Sec filing STATES. SECURITIES AND EXCHANGE COMMISSION. WASHINGTON, D.C. 20549. FORM N-CSR. CERTIFIED SHAREHOLDER REPORT OF REGISTERED. MANAGEMENT INVESTMENT COMPANIES. Investment Company

0001162044-11-000526.txt : 201106090001162044-11-000526.hdr.sgml : 2011060920110609171923ACCESSION NUMBER:0001162044-11-000526CONFORMED SUBMISSION TYPE:N-CSRSPUBLIC DOCUMENT COUNT:9CONFORMED PERIOD OF REPORT:20110331FILED AS OF DATE:20110609DATE AS OF CHANGE:20110609EFFECTIVENESS DATE:20110609

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:WorldCommodity Funds, Inc.CENTRAL INDEX KEY:0001336218IRS NUMBER:203974259STATE OF INCORPORATION:MDFISCAL YEAR END:0930

FILING VALUES:FORM TYPE:N-CSRSSEC ACT:1940 ActSEC FILE NUMBER:811-21802FILM NUMBER:11903843

BUSINESS ADDRESS:STREET 1:6700 VERNON WOODS DR.STREET 2:SUITE 100CITY:ATLANTASTATE:GAZIP:30328BUSINESS PHONE:404-437-7420

MAIL ADDRESS:STREET 1:6700 VERNON WOODS DR.STREET 2:SUITE 100CITY:ATLANTASTATE:GAZIP:30328

0001336218S000011568WorldCommodity Fund

C000031857WorldCommodity FundWCOMX

N-CSRS1worldncsrs201106.htm

Sec filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21802

WorldCommodity Funds, Inc.

(Exact Name of Registrant as Specified in Charter)

6700 Vernon Woods Drive, Suite 100

Atlanta, GA 30328

(Address of Principal Executive Offices) (Zip Code)

Mr. James Llewellyn

WorldCommodity Asset Management


Atlanta, GA 30328

(Name and Address of Agent for Service)

Registrants Telephone Number, including Area Code: 404-437-7420

Date of fiscal year end:

September 30

Date of reporting period:

March 31, 2011

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

WORLDCOMMODITY FUND

WCOMX

SEMI-ANNUAL REPORT

For six months ended:

March 31, 2011

www.worldcommodityfunds.com

800-595-4922 404-437-7420

WorldCommoditySM Fund

March 31, 2011 (Unaudited)

Top Holdings*

(% of Net Assets)

Western Refining, Inc.

15.96

Cliffs Natural Resources, Inc.

11.11

Birchcliff Energy Ltd.

9.44

WPG Resources Ltd.

6.71

CF Industries Holdings, Inc.

4.35

St. Andrew Goldfields Ltd.

3.91

Mosaic Co.

3.71

Cequence Energy Ltd.

3.60

New Gold Inc. Warrants (6/28/2017)

3.29

New Gold Inc. Warrants (4/3/2012)

3.06

Petroplus Holdings AG

2.97

Starfield Resources, Inc.

2.89

Insignia Energy Ltd.

2.87

Chinook Energy, Inc.

2.80

Great Basin Gold Ltd. Warrants (10/15/2010)

2.47

Ivernia, Inc.

2.44

81.58%

Country Holdings*


Canada

42.56

United States

35.36

Australia

6.71

Sweden

4.03

Switzerland

2.97

Bermuda

0.53

New Zealand

0.28

92.44

Commodity Sectors


Metals

41.93

Energy

37.76

Agriculture

10.69

Cash**

7.56

Multi-Sector & Misc.

2.06

100.00%

*Excludes cash and cash equivalents

**Includes money market funds and other assets net of liabilities

Investment Performance Graph (Unaudited)

The chart above covers the period from inception of the Fund (October 27, 2006) to the end of the most recent period (March 31, 2011).

Note: The following notes pertain to the chart above as well as the performance table included below. Performance information in this report represents past performance and is not a guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investors shares when redeemed may be worth more or less than their original cost. Current performance may be higher or lower than performance quoted within. Any questions you have, including obtaining the latest month-end performance, can be answered by calling the Fund at 1-800-595-4922.

