UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM N-CSRS
Investment Company Act file number 811-09057
SCUDDER INVESTORS TRUST
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(Exact Name of Registrant as Specified in Charter)
222 South Riverside Plaza, Chicago, Illinois 60606
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (617) 295-2663
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Salvatore Schiavone
Two International Place
Boston, Massachusetts 02110
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(Name and Address of Agent for Service)
Date of fiscal year end: 8/31
Date of reporting period: 02/28/2005
ITEM 1. REPORT TO STOCKHOLDERS
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| Semiannual Report to Shareholders | |
| February 28, 2005 | |
Contents |
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Click Here Performance Summary Click Here Information About Your Fund's Expenses Click Here Portfolio Summary Click Here Investment Portfolio Click Here Financial Statements Click Here Financial Highlights Click Here Notes to Financial Statements Click Here Account Management Resources Click Here Privacy Statement |
This report must be preceded or accompanied by a prospectus. To obtain a prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. 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.
Investments in mutual funds involve risk. Some funds have more risk than others. While the fund seeks to closely track the characteristics and performance of the S&P 500 index, important differences between the two exist. The index is not available for direct investment, and there are no fees or expenses associated with the index's performance. As with most other mutual funds, this Scudder fund has fees and expenses. The S&P 500 index and the fund include stocks from many industries. Index and fund composition change periodically as companies are added or dropped, and prices of stocks in the index fluctuate. Please read this fund's prospectus for specific details regarding its risk profile.
Scudder Investments is part of Deutsche Asset Management, which is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Investment Management Americas Inc., Deutsche Asset Management Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Bank Trust Company Americas and Scudder Trust Company.
Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal.
"Standard & Poor's", "S&P 500," "Standard & Poor's 500" and "500" are trademarks of the McGraw-Hill Companies Inc., and have been licensed for use by the fund's advisor or its affiliates. The product is not sponsored, endorsed, sold, or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the product.
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All performance shown is historical, assumes reinvestment of all dividends and capital gains, 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 quoted. Please visit scudder.com for the Fund's most recent month-end performance.
The maximum sales charge for Class A shares is 4.5%. For Class B shares, the maximum contingent deferred sales charge (CDSC) is 4% within the first year after purchase, declining to 0% after six years. Class C shares have no adjustment for front-end sales charges but redemptions within one year of purchase may be subject to a CDSC of 1%. Unadjusted returns do not reflect sales charges and would have been lower if they had.
To discourage short-term trading, shareholders redeeming shares held less than 15 days will have a lower total return due to the effect of the 2% short-term redemption fee.
Returns and rankings during all periods shown reflect a fee waiver and/or expense reimbursement. Without this waiver/reimbursement returns and rankings would have been lower.
Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns and rankings may differ by share class.
Average Annual Total Returns (Unadjusted for Sales Charge) as of 2/28/05 | ||||
Scudder S&P 500 Stock Fund | 6-Month* | 1-Year | 3-Year | Life of Fund* |
Class A | 9.47% | 6.27% | 3.87% | -3.91% |
Class B | 9.04% | 5.66% | 3.08% | -4.62% |
Class C | 9.07% | 5.24% | 2.99% | -4.67% |
S&P 500 Index+ | 9.99% | 6.98% | 4.64% | -2.86% |
Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.
* Total returns shown for periods less than one year are not annualized.
* The Fund commenced operations on April 3, 2000. Index returns begin March 31, 2000..
Net Asset Value and Distribution Information | |||
| Class A | Class B | Class C |
Net Asset Value: 2/28/05 | $ 7.54 | $ 7.47 | $ 7.44 |
8/31/04 | $ 6.97 | $ 6.87 | $ 6.87 |
Distribution Information: Six Months: Income Dividends as of 2/28/05 | $ .10 | $ .04 | $ .04 |
Class A Lipper Rankings — S&P 500 Index Objective Funds Category as of 2/28/05 | ||||
Period | Rank |
| Number of Funds Tracked | Percentile Ranking |
1-Year | 116 | of | 173 | 67 |
3-Year | 113 | of | 154 | 73 |
Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on total return unadjusted for sales charges with distributions reinvested. If sales charges had been included, results might have been less favorable. Rankings are for Class A shares; other share classes may vary.
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge) |
[] Scudder S&P 500 Stock Fund — Class A [] S&P 500 Index+ |
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Yearly periods ended February 28 |
The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 4.50%. This results in a net initial investment of $9,550.
Comparative Results (Adjusted for Maximum Sales Charge) as of 2/28/05 | ||||
Scudder S&P 500 Stock Fund | 1-Year | 3-Year | Life of Fund* | |
Class A | Growth of $10,000 | $10,149 | $10,702 | $7,852 |
Average annual total return | 1.49% | 2.29% | -4.81% | |
Class B | Growth of $10,000 | $10,266 | $10,751 | $7,770 |
Average annual total return | 2.66% | 2.44% | -5.01% | |
Class C | Growth of $10,000 | $10,524 | $10,925 | $7,909 |
Average annual total return | 5.24% | 2.99% | -4.67% | |
S&P 500 Index+ | Growth of $10,000 | $10,698 | $11,458 | $8,669 |
Average annual total return | 6.98% | 4.64% | -2.86% | |
The growth of $10,000 is cumulative.
* The Fund commenced operations on April 3, 2000. Index returns begin March 31, 2000.
+ The Standard & Poor's 500 (S&P 500) Index is an unmanaged capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. 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.
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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 February 28, 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 | Class C |
Scudder S&P 500 Stock Fund | .66% | 1.41% | 1.41% |
For more information, please refer to the Fund's prospectus.
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Asset Allocation (Excludes Securities Lending Collateral) | 2/28/05 | 8/31/04 |
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Common Stocks | 99% | 99% |
Cash Equivalents | 1% | 1% |
| 100% | 100% |
Sector Diversification (As a % of Common Stocks) | 2/28/05 | 8/31/04 |
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Financials | 20% | 21% |
Information Technology | 15% | 15% |
Health Care | 13% | 13% |
Industrials | 12% | 12% |
Consumer Discretionary | 11% | 11% |
Consumer Staples | 11% | 11% |
Energy | 9% | 7% |
Materials | 3% | 3% |
Utilities | 3% | 3% |
Telecommunication Services | 3% | 4% |
| 100% | 100% |
Asset allocation and sector diversification are subject to change.
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Ten Largest Equity Holdings at February 28, 2005 (21.4% of Net Assets) | |
1. ExxonMobil Corp. Explorer and producer of oil and gas | 3.6% |
2. General Electric Co. Industrial conglomerate | 3.3% |
3. Microsoft Corp. Developer of computer software | 2.4% |
4. Citigroup, Inc. Provider of diversified financial services | 2.2% |
5. Wal-Mart Stores, Inc. Operator of discount stores | 1.9% |
6. Pfizer, Inc. Manufacturer of prescription pharmaceuticals and non-prescription self-medications | 1.7% |
7. Johnson & Johnson Provider of health care products | 1.7% |
8. Bank of America Corp. Provider of commercial banking services | 1.7% |
9. American International Group, Inc. Provider of insurance services | 1.5% |
10. International Business Machine Corp. Manufacturer of computers and provider of information processing services | 1.4% |
Portfolio holdings are subject to change.
For more complete details about the Fund's investment portfolio, see page 9. 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. Please see the Account Management Resources section for contact information.
Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This 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.
