This document provides information on the DSP US Flexible* Equity Fund, an open-ended fund of funds scheme that invests in the BlackRock Global Funds - US Flexible Equity Fund. The DSP US Flexible* Equity Fund provides Indian investors access to one of BlackRock's flagship US equity funds and seeks long-term capital growth by investing in US companies. The document includes information on portfolio characteristics, top holdings, and performance of the underlying BlackRock Global Funds - US Flexible Equity Fund.

1. DSP US Flexible* Equity Fund
An Open Ended Fund Of Funds Scheme Investing in
BlackRock Global Funds - US Flexible Equity Fund
July 31, 2018
*The term “Flexible” in the name of the Scheme signifies that the Investment
Manager of the Underlying Fund can invest either in growth or value
investment characteristic securities placing an emphasis as the market
outlook warrants
This Open-ended Fund of Funds Scheme is suitable for
investors who are seeking*:
 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
*Investors should consult their financial advisors if in doubt about whether the
product is suitable for them.

2. DSP US Flexible* Equity Fund
(USD 1.11 bn*)
Indian Investors
Accessing one of the Flagship funds of BlackRock in the category
BlackRock Global Funds (BGF)
US Flexible Equity Fund
Source: Internal; *AUM as at end-July 2018 (*The term “Flexible” in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can invest either in growth or value
investment characteristic securities placing an emphasis as the market outlook warrants)
2
AN OPEN ENDED FUND OF
FUND SCHEME INVESTING IN
BLACKROCK GLOBAL
FUNDS – US FLEXIBLE
EQUITY FUND

3. Source: BlackRock, as of July 31, 2018.
What we hear from clients and what we see in the industry:
What we hear
from clients
What we see
in the industry
Need for higher returns
Index and alpha-seeking strategies are
often desired in client portfolios.
Greater value
(alpha at a reasonable cost)
Reducing fees to remain competitive;
costs aligned with client interests.
Innovative solutions
A race to use new technologies in seeking
to gain an investment edge.
Trust
Clearer alignment between
solutions and client interests.
3

4. • Combines human insight and innovative technology in seeking to generate alpha
• Continually develops and attracts talent with advanced technological skills
• Finds new ways to use technology in seeking to drive alpha and serve client
needs (e.g. ESG criteria)
Source: BlackRock, as of July 31, 2018. While proprietary technology platforms may help manage risk, risk cannot be eliminated.
Why BlackRock for active equities?
• Global research connectivity and cross-asset class collaboration
• Local footprints worldwide, 80 offices globally
• Real-time economic insights from BlackRock Investment Institute
• Two complementary alpha-seeking approaches: fundamental and systematic
• Seeks to use scale and scope to benefit clients in all BlackRock does
• Specializes in risk management with a client focus using Aladdin® platform,
Risk & Quantitative Analysis teams
• Prime access to companies and market participants
• We align firm interests with our clients
• A pure asset manager, avoiding the potential conflicts of interest that could result
from custodial, proprietary trading and investment banking services
(Human)machine
Differentiated
Perspectives
Personalized
Scale
Fiduciary
Trust
4

5. FeaturesExampleStrategies
• Consistent, risk-
managed alpha
potential driven by
innovative
technologies
• Broad, diversified core
exposures
• Lower cost
Alpha Tilts
Advantage Series
Defensive Alpha
• Seek steady income
through dividend
strategies
• Capital appreciation
potential
• Sustainable investing
through ESG strategies
Equity Dividend
Global Dividend
Impact U.S. Equity
• Specific country,
sector and specialty
exposures
• Focused way to
express a tactical
investment view
Health Sciences
Asian Dragon
Technology
Opportunities
China A Opportunities
• Concentrated, high
conviction long-only
• Unconstrained
strategies
• Absolute Return
Objective
International Focus
Emerging Markets
Equity
Euro Markets
Mid-Cap Growth
Source: BlackRock. The above information is not an offer or solicitation and should not be construed as investment advice.
BlackRock’s active equity suites provide a full range of solutions
Systematic
Alpha
1
High Conviction
Alpha
2
Specialized
Outcomes
3
Thematic
4
5

