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)
Two International Place
Boston, MA 02110-4103
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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, 2004
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Date of reporting period: June 30, 2004
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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.
The Report to Shareholders is attached herewith.
[LOGO OMITTED]
SCUDDER
INVESTMENTS
Scudder VIT Small Cap Index Fund
SEMIANNUAL REPORT
June 30, 2004
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 ...................... 27
Statement of Operations .................................. 28
Statements of Changes in Net Assets ...................... 29
Financial Highlights ..................................... 30
Notes to Financial Statements ............................ 32
Proxy Voting ............................................. 36
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THIS REPORT MUST BE PRECEDED OR
ACCOMPANIED BY A PROSPECTUS. TO OBTAIN A
PROSPECTUS, CALL YOUR FINANCIAL
REPRESENTATIVE. WE ADVISE YOU TO
CONSIDER THE FUND'S OBJECTIVES, RISKS,
CHARGES AND EXPENSES CAREFULLY BEFORE
INVESTING. THE PROSPECTUS CONTAINS THIS
AND OTHER IMPORTANT INFORMATION ABOUT
THE FUND. PLEASE READ THE PROSPECTUS
CAREFULLY BEFORE YOU INVEST.
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. There is no guarantee
that the Fund will be able to mirror the
Russell 2000(R) 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.
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2
Scudder VIT Small Cap Index Fund
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LETTER TO SHAREHOLDERS
ALL PERFORMANCE IN THIS REPORT IS HISTORICAL AND IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE FLUCTUATE WITH CHANGING MARKETING
CONDITIONS, SO THAT SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE RETURN
FIGURES QUOTED. FOR THE FUND'S MOST RECENT MONTH-END PERFORMANCE, CALL
1-800-621-1048. PERFORMANCE QUOTED FOR THE FUND DOES NOT INCLUDE THE EFFECT OF
CONTRACT CHARGES, WHICH WOULD LOWER THE RETURNS PRESENTED. RETURNS ARE NET OF
THE FUND'S MANAGEMENT FEES AND OTHER OPERATING EXPENSES. RETURNS WOULD HAVE BEEN
LOWER IF CERTAIN OF THE FUND'S FEES AND EXPENSES HAD NOT BEEN WAIVED.
This Fund is designed to serve as an investment option for certain variable
annuity contracts, variable life insurance policies and tax-qualified plans.
Variable annuities are long-term, tax-deferred contracts designed for retirement
purposes, asset accumulation, distribution and transference. Contract value will
fluctuate based on the performance of your subaccount selection. Earnings from
variable annuity investments compound tax free until withdrawal, so no
adjustments are made for income taxes.
In the following interview, the portfolio management team discusses Scudder VIT
Small Cap Index Fund's market environment and performance during the six-month
period ended June 30, 2004.
Q: HOW DID SCUDDER VIT SMALL CAP INDEX FUND PERFORM DURING THE FIRST HALF OF
2004?
A: Scudder VIT Small Cap Index Fund posted a 6.60% return (Class A shares),
slightly underperforming the 6.76% return of its benchmark, the Russell 2000(R)
Index, 1 for the six months ended June 30, 2004. The broad-based Russell 2000(R)
Index is a group of smaller-company stocks that is not available for direct
investment. (Please see pages 4 and 6 for the performance of Class B shares and
more complete performance information).
Q: WHAT WERE THE PRIMARY FACTORS AFFECTING THE US EQUITY MARKETS DURING THE PAST
SIX MONTHS?
A: Following an 18-month rally in growth stocks, led by technology and
semiconductor issues, equity markets traded 'sideways' for much of the first
half of 2004, remaining within a 5% trading range. Though the conflict in Iraq
continued, there were no significant turns in the market as a response to events
in Iraq. Following the transfer of Iraqi sovereignty from the United States to
Iraq in June, there was a slight upward movement in stocks, which did not hold.
Elsewhere, the late-June federal funds rate increase of one-quarter of a
percentage point was well-anticipated. Again, the market edged up on this news
and then immediately sold off. Investors remain risk-wary and prone to quick
sell-offs following gains. On a more positive note, late April marked one of the
most favorable earnings seasons in the last five years. After a succession of
positive earnings announcements, the market rallied off of its six-month lows,
but it gave back those gains at the end of April and in early May.
In 2003 and through early 2004, investors favored high-beta growth stocks with
relatively high price-to-earnings ratios. Then in March, many investors began to
switch over to value-oriented stocks as they pursued more-defensive strategies.
For the six-month period, the value portion of the Russell 2000(R) Index
outgained the growth portion by 2.15%. Now that many companies have made renewed
investments in technology during 2003 and 2004, the markets are waiting for
these high-tech investments to bear fruit in the form of increased earnings for
more value-oriented companies.
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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
approximately 2,000 of the smallest companies of the Russell 3000(R) Index,
which measures the performance of the 3,000 largest US companies based on
market capitalization. Index returns assume reinvestment of all distributions
and, unlike portfolio returns, do not reflect fees or expenses. It is not
possible to invest directly in an index.
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
Small cap stocks continued last year's trend as the Russell 2000(R) Index
outperformed the Standard &Poor's 500 Index (the 'S&P 500 Index')1 by 3.32%
during the first half of this year.
Q: WHICH SECTORS WITHIN THE RUSSELL 2000(R)INDEX WERE THE BEST AND WORST
PERFORMERS?
A: The energy sector posted the strongest performance for the six-month period,
going hand in hand with recent and significant increases in oil prices. Consumer
discretionary was the second-best performing sector. Technology was the
worst-performing sector, declining 5% over the first half of 2004.
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SECTOR ALLOCATION
As of June 30, 2004
(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 ......................... 20.47%
Information Technology ..................... 18.24
Consumer Discretionary ..................... 15.12
Industrials ................................ 14.22
Health Care ................................ 12.27
Materials .................................. 5.34
Energy ..................................... 4.41
Utilities .................................. 3.04
Consumer Staples ........................... 2.54
Other ...................................... 4.35
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100.00%
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*Excluding Cash Equivalents.
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1 The Standard & Poor's Index (S&P 500) is an unmanaged group of stocks
generally representative of the US stock market.
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, 2004 Inception 2 Inception 2
Class A (inception 8-22-97)
Class B (inception 4-30-02)
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Scudder VIT Small Cap Index Fund
Class A 6.60% 32.87% 19.02% 35.51% 50.25% 32.87% 5.98% 6.27% 6.12%
Class B 6.42% 32.54% n/a n/a 17.74% 32.54% n/a n/a 7.82%
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Russell 2000(R)Index 3 6.76% 33.37% 19.90% 37.86% 52.29% 33.37% 6.24% 6.63% 6.35%
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Lipper Small Cap Core
Funds Average 4 7.14% 33.47% 26.76% 65.54% 70.53% 33.47% 7.99% 10.22% 7.80%
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ALL PERFORMANCE IN THIS REPORT IS HISTORICAL AND IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE FLUCTUATE WITH CHANGING MARKETING
CONDITIONS, SO THAT SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE RETURN
FIGURES QUOTED. FOR THE FUND'S MOST RECENT MONTH-END PERFORMANCE, CALL
1-800-621-1048. PERFORMANCE QUOTED FOR THE FUND DOES NOT INCLUDE THE EFFECT OF
CONTRACT CHARGES, WHICH WOULD LOWER THE RETURNS PRESENTED. RETURNS ARE NET OF
THE FUND'S MANAGEMENT FEES AND OTHER OPERATING EXPENSES. RETURNS WOULD HAVE BEEN
LOWER IF CERTAIN OF THE FUND'S FEES AND EXPENSES HAD NOT BEEN WAIVED.
PERFORMANCE FIGURES FOR CLASSES A AND B DIFFER BECAUSE EACH CLASS MAINTAINS A
DISTINCT EXPENSE STRUCTURE. TOTAL RETURN IS BASED ON NET CHANGE IN NET ASSET
VALUE, ASSUMING THE REINVESTMENT OF ALL DISTRIBUTIONS.
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2 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 period beginning August 31, 1997
for the Russell 2000(R) Index and the Lipper Small CapCore Funds Average.
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
approximately the 2,000 smallest companies in the Russell 3000(R) Index, which
measures the performance of the 3,000 largest US companies based on total
market capitalization.
4 The Lipper Small Cap Core Funds Average tracks funds that, by portfolio
practice, invest at least 75% of their equity assets in companies with market
capitalizations (on a three-year weighted basis) of less than 250% of the
dollar-weighted median market capitalization of the S&P Small-Cap 600 Index.
Small Cap Core funds have wide latitude in the companies in which they invest.
These funds will normally have an average price-to-earnings ratio,
price-to-book ratio, and three-year earnings growth figure, compared to the US
diversified small-cap funds universe average. 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
For the annual Russell 2000(R) Index's reconstitution on June 25, the index
experienced approximately 16% turnover. The largest addition to the index was
Park National Corp., which migrated down from the Russell 1000, while the
largest pure addition was American Financial Realty Trust, a real estate
investment trust that made its initial public offering in June 2003. The largest
deletion was Andrew Corp., which moved from the Russell 2000(R) Index to the
Russell 1000(R) Index.
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TEN LARGEST STOCK HOLDINGS
As of June 30, 2004
(percentages are based on total net assets of the Fund) A Fund's holdings are
subject to change.
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Techne Corp. .................................. 0.17%
Tersoro Petroleum Corp. ....................... 0.17
Calpine Corp. ................................. 0.17
Toro Co. ...................................... 0.17
Energen Corp. ................................. 0.16
Cytec Industries, Inc. ........................ 0.16
Crown Holdings, Inc. .......................... 0.16
IDEX Corp. .................................... 0.16
Hyperion Solutions Corp. ...................... 0.16
Pediatrix Medical Group, Inc. ................. 0.16
Information concerning portfolio holdings of the Fund as of a month end is
available upon request on the 16th of the following month.
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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
Scudder VIT Small Cap Index Fund--Class A Shares and Russell 2000(R)Index
Growth of a $10,000 Investment (Since Inception)
[GRAPHIC OMITTED]
PLOT POINTS FOLLOW:
Scudder VIT Small
Cap Index Russell 2000 Index
8/22/97 $10,000 $10,000
8/31/97 10,160 10,000
9/30/97 10,870 10,732
10/31/97 10,430 10,261
11/30/97 10,350 10,194
12/31/97 10,510 10,373
1/31/98 10,320 10,209
2/28/98 11,070 10,963
3/31/98 11,510 11,415
4/30/98 11,540 11,478
5/31/98 10,940 10,859
6/30/98 10,960 10,882
7/31/98 10,110 10,000
8/31/98 8,190 8,058
9/30/98 8,830 8,689
10/31/98 9,210 9,044
11/30/98 9,690 9,518
12/31/98 10,281 10,107
1/31/99 10,383 10,241
2/28/99 9,545 9,412
3/31/99 9,678 9,558
4/30/99 10,516 10,415
5/31/99 10,679 10,567
6/30/99 11,088 11,045
7/31/99 10,853 10,742
8/31/99 10,475 10,345
9/30/99 10,444 10,347
10/31/99 10,495 10,389
11/30/99 11,119 11,009
12/31/99 12,354 12,255
1/31/00 12,141 12,058
2/29/00 14,099 14,049
3/31/00 13,184 13,123
4/30/00 12,375 12,333
5/31/00 11,641 11,614
6/30/00 12,641 12,627
7/31/00 12,226 12,220
8/31/00 13,152 13,153
9/30/00 12,769 12,766
10/31/00 12,194 12,197
11/30/00 10,949 10,944
12/31/00 11,876 11,884
1/31/01 12,464 12,503
2/28/01 11,651 11,683
3/31/01 11,073 11,112
4/30/01 11,929 11,981
5/31/01 12,218 12,275
6/30/01 12,624 12,699
7/31/01 11,983 12,012
8/31/01 11,587 11,624
9/30/01 10,025 10,059
10/31/01 10,592 10,648
11/30/01 11,416 11,472
12/31/01 12,121 12,180
1/31/02 11,986 12,053
2/28/02 11,658 11,723
3/31/02 12,585 12,665
4/30/02 12,686 12,781
5/31/02 12,133 12,213
6/30/02 11,523 11,607
7/31/02 9,794 9,855
8/31/02 9,772 9,830
9/30/02 9,060 9,124
10/31/02 9,354 9,417
11/30/02 10,178 10,257
12/31/02 9,627 9,686
1/31/03 9,353 9,418
2/28/03 9,068 9,133
3/31/03 9,182 9,251
4/30/03 10,053 10,128
5/31/03 11,090 11,215
6/30/03 11,309 11,418
7/31/03 12,011 12,132
8/30/03 12,552 12,688
9/30/03 12,322 12,453
10/31/03 13,347 13,499
11/30/03 13,808 13,979
12/31/03 14,096 14,262
1/31/04 14,694 14,881
2/28/04 14,821 15,015
3/31/04 14,959 15,155
4/30/04 14,193 14,382
5/31/04 14,412 14,611
6/30/04 15,025 15,229
Not depicted in graph: growth of $10,000 for B Shares from inception through
June 30, 2004:$11,774.
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AVERAGE ANNUAL TOTAL RETURNS
Since Inception
Periods Ended 1 Year 3 Years 5 Years Class A
June 30, 2004 8-22-97
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Scudder VIT Small Cap Index Fund--
Class A Shares 32.87% 5.98% 6.27% 6.12%
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AVERAGE ANNUAL TOTAL RETURNS
Since Inception
Periods Ended 1 Year Class B
June 30, 2004 4-30-02
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Scudder VIT Small Cap Index Fund--Class B Shares 32.54% 7.82%
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ALL PERFORMANCE IN THIS REPORT IS HISTORICAL AND IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE FLUCTUATE WITH CHANGING MARKETING
CONDITIONS, SO THAT SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE RETURN
FIGURES QUOTED. FOR THE FUND'S MOST RECENT MONTH-END PERFORMANCE, CALL
1-800-621-1048. PERFORMANCE QUOTED FOR THE FUND DOES NOT INCLUDE THE EFFECT OF
CONTRACT CHARGES, WHICH WOULD LOWER THE RETURNS PRESENTED. RETURNS ARE NET OF
THE FUND'S MANAGEMENT FEES AND OTHER OPERATING EXPENSES. RETURNS WOULD HAVE BEEN
LOWER IF CERTAIN OF THE FUND'S FEES AND EXPENSES HAD NOT BEEN WAIVED.
PERFORMANCE FIGURES FOR CLASSES A AND B DIFFER BECAUSE EACH CLASS MAINTAINS A
DISTINCT EXPENSE STRUCTURE. TOTAL RETURN IS BASED ON NET CHANGE IN NET ASSET
VALUE, ASSUMING THE REINVESTMENT OF ALL DISTRIBUTIONS.
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1 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 US 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.
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6
Scudder VIT Small Cap Index Fund
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SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
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COMMON STOCKS--97.92%
2,100 1-800 Contacts, Inc. 1 ............... $ 31,153
9,500 1-800-FLOWERS.COM, Inc. 1 ............ 77,330
7,000 21st Century Insurance Group ......... 90,580
10,700 24/7 Real Media, Inc. 1 .............. 60,027
6,100 4Kids Entertainment, Inc. 1 .......... 145,912
17,700 99 Cents Only Stores 1 ............... 269,925
6,000 A.C. Moore Arts & Crafts, Inc. 1 ..... 165,060
6,560 A.O. Smith Corp. ..................... 208,542
3,600 A.S.V., Inc. 1 ....................... 112,716
3,500 Aaon, Inc. 1 ......................... 70,665
14,150 AAR Corp. 1 .......................... 160,602
9,100 Aaron Rents, Inc. .................... 301,574
6,000 Abaxis, Inc. 1 ....................... 113,880
3,800 ABC Bancorp .......................... 77,292
30,300 Abgenix, Inc. 1 ...................... 355,116
4,900 Abiomed, Inc. 1 ...................... 61,642
7,600 Able Laboratories, Inc. 1 ............ 156,256
14,000 ABM Industries, Inc. ................. 272,580
10,700 Acadia Realty Trust, REIT ............ 147,018
11,000 Accelrys, Inc. 1 ..................... 108,460
6,700 Accredited Home Lenders
Holding Co. 1 ....................... 188,605
4,000 ACE Cash Express, Inc. 1 ............. 102,760
7,200 Aceto Corp. .......................... 126,720
10,468 Actel Corp. 1 ........................ 193,658
5,800 Action Performance Cos., Inc. ........ 87,406
17,900 ActivCard Corp. 1 .................... 129,954
8,500 Actuant Corp. 1 ...................... 331,415
16,600 Actuate Corp. 1 ...................... 65,570
17,431 Acuity Brands, Inc. .................. 470,637
42,400 Adaptec, Inc. 1 ...................... 358,704
3,000 ADE Corp. 1 .......................... 64,830
7,700 Administaff, Inc. 1 .................. 127,820
14,700 Adolor Corp. 1 ....................... 186,396
24,022 Advanced Digital Information Corp. 1 . 233,013
7,806 Advanced Energy Industries 1 ......... 122,710
5,750 Advanced Marketing Services .......... 74,232
11,000 Advanced Medical Optics, Inc. 1 ...... 468,270
7,500 Advanced Neuromodulation
Systems, Inc. 1 ..................... 246,000
9,100 Advanta Corp.--Class B ............... 208,572
10,400 Advent Software, Inc. 1 .............. 187,928
6,200 Advisory Board Co. (The) 1 ........... 220,720
11,650 ADVO, Inc. ........................... 383,518
24,650 Aeroflex, Inc. 1 ..................... 353,234
20,700 Aeropostale, Inc. 1 .................. 557,037
9,100 Affiliated Managers Group, Inc. 1 .... 458,367
8,100 Affordable Residential Communities,
REIT ................................ 134,460
5,500 Aftermarket Technology Corp. 1 ....... 90,750
21,500 Agile Software Corp. 1 ............... 188,125
SHARES SECURITY VALUE
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11,768 Agilysys, Inc. ....................... $ 162,281
1,300 AgriBioTech, Inc. 1 .................. --
22,000 Airgas, Inc. ......................... 526,020
5,000 AirGate PCS, Inc. 1 .................. 91,500
10,100 Airspan Networks, Inc. 1 ............. 55,954
31,300 Airtran Holdings, Inc. 1 ............. 442,582
42,500 AK Steel Holding Corp. 1 ............. 223,975
5,500 Aksys Ltd. 1,2 ....................... 32,065
5,600 Alabama National Bancorp ............. 310,632
25,300 Alamosa Holdings, Inc. 1 ............. 185,955
9,900 Alaska Air Group, Inc. 1 ............. 236,313
10,352 Albany International Corp.--Class A .. 347,413
10,800 Albany Molecular Research, Inc. 1 .... 139,644
13,100 Albemarle Corp. ...................... 414,615
17,000 Alderwoods Group, Inc. 1 ............. 207,400
17,507 Alexander & Baldwin, Inc. ............ 585,609
800 Alexander's, Inc. 1 .................. 134,192
7,700 Alexandria Real Estate Equities, Inc. 437,206
9,035 Alexion Pharmaceuticals, Inc. 1 ...... 168,051
13,200 Alfa Corp. ........................... 184,800
1,400 Alico, Inc. .......................... 56,210
19,200 Align Technology, Inc. 1 ............. 364,800
33,400 Alkermes, Inc. 1 ..................... 454,240
31,500 Allegheny Technologies, Inc. ......... 568,575
19,200 Alliance Gaming Corp. 1 .............. 329,472
1,700 Alliance Imaging, Inc. 1 ............. 7,769
9,319 Alliance Semiconductor Corp. 1 ....... 55,448
16,100 Alloy, Inc. 1 ........................ 99,015
11,700 Allscripts Healthcare Solution, Inc. 1 91,728
14,690 Alpharma, Inc.--Class A .............. 300,851
7,500 Altiris, Inc. 1 ...................... 207,075
2,300 Ambassadors Group, Inc. .............. 54,073
12,200 AMC Entertainment, Inc. 1 ............ 187,514
7,950 Amcol International Corp. ............ 150,652
9,413 Amcore Financial, Inc. ............... 283,896
4,500 Amedisys, Inc. 1 ..................... 148,680
2,900 AMERCO 1 ............................. 68,875
3,200 America Service Group, Inc. 1 ........ 111,200
13,100 America West Holdings Corp.-- ........
