abridged annual report for f. y. 2015-16

ABRIDGED ANNUAL REPORT FOR F. Y. 2015-16

• ICICIPrudentialBalancedFund

• ICICIPrudentialEquityIncomeFund

• ICICIPrudentialMIP25(Monthlyincomeisnotassuredandissubjecttoavailabilityofdistributablesurplus)

• ICICIPrudentialMonthlyIncomePlan(Monthlyincomeisnotassuredandissubjecttoavailabilityofdistributablesurplus)

• ICICIPrudentialChildCarePlan-StudyPlan

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 ICICI Prudential Mutual Fund - ICICI Prudential Balanced Fund, ICICI Prudential Equity Income Fund,ICICI Prudential MIP 25 (Monthly income is not assured and is subject to availability of distributable surplus),ICICI Prudential Monthly Income Plan (Monthly income is not assured and is subject to availability of distributable surplus), ICICI Prudential Child Care Plan-Study 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. We conducted 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 surplus/deficit, as applicable, 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;

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 and other guidelines issued by the Securities and Exchange Board of India, as applicable, and approved by 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.Mehta Partner 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 Equity Income Fund 05-Dec-14 58,807.96 45,763.89 10.39 1.46% 2.94% Open Ended Equity Fund

30% Nifty 50 + 40% CRISIL Liquid Fund Index + 30% CRISIL Short Term Bond Fund Index

3.10% 3.80%

ICICI Prudential Monthly Income Plan (Monthly income is not assured and is subject to availability of distributable surplus)

10-Nov-00 34,144.80 35,025.84 39.75 2.95% 9.38% Open Ended Debt Fund

Crisil MIP Blended Index 5.65% @@

ICICI Prudential Child Care Plan-Study Plan

31-Aug-01 7,182.20 5,409.73 56.06 5.08% 12.54% Open Ended Debt Fund

Crisil MIP Blended Index 5.65% @@

ICICI Prudential MIP 25 (Monthly income is not assured and is subject to availability of distributable surplus)

30-Mar-04 121,770.88 117,106.70 31.50 2.81% 10.02% Open Ended Debt Fund

Crisil MIP Blended Index 5.65% 7.76%

ICICI Prudential Balanced Fund 03-Nov-99 251,550.53 170,304.64 89.49 -2.44% 14.28% Open Ended Balanced Fund

CRISIL Balanced Fund – Aggressive Index

-2.90% @@

@@ As these Schemes were launched before the launch of the appropriate benchmark index, benchmark returns since inception are not provided.

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.

TRUSTEE’S REPORTby

ICICI PRUDENTIAL TRUST LIMITED

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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.

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

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.

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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

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

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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.

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. ICICIPrudentialBalancedFund

ICICI Prudential Balanced Fund is an open ended Balanced Fund that invests a minimum of 65% into equity & equity related securities and remaining in fixed income securities.

The scheme posted a return of -2.44% in FY 16, better than the -2.90% posted by the benchmark Crisil Balanced Fund-Aggressive Index.

The AAUM of the scheme during the last quarter of FY 16 was `2,515.51 crore.

ii. ICICIPrudentialEquityIncomeFund

ICICI Prudential Equity Income Fund seeks to generate regular income through investments in fixed income securities and using arbitrage and other derivative strategies. The Scheme also intends to generate long-term capital appreciation by investing a portion of the Scheme’s assets in equity and equity related instruments.

The Scheme posted a return of 1.46% in FY 16. The benchmark, 30% Nifty 50+ 40% CRISIL Liquid Fund Index + 30% CRISIL Short Term Bond Fund Index, posted returns of 3.10% for the year.

The AAUM of the scheme during the last quarter of FY 16 was `588.08 crore.

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iii. ICICI PrudentialMIP 25 (An open ended income fund.Monthly income is not assured and is subject to availability ofdistributablesurplus)

ICICI Prudential MIP 25 is a debt oriented fund which invests primarily in debt and money market instruments. As a secondary objective, the scheme also seeks to generate long term capital appreciation from the portion of equity investments under the Scheme.

The scheme posted a return of 2.81% in FY 16. The benchmark, CRISIL MIP Blended Index, posted 5.65% for the year.

The AAUM of the scheme during the last quarter of FY 16 was `1,217.71 crore.

iv. ICICI Prudential Monthly Income Plan (An open ended income fund. Monthly income is not assured and is subject toavailabilityofdistributablesurplus)

ICICI Prudential Monthly Income Plan is a debt oriented fund which invests primarily in debt and money market instruments. As a secondary objective, the scheme also seeks to generate long term capital appreciation from the portion of equity investments under the Scheme.

The scheme posted a return of 2.95% in FY 16. The benchmark, CRISIL MIP Blended Index, posted 5.65% for the year.


v. ICICIPrudentialChildCarePlan–StudyPlan

ICICI Prudential Child Care Plan–Study Plan is an open ended fund which can invest a maximum of 25% in equity and equity related securities and a minimum of 75% in fixed income securities. The equity portion is multi-cap.

The scheme posted a return of 5.08% in FY 16. The benchmark,CRISIL MIP Blended Index, posted 5.65% returns 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.

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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 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 Status1. Mr. M. N. Gopinath Independent Director (Chairman)2. Mr. R.K. Nair* Independent Director3. Mr. Vinod Dhall Independent Director4. Mr. Keki Bomi Dadiseth^ Nominee Director – Prudential Corporation Holdings Limited5. 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.

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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:

Sr.No. NameoftheDirector Status1. Ms. Chanda Kochhar Nominee Director – ICICI Bank Ltd. (Chairperson)2. Mr. Guy Robert Strapp* Nominee Director – Prudential Corporation Holdings Limited3. Mr. N. S. Kannan Nominee Director – ICICI Bank Ltd.4. Mr. Vijay Thacker Independent Director5. Mr. C. R. Muralidharan Independent Director6. Mr. Suresh Kumar Independent Director7. Ms. Lakshmi Venkatachalam** Independent Additional Director8. 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

• ICICIPrudentialBalancedFund

To generate long term capital appreciation and current income from a portfolio that is invested in equity and equity related securities as well as in fixed income securities.

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

• ICICIPrudentialEquityIncomeFund

The Scheme seeks to generate regular income through investments in fixed income securities and using arbitrage and other derivative strategies. The Scheme also intends to generate long-term capital appreciation by investing a portion of the Scheme’s assets in equity and equity related instruments.

However there can be no assurance that the investment objectives of the scheme will be realized.

• ICICIPrudentialMIP25(Anopenendedincomefund.Monthlyincomeisnotassuredandissubjecttoavailabilityofdistributablesurplus)

To generate regular income through investments primarily in debt and money market instruments. As a secondary objective, the Scheme also seeks to generate long term capital appreciation from the portion of equity investments under the Scheme.


• ICICIPrudentialMonthlyIncomePlan(Anopenendedincomefund.Monthlyincomeisnotassuredandissubjecttoavailabilityofdistributablesurplus)

To generate regular income through investments primarily in debt and money market instruments. As a secondary objective, the Scheme also seeks to generate long term capital appreciation from the portion of equity investments under the Scheme.


• ICICIPrudentialChildCarePlan–StudyPlan

The primary investment objective of the Study Plan is to seek generation of current income by creating a portfolio that is invested in debt, money market instruments and equity and equity related securities.


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 of the respective scheme.

