Group 1 Abridged Annual Report for FY 2013 2014

ABRIDGED ANNUAL REPORT FOR F. Y. 2013-14

Sponsors: ICICI Bank Limited Regd. Office: Landmark, Race Course Circle, Vadodara 390 007, India; and

Prudential plc, Laurence Pountney Hill, London EC4ROHH, UK.

Investment Manager: ICICI Prudential Asset Management Company LimitedCorporate Identity Number: U99999DL1993PLC054135Corporate Office: 3rd Floor, Hallmark Business Plaza, Sant Dyaneshwar Marg, Bandra (East), Mumbai - 400 051, Tel: (022) 26428000, Fax: (022) 26554165. Website : www.icicipruamc.com, Email id : [email protected] 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: ICICI Prudential Trust LimitedCorporate Identity Number: U74899DL1993PLC054134Registered Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi 110 001.

Registrar: Computer Age Management Services Pvt. 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 ManagementCompany Limited

Ms. Chanda Kochhar Nominee Director – ICICI Bank Ltd.

Mr. Barry Lee Stowe Nominee Director – Prudential plc

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

Mr. Vijay Thacker Independent Director

Mr. C. R. Muralidharan Independent Director

Mr. M. K. Sharma Independent Director (Appointed with effect from 15.04.2014)

Mr. Suresh Kumar Independent Director

Mr. Nimesh Shah Managing Director

ICICI Prudential Trust Limited

Mr. M. N. Gopinath Independent Director

Mr. M. S. Parthasarathy Independent Director

Mr. Vinod Dhall Independent Director

Mr. Keki Bomi Dadiseth Nominee Director – Prudential plc

Mr. Sandeep Batra Nominee Director – ICICI Bank Ltd.

• ICICI Prudential Value Discovery Fund (Formerly ICICI Prudential Discovery Fund)

• ICICI Prudential Dynamic Plan

• ICICI Prudential Focused Bluechip Equity Fund

• ICICI Prudential Infrastructure Fund

• ICICI Prudential Tax Plan

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INDEPENDENT AUDITORS’ REPORT

To the Trustees ofICICI Prudential Mutual Fund

Report on the Financial StatementsWe have audited the accompanying financial statements of the schemes of ICICI Prudential Mutual Fund -ICICI Prudential Value Discovery Fund (Formerly ICICI Prudential Discovery Fund),ICICI Prudential Dynamic Plan, ICICI Prudential Focused Bluechip Equity Fund, ICICI Prudential Infrastructure Fund, ICICI Prudential Tax Plan (collectively “the Schemes”), which comprise the balance sheets as at March 31, 2014, the revenue accounts and the cash flow statements for the year/period then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial StatementsManagement 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 the financial position and financial performance 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 (‘the SEBI 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’s ResponsibilityOur 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 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.

OpinionIn 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 SEBI 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 sheets, of the state of affairs of the Schemes as at March 31, 2014;(b) in the case of the revenue accounts, of the surplus/deficit as applicable, for the year/period ended on that date; and(c) in the case of the cash flow statements, of the cash flows for the year/period ended on that date. Report on Other Legal and Regulatory Requirements1. 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.2. The balance sheets, revenue accounts and cash flow statements dealt with by this report are in agreement with the books of account.3. In our opinion, the balance sheets and revenue accounts dealt with by this report have been prepared in conformity with the accounting policies and

standards specified in the Ninth Schedule to the SEBI Regulations.4. 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, 2014 are

in accordance with the SEBI 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.

For S. R. Batliboi & Co. LLPChartered AccountantsICAI Firm Registration Number: 301003E

Sd/-per Viren H. MehtaPartnerMembership Number: 48749

Place: MumbaiDate: July 23, 2014

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TRUSTEES’ REPORTBY

ICICI PRUDENTIAL TRUST LIMITED

Dear Unitholder,

We have pleasure in presenting the 21st Annual Report on the Schemes of ICICI Prudential Mutual Fund (“the Mutual Fund” or “the Fund”) for the year ended March 31, 2014, along with the audited financial statements of the Schemes.

I. SCHEME PERFORMANCE, FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES

A. Performance of the Schemes and Investment Folios

1. Performance of the Schemes

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:

Scheme / Benchmark Date of Allotment

Quarterly AAUM for the period

ended March 31, 2014

(` in lakh)

Quarterly AAUM for the period

ended March 31, 2013

(` in lakh)

Net Asset Value per

unit at March 31, 2014

(Rs.)

Returns Category

Last 1 year return

Since inception returns

ICICI Prudential Value Discovery Fund (Formerly ICICI Prudential Discovery Fund)

16-Aug-04 303,761.99 259,717.02 68.81 28.09% 22.18% Open Ended Equity Fund

CNX Midcap Index - - - 16.22% 16.01%

ICICI Prudential Dynamic Plan 31-Oct-02 367,040.06 388,533.60 143.57 29.59% 26.27% Open Ended Equity Fund

CNX Nifty Index - - - 17.82% 18.64%

ICICI Prudential Focused Bluechip Equity Fund 23-May-08 489,177.27 433,072.72 21.63 22.35% 14.08% Open Ended Equity Fund

CNX Nifty Index - - - 17.82% 5.33%

ICICI Prudential Infrastructure Fund 31-Aug-05 120,861.72 167,669.09 28.47 15.73% 12.96% Open Ended Equity Fund

CNX Infra Index - - - 18.18% 4.85%

ICICI Prudential Tax Plan 19-Aug-99 156,541.96 147,134.37 186.98 28.74% 22.17% Open Ended Equity Linked Saving Scheme

CNX 500 Index - - - 17.56% 12.26%

AAUM - Average Assets under Management

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.

NAV per unit and returns are pertaining to Regular Plan - Growth Option, wherever applicable.

2. Investment Folios The total number of live folios as at March 31, 2014 were 26.78 lakh.

B. Market Review and Outlook

1. Market Review FY141

Global Economy

FY 14 saw economies of countries across the world grow at a slow pace and struggle to recover from the financial crisis that started in 2008 and the resulting recession. Economies of advanced countries grew at a slow pace compared with emerging markets like India and China. Japan saw a spurt in growth with the government providing necessary support to encourage growth. Western Europe and most of the countries in the European Union managed a minor recovery from recession in the second half of 2013 aided by increased exports along with public and private consumption. However, on the investment and employment side, situation remained gloomy.

Inflation was under control at the global level. In the United States (US), inflation fell from previous year and is forecasted to remain below 2% for FY 14. Inflation was also moderate in the East Asian economies. Since the 2008 financial crisis, the global employment situation has continued to be a problem. Unemployment rose particularly in European economies like Spain, followed by Portugal, France and Germany. Unemployment was high in the US, Middle East and North Africa.

1 FY represents a financial year from April 1 to March 31 of the following year. FY 14 represents the financial year ended in 2014.

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During the year, the US faced a near-default situation when there was a freeze imposed on its debt ceiling2 . This had the potential to cause serious damage to other economies. Fortunately, situation was brought under control with the increase in debt ceiling.

During the year, the US started reducing its quantitative easing3 program. This resulted in increase in interest rates in the US that made foreign investors move out of emerging markets to profit from such increase in rates.

Indian economy:

Indian economy faced a number of difficulties during FY 14. The economy experienced low rate of growth accompanied by high inflation. There were worries about the effect of the US reducing its quantitative easing. The economy also faced the problem of very high trade deficit.

Food prices increased rapidly during the year owing to unexpected weather changes. This was one of the main reasons for high inflation. The value of the rupee fell sharply in the second half of the year further aggravating the problem of inflation.

As a result of high inflation, the Reserve Bank of India (RBI) increased interest rates to 8% to tackle inflation. High interest rates resulted in slowdown in economic growth with companies not willing to borrow money at high interest rates.

India’s gold imports increased during FY 14. This resulted in India’s import bill becoming much higher than the value of its exports, thereby resulting in high current account deficit. This forced the government to impose restrictions on gold imports.

India’s Central Statistics Office estimated India’s overall Gross Domestic Product (GDP) growth during FY 14 at 4.9%, slightly higher when compared with 4.5% in FY 13. Manufacturing activity declined severely in FY 14. After registering growth from FY 05 to FY 11, manufacturing sector has witnessed continuous drop in growth for the last few years. Weak industrial growth due to infrastructure bottlenecks, input limitations and low domestic demand had a negative effect on the Indian economy in FY 14.

Indian equity market:

FY 14 proved to be fairly good year for the Indian stock market. The benchmark index i.e. S&P BSE SENSEX, consisting of largest 30 companies, posted a return of 19%. This was mainly due to large investments by foreign institutional investors (FIIs). Domestic investors, especially retail investors, stayed away from equities during FY 14.

S&P BSE Mid Cap Index, which measures the performance of mid sized companies listed on the stock market, posted 15% returns while S&P BSE Small Cap Index, which tracks performance of small sized companies listed on the stock exchange, posted 22% returns.

During FY 14, almost all sectors performed well except real estate, consumer durables and public sector undertakings (PSU) that gave a negative return of 18%, 8% and 2% respectively. Auto and capital goods sectors were amongst the best performers during FY 14 generating 33% returns each followed by information technology and pharma that generated 28% and 26% respectively. FMCG and metal index delivered returns of 18% and 15% respectively. Oil and Gas, banking and power sectors also generated positive returns during the year.

Indian debt market:

During FY 14, repo rate continued to remain high due to high inflation and the Rupee depreciation. At the start of the year, RBI reduced repo rate by 0.25% (25 basis points) from 7.50% to 7.25%. Later it raised repo rate three times from 7.25% to 8% between September 2013 and January 2014 to counter inflation and stabilise the rupee. This enabled banks to collect higher deposits from retail clients and NRIs.