6. US Income & Value: Key investment professionals
Culture of global connectivity across equity teams and asset classes magnifies information advantage
Director of Investments, US Equities,
Portfolio Manager,
Equity Dividend Portfolios
Tony DeSpirito
Basic Value &
Large Cap
Core Portfolios
Carrie
King
Basic Value &
Large Cap
Core Portfolios
Joseph
Wolfe
Large Cap
Core Portfolios
Todd
Burnside
Equity
Dividend
Portfolios
David
Zhao
Equity
Dividend
Portfolios
Franco
Tapia
Portfolio Managers
Fundamental Research: David Zhao & Franco Tapia, Co-Directors of Research Additional Resources
Cons. Discretionary / Staples Energy Financials Core Portfolio Managers
Franco Tapia, Sam Bapasola,
Lisa Yang, Andrew Pinheiro,
Tom Pierce
William Su,
William McSweeney
Ruth Nagle, Sam Bapasola,
Karim Laib, Andrew Pinheiro
Jason Korn
Mark Texeira
Rob Russell
Health Care Industrials / Utilities / Materials Technology / Telecom Risk & Quantitative Analysis
Ibrahim Kanan,
Artem Savchenko
Scott Winters,
Andrew Ralph,
Tung Ngo
David Zhao,
Ben Hoskin,
Jiayan (Jane) Zhou
Katie Day,
Yakov Shenkman
Culture of global connectivity across equity teams and asset classes magnifies information advantageDoug Chow
Global Head of AE Integration & Data
Helen Jewell
Global Director of Research, FAE
Ron Kahn
Global Head of Research, SAE
6
As of 31July 2018. Subject to change.

7. Key Elements of Our Strategy
High-Conviction Approach
The coming environment of lower expected market returns increases the need for alpha. High-conviction active management is well-positioned to be a
source of such differentiated investment performance, in our opinion. Utilizing a rigorous research process that emphasizes in-depth security analysis
and a longer viewpoint, we seek to build a focused portfolio of our best long-term investment ideas across the US large-cap universe. We are
unconstrained by style, which allows for finding opportunities in both value and growth market cycles.
Integrating Quantitative & Fundamental Insights
Distinctive investment process seamlessly blends quantitative and fundamental research. Quantitative analysis provides scalability and discipline to
support human intuition and judgment, while fundamental analysis adds the flexibility to adjust to forward-looking developments and market
conditions. Combining the two techniques at every stage of the investment process helps enhance the probability of achieving consistent and
repeatable outperformance over the long term, while mitigating portfolio risk by diversifying our investment opportunity set.
Non-Consensus Approach
To find uncommon investment ideas, we 1) Look for companies with excellent long-term potential that are currently being overlooked; 2) Use a
proprietary quantitative model to identify companies with alpha-generating attributes; and 3) Analyze misunderstood stories that the markets ignore,
including complex business situations; sum-of-the-parts opportunities, spin-offs and companies that fall between standard industry classifications.
The Large Cap Core Team has an investment edge built for today’s environment
Portfolio Construction & Risk Management
Unique investment process is combined with a systematic/disciplined approach to portfolio construction in which we assemble 60-100 stocks,
balanced across sectors/industries, that we think are most attractive from a fundamental, valuation, and quantitative perspective. Comprehensive
risk management efficiently measures and manages portfolio risk, ensuring it is deliberate, diversified, and properly scaled based on our conviction.
Trading cost considerations and adherence to client-specific/other portfolio constraints round out the process.
Highly Experienced & Interconnected Team
Time-tested, long-term investment philosophy is driven by an experienced portfolio management team, with unique expertise in fusing quantitative and
fundamental research. Our rigorous decision-making process involves collaborative vetting and debating of investment theses to build conviction and,
ultimately, deliver what we believe to be the best ideas. Strong fundamental research is further supported by enhanced US Income & Value pillar
resources, as well as BlackRock’s world-class risk systems and its diversified investment base.
7
As of July 31, 2018. Current process for selecting investments in the portfolio in accordance with its stated investment objectives and policies. Process subject to change and provided here
for illustrative purposes only. Risk management cannot fully eliminate the risk of investment loss.
There is no guarantee that research capabilities will contribute to a positive investment outcome. Risk management cannot fully eliminate the risk of investment loss.