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 BALANCED FUND 9,979,671.36 4650 1,985,885.26 74

ICICI Prudential CHILD CARE PLAN-STUDY PLAN 0.00 0 1,006,913.27 40

ICICI Prudential Equity Income Fund 25,345.84 29 39.21 3

ICICI Prudential MIP 25 1,918,409.18 2910 2,639,984.32 149

ICICI Prudential MONTHLY INCOME PLAN 2,660,509.71 4209 4,002,889.16 2983

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 Non

ActionablePending

Within30days

30-60days

60-180 days

Beyond180days

0-3months

3-6months

6-9 months

9-12 months

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 Non

ActionablePending

Within30days

30-60days

60-180 days

Beyond180days

0-3months

3-6months

6-9 months

9-12 months

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 0Total 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)

ICICIPrudentialBalancedFund ICICIPrudentialEquityIncomeFund ICICIPrudentialMIP25(Monthlyincomeisnotassuredandissubjecttoavailabilityofdistributablesurplus)

Asat31-Mar-2016

Asat31-Mar-2015

Asat31-Mar-2016

Asat31-Mar-2015

Asat31-Mar-2016

Asat31-Mar-2015

LIABILITIES

1 UnitCapital 52,392.77 34,638.26 56,718.90 48,889.28 48,262.86 54,670.55

2 Reserves&Surplus

2.1 Unit Premium Reserve 73,766.92 47,040.73 162.16 154.05 10,112.93 11,110.97

2.2 Unrealised Appreciation Reserve 112.41 25,724.11 - - 2,861.72 9,811.32

2.3 Other Reserves 138,484.65 81,496.06 1,358.01 858.47 56,161.59 52,584.73

3 Loans&Borrowings - - - - - -

4 CurrentLiabilities&Provisions

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

4.2 Other Current Liabilities & Provisions 1,070.40 1,515.70 1,291.42 185.52 16,909.41 1,549.31

TOTAL 265,827.15 190,414.86 59,530.49 50,087.32 134,308.51 129,726.88

ASSETS

1 Investments

1.1 ListedSecurities:

1.1.1.a Equity Shares 192,697.91 125,481.20 38,846.68 33,049.34 27,240.62 24,504.70

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 2,723.41 3,833.60 600.17 95.39 14,527.57 22,504.33

1.1.5 Securitised Debt Securities - - - - - -

1.2 SecuritiesAwaitedListing:

1.2.1 Equity Shares - - - - - -



1.2.4 Other Debentures & Bonds - - - - - -


1.3 UnlistedSecurities:

1.3.1 Equity Shares - - - - - -



1.3.4 Other Debentures & Bonds - - - - - 2,499.65


1.4 GovernmentSecurities 34,750.75 42,401.66 12,449.96 12,585.48 69,117.38 71,788.44

1.5 TreasuryBills - - - - - -

1.6 CommercialPapers 14,882.93 - - - - -

1.7 CertificateofDeposits 9,898.74 - - - 3,950.92 -

1.8 BillRediscounting 2,974.69 - - - - -

1.9 UnitsofDomesticMutualFund - - - - - -

1.10 ForeignSecurities - - - - - -

1.11 Gold - - - - - -

TotalInvestments 257,928.43 171,716.46 51,896.81 45,730.21 114,836.49 121,297.12

2 Deposits 2,527.68 1,887.29 2,005.38 2,001.64 14.84 20.33

3 OtherCurrentAssets

3.1 Cash & Bank Balance 574.98 724.38 5.08 94.55 50.97 600.73

3.2 CBLO / Reverse Repo Lending 3,018.62 14,255.15 1,354.05 140.01 229.18 5,394.00

3.3 Others 1,777.44 1,831.58 4,269.17 2,120.91 19,177.03 2,414.70

4 DeferredRevenueExpenditure(TotheExtentnotwrittenoff)

- - - - - -

TOTAL 265,827.15 190,414.86 59,530.49 50,087.32 134,308.51 129,726.88

FundManager SankaranNaren,YogeshBhatt&ManishBanthia

SankaranNaren,ChintanHaria&ManishBanthia

RajatChandak&ManishBanthia

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)

ICICIPrudentialMonthlyIncomePlan(Monthlyincomeisnotassuredandissubjecttoavailabilityofdistributable

surplus)

ICICIPrudentialChildCarePlan-StudyPlan

Asat31-Mar-2016

Asat31-Mar-2015

Asat31-Mar-2016

Asat31-Mar-2015

LIABILITIES

1 UnitCapital 12,963.95 14,114.29 1,309.50 1,063.12

2 Reserves&Surplus

2.1 Unit Premium Reserve 5.80 181.00 889.94 364.86

2.2 Unrealised Appreciation Reserve 1,827.79 4,243.37 409.58 781.98

2.3 Other Reserves 18,649.75 17,303.38 4,774.12 3,474.54

3 Loans&Borrowings - - - -

4 CurrentLiabilities&Provisions

4.1 Provision for doubtful Income / Deposits - - - -

4.2 Other Current Liabilities & Provisions 2,894.93 260.15 58.47 69.16

TOTAL 36,342.22 36,102.19 7,441.61 5,753.66

ASSETS

1 Investments

1.1 ListedSecurities:

1.1.1.a Equity Shares 4,589.14 4,991.51 1,516.13 1,281.59

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 14,219.72 12,087.57 1,977.85 1,475.13

