UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07507
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SCUDDER INVESTMENTS VIT FUNDS
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(Exact name of registrant as specified in charter)
101 FEDERAL STREET
BOSTON, MA 02110
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(Address of principal executive offices) (Zip code)
DANIEL O. HIRSCH
DEUTSCHE ASSET MANAGEMENT
ONE SOUTH STREET
BALTIMORE, MD 21202
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(Name and address of agent for service)
Registrant's telephone number, including area code: 617-535-0532
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Date of fiscal year end: DECEMBER 31, 2003
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Date of reporting period: JUNE 30, 2003
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
[OBJECT OMITTED]
SCUDDER
INVESTMENTS
Scudder VIT Small Cap Index Fund
Class A and B Shares
Semiannual Report
June 30, 2003
Scudder VIT Small Cap Index Fund
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TABLE OF CONTENTS
LETTER TO SHAREHOLDERS .......................................... 3
PERFORMANCE COMPARISON .......................................... 6
SCUDDER VIT SMALL CAP INDEX FUND
Schedule of Investments ...................................... 7
Statement of Assets and Liabilities ..........................26
Statement of Operations ......................................27
Statements of Changes in Net Assets ..........................28
Financial Highlights .........................................29
Notes to Financial Statements ................................31
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The Fund is not insured by the FDIC and is not a deposit, obligation of or
guaranteed by Deutsche Bank AG. The Fund is subject to investment risks,
including possible loss of principal amount invested.
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2
Scudder VIT Small Cap Index Fund
LETTER TO SHAREHOLDERS
In the following interview, the portfolio management team discusses Scudder VIT
Small Cap Index Fund's market environment during the six-month period ended June
30, 2003.
Q: HOW DID SCUDDER VIT SMALL CAP INDEX FUND PERFORM OVER THE FIRST HALF OF 2003?
A: Scudder VIT Small Cap Index Fund tracked its benchmark, the Russell 2000
Index,1 for the six months ended June 30, 2003. The fund produced a return of
17.47% (VIT Class A shares) for the semi-annual period, as compared to 17.88%
for the benchmark. The broad-based Russell 2000 Index is a group of
smaller-company stocks that is not available for direct investment.
For the semi-annual period overall, the small-cap equity market outperformed its
large-cap brethren, continuing the trend begun in 1999. With a six-month return
of 17.88%, the Russell 2000 Index significantly outperformed the S&P 500 Index2
return of 11.76%.
Q: WHAT WERE THE PRIMARY FACTORS IMPACTING THE U.S. EQUITY MARKETS DURING THE
PAST SIX MONTHS?
A: In a welcome turnabout from the past three years, small-cap equities, like
the broader equity markets, gained ground for the six months ended June 30,
2003. Still, the Russell 2000 Index saw divergent performance within the
semi-annual period.
During the first quarter, the Russell 2000 Index declined 4.49%, as equities
partially offset the market rally of the fourth quarter of 2002. After starting
the New Year on a positive note, equity markets peaked during the second week of
January and then started a sustained decline, as fears surrounding the likely
war with Iraq heightened. Economic activity slowed, as the geopolitical concerns
reverberated throughout most sectors. Indeed, virtually every major indicator
proved weaker than expected as full-year U.S. Gross Domestic Product (GDP)
growth estimates continued to be reduced. By the beginning of March, a `war
relief' rally took place, erasing much of the quarter's decline, as investors
grew optimistic that the war would not last very long.
The Russell 2000 Index was up 23.42% during the second quarter. Economic and
political conditions improved, leading investors to favor equities. A
significant number of corporate earnings announcements during the quarter met or
exceeded expectations, and earnings estimates were revised up going forward.
Furthermore, the low interest rate environment and declining yields on bond
investments drew more attention to equities, as investors sought higher returns.
The case for owning equities was additionally strengthened by a $350 billion
U.S. tax cut, an accommodative Federal Reserve Board, and a declining dollar
that benefited U.S. companies distributing products and services overseas.
Finally, while the journey to freedom and democracy in Iraq is by no means at an
end, the conclusion of active military operations toward the end of April
provided the equity markets with a degree of geopolitical stability not seen in
the last two years or so.
Within the small-cap sector, growth-oriented stocks outperformed value-oriented
stocks by approximately 2.84% for the semi-annual period, as measured by the
Russell 2000 Growth Index3 versus the Russell 2000 Value Index.4
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1 Russell 2000(R) is a trademark of the Frank Russell Company and has been
licensed for use by the Fund's investment advisor. The Russell 2000(R) Index
is an unmanaged index that tracks the common stock price movement of the 2,000
smallest companies of the Russell 3000(R) Index, which measures the
performance of the 3,000 largest U.S. companies based on market
capitalization.
2 S&P 500 Index is an unmanaged index used to portray the pattern of common
stock movement of 500 large companies.
3 The Russell 2000 Growth Index is an unmanaged index that measures the
performance of those Russell 2000 companies with higher price-to-book ratios
and higher forecasted growth values.
4 The Russell 2000 Value Index is an unmanaged index that measures the
performance of those Russell 2000 companies with lower price-to-book ratios
and lower forecasted growth values.
INDEX RETURNS ASSUME REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS AND, UNLIKE
FUND RETURNS, DO NOT REFLECT FEES AND EXPENSES. A DIRECT INVESTMENT IN AN INDEX
IS NOT POSSIBLE.
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3
Scudder VIT Small Cap Index Fund
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LETTER TO SHAREHOLDERS
Q: WHICH SECTORS AND STOCKS WITHIN THE RUSSELL 2000 INDEX WERE THE BEST AND
WORST PERFORMERS?
A: For the six months ended June 30, 2003, sector performance within the Russell
2000 Index was positive across the board. Integrated oils, health care and
technology were the best performing sectors. Consumer staples, auto and
transportation, and materials and processing were the worst performing sectors
for the semi-annual period. The financial services sector continued to be the
largest weight within the Russell 2000 Index through the period, accounting at
June 30, 2003 for 23.23% of the Index's market capitalization.
The top individual stock contributors to Russell 2000 Index performance during
the semi-annual period were Sandisk, ImClone Systems, American Tower and Crown
Castle International. The worst performing individual stocks based on
contribution to Index performance were Overture Services, Covance, Fleming
Companies and Payless ShoeSource.
SECTOR ALLOCATION
As of June 30, 2003
(percentages are based on market value* of total investments in the Fund) A
Fund's sector allocation is subject to change.
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Financial Services ............................ 21.57%
Information Technology ........................ 18.64
Consumer Discretionary ........................ 14.01
Industrials ................................... 13.94
Health Care ................................... 13.14
Materials ..................................... 4.43
Energy ........................................ 4.17
Utilities ..................................... 3.61
Consumer Staples .............................. 3.08
Other ......................................... 3.41
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100.00%
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* Excluding Cash Equivalents.
INVESTMENT REVIEW
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CUMULATIVE TOTAL RETURNS AVERAGE ANNUAL TOTAL RETURNS
Periods Ended 6 Months 1 Year 3 Years 5 Years Since 1 Year 3 Years 5 Years Since
June 30, 2003 Inception 1 Inception 1
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Scudder VIT Small Cap Index Fund 2
Class A 17.47% (1.86)% (10.54)% 3.18% 13.09% (1.86)% (3.64)% 0.63% 2.12%
Class B 17.27% (2.10)% n/a n/a (11.16)% (2.10)% n/a n/a (9.65)%
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Russell 2000 Index 3 17.88% (1.64)% (9.58)% 4.92% 14.19% (1.64)% (3.30)% 0.97% 2.30%
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Lipper Small Cap Core
Fund Average 4 15.69% (1.93)% (6.81)% 17.48% 26.13% (1.93)% 1.54% 2.81% 3.64%
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1 The Fund's inception dates are: Class A Shares: August 22, 1997, Class B
Shares: April 30, 2002. Benchmark returns are for comparative purposes
relative to Class A Shares and are for the periods beginning August 22, 1997
for the Russell 2000 Index and August 31, 1997 for the Lipper Small Cap Core
Funds Average.
2 PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. MARKET VOLATILITY CAN
SIGNIFICANTLY IMPACT SHORT-TERM PERFORMANCE. RESULTS OF AN INVESTMENT MADE
TODAY MAY DIFFER SUBSTANTIALLY FROM THE FUND'S HISTORICAL PERFORMANCE.
Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost. All
performance assumes the reinvestment of dividend and capital gains
distributions. Earnings from variable annuity investments compound tax free
until withdrawal, so no adjustments are made for income taxes. Performance
figures for the classes differ because each class maintains a distinct expense
structure. Performance would have been lower during the specified periods if
certain of the Fund's fees and expenses had not been waived. Returns are net
of the portfolio's management fee and other operating expenses. There is no
guarantee that the Fund will be able to mirror the Russell 2000 Index closely
enough to track its performance. Investments in small companies generally
carry greater risk than is associated with large companies, such as narrower
markets, limited financial resources and less liquid stock.
3 `Russell 2000(R)' is a trademark of the Frank Russell Company and has been
licensed for use by the Fund's investment advisor. The Russell 2000(R) Index
is an unmanaged index that tracks the common stock price movement of the 2,000
smallest companies in the Russell 3000(R) Index, which measures the
performance of the 3,000 largest U.S. companies based on total market
capitalization.
4 Lipper figures represent the average of the total returns reported by all of
the mutual funds designated by Lipper Inc. as falling into the category
indicated.
INDEX RETURNS ASSUME REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS AND, UNLIKE
FUND RETURNS, DO NOT REFLECT FEES AND EXPENSES. A DIRECT INVESTMENT IN AN INDEX
IS NOT POSSIBLE.
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4
Scudder VIT Small Cap Index Fund
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LETTER TO SHAREHOLDERS
Q: WHAT WERE THE MAJOR CHANGES TO THE RUSSELL 2000 INDEX DURING THE SEMI-ANNUAL
PERIOD?
A: The annual reconstitution of the Russell 2000 Index came at the end of June
2003, with this year's changes lower than last year's both in terms of
capitalization weighted turnover and in number of stocks involved. The turnover
in the Index was at 19.8% compared to 24.0% in June 2002. The continued stagnant
merger and acquisition activity and the absence of Initial Public Offering (IPO)
activity were the primary causes of the reduced turnover. In total, there were
282 additions to the Russell 2000 Index (83 moving from the Russell 1000 Index)
and 180 deletions (94 moving to the Russell 1000 Index). The consumer
discretionary sector had the most significant change in weight, increasing from
17.6% in 2002 to its current weight of 19.2%.
Q: WHAT INVESTMENT STRATEGIES DO YOU INTEND TO PURSUE IN THE FUND?
A: As managers of an index fund, which seeks to replicate as closely as possible
(before deduction of expenses) the broad diversification and returns of the
Russell 2000 Index, we neither evaluate short-term fluctuations in the Fund's
performance nor manage according to a given outlook for the equity markets or
the economy in general. Still, we will continue monitoring economic conditions
and how they affect the financial markets, as we seek to closely track the
performance of the small-cap stock market.
TEN LARGEST STOCK HOLDINGS
As of June 30, 2003
(percentages are based on total net assets of the Fund) A Fund's holdings are
subject to change.
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AMR Corp ......................... 0.23%
Pacific Capital Bancorp .......... 0.19
Citizens Banking Corp ............ 0.18
UCBH Holdings, Inc ............... 0.17
Atmos Energy Corp ................ 0.17
AnnTaylor Stores Corp ............ 0.17
Techne Corp ...................... 0.17
Health Care REIT, Inc ............ 0.17
Alexander & Baldwin .............. 0.17
Energen Corp ..................... 0.17
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THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGERS ONLY
THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER. THE
MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME, BASED ON MARKET AND OTHER
CONDITIONS AND SHOULD NOT BE CONSTRUED AS A RECOMMENDATION.
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5
Scudder VIT Small Cap Index Fund
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PERFORMANCE COMPARISON 1
SCUDDER VIT SMALL CAP INDEX FUND--CLASS A SHARES AND RUSSELL 2000 INDEX GROWTH
OF A $10,000 INVESTMENT (SINCE INCEPTION) 2
Scudder VIT Small Cap
Index Fund-Class A Russell 1000
Shares $11,309 Index3 $11,419
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8/22/97 $10000 $10000
8/31/97 10160 10000
9/30/97 10870 10732
10/31/97 10430 10260
11/30/97 10350 10194
12/31/97 10510 10373
1/31/98 10320 10209
2/28/98 11070 10964
3/31/98 11510 11416
4/30/98 11540 11479
5/31/98 10940 10861
6/30/98 10960 10884
7/31/98 10110 10003
8/31/98 8190 8060
9/30/98 8830 8691
10/31/98 9210 9046
11/30/98 9690 9519
12/31/98 10281 10109
1/31/99 10383 10243
2/28/99 9545 9413
3/31/99 9678 9560
4/30/99 10516 10417
5/31/99 10679 10569
6/30/99 11088 11047
7/31/99 10853 10744
8/31/99 10475 10346
9/30/99 10444 10348
10/31/99 10495 10390
11/30/99 11119 11011
12/31/99 12354 12257
1/31/00 12141 12060
2/29/00 14099 14052
3/31/00 13184 13126
4/30/00 12375 12336
5/31/00 11641 11617
6/30/00 12641 12629
7/31/00 12226 12223
8/31/00 13152 13156
9/30/00 12769 12769
10/31/00 12194 12199
11/30/00 10949 10947
12/31/00 11876 11887
1/31/01 12464 12506
2/28/01 11651 11685
3/31/01 11073 11114
4/30/01 11929 11983
5/31/01 12218 12278
6/30/01 12624 12702
7/31/01 11983 12014
8/31/01 11587 11626
9/30/01 10025 10061
10/31/01 10592 10650
11/30/01 11416 11474
12/31/01 12121 12182
1/31/02 11986 12056
2/28/02 11658 11725
3/31/02 12585 12668
4/30/02 12686 12783
5/31/02 12133 12216
6/30/02 11523 11610
7/31/02 9794 9856
8/31/02 9772 9831
9/30/02 9060 9125
10/31/02 9354 9418
11/30/02 10178 10258
12/31/02 9627 9687
1/31/03 9354 9419
2/28/03 9069 9134
3/31/03 9183 9252
4/30/03 10054 10129
5/31/03 11090 11216
6/30/03 11309 11419
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AVERAGE ANNUAL TOTAL RETURNS
Periods Ended 1 Year 3 Years 5 Years Since
June 30, 2003 Inception 2
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Scudder VIT Small Cap Index Fund--Class A Shares (1.86)% (3.64)% 0.63% 2.12%
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CUMULATIVE TOTAL RETURNS
Periods Ended 1 Year Since
June 30, 2003 Inception 4
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Scudder VIT Small Cap Index Fund--Class B Shares (2.10)% (9.65)%
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1 PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. MARKET VOLATILITY CAN
SIGNIFICANTLY IMPACT SHORT-TERM PERFORMANCE. RESULTS OF AN INVESTMENT MADE
TODAY MAY DIFFER SUBSTANTIALLY FROM THE FUND'S HISTORICAL PERFORMANCE.
Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost. All
performance assumes the reinvestment of dividend and capital gain
distributions. Earnings from variable annuity investments compound tax free
until withdrawal, so no adjustments are made for income taxes. Performance
would have been lower during the specified period if certain of the Fund's
fees and expenses had not been waived. Returns are net of the portfolio's
management fee and other operating expenses.
2 Class A Shares commenced operations on August 22, 1997. Benchmark return is
for the period beginning August 22, 1997.
3 The Russell 2000(R) Index is an unmanaged index that tracks the common stock
price movement of the 2,000 smallest companies in the Russell 3000(R) Index,
which measures the performance of the 3,000 largest U.S. companies based on
total market capitalization. Index returns assume
reinvestment of dividends and, unlike Fund returns, do not reflect any fees or
expenses. A direct investment in an index is not possible.
4 Class B Shares commenced operations on April 30, 2002. Growth of $10,000 for B
Shares from inception through June 30, 2003: $8,884.
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6
Scudder VIT Small Cap Index Fund
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SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
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SHARES SECURITY VALUE
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COMMON STOCKS--97.12%
1,200 1-800 Contacts, Inc.1,2 ............ $ 29,376
6,500 1-800-FLOWERS.COM, Inc.1 ........... 53,560
4,400 21st Century Insurance Group ....... 62,920
3,200 4Kids Entertainment, Inc.1 ......... 59,520
4,300 7-Eleven, Inc.1 .................... 45,365
4,000 A.C. Moore Arts & Crafts, Inc.1 .... 80,120
4,260 A.O. Smith Corp .................... 119,919
3,550 aaiPharma, Inc.1,2 ................. 70,574
1,300 Aaon, Inc.1 ........................ 24,076
9,050 AAR Corp ........................... 63,893
3,200 Aaron Rents, Inc ................... 82,560
700 ABC Bancorp ........................ 10,031
21,400 Abgenix, Inc.1 ..................... 224,486
3,900 Able Laboratories, Inc.1 ........... 77,220
8,600 ABM Industries, Inc ................ 132,440
2,900 Acadia Realty Trust, REIT .......... 26,535
3,100 Accredited Home Lenders
Holding Co.1 ....................... 60,822
11,600 Accredo Health, Inc.1 .............. 252,880
3,100 Aceto Corp ......................... 57,660
5,568 Actel Corp.1 ....................... 114,144
4,200 Action Performance Cos., Inc ....... 79,800
10,500 ActivCard Corp.1 ................... 98,700
24,100 Activision, Inc.1 .................. 311,372
2,300 Actuant Corp.1 ..................... 108,836
9,331 Acuity Brands, Inc.2 ............... 169,544
25,400 Adaptec, Inc.1 ..................... 197,612
6,200 Administaff, Inc.1,2 ............... 63,860
7,400 Adolor Corp.1 ...................... 90,798
15,822 Advanced Digital Information Corp.1 158,062
3,606 Advanced Energy Industries1,2 ...... 51,385
3,050 Advanced Marketing Services ........ 39,650
6,300 Advanced Medical Optics, Inc.1 ..... 107,415
2,800 Advanced Neuromodulation
Systems, Inc.1,2 ................... 144,956
6,200 Advanta Corp.--Class B ............. 62,372
7,300 Advent Software, Inc.1 ............. 123,443
2,000 Advisory Board Co.1 ................ 81,040
5,500 ADVO, Inc.1 ........................ 244,200
15,250 Aeroflex, Inc.1 .................... 118,035
4,300 Aeropostale, Inc.1 ................. 92,364
11,700 Aether Systems, Inc.1 .............. 57,330
3,500 AFC Enterprises, Inc.1 ............. 56,840
5,000 Affiliated Managers Group, Inc.1 ... 304,750
5,000 Aftermarket Technology Corp.1 ...... 52,550
9,800 Agile Software Corp.1 .............. 94,570
1,300 AgriBioTech, Inc.1 ................. --
12,036 Airborne, Inc ...................... 251,552
16,700 AirTran Holdings, Inc.1,2 .......... 174,849
21,700 AK Steel Holding Corp.1 ............ 78,554
27,600 Akamai Technologies, Inc.1 ......... 134,136
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SHARES SECURITY VALUE
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8,800 Aksys Ltd.1,2 ....................... $ 113,960
3,300 Alabama National Bancorp ............ 159,984
4,700 ALARIS Medical, Inc.1 ............... 60,865
5,500 Alaska Air Group, Inc.1 ............. 117,975
5,952 Albany International Corp.--Class A . 163,085
6,400 Albany Molecular Research, Inc.1 .... 96,640
7,200 Albemarle Corp ...................... 201,384
9,300 Alderwoods Group, Inc.1 ............. 50,778
11,807 Alexander & Baldwin ................. 313,240
800 Alexander' s, Inc.1 ................. 66,792
5,300 Alexandria Real Estate Equities, Inc 238,500
5,035 Alexion Pharmaceuticals, Inc.1 ...... 85,847
9,800 ALFA Corp ........................... 124,558
1,000 Alico, Inc .......................... 24,690
10,500 Align Technology, Inc.1 ............. 131,775
11,900 Alkermes, Inc.1 ..................... 127,925
30,600 Allegheny Energy, Inc.1 ............. 258,570
18,600 Allegheny Technologies, Inc ......... 122,760
5,000 Allegiant Bancorp, Inc .............. 101,250
6,600 Allen Telecom, Inc.1 ................ 109,032
11,400 Alliance Gaming Corp.1 .............. 215,574
1,700 Alliance Imaging, Inc.1 ............. 7,480
8,719 Alliance Semiconductor Corp.1 ....... 42,200
12,500 Allmerica Financial Corp.1 .......... 224,875
10,500 Alloy Online, Inc.1 ................. 67,725
6,000 Allscripts Healthcare Solution, Inc.1 22,020
9,190 Alpharma, Inc.--Class A ............. 198,504
10,800 Alteon, Inc.1 ....................... 52,380
2,800 Altiris, Inc.1,2 .................... 56,140
7,700 AMC Entertainment, Inc.1 ............ 88,088
3,450 AMCOL International Corp ............ 27,600
7,813 AMCORE Financial, Inc ............... 181,887
9,700 America West Holdings Corp.--
Class B1 ............................ 65,960
2,000 America' s Car-Mart, Inc.1 .......... 36,560
12,500 American Eagle Outfitters, Inc.1 .... 229,250
14,400 American Greetings Corp.--Class A1 .. 282,816
3,150 American Healthways, Inc.1 .......... 113,778
3,800 American Home Mortgage
Holdings, Inc ....................... 74,404
3,760 American Italian Pasta Co.--
Class A1,2 .......................... 156,604
11,600 American Management Systems, Inc.1 .. 165,648
2,100 American Medical Security
Group, Inc.1 ........................ 40,110
5,200 American Medical Systems
Holdings, Inc.1 ..................... 87,724
4,100 American Mortgage Acceptance Co ..... 71,176
600 American National Bankshares, Inc ... 16,134
3,100 American Physicians Capital, Inc.1 .. 75,175
3,000 American States Water Co ............ 81,900
1,100 American Woodmark Corp .............. 51,216
See Notes to Financial Statements.
