<PAGE>
Van Eck Worldwide Insurance Trust
Worldwide Bond Fund
Annual Report
April 30, 1995
<PAGE>
VAN ECK WORLDWIDE BOND FUND
VS SALOMON BROS. WORLD GOVT BOND INDEX
[GRAPH APPEARS HERE]
Average Annual Total Return*
1 Year Life
14.51% 7.42%
<TABLE>
<CAPTION>
Global Bond SB World
Fund Bond Index
(hypo) (Russell #s)
----------- ------------
<S> <C> <C> <C>
9/1/89 10,000 10,000
10,000 1.89% 10,189
10,010 0.84% 10,275
10,010 0.91% 10,368
12/89 10,070 1.23% 10,496
10,120 -1.32% 10,357
9,930 -1.54% 10,198
10,050 -0.99% 10,097
10,100 -0.31% 10,065
10,199 3.32% 10,399
6/90 10,465 1.84% 10,591
10,721 3.13% 10,922
10,844 -0.78% 10,837
10,875 1.11% 10,957
11,079 4.47% 11,447
11,203 1.66% 11,637
12/90 11,203 0.99% 11,752
11,549 2.50% 12,046
11,580 0.03% 12,050
11,129 -3.63% 11,612
11,350 1.54% 11,791
11,432 -0.13% 11,776
6/91 11,185 -1.04% 11,654
11,443 2.14% 11,903
11,701 1.93% 12,133
12,324 3.91% 12,607
12,464 1.05% 12,739
12,559 1.57% 12,939
12/91 13,263 5.19% 13,611
12,867 -1.77% 13,370
12,812 -0.56% 13,295
12,658 -1.06% 13,154
12,702 0.71% 13,248
13,194 3.07% 13,654
6/92 13,568 2.80% 14,037
13,837 2.33% 14,364
14,095 2.80% 14,766
13,475 1.00% 14,914
13,054 -2.72% 14,508
12,458 -1.59% 14,277
12/92 12,566 0.60% 14,363
12,579 1.73% 14,611
12,723 1.97% 14,899
12,771 1.54% 15,129
12,783 2.11% 15,448
12,806 1.00% 15,602
6/93 12,908 -0.21% 15,570
12,755 0.30% 15,616
13,276 2.99% 16,083
13,365 1.19% 16,275
13,466 -0.17% 16,247
13,284 -0.72% 16,130
12/93 13,545 0.85% 16,267
13,832 0.81% 16,399
13,467 -0.65% 16,292
13,076 -0.14% 16,269
13,102 0.12% 16,289
12,909 -0.88% 16,146
6/94 12,922 1.44% 16,378
12,987 0.80% 16,509
12,974 -0.35% 16,451
13,170 0.72% 16,570
13,458 1.60% 16,835
13,380 -1.37% 16,604
12/94 13,367 0.28% 16,651
13,485 2.10% 17,000
13,917 2.56% 17,436
14,846 5.94% 18,471
4/95 15,003 1.85% 18,813
</TABLE>
Performance is net of Van Eck fees only and does not reflect the insurance
companies' trust fees.
*Past performance is not indicative of future results.
<PAGE>
Worldwide Bond Fund (formerly Global Bond Fund)
Management Discussion & Analysis
In July of 1994 Madis Senner became the portfolio manager of the Fund. We are
pleased to report that the Worldwide Bond Fund ended the year (April 1995) up
14.5%, despite a difficult 1994 for most world bond markets. The Fund benefited
from a lower U.S. dollar (which translates into higher returns for U.S.
investors in strong foreign currency-denominated securities) and by avoiding
several pitfalls such as the collapse of the Mexican peso.
Throughout 1994, the Federal Reserve successively raised interest rates and most
world bond markets declined in local currency terms. During the second half of
1994, in anticipation of such declines and a weak dollar, holdings in peripheral
currencies, such as the Italian lira, the Swedish krona and the Spanish peseta
were either eliminated or reduced, increasing portfolio exposure to "safe
haven", "hard" foreign currencies, such as the German mark and the Japanese yen.