At the beginning of FY 14, to reduce the country’s current account deficit (CAD), the government increased from $15 billion to $25 billion the limits upto which foreign investors could invest in government bonds. However, the limit on overseas investments in corporate bonds was retained at $51 billion.

The yield on 10-year government securities (G Sec) increased from 7.96% in March 2013 to 8.80% in March 2014.

Large investors such as banks and non-banking finance companies (NBFCs) are the main segment in Indian debt markets. Retail investors usually invest in debt through mutual funds except in the case of tax-free bonds issued by government entities such as HUDCO, NTPC and NHPC. There were a number of such issues towards the later part of the year.

Gold review:

There were sharp movements (both upwards and downwards) in gold prices during FY 14. After years of continuous rise in prices, gold became 20% cheaper in May 2013 compared with its all-time high price of ` 3,246 per gram in November 2012. The fall in gold prices was mainly due to improving economic conditions in developed countries

2 Debt ceiling is the borrowing done for public spending.

3 Quantitative easing is a program whereby the Central Bank purchases government securities or other securities from the market to lower interest rates and increase money supply.

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that made investors move from low-risk investments to high-risk investments. In June 2013, the global price of gold fell to a 3-year-low and in India prices fell to about ` 2,300 per gram. However, gold prices increased in the quarter July-September 2013 owing to higher landed cost. This was on account of fall in the value of the Rupee and rise in the import duty. Reducing imports pushed up the price to about ` 3,100 per gram in August 2013. Thereafter, gold prices fell as the Rupee appreciated, boosted by increasing inflow of foreign investments in equities.

So how is FY 15 shaping up?

Economic outlook:

Bharatiya Janata Party (BJP) gained an absolute majority (more than 272 seats out of a total 543) in the 2014 general elections. This is the largest majority for a single party in 30 years, thereby providing hope for stability and reforms. Markets have gained in anticipation of better governance. Investors’ perception of India has changed as a result of political change, micro-level policy reforms and a watchful central bank. The new government is expected to deliver given its (1) economic emphasis; (2) stability in composition with BJP led NDA having majority in terms of number of seats in Parliament and (3) decisive governing structure. However, economic challenges do persist. Revival, to be investment-led, is likely to be gradual. Pick-up in growth will be a function of (1) the pace of policy debottlenecking; (2) the investment appetite of the corporate sector; and (3) the extent of the government’s own role in capital formation. The consumer price index (CPI) Inflation target of 6% is achievable if structural issues can be addressed. If the new government takes definite measures to improve food procurement policy, offload excess food grain stocks and calibrate minimum support price (MSP) hike, monetary policy rates could see a downward trend. The new government is also expected to maintain the trends of fiscal consolidation and simultaneously aim to improve the quality of fiscal spending. The focus on exports will continue. However, curbing non-plan expenditure and reducing the dependency on imports would be the key to maintain long-term fiscal discipline.

2. Key Statistics of FY 14

Domestic Indices

31-Mar-14 28-Mar-13 % change

CNX Nifty Index 6,704 5,683 17.98

S&P BSE Midcap 7,083 6,142 15.32

S&P BSE Sensex 22,386 18,836 18.85

S&P BSE Smallcap 7,072 5,805 21.83

Cash Vol (NSE) Rs. Cr. 14,874 14,102 5.47

F&O Vol (NSE)Rs. Cr. 102,081 264,529 -61.41

Source: BSE, NSE

International Indices


DJIA 16,458 14,579 12.89

FTSE 6,598 6,412 2.91

Hang Seng 22,151 22,300 -0.67

Nasdaq 4,199 3,268 28.51

Nikkei 14,828 12,336 20.20

SSE Composite Index 2,033 2,236 -9.08

Strait Times 3,189 3,308 -3.61

Source: Reuters, ICRA

Currency Movement Commodity Price Movement

28-Mar-14 28-Mar-13 % change 31-Mar-14 31-Mar-13 % change

INR/USD 59.91 54.28 -10.37 Brent ($/bbl) 107.76 109.38 -1.48

INR/GBP 99.85 82.32 -21.29 Gold ($/ounce) 1,291.75 1,598.25 -19.18

INR/EUR 82.58 69.54 -18.75 Silver ($/ounce) 19.97 28.64 -30.17

INR/YEN58.83 57.76 -1.85

Source: NCDEX, Bloomberg, London Bullion Market Association (LBMA), Crisil

Source: RBI, Crisil

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Institutional Flow as on March 31, 2014 (Equity) Fixed Income

Purchases (Rs.Cr.)

Sales (Rs.Cr.)

Net (Rs.Cr.)

YTD (Rs.Cr.)


FII Flows 8,074 5,817 2,257 21,922 Call Rate 10.50 18.00 -41.67

MF Flows 365 500 -135 -7,750 91 Days T-Bill 8.60 7.80 10.26

YTD – year to dateSource: SEBI

364 Days T-Bill 8.80 7.70 14.29

Sectoral Performance (YOY on %) CBLO 11.28 12.47 -9.54

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

S&P

BSE

CG

S&P

BSE

FMCG

S&P

BSE

HC

S&P

BSE

IT

S&P

BSE

Teck

S&P

BSE

Oil &

Gas

S&P

BSE

Real

ity

S&P

BSE

Bank

ex

S&P

BSE

AUTO

S&P

BSE

PSU

S&P

BSE

Pow

er In

dex

S&P

BSE

Met

al

32.88%

27.65%

17.77%14.85%

13.92% 11.81%

4.74%

33.20%

25.92% 25.73%

-1.95%-8.01%

-17.51%

S&P

BSE

CD

Repo 8.00 7.50 6.67

Reverse Repo 7.00 6.50 7.69

10 Yr Gsec 8.80 7.95 10.69

1 Yr CD 9.06 8.85 2.37

G-sec Vol (Rs. bln.)

12,290 18,230 -32.58

US 10 Yr Bond 2.27 1.85 47.03

Source: RBI, Crisil

YOY – year on year Source: BSE

Equity market outlook:

Given the Parliamentary majority, and the new Prime Minister’s demonstrated focus in the past on administration and execution, the markets tend to expect an increase in growth over the next three years. The current situation is similar to the 2004-06 period with a midcap bull run was initiated by fundamentals. A thrust on infrastructure will directly boost industries such as power generation, road construction and provide cascading benefits to the manufacturing and services sectors. Amongst the three components of GDP (agriculture, industry and services), industrial growth could see maximum growth coming in, which should help corporate earnings and stock prices over the next three years. Projects that are stuck at various stages will be the first beneficiaries in terms of implementation. Debottlenecking existing projects would involve lesser capital expenditure than outlays on similar new ones, and help improve capacity utilization. The primary indicator of economic revival is better utilization of existing capacities. Sectors like cement and commercial vehicles are operating at 70% and 50% capacities respectively. Capacities that are suffering from lack of linkages such as power plants without coal linkages and metal firms without mining linkages are also likely to be addressed. The new government is also expected to bring in trend of reforms for banking and PSU sectors for resolving structural issues. With economy and investment cycle at the centre of focus – mid cap/small cap, infrastructure and banking are expected to be the biggest beneficiaries.

Debt market outlook:

The RBI’s primary objective to achieve CPI inflation rate below 8% by January 2015 may keep its policy stance hawkish and cautious. While growth may be subdued going ahead, inflationary pressures may ease amid slowdown in consumption demand and improvement in supply-side bottlenecks. In the medium term, the outlook on interest rates is likely to be positive, with the long-term yields coming down, helped by an improvement in current account deficit, slowdown in corporate investments, nominal increase in gold prices, likely subdued returns in real estate and probable fall in inflation.

Monsoons shall be key event for the fixed income markets amidst news of probable El Nino event this year.

C. Operations of the Schemes

1. Average Assets under Management (AAUM)

The AAUM of the Mutual Fund for the quarter ended March 31, 2014 stood at ` 1,07,033.28 crore, while for the quarter ended March 31, 2013; the AAUM of the Mutual Fund was ` 87,968 crore.

As of March 31, 2014, the Fund comprised 44 open ended schemes, 4 exchange traded funds, 21 interval fund plans, 1 fund of funds scheme investing overseas, 6 fund of fund schemes investing domestically and 179 plans under close ended schemes. During the year under review, the Fund launched 2 annual interval funds, 119 plans under close ended schemes, 4 close ended equity schemes, 1 exchange traded fund and 1 fund of funds scheme.

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2. Operations and Consumer Service

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 124 branches including 41 functioning as official points of acceptance of transactions, as on March 31, 2014, 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 been on technological innovation for facilitating investors’ convenience.

3. Scheme-wise commentary

1. ICICI Prudential Value Discovery Fund

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

The Regular Plan of the scheme posted a return of 28.09% in FY 14, better than the 16.22% posted by the benchmark CNX Midcap Index for the year.

The AAUM of the scheme during the last quarter of FY 14 was ` 3,037.62 crore.

2. ICICI Prudential Dynamic Plan

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 Regular Plan of the scheme posted a return of 29.59% in FY 14, better than the 17.82% posted by the benchmark CNX Nifty Index for the year.


3. ICICI Prudential Focused Bluechip Equity Fund

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

The Regular Plan of the scheme posted a return of 22.35% in FY 14, better than the 17.82% posted by the benchmark CNX Nifty Index for the year.


4. ICICI Prudential Infrastructure Fund

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

The Regular Plan of the scheme posted a return of 15.73% in FY 14. The benchmark CNX Infrastructure Index posted a return of 18.18% for the year.


