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World Trust Fund (WTR)

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Friday 30 November, 2007

World Trust Fund

Half-yearly Report - Replacement

World Trust Fund

The issuer advises that the following replaces the The World Trust Fund 'Final
Results' announcement released today at 15.28 GMT.

The headline should have read 'Half-yearly Report' and not 'Final Results' as
previously stated.

All other details remain unchanged. The full corrected text appears below:

                              THE WORLD TRUST FUND

                     Société d'Investissement à Capital Fixe
                                R.C. N° B 37.154

                          Unaudited semi-annual report
                           as at September 30th, 2007


Organization of the Fund                                                                                               2
General Information                                                                                                    4
Responsibility Statement                                                                                               5
Manager's Review                                                                                                       6
Statement of Net Assets                                                                                               10
Shareholders' Equity                                                                                                  10
Statement of Operations                                                                                               11
Statement of Changes in Net Assets                                                                                    12
Statistical Information about the Fund                                                                                12
Statement of Changes in Shares Outstanding                                                                            12
Statement of Investments and Other Net Assets                                                                         13
Notes to the Financial Statements                                                                                     16

                            Organization of the Fund


JEREMY W.SILLEM                                       Spencer House Partners LLP
                                                      15 St. James's Place
                                                      U.K.-London, SW1A, 1NP


PHILIP R. McLOUGHLIN *,**                             200 Bridge Street
                                                      U.S.A.-Chatham, MA 02633

ALEXANDER E. ZAGOREOS                                 Lazard Asset Management LLC
                                                      30 Rockefeller Plaza
                                                      U.S.A.-New York, NY 10112

JOHN M. HIGNETT *                                     Privata A, Bifani 3
                                                      I-16038 Santa Margherita, Italy

DUNCAN BUDGE *                                        RIT Capital Partners Plc
                                                      27 St. James's Place
                                                      U.K.-London, SW1A, 1NR

Registered Office                                     STATE STREET BANK LUXEMBOURG S.A.
                                                      49, avenue J-F. Kennedy
                                                      L-1855 Luxembourg

Manager                                               Lazard Asset Management LLC
                                                      30 Rockefeller Plaza
                                                      U.S.A.-New York, NY 10112

Custodian, Listing and Paying Agent                   STATE STREET BANK LUXEMBOURG S.A.
                                                      49, avenue J-F. Kennedy
                                                      L-1855 Luxembourg

Chairman Emeritus                                     WALTER A. EBERSTADT, OBE
                                                      Lazard Asset Management LLC
                                                      30 Rockfeller Plaza
                                                      U.S.A. -New York, NY 10112

* Member of the Audit Committee

** Chairman of the Audit Committee

Domiciliary, Registrar, Transfer                      STATE STREET BANK LUXEMBOURG S.A.
and Administrative Agent                              49, avenue J-F. Kennedy
                                                      L-1855 Luxembourg

Independent Auditor                                   ERNST & YOUNG
                                                      Société Anonyme
                                                      7, parc d' activité Syrdall
                                                      L- 5365 Munsbach

                               General Information

1. Unaudited semi-annual reports and audited annual reports are made available
at the Registered Office of the Fund and will be mailed to each registered

2. The Annual General Meeting of Shareholders will be held in Luxembourg each
year at 3 p.m. on the third Tuesday in August or if any such day is not a
business day for banks in Luxembourg, on the next following business day.
Notices of General Meetings including their agenda, time and place and
containing details of attendance, quorum and majority requirements under
Luxembourg law will be sent to the registered address of Shareholders not less
than 21 days before the date of the Meeting.

3. Annual reports (including audited accounts) will be posted to Shareholders
not less than 21 days before the day fixed for the Annual General Meeting at
which they are to be considered.

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

5. Dividends may only be paid to the extent that they are covered by income
received from underlying investments. The Articles provide that dividends shall
not be paid out of surpluses arising upon the realization of investments. A
dividend declared but not claimed by a shareholder after twelve years from the
declaration thereof shall lapse and revert to the Fund. A dividend has not been
paid since the Fund's inception.

6. The Net Asset Value is expressed in US Dollars and is published weekly in the
non-US edition of the "Financial Times" under "Luxembourg Regulated Funds".

7. The Shares of the Fund are listed on the London Stock Exchange. The quotation
is published in the non-US edition of the "Financial Times" daily under
"Investment Companies" and also on Bloomberg.

                            Responsibility Statement

We, the directors of World Trust Fund, confirm to the best of our knowledge

    a) the condensed set of financial statements which have been prepared in
    accordance with the applicable set of accounting standards (being the legal
    and regulatory requirements in Luxembourg relating to investment funds) give
    a true and fair view of the assets, liabilities, financial position and
    profit or loss of the Fund;

    b) the Interim Management Report includes a fair review of the information
    required by the Disclosure and Transparency Rules 4.2.7R; and

    c) the Interim Management Report includes a fair review of the information
    required by the Disclosure and Transparency Rules 4.2.8R.

