<PAGE>
Deutsche Asset Management
M u t u a l F u n d
S e m i - A n n u a l R e p o r t
June 30, 2000
Deutsche VIT Funds
EAFE(R) Equity Index
Formerly a BT Insurance Fund
A Member of the
Deutsche Bank Group [/]
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Table of Contents
Letter to Shareholders............................. 3
Deutsche VIT EAFE/(R)/ Equity Index
Schedule of Investments.......................... 7
Statement of Assets and Liabilities.............. 16
Statement of Operations.......................... 17
Statements of Changes in Net Assets.............. 18
Financial Highlights............................. 19
Notes to Financial Statements.................... 20
--------------
The Fund is not insured by the FDIC and is not a deposit, obligation of or
guaranteed byDeutsche Bank. The Fund is subject to investment risks, including
possible loss of principal amount invested.
--------------
--------------------------------------------------------------------------------
2
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Letter to Shareholders
We are pleased to present you with this semi-annual report for Deutsche
VITEAFE/(R)/ Equity Index, providing detailed reviews of the markets, the fund,
and our outlook. Included are complete financial summaries of the fund's
operations and listings of the fund's holdings.
With the acquisition of Bankers Trust by Deutsche Bank, the name of your Fund
has changed from the BT Insurance Funds Trust EAFE/(R)/ Equity Index Fund to
Deutsche Asset Management VIT Funds ("Deutsche VIT") EAFE/(R)/ Equity Index.
However, the Fund's investment objectives, policies and strategies, as well as
its portfolio manager, remain the same.
MARKET REVIEW
Overall, global equity markets were weak. Just six of the 20 EAFE/(R)/ markets
posted gains for the semi-annual period ended June 30, 2000 in U.S. dollar
terms, and none had double-digit returns. Equities gained in only three of the
six months and currencies lost ground in all but March and June, leading to a
decline in the MSCI EAFE/(R)/ Index ("EAFE/(R)/ Index").
The major influence on EAFE/(R)/ Index performance was the global markets' focus
on the U.S. Federal Reserve Board's, the European Central Bank's, and the Bank
of England's tightening policies for interest rates. Other factors included
mixed signals about the health of the Japanese economy and higher oil prices
that remain a major source of inflation concern for central bankers. Global
equity markets were also buffeted by NASDAQ Composite volatility. In sharp
contrast to last year, technology proved to be one of the worst performing
sectors in EAFE/(R)/ Index, as investors moved back into more traditional areas
of the market, such as pharmaceuticals and financial services.
The EAFE/(R)/ markets recovered a bit in June, as the possibility of a "soft
landing" in the U.S. decreased the chances of further Federal Reserve Board rate
hikes, which investors had feared could induce a global economic slowdown.
Compared to 1999, the first half of 2000 saw market rotations in the EAFE/(R)/
markets, as European markets outpaced Asian and Pacific Rim markets.
Europe
Regionally, Europe declined 3.74% in U.S. dollar terms during the semi-annual
period.
The European Central Bank raised interest rates four times in the first six
months of 2000 in response to global inflation worries.
. As in the U.S., these interest rate hikes were meant to prevent the global
economy from overheating and to quell inflationary pressures.
. Since the European Central Bank started raising rates in November 1999, the
euro's weakness more than offset the 1.75% of rate increases.
. Thus, monetary conditions within Europe remained fairly stimulative, and
European economic growth remained strong.
. France continued to be one of the strongest economies with unemployment
falling at a 2.8% annual rate.
Several European markets were negatively impacted by various macro-economic
concerns, while strength in company earnings boosted other markets to positive
returns.
. In the first quarter, Sweden and Finland were the strongest performing equity
markets, producing double-digit gains driven by the continued strength of
Ericsson and Nokia, two of the world's largest cellular phone providers. Both
companies climbed after reporting stronger than expected earnings, new
wireless Internet technologies, and continued optimism for future growth.
. Banks, insurers, and financial service companies rallied in Switzerland as
expectations for earnings in 2000 improved. Credit Suisse was up 25% in March
alone after ratings agency Standard & Poor's Corp. raised the company from
"negative" to "stable." Swiss Reinsurance also led the Swiss market higher.
. Novo Nordisk, a large pharmaceutical producer and developer, boosted Denmark
to the top position in May. The company posted strong gains after reporting
better than expected earnings, which led, in turn, to upgrades by several
analysts.
. Belgium, in contrast, was one of the worst performing markets in the first
quarter, as concerns over the prospect of rising interest rates drove down
prices of financial service giants Fortis and KBC Bank.
. Heavyweight Dutch insurance companies Aegon and ING also felt the pressure of
European Central Bank interest rate fears, leading the Dutch market lower.
. Although there was strong performance from some of the "Old Economy" stocks in
the U.K., economic activity in this nation continued to slow. Consumer
confidence trended down as did retail sales. Inflation came in below forecasts
although there remained pricing pressure within the service sector and labor
markets.
European markets responded well to merger and acquisition activity that
continued in high gear throughout the period, as companies sought economies of
scale in an enlarged "domestic" market.
. During the first quarter, Vodafone Airtouch of the U.K. completed its merger
with Mannesmann of Germany.
--------------------------------------------------------------------------------
3
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Letter to Shareholders
. Prospects for further consolidation across telecommunications and Internet-
related companies also helped fuel market strength across Europe, especially
in Italy, Spain, and Portugal.
. Tele Denmark, the primary telephone provider in Denmark, was up sharply in the
first quarter on expectations of further mergers and consolidation within the
European telecommunications providers.
. During the second quarter, corporate merger activity continued to be a
significant factor, as companies juggled for position within the "New Economy"
or were forced to seek economies of scale in the "Old Economy."
Pacific Basin
The Pacific Basin declined 6.42% in U.S. dollar terms during the semi-annual
period.
Singapore was one of the worst performing equity markets during the first
quarter and one of the strongest performing equity markets during the second
quarter.
. A government repeal in February of a large corporate tax rebate put in place
during the 1998 recession caused Singapore's equity market to topple over 9%
that month.
. Equities also fell after investors questioned earnings expectations needed to
justify current price levels after their strong performance in 1999.
. During the second quarter, Singapore Press, the largest publisher in the
country, posted strong gains as investors anticipated the sale of the
company's Internet division.
. Investors also embraced Singapore Airline's goal of globalization through
further joint ventures and acquisitions by pushing the stock up over 17% in
April.
. In June, financial stocks such as DBS Group and United Overseas Bank rallied
sharply, after fears of higher global interest rates subsided.
In contrast to 1999's impressive showing, the Japanese equity market was down in
the first half of 2000.
. Stocks such as Fujitsu, Sony, and Sharp traded in wide price ranges, causing
significant market volatility. This was primarily driven by fears of a
potential slowdown in export demand if U.S. interest rates were raised.
. Some Japanese bank stocks fell after the Mayor of Tokyo announced a potential
flat tax of 3% on all revenues.
. The equity market also remained cautious about the potential for the abolition
of the Bank of Japan's long-standing zero interest rate policy.
. Investors in Japan continued to be disappointed by economic data showing
little sign of a potential recovery and fueling fears of a deeper recession.
. In late June, Japanese equities rallied after the U.S. Federal Reserve Board
left interest rates unchanged, as foreign demand had been one of the few
bright points in the Japanese economy recently and could decline sharply if
U.S. rates were to increase.
. Also in June, several new Japanese domestic equity funds were started for
local investors, reflecting a willingness to own domestic equities once again.
Hong Kong's equity market declined for the semi-annual period, although in June
it began to benefit from the perceived reflation that is occurring in China and
the growing perception that U.S. interest rates have peaked.
. Expectations of further U.S. Federal Reserve Board interest rate hikes led to
a sell-off in Hong Kong, as banks and property companies would be particularly
hard hit by higher global interest rates.
. Software and technology stocks also remained volatile and fell sharply from
their highs, as investors questioned their high valuations in a rising
interest rate environment.
Australia performed well, partly on the back of a recovery in its currency.
. The market was also boosted by Rupert Murdoch's News Corporation. The global
media giant posted strong gains after reporting continued global expansion of
its satellite television business.
. Australia was among the top five performing EAFE/(R)/ markets in three of the
first six months of 2000, and the top performing equity market in the month of
June.
MANAGER OUTLOOK
Interest rates remain a prime concern globally and until a clear trend is set,
we expect volatility in the EAFE/(R)/ markets to continue. The markets' near-
term focus will be on the U.S. Federal Reserve Board meeting on August 22nd.
In Europe, inflationary concerns center around the weak euro, accelerating
economic growth, and buoyant money supply. Yet pricing pressures have been
remarkably dormant, and there seems to be ample spare capacity in both the goods
and labor markets. After raising rates by 0.50% in early June, we expect the
European Central Bank to pause for the summer. However, in our view, more
tightening is required over the next twelve months as is a stronger euro in a
supportive role. Key positives for Europe include strong economic growth,
falling unemployment, tax cuts, and further prospects for corporate
consolidation across the continent.
--------------------------------------------------------------------------------
4
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Letter to Shareholders
INVESTMENT REVIEW
<TABLE>
<CAPTION>
CUMULATIVE AVERAGE ANNUAL
TOTAL RETURNS TOTAL RETURNS
Period ended Past Past Since Past Since
June 30, 2000 6 months 1 year inception 1 year inception
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Deutsche VIT EAFE/(R)/ Equity Index* -5.66% 15.62% 36.72% 15.62% 11.58%
(inception 8/22/97)
----------------------------------------------------------------------------------------------------------
MSCI EAFE/(R)/ Index** -4.06% 17.16% 38.67% 17.16% 12.13%
----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO DIVERSIFICATION BYCOUNTRY
As of June 30, 2000
(Percentages are based on total investments.)
