VAN ECK WORLDWIDE INSURANCE TRUST, 485BPOS, 2000-04-12

VAN ECK WORLDWIDE INSURANCE TRUST
485BPOS, 2000-04-12

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1933 ACT REGISTRATION NO. 33-13019

1940 ACT REGISTRATION NO. 811-5083

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT")

POST-EFFECTIVE AMENDMENT NO. 20
AND

REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 23

VAN ECK WORLDWIDE INSURANCE TRUST
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

99 PARK AVENUE, NEW YORK, NEW YORK 10016
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE)

212-687-5200
(REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE)

THOMAS ELWOOD, ESQ. - VAN ECK ASSOCIATES CORPORATION
99 PARK AVENUE, NEW YORK, NEW YORK 10016
(NAME AND ADDRESS OF AGENT FOR SERVICE)

COPY TO: PHILIP NEWMAN, ESQ., GOODWIN, PROCTER & HOAR
EXCHANGE PLACE, BOSTON, MASSACHUSETTS 02109
--------------------------------------------------------------------

IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE (CHECK APPROPRIATE BOX):

[ ] IMMEDIATELY UPON FILING PURSUANT [X] ON MAY 1, 2000 PURSUANT TO
TO PARAGRAPH (b) PARAGRAPH (b)

[ ] 60 DAYS AFTER FILING PURSUANT TO [ ] [DATE] PURSUANT
PARAGRAPH (a)(1) TO PARAGRAPH (a)(1)

[ ] 75 DAYS AFTER FILING PURSUANT TO [ ] ON (DATE) PURSUANT TO
PARAGRAPH (a)(2) PARAGRAPH (a)(2) OF RULE 485

IF APPROPRIATE, CHECK THE FOLLOWING BOX:

[ ] THIS POST-EFFECTIVE AMENDMENT DESIGNATES A NEW EFFECTIVE DATE FOR A
PREVIOUSLY FILED POST-EFFECTIVE AMENDMENT
----------------------------------------------------------------------

Title of securities being registered: Shares of Beneficial Interest, $.001 par
value, of Worldwide Bond Fund, Worldwide Emerging Markets Fund, Worldwide Hard
Assets Fund and Worldwide Real Estate Fund.

<PAGE>

VAN ECK WORLDWIDE INSURANCE TRUST
CROSS-REFERENCE PAGE
PURSUANT TO RULE 501 (B) OF REGULATION S-K
UNDER THE SECURITIES ACT OF 1933, AS AMENDED

FORM N-1A
PART A
ITEM NO. LOCATION IN PROSPECTUS
- -------- ----------------------

1. Cover Page Cover Page

2. Synopsis N/A

3. Condensed Financial Information Financial Highlights

4. General Description of Registrant The Trust; Investment Objectives and
Policies; Risk Factors; Limiting
Investment Risks; Description of the
Trust

5. Management of the Fund Management of the Funds;

5A. Management's Discussion of Fund
Performance Not Applicable

6. Capital Stock and Other Securities Dividends and Capital Gain; Taxes;

7. Purchase of Securities Being
Offered How Fund shares are brought and
sold

8. Redemption or Repurchase How Fund shares are brought and
sold

9. Pending Legal Proceedings N/A

PART B LOCATION IN STATEMENT
ITEM NO. ADDITIONAL INFORMATION
- -------- ----------------------

10. Cover Page Cover Page

11. Table of Contents Table of Contents

12. General Information and History N/A

13. Investment Objectives and Policies Investment Objectives and Policies;
Risk Factors; Investment Restrictions;
Portfolio Transactions and Brokerage

14. Management of the Fund Trustees and Officers

15. Control Persons and Principal Principal Shareholders
Holders of Securities

<PAGE>

PART B LOCATION IN STATEMENT
ITEM NO. ADDITIONAL INFORMATION
- -------- ----------------------

16. Investment Advisory and Other Investment Advisory Services;The
Services Distributor; Trustees and Officers;
Additional Information

17. Brokerage Allocation and Other Portfolio Transactions and Brokerage
Practices

18. Capital Stock and Other Securities General Information

19. Purchase, Redemption and Pricing Valuation of Shares; Redemptions
of Securities Being Offered in Kind

20. Tax Status Taxes

21. Underwriters The Distributor

22. Calculation of Performance Data Performance

23. Financial Statements Financial Statements

YOUR INVESTMENT DEALER IS:

For more detailed information, see the Statement of Additional Information
(SAI), which is incorporated by reference into this prospectus.

For free copies of SAIs, annual or semi-annual reports...

* Call Van Eck at 1-800-826-2333, or visit the Van Eck website at
www.vaneck.com.

* Go to the Public Reference Room of the Securities and Exchange Commission.

* Call the SEC at 1-800-SEC-0330, or write to them at the Public Reference
Room, Washington, D.C. 20549-6009, and ask them to send you a copy. There is
a fee for this service.

* Download documents from the SEC's website at http://www.sec.gov

* The Funds' annual report (other than US Government Money Fund) includes a
discussion of market conditions and investment strategies that significantly
affected the Funds' last year.

Van Eck Global [LOGO]

Transfer Agent: DST Systems, Inc.
P.O. Box 418407
Kansas City, Missouri 64141
1-800-544-4653

SEC REGISTRATION NUMBER: 811-05083

- --------------------------------------------------------------------------------

<PAGE>

VAN ECK GLOBAL
WORLDWIDE INSURANCE TRUST

PROSPECTUS
MAY 1, 2000

[GRAPHICS OMITTED]

WORLDWIDE BOND FUND

WORLDWIDE EMERGING MARKETS FUND

WORLDWIDE HARD ASSETS FUND

WORLDWIDE REAL ESTATE FUND

THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED EITHER BY THE SECURITIES
AND EXCHANGE COMMISSION (SEC) OR BY ANY STATE SECURITIES COMMISSION. NEITHER THE
SEC NOR ANY STATE COMMISSION HAS ENDORSED THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY CLAIM TO THE CONTRARY IS AGAINST THE LAW.

GLOBAL INVESTMENTS SINCE 1955

YOUR INVESTMENT DEALER IS:

Shares of the Fund are offered only to separate accounts of various insurance
companies to fund the benefits of variable life policies and variable annuity
policies. This Prospectus sets forth concisely information about the Trust and
Fund that you should know before investing. It should be read in conjunction
with the prospectus for the Contract which accompanies this Prospectus and
should be retained for future reference. The Contracts involve certain expenses
not described in this Prospectus and also may involve certain restrictions or
limitations on the allocation of purchase payments or Contract values to the
Fund. In particular, the Fund may not be available in connection with a
particular Contract or in a particular state. See the applicable Contract
prospectus for information regarding expenses of the Contract and any applicable
restrictions or limitations with respect to the Fund.

VAN ECK GLOBAL [GRAPHICS OMITTED]
Van Eck Worldwide Insurance Trust
99 Park Avenue, New York, NY 10016

www.vaneck.com

<PAGE>

TABLE OF CONTENTS
- --------------------------------------------------------------------------------

I. THE FUNDS

INCLUDES A PROFILE OF EACH FUND, ITS INVESTMENT STYLE AND PRINCIPAL RISKS;
HISTORIC PERFORMANCE; PERFORMANCE MEASURED AGAINST A RELEVANT BENCHMARK; HIGHEST
AND LOWEST PERFORMING QUARTERS; AND EXPENSES.

WORLDWIDE BOND FUND 2

WORLDWIDE EMERGING MARKETS FUND 5

WORLDWIDE HARD ASSETS FUND 8

WORLDWIDE REAL ESTATE FUND 12

II. ADDITIONAL INVESTMENT STRATEGIES 15

OTHER INVESTMENTS, INVESTMENT POLICIES, INVESTMENT TECHNIQUES AND RISKS.

III. HOW THE FUNDS ARE MANAGED 24

MANAGEMENT OF THE FUNDS, FUND EXPENSES, TAXES, AND
SHAREHOLDER INQUIRIES.

IV. FINANCIAL HIGHLIGHTS 27

THE FINANCIAL HIGHLIGHTS TABLES WILL HELP YOU UNDERSTAND A FUND'S FINANCIAL
PERFORMANCE FOR THE PAST FIVE YEARS, OR FOR THE SHORTER LIFE OF THE FUND.

<PAGE>

I. THE FUNDS
- --------------------------------------------------------------------------------

1. WORLDWIDE BOND FUND PROFILE

OBJECTIVE

The Worldwide Bond Fund seeks high total return--income plus capital
appreciation-- by investing globally, primarily in a variety of debt securities.

PRINCIPAL STRATEGIES

The Fund's long-term assets will consist of debt securities rated B or better by
Standard & Poor's (S&P) or Moody's Investors Service (Moody's). The Fund may
also invest in unrated securities of comparable quality in the Adviser's
opinion. The Fund intends to invest no more than 25% of assets in lower-rated
debt ("junk bonds"), and then only in lower-rated debt issued by governments or
government agencies.

During normal economic conditions, the Fund intends to invest in debt issued by
domestic and foreign governments (and their agencies and subdivisions),
multi-national entities like the World Bank, the Asian Development Bank, the
European Investment Bank, and the European Community. The Fund will also invest
in corporate bonds, debentures, notes, commercial paper, time deposits,
certificates of deposit, and repurchase agreements, as well as debt obligations
which may have a call on a common stock or commodity by means of a conversion
privilege or attached warrants.

The Adviser expects the Fund's average maturity to range between three and 10
years. The Adviser seeks bonds with a high relative value. There is no limit on
the amount the Fund may invest in one country or in securities denominated in
one currency. Normally, the Fund will be invested in at least three countries
besides the United States.

PRINCIPAL RISKS

The Fund's share value will tend to fall when interest rates go up and to rise
when interest rates fall. Foreign investments may be subject to volatility from
political or economic factors or from changing currency values. An investment in
the Fund involves the risk of losing money. The Fund may engage in active and
frequent trading to achieve its investment objectives. The Fund may suffer
adverse tax consequences and increased transaction costs may affect performance.
The Fund may borrow up to 30% of its net assets to buy more securities. Long
term investments entail greater risk of loss than short term investments.

2 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS
<PAGE>

I. THE FUNDS / WORLDWIDE BOND FUND
- --------------------------------------------------------------------------------
WORLDWIDE BOND FUND PERFORMANCE
- --------------------------------------------------------------------------------

This chart shows the historic annual total return of Van Eck Worldwide Bond
Fund. This information provides an indication of the risks of investing in the
Fund by showing the changes in the Fund from year to year and by showing how the
Fund's average annual return compares to a broad based index. This chart
describes past performance only, and should not be understood as a prediction
for future results. These returns do not reflect charges at the separate account
level and if those charges were reflected, the returns would be lower.

During the period covered, the Fund's highest performing quarter (ended 3/31/95)
was 11.07%. The lowest performing quarter (ended 12/31/92) was -6.74%.

WORLDWIDE BOND FUND
ANNUAL TOTAL RETURNS (%)
As of December 31,

[THE FOLLOWING IS A BAR GRAPH IN THE PRINTED PIECE.]

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
---- ---- ---- ---- ---- ---- ---- ---- ---- ----

11.25 18.39 -5.25 7.79 -1.32 17.30 2.53 2.38 12.75 -7.82

Fund and Index performance are shown with dividends reinvested. Past performance
does not guarantee or predict future results.

WORLDWIDE BOND FUND
1-, 5- AND 10-YEAR PERFORMANCE (ANNUALIZED)
PLUS A COMPARISON TO THE SSB WORLD GOVERNMENT BOND INDEX*
As of December 31, 1999

1 YEAR 5 YEAR 10 YEAR

Fund -7.82% 5.06% 5.44%
SSB World Government
Bond Index -4.27% 6.42% 8.27%

*The Salomon Smith Barney (SSB) World Government Bond Index is a market
capitalization- weighted benchmark that tracks the performance of 17 world
government bond markets. Each has a total market capitalization of eligible
issues of at least US$20 billion and Euro15 billion. The issues are fixed
rate, greater than one-year maturity and subject to a minimum amount
outstanding that varies by local currency. Bonds must be sovereign debt
issued in the domestic market in local currency.

The Salomon Smith Barney World Government Bond Index is an unmanaged index
and includes the reinvestment of all dividends, but does not reflect the
payment of transaction costs, advisory fees or expenses that are associated
with an investment in the Fund. The Index's performance is not illustrative
of the Fund's performance. Indices are not securities in which investments
can be made.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 3

<PAGE>

WORLDWIDE BOND FUND EXPENSES
- --------------------------------------------------------------------------------

This table shows certain expenses you will incur as a Fund investor, either
directly or indirectly. The Adviser may sometimes waive fees and/or reimburse
certain expenses of the Fund.

WORLDWIDE BOND FUND
SHAREHOLDER TRANSACTION EXPENSES

ANNUAL FUND OPERATING EXPENSE (% OF NET ASSETS)

Management/Administration Fees 1.00%

Other Expenses .22%

TOTAL FUND OPERATING EXPENSES 1.22%

The adjacent table shows the EXPENSE EXAMPLE
expenses you would pay on a WHAT A $10,000 INVESTMENT
hypothetical $10,000 investment. WOULD ACTUALLY COST
The example presumes an average ------------------------------
annual return of 5% with redemption 1 year $ 124
at the end of each time period. 3 years $ 387
This illustration is hypothetical. 5 years $ 70
For a real investment, your actual 10 years $ 1,477
expenses may be higher or lower
than those shown.

4 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>

I. THE FUNDS / WORLDWIDE EMERGING MARKETS

- --------------------------------------------------------------------------------

2. WORLDWIDE EMERGING MARKETS FUND PROFILE

OBJECTIVE

The Worldwide Emerging Markets Fund seeks long-term capital appreciation by
investing in primarily equity securities in emerging markets around the world.

PRINCIPAL STRATEGIES

The Fund emphasizes investment in countries that have relatively low gross
national product per capita, as well as the potential for rapid economic growth.
Under normal conditions, the Fund will invest at least 65% of its assets in
emerging countries or emerging market equity securities. These include issues of
companies in emerging countries, issues denominated in currencies of emerging
countries, investment companies (like country funds) that invest in emerging
countries, and in American Depositary Receipts (ADRs), American Depositary
Shares (ADSs), European Depositary Receipts (EDRs) and Global Depositary
Receipts (GDRs) representing emerging markets securities.

The Fund generally invests in common stocks, preferred stocks (either
convertible or non-convertible), rights, warrants, direct equity interests in
trusts, partnerships, joint ventures and other unincorporated entities or
enterprises, convertible debt instruments and special classes of shares
available only to foreigners in markets that restrict ownership of certain
shares or classes to their own nationals or residents.

The Fund emphasizes equities, but may also invest in debt securities of any
quality, as long as not more than 25% of assets are held in debt securities
rated below investment grade ("junk bonds").

The Fund may sometimes invest indirectly by investing in other investment
companies. Such investments are commonly used when direct investment in certain
countries are not permitted to foreign entities. At times these investments may
involve payments of premiums above the company's net asset values. Investment in
other investment companies may involve additional fees such as management and
other fees. The law may also restrict these indirect investments in additional
ways. The Fund's investment adviser has agreed to waive its management fee with
respect to the portion of Fund assets invested in shares of other open-end
investment companies.

PRINCIPAL RISKS

An emerging markets fund involves above-average risk. Many emerging markets are
much less liquid and much more changeable than the U.S. market. Foreign
investments may be subject to volatility from political or economic factors or
from changing currency values. The Fund is designed for long-term investing. The
Fund may borrow up to 30% of its net assets to buy more securities. An
investment in the Fund involves the risk of losing money.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 5

<PAGE>

WORLDWIDE EMERGING MARKETS FUND PERFORMANCE
- --------------------------------------------------------------------------------

This chart shows the historic annual total return of Van Eck Worldwide Emerging
Markets Fund since Fund inception on 12/21/95. This informa-tion provides an
indication of the risks of investing in the Fund by showing the changes in the
Fund from year to year and by showing how the Fund's average annual return
compares to a broad based index. This chart describes past performance only, and
should not be understood as a prediction for future results. These returns do
not reflect charges at the separate account level and if those charges were
reflected, the returns would be lower.

During the period covered, the Fund's highest performing quarter (ended
12/31/99) was 56.88%. The lowest performing quarter (ended 9/30/98) was -29.46%.

WORLDWIDE EMERGING MARKETS FUND
ANNUAL TOTAL RETURNS (%)
As of December 31,

[THE FOLLOWING IS A BAR GRAPH IN THE PRINTED PIECE.]

1996 1997 1998 1999
---- ---- ---- ----

26.82 -11.61 -34.15 100.28

Fund and Index performance are shown with dividends reinvested. Past performance
does not guarantee or predict future results.

WORLDWIDE EMERGING MARKETS FUND
1-YEAR, 3-YEAR AND LIFE-OF-FUND PERFORMANCE (ANNUALIZED)
PLUS A COMPARISON TO THE MSCI EMERGING MARKETS FREE INDEX*
As of December 31, 1999

1 YEAR 3 YEAR LIFE-OF-FUND

Fund 100.28% 5.25% 9.92%

MSCI Emerging Markets Free Index 66.41% 3.18% 3.89%+

+ Calculated from nearest month end (12/31/95).

* The Morgan Stanley Capital International (MSCI) Emerging Markets Free Index
is a market capitalization-weighted index that captures 60% of the publicly
traded equities in each industry for approximately 25 emerging markets. The
index includes only stocks available for purchase by foreign (e.g., U.S.)
investors.
The Morgan Stanley Capital International Emerging Markets Free Index is an
unmanaged index and includes the reinvestment of all dividends, but does
not reflect the payment of transaction costs, advisory fees or expenses
that are associated with an investment in the Fund. The Index's performance
is not illustrative of the Fund's performance. Indices are not securities
in which investments can be made.

6 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>

I. THE FUNDS / WORLDWIDE EMERGING MARKETS

WORLDWIDE EMERGING MARKETS FUND EXPENSES
- --------------------------------------------------------------------------------

This table shows certain expenses you will incur as a Fund investor, either
directly or indirectly. The Adviser may sometimes waive fees and/or reimburse
certain expenses of the Fund.

WORLDWIDE EMERGING MARKETS FUND
SHAREHOLDER TRANSACTION EXPENSES

ANNUAL FUND OPERATING EXPENSE (% OF NET ASSETS)

Management/Administration Fees 1.00%
Other Expenses .54%

TOTAL FUND OPERATING EXPENSES 1.54%

The adjacent table shows the EXPENSE EXAMPLE
expenses you would pay on a WHAT A $10,000 INVESTMENT
hypothetical $10,000 investment. WOULD ACTUALLY COST
The example presumes an average -----------------------------
annual return of 5% with redemption 1 year $ 157
at the end of each time period. 3 years $ 486
This illustration is hypothetical. 5 years $ 839
In a real investment, your actual 10 years $ 1,834
expenses may be higher or lower
than those shown.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 7

<PAGE>

- --------------------------------------------------------------------------------

3. WORLDWIDE HARD ASSETS FUND PROFILE

OBJECTIVE

The Worldwide Hard Assets Fund seeks long-term capital appreciation by investing
primarily in "hard asset securities." Income is a secondary consideration.

PRINCIPAL STRATEGIES

Under normal conditions, the Fund will invest at least 65% of its assets in
"hard asset securities," at least 5% of its assets in the "hard asset" sectors
(listed below) and the Fund may concentrate as much as 50% of its assets in a
single "hard asset" sector.

Hard asset securities are the stocks, bonds, and other securities of companies
that derive at least 50% of gross revenue or profit from exploration,
development, production or distribution of:

1. Precious metals
2. Natural resources
3. Real estate
4. Commodities

Under normal circumstances, the Fund will invest in at least three countries
including the United States. However, there is no limit on the amount the Fund
may invest in any one country, developed or underdeveloped.

Hard asset securities can produce long-term capital appreciation and help
protect capital against inflation during cyclical economic expansions. Hard
asset security values may move independently of industrial shares, so a hard
asset portfolio can offset the fluctuations -- and perhaps increase the return
- -- of an industrial equity portfolio.

Worldwide Hard Assets Fund invests in a number of securities, and utilizes a
number of techniques, that are covered in detail in Section II "Additional
Investment Strategies."

8 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>
1. THE FUNDS / WORLDWIDE HARD ASSETS

- --------------------------------------------------------------------------------

The Fund may invest in common stocks; preferred stocks (either convertible or
non-convertible); debt securities; asset loaded securities; rights; warrants;
derivatives, directly and indirectly in commodities; direct equity interests in
trusts; partnerships, joint ventures and other unincorporated entities or
enterprises; convertible debt instruments and special classes of shares that are
restricted to nationals or residents of a given country. Direct investments are
generally considered illiquid and will be included with other illiquid
investments. This total will be subject to the Fund's limits on illiquid
investing.

The Fund may invest up to 10% of its assets in precious metals, either bullion
or coins.

PRINCIPAL RISKS

Hard asset prices may move independently of the trends of industrial companies.
The energy and basic materials sectors are volatile. Inflation can drive down
stock prices, and stock prices can influence hard assets, so inflation may also
make hard asset security prices go down. An investment in the Fund should be
considered part of an overall investing program, not a complete investment in
itself. The Fund may borrow up to 30% of its net assets to buy more securities.
An investment in the Fund involves the risk of losing money.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 9

<PAGE>

WORLDWIDE HARD ASSETS FUND PERFORMANCE
- --------------------------------------------------------------------------------

This chart shows the historic annual total return of Van Eck Worldwide Hard
Assets Fund. This information provides an indication of the risks of investing
in the Fund by showing the changes in the Fund from year to year and by showing
how the Fund's average annual return compares to a broad based index. This chart
describes past performance only, and should not be understood as a prediction
for future results. These returns do not reflect charges at the separate account
level and if those charges were reflected, the returns would be lower.

During the period covered, the Fund's highest performing quarter (ended
12/31/93) was 23.52%. The lowest performing quarter (ended 12/31/97) was
- -29.23%.

WORLDWIDE HARD ASSETS FUND
ANNUAL TOTAL RETURNS (%)
As of December 31,

[BAR GRAPH REPRESENTED BELOW IN ITS PRINTED PIECE.]

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

-14.11 -2.93 -4.09 64.83 -4.78 10.99 18.04 -1.67 -30.93 21.00

Fund and Index performance are shown with dividends reinvested. Past performance
does not guarantee or predict future results.

WORLDWIDE HARD ASSETS FUND
1-YEAR, 5-YEAR AND 10-YEAR PERFORMANCE
PLUS A COMPARISON TO THE IBBOTSON HARD ASSETS INDEX*
As of December 31, 1999

1 YEAR 5YEAR 10 YEAR

Fund 21.00% 1.49% 3.06%

Ibbotson Hard Assets Index 26.39% 4.43% 4.47%

* The Ibbotson Hard Assets Index is 75% equities of global companies whose
primary business is linked to hard assets and 25% commodity futures. The
equity component consists of equal weightings of the MSCI Gold Mines,
Non-Ferrous Metals, Energy Sources, Forest Products and Paper Indexes, and
the National Association of Real Estate Investment Trusts Equity Index. The
commodity component consists of equal weightings of the Goldman Sachs
Energy, Precious Metals and Industrial Metals Indexes.

The Ibbotson Hard Assets Index is an unmanaged index and includes the
reinvestment of all dividends, but does not reflect the payment of the
transaction costs, advisory fees or expenses that are associated with an
investment in the Fund. The Index's performance is not illustrative of the
Fund's performance. Indices are not securities in which investments can be
made.

10 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>

I. THE FUNDS / WORLDWIDE HARD ASSETS

WORLDWIDE HARD ASSETS FUND EXPENSES
- --------------------------------------------------------------------------------

This table shows certain expenses you will incur as a Fund investor, either
directly or indirectly. The Adviser may sometimes waive fees and/or reimburse
certain expenses of the Fund, but is not obligated to do so.

WORLDWIDE HARD ASSETS FUND
SHAREHOLDER TRANSACTION EXPENSES

ANNUAL FUND OPERATING EXPENSES (% OF NET ASSETS)

Management/Administration Fees 1.00%

Other Expenses .26%

TOTAL FUND OPERATING EXPENSES 1.26%

The adjacent table shows the EXPENSE EXAMPLE
expenses you would pay on a WHAT A $10,000 INVESTMENT
hypothetical $10,000 investment. WOULD ACTUALLY COST
The example presumes an average -------------------------
annual return of 5% with redemption 1 year $ 128
at the end of each time period. 3 years $ 400
This illustration is hypothetical. 5 years $ 692
In a real investment, your actual 10 years $ 1,523
expenses may be higher or lower
than those shown.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 11
<PAGE>

- --------------------------------------------------------------------------------

4. WORLDWIDE REAL ESTATE FUND PROFILE

OBJECTIVE

The Worldwide Real Estate Fund seeks to maximize return by investing in equity
securities of domestic and foreign companies that own significant real estate
assets or that principally are engaged in the real estate industry.

PRINCIPAL STRATEGIES

Under normal conditions, the Fund will invest at least 65% of its assets in
equity securities of domestic and foreign companies that own significant
property or principally do business in real estate. At times, the Fund may
invest nearly all its assets in such securities.

The Fund may also invest up to 35% of assets in debt securities of its real
estate companies or in equity or debt securities of non-real estate companies.
The Fund will not invest more than 25% of assets in debt securities rated lower
than "Baa" (junk bonds) by Moody's. The Fund may invest up to 10% of assets in
unrated debt securities backed by real estate assets.

Normally, the Fund will invest in at least three countries, including the United
States. The Adviser expects to concentrate on investments in the U.S., Canada,
Hong Kong, Singapore, Malaysia, Japan, Australia, France, the Netherlands, and
the United Kingdom. The Fund may also invest in other non-U.S. markets,
including emerging markets in Asia, Latin America, and Eastern Europe.

PRINCIPAL RISKS

Real estate investing can be risky by definition, and the Fund takes on
additional risk by investing in real estate companies in emerging markets. If
certain investment vehicles fail, the Fund may end up holding actual real estate
in settlement of investment claims, and this property may be hard to sell. In
addition, the Fund is subject to all the risks associated with companies in the
real estate industry such as declines in property values, adverse economic
conditions, overbuilding and competition. An investment in the Fund involves the
risk of losing money. The Fund may engage in active and frequent trading to
achieve its investment objectives. The Fund may suffer adverse tax consequences
and increased transaction costs may affect performance. The Fund may borrow up
to 30% of its net assets to buy more securities.