The S&P 500 Total Return Index is an unmanaged index comprised of 500 stocks selected for market capitalization, liquidity, and industry group representation. The RICI TR is an unmanaged, total return index representing 38 exchange-traded commodities. The S&P 500 and RICI TR are used for comparative purposes. The WorldCommodity Fund is not designed to track the S&P 500 or the RICI TR indexes and its performance will differ from these benchmarks.

Investment Performance (Unaudited)

Below is a comparison of the WorldCommoditySM Funds performance with that of two unmanaged, total return indexes, (both with dividends reinvested), that of the Standard & Poors 500 Total Return Index and the Rogers International Commodity Index Total Return from the inception of the Fund on October 27, 2006 through March 31, 2011.

Six Months

One Year

Since Inception

Ended

Ended

10/27/2006

to

9/30/2010*

9/30/2010

9/30/2010**

WorldCommoditySM Fund (WCOMX)

38.21%

30.78%

6.16%

Rogers International Commodity Index Total Return

27.19%

33.61%

5.24%

S&P 500 Total Return Index

17.31%

15.64%

1.11%

*Returns are cumulative, not annualized

**Returns are annualized

Note: The S&P 500 Total Return Index is an unmanaged index comprised of 500 stocks selected for market capitalization, liquidity, and industry group representation. The RICI TR is an unmanaged, total return index representing 38 exchange-traded commodities. The S&P 500 and RICI TR incur no fees, expenses or tax effects and are shown solely for comparative purposes. The WorldCommodity Fund is not designed to track the S&P 500 or the RICITR indexes and its performance will differ from these benchmarks.

Management Discussion & Analysis

For the Six Months Ended March 31, 2011

WorldCommodity Fund

May 24, 2011

To the Shareholders and Directors of the WorldCommodity Fund:

In managing the Fund, our strategy is to look globally among all equity markets for companies, countries, and currencies that will benefit from the continued rise of global commodity prices, as measured best by the Rogers International Commodity Index.

As shown in the preceding table, 42% of the Funds portfolio is invested in securities which we believe will perform well with rising metals prices and 37% with rising energy prices. The best performing commodity sector for the six month period ending March 31, 2011 (as measured by the Rogers Commodity Indexes) was in fact the energy sector:

Rogers International Commodity Index Energy Total Return

RICI-E

29.37%

Rogers International Commodity Index Agriculture Total Return

RICI-A

29.12%

Rogers International Commodity Index Metals Total Return

RICI-M

18.98%

What factors influenced performance?

The WorldCommodity Funds (WCOMX) return of 38.21% for the six months ended March 31, 2011 outperformed the Rogers International Commodity Index, all of the RICI sub-indexes as shown above, and the S&P 500 Total Return Index.

The Funds performance can be attributed to the following:

Strengths:

Increased exposure to gasoline and other refined crude products

Increased exposure to natural gas and crude oil

Exposure to iron ore

Low cash levels

High exposure to strong Australian & Canadian dollars

Exposure to precious metals especially gold

Weaknesses:

Not enough exposure to rising prices for agriculture products

Management Discussion & Analysis (Continued)

For the Six Months Ended March 31, 2011

What changes in the portfolio were made?

During the last six months the Fund materially acquired the following securities that were not owned at September 30, 2010 which is listed as a portfolio investment at March 31, 2011:

Petroplus Holdings, AG

Great Basin Gold Ltd. common stock

Fund shareholders should keep in mind that the above discussion applies to the Fund's portfolio as of March 31, 2011 and may not reflect changes occurring subsequent to the end of the period.

Sincerely,

Jim Llewellyn

Portfolio Manager

Expense Illustration (Unaudited)

March 31, 2011

Expense Example

As a shareholder of the WorldCommodity Fund, you incur two types of costs: (1) transaction costs, which may include, but are not limited to, transaction fees at some broker-dealers, custodial fees for retirement accounts, redemption fees, and wire transfer fees; and (2) ongoing costs, such as the advisory and administration fees paid to the adviser of the Fund.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, October 1, 2010 through March 31, 2011.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds actual expense ratio and an assumed rate of return of 5% per year before expenses which is not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in this Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these costs were included, your costs would have been higher.