<S> <C>
Japan.................................................. 27%
UK..................................................... 20
France................................................. 12
Germany................................................ 9
Netherlands............................................ 6
Italy.................................................. 4
Sweden................................................. 4
Switzerland............................................ 4
Australia.............................................. 3
Finland................................................ 3
Spain.................................................. 3
Others***.............................................. 5
</TABLE>
In Japan, economic prospects are mixed, despite the country moving slowly along
a recovery track. Industrial production is strong and inventories have fallen to
their lowest level in nine years. However, the consumer remains subdued because
real income has been weak and job insecurity is widespread. A risk for the
economy would be a premature move by the Bank of Japan to begin raising interest
rates after a long period of zero interest rates. The positives for Japan
include an improved profit outlook, although current forecasts remain cautious,
and a slow but steady pace of corporate restructurings. The rest of developed
Asia, in our view, will continue to look to the U.S., both as a market for its
exports and as an economic bellwether, especially given the strong links between
their currencies and the dollar.
As an index fund, seeking to replicate as closely as possible, before expenses,
the broad diversification and total return of the MSCI EAFE/(R)/ Index with net
dividends, we neither evaluate short-term fluctuations in the Fund's performance
nor manage according to a given outlook for the equity markets or the economies
in general. Still, we will continue monitoring economic conditions and how they
affect the financial markets.
We appreciate your support of Deutsche VIT EAFE/(R)/ Equity Index, and we look
forward to serving your investment needs for many years to come.
/s/ Steven Wetter
-----------------
Steven Wetter
Director of Global Indexing
Deutsche VIT EAFE/(R)/ Equity Index
June 30, 2000
--------------------------------------------------------------------------------
* Past performance is not indicative of future results. Investment return and
principal value will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than their original cost. Performance figures
assume the reinvestment of dividend and capital gain distributions, but do
not reflect the effect of the fees associated with the Contract purchased,
which would lower the returns shown. During the period the Fund waived
certain fees and expenses. Had these fees and expenses not been waived the
Fund's returns would have been lower.
The Fund concentrates its investments in securities of foreign issuers.
Avariety of factors such as changes in the economical/political conditions
and currency fluctuations in the international markets may affect the value
of your investment in the Fund. There is no guarantee that the fund will be
able to mirror the MSCI EAFE/(R)/ Index closely enough to track its
performance.
** The EAFE/(R)/ Index is the exclusive property of Morgan Stanley Capital
International, a service of Morgan Stanley, and has been licensed for use by
the Fund's investment advisor. The MSCI EAFE/(R)/ Index is an unmanaged
capitalization weighted index of approximately 1,100 equity securities of
companies located outside the US and is the exclusive property of Morgan
Stanley. Index returns do not reflect expenses which have been deducted from
the Fund's returns.
*** Comprised of countries less than 3%.
--------------------------------------------------------------------------------
5
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Performance Comparison
[GRAPH APPEARS BELOW]
DEUTSCHE VIT EAFE(R) EQUITY INDEX AND MSCI EAFE(R) INDEX
AVERAGE GROWTH OF A $10,000 INVESTMENT (SINCE AUGUST 22, 1997)
<TABLE>
<CAPTION>
EAFE Equity Index MSCI EAFE
<S> <C> <C>
Aug-97 10,000 10,000
Dec.-97 9,340 9,415
June-98 10,920 10,915
Dec-98 11,358 11,296
June-99 11,825 11,743
Dec-99 14,493 14,342
June-00 13,672 13,867
</TABLE>
Deutsche VIT EAFE(R) Equity Index $13,672
MSCI EAFE(R) Index $13,867
Average Annual Total Return for the Periods Ended June 30, 2000
One Year 15.62% Since 8/22/97/1/ 11.58%
--------------------------------------------------------------------------------
/1/ The Fund's inception date.
Past performance is not indicative of future results. Investment return and
principal value will fluctuate so that shares, when redeemed, may be worth more
or less than their original cost. Performance figures assume the reinvestment of
dividend and capital gain distributions, but do not reflect the effect of fees
associated with the Contract purchased, which would lower the returns shown.
During the period, the Fund waived certain fees and expenses. Had these fees and
expenses not been waived the Fund's returns would have been lower.
The MSCI EAFE/(R)/ Index is an unmanaged capitalization weighted index of
approximately 1,100 equity securities of companies located outside the U.S.and
is the exclusive property of Morgan Stanley.
--------------------------------------------------------------------------------
6
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Schedule of Investments June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
COMMON STOCKS - 93.84%
Australia - 2.26%
3,241 Amcor Ltd..................................... $ 11,322
7,699 AMP Ltd....................................... 78,275
1,926 Australian Gas and Light Co.,
Ltd......................................... 11,461
2,394 Boral Ltd..................................... 3,006
2,076 Brambles Industries Ltd....................... 63,736
13,325 Broken Hill Proprietary Co., Ltd.............. 157,388
7,013 Coca Cola Amatil Ltd.......................... 13,631
8,897 Coles Myer Ltd................................ 34,128
8,899 Commonwealth Bank
of Australia................................ 147,361
4,000 Computershare Ltd............................. 20,549
918 CSL Ltd....................................... 18,137
8,533 CSR Ltd....................................... 23,679
1,912 ERG Ltd....................................... 14,831
12,474 Foster's Brewing Group Ltd.................... 35,062
15,563 General Property Trust........................ 25,037
2,508 Gio Australia Holdings Ltd.................... --
311 Hanson Plc.................................... 2,158
4,163 Lend Lease Corp., Ltd......................... 53,050
11,189 National Australia Bank Ltd................... 186,682
14,908 News Corp., Ltd............................... 205,062
6,910 Normandy Mining Ltd........................... 3,719
6,573 North Ltd..................................... 15,527
1,209 Orica Ltd..................................... 5,479
2,394 Origin Energy Ltd............................. 2,305
4,100 Pacific Dunlop Ltd............................ 3,653
1,080 Paperlinx Ltd................................. 2,048
3,308 QBE Insurance Group Ltd....................... 16,167
2,350 Rio Tinto Ltd................................. 38,816
4,555 Santos Ltd.................................... 13,857
5,051 Southcorp Holdings Ltd........................ 14,560
2,112 Suncorp- Metway Ltd........................... 10,890
2,540 TABCORP Holdings Ltd.......................... 14,583
57,350 Telstra Corp., Ltd............................ 232,542
1,663 Wesfarmers Ltd................................ 13,228
356 Westfield Trust............................... 679
15,412 Westfield Trust Ltd........................... 29,873
12,647 Westpac Banking Corp., Ltd.................... 91,141
8,645 WMC Ltd....................................... 38,637
6,591 Woolworths Ltd................................ 24,301
-----------
1,676,560
-----------
Austria - 0.06%
260 Austrian Airlines Osterreichische
Luftverkehrs AG............................. 3,761
140 Austria Tabakwerke AG......................... 5,186
40 Generali Holding Vienna AG.................... 6,435
<CAPTION>
Shares Description Value
<C> <S> <C>
150 Oesterreichische
Elektrizitaetswirtschafts
AG - A...................................... $ 15,395
70 VA Technologie AG............................. 3,688
400 Wienerberger Baustoffindustrie
AG............................................ 9,085
-----------
43,550
-----------
Belgium - 0.65%
76 Barco N.V..................................... 8,526
140 Colruyt SA.................................... 5,932
371 Delhaize Le Lion SA........................... 22,191
25 D' Ieteren NV SA.............................. 6,325
14 Dolmen Computer
Applications NV/(a)/........................ 274
367 Electrabel SA................................. 90,717
4,897 Fortis (B)/(a)/............................... 142,507
1,008 Fortis B- Strip VVPR/(a)/..................... 10
170 Groupe Bruxelles Lambert SA................... 42,443
2,003 KBC Bancassurance Holding..................... 88,160
586 Solvay SA..................................... 39,444
1,021 UCB SA........................................ 37,510
-----------
484,039
-----------
Denmark - 0.66%
200 Carlsberg AS - A.............................. 5,886
200 Carlsberg AS - B.............................. 6,065
5 A/S Dampskibsselskabet
Svendborg................................... 73,896
449 Danisco AS.................................... 14,995
400 Den Danske Bank............................... 48,113
7 D/S 1912 - B.................................. 74,344
83 Group 4 Falck AS.............................. 13,318
281 ISS International Service
Systems AS - B.............................. 21,394
182 Navision Software AS/(a)/..................... 7,569
509 Novo Nordisk AS - B........................... 86,625
1,455 Tele Danmark AS - B........................... 97,931
748 Vestas Wind Systems AS/(a)/................... 27,470
466 William Demant AS............................. 13,774
-----------
491,380
-----------
Finland - 3.00%
700 Kemira Oyj.................................... 3,409
500 Kesko Oyj..................................... 5,084
