<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
015 C01AA05 BRUSSELS
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<PAGE> PAGE 4
015 D01AA15 HONG KONG
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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072 Q000800 63
072 R000800 10
072 S000800 8
072 T000800 0
<PAGE> PAGE 40
072 U000800 5
072 V000800 0
072 W000800 2
072 X000800 731
072 Y000800 0
072 Z000800 3169
072AA000800 11499
072BB000800 0
072CC010800 16941
072CC020800 0
072DD010800 2911
072DD020800 37
072EE000800 3884
073 A010800 0.2600
073 A020800 0.1300
073 B000800 0.3700
073 C000800 0.0000
074 A000800 7
074 B000800 4728
074 C000800 0
074 D000800 1599
074 E000800 1122
074 F000800 156189
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 124
074 K000800 0
074 L000800 420
074 M000800 1
074 N000800 164190
074 O000800 480
074 P000800 62
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 44
074 S000800 0
074 T000800 163604
074 U010800 13657
074 U020800 59348
074 V010800 11.48
074 V020800 11.47
074 W000800 0.0000
074 X000800 0
074 Y000800 0
075 A000800 0
075 B000800 126008
076 000800 0.00
049 001300 N
<PAGE> PAGE 41
050 001300 N
051 001300 N
052 001300 N
053 A001300 Y
053 B001300 Y
053 C001300 N
SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
MONEY MARKET PORTFOLIO
SHAREHOLDER MEETING RESULTS
A Special Meeting of Shareholders of Scudder Variable Life Investment Fund,
Money Market Portfolio, was held on October 24, 1997, at the offices of Scudder
Kemper Investments, Inc. (formerly Scudder, Stevens & Clark, Inc.), Two
International Place, Boston, Massachusetts 02110. The following matters were
voted upon by the shareholders and the resulting votes for each matter are
presented below.
1. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
101,166,979 4,357,475 2,978,403 0
2. To elect Trustees.
Number of Votes:
Trustee For Withheld
------- --- --------
Dr. Kenneth Black, Jr. 105,734,949 2,767,908
Dr. Rosita P. Chang 105,945,445 2,557,412
Peter B. Freeman 106,034,417 2,468,440
Dr. J.D. Hammond 106,060,458 2,442,399
Daniel Pierce 106,060,458 2,442,399
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
97,002,639 7,020,135 4,480,083 0
4(A). To approve certain provisions of the Amended and Restated Declaration of
Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
97,136,098 7,172,039 4,194,720 0
4(B). To approve certain other provisions of the Amended and Restated
Declaration of Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
97,519,113 6,849,785 4,133,959 0
86
<PAGE>
MONEY MARKET PORTFOLIO
5. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<C> <S> <C> <C> <C> <C>
5.1 Diversification 91,608,962 10,593,134 6,300,761 0
5.2 Borrowing 95,923,036 6,279,060 6,300,761 0
5.3 Senior securities 95,926,291 6,275,805 6,300,761 0
5.4 Concentration 95,926,291 6,275,805 6,300,761 0
5.5 Purchase of physical commodities 95,926,291 6,275,805 6,300,761 0
5.6 Underwriting of securities 95,926,291 6,275,805 6,300,761 0
5.7 Investment in real estate 95,926,291 6,275,805 6,300,761 0
5.8 Lending 95,926,291 6,275,805 6,300,761 0
5.9 Margin purchases and short sales 91,608,962 10,593,134 6,300,761 0
5.10 Joint trading accounts 95,926,291 6,275,805 6,300,761 0
5.11 Purchases of securities of related 91,607,877 10,594,219 6,300,761 0
issuers
5.12 Pledging of assets 91,595,942 10,606,154 6,300,761 0
5.13 Restricted and illiquid securities 91,595,942 10,606,154 6,300,761 0
5.14 Voting securities 91,607,877 10,594,219 6,300,761 0
5.15 Options 91,605,707 10,596,389 6,300,761 0
</TABLE>
6. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's
independent accountants.
Number of Votes:
For Against Abstain
--- ------- -------
103,867,615 1,916,160 2,719,082
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary power
to vote on a particular matter.
87
<PAGE>
BOND PORTFOLIO
SHAREHOLDER MEETING RESULTS
A Special Meeting of Shareholders of Scudder Variable Life Investment Fund, Bond
Portfolio, was held on October 24, 1997, at the offices of Scudder Kemper
Investments, Inc. (formerly Scudder, Stevens & Clark, Inc.), Two International
Place, Boston, Massachusetts 02110. The following matters were voted upon by the
shareholders and the resulting votes for each matter are presented below.
1. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
9,632,275 325,149 235,351 0
2. To elect Trustees.
Number of Votes:
Trustee For Withheld
------- --- --------
Dr. Kenneth Black, Jr. 9,982,091 210,684
Dr. Rosita P. Chang 9,997,074 195,701
Peter B. Freeman 10,010,019 182,756
Dr. J.D. Hammond 10,011,038 181,737
Daniel Pierce 10,006,146 186,629
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
9,095,218 600,660 496,897 0
4(A). To approve certain provisions of the Amended and Restated Declaration of
Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
9,194,903 537,057 460,815 0
4(B). To approve certain other provisions of the Amended and Restated
Declaration of Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
9,203,974 535,324 453,477 0
88
<PAGE>
BOND PORTFOLIO
5. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<C> <S> <C> <C> <C> <C>
5.1 Diversification 9,118,457 575,382 498,936 0
5.2 Borrowing 9,108,264 585,575 498,936 0
5.3 Senior securities 9,122,228 571,611 498,936 0
5.4 Concentration 9,116,623 577,216 498,936 0
5.5 Purchase of physical commodities 9,118,253 575,586 498,936 0
5.6 Underwriting of securities 9,118,457 575,382 498,936 0
5.7 Investment in real estate 9,122,025 571,814 498,936 0
5.8 Lending 9,122,228 571,611 498,936 0
5.9 Margin purchases and short sales 9,113,972 579,867 498,936 0
5.10 Joint trading accounts 9,122,228 571,611 498,936 0
5.11 Purchases of securities of related 9,122,228 571,611 498,936 0
issuers
5.12 Pledging of assets 9,117,540 576,299 498,936 0
5.13 Restricted and illiquid securities 9,118,559 575,280 498,936 0
5.14 Voting securities 9,121,311 572,528 498,936 0
5.15 Options 9,102,658 591,181 498,936 0
</TABLE>
6. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's
independent accountants.
Number of Votes:
For Against Abstain
--- ------- -------
9,949,780 57,997 184,998
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary
power to vote on a particular matter.
89
<PAGE>
BALANCED PORTFOLIO
SHAREHOLDER MEETING RESULTS
A Special Meeting of Shareholders of Scudder Variable Life Investment Fund,
Balanced Portfolio, was held on October 24, 1997, at the offices of Scudder
Kemper Investments, Inc. (formerly Scudder, Stevens & Clark, Inc.), Two
International Place, Boston, Massachusetts 02110. The following matters were
voted upon by the shareholders and the resulting votes for each matter are
presented below.
1. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
7,970,417 339,973 188,940 0
2. To elect Trustees.
Number of Votes:
Trustee For Withheld
------- --- --------
Dr. Kenneth Black, Jr. 8,247,410 251,920
Dr. Rosita P. Chang 8,248,175 251,155
Peter B. Freeman 8,248,345 250,985
Dr. J.D. Hammond 8,251,745 247,585
Daniel Pierce 8,249,960 249,370
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
7,476,096 711,734 311,500 0
4(A) To approve certain provisions of the Amended and Restated Declaration of
Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
7,553,100 515,994 430,236 0
4(B) To approve certain other provisions of the Amended and Restated
Declaration of Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
7,563,044 502,140 434,146 0
90
<PAGE>
BALANCED PORTFOLIO
5. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<C> <S> <C> <C> <C> <C>
5.1 Diversification 7,707,363 446,045 345,922 0
5.2 Borrowing 7,680,250 473,158 345,922 0
5.3 Senior securities 7,707,108 446,300 345,922 0
5.4 Concentration 7,704,049 449,359 345,922 0
5.5 Purchase of physical commodities 7,699,034 454,374 345,922 0
5.6 Underwriting of securities 7,704,473 448,935 345,922 0
5.7 Investment in real estate 7,708,468 444,940 345,922 0
5.8 Lending 7,705,493 447,915 345,922 0
5.9 Margin purchases and short sales 7,648,803 504,605 345,922 0
5.10 Joint trading accounts 7,706,853 446,555 345,922 0
5.11 Purchases of securities of related 7,704,304 449,104 345,922 0
issuers
5.12 Pledging of assets 7,696,144 457,264 345,922 0
5.13 Restricted and illiquid securities 7,699,119 454,289 345,922 0
5.14 Voting securities 7,703,624 449,784 345,922 0
5.15 Options 7,643,788 509,620 345,922 0
</TABLE>
6. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's
independent accountants.
