N-Q 1 nq.htm QUARTERLY HOLDINGS Quarterly Holdings
 

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 REAL ESTATE 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 Real Estate 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:
  March 31, 2007

 
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 Real Estate Fund   
Schedule of Investments    
March 31, 2007 (unaudited)

 
Number 
                 
 
          of Shares
          
     
Value
       
 
COMMON STOCKS: 90.7%
             
 
Australia: 8.5%
                 
 
61,324
 
Lend Lease Corp. Ltd. #
   
$ 990,093
       
 
500,000
 
Multiplex Group @ #
   
1,807,165
       
           
2,797,258
       
                     
 
Canada: 7.9%
                 
 
22,250
 
Brookfield Properties Corp. (USD)
   
896,675
       
 
13,200
 
Killam Properties, Inc.
   
29,384
       
 
270,000
 
Killam Properties, Inc. R
   
601,039
       
 
36,800
 
Mainstreet Equity Corp. *
   
589,055
       
 
19,400
 
Timberwest Forest Corp.
             
     
   (Stapled Units)
   
309,022
       
 
10,000
 
Timberwest Forest Corp.
             
     
   (Stapled Units) R
   
159,290
       
           
2,584,465
       
                     
 
China: 1.7%
                 
 
2,250,000
 
Shanghai Real Estate Ltd. #
   
560,789
       
                     
 
France: 1.2%
                 
 
1,250
 
Unibail #
   
380,032
       
                     
 
Germany: 2.2%
                 
 
15,000
 
IVG Immobilien AG #
   
720,207
       
                     
 
Hong Kong: 5.9%
               
 
30,000
 
Cheung Kong Holdings Ltd. #
   
379,267
       
 
200,000
 
Hang Lung Properties Ltd. #
   
555,248
       
 
20,000
 
Sun Hung Kai Properties Ltd. #
   
231,131
       
 
1,000,000
 
Tian An China Investment #
   
766,539
       
           
1,932,185
       
                     
 
India: 0.7%
                 
 
28,000
 
Hirco PLC (GBP) *
   
222,603
       
                     
 
Indonesia: 2.9%
                 
 
40,000,000
 
Kawasan Industri Jababeka
             
     
   Tbk PT #
   
956,736
       
                     
 
Italy: 1.0%
                 
 
200,000
 
Beni Stabili S.p.A. #
   
333,431
       
                     
 
Japan: 16.6%
                 
 
12,000
 
Goldcrest Co. Ltd. @ #
   
656,237
       
 
54,000
 
Mitsubishi Estate Co. Ltd. #
   
1,766,018
       
 
52,000
 
Mitsui Fudosan Co. Ltd. @ #
   
1,520,135
       
 
40,000
 
Sumitomo Realty & Development
             
     
   Co. Ltd. @ #
   
1,510,808
       
           
5,453,198
       
                     
 
Philippines: 2.1%
               
 
10,000,000
 
Megaworld Corp. * #
   
690,787
       
                     
 
Thailand: 0.5%
                 
 
305,600
 
Ticon Industrial Connection PCL #
   
155,197
       
                     
 
Ukraine: 0.7%
                 
 
15,000
 
XXI Century Investments Public Ltd. (GBP) * #
 
234,129
       
                     
 
United Kingdom: 2.8%
             
 
16,160
 
British Land Co. PLC #
   
487,444
       
 
10,562
 
Land Securities Group PLC #
   
446,365
       
           
933,809
       
                     
 
United States: 36.0%
               
 
110,000
 
Annaly Capital Management, Inc. @
 
1,702,800
       
 
10,000
 
Apartment Investment &
   
 
       
     
   Management Co. (Class A) @
   
576,900
       
 
9,000
 
Boston Properties, Inc.
   
1,056,600
       
 
225,000
 
Denny’s Corp. @ *
   
1,102,500
       
 
30,000
 
Equity Inns, Inc. @
   
491,400
       
 
10,000
 
General Growth Properties, Inc.
   
645,700
       
 
20,300
 
Hilton Hotels Corp. @
   
729,988
       
 
3,061
 
Host Hotels & Resorts, Inc.
   
80,535
       
 
10,000
 
Liberty Property Trust @
   
487,200
       
 
84,400
 
Lodgian, Inc. @ *
   
1,127,584
       
 
11,500
 
Mesabi Trust @
   
270,250
       
 
20,000
 
MVC Capital, Inc.
   
313,000
       
 
20,000
 
Post Properties, Inc. @
   
914,600
       
 
12,000
 
Prologis @
   
779,160
       
 
5,500
 
Public Storage, Inc.
   