1,000 Hartwall Oyj.................................. 20,050
200 Metra Oyj - B................................. 3,447
1,200 Metso Oyj/(a)/................................ 14,436
35,500 Nokia Oyj - A................................. 1,811,614
600 Outokumpu Oyj - A............................. 5,728
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
7
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Schedule of Investments June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
200 Pohjola Group Insurance
Corp........................................ $ 7,069
600 Sampo Insurance Co., Ltd. - A................. 24,346
40 Sanitec Oyj................................... 401
50 SGL Carbon AG................................. 3,327
5,600 Sonera Group Oyj/(a)/......................... 255,300
600 Tieto Corp. - B SHS/(a)/...................... 20,021
2,100 UPM- Kymmene Oyj.............................. 52,129
-----------
2,226,361
-----------
France - 10.26%
1,175 Accor SA...................................... 48,160
7,894 Alcatel Alsthom............................... 517,778
2,980 AXA - UAP..................................... 469,450
244 BIC........................................... 11,951
3,435 BNP Paribas................................... 330,580
264 Bouygues...................................... 176,752
1,027 Canal Plus.................................... 172,573
890 Cap Gemini Sogeti............................. 156,775
5,355 Carrefour Supermarche SA...................... 366,068
697 Compagnie de Saint Gobain..................... 94,229
959 Danone........................................ 127,269
592 Dassault Systemes SA.......................... 55,221
155 Eridania Beghin- Say SA....................... 15,183
50 Essilor International......................... 14,331
393 Establissements Economiques
du Casino Guichard-
Perrachon SA................................ 36,396
7,559 France Telecom SA............................. 1,056,562
914 LaFarge SA.................................... 71,033
1,170 Lagardere S.C.A............................... 89,365
882 L'Air Liquide................................. 115,029
516 L'OREAL....................................... 446,834
758 LVMH (Moet-Hennessy
Louis Vuitton).............................. 312,566
934 Michelin - B.................................. 29,971
127 Pechiney SA................................... 5,299
865 Pinault-Printemps-Redoute SA.................. 192,177
381 PSA Peugeot Citroen........................... 76,462
5,946 Rhone-Poulenc-A............................... 434,002
69 Sagem SA...................................... 80,898
5,022 Sanofi SA..................................... 239,258
1,307 Schneider SA.................................. 91,094
51 Sidel SA...................................... 4,137
115 Simco SA...................................... 8,400
3,014 Societe Generale.............................. 181,290
186 Sodexho Alliance SA........................... 33,741
1,145 Suez Lyonnaise des Eaux....................... 200,600
408 Suez Lyonnaise des Eaux
SA/(a)/..................................... 71,324
<CAPTION>
Shares Description Value
<C> <S> <C>
408 Suez Lyonnaise des Eaux
SA VVPR/(a)/................................ $ 4
73 Technip....................................... 8,831
5,515 Total Fina ELF................................ 845,630
468 Total Fina SA VVPR/(a)/....................... 4
600 Usinor Sacilor................................ 7,321
444 Valeo SA...................................... 23,739
4,563 Vivendi....................................... 402,761
-----------
7,621,048
-----------
Germany - 7.91%
200 Adidas AG..................................... 11,037
1,816 Allianz AG.................................... 658,854
4,450 BASF AG....................................... 180,355
5,700 Bayer AG...................................... 222,037
3,296 Bayerische Hypotheken-und
Wechsel-Bank AG............................. 214,301
400 Beiersdorf AG................................. 33,607
350 Continental AG................................ 5,848
7,237 DaimlerChrysler AG/(a)/....................... 379,678
4,627 Deutsche Bank AG.............................. 381,683
3,100 Deutsche Lufthansa AG......................... 72,513
22,279 Deutsche Telekom AG........................... 1,267,744
3,400 Dresdner Bank AG.............................. 140,883
1,000 EM.TV & Merchandising AG...................... 58,908
400 Fresenius Medical Care AG..................... 32,080
275 Heidelberger Zement AG........................ 16,961
50 Heidelberger Zement AG/(a)/................... 1
50 Heidelberger Zement AG
VVPR/(a)/................................... 3,079
250 Hochtief AG................................... 7,531
500 Karstadt AG................................... 13,319
866 Linde AG...................................... 34,478
500 MAN AG........................................ 15,300
1,550 Merck KGaA.................................... 47,060
2,660 Metro AG...................................... 93,459
1,274 Muenchener Rueckversicherungs-
Gesellschaft AG............................. 404,437
1,293 Preussag AG................................... 41,726
3,500 RWE AG........................................ 117,625
1,350 SAP AG........................................ 201,715
1,750 Schering AG................................... 96,907
4,400 Siemens AG.................................... 661,642
4,150 Thyssen AG.................................... 66,565
5,760 VEBA AG....................................... 282,667
2,660 Volkswagen AG................................. 101,585
500 WCM Beteiligungs-und
Grundbesitz AG.............................. 11,739
-----------
5,877,324
-----------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
8
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Schedule of Investments June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
Hong Kong - 1.92%
2,000 ASM Pacific Technology Ltd.................... $ 7,492
4,608 Bank of East Asia Ltd......................... 10,758
21,000 Cathay Pacific Airways........................ 38,926
15,000 CLP Holdings Ltd.............................. 69,848
14,700 Hang Seng Bank Ltd............................ 139,542
12,000 Henderson Land Development
Co., Ltd.................................... 52,800
33,257 Hong Kong and China Gas Co.,
Ltd......................................... 37,330
90,782 Hong Kong Telecommunications
Ltd......................................... 199,719
32,000 Hutchison Whampoa Ltd......................... 402,283
6,000 Johnson Electric Holdings Ltd................. 56,764
10,500 Li & Fung Ltd................................. 52,530
11,950 New World Development Co.,
Ltd......................................... 13,337
42,000 Pacific Century CyberWorks
Ltd......................................... 82,971
10,000 Shangri-La Asia Ltd........................... 11,802
17,191 Sun Hung Kai Properties Ltd................... 123,494
11,500 Swire Pacific Ltd. - A........................ 67,270
4,000 Television Broadcasts Ltd..................... 26,682
19,693 Wharf Holdings Ltd............................ 35,241
-----------
1,428,789
-----------
Ireland - 0.21%
4,063 Allied Irish Banks Plc........................ 36,309
2,197 CRH Plc....................................... 39,539
10,700 eircom Plc.................................... 27,455
1,359 Independent News &
Health Plc.................................. 4,995
1,359 Independent News &
Media Plc................................... 4,995
1,179 Irish Life & Permanent Plc.................... 9,951
3,447 Jefferson Smurfit Group
Plc......................................... 5,924
1,068 Kerry Group Plc. - A.......................... 13,919
1,866 Ryanair Holdings Plc. /(a)/................... 14,342
-----------
157,429
-----------
Italy - 4.13%
14,988 Alitalia SPA/(a)/............................. 30,909
9,315 Assicurazioni Generali........................ 320,166
1,702 Autogrill SPA................................. 18,070
45,196 Banca di Roma................................. 55,880
34,279 Banca Intesa SPA/(a)/......................... 153,494
13,214 Benetton Group SPA............................ 27,503
2,454 Bulgari SPA................................... 32,801
38,012 Credito Italiano SPA.......................... 182,186
<CAPTION>
Shares Description Value
<C> <S> <C>
54,547 Enel SPA/(a)/................................. $ 245,291
59,352 ENI SPA....................................... 342,265
2,673 Fiat SPA...................................... 69,543
5,002 Italgas SPA................................... 21,681
9,036 Mediaset SPA.................................. 138,379
5,126 Mediobanca SPA................................ 52,758
924 Mondadori (Arnoldo)
Editore SPA................................. 20,864
37,391 Olivetti Group SPA /(a)/...................... 135,299
6,909 Parmalat Finanziaria SPA...................... 9,631
795 Rinascente SPA................................ 4,433
5,472 Riunione Adriatica di Sicurta
SPA......................................... 60,710
10,641 San Paolo-IMI SPA............................. 188,357
11,016 Telecom Italia Mobile RCN..................... 55,427
48,865 Telecom Italia Mobile SPA..................... 500,596
4,136 Telecom Italia RCN............................ 27,445
27,295 Telecom Italia SPA............................ 374,481
-----------
3,068,169
-----------
Japan - 25.76%
2,000 77 Bank Ltd................................... 15,986
1,100 Acom Co., Ltd................................. 92,483
700 Advantest Corp................................ 156,039
5,000 Ajinomoto Co., Inc............................ 64,094
1,000 Alps Electric Co.............................. 18,568
4,000 Amada Co., Ltd................................ 33,932
500 Aoyamma Trading Co., Ltd...................... 7,079
20,000 Asahi Bank Ltd................................ 84,076
4,000 Asahi Breweries Ltd........................... 47,844
11,000 Asahi Chemical Industry Co.,
Ltd......................................... 77,760
9,000 Asahi Glass Co., Ltd.......................... 100,523
2,000 Bank of Fukuoka Ltd........................... 13,610
35,000 Bank of Tokyo-Mitsubishi