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7
Scudder VIT Small Cap Index Fund
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SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
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SHARES SECURITY VALUE
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900 AmericanWest Bancorp.1 ............... $ 14,607
4,700 AMERIGROUP Corp.1,2 .................. 174,840
3,700 Ameristar Casinos, Inc.1,2 ........... 78,995
2,600 Ameron International, Inc ............ 90,402
9,000 AmerUs Group Co ...................... 253,710
4,900 Amli Residential Properties Trust .... 115,395
3,400 AMN Healthcare Services, Inc.1 ....... 43,180
38,700 AMR Corp.1 ........................... 425,700
5,400 AmSurg Corp.--Class A1 ............... 164,700
2,300 Analogic Corp ........................ 112,148
7,170 Anaren Microwave, Inc.1 .............. 67,183
6,900 Anchor Bancorp Wisconsin, Inc ........ 164,841
23,600 Andrew Corp.1 ........................ 217,120
2,700 Angelica Corp ........................ 45,765
7,500 Anixter International, Inc.1 ......... 175,725
10,990 AnnTaylor Stores Corp.1,2 ............ 318,160
4,500 ANSYS, Inc.1,2 ....................... 139,950
4,000 Anteon International Corp.1 .......... 111,640
9,200 Anthracite Capital, Inc .............. 110,952
5,000 Antigenics, Inc.1,2 .................. 57,600
5,600 Anworth Mortgage Asset Corp., REIT ... 86,352
8,002 APAC Customer Services, Inc.1 ........ 20,405
11,600 Apex Mortgage Capital, Inc., REIT .... 63,452
7,135 Aphton Corp.1,2 ...................... 58,792
7,900 Apogee Enterprises, Inc .............. 71,258
17,100 Applera Corp.--Celera
Genomics Group1 ...................... 176,472
6,900 Applica, Inc ......................... 58,650
3,400 Applied Films Corp.1,2 ............... 87,992
6,200 Applied Industrial Technologies, Inc. 130,820
3,100 Applied Signal Technology, Inc ....... 52,700
11,200 aQuantive, Inc.1 ..................... 117,600
42,400 Aquila, Inc .......................... 109,392
7,600 Arbitron, Inc.1 ...................... 271,320
5,288 Arch Chemicals, Inc .................. 101,001
11,400 Arch Coal, Inc.2 ..................... 261,972
3,300 Arctic Cat, Inc ...................... 63,228
200 Arden Group, Inc.--Class A1 .......... 11,800
5,800 Arena Pharmaceuticals, Inc.1 ......... 38,512
4,400 Argonaut Group, Inc .................. 54,252
5,731 Argosy Gaming Co.1 ................... 119,835
11,500 ARIAD Pharmaceuticals, Inc.1 ......... 51,635
67,200 Ariba, Inc.1 ......................... 199,584
5,789 Arkansas Best Corp ................... 137,720
5,141 Armor Holdings, Inc.1 ................ 68,889
13,600 Arris Group, Inc.1,2 ................. 67,456
2,336 Arrow Financial Corp ................. 77,952
2,300 Arrow International, Inc ............. 101,545
9,007 Artesyn Technologies, Inc.1 .......... 50,529
5,600 ArthroCare Corp.1 .................... 93,856
4,200 Artisan Components, Inc.1 ............ 94,962
1,900 Asbury Automative Group, Inc ......... 25,612
14,800 Ascential Software Corp.1 ............ 243,312
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SHARES SECURITY VALUE
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9,600 AsiaInfo Holdings, Inc.1 ............ $ 78,720
8,200 Ask Jeeves, Inc.1 ................... 112,750
11,500 Aspect Communications Corp.1 ........ 44,505
11,896 Aspen Technologies, Inc.1,2 ......... 57,101
2,700 Associated Estates Realty Corp ...... 17,739
5,660 Astec Industries, Inc.1 ............. 49,355
10,500 Asyst Technologies, Inc.1 ........... 70,245
7,600 At Road, Inc.1 ...................... 82,992
3,640 Atari, Inc.1,2 ...................... 16,198
8,300 AtheroGenics, Inc.1 ................. 123,919
11,554 Atlantic Coast Airlines Holdings,
Inc.1 ............................... 155,863
6,406 ATMI, Inc.1,2 ....................... 159,958
13,160 Atmos Energy Corp ................... 326,368
5,400 Atrix Laboratories, Inc.1 ........... 118,746
1,800 Atwood Oceanics, Inc.1 .............. 48,870
3,700 Audiovox Corp.--Class A1 ............ 41,403
9,000 Autobytel, Inc.1 .................... 56,160
18,400 Avanex Corp.1 ....................... 73,600
19,700 AVANT Immunotherapeutics, Inc.1 ..... 58,706
700 Avatar Holding, Inc.1 ............... 21,140
6,800 AVI BioPharma, Inc.1 ................ 41,684
5,500 Aviall, Inc.1 ....................... 62,535
6,900 Avid Technology, Inc.1,2 ............ 241,983
13,671 Avista Corp ......................... 193,445
24,300 Axcelis Technologies, Inc.1 ......... 148,716
7,260 Aztar Corp.1 ........................ 116,959
9,033 Baldor Electric Co.2 ................ 186,080
2,525 Baldwin & Lyons, Inc.--Class B ...... 59,969
9,582 Bally Total Fitness Holding Corp.1 .. 86,525
600 BancFirst Corp ...................... 31,116
2,600 Bandag, Inc ......................... 96,902
2,100 Bank Mutual Corp .................... 68,250
2,312 Bank of Granite Corp ................ 39,420
1,800 Bank of the Ozarks, Inc ............. 69,768
8,500 Bank United Financial Corp.--
Class A1 ............................ 171,275
12,900 BankAtlantic Bancorp, Inc.--Class A . 153,381
2,300 Bankrate, Inc.1 ..................... 27,876
3,900 Banner Corp ......................... 79,911
6,000 Banta Corp .......................... 194,220
4,300 Barnes Group, Inc ................... 93,568
4,275 Barra, Inc.1 ........................ 152,617
3,000 Bassett Furniture Industries, Inc ... 39,840
17,253 Bay View Capital Corp.1 ............. 99,722
1,200 Beasley Broadcast Group, Inc.--
Class A1 ............................ 16,416
3,098 Beazer Homes USA, Inc.1 ............. 258,683
1,861 bebe stores, Inc.1 .................. 35,601
2,800 Bedford Property Investors .......... 79,520
3,400 BEI Technologies, Inc ............... 40,800
1,835 Bel Fuse, Inc.--Class B ............. 42,021
4,933 Belden, Inc ......................... 78,385
5,833 Benchmark Stock Electronics, Inc.1 .. 179,423
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
8
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
4,500 Bentley Pharmaceuticals, Inc.1 .......... $ 59,175
600 Berkshire Hills Bancorp, Inc ............ 17,040
3,200 Berry Petroleum--Class A ................ 57,440
27,377 Beverly Enterprises, Inc.1 .............. 95,819
4,400 Big 5 Sporting Goods Corp.1 ............. 55,132
3,800 BioLase Technology, Inc.1 ............... 40,774
14,928 BioMarin Pharmaceutical, Inc.1 .......... 145,697
6,996 Biopure Corp.1,2 ........................ 42,746
2,615 Biosite Diagnostics, Inc.1 .............. 125,781
16,700 BJ' s Wholesale Club, Inc.1 ............. 251,502
4,374 Black Box Corp .......................... 158,339
8,200 Black Hills Corp ........................ 251,740
1,300 Blair Corp .............................. 28,860
2,900 Blue Rhino Corp.1 ....................... 34,771
9,742 Bob Evans Farms, Inc .................... 269,171
7,300 Boca Resorts, Inc.--Class A1 ............ 94,900
9,700 Bombay Co., Inc.1,2 ..................... 103,111
1,900 Bone Care International, Inc.1 .......... 26,410
16,929 Borland Software Corp.1,2 ............... 165,396
1,500 Boston Beer Co., Inc.--Class A1 ......... 21,600
4,200 Boston Communications Group, Inc.1,2 .... 71,946
6,100 Boston Private Financial Holdings,
Inc. ................................... 128,588
9,600 Bowne & Co., Inc ....................... 125,088
8,200 Boyd Gaming Corp.1 ..................... 141,532
6,503 Boyds Collection Ltd.1,2 ............... 30,629
6,500 Boykin Lodging Co ...................... 50,700
3,100 Bradley Pharmaceuticals, Inc.1,2 ....... 51,150
4,200 Brady (W.H.) Co ........................ 140,070
8,200 Brandywine Realty Trust, REIT .......... 201,884
5,122 Briggs & Stratton Corp.2 ............... 258,661
3,200 Bright Horizon Family Solutions, Inc.1 . 107,392
12,600 Brink' s Co ............................ 183,582
8,200 BroadVision, Inc.1 ..................... 46,658
2,700 Brookfield Homes Corp .................. 41,634
16,835 Brookline Bancorp, Inc ................. 235,690
9,327 Brooks Automation, Inc.1 ............... 105,768
3,200 Brookstone, Inc.1 ...................... 64,800
8,100 Brown (Tom), Inc.1 ..................... 225,099
4,400 Brown Shoe Co., Inc .................... 131,120
4,700 Bruker Daltonics, Inc.1 ................ 25,051
4,000 Brush Engineered Materials, Inc.1 ...... 33,400
300 Bryn Mawr Bank Corp .................... 11,121
2,950 BSB Bancorp, Inc ....................... 73,219
4,100 Buckeye Technologies, Inc.1 ............ 27,880
1,100 Buckle, Inc.1 .......................... 21,153
4,600 Building Materials Holding Corp ........ 68,126
3,400 Burlington Coat Factory
Warehouse Corp ......................... 60,860
5,620 C & D Technologies, Inc ................ 80,703
6,866 C-COR.net Corp.1 ....................... 33,643
10,010 Cable Design Technologies1 ............. 71,571
4,700 Cabot Microelectronics Corp.1,2 ........ 237,209
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
7,700 Cabot Oil & Gas Corp.--Class A ......... $ 212,597
7,000 CACI International, Inc.--Class A1 ..... 240,100
8,946 Cal Dive International, Inc.1 .......... 195,023
6,400 Calgon Carbon Corp ..................... 36,800
3,700 California Pizza Kitchen1 .............. 79,550
2,800 California Water Services Co ........... 78,736
15,200 Callaway Golf Co ....................... 200,944
5,303 Cambrex Corp ........................... 122,075
1,100 Camden National Corp ................... 30,250
3,300 Candela Corp.1 ......................... 38,016
7,500 Capital Automotive REIT ................ 209,925
1,475 Capital City Bank Group, Inc ........... 53,395
1,300 Capital Corp. of the West1 ............. 32,968
3,200 Capitol Bancorp Ltd .................... 86,720
4,451 Capstead Mortgage Corp.2 ............... 50,163
7,461 Caraustar Industries, Inc.1 ............ 59,763
3,200 Carbo Ceramics, Inc .................... 119,200
16,200 Cardiac Science, Inc.1 ................. 43,416
6,879 CardioDynamics International Corp.1 .... 23,457
4,490 Carpenter Technology Corp .............. 70,044
4,900 Cascade Bancorp ........................ 84,917
3,600 Cascade Corp ........................... 62,640
2,200 Cascade Natural Gas Corp ............... 42,020
3,600 Casella Waste Systems, Inc.--
Class A1 ............................... 32,508
11,786 Casey' s General Stores, Inc ........... 166,654
7,900 Cash America International, Inc ........ 104,438
9,900 Casual Male Retail Group, Inc.1 ........ 51,381
8,900 Catalina Marketing Corp.1 .............. 157,085
1,800 Catapult Communications Corp.1 ......... 19,116
4,700 Cathay Bancorp, Inc.2 .................. 209,526
4,800 Cato Corp.--Class A .................... 101,184
1,420 CB Bancshares, Inc ..................... 88,210
1,900 CCBT Financial Cos., Inc ............... 45,391
3,400 CCC Information Services Group, Inc.1 .. 49,300
2,600 CDI Corp.1 ............................. 67,496
5,200 CEC Entertainment, Inc.1 ............... 192,036
9,600 Cell Genesys, Inc.1,2 .................. 82,944
7,950 Cell Therapeutics, Inc.1,2 ............. 77,353
2,600 CellNet Data Systems, Inc.1 ............ --
3,000 Centene Corp.1 ......................... 116,700
1,100 Centennial Communications Corp.1 ....... 4,400
1,200 Centex Construction Products, Inc ...... 48,108
7,300 Centillium Communications, Inc.1 ....... 72,343
1,100 Central Coast Bancorp1 ................. 18,447
2,400 Central European Distribution Corp.1 ... 48,336
4,500 Central Garden & Pet Co.1 .............. 107,325
4,600 Central Pacific Financial Corp ......... 127,420
5,850 Central Parking Corp ................... 72,306
2,300 Central Vermont Public Service Corp. ... 44,965
3,500 Century Aluminum Co .................... 24,605
16,028 Century Business Services, Inc.1 ....... 52,091
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
9
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
9,500 Cepheid, Inc.1,2 .................... $ 46,930
2,600 Ceradyne, Inc.1 ..................... 48,698
6,700 Cerner Corp.1 ....................... 153,765
5,061 Cerus Corp.1 ........................ 38,109
3,700 CFS Bancorp, Inc .................... 52,170
3,500 CH Energy Group, Inc ................ 157,500
16,000 Champion Enterprises, Inc.1 ......... 82,880
2,600 Charles River Associates, Inc.1 ..... 73,502
1,600 Charlotte Russe Holding, Inc.1 ...... 16,512
25,700 Charming Shoppes, Inc.1 ............. 127,729
63,400 Charter Communications, Inc.--
Class A1 ............................ 251,698
100 Charter Financial Corp .............. 2,825
12,300 Charter Municipal Mortgage
Acceptance Co ....................... 233,823
5,300 Chateau Communities, Inc ............ 156,827
4,400 Chattem, Inc.1 ...................... 82,720
7,800 Checkpoint Systems, Inc.1 ........... 110,370
7,509 Chemical Financial Corp ............. 223,768
3,033 Chesapeake Corp ..................... 66,271
4,600 Chicago Pizza & Brewery, Inc.1,2 .... 46,000
3,900 Children' s Place1,2 ................ 77,454
12,200 Chippac, Inc.1 ...................... 93,574
8,400 Chiquita Brands International,
Inc.1 ............................... 121,800
10,081 Chittenden Corp ..................... 275,715
4,447 Choice Hotels Corp., Inc.1 .......... 121,448
2,400 Cholestech Corp.1 ................... 23,688
5,750 Christopher & Banks Corp.1 .......... 212,692
4,600 Chronimed, Inc.1 .................... 45,218
1,819 Churchill Downs, Inc ................ 69,686
12,147 CIBER, Inc.1 ........................ 85,272
3,200 CIMA Labs, Inc.1 .................... 86,048
9,500 Cimarex Energy Co.1 ................. 225,625
44,600 Cincinnati Bell, Inc.1 .............. 298,820
6,400 Ciphergen Biosystems, Inc.1 ......... 65,600
1,900 CIRCOR International, Inc ........... 33,877
17,700 Cirrus Logic, Inc.1 ................. 71,154
12,400 Citizens Banking Corp ............... 331,948
3,300 Citizens First Bancorp, Inc ......... 72,072
4,400 Citizens South Banking Corp ......... 58,256
4,555 Citizens, Inc.1 ..................... 33,115
5,300 City Holdings Co .................... 155,131
2,674 CityBank Lynwood .................... 72,358
10,600 CKE Restaurants, Inc.1 .............. 59,254
7,150 Clarcor, Inc ........................ 275,632
2,900 Clark, Inc.1 ........................ 34,655
1,800 Clayton Williams Energy, Inc.1 ...... 33,228
3,300 Clean Harbors, Inc.1 ................ 31,449
12,560 Cleco Corp .......................... 217,539
3,200 Cleveland-Cliffs, Inc.1,2 ........... 57,120
2,100 Closure Medical Corp.1 .............. 39,648
47,800 CMGI, Inc.1 ......................... 79,826
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
32,700 CMS Energy Corp.1 ................... $ 264,870
2,900 CNA Surety Corp ..................... 28,565
28,500 CNET Networks, Inc.1 ................ 177,555
2,800 Coachmen Industries, Inc ............ 33,460
1,500 Coastal Bancorp, Inc ................ 42,630
5,200 Cobalt Corp.1 ....................... 106,860
800 CoBiz, Inc .......................... 10,832
600 Coca Cola Bottling Consolidated ..... 32,760
8,300 Cognex Corp.1 ....................... 185,505
7,874 Coherent, Inc.1 ..................... 188,425
6,183 Cohu, Inc ........................... 96,455
5,528 Coinstar, Inc.1 ..................... 104,258
3,000 Coldwater Creek, Inc.1 .............. 36,990
4,200 Cole National Corp.1 ................ 52,584
3,300 CollaGenex Pharmaceuticals, Inc.1 ... 44,319
5,332 Collins & Aikman Corp.1 ............. 15,729
4,900 Colonial Properties Trust ........... 172,431
500 Columbia Bancorp .................... 12,000
4,870 Columbia Banking System, Inc ........ 87,222
9,000 Columbia Laboratories, Inc.1 ........ 101,250
5,600 Commerce Group, Inc ................. 202,720
2,500 Commercial Capital Bancorp., Inc.1 .. 38,375
12,653 Commercial Federal Corp ............. 268,244
7,500 Commercial Metals Co ................ 133,425
8,900 Commercial Net Lease Realty ......... 153,436
6,016 Commonwealth Telephone
Enterprises, Inc.1 .................. 264,524
12,000 CommScope, Inc.1 .................... 114,000
3,900 Community Bank System, Inc .......... 148,200
1,323 Community Banks, Inc ................ 39,346
10,641 Community First Bankshares, Inc ..... 290,499
2,530 Community Trust Bancorp, Inc ........ 66,134
4,000 CompuCom Systems, Inc.1 ............. 18,080
4,793 CompuCredit Corp.1,2 ................ 58,235
10,600 Computer Horizons Corp.1 ............ 48,124
8,300 Computer Network Technology Corp.1 .. 67,230
1,300 Computer Programs and System, Inc. .. 26,013
8,024 Comstock Resource, Inc.1 ............ 109,768
2,400 Comtech Telecommunications Corp.1 ... 67,776
4,900 Conceptus, Inc.1,2 .................. 68,845
8,300 Concord Camera Corp.1 ............... 58,847
4,900 Concord Communications, Inc.1 ....... 67,277
6,900 Concur Technologies, Inc.1 .......... 69,483
19,104 Concurrent Computer Corp.1 .......... 55,784
66,200 Conexant Systems, Inc.1 ............. 271,420
8,161 CONMED Corp.1 ....................... 149,020
3,700 Connecticut Bancshares, Inc ......... 145,225
1,550 Connecticut Water Service, Inc ...... 39,602
