ABRIDGED ANNUAL REPORT FOR F.Y. 2020-21

ICICI Prudential Capital Protection Oriented Fund Series XIV - Plan A - 1275 DaysICICI Prudential Capital Protection Oriented Fund Series XI - Plan A - 2056 DaysICICI Prudential Capital Protection Oriented Fund Series XII - Plan C - 1270 DaysICICI Prudential Multiple Yield Fund Series 14 -1228 Days Plan A

ABRIDGED ANNUAL REPORT FOR F.Y. 2020-21

Sponsors: ICICI Bank Limited Regd. Office: ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara 390 007, Gujarat, India; and Prudential Plc, 1 Angel Court, London EC2R 7AG, United Kingdom

Investment Manager: ICICI Prudential Asset Management Company Limited Corporate Identity Number: U99999DL1993PLC054135

Corporate Office: One BKC, 13th Floor, Bandra Kurla Complex, Mumbai - 400051, Tel: (022) 2652 5000 Fax: (022) 2652 8100. Website: www.icicipruamc.com, Email id: [email protected]

Central Service Office: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon (East), Mumbai - 400 063. Tel.: +91 022-26852000, Fax No.: +91 022-2686 8313.

Registered Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi 110 001.

Trustee: ICICI Prudential Trust Limited

Corporate Identity Number: U74899DL1993PLC054134Registered Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi 110 001.

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

Corporate Identity Number: U65910TN1988PLC015757Registered Office: New No 10. Old No. 178, Opp. to Hotel Palm Grove, MGR Salai, Nungambakkam, Chennai - 600 034

ICICI Prudential Asset Management Company Ltd.Sr. No. Name of the Director Designation

1. Mr. Anup Bagchi1 Nominee Director (ICICI Bank Limited)2. Mr. Sandeep Batra Nominee Director (ICICI Bank Limited)

3. Mr. Bernard Teo6 Nominee Director (Prudential Corporation Holdings Limited)2

4. Mr. Nimesh Shah Managing Director5. Mr. Sankaran Naren Executive Director6. Mr. Suresh Kumar5 Independent Director7. Mr. Ved Prakash Chaturvedi Independent Director8. Mr. Dilip Karnik Independent Director9. Mr. Naved Masood Independent Director10. Ms. Vibha Paul Rishi3 Independent Director

1. Mr. Anup Bagchi is the Chairman of the AMC.

2. The ultimate holding Company of Prudential Corporation Holdings Limited is Prudential Plc.

3. Ms. Vibha Paul Rishi was appointed as an Independent director with effect from September 22, 2020.

4. Mr. Antony Jacob has been appointed as an Independent Director with effect from June 1, 2021.

5. Mr. Suresh Kumar has ceased to be a director with effect from June 7, 2021.

6. Mr. Bernard Teo has ceased to be a Director with effect from June 15, 2021.

7. Mr. Seck Wai Kwong has been appointed as the Nominee Director of Prudential Corporation Holdings Limited with effect from June 15, 2021.

ICICI Prudential Trust LimitedSr. No. Name of the Director Designation

1. Mr. P.H. Ravikumar Independent Director1

2. Mr. Jyotin Mehta Independent Director

3. Mr. Ranganayakulu 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 is Chairman of the Company.


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INDEPENDENT AUDITOR’S REPORTTo the Board of Trustees ofICICI Prudential Mutual Fund

The accompanying abridged financial statements, which comprise of the abridged balance sheet as at March 31, 2021 and the abridged revenue account for the year ended March 31, 2021, 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, 2021 and for the year ended March 31, 2021. We expressed an unmodified audit opinion on those financial statements in our report dated July 19, 2021.

l ICICI Prudential Capital Protection Oriented Fund Series XIV - Plan A - 1275 Days

l ICICI Prudential Capital Protection Oriented Fund Series XI - Plan A - 2056 Days

l ICICI Prudential Capital Protection Oriented Fund Series XII - Plan C - 1270 Days

l ICICI Prudential Multiple Yield Fund Series 14 -1228 Days Plan A

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.

Management’s Responsibility for the Abridged Financial Statements

The board of ICICI Prudential Asset Management Company 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, 2021, 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.

Auditor’s Responsibility

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.

Opinion

In our opinion, the abridged financial statements, derived from the audited financial statements of the Schemes of the Fund as at March 31, 2021 and for the year ended March 31, 2021 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.

For S.R. Batliboi & Co. LLPChartered AccountantsICAI Firm Registration Number: 301003E/E300005

Sd- per Shrawan Jalan Partner

Membership No.: 102102UDIN: 21102102AAADWX2639

Place: MumbaiDate: July 28, 2021

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Dear Unitholder,

The Directors of ICICI Prudential Trust Limited are pleased to present the 28th Annual Report of the schemes of ICICI Prudential Mutual Fund (“the Mutual Fund” or “the Fund”) for the financial year ended March 31, 2021. The report and statements therein have been prepared as per the SEBI (Mutual Fund) Regulations 1996, in the manner required and exhibit a true and fair view of the operation and results of the Mutual Fund.

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

A. Performance of the Schemes and Investment Folios

1. Performance of the Schemes

The Net Asset Values (NAVs) and other pertinent details of the Schemes as on March 31, 2021 are as under:

Scheme Name Date of Allotment

Quarterly AAUM for the period ended

March 31, 2021 (` in lakh)

Quarterly AAUM for the period ended

March 31, 2020 (` in lakh)

Net Asset Value per unit as at March 31, 2021 (`)

Returns Brief Description

Last 1 Year Since Inception

ICICI Prudential Capital Protection Oriented Fund - Series XI - Plan A 2056 Days

14-Dec-16 3,366.00 2,982.48 14.0687 17.45% 8.27% Close Ended Capital Protection Oriented Fund

CRISIL Composite Bond Fund Index (80%) + Nifty 50 TRI (20%)

18.84% 9.50%

ICICI Prudential Capital Protection Oriented Fund - Series XII - Plan C 1270 Days

10-Oct-17 3,119.45 2,889.66 12.2914 9.88% 6.12% Close Ended Capital Protection Oriented Fund


15.97% 8.97%

ICICI Prudential Multiple Yield Fund Series 14 - Plan A 1228 Days

21-Feb-18 4,422.98 4,072.22 12.5113 11.08% 7.48% Close Ended Debt Fund


18.84% 10.50%

ICICI Prudential Capital Protection Oriented Fund - Series XIV - Plan A 1275 Days

04-Dec-18 50,487.64 44,441.39 12.7867 17.76% 11.16% Close Ended Capital Protection Oriented Fund


15.97% 11.37%

Average Asset Under Management (AAUM)The performance of the scheme is benchmarked to the Total Return variant of the Index(TRI).Discontinued plans / options of certain schemes were merged with the continuing plans / options of the Schemes effective from April 25, 2020. In this regard, the AMC had issued addendums dated February 19, 2020 and March 25, 2020 giving detailed information about the merger. The addendums are available at the following links:https://www.icicipruamc.com/docs/default-source/default-document-library/icici_012_addendum_merger-of-discontinued-plans_19-february-2020_329x500.pdf?sfvrsn=3c35659c_0https://www.icicipruamc.com/docs/default-source/default-document-library/merger-addendum.pdf?sfvrsn=8cc7f67_0

2. Investment Folios

The total numbers of live folios as at March 31, 2021 were 114.27 lakhs

B. Market Review and Outlook

Market Review FY2021

Global Economy :

FY2021 has witness unprecedented phenomenon across the globe due to COVID-19. However, the rising pace of vaccinations worldwide are expected to lift global growth and inflation expectations as economies return towards normalcy by second half of 2021.

United States (U.S.):

U.S. is likely to lead the upturn with a huge fiscal support as backing force while China gradually tightens policies to stabilise the economy after achieving pre-pandemic trend growth. Although the rest of the world cannot match the U.S. fiscal firepower, other countries will benefit from the spillover effects of the U.S. This has shifted investors’ concerns from that growth being too slow, to now fearing that growth will be too fast and shall put more upward pressure on interest rates.

ICICI PRUDENTIAL TRUST LIMITEDTRUSTEES’ REPORT

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

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Global equities remain expensive in early 2021, though the very expensive U.S. market offsets better value elsewhere. The U.S is more expensive than the other developed markets, mainly due to its overweight in growth-tilted technology and communication services sectors. The economic downturn in the U.S. was also shallower than in Europe and Japan in the pandemic. Thus, in our view, prospects look brighter for non-US markets and for cyclical sectors.

Eurozone:

In Europe, the United Kingdom (UK) is leading in vaccinations, which should help the economy return to normalcy faster than the Euro area, where vaccine distribution and other supply constraints are hampering the recovery. However, exposure to financials and cyclically sensitive sectors such as industrials, materials and energy, and its small exposure to technology, give it the potential to outperform in the post-vaccine phase of the recovery when economic activity picks up and yield curves in Europe steepen.