Class B 1,2 ......................... 118,948
2,600 America's Car-Mart, Inc. 1 ........... 78,078
5,700 American Equity Investment
Life Holding Co.1 ................... 56,715
40,100 American Financial Realty Trust, REIT 573,029
23,700 American Greetings Corp.--Class A 1 .. 549,366
11,300 American Healthways, Inc. 1 .......... 300,806
12,435 American Home Mortgage
Investment Corp., REIT .............. 322,440
5,360 American Italian Pasta Co.--Class A 2 163,373
5,400 American Medical Security
Group, Inc. 1 ....................... 147,150
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, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
9,200 American Medical Systems
Holdings, Inc. 1 .................... $ 310,040
4,300 American Physicians Capital, Inc. 1 .. 99,545
4,400 American States Water Co. ............ 102,256
8,500 American Superconductor Corp. 1 ...... 111,180
1,400 American Vanguard Corp. .............. 47,222
2,400 American Woodmark Corp. .............. 143,640
2,390 AmericanWest Bancorp. 1 .............. 45,768
9,200 AMERIGROUP Corp. 1 ................... 452,640
5,100 Ameristar Casinos, Inc. .............. 171,258
3,100 Ameron International, Inc. ........... 105,803
14,700 AmerUs Group Co. ..................... 608,580
10,900 AMIS Holdings, Inc. 1 ................ 184,428
9,200 AMLI Residential Properties Trust .... 269,928
6,200 AMN Healthcare Services, Inc. 1 ...... 94,798
12,300 Amsurg Corp.--Class A 1 .............. 309,099
4,100 Analogic Corp. ....................... 173,963
9,270 Anaren, Inc. 1 ....................... 151,472
8,400 Anchor Bancorp Wisconsin, Inc. ....... 222,096
4,400 Angelica Corp. ....................... 110,484
2,700 Animas Corp. 1 ....................... 50,355
11,100 Anixter International, Inc. .......... 377,733
2,500 Ansoft Corp. 1 ....................... 38,150
15,400 Answerthink, Inc. 1 .................. 88,242
5,800 ANSYS, Inc. 1 ........................ 272,600
9,700 Anteon International Corp. 1 ......... 316,414
20,900 Anthracite Capital, Inc. ............. 250,382
11,300 Antigenics, Inc. 1,2 ................. 96,728
15,300 Anworth Mortgage Asset Corp., REIT ... 181,764
9,400 Apogee Enterprises, Inc. ............. 97,760
21,400 Apollo Investment Corp. 1 ............ 294,678
27,300 Applera Corp.--Celera ................
Genomics Group 1 .................... 314,223
9,800 Applica, Inc. 1 ...................... 87,220
5,500 Applied Films Corp. 1 ................ 159,610
7,600 Applied Industrial Technologies, Inc. 228,912
4,500 Applied Signal Technology, Inc. ...... 157,725
18,300 Apria Healthcare Group, Inc. 1 ....... 525,210
13,300 AptarGroup, Inc. ..................... 581,077
18,400 aQuantive, Inc. 1 .................... 181,792
73,200 Aquila, Inc. 1 ....................... 260,592
12,500 Arbitron, Inc. 1 ..................... 456,500
8,088 Arch Chemicals, Inc. ................. 233,096
6,500 Arch Wireless, Inc.--Class A 1 ....... 185,185
5,800 Arctic Cat, Inc. ..................... 159,674
400 Arden Group, Inc.--Class A ........... 35,848
10,400 Argonaut Group, Inc. 1 ............... 191,672
9,331 Argosy Gaming Co. 1 .................. 350,846
19,400 ARIAD Pharmaceuticals, Inc. 1 ........ 145,306
108,800 Ariba, Inc. 1,2 ...................... 215,424
8,189 Arkansas Best Corp. .................. 269,582
10,541 Armor Holdings, Inc. 1 ............... 358,394
SHARES SECURITY VALUE
- ------------------------------------------------------------------
10,400 Array BioPharma, Inc. 1 .............. $ 82,680
31,500 Arris Group, Inc. 1 .................. 187,110
3,670 Arrow Financial Corp. ................ 111,751
8,600 Arrow International, Inc. ............ 257,312
14,807 Artesyn Technologies, Inc. 1 ......... 133,263
7,400 ArthroCare Corp. 1 ................... 215,192
8,300 Artisan Components, Inc. 1 ........... 214,140
25,700 ArvinMeritor, Inc. ................... 502,949
4,700 Asbury Automotive Group, Inc. 1 ...... 70,500
22,100 Ascential Software Corp. 1 ........... 353,379
4,400 Ashford Hospitality Trust, REIT ...... 36,740
15,300 AsiaInfo Holdings, Inc. 1 ............ 80,784
14,700 Aspect Communications Corp. 1 ........ 208,740
5,400 Aspect Medical Systems, Inc. 1 ....... 99,738
17,596 Aspen Technologies, Inc. 1 ........... 127,747
2,500 ASTA Funding, Inc. ................... 43,500
5,760 Astec Industries, Inc. 1 ............. 108,461
17,500 Asyst Technologies, Inc. 1 ........... 180,950
14,000 At Road, Inc. 1 ...................... 107,100
5,740 Atari, Inc. 1 ........................ 13,833
14,600 AtheroGenics, Inc. 1 ................. 277,838
16,954 Atlantic Coast Airlines Holdings, Inc. 1 97,316
11,706 ATMI, Inc. 1 ......................... 319,691
22,060 Atmos Energy Corp. ................... 564,515
8,900 Atrix Laboratories, Inc. 1 ........... 305,092
3,900 Atwood Oceanics, Inc. 1 .............. 162,825
7,700 Audiovox Corp.--Class A 1 ............ 129,976
5,800 August Technology Corp. 1 ............ 72,732
12,000 Authentidate Holding Corp. 1 ......... 131,160
15,700 Autobytel, Inc. 1 .................... 142,556
28,200 Avanex Corp. 1 ....................... 109,698
34,500 AVANT Immunotherapeutics, Inc. 1 ..... 91,770
2,600 Avatar Holding, Inc. 1 ............... 108,160
10,700 Aviall, Inc. 1 ....................... 203,407
18,071 Avista Corp. ......................... 332,868
37,100 Axcelis Technologies, Inc. 1 ......... 461,524
21,100 Axonyx, Inc. 1 ....................... 110,564
12,460 Aztar Corp. 1 ........................ 348,880
11,433 Baldor Electric Co. .................. 266,961
2,925 Baldwin & Lyons, Inc.--Class B ....... 78,507
700 BancFirst Corp. ...................... 41,825
28,000 BancorpSouth, Inc. ................... 630,840
4,600 Bandag, Inc. ......................... 204,838
27,441 Bank Mutual Corp. .................... 299,107
3,812 Bank of Granite Corp. ................ 79,709
5,300 Bank of the Ozarks, Inc. ............. 123,490
15,900 BankAtlantic Bancorp, Inc.--Class A .. 293,355
11,600 BankUnited Financial Corp.--
Class A 1 ........................... 299,280
4,300 Banner Corp. ......................... 124,958
9,300 Banta Corp. .......................... 413,013
6,000 Barnes Group, Inc. ................... 173,880
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
8
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
4,500 Bassett Furniture Industries, Inc. ... $ 97,920
13,800 BE Aerospace, Inc. 1 ................. 104,604
1,600 Beasley Broadcast Group, Inc.--
Class A 1 ........................... 23,936
5,098 Beazer Homes USA, Inc. ............... 511,380
3,641 bebe stores, Inc. 1 .................. 72,820
5,800 Bedford Property Investors ........... 169,592
5,000 BEI Technologies, Inc. ............... 141,550
3,835 Bel Fuse, Inc.--Class B .............. 159,919
8,733 Belden, Inc. ......................... 187,148
15,299 Benchmark Electronics, Inc. 1 ........ 445,201
6,100 Bentley Pharmaceuticals, Inc. 1 ...... 83,814
2,600 Berkshire Hills Bancorp, Inc. ........ 96,460
6,200 Berry Petroleum Co.--Class A ......... 182,342
39,777 Beverly Enterprises, Inc. 1 .......... 342,082
1,500 BHA Group Holdings, Inc. ............. 56,775
7,100 Big 5 Sporting Goods Corp. 1 ......... 185,949
6,300 Bio-Rad Laboratories, Inc.--Class A 1 370,818
3,900 Bio-Reference Laboratories, Inc. 1 ... 51,714
7,900 BioCryst Pharmaceuticals, Inc. 1 ..... 54,510
8,500 Bioenvision, Inc. 1 .................. 74,460
9,300 BioLase Technology, Inc. 1,2 ......... 125,178
27,428 BioMarin Pharmaceutical, Inc. 1 ...... 164,568
4,815 Biosite, Inc. 1,2 .................... 216,290
9,906 Bioveris Corp. 1 ..................... 82,418
45,200 Bisys Group, Inc. (The) 1 ............ 635,512
1,500 BKF Capital Group, Inc. 1 ............ 43,575
6,074 Black Box Corp. ...................... 287,057
12,100 Black Hills Corp. .................... 381,150
3,000 Blair Corp. .......................... 86,700
1,600 Blount International, Inc. 1 ......... 20,368
3,700 Blue Coat Systems, Inc. 1 ............ 123,913
2,100 Blue Nile, Inc. 1 .................... 78,981
5,300 Bluegreen Corp. 1 .................... 73,140
11,400 Blyth, Inc. .......................... 393,186
13,142 Bob Evans Farms, Inc. ................ 359,828
8,600 Boca Resorts, Inc.--Class A 1 ........ 170,452
16,400 Bombay Co., Inc. (The) 1 ............. 100,532
3,200 Bon-Ton Stores, Inc. (The) ........... 46,912
6,500 Bone Care International, Inc. 1 ...... 152,230
29,029 Borland Software Corp. 1 ............. 246,456
3,800 Boston Beer Co., Inc.--Class A 1 ..... 76,532
8,700 Boston Communications Group, Inc. 1 .. 89,175
10,200 Boston Private Financial Holdings, Inc. 236,232
15,300 Bowne & Co., Inc. .................... 242,505
12,600 Boyd Gaming Corp. .................... 334,782
5,100 Bradley Pharmaceuticals, Inc. 1 ...... 142,290
6,900 Brady Corp. .......................... 318,090
14,600 Brandywine Realty Trust, REIT ........ 396,974
6,200 Brigham Exploration Co. 1 ............ 56,916
5,400 Bright Horizon Family Solutions, Inc. 1 289,494
6,700 Brightpoint, Inc. 1 .................. 92,125
SHARES SECURITY VALUE
- ------------------------------------------------------------------
4,400 Bristol West Holdings, Inc. .......... $ 80,036
97,400 Brocade Communications
Systems, Inc. 1 ..................... 582,452
6,100 Brookfield Homes Corp. ............... 159,759
24,035 Brookline Bancorp, Inc. .............. 352,593
16,627 Brooks Automation, Inc. 1 ............ 335,034
8,850 Brookstone, Inc. 1 ................... 177,442
6,700 Brown Shoe Co., Inc. ................. 274,231
7,900 Bruker BioSciences Corp. 1 ........... 38,473
6,600 Brush Engineered Materials, Inc. 1 ... 124,740
2,800 Bryn Mawr Bank Corp. ................. 63,700
4,250 BSB Bancorp, Inc. .................... 151,087
10,400 Buckeye Technologies, Inc. 1 ......... 119,600
2,200 Buckle, Inc. (The) ................... 62,150
1,500 Buffalo Wild Wings, Inc. 1 ........... 41,475
6,600 Building Materials Holding Corp. ..... 124,938
7,000 Burlington Coat Factory
Warehouse Corp. ..................... 135,100
9,920 C&D Technologies, Inc. ............... 176,874
15,466 C-COR.net Corp. 1 .................... 159,145
18,410 Cable Design Technologies Corp. 1 .... 195,146
9,000 Cabot Microelectronics Corp. 1 ....... 275,490
12,000 Cabot Oil & Gas Corp.--Class A ....... 507,600
2,650 Cache, Inc. 1 ........................ 35,801
10,900 CACI International, Inc.--Class A 1 .. 440,796
14,746 Cal Dive International, Inc. 1 ....... 447,099
4,900 Cal-Maine Foods, Inc. ................ 68,600
13,300 Calgon Carbon Corp. .................. 89,110
9,100 California Micro Devices Corp. 1 ..... 104,923
8,500 California Pizza Kitchen, Inc. 1 ..... 162,860
6,600 California Water Services Group ...... 181,830
25,100 Callaway Golf Co. .................... 284,634
3,600 Callon Petroleum Co. 1 ............... 51,336
157,500 Calpine Corp. 1 ...................... 680,400
9,203 Cambrex Corp. ........................ 232,192
3,100 Camden National Corp. ................ 102,517
4,400 CancerVax Corp. 1 .................... 33,484
8,200 Candela Corp. 1 ...................... 80,360
13,100 Capital Automotive REIT .............. 384,223
3,475 Capital City Bank Group, Inc. ........ 137,575
2,400 Capital Corp. of the West ............ 93,216
6,200 Capital Lease Funding, Inc., REIT 1 .. 64,480
700 Capital Southwest Corp. .............. 55,321
1,000 Capital Trust, Inc.--Class A, REIT ... 26,720
3,900 Capitol Bancorp Ltd. ................. 101,439
7,651 Capstead Mortgage Corp. 2 ............ 102,906
27,000 Capstone Turbine Corp. 1 ............. 58,763
10,000 Captaris, Inc. 1 ..................... 64,600
12,861 Caraustar Industries, Inc. 1 ......... 181,469
5,200 CARBO Ceramics, Inc. ................. 354,900
25,400 Cardiac Science, Inc. 1 .............. 62,230
17,179 CardioDynamics International Corp. 1 . 86,754
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
9
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
2,400 Carmike Cinemas, Inc. 1 .............. $ 94,680
8,390 Carpenter Technology Corp. ........... 285,679
19,600 CarrAmerica Realty Corp., REIT ....... 592,508
6,200 Carreker Corp. 1 ..................... 62,124
8,600 Carrier Access Corp. 1 ............... 102,512
1,800 Carter's, Inc. 1 ..................... 52,398
7,000 Cascade Bancorp ...................... 129,360
4,500 Cascade Corp. ........................ 140,625
4,800 Cascade Natural Gas Corp. ............ 105,936
6,000 Casella Waste Systems, Inc.--
Class A 1 ........................... 78,900
19,286 Casey's General Stores, Inc. ......... 352,934
10,700 Cash America International, Inc. ..... 246,100
12,800 Casual Male Retail Group, Inc. 1 ..... 93,440
18,900 Catalina Marketing Corp. 1 ........... 345,681
2,200 Catapult Communications Corp. 1 ...... 50,600
8,118 Cathay Bancorp, Inc. ................. 541,471
7,200 Cato Corp. (The)--Class A ............ 161,640
2,120 CB Bancshares, Inc. .................. 197,584
18,200 CBRL Group, Inc. ..................... 561,470
5,100 CCC Information Services Group, Inc. 1 85,629
5,000 CDI Corp. ............................ 173,000
13,550 CEC Entertainment, Inc. 1 ............ 399,860
4,500 Cedar Shopping Centers, Inc. ......... 51,705
16,100 Cell Genesys, Inc. 1 ................. 167,279
20,550 Cell Therapeutics, Inc. 1,2 .......... 151,453
2,600 CellNet Data Systems, Inc. 1 ......... --
7,650 Centene Corp. 1 ...................... 294,907
4,500 Centennial Communications Corp. 1 .... 32,175
5,500 Center Financial Corp. ............... 83,325
3,520 Central Coast Bancorp 1 .............. 64,416
4,600 Central European Distribution Corp. 1,2 119,186
7,000 Central Garden & Pet Co. 1 ........... 250,390
7,600 Central Pacific Financial Corp. ...... 209,000
6,450 Central Parking Corp. ................ 120,550
3,200 Central Vermont Public Service Corp. . 65,568
7,500 Century Aluminum Co. 1 ............... 185,925
1,300 Century Bancorp, Inc.--Class A ....... 42,757
25,328 Century Business Services, Inc. 1 .... 110,430
17,100 Cepheid, Inc. 1 ...................... 197,334
5,750 Ceradyne, Inc. 1 ..................... 205,677
9,200 Ceres Group, Inc. 1 .................. 56,488
10,600 Cerner Corp. 1,2 ..................... 472,548
6,900 CH Energy Group, Inc. ................ 320,436
25,800 Champion Enterprises, Inc. 1 ......... 236,844
4,700 Charles River Associates, Inc. 1 ..... 145,465
5,500 Charlotte Russe Holding, Inc. 1 ...... 117,590
43,300 Charming Shoppes, Inc. 1 ............. 386,669
100,500 Charter Communications, Inc.--
Class A 1,2 ......................... 393,960
1,500 Charter Financial Corp. .............. 51,000
17,300 CharterMac ........................... 340,118
SHARES SECURITY VALUE
- ------------------------------------------------------------------
6,900 Chattem, Inc. 1 ...................... $ 199,203
14,200 Checkpoint Systems, Inc. 1 ........... 254,606
4,500 Chemed Corp. ......................... 218,250
10,709 Chemical Financial Corp. ............. 395,055
8,000 Cheniere Energy, Inc. 1 .............. 156,560
2,400 Cherokee, Inc. ....................... 60,216
7,233 Chesapeake Corp. ..................... 192,976
4,800 Chicago Pizza & Brewery, Inc. 1 ...... 73,008
6,100 Children's Place 1 ................... 143,472
21,000 ChipPAC, Inc. 1 ...................... 131,670
14,700 Chiquita Brands International, Inc. 1 307,524
13,681 Chittenden Corp. ..................... 480,887
29,700 Chordiant Software, Inc. 1 ........... 135,432
13,775 Christopher & Banks Corp. ............ 243,955
2,319 Churchill Downs, Inc. ................ 94,383
19,747 CIBER, Inc. 1 ........................ 162,320
5,600 CIMA Labs, Inc. 1 .................... 188,888
17,100 Cimarex Energy Co. 1 ................. 516,933
90,200 Cincinnati Bell, Inc. 1 .............. 400,488
11,100 Ciphergen Biosystems, Inc. 1 ......... 81,252
4,800 CIRCOR International, Inc. ........... 97,872
30,300 Cirrus Logic, Inc. 1 ................. 182,103
16,200 Citizens Banking Corp. ............... 503,010
3,300 Citizens First Bancorp, Inc. ......... 78,573
11,176 Citizens, Inc. 1,2 ................... 91,643
7,900 City Holdings Co. .................... 249,482
3,174 CityBank Lynwood ..................... 101,631
18,800 CKE Restaurants, Inc. 1 .............. 250,604
10,650 Clarcor, Inc. ........................ 487,770
6,100 Clark, Inc. 1 ........................ 113,155
4,100 Clarus Corp. 1 ....................... 47,437
1,800 Clayton Williams Energy, Inc. 1 ...... 43,020
18,060 Cleco Corp. .......................... 324,719
3,900 Cleveland-Cliffs, Inc. 1 ............. 219,921
2,700 Clifton Savings Bancorp, Inc. ........ 31,887
3,500 Closure Medical Corp. 1 .............. 87,885
149,100 CMGI, Inc. 1 ......................... 290,745
60,700 CMS Energy Corp. 1 ................... 554,191
3,500 CNA Surety Corp. 1 ................... 38,325
47,800 CNET Networks, Inc. 1 ................ 529,146
6,100 Coachmen Industries, Inc. ............ 97,539
2,753 Coastal Financial Corp. .............. 41,157
4,800 CoBiz, Inc. .......................... 66,384
1,800 Coca-Cola Bottling Co. Consolidated .. 104,202
80,000 Coeur d'Alene Mines Corp. 1,2 ........ 326,400
14,900 Cognex Corp. ......................... 573,352
12,274 Coherent, Inc. 1 ..................... 366,379
9,983 Cohu, Inc. ........................... 190,076
9,328 Coinstar, Inc. 1,2 ................... 204,936
6,000 Coldwater Creek, Inc. 1 .............. 158,820
5,900 Cole National Corp. 1 ................ 137,765
14,032 Collins & Aikman Corp. 1 ............. 78,439
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
10
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
7,200 Colonial Properties Trust ............ $ 277,416
2,100 Columbia Bancorp ..................... 61,362
6,818 Columbia Banking System, Inc. ........ 151,360
11,500 Comfort Systems USA, Inc. 1 .......... 73,485
10,200 Commerce Group, Inc. ................. 503,574
13,589 Commercial Capital Bancorp, Inc. 1 ... 236,041