5. ICICI Prudential Tax Plan

ICICI Prudential Tax Plan 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 Regular Plan of the scheme posted a return of 28.74% in FY 14, better than the 17.56% posted by the benchmark CNX 500 Index for the year.


II. BRIEF BACKGROUND OF SPONSORS, TRUST, TRUSTEE AND THE AMC

A. Sponsors

1. ICICI Bank Limited

ICICI Bank (the Bank) is the second largest bank in India with a profit after tax of ̀ 98.10 billion in FY 14. ICICI Bank and its 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.

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The Bank has international footprints through its subsidiaries in the United Kingdom, Russia and Canada, branches in the United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Dubai International Finance Centre and Qatar Financial Centre and representative offices in the United Arab Emirates, China, 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. Prudential plc

Prudential plc is an international financial services group serving around 23 million insurance customers and has £443 billion of assets under management (as of 31 December 2013). It is listed on the stock exchanges in London, Hong Kong, Singapore and New York. Prudential is one of the best capitalised insurers in the world with an Insurance Groups Directive (IGD) capital surplus estimated at £5.1 billion (as of 31 December 2013 before final dividend).

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:

Prudential Corporation Asia

Prudential is a leading international life insurer in Asia with life and/or asset management operations in 14 markets, serving the emerging middle class families of the region’s powerhouse economies. It has built a high-performing platform with effective multichannel distribution, a product portfolio centred on regular savings and protection, award winning customer services and a well-respected brand.

Jackson National Life Insurance Company Jackson is one of the largest life insurance companies in the US, providing retirement savings and income solutions

aimed at the 77 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.

Prudential UK & Europe

Prudential UK delivers value for the Group through a relentless focus on the life and pensions needs of the age cohorts where wealth is most heavily concentrated. Its expertise in areas such as longevity, risk management and multi-asset investment, together with its financial strength and highly respected brand, means that the business is strongly positioned to continue pursuing a value-driven strategy built around its core strengths.

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 enduring expertise in active investment. M&G has a conviction led and long-term approach to investment, believing the best returns are delivered for clients through active management by developing a deep understanding of the companies and organisations in whose equities, bonds or property M&G invests.

B. ICICI Prudential Mutual Fund

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, ` 12.2 lakh to the corpus of the Fund.

C. Trustee Company

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 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. Share Capital

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%.

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2. Board of Directors

As of March 31, 2014, the Board comprised:

Sr. No. Name of the Director Status

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

2. Mr. M. S. Parthasarathy Independent Director

3. Mr. Vinod Dhall Independent Director

4. Mr. Keki Bomi Dadiseth Nominee Director – Prudential plc

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

D. ICICI Prudential Asset Management Company Limited

ICICI Prudential Asset Management Company Limited (“the AMC”), a company registered 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 has received approval from SEBI to act as the investment manager to the Funds launched 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 ` 1,07,033.28 crore for the quarter ended March 31, 2014. The AMC manages a comprehensive range of Schemes to meet the varying investment needs of its investors spread across various cities through 240 Official Points of Transactions (including 199 branches operated through the Registrar of the Mutual Fund) in the country as on March 31, 2014.

1. Share Capital

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. Board of Directors

As on March 31, 2014, the Board comprised:

Sr. No. Name of the Director Status

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

2. Mr. Barry Lee Stowe Nominee Director – Prudential plc

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

4. Mr. Vijay Thacker Independent Director

5. Mr. C. R. Muralidharan Independent Director

6. Mr. Suresh Kumar Independent Director

7. Mr. Nimesh Shah Managing Director

III. INVESTMENT OBJECTIVES OF THE SCHEMES

• ICICI Prudential Value Discovery Fund (Formerly known as ICICI Prudential Discovery Fund)

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.

However, there can be no assurance that the investment objective of the Scheme will be realized.

• ICICI Prudential Dynamic Plan

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.

10

• ICICI Prudential Focused Bluechip Equity Fund

To generate long-term capital appreciation and income distribution to unit holders from a portfolio that is invested in equity and equity related securities of about 20 companies belonging to the large cap domain and the balance in debt securities and money market instruments. The Fund Manager will always select stocks for investment from among Top 200 stocks in terms of market capitalization on the National Stock Exchange of India Ltd. If the total assets under management under this scheme goes above Rs. 1,000 crores the Fund Manager reserves the right to increase the number of companies to more than 20.


• ICICI Prudential Infrastructure Fund

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


• ICICI Prudential Tax Plan

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

Accordingly, the NAV of the Scheme is linked to performance of such companies. However, there can be no assurance that the investment objective of the Scheme will be realized.

IV. SIGNIFICANT ACCOUNTING/ VALUATION POLICIES

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. UNCLAIMED DIVIDEND AND REDEMPTION

Details of unclaimed dividends and redemptions under the Various Schemes are given as below:

Unclaimed 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, 2014, is as follows:

Scheme Name Dividend Redemption

Amount (Rs.) Count Amount (Rs.) Count

ICICI Prudential Value Discovery Fund 3,262,729.52 1,228 21,391,072.57 1,052

ICICI Prudential Dynamic Plan 15,447,904.90 4,732 55,961,871.41 2,138

ICICI Prudential Focused Bluechip Equity Fund 1,952,772.98 95 27,342,889.46 1,048

ICICI Prudential Infrastructure Fund 8,590,750.33 2,637 47,317,960.01 2,108

ICICI Prudential Tax Plan 14,904,621.65 11,039 54,792,840.02 1,598

11

VI. DISCLOSURE OF INVESTOR COMPLAINTS

The disclosure regarding investors’ complaints is as under:

Redressal of Complaints received against the Mutual Fund for the Financial Year ended March 31, 2014

Name of Mutual Fund : ICICI Prudential Mutual Fund

Total Number of Folios : 2,677,954 (As on March 31, 2014)

Complaint Code

Type of Complaint# (a) No. of complaints

pending at the

beginning of the year

(b) No. of Complaints

received during the

year

Action on (a) and (b)

Resolved Non Actionable *

Pending

Within 30 days

30-60 days

60-180 days

Beyond 180 days

0-3 months

3-6 months

6-9 months

9-12 months

I A Non receipt of Dividend on Units

14 227 238 1 0 0 0 2 0 0 0

I B Interest on delayed payment of Dividend

0 3 3 0 0 0 0 0 0 0 0

I C Non receipt of Redemption Proceeds

14 374 384 2 0 0 0 2 0 0 0

I D Interest on delayed payment of Redemption

0 14 14 0 0 0 0 0 0 0 0

II A Non receipt of Statement of Account/Unit Certificate

0 3 3 0 0 0 0 0 0 0 0

II B Discrepancy in Statement of Account

29 1051 1071 4 0 0 0 5 0 0 0

II C Data corrections in Investor details

22 1322 1341 0 0 0 0 3 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

2 85 86 0 0 0 0 1 0 0 0

III B Unauthorized switch between Schemes

0 0 0 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

III D Wrong or excess charges/load

0 0 0 0 0 0 0 0 0 0 0

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

12 1211 1217 2 0 0 0 4 0 0 0

IV Others* 0 63 54 4 0 0 0 5 0 0 0

Total 93 4353 4411 13 0 0 0 22 0 0 0

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

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

VII. CORPORATE GOVERNANCE

Pursuant to SEBI circular no. SEBI/IMD/CIR no. 18/198647/2010 dated March 15, 2010 and subsequent clarifications 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 has invested). The said policy and details of proxy voting excised during FY 14 are displayed on the website of the AMC, viz. www.icicipruamc.com.

VIII. STATUTORY INFORMATION

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 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.

12

IX. RISK MANAGEMENT SYSTEM

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. LIABILITY AND RESPONSIBILITY OF THE TRUSTEE AND THE SPONSORS

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.

For and on behalf of ICICI Prudential Trust Ltd.

Sd/-M. N. GopinathChairman

Place: MumbaiDate: July 23, 2014

13

ICICI Prudential Mutual FundAddress: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063

Abridged Balance Sheet as at March 31, 2014 (figures as per Audited Financials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/Md/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)

ICICI Prudential Value Discovery Fund (Formerly ICICI Prudential Discovery

Fund)

