units within the same Option in each Scheme or within the same Option in the relevant Plan of the Scheme concerned, as to assets, earnings and the receipt of dividend distributions, if any, as may be declared by the Trustee. However, the receipt of dividend distribution will be subject to: (i) categorisation of investors for applicability of statutory levies; and (ii) distribution tax/surcharge/cess/any other levy payable by the scheme in respect of separate category of investors, if applicable.The dividend under Daily Dividend Reinvest option under Discontinued Plans of DSPBRSBF and DSPBRLF will be declared on a weekly basis and shall be reinvested in the Weekly Dividend Reinvest Option of the Institutional Plans (‘Continuing Plans’) of the respective Schemes. Further, Dividend Reinvest options other than Daily Dividend Reinvest option under Discontinued Plans of DSPBRSBF and DSPBRLF will be reinvested in the corresponding options of the Continuing Plans of the respective Schemes. The dividend declared under the Dividend Reinvest options under Discontinued Plans of DSPBRMMF and DSPBRIOF, will be reinvested in the corresponding options of the Regular Plans (‘Continuing Plans’) of the respective Schemes.Unit Holder(s) of the aforesaid Schemes can seek payout of dividend, provided the option has Payout Facility, by submitting thewrittenrequestatanyoftheOfficialPointofAcceptanceofTransactions (OPAT) of the AMC/CAMS.Effect of Dividend: The NAV of the Unit Holders in Dividend Option, Monthly Dividend Option, Daily Dividend Reinvest Option, Weekly Dividend Option, and Quarterly Dividend option will stand reduced by the amount of dividend declared.On declaration of dividend, the NAV of the respective dividend option will further stand reduced by the applicable dividend distribution tax/surcharge/cess/any other statutory levy. Notwithstanding varying rates of statutory levies, the ex-dividend NAV will remain the same for all categories of investors in a particular option, though the amount of dividend received by Unit Holders may vary depending on the category of each Unit Holder.For details on taxation of dividend please refer the SAI.

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4. Minimum Amount for Application

Name of Scheme Plan Minimum amount subscription Minimum amount for redemptionFirst Purchase / Subsequent Purchase

DSPBRBF, DSPBRBalF, DSPBRBPDF, DSPBRCM10YGF, DSPBRDAAF, DSPBRGF, DSPBRTBF, DSPBRSTF, DSPBRMIPF, DSPBRWAF,DSPBRF25F, DSPBREF, DSPBRTEF, DSPBRNRNEF, DSPBROF, DSPBRITF, DSPBRTF, DSPBRSMF, DSPBRWGF, DSPBRWEF, DSPBRWMF, DSPBRMCF, DSPBRIOF, DSPBRMMF, DSPBRUSFEF and DSPBTUSTF

Regular Plan and Direct Plan

Rs. 1,000/- and any amount thereafter Rs. 500

DSPBRGAF Regular Plan and Direct Plan

Rs. 1,000/- and Re. 1/- amount thereafter Rs. 500

DSPBRLF and DSPBRSBF Institutional Plan and Direct Plan

Rs. 1,000/- and any amount thereafter Rs. 500

DSPBRTSF Regular Plan and Direct Plan

Rs. 500/- and any amount thereafter Rs. 500

Note: In case of Units held in dematerialized mode, the redemption request can be given only with DPs or on the Stock Exchange Platform in number of Units and the provision pertaining to ‘Minimum amount for Redemption’ shall not be applicable to such investors.

The Trustee shall have absolute discretion to reject any application for purchase of Units, if in its opinion, increasing the size of the Unit Capital

is not in the general interest of the Unit Holders, or if for any other reason it does not believe it would be in the best interest of the Schemes or its Unit Holders to accept such an application.

5. Ongoing price for subscription (purchase)/switch-in from other schemes/plans (Purchase Price)

(This is the price an investor needs to pay for purchase/switch-in)

The Purchase Price of the Units on an ongoing basis will be calculated as described below, which is based on the Applicable NAV

Purchase Price = Applicable NAV

Illustration:

Say, Applicable NAV = Rs. 12/-

Therefore, Purchase Price = Rs.12/-The Mutual Fund shall ensure that the Purchase Price is not higher than 107% of the NAV, provided that the difference between the Redemption Price and Purchase Price of the Unit shall not exceed the permissible limit of 7% of the Purchase Price, as provided for under the SEBI (MF) Regulations.

6. Ongoing price for redemption (sale)/switch out to other Schemes/plans of the Mutual Fund by investors (Redemption Price)(This is the price an investor will receive for redemptions/switch outs)

The Redemption Price of the Units will be calculated on the basis of the Applicable NAV subject to prevailing Exit Load, if any. In the case of Schemes which currently have no Exit Load, the Redemption Price will be the Applicable NAV. In the case of Schemes having an Exit Load or in which an Exit Load is introduced, the Redemption Price will be calculated as under:

Redemption Price = Applicable NAV x (1 – Exit Load)

Illustration:

Say, Applicable NAV = Rs. 12 and prevailing Exit Load 0.50%

Redemption Price = 12 x (1 – 0.0050) = Rs. 11.940/-

Investors may note that the Trustee has the right to modify the existing Load Structure in any manner or introduce an Exit Load or a combination or Exit Load and/or any other Load subject to a maximum as prescribed under the SEBI (MF) Regulations. Should the

Trustee on any date, impose or enhance any load, such imposition or enhancement shall be applicable on prospective investment only.

The Mutual Fund will ensure that the Redemption Price is not lower than 93% of the NAV, provided that the difference between the Redemption Price and Purchase Price of the Units shall not exceed the permissible limit of 7% of the Purchase Price, as provided for under the SEBI (MF) Regulations.

For details referring to relevant load structure, please see “C. Load Structure”, under Section, VII. Fees and Expenses.”

7. Applicable NAV and Cut-off timeApplicable NAV is the Net Asset Value per Unit at the close of the Business Day on which a valid application is accepted and time stamped. An Application will be considered accepted on a Business Day, subject to it being complete in all respects and received and timestampeduptotherelevantcutofftimeasspecifiedbelowatanyoftheofficialpointsofacceptanceoftransactions.Applicationsreceived via post or courier at any of the centres will be accepted on the basis of when the application is time stamped by the centre and not on the basis of date and time of receipt of the post or the courier.

In respect of valid applications with outstation cheques/demand drafts not payable at par at the place where the application is received and time-stamped, closing NAV of the day on which cheque/demand draft is credited shall be applicable. The NAV applicability will be subject to following clauses in case of purchase/subscription of any amount in DSPBRLF (liquid scheme) and for purchase/subscription of equal to or greater than Rs. 2 Lakhs in all the other Schemes of the Fund.

1. Application for purchase/subscription is received before the applicable cut-off time on a business day.

2. Funds for the entire amount of subscription/purchase as per the application are credited to the bank account of the respective subscription in all schemes before the cut-off time.

3. The Funds are available for utilization before the cut-off time by the respective schemes.

The Applicable NAV for the Schemes is as follows:

(a) Purchase and Switch-in

(i) For all schemes (except DSPBRLF) for amount less than Rs. 2 Lakhs

Particulars Applicable NAV

WheretheapplicationisreceivedonanyBusinessDayattheofficialpoint(s)ofaccep-tance of transaction along with a local cheque or a demand draft payable at par at the place of submission of the application upto 3.00 p.m.

NAV of the same day.

Where the application is received after 3.00 p.m. NAV of the next Business Day.

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Transaction through online facilities/ electronic mode : The time of transaction done through various online facilities/electronic modes offered by the AMC, for the purpose of determining the applicability of NAV, would be the time when the request of purchase/sale/switch of units is received in the servers of AMC/RTA as per terms and conditions of such facilities.

With respect to investors who transact through the stock exchange, Applicable NAV shall be reckoned on the basis of the time stamping as evidencedbyconfirmationslipgivenbystockexchangemechanism.

Applicable Net Asset Value incase of Multiple applications/transactions received under all open-ended Schemes (except DSPBRLF) of the Fund: All transactions as per conditions mentioned below shall be aggregated and closing NAV of the day on which funds for respective transaction (irrespective of source of funds) are available for utilization will be applied where the aggregated amount of investment is for Rs.2.00 lacs (Two lakhs) and above.

1. All transactions received on same Business Day (as per cut-off timing and Time stamping rule).

2. Aggregation of transactions shall be applicable to all open-ended schemes (except DSPBRLF) of the Fund.

3. Transactions shall include purchases, additional purchases, and exclude Switches, SIP/STP and trigger transactions.

4. Aggregation of transactions shall be done on the basis of investor/s/ Unit Holder/s Permanent Account Number (PAN). In case of joint holding in folios, transactions with similar holding pattern will be aggregated. The principle followed for such aggregation will be similar as applied for compilation of Consolidated Account Statement (CAS).

5. All transactions will be aggregated where investor holding pattern is same as stated in point no.4 above, irrespective of whether the amount of the individual transaction is above or below Rs. 2 lacs (Two lakhs).

6. Only transactions in the same scheme of the Fund shall be clubbed. It will include transactions at Plans/Options level (i.e. Regular Plan, Direct Plan, Institutional Plan, Dividend Option, Growth Option, etc).

7. Transactions in the name of minor received through guardian will not be aggregated with the transaction in the name of same guardian. However, two or more transactions in folios of a minor received through same guardian will be considered for aggregation.

8. In the case funds are received on separate days and are available for utilization on different business days before the cut off time, the applicable NAV shall be of the Business day/s on which the cleared funds are available for utilization for the respective application amount.

For Switching (All Schemes):Valid switch applications received will be considered for processing on the earliest day which is a Business Day for both the ‘Switch out’ Scheme and the ‘Switch in’ Scheme. Applications for ‘switch in’ shall be treated as purchase applications and the Applicable NAV based on the cut off time for purchase shall be applied. Applications for ‘Switch out’ shall be treated as redemption applications and the Applicable NAV based on the cut off time for redemption shall be applied.

Where an application is received and time stamping is done after the cut-off time, the request will be deemed to have been received on the next Business Day.

(ii) For all schemes (except DSPBRLF) for amount equal to or greater than Rs. 2 Lakhs

Where the application is received upto cut-off time of 3.00 p.m. on a business day at theofficialpoint(s)ofacceptanceandfundsfortheentireamountofsubscription/pur-chase are available for utilization upto 3.00 p.m. on the same Business Day.

NAV of same Business Day shall be applicable

Where the application is received upto cut-off time of 3.00 p.m. on a business day at theofficialpoint(s)ofacceptanceandfundsfortheentireamountofsubscription/pur-chase are available for utilization after 3.00 p.m. on the same Business Day or on any subsequent Business Day.

NAV of such subsequent Business Day on which the funds are available for utilization prior to 3.00 p.m.

Where the application is received after cut-off time of 3.00 p.m. on a business day at theofficialpoint(s)ofacceptanceandfundsfortheentireamountofsubscription/pur-chase are available for utilization upto 3.00 p.m. on the same Business Day.

NAV of subsequent Business Day shall be applicable

Where the application is received after cut-off time of 3.00 p.m. on a business day at theofficialpoint(s)ofacceptanceandfundsfortheentireamountofsubscription/purchase are available for utilization after 3.00 p.m. on the same Business Day or any subsequent Business Day

NAV of such subsequent Business Day on which fund realized prior to 3.00 p.m shall be applicable.

(ii) For DSPBRLF

Where the application is received upto cut-off time of 2.00 p.m. on a business day at theofficialpoint(s)ofacceptanceandfundsfortheentireamountofsubscription/pur-chase are available for utilization before the cut-off time.

NAV at the close of the day immediately preceding the day of receipt of application.

Wheretheapplicationisreceivedattheofficialpoint(s)ofacceptanceonabusinessday, irrespective of the time of receipt of subscription/purchase application, and the funds are not available for utilization before the cut-off time of 2:00 pm on the same business day.

NAV at the close of the day immediately preceding the business day on which the funds are available for uti-lization.

Where the application is received on a non-business day, it will be treated as if received on next business day.

(b) Redemption /Switch-out

(i) For all schemes except DSPBRLF

WheretheapplicationisreceivedonanyBusinessDayattheofficialpointsofaccep-tance of transactions upto cut off time 3.00 p.m

NAV of the same day

Where the application is received after cut off time 3.00 p.m. NAV of the next Business Day.

(ii) For DSPBRLF

Where the application is received upto cut off time 3.00 p.m. on any Business Day NAV at the close of the day immediately preceding the next Business Day.

Where the application is received after cut off time 3.00 p.m. on any Business Day NAV at the close of the next Business Day.

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Further it is clarified that switcheswillbeconsideredas redemptionin the switch-out scheme and purchase / subscription in the switch-in scheme.

8. Who can invest?(This is an indicative list and investors are requested to consult their financial advisors to ascertainwhether the Scheme is suitable totheirriskprofile.)

The following persons (subject to, wherever relevant, purchase of units of mutual funds being permitted under respective constitutions, and relevant statutory regulations) are eligible and may apply for subscription to the Units of the Schemes :• Indian Resident Adult Individuals either singly or jointly (not

exceeding three)• Minors through parent/legal guardian• Companies, Bodies Corporate, Public Sector Undertakings,

association of persons or bodies of individuals whether incorporated or not and societies registered under the Societies Registration Act, 1860 (so long as the purchase of Units is permitted under the respective constitutions)

• Religious, Charitable and Private Trusts, under the provisions of 11(5) of Income Tax Act, 1961 read with Rule 17C of Income Tax Rules, 1962 (subject to receipt of necessary approvals as “Public Securities”, where required)

• Trustee of private trusts authorised to invest in mutual fund Schemes under the Trust Deed

• Partnership Firms and Limited Liability Partnerships (LLPs)• Karta of Hindu Undivided Family (HUF)• Banks (including Co-operative Banks and Regional Rural Banks)

and Financial Institutions• NRIs/Persons of Indian origin residing abroad on full repatriation

basis (subject to RBI approval, if any) or on non-repatriation basis

• Foreign Institutional Investors (FIIs) registered with SEBI on full repatriation basis (subject to RBI approval, if any)

• Foreign Portfolio Investors (FPI) as defined in Regulation 2(1)(h) of Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014

• Army, Air Force, Navy and other para-military units and bodies created by such institutions

• ScientificandIndustrialResearchOrganisations• International Multilateral Agencies approved by the Government

of India• Non-Government Provident/Pension/Gratuity funds as and

when permitted to invest• Others who are permitted to invest in the Schemes as per their

respective constitutions• Mutual Funds registered under the SEBI (Mutual Funds)

Regulations, 1996• A scheme of the DSP BlackRock Mutual Fund, subject to the

conditions and limits prescribed in SEBI (MF) Regulations and/or by the Trustee, AMC or Sponsors (The AMC shall not charge any fees on such investments).

• The AMC (No fees shall be charged on such investments).• All category of investors (whether existing or new) as permitted

above are eligible to subscribe under Direct Plan. Investments under the Direct Plan can be made through various mode offered by the Fund for investing directly in the Fund.

Note: For Investments ‘On behalf of Minor’: Where the investment is on behalf of minor by the guardian, please note the following important points.a) Theminorshallbethesoleandonlyfirstholderintheaccount.

Nomination facility is not available for applications/ folios on behalf of a minor. Joint holders’ details and nomination details, even if mentioned and signed will not be considered.

b) Guardian of the minor should either be a natural guardian (i.e. father or mother) or a court appointed legal guardian.

c) Details like minor’s date of birth, Guardian’s relation with Minor, Guardian name, PAN, KYC are mandatory, along with supporting documents. Photo copy of the document evidencing the date of birth of minor like

i. Birthcertificateoftheminor,orii. School leaving certificate / Mark sheet issued by Higher

Secondary Board of respective states, ICSE, CBSE etc., or iii. Passport of the minor, or iv. any other suitable proof should be attached with the

application form. d) Where the guardian is not a natural guardian (father or mother)

and is a court appointed legal guardian, suitable supporting documentary evidence should be provided.

e) If the mandatory details and/or documents are not provided, the application is liable to be rejected without any information to the applicant.

A minor Unit Holder, on becoming major, may inform the Registrar about attaining majority, and provide his specimen signature duly authenticated by his banker as well as his details of bank account andacertifiedtruecopyofthePANcard,KYCdetailsandsuchotherdetails as may be asked by AMC from time to time to enable the Registrar to update records and allow the minor turned major to operate the account in his own right.

• Applicability and provisions of Foreign Account Compliance Act (FATCA):

The AMC shall comply with FATCA as an when it becomes applicable. Accordingly, the AMC shall execute the requisite agreement with US Tax authorities (i.e. the Internal Revenue Service or IRS) by virtue of which the AMC shall report the required information/details of the investments made by US citizens and residents to IRS. For further details relating to FATCA, investors are requested to refer SAI which is available on the website viz. www.dspblackrock.com

• Non-acceptance of subscriptions from U.S. Persons and Residents of Canada in Schemes of the Fund

United States Person (U.S. Person), corporations and other entities organized under the applicable laws of the U.S. and Residents of CanadaasdefinedundertheapplicablelawsofCanadashouldnotinvest in units of any of the Schemes of the Fund and should note the following:a. No fresh purchases (including Systematic Investment Plans and

Systematic Transfer Plans) /additional purchases/switches in any Schemes of the Fund would be allowed. However, existing Unit Holder(s) will be allowed to redeem their units from the Schemes of the Fund. If an existing Unit Holder(s) subsequently becomes a U.S. Person or Resident of Canada, then such Unit Holder(s) will not be able to purchase any additional Units in any of the Scheme of the Fund.

b. All existing registered Systematic Investment Plans and Systematic Transfer Plans would be ceased.

c. For transaction from Stock Exchange platform, while transferring units from the broker account to investor account, if the investor has U.S./Canadian address then the transactions would be rejected.

d. In case the AMC/Fund subsequently indentifies that thesubscription amount is received from U.S. Person(s) or Resident(s) of Canada, in that case the AMC/Fund at its discretion shall redeem all the units held by such person from the Scheme of the Fund at applicable Net Asset Value.

9. Where can investors submit filled up applications?Applications can be submitted at any of the official points ofacceptance of transactions, the addresses of which are given at the end of this SID and updated list is available on the website of the Fund and the registrar. Investors can also submit their applications at theRegistrar’sofficeatNo.178/10,KodambakkamHighRoad,FirstFloor, Opp Hotel Palmgrove, Nungambakkam, Chennai - 600034. Tel: 044-2852 1596 / 0516, Fax: 044-4203 2952.

Stock brokers registered with recognized stock exchange and empanelledwiththeAMCshallalsobeconsideredas‘officialpointof Acceptance of Transaction’.

10. How to Apply?Please refer to the SAI and application form for details and instructions.

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11. Dematerialization Investors subscribing for the Units (other than by way of switch-

in) in any of the schemes of the Fund may opt to hold Units in dematerialized mode by filling and providing details of theirdemat account in the specified application form. Units shall beallotted in account statement form by default, unless the investors intimate their intention of holdingUnits in demat formbyfillinginthespecifiedapplicationform.Thisoptionshallbeavailableinaccordance with the provisions laid under the respective scheme(s) and in terms of guidelines/procedural requirements as laid by the depositories (NSDL/CDSL) from time to time.

Currently, the option to hold Units in demat form shall not be available to investors subscribing for Units under the daily/weekly dividend options under various schemes.

Investors intending to hold the Units in Demat form are required tohaveabeneficiaryaccountwiththeDepositoryParticipant(DP)registered with NSDL/CDSL and will be required to indicate in the specifiedapplicationform,theDP’sname,DP IDnumberandthebeneficiaryaccountnumberoftheUnitholderwiththeDP.Incasethe Demat account details are not provided or the details are incomplete or the details do not match with the records as per Depository(ies), Units will be allotted in account statement form. The sequence of names/pattern of holding as mentioned in the application form must be same as that in the demat account. Units shall be credited to the investors’ demat account only after the funds are credited into the Mutual Fund’s scheme(s) account to the satisfaction of the AMC. Units shall however, be allotted based on the applicable NAV as per the Scheme Information Document (SID) of the relevant schemes.

In case of credit of Units to depository account, applicants’ details like the mode of holding, bank account, correspondence address, payment bank, nomination etc. will be considered as appearing in the depository account for various purposes. For any subsequent change in static information like address, bank details, nomination etc. investors should approach their respective depository.

If the demat account details do not match with applicants’ name and order, units will be allotted in account statement form. Bank details in such cases shall be captured from the payment instrument provided by the investor. No further transactions shall be permitted in such folio till the KYC related documents or a valid depository account details are provided.

In case, the Unit holder desires to hold the Units in a Dematerialized/Rematerialized form at a later date, the request for conversion of units held in non-demat/ account statement form into Demat (electronic) form or vice-versa should be submitted alongwith a Demat/Remat Request Form to their Depository Participants. Rematerialization of Units will be in accordance with the provisions of SEBI (Depositories & Participants) Regulations, 1996 as may be amended from time.

Units held in demat form will be transferable subject to the provisions laid under the respective Scheme(s)/Plan(s) and in accordance with provisions of Depositories Act, 1996 and the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 as may be amended from time to time.

12. Allotment • Full allotment will be made to all valid applications received.

Allotment to NRIs/FIIs will be subject to RBI approval, if required. Subject to the SEBI (MF) Regulations, the AMC/Trustee may reject any application received in case the application is found invalid/incomplete or for any other reason in their sole discretion. All allotments will be provisional, subject to realisation of payment instrument and subject to theAMChavingbeenreasonablysatisfiedaboutreceiptofclearfunds. Any redemption or switch out transaction in the interim is liable to be rejected at the sole discretion of the AMC. In case of cheque returns, the Mutual Fund will send intimation to the investor by normal post/email within 15 days of the cheque return. The Mutual Fund will not be responsible for any loss or damage to the applicant on account of any delay in informing

him/her/it about the return of the cheque, where such delay is caused by the clearing mechanisms of banks and clearing houses involved in realization of cheques.

It is mandatory for NRIs to attach a copy of the payment cheque /FIRC/DebitCertificatetoascertain therepatriationstatusof the amount invested. NRI applicants should also clearly tick on account type as NRE or NRO or FCNR to determine the repatriation status of the investment amount. The AMC and the Registrar may ascertain the repatriation status purely based on the details provided in the application form under Investment and Payment details and will not be liable for any incorrect information provided by the applicants. Applicants will have to coordinate with their authorized dealers and banks to repatriate the investment amount as and when needed.

All applications and/or refunds that are rejected for any reason whatsoever will be returned by normal post within 15 days to the address as mentioned by the applicant.

The Mutual Fund reserves the right to recover from an investor any loss caused to the Schemes on account of dishonour of cheques issued by him/her/it for purchase of Units.

For investors who have given demat account details, the Units will be credited to the investor’s demat account after due verification and confirmation from NSDL/CDSL of the demataccount details and only after the funds are credited into the Mutual Fund’s scheme(s) account to the satisfaction of the AMC.

AllotmentconfirmationspecifyingthenumberofUnitsallottedshall be sent to the Unit holders at their registered e-mail address and/or mobile number by way of email and/or SMS within 5 Business Days from the date of receipt of transaction request.

13. Account Statements Under Regulation 36(4) of SEBI (Mutual Funds) Regulations, 1996, the

AMC/ RTA is required to send consolidated account statement for each calendar month to all the investors in whose folio transaction has taken place during the month. Further, SEBI vide its circular ref. no. CIR/MRD/DP/31/2014 dated November 12, 2014, in order to enable a single consolidated view of all the investments of an investor in Mutual Fund and securities held in demat form with Depositories, has required Depositories to generate and dispatch a single consolidated account statement for investors having mutual fund investments and holding demat accounts.

In view of the said requirements the account statements for transactions in units of the Fund by investors on or after February 1, 2015 will be dispatched to investors in following manner:

I. Investors who do not hold Demat Account• Consolidated account statement^, based on PAN of the holders,

shall be sent by AMC/ RTA to investors not holding demat account, for each calendar month within 10th day of the succeeding month to the investors in whose folios transactions have taken place during that month.

• Consolidated account statement shall be sent by AMC/RTAevery half yearly (September/ March), on or before 10th day of succeeding month, detailing holding at the end of the six month, to all such investors in whose folios there have been no transactions during that period.

^Consolidated account statement sent by AMC/RTA is a statement containingdetailsrelatingtoallfinancialtransactionsmadebyan investor across all mutual funds viz. purchase, redemption, switch, dividend payout, dividend reinvestment, systematic investment plan, systematic withdrawal plan, systematic transfer plan, bonus etc. (including transaction charges paid to the distributor) and holding at the end of the month.

II. Investors who hold Demat Account• Consolidated account statement^^, based on PAN of the

holders, shall be sent by Depositories to investors holding demat account, for each calendar month within 10th day of the succeeding month to the investors in whose folios transactions

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have taken place during that month.