12 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>

I. THE FUNDS / WORLDWIDE REAL ESTATE

WORLDWIDE REAL ESTATE FUND PERFORMANCE
- --------------------------------------------------------------------------------

This chart shows the historic annual total return of Van Eck Worldwide Real
Estate Fund since Fund inception on 6/23/97. This information provides an
indication of the risks of investing in the Fund by showing the changes in the
Fund from year to year and by showing how the Fund's average annual return
compares to a broad based index. This chart describes past performance only, and
should not be understood as a prediction for future results. These returns do
not reflect charges at the separate account level and if those charges were
reflected, the returns would be lower.

During the period covered, the Fund's highest performing quarter (ended 6/30/99)
was 12.39%. The lowest performing quarter (ended 9/30/98) was -14.45%.

WORLDWIDE REAL ESTATE FUND
ANNUAL TOTAL RETURNS (%)
As of December 31,

[THE FOLLOWING IS A BAR GRAPH IN THE PRINTED PIECE.]

1998 1999
---- ----

-11.35 -2.01

Fund and Index performance are shown with dividends reinvested. Past performance
does not guarantee or predict future results.

WORLDWIDE REAL ESTATE FUND
1-YEAR AND LIFE-OF-FUND PERFORMANCE (ANNUALIZED)
PLUS A COMPARISON TO THE NAREIT EQUITY INDEX AND
SALOMON SMITH BARNEY WORLD PROPERTY INDEX*
As of December 31, 1999

1 YEAR LIFE-OF-FUND

Fund -2.01% 1.52%
NAREIT Equity Index -4.62% -4.33%+
SSB World Property Index 4.45% -9.57%+

+ Calculated from nearest month end (6/30/97).

* The NAREIT Equity Index is made up of U.S. real estate investment trusts
that trade publicly as stock (equity) issues, weighted by capitalization
(i.e., total value of shares).The Index excludes REITs made up of
mortgages. The Salomon Smith Barney World Property Index is made up of
nearly 400 real estate companies in approximately 20 countries, weighted
according to each country's total "float" (share value) of companies
eligible for the Index.

The Salomon Smith Barney World Property Index and the NAREIT Equity Index
(a U.S. equity real estate index) are unmanaged indices and include the
reinvestment of all dividends, but do not reflect the payment of
transaction costs, advisory fees or expenses that are associated with an
investment in the Fund. The indices' performance is not illustrative of the
Fund's performance. Indices are not securities in which investments can be
made.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 13

<PAGE>

WORLDWIDE REAL ESTATE FUND EXPENSES
- --------------------------------------------------------------------------------

This table shows certain expenses you will incur as a Fund investor, either
directly or indirectly. The Adviser may sometimes waive fees and/or reimburse
certain expenses of the Fund.

WORLDWIDE REAL ESTATE FUND
SHAREHOLDER TRANSACTION EXPENSES

ANNUAL FUND OPERATING EXPENSES (% OF NET ASSETS)

Management/Administration Fees 1.00%
Other Expenses 2.23%

TOTAL FUND OPERATING EXPENSES* 3.23%

* Expenses were reduced by 1.79% by reimbursement by the Adviser during the year
ended 1999. This fee waiver is expected to continue through July 31, 2000.

The adjacent table shows the EXPENSE EXAMPLE
expenses you would pay on a WHAT A $10,000 INVESTMENT
hypothetical $10,000 investment. WOULD ACTUALLY COST
The example presumes an average -----------------------------
annual return of 5% with redemption 1 year $ 326
at the end of each time period. 3 years $ 995
This illustration is hypothetical. 5 years $ 1,688
In a real investment, your actual 10 years $ 3,531
expenses may be higher or lower
than those shown.

14 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>

INVESTMENT POLICIES AND RISKS

II. ADDITIONAL INVESTMENT STRATEGIES
- --------------------------------------------------------------------------------

OTHER INVESTMENTS, INVESTMENT POLICIES, INVESTMENT TECHNIQUES AND RISKS.

MARKET RISK

An investment in any of the Funds involves "market risk"--the risk that
securities prices may go up or down.

OTHER INVESTMENT TECHNIQUES AND RISK

ASSET-BACKED SECURITIES

FUNDS All

DEFINITION Represent pools of consumer loans unrelated to mortgages.

RISK Principal and interest payments depend on payment of the
underlying loans, though issuers may support
creditworthiness via letters of credit or other
instruments.

BORROWING

FUNDS All

DEFINITION Borrowing to invest more is called "leverage." The Funds
may borrow up to 30% of their net assets to buy more
securities. The Funds must maintain assets equal to 300%
of its borrowings, and must sell securities to maintain
that margin, even if the sale hurts the Fund's investment
positions.

RISK Leverage exaggerates the effect of rises or falls in
prices of securities bought with borrowed money.
Borrowing also costs money, including fees and interest.
The Funds expect to borrow only via negotiated loan
agreements with commercial banks or other institutional
lenders.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 15

<PAGE>

- --------------------------------------------------------------------------------

COLLATERALIZED MORTGAGE OBLIGATIONS (CMOS)

FUNDS All

DEFINITION Asset-backed securities backed by pools of mortgages. CMOs are
fixed-income securities, rated by agencies like other
fixed-income securities. The Funds invest in CMOs rated A or
better by S&P and Moody's. CMOs "pass through" payments made
by individual mortgage holders.

RISK Mortgage holders often refinance when interest rates fall;
reinvestment of prepayments at lower rates can reduce the
yield of the CMO. Issuers of CMOs may support interest and
principal payments with insurance or guarantees. The Funds may
buy uninsured or non-guaranteed CMOs equal in creditworthiness
to insured or guaranteed CMOs.

DEBT SECURITIES

FUNDS All

DEFINITION Debt securities are usually thought of as bonds, but debt may
be issued in other forms of debentures or obligations. When an
issuer sells debt securities, it sells them for a certain
price, and for a certain term. Over the term of the security,
the issuer promises to pay the buyer a certain rate of
interest, then to repay the principal at maturity. Debt
securities are also bought and sold in the "secondary market"
-- that is, they are traded by people other than their
original issuers.

RISK The market value of debt securities tends to go up when
interest rates fall, and go down when the rates rise. Debt
securities come in different qualities, as established by
ratings agencies such as S&P or Moody's. Any debt security may
default (fail to pay interest) or fail (fail to repay
principal at maturity). Low-quality issues are considered more
likely to default or fail than high-quality issues. Some debt
securities are unrated. Their likely performance has to be
evaluated by a Fund Adviser.

16 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>

INVESTMENT POLICIES AND RISKS
- --------------------------------------------------------------------------------

DEFENSIVE INVESTING

FUNDS All

DEFINITION A deliberate, temporary shift in portfolio strategy which may
be undertaken when markets start behaving in volatile or
unusual ways. A Fund may, for temporary defensive purposes,
invest a substantial part of its assets in bonds of U.S. or
foreign governments, certificates of deposit, bankers'
acceptances, high grade commercial paper, and repurchase
agreements. At such times, a Fund may have all of its assets
invested in a single country or currency.

RISK Opportunity cost-- i.e., when a Fund has invested defensively
in low risk, low return securities. It may not achieve its
investment objectives.

DERIVATIVES

FUNDS All

DEFINITION A derivative is a security that derives its present value from
the current value of another security. It can also derive its
value from a commodity, a currency, or a securities index. The
Funds use derivatives, either on their own, or in combination
with other derivatives, to offset other investments with the
aim of reducing risk--called "hedging." The Funds also invest
in derivatives for their investment value.

Kinds of derivatives include (but are not limited to): forward
contracts, futures contracts, options and swaps. The Funds
will not commit more than 5% of its assets to initial margin
deposits on futures contracts and premiums on options for
futures contracts (leverage). Hedging, as defined by the
Commodity Exchange Act, is excluded from this 5% limit.

RISK Derivatives bear special risks by their very nature. First,
the Fund Advisers must correctly predict the price movements,
during the life of a derivative, of the underlying asset in
order to realize the desired results from the investment. Then
price swings of an underlying security tend to be magnified in
the price swing of its derivative. If a Fund invests in a
derivative with "leverage" (by borrowing), an unanticipated
price move might result in the Fund losing more than its
original investment.

For a complete discussion of the kinds of derivatives the
Funds use, and of their risks, please see the Statement of
Additional Information ("SAI").

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 17

<PAGE>

- --------------------------------------------------------------------------------

FUND POLICIES:
BASIC RISK MANAGEMENT RULES

1. ILLIQUID SECURITIES RULES: Worldwide Bond Fund will not invest more than 10%
of its assets in illiquid securities, including repurchase agreements which
mature in more than seven days and in over-the-counter foreign currency options.
Worldwide Emerging Markets Fund and Worldwide Real Estate Fund will not invest
more than 15% of their assets in such securities. It is a non-fundamental policy
(it may be changed by the Board of Trustees) of the Worldwide Hard Assets Fund
to invest in illiquid securities to the extent permitted by the SEC. This limit
is currently 15% of assets.

DIRECT INVESTMENTS

FUNDS All except Worldwide Bond Fund

DEFINITION Investments made directly with an enterprise via a shareholder
or similar agreements--not via publicly traded shares or
interests. Direct investments may involve high risk of
substantial loss. Such positions may be hard to sell because
they are not listed on an exchange, and prices of such
positions may be unpredictable.

RISK A direct investment price as stated for valuation may not be
the price the Fund could actually get if it had to sell.
Private issuers do not have to follow all the rules of public
issuers. Tax rates on realized gains from selling private
issue holdings may be higher than taxes on gains from listed
securities. The Board of Trustees considers direct investments
illiquid, and will aggregate direct investments with other
illiquid investments under the illiquid investing limits of
each Fund.

The Funds do not intend to invest more than 5% of assets in
direct investments, but may invest up to 10% of its assets in
such investments.

EMERGING MARKETS SECURITIES

FUNDS All

DEFINITION Securities of companies which are primarily in developing
countries. (See "Foreign Securities," below, for basic
information on foreign investing risks.)

RISK Investments in emerging markets securities are exposed to a
number of risks that may make these investments volatile in
price, or difficult to trade. The recent extraordinary returns
in emerging markets securities may not recur. Political risks
may include unstable governments, nationalization,
restrictions on foreign ownership, laws that prevent investors
from getting their money out of a country and legal systems
that do not protect property rights as well as the laws of the
U.S. Market risks may include economies that only concentrate
in a few industries, securities issues that are held by a few
investors, limited trading capacity in local exchanges, and
the possibility that markets or issues may be manipulated by
foreign nationals who have inside information.

18 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>

INVESTMENT POLICIES AND RISKS
- --------------------------------------------------------------------------------

FOREIGN CURRENCY TRANSACTIONS

FUNDS All

DEFINITION The money issued by foreign governments; the contracts
involved in buying and selling foreign money in order to buy
and sell foreign securities denominated in that money.

RISK Foreign currencies shift in value against U.S. currency. These
relative price swings can make the return on an investment go
up or down, entirely apart from the quality or performance of
the investment itself. The Funds enter into various hedging
contracts to buy and sell foreign currency, including futures
contracts (see "Derivatives," above). Except for the Worldwide
Bond Fund, the Funds may buy currency as an investment.
Successful hedging or investing in currency requires
successful predicting of currency prices, which is not always
possible.

FOREIGN SECURITIES

FUNDS All

DEFINITION Securities issued by foreign companies, traded in foreign
currencies, or issued by companies with most of their business
interests in foreign countries.

RISK Foreign investing involves greater risks than investing in
U.S. securities. These risks include: exchange rate
fluctuations and exchange controls; less publicly available
information; more volatile or less liquid securities markets;
and the possibility of expropriation, confiscatory taxation,
or political, economic or social instability. Foreign
accounting can be different--and less revealing-- than
American accounting practice. Foreign regulation of stock
exchanges may be inadequate or irregular.

Some of these risks may be reduced when Funds invest
indirectly in foreign issues via American Depositary Receipts
(ADRs), European Depositary Receipts (EDRs), American
Depositary Shares (ADSs), Global Depositary Shares (GDSs), and
securities of foreign investment funds or trusts, including
passive foreign investment companies. These vehicles are
traded on larger, recognized exchanges and in stronger, more
recognized currencies.

2. CONCENTRATION AND DIVERSIFICATION RULES: The Funds, except Worldwide Real
Estate Fund, are not allowed to buy more than 10% of any class of securities of
any single issuer. That includes outstanding voting securities. The Worldwide
Emerging Markets Fund may buy more than 10% of a single issuer's non-voting
securities. Worldwide Emerging Markets Fund will not invest more than 25% of its
assets in any single industry.

3. OTHER INVESTMENT COMPANIES: The Funds will not invest more than 10% of their
assets in securities of other investment companies.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 19
<PAGE>

- --------------------------------------------------------------------------------

Russia: The Funds invest only in those Russian companies whose
registrars have contracted to allow the Funds' Russian
sub-custodian to inspect share registers and to obtain
extracts of share registers through regular audits. These
procedures may reduce the risk of loss, but there can be no
assurance that they will be effective.

INDEXED COMMERCIAL PAPER

FUNDS All

DEFINITION These Funds, for hedging purposes only, invest in commercial
paper with the principal amount indexed to the difference, up
or down, in value between two foreign currencies. The Funds
segregate asset accounts with an equivalent amount of cash,
U.S. government securities, or other highly liquid securities
equal in value to this commercial paper.

RISK Principal may be lost, but the potential for gains in
principal and interest may help the Funds cushion against the
potential decline of the U.S. dollar value of
foreign-denominated investments. At the same time, this
commercial paper provides an attractive money market rate of
return.

LOANS OF PORTFOLIO SECURITIES

FUNDS All

DEFINITION The Funds may lend their securities, up to one-third of the
value of their portfolios, to broker/dealers. Broker/dealers
must collateralize (secure) these borrowings in full with
cash, U.S. Government securities, or high-quality letters of
credit.

RISK If a broker/dealer breaches its agreement either to pay for
the loan, to pay for the securities, or to return the
securities, the Fund may lose money.

20 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS
<PAGE>

INVESTMENT POLICIES AND RISKS
- --------------------------------------------------------------------------------

LOW RATED DEBT SECURITIES

FUNDS All

DEFINITION Debt securities, foreign and domestic, rated "below investment
grade" by ratings services.

RISK These securities are also called "junk bonds." In the market,
they can behave somewhat like stocks, with prices that can
swing widely in response to the health of their issuers and to
changes in interest rates. By definition, they involve more
risk of default than do higher-rated issues.

PARTLY PAID SECURITIES

FUNDS All

DEFINITION Securities paid for on an installment basis. A partly paid
security trades net of outstanding installment payments. The
buyer "takes over payments," as it were.

RISK The buyer's rights are typically restricted until the security
is fully paid. If the value of a partly paid security declines
before a Fund finishes paying for it, the Fund will still owe
the payments, but may find it hard to sell.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 21

<PAGE>

- --------------------------------------------------------------------------------

PRECIOUS METALS

FUNDS Worldwide Hard Assets Fund

DEFINITION Gold and silver in the form of bullion and coins, which have
no numismatic (collectible) value. There is a well-established
world market for precious metals.

RISK Precious metals prices can swing sharply in response to
cyclical economic conditions, political events or the monetary
policies of various countries. Under current U.S. tax law, the
Fund may not receive more than 10% of its yearly income from
selling precious metals or any other physical commodity. That
law may require a Fund, for example, to hold precious metals
when it would rather sell, or to sell other securities when it
would rather hold them. Both may cause investment losses or
lost opportunities for profit. The Fund also incurs storage
costs for gold bullion and coins.

REAL ESTATE SECURITIES

FUNDS Worldwide Hard Assets Fund, Worldwide Real Estate Fund

DEFINITION The Funds may not invest in real estate directly, but the
Worldwide Hard Assets Fund may invest up to 50% of assets and
the Worldwide Real Estate Fund, 100% of assets in real estate
investment trusts (REITs) and other real estate industry
companies or companies with substantial real estate
investments.

RISK All general risks of real estate investing apply to REITs (for
example, illiquidity and volatile prices), plus special risks
of REITs in particular. See "Real Estate Securities" in the
Statement of Additional Information ("SAI").

22 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>

INVESTMENT POLICIES AND RISKS

- --------------------------------------------------------------------------------

REPURCHASE AGREEMENTS

FUNDS All

DEFINITION In a repurchase agreement, a Fund acquires a security for a
short time while agreeing to sell it back at a designated
price and time. The agreement creates a fixed rate of return
not subject to market fluctuations. The Funds enter into these
agreements generally with member banks of the Federal Reserve
System or certain non-bank dealers; these counterparties
collateralize the transaction.

RISK There is a risk of a counterparty defaulting on a "repo," but
it is generally small.

SHORT SALES

FUNDS All except Worldwide Bond Fund

DEFINITION In a short sale, the Fund borrows an equity security from a
broker, then sells it. If the value of the security goes down,
the Fund can buy it back and return it to the broker, making a
profit.

RISK If the value of the security goes up, the Fund will have to
buy it back at a loss to make good the borrowing. The Fund is
required to "cover" its short sales with collateral by
depositing liquid high-quality securities in an account. (See
the SAI for a complete definition of this account's
liability.) This account cannot exceed 50% of the Fund's net
assets.

WHEN-ISSUED DEBT SECURITIES

FUNDS All

DEFINITION Debt securities issued at a fixed price and interest rate, but
delivered and paid for some time later.

RISK Principal and interest of a when-issued security may vary
during the waiting period so that its value, when the Fund
takes possession of it, may be different than when the Fund
committed to buy it. The Funds maintain reserves of cash or
high quality securities to offset purchases of when-issued
securities.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 23

<PAGE>

III. HOW THE FUNDS ARE MANAGED
- --------------------------------------------------------------------------------

FUND MANAGEMENT, INCLUDING A DESCRIPTION OF THE ADVISER, THE PORTFOLIO MANAGERS,
THE CUSTODIAN, AND THE TRANSFER AGENT. HOW THE FUNDS SELL SHARES TO INSURANCE
COMPANY SEPARATE ACCOUNTS. FUND EXPENSES AND TAX TREATMENT OF THE FUNDS.

1. MANAGEMENT OF THE FUNDS

DISTRIBUTOR

Van Eck Securities Corporation, 99 Park Avenue, NewYork, NY 10016 (the
"Distributor"), a wholly-owned subsidiary of Van Eck Associates Corporation, has
entered into a Distribution Agreement with the Trust. The Distributor receives
no compensation for share sales of the Funds.In addition, the Distributor may,
from time to time, pay additional cash compensation or other promotional
incentives to authorized dealers or agents that sell shares of the Fund. In some
instances, such cash compensation or other incentives may be offered only to
certain dealers or agents who employ registered representatives who have sold or
may sell significant amounts of shares of the Fund and/or the other Van Eck
Worldwide Insurance Funds managed by the Adviser during a specified period of
time.

INVESTMENT ADVISER

Van Eck Associates Corporation, 99 Park Avenue, New York, N Y10016 (the
"Adviser") serves as investment adviser to each of the Funds. Van Eck has been
an investment adviser since 1955 and also acts as adviser or sub-adviser to
other mutual funds registered with the SEC as well as managing and advising
other accounts and pension plans.

John C. van Eck, Chairman and President of the Trust,
and members of his immediate family, own 100% of the voting stock of the
Adviser. As of March 31, 2000, total aggregate assets under the management of
the Adviser were approximately $1.2 billion.

THE ADVISER, THE FUNDS, AND INSURANCE COMPANY SEPARATE ACCOUNTS

The Funds sell shares to various insurance company variable annuity and variable
life insurance separate accounts as a funding vehicle for those accounts. The
Funds do not foresee any disadvantages to shareholders from offering the Funds
to various companies. However, the Board of Trustees will monitor any potential
conflicts of interest. If conflicts arise, the Board may require an insurance
company to withdraw its investments in one Fund, and place them in another. This
might force a Fund to sell securities at a disadvantageous price. The Board of
Trustees may refuse to sell shares of a Fund to any separate accounts. It may
also suspend or terminate the offering of shares of a Fund if required to do so
by law or regulatory authority, or if such an action is in the best interests of
Fund shareholders.

FEES PAID TO THE ADVISER

Worldwide Bond Fund and Worldwide Hard Assets Fund each pay the Adviser a
monthly fee at the annual rate of 1% of the first $500 million of the average
daily net assets of the Fund, .90 of 1% of the next $250 million, and .70 of the
assets in excess of $750 million.

Worldwide Emerging Markets Fund and Worldwide Real Estate Fund each pay the
Adviser a monthly fee at the annual rate of 1.00% of average daily net assets.
This includes the fee paid to the Adviser for accounting and administrative
services.

24 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>

SHAREHOLDER INFORMATION
- --------------------------------------------------------------------------------

PORTFOLIO MANAGERS
WORLDWIDE BOND FUND:

CHARLES T. CAMERON, GREGORY F. KRENZER Mr. Cameron serves as chief trader for
the Adviser, and is an officer of the Trust and of another of the Adviser's
mutual funds. Mr. Cameron joined Van Eck in 1995, and has 17 years of experience
in trading and investing. Mr. Krenzer serves as a research analyst for the
Adviser specializing in global fixed income securities and is the co-portfolio
manager of the Worldwide Bond Fund of Van Eck Worldwide Insurance Trust. He
joined Van Eck in 1994 and has five years of experience in the investment
business.

WORLDWIDE EMERGING MARKETS FUND:

DAVID A. SEMPLE, DAVID M. HULME Mr. Semple is an Investment Director for the
Adviser and co-portfolio manager of another of the Adviser's mutual funds. He
joined Van Eck in 1998 and has 10 years of experience in investing. Mr. Hulme is
an Investment Director for the Adviser and co-portfolio manager of another of
the Adviser's mutual funds. He joined Van Eck in 1998 and has six years of
experience in investing.

WORLDWIDE HARD ASSETS FUND:

DEREK S. VAN ECK, KEVIN REID Mr. van Eck is Director of Global Investments and
President of the Adviser. Mr. van Eck serves as a Trustee and officer of the
Trust and a trustee, officer and/or portfolio manager of other mutual funds
advised or sub-advised by the Adviser. He has 14 years of experience in
investing. Mr. Reid serves as Director of Real Estate Research for the Adviser
and is an officer of the Trust, as well as an officer and/or portfolio manager
of other funds advised by the Adviser. Mr. Reid joined Van Eck in 1995. He has
13 years of experience in investing.

WORLDWIDE REAL ESTATE FUND:

KEVIN REID Mr. Reid serves as Director of Real Estate Research for the Adviser
and is an officer of the Trust, as well as an officer and/or portfolio manager
of other funds advised by the Adviser. Mr. Reid joined Van Eck in 1995. He has
13 years of experience in investing.

THE TRUST

Van Eck Worldwide Insurance Trust (the Trust) is an open-end management
investment company organized as a business trust under the laws of the
Commonwealth of Massachusetts on January 7, 1987. The Trust started operations
on September 7, 1989. On April 12, 1995, Van Eck Investment Trust changed its
name to Van Eck Worldwide Insurance Trust.

THE CUSTODIAN

State Street Bank &Trust Company
225 Franklin Street
Boston, Massachusetts 02110

THE TRANSFER AGENT

Van Eck Global
99 Park Avenue
New York, New York 10016 acts as its own transfer agent.

INDEPENDENT AUDITORS

Ernst & Young LLP
787 Seventh Avenue
New York, New York 10019

COUNSEL
Goodwin, Procter & Hoar LLP
One Exchange Place
Boston, Massachusetts 02109

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 25

<PAGE>

- --------------------------------------------------------------------------------

2. FUND EXPENSES

Each Fund bears all expenses of its own operations, other than those incurred by
the Adviser or its affiliate under its Advisory Agreement with the Trust. The
Adviser paid organizational expenses for the Funds at their inception; these
fees are being reimbursed to the Adviser by the Funds over sixty equal monthly
installments. The Adviser may, from time to time, waive the management fee
and/or agree to pay some or all expenses of the Funds. This has the effect of
increasing the yield and total return of the Funds.

3. TAXES

Each Fund qualifies, and intends to continue to qualify, as
a "regulated investment company" under the Internal Revenue Code (the Code). As
such, the Funds will not pay federal income tax to the extent that it
distributes its income and capital gains.

The Code requires funds used by insurance company variable annuity and life
insurance contracts to be adequately diversified, because annuities and life
insurance enjoy special tax privileges. The Funds intend to invest so as to
qualify for this proviso.

Tax matters for insurance contract holders are described in the Contract
prospectus.

4. HOW THE FUND SHARES ARE PRICED

Shares are bought or sold at net asset value. When an order is received at a
Fund before 4:00 p.m. Eastern time on any day when the New York Stock Exchange
is open for business, the trade will be effective that day. When an order is
received after 4:00 p.m. the trade will be effective at the net asset values
which are calculated on the next business day. The Funds are only priced on days
when the New York Stock Exchange is open. Several Funds have shares which trade
on foreign exchanges and the net asset value of these Funds may change on days
that shareholders are unable able to purchase or sell their shares.

5. SHAREHOLDER INQUIRIES

For further information about the Funds, please call or write your insurance
company, or call (800) 221-2220 (in New York, (212) 687-5200), or write to the
Funds at the address on the cover page.

26 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>

IV. FINANCIAL HIGHLIGHTS

The financial highlights table will help you understand a Fund's financial
performance for the past five years, or for a shorter period if the Fund is
newer. Some parts of the table show financial results for a single Fund share.
The "total return" line on the table shows the rate an investor would have
earned or lost on an investment in the Fund, assuming reinvestment of all
dividends and distributions. This information has been audited by Ernst & Young
LLP+ whose report, along with the Fund's financial statements, is included in
the annual report incorporated by reference (available on request).

