abridged annual report for f. y. 2015-16 1 select... · ms. chanda kochhar nominee director –...

• ICICIPrudentialValueDiscoveryFund

• ICICIPrudentialDynamicPlan

• ICICIPrudentialFocusedBluechipEquityFund

• ICICIPrudentialInfrastructureFund

• ICICIPrudentialLongTermEquityFund(TaxSaving)(FormerlyICICIPrudentialTaxPlan)

ABRIDGEDANNUALREPORTFORF.Y.2015-16

Sponsors: ICICIBankLimitedRegd. Office: Landmark, Race Course Circle, Vadodara 390 007, India; and Prudentialplc, Laurence Pountney Hill, London EC4ROHH, UK.

InvestmentManager: ICICIPrudentialAssetManagementCompanyLimited Corporate Identity Number: U99999DL1993PLC054135

Corporate Office: One BKC, 13th Floor, Bandra Kurla Complex, Mumbai - 400051, Tel: (022) 2652 5000 Fax: (022) 2652 8100. Website: www.icicipruamc.com, Email id : [email protected]

Central Service Office: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon (East), Mumbai - 400 063. Tel.: 022-26852000, Fax No.: 022-2686 8313.

Registered Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi 110 001.

Trustee: ICICIPrudentialTrustLimited

Corporate Identity Number: U74899DL1993PLC054134 Registered Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi 110 001.

Registrars: ComputerAgeManagementServicesPvt.Ltd.(CAMS) Registered Office: New No 10. Old No. 178, Opp. to Hotel Palm Grove, MGR Salai (K.H.Road), Chennai - 600 034

ICICI Prudential Asset Management Company LimitedMs. Chanda Kochhar Nominee Director – ICICI Bank Ltd. (Chairperson)Mr. Guy Robert Strapp Nominee Director – Prudential Corporation

Holdings Limited(Appointed with effect from 29.07. 2015)

Mr. N. S. Kannan Nominee Director – ICICI Bank Ltd.Mr. Vijay Thacker Independent Director Mr. C. R. Muralidharan Independent DirectorMr. Suresh Kumar Independent DirectorMs. Lakshmi Venkatachalam

Independent Director(Appointed with effect from 22.09. 2015)

Mr. Ved Prakash Chaturvedi

Independent Director(Appointed with effect from 14.07. 2016)

Mr. Nimesh Shah Managing DirectorMr. Sankaran Naren Executive Director

(Appointed with effect from 22.04. 2016)

ICICI Prudential Trust Limited

Mr. M. N. Gopinath Independent Director (Chairman)

Mr. R.K. Nair Independent Director (Appointed with effect from 05.07.2015)

Mr. Vinod Dhall Independent Director

Mr. Keki Bomi Dadiseth Nominee Director – Prudential Corporation Holdings Limited (Resigned with effect from 21.04.2016)

Mr. Sandeep Batra Nominee Director – ICICI Bank Ltd.

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INDEPENDENT AUDITOR’S REPORTTotheTrusteesofICICIPrudentialMutualFund

ReportontheFinancialStatements

We have audited the accompanying financial statements of the schemes of ICICI Prudential Mutual Fund - ICICI Prudential Value Discovery Fund, ICICI Prudential Dynamic Plan, ICICI Prudential Focused Bluechip Equity Fund, ICICI Prudential Infrastructure Fund, ICICI Prudential Long Term Equity Fund (Tax Saving) (Formerly ICICI Prudential Tax Plan)(collectively “the Schemes”), which comprise the balance sheets as at March 31, 2016,the revenue accounts and cash flow statements for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’sResponsibilityfortheFinancialStatements

Management of ICICI Prudential Asset Management Company Limited, the schemes’ asset manager, is responsible for the preparation of these financial statements that give a true and fair view of thefinancial position, financial performance and cash flows of the Schemes in accordance with accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (‘the Regulations’). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’sResponsibility

Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the balance sheet, of the state of affairs of the respective Schemes as at March 31, 2016;

(b) in the case of the revenue account, of the deficitof the respective Schemes for the year ended on that date; and

(c) in the case of the cash flow statement, of the cash flows of the respective Schemes for the year ended on that date.

ReportonOtherLegalandRegulatoryRequirements

• AsrequiredbyRegulation55(4)andclause5(ii)(2)oftheEleventhScheduleoftheRegulations,wereportthat:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

b. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformity with the accounting policies and standards specified in the Ninth Schedule to the Regulations;

c. The balance sheets,revenue accounts and cash flow statements, dealt with by this report are in agreement with the books of account of the Scheme; and

d. In our opinion, and on the basis of information and explanations given to us, the methods used to value non traded securities as at March 31, 2016 are in accordance with the Regulations andother guidelines issued by the Securities and Exchange Board of India and approvedby the Board of Directors of ICICI Prudential Trust Limited, and are fair and reasonable.

ForS.R.Batliboi&Co.LLPChartered Accountants ICAI Firm Registration Number: 301003E/E300005

Sd- perVirenH.MehtaPartner Membership Number: 48749

Place: Mumbai Date:June 22, 2016

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Dear Unitholder,

We have pleasure in presenting the 23rd Annual Report of the Schemes of ICICI Prudential Mutual Fund (“the Mutual Fund” or “the Fund”) for the year ended March 31, 2016, along with the audited financial statements of the Schemes.

I. SCHEMEPERFORMANCE,FUTUREOUTLOOKANDOPERATIONSOFTHESCHEMES

A. PerformanceoftheSchemesandInvestmentFolios

1. PerformanceoftheSchemes

ICICI Prudential Trust Limited (“the Company/Trustee”) is acting as the Trustee to all the Schemes/Plans of the Fund. The net asset values (NAVs) and other pertinent details of the various Schemes are given below:

SchemeName DateofAllotment

QuarterlyAAUMfortheperiodendedMarch31,2016(Rs.inlakh)

QuarterlyAAUMfortheperiodendedMarch31,2015(Rs.inlakh)

NetAssetValueperunitatMarch31,2016(Rs.)

Returns Category

Last1yearreturn

Sinceinceptionreturns

ICICI Prudential Dynamic Plan 31-Oct-02 512,025.35 586,620.25 175.52 -7.02% 23.79% Open Ended Equity Fund

Nifty 50 Index -8.84% 16.90%ICICI Prudential Value Discovery Fund

16-Aug-04 1,056,083.93 880,083.95 108.79 -4.76% 22.78% Open Ended Equity Fund

S&P BSE 500 Index -7.80% 14.76%ICICI Prudential Infrastructure Fund 31-Aug-05 125,874.86 186,019.59 35.47 -15.15% 12.70% Open Ended

Equity FundNifty Infrastructure Index -21.53% 3.66%ICICI Prudential Focused Bluechip Equity Fund

23-May-08 944,765.84 872,733.79 27.52 -6.63% 13.75% Open Ended Equity Fund

Nifty 50 Index -8.84% 5.86%ICICI Prudential Long Term Equity Fund (Tax Saving) (Formerly ICICI Prudential Tax Plan)

19-Aug-99 273,959.32 255,593.71 255.32 -5.72% 21.51% Open Ended Equity Linked Saving Scheme

Nifty 500 Index -7.52% 12.12%

Past performance may or may not be sustained in the future. NAV of growth option is considered for computation of returns without considering load. Returns are calculated on the basis of CAGR. For computation of since inception returns the allotment NAV has been taken as Rs.10.

Performance figures have been computed based on the last declared NAV.

Returns have been calculated based on NAV of Growth option, wherever applicable.

2. InvestmentFolios

The total number of live folios as at March 31, 2016 were 40.50 lakh.

B. MarketReviewandOutlook

MarketReviewFY161

GlobalEconomy:

The International Monetary Fund (IMF) has a pessimistic outlook on global economic growth, given the slowdown in emerging markets, especially China, easing commodity prices and rising interest rates in the United States (US). The economic think-tank trimmed global economic growth forecast for 2016 to 3.4% from 3.6%. (Source: Crisil Research)

The US Federal Reserve (Fed) has given indication that it will gradually hike interest rates based on data. The Fed said that it was closely monitoring global economic and financial developments.

1 FY represents a financial year from April 1 to March 31 of the following year. FY 16 represents the financial year ended in 2016. FY 17 and FY 18 represent financial year ending in 2017 and 2018 respectively.

TRUSTEE’S REPORTBY

ICICI PRUDENTIAL TRUST LIMITED

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In February 2016, the European Central Bank (ECB) announced bold stimulus measures to boost Eurozone’s economic recovery and combat deflation. The ECB slashed its main benchmark rate to 0% from 0.05%, increased its monthly bond purchases to 80 billion Euros from 60 billion Euros and reduced the interest rate on deposits held by banks at the ECB to -0.4%, from -0.3%. The measures also included long-term cheap loans with tenors up to four years to support banks.

Indianeconomy:

According to the Central Statistics Office (CSO), the Indian economy is estimated to expand by 7.6% in FY 16. Inflation over the last one year has remained range bound. Retail inflation has remained in 5-6% range, meanwhile, wholesale prices has seen only deflation.

The external indicators too have improved with Current Account Deficit (CAD) likely to be below 1.2% in FY 16. Falling crude prices and lower gold import contributed to reduction in CAD. Fiscal deficit is also improving and the government has remained committed to bring it down further to 3% levels by FY 18.

Indianequitymarket:

Indian equity market fell in FY 16 on account of crude oil falling, Foreign Institutional Investors (FII) outflow from emerging countries, which indirectly also affected India. As reported earnings during FY 16 was less than estimation, the investment sentiment in India got dampened.

Indiandebtmarket:

Reserve Bank of India (RBI) continued its interest rate cut cycle through FY 16, it also took various other measures to increase the liquidity of the market. Meanwhile, the government too supported the RBI’s effort. In its Union Budget, the government pegged the gross borrowing for FY 17 at ` 6 lakh crore, largely unchanged from FY 16. The net borrowing for FY 17 is pegged at ` 4.25 lakh crore, lower than the FY16 figure of ` 4.56 lakh crore. Despite the pressures on the Government budgets, the Government has gone ahead with a fiscal deficit target of 3.5% of GDP for FY 17 vis-à-vis 3.9% of GDP for FY 16. This is positive for bond yields and will raise the chances of a policy rate cut by RBI in the near term.

Goldreview:

Indian gold prices closed the year at ` 29,080 per 10 grams on March 31, 2016 as against ` 26,232 per 10 grams on March 31, 2015 on the MCX (Multi-Commodity Exchange). Gold prices managed to register a positive return of 10.85% during this period. This was due to global risk aversion by investors.

SohowisFY17shapingup?

Economicoutlook

The outlook for FY 17 seems quite promising. After improvement seen in the macroeconomic environment it is time for microeconomic indicators to follow through. We believe equities could deliver good returns in the long term and the fixed income market could be boosted by the continuation in RBI’s rate-cut cycle.

With the macroeconomic indicators largely positive, we expect their effect to trickle down to the microeconomic level in FY 17. Key microeconomic indicators such as production of consumer durable goods, automobile sales, and expenditure on new projects have been quite constructive. The government’s focus to implement policies and reforms on the executive level is seen leading to an economic revival. Further, sustained foreign direct investments and some stability in crude oil prices could also boost markets. Thanks to these factors, we believe global investors focus will continue on India as its long-term economic growth story remains intact.

