Group 7 Abridged Annual - Report For Fy 19 20 PDF

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,&,&,%DQN/LPLWHGRegd. Office: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara 390 007, Gujarat, India; and
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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 : enquiry@icicipruamc.com
Central Service Office: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon (East), Mumbai - 400 063.
Tel.: +91 022-26852000, Fax No.: +91 022-2686 8313.
Registered Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi 110 001.
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Corporate Identity Number: U74899DL1993PLC054134
Registered Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi 110 001.
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Corporate Identity Number: U65910TN1988PLC015757
Registered Office: New No 10. Old No. 178, Opp. to Hotel Palm Grove, MGR Salai, Nungambakkam, Chennai - 600 034
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ICICI Prudential Asset Management

ICICI Prudential Trust Limited
Company Limited
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1. Mr. C.R. Muralidharan1 Chairman and Independent Director 1. Mr. P.H. Ravikumar Independent Director1
2. Mr. Suresh Kumar Independent Director 2. Mr. Jyotin Mehta Independent Director
3. Ms. Lakshmi Venkatachalam Independent Director Mr. Ranganayaulu
3. Independent Director
4. Mr. Ved Prakash Chaturvedi Independent Director Jagarlamudi
5. Mr. Dilip Karnik Independent Director 4. Mr. Pramod Rao Nominee Director (ICICI Bank Limited)
6. Mr. Anup Bagchi Nominee Director (ICICI Bank Limited)2 Mr. Lakshman Kumar Nominee Director (Prudential
5.
Mylavarapu Corporation Holdings Limited)2
7. Mr. Sandeep Batra Nominee Director (ICICI Bank Limited)
1. Mr. P.H. Ravikumar has been designated as Chairman of the Company with
Nominee Director (Prudential Corporation
8. Mr. Bernard Teo effect from May 1, 2020.
Holdings Limited)3
2. The ultimate holding Company of Prudential Corporation Holdings Limited
9. Mr. Nimesh Shah Managing Director
is Prudential Plc.
10. Mr. Sankaran Naren Executive Director
1. Mr. C.R. Muralidharan has retired as an Independent Director and Chairman of
the AMC with effect from May 20, 2020.
2. Mr. Anup Bagchi has been designated as Chairman of the AMC with effect
from May 20, 2020.
3. The ultimate holding Company of Prudential Corporation Holdings Limited is
Prudential Plc.
4. Mr. Naved Masood has been appointed as an Independent Director on the
Board of the AMC with effect from May 2, 2020.
INDEPENDENT AUDITOR’S REPORT
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The accompanying abridged financial statements, which comprise of the abridged balance sheet as at March 31, 2020 and the abridged revenue account
for the year ended March 31, 2020 and related notes of ICICI Prudential Mutual Fund (collectively referred to as ‘the Schemes’) are derived from the
audited financial statements of the Schemes of ICICI Prudential Mutual Fund (the ‘Fund’) as at March 31, 2020 and for the year ended March 31, 2020.
We expressed an unmodified audit opinion on those financial statements in our report dated July 22, 2020.
ICICI Prudential Equity & Debt Fund

ICICI Prudential Equity Savings Fund
ICICI Prudential Regular Savings Fund
ICICI Prudential Retirement Fund - Hybrid – Aggressive Plan
The abridged financial statements do not contain all the disclosures required by the accounting principles generally accepted in India, including the
accounting policies and standards specified in the Ninth Schedule to the SEBI Regulations. Reading the abridged financial statements, therefore, is not a
substitute for reading the audited financial statements of the Schemes of the Fund.
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The board of ICICI Prudential Asset Management Limited and the Trustees (together referred to as the “Management”) are responsible for the preparation
of the abridged financial statements of the Schemes of the Fund pursuant to Regulation 56 (1) of Securities and Exchange Board of India (Mutual Funds)
Regulations, 1996, as amended (the ‘Regulations’) and as per the format prescribed by Securities and Exchange Board of India (‘SEBI’) vide circular number
SEBI/IMD/CIR No.8/132968/2008 dated 24 July 2008 (the ‘Circular’) and are derived from the audited financial statements of the Schemes of the Fund for
the year ended March 31, 2020, prepared in accordance with the accounting policies and standards specified in the Ninth Schedule to the Regulations and
Generally Accepted Accounting Principles in India to the extent applicable and covered by our report of even date to the Trustees of the Fund.
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Our responsibility is to express an opinion on the Abridged Financial Statements based on our procedures, which were conducted in accordance with
Standard on Auditing (SA) 810, “Engagements to Report on Summary Financial Statements” issued by the Institute of Chartered Accountants of India.
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In our opinion, the abridged financial statements, derived from the audited financial statements of the Schemes of the Fund as at March 31, 2020 and
for the year ended March 31, 2020 are in fair summary of those financial statements, and are in accordance with the accounting policies and standards
specified in the Ninth Schedule to the Regulations and Generally Accepted Accounting Principles in India to the extent applicable and as per the format
prescribed by the Circular.
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Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
Sd-
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Partner
Membership No.: 102102

UDIN: 20102102AAADPK2434
Place: Mumbai
Date: August 18, 2020
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Address: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063
ICICI PRUDENTIAL TRUST LIMITED