• Consolidatedaccount statement shallbe sentbyDepositoriesevery half yearly (September/ March), on or before 10th day of succeeding month, detailing holding at the end of the six month, to all such investors in whose folios and demat accounts there have been no transactions during that period.

• In case of demat accounts with nil balance and no transactions in securities and in mutual fund folios, the depository shall send account statement in terms of regulations applicable to the depositories.

^^Consolidated account statement sent by Depositories is a statementcontainingdetailsrelatingtoallfinancialtransactionsmade by an investor across all mutual funds viz. purchase, redemption, switch, dividend payout, dividend reinvestment, systematic investment plan, systematic withdrawal plan, systematic transfer plan, bonus etc. (including transaction charges paid to the distributor) and transaction in dematerialised securities across demat accounts of the investors and holding at the end of the month.

Following provisions shall be applicable to CAS sent through AMC/ RTA and CAS sent through depositories:

a. Investors are requested to note that for folios which are not included in the CAS, AMC shall henceforth issue monthly accountstatementtotheunitholders,pursuanttoanyfinancialtransaction done in such folios; the monthly statement will be sent on or before tenth day of succeeding month. Such statements shall be sent in physical form if no email id is provided in the folio.

b. The statement sent within the time frame mentioned above is provisional and is subject to realisation of payment instrument and/or verification of documents, including the applicationform, by the RTA/AMC.

c. In the event the folio/demat account has more than one registeredholder,thefirstnamedUnitholder/Accountholdershall receive the CAS (AMC/RTA or Depository). For the purpose of CAS (AMC/RTA or Depository), common investors across mutual funds/depositories shall be identified on the basis ofPAN. Consolidation shall be based on the common sequence/order of investors in various folios/demat accounts across mutual funds / demat accounts across depository participants.

d. Investors whose folio(s)/demat account(s) are not updated with PAN shall not receive CAS. Investors are therefore requested to ensure that their folio(s)/demat account(s) are updated with PAN.

e. For Unit Holders who have provided an e-mail address in KYC records, the CAS will be sent by e-mail.

f. The Unit Holder may request for a physical account statement bywritingto/callingtheAMC/RTA.Incaseofaspecificrequestreceived from the unit holders, the AMC/RTA shall provide the account statement to the unit holders within 5 business days from the receipt of such request.

g. Account Statements shall not be construed as proof of title and are only computer printed statements indicating the details of transactions under the Schemes during the current financialyear and giving the closing balance of Units for the information of the Unit Holder.

h. Non-transferableUnitCertificateswillbesent,ifanapplicantso desires, within 5 Business Days of the receipt of a request forthecertificate.UnitCertificateswillnotbeissuedforanyfractional Units entitlement.

i. Units held, either in the form of Account Statement or Unit Certificates, are non-transferable. The Trustee reserves theright to make the Units transferable at a later date subject to SEBI (MF) Regulations issued from time to time.

14. Special facilities available(i) SIPInvestors can benefit by investing specific Rupee amountsperiodically, for a continuous period through SIP. SIP allows investors toinvestafixedamountofRupeesonspecificdateseverymonthor quarter by purchasing Units of a scheme at the Purchase Price prevailing at such time. In the case of DSPBRTSF Units allotted therein shall be locked-in for a period of three years from the date of allotment.

Investors can enroll themselves for SIP in the open ended schemes (except DSP BlackRock Liquidity Fund) (minimum 6 installments for DSPBRTSF and minimum 12 installments for all other schemes) by ticking theappropriatebox in theapplication formandfillingupthe relevant SIP form, specifying the Amount, Period and SIP Date as mentioned below:

1st, 7th, 10th, 14th, 15th, 21st, 25th or 28th as the case may be of the month.

Investors can opt for the SIP facility through various modes of payment, viz., ‘post dated cheques’, ‘ECS Debit’, ‘auto debit’, ‘standing instructions with banks’, approved Stock Exchange or any other facility as may be introduced by the AMC from time to time. However, AMC reserves the right to discontinue any existing payment facility without any prior notice and in such event, AMC will discontinue future SIPs under the said facility and will inform the investors via normal post.

Where the SIP facility is started by way of post dated cheques, the first chequemay be of a date earlier than the SIP Date and theAMC may at its discretion based on processing capability, process thefirsttransactionunderSIPonadatebeforetheSIPDate.Ifanycheque submitted under an SIP, bears a date different from the SIP Date opted for by the investor concerned, and such date succeeds the relevant SIP Date, the application is liable to be rejected. However, the Mutual Fund may, at its discretion, process such SIP cheque on the immediately succeeding 1st, 7th, 10th, 14th, 15th, 21st, 25th or 28th, of the month concerned/succeeding month, as the case may be.

SIP investment is also available through Stock Exchange Mechanism, currently MFSS system of NSE and BSE StAR MF platform and through any other platform as may be introduced by the AMC from time to time. An investor desiring to start SIP through MFSS of NSE can approach a NSE Trading Member (TM) / Participant to register SIP in the scheme of DSP BlackRock Mutual Fund and provide his demat account details for credit of units.

The AMC may change the terms and conditions for SIP from time to time, due to changing market and operational conditions. Investors are advised to check the latest terms and conditions from any of the officesoftheAMC,beforeinvesting.Also,termsandconditionsofvarious payment facilities will be mentioned in the SIP form.

Units will be allotted at the applicable NAV as on the SIP Date opted for by the investor. Where such SIP Date is not a Business Day, Units will be allotted at the applicable NAV of the immediately succeeding Business Day.

On receipt of the SIP form, the Registrar will send a letter to the Unit Holder confirming the registration details of SIP. For detailson provision pertaining to issue of account statement, Please see “Account Statements”.An investor will have the right to discontinue the SIP any time he/she/it so desires, subject to giving 30 days prior notice to the Registrar or OPAT.

All terms and conditions for SIP, including Exit Load, if any, prevailing in the date of SIP enrolment/registration by the Fund shall be levied in the Scheme.

SIP TOP-UP facility SIPTop-Upfacilityprovidesflexibilitytothe investorsto increase

the SIP installment over the tenure of the SIP.The key terms and conditions of SIP Top-Up facility are as under:i. SIP Top-Up is an additional facility available to investors

registering fresh SIP.

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ii. Under the SIP Top-Up facility, the unitholders are offered facility toincreasetheamountoftheSIPInstallmentbyafixedamountateachspecifiedpre-definedintervals.

iii. SIP Top-Up facility will be available under all Schemes/ Plans offering SIP facility.

iv. The minimum amount of increase under SIP Top-Up facility should be Rs. 500/- and in multiples of Re. 1 thereof.

v. For investors availing SIP Top-Up facility the maximum amount of SIP Installment including SIP Top-Up will be limited to Rs. 5,00,000/- (Rupees Five Lakhs).

vi. SIP Top-Up frequency in case of investors availing Monthly SIP facility will be half yearly and yearly. SIP Top-Up frequency in case of investors availing Quarterly SIP facility will be yearly. In case the SIP Top-Up frequency is not indicated under Monthly SIP, it will be considered as yearly interval.

vii. SIP Top-Up facility is currently available only for SIP registration and installment payments made directly with the fund and through modes like Electronic Clearing System (ECS)/Auto Debit/One Time Mandate (OTM) mode.

viii. SIP Top-Up facility is currently not available for SIP registration and installment being made by submission of Post dated cheques (PDCs) and where SIP is registered and installments are sent through Mutual Fund Utility(MFU), MFSS system of NSE or BSE StAR MF platform of BSE or any other platforms of these stock exchanges. As and when relevant systems are put in place, this facility will be automatically offered.

(ii) SWP

A Unit Holder may, through SWP, receive regular payments by way of withdrawals from a Scheme (in the said folio) on a weekly, monthly or quarterly basis and the request should be for at least 6 such withdrawals. A Unit Holder in DSPBRTSF, may avail this facility only after completion of the Lock-in Period of 3 years from the date of allotment. A Unit holder may avail of SWP by ticking the appropriate boxintheapplicationformandfillinguptheSWPform,specifyingtherein the ‘SWP Date’ and period. The SWP enrolment will be registeredwithinthreedaysofreceiptattheofficeoftheRegistrarin Chennai. Where the mode of holding is “any one or survivor”, any of the holders may issue an SWP instruction, as above, and such instruction shall be binding on all the co-owners. Unit Holders should note that they can opt for an SWP only if they have returned Unitcertificates,ifany,issuedtothem.

To start an SWP, the unit holder should submit the SWP form atleast sevendayspriortothefirstdesiredSWPdate.TodiscontinuetheSWP, the unit holder should provide atleast 30 days written notice totheRegistraratitsofficeinChennai.

A Unit Holder who opts for an SWP has the choice of withdrawing (i) afixedamountor(ii)anamountequaltotheperiodicappreciationon his/her/its investment in the Scheme from which the withdrawal is sought, as detailed below:

i) Fixed Amount

Underthisalternative,aUnitHoldermaywithdrawafixedamount of at least Rs. 500/- per transaction and the ‘SWP Date’forthewithdrawalwillbeasunder.However,thefirstwithdrawal may be of a date earlier than the SWP Date and the AMC may at its discretion based on processing capability, processthefirsttransactionunderSWPonadatebeforetheSWP Date.

ii) Appreciation

Under this alternative, a Unit Holder may withdraw on a weekly, monthly or quarterly basis, an amount equal to the weekly, monthly or quarterly appreciation, as the case may be, on his/her/its investment in the Scheme from which withdrawal is sought, provided the appreciation is at least Rs. 500/-. Therefore, the number of Units redeemed will be in proportion to the appreciation in investment over the week, month or quarter concerned, as the case may be. Where, in any week, month or quarter, there is no appreciation in investment, or the appreciation is less than

Rs. 500/-, the withdrawal, as mentioned above, will not be carried out.

ThefirstwithdrawalmaybeofadateearlierthantheSWPDate and the AMC may at its discretion based on processing capability,processthefirsttransactionunderSWPonadatebefore the SWP Date.

The‘SWPDate’canbe1st,7th,14th,21st,28thorallfivedatesoftheperiodconcerned.However,thefirstwithdrawalmay be of a date earlier than the SWP Date and the AMC may at its discretion based on processing capability, process thefirsttransactionunderSWPonadatebeforetheSWPDate.

In case the SWP Date happens to be a Non-Business Day, the transaction will be processed on the immediately succeeding Business Day. A Unit Holder will have the right to discontinue/modify the SWP any time he/she/it so desires, subject to giving 30 days prior notice to the Registrar. On the other hand, the Mutual Fund may terminate the SWP, if all the Units concerned are liquidated or withdrawn from the account or pledged or upon the Mutual Fund’s receipt ofnotificationofdeathorincapacityoftheUnitHolder.Inaddition to the above, the Mutual Fund may, at its discretion and without any notice, redeem the balance Units in the Scheme (in a particular folio) if the value of the balance Units in the Scheme (in a particular folio) falls below Rs. 1,000/- in case of any Plan and at least 6 months (3 years inthecaseofDSPBRTSF)haveelapsedsincehis/her/itsfirstinvestment in the relevant Plan. The Investment Manager may change the rules relating to this facility from time to time. All terms and conditions for SWP, including Exit Load, if any, prevailing in the date of SWP enrolment/registration by the fund shall be levied in the Scheme.

(iii) STP A Unit Holder may transfer, through STP, part of his/her/its

investment in that Scheme (in the said folio) to another Scheme on a weekly, monthly or quarterly basis and the request should be for at least 6 such transfers. In the case of DSPBRTSF, Unit Holder may do so, after completion of the Lock-in Period of 3 years from the Date of Allotment. The transfer will be effected by way of a switch, i.e. redemption of Units from one Scheme and investment of the proceeds thereof, in the other Scheme, at the then prevailing terms of both Schemes. Therefore, all provisions pertaining to Inter-Scheme Switching will apply to an STP (Please refer to “Switching” for detailed provisions on switching). Also, all provisions pertaining to Entry and Exit Load in an STP transaction will be same as applicable for purchase or redemption of investment made through SIP. All transactions by way of STP shall, however, be subject to the terms (other than minimum application amount) of the target Scheme.

All terms and conditions for STP, including Exit Load, if any, prevailing in the date of STP enrolment/registration by the fund shall be levied in the Scheme

A Unit Holder may avail of STP by ticking the appropriate box intheapplicationformandfillinguptheSTPform,specifyingtherein the ‘STP Date’ and period and the STP enrolment will beregisteredwithinthreedaysofreceiptattheofficeoftheRegistrar in Chennai. Where the mode of holding is “any one or survivor”, any of the joint holders may issue a systematic transfer instruction, as above, and such instruction shall be binding on all the joint owners. Unit Holders should note that they can opt for an STP only if they have returned Unit certificates, if any, issued to them.To start an STP, theUnitHolder should submit the STP form at least seven days prior to the desired STP date. To discontinue the STP, the Unit Holder should provide at least 30 days written notice to the Registrar atitsofficeinChennai.

A Unit Holder who opts for an STP has the choice of switching (i) a fixed amount or (ii) an amount equal to the periodic

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appreciation on his/her/its investment in the Scheme from which the transfer is sought, as detailed below:

i) Fixed Amount Under this alternative, a Unit Holdermay switch a fixed

amount of at least Rs. 500/- per transaction and the ‘STP Date’ for the switch will be as under. However, the firsttransfer may be of a date earlier than the STP Date and the AMC may at its discretion based on processing capability, processthefirsttransactionunderSTPonadatebeforetheSTP Date.

ii) Appreciation

Under this alternative, a Unit Holder may switch on a weekly, monthly or quarterly basis, an amount equal to the weekly, monthly or quarterly appreciation, as the case may be, on his/her/its investment in the Scheme from which transfer is sought, provided the appreciation is at least Rs. 500/- [Rs. 1,000/- for DSPBRBPDF]. Therefore, the number of Units transferred will be in proportion to the appreciation in investment over the week, month or quarter concerned, as the case may be. Where, in any week, month or quarter, there is no appreciation in investment, or the appreciation is less than Rs. 500/- [Rs. 1,000/- for DSPBRBPDF], the switch, as mentioned above, will not be carried out.

The ‘STP Date’ can be 1st, 7th, 10th, 14th, 15th, 21st, 25th and 28th or all eight dates of the month. Where the investor selects more than one date in the form, the individual STP will be registered for each such date with frequency as selected in the form.Thefirst transfermaybeofadateearlier than the STP Date and the AMC may at its discretion basedonprocessingcapability,processthefirsttransactionunder STP on a date before the STP Date.In case the STP Date happens to be a Non Business Day, the transaction will be processed on the day, which is the immediately succeeding Business Day for both the Schemes. A Unit Holder will have the right to discontinue/modify the STP any time he/she/it so desires, subject to giving 30 days prior notice to the Registrar. On the other hand, the Mutual Fund may terminate the STP, if all the Units concerned are liquidated or withdrawn from the account or pledged or upontheMutualFund’sreceiptofnotificationofdeathorincapacity of the Unit Holder. In addition to the above, the Mutual Fund may, at its discretion and without any notice, redeem the balance Units in the Scheme (in a particular folio) if the value of the balance Units in the Scheme (in a particular folio) falls below Rs. 1,000/- in case of any Plan and at least 6 months (3 years in the case of DSPBRTSF) have elapsed since his/her/its first investment in the relevantPlan. The Investment Manager may change the rules relating to this facility from time to time. All terms and conditions for STP, including Exit Load, if any, prevailing in the date of STP enrolment/registration by the fund shall be levied in the Scheme.Daily STP facility UnderDailySTP,theUnitHoldercanswitchafixedamountfrom any one scheme (Source Scheme) to any other scheme (Target Scheme) on a daily basis subject to exit load as applicable. The key terms and conditions of Daily STP facility are as under:i. Daily STP facility will be available under all Schemes/

Plans offering STP facility.ii. DailySTPfacilityoffersfacilitytotransferfixedamount

from one source scheme to another target scheme.iii. The minimum amount of transfer under Daily STP shall

be Rs. 500 and in multiples of Re. 1 thereof.iv. The minimum period for Daily STP shall be 6 days and

the maximum period shall be one year.v. Daily STP request should be submitted atleast 7

days before the STP start date i.e. ‘From Date’. If the difference between the submission date of STP

registration form and the STP start date is less than 7 days, then STP will start from the 7th day from the date of submission of STP request.

vi. In case the start date is not mentioned, the Daily STP shall start from the 7th day from the date of submission of valid STP registration form. In case the end date is not mentioned, the STP shall be registered for a period of one year.

vii. STP installment shall be processed only when it is a Business day for both source and target Schemes

Note: (i) SIP/SWP/STP facility is available only in the Regular

Plan of the Schemes and Institutional Plan of DSPBRSBF.

(ii) SWP and STP facilities are available/applicable to the investors in each plan of the Schemes.

(iii) DSPBRWAF, DSPBRWGF, DSPBRWEF, DSPBRWMF, DSPBRUSFEF and DSPBRNRNEF - The AMC/Trustee reserves the right to terminate the SIP/STP into the scheme without any notice, if the limits prescribed by SEBI for overseas investments by the Mutual Fund are exceeded/expected to be exceeded (currently, equivalent to US$ 600 mn.).

(iv) STP/SWP facilities are currently not available to investors who wish to transact through the stock exchange mechanism.

(v) Investors should mandatorily use the application form/SIP debit form & SIP/SWP/STP form in the Key Information Memorandum (KIM) booklet, and other standard forms available at the ISCs/www.dspblackrock.com, for any financial/non-financialtransactions. Any transaction received in any non standard form, is liable to be rejected.

(iv) Switching A switch has the effect of redemption from one scheme/

plan/option and a purchase in the other scheme/plan/option to which the switching has been done and the terms and conditions pertaining to sameare specifiedbelow. Inthe case of DSPBRTSF switching out of the Scheme shall be allowed only after completion of the Lock-in Period of 3 years from the Date of Allotment.

To effect a switch, a Unit Holder must provide clear instructions. Such instructions may be provided in writing or by completing the transaction slip/form attached to the account statement or telephonically by providing PIN number. The switch request can be made for any amount of Rs. 500/- or more. A Unit Holder may request switch of aspecifiedamountoraspecifiednumberofUnitsonly. Ifthe Unit Holderhasspecifiedboththeamount(inRs.)andthe number of Units, switch-out of units will be carried out basedonthenumberofunitsspecifiedbytheUnitHolder.

Requests for switching can be sent to the Mutual Fund through theOfficial points of acceptance of transactions.All switching requests received and time stamped upto 3:00 p.m. on any Business Day will be considered accepted on that Business Day, subject to the request being complete in all respects and provided the Day is a Business Day for both, the Scheme from which one is switching out and the Scheme into which one is switching in. When a switching request is receivedafter thecutoff time specifiedabove, then therequest will deemed to have been received on the next day which is a Business Day for both the Schemes.

All allotments will be provisional, subject to realisation of payment instrument and subject to the AMC having been reasonably satisfied that the Mutual Fund has receivedclear funds. Any redemption or switch out transaction in the interim is liable to be rejected at the sole discretion of the AMC. Investors may note that switch facility is currently not provided to investors who wish to transact through the stock exchange mechanism or hold units in demat form and will be provided as an when enabled on stock exchange

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platform.

Unit holders are requested to note that application for switch-out for units for which funds are not realized via purchase or switch-in in the scheme of the Fund shall be liable to be rejected. In other words, switch out of units will be processed only if the funds for such units are realized in the scheme by a way of payment instructions/transfer or switch-in funding process.

Further, all switch funding shall be in line with redemption funding timelines adopted by the concerned scheme i.e. if a scheme follows T+3 payout for redemption, the switch out funding should also be made on the T+3 and not earlier or later than T+3, where T is the day of transaction.

(a) Inter-Scheme Switching Unit Holders will have the option to switch all or part

of their investment in the Schemes, to any other Scheme(s) established by the Mutual Fund, which is are available for investment at that time. In the case of DSPBRTSF, this facility may be availed of only after the completion of a Lock-In-Period of 3 years from the date of allotment of Units. The switch will be effected by way of a redemption of Units from a Scheme and re-investment of the redemption proceeds in the other Scheme(s) selected by the Unit Holder at the prevailing terms of the Scheme to which the switch is taking place.

The price at which the Units will be switched out of the Schemes will be based on the Redemption Price on the Business Day of acceptance of switching request and the net proceeds will be invested in the other Scheme(s) at the prevailing Purchase Price for Units in that/those Scheme(s). Please see the clause on “Ongoing price for redemption (sale)/switch outs (to other Schemes/plans of the Mutual Fund)/intra-Plan switching by investors (Redemption Price)”.

(b) Inter-Plan Switching Unit Holders will have the option to switch all or part

of their investment(s) from one plan of a Scheme to the other plan of that Scheme. The switch will be effected by way of a redemption of Units of the relevant plan of a Scheme as per terms and conditions of redemption and re-investment of the redemption proceeds in the other plan of the Scheme selected by the Unit Holder on the prevailing terms of that Plan as a purchase as per purchase terms and conditions of purchase .

(c) Switch of units from Regular Plan/Institutional Plan to Direct Plan within the same scheme of the Fund:

i. Switch of investment from the Regular Plan/ Institutional Plan, where the transaction has been received with broker code (whether the investments were made before or after the Effective Date) to Direct Plan shall be subject to applicable exit load, if any. In such cases, after the switch, in case of subsequent redemption or switch-out to another scheme of the Fund, no exit load would be levied.

ii. No exit load shall be levied :

a) In case of switch of investment from Regular Plan/Institutional Plan, where transaction has been received without broker code (whether the investment were made before or after the Effective date) to Direct Plan.

b) In case of switch of investments from Direct Plan to Regular Plan/Institutional Plan (under which the subscription/switch in/SIP/STP-ins is available)

Such Switch may entail tax consequences. Investors/Unit Holder(s) should consult their professional tax advisor before initiating such requests.

(d) Inter-Option Switching Unit Holders have the option to switch all or part of

their investments from one Option of a Scheme/Plan to the other Option of the same Scheme/Plan. In the case of DSPBRTSF, this facility may be availed of only after the completion of a Lock-In-Period of 3 years from the date of allotment of Units.

The switch will be effected by way of a redemption of Units of the relevant Option and reinvestment of the redemption proceeds in the other Option selected by the Unit Holder on the prevailing terms of that Scheme/Plan. The price at which the Units will be switched out will be at the Applicable NAV on the Business Day of acceptance of switching request and the net proceeds will be invested in the other Option at the Applicable NAV of that Option.

(v) Personal Identification Number (PIN) For the convenience of investors/Unit Holders, the Fund

provides the facility of transacting in various electronic modes like through telephone and internet. The Fund may start facility of transacting through any other electronic mode as may be suitable and available in due course of time. To use these facilities, a Unit Holder needs to have a secured PIN.

For PIN related terms and conditions, investors are requested to refer the PIN Form available at the OfficialPoint of Acceptance of AMC/ CAMS, Registrar & Transfer Agent of the Fund and also available on www.dspblackrock.com.

Investors are requested to note that the AMC reserves the right to amend the terms and conditions, or modify, or discontinue the Facility for eligible as well as prospective investors at anytime in future.

(vi) Pledge of Units for Loans Units can be pledged by the Unit Holders as security for

raising loans, subject to any rules/restrictions that the Trustee may prescribe from time to time. In the case of DSPBRTSF, this facility may be availed of only after the completion of a Lock-In-Period of 3 years from the date of allotment of Units.

For Units held in demat form, the rules of the respective DP will be applicable for pledge of the Units. Units held in demat form can be pledged by completing the requisite forms/formalities as may be required by the Depository. The pledge gets created in favour of the pledgee only when the pledgee’sDPconfirmsthecreationofpledgeinthesystem.

In case of Units held in physical form, the Registrar will note and record such pledge. A standard form for this purpose is available at anyof theofficial points of acceptanceoftransactions and on www.dspblackrock.com.

(vii) DTPUnit holders under the Regular Plan/Institutional Plan & Direct Plan (wherever applicable) and Dividend Options(s) (other than Daily Dividend Reinvest sub-option) of all the open ended schemes of the Mutual Fund can opt to transfer their dividend to any other option under the Regular Plan/Institutional Plan & Direct Plan (wherever applicable) (other than Daily Dividend Reinvest sub-option) of all the open-ended schemes of the Mutual Fund by availing the facility of Dividend Transfer Plan (DTP).

Under DTP, dividend as & when declared (as reduced by the amount of applicable statutory levy) in the transferor scheme (subject to minimum of Rs.500/-) will be automatically invested without any exit load into the transferee scheme, as opted by the Unit holder. Such transfer will be treated as fresh subscription in the transferee scheme and invested at the Applicable NAV on the Business Day immediately following the record date, subject to terms and conditions

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applicable to the transferee scheme.

