-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CodsranrLWGuLmmnv4dQ/CVgE12FGfh7bySzBRlw8NNbnBo/65/Z0748qIB+KQmt VUSPv0MAyR9ZJ/SeBju1NA== 0000088053-05-000244.txt : 20050301 0000088053-05-000244.hdr.sgml : 20050301 20050301113839 ACCESSION NUMBER: 0000088053-05-000244 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050301 DATE AS OF CHANGE: 20050301 EFFECTIVENESS DATE: 20050301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCUDDER ADVISOR FUNDS CENTRAL INDEX KEY: 0000797657 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04760 FILM NUMBER: 05648662 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TOWERS CITY: PITTSBURGH STATE: PA ZIP: 15222-3770 BUSINESS PHONE: 412881401 MAIL ADDRESS: STREET 1: ONE SOUTH STREET STREET 2: XX CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: BT INVESTMENT FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: BT TAX FREE INVESTMENT TRUST DATE OF NAME CHANGE: 19880530 N-Q 1 nq123104af_lsr.txt N-Q FILING UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY ------------------------------- Investment Company Act file number 811-04760 Scudder Advisor Funds --------------------- (Exact name of registrant as specified in charter) One South Street Baltimore, MD 21202 ------------------- (Address of principal executive offices) (Zip code) Salvatore Schiavone Two International Place Boston, Massachusetts 02110 --------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (617) 295-2663 -------------- Date of fiscal year end: 03/31 ----- Date of reporting period: 12/31/04 ---------- Form N-Q is to be used by registered management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 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. SCHEDULE OF INVESTMENTS
Scudder Lifecycle Short Range Fund Investment Portfolio as of December 31, 2004 (Unaudited) - ----------------------------------------------------------------------------------------------------------------------- Shares Value ($) ------------------------------------- Common Stocks 15.0% Consumer Discretionary 1.8% Auto Components 0.0% Dana Corp. 41 711 Delphi Corp. 160 1,443 Goodyear Tire & Rubber Co.* 167 2,448 Johnson Controls, Inc. 88 5,583 ---------- 10,185 Automobiles 0.1% Ford Motor Co. 486 7,115 General Motors Corp. 150 6,009 Harley-Davidson, Inc. 78 4,739 ---------- 17,863 Distributors 0.0% Genuine Parts Co. 47 2,071 ---------- Hotels Restaurants & Leisure 0.3% Carnival Corp. 209 12,045 Darden Restaurants, Inc. 129 3,578 Harrah's Entertainment, Inc. 30 2,007 Hilton Hotels Corp. 103 2,342 International Game Technology 162 5,569 Marriott International, Inc., "A" 60 3,779 McDonald's Corp. 334 10,708 Starbucks Corp.* 106 6,610 Starwood Hotels & Resorts Worldwide, Inc. 55 3,212 Wendy's International, Inc. 33 1,296 YUM! Brands, Inc. 78 3,680 ---------- 54,826 Household Durables 0.1% Black & Decker Corp. 22 1,943 Centex Corp. 64 3,813 Fortune Brands, Inc. 38 2,933 KB Home 12 1,253 Leggett & Platt, Inc. 51 1,450 Maytag Corp. 23 485 Newell Rubbermaid, Inc. 173 4,185 Pulte Homes, Inc. 34 2,169 Snap-on, Inc. 16 550 The Stanley Works 24 1,176 Whirlpool Corp. 18 1,246 ---------- 21,203 Internet & Catalog Retail 0.1% eBay, Inc.* 191 22,209 ---------- Leisure Equipment & Products 0.0% Brunswick Corp. 26 1,287 Eastman Kodak Co. 79 2,548 ---------- 3,835 Media 0.6% Clear Channel Communications, Inc. 19 636 Comcast Corp., "A"* 589 19,602 Dow Jones & Co., Inc. 22 947 Gannett Co., Inc. 68 5,556 Interpublic Group of Companies, Inc.* 112 1,501 Knight-Ridder, Inc. 56 3,749 McGraw-Hill Companies, Inc. 77 7,048 Meredith Corp. 14 759 News Corp., "A" 694 12,950 Time Warner, Inc.* 1,216 23,639 Univision Communications, Inc., "A"* 86 2,517 Viacom, Inc., "B" 453 16,485 Walt Disney Co. 543 15,095 ---------- 110,484 Multiline Retail 0.1% Big Lots, Inc.* 32 388 Dillard's, Inc., "A" 24 645 Federated Department Stores, Inc. 45 2,601 J.C. Penny Co., Inc. 76 3,146 Kohl's Corp.* 91 4,474 Nordstrom, Inc. 38 1,776 Target Corp. 238 12,359 ---------- 25,389 Specialty Retail 0.4% AutoNation, Inc.* 70 1,345 AutoZone, Inc.* 21 1,917 Bed Bath & Beyond, Inc.* 80 3,186 Best Buy Co., Inc. 117 6,952 Circuit City Stores, Inc. 202 3,159 Home Depot, Inc. 583 24,917 Lowe's Companies, Inc. 205 11,806 Office Depot, Inc.* 83 1,441 OfficeMax, Inc. 26 816 RadioShack Corp. 44 1,447 Sherwin-Williams Co. 38 1,696 Staples, Inc. 132 4,450 The Gap, Inc. 233 4,921 TJX Companies, Inc. 129 3,242 Toys "R" Us, Inc.* 145 2,968 ---------- 74,263 Textiles, Apparel & Luxury Goods 0.1% Coach, Inc.* 92 5,189 Jones Apparel Group, Inc. 33 1,207 NIKE, Inc., "B" 96 8,706 Reebok International Ltd. 16 704 VF Corp. 30 1,662 ---------- 17,468 Consumer Staples 1.5% Beverages 0.3% Adolph Coors Co., "B" 10 757 Anheuser-Busch Companies, Inc. 210 10,653 Coca-Cola Co. 535 22,272 Coca-Cola Enterprises, Inc. 246 5,129 Pepsi Bottling Group, Inc. 67 1,812 PepsiCo, Inc. 447 23,333 ---------- 63,956 Food & Staples Retailing 0.4% Costco Wholesale Corp. 125 6,051 CVS Corp. 106 4,777 Kroger Co.* 197 3,455 Safeway, Inc.