The document describes the NAIST Text-to-Speech system developed for the Blizzard Challenge 2015. The system uses an HMM-based approach with 4 main modules: text processing, speech processing, training, and synthesis. New functions include parameter trajectory smoothing using modulation spectrum analysis in the speech processing module and incorporating modulation spectrum in the synthesis module. Evaluation results show the system ranked highly in naturalness and intelligibility for the Marathi language.