Investors may further note the following with respect to availing of the DTP facility:

a. Enrolment under the DTP facility will automatically override any previous instructions for ‘Dividend Payout’ or ‘Dividend Reinvestment’ option in the transferor scheme.

b. The Minimum amount of dividend eligible for transfer under Dividend Transfer Plan is Rs.500/- (Rupees Five Hundred Only). If the dividend amount in the Source Scheme is less than Rs.500/- the dividend will be automatically reinvested in the Source Scheme itself and will not be transferred.

c. The provision for ‘Minimum Application Amount’ specified in the respective transferee scheme’s SIDwill not be applicable under DTP.

d. There will be no entry and/or exit load with respect to units invested via dividend transfer plan.

e. The Account Statement will be issued by mail or by email (if email id is provided by investor) within 30 days of dividend transfer.

f. The enrolment for DTP facility will be for all units under the respective Dividend option of the transferor scheme and will supersede any “Payout Dividend/Reinvest Dividend” sub option request given by the investor prior to DTP enrolment or even later by way of additional investment or switch or a normal letter to change dividend sub-option. Instructions for part Dividend Transfer and part Dividend Payout/Dividend Reinvestment will not be accepted.

g. The enrolment to avail of DTP facility has to be specified for each Scheme/Plan/ Option separatelyvia separate forms and not at the folio level.

h. Unit holders who wish to enroll for the DTP facility are required to fill DTP Enrollment Form availablewith the ISC’s, distributors/ agents and also available on the website www.dspblackrock.com. The DTP Enrolment Form should be completed in English in Block Letters only. Please tick the appropriate box, where boxes have been provided. The DTP Enrolment Form complete in all respects should be submitted at any of the Investor Service Centres (ISCs) of the registrar or of DSP BlackRock Mutual Fund. Requests may not be processed in case of incomplete/ambiguous/improper/incorrect details in DTP enrolment/cancellation form.

i. DTP enrolment will be registered by the registrar within seven business days of a valid request received at their head office in Chennai. Hence investorsshouldsubmittheDTPenrolmentrequestsufficientlyin advance. Any dividend declared between the time of form submission at investor service centre and registration of DTP by the registrar will not be transferred to the target scheme and existing dividend sub option applicable to the units of the scheme will be applied. Once the request for DTP is registered, then it shall remain in force unless it is terminatedbyaspecificcancellationrequestinthedesignated form.

j. Unit holders will have the right to discontinue/cancel the DTP facility at any time by sending a written notice to the registrar in a designated DTP cancellation Form. Request for cancellation of DTP will be registered by the Registrar within 7 business daysofavalidrequestreceivedattheirheadofficein Chennai. Any dividend declared between the time of cancellation form submission at investor service centre and cancellation of DTP by the Registrar will be transferred to the target scheme. DTP Cancellation

request in any form other than the designated form may not be entertained by the Mutual Fund and such request is liable for rejection.

k. At the time of discontinuation of DTP facility, the unit holders should indicate their choice of option i.e. dividend reinvestment or dividend payout. In the event the Unitholder does not indicate his choice of dividend option, the dividend, if any, will be reinvested in the Source Scheme.

l. It is expressly clarified that the dividends sotransferred and invested in target scheme shall be constructive payment of dividends to the Unit holders and constructive receipt of the same amount from each Unit holder for reinvestment in units of other scheme.

m. The dividend amount transferred would be would be treated as switch-in / subscription transaction in the target scheme and will be liable to PAN and KYC provisions as may be applicable.

n. The enrolment for DTP facility can only be made for all units under the respective Dividend Plan/ option of the transferor scheme

o. The AMC reserves the right to change/ modify the terms and conditions of the DTP including eligible schemes without assigning any reason thereof. If DTP facility is withdrawn from any source scheme or target scheme, all investors who have applied for DTP will be converted into dividend re-investment option in source scheme and will be intimated by post.

p. Unit holders are advised to read the Scheme Information Document(s) of transferee scheme carefully before investing.

(viii) My Target Value Savings Account Facility My Target Value Savings Account is a unique facility

beingofferedbytheFundwherebyinvestorscandefineaspecificTargetValueandinvest inanyoftheexistingscheme of the Mutual Fund either by way of SIP or by way of lump sum investment, in a unique account viz. “My Target Value Savings Account” created for the purpose.

For complete details of the scheme/plan/option, terms and conditions of this Facility, Investors are requested to refer Key Information Memorandum (‘KIM’) of My Target Value SavingsAccount available at theOfficial Point ofAcceptance of AMC of the Fund and also available on www.dspblackrock.com.

Investors are requested to note that the AMC reserves the right to amend the terms and conditions, or modify, or discontinue the Facility for eligible as well as prospective investors at anytime in future.

(ix) OTM – One Time Mandate (‘Facility’) This Facility enables the Unit Holder/s of DSP BlackRock

Mutual Fund (‘Fund’) to transact with in a simple, convenient and paperless manner by submitting OTM - One Time Mandate registration form to the Fund which authorizes his/her bank to debit their account up to a certainspecifiedlimitperday,asandwhentheywishtotransact with the Fund, without the need of submitting cheque or fund transfer letter with every transaction thereafter.

This Facility enables Unit holder(s) of the Fund to start Systematic Investment Plan (SIP) or invest lump sum amounts in any Scheme of the Fund by sending instructions through Transaction forms, online facility, Short Messaging Service (‘SMS’)/call from their registered mobilephonenumberonadedicatednumberspecifiedbythe AMC. This Facility is only available to Unit holder(s) of the Fund who have been assigned a folio number by the AMC.

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W.e.f. December 16, 2013, Unit Holder/s who were registered under m-Invest facility will automatically got registered under this Facility. Unit Holders are requested to note that the m-Invest facility is discontinued by AMC effective from December 16, 2013 onwards.

Unit Holder(s) are requested to note that the AMC reserves the right to amend the terms and conditions, or modify, or discontinue the Facility for existing as well as prospective investors at anytime in future.

For general terms and conditions and more information, Unit holder(s) are requested to read Terms and Conditions, OTM - One Time Mandate registration form available at the Official Point of Acceptance of AMC, CAMS (Registrar & Transfer Agent of the Fund) and also available on www.dspblackrock.com.

15. Listing and transfer of unitsThe Schemes are open ended and the Units are not proposed to be listed on any stock exchange. However, the Mutual Fund may, at its sole discretion, list the Units on one or more Stock Exchanges at a later date, and thereupon the Mutual Fund will make suitable public announcement to that effect.

The Mutual Fund will offer and redeem the Units on a continuous basis during the Continuous Offer Period. However, in the case of DSPBRTSF, the Mutual Fund will provide for redemption of Units on a continuous basis only after completion of the Lock-in Period of 3 years from the date of allotment.

Units of the Schemes held in account statement (non-demat) form shall be non-transferable. However, if a person becomes a holder of the Units consequent to operation of law or upon enforcement of a pledge, the Mutual Fund will, subject to production of satisfactory evidence, effect the transfer, if the transferee is otherwise eligible to hold the Units. Similarly, in cases of transfers taking place consequent to death, insolvency etc., the transferee’s name will be recorded by the Mutual Fund subject to production of satisfactory evidence. Further, for units of the Schemes held in electronic (demat) form, the Units will be transferable (in terms of SEBI circular no. CIR/IMD/DF/10/2010 dated August 18, 2010) and will be subject to the transmission facility in accordance with the provisions of SEBI (Depositories and Participants) Regulations, 1996 as may be amended from time to time.

16. Transactions Through Channel Distributors Investors may enter into an agreement with certain distributors

(with whom AMC also has a tie up) referred to as “Channel Distributors” who provide the facility to investors to transact in units of mutual funds through various modes such as their website / other electronic means or through Power of Attorney in favour of the Channel Distributor, as the case may be.

Under such arrangement, the Channel Distributors will aggregate the details of transactions (viz. subscriptions/ redemptions/switches) of their various investors and forward the same electronically to the AMC / RTA for processing on daily basis as per the cut-off timings applicable to the relevant schemes. The Channel Distributor is required to send copy of investors’ KYC and agreement entered into between the investor & distributor to the RTA (one time for central record keeping) as also the transaction documents / proof of transaction authorization as the case may be, to the AMC / RTA as per agreed timelines.

Normally, the subscription proceeds, when invested through this mode,arebywayofdirectcreditstothespecifiedbankaccountof DSP BlackRock Mutual Fund. The redemption proceeds(subject to deduction of tax at source, if any) and dividend payouts, if any, are paid by the AMC to the investor directly through direct credit in the bankaccountoftheinvestorspecifiedbythedistributororthroughissuance of payment instrument, as applicable

In case KYC and other necessary documents are not furnished within the stipulated timeline, the transaction request shall be liable to be rejected or the folio will be locked for future subscriptions/switches. The Mutual Fund, the AMC, the Trustee, along with their

directors, employees and representatives shall not be liable for any errors, damages or losses arising out of or in connection with the transactions undertaken by investors or as provided by the distributors through the above mode.

It may be noted that investors investing through this mode may also approach the AMC / ISC directly with their transaction requests (financial/non-financial)oravailoftheonlinetransactionfacilitiesoffered by the AMC.

17. Subscription Of Units Through Electronic ModeSubject to the investor fulfilling certain terms and conditionsas stipulated by AMC from time to time, the AMC, Mutual Fund, Registrar or any other agent or representative of the AMC, Mutual Fund, the Registrar (“Recipient”) may accept transactions through any electronic mode (fax/web/telephonic/mobile/SMS texts/electronic transactions) (“Electronic Transactions”). The acceptance of Electronic Transactions will be solely at the risk of the investor and the Recipient shall not in any way be liable or responsible for any loss, damage caused to the investor directly or indirectly, as a result of the investor sending or purporting to send such transactions including where such transaction sent / purported to be sent is not processed on account of the fact that it was not received by the Recipient.

The investor acknowledges that Electronic Transaction is not a secure means of giving instructions / transactions requests and that the investor is aware of the risks involved including those arising out of such transmission being inaccurate, imperfect, ineffective, illegible, having a lack of quality or clarity, garbled, altered, distorted, not timely etc. The investor’s request to the Recipient to act on Electronic Transaction is for the investor’s convenience and the Recipient is not obliged or bound to act on the same. The investor authorizes the recipient to accept and act on any Electronic Transaction which the recipient believes in good faith to be given by the investor and the recipient may at its discretion treat any such transaction as if the same was given to the recipient under the investor’s original signature.

In case there is any difference between the particulars mentioned in the fax/ web/ electronic transmission received as against the original document which may be received thereafter, the Recipient shall not be liable for any consequences arising therefrom.

The investor agrees that the recipient may adopt additional security measuresincludingsignatureverification,telephonecallbacksoracombination of the same, which may be recorded and the investor consents to such recording and agrees to co-operate with the recipient to enable confirmation of such transaction requests. Inconsideration of the Recipient from time to time accepting and at its sole discretion (including but not limited to the AMC extending / discontinuing such facilities from time to time) acting on any Electronic Transaction request received / purporting to be received from the investor, the investor agrees to indemnify and keep indemnifiedtheAMC,Directors,employees,agents,representativesof the AMC, Mutual Fund and Trustees from and against all actions, claims, demands, liabilities, obligations, losses, damages, costs and expenses of whatever nature (whether actual or contingent) directly or indirectly suffered or incurred, sustained by or threatened against the indemnifiedpartieswhatsoever arising fromor in connectionwithoranyway relating to the indemnifiedparties ingood faithaccepting and acting on Electronic Transaction requests including relying upon such transaction requests purporting to come from the investor even though it may not come from the Investor. The AMC reserves the right to modify the terms and conditions or to discontinue the facility at any point of time.

18. Redemption

Units can be redeemed (sold back to the Mutual Fund) at the relevant Redemption Price. The redemption requests can be made on the pre-printed forms (transaction slip/common transaction form) or by using the form at the bottom of the account statement. The redemption requestcanbesubmittedatanyoftheOfficialPointsofAcceptanceoftransaction,thedetailsofOfficialPointsofAcceptancearementionedat the end of this SID. As all allotments are provisional, subject to realisation of payment instrument and subject to the AMC having been

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reasonably satisfiedthat theMutualFundhas receivedclear funds,any redemption or switch out transaction in the interim is liable to be rejected at the sole discretion of the AMC.

The Redemption request can be made for any amount of Rs. 500/- or more.AUnitHoldermayrequestredemptionofaspecifiedamountoraspecifiednumberofUnitsonly.IftheredemptionrequestismadeforaspecifiedamountandthenumberofUnits isalsospecifiedbytheUnitHolder,thenumberofUnitsspecifiedwillbeconsideredfordeciding the redemption amount. Unit Holders may also request for redemption of their entire holding and close the account by indicating the same at an appropriate place in the transaction slip/common transaction form.

Unit Holders of DSPBRTSF can redeem their Units at the Redemption Price only after the expiry of three years from the date of allotment of Units. It may, however, be noted that in the event of death of the Unit Holder, the nominee or legal heir, (subject to production of requisite documentary evidence to the satisfaction of the AMC) as the case may be, shall be able to redeem the investment only after the completion of one year or any time thereafter, from the date of allotment of the Units to the deceased Unit Holder.

In case an investor has purchased Units on more than one day (either under the NFO Period or through subsequent purchases) the Units purchasedfirst(i.e.thoseUnitswhichhavebeenheldforthelongestperiodoftime),willbedeemedtohavebeenredeemedfirst,i.e.ona First-In-First-Out basis.

In case the Units are standing in the names of more than one Unit Holder, where mode of holding is specified as Joint redemptionrequests will have to be signed by all joint holders. However, in cases of holding specified as ‘Anyone or Survivor’, any one of the UnitHolders will have the power to make redemption requests, without it being necessary for all the Unit Holders to sign. However, in all cases,theproceedsoftheredemptionwillbepaidtothefirst-namedholder only.

Redemption or repurchase proceeds shall be dispatched to Unit Holders within 10 Business Days from the date of acceptance of redemption or repurchase. However, under normal circumstances, the Mutual Fund will endeavour to despatch the redemption proceeds, by

courier, where such facilities are available, as tabled under:

Scheme

Number of days from the date of acceptance of the redemption request at any of the official points of acceptance of transaction

DSPBRCM10YGF, DSPBREF, DSPBRBF, DSPBRBalF, DSPBRMMF, DSPBRSBF, DSPBRTSF, DSPBRSMF, DSPBRTF, DSPBROF, DSPBRTEF, DSPBRITF, DSPBRNRNEF and DSPBRF25F

3 Business Days

DSPBRGF, DSPBRTBF DSPBRMIPF and DSPBRIOF

2 Business Days

DSPBRBPDF, DSPBRGAF DSPBRWAF, DSPBRWGF, DSPBRWEF, DSPBRWMF, DSPBRUSFEF and DSPBRDAAF

5 Business Days

DSPBRLF , DSPBRSTF and DSPBRUSTF

1 Business Day

DSPBRMCF 10 Business Days

The Mutual Fund however, reserves the right to despatch the redemption proceeds beyond the above-mentioned number of days. Unit Holders are encouraged and advised to submit their requests for bank mandate/ Multiple Bank Accounts Registration request atleast 10 business days prior to date of redemption / dividend payment, if any. The AMC reserves the right to extend/modify the timelines on a case to case basis.

The redemption payment will be issued in favour of the sole/first Unit Holder’s registered name and bank account number, ifprovided. Payment via cheque, where issued, will be sent to the addressofthesole/firstHolderregisteredwiththefundatthetimeof dispatch entirely at the risk of the unit holder. The redemption cheque/demand draft will be payable at par at all the places where theofficialpointsofacceptanceoftransactionare located.Bankcharges for collection of redemption proceeds will be borne by the Unit Holder. With a view to safeguarding their interest, it is mandatory that Unit Holders indicate their Bank Account No., name of the bank and branch in the application for purchasing Units of the Schemes. A fresh account statement will also be sent/emailed to redeeming investors, indicating the new balance to the credit in the account, along with the redemption cheque.

The Mutual Fund may, at its discretion and without any notice, redeem the balance Units in the Scheme (in a particular folio) if the value of the balance Units in the Scheme (in a particular folio) falls below Rs. 1,000/- and in case of DSPBRTSF if the value falls below Rs. 500/- and at least 6 months (3 years in the case of DSPBRTSF) haveelapsedsincehis/her/itsfirstinvestmentintherelevantPlan.The Investment Manager may change the rules relating to this facility from time to time.

Unit holders are requested to note that application for redemption or switch out for units for which funds are not realized via purchase or switch-in in the scheme of the Fund shall be liable to be rejected. In other words, redemption of units will be processed only if the funds for such units are realized in the scheme by a way of payment instructions/transfer or switch-in funding process.

The proceeds towards redemptions and dividends will be despatched by a reasonable mode of despatch like courier, post, UCP, etc. in case of cheque/demand draft or directly credited to the bank account (as per the details mentioned by the investor), entirely and solely at the risk of the investor. The Mutual Fund will endeavour to remit redemption proceeds via electronic means, as made available by RBI. Where such electronic means are not available or feasible under any circumstances, the Mutual Fund will remit the redemption proceeds by way of cheques. The investor will not hold the Mutual Fund or the AMC or the Registrar responsible for any non-receipt or delay of receipt of redemption & dividend proceeds due to any negligenceordeficiencyinservicebythecouriercompany,postalauthorities or the bank executing direct credits, or due to incorrect bank account details provided by the investor.

Redemption by NRIs and FIIsCredit balances in the account of an NRI/FII investor may be redeemed (subject to completion of 3 years Lock-in Period for DSPBRTSF) by such investors in accordance with the procedure described above and subject to the procedures laid down by RBI, if any. Such redemption proceeds will be paid by means of a Rupee cheque payable to the NRI’s/FIIs or by a foreign currency draft drawn at the then rates of exchange less bank charges, subject to RBI procedures and approvals.

Impact of STT on Redemption STT is levied on the sale of a unit of an equity-oriented scheme to the Mutual Fund. The responsibility for the collection of STT and payment to the credit of the Government is with the Mutual Fund. The rates of STT is as follows:

Nature of transaction Rate of STTSale of units of an equity-oriented fund to the Mutual Fund

0.001%*

* W.e.f. June 1, 2013STT = 0.001% x Applicable NAV x Number of Units

Illustration: (a) If an investor redeems 1,000 Units of a Scheme at a Redemption

Price of Rs. 12.000 per Unit, the STT will be 0.001% x 1,000 x 12 or Rs. 0.12/-. The net redemption proceeds will amount to Rs. 11,999.88/- (Rs. 12,000 Ð Rs. 0.12).

(b) If an investor request for redemption of Rs. 12,000/- worth of Units at a Redemption Price of Rs. 12.000/- per Unit, the

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STT will be 0.001% x 12,000 or Rs. 0.12/-. To recover the STT, redemption will be done for an amount of Rs. 12,000.12/- (Rs. 12,000 + Rs. 0.12) i.e. 1000.01 Units (12,030/12).

Effect of Redemption On redemption, the unit capital and reserves will stand reduced by an amount equivalent to the product of the number of Units redeemed and the Redemption Price as on the date of redemption. Units once redeemed will be extinguished and will not be re-issued.

Fractional UnitsSince a request for purchase is generally made in Rupee amounts and not in terms of number of Units of the Schemes, a Unit Holder may be left with fractional Units. Fractional Units will be computed and accounted for up to three decimal places. However, fractional Units will, in no way, affect the Unit Holder’s ability to redeem the Units, either in part or in full, standing to his/her/its credit.

Redemption by investors transacting through the Stock Exchange mechanismInvestors who wish to transact through the stock exchange shall place orders for redemptions as currently practiced for secondary market activities. Investors must submit the Delivery Instruction Slip to their Depository Participant on the same day of submission of redemption request,withinsuchstipulatedtimeasmaybespecifiedbyNSE/BSE,failing which the transaction will be rejected. Investors shall seek redemption requests in terms of number of Units only and not in Rupee amounts. Investor shall receive redemption amount through Broker/Clearing Member’s account. The AMC/Mutual Fund shall pay proceeds to the Broker/ Clearing Member and Broker/ Clearing Member in turn to the respective investor’s account. Refer “Trading in Units through Stock Exchange mechanism”, for detailed provisions.

Redemption by investors who hold Units in dematerialized formRedemption request for Units held in demat mode shall not be accepted at the offices of the Mutual Fund/AMC/Registrar. Unitholders shall submit such request only through their respective Depository Participant or through stock exchange platforms.

19. Delay in payment of redemption / repurchase proceedsAs per SEBI (MF) Regulations, the Mutual Fund shall despatch the redemption proceeds within 10 Business Days from the date of acceptance of redemption request. In the event of delay/failure to despatch the redemption/repurchase proceeds within the aforesaid 10 Business Days, the AMC will be liable to pay interest to the Unit HoldersatsuchrateasmaybespecifiedbySEBIfortheperiodofsuch delay (currently @ 15% per annum).

20. Dividend WarrantsDividend warrants shall be dispatched to the Unit Holders within 30 days of the date of declaration of the dividend. In the event of delay/failure to despatch the dividend warrants within the aforesaid 30 days, the AMC will be liable to pay interest to the Unit HoldersatsuchrateasmaybespecifiedbySEBIfortheperiodofsuch delay (currently @ 15% per annum).

21. Minimum balance to be maintained and consequences of non maintenanceThe value of the balance units in the Scheme (except DSPBRTSF) (in a particular folio) to be maintained by the Unit holders shall be Rs. 1,000/- and in case of DSBRTSF it shall be Rs. 500/-.

The Mutual Fund may, at its discretion and without any notice, redeem the balance Units in the Scheme (in a particular folio), if the value of such balance Units falls below Rs. 1000/- and not less than 6 months (Rs. 500/- and 3 years in the case of DSPBRTSF) have elapsedsincehis/her/itsfirstinvestmentintheScheme.

Further, if an investor makes a redemption request few days after purchaseofUnits,tillclearanceoffundsisidentified,theMutualFund shall have the right to reject the redemption request until such time as the Mutual Fund ensures that the amount remitted by the investor (for purchase of Units) is realized and that the proceeds have been credited to the Scheme’s Account. However, this is only applicable if the value of redemption is such that some

or all of the freshly purchased Units may have to be redeemed to effect the full redemption.

22. Restrictions, if any, on the right to freely retain or dispose off Units being offeredThe Trustee may, in the general interest of Unit Holders, keeping in view the unforeseen circumstances/unusual market conditions, limit the total number of Units which may be redeemed on any Business Day to 5% of the total number of Units then in issue under the Schemes (or such higher percentage as the Trustees may determine).

Any Units, which by virtue of these limitations are not redeemed on a particular Business Day, will be carried forward for redemption to the next Business Day, in order of receipt. Redemptions so carried forward will be priced on the basis of the Redemption Price of the Business Day or Non Business Day (if and as applicable) on which redemption is made. Under such circumstances, to the extent multiple redemption requests are received at the same time on a single Business Day, redemptions will be made on pro-rata basis, based on the size of each redemption request, the balance amount being carried forward for redemption to the next Business Day(s).

Also, in the event of an order being received from any regulatory authority/body, directing attachment of the Units of any investor, redemption of Units will be restricted in due compliance of such order.

23. Process for change of address The self attested copies of the following documents shall be submittedalongwithdulyfilled in “Changeof address form/KYCupdation form (with PAN card copy)”:

(i) Proof of new address (‘POA’); and

(ii) Proof of identity (“POI”): Only PAN card copy shall be considered or other proof of identity for PAN exempt cases.

AMC reserves the right to collect proof of old address on a case to case basis while effecting the change of address.

The self attested copies of above stated documents shall be submittedalongwithoriginal forverificationatanyof theAMC’sbranches /Investor Service Center’s of CAMS. In case, the original of any documents are not produced for verification, then thecopiesshouldbeproperlyattested/verifiedbyentitiesauthorizedfor attesting / verification of the documents. List of admissibledocuments for POA & POI mentioned in SEBI Circular MIRSD/SE/Cir - 21 / 2011 dated October 05, 2011 shall be considered.

24. Bank MandateIt is mandatory for every applicant to provide the name of the bank, branch, address, account type and number as per requirements laid down by SEBI and any other requirements stated in the Application Form without these details will be treated as incomplete. Such incomplete applications will be rejected. The Registrar / AMC may ask the investor to provide a blank cancelled cheque or its photocopy for the purpose of verifying the bank account number.

Investor(s) or /Unit Holder(s) are requested to note that any one of the following documents shall be submitted by the investor(s) or /Unit Holder(s), in case the cheque provided along with fresh subscription/new folio creation does not belong to the bank mandatespecifiedintheapplicationform:

1. Original cancelled cheque having the First Holder Name printed on the cheque [or]

2. Original bank statement reflecting the First Holder Name, BankAccountNumberandBankNameasspecifiedintheapplication[or]

3. Photocopy of the bank statement / bank pass book duly attested by the bank manager and bank seal preferably with designation and employee number [or]

4. Photocopy of the bank statement / passbook / cancelled cheque copy duly attested by the AMC/ CAMS branch officials afterverification of original bank statement / passbook / chequeshown by the investor or their representative [or]

5. Confirmation by the bank manager with seal, on the bank’sletter head with name, designation and employee number confirmingtheinvestordetailsandbankmandateinformation.

