<PAGE>
Van Eck Worldwide Balanced Fund
--------------------------------------
1997 Semi-Annual Report
Dear Fellow Shareholder:
The Worldwide Balanced Fund had a total return of 8.6% for the six months ended
June 30, 1997 versus the average among global asset allocation/global balanced
funds of 8.0% according to Micropal, Inc., a mutual fund evaluation service. In
the first half of 1997, global equities produced exceptionally strong returns.
Accelerating global growth, relatively few inflationary signs and low interest
rates set the stage for the high returns. Global bonds, while clearly unable to
keep pace with equities, produced above-coupon returns in local currencies;
however, the strength of the dollar against European currencies wiped out much
of the gains.
WORLD EQUITY MARKETS
Global equities registered extraordinarily high returns during the first half
of 1997, with the MSCI World Index increasing 15.4% in U.S. dollars. Central
themes were: strong American equity markets (both North and South); dollar
strength versus Europe, which helped drive European export growth; and
increased volatility in Japan and Asia Pacific.
U.S. equities wasted no time in adding to the bull market performances of 1995
and 1996, increasing 7.5% during the first two months of the year. The Federal
Reserve responded to an acceleration in U.S. economic growth by increasing
interest rates by 25 basis points (0.25%) in March, the first of what many
investors assumed would be several rate hikes in 1997. Investor fears over
accelerating growth and Fed rate hikes led to a 10% market correction in March
and April. Fed watchers welcomed the resultant slowdown in the pace of U.S.
growth as the need for further rate hikes had, for the moment, subsided. The
ensuing rally pushed the U.S. market up 20.8% at the end of June, with
investors flocking to large capitalization blue chip stocks, a sector well
represented in the portfolio. The strong U.S. equity market set a positive
backdrop for other global equity markets.
European equities continued to shine this year, increasing 24.7% in local
currency terms, though the previously mentioned dollar strength led to smaller
gains in dollar terms (+14.3%). With fiscal policy remaining tight to comply
with Maastricht-treaty EMU (European Monetary Union) constraints,
competitively-priced exports were the primary drivers of European economic
growth. Elections in the UK (+9.2%) and France (+9.2%) were the significant
political events this year, with the market initially receiving Labour's UK
victory much better than the recent Socialist win in France (though subsequent
back-tracking by newly-elected Prime Minister Jospin has for the moment
alleviated investor concerns about a significant move to the left in France).
Switzerland (+31.3%) and Spain (+20.7%) were the two strongest performing
European markets during the quarter, with corporate activity and the strong
dollar helping equities in the former market, while the dollar and low interest
rates due to Spain's expected inclusion in the first round of EMU fueled the
rally in Spanish equities.
For Japanese equities, it was a tale of two quarters. An anticipated economic
slowdown and weakness in the banking sector contributed to market weakness
through the middle of April. In this environment, and with further dollar
strength versus the yen, the "Nifty-30" stocks (a group of Japanese companies
dominated by technology and exporters) were strong performers. Toward the end
of April, a sudden shift took place. Investors realized that their worries over
the fiscal tightening, which went into effect on April 1, proved to be
exaggerated. Rumors of imminent discount rate hikes and talk from Mr.
Sakakibara (known as "Mr. Yen" because of his frequent comments on the
currency) that the yen was undervalued given the stage of Japan's economic
cycle, led to a sharp reversal in the yen/dollar rate from a yen low of 127 to
115 (hitting 111 yen/$ at the high). With expectations of stronger economic
growth, the Nikkei 225 rallied 17.8% (in yen) from its low, with the "Nifty-30"
stocks taking a back seat to more domestic-oriented sectors. Our anticipation
of a slowdown in growth in the second quarter caused us to reduce the Fund's
Japanese weighting, but proved unfounded. Currently, we continue to favor
technology and export stocks (Canon Inc., Hitachi, Ltd.) due to their higher
earnings growth visibility and lower P/E multiples (paradoxically, in Japan,
high growth, internationally competitive companies tend to have lower
multiples, more in-line with their global competitors).