Japan:

Japan’s stock indices, too, are heavily weighted towards companies that benefit greatly from a global economic recovery. Many of the businesses are in economically-sensitive sectors, and given Japan’s dependence on exports, they bring in revenues from all around the globe. As a result, Japan has more to gain from the global economic recovery, supported by a weaker Yen. However, a slower vaccine approval process and subsequent rollout pushes back the potential for some form of herd immunity. Coupled with the risk of short-term lockdowns, like those announced in early January 2021, Japan’s growth is expected to significantly lag the growth of other major economies.

China:

China’s return to pre-pandemic growth trend before others means it is likely to shift focus towards stabilising the pace of expansion with monetary tightening. China’s stock market has gone from global leader to laggard in the first three months of 2021, as expectations of tighter monetary policy spurred by an economic recovery from Covid-19 hurt the appetite for shares. Ongoing global stimulus, vaccine rollouts, plus reform-led growth, make the top-down outlook for China promising. However, elevated liquidity support has driven valuations in certain pockets of the market to extreme levels. There is a risk of a market consolidation but given the very strong top-down outlook and longer-term positives, this should provide opportunities among sustainable high growth businesses like technology and select internet platforms, renewable growth with focus on electric vehicle supply chains and wind and solar energy, value cyclicals like insurance and materials.

The post-vaccine economic recovery should favor undervalued cyclical value stocks over expensive technology and growth stocks. Relative to the U.S., the rest of the world is overweight cyclical value stocks.

Emerging Markets (EM) are expected to perform better than Developed Markets. China’s early exit from the lockdown and stimulus measures should benefit EM along with the recovery in global demand and a weaker U.S. dollar.

Key Risks are -

- Rising coronavirus cases in developed markets could derail the expected recovery.

- Emerging markets do not have enough ammunition to stave off the economic slowdown compared to the developed economies. That implies that one engine of global growth would take longer to recover from the crisis.

- Any roll back of loose fiscal and monetary policy can cause increased volatility in global markets.

Indian economy:

India’s gross domestic product (GDP) growth is expected to rebound to 11% in fiscal 2022, after an estimated 8% contraction this fiscal, as four drivers – people learning to live with the new normal, flattening of the Covid-19 affliction curve, rollout of vaccinations, and investment-focused government spending – converge.

But recovery would not be easy with the second wave of Covid-19 engulfing the economy with scars of the pandemic running deep for small businesses and the urban poor; the rural economy has been more resilient versus the urban, and services are lagging manufacturing in recovery. Trade has also normalized faster than the rest of the economy, with both exports and imports scaling pre-pandemic levels.

GDP growth would average 6.3% between fiscals 2023 and 2025. That would be lower than the 6.7% average growth seen in the decade preceding the pandemic, but higher than the 5.8% average in the three fiscals prior.

Production-Linked Incentive (PLI) scheme indicates potential incremental revenue generation of ` 35-40 lakh crore over the coming five fiscals across 14 sectors, aided by ` 2-2.7 lakh crore capex in the next 24-30 months

Indian equity market:

For the year ending Mar’21, Nifty closed at 14,691, around 71% higher than last year. In the last 3 years, Nifty is up 45%. Low interest rates globally and optimism around vaccines have led to new highs for Nifty. The recent rally is led by cyclical stocks that were beaten down due to uncertainty about economic recovery. Incremental macro data suggests an improvement in economic activity and better utilization. Pro expansionary Budget announced on Feb 1, 2021, further lead to a rally in the cyclical and infrastructure sector as they could benefit from the government’s focus on investments.

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Indian debt market:

The central bank cut repo rates by 150 basis points (bps) from April 2019 to March 2020. The Reserve Bank of India (RBI) has maintained its accommodative stance through FY2021 and has also adopted “whatever it takes stance” approach since the outbreak of the Covid Pandemic. The RBI linked all new floating rate loans, provided to micro, small and medium enterprises (MSMEs) by banks, to external benchmarks in order to improve transmission of rate cuts. The RBI allowed moratorium on term loans and deferment of interest on working capital facilities in order for companies to ride through the lockdown phase. Additionally, the RBI introduced various liquidity measures for all market participants through cash reserve ratio (CRR) cuts, targeted long-term repo operations (LTROs), open market operations (OMOs) etc. to maintain surplus liquidity in the system. The monetary policy continues to be growth centric, despite the underlying upside risks to inflation. Although the assurance of retaining the accommodative monetary policy stance to support growth rules out the likelihood of a rate hike at least during the period April 1, 2021 to September 30, 2021, considering the inflationary pressures, it has reduced the likelihood of a rate cut.

Gold Review:

Indian gold prices registered a 7.3% increase, ending FY2021 at ` 43,994 per 10 grams on March 31, 2021 as against ` 40,989 per 10 grams on March 31, 2020 on the MCX (Multi-Commodity Exchange).

Key Statistics of FY2021

Domestic Indices

31-Mar-2021 31-Mar-2020 ChangeNifty 50 Index 14,690.70 8,597.75 70.9%S&P BSE Midcap Index 20,181.31 10,569.93 90.9%S&P BSE Sensex Index 49,509.15 29,468.49 68.0%S&P BSE Smallcap Index 20,649.33 9,608.92 114.9%

International Indices

31-Mar-2021 31-Mar-2020 ChangeDow Jones 32,982 21,917 50.5%FTSE 6,714 5,672 18.4%HangSeng 28,378 23,603 20.2%Nasdaq 13,247 7,700 72.0%Nikkei 29,179 18,917 54.2%SSE Composite Index 3,442 2,750 25.1%Strait Times 3,165 2,481 27.6%

Currency Movement

31-Mar-2021 31-Mar-2020 ChangeINR/USD 73.50 75.39 2.5%INR/GBP 100.95 93.08 -8.5%INR/EUR 86.10 83.05 -3.7%INR/100YEN 66.36 69.65 4.7%

Commodity Price Movement

31-Mar-2021 31-Mar-2020 ChangeBrent ($/bbl) 63.54 23.67 168.4%Gold ($/ounce) 1,708.00 1,608.00 6.2%Silver ($/ounce) 24.44 13.98 74.8%

Fixed Income

31-Mar-2021 31-Mar-2020 Change in Absolute

ValueCall Rate 3.10% 3.80% -18.42%91 Day T- Bill 3.30% 4.24% -22.17%364 Day T- Bill 3.75% 4.49% -16.48%TREPS 3.35% 3.80% -11.84%Repo 4.00% 4.40% -9.09%Reverse Repo 3.35% 4.00% -16.25%10 Year G-Sec 6.16% 6.14% 0.33%1 Year CD 3.95% 5.12% -22.85%US 10 Yr Bond 1.74% 0.67% 159.70%

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Institutional Flow for FY2021 (Equity)

Purchase (` Cr.)

Sales (` Cr.)

Net (` Cr.)

FPIs Flows 20,06,000.04 17,31,968.08 2,74,031.96MFs Flows 7,62,635.78 8,83,591.40 -1,20,955.62

Sectoral Performance

31-Mar-2021 31-Mar-2020 ChangeS&P BSE Auto 22,252 10,746 107%S&P BSE Bankex 37,548 22,050 70%S&P BSE Capital goods 21,096 10,979 92%S&P BSE Consumer durables 32,826 19,363 70%S&P BSE Fast Moving Consumer Goods 12,875 10,255 26%S&P BSE Healthcare 21,328 12,149 76%S&P BSE Information Technology 26,543 12,843 107%S&P BSE Metal 14,350 5,713 151%S&P BSE Oil & Gas 14,820 10,021 48%S&P BSE PSU 6,703 4,460 50%S&P BSE Realty 2,670 1,354 97%

So how is FY2022 shaping up?

Economic outlook

India’s GDP growth is likely to rebound to 11% in fiscal 2022. In reality, though the economy will end up only 2% above the fiscal 2020 level, it will be a sharp 10% lower than its trend level. Fiscal 2022 is also seen emerging as a story of two halves.

Still, India is likely to continue growing faster than the world. Factors that support this are: a stretched fiscal deficit glide path and expectation that additional fiscal space – estimated at ` 20-25 lakh crore over the next five years – will be used for capex; promising set of reforms that have the potential to create a platform for growth in the medium term; deleveraging by corporates over the past few years improving the appetite for investment; and more support from global GDP and trade growth.

Equity market outlook:

Globally, European markets did well as economic activity picked up pace along with a good progress on vaccination front. UK plans to now normalize restrictions on certain activities with COVID cases seemingly under control. Manufacturing activity seems to be little affected relative to services activity in Europe thereby relaying hopes of good recovery in Q2. The US markets too traded higher due to successful vaccination drive and rising US yields due to high growth/inflation expectations and positive economic data. Going forward, markets would observe the implementation of USD 2 trillion Infrastructure package declared by the Biden administration post the recent passage of USD 1.9 trillion Fiscal stimulus.

