Motilal Oswal MOSt 10 Year Gilt Fund Motilal Oswal MOSt ... · 6. Motilal Oswal MOSt Focused 25...

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Motilal Oswal MOSt 10 Year Gilt FundMotilal Oswal MOSt Ultra Short Term Bond Fund

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Trustees’ Report for the financial year ended March 31, 2015

Dear Unitholders,We have pleasure in presenting the fifth annual report together with the audited financial statements of the Schemes of Motilal Oswal Mutual Fund for the year ended March 31, 2015.

BRIEF BACKGROUND OF TRUST, SPONSOR, TRUSTEE COMPANY AND ASSET MANAGEMENT COMPANY

CONSTITUTIONMotilal Oswal Mutual Fund (“the Fund or MOMF”), sponsored by Motilal Oswal Securities Ltd. (“the Sponsor”) was set up as a Trust under the Indian Trust Act, 1882 and is duly registered under the Indian Registration Act, 1908. The Fund has been registered with Securities and Exchange Board of India (“SEBI”) vide registration number MF/063/09/04 dated December 29, 2009. The Sponsor is the Settlor of the Mutual Fund Trust. The Settlor has entrusted a sum of Rs. 1,00,000/- to the Trustee Company as its initial contribution towards the corpus of the Mutual Fund. Motilal Oswal Trustee Company Ltd. (“the Trustee”) is the sole Trustee of the Fund. In accordance with Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, Motilal Oswal Asset Management Company Ltd. (MOAMC) has been appointed as Asset Management Company (“the Investment Manager or AMC”) to the Fund pursuant to Investment Management Agreement (IMA) dated May 21, 2009.

SPONSORMotilal Oswal Securities Limited (“MOSL”) was incorporated under the Companies Act, 1956. It is subsidiary of Motilal Oswal Financial Services Limited, which is listed on National Stock Exchange and Bombay Stock Exchange. MOSL is engaged in the business of stock broking and depository services. MOSL is a member of Bombay Stock Exchange, National Stock Exchange and Over The Counter Exchange of India (OTCEI) and is a Depository Participant with National Securities Depository Limited and Central Depository Services (India) Limited.

THE TRUSTEEMotilal Oswal Trustee Company Limited (MOTC) is a company incorporated under the Companies Act, 1956 on November 14, 2008 and is having its registered office at Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West) Mumbai – 400064. The Trustee ensures that Motilal Oswal Mutual Fund and the schemes floated there under are managed by the AMC in accordance with the Trust Deed, the regulations, directions and guidelines issued by SEBI, the stock exchanges and other regulatory agencies, from time to time.

ASSET MANAGEMENT COMPANY Motilal Oswal Asset Management Company Ltd. (MOAMC) is a company incorporated under the Companies Act, 1956 on November 14, 2008 and is having its registered Office at 10th Floor, Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai - 400025. MOAMC has been appointed as the Investment Manager to Motilal Oswal Mutual Fund by the Trustee in term of Investment Management Agreement (IMA) dated May 21, 2009, executed between the Trustee and MOAMC.

INVESTMENT OBJECTIVE, PERFORMANCE REVIEW AND OPERATION OF THE SCHEMES

Performance of the SchemesAs on March 31, 2015, the Performance of the Schemes, Net Asset under Management and number of folios held in respective Scheme is summarized below:

Scheme Name Benchmark Inception Date Last one Year Performance

Since Inception Performance

Net Assets under

Management (in Crores)

Number of

foliosScheme (%)

Benchmark (%)

Scheme (%)

Benchmark (%)

MOSt Shares M50 # CNX Nifty Index July 28, 2010 23.4 26.7 8.8 10.2 27.60 5,095MOSt Shares Midcap 100 CNX Midcap Index January 31, 2011 51.3 51.0 13.7 12.6 156.89 4,253MOSt Shares NASDAQ 100 NASDAQ-100* March 29, 2011 28.08 28.30 27.54 27.66 68.67 2,509MOSt 10 Year Gilt Fund CRISIL 10 Year Gilt Index December 12, 2011 13.09 13.57 6.41 6.63 18.24 397MOSt Focused 25 CNX Nifty Index May 13, 2013 46.13 26.65 29.04 20.47 270.26 16,976MOSt Ultra Short Term Bond Fund CRISIL Short Term Bond

Fund IndexSeptember 6, 2013 7.35 10.26 7.71 10.41 40.28 1,611

MOSt Focused Midcap 30 CNX Midcap Index February 24, 2014 81.37 50.96 83.64 61.46 406.33 13,815MOSt Focused Multicap 35 CNX 500 Index April 28, 2014 N.A. N.A. 70.18 31.13 1,390.64 15,676MOSt Focused Long Term CNX 500 Index January 21, 2015 N.A. N.A. 7.05 (1.71) 36.01 8,415

Note: Return for one year is absolute and more than one year is compounded annualized. Past performance may or may not be sustained in future.Returns since inception are calculated from the date of Inception.*NASDAQ -100 Index Returns in INR are based on RBI Reference.# The returns of the Scheme, MOSt Shares M50 is calculated on adjusted NAV and the face value stands changed from Rs. 10/- to Rs. 7/- post-split of the units of the Scheme.

1. Motilal Oswal MOSt Shares M50 ETF (MOSt Shares M50) MOSt Shares M50 is an open ended Exchange Traded Fund that invests in securities in the same proportion of the underlying CNX Nifty Index. The investment

objective of the Scheme is to seek investment return that corresponds (before fees and expenses) generally to the performance of the CNX Nifty Index (Underlying Index), subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. The Scheme was launched on July 28, 2010 (with Underlying Index of MOSt 50 Basket) and is listed on the National Stock Exchange of India Ltd. since July 30, 2010.

During the period under review, the Board of Trustees reviewed the performance of the Scheme and decided to approve the change of Underlying Index from MOSt 50 Basket to CNX Nifty Index. SEBI took note of the aforesaid change vide its letter dated August 27, 2014. To give effect to this change, the NAV of MOSt Shares M50 was aligned to approximately 1/100th of the value of CNX Nifty Index by splitting the existing MOSt Shares M50 units in the proportion derived as on

Motilal Oswal Asset Management Company LimitedRegistered & Corporate Office: 10th Floor, Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai - 400025.

Tel: 022 3980 4263 l Toll Free No.: 1800-200-6626 l Fax: 022 30896844 l CIN No.: U67120MH2008PLC188186 Email: [email protected] l Website: www.motilaloswalmf.com and www.mostshares.com

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the record date of October 17, 2014. Thus, the face value of the units of the Scheme, MOSt Shares M50 stand changed from Rs. 10/- to Rs. 7/- post split of the units.

The performance of MOSt Shares M50 continues to be in line with CNX Nifty Index with low tracking error. Our strategy for MOSt Shares M50 continues to be to target a low expense ratio to maintain low tracking error to retain its attractiveness to the investors seeking to have low cost access to large cap domestic exposure.

2. Motilal Oswal MOSt Shares Midcap 100 ETF (MOSt Shares Midcap 100) MOSt Shares Midcap 100 is an open ended Index Exchange Traded Fund that

tracks the CNX Midcap Index. MOSt Shares Midcap 100 is India’s first Midcap ETF based on CNX Midcap Index. The investment objective of the Scheme is to seek investment return that corresponds (before fees and expenses) to the performance of CNX Midcap Index (Underlying Index), subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved The Scheme was launched on January 31, 2011 and is listed on the National Stock Exchange of India Ltd. since February 4, 2011.

The Scheme continues to capture the positive movement in the midcap space. The tracking error of the scheme continues to be low. The Index should continue to capture the India growth story with the ongoing timely inclusion of niche market leading companies in the Index. We will continue with the existing strategy of driving down the delivered cost of the ETF.

3. Motilal Oswal MOSt Shares NASDAQ-100 ETF (MOSt Shares NASDAQ 100)

MOSt Shares NASDAQ 100 is an open ended Index Exchange Traded Fund that tracks the NASDAQ-100 Index. MOSt Shares NASDAQ 100 is India’s first US Equities based ETF tracking the NASDAQ-100 Index. The investment objective of the Scheme is to seek investment return that corresponds (before fees and expenses) generally to the performance of the NASDAQ-100 Index, subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. MOSt Shares NASDAQ 100 is listed on the National Stock Exchange of India Ltd. and Bombay Stock Exchange Ltd. since March 31, 2011.

MOSt Shares NASDAQ 100 continues to perform well. This is on account of the NASDAQ-100 Index comprising marqee names such as Apple, Amazon, Starbucks, Google, etc. Apple is the largest constituent of the NASDAQ-100 Index. Given the global leadership positions of these companies, it is expected that these companies will remain in the NASDAQ-100 Index over the long term.

4. Motilal Oswal MOSt Shares Gold ETF (MOSt Gold Shares) During the period under review, the Board of Trustees had approved winding

up of MOSt Gold Shares and SEBI had also taken note of that vide its letter dated September 24, 2014. Further, post the approval of the unitholders at their meeting, the Scheme was wound up as on March 31, 2015 as per the regulation 39(2)(a) of SEBI (Mutual Funds) Regulations, 1996 and all the investors have been provided with the proceeds in proportion to the units held by them as per the regulation.

5. Motilal Oswal MOSt 10 Year Gilt Fund (MOSt 10 Year Gilt Fund) MOSt 10 Year Gilt Fund is an open ended Gilt Scheme that primarily invests

in the 10 yr Benchmark Government Securities. MOSt 10 Year Gilt Fund is the India’s first fund to give access to a 10 year benchmark government bond. The primary investment objective of the Scheme is to generate credit risk-free returns by investing in a portfolio of securities issued by the Central Government and State Governments. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

The Fund has been taking advantage of the turn in the interest rate cycles. The Fund has low risk that could arise out of the Fund manager taking views on macro-economic factors. It continues to be the dedicated 10 year benchmark access Fund that may be suitable for executing asset allocation strategies.

6. Motilal Oswal MOSt Focused 25 Fund (MOSt Focused 25) MOSt Focused 25 is an open ended equity scheme. The investment objective

of the Scheme is to achieve long term capital appreciation by investing in upto 25 companies with long term sustainable competitive advantage and growth potential. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

MOSt Focused 25 comprises pre-dominantly a large cap portfolio with over 90 percent of the fund invested in top 100 listed companies by market capitalization. In line with MOAMC’s investment philosophy, the Fund seeks to ‘buy and hold’ high quality established growth stocks selected on the basis of their dominance in respective lines of businesses. The Scheme has outperformed the benchmark in the FY 2014-2015 and since inception. As of March 2015, the portfolio comprised 19 stocks with sectors such as automobiles, banking and financial services, consumer products and


technology companies forming nearly 70 percent of the exposure. Eicher Motors (8.5%), HDFC Bank (7.3%) and Kotak Mahindra Bank (7.0%) are the top 3 holdings of the Fund. The Fund would endeavour to maintain a high-conviction, low-churn portfolio with a strong focus on buying well-developed evolved but growth-oriented businesses in the future as well.

7. Motilal Oswal MOSt Ultra Short Term Bond Fund (MOSt Ultra Short Term Bond Fund)

MOSt Ultra Short Term Bond Fund is an open ended debt scheme. The investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

The Fund is designed to take minimal credit risk. As a result, the Fund invests in CBLO, CDs having lower risk rating. The performance of the Fund has been in line with expected performance of the money markets for the given risk constrain.

8. Motilal Oswal MOSt Focused Midcap 30 Fund (MOSt Focused Midcap 30) MOSt Focused Midcap 30 is an open ended equity scheme. The investment

objective of the Scheme is to achieve long term capital appreciation by investing in a maximum of 30 quality mid-cap companies having long-term competitive advantages and potential for growth. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

MOSt Focused Midcap 30 is a pure midcap fund of MOAMC. It is basically mandated to invest in companies beyond the 100th company by market capitalization but above a minimum market cap of Rs. 600 cr. It thus seeks to buy mid-size enterprises that have achieved a certain inflection point in their business life-cycle and are on the cusp of significantly higher growth rates going forward. The Fund seeks to look at unique competitive advantages/business positioning in its investee companies. The Fund conforms to the ‘Buy Right, Sit Tight’ investment philosophy of MOAMC and practices low-churn. The Scheme has outperformed the benchmark in the FY 2014-2015 and since inception. As of March 2015, the Fund portfolio comprised 20 stocks with banking and finance, technology, healthcare and consumer products constituting 50% of the exposure. Ajanta Pharma (8.7%), Page Industries (7.6%) and Gujarat Pipavav Port (7%) being its top 3 holdings. The Fund should continue to pursue the objective of buying emerging mid-sized entities that it believes will evolve into being large cap enterprises of the future.

9. Motilal Oswal MOSt Focused Multicap 35 Fund (MOSt Focused Multicap 35) MOSt Focused Multicap 35 is an open ended diversified equity scheme. The

investment objective of the Scheme is to achieve long term capital appreciation by primarily investing in a maximum of 35 equity & equity related instruments across sectors and market-capitalization levels. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

MOSt Focused Multicap 35 follows a multi-cap strategy and has the freedom to invest across the market cap spectrum. The Fund has the flexibility to vary its exposure between large-caps and mid-caps as deemed fit by the manager based on risk-return expectations over the medium-term. The Fund also has the added feature of being able to invest upto 10% of the Fund in foreign securities, thus allowing it to play international growth opportunities as well. The Fund practices a “Buy and Hold” approach with a high-conviction 19 stock portfolio. With a very low-churn rate and high focus on growth, the fund has been a consistently top performer within its peer group since inception. The Scheme has outperformed the benchmark since inception. As of March 2015, the fund has the highest exposure in sectors like Banking and Finance, Healthcare, consumer goods and automobiles. Eicher Motors (7.3%), Ajanta Pharma (7.3%) and IndusInd Bank (7.1%) are its top 3 holdings. Going forward, MOSt Focused Multicap 35 will look to derive maximum growth leverage out of a combination of mid-size and large-cap companies for the portfolio in addition to seeking a few interesting global investment opportunities as well.

