FACTSHEET st As on 31 May 2021

BUY RIGHT : SIT TIGHT Buying quality companies and riding their growth cycle Déjà vu: Is FY22 a new avatar of FY04?

Navin Agarwal (MD & CEO - Mo�lal Oswal AMC)

History doesn’t repeat itself, but it does rhyme. - Mark Twain

The Ni�y 50 currently is up 77% from the Covid low of 8,600 in March 2020. This brings back memories of FY04, when the Ni�y almost doubled from 934 in April 2003 to 1,800 in April 2004. This sharp bounce actually sustained for the next four years, during which the Ni�y went up another 3x to 5,200 by April 2008. Which brings us to the key ques�on – Is FY22 a rhyme of FY04? In other words, can we see the upcycle in stock markets con�nuing? So, it’s an interes�ng exercise to discuss the similari�es between FY04 and FY22, and what it would take for the FY04-08 cycle to rhyme over the next four years.

First the similari�es –

GDP growth – coming off lows: FY03 GDP growth was a low 3.8%. FY04 was the year of recovery to 8% GDP growth, which sustained over the next four years. Likewise, FY21 GDP growth is es�mated to be an all-�me low of -8%, and FY22 a smart recovery at 10%+

Real GDP Growth (% YoY)

10.3 11.0 9.3 9.3 9.8 8.8 8.5 8.3 7.9 7.9 7.4 8.0 6.6 6.4 6.8 6.5 4.8 5.5 3.8 3.8 3.9 4.0 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21F FY22F

-8.0

Source: MOSL, Data as on 31st May-2021. Corporate Profits recovery: FY04 Corporate Profit to GDP was a low 4.7% which rose all the way to 8% over the next four years. Similarly, FY22 Corporate Profit to GDP is expected to be low at 2.5% , which should rise over the next four years. Corporate profits to GDP has fallen to around same level as in 2002

Corp Profit / GDP (%) 7.8 7.3 6.3 6.5 6.3 5.4 5.5 4.7 4.8 4.3 4.3 4.4 3.7 3.6 3.8 3.0 3.2 2.9 3.1 3.1 2.2 2.5 1.8 2.1 E E E E E FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY20 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY25 FY24 FY23 FY22 FY21

Source: MOSL, Data as on 31st May-2021. Benign interest rate: In FY04, 10-year GSec yield was about 5.4%. Currently too it is a benign 5.9-6%.

Robust fund flow: In FY04, FII flows were USD 9.5 bn, high by then standards. We ended FY21 with FII flow of USD 37 bn.

Stable rupee, healthy forex reserves: In FY04, the rupee was stable around INR 45 to the USD with USD 150 bn of forex reserves. Currently, the rupee is holding itself around INR 75, with about 600 bn of forex reserves. On the currency front, the INR has displayed remarkable stability given the underlying record forex reserves (USD583b). The INR depreciated 0.7% in Feb’2021.

The INR had its best �me during the Eurozone crisis, Taper tantrum, Yuan Low infla�on characterized Projected Fx growth – 2003-07 global bull run when the GDP and devalua�on - the Taper tantrum the period post 2015. The correla�on seen in the past corporate earnings growth were high and episode in 2013 drove the INR down INR has been rela�vely less suggests a rela�vely stable INR twin deficits – CAD, FD – were amongst sharply from 55 to 68 in just four vola�le despite several the lowest in two decades. Pre GFC peak months. This was a period of high global headwinds. FX infla�on and INR deprecia�on. reverses are surging. 90 in FX reserves 900 19 -4.5 2.8 8.9 -0.3 -2.0 2.6 8.4 -20.9 12.9 0.7 -12.4 -6.3 -9.4 -4.2 -5.7 2.2 -0.5 -5.8 -8.4 3.6 51 34 56 750 75 119 600 60 450 300 45 150 30 0 Mar'00 Mar'01 Mar'02 Mar'03 Mar'04 Mar'05 Mar'06 Mar'07 Mar'08 Mar'09 Mar'10 Mar'11 Mar'12 Mar'13 Mar'14 Mar'15 Mar'16 Mar'17 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25

INR Change for the year Change in FX Reserves (USD b) Forex Reserves (USD b) (RHS) USD:INR

Source: MOSL, Data as on 31st May-21.

Having understood the similari�es between FY04 and FY22, it’s equally if not more important to assess what it will take for the FY04-08 rally to rhyme over FY22-26. Capex-led growth: This is arguably the single-most dis�nc�ve feature of the FY04-08 growth story. Fueled by global liquidity led demand, capital goods output growth went from -3% in FY01 to as high as 50% in FY07. This led to broadbased GDP growth, driving up discre�onary consump�on from a low -6% in FY02 to a high 33% in FY07. Cap goods output has contracted sharply Discre�onary consump�on has taken a hit as also seen in 2002

60 35 50 33.1 40 25 30 15 20 10 5 0 -10 -5 -20 -3.4 -12.0 -15 -6.3 -6.9 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 * 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 * Capital goods output (%, yoy) Consumer durable goods output (%, yoy)

Source: Spark Capital, Data as on 31st May-2021.

Divestment Receipts (INR b) 2,000 1,750 1,500 1,000 1,000 947 421 477 503 500 388 294 377 320 170 246 228 181 259 17 21 36 32 44 16 5 6 0 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22BE

Source: Spark Capital, Data as on 31st May-2021. Higher savings and investment rates: A corollary to capex-led growth is high savings and investment rate in the economy. Between 2002 and 2007, savings rate jumped 10 percentage points—from 25% of GDP to almost 35%. This figure currently stands at 30-31%, and needs to pick up going forward. The same is true of Investment to GDP which is down to sub-32% from almost 40% in FY08.

45.0

38.1 39.0 38.7 36.5 36.5 40.0 34.7 35.7 34.3 33.8 33.5 33.9 32.8 36.8 32.1 32.0 32.7 32.2 35.0 34.6 34.6 31.0 33.4 33.7 33.7 33.9 29.5 32.4 32.0 32.1 32.2 32.1 30.0 26.6 26.8 31.1 31.3 30.6 31.4 30.3 30.4 24.8 24.3 24.2 29.0 25.0 25.5 25.9 23.7 24.8 20.0 15.0 10.0 5.0 0.0 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21F FY22F Investments (% of GDP) Savings (% of GDP)

Source: MOSL, Data as on 31st May-2021. Sustained Corporate Profit Growth & no major valua�on dera�ng: The nascent recovery in corporate earnings growth seen in 3Q and 4Q of FY21 need to sustain into FY22 and beyond. In terms of valua�on, market P/E is definitely higher than long-period average. But this can be explained by way of low interest rates and expected high growth rates. Further, even in terms of Market Cap to GDP, India is at around 100%. Many countries are at much higher levels.

Ni�y EPS FY20-22: FY97-03: 3.5% CAGR FY03-08: 25% CAGR FY09-20: 6% CAGR 26% CAGR 872 750 FY97-FY20: 8% CAGR 535 483 426 449 472 369 405 416 397 315 348 236 281 251 247 184 131 169 75 84 71 75 73 78 92 FY15 FY16 FY17 FY18 FY19 FY20 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY97 FY21E FY22E FY23E

Source: MOSL, Data as on 31st May-2021. NIFTY P/E (x) - 1 Year Forward

26 10 Year Avg: 18.8x 22 19.7 18

14

10 17 16 13 15 19 21 12 14 18 20 11 May- May- May- May- May- May- May- May- May- May- May-

Source: MOSL, Data as on 31st May-2021.

559 Mcap/GDP (%)

324 304

222 180 129 136 133 131 102 79

World Taiwan Saudi Switzerland United Canada South Japan UK India China Arabia States Korea Source: Bloomberg, Data as on 31st May-2021. Risks to the hypothesis: The central idea of comparison is to draw inferences from history and iden�fy pa�erns, if any, and their probability of reoccurrence. There are a few inherent risks to this resemblance between FY04 and FY22. i) A protracted second wave could hurt interstate trade thereby delaying growth. Since the spread has affected rural India far more adversely as compared to the first wave, it is likely to have a greater impact on rural demand. Also, one cannot rule out successive waves led by further virus muta�ons. ii) Secondly, higher and rising commodity prices will have a direct bearing on producer margins. Last year corporates took to aggressive cost ra�onaliza�ons and protected their bo�omlines in the face of a harsh and complete lockdown. This may not be possible in a year which has seen considerable increases in input items induced by a commodity prices boom. iii) Finally, a faster and unexpected increase in bond yields & interest rates can derail the recovery of corporate profit pools, and also dampen valua�ons. The uncertainty arising from the above factors may last longer than localized lockdowns – however the long term impact on corporate earnings is likely to be miniscule. In conclusion Financial history is replete with examples of pa�erns which resemble periods of economic cycles – both uptrends and troughs. Macroeconomic trends and specific data points indicate a lot of similari�es in FY04 and FY21. As such the backbone of the recovery remains very strong. Four reasons which warrant a high level of op�mism are: #1: Net liquidity in the system is high at Rs. 4.3tn – which is likely to keep the interest rate low in the economy.

10 Net liquidity (Rs tn) 8.2 8 7.2 6.2 5.6 6.1 6 4.3 4 2 0 -2 -1.0 -4 b/21 b/19 b/20 ct/19 ct/20 ec /19 ec /20 e e e un/19 un/20 J J O O Apr/21 Apr/19 Apr/20 F F F D D Aug/19 Aug/20

Source: MOSL, Data as on 31st May-2021. #2: Banks are si�ng on excess SLR (40.7% yoy jump) to keep interest rate low; Also, Banks’ CASA jumped by Rs. 5.8tn in a year when India’s GDP contracted.

Rs.tn Mar-21 Mar-20 Delta YoY growth % Deposits 151.1 135.7 15.5 11.4% Borrowings 2.4 3.1 -0.7 -21.0% SLR securi�es 44.6 37.4 7.2 19.3% SLR Ra�o 29.05% 26.94% -- SLR Requirement 18.00% 8.69% -- Excess SLR 11.05% 8.69% -- Excess SLR 11.05% 8.69% 7.2 19.3% Source: MOSL, Data as on 31st May-2021. #3: India’s GST collec�ons jumped to Rs. 1.4tn, the highest-ever monthly collec�ons; it should provide some buffer to both the Centre and the States to spend

1,500 GST collec�ons (Rs. bn) 1,300 1,414 1,100 1,239 1,198 1,152 1,131 900 1,108 1,054 1,052 1,050 982 1,035 976 1,032 1,021 955 954 919 909 874 700 864

500 622 322 300 v/20 v/19 p/19 p/20 b/21 b/20 ul/20 ul/19 ar/21 ar/20 ec /20 ec /19 ay/20 an/21 an/20 e e e e un/20 J J J J J O ct/20 O ct/19 Apr/21 Apr/20 S S F F D D Aug/19 Aug/20 No No M M M

Source: MOSL, Data as on 31st May-2021. #4: Govt. is likely to con�nue with its expansionary fiscal policy with clear focus on Capex to drive growth

6 Capital expenditure (Rs. tn) Capital Expenditure (%, yoy) - RHS 5.5 40 30.8 35 5 30 4.4 25 4 3.4 26.2 20 3 15 10 2 9.1 5 1 0 -5 0 -10 E E FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY22B FY21R

Source: MOSL, Data as on 31st May-2021. Lastly, the most important landmark for any country today is the percentage of vaccinated popula�on. Studies have showed that once a country covers 40% of its popula�on with all doses of vaccina�on the cases drop sharply. India can cross that threshold by mid Sept’21 assuming a pace of vaccina�on at 5mn doses a day.

63% popula�on (100% of 18+ 70.0% Jan'22, Apr'22, Nov'21, 4mn dose/day 3mn dose/day 60.0% @4mn/day 50.0% @5mn/day Mid-Sep'21 Mid-Oct'21 40.0% Timeline when 40% 30.0% popula�on get 1st dose at @3mn/day Mid-Dec'21 20.0% various pace of vaccina�on

10.0% We are here 12.4% of the popula�on has been given 1st dose 0.0% c/21 v/21 b/21 p/21 b/22 ct/21 ay/22 e e e J ul/21 Jan/21 Jan/22 J un/21 O Apr/21 Apr/22 F S F De Aug/21 No Mar/21 Mar/22 M May/21

Source: Spark Capital, Data as on 31st May-2021. As per government sources nearly 50 crore doses, including 16 crore addi�onal doses for states and private hospitals are in pipeline. Further import requirements for vaccines are being eased at the policy level. These are all welcome developments.

“Optimism is a strategy for making a better future. Because unless you believe that the future can be better, you are unlikely to step up and take responsibility for making it so”, said Noam Chomsky.

We all will do well with an addi�onal jab of op�mism in these trying �mes.

Stay Safe and Stay invested.

Regards, Navin Agarwal

References:

1: India’s Dream Run, 2003-08 Understanding the Boom and Its A�ermath h�p://www.igidr.ac.in/images/stories/India-Dream-Run.pdf

Disclaimer: This ar�cle has been issued on the basis of internal data, publicly available informa�on and other sources believed to be reliable. The informa�on contained in this document is for general purposes only and not a complete disclosure of every material fact. The Stocks/ sector men�oned herein is for explaining the concept and shall not be construed as an investment advice to any party. The informa�on / data herein alone is not sufficient and shouldn’t be used for the development or implementa�on of an investment strategy. It should not be construed as investment advice to any party. All opinions, figures, es�mates and data included in this ar�cle are as on date. The ar�cle does not warrant the completeness or accuracy of the informa�on and disclaims all liabili�es, losses and damages arising out of the use of this informa�on. The statements contained herein may include statements of future expecta�ons and other forward-looking statements that are based on our current views and assump�ons and involve known and unknown risks and uncertain�es that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Readers shall be fully responsible/liable for any decision taken on the basis of this ar�cle.

Investments in securi�es market are subject to market risks, read all relevant documents carefully. Motilal Oswal Focused 25 Fund (MOF25) (An open ended equity scheme investing in maximum 25 stocks intending to focus on Large Cap stocks)

Investment Objective Performance (As on 31-May-2021) The investment objective of the Scheme is to achieve long term capital appreciation by 1 Year 3 Year 5 Year Since Inception investing in up to 25 companies with long term Current Value Current Value Current Value Current Value sustainable competitive advantage and CAGR of Investment CAGR of Investment CAGR of Investment CAGR of Investment growth potential. However, there can be no (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 assurance or guarantee that the investment 52.9 15,331 12.5 14,262 15.0 20,108 15.2 31,162 objective of the Scheme would be achieved. Scheme Nifty 50 TRI (Benchmark) Benchmark 64.0 16,443 14.6 15,053 15.3 20,355 14.0 28,823 Nifty 50 TRI S&P BSE Sensex TRI (Additional Benchmark) 61.7 16,209 15.0 15,230 15.7 20,721 14.3 29,421 Continuous Offer NAV (`) Per Unit 20.3264 21.8499 15.4974 10.0000 Minimum Application Amount : ` 500/- and in (31.1615 : as on 31-May-2021) multiples of `1 /- thereafter. Date of inception: 13-May-13. = Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for Additional Application Amount : ` 500/- and in computation of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. multiples of `1/- thereafter. Performance is for Regular Plan Growth option. Different plans have different expense structure. =Mr. Siddharth Bothra is the Fund Manager for equity component since 23-Nov-2016 and Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception. The performance of the Schemes managed by Mr. Siddharth Bothra Redemption proceeds are on page no. 3,6,7 and 8. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 2,3,4,5,6,7,8, 9,10,11, 18, and 22. Normally within 3 Business days from SIP Performance (As on 31-May-2021) acceptance of redemption request. Entry / Exit Load 1 Year 3 Year 5 Year Since Inception Entry Load: Nil Nifty S&P BSE Nifty S&P BSE Nifty S&P BSE Nifty S&P BSE Exit Load: 1% - If redeemed on or before 15 days from the Scheme 50 Sensex Scheme 50 Sensex Scheme 50 Sensex Scheme 50 Sensex date of allotment. Nil - If redeemed after 15 days from the TRI TRI* TRI TRI* TRI TRI* TRI TRI* date of allotment. A switch-out or a withdrawal shall also be subjected to the Exit Load like any Redemption. No Invested 120,000 360,000 600,000 9,60,000 Exit Load applies for switch between MOF25, MOF30, Amount MOF35, MOFEH, MOFLM, MOFMAF & MOFDYNAMIC. No Load for switch between Options within the Scheme. Market Value 1,47,595 1,52,228 1,49,650 4,95,058 4,99,682 4,95,001 8,90,715 9,20,074 9,26,57017,65,414 17,56,977 17,67,176 Further, it is clarified that there will be no exit load charged on a switch-out from Regular to Direct plan Returns 45.4 53.5 49.0 21.8 22.5 21.8 15.8 17.1 17.4 14.8 14.7 14.9 within the same scheme. (CAGR) % Date of Allotment * Also represents additional benchmark For SIP returns, monthly investment of ` 10,000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past 13-May-2013 performance may or may not be sustained in the future. For rolling returns refer page no.19 NAV (IDCW= Income Distribution cum capital withdrawal option) Industry Allocation Regular Plan Growth Option : ` 31.1615 Regular Plan IDCW Option : ` 18.2890 Banks 23.7% Cement & Cement Products 5.2% Direct Plan Growth Option : ` 34.7148 Software 13.6% Direct Plan IDCW Option : ` 20.3223 Pesticides 4.6% Finance 10.6% Industrial Capital Goods 4.4% Scheme Statistics Transportation 10.4% Retailing 1.5% Monthly AAUM ` 1657.72 (` cr) Auto 9.7% Textile Products 1.0% Latest AUM (31-May-2021) ` 1732.48 (` cr) Pharmaceuticals 8.2% Beta 0.9 Cash & Equivalent 0.8% Insurance 6.4% Portfolio Turnover Ratio 0.5 Standard Deviation 21.1% (Annualised) (Data as on 31-May-2021) Industry classification as recommended by AMFI Sharpe Ratio#* 0.4 (Annualised) Portfolio (As on 31-May-2021) # Risk free returns based on last overnight MIBOR cut-off of 3.39% (Data as on 31-May-2021) Weightage Weightage Scrip (%) Scrip (%) Fund Manager Equity & Equity Related SBI Cards and Payment Services Limited 2.4% For Equity Component HDFC Bank Limited 9.1% ICICI Lombard General Insurance Company Limited 1.9% Mr. Siddharth Bothra Managing this fund since 23-Nov-2016 Housing Development Finance Corporation Limited 8.2% UltraTech Cement Limited 1.7% He has a rich experience of more than 17 years Container Corporation of India Limited 7.9% Dr. Reddy's Laboratories Limited 1.6% For Debt Component since Inception ICICI Bank Limited 7.9% IRCTC Limited 1.6% Mr. Abhiroop Mukherjee Dividend History Limited 7.2% Avenue Supermarts Limited 1.5% Tata Consultancy Services Limited 7.1% Limited 1.0% Record Date Dividend Cum Dividend Ex Dividend perUnit (`) NAV NAV Limited 6.7% Mahindra Logistics Limited 0.9% 28-Mar-2019 Limited 6.5% Total 99.2% Direct Plan 0.50 17.6230 17.1230 Regular Plan 0.50 16.0255 15.5255 PI Industries Limited 4.6% Debt Instruments 23-Mar-2020 HDFC Life Insurance Company Limited 4.5% Limited 0.0% Direct Plan 0.90 13.2107 12.3107 ABB India Limited 4.4% Money Market Instrument Regular Plan 0.58 11.8443 11.2607 26-Mar-2021 Limited 3.5% CBLO/REPO/TREPS 0.8% Direct Plan 3.30 22.4101 19.1101 Abbott India Limited 3.4% Net Receivable/Payable -0.1% Regular Plan 3.00 20.2349 17.2349 Procter & Gamble Health Limited 3.1% Grand Total 100% Pursuant to payment of dividend, NAV per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value ` 10/-. Past India Limited 2.4% performance may or may not be sustained in future. Total Expenses Ratio Direct 0.95% Regular 2.19%