Ltd......................................... 422,593
9,000 Bank of Yokohama Ltd.......................... 40,294
800 Benesse Corp.................................. 55,422
7,000 Bridgestone Corp.............................. 148,122
7,000 Canon, Inc.................................... 348,367
2,000 Casio Computer Co., Ltd....................... 22,433
16 Central Japan Railway Co...................... 90,485
4,000 Chichibu Onoda Cement
Corp........................................ 8,370
2,000 Chugai Pharmaceutical Co.,
Ltd......................................... 37,796
1,000 Citizen Watch Co., Ltd........................ 9,652
500 Credit Saison Co., Ltd........................ 11,593
800 CSK Corp...................................... 24,733
6,000 Dai Nippon Printing Co.,
Ltd......................................... 105,698
5,000 Daiei, Inc.................................... 18,757
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
9
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Schedule of Investments June 30, 2000 (Unaudited
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
2,000 Daiichi Pharmaceutical Co. Ltd................ $ 50,709
2,000 Daikin Industries, Ltd........................ 46,468
6,000 Dainippon Ink & Chemicals,
Inc......................................... 28,220
1,000 Daito Trust Construction Co.,
Ltd......................................... 16,495
5,000 Daiwa House Industry Co.,
Ltd......................................... 36,477
10,000 Daiwa Securities Co., Ltd..................... 131,957
7,000 Denso Corp.................................... 170,225
31 East Japan Railway Co......................... 179,990
3,000 Ebara Corp.................................... 40,633
3,000 Eisai Co., Ltd................................ 96,140
1,700 Fanuc Ltd..................................... 172,892
26,000 Fuji Bank Ltd................................. 197,521
500 FUJI MACHINE MFG. Co.,
Ltd......................................... 26,250
4,000 Fuji Photo Film Co............................ 163,627
15,000 Fujitsu Ltd................................... 518,875
5,000 Furukawa Electric Co., Ltd.................... 104,388
4,000 Gunma Bank Ltd................................ 20,623
200 Hirose Electric Co., Ltd...................... 31,123
25,000 Hitachi Ltd................................... 360,526
3,000 Hitachi Zosen Corp............................ 2,715
7,000 Honda Motor Co., Ltd.......................... 238,183
1,000 House Foods Corp.............................. 15,458
1,000 HOYA Corp..................................... 89,542
21,000 Industrial Bank of Japan Ltd.................. 159,140
2,000 Isetan Company Ltd............................ 24,503
8,000 Ishikawajima-Harima Heavy
Industries Co., Ltd......................... 14,478
11,000 ITOCHU Corp................................... 55,469
3,000 Ito-Yokado Co., Ltd........................... 180,404
14,000 Japan Airlines Co., Ltd....................... 53,179
5,000 Japan Energy Corp............................. 5,373
16 Japan Tobacco, Inc............................ 140,402
3,000 Joyo Bank Ltd................................. 11,537
3,000 JUSCO Co...................................... 56,836
100 KADOKAWA SHOTEN
PUBLISHING Co., Ltd......................... 10,085
10,000 Kajima Corp................................... 31,858
4,000 Kaneka Corp................................... 44,072
7,600 Kansai Electric Power Co.,
Inc......................................... 135,961
5,000 Kao Corp...................................... 152,693
8,000 Kawasaki Heavy Industries
Ltd......................................... 12,215
30,000 Kawasaki Steel Corp........................... 42,980
2,000 Kinden Corp................................... 12,555
11,000 Kinki Nippon Railway.......................... 44,583
8,000 Kirin Brewery Co., Ltd........................ 99,910
1,000 Kokuyo Co., Ltd............................... 16,391
<CAPTION>
Shares Description Value
<C> <S> <C>
8,000 Komatsu Ltd.................................. $ 56,251
900 Konami Co., Ltd............................... 56,836
10,000 Kubota Corp................................... 36,288
4,000 Kuraray Co., Ltd.............................. 45,846
1,000 Kurita Water Industries Ltd................... 22,009
1,400 KYOCERA Corp.................................. 237,391
2,000 Kyowa Hakko Kogyo Co., Ltd.................... 19,549
7,000 Marubeni Corp................................. 24,082
3,000 Marui Co., Ltd................................ 57,401
15,000 Matsushita Electric Industrial
Co., Ltd.................................... 388,802
4,000 Meiji Seika Kaisha Ltd........................ 26,467
3,000 Minabea Co., Ltd.............................. 37,608
16,000 Mitsubishi Chemical Corp...................... 65,602
13,000 Mitsubishi Corp............................... 117,508
15,000 Mitsubishi Electric Corp...................... 162,307
9,000 Mitsubishi Estate Co., Ltd.................... 105,867
25,000 Mitsubishi Heavy Industries
Ltd......................................... 110,750
10,000 Mitsubishi Materials Corp..................... 40,907
12,000 Mitsui & Co................................... 91,616
7,000 Mitsui Fudosan Co., Ltd....................... 75,875
4,000 Mitsui Marine & Fire Insurance
Co., Ltd.................................... 19,228
2,000 Mitsui Mining & Smelting Co.,
Ltd......................................... 15,175
4,000 Mitsukoshi Ltd................................ 17,720
2,000 Murata Manufacturing Co.,
Ltd......................................... 286,913
1,000 Mycal Corp.................................... 3,421
200 Namco Ltd..................................... 7,201
12,000 NEC Corp...................................... 376,644
2,000 NGK Insulators Ltd............................ 24,770
1,000 NGK SPARK PLUG Co., Ltd....................... 15,467
400 Nichiei Co., Ltd.............................. 6,560
400 NIDEC Corp.................................... 34,686
3,000 Nikon Corp.................................... 111,127
1,100 Nintendo Co., Ltd............................. 192,017
1,000 Nippon COMSYS Corp............................ 21,255
7,000 Nippon Express Co., Ltd....................... 42,952
2,000 Nippon Meat Packers, Inc...................... 29,219
12,000 Nippon Oil Co., Ltd........................... 54,970
8,000 Nippon Paper Industries Co.................... 54,593
4,000 Nippon Sheet Glass Co., Ltd................... 55,573
54,000 Nippon Steel Corp............................. 113,502
93 Nippon Telegraph & Telephone
Corp........................................ 1,235,968
11,000 Nippon Yusen Kabushiki Kaisha................. 52,877
29,000 Nissan Motor Co., Ltd......................... 170,837
3,000 NISSHIN FLOUR MILLING
CO., LTD.................................... 29,973
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
10
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Schedule of Investments June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
1,000 Nissin Food Products
Co., Ltd.................................... $ 25,449
2,000 NITTO DENKO Corp.............................. 77,101
15,000 Nomura Securities Co., Ltd.................... 366,888
5,000 NSK, Ltd...................................... 43,829
7,000 Obayashi Corp................................. 30,944
9,000 Oji Paper Co., Ltd............................ 61,926
1,000 Olympus Optical Co., Ltd...................... 17,918
2,000 Omron Corp.................................... 54,291
2,000 Onward Kashiyama Co., Ltd..................... 27,145
500 Oriental Land Co., Ltd........................ 51,039
600 Orix Corp..................................... 88,506
16,000 Osaka Gas Co., Ltd............................ 45,997
1,000 Pioneer Electronic Corp....................... 38,927
600 Promise Co., Ltd.............................. 47,392
900 Rohm Co., Ltd................................. 262,972
4,000 Sankyo Co., Ltd............................... 90,296
1,000 Sanrio Co., Ltd............................... 26,627
14,000 Sanyo Electric Co., Ltd....................... 125,887
2,000 Secom Co., Ltd................................ 146,095
400 SEGA ENTERPRISES Ltd.......................... 6,146
3,000 Sekisui Chemical Co., Ltd..................... 11,537
6,000 Sekisui House Ltd............................. 55,479
9,000 Sharp Corp.................................... 159,056
300 Shimamura Co., Ltd............................ 35,035
1,000 SHIMANO, Inc.................................. 24,035
5,000 Shimizu Corp.................................. 14,280
3,000 Shin-Etsu Chemical Co., Ltd................... 152,128
2,000 Shionogi & Co., Ltd........................... 37,985
3,000 Shiseido Co., Ltd............................. 46,374
4,000 Shizuoka Bank................................. 33,932
2,000 SHOWA SHELL SEKIYU K.K........................ 9,878
1,000 SKYLARK Co., Ltd.............................. 39,493
600 SMC Corp...................................... 112,823
2,500 Softbank Corp................................. 339,319
6,500 Sony Corp..................................... 606,532
24,000 Sumitomo Bank Ltd............................. 294,076
12,000 Sumitomo Chemical Co.......................... 72,162
9,000 Sumitomo Corp................................. 101,202
6,000 Sumitomo Electric Industries.................. 102,814
4,000 Sumitomo Heavy Industries
Ltd......................................... 13,384
3,000 Sumitomo Marine & Fire
Insurance Co................................ 17,447
14,000 Sumitomo Metal Industries..................... 9,633
2,000 Sumitomo Metal Mining Co...................... 9,426
3,000 Sumitomo Osaka Cement Co.,
Ltd......................................... 17,758
3,000 Taisei Corp................................... 4,807
3,000 Taisho Pharmaceutical Co...................... 107,451
1,000 Taiyo Yuden Co., Ltd.......................... 62,586
<CAPTION>
Shares Description Value
<C> <S> <C>
1,000 Takara Shuzo Co., Ltd......................... $ 24,931
1,000 Takashimaya Co., Ltd.......................... 9,313
7,000 Takeda Chemical Industries.................... 459,211
1,100 Takefuji Corp................................. 132,815
