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SIGNATURE LESLIE L OGG
TITLE VICE PRESIDENT
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<NUMBER>1
<NAME> WORLD GROWTH PORTFOLIO
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
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<NUMBER>2
<NAME> WORLD INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 843327889
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<NET-ASSETS> 835304152
<DIVIDEND-INCOME> 388500
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<OTHER-INCOME> 0
<EXPENSES-NET> 7203934
<NET-INVESTMENT-INCOME> 55042279
<REALIZED-GAINS-CURRENT> (4141927)
<APPREC-INCREASE-CURRENT> (50620083)
<NET-CHANGE-FROM-OPS> 280269
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (153073962)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 7208584
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</TABLE>
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<ARTICLE> 6
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<NUMBER>3
<NAME> WORLD TECHNOLOGIES PORTFOLIO
<S> <C>
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<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 5020713
<INVESTMENTS-AT-VALUE> 9024121
<RECEIVABLES> 41748
<ASSETS-OTHER> 6527
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9072396
<PAYABLE-FOR-SECURITIES> 35375
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13847
<TOTAL-LIABILITIES> 49222
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<NET-ASSETS> 9023174
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<EXPENSES-NET> 72806
<NET-INVESTMENT-INCOME> (66173)
<REALIZED-GAINS-CURRENT> 1571242
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<NUMBER>4
<NAME>EMERGING MARKETS PORTFOLIO
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<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 355216355
<INVESTMENTS-AT-VALUE> 406156947
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<PAYABLE-FOR-SECURITIES> 10870179
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<TOTAL-LIABILITIES> 48929100
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 381954359
<DIVIDEND-INCOME> 5819297
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<EXPENSES-NET> 4397895
<NET-INVESTMENT-INCOME> 2959449
<REALIZED-GAINS-CURRENT> 8888733
<APPREC-INCREASE-CURRENT> 110553123
<NET-CHANGE-FROM-OPS> 122401305
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<NET-CHANGE-IN-ASSETS> 96957486
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</TABLE>
EXHIBIT 77D
for World Trust
Emerging Markets Portfolio
World Growth Portfolio
World Income Portfolio
World Technologies Portfolio
Changes in investment policies for the Fiscal Year Ended 10/31/99 for World
Trust:
(For each portfolio having the 5% restriction)
RESOLVED, That the 5% restriction on when-issued securities be eliminated.
Independent Auditors' Report on Internal Accounting Control
The Board of Directors and Shareholders
World Trust:
In planning and performing our audits of the financial statements of World
Income Portfolio, World Growth Portfolio, Emerging Markets Portfolio, and World
Technologies Portfolio (portfolios within World Trust) for the year ended
October 31, 1999, we considered their internal control, including control
activities 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.
The management of World Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 would not necessarily disclose all
matters in the internal control 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 one or
more of the internal control components 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 and its operation, including controls for safeguarding securities, that
we consider to be a material weakness as defined above.
This report is intended solely for the information and use of management, the
Board of Directors of World Trust, and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.
KPMG LLP
Minneapolis, Minnesota
December 3, 1999
