ESCORTS MUTUAL FUND

HALF YEARLY FINANCIAL RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2003

S.No.

Particulars

Escorts Income Plan

Escorts Opportunities Fund

Escorts Growth Plan

Escorts Income Bond

Escorts Tax Plan

Escorts Gilt Plan

Escorts Balanced Fund

1.1

Unit Capital at the beginning of the half year period

(Rs. in Cr.)

24.01

28.14

0.89

2.53

0.54

2.95

0.55

Unit Capital at the end of the period

(Rs. in Cr.)

35.82

27.01

0.43

2.43

0.43

3.40

0.43

Reserves & Surplus

(Rs. in Cr.)

28.57

11.81

0.27

0.43

0.17

1.25

0.29

3.1

Total Net Assets at the beginning of the half year period

(Rs. in Cr.)

41.37

33.50

1.03

2.63

0.52

3.74

0.66

3.2

Total Net Assets at the end of the period

(Rs. in Cr.)

64.40

38.82

0.71

2.86

0.59

4.64

0.71

4.1

NAV at the beginning of the half year period

(Rs.)

10.44(D) 18.11(G)

10.34(D) 11.92(G)

10.85(D) 11.85(G)

9.27(D) 10.97(G)

9.66(D) 9.66(G)

11.61(D) 12.69(G)

11.39(D) 12.59(G)

4.2

NAV at the end of the period

(Rs.)

10.47(D) 19.11(G)

11.78(D) 14.41(G)

14.94(D) 16.55(G)

10.50(D) 12.48(G)

13.87(D) 13.87(G)

12.52(D) 13.70(G)

15.47(D) 17.20(G)

4.3

Dividend paid per unit during the half year

(Rs.)

0.48

0.63

Income

5.1

Dividend

(Rs. in Cr.)

0.36

0.01

5.2

Interest

(Rs. in Cr.)

2.63

0.82

0.12

0.17

0.01

5.3

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

(Rs. in Cr.)

0.08

4.21

0.10

0.11

0.03

0.36

0.10

5.4

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

(Rs. in Cr.)

0.02

0.06

0.01

5.5

Other Income

5.5.1

Net Derivatives Income

(Rs. in Cr.)

(1.73)

(0.02)

5.5.2

Unrealised Appreciation / (Depreciation) in Value of Investments

(Rs. in Cr.)

0.82

3.85

0.16

0.12

0.17

0.03

0.13

5.6

Total Income (5.1 to 5.5)

(Rs. in Cr.)

3.55

7.57

0.27

0.34

0.21

0.56

0.23

Expenses

6.1

Management Fees

(Rs. in Cr.)

0.33

0.23

0.01

0.02

0.01

0.04

0.01

6.2

Trustee Fees

(Rs. in Cr.)

0.01

6.3

Total recurring Expenses (including 6.1 and 6.2)

(Rs. in Cr.)

0.60

0.31

0.02

0.04

0.01

0.07

0.01

6.4

Percentage of Management Fees to daily/ weekly average net assets

1.25

6.5

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

2.25

1.67

2.50

2.25

2.50

2.25

7.1

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

5.50

20.91

39.66

13.76

43.56

7.92

36.60

7.2

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

(i) Last 1 year

12.78

27.61

55.79

29.99

56.27

15.76

43.64

(ii) Last 3 years

12.41

N.A

(8.79)

11.66

N.A

(iii) Last 5 years

12.78

N.A

(2.17)

N.A

(iv) Since launch of the scheme

12.83

15.15

22.02

3.23

9.79

13.23

23.89

Date of Launch

18.05.98

12.02.2001

19.02.2001

23.09.1996

08.03.2000

19.02.2001

Provision for doubtful Income / Debts (Total as on 30-09-2003)

(Rs. in Cr.)

3.25

Payments to associate / group companies

(Rs. in Cr.)

0.02

Investments made in associate / group companies

(Rs. in Cr.)

Returns indicated are for the Growth Option.

For the calculation of compounded annualized yield, the procedure prescribed in Standard Offer Document is followed.

Notes:

There is no change in the Accounting Policy during the half year ended 30.09.2003.

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

An amount of Rs.157535/- was paid to Escorts Securities Ltd towards sale of units of

Escorts Mutual Fund Schemes for the half year ended 30.09.2003 An amount of Rs. 6,84,923/- was paid to Escorts Securities Ltd towards sale

and purchase of securites for the half year ended 30.09.2003. (Escorts Opportunities Fund : Rs.5,51,385/-, Escorts Growth Plan : Rs.98,850/-,

Escorts Tax Plan : Rs.10,784/-, Escorts Balanced Fund : Rs.14,260/-, Escorts Income Bond : Rs.9,644/-)

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 as under:

Name of Scheme

No. of Investors

% of Net Assets

Escorts Opportunities Fund

91.40%

Escorts Income Plan

26.60%

Escorts Gilt Plan

75.08%

Escorts Balanced Fund

28.17%

No bonus has been declared in any of the Schemes

Deferred revenue expenditure written off during the half year ended 30th September 2003 in Escorts Opportunities Fund is Rs.25.62 Lacs

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

None of the Schemes have outstanding exposure in derivatives in excess of 10% of the net assets.

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

43.56

39.66

43.97%

5.50

13.76

6.68%

Last 1 year

56.27

55.79

48.36%

12.78

29.99

12.27%

Last 3 years

11.66

N.A

3.40%

12.41

(8.79)

N.A.

Last 5 years

N.A

N.A.

12.78

(2.17)

N.A.

Since launch of the Scheme

9.79

22.02

(4.44 %) -ETP 0.64 % - EGP

12.83

3.23

N.A.

Gilt Scheme

Balanced Schemes

Period

Escorts Gilt Plan

I - Sec Mi-BEX

Escorts Opportunities Fund

Escorts Balanced Fund

Crisil Balanced Fund Index

Last 6 months

7.92

8.01%

20.91

36.60

27.98%

Last 1 year

15.76

14.28%

27.61

43.64

33.15%

Last 3 years

N.A

N.A.

N.A

N.A.

Last 5 years

N.A

N.A.

N.A

N.A.

Since launch of the Scheme

13.23

N.A.

15.15

23.89

N.A.

For ESCORTS MUTUAL FUND

For ESCORTS ASSET MANAGEMENT LTD.

(Trustee: Escorts Investment Trust Ltd.

RAJAN NANDA

VIJAY DHAWAN

RITU NANDA

LALIT K. KHANNA

CHAIRMAN

DIRECTOR

K. K. MITAL

PLACE: NEW DELHI

VICE-PRESIDENT AND

DATE: 28 OCTOBER 2003

HEAD AND FUND MANAGER