ESCORTS MUTUAL FUND              
ESCORTS TAX PLAN              
REVENUE ACCOUNT FOR THE YEAR ENDED  MARCH 31, 2010            
               
    SCHEDULE FOR THE YEAR ENDED   FOR THE YEAR ENDED    
      MARCH 31, 2010   MARCH 31, 2009    
      ( Rs.)   ( Rs.)    
INCOME & GAINS              
               
Interest   6 225,813                                       606,802    
Dividend     610,589   277,420    
Profit on Sale/Redemption of Investments     13,974,853   1,182,451    
(Other than Inter-Scheme Transfer/Sale)              
Profit on Inter-Scheme Transfer/Sale                                                          -   27,031    
Profit on Equity Stcok Option     259,112                                       637,250    
      -----------------------   -----------------------    
Total Income     15,070,367                                    2,730,954    
      -----------------------   -----------------------    
EXPENSES & LOSSES              
               
Investment Management & Advisory Fees     665,314   549,268    
Loss on Sale/Redemption of Investments     939,539                                  30,763,818    
(Other than Inter-Scheme Transfer/Sale)              
Loss on Equity Stock Options     606,637                                    2,862,723    
Trusteeship Fees       24,101   19,601    
Audit Fees     11,754   8,170    
Custodian Fees     12,609   6,965    
Other Operating Expenses   7 376,801                                       443,029    
Fringe Benefit Tax                                                          -   2,365    
      -----------------------   -----------------------    
      2,636,755   34,655,939    
               
               
Less: Expenses to be Reimbursed by the Asset Management Company                                                        -                                         49,586    
      -----------------------   -----------------------    
Total Expenses     2,636,755   34,606,353    
      -----------------------   -----------------------    
NET SURPLUS/(DEFICIT) FOR THE YEAR     12,433,612   (31,875,399)    
               
Net Change in Unrealised Appreciation / (Depreciation)   in Value of Investments        8                                     10,698,941                                    3,285,525    
Equalisation Account     (114,937)                                    1,977,662    
               
      -----------------------   -----------------------    
Retained Surplus/(Deficit) carried forward to Balance Sheet   23,017,616   (26,612,212)    
      -----------------------   -----------------------    
               
Significant Accounting Policies & Notes to the 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.      
Regn. No. 000050N              
               
               
(SURESH SETH) (RAJAN NANDA)     (LALIT K. KHANNA)      
PARTNER CHAIRMAN     DIRECTOR      
MEMBERSHIP NO - 10577              
               
  (DR. RAKESH KHURANA)   (S.C. KUCHHAL)      
  DIRECTOR     DIRECTOR      
               
               
               
               
PLACE : NEW DELHI              
DATE  :