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| Value ($) |
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Common Stocks 98.6% | ||
Consumer Discretionary 11.2% | ||
Auto Components 0.2% | ||
Cooper Tire & Rubber Co. | 801 | 15,499 |
Dana Corp. | 1,613 | 23,259 |
Delphi Corp. | 6,081 | 41,777 |
Goodyear Tire & Rubber Co.* | 1,901 | 27,488 |
Johnson Controls, Inc. | 2,028 | 119,855 |
Visteon Corp. | 1,381 | 9,267 |
237,145 | ||
Automobiles 0.5% | ||
Ford Motor Co. | 19,655 | 248,636 |
General Motors Corp. | 5,993 | 213,770 |
Harley-Davidson, Inc. | 3,085 | 190,900 |
653,306 | ||
Distributors 0.1% | ||
Genuine Parts Co. | 1,886 | 81,626 |
Hotels Restaurants & Leisure 1.5% | ||
Carnival Corp. | 6,830 | 371,415 |
Darden Restaurants, Inc. | 1,687 | 45,212 |
Harrah's Entertainment, Inc. (d) | 1,207 | 79,167 |
Hilton Hotels Corp. | 4,113 | 86,620 |
International Game Technology | 3,660 | 111,484 |
Marriott International, Inc. "A" | 2,394 | 153,455 |
McDonald's Corp. | 13,479 | 445,885 |
Starbucks Corp.* | 4,295 | 222,524 |
Starwood Hotels & Resorts Worldwide, Inc. | 2,213 | 126,672 |
Wendy's International, Inc. | 1,224 | 46,328 |
YUM! Brands, Inc. | 3,189 | 155,560 |
1,844,322 | ||
Household Durables 0.6% | ||
Black & Decker Corp. | 851 | 70,565 |
Centex Corp. | 1,342 | 85,338 |
Fortune Brands, Inc. | 1,481 | 119,961 |
KB Home | 506 | 63,149 |
Leggett & Platt, Inc. | 2,081 | 57,581 |
Maytag Corp. | 916 | 13,960 |
Newell Rubbermaid, Inc. | 2,975 | 66,313 |
Pulte Homes, Inc. | 1,360 | 106,107 |
Snap-on, Inc. | 625 | 20,687 |
The Stanley Works | 839 | 38,804 |
Whirlpool Corp. | 692 | 44,115 |
686,580 | ||
Internet & Catalog Retail 0.5% | ||
eBay, Inc.* | 14,144 | 605,929 |
Leisure Equipment & Products 0.2% | ||
Brunswick Corp. | 1,015 | 47,340 |
Eastman Kodak Co. | 3,007 | 102,208 |
Hasbro, Inc. | 1,892 | 39,959 |
Mattel, Inc. | 4,456 | 93,219 |
282,726 | ||
Media 3.8% | ||
Clear Channel Communications, Inc. | 6,174 | 205,471 |
Comcast Corp. "A"* | 23,803 | 774,788 |
Dow Jones & Co., Inc. | 885 | 32,833 |
Gannett Co., Inc. | 2,739 | 215,696 |
Interpublic Group of Companies, Inc.* | 4,597 | 60,405 |
Knight-Ridder, Inc. | 866 | 56,723 |
McGraw-Hill Companies, Inc. | 1,975 | 181,404 |
Meredith Corp. | 544 | 24,964 |
New York Times Co. "A" | 1,525 | 55,906 |
News Corp. "A" | 28,000 | 465,920 |
Omnicom Group, Inc. | 1,960 | 178,497 |
Time Warner, Inc.* | 49,059 | 845,286 |
Tribune Co. | 3,379 | 137,627 |
Univision Communications, Inc. "A"* | 3,413 | 90,069 |
Viacom, Inc. "B" | 18,264 | 637,414 |
Walt Disney Co. | 21,899 | 611,858 |
4,574,861 | ||
Multiline Retail 1.1% | ||
Big Lots, Inc.* | 1,268 | 14,798 |
Dillard's, Inc. "A" | 914 | 21,296 |
Dollar General Corp. | 3,554 | 75,451 |
Family Dollar Stores, Inc. | 1,766 | 58,137 |
Federated Department Stores, Inc. | 1,760 | 99,352 |
J.C. Penny Co., Inc. | 3,060 | 136,139 |
Kohl's Corp.* | 3,686 | 176,449 |
May Department Stores Co. | 3,129 | 107,982 |
Nordstrom, Inc. | 1,490 | 80,102 |
Sears, Roebuck & Co. | 2,217 | 110,695 |
Target Corp. | 9,581 | 486,907 |
1,367,308 | ||
Specialty Retail 2.3% | ||
AutoNation, Inc.* | 2,800 | 54,684 |
AutoZone, Inc.* | 846 | 81,977 |
Bed Bath & Beyond, Inc.* | 3,235 | 121,377 |
Best Buy Co., Inc. | 3,420 | 184,748 |
Circuit City Stores, Inc. | 2,083 | 32,557 |
Home Depot, Inc. | 23,555 | 942,671 |
Limited Brands | 4,401 | 104,656 |
Lowe's Companies, Inc. | 8,325 | 489,344 |
Office Depot, Inc.* | 3,367 | 64,815 |
OfficeMax, Inc. | 1,046 | 33,022 |
RadioShack Corp. | 1,679 | 49,631 |
Sherwin-Williams Co. | 1,480 | 65,564 |
Staples, Inc. | 5,314 | 167,497 |
The Gap, Inc. | 9,412 | 200,758 |
Tiffany & Co. | 1,590 | 47,939 |
TJX Companies, Inc. | 5,156 | 125,910 |
Toys "R" Us, Inc.* | 2,314 | 52,921 |
2,820,071 | ||
Textiles, Apparel & Luxury Goods 0.4% | ||
Coach, Inc.* | 2,000 | 111,060 |
Jones Apparel Group, Inc. | 1,270 | 40,348 |
Liz Claiborne, Inc. | 1,183 | 50,041 |
NIKE, Inc. "B" | 2,753 | 239,373 |
Reebok International Ltd. | 638 | 28,174 |
VF Corp. | 1,172 | 70,039 |
539,035 | ||
Consumer Staples 10.6% | ||
Beverages 2.3% | ||
Anheuser-Busch Companies, Inc. | 8,433 | 400,146 |
Brown-Forman Corp. "B" | 1,316 | 66,985 |
Coca-Cola Co. | 25,910 | 1,108,948 |
Coca-Cola Enterprises, Inc. | 5,075 | 108,351 |
Molson Coors Brewing Co. "B" | 842 | 58,544 |
Pepsi Bottling Group, Inc. | 2,715 | 73,902 |
PepsiCo, Inc. | 18,041 | 971,688 |
2,788,564 | ||
Food & Staples Retailing 3.2% | ||
Albertsons, Inc. | 3,978 | 89,067 |
Costco Wholesale Corp. | 4,966 | 231,366 |
CVS Corp. | 4,297 | 214,120 |
Kroger Co.* | 7,877 | 141,707 |
Safeway, Inc.* | 4,795 | 88,228 |
SUPERVALU, Inc. | 1,457 | 46,289 |
Sysco Corp. | 6,890 | 237,154 |
Wal-Mart Stores, Inc. | 45,415 | 2,343,868 |
Walgreen Co. | 10,911 | 467,318 |
3,859,117 | ||
Food Products 1.3% | ||
Archer-Daniels-Midland Co. | 7,025 | 169,302 |
Campbell Soup Co. | 4,457 | 123,459 |
ConAgra Foods, Inc. | 5,521 | 150,834 |
General Mills, Inc. | 3,864 | 202,358 |
H.J. Heinz Co. | 3,817 | 143,672 |
Hershey Foods Corp. | 2,622 | 165,186 |
Kellogg Co. | 4,471 | 196,724 |
McCormick & Co, Inc. | 1,489 | 56,567 |
Sara Lee Corp. | 8,377 | 187,645 |
William Wrigley Jr. Co. | 2,438 | 162,273 |
1,558,020 | ||
Household Products 1.8% | ||
Clorox Co. | 1,567 | 94,083 |
Colgate-Palmolive Co. | 5,674 | 300,268 |
Kimberly-Clark Corp. | 5,237 | 345,537 |
Procter & Gamble Co. | 27,191 | 1,443,570 |
2,183,458 | ||
Personal Products 0.6% | ||
Alberto-Culver Co. "B" | 976 | 51,016 |
Avon Products, Inc. | 5,004 | 214,021 |
Gillette Co. | 10,617 | 533,504 |
798,541 | ||
Tobacco 1.4% | ||
Altria Group, Inc. | 22,001 | 1,444,366 |
Reynolds American, Inc. | 1,536 | 125,875 |
UST, Inc. | 1,778 | 97,168 |
1,667,409 | ||
Energy 8.7% | ||
Energy Equipment & Services 1.1% | ||
Baker Hughes, Inc. | 3,630 | 171,626 |
BJ Services Co. | 1,726 | 86,231 |
Halliburton Co. | 5,386 | 236,822 |
Nabors Industries Ltd.* | 1,589 | 91,209 |
