UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM N-CSRS Investment Company Act file number 811-07507 SCUDDER INVESTMENTS VIT FUNDS ------------------------------------------------ (Exact Name of Registrant as Specified in Charter) One South Street, Baltimore, Maryland 21202 -------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, including Area Code: (212) 454-7190 -------------- Paul Schubert 345 Park Avenue New York, NY 10154 --------------------------------------- (Name and Address of Agent for Service) Date of fiscal year end: 12/31 Date of reporting period: 06/30/2005ITEM 1. REPORT TO STOCKHOLDERS
Scudder Investments VIT FundsSemiannual Report | ||
| June 30, 2005 | |
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| Scudder VIT EAFE Equity Index Fund |
Contents |
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Click Here Performance Summary
Click Here Information About Your Fund's Expenses
Click Here Management Summary
Click Here Portfolio Summary
Click Here Investment Portfolio
Click Here Financial Statements
Click Here Financial Highlights
Click Here Notes to Financial Statements
Click Here Proxy Voting
This report must be preceded or accompanied by a prospectus. To obtain a prospectus, call (800) 778-1482 or your financial representative. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other important information about the fund. Please read the prospectus carefully before you invest.
Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation, political and economic changes and market risks. Additionally, the fund may not be able to mirror the MSCI EAFE Index closely enough to track its performance for several reasons, including the fund's cost to buy and sell securities, the flow of money into and out of the fund and the potential underperformance of stocks selected. All of these factors may result in greater share price volatility. Please read both the contract and underlying prospectus for specific details regarding the fund's investments and risk profile.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Performance Summary as of June 30, 2005 |
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All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the Fund's most recent month-end performance call 1-800-621-1048. Performance figures for classes A and B differ because each class maintains a distinct expense structure. Performance doesn't reflect charges and fees ("contract charges") associated with the separate account that invests in the portfolio or any variable life insurance policy or variable annuity contract for which the portfolio is an investment option. These charges and fees will reduce returns.
Portfolio returns during the period reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.
Growth of an Assumed $10,000 Investment in Scudder VIT EAFE Equity Index Fund from 8/31/1997 to 6/30/2005 | ||
[] Scudder VIT EAFE Equity Index Fund — Class A [] MSCI EAFE Index | ||
| The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index is an unmanaged capitalization-weighted index that tracks international stock performance in the 21 developed markets of Europe, Australasia and the Far East. The index is calculated using closing local market prices and converts to US dollars using the London close foreign exchange rates. Index returns assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index. | |
Yearly periods ended June 30 |
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Comparative Results (as of June 30, 2005) | ||||||
Scudder VIT EAFE Equity Index Fund |
| 6-Month* | 1-Year | 3-Year | 5-Year | Life of Class* |
Class A | Growth of $10,000 | $9,833 | $11,248 | $12,822 | $8,145 | $11,135 |
Total return | -1.67% | 12.48% | 8.64% | -4.02% | 1.38% | |
MSCI EAFE Index | Growth of $10,000 | $9,883 | $11,365 | $14,072 | $9,730 | $13,842 |
Total return | -1.17% | 13.65% | 12.06% | -.55% | 4.24% | |
Scudder VIT EAFE Equity Index Fund |
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| 6-Month* | 1-Year | 3-Year | Life of Class** |
Class B | Growth of $10,000 |
| $9,819 | $11,233 | $12,698 | $12,226 |
Total return |
| -1.81% | 12.33% | 8.29% | 6.55% | |
MSCI EAFE Index | Growth of $10,000 |
| $9,883 | $11,365 | $14,072 | $13,683 |
Total return |
| -1.17% | 13.65% | 12.06% | 10.41% |
The growth of $10,000 is cumulative.
* Total returns shown for periods less than one year are not annualized.
* The Fund commenced operations on August 22, 1997. Index returns begin August 31, 1997.
** The Fund commenced offering Class B shares on April 30, 2002. Index returns begin April 30, 2002.
The EAFE Index is the exclusive property of Morgan Stanley Capital International, a service of Morgan Stanley, and has been licensed for use by the Fund's investment advisor.
Information concerning portfolio holdings of the Fund as of a month end is available upon request no earlier than 15 days after the month end. Please call 1-800-621-1048.
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As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads), redemption fees and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The tables are based on an investment of $1,000 made at the beginning of the six-month period ended June 30, 2005.
The tables illustrate your Fund's expenses in two ways:
Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the 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 "Expenses Paid per $1,000" line under the share class you hold.
Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical Fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.
Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. If these transaction costs had been included, your costs would have been higher.
* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365.
Annualized Expense Ratios | Class A | Class B |
Scudder VIT EAFE Equity Index Fund | .65% | .90% |
For more information, please refer to the Fund's prospectus.
These tables do not reflect charges and fees ("contract charges") associated with the separate account that invests in the portfolio or any variable life insurance policy or variable annuity contract for which the portfolio is an investment option.
Management Summary June 30, 2005 |
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For the six-month period, Scudder VIT EAFE Equity Index Fund produced a total return of -1.67% (Class A shares, unadjusted for contract charges), as compared with a return of -1.17% for its benchmark, the MSCI EAFE Index. The broad-based MSCI EAFE Index is a group of international company stocks that is not available for direct investment.
The six-month period was a mixed bag for the global equity markets. On one hand, investors generally were encouraged by strong corporate earnings results, as companies continued to boost profits through cost-cutting and restructuring initiatives. In addition, economic growth outside of Continental Europe remained on a steady upward track. Despite these positives, the MSCI EAFE Index finished the period in the red as investors looked ahead to the second half of the year and beyond. Although the current environment is positive, investors were concerned about the potential effect of rising oil prices on global growth, the possibility of the US Federal Reserve increasing short-term rates more than had been expected, and the chances that earnings growth — while still strong — has peaked and is poised to weaken.
The top sector performer in the MSCI EAFE Index, hands down, was energy. Energy stocks, which made up 9.0% of the MSCI EAFE Index at period-end, produced a total return of nearly 13% for the semiannual period, well above the global equity market as a whole. The sector was fueled by the rising price of crude oil, which hit more than $60 during the final days of the reporting period. Financial stocks, the largest weighting within the benchmark at 28%, struggled. Financials typically weaken when global yield curves are "flattening" — i.e., when the yield spread between longer-term bonds and short-term bonds is declining — because this reduced spread can cut into profit margins. While the sector is broad and contained more than its share of winners, several of its largest banking stocks registered declines during the period.
Europe and Asia ex-Japan performed well, while Japan lagged. The European markets, as a whole, delivered solid results as investors rotated into the region to take advantage of the attractive valuations that characterized many individual companies. Northern European countries such as Norway, Denmark and Finland performed particularly well, while the UK — which makes up almost a quarter of the benchmark — finished the period narrowly positive. However, Germany, which remains mired in an economic slump amid a lack of meaningful structural economic reform, lagged.
The non-Japan Asian countries that make up the MSCI EAFE Index — Hong Kong, Singapore, New Zealand and Australia — all produced positive returns. Hong Kong and Singapore both benefited from the continued rapid growth of the broader Asian economy (China in particular), while Australia and New Zealand were both buoyed by the continued strength in commodity prices. Unfortunately, Japan — which is the second-largest benchmark component at 20.6% — lagged. The country's economy has yet to fully recover, as evidenced by the mixed nature of the data released during the period.
We have made no changes in our strategy. Our goal is to maintain a fully invested posture, replicating the return and risk characteristics of the index. The index itself provides broad-based exposure to 22 of the largest developed markets outside the United States, across all sectors of the economy.
James B. Francis
Portfolio Manager
Northern Trust Investments, N.A. (NTI), Subadvisor to the Fund
All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the Fund's most recent month-end performance call 1-800-621-1048. Performance figures for classes A and B differ because each class maintains a distinct expense structure. Performance doesn't reflect charges and fees ("contract charges") associated with the separate account that invests in the portfolio or any variable life insurance policy or variable annuity contract for which the portfolio is an investment option. These charges and fees will reduce returns.
Portfolio returns during the period reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement, returns would have been lower.
Risk Considerations
Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation, political and economic changes and market risks. Additionally, the fund may not be able to mirror the MSCI EAFE Index closely enough to track its performance for several reasons, including the fund's cost to buy and sell securities, the flow of money into and out of the fund and the potential underperformance of stocks selected. All of these factors may result in greater share price volatility. Please read both the contract and underlying prospectus for specific details regarding the fund's investments and risk profile.
Portfolio management market commentary is as of June 30, 2005, and may not come to pass. This information is subject to change at any time, based on market and other conditions and should not be construed as a recommendation.
Portfolio Summary |
Geographical Diversification | 6/30/05 | 12/31/04 |
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United Kingdom | 25% | 25% |
Japan | 21% | 22% |
France | 9% | 9% |
Switzerland | 7% | 7% |
Germany | 7% | 7% |
Australia | 5% | 5% |
Netherlands | 5% | 5% |
Spain | 4% | 4% |
Italy | 4% | 4% |
Other | 13% | 12% |
| 100% | 100% |
Sector Diversification (As a % of Common Stocks) | 6/30/05 | 12/31/04 |
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Financials | 28% | 28% |
Consumer Discretionary | 12% | 13% |
Industrials | 10% | 9% |
Energy | 9% | 8% |
Health Care | 8% | 8% |
Consumer Staples | 8% | 8% |
Materials | 7% | 7% |
Telecommunication Services | 7% | 8% |
Information Technology | 6% | 6% |
Utilities | 5% | — |
Other | — | 5% |
| 100% | 100% |
Geographical diversification and sector diversification are subject to change.
For more complete details about the Fund's investment portfolio, see page 8. A quarterly fact sheet is available upon request. Information concerning portfolio holdings of the Fund as of month end will be posted to scudder.com on the 15th of the following month.
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330.
