abridged annual report for f. y. 2016-17

• ICICIPrudentialValueDiscoveryFund

• ICICIPrudentialDynamicPlan

• ICICIPrudentialFocusedBluechipEquityFund

• ICICIPrudentialInfrastructureFund

• ICICIPrudentialLongTermEquityFund(TaxSaving)

ABRIDGEDANNUALREPORTFORF.Y.2016-17

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 Limited

(Chairperson)Mr. Guy Robert Strapp Nominee Director – Prudential Corporation

Holdings LimitedMr. N. S. Kannan Nominee Director – ICICI Bank LimitedMr. C. R. Muralidharan Independent DirectorMr. Suresh Kumar Independent DirectorMs. Lakshmi Venkatachalam Independent DirectorMr. Ved Prakash ChaturvediMr. Dilip Karnik

Independent Director

Independent DirectorMr. Nimesh Shah Managing DirectorMr. Sankaran Naren Executive Director

ICICI Prudential Trust Limited

Mr. M. N. Gopinath

Mr. Sandeep Batra

Mr. Lakshman Kumar Mylavarapu

Independent Director (Chairman)

Nominee Director – ICICI Bank Limited

Nominee Director – Prudential Corporation Holdings Limited

Mr. Radhakrishnan Nair Independent Director

Mr. Vinod Dhall Independent Director

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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) (collectively “the Schemes”), which comprise the balance sheets as at March 31, 2017,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 also includes maintenance of adequate accounting records and 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, 2017;

(b) in the case of the revenue account, of the surplus of 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; and

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.

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, 2017 are in accordance with the Regulations and other guidelines issued by the Securities and Exchange Board of India and approved by the Board of Directors of ICICI Prudential Trust Limited, and are fair and reasonable.

ForS.R.Batliboi&Co.LLPCharteredAccountantsICAIFirmRegistrationNumber:301003E/E300005

Sd/- perVirenH.MehtaPartner Membership Number: 48749

Place: Mumbai Date: July 24, 2017

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Dear Unitholder,

We have pleasure in presenting the 24th Annual Report of the Schemes of ICICI Prudential Mutual Fund (“the Mutual Fund” or “the Fund”) for the year ended March 31, 2017, 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

QuarterlyAAUMfortheperiodendedMarch31,2017(`inlakh)

QuarterlyAAUMfortheperiodendedMarch31,2016(`inlakh)

NetAssetValueperunitatMarch31,2017(`)

Returns Category

Last1yearreturn

Sinceinceptionreturns

ICICI Prudential Dynamic Plan 31-Oct-02 6,15,312.78 5,12,025.35 230.24 31.17% 24.29% Open Ended Equity Fund

Nifty 50 Index 18.55% 17.01%ICICI Prudential Value Discovery Fund

16-Aug-04 1,613,766.82 1,056,083.93 131.28 20.67% 22.61% Open Ended Equity Fund

S&P BSE 500 Index 24.02% 15.47%ICICI Prudential Infrastructure Fund 31-Aug-05 139,279.05 125,874.86 47.05 32.65% 14.30% Open Ended

Equity FundNifty Infrastructure Index 21.53% 5.10%ICICI Prudential Focused Bluechip Equity Fund

23-May-08 1,243,353.71 944,765.84 34.34 24.78% 14.94% Open Ended Equity Fund

Nifty 50 Index 18.55% 7.22%ICICI Prudential Long Term Equity Fund (Tax Saving)

19-Aug-99 390,668.43 273,959.32 324.23 26.99% 21.82% Open Ended Equity Linked Saving Scheme

Nifty 500 Index 23.91% 12.76%

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 ` 10

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

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

Allotment date shown is the date from which units under the plans are available throughout.

2. InvestmentFolios

The total number of live folios as at March 31, 2017 were 49.94 lakh.

B. MarketReviewandOutlook

MarketReviewFY171

GlobalEconomy:

The US Federal Reserve (Fed) hiked interest rates for second time in the three months (Jan-Mar 2017) by 25 bps to a range of 0.75%-1% amid steady economic growth, improvement in jobs and rise in inflation.

During the period, European Central Bank has kept its key interest rates and bond buying programme unchanged at its latest monetary policy meeting and also raised the European Union bloc’s growth forecast.

Meanwhile, UK submitted a formal request to exit the European Union (EU), invoking Article 50 of the Treaty on EU, commencing two years

1 FY represents a financial year from April 1 to March 31 of the following year. FY 17 represents the financial year ended in 2017. FY 18 and FY 19 represent financial year ending in 2018 and 2019 respectively.

ICICI PRUDENTIAL TRUST LIMITEDTRUSTEES’ REPORT

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

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of negotiations with its European partners. The Bank of England held interest rates steady at 0.25% at its monetary meeting.

China achieved 6.7% GDP growth in 2016, the lowest in over 26 years.

Indianeconomy:

According to the Central Statistics Office (CSO), the Indian economy is estimated to expand by 7.1% in FY 17. Inflation over the last one year has remained range bound. Retail inflation has remained in 3-4% range, meanwhile, wholesale prices have remained suppressed for major part of the year.

Current Account Deficit (CAD) has widened modestly and is around 1.4% for FY 17. India’s Fiscal deficit in the April – February 2017 period stood at ` 6.06 trillion or 113.4% of budget estimate for 2016-17, as against 107.1% of budget during the same period last year.

Indianequitymarket:

Indian equity markets witnessed a rally with Sensex crossing the 30,000 mark for the first time and Nifty 50 touched a record high. The market was mainly boosted by solid macro stability and strengthening of the rupee against dollar.

Indiandebtmarket:

Reserve Bank of India’s (RBI) Monetary Policy Committee continued with the interest rate cut cycle, by reducing the repo rate by 50 bps in FY 17 and it also took various other measures to increase the market liquidity. Meanwhile, the government too supported RBI’s effort by keeping a check on its borrowing. In its Union Budget, the government pegged the gross borrowing for FY 18 at ` 5.8 trillion, largely unchanged from FY 17. The net borrowing for FY 18 is pegged at ` 3.48 trillion, lower than the FY17 figure of ` 4.07 trillion. Despite the pressures on the Government budgets, the Government has gone ahead with a fiscal deficit target of 4% of GDP for FY 18 vis-à-vis 3.5% of GDP for FY 17.

Goldreview:

Indian gold prices closed the year at ` 28,590 per 10 grams on March 31, 2017 as against ` 29,080 per 10 grams on March 31, 2016 on the MCX (Multi-Commodity Exchange). Gold prices have fallen down.

KeyStatisticsofFY17

DomesticIndicesMarch31,2017 March31,2016 %change

Nifty50 9,173 7,738 18.55S&PBSEMIDCAP 14,096 10,619 32.75S&PBSESensex 29,620 25,342 16.88S&PBSESMALLCAP 14,433 10,542 36.92

InternationalIndicesMarch31,2017 March31,2016 %change

DowJones 20,663 17,685 16.84FTSE 7,322 6,175 18.59HangSeng 24,111 20,777 16.05Nasdaq 5,911 4,869 21.39Nikkei 19,217 16,759 14.67SSECompositeIndex 3,222 3,004 7.3StraitTimes 3,175 2,841 11.76

CurrencyMovement CommodityPriceMovementMarch31,2017

March31,2016

%change March31,2017

March31,2016

%change

INR/USD 64.85 66.24 -2.10 Brent($/bbl) 55.6 40.2 38.31INR/GBP 80.92 95.13 -14.93 Gold($/ounce) 1,249.4 1,232.8 1.35INR/EUR 69.30 75.39 -8.08 Silver($/ounce) 18.3 15.4 18.83INR/YEN* 58.01 58.97 -1.63

*Value of 100 Yen to INR

FixedIncomeMarch31,2017

March31,2016

%changeInstitutionalFlowasonMarch31,2017(Equity)

CallRate 6.04% 12.00% -49.67 Pur(` Cr.) Sales(` Cr.) Net(` Cr.) YTD(` Cr.)