ICICI Prudential Dynamic Plan ICICI Prudential Focused Bluechip Equity Fund

As at31-Mar-14

As at31-Mar-13

As at31-Mar-14

As at31-Mar-13

As at31-Mar-14

As at31-Mar-13

LIABILITIES

1 Unit Capital 73,526.85 72,798.75 80,998.49 97,816.09 258,583.53 245,772.40

2 Reserves & Surplus

2.1 Unit Premium Reserve 56,665.40 48,397.27 37,822.30 45,052.40 111,900.67 101,029.79

2.2 Unrealised Appreciation Reserve 77,235.97 10,417.43 34,463.56 - 109,484.60 31,359.71

2.3 Other Reserves 128,318.37 125,454.56 236,333.15 222,453.51 51,551.56 41,152.58

3 Loans & Borrowings - - - - - -

4 Current Liabilities & Provisions

4.1 Provision for doubtful Income / deposits - - - - - -

4.2 Other Current Liabilities & Provisions 4,774.23 1,851.34 3,448.74 2,324.56 4,048.95 3,778.61

TOTAL 340,520.82 258,919.35 393,066.24 367,646.56 535,569.31 423,093.09

ASSETS

1 Investments

1.1 Listed Securities

1.1.1 Equity Shares 322,422.01 233,514.45 300,236.92 308,108.16 501,101.52 393,600.95

1.1.2 Indian Depository Receipts - - 5,522.03 23,798.24 - -

1.1.3 Warrants - - - - - -

1.1.4 Preference Shares - - - - - -

1.1.5 Equity Linked debentures - - - - - -

1.1.6 Other debentures & Bonds - - - 170.10 - -

1.1.7 Securitised debt Securities - - - - - -

1.2 Securities Awaited Listing

1.2.1 Equity Shares - 2,140.34 - - - -



1.2.4 Other debentures & Bonds - - - - - -


1.3 Unlisted Securities

1.3.1 Equity Shares - - - - - -



1.3.4 Other debentures & Bonds - - - - - -


1.4 Government Securities - - 66,491.76 - - -

1.5 Treasury Bills - - - - - -

1.6 Commercial Papers - - - - - -

1.7 Certificate of Deposits 7,448.57 5,917.79 - 12,610.06 17,380.00 16,783.00

1.8 Bill Rediscounting - - - - - -

1.9 Units of Domestic Mutual Fund - - - - 2,370.01 -

1.10 Foreign Securities - - - - - -

1.11 Gold - - - - - -

Investments 329,870.58 241,572.58 372,250.71 344,686.56 520,851.53 410,383.95

2 Deposits 582.07 13,521.31 284.82 15,729.58 2,257.74 7,220.94

3 Other Current Assets

3.1 Cash & Bank Balance 436.38 91.91 897.18 306.82 403.71 95.49

3.2 CBLO / Reverse Repo Lending 3,972.21 193.12 2,621.50 2,186.34 6,529.60 1,621.57

3.3 Others 5,659.58 3,540.43 17,012.03 4,737.26 5,526.73 3,771.14

4 Deferred Revenue Expenditure - - - - - -

(To the Extent not written off)

TOTAL 340,520.82 258,919.35 393,066.24 367,646.56 535,569.31 423,093.09

Fund Manager Mrinal Singh Sankaran Naren & Mittul Kalawadia Manish Gunwani

Annexure I -Notes to Accounts

14


Abridged Balance Sheet as at March 31, 2014 (figures as per Audited Financials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/Md/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)

ICICI Prudential Infrastructure Fund

ICICI Prudential Tax Plan

As at31-Mar-14

As at31-Mar-13

As at31-Mar-14

As at31-Mar-13

LIABILITIES

1 Unit Capital 71,975.52 92,706.79 38,851.38 39,880.74

2 Reserves & Surplus

2.1 Unit Premium Reserve 7,397.38 8,630.31 18,726.32 18,163.02

2.2 Unrealised Appreciation Reserve - - 11,473.46 -

2.3 Other Reserves 51,774.32 45,999.19 102,083.65 81,314.26

3 Loans & Borrowings - - - -

4 Current Liabilities & Provisions

4.1 Provision for doubtful Income / deposits - - - -

4.2 Other Current Liabilities & Provisions 4,933.46 1,227.58 7,938.47 2,199.61

TOTAL 136,080.68 148,563.87 179,073.28 141,557.63

ASSETS

1 Investments

1.1 Listed Securities

1.1.1 Equity Shares 119,372.30 139,829.41 157,041.62 127,724.30

1.1.2 Indian Depository Receipts - - - -

1.1.3 Warrants - - - -

1.1.4 Preference Shares - - - -

1.1.5 Equity Linked debentures - - - -

1.1.6 Other debentures & Bonds - - - -

1.1.7 Securitised debt Securities - - - -

1.2 Securities Awaited Listing

1.2.1 Equity Shares 71.40 2,066.53 - -





1.3 Unlisted Securities

1.3.1 Equity Shares - - - -





1.4 Government Securities - - - -

1.5 Treasury Bills - - - -

1.6 Commercial Papers 4,975.89 - - -

1.7 Certificate of Deposits - 4,931.50 9,931.43 8,580.80

1.8 Bill Rediscounting - - - -

1.9 Units of Domestic Mutual Fund - - - -

1.10 Foreign Securities - - - -

1.11 Gold - - - -

Investments 124,419.59 146,827.44 166,973.05 136,305.10

2 Deposits 1,338.86 552.98 - -

3 Other Current Assets

3.1 Cash & Bank Balance 587.92 209.22 1,824.78 645.76

3.2 CBLO / Reverse Repo Lending 1,367.22 124.73 2,847.27 918.06

3.3 Others 8,367.09 849.50 7,428.18 3,688.71

4 Deferred Revenue Expenditure - - - -

(To the Extent not written off)

TOTAL 136,080.68 148,563.87 179,073.28 141,557.63

Fund Manager Yogesh Bhatt Chintan Haria

Annexure I -Notes to Accounts

15


Abridged Revenue Account for the year/period ended March 31, 2014 (figures as per Audited Financials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/Md/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)

ICICI Prudential Value Discovery Fund (Formerly ICICI Prudential

Discovery Fund)


Year Ended31-Mar-14

Year Ended31-Mar-13

Year Ended31-Mar-14

Year Ended31-Mar-13

Year Ended31-Mar-14

Year Ended31-Mar-13

1 INCOME

1.1 Dividend 5,749.92 3,352.27 9,094.00 7,441.47 7,100.14 5,762.96

1.2 Interest 1,626.36 1,288.22 2,864.55 3,460.17 1,743.31 1,837.92

1.3 Realised Gain /(Loss) on Foreign Exchange Transactions - - 77.21 - - -

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

(15.57) 53.65 43.38 427.04 124.21 -

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

5,963.87 16,488.18 34,132.89 20,078.41 19,948.47 24,186.46

1.6 Realised Gain /(Losses) on Derivative Transactions 345.84 (475.82) 2,070.39 1,734.05 927.30 (416.40)

1.7 Other Income 641.04 139.52 250.47 97.76 288.88 146.94

1.8 Amortisation of Premium/Discount - - 0.17 0.04 (0.01) -

( A ) 14,311.46 20,846.02 48,533.06 33,238.94 30,132.30 31,517.88

2 EXPENSES (Note 7)

2.1 Interest on Borrowing - - - - - -

2.2 Management Fees 3,347.24 2,314.90 4,399.04 3,991.18 5,239.43 4,170.99

2.3 Service Tax on Management fees 412.73 286.12 543.65 492.11 647.24 492.51

2.4 Transfer Agent's Fees & Expenses 401.51 281.48 445.59 515.99 619.08 534.65

2.5 Custodian Fees 28.77 20.14 34.08 38.21 44.47 36.05

2.6 Trusteeship Fees 1.63 1.53 2.14 2.80 2.74 2.89

2.7 Commission to Agents 1,819.50 1,615.81 2,187.19 2,642.63 3,173.95 2,997.53

2.8 Marketing & Distribution Expenses 156.51 71.53 155.14 201.09 359.00 120.60

2.9 Audit fees 1.74 0.75 1.74 1.99 1.74 0.08

2.102.11

Other Operating ExpensesDeferred Revenue Expenses Written Off

184.82 -

129.45-

187.77-

199.88 -

280.06-

186.72-

( B ) 6,354.45 4,721.71 7,956.34 8,085.88 10,367.71 8,542.02

3 Net Realised Gains / (Losses) for the Year / Period (A-B = C)

7,957.01 16,124.31 40,576.72 25,153.06 19,764.59 22,975.86

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

- - - 7,162.78 - -

5 Net Gains / (Losses) for the Year/Period ( E= C - D) 7,957.01 16,124.31 40,576.72 17,990.28 19,764.59 22,975.86

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

66,818.54 4,042.86 53,819.91 - 78,124.89 10,717.28

7 Net Surplus/ (Deficit) for the year/period (G = E + F) 74,775.55 20,167.17 94,396.63 17,990.28 97,889.48 33,693.14

7.1 Add: Balance Transfer from Unrealised Appreciation Reserve

10,417.43 6,374.58 - - 31,359.71 20,642.43

7.2 Less: Balance Transfer to Unrealised Appreciation Reserve

77,235.97 10,417.43 34,463.56 - 109,484.60 31,359.71

7.3 Add/(Less) : Equalisation 1,889.39 28,102.99 (36,636.28) (33,119.72) 1,302.74 155.25

7.4 Surplus/(Deficit) brought forward 125,454.56 88,210.16 222,453.51 253,010.76 41,152.58 26,306.55

8 Total 135,300.96 132,437.47 245,750.30 237,881.32 62,219.91 49,437.66

9 Dividend Appropriation

9.1 Income Distributed during the year/period 6,982.59 6,982.91 9,417.15 15,427.81 10,668.35 8,285.08

9.2 Tax on Income distributed during the year/period - - - - - -

10 Retained Surplus/ (Deficit) Carried forward to Balance Sheet

128,318.37 125,454.56 236,333.15 222,453.51 51,551.56 41,152.58

Fund Manager Mrinal Singh Sankaran Naren & Mittul Kalawadia Manish Gunwani

Annexure I -Notes to AccountsFigures less than ` 500 are shown as zero

16


Abridged Revenue Account for the year/period ended March 31, 2014 (figures as per Audited Financials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/Md/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)