* 123 2,428 SUPERVALU, Inc. 36 1,243 Sysco Corp. 12 458 Wal-Mart Stores, Inc. 1,125 59,423 Walgreen Co. 272 10,437 ---------- 88,272 Food Products 0.2% Archer-Daniels-Midland Co. 283 6,314 ConAgra Foods, Inc. 137 4,035 General Mills, Inc. 145 7,209 Hershey Foods Corp. 66 3,666 Kellogg Co. 110 4,912 McCormick & Co, Inc. 36 1,390 Sara Lee Corp. 22 531 William Wrigley Jr. Co. 60 4,151 ---------- 32,208 Household Products 0.3% Clorox Co. 42 2,475 Colgate-Palmolive Co. 52 2,661 Kimberly-Clark Corp. 130 8,555 Procter & Gamble Co. 674 37,124 ---------- 50,815 Personal Products 0.1% Alberto-Culver Co., "B" 74 3,594 Avon Products, Inc. 126 4,876 Gillette Co. 264 11,822 ---------- 20,292 Tobacco 0.2% Altria Group, Inc. 584 35,683 Reynolds American, Inc. 69 5,423 UST, Inc. 94 4,522 ---------- 45,628 Energy 1.1% Energy Equipment & Services 0.2% Baker Hughes, Inc. 89 3,798 BJ Services Co. 43 2,001 Halliburton Co. 118 4,631 Nabors Industries Ltd.* 87 4,462 Noble Corp.* 72 3,581 Rowan Companies, Inc.* 30 777 Schlumberger Ltd. 156 10,444 Transocean, Inc.* 128 5,426 ---------- 35,120 Oil & Gas 0.9% Amerada Hess Corp. 25 2,059 Anadarko Petroleum Corp. 103 6,675 Apache Corp. 115 5,816 Ashland, Inc. 19 1,109 Burlington Resources, Inc. 104 4,524 ChevronTexaco Corp. 449 23,577 ConocoPhillips 211 18,321 Devon Energy Corp. 129 5,021 El Paso Corp. 171 1,778 EOG Resources, Inc. 65 4,638 ExxonMobil Corp. 1,714 87,860 Kerr-McGee Corp. 40 2,312 Kinder Morgan, Inc. 33 2,413 Occidental Petroleum Corp. 105 6,128 Sunoco, Inc. 20 1,634 Unocal Corp. 70 3,027 Valero Energy Corp. 68 3,087 Williams Companies, Inc. 154 2,509 XTO Energy, Inc. 69 2,442 ---------- 184,930 Financials 3.0% Banks 1.0% AmSouth Bancorp. 94 2,435 Bank of America Corp. 1,073 50,420 BB&T Corp. 147 6,181 Comerica, Inc. 45 2,746 Compass Bancshares, Inc. 33 1,606 Fifth Third Bancorp. 149 7,045 First Horizon National Corp. 35 1,509 Golden West Financial Corp. 81 4,975 KeyCorp. 108 3,661 M&T Bank Corp. 31 3,343 Marshall & Ilsley Corp. 61 2,696 National City Corp. 243 9,125 North Fork Bancorp., Inc. 125 3,606 PNC Financial Services Group 75 4,308 Regions Financial Corp. 124 4,413 Sovereign Bancorp, Inc. 92 2,075 SunTrust Banks, Inc. 99 7,314 US Bancorp. 496 15,535 Wachovia Corp. 426 22,408 Washington Mutual, Inc. 232 9,809 Wells Fargo & Co. 449 27,905 Zions Bancorp. 24 1,633 ---------- 194,748 Capital Markets 0.4% Bank of New York Co., Inc. 206 6,885 Bear Stearns Companies, Inc. 51 5,218 E*TRADE Financial Corp.* 220 3,289 Federated Investors, Inc., "B" 31 942 Franklin Resources, Inc. 66 4,597 Goldman Sachs Group, Inc. 129 13,421 Janus Capital Group, Inc. 63 1,059 Lehman Brothers Holdings, Inc. 92 8,048 Mellon Financial Corp. 113 3,515 Merrill Lynch & Co., Inc. 248 14,823 Morgan Stanley 209 11,604 T. Rowe Price Group, Inc. 34 2,115 ---------- 75,516 Consumer Finance 0.2% American Express Co. 333 18,771 Capital One Financial Corp. 65 5,474 MBNA Corp. 339 9,556 Providian Financial Corp.* 78 1,285 SLM Corp. 114 6,086 ---------- 41,172 Diversified Financial Services 0.7% CIT Group, Inc. 56 2,566 Citigroup, Inc. 1,285 61,911 Countrywide Financial Corp. 156 5,774 Fannie Mae 257 18,301 Freddie Mac 183 13,487 JPMorgan Chase & Co. 946 36,903 MGIC Investment Corp. 26 1,792 Moody's Corp. 67 5,819 Principal Financial Group, Inc. 140 5,732 ---------- 152,285 Insurance 0.6% ACE Ltd. 76 3,249 AFLAC, Inc. 134 5,339 Allstate Corp. 182 9,413 Ambac Financial Group, Inc. 30 2,464 American International Group, Inc. 692 45,444 Aon Corp. 84 2,004 Chubb Corp. 51 3,922 Cincinnati Financial Corp. 101 4,470 Jefferson-Pilot Corp. 38 1,974 Lincoln National Corp. 98 4,575 Loews Corp. 49 3,445 Marsh & McLennan Companies, Inc. 140 4,606 MBIA, Inc. 38 2,405 MetLife, Inc. 198 8,021 Progressive Corp. 53 4,496 Prudential Financial, Inc. 180 9,893 Safeco Corp. 35 1,828 St. Paul Travelers Companies, Inc. 60 2,224 Torchmark Corp. 29 1,657 UnumProvident Corp. 79 1,417 XL Capital Ltd., "A" 37 2,873 ---------- 125,719 Real Estate 0.1% Apartment Investment & Management Co., "A", (REIT) 25 963 Archstone-Smith Trust, (REIT) 52 1,992 Equity Office Properties Trust, (REIT) 107 3,116 Equity Residential, (REIT) 75 2,713 Plum Creek Timber Co., Inc., (REIT) 49 1,884 ProLogis, (REIT) 49 2,123 Simon Property Group, Inc., (REIT) 59 3,816 ---------- 16,607 Health Care 1.9% Biotechnology 0.2% Amgen, Inc.* 374 23,992 Applera Corp. - Applied Biosystems Group 56 1,171 Biogen Idec, Inc.* 89 5,928 Chiron Corp.* 50 1,667 Genzyme Corp.* 97 5,633 Gilead Sciences, Inc.* 183 6,403 MedImmune, Inc.* 66 1,789 ---------- 46,583 Health Care Equipment & Supplies 0.4% Bausch & Lomb, Inc. 14 903 Baxter International, Inc. 164 5,665 Becton, Dickinson & Co. 68 3,862 Biomet, Inc. 67 2,907 Boston Scientific Corp.* 291 10,345 C.R. Bard, Inc. 29 1,855 Fisher Scientific International, Inc.* 60 3,743 Guidant Corp. 85 6,129 Hospira, Inc.* 42 1,407 Medtronic, Inc. 321 15,944 Millipore Corp.* 14 697 PerkinElmer, Inc. 36 810 St. Jude Medical, Inc.* 152 6,373 Stryker Corp. 107 5,163 Thermo Electron Corp.* 43 1,298 Waters Corp.* 34 1,591 Zimmer Holdings, Inc.