10. Motilal Oswal MOSt Focused Long Term Fund (MOSt Focused Long Term) MOSt Focused Long Term is an open ended equity linked saving Scheme

with a 3 year lock-in, to effectively reduce the tax liability under Section 80C of Income Tax Act, 1961. The investment objective of the Scheme is to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related instruments. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

MOSt Focused Long Term provides an effective multi-cap portfolio comprising high-quality, high-growth companies that have the potential to generate significant returns over investment tenure of 3-4 years besides enabling tax-savings for investors of the Fund. The Scheme has outperformed the benchmark since inception. The Fund will pursue a “Buy and Hold” philosophy on a high-conviction portfolio comprising 18-20 stocks that can straddle investments across the entire market cap spectrum.

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FUTURE OUTLOOK OF THE FUNDAfter the initial post-election euphoria, the Indian equity markets have been going through a phase of consolidation and adjustment to reflect economic ground realities. While the new government has taken up the gauntlet of putting India’s economic growth on a structural recovery path, the pace of recovery measured by corporate revenue and earnings growth has been slower than expected. However, with macro-economic parameters continuing to get favorable – thanks to subdued oil/commodity prices, declining inflation, stable currency and strong long-term government initiatives – the return to growth for India’s corporate sector does not seem very distant. Initial green-shoots of recovery, particularly in the investment cycle and consumer sentiment are now visible and will likely get further bolstered by comforting initial trends of the monsoon. We expect the economy to return to trend GDP growth of 7-8pc in the next 2-3 years led by faster decision-making of the new Government, implementation of critical reforms and better growth-inflation dynamics. This will in turn lead to acceleration in corporate earnings and thus positively impact equities and fund performance. We reckon that at an aggregate level the investment holdings across our different fund portfolios have the ability to grow significantly ahead of the market in an environment of accelerating GDP and corporate earnings growth and should deliver reasonable returns even during subdued economic and market conditions. This in turn will drive the ability of the Funds to outperform their respective broader market benchmarks.

SIGNIFICANT ACCOUNTING POLICIESThe significant accounting policies form part of the notes to the accounts annexed to the Balance Sheet of the Schemes in the Annual Report. The Accounting Policies are in accordance with Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.

UNCLAIMED DIVIDENDS & REDEMPTIONSFollowing is the summary of number of Investors and corresponding amount as on March 31, 2015:

Scheme Unclaimed Dividends Unclaimed Redemptions

Amount(Rs.)

No. of Investors

Amount (Rs.)

No. of Investors

MOSt Focused Midcap 30 269,391.19 23 - -MOSt Focused 25 207,715.81 32 - -

REDRESSAL OF INVESTOR COMPLAINTSThe details of investor complaints received by the Fund during the financial year 2014-2015 are given in the Annexure I.

VOTING POLICYIn compliance with the SEBI Circular no. SEBI/IMD/CIR No. 18/198647/2010 dated March 15, 2010, clarificatory email received from SEBI on June 23, 2011 and SEBI circular no. CIR/IMD/DF/05/2014 dated March 24, 2014, MOAMC has implemented Voting Policy and Procedures for exercising their voting rights in respect of the securities held by the Schemes of the Fund. The Voting Policy is enclosed as an Annexure II.

Pursuant to SEBI Circular no. CIR/IMD/DF/05/2014 dated March 24, 2014, MOAMC has obtained a certification from M/s. N. M. Raiji & Co., Chartered Accountants on the voting rights exercised during the FY 2014-2015. The Auditor’s Certificate is enclosed as an Annexure III.During the FY 2014 - 2015, MOAMC has exercised their voting rights on behalf of the Fund in respect of the securities held by the Schemes of the Fund. The voting details for the FY 2014-2015 in the SEBI prescribed format is enclosed as an Annexure IV.Unitholders can also log on to the websites www.motilaloswalmf.com and www.mostshares.com to view the Voting Policy, Voting details and Auditor’s certificate with respect to voting rights exercised by MOAMC.

STATUTORY INFORMATIONThe Sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the Schemes beyond the initial contribution of Rs. 1,00,000/- made by it towards setting up of Motilal Oswal Mutual Fund.The price and redemption value of the units and income from them can go up as well as down with the fluctuations in the market value of its underlying investments. The Annual Report shall be disclosed on the website (www.motilaloswalmf.com and www.mostshares.com) and shall be available for inspection at the Head Office of the Fund. On written request, present and prospective unitholder/investors can obtain a copy of the Trust Deed and the Annual Report of the Schemes. Unitholders, if they so desire, may on written request, obtain a copy of the Annual Report of MOAMC.

ACKNOWLEDGEMENTSThe Trustees wish to thank the Unitholders of the Schemes for their continued investment in the Schemes and also thank the Government of India, the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the Association of Mutual Funds in India (AMFI) for the guidance provided by them. The Trustee also records and appreciates the satisfactory services provided by the Registrar and Transfer Agent, Fund Accountant, Custodian, Bankers, Distributors and Brokers during the year. The guidance and services provided by the Auditors and legal advisors as well as sincerity and dedication of the employees of MOAMC is also appreciated.

For and on behalf of the Board of Directors Motilal Oswal Trustee Company Limited (Trustee to Motilal Oswal Mutual Fund)

Sd/- Motilal Oswal Chairman

Place: Mumbai Date: July 23, 2015

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Annexure IRedressal of Complaints received during : 2014-2015Name of the Mutual Fund : MOTILAL OSWAL MUTUAL FUNDTotal Number of Folios : 68,747

Complaint code Type of complaint#

(a) No. of complaints

pending at the

beginning of the year

Action on (a) and (b)

(b) No of complaints

received during the

year

Resolved

Non Actionable*

Pending

Within 30 days

30-60 days

60-180 days

Beyond 180

days

0-3 months

3-6 months

6-9 months

9-12 months

I A Non receipt of Dividend on Units 0 0 0 0 0 0 0 0 0 0 0

I B Interest on delayed payment of Dividend

0 0 0 0 0 0 0 0 0 0 0

I C Non receipt of Redemption Proceeds

0 1 1 0 0 0 0 0 0 0 0

I D Interest on delayed payment of Redemption

0 0 0 0 0 0 0 0 0 0 0

II A Non receipt of Statement of Account/Unit Certificate

0 0 0 0 0 0 0 0 0 0 0

II B Discrepancy in Statement of Account

0 2 2 0 0 0 0 0 0 0 0

II C Data corrections in Investor details

0 0 0 0 0 0 0 0 0 0 0

II D Non receipt of Annual Report/Abridged Summary

0 0 0 0 0 0 0 0 0 0 0

III A Wrong switch between Schemes

0 0 0 0 0 0 0 0 0 0 0

III B Unauthorized switch between Schemes

0 0 0 0 0 0 0 0 0 0 0

III C Deviation from Scheme attributes

0 0 0 0 0 0 0 0 0 0 0

III D Wrong or excess charges/load 0 0 0 0 0 0 0 0 0 0 0

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

0 0 0 0 0 0 0 0 0 0 0

IV Others ** 0 5 3 0 0 0 0 2 0 0 0

# including against its authorized persons/distributors/ employees. etc.*Non actionable means the complaint that are incomplete / outside the scope of the mutual fund** If others include a type of complaint which is more than 10% of overall complaint, provide that reason separatelyExample : Complaint number from I A to III E is 1000 and Others alone is 500 and transmission linked complaints (within others) are 200 then provide Transmission as separate reason (V) along with all other parameters

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Annexure IIVoting Policy

INTRODUCTIONMotilal Oswal Asset Management Company Limited (hereinafter referred to as “MOAMC”) is a company incorporated under the Companies Act, 1956. MOAMC is an Investment Manager for the schemes of Motilal Oswal Mutual Fund. Motilal Oswal Mutual Fund (hereinafter referred to as “Mutual Fund”) is registered with Securities Exchange & Board of India under the SEBI (Mutual Funds) Regulations, 1996 having registration no. MF/063/09/04. Mutual Fund invests in an equity component and/or equity shares of the companies/ corporations registered in India (hereinafter referred to as “Investee Company”). In connection with such investments by the Mutual Fund, MOAMC has a fiduciary responsibility to exercise voting responsibilities at the general meetings of Investee Companies through the corporate proxy voting process available to the members of such Investee Companies in the best interest of the unit holders of the Mutual Fund. In order to ensure that an active role is played in better Corporate Governance of the Listed Companies where investment of Mutual Fund Schemes is made, we have framed this Voting Policy in compliance with SEBI Circular no. SEBI/IMD/CIR No. 18/198647/2010 dated March 15, 2010, clarificatory email received from SEBI on June 23, 2011 and SEBI circular no. CIR/IMD/DF/05/2014 dated March 24, 2014. This Policy shall be applicable to all equity holdings across all our equity mutual fund schemes.

Objective of Voting PolicyBroadly, the objectives of this Policy are as follows:l To outline the role and obligations of Mutual Fund in ensuring better corporate governance of listed companies in which the funds of Schemes of Mutual Fund are

invested. l To exercise voting responsibilities at the general meetings of Investee Companies in the best interest of the unit holders of the Mutual Fund.l To explain reporting and disclosure requirements with regards to proxy voting. The principles and positions reflected in this policy are designed to guide us in exercising our votes with respect to the shares and not necessarily in making investment decisions. The Fund Managers of each of the schemes of the Mutual Fund base their determinations of whether their respective schemes should invest in the shares of particular company on a variety of factors at all times keeping paramount the best interests of the unit holders of such scheme, and while corporate governance may be one such factor, it may not be the most important consideration.

Policy GuidelinesMOAMC shall adhere to the following guidelines: l This Policy will be effective for all listed companies, wherein equity schemes of Mutual Fund have invested.l MOAMC for and on behalf of the Mutual Fund shall endeavor to vote on all ordinary/special resolutions which may affect the unit holders interests, either by postal

ballot or through personal attendance by any of the authorized officials / agents.l MOAMC may authorize any of its officials, Head-Operations, concerned Fund Manager, Compliance Officer, or any other Officers of the rank of Manager and above,

who is authorised from Corporate Office/Branch Offices and / or authorised agents to attend the meeting in person and to vote as approved internally. l MOAMC shall not give proxy to brokers, for voting on its behalf.l The decision regarding the voting on the resolution, i.e. whether the Mutual Fund will abstain from voting or vote for or against the proposed resolution by the Investee

Company/Issuer will be taken by the Fund Manager in conjunction with the recommendations of the / broad parameters approved by the Investment Committee.

The actual exercise of the proxy votes in the AGMs/EGMs of the Investee Company will cover the following matters and will be reported in the SEBI prescribed format:

A. Ordinary Business: a. Adopting the Annual Accounts (P&L & Balance Sheet) b. Declaration of Annual or Interim or Final or Special Dividend c. Appointment or removal or retirement of Directors d. Appointment or Re-appointment of Auditors

B. Special Business Corporate governance issues are diverse and continually evolving. While it is difficult to provide an exhaustive list of such issues, the following guidelines/policies

reflect what MOAMC believes to be good corporate governance measures and the stance it may generally take with respect to the below matters: i. Corporate Governance Matters MOAMC supports resolutions like change in registered office of the Company from one State to another State, merger and other corporate restructuring,

which are in the interest of the unit holders of the Fund. MOAMC will analyze various economic and strategic factors in making the final decision on a merger, acquisition or any other corporate restructuring proposals. However, MOAMC will vote against resolutions pertaining to takeover by an acquirer, etc. which are against the interest of the unit holders. MOAMC will consider, on a case to case basis, proposals to rotate auditors, and will vote against the appointment of auditors when there is convincing evidence of accounting irregularities or negligence.

ii. Changes to Capital Structure Changes in capitalization will generally be supported where a reasonable need for the change is demonstrated. MOAMC will review on a case to case basis,

proposals by companies to change the capital structure by increasing/decreasing the authorized shares and the purpose for the same. MOAMC believes that a company’s decisions pertaining to financing has a material impact on its shareholders, in particular when they involve the issuance of additional shares or the assumption of additional debt. However such changes resulting in excessive dilution of existing shareholder value will not be supported.

iii. Stock option plans and other proposals pertaining to management compensation MOAMC would support such remuneration proposals, which are tied to achieving long-term performance and enhancing shareholder value. Stock option

plans that are excessively generous or dilute other shareholders’ stake value will not be supported. iv. Social and corporate responsibility issues In light of the increasing need for fair disclosures, a growing need for social and corporate responsibility, MOAMC’s responsibility increases. MOAMC shall

vote in favor of such matters which are believed to have significant socio-economic benefits. v. Board of Directors MOAMC believes in philosophy of having an independent board of directors as the same is key to comply with good corporate governance norms. MOAMC

would support proposals pertaining to appointment of independent directors, and the key committees such as audit, IPO, CSR and remuneration committees etc. to be comprised of independent members.

vi. Related-party transactions In view of the increasing number of incidences of related-party transactions being seen in the corporate sector today which can have large-scale implications


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on the future of the underlying business of the Investee company and its valuation, MOAMC will ensure its active participation in voting on such transactions to safeguard the interest of its unit holders.

vii. Any other issue that may affect the interest of the shareholders in general and interest of the Unit holder in particular.