Indian markets surged initially on the back of positive global cues. However, the rally was kept in check due to a surge in COVID cases and increase in US Yields. The key triggers for Indian markets going forward will be trend in core inflation, COVID cases, the pace and quality of vaccination drives, localized lockdowns in certain parts restricting mobility and economic activities, and the upcoming earnings season.

The second lockdown has dampened the sentiment for industries and consumers alike. However, the expectation is that economy will recover faster than before as lockdown opens up. Inflation from rising commodity and oil prices can spark fear in economic recovery.

Low interest rates globally and high investor participation in the global market have led to equity market to rally. However, from October 2020, the value stocks started outperforming growth stocks accompanied by strong performance of sectors like Metals and Mining that had seen a long period of muted returns.

In sectoral trends, information technology (IT), fast moving consumer goods (FMCG), Metals, etc. were key contributors, while sectors like Telecom and Financials were key laggards. (Source: NSE)

The economic environment is becoming more conducive for a business cycle recovery with economic activity remaining strong despite the Pandemic headwinds. Sectors which are closely linked to the economy like Banks, Capital Goods, Infrastructure, Metals & Mining, etc are likely to do well. It is also believed that the current market rally may continue till the following triggers play out - US acknowledging inflation and in conclusion, pausing stimulus and US Treasury Yields reaching 2%.

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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Debt market outlook:

The 10-Year G-Sec yields have largely maintained a downward trajectory in the wake of RBI rate cuts and its efforts to keep the cost of borrowing at subdued levels.

FY2021 has been a year marked by surplus liquidity and low interest rates. RBI had taken steps to ensure the same from March 2020 onwards through a variety of measures. Surplus liquidity has been in the range of ` 5-6 lakh crore. Yet government security yields had picked lately especially after the announcement of the Budget on February 1, 2021.

As we enter the new financial year, a lot has changed for bond markets,

a. FY2021 witnessed aggressive rate cuts by RBI and large liquidity infusion in response to the negative growth shock. However, this year (FY2022) is expected to be the year of growth recovery and monetary policy normalization.

b. During FY2021 monetary policy did the heavy lifting. However, this year (FY2022) the fiscal policy is expected to be in the driving seat. The Government has delivered an expansionary fiscal policy in the recent budget which may result in stronger growth recovery. This may come with risk of elevated inflation and likely interest rate volatility.

c. During FY2021 Global conditions were more conducive as major central banks provided massive liquidity support to abate COVID-19 growth shock. The Global conditions for FY2022 remains accommodative but the markets have started pricing in for higher inflation which has resulted in US Treasury 10-yr yields going back to pre-Covid19 levels. This has resulted in higher volatility in markets.

The above evolving conditions points towards a more nimble and active duration management strategy which may help in navigating higher interest rate sensitive period.

C. Operations of the Schemes

1. Average Assets under Management (AAUM)

The AAUM of the Mutual Fund for the quarter ended March 31, 2021 stood at ` 4,16,198.20 crore, while for the quarter ended March 31, 2020 the AAUM of the Mutual Fund was ` 3,58,141.58 crore.

As of March 31, 2021, the Fund comprised 77 open ended schemes which includes 24 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, 16 Exchange Traded Funds, 9 Fund of Funds investing domestically, 1 Fund of Funds scheme investing overseas and 91 close ended schemes.

During FY2021, the Fund has launched 3 Equity schemes and 2 Exchange Traded Funds. During FY2021, 32 Fixed Maturity Plans, 6 Capital Protection Oriented Schemes, 6 Multiple Yield Funds, 6 Value Funds (closed ended equity oriented schemes) and 2 Growth funds (closed ended equity oriented schemes) had matured.

2. Operations and Customer 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 leveraging on its 214 branches including 93 functioning as official points of acceptance of transactions, as on March 31, 2021, 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. The AMC has enhanced its digital infrastructure in order to service the investors from comfort of their locations.

3. Scheme-wise commentary

• ICICI Prudential Capital Protection Oriented Funds (CAPROs)

Capital Protection Oriented Funds are close-ended funds that seeks to protect capital by investing a portion of the portfolio in high quality debt securities and money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities. The securities would mature on or before the maturity of the plan under the Scheme in case of debt securities.

During the year, the Fund managed various Series with several plans of Capital Protection Oriented Fund. Each plan under the Series has a separate portfolio.

Please refer Annexure A for data on the performance/return of the CAPROs.

• ICICI Prudential Multiple Yield Funds (MYFs)

Multiple Yield Funds are close-ended funds that seeks to generate returns by investing in a portfolio of fixed income securities/debt instruments. The scheme also aims to generate long term capital appreciation by investing a portion of the Scheme’s assets in equity and equity related instruments.

During the year, the Fund managed various Series with several plans under the Multiple Yield Funds. Each plan under the Series has a separate portfolio.

Please refer Annexure A for data on the performance/return of the MVRs.

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

A. Sponsors

1. ICICI Bank Limited

ICICI Bank Limited is one of the India’s largest private sector bank with total assets of ` 12,304.33 billion as at March 31, 2021 and profit after tax of ` 161.93 billion for the year ended March 31, 2021. ICICI Bank as at March 31, 2021 had a network of 5,266 Branches and 14,136 ATM’s across India. ICICI Bank and its subsidiaries offer 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. The Bank has international footprints consisting of subsidiaries in the United Kingdom and Canada, branches in the United States, Singapore, Bahrain, Hong Kong, Dubai International Finance Centre, South Africa & China and representative offices in the United Arab Emirates, Bangladesh, Malaysia, Indonesia and Nepal. The UK subsidiary of the Bank has seven branches in UK and one branch in Germany. Also, the Canadian Subsidiary has seven branches in Canada.

ICICI Bank Limited is a publicly held banking company incorporated under the Companies Act, 1956 in India. The equity shares of the Bank are listed on Bombay Stock Exchange and National Stock Exchange; while the ADS are listed on New York stock exchange.

2. Prudential plc

Prudential plc is an Asia-led portfolio of businesses focused on structural growth markets. The business helps people get the most of life through life and health insurance and retirement and asset management solutions. Prudential plc has 17 million life customers in its Asia and Africa businesses 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 Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

A brief Group overview is stated below:

Asia

Prudential has a pan-Asian footprint and the focus is on strengthening it, key strategic markets, building its distribution and product range, and accelerating the digitalization of its platform. Prudential’s businesses in Asia are aligned with supportive structural trends in the region, in particular rising prosperity and ageing populations, which are leading to significant and growing protection and savings gaps. The services Prudential offers are equally broad, meeting the needs of everyone from affluent families looking for sophisticated financial advice to people considering saving and financial protection for the first time.

Africa

Since 2014 Prudential has built a rapidly growing multi-product, multi-distribution business in Africa, with operations now in eight countries across the continent, and has over one million customers. The regional office for Africa is based in Nairobi, making East Africa the hub for the continued success of operating on the continent.

Prudential’s investment in Africa gives it exposure to a growing, under-served continent whose population is expected to double to more than 2 billion people by 2050.

U.S.

Jackson helps Americans grow and protect their retirement savings and income to enable them to pursue financial freedom for life. Jackson believes that the U.S. retirement savings and income solutions market presents a compelling growth opportunity and will support its development in the future. Following the planned demerger which is expected to complete in the second quarter of 2021, Jackson will become a separate business.

Financial Performance (past three years): Year ended December 31

Description 2018(USD in million)

2019(USD in million)

2020(USD in million)

Total revenue, net of reinsurance 35,845 93,736 55,973Profit After Tax and minority interests 4,023 792 2,185Shareholder Equity 21,968 19,477 20,878Assets under Management (£ billion) 455.3 543.9 558.3

B. ICICI Prudential Mutual Fund

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

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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.

C. ICICI Prudential Trust Limited

ICICI Prudential Trust Limited (“the Company/Trustee”) is the Trustee of the Fund (including its schemes). It was incorporated under the Companies Act, 1956, in terms of a Trust Deed executed on August 25, 1993. The Trust Deed is registered under the Indian Registration Act, 1908.

The Trustee is the exclusive owner of the Fund and holds the same in trust for the benefit of the unit holders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in Securities and Exchange Board of India (Mutual Fund) Regulations, 1996 (the “Regulations”) and the Trust Deed. The Trustee seeks to ensure that the Fund and the schemes floated thereunder are managed by the AMC in accordance with the Trust Deed, the Regulations, and the directions and guidelines issued by the Securities & Exchange Board of India (SEBI), the stock exchanges concerned, the Association of Mutual Funds in India and other Regulatory agencies.

1. Share Capital

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%.

2. Board of Directors

As of March 31, 2021, the Board comprised:

Sr. No. Name of the Director Designation

1. Mr. P.H. Ravikumar Independent Director1

2. Mr. Jyotin Mehta Independent Director

3. Mr. Ranganayakulu 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 is Chairman of the Company.


D. ICICI Prudential Asset Management Company Limited

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. Further, the AMC is also rendering Advisory Services to SEBI registered Foreign Portfolio Investors (FPIs) in accordance with the applicable Regulations. Further, the AMC shall also be providing investment management services including dealing services to offshore funds which are registered as FPIs under SEBI (Foreign Portfolio Investors) Regulations, 2019.