By order of the Board
Jeremy Sillem

30 November 2007

                                Manager's Review

For the period March 31st, 2007 to September 30th, 2007

For the six months ending September 30, 2007, the World Trust Fund's net asset
value rose 19.5 per cent to US$ 57.40, strongly outperforming the MSCI World
Index, which gained 9 per cent. Over longer periods, the Fund's performance is
also ahead of the benchmark. Over the last three years, the Fund's net assets
outperformed the Index by 12.0 per cent and by 11.5 per cent over the last 5


Performance to September 30, 2007

                                 6 Months     1-Year     3-Year*   5-Year*     10-Year*

World Trust Fund NAV                  19.5%       34.4%     30.0%      30.8%        11.0%
World Trust Fund Price                19.4%       29.7%     33.4%      30.9%        12.0%

MSCI World Index                       9.0%       21.1%     18.0%      19.3%         7.0%
           MSCI Emerging Index        31.8%       58.6%     41.3%      39.1%        11.9%
S&P 500 Index                          8.4%       16.4%     13.1%      15.4%         6.6%

* Annualized.

The large sell-off in global markets during the spring was eerily reminiscent of
what happened during the same period last year. Last year's sell-off was sparked
by a synchronized global tightening, which resulted in a sudden reversal of
certain hedge funds positions and a sharp sell-off in global markets. In
contrast, this year, sudden declines in the Chinese domestic markets in May
sparked a global correction. An even bigger correction occurred late summer with
the onset of the global credit crisis, resulting in a market sell-off.

The Fund was defensively positioned during the two periods. Investments in Asia,
especially in Hong Kong, and emerging markets, were the primary contributors to
performance. The fund aims to hedge the portfolio by selling short instruments
such as exchange-traded index funds, stocks and closed-end funds, which is a
distinguishing characteristic of the Fund.

The Fund searches for value on a global basis, searching for value, focusing on
those companies with share prices trading at a discount to their net asset
value. Over the last 5 years, the asset allocation has not changed significantly
as we have been able to find discounts and value in the same markets.

The Fund is broadly diversified in terms of regions and country. We continue to
see value in Asia where the Fund's investments are mainly focused on discounted
assets and restructuring. We continue to find attractive value in the U.S., and
Europe has provided us with dynamic investment opportunities.

Geographic Allocation of the long equity portfolio (on a see-through basis)

[ object omitted ]

                        As of Sept 30, 2007. Source: FundData

United States

We continue to be attracted by the value in the U.S. market. Last year, after
many years of being significantly underweight the United States, we started to
rebuild our exposure there, for the simple reason that valuations were
attractive. Many of the U.S. closed-end funds are trading at discounts in excess
of 15 per cent, paying a dividend of over 6 per cent, and are investing in
dividend-paying large-cap stocks that we believe are undervalued. Due to
macroeconomic concerns, including the market anticipating a potential recession
and as a result of a severe consumer slow-down on the back of the recent housing
crisis, the S&P 500 is trading at around 13.6 times estimated 2008 earnings -
close to the lowest level in 10 years. Such opportunities fit nicely with our
strategy of buying deeply discounted securities and investing in markets that
are undervalued.

We have also been encouraging certain U.S. closed-end funds to restructure,
buyback their shares and make tender offers. One of the most effective ways to
reduce discounts is through a managed distribution of assets. If a closed-end
fund pays out a fixed annual dividend of 10%, payable every quarter, then the
discount will very soon narrow or even disappear. When necessary, we will
nominate certain candidates to the boards of these companies.

Top 5 Country Weightings (as of Sept 30th, 2007) Long Only on a look-through basis
United States                                         20%
China                                                 11%
U.K                                                    8%
Japan                                                  7%
Sweden                                                 5%

Last year we also added to European holding companies, where we found attractive
discounts, and to Eastern European property companies, and we made investments
in China and across Asia. These investments performed well during the half-year.

Top Ten Holdings (excluding short positions)
                                                        Weight       Discount
Morgan Stanley China A Share Fund                        5.2%              -11.8%
John Hancock Tax-Advantaged Dividend Income Fund         5.2%              -13.4%
Investor AB                                              5.2%              -21.0%
Eurazeo                                                  4.9%              -9.3%
Cohen & Steers Select Utility Fund                       4.7%             - 13.4%
Templeton Emerging Markets Investment Trust              4.7%              -12.0%
Advance Developing Markets Trust                         4.4%              -9.4%
JPMorgan European Fledgeling Investment Trust            4.4%              -12.3%
Scottish Mortgage Investment Trust                       4.1%              -11.1%
Throgmorton Trust                                        3.8%             - 16.5%
Source: Bloomberg

The current top-10 holdings of the Fund account for 46.6 per cent of the Fund's

Portfolio Hedging

As of September 30th, 2007, the Fund had short positions of 51.3 per cent of net
assets. During this six-month period, the Fund actively hedged its exposure amid
high volatility and uncertainty. The Fund benefited from short positions in
housing and energy sectors as well as in Emerging Markets, particularly in South
Korea. Conversely, during this period of positive returns, our short positions
in U.S. technology and small caps detracted from NAV. In China, where hedging
detracted from performance, we were more than adequately compensated by long
positions in the portfolio. In total, the combined effect from the hedge
positions over the period was a positive contribution of 40 basis points. The
average monthly short exposure was 30 per cent during this period.