* 65 5,208 ---------- 73,900 Health Care Providers & Services 0.3% Aetna, Inc. 4 499 AmerisourceBergen Corp. 2 117 Cardinal Health, Inc. 37 2,152 Caremark Rx, Inc.* 121 4,771 CIGNA Corp. 36 2,937 Express Scripts, Inc.* 52 3,975 HCA, Inc. 112 4,476 Health Management Associates, Inc., "A" 65 1,477 Humana, Inc.* 43 1,277 Laboratory Corp. of America Holdings* 37 1,843 Manor Care, Inc. 25 886 McKesson Corp. 79 2,486 Medco Health Solutions, Inc.* 73 3,037 Quest Diagnostics, Inc. 28 2,675 Tenet Healthcare Corp.* 125 1,372 UnitedHealth Group, Inc. 201 17,694 WellPoint, Inc.* 94 10,810 ---------- 62,484 Pharmaceuticals 1.0% Abbott Laboratories 414 19,313 Allergan, Inc. 57 4,621 Bristol-Myers Squibb Co. 587 15,039 Eli Lilly & Co. 222 12,598 Forest Laboratories, Inc.* 98 4,396 Johnson & Johnson 788 49,975 King Pharmaceuticals, Inc.* 67 831 Merck & Co., Inc. 589 18,930 Mylan Laboratories, Inc. 72 1,274 Pfizer, Inc. 1,835 49,343 Schering-Plough Corp. 178 3,717 Watson Pharmaceuticals, Inc.* 85 2,789 Wyeth 249 10,605 ---------- 193,431 Industrials 1.8% Aerospace & Defense 0.3% Boeing Co. 223 11,545 General Dynamics Corp. 53 5,544 Goodrich Corp. 34 1,110 Honeywell International, Inc. 229 8,109 L-3 Communications Holdings, Inc. 31 2,271 Lockheed Martin Corp. 118 6,555 Northrop Grumman Corp. 99 5,381 Raytheon Co. 120 4,659 Rockwell Collins, Inc. 47 1,854 United Technologies Corp. 136 14,055 ---------- 61,083 Air Freight & Logistics 0.2% FedEx Corp. 80 7,879 Ryder System, Inc. 18 860 United Parcel Service, Inc., "B" 298 25,467 ---------- 34,206 Airlines 0.0% Delta Air Lines, Inc.* 35 262 Southwest Airlines Co. 207 3,370 ---------- 3,632 Building Products 0.0% American Standard Companies, Inc.* 59 2,438 ---------- Commercial Services & Supplies 0.2% Allied Waste Industries, Inc.* 93 863 Apollo Group, Inc., "A"* 49 3,955 Avery Dennison Corp. 30 1,799 Cendant Corp. 384 8,978 Cintas Corp. 46 2,018 Equifax, Inc. 39 1,096 H&R Block, Inc. 45 2,205 Monster Worldwide, Inc.* 33 1,110 Pitney Bowes, Inc. 61 2,823 R.R. Donnelley & Sons Co. 127 4,482 Waste Management, Inc. 152 4,551 ---------- 33,880 Electrical Equipment 0.1% American Power Conversion Corp. 55 1,177 Cooper Industries, Ltd., "A" 25 1,697 Emerson Electric Co. 112 7,851 Power-One, Inc.* 23 205 Rockwell Automation, Inc. 51 2,527 ---------- 13,457 Industrial Conglomerates 0.7% 3M Co. 152 12,475 General Electric Co. 2,809 102,528 Textron, Inc. 37 2,731 Tyco International Ltd. 600 21,444 ---------- 139,178 Machinery 0.2% Caterpillar, Inc. 91 8,873 Cummins, Inc. 12 1,005 Danaher Corp. 82 4,708 Deere & Co. 98 7,291 Dover Corp. 56 2,349 Eaton Corp. 41 2,967 Illinois Tool Works, Inc. 79 7,322 Ingersoll-Rand Co., "A" 46 3,694 ITT Industries, Inc. 25 2,111 Navistar International Corp.* 20 879 PACCAR, Inc. 46 3,702 Pall Corp. 33 956 Parker-Hannifin Corp. 64 4,847 ---------- 50,704 Road & Rail 0.1% Burlington Northern Santa Fe Corp. 100 4,731 CSX Corp. 57 2,285 Norfolk Southern Corp. 105 3,800 Union Pacific Corp. 69 4,640 ---------- 15,456 Trading Companies & Distributors 0.0% W.W. Grainger, Inc. 24 1,599 ---------- Information Technology 2.5% Communications Equipment 0.4% ADC Telecommunications, Inc.* 224 600 Andrew Corp.* 212 2,890 Avaya, Inc.* 227 3,904 CIENA Corp.* 158 528 Cisco Systems, Inc.* 1,749 33,756 Comverse Technologies, Inc.* 53 1,296 Corning, Inc.* 373 4,390 JDS Uniphase Corp.* 412 1,306 Lucent Technologies, Inc.* 1,193 4,486 Motorola, Inc. 647 11,128 QUALCOMM, Inc. 435 18,444 Scientific-Atlanta, Inc. 41 1,353 Tellabs, Inc.* 123 1,057 ---------- 85,138 Computers & Peripherals 0.6% Apple Computer, Inc.* 135 8,694 Dell, Inc.* 717 30,215 EMC Corp.* 637 9,472 Gateway, Inc.* 103 619 Hewlett-Packard Co. 589 12,351 International Business Machines Corp. 442 43,572 Lexmark International, Inc., "A"* 63 5,355 NCR Corp.* 51 3,531 Network Appliance, Inc.* 168 5,581 QLogic Corp.* 26 955 Sun Microsystems, Inc.* 893 4,804 ---------- 125,149 Electronic Equipment & Instruments 0.1% Agilent Technologies, Inc.* 130 3,133 Jabil Circuit, Inc.* 148 3,786 Molex, Inc. 51 1,530 Sanmina-SCI Corp.* 139 1,177 Solectron Corp.* 276 1,471 Symbol Technologies, Inc. 66 1,142 ---------- 12,239 Internet Software & Services 0.1% Yahoo!, Inc.* 365 13,753 ---------- IT Consulting & Services 0.2% Affiliated Computer Services, Inc., "A"* 74 4,454 Automatic Data Processing, Inc. 155 6,874 Computer Sciences Corp.* 50 2,819 Convergys Corp.* 40 600 Electronic Data Systems Corp. 137 3,165 First Data Corp. 220 9,359 Fiserv, Inc.* 52 2,090 Sabre Holdings Corp. 37 820 SunGard Data Systems, Inc.* 77 2,181 Unisys Corp.* 96 977 ---------- 33,339 Office Electronics 0.0% Xerox Corp.* 253 4,304 ---------- Semiconductors & Semiconductor Equipment 0.4% Advanced Micro Devices, Inc.* 183 4,030 Altera Corp.* 188 3,892 Applied Materials, Inc.* 451 7,712 Applied Micro Circuits Corp.* 86 362 Broadcom Corp., "A"* 89 2,873 Freescale Semiconductor, Inc., "B"* 204 3,745 Intel Corp. 1,486 34,757 KLA-Tencor Corp.* 54 2,515 Linear Technology Corp. 82 3,178 LSI Logic Corp.* 103 564 Maxim Integrated Products, Inc. 87 3,688 Micron Technology, Inc.* 359 4,434 Novellus Systems, Inc.