Toronto, Canada, June 3, 2005 -- Canadian World Fund Limited (CWF) (TSX:CWF) reports on an unaudited basis that its net asset value per share (NAV) at May 31, 2005 was $5.38, resulting in a year-to-date NAV return of -2.0%. This compares with the 1.6% return of the benchmark Morgan Stanley All-Country World Free Index, in Canadian dollar terms, for the same period. The year-to-date market return for CWF's common shares to May 31 was 2.0%.

For the 12 months ended May 31, 2005, CWF's NAV and market returns were 6.1% and 8.8%, respectively. The benchmark posted 1.1% for the same period.

The geographic sector weightings of CWF's investment portfolio at market as of May 31, 2005 were as follows:

United Kingdom                29.3%
North America                  28.7%
Asia                                20.9%
Europe (excluding U.K.)    14.2%
Other                                6.9%

The top ten investments which comprised 30.2% of the investment
portfolio at market, excluding cash, as of May 31, 2005 were as
follows:

Stanley Gibbons Group Limited (United Kingdom)    4.8%
Oslo Bors Holding ASA (Norway)                            3.8%
Corin Group PLC (United Kingdom)                        3.7%
Apple Computer Inc. (United States)                      2.9%
Grupo Financiero Banorte S.A. de C.V. (Mexico)      2.8%
Deal Group Media plc (United Kingdom)                  2.7%
Martha Stewart 
Living Omnimedia, Inc.(United States)                    2.4%
Niko Resources Ltd. (Canada)                                2.4%
Numis Corporation Plc (United Kingdom)                2.4%
Symantec Corporation (Canada)                           2.3%

View more information on Morgan Meighen & Associates or other Closed-End Funds