WTR.L Regulatory News (WTR)

The World Trust Fund

Final Results

March 31st, 2015

Financial Highlights

for the year ended March 31st, 2015

INVESTMENT OBJECTIVE

The Fund seeks to achieve long-term capital appreciation by investing primarily in companies whose shares trade at a discount to the underlying net asset value. The Fund measures its performance against the MSCI All Countries World Index.

INVESTMENT POLICY

Asset Allocation

The Fund invests in closed-end funds, investment trusts, holding companies and other companies whose shares are listed or traded on international exchanges and are generally at a discount to their underlying net asset value. The Fund seeks actively to encourage boards and management teams to take steps to enhance shareholder value and seeks to take a constructive and active role to help reduce the discount at which the shares of their underlying companies trade.

Risk Diversification

The Fund seeks to provide broad exposure to the markets through holding a diversified portfolio of closed-end investment companies, including investment trusts, holding companies and entities with comparable structures.

Gearing and Hedging

The Fund may use gearing (the ability to borrow), and the level of gearing may vary from time to time. The Board has authorised the Manager to use gearing up to 15% of the Fund's Net Asset Value. In future the Board may determine to increase the amount of gearing that the Manager is authorised to use to an amount not to exceed 25% of the Fund's Net Asset Value. Shareholders should note that gearing increases the scale of any profits or losses.

The Fund is permitted to seek to hedge long positions by selling short stock indices, stocks, and shares of exchange traded funds or closed-end funds up to 100% of the Fund's Net Asset Value. The Fund may also hedge its currency exposure against the US Dollar. Shareholders should note that the use of such techniques involves risks, including the risk of complete loss of value of any short position.

CHAIRMAN'S STATEMENT

I am pleased to present the annual report of The World Trust Fund for the year ended March 31st, 2015. The Fund's net asset value per share at year-end was US$ 4.59, representing a total return of 10.6% over the year. This performance compares favorably to that of the Fund's benchmark, the MSCI All Country World Index which increased 5.4% and the Fund's reference benchmark, the MSCI All Country World ex-U.S. Index which decreased 1.0%, for the year. Over the three and five year periods ended March 31st, 2015 the Fund's net asset value total return amounted to 36.9% and 55.0% respectively, which again compares favorably to both the Fund's benchmark and the reference benchmark for such periods.

Notwithstanding this relatively good performance, it is important to point out that the Fund is not managed with an objective of correlating to any index. The Fund is invested in a concentrated portfolio of securities where the Fund manager has a high level of conviction that each will provide a meaningful contribution to the Fund's performance.

During this past year most of the major economies in the world continued or instituted some form of politically mandated quantitative easing or other actions to artificially depress interest rates. There is a lack of clarity as to when these actions may be relaxed or rescinded especially in the United States where speculation of a rise in interest rates ebbs and flows almost daily. Concerns that the bull market in the United States will soon show signs of slowing down combined with strong currency movements, a steep drop in oil prices and an increase in volatility added to the overall uncertainty. As a result the investing environment throughout the world continues to be characterized by volatility but also by solid and exciting opportunities.

As you will read in the Manager's Review, the Fund continues to focus on the emerging markets together with developed markets such as Japan, where it finds attractive opportunities. In addition the Fund continues to take advantage of corporate actions in its holdings, many of which have benefited the Fund.

The Board continues to closely monitor the Fund's discount which ended the year at 12.6% compared to 13.4% March 31st, 2014. During the past fiscal year the Fund repurchased over 7 million shares through an additional tender offer, but did not otherwise repurchase any of its own securities. In evaluating the use of any discount control mechanism including stock repurchases, the Board will also consider the discount levels of the Fund's portfolio holdings, the impact of any potential liquidation of one or more of those holdings, and the overall effect of such actions on the ability to create shareholder value.

In accordance with past practice, the Board will again seek shareholder approval at the upcoming AGM to acquire up to 14.99% of the Fund's shares through market purchases. At that meeting shareholders will also have the opportunity to consider the annual continuation vote.

Last year the Board established a dividend policy to distribute substantially all of the Fund's investment income, net of operating costs (excluding performance fees) to shareholders. While this policy may make the fund more attractive to potential investors, it does not alter the Fund Manager's mandate. Decisions to buy or sell securities are not based on the possibility of income dividends. Any undistributed income will be added to reserves and may be used to smooth future dividend payments.

