ESCORTS MUTUAL FUND

HALF YEARLY FINANCIAL RESULTS FOR THE PERIOD ENDED 31ST MARCH 2006

S.No.

Particulars

Escorts Income Plan

Escorts Opportunities Fund

Escorts Growth Plan

Escorts Income Bond

Escorts Tax Plan

Escorts Gilt Plan

Escorts Balanced Fund

Escorts Liquid Plan

Escorts Floating Rate Fund

1.1

Unit Capital at the beginning of the half year period

(Rs. in Cr.)

14.08

55.93

1.38

1.95

0.79

6.10

3.08

N.A

Unit Capital at the end of the period

(Rs. in Cr.)

9.69

61.95

3.21

1.84

1.24

6.08

3.51

4.01

4.12

Reserves & Surplus

(Rs. in Cr.)

7.71

50.23

3.01

1.30

0.76

2.58

2.51

0.11

0.04

3.1

Total Net Assets at the beginning of the half year period

(Rs. in Cr.)

26.04

90.25

2.48

2.86

1.20

8.51

5.29

N.A

3.2

Total Net Assets at the end of the period

(Rs. in Cr.)

17.40

112.18

6.22

3.14

2.00

8.66

6.02

4.11

4.16

4.1

NAV at the beginning of the half year period

(Rs.)

10.06(D) 21.28(G) 11.20 (B)

13.82(D) 21.38(G)

15.13(D) 38.75(G)

13.65(D) 16.17(G)

13.13(D) 29.56(G)

12.80(D) 13.99(G)

14.16(D) 33.82(G)

N.A

4.2

NAV at the end of the period

(Rs.)

10.03(D) 21.63(G) 11.39 (B)

15.42(D) 25.18(G)

15.29(D) 52.06(G)

15.30(D) 18.13(G)

13.74(D) 39.08(G)

13.06(D) 14.28(G)

13.78(D) 42.58(G)

10.26(D) 10.26(G)

10.10(D) 10.10(G)

4.3

Dividend paid per unit during the half year

(Rs.)

0.21

0.75

5.00

3.50

4.00

Income

5.1

Dividend

(Rs. in Cr.)

0.11

0.01

5.2

Interest

(Rs. in Cr.)

1.16

2.06

0.10

0.36

0.11

0.13

0.02

5.3

Profit / (Loss) on sale / redemption of investments (other than inter scheme transfer / sale)

(Rs. in Cr.)

(0.32)

5.91

0.91

0.15

0.25

(0.01)

1.16

(0.01)

5.4

Profit / (Loss) on inter scheme transfer / sale of investments

(Rs. in Cr.)

(0.12)

(0.02)

0.11

0.04

5.5

Other Income

0.03

5.5.1

Net Derivatives Income

(Rs. in Cr.)

(0.16)

(1.59)

(0.10)

(0.04)

(0.05)

(0.06)

5.5.2

Unrealised Appreciation / (Depreciation) in Value of Investments

(Rs. in Cr.)

(0.02)

12.84

0.90

0.17

0.25

(0.11)

0.36

5.6

Total Income (5.1 to 5.5)

(Rs. in Cr.)

0.57

19.32

1.83

0.38

0.46

0.24

1.61

0.12

0.02

Expenses

6.1

Management Fees

(Rs. in Cr.)

0.14

0.61

0.03

0.01

0.02

0.04

0.01

0.0009

6.2

Trustee Fees

(Rs. in Cr.)

0.02

6.3

Total recurring Expenses (including 6.1 and 6.2)

(Rs. in Cr.)

0.25

1.21

0.06

0.03

0.01

0.07

0.01

0.00

6.4

Percentage of Management Fees to daily/ weekly average net assets

1.25

0.50

1.25

0.30

6.5

Total recurring expenses as a percentage of daily/ weekly average net assets

2.25

2.50

2.25

2.50

1.50

2.50

0.50

7.1

Returns during the half year** (Figures shown in Brackets are Negative)

1.68

17.79

34.36

12.11

32.23

2.07

25.93

2.62

N.A

7.2

Compounded Annualised yield in case of schemes in existence for more than 1 year***