TRUSTEES’ REPORT
Dear Unitholder,
We have pleasure in presenting the 27th Annual Report of the Schemes of ICICI Prudential Mutual Fund (“the Mutual Fund” or “the Fund”) for the
financial year ended March 31, 2020 (FY2020), along with the audited financial statements of the Schemes.
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The Net Asset Values (NAVs) and other pertinent details of the various Schemes as on March 31, 2020 are as under:
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,&,&,3UXGHQWLDO(TXLW\ 'HEW)XQG 3-Nov-99 20,891.03 25,914.10 105.9600 -21.03% 12.25% Open Ended Hybrid Fund
CRISIL Hybrid 35+65 - Aggressive -12.84% @@
Index
,&,&,3UXGHQWLDO5HJXODU6DYLQJV)XQG 30-Mar-04 1,713.90 1,589.42 43.5212 2.17% 9.62% Open Ended Hybrid Fund
NIFTY 50 Hybrid Composite Debt 15:85 5.85% 8.13%
Index
,&,&,3UXGHQWLDO(TXLW\6DYLQJV)XQG 5-Dec-14 1,459.94 1,891.79 12.7100 -7.64% 4.61% Open Ended Hybrid Fund
NIFTY Equity Savings Total Return Index -4.43% 5.34%
,&,&, 3UXGHQWLDO 5HWLUHPHQW )XQG 27-Feb-19 79.32 20.28 8.3600 -19.16% -15.15% An open ended hybrid
+\EULG$JJUHVVLYH3ODQ scheme investing
CRISIL Hybrid 35+65 - Aggressive -12.84% -7.30% predominantly in equity and
Index equity related instruments
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@@ 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 Compounded Annual Growth Rate (CAGR). For computation of since inception returns the allotment NAV has been taken as `10.
Performance figures have been computed based on the last declared NAV.
Average Asset Under Management (AAUM)
Returns have been calculated based on NAV of Growth option, wherever applicable. Returns for Schemes not having Growth/Cumulative Options have been calculated considering
the Dividend Option, Post Adjustment of the Dividend Factor.
The performance of the scheme is benchmarked to the Total Return variant of the Index.
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The total numbers of live folios as at March 31, 2020 were 93.85 lakh.
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The COVID-19 has impacted the demand and supply chain which may result in muted growth for the coming quarters. The virus outbreak quickly
progressed to an economic shock as governments across the globe enact strict containment policies. Borders have been closed, and schools and
universities shut down. Markets are panicked by uncertainty over the duration of the virus threat and the extent of further containment measures.
This has been compounded by fears that monetary policy efficacy might get reduced with policy rates remaining at level zero. Going forward,
expectations of more aggressive fiscal stimulus measures will offset any shortfall in monetary firepower. The main uncertainty is the duration and
depth of the virus-induced recession.
86
The government’s virus containment measures mean a technical recession – negative GDP growth in Q1 and Q2 is probable. As of March 31,
2020, S&P 500 Index has declined 29% from its 2020 peak, which is on par with a moderate economic recession. A reasonable amount of
economic pain is already in the price.
A risk is that the sharp plunge in cash flows causes highly indebted companies to default, triggering a credit-crunch in the broader economy. This
threat should be lessened by the Fed’s 150 basis points (bps) of emergency easing, asset purchases, and the resumption of an alphabet soup of
crisis-era liquidity management facilities.
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Europe is one of the worst-affected region outside of China by COVID-19. It has high exposure to global trade, particularly China, the ECB has little
monetary policy firepower and the rules around fiscal policy in the Eurozone make stimulus measures difficult to implement. Italy is in quarantine
and strict containment measures have been put in place in France and Spain. Similar measures are likely to be adopted by other European
countries.
The combination of these factors means that the Eurozone stock index has been the hardest hit of the major bourses, down more than 35% as of
mid-March 2020.
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Japan’s economy was weak at the end of 2019, weighed down by the October value-added tax (VAT) increase and a natural disaster caused by
the largest typhoon in half a century. The COVID-19 disruption has almost certainly pushed the economy into recession.
Stimulus measures are underway. The Bank of Japan has limited firepower, but has increased its purchases of government bonds, corporate bonds,
and equities via exchange-traded funds (ETFs). The government is likely to announce emergency fiscal measures. Japan’s structural weaknesses
in terms of weak monetary policy and persistent deflation mean it will likely remain an economic laggard relative to other developed economies.
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China was the first country to enter the COVID-19 crisis and see a downward trend in the number of new cases. High frequency trackers of daily
economic activity show that economic activity is resuming. Traffic congestion in Shenzhen and Shanghai has returned to normal levels and coal
consumption by power generators is trending higher.
Government stimulus is coming. Local provinces have announced infrastructure projects, and the People’s Bank of China has cut interest rates
and the reserve ratio requirement several times. The main uncertainty is whether the combined monetary and fiscal stimulus will be as large
as in 2015/16, which created a V-shaped recovery in 2016. The chances of similar stimulus are less, as China’s leadership is still worried about
excessive debt levels. But it will still be substantial and may position China for a strong rebound when the threat from the virus starts to subside.
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India’s gross domestic product (GDP) slowed to 3.1% growth in the January-March quarter (Q4) compared to revised 4.1% growth in October-
December quarter (Q3). For the fiscal 2020, GDP growth came in at 4.2% compared to 6.1% in fiscal 2019.
India ended the financial year 2020 with a fiscal deficit of 4.59% of gross domestic product, against the target of 3.8%, according to data from
the Controller General of Accounts. India’s current account deficit (CAD) narrowed sharply to US$ 1.4 billion (0.2% of GDP) in the third quarter of
fiscal 2020 from US$ 17.7 billion (2.7% of GDP) in the third quarter of fiscal 2019 and US$ 6.5 billion (0.9% of GDP) in the preceding quarter, i.e.,
second quarter of fiscal 2020.
Both the Reserve Bank of India (RBI) and Government have decided that fiscal year 2019-20 will end on June 30, 2020 while fiscal year 2020-21
will begin on July 1, 2020 but ends on March 31, 2021. Thereafter, all fiscal years will start on April 1 every year.
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Indian Equity markets ended fiscal year 2020 with a drop of 13% from the previous year. In March alone, Indian equity indices S&P BSE Sensex
and Nifty 50 tanked 23% each due to worries about rapid spread of Covid-19 in the country and the government’s lockdown decision. The
domestic indices corrected sharply post the announcement of restriction of economic activity to contain the spread of the epidemic in the country.
Several agencies, including CRISIL, Moody’s Investors Service and Fitch, have slashed India’s growth forecast after the announcement of the
lockdown. The lockdown announcement came even as crisis at a large domestic private sector bank had already dented the market sentiment.
Selling by foreign portfolio investors (FPIs) also contributed to the market decline.
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The central bank cut repo rates by 150 bps from April 2019 to March 2020. The RBI changed its stance from neutral to accommodative in its
June meet and has maintained its accommodative stance through FY 2020 and has also adopted “whatever it takes stance” approach since the
outbreak of the Covid Pandemic. The RBI unleashed it’s bazooka – a comprehensive package of measures which can be broadly classified under:
1. Enhancing banking liquidity, 2. Supporting Financial Market, 3. Reducing Debt servicing burden to support the economy. RBI introduced Targeted
Long Term Repo Operations (TLTROs) to nudge banks to participate in the corporate bond market which may further help in the normalization of the
credit spread. While the measures announced by the RBI may go a long way in easing financial conditions, safeguarding financial stability, and
ensuring that the initial shock to the economy is not amplified through the financial sector, more will likely be needed. Fiscal and Monetary policy
would have to work hand in hand to shield the economy from the disruptions caused by COVID-19. Moody’s downgrade of India’s Sovereign Debt
to Baa3, just one notch above junk bond status may exacerbate the economic turmoil as cost of financing increases and further lead to flight of
foreign investments from India.
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Indian gold prices registered a 29.6% increase, ending FY2020 at ` 40,989 per 10 grams on March 31, 2020 as against ` 31,601 per 10 grams on
March 31, 2019 on the MCX (Multi-Commodity Exchange).
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Nifty 50 Index 8,598 11,624 -26%
S&P BSE Midcap Index 10,570 15,480 -32%
S&P BSE Sensex Index 29,468 38,673 -24%
S&P BSE Smallcap Index 9,609 15,027 -36%
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Dow Jones 21,917 25,929 -15%
FTSE 5,672 7,279 -22%
HangSeng 23,603 29,051 -19%
Nasdaq 7,700 7,729 0%
Nikkei 18,917 21,206 -11%
SSE Composite Index 2,750 3,091 -11%
Strait Times 2,481 3,213 -23%
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INR/USD 75.39 69.11 -9%
INR/GBP 93.08 90.51 -3%
INR/EUR 83.05 77.67 -7%
INR/100YEN 69.65 62.51 -11%
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Brent ($/bbl) 23.67 68.39 -65%
Gold ($/ounce) 1,608 1,295 24%
Silver ($/ounce) 13.98 15.11 -7%
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Call Rate 3.8% 6.1% -2.3%
91 Day T- Bill 4.2% 6.2% -1.9%
364 Day T- Bill 4.5% 6.4% -1.9%
CBLO 3.8% 6.5% -2.7%
Repo 4.4% 6.3% -1.9%
Reverse Repo 4.0% 6.0% -2.0%
10 Year G-Sec 6.1% 7.4% -1.2%
1 Year CD 5.1% 7.2% -2.1%
US 10 Yr Bond 0.7% 2.4% -1.7%
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FPIs Flows 1,489,155 1,483,005 6,150
MFs Flows 797,364 705,918 91,447
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S&P BSE Auto 10,746 18,825 -43%
S&P BSE Bankex 22,050 34,142 -35%
S&P BSE Capital goods 10,979 18,472 -41%
S&P BSE Consumer durables 19,363 23,857 -19%
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S&P BSE Fast Moving Consumer Goods 10,255 11,742 -13%
S&P BSE Healthcare 12,149 14,408 -16%
S&P BSE Information Technology 12,843 15,280 -16%
S&P BSE Metal 5,713 11,355 -50%
S&P BSE Oil & Gas 10,021 15,270 -34%
S&P BSE PSU 4,460 7,640 -42%
S&P BSE Realty 1,354 2,077 -35%
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As per The International Monetary Fund, India’s Gross Domestic Product may contract by 4.5% in the 2020-21 financial year due to the lockdown
imposed to fight the coronavirus pandemic. The coronavirus pandemic came at a time when India’s economy was already slowing, due to
persistent financial sector weaknesses. Even after the spread of the virus has slowed down, the recovery might remain week due to a host of
reasons like business confidence failing to improve, establishment closures and structural shifts in firm and household behavior which may cause
supply chain disruptions and weakness in aggregate demand. The trajectory for FY 2021 hence largely depends on how the Covid-19 curve shapes
up in India along with the probability of a successful discovery of a vaccine.
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Global Markets ended on a sombre note in March as the world grappled with the widening spread of COVID-19. Indian Markets (Nifty 50 Index)
witnessed a sharp decline of 23.2% - a large monthly decline since the Global Financial Crisis. In a bid to contain the spread of COVID-19, many
countries announced lockdowns bringing economies to a grinding halt and raising concerns of severe slowdown. This led to further negative
sentiments and risk aversion across asset classes.
India too saw a steep rise in the number of COVID-19 cases. As a measure to further prevent the spread of COVID-19, the Government of India too
ordered a complete nationwide lockdown for 21 days starting March 25 leading to a sharp sell-off in Indian markets. The decision of a complete
lockdown spooked FPIs and resulted in an outflow of ` 61,972 Crs.
In what can be called as an integrated effort to support growth, Global Central Banks announced a series of fiscal and monetary stimulus
measures. The US Federal Reserve cut interest rates twice and announced US $ 2 trillion stimulus package, the Bank of England (BoE) too cut
rates and announced a new round of QE (Quantitative Easing) worth GBP 200 billion. On the domestic front, the RBI too came up with measures
ranging from policy rate cut, Cash Reserve Ration (CRR) cut to regulatory forbearance to mitigate the impact of lockdown on economy. The
Monetary Policy Committee (MPC) cut policy rates by 75 bps to 4.4%. The RBI also cut CRR ratio from 4% to 3% for a year. The Finance Minister
too announced several measures like cash transfers, free food grain, gas cylinders and interest free loans.
There is no book or recent historical precedent for the global growth shock which everyone is witnessing currently. Normally, crisis is the result
of any economic and/or financial imbalances developed during expansion phase. However, the current crisis underlying cause remains a health
crisis which is spreading in a globalized world from the start of the year. Finally, the Indian economy at this juncture is better placed in terms of
fundamentals than previous crisis.
The divergence between Value and Growth stocks continues to prevail with select Megacaps still in the expensive zone. Currently, fundamentally
sound value stocks are available at inexpensive valuations, providing good dividend yield and have better earnings visibility.
Unitholders may note that volatility is inherent to equities which need to be kept in mind while investing. As an investor, one must embrace
volatility and be cognizant of their own asset allocation while investing.
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RBI delivered on rate cuts with the Repo rate at record low levels. The short end of the curve rates collapsed with Treasury Bills (T-bills) and even
Certificate of Deposits (CD) yields trading on par with reverse repo rates given excess system liquidity.
The long end of the yield curve was elevated due to government bond supply worries; however, the flattening of the curve has begun with the
comfort of high liquidity and expectation of incremental support from RBI. Liquidity may rise sharply on government spending and RBI liquidity
infusion and this may prompt the markets to play for any carry available at any segment of the curve. The yield flattening is expected to continue
given that the economy will take a while to recover from lockdown.
RBI may undertake more measures to aid the transmission of rates and some of the measures which could have major impact are:
1. Measures to prevent banks from deploying large amount of surplus liquidity at RBI’s reverse repo window.
2. Increase in HTM (Hold to Maturity) limit of bonds for banks
3. RBI may be buying large quantity of govt. bonds either through Open Market Operation (OMO) purchases or in the primary market to help
improve demand-supply.
4. Ultra Long Term Repo Operations of 5 Years & above.
6
Going forward, continued improvement is expected in the financial markets, due to various measures undertaken by Government and RBI. These
measures resulted in the cooling down of corporate bonds, but the markets expect that there is lot of space for the spread assets (AA Corporate
Bonds) to compress.
These are interesting times or special situations which throw special opportunities for investment. Hence, the near term appears to be bullish for
bond markets and that the yield curve in two to five years with combination of spread assets may provide better risk adjusted returns. Having
said that, one should be cognizant of managing the liquidity, concentration, credit and duration.
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The AAUM of the Mutual Fund for the quarter ended March 31, 2020 stood at ` 3,58,141.58 crore, while for the quarter ended March 31, 2019
the AAUM of the Mutual Fund was ` 3,21,281.17 crore.
As of March 31, 2020, the Fund comprised 72 open ended scheme which includes 21 Equity Oriented schemes, 16 Debt Oriented schemes, 6
Hybrid schemes, 2 Solution Oriented schemes (Retirement Fund having 4 plans there under, each having different portfolio), 3 Index Funds, 14
Exchange Traded Funds, 9 Fund of Funds investing domestically, 1 Fund of Funds scheme investing overseas and 143 close ended schemes.
During the year, the Fund has launched 3 Equity schemes, 3 Exchange Traded Funds and 2 Fund of Funds and 4 Fixed Maturity Plans. During the
year, 25 Fixed Maturity Plans, 8 Capital Protection Oriented Plans, 9 Multiple Yield Plans and 8 Close Ended Equity Funds have matured.
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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 leveraging on its 208 branches including 97 functioning as official points of acceptance of transactions, as
on March 31, 2020, 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.
Considering the current situation due to COVID-19, investors may note that the operations of the AMC are being run uninterruptedly and the AMC
continues to run its operations in a smooth manner. In these testing times, the various platforms offered through digital mode, enables the unit
holder to transact in the schemes of the mutual fund.
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Unitholders are requested to note that considering the impact of COVID-19 pandemic on the economies, the domestic and global markets
witnessed sharp decline towards the end of FY2020 which impacted the returns of equity oriented schemes. Subsequently, due to coordinated
measures undertaken by global and domestic central banks and other fiscal measures, the markets recovered in the first quarter of the FY2021.
ICICI Prudential Equity & Debt Fund is an open -ended Hybrid Scheme that seeks 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.
The Growth Option of the scheme posted a return of -21.03% in FY2020. The Benchmark, CRISIL Hybrid 35+65 - Aggressive Index posted -12.84% for
the period. The Scheme has underperformed the benchmark index mainly owing to overweight position in metal and power & oil & gas sector stocks.
The AAUM of the scheme during the last quarter of FY2020 was ` 20,891.03 crore.
ICICI Prudential Equity Savings Fund is an open -ended Hybrid Scheme that 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 Growth Option of the scheme posted a return of -7.64% in FY2020. The Benchmark, Nifty Equity Savings TRI posted -4.43% for the period.
The Scheme has underperformed the benchmark index mainly owing to overweight in utilities sector stocks.
The AAUM of the scheme during the last quarter of FY2020 was `1,459.94 crore.
ICICI Prudential Regular Savings Fund is an open -ended Hybrid Scheme that seeks to generate regular income through investments predominantly
in debt and money market instruments. The Scheme also seeks to generate long term capital appreciation from the portion of equity investments
under the Scheme.
The Growth Option of the scheme posted a return of 2.17% in FY2020. The Benchmark, NIFTY 50 Hybrid Composite Debt 15:85 Index posted
5.85% for the period. Debt portfolio of the Scheme was largely credit oriented, aimed at generating accrual. Over a period of past one year, credit
spreads have expanded while government bonds have rallied, leading to an underperformance over a period of 1 year.
The AAUM of the scheme during the last quarter of FY2020 was `1,713.90 crore.
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ICICI Prudential Retirement Fund is an open-ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever
is earlier).
7
The investment objective of the Retirement Fund is to provide capital appreciation and income to the investors which will help to achieve
retirement goals by investing in a mix of securities comprising of equity, equity related instruments, fixed income securities and other securities.
+\EULG $JJUHVVLYH 3ODQ An open-ended hybrid scheme predominantly investing in equity and equity related securities to generate capital
appreciation. The scheme may also invest in Debt, Gold/Gold ETF/units of REITs & InvITs and such other asset classes as may be permitted from