C. Investment in group companies of MOAMC and investment in companies that have subscribed to the units of schemes of Mutual Fund: In cases where investments are in group companies of the MOAMC or where the Investee Companies have substantial investments in the schemes of Motilal

Oswal Mutual Fund, MOAMC shall specifically review all voting proposals and take decisions with respect to voting on such proposals in the best interest of the unit holders. MOAMC may decide to abstain from such voting, if it deems fit to do so in the best interest of the unit holders or if there is a conflict of interest.

Exception to the aboveMOAMC may also decide to abstain from voting in cases of any of the above stated Special resolutions, where it has insufficient information or there is a conflict of interest or MOAMC does not receive the communication in time.Although MOAMC will vote in accordance with the Voting Policy, but it may act differently if, the relevant facts and circumstances so warrant. Hence, MOAMC may deviate from the Voting Policy guidelines when it determines that the deviation is necessary to protect the interests of the unit holders.

Guidelines for Schemes which are Exchange Traded Funds and Index FundsIn relation to its Schemes that are exchange traded funds (ETFs) or index funds which are based on various indices, as the case may be, Mutual Fund invests in such ETFs / index based funds based on the index which is being tracked by such Scheme. These indices are developed, owned and maintained by independent index providers. The indices are maintained on a day to day basis by the index provider as per the policy laid down by the index provider and various parameters are used for inclusion and exclusion of stocks from the index. Mutual Fund obtains a license for using these indices to launch its ETFs. These Schemes then track such indices by investing in the stocks based on its weightage in such index. Mutual Fund carries rebalancing exercises based on the details of corporate actions, etc. and other relevant details received from the index providers. The Fund Manager of such ETF/Index Schemes do not play an active role in the selection of the stocks for investment/disinvestment. The Fund Manager’s decisions are based solely on the notice of corporate actions received from the index providers. As Mutual Fund follows a passive philosophy towards investment in its Schemes that are ETF or index funds, MOAMC would abstain from voting on any matters with respect to companies in which such Schemes that are ETFs / index funds have investments.

Amendments/Updates, Internal Review and control Any regulatory amendment/update etc. shall be carried out from time to time to the policy by Investment Committee. The Investment Committee will review the proxy voting required as per the voting policy and actual exercise of proxy votes.

Disclosure of Voting Policy and Records thereof The Voting Policy shall be available on the Websites of the Mutual Fund, www.motilaloswalmf.com and www.mostshares.com. a. MOAMC shall record and disclose specific rationale supporting its voting decision (for, against or abstain) with respect to each vote proposal stated above. b. MOAMC shall additionally publish summary of the votes cast across all its investee company and its break-up in terms of total number of votes cast in favour or

against or abstained from. c. MOAMC shall make disclosure of votes cast on its website (in spreadsheet format) on a quarterly basis, within 10 working days from the end of the quarter in the

format as prescribed by SEBI vide circular no. CIR/IMD/DF/05/2014 dated March 24, 2014. d. Further, on an annual basis, MOAMC shall obtain Auditor’s certification on the voting reports and this auditor’s certification shall be submitted to trustees and shall

be disclosed in the relevant portion of the Mutual Funds’ annual report & Websites of Mutual Fund.For annexure to the voting policy, Unitholders can log on to the website of Motilal Oswal Mutual Fund, www.mostshares.com and www.motilaloswalmf.com

Annexure III

CERTIFICATE ON VOTING DISCLOSURES MADE BY MOTILAL OSWAL ASSET MANAGEMENT COMPANY LIMITED FOR THE FINANCIAL YEAR 2014-15We have been requested by Motilal Oswal Asset Management Company Limited to review the voting reports disclosed by them.In terms of SEBI Circular No. SEBI/IMD/CIR No. 18 /198647/2010 dated March 15, 2010, read with circular no. CIR/IMD/DF/05/2014 dated March 24, 2014, we hereby certify that Motilal Oswal Mutual Fund has framed a voting policy for exercising voting rights in respect of securities held by its schemes.We have accordingly reviewed the following voting disclosures with respect to SEBI circular no. CIR/IMD/DF/05/2014 dated March 24, 2014:a. Summary of the votes cast across all investee companies and its break-up in terms of total number of votes cast in favor, against or abstained from, on an annual

basis.b. Disclosure on the website of the reports on votes cast during each quarter, within 10 working days from the end of the quarter & on an annual basis with specific

rationale details supporting the voting decision (for, against or abstain) with respect to each vote proposal.We hereby certify that the voting disclosures made by Motilal Oswal Asset Management Company Limited for the Financial Year 2014-15 are in conformity with the SEBI prescribed format and guidelines and are in accordance with the voting policy of Motilal Oswal Mutual Fund.This certificate has been issued to Motilal Oswal Asset Management Company Limited for submitting the same to the Trustees and to disclose the same in the relevant section of Motilal Oswal Mutual Fund’s Annual Report and website.

For N.M. Raiji & Co.Chartered AccountantsFirm Regn. No.108296W

Sd/-(Vinay D. Balse)PartnerMembership No.:39434

Date: May 22, 2015Place: Mumbai


7

Annexure IVDetails of Votes cast during the Financial year 2014-2015

Quarter Meeting Date

Company name Type of meetings

(AGM/ EGM)

Proposal by Management (M)

or Shareholder (S)

Proposal's description Investee company’s

Management Recommendation

Vote (For/

Against/ Abstain)

Reason supporting the vote decision

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Adoption of Accounts For For There are no adverse comments by auditors and directors report and other financial statements are in order. Hence can be adopted

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Declaration of Dividend For For Company has generated enough profits and cash flow to pay dividends

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Re-appointment of Dr. Nachiket Mor as a Director

For For He is eligible for re-election and is a capable individual. Hence vote in favor.

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Re-appointment of Mr. Douglas L Peterson as a Director


Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Re-appointment of Mr. Yann Le Pallec as a Director


Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Re-appointment of M/s. S R Batliboi & Co., LLP, Chartered Accountants as Auditors

For For The auditors are capable and eligible for re-appointment, thus in favor

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Appointment of Mr. M. Damodaran as a Director

For For He is el ig ib le an has relevant experience in the business, hence vote in favor

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Appointment of Ms. Vinita Bali as a Director For For She is a respected corporate executive and can add value to the Board

Apr-Jun 2014

21-May-2014

Mindtree Ltd. PB M Increase in the authorised share capital For For It is necessary in line with the grwoth plans of the company and future capital requirements. Thus vote in favor

Apr-Jun 2014

21-May-2014

Mindtree Ltd. PB M Issue of Bonus shares For For Company has sufficient free reserves and hence in favor

Apr-Jun 2014

21-May-2014

Mindtree Ltd. PB M Borrow upto USD $ 1 Billion For For Requi red for the purposes o f operational flexibility and hence vote in favor

Apr-Jun 2014

21-May-2014

Mindtree Ltd. PB M Create charge on the assets of the Company For For Company is bringing additional funding flexibility for working capital and long term loans in line with growth objectives, hence vote in favor

Jul-Sep 2014

5-Jul-2014

Sundaram Finance Ltd. PB M To borrow upto Rs 15,000 crore For For Necessary for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

5-Jul-2014

Sundaram Finance Ltd. PB M Issue of debt securities for a sum not exceeding Rs 5,500 crore

For For Required to raise funds for business purposes

Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Declaration of Final Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Re-appointment of Mr. Surjit Gupta as Director For For He is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Re-appointment of M/s. V. R. Bansal & Associates, Chartered Accountants and M/s S R Batliboi & Co. LLP, Chartered Accountants as Auditors


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Re-appointment of Mr. Avinash Parkash Gandhi as Director for 3 years effective 01.04.2014


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Re-appointment of Mr. Vijay Kumar Chopra as Director for 3 years effective 01.04.2014


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Appointment of Mr. Sunil Behari Mathur as Director for 3 years effective 01.04.2014

For For He is a respected corporate executive and can add value to the Board

Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Appointment of Mr. Surender Kumar Tuteja as Director for 3 years effective 01.04.2014


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Appointment of Dr. Adarsh Kishore as Director for 3 years effective 01.04.2014


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Mr. Qimat Rai Gupta, Chairman and MD henceforth liable to retire by rotation


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Mr. Anil Rai Gupta, Joint MD henceforth liable to retire by rotation


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Mr. Rajesh Gupta, Wholetime Director (Finance) henceforth liable to retire by rotation


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Appointment of Cost Auditors For For The auditors are capable and eligible for appointment, thus in favor

Jul-Sep 2014

10-Jul-2014

Idea Cellular Ltd. EGM M Issuance of upto 5,18,38,540 equity shares of Rs. 10 each for cash at a price of Rs. 144.68 per equity share aggregating to approx Rs. 750 crore, on a preferential basis to Axiata Investments 2 (India) Limited (a wholly owned subsidiary of Axiata Group Berhad, Malaysia)


Jul-Sep 2014

11-Jul-2014

Larsen & Toubro Ltd. PB M Creation of charge on assets of the Company to secure the borrowings

For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

11-Jul-2014

Larsen & Toubro Ltd. PB M Raise funds through issue of equity shares for an amount not exceeding Rs. 3600 crore or US $600 million



8



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

11-Jul-2014

Larsen & Toubro Ltd. PB M Raise funds through Private placement of Non Convertible Debentures not exceeding Rs. 6000 crores


Jul-Sep 2014

11-Jul-2014

Larsen & Toubro Ltd. PB M Alteration of AoA For For Required to carry out business operations, hence vote in favor

Jul-Sep 2014

14-Jul-2014

TVS Motors Company Ltd.

AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

14-Jul-2014


AGM M Re-appointment of Mr. H. Lakshmanan as Director


Jul-Sep 2014

14-Jul-2014


AGM M Appointment of M/s. V. Sankar Aiyar & Co, Chartered Accountants as Auditors

For For The auditors are capable and eligible for appointment, thus in favor

Jul-Sep 2014

14-Jul-2014


AGM M Not filling of vaccancy cause by retirement of Mr. K. S. Bajpai as Director

For For In line with board policy

Jul-Sep 2014

14-Jul-2014


AGM M Payment of remuneration to Mr. A. N. Raman, practising cost accountant

For For In line with practice, hence vote in favor

Jul-Sep 2014

14-Jul-2014


AGM M Appointment of Mr. T. Kannan as Non Executive Independent Director for 5 years


Jul-Sep 2014

14-Jul-2014


AGM M Appointment of Mr. C. R. Dua as Non Executive Independent Director for 5 years


Jul-Sep 2014

14-Jul-2014


AGM M Appointment of Mr. Prince Asirvatham as Non Executive Independent Director for 5 years


Jul-Sep 2014

14-Jul-2014


AGM M Appointment of Mr. R. Ramakrishnan as Non Executive Independent Director for 5 years


Jul-Sep 2014

14-Jul-2014


AGM M Appointment of Mr. Hemant Krishnan Singh as Non Executive Independent Director for 5 years


Jul-Sep 2014

14-Jul-2014


AGM M Revision of remuneration payable to Mr. Sudarshan Venu, Wholetime Director

For For In line with normal remuneration revision practice, hence vote in favor

Jul-Sep 2014

16-Jul-2014

Kotak Mahindra Bank Ltd.


Jul-Sep 2014

16-Jul-2014


AGM M Re-appointment of Mr. N. P. Sarda as Director For For He is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

16-Jul-2014


AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

16-Jul-2014


AGM M Re-appointment of M/s. S. B. Billimoria & Co., Chartered Accountants as Auditors


Jul-Sep 2014

16-Jul-2014


AGM M Re-appointment of Mr. Uday S Kotak as Executive Vice Chairman & MD with effect from 1.1.2015


Jul-Sep 2014

16-Jul-2014


AGM M Re-appointment of Mr. Dipak Gupta as Joint MD with effect from 1.1.2015


Jul-Sep 2014

16-Jul-2014


AGM M Borrow money up to an amount of Rs 40,000 crore


Jul-Sep 2014

16-Jul-2014


AGM M Increease in investment limit by FIIs, FPI and QFI upto 40% of the paid up equity apital of the Bank

For For Limit has been reached and hence reqd, vote in favor

Jul-Sep 2014

17-Jul-2014

Housing Development Finance Corporation Ltd.

PB M To mortgage, create charges or hypothecation on the assets of Corporationu/s 180(1)(a) of the Companies Act, 2013

For For Normal course of business

Jul-Sep 2014

21-Jul-2014



Jul-Sep 2014

21-Jul-2014



Jul-Sep 2014

21-Jul-2014


AGM M Re-appointment of Mr. D. M. Suthankar as Director


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of M/s. Deloitte Haskins & Sells LLP, Chartered Accountants as Auditors


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of M/s. PKF, Chartered Accountants as Branch Auditors for Dubai


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Mr. D. N. Ghosh as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Dr. Ram S. Tarneja as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Dr. Bimal Jalan as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Mr. B. S. Mehta as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Dr. S. A. Dave as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Dr. J. J. Irani as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Mr. Naseer Munjee as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Revision of salary range for wholetime Directors

For For In line with practice. Hence in favor

Jul-Sep 2014

21-Jul-2014


AGM M Re-appointment of Ms. Renu Sud Karnad as MD for 5 years with effect from 1.1.2015

For For She is a respected corporate executive and can add value to the Board


9



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

21-Jul-2014


AGM M Re-appointment of Mr. V. Srinivasa Rangan as Wholetime Director for 5 years with effect from 1.1.2015


Jul-Sep 2014

21-Jul-2014


AGM M Approval to payment of commission to Non-Executive Directors

For For Increase is in line with practice, hence vote in favor

Jul-Sep 2014

21-Jul-2014


AGM M Borrow money upto a limit of Rs 3,00,000 crore For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

21-Jul-2014


AGM M Issueance of Redeemable Non Convertible Debentures and/or other hybrid instruments on private placement basis not exceeding an aggregate of Rs 75,000 crore


Jul-Sep 2014

21-Jul-2014


AGM M Issue of shares under ESOS for a value not exceeding Rs 6,24,21,300.