On November 26th, 2014 the Board declared an interim dividend of 0.5p per share. I am pleased to announce that the Board has declared a full year dividend of 2.90p per share, which will be submitted to shareholders for their approval at the upcoming AGM. The aggregate dividend for the year of 3.40p per share represents a yield of 1.26% per share based on the Fund's share price as at March 31st, 2015.

The Board continues its strong support for the Fund's discounted assets strategy. We remain encouraged by the Fund Manager's ability to find opportunities in world markets to create value for our shareholders and as always, I welcome any correspondence from them.

Philip R. McLoughlin

Chairman

July 17th, 2015

MANAGER'S REVIEW

"April is the cruellest month," wrote T.S. Eliot. At least it seems so for the United States. "This past month (April 2015) may be remembered as the moment the United States lost its role as the underwriter of the global economic system," remarked Larry Summers, former US Treasury Secretary. On April 15th, China announced the founding of the Asia Infrastructure and Investment Bank, with 57 members including all major economies, except the United States. This Manager's Review relates to the Fund fiscal year ending March 31st, 2015. Nevertheless, we mention the events of April 2015 because the potential new era described by Secretary Summers, where the US will need to co-exist and compete with other economic powers, may offer a diverse set of new investment opportunities for the Fund.

Market Overview

Geopolitical tensions and central bank actions dominated headlines around the globe for the past twelve months. It started with Russia's annexation of Crimea in March 2014, which some viewed as the onset of a new Cold War, and the muted global responses to the violation of Ukraine's sovereignty. Japan and China were locked in open political hostility. China's build-up in the South China Sea resulted in street riots in Vietnam, and dozens of foreign factories were burned there. Savage terrorist acts in the Middle East and northern Africa gripped world attention, followed by Saudi Arabian-led airstrikes in Yemen. Adding to heightened geopolitical uncertainties was continuous weak economic news flow in the Eurozone, China, Japan, and most of the rest of the world, with the exception of the United States. Central banks around the world reacted aggressively by "printing money." Global monetary policies cumulatively are some of the most stimulative they have ever been.

Prices for commodities and currencies entered uncharted territories. Oil prices plunged more than 50%, causing great challenges for oil companies and oil producing nations while creating a significant boon for consumers and oil consuming economies. The US dollar, reflecting the relative strength of the US economy, surged in value versus major currencies such as the Euro (28.3%), yen (16.4%), and pound (12.4%).

Performance

For the twelve-month period ended March 31st, 2015, the Fund's NAV total return was 10.6% in US dollar terms compared with the 5.4% return of the MSCI All Country World Index and -1.0% return for the MSCI All Country World ex-US Index. The World Trust Fund share price, as traded on the London Stock Exchange in pounds sterling, and with the benefit of US dollar strength, increased 25.4% on a total return basis.

Significant contributing factors to the Fund's performance included the following:

Security Selection

Stock selection in both developed and emerging markets was strong, led by investments in China, in the global pharmaceutical and biotech, and technology sectors as well as in small cap European companies.

Corporate Actions and Governance Enhancements

A number of the Fund's holdings have had or are going through corporate actions, all of which we see as positive and to the benefit of the Fund.

Most of the major equity markets have recovered from the lows reached during the global financial crisis in 2009. The Fund's recovery exceeded those recorded by its benchmark indices. Specifically from March 31st, 2009 through March 31st, 2015, as measured in US dollar terms, the World Trust Fund's net assets posted cumulative returns of 160%, while shareholder returns, as measured by the Fund's price, rose 169%, cumulatively. Both of these performance measures outpaced the returns of the MSCI ACWI (+148%) and MSCI ACWI ex US (+109%) indices during the same period.

The World Trust Fund is significantly overweight emerging markets, and our selection of closed-end funds exposed to emerging markets contributed to the Fund's particularly strong returns. This is despite the fact that over the period, developed markets equities outperformed their emerging markets peers, with the MSCI World Index returning +6% and the MSCI Emerging Markets Index returning +0.8%, both in US dollar terms. However, the Fund's emerging markets focused investments performed strongly, returning 29.4% on average, led by EM Asia-focused investments that gained more than 41%.

Portfolio Review

As mentioned in past reports, the Board of Directors and Manager have decided to make the Fund more concentrated over time. Compared to 35 holdings in last year's report, the Fund now has 33 holdings, with the top 10 holdings representing more than 50% of the Fund's assets. By comparison, the Fund had held in excess of 60 holdings previously. This more concentrated portfolio holds investments for which the management team has the highest investment conviction.

