ICICI Prudential

The information herein is solely for private circulation and for reading/understanding of registered Mutual Fund Advisors/Distributors and should not be circulated to investors/prospective investors.
 There are three ways in which an investment can make money:

DEBT EQUITY GOLD

Lend and earn Become a part owner Buy something that
INTEREST and share PROFITS may become more
VALUABLE over
time

A single investment cannot meet all the requirements of growth, liquidity, regular income, capital protection & adequate returns. Hence there is a need for
ASSET ALLOCATION
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 Why Asset Allocation?

Asset allocation is an investment strategy that aims to balance risk and reward by apportioning a
portfolio's ssets according to an individual's goals, risk tolerance and investment horizon

ASSET ALLOCATION PROVIDES THE TWIN BENEFIT OF:

Managing Cyclicality Managing Investor

of Asset Classes Behaviour

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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 Asset Allocation Benefits – Managing Cyclicality
Financial Markets are full of surprises and it is difficult to predict which asset class will do well!

Year Gold S&P BSE Sensex Crisil Short Term Bond Index
S&P BSE Sensex CRISIL Short Term Bond
Time
2021Period -4.2% 22.0% Gold Returns (%)
4.4%
Returns (%) Fund Index Returns (%)
2020 28.0% 15.8% 10.4%
2019 23.8% 14.4% 9.5% Different investments
2018 7.9% 5.9% 6.7% are affected differently
2017 5.1% 27.9% 6.0%
2016 11.3% 1.9% 9.8% by economic events!
2015 -6.6% -5.0% 8.7%
2014 -7.9% 29.9% 10.5% ASSET ALLOCATION
2013 -4.5% 9.0% 8.3% helps to manage
2012 12.3% 25.7% 9.1% cyclicality of asset
2011 31.7% -24.6% 7.9%
2010 23.2% 17.4% 4.7% classes
2009 24.2% 81.0% 6.6%
2008 26.1% -52.4% 9.5%
2007 16.0% 47.1% 8.0%
2006 20.3% 46.7% 5.5%
Data Source: MFI Explorer. Data as of Dec 31, 2021. MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit http://www.icraonline.com/legal/standard-disclaimer.html.
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 Asset Allocation Benefits – Managing Investor Behaviour

BEHAVIOR
GAP
INNESTMENT

INVESTOR
RETURN
RETURN

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 Asset Allocation Benefits – Managing Investor Behaviour

Investors generally
expect constant annual EXPECTATIONS
returns on their
investments Year Amount Annual Returns
-- 1000 --
1 1120 12%
2 1254 12%
3 1405 12%
4 1574 12%
5 1760 12%
Average Return 12%

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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 Asset Allocation Benefits – Managing Investor Behaviour

EXPECTATIONS REALITY

Year Amount Annual Returns Year Amount Annual Returns

-- 1000 -- -- 1000 --
1 1120 12% 1 1080 8%
2 1254 12% 2 929 -14%
3 1405 12% 3 1375 48%
4 1574 12% 4 1333 -3%
5 1760 12% 5 1760 32%
Average Return 12% Average Return 12%

The numbers are for the purpose of illustration only, actual figures may vary.

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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 Asset Allocation Benefits – Managing Investor Behaviour

Unexpected investment
returns may induce
SELLING AFTER 'UNEXPECTED' RETURNS IN INITIAL YEAR investors into panic selling
Year Amount Annual Returns Remarks and lead to poor investor
returns
-- 1000 -- --
1 1080 8% Below Expectation
2 929 -14% of 12%

3 1375 7% Moved to
4 1333 7% traditional
instruments
5 1760 7%
Average Return 2.6% Unhappy Experience

The numbers are for the purpose of illustration only, actual figures may vary. Past performance may or may not sustain in the future. Investments in traditional investment avenues offer assured or guaranteed returns however investments in
mutual funds are subject to market risks.
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 Asset Allocation Benefits – Managing Investor Behaviour