For For In line with normal ESOS schemes

Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Declaration of Final Dividend of Rs 6.50 per share and confirmation of Interim Dividend

For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Re-appointment of Ms. Priya Agarwal as Director

For For She is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of M/s. S. R. Batliboi & Co. LLP, Chartered Accountants as Auditors


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of Mr. Naresh Chandra as Independent Director


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of Dr. Omkar Goswami as Independent Director


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of Mr. Aman Mehta as Independent Director


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of Mr. Edward T Story as Independent Director


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of Mr. Tarun Jain as Independent Director


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of M/s. Shome & Banerjee as Cost Auditors.


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Mr. Niket Ghate as a Director


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Appointment of M/s. Price Waterhouse, Chartered Accountants as Auditors


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Payment of remuneration to Cost Accountants For For In line with practice, hence vote in favor

Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Mr. R. A. Shah as an Non Executive Independent Director for 5 years with effect from 25.7.2014


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Mr. P. K. Ghosh as an Non Executive Independent Director for 5 years with effect from 25.7.2014


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Mr. J. K. Setna as an Non Executive Independent Director for 5 years with effect from 25.7.2014


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Mr. V. S. Mehta as an Non Executive Independent Director for 5 years with effect from 25.7.2014


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Dr. (Ms.) Indu Shahani as an Non Executive Independent Director for 5 years with effect from 25.7.2014

For For She is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Re-appointment of Mr. Ajit Kumar Jain as Director


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Re-appointment of Mr. Pranay Godha as Director


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Appointment of Auditors For For The auditors are capable and eligible for appointment, thus in favor

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Re-appointment of Mr. Ajit Kumar Jain as Jt. Managing Director for 5 years with effect from 21.8.2014


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Appointment of Mr. Baulal Jain as Independent Director for 5 years


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Appointment of Mr. Anand T. Kusre as Independent Director for 5 years


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Appointment of Mr. Dev Parkash Yadava as Independent Director for 5 years


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Appointment of Dr. Ramakanta Panda as Independent Director for 5 years



10



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Borrow money upto an amount not exceeding Rs. 2000 crore and create charge charge on assets of the Company

For For Required for normal course of business

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Issue and offer of such equity shares or other securities convertible into equity shares not exceeding in aggregate five per cent (individually in any financial year to any employee/ Whole-time working director not exceeding 0.10%) of the total number of issued equity shares of the Company as on the date(s) of the grant of option(s) under Ipca Laboratories Employees Stock Option Scheme - 2014 (ESOS), as placed before the Meeting and initialled by the Chairman for the purpose of identification

For For Required under normal course to remunerate senior staff

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Payment of remuneration to Cost Auditors For For In line with the policy

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Declaration of Final Dividend and ratify payment of Interim Dividend on equity shares


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Re-appointment of Mr. Casimiro Antonio Leitao as Director


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Re-appointment of Mr. Edward Philip Pence as Director


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Auditors For For The auditors are capable and eligible for appointment, thus in favor

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Rajsekhar Menon as Director


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Mark Smith as Director For For He is a respected corporate executive and can add value to the Board

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Priya Shankar Dasgupta as Independent Director for 5 years


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Veni Srinivasan as Independent Director for 5 years


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Rajeev Bakshi as Independent Director for 5 years


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Naseer Mukhtar Munjee as Independent Director for 5 years


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Prakash Manjanath Telang as Independent Director for 5 years


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Pradeep Bhagava, Alternate Director to Mr. Mark SMith as Advisor


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Sale of internal combustion engines, their parts and accessories by the Company to Cummins Limited, UK on arm's length basis for a consideration estimated at Rs 76,381 Lacs for the Financial Year 2014-15

For For Normal course of busienss and arm's length transaction

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M To let out or give on rent, lease, leave and license or any other similar arrangement basis, the premises of the Company to any or all of the following Related Party/ies on arm's length basis,

For For Utilising group facilities for max synergy

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Payment of sum in addition to sitting fees to Non Executive Directors

For For In line with normal practice

Jul-Sep 2014

2-Aug-2014

Bosch Ltd. PB M Alteration of Objects Clause III (5) of MOA For For Required to carry out business operations, hence vote in favor

Jul-Sep 2014

4-Aug-2014

Havells India Ltd. PB M Subdivision of equity shares from Rs 5 to Re 1 For For Required for more liquidity and will broad base small investors, hence vote in favor

Jul-Sep 2014

4-Aug-2014

Havells India Ltd. PB M Alteration of MOA For For Required to carry out business operations, hence vote in favor

Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Re-appointment of Mr. Mannalal B. Agrawal as Director


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Re-appointment of Mr. Purushottam B. Agrawal as Director


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of M/s. Kapoor & Parekh Associates, Chartered Accountants as Auditors


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of Dr. Anil Kumar as Independent Director for 5 years


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of Mr. Chandrakant Khetan as Independent Director for 5 years


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of Mr. K. H. Viswanathan as Independent Director for 5 years



11



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of Mr. Prabhakar Dalal as Independent Director for 5 years


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of Dr. Anjana Grewal as Independent Director for 5 years


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Borrow money upto an amount not exceeding Rs. 1000 crore


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Create charge on assets of the Company upto Rs. 1000 crore


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Payment of remuneration to Non-Executive Directors


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Payment of remuneration to Cost Auditors For For In line with practice, hence vote in favor

Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Re-appointment of Mr. Ishaat Hussain as Director


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Re-appointment of Mr. Sanjay Johri as Director For For He is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Appointment of Auditors Deloitte Haskins & Sells LLP, Chartered Accountants


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Appointment of Mr. Nani Javeri as Independent Director


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Appointment of Mr. R. N. Mukhija as Independent Director


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Appointment of Mr. Debendranath Sarangi as Independent Director


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Appointment of Mr. Bahram Navroz Vakil as Independent Director


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Creation of charge upto Rs. 500 crore For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Payment of remuneration of Rs. 4 lakh to Cost Auditors M/s. Sagar & Associates, Cost Accountant


Jul-Sep 2014

2-Sep-2014

ING Vysya Bank Ltd. PB M Borrow money upto an amount not exceeding Rs. 20,000 crore


Jul-Sep 2014

2-Sep-2014

ING Vysya Bank Ltd. PB M Issue of Securities through private placement upto Rs. 700 crore


Jul-Sep 2014

3-Sep-2014

Container Corporation of India Ltd.


Jul-Sep 2014

3-Sep-2014


AGM M Confirmation of payment of Interim Dividend and Declaration of Final Dividend


Jul-Sep 2014

3-Sep-2014


AGM M Re-appointment of Mr. Harpreet Singh as Director


Jul-Sep 2014

3-Sep-2014


AGM M Re-appointment of Mr. Yash Vardhan as Director


Jul-Sep 2014

3-Sep-2014


AGM M Appointment of M/s. Kumar Vijay Gupta & Co., Chartered Accountants as Auditors


Jul-Sep 2014

3-Sep-2014


AGM M Appointment of Mr. Arvind Bhatnagar as Director effective 9.9.2013 and shall be liable to retire by rotation


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Re-appointment of Mr. Hari S. Bhartia as Director


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Appointment of M/s. S. R. Batliboi & Co. LLP, Chartered Accountants as Auditors


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Appointment of Ms. Ramni Nirula as Independent Director


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Appointment of Mr. Arun Seth as Independent Director


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Appointment of Mr. Vishal Kirti Keshav Marwaha as Independent Director


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Appointment of Mr. Phiroz Adi Vandrevala as Independent Director


Jul-Sep 2014

2-Sep-2014


PB M Borrowing money upto a limit of Rs. 1500 crore For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

2-Sep-2014


PB M Create charge on the assets of the Company For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Re-appointment of Mr. R. C. Bhargava as Director


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Re-appointment of Mr. Kazuhiko Ayabe as Director



12



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Re-appointment of M/s. Price Waterhouse, Chartered Accountants as Auditors


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. Toshiaki Hasuike as Director


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. Masayuki Kamiya as Wholetime Director designated as Director-Production


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. Shigetoshi Torii as Wholetime Director designated as Director-Production


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Increase of remuneration of Mr. Toshiaki Hasuike as Jt. Managing Director


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Increase of remuneration of Mr. Kenichi Ayukawa as Managing Director & CEO from time to time


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Increase of remuneration of Mr. Toshiaki Hasuike as Jt. Managing Director from time to time


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Increase of remuneration of Mr. Kazuhiko Ayabe as Director and Managing Executive Officer - Supply Chain from time to time


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Approval to payment of commission to Non-Executive Directors


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. Amal Gangul i as Independent Director for 5 years


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. D. S. Brar as Independent Director for 5 years


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. R. P. Singh as Independent Director for 5 years


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Ms. Pallavi Shroff as Independent Director for 5 years


Jul-Sep 2014

12-Sep-2014

Sundaram Finance Ltd. PB M Appointment of Mr. P. N. Venkatachalam as Independent Director for 5 years


Jul-Sep 2014

12-Sep-2014

Sundaram Finance Ltd. PB M Appointment of Mr. S. Prasad as Independent Director for 5 years


Jul-Sep 2014

12-Sep-2014

Sundaram Finance Ltd. PB M Appointment of Mr. Aroon Raman as Independent Director for 5 years


Jul-Sep 2014

18-Sep-2014

Hero Motocorp Ltd. PB M Increase in shareholding limit for FIIs upto 49% For For Limit has been reached and hence reqd, vote in favor

Jul-Sep 2014

18-Sep-2014

Hero Motocorp Ltd. PB M Approval of Employees Incentive Scheme 2014 and to introduce, offer, issue and allot options from time to time upto 49,90,000 equity shares to the eligible employees of the Company

For For Necessarfy to motivate employees and hence vote in favor

Jul-Sep 2014

11-Sep-2014

Repco Home Finance Ltd.


Jul-Sep 2014

11-Sep-2014



Jul-Sep 2014

11-Sep-2014


AGM M Re-appointment of Mr. S. C. Panda as Director For For He is a respected corporate executive and can add value to the Board

Jul-Sep 2014

11-Sep-2014


AGM M Appointment of M/s. R. Subramanian and Company, Chartered Accountants as Auditors

For For The auditors are capable and re-eligible for appointment, thus in favor

Jul-Sep 2014

11-Sep-2014


AGM M Appointment of Mr. K. K. Pathak, IAS as Director liable to retire by rotation


Jul-Sep 2014

11-Sep-2014


AGM M Appointment of Mr. T. S. KrishnaMurthy as Independent Director


Jul-Sep 2014

11-Sep-2014


AGM M Appointment of Mr. Thomas Paul Diamond as Independent Director


Jul-Sep 2014

11-Sep-2014


AGM M Appointment of Mr. V. Nadanasabapathy as Independent Director


Jul-Sep 2014

11-Sep-2014


AGM M Appointment of Mr. G. R. Sundaravadivel as Independent Director


Jul-Sep 2014

11-Sep-2014


AGM M Borrow upto Rs. 15,000 crore For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

11-Sep-2014


AGM M Payment of increased salary to Mr. R Varadarajan, Managing Director from Rs. 4 lac to Rs. 6 lac per annum


Jul-Sep 2014

11-Sep-2014


AGM M Offer, issue and allot Redeemable Non-Convertible Debentures aggregating to an amount upto Rs. 500 crore and Commercial Papers not exceeding Rs. 250 crore


Jul-Sep 2014

11-Sep-2014


AGM M Investment by FIIs upto 49% of the paid-up equity capital

For For Limit has been reached and hence reqd, vote in favor

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor


13



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Re-appointment of Mr. Bajranglal Surajmal Taparia as Director

For For He is a respected corporate executive and can add value to the position

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Re-appointment of Mr. Hasmukhlal Saburlal Parikh as Director


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Re-appointment of M/s. Chhogmal & Co, Chartered Accountants as Auditors


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Appointment of Mr. Bhupendranath Vidyanath Bhargava as Independent Director


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Appointment of Mr. Yogendra Premkrishna Trivedi as Independent Director


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Appointment of Mr. Naresh Nagindas Khandwala as Independent Director


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Appointment of Mrs. Rashna Hoshang Khan as Independent Director

For For She is a respected corporate executive and can add value to the position

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Re-appointment of Mr. Vijaykumar Bajranglal Taparia as Executive Director for 5 years effective 7.1.2014


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Holding of Office or Place of Profit by Mr. Vivek Taparia


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Borrow upto Rs 1,000 crore For For Necessary from a business and operations perspective

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Creation of charge upto Rs. 1,000 crore For For Necessary from a business and operations perspective

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Enter into contracts with other related parties For For Necessary from a business and operations perspective

