N-Q 1 nq.htm QUARTERLY HOLDINGS nq.htm
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 
INVESTMENT COMPANY ACT FILE NUMBER: 811-05083 
 
VAN ECK WORLDWIDE INSURANCE TRUST - WORLDWIDE ABSOLUTE RETURN FUND
 
(Exact name of registrant as specified in its charter)
 
 
99 Park Avenue - 8th Floor, New York, N.Y.
 
10016
(Address of principal executive offices)
 
(Zip Code)
 
Bruce J. Smith
Chief Financial Officer
Worldwide Absolute Return Fund
99 Park Avenue - 8th Floor
New York, N.Y. 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:
  September 30, 2008

 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 
 
 
 
ITEM 1. Schedule of Investments.
 
Worldwide Absolute Return Fund 
 
Schedule of Investments 
September 30, 2008 (unaudited) 

 
 Number
        
 
 of Shares
      
 Value
COMMON STOCKS: 49.4%
    
Basic Industry 0.6%
      
 
             1,691
  
Quanta Services *
  
                          $45,674
           
Capital Goods: 4.2%
        
 
                765
  
Applied Biosystems, Inc. *
  
                          26,201
 
                195
  
AVX Corp.
  
                            1,987
 
                818
  
Boeing Co.
  
                          46,912
 
                655
  
Cummins, Inc.
  
                          28,637
 
             1,179
  
Fairchild Semicon International, Inc. *
  
                          10,481
 
           12,032
  
Ford Motor Co. *
  
                          62,566
 
                285
  
Harman International Industries, Inc.
  
                            9,710
 
             1,209
  
Jabil Circuit, Inc.
  
                          11,534
 
                268
  
Kennametal Inc.
  
                            7,268
 
             1,076
  
Molex, Inc.
  
                          24,156
 
             5,287
  
Motorola, Inc.
  
                          37,749
 
                213
  
Spirit Aerosystems Holdings, Inc. *
  
                            3,423
 
                319
  
Timken Co.
  
                            9,044
 
             1,759
  
TRW Automotive Holdings Corp. *
  
                          27,986
         
                        307,654
           
Chemicals: 2.2%
          
 
             4,505
  
Nalco Holding Co.
  
                          83,523
 
             1,263
  
Sepracor, Inc. *
  
                          23,126
 
             1,730
  
Terra Industries Inc.
  
                          50,862
         
                        157,511
           
Consumer Durables: 0.8%
        
 
                167
  
Hill-Rom Holdings, Inc.
  
                            5,062
 
             1,876
  
Tech Data Group *
  
                          55,999
         
                          61,061
           
Consumer Goods: 2.5%
    
 
                528
  
BE Aerospace, Inc. *
  
                            8,358
 
             2,344
  
Big Lots, Inc. *
  
                          65,233
 
                497
  
Steelcase, Inc.
  
                            5,343
 
             9,016
  
Tyson Foods, Inc.
  
                        107,651
         
                        186,585
           
Energy: 4.7%
        
 
                692
  
Cabot Corp.
  
                          21,992
 
             4,364
  
Calpine Corp. *
  
                          56,732
 
             1,125
  
Halliburton Co.
  
                          36,439
 
             2,014
  
Key Energy Services Inc. *
  
                          23,362
 
             1,967
  
Pioneer Natural Resources Co.
  
                        102,835
 
             7,307
  
Reliant Energy, Inc. *
  
                          53,706
 
                228
  
W&T Offshore Inc.
  
                            6,222
 
                578
  
Whiting Petroleum *
  
                          41,188
         
                        342,476
           
Finance: 10.4%
        
 
             5,562
  
Charles Schwab Co.
  
                        144,612
 
             4,876
  
DWS Global Commodities Stock Fund, Inc.
  
                          62,023
 
             8,100
  
Eaton Vance Limited Duration Income Fund
  
                          89,262
 
                    6
  
First Citizens Bancorporation, Inc.
  
                            1,074
 
             4,401
  
Janus Capital Group, Inc.
  