15,253 Commercial Federal Corp. ............. 413,356
10,800 Commercial Metals Co. ................ 350,460
17,600 Commercial Net Lease Realty .......... 302,720
8,016 Commonwealth Telephone
Enterprises, Inc. 1 ................. 358,876
20,100 CommScope, Inc. 1 .................... 431,145
9,400 Community Bank System, Inc. .......... 214,226
4,690 Community Banks, Inc. ................ 137,745
13,741 Community First Bankshares, Inc. ..... 442,323
4,663 Community Trust Bancorp, Inc. ........ 142,221
4,600 Compass Minerals International, Inc. . 89,148
10,700 CompuCom Systems, Inc. 1 ............. 48,578
8,093 CompuCredit Corp. 1 .................. 140,009
3,100 Computer Programs and System, Inc. ... 63,178
12,324 Comstock Resource, Inc. 1 ............ 239,825
6,200 Comtech Telecommunications Corp. 1 ... 139,872
10,700 Conceptus, Inc. 1,2 .................. 120,375
8,100 Concord Communications, Inc. 1 ....... 92,421
10,800 Concur Technologies, Inc. 1 .......... 115,560
12,361 CONMED Corp. 1 ....................... 338,691
1,950 Connecticut Water Service, Inc. ...... 50,037
11,711 Connetics Corp. 1 .................... 236,562
4,200 Consolidated Graphics, Inc. 1 ........ 185,010
1,600 Consolidated-Tomoka Land Co. ......... 60,416
24,700 Continental Airlines, Inc.--Class B 1 280,839
24,600 Cooper Tire & Rubber Co. ............. 565,800
14,600 Corillian Corp. 1 .................... 73,584
23,706 Corixa Corp. 1 ....................... 110,707
13,625 Corn Products International, Inc. .... 634,244
6,600 Cornell Cos., Inc. 1 ................. 89,760
20,100 Cornerstone Realty Income Trust, Inc. 176,277
12,700 Corporate Office Properties Trust,
REIT ................................ 315,595
4,400 Correctional Properties Trust, REIT .. 128,700
13,793 Corrections Corp. of America, REIT 1 . 544,686
5,800 Corus Bankshares, Inc. ............... 238,438
2,500 Corvel Corp. 1 ....................... 70,875
138,300 Corvis Corp. 1,2 ..................... 195,003
6,400 Cosi, Inc. 1 ......................... 38,208
8,101 Cost Plus, Inc. 1 .................... 262,877
6,700 CoStar Group, Inc. 1 ................. 307,731
1,900 Courier Corp. ........................ 79,306
12,600 Cousins Properties, Inc., REIT ....... 415,170
6,200 Covansys Corp. 1 ..................... 64,046
4,600 Covenant Transport, Inc.--Class A 1 .. 78,614
6,500 Crawford & Co.--Class B .............. 32,045
SHARES SECURITY VALUE
- ------------------------------------------------------------------
33,600 Cray, Inc. 1 ......................... $ 222,432
35,980 Credence Systems Corp. 1,2 ........... 496,524
3,900 Credit Acceptance Corp. 1 ............ 58,773
48,133 Crompton Corp. ....................... 303,238
9,500 Cross Country Healthcare, Inc. 1 ..... 172,425
64,300 Crown Holdings, Inc. 1 ............... 641,071
6,700 Crown Media Holdings, Inc.--Class A 1 57,084
20,100 CSG Systems International, Inc. 1 .... 416,070
16,860 CSK Auto Corp. 1 ..................... 288,980
1,850 CSS Industries, Inc. ................. 64,824
8,200 CT Communications, Inc. .............. 123,410
10,600 CTI Molecular Imaging, Inc. 1 ........ 150,308
13,790 CTS Corp. ............................ 166,307
5,900 Cubic Corp. .......................... 123,487
16,257 Cubist Pharmaceuticals, Inc. 1 ....... 180,453
18,400 Cumulus Media, Inc.--Class A 1 ....... 309,304
7,000 CUNO, Inc. 1 ......................... 373,450
19,200 CuraGen Corp. 1,2 .................... 115,392
13,300 Curis, Inc. 1 ........................ 58,786
7,500 Curtiss-Wright Corp. ................. 421,425
11,722 CV Therapeutics, Inc. 1,2 ............ 196,461
16,527 CVB Financial Corp. .................. 359,958
6,200 CyberGuard Corp. 1 ................... 50,592
6,451 Cyberonics, Inc. 1,2 ................. 215,205
3,400 CyberOptics Corp. 1 .................. 88,332
11,900 CyberSource Corp. 1 .................. 99,484
13,700 Cymer, Inc. 1 ........................ 512,928
12,000 Cypress Bioscience, Inc. 1 ........... 164,760
14,300 Cytec Industries, Inc. ............... 649,935
7,000 CYTOGEN Corp. 1 ...................... 111,300
5,000 D&E Communications, Inc. ............. 67,100
6,600 Daktronics, Inc. 1 ................... 164,670
16,000 Danielson Holding Corp. 1 ............ 110,560
28,500 Darling International, Inc. 1 ........ 119,700
4,106 Datascope Corp. ...................... 162,967
5,700 Dave & Buster's, Inc. 1 .............. 107,103
8,700 DDi Corp. 1 .......................... 71,601
1,200 Deb Shops, Inc. ...................... 28,872
4,000 Deckers Outdoor Corp. 1 .............. 117,960
19,700 Decode Genetics, Inc. 1 .............. 167,450
1,840 Del Laboratories, Inc. 1 ............. 57,077
10,154 Delphi Financial Group, Inc.--Class A 451,853
39,300 Delta Air Lines, Inc. 1 .............. 279,816
14,368 Delta and Pine Land Co. .............. 315,378
7,300 Delta Petroleum Corp. 1 .............. 98,185
3,100 Deltic Timber Corp. .................. 119,040
19,900 Denbury Resources, Inc. 1 ............ 416,905
21,400 Dendreon Corp. 1 ..................... 262,150
13,224 Dendrite International, Inc. 1 ....... 245,702
4,900 Department 56, Inc. 1 ................ 75,460
8,900 DHB Industries, Inc. 1 ............... 135,102
8,100 Diagnostic Products Corp. ............ 355,914
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
11
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
8,200 DiamondCluster International, Inc. 1 . $ 71,258
11,000 Dick's Sporting Goods, Inc. 1 ........ 366,850
5,200 Digene Corp. 1 ....................... 189,956
6,800 Digi International, Inc. 1 ........... 72,896
5,841 Digimarc Corp. 1 ..................... 77,977
12,622 Digital Insight Corp. 1 .............. 261,654
11,900 Digital River, Inc. 1 ................ 388,297
5,900 Digital Theater Systems, Inc. 1 ...... 154,285
21,800 Digitas, Inc. 1 ...................... 240,454
14,669 Dime Community Bancorp, Inc. ......... 256,414
14,700 DiMon, Inc. .......................... 84,084
3,500 Diodes, Inc. 1 ....................... 82,915
7,560 Dionex Corp. 1 ....................... 417,085
5,300 Direct General Corp. ................. 170,978
16,600 Discovery Laboratories, Inc. 1 ....... 159,194
10,700 Ditech Communications Corp. 1 ........ 249,738
8,600 Diversa Corp. 1 ...................... 87,118
6,200 DJ Orthopedics, Inc. 1 ............... 142,600
40,600 Dobson Communications Corp.--
Class A 1 ........................... 132,356
8,900 Dollar Thrifty Automotive Group, Inc. 1 244,216
2,300 Dominion Homes, Inc. 1 ............... 53,130
1,300 Donegal Group, Inc.--Class A ......... 26,052
15,700 Dot Hill Systems Corp. 1 ............. 175,997
44,600 DoubleClick, Inc. 1 .................. 346,542
6,000 DOV Pharmaceutical, Inc. 1 ........... 83,760
3,240 Dover Downs Gaming &
Entertainment, Inc. ................. 36,450
3,200 Dover Motorsports, Inc. .............. 12,800
6,800 Downey Financial Corp. ............... 362,100
8,200 Dress Barn, Inc. 1 ................... 140,384
3,300 Drew Industries, Inc. 1 .............. 134,310
5,300 Drexler Technology Corp. 1 ........... 70,649
2,400 Dril-Quip, Inc. 1 .................... 44,880
8,851 DRS Technologies, Inc. 1 ............. 282,347
13,500 drugstore.com, Inc. 1 ................ 47,115
12,200 DSP Group, Inc. 1 .................... 332,328
8,682 Duane Reade, Inc. 1 .................. 141,777
2,200 Ducommun, Inc. 1 ..................... 47,036
5,061 DuPont Photomasks, Inc. 1 ............ 102,890
27,500 Duquesne Light Holdings, Inc. ........ 531,025
4,600 Duratek, Inc. 1 ...................... 69,506
15,700 Durect Corp. 1,2 ..................... 54,793
7,000 DUSA Pharmaceuticals, Inc. 1 ......... 66,500
10,600 Dyax Corp. 1 ......................... 124,550
18,066 Dycom Industries, Inc. 1 ............. 505,848
26,400 E.piphany, Inc. 1 .................... 127,512
7,000 Eagle Materials, Inc. ................ 497,140
51,400 EarthLink, Inc. 1 .................... 531,990
18,670 East West Bancorp, Inc. .............. 573,169
7,800 EastGroup Properties, Inc. ........... 262,626
11,000 Echelon Corp. 1 ...................... 123,090
SHARES SECURITY VALUE
- ------------------------------------------------------------------
15,206 Eclipsys Corp. 1 ..................... $ 232,044
7,000 eCollege.com, Inc. 1 ................. 112,000
6,100 Edge Petroleum Corp. 1 ............... 103,700
6,700 EDO Corp. ............................ 161,604
5,600 Education Lending Group, Inc. 1 ...... 99,400
18,200 eFunds Corp. 1 ....................... 318,500
13,229 EGL, Inc. 1 .......................... 351,891
19,700 El Paso Electric Co. 1 ............... 304,168
6,500 Electro Rent Corp. ................... 68,055
11,956 Electro Scientific Industries, Inc. 1 338,474
4,300 Electronics Boutique Holdings Corp. 1 113,262
19,800 Electronics for Imaging, Inc. 1 ...... 559,548
7,500 Elizabeth Arden, Inc. 1 .............. 157,800
8,760 Elkcorp .............................. 209,714
7,300 Embarcadero Technologies, Inc. 1 ..... 90,228
900 EMC Insurance Group, Inc. ............ 21,024
5,300 EMCOR Group, Inc. 1 .................. 233,094
18,300 Emmis Communications Corp.--
Class A 1 ........................... 383,934
11,700 Empire District Electric Co. ......... 235,287
2,300 Empire Resorts, Inc. 1 ............... 32,315
4,700 EMS Technologies, Inc. 1 ............. 91,321
30,700 Emulex Corp. 1 ....................... 439,317
7,700 Encore Acquisition Co. 1 ............. 214,830
3,800 Encore Capital Group, Inc. 1 ......... 50,198
12,000 Encore Medical Corp. 1 ............... 75,600
4,700 Encore Wire Corp. 1 .................. 129,579
21,446 Encysive Pharmaceuticals, Inc. 1 ..... 182,291
9,700 Endocardial Solutions, Inc. 1 ........ 100,395
13,600 Energen Corp. ........................ 652,664
9,409 Energy Conversion Devices, Inc. 1 .... 105,945
10,900 Energy Partners Ltd. 1 ............... 166,770
800 EnergySouth, Inc. .................... 32,016
8,225 Engineered Support Systems, Inc. ..... 481,245
4,400 Ennis Business Forms, Inc. ........... 85,800
8,900 EnPro Industries, Inc. 1 ............. 204,522
1,200 Enstar Group, Inc. (The) 1 ........... 63,936
19,300 Entegris, Inc. 1 ..................... 223,301
79,200 Enterasys Networks, Inc. 1 ........... 167,112
8,675 Entertainment Properties Trust ....... 310,044
16,300 Entravision Communications Corp.--
Class A 1 ........................... 125,184
21,500 Entrust, Inc. 1 ...................... 96,750
8,798 Enzo Biochem, Inc. 1 ................. 131,970
16,400 Enzon, Inc. 1 ........................ 209,264
15,800 Epicor Software Corp. 1 .............. 221,990
7,000 Epiq Systems, Inc. 1 ................. 101,500
8,100 EPIX Medical, Inc. 1 ................. 170,910
3,400 Equinix, Inc. 1 ...................... 115,396
22,200 Equity Inns, Inc., REIT .............. 206,238
14,750 Equity One, Inc., REIT ............... 266,680
16,600 eResearch Technology, Inc. 1 ......... 464,800
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
12
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
2,200 Escalade, Inc. ....................... $ 50,842
4,867 ESCO Electronics Corp. 1 ............. 259,703
10,400 eSPEED, Inc.--Class A 1 .............. 183,560
11,919 ESS Technology, Inc. 1 ............... 127,652
8,300 Essex Property Trust, Inc. ........... 567,305
8,100 Esterline Technologies Corp. 1 ....... 239,193
11,900 Ethan Allen Interiors, Inc. .......... 427,329
8,000 Euronet Worldwide, Inc. 1 ............ 185,040
2,700 Exactech, Inc. 1 ..................... 58,590
15,282 Exar Corp. 1 ......................... 224,034
4,135 Excel Technology, Inc. 1 ............. 137,489
22,800 Exelixis, Inc. 1 ..................... 230,052
8,600 Exide Technologies 1 ................. 175,870
1,500 Exponent, Inc. 1 ..................... 40,305
14,900 ExpressJet Holdings, Inc. 1 .......... 180,886
39,500 Extreme Networks, Inc. 1 ............. 218,040
21,800 Exult, Inc. 1 ........................ 117,284
15,900 F.N.B. Corp.1 ........................ 324,360
12,700 F5 Networks, Inc. 1 .................. 336,296
7,400 FactSet Research Systems, Inc. ....... 349,798
12,983 FalconStor Software, Inc. 1,2 ........ 100,229
1,900 Farmer Bros. Co. ..................... 50,977
1,700 Farmers Capital Bank Corp. ........... 60,775
3,600 FARO Technologies, Inc. 1 ............ 92,412
4,216 FBL Financial Group, Inc.--Class A ... 119,144
3,200 Federal Agricultural Mortgage Corp.--
Class C 1 ........................... 76,576
17,930 Federal Signal Corp. ................. 333,677
8,902 FEI Co. 1 ............................ 212,847
19,031 FelCor Lodging Trust, Inc. 1 ......... 230,275
15,432 Ferro Corp. .......................... 411,726
4,800 Fidelity Bankshares, Inc. ............ 170,160
14,528 FileNet Corp. 1 ...................... 458,649
7,100 Financial Federal Corp. 1 ............ 250,346
2,200 Financial Institutions, Inc. ......... 54,340
7,000 FindWhat.com 1 ....................... 161,980
58,200 Finisar Corp. 1 ...................... 115,236
6,600 Finish Line, Inc.--Class A 1 ......... 199,122
2,900 First Bancorp, North Carolina ........ 96,947
12,400 First BanCorp., Puerto Rico .......... 505,300
3,400 First Busey Corp. .................... 99,416
5,300 First Cash Financial Services, Inc. 1 112,784
14,100 First Charter Corp. .................. 307,239
2,700 First Citizens BancShares, Inc.--
Class A ............................. 329,400
25,982 First Commonwealth Financial Corp. ... 336,987
6,300 First Community Bancorp .............. 242,172
3,749 First Community Bancshares, Inc. ..... 125,591
8,900 First Federal Capital Corp. .......... 247,687
11,342 First Financial Bancorp .............. 200,980
4,790 First Financial Bankshares, Inc. ..... 200,845
4,110 First Financial Corp., Indiana ....... 131,109
SHARES SECURITY VALUE
- ------------------------------------------------------------------
4,200 First Financial Holdings ............. $ 121,002
34,100 First Health Group Corp. 1 ........... 532,301
10,600 First Horizon Pharmaceutical Corp. 1 . 200,340
2,900 First Indiana Corp. .................. 55,245
15,400 First Industrial Realty Trust, Inc. .. 567,952
7,628 First Merchants Corp. ................ 197,947
16,800 First Midwest Bancorp, Inc. .......... 591,528
16,865 First National Bankshares of Florida . 319,592
31,417 First Niagara Financial Group, Inc. .. 377,004
2,550 First Oak Brook Bancshares, Inc. ..... 77,265
600 First of Long Island Corp. ........... 27,708
3,900 First Place Financial Corp. .......... 72,423
4,900 First Republic Bank .................. 211,092
7,182 First Sentinel Bancorp, Inc. ......... 147,590
3,981 First Source Corp. ................... 99,445
3,500 First State Bancorp .................. 107,520
7,500 FirstFed Financial Corp. 1 ........... 312,000
1,900 Fisher Communications, Inc. 1 ........ 95,627
10,750 Flagstar Bancorp, Inc. ............... 213,710
20,077 Fleetwood Enterprises, Inc. 1 ........ 292,120
7,500 Florida East Coast Industries, Inc. .. 289,875
12,725 Flowers Foods, Inc. .................. 332,759
19,900 Flowserve Corp. 1 .................... 496,306
6,600 Flushing Financial Corp. ............. 116,490
13,600 FMC Corp. 1 .......................... 586,296
1,400 FNB Corp. ............................ 40,348
17,200 Forest Oil Corp. 1 ................... 469,904
9,900 FormFactor, Inc. 1 ................... 222,255
6,000 Forrester Research, Inc. 1 ........... 111,900
7,825 Forward Air Corp. 1 .................. 292,655
1 Fourthstage Technologies, Inc. 1 ..... --
2,400 FPIC Insurance Group, Inc. 1 ......... 59,256
2,300 Franklin Bank Corp., Houston 1 ....... 36,386
5,400 Franklin Electric Co., Inc. .......... 203,904
14,668 Freds, Inc.--Class A ................ 324,016
14,900 FreeMarkets, Inc. 1 .................. 97,148
15,729 Frontier Airlines, Inc. 1 ............ 171,132
6,125 Frontier Financial Corp. ............. 214,007
10,209 Frontier Oil Corp. ................... 216,329
13,500 FSI International, Inc. 1 ............ 105,435
15,900 FTI Consulting, Inc. 1 ............... 262,350
15,700 FuelCell Energy, Inc. 1 .............. 183,376
12,348 Fuller (H.B.) Co. .................... 350,683
19,100 Furniture Brands International, Inc. . 478,455
12,000 FX Energy, Inc. 1 .................... 106,920
6,672 G & K Services, Inc.--Class A ........ 268,148
3,500 Gabelli Asset Management, Inc.--
Class A ............................. 148,750
12,720 Gables Residential Trust ............. 432,226
5,500 GameStop Corp. 1 ..................... 83,710
8,650 Gardner Denver Machinery, Inc. 1 ..... 241,335
28,085 Gartner Group, Inc.--Class A 1 ....... 371,284
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
13
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
83,200 Gateway, Inc. 1 ...................... $ 374,400
18,100 GATX Corp. ........................... 492,320
11,000 Gaylord Entertainment, Inc. 1 ........ 345,290
1,875 GB&T Bancshares, Inc. ................ 44,812
22,800 Genaera Corp. 1 ...................... 95,760
13,500 GenCorp, Inc. ........................ 180,765
29,600 Genelabs Technologies, Inc. 1 ........ 68,376
3,300 Genencor International, Inc. 1 ....... 54,021
17,450 General Cable Corp. 1 ................ 149,197
17,600 General Communication--Class A 1 ..... 139,744
8,100 Genesco, Inc. 1 ...................... 191,403
7,000 Genesee & Wyoming, Inc.--Class A 1 ... 165,900
7,050 Genesis HealthCare Corp. 1 ........... 204,732
12,000 Genesis Microchip, Inc. 1 ............ 165,240
4,800 Genlyte Group 1 ...................... 301,824
27,000 Genta, Inc. 1 ........................ 67,500
11,200 Gentiva Health Services, Inc. 1 ...... 182,112
3,900 Geo Group, Inc. (The) 1 .............. 79,560
10,647 Georgia Gulf Corp. ................... 381,801
1,465 German American Bancorp .............. 24,612
17,300 Geron Corp. 1,2 ...................... 139,957
5,700 Getty Realty Corp. ................... 143,412
8,600 Gevity HR, Inc. ...................... 225,234
4,900 Giant Industries, Inc. 1 ............. 107,800
5,900 Gibraltar Steel Corp. ................ 193,638