1. VAN ECK WORLDWIDE BOND FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

- -----------------------------------------------------------------------------------------------------------------------------
Total Dividends and Distributions (0.68) (0.10) (0.36) (0.31) (0.82) (0.04)
- -----------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
END OF PERIOD $10.69 $12.28 $10.99 $11.10 $10.88 $11.46
- -----------------------------------------------------------------------------------------------------------------------------
Total Return (a) (7.82%) 12.75% 2.38% 4.98% 2.07% 14.51%
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTARY DATA
Net Assets, End of Period (000) $84,875 $119,283 $112,461 $118,676 $107,541 $113,466
Ratios of Gross Expenses
to Average Net Assets 1.22% 1.15% 1.12% 1.17% (b) 1.10% 0.99%
Ratio of Net Expenses
to Average Net Assets 1.22% 1.15% 1.12% 1.16% (b) 1.08% 0.98%
Ratio of Net Investment Income
to Average Net Assets 4.92% 4.72% 4.31% 4.99% (b) 5.26% 6.24%
Portfolio Turnover Rate 46.84% 30.59% 135.36% 73.95% 208.05% 265.87%
</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
distributions at net asset value during the period and a redemption on the
last day of the period. Total return for periods of less than one year is
not annualized.
(b) Annualized.
* Based on average shares outstanding.
+ Ernst & Young LLP are auditors for the Fund for the year ended December 31,
1999; PricewaterhouseCoopers LLP were auditors for the Fund for 1998, 1997,
1996 and 1995.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 27
<PAGE>

2. VAN ECK WORLDWIDE EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period

<TABLE>
<CAPTION>
FOR THE FOR THE PERIOD
YEAR ENDED DEC. 31, EIGHT MONTHS DEC. 21, 1995(a)
ENDED DEC. 31 APR. 30,
1999 1998 1997 1996 1996
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
Beginning of Period $7.12 $11.00 $12.49 $10.95 $10.00
- ----------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.10 (b) 0.09 0.14 0.01(b) 0.07(b)
Net Gain (Loss) on Investments
(both Realized and Unrealized) 7.04 (3.80) (1.58) 1.59 0.88
- ----------------------------------------------------------------------------------------------------------------
Total from Investment Operations 7.14 (3.71) (1.44) 1.60 0.95
- ----------------------------------------------------------------------------------------------------------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from Net
Investment Income -- (0.09) (0.05) (0.06) --
Distributions from Realized
Capital Gains -- (0.08) -- -- --
- ----------------------------------------------------------------------------------------------------------------
Total Dividends and Distributions -- (0.17) (0.05) (0.06) --
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
End of Period $14.26 $7.12 $11.00 $12.49 $10.95
- ----------------------------------------------------------------------------------------------------------------
Total Return (c) 100.28% (34.15%) (11.61%) 14.66% 9.50%
- ----------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTARY DATA
Net Assets, End of Period (000) $243,516 $54,513 $92,433 $15,355 $597
Ratios of Gross Expenses
to Average Net Assets 1.54% 1.61% 1.34% 2.64%(d) 2.06%(d)
Ratio of Net Expenses (excluding
interest expense)
to Average Net Assets 1.34% 1.50% 0.00% 0.00%(d) 0.00%(d)
Ratio of Net Investment Income
to Average Net Assets 0.80% 1.02% 0.91% 0.74%(d) 1.89%(d)
Portfolio Turnover Rate 143.03% 117.16% 142.39% 29.53% 45.89%
</TABLE>

(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) 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 at net asset value during the period and a redemption on the
last day of the period. Total returns for periods of less than one year is
not annualized.
(d) Annualized.
+ Ernst & Young LLP are auditors for the Fund for the year ended December 31,
1999; PricewaterhouseCoopers LLP were auditors for the Fund for 1998, 1997,
1996 and 1995.

28 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS

<PAGE>

3. VAN ECK WORLDWIDE HARD ASSETS FUND

FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period

<TABLE>
<CAPTION>
FOR THE
YEAR ENDED DEC. 31, EIGHT MONTHS YEAR ENDED
ENDED DEC. 31 APR. 30,
1999 1998 1997 1996 1996 1995
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $9.20 $15.72 $16.72 $16.92 $13.49 $13.11
- ---------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.15 0.21 0.09 0.02 0.12 0.08
Net Gain (Loss) on
Investments (both Realized
and Unrealized) 1.75 (4.43) (0.36) 0.09 3.44 0.37
- ---------------------------------------------------------------------------------------------------------------
Total from Investment Operations 1.90 (4.22) (0.27) 0.11 3.56 0.45
- ---------------------------------------------------------------------------------------------------------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from Net
Investment Income (0.14) (0.09) (0.31) (0.16) (0.13) (0.07)
Distributions from Realized
Capital Gains -- (2.21) (0.42) (0.15) -- --
- ---------------------------------------------------------------------------------------------------------------
Total Dividends and Distributions (0.14) (2.30) (0.73) (0.31) (0.13) (0.07)
- ---------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
END OF PERIOD $10.96 $9.20 $15.72 $16.72 $16.92 $13.49
- ---------------------------------------------------------------------------------------------------------------
Total Return (a) 21.00% (30.93%) (1.67%) 0.60% 26.66% 3.43%
- ---------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTARY DATA
Net Assets, End of Period (000) $98,911 $85,813 $155,933 $167,417 $186,370 $127,320
Ratio of Gross Expenses
to Average Net Assets 1.26% 1.20% 1.18% 1.24%* 1.08% --
Ratio of Net Expenses
to Average Net Assets 1.26% 1.16% 1.17% 1.23%* 1.08%(b) 0.96%
Ratio of Net Investment Income
to Average Net Assets 1.39% 1.64% 0.64% 0.10%* 0.81% 0.71%
Portfolio Turnover Rate 199.43% 153.25% 102.82% 46.14% 26.37% 23.30%
</TABLE>

(b) The ratio was not impacted by the directed brokerage arrangement.

* Annualized.

+ Ernst & Young LLP are auditors for the Fund for the year ended December 31,
1999; PricewaterhouseCoopers LLP were auditors for the Fund for 1998, 1997,
1996 and 1995.

VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS 29
<PAGE>

4. VAN ECK WORLDWIDE REAL ESTATE FUND

FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period

<TABLE>
<CAPTION>
FOR THE PERIOD
YEAR ENDED DEC. 31, JUN. 23, 1997 (a)-
DEC. 31,
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD $9.54 $11.96 $10.00
- -------------------------------------------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.25 0.22 0.18
Net Gain (Loss) on
Investments (both Realized and Unrealized) (0.44) (1.45) 1.78
- -------------------------------------------------------------------------------------------------------------------
Total from Investment Operations (0.19) (1.23) 1.96
- -------------------------------------------------------------------------------------------------------------------
LESS DIVIDENDS AND DISTRIBUTIONS
Dividends from Net
Investment Income (0.20) (0.19) --
Distributions from Realized
Capital Gains -- (1.00) --
- -------------------------------------------------------------------------------------------------------------------
Total Dividends and Distributions (0.20) (1.19) --
- -------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE,
End of Period $9.15 $9.54 $11.96
- -------------------------------------------------------------------------------------------------------------------
Total Return (b) (2.01%) (11.35%) 19.60%
- -------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTARY DATA
Net Assets, End of Period (000) $3,166 $1,906 $844
Ratios of Gross Expenses
to Average Net Assets 3.23% 5.32% 4.92% (c)
Ratio of Net Expenses
to Average Net Assets 1.44% 0.89% 0.00%
Ratio of Net Investment Income
to Average Net Assets 3.33% 3.33% 3.62% (c)
Portfolio Turnover Rate 172% 107% 123%
</TABLE>

(a) Commencement of operations.

(b) 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 at net asset value during the period and a redemption on the
last day of the period. Total returns for periods of less than one year is
not annualized.

+ Ernst & Young LLP are auditors for the Fund for the year ended December 31,
1999; PricewaterhouseCoopers LLP were auditors for the Fund for 1998, 1997,
1996 and 1995.

30 VAN ECK WORLDWIDE INSURANCE TRUST PROSPECTUS
<PAGE>

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<PAGE>

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<PAGE>

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<PAGE>
VAN ECK WORLDWIDE INSURANCE TRUST
99 PARK AVENUE, NEW YORK, N.Y. 10016
(212) 687-5200

Van Eck Worldwide Insurance Trust (the "Trust") is an open-end management
investment company currently consisting of four separate series: Worldwide Bond
Fund, Worldwide Emerging Markets Fund, Worldwide Hard Assets Fund and Worldwide
Real Estate Fund (the "Funds"). Shares of the Funds are offered only to separate
accounts of various insurance companies to fund the benefits of variable life
insurance and variable annuity policies ("Contracts"). Each Fund has specific
investment objectives.

TABLE OF CONTENTS

<TABLE>
<S> <C>
General Information ....................................................... 1
Investment Objectives and Policies ........................................ 1
Risk Factors .............................................................. 5
Asset-Backed Securities ................................................ 5
Borrowing .............................................................. 5
Collateralized Mortgage Obligation ..................................... 5
Foreign Securities ..................................................... 5
Emerging Markets Securities ............................................ 7
Foreign Currency Transactions .......................................... 7
Futures and Options Transactions ....................................... 9
Repurchase Agreements .................................................. 10
Mortgage-Backed Securities ............................................. 10
Real Estate Securities ................................................. 10
Commercial Paper ....................................................... 11
Debt Securities ........................................................ 11
Currency Swaps ......................................................... 12
Derivatives ............................................................ 12
Short Sales ............................................................ 13
Direct Investments ..................................................... 13
Loans on Portfolio Securities .......................................... 13
Precious Metals ........................................................ 14
Investment Restrictions ................................................... 14
Investment Advisory Services .............................................. 16
The Distributor ........................................................... 17
Portfolio Transactions and Brokerage ...................................... 17
Trustees and Officers ..................................................... 19
Principal Shareholders .................................................... 22
Purchase of Shares ........................................................ 22
Valuation of Shares ....................................................... 23
Taxes ..................................................................... 23
Redemptions in Kind ....................................................... 24
Performance ............................................................... 24
Description of the Trust .................................................. 25
Additional Information .................................................... 26
Financial Statements ...................................................... 26
Appendix .................................................................. 27
</TABLE>
This Statement of Additional Information is not a prospectus and should be
read in conjunction with the Trust's current Prospectus, dated May 1, 2000 (the
"Prospectus"), which is available at no charge upon written or telephone request
to the Trust at the address or telephone number set forth at the top of this
page.

Shareholders are advised to read and retain this Statement
of Additional Information for future reference

STATEMENT OF ADDITIONAL INFORMATION

May 1, 2000

<PAGE>

GENERAL INFORMATION

Van Eck Worldwide Insurance Trust (the "Trust") is an open-end management
investment company organized as a "business trust" under the laws of the
Commonwealth of Massachusetts on January 7, 1987 as Van Eck Variable Insurance
Products Trust. The Board of Trustees has authority to create additional series
or funds, each of which may issue a separate class of shares. There are
currently four series of the Trust: Worldwide Bond Fund, Worldwide Emerging
Markets Fund, Worldwide Hard Assets Fund and Worldwide Real Estate Fund (the
"Funds"). Worldwide Emerging Markets Fund and Worldwide Hard Assets Fund are
classified as diversified funds and Worldwide Bond Fund and Worldwide Real
Estate Fund are classified as non-diversified funds under the Investment Company
Act of 1940, as amended (the "1940 Act").

INVESTMENT OBJECTIVES AND POLICIES

WORLDWIDE BOND FUND

Worldwide Bond Fund seeks high total return through a flexible policy of
investing globally, primarily in debt securities.

During normal market conditions, the Fund expects to invest in debt
securities, such as obligations issued or guaranteed by a government or any of
its political subdivisions, agencies or instrumentalities, or by a supranational
organization chartered to promote economic development such as the World Bank or
European Economic Community, bonds, debentures, notes, commercial paper, time
deposits, certificates of deposit and repurchase agreements, as well as debt
obligations which may have a call on a common stock or commodity by means of a
conversion privilege or attached warrants. The Fund may invest in debt
instruments of the U.S. Government and its agencies having varied maturities,
consisting of obligations issued or guaranteed as to both principal and interest
by the U.S. Government or backed by the "full faith and credit" of the United
States. In addition to direct obligations of the U.S. Treasury such as Treasury
bonds, notes and bills, these include securities issued or guaranteed by
different agencies such as the Federal Housing Administration, the Government
National Mortgage Association and the Small Business Association.

The average maturity of the debt securities in the Fund's portfolio will be
based on the Adviser's judgment as to future interest rate changes. The Adviser
expects the average maturity to be between three and ten years. There is no
limit on the amount the Fund may invest in any one country or in securities
denominated in the currency of any one country. Normally the Fund will invest in
three countries besides the United States.

Total return is comprised of current income and capital appreciation. The
Fund attempts to achieve its objective by taking advantage of investment
opportunities in the United States as well as in other countries throughout the
world where opportunities may be more rewarding and may emphasize either
component of total return. Normally, the Fund will have at least 65% of its
total assets invested in bonds of varying maturities.

The Fund may invest in any type of security including, but not limited to,
common stocks and equivalents (such as convertible debt securities and
warrants), preferred stocks and bonds and debt obligations of domestic and
foreign companies, governments (including their political subdivisions) and
international organizations. The Fund may buy and sell financial futures
contracts and options on financial futures contracts, which may include bond and
stock index futures contracts and foreign currency futures contracts. The Fund
may write, purchase or sell put or call options on securities and foreign
currencies.

In addition, the Fund may lend its portfolio securities and borrow money
for investment purposes (i.e. leverage its portfolio).

The Fund may invest in "when-issued" securities and collateralized mortgage
obligations. The Appendix to this Statement of Additional Information contains
an explanation of the rating categories of Moody's Investors Service, Inc.
("Moody's") and Standard & Poor's Corporation ("S&P") relating to the
fixed-income securities and preferred stocks in which the Fund may invest,
including a description of the risks associated with each category.

In addition, the Fund may invest solely in the securities of one country
such as the United States when economic conditions warrants, such as an extreme
undervaluation of the currency and exceptionally high returns of that country's
currency relative to other currencies. During periods of less favorable economic
and/or market conditions, the Fund may make substantial investments for
temporary defensive purposes in obligations of the U.S. Government, debt
obligations of one or more foreign governments, certificates of deposit, time
deposits, bankers' acceptances, high grade commercial paper and repurchase
agreements.

1
<PAGE>

WORLDWIDE EMERGING MARKETS FUND

Worldwide Emerging Markets Fund seeks long-term capital appreciation by
investing primarily in equity securities in emerging markets around the world.

Under normal conditions, at least 65% of the Fund's total assets will be
invested in Emerging Country and emerging market equity securities. An "emerging
market" or "Emerging Country" is any country that the World Bank, the
International Finance Corporation or the United Nations or its authorities has
determined to have a low or middle income economy. Emerging Countries can be
found in regions such as Asia, Latin America, Africa and Eastern Europe. The
countries that will not be considered Emerging Countries include the United
States, Australia, Canada, Japan, New Zealand and most countries located in
Western Europe such as Austria, Belgium, Denmark, Finland, France, Germany,
Great Britain, Ireland, Italy, the Netherlands, Norway, Spain, Sweden and
Switzerland.

The Fund considers emerging market securities to include securities which
are (i) principally traded in the capital markets of an emerging market country;
(ii) securities of companies that derive at least 50% of their total revenues
from either goods produced or services performed in Emerging Countries or from
sales made in Emerging Countries, regardless of where the securities of such
companies are principally traded; (iii) securities of companies organized under
the laws of, and with a principal office in an Emerging Country; (iv) securities
of investment companies (such as country funds) that principally invest in
emerging market securities; and (v) American Depositary Receipts (ADRs),
American Depositary Shares (ADSs), European Depositary Receipts (EDRs) and
Global Depositary Receipts (GDRs) with respect to the securities of such
companies.

The Fund may invest indirectly in emerging markets by investing in other
investment companies due to restrictions on direct investment by foreign
entities in certain emerging market countries. Such investments may involve the
payment of premiums above the net asset value of the companies' portfolio
securities; are subject to limitations under the Act and the Internal Revenue
code; are constrained by market availability; and would have the Fund bearing
its ratable share of that investment company's expenses, including its advisory
and administration fees. The Fund's investment adviser has agreed to waive its
management fee with respect to the portion of the Fund's assets invested in
shares of other open-end investment companies. The Fund would continue to pay
its own management fees and other expenses with respect to any investments in
shares of closed-end investment companies.

Equity securities in which the Fund may invest include common stocks;
preferred stocks (either convertible or non-convertible); rights; warrants;
direct equity interests in trusts, partnerships, joint ventures and other
unincorporated entities or enterprises; convertible debt instruments; and
special classes of shares available only to foreign persons in those markets
that restrict ownership of certain classes of equity to nationals or residents
of that country. These securities may be listed on securities exchanges or
traded over-the-counter. Direct investments are generally considered illiquid
and will be aggregated with other illiquid investments for purposes of the
limitation on illiquid investments.

The Adviser expects that the Fund will normally invest in at least three
different countries. The Fund emphasizes equity securities, but may also invest
in other types of instruments, including debt securities of any quality (other
than commercial paper as described herein). Debt securities may include fixed or
floating rate bonds, notes, debentures, commercial paper, loans, convertible
securities and other debt securities issued or guaranteed by governments,
agencies or instrumentalities, central banks or private issuers.

The Fund may invest in derivatives. Derivatives in which the Fund may
invest include futures contracts, forward contracts, options, swaps, structured
notes and other similar securities as may become available in the market. These
instruments offer certain opportunities and additional risks that are described
below.

The Fund may, for temporary defensive purposes, invest more than 35% of its
total assets in securities which are not emerging market securities, such as
high grade, liquid debt securities of foreign and United States companies,
foreign governments and the U.S. Government, and their respective agencies,
instrumentalities, political subdivisions and authorities, as well as in money
market instruments denominated in U.S. dollars or a foreign currency. These
money market instruments include, but are not limited to, negotiable or
short-term deposits with domestic or foreign banks with total surplus and
undivided profits of at least $50 million; high quality commercial paper; and
repurchase agreements maturing within seven days with domestic or foreign
dealers, banks and other financial institutions deemed to be creditworthy under
guidelines approved by the Board of Trustees of the Trust. The commercial paper
in which the Fund may invest will, at the time of purchase, be rated P-1 or
better by Moody's; A-1

2
<PAGE>

or better by S&P; Fitch-1 by Fitch; Duff-1 by Duff & Phelps ("D&P"), or if
unrated, will be of comparable high quality as determined by the Adviser.

WORLDWIDE HARD ASSETS FUND

The Worldwide Hard Assets Fund seeks long-term capital appreciation by
investing primarily in "hard asset securities." Income is a secondary
consideration.

The Fund will, under normal market conditions, invest at least 65% of its
total assets in "Hard Asset Securities." Hard Assets Securities include equity
securities of "Hard Asset Companies" and securities, including structured notes,
whose value is linked to the price of a commodity or a commodity index. The term
"Hard Asset Companies" includes companies that are directly or indirectly
(whether through supplier relationships, servicing agreements or otherwise)
engaged to a significant extent in the exploration, development, production or
distribution of one or more of the following: (i) precious metals, (ii) ferrous
and non-ferrous metals, (iii) gas, petroleum, petrochemicals or other
hydrocarbons, (iv) forest products, (v) real estate and (vi) other basic
commodities which, historically, have been produced and marketed profitably
during periods of significant inflation. Under normal market conditions, the
Fund will invest at least 5% of its assets in each of the first five sectors
listed above. The Fund has a fundamental policy of concentrating in such
industries and up to 50% of the Fund's assets may be invested in any one of the
above sectors. Therefore, it may be subject to greater risks and market
fluctuations than other investment companies with more diversified portfolios.
Some of these risks include: volatility of energy and basic materials prices;
possible instability of the supply of various Hard Assets; the risks generally
associated with extraction of natural resources; actions and changes in
government which could affect the production and marketing of Hard Assets; and
greater price fluctuations that may be experienced by Hard Asset Securities than
the underlying Hard Asset. Precious metal and natural resource securities are at
times volatile and there may be sharp fluctuations in prices even during periods
of rising prices. Since the market action of Hard Asset Securities may move
against or independently of the market trend of industrial shares, the addition
of such securities to an overall portfolio may increase the return and reduce
the price fluctuations of such a portfolio. There can be no assurance that an
increased rate of return or a reduction in price fluctuations of a portfolio
will be achieved. Hard Asset Securities are affected by many factors, including
movement in the stock market. Inflation may cause a decline in the market,
including Hard Asset Securities. An investment in the Fund's shares should be
considered part of an overall investment program rather than a complete
investment program.

The Fund may invest in equity securities. Equity securities include common
and preferred stocks; equity and equity index swap agreements; direct equity
interests in trusts, partnerships, joint ventures and other unincorporated
entities or enterprises; special classes of shares available only to foreign
persons in such markets that restrict the ownership of certain classes of equity
to nationals or residents of the country; convertible preferred stocks and
convertible debt instruments. The Fund may also invest in fixed-income
securities which include obligations issued or guaranteed by a government or any
political subdivisions, agencies, instrumentalities, or by a supranational
organization such as the World Bank or European Economic Community (or other
organizations which are chartered to promote economic development and are
supported by various governments and government entities), adjustable-rate
preferred stock, interest rate swaps, corporate bonds, debentures, notes,
commercial paper, certificates of deposit, time deposits, repurchase agreements,
and debt obligations which may have a call on a common stock or commodity by
means of a conversion privilege or attached warrants. The Fund may invest in
debt instruments of the U.S. Government and its agencies having varied
maturities.

High grade debt securities are those that are rated A or better by S&P or
Moody's, Fitch-1 by Fitch or Duff-1 by Duff and Phelps ("D&P") or if unrated, of
comparable quality in the judgment of the Adviser, subject to the supervision of
the Board of Trustees. The assets of the Fund invested in short-term instruments
will consist primarily of securities rated in the highest category (for example,
commercial paper rated "Prime-1" or "A-1" by Moody's and S&P, respectively) or
if unrated, in instruments that are determined to be of comparable quality in
the judgment of the Adviser, subject to the supervision of the Board of
Trustees, or are insured by foreign or U.S. governments, their agencies or
instrumentalities as to payment of principal and interest.

The Fund may purchase securities, including structured notes, whose value
is linked to the price of a commodity or a commodity index. When the Fund
purchases a structured note (a non-publicly traded indexed security entered into
directly between two parties) it will make a payment of principal to the
counterparty. The Fund will purchase structured notes only from counterparties
rated A or better by S&P, Moody's or another nationally recognized statistical
rating organization. The Adviser will monitor the liquidity of structured notes
under the supervision of the Board of Trustees and structured notes determined
to be illiquid will be aggregated with other illiquid securities and limited to
15% of the net assets of the Fund. Indexed securities may be more volatile than
the underlying instrument itself, and present many of the same risks as
investing in futures and options. Indexed secu-

3
<PAGE>

rities are also subject to credit risks associated with the issuer of the
security with respect to both principal and interest. The Fund may purchase and
sell financial futures and commodity futures contracts and may also write,
purchase or sell put or call options on securities, foreign currencies,
commodities and commodity indices. The Fund may invest in asset-backed
securities such as collateralized mortgage obligations and other mortgage and
non-mortgage asset-backed securities. The Fund may also lend its portfolio
securities and borrow money for investment purposes (i.e. leverage its
portfolio).

The Fund may also invest in "when-issued" securities and "partly paid"
securities. The Appendix to this Statement of Additional Information contains an
explanation of the rating categories of Moody's and S&P relating to the
fixed-income securities and preferred stocks in which the Funds may invest,
including a description of the risks associated with each category. Although the
Fund will not invest in real estate directly, it may invest up to 50% of its
assets in equity securities of real estate investment trusts ("REITs") and other
real estate industry companies or companies with substantial real estate
investments. REITs are pooled investment vehicles whose assets generally consist
primarily of interest in real estate and real estate loans. REITs and other real
estate investments of the Fund are subject to certain risks. The Fund may
therefore be subject to certain risks associated with direct ownership of real
estate and with the real estate industry in general.

The Fund may invest up to 10% of its assets in asset-backed securities such
as collateralized mortgage obligations and other mortgage and non-mortgage
asset-backed securities. Asset-backed securities backed by Hard Assets and whose
value is expected to be linked to underlying Hard Assets are excluded from the
10% limitation.

WORLDWIDE REAL ESTATE FUND

Worldwide Real Estate Fund seeks to maximize total return by investing
primarily in equity securities of domestic and foreign companies which are
principally engaged in the real estate industry or which own significant real
estate assets.

The Fund will, under normal conditions, invest at least 65% (and at times
nearly all) of its total assets in equity securities of domestic and foreign
companies which are principally engaged in the real estate industry or which own
significant real estate assets ("Real Estate Companies"). Equity securities
include common stocks, rights or warrants to purchase common stocks, securities
convertible into common stocks, preferred shares and real estate investment
trusts ("REITs"), American Depositary Receipts (ADRs), American Depositary
Shares (ADSs), European Depositary Receipts (EDRs), Global Depositary Receipts
(GDRs), equity swaps, indexed securities and similar instruments whose values
are tied to one or more equity securities are considered to be equity
securities. These securities may be listed on securities exchanges or traded
over-the-counter. A Real Estate Company is one that has at least 50% of its
assets in, or derives at least 50% of its revenues or net profits from, the
ownership, construction, financing, management or sale of residential,
commercial, industrial or hospital real estate. Real Estate Companies may
include, among others: equity REITs, mortgage REITs, hybrid REITs, hotel
companies, real estate brokers or developers, and companies which own
significant real estate assets.

REIT assets generally consist primarily of interest in real estate and real
estate loans. REITs are often classified as equity, mortgage or hybrids. An
equity REIT owns interests in property and realizes income from rents and gain
or loss from the sale of real estate interest. A mortgage REIT invests in real
estate mortgage loans and realizes income from interests payments on the loans.
A hybrid REIT invests in both equity and debt. An equity REIT may be an
operating or financing company. An operating company provides operational and
management expertise to and exercises control over, many if not most operational
aspects of the property.

The Fund may invest up to 35% of its assets in debt securities of Real
Estate Companies and in equity and debt securities of non-Real Estate Companies,
which may include issuers whose products and services are related to the real
estate industry or which own real estate assets.

4
<PAGE>

Trust. The commercial paper in which the Fund may invest will, at the time of
purchase, be rated P-1 or better by Moody's; A-1 or better by S&P; Fitch-1 by
Fitch; Duff-1 by D&P, or if unrated, will be of comparable high quality as
determined by the Adviser.