* 39 1,088 NVIDIA Corp.* 47 1,107 PMC-Sierra, Inc.* 51 574 Teradyne, Inc.* 56 956 Texas Instruments, Inc. 459 11,301 ---------- 86,776 Software 0.7% Adobe Systems, Inc. 64 4,015 Autodesk, Inc. 62 2,353 BMC Software, Inc.* 60 1,116 Citrix Systems, Inc.* 142 3,483 Computer Associates International, Inc. 156 4,845 Compuware Corp.* 107 692 Electronic Arts, Inc.* 81 4,996 Intuit, Inc.* 50 2,201 Mercury Interactive Corp.* 62 2,824 Microsoft Corp. 2,888 77,139 Novell, Inc.* 107 722 Oracle Corp.* 1,362 18,687 Parametric Technology Corp.* 480 2,827 Siebel Systems, Inc.* 135 1,418 Symantec Corp.* 169 4,353 VERITAS Software Corp.* 112 3,198 ---------- 134,869 Materials 0.5% Chemicals 0.3% Air Products & Chemicals, Inc. 61 3,536 Dow Chemical Co. 251 12,427 E.I. du Pont de Nemours & Co. 172 8,437 Eastman Chemical Co. 21 1,212 Ecolab, Inc. 69 2,424 Great Lakes Chemical Corp. 15 427 Hercules, Inc.* 194 2,881 International Flavors & Fragrances, Inc. 25 1,071 Monsanto Co. 70 3,888 PPG Industries, Inc. 47 3,204 Praxair, Inc. 86 3,797 Rohm & Haas Co. 60 2,654 Sigma-Aldrich Corp. 20 1,209 ---------- 47,167 Construction Materials 0.0% Vulcan Materials Co. 27 1,475 ---------- Containers & Packaging 0.0% Ball Corp. 84 3,694 Pactiv Corp.* 43 1,088 Sealed Air Corp.* 22 1,172 ---------- 5,954 Metals & Mining 0.1% Alcoa, Inc. 231 7,258 Newmont Mining Corp. 118 5,240 Nucor Corp. 86 4,501 United States Steel Corp. 30 1,538 ---------- 18,537 Paper & Forest Products 0.1% Georgia-Pacific Corp. 69 2,586 International Paper Co. 129 5,418 Louisiana-Pacific Corp. 29 776 MeadWestvaco Corp. 125 4,236 Weyerhaeuser Co. 100 6,722 ---------- 19,738 Telecommunication Services 0.5% Diversified Telecommunication Services 0.5% ALLTEL Corp. 122 7,169 AT&T Corp. 211 4,022 BellSouth Corp. 487 13,534 CenturyTel, Inc. 37 1,312 Citizens Communications Co. 92 1,269 Qwest Communications International, Inc.* 483 2,145 SBC Communications, Inc. 881 22,703 Sprint Corp. 391 9,716 Verizon Communications, Inc. 736 29,815 ---------- 91,685 Wireless Telecommunication Services 0.0% Nextel Communications, Inc., "A"* 375 11,250 ---------- Utilities 0.4% Electric Utilities 0.3% Allegheny Energy, Inc.* 36 710 American Electric Power Co. 105 3,606 CenterPoint Energy, Inc. 88 994 Cinergy Corp. 49 2,040 Consolidated Edison, Inc. 65 2,844 DTE Energy Co. 46 1,984 Edison International 87 2,787 Entergy Corp. 60 4,055 Exelon Corp. 176 7,756 FirstEnergy Corp. 88 3,477 FPL Group, Inc. 49 3,663 PG&E Corp.* 108 3,594 Pinnacle West Capital Corp. 26 1,155 PPL Corp. 52 2,771 Progress Energy, Inc. 66 2,986 Southern Co. 197 6,603 TECO Energy, Inc. 55 844 TXU Corp. 92 5,939 Xcel Energy, Inc. 107 1,947 ---------- 59,755 Gas Utilities 0.0% KeySpan Corp. 43 1,696 NiSource, Inc. 75 1,708 Peoples Energy Corp. 10 440 ---------- 3,844 Multi-Utilities 0.1% AES Corp.* 179 2,447 Calpine Corp.* 148 583 CMS Energy Corp.* 52 543 Constellation Energy Group, Inc. 48 2,098 Dominion Resources, Inc. 88 5,961 Duke Energy Corp. 254 6,434 Dynegy, Inc., "A"* 101 467 Public Service Enterprise Group, Inc. 109 5,643 Sempra Energy 128 4,695 ---------- 28,871 Total Common Stocks (Cost $2,505,408) 3,002,938 ---------- Principal Amount ($) Value ($) Corporate Bonds 9.4% Consumer Discretionary 0.6% Auburn Hills Trust, 12.375%, 5/1/2020 12,000 18,822 Comcast Cable Communications Holdings, Inc., 8.375%, 3/15/2013 25,000 30,827 General Motors Corp., 8.375%, 7/15/2033 15,000 15,541 Jones Intercable, Inc., 7.625%, 4/15/2008 60,000 66,387 ---------- 131,577 Energy 1.4% CenterPoint Energy Resources Corp., Series B, 7.875%, 4/1/2013 30,000 35,658 Duke Capital LLC, 4.302%, 5/18/2006 62,000 62,748 Enterprise Products Operating LP, 7.5%, 2/1/2011 37,000 41,950 Halliburton Co., 5.5%, 10/15/2010 90,000 94,795 Pemex Project Funding Master Trust, 144A, 3.79%**, 6/15/2010 40,000 41,040 ---------- 276,191 Financials 3.7% American General Finance Corp.: Series H, 4.0%, 3/15/2011 15,000 14,547 4.625%, 9/1/2010 95,000 95,018 Ford Motor Credit Co.: 5.8%, 1/12/2009 50,000 51,107 6.875%, 2/1/2006 107,000 110,232 General Motors Acceptance Corp.: 6.75%, 1/15/2006 30,000 30,776 6.875%, 9/15/2011 30,000 30,744 Goldman Sachs Group, Inc., 4.75%, 7/15/2013 35,000 34,634 HSBC Finance Corp., 4.125%, 11/16/2009 55,000 54,704 Merrill Lynch & Co., Inc., Series C, 5.0%, 1/15/2015 55,000 54,784 Morgan Stanley, 4.0%, 1/15/2010 37,000 36,580 OneAmerica Financial Partners, 144A, 7.0%, 10/15/2033 35,000 37,790 Pennsylvania Mutual Life Insurance Co., 144A, 6.65%, 6/15/2034 35,000 37,766 RAM Holdings Ltd., 144A, 6.875%, 4/1/2024 80,000 78,567 Wells Fargo & Co., 4.2%, 1/15/2010 70,000 70,284 ---------- 737,533 Health Care 0.7% Health Care Service Corp., 144A, 7.75%, 6/15/2011 115,000 134,550 ---------- Industrials 0.2% BAE System 2001 Asset Trust, "B", Series 2001, 144A, 7.156%, 12/15/2011 35,372 38,394 ---------- Materials 0.6% International Paper Co.: 4.0%, 4/1/2010 19,000 18,628 4.25%, 1/15/2009 25,000 25,091 Lubrizol Corp., 6.5%, 10/1/2034 19,000 19,351 Lubrizol Corporation, 5.5%, 10/1/2014 55,000 55,324 ---------- 118,394 Telecommunication Services 0.5% Bell