11,000 Glacier Bancorp, Inc. ................ 309,870
5,400 Gladstone Capital Corp.5 ............. 108,810
10,700 Glatefelter (P.H.) Co. ............... 150,656
9,551 Glenborough Realty Trust, Inc. ....... 175,261
13,400 Glimcher Realty Trust ................ 296,408
8,900 Global Imaging Systems, Inc. 1 ....... 326,274
34,500 Global Industries Ltd. 1 ............. 197,340
11,300 Global Power Equipment Group, Inc. 1 . 90,626
15,000 Gold Bancorp, Inc. ................... 232,500
5,861 Golden Telecom, Inc. ................. 164,929
9,100 Goody's Family Clothing, Inc. ........ 94,367
56,800 Goodyear Tire & Rubber Co. 1,2 ....... 516,312
1,800 Gorman-Rupp Co. ...................... 48,906
9,800 Government Properties Trust, Inc.,
REIT ................................ 102,410
36,098 Graftech International Ltd. 1 ........ 377,585
12,450 Granite Construction, Inc. ........... 226,963
23,600 Graphic Packaging Corp. 1 ............ 204,140
15,700 Gray Television, Inc. ................ 218,073
1,000 Great American Financial
Resources, Inc. ..................... 15,900
5,968 Great Atlantic & Pacific Tea Co. 1 ... 45,715
18,700 Great Lakes Chemical Corp. ........... 506,022
3,200 Great Southern Bancorp, Inc. ......... 93,600
19,200 Greater Bay Bancorp 2 ................ 554,880
1,800 Greenbrier Cos, Inc. (The) 1 ......... 34,290
2,800 Greg Manning Auctions, Inc. 1 ........ 42,840
SHARES SECURITY VALUE
- ------------------------------------------------------------------
350 Grey Global Group .................... $ 344,750
75,600 Grey Wolf, Inc. 1 .................... 320,544
5,000 Grief Bros Corp.--Class A ............ 211,250
10,070 Griffon Corp. 1 ...................... 224,360
4,800 Group 1 Software, Inc. 1 ............. 110,160
6,800 Group Automotive, Inc. 1 ............. 225,828
6,400 GSI Commerce, Inc. 1 ................. 61,632
5,600 Guess, Inc. 1 ........................ 90,160
15,500 Guilford Pharmaceuticals, Inc. 1 ..... 73,625
8,900 Guitar Center, Inc. 1 ................ 395,783
4,300 Gulf Island Fabrication .............. 93,009
5,300 GulfMark Offshore, Inc. 1 ............ 83,634
11,400 Gymboree Corp. 1 ..................... 175,104
6,800 Haemonetics Corp. 1 .................. 201,620
9,582 Hain Celestial Group, Inc. 1 ......... 173,434
6,500 Hancock Fabrics, Inc. ................ 82,875
12,300 Hancock Holding Co. .................. 357,438
10,555 Handleman Co. ........................ 244,454
8,400 Hanger Orthopedic Group, Inc. 1 ...... 98,448
4,621 Hanmi Financial Corp. ................ 136,319
28,100 Hanover Compressor Co. 1 ............. 334,390
2,800 Hansen Natural Corp. 1 ............... 70,924
7,701 Harbor Florida Bancorp, Inc. ......... 211,855
12,300 Harland (John H.) Co. ................ 361,005
7,400 Harleysville Group, Inc. ............. 139,490
9,568 Harleysville National Corp. .......... 244,941
27,800 Harmonic, Inc. 1 ..................... 236,856
5,700 Harris & Harris Group, Inc. .......... 69,711
17,400 Harris Interactive, Inc. 1 ........... 116,928
15,000 Harvest Natural Resources, Inc. 1 .... 223,650
6,500 Haverty Furniture Cos., Inc. ......... 113,620
13,400 Hayes Lemmerz International, Inc. 1 .. 202,340
12,300 Headwaters, Inc. 1 ................... 318,939
15,500 Healthcare Realty Trust, Inc. ........ 580,940
7,050 Healthcare Services Group, Inc. ...... 107,865
7,200 HealthExtras, Inc. 1 ................. 119,304
13,024 Heartland Express, Inc. .............. 356,337
4,050 Heartland Financial USA, Inc. ........ 74,318
44,100 Hecla Mining Co. 1 ................... 251,370
6,400 HEICO Corp. .......................... 116,800
6,300 Heidrick & Struggles
International, Inc. 1 ............... 186,984
11,005 Helix Technology Corp. ............... 234,737
17,900 Helmerich & Payne, Inc. .............. 467,548
40,500 Hercules, Inc. 1 ..................... 493,695
9,000 Heritage Property Investment Trust,
REIT ................................ 243,540
6,200 Herley Industries, Inc. 1 ............ 121,148
6,800 Hexcel Corp. 1 ....................... 78,744
9,637 Hibbett Sporting Goods, Inc. 1 ....... 263,572
10,200 Highland Hospitality Corp., REIT 1 ... 102,510
20,000 Highwoods Properties, Inc. ........... 470,000
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
12,500 Hilb, Rogal and Hobbs Co. ............ $ 446,000
22,900 Hollinger International, Inc. ........ 384,491
6,100 Hollis-Eden Pharmaceuticals, Inc. 1,2 73,505
5,000 Holly Corp. .......................... 187,000
19,600 Hollywood Entertainment Corp. 1 ...... 261,856
8,800 Hologic, Inc. 1 ...................... 204,600
12,200 Home Properties of New York, Inc. .... 475,556
38,300 HomeStore, Inc. 1 .................... 152,817
3,000 Hooker Furniture Corp. ............... 60,510
23,400 Hooper Holmes, Inc. .................. 134,316
18,368 Horace Mann Educators Corp. .......... 321,073
4,700 Horizon Financial Corp. .............. 93,530
17,975 Hot Topic, Inc. 1 .................... 368,308
5,300 Houston Exploration Co. 1 ............ 274,752
2,700 Hub Group, Inc.--Class A 1 ........... 92,070
4,300 Hudson Highland Group, Inc. 1 ........ 131,838
10,900 Hudson River Bancorp, Inc. ........... 186,063
48,600 Human Genome Sciences, Inc. 1 ........ 565,218
8,040 Humboldt Bancorp ..................... 168,116
9,300 Hutchinson Technology 1 .............. 228,687
7,200 Hydril Co. 1 ......................... 226,800
21,000 Hypercom Corp. 1 ..................... 177,450
14,580 Hyperion Solutions Corp. 1 ........... 637,438
7,900 I-Flow Corp. 1 ....................... 93,694
3,500 Iberiabank Corp. ..................... 207,130
4,900 ICU Medical, Inc. 1,2 ................ 164,297
14,300 IDACORP, Inc. ........................ 386,100
32,900 Identix, Inc. 1 ...................... 245,763
18,600 IDEX Corp. ........................... 638,910
7,700 IDX Systems Corp. 1 .................. 245,553
7,700 IHOP Corp. ........................... 275,352
4,700 II-VI, Inc. 1 ........................ 144,102
14,563 ILEX OnOclogy, Inc. 1 ................ 363,929
8,900 Illumina, Inc. 1 ..................... 56,515
5,900 Imagistics International, Inc. 1 ..... 208,860
13,000 Imation Corp. ........................ 553,930
43,300 IMC Global, Inc. ..................... 580,220
6,600 IMCO Recycling, Inc. 1 ............... 87,252
7,450 Immucore, Inc. 1 ..................... 242,498
16,479 ImmunoGen, Inc. 1 .................... 100,687
18,700 Immunomedics, Inc. 1,2 ............... 91,069
23,400 Impac Mortgage Holdings, Inc., REIT .. 526,968
19,000 Impax Laboratories, Inc. 1 ........... 368,220
17,241 In Focus Systems, Inc. 1 ............. 146,549
25,700 Incyte Genomics, Inc. 1 .............. 196,348
6,300 Independent Bank Corp.--
Massachusetts ....................... 182,385
8,841 Independent Bank Corp.--Michigan ..... 224,561
17,400 Indevus Pharmaceuticals, Inc. 1 ...... 107,010
7,600 Inet Technologies, Inc. 1 ............ 94,772
7,200 Infinity Property & Casual Corp. ..... 237,600
4,700 Infocrossing, Inc. 1 ................. 63,450
SHARES SECURITY VALUE
- ------------------------------------------------------------------
19,800 Infonet Services Corp.--Class B 1 .... $ 33,660
31,200 Informatica Corp. 1 .................. 238,056
5,200 Information Holdings, Inc. 1 ......... 142,324
11,900 InfoSpace, Inc. 1 .................... 452,676
11,200 InfoUSA, Inc. 1 ...................... 113,568
7,200 Ingles Markets, Inc.--Class A ........ 80,424
16,000 InKine Pharmaceutical Co., Inc. 1 .... 61,920
10,400 Innkeepers USA Trust ................. 107,224
1,900 Innovative Solutions and
Support, Inc. 1 ..................... 37,088
19,000 Input/Output, Inc. 1 ................. 157,510
19,700 Insight Communications Co., Inc. 1 ... 182,422
18,362 Insight Enterprises, Inc. 1 .......... 326,109
10,890 Insituform Technologies--Class A 1 ... 177,180
11,700 Inspire Pharmaceuticals, Inc. 1 ...... 195,624
3,422 Insurance Auto Auctions, Inc. 1 ...... 58,174
8,222 Integra Bank Corp. ................... 181,131
7,500 Integra LifeSciences Holdings 1 ...... 264,525
39,200 Integrated Device Technology, Inc. 1 . 542,528
10,900 Integrated Electrical Services, Inc. 1 87,745
13,400 Integrated Silicon Solution, Inc. 1 .. 163,614
2,100 Inter Parfums, Inc. .................. 43,785
8,890 Inter-Tel, Inc. ...................... 221,983
12,800 Interactive Data Corp. 1 ............. 222,976
7,535 Intercept Group, Inc. 1 .............. 123,423
3,300 Interchange Financial Services Corp. . 82,104
20,900 InterDigital Communications Corp. 1 .. 393,129
18,441 Interface, Inc. 1 .................... 160,990
13,624 Intergraph Corp. 1 ................... 352,317
7,136 Intermagnetics General Corp. 1 ....... 242,838
10,300 Intermune, Inc. 1 .................... 158,826
16,100 Internet Capital Group, Inc. 1 ....... 124,614
14,500 Internet Security Systems, Inc. 1 .... 222,430
3,500 Intersections, Inc. 1 ................ 83,965
18,600 Interstate Bakeries Corp. ............ 201,810
2,100 InterVideo, Inc. 1 ................... 27,174
14,800 Intervoice, Inc. 1 ................... 169,756
16,750 Interwoven, Inc. 1 ................... 169,175
7,400 Intrado, Inc. 1 ...................... 119,066
11,950 Intuitive Surgical, Inc. 1 ........... 227,050
9,700 Invacare Corp. ....................... 433,784
11,900 Inveresk Research Group, Inc. 1 ...... 366,996
4,400 Inverness Medical Innovations, Inc. 1 96,360
16,400 Investment Technology Group, Inc. 1 .. 209,756
14,000 Investors Real Estate Trust, REIT .... 145,320
6,500 InVision Technologies, Inc. 1 ........ 324,350
25,309 Iomega Corp. ......................... 141,224
7,200 Ionics, Inc. 1 ....................... 203,400
15,700 iPass, Inc. 1 ........................ 166,263
4,400 iPayment Holdings, Inc. 1 ............ 180,400
6,500 Irwin Financial Corp. ................ 171,600
22,068 Isis Pharmaceuticals, Inc. 1 ......... 126,670
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
15
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
6,711 Isle of Capri Casinos, Inc. 1 ........ $ 117,107
9,600 Isolagen, Inc. 1 ..................... 98,688
1,500 ITLA Capital Corp. 1 ................. 60,855
9,000 Itron, Inc. 1 ........................ 206,460
12,100 iVillage, Inc. 1 ..................... 76,835
8,700 Ixia 1 ............................... 85,608
9,100 IXYS Corp. 1 ......................... 71,708
2,400 J&J Snack Foods Corp. 1 .............. 97,992
6,650 J. Jill Group, Inc. 1 ................ 156,874
7,000 j2 Global Communications, Inc. 1,2 ... 194,600
13,198 Jack in the Box, Inc. 1 .............. 391,981
29,014 Jacuzzi Brands, Inc. 1 ............... 234,143
10,800 JAKKS Pacific, Inc. 1 ................ 224,532
10,150 Jarden Corp. 1 ....................... 365,299
11,382 JDA Software Group, Inc. 1 ........... 149,901
16,300 JLG Industries, Inc. ................. 226,407
7,110 Jo-Ann Stores, Inc. 1 ................ 209,034
3,100 John B. Sanfilippo & Son, Inc. 1 ..... 82,832
11,882 Jones Lang LaSalle, Inc. 1 ........... 322,002
3,050 Jos. A. Bank Clothiers, Inc. 1 ....... 95,740
6,600 Journal Communications, Inc.--
Class A ............................. 124,278
14,703 Journal Register Co. 1 ............... 294,060
19,000 Joy Global, Inc. ..................... 568,860
6,900 Jupitermedia Corp. 1 ................. 97,704
9,700 K-Swiss, Inc.--Class A ............... 196,037
12,850 K-V Pharmaceutical Co.--Class A 1 .... 296,707
11,800 K2, Inc. 1 ........................... 185,260
5,580 Kadant, Inc. 1 ....................... 129,065
6,900 Kaman Corp.--Class A ................. 96,531
1,200 Kansas City Life Insurance Co. ....... 50,508
25,900 Kansas City Southern Industries, Inc. 1 401,450
12,090 Kaydon Corp. ......................... 373,944
17,600 KCS Energy, Inc. 1 ................... 234,432
20,100 Keane, Inc. 1 ........................ 275,169
5,300 Keithley Instruments, Inc. ........... 117,395
10,082 Kellwood Co. ......................... 439,071
7,600 Kelly Services, Inc. ................. 226,480
32,300 KEMET Corp. 1 ........................ 394,706
13,612 Kennametal, Inc. ..................... 623,430
2,650 Kenneth Cole Productions, Inc.--
Class A ............................. 90,816
4,100 Kensey Nash Corp. 1 .................. 141,450
9,100 Keryx Biopharmaceuticals, Inc. 1 ..... 115,206
47,900 Key Energy Services, Inc. 1 .......... 452,176
7,700 Keynote Systems, Inc. 1 .............. 105,875
5,100 Keystone Automotive Industries, Inc. 1 142,239
9,900 Keystone Property Trust .............. 237,897
8,100 Kforce, Inc. 1 ....................... 76,464
14,800 KFx, Inc. 1,2 ........................ 112,776
12,300 Kilroy Realty Corp., REIT ............ 419,430
8,100 Kimball International, Inc.--Class B . 119,475
9,800 Kindred Healthcare, Inc. 1 ........... 258,230
SHARES SECURITY VALUE
- ------------------------------------------------------------------
7,636 Kirby Corp. 1 ........................ $ 297,040
5,400 Kirkland's, Inc. 1 ................... 64,422
10,100 KNBT Bancorp, Inc. ................... 168,670
45,500 Knight Trading Group, Inc. 1 ......... 455,910
9,952 Knight Transportation, Inc. 1 ........ 285,921
8,700 Koger Equity, Inc. 1 ................. 201,144
10,600 Komag, Inc. 1 ........................ 148,082
31,700 Kopin Corp. 1 ........................ 161,987
11,623 Korn/Ferry International 1 ........... 225,138
4,500 KOS Pharmaceuticals, Inc. 1 .......... 148,365
9,600 Kosan Biosciences, Inc. 1 ............ 75,840
7,200 Kramont Realty Trust ................. 115,200
20,500 Krispy Kreme Doughnuts, Inc. 1 ....... 391,345
13,400 Kroll, Inc. 1 ........................ 494,192
1,181 Kronos Worldwide, Inc. ............... 40,401
12,421 Kronos, Inc. 1 ....................... 511,745
19,000 Kulicke & Soffa Industries, Inc. 1 ... 208,240
6,500 KVH Industries, Inc. 1,2 ............. 82,745
8,400 Kyphon, Inc. 1 ....................... 236,712
69,475 La Quinta Corp. 1 .................... 583,590
18,800 La-Z-Boy, Inc. ....................... 338,024
7,100 LabOne, Inc. 1 ....................... 225,638
15,300 Labor Ready, Inc. 1 .................. 237,150
18,800 LaBranche & Co., Inc. ................ 158,296
6,500 Laclede Group, Inc. .................. 178,165
38,400 Laidlaw International, Inc. 1 ........ 497,664
2,849 Lakeland Bancorp, Inc. ............... 45,983
1,300 Lakeland Financial Corp. ............. 43,550
7,100 Lakes Entertainment, Inc. 1 .......... 82,289
9,600 Lancaster Colony Corp. ............... 399,744
11,600 Lance, Inc. .......................... 178,640
7,100 Landamerica Financial Group .......... 276,403
3,600 Landauer, Inc. ....................... 160,776
8,100 Landry's Restaurants, Inc. ........... 242,109
11,924 Landstar System, Inc. 1 .............. 630,422
1,950 Lannett Co., Inc. 1 .................. 29,289
10,500 LaSalle Hotel Properties ............. 256,200
6,500 Laserscope 1 ......................... 179,075
40,900 Lattice Semiconductor Corp. 1 ........ 286,709
1,100 Lawson Products, Inc. ................ 41,965
19,100 Lawson Software, Inc. 1 .............. 135,228
2,700 Layne Christensen Co. 1 .............. 44,685
4,400 LCA-Vision, Inc. 1 ................... 128,172
9,900 Leapfrog Enterprises, Inc. 1 ......... 196,911
3,583 Learning Tree International, Inc. 1 .. 51,989
4,700 LECG Corp. 1 ......................... 81,357
18,918 Lennox International, Inc. ........... 342,416
8,500 Leucadia National Corp.--
Contingent Sale Rights 1 ............ --
7,125 Levitt Corp.--Class A 1 .............. 183,540
26,000 Lexar Media, Inc. 1 .................. 173,680
22,922 Lexicon Genetics, Inc. 1 ............. 179,708
16,600 Lexington Corp. Properties Trust, REIT 330,506
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
5,400 Libbey, Inc. ......................... $ 149,904
7,075 Liberty Corp. ........................ 332,171
12,200 LifeCell Corp. 1 ..................... 137,738
3,400 Lifeline Systems, Inc. 1 ............. 80,444
14,300 LifePoint Hospitals, Inc. 1 .......... 532,246
2,000 Lifetime Hoan Corp. .................. 45,580
27,700 Ligand Pharmaceuticals, Inc.--
Class B 1,2 ......................... 481,426
10,000 Lin TV Corp.--Class A 1 .............. 212,000
13,674 Lincoln Electric Co. ................. 466,147
5,050 Lindsay Manufacturing Co. ............ 121,301
16,800 Linens 'n Things, Inc. 1 ............. 492,408
16,400 Lionbridge Technologies, Inc. 1 ...... 125,460
6,500 Lithia Motors, Inc.--Class A ......... 161,070
8,586 Littelfuse, Inc. 1 ................... 364,132
4,600 LKQ Corp. 1 .......................... 85,238
6,000 LNR Property Corp. ................... 325,500
5,254 LodgeNet Entertainment Corp. 1 ....... 86,691
7,000 Lone Star Steakhouse & Saloon, Inc. .. 190,330
10,736 Lone Star Technologies, Inc. 1 ....... 295,884
11,283 Longs Drug Stores Corp. .............. 269,325
19,300 Longview Fibre Co. 1 ................. 284,289
38,800 LookSmart Ltd. 1 ..................... 84,196
6,975 LSI Industries, Inc. ................. 80,213
7,600 LTC Properties, Inc., REIT ........... 126,160
22,674 LTX Corp. 1 .......................... 245,106
1,600 Lufkin Industries, Inc. .............. 51,168
11,800 Luminent Mortgage Capital, Inc.,
REIT ................................ 141,600
8,900 Luminex Corp. 1 ...................... 89,534
5,200 M&F Worldwide Corp. 1 ................ 71,240
4,300 M/I Schottenstein Homes, Inc. ........ 174,580
2,241 Macatawa Bank Corp. .................. 61,605
11,203 MacDermid, Inc. ...................... 379,222
18,400 Macrovision Corp. 1 .................. 460,552
11,260 MAF Bancorp, Inc. .................... 480,577
9,700 Magellan Health Services, Inc. 1 ..... 324,465
9,200 Magma Design Automation, Inc. 1 ...... 176,916
19,100 Magna Entertainment Corp.,--
Class A 1,2 ......................... 112,690
6,700 MagneTek, Inc. 1 ..................... 55,878
25,800 Magnum Hunter Resources, Inc. 1 ...... 267,804
11,600 Maguire Properties, Inc. ............. 287,332
7,100 Main Street Banks, Inc. .............. 199,510
2,167 MainSource Financial Group, Inc. ..... 43,990