The Fund may invest more then 25% of its total assets in any one sector of
the real estate industry or any real estate related industry. Because the Fund
concentrates in a single industry, an investment in the Fund can be expected to
be more volatile than an investment in funds that invest in many industries.
Risk associated with investment in securities of companies in the real estate
industry include: declines in the value of the real estate, risks related to
general and local economic conditions, overbuilding and increased competition,
increases in property taxes and operating expenses, changes in zoning and other
laws, casualty or condemnation losses, variations or limitations in rental
income, changes in neighborhood values, the appeal of properties to tenants,
governmental actions, the ability of borrowers and tenants to make loan payments
to rents, and increase in interest rates. In addition, equity REITs may be
affected by changes in the value of the underlying property owned by the REITs,
while mortgage REITs may be affected by the quality of credit extended. Equity
and mortgage REITs are dependent upon management skills, may not be diversified
and are subject to the risks of financing projects. They are also subject to
heavy cash flow dependency, defaults by borrowers, self liquidation and the
possibility of failing to qualify for tax-free pass-through of income under the
Internal Revenue Code of 1986, as amended (the "Code") and failing to maintain
exemption from the Act.

The Fund may also invest in derivatives. Derivatives in which the Fund may
invest include futures contracts, forward contracts, options, swaps, indexed
securities, currency exchange contracts and other similar securities as may be
available in the market. The Fund may also invest up to 10% of its total assets
in direct investments. For more information, see "Risk Factors - Direct
Investments."

RISK FACTORS

ASSET-BACKED SECURITIES

The Funds may invest in asset-backed securities. Asset-backed securities
represent interests in pools of consumer loans (generally unrelated to mortgage
loans) and most often are structured as pass-through securities. Interest and
principal payments ultimately depend on payment of the underlying loans,
although the securities may be supported by letters of credit or other credit
enhancements. The value of asset-backed securities may also depend on the
creditworthiness of the servicing agent for the loan pool, the originator of the
loans, or the financial institution providing the credit enhancement.

BORROWING

The Funds may borrow up to 30% of the value of its net assets to increase
their holding of portfolio securities. Under the Act, each Fund is required to
maintain continuous asset coverage of 300% with respect to these borrowings and
to sell (within three days) sufficient portfolio holdings to restore this asset
coverage if it should decline to less than 300% even if the sale would be
disadvantageous from an investment standpoint. Leveraging by means of borrowing
will exaggerate the effect of any increase or decrease in the value of portfolio
securities on a Fund's net asset value, and money borrowed will be subject to
interest and other costs which may or may not exceed the investment return
received from the securities purchased with borrowed funds. It is anticipated
that any borrowings would be pursuant to a negotiated loan agreement with a
commercial bank or other institutional lender.

COLLATERALIZED MORTGAGE OBLIGATIONS

The Funds may invest in collateralized mortgage obligations ("CMOs"). CMOs
are fixed-income securities which are collateralized by pools of mortgage loans
created by commercial banks, savings and loan institutions, private mortgage
insurance companies and mortgage bankers. In effect, CMOs "pass through" the
monthly payments made by individual borrowers on their mortgage loans.
Prepayments of the mortgages included in the mortgage pool may influence the
yield of the CMO. In addition, prepayments usually increase when interest rates
are decreasing, thereby decreasing the life of the pool. As a result,
reinvestment of prepayments may be at a lower rate than that on the original
CMO. Timely payment of interest and principal (but not the market value) of
these pools is supported by various forms of insurance or guarantees. The Funds
may buy CMOs without insurance or guarantees if, in the opinion of the Adviser,
the pooler is creditworthy or if rated A or better by S&P or Moody's. S&P and
Moody's assign the same rating classifications to CMOs as they do to bonds. In
the event that any CMOs are determined to be investment companies, the Funds
will be subject to certain limitations under the Act.

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FOREIGN SECURITIES

Investors should recognize that investing in foreign securities involves
certain special considerations which are not typically associated with investing
in United States securities. Since investments in foreign companies will
frequently involve currencies of foreign countries, and since the Funds may hold
securities and funds in foreign currencies, the Funds may be affected favorably
or unfavorably by changes in currency rates and in exchange control regulations,
if any, and may incur costs in connection with conversions between various
currencies. Most foreign stock markets, while growing in volume of trading
activity, have less volume than the New York Stock Exchange ("NYSE"), and
securities of some foreign companies are less liquid and more volatile than
securities of comparable domestic companies. Similarly, volume and liquidity in
most foreign bond markets are less than in the United States and at times,
volatility of price can be greater than in the United States. Fixed commissions
on foreign securities exchanges are generally higher than negotiated commissions
on United States exchanges, although the Funds endeavor to achieve the most
favorable net results on their portfolio transactions. There is generally less
government supervision and regulation of securities exchanges, brokers and
listed companies in foreign countries than in the United States. In addition,
with respect to certain foreign countries, there is the possibility of exchange
control restrictions, expropriation or confiscatory taxation, political,
economic or social instability, which could affect investments in those
countries. Foreign securities such as those purchased by the Funds may be
subject to foreign government taxes, higher custodian fees, higher brokerage
commissions and dividend collection fees which could reduce the yield on such
securities, although a shareholder of a Fund may, subject to certain
limitations, be entitled to claim a credit or deduction for United States
federal income tax purposes for his or her proportionate share of such foreign
taxes paid by the Fund.

The Funds may invest in South Africa issuers. Political and social
conditions in South Africa and its neighboring countries, as well as changes in
United States or South Africa laws or regulations, may pose certain risks to the
Funds' investments, and, under certain conditions, on the liquidity of the
Funds' portfolios and their ability to meet shareholder redemption requests.
Worldwide Emerging Markets Fund may invest in Russian issuers. Settlement,
clearing and registration of securities in Russia is in an underdeveloped state.
Ownership of shares (except those held through depositories that meet the
requirements of the Act) is defined according to entries in the issuer's share
register and normally evidenced by extracts from that register, which have no
legal enforceability. Furthermore, share registration is carried out either by
the issuer or registrars located throughout Russia, which are not necessarily
subject to effective government supervision. To reasonably ensure that its
ownership interest continues to be appropriately recorded, the Fund will invest
only in those Russian companies whose registrars have entered into a contract
with the Fund's Russian sub-custodian, which gives the sub-custodian the right,
among others, to inspect the share register and to obtain extracts of share
registers through regular audits. While these procedures reduce the risk of
loss, there can be no assurance that they will be effective. This limitation may
prevent the Fund from investing in the securities of certain Russian issuers
otherwise deemed suitable by the Fund's investment adviser.

In addition to investing directly in the securities of United States and
foreign issuers, the Funds may also invest in American Depositary Receipts
(ADRs), European Depositary Receipts (EDRs), American Depositary Shares (ADSs),
Global Depositary Shares (GDSs) and securities of foreign investment funds or
trusts (including passive foreign investment companies).

Investments may be made from time to time by Worldwide Emerging Markets
Fund, Worldwide Hard Assets Fund and Worldwide Real Estate Fund in companies in
developing countries as well as in developed countries. Worldwide Emerging
Markets Fund and Worldwide Hard Assets Fund may have a substantial portion of
their assets in developing countries. Although there is no universally accepted
definition, a developing country is generally considered by the Adviser to be a
country which is in the initial stages of industrialization. Shareholders should
be aware that investing in the equity and fixed income markets of developing
countries involves exposure to unstable governments, economies based on only a
few industries, and securities markets which trade a small number of securities.
Securities markets of developing countries tend to be more volatile than the
markets of developed countries; however, such markets have in the past provided
the opportunity for higher rates of return to investors.

The value and liquidity of investments in developing countries may be
affected favorably or unfavorably by political, economic, fiscal, regulatory or
other developments in the particular countries or neighboring regions. The
extent of economic development, political stability and market depth of
different countries varies widely. Certain developing countries do not have
comprehensive systems of law. Even where adequate law exists in such developing
countries, it may be impossible to obtain swift and equitable enforcement of
such law, or to obtain enforcement of the judgment by a court of another
jurisdiction. Certain countries in the Asia region, including Cambodia, China,
Laos, Indonesia, Malaysia, the Philippines, Thailand and Vietnam are either
comparatively underdeveloped or are in the process of becoming developed.
Investments in these countries typically involve greater potential for gain or
loss than investments in securities of issuers in developed markets.

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<PAGE>

The securities markets in developing countries are substantially smaller,
less liquid and more volatile than the major securities markets in the United
States. A high proportion of the shares of many issuers may be held by a limited
number of persons and financial institutions, which may limit the number of
shares available for investment by the portfolio. Similarly, volume and
liquidity in the bond markets in developing countries are less than in the
United States and, at times, price volatility can be greater than in the United
States. A limited number of issuers in developing countries' securities markets
may represent a disproportionately large percentage of market capitalization and
trading value. The limited liquidity of securities markets in developing
countries may also affect the Fund's ability to acquire or dispose of securities
at the price and time it wishes to do so. Accordingly, during periods of rising
securities prices in the more illiquid securities markets, the Fund's ability to
participate fully in such price increases may be limited by its investment
policy regarding illiquid securities. Conversely, the Fund's inability to
dispose fully and promptly of positions in declining markets will cause the
Fund's net asset value to decline as the value of the unsold positions is marked
to lower prices. In addition, securities markets in developing countries are
susceptible to being influenced by large investors trading significant blocks of
securities.

Political and economic structures in many of such countries may be
undergoing significant evolution and rapid development, and such countries may
lack the social, political and economic stability characteristic of the United
States. Certain of such countries have in the past failed to recognize private
property rights and have at times nationalized or expropriated the assets of
private companies. As a result, the risks described above, including the risks
of nationalization or expropriation of assets, may be heightened. In addition,
unanticipated political or social developments may affect the value of the
Funds' investments in those countries and the availability to the Funds of
additional investments in those countries.

Economies of developing countries may differ favorably or unfavorably from
the United States economy in such respects as rate of growth of gross national
product, rate of inflation, capital reinvestment, resource self-sufficiency and
balance of payments position. As export-driven economies, the economies of
countries in the Asia Region are affected by developments in the economies of
their principal trading partners. Hong Kong, Japan and Taiwan have limited
natural resources, resulting in dependence on foreign sources for certain raw
materials and economic vulnerability to global fluctuations of price and supply.

Certain developing countries do not have comprehensive systems of laws,
although substantial changes have occurred in many such countries in this regard
in recent years. Laws regarding fiduciary duties of officers and directors and
the protection of shareholders may not be well developed. Even where adequate
law exists in such developing countries, it may be impossible to obtain swift
and equitable enforcement of such law, or to obtain enforcement of the judgment
by a court of another jurisdiction.

Trading in futures contracts traded on foreign commodity exchanges may be
subject to the same or similar risks as trading in foreign securities.

EMERGING MARKETS SECURITIES

Investments of the Funds may be made from time to time in companies in
developing countries as well as in developed countries. Shareholders should be
aware that investing in the equity and fixed income markets of developing
countries is subject to highly volatile returns, involves exposure to
potentially unstable governments, the risk of nationalization of businesses,
restrictions on foreign ownership, prohibitions on repatriation of assets and a
system of laws that may offer less protection of property rights. Emerging
market economies may be based on only a few industries, may be highly vulnerable
to changes in local or global trade conditions, and may suffer from extreme and
volatile debt burdens or inflation rates.

FOREIGN CURRENCY TRANSACTIONS

Under normal circumstances, consideration of the prospects for currency
exchange rates will be incorporated into the long-term investment decisions made
for the Funds, with regard to overall diversification strategies. Although the
Funds value their assets daily in terms of U.S. dollars, they do not intend
physically to convert their holdings of foreign currencies into U.S. dollars on
a daily basis. The Funds will do so from time to time, and investors should be
aware of the costs of currency conversion. Although foreign exchange dealers do
not charge a fee for conversion, they do realize a profit based on the
difference (the "spread") between the prices at which they are buying and
selling various currencies. Thus, a dealer may offer to sell a foreign currency
to the Funds at one rate, while offering a lesser rate of exchange should the
Funds desire to resell that currency to the dealer. The Funds will use forward
contracts, along with futures contracts and put and call options, to "lock in"
the U.S. dollar price of a security bought or sold and as part of their overall
hedging strategy. The Funds will conduct their foreign currency exchange
transactions, either on a spot (i.e., cash) basis at the spot

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<PAGE>

rate prevailing in the foreign currency exchange market, or through purchasing
put and call options on, or entering into futures contracts or forward contracts
to purchase or sell foreign currencies. See "Futures and Options Transactions."

A forward foreign currency contract, like a futures contract, involves an
obligation to purchase or sell a specific amount of currency at a future date,
which may be any fixed number of days from the date of the contract agreed upon
by the parties, at a price set at the time of the contract. Unlike foreign
currency futures contracts which are standardized exchange-traded contracts,
forward currency contracts are usually traded in the interbank market conducted
directly between currency traders (usually large commercial banks) and their
customers. A forward contract generally has no deposit requirement, and no
commissions are charged at any stage for such trades.

The Adviser will not commit any Fund to deliver under forward contracts an
amount of foreign currency in excess of the value of the Fund's portfolio
securities or other assets or obligations denominated in that currency. The
Funds' Custodian will place the securities being hedged, cash or U.S. Government
securities or debt or equity securities into a segregated account of the Fund in
an amount equal to the value of the Fund's total assets committed to the
consummation of forward foreign currency contracts to ensure that the Fund is
not leveraged beyond applicable limits. If the value of the securities placed in
the segregated account declines, additional cash or securities will be placed in
the account on a daily basis so that the value of the account will equal the
amount of the Funds' commitments with respect to such contracts. At the maturity
of a forward contract, the Funds may either sell the portfolio security and make
delivery of the foreign currency, or they may retain the security and terminate
their contractual obligation to deliver the foreign currency prior to maturity
by purchasing an "offsetting" contract with the same currency trader obligating
it to purchase, on the same maturity date, the same amount of the foreign
currency. There can be no assurance, however, that the Funds will be able to
effect such a closing purchase transaction.

It is impossible to forecast the market value of a particular portfolio
security at the expiration of the contract. Accordingly, it may be necessary for
the Funds to purchase additional foreign currency on the spot market (and bear
the expense of such purchase) if the market value of the security is less than
the amount of foreign currency that the Funds are obligated to deliver and if a
decision is made to sell the security and make delivery of the foreign currency.

Changes in currency exchange rates may affect the Funds' net asset value
and performance. There can be no assurance that the Funds' investment adviser
will be able to anticipate currency fluctuations in exchange rates accurately.
The Funds may invest in a variety of derivatives and enter into hedging
transactions to attempt to moderate the effect of currency fluctuations. The
Funds may purchase and sell put and call options on, or enter into futures
contracts or forward contracts to purchase or sell, foreign currencies. This may
reduce a Fund's losses on a security when a foreign currency's value changes.
Hedging against a change in the value of a foreign currency does not eliminate
fluctuations in the prices of portfolio securities or prevent losses if the
prices of such securities decline. Furthermore, such hedging transactions reduce
or preclude the opportunity for gain if the value of the hedged currency should
change relative to the other currency. Last, when the Funds use options and
futures in anticipation of the purchase of a portfolio security to hedge against
adverse movements in the security's underlying currency, but the purchase of
such security is subsequently deemed undesirable, the Fund may incur a gain or
loss on the option or futures contract.

The Fund will enter into forward contracts to duplicate a cash market
transaction. Worldwide Bond Fund will not purchase or sell foreign currency as
an investment. Worldwide Emerging Markets Fund, Worldwide Hard Asset Fund and
Worldwide Real Estate Fund may enter into currency swaps. See also "Foreign
Currency Transactions" and "Futures and Options Transactions".

In those situations where foreign currency options of futures contracts, or
options on futures contracts may not be readily purchased (or where they may be
deemed illiquid) in the primary currency in which the hedge is desired, the
hedge may be obtained by purchasing or selling an option, or futures contract or
forward contract on a secondary currency. The secondary currency will be
selected based upon the investment adviser's belief that there exists a
significant correlation between the exchange rate movements of the two
currencies. However, there can be no assurances that the exchange rate or the
primary and secondary currencies will move as anticipated or that the
relationship between the hedged security and the hedging instrument will
continue. If they do not move as anticipated or the relationship does not
continue, a loss may result to the Funds on their investments in the hedging
positions.

If the Funds retain the portfolio security and engage in an offsetting
transaction, the Funds will incur a gain or a loss to the extent that there has
been movement in forward contract prices. Additionally, although such contracts
tend to minimize the risk

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<PAGE>

of loss due to a decline in the value of the hedged currency, at the same time
they tend to limit any potential gain which might result should the value of
such currency increase.

FUTURES AND OPTIONS TRANSACTIONS

The Funds may buy and sell financial futures contracts which may include
security and interest-rate futures, stock and bond index futures contracts and
foreign currency futures contracts. Worldwide Hard Assets Fund may also buy and
sell commodities futures contracts, which may include futures on natural
resources and natural resource indices. A security or interest-rate futures
contract is an agreement between two parties to buy or sell a specified security
at a set price on a future date. An index futures contract is an agreement to
take or make delivery of an amount of cash based on the difference between the
value of the index at the beginning and at the end of the contract period. A
foreign currency futures contract is an agreement to buy or sell a specified
amount of currency for a set price on a future date. A commodity futures
contract is an agreement to take or make delivery of a specified amount of a
commodity, such as gold, at a set price on a future date.

A Fund will not commit more than 5% of its total assets to initial margin
deposits on futures contracts and premiums on options on futures contracts,
except that margin deposits for futures positions entered into for bona fide
hedging purposes, as that term is defined in the Commodity Exchange Act, are
excluded from the 5% limitation. As the value of the underlying asset
fluctuates, either party to the contract is required to make additional margin
payments, known as "variation margin", to cover any additional obligations it
may have under the contract. In addition, cash or high quality securities equal
in value to the current value of the underlying securities less the margin
requirement will be segregated, as may be required, with the Fund's custodian to
ensure that the Fund's position is unleveraged. This segregated account will be
marked-to-market daily to reflect changes in the value of the underlying futures
contract.

Worldwide Hard Assets Fund may invest in commodity futures contracts and in
options on commodity futures contracts, which involves numerous risks such as
leverage, high volatility illiquidity, governmental intervention designed to
influence commodity prices and the possibility of delivery of the underlying
commodities. If the Fund were required to take delivery of a commodity, it would
be deemed illiquid and the Fund would bear the cost of storage and might incur
substantial costs in its disposition. The Fund will not use commodity futures
contracts for leveraging purposes in excess of applicable limitations. Certain
exchanges do not permit trading in particular commodities at prices in excess of
daily price fluctuation limits set by the exchange, and thus Worldwide Hard
Assets Fund could be prevented from liquidating its position and thus be subject
to losses. Trading in futures contracts traded on foreign commodity exchanges
may be subject to the same or similar risks as trading in foreign securities.
See "Risk Factors-Foreign Securities".

The Funds may also invest in options on futures contracts. Compared to the
purchase or sale of futures contracts, the purchase and sale of options on
futures contracts involves less potential risk to the Funds because the maximum
exposure is the amount of the premiums paid for the options.

The Funds' use of financial futures contracts and options on such futures
contracts, and Worldwide Hard Assets Fund and Worldwide Real Estate Fund's use
of commodity futures contracts and options on such futures contracts may reduce
a Fund's exposure to fluctuations in the prices of portfolio securities and may
prevent losses if the prices of such securities decline. Similarly, such
investments may protect a Fund against fluctuation in the value of securities in
which a Fund is about to invest. Because the financial markets in the developing
countries are not as developed as those in the United States, these financial
investments may not be available to the Funds and the Funds, may be unable to
hedge certain risks.

The use of financial futures and/or commodity futures contracts and options
on such futures contracts as hedging instruments involves several risks. First,
there can be no assurance that the prices of the futures contracts or options
and the hedged security or the cash market position will move as anticipated. If
prices do not move as anticipated, the Funds may incur a loss on their
investment, may not achieve the hedging protection anticipated and/or incur a
loss greater than if it had entered into a cash market position. Second,
investments in options, futures contracts and options on futures contracts may
reduce the gains which would otherwise be realized from the sale of the
underlying securities or assets which are being hedged. Third, positions in
futures contracts and options can be closed out only on an exchange that
provides a market for those instruments. There can be no assurances that such a
market will exist for a particular futures contract or option. If the Fund
cannot close out an exchange traded futures contract or option which it holds,
it would have to perform its contract obligation or exercise its option to
realize any profit and would incur transaction costs on the sale of the
underlying assets.

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<PAGE>

It is the policy of the Funds to meet the requirements of the Internal
Revenue Code of 1986, as amended (the "Code"), to qualify as a regulated
investment company to prevent double taxation of the Funds and their
shareholders. One of these requirements is that at least 90% of a Fund's gross
income be derived from dividends, interest, payment with respect to securities
loans and gains from the sale or other disposition of stocks or other
securities. Gains from commodity futures contracts do not currently qualify as
income for purposes of the 90% test. The extent to which the Funds may engage in
options and futures contracts transactions may be materially limited by this
test.

The Funds may write, purchase or sell covered call or put options. Any
options transaction involves the writer of the option, upon receipt of a
premium, giving the right to sell (call option) or buy (put option) an
underlying asset at an agreed-upon exercise price. The holder of the option has
the right to purchase (call option) or sell (put option) the underlying assets
at the exercise price. If the option is not exercised or sold, it becomes
worthless at its expiration date and the premium payment is lost to the option
holder. As the writer of an option, the Fund keeps the premium whether or not
the option is exercised. When a Fund sells a covered call option, which is a
call option with respect to which the Fund owns the underlying asset, the Fund
may lose the opportunity to realize appreciation in the market price of the
underlying asset or may have to hold the underlying asset, which might otherwise
have been sold to protect against depreciation. A covered put option written by
the Fund exposes it during the term of the option to a decline in the price of
the underlying asset. A put option sold by the Fund is covered when, among other
things, cash or liquid equity or debt securities are placed in a segregated
account to fulfill the obligations undertaken. Covering a put option sold does
not reduce the risk of loss.

The Funds may invest in options which are either listed on a domestic
securities exchange or traded on a recognized foreign exchange. In addition, the
Funds may purchase or sell over-the-counter options from dealers or banks to
hedge securities or currencies as approved by the Board of Trustees. In general,
exchange traded options are third party contracts with standardized prices and
expiration dates. Over-the-counter options are two party contracts with price
and terms negotiated by the buyer and seller, and are generally considered
illiquid securities.

REPURCHASE AGREEMENTS

A Fund will only enter into a repurchase agreement where (i) the underlying
securities are of the type which the Fund's investment policies would allow it
to purchase directly, (ii) the market value of the underlying security,
including accrued interest, will be at all times equal to or exceed the value of
the repurchase agreement, and (iii) payment for the underlying securities is
made only upon physical delivery or evidence of book-entry transfer to the
account of the custodian or a bank acting as agent.

MORTGAGE-BACKED SECURITIES

The Funds may invest in mortgage-backed securities. A mortgage-backed
security may be an obligation of the issuer backed by a mortgage or pool of
mortgages or a direct interest in an underlying pool of mortgages. The value of
mortgage-backed securities may change due to shifts in the market's perception
of issuers. In addition, regulatory or tax changes may adversely affect the
mortgage securities market as a whole. Stripped mortgage-backed securities are
created when a U.S. governmental agency or a financial institution separates the
interest and principal components of a mortgage-backed security and sells them
as individual securities. The holder of the "principal-only" security ("PO")
receives the principal payments made by the underlying mortgage-backed security,
while the holder of the "interest-only" security ("IO") receives interest
payments from the same underlying security. The prices of stripped
mortgage-backed securities may be particularly affected by change in interest
rates. As interest rates fall, prepayment rates tend to increase, which tends to
reduce the price of IOs and increase prices of POs. Rising interest rates can
have the opposite effect. Changes in interest rates may also affect the
liquidity of IOs and POs.

REAL ESTATE SECURITIES

Although Worldwide Hard Assets Fund will not invest in real estate
directly, the Fund may invest up to 50% of its assets in equity securities of
REITs and other real estate industry companies or companies with substantial
real estate investments. Worldwide Hard Assets Fund and Worldwide Real Estate
Fund are therefore subject to certain risks associated with ownership of real
estate and with the real estate industry in general. These risks include, among
others: possible declines in the value of real estate; possible lack of
availability of mortgage funds; extended vacancies of properties; risks related
to general and local economic conditions; overbuilding; increases in
competition, property taxes and operating expenses; changes in zoning laws;
costs resulting from the clean-up of, and liability to third parties for damages
resulting from environmental problems; casualty or con-

10
<PAGE>

demnation losses; uninsured damages from floods, earthquakes or other natural
disasters; limitations on and variations in rents; and changes in interest
rates.

REITs are pooled investment vehicles whose assets consist primarily of
interest in real estate and real estate loans. REITs are generally classified as
equity REITs, mortgage REITs or hybrid REITs. Equity REITs own interest in
property and realize income from the rents and gain or loss from the sale of
real estate interests. Mortgage REITs invest in real estate mortgage loans and
realize income from interest payments on the loans. Hybrid REITs invest in both
equity and debt. Equity REITs may be operating or financing companies. An
operating company provides operational and management expertise to and exercises
control over, many if not most operational aspects of the property.

REITs are not taxed on income distributed to shareholders provided they
comply with several requirements of the Code.

Investing in REITs involves certain unique risks in addition to those risks
associated with investing in the real estate industry in general. Equity REITs
may be affected by changes in the value of the underlying property owned by the
REITs, while mortgage REITs may be affected by the quality of any credit
extended. REITs are dependent upon management skills, are not diversified, and
are subject to the risks of financing projects. REITs are subject to heavy cash
flow dependency, default by borrowers, self-liquidation and the possibilities of
failing to qualify for the exemption from tax for distributed income under the
Code. REITs (especially mortgage REITs) are also subject to interest rate risk
(i.e., as interest rates rise, the value of the REIT may decline).

COMMERCIAL PAPER

The Funds may invest in commercial paper which is indexed to certain
specific foreign currency exchange rates. The terms of such commercial paper
provide that its principal amount is adjusted upwards or downwards (but not
below zero) at maturity to reflect changes in the exchange rate between two
currencies while the obligation is outstanding. The Funds will purchase such
commercial paper with the currency in which it is denominated and, at maturity,
will receive interest and principal payments thereon in that currency, but the
amount or principal payable by the issuer at maturity will change in proportion
to the change (if any) in the exchange rate between two specified currencies
between the date the instrument is issued and the date the instrument matures.
While such commercial paper entails the risk of loss of principal, the potential
for realizing gains as a result of changes in foreign currency exchange rates
enables the Funds to hedge or cross-hedge against a decline in the U.S. dollar
value of investments denominated in foreign currencies while providing an
attractive money market rate of return. The Funds will purchase such commercial
paper for hedging purposes only, not for speculation. The staff of the
Securities and Exchange Commission has been considering whether the purchase of
this type of commercial paper would result in the issuance of a "senior
security" within the meaning of the 1940 Act. The Funds believe that such
investments do not involve the creation of such a senior security, but
nevertheless will establish a segregated account with respect to its investments
in this type of commercial paper and to maintain in such account cash not
available for investment or U.S. Government securities or other liquid high
quality securities having a value equal to the aggregate principal amount of
outstanding commercial paper of this type.