Atlantic New Jersey, Inc., Series A, 5.875%, 1/17/2012 53,000 56,311 BellSouth Corp., 5.2%, 9/15/2014 40,000 40,769 ---------- 97,080 Utilities 1.7% Consumers Energy Co., 6.25%, 9/15/2006 135,000 140,948 Old Dominion Electric, 6.25%, 6/1/2011 185,000 203,604 ---------- 344,552 ---------- Total Corporate Bonds (Cost $1,827,277) 1,878,271 Foreign Bonds - US$ Denominated 6.9% Energy 0.1% Petroleos Mexicanos, Series P, 9.5%, 9/15/2027 20,000 25,200 ---------- Financials 3.3% Deutsche Telekom International Finance BV, 8.75%, 6/15/2030 71,000 93,752 Endurance Specialty Holdings Ltd., 7.0%, 7/15/2034 10,000 10,297 General Motors Nova Finance, 6.85%, 10/15/2008 35,000 36,519 HSBC Capital Funding LP, 144A, 4.61%**, 12/29/2049 20,000 19,305 Korea First Bank, 144A, 5.75%**, 3/10/2013 20,000 20,800 PF Export Receivable Master Trust, 144A, 6.6%, 12/1/2011 200,000 213,530 QBE Insurance Group Ltd., 144A, 5.647%**, 7/1/2023 55,000 54,020 Royal Bank of Scotland Group PLC, Series 2, 8.817%, 3/31/2049 75,000 76,043 Westfield Capital Corp.: 144A, 4.375%, 11/15/2010 10,000 9,891 144A, 5.125%, 11/15/2014 120,000 119,423 ---------- 653,580 Industrials 1.9% Autopista Del Maipo, 144A, 7.373%, 6/15/2022 185,000 213,610 Tyco International Group SA: 6.75%, 2/15/2011 101,000 113,199 6.875%, 1/15/2029 22,000 25,201 7.0%, 6/15/2028 23,000 26,741 ---------- 378,751 Materials 0.8% Celulosa Arauco y Constitucion SA, 8.625%, 8/15/2010 50,000 59,558 Sappi Papier Holding AG, 144A, 6.75%, 6/15/2012 100,000 111,111 ---------- 170,669 Sovereign Bonds 0.2% United Mexican States: Series A, 6.75%, 9/27/2034 20,000 19,750 8.375%, 1/14/2011 10,000 11,745 ---------- 31,495 Telecommunication Services 0.2% Telecom Italia Capital, 144A, 4.95%, 9/30/2014 35,000 34,291 ---------- Utilities 0.4% PacifiCorp Australia LLC, 144A, 6.15%, 1/15/2008 85,000 90,719 ---------- Total Foreign Bonds - US$ Denominated (Cost $1,330,544) 1,384,705 ---------- Asset Backed 4.2% Automobile Receivables 1.3% Drive Auto Receivables Trust, "A3", Series 2004-1, 144A, 3.5%, 8/15/2008 65,000 65,152 MMCA Automobile Trust: A4, Series 2002-2, 4.3%, 3/15/2010 118,151 118,580 A4, Series 2001-4, 4.92%, 8/15/2007 32,861 33,106 B, Series 2002-1, 5.37%, 1/15/2010 15,793 15,956 Ryder Vehicle Lease Trust, "A4", Series 2001-A, 5.81%, 8/15/2006 38,797 38,920 ---------- 271,714 Home Equity Loans 2.4% Argent NIM Trust, "A", Series 2004-WN2, 144A, 4.55%, 4/25/2034 28,483 28,538 Conseco Finance, "AF6", Series 2000-B, 7.8%, 5/15/2020 150,960 153,919 Countrywide Asset-Backed Certificates, "N1", Series 2004-2N, 144A, 5.0%, 2/25/2035 33,490 33,324 Credit-Based Asset Serving & Securities, "AV1", Series 2004-CB6, 2.748%**, 7/25/2035 75,039 75,021 First Franklin NIM Trust, "Note", Series 2004-FF6A, 144A, 5.75%, 7/25/2034 39,327 39,388 Greenpoint Home Equity Loan Trust, "A", Series 2004-4, 2.76%**, 8/25/2030 70,331 70,331 Park Place Securities NIM Trust, "A", Series 2004-MCW1, 144A, 4.458%, 9/25/2034 47,552 47,552 Residential Asset Securities Corp., "A2B2", Series 2004-KS2, 2.658%**, 3/25/2034 20,000 20,000 Residential Asset Securitization Trust, "A3", Series 2002-A13, 5.0%, 12/25/2017 10,743 10,788 ---------- 478,861 Manufactured Housing Receivables 0.5% Greenpoint Manufactured Housing, "A3", Series 1999-5, 7.33%, 8/15/2020 95,818 96,352 ---------- Total Asset Backed (Cost $842,036) 846,927 ---------- US Government Agency Sponsored Pass-Throughs 4.8% Federal Home Loan Mortgage Corp., 6.0%, 12/1/2033 119,137 123,124 Federal National Mortgage Association: 4.5% with various maturities from 11/1/2018 until 6/1/2033 46,529 45,501 5.0% with various maturities from 2/1/2018 until 3/1/2034 306,544 309,044 5.5% with various maturities from 2/1/2018 until 9/1/2033 130,447 133,414 6.0% with various maturities from 3/1/2015 until 7/1/2032 193,717 201,218 6.5%, 11/1/2033 90,985 95,446 7.13%, 1/1/2012 45,558 48,095 Total US Government Agency Sponsored Pass-Throughs ---------- (Cost $958,375) 955,842 Commercial and Non-Agency Mortgage-Backed Securities 5.1% Citigroup Mortgage Loan Trust, Inc., "1CB2", Series 2004-NCM2, 6.75%, 8/25/2034 115,674 120,554 Countrywide Alternative Loan Trust, "7A1", Series 2004-J2, 6.0%, 12/25/2033 29,432 30,131 CS First Boston Mortgage Securities Corp., "A2", Series 2001-CK3, 6.04%, 6/15/2034 55,000 56,505 DLJ Mortgage Acceptance Corp.: A1B, Series 1997-CF2, 144A, 6.82%, 10/15/2030 31,799 33,812 A1B, Series 1997-CF1,144A, 7.6%, 5/15/2030 39,103 41,406 First Union-Lehman Brothers Commercial Mortgage, "A3", Series 1997-C1, 7.38%, 4/18/2029 82,927 88,239 GMAC Commercial Mortgage Securities, Inc., "A3", Series 1997-C1, 6.869%, 7/15/2029 94,038 99,487 Master Alternative Loans Trust, "8A1", Series 2004-3, 7.0%, 4/25/2034 33,690 35,195 Master Asset Securitization Trust, "8A1", Series 2003-6, 5.5%, 7/25/2033 47,643 48,030 Merrill Lynch Mortgage Investors, Inc., "D", Series 1995-C3, 7.853%**, 12/26/2025 90,000 91,791 NYC Mortgage Loan Trust, "A3", Series 1996, 144A, 6.75%, 9/25/2019 55,000 60,677 Residential Funding Mortgage Securities I, "A1", Series 2003-S2, 5.0%, 2/25/2033 21,303 21,336 