Investment Portfolio as of June 30, 2005 (Unaudited) | ||
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| Value ($) |
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Common Stocks 98.5% | ||
Australia 5.4% | ||
Alinta Ltd. | 3,255 | 24,095 |
Alumina Ltd. | 20,861 | 87,930 |
Amcor Ltd. | 16,787 | 85,169 |
AMP Ltd. | 31,225 | 152,913 |
Ansell Ltd. | 459 | 3,487 |
Aristocrat Leisure Ltd. | 5,912 | 51,879 |
Australia & New Zealand Banking Group Ltd. | 29,340 | 483,874 |
Australian Gas & Light Co., Ltd. | 7,683 | 82,992 |
Australian Stock Exchange Ltd. | 2,107 | 36,967 |
AXA Asia Pacific Holdings Ltd. | 12,117 | 40,237 |
Babcock & Brown Ltd. | 1,832 | 19,173 |
BHP Billiton Ltd. | 57,599 | 787,632 |
Billabong International Ltd. | 1,572 | 16,241 |
BlueScope Steel Ltd. | 12,764 | 79,089 |
Boral Ltd. | 11,659 | 57,261 |
Brambles Industries Ltd. | 16,836 | 104,306 |
Centro Properties Group | 13,336 | 59,716 |
CFS Gandel Retail Trust (e) | 29,755 | 37,886 |
CFS Gandel Retail Trust* (e) | 661 | 843 |
Coca-Cola Amatil Ltd. | 10,887 | 65,282 |
Cochlear Ltd. | 1,315 | 39,074 |
Coles Myer Ltd. | 17,773 | 124,602 |
Commonwealth Bank of Australia | 20,496 | 590,495 |
Computershare Ltd. | 4,366 | 19,340 |
CSL Ltd. | 3,502 | 89,383 |
CSR Ltd. | 12,109 | 24,579 |
DB RREEF Trust* | 47,591 | 49,348 |
Foster's Group Ltd. | 32,049 | 129,488 |
General Property Trust | 41,220 | 114,214 |
Harvey Norman Holdings Ltd. | 13,482 | 25,563 |
Insurance Australia Group Ltd. | 25,639 | 116,800 |
Investa Property Group | 30,887 | 45,524 |
James Hardie Industries NV | 9,315 | 53,554 |
John Fairfax Holdings Ltd. | 18,177 | 59,249 |
Lend Lease Corp., Ltd. | 7,190 | 70,771 |
Lion Nathan Ltd. | 6,683 | 38,423 |
Macquarie Bank Ltd. | 3,598 | 162,701 |
Macquarie Communications Infrastructure Group | 8,244 | 39,429 |
Macquarie Goodman Group* | 23,143 | 71,763 |
Macquarie Infrastructure Group | 37,025 | 116,835 |
Mayne Group Ltd. | 13,346 | 47,954 |
Mirvac Group | 17,972 | 48,744 |
National Australia Bank Ltd. | 25,062 | 585,281 |
Newcrest Mining Ltd. | 5,915 | 78,046 |
Onesteel Ltd. | 2,171 | 4,352 |
Orica Ltd. | 5,334 | 72,032 |
Origin Energy Ltd. | 14,022 | 81,206 |
Paperlinx Ltd. | 605 | 1,380 |
Patrick Corp., Ltd. | 13,020 | 55,150 |
Perpetual Trustees Australia Ltd. | 982 | 42,740 |
Publishing & Broadcasting Ltd. | 1,457 | 16,420 |
Qantas Airways Ltd. | 17,805 | 45,529 |
QBE Insurance Group Ltd. | 12,692 | 154,425 |
Rinker Group Ltd. | 15,141 | 159,841 |
Rio Tinto Ltd. | 4,570 | 154,994 |
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| Value ($) |
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Santos Ltd. | 10,329 | 88,760 |
Sonic Healthcare Ltd. | 5,087 | 48,358 |
Stockland* (e) | 20,976 | 88,018 |
Stockland* (e) | 1,161 | 4,878 |
Suncorp Metway Ltd. | 9,217 | 140,716 |
TABCORP Holding Ltd. | 8,997 | 112,086 |
Telstra Corp., Ltd. | 34,027 | 130,899 |
Toll Holdings Ltd. | 4,696 | 46,513 |
Transurban Group | 13,946 | 78,825 |
Wesfarmers Ltd. | 6,312 | 191,378 |
Westfield Group* | 23,135 | 311,566 |
Westpac Banking Corp., Ltd. | 28,898 | 437,395 |
Woodside Petroleum Ltd. | 7,578 | 168,153 |
Woolworths Ltd. | 17,419 | 217,977 |
(Cost $6,552,726) | 7,871,723 | |
Austria 0.5% | ||
Andritz AG | 140 | 13,352 |
Bank Austria Creditanstalt | 680 | 70,751 |
Boehler-Uddeholm AG | 160 | 21,133 |
Erste Bank der Oesterreichischen Sparkassen AG | 2,270 | 113,541 |
Flughafen Wien AG | 180 | 11,676 |
Immofinanz Immobilien Anlagen AG* | 5,736 | 52,546 |
Mayr Melnhof Karton AG | 90 | 12,464 |
Meinl European Land Ltd. | 1,300 | 22,531 |
Oesterreichische Elektrizititaetswirtschafts AG "A" | 140 | 38,624 |
OMV AG | 270 | 117,441 |
Telekom Austria AG | 5,789 | 112,526 |
Voestalpine AG | 400 | 27,981 |
Wienerberger AG | 1,040 | 48,245 |
(Cost $498,142) | 662,811 | |
Belgium 1.4% | ||
Agfa Gevaert NV | 2,023 | 55,868 |
Barco NV | 43 | 3,066 |
Bekaert NV | 168 | 12,623 |
Belgacom SA* | 2,818 | 96,050 |
Colruyt NV | 356 | 48,457 |
Delhaize Group | 1,218 | 73,031 |
Dexia | 10,254 | 224,931 |
Electrabel SA | 459 | 200,427 |
Fortis | 19,583 | 541,821 |
Groupe Bruxelles Lambert SA | 1,345 | 116,230 |
Interbrew | 3,289 | 111,240 |
KBC Bankverzekeringsholding | 3,209 | 252,892 |
Mobistar SA* | 629 | 52,567 |
SA D'Ieteren NV | 14 | 2,892 |
Solvay SA | 1,220 | 125,251 |
UCB SA | 1,769 | 86,021 |
Umicore | 201 | 16,038 |
(Cost $1,812,924) | 2,019,405 | |
Denmark 0.8% | ||
A P Moller — Maersk AS | 21 | 199,475 |
Carlsberg AS "B" | 675 | 34,592 |
Coloplast AS "B" | 426 | 24,687 |
Danisco AS | 939 | 60,881 |
Danske Bank AS | 7,476 | 224,378 |
|
| Value ($) |
|
| |
De Sammensluttede Vognmaend AS | 242 | 20,499 |
GN Store Nord AS | 4,433 | 50,094 |
H. Lundbeck AS | 772 | 19,444 |
Kobenhavns Lufthavne AS | 75 | 17,777 |
NKT Holding AS | 280 | 10,476 |
Novo Nordisk AS "B" | 4,205 | 214,036 |
Novozymes AS "B" | 1,052 | 52,046 |
Ostasiatiske Kompagni | 285 | 20,120 |
TDC AS | 3,485 | 149,179 |
Topdanmark AS* | 505 | 36,718 |
Vestas Wind Systems AS* | 3,282 | 54,174 |
William Demant Holding AS* | 286 | 14,214 |
(Cost $1,055,618) | 1,202,790 | |
Finland 1.5% | ||
Amer Group Ltd. | 1,650 | 31,312 |
Cargotec Corp. "B"* | 920 | 25,685 |
Elisa Communications Oyj* | 3,050 | 47,642 |
Fortum Oyj | 5,600 | 89,802 |
Kesko Oyj | 1,100 | 27,600 |
Kone Oyj "B"* | 920 | 55,110 |
Metso Oyj | 1,900 | 41,301 |
Neste Oil Oyj* | 1,900 | 49,205 |
Nokia Oyj | 75,450 | 1,255,625 |
Nokian Renkaat Oyj | 900 | 16,412 |
Orion Oyj "B" | 800 | 15,426 |
Outokumpu Oyj | 2,300 | 29,617 |
Pohjola Group PLC | 900 | 13,062 |
Sampo Oyj "A" | 6,400 | 99,728 |
Stora Enso Oyj "R" | 10,100 | 128,842 |
TietoEnator Oyj | 1,860 | 56,366 |
UPM-Kymmene Oyj | 8,500 | 162,952 |
Uponor Oyj | 1,200 | 23,356 |
Wartsila Oyj | 550 | 15,846 |
YIT-Yhtyma Oyj | 800 | 26,704 |
(Cost $2,098,497) | 2,211,593 | |
France 9.0% | ||
Accor SA | 3,146 | 146,946 |
Air France | 2,380 | 35,977 |
Alcatel SA* | 19,816 | 216,055 |
Alstom* | 77,177 | 76,444 |
Atos Origin SA* | 1,126 | 71,202 |
Autoroutes du Sud de la France | 1,124 | 64,056 |
Axa | 23,140 | 575,479 |
BNP Paribas SA | 12,830 | 877,175 |
Bouygues SA | 3,186 | 131,520 |
Cap Gemini SA* | 2,206 | 69,826 |
Carrefour SA | 9,028 | 435,654 |
Casino Guichard-Perrachon SA | 488 | 34,182 |
CNP Assurances | 661 | 42,200 |
Compagnie de Saint-Gobain | 5,027 | 277,803 |
Compagnie Generale des Etablissements Michelin "B" | 2,291 | 139,065 |
Credit Agricole SA | 10,596 | 267,725 |
Dassault Systemes SA | 1,159 | 55,960 |
Essilor International SA | 1,667 | 113,555 |
France Telecom SA | 23,901 | 694,368 |
Groupe Danone | 3,855 | 337,998 |
Hermes International | 80 | 16,119 |
|
| Value ($) |
|
| |
Imerys SA | 203 | 13,969 |
Klepierre | 218 | 20,769 |
L' Air Liquide SA | 1,747 | 296,979 |
L'Oreal SA | 4,861 | 348,672 |
Lafarge SA | 2,806 | 254,633 |
Lagardere S.C.A. | 1,916 | 141,319 |
LVMH Moet-Hennessy Louis Vuitton SA | 3,914 | 301,360 |
Neopost SA | 429 | 37,744 |
PagesJaunes SA | 1,272 | 29,671 |
Pernod Ricard | 871 | 138,949 |
Pinault-Printemps-Redoute SA | 1,103 | 113,334 |
PSA Peugeot Citroen | 2,579 | 152,278 |
Publicis Groupe | 2,585 | 76,055 |
Renault SA | 2,960 | 260,124 |
Sagem SA | 2,242 | 46,242 |
Sanofi-Aventis | 16,915 | 1,384,807 |
Schneider Electric SA | 3,614 | 271,637 |
Societe BIC SA | 437 | 26,059 |
Societe des Autoroutes Paris-Rhin-Rhone | 613 | 36,316 |
Societe Generale | 5,327 | 539,589 |
Societe Television Francaise 1 | 2,330 | 61,713 |
Sodexho Alliance SA | 1,728 | 53,276 |
Suez SA* (e) | 2,040 | 25 |
Suez SA (e) | 13,045 | 352,820 |
Technip SA | 1,260 | 58,585 |
Thales SA | 1,545 | 62,609 |
Thomson SA | 4,417 | 105,135 |
Total SA | 9,132 | 2,138,549 |
Total SA VVPR Strip* | 468 | 6 |
Unibail | 778 | 99,640 |
Valeo SA | 1,198 | 53,619 |
Veolia Environnement | 4,871 | 182,352 |
Vinci SA | 2,390 | 198,816 |
Vivendi Universal SA* | 17,135 | 536,602 |
(Cost $12,155,797) | 13,073,562 | |
Germany 6.4% | ||
Adidas-Salomon AG | 701 | 116,941 |
Allianz AG (Registered) | 5,559 | 636,322 |
Altana AG | 1,333 | 76,165 |
BASF AG | 8,690 | 575,973 |
Bayer AG | 10,553 | 350,982 |
Bayerische Hypo-und Vereinsbank AG* (e) | 8,589 | 223,381 |
Bayerische Hypo-und Vereinsbank AG* (e) | 451 | 11,734 |
Beiersdorf AG | 250 | 28,046 |
Celesio AG | 674 | 53,004 |
Commerzbank AG | 7,199 | 155,643 |
Continental AG | 2,101 | 151,038 |
DaimlerChrysler AG | 13,822 | 559,838 |
Deutsche Bank AG (Registered)(b) | 7,807 | 608,714 |
Deutsche Boerse AG | 1,666 | 130,108 |
Deutsche Lufthansa AG* | 4,473 | 54,786 |
Deutsche Post AG | 8,040 | 187,730 |
Deutsche Telekom AG (Registered)* | 43,808 | 809,600 |
Douglas Holdings AG | 468 | 16,922 |
E.ON AG | 10,054 | 892,595 |
Epcos AG* | 450 | 5,620 |
|
| Value ($) |
|
| |
Fresenius Medical Care AG | 684 | 58,390 |
HeidelbergCement AG* | 1,135 | 81,634 |