(i) Last 1 year

3.90

32.62

84.92

23.44

66.42

4.17

61.20

N.A

(ii) Last 3 years

6.10

28.31

63.76

18.24

59.35

4.01

50.12

N.A

(iii) Last 5 years

8.94

20.29

39.09

5.53

35.34

7.39

33.61

N.A

(iv) Since launch of the scheme

10.30

19.72

38.09

6.45

25.20

7.22

32.77

5.42

4.02

Date of Launch

18.05.98

12.02.2001

19.02.2001

23.09.1996

08.03.2000

19.02.2001

27.09.2005

26.12.2005

Provision for doubtful Income / Debts (Total as on 31-03-2006)

(Rs. in Cr.)

3.25

Payments to associate / group companies

(Rs. in Cr.)

0.01

0.11

Investments made in associate / group companies

(Rs. in Cr.)

Notes:

There is no change in the Accounting Policy during the half year ended 31.03.2006.

Details of transactions with associates in terms of Regulation 25(8) are as under:

An amount of Rs.1,57,386/- was paid to Escorts Securities Ltd & Rs.2,627 was paid to Escorts Finance Ltd. towards sale of units of

Escorts Mutual Fund Schemes for the half year ended 31.03.2006. An amount of Rs.11,80,922 /- was paid to Escorts Securities Ltd towards sale

and purchase of securites for the half year ended 31.03.2006. (Escorts Opportunities Fund : Rs.10,48,872/-, Escorts Growth Plan : Rs.31,168/-,

Escorts Tax Plan : Rs.14,215/-, Escorts Balanced Fund : Rs.21,995/-, Escorts Income Bond : Rs.21,396/- , Escorts Income Plan : Rs.43,276 /-)

Investments made in companies which have invested more than 5% of NAV of the Scheme in terms of Regulation 25(11) are NIL.

Details of large holdings (over 25% of the NAV of the Schemes) are Nil.

Bonus declared during the half period is Nil.

Deferred revenue expenditure written off during the half year ended 31st March 2006 in Escorts Opportunities Fund is Rs.4.31 Lacs

None of the Schemes have borrowed any money during the half year.

Schemes having outstanding exposure in derivatives in excess of 10% of the net assets :

Schemes

Outstanding Exposure as % to net assets

Escorts Opportunities Fund

10.95%

Escorts Mutual Fund

NAV Performance Vs Benchmark Indices

Equity Oriented Schemes

Debt Oriented Schemes

Period

Escorts Tax Plan

Escorts Growth PLAN

Nifty

Escorts Income Plan

Escorts Income Bond

Crisil Composite Bond Fund Index

Last 6 months

32.23

34.36

30.80

1.68

12.11

0.58

Last 1 year

66.42

84.92

67.15

3.90

23.44

3.30

Last 3 years

59.35

63.76

51.52

6.10

18.24

4.40

Last 5 years

35.34

39.09

24.27

8.94

5.53

N.A.

Since launch of the Scheme

25.20

38.09

12.49 -ETP, 19.23 - EGP

10.30

6.45

N.A.

Gilt Scheme

Balanced Schemes

Liquid Scheme

Period

Escorts Gilt Plan

I - Sec Mi-BEX

Escorts Opportunities Fund

Escorts Balanced Fund

Crisil Balanced Fund Index

Escorts Liquid Plan

Escorts Floating Rate Fund

Crisil Liquid Fund Index

Last 6 months

2.07

1.17

17.79

25.93

17.97

2.62

N.A.

2.44

Last 1 year

4.17

3.72

32.62

61.20

38.34

N.A.

N.A

Last 3 years

4.01

4.80

28.31

50.12

31.60

N.A.

N.A

Last 5 years

7.39

N.A.

20.29

33.61

N.A.

N.A

Since launch of the Scheme

7.22

N.A.

19.72

32.77

N.A.

5.42

4.02

5.04-ELP, 5.56-EFR

For ESCORTS MUTUAL FUND

For ESCORTS ASSET MANAGEMENT LTD.

(Trustee: Escorts Investment Trust Ltd.

RAJAN NANDA

CHAIRMAN

DIRECTOR

K. K. MITAL

PLACE: NEW DELHI

Fund Manager

DATE: 26-04-2006

DATE: 25-04-2006