time to time for income generation / wealth creation. However, there is no assurance or guarantee that the investment objective of the Scheme
would be achieved.
The Growth option of the scheme posted a return of -19.16% in FY2020. The benchmark, CRISIL Hybrid 35+65 - Aggressive Index, posted -12.84%
for the same period. The Scheme increased the equity allocation compared to the index which has resulted in the negative alpha.The Scheme
has underperformed the benchmark index mainly owing to underweight position in one of the large cap stock and an underweight position in the
consumer and leveraged financial stocks.
The AAUM of the scheme during the last quarter of FY2020 was ` 79.32 crore.
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ICICI Bank is India’s largest private sector bank with total assets of ` 10,983.65 billion at March 31, 2020 and profit after tax ` 79.31 billion for
the year ended March 31, 2020. ICICI Bank as at March 31, 2020 had a network of 5,324 Branches and 15,688 ATM’s across India. ICICI Bank
and their subsidiaries offers a wide range of banking and financial services including commercial banking, retail banking, project and corporate
finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.
ICICI Bank’s international footprint consists of subsidiaries in the United Kingdom and Canada, branches in the United States, Singapore, Bahrain,
Hong Kong, Sri Lanka, Dubai International Finance Centre, South Africa and China and representative offices in the United Arab Emirates,
Bangladesh, Malaysia and Indonesia. The UK subsidiary of the Bank has seven branches in UK and one branch in Germany.
ICICI Bank Limited is a publicly held banking company incorporated under the Companies Act of 1956, India. The equity shares of the Bank are
listed on Bombay Stock Exchange and National Stock Exchange; while the American depositary receipts are listed on New York stock exchange.
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Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps individuals to de-risk their lives and
deal with their biggest financial concerns through life and health insurance, and retirement and asset management solutions. Prudential plc has 20
million customers and is listed on 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, nor with the Prudential Assurance
Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
A brief Group overview is stated below:
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Asia’s long-term structural trends are powerful drivers of sustainable growth. These trends underpin a strong and growing demand for savings and
protection across the region, as markets are challenged by low life insurance penetration and a large pension funding gap. Prudential Corporation
Asia are well placed to capture this opportunity, providing products that meet our customers’ needs and gaining political and regulatory support
in our markets.
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They have also continued to expand their presence in Africa, one of the world’s most under penetrated markets where the population is forecast
to grow by a billion by 2045. In July, they completed our acquisition of a 51 per cent stake in a leading life insurer, Group Beneficial, operating in
West and Central Africa. They now operate in eight markets with a population of almost 400 million.
86
In the US, an extra 22 million individuals will need retirement solutions by 20351, and pension provision has been declining2. They see a growing
demand for retirement products and an ongoing shift to fee-based solutions. Jackson is evolving its product range to address these needs.
Financial Performance (past three years):
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Total revenue, net of reinsurance 86,390 35,845 93,736
Profit After Tax and minority interests 2,389 4,023 792
Shareholder Equity 16,087 21,968 19,477
Assets under Management (£ billion) 669 455 543
1 United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Prospects 2019, Online Edition. Rev. 1. Population aged 65 and over as at
2019 versus 2035.
2 US Department of Labor, ‘Private Pension Plan Bulletin Historical Tables and Graphs 1975 – 2017’, September 2019.
8
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ICICI Prudential Mutual Fund (“the Mutual Fund” or “the Fund”) was set up as a Trust by the Settlers, in accordance with the provisions of the
Indian Trusts Act, 1882 under a Trust Deed dated August 25, 1993 (since amended from time to time). The Trust Deed is registered under the Indian
Registration Act, 1908. The Fund is sponsored by ICICI Bank Limited and Prudential plc. (through its wholly owned subsidiary Prudential Corporation
Holdings Limited). ICICI Bank Limited had contributed ` 10 lakh and Prudential plc, with the approval of Reserve Bank of India, had contributed `
12.2 lakh towards the corpus of the 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 Fund was registered with SEBI on October 12, 1993.
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ICICI Prudential Trust Limited (“the Company/Trustee”) is the Trustee of the Fund (including its schemes). It was incorporated under the Companies
Act, 1956, in terms of a Trust Deed executed on August 25, 1993. The Trust Deed is registered under the Indian Registration Act, 1908.
The Trustee is the exclusive owner of the Fund and holds the same in trust for the benefit of the unit holders. The Trustee has been discharging
its duties and carrying out the responsibilities as provided in Securities and Exchange Board of India (Mutual Fund) Regulations, 1996 (the
“Regulations”) and the Trust Deed. The Trustee seeks to ensure that the Fund and the schemes floated thereunder are managed by the AMC in
accordance with the Trust Deed, the Regulations, and the directions and guidelines issued by the Securities & Exchange Board of India (SEBI), the
stock exchanges concerned, the Association of Mutual Funds in India and other Regulatory agencies.
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ICICI Bank Limited holds 51% of the share capital of the Trustee; Prudential plc, through its wholly owned subsidiary, Prudential Corporation
Holdings Limited, holds the remaining 49%.
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As of March 31, 2020, the Board comprised:
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1. Mr. P.H. Ravikumar Independent Director1
2. Mr. Jyotin Mehta Independent Director
3. Mr. Ranganayaulu Jagarlamudi Independent Director
4. Mr. Pramod Rao Nominee Director (ICICI Bank Limited)
5. Mr. Lakshman Kumar Mylavarapu Nominee Director (Prudential Corporation Holdings Limited)2
1. Mr. P.H. Ravikumar has been designated as Chairman of the Company with effect from May 1, 2020.
2. The ultimate holding Company of Prudential Corporation Holdings Limited is Prudential Plc.
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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. The AMC under its portfolio management license has also been appointed as
the investment manager by the Trust for managing the scheme launched under ICICI Prudential Venture Capital Fund. The AMC is also providing
investment management services to Category II and Category III Alternative Investment Funds registered under SEBI (Alternative Investment
Funds) Regulations, 2012. The AMC is also rendering nonbinding advisory services to Foreign Portfolio Investors (FPIs) which are registered under
SEBI (Foreign Portfolio Investors) Regulations, 2019 (FPI Regulations). In addition to this, the AMC shall also be providing investment management
services including dealing services to offshore funds which are registered as FPIs under FPI Regulations.
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 ` 3,58,141.58 crore for the quarter ended March
31, 2020. The AMC manages a comprehensive range of Schemes to meet the varying investment needs of its investors spread across various cities
through 468 branches (including 260 branches operated through the Registrar of the Mutual Fund) in the country as on March 31, 2020.
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ICICI Bank Limited holds 51% of the share capital of the AMC; Prudential plc, through its wholly owned subsidiary, Prudential Corporation
Holdings Limited, holds the remaining 49%.
9
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As of March 31, 2020, the Board comprised:
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1. Mr. C.R. Muralidharan1 Chairman and Independent Director
2. Mr. Suresh Kumar Independent Director
3. Ms. Lakshmi Venkatachalam Independent Director
4. Mr. Ved Prakash Chaturvedi Independent Director
5. Mr. Dilip Karnik Independent Director
6. Mr. Anup Bagchi Nominee Director (ICICI Bank Limited)2
7. Mr. Sandeep Batra Nominee Director (ICICI Bank Limited)
8. Mr. Bernard Teo Nominee Director (Prudential Corporation Holdings Limited)3
9. Mr. Nimesh Shah Managing Director
10. Mr. Sankaran Naren Executive Director
1. Mr. C.R. Muralidharan has retired as an Independent Director and Chairman of the AMC with effect from May 20, 2020.
2. Mr. Anup Bagchi has been designated as Chairman of the AMC with effect from May 20, 2020.
3. The ultimate holding Company of Prudential Corporation Holdings Limited is Prudential Plc.
4. Mr. Naved Masood has been appointed as an Independent Director on the Board of the AMC with effect from May 2, 2020.
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Investment Objectives of the schemes are as under:
The Scheme aims to generate regular income through investments predominantly in debt and money market instruments. The Scheme also seeks
to generate long term capital appreciation from the portion of equity investments under the Scheme.
However, there is no assurance or guarantee that the investment objective of the Scheme would be achieved.
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 or guarantee that the investment objectives of the scheme will be achieved.
The Scheme aims 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.
However there can be no assurance or guarantee that the investment objectives of the scheme would be achieved.
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The investment objective of the scheme is to provide capital appreciation and income to the investors which will help to achieve retirement goals
by investing in a mix of securities comprising of equity, equity related instruments, fixed income securities and other securities.
However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved.
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An open ended hybrid scheme predominantly investing in equity and equity related securities to generate capital appreciation. The scheme
may also invest in Debt, Gold/Gold ETF/units of REITs & InvITs and such other asset classes as may be permitted from time to time for income
generation / wealth creation.
However, there is no assurance or guarantee that the investment objective of the Scheme would be achieved.
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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.
10
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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, 2020, is as follows:
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ICICI Prudential Equity & Debt Fund 2,199 34,985,434.33 298 8,413,271.37
ICICI Prudential Equity Savings Fund 37 640,227.42 19 1,483,923.01
ICICI Prudential Regular Savings Fund 566 4,002,911.49 111 1,883,020.95
9, ',6&/2685(2),19(6725&203/$,176
The disclosure regarding the redressal of Investor Complaints received against the Fund during the FY2020 is as under:
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IA Non receipt of Dividend on Units - 26 26 - - - - - - - -
IB Interest on delayed payment of - - - - - - - - - - -
Dividend
IC Non receipt of Redemption 1 41 42 - - - - - - - -
Proceeds
ID Interest on delayed payment of - - - - - - - - - - -
Redemption
II A Non receipt of Statement of - 1 1 - - - - - - - -
Account/Unit Certificate
II B Discrepancy in Statement of 5 497 500 - - - - 2 - - -
Account
II C Data corrections in Investor 6 1,063 1,066 - - - - 3 - - -
details
II D Non receipt of Annual Report/ - - - - - - - - - - -
Abridged Summary
III A Wrong switch between - 161 156 - - - - 5 - - -
Schemes
III B Unauthorized switch between - - - - - - - - - - -
Schemes
III C Deviation from Scheme - - - - - - - - - - -
attributes
III D Wrong or excess charges/load - - - - - - - - - - -
III E Non updation of changes viz. 1 517 518 - - - - - - - -
address, PAN, bank details,
nomination, etc
IV Others - 34 34 - - - - - - - -
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ICICI Prudential Mutual Fund for FY 2019-2020 Complaints Summary
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Total Complaints Received 2340
Total Number of Folios 9,384,601
Percentage Complaints Against Folios 0.02%
# Including against its authorized persons/ distributors/ employees. etc.
* Non actionable means the complaint that are incomplete / outside the scope of the mutual fund.
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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).
11
The AMC has disclosed the Voting Policy and the votes exercised during FY2020 on a quarterly and annual basis along with Scrutinizer’s
certification on website of the AMC, viz. https://www.icicipruamc.com/voting-policy.
9,,,67$78725<,1)250$7,21
A. The Sponsors are not responsible or liable for any loss resulting from the operation of the schemes of the Fund beyond their initial contribution
of ` 22.2 lakh for setting up the Fund and accretions/additions thereto.
B. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market values of the
underlying investments.
C. Full Annual Report shall be disclosed on the website (www.icicipruamc.com) and shall be available for inspection at the Central Service Office
of the AMC. Present and prospective unit holder can contact the Central Service Office of the AMC to obtain a physical copy of the trust deed
and the full Annual Report of the Fund/ AMC. It may be noted that due to lockdown imposed on account of COVID-19 pandemic the office may
remain closed. In such case, investor may reach out to us at enquiry@icicipruamc.com.
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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.
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The Trustee’s primary responsibility is to safeguard the interests of the unit holders and, inter alia, ensure that the AMC functions in the interests
of investors and in accordance with the Regulations, the provisions of the Trust Deed, and the Scheme Information Documents of the Schemes of
the Fund. From the information provided to the Trustee by the AMC and discussions with AMC officials at meetings of its Board and Committee,
and reviews by the Trustee through its Board of Directors at such meetings, the Trustee is of the opinion that the AMC has operated in the
interests of the unit holders and functioned in compliance with the Regulations.
The Sponsors are not responsible or liable for any loss or shortfall resulting from the operations of the Schemes beyond the initial contribution of
` 22.2 lakh collectively made by them towards setting up the Fund and such other accretions and additions to the corpus set up by the Sponsors
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The Trustee expresses its gratitude to the unit holders, SEBI, RBI, AMFI, the registrars, bankers, the custodians of the Fund, the stock exchanges
where the units of various Schemes are listed, ICICI Bank Limited and Prudential plc. and the management and employees of the AMC for their
continued support and assistance during the year.
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Place: Mumbai
Date: August 25, 2020 Sd/-
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Director
1RWH Source for compilation of key statistics and other data is the website of third party research agencies
12
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(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)
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2.1 Unit Premium Reserve 707,544.17 868,942.49 8,167.82 11,804.21
2.2 Unrealised Appreciation Reserve - - - 720.04
2.3 Other Reserves 415,350.70 1,162,618.24 14,479.60 32,202.93
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4.1 Provision for doubtful Income / deposits - - - -
4.2 Other Current Liabilities & Provisions 10,696.93 31,606.69 3,062.36 1,285.91
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1.1.1.a Equity Shares 1,115,889.66 1,887,159.06 79,915.13 119,632.99
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 333,901.26 411,630.76 18,430.41 23,270.20
1.1.5 Securitised Debt Securities - - - -
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1.2.1 Equity Shares - - - -
1.2.4 Other Debentures & Bonds - - - -
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1.3.4 Other Debentures & Bonds - 55,748.99 1,369.39 2,506.38
1.3.5 Securitised Debt Securities 5,909.87 14,347.85 - -
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3.1 Cash & Bank Balance 1,238.41 282.48 21.85 9.49
3.2 Collateralised Lending / Tri-Party Repo 36,769.76 2,995.04 1,574.18 4,884.74
3.3 Others 50,961.92 77,335.85 1,710.45 5,526.63
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Annexure I - Notes to Accounts
Figures Less than ` 500 are shown as zero
13
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2.1 Unit Premium Reserve 14,720.93 13,558.23 75.36 0.11
2.2 Unrealised Appreciation Reserve 1,302.68 6,789.58 - 173.31
2.3 Other Reserves 102,225.32 95,307.42 (1,360.27) 25.26
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4.1 Provision for doubtful Income / deposits - - - -
4.2 Other Current Liabilities & Provisions 350.40 626.90 31.08 23.93
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1.1.1.a Equity Shares 22,783.59 22,612.13 4,653.47 3,990.94
1.1.1.b Indian Depository Receipts - - - -
1.1.1.c Warrants - - - -
1.1.4 Other Debentures & Bonds 88,243.00 86,566.87 1,522.99 894.01
6HFXULWLHV$ZDLWHG/LVWLQJ
1.2.4 Other Debentures & Bonds - - - -
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1.3.4 Other Debentures & Bonds 27,432.16 35,050.77 - -
1.3.5 Securitised Debt Securities 4,352.92 12,263.71 - -
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3.1 Cash & Bank Balance 178.71 20.95 2.45 3.57
3.2 Collateralised Lending / Tri-Party Repo 4,558.68 552.32 359.79 211.46
3.3 Others 6,977.39 5,116.41 43.53 49.38
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Annexure I - Notes to Accounts
14
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1.1 Dividend 36,578.51 48,253.94 1,650.75 2,307.45
1.2 Interest 49,913.03 61,168.65 3,577.39 5,196.92
1.3 Realised Gains/(Losses) on Foreign Exchange Transactions - - - -
1.4 Realised Gains/(Losses) on Interscheme sale of Investments (0.06) 357.58 - (237.43)
1.5 Realised Gains/(Losses) on External Sale/Redemption of Investments 117,853.62 148,329.99 869.77 15,558.12
1.6 Realised Gains/(Losses) on Derivative Transactions (3,048.38) 1,609.71 15,426.28 1,926.28
1.7 Other Income 497.73 4,052.95 7.84 135.10
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2.1 Interest on Borrowing - - 0.01 -
2.2 Management Fees 21,721.85 24,278.72 891.04 1,552.93
2.3 Goods & Services Tax on Management Fees 3,909.93 4,370.17 160.39 279.53
2.4 Transfer Agent’s Fees & Expenses 1,078.46 1,273.00 74.89 113.95
2.5 Custodian Fees 67.59 116.02 3.63 5.63
2.6 Trusteeship Fees 3.92 5.13 0.26 0.44
2.7 Commission to Agents 11,447.69 22,903.50 765.16 1,009.02
2.8 Marketing & Distribution Expenses 286.82 203.87 14.93 15.10
2.9 Audit Fees 5.11 4.72 1.84 1.78
2.10 Other Operating Expenses 613.17 705.34 36.92 52.75
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4 Change in Unrealised Depreciation in value of Investments (D) 602,328.58 11,218.06 29,207.41 6,148.15
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6 Change in Unrealised Appreciation in value of Investments (F) - - - -
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7.1 Add: Balance Transfer from Unrealised Appreciation Reserve - 4,619.36 720.04 6,868.19
7.2 Less: Balance Transfer to Unrealised Appreciation Reserve - - - 720.04
7.3 Add/(Less) : Equalisation (182,797.74) (11,173.80) (7,298.75) (15,713.30)
7.4 Surplus/(Deficit) brought forward 1,162,618.24 1,122,905.18 32,202.93 29,774.52
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9.1 Income Distributed during the year/period 110,499.92 134,959.90 1,345.97 3,288.05
9.2 Tax on Income distributed during the year/period 14,301.21 17,466.89 174.20 425.55
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Annexure I- Notes to Accounts