ICICI Prudential Infrastructure Fund ICICI Prudential Tax Plan

Year Ended31-Mar-14

Year Ended31-Mar-13

Year Ended31-Mar-14

Year Ended31-Mar-13

1 INCOME

1.1 Dividend 2,941.50 3,231.86 3,857.75 2,240.22

1.2 Interest 568.24 733.90 669.72 756.58

1.3 Realised Gain /(Loss) on Foreign Exchange Transactions - - - -

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

20.72 14.34 207.49 238.61

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

(6,510.88) (2,027.36) 17,991.23 19,572.01

1.6 Realised Gain /(Losses) on Derivative Transactions 1,541.51 (133.19) - -

1.7 Other Income 27.71 49.15 146.12 -

1.8 Amortisation of Premium/Discount - - - -

( A ) (1,411.20) 1,868.70 22,872.31 22,807.42

2 EXPENSES (Note 7)

2.1 Interest on Borrowing - - - -

2.2 Management Fees 1,754.75 2,022.51 1,914.71 1,586.88

2.3 Service Tax on Management fees 216.89 249.98 236.66 196.14

2.4 Transfer Agent's Fees & Expenses 151.44 224.06 192.49 185.47

2.5 Custodian Fees 13.55 19.53 15.48 14.46

2.6 Trusteeship Fees 0.79 1.28 0.87 0.98

2.7 Commission to Agents 713.04 1,111.01 1,009.55 958.25

2.8 Marketing & Distribution Expenses 58.08 64.77 83.65 95.76

2.9 Audit fees 1.24 1.56 1.29 1.59

2.102.11

Other Operating ExpensesDeferred Revenue Expenses Written Off

71.33 -

97.91-

101.59-

96.38-

( B ) 2,981.11 3,792.61 3,556.29 3,135.91

3 Net Realised Gains / (Losses) for the Year / Period (A-B = C)

(4,392.31) (1,923.91) 19,316.02 19,671.51

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

- 182.51 - 10,427.46

5 Net Gains / (Losses) for the Year/Period ( E= C - D) (4,392.31) (2,106.42) 19,316.02 9,244.05

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

22,776.18 - 19,400.71 -

7 Net Surplus/ (Deficit) for the year/period (G = E + F) 18,383.87 (2,106.42) 38,716.73 9,244.05

7.1 Add: Balance Transfer from Unrealised Appreciation Reserve

- - - 2,500.22

7.2 Less: Balance Transfer to Unrealised Appreciation Reserve

- - 11,473.46 -

7.3 Add/(Less) : Equalisation (12,608.75) (18,589.16) (152.05) 1,978.12

7.4 Surplus/(Deficit) brought forward 45,999.19 66,694.82 81,314.26 74,123.14

8 Total 51,774.31 45,999.24 108,405.48 87,845.53

9 Dividend Appropriation

9.1 Income Distributed during the year/period (0.01) 0.05 6,321.83 6,531.27

9.2 Tax on Income distributed during the year/period - - - -

10 Retained Surplus/ (Deficit) Carried forward to Balance Sheet

51,774.32 45,999.19 102,083.65 81,314.26

Fund Manager Yogesh Bhatt Chintan Haria

Annexure I -Notes to AccountsFigures less than ` 500 are shown as zero

17

ICICI Prudential Mutual Fund Address: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063

Notes to Accounts – Annexure I to the Abridged Balance Sheet and Revenue Account for the Year/Period ended March 31, 2014 for the following schemes:

Scheme Code Scheme Name

DISCO ICICI Prudential Value Discovery Fund (Formerly ICICI Prudential Discovery Fund)DYNMIC ICICI Prudential Dynamic PlanFOCUS ICICI Prudential Focused Bluechip Equity FundINFRA ICICI Prudential Infrastructure FundTAX ICICI Prudential Tax Plan

1. Investments

1.1 All the investments of the schemes are registered in the name of the Trustees for the benefit of the Schemes Unitholders.

1.2 Open Positions of derivatives: (` in Lakhs)

Scheme Code31-Mar-14 31-Mar-13

Long Positions % to Net Assets Short Positions % to Net Assets Long Positions % to Net Assets Short Positions % to Net Assets

DISCO - - - - 1,658.32 0.65% - -

DYNMIC - - 1,048.63 0.27% 4,324.05 1.18% 13,500.91 3.70%

FOCUS - - 3,609.60 0.68% 1,265.10 0.30% - -

INFRA 4,052.38 3.09% - - 3,410.74 2.31% - -

Disclosure as required under SEBI Circular - Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010 for the year 2013-14.

a Hedging Positions through Futures as on 31st March 2014

Scheme Underlying Security Name Long/(Short) Future price when purchased (`) Current price of the contract (`) Margin Maintained (` in Lakhs)

DYNMIC GRASIM INDUSTRIES LIMITED Short 2,899.65 2912.85 130.54

FOCUS GRASIM INDUSTRIES LIMITED Short 2,817.35 2912.85 101.53

FOCUS MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED

Short 251.23 254 348.15

b Other than hedging Positions through Futures as on 31st March 2014 (` in Lakhs)

Scheme Underlying Security Name Long/Short Future price when purchased (`) Current price of the contract (`) Margin Maintained (` in Lakhs)

INFRA BHARAT HEAVY ELECTRICALS LIMITED Long 190.31 191.15 536.52

c For the Year ended 31st March 2014 the following transactions through futures have been squared off/ expired: (` in Lakhs)

Hedging Transactions

Scheme Transactions where futures were bought Transactions where futures were Sold Combined Net Profit/(Loss)

Total % of Existing Assets

No. of Contract Gross Notional Value


DYNMIC - - 2,535 8,557.56 (247.82) 0.27%

FOCUS - - 6,462 21,280.16 68.97 0.68%

INFRA - - 22 55.42 (3.81) -

DISCO - - 941 3,149.52 32.76 -

(` in Lakhs)

Other than Hedging Transactions

Scheme Transactions where futures were bought Transactions where futures were Sold Combined Net Profit/(Loss)

Total % of Existing Assets



DYNMIC 45,675 148,897.14 75,139 233,658.32 2,212.08 -

FOCUS 5,226 19,198.38 - - 858.33 -

INFRA 14,843 40,457.92 - - 1,545.32 3.09%

DISCO 2,059 4,915.79 - - 313.08 -

d Hedging Positions through Put Options as on 31st March 2014 is Nil

e No hedging transaction through Options were transacted during the year ended 31st March, 2014

f Other than Hedging Position through Options as on 31st March, 2014 is Nil.

g Non hedging transactions through options have already been exercised / expired for the year ended 31st March, 2014 - (` in Lakhs)

Scheme Underlying Security Name Call/Put Number of contracts Gross Value Net Profit/(Loss)

DYNMIC BANKEX Call 7015 586.91 27.93

DYNMIC NIFTY Put 1711 95.78 16.54

DYNMIC POWERGRID Call 1205 131.34 62.02

h Hedging Positions through swap as on 31st March 2014 - Nil

18

Disclosure as required under SEBI Circular -Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010 for the year 2012-13.

a. Hedging Positions through Futures as on 31st March 2013 is NIL

b. Other than hedging Positions through Futures as on 31st March 2013

Scheme Underlying Security Name Long/(Short) Future price when purchased (`)

Current price of the contract (`)

Margin Maintained (` in Lakhs)

DISCO BHARAT HEAVY ELECTRICALS LIMITED Long 176.60 177.55 207.51

DYNMIC INFOSYS LIMITED Long 2,883.69 2,905.40 163.45

DYNMIC NTPC LIMITED Long 139.10 143.30 232.01

DYNMIC NIFTY Short 5,686.30 5,714.25 815.19

DYNMIC TATA MOTORS LIMITED Short 272.65 271.45 404.42

DYNMIC TATA STEEL LIMITED Long 326.86 313.15 146.24

FOCUS LUPIN LIMITED Long 628.87 632.55 158.28

INFRA BHARAT HEAVY ELECTRICALS LIMITED Long 177.11 177.55 426.80

c. For the Year ended 31st March 2013 the following transactions through futures have been squared off/ expired: (` in Lakhs)

Hedging Transactions

Scheme Transactions Where futures were bought Transactions Where futures were Sold Combined Net Profit/(Loss)

Total % of existing Assets



DISCO - - 100 296.53 10.95 -

DYNMIC - - 14,929 40,238.22 (570.52) -

FOCUS - - 17,797 45,638.92 (554.05) -

INFRA - - 1,855 4,699.16 (38.44) -

For the Year ended 31st March 2013 the following transactions through futures have been squared off/ expired: (` in Lakhs)

Other than Hedging Transactions

Scheme Transactions Where futures were bought Transactions Where futures were Sold Combined Net Profit/(Loss)

Total % of existing Assets



DISCO 3,726 9,405.29 - - (486.77) 0.65%

DYNMIC 18,966 49,064.48 163,268 457,045.36 2,304.57 2.51%

FOCUS 4,568 11,842.37 - - 137.64 0.30%

INFRA 17,535 41,161.34 - - (94.74) 2.31%

d. Hedging Positions throught Put Options as on 31st March 2013 is Nil

e No hedging transaction through Options were transacted during the year ended 31st March, 2013

f Other than Hedging Position through Options as on 31st March, 2013 is Nil.

g Non hedging transactions through options have already been exercised / expired for the year ended 31st March, 2013 - Nil

h Hedging Positions through swap as on 31st March 2013 - Nil

1.3 Investments made by schemes in Sponsor/Associates/Group Companies: (` in Lakhs)

Scheme code Name of Sponsor/ Associate/Group Company Nature of Investment As at 31-March-14 As at 31-March-13

