ESCORTS MUTUAL FUND          
ESCORTS INCOME PLAN          
REVENUE ACCOUNT FOR THE YEAR ENDED  MARCH 31, 2005          
         
  SCHEDULE FOR THE YEAR ENDED   FOR THE YEAR ENDED  
  MARCH 31, 2005   MARCH 31, 2004  
  ( Rs.)   ( Rs.)  
         
INCOME & GAINS          
         
Interest 7 57,174,460   58,400,236  
Profit on Sale/Redemption of Investments   9,954,099                                            7,232,834  
(other than inter-scheme transfer/sale)          
Profit on Inter-Scheme Transfer/Sale of Investments   2,071,364                                            2,080,028  
Provision no longer required written back                                                                  -                                                 994,569  
Sundry Balances Written Back                                                         100,851                                                 23,949  
Other Income   42,910                                            1,219,885  
Total Income   ----------------------------   ----------------------------  
  69,343,684   69,951,501  
  ----------------------------   ----------------------------  
EXPENSES & LOSSES          
         
Investment Management & Advisory Fees                                                      7,976,140   7,887,676  
Loss on Sale/Redemption of Investments                                                      8,676,890                                            7,821,160  
(other than inter-scheme transfer/sale)          
Loss on Inter-Scheme Transfer/Sale of Investments                                                      5,756,240   64,000  
Trusteeship Fees                                                           147,364   350,894  
Audit Fees                                                           62,814   145,800  
Custodian Fees                                                         309,289                                               343,220  
Registrar's Out of pocket Expenses   232,667                                               188,933  
Sundry Balances Written off                                                         156,772                                               106,184  
Other operating expenses 8 6,917,186                                            5,715,153  
  ----------------------------           -----------------------------  
                                                   30,235,362                                          22,623,021  
Less: Expenses to be Re-imbursed by Asset Management Company                                                      2,469,361                                            1,485,550  
  ----------------------------   ----------------------------  
Total Expenses   27,766,001   21,137,471  
  ----------------------------   ----------------------------  
EXCESS OF INCOME OVER EXPENDITURE   41,577,682   48,814,030  
Net Change in Unrealised Depreciation  9                                                  (4,764,518)                                                         -    
         
Equalisation Account    (169,157,274)                                          23,981,569  
         
Dividend    (4,806,178)   (5,757,925)  
         
  ----------------------------   ----------------------------  
SURPLUS/ (DEFICIT) CARRIED TO BALANCE SHEET   (137,150,288)   67,037,675  
  ----------------------------   ----------------------------  
         
Significant Accounting Policies & Notes to the Accounts 11   The Schedules referred to above form an integral  
      part of the Revenue Account  
Per our report of even date          
         
         
For and on behalf of For ESCORTS MUTUAL FUND For ESCORTS ASSET   
S.N DHAWAN & CO. (TRUSTEE: ESCORTS INVESTMENT TRUST LTD.) MANAGEMENT LTD.  
Chartered Accountants          
         
         
( VIJAY DHAWAN ) (RAJAN NANDA)   (LALIT K. KHANNA)    
PARTNER CHAIRMAN