1 Motilal Oswal Midcap 30 Fund (MOF30) (Mid Cap Fund - An open ended equity scheme predominantly investing in mid cap stocks)

Investment Objective Performance (As on 31-May-2021) The investment objective of the Scheme is to achieve long term capital appreciation by 1 Year 3 Year 5 Year Since Inception investing in a maximum of 30 quality mid-cap Current Value Current Value Current Value Current Value companies having long-term competitive CAGR of Investment CAGR of Investment CAGR of Investment CAGR of Investment advantages and potential for growth. (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 However, there can be no assurance or Scheme 70.9 17,139 9.8 13,245 11.4 17,199 18.4 34,196 guarantee that the investment objective of Nifty Midcap 100 TRI the Scheme would be achieved. 95.1 19,578 12.0 14,035 15.3 20,420 19.3 36,168 Category Benchmark (Benchmark) Midcap Fund Nifty Midcap 100 TRI Nifty 50 TRI (Additional 64.0 16,443 14.6 15,053 15.3 20,355 15.0 27,549 Continuous Offer Benchmark) Minimum Application Amount: ` 500/- and in NAV (`) Per Unit 19.9522 25.8186 19.8828 10.0000 multiples of ` 1/- thereafter. (34.1963 : as on 31-May-2021) Additional Application Amount: ` 500/- and in Date of inception: 24-Feb-14. = Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for multiples of ` 1/- thereafter. Regular Plan Growth option. Different plans have different expense structure. = Mr. Niket Shah is the Fund Manager since July 1, 2020 and Mr. Abhiroop Mukherjee is the Redemption proceeds Fund Manager for debt component since 24-Feb-2014. = Mr. Niket Shah does not manage any other scheme. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1,3,4,5,6,7,8, 9,10,11, 18, and 22. Normally within 3 Business days from acceptance of redemption request. SIP Performance (As on 31-May-2021) Entry / Exit Load 1 Year 3 Year 5 Year Since Inception Entry Load: Nil Exit Load: 1% - If redeemed on or before 15 days from the Scheme Nifty Nifty 50 Scheme Nifty Nifty 50 Scheme Nifty Nifty 50 Scheme Nifty Nifty 50 date of allotment. Nil - If redeemed after 15 days from the Midcap TRI* Midcap TRI* Midcap TRI* Midcap TRI* date of allotment. A switch-out or a withdrawal shall also 100 TRI 100 TRI 100 TRI 100 TRI be subjected to the Exit Load like any Redemption. No Exit Load applies for switch between MOF25, MOF30, Invested 120,000 360,000 600,000 8,70,000 MOF35, MOFEH, MOFLM, MOFMAF & MOFDYNAMIC. Amount No Load for switch between Options within the Scheme. 1,54,825 1,68,408 1,52,228 4,89,910 5,43,946 4,99,682 8,29,480 9,21,221 9,20,07413,87,871 15,49,289 14,98,734 Further, it is clarified that there will be no exit load Market Value charged on a switch-out from Regular to Direct plan Returns 58.1 82.8 53.5 21.1 28.8 22.5 12.9 17.2 17.1 12.6 15.6 14.7 within the same scheme. (CAGR) % Date of Allotment * Also represents additional benchmark 24-Feb-2014 For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past performance may or may not be sustained in the future. For rolling returns refer page no.19 NAV (IDCW= Income Distribution cum capital withdrawal option) Regular Plan Growth Option : ` 34.1963 Industry Allocation Regular Plan IDCW Option : ` 20.8904 Direct Plan Growth Option : ` 37.4258 Consumer Durables 18.1% Pharmaceuticals 4.6% Direct Plan IDCW Option : ` 21.5557 Finance 13.8% Chemicals 3.3% Insurance 9.9% Industrial Products 2.7% Scheme Statistics Auto Ancillaries 9.3% Healthcare Services 2.2% Monthly AAUM ` 1920.76 (` cr) Banks 7.2% Pesticides 2.0% Latest AUM (31-May-2021) ` 1978.64 ( ` cr) Industrial Capital Goods 6.8% Beta 0.9 Transportation 5.8% Software 1.3% Portfolio Turnover Ratio 0.8 Cement & Cement Products 5.8% Consumer Non Durables 1.1% Standard Deviation 25.5% (Annualised) Construction 4.6% Cash & Equivalent 1.7% Sharpe Ratio# 0.3 (Annualised) # Risk free returns based on last overnight MIBOR cut-off of (Data As on 31-May-2021) Industry classification as recommended by AMFI 3.39% (Data As on 31-May-2021) Portfolio (As on 31-May-2021) Fund and Co-Fund Manager Weightage Weightage For Equity Component Scrip (%) Scrip (%) Mr. Niket Shah Equity & Equity Related Honeywell Automation India Limited 2.4% He has been appointed as a Fund Manager with effect from July 01, 2020. Max Financial Services Limited 9.9% Limited 2.4% He has overall 10 years of experience Tube Investments of India Limited 9.3% Max Healthcare Institute Limited 2.2% For Debt Component since Inception IRCTC Limited 5.8% ICICI Bank Limited 2.2% Mr. Abhiroop Mukherjee Crompton Greaves Consumer Electricals Limited 5.2% Limited 2.1% Dividend History AU Small Finance Bank Limited 5.0% PI Industries Limited 2.0%

Record Date Dividend Cum Dividend Ex Dividend Limited 4.8% The Limited 2.0% per Unit (`) NAV NAV 28-Mar-2019 The Phoenix Mills Limited 4.6% Persistent Systems Limited 1.3% Direct Plan 2.00 21.6801 19.6801 VIP Industries Limited 4.5% Indigo Paints Limited 1.1% Regular Plan 2.00 20.1677 18.1677 23-Mar-2020 CG Power and Industrial Solutions Limited 4.3% Total 98.3% Direct Plan 1.00 14.2748 13.2748 Home First Finance Company India Limited 4.3% Money Market Instrument Regular Plan 0.03 13.0332 13.0052 Birla Corporation Limited 3.8% CBLO/REPO/TREPS 2.0% 26-Mar-2021 Direct Plan 3.50 23.5438 20.0438 Kajaria Ceramics Limited 3.7% Net Receivable/Payable -0.3% Regular Plan 3.30 22.7681 19.4681 Cholamandalam Investment and Finance Company Grand Total 100% Pursuant to payment of dividend, NAV per unit will fall to the extent of the Limited 3.5% dividend payout and statutory levy (if applicable). Face value ` 10/-. Past performance may or may not be sustained in future. Navin Fluorine International Limited 3.3% Total Expenses Ratio SBI Cards and Payment Services Limited 3.2% Direct 0.89% Limited 2.8% Regular 2.10% Astral Limited 2.7%

2 Motilal Oswal Flexi Cap Fund (MOF35) (An open ended dynamic equity scheme investing across large cap, mid cap, small cap stocks)

Investment Objective Performance (As on 31-May-2021) The investment objective of the Scheme is to achieve long term capital appreciation by 1 Year 3 Year 5 Year Since Inception primarily investing in a maximum of 35 equity Current Value Current Value Current Value Current Value & equity related instruments across sectors CAGR of Investment CAGR of Investment CAGR of Investment CAGR of Investment and market-capitalization levels. (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 However, there can be no assurance or 52.4 15,277 6.9 12,218 12.9 18,326 18.1 32,549 guarantee that the investment objective of Scheme the Scheme would be achieved. Nifty 500 TRI (Benchmark) 70.3 17,076 13.7 14,693 15.6 20,639 15.0 26,981 Category Benchmark Flexi Cap Fund Nifty 500 TRI Nifty 50 TRI (Additional Continuous Offer Benchmark) 64.0 16,443 14.6 15,053 15.3 20,355 13.9 25,190 Minimum Application Amount: ` 500/- and in NAV (`) Per Unit 21.3060 26.6397 17.7613 10.0000 multiples of ` 1/- thereafter. (32.5486 : as on 31-May-2021) Additional Application Amount: ` 500/- and in Date of inception: 28-Apr-14. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation multiples of ` 1/- thereafter. of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth option. Different plans have different expense structure.=Mr. Siddharth Bothra has been appointed as the Fund Manager for equity component with Redemption proceeds effect from 19-May-2021 vide addendum dated 16-May-2019; Mr. Abhiroop Mukherjee is the Fund Manager for debt component since 28-Apr-2014 and Mr. Herin Visaria for Foreign Securities since 26-July-2019. The performance of the Scheme managed by Mr. Siddharth Bothra is on page no.1,6,7 & 8 The performance of the Schemes Normally within 3 Business days from managed by Mr.Herin Visaria are on page no. 8,18 and 21. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1,2,4,5,6,7,8, 9,10,11, acceptance of redemption request. 18, and 22. Entry / Exit Load (As on 31-May-2021) Entry Load: Nil SIP Performance Exit Load: 1% - If redeemed on or before 15 days from the 1 Year 3 Year 5 Year Since Inception date of allotment. Nil - If redeemed after 15 days from the date of allotment. A switch-out or a withdrawal shall also Nifty Nifty 50 Nifty Nifty 50 Nifty Nifty 50 Nifty Nifty 50 be subjected to the Exit Load like any Redemption. No Scheme 500 TRI Scheme 500 TRI Scheme 500 TRI Scheme 500 TRI Exit Load applies for switch between MOF25, MOF30, TRI* TRI* TRI* TRI* MOF35, MOFEH, MOFLM, MOFMAF & MOFDYNAMIC. No Load for switch between Options within the Scheme. Further, it is clarified that there will be no exit load Invested 120,000 360,000 600,000 8,50,000 charged on a switch-out from Regular to Direct plan Amount within the same scheme. Market Value 1,44,556 1,56,206 1,52,228 4,55,418 5,11,222 4,99,682 7,98,091 9,20,529 9,20,07413,34,654 14,61,029 14,46,000 Date of Allotment Returns 40.2 60.6 53.5 15.9 24.2 22.5 11.4 17.2 17.1 12.5 15.0 14.7 28-Apr-2014 (CAGR) % NAV (IDCW= Income Distribution cum capital withdrawal option) * Also represents additional benchmark Regular Plan Growth Option : ` 32.5486 For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past performance may or may not be sustained in the future. For rolling returns refer page no.19 Regular Plan IDCW Option : ` 24.4666 Direct Plan Growth Option : ` 34.8114 Industry Allocation Direct Plan IDCW Option : ` 24.4752 Consumer Non Durables Scheme Statistics Banks 19.3% 3.4% Monthly AAUM ` 11649.79 (` cr) Software 14.4% Fertilisers 2.0% Latest AUM (31-May-2021) ` 11888.10 (` cr) Finance 13.8% Consumer Durables 2.0% Beta 1.0 Insurance 12.3% Cement & Cement Products 2.0% Portfolio Turnover Ratio 0.4 Auto 11.5% Telecom - Services 1.4% Standard Deviation 22.4% (Annualised) Retailing 8.0% Sharpe Ratio# 0.2 (Annualised) Capital Markets 1.1% Pharmaceuticals 7.0% # Risk free returns based on last overnight MIBOR cut-off of Cash & Equivalent 1.8% 3.39% (Data As on 31-May-2021) (Data As on 31-May-2021) Industry classification as recommended by AMFI Fund Manager Portfolio (As on 31-May-2021) For Equity Component Mr. Siddharth Bothra Scrip Weightage Scrip Weightage He has been appointed as the Fund Manager (%) (%) for the equity component w.e.f. May 19, 2021. Equity & Equity Related SBI Cards and Payment Services Limited 2.3% For Debt Component since Inception Vaibhav Global Limited 8.0% Limited 2.3% Mr. Abhiroop Mukherjee Foreign Securities HDFC Bank Limited 7.4% SBI Life Insurance Company Limited 2.1% Mr. Herin Visaria Infosys Limited 6.8% Limited 2.0% Managing since 26-July-2019 Housing Development Finance Corporation Limited 5.8% Hero MotoCorp Limited 2.0% Dividend History HDFC Life Insurance Company Limited 5.0% Limited 2.0% Maruti Suzuki India Limited 4.9% Bata India Limited 2.0% Record Date Dividend Cum Dividend Ex Dividend per Unit (`) NAV NAV 28-March-2019 Tata Consultancy Services Limited 4.8% UltraTech Cement Limited 2.0% Direct Plan 1.00 25.1298 24.1298 Gland Pharma Limited 4.8% Limited 1.4% Regular Plan 1.00 23.8865 22.8865 ICICI Bank Limited 4.7% Limited 1.4% 23-March-2020 Direct Plan 1.00 16.3873 15.3873 Limited 4.6% HDFC Asset Management Company Limited 1.1% 26-March-2021 AU Small Finance Bank Limited 4.6% Total 98.2% Direct Plan 4.27 27.6060 23.3360 Limited 3.3% Money Market Instrument Regular Plan 4.02 27.3878 23.3678 HCL Technologies Limited 2.8% CBLO/REPO/TREPS 1.1% Pursuant to payment of dividend, NAV per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value ` 10/-. Past performance may or may not be sustained in future. Max Financial Services Limited 2.7% Net Receivable/Payable 0.7% Kotak Mahindra Bank Limited 2.6% Grand Total 100% Total Expenses Ratio ICICI Lombard General Insurance Company Limited 2.5% Direct 0.89% Bajaj Finance Limited 2.4% Regular 1.79%