KeyStatisticsofFY16

DomesticIndices31-Mar-16 31-Mar-15 %change

Nifty50 7,738 8,491 -8.84S&PBSEMIDCAP 10,619 10,592 0.25S&PBSESensex 25,342 27,958 -9.33S&PBSESMALLCAP 10,542 10,891 -3.19

Source: MFI

InternationalIndices31-Mar-16 31-Mar-15 %change

DowJones 17,685 17,776 -0.51FTSE 6,175 6,773 -8.81HangSeng 20,777 24,901 -16.52Nasdaq 4,870 4,901 -0.63Nikkei 16,759 19,207 -12.71SSECompositeIndex 3,004 3,748 -19.80StraitTimes 2,841 3,447 -17.54

Source: MFI

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CurrencyMovement CommodityPriceMovement31-Mar-16 31-Mar-15 %change 31-Mar-16 31-Mar-15 %change

INR/USD 66.24 62.49 6.00 Brent($/bbl) 40.2 56.0 -0.28INR/GBP 95.13 92.61 2.72 Gold($/ounce) 1232.8 1183.6 0.04INR/EUR 75.39 67.07 12.40 Silver($/ounce) 15.4 16.7 -0.07INR/YEN 58.85 52.03 13.11 Source: Bloomberg

Source: Bloomberg

FixedIncome 31-Mar-16 31-Mar-15 %change InstitutionalFlowasonMarch31,2016(Equity)

CallRate 12.00% 9.00% 33.33 Pur(`Cr.) Sales(`Cr.) Net(`Cr.) YTD(`Cr.)

91dayT-Bill 7.69% 7.06% 8.92 FIIFlows 5,927 4,406 1,522 5,857

364DaysT-Bill 7.06% 7.72% -0.09 MFFlows 2,440 4,692 -2,251 4,591

CBLO 7.38% 9.26% -20.30 Source: SEBI

Repo 6.75% 7.50% -10.00

ReverseRepo 5.75% 6.50% -11.54

10YrGSec 7.5% 7.7% -3.52

1YrCD 8.20% 9.06% -9.49

GSecVolume(` bln) 4,79,653 3,09,324 55.07

US10YrBond 1.77% 1.92% -8.03

Source: Bloomberg, RBI, CRISIL

31-Mar-16 31-Mar-15 %change

S&PBSEConsumerDurables 11,481 10,418 10.17

S&PBSEMidcap 10,619 10,592 0.25

S&PBSEIT 11,388 11,404 -0.14

S&PBSEFMCG 7,692 7,773 -1.04

S&PBSEOil&Gas 9,162 9,312 -1.61

S&PBSESmallCap 10,542 10,891 -3.19

S&PBSEAuto 18,002 19,259 -6.51

S&PBSEBankex 18,392 20,865 -11.82

S&PBSEHealthCare 15,149 17,285 -12.32

S&PBSEPowerIndex 1,776 2,127 -16.49

S&PBSEPSU 6,107 7,608 -19.69

S&PBSEMetals 7,541 9,466 -20.29

S&PBSECapitalGood 12,861 17,293 -25.57

S&PBSERealty 1,228 1,665 -26.14

Data source: MFI

Equitymarketoutlook:

Currently, capacity utilisation in the manufacturing sector is at a multi-year low. We believe that strong operating leverage and gradual improvement in demand will improve the utilisation rate and drive corporate earnings over the next three to four quarters. We also expect government to support capital expenditure in the transportation and defence sectors. Higher capacity utilisation coupled with improvement in non-performing assets in the banking space, will boost the economy.

The expectation of a good monsoon after two years of failure, improvement in asset quality of banks, implementation of reforms, higher capacity utilisation and eventual earnings growth are likely triggers for the markets in FY 17.

The Union Budget for FY 2016-17 also underlines the Government’s determination to provide an impetus to the economy especially through the infrastructure, rural and financial sectors. It lays emphasis on repairing balance sheets of the banks, reducing non-performing assets and boosting employment in the largest section of the economic pyramid.

Given this focus on reform, repair and revival, we see a prospective up-cycle in the economy.

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Further, we believe that oil prices will bottom out and recover this year, which could bring about some stability in global markets and halt foreign investors from selling in emerging markets such as India.

Debtmarketoutlook:

Despite the 125 basis-points cut in the benchmark repo rate during the calendar year 2015, the performance of the debt market was lackluster as retail and global investors shied away from debt market. Yet, India was among the best performing debt markets in 2015 and we believe that the outlook for the calendar year 2016 is encouraging.

We believe interest rates will continue downward movement as structurally lower inflation shall provide scope for further rate cuts. As per the Indian Metrological Department (IMD) forecast, monsoons are predicted to be normal. This may lead to lower food inflation and provide further room for RBI to cut rates.

C. OperationsoftheSchemes

1. AverageAssetsunderManagement(AAUM)

The AAUM of the Mutual Fund for the quarter ended March 31, 2016 stood at ` 1,75,963.98 crore, while for the quarter ended March 31, 2015 the AAUM of the Mutual Fund was ` 1,48,646.88 crore.

As of March 31, 2016, the Fund comprised 47 open ended schemes, 4 exchange traded funds, 20 interval fund plans,1 fund of funds scheme investing overseas, 6 fund of fund schemes investing domestically and 269 close ended schemes. During the year under review, the Fund launched 29 fixed maturity plans, 15 capital protection oriented schemes, 3 multiple yield funds and 8 close ended equity funds.

2. OperationsandConsumerService

With a view to rendering timely and efficient customer service, the Investment Manager of the Fund, viz., ICICI Prudential Asset Management Company Ltd. (“the AMC”) has been effectively leveraging on its 147 branches including 57 functioning as official points of acceptance of transactions, as on March 31, 2016, effectively servicing the large client base. Additionally a dedicated contact center has been effective in providing investor support and redressing their grievances. The AMC’s focus has always been on technological innovation for facilitating investors’ convenience.

3. Scheme-wisecommentary

i. ICICIPrudentialValueDiscoveryFund

ICICI Prudential Value Discovery Fund is an open ended equity scheme that seeks to generate returns through a combination of dividend income and capital appreciation by investing primarily in a well-diversified portfolio of value stocks.

The scheme posted a return of -4.76% in FY 16, better than the -7.80% posted by the benchmark S&P BSE 500 Index for the year.

The AAUM of the scheme during the last quarter of FY 16 was `10,560.84 crore.

ii. ICICIPrudentialDynamicPlan

ICICI Prudential Dynamic Plan is an open ended flexi-cap opportunities fund that seeks to generate capital appreciation by actively investing in equity and equity related securities. For defensive considerations, the scheme may invest in fixed income securities, derivatives and hold cash.

The scheme posted a return of -7.02% in FY 16, better than -8.84% posted by the benchmark Nifty 50 Indexfor the year.


iii. ICICIPrudentialFocusedBluechipEquityFund

ICICI Prudential Focused Bluechip Equity Fund is an open ended equity scheme that seeks to generate long term capital appreciation to unitholders from a portfolio that is invested predominantly in equity and equity related securities of large cap companies and the balance in debt securities, money market instruments and cash.

The scheme posted a return of -6.63% in FY 16, better than the -8.84% posted by the benchmark Nifty 50 Index for the year.


iv. ICICIPrudentialInfrastructureFund

ICICI Prudential Infrastructure Fund is a thematic fund encompassing infrastructure. It is an open ended equity scheme that seeks to generate capital appreciation and income distribution to unitholders by investing predominantly in equity or equity related securities of the companies belonging to the infrastructure development and balance in debt securities and money market instruments.

The scheme posted a return of -15.15% in FY 16, better than the -21.53% posted by the benchmark Nifty Infrastructure Index for the year.


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v. ICICIPrudentialLongTermEquityFund(TaxSaving)(FormerlyknownasICICIPrudentialTaxPlan)

ICICI Prudential Long Term Equity Fund is an open ended Equity Linked Savings Scheme (ELSS) that aims to generate long term capital appreciation by primarily investing in equity and related securities.

The scheme posted a return of -5.72% in FY 16, better than the -7.52% posted by the benchmark Nifty 500 Index for the year.


II. BRIEFBACKGROUNDOFSPONSORS,TRUST,TRUSTEEANDTHEAMC

A. Sponsors

1. ICICIBankLimited

ICICI Bank is India’s largest private sector bank with total assets of ` 7,206.95 billion (US$ 109 billion) at March 31, 2016 and profit after tax Rs. 97.26 billion (US$ 1,468 million) for the year ended March 31, 2016. ICICI Bank currently has a network of 4,450 Branches and 14,082 ATM’s across India. The Bank offers a wide range of banking and financial services including commercial banking and treasury operations. ICICI Bank and their subsidiaries offers a wide range of banking and financial services including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.

ICICI Bank’s international footprint consists of subsidiaries in the United Kingdom and Canada, branches in the United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Dubai International Finance Centre and Qatar Financial Centre and China and representative offices in the United Arab Emirates, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. The UK subsidiary of the Bank has a branch each in Belgium and Germany.

ICICI Bank’s equity shares are listed in India on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

2. Prudentialplc

Prudential plc and its affiliated companies constitute one of the world’s leading financial services groups, serving around 24 million insurance customers and has £509 billion of assets under management (as of 31 December 2015). Prudential plc is incorporated in England and Wales and is listed on the stock exchanges in London, Hong Kong, Singapore and New York.

Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.

The Group is structured around four main business units:

PrudentialCorporationAsia

Prudential Corporation Asia has leading insurance and asset management operations across 14 markets in Asia and serves the emerging middle class families of the region‘s outperforming economies. Prudential has been operating in Asia for over 90 years and has built high performing businesses with effective multichannel distribution, a product portfolio centred on regular savings and protection, award-winning customer services and a widely recognised brand.

JacksonNationalLifeInsuranceCompany

Jackson is one of the largest life insurance companies in the US, providing retirement savings and income solutions aimed at the 75 million ‘baby-boomers’. Founded over 50 years ago, Jackson has a long and successful record of providing advisors with the products, tools and support to design effective retirement solutions for their clients.

PrudentialUK&Europe

Prudential is a long-established leading provider of life and pensions, with a relentless focus on the needs of the age cohorts where wealth is most heavily concentrated. Its core strengths in with-profits and retirement are underpinned by its expertise in areas such as longevity, risk management and multi-asset investment, together with its financial strength and highly respected brand. These attributes position Prudential UK well to meet customer needs in the UK‘s evolving market place.

M&G

M&G has been investing money for individual and institutional clients for over 80 years, and has grown to be one of Europe’s largest retail and institutional fund managers by developing its expertise in active investment. M&G has a conviction led and long-term approach to investment, developing a deep understanding of the companies and organisations in whose equities, bonds or property M&G invests.

B. ICICIPrudentialMutualFund

ICICI Prudential Mutual Fund (“the Mutual Fund” or “the Fund”) was set up as a Trust in accordance with the provisions of the Indian Trusts Act, 1882 under a Trust Deed dated August 25, 1993 (since amended from time to time). The Fund is sponsored by Prudential plc (through

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its wholly owned subsidiary Prudential Corporation Holdings Ltd) and ICICI Bank Ltd. ICICI Bank Ltd. contributed ` 10 lakh and Prudential plc, with the approval of Reserve Bank of India, contributed ` 12.2 lakh to the corpus of the Fund.

C. TrusteeCompany

ICICI Prudential Trust Limited (“the Company/Trustee”) is the Trustee of the Fund (including its schemes). It was incorporated under the Companies Act, 1956, in terms of a Trust Deed executed on August 25, 1993. The Trust Deed is registered under the Indian Registration Act, 1908.