7,111 Connetics Corp.1 .................... 106,452
2,500 Consolidated Graphics, Inc.1 ........ 57,200
500 Consolidated-Tomoka Land Co ......... 12,560
15,900 Continental Airlines, Inc.--Class B1 238,023
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
10
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
7,500 Cooper Cos., Inc ........................ $260,775
15,400 Cooper Tire & Rubber Co ................. 270,886
15,600 Copart, Inc.1 ........................... 147,420
12,106 Corixa Corp.1,2 ......................... 93,579
9,425 Corn Products International, Inc ........ 283,033
4,300 Cornell Cos., Inc.1 ..................... 65,102
9,200 Cornerstone Realty Income Trust, Inc. ... 67,252
6,500 Corporate Office Properties
Trust, REIT ............................. 110,045
3,000 Correctional Properties Trust, REIT ..... 84,000
8,193 Corrections Corp. of America, REIT1 ..... 207,529
2,900 Corus Bankshares, Inc ................... 140,447
1,300 Corvel Corp.1 ........................... 46,800
39,500 Corvis Corp.1 ........................... 59,250
5,501 Cost Plus, Inc.1 ........................ 196,166
3,900 CoStar Group, Inc.1,2 ................... 116,454
500 Courier Corp ............................ 25,750
15,600 Covance, Inc.1 .......................... 282,360
3,000 Covenant Transport, Inc.--Class A1 ...... 51,000
3,388 CPI Corp ................................ 59,798
6,500 Crawford & Co.--Class B ................. 31,915
15,200 Cray, Inc.1 ............................. 120,080
14,380 Credence Systems Corp.1 ................. 121,799
2,500 Credit Acceptance Corp.1 ................ 25,225
28,133 Crompton Corp ........................... 198,338
4,900 Cross Country Healthcare, Inc.1 ......... 64,631
9,700 Crown American Realty Trust ............. 104,178
40,700 Crown Holdings, Inc.1 ................... 290,598
6,700 Crown Media Holdings, Inc.--
Class A1 ................................ 27,671
5,450 CryoLife, Inc.1,2 ....................... 56,407
12,200 CSG Systems International, Inc.1 ........ 172,386
8,760 CSK Auto Corp.1,2 ....................... 126,582
700 CSS Industries, Inc ..................... 26,985
4,700 CT Communications, Inc .................. 50,525
5,400 CTI Molecular Imaging, Inc.1 ............ 102,114
7,190 CTS Corp ................................ 75,135
4,000 Cubic Corp .............................. 88,880
7,857 Cubist Pharmaceuticals, Inc.1,2 ......... 83,756
10,000 Cumulus Media, Inc.--Class A1 ........... 189,300
4,700 CUNO, Inc.1 ............................. 169,764
9,400 CuraGen Corp.1 .......................... 52,170
3,800 Curative Health Services, Inc.1 ......... 64,600
2,600 Curtiss-Wright Corp ..................... 164,320
6,822 CV Therapeutics, Inc.1 .................. 202,341
10,643 CVB Financial Corp ...................... 207,751
5,051 Cyberonics, Inc.1 ....................... 108,647
8,400 Cymer, Inc.1 ............................ 265,104
27,400 Cytyc Corp.1 ............................ 288,248
1,900 D&E Communications, Inc ................. 21,755
4,400 D&K Healthcare Resources, Inc.2 ......... 71,016
9,300 Dade Behring Holdings, Inc.1 ............ 213,621
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
4,600 Daktronics, Inc.1 ....................... $75,210
3,706 Datascope Corp .......................... 109,438
5,674 Datastream Systems, Inc.1 ............... 60,088
3,800 Dave & Buster' s, Inc.1 ................. 41,420
1,200 Deb Shops, Inc .......................... 22,560
10,900 Decode Genetics, Inc.1 .................. 34,008
4,736 Delphi Financial Group, Inc.--Class A ... 221,645
8,668 Delta and Pine Land Co .................. 190,523
1,900 Deltic Timber Corp ...................... 54,055
7,800 Denbury Resources, Inc.1 ................ 104,754
3,300 Dendreon Corp.1 ......................... 19,602
8,724 Dendrite International, Inc.1,2 ......... 112,365
4,500 Department 56, Inc.1 .................... 68,985
8,200 DHB Industries, Inc.1 ................... 33,538
4,700 Diagnostic Products Corp ................ 192,935
2,800 Dick' s Sporting Goods, Inc.1 ........... 102,704
2,700 Digene Corp.1 ........................... 73,521
3,341 Digimarc Corp.1 ......................... 52,454
11,100 Digital Generation Systems, Inc.1 ....... 21,312
6,622 Digital Insight Corp.1 .................. 126,149
6,400 Digital River, Inc.1,2 .................. 123,520
12,200 DigitalThink, Inc.1 ..................... 38,430
2,800 Digitas, Inc.1 .......................... 13,888
14,300 Dillard' s, Inc.--Class A ............... 192,621
6,713 Dime Community Bancorp, Inc ............. 170,846
8,700 DiMon, Inc .............................. 62,292
1,800 Diodes, Inc.1 ........................... 34,488
4,960 Dionex Corp.1 ........................... 197,160
8,900 Discovery Laboratories, Inc.1 ........... 56,604
8,600 Ditech Communications Corp.1 ............ 42,828
6,400 Diversa Corp.1 .......................... 62,912
6,400 Dobson Communications Corp.--
Class A1 ................................ 34,880
11,200 Documentum, Inc.1,2 ..................... 220,304
5,500 Dollar Thrifty Automotive Group, Inc.1 .. 102,025
1,800 Dominion Homes, Inc.1 ................... 42,930
5,900 Dot Hill Systems Corp.1 ................. 77,290
3,700 DOV Pharmaceutical, Inc.1 ............... 42,550
2,540 Dover Downs Gaming &
Entertainment, Inc ...................... 23,495
3,200 Dover Motorsports, Inc .................. 13,120
4,900 Dress Barn, Inc.1 ....................... 62,083
3,200 Drexler Technology Corp.1 ............... 49,600
2,300 Dril-Quip, Inc.1,2 ...................... 41,860
5,100 DRS Technologies, Inc.1 ................. 142,392
9,800 drugstore.com, Inc.1 .................... 57,232
7,000 DSP Group, Inc.1 ........................ 150,710
4,782 Duane Reade, Inc.1 ...................... 70,534
2,200 Ducommun, Inc.1 ......................... 31,020
3,061 DuPont Photomasks, Inc.1 ................ 57,639
5,382 Dura Automotive Systems, Inc.1 .......... 52,797
4,200 Durect Corp.1 ........................... 10,122
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
11
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
5,700 DVI, Inc.1 ........................... $ 26,619
13,066 Dycom Industries, Inc.1 .............. 212,976
2,520 Dynacq International, Inc.1,2 ........ 42,336
13,100 E-LOAN, Inc.1 ........................ 76,373
14,100 E.piphany, Inc.1 ..................... 72,051
30,100 EarthLink, Inc.1 ..................... 237,489
6,635 East West Bancorp, Inc ............... 239,789
5,500 EastGroup Properties, Inc ............ 148,500
7,600 Echelon Corp.1,2 ..................... 104,652
9,906 Eclipsys Corp.1 ...................... 103,419
4,100 eCollege.com, Inc.1 .................. 47,068
3,900 EDO Corp ............................. 69,030
13,700 eFunds Corp.1 ........................ 157,961
8,129 EGL, Inc.1,2 ......................... 123,561
14,700 El Paso Electric Co.1 ................ 181,251
2,600 Electro Rent Corp.1 .................. 28,028
8,356 Electro Scientific Industries,
Inc.1,2 .............................. 126,677
2,800 Electronics Boutique Holdings Corp.1 . 64,708
11,800 Electronics for Imaging, Inc.1 ....... 239,422
3,900 Elizabeth Arden, Inc.1 ............... 51,363
6,060 Elkcorp .............................. 136,350
3,100 Embarcadero Technologies, Inc.1 ...... 21,700
3,300 EMCOR Group, Inc.1 ................... 162,888
6,200 Emerson Radio Corp.1 ................. 41,664
10,500 Emmis Communications Corp.--
Class A1 ............................. 240,975
7,100 Empire District Electric Co .......... 154,425
3,600 EMS Technologies, Inc.1 .............. 47,772
1,200 Encore Acquisition Co.1 .............. 22,980
2,900 Encore Wire Corp.1 ................... 27,550
14,346 Encysive Pharmaceuticals, Inc.1 ...... 68,861
9,400 Energen Corp ......................... 313,020
4,309 Energy Conversion Devices, Inc.1 ..... 39,212
7,100 Energy Partners Ltd.1 ................ 82,005
2,950 Engineered Support Systems, Inc ...... 123,457
3,600 Ennis Business Forms, Inc ............ 52,380
3,500 EnPro Industries, Inc.1 .............. 37,415
12,300 Entegris, Inc.1 ...................... 165,312
48,600 Enterasys Networks, Inc.1 ............ 147,258
3,775 Entertainment Properties Trust ....... 108,531
15,800 Entrust, Inc.1 ....................... 46,452
5,799 Enzo Biochem, Inc.1 .................. 124,788
10,500 Enzon, Inc.1 ......................... 131,460
11,400 Epicor Software Corp.1 ............... 68,286
4,100 Epiq Systems, Inc.1 .................. 70,397
4,200 EPIX Medical, Inc.1 .................. 59,430
12,500 Equity Inns, Inc ..................... 86,250
6,650 Equity One, Inc., REIT ............... 109,060
4,400 eResearch Technology, Inc.1,2 ........ 97,504
3,067 ESCO Electronics Corp.1,2 ............ 134,948
6,700 eSPEED, Inc.--Class A1 ............... 132,392
8,600 Esperion Therapeutics, Inc.1,2 ....... 168,474
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
8,819 ESS Technology, Inc.1 .................. $ 85,985
3,900 Essex Property Trust, Inc .............. 223,275
4,500 Esterline Technologies Corp.1 .......... 78,345
2,300 Ethyl Corp.1 ........................... 22,885
5,600 Euronet Worldwide, Inc.1 ............... 60,536
4,586 Evergreen Resources, Inc.1 ............. 249,066
3,900 Exact Science Corp.1 ................... 42,744
2,400 Exactech, Inc.1 ........................ 34,560
10,282 Exar Corp.1 ............................ 162,764
1,635 Excel Technology, Inc.1 ................ 37,327
200 Exchange National Bancshares, Inc ...... 11,136
2,700 EXCO Resources, Inc.1 .................. 48,357
12,000 Exelixis, Inc.1 ........................ 83,280
7,500 ExpressJet Holdings, Inc.1 ............. 113,250
16,500 Extended Stay America, Inc.1 ........... 222,585
24,600 Extreme Networks, Inc.1 ................ 130,380
9,900 Exult, Inc.1 ........................... 84,843
3,400 F&M Bancorp ............................ 167,688
6,400 F5 Networks, Inc.1 ..................... 107,840
10,683 FalconStor Software, Inc.1,2 ........... 71,469
100 Farmer Bros. Co ........................ 33,929
1,200 Farmers Capital Bank Corp .............. 38,316
2,116 FBL Financial Group, Inc.--Class A ..... 42,637
1,700 Federal Agricultural Mortgage Corp.--
Class C1 ............................... 37,995
13,730 Federal Signal Corp .................... 241,236
5,602 FEI Co.1 ............................... 105,094
10,831 FelCor Lodging Trust, Inc .............. 85,023
9,432 Ferro Corp ............................. 212,503
4,800 Fidelity Bankshares, Inc ............... 107,040
3,848 Fidelity National Information
Solutions, Inc.1 ....................... 100,356
8,728 FileNet Corp.1 ......................... 157,453
3,000 Financial Federal Corp.1 ............... 73,200
800 Financial Industries Corp .............. 11,792
1,400 Financial Institutions, Inc ............ 32,900
3,400 FindWhat.com1 .......................... 64,396
17,800 Finisar Corp.1 ......................... 27,590
5,200 Finish Line, Inc.--Class A1 ............ 115,492
2,100 Finlay Enterprises, Inc.1 .............. 34,755
3,300 First Albany Cos., Inc ................. 41,019
1,700 First Bancorp .......................... 44,047
1,400 First Busey Corp ....................... 33,936
8,300 First Charter Corp ..................... 144,420
1,300 First Citizens BancShares, Inc.--
Class A ................................ 131,092
12,580 First Commonwealth Financial Corp ...... 163,037
4,100 First Community Bancorp ................ 127,797
1,590 First Community Bancshares, Inc ........ 56,127
5,600 First Consulting Group, Inc.1 .......... 26,152
2,600 First Essex Bancorp, Inc ............... 122,564
3,200 First Federal Capital Corp ............. 63,520
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
12
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
8,042 First Financial Bancorp .............. $ 128,672
3,090 First Financial Bankshares, Inc ...... 103,391
1,205 First Financial Corp., Indiana ....... 63,744
4,200 First Financial Holdings ............. 113,568
8,400 First Horizon Pharmaceutical Corp.1 .. 33,180
2,200 First Indiana Corp ................... 37,664
8,900 First Industrial Realty Trust, Inc ... 281,240
3,032 First Merchants Corp ................. 73,708
1,090 First National Corp .................. 26,879
20,060 First Niagara Financial Group, Inc ... 280,038
1,700 First Oak Brook Bancshares, Inc ...... 56,083
100 First of Long Island Corp.1 .......... 3,990
3,900 First Place Financial Corp ........... 67,548
2,200 First Republic Bank1 ................. 58,520
5,082 First Sentinel Bancorp, Inc .......... 81,160
2,581 First Source Corp .................... 47,903
3,000 First State Bancorp .................. 82,530
400 First United Corp .................... 8,508
2,400 Firstbank Corp.--Michigan ............ 72,912
1,000 FirstFed America Bancorp, Inc ........ 34,500
3,800 FirstFed Financial Corp.1 ............ 134,102
900 Fisher Communications, Inc.1 ......... 44,019
8,450 Flagstar Bancorp, Inc ................ 206,602
10,677 Fleetwood Enterprises, Inc.1,2 ....... 79,010
7,900 Flir Systems, Inc.1 .................. 238,185
5,100 Florida East Coast Industries, Inc.--
Class A .............................. 130,305
8,025 Flowers Foods, Inc ................... 158,574
11,000 Flowserve Corp.1 ..................... 216,370
3,600 Flushing Financial Corp .............. 79,812
8,100 FMC Corp.1 ........................... 183,303
600 FNB Corp ............................. 16,242
2,100 FNB Corp.--North Carolina ............ 52,122
6,300 Footstar, Inc.1,2 .................... 81,900
9,400 Forest Oil Corp.1 .................... 236,128
3,100 Forrester Research, Inc.1 ............ 50,716
3,725 Forward Air Corp.1 ................... 94,503
6,091 Fossil, Inc.1,2 ...................... 143,504
1 Fourthstage Technologies, Inc.1 ...... --
2,100 Franklin Electric Co., Inc ........... 116,865
6,112 Freds, Inc.--Class A ................. 227,244
11,100 FreeMarkets, Inc.1,2 ................. 77,256
15,548 Fremont General Corp.2 ............... 213,008
5,700 Friedman, Billings, Ramsey Group,
Inc.--Class A2 ....................... 64,809
9,529 Frontier Airlines, Inc.1 ............. 86,523
3,800 Frontier Financial Corp .............. 107,958
5,709 Frontier Oil Corp .................... 86,777
9,800 FTI Consulting, Inc.1,2 .............. 244,706
8,700 FuelCell Energy, Inc.1,2 ............. 71,253
7,848 Fuller (H.B.) Co ..................... 172,813
5,172 G & K Services, Inc.--Class A ........ 153,091
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
1,200 GA Financial, Inc ...................... $ 30,180
2,300 Gabelli Asset Management, Inc.--
Class A1 ............................... 83,030
5,420 Gables Residential Trust ............... 163,847
2,800 Galyan' s Trading Co.1,2 ............... 40,152
6,300 GameStop Corp.1 ........................ 81,396
3,250 Gardner Denver Machinery, Inc.1 ........ 66,495
2,500 Gart Sports Co.1,2 ..................... 70,900
19,985 Gartner Group, Inc.--Class A1 .......... 151,486
52,000 Gateway, Inc.1 ......................... 189,800
9,500 GATX Corp .............................. 155,325
4,700 Gaylord Entertainment, Inc.1 ........... 91,979
2,640 GBC Bancorp ............................ 101,376
5,700 Gen-Probe, Inc.1 ....................... 232,959
6,800 GenCorp, Inc ........................... 60,452
7,000 Gene Logic, Inc.1 ...................... 41,790
1,900 Genencor International, Inc.1 .......... 31,293
6,450 General Cable Corp ..................... 34,830
13,000 General Communication--Class A1 ........ 112,580
4,500 Genesco, Inc.1 ......................... 79,650
2,600 Genesee & Wyoming, Inc.--Class A1 ...... 53,482
7,500 Genesis Health Ventures, Inc.1 ......... 132,375
7,300 Genesis Microchip, Inc.1 ............... 98,842
3,900 Genlyte Group1 ......................... 136,383
11,200 Genta, Inc.1,2 ......................... 149,184
8,200 Gentiva Health Services, Inc.1 ......... 73,800
6,347 Georgia Gulf Corp ...................... 125,671
3,900 Gerber Scientific, Inc.1 ............... 25,974
1,396 German American Bancorp ................ 24,360
9,200 Geron Corp.1,2 ......................... 67,712
5,000 Getty Realty Corp ...................... 111,600
4,700 Gevity HR, Inc ......................... 55,554
2,200 Gibraltar Steel Corp ................... 45,056
3,300 Glacier Bancorp, Inc ................... 81,246
3,600 Gladstone Capital Corp.5 ............... 74,268
8,500 Glatefelter (P.H.) Co .................. 125,375
3,451 Glenborough Realty Trust, Inc .......... 66,087
8,500 Glimcher Realty Trust2 ................. 190,400
2,900 Global Imaging Systems, Inc.1 .......... 67,164
18,200 Global Industries Ltd.1 ................ 87,724
7,100 Global Power Equipment Group, Inc.1 .... 33,015
26,964 GlobespanVirata, Inc.1 ................. 222,453
11,100 Gold Bancorp, Inc ...................... 116,661
3,961 Golden Telcom, Inc.1 ................... 88,885
6,500 Goody' s Family Clothing, Inc.1 ........ 56,225
36,400 Goodyear Tire & Rubber Co.1 ............ 191,100
