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World Trust Fund (WTR)

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Friday 20 October, 2000

World Trust Fund

Unaudited Semi-annual Report

World Trust Fund
19 October 2000


                           Unaudited semi-annual report 
                             at September 30th, 2000

                             Statement of Net Assets
                                     (in USD)

                              1.04.00 - 30.9.00         01.04.99 - 31.03.00
                                          
ASSETS

Securities' portfolio at 
 market value               216,335,765               232,555,378
Cash at banks                   673,358                 4,481,013
Receivable on sales of 
 securities                   2,638,917                         -
Income receivable on 
 portfolio                      134,607                   251,806
Interest receivable on 
 bank accounts                    2,879                    21,703
Prepaid expenses                    444                     1,449

Total assets                            219,785,970                 237,311,349


LIABILITIES
Bank liabilities            27,591,416                 12,211,213
Payable on purchases of 
 securities                  1,590,408                  3,006,998
Payable on redemption of 
 shares                      1,364,820                          -
Interest payable on bank 
 accounts                      239,689                     69,553
Expenses payable             2,316,134                  1,145,178
Other liabilities                    -                      4,892

Total liabilities                        33,102,467                  16,437,834

NET ASSETS at the end of 
 the period/year                        186,683,503                 220,873,515

Number of shares outstanding              7,029,895                   7,145,135

Undiluted net asset value 
 per share                                    26.56                       30.91

Diluted net asset value 
 per share                                    24.31                       28.06



                       Shareholders' Equity Represented by
                                     (in USD)

                            1.04.00 - 30.09.00          01.04.99 - 31.03.00

Capital: 8,513,347 shares 
 at USD 2.00                17,777,490                 17,777,490
Share premium               66,676,838                 66,676,838
Legal Reserve                1,777,749                  1,777,749
Profit brought forward      96,857,722                 68,272,144

Total Capital and Reserves              183,089,799                 154,504,221
Cost of 1,858,760 shares 
 held in Treasury                       -28,559,088                 -26,126,664
Repurchase of 674,600 
 Warrants                                -4,263,352                  -3,967,840
Net realised profit for the 
 period/year                              3,035,317                  28,585,579
Unrealised appreciation on 
 securities                              33,380,827                  67,878,219

Total Shareholders' Equity              186,683,503                 220,873,515



                              Statement of Operations
                                     (in USD)

                             1.04.00 - 30.09.00         01.04.99 - 31.03.00
INCOME
Dividends, net*                           3,174,998                   8,114,704
Interest on bank accounts                   254,262                     236,028
Other income                                 16,437                           -

Total income                              3,445,697                   8,350,732

EXPENSES
Management fees                             716,024                   1,332,318
Performance fees                            892,487                     609,694
Custodian fees                               26,595                      52,608
Banking charges and other fees               44,079                      54,688
Central administration costs                 20,823                      45,089
Audit and supervisory fees                    5,756                      31,659
Other administration costs                   51,448                     137,074
Subscription duty                            55,140                     113,420
Interest paid                             1,176,536                     199,353
Other expenses                               14,391                      52,584
Total expenses                            3,003,279                   2,628,487

NET INVESTMENT INCOME                       442,418                   5,722,245

NET REALISED GAIN/LOSS

- on portfolio                            2,517,373                  22,721,431
- on foreign exchange                        75,526                     141,903

REALISED GAIN/LOSS                        3,035,317                  28,585,579

NET VARIATION OF THE UNREALISED GAIN/LOSS

- on portfolio                          -34,497,392                  55,622,776

RESULT OF OPERATIONS                    -31,462,075                  84,208,355

Repurchase of shares                     -2,432,424                  -5,147,246

Repurchase of warrants                     -295,513                     -95,711

TOTAL VARIATION OF NET ASSETS           -34,190,012                  78,965,398

TOTAL NET ASSETS AT THE BEGINNING OF 
 THE YEAR                               220,873,515                 141,908,117

TOTAL NET ASSETS AT THE END OF THE 
 PERIOD/YEAR                            186,683,503                 220,873,515

* Includes short and long term capital gains dividends



                                THE WORLD TRUST FUND

                         Statement of Changes in Net Assets
                                       (in USD)

                                        
                               1.04.00 - 30.09.00         01.04.99 - 31.03.00

Net assets at the Beginning 
 of the Year                               220,873,515              141,908,117
Net investment income          442,418                  5,722,245
Net realised gain/loss on 
 sale of securities          2,517,373                 22,721,431
Net realised gain/loss on 
 Foreign exchange               75,526                    141,903

Net realised loss for the 
 Period/Year                                 3,035,317               28,585,579

Change in unrealised 
 appreciation on securities                -34,497,392               55,622,776
Repurchase of shares                        -2,432,424               -5,147,246
Repurchase of warrants                        -295,513                  -95,711 

Net Assets at the End 
 of the Period/Year                        186,683,503              220,873,515 
       


                     Statistical Information about the Fund
                                  (in USD)

                   September 30th, 2000     March 31st, 2000   March 31st, 1999

Total Net Assets            186,683,503          220,873,515        141,908,117
Undiluted Net Asset
 Value per Share                  26.56                30.91              19.02
Diluted Net Asset 
 Value per Share                  24.31                28.01              17.83


The diluted net asset value per share as of September 30th, 2000, is calculated
as follows:

     Net assets + theoretical exercise 
     price from Warrantholders                  (186,683,503 + 11,031,490)
   _______________________________________    =  __________________________

  Number of shares outstanding including
  theoretical exercise of Warrants                        8,133,134



                                              =     24.31