                        106,856
 
           17,925
  
MFS Intermediate Income Trust
  
                        105,937
 
           20,050
  
MFS Multimarket Income Trust
  
                        100,250
 
             1,909
  
Nasdaq OMX Group, Inc. *
  
                          58,358
 
                211
  
Northern Trust Corp.
  
                          15,234
 
             2,014
  
NYSE Euronext
  
                          78,908
 
                120
  
TFS Financial Corp.
  
                            1,502
         
                        764,016
           
Healthcare: 3.4%
        
 
             3,581
  
AmerisourceBergen Corp.
  
                        134,825
 
                319
  
Bare Escentuals, Inc. *
  
                            3,468
 
                989
  
Cardinal Health, Inc.
  
                          48,738
 
             1,135
  
McKesson Corp.
  
                          61,074
         
                        248,105
           
Industrial Metals: 2.7%
    
 
             1,713
  
AK Steel Holding Corp.
  
                          44,401
 
             9,223
  
Corning, Inc.
  
                        144,248
 
                159
  
Schnitzer Steel Industries, Inc.
  
                            6,239
         
                        194,888
           
Paper and Forest: 0.9%
    
 
             1,164
  
Rayonier, Inc.
  
                          55,115
 
                932
  
Temple-Inland, Inc.
  
                          14,222
         
                          69,337
           
Real Estate: 3.1%
        
 
             1,751
  
Boston Properties, Inc.
  
                        163,999
 
                  56
  
Federal Realty Inc.
  
                            4,794
 
                142
  
Jones Lang LaSalle, Inc.
  
                            6,174
 
             3,325
  
Wyndham Worldwide Corp.
  
                          52,236
         
                        227,203
           
Services: 10.3%
        
 
                405
  
AECOM Technology Corp. *
  
                            9,898
 
                142
  
Amdocs, Ltd. *
  
                            3,888
 
                    7
  
Avis Budget Group *
  
                                 40
 
                297
  
Career Education Corp. *
  
                            4,856
 
                153
  
Cerner Corp. *
  
                            6,830
 
             1,479
  
Convergys Corp. *
  
                          21,860
 
             1,321
  
Fluor Corp.
  
                          73,580
 
             2,955
  
H&R Block, Inc
  
                          67,226
 
             6,567
  
Health Management Associates, Inc.
  
                          27,319
 
             1,259
  
HLTH Corp. *
  
                          14,390
 
           11,275
  
Interpublic Group of Cos. *
  
                          87,381
 
             1,602
  
Jacobs Engineering Group *
  
                          87,005
 
             4,634
  
KBR, Inc.
  
                          70,761
 
                843
  
Lender Processing Services, Inc.
  
                          25,728
 
                970
  
Manpower, Inc.
  
                          41,865
 
                  21
  
Mastercard, Inc.
  
                            3,724
 
             1,842
  
News Corporation
  
                          22,086
 
                639
  
Service Corp. International
  
                            5,342
 
                453
  
Sohu.com, Inc. *
  
                          25,255
 
             2,667
  
Sun Microsystems, Inc. *
  
                          20,269
 
           10,962
  
Tenet Healthcare Corp. *
  
                          60,839
 
                411
  
The McGraw-Hill Companies, Inc.
  
                          12,992
 
           13,421
  
Unisys Corp. *
  
                          36,908
 
                320
  
URS Corp. *
  
                          11,734
 
             1,231
  
Warner Music Group Corp.
  
                            9,356
         
                        751,132
           
Technology: 1.3%
        
 
                575
  
NII Holdings, Inc. *
  
                          21,804
 
             1,511
  
US Cellular Corp. *
  
                          70,896
 
                237
  
Virgin Media, Inc.
  
                            1,872
         
                          94,572
           
Transportation: 2.3%
      
 
                619
  
C.H. Robinson Worldwide, Inc.
  
                          31,544
 
                203
  
Federal-Mogul Corp. *
  
                            2,548
 
             7,998
  
Southwest Airlines Co.
  
                        116,051
 
             1,041
  
UTI Worldwide, Inc.
  