There was a marked contrast between Latin American and Asia Pacific equity
markets. Latin American equities (+40.8%) performed well across the board with
investors encouraged by economic growth, declining inflation trends
<PAGE>
and continued attempts by governments to deregulate their state-dominated
economies. It was much more difficult to make money in Asia Pacific equities,
which increased only 1.6% during the period. Hong Kong stood out in the region,
increasing 9.8%, despite a weak start to the year. Hong Kong shares rallied
strongly in the period leading up to the July 1 handover to China. A strong
residential property market, significant money flows coming in to the territory
from China and investor enthusiasm for "red chip" stocks (mainland China-
oriented companies traded in Hong Kong) supported the market rally. While long-
term fundamentals are still strong, any anti-speculation moves by the new
government could take some of the froth out of a temporarily overheating
market. Other markets in the region have had to deal with country-specific
problems: Thailand--weak growth and high interest rates to support the currency
(which was eventually allowed to float); Malaysia--slowing growth and property
restrictions; and Korea--weak exports, bankruptcies and government scandals.
Portfolio holdings in the emerging markets remain fairly low at approximately
4% of assets.
WORLD BOND MARKETS
The predominant themes in the global fixed income markets over the past six
months have been the continued benign inflation backdrop, which has allowed
central banks to tolerate periods of above-trend growth without raising
interest rates, and the march (at times unsteady) toward European Monetary
Union (EMU). Expecting equities to outperform bonds, the Fund's bond allocation
remains low at about 14% of assets.
The United States is in its seventh year of economic expansion and yet
inflationary pressures remain benign--in fact, recent data show inflation to
have fallen to 2.5%, a new low for this cycle. Despite the Federal Reserve's
increase in the federal funds target rate from 5.25% to 5.50% on March 25,
overall concerns over inflation and further rate hikes were at a minimum later
in the second quarter. U.S. bonds, which comprised the entire bond allocation
of the Fund, ended the first half of the year with gains of 2.6%.
THE OUTLOOK
While the economic growth, inflation and interest rate outlook is favorable, we
do not expect returns realized during the first six months of the year to be
matched during the second half. In the current environment, we continue to
favor equities over bonds.
Though positive toward U.S. equities, the market may have to catch its breath
for a moment. Export growth stemming from weak European currencies relative to
the dollar continues to be the driving force for European economic growth. We
maintain our exposure to European exporters as well as financials and
traditional growth stocks in Europe and the UK. As mentioned above, from a
macroeconomic viewpoint, the Japanese market looks favorable. In emerging
markets, Latin America is currently the most promising region given the growth
being realized and the still reasonable valuations in various sectors.
We appreciate your participation in the Worldwide Balanced Fund and we look
forward to helping you meet your investment objectives in the future.
/s/ John C. van Eck /s/ Derek S. van Eck
John C. van Eck Derek S. van Eck
Chairman Portfolio Manager
July 25, 1997
Performance Record as of 6/30/97
- ------------------------
Average Annual Total Return
<TABLE>
- --------------------------
<S> <C>
Life (since
12/23/94) 7.9%
- --------------------------
1 year 17.0%
- --------------------------
</TABLE>
The performance data represents past performance and is not indicative of
future results. Investment return and principal value of an investment in the
Fund will vary so that shares, when redeemed, may be worth more or less than