1.1.5 Securitised Debt Securities - - - -

1.2 SecuritiesAwaitedListing:

1.2.1 Equity Shares - - 20.02 -



1.2.4 Other Debentures & Bonds - - - -


1.3 UnlistedSecurities:

1.3.1 Equity Shares - - - -



1.3.4 Other Debentures & Bonds - - - -


1.4 GovernmentSecurities 13,637.67 17,530.96 3,551.55 2,714.07

1.5 TreasuryBills - - - -

1.6 CommercialPapers - - - -

1.7 CertificateofDeposits - - - -

1.8 BillRediscounting - - - -

1.9 UnitsofDomesticMutualFund - - - -

1.10 ForeignSecurities - - - -

1.11 Gold - - - -

TotalInvestments 32,446.53 34,610.04 7,065.55 5,470.79

2 Deposits 4.06 3.89 0.29 2.28

3 OtherCurrentAssets

3.1 Cash & Bank Balance 69.04 92.18 12.79 13.68

3.2 CBLO / Reverse Repo Lending 238.49 712.87 176.56 104.64

3.3 Others 3,584.10 683.21 186.42 162.27

4 DeferredRevenueExpenditure(TotheExtentnotwrittenoff)

- - - -

TOTAL 36,342.22 36,102.19 7,441.61 5,753.66

FundManager ManishBanthia&RajatChandak RajatChandak&ManishBanthia



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 PeriodEnded YearEnded

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

1 INCOME

1.1 Dividend 2,305.03 733.01 719.75 124.08 268.53 183.69

1.2 Interest 4,580.27 2,723.92 1,372.16 432.15 6,871.02 4,350.07

1.3 Realised Gains /(Losses) on Foreign Exchange Transactions

- - - - - -

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

432.06 328.41 46.07 2.25 (70.51) 58.86

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

21,135.37 16,904.32 (3,544.28) 258.15 5,482.90 6,288.47

1.6 Realised Gains /(Losses) on Derivative Transactions

(2,775.63) 256.28 4,388.18 934.09 (4.25) 60.31

1.7 Other Income 205.02 92.79 135.96 22.09 222.30 213.56

(A) 25,882.12 21,038.73 3,117.84 1,772.81 12,769.99 11,154.96

2 EXPENSES&LOSSES(Note7)

2.1 Interest on Borrowing - - - - - 0.06

2.2 Management Fees 2,272.07 1,586.35 343.97 112.89 1,310.41 1,086.18

2.3 Service Tax on Management Fees 317.41 196.07 47.37 13.95 182.29 134.25

2.4 Transfer Agent's Fees & Expenses 142.65 86.75 37.49 5.50 22.82 41.65

2.5 Custodian Fees 10.91 6.38 2.38 0.48 1.06 2.18

2.6 Trusteeship Fees 0.79 0.49 0.19 0.01 0.43 0.35

2.7 Commission to Agents 2,749.96 1,034.46 525.28 105.60 1,038.38 532.94

2.8 Marketing & Distribution Expenses 31.35 33.34 7.49 2.75 15.79 10.45

2.9 Audit Fees 1.74 1.20 0.87 0.45 1.17 1.39

2.10 Other Operating Expenses 74.09 37.70 15.72 4.24 31.67 23.43

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

(B) 5,600.97 2,982.74 980.76 245.87 2,604.02 1,832.88

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

20,281.15 18,055.99 2,137.08 1,526.94 10,165.97 9,322.08

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

25,611.71 - 1,449.68 547.06 6,949.60 -

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

(5,330.56) 18,055.99 687.40 979.88 3,216.37 9,322.08

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

- 13,984.41 - - - 7,346.16

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

(5,330.56) 32,040.40 687.40 979.88 3,216.37 16,668.24

7.1 Add: Balance Transfer from Unrealised Appreciation Reserve

25,724.11 11,739.71 - - 9,811.32 2,465.16

7.2 Less: Balance Transfer to Unrealised Appreciation Reserve

112.41 25,724.11 - - 2,861.72 9,811.32

7.3 Add/(Less) : Equalisation 40,202.25 37,401.82 193.09 37.54 (4,715.62) 18,718.20

7.4 Surplus/(Deficit) brought forward 81,496.06 28,680.89 858.47 - 52,584.73 26,710.68

8 Total 141,979.45 84,138.71 1,738.96 1,017.42 58,035.08 54,750.96

9 DividendAppropriation

9.1 Income Distributed during the year/period 3,494.80 2,642.65 380.95 158.95 1,341.42 1,611.15

9.2 Tax on Income distributed during the year/period

- - - - 532.07 555.08

10 RetainedSurplus/(Deficit)CarriedforwardtoBalanceSheet

138,484.65 81,496.06 1,358.01 858.47 56,161.59 52,584.73

FundManager SankaranNaren,YogeshBhatt&ManishBanthia

SankaranNaren,ChintanHaria&ManishBanthia

RajatChandak&ManishBanthia



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)


surplus)


YearEnded YearEnded

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

1 INCOME

1.1 Dividend 45.43 36.44 10.28 7.98

1.2 Interest 1,989.42 1,998.24 431.24 313.28

1.3 Realised Gains /(Losses) on Foreign Exchange Transactions

- - - -

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

35.80 121.79 - 31.68

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

2,153.06 2,081.57 352.25 606.48

1.6 Realised Gains /(Losses) on Derivative Transactions

- - - -

1.7 Other Income 21.52 38.76 8.23 1.21

(A) 4,245.23 4,276.80 802.00 960.63

2 EXPENSES&LOSSES(Note7)

2.1 Interest on Borrowing - - - -

2.2 Management Fees 489.26 536.75 45.86 12.10

2.3 Service Tax on Management Fees 68.23 66.34 6.46 1.50

2.4 Transfer Agent's Fees & Expenses 2.51 20.16 3.62 2.87

2.5 Custodian Fees 0.12 1.06 0.16 0.14

2.6 Trusteeship Fees 0.12 0.15 0.02 0.02

2.7 Commission to Agents 255.70 201.17 35.99 44.88

2.8 Marketing & Distribution Expenses 5.24 8.70 1.35 3.06

2.9 Audit Fees 0.59 0.83 0.12 0.10

2.10 Other Operating Expenses 12.73 13.33 4.94 3.39

2.11 Deferred Revenue Expenses Written Off - - - -

(B) 834.50 848.49 98.52 68.06

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

3,410.73 3,428.31 703.48 892.57

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

2,415.58 - 372.40 -

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

995.15 3,428.31 331.08 892.57

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

- 2,938.08 - 359.01

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

995.15 6,366.39 331.08 1,251.58

7.1 Add: Balance Transfer from Unrealised Appreciation Reserve

4,243.37 1,305.30 781.98 422.97

7.2 Less: Balance Transfer to Unrealised Appreciation Reserve

1,827.79 4,243.37 409.58 781.98

7.3 Add/(Less) : Equalisation (1,463.74) (2,945.94) 596.10 146.24

7.4 Surplus/(Deficit) brought forward 17,303.38 17,793.40 3,474.54 2,435.73

8 Total 19,250.37 18,275.78 4,774.12 3,474.54

9 DividendAppropriation

9.1 Income Distributed during the year/period 430.75 727.27 - -

9.2 Tax on Income distributed during the year/period

169.87 245.13 - -

10 RetainedSurplus/(Deficit)CarriedforwardtoBalanceSheet

18,649.75 17,303.38 4,774.12 3,474.54

FundManager ManishBanthia&RajatChandak RajatChandak&ManishBanthia



16


NotestoAccounts–AnnexureItotheAbridgedBalanceSheetandRevenueAccountfortheYearendedMarch31,2016forthefollowingschemes:

SchemeCode SchemeName

BALCD ICICI Prudential Balanced Fund

EQTYINC ICICI Prudential Equity Income Fund

IMPL ICICI Prudential MIP 25 (Monthly income is not assured and is subject to availability of distributable surplus)

MIP ICICI Prudential Monthly Income Plan (Monthly income is not assured and is subject to availability of distributable surplus)

STUDY ICICI Prudential Child Care Plan-Study 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)

SchemeCode 31-Mar-2016 31-Mar-2015

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

BALCD 13,388.47 5.06% - - 12,375.39 6.55% - -

EQTYINC 2,204.87 3.79% 19,093.03 32.78% 599.74 1.20% 18,471.85 37.02%

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

a HedgingPositionsthroughFuturesason31stMarch2016

Scheme UnderlyingSecurityName Long/Short Futurepricewhenpurchased(in`)

Currentpriceofthecontract(in`)

MarginMaintained (`inLakhs)

EQTYINC VEDANTA LIMITED Short 93.16 90.50 41.47

EQTYINC COAL INDIA LIMITED Short 297.63 293.80 216.88

EQTYINC TATA CONSULTANCY SERVICES LIMITED Short 2,492.50 2,526.25 125.87

EQTYINC MARUTI SUZUKI INDIA LIMITED Short 3,719.55 3,736.85 38.40

EQTYINC NTPC LIMITED Short 130.21 129.70 28.54

EQTYINC ITC LIMITED Short 326.08 329.90 44.13

EQTYINC LUPIN LIMITED Short 1,489.05 1,486.15 36.95

EQTYINC BHARAT PETROLEUM CORPORATION LTD. Short 905.73 906.20 56.23

EQTYINC AUROBINDO PHARMA LIMITED Short 743.57 745.20 394.50

EQTYINC POWER FINANCE CORPORATION LTD. Short 171.92 172.10 94.62

EQTYINC INFOSYS LIMITED(OLD NAME INFOSYS TECHNOLOGIES LTD Short 1,227.37 1,226.45 317.83

EQTYINC SUN PHARMACEUTICAL INDUSTRIES LTD. Short 826.85 824.30 289.29

EQTYINC ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED. Short 245.00 248.95 118.85