DEBT SECURITIES

The Funds may invest in debt securities. The market value of debt
securities generally varies in response to changes in interest rates, the
financial condition of each issuer and the value of a Hard Asset if linked to
the value of a Hard Asset. Debt securities with similar maturities may have
different yields, depending upon several factors, including the relative
financial condition of the issuers. High grade means a rating of A or better by
Moody's or S&P's, or of comparable quality in the judgment of the Adviser if no
rating has been given by either service. Many securities of foreign issuers are
not rated by these services. Therefore, the selection of such issuers depends to
a large extent on the credit analysis performed by the Adviser. During periods
of declining interest rates, the value of debt securities generally increases.
Conversely, during periods of rising interest rates, the value of such
securities generally declines. These changes in market value will be reflected
in the Fund's net asset value. Debt securities with similar maturities may have
different yields, depending upon several factors, including the relative
financial condition of the issuers. For example, higher yields are generally
available from securities in the lower rating categories of S&P or Moody's.
However, the values of lower-rated securities generally fluctuate more than
those of high grade securities. Many securities of foreign issuers are not rated
by these services. Therefore the selection of such issuers depends to a large
extent on the credit analysis performed by the Adviser.

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<PAGE>

New issues of certain debt securities are often offered on a when-issued
basis, that is, the payment obligation and the interest rate are fixed at the
time the buyer enters into the commitment, but delivery and payment for the
securities normally take place after the date of the commitment to purchase. The
value of when-issued securities may vary prior to and after delivery depending
on market conditions and changes in interest rate levels. However, the Funds do
not accrue any income on these securities prior to delivery. The Funds will
maintain, in a segregated account with their Custodian, an amount of cash or
high quality securities equal (on a daily marked-to-market-basis) to the amount
of its commitment to purchase the when-issued securities.

The Fund may also invest in low rated or unrated debt securities. Low rated
debt securities present a significantly greater risk of default than do higher
rated securities, in times of poor business or economic conditions, the Funds
may lose interest and/or principal on such securities.

DERIVATIVES

To protect against anticipated declines in the value of the Funds'
investment holdings, the Funds may use options, forward and futures contracts,
swaps and structured notes (Worldwide Emerging Markets Fund, Worldwide Hard
Assets Fund and Worldwide Real Estate Fund), and similar investments (commonly
referred to as derivatives) as a defensive technique to protect the value of an
asset the Funds' investment adviser deems it desirable to hold for tax or other
considerations or for investment reasons. If the anticipated decline in the
value of the asset occurs, it would be offset, in whole or part, by a gain on
the futures contract, put option or swap. The premium paid for the put option
would reduce any capital gain otherwise available for distribution when the
security is eventually sold.

The Funds may also use futures contracts and options, forward contracts and
swaps as part of various investment techniques and strategies, such as creating
non-speculative "synthetic" positions (covered by segregation of liquid assets)
or implementing "cross-hedging" strategies. A "synthetic position" is the
duplication of cash market transaction when deemed advantageous by the Funds'
adviser for cost, liquidity or transactional efficiency reasons. A cash market
transaction is the purchase or sale of a security or other asset for cash.
"Cross-hedging" involves the use of one currency to hedge against the decline in
the value of another currency. The use of such instruments as described herein
involves several risks. First, there can be no assurance that the prices of such
instruments and the hedged security or the cash market position will move as
anticipated. If prices do not move as anticipated, a Fund may incur a loss on
its investment, may not achieve the hedging protection it anticipated and/or may
incur a loss greater than if it had entered into a cash market position. Second,
investments in such instruments may reduce the gains which would otherwise be
realized from the sale of the underlying securities or assets which are being
hedged. Third, positions in such instruments can be closed out only on an
exchange that provides a market for those instruments. There can be no assurance
that such a market will exist for a particular futures contract or option. If
the Fund cannot close out an exchange traded futures contract or option which it
holds, it would have to perform its contract obligation or exercise its option
to realize any profit and would incur transaction costs on the sale of the
underlying assets.

When the Funds intend to acquire securities (or gold bullion or coins in
the case of Worldwide Hard Assets Fund) for the portfolios, they may use call
options or futures contracts as a means of fixing the price of the security (or
gold) they intend to purchase at the exercise price (in the case of an option)
or contract price (in the case of a futures contract). An increase in the
acquisition cost would be offset, in whole or part, by a gain on the option or
futures contract. Options and futures contracts requiring delivery of a security
may also be useful to the Funds in purchasing a large block of securities that
would be more difficult to acquire by direct market purchases. If the Funds hold
a call option rather than the underlying security itself, the Funds are
partially protected from any unexpected decline in the market price of the
underlying security, and in such event could allow the call option to expire,
incurring a loss only to the extent of the premium paid for the option. Using a
futures contract would not offer such partial protection against market declines
and the Funds would experience a loss as if they had owned the underlying
security.

CURRENCY SWAPS

Except for Worldwide Bond Fund, the Funds may enter into currency swaps for
hedging purposes. Currency swaps involve the exchange of rights to make or
receive payments of the entire principal value in specified currency. Since
currency swaps are individually negotiated, a Fund may expect to achieve an
acceptable degree of correlation between its portfolio investments and its
currency swap positions. The entire principal value of a currency swap is
subject to the risk that the other party to the swap will default on its
contractual delivery obligations. Worldwide Hard Assets may also enter into
other asset swaps. Asset swaps are similar to currency swaps in that the
performance of one Hard Asset (e.g., gold) may be "swapped" for another (e.g.,
energy).

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<PAGE>

The use of swaps is a highly specialized activity which involves investment
techniques and risks different from those associated with ordinary portfolio
transactions. If the Funds' investment adviser is incorrect in its forecast of
market values and currency exchange rates and/or Hard Assets values, the
investment performance of the Fund would be less favorable than it would have
been if this investment technique were not used. Swaps are generally considered
illiquid and will be aggregated with other illiquid positions for purposes of
the limitation on illiquid investments.

SHORT SALES

Worldwide Emerging Markets Fund, Worldwide Hard Assets Fund and Worldwide
Real Estate Fund may make short sales of equity securities. The Funds will
establish a segregated account with respect to their short sales and maintain in
the account cash not available for investment or US Government securities or
other liquid, high-quality securities having a value equal to the difference
between (i) the market value of the securities sold short at the time they were
sold short and (ii) any cash, US Government securities or other liquid,
high-quality securities required to be deposited as collateral with the broker
in connection with the short sale (not including the proceeds from the short
sale). The segregated account will be marked to market daily, so that (i) the
amount in the segregated account plus the amount deposited with the broker as
collateral equals the current market value of the securities sold short and (ii)
in no event will the amount in the segregated account plus the amount deposited
with the broker as collateral fall below the original value of the securities at
the time they were sold short. The total value of the assets deposited as
collateral with the broker and deposited in the segregated account will not
exceed 50% of the Fund's net assets.

DIRECT INVESTMENTS

Worldwide Emerging Markets Fund, Worldwide Hard Assets Fund and Worldwide
Real Estate Fund may invest up to 10% of their total assets in direct
investments. Direct investments include (i) the private purchase from an
enterprise of an equity interest in the enterprise in the form of shares of
common stock or equity interests in trusts, partnerships, joint ventures or
similar enterprises, and (ii) the purchase of such an equity interest in an
enterprise from a principal investor in the enterprise. In each case, the Funds
will, at the time of making the investment, enter into a shareholder or similar
agreement with the enterprise and one or more other holders of equity interests
in the enterprise. The Adviser anticipates that these agreements will, in
appropriate circumstances, provide the Funds with the ability to appoint a
representative to the board of directors or similar body of the enterprise and
for eventual disposition of the Funds' investment in the enterprise. Such a
representative of the Funds will be expected to provide the Funds with the
ability to monitor its investment and protect its rights in the investment and
will not be appointed for the purpose of exercising management or control of the
enterprise.

Certain of the Funds' direct investments will include investments in
smaller, less seasoned companies. These companies may have limited product
lines, markets or financial resources, or they may be dependent on a limited
management group. The Funds do not anticipate making direct investments in
start-up operations, although it is expected that in some cases, the Funds'
direct investments will fund new operations for an enterprise which itself is
engaged in similar operations, or is affiliated with an organization that is
engaged in similar operations.

Direct investments may involve a high degree of business and financial risk
that can result in substantial losses. Because of the absence of any public
trading market for these investments, the Funds may take longer to liquidate
these positions than would be the case for publicly traded securities. Although
these securities may be resold in privately negotiated transactions, the prices
on these sales could be less than those originally paid by the Funds.
Furthermore, issuers whose securities are not publicly traded may not be subject
to public disclosure and other investor protection requirements applicable to
publicly traded securities. If such securities are required to be registered
under the securities laws of one or more jurisdictions before being resold, the
Funds may be required to bear the expense of the registration. In addition, in
the event the Funds sell unlisted foreign securities, any capital gains realized
on such transactions may be subject to higher rates of taxation than taxes
payable on the sale of listed securities. Direct investments are generally
considered illiquid and will be aggregated with other illiquid investments for
purposes of the limitation on illiquid investments. Direct investments can be
difficult to price and will be valued at fair value as determined in good faith
by the Board of Trustees. The pricing of direct investments may not be
reflective of the price at which these assets could be liquidated.

13
<PAGE>

LOANS ON PORTFOLIO SECURITIES

The Funds may lend to broker-dealers portfolio securities with an aggregate
market value of up to one-third of their total assets. These loans must be
secured by collateral (consisting of any combination of cash, U.S. Government
securities or irrevocable letters of credit) in an amount at least equal (on a
daily marked-to-market basis) to the current market value of the securities
loaned. The Funds may terminate the loans at any time and obtain the return of
the securities loaned within one business day. The Funds will continue to
receive any interest or dividends paid on the loaned securities and will
continue to have voting rights with respect to the securities. The Funds might
experience a loss if the borrowing broker-dealer breaches its agreement with the
Funds.

PRECIOUS METALS

Precious metals trading is a speculative activity, and its markets at times
volatile. There may be sharp fluctuations in prices, even during periods of
rising prices. Prices of precious metals are affected by factors such as
cyclical economic conditions, political events and monetary policies of various
countries. Under current U.S. tax law, the Funds may not receive more than 10%
of its yearly income from gains resulting from the sale of precious metals or
any other physical commodity. The Funds may be required, therefore, to hold
precious metals or sell them at a loss, or to sell portfolio securities at a
gain, when they would not otherwise do so for investment reasons. The Funds
incur additional costs in storing gold bullion and coins, which are generally
higher than custodian costs for securities.

INVESTMENT RESTRICTIONS

The following restrictions are fundamental policies which cannot be changed
without the approval of the holders of a majority of a Fund's outstanding
shares. Such majority is defined by the 1940 Act as the vote of the lesser of
(i) 67% or more of the outstanding shares present at a meeting, if the holders
of more than 50% of the outstanding shares are present in person or by proxy or
(ii) more than 50% of a Fund's outstanding shares.

Each of the Funds may not:

1. Purchase or sell real estate, although the Funds may purchase
securities of companies which deal in real estate, including securities
of real estate investment trusts, and may purchase securities which are
secured by interests in real estate.

2. Purchase or sell commodities or commodity futures contracts (for the
purpose of this restriction, forward foreign exchange contracts are not
deemed to be a commodity or commodity contract) except that the
Worldwide Emerging Markets Fund may, for hedging and other purposes,
and the Worldwide Hard Assets Fund, Worldwide Bond Fund and Worldwide
Real Estate Fund may, for hedging purposes only, buy and sell financial
futures contracts which may include stock and bond index futures
contracts and foreign currency futures contracts. The Worldwide Hard
Assets Fund and Worldwide Real Estate Fund may, for hedging purposes
only, buy and sell commodity futures contracts on gold and other
natural resources or on an index thereon. A Fund may not commit more
than 5% of its total assets to initial margin deposits on futures
contracts not used for hedging purposes (except that with respect to
Worldwide Emerging Markets Fund, Worldwide Hard Assets Fund and
Worldwide Real Estate Fund, margin deposits for futures positions
entered into for bona fide hedging purposes are excluded from the 5%
limitation). In addition, Worldwide Hard Assets Fund and Worldwide Real
Estate Fund may invest in gold bullion and coins.

3. Make loans, except by (i) purchase of marketable bonds, debentures,
commercial paper and similar marketable evidences of indebtedness (such
as structured notes, indexed securities and swaps with respect to
Worldwide Hard Assets Fund and Worldwide Real Estate Fund) and (ii)
repurchase agreements. The Funds may lend to broker-dealers portfolio
securities with an aggregate market value up to one-third of its total
assets.

4. As to 75% of the total assets of the Worldwide Hard Assets Fund and
Worldwide Emerging Markets Fund, purchase securities of any issuer, if
immediately thereafter (i) more than 5% of a Fund's total assets (taken
at market value) would be invested in the securities of such issuer, or
(ii) with respect to the Worldwide Hard Assets Fund, more than 10% of
the outstanding securities of any class of such issuer would be held by
a Fund; and in the case of Worldwide Emerging Markets Fund more than
10% of the outstanding voting securities of such issuer would be held
by a Fund (provided that these limitations do not apply to obligations
of the United States Government, its agencies or instrumentalities).
This limitation does not apply to the Worldwide Bond Fund and Worldwide
Real Estate Fund.

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<PAGE>

5. Underwrite any issue of securities (except to the extent that a Fund
may be deemed to be an underwriter within the meaning of the Securities
Act of 1933, as amended, in the disposition of restricted securities).

6. Borrow money, except that each of the Funds may borrow up to 30% of the
value of its net assets to increase its holding of portfolio
securities.

7. Issue senior securities except insofar as a Fund may be deemed to have
issued a senior security by reason of (i) borrowing money in accordance
with restrictions described above; (ii) entering into forward foreign
currency contracts; (iii) financial futures contracts purchased on
margin; (iv) commodity futures contracts purchased on margin (Worldwide
Hard Assets Fund); and (v) foreign currency swaps (Worldwide Emerging
Markets Fund, Worldwide Hard Assets Fund and Worldwide Real Estate
Fund).

8. Invest more than 25 percent of the value of a Fund's total assets in
the securities of issuers having their principal business activities in
the same industry, except the Worldwide Emerging Markets Fund,
Worldwide Hard Assets Fund and Worldwide Real Estate Fund, and provided
that this limitation does not apply to obligations issued or guaranteed
by the United States Government, its agencies or instrumentalities.

9. Make investments for the purpose of exercising control or management.

10. Invest in real estate limited partnerships (except Worldwide Real
Estate Fund) or in oil, gas or other mineral leases.

The following policies have been adopted by the Board of Trustees with
respect to each Fund and may be changed without shareholder approval.

A Fund may not:

11. Exclusive of Worldwide Emerging Markets Fund, Worldwide Hard Assets
Fund and Worldwide Real Estate Fund, purchase securities of other
open-end investment companies, except as part of a merger,
consolidation, reorganization or acquisition of assets; (i) purchase
more than 3% of the total outstanding voting stock of any investment
company, (ii) invest more than 5% of any of the Fund's total assets in
securities of any one investment company, or (iii) invest more than 10%
of such value in investment companies in general. In addition, the Fund
may not invest in the securities of closed-end investment companies,
except by purchase in the open market involving only customary broker's
commissions.

12. Invest in securities which are (i) subject to legal or contractual
restrictions on resale ("restricted securities"), or in securities for
which there is no readily available market quotation or engage in a
repurchase agreement maturing in more than seven days with respect to
any security, if as a result, more than 10% of its total net assets
would be invested in such securities, except that Worldwide Emerging
Markets Fund, Worldwide Hard Assets Fund and Worldwide Real Estate Fund
will not invest more than 15% of the value of their total net assets in
such securities, and; (ii) with respect to Worldwide Emerging Markets
Fund, Worldwide Hard Assets Fund and Worldwide Real Estate Fund
"illiquid" securities, including repurchase agreements maturing in more
than 7 days and options traded over-the-counter if the result is that
more than 15% of its total net assets would be invested in such
securities.

13. Invest more than 5 percent of the value of its total assets in
securities of companies having together with their predecessors, a
record of less than three years of continuous operation (this
restriction does not apply to the Worldwide Emerging Markets Fund, and
Worldwide Real Estate Fund).

14. Write, purchase or sell puts, calls, straddles, spreads or combinations
thereof, except that the Funds may purchase or sell puts and calls on
foreign currencies and on securities as described under "Futures and
Options Transactions" herein and in the Prospectus and that these Funds
may write, purchase or sell put and call options on financial futures
contracts, which include bond and stock index futures contracts and
Worldwide Hard Assets Fund and Worldwide Real Estate Fund may write,
purchase, or sell put and call options on gold or other natural
resources or an index thereon, and on commodity futures contracts on
gold or other natural resources or an index thereon.

15
<PAGE>

15. Purchase participations or other interests (other than equity stock
interests) in oil, gas or other mineral exploration or development
programs.

16. Invest more than 5% of its total assets in warrants, whether or not the
warrants are listed on the New York or American Stock Exchanges or more
than 2% of the value of the assets of a Fund (except Worldwide Emerging
Markets Fund and Worldwide Real Estate Fund) in warrants which are not
listed. Warrants acquired in units or attached to securities are not
included in this restriction.

17. Mortgage, pledge or otherwise encumber its assets except to secure
borrowings effected within the limitations set forth in restriction
(6).

18. Except for Worldwide Emerging Markets Fund, Worldwide Hard Assets Fund
and Worldwide Real Estate Fund, make short sales of securities, except
that the Worldwide Bond Fund may engage in the transactions specified
in restrictions (1), (2) and (14).

19. Purchase any security on margin, except that it may obtain such
short-term credits as are necessary for clearance of securities
transactions, and may make initial or maintenance margin payments in
connection with options and futures contracts and related options and
borrowing effected within the limitations set forth in restriction (6).

20. Participate on a joint or joint-and-several basis in any trading
account in securities, although transactions for the Funds and any
other account under common or affiliated management may be combined or
allocated between the Funds and such account.

21. Purchase or retain a security of any issuer if any of the officers,
directors or Trustees of a Fund or its investment adviser beneficially
owns more than 1/2 of 1% of the securities of such issuer, or if such
persons taken together own more than 5% of the securities of such
issuer.

If a percentage restriction is adhered to at the time of investment, a
later increase or decrease in percentage resulting from a change in values of
portfolio securities or amount of net assets will not be considered a violation
of any of the foregoing restrictions.

INVESTMENT ADVISORY SERVICES

The investment adviser and manager of the Funds is Van Eck Associates
Corporation (the "Adviser"), a Delaware corporation, pursuant to an Advisory
Agreement with the Trust dated as of August 30, 1989. The Adviser furnishes an
investment program for the Funds and determines, subject to the overall
supervision and review of the Board of Trustees, what investments should be
purchased, sold or held. The Adviser, which has been an investment adviser since
1955, also acts as investment adviser or sub-investment adviser to other mutual
funds registered with the SEC under the Act, and manages or advises managers of
portfolios of pension plans and others.

The Adviser or its affiliates provide the Funds with office space,
facilities and simple business equipment and provide the services of
consultants, executive and clerical personnel for administering the affairs of
the Funds. Except as provided for in the Advisory Agreements, the Adviser or its
affiliates compensate all executive and clerical personnel and Trustees of the
Trust if such persons are employees or affiliates of the Adviser or its
affiliates. The advisory fee is computed daily and paid monthly.

The Advisory Agreements provide that they shall each continue in effect
from year to year with respect to a Fund as long as it is approved at least
annually both (i) by a vote of a majority of the outstanding voting securities
of the Fund (as defined in the 1940 Act) or by the Trustees of the Trust, and
(ii) in either event a vote of a majority of the Trustees who are not parties to
the Advisory Agreement or "interested persons" of any party thereto, cast in
person at a meeting called for the purpose of voting on such approval. The
Advisory Agreements may be terminated on 60 days' written notice by either party
and will terminate automatically if they are assigned within the meaning of the
1940 Act. The Advisory Agreements for each of the Funds were last reapproved by
the Board of Trustees on April 21, 1999.

The expenses borne by each of the Funds include the charges and expenses of
the transfer and dividend disbursing agent, custodian fees and expenses, legal,
auditors' fees and expenses, brokerage commissions for portfolio transactions,
taxes, (if any),

16
<PAGE>

the advisory and administrative fees, extraordinary expenses (as determined by
the Trustees of the Trust), expenses of shareholder and Trustee meetings and of
preparing, printing and mailing proxy statements, reports and other
communications to shareholders, expenses of preparing and setting in type
prospectuses and periodic reports and expenses of mailing them to current
shareholders, legal and accounting expenses, expenses of registering and
qualifying shares for sale (including compensation of the employees of the
Adviser or its affiliate in relation to the time spent on such matters), fees of
Trustees who are not "interested persons" of the Adviser, membership dues of the
Investment Company Institute, fidelity bond and errors and omissions insurance
premiums, cost of maintaining the books and records of each Fund, and any other
charges and fees not specifically enumerated as an obligation of the Distributor
or Adviser.

The management fee for each of Worldwide Bond Fund and Worldwide Hard
Assets Fund is based on an annual rate of 1% of the first $500 million of
average daily net assets, .90 of 1% on the next $250 million and .70 of 1% in
excess of $750 million, which includes the fee paid to the Adviser for
accounting and administrative services. The management fee for Worldwide
Emerging Markets Fund and Worldwide Real Estate Fund are computed daily and paid
monthly at an annual rate of 1% of average daily net assets, which includes the
fee paid to the Adviser for accounting and administrative services.

For the full year ended December 31, 1997, 1998, and 1999, the Adviser
earned fees with respect to Worldwide Bond Fund of $1,117,119, $1,180,505 and
$998,553, respectively. The Adviser earned fees for the same period with respect
to Worldwide Hard Assets Fund of $1,736,208, $1,185,714 and $1,006,500,
respectively. There were no fee waivers or expense reimbursements with respect
to these two Funds for this period. For the year ended December 31, 1997,
December 31, 1998, and December 31, 1999, the Adviser earned fees for Worldwide
Emerging Markets Fund in the amount of $1,062,413, $683,102 and $1,172,736,
respectively. In addition, during the period 1997 and 1998, the Adviser assumed
the operating expenses of Worldwide Emerging Markets Fund. Commencing January
11, 1997 through February 3, 1997, the Adviser waived and assumed all fees and
expenses, to the extent they exceeded 1% of Worldwide Emerging Markets Fund's
average daily net assets. From February 4 to December 31, 1997, the Adviser
agreed to limit all expenses to 1.5% of the average daily net assets. For the
year ended December 31, 1997, the Adviser waived expenses in the amount of
$18,137. The Adviser of Worldwide Real Estate Fund waived advisory fees from the
date of the Fund's commencement of operations (June 23, 1997) to February 28,
1998; in addition, during the same time period, the Adviser assumed the
operating expenses of Worldwide Real Estate Fund. From March 1, 1998 to December
31, 1999, the Adviser agreed to limit all expenses to 1% of average daily net
assets. For the year ended December 31, 1998, and December 31, 1999, the Adviser
earned fees with respect to Worldwide Real Estate Fund of $12,340 and 23,366
respectively.

Under the Advisory Agreements, the Adviser is responsible for determining
the net asset value per share and maintaining the accounting records of the
Funds. For these services, the agreements provide for reimbursement to the
Adviser.

Mr. John C. van Eck is Chairman of the Board of Directors of the Adviser as
well as President and Trustee of the Trust.

THE DISTRIBUTOR

Shares of the Funds are offered on a continuous basis and are distributed
through Van Eck Securities Corporation, 99 Park Avenue, New York, New York (the
"Distributor"), a wholly-owned subsidiary of Van Eck Associates Corporation. The
Trustees of the Trust have approved a Distribution Agreement appointing the
Distributor as distributor of shares of the Funds. The Distribution Agreements
for each of the Funds were last reapproved by action of the Trustees on April
21, 1999.

The Distribution Agreement provides that the Distributor will pay all fees
and expenses in connection with printing and distributing prospectuses and
reports for use in offering and selling shares of the Funds and preparing,
printing and distributing advertising or promotional materials. The Funds will
pay all fees and expenses in connection with registering and qualifying their
shares under federal and state securities laws.

PORTFOLIO TRANSACTIONS AND BROKERAGE

The Adviser is responsible for decisions to buy and sell securities and
other investments for the Funds, and the selection of brokers and dealers to
effect the transactions and the negotiation of brokerage commissions, if any. In
transactions on stock and commodity exchanges in the United States, these
commissions are negotiated, whereas on foreign stock and commodity exchanges
these commissions are generally fixed and are generally higher than brokerage
commissions in the United States. In the case of securities traded on the
over-the-counter markets, there is generally no stated commission, but the price
usually includes an undisclosed commission or markup. In underwritten offerings,
the price includes a disclosed, fixed commission or discount. Most short

17
<PAGE>

term obligations are normally traded on a "principal" rather than agency basis.
This may be done through a dealer (e.g., securities firm or bank) who buys or
sells for its own account rather than as an agent for another client, or
directly with the issuer. A dealer's profit, if any, is the difference, or
spread, between the dealer's purchase and sale price for the obligation.

In purchasing and selling the Funds' portfolio investments, it is the
Adviser's policy to obtain quality execution at the most favorable prices
through responsible broker-dealers. In selecting broker-dealers, the Adviser
will consider various relevant factors, including, but not limited to, the size
and type of the transaction, the nature and character of the markets for the
security or asset to be purchased or sold, the execution efficiency, settlement
capability, and financial condition of the broker-dealer's firm, the
broker-dealer's execution services rendered on a continuing basis, and the
reasonableness of any commissions.