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 ` 4,16,198.20 crore for the quarter ended March 31, 2021. The AMC manages a comprehensive range of Schemes to meet the varying investment needs of its investors spread across various cities through 474 branches (including AMC’s OPAT and Non-OPAT Branches) & (including 260 branches operated through the Registrar of the Mutual Fund) in the country as on March 31, 2021.

1. Share Capital

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%.

10

2. Board of Directors

As of March 31, 2021, the Board comprised:

Sr. No. Name of the Director Designation

1. Mr. Anup Bagchi1 Nominee Director (ICICI Bank Limited)

2. Mr. Sandeep Batra Nominee Director (ICICI Bank Limited)

3. Mr. Bernard Teo6 Nominee Director (Prudential Corporation Holdings Limited)2

4. Mr. Nimesh Shah Managing Director

5. Mr. Sankaran Naren Executive Director

6. Mr. Suresh Kumar5 Independent Director

7. Mr. Ved Prakash Chaturvedi Independent Director

8. Mr. Dilip Karnik Independent Director

9. Mr. Naved Masood Independent Director

10. Ms. Vibha Paul Rishi3 Independent Director

1. Mr. Anup Bagchi is the Chairman of the AMC.


3. Ms. Vibha Paul Rishi was appointed as an Independent director with effect from September 22, 2020.

4. Mr. Antony Jacob has been appointed as an Independent Director with effect from June 1, 2021.

5. Mr. Suresh Kumar has ceased to be a director with effect from June 7, 2021.

6. Mr. Bernard Teo has ceased to be a Director with effect from June 15, 2021.

7. Mr. Seck Wai Kwong has been appointed as the Nominee Director of Prudential Corporation Holdings Limited with effect from June 15, 2021.

III. INVESTMENT OBJECTIVES OF THE SCHEMES

Investment Objectives of the schemes are as under:

ICICI Prudential Capital Protection Oriented Funds and plans thereunder

The investment objective of the schemes is to seek to protect capital by investing a portion of the portfolio in highest rated debt securities and money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities. The debt securities would mature on or before the maturity of the Scheme.

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

ICICI Prudential Multiple Yield Funds and plans thereunder

The primary objective of the schemes is to seek to generate income by investing in a portfolio of fixed income securities/ debt instruments. The secondary objective of the Scheme is to generate long term capital appreciation by investing a portion of the Scheme’s assets in equity and equity related instruments.

However, there can be no assurance that the investment 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.

V. UNCLAIMED DIVIDEND AND REDEMPTION

Details of unclaimed dividends and redemptions as on March 31, 2021 are under:

Scheme Name

Unclaimed Dividend Unclaimed Redemption

No. of Investors Amount (`) No. of Investors

Amount (`)

ICICI Prudential Capital Protection Oriented Fund Series XIV Plan A 1275 Days - - 8 25.78

11

VI. DISCLOSURE OF INVESTOR COMPLAINTS

The disclosure regarding the redressal of Investor Complaints received against the Fund during the FY2021 is as under:Redressal of Complaints received during the period April 2020 - March 2021Name of the Mutual Fund – ICICI Prudential Mutual FundTotal Number of Folios :11,426,617Com-plaint Code

Type of Complaint# (a) No. of

complaints pending at the

beginning of the Year

(b) No. of

Complaints received

during the year

Action on (a) and (b)Resolved Non

Action-able *

PendingWithin 30 days

30-60 days

60-180 days

Beyond 180 days

0-3 months

3-6 months

6-9 months

9-12 months

I A Non receipt of Dividend on Units

- 11 11 - - - - - - - -

I B Interest on delayed payment of Dividend

- - - - - - - - - - -

I C Non receipt of Redemption Proceeds

- 35 32 - 2 - - 1 - - -

I D Interest on delayed payment of Redemption

- - - - - - - - - - -

II A Non receipt of Statement of Account/Unit Certificate

- - - - - - - - - - -

II B Discrepancy in Statement of Account

2 520 521 1 - - - - - - -

II C Data corrections in Investor details

3 922 918 2 1 - - 4 - - -

II D Non receipt of Annual Report/Abridged Summary

- - - - - - - - - - -

III A Wrong switch between Schemes

5 132 137 - - - - - - - -

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

- 497 497 - - - - - - - -

IV Others* - 28 28 - - - - - - - -Total 10 2,145 2,144 3 3 - - 5 - - -

ICICI Prudential Mutual Fund for FY2021 Complaints SummaryParticulars CountTotal Complaints Received 2145Total Number of Folios 11,426,617Percentage 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.

VII. REPORT ON IMPLEMENTATION OF PRICIPLES OF STEWARDSHIP CODE

Securities and Exchange Board of India (SEBI) vide circular no. CIR/CFD/CMD1/ 168 /2019 dated December 24, 2019 provided for Stewardship code for all Mutual Funds (MFs) and all categories of AIFs, in relation to their investment in listed equities (the SEBI guidelines). The SEBI guidelines, read with SEBI circular dated March 30, 2020, the SEBI guidelines were effective from July 1, 2020.

Further, as per the SEBI guidelines MFs and AIFs shall report on its website on implementation of every principle. Further, the report is also required to be sent as a part of annual intimation to its clients/ beneficiaries.

The subsequent paragraphs details the manner in which the elements of the stewardship code have been discharged by ICICI Prudential Asset Management Company Limited (the AMC) with respect to ICICI Prudential Mutual Fund.

The Boards of the AMC and ICICI Prudential Trust Company Limited (the Trustees) have approved the Stewardship Code for the AMC on April 30, 2020 and March 28, 2020, respectively. The Stewardship Code defines the stewardship responsibilities to be undertaken by the AMC and the processes that the AMC should follow in order to safeguard the interests of investors of the ICICI Prudential Mutual Fund (the MF) and AIFs managed by the AMC (the AIFs). The responsibility for the overall implementation and execution of the Stewardship Code rests with the Investment Teams of the AMC and Committees constituted under the Stewardship Code.

12

The status of Compliance with the SEBI guidelines and the Stewardship code is stated below:

Principle 1: Institutional Investors should formulate a comprehensive policy on the discharge of their stewardship responsibilities, publicly disclose it, review and update it periodically. - Complied with.

The Stewardship Code of the AMC was approved by the Boards of the AMC and the Trustees on April 30, 2020 and March 28, 2020 respectively. The Stewardship Code is disclosed on the website of the AMC. Link for the same is as under:

https://www.icicipruamc.com/docs/default-source/default-document-library/stewardship-code_april-2020.pdf

Principle 2: Institutional investors should have a clear policy on how they manage conflicts of interest in fulfilling their stewardship responsibilities and publicly disclose it. - Complied with.

The Company has in place the guidelines for managing Conflict of Interest to ensure that the interest of investors is protected. The Stewardship Code provide process of identifying and managing conflict of interest with respect to investments in investee companies. In terms of the Stewardship Code of the AMC, potential conflict of interest in relation to an investee company, if any, shall be highlighted to the respective Committee by the investment team. The respective Committee shall accordingly deal with the situation to address such conflicts. Minutes of the decision taken by the respective Committee shall be suitably documented. The respective Committee shall take decision in the best interest of all the investors.

Principle 3: Institutional investors should monitor their investee companies. - Complied with.

The Company engages with the investee companies as part of the research process that leads to an investment in an investee company, which include meetings with management. The Committees constituted under the AMC reviewed the monitoring activity carried out by the AMC.

Principle 4: Institutional investors should have a clear policy on intervention in their investee companies. Institutional investors should also have a clear policy for collaboration with other institutional investors where required, to preserve the interests of the ultimate investors, which should be disclosed. - Complied with.

The Stewardship Code covers when and how to intervene, if any intervention is required in any investee company. The Committees constituted under the AMC reviews the instances of intervention in the investee companies.

Principle 5: Institutional investors should have a clear policy on voting and disclosure of voting activity. - Complied with.

The Company has in place a comprehensive voting policy which includes details of mechanisms of voting, circumstances in which voting should be for/against/abstain, disclosure of voting, escalations requiring the respective Committee’s interventions etc. The Company also maintains record of its voting on investee company resolutions and disclose the same on its website on periodic basis, along with the rationale. Voting details are disclosed on the AMC website on quarterly basis.

Link for the same is as under:

Disclosure for the MF: https://www.icicipruamc.com/voting-policy

Disclosure for the AIF: https://www.icicipruamc.com/aif-voting-disclosure

Principle 6: Institutional investors should report periodically on their stewardship activities. - Complied with.

This report on stewardship activities for FY2021 was uploaded on the AMC website. This would be also dispatched to the investors of the MF and the AIF.

VIII. CORPORATE GOVERNANCE

Pursuant to SEBI circular no. SEBI/IMD/CIR no. 18/198647/2010 dated March 15, 2010 and subsequent clarifications/circulars issued by SEBI, the Fund has formulated a policy for exercise of voting rights by the AMC in investee companies (i.e. companies in whose securities schemes of the Fund have invested).