Wachovia Bank Commercial Mortgage Trust, "A5", Series 2004-C11, 5.215%, 1/15/2041 110,000 113,251 Washington Mutual: A6, Series 2004-AR4, 3.81%**, 6/25/2034 65,000 63,982 4A1, Series 2002-S7, 4.5%, 11/25/2032 12,414 12,438 Washington Mutual Mortgage Securities Corp., 1A7, Series 2003-MS8, 5.5%, 5/25/2033 36,371 36,503 Wells Fargo Mortgage Backed Securities Trust, 1A1, Series 2003-6, 5.0%, 6/25/2018 56,371 56,864 Total Commercial and Non-Agency Mortgage-Backed ---------- Securities (Cost $1,019,339) 1,010,201 Collateralized Mortgage Obligations 14.0% Fannie Mae Grantor Trust: A2, Series 2002-T16, 7.0%, 7/25/2042 64,055 67,878 A2, Series 2002-T19, 7.0%, 7/25/2042 70,020 74,199 Fannie Mae Whole Loan: 1A3, Series 2003-W18, 4.732%, 8/25/2043 60,000 60,289 2A, Series 2003-W8, 7.0%, 10/25/2042 27,175 28,669 2A, Series 2002-W1, 7.5%, 2/25/2042 42,459 45,360 5A, Series 2004-W2, 7.5%, 3/25/2044 89,523 95,827 Federal Home Loan Mortgage Corp.: AU, Series 2759, 3.5%, 5/15/2019 61,000 60,832 PA, Series 2786, 3.5%, 10/15/2010 60,000 60,147 QA, Series 2649, 3.5%, 3/15/2010 96,716 96,987 PT, Series 2724, 3.75%, 5/15/2016 61,000 61,101 PE, Series 2727, 4.5%, 7/15/2032 120,000 114,429 TG, Series 2690, 4.5%, 4/15/2032 60,000 57,991 BG, Series 2640, 5.0%, 2/15/2032 45,000 45,170 BM, Series 2497, 5.0%, 2/15/2022 23,552 23,828 CA, Series 2526, 5.0%, 6/15/2016 26,037 26,550 DG, Series 2662, 5.0%, 10/15/2022 120,000 119,505 EG, Series 2836, 5.0%, 12/15/2032 115,000 114,029 JD, Series 2778, 5.0%, 12/15/2032 115,000 114,282 PE, Series 2777, 5.0%, 4/15/2033 120,000 119,188 TE, Series 2780, 5.0%, 1/15/2033 85,000 84,513 TE, Series 2881, 5.0%, 7/15/2033 115,000 113,946 UE, Series 2764, 5.0%, 10/15/2032 90,000 89,505 PE, Series 2378, 5.5%, 11/15/2016 30,000 31,230 PE, Series 2512, 5.5%, 2/15/2022 110,000 114,221 PE, Series 2405, 6.0%, 1/15/2017 80,000 84,090 QE, Series 2113, 6.0%, 11/15/2027 38,904 39,669 3A, Series T-41, 7.5%, 7/25/2032 70,183 74,820 Federal National Mortgage Association: NA, Series 2003-128, 4.0%, 8/25/2009 123,000 123,642 TU, Series 2003-122, 4.0%, 5/25/2016 80,000 80,781 2A3, Series 2001-4, 4.16%, 6/25/2042 50,000 50,154 A2, Series 2002-W10, 4.7%, 8/25/2042 439 439 2A3, Series 2003-W15, 4.71%, 8/25/2043 63,492 63,645 KH, Series 2003-92, 5.0%, 3/25/2032 60,000 59,344 MC, Series 2002-56, 5.5%, 9/25/2017 50,991 52,497 PM, Series 2001-60, 6.0%, 3/25/2030 27,660 28,017 VD, Series 2002-56, 6.0%, 4/25/2020 11,792 11,996 A2, Series 1998-M1, 6.25%, 1/25/2008 63,902 67,356 1A2, Series 2003-W3, 7.0%, 8/25/2042 32,382 34,315 FHLMC Structured Pass-Through Securities, "A2B", Series T-56, 4.29%, 7/25/2036 69,870 70,063 Government National Mortgage Association: GD, Series 2004-26, 5.0%, 11/16/2032 56,000 55,964 PA, Series 2003-89, 5.5%, 12/20/2023 85,662 86,925 ---------- Total Collateralized Mortgage Obligations (Cost $2,788,642) 2,803,393 Municipal Investments 2.6% Atlantic City, NJ, Core City General Obligation, Series B, 4.5%, 8/1/2008 (f) 80,000 81,898 Illinois, State General Obligation, 4.95%, 6/1/2023 80,000 77,737 Jicarilla, NM, Sales & Special Tax Revenue, Apache Nation Revenue, 5.2%, 12/1/2013 50,000 51,263 Virginia, Multi-Family Housing Revenue, Housing Development Authority, Series A, 6.51%, 5/1/2019 (f) 290,000 302,882 ---------- Total Municipal Investments (Cost $460,392) 513,780 Government National Mortgage Association 0.8% Government National Mortgage Association: 6.0% with various maturities from 10/15/2033 until 7/20/2034 127,358 131,976 6.5%, 11/15/2033 34,104 35,995 Total Government National Mortgage Association ---------- (Cost $166,717) 167,971 US Government Backed 22.0% US Treasury Bills: 1.78%***, 1/20/2005 (f) 140,000 139,869 2.181%**, 3/24/2005 (f) 10,000 9,951 2.238%*, 3/10/2005 3,000,000 2,988,561 US Treasury Bond: 6.0%, 2/15/2026 582,000 666,685 7.25%, 5/15/2016 72,000 90,124 US Treasury Note: 1.5%, 3/31/2006 40,000 39,347 3.125%, 10/15/2008 63,000 62,328 3.25%, 1/15/2009 (c) 247,000 244,858 4.25%, 11/15/2013 143,000 143,899 ---------- Total US Government Backed (Cost $4,355,945) 4,385,622 Shares Value ($) ------ --------- Securities Lending Collateral 1.0% Daily Assets Fund Institutional, 2.25% (b)(d) (Cost $188,600) 188,600 188,600 ---------- Cash Equivalents 12.8% Scudder Cash Management QP Trust, 2.24% (a) (Cost $2,564,375) 2,564,375 2,564,375 ---------- % of Net Assets Value ($) ---------- --------- Total Investment Portfolio (Cost $19,007,650) 98.6 19,702,625 Other Assets and Liabilities, Net 1.4 276,660 ---------- Net Assets 100.0 19,979,285 ==========