As of March 31st, 2015

For the year ended March 31st, 2015

Both BB Biotech and International Biotechnology Trust increased by more than 90% in local currency terms during the period, but the currency impacts from a strong US dollar resulted in a lower return. China Merchants China Direct Investments (CMCDI) gained 56.9% during the period, driven by strong performance of its underlying holdings and a profit increase of almost 327% in the 2014 fiscal year. CMCDI also announced a special dividend, representing a dividend increase of 50% year-on-year. The discount of CMCDI was still compelling at 55%, with 18% of CMCDI's assets held in cash. Citic Securities rose 52.8% and China Everbright gained 108.5% during the period, and were two of the best performing holdings in the Fund. The Chinese government's priority has been to liberalize its capital markets, with measures including the creation of a new exchange to promote smaller companies. It also successfully launched the "Shanghai-Hong Kong Stock Connect" regime. This bypasses the restrictive qualified investor quota scheme and, for the first time ever, allows Chinese to invest in Hong Kong, and Hong Kong and overseas investors to trade domestic Chinese securities. China Everbright has been a major beneficiary of this liberalization due to its market-leading position as a broker in small-to-mid size firms and its business focus on the Shanghai region. Citic Securities was a primary beneficiary of capital markets reform due to its position as China's largest and most diversified financial conglomerate.

For the year ended March 31st,2015

Eurazeo experienced some positive operational and financial developments this year, with the IPO of ELIS as well as further disposals in Accor and Rexel, which boosted its cash position. In local terms, the stock was up 4.7%, but the strong US dollar and weak Euro generated a loss in US dollar terms. JPMorgan European Smaller Companies Trust, like Eurazeo, had a difficult first half of the year, but then strengthened in the last five months of the year. However, the weakness of sterling versus the US Dollar transformed a -1.2% local return into a -12.2% return for the World Trust Fund. Similarly, Herald Investment Trust was further weighed down by a widening of its discount to -17.5%. Despite paying out a large capital distribution in December, and with a new management, Swiss Helvetia was affected by the volatile Swiss franc, following the removal of the Swiss franc's peg against the Euro in January, and a widening discount. BlackRock World Mining, aside from its exposure to the continuing fall in commodity prices, also had suffered from a write-off on one of its investments. However, we had trimmed the majority of the Fund's position before the write-off occurred.

Geographic Diversification

The following chart illustrates the geographic allocation of the Fund's underlying holdings as of March 31st, 2015. North America was the Fund's largest absolute exposure, but it was also our largest underweight relative to the MSCI All Country World benchmark. The Fund was overweight Europe, the United Kingdom, and Japan, with Asia Pacific ex-Japan its most significant overweight. The Fund's geographical allocation is a result of the manager's benchmark unaware, bottom-up security selection investment process. Because the Fund's investment objective is to maximize absolute returns rather than outperform the indices, significant divergence from the indices is to be expected.

Focused Perspectives: Japan

In recent reports we have highlighted our investment perspectives on emerging markets, China, Europe, and the United States. The Fund remains significantly invested in emerging markets as we are still attracted to the low valuations, high growth prospects, and compelling discounts in these areas. However, we have increased the Fund's investments in developed markets, in Europe, but especially in Japan. Our positive view on Japan reflects an improving macroeconomic environment, attractive valuations, and our ability to participate in valuable corporate governance activities.

Equities are More Attractive Outside of the United States (March 31st, 2015)

* P/E: Price Earning, ratio.

ROE: Return on Equity.

Index: MSCI All Country World Index

Source: Lazard, MSCI, I/B/E/S Consensus

Japan is the world's second largest and second most diversified equity market in the world. Prime Minister Shinzo Abe's "three arrows" of reforms (monetary, fiscal, and structural) has attracted enormous attention, especially from financial markets. If the early success of Abe's reforms continues, when combined with an attractively priced equity market, it could create a multi-year investment opportunity for investors.

Japan has attempted to stimulate economic growth through quantitative easing and structural reforms, which have positively impacted share prices and have weakened the yen. However, Japanese equities remain deeply depressed versus their global peers. From a historical perspective, Japanese equities still trade well off historical highs on price to book and price to earnings measurements, and we view them to be near historically attractive levels.

One significant driver of recent equity returns has been the Government Pension Investment Fund (GPIF), the world's largest pension fund with approximately US$ 1.2 trillion in assets. The GPIF has increased its equity allocation (nearly doubling its target allocation to Japan and foreign equities to 25% each) and, as a result, is buying significant amounts of Japanese equities. However, investments by the GPIF have mostly targeted only a portion of the market, i.e., those companies perceived as having low volatility. In our view, this has created further valuation differentials between these companies and other areas of the market, highlighting the inefficiency of the Japanese equity market. The Japanese equity market is the second largest in the world, but a long bear market has reduced the number of active, local, and seasoned investment professionals. The Fund's investments are primarily in those closed-end funds that have specialist research and portfolio management teams on the ground, operating mostly in the small cap space.