EQTYINC AXIS BANK LIMITED( FORMERLY UTI BANK LIMITED ) Short 447.24 446.75 219.11

EQTYINC INFRASTRUCTURE DEVELOPMENT FINANCE CO. LTD. Short 38.91 40.65 28.03

EQTYINC POWER GRID CORPORATION OF INDIA Short 140.77 140.10 124.85

EQTYINC NHPC LIMITED Short 23.63 24.25 32.29

EQTYINC ACC LIMITED Short 1,394.84 1,389.05 13.64

EQTYINC DR. REDDYS LABORATORIES LIMITED Short 3,024.70 3,054.30 33.10

EQTYINC CIPLA LIMITED Short 509.19 515.10 23.62

EQTYINC LARSEN AND TOUBRO LIMITED Short 1,224.06 1,224.25 82.72

EQTYINC TECH MAHINDRA LIMITED Short 471.05 478.05 32.79

EQTYINC INDIAN OIL CORPORATION LIMITED Short 403.91 396.30 49.21

EQTYINC TATA GLOBAL BEVERAGES LIMITED(TATA TEA) Short 121.70 122.10 21.33

b OtherthanhedgingPositionsthroughFuturesason31stMarch2016

Scheme UnderlyingSecurityName Long/Short Futurepricewhenpurchased(in`)



BALCD THE FEDERAL BANK LIMITED. Long 47.70 46.75 178.84

BALCD LUPIN LIMITED Long 1,423.65 1,486.15 452.69

BALCD POWER GRID CORPORATION OF INDIA Long 141.42 140.10 85.86

BALCD WIPRO LIMITED Long 556.80 567.25 524.29

BALCD TATA CHEMICALS LIMITED Long 371.94 375.80 546.93

EQTYINC TATA CHEMICALS LIMITED Long 371.85 375.80 178.52

EQTYINC THE FEDERAL BANK LIMITED. Long 47.85 46.75 55.39

EQTYINC ENGINEERS INDIA LIMITED Long 167.41 170.40 46.83

17

c FortheYearended31stMarch2016thefollowingtransactionsthroughfutureshavebeensquaredoff/expired: (` in Lakhs)

Scheme HedgingTransactions

TransactionsWherefutureswerebought TransactionsWherefutureswereSold CombinedHedgedNetProfit/(Loss)

Total%ofexistingAssetsNoofContract GrossNotionalValue NoofContract GrossNotionalValue

BALCD - - 227 917.47 150.41 -

EQTYINC - - 76,125 241,391.15 4,142.23 32.77%

IMPL - - 280 1,615.12 -4.25 -

FortheYearended31stMarch2016thefollowingtransactionsthroughfutureshavebeensquaredoff/expired: (` in Lakhs)

OtherthanHedgingTransactions

Scheme TransactionsWherefutureswerebought TransactionsWherefutureswereSold CombinedotherthanHedgingNetProfit/

(Loss)


BALCD 62,485 177,987.75 - - (2,926.04) 5.07%

EQTYINC 11,514 30,090.69 872 1,789.68 245.95 3.78%

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.

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 HedgingPositionsthroughFuturesason31stMarch2015

Scheme UnderlyingSecurityName Long/Short Futurepricewhen purchased(in`)



EQTYINC ACC Ltd. Short 1,592.28 1,573.85 15.69

EQTYINC Aurobindo Pharma Ltd. Short 1,180.92 1,228.95 283.09

EQTYINC Bank of Baroda Short 167.74 164.75 87.73

EQTYINC Bharti Airtel Ltd. Short 398.51 395.50 41.27

EQTYINC Crompton Greaves Ltd. Short 165.23 167.35 146.42

EQTYINC Coal India Ltd. Short 364.65 364.45 91.05

EQTYINC Dr. Reddys Laboratories Ltd. Short 3,600.68 3,518.45 38.34

EQTYINC Housing Development Finance Corporation Ltd. Short 1,388.51 1,322.10 53.52

EQTYINC Hindalco Industries Ltd. Short 133.94 130.10 106.15

EQTYINC ITC Ltd. Short 331.05 327.30 95.19

EQTYINC ICICI BANK LIMITED Short 315.25 316.50 115.58

EQTYINC Jindal Steel & Power Ltd. Short 154.00 157.85 331.07

EQTYINC Mahindra & Mahindra Ltd. Short 1,213.67 1,192.55 52.10

EQTYINC NHPC LIMTED Short 19.60 19.95 25.08

EQTYINC Punjab National Bank Short 156.32 145.60 126.12

EQTYINC Power Grid Corporation of India Ltd. Short 148.82 146.45 82.18

EQTYINC Sesa Sterlite Limited Short 194.16 190.45 16.38

EQTYINC State Bank of India Short 268.00 267.85 169.31

EQTYINC Tata Motors Ltd. Short 538.53 551.45 224.00

EQTYINC Tata Consultancy Services Ltd. Short 2,596.85 2,566.60 128.02

EQTYINC Wipro Ltd. Short 657.33 632.00 31.55

b OtherthanhedgingPositionsthroughFuturesason31stMarch2015

Scheme UnderlyingSecurityName Long/Short Futurepricewhenpur-chased(in`)



EQTYINC Sun Pharmaceuticals Industries Ltd. Short 1,045.32 1,029.25 260.33

BALCD NIFTY Long 8,574.91 8,534.75 990.17

EQTYINC Tech Mahindra Ltd. Long 636.54 634.65 75.04

c FortheYearended31stMarch2015thefollowingtransactionsthroughfutureshavebeensquaredoff/expired: (` in Lakhs)

Scheme HedgingTransactions

TransactionsWherefutureswerebought TransactionsWherefutureswereSold CombinedotherthanHedgedNetProfit/

(Loss)


BALCD - - 851 2,651.38 20.19 -

EQTYINC - - 19,310 51,244.32 930.25 32.88%

18

FortheYearended31stMarch2015thefollowingtransactionsthroughfutureshavebeensquaredoff/expired: (` in Lakhs)

Scheme OtherthanHedgingTransactions

TransactionsWherefutureswerebought TransactionsWherefutureswereSold CombinedotherthanHedgingNetProfit/

(Loss)


BALCD 22,547 60,619.69 - - 236.09 6.59%

EQTYINC 6,058 13,237.89 800 1,748.91 3.83 5.40%

IMPL 500 1,592.26 - - 60.23 -

d Hedging Positions through Put Options as on 31st March 2015 is Nil

e No hedging transaction through Options were transacted during the year ended 31st March, 2015

f 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 InvestmentsmadebyschemesinSponsor/Associates/GroupCompanies: (` in Lakhs)

Schemecode

NameofSponsor/Associate/GroupCompany

NatureofInvestment 2015-2016 2014-2015

MarketvalueofInvestmentbyScheme

MarketvalueofInvestmentbyScheme

BALCD City Union Bank Ltd $ Equity Shares 3,284.23 3,356.98

BALCD ICICI Bank Limited Equity Shares 7,442.95 2,997.25

BALCD ICICI Bank Limited Term Depostis - 1,873.00

BALCD ICICI Bank Limited Term Depostis Derivatives 2,516.95 -

BALCD Wipro Ltd $ Equity Shares - 1,917.99

EQTYINC ICICI Bank Limited Equity Shares 855.73 1,159.46

EQTYINC ICICI Bank Limited Term Depostis - 2,000.00

EQTYINC ICICI Bank Limited Term Depostis Derivatives 2,000.00 -

EQTYINC Wipro Ltd $ Equity Shares - 693.90

IMPL City Union Bank Ltd $ Equity Shares 508.88 520.15

IMPL ICICI Bank Limited Equity Shares 761.24 946.50

MIP ICICI Bank Limited Equity Shares 202.34 -

STUDY Blue Star Ltd $ Equity Shares - 30.77

STUDY Sterling Holiday Resorts (India) Limited $ Equity Shares - 135.34

(` in Lakhs)