91dayT-Bill 5.78% 7.69% -24.89 FIIFlows 12,232 11,790 442 39,631

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364DaysT-Bill 6.10% 7.06% -13.56 MFFlows 5,563 3,704 1,859 9,893

CBLO 5.47% 7.38% -25.88

Repo 6.25% 6.75% -7.41

ReverseRepo 5.75% 5.75% 0

10YrGSec 6.68% 7.5% -10.93

1YrCD 6.65% 8.20% -18.90

GSecVolume(` bln) 47,141.78 39,595.27 19.05

US10YrBond 2.39% 1.77% 35.03

March31,2017 March31,2016 %change

S&PBSEConsumerDurables 15,257 11,481 32.9

S&PBSEMidcap 14,096 10,619 32.7

S&PBSEIT 10,365 11,388 -9.0

S&PBSEFMCG 9,270 7,692 20.5

S&PBSEOil&Gas 13,563 9,162 48.1

S&PBSESmallCap 14,433 10,542 36.9

S&PBSEAuto 22,013 18,002 22.3

S&PBSEBankex 24,221 18,392 32.8

S&PBSEHealthCare 15,312 15,149 1.1

S&PBSEPowerIndex 2,274 1,776 28.1

S&PBSEPSU 8,596 6,107 40.8

S&PBSEMetals 11,804 7,541 56.5

S&PBSECapitalGood 16,446 12,861 27.9

S&PBSERealty 1,600 1,228 30.3

SohowisFY18shapingup?

Economicoutlook

India is amongst the fastest growing countries in the world, along with political stability. Therefore, over the next two years or so there are investment opportunities in the equity market. We expect markets to provide reasonable returns in FY 18. However, the same is subject to an earnings upgrade cycle, which is critical for the current valuations to sustain and the volitality, which may arise due to uncertainity of global events.

With the macroeconomic indicators largely positive, we expect their effect to trickle down to the microeconomic level in FY 18. Key microeconomic indicators such as pick-up in consumer durable goods production, automobile sales, and capital expenditure have been quite constructive. The government’s focus on policy implementation is leading to an economic revival. Further, sustained foreign direct investments and stability in crude oil prices could boost markets. We believe global investors’ will continue to focus on India as its long-term economic growth story remains intact.

Equitymarketoutlook:

Fundamentally, a good structural bull market plays out when the three economic production factors – land, labour and capital – bottom out. Post demonetisation, land prices are likely to decrease, interest rates have already come off and labour costs have reduced over the last three to four years.

This means we are currently in a situation where all the three factors are on a downward trajectory, which can be a big positive. Further, we expect the deleveraging cycle to continue, thus leading to a rise in capacity utilisation and corporate earnings.

Valuations on parameters such as market capitalisation to GDP (gross domestic product) are reasonable and profit as a percentage of GDP has reduced substantially.

Going forward, we expect these matrices to improve which in turn could translate to better equity returns over the next two years. While equities sound promising over the long term, the short term could be paved by heightened volatility.

Debtmarketoutlook:

Debt asset class has generated returns during the process of deleveraging. In line with this view, we believe that the outlook of fixed income can be reasonably good for the next six-to-twelve months.

Furthermore, we believe that more investors are likely to turn to fixed income investments, as traditional investment avenues could lose their

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lustre. The Reserve Bank of India and the Government also took various steps to make financial assets attractive.

Over the last five years, gold has given negative returns in US dollar terms while real estate too has hardly delivered any returns globally. On the other hand, financial savings have witnessed an unprecedented spurt since 2013.

We believe that interest rates can come down further, however larger part of the rally is now behind us and hence, incremental returns from fixed income may moderate hereon.

C. OperationsoftheSchemes

1. AverageAssetsunderManagement(AAUM)

The AAUM of the Mutual Fund for the quarter ended March 31, 2017 stood at ` 2,43,143.91 crore, while for the quarter ended March 31, 2016 the AAUM of the Mutual Fund was ` 1,75,963.98 crore.

As of March 31, 2017, the Fund comprised 44 open ended schemes, 1 international fund, 6 exchange traded funds (including 1 Gold ETF), 18 interval funds, 1 fund of funds scheme investing overseas, 6 fund of fund schemes investing domestically and 267 close ended schemes. During the year under review, the Fund launched 2 Equity Exchange Trade Funds, 26 Fixed Maturity Plans, 7 Capital Protection Oriented Schemes, 4 Multiple Yield Funds, 5 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 162 branches including 67 functioning as official points of acceptance of transactions, as on March 31, 2017, 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. Value stocks are those, which have attractive valuations in relation to earnings or book value or current and/or future dividends.

The Growth option of the scheme posted a return of 20.67% in FY 17. The benchmark S&P BSE 500 Index posted a return of 24.02% for the year.

The AAUM of the scheme during the last quarter of FY 17 was ` 16,137.67 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 Growth option of the scheme posted a return of 31.17% in FY 17, better than 18.55% posted by the benchmark Nifty 50 Index for the year.


iii. ICICIPrudentialFocusedBluechipEquityFund

ICICI Prudential Focused Bluechip Equity Fund is an open ended equity scheme that seeks to generate long term capital appreciation and income distribution 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 Growth option of the scheme posted a return of 24.78% in FY 17, better than the 18.55% 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 unit holders 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 Growth option of the scheme posted a return of 32.65% in FY 17, better than the 21.53% posted by the benchmark Nifty Infrastructure Index for the year.


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v. ICICIPrudentialLongTermEquityFund(TaxSaving)

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 Growth option of the scheme posted a return of 26.99% in FY 17, better than the 23.91% 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 ̀ 7,717.91 billion at March 31, 2017 and profit after tax ̀ 98.01 billion for the year ended March 31, 2017. ICICI Bank currently has a network of 4,850 Branches and 13,882 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, South Africa, China and Qatar Financial Centre and representative offices in the United Arab Emirates, Bangladesh, Malaysia and Indonesia. The UK subsidiary of the Bank has eight branches in UK and 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 £599 billion of assets under management (as of December 31, 2016). 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 families of the region‘s high-potential 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 strategies aimed at large number of people approaching retirement.Jackson’s pursuit of excellence in product innovation and distinctive distribution capabilities have helped us forged a solid reputation for meeting the needs of customers. Jackson’s variable annuities offer a distinctive retirement solution designed to provide a variety of investment choices to help customers pursue their financial goals.

PrudentialUK&Europe

Prudential is a leading provider of savings and retirement income products in UK. Its core strengths lies in investments that help customers meet their long-term goals, while also protecting them against short-term market fluctuations. They provide long term savings solutions for UK customers, meeting people’s needs through our core strengths in with-profits and retirement, underpinned by its expertise in areas such as longevity, risk management and multi-asset investment.

M&G

M&G is an international asset manager with more than 85 years’ experience of investing on behalf of individuals and institutions.Our goal is to help our customers prosper by securing long-term returns from their savings. For individual investors, we offer funds across diverse geographies, asset classes and investment strategies, aimed at growing their long-term savings or producing regular income. For institutional investors, we offer investment strategies to meet their clients’ long-term needs for capital growth or income.

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B. ICICIPrudentialMutualFund

ICICI Prudential Mutual Fund (“the Mutual Fund” or “the Fund”) was set up as a Trust by the Settlers, 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 its wholly owned subsidiary Prudential Corporation Holdings Ltd) and ICICI Bank Ltd. ICICI Bank Ltd. had contributed ` 10 lakh and Prudential plc, with the approval of Reserve Bank of India, had contributed ` 12.2 lakh to the corpus of the Fund.

C. ICICIPrudentialTrustLimited

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 is the exclusive owner of the Fund and holds the same in trust for the benefit of the unit holders. 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, 2017, the Board comprised:

Sr.No. NameoftheDirector Status

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

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

3. Mr. Lakshman Kumar Mylavarapu* Nominee Director – Prudential Corporation Holdings Limited

4. Mr. Radhakrishnan Nair Independent Director

5. Mr. Vinod Dhall Independent Director

* Mr. Lakshman Kumar Mylavarapu has been appointed as a Nominee Director on the Trust Board with effect from January 9, 2017.

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 portfolio investors (FPIs). 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 ` 2,43,143.91 crore for the quarter ended March 31, 2017. The AMC manages a comprehensive range of Schemes to meet the varying investment needs of its investors spread across various cities through 294 Official Points of Transactions (including 227 branches operated through the Registrar of the Mutual Fund) in the country as on March 31, 2017.

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, 2017, the Board comprised:

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Sr.No. NameoftheDirector Status

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.