Abenomics intends to improve corporate governance in Japan, which includes urging companies to increase financial productivity, or returns on equity (ROE). Two years in the making, Abe's economic policies have already made a meaningful impact on the fundamentals of Japanese companies as earnings, dividends, and ROE, are significantly higher.

Corporate Japan's change of attitude is apparent, we believe, through the increase in share buy-back programs. With the amount of cash on the balance sheets (more than 50% of non-financial corporate balance sheets are net cash), more and more Japanese companies have decided to buy back shares, which adds to shareholder value.

Positive changes on both the macroeconomic and fundamental levels, combined with depressed valuations and a compelling discount, form an attractive investment story. The Fund's investments today include JPMorgan Japanese Investment Trust, JPMorgan Japan Smaller Companies Trust and Prospect Japan Fund.

The Fund's core investments in JPMorgan Japanese Investment Trust and JPMorgan Japan Smaller Companies Trust meaningfully outperformed the benchmark MSCI Japan Index by 11% and 10% over the year. The discounts of these funds remained volatile over the period, but in March 2015 started to contract as interest in Japan started to rebuild.

Prospect Japan Fund is more of an absolute return vehicle and in recent years has been complementary to the returns of the Fund's other Japanese holdings, as it offers exposure to the changes in corporate governance. Its performance, by comparison to the Fund's other Japanese holdings, was disappointing in this period but is also reflected in its discount, which at the end of the year stood at -15%. The discount is considerably wider than others in the peer group, with some names trading at a premium to NAV. We continue to have conviction in the position.

Corporate Action and Restructuring

Over the twelve-month period, several Fund holdings announced or completed corporate actions and other measures aimed at reducing discounts and enhancing shareholder value. These include tender offers, restructuring of investment programs, exchange listing changes, and investment manager changes. Several companies recorded more than one event during the period:

• Tender Offers: Two holdings conducted tender offers, with one conducting more than one over the period.

-- Morgan Stanley Asia Pacific Fund (APF) conducted a tender offer in April 2014 for 20% of shares at 98.5% of NAV, whereby the Fund received payment on 29.8% of shares. APF's 20% tender offer was prompted by a change in the investment mandate from one that includes Japan to one that invests only in Asian countries outside Japan.

-- Central Europe, Russia & Turkey Fund (CEE) conducted a 5% tender offer at 98% of NAV in July 2015, whereby the Fund received payment on 7.3% of shares.

• Distributions:

-- BB Biotech (BION.SW) distributed 5% of capital as part of a discount control mechanism. This distribution was particularly attractive since the distribution was based on NAV, and BION was trading at a discount to NAV of approximately 24% at the end of 2014.

-- Macau Property Opportunities Fund (MPO) distributed 9% as return of capital.

• Manager Change:

-- Swiss Helvetia Fund (SWZ): Shareholders approved Schroder Investment Management North America as the fund's new manager, replacing Hottinger Capital Corp.

• Exchange listing change:

-- Harbourvest Global Private Equity (HVPE.LN) announced plans to relist on the Main Market of the London Stock Exchange, likely in the third quarter of 2015.

Hedging and Leverage

Given the average 20% discount at which our underlying investments are trading, the rapid run-up of the US and European markets, and the volatile geopolitical situation, the management team believed it was prudent to implement a hedge on a portion of the portfolio. Details concerning the team's ability to hedge are set out in the Investment Policy section.

Over the period, the Fund was partially hedged by shorting various index ETFs (iShare Emerging Markets, Vanguard Europe, iShare S&P 500, iShare Germany, Market Vectors Russia) and closed-end funds trading at significant premiums (Gabelli Multimedia Fund, and H&Q Life Sciences Fund).

Overall, during the period when shorts were in position, markets were fairly strong. Long positions gained 13.29%, with the short positions losing 6.25%. At the portfolio level, the hedges impacted the portfolio by -1.53%.

As of the end of the fiscal year, the Fund had no leverage or short positions.

Discounts

The Fund's discount to NAV narrowed by 0.8% over the period to 12.6%, and traded at an average discount of 12.7%. During the period, the discount ranged from a high of 14.5%, to a low of 10.6%.