Market value of Investment by Scheme

Market value of Investment by Scheme

DISCO City Union Bank Ltd $ Equity Shares 1,933.76 1,713.35

DYNMIC ICICI Bank Limited Equity Shares 21,424.07 16,103.65

DISCO ICICI Bank Limited Equity Shares 16,550.29 8,884.20

FOCUS ICICI Bank Limited Equity Shares 40,916.55 26,596.04

INFRA ICICI Bank Limited Equity Shares 8,347.26 11,397.24

TAX ICICI Bank Limited Equity Shares 6,723.27 6,719.47

DISCO ICICI Bank Limited Term Deposits 582.07 13,521.31

DYNMIC ICICI Bank Limited Term Deposits 284.82 15,729.58

FOCUS ICICI Bank Limited Term Deposits 2,257.74 7,220.94

INFRA ICICI Bank Limited Term Deposits 1,338.86 552.98

DYNMIC Lupin Limited $ Equity Shares - 2,004.44

FOCUS Lupin Limited $ Equity Shares 10,508.63 9,407.84

DISCO State Bank of India $ Equity Shares - 4,145.50

DYNMIC State Bank of India $ Equity Shares - 8,958.26

FOCUS State Bank of India $ Equity Shares - 16,908.93

INFRA State Bank of India $ Equity Shares - 8,809.19

TAX State Bank of India $ Equity Shares - 3,771.99

19

(` in Lakhs)

As at 31-March-14 As at 31-March-13Name of Sponsor/ Associate/Group Company Nature of Investment Aggregate Market Value

of Investment by all SchemesAggregate Market Value

of Investment by all SchemesICICI Bank Limited Equity Shares 128,219.10 86,760.79

Term Deposits 20,000.00 50,000.00ICICI Home Finance Limited Debentures and Bonds 6,375.30 11,544.89Eastspring Investment Asian Equity Fund Units - 4,601.14The Federal Bank Limited $ Cert of Deposit - 57,595.06

Equity Shares 3,368.43 1,994.24City Union Bank Ltd $ Equity Shares 5,405.55 3,243.15State Bank of India $ Debentures and Bonds - 212.20

Equity Shares - 51,428.04Hexaware Technologies Ltd $ Equity Shares 520.73 - Lupin Limited $ Equity Shares 25,337.68 15,041.80

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

1.4 Subscription by scheme (excluding Secondary Market Purchases) in the issues lead managed by the associate company during 2013-14 (` in Lakhs)

Name of the Issuer Instrument Name of the Scheme AmountPower Grid Corporation of India Ltd. Equity share DISCO 10,349.91

Equity share FOCUS 2,735.10Equity share DYNMIC 24,749.95

Subscription by scheme (excluding Secondary Market Purchases) in the issues lead managed by the associate company during 2012-13: Nil

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 2013-14 : Nil (Previous Year - Nil)

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

Scheme Aggregate market ValueDISCO 34.37

TAX 39.50

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 As at 31-March-14 As at 31-March-13

Unrealised Gain / Loss % of Net Assets Unrealised Gain / Loss % of Net AssetsDISCO 77,235.97 23.00% 10,417.43 4.05%DYNMIC 34,463.56 8.85% (19,356.36) -5.30%FOCUS 109,484.60 20.60% 31,359.71 7.48%INFRA (2,483.83) -1.89% (25,260.00) -17.14%TAX 11,473.46 6.70% (7,927.24) -5.69%

1.9 Aggregate Value of Purchase and Sale with Percentage to Average Net Assets : (` in Lakhs)

Financial Year - 2013-14 Financial Year - 2012-13

Scheme Average Net Assets

Purchases % to Average

Net Assets

Sales % to Average Net

Assets

Average Net Assets

Purchases % to Average

Net Assets

Sales % to Average Net

AssetsEquity SecuritiesDISCO 275,787.67 131,744.92 47.77% 117,747.38 42.69% 218,968.76 156,437.39 71.44% 105,716.21 48.28%DYNMIC 355,453.77 387,237.92 108.94% 500,055.67 140.68% 398,679.81 512,034.49 128.43% 548,271.70 137.52%FOCUS 458,166.74 193,911.70 42.32% 184,042.54 40.17% 412,727.10 332,281.82 80.51% 338,124.13 81.92%INFRA 127,820.97 39,946.06 31.25% 78,670.04 61.55% 182,699.04 77,211.03 42.26% 127,962.88 70.04%TAX 146,141.06 204,953.11 140.24% 213,226.52 145.90% 140,180.72 305,115.64 217.66% 313,834.12 223.88%Other than Equity SecuritiesDISCO 275,787.67 2,064,522.24 748.59% 2,073,068.57 751.69% 218,968.76 2,481,183.51 1133.12% 2,479,335.88 1132.28%DYNMIC 355,453.77 3,341,404.94 940.04% 3,304,412.20 929.63% 398,679.81 4,202,802.46 1054.18% 4,228,170.86 1060.54%FOCUS 458,166.74 2,449,383.48 534.61% 2,447,718.35 534.24% 412,727.10 2,673,740.68 647.82% 2,666,549.07 646.08%INFRA 127,820.97 1,044,746.47 817.35% 1,042,971.62 815.96% 182,699.04 1,296,306.61 709.53% 1,299,820.83 711.45%TAX 146,141.06 1,921,434.99 1314.78% 1,918,795.82 1312.98% 140,180.72 2,275,388.40 1623.18% 2,272,332.06 1621.00%TotalDISCO 275,787.67 2,196,267.16 796.36% 2,190,815.95 794.39% 218,968.76 2,637,620.90 1204.56% 2,585,052.09 1180.56%DYNMIC 355,453.77 3,728,642.86 1048.98% 3,804,467.87 1070.31% 398,679.81 4,714,836.95 1182.61% 4,776,442.56 1198.06%FOCUS 458,166.74 2,643,295.18 576.93% 2,631,760.89 574.41% 412,727.10 3,006,022.50 728.33% 3,004,673.20 728.00%INFRA 127,820.97 1,084,692.53 848.60% 1,121,641.66 877.51% 182,699.04 1,373,517.64 751.79% 1,427,783.71 781.49%TAX 146,141.06 2,126,388.10 1455.02% 2,132,022.34 1458.88% 140,180.72 2,580,504.04 1840.84% 2,586,166.18 1844.88%

Equity securities excludes transactions in futures & options Other than equity securities includes Units of Mutual Funds, debt and money market including CBLO and Fixed Deposits.

20

1.10 Non-Traded securities in the portfolio: (` in Lakhs)

As at 31-March-14 As at 31-March-13

Scheme Particulars Amount % of Net Assets Value Amount % of Net Assets Value

DISCO Aggregate value of non traded Equity - - 2,140.34 0.83%

DISCO Aggregate value of non traded Money Market Instruments 7,448.57 2.22% 5,917.79 2.30%

DYNMIC Aggregate value of non traded Debt - - 170.10 0.05%

DYNMIC Aggregate value of non traded Money Market Instruments - - 12,610.06 3.45%

FOCUS Aggregate value of non traded Money Market Instruments 17,380.00 3.27% 16,783.00 4.00%

FOCUS Aggregate value of non traded Units of Mutual Fund 2,370.01 0.45% - -

INFRA Aggregate value of non traded Equity 71.40 0.05% 2,066.53 1.40%

INFRA Aggregate value of non traded Debt - - - -

INFRA Aggregate value of non traded Money Market Instruments 4,975.89 3.79% 4,931.50 3.35%

TAX Aggregate value of non traded Money Market Instruments 9,931.43 5.80% 8,580.80 6.16%

2. Details of Transaction with Associates under regulation 25(8).

a. Brokerage paid to associates/related parties/group companies of Sponsor/AMC (` in Lakhs)

Name of Associate/ related parties/group companies of Sponsor/ AMC

Nautre of Asso-ciation/ Nature of relation

Scheme 2013-14 2012-13

Value of transaction

% of total value of

transaction of the

scheme

Brokerage % of the total brokerage related to scheme

Value of transaction

% of total value of

transaction of the

scheme

Brokerage % of the total brokerage related to scheme

ICICI Securities Limited Group Company

DISCO 11,173.78 4.73% 10.28 4.85% 11,074.18 4.04% 12.83 4.94%

DYNMIC 54,131.13 3.60% 54.35 5.64% 74,440.60 3.55% 63.30 4.65%

FOCUS 28,201.31 6.71% 26.85 7.64% 32,032.16 4.17% 38.21 5.57%

INFRA 6,970.42 3.95% 1.67 1.73% 5,215.28 1.83% 5.54 2.75%

TAX 11,429.95 2.81% 12.65 3.22% 13,133.10 2.15% 13.86 2.84%

b. Commission paid to associates/related parties/group companies of Sponsor/AMC (` in Lakhs)

Name of Associate/ related parties/group companies of Sponsor/ AMC

Nature of Association/ Nature of relation

Scheme 2013-14 2012-13Value of Business

given

% of total value of business

received by the scheme

Commission % of the total commission paid by the

scheme

Value of Business

given

% of total value of business

received by the scheme

Commission % of the total commission paid by the

scheme

ICICI Bank Limited Sponsor DISCO 8,238.45 6.42% 156.14 5.69% 7,697.54 54.71% 143.97 59.00%DYNMIC 3,875.11 5.58% 131.80 4.70% 4,787.13 50.79% 200.41 69.70%FOCUS 12,114.45 6.19% 227.28 4.88% 11,481.86 68.00% 170.98 48.14%INFRA 396.17 2.40% 47.34 5.27% 588.60 36.50% 69.10 55.55%TAX 1,216.82 4.45% 69.67 4.93% 967.85 38.65% 52.41 46.28%

ICICI Securities Limited Group Company

DISCO 4,584.74 3.57% 100.46 3.66% 7,467.08 53.08% 128.31 52.58%DYNMIC 3,815.17 5.49% 75.39 2.69% 3,708.18 39.34% 67.14 23.35%FOCUS 8,796.72 4.50% 122.39 2.63% 5,893.86 34.91% 73.90 20.81%INFRA 421.50 2.55% 20.94 2.33% 680.76 42.22% 27.30 21.95%TAX 907.56 3.32% 37.75 2.67% 1,049.69 41.92% 33.22 29.34%

