In plain words
Embodiments of Prema! The one who has recognised that the Ātma present in all beings and the Ātma present in himself are one, be he free of attachment or a householder, whether he does karmas or does not, is ever one with God and keeps experiencing Ānanda. Merely by reciting the Vedas and the śāstras, merely by turning the pages of the epics, merely by listening to spiritual talks, the principle of the Ātma does not come into experience. Just as a vast tree lies contained in a small seed, this whole universe lies contained in the Ātma itself, which is as tiny as an atom.
Embodiments of Prema! You are full of Ānanda. But forgetting the Ānanda that is your own true nature, you yearn for Ānanda. When you yourselves are full of Ānanda, what ignorance it is to go searching the world again for Ānanda! The two Vice-Chancellors who spoke a little earlier prayed to Swami to explain the five kośas in detail. What are these five kośas? The body is the Annamaya kośa, physical and made of Prakṛti. Because this gross body is made up of the organs of action and the organs of knowing, the Veda gave it the name ‘Viśva’. Because it deals with every worldly matter, the Veda gave it a second name, ‘Vyāvahārika’. Since prāṇa, the mind and vijñāna cannot be seen by the eye, the Veda put the three together, the Prāṇamaya, the Manomaya and the Vijñānamaya, and called them ‘the subtle body’. The mind cannot be seen by the eye, yet it spreads out without end. Then the Ānandamaya kośa is the causal form. They named it the Ānandamaya kośa, but there is no Ānanda in it. It belongs to deep sleep. What comes after it is the turīya state. That alone is true Ānanda. It is the Ānanda beyond the senses, the mind and the intellect. This is what they called pāramārthika. The Ānanda that arises in the turīya state is the true Ānanda. The five kleśas stand in the way of your experiencing such Ānanda.
The five kleśas
The first is avidyā kleśa, the second abhinava kleśa, the third asthita kleśa, the fourth rāga kleśa, the fifth dveṣa kleśa.