their original cost. These returns do not take variable annuity/life fees and
expenses into account.
Note: All equity performance figures are Morgan Stanley International Indices.
<PAGE>
Worldwide Balanced Fund
Statement of Net Assets June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
NO. OF VALUE
COMMON STOCK SHARES (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
ARGENTINA: 0.94%
Banca de Galicia Buenos Aires (ADR) 500 $13,188
Telecom Argentina Stet-France Telecom S.A. (ADR) 300 15,750
-------
28,938
-------
BRAZIL: 1.47%
Telecomunicacoes Brasileiras S.A. (ADR) 300 45,525
-------
CHILE: 0.23%
Chilgener S.A. (ADR) 250 7,000
Chilgener S.A. Rights (Expiring 7/07/97) 82 185
-------
7,185
-------
FINLAND: 0.24%
Nokia AB "A" (ADR) 100 7,375
-------
FRANCE: 1.96%
Carrefour S.A. 50 36,309
Scor S.A. 600 24,154
-------
60,463
-------
GERMANY: 1.28%
Hoechst AG 400 16,965
VEBA AG 400 22,474
-------
39,439
-------
HONG KONG: 2.09%
Cheung Kong (Holdings) Ltd. (ADR) 3,500 34,685
Sun Hung Kai Properties Ltd. (ADR) 2,500 30,000
-------
64,685
-------
JAPAN: 5.64%
Canon Inc. (ADR) 200 27,300
Hitachi Ltd. (ADR) 300 33,900
Matsushita Electric Industrial Co., Ltd. 2,000 40,323
Mitsubishi Heavy Industries Ltd. 4,000 30,687
Nomura Securities Co. Ltd. (ADR) 30 4,125
Yamatake-Honeywell 2,000 38,054
-------
174,389
-------
MEXICO: 1.38%
Apasco S.A. 6,000 42,733
-------
NETHERLANDS: 2.49%
ING Groep N.V. (ADR) 800 37,100
Philips Electronics N.V. 50 3,594
Philips Electronics N.V. (ADR) 50 3,580
Royal Dutch Petroleum Co. (New York Registry Shares) 600 32,625
-------
76,899
-------
SPAIN: 0.06%
Compania Sevillana de Electricidad 168 1,733
-------
SWEDEN: 0.14%
Kinnevik AB "B" 100 2,786
NetCom Systems AB "A" 100 1,426
-------
4,212
-------
SWITZERLAND: 1.06%
ABB AG-Registered 50 14,715
Roche Holding AG 2 18,076
-------
32,791
-------
THAILAND: 0.04%
Krung Thai Bank Ltd. "F" 1,000 1,105
-------
UNITED KINGDOM: 0.69%
British Aerospace PLC 500 11,125
Compass Group PLC 900 10,099
-------
21,224
-------
</TABLE>
<TABLE>
<CAPTION>
NO. OF VALUE
COMMON STOCK SHARES (NOTE 1)
- -----------------------------------------------------------
<S> <C> <C>
UNITED STATES: 19.61%
Allied Signal Inc. 150 $ 12,600
American Express Company 700 52,150
Boeing Co. 600 31,838
Burlington Northern Santa Fe 700 62,913
Chase Manhattan Corp. 400 38,825
Cisco Systems 600 40,275
Disney (Walt) Co. (The) 400 32,100
Federal National Mortgage Association 900 39,263
Intel Corp. 350 49,634
Lucent Technologies Inc. 1,000 72,062
Merck & Co. 400 41,400
Mobil Corp. 600 41,925
Monsanto Co. 800 34,450
Pfizer Inc. 150 17,925
SunAmerica, Inc. 800 39,000
----------
606,360
----------
TOTAL COMMON STOCKS: 39.32%
(Cost: $938,092) 1,215,056
----------
<CAPTION>
PRINCIPAL
LONG-TERM BOND: 14.42% AMOUNT
- ---------------------------------------------------
<S> <C> <C>
U.S. Treasury Note 6.125% 12/31/2001
(Cost: $450,773) $450,000 445,782
----------
TOTAL INVESTMENTS: 53.74%
(Cost: $1,388,865) 1,660,838
OTHER ASSETS LESS LIABILITIES: 46.26% 1,431,129
----------
NET ASSETS: 100.0% $3,091,967
==========
</TABLE>
Glossary:
ADR--American Depositary Receipt
"F"--Foreign Registry
<TABLE>
<CAPTION>
% OF
SUMMARY OF INVESTMENTS BY INDUSTRY PORTFOLIO
- -------------------------------------------------
<S> <C>
Aerospace & Defense 4.4%
Banks 5.4%
Brokerage 0.2%
Cement 2.6%
Chemicals 3.1%
Drugs 1.1%
Electronics & Electrical Equipment 7.6%
Entertainment & Leisure Time 1.9%
Financial Services 7.9%
Holding Co.--Diversified 0.2%
Insurance 1.5%
Manufacturing 0.8%
Office Equipment 1.6%
Oil Integrated--International 4.5%
Pharmaceuticals 3.6%
Real Estate 3.9%
Restaurants 0.6%
Retail 2.2%
Semiconductors & Equipment 3.0%
Telecommunications 8.1%
Thrift Holding Company 2.4%
Transportation 3.8%
U.S. Government Agencies & Obligations 26.8%
Utilities 2.8%
-----
100.0%
=====
</TABLE>
See Notes to Financial Statements.