NameofSponsor/Associate/GroupCompany

NatureofInvestment 2015-2016 2014-2015

AggregateMarketValueofInvestmentbyallSchemes

AggregateMarketValueofInvestmentbyallSchemes

Asian Paints Ltd $ Equity Shares - 389.35

Blue Star Ltd $ Commercial Papers - 7,440.13

Equity Shares - 7,870.23

Brigade Enterprises Limited $ Equity Shares 422.95 -

City Union Bank Ltd $ Equity Shares 9,120.41 18,219.62

Eastspring Investment Asian Equity Fund Overseas Mutual Fund Units 1,516.27 3,695.20

GMR Infrastructure Ltd - RIGHTS $ Equity Shares - 323.54

GMR Infrastructure Ltd $ Equity Shares 11,518.41 15,682.62

ICICI Bank Limited Equity Shares 270,769.36 244,387.98

Term Depostis - 58,608.18

Term Depostis Derivatives 82,108.18 -

ICICI Home Finance Company Limited Debentures and Bonds 34,969.80 160.32

Zero Coupon Debentures. 2,626.42 -

Sterling Holiday Resorts (India) Limited $ Equity Shares - 14,890.87

Thomas Cook (India) Ltd $ Debentures and Bonds - 10,143.19

Equity Shares - 678.11

Wipro 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.

19

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 BALCD 2,897.00

VRL Logistics Limited Equity Share BALCD 5,689.00

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


City Union Bank Ltd. Equity Share BALCD 790.38

Muthoot Finance Ltd Equity Share IMPL 297.00

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 2015-16: (` in Lakhs)


Power Grid Corporation Of India Limited Non Convertible Debenture IMPL 6,000.00

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 2014-15: (` in Lakhs)


Nuclear Power Corporation of India Ltd Non Convertible Debenture IMPL 2,500.00

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

BALCD 112.41 0.04% 25,724.11 13.62%

EQTYINC (1,996.74) -3.43% (547.06) -1.10%

IMPL 2,861.72 2.44% 9,811.32 7.65%

MIP 1,827.79 5.46% 4,243.37 11.84%

STUDY 409.58 5.55% 781.98 13.76%

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

BALCD 231,978.43 263,565.52 113.62% 191,613.69 82.60% 118,811.74 99,494.66 83.74% 49,857.86 41.96%

EQTYINC 56,470.54 46,973.46 83.18% 36,235.97 64.17% 43,345.70 37,458.18 86.42% 3,825.37 8.83%

IMPL 126,617.87 19,958.82 15.76% 16,039.62 12.67% 83,772.53 15,217.79 18.17% 15,166.08 18.10%

MIP 35,694.89 3,205.97 8.98% 3,271.38 9.16% 34,940.94 113.80 0.33% 3,782.77 10.83%

STUDY 6,654.68 1,165.88 17.52% 883.63 13.28% 4,698.18 265.62 5.65% 648.91 13.81%

OtherthanEquitySecurities

BALCD 231,978.43 3,371,399.91 1453.32% 3,364,977.17 1450.56% 118,811.74 2,024,520.84 1703.97% 1,988,191.43 1673.40%

EQTYINC 56,470.54 393,592.46 696.99% 392,253.51 694.62% 43,345.70 293,056.32 676.09% 278,267.77 641.97%

IMPL 126,617.87 487,648.54 385.13% 502,542.73 396.90% 83,772.53 772,097.29 921.66% 723,204.80 863.30%

MIP 35,694.89 126,590.74 354.65% 129,054.62 361.55% 34,940.94 213,425.18 610.82% 216,376.22 619.26%

STUDY 6,654.68 72,698.93 1092.45% 71,267.13 1070.93% 4,698.18 56,081.43 1193.68% 54,968.20 1169.99%

Total

BALCD 231,978.43 3,634,965.43 1566.94% 3,556,590.86 1533.16% 118,811.74 2,124,015.50 1787.72% 2,038,049.29 1715.36%

EQTYINC 56,470.54 440,565.92 780.17% 428,489.48 758.78% 43,345.70 330,514.50 762.51% 282,093.14 650.80%

IMPL 126,617.87 507,607.36 400.90% 518,582.35 409.56% 83,772.53 787,315.08 939.82% 738,370.88 881.40%

MIP 35,694.89 129,796.71 363.63% 132,326.00 370.71% 34,940.94 213,538.98 611.14% 220,158.99 630.09%

STUDY 6,654.68 73,864.81 1109.97% 72,150.76 1084.21% 4,698.18 56,347.05 1199.34% 55,617.11 1183.80% 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:

Scheme Particulars AsatMarch31,2016 AsatMarch31,2015

Amount(` inLakhs) %ofNetAssetsValue Amount(` inLakhs) %ofNetAssetsValue

BALCD Aggregate value of non traded Debt 2,723.41 1.03% 3,833.60 2.03%

BALCD Aggregate value of non traded Equity - - 36.38 0.02%

BALCD Aggregate value of non traded Money Market Instruments 27,756.35 10.48% - -

EQTYINC Aggregate value of non traded Debt 600.17 1.03% - -

IMPL Aggregate value of non traded Debt 14,527.57 12.37% 22,491.72 17.55%

IMPL Aggregate value of non traded Money Market Instruments 3,950.92 3.37% - -

20

Scheme Particulars AsatMarch31,2016 AsatMarch31,2015

Amount(` inLakhs) %ofNetAssetsValue Amount(` inLakhs) %ofNetAssetsValue

MIP Aggregate value of non traded Debt 14,219.72 42.51% 12,087.57 33.72%

MIP Aggregate value of non traded Equity - - 2.85 0.01%

STUDY Aggregate value of non traded Debt 1,977.85 26.79% 1,475.13 25.95%

STUDY Aggregate value of non traded Equity 20.02 0.27% 1.84 0.03%

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

NameofAs-sociate/relatedparties/groupcom-paniesofSponsor/

AMC

NatureofAssociation/Natureofrelation

Scheme 2015-16 2014-15Valueoftransaction(ìnLakhs)

%oftotalvalueoftransactionofthefund

Brokerage (ìnLakhs)

%ofthetotalbrokeragerelatedtoscheme

Valueoftransaction(ìnLakhs)

%oftotalvalueoftransactionofthefund

Brokerage (ìnLakhs)

%ofthetotalbrokeragerelatedtoscheme

ICICI Securities Limited

Group Com-pany

BALCD 36,440.80 4.60% 20.92 4.99% 12,361.99 4.65% 7.42 5.22%EQTYINC 62,625.30 10.70% 14.37 9.60% 2,312.29 1.26% 1.36 2.80%IMPL 6,279.86 8.28% 3.73 13.33% 1,688.85 4.72% 1.00 4.73%MIP 1,531.58 14.36% 0.91 18.74% 243.44 3.31% 0.14 5.96%STUDY 979.47 40.52% 0.58 40.79% - - - -