4. Mr. C. R. Muralidharan Independent Director

5. Mr. Suresh Kumar Independent Director

6. Ms. Lakshmi Venkatachalam Independent Director

7. Mr. Ved Prakash Chaturvedi* Independent Director

8. Mr. Dilip Karnik** Independent Director

9. Mr. Nimesh Shah Managing Director

10. Mr. Sankaran Naren*** Executive Director

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

** Mr. Dilip Karnik has been appointed as an Independent Director on the Board of the AMC with effect from March 6, 2017.

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

Mr. Vijay Thacker an Independent Director has retired from the Board of the AMC upon completion of his tenure with effect from January 21, 2017.

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 realized.

• 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 ` 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)

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


10

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.

V. UNCLAIMEDDIVIDENDANDREDEMPTION

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

UnclaimeddividendandredemptiondatafortheyearendedMarch31,2017Unclaimed 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, 2017, is as follows:SchemeName Dividend Redemption

Amount(`) Count Amount(`) CountICICI Prudential Dynamic Plan 41,381,717.59 13,447 46,165,955.32 1,774ICICI Prudential Focused Bluechip Equity Fund 14,904,561.16 2,171 21,304,611.32 901ICICI Prudential Value Discovery Fund 54,887,488.54 5,721 28,251,893.13 1,140ICICI Prudential Infrastructure Fund 20,668,439.42 8,137 32,356,173.93 1,618

ICICI Prudential Long Term Equity Fund (Tax Saving) 126,466,977.75 66,691 20,410,907.53 1,125

VI.DISCLOSUREOFINVESTORCOMPLAINTS

The disclosure regarding investors’ complaints is given below:

RedressalofComplaintsreceivedagainsttheMutualFundfortheFinancialYearendedMarch31,2017

NameoftheMutualFund–ICICIPrudentialMutualFund

TotalNumberofFolios:49,94,923

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

0 20 20 0 0 0 0 0 0 0 0

I B Interest on delayed payment of Dividend

0 0 0 0 0 0 0 0 0 0 0

I C Non receipt of Redemption Proceeds

0 49 47 0 0 0 0 2 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 12 12 0 0 0 0 0 0 0 0

II B Discrepancy in Statement of Account

39 3,871 3,881 1 0 0 0 28 0 0 0

II C Data corrections in Investor details

0 92 92 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

0 124 122 0 0 0 0 2 0 0 0

III B Unauthorized switch between Schemes

0 1 1 0 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 1 1 0 0 0 0 0 0 0 0

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

5 202 203 1 0 0 0 3 0 0 0

IV Others* 2 275 271 0 0 0 0 6 0 0 0

Total 46 4,648 4,651 2 0 0 0 41 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.

Nonactionable 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 17 on a quarterly and annual basis alongwith Scrutinizer’s 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. 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. Present and prospective unit holder 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 unit holders 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 unit holders and functioned in compliance with the Regulations.

XI.ACKNOWLEDGEMENT

The Trustee expresses its gratitude to the unit holders 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: MumbaiDate: July 19, 2017 Sd/-

RadhakrishnanNairDirector

Note: Source for compilation of key statistics and other data is the website of third party research agencies

12


AbridgedBalanceSheetasatMarch31,2017(figuresasperAuditedFinancials) (As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)

ICICIPrudentialValueDiscoveryFund ICICIPrudentialDynamicPlan ICICIPrudentialFocusedBluechipEquityFund

AsatMarch31,2017

AsatMarch31,2016

AsatMarch31,2017

AsatMarch31,2016

AsatMarch31,2017

AsatMarch31,2016

LIABILITIES

1 UnitCapital 1,86,805.71 1,51,103.13 73,143.02 81,075.04 4,02,384.26 3,87,598.18

2 Reserves&Surplus

2.1 Unit Premium Reserve 5,89,295.44 3,92,719.86 66,506.81 69,666.31 3,09,031.75 2,81,059.46

2.2 Unrealised Appreciation Reserve 3,44,959.66 1,71,976.93 63,716.81 - 2,41,079.61 1,03,906.16

2.3 Other Reserves 5,81,594.49 4,08,843.51 4,35,375.38 3,72,263.00 3,32,331.54 2,24,972.54

3 Loans&Borrowings - - - - - -

4 CurrentLiabilities&Provisions

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

4.2 Other Current Liabilities & Provisions 12,351.89 15,686.59 1,879.19 8,999.31 14,228.41 5,919.77

TOTAL 17,15,007.19 11,40,330.02 6,40,621.21 5,32,003.66 12,99,055.57 10,03,456.11

ASSETS

1 Investments

1.1 ListedSecurities:

1.1.1.a Equity Shares 15,36,595.40 10,24,119.39 5,16,033.61 4,45,410.11 12,14,877.44 9,39,816.13

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 - - 12,233.23 11,391.73 - -

1.1.5 Securitised Debt Securities - - - - - -

1.2 SecuritiesAwaitedListing:

1.2.1 Equity Shares - 5,556.88 - 509.69 - -



1.2.4 Other Debentures & Bonds - - - - - -


1.3 UnlistedSecurities:

1.3.1 Equity Shares - - - - - -



1.3.4 Other Debentures & Bonds - - 6,612.09 6,525.81 - -


1.4 GovernmentSecurities - - 41,618.93 487.50 - -

1.5 TreasuryBills - - - - - -

1.6 CommercialPapers - - 4,846.72 29,822.97 - 37,049.99

1.7 CertificateofDeposits - 46,170.62 - - - 4,949.37

1.8 BillRediscounting - - - - - -

1.9 UnitsofDomesticMutualFund - - - - 2,968.81 2,871.91

1.10 ForeignSecurities - - 30,652.45 8,475.80 - -

1.11 Gold - - - - - -

Investments 15,36,595.40 10,75,846.89 6,11,997.03 5,02,623.61 12,17,846.25 9,84,687.40

2 Deposits 82,153.90 62.63 34.45 2,969.37 7,592.84 5,462.00

3 OtherCurrentAssets

3.1 Cash & Bank Balance 2,004.44 7,404.67 273.17 948.53 816.72 1,275.26

3.2 CBLO / Reverse Repo Lending 83,922.51 51,707.83 17,805.05 3,303.82 62,170.98 4,271.54

3.3 Others 10,330.94 5,308.00 10,511.51 22,158.33 10,628.78 7,759.91

4 DeferredRevenueExpenditure(TotheExtentnotwrittenoff)

- - - - - -

TOTAL 17,15,007.19 11,40,330.02 6,40,621.21 5,32,003.66 12,99,055.57 10,03,456.11

FundManager MrinalSingh SankaranNaren&AtulPatel ManishGunwani

Annexure I- Notes to Accounts

Figures Less than ` 500 are shown as zero

13


AbridgedBalanceSheetasatMarch31,2017(figuresasperAuditedFinancials) (As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)

ICICIPrudentialInfrastructureFund ICICIPrudentialLongTermEquity(TaxSaving)

AsatMarch31,2017

AsatMarch31,2016

AsatMarch31,2017

AsatMarch31,2016

LIABILITIES

1 UnitCapital 54,065.86 57,272.25 52,595.21 46,710.47

2 Reserves&Surplus

2.1 Unit Premium Reserve 4,635.61 4,329.92 44,236.04 33,391.99

2.2 Unrealised Appreciation Reserve 20,060.02 - 26,678.71 -

2.3 Other Reserves 72,292.04 63,892.16 3,09,165.42 2,09,020.32

3 Loans&Borrowings - - - -

4 CurrentLiabilities&Provisions

4.1 Provision for doubtful Income / Deposits - - - -

4.2 Other Current Liabilities & Provisions 669.45 1,045.50 1,720.49 2,759.60

TOTAL 1,51,722.98 1,26,539.83 4,34,395.87 2,91,882.38

ASSETS

1 Investments

1.1 ListedSecurities:

1.1.1.a Equity Shares 1,36,908.26 1,19,723.97 4,20,381.18 2,66,755.51

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 - - - -





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 - - - -

Investments 1,36,908.26 1,19,723.97 4,20,381.18 2,80,378.84

2 Deposits 1,208.31 2,346.01 6.71 0.21

3 OtherCurrentAssets

3.1 Cash & Bank Balance 175.60 472.35 2,929.96 2,374.70

3.2 CBLO / Reverse Repo Lending 10,289.92 1,297.30 8,277.07 1,779.79

3.3 Others 3,140.89 2,700.20 2,800.95 7,348.84

4 DeferredRevenueExpenditure(TotheExtentnotwrittenoff)

- - - -

TOTAL 1,51,722.98 1,26,539.83 4,34,395.87 2,91,882.38

FundManager SankaranNarenandAtulPatel GeorgeHeberJoseph



14


AbridgedRevenueAccountfortheyearendedMarch31,2017(figuresasperAuditedFinancials) (As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)