Beginning

Account Value

Ending

Account Value

Expenses Paid

During Period*

Oct 1, 2010

Mar 31, 2011

Oct 1, 2010 to

Mar 31, 2011

Actual

$1,000.00

$1,382.07

$9.92

Hypothetical

(5% return before expenses)

$1,000.00

$1,016.60

$8.40

* Expenses are equal to the Fund's annualized expense ratio of 1.67%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

WorldCommodity Fund

Schedule of Investments

March 31, 2011


Schedule of Investments (Continued)

March 31, 2011


Statement of Assets and Liabilities

March 31, 2011


Statement of Operations

March 31, 2011

Investment Income

Interest

$ 59

Dividends (net of foreign taxes withheld of $12)

592

Total Investment Income

651

Expenses

Advisory Fees (Note 3)

4,258

Administrative Fees (Note 3)

3,311

Tax Expense

345

Total Expenses

7,914

Net Investment Loss

(7,263)

Net Realized and Unrealized Gain/(Loss) on Investments

Net Realized Gain on Investments

117,867

Net Change in Unrealized Appreciation on Investments

186,544

Net Realized and Unrealized Gain on Investments

304,411

Net Increase in Net Assets Resulting from Operations

$ 297,148

The accompanying notes are an integral part of these financial statements.


Statement of Changes in Net Assets


Financial Highlights

Notes to Financial Statements

March 31, 2011

NOTE 1. ORGANIZATION

WorldCommodity Funds, Inc. (the "Company") was incorporated in Maryland on August 9, 2005 as a non-diversified, open-end management investment company. The Companys Articles of Incorporation permit the Board of Directors of the Company (the Board or the Directors) to issue 100,000,000 shares of common stock at $.0001 par value. The Board has the power to designate one or more separate and distinct series and/or classes of shares of common stock and to classify or reclassify any shares not issued with the respect to such series. WorldCommodity Fund (the "Fund"), a non-diversified fund, is the sole series of the Company. The Fund's investment objective is to seek capital appreciation by investing in equity securities issued by commodity-related companies and commoditylinked note securities. The Fund's registration statement became effective with the SEC and the Fund commenced operations on October 27, 2006.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

Security Valuation

The Funds portfolio securities for which market quotes are available are valued each day at market value. For securities which are traded on any national exchange, international exchange, or the NASDAQ over-the-counter market, market value is generally determined on the basis of the last reported sales price on the securities principal exchange prior to closing of the NYSE. Securities for which no sale was reported are valued at the mean between the last bid and ask quotation.

Short-term investments in fixed income securities having a maturity of 60 days or less at the date of purchase are generally valued at amortized cost, which approximates market value. Exchange traded options, futures and options on futures are valued at the settlement price determined by the exchange.

Fixed income securities generally are valued by using market quotations when readily available, but may be valued on the basis of prices furnished by independent pricing services when no such market quotations exist and when the Adviser believes such prices accurately reflect the fair value of such securities. Pricing services generally use a system based on such factors as credit rating, maturity, coupon and type of security to determine fair value.


March 31, 2011

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange is closed and an investor is not able to purchase, redeem or exchange shares.

Fair Valued Securities

If market quotations are not readily available, securities will be valued at their fair value as determined in good faith by the Adviser, in accordance with procedures approved by the Board. The following factors are generally considered in determining fair value: nature and duration of restrictions on disposing of the security; the liquidity of the security; the size of reported trades (trading volume); market values of unrestricted shares of the same or similar class; purchase price; size of the Funds holdings; price of similar securities of comparable companies; issuer financial data; special reports prepared by analysts; fundamental analytical data such as multiple of earnings, multiple of book value; issuers management; and other relevant matters.

If events materially affecting the values of the Funds securities, particularly foreign securities, occur after the close of trading on a foreign market but before the Fund prices its shares, the securities will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before the Fund calculates its NAV, the Adviser may need to price the security using the Funds fair value pricing guidelines.

In accordance with guidance in GAAP on Fair Value Measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Fund. Unobservable inputs are inputs that reflect the Funds own assumption about the factors market participants would use in pricing an asset or liability. The three-tier hierarchy of inputs is summarized below:


March 31, 2011

Level 1 -

quoted prices in active markets for identical investments

Level 2 -

other significant observable inputs (including quoted prices for similar investments, quoted prices for similar or identical investments in inactive markets)

Level 3 -

significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes by major security type the valuation of the Funds investments under the above fair value hierarchy levels as of March 31, 2011:

Assets

Level 1

Level 2

Level 3

Total

Common Stocks

$ 820,555

-

-

$ 820,555

Corporate Notes

42,880

-

-

42,880

Warrants

118,228

-

-

118,228

Total

$ 981,663

-

-

$ 981,663

Refer to the Schedule of Investments for investments categorized by industry and geography.

