UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05083
WORLDWIDE INSURANCE TRUST - WORLDWIDE BOND FUND
(Exact name of registrant as specified in charter)
99 Park Avenue, New York, NY 10016
(Address of principal executive offices) (Zip code)
Van Eck Associates Corporation
99 PARK AVENUE, NEW YORK, NY 10016
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 687-5200
Date of fiscal year end: DECEMBER 31
Date of reporting period: JUNE 30, 2005
Item 1. REPORT TO SHAREHOLDERS.
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VAN ECK GLOBAL
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Worldwide Insurance Trust
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SEMI-ANNUAL REPORT
JUNE 30, 2005
[GRAPHICS OMITTED]
WORLDWIDE BOND FUND
GLOBAL INVESTMENTS SINCE 1955
The information in the shareholder letter represents the personal opinions of
the investment team members and may differ from those of other portfolio
managers or of the firm as a whole. This information is not intended to be a
forecast of future events, a guarantee of future results or investment advice.
Also, please note that any discussion of the Fund's holdings, the Fund's
performance, and the views of the investment team members are as of June 30,
2005 and are subject to change.
WORLDWIDE BOND FUND
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Dear Shareholder:
The Initial Class shares of the Van Eck Worldwide Bond Fund produced a total
return of -1.98% for the six months ended June 30, 2005. In comparison, the
Fund's benchmark, the Citigroup World Government Bond Index(1) returned -3.97%
in U.S. dollar terms. In local currency terms, the Index returned 3.75% for the
same period. This wide return differential in local versus dollar terms
indicates the negative contribution that U.S. dollar strength made to global
bond returns in the first half of 2005. As the value of the U.S. dollar
increases, the dollar value of foreign investments typically decreases and vice
versa. Indeed, the 10.19% gain by the U.S. Dollar Index (DXY)(2) during the
first half of 2005 was more than enough to offset the positive local currency
returns in most bond markets and ended up pushing absolute returns into negative
territory for U.S. dollar-based global bond investors.
On a relative basis, the Fund performed well, driven primarily by the
portfolio's lack of exposure to the Japanese market, overweighted positions in
the dollar bloc markets of Canada and New Zealand and significant exposure to
the U.S. dollar during the second quarter.
MARKET AND ECONOMIC REVIEW
As mentioned, the first six months of 2005 were challenging for global bond
investors, as the U.S. dollar strengthened relative to most major currencies.
Monetary tightening by the Federal Reserve Board (the Fed), strong relative
economic activity and contained inflationary measures provided a supportive
backdrop for the U.S. currency. Specifically, relative to the U.S. dollar, the
euro weakened by 10.7% over the six-month period, the Japanese yen by 7.5% and
the British pound by 6.6%. The New Zealand, Australian and Canadian currencies
weakened relative to the U.S. dollar by 2.9%, 2.3% and 1.9%, respectively.
Interestingly, in local currency terms, the first half of 2005 proved to be
quite positive across most international bond markets. The primary factor
supporting bonds was falling yields at the longer-term end of the yield curve.
The Fed continued to raise short-term interest rates during the semi-annual
period in an effort to get to a more neutral monetary policy stance. Indeed, the
Fed maintained its measured approach and tightened four times, bringing the
targeted federal funds rate from 2.25% at the end of December to 3.25% at the
end of June. Despite these rate hikes, yields of long-term bonds declined during
the second quarter and, correspondingly, long-term bond values rose. For
example, the 10-year U.S. Treasury yield fell by approximately 30 basis points
over the six months, beginning 2005 at 4.22%, reaching a high of 4.64% in late
March and ending June at a level of 3.92%.
The U.S. economy grew at a relatively robust annualized rate of 3.6% for the
first quarter of 2005, though down from 4.2% for the year 2004. Unemployment
declined to 5.0% in June after ending 2004 at 5.4%. Inflationary pressures
appeared to remain contained during the first half, with the Consumer Price
Index (CPI) fairly range-bound between 2.5% and 3.5%. Economic activity in the
U.S. was strong compared to Japan and the economies of Europe. The
commodity-intensive economies across the globe continued to benefit from China's
ongoing economic development, although the pace of economic activity in China
slowed slightly from levels seen a year ago. Still, Chinese Gross Domestic
Product (GDP) is expected to expand by 9% in 2005. While many feared a more
severe slowdown for China's economy, which would almost surely dampen global
economic growth, we are not among those who anticipate a "hard landing" for
China any time soon.
FUND REVIEW
Throughout the first half of 2005, the Fund was overweight relative to its
benchmark Index in terms of U.S. duration. The Fund ended June with 35.3%
allocated to the U.S. bond market. This strategy benefited the Fund's relative
performance, as the U.S. bond market was among the best-performing constituents
of the Index in U.S. dollar terms for the reporting period. The Citigroup U.S.
Government Bond Index(3) returned 3.20%; only Canadian bonds performed better,
gaining 3.21% in U.S. dollar terms. The flattening of the yield curve in the
U.S. that was seen throughout 2004 continued through the first half of 2005.
This occurred as the Fed
1
WORLDWIDE BOND FUND
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continued to tighten monetary policy and the yields of long-term maturity bonds
fell more than those at the short-term end of the yield curve. In other words,
bonds at the longer-term end of the yield curve were the best-performing bonds.
The Fund also remained overweight the U.S. dollar versus the benchmark during
the period. Continuing the process begun toward the end of 2004, we increased
the Fund's exposure to the U.S. currency, in effect reducing its position in
foreign currencies, which had benefited the Fund for much of the prior three
years. This shift in strategy benefited the Fund's performance during the first
half of 2005, as the U.S. dollar rebounded against all constituents in the
Index.