The AMC has disclosed the Voting Policy and the votes exercised during FY2021 on a quarterly and annual basis along with Scrutinizer’s certification on website of the AMC, viz. www.icicipruamc.com/voting-policy.

IX. 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 in securities or fair value in underlying real estate asset, as the case may be.

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 [email protected].

13

X. 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.

XI. LIABILITY AND RESPONSIBILITY OF THE TRUSTEE AND THE SPONSORS

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

XII. ACKNOWLEDGEMENT

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.

For and on behalf of ICICI Prudential Trust Limited

Sd/-

Mr. P. H. RavikumarDirector

Place: MumbaiDate: June 22, 2021

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

14

ICICI Prudential Mutual FundAddress: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063Abridged Balance Sheet as at March 31, 2021 (figures as per Audited Financials) (As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)

ICICI Prudential Capital Protection Oriented Fund Series XI - Plan A - 2056 Days

ICICI Prudential Capital Protection Oriented Fund Series XII - Plan C - 1270 Days

As at As at As at As at

31-Mar-2021 31-Mar-2020 31-Mar-2021 31-Mar-2020

LIABILITIES

1 Unit Capital 2,406.88 2,406.88 2,559.78 2,559.78

2 Reserves & Surplus

2.1 Unit Premium Reserve - - - -

2.2 Unrealised Appreciation Reserve 174.49 - - -

2.3 Other Reserves 810.64 480.87 589.52 305.91

3 Loans & Borrowings - - - -

4 Current Liabilities & Provisions

4.1 Provision for doubtful Income / deposits - - - -

4.2 Other Current Liabilities & Provisions 7.20 9.06 5.56 1.94

TOTAL 3,399.21 2,896.81 3,154.86 2,867.63

ASSETS

1 Investments

1.1 Listed Securities:

1.1.1 Equity Shares 726.52 485.20 - 311.69

1.1.2 Preference Shares - - - -

1.1.3 Equity Linked Debentures - - - -

1.1.4 Other Debentures & Bonds 934.89 882.25 - 912.25

1.1.5 Securitised Debt Securities - - - -

1.2 Securities Awaited Listing:

1.2.1 Equity Shares - - - -



1.2.4 Other Debentures & Bonds - - - -


1.3 Unlisted Securities:




1.3.4 Other Debentures & Bonds 210.93 206.15 - 249.54


1.4 Government Securities 1,285.76 1,217.93 - 1,214.71

1.5 Treasury Bills 99.19 - - -

1.6 Commercial Papers - - - -

1.7 Certificate of Deposits - - - -

1.8 Bill Rediscounting - - - -

1.9 Units of Domestic Mutual Fund - - - -

1.10 Foreign Securities - - - -

1.11 Gold - - - -

1.12 Units of Infrastructure Investment Trusts - - - -

1.13 Units of Real Estate Investment Trusts - - - -

Investments 3,257.29 2,791.53 - 2,688.19

2 Deposits 0.30 0.13 21.12 1.21

3 Other Current Assets

3.1 Cash & Bank Balance 1.82 1.80 0.53 0.85

3.2 Collateralised Lending / Tri-Party Repo 43.78 14.40 3,132.90 150.34

3.3 Others 96.02 88.95 0.31 27.04

4 Deferred Revenue Expenditure - - - -

(To the Extent not written off)

TOTAL 3,399.21 2,896.81 3,154.86 2,867.63

Fund Manager Rahul Goswami, Chandni Gupta and Prakash Gaurav Goel

Prakash Gaurav Goel, Rahul Goswami and Chandni Gupta

Figures Less than ` 500 are shown as zero Annexure I - Notes to Accounts

15

ICICI Prudential Mutual FundAddress: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063Abridged Balance Sheet as at March 31, 2021 (figures as per Audited Financials) (As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)

ICICI Prudential Capital Protection Oriented Fund Series XIV - Plan A - 1275 Days

ICICI Prudential Multiple Yield Fund Series 14 -1228 Days Plan A

As at As at As at As at

31-Mar-2021 31-Mar-2020 31-Mar-2021 31-Mar-2020

LIABILITIES

1 Unit Capital 39,632.08 39,632.08 3,551.46 3,551.46

2 Reserves & Surplus

2.1 Unit Premium Reserve - - - -

2.2 Unrealised Appreciation Reserve 4,118.77 - 105.35 -

2.3 Other Reserves 6,928.09 3,402.35 788.37 450.07

3 Loans & Borrowings - - - -

4 Current Liabilities & Provisions

4.1 Provision for doubtful Income / deposits - - - -

4.2 Other Current Liabilities & Provisions 44.87 26.54 3.31 23.03

TOTAL 50,723.81 43,060.97 4,448.49 4,024.56

ASSETS

1 Investments

1.1 Listed Securities:

1.1.1 Equity Shares 9,219.90 6,263.31 522.21 427.15



1.1.4 Other Debentures & Bonds 25,849.18 23,832.33 1,016.34 1,067.53


1.2 Securities Awaited Listing:




1.2.4 Other Debentures & Bonds - - - -


1.3 Unlisted Securities:




1.3.4 Other Debentures & Bonds 1,546.17 1,502.54 - 401.97


1.4 Government Securities 9,663.69 8,644.38 1,793.08 1,837.87

1.5 Treasury Bills 495.98 - 594.35 -

1.6 Commercial Papers - - - -

1.7 Certificate of Deposits - - - -

1.8 Bill Rediscounting - - - -

1.9 Units of Domestic Mutual Fund - - - -

1.10 Foreign Securities - - - -

1.11 Gold - - - -

1.12 Units of Infrastructure Investment Trusts - - - -

1.13 Units of Real Estate Investment Trusts - - - -

Investments 46,774.92 40,242.56 3,925.98 3,734.52

2 Deposits 5.15 6.73 1.91 0.26

3 Other Current Assets

3.1 Cash & Bank Balance 2.01 1.69 0.52 0.71

3.2 Collateralised Lending / Tri-Party Repo 740.90 859.25 279.71 29.42

3.3 Others 3,200.83 1,950.74 240.37 259.65

4 Deferred Revenue Expenditure - - - -

(To the Extent not written off)

TOTAL 50,723.81 43,060.97 4,448.49 4,024.56

Fund Manager Rajat Chandak, Rahul Goswami and Chandni Gupta

Rahul Goswami, Prakash Gaurav Goel and Chandni Gupta

Figures Less than ` 500 are shown as zero Annexure I - Notes to Accounts

16

ICICI Prudential Mutual FundAddress: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063Abridged Revenue Account for the year/period ended March 31, 2021 (figures as per Audited Financials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)



Year Ended Year Ended

31-Mar-2021 31-Mar-2020 31-Mar-2021 31-Mar-2020

1 INCOME

1.1 Dividend 15.13 9.45 8.38 5.59

1.2 Interest 201.07 196.36 184.43 197.45

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

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

1.5 Realised Gains/(Losses) on External Sale/Redemption of Investments 72.76 37.41 30.75 10.35

1.6 Realised Gains/(Losses) on Derivative Transactions - - - -

1.7 Other Income - - - -

(A) 288.96 243.22 223.56 213.39

2 EXPENSES & LOSSES (Note 7)

2.1 Management Fees 20.81 16.21 19.17 20.31

2.2 Goods & Services Tax on Management Fees 3.75 2.92 3.45 3.66

2.3 Transfer Agent’s Fees & Expenses 0.13 0.12 0.12 0.12

2.4 Custodian Fees 0.05 0.05 0.03 0.04

2.5 Trusteeship Fees - - - -

2.6 Commission to Agents 9.06 11.54 8.34 5.73

2.7 Marketing & Distribution Expenses - - - -

2.8 Audit Fees 0.18 0.19 0.18 0.19

2.9 Other Operating Expenses 1.04 0.65 0.91 0.63

(B) 35.02 31.68 32.20 30.68

3 Net Realised Gains / (Losses) for the Year / Period (A-B = C) 253.94 211.54 191.36 182.71

4 Change in Unrealised Depreciation in value of Investments (D) - 155.41 - 56.24

5 Net Gains / (Losses) for the Year/Period (E= C - D)

253.94 56.13 191.36 126.47

6 Change in Unrealised Appreciation in value of Investments (F) 250.32 - 92.25 -

7 Net Surplus/ (Deficit) for the year/period (G = E + F)

504.26 56.13 283.61 126.47

7.1 Add: Balance Transfer from Unrealised Appreciation Reserve - 79.58 - -

7.2 Less: Balance Transfer to Unrealised Appreciation Reserve 174.49 - - -

7.3 Add/(Less) : Premium on Redemption - - - -

7.4 Surplus/(Deficit) brought forward 480.87 345.16 305.91 179.44

8 Total 810.64 480.87 589.52 305.91

9 Dividend Appropriation

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

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

10 Retained Surplus/ (Deficit) Carried forward to Balance Sheet 810.64 480.87 589.52 305.91

Fund Manager Rahul Goswami, Chandni Gupta and Prakash Gaurav Goel

Prakash Gaurav Goel, Rahul Goswami and Chandni Gupta

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

17

ICICI Prudential Mutual FundAddress: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063Abridged Revenue Account for the year/period ended March 31, 2021 (figures as per Audited Financials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) (` in Lakhs)