520,685
       
 
5,000
 
SL Green Realty Corp. @
   
685,900
       
 
5,000
 
Starwood Hotels & Resorts
             
     
   Worldwide, Inc.
             
     
   (Paired Certificate)
   
324,250
       
           
11,809,052
       
 
Total Common Stocks
               
 
(Cost: $14,888,361)
     
29,763,878
       
       
Principal
 
 
 
 
 
 
 
 
 
 
Amount
           
 
REPURCHASE AGREEMENT: 9.2%
           
 
State Street Bank & Trust Co.
             
 
   4.30% (dated 3/30/07, due 4/2/07,
           
 
   repurchase price $3,033,086,
           
 
   collateralized by $3,170,000 Federal
           
 
    National Mortgage Association, 3.250%,
           
 
   due 2/15/09 with a value of $3,094,713)
             
 
   (Cost: $3,032,000)
$ 3,032,000
 
3,032,000
       
 
Total Investments Before Collateral for Securities Loaned: 99.9%
         
 
(Cost: $17,920,361)
     
32,795,878
       
 
Number 
                 
 
of Shares
                 
 
Short-Term Investment Held As Collateral for Securities Loaned: 23.0%
         
 
   (Cost: $7,541,202)
               
 
7,541,202
 
State Street Navigator Securities
             
     
   Lending Prime Portfolio
   
7,541,202
       
 
Total Investments: 122.9%
         
 
(Cost: $25,461,563)
   
40,337,080
       
 
Liabilities in excess of other assets: (22.9)%
 
(7,507,173)
       
 
NET ASSETS: 100.0%
 
$ 32,829,907
       
                     
                     
 
Glossary:
                 
 
GBP  British Pound
               
 
USD United States Dollar
             

The aggregate cost of investments owned for Federal income tax purposes is $25,410,945, and unrealized appreciation (depreciation) on such investments is:
   
Gross Unrealized Appreciation
$ 15,016,889 
 
Gross Unrealized Depreciation
(90,754)
 
Net Unrealized Appreciation
$ 14,926,135 
 
     
 
@     Security fully or partially on loan. Total market value of securities loaned is $7,293,697
     
 
*       Non-income producing
             
 
#       
Indicates a fair valued security which has not been valued using an independent quote, but has been valued  pursuant to guidelines established by the Board of Trustees. The aggregate value for fair valued securities is $15,147,760, which represented 46.1% of net assets.
     
 
R   .
All or a portion of the security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2007, these securities are considered liquid and the market value amounted to $760,329 or 2.3% of net assets.
 
     
 
Restricted securities held by the Fund are as follows:
             
 
   
Acquisition
 
Acquisition
     
% of
 
 
Security
Date
 
Cost
 
Value
 
Net Assets
 
 
Killam Properties, Inc.
11/11/2003
 
$ 337,932
 
$601,039
 
1.80%
 
 
Timberwest Forest Corp.
1/24/2002
 
69,361  
 
159,290
 
0.5  
 
           
$601,039
 
2.3%
 
                   
  
             
 
 Summary of Investments by Industry
Excluding Collateral for Securities Loaned
 % of
Investments
 
 
Value 
   
 
Apartments
10.3%
 
$3,367,216
   
 
Diversified
38.7   
 
12,688,800
   
 
Forest Products
1.4  
 
468,312
   
 
Hotels and Motels
10.5 
   
3,444,544 
 
   
 
Industrial
5.8   
 
1,891,093
   
 
Land
0.8   
 
270,250
   
 
Office
9.5   
 
3,126,375
   
 
Other
10.2     
 
3,340,903
   
 
Regional Malls
2.0    
 
645,700
   
 
Storage
1.6    
 
520,685
   
 
Total Common Stocks
90.8     
 
29,763,878
   
 
Repurchase Agreement
9.2   
 
3,032,000
   
 
 
100.0%    
 
$32,795,878
   
             
Security ValuationSecurities traded on national exchanges or traded 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. Securities for which market values are not readily available, or whose values have been affected by events occurring before the Fund’s pricing time (4:00 p.m. Eastern Time) but after the close of the securities’ primary market, are valued using methods approved by the Board of Trustees. The Fund may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. The price which the Fund may realize upon sale of an investment may differ materially from the value presented on the Schedule of Investments. 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. 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. Short-term investments held as collateral for securities loaned are valued at net asset value.
 
 
 
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 Real Estate Fund.
 
By /s/ Bruce J. Smith, Chief Financial Officer, Worldwide Real Estate Fund

Date: May 29, 2007
 

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 Real Estate Fund
 
Date: May 29, 2007
 

By /s/ Bruce J. Smith, Chief Financial Officer, Worldwide Real Estate Fund
 
Date: May 29, 2007