-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WoNxz/ycMYhyaCNSxAIhv7OOE0uJseAkUmhHb2pbCnTZYGbk2LFUvO8letuWbSr2 ArvjLrMGO4akC5zWENQjqg== 0001108086-09-000047.txt : 20091113 0001108086-09-000047.hdr.sgml : 20091113 20091113132900 ACCESSION NUMBER: 0001108086-09-000047 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091113 DATE AS OF CHANGE: 20091113 EFFECTIVENESS DATE: 20091113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORLD INSURANCE TRUST CENTRAL INDEX KEY: 0001170386 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-21072 FILM NUMBER: 091180501 BUSINESS ADDRESS: STREET 1: 8730 STONY POINT PARKWAY STREET 2: SUITE 205 CITY: RICHMOND STATE: VA ZIP: 23235 BUSINESS PHONE: 8042677400 MAIL ADDRESS: STREET 1: 8730 STONY POINT PARKWAY STREET 2: SUITE 205 CITY: RICHMOND STATE: VA ZIP: 23235 0001170386 S000008423 WORLD INSURANCE TRUST C000023116 WORLD INSURANCE TRUST N-Q 1 wit093009nq.txt WIT 093009 NQ QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 811-21072 ------------------------------------------------- Investment Company Act file number THE WORLD INSURANCE TRUST -------------------------------------------------- (Exact name of registrant as specified in charter) 8730 STONY POINT PARKWAY, SUITE 205, RICHMOND, VA 23235 -------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Thomas S. Harman, Esquire Morgan, Lewis & Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004 --------------------------------------------------------------------- (Name and address of agent for service) (888)826-2520 ------------------------------------------------------------------- Registrant's telephone number, including area code: Date of fiscal year end: 12/31 ------------------------------- Date of reporting period: 09/30/2009 ----------------------------------- ITEM 1. SCHEDULE OF INVESTMENTS. The World Insurance Trust QUARTERLY STATEMENT OF INVESTMENTS 09/30/2009 (UNAUDITED) - ----------------------------------------------------------------------- CONTENTS: CSI Equity Portfolio CSI EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS September 30, 2009 - ---------------------------------------------------------------- - ---------------------------------------------------------------- Number Security Description % of Market of Net Assets Value Shares - ---------------------------------------------------------------- - ---------------------------------------------------------------- COMMON STOCKS: 76.76% BEVERAGES: 1.81% 6,400 Pepsico, Inc. 375,424 ------------ ------------ COMPUTER AND PERIPHERALS: 2.36% 20,700 Cisco Systems, Inc.* 487,278 ------------ ------------ COMPUTER SOFTWARE/SERVICES: 4.61% 18,000 Microsoft Corp. 466,020 10,000 SAP ADR 488,700 ------------ ------------ 954,720 ------------ ------------ DRUG AND MEDICAL: 10.55% 6,900 Abbott Laboratories 341,343 5,300 Amgen, Inc.* 319,219 5,900 Johnson & Johnson 359,251 7,400 Novartis AG 372,812 9,600 Roche Holdings LTD ADR 389,760 8,800 Stryker Corp. 399,784 ------------ ------------ 2,182,169 ------------ ------------ ELECTRONICS/EQUIPMENT: 5.88% 19,000 ABB Limited 380,760 9,600 Emerson Electric Co. 384,768 23,000 Intel Corp. 450,110 ------------ ------------ 1,215,638 ------------ ------------ FOOD: 3.56% 13,000 Kraft Foods, Inc. 341,510 9,250 Nestle S.A. ADR 394,883 ------------ ------------ .. 736,393 ------------ ------------ HOUSEHOLD: 2.87% 1,100 Kao Corporation ADR 270,050 5,600 Proctor & Gamble Co. 324,352 ------------ ------------ 594,402 ------------ ------------ MANUFACTURING: 10.03% 13,000 Dupont EI 417,820 10,700 Honeywell International, Inc. 397,505 5,900 3M Co. 435,420 14,000 Unilever NV 404,040 6,900 United Technologies Corp. 420,417 ------------ ------------ 2,075,202 ------------ ------------ MATERIALS: 2.49% 7,800 BHP Billiton LTD ADR 514,878 ------------ ------------ MULTI-MEDIA: 1.96% 14,800 Walt Disney Co. 406,408 ------------ ------------ OIL: 13.25% 9,200 BASF AG - ADR 487,600 4,600 Chevron Corp. 323,978 6,500 ConocoPhillips 293,540 7,800 EnCana Corp. 449,358 6,200 Royal Dutch Shell PLC 354,578 8,200 Schlumberger Ltd. 488,720 5,800 Total Fina ADR 343,708 ------------ ------------ .. 