3 Motilal Oswal Long Term Equity Fund (MOFLTE) (An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit)

Investment Objective Performance (As on 31-May-2021) The investment objective of the Scheme is to 1 Year 3 Year 5 Year Since Inception generate long-term capital appreciation from a diversified portfolio of predominantly equity Current Value Current Value Current Value Current Value CAGR of Investment CAGR of Investment CAGR of Investment CAGR of Investment and equity related instruments. However, (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 there can be no assurance or guarantee that the investment objective of the Scheme would Scheme 61.2 16,160 8.7 12,855 15.5 20,585 14.3 23,394 be achieved. Category Nifty 500 TRI (Benchmark) 70.3 17,076 13.7 14,693 15.6 20,639 11.6 20,053 ELSS Nifty 50 TRI (Additional Benchmark Benchmark) 64.0 16,443 14.6 15,053 15.3 20,355 10.9 19,320 Nifty 500 TRI NAV (`) Per Unit 14.4766 18.1986 11.3645 10.0000 Continuous Offer (23.3939 : as on 31-May-2021) Date of inception: 21-Jan-15. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation Minimum Application Amount: ` 500/- and in of returns. The NAV per unit shown in the table is as on the start date of the said period. =Past performance may or may not be sustained in the future. Performance is for multiples of ` 500/- thereafter. Regular Plan Growth Option. Different plans have different expense structure. =Mr. Aditya Khemani has been appointed as the Fund Manager for equity component with effect from 6-Sept-2019 vide addendum dated 5-Sept-2019; = Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception. =The performance of Additional Purchase: ` 500/- and in multiples the Scheme managed by Mr. Aditya Khemani is on page no. 5. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1,2,3,5,6,7,8, 9,10,11, 18, and 22. of ` 500/- thereafter. SIP Performance (As on 31-May-2021) Redemption proceeds Normally within 3 Business days from 1 Year 3 Year 5 Year Since Inception acceptance of redemption request. Scheme Nifty Nifty 50 Scheme Nifty Nifty 50 Scheme Nifty Nifty 50 Scheme Nifty Nifty 50 Entry / Exit Load 500 TRI TRI* 500 TRI TRI* 500 TRI TRI* 500 TRI TRI* Nil Invested Date of Allotment Amount 120,000 360,000 600,000 7,60,000 21-Jan-2015 Market Value 1,53,697 1,56,206 1,52,228 4,85,788 5,11,222 4,99,682 8,61,463 9,20,529 9,20,07412,06,945 12,55,757 12,50,378 NAV (IDCW= Income Distribution cum capital withdrawal option) Returns 56.1 60.6 53.5 20.5 24.2 22.5 14.5 17.2 17.1 14.4 15.7 15.5 (CAGR) % Regular Plan Growth Option : ` 23.3939 Regular Plan IDCW Option : ` 18.3774 * Also represents additional benchmark For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past Direct Plan Growth Option : ` 25.4891 performance may or may not be sustained in the future. For rolling returns refer page no.19 Direct Plan IDCW Option : ` 21.8462 Industry Allocation Scheme Statistics Banks 25.4% Monthly AAUM ` 2049.77 (` cr) Healthcare Services 5.0% Latest AUM (31-May-2021)` 2123.65 (` cr) Consumer Non Durables 8.6% Software 4.7% Beta 1.0 Finance 8.4% Construction Project 4.5% Portfolio Turnover Ratio 0.4 Consumer Durables 7.4% Gas 4.1% Standard Deviation 23.0% (Annualised) Pharmaceuticals 6.9% Telecom - Services 3.4% Sharpe Ratio# 0.2 (Annualised) Cement & Cement Products 6.5% Construction 3.0% Auto 2.0% # Risk free returns based on last overnight MIBOR cut-off of 3.39% Leisure Services 5.1% Cash & Equivalent 0.1% (Data As on 31-May-2021) Insurance 5.0%

Fund Manager (Data As on 31-May-2021) Industry classification as recommended by AMFI For Equity Component Mr. Aditya Khemani Portfolio (As on 31-May-2021) Managing this fund since 6-Sept-2019 He has overall 14 years of experience Weightage Weightage Scrip (%) Scrip (%) For Debt Component since Inception Mr. Abhiroop Mukherjee Equity & Equity Related UltraTech Cement Limited 3.2% Dividend History ICICI Bank Limited 10.7% Crompton Greaves Consumer Electricals Limited 3.0% Jubilant Foodworks Limited 5.1% The Phoenix Mills Limited 3.0% Record Date Dividend Cum Dividend Ex Dividend per Unit (`) NAV NAV HDFC Bank Limited 5.0% Dr. Lal Path Labs Limited 2.7% 20-March-2018 Max Financial Services Limited 5.0% Hindustan Unilever Limited 2.7% Direct Plan 0.10 16.7096 16.6096 Regular Plan 0.10 15.9239 15.8239 State 4.9% Whirlpool of India Limited 2.5% 28-March-2019 Limited 4.9% Max Healthcare Institute Limited 2.3% Direct Plan 0.30 16.4708 16.1708 Larsen & Toubro Limited 4.5% Limited 2.1% Regular Plan 0.30 15.5031 15.2031 26-March-2021 Limited 4.1% Maruti Suzuki India Limited 2.0% Direct Plan 0.80 21.1915 20.3915 United Breweries Limited 3.9% VIP Industries Limited 1.8% Regular Plan 2.20 19.3932 17.1932 Limited 3.5% Muthoot Finance Limited 1.6% Pursuant to payment of dividend, NAV per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value ` 10/-. Past Housing Development Finance Corporation Limited 3.4% Tata Consultancy Services Limited 1.3% performance may or may not be sustained in future. Bharti Airtel Limited 3.4% Dalmia Bharat Limited 0.0% Total Expenses Ratio JB Chemicals & Pharmaceuticals Limited 3.4% Total 99.9% Direct 0.78% Infosys Limited 3.4% Money Market Instrument Regular 2.07% Cholamandalam Investment and Finance Company CBLO/REPO/TREPS 0.2% Limited 3.4% Net Receivable/Payable -0.1% Birla Corporation Limited 3.3% Grand Total 100%

4 Motilal Oswal Large and Midcap Fund (MOFLM) (Large and Midcap Fund - An open ended equity scheme investing in both large cap and mid cap stocks)

Investment Objective Performance (As on 31-May-2021) The investment objective is to provide medium to long-term capital appreciation by 1 Year Since Inception investing primarily in Large and Midcap stocks. Current Value of Current Value of CAGR (%) CAGR (%) However, there can be no assurance or Investment of ` 10,000 Investment of ` 10,000 guarantee that the investment objective of the Scheme would be achieved. Scheme 65.8 16,621 23.4 14,064 Category Nifty Large Midcap 250 TRI 77.6 17,819 29.3 15,162 Large and Midcap Fund Nifty 50 TRI 64.0 16,443 21.2 13,668 Benchmark NAV (`) Per Unit NIFTY Large Midcap 250 TRI (14.0635 As on 31-May-2021) 8.4612 10.0000 Continuous Offer Date of inception: 17-Oct-19. *Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation Minimum Application Amount : ` 500/- and in of returns. The NAV per unit shown in the table is as on the start date of the said period. =Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth Option. Different plans have different expense structure. =Mr. Aditya Khemani has been appointed as the Fund Manager for equity component since multiples of ` 1/- thereafter. inception; = Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception. The performance of the Scheme managed by Mr. Aditya Khemani is on page no. 4. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1, 2,3,4,6,7,8, 9,10,11 ,18, and 22. The scheme has been in existence for Additional Application Amount: ` 500/- and in less than 3 years. multiples of ` 1/- thereafter. SIP Performance (As on 31-May-2021) Redemption proceeds 1 Year Since Inception Normally within 3 Business days from acceptance of redemption request. Scheme Nifty Large Midcap Nifty 50 Scheme Nifty Large Midcap Nifty 50 250 TRI TRI* 250 TRI TRI* Entry / Exit Load Entry Load: Nil Invested Amount 120,000 1,90,000 1% - If redeemed on or before 15 days from the date of Market Value 1,56,212 1,59,828 1,52,228 2,57,744 2,71,159 2,55,442 allotment. Nil - If redeemed after 15 days from the date of allotment. A switch-out or a withdrawal shall also be Returns (CAGR) % 60.6 67.1 53.5 42.3 50.4 40.8 subjected to the Exit Load like any Redemption. No Exit Load applies for switch between MOF25, MOF30, MOF35, MOFEH, MOFLM & MOFDYNAMIC. No Load for * Also represents additional benchmark For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past switch between Options within the Scheme. Further, it is performance may or may not be sustained in the future. clarified that there will be no exit load charged on a switch-out from Regular to Direct plan within the same scheme. No Load shall be imposed for switching between Industry Allocation (Equity) Options within the Scheme Date of Allotment Banks 22.8% 17-October-2019 Gas 4.2% Consumer Durables 12.2% Construction 3.9% NAV (IDCW= Income Distribution cum capital withdrawal option) Consumer Non Durables 9.6% Construction Project 3.7% Regular Plan Growth Option : ` 14.0635 Finance 7.4% Regular Plan IDCW Option : ` 14.0634 Software 3.0% Cement & Cement Products 7.0% Direct Plan Growth Option : ` 14.4697 Telecom - Services 2.2% Direct Plan IDCW Option : ` 14.4697 Healthcare Services 6.6% Pharmaceuticals 6.5% Auto 1.1% Scheme Statistics Insurance 4.8% Auto Ancillaries 0.4% Monthly AAUM ` 628.21 (` cr) Leisure Services 4.5% Cash & Equivalent 0.2% Latest AUM (31-May-2021) `659.30 (`cr) Portfolio Turnover Ratio 0.4 (Data As on 31-May-2021) Industry classification as recommended by AMFI Portfolio (As on 31-May-2021) Fund and Co-Fund Manager For Equity Component Weightage Weightage Scrip (%) Scrip (%) Mr. Aditya Khemani Managing this fund since inception. Equity & Equity Related Whirlpool of India Limited 2.6% He has overall 14 years of experience. For Debt Component since Inception ICICI Bank Limited 10.1% Housing Development Finance Corporation Limited 2.4% Mr. Abhiroop Mukherjee Birla Corporation Limited 5.1% 3M India Limited 2.3% Managing this fund since inception. Max Financial Services Limited 4.8% VIP Industries Limited 2.3% He has overall 10 years of experience. Axis Bank Limited 4.5% Bharti Airtel Limited 2.2% Total Expenses Ratio Jubilant Foodworks Limited 4.5% Hindustan Unilever Limited 2.1% Direct 0.75% 4.3% Dalmia Bharat Limited 1.9% Regular 2.48% Gujarat Gas Limited 4.2% Tata Consumer Products Limited 1.8% Crompton Greaves Consumer Electricals Limited 4.1% Infosys Limited 1.7% HDFC Bank Limited 3.9% Muthoot Finance Limited 1.5% The Phoenix Mills Limited 3.9% Tata Consultancy Services Limited 1.2% Larsen & Toubro Limited 3.7% Maruti Suzuki India Limited 1.1% Cholamandalam Investment and Finance Company Tube Investments of India Limited 0.4% Limited 3.6% Total 99.8% JB Chemicals & Pharmaceuticals Limited 3.5% Money Market Instrument Dr. Lal Path Labs Limited 3.4% CBLO/REPO/TREPS 0.4% United Breweries Limited 3.4% Net Receivable/Payable -0.2% Kajaria Ceramics Limited 3.3% Grand Total 100% Max Healthcare Institute Limited 3.1% Torrent Pharmaceuticals Limited 2.9%

5 Motilal Oswal Dynamic Fund (MOFDYNAMIC) (An open ended dynamic asset allocation fund)

Investment Objective Performance (As on 31-May-2021) The investment objective is to generate long term capital appreciation by investing in 1 Year 3 Year Since Inception equity and equity related instruments including equity derivatives, debt, money CAGR Current Value of CAGR Current Value of Current Value of market instruments and units issued by REITs Investment of CAGR and InvITs. (%) (%) Investment of (%) Investment of ` 10,000 ` 10,000 ` 10,000 However, there can be no assurance or guarantee that the investment objective of Scheme 22.8 12,296 6.6 12,124 8.6 14,736 the Scheme would be achieved. Category Benchmark CRISIL Hybrid 50 + 50 34.2 13,443 13.1 14,467 11.9 16,891 Dynamic Asset Allocation CRISIL Hybrid 50 + - Moderate TRI (Benchmark) 50 - Moderate TRI Continuous Offer Nifty 50 TRI (Additional Benchmark) 64.0 16,443 14.6 15,053 14.6 18,935 Minimum Application Amount : ` 500/- and in NAV (`) Per Unit 11.9847 12.1541 10.0000 multiples of ` 1/- thereafter. (14.7359 : As on 31-May-2021) Additional Application Amount: ` 500/- and in Date of inception: 27-Sep-2016.=Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for multiples of ` 1/- thereafter. computation of returns. =The NAV per unit shown in the table is as on the start date of the said period. =Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth Option. =Different plans have different expense structure. Mr. Siddharth Bothra has been appointed as the Fund Manager for equity component with effect from 19-May-2021 =Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception. The performance of the Scheme Redemption proceeds managed by Mr.Siddharth Bothra is on page no. 1,3,7 and 8. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1,2,3,4,5,7,8, 9,10,11, Normally within 3 Business days from acceptance of 18, and 22.=The scheme has been in existence for less than 5 years redemption request. (As on 31-May-2021) Entry / Exit Load SIP Performance Entry Load: Nil 1 Year 3 Year Since Inception Exit Load: 1% - If redeemed on or before 1 year from the date of allotment. Nil - If redeemed after 1 year from the date of CRISIL Hybrid CRISIL Hybrid CRISIL Hybrid allotment. There would be no exit load for redemption of units Nifty 50 Nifty 50 Nifty 50 on or before completion of 1 year from the date of allotment Scheme 50 + 50 - Scheme 50 + 50 - Scheme 50 + 50 - upto 12% of units allotted. Redemption of units would be done Moderate TRI TRI* Moderate TRI TRI* Moderate TRI TRI* on First in First out Basis.A switch-out or a withdrawal shall also be subjected to the Exit Load like any Redemption. No Exit Load applies for switch between MOF25, MOF30, MOF35, MOFEH, Invested Amount 120,000 360,000 5,60,000 MOFLM, MOFMAF & MOFDYNAMIC. No Load for switch between Options within the Scheme. Further, it is clarified that Market Value 1,28,886 1,38,279 1,52,228 4,17,848 4,65,623 4,99,682 6,83,165 7,76,334 8,41,980 there will be no exit load charged on a switch-out from Regular to Direct plan within the same scheme. 14.1 29.5 53.5 9.9 17.5 22.5 8.5 14.0 17.6 Date of Allotment Returns (CAGR) % 27-Sep-2016 * Also represents additional benchmark For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past NAV (IDCW= Income Distribution cum capital withdrawal option) performance may or may not be sustained in the future. For rolling returns refer page no.19 Regular Plan Growth Option : ` 14.7359 Regular Plan - Quarterly IDCW Option : ` 11.9605 Industry Allocation (Equity) Allocation Regular Plan - Annual IDCW Option : ` 13.3545 Direct Plan Growth Option : `15.5471 Banks 26.8% Instrument Name Weightage% Direct Plan - Quarterly IDCW Option : ` 12.1157 Construction Project 7.4% Software Equity & Equity Related 67.3 Direct Plan - Annual IDCW Option : ` 13.5112 5.6% Insurance 5.6% BONDS & NCDs 9.5 Scheme Statistics Consumer Non Durables 5.2% Finance 5.1% Derivatives -28.0 Monthly AAUM ` 1230.91 (` cr) Auto 4.4% Latest AUM (31-May-2021) ` 1233.85 (`cr) Pharmaceuticals 2.8% Money Market Instrument (CD,CBLO & Treasury Bill) 14.5 Consumer Durables 1.2% Beta 1.1 Fertilisers 1.2% Cash & Cash Equivalents 36.7 Portfolio Turnover Ratio 3.8 Telecom - Services 1.0% Cement & Cement Products 0.7% Total 100.00 Standard Deviation 12.4% (Annualised) Capital Markets 0.4% Sharpe Ratio# 0.3 (Annualised) Cash & Equivalent 19.2% (Data As on 31-May-2021) # Risk free returns based on last overnight MIBOR cut- (Data As on 31-May-2021) Industry classification as recommended by AMFI off of 3.39% (Data As on 31-May-2021) Portfolio (As on 31-May-2021) Fund Manager For Equity Component Weightage Weightage Scrip (%) Scrip (%) Mr. Siddharth Bothra He has been appointed as the Fund Manager Equity & Equity Related SBI Cards and Payment Services Limited 0.9% for the equity component w.e.f. May 19, 2021. For Debt Component since Inception ICICI Bank Limited 9.5% Alkem Laboratories Limited 0.8% Mr. Abhiroop Mukherjee Axis Bank Limited 9.0% UltraTech Cement Limited 0.7% Dividend History Larsen & Toubro Limited 7.4% SBI Life Insurance Company Limited 0.6%

Record Date Dividend Cum Dividend Ex Dividend AU Small Finance Bank Limited 4.0% Asian Paints Limited 0.4% per Unit (`) NAV NAV Quarterly Dividend (Direct Plan) ITC Limited 3.8% HDFC Asset Management Company Limited 0.4% 29-Jan-2021 0.2000 11.8493 11.6493 HDFC Bank Limited 3.0% Total 67.3% 29-Oct-2020 0.6800 11.9178 11.2378 31-Jul-2020 0.3000 12.0421 11.7421 Infosys Limited 2.6% Derivatives -28.0% Quarterly Dividend (Regular Plan) HDFC Life Insurance Company Limited 2.3% ITC Limited June 2021 Future -3.8% 29-Jan-2021 0.2000 11.7477 11.5477 29-Oct-2020 0.7500 11.9241 11.1741 Gland Pharma Limited 2.0% Larsen & Toubro Limited June 2021 Future -7.4% 31-Jul-2020 0.3000 12.0868 11.7868 Housing Development Finance Corporation Limited 2.0% ICICI Bank Limited June 2021 Future -7.8% Annual Dividend (Direct Plan) 26-Mar-2021 0.7500 14.0402 13.2902 Tata Consultancy Services Limited 1.9% Axis Bank Limited June 2021 Future -9.0% 23-Mar-2020 0.3185 10.3185 10.0000 28-Mar-2019 0.2681 12.1778 11.9097 Maruti Suzuki India Limited 1.8% Debt Instruments Annual Dividend( Regular Plan) Max Financial Services Limited 1.6% Tata Capital Financial Services Limited 4.2% 26-Mar-2021 0.5000 13.6668 13.1668 28-Mar-2019 0.3000 11.8144 11.5144 Eicher Motors Limited 1.6% Housing Development Finance Corporation Limited 3.2% 20-Mar-2018 0.1500 11.6473 11.4973 Bata India Limited 1.2% REC Limited 2.1% Pursuant to payment of dividend, NAV per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value ` 10/-. Past Kotak Mahindra Bank Limited 1.2% Britannia Industries Limited 0.0% performance may or may not be sustained in future. Quantitative Indicators Coromandel International Limited 1.2% Money Market Instrument Muthoot Finance Limited 1.2% CBLO/REPO/TREPS 10.5% Average Maturity 0.26 yrs YTM 3.71% Bajaj Finance Limited 1.1% 364 Days TBILL (MD 10/06/2021) 2.0% Macaulay Duration 0.28 yrs Hero MotoCorp Limited 1.1% Axis Bank Ltd CD (MD 24/11/2021) 2.0% Modified Duration 0.28 yrs HCL Technologies Limited 1.0% Net Receivable/Payable 36.7% (Data As on 31-May-2021) Bharti Airtel Limited 1.0% Grand Total 100% Total Expenses Ratio ICICI Lombard General Insurance Company Limited 1.0% Direct 0.98% Regular 2.22% Hindustan Unilever Limited 0.9% 6 Motilal Oswal Equity Hybrid Fund (MOFEH) (An open ended hybrid scheme investing predominantly in equity and equity related instruments)

Investment Objective Performance (As on 31-May-2021) The investment objective is to generate equity linked returns by investing in a combined 1 Year Since Inception portfolio of equity and equity related Current Value of Current Value of CAGR (%) CAGR (%) instruments, debt, money market instruments Investment of ` 10,000 Investment of ` 10,000 and units issued by Real Estate Investment Trust (REITs) and Infrastructure Investment Scheme 38.4 13,867 13.9 14,223 Trust (InvITs). CRISIL Hybrid 35 + 65 Category 43.7 14,400 13.3 14,036 - Aggressive TRI (Benchmark) Aggressive Hybrid Fund Nifty 50 TRI (Additional Benchmark) Benchmark 64.0 16,443 13.0 13,947 NAV (`) Per Unit CRISIL Hybrid 35 + 65 - Aggressive TRI 10.2562 10.0000 Continuous Offer (14.2226 As on 31-May-2021) Date of inception: 14-Sept-18. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for Minimum Application Amount : ` 500/- and in computation of returns. =The NAV per unit shown in the table is as on the start date of the said period. =Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth option. =Different plans have different expense structure. =Mr. Siddharth Bothra is the Fund Manager for equity component multiples of ` 1/- thereafter. since inception of the fund; and Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception=The performance of the Scheme managed by Mr.Siddharth Bothra is on page no. 1,3,6 and 8. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1,2,3,4,5,6,8, 9,10,11,18, and Additional Application Amount: ` 500/- and in 22.=The scheme has been in existence for less than 3 years multiples of ` 1/- thereafter.