For the first half of 2005, the Fund was underweight duration and currency
exposure compared to the Index for the EUROZONE. This strategy also proved
prudent, as Eurozone bonds were one of the poorer performing categories in the
Index for the six-month period. The Fund ended June with a weighting of 33.9% in
Eurozone bonds, represented in the Fund by its holdings in Germany, Spain,
France, Italy and Ireland. The Citigroup European Government Bond Index climbed
5.07% in local currency terms, driven by the fact that the Eurozone countries
continued to suffer from economic growth stymied by labor market woes,
restrictive fiscal policy and a lack of structural reforms. This sluggish
economic growth supported the European Central Bank's decision to maintain the
monetary policy stance held since June 2003, i.e. keeping the repo rate at 2%.
While these economic headwinds were supportive of the bond markets and lower
yields, they led to a weakening of the euro, which, in turn, drove the 6.41%
decline in the Citigroup European Government Bond Index in U.S. dollar terms.
Further exacerbating the weakness of the euro was the rejection of the European
Union (EU) constitution by both the French and the Dutch. The referendum "no"
votes raised investor concerns over the future of the EU.
The Fund maintained its overweight exposure to the UK bond market during the
first half of 2005, but was underweight duration relative to the Index. We based
this investment decision on the higher relative yields offered by this market
versus other developed countries. The Bank of England maintained its monetary
policy and left the UK base rate unchanged at 4.75% through the semi-annual
period. While the British pound sterling weakened against the U.S. dollar, it
appreciated relative to the euro. Thus, UK bonds gained 4.71% in local currency
terms for the six months, but weakened 2.24% in U.S. dollar terms. The Fund
ended June with a 6.4% weighting in the UK bond market.
Through June 2005, we maintained the Fund's higher allocation to the dollar bloc
bond markets relative to the Index. Specifically, the Fund had an overweighted
position in the bond markets of CANADA and NEW ZEALAND; the Fund had no exposure
to the AUSTRALIAN bond market. As indicated earlier, these nations' currencies
weakened relative to the U.S. dollar but to a lesser degree than the euro and
the yen. Further, while the Chinese economy gradually slowed in 2005, commodity
markets remained tight and continued to buoy these commodity-intensive
economies. New Zealand government bonds gained 0.31% in U.S. dollar terms during
the reporting period, while Australian bonds rose 0.52%, and Canadian bonds were
up 3.21%. At the end of June, the Fund's exposure to the New Zealand bond market
was 8.6% of net assets, Australian bond market exposure was 0.0%, and Canadian
bond market exposure was 5.3%.
The Fund continued to hold its emerging markets bond position in MEXICO through
the telephone provider Telmex (Telefonos de Mexico, 2.9% of Fund net assets at
June 30). This position added positive performance to the Fund in the first half
of 2005. The Mexican government bond market overall returned 5.52% in U.S.
dollar terms through June 2005.
JAPAN'S economy continued to falter during the six-month period. Japan appeared
unable to lift itself out of its low growth, low inflation malaise. The Japanese
bond market fell 5.83% in U.S. dollar terms and gained 1.84% in local currency
terms, making it one of the worst performing global bond markets in local
currency terms for the first half of 2005. We continued to avoid the Japanese
bond market (0.0% of Fund net assets at June 30), as we felt there were more
attractive opportunities elsewhere.
2
WORLDWIDE BOND FUND
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* * *
We continue to believe that asset allocation can play a crucial role in
successful portfolio planning, particularly during uncertain economic times.
Since high-quality bond markets move in different cycles with varying
supply/demand characteristics, global bonds can add balance to a diversified
fixed income strategy. The Van Eck Worldwide Bond Fund invests primarily in
high-quality debt instruments of bond markets worldwide, with heavy emphasis on
government bonds of developed nations.
Prices of fixed income securities, and with them the Fund's share value, tend to
fall when interest rates go up and to rise when interest rates fall. The longer
the maturity or duration of the debt security, the higher the risk of price
fluctuations due to changes in interest rates. Bonds rated below investment
grade are subject to greater risks than investment grade debt securities and are
viewed as speculative because their issuers are more vulnerable to financial
setbacks and economic pressures than issuers with higher ratings. Foreign
investments may be subject to volatility from political or economic factors or
from changing currency values. The Fund may engage in active and frequent
trading to achieve its investment objectives. Consequently, the Fund may suffer
adverse tax consequences and increased transaction costs that may affect
performance. Long-term investments entail greater risk of loss than short-term
investments.
The Fund is classified as a non-diversified fund under the Investment Company
Act of 1940 (the "1940 Act") to enable it to concentrate its assets in a
narrower group of stocks than a diversified fund, and is thus also subject to
the non-diversification risk. Thus, a large loss in an individual stock may
cause a much larger loss in a non-diversified fund's value.
An investment in the Fund should be considered part of an overall investment
program, rather than a complete investment program.
We appreciate your continued investment in the Van Eck Worldwide Bond Fund, and
we look forward to helping you meet your investment goals in the future.
[PHOTOS OMITTED]
/s/ Charles T. Cameron /s/ Gregory F. Krenzer
CHARLES T. CAMERON GREGORY F. KRENZER
INVESTMENT TEAM MEMBER INVESTMENT TEAM MEMBER
July 14, 2005
THE PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE IS NO
GUARANTEE OF FUTURE RESULTS; CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. PERFORMANCE INFORMATION FOR THE CLASS R1 SHARES
REFLECTS CURRENT TEMPORARY WAIVERS OF EXPENSES AND/OR FEES. HAD THE FUND
INCURRED ALL EXPENSES, INVESTMENT RETURNS WOULD HAVE BEEN REDUCED. INVESTMENT
RETURN AND VALUE OF SHARES OF THE FUND WILL FLUCTUATE SO THAT AN INVESTOR'S
SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. THESE
RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON
FUND DIVIDENDS AND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. THESE RETURNS
DO NOT TAKE VARIABLE ANNUITY/LIFE FEES AND EXPENSES INTO ACCOUNT. PERFORMANCE
INFORMATION CURRENT TO THE MOST RECENT MONTH END IS AVAILABLE BY CALLING
1-800-826-2333.
