Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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World Trust Fund (WTR)

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Thursday 14 February, 2008

World Trust Fund

Interim Management Statement

World Trust Fund
                  

                              The World Trust Fund

                          Interim Management Statement
                     for the quarter ended 31 December 2007

World Trust Fund (the "Fund"), is publishing this Interim Management Statement
in accordance with DTR 4.3 of the FSA Handbook.

This interim management statement has been produced solely to provide additional
information to shareholders as a body to meet the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. It should not be
relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 October 2007 to
31 December 2007 and the subsequent period up to the date of publication of this
interim management statement.

The Fund aims to achieve long-term capital appreciation by investing in
companies whose shares trade at a discount to their underlying net asset value
and are listed on international exchanges. These include investment companies
(closed-end funds, investment trusts), holding companies and other similarly
traded companies. The Fund may also sell short stock indices, shares of
exchange-traded funds or closed-end funds, not exceeding 100% of the Fund's net
assets.

Highlights:

Over the 3 month period from 30 September 2007 to 31 December 2007:

    --  The Fund's net asset value (NAV) fell by 9.67% compared to a fall of
        2.42% in the MSCI World Index.

    --  The Fund's share price fell 9.43%.

    --  The discount to net asset value at which the Fund's shares trade
        narrowed to 8.29%.

    --  The average discount of the underlying funds in the Fund's portfolio
        widened to 17.6%.

Global stock markets have fallen significantly since the beginning of 2008 as a
result of increased concerns over the prospects for global growth.

-0-
*T
Long Term Performance:

                                1-Year                3-Year              5-Year           10-Year
Share Price                      +8.7%                +21.4%              +27.3%            +12.3%
Net Asset Value                  +7.6%                +18.5%              +25.3%            +11.2%
MSCI World Index                 +9.0%                +12.8%              +17.0%            + 7.0%
*T

-0-
*T
Top Ten Holdings as Percentage of NAV:
                                                          31/12/07           30/09/07(1)
Morgan Stanley China A Share Fund                          6.85%                5.24%
Templeton Emerging Markets Inv Trust Plc                   5.48%                4.69%
Investor AB                                                5.08%                5.16%
Advance Developing Markets Trust Plc                       5.05%                4.43%
John Hancock Tax-Advantaged Div Inc Fund                   4.88%                5.19%
Eurazeo                                                    4.71%                4.87%
JPMorgan European Fledgeling Inv Trust Plc                 4.43%                4.39%
Gabelli Dividend & Income Trust                            3.63%                  0%
The Throgmorton Trust Plc                                  3.46%                3.75%
ASA Limited                                                3.38%                  0%

Top 5 Short Positions as Percentage of NAV:
                                                          31/12/07           30/09/07(2)
SPDR S&P Homebuilders                                     -5.28% -              -4.07%
Financial Select Sector SPDR                               -4.96%                 0%
IShares Dow Jones US Real Estate                           -4.86%               -4.84%
IShares S&P Europe 350 Index                               -4.85%              -10.08%
Templeton Russia                                           -0.35%               -1.71%

Breakdown of Net Assets:
                                                          31/12/07             30/09/07
Asia ex Japan                                              31.7%                24.4%
Europe (ex UK)                                             26.2%                21.3%
Japan                                                       9.0%                 7.8%
Latin America, Africa & Middle East                         7.3%                 3.0%
North America                                               6.9%                -2.5%
United Kingdom                                              6.7%                 5.6%
Other                                                       2.5%                 3.9%

Long Exposure                                              110.6%               114.8%
Short Exposure                                             -20.3%               -51.3%
Net Exposure                                               90.3%                63.5%
*T

Leverage:

Bank borrowings at 31 December 2007 were approximately US $4.2 million, which
represented 12.5% of net assets, compared with approximately US $47.5 million at
30 September 2007, which represented 13.4% of net assets.

Material Transactions and Events:

There were no material transactions during the period under review.

During the quarter the short equity exposure to the market was significantly
reduced from 51.3% to 20.3% at the period end and had been virtually eliminated
by the date of this interim management statement. The net long exposure at the
date of this statement stood at 107.3%. The investment manager believes that
equities are priced cheaply and that the market is poised for a recovery.

The Board of Directors is not aware of any other significant events or
transactions that have occurred since 31 December 2007 that would have a
material impact on the financial position of the Company.

(1) This list represents those holdings in the top ten holdings as of 31/12/07
that were also held in the fund as of 30/09/07 and does not represent a list of
the top ten holdings as of 30/09/07, which may have been different.

(2) This list represents those holdings in the top five short positions as of
31/12/07 that were also held in the fund as of 30/09/07 and does not represent a
list of the top five short positions as of 30/09/07, which may have been
different.