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. * Non-income producing security. In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy. ** Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of December 31, 2004. *** Annualized yield at time of purchase; Not a coupon rate. (a) Scudder Cash Management QP Trust is managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. (b) Daily Assets Fund Institutional, an affiliated fund, is managed by Deutsche Asset Management, Inc. The rate shown is the annualized seven-day yield at period end. (c) All or a portion of these securities were on loan. The value of all securities loaned at December 31, 2004 amounted to $185,276, which is 0.9% of net assets. (d) Represents collateral held in connection with securities lending. (e) Bond is insured by one of these companies: As of % of Total Insurance Coverage Investment Portfolio - -------------------------------------------------------------------------------- MBIA Municipal Bond Investors Assurance 2.0 - -------------------------------------------------------------------------------- (f) At December 31, 2004, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts. Included in the portfolio are investments in mortgage or asset-backed securities which are interests in separate pools of mortgages or assets. Effective maturities of these investments may be shorter than stated maturities due to prepayments. Some separate investments in the Federal National Mortgage Association and the Government National Mortgage Association issues have similar coupon rates and have been aggregated for presentation purposes in the investment portfolio. 144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. REIT: Real Estate Investment Trust At December 31, 2004, open futures contracts purchased were as follows:
Aggregate Unrealized Futures Expiration Date Contracts Face Value ($) Value Appreciation ($) - ------------------------------------------------------------------------------------------------------------------------------------ Share Price Index 200 3/17/2005 1 76,982 79,487 2,505 - ------------------------------------------------------------------------------------------------------------------------------------ Topix Index 3/10/2005 2 214,637 223,968 9,331 - ------------------------------------------------------------------------------------------------------------------------------------ S&P Canada 60 Index 3/17/2005 1 84,403 85,616 1,213 - ------------------------------------------------------------------------------------------------------------------------------------ 10 Yr Canadian - ------------------------------------------------------------------------------------------------------------------------------------ Government Bond 3/21/2005 1 92,097 93,611 1,514 - ------------------------------------------------------------------------------------------------------------------------------------ Total net unrealized appreciation 13,049 - ------------------------------------------------------------------------------------------------------------------------------------ At December 31, 2004, open futures contracts sold were as follows: Unrealized Futures Expiration Date Contracts Face Value ($) Value Depreciation ($) - ------------------------------------------------------------------------------------------------------------------------------------ 10 Year US Treasury Notes 3/21/2005 15 1,666,079 1,679,062 12,983 - ------------------------------------------------------------------------------------------------------------------------------------ S&P 500 Index 3/17/2005 1 299,045 303,425 4,380 - ------------------------------------------------------------------------------------------------------------------------------------ Total net unrealized depreciation 17,363 - ------------------------------------------------------------------------------------------------------------------------------------
As of December 31, 2004, the Fund had the following open forward foreign currency exchange contracts:
Unrealized Contracts to Deliver In Exchange For Date Appreciation - ---------------------------------------------------------------------------------------------------------------- JPY 10,117,000 USD 98,812 1/4/2005 53 - ---------------------------------------------------------------------------------------------------------------- JPY 11,451,000 USD 112,084 2/2/2005 75 - ---------------------------------------------------------------------------------------------------------------- EUR 184,000 USD 250,838 2/2/2005 678 - ---------------------------------------------------------------------------------------------------------------- USD 356,705 CAD 429,000 2/1/2005 1,279 - ---------------------------------------------------------------------------------------------------------------- GBP 251,000 USD 484,179 1/4/2005 2,419 - ---------------------------------------------------------------------------------------------------------------- GBP 255,000 USD 491,928 1/4/2005 2,491 - ---------------------------------------------------------------------------------------------------------------- USD 915,941 AUD 1,177,000 2/2/2005 4,115 - ---------------------------------------------------------------------------------------------------------------- USD 636,891 GBP 334,000 1/4/2005 4,175 - ---------------------------------------------------------------------------------------------------------------- USD 161,676 AUD 213,000 1/4/2005 5,238 - ---------------------------------------------------------------------------------------------------------------- USD 917,217 AUD 1,186,000 1/4/2005 12,169 - ---------------------------------------------------------------------------------------------------------------- Total unrealized appreciation 32,692 - ----------------------------------------------------------------------------------------------------------------