3
WORLDWIDE BOND FUND
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The Fund is only available to life insurance and annuity companies to fund their
variable annuity and variable life insurance products. These contracts offer
life insurance and tax benefits to the beneficial owners of the Fund. Your
insurance or annuity company's charges, fees and expenses for these benefits are
not reflected in this report or in the Fund's performance, since they are not
direct expenses of the Fund. Had these fees been included, returns would have
been lower. For insurance products, performance figures do not reflect the cost
for insurance and if they did, the performance shown would be significantly
lower. A review of your particular life and/or annuity contract will provide you
with much greater detail regarding these costs and benefits.
All references to Fund assets refer to Total Net Assets.
All indices listed 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. An index's
performance is not illustrative of the Fund's performance. Indices are not
securities in which investments can be made.
(1) The Citigroup World Government Bond Index is a market
capitalization-weighted benchmark that tracks the performance of approximately
20 world government bond markets.
(2) The U.S. Dollar Index (DXY) indicates the general international value of the
U.S. dollar. The DXY does this by averaging the exchange rates between the U.S.
dollar and six major world currencies.
(3) All country and regional bond market returns are Citigroup Government Bond
Indices.
4
WORLDWIDE BOND FUND
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GEOGRAPHICAL WEIGHTINGS*
AS OF JUNE 30, 2005 (UNAUDITED)
[The data below represent a pie chart in the printed report.]
United States 35.3%
Germany 13.7%
New Zealand 8.6%
Cash/Equivalents plus
Other Assets Less Liabilities 7.6%
United Kingdom 6.4%
Italy 6.3%
Spain 5.5%
France 5.3%
Canada 5.3%
Ireland 3.1%
Mexico 2.9%
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SECTOR BREAKDOWN*
AS OF JUNE 30, 2005 (UNAUDITED)
------------------------------------------------
Foreign Government Bonds ............. 54.2%
U.S. Government Bonds ................ 35.3%
Foreign Corporate Bonds--
Telecommunications ................. 2.9%
Cash/Equivalents plus
Other Assets Less Liabilities ...... 7.6%
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*PERCENTAGE OF NET ASSETS.
PORTFOLIO IS SUBJECT TO CHANGE.
5
WORLDWIDE BOND FUND
EXPLANATION OF EXPENSES (UNAUDITED)
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HYPOTHETICAL $1,000 INVESTMENT AT BEGINNING OF PERIOD
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including program fees on purchase payments; and (2) ongoing costs,
including management fees and other Fund expenses. This disclosure is intended
to help you understand your ongoing costs (in dollars) of investing in the Fund
and to compare these costs with the ongoing costs of investing in other mutual
funds.
The disclosure is based on an investment of $1,000 invested at the beginning of
the period and held for the entire period, January 1, 2005 to June 30, 2005.
ACTUAL EXPENSES
The first line in the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over a
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line in the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as program
fees. Therefore, the second line of the table is useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
Beginning Ending Expenses Paid
Account Value Account Value During Period*
January 1, 2005 June 30, 2005 1/1/05-6/30/05
- -------------------------------------------------------------------------------------------------------------------------
Initial Class Actual $1,000.00 $980.20 $6.49
Hypothetical (5% return before expenses) $1,000.00 $1,018.24 $6.61
- -------------------------------------------------------------------------------------------------------------------------
Class R1 Actual $1,000.00 $979.40 $7.07
Hypothetical (5% return before expenses) $1,000.00 $1,017.65 $7.20
- -------------------------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.32% for the
Initial Class shares and 1.44% for the Class R1 shares and multiplied by the
average account value over the period, multiplied by 181 divided by 365 (to
reflect the one-half year period)
6
WORLDWIDE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JUNE 30, 2005 (UNAUDITED)
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PRINCIPAL VALUE
COUNTRY AMOUNT BONDS (NOTE 1)
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BONDS AND NOTES:
CANADA: 5.3%
CAD 4,000,000 Canadian Government Bond
6.00% due 6/01/11 $3,700,383
----------
FRANCE: 5.3%
EUR 3,000,000 French Treasury Note
3.75% due 1/12/07 3,719,830
----------
GERMANY: 13.7%
Bundesrepublik Deutschland Bonds
EUR 2,709,847 6.00% due 1/04/07 3,466,082
EUR 3,000,000 4.75% due 7/04/28 4,243,449
EUR 1,500,000 4.50% due 7/04/09 1,962,823
----------
9,672,354
----------
IRELAND: 3.1%
EUR 1,714,146 Irish Government Bond
8.00% due 8/18/06 2,207,119
----------
ITALY: 6.3%
EUR 3,500,000 Italian Government Bond
4.50% due 3/01/07 4,400,320
----------
MEXICO: 2.9%
USD 2,000,000 Telefonos de Mexico, S.A.