Indeed, particularly hard hit were the peripheral countries of Europe and the
emerging markets. At times, the pressure became so great, that certain of these
markets such as the Mexican market, were in financial crisis. Thus, the
portfolio capitalized as the U.S. dollar began its year-long decline against
most currencies, 17.1% against the yen and 16% against the Deutschemark. Also
during the second half of 1994, bond duration was decreased substantially,
limiting exposure to bond market declines.
In the latter part of March, 1995 the worst appeared to be over -- there was a
strong counter move for the U.S. dollar and bond markets showed signs of a
rally. Our U.S. dollar position was increased at this time. During the first
week in April, the Fund substantially lightened its foreign currency exposure
and began to buy bonds. By the last week in April holdings in the peripheral
countries such as Italy and Spain were increased, and the duration of the
portfolio was significantly lengthened as these markets appeared to finally be
undervalued. Long term, the Fund still favors the core currencies such as
Germany, but short term we believe the peripheral currencies should benefit from
the dollar rally.
<PAGE>
WORLDWIDE BOND FUND INVESTMENT PORTFOLIO APRIL 30, 1995
<TABLE>
<CAPTION>
Bonds and Notes Principal Amount Value (Note 1)
-----------------------------------------------------------------------------------------------
<S> <C> <C>
France-10.6%
France O.A.T
6.75% due 10-25-04 FRF 27,000,000 $ 5,105,693
Bons du Tresor
7.0% due 11-12-99 28,500,000 5,702,517
--------------
10,808,210
--------------
Germany-11.1%
Bundesobligation
7.25% due 10-20-97 DEM 6,000,000 4,476,756
Bundesrepublik Deutschland
7.375% due 1-03-05 6,000,000 4,421,405
6.25% due 1-04-24 4,000,000 2,420,901
--------------
11,319,062
--------------
Italy-3.6%
Buoni Poliennali Del Tes
8.5% due 8-01-99 ITL 7,070,000,000 3,671,932
--------------
Ireland-1.2%
Irish Government Treasury Bond
6.25% due 10-18-04 IEP 890,000 1,217,842
--------------
Japan-6.6%
Japanese Government
5.5% due 3-20-02 JPY 258,000,000 3,472,694
5.3% due 3-20-13 235,000,000 3,205,270
--------------
6,677,964
--------------
Netherlands-6.4%
Netherlands Government
6.75% due 2-15-99 NLG 10,000,000 6,553,732
--------------
New Zealand-4.8%
New Zealand Government
8.0% due 4-15-04 NZD 4,650,000 3,171,775
9.0% due 11-15-96 2,500,000 1,696,330
--------------
4,868,105
--------------
Spain-1.6%
Kingdom of Spain
10.00% due 2-28-05 ESP 225,000,000 1,621,605
--------------
United States-21.2%
U.S. Treasury Notes
* 5.875% due 3-31-99 USD 3,000,000 2,904,843
* 7.125% due 9-30-99 6,700,000 6,765,955
* 5.625% due 1-31-98 6,000,000 5,837,814
* 6.75% due 5-31-97 6,000,000 6,015,936
--------------
21,524,548
--------------
Total Bonds and Notes: 67.1% (Cost: $67,210,337) 68,263,000
--------------
</TABLE>
See Notes to Financial Statements.
<PAGE>
WORLDWIDE BOND FUND INVESTMENT PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
Short-Term Obligations Principal Amount Value (Note 1)
----------------------------------------------------------------------------------------------
<S> <C> <C>
European Currency Unit-0.8%
Banca Commerciale Italiana Time Deposit
6.09% due 5-04-95 ECU 594,701 $ 786,937
---------------
United States-32.1%
Anheuser-Busch Companies
Commercial Paper
Interest Yield 5.98% due 5-04-95 USD 5,600,000 5,597,256
Cargill Inc. Commercial Paper
Interest Yield 6.00% due 5-04-95 5,600,000 5,597,247
Exxon Asset Management
Commercial Paper
Interest Yield 5.94% due 5-09-95 5,700,000 5,692,603
Ford Motor Credit Co.