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Where such additional documents are not provided for the verificationofbankaccountforredemptionordividendpayment,the AMC reserves the right to capture the bank account used towards subscription payment for the purpose of redemption and dividend payments.

A. Multiple Bank Accounts Registration Facility: In compliance to AMFI Best Practice Guidelines, AMFI circular

No. 17/10-11 dated October 22, 2010, the Mutual Fund offers its unitholder facility to register multiple bank accounts for pay-in & payout purposes and designate one of the registered bank account as ‘Default Bank Account’. Individuals, HUFs, Sole proprietorfirmscanregisteruptofivebankaccountsandanon-individual investor can register upto ten bank accounts in a folio. This facility can be availed by using a designated ‘Bank Accounts Registration Form’ available at Investor Service Centers and RegistrarandTransferAgent’soffices.

In case of first time investors, the bank account mentionedon the purchase application form, will be treated as default bank account till a separate request to register multiple bank accounts and change the default bank account to any of other registered bank account is submitted by such investor. Registered bankaccountsmayalsobeusedforverificationofpay-ins(i.e.receiving of subscription funds) to ensure that a third party payment is not used for mutual fund subscription. The default bank account will be used for all dividends and redemptions payouts unless Unit holder(s) specifies one of the existingregistered bank account in the redemption request for receiving redemption proceeds. However, in case Unit holder(s) do not specify the default account, the Mutual Fund reserves the right to designate any of the registered bank accounts as default bank account.

New bank accounts can only be registered using the designated “Bank Accounts Registration Form”. If Unit holder(s) provide a new and unregistered bank mandate or a change of bank mandate requestwithspecificredemption/dividendpaymentrequest(withor without necessary supporting documents), such bank account will not be considered for payment of redemption/dividend proceeds, or the Mutual Fund withhold the payment for upto 10 calendar days to ensure validation of new bank mandate mentioned.

Any request without the necessary documents will be treated invalidandwillnotbeacteduponandanyfinancialtransaction,including redemptions, will be carried with the previously registered details only. Valid change of bank mandate requests with supporting documents will be processed within ten days ofdocumentsreachingtheheadofficeoftheRegistrarandanyfinancial transaction request received in the interim will becarried based on the previously registered details.

This facility is however not available to investors holding Units in dematerialized mode. For such investors bank account details as registered with their respective depository participant shall be considered for various purposes

B. Change in Bank Account mandate along with Redemption / Dividend proceeds: Please note the following important points related to payment of redemption/ dividend proceeds:

(i). Proceeds of any redemption/dividend will be sent only to a bank account that is already registered and validated in the folio at the time of redemption / dividend processing.

(ii). Unit holder(s) may choose to mention any of the existing registered bank accounts with redemption /dividend payment request for receiving redemption/dividend proceeds. If no registered bank account is mentioned, default bank account will be used.

(iii). If unit holder(s) provide a new and unregistered bank mandate or a change of bank mandate request with a specific redemption / dividend payment request (withor without necessary supporting documents) such bank account may not be considered for payment of redemption/dividend proceeds, or the Mutual Fund may withheld the payment for upto 10 calendar days to ensure validation of new bank mandate mentioned.

Any request without the necessary documents will be treatedinvalidandwillnotbeacteduponandanyfinancialtransaction, including redemptions, will be carried with the previous details only. Valid change of bank mandate requests with supporting documents will be processed within tendaysofdocuments reaching theheadofficeoftheRegistrarandanyfinancialtransactionrequestreceivedin the interim will be carried based on the previous details.

25. Suspension of Sale/Switches into DSPBRGAF, DSPBRWAF, DSPBRWGF, DSPBRWMF, DSPBRWEF, DSPBRNRNEF and DSPBRUSFEF under special circumstancesIn the case of DSPBRGAF, DSPBRWAF, DSPBRWGF, DSPBRWMF, DSPBRWEF, DSPBRNRNEF and DSPBRUSEF the AMC/Trustee reserves the right to temporarily suspend subscription in/switches into the Scheme, if the limit prescribed by SEBI for overseas investments by all schemes of the Mutual Fund put together (currently equivalent to US$ 600 mn) is exceeded/expected to exceeded.

26. Temporary suspension of subscription/ Winding up of the Scheme in case exposure to India equity by Underlying Fund exceeds 15% of the net asset of Underlying Fund

In case of DSPBRGAF there will temporary suspension of subscription/ Winding up of the Scheme in case exposure to India equity by Underlying Fund exceeds 15% of the net asset of Underlying Fund:

(i) In case the exposure to Indian equities through BGF-GAF or through other similar funds (Underlying schemes) in which the Scheme invest exceeds 15 % of the net assets of Underlying schemes as the case may then a rebalancing period of three months from the date in initial breach shall be allowed so as to bring back the exposure to Indian equities within the said 15% limit.

(ii) In case this breach exceeds beyond the said three (3) months, the Scheme shall stop fresh subscription (including switch-in and future installments of Systematic transactions (SIP/STP) in the Scheme for the next nine (9) months.

(iii) In case the breach as mentioned in point (i) still continues after a period of twelve (12) months since the initial breach, the Scheme shall be would up after providing intimation of the same to the unitholders with an exit option for a period of thirty (30) days at the then prevailing NAV without any exit load.

27. Trading in Units through Stock Exchange Mechanism The facility of transacting through the stock exchange mechanism

enables investors to buy and sell the Units of the Scheme(s) through the stock brokers registered with the BSE and/or NSE in accordance with the guidelines issued by SEBI and operating guidelines and directives issued by NSE, BSE or such other recognized stock exchange in this regard and agreed with the Asset Management Company/Registrar and Transfer Agent. The investor shall be serviced directly by such stock brokers/ Depository Participant. The Mutual Fund will not be in a position to accept any request for transactions or service requests in respect of Units bought under this facility in demat mode. This facility will be offered to investors who wish to hold Units in dematerialized form or in physical mode. Further, the minimum purchase/ redemption amount in the respective plan / option of such notifiedSchemesoftheFundwillbeapplicableforeachtransaction.This facility will currently not support transactions done through switches or facilities such as SWP and STP.

In case of non-financial requests/applications such as change ofaddress, change of bank details, etc., investors should approach the respective Depository Participant(s).

Unit holders may have/open a beneficiary account with aDepository Participant of a Depository and choose to hold the Units in dematerialized mode. The Unit holders have the option to dematerialize the Units as per the account statement sent by the Registrar by making an application to the AMC/registrar for this purpose.

Rematerialization of Units can be carried out in accordance with the provisions of SEBI (Depositories and Participants) Regulations, 1996

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as may be amended from time to time. Investors, who wish to get back their securities in physical form, may request their respective DepositoryParticipantforrematerializationofUnitsintheirbeneficiaryaccounts. The Depository Participant will generate a rematerialization request number and the request will be dispatched to the AMC/Registrar. On acceptance of request from the Depository Participant, the AMC/Registrar will dispatch the account statement to the investor andwillalsosendconfirmationtotheDepositoryparticipant.

Transactions conducted through the Stock Exchange mechanism shall be governed by the SEBI (Mutual Funds) Regulations 1996 and operating guidelines and directives issued by NSE, BSE or such other recognized exchange in this regard.

28. Third Party Payment Avoidance & additional documents/declaration required:

To safeguard the interests of applicant/investors and avoid fraudulent transactions in any other name, the Mutual Fund does not accept Third Party Payments. Please refer SAI for Details

29. Cash Investments in mutual funds In order to help enhance the reach of mutual fund products amongst

small investors, who may not be tax payers and may not have PAN/bank accounts, such as farmers, small traders/businessmen/workers, SEBI has permitted receipt of cash transactions for fresh purchases/ additional purchases to the extent of Rs. 50,000/- per investor,perfinancialyearshallbeallowedsubjectto:

i. compliance with Prevention of Money Laundering Act, 2002 and Rules framed there under; the SEBI Circular(s) on Anti Money Laundering (AML) and other applicable Anti Money Laundering Rules, Regulations and Guidelines; and

ii. sufficientsystemsandproceduresinplace.

However, payment towards redemptions, dividend, etc. with respect to aforementioned investments shall be paid only through banking channel.

The Fund/AMC is currently in the process of setting up appropriate systems and procedures for the said purpose. Appropriate notice shall be displayed on its website viz. as well as at the Investor Service Centres, once the facility is made available to the investors.

30. Facility to transact in units of the Schemes through MFU portal & MFUI Points of Services pursuant to appointment of MFUI:DSP BlackRock Investment Managers Pvt. Ltd. (“the AMC”) has entered into an Agreement with MFUI, for usage of MF Utility (“MFU”) - a shared services initiative of various Asset Management Companies, which acts as a transaction aggregation portal for transacting in multiple schemes of various Mutual Funds with a single form and a single payment instrument.

Investors can execute financial and non-financial transactionspertaining to Schemes of DSP BlackRock Mutual Fund (‘the Fund’) electronically on the MFU portal i.e. www.mfuonline.com as and when such a facility is made available by MFUI. The MFU portal i.e. www.mfuonline.com will be considered as Official Point ofAcceptance for such transactions.

The Points of Service (“POS”) of MFUI with effect from the respective dates as published on MFUI website i.e. www.mfuindia.comagainstthePOSlocationswillbeconsideredasOfficialPointof Acceptance/ Investor Services Centre where application for financialtransactionsinschemesoftheFundwillbeacceptedonanongoingbasis.Further,investorscanalsosubmittheirnon-financialtransaction requests at the POS.

The salient features of the facility to transact in units of the Schemes through MFU are given below:

1. Common Account Number (“CAN”): Investors are required to submit duly filled in CAN Registration Form (“CRF”) andprescribed documents at the MFUI POS to obtain CAN. The CRF can be downloaded from MFUI website i.e. www.mfuindia.com or can be obtained from MFUI POS.

CAN is a single reference number for all investments in the Mutual Fund industry, for transacting in multiple schemes of various Mutual Funds through MFU and to map existing investments, if any.

MFU will map the existing folios of investors in various schemes of Mutual Funds to the CAN to enable transacting across schemes of Mutual Funds through MFU. The AMC and / or its Registrar and Transfer Agent (RTA) shall provide necessary details to MFUI as may be needed for providing the required services to investors / distributors through MFU.

CAN registered investors can transact in physical mode through MFUI POS by submitting relevant Common Transaction Form prescribed by MFUI.

2. CAN registered investors can transact through electronic mode through MFU portal i.e. www.mfuonline.com as and when such a facility is made available to them by MFUI. The time of transaction submission done through MFU portal i.e. www.mfuonline.com and the successful receipt of the same in the servers of MFUI would be the time-stamp for the transaction.

3. Investors not registered with MFUI can also submit their financial&non-financial transactions request atMFUI POSbygiving reference of their existing folio number allotted by the Fund.

4. The transactions on the MFU portal shall be subject to the terms & conditions as may be stipulated by MFUI / Mutual Fund / the AMC from time to time.

5. All other terms and conditions of offering of the Schemes of the FundasspecifiedintheSchemeInformationDocument(“SID”),Key Information Memorandum (“KIM”) and Statement of Additional Information (“SAI”) shall be applicable to transaction through MFUI.

C. PERIODIC DISCLOSURES1. Net Asset Value: (This is the value per unit of the Schemes on a particular day.

Investors can ascertain the value of their investments by multiplying the NAV with their Unit balance)

The NAVs of the Schemes/plans will be calculated by the Mutual Fund on each Business Day (Non Business Days also in the case of DSPBRLF) and will be made available by 9 p.m. of the same Business Day. In case of DSPBRDAAF, DSPBRGAF, DSPBRWAF, DSPBRWEF, DSBRWMF, DSPBRWGF, DSPBRNRNEF and DSPBRUSFEF the NAV will be calculated for each Business Day and made available by 10 a.m. of the immediately succeeding Business Day. The information on NAVs of the Schemes/plans may be obtained by the Unit Holders, on any day,bycallingtheofficeoftheAMCoranyoftheInvestorServiceCentres at various locations. The Mutual Fund will publish the NAVs of the Schemes/plans daily in at least two daily newspapers. Further, the Purchase and Redemption prices of Units will also be published in a daily newspaper on a daily basis. The NAV of the Schemes will also beupdatedon theAMFIwebsitewww.amfiindia.comandonwww.dspblackrock.com.

For DSPBRGAF and DSPBRUSFEF NAV will be normally calculated for all Business Days and released

to the press (at least 2 newspapers). Since this Scheme is a fund of funds scheme that invests predominantly in overseas funds, the NAV of the Scheme for a business day (Day T) will be based on the NAV of the underlying fund for that day (Day T), which is determined as per a different time zone. Hence, the NAVs of the Scheme will be calculated by the Mutual Fund on each Business Day and will be made available by 10 a.m. of the immediately succeeding Business Day on the website oftheAMFI(www.amfiindia.com)andthewebsiteoftheMutualFund(www.dspblackrock.com). The information on NAVs of the Scheme/Plans maybeobtainedbytheUnitHolders,onanyday,bycallingtheofficeofthe AMC or any of the Investor Service Centres at various locations. The Mutual Fund will publish the NAVs of the Scheme (along with sale and repurchase price) daily in at least two daily newspapers.

In case of delay, the reasons for such delay would be explained to AMFI in writing. If the NAVs of the Scheme are not available before commencement of business hours on the following day due to any reason, the Fund shall issue a press release providing reasons for the delay and explaining when the Fund would be able to publish the NAVs.

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If the NAVs of the Scheme for a business day (Day T) is not published till 3.00 p.m. on the following business day (T+1) due to any reason, the Investment Manager shall temporary suspend all transactions (subscription/redemption) from T+2 business day onwards, till NAVs of the Scheme for Day T and Day T+1 are published

2. Monthly Portfolio: The monthly portfolio of the Schemes shall be available in a user-friendly and downloadable format on the website viz. www.dspblackrock.com on or before the tenth day of succeeding month.

3. Half-yearly Disclosures: Portfolio This is a list of securities where the corpus of each Scheme is currently invested. The market value of these investments is also stated in

portfolio disclosures.

Full portfolio in the prescribed format shall be disclosed either by publishing it in one national English daily newspaper circulating in the wholeofIndiaandinanewspaperpublishedinthelanguageoftheregionwheretheHeadofficeoftheMutualFundissituatedorbysendingit to the Unit Holders within one month from the end of each half-year, (i.e. March 31 and September 30). It shall also be displayed on www.dspblackrock.com.

4. Half-yearly Financial Results: The Fund shall, before the expiry of one month from the close of each half year, (i.e. March 31 and September 30) shall display the unaudited

financialresultsonwww.dspblackrock.comandtheadvertisementinthisregardswillbepublishedbytheFundinatleastoneEnglishdailynewspaper having nationwide circulation and in a newspaper having wide circulation published in the language of the region where the Head OfficeoftheFundissituated.

5. Annual Report: The annual report of the Schemes or the Annual Report or an abridged summary thereof, will be sent to all Unit Holders not later than four months

fromthedateoftheclosureoftherelevantfinancialyeari.e.March31eachyear(i)byemailtoallUnitholderswhosee-mailaddressesareavailablewith the Mutual Fund and (ii) in physical form to the Unit holders whose e-mail addresses are not available with the Mutual Fund and/or to those Unit holders who have opted/requested for the same. Whenever the report is sent in a the abridged form, the full annual report will be available for inspectionattheregisteredofficeoftheTrusteeandacopymadeavailableonrequesttotheUnitHolders.TheAnnualReportshallalsobedisplayedon www.dspblackrock.com, a link to which is displayed prominently on the homepage of the Mutual Fund’s website.

Investors who have not registered their email addresses with the Mutual Fund are requested to update the same.

6. Associate Transactions Please refer to SAI.

7. Investor services InvestorsmaycontactanyoftheInvestorServiceCenters(ISCs)oftheAMCforanyqueries/clarifications,maycallon1800-200-4499(tollfree),

e-mail:service@dspblackrock.com.Mr.GauravNagorihasbeenappointedastheInvestorRelationsOfficer.HecanbecontactedatDSPBlackRockInvestmentManagersPvt.Ltd.Natraj,OfficePremisesNo.302,3rdFloor,MVRoadJunction.W.E.Highway,Andheri-East,Mumbai–400069,Tel.: 022 - 67178000. For any grievances with respect to transactions through stock exchange mechanism, Unit Holders must approach either stock broker or the investor grievances cell of the respective stock exchange. Investors may contact the customer care of MFUI on 1800-266-1415 (during the business hours on all days except Sunday and Public Holidays) or send an email to [email protected] for any service required or for resolution of their grievances for their transactions with MFUI.

8. Taxation The information is provided for general information only. However, in view of the individual nature of the implications, each investor is advised

toconsulthisorherowntaxadvisors/authorizeddealerswithrespecttothespecificamountoftaxandotherimplicationsarisingoutofhisorher participation in the Schemes.

I. Income Tax Rates and Withholding Rates (TDS)

Category of units Tax Rates* under the Act TDS Rates* under the ActResidents NRI/PIOs & Other Non -

residents other than FIIFIIs Residents NRIs/PIOs & Other Non -

residents other than FIIFIIs

Short Term Capital GainsUnits of a non-equity oriented Scheme

Taxable at normal rates of tax applicable to the assessee

In respect of non-resident non-corporate Taxable at normal rates of tax applicable to the assessee.In respect of non-resident non-corporate - 40%

30%(u/s 115AD)

NIL 30% for non-residents non corporates,40% for non-resident corporate (u/s 195)

NIL

Units of an equity oriented Scheme (listed and unlisted)

15% on redemption of Units where STT is payable on redemption (u/s 111A)

NIL 15% NIL

Long Term Capital GainListed units of a non-equity oriented Scheme**

20% with indexation, (u/s 112)


10% (u/s 115AD)

NIL 20% with indexation for non residents (u/s 195)

NIL

Unlisted units of a non-equity oriented Scheme**


10% with no indexation and noexchangefluctuation

10% (u/s 115AD)

NIL 10% without indexation & exchangefluctuationfornonresidents (u/s 112)

NIL

Units of an equity oriented Scheme***

Exempt in case of redemption of Units where STT is payable on redemption (u/s 10(38))

NIL

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*plus surcharge as applicable:- in the case of a domestic company @7% and in case of every company, other than a domestic company @ 2% (if their total income exceeds rupees 1,00,00,000/- but does not exceeds Rs.10,00,00,000) in case of income exceeds Rs.10,00,00,000/- for domesticcompany@12%andforcompanyotherthandomesticcompany@5%. Incaseoffirms,co-operativesocieties, localauthorities,Individuals/HUFs/BOIs/AOPsandArtificialjuridicalpersons@12%(iftheirtotalincomeexceedsrupees1,00,00,000/-).Pluseducationcessand secondary and higher education cess: 3%.

** Capital gains on redemption of units held for a period of more than 36 months from the date of allotment as amended by Finance (No.2) Act, 2014

***Capital gains on redemption of units held for a period of more than 12 months from the date of allotment Any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVIIB (hereafter referred to as

deductee) on or after 1st April 2010, shall furnish his Permanent Account Number to the person responsible for deducting such tax (hereafter referred to as deductor), failing which tax shall be deducted at the higher of the following rates, namely:(i)theratespecifiedintherelevantprovisionofthisAct;or (ii) at the rate or rates in force; or (iii) at the rate of twenty per cent.

In case of investments by NRIs in closed ended funds during NFO, at the time of redemption of units, TDS will be deducted at the applicable rate. However, in respect of those Unit Holders who have acquired the units on the Stock Exchange post listing of units, the Unit Holders would needtoprovideacertificatefromaCharteredAccountantcertifyingthedetailsofacquisitionofunitstotheFundwithintwodaysofmaturityof the Scheme, so as to enable the Fund to deduct TDS at the applicable rates. In the event of such details not being provided, the Fund would deduct TDS on the redemption proceeds at the highest rate of TDS applicable. For further details on taxation please refer to the clause on Taxation in the SAI.

II. Tax on distributed income to unit holders (U/S 115R)

Aspersection10(35)oftheAct,incomereceivedinrespectoftheunitsofaMutualFundspecifiedundersection10(23D)oftheAct,isexemptinthehands of the unit holders. However, The Fund would be required to pay a distribution tax on income distributions as at the following rate as under :

Category of Scheme/Investors Tax Rates#

Debt Oriented Fund:

- Unit holder is individual / HUF 25.00%

- Unit holder is any other person 30.00%

Infrastructure Debt Fund

- Non- ResidentUnit holder other than foreign company 5%

- Unit holder is foreign company 5%#plus surcharge of 12 % on such tax and education cess of 3% on such tax and surchargeAs per the amendment made by The Finance (No.2) Act, 2014, w.e.f. 1st October 2014, for the purposes of determining the distribution tax payable in accordance with sub-section (2) of section 115R, the amount of distributed income referred therein shall be increased to such amountaswould,afterreductionoftheadditionalincome-taxonsuchincreasedamountattheratespecifiedinsub-section(2)ofsection115R, be equal to the amount of income distributed by the Mutual Fund.

D. COMPUTATION OF NAVThe NAV of the Units of a Scheme will be computed by dividing the net assets of the Scheme by the number of Units outstanding on the valuation date.

NAV of Units under a Scheme may be calculated by either of the following methods shown below:

Market or Fair Value of Scheme’s investments + Current Assets - Current Liabilities and ProvisionsNAV (Rs.) = No. of Units outstanding under the Scheme

Capital + Reserves & SurplusNAV (Rs.) = No. of Units outstanding under the Scheme

N.B.: The aforesaid provisions pertaining to “Calculation of NAV”, shall apply in respect of each individual Scheme and/or plan as the case may be.

The NAV will be calculated as of the close of every Business Day. The NAV will also be calculated as of the close of every non Business Day in respect of DSPBRLF. NAVs will be rounded off to three decimal places in the case of all equity oriented and balanced Schemes, while for all types of debt-oriented Schemes and Fund of Funds scheme, NAVs will be rounded off to four decimal places. The valuation of the Schemes’ assets and calculation of the Schemes’ NAVs shall be subject to audit on an annual basis and such regulations as may be prescribed by SEBI from time to time.

NAV is calculated and announced on each Business Day, and in respect of DSPBRLF, also on each non Business Day.

Note: In respect of Schemes having Growth and Dividend Options, there will be more than one NAV, one for each Option, after the declaration of thefirstdividendbythatScheme.

For DSPBRGAF and DSPBRUSFEFSince this Schemes invests predominantly in units of BGF – GAF and BGF – USFEF, respectively and other similar overseas mutual fund schemes, the NAV of the Scheme for a business day (Day T) will be based on the NAV of the underlying fund for that day (Day T). Since the NAV of the underlying fund for a business day (Day T) would normally be available either late in the evening of the business day (Day T) or on the following business day (T+1), the Scheme will declare the NAV for a Business day on the next Business Day, based on the NAV of the underlying fund for the business day for which the NAV is declared (Day T).

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SECTION VII – FEES AND EXPENSESThis section outlines the expenses that will be charged to the Schemes.

A. NFO EXPENSES These expenses are incurred for the purpose of various activities related to the NFO like sales and distribution fees paid, marketing and advertising, registrar expenses, printing and stationery, bank charges etc. In case of schemes where entry load was charged during the NFO, the same was utilized for meeting the initial issue expenses in terms of SEBI circular no. SEBI/IMD/CIR No.1/64057/06 dated April 4, 2006 and any expenditure over and above the entry load collected was borne by the AMC. In case of schemes where no entry load was charged, entire expenses were borne by AMC. Further, in case of DSPBRMCF, the New Fund Offer expenses were charged to the Scheme and were fully amortized before conversion of the Scheme into open ended scheme.The information provided under this Section seeks to assist the investor in understanding the expense structure of the Scheme(s) and types of different fees / expenses and their percentage the investor is likely to incur on purchasing and selling the Units of the Scheme(s).

B. ANNUAL SCHEME RECURRING EXPENSESThese are the fees and expenses for operating the Scheme. These expenses include Investment Management and Advisory Fee charged by the AMC, Registrar’s fee, marketing and selling costs etc., as given in the table related to estimated annualized recurring expenses as a % of daily net assets of the Schemes.