8. Blending Fundamental & Quantitative Insights into High
Conviction
8
• Disciplined & empirical
• Scientific
• Consistent & reliable
• Scalable & systematic
• Leverages BLK data & integration
Fundamental Quantitative
High-conviction portfolio
construction
• Risk managed
• Reduced error/bias
• Positions scaled for conviction
• Consistency and repeatability
• Combine sources of alpha
• Philosophy: Public equity markets have become increasingly efficient at discounting the status quo. Key determinants of
longer-term economic value, including fundamental change and inflection points, differentiated business models and unique
industry structures, are often overlooked or overwhelmed by the market's near-term focus. Our investment process is designed
to identify and exploit the resultant opportunities these anomalies create.
• A High-Conviction, Active Strategy that blends quantitative and fundamental insights seeks to offer distinct advantages.
Quantitative analysis provides scalability and discipline to support human intuition and judgment; fundamental analysis adds the
flexibility to adjust to forward looking developments and market conditions.
As of July 31, 2018. Current process for selecting investments in the portfolio in accordance with its stated investment objectives and policies. Investment process subject to change and
provided here for illustrative purposes only.
• Human intuition and judgment
• Qualitative considerations
• Prospective
• Flexible to changing environments
• Leverages BlackRock (BLK)
intellectual capital

9. Investment Process : Blend Quantitative & Fundamental Insights at
Every Stage
As of July 31, 2018. Current process for selecting investments in the portfolio in accordance with its stated investment objectives and policies. Investment process subject to change and
provided here for illustrative purposes only. Risk management cannot fully eliminate the risk of investment loss.
9
• Identifies Sources of
Mispricing
• Determines Critical
Drivers of Company
Value
• Develops downside,
upside and base-
case return scenarios
Fundamental
Analysis
• Considers
Fundamental &
Thematic Insights
• Prioritizes Investment
Opportunities
• Sets the Team’s
Research Agenda
• Targets 60-100
Securities
• Sets Guidelines for
Security and Sector
Weights
• Delivers a
Disciplined, High
Conviction Portfolio
• Manage risk by
monitoring tracking
error & risk allocation
• RQA oversight
• Comprehensive risk
management
imbedded at all
stages of investment
process
Risk
Management
Portfolio
Construction
QuantitativeInsightsFundamentalResearch
• Multi-factor quantitative
model
• All stocks receive a
quintile ranking
• Identify potential
fundamental biases
• Use quantitative
data/methods to
answer critical
questions
• Systematically blends
quantitative and
fundamental conviction
• Quantitative model
helps determine
optimal position sizes
• Controls risk exposure
• Manages active security
and sector weights
Idea Generation

10. Economic Rationale:
Attractively-priced stocks offer better returns over time.
Factor Examples:
Book to Price, Forward Earnings to Price, Free Cash Flow to
Enterprise Value
Varies for: Technology, Energy, Financials
Typically 20-40% of total score
Economic Rationale:
Clean accounting practices and judicious use of capital
characterize long-term outperformers.
Factor Examples:
Accruals to assets, FCF to sales, ROIC, Share Buybacks
Varies for: Financials
Typically 10-30% of total score
Economic Rationale:
Companies with stable, growing earnings, high profitability and
low leverage outperform over time.
Factor Examples:
Debt to equity, Earnings Growth, ROE, Earnings Stability
Varies for: Financials
Typically 10-30% of total score
Economic Rationale:
Investors’ initial under-reaction to new information results in a
lag in such information being reflected in market value; hence,
stocks with positive recent sentiment tend to outperform.
Factor Examples:
12-month return momentum, EPS revisions, FCF revisions
Varies for: Financials
Typically 20-40% of total score
Quantitative model
10
20-40%
20-40%
10-30%Value Accounting
Quality Growth Sentiment

11. Portfolio Construction
11
Deliberate, diversified and properly scaled
Portfolio approximate tracking error range 250bps to 500bps
 Internally monitored
 Ex-ante tracking error outside of the range mandates additional review
Bounds
 Approximately 60 to 100 securities in the portfolio
 Individual company active weight targets +/- 200bps at purchase
 Sectors +/- 1000bps relative to respective portfolio benchmark
Risk is monitored at the overall portfolio level
 Percentage of risk coming from various positions, industry and style bets actively monitored by
BlackRock’s Risk & Quantitative Analysis (RQA) group
As of July 31, 2018. Portfolio construction shown for illustrative purposes and subject to change. The number of shares is indicative and actual numbers may fall outside the ranges
shown. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be
guaranteed.