The Board and management team continue to actively monitor the discount. Measures such as the annual buyback facility, the payments of dividends and the services of independent house Edison Research are part of the Board efforts to reduce the discounts at which the Fund trades.

The Fund's underlying investments reflected an average internal discount of 21.4% which, together with the 12.6% discount the Fund's shares are trading at, represents US$ 1.37 worth of assets for every US$ 1 dollar invested.

Outlook

"The strongest of all warriors are time and patience," said General Kutuzov in Tolstoy's War and Peace, when faced with the apparently overwhelming French army. Investor patience with the Fund is starting to pay off as the Fund's long term investors are being rewarded. According to JPMorgan Cazenove, the Fund was the best performing of the London-listed global funds for the one-year period.

However, as noted in our introduction, we expect the future to remain quite volatile. While geopolitical and macro uncertainties are the cause of some of the volatility and inefficiencies in today's market, we believe many to be counterbalanced by the attractive valuations in many markets. Also, discounts remain attractively wide, adding to our positive outlook over the long term. We remain especially focused on emerging markets, and we believe substantial shareholder value can be created in those markets for our investors over the long term.

Selectivity and patience will remain important to our investment process going forward. We believe that through our process we will be able to navigate these uncertain markets and identify opportunities. As we journey into uncharted waters, we believe that the Fund should continue to be a solid source of investor value.

Kun Deng, CFA

Lazard Asset Management LLC

Manager

July 17th, 2015

General Information

· NAV stands for Net Asset Value and represents shareholders' funds expressed as an amount per individual share. Shareholders' funds are the total value of the Fund's assets at current market value less its liabilities.

· The Net Asset Value per Share is expressed in US Dollars ("US$") and, since October 30th, 2009 the Fund's Shares have been traded in Pounds Sterling ("£"). For information purposes only the Fund's Net Asset Value per Share since October 30th, 2009 is also reported in its Pounds Sterling equivalent.

· Unaudited half-yearly reports and audited annual reports are made available at the Registered Office of the Fund.

· The Annual General Meeting of Shareholders is 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.

· The Shares of the Fund are listed on the main market of the London Stock Exchange and the Luxembourg Stock Exchange.

· The Fund invests in securities of all jurisdictions. Its Shares trade in sterling but the Company's activities are reported in US Dollars.

· An interim dividend of 0.5 pence per share was paid on January 16th, 2015. A final dividend of 2.9 pence per Share has been declared in respect of the year ended March 31st, 2015, and following approval by shareholders of the Annual General Meeting will be payable on September 18th, 2015 to shareholders who appear on the register on August 21st, 2015.

Statement of Net Assets (in US$)

* Diluted NAV is calculated after taking into account any outstanding warrants, which are assumed to be exercised by the Shareholders.

Shareholders' Equity (in US$)

Statement of Operations (in US$)

Statement of Changes in Net Assets (in US$)

Statistical Information about the Fund (in US$)

Statement of Changes in Shares Outstanding

Statement of Investments and Other Net Assets

March 31st, 2015

Notes to the Financial Statements

March 31st, 2015

Note 1 - General

The World Trust Fund (the "Fund") is an investment company with limited liability organised as a «société anonyme» under the laws of the Grand Duchy of Luxembourg and is governed by part II of the Luxembourg amended law of December 17th, 2010 on Undertakings for Collective Investment and by the law of August 10th, 1915 on commercial companies.

The Fund was 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 C, Recueil des Sociétés et Associations'.

The Fund's primary investment objective is to achieve long-term capital appreciation, primarily through investments in closed-end funds, investment trusts, holding companies, and other similarly traded companies whose shares are listed or traded on international exchanges, and generally at a discount to Net Asset Value.

The currency in which the Fund's Shares are traded was changed from US$ to £ on October 30th, 2009.

The equivalent Net Asset Value ("NAV'') per Share in GBP represents the NAV per Share in US$ converted with the exchange rate at March 31st, 2015 (Note 2).

The Fund has appointed Lazard Asset Management LLC as its non-EU AIFM within the meaning of 1(48) of the AIFM Law dated July 12th, 2013. Pursuant to the Management Agreement, the Manager is responsible on a day-to-day basis under the supervision of the Board of Directors of the Fund for providing investment management and risk management services in respect of the Fund in accordance with the investment objectives of the Fund.