Corporate Action & Restructuring

The restructuring momentum is still strong in both the United States and Europe.
The Fund has played a role in many of these corporate actions, which contributed
to performance. Some of the major corporate actions are listed below:

    --  Invesco Japan - In September 2007, the company after consultation with
        shareholders, proposed the reconstruction and winding up of the company.
        We were the largest shareholder.

    --  Mexico Fund - In August 2007, the fund announced its continued periodic
        in-kind tender distribution at 99 per cent on Net Asset Value (NAV).

    --  Finsbury Technology - In May 2007, having changed managers to RCM (UK)
        Limited (a division of Allianz Global Investors), the board changed the
        company's name to RCM Technology Trust PLC and initiated a bonus issue
        of Warrants to existing holders.

    --  Templeton Emerging Markets Investment Trust - In May 2007, the board
        announced its intention to put forward proposals which included a return
        of capital. Along with other investors, we defeated the proposal, and
        encouraged the company to further unlock shareholder value.

    --  DWS Global Commodities Stock Fund - In June 2007 the company commenced a
        cash tender offer for 5% of the company's shares at 98% of net asset

    --  Latin American Discovery - In June 2007, the company announced a capital
        distribution equivalent to 7% per cent of NAV resulting from
        realizations of both long and short-term gains.


The Fund's discount remained relatively static during the period at around 8.6
per cent. We take some comfort that during this period there was a general
widening of discounts in the sector. If the Fund's discount widens
significantly, the manager is authorized by the Board to buy back shares.

Principal Risks and Uncertainties

The principal risks and uncertainties that could affect the Fund's business
include the nature of the Fund's underlying investments, economic and political
conditions, currency fluctuation, market risk, changes in interest rates and
taxation risk. A detailed explanation of these principal risks and uncertainties
can be found on pages 15 and 16 of the prospectus published by the Company on 2
July 1991.


The strategy of buying companies that trade at a discount to their net asset
values has worked well since the launch of the Fund sixteen years ago. There
have been some important changes in the Fund's investment approach over the
years, but none more important than the use of hedging strategies to reduce
risk. This has resulted in an increased emphasis on obtaining long-term absolute
returns rather than simply seeking to outperform the benchmark. Whilst discounts
have widened over the period, corporate activity and structural changes have
enabled us to continue to provide absolute returns. We believe the Fund's
portfolio represents exceptional value and this makes us well placed to continue
to deliver strong returns.

Luxembourg, November 2007                                                           Lazard Asset Management

                                     Statement of Net Assets
                                             (in USD)

                                     September 30th, 2007               March 31st, 2007
                                 ----------------------------- -----------------------------------
Securities' portfolio at market
 value                             406,004,176                         362,803,211
Cash                                   775,605                             336,291
Cash collateral (see Note 11)      178,571,270                         152,367,814
Income receivable on portfolio         196,417                             533,559
Total assets                                       585,547,468                         516,040,875

Bank liabilities                    47,462,391                          54,727,391
Short sales of securities at
 market value                      181,377,580                         135,442,589
Payable on purchases of
 securities                            159,386                          27,741,526
Interest payable on bank
 accounts                            1,872,562                             577,944
Expenses payable                     1,021,243                           1,450,508
                                 -------------                 -------------------
Total liabilities                                  231,893,162                         219,939,958

                                               ---------------                     ---------------
NET ASSETS at the End of the
 Period/Year                                       353,654,306                         296,100,917
                                               ===============                     ===============

Number of Shares outstanding                         6,161,735                           6,161,735

Net Asset Value per Share                                57.40                               48.05

                               Shareholders' Equity Represented by
                                             (in USD)

                                     September 30th, 2007               March 31st, 2007
                                 ----------------------------- -----------------------------------
Capital: 9,331,738 Shares at USD
 2.00                               18,663,476                        18,663,476
Share Premium                       70,220,782                        70,220,782
Legal Reserve                        1,866,348                         1,866,348
Profit brought forward             145,180,792                       115,378,754
                                 -------------                 -----------------

Total Capital and Reserves                         235,931,398                         206,129,360
Cost of 3,170,003 Shares held in
 Treasury                                          -48,963,066                         -48,963,066
Repurchase of 1,334,756 Warrants                    -8,631,613                          -8,631,613
Net realized profit for the
 Period/Year                                        18,647,648                          29,802,038
Unrealized appreciation on
 securities                                        158,627,681                         117,990,685
Unrealized depreciation on Short
 Sales of Securities                                -1,958,281                            -224,324
 appreciation/depreciation on
 Foreign Exchange and on Forward Exchange
  Contracts                                                539                              -2,163

                                                  ------------                   -----------------
Total Shareholders' Equity                         353,654,306                         296,100,917
                                                  ============                   =================

                                 Statement of Operations
                                         (in USD)

                                                                             For the year
                                                  For the period ended               ended
                                                ----------------------   -----------------
                                                  September 30th, 2007    March 31st, 2007
                                                ----------------------   -----------------
Dividends, net                                               3,200,692          13,543,589
Interest on bank accounts                                          226               7,763
                                                ----------------------   -----------------
Total income                                                 3,200,918          13,551,352
                                                ======================   =================