Commercial Paper
Interest Yield 6.05% due 5-04-95 5,600,000 5,597,223
G.E. Company Commercial Paper
Interest Yield 5.78% due 5-01-95 4,974,000 4,974,000
* U.S. Treasury Bills
Interest Yield 5.73% due 5-04-95 5,200,000 5,197,560
---------------
- 32,655,889
---------------
Total Short-Term Obligations: 32.9% (Cost: $33,453,739) 33,442,826
---------------
Total Investments: 100% (Cost $100,664,076) $ 101,705,826
===============
</TABLE>
* These securities are segregated for forward currency contracts.
<PAGE>
WORLDWIDE BOND FUND
Financial Statements
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1995
<TABLE>
<CAPTION>
Assets:
<S> <C>
Investments at value (identified cost,
$100,664,076 ) (Note 1) $ 101,705,826
Cash 130,830
Cash- initial margin deposit (Note 5) 301,449
Receivables:
Securities sold 11,147,018
Capital shares sold 29,024
Interest 1,374,937
Open forward currency contracts (Note 4) 5,832,746
---------------
Total assets 120,521,830
---------------
Liabilities:
Payables:
Capital stock redeemed 2,586
Securities purchased 5,401,201
Open forward currency contracts (Note 4) 1,454,868
Due to broker-variation margin (Note 5) 64,095
Management fee 67,762
Administrative fee 13,333
Accounts payable 52,069
---------------
Total liabilities 7,055,914
---------------
Net Assets (Equivalent to $11.46 per share on
9,901,843 shares of beneficial interest
outstanding with an unlimited number of
$.001 par value shares authorized) $ 113,465,916
===============
Net assets consist of:
Aggregate paid in capital $ 109,854,427
Unrealized appreciation of investments,
futures, forward contracts and foreign currency 5,323,185
Undistributed net investment income 1,667,825
Cumulative realized losses (3,379,521)
---------------
$ 113,465,916
===============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
WORLDWIDE BOND FUND
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Year Ended April 30, 1995
<S> <C> <C>
Interest Income (Note 1) $ 6,173,390
Expenses:
Management (Note 2) $ 641,065
Administrative (Note 2) 57,231
Custodian 54,225
Professional 35,076
Trustees fees and expenses 2,070
Registration 16,079
Printing 14,621
Amortization of organizational expenses (Note 1) 2,574
Other 26,639
--------------
849,580
Reimbursable expenses due to directed brokerage arrangement (10,516)
--------------
Total expenses 839,064
-------------
Net investment income 5,334,326
Realized and Unrealized Gain (Loss)
on Investments (Note 3):
Realized gain from futures contracts and options 100,699
Realized loss from security transactions
(excluding short-term securities):
Proceeds from sales 139,572,515
Cost of securities sold 144,163,080
--------------
Realized loss (4,590,565)
Realized gain from foreign currency transactions 1,861,605
Unrealized appreciation(depreciation)
of investments:
Beginning of year (3,724,194)
End of year 1,041,750
--------------
Change in unrealized appreciation(depreciation) 4,765,944
Unrealized appreciation(depreciation) of foreign currency
receivables and payables:
Beginning of year 11,020
End of year (92,323)
--------------
Change in unrealized appreciation(depreciation)
of foreign currency receivables and payables (103,343)
Unrealized appreciation (depreciation) of forward currency
contracts:
Beginning of year (231,876)
End of year 4,377,878
--------------
Change in unrealized appreciation (depreciation)
of forward currency contracts 4,609,754
Unrealized depreciation of futures
contracts:
Beginning of year (3,750)
End of year (Note 5) (4,120)
--------------
Change in unrealized depreciation of futures contracts (370)
-------------
Net Increase in Net Assets Resulting from Operations $ 11,978,050
=============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
WORLDWIDE BOND FUND
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended April 30, 1995 and 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Increase in Net Assets:
Operations:
Net investment income $ 5,334,326 $ 5,027,219
Realized gain (loss) from futures
contracts and options 100,699 (217,830)
Realized gain (loss) from security
transactions (1,882,784) 3,314
Realized loss from foreign
currency transactions (846,176) (773,643)