Note 2 - Significant Accounting Policies

a) Presentation of Accounts

The financial statements are presented in accordance with generally accepted accounting principles and with the legal and regulatory requirements relating to the preparation of the financial statements as prescribed by the Luxembourg authorities for Luxembourg investment companies. The Fund keeps its books and records in US$.

b) Valuation

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

The NAV 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 NAV per Share, 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 on more than one stock exchange or regulated market, the Board of Directors of the Fund (the "Board") 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 securities; and

(iii) if securities are not quoted or dealt on any stock exchange or regulated market or if, with respect to securities quoted or dealt on any stock exchange or dealt on any regulated market, the price as determined pursuant to paragraph (i) above is 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 the Board of Directors of the Fund.

3) Investments in securities are recorded at cost on a trade date basis. Realised 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 realised, the value is determined by deducting a sum which the Board considers appropriate to reflect the realisable value of such asset.

The value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at after making such discount as the Fund may consider appropriate in such case to reflect the true value thereof.

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

The following significant exchange rates have been applied for the conversion of monetary assets and liabilities denominated in foreign currencies into USD as of March 31st, 2015:

c) Income Recognition

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

d) Forward Foreign Currency Contracts

The Fund may, for the purpose of hedging currency risks, enter into forward currency contracts.

In a forward foreign currency contract, the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Purchases and sales of forward foreign currency contracts having the same notional value, settlement date and counterparty and right to settle net are generally offset (which result in a net foreign currency position of zero with the counterparty) and any realised gains or losses are recognised on trade date plus one.

The market value of forward foreign currency contracts is based on the price at which a new forward foreign currency contract of the same notional value, currency and maturity could be affected at the close of business in the principal currency markets in which these currencies are traded.

e) Transaction Fees

For the year ended March 31st, 2015, the Fund incurred transaction fees related to purchase and sale of transferable securities for US$ 177,849.

The transaction costs include broker fees, settlement fees, taxes and other charges.

Note 3 - Management and Performance Related Fees

The Manager is entitled to receive, under the terms of the Management Agreement, a fee at the rate of 0.75% per annum calculated each quarter by reference to the average weekly Net Asset Value during the relevant quarter. The fee will accrue daily and will be paid quarterly in arrears.

The Manager is also entitled to a performance related fee payable yearly from the second anniversary of the Fund onwards which will be calculated as follows:

(i) 5% of the amount by which the Net Asset Value has exceeded by 5% or more, but by less than 10% per annum the compound growth rate of the MSCI AC World Index during the two preceding years; and

(ii) 10% of the amount by which the Net Asset Value has exceeded by 10% or more, but by less than 15% per annum the compound growth rate of the MSCI AC World Index during the two preceding years; and

(iii) 15% of the amount by which the Net Asset Value has exceeded by 15% or more, but by less than 20% per annum the compound growth rate of the MSCI AC World Index during the two preceding years; and

(iv) 20% of the amount by which the Net Asset Value has exceeded by 20% or more, per annum the compound growth rate of the MSCI AC World Index during the two preceding years,

subject to the growth in the MSCI AC World Index during the two year period being positive.

For the year ended March 31st, 2015, there was no performance fee payable by the Fund.

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

Note 4 - Taxes

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 amended law of December 17th, 2010, 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.

Pursuant to the law of December 17th, 2010, the net assets invested in other investment companies already subject to Luxembourg subscription duty are exempt from this tax.

Note 5 - Capital

On April 2nd, 2014, the Fund announced that on the final exercise date of March 31st, 2014, holders of Warrants exercised their right to subscribe for a total of 5,309,128 Ordinary Shares of US$ 0.20 each at US$ 3.51 per Ordinary Share. A trustee was appointed in relation to the outstanding Warrants and following the exercise of rights by the trustee, 2,484,909 Ordinary Shares were sold at a price of 213p per Ordinary Share. The net proceeds of such sale over the subscription price, less associated costs and expenses were distributed to such warrant holders and amounted to US$ 61,878 aggregate. The Board therefore approved the issue and allotment of 7,794,037 Ordinary Shares, which were listed and admitted to trading on the London Stock Exchange on April 7th, 2014.

The Fund has no Warrants remaining in issue.

On April 2nd, 2014, the Fund announced that the average discount over the financial year ended March 31st, 2014 was in excess of 10% and the Fund had underperformed the benchmark by more than 1% per annum and that a tender offer for up to 15% of the Fund's share capital would be made. A circular was mailed to shareholders on June 2nd, 2014 setting out the terms of the tender offer which were approved at an Extraordinary General meeting held on June 25th, 2014. On July 2nd, 2014, the Fund announced that a total of 7,141,250 Ordinary Shares were repurchased and cancelled at a price of 241.5528p per Ordinary Share.