<PAGE>
Worldwide Balanced Fund Financial Statements (unaudited)
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1997
<TABLE>
<S> <C>
ASSETS:
Investments at value (identified cost, $1,388,865) (Note 1)......... $1,660,838
Cash................................................................ 1,419,081
Receivables:
From Advisor....................................................... 6,881
Capital shares sold................................................ 548
Interest and dividends............................................. 16,025
Other assets........................................................ 2,259
----------
Total assets...................................................... 3,105,632
----------
LIABILITIES:
Payables:
Capital shares redeemed............................................ 3,277
Accounts payable................................................... 10,388
----------
Total liabilities................................................. 13,665
----------
Net Assets.......................................................... $3,091,967
==========
Shares outstanding.................................................. 261,391
==========
Net asset value, redemption price and offering price per share...... $ 11.83
==========
Net assets consist of:
Aggregate paid in capital.......................................... $2,784,807
Unrealized appreciation of investments and foreign currency........ 271,622
Undistributed net investment income................................ 34,655
Undistributed realized gains....................................... 883
----------
$3,091,967
==========
</TABLE>
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
FOR THE
FOR THE SIX MONTHS EIGHT MONTHS
ENDED ENDED
JUNE 30, 1996 DECEMBER 31,
(UNAUDITED) 1996
-------------------- ------------------
<S> <C> <C> <C> <C>
INCOME:
Dividends (less foreign taxes
withheld $565 and $309,
respectively)...................... $ 10,095 $ 3,455
Interest............................ 28,106 36,628
--------- --------
38,201 40,083
EXPENSES:
Management (Note 2)................. $ 8,897 $ 7,005
Administration (Note 2)............. 3,185 2,773
Professional........................ 7,028 5,932
Shareholder reporting............... 2,615 5,553
Amortization of organization costs
(Note 2)........................... 452 613
Custody............................. 376 510
Registration........................ 181 152
Other............................... 564 797
--------- --------
Total expenses...................... 23,298 23,335
Expenses assumed by the Advisor and
reduced by a custodian fee (23,298) (23,335)
arrangement (Note 2)............... --------- --------
Net Expense......................... -- --
--------- --------
Net investment income............... 38,201 40,083
REALIZED AND UNREALIZED GAIN (LOSS)
OF INVESTMENTS (NOTE 3):
Realized gain from security
transactions....................... -- 883
Realized gain (loss) from currency
transactions....................... (935) 924
Change in unrealized depreciation of
foreign denominated receivables and
payables........................... 102 (453)
Change in unrealized appreciation of
investments........................ 173,927 87,495
--------- --------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS.................... $ 211,295 $128,932
========= ========
</TABLE>
See Notes to Financial Statements.
<PAGE>
Worldwide Balanced Fund Financial Statements (unaudited)
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE
FOR THE EIGHT MONTHS
SIX MONTHS ENDED YEAR
JUNE 30, 1997 DECEMBER 31, ENDED
(UNAUDITED) 1996 APRIL 30, 1996
------------- ------------ --------------
<S> <C> <C> <C>
INCREASE IN NET ASSETS:
Operations:
Net investment income............... $ 38,201 $ 40,083 $ 787
Realized gain from security
transactions....................... -- 883 --
Realized gain (loss) from foreign
currency transactions.............. (935) 924 --
Change in unrealized depreciation of
foreign currency receivables and
payables........................... 102 (453) --
Change in unrealized appreciation of
investments........................ 173,927 87,495 10,551
---------- ---------- --------
Increase in net assets resulting
from operations.................... 211,295 128,932 11,338
---------- ---------- --------
Dividends to shareholders from net
investment income.................. (43,593) (812) --
---------- ---------- --------
CAPITAL SHARE TRANSACTIONS:*
Net proceeds from sale of shares.... 1,492,703 1,647,934 653,649
Reinvestment of dividends........... 43,593 812 --
---------- ---------- --------
1,536,296 1,648,746 653,649
Cost of shares reacquired........... (377,611) (619,220) (71,259)
---------- ---------- --------
Increase in net assets resulting
from capital share transactions.... 1,158,685 1,029,526 582,390
---------- ---------- --------
Total increase in net assets....... 1,326,387 1,157,646 593,728
NET ASSETS:
Beginning of period................. 1,765,580 607,934 14,206
---------- ---------- --------
End of period (including
undistributed net investment income
of $34,655, $40,982 and $787,
respectively)...................... $3,091,967 $1,765,580 $607,934
========== ========== ========
*SHARES OF BENEFICIAL INTEREST
OUTSTANDING ISSUED AND REDEEMED
(WITH AN UNLIMITED NUMBER OF $.001
PER VALUE SHARES AUTHORIZED)
Shares sold......................... 132,217 157,450 64,737
Dividend reinvestment............... 3,920 79 --
---------- ---------- --------
136,137 157,529 64,737
Shares reacquired................... (33,290) (58,046) (7,097)
---------- ---------- --------
Net increase........................ 102,847 99,483 57,640
========== ========== ========
</TABLE>
See Notes to Financial Statements.