RETURNS UNDER VARIOUS PORTFOLIO SCENARIOS

Year Without Asset Allocation With Asset Allocation

100% Equity 100% Debt
50% Equity + 50% Debt
Portfolio Return Portfolio Return
2011 -24.64% 18.17% -3.24%
2012 25.70% 5.53% 15.62%
2013 8.12% 17.98% 13.05% Asset Allocation
2014 30.08% 0.31% 15.20% has led to limited
2015 -5.05% 11.01% 2.98% downside risk in
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2016 1.78% 5.90% 3.84% the past
2017 27.91% 5.29% 16.60%
2018 6.67% -6.57% 0.05%
2019 13.80% 10.82% 12.31%
2021 22% 6.4% 14.2%

Data Source: Bloomberg. For Equity return – S&P BSE Sensex returns; Debt Returns- 10 year G – Sec yield returns. Data as on Dec 31,2021. Past Performance may or may not sustain in future
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 ASSET ALLOCATION is just like the winning strategy in a cricket match

EQUITY
Aggressive –
+ DEBT
Defensive –
Hitting SIXES Picking singles
and FOURS

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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 Why Dynamic Asset Allocation Funds?

Manages Cyclicality Benefit from volatility

Allows investors to enjoy relatively consistent Asset Allocation schemes have room to
returns through diversifying across asset classes manoeuvre asset proportions based on varying
market conditions

Manages Investor’s Behavior Professionally managed

Hybrid funds are generally managed by qualified
Helps in reducing negative impact on total
professionals who can efficiently allocate
returns caused due to poor performance of one
investor’s funds to various asset classes based on
asset class by tactically managing portfolio
their understanding of markets

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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 Why ICICI Prudential Asset Allocation schemes?

We have an In house Market Valuation Model that intends to “Buy Low and Sell High” while keeping human
emotions aside

REDUCE INCREASE
EQUITY EXPOSURE EQUITY EXPOSURE

EQUITY VALUATION EQUITY VALUATION

GOES UP COMES DOWN

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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 In–House Valuation Model Levels

The model exhibits the principles of “Buy Low, Sell High” by increasing equity exposures when markets have
fallen and vice-versa.

The stock/sector allocation will be as per Scheme Information Document. Net Equity Levels are adjusted for futures and options and notional exposure. Data as on June 30 ,2022 has been considered. Data Source: MFI Explorer
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 In House Valuation Model – Equity

170

150 Book Partial Profits

130
Incremental Money to Debt

110 Neutral 105.9

90 Invest in Equities

70
Aggressively Invest in Equities

50
Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18

Jun-19

Jun-20

Jun-21

Jun-22
Data as on June 30, 2022. Equity valuation index is calculated by assigning equal weights to Price to equity (PE), Price to book (PB), G-Sec*PE and Market Cap to GDP
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 Our Debt Valuation Index for Duration Risk Management

10
Aggressively in
9 Highly
Highly
Highly Aggressive
Aggressive
Aggressive
High Duration
Highly Aggressive
Highly Aggressive
8
7
Aggressive Aggressive
Aggressive
AggressiveAggressive
6
Moderate Moderate
5 Moderate Moderate
4 Cautious 2.06
Cautious 3.64
Cautious
3 Cautious
Cautious
2 Very Cautious
Very Cautious
1 Very Cautious
Very Cautious
0
Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22

Data as on June 30, 2022. Debt Valuation Index considers WPI, CPI, Sensex returns, Gold returns and Real estate returns over G -Sec yield, Current Account Balance and Crude Oil Movement for calculation.
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 ICICI Prudential
Asset Allocator ICICI Prudential
Fund (FOF) Equity
Savings Fund

ICICI
Prudential
Multi-Asset
Fund ICICI ICICI Prudential
Mutual Fund
Prudential ICICI
Regular Prudential
ICICI Equity &
Hybrid Product Bouquet
Savings Fund
Prudential ICICI Debt Fund
Equity Prudential
Arbitrage Balanced
Advantage
Fund Fund

The asset allocation and investment strategy will be as per Scheme Information Document.
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 ICICI Prudential Asset Allocation Products