Change in unrealized appreciation(depreciation)
of investments 4,765,944 (2,463,992)
Change in unrealized appreciation(depreciation) of
foreign currency receivables and payables (103,343) 11,020
Change in unrealized appreciation (depreciation)
of forward currency contracts 4,609,754 (77,322)
Change in unrealized depreciation
of futures contracts (370) (3,750)
-------------- --------------
Increase in net assets
resulting from operations 11,978,050 1,505,016
-------------- --------------
Dividends and distributions to shareholders from:
Net investment income (342,078) (4,866,333)
Net realized gain - (695,242)
-------------- --------------
Total Distributions (342,078) (5,561,575)
-------------- --------------
Capital share transactions*:
Net proceeds from sales of shares 45,886,052 37,094,395
Reinvestment of dividends 342,078 5,561,575
-------------- --------------
46,228,130 42,655,970
Cost of shares reacquired (25,306,443) (23,726,457)
-------------- --------------
Increase in net assets resulting
from capital share transactions 20,921,687 18,929,513
-------------- --------------
Total increase in net assets 32,557,659 14,872,954
Net Assets:
Beginning of year 80,908,257 66,035,303
-------------- --------------
End of year (including undistributed and overdistributed
net investment income of $1,667,825 and ($206,131),
respectively) $ 113,465,916 $ 80,908,257
============== ==============
*Shares of Beneficial Interest
Issued and Redeemed
Shares sold 4,223,715 3,574,982
Reinvestment of dividends 34,484 546,383
------------ --------------
4,258,199 4,121,365
Shares reacquired (2,409,229) (2,288,132)
------------ --------------
Net increase 1,848,970 1,833,233
============ ==============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
WORLDWIDE BOND FUND
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Year Ended April 30,
------------------------------------------------------------------------
1995 1994 1993 1992 1991 1990+
---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $10.05 $10.62 $11.57 $10.82 $10.10 $10.00
----------- ---------- ---------- ----------- --------- --------
Income From Investment Operations:
Net Investment Income 0.68* 0.63 0.81 0.62 1.03 0.26
Net Gains ( Losses) on Securities
(both realized and unrealized) 0.77 (0.37) (0.75) 0.67 0.19 (0.16)
----------- ---------- ---------- ----------- --------- --------
Total From Investment Operations 1.45 0.26 0.06 1.29 1.22 0.10
----------- ---------- ---------- ----------- --------- --------
Less Distributions:
Dividends from net investment income (0.04) (0.72) (0.83) (0.53) (0.50) ----
Distributions from capital gains ---- (0.11) (0.18) (0.01) ---- ----
----------- ---------- ---------- ----------- --------- --------
Total Distributions (0.04) (0.83) (1.01) (0.54) (0.50) 0.00
----------- ---------- ---------- ----------- --------- --------
Net Asset Value, End of Period $11.46 $10.05 $10.62 $11.57 $10.82 $10.10
=========== ========== ========== =========== ========= ========
Total Return (a) 14.51% 2.49% 0.38% 12.21% 12.37% 1.00%
- ------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplementary Data
Net Assets, End of Period (000) $113,466 $80,908 $66,035 $40,930 $15,046 $2,237
Ratio of Expenses to Average Net Assets (b) 0.98%(c) 0.93% 1.01% 1.05% 0.50% 0.00%
Ratio of Net Income to Average Net Assets 6.24% 6.47% 8.47% 8.55% 9.75% 9.22%(d)
Portfolio Turnover Rate 265.87% 37.59% 248.21% 231.34% 341.01% 12.23%(d)
</TABLE>
- -----------
(a) Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of dividends and
distribution of capital gains at net asset value during the year and a
redemption on the last day of the period. Total return for the period ended
April 30, 1990 was not annualized.
(b) Had the advisor not reimbursed expenses, the expense ratio for the year
ended April 30, 1991 and for the period September 1, 1989 (commencement of
operations) to April 30, 1990 would have been 1.14% and 2.80%, respectively.
(c) Ratio would have been 0.99% had there not been a directed brokerage
arrangement.
(d) Annualized.
* Based on average shares outstanding.
+ From September 1, 1989 (commencement of operations) to April 30, 1990.
See Notes to Financial Statements.