9,000 Teijin Ltd.................................... 43,857
2,000 Terumo Corp................................... 67,675
3,900 The Chuo Mitsui Trust and
Banking Co.................................. 16,983
17,000 The Daiwa Bank Ltd............................ 44,064
11,000 The Mitsubishi Trust and
Banking Corp................................ 85,329
31,000 The Sakura Bank Ltd........................... 214,176
1,124 Thomson CSF................................... 44,278
3,000 Tobu Railway Co., Ltd......................... 8,568
100 Toho Co....................................... 17,022
3,900 Tohoku Electric Power Co...................... 52,566
18,000 Tokai Bank Ltd................................ 88,732
11,000 Tokio Marine & Fire
Insurance Co................................ 126,905
2,000 Tokyo Broadcasting
System, Inc................................. 86,338
1,000 Tokyo Dome Corp............................... 4,534
10,200 Tokyo Electric Power Co....................... 248,523
1,000 Tokyo Electron Ltd............................ 136,858
23,000 Tokyo Gas Co., Ltd............................ 64,602
10,000 Tokyu Corp.................................... 49,390
6,000 Toppan Printing Co., Ltd...................... 63,453
11,000 Toray Industries, Inc......................... 44,583
22,000 Toshiba Corp.................................. 248,212
6,000 Tosoh Corp.................................... 30,256
2,000 Tostem Corp................................... 32,612
4,000 Toto Ltd...................................... 30,689
1,000 Toyo Seikan Kaisha............................ 18,663
28,000 Toyota Motor Corp............................. 1,274,707
200 TRANS COSMOS, Inc............................. 30,011
300 Uni-Charm Corp................................ 18,154
1,000 Uny Co., Ltd.................................. 13,808
1,000 Wacoal Corp................................... 10,180
300 World Co., Ltd................................ 13,007
2,000 Yakult Honsha Co., Ltd........................ 26,561
1,000 Yamaha Corp................................... 10,924
3,000 Yamanouchi Pharmaceutical
Co., Ltd.................................... 163,721
4,000 Yamato Transport Co., Ltd..................... 99,345
1,000 Yamazaki Baking Co., Ltd...................... 9,803
-----------
19,142,946
-----------
Netherlands - 5.71%
11,131 ABN AMRO Holdings NV.......................... 272,697
9,962 AEGON NV...................................... 354,483
2,368 Akzo Nobel.................................... 100,608
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
11
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Schedule of Investments June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
2,756 ASM Lithography Holding
NV/(a)/..................................... $ 118,461
4,381 Elsevier NV................................... 53,079
2,307 Getronics NV.................................. 35,572
2,475 Heineken NV................................... 150,641
7,189 ING Groep NV.................................. 485,950
5,764 Koninklijke Ahold NV/(a)/..................... 169,663
6,519 Koninklijke KPN NV............................ 291,581
10,058 Philips Electronics NV........................ 474,382
161 Oce NV........................................ 2,636
15,726 Royal Dutch Petroleum
Company..................................... 977,437
6,578 STMicroelectronics/(a)/....................... 414,502
3,611 TNT Post Group NV............................ 97,395
4,386 Unilever NV-CVA............................... 201,211
1,661 Wolters Kluwer NV-CVA......................... 44,245
-----------
4,244,543
-----------
New Zealand - 0.08%
12,304 Brierley Investments Ltd...................... 1,905
6,498 Carter Holt Harvey Ltd........................ 5,639
3,488 Contact Energy Ltd............................ 4,663
2,801 Lion Nathan Ltd............................... 6,241
10,801 Telecom Corp. of New
Zealand Ltd................................. 37,747
-----------
56,195
-----------
Norway - 0.24%
300 Bergesen d.y. ASA - A......................... 6,155
1,950 Christiania Bank Og Kreditkasse............... 10,479
3,600 Den Norske Bank ASA........................... 14,940
300 Elkem ASA..................................... 5,630
210 Kvaerner ASA - A Rights....................... 2,203
108 Kvaerner ASA - A.............................. 60
400 Merkantildata ASA............................. 2,056
1,450 Norsk Hydro ASA............................... 60,850
200 Norske Skogsindustrier ASA
'A' Free.................................... 5,712
1,314 Orkla ASA - A................................. 24,967
600 Petroleum-Geo Services
ASA /(a)/................................... 10,247
350 Schibsted ASA................................. 6,487
2,000 Storebrand ASA - A /(a)/...................... 14,455
400 Tomra Systems ASA............................. 10,608
-----------
174,849
-----------
Portugal - 0.30%
5,835 Banco Comercial Portugues,
SA (BCP).................................... 30,362
662 Banco Espirito Santo e
Comercial de Lisboa, SA..................... 16,243
2,170 BPI-SGPS, SA.................................. 7,666
<CAPTION>
Shares Description Value
<C> <S> <C>
1,500 Brisa Auto-Estradas de
Portugal, SA................................ $ 12,918
800 Cimpor-Cimentos de
Portugal, SA................................ 15,276
3,337 Electricidade de Portugal,
SA.......................................... 60,598
400 Jeronimo Martins, SGPS,
SA.......................................... 6,591
5,785 Portugal Telecom, SA.......................... 64,953
1,450 Sonae Investimentos,
SGPS, SA.................................... 2,547
1,450 Sonae Investimentos,
SGPS, SA Rights............................ 1,380
4,350 Sonae Investimentos, SGPS,
SA New Shares............................... 7,642
-----------
226,176
-----------
Singapore - 0.78%
7,000 Chartered Semiconductor
Manufacturing Ltd........................... 61,204
5,000 City Developments Ltd......................... 19,398
1,000 Creative Technology Ltd....................... 24,146
9,349 DBS Group Holdings Ltd........................ 120,178
6,250 DBS Land Ltd.................................. 8,107
5,000 Keppel Corp., Ltd............................. 10,828
7,000 Neptune Orient Lines Ltd./(a)/................ 6,485
7,294 Oversea-Chinese Banking
Corp., Ltd.................................. 50,260
15,000 Sembcorp Industries Ltd....................... 16,329
7,000 Singapore Airlines Ltd........................ 69,311
1,000 Singapore Press Holdings Ltd.................. 15,634
2,048 Singapore Press Holdings
Ltd. - 100.................................. 31,781
19,000 Singapore Technologies
Engineering Ltd............................. 27,944
41,000 Singapore Telecommunications
Ltd......................................... 60,064
5,168 United Overseas Bank Ltd...................... 33,815
2,000 Venture Manufacturing
(Singapore) Ltd............................. 20,382
-----------
575,866
-----------
Slovakia - 0.40%
4,842 AstraZeneca Group PLC/(a)/.................... 225,107
6,200 Skandinaviska Enskilda Bank - A............... 73,466
-----------
298,573
-----------
Spain - 2.51%
3,049 Autopistas Concesionaria
Espanola SA................................. 26,519
1,578 Autopistas Concesionaria
Espanola SA Rights.......................... 678
447 Acerinox, SA.................................. 12,931
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
12
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Schedule of Investments June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
23,217 Banco Bilbao Vizcaya SA....................... $ 346,905
29,717 Banco Santander SA............................ 313,514
810 Corporacion Financiera
Alba SA..................................... 21,344
933 Dragados & Construcciones
SA.......................................... 6,690
8,131 Endesa SA..................................... 157,513
1,355 Fomento de Construcciones
y Contratas SA.............................. 25,615
3,724 Gas Natural SDG, SA........................... 66,843
6,562 Iberdrola SA.................................. 84,578
9,073 Repsol SA..................................... 180,612
939 Sociedad General de Aguas
de Barcelona SA............................. 12,551
9 Sociedad General de Aguas
de Barcelona SA New......................... 117
1,443 Sol Melia, S.A................................ 16,119
2,854 Tabacalera SA - A............................. 43,843
24,121 Telefonica SA................................. 518,164
555 Vallehermoso SA............................... 3,312
1,287 Union Electrica Fenosa SA..................... 23,285
805 Zaradoya Otis SA.............................. 7,132
-----------
1,868,265
-----------
Sweden - 3.21%
703 ABB Ltd./(a)/................................. 81,468
1,028 Atlas Copco AB - A............................ 19,816
600 Drott AB /(a)/................................ 6,463
2,600 Electrolux AB - Ser. B........................ 40,243
3,800 Forenings Sparbanken AB....................... 55,585
1,500 Gambro AB - A................................. 12,246
6,600 Hennes & Mauritz AB - B....................... 137,703
900 Netcom Systems AB /(a)/....................... 66,436
23,752 Nordic Baltic Holding
(NBH) AB/(a)/............................... 179,103
300 OM Gruppen AB................................. 13,403
2,200 Sandvik AB - A................................ 46,150
3,100 Securitas AB - B.............................. 65,733
7,900 Skandia Forsakrings AB........................ 208,720
900 Skanska AB - B................................ 31,891
1,666 Svenska Cellulosa AB - B...................... 31,642
4,000 Svenska Handelsbanken - A..................... 58,056
57,200 Telefonaktiebolaget LM Ericsson
(Ericsson AB)............................... 1,131,806
12,100 Telia AB/(a)/................................. 113,879
770 Volvo AB - A.................................. 16,153
2,580 Volvo AB - B.................................. 56,023
2,500 WM-Data AB - B................................ 13,749
-----------
2,386,268
-----------
<CAPTION>
Shares Description Value
<C> <S> <C>
Switzerland - 5.44%
1,586 ABB Ltd./(a)/................................. $ 189,822