Redemption proceeds SIP Performance (As on 31-May-2021) Normally within 3 Business days from 1 Year Since Inception acceptance of redemption request. Entry / Exit Load Scheme CRISIL Hybrid 35 + 65 Nifty 50 Scheme CRISIL Hybrid 35 + 65 Nifty 50 - Aggressive Index TRI TRI* - Aggressive Index TRI TRI* Entry Load: Nil Exit Load: 1% - If redeemed on or before 15 days from the Invested Amount 120,000 3,20,000 date of allotment. Nil - If redeemed after 15 days from the date of allotment. A switch-out or a withdrawal shall also Market Value 1,39,317 1,43,124 1,52,228 4,11,839 4,22,368 4,41,392 be subjected to the Exit Load like any Redemption. No Exit Load applies for switch between MOF25, MOF30, Returns (CAGR) % 31.3 37.7 53.5 19.4 21.4 25.1 MOF35, MOFEH, MOFLM, MOFMAF & MOFDYNAMIC. No Load for switch between Options within the Scheme. * Also represents additional benchmark Further, it is clarified that there will be no exit load For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past charged on a switch-out from Regular to Direct plan performance may or may not be sustained in the future. within the same scheme. Date of Allotment Industry Allocation (Equity) Allocation 14-Sep-2018 Banks 15.5% Instrument Name Weightage% Software 11.1% NAV Pharmaceuticals 8.6% Equity 78.9 Regular Plan Growth Option : ` 14.2226 Auto 8.2% Transportation 8.0% Bonds & NCDs 13.3 Direct Plan Growth Option : ` 14.8568 Finance 7.7% Industrial Capital Goods 4.6% Insurance 4.5% Money Market Instrument (CD,CBLO & Treasury Bill) 7.6 Scheme Statistics Cement & Cement Products 3.9% Pesticides 2.8% Cash & Cash Equivalents 0.2 Monthly AAUM ` 409.41 (` cr) Construction Project 1.3% Retailing 1.1% Latest AUM (31-May-2021) ` 419.68 (`cr) Consumer Non Durables 1.0% Total 100.00 Textile Products 0.6% Portfolio Turnover Ratio 0.7 Cash & Equivalent 4.3% (Data As on 31-May-2021) (Data As on 31-May-2021) (Data As on 31-May-2021) Industry classification as recommended by AMFI Fund and Co-Fund Manager For Equity Component Portfolio (As on 31-May-2021)

Mr. Siddharth Bothra Weightage Weightage He is managing this fund since inception. Scrip (%) Scrip (%) He has close to 17 years of experience For Debt Component since Inception Equity & Equity Related Larsen & Toubro Limited 1.3% Mr. Abhiroop Mukherjee Bajaj Auto Limited 6.6% ICICI Lombard General Insurance Company Limited 1.2% Quantitative Indicators HDFC Bank Limited 5.8% Avenue Supermarts Limited 1.1% Average Maturity 0.44 Yrs Housing Development Finance Corporation Limited 5.4% IRCTC Limited 1.0% YTM 3.84% Infosys Limited 5.0% Hindustan Unilever Limited 1.0% Macaulay Duration 0.41 Yrs ICICI Bank Limited 5.0% CRISIL Limited 1.0% Modified Duration 0.39 Yrs Kotak Mahindra Bank Limited 4.7% UltraTech Cement Limited 0.7% (Data As on 31-May-2021) Container Corporation of India Limited 4.6% Gujarat Pipavav Port Limited 0.7% Total Expenses Ratio Tata Consultancy Services Limited 4.5% Page Industries Limited 0.6% Direct 0.86% Abbott India Limited 3.7% Total 78.9% Regular 2.46% Procter & Gamble Health Limited 3.6% Debt Instruments HDFC Life Insurance Company Limited 3.3% REC Limited 3.6% Shree Cement Limited 3.2% Kotak Mahindra Prime Limited 3.6% ABB India Limited 2.9% Sundaram Home Finance Limited 3.6% PI Industries Limited 2.8% Housing Development Finance Corporation Limited 2.5% Honeywell Automation India Limited 1.7% Britannia Industries Limited 0.0% Mahindra Logistics Limited 1.7% Money Market Instrument HCL Technologies Limited 1.6% CBLO/REPO/TREPS 4.1% Maruti Suzuki India Limited 1.6% 364 Days TBILL (MD 10/06/2021) 3.6% SBI Cards and Payment Services Limited 1.4% Net Receivable/Payable 0.2% Dr. Reddy's Laboratories Limited 1.3% Grand Total 100%

7 Motilal Oswal Multi Asset Fund (MOFMAF) (An open ended scheme investing in Equity, International Equity Index Funds/ Equity ETFs, Debt and Money Market Instruments and Gold Exchange Traded Funds.)

Investment Objective Performance (As on 31-May-2021) The investment objective is to generate long term capital appreciation by investing in a 6 Months Since Inception diversified portfolio comprises of Equity, Current Value of Current Value of CAGR (%) CAGR (%) International Equity Index Funds/ Equity ETFs, Investment of ` 10,000 Investment of ` 10,000 Debt and Money Market Instruments and Gold Exchange Traded Funds. Scheme 2.6 10,257 5.5 10,547 However, there can be no assurance or guarantee that the investment objective of Customised Benchmark (Benchmark) 8.4 10,836 15.0 11,498 the Scheme would be achieved. Category Nifty 50 TRI (Additional Benchmark) 20.7 12,072 41.6 14,163 Multi Asset Allocation NAV (`) Per Unit Continuous Offer (10.5468 As on 31-May-2021) 10.2822 10.0000

Minimum Application Amount : ` 500/- and Date of inception: 04-Aug-2020. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. ` The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth in multiples of 1 /- thereafter. option. Different plans have different expense structure. Siddharth Bothra is the Fund Manager for equity component and Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception. The performance of the Schemes managed by Mr. Siddharth Bothra are on page no. 1,3,6 and 7. The performance of the Schemes managed by Mr. Additional Application Amount : ` 500/- and Abhiroop Mukherjee are on page no. 1,2,3,4,5,6,7, 9,10,11, 18, and 22. in multiples of `1/- thereafter. Benchmark Top 10 Industry Allocation Banks 2.8% 30% Nifty 50 TRI + 50 % Crisil Short Term Gilt Software 1.7% Index + 10% Domestic Price of Gold + 10% Auto 1.4% S&P 500 Index (TRI) Pharmaceuticals 1.2% Finance 1.0% Redemption proceeds Insurance 0.9% Normally within 4 Business days from Cement & Cement Products 0.7% acceptance of redemption request Consumer Non Durables 0.6% Transportation 0.6% Entry / Exit Load Pesticides 0.5% Industrial Capital Goods 0.3% Entry Load: Nil Telecom - Services 0.1% 1%- If redeemed on or before 3 months from the date of Cash & Equivalent 2.8% allotment. Nil- If redeemed after 3 months from the date of allotment.No Exit Load applies for switch/ STP from (Data As on 31-May-2021) Industry classification as recommended by AMFI MOFMAF to MOF25, MOF30, MOF35, MOFEH, MOFLM, Allocation MOFLTE (Subject to Lock-in Period) & MOFDYNAMIC or any other schemes as may be amended by AMC and vice Instrument Name Weightage% versa. Equity 11.8 NAV Regular Plan Growth Option : ` 10.5468 Bonds & NCDs 23.7 Direct Plan Growth Option : ` 10.6801 International Equity Index Funds 11.4 Scheme Statistics Gold ETF 11.4 ` 223.14 (` cr) Monthly AAUM Treasury Bills/Certificate of Deposit 39.0 Latest AUM (31-May-2021) ` 224.10 (`cr) CBLO / Reverse Repo Investments 2.5 Portfolio Turnover Ratio 1.1 (Data As on 31-May-2021) Cash & Cash Equivalents 0.3 Date of Allotment Total 100.00 4-August-2020 (Data As on 31-May-2021) Fund and Co-Fund Manager Portfolio (As on 31-May-2021) For Equity Mr. Siddharth Bothra Scrip Weightage Scrip Weightage Managing this fund since inception. (%) (%) He has overall 18 years of experience. Equity & Equity Related Eicher Motors Limited 0.3% For Debt Component HDFC Bank Limited 1.2% Hindustan Unilever Limited 0.3% Mr. Abhiroop Mukherjee Housing Development Finance Corporation Limited 1.0% Bharti Airtel Limited 0.1% Managing this fund since inception. He has Infosys Limited 0.9% Total 11.8% overall 11 years of experience. Tata Consultancy Services Limited 0.8% Tata Capital Financial Services Limited 5.8% For International Equity ICICI Bank Limited 0.8% REC Limited 4.5% Mr. Herin Visaria Kotak Mahindra Bank Limited 0.8% Kotak Mahindra Prime Limited 4.5% Managing this fund since inception. He has Bajaj Auto Limited 0.8% Sundaram Home Finance Limited 4.5% overall 11 years of experience. HDFC Life Insurance Company Limited 0.6% Housing Development Finance Corporation Limited 4.5% For Gold Mr. Swapnil Mayekar Container Corporation of India Limited 0.6% Gold ETF Managing this fund since inception. He has PI Industries Limited 0.5% ICICI Prudential Gold ETF 11.4% overall 11 years of experience. Procter & Gamble Health Limited 0.5% International Equity Index Funds Shree Cement Limited 0.4% Motilal Oswal S&P 500 Index Fund Direct Plan Growth 11.4% Total Expenses Ratio Asian Paints Limited 0.4% Money Market Instrument Direct 0.42% Abbott India Limited 0.3% 364 Days Tbill (MD 21/04/2022) 21.6% 1.92% Regular Maruti Suzuki India Limited 0.3% 364 Days Tbill (MD 03/03/2022) 17.4% Quantitative Indicators UltraTech Cement Limited 0.3% CBLO/REPO/TREPS 2.5% Average Maturity 0.71 Yrs Honeywell Automation India Limited 0.3% Net Receivable/Payable 0.3% YTM 3.84% Dr. Reddy's Laboratories Limited 0.3% Grand Total 100% Macaulay Duration 0.72 Yrs ICICI Lombard General Insurance Company Limited 0.3% Modified Duration 0.69 Yrs (Data As on 31-May-2021) 8 Motilal Oswal Ultra Short Term Fund (MOFUSTF) (An open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3 months and 6 months)

Investment Objective Performance (As on 31-May-2021) The investment objective of the Scheme is to generate optimal returns consistent with 1 Year 3 Year 5 Year Since Inception moderate levels of risk and liquidity by Current Value Current Value Current Value Current Value investing in debt securities and money market CAGR of Investment CAGR of Investment CAGR of Investment CAGR of Investment securities. (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 However, there can be no assurance or 2.9 10,291 0.2 10,047 2.4 11,245 4.0 13,591 guarantee that the investment objective of Scheme the Scheme would be achieved. CRISIL Ultra Short Term Debt 4.8 10,484 6.9 12,213 7.0 14,028 7.8 17,836 Catagory (Benchmark) Ultra Short Duration Fund CRISIL Liquifex 3.8 10,380 5.8 11,855 6.3 13,552 7.2 17,075 (Additional Benchmark) Benchmark CRISIL Ultra Short Term Debt NAV (`) Per Unit (13.5906 as on 13.2068 13.5275 12.0855 10.0000 31-May-2021) Continuous Offer Date of inception: 6-Sep-2013. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Minimum Application Amount : ` 500/- and in The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth option. Different plans have different expense structure. =Mr. Abhiroop Mukherjee is the Fund Manager since 6-Sep-2013. The performance of the Schemes managed by him are on multiples of `1/- thereafter. page no. 1,2,3,4,5,6, 7,8,10,11,18, and 22. Additional Application Amount : ` 500/- and in multiples of `1/- thereafter. Portfolio Redemption proceeds Normally within 1 Business day from Treasury Bill acceptance of redemption request. Entry / Exit Load 1 364 Days Tbill (MD 28/04/2022) 57.1% Nil 2 364 Days Tbill (MD 05/08/2021) 23.5% Date of Allotment 3 CBLO/REPO/TREPS 18.9% 6-Sept-2013 4 Net Receivables / (Payables) 0.6% NAV (IDCW= Income Distribution cum capital withdrawal option) GRAND TOTAL 100% Regular Growth Plan ` 13.5906 (Data As on 31-May-2021) Regular Plan - Daily IDCW ` 9.8676 Regular Plan - Weekly IDCW ` 9.8711 Rating Profile Quantitative Indicators Regular Plan - Fortnightly IDCW ` 9.8781 Rating % to Net Assets Average Maturity 205 days Regular Plan - Monthly IDCW ` 9.8681 YTM 3.47% Regular Plan - Quarterly IDCW ` 10.0115 Sovereign 80.5 Direct Growth Plan ` 14.0235 Macaulay Duration 205 days Direct Plan - Daily IDCW ` 9.8973 Cash and Cash Equivalent 19.5 Modified Duration 44.45 days Direct Plan - Weekly IDCW ` 9.9083 (Data As on 31-May-2021) For Motilal Oswal Ultra Short Term Fund Macaulay Duration is equal to its Direct Plan - Fortnightly IDCW ` 9.9184 Average maturity (Data As on 31-May-2021) Direct Plan - Monthly IDCW ` 9.9044 Direct Plan - Quarterly IDCW ` 10.0469 Scheme Statistics Monthly AAUM ` 84.33 (` cr) Latest AUM (31-May-2021) ` 84.74 (` cr) (Data As on 31-May-2021)

Fund Manager Mr. Abhiroop Mukherjee Managing this fund since inception He has over 10 years of experience Dividend History

Record Date Dividend Cum Dividend Ex Dividend per Unit (`) NAV NAV Quarterly Dividend (Direct Plan) 29-Jun-2018 0.1629 10.1885 10.0256 03-Apr-2018 0.1571 10.1932 10.0361 29-Dec-2017 0.1399 10.1607 10.0208 Quarterly Dividend (Regular Plan) 29-Jun-2018 0.1517 10.1876 10.0359 03-Apr-2018 0.1452 10.1917 10.0465 29-Dec-2017 0.1283 10.1596 10.0313 Monthly Dividend (Direct Plan) 29-Jun-2018 0.0856 10.0860 10.0004 27-Jul-2018 0.0527 10.0531 10.0004 31-Aug-2018 0.0653 10.0657 10.0004 Monthly Dividend (Regular Plan) 29-Jun-2018 0.0815 10.0827 10.0012 27-Jul-2018 0.0491 10.0503 10.0012 31-Aug-2018 0.0608 10.0619 10.0011 Pursuant to payment of dividend, NAV per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value ` 10/-. Past performance may or may not be sustained in future.