11,000 Manhattan Associates, Inc. 1 ......... 339,680
9,977 Manitowoc Co., Inc. .................. 337,721
6,300 ManTech International Corp.--
Class A 1 ........................... 118,251
8,200 Manufactured Home
Communities, Inc. ................... 272,158
SHARES SECURITY VALUE
- ------------------------------------------------------------------
24,900 Manugistics Group, Inc. 1 ............ $ 81,423
9,600 MAPICS, Inc. 1 ....................... 101,376
6,700 MapInfo Corp. 1 ...................... 71,020
6,150 Marcus Corp. ......................... 106,088
6,200 Marimba, Inc. 1 ...................... 50,406
3,300 Marine Products Corp. ................ 61,215
4,100 MarineMax, Inc. 1 .................... 117,588
2,300 Marten Transport Ltd. 1 .............. 42,895
6,822 Martha Stewart Living
Omnimedia, Inc. 1,2 ................. 61,398
3,800 MascoTech, Inc.--Entitlement 1 ....... --
7,700 MasTec, Inc. 1 ....................... 41,811
4,800 Matria Healthcare, Inc. 1 ............ 120,336
8,200 Matrix Service Co. 1 ................. 75,030
20,500 MatrixOne, Inc. 1 .................... 141,655
11,500 Matthews International Corp.--
Class A ............................. 378,810
16,700 Mattson Technology, Inc. 1 ........... 200,734
1,900 Maui Land & Pineapple Co., Inc. 1 .... 64,600
15,783 Maverick Tube Corp. 1 ................ 414,462
12,300 Maxim Pharmaceuticals, Inc. 1 ........ 118,695
6,500 MAXIMUS, Inc. 1 ...................... 230,490
6,900 Maxwell Shoe Co., Inc. 1 ............. 160,356
3,400 Maxwell Technologies, Inc. 1 ......... 43,860
8,100 Maxygen, Inc. 1 ...................... 85,617
8,200 MB Financial, Inc. ................... 301,842
4,000 MBT Financial Corp. .................. 72,880
43,100 McDATA Corp.--Class A 1 .............. 231,878
11,600 MCG Capital Corp. .................... 178,408
2,800 McGrath Rentcorp ..................... 103,460
6,200 McMoRan Exploration Co. 1,2 .......... 96,596
3,400 Measurement Specialties, Inc. 1 ...... 73,440
29,800 Medarex, Inc. 1,2 .................... 217,242
3,100 MedCath Corp. 1 ...................... 62,000
27,300 Mediacom Communications Corp. 1 ...... 213,486
4,400 Medical Action Industries, Inc. 1 .... 80,960
4,800 Medical Staffing Network
Holdings, Inc. 1 .................... 30,912
17,800 Medicines Co. 1 ...................... 543,078
4,465 Medis Technologies Ltd. 1,2 .......... 72,422
3,172 MemberWorks, Inc. 1 .................. 93,955
11,792 Men's Wearhouse, Inc. 1 .............. 311,191
16,192 Mentor Corp. ......................... 555,224
26,200 Mentor Graphics Corp. 1 .............. 405,314
3,570 Mercantile Bank Corp. ................ 130,127
9,022 Mercury Computer Systems, Inc. 1 ..... 223,746
3,100 Merge Technologies, Inc. 1 ........... 45,353
20,400 Meridian Resource Corp. 1 ............ 141,576
30,044 Meristar Hospitality Corp. 1 ......... 205,501
9,944 Merit Medical Systems, Inc. 1 ........ 158,408
3,700 Meritage Corp. 1 ..................... 254,560
7,200 Merix Corp. 1 ........................ 81,648
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
17
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
13,400 Mesa Air Group, Inc. 1 ............... $ 108,406
7,400 Metal Management, Inc. 1 ............. 146,594
7,000 Metals USA, Inc. 1 ................... 125,160
12,228 Methode Electronics, Inc.--Class A ... 158,597
11,100 Metris Cos., Inc. 1 .................. 96,459
1,900 Metrocall Holdings, Inc. 1 ........... 127,300
5,000 Metrologic Instruments, Inc. 1 ....... 99,700
31,900 MFA Mortgage Investments, Inc. ....... 283,910
6,000 MGE Energy, Inc. ..................... 195,780
1,900 MGP Ingredients, Inc. ................ 73,511
24,900 Micrel, Inc. 1 ....................... 302,535
28,500 Micromuse, Inc. 1 .................... 190,665
6,883 MICROS Systems, Inc. 1 ............... 330,178
22,988 Microsemi Corp. 1 .................... 326,659
4,300 MicroStrategy, Inc.--Class A 1 ....... 183,610
13,900 Microtek Medical Holdings, Inc. 1 .... 71,168
17,200 Microtune, Inc. 1 .................... 80,324
8,500 Microvision, Inc. 1 .................. 71,400
8,100 Mid-America Apartment
Communities, Inc. ................... 306,909
9,600 Mid-State Bancshares ................. 225,696
6,000 Midas, Inc. 1 ........................ 104,400
2,000 Middleby Corp. (The) ................. 109,240
2,533 Middlesex Water Co. .................. 49,090
2,400 Midland Co. .......................... 71,160
13,959 Midway Games, Inc. 1,2 ............... 160,808
5,100 Midwest Banc Holdings, Inc. .......... 113,730
18,498 Milacron, Inc. 1 ..................... 73,992
24,231 Millennium Chemicals, Inc. 1 ......... 419,681
37,400 Mindspeed Technologies, Inc. 1 ....... 185,504
8,600 Mine Safety Appliances Co. ........... 289,820
7,368 Minerals Technologies, Inc. .......... 427,344
17,800 MIPS Technologies, Inc. 1 ............ 108,936
17,600 Mission Resources Corp. 1 ............ 100,320
8,100 Mission West Properties, Inc. ........ 98,091
11,800 MKS Instruments, Inc. 1 .............. 269,276
6,674 Mobile Mini, Inc. 1 .................. 189,608
10,700 Mobility Electronics, Inc 1 .......... 90,094
10,106 Modine Manufacturing Co. ............. 321,876
6,200 Molecular Devices Corp. 1 ............ 110,236
3,500 Molina Healthcare, Inc. 1 ............ 133,630
9,875 Monaco Coach Corp. ................... 278,179
11,600 Monolithic Systems Technology, Inc. 1 87,348
3,750 Monro Muffler Brake, Inc. 1 .......... 90,975
18,200 MONY Group, Inc. (The) 1 ............. 569,660
10,050 Moog, Inc.--Class A 1 ................ 372,956
4,200 Movado Group, Inc. ................... 72,450
11,025 Movie Gallery, Inc. .................. 215,539
38,772 MPS Group, Inc. 1 .................... 469,917
7,420 MRO Software, Inc. 1 ................. 100,986
39,834 MRV Communications, Inc. 1 ........... 109,145
10,100 MSC Software Corp. 1 ................. 90,395
SHARES SECURITY VALUE
- ------------------------------------------------------------------
2,500 MTC Technologies, Inc. 1 ............. $ 64,550
9,900 MTR Gaming Group, Inc. 1 ............. 108,405
9,100 MTS Systems Corp. .................... 213,395
14,100 Mueller Industries, Inc. ............. 504,780
8,500 Multimedia Games, Inc. 1,2 ........... 227,970
6,872 Myers Industries, Inc. ............... 96,895
14,800 Mykrolis Corp. 1 ..................... 257,816
11,300 Myriad Genetics, Inc. 1 .............. 168,596
23,033 Nabi Biopharmaceuticals 1 ............ 327,529
1,725 NACCO Industries, Inc.--Class A ...... 163,875
14,500 Nanogen, Inc. 1 ...................... 97,440
8,800 Nara Bancorp, Inc. ................... 150,744
5,800 Nash Finch Co. ....................... 145,174
1,000 National Beverage Corp. .............. 9,930
12,200 National Financial Partners Corp. .... 430,294
10,500 National Health Investors, Inc. ...... 285,495
2,000 National Healthcare Corp. ............ 56,020
10,453 National Penn Bancshares, Inc. ....... 310,872
1,100 National Presto Industries, Inc. ..... 45,353
4,100 National Processing, Inc. 1 .......... 117,875
700 National Western Life Insurance
Co.--Class A 1 ...................... 107,485
27,900 Nationwide Health Properties, Inc. ... 527,310
3,900 Nature's Sunshine Products, Inc. ..... 55,536
10,675 Nautilus Group, Inc. 2 ............... 208,269
8,800 Navarre Corp. 1 ...................... 126,632
17,175 Navigant Consulting, Inc. 1 .......... 368,232
6,600 Navigant International, Inc. 1,2 ..... 117,414
2,600 Navigators Group, Inc. (The) 1 ....... 75,114
1,233 NBC Capital Corp. .................... 33,279
15,097 NBT Bancorp, Inc. .................... 337,267
8,300 NCI Building Systems, Inc. 1 ......... 270,165
9,611 NCO Group, Inc. 1 .................... 256,518
700 NCP Litigation Trust Entitlements 1 .. --
13,389 NDCHealth Corp. ...................... 310,625
14,100 NeighborCare, Inc. 1 ................. 441,753
3,500 Neoforma, Inc. 1 ..................... 42,490
7,886 NeoPharm, Inc. 1 ..................... 81,462
6,622 Neose Technologies, Inc. 1 ........... 55,161
20,972 Net IQ Corp. 1 ....................... 276,830
17,896 Net.B@nk, Inc. ....................... 195,603
16,100 Net2Phone, Inc. 1 .................... 72,933
13,253 Netegrity, Inc. 1 .................... 112,120
7,200 NETGEAR, Inc. 1 ...................... 77,328
4,200 Netratings, Inc. 1 ................... 68,418
7,200 Netscout Systems, Inc. 1 ............. 47,448
9,500 Network Equipment
Technologies, Inc. 1 ................ 77,520
7,900 Neurogen Corp. 1 ..................... 59,092
10,600 New Century Financial Corp. .......... 496,292
11,850 New Jersey Resources Corp. ........... 492,723
14,300 Newcastle Investment Corp. ........... 428,285
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
5,700 NewMarket Corp. 1 .................... $ 122,379
28,825 Newpark Resources, Inc. 1 ............ 178,715
14,700 Newport Corp. 1 ...................... 237,699
3,300 Nexstar Broadcasting Group, Inc.--
Class A 1 ........................... 36,234
13,700 NIC, Inc. 1 .......................... 98,229
15,800 Nicor, Inc. .......................... 536,726
2,300 NL Industries, Inc. .................. 33,350
19,600 NMS Communications Corp. 1 ........... 144,648
6,600 NN, Inc. ............................. 83,886
3,000 Noble International Ltd. ............. 74,310
10,900 Nordson Corp. ........................ 472,733
4,900 North Pittsburgh Systems, Inc. ....... 98,245
8,300 Northfield Laboratories, Inc. 1 ...... 118,358
30,100 Northwest Airlines Corp. 1,2 ......... 334,712
5,900 Northwest Bancorp, Inc. .............. 135,110
12,107 Northwest Natural Gas Co. ............ 369,264
9,200 Novastar Financial, Inc., REIT 2 ..... 349,232
6,800 Novatel Wireless, Inc. 1 ............. 180,200
9,500 Noven Pharmaceuticals, Inc. 1 ........ 209,190
13,770 NPS Pharmaceuticals, Inc. 1 .......... 289,170
7,576 NS Group, Inc. 1 ..................... 124,549
19,444 Nu Skin Enterprises, Inc. ............ 492,322
8,400 NUI Corp. ............................ 122,640
3,700 Nutraceutical International Corp. 1 .. 78,847
11,833 Nuvelo, Inc. 1 ....................... 113,833
500 NYMAGIC, Inc. ........................ 13,200
10,100 O'Charley's, Inc. 1 .................. 173,619
8,500 Oakley, Inc. ......................... 109,990
3,500 Ocean Financial Corp. ................ 83,825
9,300 Oceaneering International, Inc. 1 .... 318,525
5,100 Octel Corp. .......................... 134,283
7,500 Ocular Sciences, Inc. 1 .............. 285,000
16,600 Ocwen Financial Corp. 1 .............. 199,864
13,375 Odyssey Healthcare, Inc. 1 ........... 251,718
7,200 Offshore Logistics, Inc. 1 ........... 202,464
23,942 Ohio Casualty Corp. 1 ................ 481,952
9,200 Oil States International, Inc. 1 ..... 140,760
7,200 Old Dominion Freight Line, Inc. 1 .... 212,256
24,000 Old National Bancorp ................. 595,920
1,899 Old Second Bancorp, Inc. ............. 100,172
25,954 Olin Corp. ........................... 457,309
10,600 OM Group, Inc. 1 ..................... 349,906
1,900 Omega Financial Corp. ................ 65,417
15,700 OMEGA Healthcare Investors, Inc. ..... 157,628
9,200 Omnicell, Inc. 1 ..................... 134,412
20,700 OmniVision Technologies, Inc. 1 ...... 330,165
12,700 Omnova Solutions, Inc. 1 ............. 77,470
48,100 ON Semiconductor Corp. 1 ............. 241,462
13,100 Onyx Pharmaceuticals, Inc. 1 ......... 554,916
4,100 Open Solutions, Inc. 1 ............... 102,418
23,966 Openwave Systems, Inc. 1 ............. 304,368
SHARES SECURITY VALUE
- ------------------------------------------------------------------
47,400 Oplink Communications, Inc. 1 ........ $ 91,008
5,700 OPNET Technologies, Inc. 1 ........... 74,670
19,400 Opsware, Inc. 1,2 .................... 153,648
8,100 Optical Communication Products, Inc. 1 19,764
6,800 Option Care, Inc. .................... 103,768
17,400 Orasure Technologies, Inc. 1 ......... 169,302
18,160 Orbital Sciences Corp. 1 ............. 250,790
5,300 Orbitz, Inc.--Class A 1 .............. 114,586
10,800 Oregon Steel Mills, Inc. 1 ........... 159,192
6,302 Oriental Financial Group, Inc. ....... 170,595
1,500 Orleans Homebuilders, Inc. 1 ......... 28,905
15,800 Orthodontic Centers of America, Inc. 1,2 129,402
15,500 OrthoLogic Corp. 1 ................... 134,385
18,700 Orthovita, Inc. 1 .................... 96,118
25,000 Oscient Pharmaceuticals Corp. 1 ...... 127,750
4,208 Oshkosh B'Gosh, Inc.--Class A ........ 105,074
6,300 OSI Systems, Inc. 1 .................. 125,559
9,000 Otter Tail Power Co. ................. 241,740
5,400 Overland Storage, Inc. 1 ............. 71,766
9,800 Overnite Corp. ....................... 288,120
9,800 Overseas Shipholding Group, Inc. ..... 432,474
4,100 Overstock.com, Inc. 1 ................ 160,228
14,300 Owens & Minor, Inc., Holding Co. ..... 370,370
4,700 Oxford Industries, Inc. .............. 204,732
1,300 P.A.M. Transportation Services, Inc. 1 24,830
9,572 P.F. Chang's China Bistro, Inc. 1 .... 393,888
11,000 Pacer International, Inc. 1 .......... 203,500
16,944 Pacific Capital Bancorp .............. 476,635
11,800 Packeteer, Inc. 1 .................... 190,570
11,400 Pain Therapeutics, Inc. 1 ............ 91,884
22,700 Palatin Technologies, Inc. 1 ......... 95,567
4,850 Palm Harbor Homes, Inc. 1 ............ 85,991
15,798 PalmOne, Inc. 1,2 .................... 549,296
6,787 PalmSource, Inc. 1 ................... 116,329
5,500 Palomar Medical Technologies, Inc. 1 . 92,345
10,600 Panera Bread Co.--Class A 1,2 ........ 380,328
3,700 Pantry, Inc. (The) 1 ................. 80,660
4,306 Papa John's International, Inc. 1,2 .. 127,199
12,700 Par Pharmaceutical Cos., Inc. 1 ...... 447,167
13,200 Paradyne Networks, Inc. 1 ............ 72,600
99,900 Parametric Technology Corp. 1 ........ 499,500
11,260 PAREXEL International Corp. 1 ........ 222,948
6,387 Park Electrochemical Corp. ........... 161,272
4,900 Park National Corp. .................. 625,779
32,400 Parker Drilling Co. 1 ................ 123,768
4,100 Parkway Properties, Inc. ............. 182,245
2,100 Partners Trust Financial Group, Inc. . 41,160
5,200 Party City Corp. 1 ................... 64,948
13,900 Pathmark Stores, Inc. 1 .............. 105,918
13,750 Paxar Corp. 1 ........................ 268,400
21,000 Paxson Communications Corp. 1 ........ 68,250
25,400 Payless ShoeSource, Inc. 1 ........... 378,714
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
19
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
3,250 PC Connection, Inc. 1 ................ $ 21,385
3,700 PC Mall, Inc. 1 ...................... 69,856
10,000 PC-Tel, Inc. 1 ....................... 118,000
6,300 PDF Solutions, Inc. 1 ................ 53,361
3,600 PDI, Inc. 1 .......................... 109,188
1,630 Peapack-Gladstone Financial Corp. .... 52,356
5,200 PEC Solutions, Inc. 1 ................ 62,036
9,100 Pediatrix Medical Group, Inc. 1 ...... 635,635
5,600 Peet's Coffee & Tea, Inc. 1 .......... 139,944
10,404 Pegasus Systems, Inc. 1 .............. 136,605
4,400 Pegasystems, Inc. 1 .................. 38,500
3,074 Penn Engineering &
Manufacturing Corp. ................. 65,907
12,300 Penn National Gaming, Inc. 1 ......... 408,360
6,200 Penn Virginia Corp. .................. 223,882
5,100 Penn-America Group, Inc. ............. 71,400
2,300 PennFed Financial Services, Inc. ..... 78,200
2,056 PennRock Financial Services Corp. .... 62,091
12,812 Pennsylvania Real Estate
Investment Trust, REIT .............. 438,811
7,900 Penwest Pharmaceuticals Co. 1 ........ 101,199
5,895 Peoples Bancorp, Inc. ................ 156,748
13,500 Peoples Energy Corp. ................. 569,025
2,000 Peoples Holding Co. .................. 69,120
21,600 Pep Boys--Manny, Moe, & Jack ......... 547,560
10,133 Per-Se Technologies, Inc. 1 .......... 147,334
42,200 Peregrine Pharmaceuticals 1 .......... 62,034
16,900 Performance Food Group Co. 1 ......... 448,526
11,100 Pericom Semiconductor Corp. 1 ........ 118,881
4,600 Perini Corp. 1 ....................... 49,082
30,800 Perot Systems Corp.--Class A 1 ....... 408,716
25,098 Perrigo Co. .......................... 476,109
2,900 Perry Ellis International, Inc. 1 .... 73,254
5,400 PetMed Express, Inc. 1 ............... 43,303
7,100 Petroleum Development Corp. 1 ........ 194,682
4,660 PFF Bancorp, Inc. .................... 173,538
8,700 Pharmacyclics, Inc. 1 ................ 88,479
4,500 Pharmion Corp. 1 ..................... 220,140
30,900 Pharmos Corp. 1 ...................... 126,999
7,000 Philadelphia Consolidated
Holding Corp. 1 ..................... 420,490
9,800 Phillips-Van Heusen Corp. ............ 188,650
35,300 Phoenix Cos., Inc. (The) 2 ........... 432,425
6,241 Photon Dynamics, Inc. 1 .............. 218,872
12,168 Photronics, Inc. 1 ................... 230,462
2,400 PICO Holdings, Inc. 1 ................ 45,886
13,700 Piedmont Natural Gas Co., Inc. ....... 584,990
6,000 Pinnacle Airlines Corp. 1 ............ 67,800
12,900 Pinnacle Entertainment, Inc. 1 ....... 162,669
27,612 Pinnacle Systems, Inc. 1 ............. 197,426
7,200 Piper Jaffray Cos., Inc. 1 ........... 325,656
14,900 Pixelworks, Inc. 1 ................... 228,268
SHARES SECURITY VALUE
- ------------------------------------------------------------------
28,716 Plains Exploration & Production Co. 1 $ 526,939
10,000 Plains Resources, Inc. 1 ............. 169,500
7,300 Planar Systems, Inc. 1 ............... 97,747
10,200 PLATO Learning, Inc. 1 ............... 101,082
5,760 Playboy Enterprises, Inc.--Class B 1 . 66,874
16,100 Playtex Products, Inc. 1 ............. 125,902
15,724 Plexus Corp. 1 ....................... 212,274
17,171 Plug Power, Inc. 1 ................... 128,439
8,300 PLX Technology, Inc. 1 ............... 143,258
12,100 PMA Capital Corp.--Class A ........... 108,900
23,469 PNM Resources, Inc. .................. 487,451
9,400 Polymedica Corp. ..................... 291,776
35,862 Polyone Corp. 1 ...................... 266,813
7,576 Pope & Talbot, Inc. .................. 149,778
15,100 Portal Software, Inc. 1 .............. 54,813