Management fees (see note 3)                                 1,198,005           2,073,330
Performance fees (see note 3)                                        -             575,843
Custodian fees                                                 165,000             390,136
Central administration costs                                    16,361              35,525
Audit and supervisory fees                                      52,903             172,974
Taxe d'abonnement (see note 4)                                  83,502             138,145
Interests paid                                               1,586,326           2,870,652
Directors' fees and expenses (see note 8)                       57,500             214,232
Other expenses                                                  85,114             147,224
                                                ----------------------   -----------------
Total expenses                                               3,244,711           6,618,061
                                                ----------------------   -----------------
NET INVESTMENT INCOME / LOSS                                   -43,793           6,933,291
                                                ======================   =================

- on portfolio                                              15,858,209          26,831,571
- on foreign exchange and on forward
 exchange contracts                                          2,833,232          -3,962,824
                                                ----------------------   -----------------
REALIZED RESULT                                             18,647,648          29,802,038
                                                ======================   =================

- on portfolio                                              38,903,039          -6,344,842
- on foreign exchange and on forward
 exchange contracts                                              2,702            -902,682
                                                ----------------------   -----------------
RESULT OF OPERATIONS                                        57,553,389          22,554,514
                                                ======================   =================

TOTAL CHANGE OF NET ASSETS                                  57,553,389          22,554,514

 PERIOD/YEAR                                               296,100,917         273,546,403

                                                ----------------------   -----------------
NET ASSETS AT THE END OF THE PERIOD/YEAR                   353,654,306         296,100,917
                                                ======================   =================

                                Statement of Changes in Net Assets
                                             (in USD)

                                              For the period ended         For the year ended
                                           -------------------------- ----------------------------
                                              September 30th, 2007          March 31st, 2007
                                           -------------------------- ----------------------------
Net Assets at the Beginning of the
 Period/Year                                              296,100,917                  273,546,403
Net investment gain/loss                        -43,793                   6,933,291
Net realized gain on sale of securities      15,858,209                  26,831,571
Net realized gain/loss on foreign exchange
 and on forward exchange contracts            2,833,232                  -3,962,824
                                           ------------               -------------

Net realized gain for the Period/Year                      18,647,648                   29,802,038

Change in unrealized gain/loss
 on securities                                             38,903,039                   -6,344,842
Change in unrealized gain/loss on foreign
 exchange and forward exchange contracts                        2,702                     -902,682

                                                        -------------               --------------
Net Assets at the End of the Period/Year                  353,654,306                  296,100,917
                                                        =============               ==============

                              Statistical Information about the Fund
                                             (in USD)

                                      September 30th, 2007   March 31st, 2007     March 31st, 2006
                                  ------------------------ ------------------ --------------------

Total Net Assets                               353,654,306        296,100,917          273,546,403
Net Asset Value per Share                            57.40              48.05                44.39

                            Statement of Changes in Shares Outstanding
                            For the Period ended September 30th, 2007

Number of Shares Outstanding at the Beginning of
 the Period                                                                              6,161,735

Number of Shares redeemed                                                                        -

Number of Shares Outstanding at the End of the
 Period                                                                                  6,161,735

                                 Statement of Investments and Other Net Assets
                                             September 30th, 2007
                                                   (in USD)

---------- ----------- -- ------------------------------------- ----------- -- ----------- -- -----------------
 Currency   Number /                                                               Market
             nominal      Description                              Cost              value                 % of
              value                                                                                   total net
---------- ----------- -- ------------------------------------- ----------- -- ----------- -- -----------------