Year Ended Year Ended Year Ended Year Ended

31-Mar-2021 31-Mar-2020 31-Mar-2021 31-Mar-2020

1 INCOME

1.1 Dividend 52.10 69.61 9.52 6.37

1.2 Interest 3,051.88 3,016.04 278.91 276.03

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

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

1.5 Realised Gains/(Losses) on External Sale/Redemption of Investments 744.31 240.92 41.45 45.90

1.6 Realised Gains/(Losses) on Derivative Transactions - - - -

1.7 Other Income 0.01 0.03 - -

(A) 3,848.30 3,326.60 329.88 328.30

2 EXPENSES & LOSSES (Note 7)

2.1 Management Fees 323.92 296.89 35.33 32.99

2.2 Goods & Services Tax on Management Fees 58.31 53.44 6.36 5.94

2.3 Transfer Agent’s Fees & Expenses 1.90 1.81 0.34 0.33

2.4 Custodian Fees 1.11 1.39 0.06 0.06

2.5 Trusteeship Fees 0.07 0.07 0.01 0.01

2.6 Commission to Agents 131.79 121.22 5.44 4.65

2.7 Marketing & Distribution Expenses 0.02 0.02 - -

2.8 Audit Fees 0.41 0.42 0.18 0.19

2.9 Other Operating Expenses 13.59 8.79 0.91 0.86

(B) 531.12 484.05 48.63 45.03

3 Net Realised Gains / (Losses) for the Year / Period (A-B = C) 3,317.18 2,842.55 281.25 283.27

4 Change in Unrealised Depreciation in value of Investments (D) - 1,417.36 - 118.92

5 Net Gains / (Losses) for the Year/Period (E= C - D)

3,317.18 1,425.19 281.25 164.35

6 Change in Unrealised Appreciation in value of Investments (F) 4,327.33 - 162.40 -

7 Net Surplus/ (Deficit) for the year/period (G = E + F)

7,644.51 1,425.19 443.65 164.35

7.1 Add: Balance Transfer from Unrealised Appreciation Reserve - 1,208.80 - 61.87

7.2 Less: Balance Transfer to Unrealised Appreciation Reserve 4,118.77 - 105.35 -

7.3 Add/(Less) : Premium on Redemption - - - -

7.4 Surplus/(Deficit) brought forward 3,402.35 768.36 450.07 223.85

8 Total 6,928.09 3,402.35 788.37 450.07

9 Dividend Appropriation

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

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

10 Retained Surplus/ (Deficit) Carried forward to Balance Sheet 6,928.09 3,402.35 788.37 450.07

Fund Manager Rajat Chandak, Rahul Goswami and Chandni Gupta

Rahul Goswami, Prakash Gaurav Goel and Chandni Gupta

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

18

ICICI Prudential Mutual Fund

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

Notes to Accounts – Annexure I to the Abridged Balance Sheet and Revenue Account for the Year ended March 31, 2021 for the following schemes:

Scheme Code Scheme Name

CAPIT14A ICICI Prudential Capital Protection Oriented Fund Series XIV - Plan A - 1275 Days

CAPITA11A ICICI Prudential Capital Protection Oriented Fund Series XI - Plan A - 2056 Days

CAPITA12C ICICI Prudential Capital Protection Oriented Fund Series XII - Plan C - 1270 Days

MULTIPL14A ICICI Prudential Multiple Yield Fund Series 14 -1228 Days Plan A

1 Investments

1.1 All investments of the scheme except Government Securities and Treasury Bills are registered in the name of the Trustees for the benefits of the Schemes Unitholders. All investments in Government Securities and Treasury Bills are held in an SGL account in the name of “ICICI Prudential Mutual Fund”.

1.2 Open Positions of derivatives as on March 31, 2021 is Nil.

Disclosure as required under SEBI Circular -Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010 – Annexure I(b) for the year 2020-21 - Nil (Previous Year - Nil)

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

Scheme Code Name of Sponsor/ Associate/Group

Company

Nature of Investment 2020-21 2019-20

Market value of Investment by Scheme

Market value of Investment by Scheme

CAPITA11A ICICI Bank Limited Equity Shares 69.85 38.85

CAPITA11A Asian Paints Ltd $ Equity Shares 32.66 -

CAPIT14A ICICI Bank Limited Equity Shares 1393.17 774.85

MULTIPL14A Asian Paints Ltd $ Equity Shares 80.59 -

MULTIPL14A ICICI Bank Limited Equity Shares 52.39 29.14

Name of Sponsor/ Associate/Group Company Nature of Investment 2020-21 2019-20

Aggregate Market Value of Investment

by all Schemes

Aggregate Market Value of Investment

by all Schemes

Aster DM Healthcare Limited $ Equity Shares 9,472.90 3,203.48

Asian Paints Ltd $ Equity Shares 38,937.39 -

Birla Corporation Limited $ Equity Shares 12,516.33 1,257.82

Brigade Enterprises Limited $ Equity Shares - 7,711.08

ESCORTS Limited $ Equity Shares 1,395.75 -

Shriram City Union Finance Limited $ Equity Shares - 7.54

GMR Infrastructure Ltd $ Equity Shares - 1,252.43

Tata Chemicals Ltd $ Equity Shares 43,191.45 -

The Indian Hotels Company Ltd. $ Equity Shares 32,569.04 -

ICICI Bank Limited Debentures and Bonds - 2,25,706.15

ICICI Bank Limited Equity Shares 13,54,319.39 5,29,508.11

ICICI Home Finance Company Limited & Debentures and Bonds 11,560.77 14,093.20

ICICI Lombard General Insurance Company Limited & Equity Shares 40,104.48 45,622.13

ICICI Prudential Life Insurance Company Limited & Equity Shares 10,270.07 15,857.57

ICICI Securities Ltd. & Equity Shares 26,132.03 26,113.17

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.

1.4 Subscription by scheme (excluding Secondary Market Purchases) in the issues lead managed by the associate company during 2020-21 is Nil.

Subscription by scheme (excluding Secondary Market Purchases) in the issues lead managed by the associate company during 2019-20 is 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 2020-21 is Nil.

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 2019-20 is Nil.

1.6 Open Position of securities borrowed : Nil (Previous Year - Nil)

Open Position of securities lend : Nil (Previous Year - Nil)

1.7 Details of Securities classified as below investment grade or default:

Aggregate market value : Nil (Previous Year - Nil)

Provision thereof : Nil (Previous Year - Nil)

19

1.8 Aggregate Unrealised Gain / Loss as at the end of the Financial Year and percentage to net assets:

Scheme Code 2020-21 2019-20

Unrealised Gain / (Loss) (` in Lakhs)

% of Net Assets Unrealised Gain / (Loss) (` in Lakhs)

% of Net Assets

CAPIT14A 4,118.76 8.13% (208.57) -0.48%

CAPITA11A 174.48 5.14% (75.83) -2.63%

CAPITA12C - - (92.25) -3.22%

MULTIPL14A 105.34 2.37% (57.05) -1.43%

1.9 Aggregate Value of Purchase and Sale with Percentage to average assets :

Scheme Code 2020-21 2019-20

Average Net Assets (` in Lakhs)

Purchases (` in Lakhs)

% to Average

Net Assets

Sales (` in Lakhs)

% to Average

Net Assets

Average Net Assets (` in Lakhs)

Purchases (` in Lakhs)

% to Average

Net Assets

Sales (` in Lakhs)

% to Average

Net Assets

Equity Securities

CAPIT14A 47,636.17 1,063.21 2.23% 2,931.46 6.15% 43,228.58 1,772.21 4.10% 487.55 1.13%

CAPITA11A 3,172.30 184.56 5.82% 274.70 8.66% 2,931.44 162.94 5.56% 145.21 4.95%

CAPITA12C 3,015.19 - - 474.42 15.73% 2,826.17 145.60 5.15% 65.25 2.31%

MULTIPL14A 4,249.18 11.29 0.27% 159.14 3.75% 3,983.90 260.45 6.54% 204.24 5.13%

Other than Equity Securities

CAPIT14A 47,636.17 5,830.86 12.24% 2,415.01 5.07% 43,228.58 9,462.50 21.89% 10,465.45 24.21%

CAPITA11A 3,172.30 405.92 12.80% 168.32 5.31% 2,931.44 216.32 7.38% - -

CAPITA12C 3,015.19 631.18 20.93% 2,977.10 98.74% 2,826.17 321.06 11.36% 176.30 6.24%

MULTIPL14A 4,249.18 1,316.66 30.99% 1,291.08 30.38% 3,983.90 127.71 3.21% - -

Total

CAPIT14A 47,636.17 6,894.08 14.47% 5,346.47 11.22% 43,228.58 11,234.71 25.99% 10,953.00 25.34%

CAPITA11A 3,172.30 590.48 18.61% 443.02 13.97% 2,931.44 379.26 12.94% 145.21 4.95%

CAPITA12C 3,015.19 631.18 20.93% 3,451.52 114.47% 2,826.17 466.65 16.51% 241.54 8.55%

MULTIPL14A 4,249.18 1,327.95 31.25% 1,450.22 34.13% 3,983.90 388.15 9.74% 204.24 5.13%

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.