Foreign Currency Translation

The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized foreign exchange gains or losses arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair


March 31, 2011

values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

Security Transactions and Investment Income

The Fund follows industry practice and records security transactions on the trade date. Realized gains and losses on security transactions are determined on a specific identification basis. Interest income and estimated expenses are accrued daily. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized as soon as the Fund is notified of the ex-dividend date.

Written Option Accounting

The Fund may write (sell) put and call options. When the Fund writes (sells) an option, an amount equal to the premium received by the Fund is included in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the option written. By writing an option, the Fund may become obligated during the term of the option to deliver (with respect to a call option) or purchase (with respect to a put option) the securities underlying the option at the exercise price if the option is exercised. When an option expires on its stipulated expiration date, the Fund realizes a gain. When the Fund enters into a closing purchase transaction, the Fund realizes a gain or loss if the cost of the closing purchase transaction differs from the premium received when the option was sold without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is eliminated. If a call option written by the Fund is exercised, the proceeds of the sale of the underlying security will be increased by the premium originally received and the Fund will realize a gain or loss on the sale of the security. If a put option written by the Fund is exercised, the Funds basis in the underlying security will be reduced by the premium originally received.

Purchased Option Accounting

Premiums paid for option contracts purchased are included in the Statements of Assets and Liabilities as an asset. When option contracts expire or are closed, realized gains or losses are recognized without regard to any unrealized gains or losses on the underlying securities.

Dividends and Distributions to Shareholders

Dividends and distributions, if any, will be declared and distributed at least annually. However, the Directors may decide to declare dividends and distributions at other intervals. Dividends and distributions to shareholders from net investment income are determined in accordance with income tax regulations that may differ from GAAP. These differences may be permanent or


March 31, 2011

temporary. Permanent book and tax differences may result in reclassifications to paid-in capital and may affect the per-share allocation between net investment income, and realized and unrealized gains (losses). These reclassifications have no impact on net assets or the results of operations. Temporary differences are not reclassified, as they may reverse in subsequent periods. Any taxable income or gain of the Fund remaining at fiscal year end will be declared and distributed in the following year to the shareholders of the Fund.

In accordance with GAAP, the Fund has recorded reclassifications in its capital accounts. These reclassifications have no impact on the net assets of the Fund and are designed generally to present its components of capital on a tax basis which is considered to be more informative to the shareholder. As of September 30, 2010, the Fund recorded the following reclassifications to increase/(decrease) the capital accounts listed below:

Accumulated net investment income

$9,082

Accumulated realized loss on investments

and foreign currency transactions

$(9,082)

Expenses

Expenses for the Fund are accrued on a daily basis and are based on prior day net assets.

Federal Income Taxes

For federal income tax purposes, the Fund intends to continue to qualify each year as a regulated investment company (RIC) under Subchapter M of the Internal Revenue Code by distributing substantially all of its taxable income and net capital gains to its shareholders annually and otherwise complying with the requirements for RICs. As provided in Subchapter M of the Internal Revenue Code, in any fiscal year in which the Fund qualifies as a RIC and distributes at least 90% of its taxable net income, the Fund (but not its shareholders) will be relieved of federal income tax on the income distributed.

In order to avoid imposition of a Federal excise tax applicable to RICs, it is the Funds intention to declare and pay as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98% of its net realized capital gains (earned during the 12 months ended October 31) plus undistributed amounts from prior years.

The Fund follows guidance found in GAAP that requires the evaluation of tax positions taken in the course of preparing the Funds tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-


March 31, 2011

likely-than-not threshold would be booked as a tax expense in the current year and recognized in the financial statements. As of March 31, 2011, management has evaluated the Funds tax positions and has determined that none of them are uncertain and no accruals for income tax liabilities are required.