Noble Corp.* | 1,456 | 83,094 |
Rowan Companies, Inc. | 1,129 | 35,767 |
Schlumberger Ltd. | 6,268 | 472,920 |
Transocean, Inc.* | 3,468 | 168,129 |
1,345,798 | ||
Oil & Gas 7.6% | ||
Amerada Hess Corp. | 1,004 | 100,802 |
Anadarko Petroleum Corp. | 2,630 | 202,142 |
Apache Corp. | 3,512 | 220,835 |
Ashland, Inc. | 754 | 49,229 |
Burlington Resources, Inc. | 4,196 | 208,247 |
ChevronTexaco Corp. | 22,694 | 1,408,843 |
ConocoPhillips | 7,417 | 822,471 |
Devon Energy Corp. | 5,142 | 240,594 |
El Paso Corp. | 6,949 | 85,681 |
EOG Resources, Inc. | 1,291 | 117,636 |
ExxonMobil Corp. | 69,066 | 4,372,568 |
Kerr-McGee Corp. | 1,631 | 126,663 |
Kinder Morgan, Inc. | 1,347 | 107,989 |
Marathon Oil Corp. | 3,789 | 179,371 |
Occidental Petroleum Corp. | 4,184 | 294,010 |
Sunoco, Inc. | 737 | 73,037 |
Unocal Corp. | 2,789 | 150,885 |
Valero Energy Corp. | 2,800 | 199,472 |
Williams Companies, Inc. | 5,949 | 112,020 |
XTO Energy, Inc. | 2,800 | 127,456 |
9,199,951 | ||
Financials 19.9% | ||
Banks 6.3% | ||
AmSouth Bancorp. | 4,006 | 100,070 |
Bank of America Corp. | 43,300 | 2,019,945 |
BB&T Corp. | 5,874 | 229,967 |
Comerica, Inc. | 1,834 | 104,685 |
Compass Bancshares, Inc. | 1,000 | 45,410 |
Fifth Third Bancorp. | 6,366 | 285,006 |
First Horizon National Corp. | 1,300 | 55,315 |
Golden West Financial Corp. | 3,394 | 210,055 |
Huntington Bancshares, Inc. | 2,687 | 60,511 |
KeyCorp. | 4,465 | 147,345 |
M&T Bank Corp. | 1,200 | 118,812 |
Marshall & Ilsley Corp. | 2,368 | 95,880 |
National City Corp. | 7,291 | 260,799 |
North Fork Bancorp., Inc. | 5,000 | 144,050 |
PNC Financial Services Group | 3,006 | 158,236 |
Regions Financial Corp. | 5,004 | 161,429 |
Sovereign Bancorp, Inc. | 3,503 | 80,359 |
SunTrust Banks, Inc. | 3,959 | 286,790 |
Synovus Financial Corp. | 3,373 | 91,611 |
US Bancorp. | 20,014 | 595,416 |
Wachovia Corp. | 17,164 | 909,863 |
Washington Mutual, Inc. | 9,338 | 391,822 |
Wells Fargo & Co. | 18,144 | 1,077,391 |
Zions Bancorp. | 929 | 61,407 |
7,692,174 | ||
Capital Markets 2.8% | ||
Bank of New York Co., Inc. | 8,289 | 250,742 |
Bear Stearns Companies, Inc. | 1,213 | 120,694 |
Charles Schwab Corp. | 14,407 | 151,274 |
E*TRADE Financial Corp.* | 4,068 | 53,982 |
Federated Investors, Inc. "B" | 1,178 | 34,798 |
Franklin Resources, Inc. | 2,704 | 189,794 |
Janus Capital Group, Inc. | 2,609 | 36,604 |
Lehman Brothers Holdings, Inc. | 2,906 | 264,969 |
Mellon Financial Corp. | 4,564 | 130,896 |
Merrill Lynch & Co., Inc. | 9,999 | 585,741 |
Morgan Stanley | 11,692 | 660,247 |
Northern Trust Corp. | 2,056 | 86,866 |
State Street Corp. | 3,626 | 159,000 |
T. Rowe Price Group, Inc. | 1,364 | 83,736 |
The Goldman Sachs Group, Inc. | 5,240 | 570,112 |
3,379,455 | ||
Consumer Finance 1.3% | ||
American Express Co. | 13,445 | 728,047 |
Capital One Financial Corp. | 2,603 | 199,598 |
MBNA Corp. | 13,652 | 346,351 |
Providian Financial Corp.* | 3,146 | 53,954 |
SLM Corp. | 4,661 | 227,457 |
1,555,407 | ||
Diversified Financial Services 4.7% | ||
CIT Group, Inc. | 2,200 | 88,770 |
Citigroup, Inc. | 55,529 | 2,649,844 |
Countrywide Financial Corp. | 6,188 | 215,033 |
Fannie Mae | 10,334 | 604,126 |
Freddie Mac | 7,364 | 456,568 |
JPMorgan Chase & Co. | 38,176 | 1,395,333 |
MGIC Investment Corp. | 1,072 | 67,257 |
Moody's Corp. | 1,613 | 135,347 |
Principal Financial Group, Inc. | 3,278 | 127,907 |
5,740,185 | ||
Insurance 4.3% | ||
ACE Ltd. | 3,100 | 137,826 |
AFLAC, Inc. | 5,360 | 205,449 |
Allstate Corp. | 7,328 | 393,367 |
Ambac Financial Group, Inc. | 1,111 | 86,414 |
American International Group, Inc. | 27,885 | 1,862,718 |
Aon Corp. | 3,342 | 81,912 |
Chubb Corp. | 2,088 | 165,182 |
Cincinnati Financial Corp. | 1,850 | 82,751 |
Hartford Financial Services Group, Inc. | 3,159 | 227,290 |
Jefferson-Pilot Corp. | 1,429 | 69,964 |
Lincoln National Corp. | 1,930 | 90,420 |
Loews Corp. | 2,019 | 143,914 |
Marsh & McLennan Companies, Inc. | 5,631 | 183,852 |
MBIA, Inc. | 1,491 | 87,373 |
MetLife, Inc. | 7,941 | 325,899 |
Progressive Corp. | 2,125 | 185,087 |
Prudential Financial, Inc. | 5,460 | 311,220 |
Safeco Corp. | 1,329 | 63,380 |
The St. Paul Travelers Companies, Inc. | 7,214 | 276,440 |
Torchmark Corp. | 1,127 | 58,728 |
UnumProvident Corp. | 3,210 | 54,313 |
XL Capital Ltd. "A" | 1,475 | 110,625 |
5,204,124 | ||
Real Estate 0.5% | ||
Apartment Investment & Management Co. "A" (REIT) | 1,014 | 38,796 |
Archstone-Smith Trust (REIT) | 2,100 | 71,043 |
Equity Office Properties Trust (REIT) | 4,334 | 130,757 |
Equity Residential (REIT) | 3,020 | 99,086 |
Plum Creek Timber Co., Inc. (REIT) | 1,986 | 74,574 |
ProLogis (REIT) | 1,964 | 78,089 |
Simon Property Group, Inc. (REIT) | 2,374 | 147,093 |
639,438 | ||
Health Care 12.5% | ||
Biotechnology 1.2% | ||
Amgen, Inc.* | 13,585 | 836,972 |
Applera Corp. — Applied Biosystems Group | 2,131 | 43,771 |
Biogen Idec, Inc.* | 3,552 | 137,285 |
Chiron Corp.* | 2,033 | 72,334 |
Genzyme Corp.* | 2,630 | 147,516 |
Gilead Sciences, Inc.* | 4,660 | 161,003 |
MedImmune, Inc.* | 2,684 | 64,631 |
1,463,512 | ||
Health Care Equipment & Supplies 2.2% | ||
Bausch & Lomb, Inc. | 568 | 40,209 |
Baxter International, Inc. | 6,616 | 235,927 |
Becton, Dickinson & Co. | 2,740 | 164,044 |
Biomet, Inc. | 2,673 | 112,854 |
Boston Scientific Corp.* | 8,981 | 293,319 |
C.R. Bard, Inc. | 1,124 | 74,746 |
Fisher Scientific International, Inc.* | 1,300 | 78,845 |
Guidant Corp. | 3,377 | 247,838 |
Hospira, Inc.* | 1,695 | 50,172 |
Medtronic, Inc. | 12,942 | 674,537 |
Millipore Corp.* | 529 | 23,942 |
PerkinElmer, Inc. | 1,375 | 30,497 |
St. Jude Medical, Inc.* | 3,840 | 150,144 |
Stryker Corp. | 4,326 | 214,829 |
Thermo Electron Corp.* | 1,696 | 46,572 |
Waters Corp.* | 1,316 | 64,287 |
Zimmer Holdings, Inc.* | 2,622 | 225,230 |
2,727,992 | ||
Health Care Providers & Services 2.4% | ||
Aetna, Inc. | 1,562 | 228,083 |
AmerisourceBergen Corp. | 1,117 | 66,908 |
Cardinal Health, Inc. | 4,616 | 270,267 |