65 - 80%
ICICI Prudential
10 - 80% Equity & Debt Fund

ICICI Prudential ICICI Prudential

Equity Savings Fund
Multi-Asset Fund 30 - 80%

15 - 50% ICICI Prudential Balanced

Advantage Fund

10 - 25%

ICICI Prudential
Regular Savings Fund 0-100%
ICICI Prudential A sset A llocat or Fund(FOF)

The asset allocation and investment strategy will be as per Scheme Information Document.
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 ICICI Prudential Regular Savings Fund
Scheme Category: Conservative Hybrid Fund
WHY SHOULD ONE INVEST? Salient Features
The scheme invests predominantly in debt instruments with an
• Taxation: Debt Taxation
aim to generate accrual income while the equity portion of the
• Rebalancing Frequency: Fortnightly
scheme shall seek to generate capital appreciation.

WHO SHOULD INVEST? Equity Strategy

Investors who are risk averse and are looking for limited • Range of Equity: 10-25%
exposure to equity with accrual income from the debt portion • Net Equity Level:
Current* Last 1 year average
19.6% 21.7%
WHAT IS THE IDEAL HOLDING PERIOD? • Market Capitalisation – Multi-Cap
3 years & above
Debt Strategy

EXIT LOAD • Duration: 1- 5 years

Upto 10% of units within 1 year from the date of allotment – Nil; More • Credit Profile: Predominantly invests in AA rated
than 10% of units within 1 year from the date of allotment – 1% of papers
applicable NAV; After 1 year from the date of allotment – Nil • Debt Strategy: Accrual

Data as on June 30, 2022. For more details on taxation consult your investment advisors. The asset allocation and investment strategy will be as per Scheme Information Document 18
The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 ICICI Prudential Balanced Advantage Fund

Scheme Category: Dynamic Asset Allocation/ Balanced Advantage Fund

Salient Features
WHY SHOULD ONE INVEST?
• Taxation: Equity Taxation
It is a scheme that follows a buy low, sell high strategy by • Rebalancing Frequency: Daily
investing in equity and debt to capture upside while limiting
downside risk Equity Strategy

WHO SHOULD INVEST? • Range of Equity: 30-80%

• Net Equity Level:
Investors seeking an all seasoned product that does not require
timing the market and seek to benefit from volatility Current* Last 1 year average
38.5% 35.4%
• Covered Calls
WHAT IS THE IDEAL HOLDING PERIOD?
Debt Strategy
3 years & above
• Duration: 1 – 5 years
• Credit Profile: Invests across AAA, AA & sovereign rated
EXIT LOAD instruments
Upto 10% of units within 1 year from the date of allotment – Nil; More • Debt Range : 0-35%
than 10% of units within 1 year from the date of allotment – 1% of
applicable NAV; After 1 year from the date of allotment – Nil Gold & Others
Preference Shares: 0-10%
REITS and InVits: 0-10%
Data as on June 30, 2022. For more details on taxation consult your investment advisors. The asset allocation and investment strategy will be as per Scheme Information Document. 19
The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 ICICI Prudential Multi- Asset Fund