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

NameofAssociate/related

parties/groupcompaniesofSponsor/AMC

NatureofAssociation/Natureofrelation

Scheme 2015-16 2014-15ValueofBusinessgiven

(ìnLakhs)

%oftotalvalueofbusinessreceivedbythescheme

Commission(ìnLakhs)

%ofthetotalcommissionpaidbythescheme

ValueofBusinessgiven

(ìnLakhs)

%oftotalvalueofbusinessreceivedbythescheme

Commission(ìnLakhs)

%ofthetotalcommissionpaidbythescheme

ICICI Bank Limited

Sponsor BALCD 19,794.57 14.16% 587.07 21.77% 11,523.08 9.62% 307.48 12.56%EQTYINC 3,337.68 13.13% 38.31 17.46% 14,209.90 26.74% 324.91 29.75%IMPL 1,461.15 4.97% - - 4,886.55 5.14% 168.27 5.54%MIP 687.09 12.04% 9.36 4.78% 741.63 9.94% 10.70 3.99%STUDY 19.35 1.02% 4.22 11.73% 13.93 1.28% 3.65 12.52%

ICICI Securities Limited

Group Company

BALCD 6,059.29 4.34% 60.84 2.26% 3,339.27 2.79% 57.60 2.35%EQTYINC 264.34 1.04% 1.82 0.83% 822.88 1.55% 17.58 1.61%IMPL 687.21 2.34% 1.68 19.10% 925.11 0.97% 24.72 0.81%MIP 137.11 2.40% 0.79 0.40% 121.67 1.63% 1.60 0.60%STUDY 315.07 16.56% 2.93 8.13% 20.86 1.91% 0.13 0.46%

ICICI Securities Primary Dealership Limited

Group Company

BALCD - - 0.01 ^^ - - 0.01 ^^

Unique Investment Consultants $$

Distributor is a relative of an employee of the AMC

BALCD - - ^^ ^^ - - - -EQTYINC - - - - 0.10 ^^ - -IMPL 2.00 0.01% 0.05 0.58% - - - -MIP - - 0.25 0.13% - - 0.30 0.11%

One World Financial & Advisory $$

Distributor is a relative of an employee of the AMC

IMPL 0.22 ^^ 0.01 0.11% 14.77 0.02% 0.22 0.01%

OtherChargespaidtoassociates/relatedparties/groupcompaniesofSponsor/AMC (` in Lakhs)

Entity NatureofPayment Scheme FortheYearended FortheYearended31stMarch2016 31stMarch2015

ICICI Bank Limited Bank Charges / Interest Charges* BALCD 16.36 7.89IMPL 0.33 0.39MIP 0.13 0.28EQTYINC 20.27 7.11STUDY 0.06 0.17

MF Utilities India Pvt Ltd Investor Education Expenses BALCD 2.24 -EQTYINC 0.32 -IMPL 0.15 -MIP 0.04 -STUDY 0.06 -

* 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.

21

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

4 Unit Capital movement during the year ended :

Scheme 2015-2016

Plan Balanceatthebegin-ningoftheyear/Initial

Subscription

Issuedduringtheyear/period

Repurchasedduringtheyear/period

Balanceatcloseoftheyear

FaceValueofUnitsatthecloseoftheyear

Units Units Units Units Amount(`)

BALCD Annual Dividend Option - 2,964,079.19 6,986.19 2,957,093.00 29,570,929.97

BALCD Direct Annual Dividend Option - 2,206,782.85 100,768.69 2,106,014.15 21,060,141.53

BALCD Direct Dividend Option 4,720,098.36 5,413,689.83 608,180.33 9,525,607.87 95,256,078.67

BALCD Direct Growth Option 9,981,131.54 9,959,211.50 8,962,749.88 10,977,593.16 109,775,931.55

BALCD Direct Half Yearly Dividend Option 298,999.48 2,256.32 207,275.22 93,980.58 939,805.75

BALCD Dividend Option 178,481,255.89 138,154,043.42 34,791,713.48 281,843,585.83 2,818,435,858.28

BALCD Growth Option 148,890,825.38 100,227,264.69 34,600,270.07 214,517,819.99 2,145,178,199.94

BALCD Half Yearly Dividend Option 4,010,242.26 11,713,600.69 13,817,867.67 1,905,975.28 19,059,752.82

BALCD Total 346,382,552.90 270,640,928.48 93,095,811.53 523,927,669.85 5,239,276,698.51

EQTYINC Direct Growth Option 7,089,601.83 10,802,315.50 1,097,580.86 16,794,336.47 167,943,364.73

EQTYINC Direct Half Yearly Dividend Option 148,170.33 92,415.56 27,087.30 213,498.58 2,134,985.82

EQTYINC Direct Monthly Dividend Option 998,454.91 766,001.83 236,545.93 1,527,910.80 15,279,107.99

EQTYINC Direct Quarterly Dividend Option 508,528.38 73,714.42 58,547.69 523,695.11 5,236,951.14

EQTYINC Growth Option 290,868,629.08 79,462,971.78 99,465,891.18 270,865,709.67 2,708,657,096.73

EQTYINC Half Yearly Dividend Option 33,670,985.31 7,225,426.92 6,630,571.93 34,265,840.31 342,658,403.07

EQTYINC Monthly Dividend Option 73,341,984.51 123,236,757.79 32,240,497.88 164,338,244.42 1,643,382,444.21

EQTYINC Quarterly Dividend Option 82,266,470.68 16,667,134.77 20,273,803.52 78,659,801.93 786,598,019.33

EQTYINC Total 488,892,825.02 238,326,738.57 160,030,526.29 567,189,037.30 5,671,890,373.02

IMPL Bonus Option 4,038.71 5,822.99 2,375.96 7,485.74 74,857.35

IMPL Direct Bonus Option 907.13 1,617.30 - 2,524.44 25,244.35

IMPL Direct Growth Option 1,873,676.15 4,171,246.68 455,753.20 5,589,169.62 55,891,696.21

IMPL Direct Half Yearly Dividend Option 132,932.33 168,007.44 3,370.89 297,568.88 2,975,688.76

IMPL Direct Monthly Dividend Option 1,007,611.50 1,222,073.52 517,312.73 1,712,372.29 17,123,722.87

IMPL Direct Quarterly Dividend Option 498,032.36 672,661.02 378,028.91 792,664.47 7,926,644.68

IMPL Growth Option 320,211,821.42 55,757,926.56 83,336,235.48 292,633,512.50 2,926,335,125.00

IMPL Half Yearly Dividend Option 3,192,153.22 3,989,487.28 2,449,718.46 4,731,922.03 47,319,220.30

IMPL Monthly Dividend Option 157,408,398.73 32,080,904.15 56,767,400.13 132,721,902.74 1,327,219,027.44

IMPL Quarterly Dividend Option 62,375,886.29 12,480,290.27 30,716,722.04 44,139,454.52 441,394,545.15

IMPL Total 546,705,457.83 110,550,037.19 174,626,917.81 482,628,577.21 4,826,285,772.11

MIP Direct Bonus Option 2,031.17 - - 2,031.17 20,311.68

MIP Direct Growth Option 666,389.21 437,901.82 208,732.62 895,558.41 8,955,584.12

MIP Direct Half Yearly Dividend Option 56,556.47 30,643.80 52,003.01 35,197.26 351,972.64

