<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE LESLIE L OGG
TITLE VICE PRESIDENT
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KPMG Peat Marwick LLP
4200 Norwest Center
90 South Seventh Street
Minneapolis, MN 55402
Independent Auditors' Report on Internal
Accounting Control
The Board of Trustees and Unitholders
World Trust:
In planning and performing our audit of the
financial statements of World Income Portfolio
and World Growth Portfolio (portfolios within
World Trust) for the period from May 13, 1996
(commencement of operations) to October31,1996,
we considered their internal control structure,
including procedures for safeguarding securities,
in order to determine our auditing procedures for
the purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of World Trust is responsible for
establishing and maintaining a system of internal
accounting control. In fulfilling this
responsibility, estimates and judgments by
management are required to assess the expected
benefits and related costs of internal control
structure policies and procedures. Two of the
objectives of an internal control structure are
to provide management with reasonable, but not
absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition
and that transactions are executed in accordance
with management's authorization and recorded
properly to permit the preparation of financial
statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal
control structure, errors or irregularities may
occur and not be detected. Also, projection of
any evaluation of the structure to future periods
is subject to the risk that it may become
inadequate because of changes in conditions or
that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control
structure would not necessarily disclose all
matters in the internal control structure that
might be material weaknesses under standards
established by the American Institute of
Certified Public Accountants. A material weakness
is a condition in which the design or operation
of the specific internal control structure
elements does not reduce to a relatively low
level the risk that errors or irregularities in
amounts that would be material in relation to the
financial statements being audited may occur and
not be detected within a timely period by
employees in the normal course of performing
their assigned functions. However, we noted no
matters involving the internal control structure,
including procedures for safeguarding securities,
that we consider to be a material
weakness as defined above as of October 31, 1996.
This report is intended solely for the
information and use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Minneapolis, Minnesota
December 6, 1996