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Payment of remuneration to Cost Auditors M/s. Kishore Bhatia & Associates, Cost Accountant


Jul-Sep 2014

27-Sep-2014

Page Industries Ltd. PB M Alteration of AOA For For Normal course of business

Jul-Sep 2014

27-Sep-2014

Page Industries Ltd. PB M Appointment of Mrs. Rukmani Menon as Independent Director


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Re-appointment of Dr. Vijay Mallya as Director For For He is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Not to fill up vacancy caused by the retirement of Mr. Gilbert Ghostine from Directorship


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Re-appointment of M/s. B. S. R. & co. LLP, Chartered Accountants as Auditors


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Appointment of Mr. Sudhakar Rao as Independent Director


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Appointment of Mr. D. Sivanandhan as Independent Director


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Appointment of Dr. (Mrs.) Indu Shahani as Independent Director


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Not to fill up vacancy caused by the retirement of Mr. G. N. Bajpai from Directorship


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Not to fill up vacancy caused by the retirement of Mr. Arunkumar Ramanlal Gandhi from Directorship


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Not to fill up vacancy caused by the retirement of Mr. Vikram Singh Mehta from Directorship


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Appointment of Mr. Anand Kripalu as Director For For He is a respected corporate executive and can add value to the Board

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Appointment of Mr. Anand Kripalu as MD & CEO


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Revision in the terms of remuneration payable to Mr. P. A. Murali, ED

For For In line with normal revision

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Borrow upto Rs. 10,000 crore For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Approval to contribute to bona fide and charitable and other funds upto Rs. 15 crore

For For In line with normal CSR objectives

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Payment of commission to Non-Executive Directors

For For Increase is in line with practice, hence vote in favor

Oct-Dec 2014

11-Dec-2014

Crisil PB M Adoption of new set of AOA For For Normal course of business

Oct-Dec 2014

11-Dec-2014

Crisil PB M Approval for other related parties transaction For For Normal course of business

Oct-Dec 2014

11-Dec-2014

Crisil PB M Appointment of Mr. H. N. Sinor as Independent Director


Oct-Dec 2014

11-Dec-2014

Crisil PB M Appointment of Dr. Nachiket Mor as Independent Director


Oct-Dec 2014

11-Dec-2014

Crisil PB M Appointment of Mr. M. Damodaran as Independent Director


Oct-Dec 2014

11-Dec-2014

Crisil PB M Appointment of Ms. Vinita Bali as Independent Director.


Oct-Dec 2014

14-Dec-2014

Jubilant Foodworks PB M Authorisation for Creating Security on Company's Asset / undertaking



14



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Oct-Dec 2014

15-Dec-2014

HDFC bank PB M Issue of Long Term Bonds/Non-Convertible debentures on a Private placement basis


Oct-Dec 2014

15-Dec-2014

HDFC bank PB M Appointment of Mrs. Shyamala Gopinath as Part-time Non-Executive Chairman person


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Re-appointment of Mr. C. Jayaram as Whole-time Director designated as Joint Managing Director from 1.1.2015 to 30.4.2016 (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Amalgamation of ING Vysya Bank Ltd. with Kotak Mahindra Bank Ltd. in accordance with the Scheme of Amalgamation (Taken up at 4.00 pm)

For For Good strategic fit for the bank from a long term perspective and overall deal favorable to shareholders. Hence vote in favor.

Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Appointment of Mr. Asim Ghosh as Independent Director (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Appointment of Mr. Amit Desai as Independent Director (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Appointment of Prof. S. Mahendra Dev as Independent Director (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Appointment of Mr. Prakash Apte as Independent Director (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Appointment of Ms. Farida Khumbata as Independent Director (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M "Increase in ceiling limit on toal holdings of FIIs / SEBI approved sub-accounts of FIIs, FPIs, QFIs, NRIs & PIOs upto 42% of Paidup Capital (Taken up at 1.30 pm)"

For For Required for proposed acquisition

Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Increase in Authorised Share Capital to Rs. 700 crore (Taken up at 1.30 pm)

For For Required for proposed acquisition

Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Alteration of MOA (Taken up at 1.30 pm) For For Required for proposed acquisition

Jan-Mar 2015

9-Jan-2015

United Spirits EGM M Entering into distribution agreement Licence for manufacture and agreement and cost sharing agreement with certain sunsidiaries of Diageo plc. ('DIAGEO')

For For Earnings acrretive and better than previous arrangement..In favor

Jan-Mar 2015

19-Jan-2015

"Tata Motors Type ""A""" PB M Ratification for payment Minimum remuneration to Mr. Ravindra Pisharody Executive Director (Commercial Vehicles) due to inadequacy of profit for financial year ended 31.03.2014


Jan-Mar 2015

19-Jan-2015

"Tata Motors Type ""A""" PB M Ratification for payment Minimum remuneration to Mr. Satish Borwankar Executive Director (Quality) due to inadequacy of profit for financial year ended 31.03.2014


Jan-Mar 2015

19-Jan-2015

"Tata Motors Type ""A""" PB M Ratification for payment Minimum remuneration death ralated benfits/compensation to (Late) Mr. Karl Slym Managing Director his Legal heir due to inadequacy of profit for financial year ended 31.03.2014


Jan-Mar 2015

19-Jan-2015

"Tata Motors Type ""A""" PB M Payment of Minimum remuneration to Mr. Ravindra Pisharody Executive Director (Commercial Vehicles) in case of inadequacy of profit for FY 2014-15 and FY 2015-16


Jan-Mar 2015

19-Jan-2015

"Tata Motors Type ""A""" PB M Payment of Minimum remuneration to Mr. Satish Borwankar Executive Director (Quality) in case of inadequacy of profit for FY 2014-15 and FY 2015-16.


Jan-Mar 2015

3-Mar-2015

"Tata Motors Type ""A""" PB M Issue of Ordinary and 'A' ordinary Shares through a Right Issue.

For For In line with company's growth agenda

Jan-Mar 2015

10-Mar-2015

Ajanta Pharma PB M Subdivision of Shares For For Normal course of business

Jan-Mar 2015

10-Mar-2015

Ajanta Pharma PB M Alteration of MOA For For Normal course of business

Jan-Mar 2015

10-Mar-2015

Ajanta Pharma PB M Alteration of AOA For For Normal course of business

Jan-Mar 2015

10-Mar-2015

Tech Mahindra PB M Issue of Bonus Shares For For Normal course of business

Jan-Mar 2015

10-Mar-2015

Tech Mahindra PB M Subdivision of Equity Shares from the Face Value of Rs. 10 per share to Rs. 5


Jan-Mar 2015

10-Mar-2015

Tech Mahindra PB M Alteration of MOA For For Normal course of business

Jan-Mar 2015

10-Mar-2015

Tech Mahindra PB M Alteration of AOA For For Normal course of business

Jan-Mar 2015

11-Mar-2015

Bajaj Finance PB M "Borrow upto Rs. 50,000 Crore" For For Normal course of business

Jan-Mar 2015

11-Mar-2015

Bajaj Finance PB M "Creation of charge upto Rs 50,000 Crore" For For Normal course of business

Jan-Mar 2015

11-Mar-2015

Bajaj Finance PB M Adoption of new set of AOA For For Normal course of business


15

Independent Auditor’s Report

To,THE BOARD OF DIRECTORS MOTILAL OSWAL TRUSTEE COMPANY LIMITED

Report on the Financial StatementsWe have audited the accompanying financial statements of Motilal Oswal MOSt 10 Year Gilt Fund and Motilal Oswal MOSt Ultra Short Term Bond Fund (the Schemes) of Motilal Oswal Mutual Fund (the Fund), which comprise of the Balance Sheet as at March 31, 2015, the Revenue Account for the year then ended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial StatementsThe Managements of Motilal Oswal Trustee Company Limited (the “trustee”) and Motilal Oswal Asset Management Company Limited (the “AMC”) are responsible for the preparation of these financial statements that give a true and fair view of the Balance Sheet and the Revenue Account of the scheme in accordance with accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (the Regulations) and amendments thereto in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing and other authoritative pronouncements issued by the by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the scheme’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Regulations and give a true and fair view in conformity with the accounting principles generally accepted in India:a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2015; andb) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date.

Report on Other Legal and Regulatory RequirementsAs required by section 55(4) of the Regulations, we report thata) we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit;b) as required by clause 5(ii)(2) of the Eleventh Schedule to the Regulations, the Balance Sheet and the Revenue Account referred to in this report are in agreement

with the books of account of the Scheme;c) the financial statements have been prepared in accordance with the accounting policies and standards, as specified in the Ninth Schedule of the Regulations;d) in our opinion, valuation methods for Non Traded Securities, adopted by the scheme are fair and reasonable and are in accordance with the guidelines for valuation

issued by SEBI and approved by the Trustees.

For N. M. RAIJI & CO. Chartered Accountants Firm Registration No: 108296W

Sd/-Vinay D. Balse Partner Membership No. 39434

Place: Mumbai Date: July 23, 2015

16

For N. M. RAIJI & CO. For Motilal Oswal Trustee Company Limited For Motilal Oswal Asset Management Company Limited Chartered Accountants Firm Registration No: 108296W Sd/- Sd/- Sd/- Sd/- Sd/- Vinay D. Balse Motilal Oswal Sunil Goyal Raamdeo Agarawal Aashish P Somaiyaa Partner Chairman Director Chairman Managing Director & CEO Membership No. 39434 Sd/- Abhiroop Mukherjee Fund Manager

Place: Mumbai Place: Mumbai Place: Mumbai Date: July 23, 2015 Date: July 23, 2015 Date: July 23, 2015

Balance Sheet as at March 31, 2015Motilal Oswal MOSt

10 Year Gilt FundMotilal Oswal MOSt

Ultra Short Term Bond Fund

Schedule

As at 31.03.2015

(Rupees)

As at 31.03.2014

(Rupees)

As at 31.03.2015

(Rupees)

As at 31.03.2014

(Rupees)LIABILITIESUnit Capital 1 150,345,393 427,875,669 366,650,234 458,434,985 Reserves & Surplus 2 32,029,376 33,155,051 36,933,755 12,615,346 Current Liabilities and Provisions 3 1,454,510 1,929,207 7,336 607 11,629,164

183,829,279 462,959,927 410,920,596 482,679,495 ASSETSInvestments 4 166,920,160 430,644,570 345,784,250 464,454,774 Deposits 5 - - 1,600,000 - Other Current Assets 6 16,909,119 32,315,357 63,536,346 18,224,721

183,829,279 462,959,927 410,920,596 482,679,495 Notes to Accounts 8The accompanying schedules are an integral part of these financials statements

Revenue Account for the year/period ended as on March 31, 2015Motilal Oswal MOSt

10 Year Gilt FundMotilal Oswal

MOSt Ultra Short Term Bond Fund

Schedule

Year ended 31.03.2015

(Rupees)


(Rupees)


(Rupees)

Period ended 31.03.2014

(Rupees)INCOME & GAINSDividend - - - - Interest 7 26,438,511 69,538,792 29,399,932 26,370,038 Profit on sale/redemption of investments (net) (other than inter-scheme transfer/sale) 10,474,266 - 1,941,657 499,788 Gain on Exchange Rate Fluctuation - - - - Net change in market value of investment 6,206,735 (17,302,568) 29,244 110,275 Security Lending Fees - - - -Liabilities pertaning to previous year written back - 19,435 - - Miscellaneous Income 1,074 54,458 5 -

43,120,586 52,310,117 31,370,838 26,980,101 EXPENSES & LOSSESManagement fees 1,672,579 6,293,126 442,399 659,177 Service tax on management fees 206,728 368,400 54,681 81,474 Transfer agents fees and expenses 488,938 531,379 498,246 278,797 Custodian fees and Transaction charges 102,540 315,949 80,719 90,131 Trusteeship fees 32,283 88,836 18,719 15,019 Selling and Distribution expenses 1,273,803 644,359 2,460,263 755,807 Audit fees 32,638 143,291 41,321 90,264 Investor Education & Awareness 64,566 177,673 74,876 60,075 Licence fee - - - -Other operating expenses 52,627 544,931 641,231 354,293 Loss on sale/redemption of investments (net) (other than inter-scheme transfer/sale) - 65,221,750 - - Loss on Exchange Rate Fluctuation - - - - Net change in unrealised depreciation in value of investment - - - - Exchange difference-others - - - -

3,926,702 74,329,694 4,312,455 2,385,037 Reimbursement of Expenses by AMC - (171,223) (762,469)

3,926,702 74,158,471 3,549,986 2,385,037 Excess of income and gains over expenses and losses / (Excess of expenses and losses over income and gains) 39,193,884 (21,848,355) 27,820,852 24,595,064 Transfer to unrealised appreciation reserve Balance unrealised appreciation reserve at the end of the year 8,255,972 2,049,237 139,519 110,275 Balance unrealised appreciation reserve at the beginning of the year 2,049,237 19,351,805 110,275 - Net change in unrealised appreciation in value of investments transferred (to)/ from unrealised appreciation reserve 6,206,735 (17,302,568) 29,244 110,275 Add/ (Less): Income Equalisation Account (34,504,879) (80,606,015) 4,792,269 3,438,695 Income available for appropriation (1,517,730) (85,151,801) 32,583,877 27,923,484 AppropriationIncome Distributed during the year / period - - 6,198,087 11,777,418 Tax on income distributed during the year / period - - 2,010,643 3,638,355 Retained Surplus / (Deficit) carried forward to Balance sheet (1,517,730) (85,151,801) 24,375,147 12,507,711 Notes to Accounts 8As per our attached report of even date