1,400 Gorman-Rupp Co ......................... 33,600
12,898 Graftech International Ltd.1 ........... 70,294
9,950 Granite Construction, Inc .............. 190,642
4,700 Graphic Packaging
International Corp.1 ................... 21,197
8,600 Gray Television, Inc ................... 106,640
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
13
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
1,000 Great American Financial
Resources, Inc .................... $ 13,110
5,668 Great Atlantic & Pacific Tea
Co.1 .............................. 49,878
9,200 Great Lakes Chemical Corp ......... 187,680
4,900 Great Lakes REIT, Inc ............. 78,400
1,100 Great Southern Bancorp, Inc ....... 42,394
14,500 Greater Bay Bancorp ............... 296,090
1,600 Green Mountain Coffee, Inc.1 ...... 30,400
150 Grey Global Group ................. 115,877
38,800 Grey Wolf, Inc.1 .................. 156,752
2,800 Grief Bros Corp.--Class A ......... 64,400
8,370 Griffon Corp.1 .................... 133,920
3,000 Group 1 Software, Inc.1 ........... 55,410
4,200 Group Automotive, Inc.1 ........... 136,122
5,600 GSI Commerce, Inc.1 ............... 37,408
1,300 Guess, Inc.1 ...................... 7,800
8,800 Guilford Pharmaceuticals,
Inc.1,2 ........................... 39,952
3,800 Guitar Center, Inc.1,2 ............ 110,200
2,700 Gulf Island Fabrication1 .......... 45,684
3,400 GulfMark Offshore, Inc.1 .......... 57,392
7,400 Gymboree Corp.1 ................... 124,172
5,300 Haemonetics Corp.1,2 .............. 99,110
6,982 Hain Celestial Group, Inc.1 ....... 111,642
5,100 Hancock Fabrics, Inc .............. 82,365
4,250 Hancock Holding Co ................ 200,005
7,655 Handleman Co.1 .................... 122,480
4,200 Handspring, Inc.1 ................. 4,746
6,500 Hanger Orthopedic Group, Inc.1 .... 74,425
1,000 Hanmi Financial Corp .............. 17,470
11,900 Hanover Compressor Co.1 ........... 134,470
6,701 Harbor Florida Bancorp, Inc ....... 160,556
7,100 Harland (John H.) Co .............. 185,736
8,600 Harleysville Group, Inc ........... 197,972
3,875 Harleysville National Corp ........ 104,858
13,600 Harmonic, Inc.1 ................... 55,352
12,700 Harris Interactive, Inc.1 ......... 83,693
11,900 Harvest Natural Resources, Inc.1 .. 75,803
3,400 Haverty Furniture Cos., Inc ....... 59,500
1,600 Hawthorne Financial Corp.1 ........ 55,456
6,600 Headwaters, Inc.1 ................. 96,954
10,275 Health Care REIT, Inc ............. 313,388
1,900 Healthcare Services Group,
Inc.1 ............................. 26,847
5,900 HealthExtras, Inc.1 ............... 46,138
8,724 Heartland Express, Inc.1 .......... 194,109
31,800 Hecla Mining Co.1 ................. 134,514
3,000 HEICO Corp ........................ 36,600
5,600 Heidrick & Struggles
International, Inc.1,2 ............ 70,672
7,905 Helix Technology Corp ............. 104,583
21,200 Hercules, Inc.1 ................... 209,880
5,900 Heritage Property Investment
Trust, REIT ....................... 159,772
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
4,000 Herley Industries, Inc.1 ............. $ 67,920
4,700 Hexcel Corp.1 ........................ 15,040
1,400 Hi-Tech Pharmacal Co., Inc.1 ......... 56,938
2,450 Hibbett Sporting Goods, Inc.1 ........ 80,703
2,461 Hickory Tech Corp .................... 27,563
12,000 Highwoods Properties, Inc ............ 267,600
7,700 Hilb, Rogal and Hamilton Co.2 ........ 262,108
13,300 Hollinger International, Inc ......... 143,241
2,600 Hollis-Eden Pharmaceuticals, Inc.1 ... 32,838
3,000 Holly Corp ........................... 82,800
13,100 Hollywood Entertainment Corp.1 ....... 225,320
6,100 Hologic, Inc.1 ....................... 80,398
6,300 Home Properties of New York, Inc ..... 222,012
12,300 Hooper Holmes, Inc ................... 79,212
8,268 Horace Mann Educators Corp ........... 133,363
400 Horizon Financial Corp ............... 6,312
9,600 Horizon Offshore, Inc.1 .............. 47,808
2,800 Horizon Organic Holding Corp.1 ....... 66,724
7,750 Hot Topic, Inc.1 ..................... 208,553
3,400 Houston Exploration Co.1 ............. 117,980
2,500 Hudson Highland Group, Inc.1 ......... 47,525
2,900 Hudson River Bancorp, Inc ............ 80,968
5,800 Hughes Supply, Inc.2 ................. 201,260
4,940 Humboldt Bancorp ..................... 73,902
5,800 Hutchinson Technology1,2 ............. 190,762
4,100 Hydril Co.1 .......................... 111,725
9,400 Hypercom Corp.1 ...................... 39,010
8,880 Hyperion Solutions Corp.1 ............ 299,789
2,200 Iberiabank Corp ...................... 107,360
400 ICT Group, Inc.1 ..................... 4,184
3,400 ICU Medical, Inc.1,2 ................. 105,910
8,500 IDACORP, Inc ......................... 223,125
22,800 Identix, Inc.1,2 ..................... 144,780
7,000 IDEX Corp ............................ 253,680
5,400 iDine Rewards Network, Inc.1 ......... 74,196
5,200 IDX Systems Corp.1 ................... 80,704
4,106 IGEN International, Inc.1 ............ 128,928
4,500 IHOP Corp ............................ 142,065
3,600 II-VI, Inc.1 ......................... 83,088
8,363 ILEX OnOclogy, Inc.1 ................. 162,326
5,000 Imagistics International, Inc.1,2 .... 129,000
25,500 IMC Global, Inc ...................... 171,105
3,600 Immucore, Inc.1 ...................... 78,444
11,379 ImmunoGen, Inc.1 ..................... 48,588
11,900 Immunomedics, Inc.1 .................. 75,089
2,300 IMPAC Medical Systems, Inc.1 ......... 48,024
11,100 Impac Mortgage Holdings, Inc., REIT .. 185,259
4,928 IMPATH, Inc.1 ........................ 69,682
6,900 Impax Laboratories, Inc.1,2 .......... 82,731
11,541 In Focus Systems, Inc.1 .............. 54,474
4,235 INAMED Corp.1 ........................ 227,377
20,700 Incyte Genomics, Inc.1 ............... 96,048
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
4,200 Independent Bank Corp.--
Massachusetts ........................ $ 94,878
5,901 Independent Bank Corp.--Michigan ..... 151,597
11,900 Indevus Pharmaceuticals, Inc.1 ....... 74,256
2,300 Inet Technologies, Inc.1 ............. 22,931
3,600 Infinity Property & Casual Corp ...... 85,104
10,200 Infonet Services Corp.--Class B1 ..... 16,218
14,800 Informatica Corp.1 ................... 102,268
3,800 Information Holdings, Inc.1 .......... 69,350
5,700 InfoSpace, Inc.1 ..................... 77,349
5,300 InfoUSA, Inc.1 ....................... 42,930
1,600 Ingles Markets, Inc.--Class A ........ 16,160
7,900 Innkeepers USA Trust ................. 53,720
4,900 Innovex, Inc.1 ....................... 49,490
14,100 Input/Output, Inc.1 .................. 75,858
12,500 Insight Communications Co., Inc.1 .... 164,750
12,262 Insight Enterprises, Inc.1 ........... 123,356
4,266 Insignia Financial Group, Inc.--
Class A1 ............................. 47,395
7,090 Insituform Technologies--Class A1,2 .. 125,351
6,300 Inspire Pharmaceuticals, Inc.1 ....... 68,040
3,222 Insurance Auto Auctions, Inc.1 ....... 40,468
4,822 Integra Bank Corp .................... 82,987
4,300 Integra LifeSciences Holdings1 ....... 113,434
1,900 Integral Systems, Inc.1 .............. 37,772
1,500 Integrated Defense Technology, Inc.1 . 23,265
9,700 Integrated Electrical Services,
Inc.1 ................................ 70,325
9,100 Integrated Silicon Solution, Inc.1 ... 63,154
9,600 InteliData Technology Corp.1 ......... 29,376
5,590 Inter-Tel, Inc ....................... 118,620
5,835 Intercept Group, Inc.1 ............... 48,781
1,200 Interchange Financial Services Corp. . 23,544
11,741 Interface, Inc ....................... 54,478
11,724 Intergraph Corp.1 .................... 252,066
31,800 Interland, Inc.1 ..................... 31,164
4,636 Intermagnetics General Corp.1 ........ 91,978
6,000 Intermune, Inc.1,2 ................... 96,660
3,500 International Multifoods Corp.1 ...... 80,185
9,300 Internet Security Systems, Inc.1 ..... 134,757
2,100 Interpool, Inc ....................... 34,482
5,800 Interpore International, Inc.1 ....... 73,834
10,200 Interstate Bakeries Corp ............. 129,540
4,787 IntertTAN, Inc.1 ..................... 39,253
11,000 Intervoice, Inc.1 .................... 54,340
32,200 Interwoven, Inc.1 .................... 71,484
5,000 Intrado, Inc.1 ....................... 78,950
8,900 Intuitive Surgical, Inc.1 ............ 67,462
6,200 Invacare Corp ........................ 204,600
6,700 Inveresk Research Group, Inc.1 ....... 120,533
2,100 Inverness Medical Innovations, .......
Inc.1,2 .............................. 40,530
11,300 Investment Technology Group, Inc.1 ... 210,180
6,100 Investors Real Estate Trust .......... 65,819
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
3,700 InVision Technologies, Inc.1 .......... $ 91,945
14,509 Iomega Corp.1,2 ....................... 153,795
5,400 Ionics, Inc.1,2 ....................... 120,798
2,000 iPayment Holdings, Inc.1 .............. 47,740
5,000 Irwin Financial Corp.2 ................ 129,500
11,168 Isis Pharmaceuticals, Inc.1 ........... 59,190
5,311 Isle of Capri Casinos, Inc.1,2 ........ 87,791
600 ITLA Capital Corp.1 ................... 24,258
4,900 Itron, Inc.1 .......................... 105,644
6,300 Ixia1 ................................. 40,509
2,900 IXYS Corp.1 ........................... 23,113
1,300 J & J Snack Foods Corp.1 .............. 41,119
5,350 J. Jill Group, Inc.1 .................. 90,094
1,800 j2 Global Communications, Inc.1,2 ..... 82,764
8,198 Jack in the Box, Inc.1,2 .............. 182,815
21,914 Jacuzzi Brands, Inc.1 ................. 115,925
7,500 JAKKS Pacific, Inc.1 .................. 99,675
3,600 Jarden Corp.1 ......................... 99,612
8,382 JDA Software Group, Inc.1 ............. 93,795
13,600 JLG Industries, Inc ................... 92,480
8,200 JNI Corp.1 ............................ 40,426
3,400 Jo-Ann Stores, Inc.--Class A1,2 ....... 86,020
2,200 John B. Sanfilippo & Son, Inc.1 ....... 35,530
7,882 Jones Lang LaSalle, Inc.1 ............. 124,536
1,700 Jos. A. Bank Clothiers, Inc.1 ......... 56,831
8,303 Journal Register Co.1 ................. 150,201
11,500 Joy Global, Inc.1 ..................... 169,855
3,100 K-Swiss, Inc.--Class A ................ 107,012
5,500 K-V Pharmaceutical Co.--Class A1 ...... 152,900
7,600 K2, Inc.1 ............................. 93,100
3,980 Kadant, Inc.1 ......................... 74,625
6,500 Kaman Corp.--Class A .................. 75,985
8,000 Kana Software, Inc.1 .................. 24,240
1,200 Kansas City Life Insurance Co ......... 51,408
15,700 Kansas City Southern Industries,
Inc.1 ................................. 188,871
7,090 Kaydon Corp ........................... 147,472
11,000 KCS Energy, Inc.1 ..................... 59,290
12,400 Keane, Inc.1 .......................... 169,012
2,200 Keithley Instruments, Inc ............. 31,790
5,982 Kellwood Co ........................... 189,211
4,100 Kelly Services, Inc ................... 96,145
20,700 KEMET Corp.1 .......................... 209,070
8,512 Kennametal, Inc ....................... 288,046
2,350 Kenneth Cole Productions, Inc.--
Class A1 .............................. 45,802
2,800 Kensey Nash Corp.1 .................... 72,800
5,500 Keynote Systems, Inc.1 ................ 57,640
2,200 Keystone Automotive Industries, Inc.1 . 40,172
5,300 Keystone Property Trust ............... 98,103
7,600 Kilroy Realty Corp .................... 209,000
7,200 Kimball International, Inc.--Class B .. 112,320
3,800 Kindred Healthcare, Inc.1 ............. 67,792
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
15
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
4,136 Kirby Corp.1 .......................... $ 116,635
3,600 Kirkland' s, Inc.1 .................... 58,140
3,400 Klamath First Bancorp., Inc ........... 57,188
19,500 Knight Trading Group, Inc.1,2 ......... 121,290
7,052 Knight Transportation, Inc.1 .......... 175,595
6,000 Koger Equity, Inc ..................... 103,380
5,500 Komag, Inc.1 .......................... 65,065
20,700 Kopin Corp.1 .......................... 126,684
10,123 Korn/Ferry International1 ............. 81,996
2,000 KOS Pharmaceuticals, Inc.1,2 .......... 46,940
5,500 Kosan Biosciences, Inc.1 .............. 32,450
3,400 Kramont Realty Trust .................. 56,100
8,500 Kroll, Inc.1 .......................... 230,010
5,081 Kronos, Inc.1 ......................... 258,166
13,600 Kulicke & Soffa Industries, Inc.1,2 ... 86,904
3,100 KVH Industries, Inc.1 ................. 76,663
3,600 Kyphon, Inc.1 ......................... 54,432
13,200 La Jolla Pharmaceutical Co.1 .......... 43,164
32,175 La Quinta Corp.1 ...................... 138,674
2,800 LabOne, Inc.1 ......................... 60,368
9,000 Labor Ready, Inc.1,2 .................. 64,530
3,800 Laclede Group, Inc .................... 101,840
1,942 Lakeland Bancorp, Inc.2 ............... 31,033
300 Lakeland Financial Corp ............... 9,114
8,600 Lance, Inc ............................ 78,518
4,400 Landamerica Financial Group ........... 209,000
2,700 Landauer, Inc ......................... 112,941
4,800 Landry' s Restaurants, Inc ............ 113,280
3,712 Landstar System, Inc.1 ................ 233,299
1,950 Lannett Co., Inc.1,2 .................. 45,708
2,600 LaSalle Hotel Properties .............. 38,428
5,000 Laserscope1 ........................... 39,950
24,000 Lattice Semiconductor Corp.1 .......... 197,520
900 Lawson Products, Inc .................. 24,785
12,600 Lawson Software, Inc.1 ................ 97,902
3,583 Learning Tree International, Inc.1 .... 56,002
21,762 Legato Systems, Inc.1 ................. 182,583
3,800 LendingTree, Inc.1 .................... 93,024
9,518 Lennox International, Inc ............. 122,497
14,200 Lexar Media, Inc.1 .................... 135,468
7,222 Lexicon Genetics, Inc.1 ............... 48,460
8,600 Lexington Corporate Properties Trust .. 152,220
4,400 Libbey, Inc ........................... 99,880
5,075 Liberty Corp .......................... 215,688
8,900 LifePoint Hospitals, Inc.1 ............ 186,366
13,700 Ligand Pharmaceuticals, Inc.--
Class B1,2 ............................ 186,183
9,485 Lightbridge, Inc.--Class A1 ........... 83,089
6,000 Lin TV Corp.--Class A1 ................ 141,300
9,374 Lincoln Electric Co ................... 191,323
3,050 Lindsay Manufacturing Co .............. 70,821
10,500 Linens `n Things, Inc.1 ............... 247,905
7,800 Lionbridge Technologies, Inc.1 ........ 39,702
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
3,000 Liquidmetal Technologies1,2 ............ $ 15,390
2,400 Lithia Motors, Inc.--Class A1 .......... 38,808
4,286 Littelfuse, Inc.1 ...................... 95,835
6,500 Local Financial Corp.1 ................. 93,860
3,454 LodgeNet Entertainment Corp.1 .......... 37,821
5,500 Lone Star Steakhouse & Saloon, Inc. .... 119,735
6,836 Lone Star Technologies, Inc.1 .......... 144,786
7,583 Longs Drug Stores Corp ................. 125,878
11,200 Longview Fibre Co ...................... 91,840
22,500 LookSmart Ltd.1 ........................ 63,675
26,016 Louisiana-Pacific Corp.1 ............... 282,013
800 LSB Bancshares, Inc .................... 13,848
3,900 LSI Industries, Inc .................... 43,290
11,274 LTX Corp.1,2 ........................... 97,182
1,400 Lufkin Industries, Inc ................. 34,090
6,700 Luminex Corp.1,2 ....................... 34,572
2,700 Lydall, Inc.1 .......................... 28,890
3,300 M/I Schottenstein Homes, Inc ........... 140,844
1,035 Macatawa Bank Corp ..................... 24,933
7,803 MacDermid, Inc.2 ....................... 205,219
10,200 Macrovision Corp.1 ..................... 203,184
5,811 MAF Bancorp, Inc ....................... 215,414
4,900 Magma Design Automation, Inc.1 ......... 84,035
14,000 Magna Entertainment Corp.,--
Class A1 ............................... 70,000
14,600 Magnum Hunter Resources, Inc.1 ......... 116,654
5,400 Mail Well, Inc.1 ....................... 13,608
2,200 Main Street Banks, Inc ................. 55,660
410 MainSource Financial Group, Inc ........ 9,992
5,100 Manhattan Associates, Inc.1 ............ 132,447
7,277 Manitowoc Co., Inc ..................... 162,277
3,100 ManTech International Corp.--
Class A1 ............................... 59,458
4,400 Manufactured Home
Communities, Inc ....................... 154,484
2,700 Manufacturers' Services Ltd.1 .......... 13,095
15,600 Manugistics Group, Inc.1 ............... 64,116
3,550 Marcus Corp ............................ 53,073
5,722 Martek Biosciences Corp.1,2 ............ 245,703
2,622 Martha Stewart Living
Omnimedia, Inc.1,2 ..................... 24,621
1,700 MASSBANK Corp .......................... 61,489
15,700 Massey Energy Corp ..................... 206,455
6,800 MasTec, Inc.1 .......................... 39,168
1,500 Material Sciences Corp.1 ............... 14,550
3,300 Matria Healthcare, Inc.1 ............... 58,245
3,100 Matrix Service Co.1 .................... 53,258
13,300 MatrixOne, Inc.1 ....................... 76,342
8,200 Matthews International Corp.--
Class A ................................ 203,032
7,400 Mattson Technology, Inc.1 .............. 22,866