The Adviser may cause the Funds to pay a broker-dealer who furnishes
brokerage and/or research services, a commission that is in excess of the
commission another broker-dealer would have received for executing the
transaction, if it is determined that such commission is reasonable in relation
to the value of the brokerage and/or research services as defined in Section
28(e) of the Securities Exchange Act of 1934, as amended, which have been
provided. Such research services may include, among other things, analyses and
reports concerning issuers, industries, securities, economic factors and trends
and portfolio strategy. Any such research and other information provided by
brokers to the Adviser is considered to be in addition to and not in lieu of
services required to be performed by the Adviser under its Advisory Agreement
with the Trust. The research services provided by broker-dealers can be useful
to the Adviser in serving its other clients or clients of the Adviser's
affiliates. In addition the Funds occasionally direct the Adviser to direct
brokerage to certain brokers with which they have directed brokerage
arrangements.

The Trustees periodically review the Adviser's performance of its
responsibilities in connection with the placement of portfolio transactions on
behalf of the Funds. The Trustees also review the commissions paid by the Funds
over representative periods of time to determine if they are reasonable in
relation to the benefits to the Funds.

Investment decisions for the Funds are made independently from those of the
other investment accounts managed by the Adviser or affiliated companies.
Occasions may arise, however, when the same investment decision is made for more
than one client's account. It is the practice of the Adviser to allocate such
purchases or sales insofar as feasible among its several clients or the clients
of its affiliates in a manner it deems equitable. The principal factors which
the Adviser considers in making such allocations are the relative investment
objectives of the clients, the relative size of the portfolio holdings of the
same or comparable securities, and the then-availability in the particular
account of funds for investment. Portfolio securities held by one client of the
Adviser may also be held by one or more of its other clients or by clients of
its affiliates. When two or more of its clients or clients of its affiliates are
engaged in the simultaneous sale or purchase of securities, transactions are
allocated as to amount in accordance with formulae deemed to be equitable as to
each client. There may be circumstances when purchases or sales of portfolio
securities for one or more clients will have an adverse effect on other clients.

While it is the policy of the Funds generally not to engage in trading for
short-term gains, the Funds will effect portfolio transactions without regard to
the holding period if, in the judgment of the Adviser, such transactions are
advisable in light of a change in circumstances of a particular company, within
a particular industry or country, or in general market, economic or political
conditions. The portfolio turnover rates of all the Funds may vary greatly from
year to year.

Worldwide Emerging Markets Fund and Worldwide Hard Assets Fund anticipate
that their annual portfolio turnover rates will not exceed 100%. For the years
ended December 31 1997, December 31, 1998 and December 31, 1999, the portfolio
turnover rates for Worldwide Emerging Markets Fund were 142.39%,* 117.16%* and
143.03%* respectively. For the year ended December 31, 1997, December 31, 1998
and December 31, 1999, the portfolio turnover rates for Worldwide Hard Assets
Fund were 102.82%,* 153.25%* and 199.43%,* respectively.

The annual portfolio turnover rate of the Worldwide Bond Fund and Worldwide
Real Estate Fund may exceed 100%. For the year ended December 31, 1997, December
31, 1998 and December 31, 1999, the portfolio turnover rates for Worldwide Bond

- ----------
* The portfolio turnover rate normally does not exceed 100%. Extraordinary
volatile conditions do, however, occasionally require high levels of turnover
in order to preserve capital. These conditions were in evidence during the
third and fourth quarters of 1997 while the Asian markets were in crisis.
This crisis resulted in high levels of volatility throughout global emerging
markets. The high level of turnover reflected a switch to more defensive
issues with the goal of preserving shareholder capital. It is not anticipated
that future years will show a repeat of this level of volatility or turnover.

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<PAGE>

Fund were 135.36%, 30.59% and 46.84%, respectively, and the Adviser
anticipates the turnover rate for the current fiscal year will also exceed 100%.
For the period from June 23 to December 31, 1997, December 31, 1998 and December
31, 1999, the portfolio turnover rate of Worldwide Real Estate Fund was 123%,
107% and 172% respectively. Due to the high rate of turnover, the Fund will pay
a greater amount in brokerage commissions than a similar size fund with a lower
turnover rate, though commissions are not generally charged in fixed-income
transactions. In addition, since the Fund may have a high rate of portfolio
turnover, the Fund may realize capital gains or losses. Capital gains will be
distributed annually to the shareholders. Capital losses cannot be distributed
to shareholders but may be used to offset capital gains at the Fund level. See
"Taxes" in the Prospectus and the Statement of Additional Information.

The Adviser does not consider sales of shares of the Funds as a factor in
the selection of broker-dealers to execute portfolio transactions for the Funds.
For the fiscal period or year ended December 31, 1997, Worldwide Real Estate
Fund paid $4,317, Worldwide Emerging Markets Fund paid $1,000,327 and Worldwide
Hard Assets Fund paid $663,946 in brokerage commissions. For the fiscal year or
period ended December 31, 1998, Worldwide Hard Assets Fund paid $889,272,
Worldwide Emerging Markets Fund paid $681,222, and Worldwide Real Estate Fund
paid $8,836. For the fiscal year ended December 31, 1999, Worldwide Hard Assets
Fund paid $1,025,381, Worldwide Real Estate Fund paid $25,765, and Worldwide
Emerging Markets Fund paid $1,621,471 in brokerage commissions.

For the fiscal year or period ended December 31, 1998, Worldwide Hard
Assets Fund paid $137,867.48, Worldwide Real Estate Fund paid $1,222.50, and
Worldwide Emerging Markets Fund paid $45,247.46 in commissions to broker-dealers
providing research and other services, representing 15.5%, 13.8% and 6.6%,
respectively, of total commissions paid by such Funds. For the year ended
December 31, 1999, Worldwide Hard Assets Fund paid $802,140, Worldwide Real
Estate Fund paid $14,711 and Worldwide Emerging Markets Fund paid $1,572,974 in
commissions to broker dealers, providing research and other services
representing 78%, 57% and 97% respectively of sold commissions.

TRUSTEES AND OFFICERS

The Trustees and officers of the Trust, their address, position with the
Trust, age and principal occupations during the past five years are set forth
below.

TRUSTEES OF THE TRUST:

@*JOHN C. van ECK, C.F.A. (84)--Chairman of the Board and President
----------
575 Park Avenue, New York, New York 10021; Chairman of the Board and
President of another investment company advised by the Adviser; Chairman,
Van Eck Associates Corporation (investment adviser) and Van Eck Securities
Corporation (broker-dealer); Director, Eclipse Financial Asset Trust
(mutual fund); Former President of the Adviser and its affiliated
companies; Former Director (1992-1995), Abex Inc. (aerospace); Former
Director (1983-1986), The Signal Companies, Inc. (high technology and
engineering); Former Director (1982-1984), Pullman Transportation Co., Inc.
(transportation equipment); Former Director (1986-1992) The Henley Group,
Inc. (technology and health).

@#JEREMY H. BIGGS (64)--Trustee
----------
1220 Park Avenue, New York, New York 10128; Trustee of another investment
company advised by the Adviser; Vice Chairman, Director and Chief
Investment Officer, Fiduciary Trust Company International (investment
manager), parent company of Fiduciary International, Inc.; Chairman of
Davis Funds Group (mutual fund management company); Treasurer and Director
of the Royal Oak Foundation (the UK National Trust); Director and former
chairman of the Union Settlement Association (the community service
organization); First Vice President, Trustee and Chairman of the Finance
Committee of Saint James School, St. James, Maryland; Former Director,
International Investors Incorporated (1990-1991).

19
<PAGE>

#+RICHARD C. COWELL (72)--Trustee
----------
240 El Vedado Way, Palm Beach, Florida 33480; Trustee of another investment
company advised by the Adviser; Private Investor; Director, West Indies &
Caribbean Development Ltd. (real estate); Former Director, Compo
Industries, Inc. (machinery manufacturer); Former Director, International
Investors Incorporated (1957-1991); Former Director (1978-1981), American
Eagle Petroleums, Ltd. (oil and gas exploration); Former President and
Director (1968-1976), Minerals and Industries, Inc. (petroleum products);
Former Director (1978-1983), Duncan Gold Resources Inc. (oil exploration
and gold mining); Former Director (1981-1984), Crested Butte Silver Mining
Co.; Former Chairman and Member of Executive Committee (1974-1981),
Allerton Resources, Inc. (oil and gas exploration); Former Director
(1976-1982), Western World Insurance Co.

@PHILIP D. DEFEO (54)--Trustee
----------
99 Park Avenue, New York, NY 10016; Trustee of another investment company
advised by the Adviser; Former President, Chief Executive Officer and
Director of Van Eck Associates Corporation (invest-ment adviser) and Van
Eck Securities Corporation (broker-dealer) (September 1996 to September
1998); Former Executive Vice President and Director of Marketing and
Customer Services (June 1994 - August 1996), Cedel International (finance
and settlements); Former Managing Director (July 1992 - April 1994); Lehman
Brothers (investment bank and broker-dealer); Former Senior Vice President,
Fidelity Investments and Former President, Fidelity Services Company
(financial services) (1987 - 1992).

#+WESLEY G. McCAIN (57)--Trustee
----------
144 East 30th Street, New York, New York 10016; Trustee of two other
investment companies advised or administered by the Adviser; Chairman and
Owner, Towneley Capital Management, Inc., (investment adviser, since 1971);
Chairman, Eclipse Funds (mutual fund, since 1986); Chairman and Owner,
Eclipse Financial Services, Inc. (since 1986); General Partner, Pharaoh
Partners, L.P. (since 1992); Principal, Pharaoh Partners (Cayman) LDC
(since 1996); President and Owner, Millbrook Associates, Inc. (economic and
marketing consulting, since 1989); Trustee, Libre Group Trust (since 1994);
Director, Libre Investments (Cayman) Ltd. (since 1996); Former Director,
International Investors Incorporated.

#+DAVID J. OLDERMAN (64)--Trustee
----------
40 East 52nd Street, New York, New York 10022; Trustee of another
investment company advised by the Adviser; Chairman of the Board, Chief
Executive Officer and Owner, Carret & Company, Inc. (since 1988); Chairman
of the Board, American Copy Equipment Co. (1991-present); Chairman of the
Board, Brighton Partners, Inc. (1993-present); Principal, Olderman &
Raborn, Inc., (investment advisers-1984-1988); Chairman of the Board,
Railoc, Inc., (farm equipment manufacturing-1979- 1984); Head of Corporate
Finance, Halsey Stuart (investment banking-1974-1975); Vice Chairman of the
Board, Stone and Webster Securities Corp. (investment banking, retail sales
and investment advisory divisions-1964 to 1974).

#*RALPH F. PETERS (71)--Trustee
----------
66 Strimples Mill Road, Stockton, New Jersey 08559-1703; Trustee of another
investment company advised by the Adviser; Former Chairman of the Board,
Former Chairman of the Executive Committee and Chief Executive Officer of
Discount Corporation of New York (dealer in U.S. Treasury and Federal
Agency Securities) (1981-1988); Director, Sun Life Insurance and Annuity
Company of New York; Director, U.S. Life Income Fund Inc., New York; Former
Director, International Investors Incorporated.

#RICHARD D. STAMBERGER (40)--Trustee
----------
888 17th Street, N.W., Washington, D.C. 20006; Trustee of two other
investment companies advised or administered by the Adviser; Principal,
National Strategies, Inc., a public policy firm in Washington, D.C.;
Partner and Co-founder, Quest Partners, L.L.C. (management consulting firm
since 1988); Executive Vice President, Chief Operating Officer, and a
Director of NuCable Resources Corporation (technology firm since 1988);
associated with Anderson Benjamin & Reed, a regulatory consulting firm
based in Washington, D.C. (1985-1986); White House Fellow-Office of Vice
President (1984-1985); Director of Special Projects, National Cable
Television Association (1983-1984).

20
<PAGE>

@**JAN F. van ECK (36)--Trustee
----------
99 Park Avenue, New York, New York 10016; Director of Van Eck Associates
Corporation; President and Director of Van Eck Securities Corporation and
other affiliated companies; President and Director of Van Eck Capital Inc.;
President and Director of Van Eck Absolute Return Advisers Corporation;
Co-President and Director of Shenyin Wanguo Van Eck Asset Management (Asia)
Limited.

@**DEREK S. van ECK (34)--Trustee and President
----------
99 Park Avenue, New York, New York 10016; President of the Worldwide Hard
Assets Fund series of Van Eck Worldwide Insurance Trust and the Global Hard
Assets Fund series of Van Eck Funds; Vice President of another investment
company advised by the Adviser; Executive Vice President, Director, Global
Investments and President and Director of Van Eck Associates Corporation
and Executive Vice President and Director of Van Eck Securities Corporation
and other affiliated companies.

OFFICERS OF THE TRUST:

BRUCE J. SMITH (45)--Vice President and Treasurer
----------
99 Park Avenue, New York, New York 10016; Officer of two other investment
companies advised or administered by the Adviser; Senior Vice President and
Chief Financial Officer of Van Eck Associates Corporation and Senior
Managing Director of Van Eck Securities Corporation.

THOMAS H. ELWOOD (52)- Vice President and Secretary
----------
99 Park Avenue, New York, New York 10016; Officer of three other investment
companies advised or administered by the Adviser; Vice President, Secretary
and General Counsel of Van Eck Associates Corporation, Van Eck Securities
Corporation and other affiliated companies. Former Assistant Counsel of
Jefferson Pilot Insurance Company and officer of other investment companies
distributed by Jefferson Pilot and its affiliates. Former Associate Counsel
of New York Life Insurance Company.

JOSEPH P. DiMAGGIO (43)--Controller
----------
99 Park Avenue, New York, New York 10016; Controller of another investment
company advised by the Adviser; Managing Director of Portfolio
Administration of Van Eck Associates Corporation; Former Accounting Manager
with Alliance Capital Management (1985-1993).

ALEX W.BOGAENKO (37)--Assistant Controller
----------
99 Park Avenue, New York, New York 10016; Assistant Controller of other
investment companies advised or administered by the Adviser; Director of
Portfolio Administration of Van Eck Associates Corporation.

CHARLES T. CAMERON (40)--Vice President
----------
99 Park Avenue, New York, New York 10016; Vice President of another
investment company advised by the Adviser; Director of Trading of Van Eck
Securities Corporation; Co-Portfolio Manager of the Worldwide Bond Fund
series of the Trust.

SUSAN C. LASHLEY (45)--Vice President
----------
99 Park Avenue, New York, New York 10016; Vice President of another
investment company advised by the Adviser; Managing Director, Mutual Fund
Operations of Van Eck Securities Corporation.

21
<PAGE>

KEVIN REID (37)--Vice President
----------
99 Park Avenue, New York, New York 10016; Vice President of the Global Hard
Assets Fund series of Van Eck Funds and President of Worldwide Real Estate
Fund and Vice President of the Worldwide Hard Assets Fund series of Van Eck
Worldwide Insurance Trust; officer of another investment company advised by
the Adviser; Director, Real Estate Research, of Van Eck Associates
Corporation; Former Chief Financial Officer of E.P. Reid, Inc.
(construction-1993 to 1994); Former Chief Financial Officer and Chief
Operating Officer (1991 - 1993) and Former Vice President and portfolio
manager (1988 - 1991) of Trammell Crow Company (real estate).

GREGORY F. KRENZER (27)--President of Van Eck U.S. Government Money Fund
----------
99 Park Avenue, New York, New York 10016; Co-Portfolio Manager (Global
Fixed Income) of Van Eck Associates Corporation since 1994. He is
co-Portfolio manager of the Worldwide Bond Fund.

DINA C. LEE (29)--Assistant Secretary
----------
99 Park Avenue, New York, New York 10016; Assistant Secretary of other
investment companies advised or administered by the Adviser; Staff Attorney
of Van Eck Associates Corporation, Van Eck Securities Corporation and other
affiliated companies.

- ----------
@ An "interested person" as defined in the 1940 Act.
* Member of Executive Committee--exercises general powers of Board of
Trustees between meetings of the Board.
** Son of Mr. John C. van Eck.
# Member of the Nominating Committee.
+ Member of the Audit Committee--reviews fees, services, procedures,
conclusions and recommendations of independent auditors.

1999
COMPENSATION TABLE

<TABLE>
<CAPTION>
VAN ECK WORLDWIDE VAN ECK WORLDWIDE
INSURANCE TRUST INSURANCE TRUST TOTAL FUND COMPLEX
(Current Trustees Fees) (Deferred Compensation) COMPENSATION (a)
------------- -------------- ------------
<S> <C> <C> <C>
John C. van Eck $0 $0 $0
Jeremy H. Biggs $0 $16,060 $42,500
Richard C. Cowell $16,060 $0 $36,000
Philip D. DeFeo $7,980 $7,194 $29,750
Wesley G. McCain $0 $16,060 $42,500
David J. Olderman $0 $11,954 $33,500
Ralph F. Peters $13,977 $0 $31,000
Richard D. Stamberger $7,770 $4,184 $27,000
Derek S. van Eck N/A N/A N/A
Jan F. van Eck N/A N/A N/A
</TABLE>

- ----------
(a) The term "fund complex" refers to the Funds of the Trust, the series of the
Van Eck Funds, which are also managed by the Adviser and the series of Van
Eck/Chubb Funds, Inc., which are administered by the Adviser. The Trustees
are paid a fee for their services to the Trust. No other compensation,
including pension or other retirement benefits, is paid to the Trustees by
the fund complex.

PRINCIPAL SHAREHOLDERS

As of December 31, 1999, shareholders of record of 5% or more of the
outstanding shares of the Funds were as follows: Approximately 84.96% of
Worldwide Bond Fund, approximately 83.52% of Worldwide Emerging Markets Fund and
approximately 79.79% of Worldwide Hard Assets, respectively, was owned by
Nationwide Life Insurance Company, One Nationwide Plaza, Columbus, Ohio 43216 to
fund the benefits of the separate account's variable annuity contract owners.
Approximately 11.69%

22
<PAGE>

of Worldwide Emerging Markets Fund, approximately 9.93% of Worldwide Bond Fund
and 47.08% of Worldwide Real Estate Fund, respectively, was owned by Provident
Mutual Life and Annuity Company, 1050 Westlake Drive, Brewyn, Pennsylvania
19312. Approximately 11.77% of Worldwide Real Estate Fund was owned by Conseco
Variable Insurance Company, 11815 N. Pennsylvania Street, Carmel, IN 46032.
Approximately 18.63% of Worldwide Real Estate Fund was owned by Van Eck
Associates Corporation, the Adviser. Approximately 17.37% of Worldwide Real
Estate Fund was owned by Securities Life of Denver, Security Life Center, 1290
Broadway, Ste. 1600, Denver, CO 80203. Approximately 5.13% of Worldwide Real
Estate Fund was owned by Protective Life Insurance Company, 2801 Highway 280
South, Birmingham, AL 35223.

PURCHASE OF SHARES

The Funds may invest in securities or futures contracts listed on foreign
exchanges which trade on Saturdays or other customary United States national
business holidays (i.e., days on which the Funds are not open for business).
Consequently, since the Funds will compute their net asset values only Monday
through Friday, exclusive of national business holidays, the net asset values of
shares of the Funds may be significantly affected on days when an investor has
no access to the Funds. The sale of shares will be suspended during any period
when the determination of net asset value is suspended, and may be suspended by
the Board of Trustees whenever the Board judges it is a Fund's best interest to
do so. Certificates for shares of the Funds will not be issued.

VALUATION OF SHARES

The net asset value per share of each of the Funds is computed by dividing
the value of all of a Fund's securities plus cash and other assets, less
liabilities, by the number of shares outstanding. The net asset value per share
is computed as of the close of the New York Stock Exchange, Monday through
Friday, exclusive of national business holidays. The Funds will be closed on the
following national business holidays: New Year's Day, Martin Luther King Jr.'s
birthday, Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor
Day, Thanksgiving Day and Christmas (or the days on which these holidays are
observed).

Shares of the Funds are sold at the public offering price, which is
determined once each day the Funds are open for business and is the net asset
value per share.

The net asset values need not be computed on a day in which no orders to
purchase, sell or redeem shares of the Funds have been received.

The value of a financial futures or commodity futures contract equals the
unrealized gain or loss on the contract that is determined by marking it to the
current settlement price for a like contract acquired on the day on which the
commodity futures contract is being valued. A settlement price may not be used
if the market makes a limit move with respect to a particular commodity.
Securities or futures contracts for which market quotations are readily
available are valued at market value, which is currently determined using the
last reported sale price. If no sales are reported as in the case of most
securities traded over-the-counter, securities are valued at the mean of their
bid and asked prices at the close of trading on the NYSE. In cases where
securities are traded on more than one exchange, the securities are valued on
the exchange designated by or under the authority of the Board of Trustees as
the primary market. Short-term investments having a maturity of 60 days or less
are valued at amortized cost, which approximates market. Options are valued at
the last sales price unless the last sales price does not fall within the bid
and ask prices at the close of the market, at which time the mean of the bid and
ask prices is used. All other securities are valued at their fair value as
determined in good faith by the Trustees. Foreign securities or futures
contracts quoted in foreign currencies are valued at appropriately translated
foreign market closing prices or as the Board of Trustees may prescribe.

Generally, trading in foreign securities and futures contracts, as well as
corporate bonds, United States Government securities and money market
instruments, is substantially completed each day at various times prior to the
close of the NYSE. The values of such securities used in determining the net
asset value of the shares of the Funds may be computed as of such times. Foreign
currency exchange rates are also generally determined prior to the close of the
NYSE. Occasionally, events affecting the value of such securities and such
exchange rates may occur between such times and the close of the NYSE which will
not be reflected in the computation of the Fund's net asset values. If events
materially affecting the value of such securities occur during such period, then
these securities will be valued at their fair value as determined in good faith
by the Trustees.

TAXES

Each Fund intends to qualify and elect to be treated each taxable year as a
"regulated investment company" under Subchapter M of the Code. To so qualify, a
Fund must, among other things, (a) derive at least 90% of its gross income from
dividends, inter-

23
<PAGE>

est, payments with respect to securities loans, gains from the sale or other
disposition of stock, securities or foreign currencies, or other income
(including gains from options, futures or forward contracts) derived with
respect to its business of investing in such stock, securities or currencies and
(b) satisfy certain diversification requirements.

As a regulated investment company, a Fund will not be subject to federal
income tax on its net investment income and capital gain net income (capital
gains in excess of its capital losses) that it distributes to shareholders if at
least 90% of its investment company taxable income for the taxable year is
distributed. However, if for any taxable year a Fund does not satisfy the
requirements of Subchapter M of the Code, all of its taxable income will be
subject to tax at regular corporate rates without any deduction for distribution
to shareholders, and such distributions will be taxable to shareholders as
ordinary income to the extent of the Fund's current or accumulated earnings or
profits.

REDEMPTIONS IN KIND

The Trust has elected to have the ability to redeem its shares in kind,
committing itself to pay in cash all requests for redemption by any shareholder
of record limited in amount with respect to each shareholder of record during
any ninety-day period in the lesser of (i) $250,000 or (ii) 1% of the net asset
value of such company at the beginning of such period.

PERFORMANCE

The Funds may advertise performance in terms of average annual total return
for 1, 5 and 10 year periods, or for such lesser periods as any of such Funds
have been in existence. Average annual total return is computed by finding the
average annual compounded rates of return over the periods that would equate the
initial amount invested to the ending redeemable value, according to the
following formula:

P(1+T)/to the nth power/ = ERV

Where: P = a hypothetical initial payment of $1,000
T = average annual total return
n = number of years
ERV = ending redeemable value of a hypothetical
$1,000 payment made at the beginning of the
1, 5, or 10 year periods at the end of the
year or period;

The calculation assumes the maximum sales load (or other charges deducted
from payments) is deducted from the initial $1,000 payment and assumes all
dividends and distributions by the fund are reinvested at the price stated in
the prospectus on the reinvestment dates during the period, and includes all
recurring fees that are charged to all shareholder accounts.

Average annual total returns for the Funds for various periods ended
December 31, 1999 are as follows:

1 YEAR 5 YEARS 10 YEARS LIFE
---- ---- ----- ---
<S> <C> <C> <C> <C>
Worldwide Bond Fund -7.82% 5.06% 5.44% 5.33%
Worldwide Emerging Markets Fund 100.28% -- -- 9.92%
Worldwide Hard Assets Fund 21.00% 1.49% 3.06% 3.79%
Worldwide Real Estate Fund -2.01% -- -- 1.52%
</TABLE>

The Funds may advertise performance in terms of a 30-day yield quotation.
The 30-day yield quotation is computed by dividing the net investment income per
share earned during the period by the maximum offering price per share on the
last day of the period, according to the following formula:

YIELD = 2[(A-B/CD + 1)/to the sixth power/-1]

Where: A = dividends and interest earned during the period
B = expenses accrued for the period
(net of reimbursement)
C = the average daily number of shares outstanding
during the period that was entitled to
receive dividends

24
<PAGE>

D = the maximum offering price per share on the
last day of the period after adjustment
for payment of dividends within
30 days thereafter

The Funds may also advertise performance in terms of aggregate total
return. Aggregate total return for a specified period of time is determined by
ascertaining the percentage change in the net asset value of shares of the Fund
initially acquired assuming reinvestment of dividends and distributions and
without giving effect to the length of time of the investment according to the
following formula:

[(B-A)/A](100)=ATR

Where: A = initial investment
B = value at end of period
ATR = aggregate total return

The calculation assumes the maximum sales charge is deducted from the
initial payment and assumes all distributions by the Funds are reinvested at the
price stated in the Prospectus on the reinvestment dates during the period, and
includes all recurring fees that are charged to all shareholder accounts.

Aggregate Total Return for the period ended December 31, 1999 (after
maximum sales charge).

<TABLE>
<CAPTION>
1 YEAR 5 YEARS 10 YEARS LIFE
------ ------- -------- ----
<S> <C> <C> <C> <C>
Worldwide Bond Fund -7.82% 27.98% 69.87% 71.07%
Worldwide Emerging Markets Fund 100.28% -- -- 46.38%
Worldwide Hard Assets Fund 21.00% 7.68% 35.12% 46.87%
Worldwide Real Estate Fund -2.01% -- -- 3.89%
</TABLE>

Performance figures of a Fund are not useful for comparison purposes,
because they do not reflect the charges and deductions at the separate account
level.

DESCRIPTION OF THE TRUST

Van Eck Worldwide Insurance Trust (the "Trust") is an open-end management
investment company organized as a "business trust" under the laws of the
Commonwealth of Massachusetts on January 7, 1987. The Trust commenced operations
on September 7, 1989. On April 12, 1995, Van Eck Investment Trust changed its
name to Van Eck Worldwide Insurance Trust.