Total Expenses Ratio #please refer to page no.23 of SID of MOFUSTF Direct 0.22% Regular 1.02% 9 Motilal Oswal Liquid Fund (MOFLF) (An open ended liquid fund)

Investment Objective Performance (As on 31-May-2021) The investment objective of the Scheme is to 1 Year Since Inception generate optimal returns with high liquidity to Current Value of Current Value of the investors through a portfolio of money CAGR (%) CAGR (%) market securities. Investment of ` 10,000 Investment of ` 10,000 However, there can be no assurance or Scheme 2.8 10,285 4.2 11,051 guarantee that the investment objective of CRISIL Liquifex the scheme would be achieved. 3.8 10,380 5.4 11,369 Category NAV (`) Per Unit (11.0506 as on Liquid Fund 31-May-2021) 10.7447 10.0000 Benchmark Date of inception: 20-Dec-2018. = Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for CRISIL Liquid Fund Index computation of returns. = The NAV per unit shown in the table is as on the start date of the said period. = Past performance may or may not be sustained in the future. = Performance is for Regular Plan Growth option. = Different plans have different expense structure. = Mr. Abhiroop Mukherjee is the Fund Manager since inception. = The Continuous Offer performance of the Schemes managed by him are on page no. 1, 2,3,4,5,6, 7,8, 9,11,18, and 22. The scheme has been in existence for less than 3 years Minimum Application Amount: Rs 500/- and in multiples of Rs 1/- thereafter. Portfolio Rating Profile Additional Application Amount: Rs 500/- and % to Net in multiples of Rs 1/- thereafter. Company Assets Particular % to Net Assets Date of Allotment Treasury Bill 82.6 Sovereign 82.6 20-Dec-2018 Certificate of Deposit 6.9 A1+ 6.9 Dividend History Collateralized Borrowing & Lending Obligation 9.4 CBLO/REPO/TREPS 9.4 Monthly Dividend (Direct Plan) Cash & Cash Equivalent 1.1 Cash & Equivalent 1.1 Record Date Dividend Cum Dividend Ex Dividend (Data As on 31-May-2021) per Unit (`) NAV NAV Total 100 28-May-21 0.0232 10.0532 10.0300 (Data As on 31-May-2021) 30-Apr-21 0.0285 10.0585 10.0300 Redemption proceeds 26-Mar-21 0.0218 10.0518 10.0300 Entry / Exit Load Monthly Dividend (Regular Plan) Normally within 1 Business day from acceptance of redemption request Entry Load: Nil Exit Load: Record Date Dividend Cum Dividend Ex Dividend per Unit (`) NAV NAV NAV (IDCW= Income Distribution cum capital withdrawal option) Day 1 - 0.0070% 28-May-21 0.0219 10.0519 10.0300 Regular Growth Plan ` 11.0506 Day 2 - 0.0065% 30-Apr-21 0.0270 10.0570 10.0300 Regular Plan - Daily IDCW ` 10.0055 Day 3 - 0.0060% Regular Plan - Weekly IDCW ` 10.0153 26-Mar-21 0.0206 10.0506 10.0300 Regular Plan - Fortnightly IDCW ` 10.0065 Day 4 - 0.0055% Quarterly Dividend (Direct Plan) Regular Plan - Monthly IDCW ` 10.0323 Day 5 - 0.0050% Regular Plan - Quarterly IDCW ` 10.0551 Record Date Dividend Cum Dividend Ex Dividend Day 6 - 0.0045% per Unit (`) NAV NAV Direct Growth Plan ` 11.0913 Direct Plan - Daily IDCW ` 10.0077 Day 7 onwards - Nil 26-Mar-2021 0.0714 10.0748 10.0034 Direct Plan - Weekly IDCW ` 10.0082 28-Dec-2020 0.0760 10.0794 10.0034 Direct Plan - Fortnightly IDCW ` 10.0067 25-Sep-2020 0.0741 10.0775 10.0034 Direct Plan - Monthly IDCW ` 10.0324 Scheme Statistics Direct Plan - Quarterly IDCW ` 10.0576 Quarterly Dividend (Regular Plan) Unclaimed IDCW Plan Below 3 years ` 10.7740 Monthly AAUM ` 746.46 (` cr) Unclaimed Redemption Plan Below 3 years ` 10.5759 Latest AUM (31-May-2021) ` 723.90 (` cr) Record Date Dividend Cum Dividend Ex Dividend per Unit (`) NAV NAV Fund Manager 26-Mar-2021 0.0683 10.0717 10.0034 Quantitative Indicators 28-Dec-2020 0.0730 10.0764 10.0034 Mr. Abhiroop Mukherjee Managing this fund since inception. He has over 10 years of experience. 25-Sep-2020 0.0675 10.0709 10.0034 Average Maturity 37.55 days Pursuant to payment of dividend, NAV per unit will fall to the extent of the YTM 3.23% dividend payout and statutory levy (if applicable). Face value ` 10/-. Past performance may or may not be sustained in future. Macaulay Duration 37.55 days Total Expenses Ratio Modified Duration 36.39 days For Liquid Fund, Macaulay Duration is equal to its Average Direct 0.21% maturity Regular 0.36% (Data As on 31-May-2021) For deployment of unclaimed redemption and dividend amounts, four separate plans are introduced under MOFLF collectively referred to as “Unclaimed Amount Plan(s). For detailed information please refer the Scheme Information Document.

10 Motilal Oswal Nasdaq 100 Fund of Fund (MOFN100FOF) (An open ended fund of fund scheme investing in Motilal Oswal Nasdaq 100 ETF)

Investment Objective Performance (As on 31-May-2021) The investment objective of the Scheme is to seek returns by investing in units of Motilal 1 Year Since Inception Oswal Nasdaq 100 ETF. Current Value of Current Value of CAGR (%) CAGR (%) However, there can be no assurance or Investment of ` 10,000 Investment of ` 10,000 guarantee that the investment objective of the Scheme would be achieved. Scheme 39.7 13,991 34.2 20,891 Category NASDAQ 100 TRI INR 39.9 14,011 34.0 20,808 Domestic Fund of Fund Nifty 50 TRI Benchmark 64.0 16,443 16.8 14,769 NASDAQ-100 Index NAV (`) Per Unit 14.9311 10.0000 (20.8908: as on 31-May-2021) Continuous Offer Date of inception: 29-Nov-2018. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of Minimum Application Amount : ` 500/- and in returns. = The NAV per unit shown in the table is as on the start date of the said period. = Past performance may or may not be sustained in the future. = Performance is for Regular ` Plan Growth option. = Different plans have different expense structure. = Mr. Swapnil Mayekar is the fund manager for equity component since inception. Mr. Abhiroop Mukherjee multiples of 1/- thereafter. is the fund manager for debt component since inception.= The performance of the Schemes managed by Mr. Swapnil Mayekar are on page no. 8, 12, 13, 14, 15, 16, 17, 19 and Additional Application Amount : ` 500/- and in 20. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1, 2,3,4,5, 6, 7,8, 9,10,18, and 22. The scheme has been in existence for less multiples of `1/- thereafter. than 3 years Redemption proceeds SIP Performance (As on 31-May-2021) Normally within 6 Business days from 1 Year Since Inception acceptance of redemption request Entry / Exit Load Scheme Nifty 50 Scheme NASDAQ 100 TRI INR Nifty 50 NASDAQ 100 TRI INR TRI* TRI* Nil Date of Allotment Invested Amount 120,000 3,00,000 29-Nov-2018 Market Value 1,35,781 1,36,861 1,52,228 4,59,570 4,69,361 4,11,355 NAV Returns (CAGR) % 25.4 27.2 53.5 36.6 38.6 26.4 Regular Plan Growth Option : ` 20.8908 * Also represents additional benchmark Direct Plan Growth Option For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past : ` 21.1013 performance may or may not be sustained in the future. Scheme Statistics Portfolio Sector Monthly AAUM ` 2517.07 (` cr) Latest AUM (31-May-2021) ` 2601.65 (` cr) Company % to Net Assets Particular % to Net Assets Fund Manager NASDAQ ETF 97.5 Investment Funds/Mutual Funds 97.5 Mr. Swapnil Mayekar Managing this fund since 26-July-2019. He has 10 TREPS / Reverse Repo Investments 2.8 Cash & Equivalent 2.5 years of rich experience. Cash & Cash Equivalent -0.3 (Data As on 31-May-2021) For Debt Component since Inception Mr. Abhiroop Mukherjee (Data As on 31-May-2021) Total Expenses Ratio Direct 0.10% Regular 0.50%

Note :- Investors are requested to note that they will be bearing the recurring expenses of the fund of funds (FoF) scheme, in addition to the expenses of underlying scheme (0.56% + GST of Motilal Oswal NASDAQ 100 ETF) in which the fund of funds scheme makes investments.

11 Motilal Oswal Nifty 500 Fund (MOFNIFTY500) (An open ended scheme replicating / tracking Nifty 500 Index)

Investment Objective Performance (As on 31-May-2021) The Scheme seeks investment return that corresponds to the performance of Nifty 500 1 Year Since Inception Index subject to tracking error. Current Value of Current Value of CAGR (%) CAGR (%) However, there can be no assurance or Investment of ` 10,000 Investment of ` 10,000 guarantee that the investment objective of the Scheme would be achieved. Scheme 67.2 16,765 25.0 14,729 Category Benchmark Nifty 500 TRI 70.3 17,076 26.7 15,069 Index Fund Nifty 500 Index TRI Nifty 50 TRI 64.0 16,443 23.8 14,481 Continuous Offer Minimum Application Amount: Rs 500/- and in multiples NAV (`) Per Unit 8.7857 10.0000 of Rs 1/- thereafter. (14.7291: as on 31-May-2021) Additional Application Amount: Rs 500/- and in multiples of Rs 1/- thereafter. Date of inception: 6-Sep-2019. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. = The NAV per unit shown in the table is as on the start date of the said period. = Past performance may or may not be sustained in the future. = Performance is for Regular Plan Growth option. = Different plans have different expense structure. = Mr. Swapnil Mayekar is the Fund Manager since inception. = The performance of the Schemes managed by Entry / Exit Load him are on page no. 8, 11, 13, 14, 15, 16, 17, 19 and 20.=The scheme has been in existence for less than 3 years Entry Load: Nil Exit Load: For subscription from 7th August, 2020: 1%- If redeemed on or before 15 days from the date of allotment. SIP Performance (As on 31-May-2021) Nil- If redeemed after 15 days from the date of allotment. For subscription before 7th August, 2020:1%- If redeemed on 1 Year Since Inception or before 3 months from the date of allotment. Nil- If redeemed after 3 months from the date of allotment. Scheme Nifty 50 Scheme Nifty 500 TRI Nifty 50 TRI Nifty 500 TRI TRI Date of Allotment 6-Sep-2019 Invested Amount 120,000 2,00,000 NAV Market Value 1,54,672 1,56,206 1,52,228 2,73,789 2,77,713 2,69,396 Regular Plan Growth Option : ` 14.7291 57.9 60.6 53.5 41.2 43.3 38.8 Direct Plan Growth Option : ` 14.8963 Returns (CAGR) % * Also represents additional benchmark Scheme Statistics For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past Monthly AAUM ` 149.13 (` cr) performance may or may not be sustained in the future. For rolling returns refer page no.19 Latest AUM (31-May-2021) ` 160.61 (` cr) Portfolio Turnover Ratio 0.1 Top 10 Holdings Fund Manager Mr. Swapnil Mayekar Sr. No. Scrip Weightage (%) Swapnil has managed this fund since inception. Swapnil has over 11 years of experience in the 1 Limited 7.0% fund management and product development. 2 HDFC Bank Limited 6.6% 3 Infosys Limited 5.2% Total Expenses Ratio 4 Housing Development Finance Corporation Limited 4.6% Direct 0.38% 5 ICICI Bank Limited 4.6% Regular 1.03% 6 Tata Consultancy Services Limited 3.3% 7 Kotak Mahindra Bank Limited 2.7% 8 Hindustan Unilever Limited 2.1% 9 ITC Limited 1.9% 10 Axis Bank Limited 1.9%

(Data As on 31-May-2021) Top 10 Industry Allocation (Equity)

Banks 19.6%

Software 12.5%

Consumer Non Durables 9.5%

Finance 9.0%

Petroleum Products 8.0%

Pharmaceuticals 5.0%

Auto 4.1%

Cement & Cement Products 2.6%

Power 2.5%

Insurance 2.5%

Cash & Equivalent 0.1%

(Data As on 31-May-2021) Industry classification as recommended by AMFI

12 Motilal Oswal Nifty Midcap 150 Index Fund (MOFMIDCAP) (An open ended scheme replicating / tracking Nifty Midcap 150 Index)

Performance (As on 31-May-2021) Investment Objective The Scheme seeks investment return that corresponds 1 Year Since Inception to the performance of Nifty Midcap 150 Index subject to tracking error. Current Value of Current Value of CAGR (%) CAGR (%) However, there can be no assurance or guarantee that Investment of ` 10,000 Investment of ` 10,000 the investment objective of the Scheme would be achieved. Scheme 88.8 18,948 35.8 17,007 Category Nifty Midcap 150 TRI 93.1 19,384 37.1 17,292 Index Fund Nifty 50 TRI Benchmark 64.0 16,443 23.8 14,481 Nifty Midcap 150 Index TRI NAV (`) Per Unit 8.9757 10.0000 (17.0069: as on 31-May-2021) Continuous Offer Date of inception: 6-Sep-2019. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Minimum Application Amount: Rs 500/- and in multiples = = = of Rs 1/- thereafter. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth option. = Different plans have different expense structure. = Mr. Swapnil Mayekar is the Fund Manager since inception. = The performance of the Schemes managed by Additional Application Amount: Rs 500/- and in him are on page no. 8, 11, 12, 14, 15, 16, 17, 19 and 20.=The scheme has been in existence for less than 3 years multiples of Rs 1/- thereafter. Entry / Exit Load SIP Performance (As on 31-May-2021) Entry Load: Nil Exit Load: For subscription from 7th August, 2020: 1%- If 1 Year Since Inception redeemed on or before 15 days from the date of allotment. Nil- If redeemed after 15 days from the date of allotment. Scheme Nifty 50 Scheme Nifty Midcap 150 TRI Nifty 50 TRI For subscription before 7th August, 2020:1%- If redeemed on Nifty Midcap 150 TRI TRI or before 3 months from the date of allotment. Nil- If redeemed after 3 months from the date of allotment. Invested Amount Date of Allotment 120,000 2,00,000 6-Sep-2019 Market Value 1,65,161 1,67,332 1,52,228 2,99,733 3,03,969 2,69,396

NAV Returns (CAGR) % 76.8 80.8 53.5 55.2 57.4 38.8 Regular Growth Plan : ` 17.0069 Direct Growth Plan : ` 17.2022 * Also represents additional benchmark For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past Scheme Statistics performance may or may not be sustained in the future. For rolling returns refer page no.19 Monthly AAUM `198.12(`cr) Latest AUM (31-May-2021) ` 231.43 (` cr) Top 10 Holdings Portfolio Turnover Ratio 1.1 Fund Manager Sr. No. Scrip Weightage (%) Mr. Swapnil Mayekar 1 Adani Total Gas Limited 2.5% Swapnil has managed this fund since inception. 2 Shriram Transport Finance Company Limited 1.8% Swapnil has over 11 years of experience in the fund management and product development. 3 Voltas Limited 1.6% 4 Cholamandalam Investment and Finance Company Limited 1.5% Total Expenses Ratio 5 PI Industries Limited 1.4% Direct 0.20% 6 AU Small Finance Bank Limited 1.4% Regular 1.00% 7 Crompton Greaves Consumer Electricals Limited 1.4% 8 Laurus Labs Limited 1.4% 9 Max Financial Services Limited 1.3% 10 Zee Entertainment Enterprises Limited 1.3%

(Data As on 31-May-2021)

Top 10 Industry Allocation (Equity)

Finance 12.1% Banks 7.1% Consumer Durables 6.7% Pharmaceuticals 6.6% Chemicals 6.3% Industrial Products 5.6% Software 5.4% Auto Ancillaries 4.8% Gas 4.2% Consumer Non Durables 3.9% Cash & Equivalent 0.7%

(Data As on 31-May-2021) Industry classification as recommended by AMFI

13 Motilal Oswal Nifty Smallcap 250 Index Fund (MOFSMALLCAP) (An open ended scheme replicating / tracking Nifty Smallcap 250 Index)