2,000 Maui Land & Pineapple Co., Inc.1 ....... 44,960
9,983 Maverick Tube Corp.1,2 ................. 191,174
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
3,600 MAXIMUS, Inc.1 ......................... $ 99,468
2,200 Maxwell Shoe Co., Inc.1 ................ 31,680
6,300 Maxygen, Inc.1 ......................... 69,111
3,800 MB Financial, Inc ...................... 152,152
2,000 MBT Financial Corp ..................... 35,000
4,900 MCG Capital Corp ....................... 71,050
2,800 McGrath Rentcorp ....................... 74,872
4,000 McMoRan Exploration Co.1 ............... 44,560
18,400 Medarex, Inc.1 ......................... 121,256
14,700 Mediacom Communications Corp.1 ......... 145,089
3,200 Medical Action Industries, Inc.1 ....... 52,256
1,200 Medical Staffing Network
Holdings, Inc.1 ........................ 8,400
10,000 Medicines Co.1 ......................... 196,900
1,665 Medis Technologies Ltd.1,2 ............. 11,871
3,025 MedQuist, Inc.1 ........................ 61,226
2,872 MemberWorks, Inc.1 ..................... 56,722
8,092 Men' s Wearhouse, Inc.1 ................ 176,810
10,392 Mentor Corp ............................ 201,397
16,400 Mentor Graphics Corp.1 ................. 237,472
2,200 Mercantile Bank Corp ................... 62,832
6,522 Mercury Computer Systems, Inc.1 ........ 118,440
4,200 Meridian Bioscience, Inc ............... 38,262
11,300 Meridian Resource Corp.1 ............... 53,449
12,944 Meristar Hospitality Corp .............. 66,532
4,100 Merit Medical Systems, Inc.1 ........... 81,918
2,300 Meritage Corp.1 ........................ 113,298
9,100 Mesa Air Group, Inc.1 .................. 72,800
3,300 Mesaba Holdings, Inc.1 ................. 20,361
400 Mestek, Inc.1 .......................... 7,200
7,628 Methode Electronics, Inc.--Class A ..... 82,001
7,200 Metris Cos., Inc ....................... 39,960
7,000 Metro One Telecommunications, Inc.1 .... 36,120
800 Metrologic Instruments, Inc.1 .......... 26,600
13,900 MFA Mortgage Investments, Inc .......... 139,556
3,400 MGE Energy, Inc ........................ 106,692
6,500 MGI Pharma, Inc.1 ...................... 166,595
13,000 Micrel, Inc.1 .......................... 135,070
14,000 Micromuse, Inc.1 ....................... 111,860
4,783 MICROS Systems, Inc.1 .................. 157,743
7,344 Microsemi Corp.1,2 ..................... 117,504
2,700 MicroStrategy, Inc.--Class A1 .......... 98,361
13,200 Microtune, Inc.1,2 ..................... 42,240
4,400 Mid-America Apartment
Communities, Inc ....................... 118,844
6,200 Mid-Atlantic Realty Trust .............. 129,828
6,900 Mid-State Bancshares ................... 136,275
4,700 Midas, Inc.1 ........................... 56,964
1,450 Middlesex Water Co ..................... 35,728
1,400 Midland Co ............................. 31,094
10,059 Midway Games, Inc.1,2 .................. 36,514
4,200 Midwest Banc Holdings, Inc ............. 81,564
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
5,698 Milacron, Inc .......................... $ 27,863
16,931 Millennium Chemicals, Inc .............. 161,014
7,500 MIM Corp.1 ............................. 48,975
1,700 Mine Safety Appliances Co .............. 74,154
4,468 Minerals Technologies, Inc.2 ........... 217,413
4,300 Mission West Properties, Inc ........... 48,891
5,900 MKS Instruments, Inc.1 ................. 106,613
4,174 Mobile Mini, Inc.1,2 ................... 68,161
3,100 Mobius Management Systems, Inc.1 ....... 23,157
7,406 Modine Manufacturing Co ................ 143,454
3,500 Modtech Holdings, Inc.1 ................ 32,165
4,500 Molecular Devices Corp.1 ............... 71,595
6,575 Monaco Coach Corp.1 .................... 100,795
6,000 Monolithic Systems Technology, Inc.1 ... 54,360
2,300 Monro Muffler Brake, Inc.1 ............. 64,998
3,600 Moog, Inc.--Class A1 ................... 125,100
1,600 Mother' s Work, Inc.1 .................. 42,832
1,700 Movado Group, Inc ...................... 36,975
5,325 Movie Gallery, Inc.1,2 ................. 98,246
22,572 MPS Group, Inc.1 ....................... 155,295
4,020 MRO Software, Inc.1 .................... 34,693
30,734 MRV Communications, Inc.1 .............. 61,775
8,500 MSC Software Corp.1,2 .................. 57,290
1,000 MTC Technologies, Inc.1 ................ 23,460
7,500 MTR Gaming Group, Inc.1 ................ 57,900
6,900 MTS Systems Corp ....................... 101,706
8,200 Mueller Industries, Inc.1 .............. 222,302
2,200 Multimedia Games, Inc.1 ................ 56,100
5,472 Myers Industries, Inc .................. 51,984
9,300 Mykrolis Corp.1 ........................ 94,395
7,000 Myriad Genetics, Inc.1 ................. 95,270
9,997 N B T Bancorp, Inc ..................... 193,442
10,033 Nabi Biopharmaceuticals1 ............... 68,826
1,325 NACCO Industries, Inc.--Class A ........ 78,096
3,400 Nara Bancorp, Inc ...................... 64,600
3,800 Nash Finch Co .......................... 63,270
500 National Beverage Corp.1 ............... 6,950
8,100 National Health Investors, Inc ......... 149,364
1,400 National Healthcare Corp.1 ............. 27,552
4,189 National Penn Bancshares, Inc .......... 117,627
900 National Presto Industries, Inc ........ 28,440
600 National Western Life Insurance Co.--
Class A1 ............................... 66,258
15,000 Nationwide Health Properties, Inc ...... 238,950
3,900 Nature' s Sunshine Products, Inc ....... 31,239
8,400 Nautica Enterprises, Inc.1 ............. 107,772
6,075 Nautilus Group, Inc.2 .................. 75,330
11,875 Navigant Consulting, Inc.1 ............. 140,719
4,500 Navigant International, Inc.1 .......... 58,050
733 NBC Capital Corp ....................... 18,545
12,338 NBTY, Inc.1 ............................ 259,838
3,800 NCI Building Systems, Inc.1 ............ 63,460
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
17
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
4,211 NCO Group, Inc.1,2 ................... $ 75,419
700 NCP Litigation Trust1 ................ --
8,089 NDCHealth Corp ....................... 148,433
12,000 Nektar Therapeutics1 ................. 110,760
1,600 Neoforma, Inc.1 ...................... 17,472
4,186 NeoPharm, Inc.1,2 .................... 57,976
3,422 Neose Technologies, Inc.1,2 .......... 34,254
4,300 Neoware Systems, Inc.1 ............... 65,962
12,772 Net IQ Corp.1 ........................ 197,455
13,496 Net.B@nk, Inc ........................ 177,607
8,600 Net2Phone, Inc.1 ..................... 37,238
9,253 Netegrity, Inc.1 ..................... 54,038
2,400 Netflix, Inc.1 ....................... 61,320
3,400 Netratings, Inc.1 .................... 31,076
4,100 Netscout Systems, Inc.1 .............. 22,017
4,300 Network Equipment
Technologies, Inc.1 .................. 36,206
4,400 New Century Financial Corp ........... 192,060
2,300 New England Business Service, Inc .... 69,000
17,800 New Focus, Inc.1 ..................... 66,572
7,950 New Jersey Resources Corp ............ 282,225
3,900 Newcastle Investment Corp ............ 76,362
18,925 Newpark Resources, Inc.1 ............. 103,709
10,000 Newport Corp.1 ....................... 148,000
1,400 NII Holdings, Inc.--Class B1 ......... 53,578
2,300 NL Industries, Inc ................... 39,100
5,000 NN, Inc .............................. 63,300
7,000 Nordson Corp ......................... 166,950
2,900 North Pittsburgh Systems, Inc ........ 43,703
16,900 Northwest Airlines Corp.1 ............ 190,801
2,200 Northwest Bancorp, Inc ............... 35,200
7,807 Northwest Natural Gas Co ............. 212,741
2,500 Novastar Financial, Inc., REIT2 ...... 149,375
4,600 Noven Pharmaceuticals, Inc.1 ......... 47,104
7,370 NPS Pharmaceuticals, Inc.1 ........... 179,386
2,976 NS Group, Inc.1 ...................... 29,016
10,444 Nu Skin Enterprises, Inc ............. 109,140
4,200 Nuance Communications, Inc.1,2 ....... 22,680
5,700 Nuevo Energy Co.1,2 .................. 99,465
5,500 NUI Corp ............................. 85,360
15,200 Nuvelo, Inc.1 ........................ 30,248
6,870 NYFIX, Inc.1,2 ....................... 43,625
500 NYMAGIC, Inc ......................... 10,130
4,400 O' Charley' s, Inc.1 ................. 94,732
2,200 Oak Hill Financial, Inc .............. 55,066
14,400 Oak Technology, Inc.1 ................ 89,424
5,300 Oakley, Inc.1 ........................ 62,381
3,500 Ocean Financial Corp ................. 85,505
5,700 Oceaneering International, Inc.1 ..... 145,635
3,000 Octel Corp ........................... 41,700
5,200 Ocular Sciences, Inc.1 ............... 103,220
7,500 Ocwen Financial Corp.1 ............... 34,050
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
4,850 Odyssey Healthcare, Inc.1,2 ............ $ 179,450
29,190 OfficeMax, Inc.1 ....................... 191,195
4,100 Offshore Logistics, Inc.1 .............. 89,175
13,442 Ohio Casualty Corp.1 ................... 177,166
4,200 Oil States International, Inc.1 ........ 50,820
3,800 Old Dominion Freight Line, Inc.1 ....... 82,156
1,199 Old Second Bancorp, Inc ................ 51,377
12,454 Olin Corp .............................. 212,963
8,100 OM Group, Inc.1 ........................ 119,313
1,400 Omega Financial Corp ................... 47,880
5,100 Omnicell, Inc.1 ........................ 52,224
4,900 OmniVision Technologies, Inc.1,2 ....... 152,880
11,600 Omnova Solutions, Inc.1 ................ 46,864
8,300 ON Semiconductor Corp.1,2 .............. 22,410
6,000 Oneida Ltd ............................. 40,500
7,000 Onyx Pharmaceuticals, Inc.1 ............ 86,310
42,000 Openwave Systems, Inc.1 ................ 81,900
24,100 Oplink Communications, Inc.1 ........... 45,067
3,600 OPNET Technologies, Inc.1 .............. 43,884
14,300 Opsware, Inc.1 ......................... 57,486
3,300 Optical Communication Products, Inc.1 .. 5,940
4,800 Option Care, Inc.1,2 ................... 55,344
8,400 Orasure Technologies, Inc.1 ............ 62,664
12,260 Orbital Sciences Corp.1,2 .............. 89,498
2,520 Oriental Financial Group ............... 64,739
11,200 Orthodontic Centers of America, Inc.1 .. 89,712
4,900 OrthoLogic Corp.1 ...................... 22,491
2,108 Oshkosh B' Gosh, Inc.--Class A ......... 56,916
3,625 Oshkosh Truck Corp ..................... 215,035
9,500 OSI Pharmaceuticals, Inc.1 ............. 305,995
3,100 OSI Systems, Inc.1 ..................... 49,786
4,800 Osteotech, Inc.1 ....................... 65,232
5,500 Otter Tail Power Co .................... 148,390
2,800 Overland Storage, Inc.1 ................ 56,952
5,400 Overseas Shipholding Group, Inc ........ 118,854
3,000 Overstock.com, Inc.1,2 ................. 43,530
15,700 Overture Services, Inc.1 ............... 284,641
8,000 Owens & Minor, Inc., Holding Co ........ 178,800
1,900 Oxford Industries, Inc ................. 78,888
1,300 P.A.M. Transportation Services, Inc.1 .. 32,656
5,972 P.F. Chang' s China Bistro, Inc.1,2 .... 293,882
4,700 Pacer International, Inc.1 ............. 88,642
10,033 Pacific Capital Bancorp ................ 351,657
5,200 Pacific Northwest Bancorp .............. 180,752
11,305 Pacific Sunwear of California, Inc.1 ... 272,337
1,400 Pacific Union Bank ..................... 18,746
6,400 Packeteer, Inc.1 ....................... 99,648
5,300 Pain Therapeutics, Inc.1 ............... 34,238
3,450 Palm Harbor Homes, Inc.1 ............... 65,343
7,520 Palm, Inc.1 ............................ 122,350
6,500 Panera Bread Co.--Class A1,2 ........... 260,000
4,006 Papa John' s International, Inc.1,2 .... 112,368
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
54,600 Parametric Technology Corp.1 ........ $ 166,530
7,160 PAREXEL International Corp.1 ........ 99,882
3,687 Park Electrochemical Corp ........... 73,556
27,000 Parker Drilling Co.1 ................ 78,570
2,700 Parkway Properties, Inc ............. 113,535
5,500 ParthusCeva, Inc.1 .................. 44,825
600 Partners Trust Financial Group, Inc . 11,448
2,600 Party City Corp.1 ................... 26,702
9,100 Pathmark Stores, Inc.1 .............. 69,615
7,013 Patina Oil & Gas Corp ............... 225,468
9,250 Paxar Corp.1 ........................ 101,750
9,900 Paxson Communications Corp.1 ........ 59,301
16,100 Payless ShoeSource, Inc.1 ........... 201,250
850 PC Connection, Inc.1 ................ 5,780
6,400 PC-Tel, Inc.1 ....................... 75,904
4,800 PDF Solutions, Inc.1 ................ 55,440
2,700 PDI, Inc.1 .......................... 27,432
900 Peapack-Gladstone Financial Corp .... 28,827
1,600 PEC Solutions, Inc.1,2 .............. 25,760
5,600 Pediatrix Medical Group, Inc.1 ...... 199,640
3,700 Peet' s Coffee & Tea, Inc.1 ......... 64,602
1,100 Pegasus Communications Corp.1 ....... 32,538
7,504 Pegasus Systems, Inc.1 .............. 121,940
2,500 Pegasystems, Inc.1 .................. 18,425
8,700 Pemstar, Inc.1 ...................... 36,453
2,274 Penn Engineering &
Manufacturing Corp .................. 31,040
7,800 Penn National Gaming, Inc.1 ......... 160,290
2,600 Penn Virginia Corp .................. 111,800
3,800 Penn-America Group, Inc ............. 42,750
2,300 PennFed Financial Services, Inc ..... 63,825
960 PennRock Financial Services Corp .... 25,930
5,100 Pennsylvania Real Estate
Investment Trust .................... 152,745
4,200 Penwest Pharmaceuticals Co.1 ........ 102,354
1,400 Peoples Bancorp, Inc ................ 35,378
900 Peoples Holding Co .................. 39,825
11,600 Pep Boys--Manny, Moe, & Jack ........ 156,716
8,233 Per-Se Technologies, Inc.1 .......... 92,457
21,900 Peregrine Pharmaceuticals1 .......... 32,631
6,900 Pericom Semiconductor Corp.1 ........ 64,170
17,000 Perot Systems Corp.--Class A1 ....... 193,120
15,598 Perrigo Co .......................... 243,953
1,500 Perry Ellis International, Inc.1 .... 29,280
8,300 PETCO Animal Supplies, Inc.1 ........ 180,442
2,300 Petroleum Development Corp.1 ........ 21,137
3,400 PFF Bancorp, Inc .................... 131,410
7,200 Pharmacopeia, Inc.1 ................. 59,400
4,800 Philadelphia Consolidated
Holding Corp.1 ..................... 193,920
5,100 Phillips-Van Heusen Corp ............ 69,513
22,200 Phoenix Cos., Inc ................... 200,466
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
3,941 Photon Dynamics, Inc.1,2 ............ $ 108,890
6,568 Photronics, Inc.1,2 ................. 114,612
1,900 PICO Holdings, Inc.1 ................ 24,700
2,800 Pilgrims Pride Corp ................. 27,076
7,200 Pinnacle Entertainment, Inc.1 ....... 48,960
14,712 Pinnacle Systems, Inc.1 ............. 157,418
9,468 Pioneer Standard Electronics, Inc ... 80,289
8,800 Pixelworks, Inc.1 ................... 52,272
9,820 Plains Exploration & Production Co.1 106,154
6,400 Plains Resources, Inc.1 ............. 90,560
4,300 Planar Systems, Inc.1,2 ............. 84,108
9,400 Plantronics, Inc.1,2 ................ 203,698
2,660 Playboy Enterprises, Inc.--Class B1 . 36,176
6,100 Playtex Products, Inc.1 ............. 39,162
9,924 Plexus Corp.1 ....................... 114,424
7,600 Plug Power, Inc.1,2 ................. 35,492
7,500 PMA Capital Corp.--Class A2 ......... 94,275
9,513 PNM Resources, Inc .................. 254,473
2,300 Polymedica Corp.2 ................... 105,317
20,462 Polyone Corp ........................ 91,056
3,900 Pomeroy Computer Resources, Inc.1 ... 43,134
5,476 Pope & Talbot, Inc .................. 60,510
1,600 Port Financial Corp ................. 86,208
31,800 Portal Software, Inc.1 .............. 63,600
2,300 Portfolio Recovery Associates, Inc.1 71,737
5,200 Possis Medical, Inc.1 ............... 71,344
7,500 Post Properties, Inc ................ 198,750
7,868 Potlatch Corp ....................... 202,601
2,300 Powell Industries, Inc.1 ............ 33,672
6,100 Power Integrations, Inc.1 ........... 148,352
15,700 Power-One, Inc.1 .................... 112,255
16,800 Powerwave Technologies, Inc.1 ....... 105,336
7,200 Pozen, Inc.1 ........................ 79,056
5,200 PracticeWorks, Inc.1 ................ 100,360
14,900 Praecis Pharmaceuticals, Inc.1 ...... 73,010
3,400 Pre Paid Legal Services, Inc.1,2 .... 83,402
7,900 Prentiss Properties Trust ........... 236,921
6,800 Presidential Life Corp .............. 95,948
6,500 Presstek, Inc.1 ..................... 40,495
11,497 PRG-Schultz International, Inc.1,2 .. 67,832
11,408 Price Communications Corp.1 ......... 147,277
5,216 Priceline.com, Inc.1,2 .............. 116,786
1,922 Prima Energy Corp.1 ................. 40,131
12,100 Prime Hospitality Corp.1 ............ 81,191
33,900 PRIMEDIA, Inc.1 ..................... 103,395
14,300 Primus Telecommunications
Group, Inc.1 ........................ 73,502
7,900 Priority Healthcare Corp.--Class B1 . 146,545
2,450 PrivateBancorp, Inc.2 ............... 66,812
7,093 Proassurance Corp.1 ................. 191,440
2,000 Procurenet1 ......................... --
2,900 Progenics Pharmaceuticals, Inc.1 .... 43,674
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
19
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
7,794 Progress Software Corp.1 .............. $ 161,570
5,500 Proquest Co.1,2 ....................... 141,900