Scheme Category: Multi Asset Allocation Salient Features

• Taxation: Equity Taxation
WHY SHOULD ONE INVEST? • Rebalancing Frequency: Monthly
The scheme seeks to provide the benefits of capital
appreciation through equity, regular income through debt Equity Strategy
instruments and hedge against inflation through gold • Range of Equity: 10-80%
• Net Equity Level:
WHO SHOULD INVEST? Current* Last 1 year average
Investors who wish to diversify their portfolio across various asset 62.9% 65.6%
classes • Market Capitalization – Multi-Cap
Debt Strategy
WHAT IS THE IDEAL HOLDING PERIOD? • Duration: 1 – 5 years
3 years & above • Credit Profile: Invests across AAA, AA & sovereign rated
instruments
• Debt Range: 10-30%
EXIT LOAD
Upto 10% of units within 1 year from the date of allotment – Nil; More Gold & Others
than 10% of units within 1 year from the date of allotment – 1% of • Allocation Range:
applicable NAV; After 1 year from the date of allotment – Nil • Units of Gold ETF/Exchange Traded Commodity Derivatives :
10 – 35%
Data as on June 30, 2022. For more details on taxation consult your investment advisors. The asset allocation • Preference Shares: 0-10%
and investment strategy will be as per Scheme Information Document • Units of REITs & InvITs : 0-10%
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 ICICI Prudential Equity & Debt Fund
Salient Features
Scheme Category: Aggressive Hybrid
• Taxation: Equity Taxation
WHY SHOULD ONE INVEST? • Rebalancing Frequency: Monthly
The scheme provides the best of both worlds by predominantly
investing in equity and a small portion in debt and money market Equity Strategy
instruments for limiting downside
• Range of Equity: 65-80%
• Net Equity Level:
WHO SHOULD INVEST? Current* Last 1 year average
Investors with a reasonably high risk appetite who wish to participate 71.3% 71.6%
in the growth story of the equity markets with a portion of their • Market Capitalization – Multi-Cap
portfolio invested in debt • The Scheme can take covered-call positions

WHAT IS THE IDEAL HOLDING PERIOD? Debt Strategy

3 years & above • Duration: 1 – 5 years
• Credit Profile: Invests across AAA, AA & sovereign rated
instruments
EXIT LOAD • Debt Strategy: Total Return Strategy
Upto 10% of units within 1 year from the date of allotment – Nil; More Others
than 10% of units within 1 year from the date of allotment – 1% of
applicable NAV; After 1 year from the date of allotment – Nil • Preference Shares: 0-10%
• Units of REITs & InvITs : 0-10%
Data as on June 30, 2022. For more details on taxation consult your investment advisors. The asset allocation
and investment strategy will be as per Scheme Information Document
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 ICICI Prudential Asset Allocator Fund (FOF)
Salient Features
Scheme Category: Other scheme - Fund of Funds Scheme
• Taxation: Debt Taxation
WHY SHOULD ONE INVEST? • Rebalancing Frequency: Weekly
The scheme invests in equity & debt mutual fund schemes. The
allocation is based on the attractiveness of one asset class over the Equity Strategy
other as reflected by an in house valuation model
• Range of Equity: 0-100%
• Net Equity Level:
WHO SHOULD INVEST? Current* Last 1 year average
Investors who are looking at getting a dual benefit of optimum asset 34.4% 30.6%
allocation and selecting the right mutual fund schemes • Market Capitalization – Multi-Cap

WHAT IS THE IDEAL HOLDING PERIOD? Debt Strategy

3 years & above • Duration: Dynamically investing across duration
through underlying schemes
• Credit Profile: Flexibility to invest in mutual fund schemes
EXIT LOAD having exposure across AAA, AA, A and sovereign rated
Upto 10% of units within 1 year from the date of allotment – Nil; More Instruments
than 10% of units within 1 year from the date of allotment – 1% of • The scheme may invest in Gold Schemes
applicable NAV; After 1 year from the date of allotment – Nil

Data as on June 30 2022. For more details on taxation consult your investment advisors. The asset allocation and investment strategy will be as per Scheme Information Document. Investors may please
note that they will be bearing the recurring expenses of the relevant fund of funds scheme in addition to the expenses of the underlying schemes in which the fund of funds scheme makes investment
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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 ICICI Prudential Equity Savings Fund
Salient Features
Scheme Category: Other scheme – Hybrid Scheme
• Taxation: Equity Taxation
WHY SHOULD ONE INVEST? • Rebalancing Frequency: Monthly
The scheme aims to generate capital appreciation by investing in low
beta equity stocks, portfolio rebalancing through arbitrage instruments Equity Strategy
and earn accrual income through debt allocation
• Range of Gross Equity: 65-90%
• Net Equity Level:
WHO SHOULD INVEST? Current* Last 1 year average
Investors looking for an alternative to park funds with an aim to 16.4% 15.4%
generate less volatile returns coupled with measured equity allocation • Market Capitalization – Multi-Cap

WHAT IS THE IDEAL HOLDING PERIOD? Debt Strategy

6 Months and above
• Duration: Can invest across duration
• Credit Profile: Flexibility to invest in debt securities having
exposure across AAA, AA, A and sovereign rated Instruments
EXIT LOAD • The scheme may predominantly invest in corporate
Upto 10% of units within 7 days from the date of allotment – Nil; More debentures
than 10% of units within 7 days from the date of allotment – 0.25% of
applicable NAV; After 7 days from the date of allotment – Nil

Data as on June 30 2022. For more details on taxation consult your investment advisors. The asset allocation and investment strategy will be as per Scheme Information Document.