The Trustee holds the Fund in trust for the benefit of the unitholders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in Securities and Exchange Board of India (Mutual Fund) Regulations, 1996 (the “Regulations”) and the Trust Deed. The Trustee seeks to ensure that the Fund and the schemes floated thereunder are managed by the AMC in accordance with the Trust Deed, the Regulations, and the directions and guidelines issued by the Securities & Exchange Board of India (SEBI), the stock exchanges concerned, the Association of Mutual Funds in India and other Regulatory agencies.

1. ShareCapital

ICICI Bank Ltd. holds 51% of the share capital of the Trustee; Prudential plc, through its wholly owned subsidiary, Prudential Corporation Holdings Ltd., holds the remaining 49%.

2. BoardofDirectors

As of March 31, 2016, the Board comprised:

Sr.No. NameoftheDirector Status

1. Mr. M. N. Gopinath Independent Director (Chairman)

2. Mr. R.K. Nair* Independent Director

3. Mr. Vinod Dhall Independent Director

4. Mr. Keki Bomi Dadiseth^ Nominee Director – Prudential Corporation Holdings Limited

5. Mr. Sandeep Batra Nominee Director – ICICI Bank Ltd.

* Mr. R.K. Nair has been appointed as an Independent Additional Director on the Trust Board with effect from July 05, 2015.

^ Mr.Keki Bomi Dadiseth resigned from the Trust Board with effect from April 21, 2016.

D. ICICIPrudentialAssetManagementCompanyLimited

ICICI Prudential Asset Management Company Limited (“the AMC”), a company incorporated on June 22, 1993 under the Companies Act, 1956, was registered with SEBI on October 13, 1993 to act as the Investment Manager to all the Schemes of ICICI Prudential Mutual Fund. The Trustee has entered into an Investment Management Agreement dated September 3, 1993 with the AMC to function as the Investment Manager for all the schemes of the Fund.

The AMC has been providing portfolio management services (PMS) since October 2000, with the requisite approvals/permissions from SEBI and the Trustee as envisaged under Regulation 24(b) of the Regulations. Further, the AMC is rendering Advisory Services to SEBI-registered foreign institutional investors (FIIs) and their sub-accounts. The AMC is also providing investment management services to Alternative Investment Funds registered under SEBI (Alternative Investment Funds) Regulations, 2012. These activities are not in conflict with the activities of the Mutual Fund. In the situations of unavoidable conflicts of interest, the AMC undertakes that it shall satisfy itself that adequate disclosures are made of sources of conflict, potential ‘material risk or damage’ to investor interest and develop parameters for the same.

The AMC has secured a leading position in the Indian mutual fund industry with quarterly AAUM of ` 1,75,963.98 crore for the quarter ended March 31, 2016. The AMC manages a comprehensive range of Schemes to meet the varying investment needs of its investors spread across various cities through 270 Official Points of Transactions (including 213 branches operated through the Registrar of the Mutual Fund) in the country as on March 31, 2016.

1. ShareCapital

ICICI Bank Ltd. holds 51% of the share capital of the AMC; Prudential plc, through its wholly owned subsidiary, Prudential Corporation Holdings Ltd., holds the remaining 49%.

2. BoardofDirectors

As on March 31, 2016, the Board comprised:


1. Ms. Chanda Kochhar Nominee Director – ICICI Bank Ltd. (Chairperson)

2. Mr. Guy Robert Strapp* Nominee Director – Prudential Corporation Holdings Limited

3. Mr. N. S. Kannan Nominee Director – ICICI Bank Ltd.

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4. Mr. Vijay Thacker Independent Director

5. Mr. C. R. Muralidharan Independent Director

6. Mr. Suresh Kumar Independent Director

7. Ms. Lakshmi Venkatachalam** Independent Additional Director

8. Mr. Nimesh Shah Managing Director

** Ms. Lakshmi Venkatachalam has been appointed as an Independent Additional Director on the Board of the AMC with effect from September 22, 2015.

* Mr. Guy Strapp has been appointed as a Nominee Director on the Board of the AMC with effect from July 29, 2015.

- Mr. Sankaran Naren has been appointed as an Executive Director on the Board of the AMC with effect from April 22, 2016.

- Mr. Ved Prakash Chaturvedi has been appointed as an Additional Independent Director on the Board of the AMC with effect from July 14, 2016.

III.INVESTMENTOBJECTIVESOFTHESCHEMES

• ICICIPrudentialDynamicPlan

To generate capital appreciation by actively investing in equity and equity related securities. For defensive considerations, the Scheme may invest in debt, money market instruments and derivatives. The investment manager will have the discretion to take aggressive asset calls i.e. by staying 100% invested in equity market/equity related instruments at a given point of time and 0% at another, in which case, the fund may be invested in debt related instruments at its discretion. The AMC may choose to churn the portfolio of the Scheme in order to achieve the investment objective. The Scheme is suitable for investors seeking high returns and for those who are willing to take commensurate risks.

Although the Scheme endeavors to achieve the investment objective, there is no assurance that the investment objective of the Scheme will be realised.

• ICICIPrudentialFocusedBluechipEquityFund

To generate long-term capital appreciation and income distribution to unit holders from a portfolio that is invested in equity and equity related securities of about 20 companies belonging to the large cap domain and the balance in debt securities and money market instruments. The Fund Manager will always select stocks for investment from among Top 200 stocks in terms of market capitalization on the National Stock Exchange of India Ltd.

If the total assets under management under this scheme goes above Rs. 1,000 crores the Fund Manager reserves the right to increase the number of companies to more than 20.


• ICICIPrudentialValueDiscoveryFund

To generate returns through a combination of dividend income and capital appreciation by investing primarily in a well-diversified portfolio of value stocks. Value stocks are those, which have attractive valuations in relation to earnings or book value or current and/or future dividends.


• ICICIPrudentialInfrastructureFund

To generate capital appreciation and income distribution to unit holders by investing predominantly in equity/equity related securities of the companies belonging to the infrastructure development and balance in debt securities and money market instruments.


• ICICIPrudentialLongTermEquityFund(TaxSaving)(formerlyknownasICICIPrudentialTaxPlan)

To generate long-term capital appreciation through investments made primarily in equity and equity related securities of companies.


IV.SIGNIFICANTACCOUNTING/VALUATIONPOLICIES

Accounting policies are in accordance with Securities and Exchange Board of India (Mutual Fund) Regulations, 1996. The changes in the accounting/valuation policies, if any, are stated in the notes to the financial statements of the respective scheme.

10

V. UNCLAIMEDDIVIDENDANDREDEMPTION

Details of unclaimed dividends and redemptions under the various schemes are given below:

UnclaimeddividendandredemptiondatafortheyearendedMarch31,2016Unclaimed Dividend/ Redemption normally represent the time lag between funding of the respective accounts (with bank) by the AMC and the time taken for presentation of redemption/ dividend warrant by the investors. Unclaimed Dividend/Redemption amount in respect of Schemes/ Plans as on March 31, 2016, is as follows:SchemeName Dividend Redemption

Amount(Rs.) Count Amount(Rs.) CountICICI Prudential Dynamic Plan 37,717,667.23 11412 36,743,561.52 1569ICICI Prudential Focused Bluechip Equity Fund 9,987,967.87 1265 18,452,712.27 734ICICI Prudential Infrastructure Fund 17,337,017.65 6181 29,349,778.16 1561ICICI Prudential Long Term Equity Fund (Tax Savings) 69,171,783.10 43286 17,519,875.32 1016ICICI Prudential Value Discovery Fund 45,414,886.26 4751 14,041,404.13 842ICICI Prudential Equity Opportunities Fund* 543,160.81 173 1,884,990.31 88ICICI Prudential Fusion Fund* 206,995.00 59 380,346.00 20ICICI Prudential Fusion Fund Series-III* 0.00 0 490,151.50 28

* Merged into ICICI Prudential Dynamic Plan in May 2011

VI.DISCLOSUREOFINVESTORCOMPLAINTS

The disclosure regarding investors’ complaints is given below:

RedressalofComplaintsreceivedagainsttheMutualFundfortheFinancialYearendedMarch31,2016

NameoftheMutualFund–ICICIPrudentialMutualFund

TotalNumberofFolios:40,50,544

ComplaintCode

TypeofComplaint#

(a)No.ofcomplaintspendingatthebeginningoftheYear

(b)No.ofComplaintsreceivedduringtheyear

Actionon(a)and(b)

Resolved NonActionable

Pending

Within30days

30-60days

60-180days

Beyond180days

0-3months

3-6months

6-9months

9-12months

I A Non receipt of Dividend on Units

2 21 23 0 0 0 0 0 0 0 0

I B Interest on delayed payment of Dividend

0 2 2 0 0 0 0 0 0 0 0

I C Non receipt of Redemption Proceeds

3 23 26 0 0 0 0 0 0 0 0

I D Interest on delayed payment of Redemption

0 1 1 0 0 0 0 0 0 0 0

II A Non receipt of Statement of Account/Unit Certificate

0 0 0 0 0 0 0 0 0 0 0

II B Discrepancy in Statement of Account

17 3502 3480 0 0 0 0 39 0 0 0

II C Data corrections in Investor details

0 77 77 0 0 0 0 0 0 0 0

II D Non receipt of Annual Report/Abridged Summary

0 0 0 0 0 0 0 0 0 0 0

III A Wrong switch between Schemes

1 86 87 0 0 0 0 0 0 0 0

III B Unauthorized switch between Schemes

0 5 4 1 0 0 0 0 0 0 0

III C Deviation from Scheme attributes

0 0 0 0 0 0 0 0 0 0 0

11

ComplaintCode

TypeofComplaint#

(a)No.ofcomplaintspendingatthebeginningoftheYear

(b)No.ofComplaintsreceivedduringtheyear

Actionon(a)and(b)

Resolved NonActionable

Pending

Within30days

30-60days

60-180days

Beyond180days

0-3months

3-6months

6-9months

9-12months

III D Wrong or excess charges/load

0 3 3 0 0 0 0 0 0 0 0

III E Non updation of changes viz. address, PAN, bank details, nomination, etc

5 686 686 0 0 0 0 5 0 0 0

IV Others* 3 158 159 0 0 0 0 2 0 0 0

Total 31 4564 4548 1 0 0 0 46 0 0 0

* If others include a type of complaint which is more than 10% of overall complaint, provide that reason separately.

Example : Complaint number from I A to III E is 1000 and Others alone is 500 and transmission linked complaints (within others) are 200 then provide Transmission as separate reason (V) along with all other parameters

# including against its authorized persons/ distributors/ employees. etc.

Non actionable means the complaint that are incomplete / outside the scope of the mutual fund.

VII.CORPORATEGOVERNANCE

Pursuant to SEBI circular no. SEBI/IMD/CIR no. 18/198647/2010 dated March 15, 2010 and subsequent clarifications/circulars issued by SEBI, the Fund has formulated a policy for exercise of voting rights by the AMC in investee companies (i.e. companies in whose securities schemes of the Fund have invested).

The AMC has disclosed the Voting Policy and the votes exercised during FY 16 on a quarterly and annual basis alongwith Auditors certification on website of the AMC, viz. www.icicipruamc.com.

VIII.STATUTORYINFORMATION

A. The Sponsors are not responsible or liable for any loss resulting from the operation of the schemes of the Fund beyond their initial contribution of ` 22.2 lakh for setting up the Fund and accretions/additions thereto.

B. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market values of the underlying investments.

C. The full Annual Report shall be put on the website (www.icicipruamc.com) and shall be available for inspection at the Central Service Office of the AMC. An existing or a prospective unitholder can contact the Central Service Office of the AMC to obtain a copy of the trust deed and the full Annual Report of the Fund/ AMC. The AMC/ Fund reserve the right to charge fees for providing copies of these documents.