Caremark Rx, Inc.* | 4,841 | 185,313 |
CIGNA Corp. | 1,428 | 129,662 |
Express Scripts, Inc.* | 841 | 63,319 |
HCA, Inc. | 4,496 | 212,256 |
Health Management Associates, Inc. "A" | 2,634 | 60,503 |
Humana, Inc.* | 1,757 | 58,455 |
IMS Health, Inc. | 2,496 | 60,778 |
Laboratory Corp. of America Holdings* | 1,500 | 71,835 |
Manor Care, Inc. | 869 | 29,607 |
McKesson Corp. | 3,155 | 117,808 |
Medco Health Solutions, Inc.* | 2,930 | 130,151 |
Quest Diagnostics, Inc. | 1,123 | 111,626 |
Tenet Healthcare Corp.* | 5,039 | 54,976 |
UnitedHealth Group, Inc. | 6,982 | 636,479 |
WellPoint, Inc.* | 3,180 | 388,151 |
2,876,177 | ||
Pharmaceuticals 6.7% | ||
Abbott Laboratories | 16,651 | 765,779 |
Allergan, Inc. | 1,423 | 106,981 |
Bristol-Myers Squibb Co. | 20,844 | 521,725 |
Eli Lilly & Co. | 12,083 | 676,648 |
Forest Laboratories, Inc.* | 3,887 | 165,975 |
Johnson & Johnson | 31,775 | 2,084,440 |
King Pharmaceuticals, Inc.* | 2,656 | 25,365 |
Merck & Co., Inc. | 23,715 | 751,766 |
Mylan Laboratories, Inc. | 2,900 | 51,040 |
Pfizer, Inc. | 80,692 | 2,121,393 |
Schering-Plough Corp. | 15,731 | 298,102 |
Watson Pharmaceuticals, Inc.* | 1,117 | 35,454 |
Wyeth | 14,239 | 581,236 |
8,185,904 | ||
Industrials 11.4% | ||
Aerospace & Defense 2.1% | ||
Boeing Co. | 9,033 | 496,544 |
General Dynamics Corp. | 2,149 | 226,397 |
Goodrich Corp. | 1,275 | 47,213 |
Honeywell International, Inc. | 9,211 | 349,742 |
L-3 Communications Holdings, Inc. | 1,200 | 86,520 |
Lockheed Martin Corp. | 4,688 | 277,623 |
Northrop Grumman Corp. | 3,924 | 207,580 |
Raytheon Co. | 4,845 | 185,273 |
Rockwell Collins, Inc. | 1,935 | 89,107 |
United Technologies Corp. | 5,487 | 548,041 |
2,514,040 | ||
Air Freight & Logistics 1.1% | ||
FedEx Corp. | 3,235 | 316,318 |
Ryder System, Inc. | 703 | 29,850 |
United Parcel Service, Inc. "B" | 12,028 | 932,050 |
1,278,218 | ||
Airlines 0.1% | ||
Delta Air Lines, Inc.* (d) | 1,422 | 6,598 |
Southwest Airlines Co. | 8,394 | 116,257 |
122,855 | ||
Building Products 0.2% | ||
American Standard Companies, Inc.* | 2,349 | 107,584 |
Masco Corp. | 4,805 | 162,025 |
269,609 | ||
Commercial Services & Supplies 1.0% | ||
Allied Waste Industries, Inc.* | 3,376 | 27,751 |
Apollo Group, Inc. "A"* | 1,976 | 145,513 |
Avery Dennison Corp. | 1,198 | 72,719 |
Cendant Corp. | 11,224 | 248,275 |
Cintas Corp. | 1,854 | 81,168 |
Equifax, Inc. | 1,408 | 42,789 |
H&R Block, Inc. | 1,733 | 92,369 |
Monster Worldwide, Inc.* | 1,225 | 35,341 |
Pitney Bowes, Inc. | 2,532 | 116,117 |
R.R. Donnelley & Sons Co. | 2,323 | 77,147 |
Robert Half International, Inc. | 1,856 | 54,139 |
Waste Management, Inc. | 6,153 | 179,914 |
1,173,242 | ||
Construction & Engineering 0.0% | ||
Fluor Corp. | 889 | 55,785 |
Electrical Equipment 0.4% | ||
American Power Conversion Corp. | 2,053 | 45,207 |
Cooper Industries, Ltd. "A" | 998 | 69,231 |
Emerson Electric Co. | 4,472 | 296,583 |
Power-One, Inc.* | 1,003 | 5,838 |
Rockwell Automation, Inc. | 1,927 | 119,763 |
536,622 | ||
Industrial Conglomerates 4.5% | ||
3M Co. | 8,396 | 704,760 |
General Electric Co. | 113,261 | 3,986,787 |
Textron, Inc. | 1,467 | 113,473 |
Tyco International Ltd. | 21,482 | 719,217 |
5,524,237 | ||
Machinery 1.5% | ||
Caterpillar, Inc. | 3,665 | 348,358 |
Cummins, Inc. | 464 | 34,062 |
Danaher Corp. | 3,336 | 180,711 |
Deere & Co. | 2,696 | 191,713 |
Dover Corp. | 2,213 | 85,577 |
Eaton Corp. | 1,648 | 114,948 |
Illinois Tool Works, Inc. | 3,140 | 281,815 |
Ingersoll-Rand Co. "A" | 1,801 | 151,734 |
ITT Industries, Inc. | 1,009 | 88,742 |
Navistar International Corp.* | 747 | 29,477 |
PACCAR, Inc. | 1,892 | 142,392 |
Pall Corp. | 1,307 | 35,380 |
Parker-Hannifin Corp. | 1,298 | 85,408 |
1,770,317 | ||
Road & Rail 0.5% | ||
Burlington Northern Santa Fe Corp. | 4,033 | 202,739 |
CSX Corp. | 2,320 | 95,839 |
Norfolk Southern Corp. | 4,239 | 152,138 |
Union Pacific Corp. | 2,805 | 177,977 |
628,693 | ||
Trading Companies & Distributors 0.0% | ||
W.W. Grainger, Inc. | 917 | 57,569 |
Information Technology 15.1% | ||
Communications Equipment 2.4% | ||
ADC Telecommunications, Inc.* | 8,563 | 19,695 |
Andrew Corp.* | 1,722 | 20,836 |
Avaya, Inc.* | 4,903 | 68,642 |
CIENA Corp.* | 6,149 | 12,175 |
Cisco Systems, Inc.* | 70,510 | 1,228,284 |
Comverse Technologies, Inc.* | 2,091 | 48,532 |
Corning, Inc.* | 15,013 | 172,199 |
JDS Uniphase Corp.* | 15,989 | 30,379 |
Lucent Technologies, Inc.* | 47,348 | 145,358 |
Motorola, Inc. | 26,076 | 408,350 |
QUALCOMM, Inc. | 17,558 | 634,020 |
Scientific-Atlanta, Inc. | 1,654 | 51,109 |
Tellabs, Inc.* | 5,103 | 36,180 |
2,875,759 | ||
Computers & Peripherals 3.8% | ||
Apple Computer, Inc.* | 8,616 | 386,514 |
Dell, Inc.* | 26,631 | 1,067,637 |
EMC Corp.* | 25,719 | 325,603 |
Gateway, Inc.* | 4,060 | 19,082 |
Hewlett-Packard Co. | 32,374 | 673,379 |
International Business Machines Corp. | 17,891 | 1,656,349 |
Lexmark International, Inc. "A"* | 1,393 | 111,621 |
NCR Corp.* | 2,052 | 80,007 |
Network Appliance, Inc.* | 3,841 | 115,268 |
QLogic Corp.* | 1,027 | 41,378 |
Sun Microsystems, Inc.* | 36,034 | 152,063 |
4,628,901 | ||
Electronic Equipment & Instruments 0.3% | ||
Agilent Technologies, Inc.* | 5,255 | 126,120 |
Jabil Circuit, Inc.* | 2,168 | 55,739 |
Molex, Inc. | 2,064 | 51,868 |
Sanmina-SCI Corp.* | 5,625 | 31,219 |
Solectron Corp.* | 10,268 | 50,827 |
Symbol Technologies, Inc. | 2,607 | 46,222 |
Tektronix, Inc. | 919 | 26,578 |
388,573 | ||
Internet Software & Services 0.4% | ||
Yahoo!, Inc.* | 14,722 | 475,079 |
IT Consulting & Services 1.0% | ||
Affiliated Computer Services, Inc. "A"* | 1,375 | 71,088 |
Automatic Data Processing, Inc. | 6,295 | 270,433 |
Computer Sciences Corp.* | 2,034 | 94,032 |
Convergys Corp.* | 1,553 | 23,279 |
Electronic Data Systems Corp. | 5,508 | 117,320 |
First Data Corp. | 8,922 | 365,980 |
Fiserv, Inc.* | 2,110 | 80,053 |
Paychex, Inc. | 3,993 | 127,497 |
Sabre Holdings Corp. | 1,413 | 29,786 |