HeidelbergCement AG VVPR Strip* | 52 | 0 |
Hochtief AG | 1,097 | 38,381 |
Hypo Real Estate Holding AG* (e) | 1,982 | 75,244 |
Hypo Real Estate Holding AG* (e) | 112 | 4,263 |
Infineon Technologies AG* | 10,492 | 97,412 |
IVG Immobilien AG | 1,032 | 19,163 |
KarstadtQuelle AG | 1,026 | 13,659 |
Linde AG | 1,414 | 95,189 |
MAN AG | 2,379 | 98,452 |
Merck KGaA | 849 | 67,454 |
Metro AG | 2,342 | 115,929 |
MLP AG | 500 | 9,337 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 2,949 | 314,073 |
Premiere AG* | 703 | 24,303 |
Puma AG | 285 | 70,409 |
RWE AG | 6,800 | 437,051 |
SAP AG | 3,545 | 615,762 |
Schering AG | 2,679 | 164,067 |
Siemens AG | 12,941 | 940,780 |
Suedzucker AG | 700 | 14,015 |
ThyssenKrupp AG | 5,782 | 100,218 |
TUI AG | 2,803 | 69,177 |
Volkswagen AG | 3,600 | 164,233 |
Wincor Nixdorf AG | 315 | 25,762 |
(Cost $9,020,150) | 9,359,499 | |
Greece 0.6% | ||
Alpha Bank AE | 4,880 | 129,676 |
Coca-Cola Hellenic Bottling Co. SA | 1,910 | 51,997 |
Cosmote Mobile Telelcommunications SA | 2,600 | 46,955 |
EFG Eurobank Ergasias | 3,450 | 105,696 |
Emporiki Bank of Greece | 900 | 26,597 |
Germanos SA | 430 | 14,413 |
Greek Organization of Football Prognostics | 2,994 | 86,031 |
Hellenic Petroleum SA | 2,360 | 25,353 |
Hellenic Telecommunications Organization SA | 4,480 | 86,430 |
Intracom SA | 810 | 4,051 |
National Bank of Greece SA | 4,443 | 151,553 |
Piraeus Bank SA | 3,080 | 57,500 |
Public Power Corp. (PPC) | 1,968 | 49,249 |
Titan Cement Co. | 1,100 | 33,849 |
Viohalco, Hellenic Copper and Aluminum Industry SA | 2,360 | 15,197 |
(Cost $771,372) | 884,547 | |
Hong Kong 1.7% | ||
ASM Pacific Technology Ltd. | 5,000 | 23,366 |
Bank of East Asia Ltd. | 23,691 | 69,822 |
BOC Hong Kong Holdings Ltd. | 60,000 | 113,179 |
Cathay Pacific Airways Ltd. | 18,000 | 32,730 |
Cheung Kong (Holdings) Ltd. | 23,000 | 222,359 |
Cheung Kong Infrastrucure Holdings Ltd. | 5,000 | 14,758 |
CLP Holdings Ltd. | 28,200 | 161,871 |
Esprit Holdings Ltd. | 16,232 | 116,818 |
Hang Lung Properties Ltd. | 36,000 | 52,892 |
|
| Value ($) |
|
| |
Hang Seng Bank Ltd. | 12,200 | 166,129 |
Henderson Land Development Co., Ltd. | 11,000 | 52,556 |
Hong Kong & China Gas Co., Ltd. | 56,661 | 115,302 |
Hong Kong Electric Holdings Ltd. | 22,500 | 102,589 |
Hong Kong Exchange & Clearing Ltd. | 20,000 | 51,806 |
Hopewell Holdings Ltd. | 11,000 | 28,200 |
Hutchison Telecommunications International Ltd.* | 19,000 | 18,855 |
Hutchison Whampoa Ltd. | 33,000 | 296,593 |
Hysan Development Co. | 15,000 | 31,119 |
Johnson Electric Holdings Ltd. | 27,000 | 24,734 |
Kingboard Chemical Holdings Ltd. | 9,000 | 28,531 |
Li & Fung Ltd. | 29,000 | 60,005 |
MTR Corp., Ltd. | 23,500 | 45,180 |
New World Development Co., Ltd. | 39,417 | 48,221 |
PCCW Ltd. | 76,206 | 47,586 |
Shangri-La Asia Ltd. | 24,269 | 37,490 |
Sino Land Co., Ltd. | 12,417 | 13,186 |
Sun Hung Kai Properties Ltd. (REIT) | 20,191 | 198,609 |
Swire Pacific Ltd. "A" | 14,500 | 127,706 |
Techtronic Industries Co., Ltd. | 17,000 | 42,828 |
Television Broadcasts Ltd. | 6,000 | 34,037 |
Wharf Holdings Ltd. | 22,693 | 79,225 |
Yue Yuen Industrial (Holdings) Ltd. | 11,000 | 33,598 |
(Cost $2,300,353) | 2,491,880 | |
Ireland 0.9% | ||
Allied Irish Banks PLC (e) | 8,445 | 181,065 |
Allied Irish Banks PLC (e) | 6,083 | 130,074 |
Bank of Ireland PLC (e) | 8,629 | 138,728 |
Bank of Ireland PLC (e) | 7,898 | 127,990 |
CRH PLC (e) | 4,576 | 120,266 |
CRH PLC (e) | 4,506 | 119,585 |
DCC PLC | 1,531 | 30,558 |
Depfa Bank PLC | 5,965 | 95,420 |
Eircom Group PLC | 6,475 | 14,403 |
Elan Corp. PLC* (e) | 2,377 | 15,918 |
Elan Corp. PLC* (e) | 5,743 | 39,211 |
Fyffes PLC | 4,474 | 13,352 |
Grafton Group PLC* | 4,692 | 54,351 |
IAWS Group PLC | 1,645 | 23,006 |
Independent News & Media PLC (e) | 1,530 | 4,703 |
Independent News & Media PLC (e) | 10,270 | 31,684 |
Irish Life & Permanent PLC (e) | 3,900 | 68,622 |
Irish Life & Permanent PLC (e) | 1,235 | 21,609 |
Kerry Group PLC (e) | 1,199 | 29,879 |
Kerry Group PLC (e) | 1,352 | 33,378 |
Kingspan Group PLC | 1,568 | 18,515 |
Ryanair Holdings PLC* | 2,876 | 22,212 |
(Cost $1,277,158) | 1,334,529 | |
Italy 3.8% | ||
Alleanza Assicurazioni SpA | 6,581 | 71,338 |
Assicurazioni Generali SpA | 14,883 | 463,363 |
Autogrill SpA* | 2,189 | 28,777 |
Autostrade SpA | 4,446 | 117,593 |
Banca Antonventeta SpA* | 3,586 | 115,828 |
Banca Fideuram SpA | 5,831 | 27,540 |
Banca Intesa SpA (e) | 50,600 | 230,824 |
|
| Value ($) |
|
| |
Banca Intesa SpA (e) | 15,948 | 67,998 |
Banca Monte dei Paschi di Siena SpA | 18,673 | 65,722 |
Banca Nazionale del Lavoro SpA* | 21,070 | 72,603 |
Banca Popolare di Milano | 6,743 | 66,332 |
Banche Popolari Unite* | 5,244 | 103,912 |
Banco Popolari di Verona e Novara | 5,763 | 98,113 |
Benetton Group SpA | 1,126 | 10,379 |
Bulgari SpA | 1,080 | 12,064 |
Capitalia SpA | 22,346 | 124,440 |
Edison SpA* | 6,545 | 14,557 |
Enel SpA | 56,953 | 495,011 |
Eni SpA | 40,480 | 1,039,271 |
Fiat SpA* | 8,212 | 59,546 |
FinecoGroup SpA* | 918 | 8,196 |
Finmeccanica SpA | 95,618 | 88,997 |
Gruppo Editoriale L'Espresso SpA | 1,344 | 7,321 |
Italcementi SpA | 833 | 12,964 |
Luxottica Group SpA | 2,712 | 56,084 |
Mediaset SpA | 12,859 | 151,326 |
Mediobanca SpA | 7,354 | 137,366 |
Mediolanum SpA | 5,847 | 36,391 |
Mondadori (Arnoldo) Editore SpA | 1,581 | 15,012 |
Pirelli & C. Accomandita per Azioni | 46,197 | 47,988 |
Riunione Adriatica di Sicurta SpA | 4,979 | 96,635 |
San Paolo IMI SpA | 17,206 | 235,316 |
SeatPagine Gialle SpA | 75,941 | 31,563 |
Snam Rete Gas SpA | 16,185 | 86,387 |
Telecom Italia Media SpA* | 10,424 | 5,005 |
Telecom Italia SpA (e) | 166,839 | 518,364 |
Telecom Italia SpA (e) | 90,137 | 233,306 |
Terna SpA | 23,211 | 60,014 |
Tiscali SpA* | 4,925 | 13,963 |
UniCredito Italiano SpA | 68,747 | 361,699 |
(Cost $5,118,579) | 5,489,108 | |
Japan 21.3% | ||
ACOM Co., Ltd. | 1,200 | 76,629 |
Advantest Corp. | 1,300 | 95,287 |
Aeon Co., Ltd. | 10,600 | 161,379 |
AEON Credit Services Co., Ltd. | 700 | 43,656 |
Aiful Corp. | 1,125 | 83,537 |
Aisin Seiki Co., Ltd. | 3,000 | 64,820 |
Ajinomoto Co., Inc. | 9,000 | 99,761 |
All Nippon Airways Co., Ltd. | 11,000 | 33,453 |
Alps Electric Co., Ltd. | 3,000 | 45,698 |
Amada Co., Ltd. | 6,000 | 40,584 |
Aoyama Trading Co., Ltd. | 1,100 | 27,550 |
Asahi Breweries, Ltd. | 6,000 | 71,539 |
Asahi Glass Co., Ltd. | 16,000 | 167,629 |
Asahi Kasei Corp. | 20,000 | 94,743 |
Astellas Pharma, Inc. | 8,200 | 279,836 |
Bandai Co., Ltd. | 1,100 | 22,143 |
Bank of Yokohama Ltd. | 20,000 | 114,901 |
Benesse Corp. | 1,100 | 35,092 |
Bridgestone Corp. | 11,000 | 210,456 |
Canon, Inc. | 12,100 | 633,789 |
Casio Computer Co., Ltd. | 4,000 | 52,084 |
Central Glass Co., Ltd. | 4,000 | 24,924 |
Central Japan Railway Co. | 14 | 107,909 |
|
| Value ($) |
|
| |
Chubu Electric Power Co., Inc. | 9,500 | 227,528 |
Chugai Pharmaceutical Co., Ltd. | 5,000 | 77,141 |
Citizen Watch Co., Ltd. | 5,000 | 45,071 |
Coca-Cola West Japan Co., Ltd. | 1,000 | 22,497 |
COMSYS Holdings Corp. | 1,000 | 9,173 |
Credit Saison Co., Ltd. | 2,500 | 82,843 |
CSK Corp. | 1,300 | 50,820 |
Dai Nippon Printing Co., Ltd. | 11,000 | 176,754 |
Daicel Chemical Industries Ltd. | 6,000 | 31,414 |
Daiichi Pharmaceutical Co., Ltd. | 4,000 | 88,219 |
Daikin Industries Ltd. | 4,000 | 99,582 |
Daimaru, Inc. | 4,000 | 35,322 |
Dainippon Ink & Chemical, Inc. | 14,000 | 44,578 |
Daito Trust Construction Co., Ltd. | 1,600 | 59,736 |
Daiwa House Industry Co., Ltd. | 8,000 | 91,215 |
Daiwa Securities Group, Inc. | 20,000 | 123,000 |
Denki Kagaku Kogyo Kabushiki Kaisha | 9,000 | 32,205 |
Denso Corp. | 8,800 | 200,065 |
DENTSU, Inc. | 34 | 83,659 |
Dowa Mining Co., Ltd. | 6,000 | 39,672 |
East Japan Railway Co. | 55 | 281,957 |
Ebara Corp. | 3,000 | 11,492 |
Eisai Co., Ltd. | 4,000 | 133,971 |
Electric Power Development Co., Ltd.* | 1,900 | 54,720 |
FamilyMart Co., Ltd. | 1,200 | 34,347 |
FANUC Ltd. | 2,900 | 183,778 |
Fast Retailing Co., Ltd. | 1,000 | 51,846 |
Fuji Electric Holdings Co., Ltd. | 12,000 | 36,415 |
Fuji Photo Film Co., Ltd. | 8,000 | 260,262 |
Fuji Television Network, Inc. | 10 | 19,333 |
Fujikura Ltd. | 7,000 | 34,065 |
Fujitsu Ltd. | 29,000 | 150,917 |
Hankyu Department Stores, Inc. | 2,000 | 12,608 |
Hikari Tsushin, Inc. | 500 | 35,747 |
Hino Motors Ltd. | 5,000 | 28,818 |
Hirose Electric Co., Ltd. | 500 | 54,816 |
Hitachi Chemical Co., Ltd. | 2,000 | 36,499 |
Hitachi Ltd. | 51,000 | 308,819 |
Hokkaido Electric Power Co., Inc. | 2,100 | 42,912 |
Hokugin Financial Group, Inc. | 20,000 | 61,241 |
Honda Motor Co., Ltd. | 12,800 | 629,660 |
House Food Corp. | 1,000 | 14,770 |
Hoya Corp. | 1,700 | 195,294 |
Ibiden Co., Ltd. | 2,000 | 52,313 |
Inpex Corp.* | 7 | 39,337 |
Isetan Co., Ltd. | 3,000 | 37,493 |
Ishikawajima — Harima Heavy Industries Co., Ltd.* | 22,000 | 31,781 |