IX.RISKMANAGEMENTSYSTEM

As mandated by a SEBI circular dated September 30, 2002, and in line with the policies of the sponsors of the Fund, the AMC has adopted a full-fledged risk-management framework. In the opinion of the Trustee, on the basis of the data presented by the AMC and reviewed at meetings of its Board of Directors, the system serves its objectives adequately.

X. LIABILITYANDRESPONSIBILITYOFTHETRUSTEEANDTHESPONSORS

The Trustee’s primary responsibility is to safeguard the interests of the unitholders and, inter alia, ensure that the AMC functions in the interests of investors and in accordance with the Regulations, the provisions of the Trust Deed, and the Scheme Information Documents of the Schemes of the Fund. From the information provided to the Trustee by the AMC and discussions with AMC officials at meetings of its Board and Committee, and reviews by the Trustee through its Board of Directors at such meetings, the Trustee is of the opinion that the AMC has operated in the interests of the unitholders and functioned in compliance with the Regulations.

XI.ACKNOWLEDGEMENT

The Trustee expresses its gratitude to the unitholders for their continued support, to SEBI, RBI, AMFI, the registrars, bankers, the custodians of the Fund, the stock exchanges where the units of various Schemes are listed, ICICI Bank and Prudential plc. and the management and employees of the AMC for their continued support and assistance during the year.

ForandonbehalfofICICIPrudentialTrustLtd.

Place: Mumbai

Date: July 22, 2016 Sd/-

M.N.GopinathChairman

12

ICICIPrudentialMutualFundAddress: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063

AbridgedBalanceSheetasatMarch31,2016(figuresasperAuditedFinancials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)

ICICIPrudentialValueDiscoveryFund ICICIPrudentialDynamicPlan ICICIPrudentialFocusedBluechipEquityFund

Asat31-Mar-2016

Asat31-Mar-2015

Asat31-Mar-2016

Asat31-Mar-2015

Asat31-Mar-2016

Asat31-Mar-2015

LIABILITIES

1 UnitCapital 151,103.13 119,332.51 81,075.04 86,558.04 387,598.18 316,402.88

2 Reserves&Surplus

2.1 Unit Premium Reserve 392,719.86 232,033.09 69,666.31 60,862.75 281,059.46 187,445.13

2.2 Unrealised Appreciation Reserve 171,976.93 297,646.05 - 46,875.43 103,906.16 211,444.12

2.3 Other Reserves 408,843.48 259,419.70 372,262.99 387,267.91 224,972.54 159,636.46

3 Loans&Borrowings - - - - - -

4 CurrentLiabilities&Provisions

4.1 Provision for doubtful Income / Deposits - - - - - -

4.2 Other Current Liabilities & Provisions 15,686.60 7,076.43 8,999.30 6,465.37 5,919.77 4,353.70

TOTAL 1,140,330.00 915,507.78 532,003.64 588,029.50 1,003,456.11 879,282.29

ASSETS

1 Investments

1.1 ListedSecurities:

1.1.1.a Equity Shares 1,024,119.39 821,249.59 445,410.11 472,996.20 939,816.13 840,133.94

1.1.1.b Indian Depository Receipts - - - - - -

1.1.1.c Warrants - - - - - -

1.1.2 Preference Shares - - - - - -

1.1.3 Equity Linked Debentures - - - - - -

1.1.4 Other Debentures & Bonds - - 11,391.73 12,228.89 - -

1.1.5 Securitised Debt Securities - - - - - -

1.2 SecuritiesAwaitedListing:

1.2.1 Equity Shares 5,556.88 179.28 509.69 45.71 - -



1.2.4 Other Debentures & Bonds - - - - - -


1.3 UnlistedSecurities:

1.3.1 Equity Shares - - - - - -



1.3.4 Other Debentures & Bonds - - 6,525.81 - - -


1.4 GovernmentSecurities - - 487.50 75,088.64 - -

1.5 TreasuryBills - - - - - -

1.6 CommercialPapers - - 29,822.97 - 37,049.99 -

1.7 CertificateofDeposits 46,170.62 66,716.16 - - 4,949.37 20,799.06

1.8 BillRediscounting - - - - - -

1.9 UnitsofDomesticMutualFund - - - - 2,871.91 2,652.01

1.10 ForeignSecurities - - 8,475.80 - - -

1.11 Gold - - - - - -

TotalInvestments 1,075,846.89 888,145.03 502,623.61 560,359.44 984,687.40 863,585.01

2 Deposits 62.63 170.19 2,969.37 4,304.87 5,462.00 4,884.09

3 OtherCurrentAssets

3.1 Cash & Bank Balance 7,404.67 1,592.25 948.53 1,221.85 1,275.25 3,182.89

3.2 CBLO / Reverse Repo Lending 51,707.83 23,621.87 3,303.82 4,123.34 4,271.54 3,523.97

3.3 Others 5,307.98 1,978.44 22,158.31 18,020.00 7,759.92 4,106.33

4 DeferredRevenueExpenditure(TotheExtentnotwrittenoff)

- - - - - -

TOTAL 1,140,330.00 915,507.78 532,003.64 588,029.50 1,003,456.11 879,282.29

FundManager MrinalSingh SankaranNaren&AtulPatel ManishGunwani

Annexure I- Notes to Accounts

Figures Less than ` 500 are shown as zero

13


AbridgedBalanceSheetasatMarch31,2016(figuresasperAuditedFinancials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)

ICICIPrudentialInfrastructureFund ICICIPrudentialLongTermEquityFund(TaxSaving)(FormerlyICICIPrudentialTaxPlan)

Asat31-Mar-2016

Asat31-Mar-2015

Asat31-Mar-2016

Asat31-Mar-2015

LIABILITIES

1 UnitCapital 57,272.25 66,045.76 46,710.47 41,069.66

2 Reserves&Surplus

2.1 Unit Premium Reserve 4,329.92 6,949.46 33,391.99 26,144.50

2.2 Unrealised Appreciation Reserve - 30,208.03 - 30,513.34

2.3 Other Reserves 63,892.16 76,176.01 209,020.32 165,121.44

3 Loans&Borrowings - - - -

4 CurrentLiabilities&Provisions

4.1 Provision for doubtful Income / Deposits - - - -

4.2 Other Current Liabilities & Provisions 1,045.51 1,562.72 2,759.60 4,208.07

TOTAL 126,539.84 180,941.98 291,882.38 267,057.01

ASSETS

1 Investments

1.1 ListedSecurities:

1.1.1.a Equity Shares 119,723.97 165,246.68 266,755.51 243,491.19

1.1.1.b Indian Depository Receipts - - - -

1.1.1.c Warrants - - - -

1.1.2 Preference Shares - - - -

1.1.3 Equity Linked Debentures - - - -

1.1.4 Other Debentures & Bonds - - - -

1.1.5 Securitised Debt Securities - - - -

1.2 SecuritiesAwaitedListing:

1.2.1 Equity Shares - 41.88 - -





1.3 UnlistedSecurities:

1.3.1 Equity Shares - - - -





1.4 GovernmentSecurities - - - -

1.5 TreasuryBills - - - -

1.6 CommercialPapers - - 8,673.96 -

1.7 CertificateofDeposits - - 4,949.37 -

1.8 BillRediscounting - - - -

1.9 UnitsofDomesticMutualFund - - - -

1.10 ForeignSecurities - - - -

1.11 Gold - - - -

TotalInvestments 119,723.97 165,288.56 280,378.84 243,491.19

2 Deposits 2,346.01 2,718.12 0.21 0.52

3 OtherCurrentAssets

3.1 Cash & Bank Balance 472.35 590.68 2,374.70 1,777.44

3.2 CBLO / Reverse Repo Lending 1,297.30 11,607.22 1,779.79 19,094.54

3.3 Others 2,700.21 737.40 7,348.84 2,693.32

4 DeferredRevenueExpenditure(TotheExtentnotwrittenoff)

- - - -

TOTAL 126,539.84 180,941.98 291,882.38 267,057.01

FundManager SankaranNaren&YogeshBhatt GeorgeJoseph



14


AbridgedRevenueAccountfortheyear/periodendedMarch31,2016(figuresasperAuditedFinancials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)


YearEnded YearEnded YearEnded

31-Mar-2016 31-Mar-2015 31-Mar-2016 31-Mar-2015 31-Mar-2016 31-Mar-2015

1 INCOME

1.1 Dividend 13,928.46 6,902.87 9,569.81 5,733.92 13,059.49 8,202.66

1.2 Interest 6,240.96 4,610.22 4,300.34 6,932.32 3,559.00 1,682.23

1.3 Realised Gains /(Losses) on Foreign Exchange Transactions

- - (27.04) (34.41) - -

1.4 Realised Gains /(Losses) on Interscheme sale of Investments

- 2,442.31 1,423.36 2,080.28 (138.83) 4,545.31

1.5 Realised Gains /(Losses) on External Sale/Redemption of Investments

79,764.22 56,990.70 8,537.82 110,623.90 51,703.52 111,323.57

1.6 Realised Gains /(Losses) on Derivative Transactions

1,036.99 314.89 (1,060.07) 2,094.82 (2,231.11) (330.25)

1.7 Other Income 595.77 774.20 140.02 438.21 327.88 389.36

(A) 101,566.40 72,035.19 22,884.24 127,869.04 66,279.95 125,812.88

2 EXPENSES&LOSSES(Note7)

2.1 Interest on Borrowing - - - - - -

2.2 Management Fees 8,766.73 7,135.55 6,137.30 6,091.50 8,748.48 8,215.19

2.3 Service Tax on Management Fees 1,219.97 881.96 856.18 752.91 1,216.25 1,015.39

2.4 Transfer Agent's Fees & Expenses 929.62 759.20 470.90 522.78 832.07 852.05

2.5 Custodian Fees 54.82 52.45 31.46 32.69 53.97 60.03

2.6 Trusteeship Fees 3.46 2.73 1.89 2.17 3.18 3.12

2.7 Commission to Agents 10,909.23 5,184.84 4,180.35 3,833.23 8,159.22 5,583.38

2.8 Marketing & Distribution Expenses 192.92 343.53 109.52 223.05 451.60 164.67

2.9 Audit Fees 2.80 1.90 2.37 1.95 2.41 1.90

2.10 Other Operating Expenses 645.90 361.35 247.18 221.01 493.77 382.87

2.11 Deferred Revenue Expenses Written Off - - - - - -

(B) 22,725.45 14,723.51 12,037.15 11,681.29 19,960.95 16,278.60

3 NetRealisedGains/(Losses)fortheYear/Period(A-B=C)

78,840.95 57,311.68 10,847.09 116,187.75 46,319.00 109,534.28

4 Change in Unrealised Depreciation in value of Investments (D)

125,669.11 - 51,571.21 - 107,537.96 -

5 NetGains/(Losses)fortheYear/Period(E=C-D)

(46,828.16) 57,311.68 (40,724.12) 116,187.75 (61,218.96) 109,534.28

6 Change in Unrealised Appreciation in value of Investments (F)

- 220,410.07 - 12,411.87 - 101,959.53

7 NetSurplus/(Deficit)fortheyear/period(G=E+F)

(46,828.16) 277,721.75 (40,724.12) 128,599.62 (61,218.96) 211,493.81

7.1 Add: Balance Transfer from Unrealised Appreciation Reserve

297,646.05 77,235.97 46,875.43 34,463.56 211,444.12 109,484.60

7.2 Less: Balance Transfer to Unrealised Appreciation Reserve

171,976.93 297,646.05 - 46,875.43 103,906.16 211,444.12

7.3 Add/(Less) : Equalisation 86,145.95 91,475.01 (10,303.45) 47,342.25 32,675.86 17,025.91

7.4 Surplus/(Deficit) brought forward 259,419.70 128,318.37 387,267.91 236,333.15 159,636.46 51,551.56

8 Total 424,406.61 277,105.05 383,115.77 399,863.15 238,631.32 178,111.76

9 DividendAppropriation

9.1 Income Distributed during the year/period 15,563.13 17,685.35 10,852.78 12,595.24 13,658.78 18,475.30

9.2 Tax on Income distributed during the year/period

- - - - - -

10 RetainedSurplus/(Deficit)CarriedforwardtoBalanceSheet

408,843.48 259,419.70 372,262.99 387,267.91 224,972.54 159,636.46

FundManager MrinalSingh SankaranNaren&AtulPatel ManishGunwani



15


AbridgedRevenueAccountfortheyear/periodendedMarch31,2016(figuresasperAuditedFinancials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)


