ESCORTS   MUTUAL FUND
ESCORTS LIQUID PLAN
REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2007
		SCHEDULE	FOR THE YEAR ENDED		FOR THE YEAR ENDED
			MARCH 31, 2007		MARCH 31, 2006
			( Rs.)		( Rs.)
INCOME & GAINS
Interest		6	4,330,303		1,345,177
Profit on Sale/Redemption of Investments			-		(4,383)
(Other than Inter-Scheme Transfer/Sale)
Profit on Inter Scheme Transfer/Sale			8,765		-
			----------------------		----------------------
Total Income			4,339,068		1,340,794
			----------------------		----------------------
EXPENSES & LOSSES
Loss on Sale/Redemption of Investments			227,637		106,629
(Other than Inter-Scheme Transfer/Sale)
Loss on Inter Scheme Transfer/Sale			193,553		2,119
Investment Management & Advisory Fees			206,259		67,682
Trusteeship Fees			7,422		28,708
Audit Fees			3,371		1,122
Custodian Fees			12,628		18,073
Registrar fees			6,609		131
Other Operating Expenses		7	234,787		14,339
Fringe Benefit tax			2,056		40
			----------------------		----------------------
			894,322		238,843
Less: Expenses to be Re-imbursed			166,855		27,731
by Asset Management Company			----------------------		----------------------
Total Expenses			727,467		211,112
			----------------------		----------------------
EXCESS OF INCOME OVER EXPENSES			3,611,601		1,129,682
NET EXCESS OF INCOME OVER EXPENSES			3,611,601		1,129,682
Equilisation  Account			(3,733,424)		(71,786)
			----------------------		----------------------
SURPLUS CARRIED TO BALANCE SHEET			(121,823)		1,057,896
			----------------------		----------------------
Significant Accounting Policies & Notes on Accounts		9
The Schedules referred to above form an integral
part of the Revenue Account
As Per our report of even date
For S.N. DHAWAN & CO.		For ESCORTS MUTUAL FUND		For ESCORTS ASSET
Chartered Accountants		(TRUSTEE: ESCORTS INVESTMENT TRUST LTD.)		MANAGEMENT LTD.