USD            264,800    Morgan Stanley China A Share Fund Inc   8,653,435     18,522,760                 5.24
USD                       John Hancock Tax-Advantaged Dividend
               970,600     Income Fund                           17,872,647     18,354,046                 5.19
SEK            713,800    Investor AB B                          10,105,122     18,261,399                 5.16
EUR            117,268    Eurazeo                                 4,564,423     17,235,950                 4.87
USD                       Cohen & Steers Select Utility Fund
               638,993     Inc                                   14,726,199     16,664,937                 4.71
GBP                       Templeton Emerging Markets Investment
             1,905,000     Trust Plc                              7,018,828     16,572,507                 4.69
GBP          1,780,523    Advance Developing Markets Trust Plc    3,494,294     15,652,862                 4.43
GBP                       JPM Fleming European Fledgeling
             1,000,000     Investment Trust Plc                   8,977,440     15,514,410                 4.39
GBP                       Scottish Mortgage Investment Trust
             1,100,000     Plc                                    6,676,753     14,522,221                 4.11
GBP          3,679,400    Throgmorton Trust Plc                   6,124,955     13,268,311                 3.75
USD            561,261    Gabelli Dividend & Income Trust        10,554,016     12,072,724                 3.41
USD            149,100    ASA Bermuda Ltd                         9,318,251     11,152,680                 3.15
USD                       Neuberger Berman Dividend Advantage
               476,500     Fund Inc                              10,437,667     10,902,320                 3.08
USD            612,500    New Germany Fund Inc                    8,256,336     10,767,750                 3.05
HKD          3,006,000    China Everbright Ltd                    3,064,305     10,718,233                 3.03
USD            564,000    Swiss Helvetia Fund Inc                 7,851,647     10,197,120                 2.88
GBP            705,451    Merrill Lynch World Mining Trust Plc    1,191,679      9,356,495                 2.65
HKD          1,774,000    China Merchants China Direct            4,573,043      8,860,124                 2.51
USD            377,655    MS Asia Pacific Fund Inc                4,736,521      8,485,908                 2.40
USD                       Emerging Markets Telecommunications
               348,171     Fund                                   4,079,190      8,234,244                 2.33
GBP                       Foreign & Colonial Investment Trust
             1,274,000     Plc                                    4,657,728      8,150,128                 2.30
GBP                       JPM Fleming Emerging Markets
               793,500     Investment Trust Plc                   2,564,981      7,323,362                 2.07
GBP            200,818    Electra Private Equity Plc              2,889,046      6,873,490                 1.94
USD            221,200    MS Emerging Markets Fund Inc            2,246,194      6,821,808                 1.93
GBP          1,325,000    Finsbury Technology Trust Plc           3,115,607      6,708,225                 1.90
GBP                       JPM Fleming Japanese Investment Trust
             1,510,000     Plc                                    5,813,931      6,598,871                 1.87
GBP                       JPM Fleming Japanese Smaller
             1,400,000     Companies Investment Trust Plc         9,113,388      6,139,550                 1.74
HKD         18,020,250    Sinolink Worldwide Holdings             3,173,732      5,775,833                 1.63
USD            100,000    Central Europe and Russia Fund Inc      4,248,468      5,601,000                 1.58
GBP          1,899,000    Pacific Assets Trust Plc                1,690,655      5,339,117                 1.51
USD            113,561    Korea Fund Inc                          3,784,683      5,189,738                 1.47
GBP                       JPM Fleming US Discovery Investment
               270,000     Trust Plc                              2,827,231      4,593,203                 1.30
USD             91,646    Mexico Fund Inc                         3,011,279      3,886,707                 1.10
GBP          1,467,850    Edinburgh Small Companies Trust Plc     2,710,777      3,536,293                 1.00
GBP            500,000    Oryx International Growth Fund Ltd      1,828,471      3,183,357                 0.90
USD            153,861    LMP Capital and Income Fund Inc         2,691,853      3,044,909                 0.86
GBP          1,075,239    RAB Special Situations Co Ltd           3,164,659      3,028,555                 0.86
GBP          2,300,000    Fidelity Japanese Values Plc            2,541,655      3,010,692                 0.85
USD                       Cohen & Steers REIT and Utility
               140,369     Income Fund Inc                        2,817,596      2,928,097                 0.83

                           Statement of Investments and Other Net Assets (continued)
                                             September 30th, 2007
                                                   (in USD)

---------- ----------- -- ------------------------------------- ----------- -- ----------- -- -----------------
 Currency   Number /                                                               Market
             nominal      Description                              Cost              value                 % of
              value                                                                                   total net
---------- ----------- -- ------------------------------------- ----------- -- ----------- -- -----------------



Shares (continued)
USD             88,975    Templeton Dragon Fund Inc               2,002,575      2,812,500                 0.80
GBP            900,000    International Biotechnology Trust Plc   1,689,327      2,635,820                 0.74
GBP            932,000    Advance Focus Fund Ltd Red Pref         1,996,143      2,392,499                 0.68
USD            170,400    Korea Equity Fund Inc                   2,251,364      2,319,144                 0.66
GBP          1,200,000    Schroder Japan Growth Fund Plc          1,640,920      2,310,353                 0.65
AUD          7,435,950    Biotech Capital Ltd                     2,304,861      2,303,156                 0.65
USD             44,800    China Fund Inc                          1,597,308      2,204,160                 0.62
GBP            229,000    F&C Global Smaller Co Plc                 651,345      1,985,182                 0.56
USD          1,050,000    Prospect Japan Fund Ltd                 2,203,391      1,869,000                 0.53
HKD          2,194,000    First Pacific Co                        1,593,110      1,635,195                 0.46
GBP                       INVESCO Perpetual European Absolute
               425,000     Return Trust Plc                       1,166,685      1,560,736                 0.44
USD             47,576    Latin America Discovery Fund Inc          486,503      1,521,480                 0.43
GBP            475,000    Dolphin Capital Investors Ltd             832,280      1,364,514                 0.39
USD          1,317,000    Advance Frontier Markets Fund Ltd       1,317,000      1,356,510                 0.38
GBP            505,000    Clean Energy Brazil Plc                   993,008      1,142,036                 0.32
USD          1,000,000    Tau Capital Plc                         1,000,000        990,000                 0.28
GBP            575,000    INVESCO Japan Discovery Trust Plc       1,128,532        931,323                 0.26
HKD            583,000    Fosun International                       695,382        927,559                 0.26
HKD            182,000    China Mengniu Dairy Co Ltd                 92,577        788,335                 0.22
GBP            100,000    Herald Investment Trust Plc               795,497        774,193                 0.22
HKD            272,000    China Netcom Group Corp Hong Kong Ltd     296,416        728,260                 0.21
GBP                       Perpetual Japanese Investment Trust
               650,000     Plc                                      590,784        701,867                 0.20
HKD          8,009,000    Enerchina Holdings Ltd                    401,901        453,613                 0.13
USD              7,500    JF China Region Fund Inc                  149,995        225,975                 0.06
HKD            159,500    Sino-Ocean Land Holdings Ltd              159,386        225,844                 0.06
GBP            265,000    RCM Technology Trust PLC                  157,863        224,057                 0.06
GBP             31,213    3i European Technology Trust Plc            9,909              0                 0.00
                                                                -----------    -----------    -----------------