TheSchemesmaybechargedwiththeapprovaloftheTrusteewithinoveralllimitsasspecifiedintheRegulationsexceptthoseexpenseswhicharespecificallyprohibited.Theannualtotalofallchargesandexpensesoftheschemeshallbesubjecttothefollowinglimits,definedunderRegulation52:

Slab Rates Equity Schemes (As a % of daily net assets)

Additional TER as per Regulation 52 (6A) (c)^

Additional TER as per Regulation 52 (6A) (b)^

OnthefirstRs.100Crores 2.50% 0.20% 0.30%On the next Rs.300 Crores 2.25% 0.20% 0.30%On the next Rs.300 Crores 2.00% 0.20% 0.30%On the balance of the assets

1.75% 0.20% 0.30%

Slab Rates Income Schemes (As a % of daily net assets)



OnthefirstRs.100Crores 2.25% 0.20% 0.30%On the next Rs.300 Crores 2.00% 0.20% 0.30%On the next Rs.300 Crores 1.75% 0.20% 0.30%On the balance of the assets

1.50% 0.20% 0.30%

Slab Rates Fund of Funds Schemes (As a % of daily net assets)



On daily net assets 2.50% 0.20% 0.30%

^In addition to expenses as permissible under Regulation 52 (6) (c), the AMC may charge the following to the concerned scheme of the Fund under Regulation 52 (6A):

a. Additionalexpensesupto0.30percentofdailynetassetsoftheconcernedschemesoftheFundifnewinflowsfromsuchcitiesasmaybespecifiedbyRegulationsfromtimetotimeareatleast:

(i) 30percentofgrossnewinflowsintheconcernedscheme,or;

(ii) 15 per cent of the average assets under management (year to date) of the concerned scheme, whichever is higher.

Providedthatifinflowsfromsuchcitiesislessthanthehigherof(i)or(ii)mentionedabove,suchexpensesondailynetassetsoftheconcernedscheme shall be charged on proportionate basis.

Illustration: Relating to computation and publication of NAV of the Scheme for a business day (Day T)

Day T Business day for which NAV is to be declared

Day T late evening or Day T+1 early morning Underlying fund will publish their NAV

Day T+1 by 10.00 a.m. AMC will compute the NAV of the Scheme for Day TAMC will publish the NAV of the Scheme for Day on its website, upload the same on AMFI website and disseminate to the Press.

Day T+1 10.00 a.m. Newspapers will publish the NAV of the Scheme applicable for Day T.

Valuation of the scheme’s assets, calculation of the scheme’s NAV and the accounting policies & standards will be subject to such norms and guidelines that SEBI may prescribe from time to time and shall be subject to audit on an annual basis.

Valuation of Foreign Exchange Conversion: On the valuation day, all the assets and liabilities in foreign currency will be valued in Indian Rupees on the basis of Foreign Exchange rate quoted on Bloomberg/Reuters around India markets close time (which is currently around 3:30 p.m. IST) or at the RBI Reference rate as at the close of the Banking hours on that day in India. The Trustees/AMC reserves the right to change the source for determining the exchange rate. The reasons for the change in the source for determining the exchange rate will be recorded in writing. The Rupee value of Investments valued in the manner described above and other assets and liabilities represented in foreign currency shall be obtained by multiplying the aforesaid rate.

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Theadditionalexpenseschargedshallbeutilisedfordistributionexpensesincurredforbringinginflowsfromsuchcities.Theadditionalexpensechargedtotheschemeonaccountofinflowsfromsuchcitiesshallbecreditedbacktotheconcernedschemeincasesuchinflowsareredeemedwithin a period of one year from the date of investment.

b. Brokerage and transaction costs which are incurred for the purpose of execution of trade and is included in the cost of investment, not exceeding 0.12 per cent in case of cash market transactions transactions and 0.05 per cent in case of derivatives transactions..

c. Additional expenses incurred towards different permissible heads, not exceeding 0.20 percent of daily net assets of the concerned scheme.

In addition to expenses under Regulation 52 (6) and (6A), AMC may charge service tax on investment and advisory fees, expenses other than investment and advisory fees and brokerage and transaction cost as below:

a. Service Tax on investment and advisory fees: AMC may charge service tax on investment and advisory fees of the scheme in addition to the maximum limit of TER as per the Regulation 52(6) and (6A).

b. Service Tax on expenses other than investment and advisory fees: AMC may charge service tax on expenses other than investment and advisory fees of the scheme, if any within the maximum limit of TER as per the Regulation under 52(6) and (6A).

c. Service Tax on brokerage and transaction cost: The service tax on brokerage and transaction costs which are incurred for the purpose of execution of trade, will be within the limit of TER as per the Regulation 52(6) and (6A).

Itisclarifiedthatthebrokerageandtransactioncostincurredforthepurposeofexecutionoftrademaybecapitalizedtotheextentof0.12percentand 0.05 percent for cash market transactions and derivatives transactions respectively. Any payment towards brokerage and transaction cost, over and above the said 0.12 percent and 0.05 percent for cash market transactions and derivatives transactions respectively may be charged to the scheme within the maximum limit of Total Expense Ratio (TER) as prescribed under regulation 52 of the SEBI (Mutual Funds) Regulations, 1996. Any expenditure in excess of the said prescribed limit (including brokerage and transaction cost, if any) shall be borne by the AMC or by the trustee or sponsors.

The AMC has estimated following recurring expenses, as summarized in the below table for each scheme. The expenses are estimated on a corpus size of Rs. 100 crores and have been made in good faith as per the information available to the AMC. The total expenses may be more or less than asspecifiedinthetablebelow.ExpensesoverandabovethepresentlypermittedregulatorylimitwillbebornebytheAMC.Thebelowexpensesaresubject to inter-se change and may increase/decrease as per actuals, and/or any change in the Regulations.

The estimated total expenses as a % of daily net assets of under Regular Plan (Reg Plan), Institutional Plan (Inst. Plan) and Direct Plan (Dir Plan) of DSPBREF, DSPBROF, DSPBRTF, DSPBRTEF, DSPBRITF, DSPBRSMF, DSPBRTSF, DSPBRNRNEF, DSPBRF25F, DSPBRBalF, DSPBRMCF (collectively referred as “Equity Schemes”), DSPBRGAF, DSPBRWGF, DSPBRWEF, DSPBRWMF DSPBRWAF, DSPBRUSFEF and DSPBRDAAF(collectively referred as “Fund of Funds Schemes”) and DSPBRBF, DSPBRBPDF, DSPBRGF, DSPBRSTF, DSPBRMIPF, DSPBRMMF, DSPBRSBF, DSPBRIOF and DSPBRTBF (collectively referred as “Debt Schemes”) and DSPBRLF are as follows:

Sr. No. Expense Head

% of daily Net AssetsEquity and Fund of Funds

Schemes Debt Schemes DSPBRLF

Reg Plan / Inst. Plan Dir Plan Reg Plan /

Inst. Plan Dir Plan Reg Plan / Inst. Plan Dir Plan

(i) Investment Management and Advisory Fees

Upto 2.50% Upto 2.25% Upto 2.25% Upto 2.03%## Upto 1.00% Upto 0.90%

(ii) Trustee fees*(iii) Audit fees (iv) Custodian fees (v) RTA Fees

(vi) Marketing & Selling expense incl. agent commission^

(vii) Cost related to investor communications (viii) Cost of fund transfer from location to location

(ix) Cost of providing account statements and dividend redemption cheques and warrants

(x) Costs of Statutory Advertisements

(xi) Cost towards investor education & awareness (at least 0.02 percent)

(xii) Brokerage & transaction cost over and above 0.12 percent for cash market trades

(xiii) Service tax on expenses other than investment and advisory fees

(xiv) Service tax on brokerage and transaction cost#(xv) Expenses of respective underlying schemes^^

(a) Maximum total expense ratio (TER) permissi-ble under Regulation 52 (6) (c) (i) and (6) (a) Upto 2.50% Upto 2.25% Upto 2.25% Upto

2.03%## Upto 1.00% Upto 0.90%

(b) Additional expenses under regulation 52 (6A) (c)$ Upto 0.20% Upto 0.20% Upto 0.20%

(c) Service tax on investment and advisory fees @ @ @

(d) Additionalexpensesforgrossnewinflowsfromspecifiedcities Upto 0.30% Upto 0.30% Upto 0.30%

## Upto 2.025% in case of DSPBRBPDF & DSPBRUSTF and Upto 1.95% in case of DSPBRCM10YGF.

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* The Trusteeship fees as per the provisions of the Trust Deed are subject to a maximum of 0.02% of the average net Trust Funds per annum. It has been decided by the Trustee to charge the Trusteeship Fees in proportion to the net assets of each of the Schemes of the Mutual Fund. The Trustee reserves the right to change the method of allocation of Trusteeship fees among various Schemes, from time to time.

^ The expense under Direct Plan shall not include the distributor and commission expenses including Agent Commission which is charged under Regular Plan/Institutional Plan.

^^ Applicable to all Fund of Funds Schemes.

# Service tax on brokerage and transaction cost, over and above 0.12 percent and 0.05 percent for cash market transactions and derivatives transactions respectively charged to the Scheme will be part of Total ExpenseRatiolimitasdefinedabove.

$ The nature of expenses can be any permissible expenses including management fees.

@ The service tax on Investment Management and Advisory fees will depend on the total amount charged as Investment Management and Advisory fees. Currently it is chargeable at 14% on management fee.

Expense Structure for Direct Plan - The annual recurring expenses will bewithinthelimitsspecifiedundertheSEBI(MutualFunds)Regulations,1996.

However, Direct Plan will have lower expense ratio than Regular Plan/Institutional Plan of the Scheme. The expenses under Direct Plan shall exclude the distribution and commission expenses. The Total Expense Ratio of Direct Plan will be lower by at least 10% of the Total Expense Ratio {Mentioned in row (a) of the aforesaid table} charged to Regular Plan/Institutional Plan of the Schemes.

The above expense structures are indicative in nature. Actual expenses could be lower than mentioned above. Further, Direct Plan will have lower expense ratio than the Regular Plan/Institutional Plan of the Scheme. The difference between Direct plan and Regular Plan/Institutional Plan highlighted above is indicative in nature.

The purpose of the above table is to assist the investor in understanding the various costs & expenses that the investor in the Schemes will bear directly or indirectly.

For the actual current expenses being charged, the investor should refer to the website of the Mutual Fund.

C. LOAD STRUCTURELoad is an amount which is paid by the investor to subscribe to the units or to redeem the units from the Scheme. This amount is used by the AMC to pay commissions to the distributor and to take care of other marketing and selling expenses. Load amounts are variable and are subject to change from time to time. For the current applicable structure, investors may refer the website of the AMC www.dspblackrock.com or call at 1800-200-44-99 (toll free) or may contact their distributor.

Scheme Entry Load Exit Load (as a % of Applicable NAV)#

DSPBRBalF, [Regular Plan and Direct Plan] and DSPBREF, DSPBROF, DSPBRTEF, DSPBRNRNEF, DSPBRTF, [Regular Plan, Direct Plan and Institutional Plan]

Not Applicable

Holding Period from the date of allotment:Less than 12 months – 1%Greater than or equal to 12 months – Nil

DSPBRMIPF [Regular Plan and Direct Plan]

Not Applicable

Holding period from the date of allotment:Less than 12 months: 2%Greater than or equal to 12 months but less than 24 months: 1%Greater than or equal to 24 months but less than 36 months: 0.50%Greater than or equal to 36 months: Nil

DSPBRF25F, DSPBRGAF, DSPBRWAF, DSPBRUSFEF [Regular Plan and Direct Plan], DSPBRITF, DSPBRWGF, DSPBRWEF andDSPBRWMF [Regular Plan, Direct Plan and Institutional Plan]

Not Applicable

Holding period from the date of allotment:Less than 24 months: 1%Greater than or equal to 24 months: Nil

DSPBRSMF [Regular Plan, Direct Plan and Institutional Plan]

Not Applicable

Holding period from the date of allotment:Less than 18 months: 1%Greater than or equal to 18 months: Nil

DSPBRBF & DSPBRIOF [Regular Plan and Direct Plan]

Not Applicable

Holding Period from the date of allotment:Less than or equal to 12 months – 1% Greater than 12 months – Nil

DSPBRBPDF [Regular Plan and Direct Plan]

Not Applicable

Holding Period from the date of allotment:Less than or equal to 1 month – 0.25% Greater than 1 month - Nil

DSPBRSTF [Regular Plan and Direct Plan]

Not Applicable

Holding Period from the date of allotment:Less than or equal to 3 months – 0.25% Greater than 3 months - Nil

DSPBRMCF [Regular Plan, Direct Plan and Institutional Plan]

Not Applicable

Holding Period from the date of allotment:Less than 24 months – 1%Greater than or equal to 24 months – Nil

DSPBRCM10YGF, DSPBRGF [Regular Plan and Direct Plan] and DSPBRSBF [Regular Plan, Direct Plan and Institutional Plan]

Not Applicable

Holding Period from the date of allotment:Less than or equal to 7 calendar days – 0.10%Greater than 7 calendar days – Nil

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DSPBRLF and DSPBRMMF [Regular Plan, Direct Plan and Institutional Plan] and DSPBRTBF and DSPBRUSTF [Regular Plan and Direct Plan]

Not Applicable

Nil

DSPBRTSF [Regular Plan and Direct Plan]

Not Applicable

Not Applicable

DSPBRDAAF [Regular Plan and Direct Plan]

Not Applicable

Holding Period from the date of allotment:Less than or equal to 1 year: 1%Greater than 1 year and Less than or equal to 2 years: 0.5%Greater than 2 years: Nil

#Applicable for investments made through normal purchase and SIP/STP/SWP transactions.

Please note, that for the purpose of calculating the holding period each investment/transaction made into a Scheme will be tracked separately.

Investors are advised to contact any of the Investor Service Centres or the AMC to know the latest position on Exit Load structure prior to investing in the Schemes.

Note on load exemptions:1. No Entry Load will be charged with respect to applications for

purchase/additional purchase/switch-in and applications for registration of SIP/STP, accepted by the Mutual Fund with effect from August 01, 2009.

2. There will be no Exit Load on inter-option switching.3. No load will be charged on issue of bonus Units and Units allotted

on reinvestment of dividend for existing as well as prospective investors.

4. No exit load shall be levied:

a) In case of switch of investment from Regular Plan/Institutional Plan, where transaction has been received without broker code (whether the investment were made before or after the Effective date) to Direct Plan.

b) In case of switch of investments from Direct Plan to Regular Plan/Institutional Plan (under which the subscription/switch in/SIP/STP-ins is available)

Such Switch may entail tax consequences. Investors/Unit Holder(s) should consult their professional tax advisor before initiating such requests.

Investors may note that the Trustee has the right to modify the existing load structure, subject to a maximum as prescribed under the SEBI (MF) Regulations. Any imposition or enhancement in the load shall be applicable on prospective investments only. At the time of changing the load structure, the AMC will adopt the following measures:

(i) Addendum detailing the changes will be attached to the SID and Key Information Memorandum (KIM). The addendum may be circulated to all the distributors/brokers so that the same can be attached to all SIDs and KIMs already in stock.

(ii) Arrangements will be made to display the changes to the SID in theformofanoticeinalltheISCs/officesoftheAMC/Registrar.

(iii) A public notice will be given in respect of such changes in one English daily newspaper having nationwide circulation as well as in a newspaper published in the language of region where the HeadOfficeoftheMutualFundissituated.

(iv) The introduction of the Exit Load along with the details may be stamped in the acknowledgement slip issued to the investors on submission of the application form and will also be disclosed in the statement of accounts issued after the introduction of such load.

Investors are requested to check the prevailing load structure of the Schemes before investing.

Exit load charged shall be credited to the scheme.The service tax on exit load shall be paid out of the exit load proceeds and exit load net of service tax shall be credited to the concerned scheme.

No Exit Load will be charged in respect of any Plan, if the Units are redeemed at the discretion of the Mutual Fund, where the value of the balance Units in that Scheme/ Plan (in a particular folio) falls below Rs. 1000/- in any scheme and Rs. 500/- in case of DSPBRTSF in any Plan and at least 6 months (3 years in the case of DSPBRTSF) have elapsed since his/her/itsfirstinvestmentinthatPlan.

D. TRANSACTION CHARGES In accordance to SEBI circular no. Cir/ IMD/ DF/13/ 2011 dated August 22, 2011, transaction Charges on purchase/subscription received from first time mutual fund investors and investor other than first timemutual fund investors through the distributor/agent (who have opted to receive the transaction charges) shall be deducted by the AMC from the subscription amount and paid to the distributor and balance shall be invested, as under:

(i) First Time Mutual Fund Investor (across Mutual Funds): Transaction charge of Rs. 150/- for subscription of Rs. 10,000 and above will be deducted from the subscription amount and paid to the distributor/agent (provided the distributor has Opt-Inforthischargecumfacility)ofthefirsttimeinvestorandthe balance shall be invested.

(ii) Investor other than First Time Mutual Fund Investor: Transaction charge of Rs. 100/- per subscription of Rs. 10,000 and above will be deducted from the subscription amount and paid to the distributor/agent (provided the distributor has Opt-In for this charge cum facility) of the investor and the balance shall be invested.

However, transaction charges in case of investments through Systematic Investment Plan (SIP) shall be deducted only if the total commitment (i.e. amount per SIP installment x No. of installments) amounts to Rs. 10,000/- or more. The Transaction Charges shall be deducted in 3 or 4 installments.

(iii) Transaction charges shall not be deducted/ applicable for: a. purchases /subscriptions for an amount less than Rs. 10,000/-

b. transaction other than purchases/subscriptions relating to newinflowssuchasSwitch/STP/DTP,etc.

c. purchases/subscriptions made directly with the Fund without any ARN code (i.e. not routed through any distributor/agent);

d. transactions carried out through the stock exchange mode.The statement of account shall clearly state that the net investment as gross subscription less transaction charge and give the number of units allotted against the net investment. As per SEBI circular no. SEBI/IMD/CIR No. 4/ 168230/09, dated June 30, 2009, upfront commission to distributors shall continue to be paid by the investor directly to the distributor by a separate cheque based on his assessment of various factors including the service rendered by the distributor.The AMC shall deduct the Transaction charges on purchase/subscriptionofRs,10,000/-andabovereceivedfromfirsttimemutualfundinvestorsandinvestorsotherthanfirsttimemutualfundinvestorsthrough the distributor/agent based on the type of product opted-in by the distributor to receive transaction charges.

118

SECTION VIII – RIGHTS OF UNITHOLDERSPlease refer to SAI for details.

SECTION IX – PENALTIES AND PENDING LITIGATION Penalties and pending litigation or proceedings, findings of inspections or investigations for which action may have been taken or is in the process of being taken by any regulatory authority1. Details of all monetary penalties imposed and/ or action taken

duringthelastthreeyearsorpendingwithanyfinancialregulatorybody or governmental authority, against Sponsor(s) and/ or the AMC and/ or the Board of Trustees /Trustee Company; for irregularities orforviolationsinthefinancialservicessector,orfordefaultswithrespect to share holders or debenture holders and depositors, or for economic offences, or for violation of securities law. Details of settlement, if any, arrived at with the aforesaid authorities during the last three years:

• On October 3, 2012, BlackRock reached an agreement withthe U.S. Department of Labor (“DOL”) to reimburse clients $2,661,513 in connection with certain trades the DOL alleged violated Title I of the Employee Retirement Income Security Act (“ERISA”). BlackRock also agreed to pay to the DOL a $266,151.30 penalty.

• On January 14, 2013, BlackRock and Switzerland’s FederalDepartment of Finance (“FDF”) reached an agreement in principal to resolve a matter concerning BlackRock’s inadvertent latefilingofreportsrelatingtoBlackRock’sownershipofequitysecurities of Swiss companies. Without admitting any liability, BlackRockagreedtopayafineofCHF500,000(US$536,000),inexchange for the FDF terminating the inquiry into the matter. BlackRock and the FDF are in the process of negotiating the terms of the settlement.

• OnJuly12,2013,BlackRockwasnotifiedbytheItalianFinancialService Authority (“CONSOB”) that CONSOB intends to fineBlackRock in connection with a late threshold report from September 2012 in Italian issuer, Prysmian S.P.A. BlackRock paid afineof€10,000 to CONSOB to settle the matter.

• OnDecember27,2013,theGermansecuritiesregulator,BaFin,imposed afine onBlackRock InvestmentManagement (UK) ofapproximately $301,000 in relation to its non compliance with German thresholds reporting regulations.

• InJuly2012theNewYorkAttorneyGeneral’sOffice(“NYAG”)sentBlackRock two subpoenas for information regarding BlackRock’s use of analyst surveys. BlackRock uses analyst surveys, primarily in theScientificActiveEquity (“SAE”)group, to solicitpublicinformation about issuers from sell-side research analysts for use in SAE’s quantitative investment models.

Since July 2012, BlackRock responded to numerous requests for information and made several presentations to the NYAG so as to submit that the surveys were appropriate and lawful. On January 8, 2014, BlackRock entered into a settlement with the NYAG.The agreement does not impose any fine or otherpenaltyonBlackRock.Theagreementdoes,however,findthatBlackRock violated New York’s state securities law. BlackRock does not admit or deny the allegations, and has also agreed to pay the AG’s $400,000 cost of investigation.

•OnDecember29,2012,ItaliansecuritiesregulatorConsobimposeda fine of 150,000 Euro ($204,600) on BlackRock for incorrectdisclosure of a reduction in stake in Italian Bank UniCredit.

• On July 4, 2014, BlackRock Inc. paid a fine of SEK 1mio(equivalents to $1,46,000) with respect to a late threshold reporting /disclosure in Sweden.

• On July 21, 2014, BlackRock Institutional Trust Company,National Association (BTC) (BlackRock Inc. entity) agreed to pay $1,654,710/- to Securities Exchange Commission (United States) as penalty for disgorgement and interest with respect to three violations of Rule 105.

• In March 2015, the German Federal Financial SupervisoryAuthority, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) imposed a penalty of EUR 3.25 million against BlackRock Investment Management (UK) Limited for certain late disclosure or thresholds disclosure breaches. This penalty was paid by BlackRock, Inc.

• InApril 2015, BlackRock came to a settlement with the U.S.Securities and Exchange Commission (“SEC”) in connection with a 2014 “Wells Notice” received from the SEC staff, which recommendedthattheSECfileanactionagainstBlackRockforinadequate disclosure and policies and procedures to address a potential conflict, in violation of the Investment AdvisersAct (“IAA”) and the Investment Company Act (“ICA”). As part of the settlement, BlackRock, without admitting or denying anywrongdoing,agreedtopaya$12millionfine,andagreedto appoint an independent compliance consultant to review BlackRock’s outside activities policy and monitoring procedures. The proposed settlement was approved by the SEC on April 16, 2015, and publicly announced by the SEC on April 20, 2015.

• On December 12, 2014, the Swedish securities regulator(“Swedish FSA”) requested information from BlackRock regardingalatethresholdreportfiledbyBlackRockinOctober2014. The report, which concerned BlackRock’s holding of Assa Abloy AB, was required to be filed in June 2014. BlackRockresponded to the request in January 2015. On May 5, 2015, the Swedish FSA imposed a penalty of 1,000,000 Swedish krona (or approximately $120,000).

2. Details of all enforcement actions taken by SEBI in the last three years and/or pending with SEBI for the violation of SEBI Act, 1992 and Rules and Regulations framed there under including debarment and/or suspension and/ or cancellation and/or imposition of monetary penalty/adjudication/enquiry proceedings, if any, to which the Sponsor(s) and/or the AMC and/ or the Board of Trustees/Trustee Company and/or any of the directors and/or key personnel (especially the fund managers) of the AMC and Trustee Company were/are a party: NONE.

3. Any pending material civil or criminal litigation incidental to the business of the Mutual Fund to which the Sponsor(s) and/ or the AMC and/ or the Board of Trustees/Trustee Company and/ or any of the directors and/or key personnel are a party: NONE.

4. AnydeficiencyinthesystemsandoperationsoftheSponsor(s)and/or the AMC and/or the Board of Trustees/Trustee Company which SEBIhasspecificallyadvisedtobedisclosedintheSID,orwhichhasbeennotifiedbyanyotherregulatoryagency:NONE.

Notwithstanding anything contained in this SID, the provisions of the SEBI (MF) Regulations, 1996 and the guidelines there under shall be applicable.

For DSP BlackRock Trustee Company Pvt. Ltd.