GAAP requires the Fund to analyze all open tax years, as defined by the Statute of Limitations, for all major jurisdictions. Open tax years are those that are open for exam by taxing authorities. Major jurisdictions for the Fund include Federal (the Internal Revenue Service) and the state of Maryland. As of March 31, 2011, open tax years include the tax years ended September 30, 2008 through 2010. The Fund has no examination of its tax returns in progress.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from these estimates.

Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

NOTE 3. INVESTMENT ADVISORY AGREEMENTS AND OTHER RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

McConnell Asset Management, LLC (the "Adviser") doing business as, WorldCommodity Asset Management, acts as investment adviser for the Fund pursuant to the terms of the Investment Advisory Agreement (the "Advisory Agreement"). The Adviser is a Georgia limited liability company and is registered with the Securities and Exchange Commission as an investment adviser. Under the terms of the Advisory Agreement, the Adviser manages the investment operations of the Fund in accordance with the Funds investment policies and restrictions. The Adviser furnishes an investment program for the Fund; determines what investments should be purchased, sold, and held; and makes changes on behalf of the Company in the investments of the Fund. For its investment advisory services to the Fund, the Fund pays to the Adviser, as of the last day of each month, an annualized fee equal to 0.90% of average daily


March 31, 2011

net assets of the Fund. For the year ended September 30, 2010 the Adviser earned fees of $7,420.

The Fund has also entered into an Operating Services Agreement (the "Services Agreement") with the Adviser. Under the terms of the Services Agreement, the Adviser arranges to provide, day-to-day operational services to the Fund including, but not limited to; accounting, administrative, legal, dividend disbursing and transfer agent, registrar, and custodial. The Adviser may, employ third parties to assist it in performing the various services required of the Fund and is responsible for compensating such parties. For the Advisers services to the Fund, the Fund pays to the Adviser, as of the last day of each month, an annualized fee equal to 0.70% of average daily net assets of the Fund. For the year ended September 30, 2010 the Adviser earned fees of $5,771. At September 30, 2010 $574 and $446 is due to the Adviser for advisory and administration services, respectively.

Distribution Agreement

The Fund currently distributes its own shares. Shares of the Fund are offered to the public on a continuous basis, but the Fund reserves the right to discontinue offering its shares at any time.

The Fund's Board of Directors has adopted a Plan of Distribution pursuant to Rule 12b-1 of the Investment Company Act of 1940 (the "1940 Act"). The Plan has not been implemented and the Fund has no present intention of implementing the Plan. The maximum amount that the Fund would pay under the Plan on an annualized basis would be 0.25% of the average daily net assets, payable to service providers providing personal service and/or maintaining accounts relating to the distribution of the Fund's shares. To date, the Fund has not paid any fees related to Rule 12b-1 of the 1940 Act.

Custodian

Huntington National Bank is custodian of the Fund's investments. The custodian acts as the Fund's depository, safekeeps its portfolio securities, collects all income and other payments with respect thereto, disburses funds at the Fund's request and maintains records in connection with its duties. Huntington National Bank does not exercise any supervisory function over the management of the Fund, the purchase and sale of securities or the payment of distributions to stockholders. The Advisor pays all custody fees for the Fund.

Transfer Agent

Mutual Shareholder Services, LLC (MSS) acts as transfer, dividend disbursing, and shareholder servicing agent for the Fund pursuant to a written agreement with the Company and the Adviser. Under the agreement, MSS is


March 31, 2011

responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration, and maintaining necessary records in accordance with applicable rules and regulations.

Administration

MSS also performs certain administrative tasks as administrator for the Fund pursuant to a written agreement with the Company and Adviser. MSS supervises all aspects of the operations of the Fund except those reserved by the Fund's investment Adviser under its service agreements with the Company. MSS is responsible for calculating the Fund's net asset value, preparing and maintaining the books and accounts specified in Rule 31a-1 and 31a-2 of the 1940 Act, preparing financial statements contained in reports to stockholders of the Fund, preparing reports and filings with the Securities and Exchange Commission, preparing filings with state Blue Sky authorities and maintaining the Fund's financial accounts and records.

For the services to be rendered as administrator, fund accountant and transfer agent the Adviser shall pay MSS an annual fee, paid monthly, based on the average net assets of the Fund, as determined by valuations made as of the close of each business day of the month.