Number of Votes:
For Against Abstain
--- ------- -------
8,208,144 69,779 221,407
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary
power to vote on a particular matter.
91
<PAGE>
GROWTH AND INCOME PORTFOLIO
SHAREHOLDER MEETING RESULTS
A Special Meeting of Shareholders of Scudder Variable Life Investment Fund,
Growth and Income Portfolio, was held on October 24, 1997, at the offices of
Scudder Kemper Investments, Inc. (formerly Scudder, Stevens & Clark, Inc.), Two
International Place, Boston, Massachusetts 02110. The following matters were
voted upon by the shareholders and the resulting votes for each matter are
presented below.
1. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
11,621,811 453,371 328,958 0
2. To elect Trustees.
Number of Votes:
Trustee For Withheld
------- --- --------
Dr. Kenneth Black, Jr. 11,878,205 525,935
Dr. Rosita P. Chang 11,926,953 477,187
Peter B. Freeman 11,871,135 533,005
Dr. J.D. Hammond 11,906,238 497,902
Daniel Pierce 11,916,286 487,854
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
11,052,834 879,825 471,481 0
4(A) To approve certain provisions of the Amended and Restated Declaration of
Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
11,057,175 738,542 608,423 0
4(B) To approve certain other provisions of the Amended and Restated
Declaration of Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
11,124,778 735,069 544,293 0
92
<PAGE>
GROWTH AND INCOME PORTFOLIO
5. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<C> <S> <C> <C> <C> <C>
5.1 Diversification 10,996,271 800,067 607,802 0
5.2 Borrowing 10,924,327 872,011 607,802 0
5.3 Senior securities 10,958,190 838,148 607,802 0
5.4 Concentration 10,983,743 812,595 607,802 0
5.5 Purchase of physical commodities 10,960,671 835,667 607,802 0
5.6 Underwriting of securities 10,985,231 811,107 607,802 0
5.7 Investment in real estate 10,985,231 811,107 607,802 0
5.8 Lending 10,968,486 827,852 607,802 0
5.9 Margin purchases and short sales 10,954,593 841,745 607,802 0
5.10 Joint trading accounts 10,999,620 796,718 607,802 0
5.11 Purchases of securities of related 10,988,580 807,758 607,802 0
issuers
5.12 Pledging of assets 10,974,068 822,270 607,802 0
5.13 Restricted and illiquid securities 10,954,221 842,117 607,802 0
5.14 Voting securities 10,979,401 816,937 607,802 0
5.15 Options 10,931,645 864,693 607,802 0
</TABLE>
6. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's
independent accountants.
Number of Votes:
For Against Abstain
--- ------- -------
11,898,672 244,733 260,735
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary
power to vote on a particular matter.
93
<PAGE>
CAPITAL GROWTH PORTFOLIO
SHAREHOLDER MEETING RESULTS
A Special Meeting of Shareholders of Scudder Variable Life Investment Fund,
Capital Growth Portfolio, was held on October 24, 1997, at the offices of
Scudder Kemper Investments, Inc. (formerly Scudder, Stevens & Clark, Inc.), Two
International Place, Boston, Massachusetts 02110. The following matters were
voted upon by the shareholders and the resulting votes for each matter are
presented below.
1. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
29,595,099 854,059 1,007,883 0
2. To elect Trustees.
Number of Votes:
Trustee For Withheld
------- --- --------
Dr. Kenneth Black, Jr. 30,726,924 730,117
Dr. Rosita P. Chang 30,819,407 637,634
Peter B. Freeman 30,769,705 687,336
Dr. J.D. Hammond 30,824,126 632,915
Daniel Pierce 30,825,069 631,972
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
27,647,594 2,218,979 1,590,468 0
4(A) To approve certain provisions of the Amended and Restated Declaration of
Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
28,130,774 1,667,223 1,659,044 0
4(B) To approve certain other provisions of the Amended and Restated
Declaration of Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
28,084,847 1,744,293 1,627,901 0
94
<PAGE>
CAPITAL GROWTH PORTFOLIO
5. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<C> <S> <C> <C> <C> <C>
5.1 Diversification 27,919,068 1,669,111 1,868,862 0
5.2 Borrowing 27,788,522 1,799,657 1,868,862 0
5.3 Senior securities 27,904,913 1,683,266 1,868,862 0
5.4 Concentration 27,902,081 1,686,098 1,868,862 0
5.5 Purchase of physical commodities 27,836,336 1,751,843 1,868,862 0
5.6 Underwriting of securities 27,918,439 1,669,740 1,868,862 0
5.7 Investment in real estate 27,829,416 1,758,763 1,868,862 0
5.8 Lending 27,894,846 1,693,333 1,868,862 0
5.9 Margin purchases and short sales 27,787,892 1,800,287 1,868,862 0
5.10 Joint trading accounts 27,904,598 1,683,581 1,868,862 0
5.11 Purchases of securities of related 27,873,141 1,715,038 1,868,862 0
issuers
5.12 Pledging of assets 27,866,220 1,721,959 1,868,862 0
5.13 Restricted and illiquid securities 27,857,413 1,730,766 1,868,862 0
5.14 Voting securities 27,899,565 1,688,614 1,868,862 0
5.15 Options 27,805,508 1,782,671 1,868,862 0
</TABLE>
6. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's
independent accountants.
Number of Votes:
For Against Abstain
--- ------- -------
29,953,395 549,869 953,777
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary
power to vote on a particular matter.
95
<PAGE>
GLOBAL DISCOVERY PORTFOLIO
SHAREHOLDER MEETING RESULTS
A Special Meeting of Shareholders of Scudder Variable Life Investment Fund,
Global Discovery Portfolio, was held on October 24, 1997, at the offices of
Scudder Kemper Investment, Inc. (formerly Scudder, Stevens & Clark, Inc.), Two
International Place, Boston, Massachusetts 02110. The following matters were
voted upon by the shareholders and the resulting votes for each matter are
presented below.
1. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
2,589,185 108,595 87,427 0
2. To elect Trustees.
Number of Votes:
Trustee For Withheld
------- --- --------
Dr. Kenneth Black, Jr. 2,645,139 140,068
Dr. Rosita P. Chang 2,648,231 136,976
Peter B. Freeman 2,646,114 139,093
Dr. J.D. Hammond 2,648,593 136,614
Daniel Pierce 2,648,704 136,503
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
2,455,717 197,415 132,075 0
4(A) To approve certain provisions of the Amended and Restated Declaration of
Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
2,445,691 185,383 154,133 0
4(B) To approve certain other provisions of the Amended and Restated
Declaration of Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
2,471,676 159,704 153,827 0
96
<PAGE>
GLOBAL DISCOVERY PORTFOLIO
5. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<C> <S> <C> <C> <C> <C>
5.1 Diversification 2,471,844 186,636 126,727 0
5.2 Borrowing N/A N/A N/A N/A
5.3 Senior securities 2,471,844 186,636 126,727 0
5.4 Concentration 2,459,533 198,948 126,727 0
5.5 Purchase of physical 2,470,646 187,834 126,727 0
commodities
5.6 Underwriting of securities 2,471,844 186,636 126,727 0
5.7 Investment in real estate 2,471,844 186,636 126,727 0
5.8 Lending 2,446,833 211,647 126,727 0
5.9 Margin purchases and short sales 2,448,281 210,199 126,727 0
5.10 Joint trading accounts 2,471,844 186,636 126,727 0
5.11 Purchases of securities of related 2,459,533 198,947 126,727 0
issuers
5.12 Pledging of assets N/A N/A N/A N/A
5.13 Restricted and illiquid securities N/A N/A N/A N/A
5.14 Voting securities N/A N/A N/A N/A
5.15 Options N/A N/A N/A N/A
</TABLE>
6. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's
independent accountants.
Number of Votes:
For Against Abstain
--- ------- -------
2,602,804 108,706 73,697
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary
power to vote on a particular matter.
97
<PAGE>
INTERNATIONAL PORTFOLIO
SHAREHOLDER MEETING RESULTS
A Special Meeting of Shareholders of Scudder Variable Life Investment Fund,
International Portfolio, was held on October 24, 1997, at the offices of Scudder
Kemper Investments, Inc. (formerly Scudder, Stevens & Clark, Inc.), Two
International Place, Boston, Massachusetts 02110. The following matters were
voted upon by the shareholders and the resulting votes for each matter are
presented below.