SunGard Data Systems, Inc.* | 3,115 | 81,333 |
Unisys Corp.* | 3,697 | 28,393 |
1,289,194 | ||
Office Electronics 0.1% | ||
Xerox Corp.* | 10,248 | 159,869 |
Semiconductors & Semiconductor Equipment 3.1% | ||
Advanced Micro Devices, Inc.* | 4,179 | 72,924 |
Altera Corp.* | 4,006 | 83,084 |
Analog Devices, Inc. | 4,052 | 148,789 |
Applied Materials, Inc.* | 18,229 | 319,008 |
Applied Micro Circuits Corp.* | 3,569 | 12,313 |
Broadcom Corp. "A"* | 3,583 | 115,552 |
Freescale Semiconductor, Inc. "B"* | 4,178 | 80,134 |
Intel Corp. | 67,695 | 1,623,326 |
KLA-Tencor Corp.* | 2,128 | 105,145 |
Linear Technology Corp. | 3,285 | 128,312 |
LSI Logic Corp.* | 4,209 | 26,853 |
Maxim Integrated Products, Inc. | 3,456 | 148,677 |
Micron Technology, Inc.* | 6,506 | 74,819 |
National Semiconductor Corp. | 3,860 | 77,007 |
Novellus Systems, Inc.* | 1,562 | 46,134 |
NVIDIA Corp.* | 1,758 | 50,964 |
PMC-Sierra, Inc.* | 1,973 | 19,631 |
Teradyne, Inc.* | 2,074 | 31,981 |
Texas Instruments, Inc. | 18,481 | 489,192 |
Xilinx, Inc. | 3,738 | 112,888 |
3,766,733 | ||
Software 4.0% | ||
Adobe Systems, Inc. | 2,598 | 160,426 |
Autodesk, Inc. | 2,446 | 72,695 |
BMC Software, Inc.* | 2,364 | 35,342 |
Citrix Systems, Inc.* | 1,779 | 40,028 |
Computer Associates International, Inc. | 6,238 | 168,987 |
Compuware Corp.* | 4,168 | 28,176 |
Electronic Arts, Inc.* | 3,241 | 209,012 |
Intuit, Inc.* | 2,005 | 85,814 |
Mercury Interactive Corp.* | 889 | 40,787 |
Microsoft Corp. | 116,426 | 2,931,607 |
Novell, Inc.* | 4,081 | 21,384 |
Oracle Corp.* | 54,924 | 709,069 |
Parametric Technology Corp.* | 2,178 | 12,524 |
Siebel Systems, Inc.* | 5,475 | 46,702 |
Symantec Corp.* | 7,594 | 167,144 |
VERITAS Software Corp.* | 4,545 | 110,080 |
4,839,777 | ||
Materials 3.2% | ||
Chemicals 1.8% | ||
Air Products & Chemicals, Inc. | 2,464 | 154,296 |
Dow Chemical Co. | 10,103 | 557,180 |
E.I. du Pont de Nemours & Co. | 10,618 | 565,939 |
Eastman Chemical Co. | 839 | 48,444 |
Ecolab, Inc. | 2,789 | 88,439 |
Engelhard Corp. | 1,360 | 41,140 |
Great Lakes Chemical Corp. | 549 | 14,658 |
Hercules, Inc.* | 1,202 | 17,237 |
International Flavors & Fragrances, Inc. | 1,015 | 41,909 |
Monsanto Co. | 2,779 | 163,350 |
PPG Industries, Inc. | 1,856 | 133,539 |
Praxair, Inc. | 3,425 | 153,543 |
Rohm & Haas Co. | 2,414 | 116,282 |
Sigma-Aldrich Corp. | 752 | 46,331 |
2,142,287 | ||
Construction Materials 0.0% | ||
Vulcan Materials Co. | 1,103 | 63,819 |
Containers & Packaging 0.2% | ||
Ball Corp. | 1,222 | 54,257 |
Bemis Co., Inc. | 1,152 | 34,376 |
Pactiv Corp.* | 1,646 | 37,216 |
Sealed Air Corp.* | 921 | 48,141 |
Temple-Inland, Inc. | 593 | 47,558 |
221,548 | ||
Metals & Mining 0.7% | ||
Alcoa, Inc. | 9,335 | 299,840 |
Allegheny Technologies, Inc. | 974 | 23,970 |
Freeport-McMoRan Copper & Gold, Inc. "B" | 1,866 | 78,036 |
Newmont Mining Corp. | 4,777 | 215,061 |
Nucor Corp. | 1,698 | 105,853 |
Phelps Dodge Corp. | 1,006 | 107,089 |
United States Steel Corp. | 1,227 | 76,516 |
906,365 | ||
Paper & Forest Products 0.5% | ||
Georgia-Pacific Corp. | 2,750 | 98,478 |
International Paper Co. | 5,209 | 194,556 |
Louisiana-Pacific Corp. | 1,148 | 30,158 |
MeadWestvaco Corp. | 2,180 | 68,365 |
Weyerhaeuser Co. | 2,583 | 172,880 |
564,437 | ||
Telecommunication Services 3.0% | ||
Diversified Telecommunication Services 2.7% | ||
ALLTEL Corp. | 3,283 | 187,788 |
AT&T Corp. | 8,542 | 165,971 |
BellSouth Corp. | 19,656 | 507,125 |
CenturyTel, Inc. | 1,463 | 49,215 |
Citizens Communications Co. | 3,400 | 45,356 |
Qwest Communications International, Inc.* | 19,481 | 75,976 |
SBC Communications, Inc. | 35,488 | 853,486 |
Sprint Corp. | 15,736 | 372,628 |
Verizon Communications, Inc. | 29,639 | 1,066,115 |
3,323,660 | ||
Wireless Telecommunication Services 0.3% | ||
Nextel Communications, Inc. "A"* | 11,920 | 350,806 |
Utilities 3.0% | ||
Electric Utilities 2.0% | ||
Allegheny Energy, Inc.* | 1,527 | 28,906 |
Ameren Corp. | 2,072 | 106,646 |
American Electric Power Co. | 4,282 | 143,019 |
CenterPoint Energy, Inc. | 3,318 | 39,750 |
Cinergy Corp. | 1,931 | 78,109 |
Consolidated Edison, Inc. | 2,650 | 113,287 |
DTE Energy Co. | 1,831 | 80,967 |
Edison International | 3,532 | 114,719 |
Entergy Corp. | 2,381 | 164,575 |
Exelon Corp. | 7,038 | 319,244 |
FirstEnergy Corp. | 3,576 | 147,474 |
FPL Group, Inc. | 1,999 | 158,621 |
PG&E Corp.* | 4,342 | 152,752 |
Pinnacle West Capital Corp. | 1,000 | 41,750 |
PPL Corp. | 2,022 | 110,280 |
Progress Energy, Inc. | 2,657 | 115,154 |
Southern Co. | 8,024 | 257,731 |
TECO Energy, Inc. | 2,179 | 34,624 |
TXU Corp. | 2,568 | 195,810 |
Xcel Energy, Inc. | 4,324 | 76,621 |
2,480,039 | ||
Gas Utilities 0.1% | ||
KeySpan Corp. | 1,724 | 68,184 |
Nicor, Inc. | 477 | 17,787 |
NiSource, Inc. | 2,945 | 66,675 |
Peoples Energy Corp. | 404 | 17,283 |
169,929 | ||
Multi-Utilities 0.9% | ||
AES Corp.* | 6,951 | 116,360 |
Calpine Corp.* (d) | 5,680 | 18,801 |
CMS Energy Corp.* | 1,847 | 22,423 |
Constellation Energy Group, Inc. | 1,914 | 98,514 |
Dominion Resources, Inc. | 3,517 | 253,329 |
Duke Energy Corp. | 10,239 | 276,351 |
Dynegy, Inc. "A"* | 3,927 | 16,336 |
Public Service Enterprise Group, Inc. | 2,561 | 139,702 |
Sempra Energy | 2,463 | 98,520 |
1,040,336 | ||
Total Common Stocks (Cost $102,981,305) | 120,176,433 | |
| Principal Amount ($) | Value ($) |
|
| |
US Government Backed 0.2% | ||
US Treasury Bill, 2.182%**, 3/24/2005 (f) (Cost $234,679) | 235,000 | 234,679 |
| Shares | Value ($) |
|
| |
Securities Lending Collateral 0.1% | ||
Daily Assets Fund Institutional, 2.57% (c) (e) (Cost $86,800) | 86,800 | 86,800 |
| ||
Cash Equivalents 1.1% | ||
Scudder Cash Management QP Trust, 2.49% (b) (Cost $1,417,107) | 1,417,107 | 1,417,107 |
| % of Net Assets | Value ($) |
|
| |
Total Investment Portfolio (Cost $104,719,891) (a) | 100.0 | 121,915,019 |
Other Assets and Liabilities, Net | 0.0 | (24,596) |
Net Assets | 100.0 | 121,890,423 |
* Non-income producing security.