1.10 Non-Traded securities in the portfolio:

Scheme Code Particulars As at March 31, 2021 As at March 31, 2020

Amount (` in Lakhs) % of Net Assets Value Amount (` in Lakhs) % of Net Assets Value

CAPITA11A Aggregate value of non traded Debt 1,145.81 33.78% 1,088.40 37.69%

MULTIPL14A Aggregate value of non traded Debt 1,016.34 22.86% 1,469.50 36.72%

CAPITA12C Aggregate value of non traded Debt - - 958.39 33.44%

CAPIT14A Aggregate value of non traded Debt 25,714.84 50.74% 23,424.04 54.43%

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

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

Name Nature of Association/

Nature of relation

Scheme Code 2020-21 2019-20

Value of transaction (` in Lakhs)

% of total value of

transaction of the fund

Brokerage (` in Lakhs)

% of the total

brokerage related to scheme


% of total value of

transaction of the fund

Brokerage (` in Lakhs)

% of the total

brokerage related to scheme

ICICI Securities Limited Group Company CAPIT14A - - - - 61.17 0.63% 0.03 2.20%

CAPITA11A 5.63 1.23% ^^ 1.24% 87.05 28.25% 0.04 24.33%

CAPITA12C 24.13 5.08% 0.01 5.28% 25.91 12.68% 0.01 10.30%

MULTIPL14A - - - - 121.33 20.64% 0.06 22.55%

20

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

Nature of Association/ Nature of relation

Scheme Code 2020-21 2019-20


% of total value of transaction of the fund

Commission (` in Lakhs)

% of the total

commission related to scheme


% of total value of transaction of the fund

Commission (` in Lakhs)

% of the total

commission related to scheme

Sponsor CAPIT14A 239.60 9.43% 110.88 87.14% 332.64 14.10% 102.83 86.91%

CAPITA11A 0.93 1.48% - - 0.06 0.06% 0.05 0.40%

CAPITA12C - - 0.12 2.57% 27.60 1.64% 0.20 3.84%

MULTIPL14A 26.20 13.41% ^^ 0.10% 9.01 1.71% 0.01 0.21%

Group Company CAPIT14A 86.40 3.40% 0.28 0.22% 225.21 9.55% 0.21 0.18%

CAPITA11A 0.69 1.10% 0.00 - 2.36 2.20% 0.06 0.49%

CAPITA12C - - 0.30 6.47% 1.70 0.10% 0.58 11.13%

MULTIPL14A - - - - 2.16 0.41% - -

Distributor is a relative of an employee of the AMC

CAPIT14A - - - - 1.06 ^^ - -

Other Charges paid to associates/related parties/group companies of Sponsor/AMC

Entity Nature of Association/ Nature of relation

Nature of Payment Scheme Code Amount (` in Lakhs)

2020-21 2019-20

ICICI Bank Limited @ Sponsor Bank Charges ** CAPIT14A - ^^

ICICI Bank Limited @ Sponsor Investor Service Charges MULTIPL14A - -**Bank charges paid include transaction charges paid to ICICI Bank Limited (Professional clearing member) for futures & options transactions.

^^ Amount less than Rs. 0.005 lakhs or 0.005%.

@ 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 disclosed above is net off recovery, if any.

## Relative of Distributor ceased to be an employee of the AMC from 29th February, 2020.

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, 2021 are Nil. (Previous year – Nil)

4 Unit Capital movement during the year ended :

2020-21

Scheme Code Plan # Balance at the beginning of the year/

Initial Subscription

Issued during the year/period

Repurchased 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 (` in Lakhs)

CAPIT14A Direct IDCW Option 30,000 - - 30,000 3.00

CAPIT14A Direct Growth Option 19,82,380 - - 19,82,380 198.24

CAPIT14A IDCW Option 1,12,06,435 - - 1,12,06,435 1,120.64

CAPIT14A Growth Option 38,31,02,019 - - 38,31,02,019 38,310.20

CAPIT14A Total 39,63,20,834 - - 39,63,20,834 39,632.08

CAPITA11A Direct IDCW Option 3,500 - - 3,500 0.35

CAPITA11A Direct Growth Option 9,14,514 - - 9,14,514 91.45

CAPITA11A IDCW Option 13,22,461 - - 13,22,461 132.25

CAPITA11A Growth Option 2,18,28,341 - - 2,18,28,341 2,182.83

CAPITA11A Total 2,40,68,816 - - 2,40,68,816 2,406.88

CAPITA12C Direct IDCW Option 95,500 - - 95,500 9.55

CAPITA12C Direct Growth Option 7,78,440 - - 7,78,440 77.84

CAPITA12C IDCW Option 7,69,648 - - 7,69,648 76.96

CAPITA12C Growth Option 2,39,54,176 - - 2,39,54,176 2,395.42

CAPITA12C Total 2,55,97,764 - - 2,55,97,764 2,559.78

MULTIPL14A Direct IDCW Option 38,450 - - 38,450 3.85

MULTIPL14A Direct Growth Option 6,29,688 - - 6,29,688 62.97

MULTIPL14A IDCW Option 33,42,479 - - 33,42,479 334.25

MULTIPL14A Growth Option 3,15,03,983 - - 3,15,03,983 3,150.40

MULTIPL14A Total 3,55,14,600 - - 3,55,14,600 3,551.46

# Pursuant to SEBI Circular SEBI/HO/IMD/DF3/CIR/P/2020/194 dated October 05, 2020, names of all the existing dividend plans / options of all mutual fund schemes has been renamed as IDCW (Income Distribution cum Capital Withdrawal) Plan / Option with effect from April 01, 2021.

21

2019-20

Scheme Code Plan # Balance at the beginning of the year/

Initial Subscription

Issued during the year/period

Repurchased 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 (` in Lakhs)

CAPIT14A Direct IDCW Option 30,000 - - 30,000 3.00

CAPIT14A Direct Growth Option 19,82,380 - - 19,82,380 198.24

CAPIT14A IDCW Option 1,12,06,435 - - 1,12,06,435 1,120.64

CAPIT14A Growth Option 38,31,02,019 - - 38,31,02,019 38,310.20

CAPIT14A Total 39,63,20,834 - - 39,63,20,834 39,632.08

CAPITA11A Direct IDCW Option 3,500 - - 3,500 0.35

CAPITA11A Direct Growth Option 9,14,514 - - 9,14,514 91.45

CAPITA11A IDCW Option 13,22,461 - - 13,22,461 132.25

CAPITA11A Growth Option 2,18,28,341 - - 2,18,28,341 2,182.83

CAPITA11A Total 2,40,68,816 - - 2,40,68,816 2,406.88

CAPITA12C Direct IDCW Option 95,500 - - 95,500 9.55

CAPITA12C Direct Growth Option 7,78,440 - - 7,78,440 77.84

CAPITA12C IDCW Option 7,69,648 - - 7,69,648 76.96

CAPITA12C Growth Option 2,39,54,176 - - 2,39,54,176 2,395.42

CAPITA12C Total 2,55,97,764 - - 2,55,97,764 2,559.78

MULTIPL14A Direct IDCW Option 38,450 - - 38,450 3.85

MULTIPL14A Direct Growth Option 6,29,688 - - 6,29,688 62.97

MULTIPL14A IDCW Option 33,42,479 - - 33,42,479 334.25

MULTIPL14A Growth Option 3,15,03,983 - - 3,15,03,983 3,150.40

MULTIPL14A Total 3,55,14,600 - - 3,55,14,600 3,551.46

“Balance at the beginning of the year” includes units alloted during NFO as initial capital.


5 Contingent Liability as at March 31, 2021: Nil (Previous Year: Nil)

Contingent Liability as at March 31, 2020: Nil (Previous Year: Nil)

6 Movement of Investor Education Fund balance for ICICI Prudential Mutual Fund during the Financial Year ended March 31, 2021 is as follows: Amount (` in Lakhs)

Particulars 2020-21 2019-20

Opening Balance 2478.26 944.41

Accretion to Investor Education & Awareness Fund including income earned on investment 7,648.93 7,169.79

Less: Uitilisation towards investor education and awareness initiatives 3,593.49 2,097.46

Less: Amount contributed to AMFI 3,769.15 3,538.48

Closing Balance 2764.55 2478.26

7 Expenses other than management fee are inclusive of Goods & Services Tax where applicable.

8 Unclaimed Dividend & Unclaimed Redemption as at March 31, 2021 :

Particulars 2020-21 2019-20

Count Amount (` in Lakhs) Count Amount (` in Lakhs)

Unclaimed Dividend 25,082 325.26 33,427 731.95

Unclaimed Redemption 4,495 3,822.46 2,989 2,979.32

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.

