The World Trust Fund

RE: Top Ten Holdings

World Trust Fund

Top ten holdings and all holdings over 5% of gross assets as at December 31,
2003

STOCK                                   % Of Gross Assets

Merrill Lynch World Mining                      8.6%
Morgan Stanley Emerging Markets                 6.5%
John Hancock Bank and Thrift Opportunity Fund   5.6%
Advance Developing Markets Trust                5.4%
F&C Smaller Companies                           5.3%
Swiss Helvetia Fund                             4.9%
Eurazeo                                         4.9%
JPMorgan Fleming Russian Securities             4.8%
Advance UK Trust                                4.8%
Templeton Emerging Markets Investment Trust     4.1%