                          17,718
         
                        167,861
           
Total Common Stocks
      
(Cost: $4,248,986)(a)
      
                     3,618,075
           
EXCHANGE TRADED FUNDS: 18.7%
    
 
             1,000
  
Claymore/MAC Global Solar Energy ETF *
  
                          17,940
 
                850
  
First Trust Global Wind Energy Fund *
  
                          16,388
 
             2,750
  
First Trust ISE-Revere Natural Gas Index Fund
  
                          54,917
 
                910
  
iShares iBoxx High Yield Corporate Bond Fund
  
                          74,620
 
             1,100
  
iShares Lehman MBS Fixed-Rate Bond Fund
  
                        112,321
 
                915
  
iShares MSCI Brazil Index Fund
  
                          51,762
 
                925
  
iShares S&P Global Consumer Staple Index
  
                          51,304
 
                845
  
iShares S&P Global Healthcare Sector ETF
  
                          42,629
 
             1,215
  
iShares S&P Global Materials Index Fund
  
                          65,245
 
             1,125
  
iShares S&P National Muni Bond Fund
  
                          55,753
 
             1,550
  
iShares S&P North America Natural Resources Sector Index Fund
  
                        109,474
 
             1,740
  
KBW Regional Banking ETF
  
                          61,770
 
                815
  
Market Vectors Agribusiness ETF * (b)
  
                          29,992
 
             1,875
  
Market Vectors Global Alternative Energy ETF * (b)
  
                          71,737
 
             3,000
  
PowerShares Dynamic Oil & Gas Services Portfolio
  
                          65,520
 
             3,800
  
PowerShares Dynamic Technology Sector Portfolio *
  
                          81,320
 
             2,950
  
PowerShares Global Nuclear Energy Portfolio
  
                          55,431
 
                925
  
PowerShares MENA Frontier Countries ETF *
  
                          17,797
 
             4,700
  
PowerShares Water Resources Portfolio
  
                          86,480
 
                925
  
SPDR DB International Government Inflation-Protected Bond ETF
  
                          47,730
 
             2,255
  
SPDR Financial Select Sector Fund
  
                          44,852
 
             1,950
  
SPDR Russell/Nomura PRIME Japan ETF
  
                          78,761
 
             1,500
  
Vanguard Pacific ETF
  
                          77,595
Total Exchange Traded Funds
  
                     1,371,338
(Cost: $1,612,462)(a)
        
           
MONEY MARKET FUND: 30.6%
    
(Cost: $2,235,731)
        
 
      2,235,731
  
AIM Treasury Portfolio - Institutional Class
  
                     2,235,731
           
Total Investments: 98.7%
    
(Cost $8,582,666)
      
                     7,225,144
Other assets less liabilities: 1.3%
  
                          92,786
NET ASSETS: 100.0%
  
                     $7,317,930
           
SECURITIES SOLD SHORT: (48.0)%
    
COMMON STOCKS: (44.2)%
    
Basic Industry (0.3)%
      
 
              (734)
  
Liz Claiborne, Inc.
  
                         (12,060)
 
              (513)
  
McDermott International, Inc. *
  
                         (13,107)
         
                         (25,167)
           
Capital Goods (9.7)%
      
 
           (1,002)
  
Apple Computers, Inc. *
  
                       (113,887)
 
           (1,089)
  
Ciena Corp. *
  
                         (10,977)
 
              (903)
  
Energizer Holdings, Inc. *
  
                         (72,737)
 
           (3,425)
  
General Electric Co.
  
                         (87,338)
 
           (2,054)
  
Hologic, Inc. *
  
                         (39,704)
 
                (42)
  
Intuitive Surgical, Inc. *
  
                         (10,121)
 
              (289)
  
Jarden Corp. *
  
                           (6,777)
 
              (268)
  
Lam Research Corp. *
  
                           (8,439)
 
           (4,829)
  
Linear Technology Corp.
  
                       (148,057)
 
              (428)
  
Oshkosh Corp.
  
                           (5,632)
 
           (4,941)
  
Pitney Bowes, Inc.
  