1. To approve the new Investment Management Agreement between the Fund and
Scudder Kemper Investments, Inc.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
47,344,481 977,687 1,659,504 0
2. To elect Trustees.
Number of Votes:
Trustee For Withheld
------- --- --------
Dr. Kenneth Black, Jr. 48,459,502 1,522,170
Dr. Rosita P. Chang 48,532,618 1,449,054
Peter B. Freeman 48,494,550 1,487,122
Dr. J.D. Hammond 48,569,527 1,412,145
Daniel Pierce 48,556,613 1,425,059
3. To approve the Board's discretionary authority to convert the Fund to a
master/feeder fund structure through a sale or transfer of assets or
otherwise.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
45,860,939 1,841,230 2,279,503 0
4(A) To approve certain provisions of the Amended and Restated Declaration of
Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
45,894,453 1,626,675 2,460,544 0
4(B) To approve certain other provisions of the Amended and Restated
Declaration of Trust.
Number of Votes:
For Against Abstain Broker Non-Votes*
--- ------- ------- -----------------
45,930,280 1,594,367 2,457,025 0
98
<PAGE>
INTERNATIONAL PORTFOLIO
5. To approve the revision of certain fundamental investment policies.
<TABLE>
<CAPTION>
Number of Votes:
Broker
Fundamental Policies For Against Abstain Non-Votes*
-------------------- --- ------- ------- ----------
<C> <S> <C> <C> <C> <C>
5.1 Diversification 45,922,172 1,473,017 2,586,483 0
5.2 Borrowing 45,642,615 1,752,574 2,586,483 0
5.3 Senior securities 45,913,844 1,481,345 2,586,483 0
5.4 Concentration 45,897,828 1,497,361 2,586,483 0
5.5 Purchase of physical commodities 45,886,673 1,508,516 2,586,483 0
5.6 Underwriting of securities 45,917,367 1,477,822 2,586,483 0
5.7 Investment in real estate 45,887,899 1,507,290 2,586,483 0
5.8 Lending 45,908,078 1,487,111 2,586,483 0
5.9 Margin purchases and short sales 45,845,938 1,549,251 2,586,483 0
5.10 Joint trading accounts 45,913,844 1,481,345 2,586,483 0
5.11 Purchases of securities of related 45,887,578 1,507,611 2,586,483 0
issuers
5.12 Pledging of assets 45,867,078 1,528,111 2,586,483 0
5.13 Restricted and illiquid securities 45,816,149 1,579,040 2,586,483 0
5.14 Voting securities 45,902,633 1,492,556 2,586,483 0
5.15 Options 45,860,031 1,535,158 2,586,483 0
</TABLE>
6. To ratify the selection of Coopers & Lybrand L.L.P. as the Fund's
independent accountants.
Number of Votes:
For Against Abstain
--- ------- -------
47,901,561 754,149 1,325,962
* Broker non-votes are proxies received by the Fund from brokers or nominees
when the broker or nominee neither has received instructions from the
beneficial owner or other persons entitled to vote nor has discretionary
power to vote on a particular matter.
99
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Money Market Portfolio Annual Report for the six
month period ended December 31, 1997 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> VLI-MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 101,462,540
<INVESTMENTS-AT-VALUE> 101,462,540
<RECEIVABLES> 2,403,841
<ASSETS-OTHER> 35,334
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 103,901,715
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,325,338
<TOTAL-LIABILITIES> 1,325,338
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102,580,695
<SHARES-COMMON-STOCK> 102,576,377
<SHARES-COMMON-PRIOR> 97,786,551
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,318)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 102,576,377
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,830,510
<OTHER-INCOME> 0
<EXPENSES-NET> 479,226
<NET-INVESTMENT-INCOME> 5,351,284
<REALIZED-GAINS-CURRENT> (1,835)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 5,349,449
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,351,284)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 258,430,588
<NUMBER-OF-SHARES-REDEEMED> (258,986,535)
<SHARES-REINVESTED> 5,348,533
<NET-CHANGE-IN-ASSETS> 4,790,751
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,483)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 384,554
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 479,226
<AVERAGE-NET-ASSETS> 103,941,608
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.46
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Bond Portfolio Annual Report for the fiscal year
ended December 31, 1997 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> VLI-BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 77,994,508
<INVESTMENTS-AT-VALUE> 80,244,628
<RECEIVABLES> 1,201,276
<ASSETS-OTHER> 2,472