YearEnded YearEnded

31-Mar-2016 31-Mar-2015 31-Mar-2016 31-Mar-2015

1 INCOME

1.1 Dividend 2,171.14 1,638.84 3,654.77 3,234.41

1.2 Interest 903.84 1,068.39 579.91 1,013.58

1.3 Realised Gains /(Losses) on Foreign Exchange Transactions

- - - -

1.4 Realised Gains /(Losses) on Interscheme sale of Investments

36.14 672.84 81.14 2,071.72

1.5 Realised Gains /(Losses) on External Sale/Redemption of Investments

11,667.66 25,451.66 31,569.32 55,850.63

1.6 Realised Gains /(Losses) on Derivative Transactions

(3,751.56) 1,824.98 - -

1.7 Other Income 45.61 133.25 102.29 151.06

(A) 11,072.83 30,789.96 35,987.43 62,321.40

2 EXPENSES&LOSSES(Note7)

2.1 Interest on Borrowing - - - -

2.2 Management Fees 2,284.31 2,380.82 2,951.55 2,856.00

2.3 Service Tax on Management Fees 316.92 294.27 410.46 353.00

2.4 Transfer Agent's Fees & Expenses 118.45 151.49 271.20 239.21

2.5 Custodian Fees 9.51 12.87 17.35 15.31

2.6 Trusteeship Fees 0.52 0.73 0.92 0.94

2.7 Commission to Agents 820.13 1,136.04 2,680.19 1,783.72

2.8 Marketing & Distribution Expenses 34.98 66.19 90.85 81.63

2.9 Audit Fees 1.17 1.21 1.76 1.51

2.10 Other Operating Expenses 48.65 60.62 166.27 117.71

2.11 Deferred Revenue Expenses Written Off - - - -

(B) 3,634.64 4,104.24 6,590.55 5,449.03

3 NetRealisedGains/(Losses)fortheYear/Period(A-B=C)

7,438.19 26,685.72 29,396.88 56,872.37

4 Change in Unrealised Depreciation in value of Investments (D)

31,351.09 - 45,298.41 -

5 NetGains/(Losses)fortheYear/Period(E=C-D)

(23,912.90) 26,685.72 (15,901.53) 56,872.37

6 Change in Unrealised Appreciation in value of Investments (F)

- 32,691.86 - 19,039.88

7 NetSurplus/(Deficit)fortheyear/period(G=E+F)

(23,912.90) 59,377.58 (15,901.53) 75,912.25

7.1 Add: Balance Transfer from Unrealised Appreciation Reserve

30,208.03 - 30,513.34 11,473.46

7.2 Less: Balance Transfer to Unrealised Appreciation Reserve

- 30,208.03 - 30,513.34

7.3 Add/(Less) : Equalisation (13,034.84) (809.46) 34,864.07 19,172.26

7.4 Surplus/(Deficit) brought forward 76,176.01 51,774.32 165,121.44 102,083.65

8 Total 69,436.30 80,134.41 214,597.32 178,128.28

9 DividendAppropriation

9.1 Income Distributed during the year/period 5,544.14 3,958.40 5,577.00 13,006.84

9.2 Tax on Income distributed during the year/period

- - - -

10 RetainedSurplus/(Deficit)CarriedforwardtoBalanceSheet

63,892.16 76,176.01 209,020.32 165,121.44

FundManager SankaranNaren&YogeshBhatt GeorgeJoseph



16


NotestoAccounts–AnnexureItotheAbridgedBalanceSheetandRevenueAccountfortheYearendedMarch31,2016forthefollowingschemes:

SchemeCode SchemeName

DISCO ICICI Prudential Value Discovery Fund

DYNMIC ICICI Prudential Dynamic Plan

FOCUS ICICI Prudential Focused Bluechip Equity Fund

INFRA ICICI Prudential Infrastructure Fund

TAX ICICI Prudential Long Term Equity Fund (Tax Saving) (Formerly ICICI Prudential Tax Plan)

1 Investments

1.1 All investments of the scheme except Government Securities and Treasury Bills are registered in the name of the Trustees for the benefits of the Schemes Unitholders. All investments in Government Securities and Treasury Bills are held in an SGL account in the name of “ICICI Prudential Mutual Fund”.

1.2 Open Positions of derivatives:(` in Lakhs)

31-Mar-2016 31-Mar-2015

SchemeCode LongPositions %toNetAssets ShortPositions %toNetAssets LongPositions %toNetAssets ShortPositions %toNetAssets

DISCO - - - - 1,407.70 0.15% - -

DYNMIC 13,860.80 2.65% - - - - - -

FOCUS 10,199.19 1.02% - - 6,222.78 0.71% 1,654.35 0.19%

INFRA 3,228.86 2.57% - - 5,882.94 3.28% - -

DisclosureasrequiredunderSEBICircular-Cir/IMD/DF/11/2010datedAugust18,2010–fortheyear2015-16

a Hedging Positions through Futures as on 31st March 2016 is Nil

b OtherthanhedgingPositionsthroughFuturesason31stMarch2016

Scheme UnderlyingSecurityName Long/Short Futurepricewhenpurchased(in`) Currentpriceofthecontract(in`) MarginMaintained(`inLakhs)

DYNMIC LUPIN LIMITED Long 1,456.75 1,486.15 246.72

DYNMIC CESC LIMITED Long 468.33 475.60 121.38

DYNMIC GRASIM INDUSTRIES LIMITED Long 3,824.50 3,866.95 805.82

DYNMIC CIPLA LIMITED Long 520.35 515.10 275.10

DYNMIC THE FEDERAL BANK LIMITED. Long 47.43 46.75 212.17

DYNMIC TATA CHEMICALS LIMITED Long 369.43 375.80 134.02

FOCUS GRASIM INDUSTRIES LIMITED Long 3,818.53 3,866.95 266.19

FOCUS CIPLA LIMITED Long 523.01 515.10 193.19

FOCUS BHARAT PETROLEUM CORPORATION LTD. Long 897.82 906.20 622.13

FOCUS MAHINDRA AND MAHINDRA LIMITED Long 1,254.09 1,217.40 152.19

FOCUS HINDUSTAN ZINC LIMITED Long 171.53 182.40 42.02

INFRA BHARAT HEAVY ELECTRICALS LIMITED Long 114.60 114.35 363.44

INFRA THE FEDERAL BANK LIMITED. Long 47.47 46.75 117.35

c FortheYearended31stMarch2016thefollowingtransactionsthroughfutureshavebeensquaredoff/expired: (` in Lakhs)

HedgingTransactions

Scheme TransactionsWherefutureswerebought TransactionsWherefutureswereSold CombinedHedgedNetProfit/(Loss)

Total%ofexistingAssets

NoofContract GrossNotionalValue NoofContract GrossNotionalValue

DYNMIC - - 6,927 16,348.56 241.69 -

FOCUS - - 3,341 11,525.39 209.21 -

INFRA - - 805 3,441.36 (0.28) -

FortheYearended31stMarch2016thefollowingtransactionsthroughfutureshavebeensquaredoff/expired: (` in Lakhs)

OtherthanHedgingTransactions

Scheme TransactionsWherefutureswerebought TransactionsWherefutureswereSold CombinedotherthanHedgingNetProfit/(Loss)



DISCO 6,571 18,773.78 - - 1,036.99 -

DYNMIC 123,109 334,702.15 9,973 26,886.27 (1,301.76) 2.65%

FOCUS 74,195 266,103.24 - - (2,440.32) 1.02%

INFRA 33,517 92,423.62 - - (3,751.28) 2.57%

d Hedging Positions through Put Options as on 31st March 2016 is Nil.

e No hedging transaction through Options were transacted during the year ended 31st March, 2016.

f Other than Hedging Position through Options as on 31st March, 2016 is Nil.

17

g Non hedging transactions through options have already been exercised / expired for the year ended 31st March, 2016 is Nil.

h Hedging Positions through swap as on 31st March 2016 - Nil

DisclosureasrequiredunderSEBICircular-Cir/IMD/DF/11/2010datedAugust18,2010–fortheyear2014-15

a Hedging Positions through Futures as on 31st March 2015


FOCUS Tata Motors Ltd. Short 528.45 551.45 206.77

b Other than hedging Positions through Futures as on 31st March 2015


DISCO Bharat Heavy Electricals Ltd. Long 237.13 233.45 189.12

FOCUS JSW Steel Ltd. Long 939.14 912.50 393.66

FOCUS Mahindra & Mahindra Ltd. Long 1,209.47 1,192.55 149.43

FOCUS Steel Authority of India Ltd. Long 65.93 64.90 284.35

INFRA Bharat Heavy Electricals Ltd. Long 235.36 233.45 790.34

c For the Year ended 31st March 2015 the following transactions through futures have been squared off/ expired: (` in Lakhs)

HedgingTransactions

Scheme TransactionsWherefutureswerebought TransactionsWherefutureswereSold CombinedHedgedNetProfit/(Loss)



DISCO - - 650 2,159.02 140.99 -

DYNMIC - - 44,417 77,700.08 1,537.17 -

FOCUS - - 24,008 75,417.54 (214.42) 0.19%

INFRA - - 1,177 3,909.37 126.95 -

For the Year ended 31st March 2015 the following transactions through futures have been squared off/ expired: (` in Lakhs)

OtherthanHedgingTransactions

Scheme TransactionsWherefutureswerebought TransactionsWherefutureswereSold CombinedotherthanHedgingNetProfit/

(Loss)


NoofContract GrossNotionalValue

NoofContract GrossNotionalValue

DISCO 3,437 9,988.51 - - 173.90 0.16%

DYNMIC 54,932 183,165.75 37,022 100,745.64 555.04 -

FOCUS 27,095 82,181.44 - - (115.83) 0.71%

INFRA 21,840 72,080.44 - - 1,698.04 3.28%

d Hedging Positions through Put Options as on 31st March 2015 is Nile No hedging transaction through Options were transacted during the year ended 31st March, 2015f Other than Hedging Position through Options as on 31st March, 2015 is Nil.g Non hedging transactions through options have already been exercised / expired for the year ended 31st March, 2015 is Nil.h Hedging Positions through swap as on 31st March 2015 - Nil