Trustee: DSP BlackRock Mutual Fund

Sd/- Sd/- Sd/-

Place: Mumbai Shitin D. Desai S.S. Thakur

Date: June 29, 2015 Chairman Director

CAMS Investor Service Centres and Transaction Points

List of Official Points of Acceptance of Transactions*DSP BlackRock Investment Managers Private Limited - Investor Service Centres

Agra:: ShantaTower,OfficeNo.12,1stFloor,BlockNo.E-14,16,SanjayPlace,Agra–282003.Ahmedabad:: 3rdEYEONE,OfficeNo.301,3rdFloor,OppositeHavmorRestaurant,C.GRoad,Panchavati,Ahmedabad-380006.Bangalore:: HMGenevaHouse,OfficeNo.104A-107,1stFloor,PlotNo.14,CunninghamRoad,Bangalore-560052.Bhopal::StarArcade,OfficeNo.302,3rdFloor,PlotNo.165Aand166,Zone-1,M.PNagar,Bhopal-462011.Bhubneshwar::LotusHouse,OfficeNo.3,2ndFloor,108/A,KharvelNagar,UnitIII,MasterCanteenSquare,Bhubaneshwar-751001.Chandigarh:: SCO 2471 – 72, 1st Floor, Sector 22 – C, Chandigarh - 160022.Chennai:: AlameluTerraces,OfficeNo.163,3rdFloor,AnnaSalai,Chennai–600002.Coimbatore:: Tristar Towers, 657, East Wing, 1st Floor, Avinashi Road, Coimbatore - 641037.Dehradun::NCRPlaza,Groundfloor,OfficeNo.G12/A,(No.24-A)(NewNo.112/28,RavindranathTagoreMarg),NewCanttRoad,Hathibarhkala,Dehradun–248001.Goa:: Mathias Plaza, 4th Floor, 18th June Road, Panjim,Goa - 403001.Guwahati:: MayurGardens,OfficeNo.5,UpperGroundfloor,G.SRoad,NearABCBusStop,Guwahati-781005.Hubli:: SonaChambers,SouthWing,OfficeNo.3,GroundFloor,ClubRoad,Hubli-580020.Hyderabad:: MahavirChambers,OfficeNo.103,1stFloor,Himayatnagar,LibertyJunction,Hyderabad-500029.Indore:: StarlitTower,OfficeNo.206,2ndFloor,29/1,Y.NRoad,Opp.S.BIndoreHeadOffice,Indore-452001.Jaipur:: GreenHouse,OfficeNo.201to204,2ndFloor,O-15,AshokMarg,AboveAxisBank,C-Scheme,Jaipur-302001.Jamshedpur:: ShantiNiketan, 2nd Floor, Main Road, P.O Bistupur, Jamshedpur - 831001.Jodhpur:: KeshavBhawan,GroundFloor,OfficeNo.2,ChopasniRoad,NearHDFCBank,Jodhpur-342003.Kanpur:: KANChambers,OfficeNo.701-703,7thFloor,14/113,CivilLines,Kanpur-208001.Kochi:: AmrithaaTowers,OfficeNo.40/1045H1,6thFloor,Opp.MaharajasCollegeGround,M.GRoad,Kochi-682011.Kolkata:: Shagun Mall Building, 10-A, 4th Floor, Shakespeare Sarani, Kolkata-700071.Lucknow:: Speed Motors Building, 3rd Floor, 3 Shanazaf Road, Hazratganj, Lucknow - 226001.Ludhiana:: SCO-29, 1st Floor, Feroze Gandhi Market, Pakhowal Road, Ludhiana -141001.Mangalore:: MaximusCommercialComplex,OfficeNo.UGI-5,UpperGroundFloor,LightHouseHillRoad,Opp.KMC,Mangalore-575001.Mumbai - Andheri:: NATRAJ,OfficeNo.302,3rdFloor,PlotNo–194,MVRoadJunction,WesternExpressHighway,Andheri(East),Mumbai–400069.Mumbai (Nariman Point):: Mafatlal Centre, 10th Floor, Nariman Point, Mumbai - 400021.Nagpur:: Milestone,OfficeNo.108&109,1stFloor,RamdasPeth,WardhaRoad,Nagpur-440010.Nashik:: Bedmutha’sNavkarHeights,OfficeNo.1&2,3rdFloor,NewPanditColony,SharanpurRoad,Nasik-422005.New Delhi (UGF):: Dr Gopal Das Bhavan, Upper Ground Floor, 28 Barakhamba Road, New Delhi - 110001.Patna::OfficeNoL309&L310,ThirdFloor,DumraonPlace,FrazerRoad,Patna800001.Pune:: CityMall,1stFloor,OfficeNo.109(A,B,C),UniversitySquare,UniversityRoad,Pune-411007.Raipur:: OfficeNoSf-18,2ndFloor,RahejaTowers,NearHotelCelebration,Fafadih,Raipur–492001.Rajkot:: HemArcade,OfficeNo.303,3rdFloor,OppositeSwamiVivekanandStatue,Dr.YagnikRoad,Rajkot-360001.Ranchi:: ShrilokComplex,OfficeNo.106&109,1stFloor,PlotNo-1999&2000,4,HazaribaghRoad,Ranchi-834001Surat:: InternationalTradeCentre(ITC),OfficeNo.G-28,GroundFloor,MajuraGateCrossing,RingRoad,Surat-395002.Trivandrum:: Menamthottam Chambers, TC-2442(7), 2nd Floor, Pattom PO, Thiruvananthapuram – 695004Vadodara:: NamanHouse,GroundFloor,1/2-B,HaribhaktiColony,Opp.RaceCoursePostOffice,RaceCourse,NearBirdCircle,Vadodara-390007.Vapi:: BhikajiRegency,OfficeNo.3,1stFloor,OppositeDCBBank,Vapi–SilvasaRoad,Vapi–396195.Varanasi:: Arihant Complex, 7th Floor, D-64/127, C-H, Sigra, Varanasi - 221010.Vizag::Officeno304B,VRCcomplex,47-15-14/15,RajajeeNagar,DwarakaNagar,Visakhapatnam–530016.

Agartala: Advisor Chowmuhani (Ground Floor), Krishnanagar, Agartala - 799001 Agra: No. 8, II Floor, Maruti Tower, Sanjay Place, Agra - 282002 Ahmedabad: 111- 113, 1 st Floor- Devpath Building, Off C G Road, Behind Lal Bungalow, Ellis Bridge, Ahmedabad - 380 006 Ahmednagar: B, 1+3, Krishna Encloave Complex, Near Hotel Natraj, Nagar-Aurangabad Road, Ahmednagar - 414 001 Ajmer: AMC No. 423/30, Near Church, Opp T B Hospital, Jaipur Road, Ajmer - 305001 Akola: Opp. RLT Science College, Civil Lines, ,Akola - 444001 Aligarh: City Enclave, Opp. Kumar Nursing Home, Ramghat Road, Aligarh - 202001 Allahabad: 30/2, A&B, Civil Lines Station, Besides Vishal Mega Mart, Strachey Road, Allahabad - 211001 Alleppey:Doctor’sTowerBuilding,DoorNo.14/2562,1stfloor,“NorthofIornBridge,NearHotelArcadiaRegency“,Alleppey-688001Alwar: 256A, Scheme No:1, Arya Nagar, Alwar - 301001 Amaravati: 81, Gulsham Tower, 2nd Floor, Near Panchsheel Talkies, Amaravati - 444601 Ambala: Opp: Peer, Bal Bhavan Road, Ambala - 134003 Amritsar: SCO - 18J, ‘C’, Block Ranjit Avenue, Amritsar - 140001 Anand: 101, A.P. Tower, B/H, Sardhar Gunj, Next to Nathwani Chambers, Anand - 388001 Anantapur: 15-570-33, I Floor, Pallavi Towers, Subash Road, Opp:Canara Bank, Anantapur - 515 001 Andheri: CTS No 411,Citipoint, Gundivali, Teli Gali,Above C.T. Chatwani Hall,Andheri , Mumbai - 400069 Ankleshwar: Shop No - F -56, First Floor, Omkar Complex, Opp Old Colony, Nr Valia Char Rasta, GIDC, Ankleshwar - 393002 Asansol: Block – G 1st Floor, P C Chatterjee Market Complex, Rambandhu Talab P O Ushagram, Asansol - 713303 Aurangabad:OfficeNo.1,1stFloor,AmodiComplex,JunaBazar,Aurangabad-431001Balasore: B C Sen Road, ,Balasore - 756001 Bangalore: Trade Centre, 1st Floor, 45, Dikensen Road, ( Next to Manipal Centre ), Bangalore - 560 042 Bareilly: F-62-63, Butler Plaza, Commercial Complex, Civil Lines, Bareilly - 243001 Basti:Officeno3,IstFloor,“Jamia Shopping Complex , (Opposite Pandey School)“, Station Road, Basti - 272002 Belgaum: 1st Floor, 221/2A/1B, Vaccine Depot Road, Near 2nd Railway gate, Tilakwadi, Belgaum - 590006 Bellary: 60/5, Mullangi Compound, Gandhinagar Main Road, ( Old Gopalswamy Road), Bellary - 583101 Berhampur: First Floor, Upstairs of Aaroon Printers, Gandhi Nagar Main Road, Berhampur - 760001 Bhagalpur: Krishna, I Floor, Near Mahadev Cinema, Dr.R.P.Road, Bhagalpur - 812002 Bharuch (parent: Ankleshwar TP): F-108, Rangoli Complex,Station Road, Bharuch - 392001 Bhatinda: 2907 GH, GT Road, Near Zila Parishad, Bhatinda - 151001 Bhavnagar: 305-306, Sterling Point, Waghawadi Road, Opp. HDFC BANK, Bhavnagar - 364002 Bhilai: Shop No. 117, Ground Floor, Khicharia Complex, Opp. IDBI Bank, Nehru Nagar Square, Bhilai - 490020 Bhilwara:IndraparsthaTower,Secondfloor,Shyam ki sabji mandi, Near Mukharji garden, Bhilwara - 311001 Bhopal: Plot no 10, 2nd Floor, Alankar Complex, Near ICICI Bank, MP Nagar, Zone II, Bhopal - 462011 Bhubaneswar: Plot No -111, Varaha Complex Building, 3rd Floor, Station Square, Kharvel Nagar, Unit 3, Bhubaneswar - 751 001 Bhuj:DataSolution,OfficeNo:17,1stFloor,MunicipalBuildingOppHotelPrince,StationRoad,Bhuj-370001Bhusawal (Parent: Jalgaon TP): 3, Adelade Apartment, Christain Mohala, Behind Gulshan-E-Iran Hotel, Amardeep Talkies Road, Bhusawal - 425201 Bikaner: F 4,5 Bothra Complex, Modern Market, Bikaner - 334001 Bilaspur: 2nd Floor, Gwalani Chambers, St XavierSchoolRoad,“FrontofCIT(IncomeTax)Office,VyaparVihar“,Bilaspur-495001Bokaro: Mazzanine Floor, F-4, City Centre, Sector 4, Bokaro Steel City, Bokaro - 827004 Burdwan: 399, G T Road, Basement of Talk of the Town, Burdwan - 713101 Calicut: 29/97G 2nd Floor, Gulf Air Building, Mavoor Road, Arayidathupalam, Calicut - 673016 Chandigarh: Deepak Tower, SCO 154-155, 1st Floor, Sector 17-C, Chandigarh - 160 017 Chennai: Ground Floor No.178/10, Kodambakkam High Road, Opp. Hotel Palmgrove, Nungambakkam, Chennai - 600 034 Chhindwara: Shop No. 01 Near Puja Lawn, Prarasia Road, Chhindwara - 480 001 Chittorgarh: 3 Ashok Nagar, Near Heera Vatika, Chittorgarh - 312001 Cochin: 1st Floor, K C Centre, Door No.42/227-B, Chittoor Road, Opp. North Town Police Station, Kacheripady, Cochin - 682 018 Coimbatore: Old # 66 New # 86, Lokamanya Street (West), Ground Floor, R.S.Puram, Coimbatore - 641 002 Cuttack: Near Indian Overseas Bank, Cantonment Road, Mata Math, Cuttack - 753001 Darbhanga: Shahi Complex,1st Floor, Near RB Memorial hospital, V.I.P. Road, Benta, Laheriasarai, Darbhanga - 846001 Davangere: 13, Ist Floor, Akkamahadevi Samaj Complex, Church Road, P.J.Extension, Davangere - 577002 Dehradun: 204/121 Nari Shilp Mandir Marg, Old Connaught Place, Dehradun - 248001 Deoghar:SSMJalanRoad,Groundfloor,Opp.HotelAshoke,CasterTown,Deoghar-814112Dhanbad: Urmila Towers, Room No: 111(1st Floor), Bank More, Dhanbad - 826001 Dharmapuri: 16A/63A, Pidamaneri Road, Near Indoor Stadium, Dharmapuri - 636 701 Dhule: H. No. 1793 / A, J.B. Road, Near Tower Garden, Dhule - 424 001 Durgapur: City Plaza Building, 3rd Floor, City Centre, Durgapur - 713 216 Erode: 197, Seshaiyer Complex, Agraharam Street, Erode - 638001 Faizabad: 64 Cantonment, Near GPO, Faizabad - 224001 Faridabad: B-49, 1st Floor, Nehru Ground, Behind Anupam Sweet House,NIT, Faridabad - 121001 Gandhidham: S-7, Ratnakala Arcade, Plot No. 231 ,Ward – 12/B, Gandhidham - 370 201 Ghaziabad,: 113/6 1st Floor, Navyug Market, Ghaziabad - 201001 Goa: No.108, 1st Floor, Gurudutta Bldg, Above Weekender, M G Road, Goa - 403 001 Gondal (Parent Rajkot): A/177, Kailash Complex , Opp. Khedut Decor , Gondal - 360 311 Gorakhpur: Shop No. 3, Second Floor, The Mall, Cross Road, A.D. Chowk, Bank Road, Gorakhpur - 273001 Gulbarga: Pal Complex, Ist Floor, Opp. City Bus Stop, SuperMarket, Gulbarga - 585 101 Guntur: Door No 5-38-44, 5/1 Brodipet, Near Ravi Sankar Hotel, Guntur - 522002 Gurgaon:SCO-16,Sector-14,Firstfloor,Gurgaon-122001Guwahati: A.K. Azad Road, Rehabari, Guwahati - 781008 Gwalior:G-6GlobalApartment,KailashViharColony,“Opp.IncomeTaxOffice,CityCentre,Gwalior-474002Haldia:1stFloor,NewMarketComplex,“DurgachakPostOffice,PurbaMedinipur District,“ Haldia - 721 602 Haldwani: Durga City Centre, Nainital Road, Haldwani - 263139 Hazaribag: Municipal Market, Annanda Chowk, Hazaribag - 825301 Himmatnagar: D-78 First Floor, New Durga Bazar, Near Railway Crossing, Himmatnagar - 383 001 Hisar: 12, Opp. Bank of Baroda, Red Square Market, Hisar - 125001 Hoshiarpur: Near Archies Gallery, Shimla Pahari Chowk, Hoshiarpur - 146 001 Hosur: No.9/2, 1st Floor, Attibele Road,HCFPost,BehindRTOoffice,Mathigiri,Hosur-635110Hubli: No.204 - 205, 1st Floor, ‘ B ‘ Block, Kundagol Complex, Opp. Court, Club Road, Hubli - 580029 Hyderabad: 208, II Floor, Jade Arcade, Paradise Circle, Hyderabad - 500 003 Indore: 101, Shalimar Corporate Centre, 8-B, South tukogunj,Opp.Greenpark, Indore - 452 001 Jabalpur: 8, Ground Floor, Datt Towers, Behind Commercial Automobiles, Napier Town, Jabalpur - 482001 Jaipur: R-7, Yudhisthir Marg, C-Scheme, Behind Ashok Nagar Police Station, Jaipur - 302 001 Jalandhar: 367/8, Central Town, Opp.Gurudwara Diwan Asthan, Jalandhar - 144001 Jalgaon: Rustomji Infotech Services, 70, Navipeth, Opp. Old Bus Stand, Jalgaon, - 425001 Jalna: Shop No 6, Ground Floor,Anand Plaza Complex,Bharat Nagar,Shivaji Putla Road,Jalna - 431 203 Jammu: JRDS Heights, Lane Opp. S&S Computers ,Near RBI Building, Sector 14, Nanak Nagar , Jammu - 180004 Jamnagar: 207, Manek Centre, P N Marg, Jamnagar - 361 001 Jamshedpur: Millennium Tower, “R” Road, Room No:15 First Floor, Bistupur, Jamshedpur - 831001 Jaunpur: 248, Fort Road, Near Amber Hotel , Jaunpur - 222001 Jhansi: Opp SBI Credit Branch, Babu Lal Kharkana Compound, Gwalior Road, Jhansi - 284001 Jodhpur: 1/5, Nirmal Tower, 1st Chopasani Road, Jodhpur - 342003 Junagadh: “Aastha Plus”, 202-A, 2nd Floor, Sardarbag Road, Nr. Alkapuri, “Opp. Zansi Rani Statue“, Junagadh - 362001 Kadapa: Bandi Subbaramaiah Complex, D.No:3/1718, Shop No: 8, Raja Reddy Street, Kadapa - 516 001 Kakinada: No.33-1, 44 Sri Sathya Complex, Main Road, Kakinada - 533 001 Kalyani: A - 1/50, Block - A, ,Dist Nadia, Kalyani - 741235 Kannur: Room No.14/435, Casa Marina Shopping Centre, Talap, Kannur - 670004 Kanpur: I Floor 106 to 108, City Centre Phase II, 63/ 2, The Mall, Kanpur - 208 001 Karimnagar: H No.7-1-257, Upstairs S B H, Mangammathota, Karimnagar - 505 001 Karnal (Parent :Panipat TP): 7, IInd Floor,Opp Bata Showroom ,Kunjapura Road, Karnal - 132001 Karur:126 G, V.P.Towers, Kovai Road, Basement of Axis Bank, Karur - 639002 Katni: 1st Floor, Gurunanak dharmakanta, Jabalpur Road, Bargawan, Katni - 483 501 Kestopur: S.D.Tower ,Sreeparna Apartment ,AA-101, Prafulla Kannan (West), Shop No .1M, Block -C(Ground Floor), Kestopur - 700101 Khammam:ShopNo:11-2-31/3,1stfloor,PhilipsComplex,Balajinagar,WyraRoad,NearBaburaoPetrolBunk,Khammam-507001 Kharagpur: H.No.291/1, Ward No-15, Malancha Main Road, Opp: Uco Bank, Kharagpur - 721301 Kolhapur: 2 B, 3rd Floor, Ayodhya Towers, Station Road, Kolhapur - 416001 Kolkata: Saket Building, 44 Park Street, 2nd Floor, Kolkata - 700016 Kolkata-CC (Kolkata Central): 2A, Ganesh Chandra Avenue, Room No.3A, Commerce House”(4th Floor), Kolkata - 700013 Kollam: Kochupilamoodu Junction, Near VLC, Beach Road, Kollam - 691001 Kota: B-33 ‘Kalyan Bhawan, Triangle Part,Vallabh Nagar, Kota - 324007 Kottayam: Jacob Complex, Building No - Old No-1319F, New No - 2512D, Behind Makkil Centre,Good Sheperd Road,Kottayam - 686001 Kumbakonam: Jailani Complex, 47, Mutt Street, Kumbakonam - 612001 Kurnool: H.No.43/8, Upstairs, Uppini Arcade, N R Peta, Kurnool - 518 004 Lucknow: Off # 4,1st Floor, Centre Court Building, 3/c, 5 - Park Road, Hazratganj, Lucknow

CAMS Investor Service Centres and Transaction Points (Cont’d)- 226 001 Ludhiana:U/GF,PrinceMarket,GreenField,NearTrafficLights,SarabhaNagarPulli,PakhowalRoad,Ludhiana-141002Madurai: Ist Floor, 278, North Perumal Maistry street, Nadar Lane, Madurai - 625 001 Malda: Daxhinapan Abasan, Opp Lane of Hotel Kalinga, SM Pally, Malda - 732 101 Mangalore: No. G 4 & G 5, Inland Monarch, Opp. Karnataka Bank, Kadri Main Road, Kadri, Mangalore - 575 003 Manipal:Basementfloor,AcademyTower,Opposite Corporation Bank, Manipal - 576104 Mapusa (Parent ISC : Goa):Officeno.CF-8,1stFloor,BusinessPoint,AboveBicholimUrbanCo-opBank,Angod,Mapusa-403507Margao: Virginkar Chambers I Floor, Near Kamath Milan Hotel, New Market, Near Lily Garments, Old Station Road, Margao - 403 601 Mathura: 159/160 Vikas Bazar, Mathura - 281001Meerut,108 Ist Floor Shivam Plaza,Opp: Eves Cinema, Hapur Road, Meerut - 250002 Mehsana: 1st Floor, Subhadra Complex, Urban Bank Road, Mehsan - 384 002 Moga: Gandhi Road, Opp Union Bank of India, Moga - 142001 Moradabad: B-612 ‘Sudhakar’, Lajpat Nagar, Moradabad - 244001 Mumbai: Rajabahdur Compound, Ground Floor, Opp Allahabad Bank, Behind ICICI Bank, 30, Mumbai Samachar Marg, Fort, Mumbai - 400 023 Muzaffarpur: Brahman Toli, Durgasthan, Gola Road, Muzaffarpur - 842001 Mysore: No.1, 1st Floor, CH.26 7th Main, 5th Cross ,(Above Trishakthi Medicals), Saraswati Puram, Mysore - 570009 Nadiad (Parent TP: Anand TP): F 142, First Floor, Ghantakarna Complex ,Gunj Bazar, Nadiad - 387001 Nagpur: 145 Lendra, New Ramdaspeth, Nagpur - 440 010 Namakkal:156A/1,FirstFloor,,LakshmiVilasBuilding,Opp.ToDistrictRegistrarOffice,TrichyRoad,Namakkal-637001Nasik: Ruturang Bungalow, 2 Godavari Colony, Behind Big Bazar, Near Boys Town School, Off College Road, Nasik - 422005 Navsari: 16, 1st Floor, Shivani Park, Opp. Shankheswar Complex ,Kaliawadi ,Navsari - 396 445 Nellore: 97/56, I Floor Immadisetty Towers, Ranganayakulapet Road, Santhapet, Nellore - 524001 New Delhi: 7-E, 4th Floor, Deen Dayaal Research Institute Building, Swami Ram Tirath Nagar, Near Videocon Tower Jhandewalan Extension, New Delhi -110 055 New Delhi-CC: Flat no.512, Narian Manzil, 23, Barakhamba Road ,Connaught Place, New Delhi - 110 001 Noida:C-81,1stfloor,Sector-2,Noida-201301Palakkad:10 / 688, Sreedevi Residency, Mettupalayam Street, Palakkad - 678 001 Palanpur: 3rd Floor, T - 11, Opp.Goverment Quarters, College Road, Palanpur - 385001 Panipat: 83, Devi Lal Shopping Complex, Opp ABN Amro Bank, G.T.Road, Panipat - 132103 Patiala: 35, New lal Bagh Colony, Patiala - 147001 Patna: G-3, Ground Floor, Om Vihar Complex, Sp Verma Road, Patna - 800 001 Pondicherry: S-8, 100, Jawaharlal Nehru Street , (New Complex, Opp. Indian Coffee House), Pondicherry - 605001 Pune: Nirmiti Eminence, Off No. 6, I Floor, Opp Abhishek Hotel Mehandale Garage Road, Erandawane, Pune - 411 004 Rae Bareli: 17, Anand Nagar Complex, Rae Bareli - 229001 Raipur: HIG, C-23 ,Sector - 1, Devendra Nagar, Raipur - 492004 Rajahmundry: Door No: 6-2-12, 1st Floor, Rajeswari Nilayam, Near Vamsikrishna Hospital, Nyapathi Vari Street, T Nagar, Rajahmundry - 533 101 Rajapalayam: No 59 A/1, Railway Feeder Road, Near Railway Station, Rajapalayam - 626117 Rajkot:Office207-210,EverestBuilding,HariharChowk,OppShastriMaidan,LimdaChowk,Rajkot-360001 Ranchi: 4, HB Road, No: 206, 2nd Floor Shri Lok Complex, H B Road Near Firayalal, Ranchi - 834001 Ratlam: Dafria & Co, 18, Ram Bagh, Near Scholar’s School, Ratlam - 457001 Ratnagiri: Kohinoor Complex, Near Natya Theatre, Nachane Road, Ratnagiri - 415 639 Rohtak: 205, 2ND Floor, Blg. No. 2, ,Munjal Complex, ,Delhi Road, ,Rohtak - 124001 Roorkee: 22, Civil Lines Ground Floor, Hotel Krish Residency, Roorkee - 247667 Rourkela:1st Floor ,Mangal Bhawan ,Phase II ,Power House Road , Rourkela - 769001 Sagar: Opp. Somani Automobiles ,Bhagwanganj , Sagar - 470 002 Saharanpur: I Floor, Krishna Complex, Opp. Hathi Gate, Court Road, Saharanpur - 247001 Salem: No.2, I Floor Vivekananda Street, New Fairlands, Salem - 636016 Sambalpur: C/o Raj Tibrewal & Associates,Opp.Town High School,Sansarak, Sambalpur - 768001 Sangli: Jiveshwar Krupa Bldg,Shop. NO.2, Ground Floor,Tilak Chowk,Harbhat Road,Sangli - 416416 Satara: 117 / A / 3 / 22, Shukrawar Peth, Sargam Apartment, Satara - 415002 Shahjahanpur: Bijlipura, Near Old Distt Hospital, Jail Road, Shahjahanpur - 242001 Shimla: I Floor, Opp. Panchayat Bhawan Main gate, Bus stand, Shimla - 171001 Shimoga: Nethravathi, Near Gutti Nursing Home, Kuvempu Road, Shimoga - 577 201 Siliguri: 17B Swamiji Sarani, ,Siliguri - 734001 Sirsa: Beside Overbridge, Next to Nissan car showroom, Hissar Road, Sirsa - 125055 Sitapur: Arya Nagar, Near Arya Kanya School, ,Sitapur - 261001 Solan: 1st Floor, Above Sharma General Store, Near Sanki Rest house, The Mall, Solan - 173 212 Solapur: Flat No 109, 1st Floor, A Wing, Kalyani Tower, 126 Siddheshwar Peth, Near Pangal High School, Solapur - 413001 Sri Ganganagar: 18 L Block, ,Sri Ganganaga - 335001 Srikakulam: Door No 4-4-96, First Floor., Vijaya Ganapathi Temple Back Side, Nanubala Street, Srikakulam - 532 001 Sultanpur: 967, Civil Lines, Near Pant Stadium, Sultanpur - 228 001 Surat:PlotNo.629,2ndFloor,OfficeNo.2-C/2-D,MansukhlalTower,BesideSeventhDayHospital,Opp.DhirajSons,Athwalines,Surat- 395 001 Surendranagar: 2 M I Park, Near Commerce College, Wadhwan City, Surendranagar - 363035 Thane: 3rd Floor, Nalanda Chambers,“B” Wing, Gokhale Road,Near Hanuman Temple,Naupada,Thane - 400 602 Tinsukia: Dhawal Complex, Ground Floor, Durgabari, Rangagora Road, Near Dena Bank, Tinsukia - 786125 Tirunelveli: 1 Floor, Mano Prema Complex, 182 / 6, S.N High Road, Tirunelveli - 627001 Tirupati: Shop No : 6, Door No: 19-10-8, Opp toPassportOffice,AIRBypassRoad,Tirupati-517501Tirupur: 1(1), Binny Compound, II Street, Kumaran Road, Tirupur - 641601 Tiruvalla: 24/590-14, C.V.P Parliament Square Building,Cross Junction, Tiruvalla - 689101 Trichu: Room No. 26 & 27, Dee Pee Plaza, Kokkalai, Trichur - 680001 Trichy: No 8, I Floor, 8th Cross West Extn, Thillainagar, Trichy - 620018 Trivandrum: R S Complex, Opp of LIC Building, Pattom PO, Trivandrum - 695004 Tuticorin: 4B/A16, Mangal Mall Complex, Ground Floor, Mani Nagar, Tuticorin - 628 003 Udaipur: 32 Ahinsapuri, Fatehpura Circle, Udaipur - 313004 Ujjain: 123, 1st Floor, Siddhi Vinanyaka Trade Centre, Saheed Park, Ujjain - 456 010 Unjha (Parent: Mehsana): 10/11, Maruti Complex, Opp. B R Marbles, Highway Road, Unjha - 384 170 Vadodara:103 Aries Complex, BPC Road, Off R.C.Dutt Road, Alkapuri, Vadodara - 390 007 Valsad:3rdfloor,GitaNivas,oppHeadPostOffice,HalarCrossLane,Valsad-396001Vapi: 208, 2nd Floor HEENA ARCADE, Opp. Tirupati Tower, Near G.I.D.C. Char Rasta, Vapi - 396195 Varanasi:Officeno1,Secondfloor,BhawaniMarket,BuildingNo.D-58/2-A1,Rathyatra,Beside Kuber Complex, Varanasi - 221010 Vasco(Parent Goa): No DU 8, Upper Ground Floor ,Behind Techoclean Clinic, Suvidha Complex ,Near ICICI Bank ,Vasco - 403802 Vellore:No.1,Officer’sLine,2ndFloor,MNRArcade,Opp.ICICI Bank, Krishna Nagar, Vellore - 632 001 Vijayawada: 40-1-68, Rao & Ratnam Complex, Near Chennupati Petrol Pump, M.G Road, Labbipet, Vijayawada - 520 010 Visakhapatnam: 47/ 9 / 17, 1st Floor, 3rd Lane, Dwaraka Nagar, Visakhapatnam - 530 016 Warangal: A.B.K Mall, Near Old Bus Depot road, BVSS Mayuri Complex, F-7, Ist Floor, Ramnagar, Hanamkonda, Warangal - 506001 Yamuna Nagar: 124-B/R Model Town, Yamunanagar, Yamuna Nagar - 135 001 Yavatmal: Pushpam, Tilakwadi, Opp. Dr. Shrotri Hospital, Yavatmal - 445 001