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,448,376
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61,344
<TOTAL-LIABILITIES> 61,344
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,739,397
<SHARES-COMMON-STOCK> 11,852,430
<SHARES-COMMON-PRIOR> 9,775,320
<ACCUMULATED-NII-CURRENT> 1,252,060
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 145,455
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,250,120
<NET-ASSETS> 81,387,032
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,859,346
<OTHER-INCOME> 0
<EXPENSES-NET> 417,766
<NET-INVESTMENT-INCOME> 4,441,580
<REALIZED-GAINS-CURRENT> 194,189
<APPREC-INCREASE-CURRENT> 1,334,379
<NET-CHANGE-FROM-OPS> 5,970,148
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,208,036)
<DISTRIBUTIONS-OF-GAINS> (189,814)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,073,136
<NUMBER-OF-SHARES-REDEEMED> (2,657,770)
<SHARES-REINVESTED> 661,744
<NET-CHANGE-IN-ASSETS> 15,617,611
<ACCUMULATED-NII-PRIOR> 1,075,196
<ACCUMULATED-GAINS-PRIOR> 89,617
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 321,323
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 417,766
<AVERAGE-NET-ASSETS> 67,858,171
<PER-SHARE-NAV-BEGIN> 6.73
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 0.15
<PER-SHARE-DIVIDEND> 0.42
<PER-SHARE-DISTRIBUTIONS> 0.20
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 6.87
<EXPENSE-RATIO> 0.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Balanced Portfolio Annual Report for the fiscal
year ended December 31, 1997 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> VLI-BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 94,281,560
<INVESTMENTS-AT-VALUE> 117,900,565
<RECEIVABLES> 543,376
<ASSETS-OTHER> 1,725
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118,445,666
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72,451
<TOTAL-LIABILITIES> 72,451
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88,009,015
<SHARES-COMMON-STOCK> 8,902,042
<SHARES-COMMON-PRIOR> 7,608,722
<ACCUMULATED-NII-CURRENT> 811,442
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,933,762
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23,618,996
<NET-ASSETS> 118,373,215
<DIVIDEND-INCOME> 584,111
<INTEREST-INCOME> 2,818,363
<OTHER-INCOME> 0
<EXPENSES-NET> 585,164
<NET-INVESTMENT-INCOME> 2,817,310
<REALIZED-GAINS-CURRENT> 6,087,508
<APPREC-INCREASE-CURRENT> 13,062,144
<NET-CHANGE-FROM-OPS> 21,966,962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,678,045)
<DISTRIBUTIONS-OF-GAINS> (4,951,322)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,001,001
<NUMBER-OF-SHARES-REDEEMED> (1,358,830)
<SHARES-REINVESTED> 651,149
<NET-CHANGE-IN-ASSETS> 30,030,378
<ACCUMULATED-NII-PRIOR> 672,177
<ACCUMULATED-GAINS-PRIOR> 4,797,576
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 488,616
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 585,164
<AVERAGE-NET-ASSETS> 103,028,121
<PER-SHARE-NAV-BEGIN> 11.61
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 2.32
<PER-SHARE-DIVIDEND> 0.32
<PER-SHARE-DISTRIBUTIONS> 0.64
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.30
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Growth and Income Portfolio Annual Report for the
fiscal year ended December 31, 1997 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> VLI-GROWTH AND INCOME CLASS A SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 131,070,370
<INVESTMENTS-AT-VALUE> 163,638,278
<RECEIVABLES> 543,930
<ASSETS-OTHER> 7,964
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 164,190,172
<PAYABLE-FOR-SECURITIES> 480,328
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106,238
<TOTAL-LIABILITIES> 586,566
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,686,738
<SHARES-COMMON-STOCK> 13,656,612
<SHARES-COMMON-PRIOR> 9,724,734
<ACCUMULATED-NII-CURRENT> 927,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 11,421,161
<ACCUM-APPREC-OR-DEPREC> 163,603,606
<NET-ASSETS> 3,642,623
<DIVIDEND-INCOME> 257,197
<INTEREST-INCOME> 0
<OTHER-INCOME> 731,095
<EXPENSES-NET> 3,168,725
<NET-INVESTMENT-INCOME> 11,499,153
<REALIZED-GAINS-CURRENT> 16,941,421
<APPREC-INCREASE-CURRENT> 31,609,299
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> (2,910,650)
<DISTRIBUTIONS-OF-INCOME> (3,884,391)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 6,010,142
<NUMBER-OF-SHARES-SOLD> 2,768,123
<NUMBER-OF-SHARES-REDEEMED> 689,859
<SHARES-REINVESTED> 72,512,059
<NET-CHANGE-IN-ASSETS> 713,479
<ACCUMULATED-NII-PRIOR> 3,799,669
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 592,383