15
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1.1 Dividend 215.02 120.77 73.48 2.79
1.2 Interest 12,233.12 10,751.05 179.75 21.25
1.3 Realised Gains/(Losses) on Foreign Exchange Transactions - - - -
1.4 Realised Gains/(Losses) on Interscheme sale of Investments - 11.06 - -
1.5 Realised Gains/(Losses) on External Sale/Redemption of Investments 649.42 7,517.48 158.59 14.29
1.6 Realised Gains/(Losses) on Derivative Transactions (1,051.73) 509.06 - -
1.7 Other Income 84.71 79.93 0.01 -
$
(;3(16(6 /266(61RWH
2.1 Interest on Borrowing - - - -
2.2 Management Fees 1,803.22 1,726.53 21.30 2.43
2.3 Goods & Services Tax on Management Fees 324.58 310.77 3.83 0.44
2.4 Transfer Agent’s Fees & Expenses 63.10 59.80 3.72 0.33
2.5 Custodian Fees 4.39 5.47 0.29 0.01
2.6 Trusteeship Fees 0.28 0.27 0.01 -
2.7 Commission to Agents 934.98 873.10 142.19 9.69
2.8 Marketing & Distribution Expenses 3.43 10.87 1.89 0.05
2.9 Audit Fees 1.79 1.78 0.25 0.02
2.10 Other Operating Expenses 43.23 40.29 2.34 0.28
%
1HW5HDOLVHG*DLQV/RVVHVIRUWKH<HDU3HULRG$% &
4 Change in Unrealised Depreciation in value of Investments (D) 5,486.90 3,524.54 1,813.73 -
1HW*DLQV/RVVHVIRUWKH<HDU3HULRG( &'
6 Change in Unrealised Appreciation in value of Investments (F) - - - 173.31
1HW6XUSOXV'HILFLWIRUWKH\HDUSHULRG* ()
7.1 Add: Balance Transfer from Unrealised Appreciation Reserve 6,789.58 10,314.12 173.31 -
7.2 Less: Balance Transfer to Unrealised Appreciation Reserve 1,302.68 6,789.58 - 173.31
7.3 Add/(Less) : Equalisation (1,017.54) 8,538.20 18.88 0.18
7.4 Surplus/(Deficit) brought forward 95,307.42 72,393.40 25.26 -
7RWDO
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9.1 Income Distributed during the year/period 727.42 1,134.16 - -
9.2 Tax on Income distributed during the year/period 288.68 450.49 - -
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Annexure I- Notes to Accounts