<PAGE>
WORLDWIDE BOND FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
Note 1-significant Accounting Policies:
Van Eck Worldwide Insurance Trust (The "Trust"), formerly the Van Eck Investment
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 Bond
Fund, a non-diversified series, (the "Fund") of the trust in the preparation of
its financial statements. the policies are in conformity with generally
accepted accounting principles.
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 year. 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. Futures are valued using the closing price
reported at the close of the Chicago Board of Trade. Forward currency contracts
are valued at the spot currency rate plus an amount ("points") which reflects
the differences in interest rates between the U.S. and the foreign markets.
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 fiscal year. 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. The portion of realized and unrealized gains and
losses on investments that result from fluctuations in foreign currency exchange
rates is not separately disclosed. Recognized gains or losses attributable to
foreign currency fluctuations on foreign currency denominated assets and
liabilities are recorded as net realized gains and losses from foreign currency
transactions.
<PAGE>
WORLDWIDE BOND FUND
Notes to Financial Statements (Continued)
- --------------------------------------------------------------------------------
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.
These differences are primarily due to differing treatments for foreign currency
transactions. The effect of these differences for the year ended April 30, 1995
decreased undistributed net investment income by $3,118,292 and increased
cumulative realized losses by $3,118,292.
E. Other-Security transactions are accounted for on the date the securities are
purchased or sold. Interest income is accrued as earned. Deferred organization
expenses were amortized over a period of five years.
Note 2-Van Eck Associates Corporation earned fees of $641,065 for the year ended
april 30, 1995 for investment management and advisory services. The fee is
based on an annual rate of .75 of 1% of the first $500 million of average daily
net assets, .65 of 1% on the next $250 million and .50 of 1% on the excess over
$750 million. In accordance with the advisory agreement, the Fund reimbursed
Van Eck Associates Corporation $57,231 for costs incurred in connection with
certain administrative and accounting functions. Certain of the officers and
trustees of the Trust are officers, directors or stockholders of Aan Eck
Associates Corporation and Van Eck Securities Corporation.
Note 3-Purchases of securities other than short-term obligations aggregated
$148,625,749 for the year ended April 30, 1995. For federal income tax
purposes the identified cost of investments owned at april 30, 1995 was
$100,664,076. As of April 30, 1995 net unrealized appreciation for federal
income tax purposes aggregated $1,041,750 of which $1,244,600 related to
appreciated securities and $202,850 related to depreciated securities. at april
30, 1995, the Fund had a capital loss carry forward available to offset future
capital gains expiring April 30, 2003 in the amount of $2,190,883.
<PAGE>
WORLDWIDE BOND FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 4-AT APRIL 30, 1995, THE FUND HAD OUTSTANDING FORWARD CURRENCY CONTRACTS:
<TABLE>
<CAPTION>
FOREIGN CURRENCY BUY CONTRACTS:
UNREALIZED
APPRECIATION
CONTRACTS VALUE AT SETTLEMENT DATE CURRENT VALUE (DEPRECIATION)
- --------- ------------------------ ------------- --------------
<S> <C> <C> <C>
CAD 8,230,100
EXPIRING 6-08-95 $ 5,974,465 $ 6,049,980 $ 75,515
CHF 20,725,885
EXPIRING 6-08-95 $17,296,315 $18,175,101 $ 878,786
DEM 52,935,396
EXPIRING 6-08-95 $37,299,647 $38,222,425 $ 922,778
ESP 495,276,485
EXPIRING 6-08-95 $ 3,815,395 $ 4,000,984 $ 185,589
FIM 10,851,019
EXPIRING 6-08-95 $ 2,517,462 $ 2,544,190 $ 26,728
GBP 3,380,313
EXPIRING 6-08-95 $ 5,440,962 $ 5,443,307 $ 2,345
JPY 2,975,814,176
EXPIRING 6-08-95 $32,946,428 $35,546,689 $2,600,261