                       (164,338)
 
           (1,120)
  
SanDisk Corp. *
  
                         (21,896)
 
              (347)
  
Waters Corp. *
  
                         (20,188)
         
                       (710,091)
           
Chemicals (3.0)%
        
 
           (2,500)
  
BioMarin Pharmaceutical Inc. *
  
                         (66,225)
 
         (10,203)
  
Mylan, Inc. *
  
                       (116,518)
 
              (961)
  
Perrigo Co.
  
                         (36,960)
         
                       (219,703)
           
Consumer Goods (3.6)%
    
 
              (183)
  
Abercrombie & Fitch Co.
  
                           (7,219)
 
              (705)
  
AutoZone, Inc. *
  
                         (86,955)
 
           (2,219)
  
Clorox Co.
  
                       (139,109)
 
              (861)
  
Hansen Natural Corp. *
  
                         (26,045)
 
              (146)
  
Hershey Co.
  
                           (5,773)
         
                       (265,101)
           
Energy (3.4)%
        
 
           (2,803)
  
Chesapeake Energy Corp.
  
                       (100,516)
 
              (209)
  
Constellation Energy Group, Inc.
  
                           (5,079)
 
              (648)
  
Covanta Holding Corp. *
  
                         (15,513)
 
           (2,267)
  
Mirant Corp. *
  
                         (41,463)
 
           (1,059)
  
PPL Corp.
  
                         (39,204)
 
              (413)
  
Transocean, Inc. *
  
                         (45,364)
         
                       (247,139)
           
Finance (8.3)%
        
 
           (3,900)
  
CapitalSource, Inc.
  
                         (47,970)
 
           (3,233)
  
Citigroup, Inc.
  
                         (66,309)
 
              (106)
  
Conseco, Inc. *
  
                              (373)
 
           (4,397)
  
First Horizon National Corp. *
  
                         (41,156)
 
                (76)
  
Goldman Sachs Group, Inc.
  
                           (9,728)
 
              (929)
  
Jefferies Group, Inc.
  
                         (20,810)
 
                (21)
  
Lazard Ltd.
  
                              (898)
 
           (1,910)
  
Leucadia National Corp.
  
                         (86,790)
 
           (2,673)
  
Marshall & Ilsley
  
                         (53,861)
 
           (1,367)
  
MBIA, Inc. *
  
                         (16,267)
 
           (1,211)
  
MGIC Investment Corp.
  
                           (8,513)
 
              (986)
  
Morgan Stanley
  
                         (22,678)
 
              (916)
  
Prudential Financial
  
                         (65,952)
 
           (2,749)
  
SLM Corp. *
  
                         (33,923)
 
           (5,012)
  
Sovereign Bancorp, Inc. *
  
                         (19,797)
 
              (575)
  
State Street Corp.
  
                         (32,706)
 
              (275)
  
UnionBanCal Corp.
  
                         (20,155)
 
           (2,240)
  
Wachovia Corp.
  
                           (7,840)
 
           (2,901)
  
XL Capital Ltd. (Class A)
  
                         (52,044)
         
                       (607,770)
           
Industrial Metals (0.8)%
    
 
           (2,110)
  
Century Aluminum Co. *
  
                         (58,426)
           
Materials (1.9)%
        
 
              (670)
  
Eagle Materials Inc.
  
                         (14,988)
 
           (3,567)
  
Gentex Corp.
  
                         (51,008)
 
           (2,804)
  
The Home Depot, Inc.
  
                         (72,596)
         
                       (138,592)
           
Paper and Forest (1.9)%
    
 
           (2,298)
  
Weyerhaeuser Co.
  
                       (139,213)
           
Real Estate (1.4)%
        
 
           (1,983)
  
D.R.Horton, Inc.
  
                         (25,819)
 
           (2,968)
  
KB Home
  
                         (58,410)
 
              (339)
  
Walter Industries, Inc.
  
                         (16,086)
         
                       (100,315)
           
Services (6.5)%
        
 
              (287)
  
Alliance Data Systems Corp. *
  
                         (18,190)
 
           (1,897)
  
Apollo Group, Inc. *
  
                       (112,492)
 
           (1,204)
  
Corporate Executive Board Co.
  
                         (37,625)
 
                (81)
  
DreamWorks Animation SKG, Inc. *
  
                           (2,547)
 
              (780)
  
E.W. Scripps Co.
  