Investment Objective Performance (As on 31-May-2021) The Scheme seeks investment return that 1 Year Since Inception corresponds to the performance of Nifty Smallcap 250 Index subject to tracking error. Current Value of Current Value of CAGR (%) CAGR (%) However, there can be no assurance or Investment of ` 10,000 Investment of ` 10,000 guarantee that the investment objective of Scheme the Scheme would be achieved. 121.0 22,195 38.4 17,577 Category Benchmark Nifty Smallcap 250 TRI 126.8 22,785 40.6 18,056 Index Fund Nifty Smallcap 250 Index TRI Nifty 50 TRI 64.0 16,443 23.8 14,481 Continuous Offer Minimum Application Amount: Rs 500/- and in multiples NAV (`) Per Unit 7.9194 10.0000 of Rs 1/- thereafter. (17.5770: as on 31-May-2021) Additional Application Amount: Rs 500/- and in multiples of Rs 1/- thereafter. Date of inception: 6-Sep-2019. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. = The NAV per unit shown in the table is as on the start date of the said period. = Past performance may or may not be sustained in the future. = Performance is for Regular Plan Growth option. = Different plans have different expense structure. = Mr. Swapnil Mayekar is the Fund Manager since inception. = The performance of the Schemes managed by Entry / Exit Load him are on page no. 8, 11, 12, 13, 15, 16, 17, 19 and 20.=The scheme has been in existence for less than 3 years Entry Load: Nil Exit Load: For subscription from 7th August, 2020: 1%- If redeemed on or before 15 days from the date of allotment. SIP Performance (As on 31-May-2021) Nil- If redeemed after 15 days from the date of allotment. For subscription before 7th August, 2020:1%- If redeemed on 1 Year Since Inception or before 3 months from the date of allotment. Nil- If redeemed after 3 months from the date of allotment. Nifty 50 Scheme Nifty Smallcap 250 TRI Scheme Nifty Smallcap 250 TRI Nifty 50 TRI Date of Allotment TRI 6-Sep-2019 Invested Amount 120,000 2,00,000 NAV Market Value 1,80,062 1,82,697 1,52,228 3,26,178 3,32,148 2,69,396 Regular Growth Plan : ` 17.5770 104.7 109.7 53.5 69.1 72.2 38.8 Direct Growth Plan : ` 17.7780 Returns (CAGR) % * Also represents additional benchmark For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past Scheme Statistics performance may or may not be sustained in the future. For rolling returns refer page no.19 Monthly AAUM ` 145.87 (` cr) Latest AUM (31-May-2021) ` 156.87 (` cr) Top 10 Holdings Portfolio Turnover Ratio 0.9 Sr. No. Scrip Weightage (%) Fund Manager 1 Indian Energy Exchange Limited 1.3% Mr. Swapnil Mayekar Swapnil has managed this fund since inception. 2 Central Depository Services (India) Limited 1.3% Swapnil has over 11 years of experience in the fund management and product development. 3 Kajaria Ceramics Limited 1.2% 4 APL Apollo Tubes Limited 1.2% Total Expenses Ratio 5 Multi Commodity Exchange of India Limited 1.2% Direct 0.30% 6 IDFC Limited 1.2% Regular 1.02% 7 Tanla Platforms Limited 1.1% 8 Cyient Limited 1.0% 9 National Aluminium Company Limited 1.0% 10 Carborundum Universal Limited 1.0% (Data As on 31-May-2021)

Top 10 Industry Allocation (Equity)

Software 9.4%

Industrial Products 8.8%

Chemicals 6.6%

Consumer Durables 6.4%

Finance 6.2%

Pharmaceuticals 6.1%

Consumer Non Durables 6.0%

Capital Markets 5.9%

Transportation 3.6%

Construction 3.5%

Cash & Equivalent 0.4%

(Data As on 31-May-2021) Industry classification as recommended by AMFI

14 Motilal Oswal Nifty Bank Index Fund (MOFNIFTYBANK) (An open ended scheme replicating / tracking Nifty Bank Index)

Investment Objective Performance (As on 31-May-2021) The Scheme seeks investment return that corresponds to the performance of Nifty Bank 1 Year Since Inception Index subject to tracking error. Current Value of Current Value of CAGR (%) CAGR (%) However, there can be no assurance or Investment of ` 10,000 Investment of ` 10,000 guarantee that the investment objective of the Scheme would be achieved. Scheme 80.7 18,132 14.8 12,704

Category Benchmark Nifty Bank TRI 83.5 18,410 16.5 13,040 Index Fund Nifty Bank Index TRI Nifty 50 TRI 64.0 16,443 23.8 14,481 Continuous Offer Minimum Application Amount: Rs 500/- and in multiples NAV (`) Per Unit 7.0067 10.0000 of Rs 1/- thereafter. (12.7043: as on 31-May-2021) Additional Application Amount: Rs 500/- and in multiples of Rs 1/- thereafter. Date of inception: 6-Sep-2019. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. = The NAV per unit shown in the table is as on the start date of the said period. = Past performance may or may not be sustained in the future. = Performance is for Regular Plan Growth option. = Different plans have different expense structure. = Mr. Swapnil Mayekar is the Fund Manager since inception. = The performance of the Schemes managed by Entry / Exit Load him are on page no. 8, 11, 12, 13, 14, 16, 17, 19 and 20.=The scheme has been in existence for less than 3 years Entry Load: Nil Exit Load: For subscription from 7th August, 2020: 1%- If redeemed on or before 15 days from the date of allotment. SIP Performance (As on 31-May-2021) Nil- If redeemed after 15 days from the date of allotment. For subscription before 7th August, 2020:1%- If redeemed on Since Inception or before 3 months from the date of allotment. Nil- If 1 Year redeemed after 3 months from the date of allotment. Scheme Nifty Bank TRI Nifty 50 Scheme Nifty Bank TRI Nifty 50 Date of Allotment TRI TRI 6-Sep-2019 Invested Amount 120,000 2,00,000 NAV Market Value 1,59,849 1,61,515 1,52,228 2,65,627 2,69,463 2,69,396 Regular Plan Growth Option : ` 12.7043 Direct Plan Growth Option : ` 12.8476 Returns (CAGR) % 67.1 70.2 53.5 36.8 38.8 38.8

Scheme Statistics * Also represents additional benchmark Monthly AAUM ` 122.45 (` cr) For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past Latest AUM (31-May-2021) ` 127.25 (` cr) performance may or may not be sustained in the future. For rolling returns refer page no.19 Portfolio Turnover Ratio 0.6 Fund Manager Top 10 Holdings Mr. Swapnil Mayekar Swapnil has managed this fund since inception. Sr. No. Scrip Weightage (%) Swapnil has over 11 years of experience in the 1 HDFC Bank Ltd 27.0 fund management and product development. 2 ICICI Bank Ltd 21.8 Total Expenses Ratio 3 Axis Bank Ltd 13.3 Direct 0.38% 4 State Bank of India 13.1 5 Regular 1.03% Kotak Mahindra Bank Ltd 12.6 6 IndusInd Bank Ltd 4.6 7 AU Small Finance Bank Ltd 1.7 8 Ltd 1.7 9 The Ltd 1.4 10 IDFC First Bank Ltd 1.0 (Data As on 31-May-2021)

Industry Allocation (Equity)

Banks 99.7%

Cash & Equivalent 0.3%

(Data As on 31-May-2021) Industry classification as recommended by AMFI

15 Motilal Oswal Nifty 50 Index Fund (MOFNIFTY50) (An open ended scheme replicating / tracking Nifty 50 Index)

Investment Objective Performance (As on 31-May-2021) The Scheme seeks investment return that corresponds to the performance of Nifty 50 Index subject to tracking error. 1 Year Since Inception However, there can be no assurance or guarantee that Current Value of Current Value of the investment objective of the Scheme would be CAGR (%) CAGR (%) achieved. Investment of ` 10,000 Investment of ` 10,000 Category Benchmark Scheme 62.5 16,293 18.9 12,825 Index Fund Nifty 50 Index TRI Nifty 50 TR 64.0 16,443 19.4 12,902 Continuous Offer Minimum Application Amount: Rs 500/- and in multiples S&P BSE SENSEX TR 61.7 16,209 17.9 12,672 of Rs 1/- thereafter. Additional Application Amount: Rs 500/- and in NAV (`) Per Unit 7.8712 10.0000 multiples of Rs 1/- thereafter. (12.8247: as on 31-May-2021) Entry / Exit Load Date of inception: 23-Dec-2019. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. = The NAV per unit shown in the table is as on the start date of the said period. = Past performance may or may not be sustained in the future. = Performance is for Regular Entry Load: Nil Plan Growth option. = Different plans have different expense structure. = Mr. Swapnil Mayekar is the Fund Manager since inception. = The performance of the Schemes Exit Load: For subscription from 7th August, 2020: 1%- If managed by him are on page no. 8, 11, 12, 13, 14, 15, 17, 19 and 20.=The scheme has been in existence for less than 3 years redeemed on or before 15 days from the date of allotment. Nil- If redeemed after 15 days from the date of allotment. For subscription before 7th August, 2020:1%- If redeemed on (As on 31-May-2021) or before 3 months from the date of allotment. Nil- If SIP Performance redeemed after 3 months from the date of allotment. 1 Year Since Inception Date of Allotment 23-Dec-2019 Scheme Nifty 50 TRI S&P Scheme Nifty 50 TRI S&P Sensex Sensex TRI TRI NAV Regular Plan Growth Option : ` 12.8247 Invested Amount 120,000 1,70,000 Direct Plan Growth Option : ` 12.9033 1,51,402 1,52,228 1,49,650 2,27,571 2,29,002 2,24,686 Scheme Statistics Market Value 52.1 53.5 49.0 45.6 46.7 43.3 Monthly AAUM ` 69.23 (` cr) Returns (CAGR) % Latest AUM (31-May-2021) ` 72.99 (` cr) * Also represents additional benchmark Portfolio Turnover Ratio For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past 0.2 performance may or may not be sustained in the future. For rolling returns refer page no.19 Fund Manager Mr. Swapnil Mayekar Swapnil has managed this fund since inception. Top 10 Holdings Swapnil has over 11 years of experience in the fund management and product development. Sr. No. Scrip Weightage (%) Total Expenses Ratio 1 Reliance Industries Limited 10.3% Direct 0.10% 2 HDFC Bank Limited 9.8% Regular 0.50% 3 Infosys Limited 7.6% 4 Housing Development Finance Corporation Limited 6.8% 5 ICICI Bank Limited 6.8% 6 Tata Consultancy Services Limited 4.8% 7 Kotak Mahindra Bank Limited 3.9% 8 Hindustan Unilever Limited 3.1% 9 ITC Limited 2.8% 10 Axis Bank Limited 2.8% (Data As on 31-May-2021) Top 10 Industry Allocation (Equity)

Banks 26.5% Software 16.1% Petroleum Products 11.4% Consumer Non Durables 10.0% Finance 9.0% Auto 5.3% Pharmaceuticals 3.5% Construction Project 2.6% Cement & Cement Products 2.5% Insurance 2.4% Cash & Equivalent 0.3%

(Data As on 31-May-2021) Industry classification as recommended by AMFI

16 Motilal Oswal Nifty Next 50 Index Fund (MOFNEXT50) (An open ended scheme replicating / tracking Nifty Next 50 Index)

Investment Objective Performance (As on 31-May-2021) The Scheme seeks investment return that corresponds Since Inception to the performance of Nifty Next 50 Index subject to 1 Year tracking error. Current Value of Current Value of CAGR (%) CAGR (%) However, there can be no assurance or guarantee that Investment of ` 10,000 Investment of ` 10,000 the investment objective of the Scheme would be achieved. Scheme 54.0 15,432 20.6 13,095 Category Benchmark Index Fund Nifty Next 50 Index TRI Nifty Next 50 TR 57.5 15,785 22.8 13,433 Continuous Offer Nifty 50 TR 64.0 16,443 19.4 12,902 Minimum Application Amount: Rs 500/- and in multiples of Rs 1/- thereafter. NAV (`) Per Unit Additional Application Amount: Rs 500/- and in 8.4853 10.0000 multiples of Rs 1/- thereafter. (13.0947 on 31-May-2021) Entry / Exit Load Date of inception: 23-Dec-2019. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. = The NAV per unit shown in the table is as on the start date of the said period. = Past performance may or may not be sustained in the future. = Performance is for Regular Entry Load: Nil Plan Growth option. = Different plans have different expense structure. = Mr. Swapnil Mayekar is the Fund Manager since inception. = The performance of the Schemes Exit Load: For subscription from 7th August, 2020: 1%- If managed by him are on page no. 8, 11, 12, 13, 14, 15, 16, 19 and 20.=The scheme has been in existence for less than 3 years redeemed on or before 15 days from the date of allotment. Nil- If redeemed after 15 days from the date of allotment. For subscription before 7th August, 2020:1%- If redeemed on SIP Performance (As on 31-May-2021) or before 3 months from the date of allotment. Nil- If redeemed after 3 months from the date of allotment. 1 Year Since Inception Date of Allotment 23-Dec-2019 Scheme Nifty Next 50 TRI Nifty Scheme Nifty Next Nifty 50 50 TRI 50 TRI TRI NAV Regular Plan Growth Option : ` 13.0947 Invested Amount 120,000 1,70,000 Direct Plan Growth Option : ` 13.2216 Scheme Statistics Market Value 1,52,322 1,54,058 1,52,228 2,26,995 2,30,627 2,29,002 53.7 56.8 53.5 45.1 48.0 46.7 Monthly AAUM ` 67.41 (` cr) Returns (CAGR) % Latest AUM (31-May-2021) ` 70.76 (` cr) Portfolio Turnover Ratio 0.4 Top 10 Holdings Fund Manager Mr. Swapnil Mayekar Sr. No. Scrip Weightage (%) Swapnil has managed this fund since inception. 1 4.2% Swapnil has over 11 years of experience in the fund management and product development. 2 Limited 3.7% 3 Avenue Supermarts Limited 3.4% Total Expenses Ratio 4 Adani Enterprises Limited 3.3% Direct 0.30% 5 (India) Limited 3.0% Regular 0.95% 6 Limited 3.0% 7 Limited 2.9% 8 ICICI Lombard General Insurance Company Limited 2.9% 9 Enterprise Limited 2.9% 10 Limited 2.9% (Data As on 31-May-2021) Top 10 Industry Allocation (Equity)

Consumer Non Durables 15.6% Pharmaceuticals 11.2% Power 6.7% Retailing 6.4% Gas 5.9% Finance 5.7% Auto Ancillaries 5.4% Insurance 4.9% Minerals/Mining 4.8% Non - Ferrous Metals 4.2% Cash & Equivalent -0.2%

(Data As on 31-May-2021) Industry classification as recommended by AMFI

17 Motilal Oswal S&P 500 Index Fund (MOFSP500) (An open ended scheme replicating / tracking S&P 500 Index)

Investment Objective Performance (As on 31-May-2021) The Scheme seeks investment return that 1 Year Since Inception corresponds to the performance of S&P 500 Index subject to tracking error. Current Value of Current Value of CAGR (%) CAGR (%) However, there can be no assurance or Investment of ` 10,000 Investment of ` 10,000 guarantee that the investment objective of Scheme 31.5 13,172 33.6 13,713 the Scheme would be achieved. Category S&P 500 TR Index (INR) 35.1 13,536 37.1 14,112 Index Fund Nifty 50 TR 64.0 16,443 61.0 16,810 Benchmark S&P 500 Index TRI NAV (`) Per Unit 10.4110 10.0000 (13.7134 on 31-May-2021) Continuous Offer Date of inception: 28-Apr-2020. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Minimum Application Amount: Rs 500/- and in = The NAV per unit shown in the table is as on the start date of the said period. = Past performance may or may not be sustained in the future. = Performance is for Regular Plan Growth option. = Different plans have different expense structure. = Mr. Herin Visaria & Mr. Abhiroop Mukherjee is the Fund Manager since inception. = The performance of the Schemes multiples of Rs 1/- thereafter. managed by him are on page no. 8, 11, 12, 13, 14, 15, 16, 19 and 20.=The scheme has been in existence for less than 3 years Additional Application Amount: ` 500/- and in multiples of ` 1/- thereafter.

Redemption proceeds Normally within 4 Business days from acceptance of redemption request.