12. Drivers Underlying Our Stock Decisions
Decision making as to buy and sell criteria subject to change. There is no guarantee that these investment beliefs will work under all market conditions or are suitable for all investors.
Each investor should evaluate their ability to invest long-term, especially during periods of downturn in the market.
12
Fundamental
 Change and inflection points
 Distinctive business model and/or competitive
advantages that are underappreciated
 Unique industry structures (e.g. oligopolies)
Quantitative
 Companies above 25th percentile eligible for
investment
– Flexibility to override: Up to 20% gross
active weight may be invested in stocks
scoring below 33rd percentile
Risk/Portfolio Construction
 Align position sizes with quant and fundamental
conviction
 Balance portfolio risks, cost/liquidity constraints
Fundamental
 Investment thesis fully reflected in the stock
price
 Fundamental milestones missed
Quantitative
 Quantitative score deteriorates
– Automatic review triggered if quant score
falls below 33rd percentile
Risk/Portfolio Construction
 Diversification – sector, industry and security
 Competition for capital – i.e., better investment
opportunities elsewhere
Buy criteria Sell discipline

13. BGF US Flexible Equity Fund
Portfolio Characteristics & Statistics

14. BGF US Flexible Equity Fund: Portfolio Characteristics
14
As of 31 July 2018
Sector allocation (% NAV)
CharacteristicsTop 10 Holdings
Source: BlackRock as of 7/31/2018. Portfolio characteristics are of the BlackRock BGF US Flexible Equity portfolio and are subject to change. It is not possible to invest directly in an unmanaged index. The
specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be
profitable. BlackRock may or may not own the securities referenced and, if such securities are owned, no representation is being made that such securities will continue to be held. Figures shown in USD.
*Combines Classes A and C.
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a
product.
FUND SPECIFIC RISKS: Overseas investment will be affected by movements in currency exchange rates.
Security Name Sector % NAV
Apple Inc Information Technology 5.41
Microsoft Corporation Information Technology 5.00
Alphabet Inc* Information Technology 4.87
JP Morgan Chase & Co Financials 3.40
Pfizer Inc Health Care 3.04
Bank of America Corp Financials 2.72
Cisco Systems Inc Information Technology 2.59
Lowes Companies Inc Consumer Discretionary 2.56
Comcast Corporation Consumer Discretionary 2.52
UnitedHealth Group Inc Health Care 2.43
Portfolio Characteristics Portfolio Benchmark
Wtd. Avg. Market Capitalization (mn) $222,512 $204,610
Number of Holdings 60 985
LT EPS Growth Rate 12.80% 16.40%
P/B (FY0) 2.90x 3.27x
P/E (FY1) 15.40x 17.80x
Active Share 76.88% --
12.7
5.9 6.2
14.8
17.8
8.1
26.5
4.6
0.0 0.0
2.8
12.9
6.5 6.0
14.2 14.0
10.2
25.3
3.0 3.4 1.9 2.8
Consumer
Disc.
Consumer
Staples
Energy
Financials
Health
Care
Industrials
InfoTech
Materials
Real
Estate
Telecom
Utilities
BGF US Flexible Equity
Russell 1000

15. BGF US Flexible Equity Fund
15
Source: BFRE (BlackRock Fundamental Risk for Equities).
1 RPT Status represents the risk performance target.
Portfolio characteristics are those of the BGF US Flexible Equity Fund managed in the BlackRock Large Cap Core style. Allocations are subject to change. Due to rounding, the total may not be equal to 100%.
Included for illustrative purposes only.
1
Using BFRE covariances for equity (EQ) and FX factors. Equity Inter Model Correlations, Equity, Fixed Income (FI) and FX covariances calculated using weighting FMI : 312 week history, 52 week half-life.
Factor Exposures: @D_NAMRAP