Agartala: Krishna Nagar, Advisor Chowmuhani (Ground Floor), Agartala – 799001. Agartala: Bidurkarta Chowmuhani, J N Bari Road, Tripura (West), Agartala -799001. Agra: No. 8, 2Nd Floor, Maruti Tower, Sanjay Place, Agra – 282002. Agra: 1St Floor, Deepak Wasan Plaza, Behind Holiday Inn, Opp. Megdoot Furnitures Sanjay Place, Agra – 282002. Ahmedabad: 201/202, Shail Complex, Opp Madhusudan House, Behind Girish Cold Drink, Off C. G. Road, Navrangpura, Ahmedabad -380006. Ahmedabad: 111- 113, 1St Floor, Devpath Building, Off C G Road, Behind Lal Bungalow, Ellis Bridge, Ahmedabad - 380006. Ajmer: No. 423/30, Near Church Brahampuri, Opp. T B Hospital, Jaipur Road, Ajme -305001 Ajmer: 302, 3Rd Floor, Ajmer Auto Building, Opp. City Power House, Jaipur Road, Ajmer - 305001. Akola: Opp. R L T Science College Civil Lines, Akola – 444001. Akola: Yamuna Tarang Complex, Shop No. 30, Ground Floor, N.h. No- 06, Murtizapur Road, Opp. Radhakrishna Talkies, Akola – 444004. Aligarh: City Enclave, Opp. Kumar Nursing Home, Ramghat Road, Aligarh – 202001. Aligarh: 1St Floor, Kumar Plaza, Aligarh – 202001. Allahabad: 30/2, A&B Civil Lines Station, Besides Vishal Mega Mart, Strachey Road, Allahabad - 211001 Allahabad: Rsa Towers, 2Nd Floor, Above Sony Tv Showroom, 57 S P Marg Civil Lines, Allahabad - 211001. Alleppey: Doctor’s Tower Building, Door No. 14/2562, 1St Floor North Of Iron Bridge, Near Hotel Arcadia Regency, Alleppey – 688001. Alleppey: X1v 172, Jp Towers, Mullackal, Ksrtc Bus Stand, Alleppey – 688011. Alwar: 256 A, Scheme 1, Arya Nagar, Alwar – 301001. Alwar: 101, Saurabh Tower, Opp. Uit, Near Bhagat Singh Circle, Road No.2, Alwar – 301001. Amaravati: 81, Gulsham Tower, Near Panchsheel, Amaravati – 444601. Amaravati: Shop No. 21, 2Nd Floor, Gulshan Tower, Near Panchsheel Talkies, Jaistambh Square, Amaravati – 444601. Ambala: Opp. Peer, Bal Bhawan Road, Ambala – 134003. Ambala: 6349, Nicholson Road, Adjacent Kos Hospital, Ambala Cant, Ambala – 133001. Amritsar: Sco, 18J, ‘C’ Block, Ranjit Avenue, Amritsar – 140001. Amritsar: 72-A, Taylor’s Road, Opp. Aga Heritage Club, Amritsar – 143001. Anand: 101, A. P. Towers, B/H. Sardar Gunj, Next To Nathwani Chambers, Anand – 388001. Anand: B-42, Vaibhav Commercial Center, Nr. Tvs Down Town Show Room, Grid Char Rasta, Anand – 380001. Anantapur: 15-570-33, 1St Floor, Pallavi Towers, Subash Road, Opp. Canara Bank, Anantapur - 515001. Anantapur: #15/149, 1St Floor, S R Towers Subash Road, Opp. To Lalitha Kala Parishad, Anantapur – 515001. Ankleshwar: Shop No. F 56, First Floor, Omkar Complex, Opp. Old Colony, Nr. Valia Char Rasta,Gidc, Ankleshwar – 393002. Ankleshwar: L/2, Keval Shopping Center, Old National Highway, Ankleshwar – 393002. Asansol: Block G, First Floor, P C Chatterjee Market Complex, Rambandhu Talabpo Ushagram, Asansol – 713303. Asansol: 114/71, G T Road, Near Sony Centre, Bhanga Pachil, Asansol – 713303. Aurangabad: OfficeNo.1,1StFloor,AmodiComplex,JunaBazar,Aurangabad–431001.Aurangabad: Ramkunj Niwas, Railway Station Road, Near Osmanpura Circle, Aurangabad – 431005. Azamgarh: 1St Floor, Alkali Building, Opp. Nagaripalika Civil Line, Azamgarh – 276001. Balasore: B C Sen Road, Balasore – 756001. Balasore: M.s Das Street, Gopalgaon Balasore – 756001. Bangalore: Trade Center, 1St Floor, 45 Dickenson Road, Next To Manipal Center, Bangalore - 560042. Bangalore - Basavanagudi: 59, , Skanda Puttanna Road, Basavanagudi, Bangalore - 560004 Bangalore - Koramangala: No.408,CitaBldg,IFloor,NextToVodafoneOffice,Koramangala,Bangalore-560095Bangalore - Malleswaram: No.337, Gf-3, Karuna Complex, Sampige Road, Opp: New Vegetable Market, Malleshwaram, Bangalore - 560003 Bankura: Ambika Market Complex (Ground Floor), Nutanganj Post & Dist Bankura, Bankura -722101. Bareilly: F-62, 63, 2Nd Floor, Butler Plaza Commercial Complex, Civil Lines, Bareilly – 243001. Bareilly: 1St Floor, 165 Civil Lines, Opp.hotel Bareilly Palace, Near Railway Station, Bareilly – 243001. Barhampore: Thakur Market Complex, Gorabazar, Post Berhampore, Dist. Murshidabad, 72 No. Nayasarak Road, Barhampore – 742101. Begusarai: Near Hotel Diamond Surbhi Complex, O.c Township Gate, Kapasiya Chowk, Begusarai – 851117. Belgaum: 1St Floor, 221/2A/1B, Vaccine Depot Road, Near 2Nd Railway Gate, Tilakwadi, Belgaum – 590006. Belgaum: Cts No 3939/ A2 A1, Above Raymonds Show Room, Beside Harsha Appliances, Club Road, Belgaum – 590001. Bellary: # 60/5 Mullangi Compound, Gandhinagar Main Road, (Old Gopalswamy Road)Bellary – 583101. Bellary: No. 1 Khb Colony, Gandhi Nagar, Bellary – 583103. Berhampur: Gandhi Nagar Main Road, 1St Floor Upstairs Of Aroon Printers, Berhampur – 760001. Berhampur: Opp –Divya Nandan Kalyan Mandap, 3Rd Lane, Dharam Nagar, Near Lohiya Motor, Berhampur – 760001. Betul: 107, 1St Floor, Hotel Utkarsh, J. H. College Road, Betul – 460001.Bhagalpur: Krishna, 1St Floor, Near Mahadev Cinema, Dr.r.p.road, Bhagalpur – 812002. Bhagalpur: 2Nd Floor, Chandralok Complex, Ghantaghar, Radha Rani Sinha Road, Bhagalpu – 812001. Bharuch: Shop No 147-148, Aditya Complex, Near Kasak Circle, Bharuch – 392001. Bhatinda: 2907 Gh, Gt Road, Near Zila Parishad, Bhatinda – 151001. Bhatinda: #2047-A, 2Nd Floor, The Mall Road, Above Max New York Life Insurance, New Delhi – 151001. Bhavnagar: 305-306, Sterling Point, Waghawadi Road, Opp. Hdfc Bank, Bhavnagar – 364002. Bhavnagar: KrushnaDarshanComplex,ParimalChowk,OfficeNo.306-307,3RdFloor,AboveJedBlueShowRoom,Bhavnagar–364002.Bhilai: Shop No. 117, Ground Floor, Khicharia Complex, Opposite Idbi Bank, Nehru Nagar Square, Bhilai – 490020. Bhilai: Shop No -1, First Floor; Plot No -1, Commercial Complex, Nehru Nagar- East Bhilai – 490020. Bhilwara: Indra Prasta Tower 2Nd Floor, Syam Ki Sabji Mandi, Near Mukerjee Gardenbhilwara – 311001. Bhilwara: Shop No. 27-28, 1St Floor, Heera Panna Market Pur Road, Bhilwara – 311001. Bhopal: Plot No. 10, 2Nd Floor, Alankar Complex, Near Icici Bank, Mp Nagar Zone Ii, Bhopal - 462011. Bhopal: Kay Kay Business Centre, 133, Zone I, Mp Nagar, Above City Bank, Bhopal – 462011. Bhubaneswar: Plot No. 111, Varaha Complex Building, 3Rd Floor, Station Square, Kharvel Nagar, Unit 3, Bhubaneswar – 751001. Bhubaneswar: A/181, Back Side Of Shivam Honda Show Room, Saheed Nagar, Bhubaneswar – 751007. Bhuj: No. 17, 1St Floor, Municipal Bldg., Opp. Hotel Prince Station Road, Bhuj – 370001. Bikaner: Shop No F 4 & 5, Bothra Compex, Modern Market, Bikaner – 334001. Bikaner: 70-71, 2Nd Floor, Dr.chahar Building, Panchsati Circle, Sadul Ganj, Bikaner – 334001. Bilaspur: Beside Hdfc Bank, Link Road, Bilaspur – 495001. Bilaspur: Shop No-201 & 202, 1St Floor, V R Plaza Link Road, Bilaspur, C.g Bilaspur – 495001. Bokaro: Mazzanine Floor F-4, City Centre, Bokaro Steel City, Bokaro – 827004. Bokaro: B-1 1St Floor, City Centre, Sector- 4, Near Sona Chandi Jwellars, Bokaro – 827004. Burdwan: 399 G T Road, Basement Of Talk Of The Town, Burdwan – 713101. Burdwan: 63 Gt Road, Halder Complex 1St Floor, Burdwan – 713101. Calicut: 29 / 97G, Gulf Air Building, 2Nd Floor, Arayidathupalam, Mavoor Road, Calicut- 673016. Calicut: 2Nd Floor, Soubhagya Shopping Complex, Arayidathpalam Mavoor Road, Calicut – 673004. Chandigarh: Deepak Towers, Sco 154-155, 1St Floor, Sector 17-C, Chandigarh – 160017. Chandigarh: Sco 2423-2424, Sector 22-C, First Floor, Chandigarh -160022. Chandrapur: RautsRaghuvanshiComplex,ShopNo-1,OfficeNo-2,1StFloor,BesideAzadGarden,MainRoad,Chandrapur–442402.Chennai: New No 51, Gandhi Nagar First Main Road, Adyar, Chennai - 600020. Chennai: F-11, Akshaya Plaza, 1St Floor, 108 Adhithanar Salai, Opp. To Chief Metropolitan Court, Egmore, Chennai - 600002. Chennai: No: 48, Saravana Square Hotel 1St Floor, First Main Road, Nanganallur, Chennai - 600061. Chennai: G1, Ground Floor Swathi Court, No. 22 Vijayaraghava Road, T Nagar, Chennai - 600017. Chennai: No.178/10, Kodambakkam High Road, Ground Floor, Opp. Hotel Palmgrove, Nungambakkam, Chennai - 600034. Chinsurah: J C Ghosh Saranu, Bhanga Gara, Chinsurah – 712101. Cochin: 1St Floor, K C Centre, Door No. 42/227-B, Chittoor Road, Opp. North Town Police Station, Kacheripady, Cochin – 682018. Cochin: Ali Arcade, 1St Floor, Kizhavana Road, Panampilly Nagar, Near Atlantis Junction Ernakualm – 682036. Coimbatore: 66, Lokamanya Street (West), R.s.puram, Coimbatore – 641002. Coimbatore: 3Rd Floor, Jaya Enclave, 1057 Avinashi Road, Coimbatore – 641018. Cuttack: Near Indian Overseas Bank, Cantonment Road, Mata Math, Cuttack – 753001. Cuttack: Po - Buxi Bazar, Opp. Dargha Bazar Police Station, Dargha Bazar, Cuttack – 753001. Darbhanga: Jaya Complex 2Nd Floor, Above Furniture Planet, Donar Chowk, Darbhanga – 846003. Davangere: Akkamahadevi Samaja Complex, Church Road, P J Extension, Davangere – 577002. Davangere: #15/9, 1St Floor, Sobagu Complex, 2Nd Main Road (Avk College Road), P J Extension, Davangere – 577002. Dehradun: 204/121, Nari Shilp Mandir, Margold Connaught Place, Dehradun – 248001. Dehradun: Kaulagarh Road Near, Sirmaur Marg, Above Reliance Webworld, Dehradun – 248001. Deoghar: S S M Jalan Road, Ground Floor Opp. Hotel Ashoke, Caster Town, Deoghar – 814112. Deoria: 1St Floor, Opp. Zila Panchayat Civil Lines, Deoria – 274001. Dewas: 27, Rmo House, Station Road, Above Maa Chamunda Gas Agency, Dewas – 455001. Dhanbad: Urmila Towers Room No: 111 (1St Floor), Bank More, Dhanbad – 826001. Dhanbad: 208, New Market, 2Nd Floor, Katras Road, Bank More, Dhanbad – 826001. Dharwad: 307/9-A, 1St Floor, Elite Business Center, Nagarkar Colony, P B Road, Dharwad -580001. Dhule: Ground Floor Ideal Laundry, Lane No 4, Khol Galli, Near Muthoot Finance, Opp. Bhavasar General Store, Dhule – 424001. Dindigul: No: 9, Old No: 4/B, New Agraharam Palani Road, Dindigul – 624001. Durgapur: City Plaza Building 3Rd Floor, City Centre, Durgapur – 713216. Durgapur: Mwav-16 Bengal Ambuja, 2Nd Floor, City Centre, 16 Dt Burdwan, Durgapur – 713216. Eluru: D.no:23B-5-93/1, Savithri Complex, Edaravari Street, Near Dr.prabhavathi Hospital, R.r.pet, Eluru – 534002. Erode: 171-E, Sheshaiyer Complex, First Floor, Agraharam Street, Erode – 638001. Erode: No: 4, Veerappan Traders Complex, Kmy Salai Sathy Road, Opp. Erode Bus Stand, Erode – 638003. Faridabad: B-49, First Floor, Nehru Ground, Behind Anupam Sweet House Nit, Faridabad- 121001. Faridabad: A-2B Ist Floor, Nehru Ground, Nit Faridabad – 121001. Ferozepur: The Mall Road, Chawla Bulding Ist Floor, Opp. Centrail Jail, Near Hanuman Mandir, Ferozepur – 152002. Gandhidham: 204, 2Nd Floor, Bhagwati Chamber, Kutchkala Road, Gandhidham – 382007. Gandhinagar: Plot No 945/2, Sector 7/C, Opp. Pathika, Gandhinagar – 382007. Gaya: 1St Floor, Lal Bhawan, Tower Chowk, Near Kiran Cinema, Gaya – 823001. Ghaziabad: 113/6, Ist Floor, Navyug Market, Ghaziabad – 201001. Ghaziabad: 1St Floor, C-7, Lohia Nagar, Ghaziabad – 201001. Ghazipur: 2Nd Floor, Shubhra Hotel Complex, Mahaubagh, Ghazipur – 233001. Gonda: Shri Market Sahabgunj, Station Road, Gonda – 271001. Gorakhpur: Shop No 3, 2Nd Floor, Cross Road The Mall, A D Chowk Bank Road, Gorakhpur- 273001. Gorakhpur: Above V.i.p. House, Ajdacent A.d. Girls College, Bank Road, Gorakpur – 273001. Gulbarga: Cts No 2913, 1St Floor, Asian Towers, Jagath Station Main Road, Next To Adithya Hotel, Gulbarga – 585105. Guntur: Door No. 5-38-44 5/1, Brodipet, Near Ravi Sankar Hotel, Guntur – 522002. Guntur: D No 6-10-27, Srinilayam Arundelpet, 10/1, Guntur – 522002. Gurgaon: Sco 16, Sector 14, First Floor, Gurgaon – 122001. Gurgaon: ShopNo.18,GroundFloor,Sector14,Opp.AkdTower,NearHudaOffice,Gurgaon–122001.Guwahati: A.k. Azad Road, Rehabari, Guwahati – 781008. Guwahati: 1St Floor, Bajrangbali Building, Near Bora Service Station, Gs Road, Guwahati 781007. Gwalior: G-6,GlobalApartment,KailashViharColony,Opp.IncomeTaxOffice,CityCentre,Gwalior–474002.Gwalior: 2Nd Floor, Rajeev Plaza, Jayendra Ganj Lashkar, Gwalior – 474009. Haldwani: Above Kapilaz, Sweet House, Opp Lic Building, Pilikothi, Haldwani – 263139. Haridwar: 8 Govind Puri Opp. Lic 2, Above Vijay Bank Main Road, Ranipur More, Haridwar 249401. Hassan: Sas No-212, Ground Floor, Sampige Road, 1St Cross, Near Hotel Southern Star, K. R. Puram, Hassan – 573201. Hazaribag: Municipal Market, Annanda Chowk, Hazaribag 825301 Hisar: 12 Opp. Bank Of Baroda, Red Square Market, Hisar 125001 Hisar: Sco-71 1St Floor, Red Square Market, Hisar 125001. Hoshiarpur: 1St Floor The Mall Tower, Opp Kapila Hospital, Sutheri Road, Hoshiarpur 146001 Hubli: No.204 205 1St Floor, ‘B’ Block Kundagol Complex,

Point of Services (“POS”) of MF Utilities India Pvt. Ltd. (“MFUI”)The list of POS of MFUI is published on the website of the Fund at www.dspblackrock.com and MFUI at www.mfuindia.com and will be updated from time to time.