Entry / Exit Load Entry Load: Nil Exit Load: For subscription from 7th August, 2020: 1%- If redeemed on or before 15 days from the date of allotment. Nil- If redeemed after 15 days from the date of allotment. Top 10 Holdings For subscription before 7th August, 2020:1%- If redeemed on or before 3 months from the date of allotment. Nil- If redeemed after 3 months from the date of allotment. Sr. No. Scrip Weightage (%)

Date of Allotment 1 Apple Inc 5.4% 28-Apr-2020 2 Microsoft Corp 5.1% NAV 3 Amazon Com Inc 3.8% Regular Plan Growth Option : ` 13.7134 4 Facebook Inc 2.2% Direct Plan Growth Option : ` 13.8188 5 Alphabet Inc A 1.9% Scheme Statistics 6 Alphabet Inc 1.9% Monthly AAUM ` 1330.45 (` cr) Latest AUM (31-May-2021) ` 1384.62 (`cr) 7 Berkshire Hathaway Inc 1.5% Portfolio Turnover Ratio 0.02 8 JP Morgan Chase & Co 1.4% Fund and Co-Fund Manager 9 Tesla Inc 1.3% Mr. Herin Visaria Johnson & Johnson Managing this fund since 28-April-2020 10 1.2% He has 11 years of rich experience. (Data As on 31-May-2021) For Debt Component since Inception Top 10 Industry Allocation Mr. Abhiroop Mukherjee

Total Expenses Ratio Software 8.3% Direct 0.49% Regular 1.11% Interactive Media & Services 6.1% Technology Hardware, Storage & Peripherals 5.7%

Semiconductors & Semiconductor 5.1%

IT Services 5.0%

Banks 4.5%

Internet & Direct Marketing Retail 4.3%

Pharmaceuticals 3.6%

Specialty Retail 3.5%

Health Care Equipment & Services 3.4%

Cash & Equivalent 1.3%

(Data As on 31-May-2021) Industry classification as recommended by AMFI

18 Motilal Oswal M50 ETF (MOFM50) (An open ended scheme replicating/tracking Nifty 50 Index)

Investment Objective Performance (As on 31-May-2021) The Scheme seeks investment return that corresponds (before fees and expenses) 1 Year 3 Year 5 Year 7 Year Since Inception generally to the performance of the Nifty 50 Current Value Current Value Current Value Current Value Current Value Index (Underlying Index), subject to tracking CAGR CAGR CAGR CAGR CAGR (%) of Investment (%) of Investment (%) of Investment of Investment of Investment error. However, there can be no assurance or of ` 10,000 of ` 10,000 of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 guarantee that the investment objective of 63.5 16,394 14.2 14,900 14.4 19,587 11.3 21,236 10.0 28,132 the Scheme would be achieved. Scheme Catagory Nifty 50 TRI 64.0 16,443 14.6 15,053 15.3 20,355 13.0 23,526 11.6 32,900 ETF (Benchmark) S&P BSE Sensex TRI 61.7 16,209 15.0 15,230 15.7 20,721 13.0 23,528 11.8 33,539 Benchmark (Additional Benchmark) Nifty 50 TRI NAV Per Unit (153.6593: as on 31-May-2021) 93.7306 103.1266 78.4511 72.3575 54.6210

Continuous Offer Date of inception: 28-Jul-10. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation On NSE: Investors can buy/sell units of the of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Growth option.=This scheme is currently managed by Mr. Swapnil Mayekar. = He has been managing this fund since 26-July-2019. = The performance of the Schemes Scheme in round lot of 1 unit and in multiples managed by him are on page no. 8,11,12,13,14,15,16,17 and 20. thereof. Directly with the Mutual Fund: Investors can Top 10 Industry Allocation buy/sell units of the Scheme only in creation unit size i.e. 25,000 units and in multiples thereof. Banks 26.4% Redemption proceeds Software 16.0% Petroleum Products 11.3% Normally within 3 Business days from acceptance of redemption request. Consumer Non Durables 10.0% Entry / Exit Load Finance 9.0% Entry Load: Nil Exit Load : Nil Auto 5.3% Date of Allotment Pharmaceuticals 3.5% 28-Jul-2010 Construction Project 2.6% NAV Cement & Cement Products 2.5% Insurance 2.4% Growth Option : ` 153.6593 Cash & Equivalent 0.8% Scheme Statistics (Data As on 31-May-2021) Industry classification as recommended by AMFI Monthly AAUM ` 24.41 (` cr) Latest AUM (31-May-2021) ` 24.96 (` cr) Top 10 Holdings Beta 1.0 Portfolio Turnover Ratio 0.1 Sr. No. Scrip Weightage (%) Tracking Error* 0.2% (Annualised) Standard Deviation 21.8% (Annualised) 1 Reliance Industries Limited 10.3% Sharpe Ratio# 0.5 (Annualised) 2 HDFC Bank Limited 9.7% *Against the benchmark Nifty 50 Index. # Risk free returns based on last overnight MIBOR cut-off of 3.39% 3 Infosys Limited 7.6% (Data As on 31-May-2021) 4 Housing Development Finance Corporation Limited 6.8% Fund Manager 5 ICICI Bank Limited 6.7% Mr. Swapnil Mayekar 6 Tata Consultancy Services Limited 4.8% Managing this fund since 26-July-2019 He has Kotak Mahindra Bank Limited 10 years of rich experience. 7 3.9% 8 Hindustan Unilever Limited 3.1% Total Expenses Ratio 9 ITC Limited 2.8% Regular 0.05% 10 Axis Bank Limited 2.8% (Data As on 31-May-2021)

NSE & BSE Symbol M50 ISIN Code INF247L01536

Bloomberg Code MOSTM50 Entry Load NIL

Reuters Code M50.NS Exit Load NIL

19 Motilal Oswal Midcap 100 ETF (MOFM100) (An open ended scheme replicating/tracking Nifty Midcap 100 Index)

Investment Objective Performance (As on 31-May-2021) The Scheme seeks investment return that corresponds (before fees and expenses) to the 1 Year 3 Year 5 Year 7 Year Since Inception performance of Nifty Midcap 100 Index Current Value Current Value Current Value Current Value Current Value (Underlying Index), subject to tracking error. CAGR CAGR CAGR CAGR CAGR (%) of Investment (%) of Investment (%) of Investment of Investment of Investment However, there can be no assurance or of ` 10,000 of ` 10,000 of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 guarantee that the investment objective of 92.1 19,280 11.4 13,846 14.2 19,433 14.4 25,631 12.6 34,037 the Scheme would be achieved. Scheme Catagory Nifty Midcap 95.1 19,578 12.0 14,035 15.3 20,420 15.5 27,400 13.4 36,840 ETF 100 TRI (Benchmark) Benchmark Nifty 50 TRI 64.0 16,443 14.6 15,053 15.3 20,355 13.0 23,526 12.0 32,129 (Additional Benchmark) Nifty Midcap 100 TRI NAV Per Unit (26.9655: as on 31-May-2021) 13.9861 19.4757 13.8764 10.5207 7.9225 Continuous Offer Date of inception: 31-Jan-11. = Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for On NSE/BSE: Investors can buy/sell units of the computation of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Scheme in round lot of 1 unit and in multiples Performance is for Growth option. = This scheme is currently managed by Mr. Swapnil Mayekar. = He has been managing this fund since 26-July-2019. = The performance of the Schemes managed by him are on page no. 8, 11, 12, 13, 14, 15, 16, 17 and 19. thereof. Directly with the Mutual Fund: Investors can Top 10 Industry Allocation buy/sell units of the Scheme only in creation unit size i.e. 1,25,000 units and in multiples Finance 11.6% thereafter. Banks 9.0% Redemption proceeds Consumer Durables 7.0% Normally within 3 Business days from acceptance of redemption request. Pharmaceuticals 7.0% Entry / Exit Load Chemicals 6.2% Entry Load: Nil Gas 5.4% Exit Load : Nil Software 5.2% Date of Allotment Auto Ancillaries 4.0% 31-Jan-2011 Auto 3.4% NAV Retailing 3.2% Growth Option : ` 26.9655 Cash & Equivalent 0.2%

Scheme Statistics (Data As on 31-May-2021) Industry classification as recommended by AMFI Monthly AAUM ` 60.99 (` cr) Latest AUM (31-May-2021) ` 63.45 (` cr) Top 10 Holdings Beta 1.0 Portfolio Turnover Ratio 0.7 Sr. No. Security Weightage% Tracking Error* 0.5% (Annualised) 1 Adani Total Gas Limited 3.3% Standard Deviation 27.7% (Annualised) 2 Shriram Transport Finance Company Limited 2.4% Sharpe Ratio# 0.3 (Annualised) 3 Voltas Limited 2.1% *Against the benchmark Nifty Midcap 100 Index. # Risk free returns based on last overnight MIBOR cut-off of 3.39% 4 Cholamandalam Investment and Finance Company Limited 1.9% (Data As on 31-May-2021) 5 PI Industries Limited 1.9% Fund Manager 6 AU Small Finance Bank Limited 1.9% Mr. Swapnil Mayekar 7 Crompton Greaves Consumer Electricals Limited 1.8% Managing this fund since 26-July-2019 He has 8 Laurus Labs Limited 1.8% 10 years of rich experience. 9 Max Financial Services Limited 1.7% Total Expenses Ratio 10 Zee Entertainment Enterprises Limited 1.7% Regular 0.20% (Data As on 31-May-2021)

NSE & BSE Symbol M100 ISIN Code INF247L01023

Bloomberg Code MOST100 Entry Load NIL

Reuters Code M100.NS Exit Load NIL

20 Motilal Oswal Nasdaq 100 ETF (MOFN100) (An open ended scheme replicating/tracking NASDAQ-100 Index)

Investment Objective Performance (As on 31-May-2021) The Scheme seeks investment return that corresponds (before fees and expenses) 1 Year 3 Year 5 Year 7 Year Since Inception generally to the performance of the NASDAQ- Current Value Current Value Current Value Current Value Current Value 100 Index, subject to tracking error. However, CAGR CAGR CAGR CAGR CAGR (%) of Investment (%) of Investment (%) of Investment of Investment of Investment there can be no assurance or guarantee that of ` 10,000 of ` 10,000 of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 the investment objective of the Scheme would 38.8 13,905 28.1 21,041 26.3 32,161 23.6 44,046 24.6 93,932 be achieved. Scheme Catagory NASDAQ 100 TRI INR 39.9 14,011 29.4 21,700 28.1 34,452 25.3 48,551 26.3 1,08,046 ETF (Benchmark) Benchmark Nifty 50 TRI (Additional 64.0 16,443 14.6 15,053 15.3 20,355 13.0 23,526 11.7 30,815 Benchmark) NASDAQ - 100 TRI NAV Per Unit (969.7167: as on 31-May-2021) 697.3727 460.8670 301.5164 220.1588 103.2365 Continuous Offer Date of inception: 29-Mar-11. = Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for On NSE / BSE: Investors can buy/sell units of computation of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future.Performance is for Growth option. =This scheme is currently managed by Mr. Herin Visaria. = He has been managing this fund since 26-July-2019. = The the Scheme in round lot of 1 unit and in performance of the Schemes managed by him are on page no. 3,8 and 18. multiples thereof. Directly with the Mutual Fund: Investors can Top 10 Industry Allocation buy/sell units of the Scheme only in creation unit size i.e. 25,000 units and in multiples thereafter. Software & Services 32.8% Redemption Proceeds Semiconductors & Semiconductor 14.0%

Normally within 4 Business days from Technology Hardware & Equipment 13.6% acceptance of redemption request. Entry / Exit Load Retailing 12.6% Entry Load: Nil Pharmaceuticals Biotechnology 4.6% Exit Load : Nil Media Date of Allotment 4.3% 29-Mar-2011 Automobiles & Components 3.8% NAV Food Beverage & Tobacco 3.1% Growth Option : ` 969.7167 Food & Staples Retailing 2.1% Scheme Statistics Health Care Equipment & Services 2.0% Monthly AAUM ` 3641.97 (` cr) Cash & Equivalent 0.0% Latest AUM (31-May-2021) ` 3785.63 (` cr) Beta 1.0 (Data As on 31-May-2021) Industry Classification is as per Global Industry Classification Standard (GICS) Portfolio Turnover Ratio 0.1 Tracking Error* 0.2% (Annualised) Top 10 Holdings Standard Deviation 19.4% (Annualised) Sharpe Ratio# 1.3 (Annualised) Sr. No. Scrip Weightage (%) *Against the benchmark NASDAQ-100 Index. # Risk free returns based on last overnight MIBOR cut-off of 3.39% 1 (Data As on 31-May-2021). Apple Inc 10.7% 2 Microsoft Corp 9.6% Fund Manager 3 Amazon Com Inc 8.3% Mr. Herin Visaria Managing this fund since 26-July-2019 4 Alphabet Inc 4.1% He has 11 years of rich experience. 5 Facebook Inc 4.0% Total Expenses Ratio 6 Tesla Inc 3.8% Regular 0.56% 7 Alphabet Inc A 3.6% 8 Nvidia Corp Com 3.1% 9 Paypal Holdings Inc 2.4% 10 Comcast Corp - Class A 2.0% (Data As on 31-May-2021)

NSE & BSE Symbol N100 ISIN Code INF247L01031

Bloomberg Code MOSTNDX Entry Load NIL

Reuters Code N100.NS or N100.BO Exit Load NIL

21 Motilal Oswal 5 Year G - Sec ETF (MOFGSEC) (An open ended scheme replicating/tracking Nifty 5 yr Benchmark G-Sec Index)

Investment Objective Portfolio Sector The Scheme seeks investment return that closely corresponds (before fees and expenses) total returns of the securities as Company % to Net Assets Particular % to Net Assets represented by the Nifty 5 yr Benchmark G- Sec Index (Underlying Index), subject to Government of India 98.1 Sovereign 98.1 tracking error. CBLO/TREPS / Reverse Repo Investments 1.2 Cash & Equivalent 1.9 However, there can be no assurance or guarantee that the investment objective of Cash & Cash Equivalent 0.7 (Data As on 31-May-2021) the Scheme would be achieved. Category (Data As on 31-May-2021) ETF NSE & BSE Symbol G5 ISIN Code INF247L01AK4 Benchmark Nifty 5 yr Benchmark G-sec Index Bloomberg Code MOT5YGS Entry Load NIL Continuous Offer Reuters Code G5.NS Exit Load NIL On NSE/BSE- Investors can buy/sell units of the scheme in round lot of 1 unit and multiples thereof. Directly with Mutual Fund- Investors can buy/sell units of the Scheme only in creation unit size i.e. 20,000 units and in multiples thereof. Entry / Exit Load Entry Load: Nil Exit Load : Nil Date of Allotment 10-December-2020 NAV Regular Plan Growth Option : ` 48.2974 Scheme Statistics Monthly AAUM ` 32.82 (` cr) Latest AUM (31-May-2021) ` 33.86 (` cr) Fund Manager Mr. Abhiroop Mukherjee Managing this fund since inception. He has overall 10 years of experience Total Expenses Ratio Regular 0.18%

22 Motilal Oswal Asset Allocation Passive Fund of Fund - Aggressive (MOFAAPFOF-A) (An open ended fund of funds scheme investing in passive funds)

Investment Objective Portfolio To generate long term growth/capital appreciation by offering asset allocation investment solution that predominantly Company % to Net Assets invests in passive funds such as ETF/Index Funds of equity and equity related Exchange Traded Funds instruments (domestic as well as Motilal Oswal 5 Year G-sec ETF-Growth 18.88 international), fixed income and Gold. However, there can be no assurance or ICICI Prudential Gold ETF 9.84 guarantee that the investment objective of Total 28.72 the scheme would be achieved Mutual Fund Units Category Fund of Funds Motilal Oswal Nifty 500 Fund - Direct Plan 48.92 Benchmark Motilal Oswal S&P 500 Index Fund Direct Plan Growth 19.73 50% Nifty 500 TRI + 20% S&P 500 TRI Total 68.65 (INR) + 10% Domestic Price of Gold + Net Receivables / (Payables) 2.63 20% Nifty 5 Yr Benchmark G-Sec Index Grand Total 100.00 Continuous Offer (Data As on 31-May-2021) Minimum Application Amount: Lumpsum and SIP- Rs 500/- and in multiples of Re 1/- thereafter. Additional Application Amount: Lumpsum and SIP- Rs 500/- and in multiples of Sector/Rating Re 1/- thereafter Company % to Net Assets Date of Allotment 12-March-2021 INVESTMENT FUNDS/MUTUAL FUNDS 97.4 NAV Cash & Cash Equivalent 2.6 Regular Plan Growth Option : ` 10.5080 (Data As on 31-May-2021) Direct Plan Growth Option : ` 10.5209 Scheme Statistics

Monthly AAUM ` 30.76 (` cr) Latest AUM (31-May-2021) ` 31.92 (` cr) Redemption Proceeds As per SEBI Regulations, the Mutual Fund shall despatch redemption proceeds within 10 Business Days of receiving a valid redemption request. Fund Manager Mr. Swapnil Mayekar (For Equity including overseas Index/ETFs & Gold passive funds) Managing this fund since 12-March-2021 He has 10 years of rich experience. Mr. Abhiroop Mukherjee (Debt) Managing this fund since 12-March-2021 He has 10 years of rich experience. Entry / Exit Load Entry Load: Nil 1%- If redeemed on or before 15 days from the date of allotment. Nil- If redeemed after 15 days from the date of allotment

Total Expenses Ratio Regular 0.59% Direct 0.05%

23 Motilal Oswal Asset Allocation Passive Fund of Fund – Conservative (MOFAAPFOF-C) (An open ended fund of funds scheme investing in passive funds)

Investment Objective Portfolio To generate long term growth/capital appreciation by offering asset allocation investment solution that predominantly Company % to Net Assets invests in passive funds such as ETF/Index Funds of equity and equity related Exchange Traded Funds instruments (domestic as well as Motilal Oswal 5 Year G-sec ETF-Growth 47.87 international), fixed income and Gold. However, there can be no assurance or ICICI Prudential Gold ETF 9.59 guarantee that the investment objective of Total 57.46 the scheme would be achieved Mutual Fund Units Category Fund of Funds Motilal Oswal S&P 500 Index Fund DirectPlan Growth 10.05 Benchmark Motilal Oswal Nifty 500 Fund - Direct Plan 29.79 30% Nifty 500 TRI + 10% S&P 500 TRI Total 39.84 (INR) + 10% Domestic Price of Gold + Net Receivables / (Payables) 2.70 50% Nifty 5 Yr Benchmark G-Sec Index Grand Total 100.00 Continuous Offer (Data As on 31-May-2021) Minimum Application Amount: Lumpsum and SIP- Rs 500/- and in multiples of Re 1/- thereafter. Additional Application Amount: Sector/Rating Lumpsum and SIP- Rs 500/- and in multiples of Re 1/- thereafter Company % to Net Assets Date of Allotment INVESTMENT FUNDS/MUTUAL FUNDS 97.3 12-March-2021 NAV Cash & Cash Equivalent 2.7 Regular Plan Growth Option : ` 10.4248 (Data As on 31-May-2021) Direct Plan Growth Option : ` 10.4389 Scheme Statistics

Monthly AAUM ` 34.92 (` cr) Latest AUM (31-May-2021) ` 36.19 (` cr) Redemption Proceeds As per SEBI Regulations, the Mutual Fund shall despatch redemption proceeds within 10 Business Days of receiving a valid redemption request Fund Manager Mr. Swapnil Mayekar (For Equity including overseas Index/ETFs & Gold passive funds) Managing this fund since 12-March-2021 He has 10 years of rich experience. Mr. Abhiroop Mukherjee (Debt) Managing this fund since 12-March-2021 He has 10 years of rich experience. Entry / Exit Load Entry Load: Nil 1%- If redeemed on or before 15 days from the date of allotment. Nil- If redeemed after 15 days from the date of allotment