As at March 31st, 2015 the Fund's issued Share capital consisted of 50,678,372 Ordinary Shares, of which 40,467,095 Ordinary Shares were with voting rights and 10,211,277 Ordinary Shares held in Treasury without voting rights.

Note 6 - Legal Reserve

In accordance with Luxembourg requirements, at least 5% of the annual net profit must be transferred to a legal reserve. This requirement is satisfied when the reserve is equal to 10% of issued Share capital.

The legal reserve is not available for distribution.

Note 7 - Professional Fees

For year ended March 31st, 2015, the professional fees of US$ 276,284 were incurred principally due to the following:

• legal fees paid to Stephenson Harwood LLP and Elvinger Hoss and Prussen;

• retainer fees paid to Westhouse Securities;

• audit fees paid to Deloitte Audit.

Note 8 - Custodian Fees

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.

Note 9 - Directors' Fees and Expenses

Each of the Directors is paid a fee for their services at such a rate as the Board had determined provided that the aggregate of such fees shall not exceed US$ 500,000 per annum (pursuant to the resolution of the Annual General Meeting held on August 19th, 2014) 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 Fund.

The fees paid to each Director for the year ended March 31st, 2015 were as follows:

* retired from the board as a director on August 19th, 2014.

** appointed to the board as a director on August 19th, 2014.

The aggregate fees (including Administration des Contributions) paid to directors of the Fund amounted to US$ 227,451. The aggregate expense paid to directors of the Fund amounted to US$ 87,367. The exchange rate that has been applied for the conversion was the prevailing spot exchange at the time when the fees or expenses were paid to directors.

Note 10 - Company Secretarial Fees and Expenses

For the year ended March 31st, 2015, the Company Secretarial fees and expenses of US$ 146,946 include charges related to the maintenance of the Fund's website as well as for administration of the Fund's Custody Share Register.

Note 11 - Commitments

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

Note 12 - Securities Lending

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

Note 13 - Short Positions

As of the date of this report, the Fund had no open short positions.

Note 14 - Beneficial Interests of the Directors and Related Parties in the Share Capital

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

* retired from the board as a director on August 19th, 2014.

** appointed to the board as a director on August 19th, 2014.

Note 15 - Directors' Interest in Significant Contracts

Alexander E. Zagoreos who retired as a Director on August 19th, 2014 is a Senior Advisor to Lazard Asset Management LLC.

Note 16 - Substantial Shareholdings

As of the date of the report, the Board had been informed of the following interests in the Shares of the Fund:

1 Percentage based on voting rights of 40,467,095.

2 Percentage based on total Shares in issue of 50,678,372 (including 10,211,277 Shares held in Treasury).

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 Board has been notified, the Board is not in a position to state the exact size of any Shareholdings in the Fund.

Note 17 - Changes in the Investment Portfolio

The changes in the investment portfolio during the period of the report are available at the registered office of the Fund without any charge.

Note 18 - Ongoing Charges

For the year ended March 31st, 2015, the Ongoing Charges were calculated using the following formula:

Annualised Ongoing Charges / Average net assets undiluted x 100 = Ongoing Charges % where:

• the annualised ongoing charges contain the management fees, professional fees, directors' fees and expenses, custodian fees, company secretarial fees and expenses, central administration costs and other expenses (printing, postage, annual fees);

• the average net assets undiluted represent the arithmetic mean of the total net assets over the year; and

• taxe d'abonnement, interest paid and other expenses are not included in the ongoing charges.

Ongoing Charges 1.42%

Note 19 - Line of Credit Advanced

The Fund has an unsecured US$ 25 million Line of Credit Agreement (the "Agreement") with Citibank, N.A. Interest on borrowings is payable at the Federal Funds rate plus 1.25%, on an annualised basis. Under the Agreement, the Fund has also agreed to pay a 0.10% per annum commitment fee.

As of March 31st, 2015, the Fund's total borrowing was US$ 18,755,000. This amount was used to facilitate the Fund's hedging activities, and was repaid in full following the year end.

Note 20 - Other Expenses

Other Expenses include printing fees, association fees, exchange fees, D&O insurance, website costs and other miscellaneous expenses.

Note 21 - Dividends on Ordinary Shares

Dividends paid and recognised in the year:

Note 21 - Dividends on Ordinary Shares (continued)

Dividends payable in respect of the year:

As reported in the Chairman's Statement, the Board established a dividend policy in 2014. An interim dividend was paid during the year ended March 31st, 2015 and the proposed final dividend, payable on September 18th, 2015 to shareholders on the register on August 21st, 2015, is subject to approval by shareholders at the Annual General Meeting.