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 731,095
<AVERAGE-NET-ASSETS> 122,895,655
<PER-SHARE-NAV-BEGIN> 9.37
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 2.47
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.37)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.48
<EXPENSE-RATIO> 0.58
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Growth and Income Portfolio Annual Report for the
fiscal year December 31, 1997 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> VLI-GROWTH AND INCOME CLASS B SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 131,070,370
<INVESTMENTS-AT-VALUE> 163,638,278
<RECEIVABLES> 543,930
<ASSETS-OTHER> 7,964
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 164,190,172
<PAYABLE-FOR-SECURITIES> 480,328
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106,238
<TOTAL-LIABILITIES> 586,566
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,686,738
<SHARES-COMMON-STOCK> 593,475
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 927,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,421,161
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,567,761
<NET-ASSETS> 163,603,606
<DIVIDEND-INCOME> 3,642,623
<INTEREST-INCOME> 257,197
<OTHER-INCOME> 0
<EXPENSES-NET> 731,095
<NET-INVESTMENT-INCOME> 3,168,725
<REALIZED-GAINS-CURRENT> 11,499,153
<APPREC-INCREASE-CURRENT> 16,941,421
<NET-CHANGE-FROM-OPS> 31,609,299
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (36,879)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 622,208
<NUMBER-OF-SHARES-REDEEMED> (32,075)
<SHARES-REINVESTED> 3,342
<NET-CHANGE-IN-ASSETS> 72,512,059
<ACCUMULATED-NII-PRIOR> 713,479
<ACCUMULATED-GAINS-PRIOR> 3,799,669
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 592,383
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 731,095
<AVERAGE-NET-ASSETS> 122,895,655
<PER-SHARE-NAV-BEGIN> 9.44
<PER-SHARE-NII> 1.44
<PER-SHARE-GAIN-APPREC> 2.02
<PER-SHARE-DIVIDEND> (1.30)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.47
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Capital Growth Portfolio Annual Report for the
fiscal year ended December 31, 1997 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> VLI-CAPITAL GROWTH CLASS A SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 491,490,377
<INVESTMENTS-AT-VALUE> 682,247,994
<RECEIVABLES> 9,268,474
<ASSETS-OTHER> 6,557
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 691,523,025
<PAYABLE-FOR-SECURITIES> 14,862,981
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 342,462
<TOTAL-LIABILITIES> 15,205,443
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 446,796,682
<SHARES-COMMON-STOCK> 32,750,652
<SHARES-COMMON-PRIOR> 26,691,077
<ACCUMULATED-NII-CURRENT> 1,414,095
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 37,349,214
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 190,757,591
<NET-ASSETS> 676,317,582
<DIVIDEND-INCOME> 7,312,793
<INTEREST-INCOME> 1,114,169
<OTHER-INCOME> 0
<EXPENSES-NET> 2,935,802
<NET-INVESTMENT-INCOME> 5,491,160
<REALIZED-GAINS-CURRENT> 37,539,012
<APPREC-INCREASE-CURRENT> 119,146,257
<NET-CHANGE-FROM-OPS> 162,176,429
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,641,454)
<DISTRIBUTIONS-OF-GAINS> (33,950,004)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,288,112
<NUMBER-OF-SHARES-REDEEMED> (7,569,347)
<SHARES-REINVESTED> 2,340,808
<NET-CHANGE-IN-ASSETS> 235,836,274
<ACCUMULATED-NII-PRIOR> 1,565,989
<ACCUMULATED-GAINS-PRIOR> 33,760,206
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,691,980
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,935,802
<AVERAGE-NET-ASSETS> 570,726,302
<PER-SHARE-NAV-BEGIN> 16.50
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 5.39
<PER-SHARE-DIVIDEND> 0.19
<PER-SHARE-DISTRIBUTIONS> 1.25
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 20.63
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Growth and Income Portfolio Annual Report for the
fiscal year December 31, 1997 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> VLI-GROWTH AND INCOME CLASS B SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 131,070,370
<INVESTMENTS-AT-VALUE> 163,638,278
<RECEIVABLES> 543,930
<ASSETS-OTHER> 7,964
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 164,190,172
<PAYABLE-FOR-SECURITIES> 480,328
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106,238
<TOTAL-LIABILITIES> 586,566
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,686,738
<SHARES-COMMON-STOCK> 593,475