Total Expenses Ratio Regular 0.66% Direct 0.05%

24 Rolling Returns

Motilal Oswal Focused 25 Fund Motilal Oswal Midcap 30 Fund

Scheme Nifty 50 TRI Scheme Nifty Midcap 100 TRI 1 Year 3 Year 5 Year 1 Year 3 Year 5 Year 1 Year 3 Year 5 Year 1 Year 3 Year 5 Year (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Minimum -23.0 -3.9 0.2 -32.7 -4.5 -1.0 Minimum -27.7 -9.3 -1.7 -37.3 -12.4 -2.1 Maximum 81.2 24.6 21.2 96.6 18.5 18.8 Maximum 99.5 34.1 19.2 118.3 29.9 18.6 Average 15.9 11.9 11.9 13.7 10.9 11.0 Average 13.3 8.5 8.6 13.4 9.6 9.1 % times negative % times negative returns 22.8 1.3 0.0 18.4 1.4 0.3 returns 27.1 14.6 4.0 31.4 17.4 2.7 % times returns are 64.8 84.4 84.3 64.6 85.7 85.6 % times returns are 52.7 56.1 66.7 56.3 63.0 71.0 in excess of 7% in excess of 7% % times returns are 47.8 27.2 20.7 40.1 14.7 15.5 % times returns are 34.8 21.0 11.7 40.1 28.9 15.0 in excess of 15% in excess of 15% The above table depicts the daily rolling returns for Regular Plan Growth Option on compounded annualized basis The above table depicts the daily rolling returns for Regular Plan Growth Option on compounded annualized basis from inception to 1 year , 3 year & 5 year periods. It provides the maximum, minimum and average returns derived from inception to 1 year, 3 year & 5 year periods. It provides the maximum, minimum and average returns derived for all these time periods. Total number of time periods: 1year-1735; 3years-1243; 5year-750. The above chart is for all these time periods. Total number of time periods: 1year-1544; 3years-1048; 5years-555. The above chart is provided for illustration purpose only. Motilal Oswal AMC does not provide any guarantee/ assurance any provided for illustration purpose only. Motilal Oswal AMC does not provide any guarantee/ assurance any minimum or maximum returns. Past performance may or may not be sustained in future minimum or maximum returns. Past performance may or may not be sustained in future Motilal Oswal Flexi Cap Fund Motilal Oswal Long Term Equity Fund

Scheme Nifty 500 TRI Scheme Nifty 500 TRI 1 Year 3 Year 5 Year 1 Year 3 Year 5 Year 1 Year 3 Year 5 Year 1 Year 3 Year 5 Year (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Minimum -31.7 -8.0 0.6 -33.4 -6.3 -1.1 Minimum -28.3 -5.8 2.6 -33.4 -6.3 -1.1 Maximum 82.5 33.6 21.1 42.6 17.6 14.3 Maximum 81.9 22.3 18.3 100.8 17.4 18.1 Average 14.0 11.7 11.3 6.4 8.2 7.1 Average 12.4 10.1 10.8 11.2 9.6 9.5 % times negative % times negative returns 26.5 13.2 0.0 33.9 22.8 0.6 returns 32.6 18.1 0.0 23.7 6.2 0.9 % times returns are 58.3 70.8 78.2 51.1 69.3 49.6 % times returns are 55.8 69.7 80.4 58.6 76.7 65.8 in excess of 7% in excess of 7% % times returns are 40.5 33.1 18.1 26.9 8.3 0.0 % times returns are 39.4 31.6 18.5 34.4 8.5 20.8 in excess of 15% in excess of 15% The above table depicts the daily rolling returns for Regular Plan Growth Option on compounded annualized basis The above table depicts the daily rolling returns for Regular Plan Growth Option on compounded annualized basis from inception to 1 year, 3 year & 5 year periods. It provides the maximum, minimum and average returns derived from inception to 1 year, 3 year & 5 year period. It provides the maximum, minimum and average returns derived for all these time periods. Total number of time periods: 1year-1503; 3years-1007; 5year-514. The above chart is for all these time periods. Total number of time periods: 1year-1318; 3year-824; 5year-336; The above chart is provided for illustration purpose only. Motilal Oswal AMC does not provide any guarantee/ assurance any provided for illustration purpose only. Motilal Oswal AMC does not provide any guarantee/ assurance any minimum or maximum returns. Past performance may or may not be sustained in future minimum or maximum returns. Past performance may or may not be sustained in future Motilal Oswal Dynamic Fund

Scheme Crisil Hybrid 50+50 Moderate Index 1 Year 3 Year 1 Year 3 Year (%) (%) (%) (%)

Minimum -13.8 -0.5 -12.4 1.5 Maximum 39.8 12.1 49.2 13.2 Average 7.9 6.3 10.4 8.8 % times negative returns 21.4 0.5 6.4 0.0 % times returns are in excess of 7% 53.5 32.3 67.6 76.2 % times returns are 17.9 0.0 20.0 0.0 in excess of 15% The above table depicts the daily rolling returns for Regular Plan Growth Option on compounded annualized basis from inception to 1 year & 3 year periods. It provides the maximum, minimum and average returns derived for all these time periods. Total number of time periods: 1year-903; 3years-412. The above chart is provided for illustration purpose only. Motilal Oswal AMC does not provide any guarantee/ assurance any minimum or maximum returns. Past performance may or may not be sustained in future

25 Assets Under Management AUM REPORT FOR THE QUARTER ENDED (31/03/2021) AUM REPORT FOR THE QUARTER ENDED (31/03/2021) Asset class wise disclosure of AUM & AAUM Disclosure of percentage of AUM by geography ` in Lakhs AUM as on the Average AUM as on % of Total AUM as on Category Geographical Spread last day of the Quarter last day of the Quarter the last day of the Quarter

Liquid Fund/Money Market Fund/ 75,116.91 89,665.96 Top 5 Cities 68.04 Floater Fund Next 10 Cities 16.16 Gilt Fund/ Glit Fund with 10 year 0.00 0.00 constant duration Next 20 Cities 6.94 Remaining Income/ Debt 8,325.26 6,354.74 Next 75 Cities 5.45 Oriented Schemes Growth/ Equity Oriented Schemes Others 3.41 15,98,551.21 16,11,814.80 (Other than ELSS) Total 100 ELSS Funds 2,04,933.39 2,01,469.07 Hybrid Schemes 1,85,100.90 1,83,763.33 Solution Oriented Schemes 0.00 0.00 Index Funds 1,72,037.55 1,48,394.46 GOLD ETF 0.00 0.00 Other ETF 3,32,283.57 3,04,549.56 Fund of Fund investing overseas 0.00 0.00 Total 25,76,348.78 25,46,011.93

Disclaimer: The information contained herein should not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of Motilal Oswal Asset Management Company Limited (MOAMC). Any information herein contained does not constitute and shall be deemed not to constitute an advice, an offer to sell/purchase or as an invitation or solicitation to do so for any securities. MOAMC shall not be liable for any direct or indirect loss arising from the use of any information contained in this document from time to time. Readers shall be fully responsible/liable for any decision taken on the basis of this document. The information/data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. 26 Product Suitability

Name of the Scheme This product is suitable for investors who are seeking* Riskometer Motilal Oswal • Return by investing in upto 25 companies with long term sustainable competitive advantage and growth Focused 25 Fund (MOF25) potential • Investment in Equity and equity related instruments subject to overall limit of 25 companies Motilal Oswal • Long-term capital growth • Investment in equity and equity related instruments in a maximum of 30 quality mid-cap companies Moder Midcap 30 Fund (MOF30) Highately having long-term competitive advantages and potential for growth Moderate e at High Motilal Oswal • Long-term capital growth Low to Flexi Cap Fund (MOF35) • Investment in a maximum of 35 equity and equity related instruments across sectors and market Moder V capitalization levels ery High Motilal Oswal • Long-term capital growth Low

Long Term Equity Fund (MOFLTE) • Investment predominantly in equity and equity related instruments; Low High

Motilal Oswal • Long term capital appreciation Investors understand that their principal will be Large and Midcap Fund (MOFLM) • Investment predominantly in equity and equity related instruments of large and midcap stocks at Very High risk Motilal Oswal Equity Hybrid • Long-term capital appreciation by generating equity linked returns Fund (MOFEH) • Investment predominantly in equity and equity related instruments;

Motilal Oswal Multi Asset Fund • Long term capital appreciation by investing in a diversified portfolio. Moderat (MOFMAF) ate High ely • Investing in Equity, International Equity Index Funds/ Equity ETFs, Debt and Money Market Instruments Moder e and Gold Exchange Traded Funds High

Low to Moderat

V

ery High Motilal Oswal 5 Year G – Sec • Return that corresponds generally to the performance of the Nifty 5 yr Benchmark G – Sec Index, subject to Low ETF (MOFGSEC) tracking error. • Investment in securities of Nifty 5 yr Benchmark G-Sec Index Low High

Investors understand that their principal will be at Moderate risk

Motilal Oswal • Optimal returns consistent with moderate levels of risk Ultra Short Term Fund • Investment in debt securities and money market securities with Macaulay duration of the portfolio (MOFUSTF) between 3 months and 6 months. Moder e at Highately Moder

High

Low to Motilal Oswal Liquid Fund • Regular income over short term Moderate V (MOFLF) • Investment in money market securities ery High

Low

Low High

Investors understand that their principal will be at Low to Moderate risk

Motilal Oswal • Return that corresponds generally to the performance of the Nifty 50 Index (Underlying Index), subject M50 ETF (MOFM50) to tracking error • Investment in equity securities of Nifty 50 Index Motilal Oswal • Return that corresponds generally to the performance of the Nifty Midcap 100 Index, subject to Midcap 100 ETF (MOFM100) tracking error • Investment in equity securities of Nifty Midcap 100 Index Motilal Oswal • Return that corresponds generally to the performance of the Nasdaq-100 Index, subject to tracking Nasdaq 100 ETF (MOFN100) error • Investment in equity securities of NASDAQ-100 Index Motilal Oswal Nasdaq 100 • Long term capital appreciation Fund of Fund (MOFN100FOF) • Return that corresponds generally to the performance of the Scheme, Motilal Oswal Nasdaq 100 ETF (MOFN100) through investment in units of MOFN100

• Return that corresponds to the performance of Nifty Midcap 150 Index subject to tracking error Moder Motilal Oswal Nifty Midcap 150 ate Highately Fund (MOFMIDCAP) • Equity and equity related securities covered by Nifty Midcap 150 Index Moder e • Long term capital growth at High Low to Moder

V Motilal Oswal Nifty Smallcap • Return that corresponds to the performance of Nifty Smallcap 250 Index subject to tracking error ery High 250 Index Fund (MOFSMALLCAP) • Equity and equity related securities covered by Nifty Smallcap 250 Index • Long term capital growth Low

Low High Motilal Oswal Nifty 500 Fund • Return that corresponds to the performance of Nify 500 Index subject to tracking error Investors understand that their principal will be (MOFNIFTY500) • Equity and equity related securities covered by Nifty 500 Index at Very High risk • Long term capital growth

Motilal Oswal Nifty Bank Fund • Return that corresponds to the performance of Nifty Bank Index subject to tracking error (MOFNIFTYBANK) • Equity and equity related securities covered by Nifty Bank Index • Long term capital growth

Motilal Oswal Nifty 50 Index Fund (MOFNIFTY50) • Return that corresponds to the performance of Nifty 50 Index subject to tracking error • Equity and equity related securities covered by Nifty 50 Index • Long term capital growth

Motilal Oswal Nifty Next 50 Index • Return that corresponds to the performance of Nifty Next 50 Index subject to tracking error Fund (MOFNEXT50) • Equity and equity related securities covered by Nifty Next 50 Index • Long term capital growth

Motilal Oswal Asset Allocation • To generate long term growth/capital appreciation by offering asset allocation Passive Fund of Fund – Aggressive • Investment solution that predominantly invests in passive funds such as ETF/Index Funds of equity and equity (MOFAAPFOF-A) related instruments (domestic as well as international), fixed income and Gold.

Moder e at Highately Moder e High Motilal Oswal Dynamic Fund • Long-term capital appreciation Low to (MOFDYNAMIC) • Investment in equity, derivatives and debt instruments Moderat V

ery High

Low

Low High

Investors understand that their principal will be at Moderately High risk RR00004_40112_010

27 Product Suitability

Name of the Scheme This product is suitable for investors who are seeking* Riskometer

Moderat Motilal Oswal S&P 500 Index Fund • Return that corresponds to the performance of S&P 500 High ely (MOFSP500) Index subject to tracking error Moderate High

• Investment in equity securities of S&P 500 Index Low to Moderate

V

ery High

Low

Low High

Investors understand that their principal will be at Very High risk

Moderately Motilal Oswal Asset Allocation • To generate long term growth/capital appreciation with relatively lower volatility by offering asset allocation ate High Passive Fund of Fund - • Investment solution that predominantly invests in passive funds such as ETF/Index Funds of equity and equity Moder Conservative (MOFAAPFOF-C) ate High related instruments (domestic as well as international), fixed income and Gold Low to Moder

V

ery High

Low

Low High

Investors understand that their principal will be at High risk

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

Risk Disclosure and Disclaimer Statutory Details: Constitution: Motilal Oswal Mutual Fund has been set up as a trust under the Indian Trust Act, 1882. Trustee: Motilal Oswal Trustee Company Ltd. Investment Manager: Motilal Oswal Asset Management Company Ltd. Sponsor: *Motilal Oswal Financial Services Ltd. Risk Factors: (1) All Mutual Funds and securities investments are subject to market risks and there can be no assurance that the Scheme's objectives will be achieved (2) As the price / value / interest rates of the securities in which the Scheme invests fluctuates, the Net Asset Value (NAV) of units issued under the Scheme may go up or down depending upon the factors and forces affecting the securities market (3) Past performance of the Sponsor/AMC/Mutual Fund and its affiliates does not indicate the future performance of the Scheme and may not provide a basis of comparison with other investments (4) The name of the Schemes does not in any manner indicate the quality of the Schemes, its future prospects and returns. Investors are therefore urged to study the terms of offer carefully and consult their Investment Advisor before they invest in the Scheme (5) The Sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the Mutual Fund beyond the initial contribution made by it of an amount of Rs. 1 Lac towards setting up of the Mutual Fund (6) The present Schemes are not guaranteed or assured return Schemes. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. NSE Indices Limited Disclaimer: MOFM50 and MOFM100: MOFM50 and MOFM100 offered by Motilal Oswal Asset Management Company Limited (MOAMC) or its affiliates is not sponsored, endorsed, sold or promoted by NSE Indices Limited and its affiliates. NSE Indices Limited and its affiliates do not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) to the owners of MOFM50 and MOFM100 or any member of the public regarding the advisability of investing in securities generally or in the MOFM50 and (MOFM100) linked to Nifty 50 Index and Nifty Midcap 100 Index respectively or particularly in the ability of Nifty 50 Index and Nifty Midcap 100 Index to track general stock market performance in India. Please read the full Disclaimers in relation to the Nifty 50 Index and Nifty Midcap 100 Index in the Scheme Information Document. NASDAQ-100 Disclaimer: MOFN100: NASDAQ®, OMX®, NASDAQ OMX®, NASDAQ-100®, and NASDAQ-100 Index®, are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by MOAMC. MOFN100 (the Product) has not been passed on by the Corporations as to their legality or suitability. The Product are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT. NSE Disclaimer: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Scheme Information Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Scheme Information Document. BSE Disclaimer: It is to be distinctly understood that the permission given by BSE Ltd. should not in any way be deemed or construed that the SID has been cleared or approved by BSE Ltd. nor does it certify the correctness or completeness of any of the contents of the SID. The investors are advised to refer to the SID for the full text of the Disclaimer Clause of the BSE Ltd. *Pursuant to the scheme of amalgamation Motilal Oswal Securities Limited (MOSL) has been merged with Motilal Oswal Financial Services Limited (MOFSL) whereby all the assets and liabilities of MOSL including its business and investments have been transferred to MOFSL w.e.f. August 21, 2018.

28 BUY RIGHT : SIT TIGHT Buying quality companies and riding their growth cycle

At Motilal Oswal Asset Management Company (MOAMC), our investment philosophy and investing style is centered on 'Buy Right: Sit Tight‘ principle. ‘Buy Right' means buying quality companies at a reasonable price and 'Sit Tight' means staying invested in them for a longer time to realise the full growth potential of the stocks.

It is a known fact that good quality companies are in business for decades but views about these companies change every year, every quarter, every month and sometimes every day! While many of you get the first part of identifying good quality stocks, most don’t stay invested for a long enough time. The temptation to book profits at 25% or 50% or even 100% returns in a 1 to 3 year period is so natural that you miss out on the chance of generating substantial wealth that typically happens over the long term; say a 10 year period.

Sit Tight Approach

QGLP Buy and Hold: We are strictly buy and hold ‘Q’uality denotes quality of the business and investors and believe that picking the right management business needs skill and holding onto these ‘G’rowth denotes growth in earnings and businesses to enable our investors to benefit from sustained RoE the entire growth cycle needs even more skill. ‘L’ongevity denotes longevity of the competitive Focus: Our portfolios are high conviction portfolios advantage or economic moat of the with 25 to 30 stocks being our ideal number. We business believe in adequate diversification but over- ‘P’rice denotes our approach of buying a good diversification results in diluting returns for our business for a fair price rather than buying a fair investors and adding market risk

Call: 81086 22222 or 022-4054 8002 Website:www.motilaloswalmf.com