INVESTMENT TRUST
497, 1999-10-20
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                                                                         SCUDDER

Scudder Growth and
Income Fund

Supplement to Prospectus
Dated March 1, 1999

The  following  replaces  the listing of  portfolio  managers  under  "Portfolio
management" on pages 6 and 7 of the fund's prospectus:



                  Joined
Name               the              Responsibilities
and Title          Fund             and Background
- --------------------------------------------------------------------------------
Kathleen T.       1991              Ms.  Millard joined the Adviser in 1991 as a
Millard                             portfolio manager.  Ms. Millard has 16 years
Lead                                of  investment   industry  experience  as  a
Manager                             portfolio  manager   specializing  in  value
                                    portfolios.  She began her investment career
                                    in 1983.

Benjamin W.       1996              Mr.  Thorndike joined the Adviser in 1983 as
Thorndike                           a portfolio manager and began his investment
Manager                             career in 1980.
- --------------------------------------------------------------------------------


October 20, 1999


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