** Annualized yield at time of purchase; not a coupon rate.
(a) The cost for federal income tax purposes was $104,717,719. At February 28, 2005, net unrealized appreciation for all securities based on tax cost was $17,197,300. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $25,146,507 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,949,207.
(b) Scudder Cash Management QP Trust is managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(c) Daily Assets Fund Institutional, an affiliated fund, is managed by Deutsche Asset Management Inc. The rate shown is the annualized seven-day yield at period end.
(d) All or a portion of these securities were on loan (see Notes to Financial Statements). The value of all securities loaned at February 28, 2005 amounted to $83,458, which is 0.1% of net assets.
(e) Represents collateral held in connection with securities lending.
(f) At February 28, 2005, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.
At February 28, 2005, open futures contracts purchased were as follows:
Futures | Expiration Date | Contracts | Aggregate Face Value ($) | Value ($) | Unrealized Appreciation ($) |
S&P Mini 500 Index | 3/18/2005 | 32 | 1,918,297 | 1,926,400 | 8,103 |
REIT: Real Estate Investment Trust
The accompanying notes are an integral part of the financial statements.
|
Statement of Assets and Liabilities as of February 28, 2005 (Unaudited) | |
Assets | |
Investments: Investments in securities, at value (cost $103,215,984) — including $83,458 of securities loaned | $ 120,411,112 |
Investment in Daily Assets Fund Institutional (cost $86,800)* | 86,800 |
Investment in Scudder Cash Management QP Trust (cost $1,417,107) | 1,417,107 |
Total investments in securities, at value (cost $104,719,891) | 121,915,019 |
Cash | 10,000 |
Dividends receivable | 222,976 |
Receivable for Fund shares sold | 164,989 |
Interest receivable | 1,618 |
Due from Advisor | 320,174 |
Other assets | 21,935 |
Total assets | 122,656,711 |
Liabilities | |
Payable upon return of securities loaned | 86,800 |
Payable for daily variation margin on open futures contracts | 12,800 |
Payable for Fund shares redeemed | 490,478 |
Accrued management fee | 43,426 |
Other accrued expenses and payables | 132,784 |
Total liabilities | 766,288 |
Net assets, at value | $ 121,890,423 |
Net Assets | |
Net assets consist of: Undistributed net investment income | 165,505 |
Net unrealized appreciation (depreciation) on: Investments | 17,195,128 |
Futures | 8,103 |
Accumulated net realized gain (loss) | (18,354,190) |
Paid-in capital | 122,875,877 |
Net assets, at value | $ 121,890,423 |
* Represent collateral on securities loaned.
The accompanying notes are an integral part of the financial statements.
|
|
Statement of Assets and Liabilities as of February 28, 2005 (Unaudited) (continued) | |
Net Asset Value | |
Class A Net Asset Value and redemption price(a) per share ($94,157,067 ÷ 12,491,648 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 7.54 |
Maximum offering price per share (100 ÷ 95.50 of $7.54) | $ 7.90 |
Class B Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($14,828,287 ÷ 1,984,482 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 7.47 |
Class C Net Asset Value, offering and redemption price(a) (subject to contingent deferred sales charge) per share ($12,905,069 ÷ 1,734,656 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized) | $ 7.44 |
(a) Redemption price per share for shares held less than 15 days is equal to net asset value less a 2% redemption fee.
The accompanying notes are an integral part of the financial statements.
|
|
Statement of Operations for the six months ended February 28, 2005 (Unaudited) | |
Investment Income | |
Income: Dividends (net of foreign taxes withheld of $40) | $ 1,513,974 |
Interest — Scudder Cash Management QP Trust | 17,033 |
Interest | 2,066 |
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates | 377 |
Total Income | 1,533,450 |
Expenses: Management fee | 138,272 |
Distribution service fees | 267,819 |
Custodian and accounting fees | 90,717 |
Services to shareholders | 254,875 |
Auditing | 21,005 |
Legal | 24,090 |
Trustees' fees and expenses | 5,855 |
Reports to shareholders | 16,290 |
Registration fees | 21,549 |
Other | 6,815 |
Total expenses before expense reductions | 847,287 |
Expense reductions | (320,768) |
Total expenses, after expense reductions | 526,519 |
Net investment income (loss) | 1,006,931 |
Realized and Unrealized Gain (Loss) on Investment Transactions | |
Net realized gain (loss) from: Investments | (2,585,595) |
Futures | 195,809 |
| (2,389,786) |
Net unrealized appreciation (depreciation) during the period on: Investments | 12,846,515 |
Futures | (4,642) |
| 12,841,873 |
Net gain (loss) on investment transactions | 10,452,087 |
Net increase (decrease) in net assets resulting from operations | $ 11,459,018 |
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 February 28, 2005 (Unaudited) | Year Ended August 31, 2004 |
Operations: Net investment income | $ 1,006,931 | $ 940,267 |
Net realized gain (loss) on investment transactions | (2,389,786) | (2,028,258) |
Net unrealized appreciation (depreciation) during the period on investment transactions | 12,841,873 | 11,140,482 |
Net increase (decrease) in net assets resulting from operations | 11,459,018 | 10,052,491 |
Distributions to shareholders from: Net investment income: Class A | (1,341,806) | (571,559) |
Class B | (95,855) | — |
Class C | (80,106) | (20,834) |
Fund share transactions: Proceeds from shares sold | 25,830,050 | 80,693,084 |
Reinvestment of distributions | 1,507,783 | 591,503 |
Cost of shares redeemed | (36,637,959) | (64,859,877) |
Net increase (decrease) in net assets from Fund share transactions | (9,300,126) | 16,424,710 |
Increase (decrease) in net assets | 641,125 | 25,884,808 |
Net assets at beginning of period | 121,249,298 | 95,364,490 |
Net assets at end of period (including undistributed net investment income of $165,505 and $676,341, respectively) | $ 121,890,423 | $ 121,249,298 |
The accompanying notes are an integral part of the financial statements.