ITO EN, Ltd. | 700 | 35,888 |
Ito-Yokado Co., Ltd. | 5,000 | 164,902 |
Itochu Corp.* | 24,000 | 120,512 |
JAFCO Co., Ltd. | 600 | 31,726 |
Japan Airlines Systems Corp.* | 6,000 | 16,136 |
Japan Real Estate Investment Corp. (REIT) | 6 | 50,930 |
Japan Retail Fund Investment Corp. (REIT) | 5 | 42,854 |
Japan Tobacco, Inc. | 14 | 186,583 |
JFE Holdings, Inc. | 9,025 | 221,799 |
|
| Value ($) |
|
| |
JGC Corp. | 4,000 | 49,001 |
JSR Corp. | 3,000 | 62,885 |
Kajima Corp. | 17,000 | 62,508 |
Kamigumi Co., Ltd. | 5,000 | 38,428 |
Kaneka Corp. | 5,000 | 55,846 |
Kansai Electric Power Co., Inc. | 12,400 | 249,062 |
Kao Corp. | 9,000 | 212,048 |
Kawasaki Heavy Industries Ltd. | 23,000 | 43,943 |
Kawasaki Kisen Kaisha Ltd. | 9,000 | 53,017 |
KDDI Corp. | 41 | 189,170 |
Keihin Electric Express Railway Co., Ltd. | 7,000 | 42,785 |
Keio Electric Railway Co., Ltd. | 10,000 | 53,900 |
Keyence Corp. | 530 | 117,988 |
Kikkoman Corp. | 3,000 | 26,431 |
Kinden Corp. | 1,000 | 7,378 |
Kinki Nippon Railway Co., Ltd. | 26,630 | 81,235 |
Kirin Brewery Co., Ltd. | 13,000 | 125,789 |
Kobe Steel Ltd. | 43,000 | 80,792 |
Kokuyo Corp. | 1,000 | 13,468 |
Komatsu Ltd. | 15,000 | 115,807 |
Konami Co., Ltd. | 2,000 | 41,986 |
Konica Minolta Holdings, Inc. | 8,000 | 74,284 |
Koyo Seiko Co., Ltd. | 3,000 | 40,030 |
Kubota Corp. | 19,000 | 103,708 |
Kuraray Co., Ltd. | 7,000 | 66,095 |
Kuraya Sanseido, Inc.* | 2,400 | 31,961 |
Kurita Water Industries | 2,000 | 30,767 |
Kyocera Corp. | 2,700 | 205,728 |
Kyowa Hakko Kogyo Co., Ltd. | 3,000 | 19,353 |
Kyushu Electric Power Co. | 6,200 | 134,488 |
Lawson, Inc. | 1,200 | 41,816 |
Leopalace21 Corp. | 2,000 | 33,108 |
Mabuchi Motor Co., Ltd. | 200 | 11,504 |
Makita Corp. | 2,000 | 39,085 |
Marubeni Corp. | 23,000 | 78,477 |
Marui Co., Ltd. | 5,000 | 66,960 |
Matsushita Electric Industrial Co., Ltd. | 33,596 | 509,767 |
Matsushita Electric Works Ltd. | 6,000 | 49,806 |
Meiji Dairies Corp. | 5,000 | 28,446 |
Meiji Seika Kaisha Ltd. | 7,000 | 34,379 |
Meitec Corp. | 400 | 12,274 |
Millea Holdings, Inc. | 24 | 323,218 |
Minebea Co., Ltd. | 8,000 | 32,165 |
Mitsubishi Chemical Corp. | 28,000 | 81,523 |
Mitsubishi Corp. | 19,000 | 257,013 |
Mitsubishi Electric Corp. | 31,000 | 163,462 |
Mitsubishi Estate Co., Ltd. | 18,000 | 196,973 |
Mitsubishi Gas & Chemical Co. | 8,000 | 40,809 |
Mitsubishi Heavy Industries Ltd. | 50,000 | 130,409 |
Mitsubishi Materials Corp. | 18,000 | 42,272 |
Mitsubishi Rayon Co., Ltd. | 10,000 | 41,349 |
Mitsubishi Securities Co., Ltd. | 3,000 | 26,407 |
Mitsubishi Tokyo Financial Group, Inc. | 79 | 666,866 |
Mitsui & Co., Ltd. | 23,000 | 216,657 |
Mitsui Chemicals, Inc. | 11,000 | 64,292 |
Mitsui Engineering & Shipbuilding Co., Ltd. | 6,000 | 11,734 |
Mitsui Fudosan Co., Ltd. | 13,000 | 145,548 |
|
| Value ($) |
|
| |
Mitsui Mining & Smelting Co., Ltd. | 11,000 | 51,393 |
Mitsui O.S.K. Lines Ltd. | 19,000 | 116,377 |
Mitsui Sumitomo Insurance Co., Ltd. | 19,810 | 177,577 |
Mitsui Trust Holdings, Inc. | 8,900 | 90,798 |
Mitsukoshi Ltd.* | 8,000 | 35,858 |
Mizuho Financial Group, Inc. | 136 | 612,462 |
Murata Manufacturing Co., Ltd. | 3,600 | 181,977 |
Namco Ltd. | 200 | 2,651 |
NEC Corp. | 30,000 | 161,220 |
NEC Electronics Corp. | 800 | 35,878 |
Net One Systems Co., Ltd. | 12 | 30,795 |
NGK Insulators Ltd. | 5,000 | 48,506 |
NGK Spark Plug Co., Ltd. | 1,000 | 11,473 |
Nidec Corp. | 900 | 94,772 |
Nikko Cordial Corp. | 26,000 | 113,633 |
Nikon Corp. | 5,000 | 56,325 |
Nintendo Co., Ltd. | 1,600 | 166,671 |
Nippon Building Fund, Inc. | 6 | 54,068 |
Nippon Electric Glass Co., Ltd. | 3,000 | 44,945 |
Nippon Express Co., Ltd. | 15,000 | 64,860 |
Nippon Meat Packers, Inc. | 3,000 | 34,770 |
Nippon Mining Holdings, Inc. | 14,500 | 81,960 |
Nippon Oil Co., Ltd. | 22,000 | 148,974 |
Nippon Sheet Glass Co., Ltd. | 3,000 | 11,696 |
Nippon Steel Corp. | 99,000 | 228,960 |
Nippon Telegraph & Telephone Corp. | 84 | 360,029 |
Nippon Unipac Holdings | 18 | 65,990 |
Nippon Yusen Kabushiki Kaisha | 19,000 | 108,532 |
Nissan Chemical Industries, Ltd. | 3,000 | 32,109 |
Nissan Motor Co., Ltd. | 37,000 | 364,239 |
Nisshin Seifun Group, Inc. | 3,000 | 30,993 |
Nisshin Steel Co., Ltd. | 18,000 | 44,931 |
Nissin Food Products Co., Ltd. | 1,600 | 40,967 |
Nitto Denko Corp. | 2,600 | 147,888 |
NOK Corp. | 1,900 | 52,774 |
Nomura Holdings, Inc. | 29,000 | 344,333 |
Nomura Research Institute Ltd. | 400 | 39,588 |
NSK Ltd. | 8,000 | 40,926 |
NTN Corp. | 8,000 | 42,808 |
NTT Data Corp. | 24 | 81,450 |
NTT DoCoMo, Inc. | 283 | 416,022 |
Obayashi Corp. | 11,000 | 58,718 |
Obic Co., Ltd. | 100 | 16,921 |
Odakyu Electric Railway Co., Ltd. | 11,000 | 58,160 |
Oji Paper Co., Ltd. | 15,000 | 78,010 |
Oki Electric Industry Co.* | 9,000 | 31,544 |
Olympus Corp. | 4,000 | 76,380 |
Omron Corp. | 3,700 | 81,516 |
Onward Kashiyama Co. | 3,000 | 37,902 |
Oracle Corp. | 700 | 26,409 |
Oriental Land Co., Ltd. | 900 | 53,284 |
ORIX Corp. | 1,300 | 194,386 |
Osaka Gas Co. | 34,000 | 107,147 |
Pioneer Corp. | 3,000 | 45,100 |
Promise Co., Ltd. | 1,500 | 95,734 |
Rakuten, Inc. | 79 | 62,965 |
Resona Holding, Inc.* | 77,000 | 143,018 |
Ricoh Co., Ltd. | 11,000 | 170,926 |
ROHM Co., Ltd. | 1,700 | 163,098 |
|
| Value ($) |
|
| |
Ryohin Keikaku Co., Ltd. | 400 | 19,709 |
Sanken Electric Co., Ltd. | 2,000 | 25,946 |
Sankyo Co., Ltd. (e) | 7,000 | 133,969 |
Sankyo Co., Ltd. (e) | 900 | 41,693 |
Sanyo Electric Co., Ltd. | 28,000 | 71,232 |
Sapporo Holdings Ltd. | 6,000 | 28,835 |
SBI Holdings, Inc. (e) | 120 | 40,174 |
SBI Holdings, Inc. (e) | 13,000 | 130,610 |
Secom Co., Ltd. | 3,500 | 149,932 |
Sega Sammy Holdings, Inc.* | 1,100 | 67,177 |
Seiko Epson Corp. | 1,900 | 63,134 |
Sekisui Chemical Co., Ltd. | 9,000 | 61,733 |
Sekisui House Ltd. | 8,000 | 80,502 |
Seven-Eleven Japan Co., Ltd. | 6,000 | 165,968 |
SFCG Co., Ltd | 140 | 32,657 |
Sharp Corp. | 15,000 | 233,491 |
Shimamura Co., Ltd. | 400 | 33,635 |
Shimano, Inc. | 1,600 | 45,392 |
Shimizu Corp. | 12,000 | 55,587 |
Shin-Etsu Chemical Co., Ltd. | 5,900 | 222,974 |
Shinsei Bank Ltd. | 16,000 | 85,863 |
Shionogi & Co., Ltd. | 5,000 | 64,178 |
Shiseido Co., Ltd. | 6,000 | 75,621 |
Showa Denko KK | 19,000 | 44,855 |
Showa Shell Sekiyu KK | 2,000 | 19,977 |
Skylark Co., Ltd. | 2,000 | 30,400 |
SMC Corp. | 900 | 97,610 |
Softbank Corp. | 4,100 | 159,873 |
Sony Corp. | 14,900 | 513,111 |
Stanley Electric Co., Ltd. | 3,000 | 48,462 |
Sumitomo Chemical Co., Ltd. | 24,000 | 109,864 |
Sumitomo Corp. | 16,000 | 127,454 |
Sumitomo Electric Industries Ltd. | 12,000 | 121,862 |
Sumitomo Heavy Industries Ltd.* | 10,000 | 47,741 |
Sumitomo Metal Industries Ltd. | 66,000 | 111,794 |
Sumitomo Metal Mining Co., Ltd. | 10,000 | 68,194 |
Sumitomo Mitsui Finance Group, Inc. | 65 | 437,921 |
Sumitomo Osaka Cement Co., Ltd. | 2,000 | 5,290 |
Sumitomo Realty & Development Co., Ltd. | 7,000 | 77,983 |
Sumitomo Rubber Industries Ltd. | 3,000 | 30,499 |
Suzuken Co., Ltd. | 1,200 | 30,215 |
T&D Holdings, Inc.* | 3,700 | 173,072 |
Taiheiyo Cement Corp. | 17,000 | 45,338 |
Taisei Corp. | 18,000 | 60,542 |
Taisho Pharmaceutical Co., Ltd. | 3,000 | 58,194 |
Taiyo Yuden Co., Ltd. | 1,000 | 10,994 |
Takara Holdings, Inc. | 5,000 | 31,024 |
Takashimaya Co., Ltd. | 5,000 | 44,567 |
Takeda Chemical Industries Ltd. | 14,300 | 707,020 |
Takefuji Corp. | 1,880 | 126,921 |
Tanabe Seiyaku Co., Ltd. | 4,000 | 38,569 |
TDK Corp. | 2,000 | 135,715 |
Teijin Ltd. | 16,000 | 74,108 |
Terumo Corp. | 2,900 | 83,300 |
The 77 Bank Ltd. | 5,000 | 30,650 |
The Bank of Fukuoka Ltd. | 10,000 | 59,033 |
The Chiba Bank Ltd. | 12,000 | 78,715 |
The Furukawa Electric Co., Ltd.* | 11,000 | 42,389 |
|
| Value ($) |
|
| |
The Gunma Bank Ltd. | 8,000 | 48,093 |
The Joyo Bank Ltd. | 13,000 | 63,556 |
The Shizuoka Bank Ltd. | 10,000 | 85,569 |
The Sumitomo Trust & Banking Co., Ltd. | 21,000 | 127,261 |
THK Co., Ltd. | 2,000 | 41,148 |
TIS, Inc. | 600 | 20,401 |
Tobu Railway Co., Ltd. | 15,000 | 54,286 |
Toho Co., Ltd. | 3,000 | 43,089 |
Tohoku Electric Power Co., Inc. | 6,900 | 147,227 |
Tokuyama Corp. | 2,000 | 14,203 |
Tokyo Broadcasting System, Inc. | 1,000 | 16,479 |
Tokyo Electric Power Co. | 18,500 | 441,591 |
Tokyo Electron Ltd. | 2,700 | 141,562 |
Tokyo Gas Co., Ltd. | 38,000 | 141,879 |
Tokyo Steel Manufacturing Co., Ltd. | 2,700 | 34,000 |
Tokyo Tatemono Co., Ltd. | 5,000 | 33,412 |
Tokyu Corp. | 16,000 | 71,518 |
Tokyu Land Corp. | 7,000 | 32,771 |
TonenGeneral Sekiyu K.K. | 5,000 | 54,047 |
Toppan Printing Co., Ltd. | 10,000 | 105,733 |
Toray Industries, Inc. | 23,000 | 108,659 |
Toshiba Corp. | 47,000 | 186,245 |
Tosoh Corp. | 9,000 | 37,128 |
Tostem Inax Holding Corp. | 4,000 | 67,718 |
TOTO Ltd. | 6,000 | 47,276 |
Toyo Seikan Kaisha Ltd. (e) | 3,000 | 47,230 |
Toyo Suisan Kaisha Ltd. (e) | 1,000 | 15,625 |