YearEnded YearEnded YearEnded

March31,2017 March31,2016 March31,2017 March31,2016 March31,2017 March31,2016

1 INCOME

1.1 Dividend 13,420.19 13,928.46 7,532.71 9,569.81 13,775.12 13,059.49

1.2 Interest 8,841.92 6,240.96 6,001.09 4,300.34 5,001.92 3,559.00

1.3 Realised Gains/(Losses) on Foreign Exchange Transactions

- - (15.88) (27.04) - -

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

7,517.55 - (2.42) 1,423.36 8,114.32 (138.83)

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

90,908.81 79,764.22 81,840.52 8,537.82 1,10,589.85 51,703.52

1.6 Realised Gains/(Losses) on Derivative Transactions

- 1,036.99 5,303.25 (1,060.07) 5,396.68 (2,231.11)

1.7 Other Income 690.61 595.77 390.24 140.02 546.34 327.88

(A) 1,21,379.08 1,01,566.40 1,01,049.51 22,884.24 1,43,424.23 66,279.95

2 EXPENSES(Note7)

2.1 Interest on Borrowing - - - - - -

2.2 Management Fees 11,601.60 8,766.73 6,827.03 6,137.30 11,909.34 8,748.48

2.3 Service Tax on Management Fees 1,732.68 1,219.97 1,019.08 856.18 1,778.86 1,216.25

2.4 Transfer Agent's Fees & Expenses 1,153.39 929.62 368.49 470.90 809.91 832.07

2.5 Custodian Fees 47.56 54.82 22.79 31.46 39.80 53.97

2.6 Trusteeship Fees 3.68 3.46 1.49 1.89 2.99 3.18

2.7 Commission to Agents 15,239.61 10,909.23 3,989.10 4,180.35 8,785.09 8,159.22

2.8 Marketing & Distribution Expenses 184.54 192.92 55.37 109.52 120.77 451.60

2.9 Audit Fees 3.10 2.80 2.07 2.37 2.97 2.41

2.10 Other Operating Expenses 789.13 645.90 253.49 247.18 571.54 493.77

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

(B) 30,755.29 22,725.45 12,538.91 12,037.15 24,021.27 19,960.95

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

90,623.79 78,840.95 88,510.60 10,847.09 1,19,402.96 46,319.00

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

- 1,25,669.11 - 51,571.21 - 1,07,537.96

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

90,623.79 (46,828.16) 88,510.60 (40,724.12) 1,19,402.96 (61,218.96)

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

1,72,982.72 - 68,412.59 - 1,37,173.45 -

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

2,63,606.51 (46,828.16) 1,56,923.19 (40,724.12) 2,56,576.41 (61,218.96)

7.1 Add: Balance Transfer from Unrealised Appreciation Reserve

1,71,976.93 2,97,646.05 - 46,875.43 1,03,906.16 2,11,444.12

7.2 Less: Balance Transfer to Unrealised Appreciation Reserve

3,44,959.66 1,71,976.93 63,716.81 - 2,41,079.61 1,03,906.16

7.3 Add/(Less) : Equalisation 1,04,357.56 86,145.95 (14,979.08) (10,303.45) 7,641.83 32,675.86

7.4 Surplus/(Deficit) brought forward 4,08,843.50 2,59,419.73 3,72,263.01 3,87,267.92 2,24,972.54 1,59,636.46

8 Total 6,03,824.84 4,24,406.64 4,50,490.31 3,83,115.78 3,52,017.33 2,38,631.32

9 DividendAppropriation

9.1 Income Distributed during the year/period 22,230.35 15,563.13 15,114.93 10,852.78 19,685.79 13,658.78

9.2 Tax on Income distributed during the year/period

- - - - - -

10 RetainedSurplus/(Deficit)CarriedforwardtoBalanceSheet

5,81,594.49 4,08,843.51 4,35,375.38 3,72,263.00 3,32,331.54 2,24,972.54

FundManager MrinalSingh SankaranNaren&AtulPatel ManishGunwani



15


AbridgedRevenueAccountfortheyear/periodendedMarch31,2017(figuresasperAuditedFinancials)(As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)

ICICIPrudentialInfrastructureFund ICICIPrudentialLongTermEquity(TaxSaving)

YearEnded YearEnded

March31,2017 March31,2016 March31,2017 March31,2016

1 INCOME

1.1 Dividend 1,588.16 2,171.14 2,841.02 3,654.77

1.2 Interest 545.73 903.84 506.23 579.91

1.3 Realised Gains/(Losses) on Foreign Exchange Transactions

- - - -

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

- 36.14 5.96 81.14

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

16,921.15 11,667.66 47,566.98 31,569.32

1.6 Realised Gains/(Losses) on Derivative Transactions

1,234.21 (3,751.56) - -

1.7 Other Income 216.89 45.61 17.16 102.29

(A) 20,506.14 11,072.83 50,937.35 35,987.43

2 EXPENSES(Note7)

2.1 Interest on Borrowing - - - -

2.2 Management Fees 2,024.10 2,284.31 3,039.77 2,951.55

2.3 Service Tax on Management Fees 302.01 316.92 454.07 410.46

2.4 Transfer Agent's Fees & Expenses 77.93 118.45 268.82 271.20

2.5 Custodian Fees 4.61 9.51 12.40 17.35

2.6 Trusteeship Fees 0.35 0.52 0.91 0.92

2.7 Commission to Agents 800.53 820.13 4,237.99 2,680.19

2.8 Marketing & Distribution Expenses 21.49 34.98 23.85 90.85

2.9 Audit Fees 1.23 1.17 1.35 1.76

2.10 Other Operating Expenses 56.33 48.65 242.20 166.27

2.11 Deferred Revenue Expenses Written Off - - - -

(B) 3,288.58 3,634.64 8,281.36 6,590.55

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

17,217.56 7,438.19 42,655.99 29,396.88

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

- 31,351.09 - 45,298.41

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

17,217.56 (23,912.90) 42,655.99 (15,901.53)

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

21,203.08 - 41,463.78 -

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

38,420.64 (23,912.90) 84,119.77 (15,901.53)

7.1 Add: Balance Transfer from Unrealised Appreciation Reserve

- 30,208.03 - 30,513.34

7.2 Less: Balance Transfer to Unrealised Appreciation Reserve

20,060.02 - 26,678.71 -

7.3 Add/(Less) : Equalisation (4,409.60) (13,034.84) 53,193.86 34,864.07

7.4 Surplus/(Deficit) brought forward 63,892.16 76,176.01 2,09,020.33 1,65,121.44

8 Total 77,843.18 69,436.30 3,19,655.25 2,14,597.32

9 DividendAppropriation

9.1 Income Distributed during the year/period 5,551.14 5,544.14 10,489.83 5,577.00

9.2 Tax on Income distributed during the year/period

- - - -

10 RetainedSurplus/(Deficit)CarriedforwardtoBalanceSheet

72,292.04 63,892.16 3,09,165.42 2,09,020.32

FundManager SankaranNaren&AtulPatel GeorgeHeberJoseph



16


NotestoAccounts–AnnexureItotheAbridgedBalanceSheetandRevenueAccountfortheYearendedMarch31,2017forthefollowingschemes:

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)

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 OpenPositionsofderivatives: (` in Lakhs)

SchemeCodeAsonMarch31,2017 AsonMarch31,2016

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

DYNMIC 10,185.65 1.59% - - 13,860.80 2.65% - -

FOCUS 28,402.98 2.21% - - 10,199.19 1.02% - -

INFRA 6,436.74 4.26% - - 3,228.86 2.57% - -

DisclosureasrequiredunderSEBICircular-Cir/IMD/DF/11/2010datedAugust18,2010–AnnexureI(b)fortheyear2016-17

a Hedging Positions through Futures as on March 31, 2017 is Nil.