5,700 Portfolio Recovery Associates, Inc. 1 157,149
6,700 Possis Medical, Inc. 1 ............... 228,805
13,900 Post Properties, Inc. ................ 405,185
10,968 Potlatch Corp. ....................... 456,708
2,300 Powell Industries, Inc. 1 ............ 39,284
10,300 Power Integrations, Inc. 1 ........... 256,470
25,300 Power-One, Inc. 1 .................... 277,794
38,400 Powerwave Technologies, Inc. 1 ....... 295,680
10,600 Pozen, Inc. 1 ........................ 72,504
20,900 PRAECIS Pharmaceuticals, Inc. 1 ...... 79,420
5,200 Pre-Paid Legal Services, Inc. 1,2 .... 123,916
16,000 Prentiss Properties Trust, REIT ...... 536,320
10,000 Presidential Life Corp. .............. 180,200
11,800 Presstek, Inc. 1 ..................... 124,018
17,197 PRG-Schultz International, Inc. 1 .... 94,068
14,963 Price Communications Corp. 1 ......... 220,854
7,400 Price Legacy Corp., REIT ............. 136,604
8,716 Priceline.com, Inc. 1,2 .............. 234,722
4,222 Prima Energy Corp. 1 ................. 167,065
17,200 Prime Hospitality Corp. 1 ............ 182,664
55,800 PRIMEDIA, Inc. 1 ..................... 155,124
30,200 Primus Telecommunications
Group, Inc. 1 ....................... 153,416
12,200 Priority Healthcare Corp.--Class B 1 . 279,990
6,900 PrivateBancorp, Inc. ................. 189,474
9,293 Proassurance Corp. 1 ................. 316,984
2,000 Procurenet 1 ......................... --
5,500 Progenics Pharmaceuticals, Inc. 1 .... 92,620
12,994 Progress Software Corp. 1 ............ 281,580
9,300 Proquest Co. 1 ....................... 253,425
7,500 Prosperity Bancshares, Inc. .......... 182,625
2,400 Provide Commerce, Inc. 1 ............. 47,304
12,578 Provident Bancorp, Inc. .............. 143,389
12,097 Provident Bankshares Corp. ........... 348,888
2,100 Provident Financial Holdings, Inc. ... 49,665
21,900 Provident Financial Services, Inc. ... 384,345
18,027 Province Healthcare Co. 1 ............ 309,163
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
20
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
6,400 PS Business Parks, Inc. .............. $ 257,536
25,163 PSS World Medical, Inc. 1 ............ 281,826
4,300 Psychiatric Solutions, Inc. 1 ........ 107,199
18,800 PTEK Holdings, Inc. 1 ................ 216,764
2,600 Pulitzer, Inc. ....................... 127,140
5,500 QAD, Inc. 1 .......................... 58,355
2,600 Quaker Chemical Corp. ................ 71,812
2,600 Quaker City Bancorp, Inc. ............ 142,844
1,800 Quality Systems, Inc. 1 .............. 88,362
6,100 Quanex Corp. ......................... 297,070
26,900 Quanta Services, Inc. 1 .............. 167,318
65,000 Quantum Corp. 1 ...................... 201,500
18,000 Quest Software, Inc. 1 ............... 232,200
5,500 Quicksilver Resources, Inc. 1 ........ 368,885
20,800 Quicksilver, Inc. 1 .................. 495,248
14,100 Quidel Corp. 1 ....................... 83,049
4,000 Quixote Corp. ........................ 80,200
10,350 R&G Financial Corp.--Class B ......... 342,171
8,400 R.H. Donnelley Corp. 1 ............... 367,416
8,274 RadiSys Corp. 1 ...................... 153,648
14,900 RAE Systems, Inc. 1 .................. 80,460
12,400 RailAmerica, Inc. 1 .................. 181,040
11,100 RAIT Investment Trust, REIT .......... 273,615
10,860 Ralcorp Holdings, Inc. 1 ............. 382,272
5,200 Ramco-Gershenson Properties
Trust, REIT ......................... 125,996
24,600 Range Resources Corp. ................ 359,160
12,175 RARE Hospitality International, Inc. 1 303,158
2,600 Raven Industries, Inc. ............... 92,378
12,800 Rayovac Corp. 1 ...................... 359,680
6,100 RC2 Corp. 1 .......................... 216,550
38,300 Reader's Digest Association, Inc. (The) 612,417
5,400 Reading International, Inc.--Class A 1 46,980
40,700 RealNetworks, Inc. 1 ................. 278,388
14,300 Realty Income Corp., REIT ............ 596,739
4,600 Red Robin Gourmet Burgers 1 .......... 125,902
14,600 Redback Networks, Inc. 1 ............. 93,586
5,800 Redwood Trust, Inc. .................. 322,944
11,400 Regal-Beloit Corp. ................... 253,764
10,900 Regeneration Technologies, Inc. 1 .... 116,957
13,400 Regeneron Pharmaceuticals, Inc. 1 .... 141,102
11,200 Regent Communications, Inc. 1 ........ 69,328
7,100 RehabCare Group, Inc. 1 .............. 189,073
10,550 Reliance Steel & Aluminum Co. ........ 425,376
24,448 Remec, Inc. 1 ........................ 154,511
7,400 Remington Oil & Gas Corp. 1 .......... 174,640
3,000 Renaissance Learning, Inc. ........... 67,260
9,961 Rent-Way, Inc. 1 ..................... 89,649
27,040 Republic Bancorp, Inc. ............... 375,856
1,655 Republic Bancorp, Inc.--Class A ...... 33,414
5,500 Res-Care, Inc. 1 ..................... 69,850
4,800 Resource America, Inc.--Class A ...... 113,280
SHARES SECURITY VALUE
- ------------------------------------------------------------------
8,800 Resources Connection, Inc. 1 ......... $ 344,168
11,200 Restoration Hardware, Inc. 1 ......... 81,872
24,800 Retek, Inc. 1 ........................ 152,272
58,900 Revlon 1 ............................. 173,755
8,700 Rewards Network, Inc. 1 .............. 78,300
69,400 RF Micro Devices, Inc. 1,2 ........... 520,500
5,974 Riggs National Corp. ................. 126,171
1,100 Riviana Foods, Inc. .................. 28,787
7,800 RLI Corp. ............................ 284,700
3,800 Robbins & Myers, Inc. ................ 85,310
3,783 Robert Mondavi Corp.--Class A 1 ...... 140,047
9,500 Rock-Tenn Co.--Class A ............... 161,025
6,500 Rofin-Sinar Technologies, Inc. 1 ..... 165,035
6,700 Rogers Corp. 1 ....................... 468,330
9,050 Rollins, Inc. ........................ 208,241
315 Royal Bancshares of Pennsylvania,
Inc.--Class A ....................... 7,812
6,100 Royal Gold, Inc. 2 ................... 86,437
2,100 RPC, Inc. ............................ 33,201
23,000 RSA Security, Inc. 1 ................. 470,810
8,000 RTI International Metals, Inc. 1 ..... 127,600
14,000 Ruddick Corp. ........................ 314,300
5,900 Rudolph Technologies, Inc. 1 ......... 107,321
4,800 Russ Berrie & Co., Inc. .............. 93,264
10,500 Russell Corp. ........................ 188,580
18,350 Ryan's Restaurant Group, Inc. 1 ...... 289,930
10,788 Ryerson Tull, Inc.--Class A .......... 171,313
28,500 S Corp. 1 ............................ 283,290
8,860 S&T Bancorp, Inc. .................... 283,343
3,400 S.Y. Bancorp, Inc. ................... 79,594
46,400 Safeguard Scientifics, Inc. 1 ........ 106,720
8,673 SafeNet, Inc. 1 ...................... 240,069
2,700 Safety Insurance Group, Inc. ......... 57,834
5,950 SAGA Communications, Inc.-- ..........
Class A 1 ........................... 108,588
3,218 Salem Communications Corp. 1 ......... 87,304
9,500 Salix Pharmaceuticals Ltd. 1 ......... 313,025
3,200 Sanders Morris Harris Group, Inc. .... 47,200
3,850 Sanderson Farms, Inc. ................ 206,437
7,200 Sandy Spring Bancorp, Inc. ........... 250,200
1,210 Santander BanCorp .................... 29,911
3,600 Santarus, Inc. 1 ..................... 53,100
30,200 Sapient Corp. 1 ...................... 181,502
2,600 Sauer, Inc. .......................... 44,382
3,500 Saul Centers, Inc. ................... 112,385
11,800 Saxon Capital, Inc. 1 ................ 269,394
19,600 SBA Communications Corp. 1 ........... 87,220
7,308 SBS Technologies, Inc. 1 ............. 117,440
31,036 Scansoft, Inc. 1 ..................... 153,628
4,500 ScanSource, Inc. 1 ................... 267,390
1,890 SCBT Financial Corp. ................. 56,984
1,400 Schawk, Inc. ......................... 19,558
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
21
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
7,050 Schnitzer Steel Industries, Inc.--
Class A ............................. $ 239,418
10,700 Scholastic Corp. 1 ................... 320,465
7,200 School Speciality, Inc. 1 ............ 261,432
13,300 Schulman, Inc. ....................... 285,817
5,000 Schweitzer-Mauduit International, Inc. 153,150
21,100 SciClone Pharmaceuticals, Inc. 1 ..... 107,821
20,700 Scientific Games Corp.--Class A 1 .... 396,198
13,262 SCP Pool Corp. ....................... 596,790
6,849 SCS Transportation, Inc. 1 ........... 180,745
100 Seaboard Corp. ....................... 49,795
4,600 Seabulk International, Inc. 1 ........ 37,950
9,100 SeaChange International, Inc. 1 ...... 153,608
4,760 Seacoast Banking Corp. of Florida .... 99,627
12,200 Seacoast Financial Services Corp. .... 422,120
6,550 Seacor SMIT, Inc. 1 .................. 287,742
13,600 Seattle Genetics, Inc. 1 ............. 95,608
4,500 Second Bancorp, Inc. ................. 140,805
12,937 Secure Computing Corp. 1 ............. 150,716
800 Security Bank Corp. .................. 27,800
21,700 Seebeyond Technology Corp. 1 ......... 81,809
14,300 Select Comfort Corp. 1 ............... 406,120
34,500 Select Medical Corp. ................. 462,990
11,600 Selective Insurance Group, Inc. ...... 462,608
8,000 Semitool, Inc. 1 ..................... 90,560
22,400 Senior Housing Properties Trust, REIT 376,096
17,533 Sensient Technologies ................ 376,609
2,000 Sequa Corp.--Class A 1 ............... 116,940
9,526 SERENA Software, Inc. 1 .............. 181,851
9,300 Serologicals Corp. 1 ................. 185,907
5,400 SFBC International, Inc. 1 ........... 169,182
4,400 Sharper Image Corp. 1 ................ 138,116
23,600 Shaw Group, Inc. 1 ................... 239,068
2,000 Shenandoah Telecommunications Co. .... 54,000
3,700 Shoe Carnival, Inc. 1 ................ 55,537
12,890 ShopKo Stores, Inc. 1 ................ 182,265
8,650 Shuffle Master, Inc. 1 ............... 314,082
1,900 SI International, Inc. 1 ............. 38,741
8,600 Sierra Health Services, Inc. 1 ....... 384,420
43,720 Sierra Pacific Resources 1 ........... 337,081
8,900 Sigmatel, Inc. 1 ..................... 258,634
5,000 Silgan Holdings, Inc. ................ 201,550
100,500 Silicon Graphics, Inc. 1,2 ........... 221,100
29,800 Silicon Image, Inc. 1 ................ 391,274
30,300 Silicon Storage Technology, Inc. 1 ... 312,090
12,800 Silicon Valley Bancshares 1 .......... 507,520
2,100 Siliconix, Inc. 1 .................... 104,202
4,500 Simmons First National Corp.--
Class A ............................. 117,135
7,200 SimpleTech, Inc. 1 ................... 24,552
6,500 Simpson Manufacturing Co., Inc. ...... 364,780
17,918 Sinclair Broadcast Group, Inc. ....... 184,018
SHARES SECURITY VALUE
- ------------------------------------------------------------------
10,506 SIPEX Corp. 1 ........................ $ 59,884
18,800 SITEL Corp. 1 ........................ 79,336
35,200 Six Flags, Inc. 1 .................... 255,552
1,600 SJW Corp. ............................ 54,400
8,989 Skechers USA, Inc.--Class A 1 ........ 116,857
2,100 Skyline Corp. ........................ 85,365
21,700 SkyWest, Inc. ........................ 377,797
55,900 Skyworks Solutions, Inc. 1 ........... 488,007
3,900 Smart & Final, Inc. 1 ................ 46,878
1,500 Smithtown Bancorp, Inc. .............. 61,020
28 SoftBrands, Inc. 1 ................... 34
8,000 Sohu.com, Inc. 1,2 ................... 159,040
11,400 Sola International, Inc. 1 ........... 196,422
10,500 Sonic Automotive, Inc. ............... 232,575
22,147 Sonic Corp. 1 ........................ 503,844
9,200 Sonic Innovations, Inc. 1 ............ 52,256
6,100 Sonic Solutions 1 .................... 129,625
21,100 SonicWALL, Inc. 1 .................... 181,460
5,928 SonoSite, Inc. 1 ..................... 141,738
80,700 Sonus Networks, Inc. 1 ............... 385,746
17,483 Sotheby's Holding, Inc.--Class A 1 ... 279,029
9,100 Source Interlink Cos., Inc. 1 ........ 101,192
6,383 SOURCECORP, Inc. 1 ................... 175,660
6,600 South Jersey Industries, Inc. ........ 290,400
3,000 Southern Community Financial Corp. ... 31,320
23,228 Southern Union Co. 1 ................. 489,646
2,055 Southside Bancshares, Inc. ........... 43,155
12,800 Southwest Bancorp of Texas ........... 564,736
6,600 Southwest Bancorp, Inc. .............. 120,450
14,312 Southwest Gas Corp. .................. 345,349
6,826 Southwest Water Co. .................. 85,462
14,800 Southwestern Energy Co. 1 ............ 424,316
7,000 Sovran Self Storage, Inc. ............ 267,260
15,298 Spanish Broadcasting System, Inc. 1 .. 142,424
9,000 Spartech Corp. ....................... 233,460
11,200 SpatiaLight, Inc. 1 .................. 67,760
3,000 Specialty Laboratories, Inc. 1 ....... 26,880
8,000 Spectralink Corp. .................... 119,200
5,554 Speedway Motorsports, Inc. ........... 185,726
22,543 Spherion Corp. 1 ..................... 228,586
9,380 Spinnaker Exploration Co. 1 .......... 369,384
8,249 Sports Authority, Inc. (The) 1 ....... 296,139
3,700 Sports Resorts International, Inc. 1 . 14,060
4,800 SPSS, Inc. 1 ......................... 86,256
4,500 SRA International, Inc.--Class A 1 ... 190,440
5,100 SS&C Technologies, Inc. .............. 95,370
11,700 St. Mary Land & Exploration Co. ...... 417,105
6,700 Stage Stores, Inc. 1 ................. 252,322
8,500 Stamps.com, Inc. ..................... 86,615
3,400 Standard Commercial Corp. ............ 61,370
6,161 Standard Microsystems Corp. 1 ........ 143,675
3,600 Standard Motor Products, Inc. ........ 53,028
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
22
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
5,200 Standard Register Co. ................ $ 61,880
3,600 Standex International Corp. .......... 97,920
2,800 Stanley Furniture Co., Inc. .......... 117,908
11,700 Star Scientific, Inc. 1 .............. 46,332
3,725 StarTek, Inc. ........................ 133,355
4,300 State Auto Financial Corp. ........... 132,096
1,881 State Bancorp, Inc. .................. 45,953
2,900 State Financial Services Corp.--
Class A ............................. 86,014
7,875 Steak n Shake Co. 1 .................. 143,483
13,930 Steel Dynamics, Inc. 1 ............... 398,816
3,100 Steel Technologies, Inc. ............. 68,448
10,196 Stein Mart, Inc. 1 ................... 165,787
2,300 Steinway Musical Instruments, Inc. 1 . 80,707
9,100 Stellent, Inc. 1 ..................... 77,714
1,200 Stephan Chemical Co. ................. 31,380
25,800 STERIS Corp. 1 ....................... 582,048
5,570 Sterling Bancorp ..................... 153,843
18,925 Sterling Bancshares, Inc. ............ 268,546
9,943 Sterling Financial Corp.--
Pennsylvania ........................ 258,816
9,859 Sterling Financial Corp.--Spokane 1 .. 314,206
4,500 Steven Madden Ltd. 1 ................. 89,865
12,400 Stewart & Stevenson Services, Inc. ... 222,208
39,900 Stewart Enterprises, Inc.--Class A 1 . 324,786
6,300 Stewart Information Services Corp. ... 212,751
16,325 Stillwater Mining Co. 1 .............. 245,038
8,679 Stone Energy Corp. 1 ................. 396,457
4,800 Stoneridge, Inc. 1 ................... 81,600
4,150 Stratasys, Inc. 1 .................... 102,754
32,300 Stratex Networks, Inc. 1 ............. 95,285
1,200 Strattec Security Corp. 1 ............ 82,116
5,160 Strayer Education, Inc. .............. 575,701
17,900 Stride Rite Corp. .................... 197,437
8,700 Sturm Ruger & Co., Inc. .............. 105,357
3,100 Suffolk Bancorp ...................... 101,060
9,500 Summit Properties, Inc. .............. 243,580
4,865 Sun Bancorp, Inc. 1 .................. 103,430
6,900 Sun Communities, Inc. ................ 259,785
5,725 Sunrise Assisted Living, Inc. 1,2 .... 224,077
5,900 Sunterra Corp. 1 ..................... 74,340
15,583 SuperGen, Inc. 1,2 ................... 100,510
19,901 Superior Energy Services, Inc. 1 ..... 200,005
8,300 Superior Industries International, Inc. 2 277,635
3,048 Supertex, Inc. 1 ..................... 49,804
13,700 Support.com, Inc. 1 .................. 118,916
5,500 Surewest Communications .............. 173,800
6,400 SurModics, Inc. 1,2 .................. 157,696
17,247 Susquehanna Bancshares, Inc. ......... 433,935
10,020 Swift Energy Co. 1 ................... 221,041
17,900 Swift Transportation Co., Inc. 1 ..... 321,305
6,111 SWS Group, Inc. ...................... 93,498
SHARES SECURITY VALUE
- ------------------------------------------------------------------
14,400 Sybron Dental Specialties, Inc. 1 .... $ 429,840
65,200 Sycamore Networks, Inc. 1 ............ 275,796
8,500 Sykes Enterprises, Inc. 1 ............ 64,260
18,200 Symmetricom, Inc. 1 .................. 161,980
10,270 Symyx Technologies 1 ................. 247,712
9,100 Synaptics, Inc. 1 .................... 174,265
2,500 Syntel, Inc. ......................... 41,375
13,000 Syntroleum Corp. 1 ................... 86,060
2,100 Sypris Solutions, Inc. ............... 40,299
2,900 Systemax, Inc. 1 ..................... 19,430
16,600 Take-Two Interactive Software, Inc. 1 508,624
12,533 TALK America Holdings, Inc. 1,2 ...... 96,128
6,250 TALX Corp. ........................... 152,688
5,100 Tanger Factory Outlet Centers, Inc. .. 199,410
10,400 Tanox, Inc. 1 ........................ 198,328
2,700 Tarragon Corp. ....................... 39,825
9,100 Taser International, Inc. 1 .......... 394,303
17,800 Taubman Centers, Inc. ................ 407,442
2,200 Taylor Capital Group, Inc. ........... 47,850
7,700 TBC Corp. 1 .......................... 183,260
15,800 Techne Corp. 1 ....................... 686,510
3,300 Technical Olympic USA, Inc. .......... 73,524
15,800 Technitrol, Inc. 1 ................... 346,020
6,341 Tecumseh Products Co.--Class A ....... 261,186
2,300 Tejon Ranch Co. 1 .................... 80,040
20,100 Tekelec 1 ............................ 365,217
13,822 Teledyne Technologies, Inc. 1 ........ 276,716
16,500 TeleTech Holdings, Inc. 1 ............ 144,705
16,200 Telik, Inc. 1 ........................ 386,694
8,900 Tempur-Pedic International, Inc. 1 ... 124,689
2,600 Tennant Co. .......................... 107,770
17,000 Tenneco Automotive, Inc. 1 ........... 224,910
24,300 Terayon Communication ................