PRINCIPAL RISKS AND UNCERTAINTIES

Investment & Strategy

The Fund may underperform its benchmark as a result of poor stock selection or as a result of the Fund or portfolio investments being geared in a falling market.

All Board meetings are attended by the Manager, where reports on portfolio performance and strategy are provided. The Fund invests in a diversified portfolio of closed-end investment companies, including investment trusts and holding companies, thereby spreading investment risk and reducing stock specific risk. The Board reviews the performance of the Manager on a regular basis.

Manager

Lazard Asset Management LLC has been the Manager of the Fund since its launch in 1991. Should the current Manager not be in a position to continue its management of the Fund, performance, liquidity and Shareholder confidence may be impacted.

Lazard Asset Management LLC is a diversified, global investment platform with over 300 investment personnel worldwide and total funds under management of US$ 180 billion of which US$ 4.9 billion in Discounted Asset Strategies. The Board is kept informed of succession planning by the Manager and is made aware of any changes in key personnel.

Gearing

The use of gearing increases the possibilities for profit and the risk of loss. In addition, the level of interest rates in effect at the times of such borrowings will affect the operating results of the Fund.

The Board monitors and discusses the appropriate level of gearing at each meeting.

Discount volatility

Discounts can fluctuate significantly both in absolute terms and relative to companies in the Fund's peer group.

The Board actively monitors the discount.

The Board will review the average discount on a regular basis and where, in the opinion of the Board and taking into account factors such as market conditions and the discounts of comparable funds, the Company's discount is higher than desired, the Board will consider what action to take. Such action may include Share buy backs and/or tender offers. Any future proposals for tender offers will be at the discretion of the Board and in exercising such discretion the Board will take into account factors such as the level of discount at which the Fund has traded, the performance of the Fund opportunities for new investments and the views of Shareholders.

Reputational

Failure to keep current and potential investors informed of the Fund's performance and development could result in fewer Shares being traded in the Fund on a daily basis, a reduction in Share price and also lower investor confidence.

The Manager and Broker have been instructed by the Board to maintain frequent communication with current Shareholders and potential investors. The Fund makes announcements through a Regulatory Information Service in accordance with the requirements of the UK Listing Authority Rules and copies of all announcements are uploaded on to the Fund's website, www.theworldtrustfund.com.

RELATED PARTY TRANSACTIONS

Related party transactions and Directors' interests in contracts and agreements are disclosed in Notes 14 and 15 to the financial statements detailed above.

DIRECTORS; RESPONSIBILITY STATEMENT

The Directors are responsible for preparing this report and the financial statements in accordance with applicable law and regulations.

Directors are required to prepare financial statements for each financial year. The financial statements are required by law to give a true and fair view of the state of affairs of the Fund and the financial performance and cash flows of the Fund for that period.

In preparing those financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• state whether applicable regulations have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue in business.

The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Fund and to enable them to ensure that the financial statements comply with the applicable law.

The Directors are also responsible for ensuring that the Directors' report and other information in the annual report is prepared in accordance with applicable law and regulations. They also have responsibility for safeguarding the assets of the Fund and for taking such steps as are reasonably open to them to prevent and detect fraud and other irregularities.

The Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Fund.

The Directors confirm that, to the best of their knowledge:

• the 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 as at March 31st, 2015 and for the financial year then ended; and

• the Annual Report includes a fair review of the development and performance of the business and the position of the Fund, together with a description of the principal risks and uncertainties that it faces.

The Directors confirm that, so far as they are each aware, there is no relevant audit information of which the Fund's Auditor is unaware; and each Director has taken all the steps that ought to have been taken as a Director to make himself aware of any relevant audit information and to establish that the Fund's Auditor is aware of that information.

The Directors consider the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the company's performance, business model and strategy.

On behalf of the Board

Philip R. McLoughlin

Chairman

July 17th, 2015

Annual General Meeting

The Company's Annual General Meeting will be held on August 18th, 2015 at 3.00p.m. at the registered office of the Company at 49, avenue J.F. Kennedy, L-1855 Luxembourg.

National Storage Mechanism

A copy of the Annual Report and Financial Statements will be submitted shortly to the National Storage Mechanism ("NSM") and will be available for inspection at the NSM, which is situated at: www.hemscott.com/nsm.do.

ENDS

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.