b OtherthanhedgingPositionsthroughFuturesasonMarch31,2017

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

DYNMIC STATE BANK OF INDIA Long 286.89 293.25 571.77

DYNMIC ITC LIMITED Long 283.89 281.10 703.82

FOCUS CIPLA LIMITED Long 597.39 594.30 223.31

FOCUS HINDUSTAN UNILEVER LIMITED Long 906.80 913.25 743.03

FOCUS BHARAT PETROLEUM CORPORATION LTD. Long 650.32 653.35 889.41

FOCUS STATE BANK OF INDIA Long 281.52 293.25 440.67

FOCUS WIPRO LIMITED Long 510.41 515.45 180.77

FOCUS TVS MOTOR COMPANY LIMITED Long 433.00 431.00 1,081.60

INFRA STATE BANK OF INDIA Long 286.90 293.25 67.20

INFRA INDIAN OIL CORPORATION LIMITED Long 374.92 385.75 193.51

INFRA TATA STEEL LIMITED Long 480.70 484.55 546.19

c ForthePeriodendedMarch31,2017thefollowingtransactionsthroughfutureshavebeensquaredoff/expired: (` in Lakhs)

HedgingTransactions

SchemeTransactionsWherefutureswerebought TransactionsWherefutureswereSold CombinedHedgedNet

Profit/(Loss)Total%ofexistingAssetshedgedthroughFuturesNoofContract GrossNotionalValue NoofContract GrossNotionalValue

DYNMIC - - 7,641 41,174.25 (306.17) -

FOCUS - - 3,144 18,170.36 (202.43) -

(` in Lakhs)

OtherthanHedgingTransactions

Scheme

TransactionsWherefutureswerebought TransactionsWherefutureswereSold CombinedNonHedgedNetProfit/(Loss)

TotalexposureduetoFutures(nonhedgingpositions)asa%ofNet

Assets

NoofContract GrossNotionalValue NoofContract GrossNotionalValue

DYNMIC 33,473 2,02,937 10,994 68,348.64 5,609.41 1.60%

FOCUS 44,082 2,85,808 7,750 56,581.25 5,555.33 2.21%

INFRA 6,048 38,989 - - 1,234.21 4.26%

d Hedging Positions through Put Options as on March 31, 2017 is Nil.

e No hedging transaction through Options were transacted during the year ended March 31, 2017.

f Other than Hedging Position through Options as on March 31, 2017 is Nil.

g For the period ended March 31, 2017 with regard to non-hedging transactions through options which have already been exercised/expired

Scheme UnderlyingSecurityName

Call/Put Strikeprice Numberofcontracts GrossNotionalValue(in`Lakhs)

NetProfit/(Loss)(in`Lakhs)

DYNMIC NIFTY PUT 8300 2400 257.00 11.54

h Hedging Positions through swap as on March 31, 2017 is Nil.

17

DisclosureasrequiredunderSEBICircular-Cir/IMD/DF/11/2010datedAugust18,2010–AnnexureI(b)fortheyear2015-16

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

b OtherthanhedgingPositionsthroughFuturesasonMarch31,2016

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 FortheYearendedMarch31,2016,thefollowingtransactionsthroughfutureshavebeensquaredoff/expired: (` in Lakhs)

HedgingTransactions

SchemeTransactionsWherefutureswerebought TransactionsWherefutureswereSold CombinedHedgedNet

Profit/(Loss)Total%ofexistingAssetshedgedthroughFuturesNoofContract 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) -

FortheYearendedMarch31,2016thefollowingtransactionsthroughfutureshavebeensquaredoff/expired: (` in Lakhs)

OtherthanHedgingTransactions

SchemeTransactionsWherefutureswerebought TransactionsWherefutureswereSold Combinedotherthan

HedgingNetProfit/(Loss)Totalexposuredueto

Futures(nonhedgingposi-tions)asa%ofNetAssets

NoofContract GrossNotionalValue NoofContract GrossNotionalValue

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

DYNMIC 1,23,109 3,34,702.15 9,973 26,886.27 (1,301.76) 2.65%

FOCUS 74,195 2,66,103.24 - - (2,440.32) 1.02%

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

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

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

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

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

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

1.3 InvestmentsmadebyschemesinSponsor/Associates/GroupCompanies:

(` in Lakhs)

Schemecode NameofSponsor/Associate/GroupCompany NatureofInvestment2016-17 2015-16

MarketvalueofInvestmentbyScheme

MarketvalueofInvestmentbyScheme

DISCO GMR Infrastructure Ltd $ Equity Shares 11,969.46 8,677.86 DISCO ICICI Bank Limited Equity Shares 93,423.62 76,308.29 DYNMIC ICICI Bank Limited Equity Shares 48,448.75 21,298.50 DYNMIC ICICI Bank Limited Term Deposits Derivatives - 2,958.74 DYNMIC ICICI Prudential Life Insurance Company Limited Equity Shares 882.78 - FOCUS ICICI Bank Limited Equity Shares 89,474.09 58,429.28 FOCUS ICICI Bank Limited Term Deposits Derivatives - 5,433.74 INFRA GMR Infrastructure Ltd $ Equity Shares - 512.61 INFRA ICICI Bank Limited Equity Shares 11,803.53 11,321.04 INFRA ICICI Bank Limited Term Deposits Derivatives - 2,345.89 TAX ICICI Bank Limited Equity Shares 9,256.73 5,696.96

18

(` in Lakhs)

NameofSponsor/Associate/GroupCompany NatureofInvestment2016-17 2015-16

AggregateMarketValueofInvestmentbyallSchemes

AggregateMarketValueofInvestmentbyallSchemes

Brigade Enterprises Limited $ Equity Shares 8,872.27 422.95 City Union Bank Ltd $ Equity Shares 1,963.62 9,120.41 Eastspring Investment Asian Equity Fund Overseas Mutual Fund Units 1,773.11 1,516.27 GMR Infrastructure Ltd $ Equity Shares 14,168.42 11,518.41 ICICI Bank Limited Debentures and Bonds 2,13,589.81 -

Equity Shares 4,89,182.59 2,68,499.80 Term Deposits Derivatives - 75,108.18

ICICI Home Finance Company Limited Debentures and Bonds 35,355.43 34,969.80 Zero Coupon Debentures - 2,626.42

ICICI Prudential Life Insurance Company Limited Equity Shares 2,110.99 -

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 Subscriptionbyscheme(excludingSecondaryMarketPurchases)intheissuesleadmanagedbytheassociatecompanyduring2016-17 (` in Lakhs)

NameoftheIssuer Instrument Scheme Amount

Avenue Supermarts Limited Equity Share FOCUS 26,910.00

Equitas Holdings Limited Equity Share DYNMIC 5,000.00

TAX 8,621.02

ICICI Prudential Life Insurance Company Limited Equity Share DISCO 29,999.97

DYNMIC 7,799.90

FOCUS 17,938.67

Motherson Sumi Systems Limited Equity Share FOCUS 4,652.65

Ujjivan Financial Services Limited Equity Share DYNMIC 6,399.94

TAX 5,799.89

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

NameoftheIssuer Instrument Scheme 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

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 2016-17 :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 AggregateUnrealisedGain/LossasattheendoftheFinancialYearandpercentagetonetassets: (` in Lakhs)

Scheme2016-17 2015-16

UnrealisedGain/(Loss) %ofNetAssets UnrealisedGain/(Loss) %ofNetAssetsDISCO 3,44,959.66 20.26% 1,71,976.93 15.29%DYNMIC 63,716.81 9.98% (4,695.78) -0.90%FOCUS 2,41,079.61 18.76% 1,03,906.16 10.42%INFRA 20,060.02 13.28% (1,143.06) -0.91%TAX 26,678.71 6.17% (14,785.07) -5.11%

1.9 AggregateValueofPurchaseandSalewithPercentagetoaverageassets: (` in Lakhs)

Scheme

2016-17 2015-16

AverageNetAssets

Purchases %toAverageNetAssets

Sales %toAverageNetAssets

AverageNetAssets



EquitySecurities

DISCO 14,23,790.60 7,02,703.62 49.35% 4,67,112.39 32.81% 10,18,999.62 5,85,294.77 57.44% 3,31,119.94 32.49%

DYNMIC 5,74,494.27 7,72,833.16 134.52% 8,29,305.04 144.35% 5,53,565.95 5,77,187.87 104.27% 5,56,658.88 100.56%

FOCUS 11,55,108.25 6,77,897.61 58.69% 6,58,445.08 57.00% 9,35,660.92 4,53,843.68 48.51% 2,97,728.17 31.82%

INFRA 1,34,028.11 1,07,859.65 80.48% 1,28,691.06 96.02% 1,53,514.58 92,181.03 60.05% 1,18,069.52 76.91%

19

Scheme

2016-17 2015-16

AverageNetAssets



AverageNetAssets



TAX 3,50,788.60 5,48,264.45 156.29% 4,83,665.54 137.88% 2,71,710.49 4,68,103.15 172.28% 4,31,190.92 158.69%

OtherthanEquitySecurities

DISCO 14,23,790.60 2,08,95,907.43 1467.63% 2,09,18,109.36 1469.18% 10,18,999.62 1,47,21,598.11 1444.71% 1,47,19,550.37 1444.51%