The Trustees of the Trust have authority to issue an unlimited number of
shares of beneficial interest of each Fund, $.001 par value. Currently, four
Funds of the Trust are being offered, which shares constitute the interests in
Worldwide Bond Funds, Worldwide Emerging Markets Fund, Worldwide Hard Assets
Fund and Worldwide Real Estate Fund, described herein.

Worldwide Emerging Markets Fund and Worldwide Hard Assets Fund are
classified as diversified funds, and Worldwide Bond Fund and Worldwide Real
Estate Fund are classified as non-diversified funds under the Act. A diversified
fund is a fund which meets the following requirements: At least 75% of the value
of its total assets is represented by cash and cash items (including
receivables), Government securities, securities of other investment companies
and other securities for the purpose of this calculation limited in respect of
any one issuer to an amount not greater than 5% of the value of the Fund's total
assets, and to not more than 10% of the outstanding voting securities of such
issuer. A non-diversified fund is any fund other than a diversified fund. This
means that the Fund at the close of each quarter of its taxable year must, in
general, limit its investment in the securities of a single issuer to (i) no
more than 25% of its assets, (ii) with respect to 50% of the Fund's assets, no
more than 5% of its assets, and (iii) the Fund will not own more than 10% of
outstanding voting securities. A Fund is a separate pool of assets of the Trust
which is separately managed and which may have different investment objectives
from those of another Fund. The Trustees have the authority, without the
necessity of a shareholder vote, to create any number of new Funds.

Each share of a Fund has equal dividend, redemption and liquidation rights
and when issued is fully paid and non-assessable by the Trust. Under the Trust's
Master Trust Agreement, no annual or regular meeting of shareholders is
required. Thus, there will ordinarily be no shareholder meetings unless required
by the Act. The Trust held an initial meeting of shareholders on April

25
<PAGE>

1, 1991, at which shareholders elected the Board of Trustees, approved the
Advisory Agreement and ratified the selection of the Trust's independent
accountants. On April 9, 1997, shareholders of Gold and Natural Resources Fund
approved changes in the Fund's investment objective, policies and restrictions
which, together with changes approved by the Board of Trustees, resulted in the
Worldwide Hard Assets Fund as described in the Prospectus. The Trustees are a
self-perpetuating body unless and until fewer than 50% of the Trustees, then
serving as Trustees, are Trustees who were elected by shareholders. At that time
another meeting of shareholders will be called to elect additional Trustees. On
any matter submitted to the shareholders, the holder of each Trust share is
entitled to one vote per share (with proportionate voting for fractional
shares). Under the Master Trust Agreement, any Trustee may be removed by vote of
two-thirds of the outstanding Trust shares, and holders of ten percent or more
of the outstanding shares of the Trust can require Trustees to call a meeting of
shareholders for purposes of voting on the removal of one or more trustees.
Shareholders of all Funds are entitled to vote matters affecting all of the
Funds (such as the election of Trustees and ratification of the selection of the
Trust's independent accountants). On matters affecting an individual Fund, a
separate vote of that Fund is required. Shareholders of a Fund are not entitled
to vote on any matter not affecting that Fund. In accordance with the Act, under
certain circumstances, the Trust will assist shareholders in communicating with
other shareholders in connection with calling a special meeting of shareholders.
The insurance company separate accounts, as the sole shareholder of the Funds,
have the right to vote Fund shares at any meeting of shareholders. However, the
Contracts may provide that the separate accounts will vote Fund shares in
accordance with instructions received from Contract holders.

Under Massachusetts law, the shareholders of the Trust could, under certain
circumstances, be held personally liability for the obligations of the Trust.
However, the Master Trust Agreement of the Trust disclaims shareholder liability
for acts or obligations of the Trust and requires that notice of such disclaimer
be given in each agreement, obligation or instrument entered into or executed by
the Trust or the Trustees. The Master Trust Agreement provides for
indemnification out of the Trust's property of all losses and expenses of any
shareholder held personally liable for the obligations of the Trust. Thus, the
risk of a shareholder incurring financial loss on account of shareholder
liability is limited to circumstances in which the Trust itself would be unable
to meet its obligations. The Adviser believes that, in view of the above, the
risk of personal liability to shareholders is remote.

ADDITIONAL INFORMATION

CUSTODIAN. State Street Bank and Trust Company, 225 Franklin Street,
Boston, MA 02110, serves as the custodian of the Trust's portfolio securities
and cash. The Custodian is authorized, upon the approval of the Trust, to
establish credits or debits in dollars or foreign currencies with, and to cause
portfolio securities of a Fund to be held by its overseas branches or
subsidiaries, and foreign banks and foreign securities depositories which
qualify as eligible foreign custodians under the rules adopted by the Securities
and Exchange Commission.

TRANSFER AGENT. Van Eck Associates Corporation, 99 Park Avenue, New York,
New York 10016, serves as the Funds' transfer agent.

INDEPENDENT AUDITORS. Ernst & Young LLP, 787 7th Avenue, New York, New York
10019, serves as the Trust's independent auditing firm.

COUNSEL. Goodwin, Procter & Hoar, Exchange Place, Boston, Massachusetts
02109, serves as counsel to the Trust.

FINANCIAL STATEMENTS

The financial statements of Worldwide Bond Fund, Worldwide Emerging Markets
Fund, Worldwide Hard Assets Fund and Worldwide Real Estate Fund for the fiscal
year or period ended December 31, 1999, are incorporated by reference from the
Funds' Annual Reports to Shareholders, which are available at no charge upon
written or telephone request to the Trust at the address or telephone number set
forth on the first page of this Statement of Additional Information.

26
<PAGE>

APPENDIX

CORPORATE BOND RATINGS

DESCRIPTION OF MOODY'S INVESTORS SERVICE, INC. CORPORATE BOND RATINGS:

Aaa--Bonds which are rated Aaa are judged to be the best quality. They carry the
smallest degree of investment risk and are generally referred to as "gilt-edge".
Interest payments are protected by a large or by an exceptionally stable margin
and principal is secure. While the various protective elements are likely to
change, such changes as can be visualized are most unlikely to impair the
fundamentally strong position of such issues.

Aa--Bonds which are rated Aa are judged to be of high quality by all standards.
Together with the Aaa group they comprise what are generally known as high grade
bonds. They are rated lower than the best bonds because margins of protection
may not be as large as in Aaa securities or fluctuation of protective elements
may be greater or there may be other elements present which make the long-term
risks appear somewhat larger than in Aaa securities.

A--Bonds which are rated A possess many favorable investment attributes and are
considered upper medium grade obligations. Factors given security to principal
and interest are considered adequate but elements may be present which suggest a
susceptibility to impairment sometime in the future.

Baa--Bonds which are rated Baa are considered medium grade obligations, i.e.,
they are neither highly protected nor poorly secured. Interest payments and
principal security appear adequate for the present, but certain protective
elements may be lacking or may be characteristically unreliable over any great
length of time. Such bonds lack outstanding investment characteristics and in
fact have speculative characteristics as well.

Ba--Bonds which are rated Ba are judged to have speculative elements. Their
future cannot be considered as well assured. Often the protection of interest
and principal payments may be very moderate and thereby not well safeguarded
during both good and bad times over the future. Uncertainty of position
characterizes bonds in this class.

B--Bonds which are rated B generally lack the characteristics of the desirable
investment. Assurance of interest and principal payments or maintenance of other
terms of the contract over any long period of time may be small.

Caa--Bonds which are rated Caa are of poor standing. Such issues may be in
default or there may be elements of danger with respect to principal or
interest.

Moody's applies the numerical modifiers 1, 2 and 3 to each generic rating
classification from Aa through B. The modifier 1 indicates that the security
ranks in the higher end of its generic rating category; the modifier 2 indicates
a mid-range ranking; and the modifier 3 indicates that the issue ranks in the
lower end of its generic rating category.

DESCRIPTION OF STANDARD & POOR'S CORPORATION CORPORATE BOND RATINGS:

AAA -- Bonds rated AAA have the highest rating assigned by S&P to a debt
obligation. Capacity to pay interest and repay principal is extremely strong.

AA -- Bonds rated AA have a very strong capacity to pay interest and repay
principal and differ from the higher rated issues only in small degree.

A -- Bonds rated A have a strong capacity to pay interest and repay principal
although they are somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than bonds in higher rated categories.

BBB -- Bonds rated BBB are regarded as having an adequate capacity to pay
interest and repay principal. Whereas they normally exhibit adequate protection
parameters, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity to pay interest and repay principal for
bonds in this category than for bonds in higher rated categories.

27
<PAGE>

BB--Bonds rated BB have less near-term vulnerability to default than other
speculative issues. However, they face major ongoing uncertainties or exposure
to adverse business, financial or economic conditions which could lead to
inadequate capacity to meet timely interest and principal payments.

B--Bonds rated B have a greater vulnerability to default but currently have the
capacity to meet interest payments and principal repayments. Adverse business,
financial or economic conditions will likely impair capacity or willingness to
pay interest and repay principal. The B rating is also used for debt
subordinated to senior debt that is assigned an actual or implied BB rating.

CCC--Bonds rated CCC have a current identifiable vulnerability to default, and
are dependent upon favorable business, financial and economic conditions to meet
timely payment of interest and repayment of principal. In the event of adverse
business, financial or economic conditions, they are not likely to have the
capacity to pay interest and repay principal.

The ratings from AA to CCC may be modified by the addition of a plus or
minus to show relative standing within the major rating categories.

PREFERRED STOCK RATINGS

DESCRIPTION OF MOODY'S INVESTORS SERVICE, INC. PREFERRED STOCK RATINGS:

aaa--An issue which is rated aaa is considered to be a top-quality preferred
stock. This rating indicates good asset protection and the least risk of
dividend impairment within the universe of convertible preferred stocks.

aa--An issue which is rated aa is considered a high-grade preferred stock. This
rating indicates that there is reasonable assurance that earnings and asset
protection will remain relatively well maintained in the foreseeable future.

a--An issue which is rated a is considered to be an upper-medium grade preferred
stock. While risks are judged to be somewhat greater than in the aaa and aa
classifications, earnings and asset protection are, nevertheless, expected to be
maintained at adequate levels.

baa--An issue which is rated baa is considered to be medium-grade, neither
highly protected nor poorly secured. Earnings and asset protection appear
adequate at present, but may be questionable over any great length of time.

ba--An issue which is rated ba is considered to have speculative elements, and
its future cannot be considered well assured. Earnings and asset protection may
be very moderate and not well safe-guarded during adverse periods. Uncertainty
of position characterizes preferred stocks in this class.

b--An issue which is rated b generally lacks the characteristics of a desirable
investment. Assurance of dividend payments and maintenance of other terms of the
issue over any long period of time may be small.

caa--An issue which is rated caa is likely to be in arrears on dividend
payments. This rating designation does not purport to indicate the future status
of payment.

ca--An issue which is rated ca is speculative in a high degree and is likely to
be in arrears on dividends with little likelihood of eventual payment.

c--This is the lowest rated class of preferred or preference stock. Issues so
rated can be regarded as having extremely poor prospects of ever attaining any
real investment standing.

DESCRIPTION OF STANDARD & POOR'S CORPORATION PREFERRED STOCK RATINGS:

AAA--This is the highest rating that may be assigned by Standard & Poor's to a
preferred stock issue and indicates an extremely strong capacity to pay the
preferred stock obligations.

28
<PAGE>

AA--A preferred stock issue rated AA also qualifies as a high-quality fixed
income security. The capacity to pay preferred stock obligations is very strong,
although not as overwhelming as for issues rated AAA.

A--An issue rated A is backed by a sound capacity to pay the preferred stock
obligations, although it is somewhat more susceptible to the adverse effect of
changes in circumstances and economic conditions.

BBB--An issue rated BBB is regarded as backed by an adequate capacity to pay the
preferred stock obligations. Whereas it normally exhibits adequate protection
parameters, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity to make payments for a preferred stock in
this category than for issues in the A category.

BB, B, CCC--Preferred stocks rated BB, B and CCC are regarded, on balance, as
predominantly speculative with respect to the issuer's capacity to pay preferred
stock obligations. BB indicates the lowest degree of speculation and CCC the
highest degree of speculation. While such issues will likely have some quality
and protective characteristics, these are outweighed by large uncertainties or
major risk exposures to adverse conditions.

SHORT TERM DEBT RATINGS

DESCRIPTION OF MOODY'S INVESTORS SERVICE, INC. SHORT-TERM DEBT RATINGS:

Prime-1--Issuers rated Prime-1 (or supporting institutions) have a superior
ability for repayment of senior short-term debt obligations. Prime-1 repayment
ability will often be evidenced by many of the following characteristics:
leading market positions in well-established industries, higher rates of return
of funds employed, conservative capitalization structure with moderate reliance
on debt and ample asset protection, broad margins in earnings coverage of fixed
financial charges and high internal cash generation and well-established access
to range of financial markets and assured sources of alternate liquidity.

Prime-2--Issuers rated Prime-2 (or supporting institutions) have a strong
ability for repayment of senior short-term debt obligations. This will normally
be evidenced by many of the characteristics cited above but to a lesser degree.
Earnings trends and coverage ratios, while sound, may be more subject to
variation. Capitalization characteristics, while still appropriate, may be more
affected by external conditions. Ample alternate liquidity is maintained.

Prime-3--Issuers rated Prime-3 (or supporting institutions) have an acceptable
ability for repayment of senior short-term obligations. The effect of industry
characteristics and market compositions may be more pronounced. Variability in
earnings and profitability may result in changes in the level of debt protection
measurements and may require relatively high financial leverage. Adequate
alternate liquidity is maintained.

<PAGE>

PART C

OTHER INFORMATION

ITEM 24. Financial Statements and Exhibits
---------------------------------

a) Financial Statements included in Prospectus (Part A)

Financial Highlights or Selected per Share Data and Ratios of Worldwide
Bond Fund for the five years ended December 31, 1999; Worldwide Emerging
Markets Fund for the period from December 21, 1995 to December 31, 1996 and
for the year ended December 31, 1997 (audited) for the year ended December
31, 1998 (audited) and year ended December 31, 1999; Worldwide Hard Assets
Fund for the period from August 21, 1995 to April 30, 1996, for the 8
months ended December 31, 1996 and for the years ended December 31, 1997
(audited), 1998 (audited) and 1999; Worldwide Hard Assets Fund (formerly
Gold and Natural Resources Fund) for the five years ended December 31, 1999
(audited).

The audited financial statements of the Registrant are included in the
Registrant's Annual Report to Shareholders for the fiscal year ended
December 31, 1999 (Audited) filed with the Securities and Exchange
Commission under Section 30(b)(1) and have been incorporated in part B
hereof by reference.

-1-
<PAGE>

b) Exhibits (An * denotes inclusion in this filing)

(1)(a) Master Trust Agreement (incorporated by reference to Registration
Statement No. 33-13019); Form of First Amendment to Declaration of
Trust (incorporated by reference to Registration Statement No. 2-
97596). Second Amendment to Master Trust Agreement (incorporated by
reference to Post-Effective Amendment No. 1). Third Amendment to
Master Trust Agreement adding Worldwide Balanced Fund (incorporated by
reference to Post-Effective Amendment No. 9). Fourth Amendment to
Master Trust Agreement adding Asia Region Growth Fund, Asia Region
Infrastructure Fund and Worldwide SmallCap Fund (incorporated by
reference to Post-Effective Amendment No. 9). Fifth Amendment to the
Master Trust Agreement adding Worldwide Hard Assets Fund (incorporated
by reference to Post-Effective Amendment No. 10). Sixth Amendment to
Master Trust Agreement renaming Van Eck Investment Trust as Van Eck
Worldwide Insurance Trust and renaming Global Bond Fund as Worldwide
Bond Fund (incorporated by reference to Post-Effective Amendment No.
12). Seventh Amendment to the Master Trust Agreement deleting Asia
Region Growth Fund and Asia Region Infrastructure Fund as series of
the Trust (incorporated by reference to Post-Effective Amendment No.
14). Eighth Amendment to the Master Trust Agreement adding Worldwide
Emerging Markets Fund as a series of the Trust (incorporated by
reference to Post-Effective Amendment No. 15).

(2) By-laws of Registrant (incorporated by reference to Pre-Effective
Amendment No. 1).

(3) Not Applicable.

-2-

<PAGE>

(4)(a) Form of certificate of shares of beneficial interest of Worldwide Bond
Fund and Gold and Natural Resources Fund (incorporated by reference to
Pre-Effective Amendment No. 1). Form of certificate of shares of
beneficial interest of Worldwide Emerging Markets Fund (incorporated
by reference to Post-Effective Amendment No. 15).

(4)(b) Instruments defining rights of security holders (See Exhibits (1) and
(2) above).

(5) Form of Advisory Agreement (incorporated by reference to Post-
Effective Amendment No. 15 ).

(5)(a) Form of Sub-Advisory Agreement (incorporated by reference to Post-
Effective Amendment No. 15).

(6)(a) Form of Distribution Agreement (incorporated by reference to Pre-
Effective Amendment No. 1).

(6)(b) Form of Participation Agreement (incorporated by reference to Pre-
Effective Amendment No. 2).

(7) Not Applicable.

(8) Global Custody Agreement, as amended. (to be filed by amendment)

(9) Forms of Procedural Agreement, Customer Agreement and Safekeeping
Agreement with Merrill Lynch Futures Inc. and Morgan Stanley utilized
by Worldwide Bond Fund and Gold and Natural Resources Fund
(incorporated by reference to Pre-Effective Amendment No. 2). Forms of
Procedural Agreement, Customer Agreement and Safekeeping Agreement
with Merrill Lynch Futures Inc. and Morgan Stanley utilized by
Worldwide Emerging Markets Fund (incorporated by reference to Post-
Effective Amendment No. 15).

(10) Opinions of Goodwin, Procter & Hoar, including consents (incorporated
by reference to Pre-Effective Amendment No. 2 and Post-Effective
Amendment Nos. 14 and 15).

(11)* Consent of Independent Accountants.

(12) Not Applicable.

(13) Subscription Agreement (incorporated by reference to Pre-Effective
Amendment No. 2).

(14) Not Applicable.

(15) Not Applicable.

(16) Computation of Performance Quotation.

(17)* Financial Data Schedule.

(18) Powers of Attorney (incorporated by reference to Exhibit 17 of Post-
Effective Amendment No. 1).

(19)* Code of Ethics

-3-

<PAGE>

ITEM 25. Persons controlled by or under common control with Registrant
-------------------------------------------------------------

Not Applicable.

ITEM 26. Number of Record Holders of Securities
--------------------------------------

Set forth below are the number of Record holders, as of December 31, 1999 of
each series of the Registrant:

Class and Title Number of Record Holders
--------------- ------------------------

Worldwide Emerging Markets Fund 27
Worldwide Hard Assets Fund 36
Worldwide Bond Fund 17
Worldwide Real Estate Fund 10

ITEM 27. Indemnification
---------------

Reference is made to Article VI of the Master Trust Agreement of the Registrant,
as amended, previously filed as Exhibit (1) to the Registration Statement.

Insofar as indemnification by the Registrant for liabilities arising under the
Securities Act of 1933 may be permitted to trustees, officers, underwriters and
controlling persons of the Registrant, pursuant to the foregoing provisions, or
otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim
for indemnification is against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a trustee, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted against the Registrant by such trustee, officer or
controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question of whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.

ITEM 28. Business and Other Connections of Investment Adviser
----------------------------------------------------

Reference is made to Form ADV of Van Eck Associates Corporation (File No. 801-
21340), as currently on file with the Securities and Exchange Commission, and to
the caption "Management" in the Registrant's Prospectus and to the captions "The
Distributor", "Investment Advisory Services" and "Trustees and Officers" in the
Registrant's Statement of Additional Information.

ITEM 29. Principal Underwriters
----------------------

(a) Van Eck Securities Corporation, principal underwriter for the Registrant,
also distributes shares of Van Eck Funds and Van Eck/Chubb Funds, Inc.

(b) The following table presents certain information with respect to each
director and officer of Van Eck Securities Corporation:

-4-
<PAGE>

Name and Principal Position and Offices Position and Office
Business Address with Underwriter with Registrant
- ---------------------- --------------------------- ------------------------

John C. van Eck Chairman and Director Chairman and President
99 Park Avenue
New York, NY

Jan van Eck Executive Vice President Trustee
99 Park Avenue and Director
New York, NY

Sigrid S. van Eck Vice President None
575 Park Avenue and Assistant Treasurer
New York, NY and Director

Derek van Eck Director Trustee and Executive Vice
99 Park Avenue President
New York, NY

Bruce J. Smith Vice President and Chief Vice President and
99 Park Avenue Financial Officer, Treasurer
New York, NY Treasurer, Controller

Thomas Elwood Vice President, General Vice President and
99 Park Avenue Counsel and Secretary Secretary
New York, NY

Susan C. Lashley Managing Director, Vice President
99 Park Avenue Operations
New York, NY

Keith Fletcher Senior Managing Director None
99 Park Avenue
New York, NY

Robin Kunhardt Director, None
99 Park Avenue Product Management
New York, NY

-5-
<PAGE>

Item 30. Location of Accounts and Records
--------------------------------

The following table sets forth information as to the location of accounts, books
and other documents required to be maintained pursuant to Section 31(a) of the
Investment Company Act of 1940 and the Rules promulgated thereunder.

Accounts, books and
documents listed by
reference to specific
subsection of 17 CFR
270 31a-1 to 31a-3 Person in Possession and Address
- ------------------ --------------------------------

31a-1(b)(1) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(b)(2)(i) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(b)(2)(ii) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(b)(2)(iii) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(b)(2)(iv) DST Systems, Inc.
21 West Tenth Street
Kansas City, MO 64105

31a-1(b)(3) Not Applicable

31a-1(b)(4) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(b)(5) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

-6-
<PAGE>

Accounts, books and
documents listed by
reference to specific
subsection of 17 CFR
270 31a-1 to 31a-3 Person in Possession and Address
- ------------------ --------------------------------

31a-1(b)(6) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(b)(7) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(b)(8) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(b)(9) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(b)(10) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(b)(11) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

-7-
<PAGE>

Accounts, books and
documents listed by
reference to specific
subsection of 17 CFR
270 31a-1 to 31a-3 Person in Possession and Address
- ------------------ --------------------------------

31a-1(b)(12) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(c) Not Applicable

31a-1(d) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-1(e) Not Applicable

31a-1(f) Van Eck Associates Corporation
99 Park Avenue
New York NY 10016

31a-2(a)(1) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

DST Systems, Inc.
21 West Tenth Street
Kansas City, MO 64105

-8-
<PAGE>

Accounts, books and
documents listed by
reference to specific
subsection of 17 CFR
270 31a-1 to 31a-3 Person in Possession and Address
- ------------------ --------------------------------

31a-2(b) Not Applicable

31a-2(c) Van Eck Securities Corporation
99 Park Avenue
New York, NY 10016

31a-2(d) Not Applicable

31a-2(e) Van Eck Associates Corporation
99 Park Avenue
New York, NY 10016

31a-3 Not Applicable

All Other Records Van Eck Worldwide Insurance Trust
pursuant to the Rule 99 Park Avenue
New York, NY 10016

ITEM 31. Management Services
- ----------------------------

None

ITEM 32. Undertakings
------------

Registrant undertakes to furnish each person to whom a prospectus is
delivered, with a copy of the Registrant's latest annual reports to shareholders
upon request and without charge.

-9-
<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant certifies that it meets all of the
requirements for effectiveness of this Post-Effective Amendment to the
Registration Statement pursuant to Rule 485(a) under the Securities Act of 1933
and has duly caused this Amendment to the Registration Statement on Form N-1A to
be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of New York, State of New York, on the 22nd day of February, 1999.

VAN ECK WORLDWIDE INSURANCE TRUST

By: /s/ John C. van Eck
--------------------
John C. van Eck, President

Pursuant to the requirements of the Securities Act of 1933, this Amendment to
the Registration Statement has been signed below by the following persons in the
capacities and on the date indicated:

Signature Title Date
- --------- ----- ----

/s/ John C. van Eck Chairman and President
- --------------------------
John C. van Eck 2/22/99

/s/ Bruce J. Smith Chief Financial Officer
- -------------------------- 2/22/99
Bruce J. Smith

/s/ Jeremy Biggs
- --------------------------
Jeremy Biggs Trustee 2/22/99

/s/ Richard Cowell
- --------------------------
Richard Cowell Trustee 2/22/99

/s/ Philip DeFeo Trustee 2/22/99
- --------------------------
Philip DeFeo

/s/ Wesley G. McCain
- --------------------------
Wesley G. McCain Trustee 2/22/99

/s/ Ralph F. Peters
- --------------------------
Ralph F. Peters Trustee 2/22/99

/s/ David J. Olderman
- --------------------------
David J. Olderman Trustee 2/22/99

/s/ Richard Stamberger
- --------------------------
Richard Stamberger Trustee 2/22/99

/s/ Derek S. van Eck
- --------------------------
Derek S. van Eck Trustee 2/22/99

/s/ Jan F. van Eck
- --------------------------
Jan F. van Eck Trustee 2/22/99

<PAGE>

Exhibit Index
-------------

Exhibit No. Item
- ----------- ----

Exhibit 11 Consent of Independent Accountants

Exhibit 16 Computation of Performance Quotations

Exhibit 17 Financial Data Schedules

Exhibit 19 Code of Ethics

CONSENT OF INDEPENDENT AUDITORS

We consent to the reference to our firm under the captions "Financial
Highlights" and "Independent Auditors" and to the incorporation by reference of
our reports dated January 27, 2000 on Worldwide Real Estate Fund, Worldwide Bond
Fund, Worldwide Hard Assets Fund and Worldwide Emerging Markets Fund, in this
Registration Statement (Form N-1A No. 33-13019) of Van Eck Worldwide Insurance
Trust.