Toyobo Co., Ltd. | 6,000 | 13,944 |
Toyota Industries Corp. | 3,400 | 92,293 |
Toyota Motor Corp. | 46,700 | 1,669,637 |
Toyota Tsusho Corp. | 3,000 | 48,693 |
Trend Micro, Inc. | 1,500 | 53,015 |
Ube Industries Ltd.* | 17,000 | 34,398 |
UFJ Holdings, Inc.* | 64 | 331,816 |
Uni-Charm Co. | 800 | 32,134 |
UNY Co., Ltd. | 3,000 | 33,950 |
Ushio, Inc. | 2,000 | 35,437 |
USS Co., Ltd. | 500 | 31,958 |
Wacoal Corp. | 2,000 | 25,371 |
West Japan Railway Corp. | 27 | 92,630 |
World Co., Ltd. | 400 | 13,935 |
Yahoo Japan Corp.* | 64 | 133,681 |
Yakult Honsha Co., Ltd. | 2,000 | 35,967 |
Yamada Denki Co., Ltd. | 1,424 | 81,480 |
Yamaha Corp. | 3,000 | 46,619 |
Yamaha Motor Co., Ltd. | 3,000 | 54,606 |
Yamato Transport Co., Ltd. | 6,000 | 82,937 |
Yamazaki Baking Co., Ltd. | 2,000 | 17,211 |
Yokogawa Electric Corp. | 4,000 | 49,240 |
(Cost $30,769,117) | 31,115,956 | |
Luxembourg 0.1% | ||
Arcelor | 8,529 | 166,455 |
Stolt-Nielsen SA | 550 | 18,474 |
(Cost $178,829) | 184,929 | |
Netherlands 5.0% | ||
ABN AMRO Holding NV | 27,800 | 682,623 |
Aegon NV | 22,250 | 286,839 |
|
| Value ($) |
|
| |
Akzo Nobel NV | 4,328 | 169,857 |
ASML Holding NV* | 7,818 | 122,212 |
Corio NV | 846 | 47,081 |
DSM NV | 1,206 | 82,353 |
Euronext NV | 1,733 | 58,482 |
European Aeronautic Defence & Space Co. | 3,953 | 125,437 |
Getronics NV | 716 | 8,438 |
Hagemeyer NV* | 8,458 | 19,939 |
Heineken NV | 3,901 | 120,181 |
IHC Caland NV | 465 | 31,831 |
ING Groep NV | 29,838 | 839,448 |
Koninklijke (Royal) KPN NV | 33,380 | 279,584 |
Koninklijke (Royal) Philips Electronics NV | 20,955 | 526,940 |
Koninklijke Ahold NV* | 24,747 | 202,770 |
Oce NV | 638 | 9,377 |
QIAGEN NV* | 820 | 9,567 |
Randstad Holdings NV | 979 | 33,691 |
Reed Elsevier NV | 11,194 | 155,563 |
Rodamco Europe NV | 798 | 65,329 |
Royal Dutch Petroleum Co. | 32,977 | 2,146,237 |
Royal Numico NV* | 2,559 | 102,056 |
STMicroelectronics NV | 10,120 | 161,068 |
TNT NV | 6,117 | 154,888 |
Unilever NV | 9,101 | 589,166 |
Vedior NV | 3,359 | 47,232 |
VNU NV | 3,838 | 106,720 |
Wereldhave NV | 173 | 18,444 |
Wolters Kluwer NV | 4,870 | 92,883 |
(Cost $6,820,263) | 7,296,236 | |
New Zealand 0.2% | ||
Auckland International Airport Ltd. | 17,258 | 28,664 |
Carter Holt Harvey Ltd. | 12,450 | 19,711 |
Contact Energy Ltd. | 5,312 | 28,443 |
Fisher & Paykel Appliances Holdings Ltd. | 4,491 | 10,432 |
Fisher & Paykel Corp., Ltd. | 9,386 | 21,211 |
Fletcher Building Ltd. | 8,437 | 40,435 |
Sky City Entertainment Group Ltd. | 7,778 | 24,165 |
Sky Network Television Ltd.* | 3,057 | 12,125 |
Telecom Corp. of New Zealand Ltd. | 34,420 | 143,790 |
The Warehouse Group Ltd. | 2,131 | 5,923 |
Tower Ltd.* | 7,355 | 10,964 |
(Cost $299,534) | 345,863 | |
Norway 0.8% | ||
DNB NOR ASA | 11,720 | 121,599 |
Frontline Ltd. | 1,050 | 41,479 |
Norsk Hydro ASA | 2,490 | 227,609 |
Norske Skogindustrier ASA | 2,550 | 41,787 |
Orkla ASA | 3,264 | 119,828 |
Petroleum Geo-Services ASA* | 1,050 | 24,998 |
Schibsted ASA | 850 | 23,342 |
Statoil ASA | 11,350 | 230,678 |
Storebrand ASA | 4,800 | 44,914 |
Tandberg ASA | 2,300 | 24,566 |
Telenor ASA | 14,000 | 111,153 |
Tomra Systems ASA | 1,450 | 5,938 |
|
| Value ($) |
|
| |
Yara International ASA* | 3,680 | 58,203 |
(Cost $855,560) | 1,076,094 | |
Portugal 0.3% | ||
Banco BPI SA | 5,772 | 21,970 |
Banco Comercial Portugues SA | 33,425 | 85,518 |
Banco Espirito Santo e Comercial de Lisboa SA | 1,855 | 28,894 |
Brisa-Auto Estrada de Portugal SA | 6,534 | 51,274 |
CIMPOR-Cimentos de Portugal | 3,786 | 21,254 |
Electricidade de Portugal | 31,446 | 79,095 |
Jeronimo Martins, SGPS SA* | 294 | 4,215 |
Portugal Telecom SGPS SA (Registered) | 12,690 | 120,901 |
Sonae SGPS SA | 11,612 | 15,996 |
(Cost $464,881) | 429,117 | |
Singapore 0.9% | ||
Ascendas Real Estate Investment Trust (REIT) | 21,000 | 27,496 |
Capitaland Ltd. | 22,250 | 31,358 |
CapitaMall Trust | 16,500 | 23,269 |
Chartered Semiconductors Manufacturing Ltd.* | 28,200 | 22,067 |
City Developments Ltd. | 10,000 | 44,312 |
ComfortDelGro Corp., Ltd. | 36,000 | 35,967 |
Creative Technologies Ltd. | 1,000 | 6,574 |
DBS Group Holdings Ltd. | 19,349 | 163,724 |
Fraser And Neave Ltd. | 3,440 | 31,947 |
Haw Par Corp., Ltd. | 538 | 1,642 |
Jardine Cycle & Carriage Ltd. | 2,000 | 15,744 |
Keppel Corp. | 10,000 | 73,976 |
Neptune Orient Lines Ltd. | 12,000 | 26,842 |
Oversea-Chinese Banking Corp., Ltd. | 17,294 | 118,897 |
Overseas Union Enterprises | 2,000 | 10,778 |
SembCorp Industries Ltd. | 31,020 | 49,026 |
Singapore Airlines Ltd. | 10,000 | 66,354 |
Singapore Exchange Ltd. | 11,000 | 13,738 |
Singapore Press Holdings Ltd. | 30,704 | 78,273 |
Singapore Technologies Engineering Ltd. | 28,000 | 40,149 |
Singapore Telecommunications Ltd. | 117,080 | 192,499 |
STATS ChipPAC Ltd.* | 28,000 | 20,009 |
United OverSeas Bank Ltd. (e) | 20,168 | 169,685 |
United Overseas Land Ltd. (e) | 10,017 | 13,536 |
Venture Corp., Ltd. | 5,000 | 47,343 |
(Cost $1,256,735) | 1,325,205 | |
Spain 3.9% | ||
Abertis Infraestructuras SA | 3,275 | 83,197 |
Acciona SA | 476 | 47,066 |
Acerinox SA | 3,697 | 50,217 |
ACS, Actividades de Construccion y Servicios SA | 3,931 | 109,636 |
Altadis SA | 4,358 | 182,160 |
Amadeus Global Travel Distribution SA "A" | 7,392 | 64,677 |
Antena 3 de Television SA* | 552 | 11,026 |
Banco Bilbao Vizcaya Argentaria SA | 53,969 | 830,393 |
Banco Popular Espanol SA | 15,058 | 181,593 |
Banco Santander Central Hispano SA | 94,567 | 1,091,944 |
|
| Value ($) |
|
| |
Cintra Concesiones de Infraestructuras de Transporte SA* | 3,916 | 45,843 |
Corporacion Mapfre SA | 2,089 | 31,144 |
Ebro Puleva SA | 870 | 15,435 |
Endesa SA | 15,166 | 354,951 |
Fomento de Construcciones y Contratas SA | 919 | 51,611 |
Gas Natural SDG SA | 2,851 | 83,787 |
Grupo Ferrovial SA | 1,005 | 64,559 |
Iberdrola SA | 12,914 | 339,568 |
Iberia Lineas Aereas de Espana SA | 3,422 | 9,775 |
Indra Sistemas SA | 2,041 | 40,309 |
Industria de Diseno Textil SA | 3,731 | 95,819 |
Inmobiliaria Colonial SA | 447 | 23,751 |
Metrovacesa SA (e) | 550 | 32,396 |
Metrovacesa SA* (e) | 39 | 2,299 |
NH Hoteles SA | 524 | 7,171 |
Promotora de Informaciones SA (Prisa) | 1,668 | 32,235 |
Repsolf YPF SA | 14,574 | 370,969 |
Sacyr Vallehermoso SA | 2,156 | 50,800 |
Sociedad General de Aguas de Barcelona SA "A" | 1,007 | 21,708 |
Sogecable SA* | 650 | 23,049 |
Telefonica Publicidad e Informacion SA | 3,811 | 33,207 |
Telefonica SA | 70,991 | 1,159,122 |
Union Fenosa SA | 3,395 | 103,174 |
Zeltia SA* | 1,359 | 9,182 |
(Cost $5,181,458) | 5,653,773 | |
Sweden 2.5% | ||
Assa Abloy AB "B" | 5,500 | 70,559 |
Atlas Copco AB "A" | 5,684 | 89,867 |
Atlas Copco AB "B" | 4,200 | 60,266 |
Axfood AB | 500 | 12,520 |
Billerud AB | 1,200 | 14,345 |
Capio AB* | 1,300 | 19,097 |
Castellum AB | 800 | 32,549 |
Electrolux AB | 4,985 | 105,969 |
Eniro AB | 3,100 | 35,190 |
Fabege AB | 1,000 | 26,965 |
Gambro AB "A" | 3,300 | 44,039 |
Gambro AB "B" | 1,900 | 25,360 |
Getinge AB "B" | 3,600 | 49,006 |
Hennes & Mauritz AB "B" | 8,100 | 284,435 |
Holmen AB "B" | 1,200 | 32,355 |
Lundin Petroleum AB* | 3,100 | 26,516 |
Modern Times Group AB "B"* | 600 | 18,329 |
Nordea Bank AB | 36,452 | 330,393 |
OM Hex AB* | 1,600 | 18,173 |
Sandvik AB | 3,400 | 125,776 |
Scania AB "B" | 1,800 | 66,183 |
Securitas AB "B" | 5,300 | 88,221 |
Skandia Forsakrings AB | 17,200 | 94,364 |
Skandinaviska Enskilda Banken AB "A" | 8,500 | 140,962 |
Skanska AB "B" | 6,900 | 85,034 |
SKF AB "B" | 8,000 | 81,556 |
SSAB Svenskt Stal AB "A" | 960 | 22,069 |
Svenska Cellulosa AB "B" | 3,566 | 113,946 |
|
| Value ($) |
|
| |
Svenska Handelsbanken AB "A" | 8,700 | 177,286 |
Swedish Match AB | 6,300 | 71,391 |
Tele2 AB "B" | 6,300 | 59,019 |
Telefonaktiebolaget LM Ericsson "B"* | 249,000 | 795,478 |
TeliSonera AB | 31,424 | 149,917 |
Trelleborg AB "B" | 1,700 | 25,168 |
Volvo AB "A" | 1,630 | 64,053 |
Volvo AB "B" | 3,820 | 155,016 |
Wihlborgs Fastigheter AB* (e) | 1,400 | 30,432 |
Wihlborgs Fastigheter AB (e) | 120 | 2,919 |
WM-Data AB "B" | 7,800 | 19,555 |
(Cost $3,429,351) | 3,664,278 | |
Switzerland 7.0% | ||
ABB Ltd. (Registered)* | 30,734 | 200,263 |
ABB Ltd.* | 2,674 | 17,290 |
Adecco SA (Registered) | 2,314 | 105,047 |
Ciba Specialty Chemicals AG (Registered)* | 1,277 | 74,150 |
Clariant AG (Registered) | 4,449 | 58,878 |
Compagnie Financiere Richemont AG "A" (Bearer) | 8,481 | 284,279 |
Credit Suisse Group | 20,484 | 803,649 |
Geberit AG (Registered) | 80 | 51,118 |
Givaudan SA | 133 | 77,248 |
Holcim Ltd. (Registered) | 3,104 | 188,312 |
Kudelski SA (Bearer)* | 340 | 12,387 |
Kuoni Reisen AG (Registered) "B" | 39 | 15,832 |
Logitech International SA (Registered)* | 1,618 | 52,019 |
Lonza Group AG (Registered) | 300 | 16,564 |
Micronas Semiconductor Holdings AG (Foreign Registered)* | 573 | 21,593 |
Nestle SA (Registered) | 6,809 | 1,740,120 |