4,900 Prosperity Bancshares, Inc ............ 94,325
300 Provident Bancorp, Inc ................ 9,630
7,563 Provident Bankshares Corp ............. 192,176
14,000 Provident Financial Services, Inc ..... 266,700
11,527 Province Healthcare Co.1,2 ............ 127,604
35,205 Proxim Corp.--Class A1 ................ 51,399
3,700 PS Business Parks, Inc ................ 130,610
20,963 PSS World Medical, Inc.1 .............. 120,537
12,900 PTEK Holdings, Inc.1 .................. 62,565
1,900 Pulitzer, Inc ......................... 93,898
11,800 Pumatech, Inc.1 ....................... 40,120
3,900 QAD, Inc.1 ............................ 28,938
1,500 Quaker Chemical Corp .................. 37,575
2,000 Quaker City Bancorp, Inc.1 ............ 82,100
1,300 Quality Systems, Inc.1 ................ 35,737
5,000 Quanex Corp ........................... 148,600
16,900 Quanta Services, Inc.1 ................ 119,990
36,100 Quantum Corp.1 ........................ 146,205
8,800 Quest Software, Inc.1 ................. 104,720
2,000 Quicksilver Resources, Inc.1 .......... 47,900
12,700 Quicksilver, Inc.1 .................... 209,423
4,400 Quidel Corp.1 ......................... 27,368
1,600 Quixote Corp .......................... 40,848
4,800 R&G Financial Corp.--Class B .......... 142,560
5,800 R.H. Donnelley Corp.1 ................. 211,526
5,024 Radiant Systems, Inc.1 ................ 33,862
5,574 RadiSys Corp.1 ........................ 73,577
7,400 RailAmerica, Inc.1 .................... 62,530
7,856 Rainbow Technologies, Inc.1 ........... 66,069
15,500 Raindance Communications, Inc.1 ....... 38,595
3,600 RAIT Investment Trust, REIT ........... 95,400
8,660 Ralcorp Holdings, Inc.1 ............... 216,154
3,300 Ramco-Gershenson Properties
Trust, REIT ........................... 76,890
10,900 Range Resources Corp.1 ................ 68,343
5,050 RARE Hospitality International,
Inc.1,2 ............................... 165,034
2,600 Raven Industries, Inc ................. 51,792
8,800 Rayovac Corp.1 ........................ 113,960
6,400 Raytech Corp.1 ........................ 27,200
4,200 RC2 Corp.1 ............................ 71,442
12,300 RCN Corp.1 ............................ 24,354
11,100 Reckson Associates Realty Corp ........ 231,546
3,200 Red Robin Gourmet Burgers1 ............ 60,672
4,200 Redwood Trust, Inc.2 .................. 167,622
5,100 Regal-Beloit Corp ..................... 97,410
7,300 Regeneration Technologies, Inc.1 ...... 97,017
8,800 Regeneron Pharmaceuticals, Inc.1 ...... 138,600
6,500 Regent Communications, Inc.1 .......... 38,350
10,400 Register.com, Inc.1 ................... 60,944
5,400 RehabCare Group, Inc.1 ................ 79,110
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
5,250 Reliance Steel & Aluminum Co ......... $ 108,675
14,848 Remec, Inc.1 ......................... 103,342
6,300 Remington Oil & Gas Corp.1 ........... 115,794
2,900 Renaissance Learning, Inc.1,2 ........ 63,510
6,861 Rent-Way, Inc.1 ...................... 31,904
8,900 Repligen Corp.1 ...................... 46,102
15,982 Republic Bancorp, Inc ................ 214,478
700 Republic Bancorp, Inc.--Class A ...... 10,381
3,000 Republic Bancshares, Inc ............. 75,030
3,541 Research Frontiers, Inc.1,2 .......... 49,574
3,200 Resource America, Inc.--Class A ...... 33,120
1,500 Resource Bankshares Corp ............. 51,360
5,700 Resources Connection, Inc.1 .......... 136,002
7,100 Restoration Hardware, Inc.1 .......... 31,950
12,500 Retek, Inc.1 ......................... 80,000
500 Revlon1 .............................. 1,500
42,100 RF Micro Devices, Inc.1 .............. 253,442
9,600 RFS Hotel Investors, Inc ............. 118,272
5,700 Ribapharm, Inc.1 ..................... 36,765
1,800 Richardson Electronics Ltd ........... 14,580
5,274 Riggs National Corp .................. 80,270
3,600 Right Management Consultants, Inc.1 .. 45,540
28,600 Riverstone Networks, Inc.1 ........... 33,748
1,000 Riviana Foods, Inc ................... 26,910
3,800 RLI Corp ............................. 125,020
2,600 Roadway Express, Inc ................. 74,178
3,200 Robbins & Myers, Inc ................. 59,200
2,983 Robert Mondavi Corp.--Class A1 ....... 75,500
4,800 Rock-Tenn Co.--Class A ............... 81,360
3,900 Rofin-Sinar Technologies, Inc.1 ...... 54,834
3,600 Rogers Corp.1 ........................ 119,880
5,450 Rollins, Inc ......................... 102,733
6,960 Roper Industries, Inc ................ 258,912
2,700 Roto-Rooter, Inc ..................... 102,978
6,700 Roxio, Inc.1 ......................... 44,823
309 Royal Bancshares of Pennsylvania,
Inc.--Class A ........................ 6,597
4,800 Royal Gold, Inc.2 .................... 103,152
2,100 RPC, Inc ............................. 23,100
11,100 RSA Security, Inc.1 .................. 119,325
3,800 RTI International Metals, Inc.1 ...... 41,154
9,100 Ruddick Corp ......................... 143,052
2,300 Rudolph Technologies, Inc.1 .......... 36,708
2,600 Russ Berrie & Co., Inc ............... 94,926
7,800 Russell Corp ......................... 148,200
11,350 Ryan' s Family Steakhouses, Inc.1 .... 158,900
6,888 Ryerson Tull, Inc.--Class A .......... 60,477
16,000 S Corp.1 ............................. 64,640
8,360 S&T Bancorp, Inc ..................... 229,315
1,700 S.Y. Bancorp, Inc .................... 60,129
34,600 Safeguard Scientifics, Inc.1 ......... 93,420
2,600 SafeNet, Inc.1 72,748
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
20
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
8,300 SAFLINK Corp.1 .......................... $ 53,950
2,850 SAGA Communications, Inc.--
Class A1 ................................ 55,433
2,418 Salem Communications Corp.1 ............. 48,387
5,600 Salix Pharmaceuticals Ltd.1 ............. 58,744
2,728 Sanchez Computer Associates, Inc.1 ...... 14,186
1,900 Sanderson Farms, Inc .................... 53,390
4,100 Sandy Spring Bancorp, Inc.2 ............. 129,560
6,761 SangStat Medical Corp.1 ................. 88,501
1,210 Santander BanCorp ....................... 19,796
23,800 Sapient Corp.1 .......................... 65,926
1,900 Sauer, Inc .............................. 20,425
1,900 Saul Centers, Inc ....................... 48,640
18,041 Savient Pharmaceuticals, Inc.1 .......... 83,710
8,300 Saxon Capital, Inc.1 .................... 144,254
13,700 SBA Communications Corp.1 ............... 41,648
4,608 SBS Technologies, Inc.1 ................. 45,301
15,200 Scansoft, Inc.1,2 ....................... 82,536
3,300 ScanSource, Inc.1 ....................... 88,275
1,400 Schawk, Inc ............................. 14,672
1,700 Schnitzer Steel Industries, Inc.--
Class A ................................. 75,004
4,900 School Speciality, Inc.1,2 .............. 139,454
9,100 Schulman, Inc ........................... 146,146
5,000 Schweitzer-Mauduit International, Inc. .. 120,700
8,400 SciClone Pharmaceuticals, Inc.1 ......... 71,904
12,000 Scientific Games Corp.--Class A1 ........ 112,800
5,575 SCP Pool Corp.1,2 ....................... 191,780
5,049 SCS Transportation, Inc.1 ............... 63,769
100 Seaboard Corp ........................... 20,700
7,400 SeaChange International, Inc.1 .......... 70,596
3,600 Seacoast Banking Corp. of Florida ....... 61,344
6,600 Seacoast Financial Services Corp ........ 130,680
3,950 Seacor SMIT, Inc.1 ...................... 144,136
1,400 Second Bancorp, Inc ..................... 36,120
9,337 Secure Computing Corp.1 ................. 81,512
14,900 Seebeyond Technology Corp.1 ............. 34,419
5,800 Select Comfort Corp.1 ................... 95,004
5,300 Select Medical Corp.1 ................... 131,599
7,800 Selective Insurance Group, Inc .......... 195,390
7,605 SEMCO Energy, Inc.2 ..................... 44,261
2,800 Semitool, Inc.1 ......................... 13,804
14,000 Semtech Corp.1 .......................... 199,360
12,300 Senior Housing Properties Trust ......... 166,788
10,133 Sensient Technologies ................... 232,958
1,100 Sequa Corp.--Class A1 ................... 37,730
5,126 SERENA Software, Inc.1 .................. 107,031
6,900 Serologicals Corp.1 ..................... 94,047
2,100 SFBC International, Inc.1 ............... 38,010
2,300 Sharper Image Corp.1,2 .................. 62,721
8,400 Shaw Group, Inc.1 ....................... 101,220
500 Shenandoah Telecommunications Co. ....... 23,980
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
1,600 Shoe Carnival, Inc.1 ................... $ 23,616
8,390 ShopKo Stores, Inc.1 ................... 109,070
700 Shore Bancshares, Inc .................. 21,525
4,200 Shuffle Master, Inc.1,2 ................ 123,438
5,600 Sierra Health Services, Inc.1 .......... 112,000
28,620 Sierra Pacific Resources1,2 ............ 170,003
5,200 Sigma Designs, Inc.1 ................... 56,472
3,100 Silgan Holdings, Inc.1 ................. 96,968
47,300 Silicon Graphics, Inc.1 ................ 53,922
15,900 Silicon Image, Inc.1 ................... 88,722
20,400 Silicon Storage Technology, Inc.1 ...... 85,476
9,400 Silicon Valley Bancshares1 ............. 223,814
2,100 Siliconix, Inc.1 ....................... 75,810
3,200 Simmons First National Corp.--
Class A ................................ 64,032
3,100 SimpleTech, Inc.1 ...................... 12,431
4,500 Simpson Manufacturing Co., Inc.1 ....... 164,700
8,718 Sinclair Broadcast Group, Inc.1 ........ 101,216
8,806 SIPEX Corp.1 ........................... 43,149
21,400 Six Flags, Inc.1 ....................... 145,092
5,900 Sizeler Property Investors, Inc., ...... 60,475
REIT
400 SJW Corp ............................... 34,100
5,689 Skechers USA, Inc.--Class A1 ........... 42,099
1,000 Skyline Corp ........................... 30,000
13,700 SkyWest, Inc ........................... 261,122
34,400 Skyworks Solutions, Inc.1,2 ............ 232,888
5,920 SL Green Realty Corp ................... 206,549
4,200 SM&A1 .................................. 47,712
1,900 Smart & Final, Inc.1 ................... 8,797
1,122 SoftBrands, Inc.1,2,6 .................. 1,094
2,200 Sohu.com, Inc.1 ........................ 75,152
4,800 Sola International, Inc.1 .............. 83,520
31,700 Solutia, Inc ........................... 69,106
6,200 Sonic Automotive, Inc.1 ................ 135,842
8,865 Sonic Corp.1 ........................... 225,437
4,200 Sonic Solutions1 ....................... 36,204
16,000 SonicWALL, Inc.1 ....................... 76,800
4,328 SonoSite, Inc.1 ........................ 86,344
50,600 Sonus Networks, Inc.1 .................. 254,518
10,183 Sotheby' s Holding, Inc.--Class A1 ..... 75,762
1,100 Sound Federal Bancorp, Inc ............. 14,949
5,629 SoundView Technology Group, Inc.1 ...... 56,965
5,000 Source Interlink Cos., Inc.1 ........... 37,950
4,683 SOURCECORP, Inc.1 ...................... 101,153
13,222 South Financial Group, Inc ............. 308,469
2,400 South Jersey Industries, Inc ........... 88,440
500 Southern Financial Bancorp., Inc ....... 15,280
14,851 Southern Union Co.1 .................... 251,576
500 Southside Bancshares, Inc .............. 8,970
8,100 Southwest Bancorp of Texas1 ............ 263,331
400 Southwest Bancorp, Inc ................. 10,964
9,712 Southwest Gas Corp ..................... 205,700
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
21
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
4,445 Southwest Water Co ................... $ 62,097
8,600 Southwestern Energy Co.1 ............. 129,086
3,800 Sovran Self Storage, Inc ............. 119,700
10,298 Spanish Broadcasting System, Inc.1 ... 83,929
5,600 Spartech Corp ........................ 118,776
3,000 Specialty Laboratories, Inc.1 ........ 30,750
5,100 Spectralink Corp.1 ................... 50,388
7,600 SpeechWorks International, Inc.1 ..... 35,720
2,954 Speedway Motorsports, Inc ............ 79,167
13,343 Spherion Corp.1 ...................... 92,734
5,480 Spinnaker Exploration Co.1,2 ......... 143,576
7,500 Sports Authority, Inc.1 .............. 80,250
4,400 Sports Resorts International,
Inc.1,2 .............................. 21,472
2,400 SPS Technologies, Inc.1 .............. 64,896
4,100 SPSS, Inc.1 .......................... 68,634
1,400 SRA International, Inc.--Class A1 .... 44,800
3,100 SS&C Technologies, Inc.1 ............. 49,445
3,100 St Francis Capital Corp .............. 90,117
8,400 St. Mary Land & Exploration Co ....... 229,320
5,400 STAAR Surgical Co.1 .................. 62,640
4,600 Stage Stores, Inc.1 .................. 108,100
11,900 Stamps.com, Inc.1 .................... 57,120
3,400 Standard Commercial Corp ............. 57,800
4,361 Standard Microsystems Corp.1 ......... 66,156
2,800 Standard Motor Products, Inc ......... 31,080
3,400 Standard Register Co ................. 56,032
7,800 Standard-Pacific Corp.2 .............. 258,648
2,100 Standex International Corp ........... 44,100
1,900 Stanley Furniture Co., Inc ........... 52,079
2,225 StarTek, Inc.1 ....................... 58,518
2,900 State Auto Financial Corp ............ 65,105
420 State Bancorp, Inc ................... 8,219
14,800 Staten Island Bancorp, Inc ........... 288,304
6,175 Steak n Shake Co.1 ................... 94,169
9,830 Steel Dynamics, Inc.1,2 .............. 134,671
6,596 Stein Mart, Inc.1 .................... 39,510
1,000 Steinway Musical Instruments, Inc.1 .. 15,400
6,800 Stellent, Inc.1 ...................... 36,720
1,200 Stephan Chemical Co .................. 27,120
2,376 Sterling Bancorp ..................... 66,267
12,125 Sterling Bancshares, Inc ............. 158,595
3,375 Sterling Financial Corp.--
Pennsylvania ......................... 78,469
4,800 Sterling Financial Corp.--Spokane1 ... 116,928
3,400 Steven Madden Ltd.1 .................. 74,256
6,500 Stewart & Stevenson Services, Inc .... 102,375
28,400 Stewart Enterprises, Inc.--Class A1 .. 122,120
5,300 Stewart Information Services Corp.1 .. 147,605
13,625 Stillwater Mining Co.1 ............... 70,033
5,179 Stone Energy Corp.1 .................. 217,104
2,400 Stoneridge, Inc.1 .................... 32,760
1,500 Stratasys, Inc.1 ..................... 52,755
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
18,300 Stratex Networks, Inc.1 ............... $ 58,560
1,200 Strattec Security Corp.1 .............. 63,840
2,660 Strayer Education, Inc.2 .............. 211,337
8,700 Stride Rite Corp ...................... 86,652
7,600 Sturm Ruger & Co., Inc ................ 76,000
2,100 Suffolk Bancorp ....................... 67,620
4,900 Summit Properties, Inc ................ 101,185
2,900 Sun Bancorp, Inc.1 .................... 57,710
4,700 Sun Communities, Inc .................. 184,710
4,025 Sunrise Assisted Living, Inc.1,2 ...... 90,080
11,000 Superconductor Technologies, Inc.1 .... 25,300
9,783 SuperGen, Inc.1,2 ..................... 52,828
11,101 Superior Energy Services, Inc.1 ....... 105,237
2,900 Superior Financial Corp ............... 69,600
5,300 Superior Industries International,
Inc. .................................. 221,010
3,048 Supertex, Inc.1 ....................... 55,992
8,000 Support.com, Inc.1 .................... 51,920
21,700 SureBeam Corp.--Class A1,2 ............ 57,505
3,100 Surewest Communications2 .............. 93,775
3,900 SurModics, Inc.1,2 .................... 118,950
11,700 Susquehanna Bancshares, Inc ........... 273,195
7,320 Swift Energy Co.1 ..................... 80,520
3,711 SWS Group, Inc ........................ 74,777
21,100 Sybase, Inc.1 ......................... 293,501
9,300 Sybron Dental Specialties, Inc.1 ...... 219,480
41,700 Sycamore Networks, Inc.1 .............. 159,711
7,100 Sykes Enterprises, Inc.1 .............. 34,719
7,800 Sylvan Learning Systems, Inc.1 ........ 178,152
6,900 Symmetricom, Inc.1 .................... 30,360
6,770 Symyx Technologies1 ................... 110,486
3,100 Synaptics, Inc.1 ...................... 41,726
2,900 Synovis Life Technologies, Inc.1 ...... 57,246
2,800 Synplicity, Inc.1 ..................... 14,644
900 Syntel, Inc.1 ......................... 14,157
7,619 Systems & Computer
Technology Corp.1 ..................... 68,571
9,800 Take-Two Interactive Software,
Inc.1,2 ............................... 277,732
7,733 TALK America Holdings, Inc.1 .......... 84,367
4,050 TALX Corp ............................. 91,490
2,200 Tanger Factory Outlet Centers, Inc .... 72,776
6,100 Tanox, Inc.1 .......................... 97,905
9,300 Taubman Centers, Inc .................. 178,188
5,500 TBC Corp.1 ............................ 104,775
10,400 Techne Corp.1 ......................... 315,536
9,300 Technitrol, Inc.1 ..................... 139,965
4,141 Tecumseh Products Co.--Class A ........ 158,642
1,300 Tejon Ranch Co.1 ...................... 39,130
12,200 Tekelec1 .............................. 137,860
6,922 Teledyne Technologies, Inc.1 .......... 90,678
12,300 TeleTech Holdings, Inc.1 .............. 52,029
7,600 Telik, Inc.1,2 ........................ 122,132
2,600 Tennant Co ............................ 95,550
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
22
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