ICICI Securities Primary Dealership Limited

Group Company

DISCO 0.24 ^^ 0.01 ^^ 0.02 ^^ ^^ ^^FOCUS 0.12 ^^ ^^ ^^ 0.12 - - - TAX - - ^^ ^^ ^^ ^^ ^^ ^^

Federal Bank Ltd $ Associate DISCO 4.45 ^^ 0.08 ^^ 5.88 ^^ 0.07 ^^DYNMIC 1.74 ^^ 0.19 0.01% 1.62 ^^ 0.23 0.01%FOCUS 7.15 ^^ 0.10 ^^ 5.22 ^^ 0.05 ^^INFRA 0.12 ^^ 0.05 0.01% 0.46 ^^ 0.07 0.01%TAX 2.79 0.01% 0.16 0.01% 1.52 0.01% 0.09 0.01%

State Bank of India $ Associate TAX - - - - 0.12 ^^ ^^ ^^DISCO - - - - 0.38 ^^ ^^ ^^DYNMIC - - - - 0.12 ^^ ^^ ^^FOCUS - - - - 0.24 ^^ ^^ ^^

Unique Investment Consultants $$ Distributor is a relative of an employee of the AMC

DISCO - - ^^ ^^ - - - - DYNMIC - - 0.08 ^^ - - - - FOCUS 0.44 ^^ 0.14 ^^ - - - - TAX 1.00 ^^ 0.05 ^^ - - - -

One World Financial & Advisory $$ Distributor is a relative of an employee of the AMC

FOCUS 44.18 0.02% 0.55 0.01% - - - - INFRA - - ^^ ^^ - - - - TAX 7.17 0.03% 0.35 0.02% - - - -

21

c. Other Charges paid to associates/related parties/group companies of Sponsor/AMC (` in Lakhs)

Entity Nature of Payment Scheme For the Year/period ended

31st March 2014

For the Year/Period ended

31st March 2013

ICICI Bank Ltd Bank Charges / Interest Charges* DISCO 19.33 17.29

DYNMIC 54.82 71.63

FOCUS 34.25 28.39

INFRA 13.64 14.13

TAX 9.60 9.30

ICICI Securities Limited Publicity and Marketing Expense DISCO 2.50 1.35

DYNMIC 4.22 -

FOCUS 2.04 -

ICICI Securities Limited Investor Education Expenses DISCO 0.64 ^^

DYNMIC 0.79 -

FOCUS 1.03 -

INFRA 0.26 -

TAX 0.34 -

* 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 Assets Management Company Limited and ICICI Prudential Trust Limited respectively as

disclosed in Revenue Account. ^^ Amount less than Rs. 0.01 Lakhs / Percentage less than 0.01% $ The disclosure has been made as director (s) of the AMC is/ are also on the board of the aforesaid companies. $$ The disclosure has been made as Distributor is a relative of an employee of the AMC.

3 Investors holding units in the Scheme over 25% of the NAV as on March 31, 2014 are Nil. (Previous year – Nil)

4 Unit Capital movement during the year/period ended :

Scheme 2013-14

Plan Balance at the begin-ning of the year/Initial

Subscription

Issued during the year/period (Includes units issued during

NFO)

Redemption during the year/period

Balance at close of the year

Face Value of Units at the close of the year

Units Units Units Units Amount (`)

DISCO Direct Dividend Option 2,603,849.22 3,637,922.09 698,831.78 5,542,939.54 55,429,395

DISCO Direct Growth Option 4,169,601.87 23,156,346.63 6,731,729.43 20,594,219.07 205,942,191

DISCO Institutional - I Growth Option 15,057,716.08 - 5,003,773.55 10,053,942.54 100,539,425

DISCO Regular Dividend Option 364,519,031.87 121,122,742.07 138,747,902.67 346,893,871.27 3,468,938,713

DISCO Regular Growth Option 341,637,298.49 143,957,586.92 133,411,369.42 352,183,515.99 3,521,835,160

DISCO Total 727,987,497.53 291,874,597.70 284,593,606.84 735,268,488.40 7,352,684,884

DYNMIC Direct Dividend Option 677,271.74 3,208,086.79 463,659.45 3,421,699.07 34,216,991

DYNMIC Direct Growth Option 1,623,726.71 3,531,229.32 1,224,773.59 3,930,182.44 39,301,824

DYNMIC Institutional - I Growth Option 6,995,909.57 - 2,900,273.45 4,095,636.12 40,956,361

DYNMIC Institutional Dividend Option 3,155,000.00 - 3,155,000.00 - -

DYNMIC Institutional Growth Option 5,582,680.06 - 20,480.90 5,562,199.17 55,621,992

DYNMIC Regular Dividend Option 741,417,788.98 85,974,507.97 218,689,146.10 608,703,150.85 6,087,031,509

DYNMIC Regular Growth Option 218,708,480.67 32,405,367.81 66,841,799.73 184,272,048.75 1,842,720,488

DYNMIC Total 978,160,857.73 125,119,191.89 293,295,133.22 809,984,916.41 8,099,849,164

FOCUS Direct Dividend Option 5,721,014.65 6,469,806.78 827,862.79 11,362,958.64 113,629,586

FOCUS Direct Growth Option 17,808,836.21 97,422,832.44 8,954,367.77 106,277,300.88 1,062,773,009

FOCUS Institutional - I Growth Option 6,176,699.17 - 2,405,299.23 3,771,399.95 37,713,999

FOCUS Regular Dividend Option 826,139,124.07 180,873,451.91 248,364,736.24 758,647,839.74 7,586,478,397

FOCUS Regular Growth Option 1,601,878,327.15 649,105,531.23 545,208,103.48 1,705,775,754.90 17,057,757,549

FOCUS Total 2,457,724,001.25 933,871,622.36 805,760,369.49 2,585,835,254.11 25,858,352,541

INFRA Direct Dividend Option 340,834.65 1,005,292.41 224,502.13 1,121,624.93 11,216,249

INFRA Direct Growth Option 1,017,975.98 1,791,126.51 749,907.65 2,059,194.84 20,591,948

INFRA Institutional - I Growth Option 25,155,012.01 - 5,923,402.44 19,231,609.57 192,316,096

INFRA Regular Dividend Option 529,058,033.25 48,439,816.98 158,856,274.92 418,641,575.31 4,186,415,753

INFRA Regular Growth Option 371,495,998.19 35,566,924.78 128,361,762.01 278,701,160.97 2,787,011,610

INFRA Total 927,067,854.08 86,803,160.66 294,115,849.12 719,755,165.62 7,197,551,656

TAX Direct Dividend Option 1,430,077.28 2,455,583.19 - 3,885,660.47 38,856,605

TAX Direct Growth Option 331,579.93 684,373.90 - 1,015,953.82 10,159,538

TAX Regular Dividend Option 340,246,362.18 48,581,543.19 61,800,407.07 327,027,498.30 3,270,274,983

TAX Regular Growth Option 56,799,388.37 9,345,698.40 9,560,449.25 56,584,637.52 565,846,375

TAX Total 398,807,407.75 61,067,198.68 71,360,856.32 388,513,750.11 3,885,137,501

22

Scheme 2012-13

Plan Balance at the begin-ning of the year/Initial

Subscription

Issued during the year(Includes units

during NFO)

Redemption during the year/period

Balance at close of the year

Face Value of Units at the close of the year

Units Units Units Units Amount (`)

DISCO Institutional Option - I - Growth 4,650,079.66 16,745,918.41 6,338,281.99 15,057,716.08 150,577,161

DISCO Regular Dividend Option 290,907,664.07 169,202,582.53 95,591,214.73 364,519,031.87 3,645,190,319

DISCO Regular Growth Option 264,981,016.08 175,762,072.16 99,105,789.75 341,637,298.49 3,416,372,985

DISCO Direct Growth Option - 4,214,943.98 45,342.12 4,169,601.87 41,696,019

DISCO Direct Dividend Option - 2,672,364.99 68,515.77 2,603,849.22 26,038,492

DISCO Total 560,538,759.81 368,597,882.08 201,149,144.36 727,987,497.53 7,279,874,975

DYNMIC Institutional Growth Option 7,744,677.01 22,710.29 2,184,707.24 5,582,680.06 55,826,801

DYNMIC Regular Dividend Option 830,557,040.09 176,582,476.80 265,721,727.92 741,417,788.98 7,414,177,890

DYNMIC Regular Growth Option 252,493,105.30 48,396,288.44 82,180,913.07 218,708,480.67 2,187,084,807

DYNMIC Direct Growth Option - 1,669,525.84 45,799.13 1,623,726.71 16,237,267

DYNMIC Direct Dividend Option - 684,697.57 7,425.83 677,271.74 6,772,717

DYNMIC Institutional - I Growth Option 8,401,471.43 780,491.75 2,186,053.61 6,995,909.57 69,959,096

DYNMIC Institutional Dividend Option 3,155,000.00 - - 3,155,000.00 31,550,000

DYNMIC Total 1,102,351,293.84 228,136,190.69 352,326,626.80 978,160,857.73 9,781,608,577

FOCUS Institutional Growth Option 21,500,136.37 1,386,470.66 16,709,907.86 6,176,699.17 61,766,992

FOCUS Regular Dividend Option 947,068,758.70 226,690,278.86 347,619,913.50 826,139,124.07 8,261,391,241

FOCUS Regular Growth Option 1,462,239,703.53 665,241,286.26 525,602,662.64 1,601,878,327.15 16,018,783,271