22

9 The outbreak of COVID - 19 pandemic has affected several countries across the world, including India. The Government is undertaking several measures to restrict the spread of virus and provide financial support to some stressed sectors. Further, while the COVID-19 vaccination efforts have gained momentum, uncertainty due to the resurgence of COVID cases across many parts of India is rising. The extent to which COVID-19 pandemic will impact the investments in the Scheme, if any, depends on future spread of the virus and related developments, which are uncertain at this point of time. There has been no material change in the controls or processes followed in the closing of the financial statements of the Schemes.

In preparing the accompanying financial statements, the management has assessed the impact of the pandemic on its operations and its assets including the value of its investments. The Fund has used internal and external sources of information from market sources on the expected future performance of the investment made in the securities, in developing the estimates and assumptions to assess, the fair value of the investments as at March 31, 2021. Basis the assessment, the management does not, at this juncture, believe that the impact on the Schemes’ operations (including value of its investments) is likely to be material.

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.

12 Scheme wise change in Risk-o-Meter during the year ended March 31, 2021 as per SEBI Circular SEBI/HO/IMD/DF3/CIR/P/2020/197 is as follows:

Scheme name Risk-o-meter level as at December 31, 2020 *

Risk-o-meter level as March 31, 2021

Number of changes in Risk-o-meter during the

financial year

ICICI Prudential Capital Protection Oriented Fund Series XIV - Plan A - 1275 Days Moderate Moderate -

ICICI Prudential Capital Protection Oriented Fund Series XI - Plan A - 2056 Days Moderate Moderate -

ICICI Prudential Capital Protection Oriented Fund Series XII - Plan C - 1270 Days Low to Moderate Low 1

ICICI Prudential Multiple Yield Fund Series 14 -1228 Days Plan A Moderate Low to Moderate 1

* This disclosure is made pursuant to SEBI circular SEBI/HO/IMD/DF3/CIR/P/2020/197 dated Ocotber 5, 2020 which was effective from January 1, 2021. Hence risk-o-meter values as at December 31, 2020 has been considered.

23

ICICI Prudential Mutual FundAddress: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063Audited Historical Per Unit Statistics (On the basis of closing units) for the year/period ended March 31, 2021 (figures as per Audited Financials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08)



March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020

1 NAV PER UNIT (`) #

A Open

Direct IDCW Option 12.4839 12.1900 11.4423 10.8927

Direct Growth Option 12.4839 12.1900 11.4423 10.8927

IDCW Option 11.9786 11.7462 11.1864 10.6924

Growth Option 11.9786 11.7462 11.1864 10.6924

B High



IDCW Option 14.0883 12.5843 12.2914 11.3732

Growth Option 14.0883 12.5843 12.2914 11.3732

C Low



IDCW Option 11.8628 11.5796 11.1503 10.6579

Growth Option 11.8628 11.5796 11.1503 10.6579

D Close



IDCW Option 14.0687 11.9786 12.2914 11.1864

Growth Option 14.0687 11.9786 12.2914 11.1864

2 Assets Under Management (` in Lakhs)

Closing 3,392.02 2,887.75 3,149.31 2,865.71

Average (AAuM) 3,172.30 2,931.44 3,015.19 2,826.17

3 Gross Income as % of AAuM * 9.11% 8.30% 7.41% 7.55%

4 Expense Ratio

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

Direct Option 0.82% 0.69% 0.61% 0.70%

Other than Direct Option 1.12% 1.10% 1.08% 1.10%

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

Direct Option 0.66% 0.55% 0.49% 0.56%


5 Net Income as % of AAuM * 8.00% 7.22% 6.35% 6.46%

6 Portfolio Turnover Ratio - Aggregate for all Asset category

0.14 0.05 0.21 0.09

Portfolio Turnover Ratio – Equity 0.06 0.05 - 0.02

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

Direct IDCW Option - - - -

Direct Growth Option - - - -

IDCW Option - - - -

Growth Option - - - -

24




8 Returns

A Last One Year

Scheme

Direct Option 17.80% 2.39% 10.40% 5.00%


Benchmark 18.84% 4.42% 15.97% 6.43%

B Since Inception

Scheme

Direct Option 9.39% 6.96% 6.96% 5.60%


Benchmark

Direct Option 9.50% 6.81% 8.97% 6.26%


Benchmark Index CRISIL Composite Bond Fund Index (80%) + Nifty 50 Total Return Index (20%)

CRISIL Composite Bond Fund Index (85%) + Nifty 50 Total Return Index (15%)

* 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.


Note:

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

2 Returns have been calculated based on Growth option. 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

25

ICICI Prudential Mutual FundAddress: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai – 400063Audited Historical Per Unit Statistics (On the basis of closing units) for the year/period ended March 31, 2021 (figures as per Audited Financials)(As per format prescribed for Abridged schemewise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08)




1 NAV PER UNIT (`) #

A Open



IDCW Option 10.8581 10.4964 11.2629 10.7990

Growth Option 10.8581 10.4964 11.2629 10.7990

B High



IDCW Option 12.9074 11.4461 12.5340 11.5789

Growth Option 12.9074 11.4461 12.5340 11.5789

C Low



IDCW Option 10.7417 10.4065 11.1989 10.7856

Growth Option 10.7417 10.4065 11.1989 10.7856

D Close



IDCW Option 12.7867 10.8581 12.5113 11.2629

Growth Option 12.7867 10.8581 12.5113 11.2629

2 Assets Under Management (` in Lakhs)

Closing 50,678.92 43,034.42 4,445.19 4,001.53

Average (AAuM) 47,636.17 43,228.58 4,249.18 3,983.90

3 Gross Income as % of AAuM * 8.08% 7.70% 7.76% 8.24%

4 Expense Ratio

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

Direct Option 0.84% 0.84% 1.02% 0.93%


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

Direct Option 0.68% 0.69% 0.83% 0.76%


5 Net Income as % of AAuM * 6.96% 6.58% 6.62% 7.11%

6 Portfolio Turnover Ratio - Aggregate for all Asset category

0.11 0.25 0.31 0.05

Portfolio Turnover Ratio – Equity 0.02 0.01 ^ 0.05

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

Direct IDCW Option - - - -

Direct Growth Option - - - -

IDCW Option - - - -

Growth Option - - - -

26




8 Returns

A Last One Year

Scheme

Direct Option 18.09% 3.72% 11.23% 4.48%


Benchmark 15.97% 6.43% 18.84% 4.42%

B Since Inception

Scheme

Direct Option 11.61% 6.96% 8.24% 6.85%


Benchmark

Direct Option 11.37% 8.01% 10.50% 6.75%


Benchmark Index CRISIL Composite Bond Fund Index (85%) + Nifty 50 Total Return Index (15%)

CRISIL Composite Bond Fund Index (80%) + Nifty 50 Total Return Index (20%)

* 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.


Note:

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

2 Returns have been calculated based on Growth option. 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

THIS

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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 displayedon the website w.r.t. general policies and procedures for exercising voting rights, the details of proxy voting exercised duringthe Financial Year 2020-21 along with scrutinizers’ certification. For Unitholders of the Scheme, full Annual Report is availablefor inspection at the Corporate Office/Central Service Office of the AMC and a copy thereof shall be made available to theUnitholder on request on payment of nominal fees.

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

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.

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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:

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To update PAN/KYC, kindly please use below link or 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.

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For Contact Details Update Form Click here(https://www.icicipruamc.com/Downloads/mutual-fund-application-form.aspx)

For PAN KYC Update Form Click here(https://www.icicipruamc.com/Downloads/mutual-fund-application-form.aspx )

For KYC Form Click here (https://www.icicipruamc.com/Downloads/mutual-fund-application-form.aspx)

To Locate nearest branch Click here (https://www.icicipruamc.com/ContactUs/BranchLocator.aspx)

In case you require any further assistance or clarification,

(1) you can get in touch with your Mutual Fund Distributor OR

(2) write to us at [email protected] OR

(3) contact on 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.

If undelivered, please return to:ICICI Prudential Asset Management Company LimitedCorporate Identity Number : U99999DL1993PLC541352nd Floor, Block B-2, Nirlon Knowledge Park,Western Express Highway, Goregaon (East),Mumbai - 400 063.Tel.: 022-26852000, Fax : 022-26868313Website: www.icicipruamc.comEmail: enquiry@ icicipruamc.com

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ABRIDGED ANNUAL REPORT FOR F.Y. 2020-21

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Transcript of ABRIDGED ANNUAL REPORT FOR F.Y. 2020-21