Systems, Inc. 1 ..................... 56,862
18,468 Terex Corp. 1 ........................ 630,313
12,800 Terra Industries, Inc. 1 ............. 72,064
24,655 Tersoro Petroleum Corp. 1 ............ 680,478
9,300 Tessera Technologies, Inc. 1 ......... 167,586
22,116 Tetra Tech, Inc. 1 ................... 360,933
8,350 TETRA Technologies, Inc. 1 ........... 224,198
6,600 Texas Capital Bancshares, Inc. 1 ..... 109,560
7,847 Texas Industries, Inc. ............... 323,061
10,189 Texas Regional Bancshares, Inc.--
Class A ............................. 467,777
14,900 ThermoGenesis Corp. 1 ................ 70,477
21,800 Thomas & Betts Corp. ................. 593,614
4,700 Thomas Industries, Inc. .............. 156,040
4,200 Thomas Nelson, Inc. .................. 95,508
13,400 Thor Industries, Inc. ................ 448,364
18,860 Thoratec Laboratories Corp. 1 ........ 202,368
14,197 THQ, Inc. 1 .......................... 325,111
7,200 Tier Technologies, Inc.--Class B 1 ... 70,128
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
23
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
9,400 TierOne Corp. ........................ $ 202,194
16,800 Time Warner Telecommunications,
Inc.--Class A 1 ..................... 70,392
31,300 Titan Corp. 1 ........................ 406,274
16,000 TiVo, Inc. 1,2 ....................... 113,440
3,000 Todco--Class A 1 ..................... 46,410
2,430 Tompkins Trustco, Inc. ............... 115,425
12,844 Too, Inc. 1 .......................... 214,495
10,996 Topps Co., Inc. ...................... 106,661
9,600 Toro Co. ............................. 672,672
24,690 Tower Automotive, Inc. 1,2 ........... 89,872
5,600 Town & Country Trust ................. 141,344
11,700 Tractor Supply Co. 1 ................. 489,294
9,400 Tradestation Group, Inc. 1 ........... 67,586
10,600 Trammel Crow Co. 1 ................... 149,460
7,309 Trans World Entertainment Corp. 1 .... 73,236
3,600 TransAct Technologies, Inc. 1 ........ 113,832
14,806 Transaction Systems Architecture,
Inc.--Class A 1 ..................... 318,773
11,845 Transkaryotic Therapies, Inc. 1 ...... 177,201
54,300 Transmeta Corp. 1 .................... 118,917
5,000 TransMontaigne Oil Co. 1 ............. 26,900
1,300 Travelzoo, Inc. 1 .................... 38,727
5,050 TRC Cos., Inc. 1 ..................... 84,234
11,055 Tredegar Industries, Inc. ............ 178,317
3,800 Trex Co., Inc. 1 ..................... 143,450
3,800 Triad Guaranty, Inc. 1 ............... 221,160
12,900 Triarc Cos., Inc.--Class B ........... 131,193
5,000 TriCo Bancshares ..................... 94,500
8,300 Trident Microsystems, Inc. 1 ......... 93,043
19,809 Trimble Navigation Ltd. 1 ............ 550,492
6,702 Trimeris, Inc. 1 ..................... 96,710
13,712 Trinity Industries, Inc. ............. 435,904
9,200 Tripath Imaging, Inc. 1 .............. 86,572
15,500 Tripath Technology, Inc. 1 ........... 50,375
50,878 TriQuint Semiconductor, Inc. 1 ....... 277,794
11,800 Triton PCS Holdings, Inc.--Class A 1 . 51,448
5,400 Triumph Group, Inc. 1 ................ 172,422
10,100 TriZetto Group, Inc. 1 ............... 67,670
27,783 Trustco Bank Corp. ................... 363,957
16,700 Trustmark Corp. ...................... 482,964
14,600 TTM Technologies, Inc. 1 ............. 173,010
10,500 Tuesday Morning Corp. 1 .............. 304,500
20,500 Tumbleweed Communications Corp. 1 .... 87,330
19,490 Tupperware Corp. ..................... 378,691
16,200 Tyler Technologies, Inc. 1 ........... 153,252
26,834 U.S. Oncology, Inc. 1 ................ 394,996
11,800 U.S. Restaurant Properties, Inc ...... 179,242
3,722 U.S.B. Holding Co., Inc. ............. 85,308
15,100 U.S.I. Holdings Corp. 1 .............. 238,580
29,000 UbiquiTel, Inc. 1 .................... 122,380
15,600 UICI 1 ............................... 371,436
4,600 UIL Holdings Corp. ................... 223,974
SHARES SECURITY VALUE
- ------------------------------------------------------------------
4,200 Ulticom, Inc. 1 ...................... $ 49,140
7,100 Ultimate Software Group, Inc. (The) 1 71,710
4,700 Ultralife Batteries, Inc. 1 .......... 90,992
7,928 Ultratech Stepper, Inc. 1 ............ 129,068
5,592 UMB Financial Corp. .................. 288,659
10,591 Umpqua Holdings Corp. ................ 222,305
3,500 UniFirst Corp. ....................... 101,815
2,000 Union Bankshares Corp. ............... 63,200
12,800 Unisource Energy Corp. ............... 318,080
14,870 Unit Corp. 1 ......................... 467,662
6,800 United Auto Group, Inc. .............. 208,420
13,200 United Bankshares, Inc. .............. 429,000
11,100 United Community Banks, Inc. ......... 279,498
13,542 United Community Financial Corp. ..... 176,046
2,300 United Fire & Casualty Co. ........... 132,825
5,700 United Industrial Corp. .............. 133,095
15,900 United Natural Foods, Inc. 1 ......... 459,669
19,450 United Online, Inc. 1 ................ 342,515
2,400 United PanAm Financial Corp. 1 ....... 40,920
16,100 United Rentals, Inc. 1 ............... 288,029
12,651 United Stationers, Inc. 1 ............ 502,498
10,500 United Surgical Partners
International, Inc. 1 ............... 414,435
7,028 United Therapeutics Corp. 1 .......... 180,268
12,800 Universal American Financial Corp. 1 . 140,544
5,900 Universal Compression Holdings, Inc. 1 181,012
9,368 Universal Corp. ...................... 477,206
8,615 Universal Display Corp. 1 ............ 92,525
4,241 Universal Electronics, Inc. 1 ........ 74,345
7,200 Universal Forest Products, Inc. ...... 232,200
4,600 Universal Health Realty Income
Trust, REIT ......................... 132,020
5,000 Universal Technical Institute, Inc. 1 199,900
2,300 Univest Corporation of Pennsylvania .. 117,300
9,917 Unizan Financial Corp. ............... 258,834
17,900 UNOVA, Inc. 1 ........................ 362,475
6,200 Urologix, Inc. 1 ..................... 95,728
11,300 URS Corp. 1 .......................... 309,620
5,900 Urstadt Biddle Properties--Class A ... 87,379
4,500 USANA Health Sciences, Inc. 1 ........ 139,860
33,333 USEC, Inc. ........................... 292,330
10,351 USF Corp. ............................ 363,631
12,000 USG Corp. 1 .......................... 210,960
9,100 Vail Resorts, Inc. 1 ................. 174,356
19,200 Valassis Communications, Inc. 1 ...... 585,024
31,600 Valeant Pharmaceuticals International 632,000
23,800 Valence Technology, Inc. 1,2 ......... 81,634
7,040 Valhi, Inc. .......................... 80,045
5,800 Valmont Industries, Inc. ............. 132,820
400 Value Line, Inc. ..................... 14,204
29,100 ValueClick, Inc. 1 ................... 348,618
8,100 ValueVision International, Inc. 1 .... 105,462
7,800 Vans, Inc. 1 ......................... 160,290
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS June 30, 2004 (Unaudited)
SHARES SECURITY VALUE
- ------------------------------------------------------------------
13,506 Varian Semiconductor Equipment
Associates, Inc. 1 ................... $ 520,791
12,828 Varian, Inc. 1 ....................... 540,700
8,400 VaxGen, Inc. 1 ....................... 118,944
10,757 Vector Group Ltd. 2 .................. 169,423
9,200 Veeco Instruments, Inc. 1 ............ 237,452
5,596 Ventana Medical Systems, Inc. 1 ...... 265,978
7,800 Ventiv Health, Inc. 1 ................ 120,744
4,000 Verint Systems, Inc. 1 ............... 136,880
12,300 Veritas DGC, Inc. 1 .................. 284,745
10,317 Verity, Inc. 1 ....................... 139,383
50,300 Verso Technologies, Inc. 1 ........... 88,025
30,800 Vertex Pharmaceuticals, Inc. 1 ....... 333,872
11,800 Vesta Insurance Group, Inc. .......... 76,346
8,100 ViaSat, Inc. 1 ....................... 202,095
11,500 Viasys Healthcare, Inc. 1 ............ 240,465
6,774 Vicor Corp. 1 ........................ 123,761
18,700 Vicuron Pharmaceuticals, Inc. 1 ...... 234,872
87,400 Vignette Corp. 1 ..................... 145,084
9,900 Viisage Technology, Inc. 1 ........... 86,328
21,490 Vintage Petroleum, Inc. .............. 364,685
23,400 Vion Pharmaceuticals, Inc. 1 ......... 97,344
2,900 Virginia Commerce Bancorp, Inc. 1 .... 85,579
1,900 Virginia Financial Group, Inc. ....... 65,265
4,200 VistaCare, Inc.--Class A 1 ........... 77,910
48,300 Visteon Corp. ........................ 563,661
18,100 VISX, Inc. 1 ......................... 483,632
2,000 Vital Signs, Inc. .................... 58,080
81,000 Vitesse Semiconductor Corp. 1 ........ 395,280
2,400 Volt Information Sciences, Inc. 1 .... 75,624
11,100 W-H Energy Services, Inc. 1 .......... 217,560
27,700 W.R. Grace & Co. 1 ................... 171,740
10,100 Wabash National Corp. 1 .............. 278,255
15,471 Wabtec Corp. ......................... 279,097
11,100 Walter Industries, Inc. .............. 151,182
16,600 Warnaco Group, Inc. 1 ................ 353,082
10,500 Washington Group International, Inc. 1 376,845
17,300 Washington Real Estate
Investment Trust .................... 508,274
4,000 Washington Trust Bancorp, Inc. ....... 103,880
16,350 Waste Connections, Inc. 1 ............ 484,941
15,400 WatchGuard Technologies, Inc. 1 ...... 111,188
2,700 Water Pik Technologies, Inc. 1 ....... 44,712
7,753 Watsco, Inc.--Class A ................ 217,627
12,700 Watson Wyatt and Co. Holdings ........ 338,455
8,080 Watts Industries, Inc.--Class A ...... 217,756
16,580 Wausau-Mosinee Paper Co. ............. 286,834
12,995 Waypoint Financial Corp. ............. 358,532
12,200 WCI Communities, Inc. 1 .............. 272,182
7,600 WD-40 Co. ............................ 227,544
11,000 WebEx Communications, Inc. 1,2 ....... 239,360
17,300 webMethods, Inc. 1 ................... 148,261
8,500 Websense, Inc. 1 ..................... 316,455
3,600 Weis Markets, Inc. ................... 126,180
SHARES SECURITY VALUE
- ------------------------------------------------------------------
15,500 Wellman, Inc. ........................ $ 126,015
17,100 Werner Enterprises, Inc. 1 ........... 360,810
8,500 WesBanco, Inc. ....................... 247,605
5,977 WESCO International, Inc. 1 .......... 109,977
4,100 West Bancorp ......................... 71,709
6,800 West Coast Bancorp ................... 145,792
6,000 West Marine, Inc. 1 .................. 161,100
5,036 West Pharmaceutical Services, Inc. ... 213,023
11,500 Westamerica Bankcorporation .......... 603,175
20,400 Westell Technologies, Inc. 1 ......... 104,040
1,500 Western Sierra Bancorp 1 ............. 46,455
17,400 WGL Holdings, Inc. ................... 499,728
5,900 Whiting Petroleum Corp. 1 ............ 148,385
11,389 Wild Oats Market, Inc. 1 ............. 160,243
1,800 William Lyon Homes, Inc. 1 ........... 165,870
2,100 Wilshire State Bank 1 ................ 51,492
8,000 Wilson Greatbatch Technologies, Inc. 1 223,600
28,200 Wind River Systems, Inc. 1 ........... 331,632
29,800 Winn-Dixie Stores, Inc. 1 ............ 214,560
9,494 Winnebago Industries ................. 353,936
10,100 Winston Hotels, Inc. ................. 104,535
7,550 Wintrust Financial Corp. ............. 381,351
16,800 Wireless Facilities, Inc. 1 .......... 165,144
8,800 Witness Systems, Inc. 1 .............. 106,920
15,800 WJ Communications, Inc. 1 ............ 55,932
7,200 WMS Industries, Inc. 1 ............... 214,560
14,900 Wolverine World Wide, Inc. ........... 391,125
3,267 Woodhead Industries, Inc. ............ 50,508
4,100 Woodward Governor Co. ................ 295,651
7,600 World Acceptance Corp. 1 ............. 139,308
3,900 World Fuel Services Corp. ............ 175,812
3,522 World Wrestling Entertainment, Inc. .. 44,906
9,700 Wright Medical Group, Inc. 1 ......... 345,320
2,700 WSFS Financial Corp. ................. 131,409
8,100 X-Rite, Inc. ......................... 117,774
12,500 Xicor, Inc. 1 ........................ 189,125
18,248 Yankee Candle Co., Inc. 1 ............ 533,754
4,900 Yardville National Bancorp ........... 122,500
15,400 York International Corp. ............. 632,478
7,461 Young Broadcasting Corp. - Class A 1 . 98,112
1,100 Young Innovations, Inc. .............. 27,940
19,800 Zale Corp. 1 ......................... 539,748
4,200 Zenith National Insurance Corp. ...... 204,120
14,700 Zhone Technologies, Inc. 1 ........... 57,330
14,700 Zila, Inc. 1 ......................... 72,177
9,000 Zix Corp. 1 .......................... 71,460
4,200 Zoll Medical Corp. 1 ................. 147,336
16,065 Zoran Corp. 1 ........................ 294,793
7,222 Zygo Corp. 1 ......................... 80,814
6,500 Zymogenetics, Inc. 1 ................. 123,500
------------
TOTAL COMMON STOCKS
(Cost $343,937,427) 392,699,061
------------
SHORT-TERM INSTRUMENTS--3.31%
U.S. TREASURY BILLS 3--3.31%
$ 855,000 0.97%, 07/22/04 4 ................... $ 854,544
338,000 1.25%, 09/30/04 ..................... 336,861
38,000 1.34%, 10/07/04 ..................... 37,859
569,000 1.46%, 10/21/04 ..................... 566,467
4,620,000 1.50%, 10/28/04 ..................... 4,597,367
6,936,000 1.54%, 11/04/04 ..................... 6,899,322
------------
13,292,420
------------
TOTAL SHORT-TERM INSTRUMENTS
(Cost $13,292,707) .............................. 13,292,420
------------
SECURITIES LENDING COLLATERAL--3.11%
INVESTMENT IN AFFILIATED INVESTMENT
COMPANIES--3.11%
12,472,025 Daily Assets Fund
Institutional 1.14% 6,7
(Cost $12,472,025) .................. 12,472,025
------------
TOTAL INVESTMENTS
(Cost $369,702,159) ................... 104.34% $418,463,506
LIABILITIES IN EXCESS OF OTHER ASSETS .... (4.34) (17,431,277)
------ ------------
NET ASSETS ............................... 100.00% $401,032,229
====== ============
- --------------------------------------------------------------------------------
1 Non-income producing security for the period ended June 30, 2004.
2 All or a portion of this security was on loan (see Note 1). The value of all
securities loaned at June 30, 2004 amounted to $11,950,503, which is 2.98% of
total net assets.