DYNMIC 5,74,494.27 78,85,449.99 1372.59% 78,60,256.37 1368.20% 5,53,565.95 43,90,684.65 793.16% 44,32,190.44 800.66%

FOCUS 11,55,108.25 1,23,01,874.83 1065.00% 1,22,88,484.98 1063.84% 9,35,660.92 86,27,749.48 922.10% 86,08,085.46 920.00%

INFRA 1,34,028.11 17,25,962.20 1287.76% 17,18,562.58 1282.24% 1,53,514.58 23,95,832.98 1560.65% 24,07,221.59 1568.07%

TAX 3,50,788.60 19,13,616.38 545.52% 19,21,262.12 547.70% 2,71,710.49 18,86,351.94 694.25% 18,90,622.66 695.82%

Total

DISCO 14,23,790.60 2,15,98,611.05 1516.98% 2,13,85,221.75 1501.99% 10,18,999.62 1,53,06,892.88 1502.15% 1,50,50,670.31 1477.00%

DYNMIC 5,74,494.27 86,58,283.15 1507.11% 86,89,561.41 1512.56% 5,53,565.95 49,65,673.66 897.03% 49,86,287.26 900.76%

FOCUS 11,55,108.25 1,29,79,772.44 1123.68% 1,29,46,930.06 1120.84% 9,35,660.92 90,81,593.16 970.61% 89,05,813.63 951.82%

INFRA 1,34,028.11 18,33,821.85 1368.24% 18,47,253.64 1378.26% 1,53,514.58 24,88,014.01 1620.70% 25,25,291.11 1644.98%

TAX 3,50,788.60 24,61,880.83 701.81% 24,04,927.66 685.58% 2,71,710.49 23,54,455.09 866.53% 23,21,813.58 854.52%

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

Scheme ParticularsAsatMarch31,2017 AsatMarch31,2016

Amount %ofNetAssetsValue

Amount %ofNetAssetsValue

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

DISCO Aggregate value of non traded Money Market Instruments - - 46,170.62 4.11%

DYNMIC Aggregate value of non traded Debt 18,845.32 2.95% 17,917.54 3.43%

DYNMIC Aggregate value of non traded Equity - - 509.69 0.10%

DYNMIC Aggregate value of non traded Money Market Instruments 4,846.72 0.76% 29,822.97 5.70%

FOCUS Aggregate value of non traded Money Market Instruments - - 41,999.36 4.21%

FOCUS Aggregate value of non traded Units of Mutual Fund 2,968.81 0.23% 2,871.91 0.29%

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

2016-17 2015-16

Valueoftransaction(ìnLakhs)

%oftotalvalueoftransactionofthefund

Brokerage(ìnLakhs)

%ofthetotalbroker-agerelatedtoscheme



Brokerage(ìnLakhs)

%ofthetotalbrokeragerelatedtoscheme

ICICI Securities Limited Group Company DISCO 26,646.27 2.27% 9.39 0.94% 42,993.06 4.73% 22.53 2.91%

DYNMIC 76,346.83 3.49% 38.69 2.69% 49,422.86 2.76% 30.26 2.73%

FOCUS 77,165.75 3.81% 46.52 3.89% 58,899.33 4.72% 32.96 4.89%

INFRA 20,607.41 6.64% 10.31 5.09% 28,380.05 7.49% 13.53 7.09%

TAX 69,563.98 6.76% 42.41 4.90% 81,256.19 9.16% 47.93 6.71%

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

NameofAssociate/relatedparties/groupcompaniesofSponsor/

AMC


Scheme

2016-17 2015-16



Commission(ìnLakhs)

%ofthetotalcommissionrelatedtoscheme

Valueoftransac-tion(ìnLakhs)




ICICI Bank Limited @ Sponsor DISCO 49,435.70 6.47% 1,130.24 7.66% 35,197.19 6.49% 799.54 7.49%

DYNMIC 5,342.09 3.00% 247.99 6.21% 7,697.14 5.52% 247.88 6.40%

FOCUS 25,871.18 6.57% 631.14 7.26% 21,517.92 5.17% 488.90 6.21%

INFRA 671.90 1.33% 78.47 9.35% 836.73 4.94% 85.33 10.16%

TAX 8,364.42 7.82% 337.89 9.06% 4,364.37 5.93% 134.47 5.35%

ICICI Securities Limited Group Company DISCO 35,327.67 4.62% 872.51 5.92% 26,318.08 4.85% 385.75 3.61%

DYNMIC 2,898.06 1.63% 127.61 3.20% 3,747.71 2.69% 123.56 3.19%

FOCUS 17,554.74 4.46% 512.13 5.89% 22,694.53 5.45% 324.08 4.12%

INFRA 504.68 1.00% 26.19 3.12% 535.28 3.16% 24.47 2.91%

TAX 4,217.30 3.94% 131.51 3.53% 3,021.15 4.10% 55.41 2.21%

20

NameofAssociate/relatedparties/groupcompaniesofSponsor/

AMC


Scheme

2016-17 2015-16





Valueoftransac-tion(`inLakhs)




ICICI Securities Primary Dealership Limited

Group Company DISCO - - ^^ ^^ 0.07 ^^ ^^ ^^

FOCUS - - - - - - ^^ ^^

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

Unique Investment Consultants $$

Distributor is a relative of an employee of the AMC

DISCO 2.12 ^^ 0.09 ^^ 2.36 ^^ 0.09 ^^

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

FOCUS 0.25 ^^ 0.02 ^^ 0.50 ^^ 0.01 ^^

INFRA 1.03 ^^ 0.02 ^^ - - - -

TAX 4.76 ^^ 0.15 ^^ 2.70 ^^ 0.08 ^^

One World Financial & Advisory $$


DISCO - - - - 0.60 ^^ - -

DYNMIC - - - - 1.10 ^^ 0.08 ^^

FOCUS - - - - 41.21 0.01% 0.69 0.01%

TAX - - - - 0.50 ^^ 0.03 ^^

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 1.46 ^^ 0.05 ^^ 0.14 ^^ 0.02 ^^

FOCUS 0.39 ^^ 0.01 ^^ 0.02 ^^ ^^ ^^

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

Rudra Pratap Singh $$ Distributor is a relative of an employee of the AMC

DISCO 0.21 ^^ 0.01 ^^ - - - -

TAX 1.10 ^^ 0.05 ^^ ^^ ^^ ^^ ^^

Ramamoorthy Setty Muthuram $$ &


DISCO 1.20 ^^ 0.07 ^^ - - - -

DYNMIC 2.15 ^^ 0.10 ^^ - - - -

INFRA - - ^^ ^^ - - - -

TAX - - ^^ ^^ - - - -

Abinash Bardhan $$ Distributor is a relative of an employee of the AMC

DISCO 4.09 ^^ 0.20 ^^ - - - -

FOCUS 6.68 ^^ 0.17 ^^ - - - -

INFRA 0.03 ^^ ^^ ^^ - - - -

TAX 2.31 ^^ 0.11 ^^ - - - -

OtherChargespaidtoassociates/relatedparties/groupcompaniesofSponsor/AMC

(` in Lakhs)

Entity NatureofPayment SchemeAmount

2016-17 2015-16

ICICI Bank Limited @ Bank Charges * DISCO 87.24 69.49

DYNMIC 36.40 50.54

FOCUS 61.15 63.94

INFRA 4.18 9.53

TAX 16.64 12.67

MF Utilities India Pvt Ltd Investor Service Charges DISCO 13.03 32.39

DYNMIC 1.69 8.38

FOCUS 4.22 17.63

INFRA 0.19 0.63

TAX 2.02 7.89

Commission disclosed above is net of recovery* 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%@ Holding by a major shareholder of AMC, viz, ICICI Bank Limited whether directly or indirectly. $$ The disclosure has been made as Distributor is a relative of an employee of the AMC. & Commission paid to Ramamoorthy Setty Muthuram was not disclosed for previous year as the relative of the distributor has joined as an employee of the AMC during the FY 16-17.