8.25% due 1/26/06 2,053,492
----------
NEW ZEALAND: 8.6%
NZD 4,000,000 International Bank for
Reconstruction &
Development Bond
7.50% due 11/30/05 2,790,222
NZD 4,500,000 New Zealand Government Bond
6.50% due 4/15/13 3,282,763
----------
6,072,985
----------
SPAIN: 5.5%
EUR 3,000,000 Spanish Government Bond
4.00% due 1/31/10 3,867,727
----------
UNITED KINGDOM: 6.4%
GBP 2,400,000 Great Britain Government Bond
7.50% due 12/07/06 4,502,479
----------
UNITED STATES: 35.3%
U.S. Treasury Notes/Bonds
2,000,000 4.375% due 5/15/07 $ 2,027,266
5,000,000 5.50% due 5/15/09 5,329,885
10,000,000 4.00% due 3/15/10 10,112,111
3,000,000 6.625% 2/15/27 3,982,620
3,000,000 5.25% due 2/15/29 3,432,072
----------
24,883,954
----------
Total Bonds and Notes: 92.4%
(Cost: $53,202,724) 65,080,643
SHORT-TERM DATE OF
OBLIGATIONS: 6.0% MATURITY COUPON
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Repurchase Agreement (Note 9)
Purchased on 6/30/05;
maturity value $4,240,294
(with State Street Bank &
Trust Co., collateralized by
$4,260,000 Federal Home
Loan Bank 4.125% due
2/15/08 with a value of
$4,328,249)
(Cost: $4,240,000) 7/1/05 2.50% 4,240,000
-----------
TOTAL INVESTMENTS: 98.4% 69,320,643
(Cost: $57,442,724)
OTHER ASSETS LESS LIABILITIES: 1.6% 1,093,698
-----------
NET ASSETS: 100% $70,414,341
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SUMMARY OF INVESTMENTS % OF NET
BY INDUSTRY ASSETS
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U.S. Government 35.3%
Foreign Government 54.2%
Telecommunications 2.9%
Short-Term Obligations 6.0%
Other assets less liabilities 1.6%
-----
100.0%
=====
See Notes to Financial Statements
7
WORLDWIDE BOND FUND
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STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2005 (UNAUDITED)
ASSETS:
Investments, at value (cost $57,442,724) (Note 1) ................ $69,320,643
Cash ............................................................. 682
Receivables:
Interest ...................................................... 1,145,187
Capital shares sold ........................................... 86,569
Prepaid expenses ................................................. 5,313
-----------
Total assets ..................................................... 70,558,394
-----------
LIABILITIES:
Payables:
Due to Adviser ................................................ 56,847
Capital shares redeemed ....................................... 26,692
Accounts payable .............................................. 60,514
-----------
Total liabilities ................................................ 144,053
-----------
Net assets ....................................................... $70,414,341
===========
INITIAL CLASS SHARES:
Net Assets ....................................................... $59,805,077
===========
Shares Outstanding ............................................... 4,918,825
===========
Net asset value, redemption price and offering price per share ... $12.16
===========
CLASS R1 SHARES:
Net Assets ....................................................... $10,609,264
===========
Shares Outstanding ............................................... 873,181
===========
Net asset value, redemption price and offering price per share ... $12.15
===========
Net assets consist of:
Aggregate paid in capital ..................................... $60,267,316
Unrealized appreciation of investments, forward foreign
currency contracts and foreign currency transactions ........ 11,846,668
Accumulated net investment income ............................. 2,237,335
Accumulated realized loss ..................................... (3,936,978)
-----------
$70,414,341
===========
See Notes to Financial Statements
8
WORLDWIDE BOND FUND
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STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)
INCOME (NOTE 1):
Interest income (net of foreign
taxes withheld of $13,018) ........................... $ 1,715,368
EXPENSES:
Management (Note 2) .................................... $355,514
Professional fees ...................................... 29,375
Insurance .............................................. 22,273
Reports to shareholders ................................ 18,483
Trustees' fees and expenses ............................ 15,881
Custodian .............................................. 13,564
Transfer agent - Initial Class Shares .................. 5,973
Transfer agent - Class R1 Shares ....................... 5,980
Other .................................................. 8,375
--------
Total expenses .................................... 475,418
-----------
Net investment income .................................. 1,239,950
-----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (NOTE 3):
Realized gain from foreign currency transactions ....... 1,018,830
Change in unrealized appreciation of investments ....... (3,546,031)
Change in unrealized appreciation of
forward foreign currency contracts and
foreign currency transactions ....................... (183,537)
-----------
Net realized and unrealized loss on investments,
forward foreign currency contracts and
foreign currency transactions ....................... (2,710,738)
-----------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS ... $(1,470,788)
===========
See Notes to Financial Statements
9
WORLDWIDE BOND FUND
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
JUNE 30, YEAR ENDED
2005 DECEMBER 31,
(UNAUDITED) 2004
---------------- ------------
INCREASE IN NET ASSETS FROM:
OPERATIONS:
Net investment income .................................... $ 1,239,950 $ 2,977,385
Realized gain from security transactions ................. -- 695,082
Realized gain from foreign currency transactions ......... 1,018,830 2,187,371
Change in unrealized appreciation/depreciation of
investments ............................................ (3,546,031) 156,314
Change in unrealized appreciation/depreciation
of forward foreign currency contracts and
foreign currency transactions .......................... (183,537) (43,509)
------------ ------------
Net increase (decrease) in net assets resulting
from operations ........................................ (1,470,788) 5,972,643
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income
Initial Class Shares .................................. (4,381,128) (6,965,610)
Class R1 Shares ....................................... (622,970) --
------------ ------------
Total dividends to shareholders .......................... (5,004,098) (6,965,610)
------------ ------------
CAPITAL SHARE TRANSACTIONS*:
Proceeds from sales of shares
Initial Class Shares .................................. 4,220,248 8,631,412
Class R1 Shares ....................................... 3,529,044 9,277,625
------------ ------------
7,749,292 17,909,037
------------ ------------
Reinvestment of dividends
Initial Class Shares .................................. 4,381,128 6,965,610
Class R1 Shares ....................................... 622,970 --
------------ ------------
5,004,098 6,965,610
------------ ------------
Cost of shares reacquired
Initial Class Shares .................................. (7,488,946) (35,002,765)