16
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BALCD ICICI Prudential Equity & Debt Fund
EQTYINC ICICI Prudential Equity Savings Fund
IMPL ICICI Prudential Regular Savings Fund
RETIREAG ICICI Prudential Retirement Fund - Hybrid – Aggressive Plan
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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”.
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BALCD 85,744.11 5.29% 498.90 0.03% 31,144.22 1.17% 97,724.65 3.68%
EQTYINC 423.95 0.35% 24,262.68 20.19% 5,681.03 3.13% 84,377.48 46.53%
IMPL 4,635.92 2.86% - - - - - -
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BALCD TATA CONSUMER PRODUCTS LIMITED (Short) 279.83 293.30 180.86
EQTYINC LIC Housing Finance Ltd. (Short) 229.95 236.05 61.69
EQTYINC Maruti Suzuki India Ltd. (Short) 5,037.43 4,285.90 429.58
EQTYINC NTPC Ltd. (Short) 80.26 84.55 93.39
EQTYINC Reliance Industries Ltd. (Short) 1,103.23 1,117.95 1,380.37
EQTYINC State Bank of India (Short) 193.30 196.60 484.69
EQTYINC Sun Pharmaceuticals Industries Ltd. (Short) 354.91 351.80 675.36
EQTYINC Tata Motors Ltd. (Short) 71.53 71.15 326.20
EQTYINC TATA CONSUMER PRODUCTS LIMITED (Short) 286.54 293.30 381.82
EQTYINC TITAN COMPANY LTD (Short) 902.71 935.70 169.76
EQTYINC Tech Mahindra Ltd. (Short) 545.90 564.65 221.32
EQTYINC Zee Entertainment Enterprises Ltd. (Short) 128.12 124.55 212.09
EQTYINC Axis Bank Ltd. (Short) 324.84 380.80 421.42
EQTYINC Bajaj Finance Ltd. (Short) 2,691.16 2,226.35 206.70
EQTYINC Bharti Airtel Ltd. (Short) 440.55 442.45 724.90
EQTYINC GAIL (India) Ltd. (Short) 76.49 76.95 87.12
EQTYINC Ambuja Cements Ltd. (Short) 139.48 153.70 161.50
EQTYINC Housing Development Finance Corporation Ltd. (Short) 1,730.00 1,637.05 903.07
EQTYINC Hindalco Industries Ltd. (Short) 95.94 95.70 182.23
EQTYINC Hindustan Unilever Ltd. (Short) 2,118.98 2,296.25 384.97
EQTYINC Infosys Ltd. (Short) 650.83 643.75 365.87
EQTYINC JSW Steel Ltd. (Short) 155.22 146.95 163.68
EQTYINC Larsen & Toubro Ltd. (Short) 794.54 805.75 488.80
E 2WKHUWKDQKHGJLQJ3RVLWLRQVWKURXJK)XWXUHVDVRQ0DUFK
IMPL NIFTY Long 8,718.44 8,620.95 1,118.63
BALCD HDFC Bank Ltd. Long 994.22 864.40 7,043.04
BALCD Hindalco Industries Ltd. Long 116.85 95.70 115.72
BALCD Federal Bank Ltd. Long 48.75 41.20 1,676.05
BALCD Infosys Ltd. Long 550.80 643.75 2,049.61
BALCD Larsen & Toubro Ltd. Long 844.34 805.75 1,865.39
BALCD State Bank of India Long 213.15 196.60 703.05
BALCD Axis Bank Ltd. Long 426.34 380.80 1,082.06
BALCD Power Grid Corporation of India Ltd. Long 156.90 159.60 1,247.21
BALCD Indian Oil Corporation Ltd. Long 77.15 81.95 1,237.37
EQTYINC Federal Bank Ltd. Long 44.42 41.20 195.54
17
c Hedging Positions through Put Options as on March 31, 2020 is Nil.
d Hedging Positions through Call Options as on March 31, 2020 is Nil.
e Other than Hedging Position through Options as on March 31, 2020 is Nil.
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BALCD - - 46,337 316,041.45 2,536.74 ^^
EQTYINC - - 111,805 687,683.39 16,564.99 20.18%
* Number of contracts have been arrived using the applicable lot size as on the date of original purchase.
^^ Amount less than Rs. 0.005 lakhs or 0.005%
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BALCD 25,767 143,438.26 55,690 493,079.61 (5,833.36) 3.13%
EQTYINC 5,920 40,840.07 9,240 82,326.80 (1,161.33) ^^
IMPL 5,039 43,791.84 - - (1,051.73) 2.86%
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EQTYINC Call Bharti Airtel Ltd. 540.00 100 20.42 20.42
EQTYINC Call Infosys Ltd. 840.00 35 4.04 4.04
EQTYINC Call Sun Pharmaceuticals Industries Ltd. 420.00 50 2.20 (5.17)
EQTYINC Call ICICI BANK LIMITED 460.00 50 4.66 (3.49)
EQTYINC Call ICICI BANK LIMITED 455.00 58 4.62 (8.32)
EQTYINC Call ICICI BANK LIMITED 520.00 100 19.57 19.57
EQTYINC Call HDFC Bank Ltd. 1,300.00 100 9.45 9.45
EQTYINC Call NTPC Ltd. 125.00 50 3.58 3.58
EQTYINC Call Reliance Industries Ltd. 1,380.00 10 0.96 (3.26)
EQTYINC Call Axis Bank Ltd. 720.00 90 11.38 (6.28)
EQTYINC Call Tata Consultancy Services Ltd. 2,100.00 10 1.47 (2.77)
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BALCD Put NIFTY 11,700.00 1,800 194.64 (141.76)
BALCD Put NIFTY 11,800.00 1,800 97.94 105.47
BALCD Put NIFTY 12,300.00 4,855 516.04 40.83
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BALCD Long GE Shipping Ltd 8.70% NCD - MD - 06-May-2026 5,000.00 03-Apr-20
(Short) (5,000.00) 25-Feb-25
BALCD Long State Bank of India PERP NCD 9.37% Sr II AT1- C 21-Dec-23 MD- 31-Dec-2099 5,000.00 03-Apr-20
(Short) (5,000.00) 12-Sep-22
BALCD Long 7.57% GOI - MD - 17-Jun-2033 5,000.00 03-Apr-20
(Short) (5,000.00) 25-Feb-25
BALCD Long 7.57% GOI - MD - 17-Jun-2033 10,000.00 03-Apr-20
(Short) GE SHIPPING 8.24% Tranche 2 NCD MD - 10-Nov-2026 (10,000.00) 14-Mar-24
GE SHIPPING 8.70% NCD MD 31-May-2025
BALCD Long GE SHIPPING 8.24% Tranche 2 NCD MD - 10-Nov-2026 10,000.00 03-Apr-20
(Short) GE SHIPPING 8.70% NCD MD 31-May-2025 (10,000.00) 12-Sep-22
7.57% GOI - MD - 17-Jun-2033
* Long position represents the floating leg of IRS contract and the maturity date is considered as next interest fixing date.
* Short position represents the fixed leg of IRS contract and the maturity date is considered as the maturity date of IRS contract.
18
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ICICI PRUDENTIAL EQUITY & DEBT FUND 02-Apr-19 Reliance Industries Ltd 29,737.36 1.11%
ICICI PRUDENTIAL EQUITY & DEBT FUND 03-Apr-19 Reliance Industries Ltd 29,845.60 1.13%
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BALCD ICICI BANK LIMITED (Short) 395.43 400.50 3,772.21
BALCD Sun Pharmaceuticals Industries Ltd. (Short) 475.22 481.70 162.61
BALCD Axis Bank Ltd. (Short) 770.43 780.30 501.62
BALCD Zee Entertainment Enterprises Ltd. (Short) 428.14 447.20 3,531.89
BALCD GAIL (India) Ltd. (Short) 361.93 349.45 230.55
EQTYINC Zee Entertainment Enterprises Ltd. (Short) 426.74 447.20 1,822.84
EQTYINC Vedanta Limited (Short) 185.04 185.30 -
EQTYINC Reliance Industries Ltd. (Short) 1,380.40 1,372.60 852.44
EQTYINC Tata Chemicals Ltd. (Short) 584.48 594.20 712.74
EQTYINC Tata Power Company Ltd. (Short) 72.50 74.35 229.70
EQTYINC TITAN COMPANY LTD (Short) 1,122.19 1,145.05 309.07
EQTYINC Tata Consultancy Services Ltd. (Short) 2,000.48 2,014.60 1,457.57
EQTYINC Wipro Ltd. (Short) 256.18 256.95 72.39
EQTYINC Bajaj Finance Ltd. (Short) 2,991.90 3,046.45 102.26
EQTYINC Federal Bank Ltd. (Short) 92.75 97.05 251.52
EQTYINC Housing Development Finance Corporation Ltd. (Short) 1,965.78 1,976.60 345.41
EQTYINC HDFC Bank Ltd. (Short) 2,323.07 2,329.40 102.16
EQTYINC Hindalco Industries Ltd. (Short) 211.16 207.10 96.87
EQTYINC Hindustan Unilever Ltd. (Short) 1,711.07 1,714.70 150.75
EQTYINC JSW Steel Ltd. (Short) 286.70 294.90 144.17
EQTYINC JUBILANT FOODWORKS LIMITED (Short) 1,471.48 1,456.55 28.49
EQTYINC IDFC Ltd. (Short) 45.15 46.85 607.79
EQTYINC Kotak Mahindra Bank Ltd. (Short) 1,367.01 1,342.60 95.17
EQTYINC ACC Ltd. (Short) 1,602.71 1,670.95 57.37
EQTYINC Bharti Airtel Ltd. (Short) 330.52 335.20 670.81
EQTYINC GAIL (India) Ltd. (Short) 360.90 349.45 10.17
EQTYINC ITC Ltd. (Short) 293.90 299.00 197.94
EQTYINC ICICI BANK LIMITED (Short) 389.45 400.50 302.64
EQTYINC Larsen & Toubro Ltd. (Short) 1,385.48 1,391.50 276.74
EQTYINC LUPIN LIMITED (Short) 738.87 745.70 261.44
EQTYINC State Bank of India (Short) 301.56 322.05 339.24
EQTYINC Sun Pharmaceuticals Industries Ltd. (Short) 474.48 481.70 798.20
EQTYINC Tata Global Beverages Ltd. (Short) 196.17 204.90 154.28
EQTYINC Tech Mahindra Ltd. (Short) 774.57 779.45 1,154.83
EQTYINC Axis Bank Ltd. (Short) 754.82 780.30 994.93
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BALCD NTPC Ltd. Long 136.52 135.60 608.44
BALCD Oil & Natural Gas Corporation Ltd Long 155.27 160.75 259.77
BALCD NIFTY (Short) 11,593.32 11,679.90 6,889.35
BALCD Tata Motors Ltd. Long 87.03 86.25 274.53
EQTYINC NTPC Ltd. Long 137.10 135.60 851.57
EQTYINC MindTree Ltd. Long 950.37 952.45 50.36
EQTYINC Oil & Natural Gas Corporation Ltd Long 158.98 160.75 159.04
EQTYINC NIFTY (Short) 11,578.10 11,679.90 1,574.71
19
c Hedging Positions through Put Options as on March 31, 2019 is Nil.
d Hedging Positions through Call Options as on March 31, 2019 is Nil.
e Other than Hedging Position through Options as on March 31, 2019 is Nil.
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BALCD - - 51,567 374,739.84 (1,902.60) 1.37%
EQTYINC - - 199,745 1,311,661.84 1,770.47 38.58%
IMPL - - 276 2,573.85 (77.32) -
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BALCD 66,731 326,577.34 198,309 1,634,548.77 3,450.38 2.54%
EQTYINC 8,096 59,385.38 6,890 54,330.66 155.99 10.86%
IMPL 2,888 23,133.01 600 5,131.33 586.38 -
g Hedging transaction through Options were transacted during the year ended March 31, 2019 is Nil.
h For the year ended March 31, 2019 with regard to non-hedging transactions through options which have already been exercised/expired is Nil
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BALCD Long GE SHIPPING 8.70% NCD MD 31-May-2025 10,000.00 02-Apr-19
(Short) (10,000.00) 14-Mar-24
BALCD Long 8.18% TN SDL - MD - 19-Dec-2028 10,000.00 02-Apr-19
(Short) GE SHIPPING 8.24% Tranche 2 NCD MD - 10-Nov-2026 (10,000.00) 14-Mar-24
GE SHIPPING 8.70% NCD MD 31-May-2025
BALCD Long GE Shipping Ltd 8.70% NCD - MD - 06-May-2026 5,000.00 02-Apr-19
(Short) (5,000.00) 14-Mar-24
* Long position represents the floating leg of IRS contract and the maturity date is considered as next interest fixing date.
* Short position represents the fixed leg of IRS contract and the maturity date is considered as the maturity date of IRS contract.
j Investment in repo transaction of corporate debt securities during the year ended March 31, 2019: Nil
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BALCD ICICI Bank Limited Debentures and Bonds 14,490.08 54,497.31
BALCD ICICI Bank Limited Equity Shares 110,075.00 174,001.23
BALCD ICICI Lombard General Insurance Company Limited & Equity Shares - 451.59
BALCD ICICI Prudential Life Insurance Company Limited & Equity Shares - 5,533.59
BALCD ICICI Securities Ltd. & Equity Shares 7,642.05 6,990.37
EQTYINC ICICI Bank Limited Debentures and Bonds 4,973.48 4,952.15
EQTYINC ICICI Bank Limited Equity Shares 4,421.21 4,384.67
EQTYINC ICICI Lombard General Insurance Company Limited & Equity Shares 998.24 1,230.35
IMPL ICICI Bank Limited Debentures and Bonds 2,486.74 8,885.42
IMPL ICICI Bank Limited Equity Shares 1,713.07 -
RETIREAG ICICI Bank Limited Debentures and Bonds 296.71 294.92
RETIREAG ICICI Bank Limited Equity Shares 279.62 79.11
20
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Aster DM Healthcare Limited $ Equity Shares 3,203.48 2144.63
Birla Corporation Limited $ Equity Shares 1,257.82 0.09
Brigade Enterprises Limited $ Equity Shares 7,711.08 14184.22
City Union Bank Ltd $ Equity Shares 7.54 -
Gammon Infrastructure Projects Limited Equity Shares - 70.98
GMR Infrastructure Ltd $ Equity Shares 1,252.43 0.27
ICICI Bank Limited Debentures and Bonds 225,706.15 318759.5
ICICI Bank Limited Equity Shares 529,508.11 579737.79
ICICI Home Finance Company Limited & Debentures and Bonds 14,093.20 9924.08
ICICI Lombard General Insurance Company Limited & Equity Shares 45,622.13 29382.91
ICICI Prudential Life Insurance Company Limited & Equity Shares 15,857.57 23562.82
ICICI Securities Ltd. & Equity Shares 26,113.17 18624.99
The above investments are in normal course and are in accordance with the investment objective of relevant scheme.
$ The disclosure has been made as director (s) of the AMC is/ are also on the board of the aforesaid companies.
& The disclosure has been made as Group company and as director (s) of the AMC is/ are also on the board of the aforesaid companies.
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Bharti Airtel Limited Equity Shares BALCD 4,075.66
Bharti Airtel Limited Equity Shares BHACON 14.04
Bharti Airtel Limited Equity Shares EQTYINC 108.67
Bharti Airtel Limited Equity Shares RETIREAG 6.35
IndiaMart InterMESH Ltd Equity Shares EQTYINC 3,999.91
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Aavas Financiers Limited Equity Share EQTYINC 200.09
Aavas Financiers Limited Equity Share IMPL 199.95
HDFC Asset Management Company Limited Equity Share EQTYINC 7,499.92
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LIC Housing Finance Limited Non Convertible Debentures BALCD 5,000.00
Power Finance Corporation Limited Non Convertible Debentures RETIREAG 200.00
Rural Electrification Corporation Limited Non Convertible Debentures BALCD 7,500.00
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Housing and Urban Development Corporation Limited Non Convertible Debentures BALCD 25,000.00
Housing and Urban Development Corporation Limited Non Convertible Debentures IMPL 10,000.00
National Bank for Agriculture and Rural Development Non Convertible Debentures BALCD 20,047.15
Rural Electrification Corporation Limited Non Convertible Debentures BALCD 8,500.00
1.6 Open Position of securities borrowed : Nil (Previous Year - Nil)