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 927,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,421,161
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,567,761
<NET-ASSETS> 163,603,606
<DIVIDEND-INCOME> 3,642,623
<INTEREST-INCOME> 257,197
<OTHER-INCOME> 0
<EXPENSES-NET> 731,095
<NET-INVESTMENT-INCOME> 3,168,725
<REALIZED-GAINS-CURRENT> 11,499,153
<APPREC-INCREASE-CURRENT> 16,941,421
<NET-CHANGE-FROM-OPS> 31,609,299
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (36,879)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 622,208
<NUMBER-OF-SHARES-REDEEMED> (32,075)
<SHARES-REINVESTED> 3,342
<NET-CHANGE-IN-ASSETS> 72,512,059
<ACCUMULATED-NII-PRIOR> 713,479
<ACCUMULATED-GAINS-PRIOR> 3,799,669
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 592,383
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 731,095
<AVERAGE-NET-ASSETS> 122,895,655
<PER-SHARE-NAV-BEGIN> 9.44
<PER-SHARE-NII> 1.44
<PER-SHARE-GAIN-APPREC> 2.02
<PER-SHARE-DIVIDEND> (1.30)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.47
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund International Portfolio Annual Report for the
fiscal year ended December 31, 1997 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME>VLI-INTERNATIONAL CLASS A SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 360,970,983
<INVESTMENTS-AT-VALUE> 425,402,334
<RECEIVABLES> 4,632,369
<ASSETS-OTHER> 10,891
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 430,045,594
<PAYABLE-FOR-SECURITIES> 2,265,345
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 542,369
<TOTAL-LIABILITIES> 2,807,714
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 305,862,267
<SHARES-COMMON-STOCK> 30,264,570
<SHARES-COMMON-PRIOR> 54,809,210
<ACCUMULATED-NII-CURRENT> 7,228,444
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49,739,061
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64,408,108
<NET-ASSETS> 427,237,880
<DIVIDEND-INCOME> 12,564,600
<INTEREST-INCOME> 2,685,205
<OTHER-INCOME> 0
<EXPENSES-NET> 7,889,225
<NET-INVESTMENT-INCOME> 7,360,580
<REALIZED-GAINS-CURRENT> 125,615,265
<APPREC-INCREASE-CURRENT> (70,385,972)
<NET-CHANGE-FROM-OPS> 62,589,873
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,550,387)
<DISTRIBUTIONS-OF-GAINS> (6,050,202)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,224,538
<NUMBER-OF-SHARES-REDEEMED> (49,099,532)
<SHARES-REINVESTED> 1,330,354
<NET-CHANGE-IN-ASSETS> (298,800,647)
<ACCUMULATED-NII-PRIOR> 10,702,948
<ACCUMULATED-GAINS-PRIOR> 6,633,433
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,520,030
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,889,225
<AVERAGE-NET-ASSETS> 787,082,158
<PER-SHARE-NAV-BEGIN> 13.25
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 1.04
<PER-SHARE-DIVIDEND> 0.21
<PER-SHARE-DISTRIBUTIONS> 0.11
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.11
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund International Portfolio Annual Report for the
fiscal year ended December 31, 1997 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> VLI-INTERNATIONAL CLASS B SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 360,970,983
<INVESTMENTS-AT-VALUE> 425,402,334
<RECEIVABLES> 4,632,369
<ASSETS-OTHER> 10,891
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 430,045,594
<PAYABLE-FOR-SECURITIES> 2,265,345
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 542,369
<TOTAL-LIABILITIES> 2,807,714
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 305,862,267
<SHARES-COMMON-STOCK> 24,670
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 7,228,444
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49,739,061
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64,408,108
<NET-ASSETS> 427,237,880
<DIVIDEND-INCOME> 12,564,600
<INTEREST-INCOME> 2,685,205
<OTHER-INCOME> 0
<EXPENSES-NET> 7,889,225
<NET-INVESTMENT-INCOME> 7,360,580
<REALIZED-GAINS-CURRENT> 125,615,265
<APPREC-INCREASE-CURRENT> (70,385,972)
<NET-CHANGE-FROM-OPS> 62,589,873
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,146
<NUMBER-OF-SHARES-REDEEMED> (476)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (298,800,647)
<ACCUMULATED-NII-PRIOR> 10,702,948
<ACCUMULATED-GAINS-PRIOR> 6,633,433
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,520,030
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,889,225
<AVERAGE-NET-ASSETS> 203,669
<PER-SHARE-NAV-BEGIN> 13.76
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.32
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.08
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