17

Schedule forming part of the Balance Sheet as at March 31, 2015

SCHEDULE - 1UNIT CAPITAL

Motilal Oswal MOSt 10 Year Gilt Fund

As at 31.03.2015 As at 31.03.2014 Units (Rupees) Units (Rupees)

Initial capital issued and subscribed:Units of Rs. 10 each fully paid up 73,942,703.000 739,427,030 73,942,703.000 739,427,030

Outstanding:Opening Balance 42,787,566.895 427,875,669 158,817,822.32 1,588,178,223 New Fund/Plan Offer - - - - Capital issued during the year/period at face value 10 2,077,916.293 20,779,163 23,969,130.868 239,691,309

44,865,483.188 448,654,832 182,786,953.189 1,827,869,532

Redemptions during the year/period at face value 10 29,830,943.902 298,309,439 139,999,386.294 1,399,993,863 Unit Capital at the end of the year/period 15,034,539.286 150,345,393 42,787,566.895 427,875,669

Growth Plan 12,410,396.310 124,103,963 37,912,363.365 379,123,634 Dividend Plan 2,505,806.676 25,058,067 4,352,649.118 43,526,491 Direct Dividend Plan 5,601.003 56,010 369.494 3,695 Direct Growth Plan 112,735.297 1,127,353 522,184.918 5,221,849 Monthly Dividend Plan - - - - Fortnightly Dividend Plan - - - - Daily Dividend Plan - - - - Weekly Dividend Plan - - - - Direct Daily Dividend Plan - - - - Direct Fortnightly Dividend Plan - - - - Quarterly Dividend Plan - - - - Direct Weekly Dividend Plan - - - - Unit Capital at the end of the year/period 15,034,539.286 150,345,393 42,787,566.895 427,875,669

Motilal Oswal MOSt Ultra Short Term Bond Fund

As at 31.03.2015 As at 31.03.2014 Units (Rupees) Units (Rupees)

Initial capital issued and subscribed:Units of Rs. 10 each fully paid up 30,090,075.000 300,900,750 30,090,075.000 300,900,750

Outstanding:Opening Balance 45,843,498.524 458,434,985 - - New Fund/Plan Offer - - 30,090,075.000 300,900,750 Capital issued during the year/period at face value 10 187,581,759.006 1,875,817,590 144,584,646.808 1,445,846,468

233,425,257.530 2,334,252,575 174,674,721.808 1,746,747,218

Redemptions during the year/period at face value 10 196,760,234.155 1,967,602,342 128,831,223.284 1,288,312,233 Unit Capital at the end of the year/period 36,665,023.375 366,650,234 45,843,498.524 458,434,985

Growth Plan 23,308,840.972 233,088,410 25,941,430.368 259,414,304 Dividend Plan - - - - Direct Dividend Plan - - - - Direct Growth Plan 5,412,198.513 54,121,985 495,935.860 4,959,359 Monthly Dividend Plan 114,738.277 1,147,383 1,018,542.150 10,185,422 Fortnightly Dividend Plan 539.918 5,399 4,091,603.357 40,916,034 Daily Dividend Plan 2,067,255.630 20,672,556 9,828,855.200 98,288,552 Weekly Dividend Plan 4,331,430.193 43,314,302 319,451.982 3,194,520 Direct Daily Dividend Plan 1,204,533.793 12,045,338 4,089,511.541 40,895,115 Direct Fortnightly Dividend Plan - - 12,452.476 124,525 Quarterly Dividend Plan 200,160.198 2,001,602 45,715.590 457,156 Direct Weekly Dividend Plan 25,325.881 253,259 - - Unit Capital at the end of the year/period 36,665,023.375 366,650,234 45,843,498.524 458,434,985

18



As at 31.03.2015 (Rupees)




Unit Premium ReserveOpening balance (16,448,817) 8,685,934 (2,640) - Addition/Deletion during the year (5,814,680) (25,134,751) (85,982) (2,640)Closing balance (22,263,497) (16,448,817) (88,622) (2,640)

Retained SurplusOpening balance 47,554,631 132,706,432 12,507,711 - Add: Surplus transferred from/(to) Revenue Account (1,517,730) (85,151,801) 24,375,147 12,507,711 Closing balance 46,036,901 47,554,631 36,882,858 12,507,711

Unrealised Appreciation on Investments Opening balance 2,049,237 19,351,805.00 110,275 - Less: Reversed during the year (2,049,237) (19,351,805.00) (110,275) - Add: Unrealised appreciation as at year ended 8,255,972 2,049,237 139,519 110,275 Closing balance 8,255,972 2,049,237 139,519 110,275 Total Reserves and Surplus 32,029,376 33,155,051 36,933,755 12,615,346

SCHEDULE - 3CURRENT LIABILITIES & PROVISIONS







Sundry creditors 1,272,465 319,462 1,449,555 521,412 Payable for units repurchased/switch out 45,929 53,477 1,498,913 7,146,728 Units pending allotment - - 4,126,377Distributed income payable - - 23,997 585 Unclaimed redemptions/distributed income (Note 16) - - - -Payables for Purchase of investments - - - - Other liabilities 136,116 1,556,268 237,765 3,960,439

1,454,510 1,929,207 7,336,607 11,629,164

SCHEDULE - 4INVESTMENTS (Refer Note 3 to Notes to Accounts)



As at 31.03.2015 As at 31.03.2014 As at 31.03.2015 As at 31.03.2014

INVESTMENTS Cost Market/Fair

value Cost Market/Fair



value Equity SharesListed or awaiting listing - - - - - - - - Government Securities 158,664,188 166,920,160 428,595,333 430,644,570 - - - - Certificate of Deposits (CD) - - - - 345,644,732 345,784,250 442,714,499 442,818,000 Units of Mutual Fund - - - - - - 21,630,000 21,636,774

158,664,188 166,920,160 428,595,333 430,644,570 345,644,732 345,784,250 464,344,499 464,454,774

SCHEDULE - 5DEPOSITS


Motilal Oswal MOSt Ultra Short Term

Bond FundAs at

31.03.2015 (Rupees)




Margin money with The Clearing Corporation of India Ltd. (CCIL) - - 1,600,000 -

- - 1,600,000 -

Schedule forming part of the Balance Sheet as at March 31, 2015

SCHEDULE - 2RESERVES AND SURPLUS

19



Bond FundAs at

31.03.2015 (Rupees)




Balances with banks in current account 7,617,912 1,467,000 22,146,181 7,493,022 Receivable for units subscribed 274,862 - - 62,326 Receivables for sale of investments - - - - Collateralised Borrowing and Lending Obligations (CBLO) and Reverse Repo 5,890,317 16,939,209 30,449,945 5,943,582 Outstanding and accrued income 2,353,614 13,308,178 8,342 6,676 Other receivable 772,414 600,970 10,931,876 4,719,115

16,909,119 32,315,357 63,536,346 18,224,721

SCHEDULE - 7 INTEREST

Motilal Oswal MOSt 10 Year

Gilt Fund


Bond Fund

Year Ended 31.03.2015

(Rupees)


(Rupees)


(Rupees)

Period Ended

31.03.2014 (Rupees)

Reverse Repo/CBLO 1,176,654 4,013,000 1,760,365 5,434,156 Securities and fixed deposits 25,261,857 65,525,792 27,639,567 20,935,883

26,438,511 69,538,792 29,399,932 26,370,039

Schedule forming part of the Balance Sheet as at March 31, 2015 and the Revenue Account for the year/period ended March 31, 2015

SCHEDULE - 6OTHER CURRENT ASSETS

20

1. Organisation In conformity with Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (the Regulations), Motilal Oswal Asset Management Company Limited

has been set up to act as the Asset Management Company (AMC) to Motilal Oswal Mutual Fund (Fund) . Motilal Oswal Asset Management Company Limited has been appointed as the Investment Manager to Motilal Oswal Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated May 21, 2009, executed between Motilal Oswal Trustee Company Limited and Motilal Oswal Asset Management Company Limited.

Motilal Oswal Securities Limited is the sponsor of Motilal Oswal Mutual Fund:Scheme Name Date of Launch NFO period Date of Allotment Investment Objective

Motilal Oswal MOSt 10 Year Gilt Fund November 21, 2011 November 21, 2011-

December 05, 2011 December 12, 2011

The primary objective of the Scheme is to generate credit risk-free returns by investing in portfolio of securities issued by the Central Government and the State Government. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.


September 04, 2013 September 04, 2013 -September 05, 2013 September 06, 2013

The investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

Presentation of the balance sheets and Revenue accounts in a columnar form is not intended to indicate that they bear any relation to each other, or are interdependent or comparable in any way.

2. Significant Accounting Policies 2.1 Basis of Accounting The financial statements are prepared on the accrual basis of accounting, under the historical cost convention, as modified for investments, which are ‘marked

to market’. The financial statements have been prepared in accordance with the Regulations as amended from time to time. As per the Securities and Exchange Board of India (SEBI) (Mutual Funds) (Amendment) Regulations, 2012, issued on February 21, 2012, the Eighth

schedule to the regulations was amended to include "Principles of Fair Valuation" which required the mutual funds to value their investments in according with the specified overarching principles so as to ensure fair treatment to all investors including existing investors as well as investors seeking to purchase or redeem units of mutual fund in all schemes at all points of time.

2.2 Determination of net asset value ('NAV') a) The net asset value of the units of the scheme is determined separately for the units issued under the plans. b) For reporting the multiple net asset values within the portfolio, the scheme's daily income earned, including realized profit or loss and unrealized gain

or loss in the value of investments, and expenses incurred, are allocated to the related plans in proportion to their respective net assets (net assets of previous day plus subscription less redemption for the day) of the plan.

2.3 Unit Capital Unit Capital represents the net outstanding units as at the Balance Sheet date. Upon subscription and redemption of units, the net premium or discount to the face value of units is credited or debited respectively to the Unit Premium

Reserve account, after adjusting an appropriate portion of the sale/repurchase price to the Income Equalisation account. 2.4 Income Equalisation account When units are issued or redeemed, the total undistributed income from the beginning of the accounting year to the date of the transaction is determined.

Based on the number of units outstanding on the transaction date, the undistributed income associated with each unit is computed. The per unit amount so determined is credited and debited to the equalisation account on issue and redemption of each unit respectively.

At year end, the balance in the equalisation account is transferred to the revenue account. 2.5 Investments a) Accounting for investment transactions Purchase and sale of investments are recorded on the date of the transaction, at cost and sale price respectively, after considering brokerage as per

the applicable Mutual Fund Guidelines, commission, securities transaction tax and fees payable or receivable, if any. Capitalization of such brokerage and transaction costs incurred for the purpose of execution of trades is restricted to 12 bps in case of cash market transactions and 5 bps in case of derivative transactions. Any cost in excess of the specified limit is charged to the revenue account of the scheme as part of the total expense ratio. The front end fee receivable, if any, is reduced from the cost of investment. Bonus entitlements are recognised as investments on the ‘ex- bonus date’. Rights entitlements are recognised as investments on the ‘ex-rights date’. Other Corporate Action entitlements are recognised on the ex date.

Repo Instruments bought on ‘Repo’ basis are valued at the resale price after deduction of applicable interest up to the date of resale.

b) Valuation of investments The Fund has valued its investments in accordance with the Regulations, as amended from time to time. All investments are marked to market and are

stated in the balance sheet at their market/fair value. In valuing the Scheme’s investments: i. Valuation of Traded Securities Government securities are valued at the prices provided by the agency nominated by AMFI (currently CRISIL & ICRA) on a daily basis. ii. Valuation of Thinly Traded Securities/Non-traded and Unlisted Securities Thinly Traded securities are valued "in good faith" on the basis of net worth per share and earnings capitalization as prescribed by the SEBI Investments in fixed income securities (other than government securities) are valued as follows: All debt securities with residual maturity upto 60 days are valued based on yield to maturity derived from trades done by schemes managed by the

AMC. If there are no trades done by schemes managed by the AMC for the said security then the securities are valued on the basis of amortized cost based on purchase price or last traded market price, which includes discount/premium accrued on a straight line basis over the period to maturity as long as the valuation is within a ±0.10% band of the price derived as per the reference yields provided by the Rating Agencies (CRISIL and ICRA) . In case the amortized value is outside the above band, the YTM of the security is adjusted to bring the price within the ±0.10% band.

Prior to November 29, 2013, all quoted debt investments other than thinly traded debt investments with residual maturity greater than 60 days, are considered at prices derived from the weighted average yield to maturity of the traded securities as at the valuation date as obtained from a public platform (FIMMDA/NSE WDM/BSE WDM) using traded volume thresholds or based on yield to maturity derived from trades done by schemes managed by Motilal Oswal AMC.

Prior to November 29, 2013, all non-traded/thinly traded money market securities, floating rate securities and debt securities with residual maturity greater than 60 days, are valued using the average of the yields released by CRISIL and ICRA, as suggested by AMFI.

W.e.f. November 29, 2013, all debt securities with residual maturity greater than 60 days, are valued using the simple average of the prices released by CRISIL and ICRA, as suggested by AMFI. In case of new purchases which are not a part of the list of CRISIL and ICRA security level pricing, such securities are valued at weighted average cost/yield on the day of purchase.