Open Position of securities lend : Nil (Previous Year - Nil)
1.7 Details of Securities classified as below investment grade or default:
Aggregate market value : Nil (Previous Year - Nil)
Provision thereof Nil (Previous Year - Nil)
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EQTYINC (28,487.37) -23.70% 720.03 0.40%
IMPL 1,302.69 0.80% 6,789.59 4.19%
RETIREAG (1,640.42) -25.03% 173.32 3.06%
21
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BALCD 2,350,182.50 868,183.03 36.94% 1,154,284.46 49.11% 2,733,980.33 1,534,225.85 56.12% 1,693,697.90 61.95%
EQTYINC 155,928.05 80,859.68 51.86% 90,391.00 57.97% 233,860.30 68,767.45 29.41% 158,788.60 67.90%
IMPL 166,767.97 9,297.59 5.58% 1,851.36 1.11% 156,827.05 4,913.88 3.13% 23,201.52 14.79%
RETIREAG 7,452.80 4,109.59 55.14% 1,795.48 24.09% 5,532.15 4,034.76 72.93% 213.17 3.85%
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BALCD 2,350,182.50 699,328.02 29.76% 1,015,000.33 43.19% 2,733,980.33 1,936,194.25 70.82% 2,063,991.42 75.49%
EQTYINC 155,928.05 69,943.48 44.86% 83,702.73 53.68% 233,860.30 142,717.74 61.03% 180,626.72 77.24%
IMPL 166,767.97 57,769.28 34.64% 68,306.11 40.96% 156,827.05 138,148.34 88.09% 129,718.46 82.71%
RETIREAG 7,452.80 1,160.15 15.57% 1,053.97 14.14% 5,532.15 1,614.33 29.18% 197.95 3.58%
7RWDO
BALCD 2,350,182.50 1,567,511.05 66.70% 2,169,284.78 92.30% 2,733,980.33 3,470,420.10 126.94% 3,757,689.32 137.44%
EQTYINC 155,928.05 150,803.16 96.71% 174,093.73 111.65% 233,860.30 211,485.20 90.43% 339,415.33 145.14%
IMPL 166,767.97 67,066.87 40.22% 70,157.46 42.07% 156,827.05 143,062.22 91.22% 152,919.98 97.51%
RETIREAG 7,452.80 5,269.73 70.71% 2,849.46 38.23% 5,532.15 5,649.09 102.11% 411.11 7.43%
Excludes transactions in futures & options, Interest Rate Swaps, Collaterised Lending,Reverse Repo and Tri-Party Repo
Includes Units of Mutual Funds, debt and money market and Fixed Deposits.
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BALCD Aggregate value of non traded Debt 326,411.53 20.14% 443,737.82 16.70%
BALCD Aggregate value of non traded Money Market Instruments - - 100,092.86 3.77%
BALCD Aggregate value of non traded Units of Mutual Fund 30,212.34 1.86% 59,424.25 2.24%
EQTYINC Aggregate value of non traded Debt 19,799.80 16.48% 25,776.57 14.21%
EQTYINC Aggregate value of non traded Money Market Instruments - - 4,784.47 2.64%
EQTYINC Aggregate value of non traded Units of Mutual Fund 3,558.36 2.96% 6,974.47 3.85%
IMPL Aggregate value of non traded Debt 109,145.15 67.26% 123,738.18 76.31%
RETIREAG Aggregate value of non traded Debt 1,522.99 23.24% 894.01 15.80%
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ICICI Group Company BALCD 90,338.32 2.90% 46.42 3.92% 320,238.62 4.29% 101.31 3.57%
Securities EQTYINC 18,864.03 1.83% 4.50 2.44% 105,950.43 3.54% 21.64 4.61%
Limited
IMPL 1,294.11 1.43% 0.63 4.18% 4,231.36 3.21% 2.49 9.49%
RETIREAG 439.63 7.84% 0.21 7.89% - - - -
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ICICI Bank Limited @ Sponsor BALCD 40,989.24 9.43% 669.03 5.99% 150,591.41 17.26% 3,239.02 14.37%
EQTYINC 942.55 3.04% 57.67 7.81% 5,877.12 13.52% 136.19 13.66%
IMPL 503.83 1.28% 10.24 1.15% 3,396.73 5.22% 35.64 3.99%
RETIREAG 1,981.51 35.22% 66.69 49.85% 3,437.87 60.51% 5.81 61.22%
ICICI Securities Limited Group Company BALCD 19,880.47 4.57% 607.63 5.44% 34,085.09 3.91% 924.59 4.10%
EQTYINC 812.30 2.62% 28.73 3.89% 947.52 2.18% 46.56 4.67%
IMPL 1,867.64 4.74% 27.87 3.12% 1,332.85 2.05% 23.79 2.66%
RETIREAG 59.58 1.06% 0.84 0.63% 38.84 0.68% 0.05 0.53%
22
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ICICI Securities Primary Group Company BALCD - - - - - - 0.01 ^^
Dealership Limited
Nuti Amit Thakkar $ Distributor is a rela- BALCD ^^ ^^ 0.02 ^^ - - - -
**** tive of an employee
of the AMC
Shaila Badar $ ### Distributor is a rela- BALCD - - - - 0.30 ^^ ^^ ^^
tive of an employee
of the AMC
Abinash Bardhan $ ## Distributor is a rela- BALCD - - - - 3.53 ^^ 0.07 ^^
tive of an employee EQTYINC - - - - 1.00 ^^ 0.01 ^^
of the AMC
Vatsal Shah $ Distributor is a rela- BALCD 12.56 ^^ 1.61 0.01% 112.19 0.01% 4.91 0.02%
tive of an employee IMPL - - 0.24 0.03% 54.09 0.08% 0.39 0.04%
of the AMC
Agarwal Investments Distributor is a rela- BALCD 6.50 ^^ 1.32 0.01% 13.79 ^^ 3.82 0.02%
$# tive of an employee EQTYINC - - 0.04 0.01% - - 0.08 0.01%
of the AMC
IMPL - - ^^ ^^ 0.02 ^^ ^^ ^^
Crescita Wealth $ Distributor is a rela- BALCD 3.48 ^^ 0.02 ^^ 1.06 ^^ ^^ ^^
tive of an employee EQTYINC - - 0.13 0.02% 10.00 0.02% 0.12 0.01%
of the AMC
IMPL - - 0.14 0.02% 21.07 0.03% 0.11 0.01%
Shyam Sunder Gupta Distributor is a rela- BALCD 0.98 ^^ 0.06 ^^ 9.82 ^^ 0.16 ^^
$# tive of an employee EQTYINC 0.16 ^^ ^^ ^^ 0.32 ^^ ^^ ^^
of the AMC
Anil Khera $ ## Distributor is a rela- BALCD 388.34 0.09% 3.71 0.03% 104.04 0.01% 5.36 0.02%
tive of an employee EQTYINC - - - - - - 0.04 ^^
of the AMC
IMPL 3.09 0.01% 0.54 0.06% 21.72 0.03% 0.61 0.07%
Ganesh Kumar Sivasu- Distributor is a rela- BALCD 1.40 ^^ 0.09 ^^ 11.40 ^^ 0.02 ^^
bramanian $ tive of an employee
of the AMC
Shubh Nivesh Financial Distributor is a rela- BALCD 0.32 ^^ 0.06 ^^ - - - -
Services $ **** tive of an employee EQTYINC - - ^^ ^^ - - - -
#### of the AMC
IMPL 0.68 ^^ 0.01 ^^ - - - -
Amit Natvarlal Thakkar Distributor is a rela- BALCD ^^ ^^ 0.13 ^^ - - - -
Limited $ **** tive of an employee
of the AMC
KPW Distributor is a rela- BALCD 286.54 0.07% 4.94 0.04% 649.24 0.07% 6.86 0.03%
Insurance&Investments tive of an employee EQTYINC 11.68 0.04% 0.85 0.12% 46.06 0.11% 1.67 0.17%
Consultants P ltd $ of the AMC
### IMPL - - 1.54 0.17% - - 2.16 0.24%
Nakul Dev Pandit $ Distributor is a rela- BALCD 11.37 ^^ 0.09 ^^ 34.01 ^^ 0.28 ^^
tive of an employee
of the AMC
Suraj Dinesh Sharma $ Distributor is a rela- BALCD 0.48 ^^ 0.01 ^^ 0.20 ^^ ^^ ^^
tive of an employee
of the AMC
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ICICI Bank Limited @ Sponsor Bank Charges ** BALCD 44.68 98.73
EQTYINC 19.01 46.85
IMPL 1.60 1.37
RETIREAG 0.26 0.08
ICICI Bank Limited @ Sponsor Investor Service Charges BALCD - 0.02
EQTYINC - ^^
IMPL - ^^
MF Utilities India Pvt Ltd Employee of AMC on board Investor Service Charges BALCD 8.01 0.02
EQTYINC 0.58 -
IMPL 1.03 ^^
RETIREAG 0.06 ^^
23
**Bank charges paid include transaction charges paid to ICICI Bank Limited (Professional clearing member) for futures & options transactions
@ Holding by a major shareholder of AMC, viz, ICICI Bank Limited whether directly or indirectly
$ The disclosure has been made as Distributor is a relative of an employee of the AMC.
& Commission paid to distributor not disclosed for previous year as the relative of the distributor has joined as an employee of the AMC during the FY 2019-20
****Commission paid to distributor not disclosed for previous year as distributor became an associate during the FY 2019-20
# Relative of Distributor ceased to be an employee of the AMC from 4th April, 2019.
## Relative of Distributor ceased to be an employee of the AMC from 29th February, 2020.
### Relative of Distributor ceased to be an employee of the AMC from 3rd October, 2019.
#### Relative of Distributor ceased to be an employee of the AMC from 24th February, 2020.
Commission disclosed above is net off recovery, if any.
Note : The schemes have paid Management Fees and Trustee ship fees to ICICI Prudential Asset Management Company Limited and ICICI Prudential Trust Limited respectively as
disclosed in Revenue Account.
3 Investors holding units in the Scheme over 25% of the NAV as on March 31, 2019 are Nil. (Previous year - Nil)
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BALCD Annual Dividend Option 198,495,017 31,136,882 (72,479,538) 157,152,361 15,715.24
BALCD Direct Annual Dividend Option 23,177,579 46,113,357 (10,258,023) 59,032,913 5,903.29
BALCD Direct Growth Option 155,563,488 38,203,076 (57,768,077) 135,998,487 13,599.85
BALCD Direct Half Yearly Dividend Option 42,309 0 (9,569) 32,740 3.27
BALCD Direct Monthly Dividend Option 93,209,473 21,398,218 (41,327,740) 73,279,951 7,328.00
BALCD Growth Option 940,704,608 143,436,896 (303,935,359) 780,206,145 78,020.61
BALCD Half Yearly Dividend Option 311,238 5,473 (77,496) 239,215 23.92
BALCD Monthly Dividend Option 4,836,484,967 614,923,500 (1,676,637,544) 3,774,770,922 377,477.09
%$/&' 7RWDO
EQTYINC Direct Growth Option 142,426,400 82,604,938 (91,162,430) 133,868,907 13,386.89
EQTYINC Direct Half Yearly Dividend Option 6,047,915 522,716 (1,018,756) 5,551,876 555.19
EQTYINC Direct Monthly Dividend Option 84,381,258 4,191,532 (79,814,279) 8,758,511 875.85
EQTYINC Direct Quarterly Dividend Option 8,158,516 5,438,606 (8,319,671) 5,277,450 527.75
EQTYINC Growth Option 865,534,568 154,373,906 (356,023,597) 663,884,877 66,388.49
EQTYINC Half Yearly Dividend Option 30,528,317 2,307,985 (9,930,348) 22,905,954 2,290.60
EQTYINC Monthly Dividend Option 167,372,037 17,767,307 (90,561,993) 94,577,352 9,457.74
EQTYINC Quarterly Dividend Option 61,695,986 6,674,255 (27,906,211) 40,464,030 4,046.40
(47<,1& 7RWDO
IMPL Bonus Option 3,881 0 - 3,881 0.39
IMPL Direct Bonus Option 2,524 (0) - 2,524 0.25
IMPL Direct Growth Option 29,034,933 19,967,582 (7,171,721) 41,830,794 4,183.08
IMPL Direct Half Yearly Dividend Option 766,433 267,520 (310,560) 723,393 72.34
IMPL Direct Monthly Dividend Option 4,959,186 2,076,014 (2,006,515) 5,028,684 502.87
IMPL Direct Quarterly Dividend Option 1,868,902 608,045 (772,952) 1,703,995 170.40
IMPL Growth Option 312,114,125 52,257,292 (63,778,259) 300,593,158 30,059.32
IMPL Half Yearly Dividend Option 4,709,820 355,503 (879,302) 4,186,021 418.60
IMPL Monthly Dividend Option 77,574,829 10,714,343 (30,175,115) 58,114,057 5,811.41
IMPL Quarterly Dividend Option 33,972,225 3,810,930 (9,644,676) 28,138,480 2,813.85
,03/ 7RWDO
RETIREAG Direct Dividend Option 57,799 124,687 (512) 181,974 18.20
RETIREAG Direct Growth Option 1,284,473 1,278,829 (461,065) 2,102,238 210.22
RETIREAG Dividend Option 3,322,893 702,913 (1,147,277) 2,878,529 287.85
RETIREAG Growth Option 49,927,974 50,872,874 (27,572,733) 73,228,116 7,322.81
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24