140 Adecco SA..................................... 118,944
50 Alusuisse-Lonza Holdings
AG.......................................... 32,580
2,050 Credit Suisse Group........................... 407,776
56 Givaudan...................................... 17,044
31 Holderbank Financiere
Glarus AG - B............................... 10,128
51 Holderbank Financiere
Glarus AG - Reg............................. 62,525
30 Lonza AG/(a)/................................. 15,631
295 Nestle SA..................................... 590,416
530 Novartis AG - Registered...................... 839,501
13 Roche Holdings AG - Bearer.................... 137,503
50 Roche Holdings AG -
Genusschine................................. 486,713
50 SAirGroup..................................... 8,337
110 Schweizerische
Rueckversicherungs-
Gesellschaft................................ 224,201
40 Sulzer AG..................................... 26,604
570 Swisscom AG................................... 197,413
100 The Swatch Group AG........................... 26,083
10 The Swatch Group AG........................... 12,714
3,150 UBS AG........................................ 461,489
365 Zurich Allied AG.............................. 180,335
-----------
4,045,759
-----------
United Kingdom - 18.35%
4,245 3i Group Plc.................................. 87,290
10,918 Abbey National Plc............................ 130,508
12,015 Allied Zurich AG/(a)/......................... 142,076
4,703 Amvescap Plc.................................. 75,431
525 Anglian Water Plc............................. 4,834
1,422 Arjo Wiggins Appleton Plc..................... 5,524
6,781 ARM Holdings Plc.............................. 72,643
7,831 BAA Plc....................................... 62,800
11,118 Barclays Plc.................................. 276,396
6,985 Bass Plc...................................... 78,528
1,446 BBA Group Plc................................. 9,463
871 Berkley Group Plc............................. 8,237
22,975 BG Group Plc.................................. 148,440
7,001 Blue Circle Industries Plc.................... 45,180
3,653 BOC Group Plc................................. 52,510
6,642 Boots Co. Plc................................. 50,552
166,072 BP Amoco Plc.................................. 1,593,137
22,329 British Aerospace Plc......................... 139,198
9,066 British Airways Plc........................... 52,127
16,812 British American Tobacco Plc.................. 112,183
4,462 British Land Co. Plc.......................... 27,006
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
13
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Schedule of Investments June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares Description Value
<C> <S> <C>
14,136 British Sky Broadcasting
Group Plc................................... $ 276,348
47,670 British Telecommunications
Plc......................................... 615,986
2,725 Bunzl Plc..................................... 14,596
1,575 Burmah Castrol Plc............................ 39,727
14,178 Cadbury Schweppes Plc......................... 93,105
4,702 Canary Wharf Finance Plc...................... 26,217
1,620 Capita Group Plc.............................. 39,636
5,031 Carlton Communications Plc.................... 64,705
1,821 Celltech Group Plc............................ 35,269
31,050 Centrica Plc./(a)/............................ 103,595
16,669 CGU Plc....................................... 277,440
5,479 Compass Group Plc............................. 72,167
27,336 Corus Group Plc............................... 39,914
25,584 Diageo Plc.................................... 229,557
15,283 Dixons Group Plc.............................. 62,206
3,437 Electrocomponents Plc......................... 35,286
6,415 EMI Group Plc................................. 58,239
5,685 GKN Plc....................................... 72,515
26,451 Glaxo Wellcome Plc............................ 771,243
14,202 Granada Group Plc............................. 141,828
6,261 Great Universal Stores Plc.................... 40,262
1,033 Hagemeyer NV.................................. 28,483
15,493 Halifax Plc................................... 148,625
5,372 Hanson Plc.................................... 37,959
12,335 Hays Plc...................................... 68,777
61,928 HSBC Holdings Plc............................. 707,928
6,180 Imperial Chemical Industries Plc.............. 49,046
855 Jarvis Plc.................................... 2,309
1,662 Johnson Matthey Plc........................... 23,262
9,597 Kingfisher Plc................................ 87,345
10,130 Ladbroke Group Plc............................ 35,560
3,923 Land Securities Plc........................... 46,894
2,064 Lasmo Plc./(a)/............................... 4,364
30,836 Legal & General Group Plc..................... 72,087
40,423 Lloyds TSB Group Plc.......................... 381,664
2,906 Logica Plc.................................... 68,770
19,896 Marconi Plc................................... 258,900
20,384 Marks & Spencer Plc........................... 71,633
2,366 MEPC Plc...................................... 19,529
3,675 Misys Plc..................................... 31,028
10,480 National Grid Group Plc....................... 82,616
8,230 National Power Plc............................ 52,426
4,306 Nycomed Amersham Plc.......................... 42,741
2,233 Ocean Group Plc............................... 36,828
110 OMV AG........................................ 9,557
4,717 Pearson Plc................................... 149,883
5,454 Peninsular and Oriental Steam
Navigation Co............................... 46,709
<CAPTION>
Shares Description Value
<C> <S> <C>
329 Pernod Ricard................................. $ 17,904
13,305 Pirelli S.P.A................................. 35,187
1,767 Provident Financial Plc./(a)/................. 18,421
14,626 Prudential Corp. Plc.......................... 214,224
2,595 Psion Plc..................................... 25,031
2,726 Railtrack Group Plc........................... 42,340
1,793 Rank Group Plc................................ 4,137
7,471 Reed International Plc........................ 65,000
27,586 Rentokil Initial Plc.......................... 62,611
10,642 Reuters Group Plc............................. 181,474
1,140 Rexam Plc..................................... 4,493
8,176 Rio Tinto Plc................................. 133,608
1,460 RMC Group Plc................................. 18,744
18,333 Royal Bank of Scotland
Group Plc................................... 306,801
11,397 Sainsbury (J.) Plc............................ 51,734
1,500 Schroders Plc................................. 26,963
14,072 Scottish Power Plc............................ 119,237
3,157 SEMA Group Plc................................ 44,902
22,349 Siebe Plc..................................... 83,864
41,259 SmithKline Beechman Plc....................... 540,011
851 Smiths Industries Plc......................... 11,035
3,669 Stagecoach Holdings Plc....................... 4,067
914 Tate & Lyle Plc............................... 4,640
51,407 Tesco Plc..................................... 159,846
2,708 Thames Water Plc.............................. 34,808
9,143 The Sage Group Plc............................ 74,013
2,812 TI Group Plc.................................. 15,147
22,216 Unilever Plc.................................. 134,460
2,352 United Utilities Plc.......................... 23,275
446,096 Vodafone Group Plc............................ 1,802,217
6,155 Williams Holding Plc.......................... 35,809
4,142 Wolseley Plc.................................. 22,499
6,037 WPP Group Plc................................. 88,149
8,234 Zeneca Group Plc.............................. 384,356
-----------
13,639,834
-----------
Total Common Stocks
(Cost $61,556,435).......................... $69,733,923
-----------
PREFERRED STOCKS - 0.62%
Australia - 0.26%
16,035 News Corp., Ltd............................... 193,377
-----------
Austria - 0.05%
805 Bank Austria AG............................... 39,213
-----------
Germany - 0.30%
550 RWE AG........................................ 14,939
1,050 SAP AG-Vorzug................................. 193,981
500 Volkswagen AG................................. 11,720
-----------
220,640
-----------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
14
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Schedule of Investments June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Shares/
Principal
Amount Description Value
<C> <S> <C>
Italy - 0.01%
540 Fiat SPA...................................... $ 8,790
-----------
Total Preferred Stocks
(Cost $369,300).......................................... 462,020
-----------
BONDS - 0.01%
United Kingdom - 0.01%
GBP2,000 BG Transco Holdings Plc,
7.06%, 12/14/09............................. $ 2,916
2,000 BG Transco Holdings Plc,
4.19%, 12/14/22............................. 3,054
2,000 BG Transco Holdings Plc,
7.00%, 12/16/24............................. 2,940
-----------
Total Bonds
(Cost $9,760)............................................ 8,910
-----------
<CAPTION>
Principal
Amount Description Value
<C> <S> <C>
SHORT TERM INSTRUMENTS/(c)/ -11.36%
U.S. Treasury Bills - 11.36%
$ 3,000 5.65%, 07/06/2000............................. $ 2,998
850,000 5.77%, 07/13/2000/(b)/........................ 848,392
7,703,000 5.78%, 10/05/2000............................. 7,587,532
-----------
Total Short Term Instruments
(Cost $8,437,563)........................................ 8,438,922
-----------
Total Investments
(Cost $70,373,058)............................. 105.83% 78,643,775
Liabilities in Excess of
Other Assets................................... (5.83) (4,329,743)
------ -----------
Net Assets....................................... 100.00% $74,314,032
====== ===========
</TABLE>
--------------------------------------------------------------------------------
/(a)/ Non-income producing security.
/(b)/ Held for collateral for futures contracts.
/(c)/ Rates shown represent effective yield at time of purchase.
PORTFOLIO DIVERSIFICATION BY SECTOR
As of June 30, 2000
(Percentages are based on total investments.)
