<PAGE>
Van Eck Worldwide Insurance Trust
Worldwide Balanced Fund
Annual Report
April 30, 1995
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WORLDWIDE BALANCED FUND
Financial Statements
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<TABLE>
<CAPTION>
Statement of Assets and Liabilities
April 30, 1995
<S> <C>
Assets:
Cash $10,302
Receivable from Advisor 7,426
Deferred Organizational Expenses (Note 1) 4,238
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Total assets 21,966
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Liabilities:
Deferred Organizational Expenses Payable 4,560
Accrued Expenses 3,200
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Total liabilities 7,760
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Net Assets (Equivalent to $10.00 per share on
1,421 shares of beneficial interest
outstanding with an unlimited number of
$.001 par value shares authorized) $14,206
=========
Net assets consist of:
Aggregate paid in capital $14,206
=========
</TABLE>
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See Notes to Financial Statements.
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WORLDWIDE BALANCED FUND
Financial Statements
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<TABLE>
<CAPTION>
Statement of Operations
For the Period from December 23, 1994 (commencement of operations)
to April 30, 1995
<S> <C> <C>
Investment Income (Note 1): $ 0
Expenses:
Management (Note 2) $ 25
Administrative (Note 2) 8
Custodian 2,419
Professional 4,085
Amortization of deferred organizational expenses (Note 1) 323
Other 566
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Total expenses 7,426
Expenses assumed by the advisor (Note 2) (7,426) 0
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Net investment income 0
Net Increase in Net Assets
Resulting from Operations $ 0
=========
</TABLE>
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See Notes to Financial Statements.
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WORLDWIDE BALANCED FUND
Financial Highlights
For a share outstanding throughout the period
<TABLE>
<CAPTION>
For the Period from
December 23, 1994+
to
April 30, 1995
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<S> <C>
Net Asset Value, Beginning of Period $10.00
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Income From Investment Operations:
Net Investment Income 0.00
------
Net Asset Value, End of Period $10.00
======
Total Return (a) 0.00%
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Ratios/Supplementary Data
Net Assets, End of Period (000) $14
Ratio of Expenses to Average Net Assets (b) 0.00%
Ratio of Net Income to Average Net Assets 0.00%
Portfolio Turnover Rate 0.00%
</TABLE>
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(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
distributions of capital gains at net asset value during the period and a
redemption on the last day of the period.
(b) Had the advisor not reimbursed expenses, the unannualized expense ratio for
the period ended April 30, 1995 would have been 78.40% .
+ Commencement of operations.
See Notes to Financial Statements.
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WORLDWIDE BALANCED FUND
NOTES TO FINANCIAL STATEMENTS
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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
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.
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, if any, 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.
E. Deferred Organization Costs- Deferred organization costs will be amortized
over a period not exceeding five years.
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WORLDWIDE BALANCED FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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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 period from December 23, 1994
to April 30, 1995. Van Eck Associates Corporation agreed to reimburse the Fund
for all other expenses of the Fund. Certain of the officers and trustees of the
Trust are officers, directors or stockholders of Van Eck Associates Corporation
and Van Eck Securities Corporation. As of April 30, 1995, Van Eck Associates
Corporation owned 35.20% of the outstanding shares of the Fund.
<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 Balanced Fund (the "Fund") (one of the series constituting Van Eck
Worldwide Insurance Trust, formerly Van Eck Investment Trust) as of April 30,
1995, and the related statement of operations, the statement of changes in net
assets and the financial highlights for the period from December 23, 1994
(commencement of operations) to April 30, 1995. 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 audit.
We conducted our audit 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. 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 audit provides 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 Balanced Fund series of Van Eck Worldwide Insurance Trust as of April
30, 1995, the results of its operations, the changes in its net assets and the
financial highlights for the period from December 23, 1994 (commencement of
operations) to April 30, 1995, in conformity with generally accepted accounting
principles.
/S/ COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
New York, New York
June 26, 1995