FOREIGN CURRENCY SALE CONTRACTS:
CAD 6,408,500
EXPIRING 06-08-95 $ 4,538,276 $ 4,710,914 ($172,638)
CHF 20,725,885
EXPIRING 6-08-95 $17,983,059 18,175,100 ($192,041)
DEM 45,894,085
EXPIRING 6-08-95 $33,149,475 $33,138,189 $ 11,286
DKK 43,226,475
EXPIRING 6-08-95 $ 7,720,248 $ 7,931,004 ($210,756)
ESP 495,276,485
EXPIRING 6-08-95 $ 3,828,964 $ 4,000,984 ($172,020)
FRF 42,903,627
EXPIRING 6-08-95 $ 8,746,257 $ 8,686,225 $ 60,032
GBP 1,800,000
EXPIRING 6-08-95 $ 2,867,520 $ 2,898,534 ($31,014)
IEP 754,196
EXPIRING 6-08-95 $ 1,189,367 $ 1,230,410 ($41,043)
JPY 1,827,731,892
EXPIRING 6-08-95 $22,188,740 $21,832,619 $ 356,121
NLG 10,282,375
EXPIRING 6-08-95 $ 6,706,917 $ 6,628,968 $ 77,949
----------
$4,377,878
==========
</TABLE>
<PAGE>
WORLDWIDE BOND FUND
Notes to Financial Statements (Continued)
_____________________________________________________________________
The Fund may incur additional risk from investments in forward currency
contracts if the counterparty is unable to fulfill its obligation or there are
unanticipated movements of the foreign currency relative to the U.S. dollar.
Note 5-. In connection with the trading of futures contracts, the Fund is
required to deposit cash equal to a certain percentage of the contract amount.
In the remote chance the broker cannot fulfill its obligation, the Fund could
lose it's initial margin deposit. Subsequent payments are made or received each
day dependent on the daily fluctuations in the value of the underlying
securities. Risks may be caused by an imperfect correlation between the
movements in the price of the instruments and the price of the underlying
securities and interest rates.
<TABLE>
<CAPTION>
NUMBER UNREALIZED
OF CONTRACT VALUE CONTRACT APPRECIATION
FUTURES CONTRACTS CONTRACTS (IN FOREIGN CURRENCY) VALUE (DEPRECIATION)
- ----------------- --------- --------------------- -------- ------------------
<S> <C> <C> <C> <C>
LONG
Australian Gov't. Bond AUD
Futures expiring 6/15/95 45 5,145,412 $3,744,317 $ 16,402
LONG
New Zealand Gov't. Bond NZD
Futures expiring 6/15/95 20 2,027,424 1,363,037 (4,659)
SHORT
U.K. Gov't. Bond Futures GBP
expiring 6/28/95 15 772,970 1,245,641 (15,863)
--------
$ (4,120)
========
</TABLE>
Note 6-The Fund directs certain portfolio trades to a broker that, in turn, pays
a portion of the Fund's operating expenses. For the year ended April 30, 1995,
the Fund's expenses were reduced by $10,516 under this agreement.
Note 7-An income dividend of $.61 a share was paid on May 31, 1995 to
shareholders of record on May 25, 1995, with a reinvestment date of May 30,
1995.
<PAGE>
<PAGE>
[LETTERHEAD OF COOPERS & LYBRAND]
REPORT OF INDEPENDENT ACCOUNTANTS
---------------------------------
To The Shareholders and
Board of Trustees of Van Eck Worldwide Insurance Trust:
We have audited the accompanying statement of assets and liabilities of the
Worldwide Bond Fund, formerly the Global Bond Fund (the "Fund") (one of the
series constituting Van Eck Worldwide Insurance Trust, formerly Van Eck
Investment Trust), including the investment portfolio, as of April 30, 1995, the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the two years in the period then ended and the
financial highlights for each of the three years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The
financial highlights for each of the two years in the period ended April 30,
1992 and the period from September 1, 1989 (commencement of operations) to April
30, 1990 were audited by other auditors, whose report dated July 5, 1992,
expressed an unqualified opinion thereon.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
April 30, 1995 by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Worldwide Bond Fund series of Van Eck Worldwide Insurance Trust as of April 30,
1995, the results of its operations for the year then ended, the changes in its
net assets for each of the two years in the period then ended and the financial
highlights for each of the three years in the period then ended, in conformity
with generally accepted accounting principles.
/S/ COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
New York, New York
June 9, 1995