                           (5,515)
 
              (756)
  
Fiserv, Inc. *
  
                         (35,774)
 
           (1,716)
  
FTI Consulting, Inc. *
  
                       (123,964)
 
           (3,338)
  
Gannet Co., Inc.
  
                         (56,446)
 
              (304)
  
Lamar Advertising Co. *
  
                           (9,391)
 
              (124)
  
LifePoint Hospitals, Inc. *
  
                           (3,985)
 
           (1,455)
  
Nuance Communications, Inc. *
  
                         (17,736)
 
           (1,465)
  
Weight Watchers International, Inc.
  
                         (53,619)
         
                       (477,284)
           
Technology (2.4)%
        
 
           (1,765)
  
Central European Media Enterprises Ltd. *
  
                       (115,431)
 
              (970)
  
Embarq Corp.
  
                         (39,334)
 
              (310)
  
Liberty Media Corp. *
  
                           (7,741)
 
           (2,124)
  
Sprint Nextel Corp.
  
                         (12,956)
         
                       (175,462)
           
Transportation (0.8)%
      
 
           (3,747)
  
AMR Corp. *
  
                         (36,795)
 
              (605)
  
Copa Holdings S.A.
  
                         (19,663)
         
                         (56,458)
           
Utilities (0.2)%
        
 
              (500)
  
American Water Works Co.
  
                         (10,750)
 
              (100)
  
Stericycle, Inc. *
  
                           (5,891)
         
                         (16,641)
Total Common Stocks Sold Short
    
(Proceeds: $3,739,623)
    
                    (3,237,362)
           
EXCHANGE TRADED FUNDS: (3.8)%
    
 
           (2,350)
  
iShares MSCI EAFE Index Fund
  
                       (132,305)
 
           (1,240)
  
SPDR Trust, Series 1
  
                       (143,827)
Total Exchange Traded Funds Sold Short
  
                       (276,132)
(Proceeds: $351,409)
        
           
Total Securities Sold Short
    
(Proceeds: $4,091,032)
    
                    $(3,513,494)
           
           
*
 Non-income producing
    
(a)
 Securities segregated for securities sold short with a market value of $4,989,413.
    
(b) 
Affiliated issuer - as defined under the Investment Company Act of 1940 (Van Eck Associates Corp. is the distributor and investment manager of the Market Vectors ETF Trust).
 
See Note to Schedule of Investments
 
 
 
 
Worldwide Absolute Return Fund
Note to Schedule of Investments
September 30, 2008 (unaudited)
 
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. Securities traded on the NASDAQ Stock Market are valued at 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 contracts are valued using the closing price reported at the close of the respective exchange. 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.
 
Adoption of Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”) – In September 2006, the Financial Accounting Standards Board issued FAS 157 effective for fiscal years beginning after November 15, 2007. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosures about the use of fair value measurements. The Fund has adopted FAS 157 as of January 1, 2008. The three levels of the fair value hierarchy under FAS 157 are described below:
 
Level 1 - quoted prices in active markets for identical securities


Level 2 - significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)


Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) 


The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.


The summary of inputs used to value the Fund’s net assets as of quarter end were as follows:
 









Level 1 -


Quoted Prices



Level 2 - Significant


Observable Inputs



Level 3 - Significant 


Unobservable Inputs



 Market Value


of Investments



$7,225,144



None



 None





$7,225,144


 


ITEM 2. Controls and Procedures.


 









(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3 (c))) are effective,
as of a date within 90 days   of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under   the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

  

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial
reporting.


 
ITEM 3. Exhibits.
Certifications of principal executive officer and principal financial officer as required by Rule 30a2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

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 Absolute Return Fund.
 
By /s/ Bruce J. Smith, Chief Financial Officer, Worldwide Absolute Return Fund

Date: November 28, 2008
 

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 /s/ Keith J. Carlson, Chief Executive Officer, Worldwide Absolute Return Fund
 
Date: November 28, 2008
 

By /s/ Bruce J. Smith, Chief Financial Officer, Worldwide Absolute Return Fund
 
Date: November 28, 2008