Total shares                                                    245,372,747    399,433,247               107.99

                        Statement of Investments and Other Net Assets (continued)
                                          September 30th, 2007
                                                (in USD)

 Currency  Number /
            nominal     Description                                     Cost     Market value        % of
             value                                                                              total net

Undertakings for collective investment
USD           100,000   Advance Umbrella Fund Plc Emerging Markets A   1,003,750    2,158,000        0.61
USD                     Martin Currie Absolute Return Funds Ltd
               84,851    China                                           999,998    2,082,682        0.59
                                                                    ------------ ------------ -----------
Total undertakings for collective investment                           2,003,748    4,240,682        1.20

Warrants and rights
GBP           591,090   Merrill Lynch World Mining Trust Plc                   0    2,197,768        0.62
GBP           126,250   Clean Energy Brazil Plc                                0       77,165        0.02
GBP               909   Clean Energy Brazil Plc - rights                       0            0        0.00
                                                                    ------------ ------------ -----------
                                                                               0    2,274,933        0.64

USD           263,400   Advance Frontier Markets Fund Ltd                      0       55,314        0.02

                                                                    ------------ ------------ -----------
Total warrants and
 rights                                                                        0    2,330,247        0.66


USD           195,906   Italy Fund Inc                                         0            0        0.00
                                                                    ------------ ------------ -----------
Total Shares                                                                   0            0        0.00

                                                                    ------------ ------------ -----------
 SECURITIES                                                          247,376,495  406,004,176      109.85



USD          -696,900   Powershares QQQ                              -35,102,315  -35,827,629      -10.13
USD          -299,200   iShares S&P Europe 350 Index Fund            -34,840,858  -35,664,640      -10.08
USD          -426,700   iShares Russell 2000 Index Fund              -34,408,476  -34,153,068       -9.66
USD          -106,700   iShares FTSE/Xinhua China 25 Index Fund      -17,921,538  -19,206,000       -5.43
USD          -257,600   iShares MSCI Brazil Index Fund               -17,782,191  -18,946,480       -5.36
USD          -223,800   iShares Dow Jones US Real Estate Index Fund  -17,123,549  -17,113,986       -4.84
USD          -672,600   SPDR S&P Homebuilders ETF                    -15,899,011  -14,407,092       -4.08
USD                     Templeton Russia and Eastern European Fund
              -88,229    Inc                                          -6,341,361   -6,058,685       -1.71
                                                                    ------------ ------------ -----------
Total Shares                                                        -179,419,299 -181,377,580      -51.29

                                                                    ------------ ------------ -----------
 SECURITIES                                                         -179,419,299 -181,377,580      -51.29

CASH AT BANKS                                                                     179,186,954       50.67

 ASSETS/(LIABILITIES)                                                             -50,159,244       -9.23

                                                                                 ------------ -----------
TOTAL                                                                             353,654,306      100.00
                                                                                 ============ ===========

                        Notes to the Financial Statements

                           As at September 30th, 2007


The World Trust Fund (the "Fund") is an investment company with limited
liability organized as a « société anonyme » under the laws of the Grand Duchy
of Luxembourg and Article 72-3 of the law of August 10th, 1915 regarding
commercial companies. The Fund is governed by section II of the Luxembourg
amended law of December 20th, 2002 (the Luxembourg amended law of March 30th,
1988 until February 13th, 2004) for Collective Investment Undertakings.

The Fund has been incorporated in Luxembourg on June 20th, 1991 for an unlimited
duration. The Fund's articles of incorporation (the "Articles") have been
published in the "Mémorial, Recueil des Sociétés et Associations" and they have
been filed with the Registrar of the Luxembourg District Court, where copies
thereof may be obtained. In addition, a legal notice concerning the issue of the
Shares is on file with the Registrar of the Luxembourg District Court.

The Fund's investment objective is to achieve long term capital appreciation
through investments in closed-end funds whose shares are listed or traded on
international exchanges and at a discount to net asset value.


a) Presentation of Accounts

The financial statements are presented in conformity with the legal and
regulatory requirements in Luxembourg relating to investment funds. The Fund
keeps its books and records in USD.

b) Valuation

    1) The Net Asset Value per Share is calculated in accordance with Article 22
    of the Articles on each Valuation Date (as defined in the Articles).

    The Net Asset Value per Share is determined by dividing the Net Assets of
    the Fund, being the value of its assets less liabilities, by the number of
    Shares then in issue.