7,300 Tenneco Automotive, Inc.1,2 ............. $ 26,280
18,200 Terayon Communication Systems, Inc.1 .... 49,686
10,468 Terex Corp.1,2 .......................... 204,335
14,755 Tersoro Petroleum Corp.1,2 .............. 101,514
14,216 Tetra Tech, Inc.1,2 ..................... 243,520
4,300 TETRA Technologies, Inc.1 ............... 127,495
6,447 Texas Industries, Inc.2 ................. 153,439
7,089 Texas Regional Bancshares, Inc.--
Class A ................................. 245,988
5,900 Theragenics Corp.1 ...................... 25,370
7,000 Therasense, Inc.1 ....................... 70,000
5,800 TheStreet.com, Inc.1 .................... 27,260
10,600 Thomas & Betts Corp.1 ................... 153,170
3,300 Thomas Industries, Inc .................. 89,265
4,100 Thor Industries, Inc .................... 167,362
12,060 Thoratec Laboratories Corp.1,2 .......... 179,694
9,697 THQ, Inc.1,2 ............................ 174,546
6,400 Three-Five Systems, Inc.1 ............... 44,160
19,400 TIBCO Software, Inc.1 ................... 98,746
5,300 Tier Technologies, Inc.--Class B1 ....... 41,075
7,400 TierOne Corp.1 .......................... 144,078
12,200 Time Warner Telecommunications,
Inc.--Class A1 .......................... 77,714
19,000 Titan Corp.1 ............................ 195,510
8,300 TiVo, Inc.1,2 ........................... 101,094
4,100 Tollgrade Communications, Inc.1 ......... 76,465
1,300 Tompkins Trustco, Inc ................... 58,045
8,244 Too, Inc.1 .............................. 166,941
10,996 Topps Co., Inc.1 ........................ 94,456
6,800 Toro Co ................................. 270,300
17,790 Tower Automotive, Inc.1 ................. 65,111
2,600 Town & Country Trust .................... 60,450
3,300 Tractor Supply Co.1 ..................... 157,575
5,400 Tradestation Group, Inc.1 ............... 55,404
6,100 Trammel Crow Co.1 ....................... 64,721
6,109 Trans World Entertainment Corp.1,2 ...... 31,278
10,006 Transaction Systems Architecture,
Inc.--Class A1 .......................... 89,654
8,545 Transkaryotic Therapies, Inc.1 .......... 98,609
3,000 TransMontaigne Oil Co.1 ................. 19,440
3,550 TRC Cos., Inc.1 ......................... 52,398
8,155 Tredegar Industries, Inc ................ 122,243
2,100 Trex Co., Inc.1 ......................... 82,425
2,700 Triad Guaranty, Inc.1 ................... 102,465
4,300 Triarc Cos., Inc.1,2 .................... 128,957
200 TriCo Bancshares ........................ 5,086
7,606 Trimble Navigation Ltd.1 ................ 174,406
3,502 Trimeris, Inc.1 ......................... 159,971
9,012 Trinity Industries, Inc.2 ............... 166,812
7,100 Tripath Imaging, Inc.1 .................. 48,493
31,978 TriQuint Semiconductor, Inc.1 ........... 133,028
6,800 Triton PCS Holdings, Inc.--Class A1 ..... 34,340
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
3,200 Triumph Group, Inc.1 ................... $ 90,144
6,100 TriZetto Group, Inc.1 .................. 36,844
1,140 Troy Financial Corp .................... 30,951
5,100 Trust Co. of New Jersey ................ 154,530
21,883 Trustco Bank Corp ...................... 242,464
2,900 TTM Technologies, Inc.1 ................ 13,601
2,900 Tuesday Morning Corp.1 ................. 76,270
11,000 Tularik, Inc.1 ......................... 109,340
12,190 Tupperware Corp.2 ...................... 175,048
7,600 Turnstone Systems, Inc.1 ............... 19,076
6,566 Tweeter Home Entertainment
Group, Inc.1 ........................... 56,993
6,800 Tyler Technologies, Inc.1 .............. 28,900
18,334 U.S. Oncology, Inc.1,2 ................. 135,488
4,400 U.S. Physical Therapy, Inc.1 ........... 56,232
3,300 U.S. Restaurant Properties, Inc ........ 51,810
1,917 U.S.B. Holding Co., Inc ................ 34,027
4,200 U.S.I. Holdings Corp.1 ................. 49,392
11,436 UCBH Holdings, Inc ..................... 327,984
9,200 UICI1 .................................. 138,644
3,800 UIL Holdings Corp.2 .................... 154,090
1,700 Ulticom, Inc.1 ......................... 16,150
4,000 Ultimate Electronics, Inc.1 ............ 51,280
5,128 Ultratech Stepper, Inc.1 ............... 94,817
5,092 UMB Financial Corp ..................... 215,901
8,791 Umpqua Holdings Corp ................... 166,941
12,382 Unifi, Inc.1 ........................... 76,768
1,400 UniFirst Corp .......................... 30,660
1,100 Union Bankshares Corp .................. 31,097
8,800 Unisource Energy Corp .................. 165,440
9,370 Unit Corp.1 ............................ 195,927
3,800 United Auto Group, Inc.1 ............... 82,764
3,300 United Community Banks, Inc ............ 82,434
5,242 United Community Financial Corp ........ 48,436
1,200 United Fire & Casualty Co .............. 38,988
3,200 United Industrial Corp ................. 52,160
5,893 United National Bancorp ................ 162,588
4,900 United Natural Foods, Inc.1 ............ 137,886
6,800 United Online, Inc.1,2 ................. 172,312
2,400 United PanAm Financial Corp.1 .......... 29,376
12,400 United Rentals, Inc.1 .................. 172,236
8,451 United Stationers, Inc.1 ............... 305,673
3,700 United Surgical Partners
International, Inc.1 ................... 83,583
4,428 United Therapeutics Corp.1 ............. 96,442
7,500 Universal American Financial Corp.1 .... 47,775
3,400 Universal Compression Holdings, Inc.1 .. 70,924
7,068 Universal Corp ......................... 298,976
5,115 Universal Display Corp.1,2 ............. 45,626
4,241 Universal Electronics, Inc.1 ........... 53,776
4,700 Universal Forest Products, Inc ......... 98,418
3,600 Universal Health Realty Income Trust ... 97,200
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
23
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
4,217 Unizan Financial Corp ............... $ 74,093
10,200 UNOVA, Inc.1 ........................ 113,220
2,700 Urban Outfitters, Inc.1 ............. 96,930
5,000 URS Corp.1 .......................... 97,300
2,600 Urstadt Biddle Properties--Class A .. 33,436
1,400 USANA Health Sciences, Inc.1 ........ 61,894
25,033 USEC, Inc ........................... 175,732
6,451 USF Corp ............................ 173,983
9,300 USG Corp.1,2 ........................ 176,700
3,500 Vail Resorts, Inc.1 ................. 47,145
15,800 Valence Technology, Inc.1 ........... 47,242
4,740 Valhi, Inc .......................... 45,599
3,800 Valmont Industries, Inc ............. 73,948
400 Value Line, Inc ..................... 19,644
19,000 ValueClick, Inc.1 ................... 114,570
4,500 ValueVision International, Inc.1 .... 61,335
6,900 Vans, Inc.1 ......................... 61,962
7,206 Varian Semiconductor Equipment
Associates, Inc.1 ................... 214,451
7,428 Varian, Inc.1 ....................... 257,529
9,200 Vastera, Inc.1 ...................... 54,924
6,700 VCA Antech, Inc.1 ................... 131,119
5,674 Vector Group Ltd .................... 99,295
5,900 Veeco Instruments, Inc.1 ............ 100,477
3,396 Ventana Medical Systems, Inc.1 ...... 92,303
20,300 Ventas, Inc ......................... 307,545
5,200 Veridian Corp.1 ..................... 181,428
1,200 Verint Systems, Inc.1 ............... 30,492
6,800 Veritas DGC, Inc.1 .................. 78,200
5,117 Verity, Inc.1 ....................... 64,781
18,600 Vertex Pharmaceuticals, Inc.1 ....... 271,560
5,900 ViaSat, Inc.1 ....................... 84,606
6,000 Viasys Healthcare, Inc.1 ............ 124,200
6,374 Vicor Corp.1 ........................ 61,190
9,200 Vicuron Pharmaceuticals, Inc.1 ...... 130,456
57,700 Vignette Corp.1 ..................... 120,016
10,790 Vintage Petroleum, Inc .............. 121,711
4,700 Virage Logic Corp.1 ................. 34,028
1,100 Virginia Financial Group, Inc ....... 30,800
3,700 VistaCare, Inc.--Class A1 ........... 89,947
31,100 Visteon Corp ........................ 213,657
10,400 VISX, Inc.1 ......................... 180,440
2,000 Vital Signs, Inc .................... 51,920
7,300 VitalWorks, Inc.1 ................... 28,835
51,400 Vitesse Semiconductor Corp.1 ........ 252,888
6,875 Vitria Technology, Inc.1 ............ 39,394
9,400 VIVUS, Inc.1 ........................ 48,316
1,400 Volt Information Sciences, Inc.1 .... 19,110
11,450 W Holding Co., Inc.2 ................ 193,734
7,100 W-H Energy Services, Inc.1 .......... 138,308
20,600 W.R. Grace & Co.1 ................... 90,846
7,700 Wabash National Corp.1 .............. 108,031
------------------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------------------
10,371 Wabtec Corp .......................... $ 144,261
1,400 Wackenhut Corrections Corp.1 ......... 19,194
8,600 Walter Industries, Inc ............... 101,050
9,300 Warnaco Group, Inc.1 ................. 125,085
200 Warwick Valley Telephone Co .......... 16,408
6,500 Washington Group International, Inc.1 142,740
8,400 Washington Real Estate
Investment Trust ..................... 228,480
2,100 Washington Trust Bancorp, Inc ........ 48,279
6,700 Waste Connections, Inc.1,2 ........... 234,835
10,400 WatchGuard Technologies, Inc.1 ....... 47,840
4,553 Watsco, Inc.--Class A ................ 75,398
7,500 Watson Wyatt and Co. Holdings1 ....... 173,850
2,880 Watts Industries, Inc.--Class A ...... 51,408
8,280 Wausau-Mosinee Paper Co .............. 92,736
9,900 Waypoint Financial Corp .............. 178,596
3,400 WCI Communities, Inc.1 ............... 65,382
5,000 WD-40 Co ............................. 142,750
5,400 WebEx Communications, Inc.1 .......... 75,330
11,000 webMethods, Inc.1 .................... 89,430
5,400 Websense, Inc.1,2 .................... 84,564
2,000 Weis Markets, Inc .................... 62,040
9,800 Wellman, Inc ......................... 109,760
5,900 WesBanco, Inc ........................ 143,370
3,777 WESCO International, Inc.1 ........... 22,662
2,600 West Bancorp ......................... 46,358
5,500 West Coast Bancorp ................... 100,100
3,900 West Marine, Inc.1 ................... 68,289
2,636 West Pharmaceutical Services, Inc .... 64,582
15,700 Westar Energy, Inc ................... 254,811
3,280 Westcorp, Inc ........................ 91,840
12,300 Westell Technologies, Inc.1 .......... 106,395
13,400 Western Wireless Corp.--Class A1 ..... 154,502
7,400 Wet Seal, Inc.--Class A1 ............. 79,032
2,500 WFS Financial, Inc.1 ................. 83,775
6,100 White Electronic Designs Corp.1 ...... 64,599
2,000 Whitehall Jewellers, Inc.1 ........... 18,140
3,200 Whitman Education Group, Inc.1 ....... 49,120
7,589 Wild Oats Market, Inc.1,2 ............ 82,720
600 William Lyon Homes, Inc.1 ............ 19,110
4,700 Willow Grove Bancorp, Inc ............ 79,759
5,100 Wilson Greatbatch Technologies, Inc.1 184,110
5,700 Wilsons the Leather Experts1 ......... 41,097
5,900 WilTel Communications, Inc.1 ......... 86,966
20,500 Wind River Systems, Inc.1 ............ 78,105
2,747 Winnebago Industries ................. 104,111
2,200 Winston Hotels, Inc .................. 17,974
5,350 Wintrust Financial Corp.2 ............ 158,360
6,800 Wireless Facilities, Inc.1 ........... 80,920
4,700 WMS Industries, Inc.1,2 .............. 73,273
9,900 Wolverine World Wide, Inc ............ 190,674
2,267 Woodhead Industries, Inc ............. 28,383
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2003 (Unaudited)
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
2,700 Woodward Governor Co ............. $ 116,100
5,000 World Acceptance Corp.1 .......... 81,400
3,300 World Fuel Services Corp ......... 81,147
2,922 World Wrestling Entertainment,
Inc .............................. 30,067
5,200 Wright Medical Group, Inc.1 ...... 98,800
2,300 WSFS Financial Corp .............. 88,320
3,400 X-Rite, Inc ...................... 33,694
7,200 Xicor, Inc.1 ..................... 45,144
7,148 Yankee Candle Co., Inc.1 ......... 165,977
3,200 Yardville National Bancorp ....... 62,400
6,800 Yellow Corp.1 .................... 157,420
8,900 York International Corp .......... 208,260
4,161 Young Broadcasting Corp.--Class
A1 ............................... 87,922
7,500 Zale Corp.1 ...................... 300,000
2,700 Zenith National Insurance
Corp.2 ........................... 76,950
2,800 Zoll Medical Corp.1 .............. 93,968
6,500 Zoran Corp.1,2 ................... 124,865
4,822 Zygo Corp.1 ...................... 38,576
2,200 Zymogenetics, Inc.1 .............. 25,608
--------------
TOTAL COMMON STOCKS
(Cost $ 188,379,641) .................... 182,202,357
--------------
---------------------------------------------------------
PRINCIPAL
AMOUNT/
SHARES SECURITY VALUE
---------------------------------------------------------
SHORT-TERM INSTRUMENTS--1.80%
U.S. TREASURY BILLS4 --1.80%
$ 286,000 1.11%, 07/17/033 .............. $ 285,870
1,988,000 0.76%, 07/24/032 .............. 1,987,047
1,000 1.04%, 08/14/03 ............... 999
5,000 1.02%, 08/21/03 ............... 4,994
90,000 0.86%, 09/11/03 ............... 89,846
328,000 0.86%, 09/18/03 ............... 327,379
688,000 0.84%, 09/25/03 ............... 686,590
TOTAL SHORT-TERM INSTRUMENTS
(Cost $ 3,382,771) ......................... 3,382,725
-------------
CASH EQUIVALENTS--11.97%
22,465,357 Daily Assets Fund
Institutional1.08%7
(Cost $ 22,465,357) ...11.97 22,465,357
TOTAL INVESTMENTS
(Cost $ 214,227,769) ...............110.89% $208,050,439
LIABILITIES IN EXCESS OF
OTHER ASSETS .......................(10.89) (20,437,753)
------- -------------
NET ASSETS ..............................100.00% $187,612,686
------- -------------
1 Non-income producing security.
2A ll or a portion of this security was on loan (see Note 1). The value of all
securities loaned at June 30, 2003 amounted to $16,763,829.
3 Held as collateral for future contracts.
4 Rates shown represent effective yield at time of purchase.
5 Closed end mutual fund.
6 When Issued.
7 The rate shown is the annualized seven-day yield at period end.
REIT--Real Estate Investment Trust
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
25
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
- ---------------------------------------------------------------------------------------
JUNE 30, 2003
- ---------------------------------------------------------------------------------------
ASSETS
Investments at value (cost $191,762,412) ............................ $ 185,585,082
Investments in affiliated issuers, at value (cost $22,465,357) ...... 22,465,357
Cash ................................................................ 884
Receivable for securities sold ...................................... 32,850,315
Receivable for capital shares sold .................................. 240,953
Dividends and interest receivable ................................... 207,677
Variation margin receivable for future contracts .................... 42,883
Other Assets ........................................................ 1,222
-------------
Total assets ........................................................... 241,394,373
-------------
LIABILITIES
Payable for securities purchased .................................... 30,411,307
Payable upon return of securities loan .............................. 22,465,357
Payable for capital shares redeemed ................................. 754,755
Advisory fees payable ............................................... 32,223
12b-1 fee payable ................................................... 1,421
Administration fee payable .......................................... 35,987
Custody fee payable ................................................. 26,147
Accrued expenses and other .......................................... 54,490
-------------
Total liabilities ...................................................... 53,781,687
-------------
NET ASSETS ............................................................. $ 187,612,686
-------------
COMPOSITION OF NET ASSETS
Paid-in capital ..................................................... $ 208,667,688
Undistributed net investment income ................................. 800,109
Accumulated net realized loss on investments and futures transactions (15,680,081)
Net unrealized depreciation of investments and futures contracts .... (6,175,030)
-------------
NET ASSETS ............................................................. $ 187,612,686
-------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
(net assets divided by shares outstanding)
Class A1 ............................................................ $ 9.82
-------------
Class B2 ............................................................ $ 9.82
-------------
- --------------------------------------------------------------------------------
1 Net asset value, redemption price and offering price per share (based on net
assets of $180,507,052 and 18,383,770 shares outstanding at June 30, 2003 and
0.001 par value, unlimited number of shares authorized).
2 Net asset value, redemption price and offering price per share (based on net
assets of $7,105,634 and 723,402 shares outstanding at June 30, 2003 and 0.001
par value, unlimited number of shares authorized).