Nobel Biocare Holding AG (Bearer) | 435 | 88,037 |
Novartis AG (Registered) | 39,834 | 1,891,993 |
PSP Swiss Property AG* | 602 | 26,111 |
Rieter Holdings AG | 63 | 17,418 |
Roche Holding AG | 11,855 | 1,495,028 |
Schindler Holding AG | 118 | 42,532 |
Serono SA (Bearer) | 112 | 71,578 |
SGS Holdings SA (Registered) | 90 | 61,620 |
Straumann SA (Registered) | 173 | 35,992 |
Sulzer AG (Registered) | 70 | 28,814 |
Swatch Group AG (Bearer) | 604 | 84,632 |
Swatch Group AG (Registered) | 1,100 | 31,372 |
Swiss Re (Registered) | 5,508 | 337,582 |
Swisscom AG (Registered) | 399 | 129,929 |
Syngenta AG (Registered)* | 1,804 | 184,777 |
Synthes, Inc.* | 860 | 94,243 |
UBS AG (Registered) | 18,041 | 1,404,012 |
Unaxis Holding AG (Registered) | 140 | 19,213 |
Valora Holding AG (Registered) | 60 | 13,578 |
Zurich Financial Services AG* | 2,463 | 423,001 |
(Cost $9,780,624) | 10,200,211 | |
United Kingdom 24.5% | ||
3i Group PLC | 9,834 | 119,117 |
Alliance Unichem PLC | 4,929 | 74,857 |
AMEC PLC | 7,587 | 44,695 |
|
| Value ($) |
|
| |
Amvescap PLC | 12,478 | 74,016 |
Anglo American Capital PLC | 22,722 | 533,279 |
ARM Holdings PLC | 22,719 | 45,908 |
Arriva PLC | 3,187 | 31,049 |
Associated British Ports Holdings PLC | 6,350 | 55,790 |
AstraZeneca PLC | 26,150 | 1,080,602 |
Aviva PLC | 37,904 | 420,821 |
BAA PLC | 17,149 | 190,154 |
BAE Systems PLC | 51,397 | 263,105 |
Balfour Beatty PLC | 8,527 | 50,423 |
Barclays PLC | 103,335 | 1,025,328 |
Barratt Developments PLC | 4,887 | 62,610 |
BBA Group PLC | 9,368 | 51,705 |
Berkeley Group Holdings PLC | 2,265 | 37,012 |
BG Group PLC | 56,615 | 463,973 |
BHP Billiton PLC | 39,518 | 506,871 |
BOC Group PLC | 8,031 | 143,943 |
Boots Group PLC | 11,751 | 127,892 |
BP PLC | 342,873 | 3,565,438 |
BPB PLC | 8,550 | 80,741 |
Brambles Industries PLC | 14,183 | 77,391 |
British Airways PLC* | 11,135 | 52,348 |
British America Tobacco PLC | 25,696 | 496,340 |
British Land PLC | 8,746 | 137,046 |
British Sky Broadcasting Group PLC | 19,737 | 186,004 |
BT Group PLC | 136,426 | 559,809 |
Bunzl PLC | 6,495 | 60,654 |
Cable and Wireless PLC | 37,660 | 100,158 |
Cadbury Schweppes PLC | 33,917 | 322,869 |
Capita Group PLC | 10,597 | 69,613 |
Carnival PLC | 2,729 | 154,992 |
Cattles PLC | 6,543 | 36,024 |
Centrica PLC | 59,835 | 248,039 |
Close Brothers Group PLC | 1,088 | 14,334 |
Cobham PLC* | 1,787 | 45,291 |
Compass Group PLC | 34,510 | 144,774 |
Corus Group PLC* | 21,428 | 15,973 |
Daily Mail & General Trust "A" | 5,178 | 60,826 |
Davis Service Group PLC | 4,282 | 34,759 |
De La Rue PLC | 799 | 5,792 |
Diageo PLC | 48,129 | 707,224 |
Dixons Group PLC | 32,969 | 92,454 |
Electrocomponents PLC | 8,606 | 36,923 |
EMAP PLC | 4,118 | 57,234 |
EMI Group PLC | 15,627 | 70,789 |
Enterprise Inns PLC | 5,867 | 87,393 |
Exel PLC | 4,897 | 74,139 |
Filtrona PLC* | 1 | 2 |
FirstGroup PLC | 8,067 | 47,439 |
FKI PLC | 2,825 | 4,904 |
Friends Provident PLC | 31,866 | 103,669 |
Gallaher Group PLC | 10,978 | 162,889 |
George Wimpey PLC | 7,909 | 62,036 |
GKN PLC | 14,645 | 67,399 |
GlaxoSmithKline PLC | 93,881 | 2,265,127 |
Group 4 Securicor PLC | 23,046 | 60,420 |
GUS PLC | 16,069 | 252,618 |
Hammerson PLC | 5,288 | 83,967 |
Hanson PLC | 12,443 | 119,212 |
|
| Value ($) |
|
| |
Hays PLC | 33,300 | 76,950 |
HBOS PLC | 62,857 | 967,313 |
Hilton Group PLC | 25,399 | 129,743 |
HSBC Holdings PLC | 179,134 | 2,855,044 |
ICAP PLC | 10,033 | 53,255 |
IMI PLC | 7,311 | 54,435 |
Imperial Chemical Industries PLC | 20,628 | 93,571 |
Imperial Tobacco Group PLC | 11,925 | 320,260 |
Inchcape PLC | 1,558 | 57,250 |
InterContinental Hotels Group PLC | 7,013 | 88,222 |
Intertek Group PLC | 1,048 | 13,130 |
Invensys PLC* | 105,485 | 19,688 |
iSOFT Group PLC | 2,513 | 18,836 |
ITV PLC | 65,562 | 144,249 |
J Sainsbury PLC | 21,779 | 110,972 |
Johnson Mathey PLC | 3,904 | 74,481 |
Kelda Group PLC | 6,896 | 86,118 |
Kesa Electricals PLC | 10,916 | 54,430 |
Kingfisher PLC | 37,589 | 164,771 |
Land Securities Group PLC | 7,579 | 188,300 |
Legal & General Group PLC | 104,792 | 215,271 |
Liberty International PLC | 4,271 | 74,027 |
Lloyds TSB Group PLC | 89,596 | 757,331 |
LogicaCMG PLC | 13,626 | 42,264 |
Man Group PLC | 4,765 | 123,128 |
Marconi Corp. PLC* | 4,909 | 26,515 |
Marks & Spencer Group PLC | 26,510 | 170,701 |
Meggitt PLC | 3,460 | 17,488 |
Misys PLC | 10,426 | 44,223 |
Mitchells & Butlers PLC | 4,207 | 25,076 |
National Grid Transco PLC | 49,473 | 478,404 |
National Power PLC* | 25,581 | 94,363 |
Next PLC | 4,442 | 119,636 |
Pearson PLC | 12,850 | 150,745 |
Persimmon PLC | 5,223 | 72,960 |
Pilkington PLC | 21,324 | 45,595 |
Provident Financial PLC | 5,119 | 65,849 |
Prudential PLC | 38,033 | 336,324 |
Punch Taverns PLC | 4,613 | 60,355 |
Rank Group PLC | 12,202 | 58,560 |
Reckitt Benkiser PLC | 9,851 | 289,441 |
Reed Elsevier PLC | 20,394 | 194,709 |
Rentokil Initial PLC | 28,982 | 82,519 |
Reuters Group PLC | 22,978 | 161,974 |
Rexam PLC | 9,651 | 83,032 |
Rio Tinto PLC | 17,098 | 520,570 |
Rolls-Royce Group PLC* | 24,565 | 125,945 |
Rolls-Royce Group PLC "B" | 1,503,450 | 2,694 |
Royal & Sun Alliance Insurance Group PLC | 55,572 | 83,164 |
Royal Bank of Scotland Group PLC | 50,797 | 1,529,698 |
SABMiller PLC | 14,565 | 226,626 |
Schroders PLC | 2,506 | 33,890 |
Scottish & Newcastle PLC | 13,022 | 107,786 |
Scottish & Southern Energy PLC | 14,149 | 255,833 |
Scottish Power PLC | 29,856 | 264,502 |
Serco Group PLC | 8,962 | 40,803 |
Severn Trent PLC | 5,540 | 100,671 |
Shell Transport & Trading Co., PLC | 153,876 | 1,490,634 |
Signet Group PLC | 34,765 | 67,504 |
|
| Value ($) |
|
| |
Slough Estates PLC | 7,970 | 74,185 |
Smith & Nephew PLC | 15,242 | 150,022 |
Smiths Group PLC | 9,007 | 148,122 |
Stagecoach Group PLC | 7,976 | 16,809 |
Stolt Offshore SA* | 3,100 | 28,058 |
Tate & Lyle PLC | 2,365 | 20,162 |
Taylor Woodrow PLC | 11,709 | 70,622 |
Tesco PLC | 124,163 | 707,225 |
The Peninsular and Oriental Steam Navigation Co. | 13,141 | 74,515 |
The Sage Group PLC | 20,524 | 81,932 |
TI Automotive Ltd. "A"* | 2,812 | 0 |
Tomkins PLC | 12,391 | 57,762 |
Travis Perkins PLC | 1,874 | 58,221 |
Trinity Mirror PLC | 4,990 | 55,021 |
Unilever PLC | 44,594 | 428,602 |
United Business Media PLC | 5,658 | 50,088 |
United Utilities PLC (e) | 9,557 | 112,714 |
United Utilities PLC (e) | 4,790 | 28,335 |
Vodafone Group PLC | 1,038,339 | 2,523,062 |
Whitbread PLC | 4,521 | 76,942 |
William Hill PLC | 7,532 | 72,475 |
Wolseley PLC | 9,435 | 197,623 |
WPP Group PLC | 18,972 | 194,623 |
Yell Group PLC | 12,175 | 92,570 |
(Cost $33,882,832) | 35,759,721 | |
Total Common Stocks (Cost $135,580,501) | 143,652,830 |
| Principal Amount ($)(c) | Value ($) |
|
| |
Corporate Bonds 0.0% | ||
United Kingdom | ||
BG Transco Holdings PLC: |
|
|
4.187%, 12/14/2022 GBP | 2,000 | 5,077 |
5.745%***, 12/14/2009 GBP | 2,000 | 3,648 |
7.0%, 12/16/2024 GBP | 2,000 | 4,420 |
Total Corporate Bonds (Cost $9,755) | 13,145 |
|
| Value ($) |
|
| |
Preferred Stocks 0.2% | ||
Belgium 0.0% | ||
Fortis VVPR Strip* (Cost $3) | 1,008 | 24 |
Germany 0.2% | ||
Fresenius Medical Care AG | 254 | 17,693 |
Henkel KGaA | 953 | 85,215 |
Porsche AG | 139 | 104,202 |
ProSiebensat. 1 Media AG | 1,625 | 27,896 |
RWE AG | 300 | 17,184 |
Volkswagen AG | 1,690 | 59,838 |
Total Preferred Stocks (Cost $273,971) | 312,052 | |
| ||
Rights 0.0% | ||
Belgium 0.0% | ||
HeidelbergCement AG* (Cost $0) | 2 | 0 |
Singapore 0.0% | ||
Oversea-Chinese Banking Corp., Ltd.* (Cost $15,823) | 4,059 | 15,529 |
Spain 0.0% | ||
Metrovacesa SA* | 821 | 4,451 |
Sacyr Vallehermoso SA* | 2,156 | 1,591 |
(Cost $3,295) | 6,042 | |
Total Rights (Cost $19,118) | 21,571 |
| Principal Amount ($) | Value ($) |
|
| |
US Government Backed 1.2% | ||
United States | ||
US Treasury Bills, 2.869%**, 7/14/2005 (d) (Cost $1,793,182) | 1,795,000 | 1,793,182 |
| % of Net Assets | Value ($) |
|
| |
Total Investment Portfolio (Cost $137,676,527) (a) | 99.9 | 145,792,780 |
Other Assets and Liabilities, Net | 0.1 | 130,382 |
Net Assets | 100.0 | 145,923,162 |
Notes to Scudder VIT EAFE Equity Index Fund Portfolio of Investments |
* Non-income producing security.
** Annualized yield at time of purchase; not a coupon rate.
*** Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. Theses securities are shown at their current rate as of June 30, 2005.
(a) The cost for federal income tax purposes was $136,594,348. At June 30, 2005, net unrealized appreciation for all securities based on tax cost was $9,198,432. This consisted of aggregate gross unrealized appreciation for all securities in which there was a excess of value over tax cost of $12,983,984 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,785,552.
(b) Affiliated Issuer. This security is owned in proportion with its representation in the index.