FOCUS Direct Growth Option - 18,763,909.63 955,073.42 17,808,836.21 178,088,362

FOCUS Direct Dividend Option - 5,735,479.33 14,464.69 5,721,014.65 57,210,146

FOCUS Total 2,430,808,598.59 917,817,424.75 890,902,022.10 2,457,724,001.25 24,577,240,012

INFRA Institutional Option - I - Growth 30,573,722.60 702,043.75 6,120,754.33 25,155,012.01 251,550,120

INFRA Regular Dividend Option 738,757,775.96 19,005,599.20 228,705,341.91 529,058,033.25 5,290,580,333

INFRA Regular Growth Option 495,968,042.29 43,578,088.41 168,050,132.50 371,495,998.19 3,714,959,982

INFRA Direct Growth Option - 1,089,716.74 71,740.76 1,017,975.98 10,179,760

INFRA Direct Dividend Option - 346,780.60 5,945.95 340,834.65 3,408,346

INFRA Total 1,265,299,540.84 64,722,228.70 402,953,915.46 927,067,854.08 9,270,678,541

TAX Regular Dividend Option 342,178,756.49 46,215,118.73 48,147,513.03 340,246,362.18 3,402,463,622

TAX Regular Growth Option 55,225,611.84 9,683,165.50 8,109,388.96 56,799,388.37 567,993,884

TAX Direct Growth Option - 331,579.93 - 331,579.93 3,315,799

TAX Direct Dividend Option - 1,430,077.28 - 1,430,077.28 14,300,773

TAX Total 397,404,368.33 57,659,941.42 56,256,902.00 398,807,407.75 3,988,074,077

5 Previous year figures are regrouped wherever necessary.

6 Contingent Liability: Nil (Previous year: Nil)

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

23

ICICI Prudential Mutual FundAddress:2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063

Audited Historical Per Unit Statistics (on the basis of closing units) for the year/period ended March 31, 2014.(As per format prescribed for Abridged schemewise Annual Report- SEBI/Md/CIR No.8/132968/2008 dt 24/07/08)


Discovery Fund)


Year Ended31-Mar-14

Year Ended31-Mar-13

Year Ended31-Mar-14

Year Ended31-Mar-13

Year Ended31-Mar-14

Year Ended31-Mar-13

1 NAV PER UNIT (`)

A Open

Direct Dividend Option 20.48 - 16.1438 - 16.87 -

Direct Growth Option 53.70 - 110.7098 - 17.67 -

Institutional - I Growth Option 24.44 21.71 17.6802 16.7985 18.38 16.83

Institutional Growth Option - - 10.4123 9.9128 - -

Regular Dividend Option 18.51 18.38 16.1212 17.3794 15.91 15.55

Regular Growth Option 53.61 48.16 110.5387 106.1254 17.64 16.30

B High

Direct Dividend Option 26.47 22.69 19.3795 17.7656 20.84 18.21

Direct Growth Option 69.41 59.49 144.7106 121.8271 21.83 19.08





C Low







D End







2 Assets Under Management (` in Lakhs)

Closing 335,746.60 257,068.01 389,617.49 365,322.24 531,520.36 419,314.48

Average (AAuM) 275,787.67 218,968.76 355,453.77 398,679.81 458,166.74 412,727.10

3 Gross Income as % of AAuM * 5.19% 9.52% 13.66% 8.34% 6.58% 7.64%

4 Expense Ratio

A Total Expense as % of AAuM (plan wise) *

Direct Option 1.62% 1.71% 1.61% 1.67% 1.50% 1.60%

Institutional - I Option 1.15% 1.00% 1.13% 1.00% 1.33% 1.20%

Institutional Option - - 1.28% 1.20% - -

Regular Option 2.34% 2.19% 2.25% 2.04% 2.29% 2.09%

B Management Fee as % of AAuM (plan wise) *

Direct Option 1.22% 1.20% 1.24% 0.86% 1.14% 1.10%



Regular Option 1.22% 1.07% 1.24% 1.01% 1.14% 1.02%

5 Net Income as % of AAuM * 2.89% 7.36% 11.42% 6.31% 4.31% 5.57%

6 Portfolio Turnover Ratio - Aggregate for all Asset category 7.94 11.81 10.49 11.83 5.74 7.28

Portfolio Turnover Ratio - Equity 0.43 0.48 1.09 1.28 0.40 0.81

7 Total Dividend per unit distributed during the Year / Period (plan- wise)

Direct Dividend Option - - 1.50 - - -


24


Discovery Fund)


Year Ended31-Mar-14

Year Ended31-Mar-13

Year Ended31-Mar-14

Year Ended31-Mar-13

Year Ended31-Mar-14

Year Ended31-Mar-13

8 Returns

A Last One Year

Scheme

Direct Option 28.96% - 30.42% - 23.33% -



Regular Option 28.09% 11.29% 29.59% 4.17% 22.35% 8.28%

Benchmark 16.22% -4.02% 17.82% 7.31% 17.82% 7.31%

B Since Inception

Scheme

Direct Option 15.47% -7.46% 18.57% -5.43% 13.99% -4.74%



Regular Option 22.18% 21.51% 26.27% 25.95% 14.08% 12.43%

Benchmark

Direct Option 0.09% -13.96% 10.06% -4.51% 10.06% -4.51%



Regular Option 16.01% 15.98% 18.64% 18.72% 5.33% 2.90%

Benchmark Index CNX Midcap Index CNX Nifty Index CNX Nifty Index

* Annualised** Less than 0.01%

Note:

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

2 Returns have been calculated based on Growth option NAV 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 income

4 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 / Period

6 AAuM = Average daily net assets

7 Performance for scheme options in which units are fully redeemed & were reissued at Face Value on fresh subcriptions made by the investors during the year are shown on absolute basis and accordingly corresponding previous year figures are not shown.

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

9 Plans closed during the year are not considered for above disclosure.

25

ICICI Prudential Mutual FundAddress:2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063

Audited Historical Per Unit Statistics (on the basis of closing units) for the year/period ended March 31, 2014(As per format prescribed for Abridged schemewise Annual Report- SEBI/Md/CIR No.8/132968/2008 dt 24/07/08)


Year Ended31-Mar-14

Year Ended31-Mar-13

Year Ended31-Mar-14

Year Ended31-Mar-13

1 NAV PER UNIT (`)

A Open

Direct Dividend Option 9.91 - 18.45 -

Direct Growth Option 24.60 - 145.16 -

Institutional - I Growth Option 13.61 13.80 - -

Institutional Growth Option - - - -

Regular Dividend Option 9.90 10.14 16.55 17.26

Regular Growth Option 24.57 25.18 144.91 135.84

B High

Direct Dividend Option 11.56 11.48 22.32 20.71

Direct Growth Option 28.70 28.48 188.59 163.02





C Low







D End







2 Assets Under Management (` in Lakhs)

Closing 131,147.21 147,336.28 171,134.81 139,358.03

Average (AAuM) 127,820.97 182,699.04 146,141.06 140,180.72

3 Gross Income as % of AAuM * -1.10% 1.02% 15.65% 16.27%

4 Expense Ratio

A Total Expense as % of AAuM (plan wise) *

Direct Option 1.77% 1.77% 1.72% 1.80%

Institutional - I Option 1.18% 1.00% - -

Institutional Option - - - -

Regular Option 2.36% 2.10% 2.44% 2.24%

B Management Fee as % of AAuM (plan wise) *

Direct Option 1.38% 1.25% 1.31% 1.28%



Regular Option 1.38% 1.12% 1.31% 1.13%

5 Net Income as % of AAuM * -3.44% -1.05% 13.22% 14.03%

6 Portfolio Turnover Ratio - Aggregate for all Asset category 8.49 7.52 14.55 18.41

Portfolio Turnover Ratio - Equity 0.31 0.42 1.40 2.18

7 Total Dividend per unit distributed during the Year / Period (plan- wise)

Direct Dividend Option - - 1.50 -

Regular Dividend Option - - 2.00 2.00

26


Year Ended31-Mar-14

Year Ended31-Mar-13

Year Ended31-Mar-14

Year Ended31-Mar-13

8 Returns

A Last One Year

Scheme

Direct Option 16.44% - 29.62% -

Institutional - I Option 17.11% -1.38% - -


Regular Option 15.73% -2.42% 28.74% 6.70%

Benchmark 18.18% -11.93% 17.56% 5.13%

B Since Inception

Scheme

Direct Option 2.04% -12.05% 14.68% -8.72%



Regular Option 12.96% 12.59% 22.17% 21.70%

Benchmark

Direct Option -0.02% -15.51% 7.30% -7.27%

Institutional - I Option -3.56% -6.84% - -


Regular Option 4.85% 3.20% 12.26% 11.88%

Benchmark Index CNX Infra Index CNX 500 Index

* Annualised** Less than 0.01%

Note:

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

2 Returns have been calculated based on Growth option NAV 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 income

4 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 / Period

6 AAuM = Average daily net assets

7 Performance for scheme options in which units are fully redeemed & were reissued at Face Value on fresh subcriptions 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.

27

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

DisclaimerSome 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 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.

The Abridged Annual Report has been extracted from the Audited Balance Sheet, Revenue Account and Notes to Accounts. Full Annual Report is available on the website www.icicipruamc.com. Unitholders may refer to the full Annual Report displayed on the website w.r.t. general policies and procedures for exercising voting rights and the details of proxy votings exercised during the Financial Year 2013-14. For Unitholders of the Scheme, full Annual Report is available for inspection at the Corporate Office/Central Service Office of the AMC and a copy thereof shall be made available to the Unitholder on request.

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