March 31, 2011

NOTE 4. INVESTMENT TRANSACTIONS

Investment transactions, excluding short-term investments for the period ended March 31, 2011 were as follows:

Purchases

$126,756

Sales

$236,216

There were no purchases or sales of U.S. Government Securities.

NOTE 5. FEDERAL INCOME TAXES

For U.S. federal income tax purposes, the cost of investments and gross unrealized appreciation and depreciation of investments at September 30, 2010 were as follows:

Cost of investments

$574,501

Gross unrealized appreciation

313,492

Gross unrealized depreciation

(101,281)

Net unrealized appreciation

$212,211

As of September 30, 2010 the components of distributable earnings and accumulated losses on a tax basis were as follows:

Net unrealized appreciation

$212,211

Capital loss carryforwards

(287,606)

Deferred post - October capital losses

(46,792)

Total accumulated losses on a tax basis

$(122,187)

As of September 30, 2010 the Fund had net capital loss carryforwards of $211,788, $36,754, and $39,064, which are available to offset future realized gains, if any, until 9/30/2016, 9/30/2017, 9/30/2018, respectively. To the extent the carryforwards are used to offset future gains, the amount offset will not be distributed to shareholders.

The difference between distributable earnings and accumulated losses on a book and tax basis is primarily due to the treatment of certain investments designated as passive foreign investment companies (PFICs) for tax purposes, losses on wash sales which are required to be deferred for tax purposes, and losses incurred after October 31, 2009, which are deferred for tax purposes.


March 31, 2011

The tax character of distributions paid by the Fund was as follows:

For the Six Months

Ended

Mar 31, 2011

For the Year

Ended

Sep 30, 2010

Return of capital

-0-

$6,914

The Fund did not pay any distributions for the six months ended March 31, 2011. The Fund paid a return of capital distribution of $0.08181 per share on September 8, 2010, for a total distribution of $6,914.

NOTE 6. RISKS AND UNCERTAINTIES

Non-Diversification Risk

The Fund is classified as non-diversified. This means that the Fund can invest a greater percentage of its assets in fewer securities than a diversified fund. Because the Fund invests its assets in fewer securities, the Fund is subject to greater risk of loss if any of those securities become permanently impaired. Additionally, the net asset value of a non-diversified fund generally is more volatile and a shareholder may have a greater risk of loss if he or she redeems during a period of high volatility. Lack of broad diversification also may cause the Fund to be more susceptible to economic, political or regulatory events than a diversified fund.

Sector Focus Risk

The Funds investments in commodity-related companies can be significantly affected by events relating to those sectors. The prices of agriculture, metals, and energy sector commodities may fluctuate widely due to changes in value, which depend largely on the price and supply, international political events relating to commodity producing countries, the success of new projects, and tax and other governmental regulatory policies. As a result, the securities owned by the Fund may react similarly to and move in unison with one another. Because the Fund may focus its investments in the agriculture, metals, or energy sectors, it is subject to the risks affecting those sectors and the Funds share price may be more volatile than a fund that invests in a wide variety of market sectors.

Foreign Securities Risk

Foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. The value of securities denominated in or indexed to foreign currencies, and of dividends and interest from such securities, can


March 31, 2011

change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices on some foreign markets can be highly volatile. Many foreign countries lack uniform accounting and disclosure standards comparable to those applicable to U.S. companies and it may be more difficult to obtain reliable information regarding an issuers financial condition and operations. In addition, the costs of foreign investing, including withholding taxes, brokerage commissions, and custodial costs, generally are higher than for U.S. investments.

Foreign markets may offer less protection to investors than U.S. markets. Foreign issuers, brokers, and securities markets may be subject to less government supervision. Foreign security trading practices, including those involving the release of assets in advance of payment, may invoke increased risks in the event of a failed trade or the insolvency of a broker-dealer, and may involve substantial delays. It also may be difficult to enforce legal rights in foreign countries.

Investing abroad also involves different political and economic risks. Foreign investments may be affected by actions of foreign governments adverse to the interests of U.S. investors, including the possibility of expropriation or nationalization of assets, confiscatory taxation, and restrictions on U.S. investment or on the ability to repatriate assets or convert currency into U.S. dollars, or other government intervention. There may be a greater possibility of default by foreign governments or foreign government-sponsored enterprises. Investments in foreign countries also involve a risk of local political, economic or social instability, military action or unrest, or adverse diplomatic developments. There is no assurance that the Adviser will be able to anticipate or counter these potential events and their impacts on the Funds share price.