    2) In calculating the Net Asset Value, income and expenditure are treated as
    accruing from day to day and the Articles provide, inter alia, that:

        (i) securities which are quoted or dealt in on any stock exchange or
        other regulated market are valued at the settlement or closing price on
        the last full business day on which such exchange or market is open for
        trading preceding the applicable Valuation Date;

        (ii) if securities are quoted, listed, traded or dealt in on more than
        one stock exchange or regulated market the Directors may select for the
        purposes of valuation the stock exchange or regulated market which they
        consider provides the fairest criterion of value for the relevant

    (iii) if securities, including closed-end funds, are not quoted or dealt in
    on any stock exchange or regulated market or if, with respect to securities
    quoted or dealt in on any stock exchange or dealt in on any regulated
    market, the price as determined pursuant to paragraph (i) above is in the
    opinion of the Directors, not representative of the fair market value of the
    relevant securities, the value of such securities will be determined by
    reference to their reasonably foreseeable sales price determined prudently
    and in good faith by and under the direction of the Directors;

    (iv) securities issued by any underlying open-end undertaking for collective
    investment are valued at their last available price or net asset value, as
    reported or provided by such undertaking or their agents.

3) Purchases of securities are recorded at cost. Realized gains or losses on
securities sold are computed on an average cost basis.

4) The value of cash in hand or on deposit, bills and notes payable on
presentation, accounts due, prepaid expenses and dividends and interest declared
and fallen due but not yet received generally consists of the nominal value of
such assets. However, in the event that it seems improbable that such value can
be realized, the value is determined by deducting a sum which the Board of
Directors of the Fund considers appropriate to reflect the realisable value of
such assets.

5) Foreign currencies: monetary assets and liabilities denominated in foreign
currencies in the Statement of Net Assets are translated into USD at the rates
of exchange ruling at the date of the report. Transactions in foreign currencies
are recorded in USD based on the exchange rates applicable at the date of the

The following significant exchange rates have been applied for the conversion as
of the date of the report:

         1  AUD          Australian Dollar                      0.8849503
         1  EUR          Euro                                   1.4221494
         1  GBP          Pound Sterling                         2.0373487
         1  HKD          Hong Kong Dollar                       0.1287224
         1  SEK          Swedish Krona                          0.1545822

c) Income Recognition

Interest and dividend income is recorded on an accrual basis, net of any
withholding taxes in the relevant country.


The Manager is entitled to receive a fee at the rate of 0.75% per annum
calculated each quarter on the basis of the average weekly Net Asset Value
during the relevant quarter and paid quarterly.

At each fiscal year end the appreciation over the previous 2 year period of the
World Trust Fund and the MSCI World Index with net reinvested dividends shall be
calculated and converted into a per annum rate. If the rate of appreciation of
the World Trust Fund so calculated (the 'Actual Rate') exceeds by more than 5%
the rate of appreciation of the MSCI World Index so calculated (the 'Reference
Rate') the Manager shall be entitled to a performance fee calculated by
multiplying the NAV at the beginning of the 2 year period by:

    (i) 5% of the excess over 5% and up to 10% of the Actual Rate over the
    Reference Rate, and

    (ii) 10% of the excess, if any, over 10% and up to 15% of the Actual Rate
    over the Reference Rate, and

    (iii) 15% of the excess, if any, over 15% and up to 20% of the Actual Rate
    over the Reference Rate, and

    (iv) 20% of the excess, if any, over 20% of the Actual Rate over the
    Reference Rate and adding together the result, subject to the Reference Rate
    over the period being positive.

Out of its fees, the Manager will pay its own expenses and those of any
investment advisers retained by it.


As a Luxembourg investment company, under present laws the Fund is not subject
to income taxes in Luxembourg. Irrecoverable taxes may be withheld at the source
on dividends and interest received on investment securities.

According to the law of December 20th, 2002, the Fund is subject to Luxembourg
subscription duty ("taxe d'abonnement") at the rate of 0.05% per annum of its
Net Assets, such tax being payable quarterly on the basis of the Total Net
Assets of the Fund at the end of the relevant quarter.

However the value of investments in other investment companies already subject
to Luxembourg subscription duty is no longer subject to this tax.


On a yearly basis, the Fund may repurchase Shares up to 10% of the issued
capital of the Fund when the Shares are trading at a discount to the Net Asset
Value per Share. The power to repurchase Shares is granted by Shareholders on an
annual basis. Shares repurchased may then be resold at a future date when a
premium to the Net Asset Value per Share may be obtained or may be cancelled by
way of a reduction of issued capital. Such transactions will take place on a
stock exchange, over-the-counter market or other regulated market on which the
Shares are traded.

The Fund did not repurchase any Shares during the financial period ended
September 30th, 2007.

A total of 3,170,003 Shares have been repurchased in prior periods for an amount
of USD 48,963,066. These Shares are held in Treasury.


The Fund was incorporated with an authorised Share capital of USD 30,000,000
represented by 15,000,000 Shares of a par value of USD 2 each.

The initial subscribed capital amounted to USD 45,000 and was represented by
4,500 Units (each Unit consists of five Shares and one Warrant).

All Units have been fully paid in cash of USD 45,000 together with total issue
premiums of USD 180,000.