16. BGF US Flexible Equity Fund Key Themes
16
Areas of High-Conviction Positioning
• Fundamental backdrop for the single-family housing market continues to improve
with cyclical & secular drivers.
• Homebuilder valuations reflect a high degree of investor skepticism.
• Expressing sentiment through positions in Homebuilders, as well as Home-
Improvement Retailers.
• Normalizing interest rates, easing regulatory burdens, benign credit trends and
revamped cost structures can drive higher profitability and returns.
• Valuations only partially reflect potential improvement in returns from current
depressed levels.
• Banks remain unloved by the sell-side and under-owned by investors.
• Valuations rich relative to deteriorating fundamentals and the prospect of
normalizing interest rates.
• Pursuit of sustainable free cash flow generators that trade at reasonable
valuations has pointed us toward Technology and Healthcare.
The opinions expressed are those of the BlackRock Large Cap Core Strategy within BlackRock’s US Income & Value Team as of July 2018 and subject to change. This material is provided
for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action.
Bullish on US Housing
US Banks are Very Attractive
Underweight ‘Stability Sectors’

17. Why choose BGF US Flexible Equity Fund?
 Time-tested long-term investment philosophy driven by an experienced portfolio management team
 Strong fundamental research supported by enhanced US Income & Value pillar resources, as well as
BlackRock’s extensive capabilities.
 Quantitative model adds discipline and focus to the investment process
 Portfolio construction capabilities blend quantitative and fundamental insights, disciplined risk
management tools and cost/liquidity constraints to mitigate portfolio risk.
17
As of July 31, 2018. There is no guarantee that research capabilities will contribute to a positive investment outcome. Risk management cannot fully eliminate the risk of investment
loss. Current process for selecting investments in the portfolio in accordance with its stated investment objectives and policies. Process subject to change based on market
conditions, portfolio manager’s opinion and other factors.
Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.

18. 18
#InvestForGood

19. Disclaimer
19
In the preparation of the material contained in this document, DSP Investment Managers Pvt. Ltd. (“AMC”) has used information that is publicly available, including
information developed in-house or basis information received from its affiliates. The AMC however does not warrant the accuracy, reasonableness and / or
completeness of any information. The data/statistics are given to explain general market trends in the securities market, it should not be construed as any research
report/research recommendation.
We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar
expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by the forward looking
statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political
conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation,
deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.
Neither the DSP Mutual Fund nor any of its schemes are registered in any jurisdiction except in India, under SEBI (Mutual Fund) Regulations, 1996; except for DSP
Equity Opportunities Fund and DSP Dynamic Asset Allocation Fund, which are also registered with the Securities and Commodities Authority, UAE. The distribution of
this material in certain jurisdictions may be restricted or subject to registration requirements and, accordingly, persons who come into possession of this material in
such jurisdictions are required to inform themselves about, and to observe, any such restrictions.
Asset Allocation
1. Units of BGF – USFEF# or other similar overseas mutual fund scheme(s): 95% to 100%
2. Money market securities and/ or units of money market/liquid schemes of DSP Mutual Fund: 0% to 5%
# in the shares of BGF – USFEF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.
The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any recommendation/opinion of the same and the Underlying Fund may or
may not have any future position in these sector(s)/stock(s)/issuer(s). The portfolio of the Underlying Fund is subject to changes within the provisions of its Offer
document. Past performance may not sustain in future and should not be used as a basis for comparison with other investments.
All figures and other data given in this document are as on 31st July 2018 unless otherwise specified and the same may or may not be relevant in future. Please refer
to the Scheme information document for investment pattern, strategy and risk factors of the Scheme.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of
subscribing to the units of the DSP Mutual Fund (“Fund”).
There is no guarantee of returns/ income generation in the Scheme. Further, there is no assurance of any capital protection/ capital guarantee to the
investors in the Scheme.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully