Group 1 Abridged Annual Report For FY 2013 2014

ABRIDGED ANNUAL REPORT FOR F. Y.
2013-14
Sponsors: ICICI Bank Limited
Regd. Office: Landmark, Race Course Circle, Vadodara 390 007, India; and
Prudential plc, Laurence Pountney Hill, London EC4ROHH, UK.
Investment Manager: ICICI Prudential Asset Management Company Limited

Corporate Identity Number: U99999DL1993PLC054135
Corporate Office: 3rd Floor, Hallmark Business Plaza, Sant Dyaneshwar Marg, Bandra (East), Mumbai - 400 051, Tel: (022) 26428000,
Fax: (022) 26554165. Website : www.icicipruamc.com, Email id : enquiry@icicipruamc.com
Central Service Office: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon (East), Mumbai - 400 063.
Tel.: 022-26852000, Fax No.: 022-2686 8313.
Registered Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi 110 001.
Trustee: ICICI Prudential Trust Limited

Corporate Identity Number: U74899DL1993PLC054134
Registered Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi 110 001.
Registrar: Computer Age Management Services Pvt. Ltd. (CAMS)
Registered Office: New No 10. Old No. 178, Opp. to Hotel Palm Grove, MGR Salai (K.H.Road), Chennai - 600 034
ICICI Prudential Value Discovery Fund (Formerly ICICI Prudential Discovery Fund)
ICICI Prudential Dynamic Plan
ICICI Prudential Focused Bluechip Equity Fund
ICICI Prudential Infrastructure Fund
ICICI Prudential Tax Plan
ICICI Prudential Asset Management

Company Limited
ICICI Prudential Trust Limited

Mr. M. N. Gopinath
Independent Director
Ms. Chanda Kochhar
Nominee Director ICICI Bank Ltd.
Mr. M. S. Parthasarathy
Mr. Barry Lee Stowe
Nominee Director Prudential plc
Mr. Vinod Dhall
Mr. N. S. Kannan
Mr. Keki Bomi Dadiseth
Mr. Vijay Thacker
Mr. Sandeep Batra
Mr. C. R. Muralidharan Independent Director

Mr. M. K. Sharma
Independent Director (Appointed with effect from 15.04.2014)
Mr. Suresh Kumar
Mr. Nimesh Shah
Managing Director
INDEPENDENT AUDITORS REPORT

To the Trustees of
ICICI Prudential Mutual Fund
Report on the Financial Statements
We have audited the accompanying financial statements of the schemes of ICICI Prudential Mutual Fund -ICICI Prudential Value Discovery Fund (Formerly
ICICI Prudential Discovery Fund),ICICI Prudential Dynamic Plan, ICICI Prudential Focused Bluechip Equity Fund, ICICI Prudential Infrastructure Fund,
ICICI Prudential Tax Plan (collectively the Schemes), which comprise the balance sheets as at March 31, 2014, the revenue accounts and the cash flow
statements for the year/period then ended, and a summary of significant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
Management of ICICI Prudential Asset Management Company Limited, the schemes asset manager, is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and financial performance of the Schemes in accordance with accounting principles generally
accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual
Funds) Regulations, 1996 (the SEBI Regulations). This responsibility includes the design, implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on
Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected
depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In
making those risk assessments, the auditor considers internal controls relevant to the preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the internal controls.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the
SEBI Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the balance sheets, of the state of affairs of the Schemes as at March 31, 2014;
(b) in the case of the revenue accounts, of the surplus/deficit as applicable, for the year/period ended on that date; and
(c) in the case of the cash flow statements, of the cash flows for the year/period ended on that date.
Report on Other Legal and Regulatory Requirements
1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit.
2. The balance sheets, revenue accounts and cash flow statements dealt with by this report are in agreement with the books of account.
3. In our opinion, the balance sheets and revenue accounts dealt with by this report have been prepared in conformity with the accounting policies and
standards specified in the Ninth Schedule to the SEBI Regulations.
4. In our opinion, and on the basis of information and explanations given to us, the methods used to value non traded securities as at March 31, 2014 are
in accordance with the SEBI Regulations and other guidelines issued by the Securities and Exchange Board of India, as applicable, and approved by the
Board of Directors of ICICI Prudential Trust Limited, and are fair and reasonable.
For S. R. Batliboi & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E
Sd/per Viren H. Mehta

Partner
Membership Number: 48749
Place: Mumbai
Date: July 23, 2014
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TRUSTEES REPORT
BY
ICICI PRUDENTIAL TRUST LIMITED
Dear Unitholder,
We have pleasure in presenting the 21st Annual Report on the Schemes of ICICI Prudential Mutual Fund (the Mutual Fund or the
Fund) for the year ended March 31, 2014, along with the audited financial statements of the Schemes.
I. SCHEME PERFORMANCE, FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES
A. Performance of the Schemes and Investment Folios

1. Performance of the Schemes

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

ICICI Prudential Discovery Fund)
Date of
Allotment
Quarterly
Quarterly
Net Asset
AAUM for
AAUM for
Value per
the period
the period unit at March
ended March ended March
31, 2014
31, 2014
31, 2013
(Rs.)
(` in lakh)
(` in lakh)
16-Aug-04
303,761.99
-
31-Oct-02
367,040.06
-
23-May-08
489,177.27
-
31-Aug-05
120,861.72
-
19-Aug-99
156,541.96
-
CNX Midcap Index

CNX Nifty Index
CNX Nifty Index
CNX Infra Index
CNX 500 Index

259,717.02
Returns
Last 1 year
return
Category
Since inception
returns
68.81
28.09%
22.18% Open Ended

Equity Fund
16.22%
16.01%
388,533.60
143.57
29.59%
17.82%
26.27% Open Ended

Equity Fund
18.64%
433,072.72
21.63
22.35%
17.82%
167,669.09
28.47
15.73%
18.18%
147,134.37
186.98
28.74%
17.56%
14.08% Open Ended

Equity Fund
5.33%
12.96% Open Ended
Equity Fund
4.85%
22.17% Open Ended
Equity Linked
12.26%
Saving Scheme
AAUM - Average Assets under Management

Past performance may or may not be sustained in the future. NAV of growth option is considered for computation of returns without considering
load. Returns are calculated on the basis of CAGR. For computation of since inception returns the allotment NAV has been taken as Rs.10.
Performance figures have been computed based on the last declared NAV.
NAV per unit and returns are pertaining to Regular Plan - Growth Option, wherever applicable.
2. Investment Folios
The total number of live folios as at March 31, 2014 were 26.78 lakh.
B.
Market Review and Outlook

1. Market Review FY141
Global Economy

FY 14 saw economies of countries across the world grow at a slow pace and struggle to recover from the financial crisis
that started in 2008 and the resulting recession. Economies of advanced countries grew at a slow pace compared with
emerging markets like India and China. Japan saw a spurt in growth with the government providing necessary support
to encourage growth. Western Europe and most of the countries in the European Union managed a minor recovery
from recession in the second half of 2013 aided by increased exports along with public and private consumption.
However, on the investment and employment side, situation remained gloomy.
Inflation was under control at the global level. In the United States (US), inflation fell from previous year and is forecasted
to remain below 2% for FY 14. Inflation was also moderate in the East Asian economies. Since the 2008 financial
crisis, the global employment situation has continued to be a problem. Unemployment rose particularly in European
economies like Spain, followed by Portugal, France and Germany. Unemployment was high in the US, Middle East and
North Africa.
1 FY represents a financial year from April 1 to March 31 of the following year. FY 14 represents the financial year ended in 2014.
During the year, the US faced a near-default situation when there was a freeze imposed on its debt ceiling2 . This had
the potential to cause serious damage to other economies. Fortunately, situation was brought under control with the
increase in debt ceiling.
During the year, the US started reducing its quantitative easing3 program. This resulted in increase in interest rates in
the US that made foreign investors move out of emerging markets to profit from such increase in rates.
Indian economy:
Indian economy faced a number of difficulties during FY 14. The economy experienced low rate of growth accompanied
by high inflation. There were worries about the effect of the US reducing its quantitative easing. The economy also
faced the problem of very high trade deficit.
Food prices increased rapidly during the year owing to unexpected weather changes. This was one of the main reasons
for high inflation. The value of the rupee fell sharply in the second half of the year further aggravating the problem of
inflation.
As a result of high inflation, the Reserve Bank of India (RBI) increased interest rates to 8% to tackle inflation. High
interest rates resulted in slowdown in economic growth with companies not willing to borrow money at high interest
rates.
Indias gold imports increased during FY 14. This resulted in Indias import bill becoming much higher than the value
of its exports, thereby resulting in high current account deficit. This forced the government to impose restrictions on
gold imports.
Indias Central Statistics Office estimated Indias overall Gross Domestic Product (GDP) growth during FY 14 at 4.9%,
slightly higher when compared with 4.5% in FY 13. Manufacturing activity declined severely in FY 14. After registering
growth from FY 05 to FY 11, manufacturing sector has witnessed continuous drop in growth for the last few years.
Weak industrial growth due to infrastructure bottlenecks, input limitations and low domestic demand had a negative
effect on the Indian economy in FY 14.
Indian equity market:
FY 14 proved to be fairly good year for the Indian stock market. The benchmark index i.e. S&P BSE SENSEX, consisting
of largest 30 companies, posted a return of 19%. This was mainly due to large investments by foreign institutional
investors (FIIs). Domestic investors, especially retail investors, stayed away from equities during FY 14.
S&P BSE Mid Cap Index, which measures the performance of mid sized companies listed on the stock market, posted
15% returns while S&P BSE Small Cap Index, which tracks performance of small sized companies listed on the stock
exchange, posted 22% returns.
During FY 14, almost all sectors performed well except real estate, consumer durables and public sector undertakings
(PSU) that gave a negative return of 18%, 8% and 2% respectively. Auto and capital goods sectors were amongst
the best performers during FY 14 generating 33% returns each followed by information technology and pharma that
generated 28% and 26% respectively. FMCG and metal index delivered returns of 18% and 15% respectively. Oil and
Gas, banking and power sectors also generated positive returns during the year.
Indian debt market:
During FY 14, repo rate continued to remain high due to high inflation and the Rupee depreciation. At the start of the
year, RBI reduced repo rate by 0.25% (25 basis points) from 7.50% to 7.25%. Later it raised repo rate three times from
7.25% to 8% between September 2013 and January 2014 to counter inflation and stabilise the rupee. This enabled
banks to collect higher deposits from retail clients and NRIs.
At the beginning of FY 14, to reduce the countrys current account deficit (CAD), the government increased from $15
billion to $25 billion the limits upto which foreign investors could invest in government bonds. However, the limit on
overseas investments in corporate bonds was retained at $51 billion.
The yield on 10-year government securities (G Sec) increased from 7.96% in March 2013 to 8.80% in March 2014.
Large investors such as banks and non-banking finance companies (NBFCs) are the main segment in Indian debt
markets. Retail investors usually invest in debt through mutual funds except in the case of tax-free bonds issued by
government entities such as HUDCO, NTPC and NHPC. There were a number of such issues towards the later part of
the year.
Gold review:
There were sharp movements (both upwards and downwards) in gold prices during FY 14. After years of continuous
rise in prices, gold became 20% cheaper in May 2013 compared with its all-time high price of ` 3,246 per gram in
November 2012. The fall in gold prices was mainly due to improving economic conditions in developed countries
2 Debt ceiling is the borrowing done for public spending.

3 Quantitative easing is a program whereby the Central Bank purchases government securities or other securities from the market to lower interest rates
and increase money supply.
that made investors move from low-risk investments to high-risk investments. In June 2013, the global price of gold
fell to a 3-year-low and in India prices fell to about ` 2,300 per gram. However, gold prices increased in the quarter
July-September 2013 owing to higher landed cost. This was on account of fall in the value of the Rupee and rise in the
import duty. Reducing imports pushed up the price to about ` 3,100 per gram in August 2013. Thereafter, gold prices
fell as the Rupee appreciated, boosted by increasing inflow of foreign investments in equities.
So how is FY 15 shaping up?
Economic outlook:
Bharatiya Janata Party (BJP) gained an absolute majority (more than 272 seats out of a total 543) in the 2014 general
elections. This is the largest majority for a single party in 30 years, thereby providing hope for stability and reforms.
Markets have gained in anticipation of better governance. Investors perception of India has changed as a result of
political change, micro-level policy reforms and a watchful central bank. The new government is expected to deliver
given its (1) economic emphasis; (2) stability in composition with BJP led NDA having majority in terms of number
of seats in Parliament and (3) decisive governing structure. However, economic challenges do persist. Revival, to be
investment-led, is likely to be gradual. Pick-up in growth will be a function of (1) the pace of policy debottlenecking; (2)
the investment appetite of the corporate sector; and (3) the extent of the governments own role in capital formation.
The consumer price index (CPI) Inflation target of 6% is achievable if structural issues can be addressed. If the new
government takes definite measures to improve food procurement policy, offload excess food grain stocks and
calibrate minimum support price (MSP) hike, monetary policy rates could see a downward trend. The new government
is also expected to maintain the trends of fiscal consolidation and simultaneously aim to improve the quality of fiscal
spending. The focus on exports will continue. However, curbing non-plan expenditure and reducing the dependency
on imports would be the key to maintain long-term fiscal discipline.
2. Key Statistics of FY 14
Domestic Indices
31-Mar-14
28-Mar-13
% change
CNX Nifty Index
6,704
5,683
17.98
S&P BSE Midcap
7,083
6,142
15.32
S&P BSE Sensex
22,386
18,836
18.85
7,072
5,805
21.83
14,874
14,102
5.47
102,081
264,529
-61.41
S&P BSE Smallcap

Cash Vol (NSE) Rs. Cr.
F&O Vol (NSE)Rs. Cr.
Source: BSE, NSE

International Indices
31-Mar-14
DJIA
28-Mar-13
16,458
FTSE
% change
14,579
12.89
6,598
6,412
2.91
22,151
22,300
-0.67
4,199
3,268
28.51
14,828
12,336
20.20
SSE Composite Index
2,033
2,236
-9.08
Strait Times
3,189
3,308
-3.61
Hang Seng
Nasdaq
Nikkei
Source: Reuters, ICRA

Currency Movement
Commodity Price Movement
28-Mar-14
28-Mar-13
% change
INR/USD
59.91
54.28
-10.37
Brent ($/bbl)
INR/GBP
99.85
82.32
-21.29
Gold ($/ounce)
INR/EUR
82.58
69.54
-18.75
Silver ($/ounce)
58.83
57.76
-1.85
INR/YEN
31-Mar-14
% change
107.76
109.38
-1.48
1,291.75
1,598.25
-19.18
19.97
28.64
-30.17
Source: NCDEX, Bloomberg, London Bullion Market

Association (LBMA), Crisil
Source: RBI, Crisil

5
31-Mar-13
Institutional Flow as on March 31, 2014 (Equity)
Fixed Income
Purchases
(Rs.Cr.)
Sales
(Rs.Cr.)
Net
(Rs.Cr.)
YTD
(Rs.Cr.)
8,074
5,817
2,257
21,922
Call Rate
365
500
-135
-7,750
FII Flows
MF Flows
YTD year to date

Source: SEBI
Sectoral Performance (YOY on %)

40.00%
33.20%
32.88%
30.00%
27.65%
25.92%
25.73%
17.77%
20.00%
14.85%
13.92%
11.81%
10.00%
4.74%
S&P BSE Reality
-1.95%
S&P BSE CD
S&P BSE PSU
S&P BSE Power Index
S&P BSE Bankex
S&P BSE Metal
S&P BSE Oil & Gas
S&P BSE FMCG
S&P BSE HC
S&P BSE Teck
S&P BSE IT
S&P BSE CG
S&P BSE AUTO
-20.00%
28-Mar-13
% change
10.50
18.00
-41.67
91 Days T-Bill
8.60
7.80
10.26
364 Days T-Bill
8.80
7.70
14.29
CBLO
11.28
12.47
-9.54
Repo
8.00
7.50
6.67
Reverse Repo
7.00
6.50
7.69
10 Yr Gsec
8.80
7.95
10.69
1 Yr CD
9.06
8.85
2.37
12,290
18,230
-32.58
2.27
1.85
47.03
G-sec Vol
(Rs. bln.)
0.00%
-10.00%
31-Mar-14
-8.01%
-17.51%
US 10 Yr Bond
Source: RBI, Crisil
-30.00%
YOY year on year

Source: BSE

Equity market outlook:
Given the Parliamentary majority, and the new Prime Ministers demonstrated focus in the past on administration
and execution, the markets tend to expect an increase in growth over the next three years. The current situation
is similar to the 2004-06 period with a midcap bull run was initiated by fundamentals. A thrust on infrastructure
will directly boost industries such as power generation, road construction and provide cascading benefits to the
manufacturing and services sectors. Amongst the three components of GDP (agriculture, industry and services),
industrial growth could see maximum growth coming in, which should help corporate earnings and stock prices over
the next three years. Projects that are stuck at various stages will be the first beneficiaries in terms of implementation.
Debottlenecking existing projects would involve lesser capital expenditure than outlays on similar new ones, and
help improve capacity utilization. The primary indicator of economic revival is better utilization of existing capacities.
Sectors like cement and commercial vehicles are operating at 70% and 50% capacities respectively. Capacities
that are suffering from lack of linkages such as power plants without coal linkages and metal firms without mining
linkages are also likely to be addressed. The new government is also expected to bring in trend of reforms for
banking and PSU sectors for resolving structural issues. With economy and investment cycle at the centre of focus
mid cap/small cap, infrastructure and banking are expected to be the biggest beneficiaries.
Debt market outlook:
The RBIs primary objective to achieve CPI inflation rate below 8% by January 2015 may keep its policy stance
hawkish and cautious. While growth may be subdued going ahead, inflationary pressures may ease amid slowdown
in consumption demand and improvement in supply-side bottlenecks. In the medium term, the outlook on interest
rates is likely to be positive, with the long-term yields coming down, helped by an improvement in current account
deficit, slowdown in corporate investments, nominal increase in gold prices, likely subdued returns in real estate and
probable fall in inflation.
Monsoons shall be key event for the fixed income markets amidst news of probable El Nino event this year.
C. Operations of the Schemes

1. Average Assets under Management (AAUM)

The AAUM of the Mutual Fund for the quarter ended March 31, 2014 stood at ` 1,07,033.28 crore, while for the
quarter ended March 31, 2013; the AAUM of the Mutual Fund was ` 87,968 crore.
As of March 31, 2014, the Fund comprised 44 open ended schemes, 4 exchange traded funds, 21 interval fund plans,
1 fund of funds scheme investing overseas, 6 fund of fund schemes investing domestically and 179 plans under
close ended schemes. During the year under review, the Fund launched 2 annual interval funds, 119 plans under
close ended schemes, 4 close ended equity schemes, 1 exchange traded fund and 1 fund of funds scheme.
6
2. Operations and Consumer Service

With a view to rendering timely and efficient customer service, the Investment Manager of the Fund, viz., ICICI
Prudential Asset Management Company Ltd. (the AMC) has been effectively leveraging on its 124 branches
including 41 functioning as official points of acceptance of transactions, as on March 31, 2014, effectively servicing
the large client base. Additionally a dedicated contact center has been effective in providing investor support
and redressing their grievances. The AMCs focus has been on technological innovation for facilitating investors
convenience.
3. Scheme-wise commentary
1. ICICI Prudential Value Discovery Fund

ICICI Prudential Value Discovery Fund is an open ended equity scheme that seeks to generate returns through a
combination of dividend income and capital appreciation by investing primarily in a well-diversified portfolio of
value stocks.
The Regular Plan of the scheme posted a return of 28.09% in FY 14, better than the 16.22% posted by the benchmark
CNX Midcap Index for the year.
The AAUM of the scheme during the last quarter of FY 14 was ` 3,037.62 crore.
2. ICICI Prudential Dynamic Plan

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

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

ICICI Prudential Infrastructure Fund is a thematic fund encompassing infrastructure. It is an open ended equity scheme
that seeks to generate capital appreciation and income distribution to unitholders by investing predominantly in
equity or equity related securities of the companies belonging to the infrastructure development and balance in
debt securities and money market instruments.
The Regular Plan of the scheme posted a return of 15.73% in FY 14. The benchmark CNX Infrastructure Index
posted a return of 18.18% for the year.
5. ICICI Prudential Tax Plan

ICICI Prudential Tax Plan is an open ended Equity Linked Savings Scheme (ELSS) that aims to generate long term
capital appreciation by primarily investing in equity and related securities.
CNX 500 Index for the year.
II. BRIEF BACKGROUND OF SPONSORS, TRUST, TRUSTEE AND THE AMC

A. Sponsors
1. ICICI Bank Limited

ICICI Bank (the Bank) is the second largest bank in India with a profit after tax of ` 98.10 billion in FY 14. ICICI Bank and its
subsidiaries offers a wide range of banking and financial services including commercial banking, retail banking, project
and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking,
broking and treasury products and services.
7
The Bank has international footprints through its subsidiaries in the United Kingdom, Russia and Canada, branches in
the United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Dubai International Finance Centre and Qatar Financial
Centre and representative offices in the United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and
Indonesia. The UK subsidiary of the Bank has a branch each in Belgium and Germany.
ICICI Banks equity shares are listed in India on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE)
and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
2. Prudential plc

Prudential plc is an international financial services group serving around 23 million insurance customers and has 443
billion of assets under management (as of 31 December 2013). It is listed on the stock exchanges in London, Hong
Kong, Singapore and New York. Prudential is one of the best capitalised insurers in the world with an Insurance Groups
Directive (IGD) capital surplus estimated at 5.1 billion (as of 31 December 2013 before final dividend).
Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business
is in the United States of America.
The Group is structured around four main business units:
Prudential Corporation Asia
Prudential is a leading international life insurer in Asia with life and/or asset management operations in 14 markets,
serving the emerging middle class families of the regions powerhouse economies. It has built a high-performing
platform with effective multichannel distribution, a product portfolio centred on regular savings and protection, award
winning customer services and a well-respected brand.
Jackson National Life Insurance Company

Jackson is one of the largest life insurance companies in the US, providing retirement savings and income solutions
aimed at the 77 million baby-boomers. Founded over 50 years ago, Jackson has a long and successful record of
providing advisors with the products, tools and support to design effective retirement solutions for their clients.
Prudential UK & Europe
Prudential UK delivers value for the Group through a relentless focus on the life and pensions needs of the age cohorts
where wealth is most heavily concentrated. Its expertise in areas such as longevity, risk management and multiasset investment, together with its financial strength and highly respected brand, means that the business is strongly
positioned to continue pursuing a value-driven strategy built around its core strengths.
M&G

M&G has been investing money for individual and institutional clients for over 80 years, and has grown to be one of
Europes largest retail and institutional fund managers by developing its enduring expertise in active investment. M&G
has a conviction led and long-term approach to investment, believing the best returns are delivered for clients through
active management by developing a deep understanding of the companies and organisations in whose equities, bonds
or property M&G invests.
B. ICICI Prudential Mutual Fund

ICICI Prudential Mutual Fund (the Mutual Fund or the Fund) was set up as a Trust in accordance with the provisions
of the Indian Trusts Act, 1882 under a Trust Deed dated August 25, 1993 (since amended from time to time). The Fund is
sponsored by Prudential plc (through its wholly owned subsidiary Prudential Corporation Holdings Ltd) and ICICI Bank
Ltd. ICICI Bank Ltd. contributed ` 10 lakh and Prudential plc, with the approval of Reserve Bank of India, ` 12.2 lakh to the
corpus of the Fund.
C. Trustee Company

ICICI Prudential Trust Limited (the Company/Trustee) is the Trustee of the Fund (including its schemes). It was incorporated
under the Companies Act, 1956, in terms of a Trust Deed executed on August 25, 1993. The Trust Deed is registered under
the Indian Registration Act, 1908.
The Trustee is the exclusive owner of the Fund and holds the Fund in trust for the benefit of the unitholders. The Trustee
has been discharging its duties and carrying out the responsibilities as provided in Securities and Exchange Board of India
(Mutual Fund) Regulations, 1996 (the Regulations) and the Trust Deed. The Trustee seeks to ensure that the Fund and
the schemes floated thereunder are managed by the AMC in accordance with the Trust Deed, the Regulations, and the
directions and guidelines issued by the Securities & Exchange Board of India (SEBI), the stock exchanges concerned, the
Association of Mutual Funds in India and other Regulatory agencies.
1. Share Capital

ICICI Bank Ltd. holds 51% of the share capital of the Trustee; Prudential plc, through its wholly owned subsidiary,
Prudential Corporation Holdings Ltd., holds the remaining 49%.
8
2. Board of Directors

As of March 31, 2014, the Board comprised:

Sr. No.
Name of the Director
Status
1.
Mr. M. N. Gopinath
Independent Director (Chairman)
2.
Mr. M. S. Parthasarathy
3.
Mr. Vinod Dhall
4.
Mr. Keki Bomi Dadiseth
5.
Mr. Sandeep Batra
D. ICICI Prudential Asset Management Company Limited

ICICI Prudential Asset Management Company Limited (the AMC), a company registered on June 22, 1993 under the
Companies Act, 1956, was registered with SEBI on October 13, 1993 to act as the Investment Manager to all the Schemes
of ICICI Prudential Mutual Fund. The Trustee has entered into an Investment Management Agreement dated September 3,
1993 with the AMC to function as the Investment Manager for all the schemes of the Fund.
The AMC has been providing portfolio management services (PMS) since October 2000, with the requisite approvals/
permissions from SEBI and the Trustee as envisaged under Regulation 24(b) of the Regulations. Further, the AMC is
rendering Advisory Services to SEBI-registered foreign institutional investors (FIIs) and their sub-accounts. The AMC has
received approval from SEBI to act as the investment manager to the Funds launched under SEBI (Alternative Investment
Funds) Regulations, 2012. These activities are not in conflict with the activities of the Mutual Fund. In the situations of
unavoidable conflicts of interest, the AMC undertakes that it shall satisfy itself that adequate disclosures are made of
sources of conflict, potential material risk or damage to investor interest and develop parameters for the same.
The AMC has secured a leading position in the Indian mutual fund industry with quarterly AAUM of ` 1,07,033.28 crore for
the quarter ended March 31, 2014. The AMC manages a comprehensive range of Schemes to meet the varying investment
needs of its investors spread across various cities through 240 Official Points of Transactions (including 199 branches
operated through the Registrar of the Mutual Fund) in the country as on March 31, 2014.
1. Share Capital

ICICI Bank Ltd. holds 51% of the share capital of the AMC; Prudential plc, through its wholly owned subsidiary,
Prudential Corporation Holdings Ltd., holds the remaining 49%.
2. Board of Directors
As on March 31, 2014, the Board comprised:

Sr. No.
Name of the Director
Status
1.
Ms. Chanda Kochhar
Nominee Director ICICI Bank Ltd. (Chairperson)
2.
Mr. Barry Lee Stowe
3.
Mr. N. S. Kannan
4.
Mr. Vijay Thacker
5.
Mr. C. R. Muralidharan
6.
Mr. Suresh Kumar
7.
Mr. Nimesh Shah
Managing Director
III. INVESTMENT OBJECTIVES OF THE SCHEMES

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

To generate returns through a combination of dividend income and capital appreciation by investing primarily in a welldiversified portfolio of value stocks.
Value stocks are those, which have attractive valuations in relation to earnings or book value or current and/or future
dividends.
However, there can be no assurance that the investment objective of the Scheme will be realized.

To generate capital appreciation by actively investing in equity and equity-related securities. For defensive considerations,
the scheme may invest in debt, money-market instruments and derivatives. The investment manager will have the
discretion to take aggressive asset calls i.e. by staying 100% invested in equity market/equity related instruments at
a given point of time and 0% at another, in which case, the fund may be invested in debt related instruments at its
discretion. The AMC may choose to churn the portfolio of the Scheme in order to achieve the investment objective. The
Scheme is suitable for investors seeking high returns and for those who are willing to take commensurate risks.
9

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

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

To generate long-term capital appreciation through investments made primarily in equity and equity-related securities of
companies.
Accordingly, the NAV of the Scheme is linked to performance of such companies. However, there can be no assurance
that the investment objective of the Scheme will be realized.
IV. SIGNIFICANT ACCOUNTING/ VALUATION POLICIES

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

Details of unclaimed dividends and redemptions under the Various Schemes are given as below:
Unclaimed Dividend/ Redemption normally represent the time lag between funding of the respective accounts (with bank)
by the AMC and the time taken for presentation of redemption/ dividend warrant by the investors. Unclaimed Dividend/
Redemption amount in respect of Schemes/ Plans as on March 31, 2014, is as follows:
Scheme Name
Dividend
ICICI Prudential Value Discovery Fund

Redemption
Amount (Rs.)
Count
Amount (Rs.)
Count
3,262,729.52
1,228
21,391,072.57
1,052
15,447,904.90
4,732
55,961,871.41
2,138
1,952,772.98
95
27,342,889.46
1,048
8,590,750.33
2,637
47,317,960.01
2,108
14,904,621.65
11,039
54,792,840.02
1,598
10
VI. DISCLOSURE OF INVESTOR COMPLAINTS

The disclosure regarding investors complaints is as under:
Redressal of Complaints received against the Mutual Fund for the Financial Year ended March 31, 2014
Name of Mutual Fund :
Total Number of Folios :
2,677,954 (As on March 31, 2014)
Complaint Type of Complaint#

Code
IA
Non receipt of Dividend on

Units
IB
Interest on delayed payment

of Dividend
IC
Non receipt of Redemption

Proceeds
ID
(a) No. of (b) No. of

Action on (a) and (b)
complaints Complaints
Resolved
Non
Pending
pending
received
Actionable
*
0-3
3-6
6-9
9-12
at the
during the Within 30-60 60-180 Beyond
30 days days
days
180
months months months months
beginning
year
days
of the year
14
227
238
14
374
384
Interest on delayed payment

of Redemption
14
14
II A
Non receipt of Statement of

Account/Unit Certificate
II B
Discrepancy in Statement of
Account
29
1051
1071
II C
Data corrections in Investor

details
22
1322
1341
II D
Non receipt of Annual

Report/Abridged Summary
III A
Wrong switch between

Schemes
85
86
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.

address, PAN, bank details,
nomination, etc
12
1211
1217
IV
Others*
Total
63
54
93
4353
4411
13
22
# including against its authorized persons/ distributors/ employees. etc.
* Non actionable means the complaint that are incomplete / outside the scope of the mutual fund
VII. CORPORATE GOVERNANCE

Pursuant to SEBI circular no. SEBI/IMD/CIR no. 18/198647/2010 dated March 15, 2010 and subsequent clarifications issued
by SEBI, the Fund has formulated a policy for exercise of voting rights by the AMC in investee companies (i.e. companies
in whose securities schemes of the Fund has invested). The said policy and details of proxy voting excised during FY 14
are displayed on the website of the AMC, viz. www.icicipruamc.com.
VIII. STATUTORY INFORMATION
A. The Sponsors are not responsible or liable for any loss resulting from the operation of the schemes of the Fund beyond
their initial contribution of ` 22.2 lakh for setting up the Fund and accretions/additions thereto.
B. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the
market values of the underlying investments.
C. The full Annual Report shall be put on the website (www.icicipruamc.com) and available for inspection at the Central
Service Office of the AMC. An existing or a prospective unitholder can contact the Central Service Office of the AMC to
obtain a copy of the trust deed and the full Annual Report of the Fund/ AMC. The AMC/ Fund reserve the right to charge
fees for providing copies of these documents.
11
IX.
RISK MANAGEMENT SYSTEM
As mandated by a SEBI circular dated September 30, 2002, and in line with the policies of the sponsors of the Fund,
the AMC has adopted a full-fledged risk-management framework. In the opinion of the Trustee, on the basis of the data
presented by the AMC and reviewed at meetings of its Board of Directors, the system serves its objectives adequately.
X.
LIABILITY AND RESPONSIBILITY OF THE TRUSTEE AND THE SPONSORS
The Trustees primary responsibility is to safeguard the interests of the unitholders and, inter alia, ensure that the AMC
functions in the interests of investors and in accordance with the Regulations, the provisions of the Trust Deed, and the
Scheme Information Documents of the Schemes of the Fund. From the information provided to the Trustee by the AMC
and discussions with AMC officials at meetings of its Board and Committee, and reviews by the Trustee through its Board
of Directors at such meetings, the Trustee is of the opinion that the AMC has operated in the interests of the unitholders
and functioned in compliance with the Regulations.
XI.
ACKNOWLEDGEMENT
The Trustee expresses its gratitude to the unitholders for their continued support, to SEBI, RBI, AMFI, the registrars,
bankers, the custodians of the Fund, the stock exchanges where the units of various Schemes are listed, ICICI Bank and
Prudential plc. and the management and employees of the AMC for their continued support and assistance during the year.
For and on behalf of ICICI Prudential Trust Ltd.

Sd/M. N. Gopinath
Chairman
Place: Mumbai
Date: July 23, 2014
12

Address: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai 400063
Abridged Balance Sheet as at March 31, 2014 (figures as per Audited Financials)
(As per format prescribed for Abridged schemewise Annual Report- SEBI/Md/CIR No.8/132968/2008 dt 24/07/08)
ICICI Prudential Value Discovery Fund
(Formerly ICICI Prudential Discovery
Fund)
As at
31-Mar-14
(` in Lakhs)
As at
31-Mar-13
As at
31-Mar-14
ICICI Prudential Focused Bluechip Equity

Fund
As at
31-Mar-13
As at
31-Mar-14
As at
31-Mar-13
LIABILITIES
1
Unit Capital
Reserves & Surplus
73,526.85
72,798.75
80,998.49
97,816.09
258,583.53
245,772.40
2.1
2.2
Unit Premium Reserve
56,665.40
48,397.27
37,822.30
45,052.40
111,900.67
101,029.79
Unrealised Appreciation Reserve
77,235.97
10,417.43
34,463.56
109,484.60
2.3
Other Reserves
31,359.71
128,318.37
125,454.56
236,333.15
222,453.51
51,551.56
Loans & Borrowings
41,152.58
Current Liabilities & Provisions
4.1
Provision for doubtful Income / deposits
4.2
Other Current Liabilities & Provisions

TOTAL
4,774.23
1,851.34
3,448.74
2,324.56
4,048.95
3,778.61
340,520.82
258,919.35
393,066.24
367,646.56
535,569.31
423,093.09
ASSETS
1
Investments
1.1
Listed Securities
1.1.1
Equity Shares
322,422.01
233,514.45
300,236.92
308,108.16
501,101.52
393,600.95
1.1.2
Indian Depository Receipts
5,522.03
23,798.24
1.1.3
Warrants
1.1.4
Preference Shares
1.1.5
Equity Linked debentures
1.1.6
Other debentures & Bonds
170.10
1.1.7
Securitised debt Securities
1.2
Securities Awaited Listing
1.2.1
Equity Shares
2,140.34
1.2.2
Preference Shares
1.2.3
1.2.4
1.2.5
1.3
Unlisted Securities
1.3.1
Equity Shares
1.3.2
Preference Shares
1.3.3
1.3.4
1.3.5
1.4
Government Securities
66,491.76
1.5
Treasury Bills
1.6
Commercial Papers
1.7
Certificate of Deposits
7,448.57
5,917.79
12,610.06
17,380.00
16,783.00
1.8
Bill Rediscounting
1.9
Units of Domestic Mutual Fund
2,370.01
1.10
Foreign Securities
1.11
Gold
329,870.58
241,572.58
372,250.71
344,686.56
520,851.53
410,383.95
582.07
13,521.31
284.82
15,729.58
2,257.74
7,220.94
Investments
2
Deposits
Other Current Assets
3.1
Cash & Bank Balance
436.38
91.91
897.18
306.82
403.71
95.49
3.2
CBLO / Reverse Repo Lending
3,972.21
193.12
2,621.50
2,186.34
6,529.60
1,621.57
3.3
Others
5,659.58
3,540.43
17,012.03
4,737.26
5,526.73
3,771.14
Deferred Revenue Expenditure
340,520.82
258,919.35
393,066.24
367,646.56
535,569.31
423,093.09
(To the Extent not written off)

TOTAL
Fund Manager
Mrinal Singh
Sankaran Naren & Mittul Kalawadia
Annexure I -Notes to Accounts
13
Manish Gunwani

Abridged Balance Sheet as at March 31, 2014 (figures as per Audited Financials)
(` in Lakhs)
ICICI Prudential
Infrastructure Fund
As at
31-Mar-14
ICICI Prudential
Tax Plan
As at
31-Mar-13
As at
31-Mar-14
As at
31-Mar-13
LIABILITIES
1
Unit Capital
Reserves & Surplus
2.1
Unit Premium Reserve
2.2
Unrealised Appreciation Reserve
2.3
Other Reserves
Loans & Borrowings
Current Liabilities & Provisions
4.1
Provision for doubtful Income / deposits
4.2
Other Current Liabilities & Provisions

TOTAL
71,975.52
92,706.79
38,851.38
39,880.74
7,397.38
8,630.31
18,726.32
18,163.02
11,473.46
51,774.32
45,999.19
102,083.65
81,314.26
4,933.46
1,227.58
7,938.47
2,199.61
136,080.68
148,563.87
179,073.28
141,557.63
ASSETS
1
Investments
1.1
Listed Securities
1.1.1
Equity Shares
119,372.30
139,829.41
157,041.62
127,724.30
1.1.2
Indian Depository Receipts
1.1.3
Warrants
1.1.4
Preference Shares
1.1.5
1.1.6
1.1.7
1.2
Securities Awaited Listing
1.2.1
Equity Shares
71.40
2,066.53
1.2.2
Preference Shares
1.2.3
1.2.4
1.2.5
1.3
Unlisted Securities
1.3.1
Equity Shares
1.3.2
Preference Shares
1.3.3
1.3.4
1.3.5
1.4
Government Securities
1.5
Treasury Bills
1.6
Commercial Papers
4,975.89
1.7
Certificate of Deposits
4,931.50
9,931.43
8,580.80
1.8
Bill Rediscounting
1.9
Units of Domestic Mutual Fund
1.10
Foreign Securities
1.11
Gold
124,419.59
146,827.44
166,973.05
136,305.10
1,338.86
552.98
645.76
Investments
2
Deposits
Other Current Assets
3.1
Cash & Bank Balance
587.92
209.22
1,824.78
3.2
CBLO / Reverse Repo Lending
1,367.22
124.73
2,847.27
918.06
3.3
Others
8,367.09
849.50
7,428.18
3,688.71
Deferred Revenue Expenditure
136,080.68
148,563.87
179,073.28
141,557.63
(To the Extent not written off)

TOTAL
Fund Manager
Yogesh Bhatt
14
Chintan Haria

Abridged Revenue Account for the year/period ended March 31, 2014 (figures as per Audited Financials)
(` in Lakhs)
ICICI Prudential Value Discovery

Fund (Formerly ICICI Prudential
Discovery Fund)
Year Ended
31-Mar-14
Year Ended
31-Mar-14
Year Ended
31-Mar-13
ICICI Prudential Focused Bluechip

Equity Fund
Year Ended
31-Mar-13
Year Ended
31-Mar-14
Year Ended
31-Mar-13
INCOME
1.1
Dividend
5,749.92
3,352.27
9,094.00
7,441.47
7,100.14
5,762.96
1.2
Interest
1,626.36
1,288.22
2,864.55
3,460.17
1,743.31
1,837.92
1.3
Realised Gain /(Loss) on Foreign Exchange Transactions
77.21
1.4
Realised Gain /(Losses) on Interscheme sale of

Investments
(15.57)
53.65
43.38
427.04
124.21
1.5
Realised Gain /(Losses) on External Sale/Redemption of

Investments
5,963.87
16,488.18
34,132.89
20,078.41
19,948.47
24,186.46
1.6
Realised Gain /(Losses) on Derivative Transactions
345.84
(475.82)
2,070.39
1,734.05
927.30
(416.40)
1.7
Other Income
641.04
139.52
250.47
97.76
288.88
146.94
1.8
Amortisation of Premium/Discount
(A)
EXPENSES (Note 7)
2.1
Interest on Borrowing
2.2
Management Fees
2.3
2.4
2.5
0.17
0.04
(0.01)
14,311.46
20,846.02
48,533.06
33,238.94
30,132.30
31,517.88
3,347.24
2,314.90
4,399.04
3,991.18
5,239.43
4,170.99
Service Tax on Management fees
412.73
286.12
543.65
492.11
647.24
492.51
Transfer Agent's Fees & Expenses
401.51
281.48
445.59
515.99
619.08
534.65
Custodian Fees
28.77
20.14
34.08
38.21
44.47
36.05
2.6
Trusteeship Fees
1.63
1.53
2.14
2.80
2.74
2.89
2.7
Commission to Agents
1,819.50
1,615.81
2,187.19
2,642.63
3,173.95
2,997.53
2.8
Marketing & Distribution Expenses
156.51
71.53
155.14
201.09
359.00
120.60
2.9
Audit fees
1.74
0.75
1.74
1.99
1.74
0.08
2.10
2.11
Other Operating Expenses

Deferred Revenue Expenses Written Off
184.82
-
129.45
-
187.77
-
199.88
-
280.06
-
186.72
-
(B)
6,354.45
4,721.71
7,956.34
8,085.88
10,367.71
8,542.02
Net Realised Gains / (Losses) for the Year / Period

(A-B = C)
7,957.01
16,124.31
40,576.72
25,153.06
19,764.59
22,975.86
Change in Unrealised Depreciation in value of

Investments (D)
7,162.78
Net Gains / (Losses) for the Year/Period ( E= C - D)
7,957.01
16,124.31
40,576.72
17,990.28
19,764.59
22,975.86
Change in Unrealised Appreciation in value of

Investments (F)
66,818.54
4,042.86
53,819.91
78,124.89
10,717.28
Net Surplus/ (Deficit) for the year/period (G = E + F)
74,775.55
20,167.17
94,396.63
17,990.28
97,889.48
33,693.14
7.1
Add: Balance Transfer from Unrealised Appreciation

Reserve
10,417.43
6,374.58
31,359.71
20,642.43
7.2
Less: Balance Transfer to Unrealised Appreciation

Reserve
77,235.97
10,417.43
34,463.56
109,484.60
31,359.71
7.3
Add/(Less) : Equalisation
1,889.39
28,102.99
(36,636.28)
(33,119.72)
1,302.74
155.25
7.4
Surplus/(Deficit) brought forward
125,454.56
88,210.16
222,453.51
253,010.76
41,152.58
26,306.55
Total
135,300.96
132,437.47
245,750.30
237,881.32
62,219.91
49,437.66
Dividend Appropriation
9.1
Income Distributed during the year/period
6,982.59
6,982.91
9,417.15
15,427.81
10,668.35
8,285.08
9.2
Tax on Income distributed during the year/period
10
Retained Surplus/ (Deficit) Carried forward to

Balance Sheet
128,318.37
125,454.56
236,333.15
222,453.51
51,551.56
41,152.58
Fund Manager
Mrinal Singh

Figures less than ` 500 are shown as zero
15
Sankaran Naren & Mittul Kalawadia
Manish Gunwani

Abridged Revenue Account for the year/period ended March 31, 2014 (figures as per Audited Financials)
Year Ended
31-Mar-14
1
INCOME
1.1
Dividend
1.2
Interest
1.3
Realised Gain /(Loss) on Foreign Exchange Transactions
1.4
Realised Gain /(Losses) on Interscheme sale of

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

Investments
1.6
Realised Gain /(Losses) on Derivative Transactions
1.7
Other Income
1.8
Amortisation of Premium/Discount
(A)
EXPENSES (Note 7)
2.1
Interest on Borrowing
2.2
Management Fees
2.3
(` in Lakhs)
Year Ended
31-Mar-13
Year Ended
31-Mar-14
Year Ended
31-Mar-13
2,941.50
3,231.86
3,857.75
2,240.22
568.24
733.90
669.72
756.58
20.72
14.34
207.49
238.61
(6,510.88)
(2,027.36)
17,991.23
19,572.01
1,541.51
(133.19)
27.71
49.15
146.12
(1,411.20)
1,868.70
22,872.31
22,807.42
1,754.75
2,022.51
1,914.71
1,586.88
Service Tax on Management fees
216.89
249.98
236.66
196.14
2.4
Transfer Agent's Fees & Expenses
151.44
224.06
192.49
185.47
2.5
Custodian Fees
13.55
19.53
15.48
14.46
2.6
Trusteeship Fees
0.79
1.28
0.87
0.98
2.7
Commission to Agents
713.04
1,111.01
1,009.55
958.25
2.8
Marketing & Distribution Expenses
58.08
64.77
83.65
95.76
2.9
Audit fees
2.10
2.11
Other Operating Expenses

Deferred Revenue Expenses Written Off
(B)
1.24
1.56
1.29
1.59
71.33
-
97.91
-
101.59
-
96.38
-
2,981.11
3,792.61
3,556.29
3,135.91
(4,392.31)
(1,923.91)
19,316.02
19,671.51
182.51
10,427.46
Net Realised Gains / (Losses) for the Year / Period

(A-B = C)
Change in Unrealised Depreciation in value of

Investments (D)
Net Gains / (Losses) for the Year/Period ( E= C - D)
(4,392.31)
(2,106.42)
19,316.02
9,244.05
Change in Unrealised Appreciation in value of

Investments (F)
22,776.18
19,400.71
Net Surplus/ (Deficit) for the year/period (G = E + F)
18,383.87
(2,106.42)
38,716.73
9,244.05
7.1
Add: Balance Transfer from Unrealised Appreciation

Reserve
2,500.22
7.2
Less: Balance Transfer to Unrealised Appreciation

Reserve
11,473.46
7.3
Add/(Less) : Equalisation
(12,608.75)
(18,589.16)
(152.05)
1,978.12
7.4
Surplus/(Deficit) brought forward
45,999.19
66,694.82
81,314.26
74,123.14
Total
51,774.31
45,999.24
108,405.48
87,845.53
Dividend Appropriation
9.1
Income Distributed during the year/period
(0.01)
0.05
6,321.83
6,531.27
9.2
Tax on Income distributed during the year/period
10
Retained Surplus/ (Deficit) Carried forward to

Balance Sheet
51,774.32
45,999.19
102,083.65
81,314.26
Fund Manager
Yogesh Bhatt

Figures less than ` 500 are shown as zero
16
Chintan Haria

Notes to Accounts Annexure I to the Abridged Balance Sheet and Revenue Account for the Year/Period ended March 31, 2014 for the following
schemes:
Scheme Code
Scheme Name
DISCO
DYNMIC
FOCUS
INFRA
TAX
ICICI Prudential Value Discovery Fund (Formerly ICICI Prudential Discovery Fund)
1. Investments
1.1 All the investments of the schemes are registered in the name of the Trustees for the benefit of the Schemes Unitholders.
1.2 Open Positions of derivatives:
(` in Lakhs)
31-Mar-14
Scheme Code
Long Positions
% to Net Assets
31-Mar-13
Short Positions
% to Net Assets
Long Positions
% to Net Assets
Short Positions
% to Net Assets
DISCO
1,658.32
0.65%
DYNMIC
1,048.63
0.27%
4,324.05
1.18%
13,500.91
3.70%
FOCUS
3,609.60
0.68%
1,265.10
0.30%
INFRA
4,052.38
3.09%
3,410.74
2.31%
Disclosure as required under SEBI Circular - Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010 for the year 2013-14.
a
Hedging Positions through Futures as on 31st March 2014

Scheme
Underlying Security Name
DYNMIC
GRASIM INDUSTRIES LIMITED
Long/(Short)
Short
Future price when purchased (`)

2,899.65
Current price of the contract (`)

2912.85
Margin Maintained (` in Lakhs)

130.54
FOCUS
GRASIM INDUSTRIES LIMITED
Short
2,817.35
2912.85
101.53
FOCUS
MAHINDRA & MAHINDRA

FINANCIAL SERVICES LIMITED
Short
251.23
254
348.15
Other than hedging Positions through Futures as on 31st March 2014 (` in Lakhs)
Scheme
INFRA
BHARAT HEAVY ELECTRICALS LIMITED
Long/Short
Future price when purchased (`)
Long
Current price of the contract (`)
190.31
191.15
For the Year ended 31st March 2014 the following transactions through futures have been squared off/ expired:
536.52
(` in Lakhs)
Hedging Transactions
Scheme
Transactions where futures were bought

No. of Contract
Gross Notional
Value
Transactions where futures were Sold

No. of Contract
Combined Net Profit/

(Loss)
Gross Notional
Value
Total % of Existing Assets
DYNMIC
2,535
8,557.56
(247.82)
0.27%
FOCUS
6,462
21,280.16
68.97
0.68%
INFRA
22
55.42
(3.81)
DISCO
941
3,149.52
32.76
(` in Lakhs)
Other than Hedging Transactions

Scheme
Transactions where futures were bought

No. of Contract
Gross Notional
Value
Transactions where futures were Sold

No. of Contract

(Loss)
Gross Notional
Value
DYNMIC
45,675
148,897.14
75,139
233,658.32
2,212.08
FOCUS
5,226
19,198.38
858.33
INFRA
14,843
40,457.92
1,545.32
3.09%
DISCO
2,059
4,915.79
313.08
Hedging Positions through Put Options as on 31st March 2014 is Nil
No hedging transaction through Options were transacted during the year ended 31st March, 2014
Other than Hedging Position through Options as on 31st March, 2014 is Nil.
Non hedging transactions through options have already been exercised / expired for the year ended 31st March, 2014 -
Scheme
Total % of Existing Assets
Call/Put
Number of contracts
(` in Lakhs)
Gross Value
Net Profit/(Loss)
DYNMIC
BANKEX
Call
7015
586.91
27.93
DYNMIC
NIFTY
Put
1711
95.78
16.54
DYNMIC
POWERGRID
Call
1205
131.34
62.02
Hedging Positions through swap as on 31st March 2014 - Nil
17
Disclosure as required under SEBI Circular -Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010 for the year 2012-13.
a.
Hedging Positions through Futures as on 31st March 2013 is NIL
b.
Other than hedging Positions through Futures as on 31st March 2013

Scheme
c.
Long/(Short)
Future price when

purchased (`)
Current price of the

contract (`)
DISCO
Long
176.60
177.55
207.51
DYNMIC
INFOSYS LIMITED
Long
2,883.69
2,905.40
163.45
DYNMIC
NTPC LIMITED
Long
139.10
143.30
232.01
DYNMIC
NIFTY
Short
5,686.30
5,714.25
815.19
DYNMIC
TATA MOTORS LIMITED
Short
272.65
271.45
404.42
DYNMIC
TATA STEEL LIMITED
Long
326.86
313.15
146.24
FOCUS
LUPIN LIMITED
Long
628.87
632.55
158.28
INFRA
Long
177.11
177.55
426.80
(` in Lakhs)
Hedging Transactions
Scheme
Transactions Where futures were bought

No. of Contract
Transactions Where futures were Sold
Gross Notional
Value
No. of Contract

(Loss)
Gross Notional
Value
Total % of existing Assets
DISCO
100
296.53
10.95
DYNMIC
14,929
40,238.22
(570.52)
FOCUS
17,797
45,638.92
(554.05)
INFRA
1,855
4,699.16
(38.44)
(` in Lakhs)
Other than Hedging Transactions

Scheme
Transactions Where futures were bought

No. of Contract
DISCO
Gross Notional
Value
Transactions Where futures were Sold

No. of Contract

(Loss)
Gross Notional
Value
Total % of existing Assets
3,726
9,405.29
(486.77)
0.65%
DYNMIC
18,966
49,064.48
163,268
457,045.36
2,304.57
2.51%
FOCUS
4,568
11,842.37
137.64
0.30%
INFRA
17,535
41,161.34
(94.74)
2.31%
d.
Hedging Positions throught Put Options as on 31st March 2013 is Nil
No hedging transaction through Options were transacted during the year ended 31st March, 2013
Other than Hedging Position through Options as on 31st March, 2013 is Nil.
Non hedging transactions through options have already been exercised / expired for the year ended 31st March, 2013 - Nil
Hedging Positions through swap as on 31st March 2013 - Nil
1.3 Investments made by schemes in Sponsor/Associates/Group Companies:

Scheme code
Name of Sponsor/ Associate/Group Company
Nature of Investment
(` in Lakhs)
As at 31-March-14
As at 31-March-13
Market value of Investment by

Scheme
Market value of Investment by

Scheme
DISCO
City Union Bank Ltd $
Equity Shares
1,933.76
1,713.35
DYNMIC
ICICI Bank Limited
Equity Shares
21,424.07
16,103.65
DISCO
ICICI Bank Limited
Equity Shares
16,550.29
8,884.20
FOCUS
ICICI Bank Limited
Equity Shares
40,916.55
26,596.04
INFRA
ICICI Bank Limited
Equity Shares
8,347.26
11,397.24
TAX
ICICI Bank Limited
Equity Shares
6,723.27
6,719.47
DISCO
ICICI Bank Limited
Term Deposits
582.07
13,521.31
DYNMIC
ICICI Bank Limited
Term Deposits
284.82
15,729.58
FOCUS
ICICI Bank Limited
Term Deposits
2,257.74
7,220.94
INFRA
ICICI Bank Limited
Term Deposits
1,338.86
552.98
DYNMIC
Lupin Limited $
Equity Shares
2,004.44
FOCUS
Lupin Limited $
Equity Shares
10,508.63
9,407.84
DISCO
State Bank of India $
Equity Shares
4,145.50
DYNMIC
Equity Shares
8,958.26
FOCUS
Equity Shares
16,908.93
INFRA
Equity Shares
8,809.19
TAX
Equity Shares
3,771.99
18
(` in Lakhs)
Name of Sponsor/ Associate/Group Company
Nature of Investment
ICICI Bank Limited
Equity Shares
Term Deposits
Debentures and Bonds
Units
Cert of Deposit
Equity Shares
Equity Shares
Debentures and Bonds
Equity Shares
Equity Shares
Equity Shares
ICICI Home Finance Limited

Eastspring Investment Asian Equity Fund
The Federal Bank Limited $
City Union Bank Ltd $
Hexaware Technologies Ltd $
Lupin Limited $
As at 31-March-14
Aggregate Market Value
of Investment by all Schemes
128,219.10
20,000.00
6,375.30
3,368.43
5,405.55
520.73
25,337.68
As at 31-March-13
Aggregate Market Value
of Investment by all Schemes
86,760.79
50,000.00
11,544.89
4,601.14
57,595.06
1,994.24
3,243.15
212.20
51,428.04
15,041.80
The above investments are in normal course and are in accordance with the investment objective of relevant scheme.
$ The disclosure has been made as director (s) of the AMC is/ are also on the board of the aforesaid companies.
1.4 Subscription by scheme (excluding Secondary Market Purchases) in the issues lead managed by the associate company during 2013-14
(` in Lakhs)
Name of the Issuer
Instrument
Power Grid Corporation of India Ltd. Equity share
Equity share
Equity share

Name of the Scheme

DISCO
Amount
10,349.91
FOCUS
DYNMIC
2,735.10
24,749.95
Subscription by scheme (excluding Secondary Market Purchases) in the issues lead managed by the associate company during 2012-13: Nil
1.5 Subscription to any issue of equity or debt on private placement basis where the sponsor or its associate companies have acted as arranger or
manager during 2013-14 : Nil (Previous Year - Nil)
1.6 Open Position of securities borrowed :
Open Position of securities lend :
Scheme
DISCO
Nil (Previous Year - Nil)

(` in Lakhs)
Aggregate market Value

34.37
TAX
39.50
1.7 Details of NPA

Aggregate market value : Nil (Previous Year - Nil)

Provision thereof : Nil (Previous Year - Nil)
1.8 Aggregate Unrealised Gain / Loss as at the end of the Financial Year and percentage to net assets:
(` in Lakhs)
Scheme
As at 31-March-14
As at 31-March-13
Unrealised Gain / Loss
% of Net Assets
Unrealised Gain / Loss
% of Net Assets
DISCO
77,235.97
23.00%
10,417.43
4.05%
DYNMIC
34,463.56
8.85%
(19,356.36)
-5.30%
FOCUS
109,484.60
20.60%
31,359.71
7.48%
INFRA
(2,483.83)
-1.89%
(25,260.00)
-17.14%
TAX
11,473.46
6.70%
(7,927.24)
-5.69%

1.9 Aggregate Value of Purchase and Sale with Percentage to Average Net Assets :
Financial Year - 2013-14
Scheme
Average Net
Assets
Equity Securities
DISCO
275,787.67
DYNMIC
355,453.77
FOCUS
458,166.74
INFRA
127,820.97
TAX
146,141.06
Other than Equity Securities
DISCO
275,787.67
DYNMIC
355,453.77
FOCUS
458,166.74
INFRA
127,820.97
TAX
146,141.06
Total
DISCO
275,787.67
DYNMIC
355,453.77
FOCUS
458,166.74
INFRA
127,820.97
TAX
146,141.06

Purchases
% to
Average
Net Assets
Sales
% to
Average Net
Assets

Financial Year - 2012-13
Sales
(` in Lakhs)
Average
Net Assets
Purchases
% to
Average
Net Assets
% to
Average Net
Assets
42.69%
140.68%
40.17%
61.55%
145.90%
218,968.76
398,679.81
412,727.10
182,699.04
140,180.72
156,437.39
512,034.49
332,281.82
77,211.03
305,115.64
71.44%
128.43%
80.51%
42.26%
217.66%
105,716.21
548,271.70
338,124.13
127,962.88
313,834.12
48.28%
137.52%
81.92%
70.04%
223.88%
131,744.92
387,237.92
193,911.70
39,946.06
204,953.11
47.77%
108.94%
42.32%
31.25%
140.24%
117,747.38
500,055.67
184,042.54
78,670.04
213,226.52
2,064,522.24
3,341,404.94
2,449,383.48
1,044,746.47
1,921,434.99
748.59%
940.04%
534.61%
817.35%
1314.78%
2,073,068.57
3,304,412.20
2,447,718.35
1,042,971.62
1,918,795.82
751.69%
929.63%
534.24%
815.96%
1312.98%
218,968.76
398,679.81
412,727.10
182,699.04
140,180.72
2,481,183.51
4,202,802.46
2,673,740.68
1,296,306.61
2,275,388.40
1133.12%
1054.18%
647.82%
709.53%
1623.18%
2,479,335.88
4,228,170.86
2,666,549.07
1,299,820.83
2,272,332.06
1132.28%
1060.54%
646.08%
711.45%
1621.00%
2,196,267.16
3,728,642.86
2,643,295.18
1,084,692.53
2,126,388.10
796.36%
1048.98%
576.93%
848.60%
1455.02%
2,190,815.95
3,804,467.87
2,631,760.89
1,121,641.66
2,132,022.34
794.39%
1070.31%
574.41%
877.51%
1458.88%
218,968.76
398,679.81
412,727.10
182,699.04
140,180.72
2,637,620.90
4,714,836.95
3,006,022.50
1,373,517.64
2,580,504.04
1204.56%
1182.61%
728.33%
751.79%
1840.84%
2,585,052.09
4,776,442.56
3,004,673.20
1,427,783.71
2,586,166.18
1180.56%
1198.06%
728.00%
781.49%
1844.88%
Equity securities excludes transactions in futures & options

Other than equity securities includes Units of Mutual Funds, debt and money market including CBLO and Fixed Deposits.
19
1.10
Non-Traded securities in the portfolio:
(` in Lakhs)
As at 31-March-14
Scheme
Particulars
Amount
DISCO
Aggregate value of non traded Equity
DISCO
Aggregate value of non traded Money Market Instruments
DYNMIC
As at 31-March-13
% of Net Assets Value
Amount
% of Net Assets Value
2,140.34
0.83%
7,448.57
2.22%
5,917.79
2.30%
Aggregate value of non traded Debt
170.10
0.05%
DYNMIC
12,610.06
3.45%
FOCUS
17,380.00
3.27%
16,783.00
4.00%
FOCUS
Aggregate value of non traded Units of Mutual Fund
2,370.01
0.45%
INFRA
Aggregate value of non traded Equity
71.40
0.05%
2,066.53
1.40%
INFRA
Aggregate value of non traded Debt
INFRA
4,975.89
3.79%
4,931.50
3.35%
TAX
9,931.43
5.80%
8,580.80
6.16%
2. Details of Transaction with Associates under regulation 25(8).

a. Brokerage paid to associates/related parties/group companies of Sponsor/AMC

Name of Associate/ related
parties/group companies of
Sponsor/ AMC
Nautre of
Association/
Nature of
relation
Scheme
ICICI Securities Limited
Group
Company
2013-14
Value of
transaction
% of total
value of
transaction
of the
scheme
DISCO
11,173.78
4.73%
DYNMIC
54,131.13
3.60%
FOCUS
28,201.31
6.71%
INFRA
6,970.42
11,429.95
TAX
Brokerage
% of the total
brokerage
related to
scheme
Value of
transaction
% of total
value of
transaction
of the
scheme
Brokerage
% of the total
brokerage
related to
scheme
10.28
4.85%
11,074.18
4.04%
12.83
4.94%
54.35
5.64%
74,440.60
3.55%
63.30
4.65%
26.85
7.64%
32,032.16
4.17%
38.21
5.57%
3.95%
1.67
1.73%
5,215.28
1.83%
5.54
2.75%
2.81%
12.65
3.22%
13,133.10
2.15%
13.86
2.84%
b. Commission paid to associates/related parties/group companies of Sponsor/AMC

Name of Associate/ related parties/
group companies of Sponsor/ AMC
Nature of
Scheme
Association/
Nature of
relation
ICICI Bank Limited
Sponsor
Group
Company
ICICI Securities
Primary Dealership Limited
Group
Company
Federal Bank Ltd $
Associate
Associate
Unique Investment Consultants $$
Distributor is
a relative of
an employee
of the AMC
One World Financial & Advisory $$
Distributor is
a relative of
an employee
of the AMC
DISCO
DYNMIC
FOCUS
INFRA
TAX
DISCO
DYNMIC
FOCUS
INFRA
TAX
DISCO
FOCUS
TAX
DISCO
DYNMIC
FOCUS
INFRA
TAX
TAX
DISCO
DYNMIC
FOCUS
DISCO
DYNMIC
FOCUS
TAX
FOCUS
INFRA
TAX
(` in Lakhs)
2012-13
Value of
Business
given
8,238.45
3,875.11
12,114.45
396.17
1,216.82
4,584.74
3,815.17
8,796.72
421.50
907.56
0.24
0.12
4.45
1.74
7.15
0.12
2.79
0.44
1.00
44.18
7.17
(` in Lakhs)
2013-14
% of total
Commission % of the total
value of
commission
business
paid by the
received by
scheme
the scheme
6.42%
156.14
5.69%
5.58%
131.80
4.70%
6.19%
227.28
4.88%
2.40%
47.34
5.27%
4.45%
69.67
4.93%
3.57%
100.46
3.66%
5.49%
75.39
2.69%
4.50%
122.39
2.63%
2.55%
20.94
2.33%
3.32%
37.75
2.67%
^^
0.01
^^
^^
^^
^^
^^
^^
^^
0.08
^^
^^
0.19
0.01%
^^
0.10
^^
^^
0.05
0.01%
0.01%
0.16
0.01%
^^
^^
0.08
^^
^^
0.14
^^
^^
0.05
^^
0.02%
0.55
0.01%
^^
^^
0.03%
0.35
0.02%
20
Value of
Business
given
7,697.54
4,787.13
11,481.86
588.60
967.85
7,467.08
3,708.18
5,893.86
680.76
1,049.69
0.02
0.12
^^
5.88
1.62
5.22
0.46
1.52
0.12
0.38
0.12
0.24
-
2012-13
% of total
Commission % of the total
value of
commission
business
paid by the
received by
scheme
the scheme
54.71%
143.97
59.00%
50.79%
200.41
69.70%
68.00%
170.98
48.14%
36.50%
69.10
55.55%
38.65%
52.41
46.28%
53.08%
128.31
52.58%
39.34%
67.14
23.35%
34.91%
73.90
20.81%
42.22%
27.30
21.95%
41.92%
33.22
29.34%
^^
^^
^^
^^
^^
^^
^^
0.07
^^
^^
0.23
0.01%
^^
0.05
^^
^^
0.07
0.01%
0.01%
0.09
0.01%
^^
^^
^^
^^
^^
^^
^^
^^
^^
^^
^^
^^
-
c. Other Charges paid to associates/related parties/group companies of Sponsor/AMC

Nature of Payment
Scheme
ICICI Bank Ltd
Bank Charges / Interest Charges*
DISCO
19.33
17.29
DYNMIC
54.82
71.63
FOCUS
34.25
28.39
INFRA
13.64
14.13
Publicity and Marketing Expense
(` in Lakhs)
Entity
Investor Education Expenses
For the Year/period

ended
31st March 2014
For the Year/Period

ended
31st March 2013
TAX
9.60
9.30
DISCO
2.50
1.35
DYNMIC
4.22
FOCUS
2.04
DISCO
0.64
^^
DYNMIC
0.79
FOCUS
1.03
INFRA
0.26
TAX
0.34
* Bank charges paid include transaction charges paid to ICICI Bank Limited (Professional clearing member) for futures and options transactions
Note : The schemes have paid Management Fees and Trusteeship fees to ICICI Prudential Assets Management Company Limited and ICICI Prudential Trust Limited respectively as
disclosed in Revenue Account.
^^ Amount less than Rs. 0.01 Lakhs / Percentage less than 0.01%
$ The disclosure has been made as director (s) of the AMC is/ are also on the board of the aforesaid companies.
$$ The disclosure has been made as Distributor is a relative of an employee of the AMC.
Investors holding units in the Scheme over 25% of the NAV as on March 31, 2014 are Nil. (Previous year Nil)
Unit Capital movement during the year/period ended :
Scheme
2013-14
Plan
Balance at the beginning of the year/Initial

Subscription
Issued during the

year/period (Includes
units issued during
NFO)
Redemption during
the year/period
Balance at close of
the year
Face Value of Units at

the close of the year
Units
Units
Units
Units
Amount (`)
DISCO
Direct Dividend Option
2,603,849.22
3,637,922.09
698,831.78
5,542,939.54
55,429,395
DISCO
Direct Growth Option
4,169,601.87
23,156,346.63
6,731,729.43
20,594,219.07
205,942,191
DISCO
Institutional - I Growth Option
DISCO
Regular Dividend Option
DISCO
Regular Growth Option
341,637,298.49
143,957,586.92
133,411,369.42
352,183,515.99
3,521,835,160
DISCO
Total
727,987,497.53
291,874,597.70
284,593,606.84
735,268,488.40
7,352,684,884
DYNMIC
677,271.74
3,208,086.79
463,659.45
3,421,699.07
34,216,991
DYNMIC
1,623,726.71
3,531,229.32
1,224,773.59
3,930,182.44
39,301,824
DYNMIC
6,995,909.57
2,900,273.45
4,095,636.12
40,956,361
DYNMIC
Institutional Dividend Option
3,155,000.00
3,155,000.00
DYNMIC
Institutional Growth Option
5,582,680.06
20,480.90
5,562,199.17
55,621,992
DYNMIC
741,417,788.98
85,974,507.97
218,689,146.10
608,703,150.85
6,087,031,509
DYNMIC
218,708,480.67
32,405,367.81
66,841,799.73
184,272,048.75
1,842,720,488
DYNMIC
Total
978,160,857.73
125,119,191.89
293,295,133.22
809,984,916.41
8,099,849,164
FOCUS
5,721,014.65
6,469,806.78
827,862.79
11,362,958.64
113,629,586
FOCUS
17,808,836.21
97,422,832.44
8,954,367.77
106,277,300.88
1,062,773,009
FOCUS
FOCUS
FOCUS
1,601,878,327.15
649,105,531.23
545,208,103.48
1,705,775,754.90
17,057,757,549
FOCUS
Total
2,457,724,001.25
933,871,622.36
805,760,369.49
2,585,835,254.11
25,858,352,541
INFRA
11,216,249
INFRA
INFRA
INFRA
INFRA
15,057,716.08
5,003,773.55
10,053,942.54
100,539,425
364,519,031.87
121,122,742.07
138,747,902.67
346,893,871.27
3,468,938,713
6,176,699.17
2,405,299.23
3,771,399.95
37,713,999
826,139,124.07
180,873,451.91
248,364,736.24
758,647,839.74
7,586,478,397
340,834.65
1,005,292.41
224,502.13
1,121,624.93
1,017,975.98
1,791,126.51
749,907.65
2,059,194.84
20,591,948
25,155,012.01
5,923,402.44
19,231,609.57
192,316,096
529,058,033.25
48,439,816.98
158,856,274.92
418,641,575.31
4,186,415,753
371,495,998.19
35,566,924.78
128,361,762.01
278,701,160.97
2,787,011,610
INFRA
Total
927,067,854.08
86,803,160.66
294,115,849.12
719,755,165.62
7,197,551,656
TAX
1,430,077.28
2,455,583.19
3,885,660.47
38,856,605
TAX
331,579.93
684,373.90
1,015,953.82
10,159,538
TAX
340,246,362.18
48,581,543.19
61,800,407.07
327,027,498.30
3,270,274,983
TAX
TAX
Total
56,799,388.37
9,345,698.40
9,560,449.25
56,584,637.52
565,846,375
398,807,407.75
61,067,198.68
71,360,856.32
388,513,750.11
3,885,137,501
21
Scheme
2012-13
Plan
DISCO
Institutional Option - I - Growth
DISCO
Balance at the beginning of the year/Initial

Subscription
Issued during the

year(Includes units
during NFO)
Redemption during the

year/period
Balance at close of
the year
Face Value of Units at

the close of the year
Units
Units
Units
Units
Amount (`)
4,650,079.66
16,745,918.41
6,338,281.99
15,057,716.08
150,577,161
290,907,664.07
169,202,582.53
95,591,214.73
364,519,031.87
3,645,190,319
DISCO
264,981,016.08
175,762,072.16
99,105,789.75
341,637,298.49
3,416,372,985
DISCO
4,214,943.98
45,342.12
4,169,601.87
41,696,019
DISCO
2,672,364.99
68,515.77
2,603,849.22
26,038,492
DISCO
Total
560,538,759.81
368,597,882.08
201,149,144.36
727,987,497.53
7,279,874,975
DYNMIC
7,744,677.01
22,710.29
2,184,707.24
5,582,680.06
55,826,801
DYNMIC
830,557,040.09
176,582,476.80
265,721,727.92
741,417,788.98
7,414,177,890
DYNMIC
252,493,105.30
48,396,288.44
82,180,913.07
218,708,480.67
2,187,084,807
DYNMIC
1,669,525.84
45,799.13
1,623,726.71
16,237,267
DYNMIC
684,697.57
7,425.83
677,271.74
6,772,717
DYNMIC
8,401,471.43
780,491.75
2,186,053.61
6,995,909.57
69,959,096
DYNMIC
Institutional Dividend Option
DYNMIC
Total
FOCUS
FOCUS
FOCUS
FOCUS
FOCUS
FOCUS
Total
INFRA
Institutional Option - I - Growth
30,573,722.60
702,043.75
6,120,754.33
25,155,012.01
251,550,120
INFRA
738,757,775.96
19,005,599.20
228,705,341.91
529,058,033.25
5,290,580,333
INFRA
495,968,042.29
43,578,088.41
168,050,132.50
371,495,998.19
3,714,959,982
INFRA
1,089,716.74
71,740.76
1,017,975.98
10,179,760
INFRA
346,780.60
5,945.95
340,834.65
3,408,346
INFRA
Total
1,265,299,540.84
64,722,228.70
402,953,915.46
927,067,854.08
9,270,678,541
TAX
342,178,756.49
46,215,118.73
48,147,513.03
340,246,362.18
3,402,463,622
TAX
55,225,611.84
9,683,165.50
8,109,388.96
56,799,388.37
567,993,884
TAX
331,579.93
331,579.93
3,315,799
TAX
1,430,077.28
1,430,077.28
14,300,773
TAX
Total
397,404,368.33
57,659,941.42
56,256,902.00
398,807,407.75
3,988,074,077
3,155,000.00
3,155,000.00
31,550,000
1,102,351,293.84
228,136,190.69
352,326,626.80
978,160,857.73
9,781,608,577
21,500,136.37
1,386,470.66
16,709,907.86
6,176,699.17
61,766,992
947,068,758.70
226,690,278.86
347,619,913.50
826,139,124.07
8,261,391,241
1,462,239,703.53
665,241,286.26
525,602,662.64
1,601,878,327.15
16,018,783,271
18,763,909.63
955,073.42
17,808,836.21
178,088,362
5,735,479.33
14,464.69
5,721,014.65
57,210,146
2,430,808,598.59
917,817,424.75
890,902,022.10
2,457,724,001.25
24,577,240,012
Previous year figures are regrouped wherever necessary.
Contingent Liability: Nil (Previous year: Nil)
Expenses other that management fee are inclusive of service tax where applicable.
22

Address:2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai 400063
Audited Historical Per Unit Statistics (on the basis of closing units) for the year/period ended March 31, 2014.
Discovery Fund)
Year Ended
31-Mar-14
1
Year Ended
31-Mar-13
Year Ended
31-Mar-14
ICICI Prudential Focused

Bluechip Equity Fund
Year Ended
31-Mar-13
Year Ended
31-Mar-14
Year Ended
31-Mar-13
NAV PER UNIT (`)

A
Open
20.48
16.1438
16.87
53.70
110.7098
17.67
24.44
21.71
17.6802
16.7985
18.38
16.83
10.4123
9.9128
18.51
18.38
16.1212
17.3794
15.91
15.55
53.61
48.16
110.5387
106.1254
17.64
16.30
26.47
22.69
19.3795
17.7656
20.84
18.21
69.41
59.49
144.7106
121.8271
21.83
19.08
31.75
27.03
23.2183
19.4319
22.75
19.83
13.6536
11.4483
22.37
22.69
19.2212
18.4215
18.41
18.20
68.81
59.47
143.5686
121.7769
21.63
19.08
18.33
20.19
15.4921
16.0648
16.25
16.70
48.05
52.94
106.2382
110.1685
17.03
17.49
21.92
20.93
16.9932
15.5848
17.74
15.40
10.0030
9.1940
16.52
17.69
15.4493
16.0433
15.28
14.22
47.85
46.38
105.9309
98.3416
16.95
14.90
26.47
20.48
19.3795
16.1438
20.84
16.87
69.41
53.70
144.7106
110.7098
21.83
17.67
31.75
24.44
23.2183
17.6802
22.75
18.38
13.6536
10.4123
21.47
18.51
19.2212
16.1212
17.94
15.91
68.81
53.61
143.5686
110.5387
21.63
17.64
Closing
335,746.60
257,068.01
389,617.49
365,322.24
531,520.36
419,314.48
Average (AAuM)
275,787.67
218,968.76
355,453.77
398,679.81
458,166.74
412,727.10
5.19%
9.52%
13.66%
8.34%
6.58%
7.64%
Direct Option
1.62%
1.71%
1.61%
1.67%
1.50%
1.60%
Institutional - I Option
1.15%
1.00%
1.13%
1.00%
1.33%
1.20%
1.28%
1.20%
2.34%
2.19%
2.25%
2.04%
2.29%
2.09%
Direct Option
1.22%
1.20%
1.24%
0.86%
1.14%
1.10%
0.96%
0.84%
0.97%
0.83%
1.14%
0.82%
0.97%
0.70%
Regular Option
1.22%
1.07%
1.24%
1.01%
1.14%
1.02%
Net Income as % of AAuM *
2.89%
7.36%
11.42%
6.31%
4.31%
5.57%
Portfolio Turnover Ratio Aggregate for all Asset category
7.94
11.81
10.49
11.83
5.74
7.28
Portfolio Turnover Ratio - Equity
0.43
0.48
1.09
1.28
0.40
0.81
1.50
2.14
2.00
1.50
2.00
1.45
1.00
High
Low
End
Assets Under Management (` in Lakhs)
Gross Income as % of AAuM *
Expense Ratio
A
Total Expense as % of AAuM (plan wise) *
Institutional Option
Regular Option
B
Management Fee as % of AAuM (plan wise) *
Total Dividend per unit distributed during the

Year / Period (plan- wise)
23

Discovery Fund)
Year Ended
31-Mar-14
8
Year Ended
31-Mar-13
Year Ended
31-Mar-14
ICICI Prudential Focused

Bluechip Equity Fund
Year Ended
31-Mar-13
Year Ended
31-Mar-14
Year Ended
31-Mar-13
Returns
A
Last One Year

Scheme
Direct Option
28.96%
30.42%
23.33%
29.63%
12.57%
31.03%
5.25%
23.56%
9.21%
30.84%
5.04%
Regular Option
28.09%
11.29%
29.59%
4.17%
22.35%
8.28%
Benchmark
16.22%
-4.02%
17.82%
7.31%
17.82%
7.31%
Since Inception
Scheme
Direct Option
15.47%
-7.46%
18.57%
-5.43%
13.99%
-4.74%
15.41%
13.50%
12.54%
9.75%
15.07%
13.37%
11.40%
2.18%
22.18%
21.51%
26.27%
25.95%
14.08%
12.43%
Direct Option
0.09%
-13.96%
10.06%
-4.51%
10.06%
-4.51%
8.02%
6.90%
7.34%
5.71%
5.33%
2.90%
6.80%
1.32%
16.01%
15.98%
18.64%
18.72%
5.33%
2.90%
Regular Option
Benchmark
Regular Option
Benchmark Index
CNX Midcap Index
CNX Nifty Index
CNX Nifty Index
* Annualised
** Less than 0.01%
Note:
1
Scheme Returns and Benchmark Returns for schemes launched during the year are computed from date of allotment. These returns are shown on absolute basis.
Returns have been calculated based on Growth option NAV except for plans where Growth option NAV is not available Dividend Option NAV is considered.
Gross Income = Amount against (A) in the Revenue account i.e income
Net Income = Amount against (C) in the Revenue account i.e Net realised gains/(Losses) for the Year / Period
Portfolio Turnover = Lower of sales or purchase divided by Average AUM for the Year / Period
AAuM = Average daily net assets
Performance for scheme options in which units are fully redeemed & were reissued at Face Value on fresh subcriptions made by the investors during the year are shown on
absolute basis and accordingly corresponding previous year figures are not shown.
Plans closed during the year are not considered for above disclosure.
24

Address:2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai 400063
Audited Historical Per Unit Statistics (on the basis of closing units) for the year/period ended March 31, 2014
Year Ended
31-Mar-14
1
Year Ended
31-Mar-13
Year Ended
31-Mar-14
Year Ended
31-Mar-13
NAV PER UNIT (`)

A
Open
9.91
18.45
24.60
145.16
13.61
13.80
9.90
10.14
16.55
17.26
24.57
25.18
144.91
135.84
11.56
11.48
22.32
20.71
28.70
28.48
188.59
163.02
15.97
15.74
11.48
11.47
19.92
20.70
28.49
28.47
186.98
162.92
High
Low
8.41
9.80
17.37
18.29
20.87
24.32
136.63
143.94
11.59
12.36
8.38
9.08
15.54
15.94
20.80
22.53
136.11
125.45
End
11.56
9.91
22.30
18.45
28.68
24.60
188.59
145.16
15.96
13.61
11.47
9.90
19.13
16.55
28.47
24.57
186.98
144.91
Closing
131,147.21
147,336.28
171,134.81
139,358.03
Average (AAuM)
127,820.97
182,699.04
146,141.06
140,180.72
-1.10%
1.02%
15.65%
16.27%
Direct Option
1.77%
1.77%
1.72%
1.80%
1.18%
1.00%
2.36%
2.10%
2.44%
2.24%
Direct Option
1.38%
1.25%
1.31%
1.28%
1.03%
0.76%
Regular Option
1.38%
1.12%
1.31%
1.13%
Net Income as % of AAuM *
-3.44%
-1.05%
13.22%
14.03%
Portfolio Turnover Ratio Aggregate for all Asset category
8.49
7.52
14.55
18.41
Portfolio Turnover Ratio - Equity
0.31
0.42
1.40
2.18
1.50
2.00
2.00
Assets Under Management (` in Lakhs)
Gross Income as % of AAuM *
Expense Ratio
A
Total Expense as % of AAuM (plan wise) *
Regular Option
B
Management Fee as % of AAuM (plan wise) *
Total Dividend per unit distributed during the

Year / Period (plan- wise)
25

Year Ended
31-Mar-14
8
Year Ended
31-Mar-13
Year Ended
31-Mar-14
Year Ended
31-Mar-13
Returns
A
Last One Year

Scheme
Direct Option
16.44%
29.62%
17.11%
-1.38%
Regular Option
15.73%
-2.42%
28.74%
6.70%
Benchmark
18.18%
-11.93%
17.56%
5.13%
Direct Option
2.04%
-12.05%
14.68%
-8.72%
6.97%
5.33%
12.96%
12.59%
22.17%
21.70%
Direct Option
-0.02%
-15.51%
7.30%
-7.27%
-3.56%
-6.84%
4.85%
3.20%
12.26%
11.88%
Since Inception
Scheme
Regular Option
Benchmark
Regular Option
Benchmark Index
CNX Infra Index
CNX 500 Index
* Annualised
** Less than 0.01%
Note:
1
Scheme Returns and Benchmark Returns for schemes launched during the year are computed from date of allotment. These returns are shown on absolute basis.
Returns have been calculated based on Growth option NAV except for plans where Growth option NAV is not available Dividend Option NAV is considered.
Gross Income = Amount against (A) in the Revenue account i.e income
Net Income = Amount against (C) in the Revenue account i.e Net realised gains/(Losses) for the Year / Period
Portfolio Turnover = Lower of sales or purchase divided by Average AUM for the Year / Period
AAuM = Average daily net assets
Performance for scheme options in which units are fully redeemed & were reissued at Face Value on fresh subcriptions made by the investors during the year are shown on
absolute basis and accordingly corresponding previous year figures are not shown.
Plans closed during the year are not considered for above disclosure.
26
The Abridged Annual Report has been extracted from the Audited Balance Sheet, Revenue Account and Notes to Accounts. Full Annual Report is available on the website
www.icicipruamc.com. Unitholders may refer to the full Annual Report displayed on the website w.r.t. general policies and procedures for exercising voting rights and
the details of proxy votings exercised during the Financial Year 2013-14. For Unitholders of the Scheme, full Annual Report is available for inspection at the Corporate
Office/Central Service Office of the AMC and a copy thereof shall be made available to the Unitholder on request.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Disclaimer
Some of the material used in the document may have been obtained from members/persons other than the AMC and/or its affiliates and which may
have been made available to the AMC and/or to its affiliates. Information gathered and material used in this document is believed to be from reliable
sources. The AMC 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.
27
Licensed to post under prepayment of postage in cash system under license NO.
MR/Tech/ICICI Prudential/A.R/Prepaid/10.7 to 31.07.2014
Questions to ask yourself to help you decide the

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An investor education initiative by
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Group 1 Abridged Annual Report For FY 2013 2014

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ABRIDGED ANNUAL REPORT FOR F. Y.

Investment Manager: ICICI Prudential Asset Management Company Limited

Trustee: ICICI Prudential Trust Limited

Registrar: Computer Age Management Services Pvt. Ltd. (CAMS)

ICICI Prudential Dynamic Plan

ICICI Prudential Focused Bluechip Equity Fund

ICICI Prudential Infrastructure Fund

ICICI Prudential Tax Plan

ICICI Prudential Asset Management

ICICI Prudential Trust Limited

Ms. Chanda Kochhar

Nominee Director ICICI Bank Ltd.

Mr. Barry Lee Stowe

Nominee Director Prudential plc

Mr. Vinod Dhall

Nominee Director ICICI Bank Ltd.

Mr. Keki Bomi Dadiseth

Nominee Director Prudential plc

Mr. Vijay Thacker

Mr. Sandeep Batra

Nominee Director ICICI Bank Ltd.

Mr. C. R. Muralidharan Independent Director

Independent Director (Appointed with effect from 15.04.2014)

Mr. Suresh Kumar

Mr. Nimesh Shah

INDEPENDENT AUDITORS REPORT

Sd/per Viren H. Mehta

1. Performance of the Schemes

ICICI Prudential Value Discovery Fund (Formerly

CNX Midcap Index

22.18% Open Ended

26.27% Open Ended

14.08% Open Ended

AAUM - Average Assets under Management

1. Market Review FY141

Indian equity market:

Indian debt market:

2 Debt ceiling is the borrowing done for public spending.

So how is FY 15 shaping up?

CNX Nifty Index

S&P BSE Midcap

S&P BSE Sensex

S&P BSE Smallcap

Source: BSE, NSE

SSE Composite Index

Source: Reuters, ICRA

Commodity Price Movement

Source: NCDEX, Bloomberg, London Bullion Market

Source: RBI, Crisil

Institutional Flow as on March 31, 2014 (Equity)

YTD year to date

Sectoral Performance (YOY on %)

S&P BSE Reality

S&P BSE PSU

S&P BSE Power Index

S&P BSE Bankex

S&P BSE Metal

S&P BSE Oil & Gas

S&P BSE FMCG

S&P BSE Teck

S&P BSE AUTO

364 Days T-Bill

YOY year on year