The World Trust Fund

Re: Holdings In Other Investments

World Trust Fund

In accordance with the UKLA Listing Rule 21.20 (I) (i), the World Trust Fund
announces that as at December 31, 2003, 12.8% of its gross assets was invested
in other UK listed investment companies (including investment trusts) which did
not have stated investment policies to invest no more than 15% of their gross
assets in other UK listed investment companies (including investment trusts).
The list is as follows:

NAME                          % of Gross Assets

Advanced Developing Markets         5.4%
Advanced UK                   4.8%
Caledonia Investments Plc           2.5%
Egypt Trust                   0.1%
Korea Europe                        0.1%

                  Total       12.8%