MIP Direct Monthly Dividend Option 2,373,566.70 270,998.40 2,214,547.32 430,017.78 4,300,177.80

MIP Direct Quarterly Dividend Option 915,180.75 93,007.65 889,645.81 118,542.60 1,185,425.98

MIP Growth Option 67,645,471.87 7,484,024.37 12,759,825.55 62,369,670.68 623,696,706.79

MIP Half Yearly Dividend Option 3,369,506.29 918,763.81 633,945.51 3,654,324.59 36,543,245.93

MIP Monthly Dividend Option 43,927,729.40 13,036,694.01 14,430,188.09 42,534,235.33 425,342,353.30

MIP Quarterly Dividend Option 22,186,479.61 2,513,632.60 5,100,143.84 19,599,968.38 195,999,683.80

MIP Total 141,142,911.47 24,785,666.46 36,289,031.73 129,639,546.20 1,296,395,462.04

STUDY Direct Growth Option 1,135,950.69 1,533,090.53 151,681.25 2,517,359.98 25,173,599.77

STUDY Growth Option 9,495,215.32 1,804,532.89 722,106.16 10,577,642.05 105,776,420.51

STUDY Total 10,631,166.01 3,337,623.42 873,787.41 13,095,002.03 130,950,020.28

Scheme 2014-2015


Subscription






BALCD Direct Dividend Option 2,313,147.46 2,851,200.78 444,249.88 4,720,098.36 47,200,983.60

BALCD Direct Growth Option 1,935,816.28 12,220,682.41 4,175,367.14 9,981,131.54 99,811,315.42

BALCD Direct Half Yearly Dividend Option - 306,176.88 7,177.40 298,999.48 2,989,994.79

BALCD Dividend Option 103,760,152.04 102,065,436.52 27,344,332.67 178,481,255.89 1,784,812,558.85

BALCD Growth Option 73,328,577.95 96,150,201.42 20,587,953.99 148,890,825.38 1,488,908,253.78

BALCD Half Yearly Dividend Option - 4,042,548.13 32,305.87 4,010,242.26 40,102,422.57

BALCD Total 181,337,693.72 217,636,246.13 52,591,386.95 346,382,552.90 3,463,825,529.01

22

Scheme 2014-2015


Subscription






EQTYINC* Direct Growth Option - 7,189,843.29 100,241.46 7,089,601.83 70,896,018.31

EQTYINC* Direct Half Yearly Dividend Option - 173,703.50 25,533.18 148,170.33 1,481,703.26

EQTYINC* Direct Monthly Dividend Option - 1,010,728.54 12,273.64 998,454.91 9,984,549.05

EQTYINC* Direct Quarterly Dividend Option - 531,121.28 22,592.90 508,528.38 5,085,283.83

EQTYINC* Growth Option - 310,264,313.28 19,395,684.21 290,868,629.08 2,908,686,290.75

EQTYINC* Half Yearly Dividend Option - 34,283,789.14 612,803.83 33,670,985.31 336,709,853.09

EQTYINC* Monthly Dividend Option - 81,939,179.05 8,597,194.54 73,341,984.51 733,419,845.14

EQTYINC* Quarterly Dividend Option - 85,289,594.16 3,023,123.48 82,266,470.68 822,664,706.77

EQTYINC* Total - 520,682,272.25 31,789,447.23 488,892,825.02 4,888,928,250.20

IMPL Direct Bonus Option 218.61 907.13 218.61 907.13 9,071.34

IMPL Direct Growth Option 945,819.98 1,436,102.04 508,245.87 1,873,676.15 18,736,761.47

IMPL Direct Half Yearly Dividend Option 2,639.49 131,615.89 1,323.04 132,932.33 1,329,323.28

IMPL Direct Monthly Dividend Option 373,450.67 1,009,356.69 375,195.86 1,007,611.50 10,076,115.02

IMPL Direct Quarterly Dividend Option 231,870.55 300,767.03 34,605.22 498,032.36 4,980,323.59

IMPL Bonus Option 4,357.49 7,833.41 8,152.18 4,038.71 40,387.13

IMPL Growth Option 202,598,842.16 233,699,414.16 116,086,434.90 320,211,821.42 3,202,118,214.18

IMPL Half Yearly Dividend Option 2,094,906.00 3,061,700.30 1,964,453.08 3,192,153.22 31,921,532.15

IMPL Monthly Dividend Option 82,579,324.64 146,342,806.05 71,513,731.96 157,408,398.73 1,574,083,987.29

IMPL Quarterly Dividend Option 49,522,398.54 49,607,192.38 36,753,704.62 62,375,886.29 623,758,862.89

IMPL Total 338,353,828.12 435,597,695.06 227,246,065.34 546,705,457.83 5,467,054,578.34

MIP Direct Bonus Option - 2,031.17 - 2,031.17 20,311.68

MIP Direct Growth Option 464,410.46 336,074.21 134,095.46 666,389.21 6,663,892.12

MIP Direct Half Yearly Dividend Option 8,134.46 74,989.41 26,567.41 56,556.47 565,564.66

MIP Direct Monthly Dividend Option 940,839.38 2,282,278.01 849,550.69 2,373,566.70 23,735,667.01

MIP Direct Quarterly Dividend Option 37,187.96 906,707.35 28,714.56 915,180.75 9,151,807.53

MIP Growth Option 80,562,329.78 12,773,293.88 25,690,151.80 67,645,471.87 676,454,718.66

MIP Half Yearly Dividend Option 3,943,992.05 415,296.12 989,781.87 3,369,506.29 33,695,062.93

MIP Monthly Dividend Option 62,988,190.23 10,880,521.72 29,940,982.55 43,927,729.40 439,277,294.02

MIP Quarterly Dividend Option 26,603,377.96 3,287,934.02 7,704,832.37 22,186,479.61 221,864,796.13

MIP Total 175,548,462.28 30,959,125.89 65,364,676.69 141,142,911.47 1,411,429,114.74

STUDY Direct Growth Option 163,000.88 1,060,278.37 87,328.55 1,135,950.69 11,359,506.94

STUDY Growth Option 9,534,994.52 1,104,656.41 1,144,435.61 9,495,215.32 94,952,153.19

STUDY Total 9,697,995.40 2,164,934.78 1,231,764.16 10,631,166.01 106,311,660.10

Note:-* indicates the scheme for which units have been alloted during the respective financial year. Initial capital has been disclosed for the schemes which have been alloted during the respective financial year under “Issued during the year/period (Includes Units issued during NFO)”.

“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.

10. The Income Tax return filed by certain securitization trust whose Pass Through Certificates (PTCs) were held by the Scheme were taken up for scrutiny by the Income Tax Authorities for certain earlier years. Arising out of this, they had raised a demand on such Trusts. On failure to recover the same from them they sent demand notices to the Mutual Fund as one of the Beneficiaries / Contributors to such trust. The Mutual Fund in consultation with its tax & legal advisors has contested the applicability of such demand and proceedings thereon which are pending as on the Balance Sheet date.