<PAGE>
Worldwide Balanced Fund Financial Statements
- -------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
FOR THE FOR THE FOR THE
SIX MONTHS EIGHT MONTHS PERIOD FROM
ENDED ENDED DECEMBER 23, 1994+
JUNE 30, 1997 DECEMBER 31, YEAR ENDED TO
(UNAUDITED) 1996 APRIL 30, 1996 APRIL 30, 1995
------------- ------------ -------------- ------------------
<S> <C> <C> <C> <C>
Net Asset Value, $ 11.14 $ 10.29 $ 10.00 $ 10.00
Beginning of Period.... ------- ------- ------- -------
Income From Investment
Operations:
Net Investment Income.. 0.13 0.25 0.04++ 0.00
Net Gains on Securities
(both realized and 0.81 0.61 0.25 0.00
unrealized)........... ------- ------- ------- -------
Total From Investment 0.94 0.86 0.29 0.00
Operations............. ------- ------- ------- -------
Less: Distributions from (0.25) (0.01) -- --
Net Investment Income.. ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 11.83 $ 11.14 $ 10.29 $ 10.00
======= ======= ======= =======
Total Return (a)........ 8.58% 8.38% 2.90% 0.00%
- ---------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTARY
DATA
Net Assets, End of
Period (000)........... $ 3,092 $ 1,766 $ 608 $ 14
Ratio of Gross Expenses
to Average Net Assets.. 1.94(b) 2.49%(b) 12.61% 78.40(b)
Ratio of Net Expenses to
Average Net Assets..... 0.00%(b) 0.00%(b) 0.00% 0.00%(b)
Ratio of Net Income to
Average Net Assets..... 3.22%(b) 4.27%(b) 0.42% 0.00%(b)
Portfolio Turnover Rate. 0.00% 0.76% 0.00% 0.00%
Average Commission Rate
Paid................... $0.0000 $0.0790 $0.0422
</TABLE>
- -------
+ Commencement of operations.
++ Based on average shares outstanding.
(a) Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of dividends at
net asset value during the period and a redemption on the last day of the
period. Total returns for the periods of less than one year were not
annualized.
(b) Annualized.
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Van Eck Worldwide Insurance Trust (the "Trust"), organized as a Massachusetts
business trust on January 7, 1987, is registered under the Investment Company
Act of 1940. The following is a summary of significant accounting policies
consistently followed by the Worldwide Balanced Fund series, a non-diversified
fund (the "Fund") of the Trust, in the preparation of its financial
statements. The policies are in conformity with generally accepted accounting
principles. The preparation of financial statements in conformity with
generally accepted accounting principles requires the use of management's
estimates, and the actual amounts could differ.
A. SECURITY VALUATION--Securities traded on national exchanges and traded in
the NASDAQ National Market System are valued at the last sales prices
reported at the close of business on the last business day of the period.
Over-the-counter securities not included in the NASDAQ National Market
System and listed securities for which no sale was reported are valued at
the mean of the bid and asked prices. Short-term obligations purchased with
more than sixty days remaining to maturity are valued at market. Short-term
obligations purchased with sixty days or less to maturity are valued at
cost which with accrued interest approximates value. Securities for which
quotations are not available are stated at fair value as determined by the
Board of Trustees.
B. FEDERAL INCOME TAXES--It is the Fund's policy to comply with the provisions
of the Internal Revenue Code applicable to regulated investment companies
and to distribute all of its taxable income to its shareholders. Therefore,
no federal income tax provision is required.
C. CURRENCY TRANSLATION--Assets and liabilities denominated in foreign
currencies and commitments under forward currency contracts are translated
into U.S. dollars at the mean of the quoted bid and asked prices of such
currencies on the last business day of the period. Purchases and sales of
investments are translated at the exchange rates prevailing when such
investments were acquired or sold. Income and expenses are translated at
the exchange rates prevailing when accrued. Recognized gains or losses on
security transactions attributable to foreign currency fluctuations are
recorded as net realized gains and losses on investments. The portion of
unrealized gains and losses on investments that result from fluctuations in
foreign currency exchange rates is not separately disclosed.