1.3 Investments made by schemes in Sponsor/Associates/Group Companies:

(` in Lakhs)Schemecode NameofSponsor/Associate/Group

CompanyNatureofInvestment 2015-2016 2014-2015

MarketvalueofInvestmentbyScheme MarketvalueofInvestmentbySchemeDISCO Blue Star Ltd $ Equity Shares - 5,780.39DISCO GMR Infrastructure Ltd - RIGHTS $ Equity Shares - 179.28DISCO GMR Infrastructure Ltd $ Equity Shares 8,677.86 8,698.24DISCO ICICI Bank Limited Equity Shares 76,308.29 53,221.91DISCO ICICI Bank Limited Term Depostis - 148.00DISCO Wipro Ltd $ Equity Shares - 24,638.95DYNMIC GMR Infrastructure Ltd - RIGHTS $ Equity Shares - 45.71DYNMIC GMR Infrastructure Ltd $ Equity Shares - 2,213.33DYNMIC ICICI Bank Limited Equity Shares 21,298.50 16,616.14DYNMIC ICICI Bank Limited Term Depostis - 4,258.74DYNMIC ICICI Bank Limited Term Depostis Derivatives 2,958.74 - DYNMIC Wipro Ltd $ Equity Shares - 24,636.30FOCUS ICICI Bank Limited Equity Shares 58,429.28 66,569.46FOCUS ICICI Bank Limited Term Depostis - 4,883.74FOCUS ICICI Bank Limited Term Depostis Derivatives 5,433.74 - FOCUS Wipro Ltd $ Equity Shares - 28,665.18INFRA Blue Star Ltd $ Equity Shares - 190.31INFRA GMR Infrastructure Ltd - RIGHTS $ Equity Shares - 41.88INFRA GMR Infrastructure Ltd $ Equity Shares 512.61 2,027.57INFRA ICICI Bank Limited Equity Shares 11,321.04 9,949.29INFRA ICICI Bank Limited Term Depostis - 2,717.89INFRA ICICI Bank Limited Term Depostis Derivatives 2,345.89 - TAX City Union Bank Ltd $ Equity Shares - 2,509.17TAX ICICI Bank Limited Equity Shares 5,696.96 13,233.55TAX Wipro Ltd $ Equity Shares - 8,175.05

18

(` in Lakhs)

NameofSponsor/Associate/GroupCompany NatureofInvestment 2015-2016 2014-2015AggregateMarketValueofInvestmentbyallSchemes

AggregateMarketValueofInvestmentbyallSchemes

Asian Paints Ltd $ Equity Shares - 389.35Blue Star Ltd $ Commercial Papers - 7,440.13

Equity Shares - 7,870.23Brigade Enterprises Limited $ Equity Shares 422.95 - City Union Bank Ltd $ Equity Shares 9,120.41 18,219.62Eastspring Investment Asian Equity Fund Overseas Mutual Fund Units 1,516.27 3,695.20GMR Infrastructure Ltd - RIGHTS $ Equity Shares - 323.54GMR Infrastructure Ltd $ Equity Shares 11,518.41 15,682.62ICICI Bank Limited Equity Shares 270,769.36 244,387.98

Term Depostis - 58,608.18Term Depostis Derivatives 82,108.18 -

ICICI Home Finance Company Limited Debentures and Bonds 34,969.80 160.32Zero Coupon Debentures. 2,626.42 -

Sterling Holiday Resorts (India) Limited $ Equity Shares - 14,890.87Thomas Cook (India) Ltd $ Debentures and Bonds - 10,143.19

Equity Shares - 678.11Wipro Ltd $ Equity Shares - 128,480.28

The above investments are in normal course and are in accordance with the investment objective of relevant scheme. $ The disclosure has been made as director (s) of the AMC is/ are also on the board of the aforesaid companies.

1.4 Subscription by scheme (excluding Secondary Market Purchases) in the issues lead managed by the associate company during 2015-16 (` in Lakhs)

NameoftheIssuer Instrument NameoftheScheme Amount

Ashoka Buildcon Limited Equity Share INFRA 2,680.00

GMR Infrastructure Limited Equity Share DISCO 1,681.00

DYNMIC 429.00

Tata Motors Limited Equity Share DISCO 743.00

DYNMIC 102.00

Subscription by scheme (excluding Secondary Market Purchases) in the issues lead managed by the associate company during 2014-15 (` in Lakhs)

NameoftheIssuer Instrument NameoftheScheme Amount

ABAN OFFSHORE LIMITED Equity Share DYNMIC 10,009.99

INFRA 3,500.00

TAX 1,750.00

CESC Ltd Equity Share DYNMIC 3,606.00

City Union Bank Ltd. Equity Share TAX 2,318.46

GMR Infrastructure Ltd. Equity Share DYNMIC 4,200.00

INFRA 1,800.00

IDFC Ltd. Equity Share DISCO 907.26

DYNMIC 9,034.20

FOCUS 4,233.87

INFRA 3,993.68

TAX 3,308.39

1.5 Subscription to any issue of equity or debt on private placement basis where the sponsor or its associate companies have acted as arranger or manager during 2015-16 :Nil (Previous Year - Nil)

1.6 Open Position of securities borrowed : Nil (Previous Year - Nil) Open Position of securities lend : Nil (Previous Year - Nil)

1.7 Details of NPA Aggregate market value : Nil (Previous Year - Nil) Provision thereof Nil (Previous Year - Nil)

1.8 Aggregate Unrealised Gain / Loss as at the end of the Financial Year and percentage to net assets: (` in Lakhs)

Scheme 2015-16 2014-15

UnrealisedGain/(Loss) %ofNetAssets UnrealisedGain/(Loss) %ofNetAssets

DISCO 171,976.93 15.29% 297,646.05 32.76%

DYNMIC (4,695.78) -0.90% 46,875.43 8.06%

FOCUS 103,906.16 10.42% 211,444.12 24.17%

INFRA (1,143.06) -0.91% 30,208.03 16.84%

TAX (14,785.07) -5.11% 30,513.34 11.61%

19

1.9 Aggregate Value of Purchase and Sale with Percentage to average assets : (` in Lakhs)

Scheme 2015-16 2014-15

AverageNetAssets

Purchases %toAverageNetAssets

Sales %toAverageNetAssets

AverageNetAssets

Purchases %toAverageNetAssets

Sales %toAverageNetAssets

EquitySecurities

DISCO 1,018,999.62 585,294.77 57.44% 331,119.94 32.49% 660,083.48 356,929.44 54.07% 135,814.44 20.58%

DYNMIC 553,565.95 577,187.87 104.27% 556,658.88 100.56% 513,735.33 678,379.95 132.05% 631,305.92 122.89%

FOCUS 935,660.92 453,843.68 48.51% 297,728.17 31.82% 742,589.06 546,415.10 73.58% 424,678.35 57.19%

INFRA 153,514.58 92,181.03 60.05% 118,069.52 76.91% 175,082.57 117,019.97 66.84% 129,013.10 73.69%

TAX 271,710.49 468,103.15 172.28% 431,190.92 158.69% 223,241.27 341,408.01 152.93% 331,410.80 148.45%

OtherthanEquitySecurities

DISCO 1,018,999.62 14,721,598.11 1444.71% 14,719,550.37 1444.51% 660,083.48 12,173,173.58 1844.19% 12,100,845.27 1833.23%

DYNMIC 553,565.95 4,390,684.65 793.16% 4,432,190.44 800.66% 513,735.33 7,699,350.30 1498.70% 7,681,283.07 1495.18%

FOCUS 935,660.92 8,627,749.48 922.10% 8,608,085.46 920.00% 742,589.06 3,839,578.95 517.05% 3,838,412.13 516.90%

INFRA 153,514.58 2,395,832.98 1560.65% 2,407,221.59 1568.07% 175,082.57 2,593,934.59 1481.55% 2,589,253.03 1478.88%

TAX 271,710.49 1,886,351.94 694.25% 1,890,622.66 695.82% 223,241.27 2,853,339.92 1278.14% 2,848,532.01 1275.99%

Total

DISCO 1,018,999.62 15,306,892.88 1502.15% 15,050,670.31 1477.00% 660,083.48 12,530,103.02 1898.26% 12,236,659.71 1853.80%

DYNMIC 553,565.95 4,965,673.66 897.03% 4,986,287.26 900.76% 513,735.33 8,377,730.25 1630.75% 8,312,588.99 1618.07%

FOCUS 935,660.92 9,081,593.16 970.61% 8,905,813.63 951.82% 742,589.06 4,385,994.05 590.64% 4,263,090.48 574.08%

INFRA 153,514.58 2,488,014.01 1620.70% 2,525,291.11 1644.98% 175,082.57 2,710,954.56 1548.39% 2,718,266.13 1552.56%

TAX 271,710.49 2,354,455.09 866.53% 2,321,813.58 854.52% 223,241.27 3,194,747.93 1431.07% 3,179,942.81 1424.44%

Equity Securities excludes transactions in futures & options Other than equity securities includes Units of Mutual Fund, debt and money market including CBLO and Fixed Deposits. 1.10 Non-Traded securities in the portfolio: (` in Lakhs)

Scheme Particulars AsatMarch31,2016 AsatMarch31,2015

Amount %ofNetAssetsValue

Amount %ofNetAssetsValue

DISCO Aggregate value of non traded Equity 5,556.88 0.49% 371.12 0.04%

DISCO Aggregate value of non traded Money Market Instruments 46,170.62 4.11% 66,716.16 7.34%

DYNMIC Aggregate value of non traded Debt 17,917.54 3.43% 12,228.89 2.10%

DYNMIC Aggregate value of non traded Equity 509.69 0.10% 82.51 0.01%

DYNMIC Aggregate value of non traded Money Market Instruments 29,822.97 5.70% - -

FOCUS Aggregate value of non traded Money Market Instruments 41,999.36 4.21% 20,799.06 2.38%

FOCUS Aggregate value of non traded Units of Mutual Fund 2,871.91 0.29% 2,652.01 0.30%

INFRA Aggregate value of non traded Equity - - 41.88 0.02%

TAX Aggregate value of non traded Money Market Instruments 13,623.33 4.71% - -

2 Details of Transaction with Associates under regulation 25(8). Brokerage paid to associates/related parties/group companies of Sponsor/AMC

NameofAssociate/relatedparties/groupcompaniesofSpon-

sor/AMC

NatureofAssociation/Natureofrelation

Scheme 2015-16 2014-15

Valueoftransaction(ìnLakhs)

%oftotalvalueoftransactionofthefund

Brokerage(ìnLakhs)

%ofthetotalbroker-agerelatedtoscheme

Valueoftransaction(ìnLakhs)

%oftotalvalueoftransactionofthefund

Brokerage(ìnLakhs)

%ofthetotalbrokeragerelatedtoscheme

ICICI Securities Limited Group Company

DISCO 42,993.06 4.73% 22.53 2.91% 29,339.77 5.79% 17.93 4.70%

DYNMIC 49,422.86 2.76% 30.26 2.73% 64,246.99 3.44% 41.78 3.55%

FOCUS 58,899.33 4.72% 32.96 4.89% 89,897.46 7.71% 59.69 7.19%

INFRA 28,380.05 7.49% 13.53 7.09% 10,201.05 2.80% 6.95 3.59%

TAX 81,256.19 9.16% 47.93 6.71% 36,570.75 5.55% 25.46 4.46%

Commission paid to associates/related parties/group companies of Sponsor/AMC

NameofAssociate/relatedparties/groupcompaniesofSponsor/

AMC

NatureofAssociation/Nature

ofrelation

Scheme 2015-16 2014-15

ValueofBusinessgiven(ìnLakhs)

%oftotalvalueofbusinessreceivedbythescheme

Commission(ìnLakhs)

%ofthetotal

commissionpaidbythescheme




%ofthetotal


ICICI Bank Limited Sponsor DISCO 35,197.19 6.49% 799.54 7.49% 32,271.66 6.51% 578.36 6.24%