(c) Principal amount stated in US dollars unless otherwise noted.
(d) At June 30, 2005, this security, in part or in whole, has been segregated to cover initial margin requirements for open futures contracts.
(e) Securities with the same description are the same corporate entity but trade on different stock exchanges.
GBP: Great Britain Pounds.
REIT: Real Estate Investment Trust
At June 30, 2005, open futures contracts sold were as follows:
Futures | Expiration Date | Contracts | Aggregate Face Value ($) | Value ($) | Net Unrealized Appreciation/(Depreciation) ($) |
SPI 200 Index | 9/15/2005 | 4 | 324,059 | 325,261 | 1,202 |
S&P MIB 3C Index | 9/16/2005 | 1 | 195,533 | 196,165 | 632 |
DJ Euro Stoxx 50 Index | 9/16/2005 | 24 | 912,640 | 928,814 | 16,174 |
FTSE 100 Index | 9/16/2005 | 12 | 1,087,754 | 1,101,143 | 13,389 |
Hang Seng Stock Index | 7/28/2005 | 1 | 92,264 | 91,417 | (847) |
Topix Index | 9/8/2005 | 14 | 1,467,014 | 1,482,553 | 15,539 |
Total Unrealized Appreciation on Futures |
|
|
|
| 46,089 |
The accompanying notes are an integral part of the financial statements.
Financial Statements |
|
Statement of Assets and Liabilities | |
Assets | |
Investments in securities, at value (cost $137,676,527) | $ 145,792,780 |
Foreign currency, at value (cost $3,199,009)* | 3,206,535 |
Receivable for investments sold | 2,103,443 |
Interest receivable | 14,364 |
Receivable for Fund shares sold | 175,944 |
Receivable for variation margin on open futures contracts | 847,139 |
Foreign taxes recoverable | 60,327 |
Unrealized appreciation on forward foreign currency exchange contracts | 79,654 |
Dividends receivable | 371,373 |
Due from Advisor | 35,647 |
Other assets | 3,556 |
Total assets | 152,690,762 |
Liabilities | |
Due to custodian bank | 25,431 |
Notes payable | 5,300,000 |
Payable for Fund shares redeemed | 851,261 |
Net payable on closed forward foreign currency exchange contracts | 219,589 |
Unrealized depreciation on forward foreign currency exchange contracts | 216,535 |
Other accrued expenses and payables | 154,784 |
Total liabilities | 6,767,600 |
Net assets, at value | $ 145,923,162 |
Net Assets | |
Net assets consist of: Undistributed net investment income | 1,455,814 |
Net unrealized appreciation (depreciation) on: Investments | 8,116,253 |
Futures | 46,089 |
Foreign currency related transactions | (97,693) |
Accumulated net realized gain (loss) | (13,731,798) |
Paid-in capital | 150,134,497 |
Net assets, at value | $ 145,923,162 |
Class A Net Asset Value, offering and redemption price per share ($131,809,912 ÷ 14,382,098 outstanding shares of beneficial interest, $.0001 par value, unlimited number of shares authorized) | $ 9.16 |
Class B Net Asset Value, offering and redemption price per share ($14,113,250 ÷ 1,540,500 outstanding shares of beneficial interest, $.0001 par value, unlimited number of shares authorized) | $ 9.16 |
* Includes foreign currency of $2,600,042 to cover margin requirements on foreign futures contracts.
Statement of Operations | |
Investment Income | |
Income: Dividends (net of foreign taxes withheld of $427,676) | $ 3,282,377 |
Interest | 81,895 |
Securities lending income, including income from Scudder Daily Assets Fund Institutional, net of borrower rebates | 103,097 |
Interest — Scudder Cash Management QP Trust | 23,956 |
Total Income | 3,491,325 |
Expenses: Advisory fee | 432,865 |
Administrative service fee | 65,037 |
Services to shareholders | 29,709 |
Custodian fees | 80,009 |
Distribution service fees (Class B) | 23,166 |
Auditing | 15,895 |
Legal | 16,145 |
Trustees' fees and expenses | 10,052 |
Reports to shareholders | 27,741 |
Registration fees | 8,311 |
Interest expense | 9,582 |
Other | 30,252 |
Total expenses, before expense reductions | 748,764 |
Expense reductions | (99,672) |
Total expenses, after expense reductions | 649,092 |
Net investment income (loss) | 2,842,233 |
Realized and Unrealized Gain (Loss) on Investment Transactions | |
Net realized gain (loss) from: Investments | 5,005,297 |
Futures | 902,152 |
Foreign currency related transactions | (647,670) |
| 5,259,779 |
Net unrealized appreciation (depreciation) during the period on: Investments | (12,347,760) |
Futures | 46,089 |
Foreign currency related transactions | (97,693) |
| (12,399,364) |
Net gain (loss) on investment transactions | (7,139,585) |
Net increase (decrease) in net assets resulting from operations | $ (4,297,352) |
The accompanying notes are an integral part of the financial statements.
|
Statement of Changes in Net Assets | ||
Increase (Decrease) in Net Assets | Six Months Ended June 30, 2005 (Unaudited) | Year Ended December 31, 2004 |
Operations: Net investment income (loss) | $ 2,842,233 | $ 2,330,335 |
Net realized gain (loss) on investment transactions | 5,259,779 | 1,359,513 |
Net unrealized appreciation (depreciation) on investment transactions during the period | (12,399,364) | 26,111,657 |
Net increase (decrease) in net assets resulting from operations | (4,297,352) | 29,801,505 |
Distributions to shareholders from: Net investment income Class A | (3,848,045) | (2,613,710) |
Class B | (408,884) | (149,879) |
Portfolio share transactions: Class A Proceeds from shares sold | 36,797,724 | 159,163,102 |
Reinvestment of distributions | 3,848,045 | 2,613,710 |
Cost of shares redeemed | (124,626,714) | (52,707,858) |
Net increase (decrease) in net assets from Class A share transactions | (83,980,945) | 109,068,954 |
Class B Proceeds from shares sold | 4,728,936 | 18,583,838 |
Reinvestment of distributions | 408,884 | 149,879 |
Cost of shares redeemed | (9,673,379) | (5,808,538) |
Net increase (decrease) in net assets from Class B share transactions | (4,535,559) | 12,925,179 |
Increase (decrease) in net assets | (97,070,785) | 149,032,049 |
Net assets at beginning of period | 242,993,947 | 93,961,898 |
Net assets at end of period (including undistributed net investment income of $1,455,814 and $2,870,510, respectively) | $ 145,923,162 | $ 242,993,947 |
Other Information | ||
Class A Shares outstanding at beginning of period | 23,425,558 | 10,955,986 |
Shares sold | 3,909,369 | 18,442,750 |
Shares issued to shareholders in reinvestment of distributions | 427,560 | 322,282 |
Shares redeemed | (13,380,389) | (6,295,460) |
Net increase (decrease) in Fund shares | (9,043,460) | 12,469,572 |
Shares outstanding at end of period | 14,382,098 | 23,425,558 |
Class B Shares outstanding at beginning of period | 2,042,521 | 488,690 |
Shares sold | 499,723 | 2,238,770 |
Shares issued to shareholders in reinvestment of distributions | 45,432 | 18,481 |
Shares redeemed | (1,047,176) | (703,420) |
Net increase (decrease) in Fund shares | (502,021) | 1,553,831 |
Shares outstanding at end of period | 1,540,500 | 2,042,521 |
The accompanying notes are an integral part of the financial statements.
Financial Highlights |
|
Class A
Years Ended December 31, | 2005a | 2004 | 2003 | 2002 | 2001 | 2000 |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $ 9.54 | $ 8.21 | $ 6.47 | $ 8.39 | $ 11.14 | $ 13.60 |
Income (loss) from investment operations: Net investment income (loss)b | .14 | .14 | .10 | .11 | .14 | .14 |
Net realized and unrealized gain (loss) on investment transactions | (.30) | 1.39 | 1.94 | (1.92) | (2.89) | (2.41) |
Total from investment operations | (.16) | 1.53 | 2.04 | (1.82) | (2.75) | (2.27) |
Less distributions from: Net investment income | (.22) | (.20) | (.30) | (.11) | — | — |
Net realized gains on investment transactions | — | — | — | — | — | (.19) |
Total distributions | (.22) | (.20) | (.30) | (.11) | — | (.19) |
Net asset value, end of period | $ 9.16 | $ 9.54 | $ 8.21 | $ 6.47 | $ 8.39 | $ 11.14 |
Total Return (%)c | (1.67)** | 19.07 | 33.35 | (21.60) | (24.69) | (16.66) |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 132 | 224 | 90 | 55 | 94 | 80 |
Ratio of expenses before expense reductions (%) | .75* | .82 | 1.09 | .92 | .80 | .92 |
Ratio of expenses after expense reductions (%) | .65* | .65 | .65 | .65 | .65 | .65 |
Ratio of net investment income (loss) (%) | 2.98* | 1.66 | 1.50 | 1.45 | 1.38 | 1.17 |
Portfolio turnover rate (%) | 5** | 3 | 6 | 25d | 19 | 4 |
a For the six months ended June 30, 2005 (Unaudited).
b Based on average shares outstanding during the period.
c Total return would have been lower had certain expenses not been reduced.
d Portfolio turnover excludes the impact of redemption in kind.
* Annualized
** Not annualized
Class B
Years Ended December 31, | 2005a | 2004 | 2003 | 2002b |
Selected Per Share Data | ||||
Net asset value, beginning of period | $ 9.53 | $ 8.20 | $ 6.47 | $ 8.33 |
Income (loss) from investment operations: Net investment income (loss)c | .13 | .12 | .04 | .06 |
Net realized and unrealized gain (loss) on investment transactions | (.31) | 1.39 | 1.99 | (1.83) |
Total from investment operations | (.18) | 1.51 | 2.03 | (1.77) |
Less distributions from: Net investment income | (.19) | (.18) | (.30) | (.09) |
Net asset value, end of period | $ 9.16 | $ 9.53 | $ 8.20 | $ 6.47 |
Total Return (%)d | (1.81)** | 18.79 | 32.97 | (21.17)** |
Ratios to Average Net Assets and Supplemental Data | ||||
Net assets, end of period ($ millions) | 14 | 19 | 4 | .3 |
Ratio of expenses before expense reductions (%) | 1.01* | 1.06 | 1.37 | 1.30* |
Ratio of expenses after expense reductions (%) | .90* | .90 | .90 | .90* |
Ratio of net investment income (loss) (%) | 2.73* | 1.38 | .54 | 1.26* |
Portfolio turnover rate (%) | 5** | 3 | 6 | 25e |
a For the six months ended June 30, 2005 (Unaudited).
b For the period April 30, 2002 (commencement of operations) to December 31, 2002.
c Based on average shares outstanding during the period.
d Total return would have been lower had certain expenses not been reduced.
e Portfolio turnover excludes the impact of redemption in kind.
* Annualized
** Not annualized
Notes to Financial Statements (Unaudited) |
|
A. Significant Accounting Policies
Scudder Investments VIT Funds (the "Trust") is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as a diversified, open-end management investment company. The Trust is organized as a Massachusetts business trust. The Trust is comprised of several funds.. Scudder VIT EAFE Equity Index Fund (the "Fund") is one of the series the Trust offers to investors.
Multiple Classes of Shares of Beneficial Interest. The Fund offers two classes of shares to investors: Class A Shares and Class B Shares. Class B Shares are subject to Rule 12b-1 fees under the 1940 Act equal to an annual rate up to 0.25% of the Class B shares average daily net assets. All shares have equal rights with respect to voting except that shareholders vote separately on matters affecting their rights as holders of a particular class.
Investment income, realized and unrealized gains and losses, and certain portfolio-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class (including the applicable 12b-1 fee). Differences in class-level expenses may result in payment of different per share dividends by class. All shares have equal rights with respect to voting subject to class-specific arrangements.
The Trust's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Trust in the preparation of its financial statements.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading. Equity securities are valued at the most recent sale price or official closing price reported on the exchange (US or foreign) or over-the-counter market on which the security is traded most extensively. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation.
Debt securities are valued by independent pricing services approved by the Trustees of the Portfolios. If the pricing services are unable to provide valuations, the securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from a broker-dealer. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes.
Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Trustees. The Portfolios may use a fair valuation model to value international equity securities in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange.
Futures Contracts. A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). The Fund may enter into futures contracts as a hedge against anticipated interest rate changes and for duration management, risk management and return enhancement purposes.
Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary an amount ("initial margin") equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value of the underlying security and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When entering into a closing transaction, the Fund will realize a gain or loss equal to the difference between the value of the futures contract to sell and the futures contract to buy. Futures contracts are valued at the most recent settlement price.