D. DIVIDENDS AND DISTRIBUTIONS--Dividend income and distributions to
shareholders are recorded on the ex-dividend date. Income distributions and
capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
E. OTHER--Security transactions are accounted for on the date the securities
are purchased or sold. Interest income is accrued as earned.
<PAGE>
Worldwide Balanced Fund
- -------------------------------------------------------------------------------
F. DEFERRED ORGANIZATION COSTS--Deferred organization costs are being
amortized over a period of five years.
NOTE 2--Van Eck Associates Corporation (the "Advisor") earns fees for
investment management and advisory services. The fee is based on an annual
rate of .75 of 1% of average daily net assets. Van Eck Associates Corporation
also earns fees for accounting and administrative services. The fee is based
on an annual rate of .25 of 1% of the Fund's average daily net assets.
Fiduciary International, Inc., the sub-investment advisor, earns fees for
investment management. The fee is based on an annual rate of .50 of 1% of the
Fund's average daily net assets and is paid by the Advisor from the advisory
fees it receives from the Fund. The sub-investment advisor waived its fee for
the six months ended June 30, 1997. Van Eck Associates Corporation agreed to
waive its management fees and administrative fees and assume all other
expenses for the period ended June 30, 1997. Certain of the officers and
trustees of the Trust are officers, directors or stockholders of Van Eck
Associates Corporation and Van Eck Securities Corporation or the parent
company of Fiduciary International, Inc.
The Fund has a fee arrangement, based on cash balances left on deposit with
the custodian, which reduces the Fund's operating expenses.
NOTE 3--Purchases and sales of securities other than short-term obligations
aggregated $0 and $0 for the period ended June 30, 1997. For federal income
tax purposes, the identified cost of investments owned at June 30, 1997 was
$1,388,865. As of June 30, 1997, net unrealized appreciation for federal
income tax purposes aggregated $271,973, of which $286,959 related to
appreciated securities and $14,986 related to depreciated securities.
NOTE 4--The Fund may purchase securities on foreign exchanges. Securities of
foreign issuers involve special risks and consideration not typically
associated with investing in U.S. issuers. These risks include re-evaluation
of currencies, less reliable information about issuers, different securities
transactions clearance and settlement practices, and future adverse political
and economic developments. These risks are heightened for investments in
emerging market countries. Moreover, securities of many foreign issuers and
their markets may be less liquid and their prices more volatile than those of
comparable U.S. issuers.
NOTE 5--TRUSTEE DEFERRED COMPENSATION PLAN--The Trust established a Deferred
Compensation Plan (the "Plan") for trustees. Commencing January 1, 1996, the
Trustees can elect to defer receipt of their trustee fees until retirement,
disability or termination from the board. The Fund's contributions to the Plan
are limited to the amount of fees earned by the participating trustees. The
fees otherwise payable to the participating trustees are invested in shares of
the Van Eck Funds as directed by the trustees. The Plan has been approved by
the Internal Revenue Service.
As of June 30, 1997, the total value of the assets and corresponding liability
of the Fund's portion of the Plan is $143.
<PAGE>
VAN ECK WORLDWIDE
INSURANCE TRUST
- -----------------------
Worldwide Balanced Fund
Van Eck Worldwide Insurance Trust
- ----------------------------------
99 Park Avenue, New York, NY 10016
This report must be accompanied or preceded by a prospectus, which includes more
complete information, such as charges and expenses and the risks associated with
international investing, including currency fluctuations or controls,
expropriation, nationalization and confiscatory taxation. Please read the
prospectus carefully before investing.
FR1997-0731-0092
[LOGO] VAN ECK GLOBAL
June 30, 1997
VAN ECK
WORLDWIDE
INSURANCE TRUST
SEMI-ANNUAL REPORT
Worldwide
Balanced Fund
JAPANESE EQUITIES . GERMAN BONDS . AUSTRALIAN EQUITIES . FRENCH BONDS . GERMAN
EQUITIES . US BONDS . SWEDISH EQUITIES . JAPANESE BONDS . HONG KONG EQUITIES .
UK BONDS . German equities . HONG KONG BONDS . FRENCH EQUITIES . German equities
. SWEDISH EQUITIES . JAPANESE EQUITIES . FRENCH BONDS . HONG KONG EQUITIES .
GERMAN BONDS . US BONDS . DUTCH EQUITIES . UK EQUITIES . US BONDS . . AUSTRALIAN
EQUITIES
[LOGO] VAN ECK GLOBAL