Unrealized Contracts to Deliver In Exchange For Date Depreciation - --------------------------------------------------------------------------------------------------- CAD 641,000 USD 519,188 1/4/2005 (15,790) - --------------------------------------------------------------------------------------------------- USD 575,408 CAD 680,000 1/4/2005 (7,880) - --------------------------------------------------------------------------------------------------- AUD 1,177,000 USD 918,060 1/4/2005 (4,273) - --------------------------------------------------------------------------------------------------- EUR 134,000 USD 178,504 1/4/2005 (3,640) - --------------------------------------------------------------------------------------------------- USD 332,686 GBP 172,000 1/4/2005 (2,556) - --------------------------------------------------------------------------------------------------- USD 483,275 GBP 251,000 2/2/2005 (2,487) - --------------------------------------------------------------------------------------------------- USD 327,770 CAD 390,000 1/4/2005 (2,276) - --------------------------------------------------------------------------------------------------- CAD 429,000 USD 356,757 1/4/2005 (1,287) - --------------------------------------------------------------------------------------------------- EUR 43,000 USD 57,295 1/4/2005 (1,154) - --------------------------------------------------------------------------------------------------- AUD 222,000 USD 172,849 1/4/2005 (1,117) - --------------------------------------------------------------------------------------------------- USD 250,792 EUR 184,000 1/4/2005 (684) - --------------------------------------------------------------------------------------------------- CHF 116,000 USD 101,404 1/4/2005 (630) - --------------------------------------------------------------------------------------------------- USD 102,404 CHF 116,000 1/4/2005 (370) - --------------------------------------------------------------------------------------------------- EUR 7,000 USD 9,282 1/4/2005 (233) - --------------------------------------------------------------------------------------------------- USD 111,881 JPY 11,451,000 1/4/2005 (100) - --------------------------------------------------------------------------------------------------- JPY 46,000 USD 440 1/4/2005 (9) - --------------------------------------------------------------------------------------------------- JPY 1,288,000 USD 12,571 1/4/2005 (2) - --------------------------------------------------------------------------------------------------- Total unrealized depreciation (44,488) - ---------------------------------------------------------------------------------------------------
Currency Abbreviation - -------------------------------------------------------------------------------- AUD Australian Dollar - -------------------------------------------------------------------------------- CAD Canadian Dollar - -------------------------------------------------------------------------------- CHF Swiss Franc - -------------------------------------------------------------------------------- EUR Euros - -------------------------------------------------------------------------------- GBP British Pounds - -------------------------------------------------------------------------------- JPY Japanese Yen - -------------------------------------------------------------------------------- USD United States Dollar - -------------------------------------------------------------------------------- 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 Lifecycle Mid Range Fund By: /s/Julian Sluyters ----------------------------- Julian Sluyters Chief Executive Officer Date: February 22, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Registrant: Scudder Lifecycle Mid Range Fund By: /s/Julian Sluyters ----------------------------- Julian Sluyters Chief Executive Officer Date: February 22, 2005 By: /s/Paul Schubert -------------------------- Paul Schubert Chief Financial Officer Date: February 22, 2005 EX-99.CERT 2 cert-af_lsr.txt CERTIFICATIONS I, Julian Sluyters, certify that: 1. I have reviewed this report on Form N-Q of Scudder Lifecycle Short Range Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Registrant: Scudder Lifecycle Short Range Fund By: /s/ Julian Sluyters --------------------------- Julian Sluyters Chief Executive Officer Date: February 22, 2005 CERTIFICATIONS I, Paul Schubert, certify that: 1. I have reviewed this report on Form N-Q of Scudder Lifecycle Short Range Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Registrant: Scudder Lifecycle Short Range Fund By: /s/ Paul Schubert --------------------------- Paul Schubert Chief Financial Officer Date: February 22, 2005 -----END PRIVACY-ENHANCED MESSAGE-----