DYNMIC 7,697.14 5.52% 247.88 6.40% 17,314.90 8.26% 363.57 7.18%

FOCUS 21,517.92 5.17% 488.90 6.21% 22,329.42 6.04% 446.09 5.67%

INFRA 836.73 4.94% 85.33 10.16% 3,516.85 6.44% 107.59 7.37%

TAX 4,364.37 5.93% 134.47 5.35% 3,773.03 5.66% 213.55 6.34%

20

NameofAssociate/relatedparties/groupcompaniesofSponsor/

AMC

NatureofAssociation/Nature

ofrelation

Scheme 2015-16 2014-15




%ofthetotal





%ofthetotal


ICICI Securities Limited Group Company DISCO 26,318.08 4.85% 385.75 3.61% 21,916.41 4.42% 450.05 4.85%

DYNMIC 3,747.71 2.69% 123.56 3.19% 9,803.94 4.67% 170.30 3.36%

FOCUS 22,694.53 5.45% 324.08 4.12% 22,611.64 6.11% 290.32 3.69%

INFRA 535.28 3.16% 24.47 2.91% 1,791.30 3.28% 95.99 6.58%

TAX 3,021.15 4.10% 55.41 2.21% 2,420.63 3.63% 115.85 3.44%

ICICI Securities Primary Dealership Limited

Group Company DISCO 0.07 ^^ ^^ ^^ 1.00 ^^ 0.01 ^^

FOCUS - - ^^ ^^ 0.08 ^^ ^^ ^^

TAX - - ^^ ^^ - - ^^ ^^

Unique Investment Consultants $$

Distributor is a relative of an employee of the AMC

DISCO 2.36 ^^ 0.09 ^^ 0.15 ^^ 0.01 ^^

DYNMIC 0.30 ^^ 0.02 ^^ 0.78 ^^ 0.02 ^^

FOCUS 0.50 ^^ 0.01 ^^ - - 0.01 ^^

TAX 2.70 ^^ 0.08 ^^ - - 0.01 ^^

One World Financial & Advisory $$

Distributor is a relative of an employee of the AMC

DISCO 0.60 ^^ - - 107.26 0.02% 1.29 0.01%

DYNMIC 1.10 ^^ 0.08 ^^ 30.70 0.01% 0.44 0.01%

FOCUS 41.21 0.01% 0.69 0.01% 209.38 0.06% 2.93 0.04%

INFRA - - - - 100.00 0.18% 1.41 0.10%

TAX 0.50 ^^ 0.03 ^^ 11.28 0.02% 0.51 0.02%

Jagdish H Thacker $$ Distributor is a relative of an employee of the AMC

DYNMIC - - ^^ ^^ ^^ ^^ ^^ ^^

FOCUS - - ^^ ^^ ^^ ^^ ^^ ^^

TAX - - ^^ ^^ ^^ ^^ ^^ ^^

Shaila Badar $$ Distributor is a relative of an employee of the AMC

DISCO 0.14 ^^ 0.02 ^^ - - - -

FOCUS 0.02 ^^ ^^ ^^ - - - -

TAX 0.10 ^^ ^^ ^^ - - - -

OtherChargespaidtoassociates/relatedparties/groupcompaniesofSponsor/AMC (`inLakhs)

Entity NatureofPayment Scheme FortheYearended31stMarch2016

FortheYearended31stMarch2015

ICICI Bank Limited Bank Charges / Interest Charges* DISCO 69.49 35.86

DYNMIC 50.54 50.32

FOCUS 63.94 48.20

INFRA 9.53 11.26

TAX 12.67 8.90

ICICI Securities Limited Publicity and Marketing Expense DISCO - 7.09

MF Utilities India Pvt Ltd Investor Education Expenses DISCO 32.39 -

DYNMIC 8.38 -

FOCUS 17.63 -

INFRA 0.63 -

TAX 7.89 -

* Bank charges paid include transaction charges paid to ICICI Bank Limited (Professional clearing member) for futures and options transactions Note : The schemes have paid Management Fees and Trusteeship fees to ICICI Prudential Asset Management Company Limited and ICICI Prudential Trust Limited respectively as disclosed in Revenue Acoount.^^ Amount less than Rs. 0.01 Lakhs / Percentage less than 0.01% $$ The disclosure has been made as Distributor is a relative of an employee of the AMC.

3 Investors holding units in the Scheme over 25% of the NAV as on March 31, 2016 are Nil. (Previous year – Nil)

4 UnitCapitalmovementduringtheyearended:

2015-2016

Scheme Plan Balanceatthebegin-ningoftheyear/Initial

Subscription

Issuedduringtheyear/period

Repurchasedduringtheyear/period

Balanceatcloseoftheyear

FaceValueofUnitsatthecloseoftheyear

Units Units Units Units Amount(`)

DISCO Direct Dividend Option 11,743,537.13 15,226,904.85 3,677,435.33 23,293,006.65 232,930,066.52

DISCO Direct Growth Option 50,304,723.10 68,985,549.99 23,143,605.24 96,146,667.85 961,466,678.53

DISCO Dividend Option 546,632,240.18 226,403,439.95 143,718,899.81 629,316,780.33 6,293,167,803.33

DISCO Growth Option 584,644,562.10 314,459,685.77 136,829,373.27 762,274,874.60 7,622,748,745.99

DISCO Institutional - I Growth Option - - - - -

DISCO Total 1,193,325,062.52 625,075,580.56 307,369,313.64 1,511,031,329.44 15,110,313,294.37

21

2015-2016

Scheme Plan Balanceatthebegin-ningoftheyear/Initial

Subscription






DYNMIC Direct Dividend Option 20,350,172.38 15,359,798.45 2,543,530.70 33,166,440.14 331,664,401.36

DYNMIC Direct Growth Option 17,699,393.37 18,663,266.24 4,459,282.38 31,903,377.23 319,033,772.32

DYNMIC Dividend Option 615,189,418.04 73,318,543.05 143,017,371.33 545,490,589.75 5,454,905,897.54

DYNMIC Growth Option 212,011,506.14 39,342,834.81 51,411,113.28 199,943,227.66 1,999,432,276.59

DYNMIC Institutional - I Growth Option 299,881.25 - 79,147.85 220,733.40 2,207,333.99

DYNMIC Institutional Dividend Option - - - - -

DYNMIC Institutional Growth Option 30,063.43 - 4,078.93 25,984.50 259,845.00

DYNMIC Total 865,580,434.62 146,684,442.54 201,514,524.48 810,750,352.68 8,107,503,526.80

FOCUS Direct Dividend Option 14,037,124.09 33,265,148.03 1,325,949.97 45,976,322.15 459,763,221.54

FOCUS Direct Growth Option 273,997,108.11 274,023,663.85 39,901,219.43 508,119,552.53 5,081,195,525.31

FOCUS Dividend Option 807,055,672.49 238,442,470.09 198,834,340.71 846,663,801.88 8,466,638,018.77

FOCUS Growth Option 2,068,935,035.99 852,933,256.46 446,649,852.88 2,475,218,439.57 24,752,184,395.71

FOCUS Institutional - I Growth Option 3,827.29 - 143.78 3,683.51 36,835.12

FOCUS Total 3,164,028,767.97 1,398,664,538.44 686,711,506.76 3,875,981,799.65 38,759,817,996.45

INFRA Direct Dividend Option 2,660,895.19 8,554,373.34 7,961,196.13 3,254,072.40 32,540,723.95

INFRA Direct Growth Option 9,070,071.89 9,599,194.44 4,360,517.78 14,308,748.55 143,087,485.53

INFRA Dividend Option 368,636,559.54 23,727,466.28 65,686,646.45 326,677,379.37 3,266,773,793.73

INFRA Growth Option 280,090,067.90 13,550,236.88 65,158,023.07 228,482,281.71 2,284,822,817.11

INFRA Institutional - I Growth Option 0.01 - - 0.01 0.06

INFRA Total 660,457,594.52 55,431,270.94 143,166,383.42 572,722,482.04 5,727,224,820.38

TAX Direct Dividend Option 7,977,979.84 4,558,109.56 186,977.39 12,349,112.00 123,491,120.00

TAX Direct Growth Option 2,409,086.73 1,921,588.78 33,358.81 4,297,316.70 42,973,167.00

TAX Dividend Option 336,478,059.89 66,492,863.35 29,843,160.93 373,127,762.30 3,731,277,623.00

TAX Growth Option 63,831,484.13 19,411,322.85 5,912,304.19 77,330,502.80 773,305,028.00

TAX Total 410,696,610.59 92,383,884.54 35,975,801.32 467,104,693.80 4,671,046,938.00

Scheme 2014-2015

Plan Balanceatthebegin-ningoftheyear/Initial

Subscription






DISCO Direct Dividend Option 5,542,939.54 10,178,199.54 3,977,601.94 11,743,537.13 117,435,371.33

DISCO Direct Growth Option 20,594,219.07 40,128,788.00 10,418,283.96 50,304,723.10 503,047,231.04

DISCO Institutional - I Growth Option 10,053,942.54 - 10,053,942.54 - -

DISCO Dividend Option 346,893,871.27 319,087,149.17 119,348,780.25 546,632,240.18 5,466,322,401.84

DISCO Growth Option 352,183,515.99 351,208,023.14 118,746,977.02 584,644,562.10 5,846,445,621.00

DISCO Total 735,268,488.40 720,602,159.84 262,545,585.71 1,193,325,062.52 11,933,250,625.21

DYNMIC Direct Dividend Option 3,421,699.07 17,972,396.41 1,043,923.10 20,350,172.38 203,501,723.83

DYNMIC Direct Growth Option 3,930,182.44 15,349,074.93 1,579,864.00 17,699,393.37 176,993,933.73

DYNMIC Institutional - I Growth Option 4,095,636.12 - 3,795,754.87 299,881.25 2,998,812.50

DYNMIC Institutional Dividend Option - - - - -

DYNMIC Institutional Growth Option 5,562,199.17 - 5,532,135.73 30,063.43 300,634.34

DYNMIC Dividend Option 608,703,150.85 157,784,845.85 151,298,578.66 615,189,418.04 6,151,894,180.42

DYNMIC Growth Option 184,272,048.75 75,679,374.54 47,939,917.16 212,011,506.14 2,120,115,061.35

DYNMIC Total 809,984,916.41 266,785,691.73 211,190,173.53 865,580,434.62 8,655,804,346.17

FOCUS Direct Dividend Option 11,362,958.64 7,494,311.06 4,820,145.61 14,037,124.09 140,371,240.87

FOCUS Direct Growth Option 106,277,300.88 183,754,512.06 16,034,704.84 273,997,108.11 2,739,971,081.08

FOCUS Institutional - I Growth Option 3,771,399.95 - 3,767,572.65 3,827.29 38,272.93

FOCUS Dividend Option 758,647,839.74 248,577,970.10 200,170,137.35 807,055,672.49 8,070,556,724.94

FOCUS Growth Option 1,705,775,754.90 894,299,425.41 531,140,144.32 2,068,935,035.99 20,689,350,359.87

FOCUS Total 2,585,835,254.11 1,334,126,218.62 755,932,704.76 3,164,028,767.97 31,640,287,679.69

INFRA Direct Dividend Option 1,121,624.93 2,828,829.72 1,289,559.46 2,660,895.19 26,608,951.87

INFRA Direct Growth Option 2,059,194.84 9,171,509.00 2,160,631.95 9,070,071.89 90,700,718.90

INFRA Institutional - I Growth Option 19,231,609.57 - 19,231,609.57 0.01 0.06

INFRA Dividend Option 418,641,575.31 63,302,547.95 113,307,563.73 368,636,559.54 3,686,365,595.36

INFRA Growth Option 278,701,160.97 104,420,765.71 103,031,858.78 280,090,067.90 2,800,900,678.98

INFRA Total 719,755,165.62 179,723,652.38 239,021,223.48 660,457,594.52 6,604,575,945.17

22

Scheme 2014-2015

Plan Balanceatthebegin-ningoftheyear/Initial

Subscription






TAX Direct Dividend Option 3,885,660.47 4,109,737.79 17,418.42 7,977,979.84 79,779,798.37

TAX Direct Growth Option 1,015,953.82 1,393,172.23 39.32 2,409,086.73 24,090,867.28

TAX Dividend Option 327,027,498.30 67,133,256.40 57,682,694.81 336,478,059.89 3,364,780,598.86

TAX Growth Option 56,584,637.52 16,075,055.21 8,828,208.60 63,831,484.13 638,314,841.34

TAX Total 388,513,750.11 88,711,221.63 66,528,361.16 410,696,610.59 4,106,966,105.85

Note:- “Balance at the beginning of the year” includes units alloted during NFO as initial capital.