Opp. Court Club Road, Hubli 580029. Hubli: Ctc No.483/A1/A2, Ground Floor Shri Ram Plaza, Behind Kotak Mahindra Bank, Club Road, Hubli 580029. Hyderabad: ‘KARVY CENTRE’ 8-2-609/K, Avenue 4, Street No. 1, Banjara Hills, Hyderabad – 500 034. Hyderabad: KARVY SELENIUM, Plot No. 31 & 32, Tower B, Survey No. 115 /22, 115/24 & 115/25, Financial District, Gachibowli, Nanakramguda, Serlingampally Mandal, Hyderabad- 500 032 Ranga Reddy District, Telangana State. Indore: 101 Shalimar Corporate Centre, 8-B South Tukoganj, Opposite Green Park, Indore 452001 Indore: 2Nd Floor, 203-205 Balaji Corporates, Above Icici Bank 19/1 New Palasia, Near Cure Well Hospital, Janjeerwala Square, Indore 452001 Jabalpur: 8 Ground Floor Datt Towers, Behind Commercial Automobiles, Napier Town, Jabalpur 482001. Jabalpur: Grover Chamber, 43 Naya Bazar Malviya Chowk, Opp Shyam Market, Jabalpur 482002 Jaipur: R-7 Yudhisthir Marg C-Scheme, Behind Ashok Nagar Police Station, Jaipur 302001 Jaipur: S16/A Iiird Floor, Land Mark Building Opp Jai Club, Mahaver Marg C Scheme, Jaipur 302001 Jalandhar: 367/8 Central Town, Opp. Gurudwara Diwan Asthan, Jalandhar 144001. Jalandhar: 1St Floor Shanti Towers, Sco No. 37 Puda Complex, Opposite Tehsil Complex, Jalandhar 144001. Jalgaon: 70 Navipeth, Opp. Old Bus Stand, Jalgaon 425001. Jalgaon: 269,JaeeVishwa,1stfloor,AboveUnitedBankofIndia,BaliramPeth,NearKishorAgencies,Jalgaon-425001.Jalna: Shop No 6 Ground Floor, Anand Plaza Complex, Bharat Nagar Shivaji Putla Road, Jalna 431203. Jalpaiguri: D B C Road, Opp Nirala Hotel, Jalpaiguri 735101, Jammu: Jrds Heights, Lane Opp. S & S Computers, Near Rbi Building Sector 14, Nanak Nagar, Jammu 180004. Jammu: 5 A/D Extension 2, Near Panama Chowk Petrol Pump, Panama Chowk, Jammu 180012. Jamnagar: 207 Manek Centre, P N Marg, Jamnagar 361001. Jamnagar: 136-137-138 Madhav Palaza, Opp Sbi Bank, Nr Lal Bunglow, Jamnagar 361001. Jamshedpur: Room No. 15 Ist Floor, Millennium Tower “R” Road, Bistupur, Jamshedpur 831001 Jamshedpur: 2Nd Floor R R Square, Sb Shop Area, Near Reliance Foot Print & Hotel- Bs Park Plaza, Main Road Bistupur, Jamshedpur 831001. Jaunpur: R N Complex 1-1-9-G, In Front Of Pathak Honda, Ummarpur, Jaunpur 222002. Jhansi: Opp. Sbi Credit Branch, Babu Lal Karkhana Compound, Gwalior Road, Jhansi 284001 Jhansi: 371/01 Narayan Plaza, Gwalior Road, Near Jeevan Shah Chauraha, Jhansi 284001 Jodhpur: 1/5 Nirmal Tower, 1St Chopasani Road, Jodhpur 342003 Jodhpur: 203 Modi Arcade, Chopasni Road, Jodhpur 342001 Junagadh: “Aastha Plus” 202-A 2Nd Floor, Sardarbag Road Nr.alkapuri, Opp. Zansi Rani Statue, Junagadh 362001 Junagadh: 124-125 Punit Shopping Center, M.g Road Ranavav Chowk, Junagadh 362001 Kadapa: Bandi Subbaramaiah Complex, D.no:3/1718 Shop No: 8, Raja Reddy Street, Besides Bharathi Junior College, Kadapa 516001 Kakinada: No.33-1 44 Sri Sathya Complex, Main Road, Kakinada 533001 Kalyani: A-1/50 Block Akalyani, Dist Nadia, Kalyani 741235 Kannur: Room No. Pp 14/435, Casa Marina Shopping Centre, Talap, Kannur 670004 Kannur: 2Nd Floorprabhath Complex, Fort Road Nr.icici Bank, Kannur 670001 Kanpur: First Floor 106-108, City Centre Phase Ii, 63/ 2 The Mall, Kanpur 208001 Kanpur: 15/46 B Ground Floor, Opp: Muir Mills, Civil Lines, Kanpur 208001 Karaikudi: No. 2 Gopi Arcade, 100 Feet Road, Karaikudi 630001 Karimnagar: H.no.7-1-257, Upstairs S.b.h, Mankammathota, Karimnagar 505001 Karimnagar: H.no.4-2-130/131 Above Union Bank, Jafri Road Rajeev Chowk, Karimnagar 505001 Karnal: 18/369 Char Chaman, Kunjpura Road, Behind Miglani Hospital, Karnal 132001. Karur: 126 Gvp Towers, Kovai Road, Basement Of Axis Bank, Karur 639002. Karur: No.6 Old No.1304 Thiru-Vi-Ka Road, Near G.r.kalyan Mahal, Karur 639001. Kharagpur: Shivhare Niketan, H.no.291/1 Ward No-15, Malancha Main Road, Opposite Uco Bank, Kharagpur 721301 Kharagpur: 180 Malancha Road, Beside Axis Bank Ltd, Kharagpur 721304 Kolhapur: 2 B 3Rd Floor Ayodhya Towers, Station Road, Kolhapur 416001 Kolhapur: 605/1/4 E Ward Shahupuri 2Nd Lane, Laxmi Niwas Near Sultane Chambers, Kolhapur 416001 Kolkatta: 2Nd Floor, Room No-226, 1 R N Mukherjee Road, Kolkata -700001. Kolkatta: 166 A, Rashbihari Avenue 2Nd Floor, Opp. - Fortish Hospital, Kolkata - 700029. Kolkatta: Saket Building, 44 Park Street 2Nd Floor, Kolkata -700 016. Kollam: Kochupilamoodu Junction, Near Vlc Beach Road, Kollam 691001 Kollam: Sree Vigneswara Bhavan, Shastri Junction, Kadapakada, Kollam 691001 Korba: 1St Floor City Centre, 97 Ircc Transport Nagar, Korba 495677 Kota: B-33 ‘Kalyan Bhawan’, Triangle Part, Vallabh Nagar, Kota 324007 Kota: 29 Ist Floor Near Lala Lajpat Rai Circle, Shopping Centre, Kota 324007 Kottayam: Building No: Kmc Ix / 1331 A, Opp.: Malayala Manorama, Railway Station Road, Thekkumkattil Building, Kottayam 686001 Kottayam: 1St Floor Csiascension Square, Railway Station Road, Collectorate P O, Kottayam 686002 Kumbakonam: Jailani Complex, 47 Mutt Street, Kumbakonam 612001 Kurnool: H.no.43/8 Upstairs, Uppini Arcade, N R Peta, Kurnool 518004 Kurnool: Shop No.43 1St Floor, S V Complex Railway Station Road, Near Sbi Main Branch, Kurnool 518004 Lucknow: Alambagh, Ksm Tower Cp-1 Sinder Dump, Near Alambagh Bus Station, Alambagh, Lucknow – 226005 Lucknow: B-1/2 Vijay Khand, Near Union Bank Of India, Gomtinagar, Lucknow – 226010 Lucknow: Hig-67 Sector E, Aliganj, Lucknow – 226024 Lucknow: P1st Floor, A A Complex, Thaper House, 5 Park Road, Hazratganj, Lucknow – 226001 Lucknow - alambagh: No. 4 First Floor, Centre Court 5, Park Road, Hazratganj, Lucknow 226001 Ludhiana: U/Gf Prince Market, Green Field Near TrafficLights,SarabhaNagar,PulliPakhowalRoad,(AboveDr.VirdisLab),P.o.ModelTown,Ludhiana141002Ludhiana: Sco 136, 1St Floor Above Airtel Showroom, Feroze Gandhi Market, Ludhiana 141001 Madurai: # Ist Floor 278, North Perumal Maistry Street,(Nadar Lane), Madurai 625001 Madurai: Rakesh Towers, 30-C Ist Floor, Bye Pass Road, Opp Nagappa Motors, Madurai 625010 Malappuram: First Floor Cholakkal Building, Near U P School Up Hil, Malappuram 676505 Malda: Sahis Tuli Under Ward No.6, No.1 Govt Colony, English Bazar Municipality, Malda 732101 Mandi: 149/11 School Bazaar, Mandi 175001 Mangalore: No. G4 & G5 Inland Monarch, Opp. Karnataka Bank, Kadri Main Road Kadri, Mangalore 575003. Mangalore: Mahendra Arcade Opp Court Road, Karangal Padi, Mangalore 575003 Margao: Virginkar Chambers I Floor, Near Kamat Milan Hotel, New Market Near Lily Garments, Old. Station Road, Margao 403601 Margao: 2Nd Floor Dalal Commercial Complex, Pajifond, Margao 403601 Mathura: Ambey Crown, Iind Floor, In Front Of Bsa College, Gaushala Road, Mathura 281001 Meerut: 108 1St Floor Shivam Plaza, Opposite Eves Cinema, Hapur Road, Meerut 250002 Meerut: 1St Floor Medi Centre, Opp Icici Bank, Hapur Road Near Bachha Park, Meerut 250002 Mehsana: 1St Floor Subhadra Complex, Urban Bank Road, Mehsana 384002 Mehsana: Ul/47 Apollo Enclave, Opp Simandhar Temple, Modhera Cross Road, Mehsana 384002 Mirzapur: Above Hdfc Bank, Dankeenganj, Mirzapur 231001 Moga: 1St Floor Dutt Road, Mandir Wali Gali, Civil Lines Barat Ghar, Moga 142001 Moradabad: B-612 ‘Sudhakar’, Lajpat Nagar, Moradabad 244001 Moradabad: Om Arcade Parker Road, Above Syndicate Bank, Chowk Tari Khana, Moradabad 244001 Morena: Moti Palace, Near Ramjanki Mandir, Morena 476001 Mumbai: Cts No 411, 202 Citi Point, 2Nd Floor, Telli Galli, Rajashree Shahu Maharaj Marg, Above C.t. Chatwani Hall, Opp. Hero Honda Showroom, Andheri (East), Mumbai - 400069. Mumbai: Rajabahdur Compound, Ground Floor, Opp Allahabad Bank, Behind Icici Bank, 30 Mumbai Samachar Marg, Fort, Mumbai - 400023. Mumbai - Andheri: 131 Andheri Industrial Estate, Veera Desai Road, Andheri (West), Mumbai – 400053. Mumbai - Borivali: A-1, Himanshu Building, Sodawala Cross Lane, Near Chamunda Circle, Borivali West, Mumbai – 400092. Mumbai - Chembur: ShopNo.4,GroundFloor,ShramSaflyaBldg.,N.G.AcharyaMarg,Chembur,Mumbai-400071.Mumbai - Fort: 24/B, Raja Bahadur Compound, Ambalal Doshi Marg, Behind Bse Bldg, Fort - 400001 Mumbai - Vashi: Shop No.43-A, Ground Floor, Vashi Plaza, Sector-17, Near Apna Bazar,Vashi, Mumbai - 400 705. Mumbai - Vile parle: 104, Sangam Arcade, V. P. Road Opp: Railway Station, Above Axis Bank, Vile Parle (West), Mumbai – 400056 Muzaffarpur: Brahman Toli, Durgasthan Gola Road, Muzaffarpur 842001 Muzaffarpur: Ist Floor Uma Market, Thana Gumtimoti Jheel, Muzaffarpur 842001 Mysore: No.1 1St Floor Ch.26, 7Th Main 5Th Cross, Above Trishakthi Medicals, Saraswati Puram, Mysore 570009 Mysore: L-350 Silver Tower, Ashoka Road Opp.clock Tower, Mysore 570001 Nadiad: 104/105 Near Paras Cinema, City Point Nadiad, Nadiad 387001 Nagercoil: 3A South Car Street, Parsans Complex, Nagercoil 629001 Nagpur: 145 Lendra Park, Behind Shabari, New Ramdaspeth, Nagpur 440010 Nagpur: Plot No 2/1 House No 102/1, Mata Mandir Road, Mangaldeep Appartment, Opp Khandelwal Jewelers, Dharampeth, Nagpur 440010 Namakkal: 105/2 Arun Towers, Paramathi Street, Namakkal 637001 Nanded: Shop No.4 Santakripa Market, G G Road Opp.bank Of India, Nanded 431601 Nasik: Ruturang Bungalow 2, Godavari Colony, Behind Big Bazar, Near Boys Town, School, Off College Road,Nasik 422005 Nasik: F-1 Suyojit Sankul, Sharanpur Road, Nasik 422002 Navsari: 16 1St Floor Shivani Park, Opp. Shankheswar Complex, Kaliawadi, Navsari 396445 Navsari: 1/1 Chinmay Aracade, Opp Sattapir Rd, Tower Rd, Navsari 396445 Nellore: 9/756 First Floor, Immadisetty Towers, Ranganayakulapet Road, Santhapet, Nellore 524001 Nellore: 16-2-230 Room No : 27, 2Nd Floor Keizen Heights, Gandhi Nagar, Pogathota, Nellore 524001 New Delhi: 305 New Delhi House , 27 Barakhamba Road , New Delhi - 110001 New Delhi: 7-E, 4Th Floor, Deen Dayaal Research Institute Bldg., Swamiram Tirath Nagar, Jhandewalan Extn, Near Videocon Tower, New Delhi -110055 Nizamabad: H No:5-6-430, Above Bank Of Baroda First Floor, Beside Hdfc Bank, Hyderabad Road, Nizamabad 503003 Noida: C-81 First Floor, Sector 2, Noida 201301 Noida: 405, 4th Floor, Vishal Chamber Plot No. 1, Sector-18 Noida-201301 (U.P) Palakkad: 10 / 688 Sreedevi Residency, Mettupalayam Street, Palakkad 678001 Palakkad: No: 20 & 21, Metro Complex, H.p.o.road, Palakkad 678001 Panipat: Sco 83-84 Ist Floor, Devi Lal Shopping Complex, Opp Rbs Bank, G T Road, Panipat 132103. Panipat: 1St Floor, Krishna Tower, Above Amertex, G.t. Road, Panipat 132103 Panjim: No. 108 First Floor, Gurudutta Bldg, Above Weekenderm, G Road, Panjim 403001 Panjim: City Business Centre, Coelho Pereira Building, Room No 18 19 & 20, Dada Vaidya Road, Panjim 403001 Pathankot: 1St Floor 9 A, Improvement Trust Building, Patel Chowk, Pathankot 145001 Patiala: 35 New Lal Bagh Colony, Patiala 147001 Patiala: Sco 27 D, Chotti Baradari, Near Car Bazaar, Patiala 147001 Patna: G-3 Ground Floor, Om Vihar Complex, Sp Verma Road, Patna 800001 Patna: 3A 3Rd Floor Anand Tower, Exhibition Road Opp Icici Bank, Patna 800001 Pollachi: 146/4 Ramanathan Building, 1St Floor New Scheme Road, Pollachi 642002 Pondicherry: S-8 100 Jawaharlal Nehru Street, (New Complex Opp. Indian Coffee House), Pondicherry 605001 Pondicherry: No:7 Thiayagaraja Street, Pondicherry 605001 Proddatur: Shop No:4 Araveti Complex, Mydukur Road, Beside Syndicate Bank, Proddatur 516360 Pudukottai: Sundaram Masilamani Towers, Ts No. 5476 5479, Pm Road Old Tirumayam Salai, Near Anna Statue Jublie Arts, Pudukottai 622001 Pune: Mozaic Bldg, CTS No.1216/1, Final Plot No.576/1 TP, Scheme No.1, F C Road, Bhamburda, Shivaji Nagar, Pune – 411004. Pune: Nirmiti Eminence, Off No. 6, I Floor Opp. Abhishek Hotel, Mehandale Garage Road, Erandawane, Pune - 411004. Raipur: Hig C-23 Sector 1, Devendra Nagar, Raipur 492004 Raipur: Shop No. 31, Third Floor, Millenium Plaza Above Indian House, Behind Indian Coffee House, Raipur - 492001 Rajahmundry: Door No: 6-2-12 1St Floor, Rajeswari Nilayam Near, Vamsikrishna Hospital, Nyapathi Vari Street, T Nagar, Rajahmundry 533101 Rajahmundry: D.no.6-1-4 Rangachary Street, T.nagar Near Axis Bank Street, Rajahmundry 533101 Rajapalayam: Sri Ganapathy Complex, 14B/5/18 T P Mills Road, Virudhungar Dist, Rajapalayam 626117. Rajkot: Office207210EverestBuilding,OppShastriMaidan,LimdaChowk,Rajkot360001Rajkot: 104 Siddhi Vinyak Com., Opp Ramkrishna Ashram, Dr Yagnik Road, Rajkot 360001 Ranchi: 4 Hb Road No: 206, 2Nd Floor Shri Lok Complex, Ranchi 834001 Ranchi: Room No 307 3Rd Floor, Commerce Tower, Beside Mahabir Tower, Ranchi 834001 Ratlam: 1 Nagpal Bhawan, Free Ganj Road, Do Batti Near Nokia Care, Ratlam 457001 Renukoot: Radhika Bhavan, Opp. Padmini Hotel, Murdhwa, Renukoot 231217 Rewa: Ist Floor Angoori Building, Besides Allahabad Bank, Trans University Road, Civil Lines, Rewa 485001. Rohtak: 205 2Nd Floor Building No: 2, Munjal Complex, Delhi Road, Rohtak 124001 Rohtak: 1St Floor Ashoka Plaza, Delhi Road, Rohtak 124001 Roorkee: Shree Ashadeep Complex,16CivilLines,NearIncomeTaxOffice,Roorkee247667Rourkela: 1St Floor Mangal Bhawan, Phase Ii Power House Road, Rourkela 769001 Rourkela: 1St Floor Sandhu Complex, Kachery Road, Uditnagar, Rourekla 769012 Sagar: AbovePoshakGarments,5CivilLines,InfrontOfIncomeTaxOffice,Sagar470002Saharanpur: I Floor Krishna Complex, Opp. Hathi Gate Court Road, Saharanpur 247001 Saharanpur: 18 Mission Market, Court Road, Saharanpur 247001 Salem: No.2 I Floor Vivekananda Street, New Fairlands, Salem 636016 Salem: No:40 Brindavan Road, Fairlands, Near Perumal Koil, Salem 636016 Sambalpur: Opp. Town High School, Sansarak, Sambalpur 768001 Sambalpur: Ground Floor Quality Massion, Infront Of Bazaar Kolkata, Nayapara, Sambalpur - 768001 Sangli: Jiveshwar Krupa Bldg, Shop. No.2 Ground Floor, Tilak Chowk Harbhat Road, Sangli 416416 Satara: 117 / A / 3 / 22 Shukrawar Peth, Sargam Apartment, Satara 415002 Satna: 1St Floor Gopal Complex, Near Bus Stand, Rewa Road, Satna 485001 Secunderabad: 208 Ii Floor Jade Arcade, Paradise Circle, Secunderabad 500003. Secunderabad: 1St Floor Thirumala Complex, Paradise Circle S.d Road, Opp. Hotel Kamat, Secunderabad 500003 Shaktinagar: 1St/A-375 V V Colony, Dist Sonebhadra, Shaktinagar 231222 Shillong: Annex Mani Bhawan, Lower Thana Road, Near R K M Lp School, Shillong 793001 Shimla: 1St Floor Opp Panchayat Bhawan, Main Gate, Bus Stand, Shimla 171001, Shimla: Triveni Building, By Pas Chowkkhallini, Shimla -171002 Shimoga: Near Gutti Nursing Home, Kuvempu Road, Shimoga 577201, Shimoga: Sri Matra Naika Complex, 1St Floor, Above Shimoga Diagnostic Centre, Llr Road Durgigudi, Shimoga 577201. Shivpuri: 1St Floor M.p.r.p. Building, Near Bank Of India, Shivpuri 473551 Sikar: First Floor Super Tower, Behind Ram Mandir, Near Taparya Bagichi, Sikar 332001 Silchar: N.n. Dutta Road, Chowchakra Complex, Premtala, Silchar 788001, Siliguri: 17B Swamiji Sarani, Siliguri 734001 Siliguri: Nanak Complex, Sevoke Road, Siliguri – 734001 Sitapur: 12/12-A Sura Complex, Arya Nagar, Opp Mal Godam, Sitapur 261001 Sivakasi: 363 Thiruthangal Road, Opp: Tneb, Sivakasi 626123 Solan: Sahni Bhawan, Adjacent Anand Cinema Complex, The Mall Solan 173212 Solapur: Flat No 109 1St Floor, A Wing Kalyani Tower, 126 Siddheshwar Peth, Near Pangal High School, Solapur 41300 Solapur: Block No 06 Vaman Nagar, Opp D-Mart Jule Solapur, Solapur 413004 Sonepat: 205 R Model Town, Above Central Bank Of India, Sonepat 131001 Sri ganganagar: 18 L Block, Sri Ganganagar 335001 Sri ganganagar: 35E Block, Opp: Sheetla Mata Vaateka, Sri Ganganagar 335001 Srikakulam: D.no-4-1-28/1,VenkateswaraColony,NearIncomeTaxOffice,Srikakulam532001Sultanpur: Karvy Computershare Pvt. Ltd. 1077/3, Civil Lines,Opp Bus Stand, Sultanpur 228001 Surat: Plot No.629 2Nd Floor,FficeNo.2-C/2-D,AnsukhlalTower,BesideSeventhDayHospital,Opp.dhirajSonsAthwalines,Surat–395001.Surat: G-5 Empire State Buliding, Nr Udhna Darwaja, Ring Road, Surat - 395002. Thane: 101, Yashwant Building, Ram Ganesh, Godkari Path, Ram Maruti Road, Naupada,Thane, Mumbai - 400 602. Thane: 3Rd Floor, Nalanda Chambers, B Wing, Gokhale Road, Near Hanuman Temple, Naupada, Thane (West) - 400602. Thane: 103-105, Orion Business Park, Ghodbunder Road, Kapurbawdi, Thane (West) - 400 607 Thanjavur: No. 70 Nalliah Complex, Srinivasam Pillai Road, Tanjore - 613001. Thiruvalla: 24/590-14, C.v.p Parliament Square Building, Cross Junction,Thiruvalla 689101 Thiruvalla: 2Nd Floor Erinjery Complex, Ramanchira, Opp Axis Bank,Thiruvalla 689107 Tirunelveli: 1St Floor Mano Prema Complex,182/6 S. N High Road,Tirunelveli 627001 Tirunelveli: 55/18 Jeney Building, S N Road Near Aravind Eye Hospital, Tirunelveli 627001 Tirupathi: ShopNo:6DoorNo:19-10-8,OppToPassportOffice,AirBypassRoad,Tirupathi517501Tirupathi: H.no:10-13-425 1St Floor, Tilak Road Opp: Sridevi Complex, Tirupathi 517501 Tirupur: 1 (1) Binny Compound, 2Nd Street Kumaran Road, Tirupur 641601. Tirupur: First Floor 244 A, Kamaraj Road, Opp To Cotton Market Complex, Tirupur 641604. Trichur: Room No 26 & 27, Dee Pee Plaza, Kokkalai, Trichur 680001. Trichur: 2Nd Floor Brothers Complex, Naikkanal Junction, Shornur Road, Near Dhanalakshmi Bank H O, Thrissur 680001 Trichy: No 8 I Floor 8Th Cross, West Extn. Thillainagar, Trichy 620018 Trichy: 60 Sri Krishna Arcade, Thennur High Road, Trichy 620017 Trivandrum: R S Complex, Opposite Of Lic Buildings, Pattom P O, Trivandrum 695004 Trivandrum: 2Nd Floor Akshaya Tower, Sasthamangalam, Trivandrum 695010 Tuticorin: 4 B A34 A37, Mangalmal Mani Nagar, Opp. Rajaji Park, Palayamkottai Road, Tuticorin 628003 Udaipur: 32 Ahinsapuri, Fatehpura Circle, Udaipur 313004 Udaipur: 201-202 Madhav Chambers, Opp G P O, Chetak Circle, Udaipur 313001 Ujjain: 101 Aashta Tower, 13/1 Dhanwantri Marg, Freeganj, Ujjain 456010 Vadodara: 103 Aries Complex Bpc Road, Off R.c. Dutt Road, Alkapuri, Vadodara 390007 Vadodara: Sb-5 Mangaldeep Complex, Opp. Masonic Hall, Productivity Road, Alkapuri, Vadodara 390007 Valsad: GitaNivas3RdFloor,Opp.HeadPostOffice,HalarCrossLane,Valsad396001Valsad: Shop No 2Phiroza Corner, Opp Next Show Room, Tithal Road, Valsad 396001 Vapi: 208 2Nd Floor Heena Arcade, Opp. Tirupati Tower, Near G.i.d.c. Char Rasta, Vapi 396195 Vapi: Shop No-12 Ground Floor, Sheetal Appatment, Near K P Tower, Vapi 396195 Varanasi: OfficeNo1SecondFloor,BhawaniMarket,BuildingNo.D58/2A1Rathyatra,BesideKuberComplex,Varanasi221010Varanasi: D-64/1321St Floor, Anant Complex Sigra, Varanasi 221010 Vellore: No.1Officer’sLine2Nd Floor, Mnr Arcade Opp. Icici Bank, Krishna Nagar, Vellore 632001 Vellore: 1MNRArcade,OfficersLine,KrishnaNagar,Vellore632001Vijayawada: 40-1-68 Rao & Ratnam Complex, Near Chennupati Petrol Pump, M.g Road, Labbipet, Vijayawada 520010 Vijayawada: 39-10-7 Opp : Municipal Water Tank, Labbipet, Vijayawada 520010 Visakhapatnam: 47/9/17 1St Floor, 3Rd Lane Dwaraka Nagar, Visakhapatnam 530016 Visakhapatnam: Door No: 48-8-7, Dwaraka Diamond, Ground Floor Srinagar, Visakhapatnam 530016 Vizianagaram: Soubhagya 19-6-1/3, 2Nd Floor Near Fort Branch, Opp: Three Temples, Vizianagaram 535002 Warangal: A.b.k Mall, Near Old Bus Depot Road, F-7 Ist Floor Ramnagar, Hanamkonda, Warangal 506001 Warangal: 5-6-95 1 St Floor, Opp: B.ed Collage, Lashkar Bazar, Chandra Complex, Hanmakonda, Warangal 506001 Yamuna nagar: 124 B/Rmodel Town, Yamuna Nagar 135001 Yamuna nagar: Jagdhari Road, Above Uco Bank, Near D.a.v. Girls College, Yamuna Nagar 135001.

Point of Services (“POS”) of MF Utilities India Pvt. Ltd. (“MFUI”) (Cont’d)The list of POS of MFUI is published on the website of the Fund at www.dspblackrock.com and MFUI at www.mfuindia.com and will be updated from time to time.

For more information on DSP BlackRock Mutual Fund Visit www.dspblackrock.com or call Toll Free No.: 1800-200-4499

*Anynewoffices/centresopenedwillbeincludedautomatically.Forupdatedlist,pleasevisitwww.dspblackrock.comandwww.camsonline.com.

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