Certain risks may arise upon entering into futures contracts, including the risk that an illiquid secondary market will limit the Fund's ability to close out a futures contract prior to the settlement date and that a change in the value of a futures contract may not correlate exactly with the changes in the value of the securities. When utilizing futures contracts to hedge, the Fund gives up the opportunity to profit from favorable price movements in the hedged positions during the term of the contract.
Foreign Currency Translation. The Fund maintains its accounting records in US dollars. The Fund determines the US dollar value of foreign currency denominated assets, liabilities and transactions by using prevailing exchange rates. In valuing assets and liabilities, the Fund uses the prevailing exchange rate on the valuation date. In valuing securities transactions, the receipt of income and the payment of expenses, the Fund uses the prevailing exchange rate on the transaction date.
Net realized and unrealized gains and losses on foreign currency translation shown on the Fund's financial statements result from the sale of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the US dollar equivalent of the amounts actually received or paid.
When calculating realized and unrealized gains or losses on investments in equity securities, the Fund does not separate the gain or loss attributable to changes in the foreign currency price of the security from the gain or loss attributable to the change in the US dollar value of the foreign currency.
Forward Foreign Currency Contracts. The Fund may use forward foreign currency contracts to manage foreign exchange rate risk. The Fund may use these contracts to fix the US dollar value of a securities transaction for the period between the date of the transaction and the date the security is received or delivered or to hedge the US dollar value of securities it already owns. The use of forward foreign currency contracts does not eliminate fluctuations in the prices of the underlying securities, but does establish a rate of exchange that can be achieved in the future.
The Fund may also use forward foreign currency contracts to enhance its performance.
The Fund determines the net US dollar value of forward foreign currency contracts using prevailing exchange rates.
Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders. Accordingly, the Fund paid no federal income taxes and no federal income tax provision was required.
At December 31, 2004, the Fund had a net tax basis capital loss carryforward of approximately $17,445,646 which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2001, the expiration date, whichever occurs first. This may be subject to certain limitations under Sections 382-384 of the Internal Revenue Code.
Distribution of Income and Gains. Net investment income of the Fund, if any, is distributed to shareholders annually. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund pays annual dividends from its net investment income and makes annual distributions of any net realized capital gains to the extent they exceed capital loss carryforwards. The Fund records dividends and distributions on its books on the ex-dividend date.
The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Securities Lending. The Fund may lend securities to financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of liquid, unencumbered assets having a value at least equal to the value of the securities loaned. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. The Fund is subject to all investment risks associated with the value of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Expenses. Expenses arising in connection with a specific portfolio are allocated to that portfolio. Trust expenses are allocated between the portfolios in proportion to their relative net assets.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on the trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Portfolio is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. All discounts and premiums are accreted/amortized for both tax and financial reporting purposes for all portfolios, with the exception of securities in default of principal. Distributions of income and capital gains from the Underlying Portfolios are recorded on the ex-dividend date.
B. Purchases and Sales of Securities
During the six months ended June 30, 2005, purchases and sales of investments securities (excluding short-term investments) aggregated $8,931,853 and $83,612,303, respectively.
C. Related Parties
Deutsche Asset Management, Inc. ("DeAM" or "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, is the Fund's Advisor. The Fund pays the Advisor an annual fee based on its average daily net assets, which is calculated daily and paid monthly at the annual rate of 0.45%.
Northern Trust Investments, N.A. ("NTI") acts as investment sub-advisor for the Fund. As the Fund's investment sub-advisor, NTI makes the Fund's investment decisions. It buys and sells securities for the Fund and conducts the research that leads to these purchase and sale decisions. DeAM, Inc. pays a fee to NTI for acting as investment sub-advisor to the Fund.
The Advisor has contractually agreed to waive its fees and/or reimburse expenses of the Fund, to the extent necessary, to limit all expenses to 0.65% of average daily net assets for Class A Shares and 0.90% of average daily net assets for Class B Shares until April 30, 2006.
Accordingly, for the six months ended June 30, 2005, the Advisor waived a portion of its advisory fee aggregating $98,230 and the amount charged aggregated $334,635, which was equivalent to an annualized effective rate of 0.35% of the Portfolio's average daily net assets.
Effective May 1, 2002, the Advisor may recoup any of its waived investment advisory fees within the following three years if the Fund is able to make the repayment without exceeding its current expense limits. At June 30, 2005, $797,216 was subject to repayment to the Advisor.
Investment Company Capital Corp. ("ICCC" or the "Administrator"), an affiliate of the Advisor and Sub-Advisor, is the Fund's Administrator. The Fund pays the Administrator an annualized fee ("Administrator service fee") based on its average daily net assets which is accrued daily and payable monthly at an annualized rate of .07%. For the six months ended June 30, 2005, ICCC received an administrator service fee of $65,037, of which $20,007 is unpaid.
ICCC has entered into a sub-accounting agreement with Scudder Fund Accounting Corp. ("SFAC"), a wholly owned subsidiary of Deutsche Bank. Under the agreement, SFAC performs accounting services and other related services to the Portfolio. Pursuant to a sub-accounting agreement between SFAC and State Street Bank and Trust Company, SFAC has delegated certain accounting functions to State Street Corp. The costs and expenses of such delegation are borne by ICCC, not by the Fund.
Scudder Distributors, Inc. ("SDI"), also an affiliate of the Advisor and Sub-Advisor, is the Fund's Distributor. In accordance with the Distribution Plan, SDI receives 12b-1 fees of up to 0.25% of average daily net assets of Class B shares. SDI waived a portion of its Distribution fee aggregating $512 and the amount charged aggregated $22,654, which was equivalent to an annualized effective rate of 0.24% of the Fund's average net assets, of which $7,109 is unpaid as of June 30, 2005.
Service Provider Fees. Scudder Investments Service Company ("SISC"), an affiliate of the Advisor, is the transfer, dividend-paying and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between SISC and DST Systems, Inc. ("DST"), SISC has delegated certain transfer agent and dividend paying agent functions to DST. SISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2005, the amount charged to the Fund by SISC aggregated $29,709, of which $29,619 is unpaid at June 30, 2005.
Typesetting and Filing Service Fees. Under an agreement with Deutsche Investment Management Americas Inc. ("DeIM"), an indirect, wholly owned subsidiary of Deutsche Bank AG, DeIM is compensated for providing typesetting and regulatory filing services to the Fund. For the six months ended June 30, 2005, the amount charged to the Fund by DeIM included in the reports to shareholders aggregated $6,820, of which $3,100 is unpaid at June 30, 2005.
Trustees' Fees and Expenses. The Fund pays each Trustee not affiliated with the Advisor retainer fees plus specified amounts for attended board and committee meetings.
D. Expense Reductions
The Fund has entered into an arrangement with its custodian whereby credits realized as a result of uninvested cash balances are used to reduce a portion of the Fund's custodian expenses. During the six months ended June 30, 2005, the Fund's custodian fees were reduced by $930 for custody credits earned.
E. Line of Credit
The Fund and several other funds and portfolios advised or administered by the Advisor or its affiliates (the "Participants") share in a $1.1 billion revolving credit facility administered by J.P. Morgan Chase Bank for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated, based upon net assets, among each of the Participants. Interest is calculated at the Federal Funds Rate plus 0.5%. The Fund may borrow up to a maximum of 33% of its net assets under the agreement. At the end of the period, $5,300,000 was outstanding. Interest expense incurred on the borrowings amounted to $9,582 for the six months ended June 30, 2005. The average dollar amount of the borrowings was $4,645,238 and the weighted average interest rate on these borrowings was 3.536%.
F. Forward Foreign Currency Exchange Contracts
The Fund had the following open contracts at June 30, 2005:
Contracts to Deliver |
| In Exchange For |
| Settlement Date |
| Unrealized Appreciation (US$) | ||
EUR | 2,846,169 |
| USD | 3,500,000 |
| 7/18/05 |
| 53,575 |
GBP | 943,465 |
| USD | 1,710,000 |
| 7/18/05 |
| 20,787 |
JPY | 34,841,920 |
| USD | 320,000 |
| 7/19/05 |
| 5,292 |
Total unrealized depreciation |
|
|
|
| $ 79,654 |
Contracts to Deliver |
| In Exchange For |
| Settlement Date |
| Unrealized Depreciation (US$) | ||
USD | 2,157,014 |
| EUR | 1,704,860 |
| 7/18/05 |
| (92,600) |
USD | 1,200,000 |
| EUR | 982,635 |
| 7/18/05 |
| (10,128) |
USD | 1,189,178 |
| EUR | 980,000 |
| 7/18/05 |
| (2,497) |
USD | 964,019 |
| GBP | 526,459 |
| 7/18/05 |
| (21,430) |
USD | 460,000 |
| GBP | 253,228 |
| 7/18/05 |
| (6,613) |
USD | 746,266 |
| GBP | 410,000 |
| 7/18/05 |
| (12,188) |
USD | 24,203 |
| JPY | 2,579,674 |
| 7/19/05 |
| (903) |
USD | 2,223,750 |
| JPY | 239,830,080 |
| 7/19/05 |
| (57,493) |
USD | 101,424 |
| JPY | 10,880,318 |
| 7/19/05 |
| (3,148) |
USD | 9,317 |
| JPY | 1,000,000 |
| 7/19/05 |
| (284) |
USD | 487,972 |
| JPY | 53,000,000 |
| 7/19/05 |
| (9,251) |
Total unrealized depreciation |
|
|
|
| $ (216,535) |
Currency Abbreviations:
EUR | Euro | JPY | Japanese Yen |
GBP | British Pound | USD | United States Dollar |
G. Regulatory Matters and Litigation
Since at least July 2003, federal, state and industry regulators have been conducting ongoing inquiries and investigations ("inquiries") into the mutual fund industry, and have requested information from numerous mutual fund companies, including Scudder Investments. It is not possible to determine what the outcome of these inquiries will be or what the effect, if any, would be on the funds or their advisors. Publicity about mutual fund practices arising from these industry-wide inquiries serves as the general basis of a number of private lawsuits against the Scudder funds. These lawsuits, which previously have been reported in the press, involve purported class action and derivative lawsuits, making various allegations and naming as defendants various persons, including certain Scudder funds, the funds" investment advisors and their affiliates, certain individuals, including in some cases fund Trustees/Directors, officers, and other parties. Each Scudder fund's investment advisor has agreed to indemnify the applicable Scudder funds in connection with these lawsuits, or other lawsuits or regulatory actions that may be filed making allegations similar to these lawsuits regarding market timing, revenue sharing, fund valuation or other subjects arising from or related to the pending inquiries. Based on currently available information, the funds" investment advisors believe the likelihood that the pending lawsuits will have a material adverse financial impact on a Scudder fund is remote and such actions are not likely to materially affect their ability to perform under their investment management agreements with the Scudder funds.
H. Cessation of Operations
Upon the recommendation of the Advisor, the Board of the Fund approved the termination and liquidation of the Fund effective July 25, 2005 (the "Liquidation Date"). Accordingly, the Fund will redeem the shares of any fund shareholder outstanding on the Liquidation Date. Shareholders may exchange into another Scudder fund or redeem their shares prior to the Liquidation Date. Shareholders who elect to redeem their shares prior to the Liquidation Date will receive the net asset value per share for all shares they own. Shareholders who elect to exchange into the same class of another Scudder fund may do so at net asset value without paying any sales charges. Shareholders whose shares are redeemed by the Fund on the Liquidation Date will receive the net asset value per share for all shares they own on the Liquidation Date. The redemption of shares will be a taxable event for shareholders with the exception of those participating in a qualified defined contribution, defined benefit or other qualified retirement vehicle.
In conjunction with approving the termination and liquidation of the Fund, the Board further approved closing the Fund to new investments. Qualified Plans that currently offer the Fund as an investment option may continue to offer it to their participants until the Liquidation Date.
Proxy Voting |
|
A description of the Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 is available on our Web site — scudder.com (type "proxy voting" in the search field) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
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 Not Applicable ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES 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. The Nominating and Governance Committee evaluates and nominates Board member candidates. Fund shareholders may also submit nominees that will be considered by the Committee when a Board vacancy occurs. Submissions should be mailed to the attention of the Secretary of the Fund, One South Street, Baltimore, MD 21202. ITEM 11. CONTROLS AND PROCEDURES. (a) The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. (b) There have been no changes in the registrant's internal control over financial reporting that occurred during the registrant's last half-year (the registrant's second fiscal half-year in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting. ITEM 12. EXHIBITS. (a)(1) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.Form N-CSR Item F 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: EAFE Equity Index Fund, a series of Scudder Investments VIT Funds By: /s/ Julian Sluyters --------------------------- Julian Sluyters Chief Executive Officer Date: August 23, 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. Registrant: EAFE Equity Index Fund, a series of Scudder Investments VIT Funds By: /s/ Julian Sluyters --------------------------- Julian Sluyters Chief Executive Officer Date: August 23, 2005 By: /s/ Paul Schubert --------------------------- Paul Schubert Chief Financial Officer Date: August 23, 2005