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BALCD Annual Dividend Option 251,042,690 41,073,091 (93,620,763) 198,495,017 19,849.50
BALCD Direct Annual Dividend Option 27,769,828 3,336,294 (7,928,543) 23,177,579 2,317.76
BALCD Direct Growth Option 139,723,914 59,811,632 (43,972,059) 155,563,488 15,556.35
BALCD Direct Half Yearly Dividend Option 48,472 - (6,163) 42,309 4.23
BALCD Direct Monthly Dividend Option 121,541,843 31,471,552 (59,803,922) 93,209,473 9,320.95
BALCD Growth Option 921,217,933 330,603,846 (311,117,170) 940,704,608 94,070.46
BALCD Half Yearly Dividend Option 343,508 6,716 (38,986) 311,238 31.12
BALCD Monthly Dividend Option 5,619,778,700 1,358,968,324 (2,142,262,057) 4,836,484,967 483,648.50
%$/&' 7RWDO
EQTYINC Direct Growth Option 228,615,274 52,537,891 (138,726,765) 142,426,400 14,242.64
EQTYINC Direct Half Yearly Dividend Option 13,511,436 597,432 (8,060,953) 6,047,915 604.79
EQTYINC Direct Monthly Dividend Option 117,865,184 29,404,686 (62,888,612) 84,381,258 8,438.13
EQTYINC Direct Quarterly Dividend Option 10,952,091 697,942 (3,491,517) 8,158,516 815.85
EQTYINC Growth Option 1,491,258,479 186,154,266 (811,878,177) 865,534,568 86,553.46
EQTYINC Half Yearly Dividend Option 52,554,937 1,753,269 (23,779,889) 30,528,317 3,052.83
EQTYINC Monthly Dividend Option 340,260,238 20,217,350 (193,105,551) 167,372,037 16,737.20
EQTYINC Quarterly Dividend Option 101,662,439 5,339,286 (45,305,739) 61,695,986 6,169.60
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IMPL Bonus Option 3,881 - - 3,881 0.39
IMPL Direct Bonus Option 2,524 - - 2,524 0.25
IMPL Direct Growth Option 22,657,945 14,808,680 (8,431,692) 29,034,933 2,903.49
IMPL Direct Half Yearly Dividend Option 728,763 165,700 (128,030) 766,433 76.64
IMPL Direct Monthly Dividend Option 5,345,447 2,394,123 (2,780,384) 4,959,186 495.92
IMPL Direct Quarterly Dividend Option 2,000,186 627,394 (758,678) 1,868,902 186.89
IMPL Growth Option 279,381,792 128,920,468 (96,188,134) 312,114,125 31,211.41
IMPL Half Yearly Dividend Option 3,947,032 2,470,887 (1,708,099) 4,709,820 470.98
IMPL Monthly Dividend Option 86,568,318 31,661,256 (40,654,745) 77,574,829 7,757.48
IMPL Quarterly Dividend Option 32,260,359 19,656,934 (17,945,068) 33,972,225 3,397.22
,03/ 7RWDO
RETIREAG# Direct Dividend Option - 57,799 - 57,799 5.78
RETIREAG# Direct Growth Option - 1,286,428 (1,955) 1,284,473 128.45
RETIREAG# Dividend Option - 3,980,972 (658,078) 3,322,893 332.29
RETIREAG# Growth Option - 52,595,435 (2,667,461) 49,927,974 4,992.80
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“Balance at the beginning of the year” includes units alloted during NFO as initial capital.
# 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 respec-
tive financial year under ”Issued during the year/period”.
5 Contingent Liability as at March 31, 2020: Nil (Previous year - Nil)
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Amount (` in Lakhs)
3DUWLFXODUV
Opening Balance 944.41 756.25
Accretion to Investor Education & Awareness Fund including income earned on investment 7,169.79 6,396.05
Less: Uitilisation towards investor education and awareness initiatives 2,097.46 3,071.94
Less: Amount contributed to AMFI 3,538.48 3135.94
Closing Balance 2478.26 944.41
7 Expenses other than management fee are inclusive of Goods & Services Tax where applicable.
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Unclaimed Dividend 33,427 731.95 33,269 595.18
Unclaimed Redemption 2,989 2,979.32 2,578 1,261.10
25
This disclosure has been carried out for all the schemes and the amount is set aside at a pool level.
Additionally, pursuant to SEBI circular no. SEBI/HO/IMD/DF2/CIR/P/2016/37 dated February 25, 2016 and an addendum issued by the AMC in this regard (dated May 18, 2016), the AMC
had introduced separate plans under ICICI Prudential Liquid Fund for deployment of unclaimed amounts. Consequently, unclaimed amounts are deployed in respective investor’s folios under
the aforesaid plans, in accordance with the said addendum and hence disclosed separately on AMC’s website.
9 The outbreak of COVID–19 virus continues to spread across the globe including India, resulting in significant volatility in financial markets and a significant decrease in global and India’s
economic activities. On March 11, 2020, this outbreak was declared a global pandemic by the World Health Organisation. On March 24, 2020, the Indian Government announced a lock-
down across the nation to contain the spread of the virus.
In preparing the accompanying financial statements, the Fund’s management is required to make judgements, estimates and assumptions that affect the application of policies and re-
ported amounts of assets (including investments in debt securities) and income of the Scheme. These estimates and associated assumptions, especially for determining fair value of the
Scheme’s investments in debt securities, are based on historical experience and various other factors including the possible effects that may result from the pandemic, that are believed to
be reasonable under the current circumstances. The valuation of such debt securities is carried out for each debt security separately by independent agencies as required by SEBI (Mutual
Funds) Regulations 1996, as amended. Further, as required by the SEBI Regulations, the AMC is responsible for adjustments to the above-mentioned price to make it reflective of fair value
as detailed in the valuation policy approved by the Board of Directors of the AMC and Trustees.
Given the dynamic nature of the pandemic situation, the valuation of the Scheme’s investments in securities as at March 31, 2020, are subject to evolving uncertainties on account of
severity of the outbreak and duration of the lockdown.
10 These Abridged Financial Statements have been derived from the Audited Financial Statements referred to in the Audit Report.
11 Previous year figures are regrouped wherever necessary.
26
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(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08)
0DUFK 0DUFK 0DUFK 0DUFK
1$93(581,7`
$ 2SHQ
Annual Dividend Option 13.37 12.80 - -
Bonus Option - - - -
Direct Annual Dividend Option 13.93 13.24 - -
Direct Bonus Option - - - -
Direct Dividend Option - - - -
Direct Growth Option 144.07 132.38 14.28 13.19
Direct Half Yearly Dividend Option 14.39 13.22 13.38 12.60
Direct Monthly Dividend Option 30.62 30.50 12.49 12.33
Direct Quarterly Dividend Option - - 12.36 11.96
Dividend Option - - - -
Growth Option 134.44 124.89 13.77 12.81
Half Yearly Dividend Option 13.69 12.71 12.67 12.02
Monthly Dividend Option 22.93 24.05 11.09 11.12
Quarterly Dividend Option - - 11.41 11.35
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Growth Option 142.50 134.44 14.94 13.77
& /RZ
Growth Option 98.66 121.79 12.06 12.82
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27
Growth Option 105.96 134.44 12.71 13.77
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Closing 1,620,966.13 2,656,359.62 120,176.33 181,341.70
Average (AAuM) 2,350,182.50 2,733,980.33 155,928.05 233,860.30
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Direct Option 1.18% 0.98% 0.75% 0.71%
Other than Direct Option 1.72% 2.07% 1.35% 1.42%
% 0DQDJHPHQW)HHDVRI$$X0SODQZLVH
Direct Option 0.93% 0.76% 0.56% 0.53%
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Direct Growth Option - - - -
Direct Half Yearly Dividend Option - - 0.48 0.24
Growth Option - - - -
Half Yearly Dividend Option - - 0.48 0.24
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Direct Option -20.60% 8.81% -7.09% 8.24%
Other than Direct Option -21.03% 7.63% -7.64% 7.47%
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Direct Option 10.28% 16.29% 5.44% 8.61%
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Direct Option 7.99% 11.79% 5.34% 7.77%
Other than Direct Option @@ @@ 5.34% 7.77%
%HQFKPDUN,QGH[ &5,6,/+\EULG$JJUHVVLYH,QGH[ 1,)7<(TXLW\6DYLQJV7RWDO5HWXUQ,QGH[
* Annualised
@@ As these Schemes were launched before the launch of the benchmark index, benchmark index figures since inception or the required period are not provided.
1RWH
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. In case where Growth option NAV is not available, Dividend option NAV is considered.
3 Gross Income = Amount against (A) in the Revenue account i.e 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 (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 absoulate 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 disclosures
28
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(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08)
1$93(581,7`
$ 2SHQ
Annual Dividend Option - - - -
Bonus Option 17.7875 16.4450 - -
Direct Annual Dividend Option - - - -
Direct Bonus Option 44.6582 41.0053 - -
Direct Dividend Option - - 10.38 -
Direct Growth Option 44.6662 41.0121 10.38 -
Direct Half Yearly Dividend Option 15.3768 15.7358 - -
Direct Monthly Dividend Option 15.6021 15.6163 - -
Direct Quarterly Dividend Option 13.8287 13.9135 - -
Dividend Option - - 10.36 -
Growth Option 42.5907 39.3754 10.36 -
Half Yearly Dividend Option 12.1633 12.1600 - -
Monthly Dividend Option 13.7173 13.9546 - -
Quarterly Dividend Option 11.2991 11.3480 - -
% +LJK
Bonus Option 19.2662 17.7875 - -
Direct Dividend Option - - 11.04 10.38
Dividend Option - - 10.83 10.36
Growth Option 46.1318 42.5907 10.83 10.36
& /RZ
Bonus Option 17.5514 16.5201 - -
Growth Option 42.0258 39.5552 7.70 10.01
' (QG
Bonus Option 18.1759 17.7875 - -
29
Growth Option 43.5212 42.5907 8.36 10.36
$VVHWV8QGHU0DQDJHPHQW`LQ/DNKV
Closing 162,281.43 162,155.92 6,554.16 5,657.99
Average (AAuM) 166,767.97 156,827.05 7,452.80 5,532.15
*URVV,QFRPHDVRI$$X0
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$ 7RWDO([SHQVHDVRI$$X0SODQZLVH
Direct Option 1.34% 1.29% 0.41% 0.63%
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Direct Option 1.08% 1.03% 0.29% 0.41%
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Direct Growth Option - - - -
Growth Option - - - -
5HWXUQV
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Direct Option 2.81% 8.88% -17.60% NA
Other than Direct Option 2.17% 8.14% -19.16% NA
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6FKHPH
Direct Option 10.00% 11.21% -13.48% 3.80%
Other than Direct Option 9.62% 10.14% -15.15% 3.60%
%HQFKPDUN
Direct Option 8.37% 8.78% -7.30% 5.75%
Other than Direct Option 8.13% 8.29% -7.30% 5.75%
%HQFKPDUN,QGH[ 1,)7<+\EULG&RPSRVLWH'HEW,QGH[ &5,6,/+\EULG$JJUHVVLYH,QGH[
* Annualised
@@ As these Schemes were launched before the launch of the benchmark index, benchmark index figures since inception or the required period are not provided.
1RWH
1 Scheme Returns and Benchmark Returns for schemes launched during the year are computed from date of allotment. These returns are shown on absolute basis.For the remaining
schemes, Scheme Returns and Benchmark Returns are shown on CAGR basis.
2 Returns have been calculated based on Growth option. In case where Growth option NAV is not available, Dividend option NAV is considered.
3 Gross Income = Amount against (A) in the Revenue account i.e income
4 Net Income = Amount against (C) in the Revenue account i.e Net realised Gains/(Losses) for the Year/Period
5 Portfolio Turnover = Lower of sales or purchase divided by Average AUM for the Year/Period
6 AAuM = Average daily net assets
7 Performance for scheme options in which units are fully redeemed & were reissued at Face Value on fresh subcriptions (except in case of Direct Plan where NAV of corresponding ‘Other
than Direct’ Plan is considered) made by the investors during the year are shown on absoulate basis and accordingly corresponding previous year figures are not shown.
8 Performance figures have been computed based on the last declared NAV.
9 Plans closed during the year are not considered for above disclosures
30
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)XOO$QQXDO5HSRUWLVDYDLODEOHRQWKHZHEVLWHZZZLFLFLSUXDPFFRP8QLWKROGHUVPD\UHIHUWRWKHIXOO$QQXDO5HSRUWGLVSOD\HG
RQWKHZHEVLWHZUWJHQHUDOSROLFLHVDQGSURFHGXUHVIRUH[HUFLVLQJYRWLQJULJKWVWKHGHWDLOVRISUR[\YRWLQJH[HUFLVHGGXULQJ
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'LVFODLPHU
In the preparation of the material contained in this document, the Asset Management Company (AMC) has used information that is
publicly available, including information developed in-house. 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 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.
Be Eco-friendly, Go Green!!
Thank you for your investment and continued patronage with ICICI Prudential Mutual Fund.
We, at ICICI Prudential Asset Management Company Limited, request you to join us in our initiatives to
promote paperless communication in an effort to save the environment.
You can do your part by updating your current Email ID and mobile number to receive various investor
communications digitally. To update your contact details through digital medium please use below link or
submit physical request at your nearest branch:
https://www.icicipruamc.com/update-contact
Additionally, investors are also requested to update their PAN and complete all KYC requirements, in case
not yet updated.
To update PAN/KYC, kindly submit a written request or PAN/KYC updation form along with updated PAN
copy to our nearest branch. Further, if investors are not KYC compliant, they can submit KYC form along
with the respective KYC documents at our branch.
You can download the requisite forms as follows:
To Update Contact Details in your Folio(s) download “Contact Details Updation From” available at
https://www.icicipruamc.com/Downloads/mutual-fund-application-form.aspx
To Update PAN/KYC in your Folio(s) download “Common Transaction Request - Non Financial Transaction
From” available at https://www.icicipruamc.com/Downloads/mutual-fund-application-form.aspx
To process your KYC download “CKYC Individual” form available at
https://www.icicipruamc.com/Downloads/mutual-fund-application-form.aspx
To locate nearest branch
https://www.icicipruamc.com/ContactUs/BranchLocator.aspx
3OHDVH1RWH As some of our branches may still be non-operational due to Lock Down, to check the
status of the branch you are planning to visit please contact our Customer Care helplines 1800 222 999
(from MTNL/BSNL) and 1800 200 6666 (Others) between 8 am to 8 pm, Monday to Saturday and 9 am
to 7 pm on Sunday.
Designed & Printed by Uchitha Graphic (www.uchitha.com)