Credit Risk of Debt Securities

A debt instrument's credit quality depends on the issuer's ability to pay interest on the security and repay the debt: the lower the credit rating, the greater the risk that the security's issuer will default. The credit risk of a security may also depend on the credit quality of any bank or financial institution that provides credit enhancement for the security.

Commodity-Linked Notes Securities

The Fund will invest indirectly in commodities through instruments that invest in or are a derivative of commodities, such as commodity-linked notes. In a typical commodity-linked note, sometimes referred to as a commodity-linked structured note, the principal and/or coupon payments are linked to the value of an individual commodity, or the performance of commodity indices. Therefore,


March 31, 2011

these securities are "commodity-linked. Also, at maturity, the Fund may receive more or less principal than it originally invested. The commodity-linked notes in which the Fund invests, may be issued by U.S. and foreign banks, brokerage firms, insurance companies and other corporations. These notes are debt securities of the issuer and so, in addition to fluctuating in response to changes in the underlying commodity index, will be subject to credit and interest rate risks that typically affect debt securities.

Rights and Warrants Securities Risk.

The Fund may invest in warrants and rights. Warrants entitle the holder to purchase equity securities at a specified price for a specific time period. Warrants, unlike options, may allow the holder to vote on certain issues and often are issued with certain anti-dilutive rights. Warrants are typically exchange traded but pay no dividends. Prices of warrants do not necessarily move in tandem with the prices of the underlying securities particularly for shorter periods of time, and therefore, may be considered speculative investments. Also, a warrant ceases to have value if it is not exercised prior to the expiration date. Rights are similar to warrants, but normally have a short duration and are distributed by the issuer to its shareholders.

NOTE 7. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of March 31, 2011, Carolyn H. Henderson held in aggregate, approximately 33.59% of the Fund.

NOTE 8. DERIVATIVE INSTRUMENTS

Market Values of Derivative Instruments

GAAP requires the Fund to disclose certain information about its level of derivative use. There were no derivative positions open in the period.


March 31, 2011

NOTE 9. NEW ACCOUNTING PRONOUNCEMENTS

In January 2010, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2010-06 Improving Disclosures about Fair Value Measurements. ASU No. 2010-06 amends FASB Accounting Standards Codification Topic 820, Fair Valuation Measurements and Disclosures, to require additional disclosures regarding fair value measurements. Certain disclosures required by ASU No. 2010-06 are effective for interim and annual reporting periods beginning after December 15, 2009 and others for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years. Management is currently evaluating the impact ASU No. 2010-06 will have on the Funds financial statement disclosures.

NOTE 10. INDEMNIFICATIONS

Under the Companys organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In the normal course of business, the Fund enters into contracts that contain a variety of representations, which provided general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

Additional Information (Unaudited)

The following table contains information concerning each officer of the Company and each Director of the Company who is an interested person of the Company, as defined in the 1940 Act. Mr. Llewellyn is an interested person as defined in the 1940 Act by virtue of his employment with the Adviser.

INTERESTED DIRECTORS AND OFFICERS

Directors and Officers


INTERESTED DIRECTORS AND OFFICERS

Name, Address and Age

Position(s) Held with the Company

Term of Office & Length of Time Served**

Principal Occupation(s) During Past Five Years

Number of Portfolios in Fund Complex Overseen by Director

Other Directorships Held by Director

James Llewellyn

Director, President and Treasurer

Mr. Llewellyn has served as a director of the Fund since the Fund*s inception in 2006.

Managing Member, McConnell Asset Mgmt, LLC, April 2004;

One

None

Private Client Consultant, E*TRADE Securities, LLC, 2000

Year of Birth: 1969

Financial Consultant, Merrill Lynch Futures, Inc., 1998

INDEPENDENT DIRECTORS

Name, Address and Age

Position(s) Held with the Company

Term of Office & Length of Time Served**

Principal Occupation(s) During Past Five Years

Number of Portfolios in Fund Complex Overseen by Director

Other Directorships Held by Director

Christopher Witte

Independent Director

Mr. Witte has served as a director of the Fund since the Fund*s inception in 2006.