The net unrealized appreciation/depreciation in the value of investments is determined separately for each category of investments. The change in net unrealized loss, if any, between two balance sheet dates is recognized in the revenue account and net unrealized gain, if any, is adjusted in the unrealized appreciation reserve.


SCHEDULE - 8NOTES TO ACCOUNTS OF Motilal Oswal MOSt 10 Year Gilt Fund and Motilal Oswal MOSt Ultra Short Term Bond Fund

21

All investments are stated at their market/fair value at the balance sheet date. iii. Valuation of Units of Mutual Funds Mutual fund units listed and traded would be valued at the closing traded price as on the valuation date. Unlisted mutual fund units and listed-but-

not-traded mutual fund units would be valued at the NAV as on the valuation date. All other investments are stated at their fair value as determined in good faith by the AMC in accordance with the SEBI Regulations and reviewed

by the Trustee. The change in market value on investments if any between two balance sheet dates is recognised in the revenue account and the change in

unrealized appreciation if any is subsequently transferred to the unrealized appreciation reserve. The loss on investments sold/transferred during the year is charged to the revenue account.

2.6 Revenue recognition l Income on investments is recognized on accrual basis except where there is uncertainty about ultimate recovery/realisation. Such income is recognized

when the uncertainty is resolved. When coupon bearing instruments are purchased, interest paid for the period from the last interest payment date up to the date of purchase is debited to Accrued Interest Account and interest received at the time of sale for the period from the last interest payment date up to the date of sale is credited to the Accrued Interest Account.

l Interest on fixed income securities is recognised as income on a daily basis over the period of holding l Profit or loss on sale of investments is recognized on the trade date and is determined on the basis of the weighted average cost method. l For quoted shares, the dividend income earned by a scheme is recognized on the date the share is quoted on an ex-dividend basis. l The discount or premium, if any, to the redemption value of debt securities is amortized and recognised as interest income or expense as the case

maybe over the maturity period, on straight line amortization basis. 2.7 Expenses l All expenses are accounted for on accrual basis. l In case of new schemes launched during the year the NFO expenses were borne by the AMC 2.8 Dividend Distribution Income distribution during the financial year was made from the distributable surplus of year’s/period’s earnings and accumulated reserves of earlier years 2.9 Entry Load/Exit Load As per regulation 51A of the Securities & Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2012,the exit load charged, if any,

from 1 October 2012, shall be credited to the scheme. As per SEBI circular No. CIR/IMD/DF/21/2012, dated September 13, 2012, from 1 October 2012, service tax on exit load, if any, shall be paid out of the exit load proceeds and exit load net of service tax, if any, shall be credited to the scheme. Prior to this change, out of the exit load charged to the investors, a maximum amount of 1% of redemption proceeds was maintained in a separate account as load is utilized to meet selling expenses or expenses incurred for the benefit of the unit-holders and the balance was credited to the scheme.

2.10 Cash and cash equivalents Cash and cash equivalents include balances with banks in current accounts, deposits placed with scheduled banks (with an original maturity of up to three

months) and collateralized lending (including reverse repurchase transactions)3. Investments a. Investments of the Schemes are registered in the name of the Trustees for the benefits of the Schemes Unit holders. b. Investments made in companies which have invested more than five percent of the net asset value of the Schemes of Motilal Oswal Mutual Fund

in terms of Regulation 25 (11) l Investment in Companies includes investment in subsidiaries. l Purchases represents purchases (including derivatives transactions and inter scheme transactions) made during the period prescribed under regulation

25 (11). l Value represents closing market value of investments as of March 31, 2015. Current Year 2014-2015:

Company NameSchemes invested in by

the Company

Investment made by schemes of Motilal

Oswal Mutual Fund in the company/subsidiary

Aggregate cost of acquisition during the year

ended 31 March 2015(Rupees in Crores)

Outstanding as at31 March 2015

(At Market / Fair Value)(Rupees in Crores)

ICICI Bank LimitedMotilal Oswal MOSt Shares

Midcap 100 ETFMotilal Oswal

MOSt Shares M50 ETF 1.18 1.70

Previous Year 2013-2014:

Company NameSchemes invested in by

the Company

Investment made by schemes of Motilal

Oswal Mutual Fund in the company/subsidiary

Aggregate cost of acquisition during the year

ended 31 March 2014(Rupees in Crores)

Outstanding as at31 March 2014

(At Market / Fair Value)(Rupees in Crores)

ICICI Bank LimitedMotilal Oswal

MOSt Shares M50 ETFMotilal Oswal

MOSt Shares M50 ETF 0.88 1.19

c. Unrealized Gain/(Loss) as of March 31, 2015: Rupees

Scheme Name

Investments (March 31, 2015) Investments (March 31, 2014) Listed or

awaiting listing Private placement/

unlisted Listed or

awaiting listing Private placement/

unlisted Motilal Oswal MOSt 10 Year Gilt Fund 8,255,972 - 2,049,237 -Motilal Oswal MOSt Ultra Short Term Bond Fund 139,519 - 110,275 -

4. Investment Management and Trusteeship fees a) Investment management fees (excluding service tax and education cess) have been charged by the Schemes pursuant to an agreement with Motilal Oswal

Asset Management Company Limited (AMC), as under:

SchemeMarch 31, 2015 March 31, 2014

Amount (Rs.) Percentage Amount (Rs.) PercentageMotilal Oswal MOSt 10 Year Gilt Fund 1,672,579 0.52% 6,293,126 0.71%Motilal Oswal MOSt Ultra Short Term Bond Fund 442,399 0.12% 659,177 0.17%

b) Trusteeship Fees (including service tax and education cess) have been charged by the Schemes pursuant to an agreement with Motilal Oswal Trustee Company Limited, as under:


SCHEDULE - 8NOTES TO ACCOUNTS OF Motilal Oswal MOSt 10 Year Gilt Fund and Motilal Oswal MOSt Ultra Short Term Bond Fund (contd....)

22



SchemeMarch 31, 2015 March 31, 2014

Amount (Rs.) Percentage Amount (Rs.) PercentageMotilal Oswal MOSt 10 Year Gilt Fund 32,283.00 0.01% 88,836 0.01%Motilal Oswal MOSt Ultra Short Term Bond Fund 18,719.00 0.01% 15,019 0.01%

Note: Rate represents average rate in percentage per annum charged on daily average net assets

5. Details of Transactions with Associates in terms of Regulation 25 (8): Name of Sponsor: Motilal Oswal Securities Limited: 5.1 Securities transaction in the form of investments/disinvestment in various Public issues/Private placements where the associate was the sole or

one of the several lead managers

Scheme Name Lead Manager 2014-2015 2013-2014Nil Nil Nil Nil

5.2 Payment of Brokerage for Secondary Market Transactions: Current Year 2014 - 2015:

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

Nature of Association/

Nature of relation

Period covered

Value of transaction (in Rs. Crores & % of total value

of transaction of the Fund)

Brokerage (Rs. Crores & % of total

brokerage paid by the Fund)(Rs. ) % (Rs. ) %

Motilal Oswal Securities Ltd. Sponsor 01-Apr-2014 to 31-Mar-2015 75.29 3.35% 0.02 2.12%

Previous Year 2013 - 2014:



Nature of relation

Period covered

Value of transaction (in Rs. Crores & % of total value

of transaction of the Fund)

Brokerage (Rs. Crores & % of total

brokerage paid by the Fund)(Rs. ) % (Rs. ) %

Motilal Oswal Securities Ltd. Sponsor 01-Apr-2013 to 31-Mar-2014 15.79 4.12% 0.00* 2.71%

* This represents the amount less than 0.01cr.

5.3 Payment of Brokerage for Distribution and Sale of Units: Current Year 2014 - 2015:



Nature of relationPeriod covered

Commission paid (Rs. in Crores ) & % of total

Commission paid(Rs.) %

Motilal Oswal Securities Ltd. Sponsor 01-Apr-2014 to 31-Mar-2015 1.84 23.21%Motilal Oswal Wealth Management Ltd. Associate 01-Apr-2014 to 31-Mar-2015 0.58 7.35%




Nature of relationPeriod covered

Commission paid (Rs. in Crores ) & % of total

Commission paid(Rs.) %

Motilal Oswal Securities Ltd. Sponsor 01-Apr-2013 to 31-Mar-2014 0.79 57.80%

Motilal Oswal Wealth Management Ltd. Associate 01-Apr-2013 to 31-Mar-2014 0.12 9.02%

6 The aggregate value of investments purchased and sold (including redeemed) during the year/period and these amounts as a percentage of average daily net assets are as follows:

Current Year 2014 - 2015:

SchemePurchase

(Rupees in Crore) Sale

(Rupees in Crore)

Purchase as % to average daily

net assets

Sale as % to average daily

net assetsMotilal Oswal MOSt 10 Year Gilt Fund 34.67 62.72 107.22% 193.94%Motilal Oswal MOSt Ultra Short Term Bond Fund 673.99 688.81 1802.64% 1842.29%


SchemePurchase

(Rupees in Crore)Sale

(Rupees in Crore)

Purchase as % to average daily

net assets

Sale as % to average daily

net assetsMotilal Oswal MOSt 10 Year Gilt Fund 399.69 518.00 449.16% 582.11%

Motilal Oswal MOSt Ultra Short Term Bond Fund 297.09 252.80 561.69% 477.95%

Note: Purchase/Sale does not include term deposits, repo & derivative transactions.

7 Segment Information The Schemes operate only in one segment viz. to primarily generate returns, based on schemes investment objective.

23



8. Summary of NAV per unit, Income and Expense ratio: NAV per unit (Rs.)

Plan / Option

SchemeMotilal Oswal

MOSt 10 Year Gilt FundMotilal Oswal

MOSt Ultra Short Term Bond FundMarch 31, 2015 March 31, 2014 March 31, 2015 March 31, 2014

Growth Option 12.2771 10.8541 11.2324 10.4629Dividend Option 11.3947 10.074 - -Daily Dividend Option - - 10.0035 10.009Weekly Dividend Option - - 10.0085 10.019Fortnightly Dividend Option - - 10.0085 10.0347Monthly Dividend Option - - 10.0085 10.0738Quarterly Dividend Option - - 10.0279 10.084Direct Plan - Growth Option 12.3565 10.8659 11.3655 10.5078Direct Plan - Dividend Option 11.5456 10.1518 - -Direct Plan - Daily Dividend Option - - 10.0035 10.0093Direct Plan - Weekly Dividend Option - - 10.0087 -Direct Plan - Fortnightly Dividend Option - - - 10.0374

Income & Expense Ratio: Current Year 2014 - 2015:

SchemeExpense

Amount (Rs.)Expense

Ratio SchemeIncome

Amount (Rs.)Income Ratio

Motilal Oswal MOSt 10 Year Gilt Fund 3,926,702 1.21% Motilal Oswal MOSt 10 Year Gilt Fund 43,120,586 13.33%Motilal Oswal MOSt Ultra Short Term Bond Fund 3,549,986 0.95% Motilal Oswal MOSt Ultra Short Term Bond Fund 31,370,838 8.39%


SchemeExpense

Amount (Rs.)Expense

Ratio SchemeIncome

Amount (Rs.)Income Ratio

Motilal Oswal MOSt 10 Year Gilt Fund 8,936,721 1.00% Motilal Oswal MOSt 10 Year Gilt Fund (12,911,633) (1.45%)Motilal Oswal MOSt Ultra Short Term Bond Fund 2,385,037 0.80% Motilal Oswal MOSt Ultra Short Term Bond Fund 26,980,101 5.10%

Note:-Income includes Loss on sale/redemption of investments (net) (other than inter-scheme transfer/sale) and Change in net unrealized loss in the value of investments and Miscellaneous income. Expenditure (excluding deferred revenue expenditure amortized, net change in provision for unrealized loss in value of investments and realized loss on inter scheme/third party sale of investments if any).

9 Large Holding in the schemes as at March 31, 2015 (i.e. in excess of 25% of the net assets) –

Scheme Number of Investors Percentage of holdingNIL NIL NIL

10 Open Position as at March 31, 2015 and March 31, 2014 is as under: 10.1 Future: NIL 10.2 Fixed Deposits: NIL 10.3 Open Position of Securities Borrowed and/or Lent by the Scheme: NIL 10.4 During the year ended 31st March, 2015 there were no borrowings by any of the schemes.

11. RELATED PARTY DISCLOSURES The Scheme has entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on

‘Related Party Disclosures’ issued by the ICAI and Regulation 25(8) of the SEBI Regulations, is provided below.

(i) Related party relationshipsName of the Companies/FirmMotilal Oswal Financial Services Ltd. Ultimate holding Company of the sponsor.Motilal Oswal Securities Ltd. Sponsor of the Mutual FundMotilal Oswal Asset Management Co. Ltd. Subsidiary of the Sponsor and the Scheme’s asset managerMotilal Oswal Trustee Co. Ltd. Subsidiary of sponsor and the Trustee of the FundMotilal Oswal Wealth Management Ltd. Subsidiary of sponsorMotilal Oswal Capital Markets Pvt. Ltd. Subsidiary of sponsor

Schemes of the Fund, under common control of the Sponsor Motilal Oswal MOSt Shares M50 ETF (MOSt Shares M50) Motilal Oswal MOSt Shares Midcap 100 ETF (MOSt Shares Midcap 100) Motilal Oswal MOSt Shares NASDAQ-100 ETF (MOSt Shares NASDAQ 100) Motilal Oswal MOSt 10 Year Gilt Fund Motilal Oswal MOSt Shares Gold ETF#

Motilal Oswal MOSt Focused 25 Fund Motilal Oswal MOSt Ultra Short Bond Fund Motilal Oswal MOSt Focused Midcap 30 Fund Motilal Oswal MOSt Focused Multicap 35 Fund Motilal Oswal MOSt Focused Long Term Fund

# Motilal Oswal MOSt Shares Gold ETF stands wound down as on March 31, 2015.

24

(ii) The Scheme has entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on ‘Related Party Disclosures’ issued by the ICAI is provided below:

Name of Related Party Description of relationship Nature of transactions

For the period 01.04.14 to

31.03.15(Rupees)

Balance as on

31.03.2015(Rupees)

For the period 01.04.13 to

31.03.14(Rupees)

Balance as on

31.03.2014(Rupees)

Motilal Oswal Securities Limited

Sponsor of the Fund Investments in units of Mutual Fund disclosed below.