|
Class A | ||||||
Years Ended August 31, | 2005a | 2004 | 2003 | 2002 | 2001 | 2000b |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $ 6.97 | $ 6.34 | $ 5.75 | $ 7.10 | $ 9.59 | $ 9.50 |
Income (loss) from investment operations: Net investment income c | .06 | .07 | .05 | .03 | .03 | .03 |
Net realized and unrealized gain (loss) | .61 | .61 | .57 | (1.37) | (2.46) | .06 |
Total from investment operations | .67 | .68 | .62 | (1.34) | (2.43) | .09 |
Less distribution from: Net investment income | (.10) | (.05) | (.03) | (.01) | (.04) | — |
Net realized gains on investment transactions | — | — | — | — | (.02) | — |
Total distributions | (.10) | (.05) | (.03) | (.01) | (.06) | — |
Net asset value, end of period | $ 7.54 | $ 6.97 | $ 6.34 | $ 5.75 | $ 7.10 | $ 9.59 |
Total Return (%)d | 9.47e** | 10.90e | 10.93 | (18.87) | (25.46)e | .95e** |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 94 | 92 | 69 | 51 | 45 | 22 |
Ratio of expenses before expense reductions (%) | 1.14* | 1.25 | .92 | 1.00 | 1.62f | 3.19* |
Ratio of expenses after expense reductions (%) | .66* | .68 | .92 | 1.00 | 1.03f | 1.00* |
Ratio of net investment income (loss) (%) | 1.78* | 1.04 | .89 | .48 | .41 | .90* |
Portfolio turnover rate (%) | 4* | 8 | 11 | 12 | 8 | 43* |
a For the six months ended February 28, 2005 (Unaudited). b For the period from April 3, 2000 (commencement of operations) to August 31, 2000. c Based on average shares outstanding during the period. d Total return does not reflect the effect of any sales charge. e Total return would have been lower had certain expenses not been reduced. f The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 1.61% and 1.02%, respectively. * Annualized ** Not annualized | ||||||
| ||||||
Class B | ||||||
Years Ended August 31, | 2005a | 2004 | 2003 | 2002 | 2001 | 2000b |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $ 6.87 | $ 6.25 | $ 5.68 | $ 7.06 | $ 9.57 | $ 9.50 |
Income (loss) from investment operations: Net investment income (loss)c | .04 | .02 | .01 | (.02) | (.03) | .00 |
Net realized and unrealized gain (loss) | .60 | .60 | .56 | (1.36) | (2.46) | .07 |
Total from investment operations | .64 | .62 | .57 | (1.38) | (2.49) | .07 |
Less distribution from: Net investment income | (.04) | — | — | — | — | — |
Net realized gains on investment transactions | — | — | — | — | (.02) | — |
Total distributions | (.04) | — | — | — | (.02) | — |
Net asset value, end of period | $ 7.47 | $ 6.87 | $ 6.25 | $ 5.68 | $ 7.06 | $ 9.57 |
Total Return (%)d | 9.04e** | 9.92e | 10.04 | (19.55) | (26.04)e | .74e** |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 15 | 16 | 14 | 13 | 14 | 3 |
Ratio of expenses before expense reductions (%) | 2.08* | 2.15 | 1.72 | 1.80 | 2.64f | 4.18* |
Ratio of expenses after expense reductions (%) | 1.41* | 1.43 | 1.72 | 1.80 | 1.81f | 1.75* |
Ratio of net investment income (loss) (%) | 1.03* | .29 | .09 | (.32) | (.38) | .09* |
Portfolio turnover rate (%) | 4* | 8 | 11 | 12 | 8 | 43* |
a For the six months ended February 28, 2005 (Unaudited). b For the period from April 3, 2000 (commencement of operations) to August 31, 2000. c Based on average shares outstanding during the period. d Total return does not reflect the effect of any sales charge. e Total return would have been lower had certain expenses not been reduced. f The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 2.64% and 1.80%, respectively. * Annualized ** Not annualized | ||||||
| ||||||
Class C | ||||||
Years Ended August 31, | 2005a | 2004 | 2003 | 2002 | 2001 | 2000b |
Selected Per Share Data | ||||||
Net asset value, beginning of period | $ 6.87 | $ 6.26 | $ 5.68 | $ 7.06 | $ 9.57 | $ 9.50 |
Income (loss) from investment operations: Net investment income (loss)c | .04 | .02 | .01 | (.02) | (.03) | .00 |
Net realized and unrealized gain (loss) | .57 | .60 | .57 | (1.36) | (2.46) | .07 |
Total from investment operations | .61 | .62 | .58 | (1.38) | (2.49) | .07 |
Less distribution from: Net investment income | (.04) | (.01) | — | — | — | — |
Net realized gains on investment transactions | — | — | — | — | (.02) | — |
Total distributions | (.04) | (.01) | — | — | (.02) | — |
Net asset value, end of period | $ 7.44 | $ 6.87 | $ 6.26 | $ 5.68 | $ 7.06 | $ 9.57 |
Total Return (%)d | 9.07e** | 9.76e | 10.21 | (19.55) | (26.04)e | .74e** |
Ratios to Average Net Assets and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 13 | 13 | 12 | 8 | 5 | 2 |
Ratio of expenses before expense reductions (%) | 1.98* | 2.08 | 1.69 | 1.77 | 2.67f | 4.13* |
Ratio of expenses after expense reductions (%) | 1.41* | 1.44 | 1.69 | 1.77 | 1.80f | 1.75* |
Ratio of net investment income (loss) (%) | 1.03* | .29 | .12 | (.29) | (.36) | .09* |
Portfolio turnover rate (%) | 4* | 8 | 11 | 12 | 8 | 43* |
a For the six months ended February 28, 2005 (Unaudited). b For the period from April 3, 2000 (commencement of operations) to August 31, 2000. c Based on average shares outstanding during the period. d Total return does not reflect the effect of any sales charge. e Total return would have been lower had certain expenses not been reduced. f The ratios of operating expenses excluding costs incurred in connection with a fund complex reorganization before and after expense reductions were 2.66% and 1.79%, respectively. * Annualized ** Not annualized | ||||||
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A. Significant Accounting Policies
Scudder S&P 500 Stock Fund (the "Fund") is a diversified series of Scudder Investors Trust (the "Trust") which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.
The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are offered to investors subject to an initial sales charge. Class B shares are offered without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class B shares automatically convert to Class A shares six years after issuance. Class C shares are offered without an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase.
Investment income, realized and unrealized gains and losses, and certain fund-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 such as distribution service fees, administrative fees and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.
The Fund'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 Fund 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.
Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost. Investments in open-end investment companies and Scudder Cash Management QP Trust are valued at their net asset value each business day.
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.
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, currency or equity market 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 or currencies hedged. 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.
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 the 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.
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 income to its shareholders. Accordingly, the Fund paid no federal income taxes and no federal income tax provision was required.
At August 31, 2004, the Fund had a net tax basis capital loss carryforward of approximately $8,187,000 which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until August 31, 2009 ($228,000), August 31, 2010 ($638,000), August 31, 2011 ($3,250,000) and August 31, 2012 ($4,071,000), the respective expiration dates, whichever occurs first.
In addition, from November 1, 2003 through August 31, 2004, the Fund incurred approximately $188,000 of net realized capital losses. As permitted by tax regulations, the Fund intends to elect to defer these losses and treat them as arising in the fiscal year ended August 31, 2005.
Distribution of Income and Gains. Net investment income of the fund is distributed, if any, 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 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. These differences primarily relate to securities sold at a loss and investments in futures contracts. 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, if any, will be determined at the end of the current fiscal year.
Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust.
Contingencies. In the normal course of business, the Fund may enter into contracts that contain a variety of representations which provide general indemnifications. 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 occurred. However, based on experience, the Fund expects the risk of loss to be remote.
Redemption Fees. Effective February 1, 2005, the Fund imposes a redemption fee of 2% of the total redemption amount on Fund shares redeemed or exchanged within 15 days of buying them, either by purchase or exchange. This fee is assessed and retained by the Fund for the benefit of the remaining shareholders. The redemption fee is accounted for as an addition to paid-in capital.
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 trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are recorded on an identified cost basis.
B. Purchases and Sales of Securities
During the six months ended February 28, 2005, purchases and sales of investment securities (excluding short-term instruments) aggregated $2,258,587 and $13,516,359, respectively.
C. Related Parties
Management Agreement. Under the Management Agreement with Deutsche Investment Management Americas Inc. ("DeIM" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Management Agreement. For the period April 5, 2002, to October 1, 2004, the management fee payable under the Agreement was equal to an annual rate of 0.33% of the first $100,000,000 of the Fund's average daily net assets, 0.29% of the next $100,000,000 of such net assets and 0.27% of such net assets in excess of $200,000,000, computed and accrued daily and payable monthly. Effective October 1, 2004, the management fee changed to 0.20% of the Funds daily average net assets. Accordingly, for the six months ended February 28, 2005, the fee pursuant to the Management Agreement was equivalent to an annualized effective rate of 0.22% of the Fund's average daily net assets.
Northern Trust Investments, N.A. ("NTI"), an indirect subsidiary of Northern Trust Corporation, serves as sub-advisor to the Fund and is paid by the Advisor for its services.
Effective October 1, 2003 through December 31, 2005, the Advisor has contractually agreed to waive all or a portion of its management fee and reimburse or pay certain operating expenses of the Fund to the extent necessary to maintain the operating expenses of each class at 0.75%, 0.80% and 0.80% of average daily net assets for Class A, B and C share, respectively (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest, Rule 12b-1 distribution and/or service fees, trustee and trustee counsel fees and organizational and offering expenses).
In addition to the contractual expense limitation described above, from October 1, 2003 through September 30, 2005, the Fund's Advisor, accounting agent, principal underwriter and administrator, and transfer agent have each contractually agreed to limit their respective fees or reimburse expenses to the extent necessary to maintain the Fund's total operating expenses at 0.66%, 1.41% and 1.41% of the average daily net assets for Class A, B and C shares, respectively (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest).
Service Provider Fees. Scudder Investments Service Company ("SISC"), an affiliate of the Advisor, is the Fund's transfer, dividend-paying agent and shareholder service agent. 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 February 28, 2005, the amount charged to the Fund by SISC was as follows:
Service Provider Fee | Total Aggregated | Waived |
Class A | $ 151,135 | $ 151,135 |
Class B | 40,736 | 40,736 |
Class C | 27,814 | 27,814 |
| $ 219,685 | $ 219,685 |
Scudder Fund Accounting Corporation ("SFAC"), an affiliate of the Advisor, is responsible for computing the daily net asset value per share and maintaining the portfolio and general accounting records of the Fund. SFAC has retained State Street Bank and Trust Company to provide certain administrative, fund accounting and record-keeping services to the Fund. The amount charged to the Fund by SFAC for accounting services aggregated $83,082, of which $10,723 was unpaid.
