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”).


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.


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.


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.


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.


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.


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.


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.


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.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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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

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

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
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

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


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

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


- 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

 THE YEAR                               220,873,515                 141,908,117

 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

a d v e r t i s e m e n t