<TABLE>
<S> <C>
Financials 22%
Consumer Discretionary 14
Information Technology 13
Telecommunication Services 13
Industrials 9
Health Care 8
Consumer Staples 6
Energy 6
Materials 4
Utilities 4
Other 1
------
100.00
======
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
15
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Statement of Assets and Liabilities (Unaudited)
<TABLE>
<CAPTION>
June 30,
2000
<S> <C>
Assets:
Investments at Value (cost $70,373,058)......................................... $78,643,775
Cash, Including Foreign Currency, at Value...................................... 8,590,355
Net Unrealized Appreciation on Forward Foreign Currency Exchange Contracts...... 30,826
Variation Margin Receivable for Futures Contracts............................... 54,838
Interest and Dividends Receivable............................................... 161,402
Deferred Organizational Costs and Other Assets.................................. 8,961
-----------
Total Assets..................................................................... 87,490,157
-----------
Liabilities:
Payable for Investment Securities Purchased..................................... 13,115,427
Investment Advisory Fee Payable................................................. 15,738
Administration Fee Payable...................................................... 4,294
Trustees Fee Payable............................................................ 5,393
Custody Fee Payable............................................................. 1,791
Other Accrued Expenses.......................................................... 33,482
-----------
Total Liabilities................................................................ 13,176,125
-----------
Net Assets....................................................................... $74,314,032
===========
Composition of Net Assets:
Paid-in-Capital................................................................. $65,132,104
Undistributed Net Investment Income............................................. 268,796
Accumulated Net Realized Gain on Investment, Foreign Currency and
Futures Transactions........................................................... 814,261
Net Unrealized Appreciation on Investments, Foreign Currencies
and Futures Contracts.......................................................... 8,098,871
-----------
Net Assets....................................................................... $74,314,032
===========
Shares Outstanding ($0.001 par value per share, unlimited number of shares
of beneficial interest authorized)........................................... 5,793,604
===========
Net Asset Value, Offering and Redemption Price Per Share
(net assets divided by shares outstanding)................................... $ 12.83
===========
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
16
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Statement of Operations (Unaudited)
<TABLE>
<CAPTION>
For the Six
Months Ended
June 30, 2000
<S> <C>
Investment Income:
Interest........................................................................ $ 201,455
Dividends....................................................................... 561,457
Less Foreign Taxes Withheld..................................................... (66,782)
-----------
Total Investment Income.......................................................... 696,130
-----------
Expenses:
Advisory Fees................................................................... 135,092
Administration and Accounting Fees.............................................. 63,949
Custodian Fees.................................................................. 35,859
Printing Fees................................................................... 20,180
Professional Fees............................................................... 7,467
Trustees Fees................................................................... 6,331
Transfer Agent Fees............................................................. 4,671
Amortization of Organizational Costs............................................ 2,078
Registration and Filing Fees.................................................... 1,623
Other........................................................................... 315
-----------
Total Expenses................................................................... 277,565
Less Fee Waivers or Expense Reimbursements....................................... (82,514)
-----------
Total Expenses Net of Fee Waivers or Expense Reimbursements...................... 195,051
-----------
Net Investment Income............................................................ 501,079
-----------
Net Realized and Unrealized Gain (Loss) on Investments, Foreign
Currencies and Futures Contracts:
Net Realized Gain on Investments................................................ 15,716
Net Realized Loss on Foreign Currency Transactions.............................. (617,259)
Net Realized Gain on Futures Contracts.......................................... 123,223
Net Change in Unrealized Appreciation/Depreciation of Investments............... (2,593,087)
Net Change in Unrealized Appreciation/Depreciation of Foreign
Currency Contracts............................................................. 57,051
Net Change in Unrealized Appreciation (Depreciation) of Futures Contracts....... (408,107)
-----------
Net Realized and Unrealized Loss on Investments, Foreign Currencies
and Futures Contracts........................................................... (3,422,463)
-----------
Net Decrease in Net Assets from Operations....................................... $(2,921,384)
===========
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
17
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the
Six Months Ended For the
June 30, 2000 Year Ended
(unaudited) December 31, 1999
<S> <C> <C>
Increase (Decrease) in Net Assets from:
Operations
Net Investment Income........................................ $ 501,079 $ 574,585
Net Realized Gain (Loss) on Investments, Futures
and Foreign Currency Transactions........................... (478,320) 3,026,533
Net Change in Unrealized Appreciation/Depreciation of
Investments, Foreign Currencies Transactions and
Futures Contracts........................................... (2,944,143) 7,673,502
------------ ------------
Net Increase (Decrease) in Net Assets from Operations........ (2,921,384) 11,274,620
------------ ------------
Distributions to Shareholders
Net Investment Income........................................ -- (857,299)
Net Realized Gain on Investments............................. -- (1,601,497)
------------ ------------
Total Distributions........................................... -- (2,458,796)
------------ ------------
Capital Share Transactions
Proceeds from Sale of Shares................................. 52,100,557 44,827,979
Issued to Shareholders in Reinvestment of Distributions...... -- 2,458,796
Cost of Shares Repurchased................................... (29,363,947) (37,559,393)
------------ ------------
Net Increase in Net Assets from Capital Share Transactions.... 22,736,610 9,727,382
------------ ------------
Total Increase in Net Assets.................................. 19,815,226 18,543,206
Net Assets:
Beginning of Period.......................................... 54,498,806 35,955,600
------------ ------------
End of Period................................................ $ 74,314,032 $ 54,498,806
============ ============
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
18
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Financial Highlights
Contained below are selected data for a share outstanding, total investment
return, ratios to average net assets and other supplemental data for the periods
indicated for Deutsche VIT EAFE Equity Index.
<TABLE>
<CAPTION>
Six Months For the Period
Ended June Year Ended Year Ended Aug. 22, 1997/1/
30, 2000 December December through
(unaudited) 31, 1999 31, 1998 Dec. 31, 1997
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net Asset Value, Beginning of Period.......... $13.60 $11.18 $ 9.34 $10.00
------ ------ ------ ------
Income (Loss) from Investment Operations:
Net Investment Income........................ 0.13 0.15 0.12 0.02/2/
Net Realized and Unrealized Gain (Loss) on
Investments, Futures Contracts and
Foreign Currencies.......................... (0.90) 2.92 1.89 (0.68)
------ ------ ------ ------
Total from Investment Operations.............. (0.77) 3.07 2.01 (0.66)
------ ------ ------ ------
Less Distributions:
Net Investment Income........................ -- (0.23) (0.16) --
Net Realized Gain on Investment and
Futures Transactions........................ -- (0.42) (0.01) --
------ ------ ------ ------
Total Distributions........................... -- (0.65) (0.17) --
------ ------ ------ ------
Net Asset Value, End of Period................ $12.83 $13.60 $11.18 $ 9.34
====== ====== ====== ======
Total Investment Return....................... (5.66)% 27.60% 21.60% (6.60)%
Ratios/Supplemental Data
Net Assets, End of Period (in 000s)........... $74,314 $54,499 $35,956 $14,409
Ratios to Average Net Assets:
Net Investment Income Including
Reimbursement/Waiver........................ 1.67%/3/ 1.37% 1.20% 0.72%/3/
Net Investment Income (Loss) Excluding
Reimbursement/Waiver........................ 1.39%/3/ 0.88% 0.19% (1.38)%/3/
Operating Expenses Including
Reimbursement/Waiver........................ 0.65%/3/ 0.65% 0.65% 0.65%/3/
Operating Expenses Excluding
Reimbursement/Waiver........................ 0.92%/3/ 1.15% 1.66% 2.75%/3/
Portfolio Turnover Rate....................... 3% 29% 7% 0%/4/
-----------------------------------------------------------------------------------------------------------------
</TABLE>
/1/Commencement of operations.
/2/Based on average shares method.
/3/Annualized
/4/Less than 1%
--------------------------------------------------------------------------------
19
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Notes to Financial Statements June 30, 2000 (Unaudited)
Note 1 -- Organization and Significant Accounting Policies
A. Organization
Deutsche Asset Management VIT Funds (the "Trust"), is an open-end management
investment company which is registered under the Investment Company Act of 1940
as amended (the "Act"). The Trust was organized as a Massachusetts business
trust on January 19, 1996. Deutsche VIT EAFE/(R)/ Equity Index (the "Fund") is
one of the funds offered to investors by the Trust. The Fund began operations on
August 22, 1997.
B. Valuation of Securities
The Fund's investments, which are traded on a recognized stock exchange or for
which price quotations are available, are valued each business day on the basis
of market valuations furnished by an independent pricing service approved by the
Board of Trustees. Securities traded on national stock exchanges or other
domestic exchanges are valued based on the closing price of the security prior
to the time when the Fund's assets are valued. Short-term obligations with
remaining maturities of 60 days or less are valued at amortized cost. Other
short-term debt securities are valued on a mark-to-market basis until such time
as they reach a remaining maturity of 60 days, whereupon they will be valued at
amortized cost using their value on the 61st day. All other securities and other
assets are valued at their fair value as determined in good faith under
procedures established by and under the general supervision of the Board of
Trustees.
C. Securities Transactions and Investment Income
Securities transactions are accounted for on a trade date basis. Dividend
income, less foreign taxes withheld, if any, is recorded on the ex-dividend date
or upon receipt of ex-dividend notification in the case of certain foreign
securities. Interest income is recorded on the accrual basis and includes
amortization of premium and discount on investments. Realized gains and losses
from securities transactions are recorded on the identified cost basis.
D. Futures Contracts
The Fund may enter into financial futures contracts which are contracts to buy a
standard quantity of securities at a specified price on a future date. The Fund
is required to deposit either in cash or securities an amount equal to a certain
percentage of the contract amount. Variation margin payments are made or
received by the Fund each day, dependent on the daily fluctuations in the value
of the underlying security, and are recorded for financial statement purposes as
unrealized gains or losses by the Fund. The Fund's investments in financial
futures contracts are designed to closely replicate the benchmark index used by
the Fund. Risks arise from possible illiquidity of the futures market and from
movements in security values.
Futures contracts are valued at the settlement price established each day by the
board of trade or exchange on which they are traded.