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
26
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (Unaudited)
FOR THE SIX
MONTHS ENDED
JUNE 30, 2003
INVESTMENT INCOME
Dividends (net of foreign tax withheld of $369) ............................ $ 1,077,468
Interest ................................................................... 21,973
Securities lending income .................................................. 42,901
------------
TOTAL INVESTMENT INCOME ....................................................... 1,142,342
------------
EXPENSES
Advisory fees .............................................................. 261,091
Administration and services fees ........................................... 87,196
Printing and shareholder reports ........................................... 25,649
Custodian fees ............................................................. 31,668
Transfer agent fees ........................................................ 32,340
Trustees fees .............................................................. 3,250
Professional fees .......................................................... 20,272
12b-1 fees (Class B Shares) ................................................ 4,451
Miscellaneous .............................................................. 3,379
------------
Total expenses ................................................................ 469,296
Less: fee waivers ............................................................. (132,664)
------------
Net expenses .................................................................. 336,632
------------
NET INVESTMENT INCOME ......................................................... 805,710
------------
NETREALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain (loss) from:
Investment transactions .................................................. (7,774,039)
Futures transactions ..................................................... 467,694
Net change in unrealized appreciation/depreciation of investments
and futures contracts .................................................... 31,448,681
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FUTURE CONTRACTS .......... 24,142,336
------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .................................... $ 24,948,046
------------
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
27
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, 2003 1 DECEMBER 31, 2002
------------- -------------
INCREASE (DECREASE) IN NET ASSETS
FROM: OPERATIONS
Net investment income ...................................... $ 805,710 $ 1,706,021
Net realized gain (loss) from investment and futures
transactions ............................................. (7,306,345) (4,477,782)
Net change in unrealized appreciation/depreciation
on investments and futures contracts...................... 31,448,681 (35,517,739)
------------- -------------
Net increase (decrease) in net assets from operations ...... 24,948,046 (38,289,500)
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income:
Class A Shares ........................................... (1,488,587) (1,121,448)
Class B Shares ........................................... (26,555) (18,422)
Net realized gain on investment and futures transactions:
Class A Shares ........................................... -- (84,253)
Class B Shares ........................................... -- (1,765)
------------- -------------
Total distributions ........................................... (1,515,142) (1,225,888)
------------- -------------
CAPITAL SHARE TRANSACTIONS
Net increase resulting from Class A Shares................... 13,897,415 31,443,771
Net increase resulting from Class B Shares................... 4,268,441 2,343,495
------------- -------------
Net increase in net assets from capital share transactions .... 18,165,856 33,787,266
------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS ....................... 41,598,760 (5,728,122)
------------- -------------
NET ASSETS
Beginning of period ........................................ 146,013,926 151,742,048
------------- -------------
End of period (including undistributed net investment income
of $800,109 and $1,509,541, respectively)................. $ 187,612,686 $ 146,013,926
------------- -------------
1 Unaudited
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
28
Scudder VIT Small Cap Index Fund
FINANCIAL HIGHLIGHTS
- -----------------------------------------------------------------------------------------------------------------
CLASS A SHARES FOR THE SIX
MONTHS ENDED
JUNE 30, FOR THE YEARS ENDED DECEMBER 31,
2003 1 2002 2001 2000 1999 1998
- -----------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE,
BEGINNING OF PERIOD ................ $ 8.45 $ 10.73 $ 11.10 $ 11.61 $ 10.06 $10.51
---------- ---------- ---------- ------------ --------- -------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS
Net investment income2 ............. 0.05 0.10 0.06 0.10 0.09 0.06
Net realized and unrealized
gain (loss) on investments
and futures contracts ........... 1.42 (2.31) 0.16 (0.55) 1.92 (0.30)
---------- ---------- ---------- ---------- ---------- -------
Total from investment
operations ......................... 1.47 (2.21) 0.22 (0.45) 2.01 (0.24)
---------- ---------- ---------- ---------- ---------- -------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income .............. (0.10) (0.06) (0.06) -- (0.12) (0.05)
Net realized gain from
investment and futures
transactions .................... -- (0.01) (0.53) (0.06) (0.34) (0.16)
---------- ---------- ---------- ---------- ---------- -------
Total distributions .................. (0.10) (0.07) (0.59) (0.06) (0.46) (0.21)
---------- ---------- ---------- ---------- ---------- -------
NET ASSET VALUE,
END OF PERIOD ...................... $ 9.82 $ 8.45 $ 10.73 $ 11.10 $ 11.61 $10.06
---------- ---------- ---------- ---------- ---------- -------
TOTAL INVESTMENT RETURN3 ............. 17.47% (20.58)% 2.07% (3.87)% 20.16% (2.18)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period
(000s omitted) .................. $ 180,507 $ 143,847 $ 151,742 $104,095 $55,559 $36,744
Ratios to average net assets:
Net investment income ........... 1.08%4 1.09% 1.07% 1.13% 1.14% 1.18%
Expenses after waiver
and/or reimbursements ......... 0.45%4 0.45% 0.45% 0.45% 0.45% 0.45%
Expenses before waivers
and/or reimbursements ......... 0.62%4 0.61% 0.63% 0.69% 1.18% 1.58%
Portfolio turnover rate ............ 66%4 40% 44% 51% 68% 30%
1 Unaudited.
2 Calculated based on average shares.
3 Total investment return is calculated assuming an initial investment made at
the net asset asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period and redemption on the last
day of the period. Total return calculated for a period of less than one year
is not annualized. If fees for the advisor and administrator were not waived
the total return would have been lower.
4 Annualized.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
29
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------
CLASS B SHARES FOR THE PERIOD
FOR THE SIX APRIL 30, 2002 2
MONTHS ENDED THROUGH
JUNE 30, 2003 1 DECEMBER 31, 2002
- -------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE, BEGINNING OF PERIOD .............. $ 8.44 $ 11.23
-------- --------
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment income3 .......................... 0.04 0.06
Net realized and unrealized gain (loss) on
investments and futures contracts ............ 1.41 (2.79)
-------- --------
Total from investment operations .................. 1.45 (2.73)
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income ........................... (0.07) (0.05)
Net realized gain on investment and
futures transactions ......................... -- (0.01)
-------- --------
Total distributions ............................... (0.07) (0.06)
-------- --------
NET ASSET VALUE, END OF PERIOD .................... $ 9.82 $ 8.44
-------- --------
TOTAL INVESTMENT RETURN 4 ......................... 17.27% (24.34)%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (000s omitted) ........ $ 7,106 $ 2,167
Ratios to average net assets:
Net investment income 5....................... 0.88% 1.11%
Expenses after waivers and/or ................ 0.70% 0.70%
reimbursements 5 .............................
Expenses before waivers and/or 5 ............. 0.87% 0.88%
reimbursements
Portfolio turnover rate ......................... 66% 5 40%
- --------------------------------------------------------------------------------
1 Unaudited.
2 Commencement of operations.
3 Calculated based on average shares.
4 Total investment return is calculated assuming an initial investment made at
the net asset asset value at the beginning of the period, reinvestment of all
distributions at net asset value during the period and redemption on the last
day of the period. Total return calculated for a period of less than one year
is not annualized. If fees for the advisor and administrator were not waived
the total return would have been lower.
5 Annualized.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
30
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1-- ORGANIZATION AND SIGNIFICANT
ACCOUNTING POLICIES
A. ORGANIZATION
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 business trust under
the laws of the Commonwealth of Massachusetts. Scudder VIT Small Cap Index Fund
(the `Fund') is one of the funds the Trust offers to investors.
The Fund offers two classes of shares to investors: Class A Shares and Class B
Shares. All shares have equal rights with respect to voting except that
shareholders vote separately on matters affecting their rights as holders of a
particular series or class.
The investment objective of the Fund is to replicate, as closely as possible
(before the deduction of expenses) the performance of the Russell 2000 Index,
which emphasizes stocks of small U.S. companies.
B. VALUATION OF SECURITIES
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 reported on the exchange
(U.S. 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 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 Board of Trustees.
C. SECURITIES TRANSACTIONS, INVESTMENT INCOME AND OTHER
Securities transactions are recorded on trade date. Realized gains and losses
are determined by comparing the proceeds of a sale or the cost of a purchase
with a specific offsetting transaction.
Dividend income is recorded on the ex-dividend date. Interest income, including
amortization of premiums and accretion of discounts, is accrued daily. Estimated
expenses are also accrued daily.
Distribution fees specifically attributable to a class are allocated to that
class. All other expenses, income, gains and losses are allocated among the
classes based upon their relative net assets.
The Trust accounts separately for the assets, liabilities and operations of each
of the funds. Expenses directly attributable to a fund are charged to that fund,
while the expenses that are attributable to the Trust are allocated among the
funds based upon the relative net assets of each fund.
D. DISTRIBUTIONS
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.
E. FEDERAL INCOME TAXES
It is the Fund's policy to continue to qualify as a regulated investment company
under the Internal Revenue Code and to distribute substantially all of its
taxable income to shareholders. Therefore, no federal income taxes have been
accrued.
F. FUTURES CONTRACTS
The Fund may buy or sell financial futures contracts on established futures
exchanges. Under the terms of a financial futures contract, the Fund agrees to
receive or deliver a specific amount of a financial instrument at a specific
price on a specific date.
The Fund's investments in financial futures contracts are designed to closely
replicate the benchmark index used by the Fund.
- --------------------------------------------------------------------------------
31
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
When the Fund enters into a futures contract, it is required to make a margin
deposit equal to a percentage of the face value of the contract. While the
contract is outstanding, the Fund may be required to make additional deposits or
may have part of its deposit returned as a result of changes in the relationship
between the face value of the contract and the value of the underlying security.
The Fund records these payments as unrealized gains or losses. When entering
into a closing transaction, the Fund realizes a gain or loss.
Futures contracts are valued at the settlement price established each day by the
board of trade or exchange on which they are traded.
G. 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 in the form of cash and/or government
securities equal to 102% of the value of domestic securities and 105% of the
value of international securities. The Fund receives compensation for lending
its securities either in the form of fees or by earning interest on invested
cash collateral. Either the Fund or the borrower may terminate the loan. The
Fund is subject to all risks associated with the investment of any cash
collateral received, including, but not limited to, interest rate, market,
credit and liquidity risk associated with such investments. At June 30, 2003,
$22,465,357 of cash collateral was invested in the Daily Assets Fund
Institutional.
H. ESTIMATES
In preparing its financial statements in conformity with accounting principles
generally accepted in the United States, management makes estimates and
assumptions. Actual results may be different.
NOTE 2--FEES AND TRANSACTIONS WITH AFFILIATES
Deutsche Asset Management, Inc. (`Advisor' or `DeAM, Inc.'), 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 0.35%.
Effective April 30, 2003, Northern Trust Investments, Inc. (`NTI') serves as
subadvisor to the Fund. DeAM, Inc. pays a fee to NTI for acting as subadvisor 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 0.45% of average
daily net assets for Class A Shares and 0.70% of average daily net assets for
Class B shares until April 30, 2005.
Deutsche Bank Trust Company Americas (`Custodian'), an affiliate of the Advisor,
is the Fund's Custodian. The Fund pays the custodian an annual fee.
Certain officers and trustees of the Fund are also officers or directors of
DeAM, Inc. These persons are not paid by the Fund for serving in these
capacities.
NOTE 3--OTHER FEES
PFPC Inc. (`Administrator') is the Fund's Administrator and Transfer Agent. The
Fund pays the Administrator an annual fee based on its average daily net assets
which is calculated daily and paid monthly.
The Fund pays the Distributor (PFPC Distributors, Inc.) an annual fee, pursuant
to Rule 12b-1, which is calculated daily and paid monthly at the annual rate of
0.25% of the Class B Shares average daily net assets.
- --------------------------------------------------------------------------------
32
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 4--CAPITAL SHARE TRANSACTIONS Transactions in capital shares were as
follows:
Class A Shares
----------------------------------------------------------
For the Six Months Ended For the Year Ended
June 30, 2003 1 December 31, 2002
------------------------ ---------------------------
Shares Amount Shares Amount
---------- ----------- ----------- --------------
Sold 8,269,231 $ 72,898,605 19,190,646 $ 188,561,139
Reinvested 171,892 1,488,587 142,348 1,205,701
Redeemed (7,085,970) (60,489,777) (16,447,587) (158,323,069)
---------- ----------- ----------- --------------
Net increase 1,355,153 $ 13,897,415 2,885,407 $ 31,443,771
---------- ----------- ----------- --------------
Class B Shares
------------------------------------------------------------
For the Six Months For the Period April 30, 2002 2
Ended June 30, 20031 through December 31, 2002
----------------------- -------------------------------
Shares Amount Shares Amount
---------- ----------- ---------- ------------
Sold 716,912 $ 6,594,298 789,983 $ 6,953,582
Reinvested 3,069 26,555 2,377 20,135
Redeemed (253,340) (2,352,412) (535,599) (4,630,222)
---------- ----------- ----------- ------------
Net increase 466,641 $ 4,268,441 256,761 $ 2,343,495
----------- ------------ ----------- ------------
1 Unaudited.
2 Commencement of operations.
NOTE 5--PURCHASE AND SALE OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from sales of investments, other
than U.S. Government and short-term obligations, for the six months ended June
30, 2003, were $69,219,005 and $53,213,092, respectively.
NOTE 6--FEDERAL INCOME TAX
At December 31, 2002, capital contributions, accumulated undistributed net
investment income, and accumulated net realized gain/(loss) from investments
have been adjusted for current period permanent book/tax differences which arose
principally from adjustments related to dividends and other non-taxable
distributions received by the Fund, and reclassification of REIT dividends and
REIT return of capital adjustments. These reclassifications resulted in the
following increases/(decreases) in the components of net assets:
Undistributed Undistributed
Net Investment Net Realized Paid-in
Income Gain/Loss Capital
- ------ --------- -------
$(195,746) $194,964 $782
For federal income tax purposes, the tax basis of investments held at December
31, 2002 was $189,022,610. The net unrealized depreciation for all securities
based on tax cost was $42,303,452. The aggregate gross unrealized appreciation
for all investments at December 31, 2002 was $9,905,414 and the aggregate gross
unrealized depreciation for all investments was $52,208,866. The difference
between book basis and tax-basis unrealized appreciation/depreciation is
primarily attributable to the tax deferral of losses on wash sales.
Income and capital gains distributions are determined in accordance with federal
income tax regulations, which may differ from accounting principles generally
accepted in the United States.
Distributions during the year ended December 31, 2002 and 2001 were
characterized as follows for tax purposes:
Distributions paid from: 2002 2001
- ------------------------ ---- ----
Ordinary income $ 1,141,647 $ 4,674,915
Net long-term capital gains 84,241 3,189,911
At December 31, 2002, the components of distributable earnings on a tax basis
were as follows:
Undistributed ordinary income $ 1,509,541
Accumulated capital loss $ (3,693,995)
Unrealized appreciation/(depreciation) $ (42,303,452)
The tax character of current year distributions will be determined at the end of
the current year.
At December 31, 2002, the Portfolio had capital loss carryovers available as a
reduction against future net realized capital gains of $3,693,995, all of which
expires in 2010.
NOTE 7--LINE OF CREDIT
Effective April 11, 2003, the Fund entered into a new revolving credit facility
with JP Morgan Chase Bank that provides $1.25 billion of credit coverage. The
new revolving line of credit facility covers the funds and portfolios advised or
administered by the Advisor or its affiliates. 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 its agreement.
- --------------------------------------------------------------------------------
33
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
Prior to April 11, 2003, the Fund participated with other affiliated entities in
an unsecured revolving line of credit facility with a syndicate of banks in the
amount of $200,000,000.
NOTE 8--FUTURES CONTRACTS
The Fund had the following open contracts at June 30, 2003:
Type of Market Unrealized
Future Expiration Contracts Position Value Appreciation
- ------ ---------- --------- -------- ----- ------------
Russell 2000 September
Index 2003 26 Long $ 5,829,200 $2,300
Future
The use of futures contracts involves elements of market risk and risks in
excess of the amount recognized in the Statement of Assets and Liabilities. The
`market value' presented above represents the Fund's total exposure in such
contracts whereas only the net unrealized appreciation/(depreciation) is
reflected in the Fund's net assets. Risks inherent in the use of futures
contracts include 1) adverse changes in the value of such instruments, 2) an
imperfect correlation between the price of the contracts and the underlying
index and 3) the possibility of an illiquid secondary market.
At June 30, 2003, the Fund pledged securities with a value of $271,700 to cover
margin requirements on open futures contracts.
NOTE 9--SHAREHOLDER MEETING RESULTS
A Special Meeting of Shareholders of the Fund was held on March 17, 2003. At the
meeting the following matters were voted upon by the shareholders (the resulting
votes are presented below):
1. To approve a new investment advisory agreement between the Fund and the
Advisor.
Affirmative Against Abstain
- ----------- ------- -------
13,520,748 304,394 1,261,999
2. To approve an investment subadvisory agreement for the Fund between the
Advisor and Northern Trust Investments, Inc. (`NTI').
Affirmative Against Abstain
- ----------- ------- -------
13,304,582 435,282 1,347,278
NOTE 10--OTHER INFORMATION
On January 31, 2003, Deutsche Bank AG completed the sale of its Global
Securities Service business to State Street Bank, Inc. The sale included US
custody, securities lending and other processing services located in Europe,
Asia and the Americas. The Board of Trustees of the Fund approved changing the
Fund's custodian to State Street Bank and Trust Company (`State Street') at
Board meetings held on February 24, 2003 and March 27, 2003. Deutsche Bank and
Trust Companies Americas (formerly, Bankers Trust Company), an affiliate of the
Fund's Advisor, currently serves as the custodian to the Fund. On July 21, 2003,
State Street is the Fund's custodian.
In connection with the transaction, on January 13, 2003 the Board approved an
interim outsourcing arrangement that allows a State Street subsidiary to perform
certain aspects of securities lending services for the Fund, subject to
oversight from Deutsche. At a later date, DeAM, Inc. will make recommendations
to the Fund's Board regarding its security lending program, but Deutsche will
remain as securities lending agent until such time as the Board approves a new
securities lending agent for the Fund.
In addition, on January 31, 2003, Deutsche Bank AG completed its sale of the
global passive equity, enhanced equity and passive fixed income businesses to
NTI, an indirect subsidiary of Northern Trust Corporation. Under this agreement,
DeAM, Inc. would remain the investment advisor to the Fund and NTI would become
the subadvisor, subject to Board and shareholder approval and satisfaction of
certain other conditions. Effective April 30, 2003, NTI serves as subadvisor to
the Fund.
- --------------------------------------------------------------------------------
34
ABOUT THE FUND'S ADVISOR
Deutsche Asset Management, Inc., an indirect, wholly-owned subsidiary of
Deutsche Bank AG, is the Fund's Advisor.
Scudder Investments is part of Deutsche Asset Management, which is the marketing
name in the United States 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.
The views expressed in this report reflect those of the portfolio
managers only through the end of the period of the report as stated on the
cover. The managers' views are subject to change at any time, based on market
and other conditions and should not be construed as a recommendation.
Distributed by:
PFPC Distributors, Inc.
760 Moore Road
King of Prussia, PA 19406
This information must be preceded or accompanied by a current prospectus.
Portfolio changes should not be considered recommendations for action by
individual investors.
VIT4SA (6/30/03) MARS #24743
[OBJECT OMITTED]
Printed on recycled paper
[OBJECT OMITTED]
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. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. 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.
ITEM 10. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of
2002 are attached hereto.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 are attached hereto.
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 VIT Small Cap Index Fund
By: /S/ RICHARD T. HALE
-------------------
Richard T. Hale
Chief Executive Officer
Date: AUGUST 19, 2003
---------------
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 VIT Small Cap Index Fund
By: /S/ RICHARD T. HALE
-------------------
Richard T. Hale
Chief Executive Officer
Date: AUGUST 19, 2003
---------------
By: /S/ CHARLES A. RIZZO
---------------------
Charles A. Rizzo
Chief Financial Officer
Date: AUGUST 19, 2003
---------------