On September 27th, 1991 the Board of Directors decided to increase the capital
to USD 17,777,490 by the issue of 8,888,745 additional Shares and 1,773,249
additional Warrants attached thereto, against payment in cash of a total of USD
17,732,490 and a total Share premium of USD 66,496,837.50. This increase was
approved by notarial deed dated October 18th, 1991.

The Warrantholders could exercise their subscription rights in any of the years
1996 to 2001 inclusive. Each Warrant gave the right to subscribe to one Share at
a price of USD 10.

By a resolution of the meeting of the Board of Directors dated June 6th, 2002
the Board decided to increase the capital by creation of 442,993 new Shares of
USD 2 each, with a Share premium of USD 3,543,944. All the 442,993 Shares had
been entirely subscribed and fully paid in cash, so that the amount of USD
4,429,930 is available to the corporation.

The balance of the Warrants has been converted into Shares in accordance with
the prospectus.

The Fund is required by Luxembourg law to transfer 5% of its yearly net profits
to a non distributable legal reserve until such reserve amounts to ten percent
of the Fund's nominal Share capital, this reserve is not available for dividend


The Custodian receives, under the terms of the Custodian Agreement, fees for its
services at rates to be agreed from time to time between the Fund and the
Custodian in accordance with Luxembourg practice.


These fees are split as follows:

- Directors' fees:

Each of the Directors shall be paid a fee for his services at such a rate (if
any) as the Board of Directors shall determine provided that the aggregate of
such fees shall not exceed USD 250,000 per annum (in respect of the resolution
of the Annual General Meeting held on August 21st, 2007) or such higher amount
as may from time to time be determined by the Shareholders in General Meeting.
The Directors may also be paid all reasonable travelling, hotel and other
expenses properly incurred by them in the course of their duties relating to the

The fees accrued by each director for the 6 month period ended September 30,
2007 were as follows:

Duncan Budge                   $12,500
----------------------- ----------------------
Walter A. Eberstadt,
 OBE                           $ 7,500*
----------------------- ----------------------
John M. Hignett                $12,500
----------------------- ----------------------
Philip R. McLoughlin           $15,000
----------------------- ----------------------
Jeremy W. Sillem               $17,500
----------------------- ----------------------
Alexander E. Zagoreos             $0
----------------------- ----------------------

* Consultancy fees to Chairman Emeritus.


As of the date of the report, the Fund was not engaged in any forward exchange
contracts or outstanding currency option.


As of the date of the report, the Fund had no securities lending facility in


The Fund has provided cash collateral to UBS as the prime broker, in respect of
short positions. The value of the collateral amounted to $ 178,571,270. The Fund
has the facility to deposit investments with UBS to be used as cash collateral
for short positions.



As of the date of the report, the beneficial and non-beneficial interests of the
Directors and related parties in the Share capital are the following:

                                        Beneficial              Non-Beneficial
                                 ------------------------ --------------------------
                                          Shares                    Shares
                                 ------------------------ --------------------------
Duncan Budge                                            0                          0
Walter A. Eberstadt, OBE                           28,500                     28,500
John M. Hignett                                    38,100                          0
Philip R. McLoughlin                                    0                          0
Jeremy W. Sillem                                   12,300                      2,540
Alexander E. Zagoreos                              57,755                          0
Kun Deng (Investment Manager)                      20,270                          0


Alexander E. Zagoreos was a Managing Director of Lazard Asset Management LLC,
which serves as an investment manager for the Fund, through December 31st, 2005
and became a Limited Managing

Director and Senior Advisor effective January 1st, 2006. Walter A. Eberstadt was
a Limited Managing Director of Lazard Frères & Co. LLC through December 31st,
2005. Mr. Eberstadt is now the Chairman Emeritus of the Fund and provides
consultancy services to the Fund.


As of the date of the report, the Directors of the Fund were aware of the
following interests in the Shares of the Fund:

                                                        Shares           Percentage
                                                                     of Issued Capital
                                                    ---------------  ------------------
Clients of Lazard Frères & Lazard Asset Management        2,009,397        32.61%
RIT Capital Partners Plc                                  1,169,880        18.99%
Lehman Brothers International (Europe)                      444,323        7.21%

All issued Shares of the Fund are on deposit with a registered clearing house
and, accordingly, with the exception of those Shareholdings of which the
Directors have been notified, the Directors are not in a position to state the
exact size of any Shareholdings in the Fund.


The changes of the investment portfolio referring to the period of the report
are available at the registered office of the Fund without any fee.


In accordance with the circular resolution of June 30th, 2005, the Board of
Directors of the Fund confirms the fiscal status of the Fund as out of the scope
of the European Directive 2003/48/EC on taxation of savings income in the form
of interest payments.


For the period ended September 30th 2007, the total expense ratio (TER) was
calculated using the following formula:

Total operation expenses / Average net assets X 100 = TER% / 2


    --  The operating expenses represent expenses recorded on the Statement of

    --  The average net assets represent the arithmetic mean of the total net
        assets over the period

    --  Transaction costs and any other costs incurred in connection with
        currency hedging are not included in the TER.

      TER without Performance Fees                    TER with Performance Fees *
                  2.21%                                          2.21%

* As of the date of the report, the Fund had no accrued Performance Fees.

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