Class R1 Shares ....................................... (1,220,484) (1,421,373)
Redemption fees ....................................... 736 1,847
------------ ------------
(8,708,694) (36,422,291)
------------ ------------
Net increase (decrease) in net assets resulting
from capital share transactions ........................ 4,044,696 (11,547,644)
------------ ------------
Total decrease in net assets ............................. (2,430,190) (12,540,611)
NET ASSETS:
Beginning of period ...................................... 72,844,531 85,385,142
------------ ------------
End of period (including accumulated net investment
income of $2,237,335 and $4,982,653, respectively) ..... $ 70,414,341 $ 72,844,531
============ ============
*SHARES OF BENEFICIAL INTEREST ISSUED AND REACQUIRED
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES AUTHORIZED)
Initial Class Shares:
Shares sold ........................................... 339,406 688,715
Reinvestment of dividends ............................. 358,521 569,086
Shares reacquired ..................................... (605,623) (2,845,635)
------------ ------------
Net increase (decrease) ............................... 92,304 (1,587,834)
============ ============
Class R1 Shares:+
Shares sold ........................................... 284,637 754,070
Reinvestment of dividends ............................. 50,980 --
Shares reacquired ..................................... (99,395) (117,111)
------------ ------------
Net increase .......................................... 236,222 636,959
============ ============
- ------------
+ Inception date of Class R1 shares May 1, 2004
See Notes to Financial Statements
10
WORLDWIDE BOND FUND
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD:
INITIAL CLASS SHARES CLASS R1 SHARES
----------------------------------------------------------------------- ------------------------------
FOR THE
SIX MONTHS SIX MONTHS PERIOD
ENDED ENDED MAY 1, 2004 (C)
JUNE 30, YEAR ENDED DECEMBER 31, JUNE 30, THROUGH
2005 -------------------------------------------------------- 2005 DECEMBER 31,
(UNAUDITED) 2004 2003 2002 2001 2000 (UNAUDITED) 2004
----------- -------- ------- ------- ------- ------- ----------- ---------------
Net Asset Value,
Beginning of Period ..... $ 13.33 $ 13.31 $ 11.46 $ 9.42 $ 10.37 $ 10.69 $ 13.33 $ 11.82
------- ------- ------- ------- ------- ------- ------- -------
Income From
Investment Operations:
Net Investment Income ... 0.21 0.64 0.53 0.35 0.57 0.52 0.20 0.18
Net Realized and
Unrealized Gain (Loss)
on Investments and
Foreign Currency
Transactions ......... (0.47) 0.48 1.52 1.69 (1.08) (0.34) (0.47) 1.33
------- ------- ------- ------- ------- ------- ------- -------
Total from
Investment Operations ... (0.26) 1.12 2.05 2.04 (0.51) 0.18 (0.27) 1.51
------- ------- ------- ------- ------- ------- ------- -------
Less:
Dividends from
Net Investment Income ... (0.91) (1.10) (0.20) -- (0.44) (0.50) (0.91) --
------- ------- ------- ------- ------- ------- ------- -------
Redemption fees ............ --(d) --(d) -- -- -- -- --(d) --(d)
------- ------- ------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period ................... $ 12.16 $ 13.33 $ 13.31 $ 11.46 $ 9.42 $ 10.37 $ 12.15 $ 13.33
======= ======= ======= ======= ======= ======= ======= =======
Total Return (a) ........... (1.98)% 9.15% 18.16% 21.66% (5.11)% 1.88% (2.06)% 12.77%
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTARY DATA
Net Assets,
End of Period (000) ..... $59,805 $64,353 $85,385 $95,040 $52,127 $74,083 $10,609 $ 8,492
Ratio of Gross Expenses to
Average Net Assets ...... 1.32%(e) 1.27% 1.21% 1.24% 1.24% 1.21% 1.44%(e) 1.59%(e)
Ratio of Net Expenses to
Average Net Assets (b) .. 1.32%(e) 1.27% 1.19% 1.21% 1.19% 1.15% 1.44%(e) 1.33%(e)(f)
Ratio of Net Investment
Income to Average
Net Assets .............. 3.49%(e) 3.96% 3.58% 4.06% 4.62% 5.14% 3.45%(e) 3.89%(e)(f)
Portfolio Turnover Rate .... 12% 0% 6% 18% 22% 19% 12% 0%
- ----------
(a) Total return is calculated assuming an initial investment of $10,000 made
at the net asset value at the beginning of the period, reinvestment of
dividends and distributions at net asset value on the dividend payment date
and a redemption on the last day of the period. The return does not reflect
the deduction of taxes that a shareholder would pay on Fund dividends and
distributions or the redemption of Fund shares.
(b) Excluding interest expense.
(c) Inception date of Class R1 shares.
(d) Amount represents less than $0.01 per share.
(e) Annualized.
(f) Net effect of expense waiver to average net assets for the period ended
December 31, 2004 was 0.26%
See Notes to Financial Statements
11
WORLDWIDE BOND FUND
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES--Van Eck Worldwide Insurance Trust (the
"Trust"), organized as a Massachusetts business trust on January 7, 1987, is
registered under the Investment Company Act, of 1940, as amended. The Worldwide
Bond Fund (the "Fund") is a non-diversified series of the Trust and seeks high
total return--income plus capital appreciation--by investing globally, primarily
in a variety of debt securities. The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its
financial statements. The policies are in conformity with U.S. generally
accepted accounting principles. The preparation of financial statements in
conformity with U.S. generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts in
the financial statements. Actual results could differ from those estimates. The
Fund offers two classes of shares: shares that have been continuously offered
since the inception of the Fund, the Initial Class and Class R1 shares that
became available for purchase on May 1, 2004. The two classes are identical
except Class R1 shares are, under certain circumstances, subject to a redemption
fee on redemptions within 60 days.
A. SECURITY VALUATION--Securities traded on national exchanges or on the NASDAQ
National Market System are valued at the last sales price as reported at the
close of each business day. As of June 23, 2003, the Fund began pricing
securities traded on the NASDAQ stock market using the NASDAQ official closing
price. Over-the-counter securities not included in the NASDAQ National Market
System and listed securities for which no sale was reported are valued at the
mean of the bid and ask prices. Short-term obligations purchased with more than
sixty days remaining to maturity are valued at market value. Short-term
obligations purchased with sixty days or less to maturity are valued at
amortized cost, which with accrued interest approximates market value. Futures
are valued using the closing price reported at the close of the respective
exchange. Forward foreign currency contracts are valued at the spot currency
rate plus an amount ("points") which reflects the differences in interest rates
between the U.S. and foreign markets. Securities for which quotations are not
available are stated at fair value as determined by a Pricing Committee of the
Adviser appointed by the Board of Trustees. Certain factors such as economic
conditions, political events, market trends and security specific information
are used to determine the fair value for these securities.