5 Previous year figures are regrouped wherever necessary.

6 Contingent Liability. Nil (Previous year: Nil)

7 Expenses other than management fee are inclusive of service tax where applicable.

8 Movement of Investor Education Fund balance for ICICI Prudential Mutual Fund during the Financial Year ended March 31, 2016 as follows:

Particulars Amount(`inLakhs)

Opening Balance 1,963.33

Accretion to Investor Education and Awareness Fund 3,500.82

Less: Utilisation towards investor education and Awareness Initiatives 5,464.15

Closing Balance -

9. These abridged financial statements have been derived from the Audited Financial Statements referred to in the Audit Report. Audit Report attached herewith is reproduction of audit report on audited financial statements.

23


HistoricalPerUnitStatistics(Onthebasisofclosingunits)fortheyearended31-March-2016(figuresasperAuditedFinancials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08)




1 NAVPERUNIT(`)

A Open:

Direct Dividend Option 43.33 26.47 23.5322 19.3795 26.36 20.84

Direct Growth Option 116.19 69.41 191.824 144.7106 29.99 21.83

Dividend Option 32.38 21.47 23.1295 19.2212 22.18 17.94

Growth Option 114.24 68.81 188.8043 143.5686 29.48 21.63

Institutional - I Growth Option - - 30.777 23.2183 31.27 22.75

Institutional Growth Option - - 18.0916 13.6536 - -

B High



Dividend Option 34.03 37.1 24.0007 24.2077 22.98 24.41

Growth Option 120.07 118.91 195.916 197.17 30.54 31.05



C Low



Dividend Option 27.63 21.33 17.8384 19.2558 17.15 17.81

Growth Option 97.5 68.38 158.7429 143.8273 24.76 21.48



D End



Dividend Option 28.32 32.38 19.7238 23.1295 19.06 22.18

Growth Option 108.79 114.24 175.5215 188.8043 27.52 29.48



2 AssetsUnderManagement(`inLakhs)

Closing 1,124,643.43 908,431.37 523,004.36 581,564.15 997,536.33 874,928.59

Average (AAuM) 1,018,999.62 660,083.48 553,565.95 513,735.33 935,660.92 742,589.06

3 GrossIncomeas%ofAAuM* 9.97% 10.96% 4.13% 24.89% 7.08% 16.94%

4 ExpenseRatio

A TotalExpenseas%ofAAuM(planwise)*

Direct Option 1.14% 1.43% 1.42% 1.50% 1.25% 1.42%

Other than Direct Option 2.34% 2.29% 2.25% 2.31% 2.27% 2.25%

Institutional - I Option - - 1.41% 1.53% 1.26% 1.45%

Institutional Option - - 1.41% 1.54% - -

B ManagementFeeas%ofAAuM(planwise)*

Direct Option 0.83% 1.09% 1.12% 1.19% 0.93% 1.11%


Institutional - I Option - - 1.11% 1.19% 0.94% 1.11%

Institutional Option - - 1.11% 1.19% - -

5 NetIncomeas%ofAAuM* 7.74% 8.72% 1.96% 22.62% 4.95% 14.75%

6 PortfolioTurnoverRatio-AggregateforallAssetcategory

14.77 18.54 8.97 16.18 9.52 5.74

PortfolioTurnoverRatio–Equity 0.32 0.21 1.01 1.23 0.32 0.57

24




7 TotalDividendperunitdistributedduringtheYear/Period(plan-wise)

Direct Dividend Option 1.0000 1.0000 0.9000 2.0000 - 2.2500

Direct Growth Option - - - - - -

Dividend Option 2.5000 3.3000 1.8500 2.0000 1.6000 2.2500

Growth Option - - - - - -

Institutional - I Growth Option - - - - - -

Institutional Growth Option - - - - - -

8 Returns

A LastOneYear

Scheme

Direct Option -3.62% 67.40% -6.24% 32.56% -5.69% 37.38%

Other than Direct Option -4.76% 66.02% -7.02% 31.51% -6.63% 36.29%

Benchmark -7.80% 50.96% -8.84% 26.65% -8.84% 26.65%

B SinceInception

Scheme

Direct Option 22.43% 36.25% 14.13% 24.61% 13.87% 23.87%


Benchmark

Direct Option 9.21% 20.21% 8.43% 17.17% 8.43% 17.17%


BenchmarkIndex S&PBSE500Index Nifty50Index Nifty50Index

* Annualised^^ Less than 0.01%

Note:

1 Scheme Returns and Benchmark Returns for schemes launched during the year are computed from date of allotment. These returns are shown on absolute basis. For the remaining schemes, Scheme Returns and Benchmark Returns are shown on CAGR basis.

2 Returns have been calculated based on Growth option except for plans where Growth option NAV is not available Dividend option NAV is considered.3 Gross Income = Amount against (A) in the Revenue account i.e income4 Net Income = Amount against (C) in the Revenue account i.e Net realised gains/(Losses) for the Year / Period5 Portfolio Turnover = Lower of sales or purchase divided by Average AUM for the Year / Period6 AAuM = Average daily net assets7 Performance for scheme options in which units are fully redeemed & were reissued at Face Value on fresh subcriptions (except in case of Direct Plan where NAV of corresponding ‘Other

than Direct’ Plan is considered) made by the investors during the year are shown on absolute basis and accordingly corresponding previous year figures are not shown.8 Performance figures have been computed based on the last declared NAV.9 Plans closed during the year are not considered for above disclosure

25


HistoricalPerUnitStatistics(Onthebasisofclosingunits)fortheyearended31-March-2016(figuresasperAuditedFinancials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08)


YearEnded YearEnded

31-Mar-2016 31-Mar-2015 31-Mar-2016 31-Mar-2015

1 NAVPERUNIT(`)

A Open:

Direct Dividend Option 16.64 11.56 28.5 22.3

Direct Growth Option 42.42 28.68 275.52 188.59

Dividend Option 15.72 11.47 23.64 19.13

Growth Option 41.82 28.47 270.86 186.98

Institutional - I Growth Option - - - -

Institutional Growth Option - - - -

B High



Dividend Option 16.69 16.72 24.48 26.61

Growth Option 44.39 44.47 280.48 284.92



C Low


Direct Growth Option 32 28.63 241.65 188.82

Dividend Option 10.52 11.45 19.09 19.15

Growth Option 31.38 28.42 235.47 187.21



D End



Dividend Option 11.89 15.72 20.7 23.64

Growth Option 35.47 41.82 255.32 270.86



2 AssetsUnderManagement(`inLakhs)

Closing 125,494.33 179,379.26 289,122.79 262,848.94

Average (AAuM) 153,514.58 175,082.57 271,710.49 223,241.27

3 GrossIncomeas%ofAAuM* 7.21% 17.87% 13.24% 27.92%

4 ExpenseRatio

A TotalExpenseas%ofAAuM(planwise)*

Direct Option 1.78% 1.71% 1.41% 1.63%

Other than Direct Option 2.38% 2.40% 2.47% 2.46%

Institutional - I Option - - - -

Institutional Option - - - -

B ManagementFeeas%ofAAuM(planwise)*

Direct Option 1.44% 1.38% 1.07% 1.28%


Institutional - I Option - - - -

Institutional Option - - - -

5 NetIncomeas%ofAAuM* 4.85% 15.49% 10.82% 25.48%

6 PortfolioTurnoverRatio-AggregateforallAssetcategory

16.21 15.48 8.55 14.24

PortfolioTurnoverRatio–Equity 0.60 0.67 1.59 1.48

26


YearEnded YearEnded

31-Mar-2016 31-Mar-2015 31-Mar-2016 31-Mar-2015

7 TotalDividendperunitdistributedduringtheYear/Period(plan-wise)


Direct Growth Option - - - -

Dividend Option 1.6000 1.0000 1.5000 4.0000

Growth Option - - - -



8 Returns

A LastOneYear

Scheme

Direct Option -14.63% 47.91% -4.75% 46.09%

Other than Direct Option -15.15% 46.89% -5.72% 44.86%

Benchmark -21.53% 24.27% -7.52% 33.56%

B SinceInception

Scheme

Direct Option 8.27% 20.40% 16.67% 27.75%


Benchmark

Direct Option -0.80% 10.16% 9.64% 18.30%


BenchmarkIndex NiftyInfraIndex Nifty500Index

* Annualised^^ Less than 0.01%

Note:

1 Scheme Returns and Benchmark Returns for schemes launched during the year are computed from date of allotment. These returns are shown on absolute basis. For the remaining schemes, Scheme Returns and Benchmark Returns are shown on CAGR basis.

2 Returns have been calculated based on Growth option except for plans where Growth option NAV is not available Dividend option NAV is considered.3 Gross Income = Amount against (A) in the Revenue account i.e income4 Net Income = Amount against (C) in the Revenue account i.e Net realised gains/(Losses) for the Year / Period5 Portfolio Turnover = Lower of sales or purchase divided by Average AUM for the Year / Period6 AAuM = Average daily net assets7 Performance for scheme options in which units are fully redeemed & were reissued at Face Value on fresh subcriptions (except in case of Direct Plan where NAV of corresponding ‘Other

than Direct’ Plan is considered) made by the investors during the year are shown on absolute basis and accordingly corresponding previous year figures are not shown.8 Performance figures have been computed based on the last declared NAV.9 Plans closed during the year are not considered for above disclosure

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TheAbridgedAnnualReporthasbeenextractedfromtheAuditedBalanceSheet,RevenueAccountandNotestoAccounts.FullAnnualReportisavailableonthewebsitewww.icicipruamc.com.UnitholdersmayrefertothefullAnnualReportdisplayedonthewebsitew.r.t.generalpoliciesandproceduresforexercisingvotingrights,thedetailsofproxyvotingexercisedduringtheFinancialYear2015-16alongwithauditor’scertification.ForUnitholdersoftheScheme,fullAnnualReport isavailableforinspectionattheCorporateOffice/CentralServiceOfficeoftheAMCandacopythereofshallbemadeavailabletotheUnitholderonrequest.

MutualFundinvestmentsaresubjecttomarketrisks,readallschemerelateddocumentscarefully.Disclaimer

Some of the material used in the document may have been obtained from members/persons other than the AMC and/or its affiliates and which may have been made available to the AMC and/or to its affiliates. Information gathered and material used in this document is believed to be from reliable sources. The AMC / Trustee Company however does not warrant the accuracy, reasonableness and / or completeness of any information. 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.

Investors are requested to refer the Scheme Information Document for Product Label assigned to various schemes in terms of risk associated with investing in such Products.

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