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The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors. Past performance may or may not sustain in the future
 Riskometers

ICICI Prudential Regular Savings Fund (An open ended hybrid scheme investing predominantly in debt
instruments) is suitable for investors who are seeking*:
• Medium to long term regular income solution
• A hybrid fund that aims to generate regular income through investments primarily in debt and money market instruments and
long term capital appreciation by investing a portion in equity.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

ICICI Prudential Balanced Advantage Fund (An open ended dynamic asset allocation fund) is suitable for
investors who are seeking*:
• Long term capital appreciation/income
• Investing in equity and equity related securities and debt instruments

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

ICICI Prudential Equity & Debt Fund (An open ended hybrid scheme investing predominantly in equity
and equity related instruments) is suitable for investors who are seeking*:
• Long term wealth creation solution
• A balanced fund aiming for long term capital appreciation and current income by investing in equity as well as fixed income
securities
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors.Past performance may or may not sustain in the future. Please
note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis .The above riskometers are as on June 30 ,2022. Please refer to https://www.icicipruamc.com/news-and-updates/all-news for more details.
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 Riskometers
ICICI Prudential Multi-Asset Fund (An open ended equity scheme following a value investment
strategy.) is suitable for investors who are seeking*:
• Long term wealth creation
• An open ended scheme investing across asset classes

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

ICICI Prudential Asset Allocator (FOF) Fund (An open ended fund of funds scheme investing in equity
oriented schemer. debt oriented schemes and gold ETFs/scheme) is suitable for investors who are
seeking*:
• Long term wealth creation
• An open ended fund of funds scheme investing in equity oriented schemes, debt oriented schemes and gold ETF/schemes

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Investors may please note that they will be bearing the recurning expenses of this Scheme in addition to the expenses of the underlying Schemes in which this Scheme makes investment.

ICICI Prudential Equity Savings Fund (An open ended scheme investing in equity, arbitrage and debt)
is suitable for investors who are seeking*:
• Long term wealth creation
• An open ended scheme that seeks to generate regular income through investments in fixed income securities, arbitrage and
other derivative strategies and aim for long term capital appreciation by investing in equity and equity related instruments
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors.Past performance may or may not sustain in the future. Please
note that the Risk-o-meter(s) specified above will be evaluated and updated on a monthly basis .The above riskometers are as on June 30,2022. Please refer to https://www.icicipruamc.com/news-and-updates/all-news for more details. 25
 Disclaimers

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
In preparation of the material contained in this document, ICICI Prudential Asset Management Company Limited (the 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. The AMC
(including its affiliates), the Mutual Fund, the trust and any of its officers, directors, personnel and employees, shall not be liable for any loss, damage of any nature, including but not limited to direct,
indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner. The recipient alone shall be fully responsible/are liable for any
decision taken on this material. All figures and other data given in this document are dated and the same may or may not be relevant in future. The information contained herein should not be construed as
a forecast or promise nor should it be considered as an investment advice. Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial
implication or consequence of subscribing to the units of ICICI Prudential Mutual Fund. The sector(s)/stock(s) mentioned in this communication do not constitute any recommendation of the same and ICICI
Prudential Mutual Fund may or may not have any future position in these sector(s)/stock(s). Past performance may or may not be sustained in the future. The portfolio of the scheme is subject to changes
within the provisions of the Scheme Information document of the scheme. Please refer to the SID for more details.

The information herein is solely for private circulation and for reading/understanding of registered Advisors/Distributors and should not be circulated to investors/prospective investors
26