E. Forward Foreign Currency Exchange Contracts
The Fund may enter into forward foreign currency exchange contracts. A forward
foreign currency exchange contract is an obligation to purchase or sell a
specific currency at a specified price at a future date. These contracts are
used in an attempt to protect against fluctuations in foreign currency exchange
rates that would adversely affect the portfolio position or an anticipated
investment position. Forward foreign currency exchange contracts are valued at
the daily forward exchange rate of the underlying currency. Gains or losses on
the purchase or sale of forward foreign currency exchange contracts having the
same settlement date and broker are recognized on the date of offset, otherwise
gains or losses are recognized on the settlement date. The use of forward
foreign currency exchange contracts does not eliminate fluctuations in the
underlying prices of the Fund's securities, but it does establish a rate of
exchange that can be achieved in the future. Although forward foreign currency
exchange contracts limit the risk of loss due to a decline in the value of the
hedged currency, they also limit any potential gain that might result should the
value of the currency increase. In addition, the Fund could be exposed to risks
if the counterparties to the contracts are unable to meet the terms of their
contracts.
F. Foreign Currency Translation
Assets and liabilities denominated in foreign currencies and commitments under
forward foreign exchange currency contracts are translated into U.S. dollars at
the mean of the quoted bid and asked prices of such currencies against the U.S.
dollar. Purchases and sales of portfolio securities are translated into U.S.
dollars at the rates of exchange prevailing when such securities were acquired
or sold. Income and expenses are translated into U.S. dollars at rates of
exchange prevailing when earned or accrued.
Net foreign exchange losses of $617,259 represent foreign exchange gains and
losses from sales and maturities of securities, holding of foreign currencies,
exchange gains or losses realized between the trade and settlement dates
Deutsche VIT EAFE/(R)/ Equity Index on securities transactions, and the
difference between the
--------------------------------------------------------------------------------
20
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Notes to Financial Statements June 30, 2000 (Unaudited)
amounts of interest and dividends recorded on the Fund's books and the U.S.
dollar equivalent of the amounts actually received or paid.
Net currency gains and losses from valuing foreign currency denominated assets
and liabilities at year end exchange rates are reflected as a component of net
unrealized appreciation or depreciation of investments, assets and liabilities
in foreign currency and futures contracts.
G. Foreign Securities
Investing in securities of foreign companies and foreign governments involves
special risks and considerations not typically associated with investing in the
securities of U.S. companies and the U.S. government. These risks include re-
evaluation of currencies and future adverse political and economic developments.
Moreover, securities of many foreign companies and foreign governments and their
markets may be less liquid and their prices more volatile than those of
securities of comparable U.S. companies and the U.S. government.
H. Federal Income Taxes
The Fund intends to qualify as a "regulated investment company" under Sub-
chapter M of the Internal Revenue Code and to distribute substantially all of
its net taxable income. Accordingly, no provision for federal income taxes has
been made in the accompanying financial statements.
I. Expenses
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 which are attributable to the Trust are allocated among the
fund's based upon their relative net assets of each fund.
J. Organization Costs
Costs incurred in connection with the Fund's organization are being amortized on
a straight-line basis over five years beginning on August 22, 1997. In the
event that any of the initial shares are redeemed during such amortization
period, the redemption proceeds will be reduced for any unamortized organization
costs in the same proportion as the number of shares redeemed bears to the
number of initial shares outstanding at the time of the redemption.
K. Dividends from Net Investment Income and Distributions of Capital Gains
Dividends from net investment income and net realized gains from investment
transactions, if any, are distributed to shareholders annually.
Dividends and distributions to shareholders are recorded on the ex-dividend
date. Income and capital gains distributions are determined in accordance with
federal tax regulations and may differ from those determined in accordance with
generally accepted accounting principles. To the extent these differences are
permanent, such amounts are reclassified within the capital accounts based on
their federal tax basis treatment; temporary differences do not require such
reclassification.
Distributions from net realized gains for book purposes may involve short-term
capital gains, which are included as ordinary income for tax purposes.
L. Shares of Beneficial Interest
The Fund is authorized to issue an unlimited number of shares of beneficial
interest with a par value of $0.001 per share. Transactions in shares of
beneficial interest were as follows:
Six Months Year
Ended Ended
June 30, 2000 Dec. 31, 1999
-------------------------------------------------------
Shares Shares
-------------------------------------------------------
Shares sold 4,056,459 3,779,094
Reinvestment of
Dividends -- 185,011
Shares redeemed (2,269,851) (3,172,659)
---------- ----------
Net increase 1,786,608 791,446
========== ==========
M. Other
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts in the financial statements.
Actual results could differ from those estimates.
Note 2 -- Fees and Transactions with Affiliates
Bankers Trust Company (the "Advisor"), an indirect wholly owned subsidiary of
Deutsche Bank AG, is the Fund's Investment Advisor. Under the Advisory Agreement
the Fund pays an advisory fee at an annual percentage rate of 0.45% of the
average daily net assets of the Fund. These fees are accrued daily and paid
monthly. The Advisor has voluntarily undertaken to waive its fee and to
reimburse the Fund for certain expenses so that the Fund's total operating
expenses will not exceed 0.65% of average daily net assets.
--------------------------------------------------------------------------------
21
<PAGE>
Deutsche VIT EAFE/(R)/ Equity Index
--------------------------------------------------------------------------------
Notes to Financial Statements June 30, 2000 (Unaudited)
PFPC Inc. is the Fund's Administrator and Transfer Agent. For services rendered
as the Trust's Administrator, PFPC Inc. receives the following fees, accrued
daily, and paid monthly.
Administration Fees
--------------------------------------------------------------
Fee % of the Trust's Average Daily
daily net assets Net Assets
--------------------------------------------------------------
0.02% up to $2 billion
0.01% over $2 billion and up to $5 billion
0.0075% over $5 billion
PFPC Inc. also receives a $70,000 flat fee per year, per fund, paid monthly.
PFPC Inc. waived $12,500 of its fees for the six months ended June 30, 2000.
Bankers Trust Company serves as custodian for the Fund and receives a fee for
this service.
At June 30, 2000, the Fund was a participant with other affiliated entities in a
revolving credit facility in the amount of $200,000,000, which expires April 27,
2001. A commitment fee on the average daily amount of the available commitment
is payable on a quarterly basis and apportioned among all participants based on
net assets. No amounts were drawn down or outstanding for this Fund under the
credit facility for the six months ended June 30, 2000.
Note 3 -- Purchases and Sales of Investment Securities
The aggregate cost of purchases and proceeds from the sale of investments, other
than short-term obligations, for the six months ended June 30, 2000, were
$24,854,199 and $1,714,665, respectively.
The aggregate gross unrealized appreciation, gross unrealized depreciation and
net unrealized appreciation on the Fund's investments, as computed on a federal
income tax basis, at June 30, 2000 were $13,155,214, $4,884,497 and $8,270,717,
respectively. The aggregate cost of investments on a federal income tax basis at
June 30, 2000 was $43,277,206.
Note 4 -- Futures Contracts
A summary of obligations under these financial instruments at June 30, 2000 is
as follows:
Unrealized
Type of Appreciation
Futures Expiration Contracts Position (Depreciation)
------- ---------- --------- -------- --------------
IBEX PLUS 7/21/00 1 Long $ 1,890
Hang Seng 7/28/00 3 Long (866)
TOPIX 9/7/00 2 Long (377)
Nikkei 300 9/7/00 10 Long 10,250
Nikkei 300 9/7/00 4 Long (75)
FTSE 100 9/15/00 11 Long 12,650
DAX 9/15/00 6 Long 1,146
MIB 30 9/15/00 1 Long 3,533
SPI Futures 9/29/00 6 Long 3,707
CAC 40 9/29/00 22 Long 24,575
-- -------
Total 66 $56,433
== =======
Note 5 -- Open Forward Foreign Currency Contracts
At June 30, 2000, the fund had the following open forward foreign currency
contracts outstanding:
In Unrealized
Contracts Exchange Contract Appreciation
to for Settlement Value (Depreciation)
Deliver U.S. Dollars Date (U.S.$) (U.S.$)
------------------------------------------------------------------------------
Purchases
------------------------------------------------------------------------------
Euro $4,601,000 8/10/00 $4,651,292 $ 50,292
Japanese Yen 2,367,000 8/10/00 2,352,315 (14,685)
British Pound 2,122,000 8/10/00 2,141,396 19,396
--------
Total Purchases $ 55,003
========
Contracts
to
Receive
------------------------------------------------------------------------------
Sales
------------------------------------------------------------------------------
Euro $3,016,000 8/10/00 $3,045,606 $(29,606)
Japanese Yen 1,518,000 8/10/00 1,510,320 7,680
British Pound 1,281,000 8/10/00 1,283,251 (2,251)
--------
Total Purchases $(24,177)
========
Net Unrealized Appreciation $ 30,826
========
Note 6 -- Fund Name Change
On April 30, 2000, the fund changed its name from BT Insurance Funds Trust
EAFE/(R)/ Equity Index Fund to Deutsche Asset Management Funds VIT EAFE/(R)/
Equity Index.
--------------------------------------------------------------------------------
22
<PAGE>
This page intentionally left blank.
<PAGE>
For information on how to invest, shareholder account information and current
price and yield information, please contact your relationship manager or write
to us at:
Deutsche Asset Management Service Center
P.O. Box 219210
Kansas City, MO 64121-9210
or call our toll-free number: 1-800-730-1313
This report must be preceded or accompanied by a current prospectus for the
Fund.
Deutsche Asset Management is the marketing name for the asset management
activities of Deutsche Bank AG, Deutsche Fund Management, Inc., Bankers Trust
Company, DB Alex. Brown LLC, Deutsche Asset Management, Inc. and Deutsche Asset
Management Investment Services Limited.
Deutsche VIT EAFE/(R)/ Equity Index CUSIP #251/512/109
INSEAFESA (06/00)
Distributed by:
Provident Distributors, Inc.