Motilal Oswal MOSt Focused Multicap 35 Fund

Subscriptions (Units)Redemption (Units)

150,058,688.2918,757,052.98

- - -

Motilal Oswal MOSt Focused Midcap 30 Fund


32,860,162.876,998,650.18

- - -



552,476.82552,476.82

- - -

Motilal Oswal MOSt Focused Long Term Fund


1,141,231.75755,464.25

- - -

Motilal Oswal MOSt Focused 25 Fund


21,785,206.5713,638,423.62

- - -



94,235,954.5694,368,709.46

- - -

Motilal Oswal Financial Securities Ltd.

Ultimate holding Company of the sponsor. Nil - - - -

Motilal Oswal Trustee Company Ltd. Trustee of the Fund

Fees for trusteeship services (Rs. Cr) 0.09 0.01 0.01 0.00*

Motilal Oswal Asset Management Co. Ltd.

Subsidiary of the Sponsor and the schemes asset manager

Fees for management services (Rs. Cr) 7.76 1.05 1.49 0.22

* This represents the amount less than 0.01 Cr. There are no underwriting obligations undertaken by the Scheme with respect to issue of securities of associate companies. The Investment Manager has

not dealt in any securities through brokers associated with the Sponsor. The Scheme has not made any investment in the issues lead managed by Associate Companies.

12. Industry wise Classification of Investments Investment Portfolio as on March 31, 2015 giving the total value of investments falling under each major industry group and within each major classification the

percentage thereof in relation to the total investment within the classification is given in Annexure 1.13. Income Tax No provision for current income tax has been made as the Schemes qualify as a recognised mutual fund under Section 10 (23D) of the Income Tax Act, 1961 of

India.14. Contingent Liability

Contingent Liability 31.03.2015 31.03.2014a) Underwriting commitments Nil Nilb) Uncalled liability on partly paid shares/debentures Nil Nilc) Other commitments Nil Nil

15. The schemes have not participated in Credit Default Swaps (CDS) during the year ended March 31, 2015 and in period ended March 31, 2014.16. Unclaimed Dividends and Unclaimed Redemptions There were no Unclaimed Dividend and Redemption amount for the year 2014-15.

17. Prior Period Comparatives Prior period figures have been reclassified, wherever necessary, to confirm to current year’s presentation.

For N. M. RAIJI & CO. For Motilal Oswal Trustee Company Limited For Motilal Oswal Asset Management Company Limited Chartered Accountants Firm Registration No: 108296W Sd/- Sd/- Sd/- Sd/- Sd/- Vinay D. Balse Motilal Oswal Sunil Goyal Raamdeo Agarawal Aashish P Somaiyaa Partner Chairman Director Chairman Managing Director & CEO Membership No. 39434 Sd/- Abhiroop Mukherjee Fund Manager

Place: Mumbai Place: Mumbai Place: Mumbai Date: July 23, 2015 Date: July 23, 2015 Date: July 23, 2015



25

ANNEXURE - IMotilal Oswal MOSt 10 Year Gilt Fund

Sr. No. Name of Instrument Rating Market value (Rs. in lakhs)

% to Net Assets

CENTRAL GOVERNMENT SECURITIES1 GOI 08.40% 28JUL24 SOV 1,669.20 91.50%

Total 1,669.20 91.50%

CBLO / Reverse Repo Investments 58.90 3.23%Total 58.90 3.23%

Cash & Cash EquivalentsNet Receivable/Payable 96.08 5.27%Total 96.08 5.27%GRAND TOTAL 1,824.19 100.00%

ANNEXURE - IMotilal Oswal MOSt Ultra Short Term Bond Fund

Sr. No. Name of Instrument RatingMarket value (Rs. in lakhs)

% to Net Assets

MONEY MARKET INSTRUMENTCertificate of Deposit

1 Allahabad Bank ICRA A1+ 498.56 12.50%2 Dena Bank CRISIL A1+ 495.69 12.43%3 Axis Bank Limited CRISIL A1+ 493.28 12.37%4 Andhra Bank CARE A1+ 492.96 12.36%5 Bank of India CRISIL A1+ 492.61 12.36%6 Punjab National Bank CRISIL A1+ 492.49 12.35%7 Corporation Bank CRISIL A1+ 492.27 12.35%

Total 3,457.84 86.73%CBLO / Reverse Repo Investments 304.50 7.64%Total 304.50 7.64%Cash & Cash EquivalentsNet Receivable/Payable 224.70 5.64%Total 224.70 5.64%GRAND TOTAL 3,987.04 100.00%

26

PERSPECTIVE HISTORICAL PER UNIT STATISTICS

Motilal Oswal MOSt 10 Year Gilt Fund Motilal Oswal MOSt Ultra Short Term Bond Fund

For the Year ended

For the Year ended

For the Year ended

For the Year ended

For the period ended

March 31,2015

March 31,2014

March 31,2013

March 31,2015

March 31,2014

a. Net assets value, per unit Rs. (at the end of the period) Growth Option 12.2771 10.8541 11.1561 11.2324 10.4629 Dividend Option 11.3947 10.0740 10.3543 - - Dividend Option-Daily dividend frequency - - - 10.0035 10.0090 Dividend Option-Weekly dividend frequency - - - 10.0085 10.0190 Dividend Option-Fortnightly dividend frequency - - - 10.0085 10.0347 Dividend Option-Monthly dividend frequency - - - 10.0085 10.0738 Dividend Option-Quarterly dividend frequency - - - 10.0279 10.0840 Direct Plan - Growth Option # 12.3565 10.8659 11.1585 11.3655 10.5078 Direct Plan - Dividend Option # 11.5456 10.1518 10.9489 - - Direct Plan - Dividend Option-Daily dividend frequency # - - - 10.0035 10.0093 Direct Plan - Dividend Option-Weekly dividend frequency # - - - 10.0087 - Direct Plan - Dividend Option-Fortnightly dividend frequency # - - - - 10.0374 Direct Plan - Dividend Option-Monthly dividend frequency # - - - - - Direct Plan - Dividend Option-Quarterly dividend frequency # - - - - - - - - - -

b. Gross Income (i) Income other than profit on sale of investments 1.76 1.63 1.03 0.80 0.58 (ii) Income from profit / (loss) on inter scheme sales/transfer of investment - - - - - (iii) Income from profit / (loss) on sale of investment to third party 0.70 (1.52) (0.00) 0.05 0.01 (iv) Transfer to revenue account from past years’ reserve - - - - -

c. Aggregate of expenses, writeoff, amortisation and charges (excluding unrealised depreciation in investments) 0.26 0.21 0.13 0.10 0.05

d. Net Income 2.61 (0.51) 1.20 0.76 0.54

e. Unrealised appreciation / (depreciation) in value of investments 0.41 (0.40) 0.30 0.00 0.00

f(i). Repurchase Price: Highest Price Growth Option 12.2771 11.6748 11.1542 11.2324 10.4563 Growth Option Pre Split - - - - - Growth Option Post Split - - - - - Dividend Option 11.3947 10.8357 10.7503 - - Dividend Option-Daily dividend frequency - - - 10.0069 10.0090 Dividend Option-Weekly dividend frequency - - - 10.0151 10.0163 Dividend Option-Fortnightly dividend frequency - - - 10.2107 10.0407 Dividend Option-Monthly dividend frequency - - - 10.0708 10.0677 Dividend Option-Quarterly dividend frequency - - - 10.3045 10.0776 Direct Plan - Growth Option # 12.3565 10.2854 11.1562 11.3655 10.5005 Direct Plan - Dividend Option # 11.5456 11.4604 10.9469 - - Direct Plan - Dividend Option-Daily dividend frequency # - - - 10.0069 10.0100 Direct Plan - Dividend Option-Weekly dividend frequency # - - - 10.0093 - Direct Plan - Dividend Option-Fortnightly dividend frequency # - - - 10.0432 10.0440 Direct Plan - Dividend Option-Monthly dividend frequency # - - - - 10.0224 Direct Plan - Dividend Option-Quarterly dividend frequency # 10.0466 - Lowest Price Growth Option 10.6509 10.2793 10.0122 10.4664 10.0090 Growth Option Pre Split - - - - - Growth Option Post Split - - - - - Dividend Option 9.8854 9.5405 10.0122 - - Dividend Option-Daily dividend frequency - - - 9.9983 9.9986 Dividend Option-Weekly dividend frequency - - - 10.0000 9.9994 Dividend Option-Fortnightly dividend frequency - - - 10.0000 9.9994 Dividend Option-Monthly dividend frequency - - - 10.0000 10.0003 Dividend Option-Quarterly dividend frequency - - - 10.0007 10.0003 Direct Plan - Growth Option # 10.6627 11.6790 10.9282 10.5117 10.0100 Direct Plan - Dividend Option # 9.9619 9.7934 10.7477 - - Direct Plan - Dividend Option-Daily dividend frequency # - - - 9.9985 9.9987 Direct Plan - Dividend Option-Weekly dividend frequency # - - - 10.0000 - Direct Plan - Dividend Option-Fortnightly dividend frequency # - - - 10.0000 9.9996 Direct Plan - Dividend Option-Monthly dividend frequency # - - - - 10.0026 Direct Plan - Dividend Option-Quarterly dividend frequency # - - - 10.0022 - Sale Price Highest Price Growth Option 12.2771 11.7041 11.1883 11.2324 10.4563 Growth Option Pre Split - - - - - Growth Option Post Split - - - - -

27

Motilal Oswal MOSt 10 Year Gilt Fund Motilal Oswal MOSt Ultra Short Term Bond Fund

For the Year ended

For the Year ended

For the Year ended

For the Year ended

For the period ended

March 31,2015

March 31,2014

March 31,2013

March 31,2015

March 31,2014

Dividend Option 11.3947 10.8629 10.8043 - - Dividend Option-Daily dividend frequency - - - 10.0069 10.0090 Dividend Option-Weekly dividend frequency - - - 10.0151 10.0163 Dividend Option-Fortnightly dividend frequency - - - 10.2107 10.0407 Dividend Option-Monthly dividend frequency - - - 10.0708 10.0677 Dividend Option-Quarterly dividend frequency 10.3045 10.0776 Direct Plan - Growth Option # 12.3565 11.7083 11.1898 11.3655 10.5005 Direct Plan - Dividend Option # 11.5456 11.4891 10.9797 - - Direct Plan - Dividend Option-Daily dividend frequency # - - - 10.0069 10.0100 Direct Plan - Dividend Option-Weekly dividend frequency # - - - 10.0093 - Direct Plan - Dividend Option-Fortnightly dividend frequency # - - - 10.0432 10.0440 Direct Plan - Dividend Option-Monthly dividend frequency # - - - - 10.0224 Direct Plan - Dividend Option-Quarterly dividend frequency # - - - 10.0466 - Lowest Price Growth Option 10.6776 10.3051 10.0625 10.4664 10.0090 Growth Option Pre Split - - - - - Growth Option Post Split - - - - - Dividend Option 9.9102 9.5644 10.0625 - - Dividend Option-Daily dividend frequency - - - 9.9983 9.9986 Dividend Option-Weekly dividend frequency - - - 10.0000 9.9994 Dividend Option-Fortnightly dividend frequency - - - 10.0000 9.9994 Dividend Option-Monthly dividend frequency - - - 10.0000 10.0003 Dividend Option-Quarterly dividend frequency 10.0007 10.0003 Direct Plan - Growth Option # 10.6894 10.3112 10.9831 10.5117 10.0100 Direct Plan - Dividend Option # 9.9869 9.8179 10.8017 - - Direct Plan - Dividend Option-Daily dividend frequency # - - - 9.9985 9.9987 Direct Plan - Dividend Option-Weekly dividend frequency # - - - 10.0000 - Direct Plan - Dividend Option-Fortnightly dividend frequency # - - - 10.0000 9.9996 Direct Plan - Dividend Option-Monthly dividend frequency # - - - - 10.0026 Direct Plan - Dividend Option-Quarterly dividend frequency # - - - 10.0022 - f(ii). Price-earning Ratio: - - - - -

g. Ratio of expenses to average daily net assets by percentage 1.21% 1.00% 0.99% 1.15% 0.80%

h. Ratio of gross income to average daily net assets by percentage (excluding transfer to revenue account from past years’ reserve but including unrealised appreciation / depreciation on investments). 13.33% (1.45)% 10.45% 8.39% 5.10%

# Direct Plan has been Launched from January 01, 2013.

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Motilal Oswal MOSt 10 Year Gilt Fund Motilal Oswal MOSt ... · 6. Motilal Oswal MOSt Focused 25...

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