23


HistoricalPerUnitStatistics(onthebasisofclosingunits)fortheyearendedMarch31,2016(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:

Annual Dividend Option - - - - - -

Bonus Option - - - - 12.7941 10.382

Direct Annual Dividend Option - - - - - -

Direct Bonus Option - - - - 31.1222 25.0972

Direct Dividend Option 26.11 20.25 - - - -

Direct Growth Option 93.42 66.79 10.26 - 31.1271 25.0997

Direct Half Yearly Dividend Option 10.95 - 10.27 - 13.9396 11.2404

Direct Monthly Dividend Option - - 10.19 - 14.2544 12.6151

Direct Quarterly Dividend Option - - 10.15 - 12.7343 11.4049

Dividend Option 23.14 18.28 - - - -

Growth Option 91.73 66.18 10.24 - 30.6335 24.8577

Half Yearly Dividend Option 11.01 - 10.24 - 12.1583 10.8157

Monthly Dividend Option - - 10.16 - 13.7533 12.2999

Quarterly Dividend Option - - 10.12 - 11.7327 10.8526

B High -

Annual Dividend Option 10.41 - - - - -

Bonus Option - - - - 13.2224 12.7941

Direct Annual Dividend Option 10.44 - - - - -



Direct Growth Option 97.56 96.7 10.57 10.36 32.3232 31.1271

Direct Half Yearly Dividend Option 11.44 11.34 10.38 10.36 14.4752 13.9396

Direct Monthly Dividend Option - - 10.36 10.36 14.3679 14.4024

Direct Quarterly Dividend Option - - 10.32 10.36 12.8631 12.8378


Growth Option 95.43 95.03 10.48 10.34 31.6589 30.6335

Half Yearly Dividend Option 11.45 11.4 10.35 10.34 12.3985 12.7283

Monthly Dividend Option - - 10.27 10.34 13.8603 13.8617

Quarterly Dividend Option - - 10.32 10.34 11.824 12.015

C Low


Bonus Option - - - - 12.481 10.2917









Growth Option 82.44 65.81 9.83 9.84 29.8839 24.6416




D End


Bonus Option - - - - 13.1546 12.7941



24










Growth Option 89.49 91.73 10.39 10.24 31.4967 30.6335




2 AssetsUnderManagement (`inLakhs)

Closing 264,756.75 188,899.14 58,239.07 49,901.80 117,399.10 128,177.57

Average (AAuM) 231,978.43 118,811.74 56,470.54 43,345.70 126,617.87 83,772.53

3 GrossIncomeas%ofAAuM* 11.17% 17.72% 5.52% 12.87% 10.09% 13.32%

4 ExpenseRatio

A TotalExpenseas%ofAAuM (planwise)*

Direct Option 1.23% 1.55% 0.79% 1.00% 1.22% 1.54%

Other than Direct Option 2.48% 2.56% 1.77% 1.80% 2.07% 2.19%

B ManagementFeeas%ofAAuM (planwise)*

Direct Option 0.98% 1.34% 0.58% 0.82% 0.99% 1.30%


5 NetIncomeas%ofAAuM* 8.75% 15.21% 3.78% 11.08% 8.03% 11.13%

6 PortfolioTurnoverRatio- AggregateforallAssetcategory

15.33 17.15 7.59 6.51 4.01 8.81

PortfolioTurnoverRatio–Equity 0.83 0.42 0.64 0.09 0.13 0.18

7 TotalDividendperunitdistributedduringtheYear/Period(plan-wise)

Annual Dividend Option - - - - - -

Bonus Option - - - - - -

Direct Annual Dividend Option - - - - - -

Direct Bonus Option - - - - - -


Direct Growth Option - - - - - -

Direct Half Yearly Dividend Option - - 0.2400 - 0.3140 -



Dividend Option 1.4400 2.0000 - - - -

Growth Option - - - - - -

Half Yearly Dividend Option - - 0.2100 - 0.3605 1.1094



8 Returns

A LastOneYear

Scheme

Direct Option -1.22% 39.87% 2.53% - 3.67% 24.01%

Other than Direct Option -2.44% 38.61% 1.46% - 2.81% 23.24%

Benchmark -2.90% 22.53% 3.10% - 5.65% 16.45%

B SinceInception

Scheme

Direct Option 16.52% 25.45% 3.91% 2.60% 10.98% 14.42%


25




Benchmark

Direct Option 8.87% 14.59% 3.80% 1.88% 8.88% 10.35%

Other than Direct Option @@ @@ 3.80% 1.88% 7.76% 7.95%

BenchmarkIndex CrisilBalancedFund-AggressiveIndex 30%Nifty50+40%CRISILLiquidFundIndex+30%CRISILShortTerm

BondFundIndex

CrisilMIPBlendedIndex

* Annualised^^ Less than 0.01%@@ As these Schemes were launched before the launch of the appropriate benchmark index, benchmark index returns since inception are not provided.

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

26


HistoricalPerUnitStatistics(onthebasisofclosingunits)fortheyearendedMarch31,2016(figuresasperAuditedFinancials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08)


surplus)


YearEnded YearEnded

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

1 NAVPERUNIT(`)

A Open:

Annual Dividend Option - - - -

Bonus Option - - - -

Direct Annual Dividend Option - - - -

Direct Bonus Option 10.7955 - - -

Direct Dividend Option - - - -

Direct Growth Option 39.1766 32.5024 54.5654 41.132

Direct Half Yearly Dividend Option 13.3276 11.8828 - -

Direct Monthly Dividend Option 12.8571 11.7659 - -

Direct Quarterly Dividend Option 13.9108 12.8757 - -

Dividend Option - - - -

Growth Option 38.603 32.2163 53.3393 40.62

Half Yearly Dividend Option 12.8056 11.831 - -

Monthly Dividend Option 12.6451 11.641 - -

Quarterly Dividend Option 13.5877 12.6529 - -

B High




Direct Bonus Option 11.1968 10.7955 - -







Growth Option 39.7655 38.619 56.1513 53.3393




C Low











Growth Option 37.9424 31.9722 52.8499 40.1198




D End





27


surplus)


YearEnded YearEnded

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







Growth Option 39.7451 38.603 56.0583 53.3393




2 AssetsUnderManagement (`inLakhs)

Closing 33,447.28 35,842.03 7,383.18 5,684.52

Average (AAuM) 35,694.89 34,940.94 6,654.68 4,698.18

3 GrossIncomeas%ofAAuM* 11.89% 12.24% 12.05% 20.45%

4 ExpenseRatio

A TotalExpenseas%ofAAuM (planwise)*

Direct Option 1.60% 1.82% 0.95% 0.48%

Other than Direct Option 2.35% 2.43% 1.59% 1.50%

B ManagementFeeas%ofAAuM (planwise)*

Direct Option 1.30% 1.54% 0.69% 0.26%


5 NetIncomeas%ofAAuM* 9.56% 9.81% 10.57% 19.00%

6 PortfolioTurnoverRatio- AggregateforallAssetcategory

3.64 6.11 10.84 11.84

PortfolioTurnoverRatio–Equity 0.09 - 0.13 0.06

7 TotalDividendperunitdistributedduringtheYear/Period(plan-wise)




Direct Bonus Option - - - -


Direct Growth Option - - - -





Growth Option - - - -




8 Returns

A LastOneYear

Scheme

Direct Option 3.71% 20.53% 5.80% 32.66%


Benchmark 5.65% 16.45% 5.65% 16.45%

B SinceInception

Scheme

Direct Option 10.10% 13.09% 16.72% 21.99%


28


surplus)


YearEnded YearEnded

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

Benchmark

Direct Option 8.92% 10.41% 8.87% 10.34%

Other than Direct Option @@ @@ @@ @@

BenchmarkIndex CrisilMIPBlendedIndex CrisilMIPBlendedIndex

* Annualised^^ Less than 0.01%@@ As these Schemes were launched before the launch of the appropriate benchmark index, benchmark index returns since inception are not provided.

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

31

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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