B. FEDERAL INCOME TAXES--It is the Fund's policy to comply with the provisions
of the Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to its shareholders. Therefore, no federal
income tax provision is required.
C. CURRENCY TRANSLATION--Assets and liabilities denominated in foreign
currencies and commitments under forward foreign currency contracts are
translated into U.S. dollars at the mean of the quoted bid and ask prices of
such currencies as of the close of each business day. Purchases and sales of
investments are translated at the exchange rates prevailing when such
investments were acquired or sold. Income and expenses are translated at the
exchange rates prevailing when accrued. The portion of realized and unrealized
gains and losses on investments that results from fluctuations in foreign
currency exchange rates is not separately disclosed. Recognized gains or losses
attributable to foreign currency fluctuations on foreign currency denominated
assets, other than investments, and liabilities are recorded as net realized
gains and losses from foreign currency transactions.
D. DIVIDEND AND DISTRIBUTIONS--Dividend income and distributions to shareholders
are recorded on the ex-dividend date.
Income distributions and capital gain distributions are determined in accordance
with income tax regulations, which may differ from such amounts reported in
accordance with U.S. generally accepted accounting principles.
E. OTHER--Security transactions are accounted for on the date the securities are
purchased or sold. Realized gains and losses are calculated based on the
identified cost basis. Interest income, including amortization on premiums and
discounts, is accrued as earned.
Income, expenses (excluding class-specific expenses) and realized/unrealized
gains/losses are allocated proportionately to each class of shares based upon
the relative net asset value of outstanding shares of each class at the
beginning of the day (after adjusting for current capital share activity of the
respective classes). Class-specific expenses are charged directly to the
applicable class of shares.
NOTE 2--MANAGEMENT AGREEMENT--Van Eck Associates Corporation (the "Adviser")
earned fees for investment management and advisory services provided to the
Fund. The fee is based on an annual rate of 1% on the first $500 million of
average daily net assets, 0.90 of 1% on the next $250 million and 0.70 of 1% on
the excess over $750 million. Certain of the officers and trustees of the Trust
are officers, directors or stockholders of the Adviser and Van Eck Securities
Corporation, the Distributor.
Effective December 13, 2004, the Adviser agreed to assume certain expenses of
the Fund, so that the expense ratios between classes do not diverge
significantly.
NOTE 3--INVESTMENTS--Purchases and proceeds from sales of securities, other than
U.S. government securities and short-term obligations, aggregated $9,873,438 and
$7,660,496 respectively, for the six months ended June 30, 2005.
The identified cost of investments owned at June 30, 2005 was $57,442,724 and
net unrealized appreciation aggregated $11,877,919 all of which related to
appreciated securities.
NOTE 4--INCOME TAXES--The tax character of distributions paid to shareholders
during the year ended December 31, 2004 consisted of ordinary income of
$6,965,610. The tax character of distributions made in 2005 will be determined
at year end.
At December 31, 2004, the Fund had a capital loss carryforward of $3,936,978
available, $653,642 expiring December 31, 2008; $2,541,134 expiring December 31,
2009; and $742,202 expiring December 31, 2010.
12
WORLDWIDE BOND FUND
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED) (CONTINUED)
NOTE 5--FORWARD FOREIGN CURRENCY CONTRACTS--The Fund may buy and sell forward
foreign currency contracts to settle purchases and sales of foreign denominated
securities. In addition, the Fund may enter into forward foreign currency
contracts to hedge foreign denominated assets. Realized gains and losses from
forward foreign currency contracts are included in realized gain (loss) from
foreign currency transactions on the Statement of Operations. The Fund may incur
additional risk from investments in forward foreign currency contracts if the
counterparty is unable to fulfill its obligation or there are unanticipated
movements of the foreign currency relative to the U.S. dollar. At June 30, 2005,
the Fund had no outstanding forward foreign currency contracts.
NOTE 6--CONCENTRATION OF RISK--The Fund invests in foreign securities.
Investments in foreign securities may involve a greater degree of risk than
investments in domestic securities due to political, economic or social
instability. Foreign investments may also be subject to foreign taxes and
settlement delays. Since the Fund may have significant investments in foreign
debt securities it may be subject to greater credit and interest risks and
greater currency fluctuations than portfolios with significant investments in
domestic debt securities.
The aggregate shareholder accounts of a single insurance company own
approximately 78% of the Initial Class shares and approximately 99% of the Class
R1 shares.
NOTE 7--TRUSTEE DEFERRED COMPENSATION PLAN--The Trust established a Deferred
Compensation Plan (the "Plan") for Trustees. Commencing January 1, 1996, the
Trustees can elect to defer receipt of their Trustee fees until retirement,
disability or termination from the board. The Fund's contributions to the Plan
are limited to the amount of fees earned by the participating Trustees. The fees
otherwise payable to the participating Trustees are invested in shares of the
Van Eck Funds as directed by the Trustees.
The Fund has elected to show the deferred liability net of the asset for
financial statement purposes. As of June 30, 2005, the net value of the asset
and corresponding liability of the Fund's portion of the Plan was $21,439.
NOTE 8--BANK LINE OF CREDIT--The Trust may participate with other funds managed
by the Adviser (the "Van Eck Funds") in a $10 million committed credit facility
("Facility") to be utilized for temporary financing until the settlement of
sales or purchases of portfolio securities, the repurchase or redemption of
shares of the Van Eck Funds, including the Fund, at the request of the
shareholders and other temporary or emergency purposes. In connection therewith,
the Van Eck Funds have agreed to pay commitment fees, pro rata, based on the
unused but available balance. Interest is charged to the Van Eck Funds at rates
based on prevailing market rates in effect at the time of borrowings. During the
six months ended June 30, 2005, there were no borrowings by the Fund under the
Facility.
NOTE 9--REPURCHASE AGREEMENT--Collateral for repurchase agreements, in the form
of U.S. government obligations, the value of which must be at least 102% of the
underlying debt obligation, is held by the Fund's custodian. In the remote
chance the counterparty should fail to complete the repurchase agreement,
realization and retention of the collateral may be subject to legal proceedings
and the Fund would become exposed to market fluctuations on the collateral.