21

3 Investors holding units in the Scheme over 25% of the NAV as on March 31, 2017 are Nil. (Previous year – Nil)

4 UnitCapitalmovementduringtheyearended:

2016-2017

Scheme PlanBalanceatthebegin-ningoftheyear

Issuedduringtheyear/period(IncludesUnitsissuedduring

NFO)

Repurchasedduringtheyear/period

Balanceatcloseoftheyear

FaceValueofUnitsatthecloseoftheyear

Units Units Units Units Amount(`)

DISCO Direct Dividend Option 2,32,93,007 3,35,18,763 (1,10,30,078) 4,57,81,692 45,78,16,923

DISCO Direct Growth Option 9,61,46,668 9,55,70,423 (3,34,89,623) 15,82,27,468 1,58,22,74,678

DISCO Dividend Option 62,93,16,780 27,37,04,855 (18,34,90,107) 71,95,31,528 7,19,53,15,277

DISCO Growth Option 76,22,74,875 37,16,87,258 (18,94,45,697) 94,45,16,436 9,44,51,64,357

DISCO Total 1,51,10,31,329 77,44,81,299 (41,74,55,505) 1,86,80,57,124 18,68,05,71,235

DYNMIC Direct Dividend Option 3,31,66,440 1,43,34,022 (1,29,51,423) 3,45,49,039 34,54,90,391

DYNMIC Direct Growth Option 3,19,03,377 1,37,34,452 (1,10,15,264) 3,46,22,565 34,62,25,649

DYNMIC Dividend Option 54,54,90,590 21,53,03,077 (28,82,88,535) 47,25,05,131 4,72,50,51,314

DYNMIC Growth Option 19,99,43,228 3,20,60,307 (4,23,98,985) 18,96,04,550 1,89,60,45,499

DYNMIC Institutional - I Growth Option 2,20,733 - (92,827) 1,27,906 12,79,059

DYNMIC Institutional Growth Option 25,984 - (4,954) 21,030 2,10,301

DYNMIC Total 81,07,50,353 27,54,31,858 (35,47,51,989) 73,14,30,221 7,31,43,02,214

FOCUS Direct Dividend Option 4,59,76,322 1,77,43,157 (2,90,63,079) 3,46,56,400 34,65,64,000

FOCUS Direct Growth Option 50,81,19,553 20,17,76,647 (7,95,81,812) 63,03,14,387 6,30,31,43,871

FOCUS Dividend Option 84,66,63,802 29,12,44,793 (32,53,73,971) 81,25,34,624 8,12,53,46,236

FOCUS Growth Option 2,47,52,18,440 67,54,45,020 (60,43,29,737) 2,54,63,33,722 25,46,33,37,222

FOCUS Institutional - I Growth Option 3,684 - (264) 3,420 34,196

FOCUS Total 3,87,59,81,800 1,18,62,09,616 (1,03,83,48,863) 4,02,38,42,553 40,23,84,25,526

INFRA Direct Dividend Option 32,54,072 1,91,17,579 (6,70,841) 2,17,00,810 21,70,08,100

INFRA Direct Growth Option 1,43,08,749 92,70,970 (45,71,316) 1,90,08,403 19,00,84,026

INFRA Dividend Option 32,66,77,379 21,23,53,217 (24,10,49,195) 29,79,81,401 2,97,98,14,014

INFRA Growth Option 22,84,82,282 2,62,66,287 (5,27,80,551) 20,19,68,018 2,01,96,80,181

INFRA Total 57,27,22,482 26,70,08,053 (29,90,71,903) 54,06,58,632 5,40,65,86,320

TAX Direct Dividend Option 1,23,49,112 69,17,240 (8,52,391) 1,84,13,961 18,41,39,611

TAX Direct Growth Option 42,97,317 28,94,602 (2,07,463) 69,84,456 6,98,44,558

TAX Dividend Option 37,31,27,762 7,00,79,227 (3,75,44,690) 40,56,62,299 4,05,66,22,993

TAX Growth Option 7,73,30,503 2,51,45,359 (75,84,500) 9,48,91,361 94,89,13,611

TAX Total 46,71,04,694 10,50,36,427 (4,61,89,044) 52,59,52,077 5,25,95,20,774

2015-2016



NFO)





DISCO Direct Dividend Option 1,17,43,537 1,52,26,905 (36,77,435) 2,32,93,007 23,29,30,067

DISCO Direct Growth Option 5,03,04,723 6,89,85,550 (2,31,43,605) 9,61,46,668 96,14,66,679

DISCO Dividend Option 54,66,32,240 22,64,03,440 (14,37,18,900) 62,93,16,780 6,29,31,67,803

DISCO Growth Option 58,46,44,562 31,44,59,686 (13,68,29,373) 76,22,74,875 7,62,27,48,746

DISCO Total 1,19,33,25,063 62,50,75,581 (30,73,69,314) 1,51,10,31,329 15,11,03,13,294

DYNMIC Direct Dividend Option 2,03,50,172 1,53,59,798 (25,43,531) 3,31,66,440 33,16,64,401

DYNMIC Direct Growth Option 1,76,99,393 1,86,63,266 (44,59,282) 3,19,03,377 31,90,33,772

DYNMIC Dividend Option 61,51,89,418 7,33,18,543 (14,30,17,371) 54,54,90,590 5,45,49,05,898

DYNMIC Growth Option 21,20,11,506 3,93,42,835 (5,14,11,113) 19,99,43,228 1,99,94,32,277

DYNMIC Institutional - I Growth Option 2,99,881 - (79,148) 2,20,733 22,07,334

DYNMIC Institutional Growth Option 30,063 - (4,079) 25,984 2,59,845

DYNMIC Total 86,55,80,435 14,66,84,443 (20,15,14,524) 81,07,50,353 8,10,75,03,527

FOCUS Direct Dividend Option 1,40,37,124 3,32,65,148 (13,25,950) 4,59,76,322 45,97,63,222

FOCUS Direct Growth Option 27,39,97,108 27,40,23,664 (3,99,01,219) 50,81,19,553 5,08,11,95,525

FOCUS Dividend Option 80,70,55,672 23,84,42,470 (19,88,34,341) 84,66,63,802 8,46,66,38,019

FOCUS Growth Option 2,06,89,35,036 85,29,33,256 (44,66,49,853) 2,47,52,18,440 24,75,21,84,396

FOCUS Institutional - I Growth Option 3,827 - (144) 3,684 36,835

FOCUS Total 3,16,40,28,768 1,39,86,64,538 (68,67,11,507) 3,87,59,81,800 38,75,98,17,996

INFRA Direct Dividend Option 26,60,895 85,54,373 (79,61,196) 32,54,072 3,25,40,724

22

2015-2016



NFO)





INFRA Direct Growth Option 90,70,072 95,99,194 (43,60,518) 1,43,08,749 14,30,87,486

INFRA Dividend Option 36,86,36,560 2,37,27,466 (6,56,86,646) 32,66,77,379 3,26,67,73,794

INFRA Growth Option 28,00,90,068 1,35,50,237 (6,51,58,023) 22,84,82,282 2,28,48,22,817

INFRA Total 66,04,57,595 5,54,31,271 (14,31,66,383) 57,27,22,482 5,72,72,24,820

TAX Direct Dividend Option 79,77,980 45,58,110 (1,86,977) 1,23,49,112 12,34,91,120

TAX Direct Growth Option 24,09,087 19,21,589 (33,359) 42,97,317 4,29,73,167

TAX Dividend Option 33,64,78,060 6,64,92,863 (2,98,43,161) 37,31,27,762 3,73,12,77,623

TAX Growth Option 6,38,31,484 1,94,11,323 (59,12,304) 7,73,30,503 77,33,05,028

TAX Total 41,06,96,611 9,23,83,885 (3,59,75,801) 46,71,04,694 4,67,10,46,938 Note: “Balance at the beginning of the year” includes units alloted during NFO as initial capital.