3 Rates shown represent annualized yield at time of purchase, not a coupon rate.
4 Held as collateral for futures contracts.
5 Closed end mutual fund.
6 Daily Assets Fund Institutional, an affiliated fund, is also managed by
Deutsche Asset Management, Inc. The rate shown is the annualized seven day
yield at period end.
7 Represents collateral held in connection with securities lending.
REIT--Real Estate Investment Trust
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
26
Scudder VIT Small Cap Index Fund
- ---------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
- ---------------------------------------------------------------------------------------------
JUNE 30, 2004
ASSETS
Investments at value (cost $357,230,134) ................................... $405,991,481
Investments in affiliated issuers, at value (cost $12,472,025) ............. 12,472,025
Cash ....................................................................... 192,357
Receivable for capital shares sold ......................................... 758,715
Dividends and interest receivable .......................................... 347,744
Variation margin receivable for future contracts ........................... 48,125
Other assets ............................................................... 4,962
------------
Total assets .................................................................. 419,815,409
------------
LIABILITIES
Payable for securities purchased ........................................... 5,996,278
Payable upon return of securities loaned ................................... 12,472,025
Payable for capital shares redeemed ........................................ 33,816
Advisory fees payable ...................................................... 130,430
12b-1 fees payable ......................................................... 4,840
Accrued expenses and other ................................................. 145,791
------------
Total liabilities ............................................................. 18,783,180
------------
NET ASSETS .................................................................... $401,032,229
============
COMPOSITION OF NET ASSETS
Paid-in capital ............................................................ $347,459,087
Undistributed net investment income ........................................ 1,165,990
Accumulated net realized gain on investments and futures transactions ...... 3,574,430
Net unrealized appreciation of investments and futures contracts ........... 48,832,722
------------
NET ASSETS .................................................................... $401,032,229
============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
(net assets divided by shares outstanding)
Class A 1 .................................................................. $ 12.99
============
Class B 2 .................................................................. $ 12.99
============
- --------------------------------------------------------------------------------
1 Net asset value, redemption price and offering price per share (based on net
assets of $374,369,164 and 28,828,000 shares outstanding at June 30, 2004 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 $26,663,065 and 2,052,192 shares outstanding at June 30, 2004 and
0.001 par value, unlimited number of shares authorized).
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
27
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS (Unaudited)
- --------------------------------------------------------------------------------
FOR THE SIX
MONTHS ENDED
JUNE 30, 2004
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends (net of foreign tax withheld of $733) ............... $ 2,033,619
Interest ...................................................... 35,575
Securities lending income ..................................... 73,683
-----------
TOTAL INVESTMENT INCOME .......................................... 2,142,877
-----------
EXPENSES
Advisory fees ................................................. 656,685
Administration and services fees .............................. 107,539
Custodian fees ................................................ 72,773
Transfer agent fees ........................................... 40,615
Printing and shareholder reports .............................. 27,593
12b-1 fees (Class B Shares) ................................... 26,463
Professional fees ............................................. 24,597
Trustees fees ................................................. 6,592
Insurance ..................................................... 3,329
Miscellaneous ................................................. 740
-----------
Total expenses ................................................... 966,926
Less: fee waivers ................................................ (95,548)
-----------
Net expenses ..................................................... 871,378
-----------
NET INVESTMENT INCOME ............................................ 1,271,499
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FUTURES CONTRACTS
Net realized gain (loss) from:
Investment transactions ..................................... 17,690,363
Futures transactions ........................................ (46,844)
Net change in unrealized appreciation/depreciation of
investments and futures contracts ........................... 3,006,649
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND
FUTURE CONTRACTS .............................................. 20,650,168
-----------
NET INCREASE IN NET ASSETS FROM OPERATIONS ....................... $21,921,667
===========
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
28
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- -----------------------------------------------------------------------------------------------------------------
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
JUNE 30, 2004 1 DECEMBER 31, 2003
- -----------------------------------------------------------------------------------------------------------------
INCREASE IN NET ASSETS FROM:
OPERATIONS
Net investment income ................................................ $ 1,271,499 $ 1,853,277
Net realized gain (loss) from investment and
futures transactions ............................................... 17,643,519 (6,007,971)
Net change in unrealized appreciation/depreciation on
investments and futures contracts .................................. 3,006,649 83,449,784
------------ ------------
Net increase in net assets from operations ........................... 21,921,667 79,295,090
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income:
Class A Shares ..................................................... (1,595,565) (1,488,587)
Class B Shares ..................................................... (45,001) (26,556)
------------ ------------
Total distributions ..................................................... (1,640,566) (1,515,143)
------------ ------------
CAPITAL SHARE TRANSACTIONS
Net increase resulting from Class A Shares ........................... 38,969,327 97,560,900
Net increase resulting from Class B Shares ........................... 8,023,287 12,403,741
------------ ------------
Net increase in net assets from capital share transactions .............. 46,992,614 109,964,641
------------ ------------
TOTAL INCREASE IN NET ASSETS ............................................ 67,273,715 187,744,588
------------ ------------
NET ASSETS
Beginning of period .................................................. 333,758,514 146,013,926
------------ ------------
End of period (including undistributed net investment income
of $1,165,990 and $1,535,057 respectively) ......................... $401,032,229 $333,758,514
============ ============
- --------------------------------------------------------------------------------
1 Unaudited.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
29
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
CLASS A SHARES FOR THE SIX
MONTHS ENDED
JUNE 30, FOR THE YEARS ENDED DECEMBER 31,
2004 1 2003 2002 2001 2000 1999
- -------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE,
BEGINNING OF PERIOD ................. $12.24 $ 8.45 $10.73 $11.10 $11.61 $10.06
------ ------ ------ ------ ------ ------
INCOME (LOSS) FROM
INVESTMENT OPERATIONS
Net investment income 2 ............. 0.04 0.09 0.10 0.06 0.10 0.09
Net realized and unrealized
gain (loss) on investments
and futures transactions .......... 0.77 3.79 (2.31) 0.16 (0.55) 1.92
------ ------ ------ ------ ------ ------
Total from investment
operations .......................... 0.81 3.88 (2.21) 0.22 (0.45) 2.01
------ ------ ------ ------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income ............... (0.06) (0.09) (0.06) (0.06) -- (0.12)
Net realized gain from
investment and futures
transactions ...................... -- -- (0.01) (0.53) (0.06) (0.34)
------ ------ ------ ------ ------ ------
Total distributions .................... (0.06) (0.09) (0.07) (0.59) (0.06) (0.46)
------ ------ ------ ------ ------ ------
NET ASSET VALUE,
END OF PERIOD ....................... $12.99 $12.24 $ 8.45 $10.73 $11.10 $11.61
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN ................ 6.60% 4 46.42% 3 (20.58)% 3 2.07% 3 (3.87)% 3 20.16% 3
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period
(000s omitted) ....................$374,369 $316,218 $143,847 $151,742 $104,095 $55,559
Ratios to average net assets:
Net investment income ............. 0.69% 5 0.91% 1.09% 1.07% 1.13% 1.14%
Expenses after waivers
and/or reimbursements .......... 0.45% 5 0.45% 0.45% 0.45% 0.45% 0.45%
Expenses before waivers
and/or reimbursements .......... 0.50% 5 0.61% 0.61% 0.63% 0.69% 1.18%
Portfolio turnover rate ............. 39% 5 28% 40% 44% 51% 68%
- --------------------------------------------------------------------------------
1 Unaudited.
2 Calculated based on average shares.
3 Total investment return is calculated assuming an initial investment made at
the net 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. If fees for the advisor and administrator were not waived,
the total return would have been lower.
4 Total return calculated for a period of less than one year is not annualized.
5 Annualized.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
30
Scudder VITSmall Cap Index Fund
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
CLASS B SHARES FOR THE PERIOD
FOR THE SIX FOR THE APRIL 30, 2002 2
MONTHS ENDED YEAR ENDED THROUGH
JUNE 30, 2004 1 DECEMBER 31, 2003 DECEMBER 31, 2002
PER SHARE OPERATING PERFORMANCE:
NET ASSET VALUE, BEGINNING OF PERIOD ................... $12.23 $ 8.44 $11.23
------ ------ ------
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment income 3 ............................. 0.03 0.07 0.06
Net realized and unrealized
gain (loss) on investments
and futures transactions .......................... 0.75 3.80 (2.79)
------ ------ ------
Total from investment operations ....................... 0.78 3.87 (2.73)
------ ------ ------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income ............................... (0.02) (0.08) (0.05)
Net realized gain on investment
and futures transactions .......................... -- -- (0.01)
------ ------ ------
Total distributions .................................... (0.02) (0.08) (0.06)
------ ------ ------
NET ASSET VALUE, END OF PERIOD ......................... $12.99 $12.23 $ 8.44
====== ====== ======
TOTAL INVESTMENT RETURN ................................ 6.42% 5 46.05% 4 (24.34)% 5
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period
(000s omitted) .................................... $26,663 $17,540 $2,167
Ratios to average net assets:
Net investment income ............................. 0.46% 6 0.66% 1.11% 6
Expenses after waivers
and/or reimbursements .......................... 0.70% 6 0.70% 0.70% 6
Expenses before waivers
and/or reimbursements .......................... 0.75% 6 0.87% 0.88% 6
Portfolio turnover rate ............................. 39% 6 28% 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 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. If fees for the advisor and administrator were not waived,
the total return would have been lower.
5 Total return calculated for a period of less than one year is not annualized.
6 Annualized.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
31
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 series the Trust offers to investors.
The Fund offers two classes of shares to investors: Class A Shares and Class B
Shares. Class B Shares are subject to Rule 12b-1 fees under the 1940 Act equal
to an annual rate up to 0.25% of the Class B Shares average daily net assets.
All shares have equal rights with respect to voting except that shareholders
vote separately on matters affecting their rights as holders of a particular
class.
The investment objective of the Fund is to replicate, as closely as possible
(before the deduction of expenses) the performance of the Russell 2000(R) Index,
which emphasizes stocks of small US 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 or official closing price
reported on the exchange (US or foreign) or over-the-counter market on which the
security is traded most extensively. Securities for which no sales are reported
are valued at the calculated mean between the most recent bid and asked
quotations on the relevant market or, if a mean cannot be determined, at the
most recent bid quotation.
Money market instruments purchased with an original or remaining maturity of
sixty days or less, maturing at par, are valued at amortized cost.
Investments in open end investment companies 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 of 1986, as amended, 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.
- --------------------------------------------------------------------------------
32
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
The Fund's investments in financial futures contracts are designed to closely
replicate the benchmark index used by the Fund.
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, 2004, $12,472,025 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%.
Northern Trust Investments, N.A. ('NTI') acts as investment sub-advisor for the
Fund. As the Fund's investment sub-advisor, NTI makes the Fund's investment
decisions. It buys and sells securities for the Fund and conducts the research
that leads to these purchase and sale decisions. DeAM, Inc. pays a fee to NTI
for acting as sub-advisor to the Fund.
The Advisor has contractually agreed to waive its fees and/or reimburse expenses
of the Fund, to the extent necessary, to limit all expenses to 0.45% 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.
Effective May 1, 2002, the Advisor may recoup any of its waived investment
advisory fees within the following three years if the Fund is able to make the
repayment without exceeding its current expense limits. At June 30, 2004, the
Advisor has $913,976 remaining recoupable expenses available.
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.
State Street Bank and Trust Company ('Custodian'), is the Fund's Custodian. The
Fund pays the Custodian an annual fee.
The Fund pays PFPC Distributors, Inc. an annual fee, pursuant to Rule 12b-1,
which is calculated daily and paid monthly at the annual rate of up to 0.25% of
the Class B Shares average daily net assets.
- --------------------------------------------------------------------------------
33
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, 2004 1 December 31, 2003
---------------------------- ----------------------------
Shares Amount Shares Amount
---------------------------- ----------------------------
Sold 7,869,468 $100,723,078 18,082,233 $182,226,405
Reinvested 128,364 1,595,565 171,892 1,488,587
Redeemed (5,013,489) (63,349,316) (9,439,085) (86,154,092)
---------- ------------ ---------- ------------
Net increase 2,984,343 $ 38,969,327 8,815,040 $ 97,560,900
========== ============ ========== ============
Class B Shares
------------------------------------------------------------
For the Six Months Ended For the Year Ended
June 30, 2004 1 December 31, 2003
---------------------------- ----------------------------
Shares Amount Shares Amount
---------------------------- ----------------------------
Sold 1,199,338 $ 15,256,440 1,741,080 $18,140,402
Reinvested 3,617 45,001 3,069 26,607
Redeemed (585,492) (7,278,154) (566,181) (5,763,268)
---------- ------------ ---------- ------------
Net increase 617,463 $ 8,023,287 1,177,968 $12,403,741
========== ============ ========== ============
- -------------------------------------------------------------------------
1 Unaudited.
NOTE 5--PURCHASE AND SALE OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from
sales of investments, other than US Government and short-term obligations, for
the six months ended June 30, 2004, were $130,233,652 and $76,884,380,
respectively.
NOTE 6--FEDERAL INCOME TAX
At December 31, 2003, 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
- -------------- ------------- -------
$(312,618) $312,618 --
For federal income tax purposes, the tax basis of investments held at December
31, 2003 was $301,379,563. The net unrealized appreciation for all securities
based on tax cost was $39,459,119. The aggregate gross unrealized appreciation
for all investments at December 31, 2003 was $53,615,984 and the aggregate gross
unrealized depreciation for all investments was $14,156,865. 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, 2003 were characterized as
follows for tax purposes:
Distributions paid from: 2003
- ----------------------- -----
Ordinary income $1,515,143
Net long-term capital gains --
At December 31, 2003, the components of distributable earnings on a tax basis
were as follows:
Undistributed ordinary income $ 1,579,590
Accumulated capital loss $(7,746,668)
Unrealized appreciation/(depreciation) $39,459,119
At December 31, 2003, the Portfolio had capital loss carryovers available as a
reduction against future net realized capital gains of $7,746,668 of which
$3,693,995 expires in 2010 and $4,052,673 expires in 2011.
NOTE 7--LINE OF CREDIT
The Fund and several other funds and portfolios advised or administered by the
Advisor or its affiliates (the 'Participants') share in a $1.25 billion
revolving credit facility administered by J.P. Morgan Chase Bank for temporary
or emergency purposes, including the meeting of redemption requests that
otherwise might require the untimely disposition of securities. The Participants
are charged an annual commitment fee which is allocated, based upon net assets,
among each of the Participants. Interest is calculated at the Federal Funds Rate
plus 0.5%. The Fund may borrow up to a maximum of 33% of their net assets under
the agreement.
- --------------------------------------------------------------------------------
34
Scudder VIT Small Cap Index Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
There were no significant borrowings during the six months ended June 30, 2004.
NOTE 8--OPEN FUTURES
The Fund had the following open contracts at June 30, 2004:
Type of Market Unrealized
Future Expiration Contracts Position Value Appreciation
- ------ ---------- --------- -------- ------ ------------
Russell 2000(R) September
Index Future 2004 25 Long $7,404,375 $71,375
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, 2004, the Fund pledged securities with a value of $854,544 to cover
margin requirements on open futures contracts.
NOTE 9--REGULATORY MATTERS AND LITIGATION
Since at least July 2003, federal, state and industry regulators have been
conducting ongoing inquiries and investigations ('inquiries') into the mutual
fund industry, and have requested information from numerous mutual fund
companies, including Scudder Investments. We are unable to determine what the
outcome of these inquiries will be or what the effect, if any, would be on the
portfolios/funds or their advisors. Publicity about mutual fund practices
arising from these industry-wide inquiries serves as the general basis of a
number of private lawsuits against the Scudder funds. These lawsuits, which
previously have been reported in the press, involve purported class action and
derivative lawsuits, making various allegations and naming as defendants various
persons, including certain Scudder funds, Deutsche Asset Management ('DeAM') and
its affiliates, certain individuals, including in some cases fund Trustees, and
other parties. DeAM has undertaken to bear all liabilities and expenses incurred
by the Scudder funds in connection with these lawsuits, or other lawsuits or
regulatory actions that may be filed making allegations similar to these
lawsuits regarding fund valuation, market timing, revenue sharing or other
subjects of the pending inquiries. Based on currently available information,
DeAM believes the likelihood that the pending lawsuits will have a material
adverse financial impact on a Scudder fund is remote and such actions are not
likely to materially affect its ability to perform under its investment
management agreements with the Scudder funds.
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35
Scudder VIT Small Cap Index Fund
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PROXY VOTING
A description of the Fund's policies and procedures for voting proxies for
portfolio securities and information about how the Fund voted proxies related to
its portfolio securities during the 12-month period ended June 30 is available
on our Web site--scudder.com (type 'proxy voting' in the search field)--or on
the SEC's Web site--www.sec.gov. To obtain a written copy of the Fund's policies
and procedures without charge, upon request, call us toll free at (800)
621-1048.
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36
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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., DeutscheBank 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
SCUDDER Portfolio changes should not be considered
INVESTMENTS recommendations for action by individual
investors.
A Member of VIT4SA (8/31/04) MARS#32452
DEUTSCHE ASSET MANAGEMENT [RECYCLE LOGO OMITTED]
Printed on recycled paper
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Nominating and Governance Committee evaluates and nominates Board member
candidates. Fund shareholders may also submit nominees that will be considered
by the Committee when a Board vacancy occurs. Submissions should be mailed to
the attention of the Secretary of the Fund, One South Street, Baltimore, MD
21202.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The Chief Executive and Financial Officers concluded that the
Registrant's Disclosure Controls and Procedures are effective
based on the evaluation of the Disclosure Controls and Procedures
as of a date within 90 days of the filing date of this report.
(b) There have been no changes in the registrant's internal control
over financial reporting that occurred during the registrant's
last half-year (the registrant's second fiscal half-year in the
case of the annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
controls over financial reporting.
ITEM 11. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
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/ JULIAN SLUYTERS
-------------------
Julian Sluyters
Chief Executive Officer
Date: August 23, 2004
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/ JULIAN SLUYTERS
-------------------
Julian Sluyters
Chief Executive Officer
Date: August 23, 2004
By: /s/ CHARLES A. RIZZO
--------------------
Charles A. Rizzo
Chief Financial Officer
Date: August 23, 2004