2,741,482 ------------ ------------ RETAIL: 6.25% 6,300 Costco Wholesale Corp. 355,698 6,900 Nike, Inc. Class B 446,430 10,000 Walmart 490,900 ------------ ------------ 1,293,028 ------------ ------------ TELECOMMUNICATIONS: 5.36% 6,500 China Telecom Ltd. ADR 319,215 ------------ ------------ 13,000 Hutchison Whampoa ADR 468,000 22,000 Nokia Corp. ADR 321,640 ------------ ------------ 1,108,855 TRANSPORTATION: 1.96% 5,400 Fedex Corporation 406,188 ------------ ------------ UTILITIES: 3.82% 9,100 EON AG ADR 387,205 7,300 FPL Group, Inc. 403,179 ------------ ------------ 790,384 ------------ ------------ Total Securities 76.76% 15,882,449 Cash and Cash Equivalents 23.24% 4,808,495 ------------------------- ------------------------- TOTAL INVESTMENTS 100.00% $ 20,690,944 ========================= ================================================================ ADR - Security represented is held by the custodian bank in the form of American Depositary Receipts. FAS 157 Footnote Disclosure: The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, "fair value" is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund's investments. FAS 157 established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) The following is a summary of the inputs used to value the Fund's investments as of September 30, 2009: Valuation Inputs: Investment in Securities: - ----------------- ------------------------- Level 1 - Quoted Prices $ 15,882,449 Level 2 - Other Significant Observable Inputs - Level 3 - Significant Unobservable Inputs - ------------- ------------- Total: $ 15,882,449 ------------- For information on the Portfolio's policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent semi-annual or annual shareholder report. ITEM 2. CONTROLS AND PROCEDURES. (a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. The Registrant maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Registrant's filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant's management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant's management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Within 90 days prior to the filing date of this Quarterly Schedule of Portfolio Holdings on Form N-Q, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant's management, including the Registrant's principal executive officer and the Registrant's principal financial officer, of the effectiveness of the design and operation of the Registrant's disclosure controls and procedures. Based on such evaluation, the Registrant's principal executive officer and principal financial officer concluded that the Registrant's disclosure controls and procedures are effective. (b) CHANGES IN INTERNAL CONTROLS. There have been no significant changes in the Registrant's internal controls or in other factors that could significantly affect the internal controls subsequent to the date of their evaluation in connection with the preparation of this Quarterly Schedule of Portfolio Holdings on Form N-Q. ITEM 3. EXHIBITS. A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a), exactly as set forth below: Attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) The World Insurance Trust ----------------------------- By: /s/ John Pasco, III ------------------------------------- John Pasco, III Principal Executive Officer Date: November 13, 2009 ------------------------------------ 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/ John Pasco, III ------------------------------------- John Pasco, III Principal Executive Officer Date: November 13, 2009 ------------------------------------ By: /s/ Karen Shupe ------------------------------------- Karen Shupe Principal Financial Officer Date: November 13, 2009 ------------------------------------ EX-99.CERT 2 wit093009nq_officerscert.txt WIT 093009 NQ OFFICERS CERTIFICATE I, John Pasco, III, certify that: 1. I have reviewed this report on Form N-Q of The World Insurance Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s)and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 13, 2009 /s/ John Pasco, III - --------------------- John Pasco, III Principal Executive Officer I, Karen Shupe, III, certify that: 1. I have reviewed this report on Form N-Q of The World Insurance Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s)and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 13, 2009 /s/ Karen Shupe - --------------------- Karen Shupe Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----