5 Contingent Liability as at March 31, 2017: Nil (Previous year: Nil)

6 Movement of Investor Education Fund balance for ICICI Prudential Mutual Fund during the Financial Year ended March 31, 2017 is as follows:

ParticularsAmount(`inLakhs)

2016-17 2015-16

Opening Balance - 1,963.33

Accretion to Investor Education & Awareness Fund including income earned on investment 4,428.13 3,500.82

Less: Uitilisation towards investor education and awareness initiatives 2,186.78 5,464.15

Less: Amount contributed to AMFI 2,201.00 -

Closing Balance 40.35 -

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

8 Unclaimed Dividend & Unclaimed Redemption as at March 31, 2017

Particulars Count Amount(`inLakhs)

Unclaimed Dividend 1,51,126 4,052.70

Unclaimed Redemption 41,880 5,135.67

This disclosure has been carried out for all the schemes and the amount is set aside at a pool level.

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.

10 Previous year figures are regrouped wherever necessary.

23


HistoricalPerUnitStatistics(Onthebasisofclosingunits)fortheyearendedMarch31,2017(figuresasperAuditedFinancials) (As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08)




1 NETASSETVALUE(`)

A Open

Direct Dividend Option 40.75 43.33 21.1928 23.5322 24.86 26.36

Direct Growth Option 111.97 116.19 179.8307 191.8240 28.28 29.99

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

Institutional - I Growth Option - - 28.8529 30.7770 29.48 31.27

Institutional Growth Option - - 16.9606 18.0916 - -

B High



Dividend Option 34.17 34.03 23.6416 24.0007 22.95 22.98

Growth Option 131.28 120.07 230.2381 195.9160 34.36 30.54



C Low



Dividend Option 27.75 27.63 19.5520 17.8384 18.68 17.15

Growth Option 106.57 97.50 173.9933 158.7429 26.97 24.76



D End



Dividend Option 31.06 28.32 23.4100 19.7238 21.61 19.06

Growth Option 131.28 108.79 230.2381 175.5215 34.34 27.52



2 AssetsUnderManagement(`inLakhs)

Closing 17,02,655.29 11,24,643.43 6,38,742.01 5,23,004.36 12,84,827.14 9,97,536.33

Average (AAuM) 14,23,790.60 10,18,999.62 5,74,494.27 5,53,565.95 11,55,108.25 9,35,660.92

3 GrossIncomeas%ofAAuM* 8.53% 9.97% 17.59% 4.13% 12.42% 7.08%

4 ExpenseRatio

A TotalExpenseas%ofAAuM(planwise)*

Direct Option 1.08% 1.14% 1.48% 1.42% 1.31% 1.25%

Other than Direct Option 2.31% 2.34% 2.28% 2.25% 2.24% 2.27%

Institutional - I Option - - 1.47% 1.41% 1.31% 1.26%

Institutional Option - - 1.48% 1.41% - -

B ManagementFeeas%ofAAuM(planwise)*

Direct Option 0.81% 0.83% 1.19% 1.12% 1.03% 0.93%


Institutional - I Option - - 1.18% 1.11% 1.03% 0.94%

Institutional Option - - 1.19% 1.11% - -

5 NetIncomeas%ofAAuM* 6.36% 7.74% 15.41% 1.96% 10.34% 4.95%

6 PortfolioTurnoverRatio-AggregateforallAssetcategory

15.02 14.77 15.07 8.97 11.21 9.52

PortfolioTurnoverRatio–Equity 0.33 0.32 1.35 1.01 0.57 0.32

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7 TotalDividendperunitdistributedduringtheYear/Period(plan-wise)

Direct Dividend Option - 1.00 1.2500 0.9000 1.20 -

Direct Growth Option - - - - - -

Dividend Option 3.10 2.50 2.2500 1.8500 2.00 1.60

Growth Option - - - - - -

8 Returns

LastOneYear

Scheme

Direct Option 22.16% -3.62% 32.23% -6.24% 25.92% -5.69%

Other than Direct Option 20.67% -4.76% 31.17% -7.02% 24.78% -6.63%

Benchmark 24.02% -7.80% 18.55% -8.84% 18.55% -8.84%

SinceInception

Scheme

Direct Option 22.37% 22.43% 18.16% 14.13% 16.60% 13.87%


Benchmark

Direct Option 12.53% 9.21% 10.73% 8.43% 10.73% 8.43%


BenchmarkIndex S&PBSE500Index Nifty50Index Nifty50Index

* Annualised

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 NAV. In case 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/Period 5 Portfolio Turnover = Lower of sales or purchase divided by Average AUM for the Year/Period6 AAuM = Average daily net assets 7 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 current year disclosures.

25


HistoricalPerUnitStatistics(Onthebasisofclosingunits)fortheyearendedMarch31,2017(figuresasperAuditedFinancials) (As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08)

ICICIPrudentialInfrastructureFund ICICIPrudentialLongTermEquityFund(TaxSaving)

YearEnded YearEnded


1 NETASSETVALUE(`)

A Open

Direct Dividend Option 12.66 16.64 25.56 28.50

Direct Growth Option 36.20 42.42 262.41 275.52

Dividend Option 11.89 15.72 20.70 23.64

Growth Option 35.47 41.82 255.32 270.86

Institutional - I Growth Option - - - -

Institutional Growth Option - - - -

B High



Dividend Option 14.49 16.69 25.27 24.48

Growth Option 47.05 44.39 324.23 280.48



C Low



Dividend Option 11.74 10.52 20.50 19.09

Growth Option 35.03 31.38 252.84 235.47



D End



Dividend Option 14.49 11.89 23.63 20.70

Growth Option 47.05 35.47 324.23 255.32



2 AssetsUnderManagement(`inLakhs)

Closing 1,51,053.53 1,25,494.33 4,32,675.38 2,89,122.79

Average (AAuM) 1,34,028.11 1,53,514.58 3,50,788.60 2,71,710.49

3 GrossIncomeas%ofAAuM* 15.30% 7.21% 14.52% 13.24%

4 ExpenseRatio

A TotalExpenseas%ofAAuM(planwise)*

Direct Option 1.85% 1.78% 1.15% 1.41%

Other than Direct Option 2.49% 2.38% 2.44% 2.47%

Institutional - I Option - - - -

Institutional Option - - - -

B ManagementFeeas%ofAAuM(planwise)*

Direct Option 1.51% 1.44% 0.87% 1.07%


Institutional - I Option - - - -

Institutional Option - - - -

5 NetIncomeas%ofAAuM* 12.85% 4.85% 12.16% 10.82%

6 PortfolioTurnoverRatio-AggregateforallAssetcategory

13.68 16.21 6.86 8.55

PortfolioTurnoverRatio–Equity 0.80 0.60 1.38 1.59

26

ICICIPrudentialInfrastructureFund ICICIPrudentialLongTermEquityFund(TaxSaving)

YearEnded YearEnded


7 TotalDividendperunitdistributedduringtheYear/Period(plan-wise)

Direct Dividend Option - 1.70 2.55 1.50

Direct Growth Option - - - -

Dividend Option 1.13 1.60 2.55 1.50

Growth Option - - - -

8 Returns

LastOneYear

Scheme

Direct Option 33.48% -14.63% 28.64% -4.75%

Other than Direct Option 32.65% -15.15% 26.99% -5.72%

Benchmark 21.53% -21.53% 23.91% -7.52%

SinceInception

Scheme

Direct Option 13.74% 8.27% 19.39% 16.67%


Benchmark

Direct Option 4.06% -0.80% 12.84% 9.64%


BenchmarkIndex NiftyInfrastructureIndex Nifty500Index * Annualised

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 NAV. In case 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/Period 5 Portfolio Turnover = Lower of sales or purchase divided by Average AUM for the Year/Period6 AAuM = Average daily net assets 7 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 current year disclosures.

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TheAbridgedAnnualReporthasbeenextractedfromtheAuditedBalanceSheet,RevenueAccountandNotestoAccounts.FullAnnualReportisavailableonthewebsitewww.icicipruamc.comUnitholdersmayrefertothefullAnnualReportdisplayedonthewebsitew.r.t.generalpoliciesandproceduresforexercisingvotingrights,thedetailsofproxyvotingexercisedduringtheFinancialYear2016-17alongwithscrutinizers’certification.ForUnitholdersoftheScheme,fullAnnualReportisavailableforinspectionattheCorporateOffice/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 andmaterial used in this document is believed to be from reliable sources. The AMC however does not warrant the accuracy,reasonableness and / or completeness of any information. We have included statements / opinions / recommendationsin this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressionsor variations of such expressions,that are “forward looking statements”. Actual results may differ materially from thosesuggested 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 interms of risk associated with investing in such Products.

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