Distribution Service Agreement. Under the Distribution Service Agreement, in accordance with Rule 12b-1 under the 1940 Act, Scudder Distributors, Inc. ("SDI"), a subsidiary of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of Class B and C shares. Pursuant to the agreement, SDI enters into related selling group agreements with various firms at various rates for sales of Class B and C shares. For the six months ended February 28, 2005, the Distribution Fee was as follows:
Distribution Fee | Total Aggregated | Unpaid at February 28, 2005 |
Class B | $ 60,067 | $ 19,639 |
Class C | 50,633 | 16,881 |
| $ 110,700 | $ 36,520 |
In addition, SDI provides information and administrative services ("Service Fee") to Class A, B and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. SDI in turn has various agreements with financial services firms that provide these services and pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended February 28, 2005, the Service Fee was as follows:
Service Fee | Total Aggregated | Waived | Annualized Effective Rate |
Class A | $ 120,219 | $ 76,816 | .09% |
Class B | 20,022 | 12,732 | .09% |
Class C | 16,878 | 10,941 | .09% |
| $ 157,119 | $ 100,489 |
|
Underwriting Agreement and Contingent Deferred Sales Charge. SDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A and C shares for the six months ended February 28, 2005, aggregated $2,230 and $0, respectively.
In addition, SDI receives any contingent deferred sales charge ("CDSC") from Class B share redemptions occurring within six years of purchase and Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is based on declining rates ranging from 4% to 1% for Class B and 1% for Class C, of the value of the shares redeemed. For the six months ended February 28, 2005 the CDSC for Class B and C shares aggregated $46,613 and $650, respectively. A deferred sales charge of up to 1% is assessed on certain redemptions of Class A shares. For the six months ended February 28, 2005, SDI received $0.
Trustees' Fees and Expenses. The Trust pays each Trustee not affiliated with the Advisor retainer fees plus specified amounts for attended board and committee meetings.
Scudder Cash Management QP Trust. Pursuant to an Exemptive Order issued by the SEC, the Fund may invest in the Scudder Cash Management QP Trust (the "QP Trust") and other affiliated funds managed by Scudder Investments, Inc. The QP Trust seeks to provide as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The QP Trust does not pay the Advisor a management fee for the affiliated funds' investments in the QP Trust.
Insurance Brokerage Commission. The Fund paid insurance premiums to an unaffiliated insurance broker in 2002 and 2003. This broker in turn paid a portion of its commissions to an affiliate of the Advisor, which performed certain insurance brokerage services for the broker. The Advisor has agreed to reimburse the Fund in 2005 for the portion of commissions (plus interest) paid to the affiliate of the Advisor attributable to the premiums paid by the Fund. The amounts for 2002 and 2003 were $24 and $31, respectively.
D. Expense Reductions
For the six months ended February 28, 2005, the Advisor agreed to reimburse the Fund $570, which represents a portion of the fee savings expected to be realized by the Advisor related to the outsourcing by the Advisor of certain administrative services to an unaffiliated service provider.
In addition, 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 February 28, 2005, the Fund's custodian fees were reduced by $24 for custody credits earned.
E. Line of Credit
The Fund and several other affiliated funds (the "Participants") share in a $1.25 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 percent. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement.
F. Share Transactions
The following table summarizes share and dollar activity in the Fund:
| Six Months Ended | Year Ended | ||
| Shares | Dollars | Shares | Dollars |
Shares sold | ||||
Class A | 2,901,256 | $ 21,281,116 | 8,671,919 | $ 59,952,522 |
Class B | 275,437 | 1,967,950 | 1,995,217 | 13,516,516 |
Class C | 357,711 | 2,580,984 | 1,057,539 | 7,224,046 |
|
| $ 25,830,050 |
| $ 80,693,084 |
Shares issued to shareholders in reinvestment of distributions | ||||
Class A | 178,895 | $ 1,336,345 | 83,694 | $ 570,796 |
Class B | 12,434 | 92,135 | — | — |
Class C | 10,745 | 79,303 | 3,063 | 20,707 |
|
| $ 1,507,783 |
| $ 591,503 |
Shares redeemed | ||||
Class A | (3,825,088) | $ (28,181,108) | (6,471,671) | $ (44,744,383) |
Class B | (607,261) | (4,437,948) | (1,909,426) | (12,892,534) |
Class C | (552,302) | (4,018,903) | (1,066,073) | (7,222,960) |
|
| $ (36,637,959) |
| $ (64,859,877) |
Net increase (decrease) | ||||
Class A | (744,937) | $ (5,563,647) | 2,283,942 | $ 15,778,935 |
Class B | (319,390) | (2,377,863) | 85,791 | 623,982 |
Class C | (183,846) | (1,358,616) | (5,471) | 21,793 |
| $ (9,300,126) |
| $ 16,424,710 | |
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 April 15, 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.
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Automated Information Lines | ScudderACCESS (800) 972-3060 Personalized account information, information on other Scudder funds and services via touchtone telephone and for Classes A, B, and C only, the ability to exchange or redeem shares. |
Web Site | scudder.com View your account transactions and balances, trade shares, monitor your asset allocation, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about Scudder funds, subscription to fund updates by e-mail, retirement planning information, and more. |
For More Information | (800) 621-1048 To speak with a Scudder service representative. |
Written Correspondence | Scudder Investments PO Box 219356 |
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. |
Principal Underwriter | If you have questions, comments or complaints, contact: Scudder Distributors, Inc. 222 South Riverside Plaza (800) 621-1148 |
| Class A | Class B | Class C |
Nasdaq Symbol | KSAAX | KSABX | KSACX |
CUSIP Number | 811166-701 | 811166-800 | 811166-883 |
Fund Number | 155 | 255 | 355 |
|
This privacy statement is issued by Deutsche Investment Management Americas Inc., Deutsche Asset Management, Inc., Scudder Distributors, Inc., Scudder Investor Services, Inc., Scudder Trust Company and the Scudder Funds.
We never sell customer lists or individual client information. We consider privacy fundamental to our client relationships and adhere to the policies and practices described below to protect current and former clients' information. Internal policies are in place to protect confidentiality, while allowing client needs to be served. Only individuals who need to do so in carrying out their job responsibilities may access client information. We maintain physical, electronic and procedural safeguards that comply with federal and state standards to protect confidentiality. These safeguards extend to all forms of interaction with us, including the Internet.
In the normal course of business, clients give us nonpublic personal information on applications and other forms, on our websites, and through transactions with us or our affiliates. Examples of the nonpublic personal information collected are name, address, Social Security number and transaction and balance information. To be able to serve our clients, certain of this client information is shared with affiliated and nonaffiliated third party service providers such as transfer agents, custodians, and broker-dealers to assist us in processing transactions and servicing your account with us. In addition, we may disclose all of the information we collect to companies that perform marketing services on our behalf or to other financial institutions with which we have joint marketing agreements. The organizations described above that receive client information may only use it for the purpose designated by the Scudder Companies listed above.
We may also disclose nonpublic personal information about you to other parties as required or permitted by law. For example, we are required or we may provide information to government entities or regulatory bodies in response to requests for information or subpoenas, to private litigants in certain circumstances, to law enforcement authorities, or any time we believe it necessary to protect the firm.
Questions on this policy may be sent to:
Scudder Investments
Attention: Correspondence — Chicago
P.O. Box 219415
Kansas City, MO 64121-9415
September 2004
Notes |
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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 primary function of the Nominating and Governance Committee is to identify
and recommend individuals for membership on the Board and oversee the
administration of the Board Governance Procedures and Guidelines. Shareholders
may recommend candidates for Board positions by forwarding their correspondence
by U.S. mail or courier service to the Fund's Secretary for the attention of the
Chairman of the Nominating and Governance Committee, Two International Place,
Boston, MA 02110. Suggestions for candidates must include a resume of the
candidate.
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: Scudder S&P 500 Stock Fund
By: /s/Julian Sluyters
----------------------------
Julian Sluyters
Chief Executive Officer
Date: May 2, 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: Scudder S&P 500 Stock Fund
By: /s/Julian Sluyters
----------------------------
Julian Sluyters
Chief Executive Officer
Date: May 2, 2005
By: /s/Paul Schubert
----------------------------
Paul Schubert
Chief Financial Officer
Date: May 2, 2005