Sr. Project Manager IT Operations, Cingular Wireless Inc/AT&T, 2002;

One

None

Mgr. IT Operations, Cypress Restaurants of Georgia, Inc., 2001

Year of Birth: 1969

Terry L. Cornett

Independent Director

Mr. Cornett has served as a director of the Fund since the Fund*s inception in 2006.

One

None

Atlanta, GA 30328

Year of Birth: 1944

**

Each Director serves for an indefinite term.


PROXY VOTING GUIDELINES

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available upon request. The Fund annually discloses its complete proxy voting record on Form N-PX. The Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30th will be available without charge by calling 1-800-595-4922, by writing to WorldCommodity Funds, Inc. c/o Mutual Shareholder Services, LLC, 8000 Town Centre Drive, Suite 400, Broadview Heights, Ohio 44147, or visiting the SEC's web site at www.sec.gov.

PORTFOLIO HOLDINGS DISCLOSURE POLICY

The Fund files a complete schedule of investments with the SEC for the first and third quarter of each fiscal year on Form N-Q. The Funds first and third fiscal quarters end on December 31 and June 30. The Form N-Q filing must be made within 60 days of the end of the quarter. The Funds Forms N-Q are available on the SECs website at www.sec.gov, or they may be reviewed and copied at the SECs Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room). You may also obtain copies by calling the Fund at 1-800-595-4922.

SHAREHOLDER TAX INFORMATION

The information below is reported from the Funds fiscal year and not calendar year, therefore, shareholders should refer to their Form 1099-DIV or other tax information which will be mailed in 2011 to determine the calendar year amounts to be included on their 2010 tax returns. Shareholders should consult their own tax advisers. The Fund is required to advise you within 60 days of the Funds fiscal year end regarding the federal tax status of distributions received by the shareholders during the fiscal year. There were no distributions paid during the six months ended March 31, 2011. For the fiscal year ended September 30, 2010, the Fund paid a return of capital distribution of $0.08181 per share on 9/8/2010 for a total distribution of $6,914.

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Board of Directors

Christopher Witte

Terry L. Cornett

James Llewellyn

WorldCommodity Funds, Inc.


Atlanta, Georgia 30328

Investment Adviser

McConnell Asset Management, LLC

d/b/a WorldCommodity Asset Management


Atlanta, Georgia 30328

404-437-7420 www.worldcommodityfunds.com

Custodian

Huntington National Bank, N.A.

41 South High Street

Columbus, Ohio 43215

Independent Registered Public Accounting Firm

BBD, LLP

1835 Market Street, 26th Floor

Philadelphia, Pennsylvania 19103

Transfer Agent, Fund Accountant, and Fund Administrator

Mutual Shareholder Services, LLC

8000 Town Centre Drive, Suite 400

Broadview Heights, Ohio 44147

This report is provided for the general information of the shareholders of the WorldCommoditySM Fund. This report is not intended for distribution to prospective investors in the Fund, unless preceded or accompanied by an effective prospectus, which contains more information on fees, charges and other expenses and should be read carefully before investing or sending money. Past performance is not a guarantee of future results.

ITEM 2. CODE OF ETHICS.

Not applicable for semi-annual reports.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.


ITEM 5. AUDIT COMMITTEE OF LISTED COMPANIES.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END FUNDS.

Not applicable to open end investment companies.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END FUNDS.


ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END FUNDS


ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrants principal executive and principal financial officer, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act) are effective, as of a date within 90 days of the filing of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no significant changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal half-year (the registrants second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)

Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item2 requirements through filing an exhibit.

Not applicable.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.

EX-99.CERT. Filed herewith.

(a)(3)

Not applicable to open-end investment companies.

(b)

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith.

EX-99.906CERT. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

WORLDCOMMODITY FUNDS, INC.

By /s/ JAMES LLEWELLYN

James Llewellyn

President and Treasurer

Date: June 9, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ JAMES LLEWELLYN

James Llewellyn

President and Treasurer

Date: June 9, 2011

GRAPHIC2ncsrs002.jpg

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Sec filing STATES. SECURITIES AND EXCHANGE COMMISSION. WASHINGTON, D.C. 20549. FORM N-CSR. CERTIFIED SHAREHOLDER REPORT OF REGISTERED. MANAGEMENT INVESTMENT COMPANIES. Investment Company