NOTE 10--REGULATORY MATTERS--In connection with their investigations of
practices identified as "market timing" and "late trading" of mutual fund
shares, the Office of the New York State Attorney General ("NYAG") and the
United States Securities and Exchange Commission ("SEC") have requested and
received information from the Adviser. The investigations are ongoing, and the
Adviser is continuing to cooperate with such investigations. If it is determined
that the Adviser or its affiliates engaged in improper or wrongful activity that
caused a loss to a Fund, the Board of Trustees of the Funds will determine the
amount of restitution that should be made to a Fund or its shareholders. At the
present time, the amount of such restitution, if any, has not been determined.
In July 2004, the Adviser received a "Wells Notice" from the SEC in connection
with the SEC's investigation of market-timing activities. This Wells Notice
informed the Adviser that the SEC staff is considering recommending that the SEC
bring a civil or administrative action alleging violations of the U.S.
securities laws against the Adviser and two of its senior officers.
There cannot be any assurance that if the SEC or NYAG were to assess sanctions
against the Adviser, such sanctions would not materially and adversely affect
the Adviser.
13
VAN ECK WORLDWIDE INSURANCE TRUST
- --------------------------------------------------------------------------------
APPROVAL OF ADVISORY AGREEMENTS
WORLDWIDE BOND FUND
WORLDWIDE EMERGING MARKETS FUND
WORLDWIDE HARD ASSETS FUND
WORLDWIDE REAL ESTATE FUND
In considering the renewal of the investment advisory agreements, the Board,
including the Independent Trustees, considered information that had been
provided throughout the year at regular Board meetings, as well as information
furnished for meetings of the Trustees held on April 19 and 20, 2005 to
specifically consider the renewal of each Fund's investment advisory agreement.
This information included, among other things, the following:
o The Adviser's response to a comprehensive questionnaire prepared by
independent legal counsel on behalf of the Independent Trustees;
o An independent report comparing the management fees and non-investment
management expenses of each Fund with those of comparable funds;
o An independent report comparing Fund investment performance to relevant
peer groups of funds and appropriate indices;
o Presentations by the Adviser's key investment personnel with respect to the
Adviser's investment strategies and general investment outlook in relevant
markets and the resources available to support the implementation of such
investment strategies;
o Reports with respect to the Adviser's brokerage practices, including the
benefits received by the Adviser from research acquired with soft dollars;
o The Adviser's financial statements and business plan with respect to its
mutual fund operations;
o A profitability analysis with respect to each Fund and the Van Eck complex
of mutual funds as a whole; and
o Reports on a variety of compliance-related issues.
The Board considered, among other things, the following factors in determining
whether to approve each Agreement: (1) the quality, nature, cost and character
of the investment management as well as the administrative and other
non-investment management services provided by the Adviser and its affiliates;
(2) the nature, quality and extent of the services performed by the Adviser in
interfacing and monitoring the services performed by third parties such as the
Funds' custodian, transfer agent, sub-accounting agent and independent auditors,
and the Adviser's commitment and efforts to review the quality and pricing of
third party service providers to the Funds with a view to reducing
non-management expenses of the Funds; (3) the terms of the advisory agreements
and the reasonableness and appropriateness of the particular fee paid by each
Fund for the services described therein; (4) the Adviser's willingness to
subsidize the operations of the Funds from time to time by means of waiving a
portion of its management fees or paying expenses of the Funds; (5) the
Adviser's development and use of proprietary fair valuation models with respect
to foreign securities; (6) the actions of the Adviser in response to recent
regulatory developments, including the development of written policies and
procedures reasonably designed to prevent violations of the federal securities
laws, and the implementation of recommendations of independent consultants with
respect to market timing and related compliance issues; (7) the responsiveness
of the Adviser to inquiries from regulatory agencies such as the SEC and the
office of the New York Attorney General ("NYAG"); (8) the resources devoted to
compliance efforts undertaken by the
14
VAN ECK WORLDWIDE INSURANCE TRUST
- --------------------------------------------------------------------------------
APPROVAL OF ADVISORY AGREEMENTS (CONTINUED)
Adviser on behalf of the Funds and the record of compliance with the investment
policies and restrictions and with policies on personal securities transactions;
and (9) the ability of the Adviser to attract and retain quality professional
personnel to perform investment advisory and administrative services for the
Funds.
The Trustees considered the fact that the Adviser has received a Wells Notice
from the SEC in connection with on-going investigations concerning market timing
and related matters. The Trustees determined that the Adviser is cooperating
with the SEC, the NYAG and the Independent Trustees in connection with these
matters and that the Adviser has taken appropriate steps to implement policies
and procedures reasonably designed to prevent harmful market timing activities
by investors in the Funds. In addition, the Trustees concluded that the Adviser
has acted in good faith in providing undertakings to the Board to make
restitution of damages, if any, that may have resulted from any prior wrongful
actions of the Adviser and that it would be appropriate to permit the SEC and
the NYAG to bring to conclusion their pending regulatory investigations prior to
the Board making any final determination of its own with respect to these same
matters.
The Board considered the fact that the Adviser is managing alternative
investment products, including hedge funds that invest in the same financial
markets and are managed by the same investment professionals as the Funds. The
Board concluded that the management of these products contributes to the
Adviser's financial stability and is helpful to the Adviser in attracting and
retaining quality portfolio management personnel for the Funds. In addition, the
Board concluded that the Adviser has established appropriate procedures to
monitor conflicts of interest involving the management of the Funds and these
alternative products and for resolving any such conflicts of interest in a fair
and equitable manner.