Ernst & Young LLP
-----------------
ERNST & YOUNG LLP

New York, New York
April 5, 2000

CODE OF ETHICS

INTRODUCTION

BACKGROUND

This memorandum sets forth the provisions of the Code of Ethics adopted by Van
Eck Associates Corporation, Van Eck Global Asset Management (Asia) , Van Eck
Securities Corporation, Van Eck Capital, Inc., Shenyin Wanguo Van Eck Asset
Management and Absolute Return Advisers Corporation, (formerly Van Eck Hedge
Advisers, Inc). (together, the "Van Eck Companies"), and the registered
investment companies and other accounts for which a Van Eck Company acts as
investment adviser and/or principal underwriter (the "Funds") pursuant to Rule
17j-1 under the Investment Company Act of 1940 (the "Act") and Rules
204-2(a)(12) and 204-2(a)(13) under the Investment Advisers Act of 1940
(collectively, the "Rules"). An "Index to Defined Terms" may be found at the end
of this Code.

Section 17(j) of the Act makes it unlawful for certain persons to engage in any
fraudulent, deceptive or manipulative act, practice or course of business in
connection with personal transactions in any security held or to be acquired by
an investment company. Rule 17j-1 requires each investment company, its
investment adviser and principal underwriter to adopt a written code of ethics
designed to prevent "access persons" (as defined in this Code) from engaging in
the acts prohibited by section 17(j) of the Act, and to use reasonable
diligence, and to institute procedures reasonably necessary, to prevent
violations of the code. Further, the Rules require fund personnel to file
reports, and each investment company, its investment adviser and principal
underwriter to maintain records of securities transactions covered under the
Rules, as well as certain other information.

PURPOSE AND SCOPE OF THIS CODE

This Code is broad and general in its application both in terms of the persons
and the activities covered. It is based upon the basic precept that ALL
officers, directors and employees of the Van Eck Companies and the Trustees of
the Funds owe a fiduciary duty to the Funds, the Funds' shareholders, the
privately managed accounts ("Accounts") and the beneficial owners of Accounts to
conduct their personal securities transactions in a manner which does not
interfere with Fund or Account transactions and which does not otherwise take
unfair advantage of the relationship with the Funds or Accounts. This Code sets
forth the minimum standard of conduct believed appropriate for persons having
knowledge of Fund and Account securities transactions, and you should view it as
such. Technical compliance with the provisions of the Code will not insulate
your transactions from scrutiny for evidence of abuse of the fiduciary
relationship. If you are confronted with a potential or seeming conflict of
interest situation you would be well advised to consult the Compliance Officer
or the Legal Department for advice concerning the propriety of the transaction,
and obtain prior approval if required. Lastly, given the nature of the Van Eck
Companies' business and our commitment to integrity and fair dealing, even the
appearance of self-dealing or a conflict of interest is to be avoided.

The intent of the Code is not to prohibit or inhibit responsible personal
investment activity by professional investment personnel and others; rather, it
is to ensure that the portfolios managed by the Van Eck Companies receive the
full benefit of the legal protections and safeguards from unethical practices to
which they are entitled. This Code has been designed with these thoughts in
mind. It is worth repeating and cautioning that persons who have any questions
regarding the applicability of the Code to, or the propriety

1
<PAGE>

of, a particular transaction should consult with the Compliance Officer or the
Legal Department who will treat all discussions as confidential.

PERSONS TO WHOM THIS CODE APPLIES

The General Prohibitions and Substantive Restrictions on Personal Trading
Activities of the Code in the next section apply to ALL employees, officers,
directors, and trustees of the Van Eck Companies and the Funds. The Reporting
Requirements, Preclearance Requirements, the requirements to provide duplicate
copies of broker confirmations and periodic reports and the requirement to
disclose all securities holdings on an annual basis, apply to all employees.
There is a special rule for persons who are non-interested Trustees of the
Funds. (See below).

You are an "access person" if you are an employee, director, trustee, officer or
"advisory person" of a Fund or a Van Eck Company. You are also an access person
if you are in a control(1) relationship to a Van Eck Company that obtains
information about recommendations made to a Fund or Account regarding the
purchase or sale of securities. The Compliance Officer will notify you if you
are an access person and are, therefore, subject to certain restrictions and
requirements detailed below.

You are an "advisory person" if as part of your regular duties you make,
participate in, or obtain information regarding the purchase or sale of any
security by a Fund or Account. Similarly, if as part of your regular duties you
are involved in making, or have information concerning, recommendations
regarding Fund or Account transactions, you are an advisory person.

A security is "considered for purchase or sale" when a recommendation to
purchase or sell a security has been made and communicated and is "recommended"
when the person making the recommendation seriously considers making the
recommendation.

WHAT ARE YOUR DUTIES UNDER THIS CODE

This Code has three basic requirements: first, that your conduct conforms to the
ethical standards set forth in the General Prohibitions; second, that your
personal securities transactions comply with the Substantive Restrictions on
Personal Investing Activities; and third, that you obtain prior approval for all
securities transactions and file reports where required.

GENERAL PROHIBITIONS

If you are an employee, officer, director or trustee of a Van Eck Company or a
Fund, these General Prohibitions apply to the purchase or sale by you of any
security that, within the 7 days before or after the transaction, (i) a Fund or
an Account, is holding or was holding, or (ii) a Fund or an Account, or a Van
Eck Company on behalf of a Fund or Account, is considering or has considered
purchasing. In connection with these transactions, you may not -

- --------
(1) "Control" has the same meaning as that set forth in Section 2(a)(9) of
the Act. Generally, it means the power to exercise a controlling influence over
the management or policies of a company, unless such power is solely the result
of an official position with such company.

2
<PAGE>

o Use any scheme to defraud a Fund or Account, or to engage in any
act which operates, or would operate, as a fraud or deceit upon a
Fund or Account.

o Make to the Fund any untrue statement of a material fact, or fail
to state a material fact necessary in order to make the statement
made, in light of the circumstance under which it is made, not
misleading.

o Engage in any manipulative practice.

These General Prohibitions do not refer to specific practices for good reason:
no code can cover all possible circumstances. Instead, a code should guide you
in determining appropriate conduct and should instill in you the duty of fair
dealing and honesty implicit in the fiduciary relationship. In the final
analysis, your conduct will ultimately be guided by your personal and
professional integrity and honesty.

The General Prohibitions should be read very broadly, for they are more
encompassing than a narrow interpretation would indicate. "You" means you,
personally, and any account which is "beneficially owned" by you. The term
"beneficial ownership" would include, for example, securities held in the name
of a spouse, minor children, or relative sharing your home or under other
circumstances indicating a sharing of financial interest.

"Security" includes all securities, rights or other interests, as well as
futures and options, and has the same meaning as set forth in Section 2(a)(36)
of the Act except that it does not include securities issued by the Government
of the United States or any of its agencies or instrumentalities (including all
short-term debt securities which are "government securities" within the meaning
of Section 2(a)(16) of the Act), bankers' acceptances, bank certificates of
deposit and commercial paper. Futures and options may not be used to evade the
restrictions of this Code; and a "purchase or sale" includes writing put and
call options on a security.

SUBSTANTIVE RESTRICTIONS ON PERSONAL INVESTING ACTIVITIES

INITIAL PUBLIC OFFERINGS. Purchasing securities in an initial public offering
("IPO") is prohibited. Purchases of IPO's pose potential conflicts of interest.
Investing in IPO's may suggest that access persons have taken inappropriate
advantage of their positions for personal profit, as the opportunity to invest
in an IPO may be available to only a limited number of investors. It may then
appear that an investment opportunity that should have been available to a Fund
or Account was diverted to the benefit of an individual employee.

PRIVATE PLACEMENTS. All purchases of securities in a private placement ARE
PROHIBITED.

BLACKOUT PERIODS. All portfolio managers, advisory persons and access persons
are subject to a seven- day blackout period, i.e., individuals are prohibited
from buying or selling a security within seven calendar days before and after a
Fund trades in that security. Any profits realized on trades within the
proscribed seven day period will be paid to the Fund or Account or to charity.

BAN ON SHORT-TERM TRADING PROFITS. NO EMPLOYEE IS PERMITTED TO PROFIT FROM
SHORT-TERM TRADING. Short-term trading is the purchase and sale or sale and
purchase of an asset within 60 days. (This would include selling and/or closing
a position with futures or options contracts). This trading will be monitored.
Whether profits will be required to be paid to the Fund or Account or to charity
will be left to the discretion of management.

GIFTS

All gifts must be reported, with the exception of DE MINIMIS advertising items
such as inexpensive (less than $50 market value) pens, T-shirts and the like.
GIFTS MAY NOT EXCEED $50 PER PERSON PER YEAR. The receipt of

3
<PAGE>

dinners, tickets to theatrical and sporting events and the like is acceptable,
so long as they are not so frequent as to raise questions of impropriety.

SERVICE AS A DIRECTOR

Service as a director of a public company is prohibited.

OPENING NEW BROKERAGE ACCOUNTS

All employees must obtain the permission of the Compliance Officer prior to
opening any new brokerage accounts with an exchange or National Association of
Securities Dealers ("NASD") registered broker-dealer. A Letter of Permission
will be provided to the broker-dealer once the employee has been granted
permission to open the new account. All employees must open accounts in the Van
Eck Funds or the Van Eck/Chubb Funds through the Mutual Fund Operations
Department. Duplicate confirmations will be sent to the Compliance Officer for
all employee accounts in the Van Eck Funds.

DISCRETIONARY ACCOUNTS

Access and non-access persons may maintain discretionary brokerage accounts.
However, in order to be exempt from the preclearance and other requirements of
this Code, the employee must provide the Compliance Officer with a
representation, or other proof, from the account broker stating that the account
is managed on a discretionary basis and that the employee does not make any
investment decisions for the account. This report must be provided at the time
of commencement of employment and at any time a discretionary account is opened
or terminated. In addition, employees who maintain discretionary accounts must
provide, on a quarterly basis, a statement that he or she has not made any
investment decisions for the account during that quarter.

PRECLEARANCE; COMPLIANCE OFFICER

You must obtain prior approval for every securities transaction subject to this
Code from the Compliance Officer or her designee. Preclearance is effective for
a period of 24 hours. If the trade is not executed within that period, the
preclearance process must be repeated. PRIOR APPROVAL FOR TRANSACTIONS IN SHARES
OF OPEN-END MUTUAL FUNDS IS NOT REQUIRED.

Thomas Elwood is the Compliance Officer for purposes of the Reporting and
Preclearance Requirements. In the event he is not available to approve a
transaction, the individuals listed on Exhibit "A" shall be authorized to
approve such transaction.

REPORTING REQUIREMENTS

A report of all transactions subject to this Code must be filed with the
Compliance Officer no later than 10 days after the end of each calendar quarter
and must provide the following information for each transaction during that
quarter:

(a) the date of the transaction, the title of and the number of
shares, and the principal amount of each security involved;

(b) the nature of the transaction (i.e., purchase, sale or any other
type of acquisition or disposition);

(d) the name of the broker, dealer or bank with or through which the
transaction was effected.

4
<PAGE>

If you file a report with respect to any transaction it will not be considered
an admission by you that you have any direct or indirect beneficial interest in
that security.

You must report to the Compliance Officer or his designee all transactions in
which you have, or acquire, a beneficial interest in a security. If you are a
non-interested Trustee of a Fund see "Special Rules."

Any transactions in unaffiliated open-end mutual fund shares (i.e., funds that
are not advised by Van Eck or its affiliates) do not need to be reported.
However, if you have had any transactions in any of the Van Eck family of funds,
you must report these. In addition, you must report transactions in closed-end
mutual fund shares and unit investment trusts. All other types of securities
transactions, with the exception of those involving U.S. Government securities,
must be reported.

All personnel must have duplicate copies of trade confirmations and periodic
account statements sent to the Company by their broker.

All personnel must submit an annual listing of all securities holdings.

All personnel must sign an acknowledgment that they have read and agree to be
subject to this Code of Ethics on an annual basis.

All personnel must submit a listing of all brokerage accounts at the time of
initial employment and at any time accounts are added or terminated.

SPECIAL RULES

NON-INTERESTED TRUSTEES

If you are a non-interested Trustee of a Fund,(2) you are not required to obtain
prior approval of your personal securities transactions or to file a report with
the Compliance Officer unless at the time of the transaction you knew or, in the
ordinary course of fulfilling your official duties as Trustee of a Fund, you
should have known that (i) the security is or was purchased or sold by a Fund,
or (ii) purchase or sale of this security is or was considered by a Van Eck
Company for a Fund during the 15-day period immediately preceding or following
the date of your transaction.

EXEMPT SECURITIES

The Code generally applies to ALL securities. However, the following securities
are considered exempt securities and are not subject to the above requirements:

o Shares of open-end investment companies that are not managed by a
Van Eck Company

o U.S. Government securities o Money market instruments

o Life insurance contracts and annuity contracts

- --------
(2) "Interested person" has the same meaning as contained in Section
2(a)(19) of the Act. A "non-interested Trustee" is any Trustee who is not an
interested person.

5
<PAGE>

EXEMPT TRANSACTIONS

The Code does not apply to the following transactions:

(a) purchases or sales which you cannot, directly or indirectly,
control or influence;

(b) purchases which are part of an automatic dividend reinvestment
plan;

(c) purchases effected upon the exercise of rights issued by an
issuer PRO RATA to all holders of a class of its securities, to
the extent such rights were acquired from such issuer, and sales
of such rights so acquired;

(d) sales of securities held in a margin account to the extent
necessary in order to meet margin requirements.

WHAT WILL HAPPEN IF YOU VIOLATE THIS CODE

VIOLATIONS

You should endeavor to comply with this Code both in letter and spirit. However,
in adopting Rule 17j-1, the Securities and Exchange Commission specifically
noted that a violation of any provision of a code of ethics, such as this Code,
would not be considered a PER SE unlawful act prohibited by the general
anti-fraud provisions of the Rule as stated in the General Prohibitions. In
adopting this Code of Ethics, it is not intended that a violation of this Code
is or should be considered to be a violation of Rule 17j-1. Whether you have
violated the Code materially and the General Prohibitions will be determined on
the basis of the available facts and circumstances.

If a determination has been made that a material violation has occurred,
sanctions may be imposed. Before making any determination that you have
committed a material violation, you will be given an opportunity to supply
additional explanatory material. If the Compliance Officer determines that a
material violation of this Code has or may have occurred, he shall submit his
written determination and a recommendation of appropriate sanctions, together
with the transaction report and any additional explanatory material you provide,
to the Board of the Van Eck Company of which you are an access person and, if
applicable, to the Board of the Fund with respect to which the violation
occurred.

SANCTIONS

Sanctions may include any or all of the following:

1. Caution.

2. Warning by Senior Management.

3. Fine or returning any profit or benefit derived.

4. Dismissal.

5. Civil referral to the SEC or other civil regulatory authorities.

6. Criminal referral.

WHAT WILL BE DONE WITH THE REPORTS

Every reasonable effort will be made to keep confidential all reports of
securities transactions and any other information you file with the Compliance
Officer or you furnish to any person under this Code. The reports and
information are subject to review as provided in this Code and by
representatives of the Securities and Exchange Commission. In the event there is
a determination that you have violated the Code, records and information may be
made available, as directed by the appropriate Board of the Van Eck Company or
Fund, in their sole discretion, to any federal or state regulatory or law
enforcement agency or to any self regulatory

6
<PAGE>

organization, including the National Association of Securities Dealers, or to
any other party as is deemed consistent with the Van Eck Company's or Fund's
duty to that other party.

The Compliance Officer shall review or supervise the review of your personal
securities transactions and those of others under this Code. As part of that
review, each securities transaction reported by you shall be compared against
completed and contemplated portfolio transactions of Fund or Account to
determine whether a violation of this Code may have occurred. Records under this
Code shall be maintained in the manner and to the extent set forth below, and,
as required by Rule 17j-1, shall be available for examination by representatives
of the Securities and Exchange Commission:

(a) A copy of this Code and any other code which is, or was at any
time within the past five years, in effect, shall be preserved in
an easily accessible place.

(b) A record of any violation of this Code and of any action taken as
a result of such violation shall be preserved in an easily
accessible place for a period of not less than five years
following the end of the fiscal year in which the violation
occurs.

(c) A copy of each report made by an officer, director or trustee of
a Fund or Van Eck Company pursuant to this Code shall be
preserved for a period of not less than five years from the end
of the fiscal year in which it is made, the first two years in an
easily accessible place.

(d) A list of all persons who are, or within the past five years have
been, required to make reports pursuant to this Code shall be
maintained in an easily accessible place.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

7
<PAGE>

INDEX TO DEFINED TERMS

TERM PAGE

Access Person 2

Accounts 1

Act 1

Advisory Person 2

Beneficial Ownership and Beneficially Owned 3

Considered for Purchase or Sale 2

Control 2

Exempt Securities 5

Funds 1

Government Securities 3

Interested Person 5

Non-Interested Trustee 5

Purchase or Sale 3

Recommended 2

Rules 1

Security 3

Van Eck Companies 1

Code of Ethics
Amended 9-28-99

8
<PAGE>

EXHIBIT "A"

Charles Cameron
Gregory Krenzer
Thomas Elwood
Derek van Eck
Jan van Eck
John van Eck
Bruce Smith
Dina Lee

amd9/99

9
<PAGE>

ACCESS PERSONS 1/00

Cliff Barry
Harry Bingham
Alex Bogaenko
Charles Cameron
Sophie Devignon
Joseph DiMaggio
Thomas Elwood
Keith Fletcher
Joseph Foster
Stephanie Grace
Sam Hewitt
Dominic Hilton
David Hulme
Hans Humes
Greg Krenzer
Robin Kunhardt
Susan Lashley
Dina Lee
Geoffrey Morris
Kevin Reid
David Semple
Chad Scott
Bruce Smith
Allison Spill
Ron Stankiewicz
Peter Stiler
Morgan Sweeney
Derek van Eck
Jan van Eck
John van Eck
David Weiss

10
<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Post-Effective Amendment to the
Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933,
and has duly caused this Amendment to the Registration Statement on Form N-1A to
be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of New York, State of New York, on the 11th day of April 2000.

VAN ECK WORLDWIDE INSURANCE TRUST

By: /s/ John van Eck
----------------
John C. van Eck, President

POWER OF ATTORNEY

We, the undersigned officers and trustees of Van Eck Worldwide Insurance
Trust (the "Trust"), do hereby severally constitute and appoint John C. van Eck,
Thomas H. Elwood and Dina C. Lee and each of them acting singly, as our true and
lawful attorneys, with full powers to them and each of them to sign for us, in
our names in the capacities indicated below, any and all amendments to the
Registration Statement of the Trust on Form N-1A filed with the Securities and
Exchange Commission to enable the Trust to comply with the provisions of the
Securities Act of 1933, as amended, and the Investment Company Act of 1940, as
amended, and all requirements and regulations of the Securities and Exchange
Commission, hereby ratifying and confirming our signatures as they may be signed
by our said attorneys to any and all amendments to the Registration Statement.

IN WITNESS WHEREOF, we have hereunto set our hands on the date indicated
below.

Signature Title Date
- --------- ----- ----

/s/ John C. van Eck Chairman and President April 11, 2000
- -------------------------
John C. van Eck

/s/ Bruce J. Smith Chief Financial Officer April 11, 2000
- -------------------------
Bruce J. Smith

/s/ Jeremy H. Biggs Trustee April 11, 2000
- -------------------------
Jeremy H. Biggs

/s/ Richard C. Cowell Trustee April 11, 2000
- -------------------------
Richard C. Cowell

/s/ Philip D. DeFeo Trustee April 11, 2000
- -------------------------
Philip D. DeFeo

/s/ Wesley G. McCain Trustee April 11, 2000
- -------------------------
Wesley G. McCain

11
<PAGE>

Signature Title Date
- --------- ----- ----

/s/ David J. Olderman Trustee April 11, 2000
- -------------------------
David J. Olderman

/s/ Ralph F. Peters Trustee April 11, 2000
- -------------------------
Ralph F. Peters

/s/ Richard D. Stamberger Trustee April 11, 2000
- -------------------------
Richard D. Stamberger

/s/ Derek S. van Eck Trustee April 11, 2000
- -------------------------
Derek S. van Eck

/s/ Jan F. van Eck Trustee April 11, 2000
- -------------------------
Jan F. van Eck

<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Worldwide Hard Assets Fund

<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 89,504,859
<INVESTMENTS-AT-VALUE> 97,028,070
<RECEIVABLES> 3,689,485
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<OVERDISTRIBUTION-GAINS> (26,976,111)
<ACCUM-APPREC-OR-DEPREC> 7,368,214
<NET-ASSETS> 98,910,549
<DIVIDEND-INCOME> 2,203,725
<INTEREST-INCOME> 465,877
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<EXPENSES-NET> 1,266,981
<NET-INVESTMENT-INCOME> 1,402,621
<REALIZED-GAINS-CURRENT> (7,798,150)
<APPREC-INCREASE-CURRENT> 23,981,515
<NET-CHANGE-FROM-OPS> 17,585,986
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,337,036
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 227,914,783
<NUMBER-OF-SHARES-REDEEMED> 232,402,878
<SHARES-REINVESTED> 1,337,036
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<ACCUMULATED-NII-PRIOR> 1,183,174
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (18,916,172)
<GROSS-ADVISORY-FEES> 1,006,500
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,226,981
<AVERAGE-NET-ASSETS> 111,833,333
<PER-SHARE-NAV-BEGIN> 9.20
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 1.75
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.96
<EXPENSE-RATIO> 1.26

</TABLE>

<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> WORLDWIDE BOND FUND

<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 85,920,626
<INVESTMENTS-AT-VALUE> 81,537,803
<RECEIVABLES> 3,026,648
<ASSETS-OTHER> 438,161
<OTHER-ITEMS-ASSETS> 17,126
<TOTAL-ASSETS> 85,019,738
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 144759
<TOTAL-LIABILITIES> 144759
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86,746,666
<SHARES-COMMON-STOCK> 7,936,486
<SHARES-COMMON-PRIOR> 9,714,626
<ACCUMULATED-NII-CURRENT> 4,908,346
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,961,553)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,643,319
<NET-ASSETS> 84,874,979
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,130,817
<OTHER-INCOME> 0
<EXPENSES-NET> 1,222,471
<NET-INVESTMENT-INCOME> 4,908,346
<REALIZED-GAINS-CURRENT> 1,747,285
<APPREC-INCREASE-CURRENT> (11,643,319)
<NET-CHANGE-FROM-OPS> (8,696,526)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,563,103
<DISTRIBUTIONS-OF-GAINS> 2,038,833
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 91,131,055
<SHARES-REINVESTED> 6,601,936
<NET-CHANGE-IN-ASSETS> (34,407,530)
<ACCUMULATED-NII-PRIOR> 4,450,964
<ACCUMULATED-GAINS-PRIOR> 972,333
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 530,288
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,222,471
<AVERAGE-NET-ASSETS> 58,920,889
<PER-SHARE-NAV-BEGIN> 12.28
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> (1.52)
<PER-SHARE-DIVIDEND> (0.47)
<PER-SHARE-DISTRIBUTIONS> (0.21)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.69
<EXPENSE-RATIO> 1.22

</TABLE>

<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> WORLDWIDE EMERGING MARKETS FUND

<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 152,780,890
<INVESTMENTS-AT-VALUE> 232,426,579
<RECEIVABLES> 12,345,914
<ASSETS-OTHER> 838,509
<OTHER-ITEMS-ASSETS> 1,407
<TOTAL-ASSETS> 252,795,610
<PAYABLE-FOR-SECURITIES> 4,184,461
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,094,809
<TOTAL-LIABILITIES> 9,279,270
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 198,223,212
<SHARES-COMMON-STOCK> 17,071,136
<SHARES-COMMON-PRIOR> 7,659,493
<ACCUMULATED-NII-CURRENT> 935,528
<OVERDISTRIBUTION-NII> (9,785)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (34,145,982)
<ACCUM-APPREC-OR-DEPREC> 83,400,026
<NET-ASSETS> 243,516,340
<DIVIDEND-INCOME> 2,046,020
<INTEREST-INCOME> 695,065
<OTHER-INCOME> 0
<EXPENSES-NET> 1,805,557
<NET-INVESTMENT-INCOME> 935,528
<REALIZED-GAINS-CURRENT> 14,321,620
<APPREC-INCREASE-CURRENT> (83,400,026)
<NET-CHANGE-FROM-OPS> 98,657,174
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 416,658,982
<NUMBER-OF-SHARES-REDEEMED> 326,312,676
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 189,003,480
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 1,567,187
<OVERDIST-NET-GAINS-PRIOR> 48,926,066
<GROSS-ADVISORY-FEES> 1,172,736
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,805,557
<AVERAGE-NET-ASSETS> 130,304,000
<PER-SHARE-NAV-BEGIN> 7.12
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 7.04
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.26
<EXPENSE-RATIO> 1.34

</TABLE>

<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> WORLDWIDE REAL ESTATE

<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 3,278,123
<INVESTMENTS-AT-VALUE> 3,068,899
<RECEIVABLES> 94,519
<ASSETS-OTHER> 16,544
<OTHER-ITEMS-ASSETS> 3,768
<TOTAL-ASSETS> 3,229,050
<PAYABLE-FOR-SECURITIES> 32,004
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,559
<TOTAL-LIABILITIES> 62,563
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,441,650
<SHARES-COMMON-STOCK> 345,980
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 77,780
<OVERDISTRIBUTION-NII> 56,667
<ACCUMULATED-NET-GAINS> 35,889
<OVERDISTRIBUTION-GAINS> (122,467)
<ACCUM-APPREC-OR-DEPREC> (203,635)
<NET-ASSETS> 3,166,487
<DIVIDEND-INCOME> 101,521
<INTEREST-INCOME> 9,846
<OTHER-INCOME> 0
<EXPENSES-NET> 33,587
<NET-INVESTMENT-INCOME> 77,780
<REALIZED-GAINS-CURRENT> 35,889
<APPREC-INCREASE-CURRENT> (203,635)
<NET-CHANGE-FROM-OPS> (89,966)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 38,540
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,176,857
<NUMBER-OF-SHARES-REDEEMED> 826,782
<SHARES-REINVESTED> 38,540
<NET-CHANGE-IN-ASSETS> 1,260,109
<ACCUMULATED-NII-PRIOR> 29,972
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 151,685
<GROSS-ADVISORY-FEES> 23,366
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 75,524
<AVERAGE-NET-ASSETS> 2,596,222
<PER-SHARE-NAV-BEGIN> 9.54
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> (0.44)
<PER-SHARE-DIVIDEND> 0.20
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.15
<EXPENSE-RATIO> 1.44

</TABLE>