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$%5,'*('$118$/5(3257)25)<

ICICI Prudential Asset Management

 ICICI Prudential Equity & Debt Fund

Membership No.: 102102

ICICI PRUDENTIAL TRUST LIMITED

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1.1 Dividend 36,578.51 48,253.94 1,650.75 2,307.45

1.2 Interest 49,913.03 61,168.65 3,577.39 5,196.92

1.3 Realised Gains/(Losses) on Foreign Exchange Transactions - - - -

1.4 Realised Gains/(Losses) on Interscheme sale of Investments (0.06) 357.58 - (237.43)

1.6 Realised Gains/(Losses) on Derivative Transactions (3,048.38) 1,609.71 15,426.28 1,926.28

1.7 Other Income 497.73 4,052.95 7.84 135.10

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2.1 Interest on Borrowing - - 0.01 -

2.2 Management Fees 21,721.85 24,278.72 891.04 1,552.93

2.5 Custodian Fees 67.59 116.02 3.63 5.63

2.6 Trusteeship Fees 3.92 5.13 0.26 0.44

2.7 Commission to Agents 11,447.69 22,903.50 765.16 1,009.02

2.8 Marketing & Distribution Expenses 286.82 203.87 14.93 15.10

2.9 Audit Fees 5.11 4.72 1.84 1.78

2.10 Other Operating Expenses 613.17 705.34 36.92 52.75

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

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7.2 Less: Balance Transfer to Unrealised Appreciation Reserve - - - 720.04

7.3 Add/(Less) : Equalisation (182,797.74) (11,173.80) (7,298.75) (15,713.30)

7.4 Surplus/(Deficit) brought forward 1,162,618.24 1,122,905.18 32,202.93 29,774.52

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Annexure I- Notes to Accounts

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1.1 Dividend 215.02 120.77 73.48 2.79

1.2 Interest 12,233.12 10,751.05 179.75 21.25

1.3 Realised Gains/(Losses) on Foreign Exchange Transactions - - - -

1.4 Realised Gains/(Losses) on Interscheme sale of Investments - 11.06 - -

1.6 Realised Gains/(Losses) on Derivative Transactions (1,051.73) 509.06 - -

1.7 Other Income 84.71 79.93 0.01 -

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2.1 Interest on Borrowing - - - -

2.2 Management Fees 1,803.22 1,726.53 21.30 2.43

2.5 Custodian Fees 4.39 5.47 0.29 0.01

2.6 Trusteeship Fees 0.28 0.27 0.01 -

2.7 Commission to Agents 934.98 873.10 142.19 9.69

2.8 Marketing & Distribution Expenses 3.43 10.87 1.89 0.05

2.9 Audit Fees 1.79 1.78 0.25 0.02

2.10 Other Operating Expenses 43.23 40.29 2.34 0.28

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4 Change in Unrealised Depreciation in value of Investments (D) 5,486.90 3,524.54 1,813.73 -

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6 Change in Unrealised Appreciation in value of Investments (F) - - - 173.31

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7.3 Add/(Less) : Equalisation (1,017.54) 8,538.20 18.88 0.18

7.4 Surplus/(Deficit) brought forward 95,307.42 72,393.40 25.26 -

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9.1 Income Distributed during the year/period 727.42 1,134.16 - -

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