With respect to each Fund, the Board concluded that, in light of the services
rendered and the costs associated with providing such services, the profits, if
any, realized by the Adviser from managing the Fund are not unreasonable. In
this regard, the Board also considered the extent to which the Adviser may
realize economies of scale as each Fund grows and concluded that, with respect
to Worldwide Bond Fund and Worldwide Hard Assets Fund, the advisory fee
breakpoints in place will allow the Funds to share the benefits of economies of
scale as they grow in a fair and equitable manner. The Board also concluded that
neither of Worldwide Emerging Markets Fund nor the Worldwide Real Estate Fund
currently has sufficient assets, or in the foreseeable future is likely to have
sufficient assets, for the Adviser to realize material benefits from economies
of scale, and, therefore, the implementation of breakpoints would not be
warranted at this time for either Fund.
With respect to each Fund, the Board also considered additional specific factors
and related conclusions, as detailed below.
WORLDWIDE BOND FUND
In its renewal deliberations for the Fund, the Board noted that: (1) the Fund
outperformed its peer group average for the annualized three-year period ended
December 31, 2004, and was at or slightly below its peer group average for the
one-year, two-year, four-year and five-year periods ended December 31, 2004; and
(2) although the Fund's management fees and overall expense ratio are high
relative to its peer group, neither is unreasonable in view of the relatively
small size of the Fund, the size of the entire family of Van Eck mutual funds,
and the nature of the global investment strategy used to pursue the Fund's
objective.
15
VAN ECK WORLDWIDE INSURANCE TRUST
- --------------------------------------------------------------------------------
APPROVAL OF ADVISORY AGREEMENTS (CONTINUED)
WORLDWIDE EMERGING MARKETS FUND
In its renewal deliberations for the Fund, the Board noted that: (1) the Fund
outperformed its peer group average for the annualized one-year, two-year,
three-year and four-year periods ended December 31, 2004; (2) the Adviser has
taken action to improve investment results in the past two years by
strengthening the Fund's investment team; (3) the Adviser has agreed to waive
and will continue to waive through April 2006 a portion of its management fee
such that the overall management fee for the Fund during 2004, net of waivers,
was below average for its peer group; and (4) the Fund's overall expense ratio,
net of fee waivers, is below average for its peer group.
WORLDWIDE HARD ASSETS FUND
In its renewal deliberations for the Fund, the Board noted that: (1) the Fund
outperformed its peer group average for the one-year, two-year and three-year
periods ended December 31, 2004; (2) the Adviser has taken action to strengthen
the Fund's investment team by adding a key energy sector analyst; and (3) the
Fund's management fees and expense ratio are above average but within the range
of management fees and expense ratios, respectively, for its peer group.
WORLDWIDE REAL ESTATE FUND
In its renewal deliberations for the Fund, the Board noted that: (1) the Fund
outperformed its peer group average and was in the top quintile for the one-year
period ended December 31, 2004; (2) the Adviser has agreed to waive and will
continue to waive through April 2006 a portion of its management fee such that
the overall management fee for the Fund during 2004, net of fee waivers, was
below average for its peer group; and (3) the Fund's expense ratio, net of fee
waivers, is above average, but within the range of expense ratios for its peer
group.
The Board did not consider any single factor as controlling in determining
whether or not to renew the investment advisory agreement. Nor are the items
described herein all of the matters considered by the Board. Based on its
consideration of the foregoing factors and conclusions, and such other factors
and conclusions as it deemed relevant, and assisted by the advice of its
independent counsel, the Board concluded that the renewal of the investment
advisory agreements, including the fee structures (described herein) is in the
interests of shareholders, and accordingly, the Board, including all of the
Independent Trustees, approved the continuation of the advisory agreements for
an additional one-year period.
16
[LOGOS OMITTED]
Investment Adviser: Van Eck Associates Corporation
Distributor: Van Eck Securities Corporation
99 Park Avenue, New York, NY 10016 www.vaneck.com
Account Assistance: (800) 544-4653
This report must be preceded or accompanied by a Van Eck Worldwide Insurance
Trust Prospectus, which includes more complete information. An investor should
consider the investment objective, risks, and charges and expenses of the Fund
carefully before investing. The prospectus contains this and other information
about the investment company. Please read the prospectus carefully before
investing.
Additional information about the Fund's Board of Trustees/Officers and a
description of the policies and procedures the Fund uses to determine how to
vote proxies relating to portfolio securities are provided in the Statement of
Additional Information and information regarding how the Fund voted proxies
relating to portfolio securities during the most recent twelve month period
ending June 30 is available, without charge, calling 1.800.826.2333, or by
visiting www.vaneck.com, or on the Commission's website at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the Commission
for the first and third quarters of each fiscal year on Form N-Q. The Fund's
Form N-Qs are available on the Commission's website at http://www.sec.gov and
may be reviewed and copied at the Commission's Public Reference Room in
Washington, D.C. Information on the operation of the Public Reference Room may
be obtained by calling 1.800.SEC.0330. The Fund's complete schedule of portfolio
holdings is also available by calling 1.800.826.2333 or by visiting
www.vaneck.com.
Item 2. CODE OF ETHICS.
Not applicable.
Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
Item 6. SCHEDULE OF INVESTMENTS.
Information included in Item 1.
Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
Item 11. CONTROLS AND PROCEDURES.
(a) The Chief Executive Officer and the Chief Financial Officer have concluded
that the Worldwide Bond Fund disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Worldwide Bond Fund is
made known to them by the appropriate persons, based on their evaluation of
these controls and procedures as of a date within 90 days of the filing
date of this report.
(b) There were no significant changes in the registrant's internal controls
over financial reporting or in other factors that could significantly
affect these controls over financial reporting subsequent to the date of
our evaluation.
Item 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2
under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is
furnished as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) WORLDWIDE INSURANCE TRUST - WORLDWIDE BOND FUND
By (Signature and Title) /s/ Bruce J. Smith, SVP and CFO
-------------------------------
Date August 26, 2005
---------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Keith J. Carlson, CEO
--------------------------
Date August 26, 2005
---------------
By (Signature and Title) /s/ Bruce J. Smith, CFO
---------------------------
Date August 26, 2005
---------------